capital structure analysis- bangladesh (rezwana nasreen & m. shahryar faiz)

ACI Pharmaceuticals Limited2004 2005

Income Statement figures are in million (except the per share data) Sales 2,557.77 3,088.71 COGS (excluding Depr) 1,817.39 2,131.53 Gross Profit 740.38 957.18 Operating Expenses (excluding Depr) 517.41 696.58 EBITDA 222.97 260.60 Depreciation 23.01 29.55 Other Income 42.04 30.32 EBIT 242.00 261.37 Interest Expense 93.16 83.96 Profit Before Tax & WPPF 148.84 177.41 WPPF 7.44 8.89 Profit Before Tax 141.40 168.52 Income Tax 38.50 51.44 Deferred Tax 13.37 5.35 Minority Interest & Associate UndertakingsProfit After Tax 89.53 111.73 EPS 5.54 6.91

Balance SheetCurrent AssetsCash & Cash Equivalent 58.02 56.70 Advance, Deposits & Prepayments 150.64 183.15 Accounts Receivables 427.76 593.71 Inventories 705.92 703.56 Short-term Investment - - Total Current Assets 1,342.34 1,537.12

Non-Current AssetsFixed Asset 740.96 756.76 Plant, Property & Equipment 946.14 1,073.39 Less: Accumulated Depreciation 265.31 329.92 Net PP&E 680.83 743.47 Capital Work-in-Progress 60.13 13.29 Long-term Investment 295.38 380.78 Other Non-Current AssetsIntangible Assets - - Total Non-Current Assets 1,036.34 1,137.54

Total Assets 2,378.68 2,674.66

Current LiabilitiesAccounts Payables 48.70 76.03 Accrued Expenses (provision for taxation) 48.70 90.50 Other Payables (other cr. + inter co. lia.) 303.20 543.19

Short-term Borrowings(overdraft & term loan) 747.89 795.60 Current Portion of Long-term Debt 12.43 18.86 Total Current Liabilities 1,160.92 1,524.18

Non-Current LiabilitiesLong-term Borrowings 356.24 244.35 Other Long-term Liabilities - - Total Non-Current Liabilities 356.24 244.35

Shareholders' EquityIssued Share Capital 161.70 161.70Share Premium 250.02 250.02 Retained Earnings 138.62 189.08 General Reserve Other Reserve 3.79 2.78 Others 75.59 72.76 Revaluation Surplus 231.80 229.79 Total Shareholders' Equity 861.52 906.13

Total Liabilities & Shareholders' Equity 2,378.68 2,674.66

Check - -

Other InfoCapEx 65.00 80.00 Operating Cashflow 260.20 267.69 Effective Tax Rate 0.37 0.34 Book Value Per Share 53.28 56.04 Dividend Per Share 4.25 4.50 Return On Equity 0.10 0.12 Dividend Payout Ratio 0.77 0.65 Retention Ratio 0.23 0.35 No of Shares Outstanding (mn) 16.17 16.17 Year-End Market Price 94.40 69.60

Time Series Analysis

Capital Structure AnalysisDebt Ratio (STD+LTD)/TA 0.47 0.40 Debt-Equity Ratio LTD/E 0.41 0.27 Interest Coverage Ratio EBIT/i 2.60 3.11 Cashflow Coverage Ratio OCF/{i+(P/(1-T))} 2.31 2.38

Determinants Of Capital Structure

Tangibility PPE/TA 0.29 0.28 Uncertainty Of Operating Income STDEV(EBIT)/Mean of EBIT 0.16

STDEV(EBIT) 44.41 Mean of EBIT 276.71

Growth Rate ROE*RR 0.02 0.04 Ownership Structure %

Sponsors 0.06 36.85 Govt. - - Foreign - - Institutions 27.43 31.31 Public 72.51 31.84

Sponsor % (Ownership Structure) S 0.06 36.85 Free-Float % (Ownership Structure) F+I+P 99.94 63.15 Basic Earning Power EBIT/TA 0.10 0.10 Operating Profit Margin EBIT/S 0.09 0.08 Degree of Operating Leverage %ch.EBIT/%ch.S 0.41 Stability Of Sales STDEV(Sales) 479.98 Operating Expense Ratio 0.19 0.23 BV-MV Ratio (Proxy For Distress) BV/MV 0.56 0.81

2006 2007 2008 2009 2010 Average figures are in million (except the per share data)

3,515.86 4,917.30 5,958.85 7,228.28 7,915.40 2,339.97 3,250.71 4,017.43 4,862.55 5,094.56 1,175.89 1,666.59 1,941.42 2,365.73 2,820.84 852.95 1,203.49 1,292.43 1,686.72 1,886.15 322.94 463.10 648.99 679.01 934.69 31.52 31.60 32.10 32.50 33.50 35.34 142.15 835.79 697.08 86.24 326.76 573.65 1,452.68 1,343.59 987.43 81.55 119.08 251.97 212.74 136.84 245.21 454.57 1,200.71 1,130.85 850.59 12.26 22.72 21.05 23.84 42.52 232.95 431.85 1,179.66 1,107.01 808.07 97.59 124.51 97.71 117.41 213.84 (18.48) (5.71) 9.24 0.59 2.61

153.84 313.05 1,072.71 989.01 591.62 9.51 19.36 66.35 50.20 30.03

43.05 57.19 211.92 717.86 154.44 206.14 385.42 418.07 651.24 637.29 769.16 1,586.86 1,680.81 2,403.30 3,293.29 736.67 1,091.39 1,838.73 1,596.52 1,716.07 - - 839.59 1,755.02 3,120.86 4,989.12 5,368.92 5,801.09

731.32 1,073.30 1,255.67 1,281.89 2,435.11 1,094.19 1,327.15 1,669.95 1,829.79 1,813.31 399.87 467.72 549.37 654.02 57.07 694.32 859.43 1,120.58 1,175.77 1,756.24 37.00 213.87 135.09 106.12 678.87 428.81 536.62 670.26 1,091.39 1,447.69

- - - 2.33 1,160.13 1,609.92 1,925.93 2,373.28 3,885.13

2,915.15 4,730.78 6,915.05 7,742.20 9,686.22 5,291.82

79.63 132.27 325.56 377.16 211.83 153.44 277.96 236.55 353.96 348.97 668.62 1,236.98 1,100.84 1,210.10 735.18

825.24 1,413.58 2,548.74 2,175.73 2,494.84 14.07 72.72 189.04 63.12 296.30 1,741.00 3,133.51 4,400.73 4,180.07 4,087.12

186.99 325.16 309.66 320.51 1,140.92 - - 186.99 325.16 309.66 320.51 1,140.92

161.70 161.70 161.70 194.04 194.04 250.02 250.02 250.02 250.02 250.02 247.52 563.80 1,488.14 2,302.90 2,691.05

1.67 1.67 1.67 1.67 1.67 97.02 - 192.69 424.87 229.23 294.92 303.13 300.30 896.53 987.16 1,272.11 2,204.66 3,241.62 4,458.18

2,915.15 4,730.78 6,915.05 7,742.20 9,686.22

- - - - -

44.00 410.00 264.00 131.00 556.00 123.04 (483.37) (833.26) 514.10 910.12 0.34 0.28 0.09 0.11 0.27 61.05 78.67 136.36 164.55 226.30 6.00 8.50 12.00 10.50 12.00 - 0.16 0.25 0.49 0.31 0.13 0.63 0.44 0.18 0.21 0.40 0.37 0.56 0.82 0.79 0.60 16.17 16.17 16.17 19.70 19.70 70.20 185.00 521.30 446.90 372.60

0.35 0.38 0.44 0.33 0.41 0.40 0.19 0.26 0.14 0.10 0.26 0.23 4.01 4.82 5.77 6.32 7.22 4.83 1.20 (2.20) (1.81) 1.81 1.68 0.77

0.24 0.18 0.16 0.15 0.18 0.21 0.43 0.75 0.43 0.19 0.22 0.36 164.70 591.80 479.13 243.31 251.84 295.87 387.26 784.36 1,123.31 1,261.23 1,165.51 833.06 0.06 0.14 0.40 0.24 0.08 0.14

36.84 36.81 36.81 36.76 36.76 - - - - - - - - - - 38.74 37.48 37.48 31.18 31.18 24.42 25.71 25.71 32.06 32.06 36.84 36.81 36.81 36.76 36.76 63.16 63.19 63.19 63.24 63.24 68.44 0.11 0.12 0.21 0.17 0.10 0.13 0.09 0.12 0.24 0.19 0.12 0.13 1.72 1.65 4.53 (0.41) (3.37) 0.76 956.58 1,225.91 1,157.36 992.61 485.87 883.05 0.24 0.22 0.08 0.14 0.23 0.19 0.87 0.43 0.26 0.37 0.61 0.56

Ambee Pharmaceuticals Ltd 2004 2005Income Statement figures are in million (except the per share data) Sales 198.45 173.67 COGS (excluding Depr) 101.44 89.41 Gross Profit 97.01 84.26 Operating Expenses (excluding Depr) 76.98 66.28 EBITDA 20.03 17.98 Depreciation 2.99 3.14 Other Income EBIT 17.04 14.84 Interest Expense 8.14 9.37 Profit Before Tax & WPPF 8.90 5.47 WPPF 0.44 0.27 PBT 8.46 5.20 Income Tax 2.54 1.56Deferred TaxMinority Interest & Associate UndertakingsProfit After Tax 5.92 3.64 EPS 2.96 1.82

Balance SheetBalance SheetCurrent AssetsCash & Cash Equivalent 0.42 0.94 Advance, Deposits & Prepayments 31.83 32.90 Accounts Receivables 51.11 89.25 Inventories 48.95 36.82 Short-term InvestmentTotal Current Assets 132.31 159.91

Non-Current AssetsFixed Asset 49.02 47.29 Plant, Property & Equipment 98.16 99.57 Less: Accumulated Depreciation 49.14 52.28 Net PP&E 49.02 47.29 Capital Work-in-ProgressLong-term InvestmentOther Non-Current AssetsIntangible Assets - - Total Non-Current Assets 49.02 47.29

Total Assets 181.33 207.20

Current LiabilitiesAccounts Payables 7.35 7.85 Accrued Expenses 12.23 14.79 Other Payables 9.23 10.79 Short-term Borrowings 96.74 119.37

Current Portion of Long-term DebtTotal Current Liabilities 125.55 152.80

Non-Current LiabilitiesLong-term BorrowingsOther Long-term LiabilitiesTotal Non-Current Liabilities - -

Shareholders' EquityIssued Share Capital 20.00 20.00 Share PremiumRetained Earnings 30.65 29.27 General ReserveOther Reserve 5.13 5.13 OthersRevaluation SurplusTotal Shareholders' Equity 55.78 54.40

Total Liabilities & Shareholders' Equity 181.33 207.20

Check - -

Other InfoCapEx 4.16 1.41 Operating Cashflow 8.16 6.41 Effective Tax Rate 0.30 0.30 Book Value Per Share 27.89 27.20 Dividend Per Share 2.50 2.50 Return On Equity 0.11 0.07 Dividend Payout Ratio 0.84 1.37 Retention Ratio 0.16 (0.37)No of Shares Outstanding (mn) 2.00 2.00 Year-End Market Price 65.64 49.80


Capital Structure AnalysisDebt Ratio (STD+LTD)/TA 0.53 0.58 Debt-Equity Ratio LTD/E - - Interest Coverage Ratio EBIT/i 2.09 1.58 Cashflow Coverage Ratio OCF/{i+(P/(1-T))} 1.00 0.68

Determinants Of Capital StructureTangibility PPE/TA 0.27 0.23

Uncertainty Of Operating Income STDEV(EBIT)/Mean of EBIT 0.21 STDEV(EBIT) 3.81 Mean of EBIT 18.05

Growth Rate ROE*RR 0.02 (0.03)Ownership Structure %

Sponsors 64.72% 64.72%Govt. 0.00% 0.00%Foreign 8.95% 8.95%Institutions 23.11% 21.71%Public 3.22% 4.62%

Sponsor % (Ownership Structure) S 64.72% 64.72%Free-Float % (Ownership Structure) F+I+P 0.35 0.35 Basic Earning Power EBIT/TA 0.09 0.07 Operating Profit Margin EBIT/S 0.09 0.09 Degree of Operating Leverage %ch.EBIT/%ch.S 1.03 Stability Of Sales STDEV(Sales) 24.33 Operating Expense Ratio 0.40 0.40 BV-MV Ratio (Proxy For Distress) BV/MV 0.42 0.55


222.32 347.24 240.73 253.77 268.49 102.84 195.52 100.40 111.21 122.08 119.48 151.72 140.33 142.56 146.41 94.25 122.96 117.02 117.04 121.11 25.23 28.76 23.31 25.52 25.30 2.97 4.95 4.85 4.73 4.24

22.26 23.81 18.46 20.79 21.06 11.33 12.17 10.18 11.41 10.45 10.93 11.64 8.28 9.38 10.61 0.55 0.58 0.41 0.47 0.53 10.38 11.06 7.87 8.91 10.08

5.38 3.32 1.52 2.01 2.71

5.00 7.74 6.35 6.90 7.37 2.50 3.87 3.17 3.45 3.69

2.93 0.43 5.22 6.15 2.06 35.52 34.16 39.50 57.81 65.12 53.09 88.29 38.48 35.39 44.59 125.41 105.26 135.90 132.93 117.21

216.95 228.14 219.10 232.28 228.98

58.02 59.15 59.48 56.66 57.41 113.28 119.35 124.53 126.44 131.43 55.26 60.20 65.05 69.78 74.02 58.02 59.15 59.48 56.66 57.41

- - - 58.02 59.15 59.48 56.66 57.41

274.97 287.29 278.58 288.94 286.39 257.81

11.15 11.27 10.60 8.82 9.96 13.18 15.08 14.88 18.25 23.73 5.62 8.76 13.36 21.03 28.95 199.47 203.88 193.22 193.42 174.96

229.42 238.99 232.06 241.52 237.60

- - - - -

20.00 20.00 20.00 20.00 20.00

20.42 23.17 21.39 22.29 23.66

5.13 5.13 5.13 5.13 5.13

45.55 48.30 46.52 47.42 48.79

274.97 287.29 278.58 288.94 286.39

- - - - -

13.69 6.07 6.51 0.70 4.99 27.55 5.06 25.07 24.23 25.51 0.52 0.30 0.19 0.23 0.27 22.78 24.15 23.26 23.71 24.40 2.50 3.00 3.00 3.00 3.00 0.11 0.16 0.14 0.15 0.15 1.00 0.78 0.94 0.87 0.81 - 0.22 0.06 0.13 0.19 2.00 2.00 2.00 2.00 2.00 43.40 53.70 129.20 209.40 497.20

0.73 0.71 0.69 0.67 0.61 0.65 - - - - - - 1.96 1.96 1.81 1.82 2.02 1.89 2.43 0.42 2.46 2.12 2.44 1.65

0.21 0.21 0.21 0.20 0.20 0.22

0.24 0.13 0.13 0.07 0.01 0.13 4.79 2.75 2.68 1.43 0.19 2.61 20.30 21.51 21.02 20.10 20.93 20.32 - 0.04 0.01 0.02 0.03 0.01

64.72% 64.72% 64.72% 65% 64%0.00% 0% 0% 0% 0%8.95% 8.95% 8.95% 8.95% 8.95%

23.64% 23.34% 15.85% 24.17% 22.12%2.69% 2.99% 10.48% 2.11% 4.66%

64.72% 64.72% 64.72% 64.77% 64.27% 0.35 35.28% 35.28% 35.23% 35.73% 0.35 0.08 0.08 0.07 0.07 0.07 0.08 0.10 0.07 0.08 0.08 0.08 0.08 1.78 0.12 0.73 2.33 0.22 1.04 89.53 67.44 58.10 13.89 10.41 43.95 0.44 0.37 0.51 0.48 0.47 0.44 0.52 0.45 0.18 0.11 0.05 0.33

Beximco Pharmaceuticals2004 2005

Income Statement figures are in million (except the per share data) Sales 2,402.70 3,327.02 COGS (excluding Depr) 1,286.94 1,661.04 Gross Profit 1,115.76 1,665.98 Operating Expenses (excluding Depr) 458.03 813.97 EBITDA 657.73 852.01 Depreciation 101.39 127.66 Other Income 3.85 7.23 EBIT 560.19 731.58 Interest Expense 190.58 221.95 Profit Before Tax & WPPF 369.61 509.63 WPPF 15.93 24.27 PBT 353.68 485.36 Income Tax 28.47 46.17 Deferred Tax (4.18) (50.06)Minority Interest & Associate UndertakingsProfit After Tax 329.39 489.25 EPS 5.89 6.36

Balance SheetCurrent AssetsCash & Cash Equivalent 8.00 428.60 Advance, Deposits & Prepayments 468.68 603.80 Accounts Receivables 600.00 779.80 Inventories 1,394.80 1,683.70 Short-term Investment - - Total Current Assets 2,471.48 3,495.90

Non-Current AssetsFixed Asset 6,149.83 7,412.47 Plant, Property & Equipment 6,149.83 7,412.47 Less: Accumulated DepreciationNet PP&E 6,149.83 7,412.47 Capital Work-in-ProgressLong-term Investment 37.16 37.16 Other Non-Current AssetsIntangible Assets - - Total Non-Current Assets 6,186.99 7,449.63

Total Assets 8,658.47 10,945.53

Current LiabilitiesAccounts Payables 206.45 216.66 Accrued Expenses 46.72 101.86 Other Payables 28.01 55.26

Short-term Borrowings 1,121.91 1,062.01 Current Portion of Long-term Debt 298.45 1,066.03 Total Current Liabilities 1,701.54 2,501.82

Non-Current LiabilitiesLong-term Borrowings 1,919.35 1,387.46 Other Long-term Liabilities 201.60 235.27 Total Non-Current Liabilities 2,120.95 1,622.73

Shareholders' EquityIssued Share Capital 559.76 959.22 Share Premium 1,489.75 1,489.75 Retained Earnings 2,341.10 2,693.30 General ReserveOther Reserve 445.36 709.50 Others - 969.18 Revaluation Surplus - - Total Shareholders' Equity 4,835.97 6,820.94


Check 0 0

Other InfoCapEx 289.07 904.86 Operating Cashflow 82.95 311.63 Effective Tax Rate 0.07 (0.01)Book Value Per Share 86.43 88.67 Dividend Per Share 5.00 15.00 Return On Equity 0.07 0.07 Dividend Payout Ratio 0.85 2.36 Retention Ratio 0.15 (1.36)No of Shares Outstanding (mn) 55.95 76.93 Year-End Market Price 85.74 43.69






Growth Rate ROE*RR 0.01 (0.10)Ownership Structure %

Sponsors 26.94 22.38 Govt. - - Foreign 1.36 21.76 Institutions 21.57 14.79 Public 50.13 41.07



3,702.32 3,597.02 4,010.17 4,868.25 6,490.85 1,829.35 1,829.02 1,871.88 2,311.54 2,924.75 1,872.97 1,768.00 2,138.29 2,556.71 3,566.10 965.07 955.84 992.31 1,269.29 1,496.18 907.90 812.16 1,145.98 1,287.42 2,069.92 161.37 157.38 147.18 286.15 434.13 56.20 19.63 0.69 198.99 456.01 802.73 674.41 999.49 1,200.26 2,091.80 253.32 254.74 249.65 289.43 662.18 549.41 419.67 749.84 910.83 1,429.62 26.16 19.98 35.71 43.37 68.08 523.25 399.69 714.13 867.46 1,361.54 35.40 57.66 173.72 - 71.08 17.18 (11.10) (4.94) 242.73 238.80

470.67 353.13 545.35 624.73 1,051.66 4.67 2.80 3.61 3.59 5.17

581.10 85.70 73.65 1,058.43 1,471.45 591.60 685.92 544.51 699.20 779.13 430.24 499.68 503.92 694.11 821.36 1,754.44 1,652.48 1,739.82 1,964.98 2,260.33 - - - 2,500.00 859.40 3,357.38 2,923.78 2,861.90 6,916.72 6,191.67

8,513.14 8,992.94 11,921.07 12,966.59 15,123.31 8,513.14 8,992.94 11,921.07 12,966.59 15,123.31

8,513.14 8,992.94 11,921.07 12,966.59 15,123.31

41.98 36.70 36.70 2.88 6.30

- - - 5.73 51.13 8,555.12 9,029.64 11,957.77 12,975.20 15,180.74

11,912.50 11,953.42 14,819.67 19,891.92 21,372.41 14,221.99

365.26 271.80 263.18 409.90 432.32 117.94 60.10 81.78 79.09 90.51 29.29 44.90 147.25 72.31 1.51

1,302.82 907.58 1,461.67 1,451.33 1,639.96 712.12 343.60 648.17 308.82 348.86 2,527.43 1,627.98 2,602.05 2,321.45 2,513.16

1,159.41 1,776.45 1,446.60 1,924.93 1,902.15 275.76 298.05 320.83 4,759.84 983.01 1,435.17 2,074.50 1,767.43 6,684.77 2,885.16

1,040.97 1,145.10 1,259.58 1,511.49 2,098.07 1,489.75 1,489.75 1,489.75 1,489.75 5,269.47 3,039.77 3,189.18 4,005.11 4,282.51 5,087.31

689.78 737.30 294.95 294.95 294.95 1,689.64 1,689.64 1,689.64 1,689.64 1,689.64 - - 1,711.17 1,617.36 1,534.65 7,949.91 8,250.97 10,450.20 10,885.70 15,974.09

11,912.51 11,953.45 14,819.68 19,891.92 21,372.41

(0) (0) (0) 0 -

1,083.03 459.00 3,085.51 1,331.67 2,595.10 1,079.53 340.47 880.73 520.93 1,352.21 0.10 0.12 0.24 0.28 0.23 78.88 65.43 69.18 62.55 78.50 5.00 5.00 1.00 - - 0.06 0.04 0.05 0.06 0.07 1.07 1.79 0.28 - - (0.07) (0.79) 0.72 1.00 1.00 100.78 126.10 151.06 174.02 203.48 53.71 53.54 167.68 155.81 134.00

0.27 0.25 0.24 0.19 0.18 0.26 0.15 0.22 0.14 0.18 0.12 0.20 3.17 2.65 4.00 4.15 3.16 3.34 1.03 0.53 0.80 0.73 1.21 0.67

0.71 0.75 0.80 0.65 0.71 0.72 0.09 0.20 0.28 0.41 0.38 0.26 64.29 163.74 265.36 581.42 630.41 304.98 736.24 825.54 958.05 1,430.52 1,646.03 1,049.09 (0.00) (0.03) 0.04 0.06 0.07 0.01

20.63 20.63 20.63 10.91 12.97 - - - - - 29.78 33.45 28.49 27.66 23.02 13.68 11.25 10.23 10.46 11.21 35.91 34.67 40.65 50.97 52.80 20.63 20.63 20.63 10.91 12.97 79.37 79.37 79.37 89.09 87.03 80.70 0.07 0.06 0.07 0.06 0.10 0.07 0.22 0.19 0.25 0.25 0.32 0.24 0.87 6.02 3.58 0.94 1.90 2.35 193.58 214.69 648.46 1,259.82 1,147.35 688.79 0.29 0.30 0.28 0.28 0.23 0.27 1.47 1.22 0.41 0.40 0.59 1.02

Glaxo Smithkline Bangladesh Limited

Income StatementSalesCOGS (excluding Depr)Gross Profit Operating Expenses (excluding Depr)EBITDADepreciationOther Income /Finance incomeEBITInterest ExpenseProfit Before Tax & WPPFWPPF PBTIncome TaxDeferred TaxMinority Interest & Associate UndertakingsProfit After TaxEPS

Balance SheetCurrent AssetsCash & Cash EquivalentAdvance, Deposits & PrepaymentsAccounts ReceivablesInventoriesShort-term InvestmentTotal Current Assets

Non-Current AssetsFixed AssetPlant, Property & EquipmentLess: Accumulated DepreciationNet PP&ECapital Work-in-ProgressLong-term InvestmentOther Non-Current Assets (Deferred tax asset)Intangible AssetsTotal Non-Current Assets

Total Assets

Current LiabilitiesAccounts PayablesAccrued ExpensesOther Payables (Current tax liabilities)

Short-term BorrowingsCurrent Portion of Long-term Debt (Obligation under finance Lease)Total Current Liabilities

Non-Current LiabilitiesLong-term Borrowings (Obligation under finance lease)Other Long-term Liabilities (Retirement benefit obligations/Deferred tax liability)Total Non-Current Liabilities

Shareholders' EquityIssued Share CapitalShare PremiumRetained EarningsGeneral ReserveCapital ReserveOthersRevaluation SurplusTotal Shareholders' Equity

Total Liabilities & Shareholders' Equity

Check

Other InfoCapExOperating CashflowEffective Tax RateBook Value Per ShareDividend Per ShareReturn On EquityDividend Payout RatioRetention RatioNo of Shares Outstanding (mn)Year-End Market Price


Capital Structure AnalysisDebt Ratio (STD+LTD)/TADebt-Equity Ratio LTD/EInterest Coverage Ratio EBIT/iCashflow Coverage Ratio OCF/{i+(P/(1-T))}


Tangibility PPE/TAUncertainty Of Operating Income STDEV(EBIT)/Mean of EBIT

STDEV(EBIT)Mean of EBIT

Growth Rate ROE*RROwnership Structure %

SponsorsGovt.ForeignInstitutionsPublic

Sponsor % (Ownership Structure) SFree-Float % (Ownership Structure) F+I+PBasic Earning Power EBIT/TAOperating Profit Margin EBIT/SDegree of Operating Leverage %ch.EBIT/%ch.SStability Of Sales STDEV(Sales)Operating Expense RatioBV-MV Ratio (Proxy For Distress) BV/MV

2004 2005 2006 2007 2008 2009 2010 Average figures are in million (except the per share data)

1,272.60 1,342.65 1,439.34 1,589.09 1,888.11 3,023.67 3,632.10 922.12 1,015.65 1,127.24 1,214.38 1,381.64 2,042.76 2,351.10 350.48 326.99 312.10 374.71 506.47 980.92 1,281.00 225.49 215.71 280.15 255.93 249.29 504.37 695.85 125.00 111.29 31.95 118.79 257.18 476.54 585.15 37.08 39.86 46.20 49.05 48.99 51.62 53.69 119.33 6.81 9.25 12.00 4.84 14.72 22.12 207.247 78.23 (5.00) 81.73 213.04 439.65 553.58 - - 3.83 4.58 8.43 0.83 0.82 207.25 78.23 (8.83) 77.15 204.61 438.82 552.76 - - - - - - 207.25 78.23 (8.83) 77.15 204.61 438.82 552.76 23.73 29.39 8.29 32.07 61.66 115.04 142.58 - - - - - - -

183.52 48.85 (17.12) 45.08 142.95 323.79 410.18 15.23 4.05 (1.42) 3.74 11.87 26.88 34.05

219.13 85.87 5.33 21.28 1.94 314.30 666.04 - - - - - - - 126.58 166.02 143.46 284.84 420.32 409.46 462.90 474.75 530.18 527.13 425.38 596.21 610.53 695.23 - - - - - - - 820.46 782.07 675.91 731.50 1,018.46 1,334.28 1,824.18

278.30 290.66 303.96 318.11 326.47 348.82 368.10 278.30 290.66 303.96 318.11 326.47 348.82 368.10

278.30 290.66 303.96 318.11 326.47 348.82 368.10

- - - - - - - 5.06 0.09 31.10 18.86 17.42 18.40 22.01 - - - - - - - 283.36 290.75 335.05 336.97 343.89 367.22 390.11

1,103.83 1,072.83 1,010.96 1,068.47 1,362.35 1,701.50 2,214.29 1,362.03

157.09 157.45 108.10 174.27 328.50 361.46 632.88 - - - - - - - 20.17 8.04 (8.87) (19.96) 13.17 66.52 69.22

- - - - 1.68 2.36 2.68 3.31 2.34 1.17 1.30 178.95 167.85 101.91 157.62 344.00 429.16 703.39

7.93 7.79 5.11 3.64 1.30 4.94 3.64 79.82 77.47 137.56 107.83 104.84 103.69 126.10 87.75 85.26 142.67 111.47 106.14 108.63 129.74

120.47 120.47 120.47 120.47 120.47 120.47 120.47 - - - - - - - 651.85 634.44 581.18 614.17 727.00 978.51 1,196.04 5.00 5.00 5.00 5.00 5.00 5.00 5.00 59.82 59.82 59.74 59.74 59.74 59.74 59.65 - - - - - - - - - - - - - - 837.13 819.72 766.38 799.38 912.21 1,163.72 1,381.15

1,103.82 1,072.83 1,010.96 1,068.47 1,362.35 1,701.50 2,214.28

- - - - - - 0

60.17 121.87 66.20 76.36 58.49 75.48 75.63 15.66 47.01 14.70 85.59 66.14 453.92 615.22 0.11 0.38 (0.94) 0.42 0.30 0.26 0.26 69.49 68.05 63.62 66.36 75.72 96.60 114.65 5.00 3.00 1.00 2.50 6.00 16.00 20.00 0.22 0.06 (0.02) 0.06 0.16 0.28 0.30 0.33 0.74 (0.70) 0.67 0.51 0.60 0.59 0.67 0.26 1.70 0.33 0.49 0.40 0.41 12.05 12.05 12.05 12.05 12.05 12.05 12.05 143.16 134.82 135.50 192.98 330.10 725.22 1,129.44

0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.01 (1.30) 17.83 25.28 529.06 675.10 249.19 8.24 12.43 2.82 8.35 5.62 187.51 239.46 66.35

0.25 0.27 0.30 0.30 0.24 0.21 0.17 0.25 1.14 0.95 1.14 0.74 0.43 0.16 0.76 106.94 49.09 109.77 181.06 173.35 80.56 116.80 93.49 51.66 96.59 244.81 402.09 496.62 230.88

0.15 0.02 (0.04) 0.02 0.08 0.11 0.12 0.07

81.98 81.98 81.98 81.98 81.98 81.98 81.98 - - - - - - - - - - - - - - 17.17 17.75 17.63 17.23 16.41 13.57 13.96 0.85 0.27 0.39 0.79 1.61 4.45 4.06 81.98 81.98 81.98 81.98 81.98 81.98 81.98 18.02 18.02 18.02 18.02 18.02 18.02 18.02 18.02 0.19 0.07 (0.00) 0.08 0.16 0.26 0.25 0.14 0.16 0.06 (0.00) 0.05 0.11 0.15 0.15 0.10 (16.87) (32.70) 22.86 5.18 1.50 1.25 (3.13)

83.73 124.17 228.48 756.85 885.17 430.22 418.10 0.11 0.19 0.22 0.18 0.16 0.18 0.20 0.18 0.49 0.50 0.47 0.34 0.23 0.13 0.10 0.32

IBN SINA Pharmaceuticals IND LTD 2004 2005 2006Income Statement figures are in million (except the per share data) Sales 447.95 534.74 577.43 COGS (excluding Depr) 288.33 334.89 356.57 Gross Profit 159.62 199.85 220.86 Operating Expenses (excluding Depr) 109.54 143.77 181.46 EBITDA 50.08 56.08 39.40 Depreciation 10.71 12.38 13.69 Other Income 3.42 3.95 5.00 EBIT 42.79 47.65 30.72 Interest Expense 1.57 0.53 1.17 Profit Before Tax & WPPF 41.22 47.12 29.55 WPPF 1.96 2.24 1.40 PBT 39.26 44.88 28.15 Income Tax 10.60 12.12 7.60 Deferred TaxMinority Interest & Associate UndertakingsProfit After Tax 28.66 32.76 20.55 EPS 31.84 36.40 22.83

Balance SheetCurrent AssetsCash & Cash Equivalent 22.83 20.35 27.70 Advance, Deposits & Prepayments 27.09 40.40 47.50 Accounts Receivables 0.20 0.19 1.44 Inventories 48.54 51.55 52.14 Short-term Investment - - - Total Current Assets 98.66 112.49 128.78

Non-Current AssetsFixed Asset 146.29 159.92 184.71 Plant, Property & Equipment 228.20 254.21 292.69 Less: Accumulated Depreciation 81.91 94.29 107.98 Net PP&E 146.29 159.92 184.71 Capital Work-in-ProgressLong-term Investment 15.35 18.30 22.73 Other Non-Current AssetsIntangible Assets - - - Total Non-Current Assets 161.64 178.22 207.44

Total Assets 260.30 290.71 336.22

Current LiabilitiesAccounts Payables 68.94 31.56 15.06 Accrued Expenses 10.35 16.88 22.74 Other Payables 55.26 67.94 Short-term Borrowings 27.16 27.04 61.26

Current Portion of Long-term DebtTotal Current Liabilities 106.45 130.74 167.00

Non-Current LiabilitiesLong-term Borrowings 7.74 - 7.60 Other Long-term LiabilitiesTotal Non-Current Liabilities 7.74 - 7.60

Shareholders' EquityIssued Share Capital 90.00 90.00 90.00 Share PremiumRetained Earnings 51.72 65.58 67.22 General ReserveOther Reserve 4.39 4.39 4.39 Others - Revaluation Surplus - - - Total Shareholders' Equity 146.11 159.97 161.61

Total Liabilities & Shareholders' Equity 260.30 290.71 336.21

Check - - 0

Other InfoCapEx 29.96 26.01 38.48 Operating Cashflow 33.81 50.56 22.74 Effective Tax Rate 0.27 0.27 0.27 Book Value Per Share 162.34 177.74 179.57 Dividend Per Share 21.00 21.00 21.00 Return On Equity 0.20 0.20 0.13 Dividend Payout Ratio 0.66 0.58 0.92 Retention Ratio 0.34 0.42 0.08 No of Shares Outstanding (mn) 0.90 0.90 0.90 Year-End Market Price 777.75 584.75 639.50


Capital Structure AnalysisDebt Ratio (STD+LTD)/TA 0.13 0.09 0.20 Debt-Equity Ratio LTD/E 0.05 - 0.05 Interest Coverage Ratio EBIT/i 27.25 90.08 26.25 Cashflow Coverage Ratio OCF/{i+(P/(1-T))} 21.54 95.58 19.44

Determinants Of Capital StructureTangibility PPE/TA 0.56 0.55 0.55

Uncertainty Of Operating Income STDEV(EBIT)/Mean of EBIT 0.22 0.21 STDEV(EBIT) 8.72 8.55 Mean of EBIT 40.39 39.86

Growth Rate ROE*RR 0.07 0.09 0.01 Ownership Structure %

Sponsors 50.00 50.00 50.00 Govt. - - - ForeignInstitutions 3.68 3.68 4.06 Public 43.83 43.83 45.94

Sponsor % (Ownership Structure) S 50.00 50.00 50.00 Free-Float % (Ownership Structure) F+I+P 47.51 47.51 50.00 Basic Earning Power EBIT/TA 0.16 0.16 0.09 Operating Profit Margin EBIT/S 0.10 0.09 0.05 Degree of Operating Leverage %ch.EBIT/%ch.S 0.61 (5.63)Stability Of Sales STDEV(Sales) 65.98 137.69 Operating Expense Ratio 0.26 0.28 0.33 BV-MV Ratio (Proxy For Distress) BV/MV 0.21 0.30 0.28

2007 2008 2009 2010 Average figures are in million (except the per share data)

791.68 1,052.31 1,277.87 1,605.17 493.15 637.65 769.43 964.49 298.53 414.66 508.44 640.68 247.67 343.73 431.55 533.12 50.86 70.93 76.89 107.56 15.99 18.20 21.35 29.14 6.33 8.90 13.74 16.32 41.20 61.63 69.28 94.74 2.27 4.75 5.10 8.81 38.93 56.88 64.18 85.93 1.85 2.71 3.06 4.09 37.08 54.17 61.12 81.84 9.02 13.23 14.30 20.33

(2.34) (2.41) 1.44

28.06 43.28 49.23 60.07 31.18 48.09 45.58 55.62

34.04 81.10 76.49 79.11 57.22 78.40 85.47 95.83 0.18 0.60 0.86 1.40 58.47 60.04 62.23 66.40 - - 149.91 220.14 225.05 242.74

218.55 257.91 332.85 330.22 342.52 257.91 494.84 520.58 123.97 161.99 190.36 218.55 257.91 332.85 330.22

29.53 35.61 44.73 52.64 1.46 0.02

- - 248.08 293.52 379.04 382.88

397.99 513.66 604.09 625.62 432.66

14.84 14.23 19.21 51.46 19.71 16.98 22.94 54.30 69.20 56.96 59.90 78.51 112.32 169.59 186.61 55.39

6.89 19.78 16.94 216.07 264.65 308.44 256.60

12.94 27.83 39.94 48.73 32.49 40.31 51.54

12.94 60.32 80.25 100.27

90.00 90.00 90.00 108.00

74.59 94.28 121.02 156.34

4.39 4.39 4.39 4.39

- 168.98 188.67 215.41 268.73

397.99 513.64 604.10 625.60

(0) 0 (0) 0

49.83 57.68 94.63 25.71 18.09 41.16 68.57 141.62 0.24 0.20 0.19 0.27 187.76 209.63 199.45 248.82 23.00 7.50 7.50 10.00 0.17 0.23 0.23 0.22 0.74 0.16 0.16 0.18 0.26 0.84 0.84 0.82 0.90 0.90 1.08 1.08 786.75 995.75 1,552.50 1,615.75

0.31 0.40 0.41 0.19 0.25 0.08 0.15 0.19 0.18 0.10 18.15 12.97 13.58 10.75 28.44 7.97 3.08 2.31 4.44 22.05

0.55 0.50 0.55 0.53 0.54

0.35 0.25 0.23 0.22 0.25 15.72 14.51 17.33 18.00 13.81 44.52 57.37 75.22 82.01 56.56 0.04 0.19 0.19 0.18 0.11

50.00 48.33 48.33 48.33 - - - -

4.06 8.81 8.81 8.81 45.94 42.86 42.86 42.86 50.00 48.33 48.33 48.33 50.00 51.67 51.67 51.67 50.00 0.10 0.12 0.11 0.15 0.13 0.05 0.06 0.05 0.06 0.07 0.93 1.41 0.60 1.37 (0.12) 237.82 243.31 277.99 231.44 199.04 0.33 0.34 0.34 0.34 0.32 0.24 0.21 0.13 0.15 0.22

Renata Limited2004 2005

Income Statement figures are in million (except the per share data) Sales 1,470.13 1,784.92 COGS (excluding Depr) 787.73 928.56 Gross Profit 682.40 856.36 Operating Expenses (excluding Depr) 421.60 487.43 EBITDA 260.80 368.93 Depreciation 22.40 25.52 Other Income 10.29 10.07 EBIT 248.69 353.48 Interest Expense 38.33 35.19 Profit Before Tax & WPPF 210.36 318.29 WPPF 10.42 15.16 PBT 199.94 303.13 Income Tax 59.32 88.16 Deferred Tax 3.50 (1.35)Minority Interest & Associate UndertakingsProfit After Tax 137.12 216.32 EPS 245.79 323.14

Balance SheetCurrent AssetsCash & Cash Equivalent 72.58 99.17 Advance, Deposits & Prepayments 30.47 35.45 Accounts Receivables 103.54 142.01 Inventories 404.93 421.55 Short-term Investment - - Total Current Assets 611.52 698.18

Non-Current AssetsFixed Asset 555.26 672.86 Plant, Property & Equipment 544.58 532.97 Less: Accumulated DepreciationNet PP&E 544.58 532.97 Capital Work-in-Progress 10.68 139.89 Long-term Investment 4.15 4.15 Other Non-Current Assets - - Intangible Assets - - Total Non-Current Assets 559.41 677.01

Total Assets 1,170.93 1,375.19


Short-term Borrowings 240.93 192.43 Current Portion of Long-term Debt - - Total Current Liabilities 375.86 399.05

Non-Current LiabilitiesLong-term Borrowings 78.78 65.89 Other Long-term Liabilities 110.48 116.30 Total Non-Current Liabilities 189.26 182.19

Shareholders' EquityIssued Share Capital 55.79 66.94 Share Premium - - Retained Earnings 304.84 460.08 General Reserve - - Other Reserve 206.11 220.05 Others 39.06 46.86 Revaluation Surplus - - Total Shareholders' Equity 605.80 793.93


Check 0 0

Other InfoCapEx 124.73 153.18 Operating Cashflow 165.58 211.46 Effective Tax Rate 0.31 0.29 Book Value Per Share 1,085.89 1,185.97 Dividend Per Share 50.00 50.00 Return On Equity 0.23 0.27 Dividend Payout Ratio 0.20 0.15 Retention Ratio 0.80 0.85 No of Shares Outstanding (mn) 0.56 0.67 Year-End Market Price 3,079.93 2,701.13








Sponsor % (Ownership Structure) S - - Free-Float % (Ownership Structure) F+I+P - - Basic Earning Power EBIT/TA 0.21 0.26 Operating Profit Margin EBIT/S 0.17 0.20 Degree of Operating Leverage %ch.EBIT/%ch.S 1.80 Stability Of Sales STDEV(Sales) 348.25 Operating Expense Ratio 0.30 0.28 BV-MV Ratio (Proxy For Distress) BV/MV 0.35 0.44


2,165.60 2,729.92 3,203.20 4,102.59 5,424.44 1,076.76 1,414.66 1,570.80 1,874.66 2,462.96 1,088.84 1,315.26 1,632.40 2,227.93 2,961.48 588.57 708.02 841.92 1,112.44 1,363.12 500.27 607.24 790.48 1,115.49 1,598.36 30.29 48.59 68.84 95.57 159.84 20.70 15.53 13.52 4.27 2.36 490.68 574.18 735.16 1,024.19 1,440.88 43.96 60.95 88.96 100.44 117.74 446.72 513.23 646.20 923.75 1,323.14 21.27 24.45 30.77 43.97 63.00 425.45 488.78 615.43 879.78 1,260.14 98.23 121.82 176.77 219.66 235.56 6.86 8.88 - - 42.69

320.36 358.08 438.66 660.12 981.89 398.79 309.54 303.36 365.21 434.59

116.23 95.79 142.79 170.26 210.01 62.53 71.48 84.02 86.37 117.24 187.39 200.48 322.50 340.07 465.36 677.31 707.04 1,008.28 1,133.43 1,350.08 - - - - - 1,043.46 1,074.79 1,557.59 1,730.13 2,142.69

868.56 1,235.89 1,737.70 2,306.50 3,151.87 824.40 927.83 1,135.90 1,569.54 2,787.87

824.40 927.83 1,135.90 1,569.54 2,787.87 44.16 308.06 601.80 736.96 364.00 6.47 15.66 22.74 26.90 163.55 - - - - - - - - - - 875.03 1,251.55 1,760.44 2,333.40 3,315.42

1,918.49 2,326.34 3,318.03 4,063.53 5,458.11 2,804.37

53.61 42.16 127.28 32.51 33.35 76.68 106.38 140.06 180.59 230.08 166.78 235.80 242.43 431.46 489.78

371.85 361.48 823.16 794.42 1,129.41 - - - - - 668.92 745.82 1,332.93 1,438.98 1,882.62

33.83 22.45 10.55 0.62 - 135.32 160.32 186.76 234.36 291.26 169.15 182.77 197.31 234.98 291.26

80.33 96.40 115.68 144.60 180.75 - - - - - 781.48 1,081.64 1,446.27 1,983.51 2,788.62 - - - - - 218.57 219.72 225.80 261.44 314.81 - - - - - - - - - - 1,080.38 1,397.76 1,787.75 2,389.55 3,284.18

1,918.45 2,326.35 3,317.99 4,063.51 5,458.06

0 (0) 0 0 0

234.46 425.52 580.67 642.57 1,018.82 69.19 433.15 222.41 818.47 934.83 0.25 0.27 0.29 0.25 0.22 1,344.89 1,208.29 1,236.35 1,322.01 1,453.61 50.00 50.00 50.00 60.00 60.00 0.30 0.26 0.25 0.28 0.30 0.13 0.16 0.16 0.16 0.14 0.87 0.84 0.84 0.84 0.86 0.80 1.16 1.45 1.81 2.26 3,098.49 6,242.41 7,787.51 12,048.28 12,941.03

0.21 0.17 0.25 0.20 0.21 0.21 0.03 0.02 0.01 0.00 - 0.04 11.16 9.42 8.26 10.20 12.24 9.69 1.57 7.11 2.50 8.15 7.94 5.37

0.43 0.40 0.34 0.39 0.51 0.42 0.24 0.21 0.29 0.33 0.24 0.27 111.43 124.27 228.02 354.78 294.64 205.75 472.78 600.01 777.84 1,066.74 1,232.53 752.37 0.26 0.21 0.20 0.23 0.26 0.23

51.00 51.00 51.00 51.00 -

25.00 25.33 25.33 22.46 15.00 14.97 13.55 13.49 9.00 8.70 10.12 13.05

- 51.00 51.00 51.00 51.00 - 49.00 49.00 49.00 49.00 0.26 0.25 0.22 0.25 0.26 0.24 0.23 0.21 0.23 0.25 0.27 0.22 1.69 0.68 1.54 1.33 1.22 1.38 475.46 519.47 697.27 1,117.30 934.69 682.07 0.28 0.27 0.28 0.29 0.28 0.28 0.43 0.19 0.16 0.11 0.11 0.26

Square Pharmaceuticals2004 2005

Income Statement figures are in million (except the per share data) Sales 4,721.55 5,332.05 COGS (excluding Depr) 2,559.62 2,892.92 Gross Profit 2,161.93 2,439.13 Operating Expenses (excluding Depr) 643.27 797.45 EBITDA 1,518.66 1,641.68 Depreciation 289.45 303.95 Other Income 88.68 357.40 EBIT 1,317.89 1,695.12 Interest Expense 108.67 106.45 Profit Before Tax & WPPF 1,209.22 1,588.67 WPPF 57.58 75.65 PBT 1,151.64 1,513.02 Income Tax 181.59 257.17 Deferred Tax - - Minority Interest & Associate UndertakingsProfit After Tax 970.04 1,255.85 EPS 269.46 252.69

Balance SheetCurrent AssetsCash & Cash Equivalent 52.08 382.07 Advance, Deposits & Prepayments 107.18 146.04 Accounts Receivables 225.12 267.53 Inventories 795.86 1,144.91 Short-term Investment 835.83 1,301.95 Total Current Assets 2,016.06 3,242.50

Non-Current AssetsFixed Asset 2,639.41 3,004.60 Plant, Property & Equipment 3,408.48 3,786.22 Less: Accumulated Depreciation 1,171.34 1,468.86 Net PP&E 2,237.14 2,317.36 Capital Work-in-Progress 402.27 687.24 Long-term Investment 1,221.90 1,660.83 Other Non-Current AssetsIntangible Assets - - Total Non-Current Assets 3,861.31 4,665.43

Total Assets 5,877.36 7,907.93


Short-term Borrowings 896.15 1,370.26 Current Portion of Long-term Debt 55.92 142.88 Total Current Liabilities 1,250.68 1,949.95

Non-Current LiabilitiesLong-term Borrowings 36.54 389.19 Other Long-term Liabilities - - Total Non-Current Liabilities 36.54 389.19

Shareholders' EquityIssued Share Capital 360.00 432.00 Share Premium 2,035.47 2,035.47 Retained Earnings 1,235.07 2,075.81 General Reserve 105.88 105.88 Other Reserve - - Others 853.73 919.64 Revaluation Surplus - - Total Shareholders' Equity 4,590.14 5,568.79


Check 0 0

Other InfoCapEx 150.65 377.75 Operating Cashflow 1113.35 918.33Effective Tax Rate 0.16 0.17 Book Value Per Share 1,275.04 1,120.48 Dividend Per Share 70.00 77.00 Return On Equity 0.21 0.23 Dividend Payout Ratio 0.26 0.30 Retention Ratio 0.74 0.70 No of Shares Outstanding (mn) 3.60 4.97Year-End Market Price 2,272 3,768





STDEV(EBIT) 235.09 Mean of EBIT 1,587.52


Sponsors 54.10 54.17 Govt. - - Foreign 9.03 8.95 InstitutionsPublic 36.87 36.88


2006 2007 2008 2009 2010 (Annualized) Average figures are in million (except the per share data)

6,089.91 7,500.81 8,257.84 9,820.80 15925.53 3,273.10 3,942.66 4,530.27 5,043.65 8871.52 2,816.80 3,558.16 3,727.57 4,777.15 7054.01 940.60 1,185.91 1,626.83 1,581.31 2921.61 1,876.20 2,372.25 2,100.74 3,195.84 4132.40 296.00 546.49 391.43 827.40 169.35 220.14 604.63 665.52 390.63 1,749.56 2,045.90 2,313.93 3,033.96 4523.03 139.86 236.85 351.87 397.14 244.20 1,609.69 1,809.05 1,962.07 2,636.82 4278.83 76.65 86.15 93.43 125.56 207.08 1,533.04 1,722.91 1,868.63 2,511.26 4071.75 333.31 347.98 409.66 592.64 897.16 33.87 71.68 77.11 28.56

1,165.86 1,303.24 1,381.86 1,890.05 3174.59 234.67 218.61 154.53 156.56 262.97

316.72 139.86 205.30 293.46 718.00 166.49 236.46 288.81 260.33 815.27 288.73 322.86 360.25 477.56 734.76 1,342.36 1,544.19 2,026.74 2,098.76 3220.23 1,917.37 1,439.14 1,530.75 713.41 3960.24 4,031.68 3,682.51 4,411.84 3,843.51 9448.50

3,351.47 4,012.24 4,679.54 4,899.68 9617.83 4,030.14 5,803.50 6,893.45 8,343.69 8029.25 1,756.38 2,272.50 2,805.02 3,444.01 2,273.76 3,531.00 4,088.43 4,899.68 8029.25 1,077.71 481.24 591.11 - 1588.57 1,915.83 2,792.19 3,611.74 4,508.05 5375.67

- - - - 5,267.30 6,804.43 8,291.29 9,407.73 14993.49

9,298.99 10,486.94 12,703.13 13,251.24 24441.99 11,995.37

79.39 60.60 100.95 124.22 887.29 49.77 24.57 32.29 69.57 109.83 399.02 426.44 400.91 617.14 1405.73

1,471.16 1,818.78 2,669.69 1,534.35 2416.24 261.42 225.18 297.00 295.59 625.65 2,260.76 2,555.57 3,500.85 2,640.87 5444.75

602.35 492.57 602.58 449.76 1084.57 33.87 105.55 182.66 211.22 300.99 636.22 598.12 785.24 660.98 1385.56

496.80 596.16 894.24 1,207.22 2615.65 2,035.47 2,035.47 2,035.47 2,035.47 2713.95 2,816.19 3,493.82 4,279.52 5,498.90 10671.65 105.88 105.88 105.88 105.88 141.17 - - - - 1469.25 947.68 1,101.94 1,101.94 1,101.94 - - - - 6,402.01 7,333.26 8,417.04 9,949.40 17611.69

9,298.99 10,486.94 12,703.13 13,251.24 24442.00

(0) (0) (0) 0 (0)

243.92 1,773.36 1,089.95 1,450.24 2,398.46 1189.16 1449.87 1300.83 2487.91 3,005.45

0.24 0.24 0.26 0.25 0.22 1,288.65 1,230.08 941.25 824.16 1,458.86 75.00 50.00 40.00 40.00 0.18 0.18 0.16 0.19 0.18 0.32 0.23 0.26 0.26 - 0.68 0.77 0.74 0.74 1.00

4.97 5.96 8.94 12.07 12.07 2,276 2,447 4,110 2,935 3,272.25

0.25 0.24 0.28 0.17 0.17 0.22 0.09 0.07 0.07 0.05 0.06 0.06 12.51 8.64 6.58 7.64 18.52 11.71 2.46 2.71 1.73 3.15 2.87 3.23

0.24 0.34 0.32 0.37 0.33 0.33 0.10 0.14 0.21 0.34 0.28 0.20 188.78 282.31 510.97 1,126.64 1,052.93 566.12 1,830.19 2,036.46 2,464.60 3,290.31 3,778.49 2,497.93 0.12 0.14 0.12 0.14 0.18 0.15

54.17 54.17 54.18 54.19 - - - - 8.88 11.19 8.72 6.30

36.95 34.64 37.10 39.54 54.17 54.17 54.18 54.19 - 45.83 45.83 45.82 45.84 - 39.29 0.19 0.20 0.18 0.23 0.19 0.20 0.29 0.27 0.28 0.31 0.28 0.29 0.24 0.75 1.28 1.56 (0.20) 0.95 1,100.65 1,100.28 1,183.09 4,051.83 4,316.70 2,073.01 0.18 0.20 0.17 0.18 0.16 0.17 0.57 0.50 0.23 0.28 0.45 0.41

AMBEE W.VALUEDeterminants Of Capital Structure

1 Tangibility PPE/TA 0.22 0.0015452 Uncertainty Of Operating Income STDEV(EBIT)/Mean of EBIT 0.13 0.0009253

STDEV(EBIT) 2.61 0.0185047Mean of EBIT 20.32 0.1440433

3 Growth Rate ROE*RR 0.01 8.315E-05Ownership Structure % 0

Sponsors 0Govt. 0Foreign 0Institutions 0Public 0

Sponsor % (Ownership Structure) S 04 Free-Float % (Ownership Structure) F+I+P 0.35 0.00250525 Basic Earning Power EBIT/TA 0.08 0.00054816 Operating Profit Margin EBIT/S 0.08 0.00058447 Degree of Operating Leverage %ch.EBIT/%ch.S 1.04 0.00736048 Stability Of Sales STDEV(Sales) 43.95 0.31157229 Operating Expense Ratio 0.44 0.0031004

10 BV-MV Ratio (Proxy For Distress) BV/MV 0.33 0.0023171

AVERAGE TOTAL ASSET 257.8143

WEIGHT 0.007089

ACI W.VALUE BEXIMCO W.VALUE GLAXO W.VALUE IBN SINA W.VALUE

0.21 0.0307508 0.72 0.2803656 0.25 0.0092687239 0.54 0.006444 0.36 0.0527692 0.26 0.0997669 0.76 0.0284877149 0.25 0.002948 295.87 43.05303 304.98 119.2721 116.80 4.3744496395 13.81 0.164263 833.06 121.22361 1,049.09 410.27741 230.88 8.6470673234 56.56 0.672903 0.14 0.0204197 0.01 0.00201 0.07 0.0024400952 0.11 0.001317

0 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 00 0 0 0

68.44 9.9596964 80.70 31.56061 18.02 0.6749096241 50.00 0.594912 0.13 0.0190909 0.07 0.0268726 0.14 0.0053344073 0.13 0.001545 0.13 0.0196081 0.24 0.0936023 0.10 0.0036368776 0.07 0.000785 0.76 0.1099981 2.35 0.9209169 (3.13) -0.117204084 (0.12) -0.001413 883.05 128.49744 688.79 269.37268 418.10 15.659389215 199.04 2.367965 0.19 0.0278341 0.27 0.1058663 0.18 0.0066196261 0.32 0.003771 0.56 0.0811056 1.02 0.3982472 0.32 0.0121327527 0.22 0.002592

5,291.82 14221.98869043 1,362.03 432.66

0.145515383 0.391078707499 0.03745336 0.011897

RENATA W.VALUE SQUARE W.VALUE INDUSTRY. AVG

0.42 0.032174 0.33 0.10720148 0.47 0.27 0.021088 0.20 0.0669738 0.27 205.75 15.8665 566.12 186.734531 369.48 752.37 58.01878 2,497.93 823.943668 1422.93 0.23 0.017387 0.15 0.04794939 0.09

0 0 0.000 0 0.000 0 0.000 0 0.000 0 0.000 0 0.000 0 0.000 39.29 12.9607771 55.75

0.24 0.018834 0.20 0.0668177 0.14 0.22 0.017063 0.29 0.09566769 0.23 1.38 0.106167 0.95 0.31292463 1.34 682.07 52.59821 2,073.01 683.783433 1152.59 0.28 0.021794 0.17 0.05667647 0.23 0.26 0.01983 0.41 0.1358556 0.65

2,804.37 11,995.37 36,366.05

0.077115178 0.329850716

Compiled Data2004 2005

Income Statement figures are in million (except the per share data) Sales 13,071.15 15,583.75 COGS (excluding Depr) 7,763.57 9,054.00 Gross Profit 5,307.58 6,529.75 Operating Expenses (excluding Depr) 2,452.32 3,221.19 EBITDA 2,855.26 3,308.56 Depreciation 487.03 542.06 Other Income 267.61 415.77 EBIT 2,635.85 3,182.27 Interest Expense 440.45 457.45 Profit Before Tax & WPPF 2,195.39 2,724.82 WPPF 93.77 126.48 PBT 2,101.62 2,598.34 Income Tax 344.75 486.01 Deferred Tax 12.69 (46.06)Minority Interest & Associate Undertakings - - Profit After Tax 1,744.18 2,158.40 EPS 19.12 18.99

Balance SheetCurrent AssetsCash & Cash Equivalent 433.07 1,073.70 Advance, Deposits & Prepayments 815.89 1,041.74 Accounts Receivables 1,534.30 2,038.51 Inventories 3,873.75 4,572.28 Short-term Investment 835.83 1,301.95 Total Current Assets 7,492.83 10,028.18

Non-Current AssetsFixed Asset 10,559.07 12,344.56 Plant, Property & Equipment 11,653.69 13,449.49 Less: Accumulated Depreciation 1,567.70 1,945.35 Net PP&E 10,085.99 11,504.14 Capital Work-in-Progress 473.08 840.42 Long-term Investment 1,573.94 2,101.22 Other Non-Current Assets 5.06 0.09 Intangible Assets - - Total Non-Current Assets 12,138.07 14,445.87

Total Assets 19,630.90 24,474.05

Current LiabilitiesAccounts Payables 555.55 601.24 Accrued Expenses 177.09 396.39 Other Payables 668.05 1,031.93

Short-term Borrowings 3,130.78 3,566.71 Current Portion of Long-term Debt 368.49 1,230.13 Total Current Liabilities 4,899.94 6,826.39

Non-Current LiabilitiesLong-term Borrowings 2,406.58 2,094.68 Other Long-term Liabilities 391.91 429.04 Total Non-Current Liabilities 2,798.49 2,523.72

Shareholders' EquityIssued Share Capital 1,367.72 1,850.32 Share Premium 3,775.23 3,775.23 Retained Earnings 4,753.84 6,147.56 General Reserve 110.88 110.88 Other Reserve 724.59 1,001.67 Others 968.38 2,008.43 Revaluation Surplus 231.80 229.79 Total Shareholders' Equity 11,932.44 15,123.88


Check 0 0

Other InfoCapEx 723.73 1,665.08 Operating Cashflow 1,679.72 1,813.09 Effective Tax Rate 0.17 0.17 Book Value Per Share 130.80 133.03 Dividend Per Share 157.75 173.00 Return On Equity 0.15 0.14 Dividend Payout Ratio 8.25 9.11 Retention Ratio (7.25) (8.11)No of Shares Outstanding (mn) 91.22 113.68 Year-End Market Price 6,518.62 7,351.79

Time Series Analysis 2004 2005




STDEV(EBIT) 401.11 Mean of EBIT 3,078.61

Growth Rate ROE*RR (1.06) (1.16)Ownership Structure %


Sponsor % (Ownership Structure) S - - Free-Float % (Ownership Structure) F+I+P - - Basic Earning Power EBIT/TA 0.13 0.13 Operating Profit Margin EBIT/S 0.20 0.20 Degree of Operating Leverage %ch.EBIT/%ch.S 1.07 Stability Of Sales STDEV(Sales) 2,323.45 Operating Expense Ratio 0.20 0.21 BV-MV Ratio (Proxy For Distress) BV/MV 0.02 0.02


17,712.78 21,473.06 24,611.21 30,575.23 41,261.98 10,105.83 12,340.09 14,110.07 17,015.79 22,791.46 7,606.95 9,132.97 10,501.14 13,559.44 18470.52 3,903.05 4,679.82 5,463.53 6,702.73 9,017.14 3,703.89 4,453.15 5,037.61 6,856.71 9453.38 582.04 854.05 711.59 1,319.31 714.54 295.85 415.78 1,468.37 1,594.32 973.68 3,417.71 4,014.88 5,794.39 7,131.72 9712.52 535.02 690.64 965.81 1,017.09 1,181.04 2,882.68 3,324.24 4,828.58 6,114.63 8531.48 138.29 155.73 184.08 240.27 385.30 2,744.39 3,168.51 4,644.50 5,874.36 8146.18 585.80 696.39 934.27 1,061.06 1,583.26 39.43 63.75 79.07 269.47 285.54 - - - - - 2,119.16 2,408.38 3,631.16 4,543.83 6277.38 15.39 14.66 18.86 20.40 24.85

1,093.06 434.29 721.91 2,636.94 3,301.11 1,109.78 1,470.66 1,453.31 1,840.42 2,509.88 1,873.51 2,983.19 3,326.87 4,360.76 5,823.66 5,215.46 5,584.21 7,405.71 7,599.37 9,425.55 1,917.37 1,439.14 2,370.34 3,213.41 4,819.64 11,209.18 11,911.49 15,278.14 19,650.90 25879.85

14,011.17 15,910.17 20,237.84 22,192.99 31083.85 15,171.79 17,831.40 22,329.28 25,679.71 28,773.86 2,319.49 2,924.39 3,419.44 4,329.80 321.45 12,852.30 14,907.01 18,909.84 21,349.91 28452.41 1,158.87 1,003.17 1,328.00 843.08 2,631.44 2,415.82 3,410.70 4,377.05 5,673.95 7,045.85 31.10 18.86 17.42 19.86 22.03 - - - 5.73 53.46 16,458.10 19,339.74 24,632.32 27,892.53 38205.18

27,667.28 31,251.22 39,910.46 47,543.43 64085.03

712.20 707.21 1,170.30 1,333.29 2,259.09 433.75 503.80 522.54 724.40 857.42 1,328.40 2,002.12 1,974.91 2,478.45 2,808.88

4,231.80 4,817.62 7,866.07 6,335.86 7,910.80 990.29 644.81 1,143.44 688.48 1,289.05 7,696.44 8,675.56 12,677.26 11,560.48 15125.24

1,995.29 2,633.21 2,398.52 2,740.70 4,180.01 582.50 671.75 827.58 5,349.42 1,752.90 2,577.80 3,304.95 3,226.10 8,090.12 5932.91

2,010.26 2,229.83 2,661.67 3,287.82 5,336.98 3,775.23 3,775.23 3,775.23 3,775.23 8,233.44 7,553.78 9,040.37 12,061.72 15,189.64 22,614.67 110.88 110.88 110.88 110.88 146.17 979.28 1,027.95 591.68 627.32 2,149.85 2,734.34 2,791.58 2,791.58 2,984.26 2,114.51 229.23 294.92 2,014.30 1,917.66 2,431.18 17,393.01 19,270.75 24,007.05 27,892.81 43026.81

27,667.24 31,251.27 39,910.42 47,543.41 64084.96

0 (0) 0 0 0

1,723.78 3,200.14 5,142.81 3,726.28 6,674.71 2,525.90 1,848.86 1,703.08 4,888.12 6,984.96 0.23 0.24 0.22 0.23 0.23 126.34 117.27 124.67 125.23 170.31 160.50 142.00 119.50 137.00 105.00 0.12 0.12 0.15 0.16 0.15 10.43 9.69 6.34 6.72 4.23 (9.43) (8.69) (5.34) (5.72) (3.23) 137.67 164.33 192.57 222.73 252.64 6,316.80 9,961.38 14,041.55 18,073.11 19,962.27

2006 2007 2008 2009 2010 Average

0.26 0.26 0.29 0.21 0.21 0.26 0.11 0.14 0.10 0.10 0.10 0.13 6.39 5.81 6.00 7.01 8.22 6.63 1.39 1.20 0.70 2.56 2.45 1.59

0.46 0.48 0.47 0.45 0.44 0.47 0.12 0.28 0.28 0.26 0.22 0.21 429.20 1,236.38 1,563.64 1,991.68 1,824.90 1,241.15 3,538.29 4,408.99 5,647.00 7,546.21 8,422.12 5,440.20 (1.15) (1.09) (0.81) (0.93) (0.47) (0.95)

- - - - - - - - - - - 0.12 0.13 0.15 0.15 0.15 0.14 0.19 0.19 0.24 0.23 0.24 0.21 0.56 0.84 2.66 0.96 (0.15) 0.99 2,982.07 3,453.89 4,623.62 8,436.27 7,556.67 4,896.00 0.24 0.24 0.19 0.21 0.21 0.22 0.02 0.01 0.01 0.01 0.01 0.01

Simple & Weighted Average2004 2005 2006 2007

Total AssetACI 2,378.68 2,674.66 2,915.15 4,730.78 AMBEE 181.33 207.20 274.97 287.29 BEXIMCO 8,658.47 10,945.53 11,912.50 11,953.42 GLAXO 1,103.83 1,072.83 1,010.96 1,068.47 IBN SINA 260.30 290.71 336.22 397.99 RENATA 1,170.93 1,375.19 1,918.49 2,326.34 SQUARE 5,877.36 7,907.93 9,298.99 10,486.94 Industry 19,630.90 24,474.05 27,667.28 31,251.22

Relative Weight (based on Total Asset)ACI 12% 11% 11% 15%AMBEE 1% 1% 1% 1%BEXIMCO 44% 45% 43% 38%GLAXO 6% 4% 4% 3%IBN SINA 1% 1% 1% 1%RENATA 6% 6% 7% 7%SQUARE 30% 32% 34% 34%Industry 100% 100% 100% 100%

Tangibility 2004 2005 2006 2007ACI 0.29 0.28 0.24 0.18 AMBEE 0.27 0.23 0.21 0.21 BEXIMCO 0.71 0.68 0.71 0.75 GLAXO 0.25 0.27 0.30 0.30 IBN SINA 0.56 0.55 0.55 0.55 RENATA 0.47 0.39 0.43 0.40 SQUARE 0.38 0.29 0.24 0.34

Simple Average 0.42 0.38 0.38 0.39 Weighted Average 0.51 0.47 0.46 0.48

Uncertainty Of Operating Income 2004 2005 2006 2007ACI - 0.16 0.43 0.75 AMBEE - 0.21 0.24 0.13 BEXIMCO - 0.18 0.09 0.20 GLAXO - 1.14 0.95 1.14 IBN SINA - 0.22 0.21 0.35 RENATA - 0.33 0.24 0.21

SQUARE - 0.15 0.10 0.14 Simple Average - 0.34 0.32 0.42 Weighted Average - 0.22 0.17 0.30

2008 2009 2010 Average

6,915.05 7,742.20 9,686.22 5,291.82 278.58 288.94 286.39 257.81 14,819.67 19,891.92 21,372.41 14,221.99 1,362.35 1,701.50 2,214.29 1,362.03 513.66 604.09 625.62 432.66 3,318.03 4,063.53 5,458.11 2,804.37 12,703.13 13,251.24 24,441.99 11,995.37 39,910.46 47,543.43 64,085.03 36,366.05

17% 16% 15% 15%1% 1% 0% 1%

37% 42% 33% 39%3% 4% 3% 4%1% 1% 1% 1%8% 9% 9% 8%

32% 28% 38% 33%100% 100% 100% 100%

2008 2009 2010 0.16 0.15 0.18 0.21 0.20 0.20 0.80 0.65 0.71 0.24 0.21 0.17 0.50 0.55 0.53 0.34 0.39 0.51 0.32 0.37 0.33 0.37 0.36 0.37 0.47 0.45 0.44

2008 2009 2010 0.43 0.19 0.22 0.13 0.07 0.01 0.28 0.41 0.38 0.74 0.43 0.16 0.25 0.23 0.22 0.29 0.33 0.24

0.21 0.34 0.28 0.33 0.29 0.22 0.30 0.34 0.29

TangibilityACI AMBEE BEXIMCO GLAXO IBN SINA RENATA SQUARE

2004 0.286222 0.270336 0.710267 0.252124 0.561998 0.465083 0.380637 20042005 0.277968 0.228234 0.677214 0.270933 0.550101 0.387561 0.293042 20052006 0.238176 0.211005 0.714639 0.300659 0.549379 0.429713 0.244517 20062007 0.181668 0.20589 0.752332 0.297721 0.549139 0.398836 0.336705 20072008 0.162049 0.213511 0.804409 0.239636 0.502103 0.342342 0.321844 20082009 0.151865 0.196096 0.651852 0.205004 0.55099 0.38625 0.369752 20092010 0.181313 0.200461 0.707609 0.16624 0.527828 0.510776 0.328502 2010

Uncertainty Of Operating IncomeACI AMBEE BEXIMCO GLAXO IBN SINA RENATA SQUARE

2004 20042005 0.160505 0.211178 0.178574 1.143851 0.21591 0.333137 0.148085 20052006 0.425286 0.23614 0.087318 0.950424 0.214457 0.235698 0.103147 20062007 0.754494 0.127974 0.198338 1.136483 0.353141 0.207113 0.138626 20072008 0.426537 0.127612 0.276981 0.739611 0.253002 0.293145 0.207324 20082009 0.192917 0.07111 0.40644 0.431127 0.230467 0.332582 0.342411 20092010 0.21608 0.009124 0.382991 0.162215 0.219521 0.239056 0.278664 2010

1 2 3 425th percentile 50th percentile 75th percentile Maximum value

Q1 Q2 Q3 Q4 Industry Simple Avg0.27827881091 0.380636704805 0.513540502408 0.710267450063 0.51378131999 0.41809528

0.274450535938 0.293042398182 0.468831233635 0.677214351429 0.47005476863 0.383579130.241346701009 0.300658579336 0.489545960997 0.714639244491 0.46453091117 0.384012570.251805229838 0.336704623098 0.473987498125 0.752331968591 0.47700549962 0.388898540.226573460065 0.321844421736 0.422222124407 0.804408600192 0.47380650237 0.369413380.200550121108 0.369752482173 0.468620393572 0.651852108796 0.44906110977 0.35883010.190887078507 0.328502430217 0.519302051154 0.707609015549 0.44397899568 0.37467562

Q1 Q2 Q3 Q4 Industry Simple Avg

0.16953975042 0.211177729815 0.27452364458 1.143851152154 0.1302880995 0.341605850.158802102608 0.23569847029 0.330713330721 0.950423657958 0.12130209701 0.321781530.168481702309 0.207113340978 0.553817247893 1.136482638112 0.28042336704 0.416595450.230162837598 0.276981019483 0.359841020821 0.739610700201 0.27689711216 0.332030210.211692015596 0.332581580479 0.374425473381 0.431126935697 0.26393084337 0.286721990.189147301008 0.219521261419 0.25885985712 0.382990577146 0.21667920354 0.21537859

Weighted Avg0.51378132

0.47005476860.46453091120.47700549960.47380650240.44906110980.4439789957

Weighted Avg

0.21846560880.17309872180.29654324250.29650704680.34411980790.2948187354

Average of Tangibility YearCommpany Name 2004 2005 2006 2007 2008ACI 0.28622177 0.277968041 0.238176423 0.181667717 0.162049443Ambee 0.270335852 0.228233591 0.211004837 0.205889519 0.213511379Beximco 0.71026745 0.677214351 0.714639244 0.752331969 0.8044086Glaxo 0.252124204 0.270933031 0.300658579 0.29772094 0.239635541Ibn Sina 0.561997695 0.550101476 0.549378971 0.54913854 0.502102558Renata 0.46508331 0.387560992 0.429712951 0.398836457 0.342341691Square 0.380636705 0.293042398 0.244516979 0.336704623 0.321844422Grand Total 0.418095284 0.383579126 0.384012569 0.388898538 0.369413376

2009 2010 Grand Total0.151865103 0.181313247 0.2113231060.196096075 0.20046091 0.2179331660.651852109 0.707609016 0.7169032480.205004167 0.166239667 0.2474737330.550990409 0.527828394 0.5416482920.386250378 0.510775708 0.4172230690.369752482 0.32850243 0.3250000060.358830103 0.374675625 0.38250066

Year Tangibility Growth Rate

ACI 2004 0.2862217700573 0.0241520800446 0.1017370978862ACI 2005 0.2779680407977 0.1605052627762 0.0430015560681 0.0977208318067ACI 2006 0.2381764231686 0.4252862370717 0.0575590583087 0.1120902869492ACI 2007 0.1816677165288 0.7544938346296 0.1380423076621 0.1212590735566ACI 2008 0.1620494428818 0.4265366844235 0.3985651554499 0.2100751259933ACI 2009 0.1518651029423 0.1929169499384 0.2412867640254 0.1735411123453ACI 2010 0.1813132470665 0.216079785834 0.0796782543549 0.1019417275263Ambee 2004 0.270335851762 0.0164933667981 0.0939723156676Ambee 2005 0.2282335907336 0.2111777298155 -0.025 0.0716216216216Ambee 2006 0.2110048368913 0.2361404243695 -2.144887512E-16 0.0809542859221Ambee 2007 0.2058895193011 0.1279742408973 0.0360248447205 0.0828779282258Ambee 2008 0.2135113791371 0.127612066448 0.0075236457438 0.066264627755Ambee 2009 0.1960960753098 0.0711104480659 0.0189793336145 0.0719526545304Ambee 2010 0.200460909948 0.0091239584669 0.0280795244927 0.0735360871539Beximco 2004 0.710267450063 0.0102641607489 0.0646984913162Beximco 2005 0.6772143514293 0.1785742380645 -0.097444502431 0.066838243557Beximco 2006 0.7146392444911 0.0873177187396 -0.004182564394 0.0673855194124Beximco 2007 0.7523319685914 0.1983376637046 -0.033615008729 0.0564198363314Beximco 2008 0.8044086001915 0.2769810194832 0.0377300231659 0.0674434720881Beximco 2009 0.6518521087959 0.4064403632679 0.0573899914163 0.060339072347Beximco 2010 0.7076090155486 0.3829905771457 0.0658353621396 0.0978738476381Glaxo 2004 0.2521242044708 0.1472726387664 0.1877534935338Glaxo 2005 0.2709330310787 1.1438511521542 0.0155012681206 0.0729204922327Glaxo 2006 0.3006585793362 0.9504236579577 -0.038059934863 -0.004943796218Glaxo 2007 0.2977209403753 1.1364826381118 0.0187169226785 0.0764965132288Glaxo 2008 0.2396355409925 0.7396107002008 0.0774715317745 0.1563741422896Glaxo 2009 0.2050041669067 0.4311269356966 0.1126078792285 0.2583911156143Glaxo 2010 0.1662396665289 0.1622148161816 0.1225412862171 0.2500039516142Ibn Sina 2004 0.5619976949673 0.066764766272 0.1643795620438Ibn Sina 2005 0.5501014756974 0.2159104818302 0.0866474964056 0.1639193698187Ibn Sina 2006 0.5493789706617 0.2144574977904 0.0102159519832 0.091360910843Ibn Sina 2007 0.549138539701 0.3531406611564 0.0435732039295 0.1035285072125Ibn Sina 2008 0.5021025581124 0.2530015281525 0.1936184873059 0.1199820893198Ibn Sina 2009 0.5509904087774 0.2304670812533 0.1909382108537 0.1146841385612Ibn Sina 2010 0.5278283942329 0.2195212614195 0.1833438767536 0.1514337776925Renata 2004 0.4650833098477 0.1803011717934 0.21238673533Renata 2005 0.3875609915721 0.333136807329 0.2303077009379 0.257040845265Renata 2006 0.4297129513315 0.2356984702901 0.2593474344473 0.2557636474519Renata 2007 0.3988364565485 0.2071133409777 0.2148005967101 0.2468166761379Renata 2008 0.342341690702 0.2931453572189 0.2049282605185 0.2215652058601Renata 2009 0.3862503783656 0.3325815804791 0.2308675355002 0.2520444047417Renata 2010 0.5107757080748 0.2390555437798 0.257699932053 0.2639888166417Square 2004 0.380636704805 0.1564316621426 0.2242318837935Square 2005 0.2930423981825 0.1480852692948 0.1567949462163 0.2143569751667Square 2006 0.2445169788489 0.103146707426 0.1239085888195 0.188145067816

Commpany Name

Uncertainty Of Operating Income

Basic Earning Power

Square 2007 0.3367046230978 0.1386257409126 0.1370690753254 0.1950900158474Square 2008 0.3218444217357 0.2073241470445 0.1216778115843 0.1821547278047Square 2009 0.3697524821729 0.3424105834938 0.1414320123453 0.2289564938553Square 2010 0.3285024302167 0.2786641704601 0.1802545506715 0.1850514848954

Stability Of Sales

0.0946136673743 0.1948494196116 0.56439524962530.084621087768 0.4092367628645 479.98105070235 0.2252752767337 0.8051397152382

0.0929388542206 1.7191039619363 956.57658555567 0.2415141672308 0.86964182202280.1166595489395 1.649981296212 1225.9051496887 0.2222642507067 0.42524862524860.2437852941423 4.5298997227258 1157.3610418966 0.0820191815535 0.26158479456330.1858796283487 -0.405272717293 992.61223729779 0.1414084678513 0.36820147366010.1247479596735 -3.367425351786 485.86721148889 0.2316256916896 0.607363267041

0.085865457294 0.4029730410683 0.42489335770870.0854494155582 1.0339579851993 24.326418423872 0.3997236137502 0.54618473895580.1001259445844 1.7848920863309 89.534326564359 0.4372975890608 0.52476958525350.0685692892524 0.1239233360923 67.439249946402 0.3683619398687 0.44972067039110.0766834212603 0.7325440572214 58.096274407229 0.5062518173888 0.18003095975230.0819245773732 2.3301122805735 13.888470038129 0.479843953186 0.11322827125120.0784386755559 0.2238936335404 10.408611819067 0.4668702744981 0.0490647626710.2331502060182 0.2312273692096 1.0081044024607

0.219890472555 0.822453463189 668.85844252228 0.2808519335622 2.02930738998580.2168181032434 0.8685558994803 193.5795185447 0.2890727975972 1.46878111957490.1874913122529 6.0218220057983 214.69072134895 0.3040266665184 1.22223946488260.2492388103247 3.5758331656055 648.46227361351 0.2839779859707 0.41254519207910.2465485544087 0.9443509005068 1259.8217670766 0.2786319519334 0.40148299849420.3222690402644 1.8958568514389 1147.3514631533 0.227135120978 0.585849592106

0.162853085924 0.1125529525751 0.4854047562590.0582663325004 -16.87378590951 83.725304522189 0.1852783125845 0.5047200678961-0.003472417624 -32.69682717947 124.17045088506 0.2203088492458 0.46951227864390.051434468784 22.858095529007 228.4810228728 0.1843690414011 0.3438517969222

0.1128305894005 5.1799328670835 756.85180148186 0.1554103188117 0.22939506713510.1454036681227 1.5017998976663 885.17343672657 0.1790081728441 0.13320407033840.1524134142967 1.2547812135061 430.22002912986 0.2002744972254 0.10151250107580.0955195892399 0.2608148230829 0.2087360262867

0.089114335939 0.6090659729635 65.979808274957 0.2846186931967 0.30396655740820.0531960583967 -5.629969207757 137.68542781766 0.3292987894637 0.28079228563980.0520450181892 0.9317034134907 237.81718251632 0.3250391572352 0.23864703597780.0585663920328 1.4054203591921 243.30571530484 0.3354809894423 0.21052807766340.0542152175104 0.6036928007284 277.98584592265 0.3436656310892 0.12847259497820.0590217858545 1.367307683782 231.43604948236 0.3401135082265 0.15399911748360.1691619108514 0.2950147265888 0.35256896182360.1980368868073 1.7994403784232 348.2548222686 0.2817381171145 0.4390641622761

0.22657923901 1.686644467189 475.46456664333 0.2762098263761 0.4340450614930.2103285077951 0.680248117584 519.46523476873 0.2714658305005 0.1935616972509

0.229507992008 1.541290378371 697.27078185834 0.2801073926074 0.15876069205860.2496447366176 1.3344730502415 1117.2956138373 0.2934097728508 0.10972634569440.2656274196046 1.2183138438204 934.68909871144 0.2803238675329 0.112325332480.2791226696251 0.1787626043557 0.56119693894270.3179118580609 2.0617844078408 685.49807177199 0.1395349903949 0.2973675468950.2872882690672 0.238178007246 1100.6472258423 0.1752479353293 0.5661908244399

Operating Profit Margin

Degree of Operating Leverage

Operating Expense Ratio

BV-MV Ratio (Proxy For Distress)

0.2727567074824 0.7520870802166 1100.2810479426 0.2016127335614 0.5026898764270.2802104756562 1.2797671192039 1183.092769085 0.1711874829168 0.22901478097290.3089319813309 1.5573423414399 4051.8328411296 0.1775001081562 0.28080240410990.2840110012014 -0.197045324606 4316.700764126 0.1589263363236 0.4458272531185

capital structure analysis- bangladesh (rezwana nasreen & m. shahryar faiz)

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