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ROE

ROE = net income/total stockholders equity =

Profit margin x Asset turnover x Equity multipl

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PROFIT MARGIN

lier PAT ASSETS

SALES ASSESTS EQUITY

0.053 1.56 2.26

ROE 0.18

ASSSETTURNOVER

EQUITYMULTIPLIER

SALES

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2014E 2015E 2016E 2017E 2018E

33.48 36.58 39.96 43.66 47.69

717.51

49.74 59.69 71.62 85.95 765.20

0.64 0.57 0.51 0.45 0.40

31.63 33.90 36.33 38.93 309.51

Y MATRIX( price / share )

9% 9.50% 10% 11% 12.00% 13%

371.90 336.30 305.33 254.03 213.20 179.88

397.98 357.95 323.51 267.20 223.04 187.41

428.80 383.21 344.48 282.12 234.03 195.73

465.78 413.06 368.94 299.18 246.40 204.97

510.99 448.88 397.86 318.86 260.42 215.30

567.50 492.66 432.55 341.83 276.44 226.93

640.15 547.39 474.90 368.97 294.92 240.10

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Industry - Pharmaceuticals - Indian - Bulk [Rs. in Crs.]

Latest 2010

No. of Companies 129 14

16,166.59 8,638.27404.01 120.4

15,762.58 8,517.87

1,646.78 1,225.54

252.2 -151.91

17,661.56 9,591.50

8,108.35 3,925.31

596.53 393.75

1,178.19 805.44

1,290.10 433.69

1,791.72 1,177.96

851.13 354.4

1.3 0

13,814.72 7,090.55

3,846.84 2,500.95872.25 442.78

2,974.59 2,058.17661.26 394.22

2,313.33 1,663.95

318.86 166.34

12.34 0

125 98.07

1,857.13 1,399.54999.48 889.19

857.65 510.357.26 2.44

2,852.39 1,874.21

0 0

1,216.71 869.38

3,500.07 2,406.81

566.59 318.91

0 0

Year

INCOME :

Sales TurnoverExcise Duty

Net Sales

Other Income

Stock Adjustments

Total IncomeEXPENDITURE :

Raw Materials

Power & Fuel Cost

Employee Cost

Other Manufacturing Expenses

Selling and Administration Expenses

Miscellaneous Expenses

Less: Pre-operative Expenses Capitalised

Total Expenditure

Operating ProfitInterest

Gross ProfitDepreciation

Profit Before Tax

Tax

Fringe Benefit tax

Deferred Tax

Reported Net ProfitExtraordinary Items

Adjusted Net ProfitAdjst. below Net Profit

P & L Balance brought forward

Statutory Appropriations

Appropriations

P & L Balance carried down

Dividend

Preference Dividend

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2009 2008 2007 2006

56 66 65 68

13,930.68 ### 9,762.44 8,050.73385.09 437.65 368.74 317.46

13,545.59 12,192.90 9,393.70 7,733.27

403 528.7 867.55 306.87

543.51 362.05 403.66 181.77

14,492.10 ### ### 8,221.91

7,068.58 6,225.27 5,290.36 4,281.08

514.29 458.95 365.05 298.16

972.82 797.19 644.78 519.66

1,181.45 1,019.66 483.95 387.35

1,432.84 1,278.96 1,066.15 863.06

680.57 449.5 191.74 161.04

0 0 0 0

11,850.55 10,229.53 8,042.03 6,510.35

2,641.55 2,854.12 2,622.88 1,711.56587.53 377.74 326.15 302.81

2,054.02 2,476.38 2,296.73 1,408.75517.48 444.36 375.08 322.44

1,536.54 2,032.02 1,921.65 1,086.31

213.32 280.17 224.53 195.03

31.29 25.46 20.24 19.12

48.32 84.45 47.95 35.79

1,243.61 1,641.94 1,628.93 836.3718.75 133.09 453.55 7.65

1,224.86 1,508.85 1,175.38 828.7212.59 18.06 3.13 -5.13

3,149.95 2,302.96 1,190.62 804.35

0 0 0 0

819.93 904.7 592.03 450.03

3,586.22 3,058.26 2,230.65 1,185.56

412.91 340.63 143.23 111.36

0 0.47 0.75 0.27

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PRODUCTION

Year Bulk Drugs( Growth (%) EXPORT import

1985-86 416 10.3 33.36 208.13

1986-87 458 10.2 87.16 207.49

1987-88 480 4.6 139.71 234.13

1988-89 550 14.6 242.87 328.35

1989-90 640 16.4 350.5 425.64

1990-91 730 14.1 413.4 322.57

1991-92 900 23.3 722.6 458.51

1992-93 1150 27.8 856.6 508.39

1993-94 1320 14.8 1009.6 612.74

1994-95 1518 15 1260.7 811.43

1995-96 1822 20 1132.9 1,630.00

1996-97 2186 20 1664.5 1,705.00

1997-98 2623 20 2214.8 1,827.00

1998-99 3148 20 2870.4 1,918.00

1999-00 3777 20 3100 2,025.00

2000-01 4533 20 3720 2,265.00

2001-02 5439 20 4501 2,435.00

2002-03 6529 20 5401 2,617.00

2003-04 7729 20 6481 2,813.00

2004-05 9034 20 3,024.00

*These figures do not include production from unorganized sector, which is estimate

expenditure on R&D

1983-84 401985-86 48 All Figures in Rs Crore

1986-87 50 Domestic Market Exports Imports

1990-91 60 2003 30365 12826 2865

1991-92 80 2004 32575 15213 2956

1992-93 95 2005 34128 17857 3139

1993-94 125 2006 39989 22216 4515

1994-95 140 2007 45367 24942 5867

1995-96 160 2008 50946 30760 6734

1996-97 185 2009 55454 38433 8552

1997-98 2201998-99 260

1999-00 320

2000-01 370.00

2001-02 435.00

2002-03 672.00

2003-04* 1,054.00

2004-05* 1,686.00

Imports

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Formulations(Growth(%) total volume domestic Investment i

1945 6.5 2361

2140 10 2598 Year

2350 9.8 2830 1965

3150 12.5 3700 1973

3420 8.6 4060 1977

3840 12.3 4570 1979

4800 25 5700 1982

6000 25 7150 1985

6900 15 8220 1988

7935 15 9453 1993

9125 15 10947 1994

10494 15 12680 1995

12068 15 14691 1996

13878 15 17026 1997

15960 15 19737 1998

18354 15 22887 1999

21104 15 26543 2000

24185 15 30714 2001

27692 15 35421 2002

31946 15 40980 2003

d at an additional 35% of the production. 2004

otal Market Size

42326

47332

52029

62566

68442

78610

89335

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n Pharmaceutical Industry

(Rs. In crores)

Amount al Increase (%)

140 60.71

225 100

450 11.11

500 20

600 8.33

650 23.08

800 32.5

1,060 13.21

1,200 8.33

1,300 23.08

1,600 15

1,840 16.85

2,150 16.27

2,500 16

2,900 16

3,364 16

3,903 16

4,528 16

5,253 16

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Company 1 Year 9 Month 6 Month 3 Month 1 Month

Aarey Drugs 44 46.35 34.65 23.25 26.3

-42.27% -45.20% -26.70% 9.25% -3.42%

Aarti Drugs 69.15 87 93.15 119.85 134.35

106.29% 63.97% 53.14% 19.02% 6.18%

Abbott India 561.3 789.85 890.05 1029.25 1128.3

101.57% 43.24% 27.12% 9.92% 0.27%

ABL Biotech 22.8 18.3 20.8 17.3 22.35

-17.32% 3.01% -9.37% 8.96% -15.66%

Advik Labors 4.02 3.88 4 4.15 5.47

46.02% 51.29% 46.75% 41.45% 7.31%

Ahlcon Parent 37.9 37.9 49.85 64.75 80.05138.13% 138.13% 81.04% 39.38% 12.74%

Ajanta Pharma 88.95 97.4 151.65 188.95 219.85

166.61% 143.48% 56.38% 25.51% 7.87%

Albert David 84.35 121.35 116.35 125.3 126.05

53.94% 7.00% 11.60% 3.63% 3.01%

Alembic 47.25 45.1 45.75 45.9 56.85

26.14% 32.15% 30.27% 29.85% 4.84%

Alpa Laboratori 13.54 11.84 12.82 15.24 17.45

21.49% 38.94% 28.32% 7.94% -5.73%

Ambalal Sarabha 12.35 12.51 11.11 10.14 11.38

-13.12% -14.23% -3.42% 5.82% -5.71%

Amrutanjan Heal 378.15 435 575.6 791.9 741.45

82.73% 58.85% 20.05% -12.74% -6.80%

Ankur Drugs 155.15 200.3 195.1 176.25 172

-12.02% -31.85% -30.04% -22.55% -20.64%

Anuh Pharma 352.65 313.3 410.5 369.85 544.85

60.12% 80.23% 37.55% 52.67% 3.63%

Anus Labs 12.06 7.98 6.92 6.02 5.45

-55.89% -33.33% -23.12% -11.63% -2.39%

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Arvind Remedies 1.83 1.82 1.89 1.83 1.86

12.57% 13.19% 8.99% 12.57% 10.75%

Astec Life 83.9 89.45 46.5 62.1 74.35

-7.15% -12.91% 67.53% 25.44% 4.77%

AstraZeneca 805.25 945.6 872.05 822 1224.8

49.12% 26.98% 37.69% 46.08% -1.96%

Auro Labs 2.87 4.14 3.3 4.51 3.8

78.40% 23.67% 55.15% 13.53% 34.74%

Aurobindo Pharm 704.45 863.25 922.15 834.15 980.6

48.61% 21.27% 13.53% 25.51% 6.76%

Aventis Pharma 1449.65 1548.2 1626.9 1850 1868.75

24.54% 16.61% 10.97% -2.41% -3.39%

Bafna Pharma 23.1 34.15 29 41.85 42.25

85.50% 25.48% 47.76% 2.39% 1.42%

Bal Pharma 24.35 27.1 25.75 26.25 29.6

21.15% 8.86% 14.56% 12.38% -0.34%

BDH Industries 12.87 15.15 14.51 22.95 28.25

73.27% 47.19% 53.69% -2.83% -21.06%

Beryl Drugs 11.18 6.61 10.29 18.25 31.95204.56% 415.13% 230.90% 86.58% 6.57%

Bharat Immuno 18.65 20.25 19.05 17.85 21.4

21.98% 12.35% 19.42% 27.45% 6.31%

Biocon 230.65 267.3 269.05 287.8 312.9

48.78% 28.38% 27.54% 19.23% 9.67%

Biofil Chem 2.43 4.39 3.77 3.5 3.8

55.14% -14.12% - 7.71% -0.79%

Brawn Pharma 14.63 15.15 15.15 11.5 11.4

12.78% 8.91% 8.91% 43.48% 44.74%

Cadila Health 299.91 420.92 528.96 598.1 629.1

108.16% 48.32% 18.02% 4.38% -0.76%

Caplin Point La 7.35 8.39 8.46 12.41 17.05

89.12% 65.67% 64.30% 12.01% -18.48%

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Celestial Labs 21.45 27 34.45 32.55 37

50.82% 19.81% -6.10% -0.61% -12.57%

Cipla 270.45 331.1 315.2 324.35 325.8

12.87% -7.81% -3.16% -5.89% -6.31%

Colinz Labs 4.8 4.31 4.93 5.73 7.253.75% 71.23% 49.70% 28.80% 2.50%

Coral Labs 47 61.45 59 78.15 134.05

137.02% 81.29% 88.81% 42.55% -16.90%

Country Condos 7.87 6.55 4.94 3.56 3.96

-50.95% -41.07% -21.86% 8.43% -2.53%

DIL 208.8 255.05 247 262.6 325.35

114.22% 75.38% 81.09% 70.34% 37.48%

Dishman Pharma 215.65 231.65 204.85 193.1 215.9

-10.36% -16.56% -5.64% 0.10% -10.47%

Divis Labs 513.5 635.7 632.5 749.3 756.7

45.07% 17.19% 17.78% -0.58% -1.55%

Dr Reddys Labs 779.85 1123.2 1135.6 1404.75 1351.25

76.74% 22.71% 21.37% -1.88% 2.00%

Elder Healthcar 37.6 62.15 74.4 83.05 91.1

169.95% 63.31% 36.42% 22.22% 11.42%

Elder Pharma 295.75 263.7 368.95 350.3 367.2

37.55% 54.27% 10.26% 16.13% 10.78%

FDC 46 64.25 75.6 95.8 86

135.65% 68.72% 43.39% 13.15% 26.05%

Fresenius Kabi 81.5 93.35 115.95 127.55 154.3

77.42% 54.90% 24.71% 13.37% -6.29%

Fulford 575.9 733.45 890.15 981.35 1091.8

78.23% 39.95% 15.31% 4.60% -5.99%

Gennex Labs 15.5 22.05 1.9 1.48 1.63

-90.39% -93.24% -21.58% 0.68% -8.59%

GlaxoSmithKline 1441.3 1663.5 1702.05 2105.85 2014.4

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32.50% 14.80% 12.20% -9.31% -5.20%

Glenmark 219.45 251.05 255.95 266.05 270.25

31.94% 15.34% 13.13% 8.83% 7.14%

Godavari Drugs 5.48 6.3 5.2 7 7.99

36.13% 18.41% 43.46% 6.57% -6.63%

Granules India 79.05 90.75 94.85 96.1 90.75

18.34% 3.09% -1.37% -2.65% 3.09%

Gufic Bio 6.29 6.26 6.7 5.89 6.6

10.97% 11.50% 4.18% 18.51% 5.76%

Guj Terce Labs 5.88 18.3 15.55 10.45 14.75

122.79% -28.42% -15.76% 25.36% -11.19%

Guj Themis 6.12 8.5 10.28 12.55 10.283.66% 32.24% 9.34% -10.44% 10.20%

Hester Bio 86.45 98.5 117.25 129.25 143.5

79.29% 57.36% 32.20% 19.92% 8.01%

Hikal 340.6 410.1 362.35 357.75 388.55

26.91% 5.40% 19.29% 20.82% 11.25%

Hiran Orgochem 47.65 8.99 8.9 9.62 10.1

-78.97% 11.46% 12.58% 4.16% -0.79%

Ind-Swift 25.55 29.45 28.55 30.55 33.9

69.28% 46.86% 51.49% 41.57% 27.58%

Ind-Swift Labs 57.6 68.6 64.2 69.1 81.35

120.23% 84.91% 97.59% 83.57% 55.93%

Indoco Remedies 202.55 289.05 319.4 408.05 414.05

110.02% 47.17% 33.19% 4.25% 2.74%

Inwinex Pharma 3.09 5.38 43.8 31.5 28.15

754.37% 390.71% -39.73% -16.19% -6.22%

Ipca Labs 138 201.37 217.64 271.35 278.3

106.56% 41.56% 30.97% 5.05% 2.43%

Ishita Drugs 10.63 9.12 9.26 14.3 13.47

98.49% 131.36% 127.86% 47.55% 56.64%

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Jagson Pharma 18.6 17.4 17.6 20.3 21.1

41.94% 51.72% 50.00% 30.05% 25.12%

JB Chemicals 48.9 50.7 67.1 78.3 98.8

118.00% 110.26% 58.87% 36.14% 7.89%

Jenburkt Pharma 32.9 37.5 49.95 71.35 79.25

135.71% 106.80% 55.26% 8.69% -2.15%

Jupiter Bio 76.95 79.7 80.95 82.65 89.4

39.51% 34.69% 32.61% 29.89% 20.08%

Kappac Pharma 7.5 7.87 22.8 42.15 48.65

670.67% 634.43% 153.51% 37.13% 18.81%

KDL Biotech 8.94 9.25 12.35 11.65 12.85

44.52% 39.68% 4.62% 10.90% 0.54%

Kerala Ayur 52.25 47.25 49.5 43.15 49.7

-1.53% 8.89% 3.94% 19.24% 3.52%

Kilitch Drugs 83.5 79.15 97.4 92.9 113.8

51.68% 60.01% 30.03% 36.33% 11.29%

Kopran 16.65 25.2 30.45 32.8 42

140.24% 58.73% 31.36% 21.95% -4.76%

Krebs Biochem 29.65 31 34.05 34.25 37.239.29% 33.23% 21.29% 20.58% 11.02%

Lactose India 6.7 8.6 11.5 22.15 16.9

152.24% 96.51% 46.96% -23.70%-

Lincoln Pharma 33.65 27.9 30.5 30.75 35.3

21.84% 46.95% 34.43% 33.33% 16.15%

Lupin 193.41 275.81 300.77 368.84 380.57

86.42% 30.72% 19.88% -2.25% -5.26%

Lyka Labs 24.75 31.7 28.4 28 29.1

21.82% -4.89% 6.16% 7.68% 3.61%

Makers Labs 17.95 17.4 35.05 47.8 49.4

140.95% 148.56% 23.40% -9.52% -12.45%

Mangalam Drugs 10.92 11.35 13.45 13.78 16.15

40.75% 35.42% 14.28% 11.54% -4.83%

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Marksans Pharma 6.13 4.94 5.03 4.19 4.17

-36.70% -21.46% -22.86% -7.40% -6.95%

Medicamen Bio 17.3 21.5 34 27 30

70.23% 36.98% -13.38% 9.07% -1.83%

Merck 401.8 561.25 618 630.1 715.9573.98% 24.55% 13.11% 10.94% -2.36%

Morepen Lab 8.29 8.93 7.97 7.53 7.13

-21.23% -26.88% -18.07% -13.28% -8.42%

Natco Pharma 101.9 111.95 123.55 168.8 194.1

158.78% 135.55% 113.44% 56.22% 35.86%

Natural Capsule 29.85 47.2 39.75 42 46.8

42.71% -9.75% 7.17% 1.43% -8.97%

Nectar Life 21.4 28.6 36.75 37.1 34.7

52.80% 14.34% -11.02% -11.86% -5.76%

Neuland Lab 135.9 116.9 99.25 88.25 96.2

-29.51% -18.05% -3.48% 8.56% -0.42%

NGL Fine Chem 13.5 16.1 19.05 16.35 23

55.93% 30.75% 10.50% 28.75% -8.48%

Novartis India 490.35 556 523.85 594.35 644.85

33.82% 18.02% 25.26% 10.41% 1.76%

Nutraplus Prod 9 8.43 17.45 16.85 16.11

105.56% 119.45% 6.02% 9.79% 14.84%

Orchid Chemical 119.2 199.9 165.9 143.25 188.9

56.71% -6.55% 12.60% 30.40% -1.11%

Ortin Labs 13.4 19 13.01 17 27.6

105.22% 44.74% 111.38% 61.76% -0.36%

Panacea Biotec 182.85 186.1 184.35 174.6 184.55

3.91% 2.10% 3.06% 8.82% 2.95%

Panchsheel Org 13.59 33.5 37 18.5 20.45

69.98% -31.04% -37.57% 24.86% 12.96%

Parabolic Drugs 64.8 64.8 64.8 64.8 54.3

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-11.57% -11.57% -11.57% -11.57% 5.52%

Parenteral Drug 99.1 121.55 200.75 193.3 254.9

184.16% 131.67% 40.27% 45.68% 10.47%

Pfizer 815.45 962.35 930.1 1039.25 1164.45

33.20% 12.87% 16.78% 4.52% -6.72%

Pharmaids Pharm 3.15 3.5 3.9 4.14 4.08

37.14% 23.43% 10.77% 4.35% 5.88%

Piramal Health 325.15 414.5 419.5 514.9 485.5

55.56% 22.03% 20.57% -1.77% 4.18%

Piramal Life 79 79.65 81.7 131.95 151.7

87.47% 85.94% 81.27% 12.24% -2.37%

Plethico Pharma 283.4 342 396.15 391.3 391.840.33% 16.29% 0.39% 1.64% 1.51%

Poonam Pharma 1.7 1.54 1.62 1.86 3.47

105.29% 126.62% 115.43% 87.63% 0.58%

Protochem 1.55 1.44 1.29 1.2 1.07

-23.23% -17.36% -7.75% -0.83% 11.21%

Ranbaxy Labs 322.9 483.65 479.35 429.85 452.55

56.04% 4.18% 5.11% 17.22% 11.34%

Roopa Industrie 4.12 5.5 6.88 8.19 9.61

227.43% 145.27% 96.08% 64.71% 40.37%

RPG Life 43.8 63.95 73 70.05 97.4

128.20% 56.29% 36.92% 42.68% 2.62%

Rubra Medicamen 29.99 21.5 17.95 70.3 29.2

-35.31% -9.77% 8.08% -72.40% -33.56%

Saamya Biotech 7.03 6.25 8.96 8.7 10.09

27.88% 43.84% 0.33% 3.33% -10.90%

Samrat Pharma 9.49 10.52 13.93 16 17.35

106.01% 85.84% 40.34% 22.19% 12.68%

Sandu Pharma 10.7 14.04 13.89 14.2 15.95

40.00% 6.70% 7.85% 5.49% -6.08%

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Sanjivani Paren 20.85 26.4 53.45 42.95 46.05

120.38% 74.05% -14.03% 6.98% -0.22%

Sequent Scienti 64.25 107.6 136.5 149.95 142.2

95.64% 16.82% -7.91% -16.17% -11.60%

Sharon Bio Medi 75.6 79.5 108.75 129.15 158.5

101.06% 91.19% 39.77% 17.69% -4.10%

Shasun Chemical 29.45 37.8 37.75 62.65 78.15

173.17% 112.83% 113.11% 28.41% 2.94%

Shilpa 154 197.4 243.65 299.7 338.95

120.36% 71.91% 39.28% 13.23% 0.12%

Smruthi Organic 60.95 79.05 94.9 101.1 141.25

156.85% 98.04% 64.96% 54.85% 10.83%

SMS Pharma 142.15 139.75 160.3 165.05 187.1

40.34% 42.75% 24.45% 20.87% 6.63%

Solvay Pharma 770.75 1411.4 2851.45 2430.45 2696.65

249.02% 90.60% -5.66% 10.68% -0.24%

SS Organics 3.83 6.28 5.7 4.05 3.55

89.30% 15.45% 27.19% 79.01% 104.23%

Sterling Bio 114.5 93.7 101.8 110.3 107.25-6.68% 14.03% 4.96% -3.13% -0.37%

Stride Arcolab 162.5 214.35 310 353.95 445.5

163.88% 100.05% 38.32% 21.15% -3.75%

Sun Pharma 1190 1495.35 1549 1680.6 1772.55

45.84% 16.06% 12.04% 3.27% -2.09%

Sun Pharma Adv 69.3 84.55 86.5 89.3 99.15

35.86% 11.35% 8.84% 5.43% -5.04%

Surya Pharma 106.25 119.15 163.1 168.1 185.95

168.75% 139.66% 75.08% 69.87% 53.56%

Suven Life Scie 29.6 28.45 26.25 27.5 27.8

-4.90% -1.05% 7.24% 2.36% 1.26%

Syncom Formula 21.45 20.95 27.5 34.35 35.05

67.60% 71.60% 30.73% 4.66% 2.57%

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Syncom Health 87.85 87.85 99.55 38.85 41.25

-56.00% -56.00% -61.18% -0.51% -6.30%

Themis Medicare 141.15 156.45 184.05 237.3 248.2

68.72% 52.22% 29.39% 0.36% -4.05%

Tonira Pharma 24.5 32.05 28.1 29.95 29.518.57% -9.36% 3.38% -3.01% -1.53%

Torrent Cables 119.1 131.55 115.5 112.4 122.25

2.81% -6.92% 6.02% 8.94% 0.16%

Torrent Pharma 264.4 397.55 450.05 564.55 556

103.37% 35.25% 19.48% -4.76% -3.29%

Transchem 15.1 16.6 11.87 16.85 13.5

-2.72% -11.51% 23.76% -12.82% 8.81%

Trimurthi Drugs 33.55 5.55 4.73 4.25 4.44

-87.66% -25.41% -12.47% -2.59% -6.76%

TTK Healthcare 179 241.05 279.5 340.05 391.3

125.25% 67.27% 44.26% 18.57% 3.04%

Twilight Litaka 49.15 51.3 80.55 104.9 172.25

258.49% 243.47% 118.75% 67.97% 2.29%

Unichem Labs 226.45 274.1 358.3 422.95 435.1

94.86% 60.98% 23.15% 4.33% 1.41%

Unjha Formula 4.9 4.54 4.37 4.61 5.47

-2.86% 4.85% 8.92% 3.25% -12.98%

Vardhman Lab 4 3.81 2.94 4.07 4.99

53.75% 61.42% 109.18% 51.11% 23.25%

Venkat Pharma 4.57 6.1 5.1 4.61 4.98

2.19% -23.44% -8.43% 1.30% -6.22%

Venmax Drugs 6.15 6.15 6.15 6.15 8.26

23.25% 23.25% 23.25% 23.25% -8.23%

Venus Remedies 281.5 211.55 232.15 261.35 268.85

6.87% 42.21% 29.59% 15.11% 11.90%

Vikram Thermo 19.15 17 17.35 20.1 26.15

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27.15% 43.24% 40.35% 21.14% -6.88%

Vista Pharma 6.69 6.9 7.45 7.08 16.43

169.81% 161.59% 142.28% 154.94% 9.86%

Vivimed Labs 93.95 135.55 128 170.25 201.5

161.89% 81.52% 92.23% 44.52% 22.11%

Wanbury 75.8 70 71.75 78.8 81.9

7.65% 16.57% 13.73% 3.55% -0.37%

Welcure Drugs 2.9 2.7 2.77 2.96 3.11

8.62% 16.67% 13.72% 6.42% 1.29%

Wintac 24 22.85 32.15 34.2 31.25

19.79% 25.82% -10.58% -15.94% -8.00%

Wockhardt 157.45 177.05 141.9 131.3 144.5543.00% 27.17% 58.67% 71.48% 55.76%

Wyeth 626.05 734.6 744.05 779.9 839.5

27.59% 8.73% 7.35% 2.42% -4.85%

Zandu Realty 6968.5 9918.1 4152.45 3033.25 3101.1

-55.50% -68.74% -25.33% 2.23% -0.01%

Zenith Health 0.73 0.73 1.23 1.27 1.21

83.56% 83.56% 8.94% 5.51% 10.74%

Zenotech Labs 105.9 115.45 115.05 113.5 93.05

-19.12% -25.81% -25.55% -24.54% -7.95%

Zyden Gentec 3.2 2.68 2.15 2.39 1.83

-28.13% -14.18% 6.98% -3.77% 25.68%

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2 Week 1 Week Last Price

25.05 24.65 25.4

1.40% 3.04%

138 137.7 142.65

3.37% 3.59%

1155.75 1168.9 1,131.40

-2.11% -3.21%

20.95 18.7 18.85

-10.02% 0.80%

5.95 5.35 5.87

-1.34% 9.72%

88 96.4 90.252.56% -6.38%

203.95 226.15 237.15

16.28% 4.86%

129.85 133.75 129.85

- -2.92%

57.35 61.1 59.6

3.92% -2.45%

17.35 17 16.45

-5.19% -3.24%

11.6 11.04 10.73

-7.50% -2.81%

727.4 708.1 691

-5.00% -2.41%

123.35 137.4 136.5

10.66% -0.66%

555.65 574.85 564.65

1.62% -1.77%

5.18 5.47 5.32

2.70% -2.74%

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2.03 2.07 2.06

1.48% -0.48%

72.85 73.95 77.9

6.93% 5.34%

1210.3 1231 1,200.75

-0.79% -2.46%

4.21 4.74 5.12

21.62% 8.02%

1007 1033.8 1,046.90

3.96% 1.27%

1834 1810.4 1,805.35

-1.56% -0.28%

45.1 44.35 42.85

-4.99% -3.38%

28.75 29.6 29.5

2.61% -0.34%

24.55 24.85 22.3

-9.16% -10.26%

33.45 34.3 34.051.79% -0.73%

24.85 22.9 22.75

-8.45% -0.66%

340.45 336.2 343.15

0.79% 2.07%

3.84 3.88 3.77

-1.82% -2.84%

14.18 14.6 16.5

16.36% 13.01%

625.95 622.65 624.3

-0.26% 0.26%

14.55 13.75 13.9

-4.47% 1.09%

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33.7 32.4 32.35

-4.01% -0.15%

304.3 307.15 305.25

0.31% -0.62%

6.75 7.39 7.389.33% -0.14%

107.35 104.7 111.4

3.77% 6.40%

4.35 3.84 3.86

-11.26% 0.52%

437.35 421.7 447.3

2.28% 6.07%

203.2 197.5 193.3

-4.87% -2.13%

738.3 754.65 744.95

0.90% -1.29%

1338.95 1339.9 1,378.30

2.94% 2.87%

106.25 143.9 101.5

-4.47% -29.46%

402.85 406.75 406.8

0.98% 0.01%

82.85 94.45 108.4

30.84% 14.77%

148.5 151.1 144.6

-2.63% -4.30%

1045.65 1003.35 1,026.45

-1.84% 2.30%

1.62 1.54 1.49

-8.02% -3.25%

1944.4 1871.9 1,909.70

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-1.78% 2.02%

268.2 284.9 289.55

7.96% 1.63%

8.07 7.5 7.46

-7.56% -0.53%

92.25 92 93.55

1.41% 1.68%

7.13 6.8 6.98

-2.10% 2.65%

14.2 14 13.1

-7.75% -6.43%

10.93 10.9 11.242.84% 3.12%

146.5 152.5 155

5.80% 1.64%

388.25 438.45 432.25

11.33% -1.41%

10.01 10 10.02

0.10% 0.20%

35.6 42.2 43.25

21.49% 2.49%

82 123.7 126.85

54.70% 2.55%

400.85 417.1 425.4

6.12% 1.99%

30.1 27 26.4

-12.29% -2.22%

274.45 287 285.05

3.86% -0.68%

19.52 21.61 21.1

8.09% -2.36%

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23.9 26 26.4

10.46% 1.54%

101.35 107.85 106.6

5.18% -1.16%

76.1 79.1 77.55

1.91% -1.96%

102.35 105.15 107.35

4.89% 2.09%

68 58.75 57.8

-15.00% -1.62%

13.5 13.37 12.92

-4.30% -3.37%

52.35 52 51.45

-1.72% -1.06%

113.4 107.9 126.65

11.68% 17.38%

39.85 41.05 40

0.38% -2.56%

36.5 36.5 41.313.15% 13.15%

18.25 17.75 16.9

-7.40% -4.79%

36.75 40.35 41

11.56% 1.61%

360.55 373.6 360.55

- -3.49%

28.15 30.5 30.15

7.10% -1.15%

46.15 44.7 43.25

-6.28% -3.24%

16 15.9 15.37

-3.94% -3.33%

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4 3.98 3.88

-3.00% -2.51%

30.4 30.95 29.45

-3.12% -4.85%

697.65 706.4 699.050.20% -1.04%

7.07 6.74 6.53

-7.64% -3.12%

189.6 233.95 263.7

39.08% 12.72%

43 43.75 42.6

-0.93% -2.63%

31.75 33.4 32.7

2.99% -2.10%

96 95.75 95.8

-0.21% 0.05%

22.35 22.35 21.05

-5.82% -5.82%

648.6 663.1 656.2

1.17% -1.04%

19.04 19.2 18.5

-2.84% -3.65%

195.9 192.35 186.8

-4.65% -2.89%

28 27.9 27.5

-1.79% -1.43%

184.15 188 190

3.18% 1.06%

19.95 21.8 23.1

15.79% 5.96%

57.95 55.1 57.3

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-1.12% 3.99%

255.65 251.75 281.6

10.15% 11.86%

1152.65 1132.9 1,086.20

-5.76% -4.12%

4.28 3.75 4.32

0.93% 15.20%

500.55 496.8 505.8

1.05% 1.81%

160.25 152.15 148.1

-7.58% -2.66%

397.75 400.4 397.7-0.01% -0.67%

4.49 3.67 3.49

-22.27% -4.90%

1.05 1.06 1.19

13.33% 12.26%

473.3 480.9 503.85

6.45% 4.77%

10.33 13.9 13.49

30.59% -2.95%

99.75 104.3 99.95

0.20% -4.17%

24.95 21.15 19.4

-22.24% -8.27%

9.42 9.36 8.99

-4.56% -3.95%

19.1 19.4 19.55

2.36% 0.77%

14.95 15.2 14.98

0.20% -1.45%

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42.1 47 45.95

9.14% -2.23%

123.1 130.45 125.7

2.11% -3.64%

166.95 145.65 152

-8.95% 4.36%

82.05 78.45 80.45

-1.95% 2.55%

352.65 337.6 339.35

-3.77% 0.52%

170.4 149.75 156.55

-8.13% 4.54%

192.05 200.35 199.5

3.88% -0.42%

2657.2 2687 2,690.10

1.24% 0.12%

5.17 6.85 7.25

40.23% 5.84%

105.7 106.4 106.851.09% 0.42%

430.1 425 428.8

-0.30% 0.89%

1766 1776.4 1,735.50

-1.73% -2.30%

94.75 95.8 94.15

-0.63% -1.72%

203 287.15 285.55

40.67% -0.56%

28.95 29.65 28.15

-2.76% -5.06%

36.2 36 35.95

-0.69% -0.14%

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40.85 39.65 38.65

-5.39% -2.52%

242.4 247.2 238.15

-1.75% -3.66%

29 28.4 29.050.17% 2.29%

117.9 116.25 122.45

3.86% 5.33%

558.1 545.7 537.7

-3.66% -1.47%

14.93 14.1 14.69

-1.61% 4.18%

4.54 4.6 4.14

-8.81% -10.00%

375.5 400 403.2

7.38% 0.80%

178.35 171.05 176.2

-1.21% 3.01%

419.4 422.8 441.25

5.21% 4.36%

5.2 5.05 4.76

-8.46% -5.74%

5.58 5.6 6.15

10.22% 9.82%

4.94 4.72 4.67

-5.47% -1.06%

8.4 7.97 7.58

-9.76% -4.89%

268.2 280.75 300.85

12.17% 7.16%

23 23.55 24.35

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5.87% 3.40%

15.78 19.32 18.05

14.39% -6.57%

208.9 237.85 246.05

17.78% 3.45%

77.7 81.55 81.6

5.02% 0.06%

3.31 3.28 3.15

-4.83% -3.96%

29.5 32.85 28.75

-2.54% -12.48%

186.65 226.65 225.1520.63% -0.66%

806.85 806.8 798.75

-1.00% -1.00%

3125.75 3037.3 3,100.75

-0.80% 2.09%

1.24 1.26 1.34

8.06% 6.35%

92.4 93.35 85.65

-7.31% -8.25%

2.41 2.42 2.3

-4.56% -4.96%

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2006 2007

Gross Sales 271 307.09

Net Sales 244.8 276.3

Other Income 8.81 6.74

Value Of Output 252.06 270.01

Cost of Production 215.58 244.1

Selling Cost 8.17 9.87PBIDT 33.65 35.87

PBDT 23.03 24.64

PBIT 25.73 27.25

PBT 15.11 16.02

PAT 12.73 12.77

CP 20.65 21.39

Revenue earnings in forex 78.63 93.13

Revenue expenses in forex 73.33 91.09

Capital earnings in forex 0 0

Capital expenses in forex 0.42 0.72Book Value (Unit Curr) 74.53 84.07

Market Capitalisation 103.69 72.6

CEPS 17.43 18.1

(annualised) (Unit Curr)

EPS (annualised) (Unit Curr) 10.67 10.73

Dividend (annualised%) 15 12

Payout (%) 14.09 11.14

Cash Flow From Operating Activities 15.31 27.11

Cash Flow From Investing Activities -46.17 -24.17

Cash Flow From Financing Activities 28.3 -4.76

Rate of Growth (%)

ROG-Net Worth (%) 13.99 12.8

ROG-Capital Employed (%) 23.65 8.03

ROG-Gross Block (%) 33.4 5.95

ROG-Gross Sales (%) 5.52 13.32

ROG-Net Sales (%) 5.04 12.87

ROG-Cost of Production (%) 11.27 5.33

ROG-Total Assets (%) 20.45 0.9

ROG-PBIDT (%) -3.42 6.6

ROG-PBDT (%) -17.04 6.99

ROG-PBIT (%) -7.08 5.91

ROG-PBT (%) -26.69 6.02

ROG-PAT (%) -9.46 0.31

ROG-CP (%) -2.64 3.58

ROG-Revenue earnings in forex (%) 11.41 18.44

ROG-Revenue expenses in forex (%) 41.54 24.22

ROG-Market Capitalisation (%) -35.39 -29.98

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RS IN CR

2008 2009 2010

335.85 409.69 496.95

310.73 376.51 471.42

1.84 0.17 0.45

319.97 369.56 467.66

273.86 304.87 388.46

8.96 10.75 13.540.89 58.98 74.04

27.46 34.19 57.34

31.26 47.94 60.52

17.83 23.15 43.82

13.07 15.05 26.1

22.7 26.09 39.62

109.3 139.36 152.79

84 96.82 116.22

0 0 0

0.06 1.34 0.6393.13 102.46 120.15

61.42 44.5 123.7

19.08 21.77 32.98

10.85 12.34 21.43

18 30 50

16.6 24.29 24.1

30.95 60.86 43.47

-31.78 -6.45 -23.37

-0.68 -54.34 -19.15

10.77 10.22 17.39

7.98 -4.95 6.72

9.9 14.41 7.57

9.37 21.99 21.3

12.46 21.17 25.21

16.83 10.72 26.29

14.79 -2.14 5.72

13.99 44.24 25.53

11.44 24.51 67.71

14.72 53.36 26.24

11.3 29.84 89.29

2.35 15.15 73.42

6.12 14.93 51.86

17.36 27.5 9.64

-7.78 15.26 20.04

-15.4 -27.55 177.98

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Particulars 31-Mar-06 31-Mar-07 31-Mar-08 31-Mar-09

Equity Capital 11.71 11.71 11.71 11.71

Reserves & sirplus 75.57 86.73 97.34 108.27

Less: misc exps 2.27 1.15 3.72 0.00

Net Worth 85.01 97.29 105.33 119.98

Borrowings

Long term 30.94 42.64 47.95 72.04Short-Term-Bank 67.01 74.93 70.71 80.71

Short-Term-Others 84.13 74.99 86.51 25.73

Total Borrowings 182.09 192.56 205.17 178.48

TOTAL LIABILITIES 267.10 289.85 310.50 298.46

Gross Block 200.60 212.53 233.59 267.26

Less ; dep 50.95 62.36 74.47 87.88

Net Block 149.65 150.17 159.12 179.38

Capital WIP 0.16 13.91 14.86 0.8Investments 20.40 21.35 33.53 21.38

Inventories 62.55 57.23 61.55 57.20

Sundry Debtors 69.73 73.72 97.01 106.33

Cash and Bank Balance 1.61 2.92 1.95 2.10

Total Current Assets 133.89 133.87 160.51 165.63

Loans and Advances 32.58 37.07 26.30 18.75

4.51 1.37 0.87 0.76

Current assets , L & A 170.98 172.31 187.68 185.14

rrent liabilities & provisi 74.09 67.89 84.69 88.23

NWC 96.89 104.42 102.99 96.91

TOTAL ASSETS 267.10 289.85 310.50 298.46

SALES 271 307.09 335.85 409.69

COGS 237.35 271.22 294.96 350.71

RATIOS

CURRENT RATIO 2.31 2.54 2.22 2.10

INVENTORY TURNOVER 4.33 5.37 5.46 7.16

DEBTORS TURNOVER 3.89 4.17 3.46 3.85

PAYABLES TURN OVER 3.20 3.99 3.48 3.97

Fixed Deposits

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31-Mar-10

12.11

134.34

5.36

141.09

64.0875.54

38.02

177.64

318.73

287.48

103.95

183.53

3.4021.38

58.58

118.45

2.99

180.02

19.52

0.78

200.32

89.9

110.42

318.73

496.95

422.91

2.23 QUITE STABLE

8.48

4.20

4.70

INCREASING SOCOMPANY ISMANAGING IT WELL

INCREASING SLIGHTLYAND STABLE

REPAYING LIABILITIESFREQUENTLY

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FINANCIAL MODEL FOR AARTI DRUGS

ROFIT & LOSS STATEMENT

Particulars 31-Mar-01 31-Mar-02 31-Mar-03 31-Mar-04

Sales 149.92 174.61 192.14 237.70COGS 129.23 149.29 167.73 211.07

Profitbef int & dep 20.68 25.32 24.42 26.64

Interest 8.31 8.66 5.50 3.86

Depreciation 3.89 4.38 5.10 5.72

pbt 8.48 12.29 13.82 17.06

tax rate 0.07 0.11 0.17 0.29

pat 7.91 10.93 11.44 12.08

Equity Capital 13.01 13.01 11.71 11.71

Dividend % 0.15 0.10 0.15 0.30

Payout(eq. cap*div %) 1.95 1.30 1.76 3.51

BALANCE SHEET

Particulars 31-Mar-01 31-Mar-02 31-Mar-03 31-Mar-04

Equity Capital 13.01 13.01 11.71 11.71

Reserves & sirplus 34.11 44.20 46.76 54.78

Less: misc exps 0.23 0.16 0.09 4.52

Net Worth 46.89 57.05 58.38 61.96Borrowings

Long term 28.41 22.77 26.63 30.81

Short-Term-Bank 31.79 39.38 44.64 53.69

Short-Term-Others 4.00 6.93 12.28 22.31

Total Borrowings 64.19 69.08 83.55 106.81

TOTAL LIABILITIES 111.08 126.13 141.93 168.78

Gross Block 78.58 92.77 102.04 117.87

Less : depriciation 21.07 25.42 30.09 35.81

Net Block 57.51 67.34 71.95 82.06

Capital WIP 3.03 0.00 0.00 6.18

Investments 1.17 1.29 1.33 0.31

Current assets , L & A 80.45 87.43 106.99 149.26

rrent liabilities & provisi 31.07 29.92 34.48 61.53

NWC 49.38 57.50 72.50 87.73

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TOTAL ASSETS 111.08 126.13 145.77 176.28

ROUGH SHEET

4 5 6 7

Term 3,081.23 4,680.16 3,094.12 4,263.63

Short-Term-Bank 5,368.61 4,524.31 6,701.47 7,493.42

Short-Term-Others 2,231.35 4,923.25 8,413.26 7,499.31

Total Borrowings 10,681.19 14,127.72 18,208.85

Gross Block 11,787.22 15,037.17 20,059.68

Less : Depreciation 3,581.36 4,262.30

Net Block 8,205.86 10,774.87 14,964.52

Captal Work In Progress 617.92

Investments 31.44 145.7 2,040.49 2,134.85

Current Assets, Loans and AdvancesCurrent Liabilities 6,152.53 5,866.42 6,298.15

Net Working Capital 8,773.09 9,265.37

Book Value 52.92 62.5 72.6

Earning per share 10.32 12.01

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31-Mar-05 31-Mar-06 31-Mar-07 31-Mar-08 31-Mar-09

265.27 271 307.09 335.85 409.69231.65 237.35 271.22 294.96 350.71

33.62 33.65 35.87 40.89 58.98

5.86 10.62 11.23 13.43 24.79

7.15 7.92 8.62 9.63 11.04

20.61 15.11 16.02 17.83 23.15

0.32 0.16 0.20 0.27 0.35

14.06 12.73 12.77 13.07 15.05

11.71 11.71 11.71 11.71 11.71

0.30 0.15 0.12 0.18 0.30

3.51 1.76 1.4 2.11 3.51

31-Mar-05 31-Mar-06 31-Mar-07 31-Mar-08 31-Mar-09

11.71 11.71 11.71 11.71 11.71

64.86 75.57 86.73 97.34 108.27

3.39 2.27 1.15 3.72 0.00

73.18 85.01 97.29 105.33 119.98

46.80 30.94 42.64 47.95 72.04

45.24 67.01 74.93 70.71 80.71

49.23 84.13 74.99 86.51 25.73

141.28 182.09 192.56 205.17 178.48

214.45 267.10 289.85 310.50 298.46

150.37 200.60 212.53 233.59 267.26

42.62 50.95 62.36 74.47 87.88

107.75 149.65 150.17 159.12 179.38

22.60 0.16 13.91 14.86 0.8

1.46 20.40 21.35 33.53 21.38

151.32 170.98 172.31 187.68 185.14

58.66 74.09 67.89 84.69 88.23

92.65 96.89 104.42 102.99 96.91

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224.46 267.10 289.85 310.50 298.46

8 9

4795.06 7,204.25

7070.5 8,070.95

8651.2 2,572.65

19,256.36 20516.76 17,847.85

21,253.39 23359.01 26,725.92

5,095.16 6,236.45 7446.69 8,788.25

15,016.94 15912.33 17,937.66

2,260.06 Nil 1375.2 1466.9 64.42

3352.82 2,137.85

14,925.62 15,131.79 17,098.48 17,231.02 18767.555,547.41 6626.63 7,076.76

10,800.32 11,683.60 12140.92 11,436.96

83.1 93.11 102.47

10.85 10.90 11.17 12.85

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31-Mar-10 projection based on

496.95 CAGR FOR LAST TEN YEARS422.91

74.04 CAGR FOR LAST TEN YEARS

16.70 ST YR INTEREST/ AVG. DEBT FOR LAST 2 YR

13.52

43.82

0.40 average of last five years

26.1

12.11 same as last year

0.50

6.05

31-Mar-10 projection based on

12.11 same as last year

134.34 future PAT and last yr reserves

5.36 average of last TEN yrs

141.09

64.08

75.54

38.02

177.64 last two yrs total liabilities

318.73

287.48 CAGR FOR LAST TEN YEARS

103.95

183.53

3.40 USED AS PLUG

21.38

200.32 same as last year

89.9 same as last year

110.42

(LAST YR DEP./ LAST YR NET FIXEDASSETS)* current yr net fixed assets

as a growing company expected dividendis expected to remain high and so taken as

last yr level of 50%

accumulated depriciation and Gross assetsof last yr

as per company's future plan 30, 35, and45 cr in coming 3 years

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318.73

18,513.71

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PROJECTED DA

formula applied 31-Mar-11 31-Mar-12

0.14 567.73 648.59

0.15 85.31 98.3

0.0938 16.68 16.69

15.62 15.62 18.04

53.01 63.57

0.28 0.28 0.28

38.37 46.00

12.11 12.11

0.50 0.5

equity capital * dividend% 6.05 6.05

PROJECTED DAT

31-Mar-11 31-Mar-12

12.11 12.11

AT this yr+ Reserves last yr-Div. paid this yr 166.66 206.61

2.09 2.09

equity cap+ reserves& surplus - misc exp 176.68 216.63

data not available

data not available

data not available

avg of last two yrs total liabilities 178.06 177.85

net worth + total borrowings = total liability 354.74 394.48

0.16 332.04 383.52

120.06 138.68

211.98 244.84

2.34 4.22

30.00 35.00

200.32 200.32

89.9 89.9

110.42 110.42

(accu. Dep last yr/gross fixed assets lastyr)* gross fixed assets this yr

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net block + capital WIP+ Investments+ NWC 354.74 394.48

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A

31-Mar-13

740.97

113.26

16.69

20.83

75.74

0.28

54.81

12.11

0.5

6.05

31-Mar-13

12.11

255.37

2.09

265.39

177.95

443.35

442.97

160.17

282.8

5.13

45.00

200.32

89.9

110.42

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443.35

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ROUGH SHEET

2006 2007

Gross Sales 271 307.09

Net Sales 244.8 276.3

Other Income 8.81 6.74

Value Of Output 252.06 270.01

Cost of Production 215.58 244.1

Selling Cost 8.17 9.87

PBIT 25.73 27.25

PBIDT 33.65 35.87

PBDT 23.03 24.64

PBT 15.11 16.02

PAT 12.73 12.77

CP 20.65 21.39

Revenue earnings in fore 78.63 93.13Revenue expenses in fore 73.33 91.09

Capital earnings in forex 0 0

Capital expenses in forex 0.42 0.72

Book Value (Unit Curr) 74.53 84.07

Market Capitalisation 103.69 72.6

CEPS 17.43 18.1

(annualised) (Unit Curr)

EPS (annualised) (Unit Cur 10.67 10.73

Dividend (annualised%) 15 12

Payout (%) 14.09 11.14

Cash Flow From Operating Acti 15.31 27.11

Cash Flow From Investing Acti -46.17 -24.17

Cash Flow From Financing Acti 28.3 -4.76

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2008 2009 2010

335.85 409.69 496.95 ### ### ### ###

310.73 376.51 471.42 2,068.422,532.042,441.54 2,663.72

1.84 0.17 0.45 831.35 865.93 549.67 385.82

319.97 369.56 467.66 389.24 437.51 509.65 572.23

273.86 304.87 388.46 847.83 1,228.601,382.221,705.67

8.96 10.75 13.5 790.83 1,092.60 1,144.04 1,207.67

31.26 47.94 60.52 1,300.951,300.951,170.861,170.86

40.89 58.98 74.04 15 10 15 30

27.46 34.19 57.34 195.14 130.09 175.63 351.26

17.83 23.15 43.82 3,410.964,420.194,675.715,477.57

13.07 15.05 26.1 22.6 15.76 8.92 451.97

22.7 26.09 39.62 4,689.31 5,705.38 5,837.65 6,196.46

109.3 139.36 152.7984 96.82 116.22 2,840.73 2,276.89 2,662.98 3,081.23

0 0 0 3,178.58 3,938.03 4,463.71 5,368.61

0.06 1.34 0.63 399.82 693.09 1,228.44 2,231.35

93.13 102.46 120.15 6,419.136,908.018,355.13 ###

61.42 44.5 123.7 7,857.90 9,276.53 ### ###

19.08 21.77 32.98 2,107.272,542.323,009.423,581.36

5,750.636,734.21 7,194.73 8,205.86

10.85 12.34 21.43 302.59 nil nil 617.92

18 30 50 116.99 128.87 132.55 31.44

16.6 24.29 24.1 8,044.98 8,742.51 ### ###

30.95 60.86 43.47 3,106.762,992.213,448.376,152.53

-31.78 -6.45 -23.37 4,938.225,750.307,250.158,773.09

-0.68 -54.34 -19.15 36.05 43.86 49.86 52.92

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10.77 10.22 17.39

7.98 -4.95 6.72

9.9 14.41 7.57

9.37 21.99 21.312.46 21.17 25.21

16.83 10.72 26.29

14.79 -2.14 5.72

13.99 44.24 25.53

11.44 24.51 67.71

14.72 53.36 26.24

11.3 29.84 89.29

2.35 15.15 73.42

6.12 14.93 51.86

17.36 27.5 9.64-7.78 15.26 20.04

-15.4 -27.55 177.98

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###

3,362.00

586.08

714.7

2,061.22

1,406.22

1,170.86

30

351.26

6,486.07

339.32

7,317.61

4,680.16

4,524.31

4,923.25

###

###

4,262.30

###

2,260.06

145.7

###

5,866.42

9,265.37

62.5

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cash flow statement projection

1) 2005 2006

A) Net Profit before Tax 15.11

B) depriciation 7.92

C) interest paid 10.62

NWC 92.65 96.89D) LESS: Incremental WC 4.24

E) LESS: tax paid -2.38

F) -12.15

14.88

2)

-45.75

3) 28.32

-2.56

8.52

5.96

OTHERS( LIKE exchange rateloss/gain, inerest recvd, exp

amortized etc)Activities

Net Cash (used in)/from

investing ActivitiesNet Cash (used in)/fromFinancing Activities

Net (decrease)/increase InCash and Cash Equivalents

EquivalentsEquivalents

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2007 2008 2009 2010 2011 E

16.02 17.83 23.15 43.82 53.01 FROM PROFORMA

8.62 9.63 11.04 13.52 15.62 FROM PROFORMA

11.23 13.43 24.79 16.70 16.7 FROM PROFORMA

104.42 102.99 96.91 110.42 110.42 FROM PROFORMA7.53 -1.43 -6.08 13.51 0.00 FROM PROFORMA

-3.25 -4.76 -8.1 -17.72 -21.44 FROM PROFORMA

1.61 -12.42 3.89 0.66 -3.68

26.70 25.14 60.85 43.47 60.21

-24.17 -31.78 -6.45 -23.37-23.37

AST YEAR FIGURE

-4.36 5.13 -54.33 -19.15 -19.15 LAST YEAR FIGURE

-1.83 -1.51 0.07 0.95 17.69

5.97 4.14 2.63 2.7 3.65

4.14 2.63 2.7 3.65 21.34

COMPANY'S CASHFLOWSTATEMENT

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CASH FLOW STATEMENT

1) 2005 2006 2007 2008

A) Net Profit before Tax 15.11 16.02 17.83

B) depriciation 7.92 8.62 9.63

C) interest paid 10.62 11.23 13.43

NWC 92.65 96.89 104.42 102.99D) LESS: Incremental WC 4.24 7.53 -1.43

E) LESS: tax paid -2.38 -3.25 -4.76

F) -12.15 1.61 -12.42

14.88 26.70 25.14

2)

-45.75 -24.17 -31.78

3) 28.32 -4.36 5.13

-2.56 -1.83 -1.51

8.52 5.97 4.14

Closing Cash & Cash Equivalents 5.96 4.14 2.63

OTHERS( LIKE exchange rateloss/gain, inerest recvd, exp

amortized etc)Activities

Net Cash (used in)/frominvesting Activities

Net Cash (used in)/fromFinancing Activities

Net (decrease)/increase In Cashand Cash Equivalents

Equivalents

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2009 2010 2011 E

23.15 43.82 53.01 FROM PROFORMA

11.04 13.52 15.62 FROM PROFORMA

24.79 16.70 16.7 FROM PROFORMA

96.91 110.42 110.42 FROM PROFORMA-6.08 13.51 0.00 FROM PROFORMA

-8.1 -17.72 -21.44 FROM PROFORMA

3.89 0.66 -3.68 COMPANY'S CASH FLOW STATEMENT

60.85 43.47 60.21

-6.45 -23.37 -23.37 LAST YEAR FIGURE

-54.33 -19.15 -19.15 LAST YEAR FIGURE

0.07 0.95 17.69

2.63 2.7 3.65

2.7 3.65 21.34