MIRA INFORM REPORT

Report Date :

19.11.2011

IDENTIFICATION DETAILS

Name :	GOLDEN STREAK DRUGS AND PHARMACEUTICALS LIMITED
Registered Office :	203/5, IDA, Cherlappaly Phase II, Hyderabad- 500051, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	06.12.1994
Com. Reg. No.:	01-18874
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U24231AP1994PLC018874
TAN No.: [Tax Deduction & Collection Account No.]	HYDG05530A
PAN No.: [Permanent Account No.]	AAACG7441A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Veterinary and Human Bulk Drugs, Specialty Chemicals, Advanced Intermediate Chemicals, Animal Health Formulations, Feed Additives, etc.
No. of Employees :	48 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 20000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. M N Rao
Designation :	Managing Director
Contact No.:	91-9391016114
Date :	14.11.2011

LOCATIONS

Registered/ Corporate Office/ Factory :	203/5,IDA, Cherlapally, Phase II, Hyderabad – 500051, Andhra Pradesh, India
Tel. No.:	91-40-27260320
Mobile No.:	91-9391016114 (Mr. M. N. Rao)
Fax No.:	91-40-27260224
E-Mail :	mnr@goldnstreaks.com mnr_golden@yahoo.com
Website :	http://www.goldenstreaks.com
Area :	8000 sq. ft.
Location :	Owned
Branch Office :	Plot No.234, Ground Floor, Hind Nagar, Kanpur Road, Lucknow – 226022, India
Mobile No.:	91-9415776111
Area :	1500 sq. ft.
Location :	Leased

DIRECTORS

(AS ON 30.09.2011)

Name :

Dr. Marum Narasimha Rao

Designation :

Managing Director

Address :

106, RTC Colony, Tirumalagiri, Secubderabad, Andra Pradesh, India

Qualifications :

PHD

Date of Appointment :

06.12.1994

DIN No.:

00088584

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U73100AP1994PLC018220	GOLDEN STREAK LABORATORIES LIMITED	Managing director	1/9/1994	1/9/1994	Active	NO
2	U24231AP1994PLC018874	GOLDEN STREAK DRUGS AND PHARMACEUTICALS LIMITED	Managing director	6/12/1994	6/12/1994	Active	NO

Name :

Mrs. Vaijayanthi Vontimitta

Designation :

Director

Address :

106, RTC Colony, Tirumalagiri, Secubderabad, Andra Pradesh, India

Qualification :

M. Com

Date of Appointment :

14.03.1998

DIN No.:

00088642

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24231AP1994PLC018874	GOLDEN STREAK DRUGS AND PHARMACEUTICALS LIMITED	Director	14/03/1998	14/03/1998	Active	NO
2	U73100AP1994PLC018220	GOLDEN STREAK LABORATORIES LIMITED	Director	27/06/2005	27/06/2005	Active	NO

Name :

Mr. Vontimitta Satish Chandra Shekar

Designation :

Director

Address :

106, RTC Colony, Tirumalagiri, Secubderabad, Andra Pradesh, India

Qualifications :

Graduate

Date of Appointment :

06.12.1994

DIN No.:

00149152

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24231AP1994PLC018874	GOLDEN STREAK DRUGS AND PHARMACEUTICALS LIMITED	Director	6/12/1994	6/12/1994	Active	NO
2	U73100AP1994PLC018220	GOLDEN STREAK LABORATORIES LIMITED	Additional director	1/9/2007	1/9/2007	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Maram Narasimha Rao	5000
Vaijayanthi Vontimitta	5000

(AS ON 30.09.2011)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Veterinary and Human Bulk Drugs, Specialty Chemicals, Advanced Intermediate Chemicals, Animal Health Formulations, Feed Additives, etc.
Products :	· Veterinary Drugs · Feed Supplements · Poultry Layers/ Breeders · Poultry Broilers · Large Animals · Pets · Aquaculture · Bulk Actives
Exports :
Products :	· Rafoxanide · Bxyclozanide · Closantel · Modafinil
Countries :	· Gulf Countries · Africa · Egypt · Brazil · Sri Lanka
Imports :
Products :	Raw Materials
Countries :	China
Terms :
Selling :	Cash
Purchasing :	Cash

GENERAL INFORMATION

Customers :	Wholesalers, Retailers and End Users · Sugana Firms Private Limited, Ulumal Pet, Tamilnadu · Scientific Remedies Private Limited – Baroda, Dr. T.G Chandramank
Suppliers :	· Nakoda Chemicals Limited, Hyderabad · Mehta Medicare Private Limited, Mumbai
No. of Employees :	48 (Approximately)
Bankers :	· ICICI Bank Hyderabad, Andhra Pradesh, India

Banking Relations :	--
Auditors :
Name :	P Murali Mohan Rao and Company Chartered Accountant
Address :	6-3-655/2/3, Somajiguda, Hyderabad – 500082, Andhra Pradesh, India
Pan No.:	AAWPP7457L
Associates/Subsidiaries :	· Golden Streaks Laboratories Limited 203/5 IDA Cherlapully Phase II, Hyderabad, Andhra Pradesh – 500051, India

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.500	0.500	0.500
2] Share Application Money		1.049	1.049	1.049
3] Reserves & Surplus		2.644	1.985	1.363
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4.193	3.534	2.912
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		3.725	4.996	6.098
TOTAL BORROWING		3.725	4.996	6.098
DEFERRED TAX LIABILITIES		0.219	0.237	0.250
TOTAL		8.137	8.767	9.260
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.551	2.750	2.949
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.175	0.175	0.175
	Sundry Debtors	24.754	16.522	11.074
	Cash & Bank Balances	0.479	3.049	1.541
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4.550	1.993	1.720
Total Current Assets		29.958	21.739	14.510
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	8.105	6.652	5.475
	Other Current Liabilities and Provisions	16.267	9.070	2.724
Total Current Liabilities		24.372	15.722	8.199
Net Current Assets		5.586	6.017	6.311
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		8.137	8.767	9.260

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales and Other Income	30.502	29.495	24.588
		TOTAL	30.502	29.495	24.588
Less	EXPENSES
		Raw Materials Consumed	11.526	13.354	11.753
		Administrative Expenses	17.812	15.036	11.663
		TOTAL	29.338	28.390	23.416
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1.164	1.105	1.172
Less/ Add	DEPRECIATION/ AMORTISATION		0.199	0.199	0.199
	PROFIT BEFORE TAX		0.965	0.906	0.973
Less	TAX		0.305	0.285	0.312
	PROFIT AFTER TAX		0.660	0.621	0.661
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.984	1.363	0.702
	BALANCE CARRIED TO THE B/S		2.644	1.984	1.363
	Earnings Per Share (Rs.)				13.06

Expected Sales (2011-12): Rs.35.000 Millions.

The above information has been parted by Mr. M. N. Rao.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.16	2.11	2.69
Return on Total Assets (PBT/Total Assets}	(%)	2.97	3.70	5.57
Return on Investment (ROI) (PBT/Networth)		0.23	0.26	0.33
Debt Equity Ratio (Total Liability/Networth)		6.70	5.86	4.91
Current Ratio (Current Asset/Current Liability)		1.23	1.38	1.77

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	------
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last three years	Yes
Profitability for last three years	No
Reasons for variation <> 20%	No
Estimation for coming financial year	Yes
Capital in the business	No
Details of sister concerns	Yes
Major Suppliers	Yes
Major Customers	Yes
Payments Terms	Yes
Export/ Imports Details (If applicable)	Yes
Market Information	------
Litigations that the firm/ Promoters Involved in	------
Banking details	Yes
Banking Facility Details	No
Conduct of the Banking Account	------
Buyer visit details	------
Financials, if provided	No
Incorporation details is applicable	------
Last Accounts filed at ROC	------
Major Shareholders, if available	------

TRADE REFERENCES:

· Nakoda Chemicals Limited, Hyderabad

· Mehta Medicare Private Limited, Mumbai

· Sugana Firms Private Limited, Ulumal Pet, Tamilnadu

· Scientific Remedies Private Limited – Baroda, Dr. T.G Chandramank

Form 8:

Corporate identity number (CIN) Foreign company registration number	U24231AP1994PLC018874
Name of the Company	GOLDEN STREAK DRUGS AND PHARMACEUTICALS LIMITED
Address	Plot No. 106, RTC Colony, Tirumalagiri, Secubderabad, Andra Pradesh, India
This form is for	Creation of Charge
Type of Charge	Equitable Mortgage or mortgage of Property by depositing the title deeds Hypothecation of Machinery
Particulars of the charge holder	Andhra Pradesh State Financial Corporation 5-9-194 Chirag Ali Lane, Abids, Hyderabd – 500001, Andhra Pradesh, India
Nature or description of the instrument(s) creating or modifying the charge	Memorandum of Deposit of Title Deeds Deed of Hypothecation
Date of the instrument creating or modifying the charge	17.04.2006
Amount secured by the charge	Rs.2.000 Millions
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 Installment shall commence three months the date of first disbursement of any part of the loan. The loan period is 3 years.
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.

FIXED ASSETS

· Factory Land

· Plant and Machinery

· Air Conditioner

· Vehicles

· Office Equipments

· Factory Building

· Transformer

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.50.72
UK Pound	1	Rs.79.88
Euro	1	Rs.68.46

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	YES
--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	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 Business	-

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.