MIRA
INFORM REPORT
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Report Date : |
13.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KOPRAN LIMITED |
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Registered Office : |
Parijat House, 1076, Dr. E. Moses Road, World, Mumbai – 400018, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
26.04.1958 |
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Com. Reg. No.: |
011078 |
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CIN No.: [Company
Identification No.] |
L24230MH1958PLC011078 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK01878C |
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Legal Form : |
A Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges |
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Line of Business : |
Manufacturing and Marketing of Bulk Drugs, Tablets & Capsules and Liquids. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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Maximum Credit Limit : |
USD 5100000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
Clear |
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Comments : |
A subject is an established company having moderate track. Financial position is moderate. The company continues 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
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Registered Office : |
Parijat House, 1076, Dr. E. Moses Road, World, Mumbai-400018, Maharashtra, India |
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Tel. No.: |
91-22-24964480-85 |
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Fax No.: |
91-22-24950363 |
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E-Mail : |
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Website : |
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Research Laboratories : |
D/28, T.T.C. Industrial Area, Village Bhansari, Near Turbhe Telephone Exchange, MIDC, Navi Mumbai – 400 705, Maharashtra, INDIA Tel. No. 91-22-7630474 / 7680674 Fax No. 91-22-767886 |
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Factory 1 : |
Finished
Dosage Forms At : KHOPOLI
Village Savroli, Taluka Khalapur, Khopoli, Dist. Raigad, Maharashtra |
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Tel. No : |
91-2192-274025/274030 |
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Fax No : |
91-2192-274031 |
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Factory 2 : |
Speciality Bulk At :
MAHAD
K-4, Additional MIDC, Village Birwadi, Mahad – 403 201 Dist. Raigad, Maharashtra |
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Tel. No : |
91-2145-232631 /
232633 |
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Fax No : |
91-2145-232332 |
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Overseas Office : |
HONG
KONG
Kopran (H K) Limited 330, Peninsula Centre,
67, Mody Road, Tsim Sha Tsui East Kowloon, Hong Kong Tel. No. 00852-272 4063 / 272 35541 Fax No. 00852-272 35542 LONDON
Kopran
(International) Limited 024
Servicestation, 130 Hale Lane, Edgware, Middx HA8 9RZ, London, U.K. Tel. No. 0044-181-906 1555 Fax No. 0044-181-906 1155 |
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Branches : |
Kampala
Pharmaceutical Industries (1996) Limited Globalpharma
Company LCC, Dubai, UAE Manufacturing
Facility:
Fax:
9714 8851233 E-mail:
info@globalpharmadubai.com Website:
www.globalpharmadubai.com |
DIRECTORS
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Name : |
Mr. Susheel G Somani |
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Designation : |
Chairman |
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Name : |
Mr. Surendra Somani |
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Designation : |
Executive, Vice-Chairman |
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Name : |
Mr. Rajendra Somani |
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Designation : |
Director (Resigned w. e. f . 27 November, 2004) |
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Name : |
Mr. S. J. Parekh |
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Designation : |
Chairman |
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Name : |
Dr. Suresh K. Parikh |
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Designation : |
Director |
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Name : |
Dr. A. C. Shah |
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Designation : |
Director |
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Name : |
Mr. Sunil S. Parekh |
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Designation : |
Director |
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Name : |
Mr. H. P. Vyas |
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Designation : |
Director |
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Name : |
Mr. Narasimha Sahu |
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Designation : |
Nominee Director- UTI |
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Name : |
Mr. Tapan Ray |
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Designation : |
Managing Director (Resigned w. e. f. 31st October, 2004) |
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Name : |
Mr. Narayan Parekh |
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Designation : |
General Manager
(Finance)and company Secretary |
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Name : |
Mr. Robert Dean Petty |
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Designation : |
Director |
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Name : |
Mr. Bruno Beuque |
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Designation : |
Director |
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Name : |
Mr. C. L. Jain |
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Designation : |
Director |
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Name : |
Mr. Adarsh Somani |
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Designation : |
Whole Time Director |
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Name : |
Mr. V. N. Khanna |
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Designation : |
Director |
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Name : |
Mr. A. K. Mehta |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Surendra Somani |
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Designation : |
Chief Executive Officer |
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Name : |
Mr. K. M. Shivani |
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Designation : |
Sr. Vice president and Chief Scientific Officer |
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Name : |
Dr. A. V. Prabhu |
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Designation : |
Sr. Vice president and Chief Scientific Officer |
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Name : |
Mr. Sanjiv Bhushan |
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Designation : |
Sr. Vice President – New Business Development |
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Name : |
Mr. Jose Tharakan |
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Designation : |
Vice President an Chief Personnel Officer |
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Name : |
Mr. S. K. Kedia |
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Designation : |
Vice President and chief Financial Officer |
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Name : |
Dr. A. K. Purohit |
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Designation : |
Vice President- Technical (Bulk Drugs) |
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Name : |
Mr. Dayanand Saraswati |
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Designation : |
Vice President- Marketing and Sales |
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Name : |
Mr. Harshad Shah |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. Sumeet S. Maheshwari |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As On 31.03.2008)
|
Category |
No. of Shares |
% of Shares holding |
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Indian Promoters |
10829481 |
30.72 |
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Banks |
1471163 |
4.17 |
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Financial Institutions |
1728205 |
4.90 |
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Mutual Funds |
500 |
0.00 |
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FII/NRI/OCBs |
2620756 |
7.44 |
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Trust |
4500 |
0.01 |
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Resident Individuals |
13268077 |
37.64 |
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Others |
5329920 |
15.12 |
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Total |
35252602 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and marketing of Bulk Drugs, Tablets & Capsules and Liquids. |
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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 |
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Brand Names : |
“ATEN-D”, “FINTRIDE”, “ZIFLAM”, “CHOLESTATE”, “VENT”, “KLODIP”, “LOKIT”, “TINI”, “SMYLE”, “TRASIC SR”, “KOCEF”, “SPARCIN” ETC. |
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Export : |
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Countries : |
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PRODUCTION STATUS
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Bulk Durg |
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Formualtions |
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
Unit |
Installed
Capacity |
Actual
Production |
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KHOPOLI |
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Tablets & Capsules |
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No. in lacs |
10800 |
2488.78 |
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Liquids |
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Ltrs in lacs |
12.00 |
0.12 |
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MAHAD |
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Bulk Drug |
Tons |
495.00 |
82.562 |
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GENERAL
INFORMATION
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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 |
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No. of Employees : |
1400 |
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Bankers : |
˜ State Bank of India, Mumbai, Maharashtra ˜ ING Vysya Bank Limited, Mumbai, Maharashtra ˜ Bank of Bahrain & Kuwait B.S.C., Mumbai, Maharashtra ˜ The Federal Bank Limited, Mumbai, Maharashtra ˜ Centurion Bank Limited ˜ Canara Bank ˜ UTI Bank Limited |
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Facilities : |
SECURED LOANS :-
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Chartered Accountant
Chartered Accountant |
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Address |: |
Mumbai |
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Associates : |
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Subsidiaries : |
Parijat House, 1076, Dr. E. Moses Road, World, Mumbai-400018,
Maharashtra, India
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Joint Venture : |
·
Kampala Pharmaceutical Industries (1996) Limited, Plot M 444, Stretcher Road, Ntinda, Kampala, Uganda Tel. No. + 256 41 222721 / 285645 Fax No. +256 41 220129 E Mail : kpi@africaonline.com ·
Globalpharma Company LLC, P. O. Box 28171, Dubai, UAE 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
(As On 31.03.2008)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
46000000 |
Equity Sghares |
Rs.10/- each |
Rs.460.000
Millions |
|
24000000 |
Preference Shares |
Rs.10/- each |
Rs.240.000
Millions |
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Total |
|
Rs.700.000 Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
35252602 |
Equity Sghares |
Rs.10/- each |
Rs.352.526 Millions |
|
8580000 |
Preference Shares |
Rs.10/- each |
Rs.85.800 Millions |
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Total |
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Rs.438.326 Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
35252602 |
Equity Sghares |
Rs.10/- each |
Rs.352.526 Millions |
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Less : Call in Arrears |
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|
Rs.0.036 Million |
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Total |
|
Rs.352.490 Millions |
|
8580000 |
Preference Shares |
Rs.10/- each |
Rs.85.800 Millions |
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Total |
|
Rs.438.290 |
Note:-
·
60500 Equity Shares of Rs.10/- each were allotted as fully paid-up
pursuant to a contract without payment being received in cash.
·
5800000
Equity Shares of Rs.10/- each were allotted as fully paid-up Bonus Shares by
Capitalisation of General Reserve (1992-93)
·
4000000
Equity Shares of Rs.10/- each were allotted as fully paid-up Bonus Shares by
Capitalisation of Share Premium (1994-95)
·
4080000
Equity Shares were allotted to shareholders of erstwhile kopran Pharmaceuticals
limited, as fully paid up pursuant to the scheme of Amalgamation for
consideration other than cash.
·
3000000
(Previous Year 3000000) 9%Non- Convertible
Preference Shares of Rs.10/- each
are redeemable at par. The due date for redemption was 12th
March, 2000, which is rescheduled and are redeemable in 16 quarterly
instalments commencing 1st April, 2005.
·
5580000
(Previous Year 5580000) 1% Non-Convertible Cumulative Redeemable Preference
Shares of Rs.10/- each redeemable at par at the expiry of ten years from the
date of allotment or a call / option of the company at the end of five years
from the date of allotment.
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
438.300 |
420.700 |
404.300 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
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3] Reserves & Surplus |
589.900 |
477.000 |
680.900 |
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4] Convertible Warrants |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1028.200 |
897.700 |
1085.200 |
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LOAN FUNDS |
|
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|
1] Secured Loans |
439.500 |
1831.800 |
2036.500 |
|
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2] Unsecured Loans |
814.400 |
235.400 |
97.200 |
|
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TOTAL BORROWING |
1253.900 |
2067.200 |
2133.700 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
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TOTAL |
2282.100 |
2964.900 |
3218.900 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1303.100 |
1989.200 |
2232.800 |
|
|
Capital work-in-progress |
0.000 |
37.100 |
31.900 |
|
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|
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|
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INVESTMENT |
226.000 |
225.300 |
225.300 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
196.300
|
271.300 |
363.000
|
|
|
Sundry Debtors |
205.200
|
386.900 |
496.100
|
|
|
Cash & Bank Balances |
19.600
|
30.600 |
40.700
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
738.900
|
729.300 |
811.300
|
|
|
Loans with Subsidiary Companies |
0.000
|
0.000 |
0.000
|
|
Total
Current Assets |
1160.000 |
1418.100
|
1711.100
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
384.600
|
683.500 |
963.500
|
|
|
Provisions |
22.400
|
21.300 |
18.700
|
|
Total
Current Liabilities |
407.000 |
704.800
|
982.200
|
|
|
Net Current Assets |
753.000 |
713.300
|
728.900
|
|
|
|
|
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|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
2282.100 |
2964.900 |
3218.900 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
489.600 |
1498.200 |
1352.800 |
|
|
Other Income |
384.700 |
40.400 |
160.500 |
|
|
Total Income |
874.300 |
1538.600 |
1513.300 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
54.200 |
(566.600) |
(50.600) |
|
|
Provision for Taxation |
1.000 |
2.500 |
0.400 |
|
|
Profit/(Loss) After Tax |
53.200 |
(569.100) |
(51.000) |
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|
|
|
|
|
|
|
Export Value |
282.313 |
0.000 |
666.166 |
|
|
|
|
|
|
|
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Import Value |
139.202 |
0.000 |
180.244 |
|
|
|
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Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
330.000 |
1120.500 |
874.500 |
|
|
Excise Duty |
23.200 |
81.200 |
69.600 |
|
|
Power and Fuel Cost |
33.300 |
91.100 |
67.800 |
|
|
Other Manufacturing Expenses |
25.600 |
40.000 |
19.400 |
|
|
Employee Cost |
63.600 |
164.200 |
104.900 |
|
|
Increase/(Decrease) in Finished Goods |
(46.000) |
73.400 |
34.400 |
|
|
Selling and Administration Expenses |
53.700 |
148.200 |
138.800 |
|
|
Interest |
47.300 |
115.600 |
90.700 |
|
|
Depreciation |
66.600 |
212.300 |
137.400 |
|
|
Other Expenditure |
222.800 |
58.700 |
26.400 |
|
Total Expenditure |
820.100 |
2105.200 |
1563.900 |
|
QUARTERLY
|
PARTICULARS |
|
|
30.06.2008 |
|
Type |
|
|
1stQtr |
|
Sales Turnover |
|
|
262.500 |
|
Other Income |
|
|
7.000 |
|
Total Income |
|
|
269.500 |
|
Total Expenditure |
|
|
263.600 |
|
Operating Profit |
|
|
5.900 |
|
Interest |
|
|
16.900 |
|
Gross Profit |
|
|
(11.000) |
|
Depreciation |
|
|
26.600 |
|
Tax |
|
|
0.400 |
|
Reported PAT |
|
|
(38.000) |
|
Dividend (%) |
|
|
|
KEY RATIOS
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
Debt-Equity Ratio |
1.72 |
2.12 |
2.06 |
|
Long Term Debt-Equity Ratio |
0.83 |
1.57 |
1.63 |
|
Current Ratio |
0.91 |
1.13 |
1.22 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
0.36 |
0.33 |
0.44 |
|
Inventory |
4.19 |
3.15 |
3.54 |
|
Debtors |
3.31 |
2.26 |
2.97 |
|
Interest Cover Ratio |
(0.92) |
(3.90) |
(0.44) |
|
Operating Profit Margin(%) |
4.76 |
(15.93) |
(13.12) |
|
Profit Before Interest And Tax Margin(%) |
(8.84) |
(30.10) |
2.96 |
|
Cash Profit Margin(%) |
(5.11) |
(23.82) |
6.39 |
|
Adjusted Net Profit Margin(%) |
(18.71) |
(37.99) |
(3.77) |
|
Return On Capital Employed(%) |
(2.95) |
0.00 |
0.00 |
|
Return On Net Worth(%) |
(15.40) |
0.00 |
0.00 |
LOCAL AGENCY
FURTHER INFORMATION
History
The company was
incorporated on 26th April, 1958 at Mumbai in Maharashtra as a
Private Limited Liability Company under the name and style of “KOPRAN CHEMICAL COMPANY
PRIVATE LIMITED” having Company Registration Number 11078.
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 UK regulatory
authorities. In 1995, the company was awarded the Quality Excellence award by
the Indian Drug Manufacturers Association. Kopran's high growth rate in exports
has been recognised by a number of awards from CHEMEXCIL and the Ministry of
Commerce.
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 Uganda.
The company has been ranked as amongst the top few fastest growing companies in
India(ORG Marg-June 2000). It closed down its manufacturing facility at Saki
Naka, Andheri, Bombay. Globalpharma, a joint venture with Dubai Investments
Corporation started commercial production in the first quarter of 2002.
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 India. Rofecoxib is one of the
fast-moving non-steroid anti-inflammatory drugs (NSAID),has been launched in
the international market. The Company also launched Cholestat (Atorvastatin - a
cholesterol reducer) and further gave co-marketing rights for Atorvastatin to
E-Merck (India).
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. Up gradation 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 the Company has achieved a total turnover of Rs.1352.700
Millions as compared to Rs.1100.300
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. 86.800 Millions against the loss of Rs.
257.800 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 (India) Private Limited.
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 UK and South Africa.
Further, the Company signed a deal with an UK based Company to develop Dossiers
and register seven products in the UK/European market.
Active
Pharmaceutical Ingredients (APIs):
During the year, 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.
Dividend
In view of the carried forward loss of Rs.624.400 Millions
the Board of Directors do not recommended any dividend on equity or preference
shares.
Review
of Operations
During the period, which consisted of 6 months only has
achieved a total income of Rs.534.300 Millions (Previous Years: Rs.1456.300
Millions) and an Operating Profit of Rs.33.200 Millions as against an Operating
Loss of Rs.239.800 Millions in the previous period of 18 months ended
30-September-2007. There was a loss of Rs.80.500 Millions after tax but before
the exceptional item and a profit of Rs.53.200 Millions after adjusting for the
exceptional iteam, as against loss of Rs.569.100 Millions in the previous
period.
The Company has completed its Financial Restructuring
through a one time settlement / restructuring with various lenders. This has
resulted in a reduction in the borrowings from Rs.2067.200 Millions to
Rs.1254.000 Millions.
Joint
Venture
Globalpharma
LLC - Dubai:
During the year 2007, Globalpharma has achived turnover of
AED 50, 776, 443
Kampala Pharmaceutical Industries -
Uganda:
The Company had profit of Shilling 296, 766 K on the
turnover of Shilling 10, 206, 057.
Management
Discussion and Analysis
Industrial
Overview
The Generic business is growing at a faster pace due to a number
of products going off patent. The research pipeline for new synthetic molecules
is very thin. There is a move to reduce cost of treatment in most of the
countries, thereby encouraging Generics.
This segment of the Pharmaceutical industry poses opportunities
to Indian companies like yours (Kopran) due to the cost advantage.
While China has taken lead on manufacture of Bulk Drugs,
India continues to have a lead in supplying Formulations to the Global market.
Kopran
Strategy
The company proposes to focus on development of new
Formulations for registration in Regulated markets. As you already know 100% of
our Formulations are exported.
In Bulk Drugs the margins continue to be under pressure due
to severe competition with China. Your company is making efforts to increase
volumes and maintain the position.
In Formulations your company is in the space of exports of
generics to regulated / non-regulated markets. Your company is tying up with
the international companies in regulated markets for contact manufacturing and
in non-regulated markets for increasing the number of registrations of its
product and thereby to increase volume and value of exports.
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
Contingent
Liability Not Provided For In Respect of:
|
Particulars |
31.03.2008 (Rs.in Million) |
|
1) a)Guarantees given by the Company’s bankers on behalf
of the Company |
3.903 |
|
b)Guarantees
given by the Company in favour of bankers of Global Pharma Company, LLC |
175.227 |
|
2) a)Bills discounted with banks |
120.986 |
|
3) a)Claims against the Company not acknowledged as debts: |
28.103 |
|
b)Income Tax
demand disputed in appeal |
3.913 |
|
c)Service Tax
demand disputed in appeal |
102.968 |
|
d)Demand under
Drug Price Control Order-95 (DPCO-95) disputed in appeal |
59.134 |
|
Total |
494.234 |
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 UK and Europe. It further
intends to obtain an US FDA approval within the next two years.
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 US and European market through its subsidiary Kopran Research Laboratories.
It has already filed process patents for Amlodipine, Lansoprazole and
Sildenafil Citrate.
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 Europe and the U.S, is expected to produce a turn around in the company's financials during the coming year
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 India with an annual SSP facility
of over 1200 tones per annum.
Subsequently
the SSP business was hived off into a separate Company in a joint venture with
Synpac Pharmaceuticals Limited, UK.
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 India
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 Jamnagar Port.
Ø
Entry
into material handling with own Jetty at Navlaki.
SHINRAI TOYOTA:
Ø
Turnover
Rs.1700 Millions (US$ 37 Million).
Ø
Shinrai
Toyota, Distributors for Toyota, Distributors for Toyota Cars in Mumbai.
Ø
TKML is a joint venture of M/s Toyota Motor
Corporation (TMC) Japan and Kirloskar Group.
CLARIDGE MOULDED
FIBRE LIMITED
Ø
Manufacturer
of Pulp/Paper.
Ø
Trays
for Eggs and Apples
Meeting
International Standards
Kopran has a state of art manufacturing plants (Penicillin & General)
approved by:
- MCC (South
Africa)
- TGA,
Australia and FDA, USA are in the pipeline
International Marketing Competitiveness
Presence in over 50 countries with the aim of leveraging competencies in
Contract Manufacturing and Brand Marketing supported by a range of value-added
products in the therapeutic segments like Cardiovascular, Gastrointestinal and
Diabetic range, Antibiotics, Pain Management, Respiratory range (including DPI
/ MDI Inhalers).
Global Marketing Network
Manufacturers
of more than 100 Brands / Branded generics (Finished Dosage Forms). Our Brands
are marketed
by dedicated personnel in over 15 countries. Registration required
in the highly regulated market of South Africa
also. Many more registration are in the pipeline.
Contract Manufacturing
Regular Contract manufacturing for highly regulated markets of Europe & South
Africa.
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.48.72 |
|
UK Pound |
1 |
Rs.82.17 |
|
Euro |
1 |
Rs.65.90 |
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. |
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 |
|