COMPANY NAME JOHNSON PHARMACARE LTD

LATEST VERSION 2.10 PLEASE DO

CURRENT VERSION 2.10

META
Number of shares 55.00
Face Value 1.00
Current Price 0.97
Market Capitalization 53.35

3.00

PROFIT & LOSS

Report Date Mar-15 Mar-16 Mar-17 Mar-18
Sales
Raw Material Cost
Change in Inventory
Power and Fuel
Other Mfr. Exp
Employee Cost 0.01 0.03 0.03
Selling and admin 0.11 0.09 0.03
Other Expenses 0.02 0.01 0.01
Other Income 0.05
Depreciation 0.05
Interest
Profit before tax (0.07) (0.13) (0.08) (0.06)
Tax
Net profit (0.07) (0.13) (0.08) (0.06)
Dividend Amount

Quarters
Report Date Sep-22 Dec-22 Mar-23 Jun-23
Sales
Expenses 0.08 0.01 0.08 0.19
Other Income 0.04 (1.55)
Depreciation
Interest
Profit before tax (0.04) (1.56) (0.08) (0.19)
Tax
Net profit (0.04) (1.56) (0.08) (0.19)
Operating Profit (0.08) (0.01) (0.08) (0.19)

BALANCE SHEET
Report Date Mar-15 Mar-16 Mar-17 Mar-18
Equity Share Capital 50 50 50 50
Reserves 8.49 8.36 8.29 8.23
Borrowings 0.61 0.61 0.61 1.7
Other Liabilities 0.43 0.07 0.07 0.01
Total 59.53 59.04 58.97 59.94
Net Block
Capital Work in Progress
Investments 54 43.14 53.78 54.03
Other Assets 5.53 15.9 5.19 5.91
Total 59.53 59.04 58.97 59.94
Receivables 0.43 12.58
Inventory
Cash & Bank 0.27 0.34 0.34 0.33
No. of Equity Shares 50,000,000.00 50,000,000.00 50,000,000.00 50,000,000.00
New Bonus Shares
Face value 10.00 10.00 10.00 10.00

CASH FLOW:
Report Date Mar-15 Mar-16 Mar-17 Mar-18
Cash from Operating Activity 8.27 (10.90) 10.66 (0.85)
Cash from Investing Activity 10.31 10.86 (10.65) (0.25)
Cash from Financing Activity 2.05 0.10 1.09
Net Cash Flow 20.63 0.06 0.01 (0.01)

PRICE: 1.21 0.44 0.45 0.25

DERIVED:
Adjusted Equity Shares in Cr 55.00 55.00 55.00 55.00
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

0.92 0.76 3.26 2.53
0.65 2.69 2.02

0.9
0.02 0.02 0.02 0.1 0.07
0.01 0.07 0.08 0.34 0.21 0.2
0.01 0.01
-1.55

(0.01) (0.09) 0.13 (1.33) (0.20)

0.04 -0.04
(0.01) (0.09) 0.10 (1.29) (0.20)

Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24

0.04 0.03

(0.04) (0.03)
 (0.04) (0.03)
(0.04) (0.03)

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

50 50 50 55 55 55
8.21 8.14 8.14 3.24 1.95 1.75
1.7 0.63 0.69 0.61 1.91 1.96
0.02 0.65 1.13 0.97 1.12
59.93 58.77 59.48 59.98 59.83 59.83

53.13 52.26 52.26 54.18 45.56 45.56

6.8 6.51 7.22 5.8 14.27 14.27
59.93 58.77 59.48 59.98 59.83 59.83
0.92 0.92 1.68 1.05

0.30 0.28 0.23 0.04

50,000,000.00 50,000,000.00 50,000,000.00 ### ### ###

10.00 10.00 10.00 1.00 1.00 1.00

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

(0.93) 0.17 (0.11) 4.90 (0.40) (0.05)
0.90 0.88 (5.01) (0.94)
(1.07) 0.06 (0.08) 1.30 0.05
(0.03) (0.03) (0.05) (0.19) (0.04)

0.26 0.11 0.26 1.17 0.43 0.69

55.00 55.00 55.00 55.00 55.00 55.00

JOHNSON PHARMACARE LTD
Template
(All numbers in INR Million, Except per share data)
(Red for assumptions, Blue for Acutal data and Black for Calculations)
Date Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
Year 2015-A 2016-A 2017-A 2018-A 2019-A 2020-A 2021-A
Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Mar-27 Mar-28 Mar-29
2022-A 2023-A 2024-A 2025-A 2026-A 2027-A 2028-A 2029-A
JOHNSON PHARMACARE LTD
Template
(All numbers in INR Million, Except per share data)
(Red for assumptions, Blue for Acutal data and Black for Calculations)
Date Mar-15 Mar-16
Year 2015-A 2016-A

opening debt ₹ 1
intrest ₹ -
additions/ repayment ₹ -
closing debt ₹ 1 ₹ 1

intrest percentage #DIV/0! 0.00%

 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
2017-A 2018-A 2019-A 2020-A 2021-A

₹ 1 ₹ 1 ₹ 2 ₹ 2 ₹ 1
₹ - ₹ - ₹ - ₹ - ₹ -
₹ - ₹ 1 ₹ - ₹ -1 ₹ 0
₹ 1 ₹ 2 ₹ 2 ₹ 1 ₹ 1

0.00% 0.00% 0.00% 0.00% 0.00%

 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26
2022-A 2023-A 2024-A 2025-A 2026-A

₹ 1 ₹ 1 ₹ 2 ₹ 2 ₹ 2
₹ - ₹ - ₹ - ₹ - ₹ -
₹ -0 ₹ 1 ₹ 0 ₹ 0 ₹ 0
₹ 1 ₹ 2 ₹ 2 ₹ 2 ₹ 3

0.00% 0.00% 0.00% 0.00% 0.00%

CAGR 15.71% 15.71% 15.71%

 Mar-27 Mar-28 Mar-29
2027-A 2028-A 2029-A

₹ 3 ₹ 3 ₹ 4
₹ - ₹ - ₹ -
₹ 0 ₹ 0 ₹ 1
₹ 3 ₹ 4 ₹ 4

0.00% 0.00% 0.00%

15.71% 15.71% 15.71%

 1 100
2 120 CAGR 15.65%
3 130 12.95%
4 110
5 150
6 140
7 200
8 250
9 360
10 370
11 400
12 450
13 550
14 540
15 550

risk free r 7%
returen of 14%
beta 1.2
cost of equity

23.800%

KE 15.400% TAX 30%

DEBT 12%
EQUITY 500 WE= 0.625
DEBT 300 WD 0.375
WACC 12.78%
JOHNSON PHARMACARE LTD
Revenue Drivers
(All numbers in INR Million, Except per share data)
(Red for assumptions, Blue for Acutal data and Black for Calculations)
Date Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
Year 2012 - A 2013 - A 2015-A 2016-A 2017-A 2018-A 2019-A
business cycle 8-10 years
Method -1 (y/y % Growth)
Revenue from Operations - - - - 1
y/y % growth #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Method-2 (CAGR %)
Revenue from 10,003 12,945 - - - - 1
CAGR % - 10 Years

Other Income

Other Income 0 0 0.05 0 0

Cash BOP + Current Investments 54 43 54 54 53
Other Income Rate % 0.00% 0.00% 0.09% 0.00% 0.00%
Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Mar-27
2020-A 2021-A 2022-A 2023-A 2024-A 2025-A 2026-A 2027-A

- 1 3 3 - #DIV/0! #DIV/0! #DIV/0!

-100% #DIV/0! 329% -22% -100% #DIV/0! #DIV/0! #DIV/0!

- 1 3 3 - #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0!

0 0 0 -1.55 0 #DIV/0! #DIV/0! #DIV/0!

53 53 54 46 46 #DIV/0! #DIV/0! #DIV/0!
0.00% 0.00% 0.00% -3.40% 0.00% -1.13% -1.13% -1.13%
Mar-28 Mar-29
2028-A 2029-A

#DIV/0! #DIV/0!
#DIV/0! #DIV/0!

#DIV/0! #DIV/0!
#DIV/0! #DIV/0!

#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
-1.13% -1.13%
JOHNSON PHARMACARE LTD
Cost Drivers
(All numbers in INR Million, Except per share data)
(Red for assumptions, Blue for Acutal data and Black for Calculations)
Date Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Year 2020 2015-A 2016-A 2017-A 2018-A 2019-A 2020-A

Revenue from Operations - - - - 1 -

Employee Benefit expense - 0 0 0 1 0

Material and operating cost - 0 0 0 0 0
Other Expenses 0 0 0 - - -
Depreciation 0 - - - - -
Interest Expense - - - - - -
Tax Expense - - - - - -

Commonsize Analysis (As % of Revenue from Operations)

Employee Benefit expense #DIV/0! #DIV/0! #DIV/0! #DIV/0! 100.0% #DIV/0!
Material and operating cost #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1.1% #DIV/0!
Other Expenses #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0.0% #DIV/0!
Depreciation #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0.0% #DIV/0!
Interest Expense #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0.0% #DIV/0!
Tax Expense #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0.0% #DIV/0!

Effective Tax Rate (Tax Expense/P 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Dividends Paid - - - - - -

Dividend Payout Ratio 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

DIVI PAYOUT RATIO = DIVIDEND PAID/PAT

Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Mar-27 Mar-28
2021-A 2022-A 2023-A 2024-A 2025-A 2026-A 2027-A 2028-A

1 3 3 - #DIV/0! #DIV/0! #DIV/0! #DIV/0!

0 0 0 - #DIV/0! #DIV/0! #DIV/0! #DIV/0!

1 3 2 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
0 - 0 - #DIV/0! #DIV/0! #DIV/0! #DIV/0!
- - - -
- - - -
- 0 (0) -

2.6% 3.1% 2.8% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

96.1% 92.9% 88.1% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
1.3% 0.0% 0.4% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
0.0% 0.0% 0.0%
0.0% 0.0% 0.0%
0.0% 0.9% -1.6%

#DIV/0! 23.1% 3.0% 25.0% 22.0% 22.0% 22.0% 22.0%

- - - - 1,000 1,000 1,000 1,000

#DIV/0! 0.0% 0.0% 0.0%

Mar-29
2029-A

#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

22.0%

1,000
JOHNSON PHARMACARE LTD
Income Statement
(All numbers in INR Million, Except per share data)
(Red for assumptions, Blue for Acutal data and Black for Calculations)
Date Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Year 2020 2015-A 2016-A 2017-A 2018-A 2019-A 2020-A

Revenue from Operations - - - - 1 -

Other Income - - 0 - - -
Total Revenue - - 0 - 1 -

Employee Benefit expense - 0 0 0 1 0

Material and operating cost - 0 0 0 0 0
COGS - 0 0 0 1 0
Gross Profit - (0) (0) (0) (0) (0)

Other Expenses 0 0 0 - - -
EBITDA (0) (0) (0) (0) (0) (0)

Depreciation 0 - - - - -
EBIT (0) (0) (0) (0) (0) (0)

Interest Expense - - - - - -
EBT (0) (0) (0) (0) (0) (0)

Exceptional Items [Loss] - - - - - -

PBT (0) (0) (0) (0) (0) (0)

Tax Expense - - - - - -
PAT (0) (0) (0) (0) (0) (0)

EPS
Basic 32.04 36.84 34.74 37.68 40.39 43.99
Diluted 31.16 36.33 34.66 37.68 40.39 43.99
EPS = PAT/NOS
Number of Shares NOS = PAT/EPS
Basic 55.00 55.00 55.00 55.00 55.00 55.00
Diluted 55.00 55.00 55.00 55.00 55.00 55.00
Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Mar-27 Mar-28 Mar-29
2021-A 2022-A 2023-A 2024-A 2025-A 2026-A 2027-A 2028-A 2029-A

1 3 3 - #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

- - (2) - #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
1 3 1 - #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

0 0 0 - #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

1 3 2 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
1 3 2 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
0 0 (1) (0) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

0 - 0 - #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

- 0 (1) (0) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

- - - - #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

- 0 (1) (0) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

- - - - - - - - -
- 0 (1) (0) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

- - - - - - - - -
- 0 (1) (0) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

- 0 (0) - #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

- 0 (1) (0) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

44.38 58.97 90.34 (0.00) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

44.38 58.97 90.34 (0.00) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

55.00 55.00 55.00 55.00 55.00 55.00 55.00 55.00 55.00

55.00 55.00 55.00 55.00 55.00 55.00 55.00 55.00 55.00
JOHNSON PHARMACARE LTD
Balance Sheet
(All numbers in INR Million, Except per share data)
(Red for assumptions, Blue for Acutal data and Black for Calculations)
` Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Year 2020 2015-A 2016-A 2017-A 2018-A 2019-A 2020-A

Property, Plant and Equ - - - - - -

Capital work-in-progress - - - - - -
Right of use assets
Goodwill
Other Intangible assets
Intangible assets under development
Investments 54 43 54 54 53 52
Loans
Other non-current financial assets
Deferred tax assets (net)
Other non-current asset 5 3 5 6 6 5
Total Non Current Assets 59 46 59 60 59 58

Inventory - - - - - -
Trade receivables 0 13 - - 1 1
Cash and Cash equivalen 0 0 0 0 0 0
Other bank balances
Loans
Other current financial Assets
Current tax assets (net)
Other current assets
Total Current Assets 1 13 0 0 1 1

Total Assets 60 59 59 60 60 59

Equity share capital 50 50 50 50 50 50

Other equity 8 8 8 8 8 8
Total Equity 58 58 58 58 58 58

Borrowings 1 1 1 2 2 1
Deferred payment liabilities
Provisions
Other Long Term Liabilities / DTL
Total Non Current Liabili 1 1 1 2 2 1

Trade Payables 0 0 0 0 0 -
Deferred Payment Liabilities/Lease Liabilities
Other Financial liabilities
Other Current Liabilities
Provisions
Total Current Liabilities 0 0 0 0 0 -

Total Liabilities and Sha 60 59 59 60 60 59

Checksum (ASSETS = LIAB - - - - - -

Balance Sheet Ratios

DIH - - - - -
DSO #DIV/0! #DIV/0! #DIV/0! 182.50 #DIV/0!
Payable Days 760.42 212.92 243.33 5.89 40.56

DSO AVERAGE TRADE RECEIVABLES/( REVE FROM OPS / 365)

Payable Days AVERAGE TRADE PAYABLES/( COGS / 365)
Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Mar-27 Mar-28
2021-A 2022-A 2023-A 2024-A 2025-A 2026-A 2027-A 2028-A

- - - - #DIV/0! #DIV/0! #DIV/0! #DIV/0!

- - - - - - - -

52 54 46 46 46 46 46 46

5 5 14 14 14 14 14 14
58 59 60 60 #DIV/0! #DIV/0! #DIV/0! #DIV/0!

- - - - #DIV/0! #DIV/0! #DIV/0! #DIV/0!

2 1 - - #DIV/0! #DIV/0! #DIV/0! #DIV/0!
0 0 - - #DIV/0! #DIV/0! #DIV/0! #DIV/0!

2 1 - - #DIV/0! #DIV/0! #DIV/0! #DIV/0!

59 60 60 60 #DIV/0! #DIV/0! #DIV/0! #DIV/0!

50 55 55 55 55 55 55 55
8 3 2 2 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
58 58 57 57 #DIV/0! #DIV/0! #DIV/0! #DIV/0!

1 1 2 2 2 3 3 4

1 1 2 2 2 3 3 4

1 1 1 1 #DIV/0! #DIV/0! #DIV/0! #DIV/0!

 1 1 1 1 #DIV/0! #DIV/0! #DIV/0! #DIV/0!

59 60 60 60 #DIV/0! #DIV/0! #DIV/0! #DIV/0!

- - - -

- - - - - - - -
624.34 152.83 75.74 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
158.17 103.79 166.63 211.46 136.12 136.12 136.12 136.12

DSO = AVERAGE TRADE RECEIVABLES/( REVE FROM OPS / 365)

DSO = (TR1 + Tro)/2/(REVE FROM OPS/365)

TR1 = DSO * Revenue from ops/365 *2 - Tro

DIH= DAYS OF INVENTORY AT HAND
PAYBALE DAYS

4202.3
Mar-29
2029-A

#DIV/0!
-

46

14
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!

#DIV/0!

55
#DIV/0!
#DIV/0!

#DIV/0!
 #DIV/0!

#DIV/0!

-
#DIV/0!
136.12

OM OPS / 365)
JOHNSON PHARMACARE LTD
Cash Flow Statement
(All numbers in INR Million, Except per share data)
(Red for assumptions, Blue for Acutal data and Black for Calculations)
Date Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
Year 2020 2015-A 2016-A 2017-A 2018-A 2019-A

Profit before tax (0) (0) (0) (0) (0)

Adjustments for:
Interest income
Finance costs
Dividend income
Depreciation and amortization expense 0 - - - -
Amortization of lease premium
Unrealised exchange loss/ (gain) (net)
Change in foreign currency translation reserve
Exchange loss/ (gain) on derivative contracts
Exchange (gain) / loss on translation of foreign currency and cash equivalents
Donations in kind
Bad debts
Provision for doubtful receivables (net)
Employee stock compensation expenses
Provision for doubtful deposits and advances
Provision for diminution in value of non current investments
Remeasurements of the defined benefit liabilities / (asset)
Advances written off
Excess provision in respect of earlier years written back
(Gain)/ loss on fair valuation of mutual funds
(Profit) on sale of investments (net)
(Profit) on sale of fixed assets (net)
Operating profit before working capital cha (0) (0) (0) (0) (0)

Movements in working capital :

(Increase) / Decrease in non-current and current loans
Decrease / (Increase) in other non current assets
(Increase) in other current financial assets
(Increase) in inventory
(Increase) in trade receivables (0) (12) 13 - (1)
(Decrease) / Increase in trade payables and 0 (0) - (0) 0
Increase / (Decrease) in provisions 8 2 (2) (1) (0)
Working Capital Change 8 (11) 11 (1) (1)
Operating profit after working capital chang 8 (11) 11 (1) (1)
Direct taxes paid = Tax Expense - - - - -
Net cash generated from operating activitie 8 (11) 11 (1) (1)
8
Payment towards capital expenditure (including intangib - - - -
Proceeds from sale of fixed assets
Payment towards acquisition of subsidiaries
Purchase of tax free bonds
Proceeds from sale of tax free bonds
Purchase of non-current investments 11 (11) (0) 1
Investments in mutual funds
Proceeds from sale / maturity of mutual funds
Proceeds from sale of other current investments
Investments in bank deposits having original maturity over three months
Investments in Deposit with financial institutions
Maturity of bank deposits having original maturity over three months
Inter corporate deposits refunded
Interest received
Dividends received
Net Cash (used in) investing activities - 11 (11) (0) 1

(Repayment of) long term borrowings - - 1 -

Shares bought back
Other Investments 0 - - -
Specific project related grant received
Interest paid - - - -
Dividends paid - - - -
Tax on dividend paid
Net cash (used in) 􀁯nancing activities - 0 - 1 -

Net Change in Cash 0 0 (0) (0)

Cash BOP 0 0 0 0
Cash EOP 0 0 0 0 0

Cash acquired on Acquisition 0 (0) - -

Effect of exchange differences
Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Mar-27 Mar-28
2020-A 2021-A 2022-A 2023-A 2024-A 2025-A 2026-A 2027-A 2028-A

(0) - 0 (1) (0) #DIV/0! #DIV/0! #DIV/0! #DIV/0!

- - - - #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

(0) - 0 (1) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0!

- (1) 1 1 - #DIV/0! #DIV/0! #DIV/0! #DIV/0!
(0) 1 0 (0) 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
0 - 4 - #DIV/0!
0 (0) 5 1 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
0 (0) 5 (0) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
- - (0) 0 - #DIV/0! #DIV/0! #DIV/0! #DIV/0!
0 (0) 5 (0) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

- - - - - #DIV/0! #DIV/0! #DIV/0! #DIV/0!

 1 - (5) (1) -

1 - (5) (1) - #DIV/0! #DIV/0! #DIV/0! #DIV/0!

(1) 0 (0) 1 0 0 0 0 0

- - - - -

- - - - -
- - - - - (1,000) (1,000) (1,000) (1,000)

(1) 0 (0) 1 0 (1,000) (1,000) (1,000) (1,000)

(0) (0) (0) (0) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

0 0 0 0 - #DIV/0! #DIV/0! #DIV/0! #DIV/0!

0 0 0 - #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

- - (0) - #DIV/0!
Mar-29
2029-A

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
 #DIV/0!
#DIV/0!

#DIV/0!

(1,000)

(999)

#DIV/0!

#DIV/0!
#DIV/0!
JOHNSON PHARMACARE LTD
Asset Schedule
(All numbers in INR Million, Except per share data)
(Red for assumptions, Blue for Acutal data and Black for Calculations)
Date Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Year 202013 - A 2015-A 2016-A 2017-A 2018-A 2019-A 2020-A

Property, Plant and Equipment - - - - - -

Other Intangible Assets - - - - - -
Total Fixed Assets - - - - - -

Depreciation & Amortisation 0 - - - - -

Depreciation & Amortisation Rate % #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Purchase of Fixed Assets - - - - - -

Purchase of Fixed Assets as % Revenue #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0.0% #DIV/0!

DEP = D%* BOP ASSETS + D%/2*PURCHASE OF ASSETS

Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Mar-27 Mar-28 Mar-29
2021-A 2022-A 2023-A 2024-A 2025-A 2026-A 2027-A 2028-A 2029-A

- - - - #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

- - - - - - - - -
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- - - #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

0.0% 0.0% 0.0% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0!
DEP = D%* BOP ASSETS + D%/2*PURCHASE OF ASSETS

#DIV/0!
Valuation Assumptions Data Sources
g (World Economic Growth) 2.5% IMF.ORG
Rf 6.700% 10 Year GOI Bond Yield
Rm 14.000% 10 Year CAGR% - NIFTY
Beta 1.7000 in.reuters.com
CMP 631 in.reuters.com

Valuation Data
Total Debt (Long Term Borrowings) (2024) 2 <== CURRENT
Cash & Cash Equivalents (2024) - <== CURRENT
Number of Diluted Shares (2024) 55 <== 1 YR FORWARD EST.
Tax Rate (2024) 22% <== 1 YR FORWARD EST.
Interest Expense Rate (2024) 10%

MV of Equity 34,705 NO. OF SHARES * CMP(i.e. Current Market Price)

Total Debt 2
Total Capital 34,707 MV OF EQUITY + TOTAL DEBT

WACC
We 100.0% MV OF EQUITY / TOTAL CAP
Wd 0.0% 1 - We
Ke 19.1% Rf + BETA*(Rm - Rf)
Kd 7.8% INT EXP ATE * ( 1 - TAX RATE)
WACC 19.1094% We*Ke + Wd*Kd

FCFF & Target Price

Explicit Forecast Period
2025 2026 2027 2028
EBIT * (1-Tax Rate) #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Dep #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Purchase of Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Changes in Working Capital #DIV/0! #DIV/0! #DIV/0! #DIV/0!
FCFF #DIV/0! #DIV/0! #DIV/0! #DIV/0!

% Growth in Post Tax EBIT #DIV/0! #DIV/0! #DIV/0!

As % Of Post Tax EBIT

Dep #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Purchase of Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Changes in Working Capital #DIV/0! #DIV/0! #DIV/0! #DIV/0!

FCFF #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Terminal Value
Total Cash Flow #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Enterprise Value (EV) #DIV/0!

Less: Debt 2
Add: Cash -
Equity Value #DIV/0!

Target Price #DIV/0! EQ VALUE / NUMBER OF DILUTED SH

% Returns
% Returns #DIV/0! TP/CMP - 1 < 5%
>5%, < 15%
Rating SELL >15%
 rbi.org.in

rrent Market Price)

od Linear Decline Phase Terminal Yr

2029 2030 2031 2032 2033 2034 2035 2036
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#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 2.50%

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Rating
SELL
HOLD
BUY
<== GORDON GROWTH MODEL TERMINAL VALUATION