MIRA INFORM REPORT

 

 

Report Date :

28.06.2011

 

IDENTIFICATION DETAILS

 

Name :

KOPRAN LIMITED

 

 

Registered Office :

Parijat House, 1076, Dr. E. Moses Road, World, Mumbai – 400018, Maharashtra.

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

26.04.1958

 

 

Com. Reg. No.:

011078

 

 

Paid-up Capital :

Rs. 456.789 Millions

 

 

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 and Capsules and Liquids.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (29)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 4100000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. There appears to be some accumulated losses incur by the company. Business is active. Payments are reported to be slow and delayed.

 

The company can be considered for business dealings with some cautions.  

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – June 30, 2010

 

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

LOCATIONS

 

Registered Office :

Parijat House, 1076, Dr. E. Moses Road, World, Mumbai-400018, Maharashtra,  India

Tel. No.:

91-22-24964480-85/43661111

Fax No.:

91-22-24950363

E-Mail :

kopran@giasbm01.vsnl.net.in

kopran@bom4.vsnl.net.in

ss@kopran.com

Website :

http://www.kopran.com

 

 

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

 

 

Factory 1 :

Finished Dosage Forms At  : KHOPOLI

 

Village Savroli, Taluka Khalapur, Khopoli, Dist. Raigad – 410202, Maharashtra

Tel. No :

91-2192-274025/274030

Fax No :

91-2192-274031

 

 

Factory 2 :

Active pharma ingredients :  MAHAD

K-4, Additional MIDC, Village Birwadi, Mahad – 403 201 Dist. Raigad, Maharashtra

Tel. No :

91-2145-232631 / 232633

Fax No :

91-2145-232332

 

 

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

 

 

Branches :

Located at:

  • Delhi
  • Kolkata

 

 

DIRECTORS

 

As On 31.03.2010

 

Name :

Mr. Susheel G Somani

Designation :

Chairman

 

 

Name :

Mr. Surendra Somani

Designation :

Executive Vice-Chairman

 

 

Name :

Dr. Suresh K. Parikh

Designation :

Director

 

 

Name :

Mr. Adarsh Somani

Designation :

Whole Time Director

 

 

Name :

Mr. V. N. Khanna

Designation :

Director

 

 

Name :

Mr. A. K. Mehta

Designation :

Director

 

 

Name :

Mr. Ajit Jain

Designation :

Director and Chief Operating Officer (w.e.f 01.02.2010)

 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 31.03.2011

 

Names of Shareholders

No. of Shares

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

(1) Indian

 

 

Individuals / Hindu Undivided Family

5,398,800

13.83

Bodies Corporate

8,624,275

22.09

Sub Total

14,023,075

35.91

(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

14,023,075

35.91

(B) Public Shareholding

 

 

(1) Institutions

 

 

Mutual Funds / UTI

500

-

Financial Institutions / Banks

1,040,343

2.66

Central Government / State Government(s)

100

-

Foreign Institutional Investors

300

-

Sub Total

1,041,243

2.67

(2) Non-Institutions

 

 

Bodies Corporate

5,967,203

15.28

Individuals

 

 

Individual shareholders holding nominal share capital up to Rs. 0.100 million

10,793,960

27.64

Individual shareholders holding nominal share capital in excess of Rs. 0.100 million

6,566,411

16.82

Any Others (Specify)

657,584

1.68

Trusts

4,500

0.01

Clearing Members

74,873

0.19

NRIs/OCBs

578,211

1.48

Sub Total

23,985,158

61.42

Total Public shareholding (B)

25,026,401

64.09

Total (A)+(B)

39,049,476

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

-

-

(1) Promoter and Promoter Group

-

-

(2) Public

-

-

Sub Total

-

-

Total (A)+(B)+(C)

39,049,476

-

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing and Marketing of Bulk Drugs, Tablets and Capsules and Liquids.

 

 

Products :

Product Description

Item Code No. (ITC Code)

Ceftriaxone Sodium Sterile

294200-00

Roxithromycin

294200-11

Cefotaxime Sodium Sterile

294200-00

 

 

PRODUCTION STATUS (As On 31.03.2010)

 

Particulars

 

Bulk Durg

 

 

Formulations

 

Particulars

Unit

Installed* Capacity

Actual** Production

Unit

Installed* Capacity

Actual** Production

KHOPOLI

 

 

 

 

 

 

Tablets & Capsules

--

--

--

No. in lacs

10800.00

7216.75

 

 

 

 

 

 

 

Liquids

--

--

--

Ltrs in lacs

12.00

3.990

MAHAD

 

 

 

 

 

 

Bulk Drug

Tons

495.00

168.462

 

--

--

 

 

 

 

 

 

 

 

 

 

 

 

Note:

 

* Installed capacity is based on 3 shits working as certified by management.

** Actual Production includes production at loan licensee locations, samples, captive consumption ‘but excluding production for others on job.

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Available

 

 

Bankers :
  • State Bank of India, Mumbai, Maharashtra
  • ING Vysya Bank Limited, Mumbai, Maharashtra
  • Bank of Bahrain and Kuwait B.S.C., Mumbai, Maharashtra
  • The Federal Bank Limited, Mumbai, Maharashtra
  • Centurion Bank Limited
  • Canara Bank
  • UTI Bank Limited

 

 

Facilities :

Secured Loans

31.03.2010 (Rs. In Millions)

31.03.2009

(Rs. In millions)

Rupee Term Loans

Sicom Limited

(secured by a pari-passu first charge by way of mortgage on all the immovable property and by way of hypothecation on all the movable fixed assets of the company both present and future excluding current assets charged to banks for working capital facilities )

37.500

75.000

Working Capital Term Loans

(Secured by pari-passu first charge by way of mortgage on all the immovable properties and by way of hypothecation on all the movable assets of the Company jointly and severally).

172.500

172.500

LOANS FROM BANKS

Cash Credit, Over Draft and Packing Credit

(Secured by hypothecation and Pledge of Raw Materials, Goods-in-process, Packing Materials, Stores and Spares, Finished goods, Book-Debts and Bills and Second Charge on immovable properties) and guaranteed by three Directors jointly and Severally)

127.302

164.699

OTHER LOANS

(Secured by hypothecation of Vehicles purchased under the hire purchase scheme).

[Due for payment within one year Rs. 0.220 Millions (Previous year Rs. 0.533 Million)

0.220

0.534

Total

337.522

412.733

 

 

 

Unsecured Loans

31.03.2010 (Rs. In Millions)

31.03.2009

(Rs. In millions)

Short Term Loans and Advances

 

 

Intercorporate Deposits

761.459

735.714

Total

761.459

735.714

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Batliboi and  Purohit

Chartered Accountant

Address :

Mumbai

 

 

Associates:
  • Pharmaceutical Business Group (I) Limited
  • Panorma Finvest Private Limited

 

 

Wholly Owned Subsidiaries:
  • Kopran Research Laboratories Limited
  • Kopran (H.K.) Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

56250000

Equity Share

Rs.10/- Each

Rs. 562.500 Millions

13750000

Non-Convertible Cumulative Redeemable Preference Shares

Rs. 10/- Each

Rs. 137.500  Millions

 

Total

 

Rs. 700.000 Millions

 

Issued :

No. of Shares

Type

Value

Amount

37102602

Equity Share

Rs.10/- Each

Rs. 371.026 Millions

8580000

Non-Convertible Cumulative Redeemable Preference Shares

Rs. 10/- Each

Rs. 85.800 Millions

 

Total

 

Rs. 456.826 Millions

 

Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

37102602

Equity Share

Rs.10/- Each

Rs. 371.026 Millions

 

Less: Calls in Arrears

 

Rs. 0.037 Million

8580000

Non-Convertible Cumulative Redeemable Preference Shares

Rs. 10/- Each

Rs. 85.800 Millions

 

Total

 

Rs. 456.789 Millions

 

 

Note:-

Of The Above Shares

a) 60,500 Equity Shares of Rs.10/- each were allotted as fully paid-up pursuant to a contract without payment being received in cash.

 

b) 58,00,000 Equity Shares of Rs.10/- each were allotted as fully paid-up Bonus Shares by Capitalisation of General Reserve (1992-93)

 

c) 40.00,000 Equity Shares of Rs.10/- each were allotted as fully paid-up Bonus Shares by Capitalisation of Share Premium (1994-95).

 

d) 40,80,000 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.

 

e) 30,00,000 (Previous Year 30,00,000) 9% Non-Convertible Cumulative Redeemable Preference Shares of Rs.10/- each (Series-l) are redeemable at par. The due date for redeemption was 12.03.2000, which is rescheduled and are redeemable in 16 quarterly installments commencing 01.04.2005.

 

f) 55,80,000 (Previous Year 55,80,000) 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.

 

 

As On 25.09.2010

 

Authorised Capital : Rs. 700.000 Millions

 

 

Issued, Subscribed & Paid-up Capital : Rs. 476.326 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

370.989

352.489

352.489

2] Share Application Money

0.000

0.000

0.000

3] Preference Share

85.800

85.800

85.800

4] Reserves & Surplus

568.485

458.070

589.946

5] Convertible Warrants

4.875

10.684

10.684

6] (Accumulated Losses)

0.000

 0.000

0.000

NETWORTH

1030.149

907.043

1038.919

LOAN FUNDS

 

 

 

1] Secured Loans

337.522

412.733

439.556

2] Unsecured Loans

761.459

735.714

814.394

TOTAL BORROWING

1098.981

1148.447

1253.950

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

2129.130

2055.490

2292.869

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

1181.134

1268.104

1303.096

Capital work-in-progress

2.546

0.000

0.000

 

 

 

 

INVESTMENT

103.860

70.610

226.039

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
261.588
155.755

196.318

 

Sundry Debtors
280.387
207.676

205.243

 

Cash & Bank Balances
46.747
20.619

19.556

 

Other Current Assets
56.263
31.946

8.858

 

Loans & Advances
693.626
765.791

730.043

Total Current Assets
1338.611
1181.787

1160.018

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors

412.752
269.111

 

 

Other Current Liabilities
57.442
174.127

373.852

 

Provisions
26.827
21.773

22.432

Total Current Liabilities
497.021
465.011

396.284

Net Current Assets
841.590
716.776

763.734

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

2129.130

2055.490

2292.869

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

1642.869

1188.314

466.429

 

 

Other Income

19.448

37.485

67.858

 

 

TOTAL                                     (A)

1662.317

1225.799

534.287

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Material Cost

1013.583

772.590

284.033

 

 

Employee Cost

164.725

145.778

66.312

 

 

Operational and Other Expenses

278.784

242.737

150.718

 

 

Exceptional Items

(67.500)

0.000

(133.711)

 

 

TOTAL                                     (B)

1389.592

1161.105

367.352

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

272.725

64.694

166.935

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

61.794

85.597

46.097

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

210.931

(20.903)

120.838

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

111.557

109.772

66.619

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

99.374

(130.675)

54.219

 

 

 

 

 

Less

TAX                                                                  (I)

(0.356)

1.200

1.000

 

 

 

 

 

 

PROFIT AFTER TAX (G-I)                                  (J)

99.730

(131.875)

53.219

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

1006.584

769.725

282.313

 

TOTAL EARNINGS

1006.584

769.725

282.313

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

432.187

321.311

134.017

 

 

Capital Goods

4.251

17.494

5.185

 

TOTAL IMPORTS

436.438

338.805

139.202

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

 

 

 

- Basic

0.80

(3.83)

1.51

 

- Diluted

0.77

(3.43)

NA

 

 

 

 

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

30.06.2010

30.09.2010

31.12.2010

31.03.2011

Type

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Net Sales

465.800

545.830

417.980

495.250

Total Expenditure

428.400

496.500

374.880

438.200

PBIDT (Excl OI)

37.400

49.330

43.100

57.050

Other Income

7.100

10.770

16.800

17.250

Operating Profit

44.500

60.100

59.900

74.300

Interest

14.000

18.700

18.100

24.500

PBDT

30.500

41.400

41.700

49.800

Depreciation

27.800

28.000

28.100

28.500

Profit Before Tax

2.700

13.400

13.600

21.300

Tax

0.000

(2.700)

0.000

0.000

Profit After Tax

2.700

16.100

13.600

21.300

Net Profit

2.700

16.100

13.600

21.300

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
6.00
(10.76)

9.96

 

 
 
 

 

Net Profit Margin

(PBT/Sales)

(%)
6.05
(10.99)

11.62

 

 
 
 

 

Return on Total Assets

(PBT/Total Assets}

(%)
3.94
(5.33)

2.20

 

 
 
 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.10
(0.14)

0.05

 

 
 
 

 

Debt Equity Ratio

(Total Liability/Networth)

 
1.55
1.78

1.59

 

 
 
 

 

Current Ratio

(Current Asset/Current Liability)

 
2.69
2.54

2.93

 

 

LOCAL AGENCY FURTHER INFORMATION

 

History:

 

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 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 300 millions of Litres during 2001 and consequent of this capacity expansion the total installed capacity has gone up to 1.200 millions of Litres. The company has also increased its installed capacity of Tablets and Capsules by 2700 millions (Nos) and the total capacity has gone up to 10800 millions (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. 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.

 

REVIEW OF OPERATIONS

During the year, the company's operations turned around and the company achieved a net profit before exceptional items of Rs. 33.200 millions as against the net loss of Rs. 131.900 millions in the previous year. The net profit after exceptional items, during the year, was Rs. 99.700 millions. The turnaround was achieved on the back of higher volumes and better margins. The company achieved Operating Revenue of Rs. 1642.900 millions against Rs.1188.300 millions in the previous year, thus achieving a growth of 38% during the year.

 

 

MANAGEMENT DISCUSSION AND ANALYSIS

Industrial Overview

The Generic Pharmaceutical industry continues to grow globally. India has been ranked as the most preferred country for sourcing for the Regulated markets like the US and Europe. It is estimated that the present Pharmaceutical Industry is Rs. 1 lac crores. It is expected to grow to Rs. 2.5 lac crores by the year 2015 providing a great opportunity to the Indian Pharmaceutical Industry.

 

Kopran Strategy

Kopran is focussing on increasing its export business to tap the vast potential of global demand. Further Kopran is emphasizing on high value products to improve the margins. To achieve this company is developing new drugs and API's and registering its products aggressively in various international markets. Kopran is upgrading its infrastructure and regulatory compliances division to meet the international requirements. Kopran is continuously exploring the possibilities of reducing its operating cost to become more competitive and to increase its margins.

 

Financial performance and review

Kopran delivered a superior financial performance with improvement across key parameters. The total operating income achieved for the year was Rs.1642.900 millions, a growth of 38% over the previous year. The increase in revenue was due to increase in Export Income of 33%. The material cost increased by 31 % from Rs. 772.500 millions to Rs. 1013.500 millions. The employee cost was Rs. 164.700 millions for the year as against Rs.145.800 millions. The other income was Rs. 19.400 millions as against Rs. 37.400 millions during the previous year. The EBIDTA margin increased from 5.6% to 13.15% during the year. The Interest cost (net) has come down from Rs. 85.600 millions to 61.800 millions.

 

Resources and Liquidity

Kopran continued to strengthen its Balance Sheet and significantly improved its liquidity with strict financial discipline and fiscal prudence. This was achieved while continuing to reduce its interest cost. Kopran's cash and cash equivalents as at 31.03.2010 amounted to Rs.46.700 millions. These are kept in Fixed/Margin deposit and current account with Banks and cash.

 

 

UNAUDITED FINANCIAL RESULTS (PROVISIONAL) FOR QUARTER ENDED 31.03.2011

 

Rs. In Millions

 

Particulars

For the Quarter ended

Year ended

31.03.2011

31.03.2011

Net Sales / Income from Operations

Unaudited

Unaudited

477.400

1856.300

Other Operating Income

28.900

91.000

Total Income

506.300

1947.300

Expenditure

 

 

 (Increase)/decrease in Stock in trade and work in progress

(34.100)

(84.800)

 Consumption of Raw Materials

339.500

1300.000

 Purchase of traded goods

4.100

28.000

 Employee cost

44.400

173.400

 Depreciation

28.500

112.300

 Other Expenditure

84.500

321.700

Total

466.900

1850.600

Profit (Loss) from operations before other income, Interest

39.400

96.700

and exceptional items

 

 

Other Income

6.200

29.100

Profit (Loss) before Interest and exceptional items

45.600

125.800

Interest (Net)

24.300

74.800

Profit (Loss) before exceptional items

21.300

51.000

Exceptional items

-

-

Profit ( Loss ) before tax

21.300

51.000

Less :Tax expenses

-

(2.700)

 Net Profit ( Loss ) after tax

21.300

53.700

Paid up equity share Capital (Face value Rs 10/-)

390.500

390.500

Reserves excluding Revaluation Reserve as per balance sheet

 

 

of previous accounting Year

-

622.200

E i P Sh ( EPS)B f E ti lIt Earning Per Share ( EPS ) Before Exceptional Item

 

 

a) Basic

0.52

1.31

b) Dilluted

0.52

1.31

Earning Per Share ( EPS ) After Exceptional Item

 

 

a) Basic

0.52

1.31

b) Dilluted

0.52

1.31

Public shareholding

 

 

No. of Shares

25,026,401

25,026,401

Percentage of Shareholding

64.09%

64.09%

Promoters and promoter group Shareholding

14,023,075

14,023,075

a) Pledged /Encumbered- No.of Shares

577,500

577,500

Percentage of Shares (as a % of total shareholding of promoter and promoter group)

4.12%

4.12%

percentage of Shares (as a % of total share capital of the company)

1.48%

1.48%

b)Non-encumbered -No. of Shares

13,445,575

13,445,575

Percentage of Shares (as a % of total shareholding of promoter and promoter group)

95.88%

95.88%

Percentage of Shares (as a % of total share capital of the company)

34.43%

34.43%

 

Notes:

  1. The above results were reviewed by the Audit Committee and taken on record by the Board of Directors of the Company at it's meeting held on 14.05.2011
  2. Figures for the previous accounting period have been regrouped wherever necessary.
  3. The Company is engaged primarily in Pharmaceuticals business and there are no separate reportable segments as per AS-17.
  4. Auditors Observation:

a)       Investments and Advances made to Subsidiary Company, Kopran Research Laboratories Limited (KRLL) as at 31.03.2011 amounting to Rs. 538.323 Millions,(as at 31.03.2010 Rs.611.304 Millions) are in the opinion of the Auditors doubtful of realisation. In the opinion of the Management, no provision is required to be made because the investment in the Subsidiary Company, KRLL, is long term, for strategic reasons.

b)       Balances of some of the Debtors, Creditors, Loans & Advances are subject to confirmation, reconciliation and consequent adjustment, if any. However, in the opinion of the management such adjustments, if any, will not be material.

  1. Other Operating Income includes exchange fluctuation gain of Rs.11.047 millions during the quarter ended 31.03.2011, and Rs.23.524 millions for the year ended 31.03.2011
  2. The company received 0 complaint from the shareholders during the quarter ended 31.03.2011.
  3. Statement of Assets and Liabilities as at 31.03.2011 is given below:

Rs. In Millions

Particulars

31.03.2011

Unaudited

Shareholders Funds

 

(a) Capital

476.300

(b) Reserves and Surplus

1225.100

Loans Funds

973.500

Total

2674.900

Fixed Assets

1121.500

Investments

68.700

Currents Assets,Loans and Advances

 

(a) Inventories

321.100

(b) Sundry Debtors

319.800

(c) Cash and Bank balances

34.300

(d) Other Current Assets

67.800

(e) Loans and Advances

660.800

Less: Current Liabilities and Provisions

 

(a) Liabilities

492.100

(b) Provisions

29.900

Profit and Loss account

602.900

Total

2674.900

 

 

 

Fixed Assets:-

  • Lease hold land
  • Free hold land
  • Buildings
  • Plant and machinery
  • Factory equipment and electric installation
  • Furniture and fixture
  • Tube well
  • Office equipments
  • Computers
  • Vehicles

 

 

AS PER WEB DETAILS:

 

PROFILE:

 

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. 

 

  • From diagnostics to treatment
  • From Active Pharmaceutical Ingredients to Finished Dosage Forms
  • 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
become 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

Ř       Turnover Rs.1500 Millions (US$ 33 Million) as on June 2004.

Ř        Largest Metal Packaging Company in India

Ř        Unique patented products – GLOSEAL.

Ř        Petrochemicals – N. Pentane.

UNITED SHIPPERS LIMITED

Ř       Turnover Rs.4000 Millions (US$ 89 Million).

Ř       Largest fleet of Tugs and Barges around Jamnagar Port.

Ř       Entry into material handling with own Jetty at Navlaki.

SHINRAI TOYOTA:

Ř       Turnover Rs.1700 Millions (US$ 37 Million).

Ř       Shinrai Toyota, Distributors for Toyota, Distributors for Toyota Cars in Mumbai.

Ř        TKML is a joint venture of M/s Toyota Motor Corporation (TMC) Japan and Kirloskar Group.

CLARIDGE MOULDED FIBRE LIMITED

Ř       Manufacturer of Pulp/Paper.

Ř       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, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                              None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.10

UK Pound

1

Rs.71.88

Euro

1

Rs.63.75

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

2

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

2

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

29

 

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.