MIRA
INFORM REPORT
|
Report Date : |
04.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
GKB LENS PRIVATE LIMITED |
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Registered
Office : |
P 46 Kasba Industrial Estate, Kolkata – 700 107, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
11.04.2005 |
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Com. Reg. No.: |
21-102687 |
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Capital
Investment / Paid-up Capital : |
Rs.18.737 millions |
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CIN No.: [Company Identification
No.] |
U33202WB2005PTC102687 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALG02121A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing and Dispensing of Ophthalmic Lenses |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
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 240000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some
cautions. |
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) |
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|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
P 46 Kasba Industrial Estate, Kolkata – 700 107, West |
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Tel. No.: |
91-33-24429397 91-800-419-1990 (Toll Free) |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Brijendra Kumar Gupta |
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Designation : |
Director |
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Address : |
Flat No. 301, 7/1A, Sunny Park, Kolkata – 700 019, West |
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Date of Birth/Age : |
21.05.1940 |
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Date of Appointment : |
11.04.2005 |
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DIN No. : |
00417998 |
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Name : |
Mr. Sanjiv Kumar Gupta |
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Designation : |
Director |
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Address : |
Flat No. 302, 7/1A, Sunny Park, Kolkata – 700 019, West |
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Date of Birth/Age : |
05.04.1964 |
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Date of Appointment : |
11.04.2005 |
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DIN No. : |
00509726 |
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Name : |
Mr. Lalit Kumar Gupta |
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Designation : |
Director |
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Address : |
Flat No. 301, 7/1A, Sunny Park, Kolkata – 700 019, West |
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Date of Birth/Age : |
18.10.1967 |
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Date of Appointment : |
11.04.2005 |
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DIN No. : |
00509663 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Brijendra Kumar Gupta |
|
69012 |
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Brijendra Kumar Gupta |
|
2324 |
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Sanjiv Kumar Gupta |
|
54419 |
|
UMA Gupta |
|
5193 |
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Lalit Gupta |
|
54419 |
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Sanjiv Kumar Gupta |
|
382 |
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Archana Gupta |
|
619 |
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Lalit Gupta |
|
382 |
|
Nisha Gupta |
|
619 |
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Total |
|
187369 |
List of Allottees (As on 28.02.2011)
|
Names of Allottees |
|
No. of Shares |
|
Brijendra Kumar Gupta |
|
10000 |
|
Sanjiv Kumar Gupta |
|
7500 |
|
Lalit Gupta |
|
7500 |
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Total |
|
25000 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Dispensing of Ophthalmic Lenses |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
State Bank of ·
Industrial Finance Branch, 11, ·
Commercial Branch, Ballygunge, 50A, |
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Facilities : |
Note Term Loan and cash credit from banks are secured by way of first charge
on the fixed assets (excluding Motor Cars) of the company including office
building on lease hold land situated at P-46 Kasba Industrial Estate, Kolkata
– 700 107 and also by way of hypothecation of all stock-in-trade, receivables
and other current assets created out of the Bank Finance.
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R S Poddar and Company Chartered Accountant |
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Address : |
23A, N S Road, 6th Floor, Room No. 31, Kolkata – 700 001,
West |
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Related Parties : |
·
GKB Rx Lens Private Limited ·
Gopal Krishan and Brothers ·
S N Textile Private Limited ·
GKB Lens ( ·
GKB Lens ( ·
Anu Finance |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
225000 |
Equity Shares |
Rs.100/- each |
Rs.22.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
212369 |
Equity Shares |
Rs.100/- each |
Rs.21.237
millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
187369 |
Equity Shares |
Rs.100/- each |
Rs.18.737
millions |
(Out of which 83694 Shares of Rs.100/- each
fully paid up, were issued pursuant to Master Agreement dated 15.11.2005 and
subsequent modification thereto towards slump purchase of retail business.)
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 |
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|
|
|
|
1] Share Capital |
18.737 |
18.737 |
8.369 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
136.343 |
136.343 |
25.484 |
|
|
4] (Accumulated Losses) |
(94.401) |
(51.994) |
(0.023) |
|
|
NETWORTH |
60.679 |
103.086 |
33.830 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
126.444 |
234.320 |
250.647 |
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2] Unsecured Loans |
279.148 |
28.611 |
60.696 |
|
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TOTAL BORROWING |
405.592 |
262.931 |
311.343 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
2.198 |
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TOTAL |
466.271 |
366.017 |
347.371 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
193.799 |
195.407 |
145.285 |
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Capital work-in-progress |
0.498 |
2.171 |
1.489 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
41.082 |
21.689 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
270.638
|
224.940 |
220.782 |
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Sundry Debtors |
8.722
|
8.316 |
8.455 |
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|
Cash & Bank Balances |
22.207
|
16.803 |
7.151 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
98.220
|
87.110 |
79.051 |
|
Total
Current Assets |
399.787
|
337.169 |
315.439 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
146.324
|
162.585 |
89.531 |
|
|
Other Current Liabilities |
18.356
|
20.123 |
17.855 |
|
|
Provisions |
4.215
|
7.711 |
7.456 |
|
Total
Current Liabilities |
168.895
|
190.419 |
114.842 |
|
|
Net Current Assets |
230.892
|
146.750 |
200.597 |
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
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|
|
|
|
|
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TOTAL |
466.271 |
366.017 |
347.371 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
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SALES |
|
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Total Income from Operations |
775.487 |
615.502 |
NA |
|
|
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Other Income |
7.692 |
0.213 |
NA |
|
|
|
TOTAL (A) |
783.179 |
615.715 |
NA |
|
|
|
|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
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Office Expenses |
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|
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
772.860 |
615.541 |
NA |
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|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
10.319 |
0.174 |
NA |
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|
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|
Less |
FINANCIAL
EXPENSES (D) |
39.215 |
46.941 |
NA |
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(28.896) |
(46.767) |
NA |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
32.854 |
30.147 |
NA |
|
|
|
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|
|
|
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|
PROFIT / LOSS
BEFORE TAX (E-F) (G) |
(61.750) |
(76.914) |
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(19.393) |
(23.412) |
NA |
|
|
|
|
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|
PROFIT / LOSS
AFTER TAX (G-H) (I) |
(42.357) |
(53.502) |
NA |
|
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|
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IMPORTS |
|
|
|
|
|
|
|
Frames and Sunglasses (trading goods) |
55.205 |
36.222 |
35.255 |
|
|
|
Capital Goods |
2.506 |
6.784 |
5.338 |
|
|
TOTAL IMPORTS |
57.711 |
43.006 |
40.593 |
|
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|
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|
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|
|
|
Earnings Per
Share (Rs.) |
(226.06) |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(5.41)
|
(8.69) |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(7.96)
|
(12.50) |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(10.40)
|
(14.44) |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.02)
|
(0.75) |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
9.47
|
4.40 |
12.60 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.37
|
1.77 |
2.75 |
LOCAL AGENCY FURTHER INFORMATION
BUSINESS
PERFORMANCE, MARKET SHARE AND RETAIL NETWORK
The company is dedicated to achieving its long term goals by implementing
its business strategies. The result in on increase in revenue and profits
despite the fierce competition in the domestic market. The Company is a name in
the retail optical business, has a reputed brand “GKB” and strong retail
presence in the form of GKB Optical Showrooms domestically. The focus on
retaining market leadership through expansion of the retail shops continues
unabated. During the year the company expanded its operation and opened seven
new retain showroom in different cities.
FORM 8
|
Corporate identity number of the company |
U33202WB2005PTC102687 |
|
Name of the company |
GKB LENS PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in |
P 46 Kasba Industrial Estate, Kolkata – 700 107, West |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10015851 |
|
Type of charge |
Immovable property |
|
Particular of charge holder |
State Bank of Industrial Finance Branch, 11, |
|
Nature of instrument creating charge |
Memorandum of Deposit for Creation of Further Charge for Term Loan /
Overall Limit where the Initial Charge is created by way of Mortgage by
Deposit of Title Deeds (C.10). |
|
Date of instrument Creating the charge |
03.05.2010 |
|
Amount secured by the charge |
Rs.290.400 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest Different rates for different facilities Terms of Repayment Working Capital is repayable on demand as per Banking norms. Term Loan - III, IV, V and VI will be repaid as per existing repayment
schedule. Margin Stocks-in-Trade : 25%, Letters of Credit : 15%. However, the Bank may increase the same up to
100% at its discretion, and Bank Guarantees : 25%. However, the Bank may increase the same up to
100% at its discretion. Extent and Operation of the charge First Charge on the whole of the mortgaged properties as a continuing
security. |
|
Short particulars of the property or asset(s) charged (including complete
address and location of the property) |
·
All those piece and parcel of land thereon or on
part thereof in the Industrial Estate having an area about 4 cottah, 1
chittack, 7 sq.ft. and being part of Kasba Industrial Estate (P-46),
Phase-II, ·
within the municipal area of Jadavpur,
P.S.Tiljala, P.O.Haltu, in the District of Calcutta - 700078 ·
and coloured red, butted and bounded by as
follows :- On the North : Plot No.P-45, On the East : ·
Deed No.I-4507, Book No.I, Volume No.106, Page
No.179-198, Being No.4507 for the year 2000. ·
Together with all assets permanently fixed to the
lands and buildings and plant and machinery appertaining or affixed thereto. ·
Located at : P-46, Phase-II, P.S.Tiljala,
P.O.Haltu, Kolkata - 700 078, West |
|
Particulars of the present modification |
By this modification, the Overall Limit is reduced from Rs.378.400
millions to Rs.290.400 millions. (Particulars of Immovable Properties and all
other terms and conditions continue to remain as before in full force and
effect. |
CONTINGENT
LIABILITIES NOT PROVIDED FOR IN RESPECT OF :
|
Particulars |
As
on 31.03.2010 Rs.
in millions |
As
on 31.03.2009 Rs.
in millions |
|
Bank guarantees given in favour of various government authorities and
others |
0.160 |
0.000 |
|
Sales Tax demand on Appeal |
0.376 |
0.376 |
|
Total |
0.536 |
0.376 |
FIXED ASSETS
·
·
·
Showroom Furniture and
·
Electrical Installation
·
Plant and Machinery
·
Computer
·
Display Unit
·
Office Equipments
·
Motor vehicles
WEB DETAILS
Profile
GKB Opticals Group, the largest Optical company in
the country, established in
Versace, Vogue, Oakley, Rayban, Prada etc. are some
of the international brands that are showcased in the GKB Opticals showrooms.
Apart, GKB also has its own range of brands which lays special emphasis on the
looks and styling.
GKB makes an attempt to bring the international
styling and quality to the Indian customers at an affordable price tag. The
glasses at GKB Opticals are produced using only the best materials and are
available in a huge number of different styles, colors and sizes, that assures
to find the perfect glasses to suit and help a more clearer and vivid world.
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.44.38 |
|
|
1 |
Rs.72.21 |
|
Euro |
1 |
Rs.62.87 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.