1. Summary Information
|
|
|
Country |
|
|
Company Name |
GKB HI - TECH LENSES PRIVATE LIMITED |
Principal Name 1 |
Mrs. Meena Gupta |
|
Status |
Good |
Principal Name 2 |
Mr. Shobit Gupta |
|
|
|
Registration # |
24-000662 |
|
Street Address |
50, Tivim Industrial Estate, Mapusa – 403 526, Goa, Maharashtra, India
|
||
|
Established Date |
14.02.1986 |
SIC Code |
-- |
|
Telephone# |
91-832-2257371 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-832-2257236 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Speactacle lenses Glass |
|
|
# of employees |
-- |
Product Name 2 |
-- |
|
Paid up capital |
Rs.48,300,010/- |
Product Name 3 |
-- |
|
Shareholders |
Foreign Holdings–50.15% Bodies Corporate-0.12% Directors or Relatives of Directors-49.73% |
Banking |
State Bank of India |
|
Public Limited Corp. |
No |
Business Period |
25 years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
Ba (53) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Associates |
Germany |
Carl
Zeiss Vision |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,135,749,000 |
Current Liabilities |
344,135,000 |
|
Inventories |
378,606,000 |
Long-term Liabilities |
1,009,608,000
|
|
Fixed Assets |
900,602,000 |
Other Liabilities |
100,927,000 |
|
Deferred Assets |
0 |
Total Liabilities |
1,454,670,000 |
|
Invest& other Assets |
38,738,000 |
Retained Earnings |
950,725,000 |
|
|
|
Net Worth |
999,025,000 |
|
Total Assets |
2,453,695,000 |
Total Liab. & Equity |
2,453,695,000 |
|
Total Assets (Previous Year) |
2,618,294,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
-- |
Net Profit |
128,520,000 |
|
Sales(Previous yr) |
-- |
Net Profit(Prev.yr) |
96,470,000 |
MIRA
INFORM REPORT
|
Report Date : |
05.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
GKB HI - TECH LENSES PRIVATE LIMITED |
|
|
|
|
Formerly Known As : |
GOA OPTOLAB PRIVATE LIMITED |
|
|
|
|
Registered Office : |
50, Tivim Industrial Estate, Mapusa – 403 507, Goa, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
14.02.1986 |
|
|
|
|
Com. Reg. No.: |
24-000662 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U33201GA1986PTC000662 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing of Spectacle Lenses. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3900000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company having good track.
Financial position of the company appears to be sound. Directors are reported
to be experienced and respectable businessmen. Trade relations are fair.
Business is active. Payments are reported to be regular as per commitments. The company can be considered good for normal 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office /Corporate Office /Factory : |
50, Tivim Industrial Estate, Mapusa – 403 507, Goa, Maharashtra, India |
|
Tel. No.: |
91-832-2257371 / 72 |
|
Fax No.: |
91-832-2257236 / 2417559 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
International Office : |
1st Floor, |
|
Tel. No.: |
0027 11 3261 320 |
|
Fax No.: |
0027 11 326 3286 |
|
E-Mail : |
DIRECTORS
As On : 24.09.2009
|
Name : |
Mr. Mahendra Kumar Gupta |
|
Designation : |
Chairman and Managing Director |
|
Address : |
785, Shantam , Alto Betim, Porvorim -403 501, Goa, Maharashtra, India |
|
Date of Birth/Age : |
12.03.1944 |
|
Date of Appointment : |
23.06.1992 |
|
DIN No : |
00173309 |
|
|
|
|
Name : |
Mrs. Meera Gupta |
|
Designation : |
Director |
|
Address : |
785, Shantam , Alto Betim, Porvorim -403 501, Goa, Maharashtra, India |
|
Date of Birth/Age : |
16.08.1949 |
|
Date of Appointment : |
23.06.1992 |
|
DIN No : |
00173520 |
|
|
|
|
Name : |
Mr. Shobit Gupta |
|
Designation : |
Director |
|
Address : |
785, Shantam , Alto Betim, Porvorim -403 501, Goa, Maharashtra, India |
|
Date of Birth/Age : |
19.07.1973 |
|
Date of Appointment : |
31.08.1998 |
|
DIN No : |
00173426 |
|
|
|
|
Name : |
Mr. Neeraj Gupta |
|
Designation : |
Director |
|
Address : |
785, Shantam , Alto Betim, Porvorim -403 501, Goa, Maharashtra, India |
|
Date of Birth/Age : |
24.09.1975 |
|
Date of Appointment : |
31.08.1998 |
|
DIN No : |
00624638 |
|
|
|
|
Name : |
Mr. Heinen Johann Raymond |
|
Designation : |
Director |
|
Address : |
Ebanat, Wittels Bacherstr 14, Aalen, Germany-73434 |
|
Date of Birth/Age : |
10.07.1958 |
|
Date of Appointment : |
13.11.2008 |
|
DIN No : |
02426445 |
|
|
|
|
Name : |
Mr. Chung Chuan FU Anthony |
|
Designation : |
Director |
|
Address : |
72, Bayshore Road, 22, 15, Singapore-403526 |
|
Date of Birth : |
15.06.1968 |
|
Date of Appointment : |
13.11.2008 |
|
DIN No : |
02440629 |
|
|
|
|
Name : |
Mr. Leinmueller Klaus |
|
Designation : |
Director |
|
Address : |
Dewangen, Spitzacker Ring 16, Aalen, Germany-73434 |
|
Date of Birth : |
05.12.1957 |
|
Date of Appointment : |
15.01.2008 |
|
Date of Appointment : |
09.08.2005 |
|
DIN No : |
02112909 |
|
|
|
|
Name : |
Mr. Winfried G Mueller |
|
Designation : |
Director |
|
Address : |
Humboldtstrasse 12, Essingen, Baden Wuerttemberg, Germany-73457 |
|
Date of Birth : |
18.02.1955 |
|
Date of Appointment : |
09.08.2005 |
|
DIN No : |
02074795 |
|
|
|
|
Name : |
Mr. Srinivasan V |
|
Designation : |
Director |
|
Address : |
118 D Lorong Kismis, Singapore-598108 |
|
Date of Birth : |
07.09.1963 |
|
Date of Appointment : |
15.01.2008 |
|
Date of Cessation : |
30.09.2008 |
|
DIN No : |
02074814 |
|
|
|
|
Name : |
Mr. Ortmann Warren |
|
Designation : |
Director |
|
Address : |
15, Beaumont St. Clovelly Park, Adelaide, Australia-5042 |
|
Date of Birth : |
09.06.1955 |
|
Date of Appointment : |
15.01.2008 |
|
DIN No : |
00253012 |
KEY EXECUTIVES
|
Name : |
Mr. Ajay Ernest Charles D’cruz |
|
Designation : |
Secretary |
|
Address : |
Veronica Saldanha, Dmello Vaddo Arrarim, Saligao, Bardex, North
Goa-403511, Maharashtra, India |
|
Date of Birth : |
31.11.1981 |
|
Date of Appointment : |
26.05.2008 |
|
PAN No : |
AISPD8665L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 24.09.2009
|
Names of Shareholders |
No. of Shares |
|
Mr. Mahendra Kumar Gupta |
1404258 |
|
Mrs. Meera Gupta |
545478 |
|
Mr. Shobit Gupta |
136664 |
|
Mr. Neeraj Gupta |
136664 |
|
Ms. Rachita Gupta |
150800 |
|
Ms. Kanak Gupta |
14136 |
|
Ms. Priya Gupta |
14136 |
|
Carl Zeiss Vision International GmbH, Germany |
2422246 |
|
Mr. Oswald C E Silva Das |
1215 |
|
Mr. Gopal Shetty |
70 |
|
Mr. James Varghese |
23 |
|
Mr. Vijaya R Nayak |
116 |
|
Mrs. Preethi R Nayak |
116 |
|
Ms. Neetha N Nayak |
116 |
|
Mr. Satya P Farsaiya |
233 |
|
Mr. Raj Farsaiya |
233 |
|
Mr. Ravi Gupta |
233 |
|
Mr. Usman K S |
23 |
|
Ms Rajni Sharma |
70 |
|
Ms Madhu Gupta |
280 |
|
Mr. Munishwar Dutt |
420 |
|
Ms. Swapna Rani Palo |
1983 |
|
Mr. Romano D’Souza |
116 |
|
Mr. Charlene Dsouza |
116 |
|
Mr. Satish Jain |
233 |
|
Mr. Antinio Sequeira |
23 |
|
Total |
4830001 |
AS ON 24.09.2009
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
50.15 |
|
Bodies corporate |
|
0.12 |
|
Directors or relatives of directors |
|
49.73 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Spectacle Lenses. |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS (As On : 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Ophthalmic Lenses |
Pieces |
NA |
5966400 |
5929221 |
GENERAL INFORMATION
|
No. of Employees : |
750 (Approximately) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· State Bank of India, Commercial Branch, State Bank Learning Centre Building, Patto Plaza, Panjim – 403 001, Goa, India · HDFC Bank Limited · ICICI Bank Limited · Yes Bank Limited |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Y Naryana Upadhyay and Company Chartered Accountants |
|
Address : |
1st Floor, Souza Tower, Panaji – 403 001, Goa, Maharashtra,
India |
|
|
|
|
Holding Company : |
Carl Zeiss Vision International GMBH |
|
|
|
|
Subsidiaries : |
Ř GKB Hi-Tech
Lense (S. A) Properietary Limited Ř Carl Zeiss
Vision Middle East FZE |
|
|
|
|
Associates : |
v Carl Zeiss
Vision Germany v Carl Zeiss Vision
Hungary Kft. v Carl Zeiss
Vision UK Limited v Carl Zeiss
Vision Australia Hlds v Carl Zeiss
Vision S. A. (Pty) Limited v Carl Zeiss
Vision Hungary Optikal v Carl Zeiss
Vision GmbH v Carl Zeiss
Vision Technologies v Carl Zeiss
Vision Singapore Pte. Limited v Carl Zeiss
Vision GV Labs v Carl Zeiss
Vision Malaysia v Carl Zeiss
Vision (Guangzou) Limited v Carl Zeiss
Vision France v Carl Zeiss
Vision Mexico v Carl Zeiss
Vision International GmbH v Carl Zeiss
Vision (China) Limited v Galaxy Optical
Services Limited v Sils Limited v GKB Optolab
Private Limited |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6500000 |
Equity Shares |
Rs. 10/- each |
Rs. 65.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4830001 |
Equity Shares |
Rs. 10/- each |
Rs. 48.300
millions |
|
|
|
|
|
Note :
Of the above.
1. Number of equity shares issued and allotted as fully paid bonus shares by
capitalization of general reserve.
2. Number of equity shares held by Carl Zeiss Vision International GMBH,
Germany, the holding company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
48.300 |
48.300 |
48.300 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
950.725 |
804.207 |
712.685 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
999.025 |
852.507 |
760.985 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
977.314 |
944.890 |
685.074 |
|
|
2] Unsecured Loans |
32.294 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
1009.608 |
944.890 |
685.074 |
|
|
DEFERRED TAX LIABILITIES |
100.927 |
93.397 |
59.389 |
|
|
|
|
|
|
|
|
TOTAL |
2109.560 |
1890.794 |
1505.448 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
900.602 |
822.010 |
759.957 |
|
|
Capital work-in-progress |
20.455 |
0.000 |
8.768 |
|
|
|
|
|
|
|
|
INVESTMENT |
6.216 |
6.216 |
4.210 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
378.606
|
426.686 |
359.526 |
|
|
Sundry Debtors |
852.909
|
859.708 |
451.925 |
|
|
Cash & Bank Balances |
29.150
|
21.054 |
10.503 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
253.690
|
96.347 |
74.299 |
|
Total
Current Assets |
1514.355
|
1403.795 |
896.253 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
318.385
|
342.705 |
181.633 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
25.750
|
21.045 |
19.450 |
|
Total
Current Liabilities |
344.135
|
363.750 |
201.083 |
|
|
Net Current Assets |
1170.220
|
1040.045 |
695.170 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
12.067 |
22.523 |
37.343 |
|
|
|
|
|
|
|
|
TOTAL |
2109.560 |
1890.794 |
1505.448 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
859.470 |
|
|
|
Other Income |
|
|
NA |
|
|
|
TOTAL (A) |
1595.670 |
1231.040 |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
NA |
|
|
|
Administrative Expenses |
1240.920 |
865.010 |
NA |
|
|
|
Advertising Expenses |
|
|
NA |
|
|
|
TOTAL (B) |
1240.920 |
865.010 |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
354.750 |
366.030 |
295.530 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
153.710 |
143.680 |
62.710 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
201.040 |
222.350 |
232.820 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
54.840 |
52.460 |
37.940 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
146.200 |
169.890 |
194.880 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
17.680 |
73.420 |
37.150 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
128.520 |
96.470 |
157.730 |
|
|
|
|
|
|
|
|
|
Less /add |
Prior Period
Adjustments (Income Tax) |
17.990 |
(4.950) |
1.500 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
160.750 |
69.230 |
10.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
100.000 |
|
|
BALANCE CARRIED
TO THE B/S |
307.260 |
160.750 |
69.230 |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
922.551 |
408.696 |
347.914 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
232.294 |
201.476 |
205.338 |
|
|
|
Capital Goods |
40.884 |
30.453 |
83.813 |
|
|
TOTAL IMPORTS |
273.178 |
231.929 |
289.151 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
30.33 |
18.95 |
32.97 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
8.05
|
7.84 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
22.67 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.05
|
7.63 |
11.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.20 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.46
|
1.64 |
1.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.40
|
3.86 |
4.46 |
LOCAL AGENCY FURTHER INFORMATION
Note : Registered Office
of the company has been shifted from 12, Tivim Industrial Estate, Mapusa,
Goa-403526, Maharashtra, India to the present address w.e.f. 05.06.2006
OPERATIONS:
The company is engaged
in the manufacture, import, export and wholesale of ophthalmic Lenses and
during the year the Company has achieved the turnover including other income of
Rs.1595.67 Millions as compared to its previous year turnover including other
income of Rs. 1231.040 Millions and due to increase in turnover the company has
make a profit after tax of Rs. 128.510 Millions as compared to its previous
year profit after tax of Rs. 96.47 millions.
The company has
achieved export turnover of Rs. 951.575 Millions as compared to its previous
year export turnover of Rs. 665.513 Millions.
During the period,
the company has opened new stock points at Udaipur, Vellore, Andheri, Pune,
Chennai (Broadways), Ghaziabad, Trichy, Aurangabad, Siliguri.
The company has
also opened 5 offices at Fatech pun (Chandni Chowk), Patna, Rajkot, Bhopal,
Nagpur.
The company now
has a total of 22 stock points, 12 offices and 20 labs.
The company has up
gradations plans of labs situated at Mumbai, Bangalore and Chennai.
The total
expenditure of the company has increased from 1.06 billion to 1.44 billion. The
Company has taken several steps to controlling the cost of the company.
The company is
confident that in view of the expansion and up gradation the company will be
able to cater to the demands of market faster and more efficiently.
FUTURE PROSPECTS:
The company is
optimistic about achieving the future targeted growth in products and sales.
The performance of the company during the current year shall be as per targets fixed
and the company envisages a continuous growth during this current year. The
Middle East and North Africa business too is expected to perform well and the
company is confident of performing even better in the future.
FROM 8
|
Corporate
identity number of the company |
U33201GA1986PTC000662 |
|
Name of the
company |
GKB
HI-TECH LENSES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
50, Tivim Industrial Estate, Mapusa-403507, Goa, Maharashtra, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Immovable property Book debts Movable property (not being pledge) Floating charge |
|
Particular of
charge holder |
State Bank of India, Commercial Branch, State Bank Learning Centre
Building, Patto Plaza, Panjim – 403 001, Goa, Maharashtra, India |
|
Nature of
instrument creating charge |
Arrangement
Letter no. CB Panaji /S/KVK/645 dated 29.12.2010 Recital
for extension of Equitable mortgage for plot no. 17A Recital
for extension of Equitable mortgage for plot at D.3.11 Recital
for extension of Eq. mortgage D.3.4 Recital
for extension of Eq. mortgage D.3.5 |
|
Date of
instrument Creating the charge |
29.12.2010 |
|
Amount secured by
the charge |
Rs. 564.000 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest As
per Arrangement Letter no. CB Panaji/S/KVK/372 dated 15.09.2010 Terms of
repayment As per
Arrangement Letter no. CB Panaji/S/KVK/372 dated 15.09.2010 Margin Raw
materials 25% Stocks-in-progress
33.33% Finished
goods 25 Book
debts/receivables 40% Cover
Period 150 days Letter
of Credit 15% One
time LC (FOR Capital Goods) 25% BG
25% Term
Loan 49.01% Extent and
operation of the charge Charge
created on the current assets including stock of raw material present and
future, semi finished goods , consumable stores and spares and such other
movables, book debts, bills whether documentary or clean, outstanding monies,
receivables, both present and future and entire block of Plant and Machinery
of the company (except machinery under specific charge and vehicles) and
immovable assets (mentioned in clause 15 in this form) on pari passu basis
with ICICI, HDFC and Yes Bank. |
|
Short particulars
of the property charged (Including location of the property) |
v
Plot no 12 with area admeasuring 1424
sq. mts and Plot no. 13 area admeasuring 660 sq mts with sheds D-3-4 and Shed
at D-3-5 situated at Tivim Industrial Estate, Karaswada, Mapusa, Goa v
Plot 50 admeasuring 1822 sq. mts with
shed D-3-11 having built up area of 1499 sq.mts. Situated at Tivim Industrial
Estate, Karaswada, Mapusa, Goa v
Plot No 17-A under survey no. 502 (part)
admeasuring 3392 sq. mts. Situated at Tivim Industrial. Estate, Bardez, Goa |
|
Charge
identification number of the charge to be modified |
10037129 |
|
Date of
instrument modifying the charge |
29.09.2010 |
|
Particulars of the
present modification |
By
virtue this modification, the limit of the credit facility has been reduced
from 571.500 millions to 564.000 millions |
FIXED ASSETS :
Land
Buildings
Plant
And Machinery
Electrical
Installations
Furniture
And Fixtures
Vehicles
WEBSIDE DETAILS
PROFILE (PAST)
The story of GKB (Gopal Krishna Brothers) commenced on a humble note
with the setting up of just four hand-operated single spindle machines to
surface ophthalmic lenses in the verandah of a house at Agra in 1959. By 1964
the company had moved into its own building. They were amongst the first
manufacturing units in the country to have installed imported automatic
generators and smoothing and polishing machines to produce ophthalmic lenses.
They soon established an envious position as one of the leading manufacturers
of quality ophthalmic lenses in the country and entered exports in a modest way
in 1975. In 1980, the company received the special CAPEXIL Export award for
Ophthalmic Lenses, for the first time in the country.
GKB was originally started by the four Gupta brothers, all of whom are today
much respected and renowned figures in the ophthalmic optics business in India.
Mr. Mahendra K. Gupta, the youngest in the family was looking after
exports in addition to other responsibilities. In 1982, he was the first to
leave the nest when he moved to Goa to set up a 100% export oriented unit at a
total project cost of Rupees 4.500 millions. In 1985, a prescription laboratory
was started under the banner of Goa Optolab Private Limited. A
branch-manufacturing unit at Delhi followed this.
When the family decided to part ways in 1991, Goa Optolab came under the wings
of Mr. Mahendra K. Gupta. Under his dynamic vision and leadership the company
has grown by leaps and bounds.
He founded the GKB Hi-Tech Group that soon came to be reckoned amongst the
leading manufacturers in India for both glass and plastic ophthalmic lenses.
PROFILE (PRESENT)
Currently, his two technocrat director sons,
Mr. Shobit Gupta and Mr. Neeraj Gupta ably assist Mr.Mahendra K. Gupta in
running the three companies under the GKB Hi-Tech Group umbrella. The three
companies are: Subject which manufactures prescription lenses and directly
supplies to Opticians worldwide; GKB Hi-Tech Lenses, which manufactures glass
and plastic ophthalmic lenses for both export and the domestic market, and GKB
Optolab Private Limited., which takes care of the growing retail operations.
Thanks to the foresight of the Group's leaders, GKB Hi-Tech's turnover has
risen at an exponential level, from Rupees 50 lakhs to over Rupees 120 crores,
in a short span of just 16 years. This is no mean feat by any standards.
With its reputation of always keeping up-to-date with the latest technological advances
in the industry, this forward looking company has grown to become one of the
largest and most successful ophthalmic lens manufacturers in India, with a
current market share of 40%. In India, the company can proudly boast of:
- A total
manufacturing area ofmore than 200,000 square feet, with 10 AR coating
plants, 20 hard coating machines and 650 machines for the manufacture of
glass and plastic ophthalmic lenses.
- State-of-the-art
machinery imported from LOH, Coburn, Balzers and Satis Vacuum.
- Being the
first company in India to manufacture Progressive lenses, Hi-index lenses
and multicoated lenses
- Producing
lenses which have ISI specification and which also meet International
standards including DIN of Germany, FDA ofUSA
- Capacity to
manufacture 10,000 Rx lenses, 15,000 hard coated lenses, 12,000 AR coated
lenses and 25,000 stock lenses
- Dispatching
over 12,000 made-toorder lenses daily, all over India.
- Being the
first company to set up a network of regional prescription laboratories.
Currently, they have 18 laboratories in 18 major cities in the country.
- A well-knit
marketing and distribution network of service centers in the cities of
Ahmedabad, Bangalore, Chennai, Cochin, Hyderabad, Jaipur, Mangalore,
Mumbai, Pune and Surat. These service centers facilitate booking of orders
regionally. These orders are then transmitted via e-mail to the factory
for processing.
- A chain of 86
retail showrooms across India.
- Exporting
ophthalmic lenses to over 30 countries worldwide, including Europe, Middle
East and Sub-Saharan countries. Almost 15,000 lenses are exported daily.
PROFILE (FUTURE)
Subject is a progressive company that has never been known to falter
from its path of creating a well developed infra-structure in the optical
trade.
At an early stage GKB Hi-Tech realized that creating awareness for the more
expensive value added products like lightweight plastic lenses, progressive
lenses and AR coated lenses could not be left alone to the traditional
opticians. So they set about creating an awareness network for these
value-added products by opening their own retail showrooms. Their first
showroom opened at Porvorim in Goa in 1996 and today they have a chain of 86
retail showrooms. They have plans to expand this chain to a total of at least
200 showrooms spread all over India within the next one-year.
In addition to showcasing the products of the company, these retail outlets
work to create increased awareness of the latest trends in ophthalmic lenses
and encourage consumers to adopt these. This has resulted in increased volume
and returns not only for the company but also for the entire optical trade in
South India. This has also encouraged other manufacturers to promote
value-added products.
As Mr. Mahendra K. Gupta proudly states "If ever there were Oscar awards
to be given in the optical trade for creating awareness for value added
products, it would definitely have been awarded to GKB Hi-Tech Limited. Their
dedication to this endeavor has not only helped to evolve the optical trade in
the country, but has made business easier for generations to follow"
GKB Hi-Tech is now poised on the threshold of another new venture that is sure
to make the company scale new heights. This is a joint venture with Carl Zeiss,
a world leader in the optical and opto-electronic industry, with a rich history
spanning back over 150 years.
As a progressive fallout of this joint venture, an exclusive laboratory for
manufacturing Zeiss lenses will see the light of the day at Goa. This
laboratory costing 80 million Rupees will have the capacity to manufacture 1000
Rx lenses a day which will be multicoated and laser-marked with the Zeiss mark
of quality, signifying the lifelong guarantee that comes with every Zeiss lens.
These Zeiss lenses will be available to every optician in India.
Further expansion plans for the company includes an upgrade of the existing
subject facilities with the latest generators from LOH of Germany and several
new machines for AR and hard coating of ophthalmic lenses. Cost of this upgrade
is projected to be up to Rs. 120 million.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.65 |
|
|
1 |
Rs.71.93 |
|
Euro |
1 |
Rs.63.24 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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 |
|
53 |
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 |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.