MIRA
INFORM REPORT
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Report Date : |
03.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
GOLDEN STREAK DRUGS AND PHARMACEUTICALS LIMITED |
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Registered Office : |
105, RTC Colony, Tirumalagiri, Secubderabad - 500015, Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
06.12.1994 |
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Com. Reg. No.: |
01-18874 |
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CIN No.: [Company
Identification No.] |
U24231AP1994PLC018874 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDG05530A |
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PAN No.: [Permanent
Account No.] |
AAACG7441A |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Veterinary Drugs and Feed
Suppliments. |
RATING &
COMMENTS
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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 6088 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company meeting its normal
commitments timeously. Trade relations are fair. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. M N Rao |
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Designation : |
Managing Director |
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Contact No.: |
91-9391016114 |
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Date : |
17.05.2008 |
LOCATIONS
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Registered Office/ Factory : |
105, RTC Colony, Tirumalagiri, Secubderabad - 500015, Andhra Pradesh |
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Email : |
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Corporate Office/: |
203/5,IDA, Cherlapally, Phase II, Hyderabad – 500051, Andhra Pradesh,
India |
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Tel. No.: |
91-40-27260320 |
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Fax No.: |
91-40-27260224 |
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Mobile : |
91-9391016114/ 9390410216 |
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E-Mail : |
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Website : |
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Area : |
8000 sq. ft. |
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Location : |
Owned |
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Branch Office : |
Plot No.234, Ground Floor, Hind Nagar, Kanpur Road, Lucknow – 226022,
India |
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Mobile No.: |
91-9415776111 |
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Area : |
1500 sq. ft. |
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Location : |
Leased |
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Branch Office : |
House No.297/71, Bifcouman Colony, Sundarpur Road, P S Olampunj, Gujjar
Baug, {atna – 800007 |
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Mobile No.: |
91-9234042090 |
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Area : |
1500 sq. ft. |
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Location : |
Leased |
SODIRECTORS
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Name : |
Mr. Dr. M Narasimha Rao |
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Designation : |
Managing Director |
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Address : |
106, RTC Colony, Tirumalagiri, Secubderabad, Andra Pradesh, India |
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Date of Birth/Age : |
48 years |
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Qualifications : |
PHD |
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Date of Appointment : |
06.12.1994 |
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Email : |
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Name : |
Mr. M. Vaijayanthi |
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Designation : |
Director |
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Address : |
106, RTC Colony, Tirumalagiri, Secubderabad, Andra Pradesh, India |
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Date of Birth/Age : |
44 years |
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Qualifications : |
M. Com |
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Date of Appointment : |
14.03.1998 |
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Name : |
Mr. V. Satish |
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Designation : |
Director |
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Address : |
106, RTC Colony, Tirumalagiri, Secubderabad, Andra Pradesh, India |
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Date of Birth/Age : |
36 years |
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Qualifications : |
Graduate |
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Date of Appointment : |
06.12.1994 |
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Name : |
Mr. G R Reddy |
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Designation : |
Executive Director |
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Email : |
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Name : |
Mr. P N Ramaneshwar |
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Designation : |
Executive Director |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Veterinary Drugs and Feed
Suppliments. |
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Products : |
· Veterinary Drugs
· Feed Supplements · Poultry Layers/
Breeders · Poultry Broilers · Large Animals · Pets · Aquaculture · Bulk Actives |
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Exports : |
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Products : |
All Products |
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Countries : |
Saarc Gulf |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
China |
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Terms : |
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Selling : |
L/C, Cash and Credit (60-90 Days) |
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Purchasing : |
Cash and Credit (30-60 days) |
GENERAL
INFORMATION
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Customers : |
· Wholesalers · Retailers · End Users |
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No. of Employees : |
45 (Office – 20 and 25 – Factory) |
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Bankers : |
ICICI Bank, Hyderabad, India |
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Banking
Relations : |
Satisfactory |
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Financial Institutions : |
Andhra Pradesh
State Financial Corporation |
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Address : |
5-9-194 Chirag Ali
Lane, Abids, Hyderabd – 500001, Andhra Pradesh, India |
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Auditors : |
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Name : |
P Murali Mohan Raoand Company Chartered Accountant |
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Address : |
6-3-655/2/3, Somajiguda, Hyderabad – 500082, Andhra Pradesh, India |
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Associates/Subsidiaries : |
Golden Streaks Laboratories Limited 203/5 IDA Cherlapully Phase II, Hyderabad, Andhra Pradesh – 500051,
India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.500 |
0.500 |
0.500 |
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2] Share Application Money |
1.049 |
1.049 |
1.049 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(0.027) |
(0.810) |
(1.136) |
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NETWORTH |
1.522 |
0.739 |
0.413 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
4.865 |
5.670 |
6.993 |
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TOTAL BORROWING |
4.865 |
5.670 |
6.993 |
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DEFERRED TAX LIABILITIES |
0.257 |
0.247 |
0.259 |
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TOTAL |
6.644 |
6.656 |
7.665 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.346 |
3.545 |
3.840 |
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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 |
0.192
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0.194 |
0.195 |
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Sundry Debtors |
4.009
|
4.024 |
4.141 |
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Cash & Bank Balances |
1.711
|
1.179 |
0.692 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.627
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0.511 |
0.374 |
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Total
Current Assets |
6.539
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5.908 |
5.402 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
3.241
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2.797 |
1.594 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
3.241
|
2.797 |
1.594 |
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Net Current Assets |
3.298
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3.111 |
3.808 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.017 |
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TOTAL |
6.644 |
6.656 |
7.665 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
11.108 |
11.601 |
9.473 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
11.108 |
11.601 |
9.473 |
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Profit/(Loss) Before Tax |
0.840 |
0.333 |
(0.069) |
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Provision for Taxation |
0.057 |
0.007 |
(0.046) |
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Profit/(Loss) After Tax |
0.783 |
0.326 |
(0.023) |
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Expenditures : |
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Depreciation |
0.199 |
0.295 |
0.477 |
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Other Expenditure |
10.069 |
10.973 |
9.065 |
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Total Expenditure |
10.268 |
11.268 |
9.542 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
7.05
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2.81 |
(0.24) |
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Net Profit Margin (PBT/Sales) |
(%) |
7.56
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2.87 |
(0.73) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.50
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3.52 |
(0.75) |
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Return on Investment (ROI) (PBT/Networth) |
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0.55
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0.45 |
(0.17) |
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Debt Equity Ratio (Total Liability/Networth) |
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5.32
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11.46 |
20.79 |
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Current Ratio (Current Asset/Current Liability) |
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2.02
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2.11 |
3.39 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
· Nakoda Chemicals Limited, Hyderabad
· Mehta Medicare Private Limited, Mumbai
· Sugana Firms Private Limited
· Ulumal Pet, Tamilnadu
Form 8:
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Corporate
identity number (CIN) Foreign company registration number |
U24231AP1994PLC018874 |
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Name of the
Company |
GOLDEN STREAK DRUGS AND PHARMACEUTICALS LIMITED |
|
Address |
Plot No. 106, RTC Colony, Tirumalagiri, Secubderabad, Andra Pradesh,
India |
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This form is for |
Creation of
Charge |
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Type of Charge |
Equitable Mortgage
or mortgage of Property by depositing the title deeds Hypothecation of
Machinery |
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Particulars of
the charge holder |
Andhra Pradesh
State Financial Corporation 5-9-194 Chirag
Ali Lane, Abids, Hyderabd – 500001, Andhra Pradesh, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Memorandum of
Deposit of Title Deeds Deed of
Hypothecation |
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Date of the
instrument creating or modifying the charge |
17.04.2006 |
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Amount secured by
the charge |
Rs.2.000 Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
The working capital Term Loan of Rs.2.000 Millions shall be repaid in 34 monthly installments. The first one installment at Rs.0.060 Million and subsequent 33 installment @ Rs.0.059 Million each together with interests @ 15% p.a. and penal interests @ 2% p.a. The repayment of Instalment shall commence three months the date of first disbursement of any part of the loan. The loan period is 3 years. |
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Short particulars
of the property charged (including location of the property) |
Land admeasuring
1506.22 sq. mts bearing plot no.203/5 with building/sheds in sy no.225
(part). Situated at phase II IDA, Cherlapally Panga Reddy District and
bounded by North, Plot No.203/2 South 12.0 M wide Road east Plot No.203/4 and
West Plot No.203/6 together with building constructed to be constructed
thereon with all easement rights. All the existing
and proposed plant and machinery erracted/ to be erracted in the said factory
premises as noted in the enclosed deed of Hypothecation. |
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Particular of the
present modification |
NA |
Profile:
The Golden Streak Group
of Industries, comprising Golden Streak Pharmaceuticals Limited and
Golden Streak Laboratories Limited.
Golden Streak Pharmaceuticals deals with research,
manufacturing and marketing of various Animal Health Formulations, Feed
Additives, Veterinary Medicines and related healthcare accessories. They deal
in all products concerning Veterinary, Poultry, Pets and Aquaculture.
Golden Streak Laboratories is a manufacturer of Veterinary
and Human Bulk Drugs, Specialty Chemicals, Advanced Intermediate Chemicals
among others. They have a strong Research and Development function and they
have developed a number of Chemical Processes for raw materials for the
Formulations Industry.
At Golden Streak, they look for
opportunities for opportunities to serve the nutritional health needs of
communities where the Golden Streak Group could add value. Both Golden Streak Pharmaceuticals Limited and Golden Streak Laboratories
Limited have long
experience and expertise in setting up, establishing and running production
facilities for meeting both Veterinary Formulations and Veterinary Bulk Actives
needs in a cost effective manner.
Corporate Profile:
Subject is
well aware that the local needs of a community are best met by close partnering
with the actual user. This has been the guiding principle, which has led us to
setting up and working closely with a network of offices located all over India
in order to have a close feel of operations, opportunities, reactions,
possibilities, real-time experience, adverse situations and their possible
solutions on a real-time manner.
Further, it has been a guiding principle of subject to offer
the most cost effective and best possible product for the requirement, to take
care of the customer’s requirement and to assess and forecast on a timely basis
their needs in order to be prepared to give optimum service in an ever dynamic
and progressive environment.
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.42.24 |
|
UK Pound |
1 |
Rs.84.26 |
|
Euro |
1 |
Rs.65.58 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|