SQUARE PHARMACEUTICALS LTD.

INCOME STATEMENT - HORIZONTAL ANALYSIS INTRA COMPANY

For the Year Ended 31 Match 2010

Incr or (Dec) during 2009-10

Notes 2009-2010 2008-2009 Amount Percent
GROSS TURNOVER 13,279,141,757 11,366,597,928 1,912,543,829 16.8%
Less: Value Added Tax 1,816,563,347 1,545,801,360 270,761,987 17.5%
NET TURNOVER 11,462,578,410 9,820,796,568 1,641,781,842 16.7%
COST OF GOOD SOLD (6,561,288,485) (5,672,565,973) (888,722,512) 15.7%
GROSS PROFIT 4,901,289,925 4148230595 753,059,330 18.2%
-
Operating Expenses: (2,211,670,939) (1,779,793,368) (431,877,571) 24.3%
Selling and Distribution Expenses (1,687,210,447) (1,319,362,317) (367,848,130) 27.9%
Administrative Expenses (524,460,492) (460,431,051) (64,029,441) 13.9%
PROFIT FROM OPERATIONS 2,689,618,986 2,368,437,227 321,181,759 13.6%
Other Income 585,564,826 665,520,915 (79,956,089) -12.0%
Financial Expenses (308,861,107) (397,135,963) 88,274,856 -22.2%
NET PROFIT BEFORE WPPF 2,966,322,705 2,636,822,179 329,500,526 12.5%
Allocation for WPPF (141,253,462) (125,562,961) (15,690,501) 12.5%
NET PROFIT BEFORE TAX 2,825,069,243 2,511,259,218 313,810,025 12.5%
Provision for Income Tax (688,499,602) (592,644,226) (95,855,376) 16.2%
Provision for Deferred Income Tax (48,697,850) (28,562,063) (20,135,787) 70.5%
NET PROFIT AFTER TAX 2,087,871,791 1,890,052,929 197,818,862 10.5%
(Tranferred to the Statement of Changesin Equity) -
-
Earning Per Share(EPS) 138.36 125.25 13.11 10.5%
Number of Shares used to computer EPS 15,090,300 15,090,300
 SQUARE PHARMACEUTICALS LTD.
BALANCE SHEET - HORIZONTAL ANALYSIS intra company
As at 31 March 2010

Incr or (Dec) during 2009-10

Notes 3/31/2010 3/31/2009 Amount Percent
ASSETS

Non- Current Assets: 10,255,189,084 9,407,730,001 847,459,083 9.0%

Property,Plant and Equipment-Carrying Value 5,630,791,822 4,899,679,832 731,111,990 14.9%
Capital Work-in-Progress 634,347,093 634,347,093
Investment-Long Term (at Cost) 3,990,050,169 4,508,050,169 (518,000,000) -11.5%
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Current Assets: 4,774,311,194 3,843,512,855 930,798,339 24.2%
Inventories 2,207,078,082 2,098,755,231 108,322,851 5.2%
Trade debtors 508,249,174 477,562,002 30,687,172 6.4%
Advances, Deposits and Prepayments 358,250,076 260,330,162 97,919,914 37.6%
Investment in Marketable Securities(at Cost) 221,269,226 20,250,000 201,019,226 992.7%
Short Term Loan 1,220,736,941 693,157,720 527,579,221 76.1%
Cash and Cash Equivalents 258,727,695 293,457,740 (34,730,045) -11.8%
-
TOTAL ASSETS 15,029,500,278 13,251,242,856 1,778,257,422 13.4%
-
SHAREHOLDERS' EQUITY AND LIABILITIES -
-
Shareholders' Equity 11,554,379,825 949,397,634 1117.0%
10,604,982,191
Share Capital 1,509,030,000 1,207,224,000 301,806,000 25.0%
Share Premium 2,035,465,000 2,035,465,000 - 0.0%
General Reserve 105,878,200 105,878,200 - 0.0%
Tax Holiday Reserve 1,101,935,237 1,101,935,237 - 0.0%
Retained Earnings 6,802,071,388 5,498,895,197 1,303,176,191 23.7%
-
Non-Current Liabilities 1,258,376,052 660,976,668 597,399,384 90.4%
Long Term Loans-Secured 1,032,633,110 449,757,608 582,875,502 129.6%
Deferred Tax Liability 225,742,942 211,219,060 14,523,882 6.9%
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Current Liabilities 2,216,744,401 2,640,868,554 (424,124,153) -16.1%
Short Term Bank Loans 736,443,848 1,534,345,782 (797,901,934) -52.0%
Long Term Loans-Current Portion 462,090,211 295,590,601 166,499,610 56.3%
Trade Creditors 394,715,915 124,222,699 270,493,216 217.7%
Liabilities for Expenses 56,463,570 69,573,702 (13,110,132) -18.8%
Liabilities for Other Finance 567,030,857 617,135,770 (50,104,913) -8.1%
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TOTAL SHARHOLDERS' EQUITY AND LIABILITIES 15,029,500,278 13,251,242,856 1,778,257,422 13.4%
 SQUARE PHARMACEUTICALS LTD.
INCOME STATEMENT - VERTICAL ANALYSIS intra company
For the Year Ended 31 Match 2010

2009-2010 2008-2009
Notes Amount Percent Amount Percent
GROSS TURNOVER 13,279,141,757 116% 11,366,597,928 116%
Less: Value Added Tax 1,816,563,347 16% 1,545,801,360 16%
NET TURNOVER 11,462,578,410 100% 9,820,796,568 100%
COST OF GOOD SOLD (6,561,288,485) -57% (5,672,565,973) -58%
GROSS PROFIT 4,901,289,925 43% 4148230595 42%

Operating Expenses: (2,211,670,939) -19% (1,779,793,368) -18%

Selling and Distribution Expenses (1,687,210,447) -15% (1,319,362,317) -13%
Administrative Expenses (524,460,492) -5% (460,431,051) -5%
PROFIT FROM OPERATIONS 2,689,618,986 23% 2,368,437,227 24%
Other Income 585,564,826 5% 665,520,915 7%
Financial Expenses (308,861,107) -3% (397,135,963) -4%
NET PROFIT BEFORE WPPF 2,966,322,705 26% 2,636,822,179 27%
Allocation for WPPF (141,253,462) -1% (125,562,961) -1%
NET PROFIT BEFORE TAX 2,825,069,243 25% 2,511,259,218 26%
Provision for Income Tax (688,499,602) -6% (592,644,226) -6%
Provision for Deferred Income Tax (48,697,850) -0.4% (28,562,063) -0.3%
NET PROFIT AFTER TAX 2,087,871,791 18% 1,890,052,929 19%
(Tranferred to the Statement of Changesin Equity)

Earning Per Share(EPS) 138.36 0.000% 125.25 0.000%

Number of Shares used to computer EPS 15,090,300 15,090,300
 SQUARE PHARMACEUTICALS LTD.
BALANCE SHEET - VERTICAL ANALYSIS intra compny
As at 31 March 2010

2010 2009
Notes Amount Percent Amount percent
ASSETS

Non- Current Assets: 10,255,189,084 68% 9,407,730,001 71%

Property,Plant and Equipment-Carrying Value 5,630,791,822 37% 4,899,679,832 37%
Capital Work-in-Progress 634,347,093 4% 0%
Investment-Long Term (at Cost) 3,990,050,169 27% 4,508,050,169 34%

Current Assets: 4,774,311,194 32% 3,843,512,855 29%

Inventories 2,207,078,082 15% 2,098,755,231 16%
Trade debtors 508,249,174 3% 477,562,002 4%
Advances, Deposits and Prepayments 358,250,076 2% 260,330,162 2%
Investment in Marketable Securities(at Cost) 221,269,226 1% 20,250,000 0.2%
Short Term Loan 1,220,736,941 8% 693,157,720 5%
Cash and Cash Equivalents 258,727,695 2% 293,457,740 2%

TOTAL ASSETS 15,029,500,278 100% 13,251,242,856 100%

SHAREHOLDERS' EQUITY AND LIABILITIES

Shareholders' Equity 11,554,379,825 77% 949,397,634 7%

Share Capital 1,509,030,000 10% 1,207,224,000 9%
Share Premium 2,035,465,000 14% 2,035,465,000 15%
General Reserve 105,878,200 1% 105,878,200 1%
Tax Holiday Reserve 1,101,935,237 7% 1,101,935,237 8%
Retained Earnings 6,802,071,388 45% 5,498,895,197 41%

Non-Current Liabilities 1,258,376,052 8% 660,976,668 5%

Long Term Loans-Secured 1,032,633,110 7% 449,757,608 3%
Deferred Tax Liability 225,742,942 2% 211,219,060 2%

Current Liabilities 2,216,744,401 15% 2,640,868,554 20%

Short Term Bank Loans 736,443,848 5% 1,534,345,782 12%
Long Term Loans-Current Portion 462,090,211 3% 295,590,601 2%
Trade Creditors 394,715,915 3% 124,222,699 1%
Liabilities for Expenses 56,463,570 0.4% 69,573,702 1%
Liabilities for Other Finance 567,030,857 4% 617,135,770 5%
TOTAL SHARHOLDERS' EQUITY AND LIABILITIES 15,029,500,278 100% 13,251,242,856 100%