Exhibit 7.7
Select financial ratios and data
Glaxo
Ranbaxy
Cipla
Sun
DRL
2001
2000
2001
2000
2001
2000
2001
2000
2001
2000
Inventory managementRaw mat. turnover
5.85
6.46
4.44
4.97
3.68
3.68
5.68
5.82
11.26
7.24
Finished goods turnover
8.81
9.38
11.36
11
5.86
5.33
8.44
11.84
14.96
10.2
Debtors turnover
9.57
8.52
4.66
3.99
9.24
11.02
6.8
6.25
4.8
3.65
Creditors turnover
6.64
7.02
5.46
5.76
7.45
8.27
10.62
8.12
8.36
5.76
Holding period (days)Raw material
65
57
83
75
96
95
65
65
46
66
Debtors
38
43
78
91
40
33
54
58
76
100
Creditors
55
52
67
63
49
44
34
45
44
63
Net working capital
112
108
142
153
169
177
151
123
127
163
cycle (days)
Asset turnoverNet sales/total assets
1.3
1.44
0.89
0.78
0.93
0.84
0.92
0.89
0.86
0.64
Net sales/net fixed assets
8.17
9.95
3.9
2.91
5.24
4.35
3.4
3.05
2.79
2.3
LiquidityCurrent ratio
2.02
2
1.87
1.74
2.02
1.9
2.73
1.74
1.44
1.28
Quick ratio
0.78
0.68
0.72
0.49
0.47
0.31
0.77
0.65
0.71
0.6
Operating cash flow to
30.6
9.44
11.12
13.73
16.97
22.58
9.51
19.88
18.61
15.18
total assets (percent)
LeverageDebt to equity
0.02
0.09
0.09
0.18
0.03
0.03
0.08
0.13
0.84
0.46
Interest coverage
11.96
7.84
5.29
4.07
90.65
64.01
19.74
9.5
5.07
5.1
(EBIT/int)
EBDIT/int
14.14
9.19
6.33
4.86
94.23
68.29
21.85
10.82
6.05
5.9
Total debt/total assets
1.24
5.81
5.43
11.54
2.66
2.84
6.11
10.14
39.44
28.41
(percent)
Margin ratiosEBDIT/net sales (percent)
14.73
12.88
13.25
16.41
25.45
26.55
30.86
26.17
28.6
22.12
EBIT/net sales (percent)
12.23
10.99
11.08
13.74
23.86
24.66
27.89
22.97
23.97
19.12
PAT/net sales (percent)
6.77
5.83
7.85
9.71
17.63
18.65
24.73
19.01
15.85
13.88
Exhibit 7.7 contd.