excel bex pharma

7/27/2019 Excel Bex Pharma

1/44

Income statement

2007

Net Sales Revenue 3,597,024,812

Cost of Goods Sold 1,967,509,975

Gross Profit 1,629,514,837

Operating Expenses 974,736,690Administrative Expenses 145,544,701

Selling, Marketing and Distribution Expenses 829,191,989

Profit from Operations 654,778,147

Other Income 19,625,795

Finance Cost 245,742,392

Profit Before Contribution to WPPF 419,661,550

Contribution to Workers' Profit Participation/ Welfare Funds 19,983,883

Profit Before Tax 399,677,667

Income Tax Expense 46,609,789

current tax 57,661,278

deffered tax 11,051,489

Profit After Tax Transferred to Statement of Changes in Equity 353,067,87815%

Dividend 52960181.7

Transfer to reserve 300,107,696

Depreciation 1,523,087,739

EPS 3

Number of shares used to compute EPS 114,507,043


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2008 2009 2010 2011

4,010,167,059 4868254915 6,490,847,353 7,890,241,843

2002871181 2566206626 3,317,640,254 4,103,709,021

2,007,295,878 2302048289 3,173,207,099 3,786,532,822

1,008,501,030 1300765878 1,537,426,907 1,798,053,124153,464,243 215192547 233,413,980 275,201,846

855,036,787 1085573331 1,304,012,927 1,522,851,278

998,794,848 1001282411 1,635,780,192 1,988,479,698

686,510 198986379 456,011,134 340,907,774

249,654,298 289427992 662,182,384 567,645,757

749,827,060 910840798 1,429,608,942 1,761,741,715

35,706,050 49373371 68,076,616 -83,892,463

714,121,010 867467427 1,361,532,326 1,677,849,252

168,779,737 242727120 309,883,518 479,323,910

173,720,430 0 71085835 207,549,905

4,940,693 242727120 238,797,683 271,774,005

545,341,273 620740307 1,051,648,808 1,198,525,34230% 15% 20% 21%

163602381.9 93111046.05 210329761.6 251690321.8

381,738,891 527,629,261 841,319,046 946,835,020

1,669,502,530 2654778919 3068649898 3,543,852,043

4.33 4.13 4.18 4.76

125,957,747 151149296 251,767,810 251,767,810


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2007 2008 2009

1. Sales Growth 0.114856658 0.213978082

Average sales growth rate

2.COGS 0.546982598 0.499448315 0.527130701

Average

3.Administrative expense 0.040462524 0.03826879 0.044203221

average

4.Selling, Marketing and Distribution Expenses 0.230521621 0.213217249 0.22299024

average

5.Growth rate of other income -0.965020016 288.8521201

Normalized growth rate

Total loan 3,027,636,603 3,556,432,568 3,685,079,475Average loan 3,292,034,586 3,620,756,022

Interest rate 0.075835867 0.07993579

6.Growth rate of PPE 0.325603143 0.087703054

Average

7. growth rate of investment 0 -0.921478463

average

8. Growth rate of intangible assets 0 0

normalized growth rate

9. Inventory proportion to sales 0.4087134 0.375367926 0.353915995

average

10.Spare and supplies proportion to sales 0.050688571 0.058483929 0.049716964

average

11. A/R proportion to sales 0.138915025 0.125659703 0.142579167

average

Proportion of contribution to WPPF to sales 0.00555567 0.008903881 0.010141903

Average

Income tax rate 0.116618447 0.23634613 0.279811221

Average


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Current tax 1.237106609 1.029273022 0

Average

Deferred tax 0.237106609 0.029273022 1

Average

Dividend portion of Net Income 0.15 0.30 0.15

Loans, Advances and Deposits 0.190689667 0.13578215 0.143625275

Short term investment prop. To Sales 0 0 0.513531038

Short Term Borrowings prop. To Sales 0.252314725 0.364490109 0.298120452

Creditors and Other Payables prop. To Sales 0.075566373 0.065627396 0.084198163

Accrued Expense prop. To sales 0.016695114 0.02039228 0.016247075

Dividend Payable prop. To sales 0.000913345 0.000790383 0.000354896

Income Tax Payable 0.011574546 0.035928019 0.014498929

Cash inflow from sale of assets

Depreciation rate 0.169364783 0.140046334 0.204739989

Average

Number of shares Outstanding 0.099999997 0.199999997


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2010 2011 2012 2013 2014 2015

0.333300632 0.215595039

0.219432603 0.219432603 0.219432603 0.219432603 0.219432603

0.511125909 0.52009927

0.520957359 0.520957359 0.520957359 0.520957359 0.520957359

0.035960479 0.034878759

0.038754755 0.038754755 0.038754755 0.038754755 0.038754755

0.200900261 0.193004385

0.212126751 0.212126751 0.212126751 0.212126751 0.212126751

1.291670095 -0.252413486

0.11 0.11 0.11 0.11 0.11

3,890,972,228 3,896,034,840 4,537,396,079 4,740,289,780 5,070,653,773 5,556,459,1983,788,025,852 3,893,503,534 4,216,715,460 4,638,842,929 4,905,471,777 5,313,556,486

0.174809362 0.14579305

0.119093517 0.119093517 0.119093517 0.119093517 0.119093517

0.166328972 0.041140893

0.155194015 0.155194015 0.155194015 0.155194015 0.155194015

1.185602462 -0.45205021

-0.046981553 -0.046981553 -0.046981553 -0.046981553 -0.046981553

7.928076626 1.658756962

0.155 0.155 0.155 0.155 0.155

0.305631813 0.290465701

0.346818967 0.346818967 0.346818967 0.346818967 0.346818967

0.042601555 0.041301807

0.048558565 0.048558565 0.048558565 0.048558565 0.048558565

0.126540711 0.123979003

0.131534722 0.131534722 0.131534722 0.131534722 0.131534722

0.010488094 -0.010632432

0.004891423 0.004891423 0.004891423 0.004891423 0.004891423

0.22759909 0.285677578

0.229210493 0.229210493 0.229210493 0.229210493 0.229210493


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0.22939534 0.433005533

0.585756101 0.585756101 0.585756101 0.585756101 0.585756101

0.77060466 0.566994467

0.520795752 0.520795752 0.520795752 0.520795752 0.520795752

0.20 0.21

0.202 0.202 0.202 0.202 0.202

0.120035117 0.106501261

0.139326694 0.139326694 0.139326694 0.139326694 0.139326694

0.13240239 0.27799193

0.184785072 0.184785072 0.184785072 0.184785072 0.184785072

0.252657467 0.208132531

0.275143057 0.275143057 0.275143057 0.275143057 0.275143057

0.066603886 0.066385562

0.071676276 0.071676276 0.071676276 0.071676276 0.071676276

0.013944586 0.012871585

0.016030128 0.016030128 0.016030128 0.016030128 0.016030128

0.000232312 0.000172549

0.000492697 0.000492697 0.000492697 0.000492697 0.000492697

0 0.0019622080.01279274 0.01279274 0.01279274 0.01279274 0.01279274

-2,443,606,226 -2,822,839,289 -3,260,927,053 -3,767,003,417 -4,351,619,804

0.202908665 0.22507089

0.188426132 0.188426132 0.188426132 0.188426132 0.188426132

0.665689597 0

0.241422398 0.241422398 0.241422398 0.241422398 0.241422398


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2016

0.219432603

0.520957359

0.038754755

0.212126751

0.11

6,231,814,9715,894,137,084

0.119093517

0.155194015

-0.046981553

0.155

0.346818967

0.048558565

0.131534722

0.004891423

0.229210493


8/44

0.585756101

0.520795752

0.202

0.139326694

0.184785072

0.275143057

0.071676276

0.016030128

0.000492697

0.01279274

0.188426132


9/44

Balance Sheet

2007

ASSETNon-Current Assets 9,029,643,482

Property, Plant and Equipment- Carrying Value 8,992,942,392

Investment in Shares 36,701,090

Intangible Assets 0

Current Assets 2,923,775,458

Inventories 1,470,152,242

Spares & Supplies 182,328,049

Accounts Receivable 499,680,792

Loans, Advances and Deposits 685,915,465

Short Term Investment 0

Cash and Cash Equivalents 85,698,910

TOTAL ASSETS 11,953,418,940SHAREHOLDERS' EQUITY AND LIABILITIES

Shareholders' Equity 8,250,939,647

Issued Share Capital 1,145,070,430

Share Premium 1,489,750,000

Excess of Issue Price over Face Value of GDRs 1,689,636,958

Capital Reserve on Merger 294,950,950

Revaluation Surplus 0

Tax-Holiday Reserve 442,354,953

Retained Earnings 3,189,176,356

Non-Current L iabi l i t ies 2,074,506,357

Long Term Borrowing-Net off Current Maturity (Secured) 1,776,449,778

Fully Convertible, 5% Dividend, Preference Share 0

Liability for Gratuity & WPPF 246,704,610

Deferred Tax Liability 51,351,969

Current Liabi l i t ies and Provisio ns 1,627,972,936

Short Term Borrowings 907,582,327

Long Term Borrowing-Current Maturity 343,604,498

Creditors and Other Payables 271,814,118

Accrued Expense 60,052,739

Dividend Payable 3,285,324

Income Tax Payable 41,633,930

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 11,953,418,940

Total Debt 3,702,479,293


10/44

2008 2009 2010 2011

11,957,773,787 12,975,195,529 15,180,731,678 15,884,877,780

11,921,072,697 12,966,587,178 15,123,306,298 15,745,492,625

36,701,090 2,881,826 6,298,526 3,451,276

0 5,726,525 51,126,854 135,933,879

2,861,891,654 6,916,737,893 6,191,667,831 7,148,462,753

1,505,288,093 1,722,953,284 1,983,809,444 2,291,844,631

234,530,326 242,034,855 276,520,188 325,881,244

503,916,401 694,111,730 821,356,439 978,224,317

544,509,106 699,204,450 779,129,620 840,320,705

0 2,500,000,000 859,403,704 2,193,423,560

73,647,728 1,058,433,574 1,471,448,436 518,768,296

14,819,665,441 19,891,933,422 21,372,399,509 23,033,340,533

10,450,202,145 10,885,706,614 15,974,086,451 17,128,128,177

1,259,577,470 1,511,492,960 2,098,065,090 2,517,678,100

1,489,750,000 1,489,750,000 5,269,474,690 5,269,474,690

1,689,636,958 1,689,636,958 1,689,636,958 1,689,636,958

294,950,950 294,950,950 294,950,950 294,950,950

1,711,174,747 1,617,361,714 294,950,950 1,466,602,600

0 0 0 0

4,005,112,020 4,282,514,032 5,087,312,943 5,889,784,879

1,767,431,029 6,684,775,166 2,885,155,826 3,257,050,368

1,446,600,500 1,924,933,065 1,902,150,733 1,890,074,651

0 4,100,000,000 0 0

274,419,253 307,425,614 335,885,792 403,598,795

46,411,276 352,416,487 647,119,301 963,376,922

2,602,032,267 2,321,451,642 2,513,157,232 2,648,161,988

1,461,666,227 1,451,326,354 1,639,961,052 1,642,216,008

648,165,841 308,820,056 348,860,443 363,744,181

263,176,822 409,898,122 432,315,660 523,798,136

81,776,450 79,094,905 90,512,178 101,559,917

3,169,568 1,727,724 1,507,899 1,361,452

144,077,359 70,584,481 0 15,482,294

14,819,665,441 19,891,933,422 21,372,399,509 23,033,340,533

4,369,463,296 9,006,226,808 5,398,313,058 5,905,212,356


11/44

Proforma Income Statement

2011 2012

Net Sales Revenue 7,890,241,843 9,621,618,146

Cost of Goods Sold 4,103,709,021 5012452774

Gross Profit 3,786,532,822 4,609,165,372

Operating Expenses:Administrative Expenses 275,201,846 372883450.3

Selling, Marketing and Distribution Expenses 1,522,851,278 2041002598

Profit from Operations 1,988,479,698 2,195,279,324

Other Income 340,907,774 378407629.1

Finance Cost 567,645,757 502183476.3

Profit Before Contribution to WPPF 1,761,741,715 2,071,503,477

Contribution to Workers' Profit Participation/ Welfare Funds 83,892,463 47063405.8

Profit Before Tax 1,677,849,252 2,024,440,071

Income Tax Expense 479,323,910 464022907.1

current tax 207,549,905 271804248.7

deffered tax 271,774,005 241661158.7

Profit After Tax Transferred to Statement of Changes in Equity 1,198,525,342 1,560,417,164Dividend 251690321.8 315204267.2

Transfer to reserve 946,835,020 1,245,212,897

479,323,910 513,465,407

1,198,525,342 1,510,974,664


12/44

2013 2014 2015 2016

11,732,914,857 14,307,498,900 17,447,030,621 21,275,477,958

6112348331 7453596834 9089158986 11083616798

5,620,566,526 6,853,902,067 8,357,871,635 10,191,861,160

454706236.3 554483609.1 676155390.6 824525927.7

2488865110 3035003258 3700981922 4513098017

2,676,995,180 3,264,415,199 3,980,734,322 4,854,237,215

420032468.3 466236039.9 517522004.2 574449424.7

552456121.5 584209888.7 632810132.1 701953517.8

2,544,571,527 3,146,441,350 3,865,446,195 4,726,733,122

57390651.42 69984031.43 85340809.58 104067365.5

2,487,180,875 3,076,457,319 3,780,105,385 4,622,665,757

570087955 705156299.3 866439819.5 1059563498

333932497.6 413049604.3 507522410.2 620645782.9

296899385 367242404.9 451238177 551816168.2

1,917,092,920 2,371,301,020 2,913,665,565 3,563,102,259387252769.9 479002806 588560444.2 719746656.3

1,529,840,150 1,892,298,214 2,325,105,121 2,843,355,603


13/44

Balance Sheet

2011 2012

ASSET

Non-Current Assets 15,884,877,780 18349391611

Property, Plant and Equipment- Carrying Value 15,745,492,625 18189098851

Investment in Shares 3,451,276 3289129.695

Intangible Assets 135,933,879 157003630.2

Current Assets 7,148,462,753 11,005,610,699

Inventories 2,291,844,631 3336959669

Spares & Supplies 325,881,244 467211972.1

Accounts Receivable 978,224,317 1265576866

Loans, Advances and Deposits 840,320,705 1340548247

Short Term Investment 2,193,423,560 1777931399

Cash and Cash Equivalents 518,768,296 2,817,382,547

TOTAL ASSETS 23,033,340,533 29,355,002,311

SHAREHOLDERS' EQUITY AND LIABILITIES

Shareholders' Equity 17,128,128,177 21,521,957,501Issued Share Capital 2,517,678,100 2,517,678,100

Share Premium 5,269,474,690 5,269,474,690

Excess of Issue Price over Face Value of GDRs 1,689,636,958 1,689,636,958

Capital Reserve on Merger 294,950,950 294,950,950

Revaluation Surplus 4,615,219,027 4,615,219,027

Tax-Holiday Reserve 0 0

Retained Earnings 5,889,784,879 7,134,997,776

Non-Current L iabi l i t ies 3,257,050,368 3,167,760,002

Long Term Borrowing-Net off Current Maturity (Secured) 1,890,074,651 1,512,059,721

Fully Convertible, 5% Dividend, Preference Share 0 0

Liability for Gratuity & WPPF 403,598,795 450,662,201

Deferred Tax Liability 963,376,922 1,205,038,081Current Liabi l i t ies and Provisio ns 2,648,161,988 4,665,284,807

Short Term Borrowings 1,642,216,008 2647321428

Long Term Borrowing-Current Maturity 363,744,181 378014930.2

Creditors and Other Payables 523,798,136 689641758.2

Accrued Expense 101,559,917 154235770.7

Dividend Payable 1,361,452 316,565,719

Income Tax Payable 15,482,294 479,505,201

TOTAL LIABILITIES 5,905,212,356 7,833,044,810

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 23,033,340,533 29,355,002,311

Number of shares Outstanding 251,767,810 312550198.4

EPS 4.76 4.99253295

0.907360473


14/44

2013 2014 2015 2016

21196411934 24485299294 28284626611 32673608866

21011938140 24272865194 28039868610 32391488414

3134601.274 2987332.839 2846983.304 2713227.608

181339192.9 209446767.8 241911016.9 279407224.5

11,388,129,231 12,169,097,129 13,447,616,646 15,348,318,803

4069197414 4962111993 6050961142 7378739294

569733511.1 694751618.3 847202774.1 1033106684

1543285691 1881932887 2294890318 2798464074

1634708238 1993416521 2430837097 2964242008

2168067513 2643812210 3223950804 3931390720

1,403,136,864 -6,928,101 -1,400,225,489 -2,757,623,976

32,584,541,166 36,654,396,423 41,732,243,257 48,021,927,669

23,051,797,651 24,944,095,865 27,269,200,986 30,112,556,5892,517,678,100 2,517,678,100 2,517,678,100 2,517,678,100

5,269,474,690 5,269,474,690 5,269,474,690 5,269,474,690

1,689,636,958 1,689,636,958 1,689,636,958 1,689,636,958

294,950,950 294,950,950 294,950,950 294,950,950

4,615,219,027 4,615,219,027 4,615,219,027 4,615,219,027

0 0 0 0

8,664,837,926 10,557,136,140 12,882,241,261 15,725,596,864

3,144,035,109 3,203,246,615 3,361,810,671 3,639,679,275

1,134,044,791 756,029,860 378,014,930 0

0 0 0 0

508,052,852 578,036,884 663,377,693 767,445,059

1,501,937,466 1,869,179,871 2,320,418,048 2,872,234,2166,388,708,406 8,507,053,943 11,101,231,599 14,269,691,805

3228230059 3936608983 4800429337 5853800041

378014930.2 378014930.2 378014930.2 378014930.2

840971644.1 1025508241 1250538183 1524947031

188080127.3 229351039.1 279678134.6 341048635.5

703,818,489 1,182,821,295 1,771,381,739 2,491,128,396

1,049,593,156 1,754,749,455 2,621,189,275 3,680,752,773

9,532,743,514 11,710,300,558 14,463,042,270 17,909,371,080

32,584,541,166 36,654,396,423 41,732,243,257 48,021,927,669

388006816.8 481680352.9 597968778.7 742331835.1

4.940874328 4.922976421 4.872604841 4.79987802

0.737117951 0.874868307 0.828549271 0.791725494


15/44

1. As other income shows abnormal growth rate so we assumed a smoother rate of 11%

2. As the growth rate of intangible assets shows abnormal result so we have normalized it at 15

3. Issued Share Capital is assumed to be constant over the next 5years

4. Share Premium is assumed to be constant over the next 5years

5. Excess of Issue Price over Face Value of GDRs are assumed to be constant over the next 5ye

6. Capital Reserve on Merger is assumed to be constant over the next 5years

7. Revaluation Surplus is assumed to be constant over the next 5years8. Tax-Holiday Reserve is assumed to be constant over the next 5years

9. Long Term Borrowing-Current Maturity is one-fifth of the long term debt

10. Fully Convertible, 5% Dividend, Preference Share is assumed to be constant over the next 5y

11. Income Tax Payable is assumed to be 0 for the next 5 years

12. Liability for Gratuity & WPPF accumulated to the previous year

13.Deferred Tax Liability accumulated to the previous year

14. Perpetual growth rate is 2%.

15. Risk-free rate is 8%.


16/44

.5%.

ars

ears


17/44

Time Monthly closing - Bxpharma DGEN Bxpharma return

30/12/2011 93.60 5,257.61 -0.058350101

30/11/2011 99.40 5,268.55 0.143843498

31/10/2011 86.90 5,036.50 -0.194624652

30/09/2011 107.90 5,910.20 0.134595163

31/08/2011 95.10 6,212.00 -0.122693727

29/07/2011 108.40 6,459.62 0.348258706

30/06/2011 80.40 6,117.23 0.019011407

31/05/ 2011 78.90 5,758.26 -0.307287094

29/04/ 2011 113.90 6,050.85 -0.055555556

31/03/ 2011 120.60 6,352.10 0.172011662

28/02/ 2011 102.90 5,203.08 -0.237777778

30/01/ 2011 135.00 7,484.23 -0.000740192

30/12/2010 135.10 8,290.41 -0.070199587

30/11/2010 145.30 8,602.44 -0.033909574

31/10/2010 150.40 7,957.12 0.006020067

30/09/2010 149.50 7,097.38 -0.032988357

31/08/2010 154.60 6,657.97 0.027242525

29/07/2010 150.50 6,342.76 0.028708134

30/06/2010 146.3 6,153.68 0

31/05/ 2010 146.3 6,107.81 -0.212170167

29/04/ 2010 185.70 5,654.88 0.018092105

31/03/ 2010 182.40 5,582.33 0.095495495

28/02/ 2010 166.50 5,560.56 -0.073971079

30/01/ 2010 179.80 5,367.11 0.154043646

30/12/ 2009 155.8 4,535.53 -0.025641026

26/11/ 2009 159.9 4,380.95 -0.02559415

29/10/ 2009 164.10 3,364.26 0.032075472

30/09/ 2009 159.00 3,083.89 -0.004383219

31/08/ 2009 159.70 2,941.28 -0.043139605

30/07/ 2009 166.90 2,914.53 -0.151930894

30/06/ 2009 196.80 3,010.26 0.344262295

31/05/ 2009 146.4 2,572.18 -0.011478731

30/04/ 2009 148.1 2,554.36 -0.037061118

31/03/ 2009 153.8 2,446.92 0.003916449

26/02/ 2009 153.2 2,570.96 -0.107746069

29/01/ 2009 171.7 2,649.49 0.023852117

30/12/2008 167.7 2,795.34 0.481448763

30/11/2008 113.2 2,468.92 -0.336070381

30/10/2008 170.50 2,748.60 0.249084249

25/09/2008 136.50 2,966.82 0.248856359

31/08/2008 109.3 2,791.20 0.066341463

30/07/2008 102.5 2,761.05 0.03850050730/06/2008 98.70 3,000.49 0.238393977

29/05/2008 79.70 3,167.99 0.027061856

30/04/2008 77.60 3,072.85 0.018372703

31/03/2008 76.20 3,016.49 0.2192

28/02/2008 62.50 2,931.38 0.050420168

31/01/2008 59.5 2,907.17 0.010186757

30/12/2007 58.9 3,017.21 -0.122205663

29/11/2007 67.1 2,971.11 -0.06022409

31/10/2007 71.4 2,850.81 0.448275862


18/44

30/09/2007 49.3 2,548.49 -0.015968064

29/08/2007 50.1 2,455.08 -0.1005386

31/07/2007 55.7 2,384.18 0.122983871

28/06/2007 49.6 2,149.32 0.004048583

31/05/2007 49.4 2,003.58 -0.048169557

30/04/2007 51.9 1,743.33 -0.005747126

29/03/2007 52.2 1,760.88 0.096638655

28/02/2007 47.6 1,791.54 -0.136116152

31/01/2007 55.1 1,805.12

Covariance 0.006110757

Variance of market return 0.008318305

Beta 0.734615611

Market return 0.022401635

Market return -yearly 0.268819617

9


19/44

DGEN return

-0.002078098 2007 2008 2009 2010 2011

0.046074901 Mkt. P. 54.85833 104.4917 161.2833 157.70 101.92

-0.147829845

-0.048582557

-0.038334444

0.055971271

0.062339919

-0.0483538

-0.047426214

0.220833798

-0.304793373

-0.097243043

-0.036272101

0.081099725

0.121134749

0.065997038

0.049697131

0.03072646

0.007508986

0.080096639

0.012995091

0.003915655

0.036044454

0.183346715

0.035285445

0.302201843

0.090916421

0.048483075

0.009178082

-0.03180122

0.170316003

0.006978285

0.04390538

-0.048247208

-0.029639679

-0.052174601

0.132212366

-0.101753442

-0.073553689

0.062918512

0.010919759

-0.079800299-0.052872642

0.030961485

0.018684305

0.029033766

0.008329074

-0.036472105

0.015516087

0.042198533

0.118627109


20/44

0.03804764

0.029737688

0.10927177

0.072739796

0.149283268

-0.009966608

-0.017113768

-0.007523035


21/44

Particulars 2011 2012 2013

Inventory 2,291,844,631 3336959669 4069197414

Accounts receivable 978,224,317 1265576866 1543285691

Advance and prepayment 840,320,705 1340548247 1634708238

Non-cash current asset 4,110,389,653 5,943,084,782 7,247,191,343

Accounts payable 523798136 689641758.2 840971644.1

Accrued expenses 101559917 154235770.7 188080127.3

Other liabilities 1361452 394755425.5 868025326.4

Non- STD Current liabilities 626719505 1238632954 1897077098

Working capital 3,483,670,148 4,704,451,827 5,350,114,245

Change in WC 1,220,781,679 645,662,418


Inventory 1,470,152,242 1,505,288,093 1,722,953,284

Accounts receivable 499,680,792 503,916,401 694,111,730

Advance and prepayment 685,915,465 544,509,106 699,204,450

Non-cash current asset 2,655,748,499 2,553,713,600 3,116,269,464

Accounts payable 271,814,118 263,176,822 409,898,122

Accrued expenses 60,052,739 81,776,450 79,094,905

Other liabilities 3,285,324 3,169,568 1,727,724

Non- STD Current liabilities 335,152,181 348,122,840 490,720,751

Working capital 2,320,596,318 2,205,590,760 2,625,548,713


22/44

2014 2015 2016

4962111993 6050961142 7378739294

1881932887 2294890318 2798464074

1993416521 2430837097 2964242008

8,837,461,401 10,776,688,557 13,141,445,375

1025508241 1250538183 1524947031

229351039.1 279678134.6 341048635.5

1437989308 2125077961 2954118416

2692848588 3655294279 4820114082

6,144,612,813 7,121,394,278 8,321,331,292

794,498,568 976,781,465 1,199,937,014

2010 2011

1,983,809,444 2,291,844,631

821,356,439 978,224,317

779,129,620 840,320,705

3,584,295,503 4,110,389,653

432,315,660 523,798,136

90,512,178 101,559,917

1,507,899 1,361,452

524,335,737 626,719,505

3,059,959,766 3,483,670,148


23/44

Risk-free rate 0.08

Market return 0.268819617

Beta 0.734615611

Cost of equity 0.218709839

Cost of debt 0.119093517

After tax cost of debt 0.091796034

Total market value of equity 23,565,467,016.00

Book value of debt 3,896,034,840

Weight of equity 0.86

Weight of debt 0.14

WACC 0.20


24/44


EBIT 2526623548 3039636997 3660667208

EBIT (1-tax rate) 1947494918 2342920302 2821603872

Depreciation 4004291313 4075748733 4158295916

Capital expenditure -2,443,606,226 -2,822,839,289 -3,260,927,053

Change in NWC 1,220,781,679 645,662,418 794,498,568

Free cashflow 2,287,398,326 2,950,167,328 2,924,474,167

Present value discount factor 0.83 0.69 0.58

Present value of free cashflow 1,906,165,271.52 2,048,727,310.86 1,692,404,031.70

Terminal value

Enterprise value 14,839,006,606.13

Cash 518,768,296

Interest-bearing debt 3,896,034,840

Equity value 11,461,740,062.13

Value per share 45.53

Depreciation 4004291313 531896689.8 614443872.9


25/44

2015 2016 2017

4412915517 5324619274

3401428975 4104160665

4253653928 4363810933

-3,767,003,417 -4,351,619,804

976,781,465 1,199,937,014

2,911,298,021 2,916,414,779 2,974,743,075

0.48 0.40

1,403,982,456.10 1,172,041,690.49

6615685845

709801884.8 819958889.5

M.R.K


26/44

A.

1 Dividend Per Share

2 Revenue Per Share (Rs)

3 Net Operating Profit Per Share (Rs)

4 Free Reserves Per Share (Rs)

5 Bonus in Equity Capital

6 P/E ratio

7 Dividend payout ratio

8 Dividend yieldB.

2 Gross Profit Margin(%)

3 Cash Profit Margin(%)

4 Adjusted Cash Margin(%)

5 Net Profit Margin(%)

6 Adjusted Net Profit Margin(%)

7 Return On Capital Employed(%)

8 Return On Net Worth(%)

Ratio AnaInvestm

Pr

1 Operating Profit Margin(%)


27/44

9 Adjusted Return on Net Worth(%)

12 Return on Long Term Funds(%)

13 Pretax Margin

C.

1 Current Ratio

2 Quick Ratio

3 Cash Ratio

4 Defensive Interval

5 Cash conversion cycle

6 Debt Equity Ratio

7 Long Term Debt Equity Ratio

8 Debt Coverage Ratios

10 Return on Assets

11 Operating return on Assets

Liquidit


28/44

9 Debt to Asset ratio

11 Financial Leverage ratio

12 Financial Charges Coverage Ratio

13 Fixerd charge coverage ratio

D.

1 Inventory Turnover Ratio

2 Days of inventory on hand

3 Debtors Turnover Ratio

4 Investments Turnover Ratio

5 Receivable turnover

6 Days of sales Outstanding

7 Fixed Assets Turnover Ratio

8 Total Assets Turnover Ratio

9 Payables turnover

10 Number of days of payables

11 Raw material turnover ratio

12 Raw material holding periaod

13 Working capital turnover

14 Number of Days In Working Capital

E.

1 Material Cost Composition

2

Imported Composition of Raw Materials

Consumed

3 Selling Distribution Cost Composition

4 Expenses as Composition of Total Sales

F.

1 Dividend payout Ratio

2 Dividend Payout Ratio Net Profit

3 Dividend Payout Ratio Cash Profit

4 Dividend Yield

5 Earning Retention Ratio

6 Cash Earning Retention Ratio

7 Adjusted Cash Flow Times

8 Earnings Per Share9

10 Book Value per share

Profit &

Cash Fl

10 Interest Cover

Manage


29/44

(Sum of Dividend-Special one time dividend)/Number of

outstanding Share

Revenue/Weighted average number of share

EBIT/Weighted average number of share

Reserve/Weighted average number of share

Market price per share/Earning per share

Yearly Dividend per share/Earning per Share

Dividend per share/Market price per share

Operating income/revenue

EBIT/Revenue

gross profit/Revenue

Cash flow from operating cash flows/Net sales

Net income/ revenue

EBIT/(Total Assets-Current liabilities)

Net Income-Preferred dividend/Common Equity

lysisent Valuation Ratios

fitability Ratios


30/44

Net Income/Average total Assets

net income+ Interest expense (1 tax

rate)/Average total Assets

Operating income/Average total assets

EBIT/ Average total Assets

Net Income/Share Capital (Equity + Preference) +

Reserves and Surplus + Long- term Loans Fictitious

Assets

EBT/Revenue

Current Assets/Current Liabilitiescas + mar eta e securities + receiva es

current liabilities

cash + marketable securities/ Current Liabilitiescash + marketable securities + receivables/

average daily expenditures

Days of sales outstanding + Days of Inventory

on hand - Number of days of payables

Total Debt/ Total Share holders Equity

Long term debt/Total shareholders equity

CFO-cash dividend paid/Total debt

And Solvency Ratios


31/44

Total debt/Total Assets

CFO + Cash payment for interest and income

taxes/Cash payment for interestEarnings before interest and taxes/ Interest

payments

Average total assets/Average total liabilities

Earnings before interest and taxes + lease

payments/ Interest payments + lease payments

Cost of goods sold/Average Inventory

365/ Inventory turnover

Net Credit Sales/Average Accounts Receivables

Net earnings/Investment

Annual Sales/Average receivables

365/ Receivable turnover

Revenue/Average net fixed assets

Revenue/Average total assets

Purchases or COGS/Average trade payables

365/ Payables turnoverRaw materials consumed during the

year/Average raw materials held

365/Raw materials turnover

Revenue/Average working capital

Average Working Capital / (Revenue/365)

Yearly Dividend per share/Earning per Share

Total Dividend Payout / Net Profit

Total Dividend Payout / CFO

Dividend per share/Market price per share

((earnings per share - dividend per share) / earnings per

share)* 100%

(Net Income-Preferred dividend)/Weighted

average number of common shares outstanding

Total Shareholders equity-preferred stock/Total

outstanding Share

Loss Account Ratios

ow Indicator Ratios

ent Efficiency Ratios


32/44

A.

1 Dividend Per Share

2 Dividend payout ratio

3 Dividend yield

B.

1 Net Profit Margin(%)

2 P/E ratio

C.1 Current Ratio

2 Debt Equity Ratio

3 Financial Leverage ratio

4 Debt to Asset ratio

D.

1 Inventory Turnover Ratio

2 Receivable turnover

3

Total Assets Turnover

Ratio

4 Payables turnover

5

Working capital

turnover

3 Return on Assets

Return on Equity


33/44


34/44

2007

(Sum of Dividend-Special one time dividend)/Number of outstanding Share 0.462505889

Yearly Dividend per share/Earning per Share 0.15016425

Dividend per share/Market price per share 0.008430914

Net income/ revenue 0.09815553

Market price per share/Earning per share 17.81114719

Net Income/Average total Assets 0.029536978

net income+ Interest expense (1 tax rate)/Average total Assets

Net Income/Average total Equity 0.042791233

Current Assets/Current Liabilities 1.795960727

Total Debt/ Total Share holders Equity 0.44873426

Average total assets/Average total liabilities 3.228490423Total debt/Total Assets 0.309742285

Cost of goods sold/Average Inventory 1.338303557

Annual Sales/Average receivables 7.198645354

Revenue/Average total assets 0.300920166Purchases or COGS/Average trade payables 7.23843923

Revenue/Average working capital 1.550043316

Investment Valuation Ratios

Profitability Ratios

Liquidity And Solvency Ratios

Management Efficiency Ratios


35/44


36/44

2008 2009 2010 2011

1.298867166 0.616020375 0.83541165 0.99969222

0.299969322 0.149157476 0.199859246 0.21001937

0.012430342 0.003819492 0.005297474 0.00980892

0.135989665 0.127507766 0.162020265 0.1518997

24.13202463 39.05165456 37.72727273 21.4110644

0.036798487 0.03120563 0.049205931 0.05203437

0.052184758 0.057023428 0.065834676 0.0699741

1.099867857 2.979488251 2.463700938 2.69940539

0.418122371 0.827344253 0.337941896 0.34476694

3.391644336 2.208686706 3.959088567 3.90051012

0.294842236 0.452757739 0.252583387 0.25637672

1.330556716 1.489423219 1.672358333 1.79057034

7.958000674 7.013647378 7.902595079 8.06588193

0.270597678 0.24473513 0.303702322 0.34255743

7.610363123 6.260596202 7.674115377 7.83452391

1.818182743 1.854185714 2.121219836 2.2649222


37/44

Year 2007 2008 2009 2010

Current Ratio 1.795960727 1.099867857 2.979488251 2.463700938

Dividend Per Share 0.462505889 1.298867166 0.616020375 0.83541165

Net Profit Margin(%) 0.09815553 0.135989665 0.127507766 0.162020265

0

0.5

1

1.5

2

2.5

3

3.5

2007 2008 2009 2010 201

Current Ratio

0

0.2

0.4

0.6

0.8

1

1.2

1.4

2007 2008 2009 2010 2011

Dividend Per Share


38/44

P/E ratio 17.81114719 24.13202463 39.05165456 37.72727273

Return on Assets 0.029536978 0.036798487 0.03120563 0.049205931

0

0.02

0.04

0.06

0.080.1

0.12

0.14

0.16

0.18

2007 2008 2009 2010 201

Net Profit Margin

0

5

10

15

20

25

30

35

40

45

2007 2008 2009 2010 20

P/E ratio

0.02

0.03

0.04

0.05

0.06Return on Assets


39/44

Year 2007 2008 2009 2010Return on Equity 0.042791233 0.052184758 0.057023428 0.065834676

Inventory Turnover R 1.338303557 1.330556716 1.489423219 1.672358333

Total Assets Turnove 0.300920166 0.270597678 0.24473513 0.303702322

0

0.01

2007 2008 2009 2010 2011

0

0.01

0.02

0.03

0.04

0.05

0.06

0.07

0.08

2007 2008 2009 2010 2011

Return on Equity

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2

2007 2008 2009 2010 2011

Inventory Turnover Ratio

Invent

Total Assets Turnover R


40/44

Payables turnover 7.23843923 7.610363123 6.260596202 7.674115377

Working capital turno 1.550043316 1.818182743 1.854185714 2.121219836

0

0.05

0.1

0.15

0.2

0.25

0.3

0.35

.

2007 2008 2009 2010 2011

To

0

1

2

3

4

5

6

7

8

9

2007 2008 2009 2010 2011

Payables turnover

0

0.5

1

1.5

2

2.5

2007 2008 2009 2010 2011

Working capital turnov


41/44

2011

2.69940539

0.99969222

0.1518997

1

Current Ratio

Dividend Per Share


42/44

21.4110644

0.05203437

%)

Net Profit Margin(%)

11

P/E ratio

Return on Assets


43/44

20110.0699741

1.79057034

0.34255743

Return on Equity

ory Turnover Ratio

tio


44/44

7.83452391

2.2649222

tal Assets Turnover Ratio

Payables turnover

er

Working capital turnover

excel bex pharma

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