Calculation of weight of equity and debt:

2012
Market price
Number of share outstanding
Market capital

293.5
1251600
367344600

Long term loan-Secured

Bank overdraft
Current maturity-long term loan-secured
Book value of debt

210976954
22768757
84286136
318031847

Weight of equity
Weight of debt
Risk free rate(1 years T.Bill)
Market return
Beta
Cost of equity
Default risk premium range
Default risk premium (A category)

0.54
0.46
0.0858
0.3735
1.7984
0.6032
1.5%-8.5%
0.030 (assume)

Cost of debt
Tax rate

0.1158
0.28

Discount rate

0.3622

Calculation of capital expenditure:

Year
2008
2009
2010
2011
2012
Average

Cash flows from investing activities

21933521
92014312
114868538
64933951
193031132
97356290.8 (capital expenditure)

Calculation of projected depreciation expense:

Historical data

Depeciation expense
Fixed assets
Depreciation rate(DR)
ADR
Capex

2008
101808775
195996799
0.52
0.21

2009
106709131
283110755
0.38

2010
111524097
2260155100
0.05

2011
121397137
2315216011
0.05

2012
131332938
2498311352
0.05

Projected data
2013E
151791472.4

2014E
172250006.7

2015E
192708541.1

2016E
213167075.4

2017E
233625609.8

97356290.8

97356290.8

97356290.8

97356290.8

97356290.8

Working capital balances:

Sales revenue

413775857

367526844

Property,plant and equipment

% of Sales

2008
195996799
47.37%

2009
2010
2011
283110755 2260155100 2315216011
77.03%
595.88%
658.80%

195996799

283110755 2260155100 2315216011

Total Non-cash Current Assets:

379294228

351429516

Term Borrowing
% of Sales

45010151
10.88%

89027587
24.22%

131033484
34.55%

170978179
48.65%

Due to - Directors
% of Sales

24364988
5.89%

21364988
5.81%

18075471
4.77%

26341000
7.50%

Other liabilities
% of Sales

21451505
5.18%

22831960
6.21%

24533416
6.47%

29972843
8.53%

Total Non-Debt Current Liabilities:

90826644

133224535

173642371

227292022

Total Non-cash Current Assets

Total Non-Debt Current Liabilities
NET WORKING CAPITAL / (DEFICIT)
Increase/(Decrease) in Net Working Capital

195996799
90826644
105170155

283110755 2260155100 2315216011

133224535 173642371 227292022
149886220 2086512729 2087923989
44716065 1936626509
1411260

248592174

218860823

192685310 169640358 149351558

131489276.1

2012
2498311352
1004.98%

2013E
728821168
333.01%

2014E
2015E
2016E
641654957 564913730 497350669
333.01%
333.01%
333.01%

2017E
Average Assumption
437868076.2
333.01% 333.01%
333.01%

2498311352

728821168

641654957 564913730 497350669

437868076.2

277133290
111.48%

92483458.3 81422538.4
42.26%
42.26%

71684492
42.26%

63111106
42.26%

55563087.04
42.26%

42.26%

42.26%

78950815
31.76%

23422508.7 20621202.4
10.70%
10.70%

18154929
10.70%

15983620
10.70%

14071996.36
10.70%

10.70%

10.70%

33755784
13.58%

17407582.1 15325654.4
7.95%
7.95%

13492723
7.95%

11879008
7.95%

10458291.88
7.95%

7.95%

7.95%

117369395 103332145

90973734

80093375.28

641654957 564913730 497350669

117369395 103332145 90973734
524285562 461581586 406376936
-71222056 -62703977 -55204650

437868076.2
80093375.28
357774700.9
-48602235

389839889

133313549

2498311352 728821168
389839889 133313549
2108471463 595507618
20547474 -1512963845

Month Ended All Share PriceIndex

Year

2007

2008

2009

2010

2011

Month

April
may
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
January

Closing Return

1,487.24
1,658.36
1,764.18
1,936.83
2,059.72
2,108.49
2,415.36
2,971.11
3,017.21
2,907.17
2,931.38
3,016.49
3,072.85
3,167.99
3,000.49
2,761.05

2,791.20
2,966.82
2,748.60
2,468.92
2,795.34

2,196.96
2,144.29
2,033.30
2,119.85
2,146.72
2,520.15
2,441.32
2,471.20
2,592.38
2,816.26
3,632.40
3,747.53
4,422.81
4,549.60
4,573.81
4,641.54
5,030.05
5,111.63
5,278.89
5,555.49
5,930.90
6,612.14
7,135.16
6,877.66
6,198.82

Monthly ended price index

% change in return

0.12
0.06
0.10
0.06
0.02
0.15
0.23
0.02
0.04
0.01
0.03
0.02
0.03
0.05
0.08
0.01
0.06
0.07
0.10
0.13
0.21
0.02
0.05
0.04
0.01
0.17
0.03
0.01
0.05
0.09
0.29
0.03
0.18
0.03
0.01
0.01
0.08
0.02
0.03
0.05
0.07
0.11
0.08
0.04
0.10

Closing price

293.5
294
275
317.2
297.8
290.6
343.50
2,970.00
2,822.25
4,353.50
4,220.00
4,095.00
4,095.00
4,145.00
4,276.00
4,111.75
2,850.00
4,150.00
4,944.75
4,551.00
3,588.25
2,550.50
2,492.75
1,916.00
1900
2029.25
2,148.75
1,849.75
1,880.00
2,250.00
1878
1950
1,720.00
2,131.50
1,803.00
1,722.50
1,600.00
1645
1350.75
1490.25
1530
1200
1011
950
1,194.25
1192.50

Cash Dividend

1.75

1.50

2.00

2.00

2012

February
March
April
May
June
July
August
September
October
November
December
January
February
March

4,317.89
5,275.13
5,032.95
4,798.37
5,093.19
5,380.10
5,195.68
4,944.96
4,205.07
4,403.37
4,383.94
3,488.99
3,927.03
4,172.95
Average
Annualized

0.30
0.22
0.05
0.05
0.06
0.06
0.03
0.05
0.15
0.05
0.00
0.20
0.13
0.06
0.03
0.37
(Market return)

1316.5
1210
1447.25
317.2
297.8
290.6
343.50
2,970.00

2,822.25

2.00

4,353.50
4,220.00
4,095.00
4,095.00

4,145.00
Covariance
Variance
Beta

0.0193
0.0107
1.7984

Bonus
share

Right
share

Index

1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00

Price*Index

293.50
294.00
275.00
317.20
297.80
290.60
343.50
2970.00
2822.25
4353.50
4220.00
4095.00
4095.00
4145.00
4276.00
4111.75
2850.00
4150.00
4944.75
4551.00
3588.25
2550.50
2492.75
1916.00
1900.00
2029.25
2148.75
1849.75
1880.00
2250.00
1878.00
1950.00
1720.00
2131.50
1803.00
1722.50
1600.00
1645.00
1350.75
1490.25
1530.00
1200.00
1011.00
950.00
1194.25
1192.50

Return

0.00
0.06
0.15
0.06
0.02
0.18
7.65
0.05
0.54
0.03
0.03
0.00
0.01
0.03
0.04
0.31
0.46
0.19
0.08
0.21
0.29
0.02
0.23
0.01
0.07
0.06
0.14
0.02
0.20
0.17
0.04
0.12
0.24
0.15
0.04
0.07
0.03
0.18
0.10
0.03
0.22
0.16
0.06
0.26
0.00

1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00

1316.50
1210.00
1447.25
317.20
297.80
290.60
343.50
2970.00
2822.25
4353.50
4220.00
4095.00
4095.00
4145.00

0.10
0.08
0.20
0.78
0.06
0.02
0.18
7.65
0.05
0.54
0.03
0.03
0.00
0.01

Libra infusion
Discounted Cash Flow Analysis
August 15,2013
Valuation Assumptions
Valuation Date
Terminal Growth Rate
Discount rate
Tax Rate

31-Jul
1.0%
36.22%
27.50%

2008

2009

2010

2011

Sales Revenue
Growth Rate

413775857

367526844 379294228
-11.18%
3.20%

351429516
-7.35%

Cost of Goods Sold

% of Sales

277294628
67.02%

333883005 240689438
90.85%
63.46%

224233358
63.81%

Gross Margin

136481229

33643839 138604790

127196158

Total Operationg expenses

% of Sales

108184631
26.15%

105696702 104275063
28.76%
27.49%

87345059
24.85%

Non-operating income
% of Sales
EBIT
EBIT(1-Tax Rate)
Add: Depreciation/Amortization
Less: Changes in Working Capital
Less: Capital Expenditures
Net Cash Flow Before Debt
Present Value of Adjusted Cash Flows
Enterprise Value

1510853318

Plus: Cash
Less: Interest Debt:
Equity Value:
No of shares outstanding
Equity value per share

12533085
318031847
1205354556
1251600
963.0509392

Cash Flow Timing (1=12 months from valuation)

0.00%

0.00%

4030256
1.06%

2515106
0.72%

28296598

-72052863

38359983

42366205

2012

2013E

2014E

2015E

2016E

2017E

Terminal

248592174
-29.26%

218860823.4
-11.96%

192685309.6
-11.96%

169640358.5
-11.96%

149351558.2
-11.96%

131489276.1
-11.96%

154097075
61.99%

151938742.6
69.42%

133767036.1
69.42%

117768645.7
69.42%

103683645.2
69.42%

91283195.24
69.42%

94495099

66922080.77

58918273.5

51871712.79

45667912.99

40206080.82

61445505
24.72%

57765291.22
26.39%

50856625.91
26.39%

44774229.39
26.39%

39419280.79
26.39%

34704778.16
26.39%

3623497
1.46%

1416403
0.65%

1247003
0.65%

1097862
0.65%

966559
0.65%

850960
0.65%

36673091

10573192.39
7665564.484
151791472
-1512963845
97356290.8

9308650.209
6748771.402
172250007
-71222056
97356290.8

8195345.882
5941625.764
192708541
-62703977
97356290.8

7215191.527
5231013.857
213167075
-55204650
97356290.8

6352262.555
4605390.353
233625610
-48602235
97356290.8

1575064591

152864544

163997853

176246448

189476944

543286802

1156224520

82374801

64873837

51179449

40390144

115810567

Normalized
131489276.1

Other assumotions
-11.96% Sales Growth Rate

91283195.24
69.42% Average (COGS/Sales)
40206080.82
34704778.16
26.39% Average as of % sales
850960
0.65% Average as of % sales
6352263
4605390
233625610
-48602235
97356291
189476944