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Culture Documents
Executive Summary
After growing at a robust twenty plus percentage in 2010 and 2011, Bangladesh Pharmaceutical
Industry experienced a slower growth in 2012. The market grew by 11.9% in value terms to
reach at Tk. 94 billion (IMS: Q4 2012 report). Despite a slower growth in the market, Beximco
Pharma managed to achieve desired growth and successfully improve its market share. The
country continued to maintain 6% plus GDP growth rate in 2012 as well. The alarming
depreciation of Taka against US Dollar that continued throughout 2011 till January 2012 has
finally been restrained. Thanks to higher inward remittances, lower payment for import
settlements, and moderate growth in export. The local currency appreciated by around 2.5%
against US Dollar in 2012. This was somewhat a relief to the predicted risk of significant
reduction of gross margin that started brewing in 2011 in the wake of deteriorating value of local
currency against US Dollar, high rate of domestic inflation and increase in the interest rates. The
liquidity shortage that prevailed throughout 2011 also eased up to some extent in 2012.
However, the political crisis that started by end of 2012 centering the upcoming election poses
some degree of uncertainty in the overall economic environment of the country and is seen as an
impediment to the growth of business. The first quarter of 2013 has already been affected for
such instability in the political environment and continues to remain as a risk factor.
2|Page
Introduction
Origin of the report
East West University promotes meaningfully blends of eastern culture and western thoughts and
innovations. To do this EWU provides many subjects like BUS, MKT and FIN etc. Managerial
finance FIN-201 is one of the courses for a student doing in BBA. Precisely it teaches how can
we analyze a financial statement and draw a recommendation for improve it.
To practically experience the implementation of all of those issues we have learned through the
course FIN-201 that is conduct by Farzana Akther, our respected course teacher of Managerial
finance has given us this assignment on BEXIMCO Pharmaceutical Ltd and manufacturing
companys financial ratio analysis.
3|Page
Methodology:
At first we got the report design and structure from our academic supervisor and moved for the
next steps.
To prepare this report we had to collect data from both primary and secondary sourcesPrimary Data:
Primarily we collected data from annual report of the company. We also collect the information
by Discussing with our group members and also from our textbook.
Secondary Data:
We also collect data from secondary source. As
Different Journals
Through web searching
Annual report
4|Page
5|Page
quality standards. They continually strive to improve their core capabilities to address the unmet
medical needs of the patients and to deliver outstanding results for our shareholders.
Vision:
BEXIMCO Pharmaceutical will be one of the most trusted, admired and successful
pharmaceutical companies in the region with a focus on strengthening research and development
capabilities, creating partnerships and building presence across the globe.
6|Page
Ratio analysis
Liquidity Ratios of BEXIMCO Pharmaceutical Compare to IBN Sina Pharma. Ltd. (20082012):
Current ratio:
BEXIMCO Pharmaceutical
Liquidity Ratios
1 Current ratio(times)
2008
2009
2010
2011
2012
2008
2009
2010
2011
2012
1.153831
1.031433
0.945958
0.729667
1.078789
In 2008 BEXIMCO Pharmaceutical ltd. has approximately same current ratio as it compotator
IBN Sina Pharma. Ltd. But with the time BEXIMCO Pharmaceutical ltd earn a great
sophistication level to meet up its current liabilities with current assets. That means in 2012
BEXIMCO Pharmaceutical ltd company has 2.674574 unit current assets to cover 1 unit of short
term liabilities.
Quick ratio:
7|Page
BEXIMCO Pharmaceutical
Liquidity Ratios
2008
0.521363
2009
2010
2011
2012
2008
2009
2010
2011
2012
0.784575
0.527903
0.687176
0.739646
0.780398
In 2008 BEXIMCO Pharmaceutical ltd. has slightly lower quickt ratio as it compotator IBN Sina
Pharma. Ltd. But with the time BEXIMCO Pharmaceutical ltd earn a great sophistication level to
meet up its current liabilities with current assets without inventories. That means in 2012
BEXIMCO Pharmaceutical ltd company has 1.880436unit current assets to cover 1 unit of short
term liabilities where the IBN Sina Pharma. Ltd. has bellow 1 unit. That means BEXIMCO
Pharmaceutical ltd has strong financial strength.
8|Page
BEXIMCO Pharmaceutical
Profitability Ratios
2008
2009
2010
2011
2012
14%
13%
16%
15%
14%
Profitability Ratios
2008
2009
2010
2011
2012
3.85%
5.64%
3.13%
3.33%
0.41%
In 2012 BEXIMCO Pharmaceutical ltd. has higher percentage 14% than its compotator IBN Sina
Pharma. Ltd. But in 2008 it also had 14% in profit, which means BEXIMCO Pharmaceutical ltd
Company cannot increase its sophistication level to generate its net profit from sales. On the
other hand the compotator is going down to generate its profit. So comparatively BEXIMCO
Pharmaceutical ltd has good profitability rather than its competitor.
BEXIMCO Pharmaceutical
Profitability Ratios
2008
50%
2009
47%
2010
49%
2011
48%
2012
47%
2008
3.80%
2009
38.53%
2010
58.18%
2011
38.72%
2012
38.78%
9|Page
In 2012 BEXIMCO Pharmaceutical ltd. has higher percentage 47% than its compotator IBN Sina
Pharma. Ltd. But in 2008 it also had 50% in profit, which means BEXIMCO Pharmaceutical ltd
Company cannot increase its sophistication level to generate its gross profit from sales. On the
other hand the compotator is going up (3.08% to 38.78%) to generate its profit. Though our
competitor increase its gross profit margin, it still lower than our gross profit margin. So
comparatively BEXIMCO Pharmaceutical ltd has good profitability rather than its competitor
Return on asset:
BEXIMCO Pharmaceutical
1
Profitability Ratios
2008
2009
2010
2011
2012
ROA
3.68%
3.14%
4.92%
5.20%
5.37%
Profitability Ratios
2008
2009
2010
2011
2012
ROA
8.43%
8.15%
9.60%
5.61%
6.37%
Return on asset is an indicator of how a profitable a company is before leverage. Over the year
the ROA is increasing as 2008 it was 3.68% and at 2012 5.37% of BEXIMCO Pharmaceutical
LTD. now the company is generation 5.37% net income from its total assets. So the profitability
is better. On the other hand the ROA of IBN Sina Pharma LTD. is in better position than
BEXIMCO Pharmaceutical LTD. in 2012 it had 6.37% ROA and in 2008 it was 8.43%. That
means over the year the ROA is going down. So the profitability position is going down.
Return on equity:
10 | P a g e
BEXIMCO Pharmaceutical
Profitability Ratios
1 ROE
2008
2009
2010
2011
2012
5.22%
5.74%
6.58%
7.00%
7.17%
2008
2009
2010
2011
2012
22.94%
22.86%
22.35%
8.95%
10.11%
In 2012 BEXIMCO Pharmaceutical LTD is generating 7.17% net income by its total equity.
Over the year the ROE is increasing as in 2008 it was 5.22% and in 2012 it was 7.17%. So the
profitability is better. On the other hand IBN Sina Pharma LTD. is generating 10.11% net
income by its total equity. Over the year the ROE is increasing as in 2008 it was 22.97% and in
2012 it was 10.11%. So the profitability is not better.
BEXIMCO Pharmaceutical
Profitability Ratios
1 Accounts Receivable Turnover (Times)
2008
2009
7.958001 7.013647
2010
2011
2012
2008
2009
2010
2011
2012
17603.58
1478.599
760.8392
1087.762
972.8941
11 | P a g e
In 2012 BEXIMCO Pharmaceutical LTDs account receivable turnover is 7.991291 times. Over
the year ART is increasing as in 2008 it was 7.958001 times and 2012 it was 7.991291 times. So the
efficiency is good. On the other hand IBN Sina Pharma LTDs account receivable is 972.8941
times. Over the year ART is decreasing as in 2008 it was 17603.58 times and 2012 it was 972.8941
times. So the efficiency is not good.
BEXIMCO Pharmaceutical
Profitability Ratios
2 Average collection period (Days)
2008
2009
45.23749
51.3285
2008
2009
2010
2011
2012
0.02045 0.243474
2010
2011
2012
0.473162 0.330955
0.37003
In 2012 BEXIMCO Pharmaceutical LTD collect their account receivables within 45.04904 days.
Over the year collection period is decreasing 45.23749 days to 45.04904 days (2008-2012). So
the efficiency is good. On the other hand IBN Sina Pharma LTD collect their account receivables
within 0.37003 days. Over the year collection period is increasing 0.02045 to 0.37003 (20082012). So the efficiency is not good.
12 | P a g e
BEXIMCO Pharmaceutical
Profitability Ratios
3 Inventory turnover (Times)
2008
2009
2.664053 2.825529
2010
2011
2012
2008
2009
175.2682 20.53405
2010
2011
2012
In 2012 BEXIMCO Pharmaceutical LTDs inventory turnover is 3.816418 times on sales. Over
the year inventory turnover is increasing as in 2008 it was 2.664053 times and 2012 it was 3.816418
times .So the efficiency is better. On the other hand IBN Sina Pharma LTDs inventory turnover is
19.13292 times. Over the year inventory turnover is decreasing as in 2008 it was 175.2682 times and
2012 it was19.13292.So the efficiency is not better.
BEXIMCO Pharmaceutical
Profitability Ratios
4 Inventory processing period (Days)
2008
2009
135.1325 127.4098
2010
2011
2012
2008
2009
2.053995 17.53186
2010
2011
2012
In 2012 BEXIMCO Pharmaceutical LTD collect their inventories within 94.32929 days. Over
the year collection period is decreasing 135.1325 to 94.32925 (2008-2012). So the efficiency is
13 | P a g e
better. On the other hand IBN Sina Pharma LTD collect their inventories within 18.81573days.
Over the year collection period is increasing 2.053995 to 18.81573 (2008-2012). So the
efficiency is not better .
BEXIMCO Pharmaceutical
Profitability Ratios
5 Accounts payable turnover (Times)
2008
2009
10.42276 7.834524
2010
2011
2012
2008
2009
38.45702 34.24383
2010
2011
2012
In 2012 BEXIMCO Pharmaceutical LTDs account payable is 7.610363 times. Over the year APT is
decreasing as in 2008 it was 10.42276 times and 2012 it was 7.610363 times. So the efficiency is good.
On the other hand IBN Sina Pharma LTDs account payable is 18.27419 times. Over the year APT
is increasing as in 2008 it was 38.45702 times and 2012 it was 18.27419.So the efficiency is not good.
BEXIMCO Pharmaceutical
Profitability Ratios
6 Average payment period (Days)
2008
2009
34.53981 45.95046
2010
2011
2012
14 | P a g e
2008
2009
9.3611 10.51284
2010
2011
2012
19.83731 20.31341 19.69991
In 2012 BEXIMCO Pharmaceutical LTD collect their account payables within 47.30392 days.
Over the year collection period is increasing 34.53981 days to 47.30392 (2008-2012). So the
efficiency is good. On the other hand IBN Sina Pharma LTD collect their account payables
within 19.69991 days. Over the year collection period is increasing 9.3611 days to 19.69991
days (2008-2012). So the efficiency is good.
BEXIMCO Pharmaceutical
Profitability Ratios
7 Fixed Asset turnover (Times)
2008
2009
0.335361 0.375197
2010
2011
2012
2008
2009
35.84826 3.371361
2010
2011
In 2012 BEXIMCO Pharmaceutical LTDs fixed asset turnovr is 7.991291 times. Over the year
FAT is increasing as in 2008 it was 0.335361 times and 2012 it was 0.566672 times. So the efficiency is
good. On the other hand IBN Sina Pharma LTDs FAT is 2.775162 times. Over the year FAT is
decreasing as in 2008 it was 35.84826 times and 2012 it was 2.775162 times. So the efficiency is not
good.
2012
15 | P a g e
BEXIMCO Pharmaceutical
Profitability Ratios
8 Total asset Turnover (Times)
2008
2009
0.270598 0.244735
2010
2011
2012
2008
2009
20.4852
2.11535
2010
2011
2012
In 2012 BEXIMCO Pharmaceutical LTDs Total asset turnover is 0.377763 times. Over the year
FAT is increasing as in 2008 it was 0.270598 times and 2012 it was 0.377763 times. So the efficiency is
good. On the other hand IBN Sina Pharma LTDs TAT is 1.916332 times. Over the year TAT is
decreasing as in 2008 it was 20.4852 times and 2012 it was 1.916332 times. So the efficiency is not
good.
Debt Management ratio of BEXIMCO Pharmaceutical Compare to IBN Sina Pharma. Ltd.
(2008-2012)
Debt ratio:
BEXIMCO Pharmaceutical
Debt Management ratio
2 Debt to total asset ratio
2008
2009
2010
2011
2012
29%
45%
25%
26%
25%
16 | P a g e
2008
51%
2009
64%
2010
57%
2011
37%
2012
37%
From 2008 to 2012 Beximco Pharmaceutical LTD. has lower debt ratio compare to IBN Sina
Pharma LTD. So over the year Beximco Pharmaceutical LTD. has lower leverage and this firm
is les riskier compare to IBN Sina Pharma LTD.
BEXIMCO Pharmaceutical
Debt Management ratio
1 Time Interest Earned Ratio (TIME)
2008
2009
3.420913 3.503029
2010
2011
2012
2008
2009
11.09802 10.89417
2010
2011
2012
8.901569 11.45903
18.7439
From 2008 to 2012 the TIE ratio of Beximco Pharmaceutical LTD. is approximately stable. In
2012 the firm has 4.000712 times TIE ratio. That means the firm had 4.000712 times EBIT to
cover 1 unit interest. On the other hand IBN SinaPharma LTD. had 18.7439 times EBIT to cover
1 unit interest. Over the years (2008 to 2012) IBN Sina Pharma LTD. had higher TIE ratio. That
means IBN Sina Pharma LTD. had lower operating risk than Beximco Pharmaceutical LTD.
17 | P a g e
Market ratio of BEXIMCO Pharmaceutical Compare to IBN Sina Pharma. Ltd. (20082012)
BEXIMCO Pharmaceutical
Debt Management ratio
1 P/E ratio
2008
46.45
2009
44.51
2010
32.32
2011
23.82
2012
12.91
2008
20.70
2009
28.38
2010
29.05
2011
24.78
2012
20.39
In 2012 Beximco Pharmaceutical LTD. had 12.91 P/E ratio and the market price per share was 55.9 tk.
That means share holders were willing to pay 55.9 tk to earn 12.91 tk and to get this investment they
need 12.91 years time. On the other hand the P/E ratio of IBN Sina Pharma was 20.39 and market price
per share was 85.49. that means share holder were willing to pay 85.49 tk to get 20.39 tk profit. And it
will take 20.39 years time to get the investment back. Over the year the P/E ratio of Beximco
Pharmaceutical LTD. was decreasing. And this is lower than IBN Sina Pharma LTD. so the firm had lower
risk, lower growth and lower in future return.
18 | P a g e
Trend Analysis
Return on equity:
BEXIMCO Pharmaceutical
Profitability Ratios
1 ROE
2008
2009
2010
2011
2012
5.22%
5.74%
6.58%
7.00%
7.17%
2008
2009
2010
2011
2012
22.94%
22.86%
22.35%
8.95%
10.11%
0.25
0.2
0.15
BEXIMCO
0.1
IBN SINA
0.05
0
2008
2009
2010
2011
2012
In 2012 BEXIMCO Pharmaceutical LTD is generating 7.17% net income by its total equity.
Over the year the ROE is increasing as in 2008 it was 5.22% and in 2012 it was 7.17%. So the
profitability is better. On the other hand IBN Sina Pharma LTD. is generating 10.11% net
income by its total equity. Over the year the ROE is increasing as in 2008 it was 22.97% and in
2012 it was 10.11%. So the profitability is not better.
NET INCOMES
Time
BEXIMCO
IBN SINA
2008
545341273
66826417
19 | P a g e
2009
624740307
54916571
2010
1051648808
60070895
2011
1198525342
49233664
2012
1319389328
43285209
1.4E+09
1.2E+09
1E+09
800000000
600000000
400000000
200000000
0
BEXIMCO
IBN SINA
2008
2009
2010
2011
2012
In this graph we can see Baximco Pharmaceutical LTD. had a great level of efficiency to to
generate its net income by using its assets, debt, and equity. But IBN Sina Pharma LTD. cannot
generate its net income as Baximco Pharmaceutical LTD. can. So the pharm is in much more
better position than IBN Sina Pharma LTD.
Total Asset:
Time
BEXIMCO
2008
2009
2010
2011
2012
IBN SINA
14819665441
19891933422
21372399509
23033340533
24589810592
1048577023
978902427
625613527
604093394
513654097
20 | P a g e
3E+10
2.5E+10
2E+10
1.5E+10
BEXIMCO
1E+10
IBN SINA
5E+09
0
2008
2009
2010
2011
2012
In 2008 Beximco Pharmaceutical LTD. had more current and total assets than IBN Sina Pharma
LTD. This graph shows over the time the firm increasing its total assets on the other hand IBN
Sina Pharma LTD. had no efficiency to increase its total assets. So Beximco Pharmaceutical
LTD. is in batter position.
BEXIMCO Pharmaceutical
Debt Management ratio
1 Time Interest Earned Ratio (TIME)
2008
2009
3.420913 3.503029
2010
2011
2012
2008
2009
11.09802 10.89417
2010
2011
2012
8.901569 11.45903
18.7439
21 | P a g e
25
20
15
IBN SINA
10
BEXIMCO
5
0
2008
2009
2010
2011
2012
From 2008 to 2012 the TIE ratio of Beximco Pharmaceutical LTD. is approximately stable. In
2012 the firm has 4.000712 times TIE ratio. That means the firm had 4.000712 times EBIT to
cover 1 unit interest. On the other hand IBN SinaPharma LTD. had 18.7439 times EBIT to cover
1 unit interest. Over the years (2008 to 2012) IBN Sina Pharma LTD. had higher TIE ratio. That
means IBN Sina Pharma LTD. had lower operating risk than Beximco Pharmaceutical LTD.
Debt Ratio
BEXIMCO Pharmaceutical
Debt Management ratio
2008
2009
2010
2011
2012
29%
45%
25%
26%
25%
2008
51%
2009
64%
2010
57%
2011
37%
2012
37%
1.2
1
0.8
0.6
IBN SINA
0.4
BEXIMCO
0.2
0
1
22 | P a g e
From 2008 to 2012 Beximco Pharmaceutical LTD. has lower debt ratio compare to IBN Sina
Pharma LTD. So over the year Beximco Pharmaceutical LTD. has lower leverage and this firm
is les riskier compare to IBN Sina Pharma LTD.
Total Equity:
Time
BEXIMCO
IBN SINA
2008
10450202145
661316493
2009
10885706614
613915103
2010
15974086451
268731129
2011
17128128177
215410234
2012
18408161859
188676570
2E+10
1.5E+10
BEXIMCO
1E+10
IBN SINA
5E+09
0
1
From the point of total equity the firm is much better position than IBN Sina Pharma LTD. and
gradually the firm s increasing its total equity. On the other hand IBN Sina Pharma LTD cannot
handle its equity properly. So this trend shows the equity of IBN Sina Pharma is decreasing.
23 | P a g e
DuPont Analysis
BEXIMCO Pharmaceutical LTD.
Year
ROE
Total Equity
NPM
TAT
EM
2010
6.58%
15974086451
16.20%
30.4%
134%
2011
7.00%
17128128177
15.19%
34.3%
134%
2012
7.17%
18408161859
14.20%
37.8%
134%
Over the year the ROE is increasing because total asset turnover is increasing. So we can
interpret the the performance of the firm is good.
ROE
Total Equity
NPM
TAT
EM
2010
22.35%
268731129
5.64%
170.3%
233%
2011
8.95%
215410234
3.13%
179.3%
160%
2012
10.11%
188676570
3.33%
191.6%
171%
In 2010, 2011, 2012 ROE ware respectively 22.35%, 8.95% and 10.11% so ROE was decreasing
and the reason ware net profit margin, total asset turnover and equity multipliers. From the basis
of equity multipliers we can see that the firm was riskier and net profit margin and total asset
turnover was decreasing. So we can interpret that the performance of this firm was not so good.
24 | P a g e
Findings
Last few years the world economy was in recession situation. Thats why it is hard to draw a
financial situation of a company based on last 5 years information. According to last 5 years data
the liquidity ratio of Beximco Pharmaceutical was much better than IBN Sina Pharma LTD.
Pre-tax profit of Beximco Pharmaceutical increased by 13.8% to reach at Tk. 1,909.8 million as
against Tk. 1,677.8 million. In 2012 the Company earned a Post -tax profit of Tk. 1,319.4 million
which is an appreciable 10.1% higher than that of the previous year. The Company managed to
maintain its gross profit rate at 47.3% (2011: 48.0%), despite high rate of domestic inflation.
Improved product mix and effective cost-management and profit optimization strategies
significantly contributed in minimizing the negative impact on gross margin. On the other hand
IBN Sina Pharmaceutical Industry Ltd. has been able to maintain the continual sales growth and
achieve 0.41% NPM, 6.37% ROA and 7.17% ROE which is compare low in this industry. That
means Beximco Pharmaceutical LTD. was very much efficient in generating their profit.
Beximco Pharmaceutical LTD. had a higher rate of assets equity and stable risk and thats why
because they can manage their inventories, equities, account payable and account receivable in a
significant level. And they can handle the firms assets in the recessionary period. In order to
control all matters involving risks, the Company has a vigorous risk management process. But
IBN Sina Pharma LTD. cannot manage their assets in the recessionary period because their
credit policy was risky.
In the overall analysis of those two firms we can conclude that, Beximco Pharmaceutical LTD.
had high level of assets, equity, sales ratio, and stable risk in this industry. But IBN Sina Pharma
LTD had high risk policy, low assets, low equity. And those are the reason for the better
performance of Beximco Pharmaceutical LTD. in this industry.
25 | P a g e
Bibliography
4. The IBN SINA Pharmaceutical LTD. 2008 to 2012. Annual Report 2008 to
2012. Bangladesh:The IBN SINA Pharmaceutical LTD. .
26 | P a g e
Appendix
Beximco Pharmaceutical Ltd
Balance Sheet of Beximco Pharma Ltd.
2008
2009
Amount in Taka
2010
11957773787
12975195529
15180731678
15884877780
16392388639
11921072697
12966587178
5726525
15123306298
51126854
15745492625
135933879
16201858216
187079147
36701090
2881826
6298526
3451276
3451276
Current Assets
Inventories
Spares & Supplies
Accounts Receivable
Loans, Advances
and Deposits
Short Term
Investment
Cash and Cash
Equivalents
2861891654
1505288093
234530326
503916401
6916737893
1722953284
242034855
694111730
6191667831
1983809444
276520188
821356439
7148462753
2291844631
325881244
978224317
8197421953
2433987981
396175790
1162404807
544509106
699204450
779129620
840320705
965276373
2500000000
859403704
2193423560
2686598326
73647728
1058433574
1471448436
518768296
552978676
14819665441
19891933422
21372399509
23033340533
24589810592
10450202145
1259577470
1489750000
10885706614
1511492960
1489750000
15974086451
2098065090
5269474690
17128128177
2517678100
5269474690
18408161859
3046390500
5269474690
1689636958
1689636958
1689636958
1689636958
1689636958
294950950
1711174747
4005112020
294950950
1617361714
4282514032
294950950
1534645820
5087312943
294950950
1466602600
5889784879
294950950
1406527880
6701180881
2011
2012
Assets
TOTAL ASSETS
EQUITY AND
LIABILITIES
Shareholders
Equity
Issued Share Capital
Share Premium
Excess of Issue Price
over Face Value of
GDRs
Capital Reserve on
Merger
Revaluation Surplus
Retained Earnings
27 | P a g e
Non-Current
Liabilities
Long Term
Borrowings-Net off
Current Maturity
(Secured)
Fully Convertible,
5%Dividend,
Preference Share
Liability for Gratuity
& WPPF
Deferred Tax
Liability
1767431029
6684775166
2885155826
3257050368
3116703964
1446600500
1924933065
1902150733
1890074651
1469621611
4100000000
274419253
307425614
335885792
403598795
499622784
46411276
352416487
647119301
963376922
1147459569
2602032267
2321451642
2513157232
2648161988
3064944769
1461666227
1451326354
1639961052
1642216008
1526449918
648165841
308820056
348860443
363744181
664712728
263176822
81776450
3169568
144077359
409898122
79094905
1727724
70584481
432315660
90512178
1507899
523798136
101559917
1361452
15482294
470097685
128598961
1020948
274064529
TOTAL EQUITY
AND LIABILITIES
24589810592
Income Statement
Amount in Taka
2008
2009
2010
2011
4010167059
4868254915
6490847353
7890241843
(2002871181) (2566206626) (3317640254) (4103709021)
2007295878
2302048289
3173207099 3786532822
2012
9289115284
(4899713857)
4389401427
(2181521867)
Current Liabilities
and Provisions
Short Term
Borrowings
Long Term
Borrowings-Current
Maturity
Creditors and Other
Payables
Accrued Expenses
Dividend Payable
Income Tax Payable
Operating
Expenses
Administrative
Expenses
Selling, Marketing
and Distribution
Expenses
(153464243)
(215192547)
(233413980)
(275201846)
(332225347)
(1849296520)
28 | P a g e
Profit from
Operations
998794848
1001282411
1635780192
1988479698
2207879560
686510
(249654298)
198986379
(289427992)
456011134
(662182384)
340907774
(567645757)
442847713
(645406575)
749827060
910840798
1429608942
1761741715
2005320698
Contribution to W
P P & Welfare
Funds
(35706050)
(43373371)
(68076616)
(83892463)
(95491462)
714121010
867467427
1361532326
1677849252
1909829236
(168779737)
(173720430)
4940693
(242727120)
(242727120)
(309883518)
(71085835)
(238797683)
(479323910)
(207549905)
(271774005)
(590439908)
(445712907)
(144727001)
545341273
624740307
1051648808
1198525342
1319389328
545341273
624740307
1051648808
1198525342
1319389328
3.61
3.50
4.18
3.93
4.33
151149296
151149296
203420202
304639050
304639050
167.70
155.80
135.10
93.60
55.90
Other Income
Finance Cost
Profit before
Contribution to W
P P & Welfare
Funds
Income Tax
Expenses
Current Tax
Deferred Tax
Profit after Tax for
the Year
Other
Comprehensive
Income
Total
Comprehensive
Income for the
Year
29 | P a g e
2008
2009
2010
2011
2012
1 Current ratio(times)
0.521363
Profit Ratios
2008
2009
2010
2011
2012
1 ROE
5.22%
5.74%
6.58%
7.00%
7.17%
2 ROA
3.68%
3.14%
4.92%
5.20%
5.37%
50.06%
47.29%
48.89%
47.99%
47.25%
13.60%
12.83%
16.20%
15.19%
14.20%
2008
2009
2010
2011
2012
Efficiency Ratios
1 Accounts Receivable Turnover (Times)
45.23749
2008
2009
2010
2011
2012
30 | P a g e
2 Debt to total asset ratio
Market Ratios
1 P/E ratio
29%
45%
25%
26%
25%
2008
2009
2010
2011
2012
46.45
44.51
32.32
23.82
12.91
Amount in taka
2011
2010
2009
2008
52642690
19872
44734790
1455601
35610290
94284460
106020558
27550613
60324124
27826722
79168901 100278336
14613771 48733411
80245507
39937517
31 | P a g e
aturity
DeferredL iability
DeferredL Tax iability
78469945 645551130
51544925
40307990
31542490
954912
Current Liabilities :
Short Term Finance
Long Term Finance-current maturity
Deoosits
Creditors
Accrued Exoenses
Other Finance
Income Tax Liabilitv
2009
2008
1.0522E+10
652854439
399454282
346729133
52725149
4750860
8907577
2010
4364659
87,293,175
4534458
74082663
4091859
81837174
3056132
61122639
2708660
54173206
24005623
-3538865
66826417
-6465027
20372732
-1206640
54916571
-30506514
20330550
1435729
60070895
14299488
-2410513
49233664
13224807
-2336810
43285209
60361390
24410057
4.13
5.46
4.64
45.59
48.09
2011
85.49
154.95
134.79 1,129.72
980.56
32 | P a g e
2011
2010
2009
2008
10522308721
652854439
399454282
346729133
52725149
4750860
8907577
4364659
87,293,175
4534458
74082663
4091859
81837174
3056132
61122639
2708660
54173206
24005623
-3538865
66826417
20372732
-1206640
54916571
20330550
1435729
60070895
14299488
-2410513
49233664
13224807
-2336810
43285209
-6465027
-30506514
60361390
24410057
4.13
5.46
4.64
45.59
48.09
85.49
154.95
134.79 1,129.72
980.56
Ratio Analysis:
Liquidity Ratios
2008
2009
2010
2011
2012
1 Current ratio(times)
Profit Ratios
1 ROE
2008
2009
2010
2011
2012
22.94%
22.86%
22.35%
8.95%
10.11%
33 | P a g e
2 ROA
8.43%
8.15%
9.60%
5.61%
6.37%
3.80%
38.53%
58.18%
38.72%
38.78%
0.41%
3.85%
5.64%
3.13%
3.33%
2008
2009
2010
2011
2012
Efficiency Ratios
Accounts Receivable Turnover
1 (Times)
2 Average collection period (Days)
3 Accounts payable turnover (Times)
4 Average payment period (Days)
0.37003
1 P/E ratio
20.4852
2008
2010
2011
2012
18.7439
51%
64%
57%
37%
37%
2008
2009
2010
2011
2012
20.70
28.38
29.05
24.78
20.39