Jenburkt Pharmaceuticals Ltd.

BSE Code - 524731 Current Market Price - ` 81.25 Market Capitalisation – ` 37.78 cr.
Fair Valuation - ` 158

Dividend Yield on FY11e Dividend – 6.15 % Last 10 Years' Avg. Div.Payout Ratio w.r.t. N.Profit – 68.53 %

Industry – Pharmaceuticals No. of Products - 81 No. of Products - 25

(Branded Formulations) (Domestic Market) (International Market)

FY10 Sales – ` 51.41 cr. FY10 Operating Profit - ` 6.24 cr. FY10 Net Profit - ` 3.77 cr.

1stHalf FY11 Sales - 1stHalf FY11 Operating Profit - 1stHalf FY11 Net Profit -
` 28.38 cr. ` 5.48 cr. ` 3.37 cr.

FY10 EPS - ` 8.1 st

1 Half FY11 EPS (Not Annualised) - ` 7.27

RoCE – 41.14 RoE – 35.97 Debt-to-Equity - 0.47

EV/EBITDA - 3.41
P/E Ratio (xAnnualised FY11 EPS) - 5.57

Contents of the Report :- Theme of the Report

Investment Rationale
Brief Industry Overview

Brief Company Overview

Management
Management Quality
Management Capability

Products Overview
Current Product Portfolio & Distribution Network
Product Strategy
Product Pipeline

Financials
Past Financial Track Record of Last 10 Years
Key Financial Ratios like RoCE, RoE & D/E for last 5 Years
Likely Future Financials

Current Valuation

Valuation Commanded by Peers alongwith Comparision of Key Financial

Parameters

Conclusion

Tabular Data depicting competitive Brands, Pricing, and Overview of most of the
products of Jenburkt
 High Margin Products
Unique Combination – Niche Products
Other Products

Theme of the Report :

Companies with historical high dividend payout ratio w.r.t. to net profit are interesting investment candidates
once their business cash generation begins an up-cycle, as investors invested in it at the start of the up-cycle not only
get steady returns on their investment but multiply their capital manifold within a short period of time. Jenburkt
Pharmaceuticals Ltd. is one such company which is like an undiscovered gem in the recession-proof industry viz.
Pharmaceuticals. It has all the ingredients required to qualify for a low-risk-high-return investment with :

➢ a credible management at the top,

➢ great financial stability which is evident from highest rating of CRISIL at SE1A,

➢ a good growth track-record with last 10 years' CAGR in Topline at 23.4 % while that in EBITDA at a whooping
69.4 %,

➢ a sound product strategy with clear focus on high margin products,

➢ opportunistic postioning in the business cycle with the start of expansion in margins,

➢ expanding export presence with a lot of scope to expand further as current no. of countries being exported to
are only 13,

➢ improving utilisation in company's cGMP certified plant at Sihor, Gujarat

➢ a strong domestic distribution network of 26 Superstockists and Consignee Agents, about 1,000 Stockists,
45,000 retailers and 480 medical representatives and front line managers,

➢ generous payout track-record with last 10 years' avg. payout at a whooping 68.5 % of net profit wherein
company has not skipped the dividend even when the profits were dismally low which indicates
management's commitment and concern towards minority shareholders.

All said in brief, lets now evaluate the company in slight detail :

Investment Rationale :

What we look for when we invest in a company ?-- There are six most important aspects to it which are like six
pillars on which any succesful investment decision hinges. They are Management Credibility, Product Strategy, Past
Fiancial Track Record & Likely Future Financials, Current Valuation and Peer Valuation. Starting below we have
focussed on each and every aspect in slight detail and so we have divided this report into following sections :

Brief Industry Overview

Brief Company Overview

(1) Management Credibility

(a) Management Quality
(b) Management Capability

(2) Products Overview

(a) Current Product Portfolio & Distribution Network
 (b) Product Strategy
(c) Product Pipeline

(3) Financials
(a) Past Fiancial Track Record of Last 10 Years
(b) Key Financial Ratios like RoCE, RoE & D/E over last 5 Years
(c) Likely Future Financials

(4) Current Valuation

(5) Valuation Commanded by Peers alongwith Comparision of Key Financial Parameters

Conclusion

Tabular Data depicting competitive Brands, Pricing, and Overview of most of the products of Jenburkt
High Margin Products
Unique Combination – Niche Products
Other Products

So, lets start....

Brief Industry Overview :

The pharmaceutical formulations market includes the domestic and the export market. The domestic market
accounts for approximately 61 per cent of total formulation sales. The share of exports has steadily risen from 30 per
cent in 2005‐06 to around 39 per cent (market size: $5.2 billion in 2009‐10) in 2009‐10.

The domestic formulations market has expanded at a CAGR of 14‐15 per cent over the last three years and
reached a size of Rs 417 billion in 2009‐10. This was primarily driven by robust growth witnessed in the anti‐diabetic,
cardiovascular, gynecology, respiratory and Neuro/CNS segments. In 2009‐10, the lifestyle diseases segment grew by
nearly 25 per cent as compared to the overall industry growth of 17.7 per cent. In the domestic market, lifestyle
segments such as anti‐diabetic, cardiovascular and gastrointestinal have emerged as chief growth drivers over the last
3‐4 years. Acute segments, mainly anti‐infectives, have continued to expand at a steady rate due to inadequate
sanitary and hygiene conditions.

The domestic market is concentrated at the top with the top ten players controlling about 38 per cent of the
total formulations sales. Within exports, entry barriers are significantly higher in the regulated markets as compared to
semi‐regulated markets due to stringent regulatory norms in the regulated market.

Brief Company Overview :

Incorporated in 1985, Jenburkt Pharmaceuticals Ltd. Is promoted by Bhuta Family, a family of repute whose
forefathers had a large contribution in building Sihor town in Gujarat and even today, under family's umbrella, various
hospitals, colleges and schools are running in Sihor. Jenburkt is engaged in manufacturing of branded formulations,
which is promoted ethically through its own field force. It has a state-of-the-art ISO 9000 & WHO-GMP Certified
manufacturing plant at Sihor-Gujarat,in India with a fully equipped, DSIR recognised in-house R&D Unit. It currently
has in its basket around 81 products & its variants for the domestic market while it exports around 25 products to 13
countries.

(1) Management Credibility

Management credibility is one of the most important factor while deliberating on an invesment argument for
a company. While evaluating management, we need to look deeply into the past to assess whether the management
we are referring to is credible or not. We will do this in two ways as follows :
 (a) Management Quality
(b) Management Capability

(a) Management Quality :

The management quality of Jenburkt is almost unquestionable with its forefathers involved in building an
entire town like Sihor in Gujarat. Even today, following organisations are managed either actively or passively by the
key directors of Jenburkt :

• Nandlal Mulji Bhuta Medical Foundation

• Jamnaben Bhuta General Hospital
• Maniben Mulji Bhuta Charitable Dispensary
• Nandlal Bhuta College of Commerce and Management
• Jamnaben Bhuta College of Arts
• Nandlal Bhuta School

Apart from such high repute background, we need to assess the management's commitment towards
Jenburkt as after all it is this company that we are concerned with. Here, we need to first look at last 10 years'
promoters' shareholding pattern wherein an interesting pattern throws up :

Sep. 2010 March March March March March March March March March March
2010 2009 2008 2007 2006 2005 2004 2003 2002 2001

43.94 % 42.75 % 41.67 % 40.85 % 40.45 % 40.11 % 39.84 % 37.98 % 36.50 % 36.15 % 35.13 %

Management/Promoters buying own company's shares from the open market is a signal of highest
commitment and confidence in the company's business. From above, it is evident that management of Jenburkt has
steadily made purchases via open markets since last 10 years and upped their holding in the company from a meagre
35.13 % in 2001 to the respectable 43.94 % in 2010. It is worthwhile to note here that in the span of last 10 years,
company has not made any fesh issuances of equity capital and so the equity capital of Jenburkt is same at 4.64 cr.
since 2001.

Apart from such commitment, the other thing an investor needs to look at is management's concern towards
its shareholders, especially minority shareholders. Here, we need to look at last 10 years' dividend payout ratio w.r.t.
reported Net Profit wherein again an interesting pattern throws up :

March March March March March March March March March March
2010 2009 2008 2007 2006 2005 2004 2003 2002 2001

Dividend (%) 30 % 18 % 12.5 % 12.5 % 12.5 % 10 % 7% 7% 10 % 0

Reported Net 3.77 1.63 1.3 1.2 1.04 0.74 0.63 0.35 0.45 0.1
Profit (in cr.)
Dividend Outgo 1.39 0.84 0.58 0.58 0.58 0.46 0.33 0.33 0.46 0
(in cr.)

Dividend Payout 43.90 % 59.86 % 52.19 % 56.5 % 66.07 % 71.6 % 58.73 % 94.28 % 102.22 % 0
Ratio w.r.t. N.P.
 A management's concern towards its shareholders, especially minority shareholders, gets aptly tested in the
initial phase of a business where costs are mounting and there is every need to conserve resources for the growth of
the business. It is worthwhile to note here that it was only FY04 when Jenburkt's only plant in Sihor got cGMP
certification and before that the plant was being upgraded to meet international standards. Also, between the year
2000 to 2003 the company launched 40 brands and so pressure on operational costs was also mounting (Source – ARs
from 2000 onwards). Inspite of all these, the management demonstrated highest governing standards by showing
concern towards minority shareholders by distributing dividend from FY02 onwards. If one observes closely, in the
intial two years, the payout was almost 100 % which means almost the entire profit was distributed as dividend
amongst shareholders which depicts the confidence the management had in growth of business going forward as also
concern they had towards returns of investors. Another important thing that needs to be mentioned here is the fact
that promoters held only 35-36 % equity of the company at that time and so any other management with such low
promoter holding would have easily skipped the dividiends but Jenburkt's management didn't do so which depicts the
highest governing standards adopted by the management of the company which are hard to see in many other small
cap companies.

(b) Management Capability :

A company run by a quality management could easily derail if the management lacks the capability to run the
business with profitable growth. Hence, capability of management is equally important assessing parameter as is
quality. To adjudge the capability of management to enable profitabile growth of the company, we need to first look at
past 10 years' financials :

FY'10 FY'09 FY'08 FY'07 FY'06 FY'05 FY'04 FY'03 FY'02 FY'01
(in ` cr.)

Sales 51.41 42.45 38.38 35.42 29.09 23.53 22.58 20.71 17.49 15.16
EBIDTA 7.07 4.42 3.77 3.55 2.89 2.23 1.96 1.65 1.51 0.89
Operating 6.24 3.74 3.12 2.88 2.35 1.81 1.6 1.32 1.22 0.58
Profit
Net Profit 3.77 1.63 1.3 1.2 1.04 0.74 0.63 0.35 0.45 0.1

As can be seen from the above, in not a single year in last 10 years, the company has reported negative
growth in topline or EDITDA which shows the capability of the management to chart out a steady profitable growth for
the company.

Apart from the financial track record, we need to keep tab on key expenses, especially financial expenses as
well as tax expenses to check whether the management has the capability to manage the growth effectively with high
quality earnings :

FY'10 FY'09 FY'08 FY'07 FY'06 FY'05 FY'04 FY'03 FY'02 FY'01
( in % )

Fin. Exp. 7.36 19 25.73 23.94 23.88 30.04 33.16 36.36 33.77 47.19
(%
EBIDTA)
Tax 27.43 28.5 22.54 23.09 21.79 17.93 16.32 22.42 16.55 10.11
(%
EBIDTA)
 As can be seen from the above, the management has channelised the steady growth towards rationalisation
of financial expenses which has come down from a high of 47.19 % of EBITDA in FY01 to just 7.36 % of EBITDA in FY10.
Although on specific terms, financial expenses have increased only marginally from 0.42 cr. in FY01 to 0.52 cr. in FY10,
if one looks at it as a % of EBITDA they have come down drastically which shows that management has handled a
CAGR of 23.4 % in topline and 69.4 % in EBITDA over the span of last 10 years quite effectively without burdening the
balance sheet. Similarly, the tax expense has gone up from just 10.11 % in FY01 to 27.43 % in FY10 which depicts the
high quality earnings earned by the company.

Now, apart from assessing such financial growth capability as well as financial management capability via such
above-stated figures, it is worthwhile to look at the recognition, management has got, from respectable organisations
vindicating their capability of business growth and financial management :

• Recognition of R&D Unit by Department of Science and Technology, Government of India, in 2009-10.

• Crisil Rating (Highest Category) by NSIC-CRISIL rating as “SE1A”, indicating “Highest Performance Capability
and High Financial Strength” for consecutive three years, since 2007.

• Received National Award (1st rank) for Cost Management from Institute of Cost and Works Accountants of
India (ICWAI) by the hands of Honourable Minister of State of Corporate Affairs, Mr.Salman Khurshid, under
the category of manufacturing (small) 2009.

(2) Products Overview :

For a pharmaceutical company, products are the critical factor determining their success in the marketplace.
As far as formulations are concerned, the combinations used are sometimes crucial to make a product an ultimate
winner. Equal importance has to be put on distribution and marketing network as Indian market is still very much
dependent on doctors' prescription. Hence, we will evaluate Jenburkt products on following counts :

(a) Current Product Portfolio & Distribution Network

(b) Product Strategy
(c) Product Pipeline

Apart from covering Jenburkt's products from above-mentioned angles, we have made a detailed analysis of
most of the current products of Jenburkt w.r.t. competitive brands in the market, their pricing w.r.t. Jenburkt's
pricing, etc. which can be found at the end of the report.

(a) Current Product Portfolio & Distribution Network :

Jenburkt currently has 81 products and its variants in the domestic market while it exports around 25
products to 13 countries. It has 3 of its products currently under DPCO.
As far as company's network goes, in the domestic market its network consists of 26 Superstockists and
Consignee Agents, about 1,000 Stockists and 45,000 retailers. Company's marketing team consists of 480 medical
representatives and front line managers.

While we briefly speak regarding Jenburkt's products here, a special mention needs to be given to its flagship
product Nervijen – used primarily for nerve damage. Within one and a half years of its launch in 2004, it became the
most preferred brand amongst Diabetologists and Neurologists ranking 5 th and 6th in respective categories (Source – C-
MARC CPR Nov.2004-Feb.2005). The unique therapeutic combination used by Jenburkt for the product was the first in
India at that time which followed launches by many other pharma companies thereafter. Although Jenburkt's
marketshare declined because of cheap launches by other companies on lines of Jenburkt since last few years, but
even today, it hardly faces any serious competition for the product except from Mankind Pharma.

Likewise, Jenburkt has many high margin products under its kitty like Cartisafe, Infartin, Jencer, Powergesic,
Tinor, Trapidol, etc. A couple of unique products which are first in India are under development and are expected to
be launched in FY12, FY13.

The details of all the major current products of Jenburkt can be found at the end of the report where we
have provided detailed tabular analysis on each one of them.

(b) Product Strategy :

Jenburkt's focus has been on promoting speciality fixed dose combination products, targeting speciality
doctor segments. Management has, right from the inception, focussed on high margin products. The process of
moving up the value chain has started showing results since last two years, which is a slow and an enormous effort
consuming affair, especially when it comes to building brands, through the ethical channel. Unlike generics and
contract manufacturing activity, the model offers better margins and most importantly it calls for brand building
exercise, which increases the intrinsic value of the Company. Their recent launches in cardiovascular segment has
been very well accepted and management has carefully chosen niche products where either there is no competition
or the market is huge.

For ex., company's recent product Infartin-60 is a replica of Aggrenox, a blockbuster drug of US and there are
just four competitors in India for it in the form of Sun, Torrent, USV and Intas. On the other hand, company's other
recent product in this segment, viz., Tenase has many competitors including Sun, Lupin, Indoco, Torrent, Themis,
Pfizer, Glaxo, Zydus, Cipla, Ipca, JB, Max, etc. but here the market is huge and the pricing of Jenburkt is such that it can
be part of the market.

Similarly in their recent launch in antibiotic segment, viz. Tinor, company has used such combination which is
matched by only 10-11 other companies in the market and considering the market size of India, each company will
have its fair share.

(c) Product Pipeline :

Post DSIR-recognition of R&D Unit of the company, various products are under development. Going forward,
the Company is hopeful to sustain the growth, with introduction of new specialized products through it’s own R&D
Unit. Couple of products are under various stages of clinical trial studies, right from seeking to conduct clinical trials to
submission of clinical trial reports- awaiting marketing permission. FY12 is likely to see few unique products' launch,
many of which will be first time in India.

(3) Financials :

Here we come at the main aspect – the Financials aspect of the company. We will put Jenburkt to rigorous
test by evaluating its financials for last 10 years as also looking at key ratios like RoCE, RoE, Debt-to-Equity for last 5
years to assess the financial management and stability aspect of the company and then arrive at forecast for future
financials of Jenburkt. Lets start...

(a) Past Fiancial Track Record of Last 10 Years :

Lets look at topline, EBITDA, Operating Profit and Net Profit reported by Jenburkt for last 10 years as also the
margins' picture in the same period :

Yearly Performance of Jenburkt Pharma

FY'10 FY'09 FY'08 FY'07 FY'06 FY'05 FY'04 FY'03 FY'02 FY'01
(in ` cr.)

Sales 51.41 42.45 38.38 35.42 29.09 23.53 22.58 20.71 17.49 15.16
EBIDTA 7.07 4.42 3.77 3.55 2.89 2.23 1.96 1.65 1.51 0.89
Operating 6.24 3.74 3.12 2.88 2.35 1.81 1.6 1.32 1.22 0.58
Profit
Net Profit 3.77 1.63 1.3 1.2 1.04 0.74 0.63 0.35 0.45 0.1

Yearly Margin Scenario for Jenburkt Pharma

FY'10 FY'09 FY'08 FY'07 FY'06 FY'05 FY'04 FY'03 FY'02 FY'01
( in % )

EBIDTA 13.75 10.41 9.82 10.02 9.93 9.47 8.68 7.96 8.63 5.87
Margins
OPM 12.13 8.81 8.12 8.13 8.07 7.69 7.08 6.37 6.97 3.82
NPM 7.33 3.83 3.38 3.38 3.57 3.14 2.79 1.69 2.57 0.65

Between FY01 to FY05, the company spent heavily on building the state-of-the-art plant at Sihor to make it
cGMP certified. Once certification happened, from FY05 to FY08, the company built a strong marketing team of 400+
MRs as also strengthened its R&D Unit to make it DSIR-recognised and spent heavily on product registrations in foreign
countries. Product registrations as well as approvals is an ongoing process but in the initial period, every
pharmaceutical company needs to incur a lot on filing dossiers and since approval is a time-consuming process, there
is a lag period between the cash to start rolling in the international market. Thus, so far in the first decade till FY09,
Jenburkt has built a strong base to grow aggresively in domestic as well as international market in the coming decade.
The strong foundation that the company has built since last so many years has started yielding results and that is why
we are seeing an uptick in topline coupled with good expansion in margins.
(b) Key Financial Ratios like RoCE, RoE & D/E over last 5 Years :

Now, we will look at key financial ratios like RoCE, RoE and Debt-to-Equity Ratios to assess the quality of
growth achieved by the company so far :

Last 5 Years' RoCE, RoE & Debt-to-Equity Ratio of Jenburkt Pharma

FY'10 FY'09 FY'08 FY'07 FY'06
( in % )

RoCE 41.14 29.17 20.87 19.82 16.62

RoE 35.97 19.83 16.67 16.67 14.99

D/E Ratio 0.47 0.56 0.92 0.96 0.98

As can be seen from the above, management has shown a great amount of efficiency in managing the
sustainable steady growth of the company over last many years and that too without raising a single amount from
equity markets via any kind of share issuances. FY10 RoCE and RoE are likely to get bettered in FY11 if we look at
robust financials reported by the company in the first half of FY11 wherein it has almost surpassed entire FY10
reported profit in fist half itself. To achieve a RoCE of 40 % + and a RoE of close to 40 % for consecutive two years is not
an easy feat to achieve and management needs an applaud for this. These ratios make Jenburkt an attractive
acquisition target in booming Pharmaceuticals space which is already facing hightened M&A activities in the recent
past.

(c) Likely Future Financials :

Considering the business traction as well as the product pipeline Jenburkt has, as also making part
consideration for the fruits expected from the investments made by the company so far, we will arrive at a
conservative estimate for next 3 years so that management has an opportunity to surpass them. Financials forecast
for next 3 years is given below :

FY'11 FY'12 FY'13

(in ` cr.)

Sales 55.8 74.3 99.6

EBIDTA 8.88 13.28 19.4
Operating Profit 8.1 12.3 17.8
Net Profit 5.3 9.1 13.4

It is worthwhile to mention here the vision of the management to chart on the self-sustainable growth plan
while turning a zero-debt company within few years. We expect Jenburkt to turn zero-debt in FY13 and expect no
meaningful fund-raising via equity issuances unless any major expansion is planned which is not talked till date.
Based on the projected financials, Jenburkt is expected to end current FY11 with an EPS of Rs. 11.4, FY12 with
an EPS of Rs. 19.57 and FY13 with an EPS of Rs. 27.5.

(4) Current Valuation :

Based on the projected financials for next 3 years, Jenburkt is currently trading at a P/E of just 7.19 based on
FY11E EPS of Rs. 11.4, at a P/E of just 4.19 based on FY12 expected EPS of Rs. 19.57 and at a P/E of just 2.98 based on
expected FY13 EPS of Rs. 27.5.

If we look at market-cap-to-sales ratio, Jenburkt is currently trading at a mcap-to-sales of just 0.68x FY11
expected sales of Rs. 55.8 cr., at 0.51x FY12 expected sales of Rs. 74.3 cr. and at 0.38x FY13 expected sales of Rs. 99.6
cr.

(5) Valuation Commanded by Peers alongwith Comparision of Key Financial Parameters :

Although Jenburkt is a very small company at present with a topline of just 55 odd crores but it is present in
the high margin formulations space which is the fact no investor can ignore. Jenburkt has a unique business model of
self-sustainance which is not adopted by many pharma companies of India as most of them expand aggresively by
burdening their balance sheet. Hence, strict comparison might not be possible but still we will provide here key
financial evaluation as well as valuation parameters of most of the similar pharma companies below :

Market Cap. RoCE RoE Debt/Equity P/E EV/EBITDA Dividend Dividend

(xFY11eEPS) Paid (FY10) Yield at
Current Rate
(FY10 Div.)

Jenburkt 38.12 cr. 41.14 % 35.97 % 0.47 7.19 3.41 30.00 % 3.69 %
Pharma
Lincoln 71.93 cr. 15.2 % 13.7 % 0.51 7.8 5.1 12.00 % 2.73 %
Pharma
Bafna 77.42 cr. 9.8 6.2 0.68 12.1 10.97 0.00 % 0.00 %
Pharma
Albert David 88.02 cr. 17.2 17.3 0.96 7.1 3.73 45.00 % 2.90 %

Ind-Swift 135.65 cr. 11.8 14.2 1.74 3.6 6.12 20.00 % 1.14 %
Ltd.
Bliss GVS 356.21 cr. 39.7 36.2 0.04 6.51 6.81 50.00 % 1.44 %

Amrutanjan 217.81 cr. 17.9 11.3 0.01 35.8 13.98 150.00 % 2.08 %
Health
Ajanta 251.43 cr. 13.7 17.4 1.35 7.3 5.71 35.00 % 1.65 %
Pharma

As can be seen from the above, we have considered here only those companies whose business is heavily
skewed towards formulations as also whose valuations commanded are lowest in the industry. Pharmaceutical
industry is a very broad sector and so it is meaningless to compare much larger companies whose valuations
commanded are also super-rich which is the reason why average industry P/E for Pharmaceutical sector works out to
be 25 +.

Also, each company has its own business model and is present in other areas too where Jenburkt is not
present. For ex., Ajanta Pharma has low-margin API component in its business while Bafna and Ind-Swift are present in
CRAMS in addition to formulations. Similarly, Bliss-GVS has its business model focussed around contraceptives and
Nutraceuticals while Amrutanjan has high alternative medicine component in the business.

Now, coming to the comparision, Jenburkt offers the highest dividend yield as well as is available at lowest
EV/EBITDA which signifies its gross undervaluation in the marketplace. If such low EV/EBITDA would have coupled with
low RoCE and RoE then Jenburkt could have lost its attractiveness but this is not the case so as Jenburkt possesses
highest RoCE and RoE amongst the industry peers with a very low D/E ratio. Bliss-GVS and Amrutanjan are the only
players with a D/E ratio lower than Jenburkt but Amrutanjan loses out in terms of RoCE, RoE and EV/EBITDA while
Bliss-GVS loses out in terms of EV/EBITDA which makes Jenburkt the most undervalued while at the same time
reasonably growing company amongst the lot as also most attractive takeover target.

Conclusion :

We rarely come across a mouth-watering investment opprtunity when the markets are close to their all-
time highs. That too, if such investment opportunity is in a fancied sector which is almost recession-proof, its an added
bonus. Now comes the question as to what can be termed as a mouth-watering investment opportunity –

When you have a company ----

➔ with a RoCE and RoE of 35 % + ;

➔ with a debt-to-equity ratio below 0.5 with a vision to bring it to 0.00 within few years;

➔ with a dividend-yield of 3.69 % based on TTM declared dividend and a dividend-yield of 6.15 % based on
FY11E dividend;

➔ is available at a P/E of just 7.19;

➔ at EV/EBITDA of just 3.41

----an investment opportunity into such company is termed as the mouth-watering opportunity.
However, apart from the financial parameters, we need to look at the prospects of the business before
investing in it and on that count too Jenburkt scores very well.

This is because, so far, in last many years, product registration expenses as well as R&D expenses were a
real drag on Jenburkt's margins. But, now the company has entered into a phase which is charecterised by returns
outstripping investments and so one is seeing healthy expansion in margins. Hence, here we have an opportunity to
invest in a company with healthy financial parameters at the start of a phase when its investments have started
yielding fruits with prospect of a rise in intrinsic value of the company to a considerable extent in the medium term.

The markets which are so shrewd to let any compelling investment opportunity remain an opportunity for
long, are bound to rerate Jenburkt on getting the first sign of certainity regarding FY12 growth. The players of domestic
formulations industry are now being looked at with a lot of respect than before post Abbott's acquisition of Piramal's
formulations business at more than 5 times its sales opportunity. The deal has proven that companies which grow
steadily and build a strong high margin product portfolio get a valuation which can surpass even the most optimistic
expectations. Jenburkt is also on the same path with a singular focus on high margin products and recent expansion in
margins is an indication of the same. If in the next couple of years Jenburkt is able to launch few unique products as
are in the pipeline which can be very well accepted in the market, its strong financial parameters will make it the most
attractive acquisition target for bigger players which are on the constant lookout for such targets. By that time, its
dividend yield of 6.15 % will take care of constant returns and the prospect of posting better than projected FY11
numbers can very well provide a strong upside to the company's share price.

One thing is clear, such a company can not trade at a EV/EBITDA of just 3.41 for long. Hence, we put the
fair valuation of Jenburkt at Rs. 158 at which rate it will still be only reasonably valued.
 High Margin Products

Cartisafe
(Glucosamine Sulphate-Vit D3-Calcium Carbonate)

Nutritional Supplement Useful in Joint Pains

Competitive Product Mfg. Company Name Brand Name Pricing w.r.t. Jenburkt's Product Price

Duckbill Drugs. Lycal-G (+) 74.00 %

Faith Pharma. Cartiwin (+) 81 %
Admac Pharma Arthar 0.00%
Kim Lab. Cartigrow (-) 20 %
Oyster Lab. Cartitone (+) 4.4 %
Zee Lab. Glucovit Plus (+) 63 %
Biomax Lab. Arthmax (+) 51.2 %
Welbe Life Cartigain (+) 63 %

Cartisafe Forte
(Glucosamine Sulphate-Calcium Carbonate)

Nutritional Supplement Useful in Joint Pains

Competitive Product Mfg. Company Name Brand Name Pricing w.r.t. Jenburkt's Product Price

Finecure Pharma Glortho (-) 8.5 %

Prompt Cure Cartiglu 500 0.00%
Pure Win Lab. Glucomade – 500 (+) 6.1 %

Efelac DT
(Cefixime - Lacto Bacillus Sporegens )
 Indicated In :-

• Urinary tract infections

• Respiratory tract infections
• Typhoid
• Otitis media
• Gonorrhea (cervical/urethral)
• Switch therapy (switch from parenteral to oral therapy)

Competitive Product Mfg. Company Name Brand Name Pricing w.r.t. Jenburkt's Product Price

Zetek Pharma. Zefix (+) 74 %

Wallace Pharma. LB Cef (+) 24 %
Cocept Pharma. Lafix (+) 25 %
Zuventus Heathcare C-Tax-O (+) 28 %
Lifeline Bio. Cefline (+) 33 %
DR Jhons Labs. Jidox DT (+) 34.5 %
Anvik Biotech Alfi 200 (+) 79.8 %
Elder Pharma Formic-O (-) 12 %
RPG Life Ceftobac (+) 81 %
Aglowmed Pancef O (+) 12 %
Comed Chemicals Comtrix-O (+) 12 %
Blue Cross Lab. Extacef LB DT (+) 22 %
Indoco Remedies Fevorit LB DT (+) 22 %
Zota Healthcare Cifivar LB (+) 26 %
MMC Healtcare Cefodin FC (+) 26 %
Captab Biotek L-Cef (+) 26.5 %
Centaur Pharma. Cefocef LB (+) 27 %
Dr. Alson Lab. Cefson DT (+) 30 %
Cipla Cefix LB (+) 90 %
Rax Healthcare Cefirax – L (+) 83 %

Infartin-60
(Dipyridamole-Aspirin )

Indicated In :-
• To reduce the risk of stroke in patients who have had transient ischemia of the brain or completed ischemic
 stroke due to thrombosis

Competitive Product Mfg. Company Name Brand Name Pricing w.r.t. Jenburkt's Product Price

Sun Pharma. Thrombosprin-75 (+) 94 %

Intas Lab. Arreno (+) 41 %
Torrent Pharma. Cardiwell Plus (-) 8 %
USV Dynasprin (+) 33 %

Jencer
(Diacerein )

Indicated In :-
• Knee & hip osteoarthritis

Competitive Product Mfg. Company Name Brand Name Pricing w.r.t. Jenburkt's Product Price

Hamax Pharma. Diccrex (-) 14.4 %

IPCA Lab. Diasol 0.00%
Cadila Pharma Diacer 0.00%
Mankind Pharma Gudcerin (-) 14.4 %
Micro Labs. Ostogard (-) 15.8 %
True Care Pharma Inosteo (+) 3.2 %
Intra Labs Icerin (+) 19.6 %
Torrent Pharma Joincerin (+) 5.8 %
Macleods Pharma Orcerin (+) 5.8 %
El Pharma Cartrodar HG 0.00%
Rass Healthcare Rasin (-) 3.2 %
Vensat Bio Vende (-) 3.2 %
Pulse Pharma Arthocerin (-) 14.4 %
Bluebell Pharma Flexibel D (-) 14.4 %
Dr. Reddy Hilin (-) 15.8 %
Ranba Cartidin (-) 16.1 %
Aristo Pharma Arthromuv (-) 16.2 %
Oyster Lab. Carticerin (-) 16.2 %
 Unichem Lab. Diasten (-) 16.2 %
Active Healthcare Ostorin (-) 18 %
Indoco Remedies Diosteo (-) 18 %
Aamorb Pharma. Jaizzy (-) 18.1 %
Zuvista Serina (-) 18.1 %
FDC Artifit (-) 23.4 %
Glenmark Pharma. Dycerin (-) 23.6 %

Nervijen (Capsule)
(Methylcobalamin{B12}-Vit B1 -Calcium Panthenol -D-Panthenol-Folic Acid-Nicotinamide -Vit B6 )

Indicated In :-
• Diabetic Neuropathy
• Alcoholic Neuropathy
• Post Herpetic Neuralgia
• Bell's Palsy
• Alzheimer's Disease
• Dementia
• Parkinson's Disease
• Optic Neuritis
• Post Surgical Nerve Damage

Competitive Product Mfg. Company Name Brand Name Pricing w.r.t. Jenburkt's Product Price

Mankind Pharma Nurokind More (-) 54.8 %

Karnataka Antibiotics Cyfolac (-) 57 %
Unimarck Pharma. Nervic (-) 14.6 %
Bestochem Formulations Bigvin-F (-) 15 %
Indoco Remedies MCBM 69 FE (-) 13.8 %
Intra Labs CobalVIT Plus (+) 28 %
Zuvista Mecovon (-) 14.6 %
Unichem Unicobal Plus (-) 6.5 %
Wisdom Pharma Nuvolt Plus (-) 14.6 %
Lupin Lab. Matilda Plus (-) 13.8 %
Psycotropics Mecopil (-) 13.6 %
Piramal Healthcare Nerv Up Forte (-) 5.8 %
 Nervijen (Injectible)
(Methylcobalamin{B12}-Vit B1 -D-Panthenol-Nicotinamide -Vit B6 )

Indicated In :-
• Diabetic Neuropathy
• Alcoholic Neuropathy
• Post Herpetic Neuralgia
• Bell's Palsy
• Alzheimer's Disease
• Dementia
• Parkinson's Disease
• Optic Neuritis
• Post Surgical Nerve Damage

Competitive Product Mfg. Company Name Brand Name Pricing w.r.t. Jenburkt's Product Price

Mankind Pharma Nurokind Plus (-) 54.5 %

Unimarck Pharma. Acvit-12 (-) 41 %
Wisdom Pharma Nuvolt Plus (-) 34.5 %
Micro Labs Meconerv (-) 28.3 %
Glenmark Pharma Methovit (-) 38.6 %
Unimarck Pharma Nervic (-) 32 %
Bestochem Formulations Bigvin PLUS (-) 45.4 %
Bestochem Formulations Bigvin FC (+) 43.8 %

Powergesic
(Paracetamol-Diclofenac Sodium-Chlorzoxazone)

Indicated In :-

• Soft Tissue Injuries with Spasm & Inflammation

• Neck/Shoulder/Back Pain
• Tendonitis/Tenosynovitis/Bursitis
• Musculoskeletal Disorders

Competitive Product Mfg. Company Name Brand Name Pricing w.r.t. Jenburkt's Product Price

Zota Healthcare. E-Fen-CZ (-) 24.5 %

Waksman Se Selclo-MR (-) 24 %
 Venus Remedies Zoflam (-) 23.8 %
Karnataka Antibiotics Numol-MR (-) 12.3 %
Micro Labs Dolozox (-) 12 %
Novus Pharma Gladden (-) 3.1 %
Taurus Lab. Clopar-MR (-) 24.6 %
Oyster Lab Butapur MR (-) 25 %
Asian Pharma. Trio-MR (-) 23 %
Zota Pharma Diclozed CM (-) 23 %
Zota Health Diclovar CZ (-) 22.5 %
Megavision Pharma Integ-MR (+) 4 %
Mac Lab Zoxapar (-) 24.6 %
Vivid Lab. Zoxavid (-) 23 %
Zota Health Dicyclozed (-) 22.2 %
Paras Lab. Dipot MR (-) 16 %
Zetek Pharma Dolozak (-) 15.8 %
El Pharma Ontac Plus (-) 24.4 %
Piramal Healthcare Spazobid (-) 17 %
Allied Chemicals Acefon Plus (-) 15.8 %
Ind-Chemie Health Muscodac MR (+) 8 %
Rekvina Pharma Mezafen-D (-) 13.2 %
Raffles Pharma Zocxafen (-) 15.8 %
NB Pharma Norplus-H (-) 3 %

Powergesic-MR
(Paracetamol-Diclofenac Sodium-Chlorzoxazone)

Indicated In :-
Soft Tissue Injuries with Spasm & Inflammation, Neck/Shoulder/Back Pain, Tendonitis/Tenosynovitis/Bursitis, Musculoskeletal
Disorders

Competitive Product Mfg. Company Name Brand Name Pricing w.r.t. Jenburkt's Product Price

Ind Swift. Agile MR (-) 21 %

Comed Lipcy MR (-) 19 %
Shreya Maxigesic MR (-) 21 %
 Aglowmed Mezonac (-) 23.4 %
Ranba Mobizox (+) 32 %
Sun Pharma Mofax (-) 14.5 %
Vista Health. Petzox (-) 14 %
Indoco Remedies Osteoflam MR (-) 14.8 %
Winsome Lab. Tridolo (-) 14.1 %
Cadila Health. Oxylgin Plus (-) 13.2 %
Torrent Lab. Diclogesic MR (+) 14 %
Medicamen Bio. Flemizone MR (-) 15 %
Taurus Lab. Clopar Plus (-) 15 %
Wings Pharma Wingesic Forte (-) 11 %
Novaduo Pharma Combinac MR (-) 11.5 %

R.T. Cure (Tablet)

(Roxithromycin )

Indicated In :-
• Respiratory infections like pneumonia, acute and chronic bronchitis, and bronchopneumonia
• ENT infections like tonsillitis, pharyngitis, sinusitis and otitis media
• Skin infections like folliculitis, furuncles, cellulitis, carbuncles, pyoderma, impetigo and infected dermatitis
• Genital infections like urethritis, prostatitis, cervicitisand salpingitis

Competitive Product Mfg. Company Name Brand Name Pricing w.r.t. Jenburkt's Product Price

Zydus Cadila Cadithro (+) 18 %

Sun Pharma Roxetomin (+) 16 %
Zota Pharma. Roxmed (+) 6 %
Torrent Pharma Roximol (+) 1 %
Ortin Lab. Roxe (+) 1 %
Shreya Healthcare Rockcin (-) 1 %
Ind Swift Roxy KT (-) 11 %
DWD Pharma Derox (-) 11 %
Active Healthcare Actirox (-) 12.3 %
IPCA Lab. Roxeptin (-) 12.5 %
Zota Pharma Roxized Dt (-) 12.5 %
Dion Pharma Iorox (-) 21 %
 Oyster Lab. Oysirox (-) 23 %
Unimax Lab. Erythrox (-) 12.3 %
Bal Pharma Rox (+) 21 %
Lupin Lab. Luprex (+) 14 %
Cadila Pharma. Roxivista (+) 13.2 %
Lincoln Pharma Roxilin (+) 14.8 %
Cipla Roxee (+) 15 %
Cipla Odirox (+) 15 %
Aristo Roxem (+) 12.4 %
Kopran Roxitem (-) 0.5 %
Shreya Life Rokcin (-) 0.8 %
Intas Lab. Roxinta (-) 1 %
Taurus Lab. Taurix (-) 8 %
Ranba Roxithro (-) 1.6 %
Rallis Ralox (-) 2.1 %
Alembic Roxid (-) 6.5 %
Aurobindo Aurox (-) 8 %
Lyka Hetero Arbid (-) 8 %
Zota Healthcare Sayoxid (-) 8.1 %
Aglowmed Troxy (-) 10.5 %
Cadila Roxibid (-) 13.2 %
Vanguard Lab. Leolide FC (-) 14 %
Concept Pharma Roxyrol (-) 14.3 %
Alkem Lab. Throx (-) 16 %
Inga Lab. Roxinga (-) 22 %

Rabera
(Rabeprazole)

Indicated In :-
• Healing and symptomatic relief of erosive or ulcerative gastroesophageal reflux disease (GERD)
• Maintaining healing and reduction in relapse rates of heartburn symptoms in patients with erosive or
ulcerative GERD (GERD Maintenance).
• Treatment of daytime and nighttime heartburn and other symptoms associated with GERD
• Healing and symptomatic relief of duodenal ulcers
• Pathological hypersecretory conditions, including Zollinger-Ellison syndrome
Competitive Product Mfg. Company Name Brand Name Pricing w.r.t. Jenburkt's Product Price

Neiss Lab. Rabium (+) 43 %

Ind Swift Rabifin (+) 41 %
DR Jhon Lab. Strovo (+) 40 %
Alpic Bio. Rabzo (+) 35.6 %
Magbro Health. Muratac (+) 35.6 %
Zytras Life Rabix (+) 35.6 %
Indilina Pharma Indizole (+) 11.5 %
Kentreck Lab. Epistric (+) 11 %
Chemo India MR Tab (+) 10.8 %
Invision Medi Rabin 0.00%
Dr. Alson Lab. Nucid 0.00%
Welcure Drugs Rabicure 0.00%
Nexgen Pharma Rabigen 0.00%
Marc Lab. Rabefit (-) 3 %
Neiss Lab. Antuc (-) 3.2 %
Zee Lab. RB-Care (-) 8 %
Panm Labs. Rapan (-) 8.1 %
Venus Remedies Venorab (-) 8.8 %
Athens Lab. Rezlove (-) 11.5 %
Taurus Lab. Rebap (-) 12.4 %
Mankind Pharma Rabekind-Fast (-) 13.1 %
Tablets (India) Depump (-) 14 %
German Remedies Happi (+) 38.4 %
Alkem Lab. Rapeed (+) 38 %
Lupin Rablet (+) 38 %
Dr. Reddy Razo (+) 36 %
Intra Lab Razep (+) 32 %
Torrent Lab. Veloz (-) 14 %
Emcure Pharma Zen-Prazole (+) 38 %
Symbiosis Lab. Rabepol (+) 32.6 %
Enzo Bio. Rabonik (+) 32.5 %
Cadila Pharma Rabeloc (+) 30 %
Sanjeevani Bio. Rebzole (+) 28 %
Royal Scottish Rabicom (+) 28 %
 Cipla Rabicip (-) 12 %
Elder Pharma Repral (+) 21.5 %
Unichem :Lab. Acistal (+) 13.4 %
Vertex India Verab (+) 16 %
Ethix healthcare Rabest (+) 11 %
Captab Bio. Elrab +) 11 %
Novo Nordisk Novorab (+) 11 %
Glenmark Pharma Rabefine (+) 8 %
Sanjeevani Bio Frizbee (+) 8 %
Khandelwal Lab. Rab (+) 8 %
Rishab Kurab & Reorab (+) 8 %
Oyster Lab Oysirab (+) 7.5 %
Daksh Rozy (+) 2 %
RPG Life Rabee (+) 2 %
Biomax Raver 0.00%
Accord Pharma Greb 0.00%
Active Healthcare Rabep (-) 2 %
Shreya Life Rabepro (-) 6 %
Piramal Healthcare Value (-) 10 %
Pulse Pharma Pepzera (-) 11.5 %
Alembic Rekool (-) 12 %
Zydus Cadila Rioz (-) 14 %
Indoco Remedies Razogard (-) 16 %
Indoco remedies Zolorab (-) 16 %
Flamingo Rabeto (-) 18 %
JB Chemical Rantac PP (-) 21 %
Wallace Pharma Rabzer (-) 21 %

Tinor
(Norfloxacin-Tinidazole )

Indicated In :-

• Treatment of diarrhoea and dysentery of amoebic, bacterial or mixed origins

Competitive Product Mfg. Company Name Brand Name Pricing w.r.t. Jenburkt's Product Price

Cipla. Norflox TZ (+) 40.50%

IPCA Lab. Normax TZ (-) 12 %
Mankind Pharma Noragyl (-) 11 %
Sun Pharma Flontin (+) 13.5 %
Panacea Bio. TN-DD (+) 21 %
Parenteral Drugs PD-NOR-TZ (-) 13.5 %
RPG Life Duonor (+) 0.2 %
Biochem Pharma Bioflox TZ (-) 1.5 %
Dey's Medical Enteroflox-T (-) 12 %
Blue Cross Norspan-TN (-) 8 %

Trapidol Tablet
(Paracetamol-Tramadol )

Indicated In :-
• Short-term treatment (i.e. three days or less) of mild to moderate acute pain

Competitive Product Mfg. Company Name Brand Name Pricing w.r.t. Jenburkt's Product Price

Embiotic Lab. Orogesic-TM (+) 15 %

Anvik Bio. Tramec 0.00%
Alchemist Life Tram-P (+) 15 %
Ion Healthcare Metazac-P (+) 26.5 %
Piramal Health. Acuvin (+) 24 %
Ind Swift Pentazen (+) 23.5 %
Crescent Therap. Freze (+) 24 %
Wellkind Pharma Cincro Plus (+) 15 %
El Pharma Opi OT (+) 14 %
Enzo Bio. Victadol P (+) 12 %
Taurus Lab. Tramataur P (+) 11 %
Piramal India Esgipyrin T (+) 8.5 %
FDC Painadol P (-) 6 %
Karnataka Antibiotics Kamadol P (-) 21.5 %
 Win Medicare Urgendol P (+) 15 %
Active Healthcare Traceta (+) 15 %
Invision Medi Tramoflex P (+) 15 %
Biomax Lab. Contraflam P (+) 6 %
Cipla Tramacip Plus (+) 30 %
Unichem Lab. Domadol Plus (+) 18 %
Neiss Lab. Trany P (+) 8 %
Aristo Pharma Ultramol (+) 5 %

Trapidol (Injectible)
(Tramadol )

Indicated In :-
• Management of moderate to moderately severe pain

Competitive Product Mfg. Company Name Brand Name Pricing w.r.t. Jenburkt's Product Price

Odin Healthcare. Darol (-) 14 %

Unimarck Health Meridol (+) 8 %
Laborate Pharma Tramadex 0.00%
Zota Health. Vardol (-) 2 %
Admac Pharma Leedol & Cadol (-) 2 %
Jollen Medi. TMD (-) 4 %
Andic Life. Lodam (-) 4.1 %
Malody Health. Malodol (-) 4.1 %
Karnataka Antibiotics Kamadol (-) 10 %
FDC Painadol (+) 12 %
Zota Health Sayodol (-) 1 %
Alpic Bio Cradol (-) 2 %
Celon Lab. Transic (+) 18 %
Molekule India Paxmax (+) 18 %
Neiss Lab Trany (+) 12 %
Piramal India Nobligan (+) 1 %
Piramal Healthcare Contramal (-) 0.2 %
 Ind Swift Pentazen (-) 1 %
Cadila Healthcare Tramazac (-) 1.2 %
Intra Labs Tramex (-) 2 %
Madhav Bio. Treat (-) 2 %
Venus Remedies Sedate (-) 2 %
Kopran Trasic (-) 2 %
Sun Pharma Dolotram (-) 2.3 %
Oyster Lab. DBMOL (-) 2.3 %
RPG Life Veeradol (-) 2.4 %
Zydus Cadila Adamon (-) 5 %
Alchemist Tram (-) 14 %
Global Medi. Trapain (-) 16 %

Trapidol-D Tablet
(Paracetamol-Tramadol-Domperidone )

Indicated In :-
• Postoperative nausea and vomiting
• Diagnostic procedure pain
• Migraine

Competitive Product Mfg. Company Name Brand Name Pricing w.r.t. Jenburkt's Product Price

Alchemist Life. Tram-PD (+) 2 %

Donnel Health Tramadol (+) 31 %
Biocare Remedies Combitel (+) 10 %
PHC Health Doff-TD (+) 42 %
Unicorn (India) Tramacorn (+) 28 %
Aspire Life Riptram PD (+) 24 %
Anvi Pharma Dolosec (+) 23 %
Supermax Lab. Biotram PD (+) 23 %
Tidal Lab. Dolosafe (+) 5 %
Corona Remedies Tacil D (+) 5 %
Unimarck Health Meridol-D (+) 2 %
 Biomax FS-D (+) 0.5 %
Donnel Health Tramadol (+) 44 %
Elysium Pharma Nopidol-DP (+) 22 %
Indo Pacific Ingesic Forte (+) 24.6 %
Worth Medicines Decotram-PD (+) 21.5 %
Ravenbhel Pharma Dolfre Plus (+) 22 %
Obsurge Bio. Actidol DP (+) 21 %

Zenglobin FC
(Iron (III) Hydroxide Polymaltose -Folic Acid )

Indicated In :-
• Latent iron deficiency
• Manifest iron deficiency
• Prophylactic therapy of iron and folic acid deficiency before during and after pregnancy (during lactation)

Competitive Product Mfg. Company Name Brand Name Pricing w.r.t. Jenburkt's Product Price

Osho Pharma Selofer-iii (-) 28 %

Briskon Lab. Fersol (+) 8 %
Indoco remedies Fevorit (+) 2 %
Lincoln Pharma Feton (-) 8 %
Ben Pharma Spemores (-) 8 %
Apex Lab Trifer (+) 8 %
Emson Medichem Emron (+) 8 %

Zix-S
(Paracetamol-Serratiopeptidase-Aceclofenac)

Indicated In :-
• Osteoarthritis
• Rheumatoid arthritis
• Ankylosing spondylitis

Competitive Product Mfg. Company Name Brand Name Pricing w.r.t. Jenburkt's Product Price
 Rishab Helath. Powernac-SP (+) 51 %
Madhav Bio Abdal-SP (+) 62 %
Novo Nordisk Novodase (+) 54 %
BMW Pharmaco Aceden-SP (+) 53 %
Biomax Bio Flamace-SP (+) 54 %
Emar Health. Leofenac-SP (+) 51 %
Intra Labs Acec Plus (+) 43 %
Sanat Products Acemove Plus (+) 38 %
Zuvista Mahanac PRO (+) 36 %
Indoco Pharma. Doloroff-ASP (+) 26 %
Tablets India Dublace SP (+) 26 %
Zydus Alidac Zynac SP (+) 21 %
Cadila Pharma Acota-3 (+) 4 %
Intas Pharma Hifenac-D (+) 4 5
FDC Arflur-3D (-) 14 %
Mankind Pharma Flozen-AA & Dolokind- (+) 11 %
AA
St. Morrison Samonec-SP (+) 48 %
Lincoln Pharma Vivian-A Plus (+) 44 %
Globus Remedies Lorato-AP (+) 42 %
Neiss Lab Nismol-S (+) 41 %
Indoco Remedies Acecloren (+) 36 %
Morpen Lab. Acloflam (+) 11 %
Globin Pharma Flanc EX (-) 8 %
Radix Flaxinac-SP (+) 44 %
JB Chemicals Moviz 3D (+) 46 %
Torrent Pharma Toroxx-SP (+) 24 %
Nestor Pharma Nespower SP (+) 1.5 %
Unichem Lab. Aroff-EZ 0.00%
IPCA Lab Movon SP (+) 28 %
Ortin Lab. Acefinac SP (+) 52 %
Svizera Health Arrestin-SP (+) 14 %
Lupin Signoflam (+) 21 %
Alpa Lab. AP Dase (+) 68 %
Micro Labs. Dolowin Forte (+) 51 %
Zenetica Pharma Aphen-SP (+) 51 %
 Emcure Pharma Fico SP (+) 48 5
Biocare Remedies Combinac-S (+) 47 %
Dr. Also Lab. Acloson SP (+) 34 %
Bestochem Formulation Best-3 (+) 26 %
Molekule India Nusaid SP (+) 24 5
Piramal Healthcare Acevah PS (+) 11 %
Cadila Pharma Terioflam (+) 10 %
Maneesh Health. Fenbest Plus (+) 8 %
Cadila Healthcare Trioflam (+) 1 %

Unique Combination - Niche Products

Triben-MN Cream
(Fluocinolone-Miconazole-Neomycin)

Indicated In :-

• Mixed Skin Infections due to Bacteria & Fungi

Competitive Product Mfg. Company Name Brand Name Pricing w.r.t. Jenburkt's Product Price

Concept Pharma Flucreme-NM (+) 41 %

Triben Plus Cream

(Beclomethasone-Clotrimazole-Gentamycin-Iodochlorhydroxyquinoline )

Indicated In :-

• Mixed fungal & bacterial infections

• Eczematous Mycosis
• Intertrigo
• Vulvo vaginitis
Competitive Product Mfg. Company Name Brand Name Pricing w.r.t. Jenburkt's Product Price

Karnataka Antibiotics Fubac (+) 41 %

Gufic Lotril-BG (+) 5 %
Shreya Epicort-GC (-) 21 5
Cadila Beclotis-CG (-) 8 %

Mobitide
(Tinidazole -Diloxanide Furoate )

Indicated In :-
• Intestinal, hepatic and extraintestinal amoebiasis
• Chronic intestinal amoebiasis
• Amoebic colitis

Competitive Product Mfg. Company Name Brand Name Pricing w.r.t. Jenburkt's Product Price

Indamed Pharma.. Nidalox (+) 1 %

Alicon Pharma Dyranil (+) 6 %
Vostok & Wilcure Remedies Tinifur (-) 8 5
Pans Lab. Tinco (-) 8 %
Hinglaj Lab. Tonid DF (+) 31 %
Dynamic Lab. Dycos (+) 2 %
Zydus Cadila Amebis Forte (+) 2.2 %
Zota Healthcare Tinil (+) 32 %
Zydus Alidac TDF Forte (+) 34 %
Wockhardt Wotinex (+) 41 %
Swastik Formulations Ambilan (+) 2 %

Topcal-M
(Elemental Magnesium-Calcium Citrate-Vit D3-Elemental Zinc)

Indicated In :-
• For higher Calcium demands in women during – Hypoparathyroidism during Pregnancy & Lactation
 • Post-Menopausal Osteoporosis
• Low Vitamin D in Pregnancy-induced Hypertension

Competitive Product Mfg. Company Name Brand Name Pricing w.r.t. Jenburkt's Product Price

Waves Bio. Cal-Z (+) 24 %

Helios Pharma Ocal-C (+) 2 %
Laksun Life. Calsun ZM (+) 28 %
Zota Pharma Zotacal Plus (+) 11 %
FDC Zium (+) 11 %
Orange Health. Morecal (+) 25 %
Zota Health Sayocal Forte (+) 10 %

Other Products

Glucotrol
(Glipzide – 5 mg.)

Indicated In :-

• Diabetes

Competitive Product Mfg. Company Name Brand Name

Bal Pharma Diacon

Cipla Diaglip
Micro Labs Dibizide
Aristo Glez
La Pharma Glibetic
Franco (India) Glide
Alembic Glipy-5
USV Glynase
Intra Labs Tranase
Wallace Pharmaceuticals Glucolip
Stadmed Glyzip
Dey's Medical Lipi
 RPG (Acumed) Glutop-SR
Lincoln Glylin-5

Glucotrol - MF
(Glipizide – 5 mg. + Metformin – 500 mg.)

Indicated In :-

• Diabetes

Competitive Product Mfg. Company Name Brand Name

Bal Pharma Diacon-M

Cipla Diaglip-M
Micro Labs Dibizide-M
Aristo MetaGlez Forte
La Pharma Glibetic-MF
Franco (India) Glimet-DS
USV Glynase-MF
Intra Labs Tranase-MF
Sun Pharmaceuticals Glipimet Forte
Wockhardt Zidmin
Taurus Laboratories Metmin-500
Novartis Dibimet Plus
Ind-Swift Swiglip-M
Madhav Biotech Grip-M

Piril-DX Syrup
(Chlorpheniramine-Dextromethorphan)

Indicated In :-

• Dry cough, allergic cough, post-operative cough, smokers cough, night-time cough
Competitive Product Mfg. Company Name Brand Name

Cipla Cheston-CS
Khan Laboratories Exiplon-DM

Piritexyl-BR Syrup
(Ambroxol-Guaiphenesin-Menthol-Terbutaline )

Indicated In :-

• cough associated with bronchitis, bronchial asthma, emphysema and other bronchopulmonary disorders
where bronchospasm, mucous plugging and problems of expectoration co-exist

Competitive Product Mfg. Company Name Brand Name

Arlak Biotech -
Zota Zyrex
Alkem Xpect-B
Alkem Indikof-B
Azine Mucoresp Plus
Flamingo Munorm
Dyota Coldman
Meyer Cofaid-EX
CFL Cosyp-E
Comed Sudex-AR

Triben Ointment
(Clotrimazole)

Indicated In :-

• Athlete's foot, jock itch, and ringworm

• To relieve itching, burning, cracking, scaling and discomfort which accompany these conditions
Competitive Product Mfg. Company Name Brand Name

Bal Pharma Lotrim

Cipla Clocip
Glenmark Candid
Bayer Canesten
Franco (India) Surfaz
Ind-Swift Cazol
Ranba Statum
Comed Decand
Emcure Pharmaceuticals Endid Cream
Ochoa Lab. Canstat
Lyka Hetro Labs. Imidil
Gufic Lotril
Lupin Lab. Canazole
Glaxo Nifugal
Neon Lab. Ctzole
Centaur Lab. Translipo-C
Chemo Pharma Lab. (Intermed) Mycocid

Triben-B Cream
(Beclomethasone-Clotrimazole.)

Indicated In :-

• inflamed fungal skin infections such as ringworm, athlete's foot, and jock itch

Competitive Product Mfg. Company Name Brand Name

Cipla Clocip-B
Glenmark Candid-B
Bayer Canesten-S
Ind-Swift Cazol-B
Ranba Statum-B
Comed Decand-B
 Emcure Pharmaceuticals Beclasone-C
Lyka Hetro Labs. Imidil-B
Gufic Lotril-B
Glaxo Nifugal-B
Fulford Lotriderm
Indoco Remedies Clonben
Bombay Tablet Clomax-B
Cadila Beclotis-C

Triben-F
(Fluconazole – 150 mg.)

Indicated In :-

• Cryptococcal meningitis and maintenance therapy to prevent relapse of cryptococcal disease in patients with
AIDS
• Systemic candidiasis
• Oropharyngeal and oesophageal candidiasis
• Vaginal candidiasis
• Candidial balanitis
• Dermatomycosis

Competitive Product Mfg. Company Name Brand Name

Glenmark Glenflu
Win Medicare Logican
Emcure Pharmaceuticals Flunova
Ochoa Lab. Ultican
Unison Pharma. Fole
Systopic Lab. AF-150
Syntro Healthcare Flucoside
Wallace Pharmaceuticals Onecan
Inga Pharma. Fungal-F
Avalanche Pharma AviFlu
Micro Labs. Fungina-150
DWD Pharma Funspor
Radicura Pharma. Fluzole
Psychotropics India Myconorm- F150
 Numox (Injection)
(Amoxycillin-Cloxacillin )

Indicated In :-

• Respiratory Tract Infections

• Gynaecological Infections
• Urinary Tract Infections
• Skin and Soft Tissue Infections
• Bone Infections
• Serious Infections

Competitive Product Mfg. Company Name Brand Name

Sanjivani Broadcure
Lincoln Klomox
Panacea Mytimox
Cipla Novaclox
Osper Osoclox
Ranba Suprimox
Cadila Symbiotik
Zydus Cadila Hipenox

Numox (Capsule/Tablet)
(Amoxycillin-Cloxacillin )

Indicated In :-

• Respiratory Tract Infections

• Gynaecological Infections
• Urinary Tract Infections
• Skin and Soft Tissue Infections
• Bone Infections
• Serious Infections

Competitive Product Mfg. Company Name Brand Name

 Piramal Amclo
Piramal Tresmox
Alicon Pharma Amolac Plus-DT
Ind Swift Amyclox
Ajanta Betaclox
Bal Pharma Dynaclox
Panacea Mytimox
Sun Nataclox
Cipla Novaclox
Ranba Suprimox
Torrent Tormoxin Plus
Aurobindo Z Plus

Numox LB (Capsule/Tablet)
(Amoxycillin-Cloxacillin-Lactobacillus )

Indicated In :-

• Respiratory Tract Infections

• Urinary Tract Infections
• Skin and Soft Tissue Infections
• Bone Infections
• Serious Infections

Competitive Product Mfg. Company Name Brand Name

Centaur Abclox
Active Healthcare Amclox-LB
Alicon Pharma Amolac Plus
Ind Swift Amyclox-LB
DWD Clodax-L
FDC Flemiklox-LBX
Intra Lab Inloxy
Meridian Laclomox
 Comed Lacom
Alkem Nodimox Plus-LB
Cipla Novaclox-LB
Ranba Suprimox-P
Cadila Symbiotik Caps
Piramal HealthCare Tresmox-LB
Aurobindo Z Plus L

Metmin
(Metformin - 500 mg.)

Indicated In :-

• Diabetes

Competitive Product Mfg. Company Name Brand Name

Wallace Pharma. Walaphage

Cipla Glumet-XR
Bayer (India) Baymet
Indoco Remedies Metchek
Cadila Insumet
Alembic Forminal SR
Emcure Pharma Glyrep
Stadmed Emfor
Ipca Lab. Emnorm
Aristo Bigomet
RPG Life Serformin
Intas Pharma Zomet

Zix
(Aceclofenac )

Indicated In :-
 • Osteoarthritis
• Rheumatoid Arthritis
• Ankylosing Spondylitis
• Arthrosis
• Cervicalgia, lumbago
• Tendinitis
• Odontalgia
• Myalgia
• Post-episiotomy pain
• Primary Dysmenorrhoea

Competitive Product Mfg. Company Name Brand Name

Genesis. Abate-SR
Anthus Pharma Aceclan
Aristo Aceclo
Medley Pharma Acenac
Mankind Pharma Dolokind
Cadila Acota
Wockhardt Aceroc
Indoco Remedies Dolochek
Emcure Pharmaceuticals Mahanec
Emcure Pharmaceuticals Fico
Unichem Lab. Aroff
Sanat Products Acemove
Micro Labs Dolowin
Alembic Fortafen
Cipla Movexx
JB Chemicals Moviz
Piramal Healthcare Niplonac
Lupin Singoflam-SR
Torrent Toroxx-A
Glenmark Valus-A
Zydus Xadoo
IPCA Zerodol

Procisa
(Cisapride)

Indicated In :-
 • Intestinal pseudo-obstruction in children, associated with motility dysfunction resulting in insufficient
propulsive peristalsis and in stasis of gastric and intestinal contents
• Gastroparesis, idiopathic or associated with diabetic neuropathy
• Symptoms of X-ray or endoscopy negative upper digestive discomfort characterised by early satiety,
postprandial fullness, bloating, excessive belching, anorexia, vomiting or by ulcer-like complaints (epigastric
burning or pain).
• Gastro-oesophageal reflux disorders including oesophagitis and the maintenance treatment thereof

Competitive Product Mfg. Company Name Brand Name

Centaur. Alipride
La Pharma Cenz
Unichem Cisade
Wallace Cisawal
Panacea Cispel
Intas Ciza
Reliance Cizap
Sun Esorid
Ranba Moten
Dr.Reddy Peristil
J&J Prepulsid
RPG Prokine
Aurobindo Pryde
Piramal Health Care Rhonepride
Cadila Santiza
Torrent Unipride

Tenase
(Atenolol)

Indicated In :-

• Hypertension
• Angina Pectoris Due to Coronary Atherosclerosis
• Acute Myocardial Infarction

Competitive Product Mfg. Company Name Brand Name

 Lupin. Atenova
Aglowmed Agloten
Core Healthcare Aloten
Indoco Remedies Altol
Sun Atcardil
Dabur Atecard
Themis Atelol
Zydus Aten
Pfizer Atpark
Torrent Betacard
Svizera Healthcare Beten
Glaxo Biduten
El Pharma. BP-Nol
Zydus Medica Catenol
Cipla Hipres
Shalaks Pharma. Lakten-50
Khan Lab. Lonol
Karnataka Antibiotics Pertenol
Max Life Telol
IPCA Lab. Tenolol
Troikaa Tensicard
JB Chemical Tensimin

Allerzine
(Cetirizine)

Indicated In :-

• Treatment of allergic conditions, which respond to histamine H1- receptor antagonists

• Cutaneous: Allergic skin conditions associated with pruritus, e.g. urticaria
• Respiratory: Allergic rhinitis, hay fever

Competitive Product Mfg. Company Name Brand Name

Lincoln. Satrin
Atoz Pharma Atcet
 Mamta Pharma Metriz-10
Chemo Drugs Zacet
Panjon Pharma Pancet
Max India Xero-SED
Intas Intazin
Svizera Healthcare Rintrin
Centaur Z-Cet
Ikon remedies Cetmac
Zota Healthcare E-Cet-MD
Torque Pharma Cetramac
Mankind Pharma Cope
Novamed Pharma Cefid
Khan Lab. Cetnaz
Psychotropics CTZ
Vivid Labs. LRG
Intra Labs. Incez DT
Aztec Life. Cetaz
Cipla Okacet
Karnataka Antibiotics Alerbloc
Ortin Lab. Alid
Swisskem Healthcare Setri
Micro Labs Allercet
Dr. Reddy Cetrine
Bal Pharma Unicet
Marc Lab. Cetoz
Zydus Cadilla Zetop Instabs
Willow Pharma. Siacet
Cadila Healthcare Elgnil
Cadila Pharmaceuticals Cetrizine
Torrent Labs. Zirtin
Ranba Hisnofil
Lupin CZ-3
Cipla Cetcip
Alkem Cetiriz
Cipla Alerid
Aurochem Lergi
Taurus Lab. Taurcet
Wallace Pharma Cetriwal
 Arvind Lab. Fulday
Hamax Pharma Cetrila
Minova Life. Rhynal
Wintech Pharma Olcet
Khushal Pharma Sit-10
Symbiosis Lab. Cetriken
Torino Lab. Cetrino
Glenmark Pharma. Cetridoc
Ortin Lab. Alergid
Active Healthcare Cetract
Unichem Zyncet
Glaxo Cetzine
Indoco Triz

Ecoprot Plus
(Ferrous Fumarate -Folic Acid -Vit B12 -Vit D3 -Vit B1 -Niacinamide -Vit B2 - Vit B6 -Calcium Pantothenate -Copper Sulphate -Vit A -Vit E
-Manganese Chloride -Di-Calcium Phosphate -Protein Hydrolysate )

Nutritional Supplement

Competitive Product Mfg. Company Name Brand Name

Excare Lab Exfit

Zydus Cadila Energex
Newtramax Health. Ashwita
Aglomed Aglofit
Alkem Alprovit
Scortis Lab. Tispro

Ojen
(Ofloxacin)

Indicated In :-
• Acute bacterial exacerbations of chronic bronchitis
• Community-acquired Pneumonia
 • Uncomplicated skin and skin structure infections
• Acute, uncomplicated urethral and cervical gonorrhea
• Nongonococcal urethritis and cervicitis
• Mixed infections of the urethra and cervix
• Acute pelvic inflammatory disease
• Uncomplicated cystitis
• Complicated urinary tract infections
• Prostatitis

Competitive Product Mfg. Company Name Brand Name

Novartis India.. Mexaflo

Total Healthcare Gyrofix
GR Healthcare Obact
True Care Pharma. Quinox
Oyster labs. Oyxin
Ind Swift Oxo
Plet Pharma Offtex
Cadila Healthcare Genflox
Aspire Life. Asoflox
Roman Lifesciences Romiflox
Grandix Pharma Ocin
Admac Pharma Loft
Symbiosis Labs. Oflocos
Health Guard Floxaquin
Aztec Life. C-Off
Esskay Bee Pharma Essox
Flamingo Qubid
Pifer Pharma Pifoxacin
Ortin Lab. Sperg
Gujarat Terce lab. Ofloter
Wintech Pharma Oflaset
Baxter India Opax
Wockhardt Floxur
Medix lab. Ofbact
Biomax Lab Ofladol
Smithcare Remedies Smiflox
Unicure India Nida
`Taurus Lab. Oltaur
Pegasus Farmaco Zanof
Glenmark Pharma. Flox-O
NPS Pharma Sinox
IPCA Lab. Olfi
Syntro healthcare QXT
Brawn Lab. Bru-O
Glenmark Pharma Oflomil
West Coast Pharma Ofcin
JB Chemicals OF
Wallace Pharma. Oxwal
Jubilant Pharma Joflox
JVD Pharma ZOF
Raddison Healthcare Promiflox
Zydus Cadila Oflin
Cipla Okaflox
Sun Pharma Doact
Lupin Eufox
Cipla Tariflox
Glyco Labs. Gkon
Piramal Healthcare Checkmet-O
Intas Lab. Oflotas
Ranba Zanocin
Willow Pharma Siaflox
Cadila Healthcare Oflostar
Zota Healthcare Varflox
Zuvista Zeof
Marc Lab. Moflox
Daksh Duflox
Mankind Pharma Zenflox
Merck India Harpoon
Alembic Chemical O Win
FDC Zo
Indoco remedies Ofloren
Bal Pharma Zanovid
Bliss Chemicals Megaflox
Zydus cadila Oflatoon
Emcure Pharma Timcin
Deys Medical Entof
Aglowmed Oflamed
 Max Life. Maxflo
Novo Nordisk Neva
Zota Healthcare Sayoflox

R.T. Cure (Suspension)

(Roxithromycin)

Indicated In :-
• Respiratory infections like pneumonia, acute and chronic bronchitis, and bronchopneumonia
• ENT infections like tonsillitis, pharyngitis, sinusitis and otitis media
• Skin infections like folliculitis, furuncles, cellulitis, carbuncles, pyoderma, impetigo and infected dermatitis
• Genital infections like urethritis, prostatitis, cervicitisand salpingitis

Competitive Product Mfg. Company Name Brand Name

Kinson Pharma Roxikin

Cipla Odirox
Medley Pharma. Roxitis
Taurus Lab. Taurix
Intas Lab. Roxinta Susp.
Genetic Pharma Roxibact
IPCA Lab. Roxeptin Susp.
Lifeon Paediatrics Roxipower
Biochem Pharma. Biorox
Piramal Pharma Roxisara
Cadila Roxivista
Ind Swift Roxy
Cipla Roxee
Rhombus Pharma ERO Susp.
Aristo Pharma Roxem
Zota Healthcare Sayoxid
Redson Pharma. Roxson
Aglowmed Troxy
Blue Cross Lab. Roxibest
Swiss Medicare Roxitab
Alkem Lab. Throx
Shreya Life Ralrox
 Rabera-DSR
(Rabeprazole-Domperidone )

Indicated In :-
• Dyspepsia
• GERD
• Nausea associated with acid peptic disorders
• Post-operative nausea and vomiting
• Chronic gastritis

Competitive Product Mfg. Company Name Brand Name

PMV Healthcare. Venrab-D

Wockhardt Prorab-D
Torrent Pharma. Veloz D
Solitaire Pharmacia Toporab DSR
Symbiosis Lab. Rabeen-DSR
Aamorb Pharma Dexrobel-DSR
Symbiosis Lab. Rabital-DSR
Lupin Rablet-D
Gujarat Terce Lab. Rabter-SR
Emcure Pharma Zomitac-DSR
Taurus Lab. Rebap DSR
Alkem Lab. Nuloc D
Alkem Lab. Rapeed D
Micro Lab. Helirab-D
Flamingo Rabeto-D
Aristo Pharma Rabitop DSR & Rabezol DSR
Positif Life. Raby DSR
Midas Biotek Miraze DSR
Royal Scottish Rabicom DSR
Enzo Bio. Rabonik DSR
Novo Nordisk Novorab DSR
Sanjeevani Bio. Frisbee-DSR
El Pharma Repral D
Intra Lab. Razep DXR
Piramal India Esogard
Brawn Lab. RD V
 Serum Insti Rado TR
Mankind Pharma Rabekind DSR
Comed Chemical Rapco D
Cadila Pharma Rabeloc RD
DR Jhon Lab. Strovo D
Unichem Lab. Acistal D
IPCA Lab. Acera SR
Active Healthcare Rabep DSR
Khan Lab. Rab D
Neiss Lab. Antuc DSR

Zydol Suspension
(Nimesulide )

Indicated In :-
• Osteoarthritis
• Postoperative trauma
• Sports injuries
• Acute musculoskeletal disorders
• Diagnostic procedure pain
• Tendonitis, tenosynovitis, sprains, strains and low back pain
• Ear, nose and throat disorders
• Dental surgery
• Thrombophlebitis
• Pharyngitis
• Gynaecological disorders

Competitive Product Mfg. Company Name Brand Name

Orc Chemical N-Lid

Paragon Pharma Alnim
Alpic Bio. Abinim
Alicon Pharma Bestonim
Swiss Bio. Adenim
Alembic Nimegesic
Aglowmed Aglonim
Novamed Nile
Stadmed Mesulid
Cadila Pharma Nilide
Wan ltd. Nixia
 Unicure Nimuflam
IPCA Lab. Nimuwin
Unimarck Pharma Nugesic
Rhombus Pharma Nemu
Madhav Bio. Neet
Panacea Bio. Nimulid
USV Nizer
Ind Swift Nelsid
Cadila Pharma Nimvista
Taurus Lab. Nimeb
Zota Pharma Nimiz
Cipla Nicip
Zydus Cadila Nimfast
Lincoln Pharma. Nam
Wings Pharma Nimuwin
Pharmed Nimuflex
Albert David Nimeril
Emcure Pharma Tredical FT
Sun Pharma Antipen
Karnataka Antibiotics Maxiflam
Aurobindo Pharma Auronim
Sun Pharma Zega
Unichem Lab. Pronim
Indoco Remedies Nimind
Shreya Life Nimi

Zydol Tablet
(Nimesulide )

Indicated In :-
• Osteoarthritis
• Postoperative trauma
• Sports injuries
• Acute musculoskeletal disorders
• Diagnostic procedure pain
• Tendonitis, tenosynovitis, sprains, strains and low back pain
• Ear, nose and throat disorders
• Dental surgery
• Thrombophlebitis
 • Pharyngitis
• Gynaecological disorders

Competitive Product Mfg. Company Name Brand Name

Cyno Pharma Nom

Dr.Reddy Nise
Varun Life. Dolonim
Nicholas Piramal Orthobid
Alembic Nimegesic IR
Panacea Bio. Nimulid – MD
Symbiosis Nimutal
Cipla Nodard
Symbiosis Softel-MD
Intas Lab. Nimotas CD
Universal Pharma Nulide
Unichem Lab. Pronim
Indoco Remedies Nimuspa
Sun Pharma Zega
Aurobindo Auronim
Taurus Lab. Nimeb MD
Brawn Lab. Solide
Wallace Pharma Soonil
Wintech Pharma Nimlid MD
Zota Healthcare Nimvar MD
Shreya Life Onim-MD
Midas Bio. Mini
Unimax Lab. Dynalid
Zee Lab. Neme MD
TTK Healthcare Nimulase
Piramal Pharma Nimuflex
Alchemist Life. Loco
Centaur Pharma Nimutab
Grandix Pharma NMD
Cipla Nmupain MD
Ind Swift Nelsid MD
Cipla Nicip MD
USV Nizer
Zydus Cadila Remulide
 Alembic Nimegesic
Cipla New Nicip
Cadila Pharma Genlide
Symbiosis Nimusym
Intra Lab Nile MD
Pharmed Nimuflex FD
Cadila Pharma Nilide
DR Jhons Lab. Arthorid
Mankind Pharma Nobel
Shreya Life Ralgesic
Neiss Lab. Nefter DT
Max Cure Maxulide
JK Drugs Nimuflam
Postif Life Senita
Lupin Lupisulide
Cipla Nimupain
Intas Lab. Nimogem
Indoco Remedies Nimind CT
Kee Pharma Nikee RD
Aglowmed Aglonim
Gnosis Pharma. Nimotil DT
Wintech Pharma Nimace
Cadila Pharma Nimvista
Unichem Lab. Pronim QR
Norwest Pharma Zap
Piramal India Zolandin
Astra Zeneca Nimbid
Pfizer Pharma. Pifnim DT
Parenteral Drugs Nimpic IR