2010 2009

Revenue 158.46 124.61

CoGS 146.43 115.39
Gross Profit 12.03 9.22
EBITDA 10.30 7.52
Depreciation 0.41 0.32
Financial Expense 4.98 2.92
EBIT 9.89 7.20
Net Profit 4.92 4.28
Net Property, plant and equipment 40.24 39.87
Current assets 28.06 25.19
Stock 22.01 21.08
Total Asset 68.30 65.07
Accumulated Depreciation 1.00 0.59
Long term liabilities 22.77 13.69
Current Liabilities 0.32 0.09
Equity 45.20 51.29
Borrowed Fund 22.77 13.69
Financial charges 4.98 2.92
Average receivable 4.91 3.40
Days 365.00 365.00
Average inventory 316.39 21.08
Average trade payable 0.24 0.09

2010 2009
(Months) (12) (12)
Net Revenue (BDT Million) 158.46 124.61
Revenue Growth 27% 15%
CoGS as % of Revenue 92% 93%
EBITDA (BDT Million) 10.30 7.52
EBITDA Growth 37% 17%
EBITDA Margin 7% 6%
Net Profit after tax (BDT Million) 4.92 4.28
Net profit after tax growth 15% 4%

CAGR of Sales (2006-June 2010) 21.00%

CAGR of EBITDA (2008 to June 2010) 26.85%
CAGR of Net Profit 9.37%

2010 2009
(Months) (12) (12)
EBITDA Margin 6.50% 6.03%
Net Profit Margin 3.10% 3.43%
Return on Asset 7.20% 6.57%
Return on Equity 10.87% 8.34%

2010 2009
(Months) (12) (12)
Current Ratio 87.13 281.40
Quick Ratio 0.13 0.08
Cash Ratio 18.31 5.57
Net Working Capital to Total Assets 0.41 0.39
Average Collection Period (Days) 11.31 9.96
Average Inventory Period (Days) 11211.42 1023.32
Average Payable Period (Days) 8.35 4.35

Cash Conversion Cycle -11208.47 -1017.71

2010 2009
(Months) (12) (12)
Equity* ( BDT Million) 45.20 51.29
Borrowed Fund (BDT Million) 22.77 13.69
EBITDA (BDT Million) 10.30 7.52
Fund Flow from Operation (FFO) 5.32 4.60
Cash Flow from Operation (CFO) -20.95 6.97
Retained Cash Flow (RCF) -20.95 6.97
Free Cash Flow (FCF) -163.75 -56.62
Ratios
Borrowed Fund to Equity (x) 0.50 0.27
Borrowed Fund to EBITDA (x) 2.21 1.82
FFO/Borrowed Fund 23.4% 33.6%
CFO/Borrowed Fund -92.0% 50.9%
RCF/ Borrowed Fund -92.0% 50.9%
FCF/Borrowed Fund -719.0% -413.6%

2010 2009
(Months) (12) (12)
 EBIT/Interest (x) 1.99 2.47
FCF/Interest (x) -32.90 -19.40
(EBITDA-CAPEX)/Interest (x) -132.50 -56.07
DSCR (x) 1.07 1.58

Net Profit 4.92 4.28

Add: Depriciation 0.41 0.32
Net Cash Accruals/Fund Flow from Operation (FFO) 5.32 4.60
Adj. of Working Capital
Δ in Inventory 0.94 1.11
Δ in A/C Receivable 14.01 2.94
Δ in Acc. Payable -12.55 5.99
Δ in Liabilities for expenses 1.23 0.43
Δ in Working Capital -26.27 2.37
Cash Flow from Operation (CFO) -20.95 6.97
Less: Dividend 0.00 0.00
Retained Cash Flow (RCF) -20.95 6.97
Less: CAPEX 142.80 63.59
Free Cash Flow(FCF) -163.75 -56.62

2010 2009
(Months) (12) (12)

Bed in Service 0 0
Average Age of Plant 0.10 0.08
Net PPE per Bed 27.73 99.95
Borrowed Fund per Bed #DIV/0! #DIV/0!
Capital Cost, as a percentage of Operating Expense 55% #DIV/0!
Capital Acquisition as a Percentage of Net Patient Revenue 90% 51%
Longterm Debt to Total Asset 0.33 0.21
Longterm Debt to Net Fixed Asset 0.57 0.34
Longterm Debt to Capitalization 0.34 0.21
Cash Flow to Total Debt 0.45 0.55
Debt Service Coverage Ratio

2007 2008
Capital Expenditure 30.23 0.76
Capital Acquisition as a Percentage of Net Patient Revenue 71.21% 0.94%
Average Age of plant 0.52 0.44

4155 5068
50 50
83.10 101.36
100 7000

90 91
6000
80

70 5000

60
4000
50 50 50
3000
40

30 2000

20
1000
10

0 0
2007 2008 2009
 2008

108.23
100.31
7.92
6.40
0.26
2.03
6.14
4.11
39.81
21.36
19.97
61.17
0.26
8.09
0.08
53.01
8.09
2.03
0.90
365.00
19.97
0.08

2008
(12)

108.23

93%
6.40

6%
4.11
 2008 Average
(12)
5.91% 6.15%
3.80% 3.44%
6.72% 6.83%
7.75% 8.99%

2008 Average
(12)
279.29 215.94
0.02 0.08
20.95 14.94
0.35 0.38
3.05 8.10
1138.40 4457.71
4.36 5.69
-1139.71 -4455.30

2008 Average
(12)
53.01 49.83
8.09 14.85
6.40 8.07
4.37 4.77
-6.99
-6.99
-110.18

0.15 0.31
1.26 1.76
54.1% 0.37
0.0% -0.14
0.0% -0.14
0.0% -3.78

2008 Average
(12)
3.03 2.49
0.00 -17.44
5.65 -60.97
2.16 1.60

4.11
0.26
4.37

0.67
6.22
2.03
7.58
11.96
0.00
11.96
0.76
11.20

2008
(12)

0
0.04
68.36
#DIV/0!
#DIV/0!
1%
0.13
0.20
0.13
0.78

2009
63.59
64.81%
0.56

5980
91
65.71
 7000

91
6000

5000

4000

3000

2000

1000

0
2009