Content
Synopsis 3
Investment Argument 7
What went wrong? 7
Impact of credit crisis on the Indian CRAMS companies 7
Impact of credit crisis on customers (Global pharma companies) 8
Is over leveraged balance sheet an issue? - We think so 9
Has growth in CRAMS slowed down? – We don’t think so 13
Is the correction overdone? 15
Valuation approach 17
Top picks 18
Valuations Matrix 19
Companies
Dishman Pharma Ltd. 21
Divi's Laboratories Ltd. 29
Jubilant Organosys Ltd. 39
Piramal Healthcare Ltd. 51