MIRA
INFORM REPORT
|
Report Date : |
28.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
KOPRAN LIMITED |
|
|
|
|
Registered Office : |
Parijat House, 1076, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
26.04.1958 |
|
|
|
|
Com. Reg. No.: |
011078 |
|
|
|
|
CIN No.: [Company
Identification No.] |
L24230MH1958PLC011078 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK01878C |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The company's shares are listed on the Stock Exchanges |
|
|
|
|
Line of Business : |
Manufacturing and marketing of Bulk Drugs, Tablets & Capsules and Liquids. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
Small |
|
Maximum Credit Limit : |
USD 5000000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subjects is an established company having moderate track. Financial position is moderate. The company continue to incur losses. Its payments are reported as slow and delayed. The company faces liquidity problem. It can be considered for any business dealings at usual trade terms and condition with some caution. |
LOCATIONS
|
Registered Office : |
Parijat House, 1076, |
|
Tel. No.: |
91-22-24964480-85 |
|
Fax No.: |
91-22-24950363 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Research Laboratories : |
D/28, T.T.C.
Industrial Area, Village Bhansari, Near Turbhe Telephone Exchange, MIDC, Navi
Mumbai - 400 705, Tel. No. 91-22-7630474 / 7680674 Fax No. 91-22-767886 |
|
|
|
|
Factory 1 : |
Finished
Dosage Forms At : KHOPOLI
Village Savroli, Taluka Khalapur, Khopoli, Dist. Raigad, Tel. No. 91-2192-274025/274030 Fax No. 91-2192-274031 Speciality Bulk At :
MAHAD
K-4, Additional MIDC, Village Birwadi, Mahad - 403 201
Dist. Raigad, Tel. No. 91-2145-232631 / 232633 Fax No. 91-2145-232332 |
|
|
|
|
Overseas Office : |
|
|
|
|
|
Branches : |
Globalpharma
Company LCC, Manufacturing
Facility:
Fax:
9714 8851233 E-mail:
info@globalpharmadubai.com
Website:
www.globalpharmadubai.com |
DIRECTORS
|
Name : |
Mr. Susheel G Somani |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Surendra Somani |
|
Designation : |
Executive, Vice-Chairman |
|
|
|
|
Name : |
Mr. Rajendra Somani |
|
Designation : |
Director (Resigned w. e. f . 27 November, 2004) |
|
|
|
|
Name : |
Mr. S. J. Parekh |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Dr. Suresh K. Parikh |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. A. C. Shah |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sunil S. Parekh |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. H. P. Vyas |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Narasimha Sahu |
|
Designation : |
Nominee Director- UTI |
|
|
|
|
Name : |
Mr. Tapan Ray |
|
Designation : |
Managing Director (Resigned w. e. f. 31st October, 2004) |
|
|
|
|
Name : |
Mr. Narayan Parekh |
|
Designation : |
General Manager
(Finance)and comapny Secretary |
|
|
|
|
Name : |
Mr. Robert Dean Petty |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Bruno Beuque |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. C. L. Jain |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Adarsh Somani |
|
Designation : |
Whole Time Director |
KEY EXECUTIVES
|
Name : |
Mr. Surendra Somani |
|
Designation : |
Chief Executive Officer |
|
|
|
|
Name : |
Mr. K. M. Shivani |
|
Designation : |
Sr. Vice president and Chief Scientific Officer |
|
|
|
|
Name : |
Dr. A. V. Prabhu |
|
Designation : |
Sr. Vice president and Chief Scientific Officer |
|
|
|
|
Name : |
Mr. Sanjiv Bhushan |
|
Designation : |
Sr. Vice President – New Business Development |
|
|
|
|
Name : |
Mr. Jose Tharakan |
|
Designation : |
Vice President an Chief Personnel Officer |
|
|
|
|
Name : |
Mr. S. K. Kedia |
|
Designation : |
Vice President and chief Financial Officer |
|
|
|
|
Name : |
Dr. A. K. Purohit |
|
Designation : |
Vice President- Technical (Bulk Drugs) |
|
|
|
|
Name : |
Mr. Dayanand Saraswati |
|
Designation : |
Vice President- Marketing and Sales |
|
|
|
|
Name : |
Mr. Harshad Shah |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Sumeet S. Maheshwari |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Indian Promoters |
9281256 |
34.57 |
|
Banks |
845 |
0.00 |
|
Financial
Institutions |
1339693 |
4.99 |
|
Mutual Funds |
1250600 |
4.66 |
|
FII/NRI/OCB's |
587953 |
2.19 |
|
Domestic
Companies |
2589060 |
9.64 |
|
Resident
Individuals |
11334873 |
42.21 |
|
Others |
466104 |
1.74 |
|
Total |
26850384 |
100.00 % |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and marketing of Bulk Drugs, Tablets & Capsules and Liquids. |
|
|
|
|
Products : |
Item Code No. (ITC Code) 294150-00 Product Description Ceftriaxone Sodium
Sterile Item Code No. (ITC Code) 294150-00 Product Description Roxithromycin Item Code No. (ITC Code) 294200-18 Product Description Omeprazole Item Code No. (ITC Code) 294200-11 Product Description Cefotaxime Sodium Sterile |
|
|
|
|
Brand Names : |
"ATEN-D", "FINTRIDE", "ZIFLAM", "CHOLESTATE", "VENT", "KLODIP", "LOKIT", "TINI", "SMYLE", "TRASIC SR", "KOCEF", "SPARCIN" ETC. |
|
|
|
PRODUCTION STATUS
|
|
|
Bulk Durg |
|
|
Formualtions |
|
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
Unit |
Installed
Capacity |
Actual
Production |
|
KHOPOLJ |
|
|
|
|
|
|
|
Tablets & Capsules |
|
|
|
No. in lacs |
10800 |
4670.17 |
|
|
|
|
|
|
|
|
|
Liquids |
|
|
|
Ltrs in lacs |
12.00 |
1042 |
|
MAHAD |
|
|
|
|
|
|
|
Bulk drug |
|
|
|
|
|
|
|
Bulk Drug |
Tons |
495.00 |
364.740 |
|
|
|
GENERAL INFORMATION
|
Suppliers : |
Ø Saroj Print N. Pack Ø Saroj Print Arts Ø Saroj Press Private Limited Ø Super Fibers Ø Pitti Enterprises Ø Shreenath Packing Ø Silicon Products Private Associate Ø S.R. Chemicals Ø S.S. Pharmachem |
||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
1400 |
||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
˜
State Bank of ˜
ING Vysya Bank Limited, Mumbai, ˜
Bank of ˜
The Federal Bank Limited, Mumbai, ˜ Centurion Bank Limited ˜ Canara Bank ˜ UTI Bank Limited |
||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
SECURED LOANS :- DEBENTURES
(Rs. in millions)
|
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Chartered Accountant
Chartered Accountant |
|
|
|
|
Associates : |
|
|
|
|
|
Subsidiaries : |
|
|
|
|
|
Joint Venture : |
Plot M 444, Tel. No. + 256 41 222721 / 285645 Fax No. +256 41 220129 E Mail : kpi@africaonline.com
Tel. No. 009714 3379333 Fax No. 009714 33465547 Manufacturing facility Tel. No. 009714 8810222 Fax No. 009714 8810233 E Mail : info@globalpharmadubai.com Website : http://www.globalpharmadubai.com |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
41000000 |
Equity Shares |
Rs. 10 each |
Rs. 410.000 millions |
|
|
|
|
|
|
24000000 |
Non-Convertible Cumulative
Redeemable Preference Shares |
Rs. 10 each |
Rs. 240.000 millions |
|
|
Total |
|
Rs. 650.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
Issued Capital |
|
|
|
26850384 |
Equity Shares |
Rs. 10 each |
Rs. 268.500 millions |
|
13580000 |
Non-Convertible
Cumulative Redeemable
Preference Shares |
Rs. 10 each |
Rs. 135.800 millions |
|
|
Subscribed & Paid-up Capital |
|
|
|
26850384 |
Equity Shares |
Rs. 10 each |
Rs.268.503 millions |
|
13580000 |
Non-Convertible
Cumulative Redeemable
Preference Shares |
Rs.10 each |
Rs.135.800 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
404.267 |
390.928 |
294.300 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
680.866 |
645.760 |
1503.100 |
|
|
4] Convertible Warrants |
178.574 |
0.000 |
0.000 |
|
|
NETWORTH |
1263.707 |
1036.688 |
1797.400 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2036.522 |
2184.020 |
1836.000 |
|
|
2] Unsecured Loans |
97.212 |
44.788 |
159.900 |
|
|
TOTAL BORROWING |
2133.734 |
2228.808 |
1995.900 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3397.441 |
3265.496 |
3793.300 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2232.844 |
2283.836 |
1684.800 |
|
|
Capital work-in-progress |
31.905 |
1.983 |
0.800 |
|
|
|
|
|
|
|
|
INVESTMENT |
225.247 |
226.247 |
254.600 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
362.979
|
401.552 |
393.400 |
|
|
Sundry Debtors |
496.068
|
413.947 |
690.800 |
|
|
Cash & Bank Balances |
40.678
|
34.960 |
31.600 |
|
|
Other Current Assets |
38.154
|
37.865 |
0.000 |
|
|
Loans & Advances |
180.140
|
118.061 |
1209.700 |
|
|
Loans with Subsidiary Companies |
593.067
|
588.794 |
0.000 |
|
Total
Current Assets |
1711.086
|
1595.179 |
2325.500 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
786.653
|
821.039 |
646.100 |
|
|
Provisions |
16.988
|
20.710 |
20.100 |
|
Total
Current Liabilities |
803.641
|
841.749 |
666.200 |
|
|
Net Current Assets |
907.445
|
753.430 |
1659.300 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
193.800 |
|
|
|
|
|
|
|
|
TOTAL |
3397.441 |
3265.496 |
3793.300 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
1283.218 |
1017.145 |
1771.800 |
|
|
Other Income |
144.882 |
17.639 |
0.000 |
|
|
Total Income |
1428.100 |
1034.784 |
1771.800 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
(50.595) |
(363.924) |
6.900 |
|
|
Provision for Taxation |
0.000 |
0.000 |
28.500 |
|
|
Profit/(Loss) After Tax |
(50.595) |
(363.924) |
(21.600) |
|
|
|
|
|
|
|
|
Export Value |
666.166 |
307.346 |
659.195 |
|
|
|
|
|
|
|
|
Import Value |
160.244 |
135.868 |
81.500 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
908.887 |
|
|
|
|
Increase/(Decrease) in Finished Goods |
0.000 |
0.000 |
71820.685 |
|
|
Salaries, Wages, Bonus, etc. |
104.865 |
136.589 |
|
|
|
Other Expenditure |
252.428 |
255.016 |
|
|
Total Expenditure |
1266.18 |
1087.185 |
71820.685 |
|
SUMMARISED RESULTS
|
PARTICULARS |
|
|
31.03.2007 |
|
Type |
|
|
Full
Year |
|
Sales Turnover |
|
|
1034.200 |
|
Other Income |
|
|
30.200 |
|
Total Income |
|
|
1064.400 |
|
Total Expenditure |
|
|
1148.100 |
|
Operating Profit |
|
|
[83.700] |
|
Interest |
|
|
66.400 |
|
Gross Profit |
|
|
[150.100] |
|
Depreciation |
|
|
140.500 |
|
Tax |
|
|
1.900 |
|
Reported PAT |
|
|
[292.500] |
|
Dividend (%) |
|
|
0.000 |
KEY RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt-Equity Ratio |
2.06 |
1.49 |
1.11 |
|
Long Term Debt-Equity Ratio |
1.63 |
1.07 |
0.72 |
|
Current Ratio |
1.22 |
1.46 |
1.71 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
0.44 |
0.41 |
0.64 |
|
Inventory |
3.54 |
2.77 |
3.50 |
|
Debtors |
2.97 |
1.99 |
2.27 |
|
Interest Cover Ratio |
[0.66] |
[0.76] |
1.05 |
|
Operating Profit Margin(%) |
5.73 |
[4.61] |
20.24 |
|
Profit Before Interest And Tax Margin(%) |
[4.43] |
[14.25] |
13.24 |
|
Cash Profit Margin(%) |
[1.01] |
[23.43] |
5.67 |
|
Adjusted Net Profit Margin(%) |
[11.16] |
[33.07] |
[1.33] |
|
Return On Capital Employed(%) |
0.000 |
0.000 |
0.00 |
|
Return On Net Worth(%) |
0.000 |
0.000 |
0.00 |
STOCK PRICES
|
Face Value |
Rs.10/- |
|
High |
Rs.25.20/- |
|
Low |
Rs.24.85/- |
LOCAL AGENCY FURTHER INFORMATION
History
The company was incorporated on 26th April, 1958
at Mumbai in
The company made losses and virtually closed down between 1974 and 1980. It was then taken over by Parijat Enterprises Group. All accumulated losses were wiped out by 1983 and the company commenced manufacturing of bulk drugs.
Subject became public limited liability company in 1984 and later changed its name to present name.
Subject was promoted by the Somani Group and is controlled by Parijat Enterprises. The company came out with a public issue at a premium, in November, 1992, to finance its backward integration project to produce drug intermediates for semi-synthetic drugs, and also to expand its antibiotic facility.
The company's maiden public issue in 1992 raised Rs.144 millions.
Subject is one of the five promoters of Pharmaceuticals Business Group, which took over the ailing Gujarat Themic Biosyn in 1992-93.
New basic research centre has been set up at Navi Mumbai.
The US $ 300 bn global pharma industry was research
driven. New drug R & D cost being
prohibitive limited to pharma Multi National Company's in developed nations
where product patents enforced. High
prices of under patent drugs caused a shift to generics, especially in
In the domestic bulk drugs market, low entry barriers resulted in over capacity and price wars. So major players focussed on formulations, where brand image and distribution network act as entry barriers. Most players increased their overseas marketing and manufacturing network to enhance exports.
The company borne the brunt of price decline in Pen-G and Amoxycilliin, despite economies of scale and backward integration. Though it has increased its formulations / OTC portfolio, it remained overly dependent on bulk drugs.
The company's bulk drug plant has been approved by the US
FDA and the
The company launched new products like AZ-1 Caps, Klodip
Tabs, Moclox Kid Tabs, Amyn Kid Tabs,
The company has been ranked as amongst the top few growing
companies in
In February, 2001, the company tied up with E-Merck for
co-marketing a new anti-inflammatory drug, Rofrcoxib, in
Kopran was promoted by the Somani group and is controlled by
Parijat Enterprises. The company came out with a public issue at a premium, in
Nov.'92, to finance its backward integration project to produce drug
intermediates for semi-synthetic drugs, and also to expand its antibiotic
facility.
Kopran manufactures pharmaceutical finished dosage forms and
bulk drugs and distributes electronic equipment. It manufactures semi-synthetic
penicillin and is among the world's highest producers in amoxycillin. Kopran
also makes penicillin-G acylase, an enzyme made through fermentation. It has
technical collaborations with Gesellschaft Fur Biotechnologische, Germany;
Yuhan Corporation, South Korea; Ciba Corning Diagnostic, US; and Adac
Laboratories, US.
Kopran's bulk drug plant has been approved by the US FDA and
the
The company launched new products like AZ-1 Caps, Klodip
Tabs, Moclox Kid Tabs, Amyn Kid Tabs, Tini-NF, Amyn Caps and Amyn Dry Syrup.
Kopran entered into a joint venture with M/s Industrial Promotion Services
Limited to take over a running unit viz Kampala Pharmaceuticals Industries
Limited in
The company has been ranked as amongst the top few fastest
growing companies in
The company has increased its installed capacity of Liquids
by 3.00 lakhs of Litres during 2001 and consequent of this capacity expansion
the total installed capacity has gone up to 12.00 lakhs of Litres.
The company has also increased its installed capacity of Tablets
& Capsules by 270 crores(Nos) and the total capacity has gone up to 1080
crores(Nos).
In Feb. 2001, Kopran tied up with E-Merck for co-marketing a
new anti-inflammatory drug, Rofecoxib, in
The company had launched new products in therapeutic groups like Asthma,Cardiology,Diabetes and Lifestyle products during 2003.The company has obtained approval from European Directorate for Quality of Medicines(EDQM) in September 2003. Upgradation of Formulation Manufacturing facility took place to meet with the latest International Regulatory Norms.The United Kingdom Medicines and Healthcare Products Regulatory Agency(UK MHRA) is expected to inspect the facilities in the first quarter of 2004.
OPERATIONS:
During the year under review, the Company has achieved a
total turnover of Rs.1352.7 Millions as
compared to Rs.1100.3 Millions in the previous year. This growth has been
achieved despite discontinuation of the domestic formulations business effective
from July 2005.
The Company made a cash profits of Rs. 86.8 Millions against
the loss of Rs. 257.8 Millions in the previous year. The turnaround is due to
improved performance from export of formulations and reduced interest costs
arising from assignment of debts to Clearwater Capital Partners (
Formulations:
The Company has exited the Domestic Formulations business
and is now focusing on the International market. The exports of Formulations
grew by 300% from Rs.90.000 Millions to
Rs. 270.000 Millions during the year
2005-06. The major growth has come from the Regulated markets like
Further, the Company signed a deal with an
Active Pharmaceutical
Ingredients (APIs):
During the year under review, the Company has doubled the
capacity of its various bulk products. Simultaneously, the plant was upgraded
to match US / FDA norms. It has tied up for marketing of Sterile Cepholosporins
with an International Company.
Smyle:
The Smyle range of products under the Smyle umbrella brand
caters to various segments including Cough & Cold, Oral Care, and Baby
& Skin Care. New products are being launched in Pain Management.
Smyle products are now being exported to African and South East Asian
Countries.
Kopran Research Laboratories Limited
('KRLL'):
The Research focus is mainly on Process Patents and Non
Infringing Process Development for various bulks. Process Patents have been
filed for Clarithromycin, Azithromycin and Atorvastatin.
The two New Chemical Entities have been offered for
licencing.
The Directors have passed the Resolution to initiate the
process for merging KRLL with the Company.
Globalpharma LLC -
During the year 2005, the turnover of Globalpharma grew by
126% (AED 34,788,518 as compared to AED 15,334,254 as at December 31, 2004).
Several new products are being developed by Kopran to increase the product
range.
The new product registrations would help Globalpharma to
sustained growth and long-term profitability.
The Company's performance in 2005 improved with sales going up
by 26.9% (Shilling 11,603,053k as compared to Shilling 9,146,596k as at
December 31, 2004) and profits growing by 87.71% (Shilling 512,827k as compared
to Shilling 273,222k as at December 31, 2004).
Fixed
Assets :-
Ø Goodwill
Ø Beand / Trade Mark
/ Patents
Ø Land
Ø Buildings
Ø Plant &
Machinery
Ø Factory Equipment
&
Ø Electric
Installation
Ø Furniture and
Fixtures
Ø Tube Well
Ø Office Equipments
Ø Computers
Ø Vehicles
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT:
INDUSTRIAL OVERVIEW:
Global Pharmaceutical Industry:
Ø
The
Global Pharmaceutical Industry is growing steadily with significant expansion
of the Generic markets.
Ø
Patents of different products commanding $ 60
billion annual sales will expire in the next six years.
Ø
Manufacture of bulks and formulations
is shifting to
Ø
Regulatory norms are becoming more
stringent.
Ø
The competition is intense and integrated
companies manufacturing both the bulks and formulations would have along term
advantage.
Indian
Pharmaceutical Industry:
Ø
The Indian Pharmaceutical Industry is
witnessing a major challenge with the new proposed Drug Price Control Order.
Ø
The imposition of excise duty on the Maximum
Retail Price has forced Companies to manufacture in tax free States.
Ø
A large basket of products are going off
patent, providing an opportunity to the Indian Industry to increase their share
in the Generics market.
Ø
Low cost research and high quality
research is attracting Global Companies to set up base in
Future Strategy:
The Board of Directors of the Company has worked out a
strategy for its future business growth, as follows:
Active Pharmaceutical Ingredients
(APIs)
Ø
Focus on Regulated Markets.-
Ø
Expansion of capacity leading to economies of
scale.
Ø
Launch of new high value products.
Ø
Integrating bulks into
formulations.
Formulations:
Ø
Develop new dossiers for
Ø
Tie-up with Partners for the
Ø
Increase volumes through competitive edge of
own bulks produced.
Ø
Move up the value chain through high
value products.
OTC Products:
Ø
Launch new products in new segments
like Pain Management.
Ø
Increase market penetration through
tie-up with a focused distribution Company.
Ø
Research & Development:
Ø
Develop new APIs and Dosage Forms.
Ø
Licence KNC - 6 and KNC - 1206.
Ø
Develop new products from the
patented platform technology.
Cost
of Optimization:
Ø
Increase capacity utilization to get economies
of scale.
Ø
Reduce material cost through
efficient utilization of Working Capital and Supply Chain Management system
Ø
Reduce energy cost through rationalization in
manufacturing lines.
Productivity Improvement:
Ø
Adoption of more intensive information
technology to improve productivity.
Ø
Reward and recognition through performance
linked appraisal system
Ø
In-house training for competency
improvement.
Financial Performance and
Analysis:
During the year under review, the total turnover stands at
Rs. 1352.7 Millions as compared to Rs. 1100.3 Millions in the previous year showing
a growth of 23%. The profit before depreciation and tax (EBIDTA) for the year
is Rs. 161.9 millions as compared to loss of Rs. 52.4 Millions, which as a
percentage to turnover represents 12% (previous year - 4.8%) showing a
turnaround.
Press Release
Kopran
lines up 12 drug launches
Ref: Abstract from the Companies section of 'Business
Standard' newspaper
dated: Friday, May 31, 2002
______________________________________________________________________
Corporate
Bureau
Mumbai, 30 May
Kopran
is launching 12 new brands in asthma, cardiology, gastro-enterology and
diabetelogy. This is mainly aimed at multiplying its sales and develop brand
equity from existing and new products.
Kopran
is planning to grow its formulation sales to Rs 1000.000 Millions in two years.
In
the anti-asthma market, Kopran has a large range of products including oral
tablets and liquid, metered dose inhalers and dry powder inhalers under the
umbrella brand Vent.
The
company, which had sales of Rs 150.000 Millions during the previous year from
anti-asthma products, is expected to jump to Rs 250.000 Millions with the
launch of new anti-asthma products, the company said in a press release.
The
company is launching Ventair - montelukast - a new drug in the treatment of
Asthma, bridging the gap in present asthma treatment, both children and adult
patients.
Ventair
will be marketed in three doses. Kopran is the fourth company to unveil
Montelukast.
Simultaneously,
Kopran is also launching a new dry powder inhaler and metered dose inhaler -
Ventipra - a combination of Salbutamol and Ipratropium bromide. At present,
only three companies in the country - Glaxo, Cipla and Kopran market dry powder
inhalation systems.
Kopran
has reformulated its brand of Amlodipine - Klodip - introducing virtually
impurity free amlodipine tablets in a new patient friendly pack. The Amlodipine
market is of Rs 116 crore growing at 15 per cent.
News Updates
______________________________________________________________________
Kopran to undertake major Financial and
Business Restructuring
Kopran Limited has undertaken a financial
and business restructuring whereby it intends to focus on the International
markets, which are mainly regulated for bulk drugs and formulations.
As of January 2005, the new WTO patent regulations may
change the business dynamics of the domestic pharmaceutical Industry. However, the international generic market
presents a huge business opportunity, as billions of dollars of drugs go
off patent over the next few years. Accordingly, Kopran plans to shift its
historical emphasis from the domestic business to the international. To accomplish this, it plans to enter into a
strategic alliances or assignments of its branded pharmaceutical formulations.
In this respect necessary discussions are in progress with various companies.
This new business strategy should improve the overall financial condition
of the company,
and provide the resources to reduce debt and working capital.
Another large market opportunity for Kopran is the herbal
health market. The estimated size of
this fast growing market is 60 billion dollars.
To exploit the potential of this domestic and international market,
Kopran intends to merge with Kopran Pharmaceuticals Limited which is the
company marketing the SMYLE brand. Effective 1st March'05, Kopran intends to
have a large range of OTC products marketed under the SMYLE brand. While continuing to market to the domestic
market, there will be increasing focus in marketing SMYLE branded products to
the international market.
The company had a Corporate Debt Restructuring, and
proposes a further restructuring with its lenders, whereby the interest burden
would be reduced substantially. This would include an assignment of a
major part of its debt through a one-time settlement with most of the existing
lenders.
The company has recently received a UK MHRA approval for
both of its formulations plants at Khopoli and shall be marketing its products
in the
The bulk facilities located in Mahad are already approved
by the European Directorate for Quality of Medicines (EDQM). An upgrade and expansion plan has been
initiated, whereby the bulk products would be exported, thereby facilitating a
US FDA approval.
Kopran manufactures a large range of antibiotics including
sterile Cephalosporin’s and Erythromycin Derivatives. Enhancement of its antibiotic manufacturing
capacity should lead to economies of scale.
Further Kopran shall expand capacity for its cardiovascular range of
products, which include Atenolol, Atorvastatin and Amlodipine. It proposes to further develop and
manufacture new products in the Cardiology range like Lisinopril, Ramiperil and
Ezetimibe.
Kopran's strategy is to develop Non-Infringing Processes as
well as its own process patents, and then tie up with marketing companies in
the
Further,
Kopran Research intends to licence out its molecules KNC-6 an anti-ulcerant and
KNC-1206 a bowel regulator to other pharmaceutical companies and also seek
collaborationfor developing new molecules for its platform technology. The
future strategy of focussing on the regulated markets such as
Parijat Enterprises
Promoted
by the Parijat Enterprises, Kopran is currently an integrated
health care company.
Kopran
has used research-based technology to contribute towards total health-care.
Ø From diagnostics to treatment
Ø From Active Pharmaceutical
Ingredients to Finished Dosage Forms
Ø From bio-technology to sophisticated
Medical electronic equipments maintaining quality on par with the best in
the world, and thereby vying for brand equity in the global context.
The
company started modestly as a Semi Synthetic Penicillin (SSP) player and
expanded to becomes the largest SSP Player in
Subsequently
the SSP business was hived off into a separate Company in a joint venture with
Synpac Pharmaceuticals Limited,
Its
future strategy is to focus on :
Brand Equity Development
Research for New Chemical Entities
Globalise its operations thus making Kopran a truly International
Pharmaceutical Company.
Group Companies
Parijat
Enterprises
The Somani, Bangur Association started with Cement, Paper and Textiles.
The Somani family further ventured into Printing, Chemicals, Paper,
·
Pharmaceuticals,
Shipping, Metal Packaging and Glass Bottles.
·
In
1985, Parijat Enterprises emerged as a group entity.
ORIENTAL CONTAINERS LIMITED
Ø
Turnover
Rs.1500 Millions (US$ 33 Million) as on June 2004.
Ø
Largest Metal Packaging Company in
Ø
Unique patented products – GLOSEAL.
Ø
Petrochemicals – N. Pentane.
UNITED SHIPPERS LIMITED
Ø
Turnover
Rs.4000 Millions (US$ 89 Million).
Ø
Largest
fleet of Tugs and Barges around
Ø
Entry
into material handling with own Jetty at Navlaki.
SHINRAI
Ø
Turnover
Rs.1700 Millions (US$ 37 Million).
Ø
Shinrai
Toyota, Distributors for
Ø
TKML is a joint venture of M/s Toyota Motor
Corporation (TMC)
EXCEL GLASSES LIMITED
Ø
Turnover
Rs.750 Millions (US$ 16 Million).
Ø
Largest Glass bottle manufacturing company in
Ø
Catering to Liquor, Consumer Goods and
Pharmaceutical Industry
CLARIDGE MOULDED FIBRE LIMITED
Ø
Manufacturer
of Pulp/Paper.
Ø
Trays
for Eggs and Apples
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.41.24 |
|
|
1 |
Rs.82.55 |
|
Euro |
1 |
Rs.56.06 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|