MIRA INFORM REPORT

Report Date :

05.04.2012

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 :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	14.02.1986
Com. Reg. No.:	24-000662
Capital Investment / Paid-up Capital :	Rs168.688 millions
CIN No.: [Company Identification No.]	U33201GA1986PTC000662
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture, Import, Export and Wholesale of Ophthalmic Lenses.
No. of Employees :	750 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 3688576
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. The company has incurred some losses in the current year i.e. 2010. However, trade relations are reported as fair. Business is active. Payments are reported to be regular as per commitments. The company can be considered 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.

INFORMATION DECLINED BY

Management Non Co-operative (Name not disclose)

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 :	goa@gkbhitech.com exports@gkbhitech.com gkbhtl.goal@rma.sprintrpg.ems.vsnl.net.in gkbhtl.goal@rma.sril.in pradeep@gkbhitech.com
Website :	www.gkbhitech.com http://www.gkbhtl.com
International Office :	1st Floor, Carl Zeiss Building, 363 Oak Avenue, Ferndale, Randburg 2194, South Africa
Tel. No.:	0027 11 3261 320
Fax No.:	0027 11 326 3286
E-Mail :	gkbhtlsa@gkbhitech.com

DIRECTORS

AS ON 30.09.2011

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. 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
Date of Ceasing:	23.03.2010
PAN No :	AISPD8665L
Name :	Mr. Sagar Suryaka Mohite
Designation :	Secretary
Address :	C/O, Narendra Sutar Parra Varla Pachayat Bardez, North Goa – 403510, Goa
Date of Birth :	02.12.1982
Date of Appointment :	01.07.2010
Date of Ceasing:	10.07.2011

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Mr. Mahendra Kumar Gupta	8425548
Mrs. Meera Gupta	3272868
Mr. Shobit Gupta	819984
Mr. Neeraj Gupta	819984
Ms. Rachita Gupta	904800
Ms. Kanak Gupta	84816
Ms. Priya Gupta	84816
Carl Zeiss Vision International GmbH, Germany	2422246
Mr. Oswald C E Silva Das	7290
Mr. Gopal Shetty	420
Mr. James Varghese	138
Mr. Vijaya R Nayak	696
Mrs. Preethi R Nayak	696
Ms. Neetha N Nayak	696
Mr. Satya P Farsaiya	1398
Mr. Raj Farsaiya	1398
Mr. Ravi Gupta	1398
Mr. Usman K S	138
Ms Rajni Sharma	420
Ms Madhu Gupta	1680
Mr. Munishwar Dutt	2520
Ms. Swapna Rani Palo	11898
Mr. Romano D’Souza	696
Mr. Charlene Dsouza	696
Mr. Satish Jain	1398
Mr. Antinio Sequeira	138
Total	16868776

AS ON 30.09.2011

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		14.36
Directors or relatives of directors		85.44
Others		0.020
	Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture, Import, Export and Wholesale of Ophthalmic Lenses.

Products :

ITEM CODE	PRODUCT
90014000	Spectacle lenses of Glass
90015000	Spectacle lenses of other materials

PRODUCTION STATUS (As On : 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Ophthalmic Lenses	Pieces	NA	6258000	5966400

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

Facilities :

SECURED LOAN	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Rupee term loans banks secured	234.317	247.813
Working capital loans banks secured	793.855	697.550
Hire purchase installment payable secured	9.738	12.508
Total	1037.910	957.871
UNSECURED LOAN	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Loans directors unsecured	156.086	32.294
Other debt unsecured	18.000	19.443
Total	174.086	51.737

Banking Relations :	--
Auditors :
Name :	Y Naryana Upadhyay and Company Chartered Accountants
Address :	1^st Floor, Souza Tower, Panaji – 403 001, Goa, Maharashtra, India
Subsidiaries :	Ø GKB Hi-Tech Lense (S. A) Properietary Limited Ø 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 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs. 10/- each	Rs.300.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16868776	Equity Shares	Rs. 10/- each	Rs168.688 millions

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		168.688	48.300	48.300
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		753.456	950.725	804.207
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		922.144	999.025	852.507
LOAN FUNDS
1] Secured Loans		1037.909	957.871	944.890
2] Unsecured Loans		174.086	51.737	0.000
TOTAL BORROWING		1211.995	1009.608	944.890
DEFERRED TAX LIABILITIES		22.076	100.927	93.397
TOTAL		2156.215	2109.560	1890.794
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		806.941	900.602	822.010
Capital work-in-progress		1.604	20.455	0.000
INVESTMENT		6.216	6.216	6.216
DEFERREX TAX ASSETS		0.00	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	392.045	378.606	426.686
	Sundry Debtors	1107.149	852.909	859.708
	Cash & Bank Balances	39.690	29.150	21.054
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	255.943	253.690	96.347
Total Current Assets		1794.827	1514.355	1403.795
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	457.970	318.385	342.705
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.150	25.750	21.045
Total Current Liabilities		458.120	344.135	363.750
Net Current Assets		1336.708	1170.220	1040.045
MISCELLANEOUS EXPENSES		4.746	12.067	22.523
TOTAL		2156.215	2109.560	1890.794

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	NA	NA	1231.040
		Other Income
		TOTAL (A)	NA	NA	1231.040
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	NA	865.010
		Advertising Expenses
		TOTAL (B)	NA	NA	865.010
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		304.140	354.760	366.030
Less	FINANCIAL EXPENSES (D)		156.260	153.710	143.680
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		147.880	201.050	222.350
Less/ Add	DEPRECIATION/ AMORTISATION (F)		61.260	54.840	52.460
	PROFIT BEFORE TAX (E-F) (G)		86.620	146.200	169.890
Less	TAX (H)		161.460	17.680	73.420
	PROFIT AFTER TAX (G-H) (I)		(74.840)	128.520	96.470
Less /add	Prior Period Adjustments (Income Tax)		(2.040)	17.990	(4.950)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		307.270	160.750	69.230
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	0.000
	BALANCE CARRIED TO THE B/S		230.390	307.270	160.750
	EXPORT VALUE		679.120	922.551	408.696
	IMPORTS
		Raw Materials	359.452	232.294	201.476
		Capital Goods	1105.298	40.884	30.453
	TOTAL IMPORTS		1464.750	273.178	231.929
	Earnings Per Share (Rs.)		--	30.33	18.95

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	NA	7.84
Net Profit Margin (PBT/Sales)	(%)	NA	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	3.33	6.05	7.63
Return on Investment (ROI) (PBT/Networth)		0.09	0.15	0.20
Debt Equity Ratio (Total Liability/Networth)		1.81	1.46	1.64
Current Ratio (Current Asset/Current Liability)		3.92	4.40	3.86

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors
Creditors due small micro enterprises	29.386	16.220	342.705
Creditors due others	428.584	302.165

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 under review the Company has achieved the turnover including other income of Rs. 1,431.810 million as compared to its previous year turnover including other income of Rs.1,595.670 millions and due to decrease in turnover and Impairment on assets the company has made a loss after tax of Rs. 74.840 Million as compared to its previous year profit after tax of Rs. 128.520 millions.

The company has achieved export turnover of Rs. 690.16 million as compared to its previous year export turnover of Rs. 951.570 million.

During the period, the company has opened new stock points at Bhuj, Nagpur, Jayanagar, Noida, Jalandhar, Chadigarh, Thrissur, Belgaum, Bhubaneshwar, Pitampura.

The company now has a total of 70 stock points and 20 labs.

The company is confident that in view of the expansion and upgradation 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 South 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 India of the company	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

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.51.04
UK Pound	1	Rs.81.08
Euro	1	Rs.67.39

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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		49

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.