MIRA INFORM REPORT

Report Date :

07.08.2012

IDENTIFICATION DETAILS

Name :	KOPRAN LIMITED
Registered Office :	Parijat House 1076, Dr. E. Moses Road, Worli, Mumbai -400018, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.04.1958
Com. Reg. No.:	11-011078
Capital Investment / Paid-up Capital :	Rs.476.289 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 Exchange.
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 4300000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears to be some accumulated losses recorded 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, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	(CASH CREDIT) CRISIL C
Rating Explanation	Very high risk of default
Date	16.06.2011

Rating Agency Name	CRISIL
Rating	(LETTER OF CREDIT) P4
Rating Explanation	Very high credit risk
Date	16.06.2011

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

LOCATIONS

Registered Office :	Parijat House, 1076, Dr. E. Moses Road, Worli, 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 abhinav@kopran.com
Website :	http://www.kopran.com
Factory 1 :	Finished Dosage Forms : KHOPOLI Village Savroli, Taluka Khalapur, Khopoli, Dist. Raigad – 410202, Maharashtra
Tel. No :	91-2192-274500
Fax No :	91-2192-274025
Email :	rashid@kopran.com lalit@kopran.com serao@kopran.com sudeep@kopran.com
Factory 2 :	Active pharma ingredients : MAHAD K-4, Additional MIDC, Village Birwadi, Mahad – 403 201 Dist. Raigad, Maharashtra
Tel. No :	91-2145-251101-04
Fax No :	91-2145-251100
Email :	cmsinghi@kopran.com sphansalkar@kopran.com kamesh@kopran.com

DIRECTORS

As on 31.03.2011

Name :	Mr. Susheel G Somani
Designation :	Chairman
Name :	Mr. Surendra Somani
Designation :	Executive Vice-Chairman
Name :	Mr. Adarsh Somani
Designation :	Whole Time Director
Date of Appointment :	14.05.2011
Name :	Dr. Suresh K. Parikh
Designation :	Director
Name :	Mr. Vishnu Narayan 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)
Qualification :	B.COM (Chartered Accountant)

KEY EXECUTIVES

Name :	Mr. Prakas Karekar
Designation :	Company Secretary
Name :	Mr. Abhinav Mathur
Designation :	Compliance Officer, Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2012

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	4,922,800	12.61
Bodies Corporate	8,317,153	21.30
Sub Total	13,239,953	33.91
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	13,239,953	33.91
(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	5,833,746	14.94
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	10,999,632	28.17
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	7,086,384	18.15
Any Others (Specify)	848,518	2.17
Trusts	4,500	0.01
Clearing Members	128,381	0.33
Non Resident Indians	715,637	1.83
Sub Total	24,768,280	63.43
Total Public shareholding (B)	25,809,523	66.09
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 :

ITEM CODE NO. (ITC CODE)	PRODUCT DESCRIPTION
294200-00	Ceftriaxone Sodium Sterile
294200-11	Roxithromycin
294200-00	Cefotaxime Sodium Sterile

PRODUCTION STATUS AS ON 31.03.2011

Particulars		Bulk Durg			Formulations
Particulars	Unit	Installed* Capacity	Actual** Production	Unit	Installed* Capacity	Actual** Production
KHOPOLI
Tablets and Capsules/ Injection	--	--	--	No. in lacs	10800.00	10385.38
Liquids	--	--	--	Ltrs in lacs	12.00	5782
MAHAD
Bulk Drug	Tons	495.00	274.663		--	--

Note:

* Installed capacity is based on 3 shifts 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

· The Federal Bank Limited

· Canara Bank

Facilities :

Secured Loans	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (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 )	0.000	37.500
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).	124.599	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)	190.250	127.302
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)	0.448	0.220
Total	315.297	337.522
Unsecured Loans	As on 31.03.2011 (Rs. In Millions)	As on 31.03.2010 (Rs. In Millions)
Short Term Loans and Advances
Intercorporate Deposits	658.262	761.459
Total	658.262	761.459

Banking Relations :	--
Auditors :
Name :	Batliboi and Purohit Chartered Accountants
Address :	Mumbai
Wholly Owned Subsidiaries :	· Kopran Research Laboratories Limited · Kopran (H. K.) Limited · Kopran Life Sciences Limited (w.e.f. 20.12.2010)
Associate Enterprises :	· Pharmaceutical Business Group India Limited ( up to 12.01.2011) · Panorma Finvest Private Limited
Group Companies :	· Parijat Enterprises · Oricon Enterprises Limited

CAPITAL STRUCTURE

After 25.09.2010

Authorised Capital : Rs.700.000 Millions

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

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
56250000	Equity Shares	Rs.10/- each	Rs.562.500 Millions
13750000	Non-Convertible Cumulative Redeemable Preference Shares	Rs.10/- each	Rs.137.500 Millions
70000000			Rs.700.000 Millions

Issued :

No. of Shares	Type	Value	Amount
39052602	Equity Shares	Rs.10/- each	Rs.390.526 Millions
8580000	Non-Convertible Cumulative Redeemable Preference Shares	Rs.10/- each	Rs.85.800 Millions
47632602			Rs.476.326 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
39052602	Equity Shares	Rs.10/- each	Rs.390.526 Millions
	Less : Calls in Arrears		Rs.0.037 Millions
8580000	Non-Convertible Cumulative Redeemable Preference Shares	Rs.10/- each	Rs.85.800 Millions
47632602			Rs.476.289 Millions

Note :

Of the above Shares

a) 60500 Equity Shares of Rs.10/- each were allotted as fully paid-up pursuant to a contract without payment being received in cash.

b) 5800000 Equity Shares of Rs.10/- each were allotted as fully paid-up Bonus Shares by Capitalisation of General Reserve (1992-93)

c) 4000000 Equity Shares of Rs.10/- each were allotted as fully paid-up Bonus Shares by Capitalisation of Share Premium (1994-95)

d) 4080000 Equity Shares were allotted to shareholders of erstwhile Korpran Pharmaceuticals Limited as fully paid up pursuant to the Scheme of Amalgamation for consideration other than cash

e) 3000000 (Previous Year 3000000) 9% Non-Convertible Cumulative Redeemable Preference Shares of Rs.10/ each (Series-I) are redeemable at par. The due date for redemption was 12^th March, 2000, which is rescheduled and are redeemable in 16 quarterly installments commencing 1^st April, 2005.

f) 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		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		476.289	456.789	438.289
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		622.516	568.485	458.070
4] Convertible Warrants		0.000	4.875	10.684
5] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1098.805	1030.149	907.043
LOAN FUNDS
1] Secured Loans		315.297	337.522	412.733
2] Unsecured Loans		658.262	761.459	735.714
TOTAL BORROWING		973.559	1098.981	1148.447
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		2072.364	2129.130	2055.490
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1121.101	1181.134	1268.104
Capital work-in-progress		0.400	2.546	0.000
INVESTMENT		68.710	103.860	70.610
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	321.112	261.588	155.755
	Sundry Debtors	333.632	291.960	207.676
	Cash & Bank Balances	34.194	46.747	20.619
	Other Current Assets	67.747	56.263	31.946
	Loans & Advances	660.449	693.626	765.791
Total Current Assets		1417.134	1350.184	1181.787
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	438.506	412.751	269.111
	Other Current Liabilities	66.569	69.016	174.127
	Provisions	29.906	26.827	21.773
Total Current Liabilities		534.981	508.594	465.011
Net Current Assets		882.153	841.590	716.776
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2072.364	2129.130	2055.490

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1947.307	1642.869	1188.314
		Other Income	29.054	19.448	37.485
		TOTAL (A)	1976.361	1662.317	1225.799
Less	EXPENSES
		Material Cost	1242.716	1013.583	772.590
		Employee Cost	173.404	164.725	145.778
		Operational and Other Expenses	321.729	278.784	242.737
		Exceptional Items	0.000	(67.500)	0.000
		TOTAL (B)	1737.849	1389.592	1161.105
Less	PROFIT/LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		238.512	272.725	64.694
Less	FINANCIAL EXPENSES (D)		74.852	61.794	85.597
	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		163.660	210.931	(20.903)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		112.333	111.557	109.772
	PROFIT/LOSS BEFORE TAX (E-F) (G)		51.327	99.374	(130.675)
Less	TAX (I)		(2.705)	(0.356)	1.200
	PROFIT/LOSS AFTER TAX (G-I) (J)		54.032	99.730	(131.875)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1139.751	1006.584	769.725
	TOTAL EARNINGS		1139.751	1006.584	769.725
	IMPORTS
		Raw Materials	541.871	432.187	321.311
		Capital Goods	9.650	4.251	17.494
	TOTAL IMPORTS		551.521	436.438	338.805
	Earnings Per Share (Rs.)
	- Basic		1.32	0.80	(3.83)
	- Diluted		1.32	0.77	(3.43)

QUARTERLY RESULTS

PARTICULARS	30.06.2011	30.09.2011	31.12.2011	31.03.2012
Type	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Net Sales	454.210	480.170	499.730	555.800
Total Expenditure	418.700	444.200	434.030	477.100
PBIDT (Excl OI)	35.510	35.970	65.700	78.700
Other Income	17.090	16.330	1.100	0.100
Operating Profit	52.600	52.300	66.800	78.800
Interest	19.300	17.900	19.200	18.600
PBDT	33.300	34.400	47.600	60.200
Depreciation	28.100	28.300	28.500	29.200
Profit Before Tax	5.200	6.100	19.100	31.000
Tax	0.000	0.000	0.000	0.000
Profit After Tax	5.200	6.100	19.100	31.000
Net Profit	5.200	6.100	19.100	31.000

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.73	6.00	(10.76)
Net Profit Margin (PBT/Sales)	(%)	2.64	6.05	(10.99)
Return on Total Assets (PBT/Total Assets}	(%)	2.02	3.93	(5.33)
Return on Investment (ROI) (PBT/Networth)		0.05	0.10	(0.14)
Debt Equity Ratio (Total Liability/Networth)		1.37	1.56	1.78
Current Ratio (Current Asset/Current Liability)		2.65	2.65	2.54

LOCAL AGENCY FURTHER INFORMATION

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

REVIEW OF OPERATIONS

During the year, the company achieved a net profit before exceptional items of Rs.54.000 Millions as against the net profit of Rs.32.200 Millions in the previous year. The company achieved Operating Revenue of Rs.1947.300 Millions against Rs.1642.900 Millions in the previous year, thus achieving a growth of about 19% during the year.

SUBSIDIARIES

As required under the Listing Agreements with the Stock Exchanges, a Consolidated Financial Statement of the Company and all its subsidiaries is attached. The Consolidated Financial Statements have been prepared in accordance with the relevant. Accounting Standards as prescribed under section 211(3C) of the Company Act, 1956. These Financial Statements disclose the assets, liabilities, income, expenses and other details of the Company and its subsidiary companies.

Pursuant to the provision of section 212(8) of the Act, the Ministry of Corporate Affairs vide its circular dated 8^th February, 2011 has granted general exemption from attaching the Balance Sheet, Profit and Loss Account and other documents of the subsidiary companies with the Balance Sheet of the Company. A statement containing brief financial details of the Company’s subsidiaries for the financial year ended 31^st March, 2011 is included in the Annual Report.

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRIAL OVERVIEW

The profile of the Global Pharmaceutical Industry is moving towards Generic Drugs. India continues to be the preferred choice for sourcing the Regulated markets providing a huge opportunity to the Indian Pharmaceutical Industry.

KOPRAN STRATEGY

Kopran has launched various New Products in the Chronic and CNS segments as well as the new emerging acute segment like Oncology and Penems.

Simultaneously various Drug Master Files and Dossiers of Finished Dosage Forms are being filed in the Regulated markets.

Further, the facilities are being expanded to launch New Products.

FINANCIAL PERFORMANCE & REVIEW

During the year, the company achieved a total income of Rs. 1976.300 Millions (Previous Year: Rs.1662.300 Millions) and a Profit before Exceptional Items, Depreciation, Interest & Tax of Rs.238.500 Millions (Previous Period: Rs.205.200 Millions).

There is a Net Profit before Tax and Exceptional Items of Rs.51.300 Millions (Previous Year: Rs.31.900Millions) and Net Protit after Tax of As. 54.000 Millions. The Interest and Depreciation are Rs.74.000 Millions and Rs. 112.300 Millions as compared to Rs.61.800 Millions and Rs.111.600 Millions respectively in the previous Year.

There was 19% increase in turnover of the company during 2010-11. Ratio of domestic and international sales revenue amounted to the ratio 37:63 approximately.

HUMAN RESOURCES / INDUSTRIAL RELATIONS

Industrial relations had remained smooth and cordial throughout the period and employees at all levels contributed significantly to the consistent operations against all odds. However recruitment, retention and motivation of competent employees remains a big challenge and a differentiating factor in coming years.

UNAUDITED FINANCIAL RESULTS FOR QUARTER ENDED 31.03.2012

(Rs. In Millions)

Particulars	31.03.2012	31.12.2011	31.03.2012
	Quarter Ended		Year Ended
	Unaudited
Net Sales/ Income from Operations	539.200	485.300	1926.100
Other Operating Income	16.600	12.100	90.300
Total Income	555.800	497.400	2016.400
Expenditure
(Increase)/decrease in Stock in trade and work in progress	(8.900)	17.200	69.800
Consumption of Raw Materials	356.500	278.000	1194.500
Purchase of traded goods	0.800	1.600	4.300
Employee cost	42.600	49.000	175.200
Depreciation	29.200	28.500	114.200
Other Expenditure	86.100	85.900	328.400
Total	506.300	460.200	1886.400
Profit (Loss) from operations before other income, Interest and exceptional items	49.500	37.200	130.000
Other Income	0.100	1.100	5.500
Profit (Loss) before Interest and exceptional items	49.600	38.300	135.500
Interest (Net)	18.600	19.200	74.100
Profit (Loss) before exceptional items	31.000	19.100	61.400
Exceptional items	--	-	-
Profit ( Loss ) before tax	31.000	19.100	61.400
Less :Tax expenses	--	-	-
Net Profit ( Loss ) after tax	31.000	19.100	61.400
Paid up equity share Capital (Face value Rs 10/-)	390.500	390.500	390.500
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year	--	--	--
Earning Per Share ( EPS ) Before Exceptional Item
a) Basic	0.79	0.47	1.57
b) Dilluted	0.79	0.47	1.57
Earning Per Share ( EPS ) After Exceptional Item
a) Basic	0.79	0.47	1.57
b) Dilluted	0.79	0.47	1.57
Public shareholding
- No. of Shares	25,809,523	25,502,401	25,809,523
- Percentage of Shareholding	66.09%	65.31%	66.09%
Promoters and promoter group Shareholding
a) Pledged /Encumbered
- No. of Shares	552,500	577,500	552,500
- Percentage of Shares (as a % of total shareholding of promoter and promoter group)	4.17%	4.26%	4.17%
- percentage of Shares (as a % of total share capital of the company)	1.42%	1.48%	1.42%
b)Non-encumbered
- No. of Shares	12,687,453	12,969,575	12,687,453
- Percentage of Shares (as a % of total shareholding of promoter and promoter group)	95.83%	95.74%	95.83%
- Percentage of Shares (as a % of total share capital of the company)	32.49%	33.21%	32.49%

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 15th May, 2012

(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 31-03-2012 amounting to Rs. 518.266 Millions ,(as at 31-03- 2011 Rs.528.323 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.

(5) Other Operating Income includes exchange fluctuation gain of Rs.0.049 Million during the quarter ended 31st March 2012, and Rs.27.352 Millions for the year ended 31st March,2012

(6) The company received 1 complaint from the shareholders during the quarter ended 31st March, 2012. and has been resolved.

FIXED ASSETS

· Leasehold Land

· Freehold Land

· Buildings

· Plant and Machinery

· Factory Equipments and Electric Installation

· Furniture and Fixtures

· Tube Well

· Office Equipments

· Computers

· Vehicles

AS PER WEBSITE DETAILS

Kopran is the group company of Parijat Enterprises.

Kopran is currently an integrated Pharmaceutical Company manufacturing a large range of products. It
manufactures both Active Pharmaceutical Ingredients and Finished Dosage Forms.

Kopran’s products are registered globally and its facilities match best of international standards and are
approved by various Regulatory authorities.

Kopran is focused on improvement in technology and new products duly integrated through their sophisticated Research and Development department.

BUSINESS DESCRIPTION

Subject is an India-based company. The principal activities consist of import and export of chemical materials. The Company is engaged primarily in pharmaceuticals business and operates in a single segment. The Company manufactures both active pharmaceutical ingredients (API) and finished dosage forms. Under finished dosage forms, it covers a range of more than 100 dosage forms, including tablets, capsules, dry powder, suspension and injectables. It also provides a range of specialty products which include macrolides and cardiovascular. Its products under finished dosage forms include antibiotics, cardiovascular, anti-diabetes, respiratory/anti-asthmatics, gastrointestinal, pain management, anti-malarial, anthelmentics, antiprotozoals, anti-allergic and erectile dysfunction. Its products under API include cephalosporins, cephalosporins, cardiovascular, macrolides and neuromodulator. Its wholly owned subsidiaries include Kopran Research Laboratories Limited and Kopran (H.K) Limited For the fiscal year ended 31 March 2010, Subject's revenues increased 36% to RS1.66B. Net loss before extraordinary items decreased 99% to RS1.8M. Revenue reflects an increase in sales, services & income from operations. Lower loss also reflects a decrease in interest expense, decreased stores and spares consumed, a fall in sundry balances written off and the absence of loss on sale of investment of the company.

BOARD OF DIRECTORS

Name: Ajit Jain

Title: Executive Vice Chairman

Function: Director/Board Member

Source: RT 

Reuters Biography (Kopran Limited)

Mr. Ajit Jain is Chief Operating Officer, Director of Kopran Limited, since February 1, 2010. He is Bachelor of Commerce and fellow Chartered Accountant, with more than 20 years experience in Finance, Commercial, Restructuring, M and A and pharmaceutical operations. He joined the Parijat Group in 1988 and the Company in 2006.

Outcome of Annual General Meeting

Accord Fintech (India)
26 September 2011

India, Sept. 26 -- Kopran Limited has informed the Exchange regarding the Outcome of Annual General Meeting held on September 24, 2011. Published by HT Syndication with permission from Accord Fintech.

Book Closure

Accord Fintech (India)
19 August 2011

India, Aug. 19 -- Kopran Limited has informed the Exchange that Register of Members and the Share Transfer Books of the Company will remain closed from September 21, 2011 to September 24, 2011 (both days inclusive) for the purpose of Annual General Meeting (AGM). Published by HT Syndication with permission from Accord Fintech

Kopran Laboratories gets CRISIL's BB-/A4+ ratings

EquityBites
02 August 2011

2 August 2011 - Rating agency CRISIL yesterday said it had assigned BB-/"stable"/A4+ ratings to the bank facilities of Indian chemical reagents and medical equipment distributor Kopran Laboratories Limited

The ratings mirror the firm's supplier concentration and the intense competition in the medical equipment and reagents industry.

The ratings, however, also reflect the firm's strong foothold in its markets and its long-standing relationships with major hospitals and diagnostic centres.

CRISIL axes rating of loans of Kopran to C

EquityBites
17 June 2011

17 June 2011 - Rating agency CRISIL said on Thursday it had downgraded the rating on two loans of Indian drugs manufacturer Kopran Limited (BOM:524280) to C from B-/"stable".

The agency has also retained the P4 rating on a letter of credit of the company.

Due to the accumulated losses the company delayed the redeeming of its debt, comprising preference shares held by Canara Bank (BOM:532483), the agency explained.

The ratings also reflect the firm's history of heavy losses, the past instances of delay in servicing its debt, its large working capital requirements, but also its healthy net worth and modest gearing.

Appointment of Company Secretary

Accord Fintech (India)
17 February 2011

India, Feb. 17 -- Kopran Limited has informed the Exchange that the Board of Director have approved the appointment of Mr. Abhinav Mathur as a Company Secretary & Compliance Officer of the Company with effect from December 27, 2010 at their Board Meeting held on February 11, 2011. Published by HT Syndication with permission from Accord Fintech.

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.55.47
UK Pound	1	Rs.86.60
Euro	1	Rs.68.66

INFORMATION DETAILS

Report Prepared by :

BSN

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.