performance analysis of working capital management of “pharmaceuticals industry”

of 166

Performance Analysis of

Working Capital Management of

“Pharmaceuticals Industry”

of 166

A Term Paper

on

Performance Analysis of Working Capital Management of “Pharmaceuticals

Industry”

Submitted To:

Khairul Alom

Course Teacher

School of Business Studies

Southeast University

Submitted By:

Name ID No Md. Fayshal Hossan Miazy 2009110000038

Mubashir Hossain 2009010000050 (21st)

Md. Ahadul Islam 2009110000049

Md. Robiul Islam 2009110000066

Md. Shaheen 2009110000069

BBA.22nd. Batch.

Major: Finance-A


Date of Submission: 27 August, 2012

of 166

Acknowledgement

At first, we thank to almighty Allah who made us capable to prepare this proposal. Secondly

would like to thank my honorable advisor Khairul Alom and course teacher of Southeast

University, School of Business for providing proper guidance and help to complete the term

paper.

We are also grateful to the DSE library that’s helped me to collect the information. At last we

want to thank my group members for their co- operation and making this possible to submit this

term paper on time.

of 166

Dedication

Dedicate to our respected “Parents”

And

Our honorable course teacher “Khairul Alom”

of 166

Letter of Transmittal

27 August, 2012

To,

Khairul Alom

Course Teacher

School Of Business Studies


Subject: Submission of term paper on Performance Analysis of Working Capital Management

of “Pharmaceuticals Industry”.

Dear Sir,

With due respect, we are submitting this term paper on Performance Analysis of Working

Capital Management of “Pharmaceuticals Industry”. We took help from our course teacher

Khairul Alom, from internet and used our creativity. This proposal is only for academic purpose.

This is not at all for regular activities.

I therefore, request your favor to accept our term paper.

Yours Sincerely

------------------------------

Md Fayshal Hossan Miazy

(On behalf of the group member)

of 166

Table of Contents

No. Particular Page No.

1 Introduction 01

1.1 Pharmaceutical Sectors in Bangladesh 01--02

1.2 Market Size & Growth 02-03

2 Background of the report 03

2.1 Purpose of the report 04

2.2 Limitation of the Study 04

3 Methodology 05

3.1 Data Collection 05

3.2 Data Analysis 05

4 Historical Background of the companies 6-16

4.1 Square Pharmaceuticals Ltd. 06-07

4.2 Ibn Sina Pharmaceuticals Ltd. 08-09

4.3 Ambee Pharmaceuticals Ltd. 10-11

4.4 Beximco Pharmaceuticals Ltd. 11-14

4.5 Renata Pharmaceuticals Ltd. 15-16

5 Theoretical Review 17-23

6 Ratio Analysis & Time Series Analysis 44-128

6.1 Square Pharmaceuticals Ltd. 24-44

6.2 Ibn Sina Pharmaceuticals Ltd. 45-65

6.3 Ambee Pharmaceuticals Ltd. 66-86

6.4 Beximco Pharmaceuticals Ltd. 87-107

of 166

6.5 Renata Pharmaceuticals Ltd. 108-128

7 Comparative Analysis 129-147

8 Findings 148

9 Recommendation 148

10 Conclusion 149

11 Appendix 150

of 166

1. Introduction

The pharmaceutical market in Bangladesh is pretty small compared to the population size of the

country, mainly because of the lack of spending power of the population. Pharmaceutical

spending is also amongst the lowest in the world in per capita terms. Healthcare expenditures

consist of only 3.35% of GDP. However, increased awareness of healthcare, increase in per

capita income, emergence of private healthcare services and the government’s increased

expenditure in this sector, together with other factors, have caused the demand to rise in recent

years. The sector is also protected from external competition as imports are completely restricted

for similar drugs that are manufactured locally. This sector reports provides an overview of the

pharmaceutical sector in Bangladesh and highlights the top performers that are listed in the

Dhaka Stock Exchange (DSE).

1.1 Pharmaceutical Sector in Bangladesh

Pharmaceutical sector is technologically the most developed manufacturing industries in

Bangladesh and the third largest industry in terms of contribution to government’s revenue. The

industry contributes about 1% of the total GDP. There are about 250 licensed pharmaceutical

manufacturers in the country; however, currently a little over 100 companies are in operation. It

is highly concentrated as top 20 companies produce 85% of the revenue. According to IMS, a

US-based market research firm, the retail market size is estimated to be around BDT 84 billion

as on 2011.

Bangladesh pharmaceutical companied focus primarily on branded generic final formulations,

mostly using imported APIs (Active Pharmaceuticals Ingredient). Branded generics are a

category of drugs, including prescription products, that are either novel dosage forms of off-

patent products produced by a manufacturer that is not the originator of the molecule, or a

molecule copy of an off-patent product with a trade name. About 85% of the drugs sold in

Bangladesh are generics and 15% are patented drugs - the structure differs significantly from the

international market. Branded generic drugs represent about 25% on average of worldwide

pharmaceuticals sales’; however, given the popularity in emerging markets like China, India and

Latin America, branded generic drugs may well dominate the total sales within a decade.

of 166

Bangladesh manufactures about 450 generic drugs for 5,300 registered brands which have 8,300

different forms of dosages and strengths. These include a wide range of products from anti-

ulcerants, flouroquinolones, anti-rheumatic non-steroid drugs, non-narcotic analgesics,

antihistamines, and oral anti-diabetic drugs. Some larger firms have also started producing anti-

cancer and anti-retroviral drugs. Domestic manufacturers account for 97% of the drug sales in

the local market while the remaining 3% are imported. This is a complete turnaround over from

two/three decades back when imports used to dominate the market. The imported drugs include

essential live saving drugs and other high quality drugs. The ratio will further increase in favor of

the local production as some of the big players are poised to manufacture these high quality

drugs in-house in the future.

1.2 Market Size and Growth

As stated earlier, the size of the retail market reached BDT 84.0 billion as on 2011 based on IMS

report. The report further stated that, retail sales in the domestic market achieved 23.6% growth

in 2011 following 23.8% and 16.8% growth in 2010 and 2009 respectively. High growth in the

last three years (78.8% cumulative and 21.4% CAGR) meant that the Bangladesh Pharmaceutical

market doubled in just over four years. The retail market also crossed USD 1.0 billion in size in

2011. It is one of the fastest growing sectors in the country with an annual average growth rate of

17.2% over the last five years and 13.1% over the last decade.

However, considering that IMS does not include rural market in their survey, the actual size of

the market will vary slightly (5%-10%). It is estimated that the retail market represent 90% of the

total market; in that respect the total market size (including the rural market) is expected to be

over BDT 90.0 billion at present.

of 166

2. Background of the report:

Performance evaluation of a company is usually related to how well a company can use it assets,

share holder equity and liability, revenue and expenses. Financial ratio analysis is one of the best

tools of performance evaluation of any company. In order to determine the financial position of

the pharmaceutical company and to make a judgment of how well the pharmaceutical company

efficiency, its operation and management and how well the company has been able to utilize its

assets and earn profit.

We used ratio analysis for easily measurement of liquidity position, asset management condition,

profitability and market value and debt coverage situation of the pharmaceutical company for

performance evaluation. It analysis the company use of its assets and control of its expenses. It

determines the greater the coverage of liquid assets to short-term liabilities and it also compute

ability to pay pharmaceutical company monthly mortgage payments from the cash generate. It

measures pharmaceutical company overall efficiency and performance. It determines of share

market condition of pharmaceutical company. It also used to analysis the pharmaceutical

company past financial performance and to establish the future trend of financial position.

We are choosing five pharmaceutical companies in Bangladesh. At first we discuss square

pharmaceutical company. It is the most famous company in Bangladesh. It was established in

1958 but their converted into public limited company in 1991.It is the first position among all

national ,multination, private and public of pharmaceutical company of Bangladesh. Their

mission is to produce and provide quality healthcare relief of people, maintain strongly ethical

standard in business operation also ensuring benefit to 6 the shareholder, stakeholder, and

society. Their vision is social wellbeing of the investors, employee and society at large, wealth

financial and moral gains as a part of the process of the human civilization.

of 166

2.1 Purpose of the report:

In this report we determine the ratio analysis, time series analysis and gross sectional Ratio

analysis is used to evaluate a company's financial and operating status. It's usually used in

comparative terms, i.e. current year as compared with prior year(s). It provides information about

a company's solvency and profitability. To determine if a company would be a wise investment.

This report compares ratios like current assets or quick assets to other similar companies to see

what kind of liquidity they carry. The other purposes of the report are to know the earning

capacity or profitability, company’s financial strengths, make a comparative study with other

firms and the efficiency of the management

2.2 Limitation of study

There is some limitation of our thesis. When we used the main methods of ratio analysis for

performance evaluation of pharmaceutical company .We can face different kinds of problem. In

order to achieve the good of performance evaluations we need to choose a ratio that is suitable

.This means that data must be correct, otherwise calculate of ratio may be erroneous. Sometime

we can’t find the items to analysis the ratio such as common share holder equality, weight

average outstanding of number of share, market value of share, book value of share, interest

charged etc as result we can’t complete ratio analysis and also can’t compare among both

companies.

of 166

3. METHODOLOGY

This chapter describes how the data needed in order to fulfill the purpose was collected. It also

discusses the model and formula, how to presenting the model and formula in our term paper.

We used quantitative approach for our thesis because the majority of data collection from the

quantitative approach. That is explained as below as;

3.1 Data collection

Main data for our term paper are the annual financial reports on Square, Ibn Sina, Ambee,

Beximco and Renata pharmaceutical company in 2007 to 2011. When we measurement the ratio

analysis for any company, we must be used in annual financial report otherwise we don’t

measurement. We have also used four main financial statements for ratio analysis of

pharmaceutical company such as; balance sheets, and income statement.

3.2 Data analysis

We used the model for performance evaluation of pharmaceutical company. It is briefly

discusses next page. It indicates the different steps such Selection of financial report,

Identification of balance sheet, income statement and cash flow statement, ratio analysis,

mathematical calculation, statistical analysis of companies, comparison of among both

companies and declaration of best one among five companies.

We do a selection of financial report that means a chore of annual financial report. The annual

financial report present financial data of a company's position, operating performance, and funds

flow for an accounting period .We use the annual reporting of five pharmaceutical companies in

2007 to 2011.

of 166

4. Historical background of the Companies

4.1 Square Pharmaceutical Company Ltd

SQUARE Pharmaceuticals Limited has extended her range of services towards the highway of global market. She pioneered exports of medicines from Bangladesh in 1987 and has been exporting antibiotics and other pharmaceutical products. This extension in business and services has manifested the credibility of Square Pharmaceuticals Limited.

SQUARE today symbolizes a name – a state of mind. But its journey to the growth and prosperity has been no bed of roses. From the inception in 1958, it has today burgeoned into one of the top line conglomerates in Bangladesh. Square Pharmaceuticals Ltd., the flagship company, is holding the strong leadership position in the pharmaceutical industry of Bangladesh since 1985 and is now on its way to becoming a high performance global player.

SQUARE Pharmaceuticals Limited is the largest pharmaceutical company in Bangladesh and it has been continuously in the 1st position among all national and multinational companies since 1985. It was established in 1958 and converted into a public limited company in 1991. The sales turnover of SPL was more than Taka 11.46 Billion (US$ 163.71 million) with about 16.43% market share (April 2009– March 2010) having a growth rate of about 16.72%.

VISION

We view business as a means to the material and social wellbeing of the investors, employees and the society at large, leading to accretion of wealth through financial and moral gains as a part of the process of the human civilization.

MISSION

Our Mission is to produce and provide quality & innovative healthcare relief for people, maintain stringently ethical standard in business operation also ensuring benefit to the shareholders, stakeholders and the society at large.

OBJECTIVE

Our objectives are to conduct transparent business operation based on market mechanism within the legal & social frame work with aims to attain the mission reflected by our vision.

of 166

SQUARE Pharmaceuticals Limited Products & Services

The formulation plants are producing wide range of dosage forms like -

Tablets : Non-Coated (plain, chewable, dispersible, vaginal) Coated (sugar coated, film coated, enteric coated) Sustained/Extended Released (coated, non – coated)

Capsules : Granulated Material filled Pellets Filled

Suppositories : Suppocire based

Injections : Vials containing Dry Powder for Injections Small Volume Liquid Parenterals

Liquids : Oral Syrups (Sugar based, Non-Sugar based) Oral Suspensions Topical Liquids

Spray, Drops, Ointment, Cream and Powder :

Small Volume Sterile Eye & Ear Drops Small Volume Nasal Drops & Sprays Topical Ointments & Creams Topical Antibiotic Powder

Oral Dry Powders : Dry Suspensions (Antibiotic & Anti Infectives) Dry Syrups (Antibiotics)

Dry Powder Inhalers : Partial Filled (Premix) Capsules for Respiratory Tract Application with a Device

Metered Dose Inhalers : Pressurized Canisters for Oral use with an Actuator

Prefilled Syringe Injection : The advanced parenteral technology

of 166

4.2 The IBN SINA Pharmaceutical Industry Ltd

The IBN SINA Pharmaceutical Industry Ltd. Was founded on 1983 in a campus of about 15

acres of land, about 56 km away from Dhaka city. The Industry was established by the Trustee

Board as a Limited company. Then it was converted into a public limited company in 1989.Now

IBN SINA TRUST owns 50% share of the industry and the public shares the rest 50%.

The commercial production was started in MAY 1986 with only few standard finished

pharmaceutical dosage forms. Since the beginning IBN SINA was committed to provide height

quality healthcare services in Bangladesh and within a very short period of time it achieved the

target and fulfilled its commitment. It has also occupied a very prestigious position in the

pharmaceutical field of Bangladesh for its quality and ethical standard.

Now IBN SINA is expanding its business area internationally across the world and has already

started exporting.

The company is always devoted to ensure the high quality of medicines by implementing state of

art technologies and modern machineries.

The IBN SINA Pharmaceutical Company in Bangladesh with sufficient expertise and

experiences. Healthcare is one of the important factors among the fundamental need of the

human being. Sound mind prevails in sound health and healthy man can contribute his might to

the nation-building activities. Since the establishment of IBN SINA Pharmaceutical Industry Ltd.

(IPI) in 1983, it has been aiming to fulfill this fundamental demand of the people of Bangladesh

and is committed to reach the healthcare services to the door-step of the common people. We

believe that the experience and skill of the physicians supported with quality medicines can only

ensure better human life. The IBN SINA Pharmaceutical Industry Limited has endlessly exerted

all its efforts for building quality into the product.

of 166

Vision

A public limited company working for the nation as a whole with pertinacious incitement and

firm determination to ensure the quality and ethical standing attributing the sustainable growth

and development to serve the mankind.

Mission

IBN SINA's vision is to become a premier specialty pharmaceutical company, with a balanced

focus in complementary therapeutic areas. Our primary responsibility lies towards people of

Bangladesh & ultimate responsibility towards huminity at large.

Major Products & Services:

Sl.No. Product Name Generic Name Dosage form

1 Abex Syp Guaiphen+Pseudoephedrin+T.HCl Syrup

2 Algirex 60 Etoricoxib INN 60mg Tablet



5 Angiten Tab Captopril Tablet

6 Anodyne Eye Drop Diclofenac Sodium Eye Drop

7 Anodyne Gel Diclofenac Sodium Gel Gel

8 Anodyne Plus Inj.2ml Diclofenac Sodium Injection

9 Anodyne Tab Diclofenac Sodium Tablet

10 Anodyne-SR-Cap Diclofenac Sodium Capsule

11 Anosea Meclizine HCl USP 50 mg Tablet

12 Antanil Plus Susp. Antacid & Antiflatulent Suspension

13 Antanil Plus Tab. Antacid & Antiflatulent Tablet

14 Antanil Sus Al+Mg Hydroxide Suspension

15 Antanil Tab Al+Mg Hydroxide Tablet

16 Antigrain 0.5mg Pizotifen BP 0.50mg Tablet

17 Antigrain 1.5 mg Pizotifen BP 1.50mg Tablet

18 Axosin- 1gm IM Inj. Ceftriaxone 1gm Injection

19 Axosin- 1gm IV Inj. Ceftriaxone Injection

20 Axosin 2g IV Ceftriaxone Injection

of 166

4.3 Introduction:

AMBEE PHARMACEUTICALS LTD was established in 1976 in Bangladesh. This public

limited company was registered under the companies Act, 1913 and was incorporated in

Bangladesh on 4th February 1976. Ambee has a joint venture with a famous multinational

company Medimpex of Hungary. Ambee started its operation with a number of modest 17 joint

ventured products and is now running in full swing with 76 products. We have tablets, capsules,

liquids, gel and injectables. Its operational area covers all Bangladesh with a large number of

field force who strive hard to establish the demand of products of the company in every corner of

the country. The company maintains four depots located at Khulna, Bogra, Chittagong and

Sylhet, besides its National Distribution Cell in Dhaka.

Ambee's aim is to achieve business excellence through quality by satisfying customer

expectations. We follow Quality Management System to ensure consistent quality of products.

We also meet all National Regulatory Requirements in our business affair and follow Good

Manufacturing Practices (GMP) as recommended by World Health Organization (WHO) for its

pharmaceutical operations.

In 2001 Ambee Pharmaceuticals Ltd. became an ISO 9001 certified company. ISO 9001

certificate is the international recognition of the quality management system of this organization

that complies with the standard of ISO 9001 system.

Vision:

We want to become a research based global pharmaceutical company in addition to being a

highly efficient generic manufacturer. To discover and develop innovative, value-added products

that improves the quality of life of people around the world. And contribute towards the growth

of our Nation.

of 166

Mission:

Provide people globally with high quality health care products at affordable prices in order to

improve access to medicine and to provide employees an enabling environment that facilitates

realization of their full potential.

Product & Service review:

The Plant is looked after by senior pharmacist Mr. Md. Badrul Kamal (Production Manager). He

has a vast experience of more than 28 years in his field. He has worked with renowned local and

multinational companies such as Fisons Pharmaceuticals, Jayson Pharmaceuticals and now at

Ambee Pharmaceuticals Ltd. Mr. Kamal has worked at various senior positions in his career.

A group of skilled personnel, 194 in number have been discharging their labour and talent for

producing 120 life-saving drugs and medicines under current Good Manufacting Practice

(CGMP) formulated by the Drug Authority of the USA in 1963. The three basic sections :

Quality Assurance, Production and Engineering set the task in motion for making dynamic

management.

The plant management is always alert to resist child-labour and to preserve Human Rights.

Working under a friendly and professional environment and by using modern technology,

equipment and apparatus the team of the plant is capable of producing the following quantity per

year.

Sl. No. Form of Products Quantity (Pcs.)

01 Tablets 400 million

02 Capsules 44 million

03 Injections 10 million

04 Dry Syrup 01.20 million

05 Liquid Products 13 million

06 Cream, Ointments & Gel 01 million

07 Sugar Coated Products 105 million

of 166

4.4 Beximco Pharmaceuticals Ltd.

Beximco Pharmaceuticals Ltd (BPL) is a leading manufacturer of pharmaceutical formulations

and Active Pharmaceutical Ingredients (APIs) in Bangladesh. The company is the largest

exporter of pharmaceuticals in the country and its state-of-the-art manufacturing facilities are

certified by global regulatory bodies of Australia, European Union, Gulf nations, Brazil, among

others. The company is consistently building upon its portfolio and currently producing more

than 400 products in different dosage forms covering broader therapeutic categories which

include antibiotics, antihypertensive, ant diabetics, antireretrovirals, anti asthma inhalers etc,

among many others.

Beximco Pharmaceuticals Ltd (Beximco Pharma) belongs to the largest business conglomerate

in Bangladesh, the BEXIMCO group. Beximco Pharma is engaged in manufacturing both

finished formulations and active pharmaceutical ingredients (APIs). The company was

incorporated in 1976 and commenced operations in 1980 with the manufacturing and marketing

of products of Bayer AG, Germany and Upjohn Inc., USA under licensing arrangements. In

1983, the company started manufacturing its own formulations and it launched export operation

in 1992. In 2002 Beximco Infusions Ltd, the company that produces intravenous fluids was

amalgamated with the parent company. Today Beximco Pharma is the largest exporter of

pharmaceuticals in the country and the only company to win National Export Trophy (Gold), the

highest national accolade for export, for record three times. Company’s state-of-the-art

manufacturing facilities are certified by major regulatory bodies. As a public limited company,

its shares are actively traded in Dhaka Stock Exchange and Chittagong Stock Exchange, and

Beximco Pharma is the only company in the country which got listed on AIM of London Stock

Exchange. The company produces formulations of key therapeutic areas which include anti-

of 166

infectives, gastro-intestinal, cardio-vascular, anti-diabetic, NSAIDs, respiratory, CNS etc, and its

products are available in almost all types of dosage forms, eg., tablet, capsule, syrup,

suppositories, ointments, eye drops, injectables, metered dose inhalers etc. In the domestic

market Beximco Pharma ranks 2nd among 230 companies. In 2009 the company achieved

annual sales turnover of BDT 5000 million with growth of 21%. The company produces more

than 100 branded generics which are available in various dosage forms and many of them are

leaders in their respective therapeutic categories, notable among them are Napa, Neoceptin R,

Neofloxin, Atova, Amdocal, Bextrum and Azmasol. Being the largest exporter of

pharmaceuticals in the country, the company has growing presence in more than 80 countries

across Africa, Latin America, Asia, Middle East and Central America. The company now plans

to enter the regulated markets with its generic portfolio and aims to achieve export sales of more

than $100 million by the year 2014.

Beximco Pharma is among the very few companies in the world who proactively converted CFC

based formulations to ozone friendly HFA Inhalers in compliance with the Montreal Protocol.

The company is now the single largest producer of MDIs in Bangladesh, and the only company

in Asia to contract manufacture GSK’s Ventolin inhaler. The MDI facility has been designed and

installed with the technical collaboration from Pamasol, having an annual production capacity of

15 million canisters which will increase upto 30 million soon.

The bulk drug unit of Beximco Pharma for producing paracetamol is also located at Tongi, while

penicillin API and formulation units are situated at Kaliakoir, a few kms from the main site.

Vision and Mission:

SAGIA’s vision is to act as a gateway to investment in Saudi Arabia. We seek to attract

sufficient investment to achieve sustainable rapid economic growth while capitalizing on the

Kingdom’s competitive strengths as the global capital of energy, and as a major hub between

East and West.

of 166

Products of Square Pharmaceuticals Ltd. Company:

Tablets : Non-Coated (plain, chewable, dispersible, vaginal)

Coated (sugar coated, film coated, enteric coated)

Sustained/Extended Released (coated, non – coated)

Capsules : Granulated Material filled

Pellets Filled

Suppositories : Suppocire based

Injections : Vials containing Dry Powder for Injections

Small Volume Liquid Parenterals

Liquids : Oral Syrups (Sugar based, Non-Sugar based)

Oral Suspensions

Topical Liquids

Spray, Drops, Ointment,

Cream and Powder :

Small Volume Sterile Eye & Ear Drops

Small Volume Nasal Drops & Sprays

Topical Ointments & Creams

Topical Antibiotic Powder

Oral Dry Powders : Dry Suspensions (Antibiotic & Anti Infectives)

Dry Syrups (Antibiotics)

of 166

4.5 Renata Limited

Renata Limited formerly Pfizer Laboratories Bangladesh Limited, also known as Renata, is one

of the top ten pharmaceutical manufacturers in Bangladesh. Renata is engaged in the

manufacture and marketing of human pharmaceutical and animal health products. The company

also manufactures animal therapeutics and nutrition products. Renata currently employs about

2300 people in its head office in Mirpur, Dhaka and its two production facilities in Mirpur,

Dhaka and Rajendrapur, Dhaka.

History:

The Company started its operations as Pfizer (Bangladesh) Limited in 1972. For the next two

decades it continued as a highly successful subsidiary of Pfizer Corporation. However, by the

late 1990s the focus of Pfizer had shifted from formulations to research. In accordance with this

transformation, Pfizer divested its interests in many countries, including Bangladesh.

Specifically, in 1993 Pfizer transferred the ownership of its Bangladesh operations to local

shareholders, and the name of the company was changed to Renata Limited.

In a gesture of corporate charity, Pfizer donated shares so that, along with a partial payment from

the SAJIDA Foundation, 51% ownership of Renata Limited would be held by the Foundation.

Today SAJIDA’s microfinance and micro-insurance programs support over 107,120 members

and their families; thus far cumulative loan disbursement totals BDT 5,750 million. Currently,

SAJIDA’s health program covers over 1 million beneficiaries by delivering services through two

70 bed hospitals, panel doctors in SAJIDA’s micro finance branches, and mobile health teams.

To date, the SAJIDA Foundation holds the majority ownership in Renata Limited

At present, Renata manufactures about 300 generic pharmaceutical products including hormones,

contraceptives, anti-cancer drugs, oral preparations, cephalosporins, parenteral preparations as

well as other conventional drugs. In addition, they also offer about 95 animal therapeutics and

nutrition products.

of 166

No. of Employees: 3,485 employees.

Main Business: Manufacture and Marketing of Human Pharmaceuticals and Animal

Therapeutics. We have two production sites. The Mirpur Site is 12 Acres and Rajendrapur Site is

19 Acres.

Investment:

99.99% Shareholding in Renata Agro Industries Limited

99.99% Shareholding in Purnava Limited

Bankers: Agrani Bank, CitiBank, City Bank, Eastern Bank, HSBC, Mutual Trust Bank, Sonali

Bank, Standard Chartered Bank

Our Vision: To establish Renata permanently among the best of innovative branded generic

companies.

Our Mission: To provide maximum value to our customers, shareholders, colleagues, and

communities where we live and work.

Product & Services: Amino Acid Supplement

Anti-asthmatic Preparation

Anti-bacterial Preparations

Steroid Preparations

Anti-ulcerant Preparations

of 166

5. Theoretical Review:

Ratio Analysis

Ratio Analysis is a form of Financial Statement Analysis that is used to obtain a quick indication

of a firm's financial performance in several key areas. The ratios are categorized as Short-term

Solvency Ratios, Debt Management Ratios, Asset Management Ratios, Profitability Ratios, and

Market Value Ratios.

Ratio Analysis as a tool possesses several important features. The data, which are provided by

financial statements, are readily available. The computation of ratios facilitates the comparison

of firms which differ in size. Ratios can be used to compare a firm's financial performance with

industry averages. In addition, ratios can be used in a form of trend analysis to identify areas

where performance has improved or deteriorated over time.

Because Ratio Analysis is based upon Accounting information, its effectiveness is limited by the

distortions which arise in financial statements due to such things as Historical Cost Accounting

and inflation. Therefore, Ratio Analysis should only be used as a first step in financial analysis,

to obtain a quick indication of a firm's performance and to identify areas which need to be

investigated further.

Short-term Solvency or Liquidity Ratios

Short-term Solvency Ratios attempt to measure the ability of a firm to meet its short-term

financial obligations. In other words, these ratios seek to determine the ability of a firm to avoid

financial distress in the short-run. The two most important Short-term Solvency Ratios are the

Current Ratio and the Quick Ratio.

Current Ratio

The Current Ratio is calculated by dividing Current Assets by Current Liabilities. Current Assets

are the assets that the firm expects to convert into cash in the coming year and Current Liabilities

represent the liabilities which have to be paid in cash in the coming year. The appropriate value

of 166

for this ratio depends on the characteristics of the firm's industry and the composition of its

Current Assets. However, at a minimum, the Current Ratio should be greater than one.

Current Ratio:

Quick Ratio

The Quick Ratio recognizes that, for many firms, Inventories can be rather illiquid. If these

Inventories had to be sold off in a hurry to meet an obligation the firm might have difficulty in

finding a buyer and the inventory items would likely have to be sold at a substantial discount

from their fair market value.

This ratio attempts to measure the ability of the firm to meet its obligations relying solely on its

more liquid Current Asset accounts such as Cash and Accounts Receivable. This ratio is

calculated by dividing Current Assets less Inventories by Current Liabilities.

Cash Ratio:

Net Working Capital-Total Asset:

Asset Management Ratios

Asset Management Ratios attempt to measure the firm's success in managing its assets to

generate sales. For example, these ratios can provide insight into the success of the firm's credit

policy and inventory management. These ratios are also known as Activity or Turnover Ratios.

of 166

Receivables Turnover and Days' Receivables

The Receivables Turnover and Days' Receivables Ratios assess the firm's management of its

Accounts Receivables and, thus, its credit policy. In general, the higher the Receivables

Turnover Ratio the better since this implies that the firm is collecting on its accounts receivables

sooner. However, if the ratio is too high then the firm may be offering too large of a discount for

early payment or may have too restrictive credit terms. The Receivables Turnover Ratio is

calculated by dividing Sales by Accounts Receivables. (Note: since Accounts Receivables arise

from Credit Sales it is more meaningful to use Credit Sales in the numerator if the data is

available.)

The Days' Receivables Ratio is calculated by dividing the number of days in a year, 365, by the

Receivables Turnover Ratio. Therefore, the Days' Receivables indicates how long, on average, it

takes for the firm to collect on its sales to customers on credit. This ratio is also known as the

Days' Sales Outstanding (DSO) or Average Collection Period (ACP).

Inventory Turnover and Days' Inventory

The Inventory Turnover and Days' Inventory Ratios measure the firm's management of its

Inventory. In general, a higher Inventory Turnover Ratio is indicative of better performance

since this indicates that the firm's inventories are being sold more quickly. However, if the ratio

is too high then the firm may be losing sales to competitors due to inventory shortages. The

Inventory Turnover Ratio is calculated by dividing Cost of Goods Sold by Inventory. When

comparing one firms’ Inventory Turnover ratio with that of another firm it is important to

of 166

consider the inventory valuation method used by the firms. Some firms use a FIFO (first-in-first-

out) method; others use a LIFO (last-in-first-out) method, while still others use a weighted

average method.

The Days' Inventory Ratio is calculated by dividing the number of days in a year, 365, by the

Inventory Turnover Ratio. Therefore, the Days' Inventory indicates how long, on average, an

inventory item sits on the shelf until it is sold.

Fixed Assets Turnover

The Fixed Assets Turnover Ratio measures how productively the firm is managing its Fixed

Assets to generate Sales. This ratio is calculated by dividing Sales by Net Fixed Assets. When

comparing Fixed Assets Turnover Ratios of different firms it is important to keep in mind that

the values for Net Fixed Assets reported on the firms' Balance Sheets are book values which can

be very different from market values.

Total Assets Turnover

The Total Assets Turnover Ratio measures how productively the firm is managing all of its

assets to generate Sales. This ratio is calculated by dividing Sales by Total Assets.

of 166

Debt Management Ratios

Debt Management Ratios attempt to measure the firm's use of Financial Leverage and ability to

avoid financial distress in the long run. These ratios are also known as Long-Term Solvency

Ratios.

Debt is called Financial Leverage because the use of debt can improve returns to stockholders in

good years and increase their losses in bad years. Debt generally represents a fixed cost of

financing to a firm. Thus, if the firm can earn more on assets which are financed with debt than

the cost of servicing the debt then these additional earnings will flow through to the stockholders.

Moreover, our tax law favors debt as a source of financing since interest expense is tax

deductible.

Debt Ratio, Debt-Equity Ratio, and Equity Multiplier

The Debt Ratio, Debt-Equity Ratio, and Equity Multiplier are essentially three ways of looking

at the same thing: the firm's use of debt to finance its assets.

Debt Ratio

The Debt Ratio is calculated by dividing Total Debt by Total Assets.

Debt-Equity Ratio

The Debt-Equity Ratio is calculated by dividing Total Debt by Total Owners' Equity.

of 166

Equity Multiplier

The Equity Multiplier is calculated by dividing Total Assets by Total Owners' Equity.

Profitability Ratios

Profitability Ratios attempt to measure the firm's success in generating income. These ratios

reflect the combined effects of the firm's asset and debt management.

Profit Margin

The Profit Margin indicates the dollars in income that the firm earns on each dollar of sales. This

ratio is calculated by dividing Net Income by Sales.

Return on Assets (ROA) and Return on Equity (ROE)

Return on Assets (ROA)

The Return on Assets Ratio indicates the dollars in income earned by the firm on its assets.

of 166

Return on Equity (ROE)

The Return on Equity Ratio indicates the dollars of income earned by the firm on its

shareholders' equity. It is important to remember that these ratios are based on accounting book

values and not on market values.

Market Value Ratios:

Earnings per Share (EPS):

Earnings per Share are often used in evaluating a firm’s stock price and in assessing the firm’s

future earnings and ability to pay dividends. The earnings per share ratio is so important that it is

required to be put on the face of the income statement. EPS is a compact indicator of a

company’s performance. Entities with simple capital structures will have only Basic Earnings

per Share.

Book Value per Share

Payout Ratio

of 166

6. Ratio Analysis & Time Series Analysis

6.1 Square Pharmaceutical Ltd

Ratio Analysis:

S

N

Ratio Name Formula 2011 2010 2009 2008 2007

Short-Term Solvency or Liquidity Ratio

01 Current Ratio Current Asset/Current

Liabilities

1.5042 2.0539 1.447 1.260 1.440

02 Quick Ratio Quick Asset/ Current Liabilities 0.95979 1.0582 0.65300 0.681 0.836

03 Cash Ratio Cash/ Current Liabilities 0.0793 0.1167 0.1111 0.058 0.0547

04 Net Working

Capital-Total

Asset

Net Working Capital/ Total

Asset

0.12106 0.1537 0.0885 0.071 0.107

Long Term Solvency Ratio or Debt Management Ratios

01 Total Debt Ratio Total Debt/ Total Asset 0.2893 0.22867 0.2473 0.3374 0.3007

02 Debt Equity Ratio Total Debt / Total Equity 0.40720 0.29647 0.32871 0.5092 0.4300

03 Equity Multiplier Total Asset / Total Equity 1.40720 1.29647 1.32871 1.5092 1.4300

Asset Management or Turnover Ratio

01 Inventory

Turnover

Cost of Goods Sold / Inventory 3.03092 2.9728 2.702 2.396 2.7641

02 Days Sales in

Inventory

360/ Inventory Turnover 118.775 121.09 133.194 150.2 130.23

03 Receivable

Turnover

Net Sales/ Accounts Receivable 17.4405 22.553 20.564 22.92 23.23

04 Days in

Receivable

360/ Receivable Turnover 20.6415 15.962 17.505 15.70 15.495

05 Fixed Asset

Turnover

Net Sales/ Net Fixed Asset 1.0844 1.0769 1.03123 0.995 1.1023

of 166

06 Total Asset

Turnover

Net Sales/ Total Asset 0.69281 0.7542 0.7358 0.650 0.7152

Profitability Ratio

01 Profit margin Net Income/ Net Sales 0.18795 0.1821 0.19245 0.167 0.1737

02 Return on assets

(ROA)

Net Income/ Total Assets 0.13022 0.1373 0.14161 0.108 0.1242

03 Return on equity

(ROE)

Net income/ Total equity 0.18324 0.178 0.1881 0.164 0.177

Market value Ratio

01 Earnings per

Share(EPS)

Net Income/ No. of Share

Outstanding

129.07 106.43 156.56 114.4 145.74

02 Book Value Per

Share

Total equity / No. of Share

Outstanding

704.36 597.49 512.02 429.0 373.81

03 Payout Ratio Dividends Paid / Net Income 0.208 0.2312 0.189 0.215 0.28

of 166

Time Series Analysis

Short Term Solvency or Liquidity Ratio

1. Current Ratio:

Year 2011 2010 2009 2008 2007

Current Ratio 1.504

2.054 1.448 1.260 1.441

Analysis: In this ratio, we can analysis that the ratio has increased from 2007 to 2011 few times

in square pharmaceutical company. So Current Ratio of 2010 is better than others years. In 2010,

Current Ratio is 2.0539.

of 166

2. Quick Ratio:

Year 2011 2010 2009 2008 2007

Quick Ratio 0.960 1.058 0.653 0.681 0.836

Analysis: In this ratio, we can analysis that the Quick ratio respectively on 2011 is 0.959, on

2010 is 1.058, on 2009 is 0.653, on 2008 is 0.681, and on 2007 is 0.836. We can see that quick

ratio on 2010 is better than in 2007 to 2009 and 2011 years.

of 166

3. Cash Ratio:

Year 2011 2010 2009 2008 2007

Cash Ratio 0.0793 0.1167 0.1111 0.0586 0.0547

Cash Ratio in % 7.93% 11.67% 11.11% 5.86% 5.47%

Analysis: In this ratio, we can analysis that the cash ratio has only increased in 2010 which is

higher than from 2007, 2008, 2009 and 2011. The cash ratio on 2010 is 7.93%. And on 2007 is

poorest ratio than other years.

of 166

4. Net Working Capital-Total Asset:

Year 2011 2010 2009 2008 2007

Net Working Capital-Total Asset

0.121 0.154 0.089 0.072 0.107

Net Working Capital-Total Asset in %

12.11% 15.37% 8.86% 7.17% 10.75%

Analysis: In this ratio, we can analysis that the net working capital-total assets ratio in 2010 is

better than other years to compare from 2007 to 2011. The net working capital- total assets of

2010 is 15.37%.

of 166


1. Total Debt Ratio:

Year 2011 2010 2009 2008 2007

Total Debt Ratio 0.2893736 0.228679 0.2473935 0.3374040 0.3007247

Total Debt Ratio in % 28.94% 22.87% 24.74% 33.74% 30.07%

Analysis: In this ratio, we can analysis that the total debt ratio has biggest on 2008 which is

33.74%. But In 2007 to 2011 total debt ratio are mixed combination.

of 166

2. Debt Equity Ratio:

Year 2011 2010 2009 2008 2007

Debt Equity Ratio 0.407 0.296 0.329 0.509 0.430

Debt Equity Ratio in %

40.72% 29.65% 32.87% 50.92% 43.01%

Analysis: In this ratio, we can analysis that the debt equity ratio has increased in 2008 and more

than from 2007 to 2011. The lowest total debt equity ratio on 2010 is 29.65%. The total debt

equity ratio on 2008 is 50.92%.

of 166

3. Equity Multiplier:

Year 2011 2010 2009 2008 2007

Equity Multiplier 1.407 1.296 1.329 1.509 1.430

Analysis: In this ratio, we can analysis that the equity multiplier has increased in 2008 more than

other years. Equity Multiplier on 2008 is 1.51 times.

of 166


1. Inventory Turnover:

Year 2011 2010 2009 2008 2007

Inventory Turnover 3.031 2.973 2.703 2.396 2.764

Analysis: In this ratio, we show that the inventory turnover separately on 2007 is 2.764, on 2008

is 2.396, on 2009 is 2.703, on 2010 is 2.973 and on 2011 is 3.030.We can see that 2011 is biggest

turnover inventory than other years. So that inventory turnover on 2011 takes 3.03 times.

of 166

2. Days Sales in Inventory:

Year 2011 2010 2009 2008 2007

Days Sales in Inventory 118.775 121.096 133.194 150.250 130.236

Analysis: In this ratio, we see that the ratio of day’s sales in inventory has constantly decreased

from 2008 to 2011. In the year of 2008 is the best day’s sale in inventory.

of 166

3. Receivable Turnover:

Year 2011 2010 2009 2008 2007

Receivable Turnover

17.440 22.553 20.564 22.923 23.232

Analysis: In this ratio, we can analysis that the ratio of receivable turnover has increased in 2007

which compare in more than from 2007 to 2011. On 2007, receivable turnover of Square

pharmaceuticals ltd. takes 23.232 times.

of 166

4. Days in Receivable:

Year 2011 2010 2009 2008 2007

Days in Receivable

20.642 15.962 17.506 15.705 15.496

Analysis: In this ratio, we show that the result of days in receivable for Square pharmaceuticals

ltd has increased in 2011 which compare in more than from 2007 to 2011. On 2011, Days in

receivable of Square pharmaceuticals ltd. takes 20.64 days.

of 166

5. Fixed Asset Turnover:

Year 2011 2010 2009 2008 2007

Fixed Asset Turnover 1.084 1.0770 1.031] 0.996 1.102

Analysis: In this ratio, we see that the result of fixed assets turnover for Square pharmaceuticals

ltd has increased in 2007 which compare in more than from 2007 to 2011. On 2007, the fixed

assets turnover of Square pharmaceuticals ltd. takes 1.10 times

of 166

6. Total Asset Turnover:

Year 2011 2010 2009 2008 2007

Total Asset Turnover 0.693 0.754 0.736 0.650 0.715

Analysis: In this ratio, we show that the result of total assets turnover for Square

pharmaceuticals ltd has only increased in 2010 which compare in more than from 2007 to 2011.

On 2010, the total assets turnover of Square pharmaceuticals ltd. takes 0.754 times.

of 166

Profitability Ratio 1. Profit margin:

Year 2011 2010 2009 2008 2007

Profit margin 0.188 0.182 0.192 0.167 0.174

Analysis: In this ratio, we can see that 2009 is biggest profit margin more than other years. In the

year of 2009 is 0.192%.

of 166

2. Return on assets (ROA):

Year 2011 2010 2009 2008 2007

Return on assets (ROA) 0.130 0.137 0.142 0.105 0.124

of 166

Analysis: In this ratio, we can analysis that the return on assets ratio of Square pharmaceuticals

ltd. separately on 2011 is 0.130%, on 2010 is 0.137%, on 2009 is 0.142%, on 2008 is 0.105%

and on 2007 is 0.124%. So we see that 2009 is biggest ROA more than other years. In 2009 ROA

is 0.142%.

of 166

3. Return on equity (ROE):

Year 2011 2010 2009 2008 2007

Return on equity 0.183 0.178 0.188 0.164 0.178

Return on Equity in % 18.32% 17.81% 18.82% 16.42% 17.77%

of 166

Analysis: In this ratio, we can analysis that the return on equity ratio of Square pharmaceuticals

ltd. separately on 2011 is 18.32%, on 2010 is 17.81%, on 2009 is 18.82%, on 2008 is 16.42%

and on 2007 is 17.77%. We can see that 2009 is biggest return on equity more than other years.

The return on equity of Square pharmaceuticals ltd on 2009 is better.

of 166

Market value Ratio 1. Earnings per Share(EPS):

Year 2011 2010 2009 2008 2007

Earnings per Share(EPS)

Tk 129.07 Tk 106.43 Tk 156.56 Tk 114.47 Tk

145.74

Analysis: In this ratio, we can analysis that the earning per share of Square pharmaceuticals ltd.

separately on 2011 is tk 129.07, on 2010 is tk 106.43, on 2009 is tk 156.56, on 2008 is tk 114.47,

on 2007 is tk 145.74. But in 2009 is the higher price of per share at tk 156.56.

of 166

2. Book Value Per Share:

Year 2011 2010 2009 2008 2007

Book Value Per Share Tk

704.36

Tk

597.50

Tk 512.030 Tk 429.060 Tk 373.814

Analysis: In this ratio, we can analysis that the book value per share of Square pharmaceuticals

ltd. separately on 2011 is tk 704.360, on 2010 is tk 597.497, on 2009 is tk 512.030, on 2008 is tk

429.060, on 2007 is tk 373.814. But in 2011 is the higher price of per share at tk 704.360.

of 166

3. Payout Ratio:

Year 2011 2010 2009 2008 2007

Payout Ratio 0.209 0.231 0.189 0.216 0.286

Payout Ratio in % 20.86% 23.13% 18.93% 21.57% 28.59%

Analysis: In this ratio, we can analysis that the payout ratio of Square pharmaceuticals ltd.

separately on 2011 is 20.86%, on 2010 is 23.13%, on 2009 is 18.93%, on 2008 is 21.57%, and on

2007 is 28.59%. But in 2007 is the higher than other years.

of 166

6.2 Ibn Sina Pharmaceutical Ltd

Ratio Analysis:

S

N

Ratio Name Formula 2011 2010 2009 2008 2007



Liabilities

1.031 0.946 0.730 0.832 0.694

02 Quick Ratio Quick Asset/ Current

Liabilities

0.740 0.687

0.528

0.605

0.423


04 Net Working

Capital-Total

Asset

Net Working Capital/

Total Asset

0.013 -0.022 -0.138

-0.087 -0.178


01 Total Debt

Ratio

Total Debt/ Total Asset 0.526 0.570 0.643 0.633 0.617

02 Debt Equity

Ratio

Total Debt / Total Equity 1.110 1.328 1.804 1.722 1.355

03 Equity

Multiplier

Total Asset / Total Equity 2.110 2.328 2.804 2.722 2.198


01 Inventory

Turnover

Cost of Goods Sold /

Inventory

12.897 14.840 12.622 10.874 8.653

02 Days Sales in

Inventory

360/ Inventory Turnover 27.96

Days

24.26

Days

28.52

Days

33.11

Days

41.61

Days

03 Receivable

Turnover

Net Sales/ Accounts

Receivable

1087.76 1146.5

5

1478.60 1760.4

9

4468.04

04 Days in 360/ Receivable Turnover 0.33 0.31 0.24 0.20 0.08

of 166

Receivable Days Days Days Days Days

05 Fixed Asset

Turnover

Net Sales/ Net Fixed

Assets

4.400 4.192 3.371 3.585 3.574

06 Total Asset

Turnover

Net Sales/ Total Assets 2.530 2.566 2.115 2.049 2.132

Profitability Ratio


02 Return on

assets (ROA)

Net Income/ Total Assets 0.102 0.096 0.082 0.084 0.076

03 Return on

equity (ROE)

Net income/ Total equity 0.215 0.224 0.229 0.229 0.166

Market value Ratio

01 Earnings per

Share(EPS)

Net Income/ No. of Share

Outstanding

5.46 4.64 54.7 48.09 31.19

02 Book Value

Per Share

Total equity / No. of

Share Outstanding

25.34 20.76 239.33 209.62 187.76

03 Payout Ratio Dividends Paid / Net

Income

0.140 0.120 0.461 0.463 0.550

of 166



1. Current Ratio:

Year 2011 2010 2009 2008 2007

Current Ratio 1.031 0.946 0.730 0.832 0.694


in Ibn Sina pharmaceutical company. So Current Ratio of 2011 is better than others years. In

2011, Current Ratio is 1.031. But 2007 current ratio is 0.694 which is lower than previous years.

of 166

2. Quick Ratio:

Year 2011 2010 2009 2008 2007

Quick Ratio 0.740 0.687 0.528 0.605 0.423

Analysis: In this ratio, we can analysis that the ratio respectively on 2011 is 0.74, on 2010 is

0.69, on 2009 is 0.53, on 2008 is 0.60, and on 2007 is 0.42. We can see that quick ratio is

decreasing from 2007 to 2011. In 2011, quick ratio is better than other years.

of 166

3. Cash Ratio:

Year 2011 2010 2009 2008 2007

Cash Ratio 0.353 0.3083 0.2480 0.3064 0.1576

Cash Ratio in % 35.30% 30.83% 24.80% 30.64% 15.76%

Analysis: In this ratio, we can analysis that the cash ratio has increased in 2011 which is higher

than from 2007, 2008, 2010 and 2009. The cash ratio on 2011 is 35.30%. And others on 2007 is

15.76%, 2008 is 30.64%, 2010 is 30.83%.

of 166


Year 2011 2010 2009 2008 2007

Net Working Capital-Total Asset 0.0130 -0.0222 -0.1380

-0.0867 -0.1781


1.30% -2.22% -13.80% -8.67% -17.81%

Analysis: In this ratio, we can analysis that the net working capital-total ratio has decreased from

2011 to 2007 which is respectively1.30%, -2.22%, -13.80%, -8.67%, -17.81%. We can see that

net working capital is constantly decreasing from 2007 to 2011. In 2011, net working capital is

better than other years.

of 166



Year 2011 2010 2009 2008 2007

Total Debt Ratio 0.5261 0.5705 0.6434 0.6327 0.6166

Total Debt Ratio in % 52.61 57.05 64.34 63.27 61.66

of 166

Analysis: In this ratio, we can analysis that the total debt ratio on 2009 in 64.34%. Because of it

is higher than other years. From 2007 to 2008, it grows up continuously. From 2010 to 2011 is

decreased on debt ratio. In 2009 on debt ratio is increased which is 64.34%. So that total debt

ratio on 2009 is better.

of 166


Year 2011 2010 2009 2008 2007


Debt Equity Ratio in % 111.03 132.80 180.44 172.24 135.52

Analysis: In this ratio, we can analysis that the Debt equity ratio on 2009 (180.44%) is more



of 166


Year 2011 2010 2009 2008 2007


Analysis: In this ratio, we can analysis that the equity multiplier has increased in 2009

more than from 2007 to 2010. Equity Multiplier on 2009 is 2.804 times.

of 166



Year 2011 2010 2009 2008 2007


Analysis: In this ratio, we can analysis that the ratio separately on 2007 is 1.96, on 2008 is

1.59, on 2009 is 1.69, on 2010 is 1.84 and on 2011 is 1.95. We can see that 2010 is biggest

turnover inventory than other years. So that inventory turnover on 2010 is 14.840 times.

of 166


Year 2011 2010 2009 2008 2007

Days Sales in Inventory 27.96 Days 24.26 Days 28.52 Days 33.11 days 41.61days

Analysis: In this ratio, we can analysis that the ratio has decreased from 2007 to 2011. So that on

2007, sales in inventory of Ibn Sina pharmaceuticals ltd is 41.61 days.

of 166


Year 2011 2010 2009 2008 2007

Receivable Turnover 1087.76 1146.55 1478.60 1760.49 4468.04

Analysis: In this ratio, we can analysis that the receivable turnover it has decreased in 2011 more

than from 2007 to 2010. Equity Multiplier on 2011 is 1087.76 times.

of 166


Year 2011 2010 2009 2008 2007

Days in Receivable 0.33 Days 0.31 Days 0.24 Days 0.20 Days 0.08 Days

Analysis: In this analysis, we can view that in 2011 the days in receivable were .33 days which

is higher last five years.

of 166


Year 2011 2010 2009 2008 2007

Fixed Asset Turnover 4.40 4.19 3.37 3.59 3.57

Analysis: in this ratio, we see that the Fixed assets turnover is 3.57 at the end of year 2007 which

is higher between the 2009. So the fixed asset turnover at the end of year 2011 is standard

position. Fixed assets turnoverin 2011 is 4.40 times.

of 166


Year 2011 2010 2009 2008 2007


Analysis: In this ratio, we show that the total asset turnover is best of 2.56 of 2010 year to

compare with other years.

of 166


Year 2011 2010 2009 2008 2007

Profit margin 0.0403 0.0374 0.0385 0.0411 0.0355

Profit margin in % 4.03 % 3.74 % 3.85 % 4.11% 3.55%

Analysis: In this analysis we see that the profit margin has decreased in 2009 to 2011 compare

than 2008 year. As a result this company is standard position in 2008 year.

of 166


Year 2011 2010 2009 2008 2007


Return on assets (ROA) in %

10.21% 9.60% 8.15% 8.43% 7.56%

Analysis: From 2007 year to 2011 year data we see that net income and total asset has increased

in 2007 to 2011. For this reason return on total asset ratio has increase in 2011. Return on assets

(ROA) in 2011 is 10.21%.

of 166


Year 2011 2010 2009 2008 2007

Return on equity (ROE) 0.2154 0.2235 0.2286 0.2294 0.1661

Return on equity (ROE) in %

21.54% 22.35% 22.86% 22.94% 16.61%

Analysis: In this analysis, we see that the return on equity has 21.54% in the year 2011, 22.35%

in the year 2010, 22.86% in the year 2009, 22.94% in the year 2008 and 16.61% in the 2007. So

we view that the return on equity is 22.94% in the year of 2008 is the best than others.

of 166

Market value Ratio 1. Earnings per Share(EPS):

Year 2011 2010 2009 2008 2007

Earnings per Share(EPS) 5.46 4.64 54.7 48.09 31.19

Analysis: In this ratio, we can show that earning per share ratio has decreased few times from

2009 to 2011years but best in year 2009. Because of in 2009 year the net income has increased at

a fewer rate than from other years.

of 166

2. Book Value per Share:

Year 2011 2010 2009 2008 2007

Book Value Per Share 25.34 20.76 239.33 209.62 187.76

Analysis: In this ratio, we see that the Book Value per Share has increased in the 2009 year

which is so healthy position for the company. Here the book value per share is Tk.239.33.

of 166

3. Payout Ratio:

Year 2011 2010 2009 2008 2007

Payout Ratio 0.1399 0.1201 0.4613 0.4626 0.5502

Payout Ratio in % 13.99% 12.01% 46.13% 46.26% 55.02%

Analysis: In this ratio, we can analysis that the payout ratio has decreased constantly from

2007 to 2011 years. The payout Ratio of 2007 is better than others years. In 2007, payout

Ratio is 55.02% But the year of 2011 payout ratio is 13.99%% which is lower than previous

years.

of 166

6.3 Ambee Pharmaceuticals Ltd

Ratio Analysis

SN Ratio Name Formula 2011 2010 2009 2008 2007


01 Current Ratio Current Asset/Current Liabilities 1.022 1.002 0.999 0.985 0.996

02 Quick Ratio Quick Asset/ Current Liabilities 0.481 0.489 0.427 0.373 0.536


04 Net Working

Capital-Total

Asset

Net Working Capital/ Total

Asset

0.807 0.805 4.113 0.783 0.794



02 Debt Equity Ratio Total Debt / Total Equity 4.427 4.685 4.902 5.009 4.985

03 Equity Multiplier Total Asset / Total Equity 5.604 5.869 1.191 6.009 5.985


01 Inventory

Turnover

Cost of Goods Sold / Inventory 1.031 1.064 0.858 0.757 1.858

02 Days Sales in

Inventory

360/ Inventory Turnover 349.13

6

338.36

0

419.73

0

475.45

2

193.80

4

03 Receivable

Turnover

Net Sales/ Accounts Receivable 5.854 6.021 7.172 6.301 3.932

04 Days in Receivable 360/ Receivable Turnover 64.446 64.478 64.510 57.133 91.555

05 Fixed Asset

Turnover

Net Sales/ Net Fixed Assets 4.985 4.676 4.478 3.965 5.865

06 Total Asset

Turnover

Net Sales/ Total Assets 0.961 0.937 4.494 0.861 1.208

of 166

Profitability Ratio


02 ROA Net Income/ Total Assets 0.027 0.026 0.122 0.022 0.027

03 ROE Net income/ Total equity 0.151 0.151 0.145 0.135 0.160

Market value Ratio

01 EPS NIAT/ No. of Share 3.81 3.68 3.44 3.17 3.78

02 Book Value Per

Share

Total equity / No. of Share

25 tk 24 tk 23 tk 23 tk 24 tk

03 Payout Ratio Dividends Paid / NIAT 1.211 0.275 0.823 1.508 0.532

of 166



1. Current Ratio:

Year 2011 2010 2009 2008 2007 Current Ratio 1.022 1.002 0.999 0.985 0.996


in Ambee pharmaceutical company. So Current Ratio of 2011 is better than others years. In

2011, Current Ratio is 1.022. But 2007 current ratio is 0.986 which is lower than previous years.

of 166

2. Quick Ratio:

Year 2011 2010 2009 2008 2007

Quick Ratio 0.481 0.489 0.427 0.373 0.536

Analysis: In this ratio, we can analysis that the Quick ratio respectively on 2011 is 0.481, on

2010 is 0.489, on 2009 is 0.427, on 2008 is 0.373, and on 2007 is 0.536. We can see that quick

ratio is increasing from 2008 to 2010. But in 2007, quick ratio is better than other years.

of 166

3. Cash Ratio:

Year 2011 2010 2009 2008 2007 Cash Ratio 0.009 0.009 0.026 0.023 0.001

Cash Ratio in % 0.90% 0.90% 2.60% 2.30% 0.10%

of 166

of 166


Year 2011 2010 2009 2008 2007

Net Working Capital-Total Asset 0.017 0.001 -0.004 -0.012 -0.003


1.73% 0.13%

-

0.36%

-

1.22%

-

0.35%

Analysis: In this ratio, we can analysis that the net working capital-total assets ratio from 2007

to 2011 is respectively -0.35%, -1.22%, -0.36%, 0.13%, and 1.73%. We can see that the net

working capital is constantly decreasing from 2011 to 2007. In 2011, net working capital is

better than other years. So that the net working capital- total assets of 2011 is 1.73%.

of 166

Long-Term Solvency Ratio


Year 2011 2010 2009 2008 2007

Total Debt Ratio 0.790 0.798 4.117 0.834 0.833

Total Debt Ratio in % 79% 79.80% 411.70% 83.40% 83.30%

Analysis: In this ratio, we can analysis that the total debt ratio has biggest on 2009 411.70%.

But In 2011 and 2010, it’s same rate which in 79% and lowest than in 2009. At 2008 and 2007

are also same rate which in 83% and lowest than in 2009. So that total debt ratio on 2009 is

better.

of 166


Year 2011 2010 2009 2008 2007


Debt Equity Ratio in %

442.70% 476.92% 490.20% 500.90% 498.50%

of 166




of 166


Year 2011 2010 2009 2008 2007




of 166

Asset Management or Turnover Ratio 1. Inventory Turnover:

Year 2011 2010 2009 2008 2007


Analysis: In this ratio, we can analysis that the inventory turnover separately on 2007 is 1.031,

on 2008 is 1.064, on 2009 is 0.858, on 2010 is 0.757 and on 2011 is 1.858. We can see that 2007

is biggest turnover inventory than other years. So that inventory turnover on 2007 takes 1.858

times.

of 166


Year 2011 2010 2009 2008 2007

Days Sales in Inventory 349.136 338.360 419.730 475.452 193.804

Analysis: In this ratio, we can analysis that the ratio of day’s sales in inventory has increased

475.45 days on 2008 which has compared from 2007 to 2011. Because of this time is increased

on inventory turnover. So that on 2008, sales in inventory of Ambee pharmaceuticals ltd is

475.45 days.

of 166


Year 2011 2010 2009 2008 2007



which compare in more than from 2007 to 2011. On 2009, the receivable turnover of Ambee


of 166


Year 2011 2010 2009 2008 2007

Days in Receivable 61.498 59.791 50.198 57.133 91.555

Analysis: In this ratio, we can analysis that the result of days in receivable for Ambee

Pharmaceuticals ltd has increased in 2007 which compare in more than from 2007 to 2011. On

2007, Days in receivable of Ambee pharmaceuticals ltd. takes 91.56 days.

of 166


Year 2011 2010 2009 2008 2007


Analysis: In this ratio, we can analysis that the result of fixed assets turnover for Ambee


2007, the fixed assets turnover of Ambee pharmaceuticals ltd. takes 5.865 times.

of 166


Year 2011 2010 2009 2008 2007


Analysis: In this ratio, we can analysis that the result of total assets turnover for Ambee

Pharmaceuticals ltd has only increased in 2009 which compare in more than from 2007 to 2011.

On 2009, the total assets turnover of Ambee pharmaceuticals ltd. takes 4.494 times.

of 166


Year 2011 2010 2009 2008 2007

Profit margin 0.028 0.027 0.027 0.026 0.022

Profit margin in % 2.81% 2.70% 2.70% 2.60% 2.20%

Analysis: In this ratio, we can analysis that the profit margin ratio of Ambee Pharmaceuticals

Ltd. separately on 2011 is 2.81%, on 2010 is 2.70%, on 2009 is 2.70%, on 2008 is 2.60% and on

2007 is 2.20%. We can see that 2011 is biggest profit margin more than other years. So that the

profit margin of Ambee Pharmaceuticals ltd. on 2011 is better.

of 166


Year 2011 2010 2009 2008 2007

Return on assets (ROA): 0.027 0.026 0.122 0.022 0.027

ROA in % 2.70% 2.57% 12.20% 2.20% 2.70%

Analysis: In this ratio, we can analysis that the return on assets ratio of Ambee Pharmaceuticals

Ltd. separately on 2011 is 2.70%, on 2010 is 2.57%, on 2009 is 12.20%, on 2008 is 2.20% and

on 2007 is 2.70%. We can analysis that 2009 is biggest ROA more than other years. In 2009 of

Ambee Pharmaceuticals Ltd on ROA is 12.20%.

of 166


Year 2011 2010 2009 2008 2007

Return on equity (ROE) 0.151 1.537 0.145

0.135 0.160

ROE in % 15.10% 15.37% 14.50% 13.50% 16%

Analysis: In this ratio, we can analysis that the return on equity ratio of Ambee Pharmaceuticals

Ltd. separately on 2011 is 15.10%, on 2010 is 15.37%, on 2009 is 14.50%, on 2008 is 13.50%

and on 2007 is 16%. We can see that 2007 is biggest return on equity more than other years. So

that the return on equity of Ambee Pharmaceuticals ltd. On 2007 is better.

of 166

Market value Ratio

1. Earnings per Share(EPS):

Year 2011 2010 2009 2008 2007

Earnings per Share(EPS) Tk 3.81 Tk 3.68 Tk 3.45 Tk 3.15 Tk 3.78

Analysis: In this ratio, we can analysis that the earning per share of Ambee Pharmaceuticals Ltd.

separately on 2011 is tk 3.81, on 2010 is tk 3.68, on 2009 is tk 3.45, on 2008 is tk 3.15, on 2007

is tk 3.78. But in 2011 is the higher price of per share at tk 3.81.

of 166


Year 2011 2010 2009 2008 2007


Tk 25.20 Tk 24.40 Tk 23.71 Tk 23.25 Tk 24

Analysis: In this ratio, we can analysis that the book value per share of Ambee Pharmaceuticals

Ltd. separately on 2011 is tk 25.20, on 2010 is tk 24.40, on 2009 is tk 23.71, on 2008 is tk 23.25,

on 2007 is tk 24. But in 2011 is the higher price of per share at tk 25.20.

of 166

3. Payout Ratio:

Year 2011 2010 2009 2008 2007

Payout Ratio 1.216 0.275 0.823 1.508 0.532

Payout Ratio in % 121.60% 27.50% 82.30% 150.80% 53.20%

Analysis: In this ratio, we can analysis that the payout ratio of Ambee Pharmaceuticals Ltd.

separately on 2011 is 121.60%, on 2010 is 27.50%, on 2009 is tk 82.30%, on 2008 is 150.80%,

and on 2007 is 53.20%. But in 2008 is the higher percentage of payout ratio at 150.80%.

of 166

6.4 Beximco Pharmaceutical Ltd

Ratio Analysis



01 Current Ratio Current

Asset/Current

Liabilities

2.69940 2.46370 2.97948 1.09986 1.79596


Liabilities

1.83395 1.67433

2.23730

0.52136

0.89290

03 Cash Ratio Cash/ Current

Liabilities

0.19589 0.58549 0.45593 0.02830 0.05264

04 Net Working

Capital-Total

Asset


Total Asset 0.62955 0.59411 0.66437 0.09080 0.44319


01 Total Debt

Ratio

Total Debt/ Total

Asset 0.25638 0.25258 0.45276 0.29484 0.30974

02 Debt Equity

Ratio

Total Debt / Total

Equity 0.34475 0.33794 0.827344 0.41812 0.44873

03 Equity

Multiplier

Total Asset / Total

Equity 1.34476 1.33794 1.82734 1.41812 1.44873


01 Inventory

Turnover


Inventory 1.79057 1.67236 1.48942 1.33056 1.33830

02 Days Sales in

Inventory

360/ Inventory

Turnover 201.05

Days

215.26

Days

241.70

Days

270.56

Days 269 Days

03 Receivable

Turnover

Net Sales/ Accounts

Receivable 8.06588 7.90260 7.01365 7.95800 7.19865

04 Days in

Receivable

360/ Receivable

Turnover 44.63

Days

45.55

Days

51.33

Days

45.24

Days

50.01

Days

05 Fixed Asset

Turnover


Assets 0.49671 0.42757 0.37520 0.33536 0.39836

06 Total Asset

Turnover

Net Sales/ Total

Assets 0.34256 0.30370 0.24474 0.27060 0.30092

of 166

Profitability Ratio

01 Profit margin Net Income/ Net

Sales 0.15190 0.16202 0.12833 0.13599 0.09816

02 Return on

assets (ROA)

Net Income/ Total

Assets 0.05203 0.04921 0.03140 0.03680 0.02954

03 Return on

equity (ROE)

Net income/ Total

equity 0.06997 0.06583 0.057391 0.05218 0.04279

Market value Ratio

01 Earnings per

Share(EPS)

Net Income/ No. of

Share Outstanding 4.76 4.18 4.13 3.61 2.80

02 Book Value Per

Share


Share Outstanding 68.03 63.45 72.02 69.14 65.50


Income 0.00114 0.00143 0.00276 0.00581 0.00930

of 166



1. Current Ratio:

Year 2011 2010 2009 2008 2007

Current Ratio 2.699 2.464 2.979 1.100 1.796

Analysis: In this ratio, we can analysis that the ratio has increased only 2009 with compared

from 2011 to 2007. So Current Ratio of 2009 is better than others years. In 2009, Current Ratio

is 2.979. But 2008 current ratio is 1.100 which is lower than previous years.

of 166

2. Quick Ratio:

Year 2011 2010 2009 2008 2007 Quick Ratio 1.83395 1.67433 2.23730 0.52136 0.89290

Analysis: In this ratio, we can analysis that the Quick ratio respectively on 2011 is 1.83, on 2010

is 1.67, on 2009 is 2.24, on 2008 is 0.52, and on 2007 is 0.89. We can see that quick ratio is

either increased or decreased from 2007 to 2011. But in 2008, quick ratio is better than other

years.

of 166

3. Cash Ratio:

Year 2011 2010 2009 2008 2007

Cash Ratio 0.19589 0.58549 0.45593 0.02830 0.05264

Cash Ratio in % 19.59% 58.55% 45.59% 2.83% 5.26%




of 166


Year 2011 2010 2009 2008 2007


0.62955 0.59411 0.66437 0.09080 0.44319


62.95% 59.41% 66.44% 9.08% 44.32%

Analysis: In this ratio, we can analysis that the net working capital-total assets ratio from 2007

to 2011 is respectively 44.32%, 9.08%, 66.44%, 59.41%, 62.95%. We can see that the net

working capital is constantly either increasing or decreasing from 2011 to 2007. In 2009, net

working capital is better than other years. So that the net working capital- total assets of 2009 is

66.44%.

of 166



Year 2011 2010 2009 2008 2007

Total Debt Ratio 0.25638 0.25258 0.45276 0.29484 0.30974

Total Debt Ratio in % 25.64% 25.26% 45.28% 29.48% 30.97%

Analysis: In this ratio, we can analysis that the total debt ratio has biggest on 2009 45.28%. But

In 2011 and 2010, it’s nearly same rate which in 25% and lowest than in 2009. So that total debt

ratio on 2009 is better.

of 166


Year 2011 2010 2009 2008 2007


Debt Equity Ratio in % 34.48% 33.79% 82.73% 41.81% 44.87%




of 166


Year 2011 2010 2009 2008 2007




of 166

Asset Management or Turnover Ratio 1. Inventory Turnover:

Year 2011 2010 2009 2008 2007


Analysis: In this ratio, we can analysis that the inventory turnover separately from 2007 to 2011

on 1.79, 1.67, 1.49, 1.33, 1.34. We can see that 2011 is biggest turnover inventory than other

years. So that inventory turnover on 2011 takes 1.79 times.

of 166


Year 2011 2010 2009 2008 2007

Days Sales in Inventory 201.05

Days 215.26 Days 241.70 Days 270.56 Days 269 Days

Analysis: In this ratio, we can analysis that the ratio of day’s sales in inventory has decreased

from 2007 to 2011. Because of this time is decreased on inventory turnover. So that on 2007,

sales in inventory of Beximco pharmaceuticals ltd is 269 days.

of 166


Year 2011 2010 2009 2008 2007



which compare in more than from 2007 to 2011. On 2011, receivable turnover of Beximco


of 166


Year 2011 2010 2009 2008 2007

Days in Receivable 44.63 Days 45.55 Days 51.33 Days 45.24 Days 50.01 Days

Analysis: In this ratio, we can analysis that the result of days in receivable for Beximco


2009, Days in receivable of Beximco pharmaceuticals ltd. takes 51.33 days.

of 166


Year 2011 2010 2009 2008 2007


Analysis: In this ratio, we can analysis that the result of fixed assets turnover for Beximco


2011, the fixed assets turnover of Beximco pharmaceuticals ltd. takes 0.50 times.

of 166


Year 2011 2010 2009 2008 2007


Analysis: In this ratio, we can analysis that the result of total assets turnover for Beximco

Pharmaceuticals ltd has only increased in 2011 which compare in more than from 2007 to 2011.

On 2011, the total assets turnover of Beximco pharmaceuticals ltd. takes 0.34 times.

of 166


Year 2011 2010 2009 2008 2007

Profit margin 0.15190 0.16202 0.12833 0.13599 0.09816

Profit margin in % 15.19% 16.20% 12.83% 13.60% 9.82%

of 166

Analysis: In this ratio, we can analysis that the profit margin ratio of Beximco Pharmaceuticals

Ltd. separately on 2011 is 15.19%, on 2010 is 16.20%, on 2009 is 12.83%, on 2008 is 13.60%

and on 2007 is 9.82%. We can see that 2010 is biggest profit margin more than other years. So

that the profit margin of Beximco Pharmaceuticals ltd. on 2010 is better.

of 166


Year 2011 2010 2009 2008 2007


Return on assets (ROA) in % 5.20% 4.92% 3.14% 3.68% 2.95%

Analysis: In this ratio, we can analysis that the return on assets ratio of Beximco

Pharmaceuticals Ltd. separately on 2011 is 5.20%, on 2010 is 4.92%, on 2009 is 3.14%, on 2008

is 3.68% and on 2007 is 2.95%. We can analysis that 2011 are biggest ROA more than other

years. In 2009 ROA of Beximco Pharmaceuticals Ltd is 5.20%.

of 166


Year 2011 2010 2009 2008 2007

Return on equity (ROE) 0.06997 0.06583 0.057391 0.05218 0.04279

Return on equity (ROE) in % 7% 6.58% 5.74% 5.22% 4.28%

Analysis: In this ratio, we can analysis that the return on equity ratio of Beximco

Pharmaceuticals Ltd. separately on 2011 is 7%, on 2010 is 6.58%, on 2009 is 5.74%, on 2008 is

5.22% and on 2007 is 4.28%. We can see that 2011 is biggest return on equity more than other

years. So that the return on equity of Beximco Pharmaceuticals ltd. On 2011 is better.

of 166

Market value Ratio


Year 2011 2010 2009 2008 2007

Earnings per Share(EPS) 4.76 4.18 4.13 3.61 2.80

Analysis: In this ratio, we can analysis that the earning per share of Beximco Pharmaceuticals

Ltd. separately on 2011 is tk 4.76, on 2010 is tk 4.18, on 2009 is tk 4.13, on 2008 is tk 3.61, on

2007 is tk 2.80. But in 2011 is the higher price of per share at tk 4.76.

of 166

2. Book Value Per Share:

Year 2011 2010 2009 2008 2007

Book Value Per Share 68.03 63.45 72.02 69.14 65.50

Analysis: In this ratio, we can analysis that the book value per share of Beximco

Pharmaceuticals Ltd. separately on 2011 is tk 68.03, on 2010 is tk 63.45, on 2009 is tk 72.02, on

2008 is tk 69.14, on 2007 is tk 65.51. But in 2009 is the higher price of per share at tk 72.02.

of 166

3. Payout Ratio:

Year 2011 2010 2009 2008 2007

Payout Ratio 0.001 0.00143 0.00276 0.00581 0.00930

Payout Ratio in % 0.11% 0.14% 0.28% 0.58% 0.93%

Analysis: In this ratio, we can analysis that the payout ratio of Beximco Pharmaceuticals Ltd.

separately on 2011 is 0.11%, on 2010 is 0.14%, on 2009 is 0.28%, on 2008 is 0.58%, and on

2007 is 0.93%. But in 2011 is the higher percentage of payout ratio at 0.11%.

of 166

of 166

6.5 Renata Pharmaceutical

Ratio Analysis:




Liabilities

0.728 1.113 1.165 1.147 1.378


Liabilities

0.260 0.416 0.403 0.416 0.455


04 Net Working

Capital-Total

Asset


Total Asset

-0.120 0.041 0.061 0.061 0.126



02 Debt Equity

Ratio

Total Debt / Total Equity 0.943 0.727 0.745 0.903 0.687

03 Equity

Multiplier

Total Asset / Total Equity 1.943 1.727 1.745 1.903 1.687


01 Inventory

Turnover


Inventory 1.955 1.845 1.693 1.591 1.962

02 Days Sales in

Inventory

360/ Inventory

Turnover

184.114 195.110 212.64 226.2 183.48

03 Receivable

Turnover

Net Sales/ Accounts

Receivable

10.184 10.411 11.343 8.976 13.014

04 Days in

Receivable

360/ Receivable

Turnover

35.350 34.579 31.736 40.10 27.663

05 Fixed Asset

Turnover


Asset

1.247 1.669 1.766 1.866 2.172

of 166

06 Total Asset

Turnover

Net Sales/ Total Asset 0.848 0.992 1.0128 0.977 1.176

Profitability Ratio


02 Return on

assets (ROA)

Net Income/ Total

Assets

0.141 0.166 0.158 0.137 0.156

03 Return on equity

(ROE)

Net income/ Total

equity

0.275 0.287 0.273 0.261 0.263

Market value Ratio

01 Earnings per

Share(EPS)

Net Income/ No. of

Share Outstanding

48.14 47.17 417.38 374.44 348.47

02 Book Value Per

Share


Share Outstanding

175.210 164.340 1526.4 1436.8 1325.3


Income

0.177 0.180 0.204 0.200 0.201

of 166



1. Current Ratio:

Year 2011 2010 2009 2008 2007

Current Ratio 0.727771592 1.113460696 1.165549711 1.146702594 1.377961259

Analysis: In this ratio, we can analysis that the ratio has decreased from 2007 to 2011 few

times in Renata pharmaceutical company. So Current Ratio of 2007 is better than others

years. In 2007, Current Ratio is 1.38. But 2011 current ratio is 0.73 which is lower than

previous years.

of 166

2. Quick Ratio:

Year 2011 2010 2009 2008 2007

Quick Ratio 0.259617349 0.416163336 0.40277019 0.416216966 0.454741223

Analysis: In this ratio, we can analysis that the ratio 2011 to 2007 is respectively 0.26, 0.42,

0.40, 0.42, and 0.45. We can see that quick ratio is decreasing from 2007 to 2011. In 2007, quick

ratio is better than other years.

of 166

3. Cash Ratio:

Year 2011 2010 2009 2008 2007

Cash Ratio 0.0417 0.0954 0.1016 0.0937 0.0672

Cash Ratio in % 4.1722 9.5415 10.1614 9.3763 6.7297

Analysis: In this ratio, we can analysis that the ratio has increased in 2009 which is higher than from

2007, 2008, 2010 and 2011. The cash ratio on 2009 is 10.16%. And others on 2007 is 9.37%, 2008 is

6.37%, 2010 is 9.54%, 2007 is 4.17%.

of 166


Year 2011 2010 2009 2008 2007

Net Working Capital to Total Asset

-0.1198352 0.041330762 0.060596586 0.060931038 0.125765662

Net Working Capital in

% -11.9835197 4.133076193 6.059658622 6.09310383 12.57656618

Analysis: In this ratio, we can analysis that the ratio from 2007 to 2011 is respectively -11.98%,

4.13%, 6.06%, 6.10%, and 12.58%. We can see that net working capital is constantly decreasing

from 2007 to 2011. In 2009, net working capital is better than other years.

of 166

Long Term Solvency Ratio


Year 2011 2010 2009 2008 2007

Total Debt Ratio 0.485333733 0.421023699 0.426884364 0.474398821 0.407141799

Debt Ratio in % 48.53337331 42.1023699 42.68843645 47.43988214 40.71417985

Analysis: In this ratio, we can analysis that the ratio has on 2007 40.71%. In 2008, it grows up

which in 47.44%. At 2009 and 2010 are also decreased on debt ratio. In 2011 on debt ratio is

increased which is 48.53%. So that total debt ratio on 2011 is better.

of 166


Year 2011 2010 2009 2008 2007


Debt Equity Ratio in % 94.3007 72.7186 74.4848 90.2583 68.6744

Analysis: In this ratio, we can analysis that the ratio has increased in 2011 more than from 2007

to 2010. The lowest total debt equity ratio on 2010 is 72.72%. The total debt equity ratio on

2011 is 94.30%.

of 166


Year 2011 2010 2009 2008 2007



to 2010. Equity Multiplier on 2011 is 1.94 times.

of 166



Year 2011 2010 2009 2008 2007

Inventory Turnover

1.955306041 1.845116326 1.692996246 1.591089713 1.962065717

Analysis: In this ratio, we can analysis that the ratio separately on 2007 is 1.96, on 2008 is

1.59, on 2009 is 1.69, on 2010 is 1.84 and on 2011 is 1.95. We can see that 2007 is biggest

turnover inventory than other years. So that inventory turnover on 2007 is 1.96.

of 166


Year 2011 2010 2009 2008 2007

Days Sales in Inventory

184.11 Days 195.11 Days 212.64 Days 226.26 Days 183.48 Days

Analysis: In this ratio, we can analysis that the ratio has increased 226.26 days on 2008 which

has compared from 2007 to 2011. Because of this time is increased on inventory turnover. So

that on 2008, sales in inventory of Renata pharmaceuticals ltd is 226.26 days.

of 166


Year 2011 2010 2009 2008 2007

Receivable Turnover

10.18382879 10.41103627 11.34361371 8.975899678 13.01393024


to 2010. Equity Multiplier on 2011 is 1.94 times.

of 166


Year 2011 2010 2009 2008 2007

Days in Receivable

35.35 Days 34.58 Days 31.74 Days 40.11 Days 27.66 Days

Analysis: In this analysis, we can view that in 2008 the days in receivable were 40 days which is

higher last five years.

of 166


Year 2011 2010 2009 2008 2007

Fixed Asset Turnover

1.247186773 1.668625113 1.766425725 1.865606437 2.171714578

Analysis: in this ratio, we see that the Fixed assets turnover is 2.1717 at the end of year 2007

which is higher between the 2007 to 2011 years. So the fixed asset turnover at the end of year

2007 is standard position.

of 166


Year 2011 2010 2009 2008 2007

Total Asset Turnover

0.847630873 0.99182311 1.012817007 0.977077426 1.175954874

Analysis: In this ratio, we show that the total asset turnover is best of 1.1760 of 2007 year to

compare with other years.

of 166

Profitability Ratio

1. Profit margin:

Year 2011 2010 2009 2008 2007

Profit margin 0.166837319 0.167491869 0.154720807 0.14018814 0.132557187

Profit margin in

% 16.68373191 16.74918695 15.47208071 14.01881402 13.25571871

Analysis: In this analysis we see that the profit margin has increased in 2010 compare than 2007 to 2011 year. As a result this company is standard position in 2010 year.

of 166


Year 2011 2010 2009 2008 2007

Return on assets (ROA)

0.141416462 0.166122307 0.156703865 0.136974667 0.15588127

ROA in % 14.14164624 16.61223068 15.67038648 13.69746673 15.58812702

Analysis: From 2007 year to 2011 year data we see that net income and total asset has increased in

2010. For this reason return on total asset ratio has increase in 2010.

of 166


Year 2011 2010 2009 2008 2007

Return on equity (ROE)

0.274773133 0.286924191 0.273424515 0.260605708 0.262931793

ROE in % 27.47731327 28.69241911 27.34245153 26.0605708 26.29317934

Analysis: In this analysis, we see that the return on equity has 27.48% in the year 2011, 28.69%

in the year 2010, 27.34% in the year 2009, 26.5% in the year 2008 and 26.29% in the 2007. So we

view that the return on equity is 28.69% in the year of 2010 is the best than others.

of 166

Market value Ratio


Year 2011 2010 2009 2008 2007

Earnings per Share(EPS)

48.14 47.17 417.38 374.44 348.47

Analysis: In this ratio, we can show that earning per share ratio has increased few times from

2007 to 2011years but best in year 2009. Because of in 2009 year the net income has increased

at a fewer rate than from other years.

of 166


Year 2011 2010 2009 2008 2007


175.2100399 164.3985518 1526.489889 1436.801552 1325.332038

Analysis: In this ratio, we see that the Book Value per Share has increased in the 2009 year

which is so healthy position for the company. Here the book value per share is 1526.49.

of 166

3. Payout Ratio:

Year 2011 2010 2009 2008 2007

Payout Ratio 0.176557297 0.180199579 0.203651956 0.200299519 0.200876178

Payout Ratio in % 17.65572973 18.01995791 20.36519558 20.02995185 20.08761785

Analysis: In this ratio, we can analysis that the payout ratio has decreased constantly from 2007

to 2011 years. The payout Ratio of 2007 is better than others years. In 2007, payout Ratio is

20.09%. But the year of 2011 payout ratio is 17.66% which is lower than previous years.

of 166

7. Coparative Analysis


1. Current Ratio

Analysis: In this comparative analysis, we can view that in 2007 to 2011 the current ratios were

1.7960, 1.0999, 2.9795, 2.4637 and 2.6994 times in Beximco pharmaceutical Ltd. It was

constantly increasing the year to year. On the other hand, square, Ambee, Renata and Ibn Sina

pharmaceutical company are less than the current ratio position from Beximco pharmaceutical

Current Ratio

Year 2011 2010 2009 2008 2007

Square 1.5043 2.0539 1.4477 1.2602 1.4410

Ibn Sina 1.0314 0.9460 0.7297 0.8318 0.6938

Ambee 1.0219 1.0017 0.9991 0.9847 0.99568

Beximco 2.6994 2.4637 2.9795 1.0999 1.7960

Renata 0.7278 1.1135 1.1655 1.1467 1.3780

of 166

company. So above the situation we understand that the Beximco pharmaceutical company is

good performing for current ratio.

2. Quick Ratio

Quick Ratio

Year 2011 2010 2009 2008 2007

Square 0.9598 1.0583 0.6530 0.6813 0.8367

Ibn Sina 0.7396 0.6872 0.5279 0.6049 0.4232

Ambee 0.4815 0.4889 0.4273 0.3728 0.5360

Beximco 1.8340 1.6743 2.2373 0.5214 0.8929

Renata 0.2596 0.4162 0.4028 0.4162 0.4547

Analysis: In this analysis, we see that the quick ratio in the year on 2011, 2010, 2009 and 2007

the Beximco pharmaceutical company is better than other companies (Ibn Sina, Ambee, Square

of 166

and Renata pharmaceutical). In the year 2008 as a result square company is standard position.

Instead, we also see that the Beximco company last five years quick ratio is increase than other

company.

of 166

3. Cash Ratio

Cash Ratio

Year 2011 2010 2009 2008 2007

Square 0.0793 0.1167 0.1111 0.0586 0.0547

Ibn Sina 0.3530 0.3083 0.2480 0.3064 0.1576

Ambee 0.0095 0.0090 0.0265 0.0234 0.0017

Beximco 0.1959 0.5855 0.4559 0.0283 0.0526

Renata 0.0417 0.0954 0.1016 0.0938 0.0673

Analysis: In this analysis, we can analysis that the cash ratio in the year on 2011, 2010, and 2009

the Beximco pharmaceutical company is better than other companies (Ibn Sina, Ambee, Square

and Renata pharmaceutical). Beximco pharmaceutical companies cash ratio in 2011 is 19.59%,

2010 is 58.55% and in 2009 is 45.59%. In the year 2008 as a result Ibn Sina Company is

standard position. Ibn Sina’s cash ratio in 2008 is 30.64% and in 2007 is 15.76%.

of 166

4. Net Working Capital-Total Asset


Year 2011 2010 2009 2008 2007

Square 0.1211 0.1537 0.0886 0.0717 0.1075

Ibn Sina 0.0130 -0.0221 -0.1380 -0.0867 -0.1781

Ambee 0.0173 0.0013 -0.0036 -0.0122 -0.0035

Beximco 0.6295 0.5941 0.6643 0.0908 0.4431

Renata -0.1198 0.0413 0.0606 0.0610 0.1258

Analysis: In this analysis, we can explain that the Net Working Capital-Total Asset in the year

on 2011,2010,2009,2008 and 2007 the Beximco pharmaceutical company is better than other

companies (Ibn Sina, Ambee, Square and Renata pharmaceutical). Beximco pharmaceutical

companies Net Working Capital-Total Asset in 2011 to 2007 is 62.95%, 59.41%,66.43%,

9.08%and 44.31 Net Working Capital-Total Asset of others company is not better than

Beximco Pharma ltd.

of 166


1. Total Debt Ratio

Total Debt Ratio

Year 2011 2010 2009 2008 2007

Square 0.2894 0.2287 0.2474 0.3374 0.3007

Ibn Sina 0.5261 0.5705 0.6434 0.6327 0.6166

Ambee 0.7899 0.7982 4.1169 0.8336 0.8329

Beximco 0.2564 0.2526 0.4528 0.2948 0.3097

Renata 0.4853 0.4210 0.4269 0.4744 0.4071

Analysis: In this analysis, we find that the total debt ratio in the year on 2011,2010,2009,2008

and 2007 the Ambee pharmaceutical company is better than other companies (Ibn Sina, Square,

Beximco and Renata pharmaceutical). Ambee pharmaceutical company total debt ratio in 2011

to 2007 is 78.99%, 79.82%, 400.17%, 83.36%, and 89.29%.In the year 2011 to 2007 we see that

the total debt ratio of all five companies are closely.

of 166

2. Debt Equity Ratio

Debt Equity Ratio

Year 2011 2010 2009 2008 2007

Square 0.4072 0.2965 0.3287 0.5092 0.4301

Ibn Sina 1.1103 1.3280 1.8044 1.7224 1.3552

Ambee 0.7899 0.7982 4.1169 0.834 0.8329

Beximco 0.3448 0.3380 0.8273 0.4181 0.4487

Renata 0.9430 0.7272 0.7448 0.9025 0.6867

Analysis: In this analysis, we see that the Debt Equity Ratio in the year on 2011,2010,2009,2008

and 2007 the Ibn Sina pharmaceutical company is better than other companies (square, Ambee,

Beximco and Renata pharmaceutical). In the year 2009 as a result square company is worst

position.

of 166

3.Equity Multiplier

Equity Multiplier

Year 2011 2010 2009 2008 2007

Square 1.4072 1.2965 1.3287 1.5092 1.4301

Ibn Sina 2.1103 2.3280 2.8044 2.7224 2.1980

Ambee 5.6041 5.8695 1.1907 6.0086 5.9854

Beximco 1.3448 1.3379 1.8273 1.4181 1.4487

Renata 1.9430 1.7272 1.7448 1.9026 1.6867

Analysis: In this analysis, we can analyze that the Equity Multiplier in the year on

2011,2010,2009,2008 and 2007 the Ambee pharmaceutical company is better than other

companies (Ibn Sina, Square, Beximco and Renata pharmaceutical). Ambee pharmaceutical

company Equity Multiplier in the year 2011 to 2007 is 5.60, 5.87, 1.19, 6.00, and 5.99 times.

of 166


1. Inventory Turnover

Inventory Turnover

Year 2011 2010 2009 2008 2007

Square 3.0309 2.9728 2.7028 2.3960 2.7642

Ibn Sina 12.897 14.8402 12.6217 10.8745 8.6528

Ambee 1.0311 1.0639 0.8577 0.7572 1.8575

Beximco 1.7906 1.6724 1.4894 1.3306 1.3383

Renata 1.9553 1.8451 1.6930 1.5911 1.9621

Analysis: In this comparative analysis, we can analysis that the inventory turnover of Ibn

Sina pharmaceuticals ltd. is bigger than Square pharma, Ambee pharma, Beximco pharma and

Renata pharma. In 2011, Ibn Sina pharmaceutical is increased from 2007 to 2011 which is

greater than other pharmaceuticals company.

of 166

2. Days Sales in Inventory

Days Sales in Inventory

Year 2011 2010 2009 2008 2007

Square 118.78 121.10 133.19 150.25 130.24

Ibn Sina 27.91 24.26 28.52 33.11 41.61

Ambee 349.14 338.36 419.73 475.45 193.80

Beximco 201.05 215.26 241.70 270.56 269

Renata 184.11 195.11 212.64 226.26 183.48

Analysis: In this comparative analysis, we can analysis that the item of day’s sales in

inventory of Ambee pharmaceuticals ltd. is bigger than other pharmaceuticals ltd. In 2008,

Ambee pharmaceutical takes 475.45 days which is greater than other pharmaceuticals company.

of 166

3. Receivable Turnover

Receivable Turnover

Year 2011 2010 2009 2008 2007

Square 17.44 22.55 20.56 22.92 23.23

Ibn Sina 1087.76 1146.55 1478.60 1760.49 4468.04

Ambee 5.85 6.02 7.17 6.30 3.93

Beximco 8.07 7.90 7.01 7.96 7.20

Renata 10.18 10.41 11.34 8.98 13.01

Analysis: In this comparative analysis, we can analysis that the Receivable Turnover of Ibn

Sina pharmaceuticals ltd. on 2007 to 2011 is increased in receivable turnover than other

pharmaceuticals ltd. In 2007 to 2011, the receivable turnover of Ibn Sina pharmaceutical is are

greater than other pharmaceuticals company.

of 166

4. Days in Receivable

Days in Receivable

Year 2011 2010 2009 2008 2007

Square 20.64 15.96 17.51 15.70 15.50

Ibn Sina 0.33 0.31 0.243 0.20 0.080

Ambee 61.50 59.79 50.20 57.13 91.56

Beximco 44.63 45.55 51.33 45.24 50.01

Renata 35.35 34.58 31.74 40.11 27.66

Analysis: In this comparative analysis, we can analysis that the item of day’s sales in

inventory of Ambee pharmaceuticals ltd. is bigger than other pharmaceuticals ltd. In 2008,

Ambee pharmaceutical takes 475.45 days which are greater than other pharmaceuticals

company.

of 166

5. Fixed Assets Turnover

Fixed Assets Turnover

Year 2011 2010 2009 2008 2007

Square 1.08 1.08 1.038 1.00 1.10

Ibn Sina 4.40 4.198 3.378 3.59 3.57

Ambee 4.99 4.68 4.48 3.97 5.86

Beximco 0.50 0.43 0.38 0.34 0.40

Renata 1.25 1.67 1.77 1.87 2.17

Analysis: In this comparative analysis, we can analysis that fixed Asset Turnover of Ambee

pharmaceuticals ltd. is more than other pharmaceuticals ltd. because of on 2007, Ambee

pharmaceutical increase their fixed assets. So that Ambee pharmaceutical ltd. is greater than

other pharmaceuticals ltd. The total fixed Asset Turnover of Ambee pharmaceutical ltd.

respectably on 2011 is 4.98, on 2010 is 4.68, on 2009 is 4.49, on 2008 is 3.97 and on 2007 is

5.87

of 166

6. Total Assets Turnover

Total Assets Turnover

Year 2011 2010 2009 2008 2007

Square 0.69 0.75 0.74 0.65 0.72

Ibn Sina 2.53 2.577 2.12 2.05 2.13

Ambee 0.96 0.94 4.49 0.86 1.21

Beximco 0.34 0.30 0.24 0.27 0.30

Renata 0.85 0.99 1.01 0.98 1.18

Analysis: In this comparative analysis, we can analysis that the total Asset Turnover of

Ambee pharmaceuticals ltd. is increased in 2007 which is greater than other years of other

pharmaceuticals ltd. In 2007, Ambee pharmaceutical of Total Asset turnover is 1.208

of 166

Profitability Ratio

1. Profit Margin

Profit Margin

Year 2011 2010 2009 2008 2007

Square 0.1880 0.1821 0.1925 0.1673 0.1737

Ibn Sina 0.0403 0.0374 0.0385 0.0411 0.0355

Ambee 0.0280 0.0274 0.0272 0.0262 0.0222

Beximco 0.1519 0.1620 0.1283 0.1360 0.0982

Renata 0.1668 0.1675 0.1547 0.1402 0.1326

Analysis: In this analysis, we see that the profit margin in the year on 2011,2010,2009,2008 and

2007 the square pharmaceutical company is better than other companies (Ibn Sina, Ambee,

Beximco and Renata pharmaceutical). In the year 2009 as a result square company is standard

position. Instead, we also see that the square company last five years net profit and sales is little

bit increase not more than.

of 166

2. Return on Assets (ROA)

Return on Assets (ROA)

Year 2011 2010 2009 2008 2007

Square 0.1302 0.1374 0.1416 0.10878 0.1243

Ibn Sina 0.1021 0.0960 0.0815 0.0843 0.0756

Ambee 0.0270 0.0257 0.1221 0.0225 0.0268

Beximco 0.0520 0.0492 0.0314 0.0368 0.0295

Renata 0.1414 0.1661 0.1567 0.1370 0.1559

Analysis: In this analysis, we view that the return on assets in the year on 2011 is 14.14%, 2010

is 16.61%, 2009 is 15.67%, 2008 is 13.69% and 2007 is 15.58% of Renata Pharmaceutical

company’s return on assets which are the higher than rest of four pharmaceutical companies.

of 166

3. Return on Equity (ROE)

Return on Equity (ROE)

Year 2011 2010 2009 2008 2007

Square 0.1832 0.1781 0.1882 0.1642 0.1777

Ibn Sina 0.2154 0.2235 0.2286 0.2294 0.1661

Ambee 0.1511 0.1510 0.1454 0.1355 0.1604

Beximco 0.0700 0.0658 0.0574 0.0522 0.0428

Renata 0.2748 0.2869 0.2734 0.2606 0.2629

Analysis: In this analysis, we show that the return on equity of Renata pharmaceutical company

is the best from the year of 2011 to 2007 to compare with other pharmaceutical companies.

of 166

Market value Ratio

1. Earning per Share (EPS)

Earning per Share (EPS)

Year 2011 2010 2009 2008 2007

Square 129.07 106.43 156.56 114.47 145.74

Ibn Sina 5.46 4.64 54.70 48.09 31.19

Ambee 3.81 3.68 3.45 3.15 3.85

Beximco 599.26 525.82 312.37 272.67 176.53

Renata 48.14 47.17 417.38 374.44 348.47

Analysis: In this analysis, we see that the Beximco pharmaceutical company in the year of 2011

and 2010 and Renata pharmaceutical company in the year 2007 to 2009 are better than from

other companies earning per shares (EPS).

of 166

2. Book value per share

Book value per share

Year 2011 2010 2009 2008 2007

Square 704.36 597.50 512.03 429.06 373.81

Ibn Sina 25.35 20.76 239.33 209.62 187.76

Ambee 25.20 24.40 23.71 23.25 24.00

Beximco 68.03 63.45 72.02 69.14 65.51

Renata 175.21 164.40 1526.49 1436.80 1325.33

Analysis: in this comparative anlaysis, we show that the book value per share of square

pharmaceutical company is bigger than others of 2011 and 2010 year and the 2007 to 2009

year ‘s book value per share amount is the higher than others.

of 166

3. Payout Ratio

Payout Ratio

Year 2011 2010 2009 2008 2007

Square 0.2086 0.2313 0.1893 0.2157 0.2859

Ibn Sina 0.1399 0.1201 0.4613 0.4626 0.5502

Ambee 1.2106 0.2754 0.8225 1.5079 0.5325

Beximco 0.0011 0.0014 0.0028 0.0058 0.0093

Renata 0.1766 0.1802 0.2037 0.2003 0.2009

Analysis: in the comparative analysis, we see that the payout ratio is higher for Ambee

pharmaceutical company from 2008 to 2011 year than others and the year of 2007 is best for Ibn

Sina pharmaceutical company.

of 166

8. Findings

Pharmaceutical spending is also amongst the lowest in the world in per capita terms.

Healthcare expenditures consist of only 3.35% of GDP.

The industry contributes about 1% of the total GDP. There are about 250 licensed

pharmaceutical manufacturers in the country; however, currently a little over 100

companies are in operation.

. It is highly concentrated as top 20 companies produce 85% of the revenue. According to

IMS, a US-based market research firm, the retail market size is estimated to be around

BDT 84 billion as on 2011.

About 85% of the drugs sold in Bangladesh are generics and 15% are patented drugs - the

structure differs significantly from the international market. Branded generic drugs

represent about 25% on average of worldwide pharmaceuticals sales’; however, given the

popularity in emerging markets like China, India and Latin America, branded generic

drugs may well dominate the total sales within a decade.

9. Recommendation:

1. Liquidity refers to the ability of the concern to meet its current obligations as and when

these become due. The companies should improve its liquidity position.

2. The companies should make the balance between liquidity and solvency position of the

company.

3. The cost of goods sold is high in every year so the company should do efforts to control

it.

4. The short term financial position of the company is not very good so it should pay a little

attention to short term solvency of the company.

of 166

10. CONCLUSION

The conclusion chapter is directly connected to the purpose. The analysis will be summarized in

order to answer the research questions and fulfill the purpose of the thesis.

This thesis is based on six main research questions. First, we analysis of liquidity measures

indicates that current ratio is bed condition for both companies .Quick and asset measures is

found that the same position of previous ratio and cash ratio measures the square pharmaceutical

company is little bit better than the Beximco pharmaceutical company. So we notice that the

Beximco pharmaceutical is better condition of liquidity position compare that Square

pharmaceutical company. Second, we analysis is all efficiency measures ,account receivable

turnover, average collection period ,inventory turnover, account payable turnover, fixed assets

turnover, total asset turnover .The Beximco Pharmaceutical company are significant increase in

account receivable turnover and account payable in days compare than the Square

Pharmaceutical company. The square pharmaceutical company also increases some measure and

decreases some measures but increasing point is not betters then the Beximco Pharmaceutical

Company. We ensure that the Beximco pharmaceutical is standards position for asset

management measure. Third, we analysis is profitability measures indicates the different kind of

ratio. The Beximco Pharmaceutical company compare are more profitable from the square

pharmaceutical company in net profit margin, gross profit margin, return on assets (ROA), return

on equity (ROE), operating profit margin. Overall, net profit margin is found rising for Beximco

pharmaceutical company and plummeting for the square pharmaceutical company during 2007-

2011.Gross profit margin of Beximco Pharmaceutical Company are found to increase than it

return of asset to increase. Whereas, the opposite the square pharmaceutical company is decrease

day by day. Return in Equity and operating profit margin is found increase during 2007-2011 in

Beximco pharmaceutical company. On the other, square pharmaceutical is fall. So we ensure that

the Beximco pharmaceutical company is better condition for profitable.

of 166

11. Appendix

Excel Sheet

Square Pharmaceutical Ltd

Ibn Sina Pharmaceutical Ltd

Ambee Pharmaceutical Ltd

Beximco Pharmaceutical Ltd

Renata Pharmaceutical Ltd

Comparative Analysis

Annual Report

Square Pharmaceutical Ltd (2007-2011)

Ibn Sina Pharmaceutical Ltd (2007-2011)

Ambee Pharmaceutical Ltd (2007-2011)

Beximco Pharmaceutical Ltd (2007-2011)

Renata Pharmaceutical Ltd (2007-2011)

performance analysis of working capital management of “pharmaceuticals industry”

Education

structure

net working

active pharmaceutical

avoid financial

healthcare

working capital

gross profit

suppocire