MIRA
INFORM REPORT
|
Report Date : |
14.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
PRIME LENSES PRIVATE LIMITED (w.e.f 11.03.2005) |
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|
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Formerly Known
As : |
GKB MARKETING SERVICES PRIVATE LIMITED |
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Registered
Office : |
D2-19, Tivim Industrial Estate, Mapusa-403526, |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
30.05.1988 |
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Com. Reg. No.: |
24-000823 |
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Capital Investment
/ Paid-up Capital : |
Rs.7.510 Millions |
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CIN No.: [Company Identification
No.] |
U52311GA1988PTC000823 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRP06227E / BLRP06260C |
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PAN No.: [Permanent Account No.] |
AAACG7072P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Producer of finest
Quality (Mineral and Organic) Ophthalmic Lenses. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 80000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company is under pressure. However, trade relations are fair. Business
is active. Payments are reported to be slow but correct. The company can be considered for business dealing with some
caution. |
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 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
D2-19, Tivim Industrial Estate, Mapusa-403526, |
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Tel. No.: |
91-832-2257253/283/291/335/336/3256270 |
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Fax No.: |
91-832-2257044 |
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E-Mail : |
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Branches : |
Located At:
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DIRECTORS
As on 30.09.2009
|
Name : |
Ms. Veena Gupta |
|
Designation : |
Director |
|
Address : |
Anukampa, 60 Green Valley, Alto Porvorim-403521, North |
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Date of Birth/Age : |
28.08.1946 |
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Date of Appointment : |
01.02.1992 |
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|
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Name : |
Mr. Vikram Gupta |
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Designation : |
Director |
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Address : |
Anukampa, 60 Green Valley, Alto Porvorim-403521, North |
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Date of Birth/Age : |
27.09.1968 |
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Date of Appointment : |
25.03.1994 |
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Name : |
Mr. Gaurav Gupta |
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Designation : |
Director |
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Address : |
Anukampa, 60 Green Valley, Alto Porvorim-403521, North |
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Date of Birth/Age : |
26.03.1972 |
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Date of Appointment : |
27.07.1994 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2009
|
Names of Shareholders |
|
No. of Shares |
|
Gaurav Gupta |
|
115000 |
|
Shefali Chawala |
|
98760 |
|
Veena Gupta |
|
107920 |
|
|
|
246350 |
|
K.G. Gupta HUF |
|
12290 |
|
Vikram Gupta |
|
150680 |
|
Radhika Gupta |
|
15000 |
|
Seema Gupta |
|
5000 |
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|
|
|
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Total |
|
751000 |
As on 30.09.2009
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Producer of finest
Quality (Mineral and Organic) Ophthalmic Lenses. |
GENERAL INFORMATION
|
Bankers : |
Bank of |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Borkar and Muzumdar Chartered Accountant |
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Address : |
Kamaxi Niwas, Opposite EDC House, Dr. A.G. Borkar Road, Panaji-430001,
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CAPITAL STRUCTURE
As on 30.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
751000 |
Equity Shares |
Rs.10/- each |
Rs.7.510
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
7.510 |
7.510 |
5.406 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.400 |
|
|
3] Reserves & Surplus |
12.657 |
13.189 |
16.425 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
20.167 |
20.699 |
22.231 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
40.178 |
42.504 |
40.362 |
|
|
2] Unsecured Loans |
0.922 |
3.942 |
0.821 |
|
|
TOTAL BORROWING |
41.100 |
46.446 |
41.183 |
|
|
DEFERRED TAX LIABILITIES |
3.554 |
2.681 |
3.378 |
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|
|
|
|
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TOTAL |
64.821 |
69.826 |
66.792 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
54.492 |
57.649 |
45.429 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
9.825 |
9.825 |
9.825 |
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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 |
10.616
|
12.368 |
12.876 |
|
|
Sundry Debtors |
23.984
|
22.318 |
12.641 |
|
|
Cash & Bank Balances |
2.334
|
2.675 |
1.345 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
13.577
|
12.390 |
11.129 |
|
Total
Current Assets |
50.511
|
49.751 |
37.991 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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|
Sundry Creditors |
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|
|
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|
Other Current Liabilities |
39.060
|
36.933 |
16.383 |
|
|
Provisions |
10.947
|
10.466 |
10.070 |
|
Total
Current Liabilities |
50.007
|
47.399 |
26.453 |
|
|
Net Current Assets |
0.504
|
2.352 |
11.538 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
64.821 |
69.826 |
66.792 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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Income |
93.766 |
91.475 |
NA |
|
|
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Other Income |
1.190 |
1.270 |
NA |
|
|
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TOTAL |
94.956 |
92.745 |
NA |
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|
Less |
EXPENSES |
|
|
|
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Administrative Expenses |
90.095 |
91.951 |
NA |
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Advertising Expenses |
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|
Financial Expenses |
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|
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TOTAL |
90.095 |
91.951 |
NA
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
4.861 |
0.794 |
6.277 |
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Less/ Add |
DEPRECIATION/ AMORTISATION |
4.204 |
3.813 |
3.188 |
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PROFIT BEFORE
TAX |
0.657 |
(3.019) |
3.089 |
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|
Less |
TAX |
1.245 |
(0.372) |
NA |
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|
PROFIT AFTER TAX
|
(0.588) |
(2.647) |
NA |
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
7.590 |
10.825 |
NA |
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BALANCE CARRIED
TO THE B/S |
7.002 |
8.178 |
NA |
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|
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|
Earnings Per
Share (Rs.) |
(0.78) |
(3.52) |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
(0.62)
|
(2.85) |
NA |
|
|
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
0.70
|
(3.30) |
NA |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.63
|
(2.81) |
3.70 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
(0.15) |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.52
|
4.53 |
3.04 |
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|
|
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|
|
Current Ratio (Current Asset/Current Liability) |
|
1.01
|
2.35 |
1.44 |
LOCAL AGENCY FURTHER INFORMATION
Operations:
During the year, the company has improved its performance and the trend is
continuing. The turnover of the company increase to Rs.93.766 millions during
the year against Rs.91.475 millions in the previous year.
Current Years:
The sales during the first quarter of the company financial year show a
promising trend. The turnover during the first quarter was of Rs.23.002
millions as compared to Rs.20.645 millions, during the corresponding period in
the previous year.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
90065578 |
|
Corporate
identity number of the company |
U52311GA1988PTC000823 |
|
Name of the
company |
PRIME LENSES
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
D2-19, Tivim Industrial Estate, Mapusa-403526, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Immovable
Property |
|
Particular of
charge holder |
Bank of |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
1. L/448A
Hypothecation of tangible Machinery and Plant dated 31st May 2007 for
Rs.10.000 Millions 2. L/481 Form A
Supplemental Deed of Hypothecation of Stocks dated 31st May 2007 for Rs.
5.000 Millions 3. L/481 Form A
Supplemental Deed of Hypothecation of Book Debts dated 31st May 2007 for Rs.
2.500 Millions |
|
Date of
instrument Creating the charge |
31.05.2007 |
|
Amount secured by
the charge |
Rs.53.200
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the rate
of 0% over BPLR, Minimum 13.25% for term loan. Interest at the
rate of 0% over BPLR, Minimum 13.25% or such rates as notified by the bank
from time to time for Cash Credit Limit. Terms of
Repayment Term loan of Rs.10.000
Millions is repayable in 60 monthly installments of Rs. 0.167 millions each
Cash Credit on Demand. Margin 25% for Term Loan 25% for Cash
Credit (Stock) 40% for Cash
Credit (Debtors) Extent and
Operation of the charge Bank of India has
sanctioned an additional Cash credit Limit of Rs.2.500 Millions in additional to the existing Cash Credit
limit of Rs. 10.000 Millions and for
this purpose equitable Mortgage on Mortgage on Company's properties in
Santacruz, Mumbai has been
extended to over additional Cash Credit. The charge is
also extended to cover the new Term Loan of Rs.10.000 Millions. The temporary
Additional Cash Credit limit of Rs. 2.500 Millions sanctioned earlier is
hereby replaced with regular limit. |
|
Short particulars
of the property charged |
I)
Company's
immovable properties at Gata Nos. 207, 316 and 317 at Creative industries
Premises Co-Operative Society, Kalinza, Santacruz (East), Mumbai. II)
Stocks
and Book Debts |
|
Date of latest
modification prior to the present modification |
30.03.2007 |
|
Particulars of
the present modification |
Bank Of India has
sanctioned additional credit facilities and enhanced credit limits are as
below: a) Cash Credit
stock 12.500 Millions , Book Debts 10.000 - Maximum Rs.12.500 Millions [Existing Rs.7.500 Millions ] b) Term Loan
Rs.10.000 Millions [Existing original Rs.30.000 Millions, now outstanding
Rs.25.800 Millions] - total Rs.35.800 Millions. c) Letter of
Credit Rs.4.900 Millions [ Existing
Rs.10.000 Millions ] Enhanced Limit:
Rs.12.500 L + Rs.35.800 L + Rs.4.900 L = Rs.53.200 Millions. Existing limit
was Rs.10.000 L + Rs.30.000 L + Rs.10.000 L=Rs.50.000 Millions |
AS PER WEBSITE
DETAILS:
PROFILE:
Subjects are the largest producer
of finest Quality (Mineral and Organic) Ophthalmic Lenses in
Subject is known for exporting
its lenses to more than 100 countries, the IVIZ series is a truly international quality product that is
thinner, lighter, sharper, and stronger than similar versions being marketed in
These lenses are manufactured
in their parent company GKB Ophthalmic and GKB Vison in Goa and are later
finished by our labs located in various parts of
Subject plans to supply
all kinds of prescription lenses to the Indian market of highest quality,
through the quickest possible delivery system and all this at international
quality in competitive price.
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.44.91 |
|
|
1 |
Rs.73.05 |
|
Euro |
1 |
Rs.64.03 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
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 |
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.