1. Summary Information

		Country	India
Company Name	GKB HI-TECH LENSES PRIVATE LIMITED	Principal Name 1	Mr. Mahendra Kumar Gupta
Status	Moderate	Principal Name 2	Mrs. Meera Gupta
		Registration #	24-000662
Street Address	50, Tivim Industrial Estate, Mapusa – 403507, Goa
Established Date	14.02.1986	SIC Code	--
Telephone#	91-832-2257371	Business Style 1	Manufacturer
Fax #	91-832-2257236	Business Style 2	Exporter
Homepage	www.gkbhitech.com	Product Name 1	Ophthalmic Lenses
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs. 168,687,760/-	Product Name 3	--
Shareholders	Bodies corporate 50.25%, Directors or relatives of directors 43.98%, Other 5.77%	Banking	Yes Bank Limited
Public Limited Corp.	No	Business Period	27 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	B (33)
Related Company
Relation	Country	Company Name	CEO
Subsidiaries	--	Carl Zeiss Vision Middle East FZE	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	1,402,784,000	Current Liabilities	457,970,000
Inventories	392,045,000	Long-term Liabilities	1,211,996,000
Fixed Assets	806,941,000	Other Liabilities	22,226,000
Deferred Assets	0,000	Total Liabilities	1,692,192,000
Invest& other Assets	12,566,000	Retained Earnings	753,456,000
		Net Worth	922,144,000
Total Assets	2,614,336,000	Total Liab. & Equity	2,614,336,000
Total Assets (Previous Year)	2,453,695,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Total Income	1,431,810,000	Net Profit	(74,840,000)
Total Income (Previous yr)	1,595,670,000	Net Profit (Prev.yr)	128,520,000

MIRA INFORM REPORT

Report Date :

03.09.2013

IDENTIFICATION DETAILS

Name :	GKB HI-TECH LENSES PRIVATE LIMITED [w.e.f.05.06.2006]
Formerly Known As :	GOA OPTOLAB PRIVATE LIMITED
Registered Office :	50, Tivim Industrial Estate, Mapusa – 403507, Goa
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	14.02.1986
Com. Reg. No.:	24-000662
Capital Investment / Paid-up Capital :	Rs. 168.688 Millions
CIN No.: [Company Identification No.]	U33201GA1986PTC000662
PAN No.: [Permanent Account No.]	AAACG7027J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Importer, Exporter and Wholesaler of Ophthalmic Lenses.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (33)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 3688000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The management has failed to file its financial for the year 2012 with the government department. As per previous year’s, the performance seems to be good. Trade relations are reported to be unknown. The company can be considered for business dealings 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term Bank facilities : (CARE) BB-
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	April 2013

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE [91-832-2257372]

LOCATIONS

Registered/ Corporate/ Factory :	50, Tivim Industrial Estate, Mapusa – 403507, Goa, 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
Overseas 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 28.06.2013

Name :

Mr. Mahendra Kumar Gupta

Designation :

Whole-time director

Address :

785, Shantam , Alto Betim, Porvorim - 403501, Goa, India

Date of Birth/Age :

12.03.1944

Qualification :

B.E

Date of Appointment :

29.05.2012

PAN No.:

ACEPG6885F

DIN No.:

00173309

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U33201GA1986PTC000662	GKB HI-TECH LENSES PRIVATE LIMITED	Whole-time director	29/05/2012	23/06/1992	-	Active	NO
2	U36909UP1995PLC017640	GKB OPTICALS LIMITED	Director	02/03/1995	02/03/1995	11/09/2007	Active	NO
3	U33201GA1999PTC002737	GKB OPTOLAB PRIVATE LIMITED	Director	21/09/1999	21/09/1999	-	Active	NO

Name :

Mrs. Meera Gupta

Designation :

Director

Address :

785, Shantam , Alto Betim, Porvorim - 403501, Goa, India

Date of Birth/Age :

16.08.1949

Date of Appointment :

29.05.2012

PAN No.:

ACEPG6886G

DIN No.:

00173520

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U33201GA1986PTC000662	GKB HI-TECH LENSES PRIVATE LIMITED	Director	29/05/2012	23/06/1992	Active	NO
2	U33201GA1999PTC002737	GKB OPTOLAB PRIVATE LIMITED	Managing director	21/09/1999	21/09/1999	Active	NO

Name :

Mr. Shobit Gupta

Designation :

Whole-time director

Address :

785, Shantam , Alto Betim, Porvorim - 403501, Goa, India

Date of Birth/Age :

19.07.1973

Qualification :

B.E. (Mechanical)

Date of Appointment :

29.05.2012

PAN No.:

ACEPG6888J

DIN No.:

00173426

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U33201GA1986PTC000662	GKB HI-TECH LENSES PRIVATE LIMITED	Whole-time director	29/05/2012	31/08/1998	Active	NO
2	U33201GA1999PTC002737	GKB OPTOLAB PRIVATE LIMITED	Director	21/09/1999	21/09/1999	Active	NO
3	U74999GA2007PTC005479	SHANTAM HOLDINGS INDIA PRIVATE LIMITED	Additional director	18/02/2009	18/02/2009	Active	NO

Name :

Mr. Neeraj Mahendra Kumar Gupta

Designation :

Whole-time director

Address :

785, Shantam , Alto Betim, Porvorim - 403501, Goa, India

Date of Birth/Age :

24.09.1975

Qualification :

B.E. (Mechanical)

Date of Appointment :

29.05.2012

PAN No.:

ACEPG6889K

DIN No.:

00624638

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U33201GA1986PTC000662	GKB HI-TECH LENSES PRIVATE LIMITED	Whole-time director	29/05/2012	31/08/1998	Active	NO
2	U33201GA1999PTC002737	GKB OPTOLAB PRIVATE LIMITED	Director	21/09/1999	21/09/1999	Active	NO
3	U74999GA2007PTC005479	SHANTAM HOLDINGS INDIA PRIVATE LIMITED	Additional director	18/02/2009	18/02/2009	Active	NO

Name :

Mr. Shivkumar Janardhanan

Designation :

Director

Address :

303, 3^rd Floor, Cassia Block, Brigade Millenium, 7^th Phase, JP Nagar, Bangalore – 560078, Karnataka, India

Date of Birth/Age :

21.07.1966

Date of Appointment :

29.05.2012

DIN No.:

00095649

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51507MH1995PTC089489	DELTA LENS PRIVATE LIMITED	Director	07/08/2005	07/08/2005	-	Active	NO
2	U33203MH1995PTC093210	VIJAY VISION PRIVATE LIMITED	Director	30/09/2005	30/09/2005	14/06/2007	Active	NO
3	U33201MH1995PTC094352	BEAUTY GLASS PRIVATE LIMITED	Director	30/09/2005	30/09/2005	-	Active	NO
4	U33120GJ2006PTC047676	ESSILOR DELTA CNC LENS PRIVATE LIMITED	Director	17/03/2006	17/03/2006	14/06/2007	Active	NO
5	U33201WB1985PTC039759	GKB RX LENS PRIVATE LIMITED	Director	30/06/2007	28/06/2007	-	Active	NO
6	U33112AP2008PTC057791	ESSILOR 20 20 OPTICS PRIVATE LIMITED	Director	23/02/2008	23/02/2008	-	Active	NO
7	U51394TZ2008PTC014509	ESSILOR SANKAR & COMPANY OPTICS PRIVATE LIMITED	Director	29/05/2008	29/05/2008	-	Active	NO
8	U74900KA2009PTC051377	CP SERVICES PRIVATE LIMITED	Director	05/11/2009	05/11/2009	21/05/2012	Active	NO
9	U33202GJ2009PTC058889	ESSILOR LENS & SPECTS PRIVATE LIMITED	Director	15/12/2009	15/12/2009	-	Active	NO
10	U51909KA2010PTC053039	OSD OPTICS INDIA PRIVATE LIMITED	Director	30/03/2010	30/03/2010	-	Active	NO
11	U33201TN2010PTC075457	XTRAVISION LENS TECHNOLOGY PRIVATE LIMITED	Director	23/04/2010	23/04/2010	14/03/2012	Active	NO
12	U74900UP2010PTC041526	GKB OPTIC TECHNOLOGIES PRIVATE LIMITED	Director	25/06/2011	02/09/2010	-	Active	NO
13	U33201GA1986PTC000662	GKB HI-TECH LENSES PRIVATE LIMITED	Director	29/05/2012	03/12/2011	-	Active	NO
14	U33110DL2011PTC213596	ENTERPRISE OPTHALMICS PRIVATE LIMITED	Director	20/06/2013	19/11/2012	-	Active	NO

Name :

Mr. Gopinathan Anil Shankar

Designation :

Director

Address :

AT2 Ground Grand Residency, Opposite Family Mart, Kanakapura Post, 6^th Phase, Bangalore – 560078, Karnataka, India

Date of Birth/Age :

07.05.1965

Date of Appointment :

29.05.2012

DIN No.:

01605619

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U33203MH1995PTC093210	VIJAY VISION PRIVATE LIMITED	Director	29/06/2007	14/06/2007	-	Active	NO
2	U33201WB1985PTC039759	GKB RX LENS PRIVATE LIMITED	Director	30/06/2007	28/06/2007	-	Active	NO
3	U33120GJ2006PTC047676	ESSILOR DELTA CNC LENS PRIVATE LIMITED	Director	29/06/2007	29/06/2007	22/11/2010	Active	NO
4	U33112AP2008PTC057791	ESSILOR 20 20 OPTICS PRIVATE LIMITED	Director	23/02/2008	23/02/2008	-	Active	NO
5	U51394TZ2008PTC014509	ESSILOR SANKAR & COMPANY OPTICS PRIVATE LIMITED	Director	29/05/2008	29/05/2008	-	Active	NO
6	U74900KA2009PTC051377	CP SERVICES PRIVATE LIMITED	Director	05/11/2009	05/11/2009	-	Active	NO
7	U33202GJ2009PTC058889	ESSILOR LENS & SPECTS PRIVATE LIMITED	Director	15/12/2009	15/12/2009	-	Active	NO
8	U51909KA2010PTC053039	OSD OPTICS INDIA PRIVATE LIMITED	Director	30/03/2010	30/03/2010	-	Active	NO
9	U33201TN2010PTC075457	XTRAVISION LENS TECHNOLOGY PRIVATE LIMITED	Director	23/04/2010	23/04/2010	-	Active	NO
10	U51507MH1995PTC089489	DELTA LENS PRIVATE LIMITED	Director	22/11/2010	16/06/2010	-	Active	NO
11	U74900UP2010PTC041526	GKB OPTIC TECHNOLOGIES PRIVATE LIMITED	Director	30/07/2010	30/07/2010	-	Active	NO
12	U33110DL2011PTC213596	ENTERPRISE OPTHALMICS PRIVATE LIMITED	Director	09/02/2011	09/02/2011	-	Active	NO
13	U33200GJ2011PTC068038	OPTICS INDIA EQUIPMENTS PRIVATE LIMITED	Director	01/12/2011	01/12/2011	-	Active	NO
14	U33201GA1986PTC000662	GKB HI-TECH LENSES PRIVATE LIMITED	Director	29/05/2012	03/12/2011	-	Active	NO
15	U33201GJ2013PTC074444	DEEPAK LENS PRIVATE LIMITED	Director	11/04/2013	11/04/2013	-	Active	NO

Name :

Lee Chee Khiang

Designation :

Director

Address :

6, Bishan Street, 25# 25-13, Singapore 573975

Date of Birth/Age :

09.01.1964

Date of Appointment :

29.05.2012

DIN No.:

05275829

Name :

Schricke Pierre Bruno

Designation :

Director

Address :

39, Jalan Ketumbit, Singapore 808892

Date of Birth/Age :

07.02.1955

Date of Appointment :

29.05.2012

DIN No.:

05275823

Name :

Mr. Ramachandran Parthasarathy

Designation :

Alternate director

Address :

6C, Sun Flower, Ceebros Gardens, 38 Arcot Road, Chennai – 600092, Tamilnadu, India

Date of Birth/Age :

02.09.1965

Date of Appointment :

21.08.2012

DIN No.:

00542483

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U73100MH1995PTC090766	CHEMICAL WEEKLY DATABASE PRIVATE LIMITED	Director	07/08/2002	07/08/2002	24/11/2008	Active	NO
2	U22122MH2006PTC165872	SEVAK PUBLICATIONS PRIVATE LIMITED	Director	29/11/2006	29/11/2006	24/11/2008	Active	NO
3	U51394TZ2008PTC014509	ESSILOR SANKAR & COMPANY OPTICS PRIVATE LIMITED	Director	30/06/2009	11/06/2009	-	Active	NO
4	U33120GJ2006PTC047676	ESSILOR DELTA CNC LENS PRIVATE LIMITED	Director	30/06/2009	11/06/2009	-	Active	NO
5	U33112AP2008PTC057791	ESSILOR 20 20 OPTICS PRIVATE LIMITED	Director	30/06/2009	19/06/2009	-	Active	NO
6	U74900KA2009PTC051377	CP SERVICES PRIVATE LIMITED	Director	05/11/2009	05/11/2009	-	Active	NO
7	U33202GJ2009PTC058889	ESSILOR LENS & SPECTS PRIVATE LIMITED	Director	10/06/2011	17/12/2009	-	Active	NO
8	U51909KA2010PTC053039	OSD OPTICS INDIA PRIVATE LIMITED	Director	30/03/2010	30/03/2010	-	Active	NO
9	U33201TN2010PTC075457	XTRAVISION LENS TECHNOLOGY PRIVATE LIMITED	Director	23/04/2010	23/04/2010	-	Active	NO
10	U33203MH1995PTC093210	VIJAY VISION PRIVATE LIMITED	Nominee director	16/06/2010	16/06/2010	-	Active	NO
11	U33110DL2011PTC213596	ENTERPRISE OPTHALMICS PRIVATE LIMITED	Director	25/04/2011	25/04/2011	-	Active	NO
12	U33201GA1986PTC000662	GKB HI-TECH LENSES PRIVATE LIMITED	Alternate director	21/08/2012	03/12/2011	-	Active	NO
13	U33201GJ2013PTC074444	DEEPAK LENS PRIVATE LIMITED	Director	11/04/2013	11/04/2013	-	Active	NO

Name :

Mr. Rakesh Suryanarayan

Designation :

Alternate director

Address :

7071, Shobha Chrysant Hemum Tanisandra Main Road, Near Railway Bridge, Bangalore – 560077, Karnataka, India

Date of Birth/Age :

11.09.1972

Date of Appointment :

22.03.2013

DIN No.:

03625595

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U33201GA1986PTC000662	GKB HI-TECH LENSES PRIVATE LIMITED	Alternate director	22/03/2013	03/12/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.06.2013

Names of Shareholders	No. of Shares
Mahendra Kumar Gupta	3537585
Meera Gupta	3272868
Shobit Gupta	819984
Neeraj Gupta	819984
Rachita Gupta	904800
Kanak Gupta	84816
Priya Gupta	84816
Essilor India Private Limited	9654633
Oswald C E Silva Das	7290
Gopal Shetty	420
James Varghese	138
Vijaya R Nayak	696
Preethi R Nayak	696
Neetha N Nayak	696
Satya P Farsaiya	1398
Raj Farsaiya	1398
Ravi Gupta	1398
Usman K S	138
Rajni Sharma	420
Madhu Gupta	1680
Munishwar Dutt	2520
Swapna Rani Palo	11898
Romano D’Souza	696
Charlene Dsouza	696
Satish Jain	1398
Antinio Sequeira	138
Total	19213200

AS ON 28.06.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	50.25
Directors or relatives of directors	43.98
Other	5.77
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Importer, Exporter and Wholesaler of Ophthalmic Lenses.

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production Qty (Pcs)
Ophthalmic lenses	Pieces Per Year	NA	6258000	28,40,533

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai - 400013, Maharashtra, India

· Citibank N.A., Prestige Meridian - II, M.G. Road, Bangalore - 560001, Karnataka, India

· State Bank of India, Commercial Branch, State Bank Staff Training Centre Building, Patto Plaza, Panaji - 403001, Goa, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks	234.317	--
Working capital loans banks	793.855	--
Hire purchase installment payable secured	9.738	--
TERM LOANS (Including Accrued Interest)
a) From State Bank of India, Commercial Branch, Panaji - Goa.(Secured by hypothecation of New Machinery acquired and New Building at Plot-12, Tivim Industrial Estate)	--	0.000
b) ICICI Bank Limited – ECB Loan (Secured by hypothecation of new machinery acquired for modernization of laboratories)	--	106.439
c) ICICI Bank Limited (Secured by hypothecation of new machinery acquired for modernization of laboratories)	--	52.740
d) Pyramid Finance Limited	--	19.443
e) HDFC Bank Limited (Secured by hypothecation of new machinery acquired for modernization of laboratories)	--	40.433
CORPORATE LOANS	--	0.0
a) From State Bank of India, Commercial Branch, Panaji - Goa. ( Secured by hypothecation of New Machinery acquired for modernization of laboratories)	--	7.923
b) From State Bank of India, Commercial Branch, Panaji - Goa. ( Secured by first charge by way of Equitable Mortarge of immovable properties both present and future and a first charge by way of hypothecation and / or pledge of all present and future goods, book debts and all other movable assets including documents of title to the goods, outstanding moneys, all types of receivables, contracts, insurance policies, investment and securities and all machinery both present and future secured by irrevocable joint and several personal guarantees of four directors of the company )	--	9.722
c) From State Bank of India, Commercial Branch, Panaji - Goa. (Secured by hypothecation of raw materials, stock in process, finished goods, stores and spares, book debts and other receivables both present and future, and further secured by irrevocable joint and several personal guarantees of four directors of the company )	--	5.568
d) From State Bank of India, Commercial Branch, Panaji - Goa. (Secured by hypothecation of New Machinery acquired for modernization of laboratories)	--	24.987
VEHICLE LOANS
For vehicles purchased under hire purchase scheme	--	12.508
WORKING CAPITAL LOANS
From State Bank of India, Commercial Branch Panaji-Goa (Secured by hypothecation present and future stock of raw materials, stock in process, finished products and book debts/bills receivables).	--	343.240
From ICICI Bank Limited Mapusa-Goa (Secured by hypothecation of present and future stock of raw materials, stock in process, finished products and book debts/bills receivables).	--	214.935
From HDFC Bank Limited, Mapusa-Goa (Secured by hypothecation of present and future stock of raw materials, stock in process, finished products and book debts/bills receivables).	--	59.353
From Yes Bank Limited, Panaji- Goa (Secured by hypothecation of present and future stock of raw materials, stock in process, finished products and book debts/bills receivables).	--	80.023
Total	1037.910	977.314

Banking Relations :	--
Auditors :
Name :	Y.N. Upadhyaya and Company Chartered Accountants
Address :	Ist Floor, Souza Tower, Panaji - 403001, Goa, India
Income-tax PAN of auditor or auditor's firm :	AAEPU8189N
Associates :	· Carl Zeiss Vision International GmbH · Carl Zeiss Vision (China) Limited · Carl Zeiss Vision Australia Holding · Carl Zeiss Vision Inc. · Carl Zeiss Vision South Africa (Pty) Limited · Carl Zeiss Vision Singapore Pte Limited · Carl Zeiss Vision GV Lab · Carl Zeiss Vision Italia S.P.A. · Carl Zeiss Vision Technologies (Guanzou) · Carl Zeiss Vision (Malaysia) · Carl Zeiss Vision Brasil Industria · Carl Zeiss Vision Hungary Kft. · Carl Zeiss Vision Uk Limited · Carl Zeiss Vision Hungary Optikai · Carl Zeiss Vision GmbH · Carl Zeiss Vision France · Carl Zeiss Vision Mexico · Galaxy Optical Services Limited · SILS Limited · GKB Optolab Private Limited
Subsidiaries :	· Carl Zeiss Vision Middle East FZE · GKB Hi Tech Lenses SA (Pty.) Limited

CAPITAL STRUCTURE

AS ON 28.06.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
30,000,000	Equity Shares	Rs. 10/- each	Rs. 300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19,213,200	Equity Shares	Rs. 10/- each	Rs. 192.132 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
30,000,000	Equity Shares	Rs. 10/- each	Rs. 300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16,868,776	Equity Shares	Rs. 10/- each	Rs. 168.688 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		1037.910	977.314	944.890
2] Unsecured Loans		174.086	32.294	0.000
TOTAL BORROWING		1211.996	1009.608	944.890
DEFERRED TAX LIABILITIES		22.076	100.927	93.397
TOTAL		2156.216	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		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	392.045	378.606	426.686
	Sundry Debtors	1107.150	852.909	859.708
	Cash & Bank Balances	39.690	29.150	21.054
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	255.944	253.690	96.347
Total Current Assets		1794.829	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		1336.709	1170.220	1040.045
MISCELLANEOUS EXPENSES		4.746	12.067	22.523
TOTAL		2156.216	2109.560	1890.794

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL (A)	1431.810	1595.670	1231.040
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	1127.670	1240.920	865.010
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		304.140	354.750	366.030
Less	FINANCIAL EXPENSES (D)		156.260	153.710	143.680
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		147.880	201.040	222.350
Less/ Add	DEPRECIATION/ AMORTISATION (F)		61.260	54.840	52.460
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		86.620	146.200	169.890
Less	TAX (H)		161.460	17.680	73.420
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(74.840)	128.520	96.470
	PRIOR PERIOD ADJUSTMENTS (INCOME TAX)		(2.040)	17.990	(4.950)
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		307.270	160.750	69.230
	BALANCE CARRIED TO THE B/S		230.390	307.270	160.750
	EXPORT OF GOODS (FOB VALUE)		679.120	922.551	408.696
	IMPORTS
		Raw Materials	359.452	173.199	201.476
		Capital Goods	11.052	40.884	30.453
		Consumables	50.718	59.095	0.000
	TOTAL IMPORTS		421.222	273.178	231.929
	Earnings/ (Loss) Per Share (Rs.)		(4.44)	30.33	18.95

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(5.23)	8.05	7.84
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 Debt/Networth)		1.31	1.01	1.11
Current Ratio (Current Asset/Current Liability)		3.92	4.40	3.86

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10365143	12/06/2012	350,000,000.00	CITIBANK N.A.	CITIBANK N.A., PRESTIGE MERIDIAN - II, M.G. ROAD, BANGALORE - 560001, KARNATAKA, INDIA	B43482678
2	10123818	29/12/2010 *	70,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	B02524056
3	10106476	07/03/2008	165,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	A39484167
4	10085767	29/12/2010 *	90,000,000.00	3I INFOTECH TRUSTEESHIP SERVICES LIMITED	3RD TO 6TH FLOOR, INTERNATIONAL INFOTECH PARK, TOWER NO.5, VASHI RAILWAY STATION COMPLEX, VASHI, NAVI MUMBAI - 400703, MAHARASHTRA, INDIA	B02622314
5	10037129	29/12/2010 *	564,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, STATE BANK LEARNING CENTRE BLDG, PATTO PLAZA, PANAJI - 403001, GOA, INDIA	B03802337
6	10024517	29/12/2010 *	230,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	B02524353
7	90077091	13/04/2005 *	9,500,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, PATLO PLAZA, PANJI - 403001, GOA, INDIA	-
8	90077084	02/06/2005 *	40,200,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, PATTO PLAZA, PANAJI, GOA, INDIA	-

* Date of charge modification

UNSECURED LOANS

Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Including Accrued Interest
Mr. M. K. Gupta	156.086	32.294
Other debt unsecured	18.000	--
Total	174.086	32.294

Note:

The registered office of the company has been shifted from 12, Tivim Industrial Estate, Mapusa – 403507, Goa, India to the present 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. 1431.810 million as compared to its previous year turnover including other income of Rs. 1595.670 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. 690.160 million as compared to its previous year export turnover of Rs. 951.570 million.

During the period under review, 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.

CONTINGENT LIABILITIES (AS ON 31.03.2011):

a) Guarantees issued by the bank on behalf of the company Rs. 7.815 Millions (Rs 4.991 Millions).

b) Letters of credit issued by the company’s bankers on behalf of the company which are outstanding R Nil. (Rs. 173.477 Millions).

FIXED ASSETS:

· Land

· Building

· Furniture and fixtures

· Vehicles

· Motor 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 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. 65.86
UK Pound	1	Rs. 102.52
Euro	1	Rs. 87.06

INFORMATION DETAILS

Information Gathered by :	NYN
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

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.