Corporate Finance

Exhibit 7.5(a)

Pharmaceutical firms—common size balance sheet

(Percentage of total assets)

Glaxo

Ranbaxy

Cipla

Sun

DRL

2001

2000

2001

2000

2001

2000

2001

2000

2001

2000

AssetsNet fixed assets

15.95758

14.50084

23.00958

26.9621

17.92362

19.4727

27.06462

29.27975

30.74161

27.9525

Cash in bank

7.214607

2.708601

2.354527

0.633915

0.5573

0.514055

1.79999

0.903952

1.822836

3.23204

Receivables

27.6988

30.37264

33.85436

37.43195

33.78275

30.95768

28.20836

35.63027

36.04321

29.45862

Inventory

22.98273

28.53859

18.22677

17.46593

26.3674

25.54506

25.22202

15.04094

14.77866

10.30093

Deferred tax

5.255194

0.691309

1.080513

000000

0

Investments

19.28769

20.80092

13.6224

12.17912

21.34691

23.47439

10.98573

10.41519

7.449811 20.83936

Intangible/Misc

1.603387

2.3871

7.851861

5.326979

0.022024

0.036116

6.71928

8.729895

9.163877

8.216551

Total

100

100

100

100

100

100

100

100

100

100

LiabilitiesTotal borrowing

1.234646

5.805334

4.995737

10.70459

2.299104

2.343948

6.086897

10.10349

35.94194

25.76339

Sundry creditors

17.60674

16.64307

13.42652

14.19551

10.43837

9.596099

5.478378

7.460205

8.910705

6.639622

Other current liabilities

1.683493

2.497043

3.376752

2.780021

5.53566

3.240835

4.723269

5.222144

1.037066

1.650686

Provisions

6.517814

9.345172

8.304288

6.097719

12.33626

15.53482

4.390884

1.423465

2.231661

1.753946

Deferred tax

1.679679

0

6.366899

000000

0

Share capital

9.470285

9.958188

4.595254

4.849137

5.742493

7.219647

13.54935

13.50318

2.967735

3.907656

Reserves & surplus

61.80734

55.7512

58.93455

61.37302

63.64812

62.06465

65.77122

62.28752

48.91089

60.2847

Total

100

100

100

100

100

100

100

100

100

100