Rubicon Research Ltd.

Financial

	Rubicon Research	Sun Pharma Inds.	Aurobindo Pharma
Operational Metrics
Pharmaceutical Sector
Number of ANDA's Filed in USA	72.0 .	661.0 .	865.0 .
Number of ANDA's Approved	5.0 .	n/a	n/a
Unclassified
R&D as a % of Total Sales	10.42 %	6.5 %	4.7 %
Financials
5 yr Average ROE	5.76 %	11.67 %	12.72 %
5yr average Equity Multiplier	2.29	1.33	1.46
5yr Average Asset Turnover Ratio	0.66	0.57	0.68
5yr Avg Net Profit Margin	1.04 %	15.4 %	12.5 %
Price to Book	n/a	5.5	1.97
P/E	n/a	38.26	19.0
5yr Avg Cash Conversion Cycle	-23.11 Days	-46.88 Days	-46.37 Days
Inventory Days	96.45 Days	65.22 Days	59.62 Days
Days Receivable	88.85 Days	84.33 Days	30.33 Days
Days Payable	228.02 Days	175.41 Days	121.28 Days
5yr Average Interest Coverage Ratio	2.59	44.12	43.54
5yr Avg ROCE	12.78 %	18.0 %	15.27 %
5yr Avg Operating Profit Margin	13.16 %	26.44 %	19.22 %
5 yr average Debt to Equity	0.74	0.06	0.19
5yr CAGR Net Profit	34.36 %	30.35 %	-8.16 %
5yr Average Return on Assets	1.79 %	8.92 %	8.64 %
Shareholdings
Promoter Holding	n/a	54.48 %	51.82 %
Share Pledged by Promoters	n/a	0.88 %	17.5 %
Change in Promoter Holding (3 Yrs)	n/a	0.0	-0.01 %
Change in Mutual Fund Holding (3 Yrs)	n/a	0.79 %	10.34 %

Business

	Rubicon Research	Sun Pharma Inds.	Aurobindo Pharma
Product Wise Break-Up	Product Wise Break-Up Sale of pharmaceutical goods 98.15 Export benefits, royalty etc. 1.77 Income from research services 0.08 India Branded Generics 0 API & Others 0 Western Europe & Other Markets 0 Emerging Markets 0 US Formulations 0 API 0 Formulations 0	Product Wise Break-Up Formulations 0 Emerging Market 18.0 Active Pharmaceutical Ingredient (API) 5.0 US Formulations 31.0 API 0 Export benefits, royalty etc. 0 Income from research services 0 Sale of pharmaceutical goods 0 India Branded Generics 33.0 Western Europe & Other Markets 13.0	Product Wise Break-Up Formulations 88.36 Emerging Markets 0 API & Others 0 US Formulations 0 Active Pharmaceutical Ingredient (API) 11.64 Export benefits, royalty etc. 0 Income from research services 0 Sale of pharmaceutical goods 0 India Branded Generics 0 Western Europe & Other Markets 0
Location Wise Break-Up	Location Wise Break-Up USA 99.5 India 0.32 Rest of the World 0 Emerging Markets 0 Europe 0 Others 0.18	Location Wise Break-Up USA 32.68 Emerging Market 19.13 Rest of the World 14.8 India 33.39 Europe 0	Location Wise Break-Up USA 44.3 Emerging Markets 0 Rest of the World 17.0 India 9.0 Europe 29.7
Therapeutic Area Break-Up	Therapeutic Area Break-Up Others 100	-	-
Customer Wise Break-Up	Customer Wise Break-Up Others 100	-	-
Asset Break-Up - Geography Wise	Asset Break-Up - Geography Wise Others 100	-	-