RA N B A X Y L A B O RAT O R I E S L I M I T E D Pa g e | 1

A
Project Report

On

Financial Analysis
Of

Submitted to

Global Institute of Management

Gujarat Technological University
On
10/12/2012
In Partial fulfillment of the requirements for the
Accounting for Managers course in the
Master of Business Administration Programme

Submitted By:
komal Dulam
Ronak Modi
Asha Desai
Devika Singh
Ketul Patel

(16)
(17)
(18)
(19)
(20)

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Preface
The subject matter of financial management has been changing at a
rapid phase about three decades ago; the scope of financial management was
circumscribed to the raising of funds, whenever needed and little significance use to
attach to the financial decision making of problem solving the mid fifties, the
emphasis shifted to wise utilization of funds.
The modern thinking in the financial management gives greater
importance of management and decision makes policy. Today the financial mgt is not
in a passive role of a scorekeeper of the accounting information and arranging funds.
We as a student of management cannot keep ourselves isolated from this
field of financial management. We need to know the practical application of or other
theoretical knowledge so we have prepared a financial report on Ranbaxy
Laboratories Ltd. and have tried to analysis each and every report of annual report of
five successive years and put it in logical format as per my analysis.

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Acknowledgement

We are very much thankful to Ranbaxy laboratories Ltd. for these all type of information
is taken from the last five year financial statement.

We are also thankful to our Director Mr. Kishor Bhunsali who encourages us for studying the
finance.

We are mostly thankful to our Prof. Dhaval Patel for helping us in our practical studies in our
sem-1 (MBA) program and also very much thankful to her valuable suggestion, guidance in preparing this
report.

Also thankful to our parents for providing oriented and for all encouragement.

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Executive summary
Operating expenses may be defined as those that pertain to the production process, or, more
generally, the process of carrying out the business. Such processes include all those pertaining to purchases,
human resources, production and marketing and selling. Conventionally, expenses incurred on rising or
using finances are not considered as operational expenses. There are a few more - amortization, write-offs,
prior-period expenses, etc. Often, the distinction between operating and non-operating expenses is clear. But
at times there is some ambiguity regarding the nature of the expense.
As a result, the basic framework of data capture at CMIE avoids the classification of expense heads
as operational and non-operational. However, disclosure practices of companies often compel us to use the
term "operational expenses". Expenses that can be posted without the use of such a term are posted
appropriately into CMIE's detailed classification of expense items and, the remaining "operational expenses
are clubbed into one of the two data-fields: "Other operational expenses of industrial enterprises" or "Other
operational expenses of non-financial services enterprises".
This data-field includes all operating expenses of an industrial enterprise that are not already
covered in any of the other data field. These are likely to be industry-specific operational expenses.
Examples of such expenses can be preservation expenses, laboratory expenses, testing expenses etc.

Index
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Sr.No.

Content

Page no.

Chapter :1
Introduction of Company

Chapter-2:
Comparative Balance sheet and Analysis of Balance Sheet

Chapter-3:
Comparative Profit and Loss Account and Analysis of Profit & Loss Statement

Chapter-4:
Common Size Statements

Chapter 5:
Trend Analysis (Index Analysis)

Chapter 6:
Analysis of Cash flow Statement

Chapter 7:
Ratio Analysis

Chapter 8:
Recommendation & Suggestions

Chapter 9:
Contemporary Issues in Accounting of the company

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CHAPTER: 1 (Company profile)

1.1 Introduction of Company

Ranbaxy was started by Ranbir Singh and Gurbax Singh in 1937 as a distributor for a Japanese
company Shionogi. The name Ranbaxy is a portmanteau word from the names of its first owners Ranbir and
Gurbax. Bhai Mohan Singh bought the company in 1952 from his cousins Ranbir Singh and Gurbax Singh.
After Bhai Mohan Singh's son Parvinder Singh joined the company in 1967, the company saw a significant
transformation in its business and scale. His sons Malvinder Mohan Singh and Shivinder Mohan Singh sold
the company to the Japanese company Daiichi Sankyo in June 2008.
Ranbaxy was established in 1961 and went public in the year 1973. It has global sales of US
$1340 million for the year ended on 31st December, 2006. It has the largest market in USA (sales appx. US
$380 million); then come Europe and BRICS (Brazil, Russia, India, China, South Africa).

1.2Company Details:
Type

Public

Founded

1961

Headquarters- Gurgaon, Haryana, India

Employees

1100 in R&D

Website

www.ranbaxy.com

For enquiries contact:

M. Giridhar Venugopal
Director Global Business Development & Acquisitions
Ranbaxy Laboratories Limited
Plot No. 90, Sector 32,
Gurgaon 122001 (Haryana), India
E-mail: [email protected]

Registered Office
A-41, Industrial Area Phase VIII-A,
Sahibzada Ajit Singh Nagar,
Mohali - 160 071 (Punjab), INDIA
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1.3Products
Using the finest R&D and Manufacturing facilities, Ranbaxy Laboratories Limited manufactures
and markets generic pharmaceuticals, value added generic pharmaceuticals, branded generics, active
Pharmaceuticals (API) and intermediates.
The Company remains focused on ascending the value chain in the marketing of pharmaceutical
substances and are determined to bring in increased revenues from dosage forms sales.
Ranbaxy's diverse product basket of over 5,000 SKUs available in over 125 countries worldwide
encompasses a wide therapeutic mix covering a majority of the chronic and acute segments. Healthcare
trends project that the chronic treatment segments will outpace the acute treatment segments, primarily
driven by a growing aging population and dominance of lifestyle diseases. Their robust performance in
Cardiovasculars, Central Nervous System, Respiratory, Dermatology, Orthopedics, Nutritionals and Urology
segments, clearly indicates that the Company has strengthened its presence in the fast-growing chronic and
lifestyle disease segments.

Top 10 Molecules (2012)

Valacyclovir
Simvastatin
Donepezil
Atorvastatin & Combinations
Co-amoxyclav & Combinations
Ciprofloxacin & Combinations
Ketorolac Tromethamine
Imipenem+Cilastatin
Ginseng+Vitamins
Loratadine & Combinations

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1.4 Company History:

Ranbaxy Laboratories Ltd. is the largest pharmaceutical company in India, and one of the
world's top 100 pharmaceutical companies. Long a specialist in the preparation of generic drugs,
Ranbaxy is also one of the world's top 10 in that pharmaceutical category as well. Yet, with India's
agreement to apply international patent law at the beginning of 2005, Ranbaxy has begun converting
itself into a full-fledged research-based pharmaceutical company.
A major part of this effort has been the establishment of the company's own research and
development center, which has enabled the company to begin to enter the new chemical entities (NCE)
and novel drug delivery systems (NDDS) markets. In the mid-2000s, the company had a number of
NCEs in progress, and had already launched its first NDDS product, a single daily dosage formulation
of ciprofloxacin.
Ranbaxy is a truly global operation, producing its pharmaceutical preparations in
manufacturing facilities in seven countries, supported by sales and marketing subsidiaries in 44
countries, reaching more than 100 countries throughout the world. The United States, which alone
accounts for nearly half of all pharmaceutical sales in the world, is the company's largest international
market, representing more than 40 percent of group sales. In Europe, the company's purchase of RPG
(Aventis) S.A. makes it the largest generics producer in that market.
The company is also a leading generics producer in the United Kingdom and Germany and
elsewhere in Europe. European sales added 16 percent to the company's sales in 2004. Ranbaxy's other
major markets include Brazil, Russia, and China, as well as India, which together added 26 percent to
the group's sales. Ranbaxy posted revenues of $1.18 billion in 2004. The company, which remains
controlled and led by the founding Singh family, is listed on the National Stock Exchange of India in
Mumbai.

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1.5 Board of Directors

At the helm of the entire operations is the experience and able direction of the people who make it all
happen. Ranbaxy acknowledges their inspiring stewardship and indefatigable work.

Dr. Tsutomu Une

Chairman
Non Executive &
Non Independent Director

Mr. Arun Sawhney

CEO & Managing Director

Mr. Takashi Shoda

Non Executive &
Non Independent Director

Dr. Kazunori Hirokawa

Non Executive &
Non Independent Director

Dr. Anthony H. Wild

Independent Director

Mr. Rajesh V. Shah

Independent Director

Mr. Akihiro Watanabe

Independent Director

Mr. Percy K. Shroff

Independent Director

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CHAPTER: 2 (Balance sheet 2008-2012)

Balance Sheet of Ranbaxy Laboratories of 2007-2011

------------------ in Rs. Cr. ------------------Particular

s
Sources Of
Total Share
Capital
Equity
Share
Capital
Share
Application
Money
Preference
Share
Capital
Reserves
Revaluatio
n Reserves
Net worth
Secured
Loans
Unsecured
Loans
Total Debt
Total
Liabilities

Dec '11

Dec '10

Dec '09

Dec '08

Dec '07

211.00

210.52

210.21

210.19

186.54

211.00

210.52

210.21

210.19

186.54

0.67

6.60

175.85

175.66

1.18

0.00

0.00

0.00

0.00

0.00

1,713.16

4,915.28

3,748.54

3,330.92

2,350.68

0.00

0.00

0.00

0.00

0.00

1,924.83

5,132.40

4,134.60

3,716.77

2,538.40

229.59

195.39

175.83

162.07

365.07

4,103.94

4,065.33

3,172.55

3,563.30

3,137.96

4,333.53

4,260.72

3,348.38

3,725.37

3,503.03

6,258.36

9,393.12

7,482.98

7,442.14

6,041.43

Funds

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Application Of Funds
Gross
Block
Less:
Accum.
Depreciatio
n
Net Block
Capital
Work in
Progress
Investme
nts
Inventories
Sundry
Debtors
Cash and
Bank
Balance
Total
Current
Assets
Loans and
Advances
Fixed
Deposits
Total CA,
Loans &
Advances
Deferred
Credit
Current
Liabilities
Provisions
Total CL &
Provisions
Net
Current
Assets
Miscellane

3,094.07

2,857.63

2,620.92

2,386.75

2,261.48

1,222.07

1,145.52

1,027.52

930.07

791.96

1,872.00

1,712.11

1,593.40

1,456.68

1,469.52

222.62

330.18

414.92

428.77

327.42

3,410.79

3,804.44

3,833.69

3,618.03

3,237.55

1,655.23

1,489.91

1,230.48

1,198.52

976.07

3,689.95

1,292.63

1,534.65

1,024.54

882.91

66.90

22.44

25.56

49.86

69.38

5,412.08

2,804.98

2,790.69

2,272.92

1,928.36

2,382.72

1,470.45

1,967.65

2,351.98

882.99

1,871.14

2,689.85

728.56

1,885.08

111.07

9,665.94

6,965.28

5,486.90

6,509.98

2,922.42

0.00

0.00

0.00

0.00

0.00

5,157.68

2,491.08

3,082.89

3,840.11

1,177.35

3,755.31

927.82

763.03

731.20

738.14

8,912.99

3,418.90

3,845.92

4,571.31

1,915.49

752.95

3,546.38

1,640.98

1,938.67

1,006.93

0.00

0.00

0.00

0.00

0.00

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ous
Expenses
Total
Assets

6,258.36

9,393.11

7,482.99

7,442.15

6,041.42

Comparative Balance sheet of Ranbaxy Laboratories

of 2007-2011
------------------ in Rs. Cr. ------------------Dec Dec
'11- '1010
09
Sources Of Funds
Particular
s

Total Share
Capital
Equity
Share
Capital
Share
Application
Money
Preference
Share

Dec
'0908

Dec
'0807

%
'1110

%
'1009

%
'0908

%
'0807

0.48

0.31

0.02

23.65

0.228
007

0.147
472

0.009
515

12.67
825

0.48

0.31

0.02

23.65

0.228
007

0.147
472

0.009
515

12.67
825

0.19

174.4
8

14786
.44

96.24
68
-

0.108
163

89.84
85
-

169.2
5.93
5
-

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Capital
Reserves
Revaluation
Reserves

1166.
320
74
2.12
-

Net worth 320 997.8

7.57
Secured
Loans

34.2 19.56

Unsecured
Loans

38.6 892.7
1
8

Total Debt

72.8 912.3
1
4

Total
313 1910
Liabilities 4.7
.14
6
Application Of Funds
236. 236.7
Gross Block
44
1
Less:
Accum.
76.5 118.0
Depreciatio
5
0
n
159. 118.7
Net Block
89
1
Capital
Work in
107.
84.74
Progress
56
Investmen
393.
ts
29.25
65
165. 259.4
Inventories
32
3
Sundry
2,39
-

417.6
2

980.2
4

65.14
62

31.12
518

12.53
768

41.70
027

417.8
3

1178.
37

62.49
65

24.13
293

11.24
175

46.42
176

-203

17.50
345

11.12
438

8.490
159

55.60
58

425.3
4

0.949
738

28.14
077

222.3
4

1.708
866

27.24
721

40.8
4

1400
.71

25.52 0.548 23.18

33.37
646
767
507
29

234.1
7

125.2
7

8.27

9.03

9.81

5.54

97.45

138.1
1

6.68

11.48

10.48

17.44

136.7
2

12.84

9.34

7.45

9.39

-0.87

13.85

101.3
-32.58 -20.42
5

-3.23

30.95

215.6
6

380.4
-10.35
8

-0.76

5.96

11.75

11.10

21.08

2.67

22.79

185.4

-15.77

49.79

16.04

13.76
390.7
5
376.9
9

31.96
510.1

222.4
5
141.6

10.96
6
10.11
95

13.55
467
6.347
077

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Debtors
Cash and
Bank
Balance
Total
Current
Assets
Loans and
Advances
Fixed
Deposits
Total CA,
Loans &
Advances
Deferred
Credit
Current
Liabilities
Provisions
Total CL &
Provisions
Net
Current
Assets
Miscellaneo
us
Expenses
Total
Assets

7.32

242.0
2

44.4
6

-3.12

24.30

19.52

198.1
3

2,60
14.29
7.10

517.7
7

344.5
6

92.95

912.
497.2
27
0
1,961
818.
.29
71

384.3
3
1,156
.52
1,023
.08

1,468
.99

62.04

2,70 1,478
0.66
.38
-

2,66
591.8
6.60
1
2,82 164.7
7.49
9
5,49
427.0
4.09
2
1,905
2,79
.40
3.43
-

1,910
3,13
.12
4.75

-12.21 -48.74 -28.13

22.78

17.87

-25.27 -16.34

166.3
7

1,774
-30.44
.01

269.2
0

-61.35

1,597.
20

3,587
.56

38.77

26.94

-15.72

122.7
6

757.2
2

2,662
.76

107.0
5

-19.20 -19.72

226.1
7

31.83

-6.94

304.7
5

21.60

-0.94

2,655
.82

160.7
0

-11.10 -15.87

138.6
5

116.1
1

-15.36

92.53

-s

25.53

0.55

23.19

725.3
9
297.6
9
-

931.7
-78.77
4
-

40.84

1,400
-33.37
.73

0.51

4.35

Interpretation
Total of the shareholder funds and liabilities increase continuously in 2009 to
2011 because of growth of the company.
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Total liabilities have been increasing till 2011.

Current liabilities have also been increased in 2011.

The total assets also increase year which shows that company
Purchases investments and assets every year.
Its shows companys good profitability and financial soundness.
The Net Block of a company was continuously increased for but in 2010 it was
decreased.

CHAPTER: 3 (Profit and Loss account 2007-11)

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Profit and Loss Account of Ranbaxy lab.

Particulars
Income
Sales
Turnover
Excise Duty
Net Sales
Other Income

Dec '11

Dec '10

Dec '09

Dec '08

Dec '07

7,709.17

5,687.33

4,797.49

4,676.21

4,344.39

22.58
7,686.59
3,990.57

40.96
5,646.37

15.90
4,781.59

24.17
4,652.04

51.37
4,293.02

562.45

485.66

-1,587.64

551.13

161.43

33.96

115.59

40.66

6,370.25

5,301.21

3,179.99

4,884.81

2,181.22

1,916.58

2,049.30

1,861.17

132.75

109.57

108.83

90.35

608.28

582.50

472.65

420.04

96.68

89.94

94.65

82.60

1,332.70

1,306.25

1,402.77

1,341.03

185.14

158.07

383.26

123.90

0.00

0.00

0.00

0.00

4,536.77

4,162.91

4,511.46

3,919.09

1,271.03

652.64

256.17

414.59

1,833.48

1,138.30

-1,331.47

965.72

54.19

39.47

145.83

93.43

1,779.29

1,098.83

-1,477.30

872.29

Stock
135.72
Adjustments
Total
3,831.7
Income
4
Expenditure
Raw
2,523.08
Materials
Power & Fuel
194.98
Cost
Employee
845.24
Cost
Other
Manufacturin
112.69
g Expenses
Selling and
Admin
1,579.37
Expenses
Miscellaneou
1,283.54
s Expenses
Preoperative
Exp
0.00
Capitalized
Total
6,538.9
Expenses
0
Operating
1,283.4
Profit
1
PBDIT
2,707.16
Interest
69.44
PBDT
2,776.60

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Depreciation
Other Written
Of
Profit Before
Tax
Extraordinary
items
PBT (Post
Extra-ord
Items)
Tax
Reported
Net Profit
Total Value
Addition
Preference
Dividend
Equity
Dividend
Corporate
Dividend Tax
Shares in
issue (lakhs)
Earnings
Per Share
(Rs)
Equity
Dividend (%)

274.08

228.35

148.20

154.47

118.73

7.83

0.00

0.00

0.00

0.00

3,058.51

1,550.94

950.63

-1,631.77

753.56

15.44

21.88

111.42

17.76

35.46

3,043.07

1,572.82

1,062.05

-1,614.01

789.02

415.48

488.86

-574.24

156.69

571.98 -1,044.80

617.72

6.69
3,052.0
5

1,148.73

4,015.82

2,355.55

2,246.33

2,462.16

2,057.93

0.00

0.00

0.00

0.00

0.00

0.07

84.21

0.00

0.00

317.15

-0.32

13.99

0.00

0.00

53.90

4,220.00

4,210.41

4,204.17

4,203.70

3,730.71

-72.32

27.28

13.61

-24.85

16.56

0.03

40.00

0.00

0.00

170.00

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Comparative Profit and loss account of Ranbaxy ltd. 20072011

------------------ in Rs. Cr. -------------------

Particular
s
Income
Sales
Turnover
Excise Duty
Net Sales
Other
Income

Dec
'1110

Dec
'1009

Dec
'0908

Dec
'0807

%
'1110

%
'1009

%
'0908

%
'0807

2,021.
84

889.84

121.28

331.82

35.55

18.55

2.59

7.64

25.06

-8.27

-27.20

-44.87

157.61

-34.22

-52.95

864.78

129.55

359.02

36.13

18.09

2.78

8.36

76.79

2,073.
30

2,138.
77

809.50

15.81

130.59

388.07

-18.38
2,040.
22
4,553.
02

Stock
Adjustment
s

-25.71

127.47

-81.63

74.93

-15.93

375.35

-70.62

184.28

Total
Income

2,538.
51

1,069.
04

2,121.
22

1,704.
82

-39.85

20.17

66.71

-34.90

Expenditu
re
Raw
Materials
Power &
Fuel Cost

341.86

264.64

132.72

188.13

15.67

13.81

-6.48

10.11

62.23

23.18

0.74

18.48

46.88

21.16

0.68

20.45

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Employee
236.96 25.78 109.85 52.61
38.96
Cost
Other
Manufacturi
16.01
6.74
-4.71
12.05
16.56
ng
Expenses
Selling and
246.67 26.45
-96.52
61.74
18.51
Admin
Expenses
Miscellaneo
1,098.
27.07
259.36 593.28
us
40
225.19
Expenses
Preoperativ
0.00
0.00
0.00
0.00
e Exp
Capitalized
Total
2,002.
373.86
592.37 44.13
13
348.55
Expenses
Operating
12.38 618.39 396.47
0.97
158.42
Profit
PBDIT

4,540.
64

Interest

15.25

PBDT
Depreciatio
n
Other
Written Of
Profit
Before Tax
Extraordinary
items
PBT (Post
Extra-ord
Items)
Tax

4.43

23.24

12.52

7.49

-4.98

14.59

2.02

-6.88

4.60

17.13

-58.76

209.33

8.98

-7.73

15.11

94.75

154.77

-38.21

695.18

2,469.
77

2,297.
19

247.65

61.07

185.49

237.87

14.72

106.36

52.40

28.14

37.29

-72.93

56.08

4,555.
89

680.46

2,576.
13

2,349.
59

256.05

61.93

174.38

269.36

45.73

80.15

-6.27

35.74

20.03

54.08

-4.06

30.10

7.83

0.00

0.00

0.00

4,609.
45

600.31

2,582.
40

2,385.
33

297.20

63.15

158.26

316.54

-6.44

-89.54

93.66

-17.70

-29.43

-80.36

527.36

-49.92

4,615.
89

510.77

2,676.
06

2,403.
03

293.48

48.09

165.80

304.56

408.79

-73.38

1,063.
10

730.93

-98.39

-15.01

185.13

466.48

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Reported
Net Profit
Total Value
Addition
Preference
Dividend
Equity
Dividend
Corporate
Dividend
Tax
Shares in
issue
(lakhs)
Earnings
Per Share
(Rs)
Equity
Dividend
(%)

4,200.
78
1,660.
27

576.75

1,616.
78

1,662.
52

365.69

100.83

154.75

269.14

109.22

215.83

404.23

70.48

4.86

-8.77

19.64

0.00

0.00

0.00

0.00

-84.14

84.21

0.00

317.15

-99.92

100.00

-14.31

13.99

0.00

-53.90

102.29

--

100.00

9.59

6.24

0.47

472.99

0.23

0.15

0.01

12.68

-99.60

13.67

38.46

-41.41

365.10

100.44

154.77

250.06

-39.97

40.00

0.00

170.00

-99.93

100.00

Interpretation
Total income is more than total expenditure in every year.
Net profit has been increased in 2011 around 620%.
In 2011 the earning per share shows in negative change. It represent losses, non beneficial to the
company.

CHAPTER:4 Common size Statement of Ranbaxy ltd.

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Balance Sheet of Ranbaxy Laboratories of 2007-2011

------------------ in Rs. Cr. -------------------

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Particulars
Sources Of
Total Share
Capital
Equity
Share
Capital
Share
Application
Money
Preference
Share
Capital
Reserves
Revaluatio
n Reserves
Net worth
Secured
Loans
Unsecured
Loans
Total Debt
Total
Liabilities

Dec '11

Dec '10

Dec '09

Dec '08

Dec '07

3.37149

2.241215

2.809175

2.824322

3.08768

3.37149

2.241215

2.809175

2.824322

3.08768

0.010706

0.070264

2.3499996

2.360343

0.019532

27.37394

52.32851

50.094214

44.75756

38.90933

30.75614

54.63999

55.253388

49.94222

42.01654

3.668533

2.08014

2.3497323

2.177734

6.042775

65.57533

43.27987

42.396879

47.88005

51.94068

69.24386

45.36001

44.746612

50.05778

57.98346

100

100

100

100

100

49.43899

30.42262

35.025037

32.07071

37.43292

19.527

12.19532

13.73141

12.49733

13.10884

29.91199

18.2273

21.293627

19.57338

24.32408

3.557162

3.51513

5.5448424

5.761373

5.419587

54.49974

40.50245

51.232061

48.61539

53.58922

26.4483

15.86173

16.443694

16.10449

16.1563

Funds

Application Of Funds
Gross
Block
Less:
Accum.
Depreciatio
n
Net Block
Capital
Work in
Progress
Investme
nts
Inventories

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Sundry
Debtors
Cash and
Bank
Balance
Total
Current
Assets
Loans and
Advances
Fixed
Deposits
Total CA,
Loans &
Advances
Deferred
Credit
Current
Liabilities
Provisions
Total CL &
Provisions
Net
Current
Assets
Miscellane
ous
Expenses
Total
Assets

58.96033

13.76147

20.508513

13.76672

14.61428

1.06897

0.238899

0.3415747

0.669968

1.148406

86.47761

29.8621

37.293782

30.54117

31.91899

38.07259

15.65456

26.29497

31.6035

14.6156

29.89825

28.63642

9.7362151

25.32978

1.838475

154.4484

74.15308

73.324968

87.47445

48.37306

82.41264

26.52029

41.198639

51.59947

19.48797

60.0047

9.877666

10.19686

9.825118

12.21799

142.4173

36.39796

51.395498

61.42459

31.70596

12.03111

37.75512

21.929469

26.04986

16.66711

100

100

100

100

100

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Profit and loss account (common size statement)

Particulars
Income
Sales
Turnover
Excise Duty
Net Sales
Other Income
Stock
Adjustments
Total
Income
Expenditure
Raw
Materials
Power & Fuel
Cost
Employee
Cost
Other
Manufacturin
g Expenses
Selling and
Admin
Expenses
Miscellaneou
s Expenses
Preoperative
Exp
Capitalized
Total
Expenses

Dec '11

Dec '10

Dec '09

Dec '08

Dec '07

100.00

100.00

100.00

100.00

100

0.29
99.71
-51.76

0.72
99.28
9.89

0.33
99.67
10.12

0.52
99.48
-33.95

1.182444
98.81756
12.68602

1.76

2.84

0.71

2.47

0.93592

49.70

112.01

110.50

68.00

112.4395

32.73

38.35

39.95

43.82

42.84077

2.53

2.33

2.28

2.33

2.079694

10.96

10.70

12.14

10.11

9.668561

1.46

1.70

1.87

2.02

1.901303

20.49

23.43

27.23

30.00

30.86809

16.65

3.26

3.29

8.20

2.851954

0.00

0.00

0.00

0.00

84.82

79.77

86.77

96.48

90.21036

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Operating
Profit
PBDIT
Interest
PBDT
Depreciation
Other Written
Of
Profit Before
Tax
Extraordinary
items
PBT (Post
Extra-rod
Items)
Tax
Reported
Net Profit
Total Value
Addition
Preference
Dividend
Equity
Dividend
Corporate
Dividend Tax
Shares in
issue (laths)
Earnings
Per Share
(Rs)
Equity
Dividend (%)

16.65

22.35

13.60

5.48

9.543112

-35.12
0.90
-36.02
3.56

32.24
0.95
31.29
4.02

23.73
0.82
22.90
3.09

-28.47
3.12
-31.59
3.30

22.22913
2.15059
20.07854
2.73295

0.10

0.00

0.00

0.00

-39.67

27.27

19.82

-34.90

17.34559

0.20

0.38

2.32

0.38

0.816225

-39.47

27.65

22.14

-34.52

18.16181

0.09

7.31

10.19

-12.28

3.60672

-39.59

20.20

11.92

-22.34

14.2188

52.09

41.42

46.82

52.65

47.36983

0.00

0.00

0.00

0.00

0.00

1.48

0.00

0.00

7.300219

0.00

0.25

0.00

0.00

1.240681

54.74

74.03

87.63

89.90

85.8742

-0.94

0.48

0.28

-0.53

0.381181

0.00

0.70

0.00

0.00

3.913093

Analysis of Common Size Statement

The contribution of net sales in total income was nearly same in all the year
It was near about 98 to 100%.
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The contribution of total expenditure was continuous decrease year by year, but
in 2011 it
Increased.
So that from the above common size statement we can easily find out that
Company is at a growing stage.

CHAPTER 5 (Trend analysis)

Balance sheet of Ranbaxy ltd.
particulars
Sources Of
Funds
Total Share Capital
Equity Share
Capital
Share Application
Money
Preference Share
Capital
Reserves
Revaluation
Reserves

2007

2008

2009

2010

2011

100

112.67
82
112.67
82
14886.
44

112.68
9
112.68
9
14902.
54

112.85
52
112.85
52
559.32
2

113.11
25
113.11
25
56.779
66

100

141.70
03

159.46
62

209.10
03

72.879
34

146.42
18
44.394
23
113.55

162.88
21
48.163
37
101.10

202.19
04
53.521
24
129.55

75.828
47
62.889
31
130.78

100
100

Net worth

100

Secured Loans
Unsecured Loans

100
100

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Total Debt
Total Liabilities
Application Of
Funds
Gross Block

100
100

100
Less: Accum.
Depreciation
Net Block

100
100

Capital Work in
Progress
Investments

100
100

Inventories
100
Sundry Debtors
100
Cash and Bank
Balance
Total Current
Assets
Loans and
Advances
Fixed Deposits

100
100
100
100

Total CA, Loans &

Advances
Difered Credit
Current Liabilities

100
100

Provisions
100
Total CL &
Provisions
Net Current Assets

100
100

47
106.34
71
123.18
51

23
95.585
25
123.86
11

33
121.62
96
155.47
84

37
123.70
8
103.59
07

105.53
93
117.43
9
99.12
625
130.95
41
111.75
21
122.79
04
116.04
13
71.865
09
117.86
8
266.36
54

115.89
4
129.74
39
108.4
3
126.72
41
118.41
33
126.06
47
173.81
73
36.840
59
144.71
83
222.83
94
655.94
67
187.75
19

126.36
11
144.64
37
116.5
081
100.84
3
117.50
98
152.64
38
146.40
56
32.343
61
145.45
94
166.53
08
2421.7
61
238.33
95

136.81
62
154.30
96
127.3
885
67.992
18
105.35
1
169.58
11
417.93
05
96.425
48
280.65
71
269.84
68
1684.6
49
330.75
12

326.16
55
99.059
8
238.64
96
192.53
27

261.84
99
103.37
2
200.78
162.96
86

211.58
36
125.69
7
178.48
7
352.19
73

438.07
53
508.75
31
465.31
12
74.776
8

123.1
854
125.79
6
123.86
41

123.8
614
129.87
56
138.45
02

155.4
785
137.37
81
179.00
31

103.5
909

1697.2
222.75
99

Miscellaneous
Expenses
Total Assets
Contingent
Liabilities

100

Book Value (Rs)

100

100

148.01
67.048
96

Interpretation
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Net worth was rapidly increasing from last 3 years but it has decreased in 2011.
Net block of the balance sheet has been increasing from 2008 to 2011 rapidly.
Total assests was decreased in 2011.

Profit and loss account (Trend analysis)

Income
Sales
Turnover
Excise Duty
Net Sales
Other
Income
Stock
Adjustments
Total
Income
Expenditur
e
Raw
Materials
Power &
Fuel Cost
Employee
Cost
Other
Manufacturi
ng Expenses
Selling and
Admin
Expenses
Miscellaneo
us Expenses
Preoperative
Exp
Capitalized
Total
Expenses
Operating
Profit
PBDIT

2007

2008
107.63
79
47.050
81
108.36
29
288.07
284.28
43
65.09
956

2009
110.429
5
30.9519
2
111.380
6
88.1207
7
83.5218
9
108.52
44

397.024
1
130.40
94

2011
177.451
1
43.9556
2
179.048
5
724.071
333.792
4
78.441
95

110.10
82
120.45
38
112.52
5

102.977
2
121.272
8
138.677
3

117.196
2
146.928
6
144.814
8

135.564
2
215.805
2
201.228
5

100

114.58
84

108.886
2

117.046

136.428
6

100

104.60
39

97.4064
7

99.3788
4

117.772
9

100

309.33
01

127.578
7

149.427

1035.94
8

100

115.1
15

106.22
13

115.76
08

166.84
74

61.788
76
137.87
3

157.418
2

306.575
2

117.870
6

189.856
3

100
100
100
100
100
100

100
100
100

100
100

2010
130.912
79.7352
5
131.524
4
102.054

309.56
13
280.32
6

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Interest

100

PBDT
100
Depreciatio
n
Other
Written
Of
Profit Before
Tax
Extraordinary
items
PBT (Post
Extra-ord
Items)
Tax

100

Total Value
Addition
Preference
Dividend
Equity
Dividend
Corporate
Dividend
Tax
Per share
data
(annualize
d)
Shares in
issue
(lakhs)
Earnings
Per Share
(Rs)
Equity
Dividend
(%)
Book Value
(Rs)

42.2455
3

58.0006
4

125.970
7

203.979
2

124.821

192.327
1

74.323
02
318.31
2
230.84
31

100

216.54
1

126.151
9

205.815
1

405.87
5

100

50.084
6

314.213
2

61.7033
3

43.542
02

134.603
7

199.338
4

385.67
7

311.991
8

265.160
5

4.2695
77

92.5953
5

185.962
9

100
100

Reported
Net Profit

156.08
48
169.35
9
130.10
19

100
100

204.55
9
366.48
2
169.13
8
119.64
26

109.154
8

494.08
3
114.462 195.1
1
388
0.0220
72
0.5936
9

100

26.5521

100

25.9554
7

100

112.67
83

112.690
9

112.858
1

113.11
52

100

-150.06

82.1859
9

164.734
3

436.71
5

100

23.5294
1

0.0176
47

100

123.86
41

138.450
2

179.003
1

67.048
96

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Interpretation
Total income of the company is decreased in 2011 as compared to last four years.
Expenditure is increased in 2011, which is loss for a company.
Earnings per share were increasing till 2010, but it went to negative in 2011.

CHAPTER 6: (Cashflow Statement)

Cash Flow of Ranbaxy Laboratories
Particulars.

Net Profit Before Tax

Net Cash From Operating Activities
Net Cash (used in)/from
Investing Activities
Net Cash (used in)/from Financing
Activities
Net (decrease)/increase In Cash
and Cash Equivalents
Opening Cash & Cash Equivalents
Closing Cash & Cash Equivalents

in Rs. Cr.
Dec
Dec
Dec
'11
'10
'09
1565. 1061.
3048.6
25
92
7
138.14 1168.
89 665.43
1094.7
2067.
86.12
3
80
991.4
1268.9
8 214.14
8
-35.13 92.57 793.4
6
161.83 69.26 862.39
161.8
126.70
68.93
3

Dec '08 Dec '07

1619.0
8
-599.22

774.41
685.77

-462.91

-708.18

2817.20

132.19

1755.0
7

109.78

172.14

62.36

1927.21

172.14

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Interpretation:
It shows the cash inflow and outflow of the company.
The highest cash equivalents in the year 2008 in last five years.
There is a major difference between the financing activities of the year
2007 & 2008 because of company issue shares more than last year
Cash generated from operating activities is also highest in the 2010 as compare
to the last five years. It may be because of high collection of
debtors or sales of goods and services.
It shows from the last five year analysis that cash flow is in increasing and decreasing mood.

Chapter 6 (Ratio analysis)

6.1- CLASSIFICATION OF RATIO
As per requirement of various users the ratio may be classified in following groups.

Profitability Ratio:1. Gross profit ratio.

2.
Net profit ratio
3.
Return on capital employs ratio
4.
Return on share holders fund
5.
Return on equity share holders fund
6.
Operating ratio
7.
Expenses ratio
8.
Earnings per share
9.
Dividend per share
10. Price Earnings ratio
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Liquidity ratio:-

Leverage ratio:-

Activity ratio:-

Coverage ratio:-

1. Current ratio
2. Liquid ratio

1.
2.
3.
4.

Debt equity ratio

Proprietary ratio
Capital gearing ratio
Long term fund to fixed assets

1.
2.
3.
4.
5.
6.

Sales turnover ratio

Total assets turnover ratio
Debtor ratio
Creditor ratio
Book value per share
Working capital turnover ratio

1. Debt service coverage ratio

2. Interest coverage ratio

Profitability ratio
1. Gross profit ratio.= Gross profit *100
Sales
Year
Gross
profit
Sales
Profit
margin%

2007

2008

2009

2010

2011

3,094.07

2,857.63

2,620.92

2,386.75

2,261.48

7,709.17

5,687.33

4,797.49

4,676.21

4,344.39

40.13493

50.24555

54.63107

51.04027

52.05518

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Gross profit
60

54.63
50.25

50

51.04

52.06

40.13

40

Profit
30
20
10
0
2007

2008

2009

2010

2011

Interpretation: Profit is increased in 2009 because of more production. It is in 2007 is very less as
compare to other.

2. Net profit ratio

= Net profit 100

Sales

Year

2007

2008

2009

2010

2011

Net profit

1,872.00

1,712.11

1,593.40

1,456.68

1,469.52

Sales

7,709.17

5,687.33

4,797.49

4,676.21

4,344.39

Profit
margin%

24.2828

30.1039

33.2132

31.1509

33.8257

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Net profit
40
33.21

35

30.1

30
25

31.15

33.83

24.28
profit

20
15
10
5
0
2007

2008

2009

2010

2011

Interpretation: Net profit is increased in the 2011 by 33.83% while

it is less in the
2007 by 24.28%. It because of increasing in more selling of products.

3. Operating ratio = Operating exps 100

Sales

Years
Operating exps
Sales
Operating ratio
%

2007
6,538.90
7,709.17
84.82

2008
4,536.77
5,687.33
79.77

2009
4,162.91
4,797.49
86.77

2010
4,511.46
4,676.21
96.48

2011s
3,919.09
4,344.39
90.21

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Operating ratio
120
96.48

100
84.82
80

79.77

86.77

90.21

Operating ratio
60
40
20
0
2007

2008

2009

2010

2011

Interpretation: In the ratio exps is 96.48% in the 2010 it decrease the profit of the company.

4. Earnings per share = Earning per share *100

Share holders fund
Years
Earnings per
share
Share
holders fund
E.P.S ratio

2007

2008

2009

2010

2011

-72.32

27.28

13.61

-24.85

16.56

1,924.83

5,132.40

4,134.60

3,716.77

2,538.40

-3.76

0.53

0.329

-0.67

0.65

5. Return on capital employs Ratio =

E.B.I.T 100
Net worth
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E.B.I.T
Net worth
Return on
capital
employs
ratio

2007

2008

2009

2010

2011

-3,058.51
1,924.83

1,550.94
5,132.40

950.63
4,134.60

-1,631.77
3,716.77

753.56
2,538.40

158.90

30.22

22.99

43.90

29.69

6. Dividend per share = equity dividend 100

Pref, share

Years
equity dividend
Pref, share
Dividend

2007

2008

2009

2010

2011

0.07
211.00

84.21
210.52

0.00
210.21

0.00
210.19

317.15
186.54

0.033

40

170.017s

ratio

Liquidity ratio:1. Current ratio = Current Assets

Current liabilities

Years
Current assests
Current
liabilities
Ratio

2007
5,412.08

2008
2,804.98

2009
2,790.69

2010
2,272.92

2011
1,928.36

5,157.68

2,491.08

3,082.89

3,840.11

1,177.35

1.05

1.13

0.90

0.59

1.64

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Current ratio
1.8

1.64

1.6
1.4
1.2

1.13

1.05

Current ratio

0.9

0.8

0.59

0.6
0.4
0.2
0
2007

2008

2009

2010

2011

Interpretation: ration is increased by 1.05 in the 2007 while it is 1.64 in last year so it is good for company

2. Liquid ratio = Current assests (stock-prepared exps).

Current liabilities.
Years

2007

2008

2009

2010

2011

Current
assests
(stockprepared

5,276.36

2,643.55

2,756.73

2,157.33

1,887.70

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exps).

Current
liabilities.
Ratio

5,157.68

2,491.08

3,082.89

3,840.11

1,177.35

1.023

1.06

0.89

0.56

1.60

Liquid ratio
1.8

1.6

1.6
1.4
1.2
1

1.02

1.06

Liqui ratio

0.89

0.8

0.56

0.6
0.4
0.2
0
2007

2008

2009

2010

2011

Interpretation: In the year 2011 it is 1.6 so reduces the

liabilities.

Leverage ratio:-

1. Debt equity ratio = Long term debt

Share holders fund
Year
Long term debt

2007

2008

2009

2010

2011

4,333.53

4,260.72

3,348.38

3,725.37

3,503.03

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Share
holders fund
Ratio

1,924.83
2.25

5,132.40
0.83

4,134.60
0.81

3,716.77
1.00

2,538.40
1.38

Debt ratio
2.5

2.25

2
1.38

1.5

debt ratio

0.83

0.81

2008

2009

0.5
0
2007

2010

2011

Interpretation: In the year 2007 it is 2.25 while it is1.38 in the 2011.

2. Proprietary ratio= Share holders fund

Total assets
Years
2007
Share
1,924.83
holders

2008

5,132.40

2009

2010

4,134.60

3,716.77

2011

2,538.
40

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fund
Total
assets

6,258.36

9,393.11

7,482.99

7,442.15

6,041.
42

Ratio

0.31

0.55

0.55

0.50

0.42

Proprietary ratio
0.6

0.55

0.55
0.5

0.5

0.42
0.4
Proprietary ratio

0.31
0.3
0.2
0.1
0
2007

2008

2009

2010

2011

Interpretation: In the 2008 & 2009 it is 0.55 while it is in the 2007

by 0.31.

ACCOUNTIG POLICES AND NOTES

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Significant accounting polices:Schedule N:a. Basis preparation of financial statement:The financial statement are prepared under the historical cost conventional accept for certain
fixed assets which are revalued in accordance with the generally accepted accounting
principles in India. And the provisions of the companies act 1956.
b. Use of estimates :The preparation of financial statements requires estimates and assumptions to be made that
affect the reported amount of assets and liabilities on the date of the financial statements and
the reported amount of revenues and expense during the accounting period.
c. Own fixes assts:Fixed assets are stated at cost net of value added tax. And includes amounts added on
revaluations less accumulated depreciation and impairment loss if any all cost including
financial cost in commencement of commercial product net charges on foreign exchange
contract arising from exchange rate variations attribute table to the fixed assets are
capitalized.

d. Leased assts: Operating leases rentals are expensed with reference to lease terms and other considerations.
I. finance leases prior to 1st April, 2001: rentals are expensed with reference to lease terms and other
consideration.
II. Financial leases on or after 1st April. 2001: the lower of the value of the assets and present value of the
minimum lease rentals is capitalized as fixed assets with corresponding amount shown as lease liability. The
principal component in the lease rental is adjusted against the lease liability and the interest component is
charged to profit and loss account.
e. Intangible assets:Intangible assets are stated at cost of acquisition less accumulated amortiosation.
f. Depreciation:Depreciation on fixes assets is provided to the extent of depreciable amount on written down
value method at rates and in the manner prescribed in the companys act 1956.
Depreciation is provided on straight line method over their useful life. 100% depreciation is
provided in the year of additions, on additions forming an integral part of existing plans
including incremental cost arising on account of translation of foreign currency liabilities for
accusation of fixed assets. Depreciation is provided as aforesaid over the residual life of the
assets as certifies by values on assets acquired under fianc lease from 1st April 2001.
Depreciation is provided over the lease term.
g. Foreign currency transactions: Transactions denominated in foreign currencies are recorded at the exchange rate
prevailing on the date of the transaction.
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Monitory items denominated in foreign currency at year and are restated at year end
rates in case of items which are covered by forward exchange contracts.
Nonmonetary currency items are carried at cost.
h. Inventories:Items of inventories are measured at lower of the cost and net realizable value after providing
for obsolescence if any. Cost of inventories comprises of cost of purchase, cost of conversion
and other cost incurred in bringing them to their respective present location and condition.
i. Employee benefits: Short term employee benefits are recognize as an expense at the undiscounted amount
in pal account of the year in which the rendered services is rendered.
In respect of employees stock options the excess of fair price on the date of grant over
the exercise price is recognized as differed compensation cost amortized over the
vesting period.

j. Provision for current differed tax:Provision for tax is made after taking in to consideration benefits admissible under the
provisions of the income tax act 1961. Differed tax resulting from timing difference between
taxable and accounting income is accounted for using the tax rates and laws that are in acted
as on the balacesheet date.
k. Provisions contingent liabilities and assts:Provisions involving substantial degree of estimation in measurement are recognized when
there is a present obligation is a result of past events. Contingent liabilities are not recognized
but are disclosed in the notes. Contingent assets are neither recognized not disclosed.

Conclusion

The RANBAXY Project has documented substantial differences in the treatment of student and
faculty in the College of Medicine. Current objectives are to

1) continue with analysis of the data collected, particularly the ethnographic interviews with faculty
and department chairs, and

2) Continue to meet with faculty and administration to identify additional strategies for solving the
problems identified.

The ultimate goal of the project is to achieve parity for student and faculty in an environment of
academic excellence.

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Bibliography (References):

www.google.com
http://www.moneycontrol.com/financials/ranbaxylaboratories/balance-sheet/RL#RL
www.ranbaxy.com

International Directory of Company Histories, Vol. 70. St. James Press, 2005.

http://www.fundinguniverse.com/company-histories/ranbaxy-laboratories-ltd-history/

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