RATIO ANALYSIS OF BEXIMCO PHARMACEUTICALS LTD

1. RATIO ANALYSIS OF BEXIMCO
PHARMACEUTICALS LTD

2. ASSIGNMENT ON
RATIO ANALYSIS OF BEXIMCO PHARMACEUTICALS LTD.
COURSE CODE
FIN 434
COURSE TITLE
FINANCIAL ANALYSIS AND CONTROL
SUBMITTED TO
NUSRAT JAHAN
ASSISTANT PROFESSOR
DEPT. OF BUSINESS ADMINISTRATION
STAMDFORD UNIVERSITY, BANGLADESH
SUBMITTED BY
SHAMIMA RAHMAN SHANTA - BBA03912729
SHAMMI AKTER - BBA03912565
FATEMA NUR - BBA03912566
KAZI FAHMIDA - BBA03912534
MAHAMUDA JAHAN CHOWDHURY -BBA 03912538
LAST DATE OF SUBMITSSION
30.11.2011
STAMFORD UNIVERSITY BANGLADESH

3. December 30, 2011
Ms. Nusrat Jahan
Assistant Professor
Department of Business Administration
Stamford University Bangladesh
Subject: Submission of report on “Ratio Analysis Of Beximco Pharmaceuticals Ltd”
Dear Mam,
With due respect, we would like to draw your kind attention to the fact that, we, the student of
BBA of Stamford University Bangladesh, was send Beximco Pharmaceuticals Ltd as the student
in View to gather practical knowledge about Pharmaceuticals Company.
Within those limited scope we learnt a very little about Pharmaceuticals sector of Bangladesh but
this little experience has to be expressed. So, we are shaping our experience and thoughts with a
report from the view point of our knowledge about Pharmaceuticals Company in Bangladesh.
Therefore, we pray and hope that you would be kind enough to accept our report and pass your
valuable commitment on it.
Sincerely yours,
Kazi Fahmida
Mahamuda Jahan Chowdhury
Shammi Akter
Fatema Nur
Shamima Rahman

4. TABLE OF CONTENT
Chapter 1 Introduction
Chapter 2 Overview Of BEXIMCO Pharmaceuticals
Ltd.
Chapter 3 Theoretical Overview Of Ratio Analysis
Chapter 4 Ratio Analysis
Chapter 5
Appendix

5. Chapter 1
Introduction
Background of report
This report is based on different financial ratios which are required to gather practical knowledge
and the theoretical knowledge and their differences for the completion of theoretical course of
Financial Analysis & Control of BBA program.
Objective of the report
There are mainly two objectives behind the preparation of this report. They are primary and
secondary objective.
Primary objective
The primary objective of preparing this report is to fulfill the practical requirement of Financial S
Analysis & Control course of BBA program and represent the “Ratio Analysis Of Beximco
Pharmaceuticals Ltd”.
Secondary objective
The secondary objective of the report is as below:-
 To co-ordinate between theory and practice and to make a bridge between theoretical and
practical knowledge in fulfillment of financial market and institution course of BBA program.
 To know about the financial performance of BEXIMCO Pharmaceuticals Ltd by analyzing
ratios.
 To apply theoretical knowledge into practical area pharmaceuticals industries in Bangladesh.

6. Methodology of the report
Data sources:
Collections of facts (underdone facts) are generally treated as data. There are two types of data
 Primary data
 Secondary data
Sources of primary data –
Conducting personal interview method we collect the information.
Sources of secondary data-
Secondary data for this practical study was collected from the annual reports of Beximco
Pharmaceuticals Ltd which are collected from their website.

7. Limitation of the report
 The time period for this study was short.
 Preparing this report is really troublesome.
 Collect of data was not smooth.
 For the lack of our practical knowledge some short coming may be available in the paper.

8. EXECUTIVE SUMMERY
This report based on ratio analysis of Beximco Pharmaceuticals Ltd. This is one of the largest
pharmaceuticals company in Bangladesh in terms of its 20 branches all over the world. Here, the
Beximco Pharmaceuticals institutional sources of fund like various sales of their products, uses
of those funds on loans and their investment on many sectors and by issuing shares. The report
formatted with limited collected information and it arranged as a formal report financial
condition by analyzing various ratios like cash position, liquidity, capital structure, debt service
coverage, turnover, profitability, and working capital. Beximco pharmaceuticals Ltd is well
enough relating to the other pharmaceuticals company of the Bangladesh. So, by doing many
other works for state society Beximco Pharmaceuticals Ltd. Has emerged as the pioneer of
playing key role in the pharmaceuticals sector of Bangladesh.
Pharmaceutical Industry in Bangladesh
Following the Drug (Control) Ordinance of 1982, some of the local pharmaceutical
companies improved range and quality of their products considerably. The national
companies account for more than 65% of the pharmaceutical business in Bangladesh.
However, among the top 20 companies of Bangladesh 6 are multinationals. Almost all
the life saving imported products and new innovative molecules are channelled into and
marketed in Bangladesh through these companies. Multinational and large national
companies generally follow current good manufacturing practices (cGMP) including
rigorous quality control of their products. The Drug Act of 1940 and its rules formed the
basis of the country's drug legislation. USANi, ayurvedic, homeopathic and biochemic
medicines were exempted from control under the legislation. The pharmaceutical
industry was dominated by the foreign companies at that time. Even in the allopathic
market there were extemporaneous preparations dispensed from retail pharmacies.
The pharmaceutical industry, however, like all other sectors in Bangladesh, was much
neglected during Pakistan regime. Most multinational companies had their production
facilities in West Pakistan. With the emergence of Bangladesh in 1971, the country

9. inherited a poor base of pharmaceutical industry. For several years after liberation, the
government could not increase budgetary allocations for the health sector. Millions of
people had little access to essential life saving medicines. With the promulgation of the
Drug (Control) Ordinance of 1982 many medicinal products considered harmful, useless
or unnecessary got removed from the market allowing availability of essential drugs to
increase at all levels of the healthcare system. Increased competition helped maintain
prices of selected essential drugs at the minimum and affordable level.
In 2000, there were 210 licensed allopathic drug-manufacturing units in the country, out
of which only 173 were on active production; others were either closed down on their
own or suspended by the licensing authority for drugs due to non compliance to GMP or
drug laws. They manufactured about 5,600 brands of medicines in different dosage
forms. There were, however, 1,495 wholesale drug license holders and about 37,700
retail drug license holders in Bangladesh. Anti-infective is the largest therapeutic class of
locally produced medicinal products, distantly followed by antacids and anti-ulcer ants.
In Bangladesh Pharmaceutical sector is one of the most developed hi tech sector which is
contributing in the country's economy. After the promulgation of Drug Control Ordinance -
1982, the development of this sector was accelerated. The professional knowledge, thoughts and
innovative ideas of the pharmacists working in this sector are the key factors for these
developments. Due to recent development of this sector we are exporting medicines to global
market including European market. This sector is also providing 95% of the total medicine
requirement of the local market. Leading Pharmaceutical Companies are expanding their
business with the aim to expand export market. Recently few new industries have been
established with hi tech equipments and professionals which will enhance the strength of this
sector

10. List of Companies Selected Industry: Pharmaceuticals & Chemicals
ACI( ACI Limited. )
ACIFORMULA( ACI Formulations Limited )
ACTIVEFINE( Active Fine Chemicals Limited )
AMBEEPHA( Ambee Pharma )
BEACONPHAR( Beacon Pharmaceuticals Limited )
BXPHARMA( Beximco Pharma )
BXSYNTH( Beximco Synthetics )
GLAXOSMITH( Glaxo SmithKline )
IBNSINA( The Ibn Sina )
IMAMBUTTON( Imam Button )
KEYACOSMET( Keya Cosmetics )

11. KOHINOOR( Kohinoor Chemicals )
LIBRAINFU( Libra Infusions Limited )
MARICO( Marico Bangladesh Limited )
ORIONINFU( Orion Infusion Ltd. )
PHARMAID( Pharma Aids )
RECKITTBEN( Reckitt Benckiser(Bd.)Ltd. )
RENATA( Renata Ltd. )
SALVOCHEM( Salvo Chemical Industry Limited )
SQURPHARMA( Square Pharmaceuticals Ltd. )
Chapter 2
Overview of BEXIMCO Pharmaceuticals Ltd.
Beximco Pharmaceuticals Ltd. is a leading edge pharmaceutical company based in Dhaka,
Bangladesh and is acclaimed for its outstanding product quality, world-class manufacturing
facilities, product development capabilities and outstanding professional services. Beximco
Pharma is the pioneer in pharmaceutical export from Bangladesh and has received National
Export Trophy (Gold), the highest national accolade for export, for record three times.
Year of Establishment: 1976
Commercial Production: 1980
Status: Public Limited Company
Authorized Capital (Taka): 2,000 million
Paid-up Capital (Taka): 1,259.57 million

12. Number of Shareholders: Around 66,000
Business Lines:
Manufacturing and marketing of Pharmaceutical Finished Formulation Products, Large Volume
Parenterals, Small Volume Parenterals, Ophthalmic Preparations, Nebulizer Solutions and Active
Pharmaceutical Ingredients (APIs)
Overseas Offices & Associates:
Australia, Bhutan, Cambodia, Chile, Ghana, Hong Kong, Indonesia, Jordan, Kenya, Kuwait,
Malaysia, Myanmar, Nepal, Pakistan, Philippines, Saudi Arabia, Singapore, Sri Lanka, Vietnam
and Yemen
Stock Exchange Listings:
Dhaka Stock Exchange, Chittagong Stock Exchange and AIM of London Stock Exchange.
Number of Employees:
The company employs more than 2,500 people and is widely acclaimed for its skilled and
talented workforce. Its state-of-the art of manufacturing facilities have been certified by the
global regulatory bodies such as TGA (Australia), GCC (Gulf Council),
Beximco Group Mission
Each of our activities must benefit and add value to the common wealth of our society. We
firmly believe that, in the final analysis we are accountable to each of the constituents with
whom we interact, namely: our employees, our customers, our business associates, our fellow
citizens and our shareholders.
 Today Beximco Pharma is building its presence across five continents and is the only
Bangladeshi company to market pharmaceutical products in the USA. The company has a
visible and growing presence in emerging markets, including Malaysia, Kenya,
Singapore, Myanmar, Sri Lanka, Nepal, Nigeria and the Philippines. Moreover, it has
received the National Export Trophy (Gold) on three separate occasions for its
outstanding contributions to the country’s pharmaceuticals export

13. Chapter 3
THEORITICAL OVERVIEW OF RATIO ANALYSIS
RATIO ANALYSIS
The most widely discussed cross-sectional technique is a comparison of ratios across firms.
Numerous individual ratios have been proposed in the literature. The following seven categories
and ratios within each category are meant to be illustrative rather than exhaustive. The seven
categories are-
1. Cash position
2. Liquidity
3. Working Capital
4. Capital structure
5. Debt service coverage
6. Profitability
7. Turnover

14. These categories described in below-
1. Cash position:
Cash and marketable securities form an important reservoir that the firm can use to meet its
operating expenditures and other cash obligation when and as they fall due. There are three ratios
that have been used when comparing the relative cash position of different firms include-
a)
Cash+marketable securities
current liabilities
b)
Cash+marketable securities
sales
c)
Cash+marketable securities
Total assets
Decision point: The higher each of these ratio, the higher the cash resources available to the
firm.
2. Liquidity:
Liquidity refers to the ability of a firm to meet its short-term financial obligation when and as
they fall due. The cash position ratios discussed capture one dimension of liquidity. Two
additional liquidity ratios that are frequently used are-
a) Quick ratio =
𝑐𝑢𝑟𝑟𝑒𝑛𝑡 𝑎𝑠𝑠𝑒𝑡−𝑖𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦
𝑐𝑢𝑟𝑟𝑒𝑛𝑡 𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠
b) Current ratio =
𝑐𝑢𝑟𝑟𝑒𝑛𝑡 𝑎𝑠𝑠𝑒𝑡
𝑐𝑢𝑟𝑟𝑒𝑛𝑡 𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑦
Decision point: The higher both the ratio, the higher the liquidity position of the firm.
3. Working Capital:

15. Increasing attention is being paid to the cash-generating ability of firms. While most firms do
not directly report cash flow information in their annual reports, inferences about cash flow can
be gained by adjusting the reported net income figure for the non cash items in its computation.
Financial ratio that incorporate these two concepts include-
a) Cash flow from operations
Sales
b) Cash flow from operations
Total assets
Decision Point: The higher each of these ratios, the larger the working capital /cash flow
generated by the firm in its operation.
4. Capital structure:
Capital structure ratios provide insight into the extent to which non equity capital is used to
finance the assets of the firm. Some representative ratios are-
a) Long term liabilities
Shareholders’ equity
b) Current liabilities + long term liabilities
Shareholders’ equity
Decision point: The higher each of these ratios, the higher the proportion of assets financed by
no shareholder parties.
5. Debt service coverage:
Debt service coverage refers to the ability of an entity to service from its operation
interest payments that are due to non equity suppliers of capital. Two ratios useful in making
inferences about coverage are-
a) Operating income
Annual interest payments

16. b) Cash flow from operations
Annual interest payments
Decision point: The higher these ratios, the greater the ability to service interest payment to
external parties.
6. Profitability:
Profitability refers to the ability of a firm to generate revenues in excess of expenses.
When making comparisons across firms, it is useful to control for differences in their resource
base. The following three ratios illustrate alternative ways of expressing relative profitability.
a)
Net Income
Revenue
 The net income to revenue ratio indicates how much net income is earned from each
dollar of revenue.
b)
Net income
shareholders′equity
 The net income to shareholders equity ratio measures the efficiency with which common
shareholders’ equity is being employees within the firm.
c)
Net Income
Total Asset
 The net income to total assets ratio measures the efficiency with which total assets are
employed within the firm.
Decision point: The higher each of this ratios, the more profitable the firm in a relative sense.
7. Turnover:

17. Various aspects of the efficiency with which assets are utilized can be gleaned from
turnover ratios as well as from several of the previously examined ratios. One such ratios is the
total asset turnover ratio-
Asset turnover:
𝑠𝑎𝑙𝑒𝑠
𝑡𝑜𝑡𝑎𝑙 𝑎𝑠𝑠𝑒𝑡
 This ratio indicates how many times annual sales cover total assets.
Accounts Receivable Turn over
𝑠𝑎𝑙𝑒𝑠
𝑎𝑐𝑐𝑜𝑢𝑛𝑡𝑠 𝑟𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒
 As accounts receivable pertain only to credit sales, it is often recommended that the
numerator include only credit sales.
Inventory Turnover:
𝑐𝑜𝑠𝑡 𝑜𝑓 𝑔𝑜𝑜𝑑𝑠 𝑠𝑜𝑙𝑑
𝑖𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦
The magnitude of this ratio can be affected markedly by inventory valuation rules.
Chapter 4
RATIO ANALYSIS
Analysis of seven ratios and required financial data to calculate those ratios are given below-
1. CASH POSITION:
To calculate the cash position five years data of Cash, Marketable securities, Total Assets,
Current liabilities and sales are needed. In the below given that-
Year 2006 2007 2008 2009 2010

18. Cash 581098945 85698910 73647728 8433574 147144843
Marketable
securities
104097312 114507043 125957747 151149296 209806509
Total Assets 11912512487 11953418940 14812665441 19891933422 21372399509
Current
liabilities
2527420798 1627972936 2602032267 2321451642 2513157232
Sales 3702317159 3597024812 4010167059 4868254915 6490847353
Cash position of the Beximco pharmaceuticals ltd.
2006 2007 2008 2009 2010

Cash+marketable securities
current liabilities
0.271 0. 52 0.08 0.52 0.59

Cash+marketable securities
sales
0.185 0.06 0.05 0.25 0.23

Cash+marketable securities
Total assets
0.057 0.02 0.01 0.061 0.0698
1.a) Cash + Marketable securities /Current liabilities: This Cash positions ratio is 0.271in
2006 ; increased in 2007 to 0.52 ; decreased in 2008 to 0.08; again increased in 2009 to
0.52 and increased in 2010 to 0.59.
1.b) Cash + Marketable securities /Sales : This Cash positions ratio 0.185 in 2006 ;
decreased in 2007 to 0.06 ; decreased in 2008 to 0.05 ;a increased in 2009 0.25 and
decreased in 2010 to 0.23.
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
2006 2007 2008 2009 2010
(cash+marketable
securities)/(current liabilities)
(Cash+marketable
securities)/sales
(Cash+marketable
securities)/(toatal assets)

19. 1.c) Cash + Marketable securities /Total asset : This Cash positions ratio is 0.057 in 2006
; decreased in 2007 to 0.02 ; again decreased in 2009 to 0.01 ; in 2009 increased to
0.061 and increased is to 0.0698.
2. LIQUIDITY:
Five years of liquidity position of the Beximco pharmaceuticals ltd.
Year 2006 2007 2008 2009 2010
Current
liabilities
2527420798 1627972936 2602032267 2321451642 2513157232
Current
Assets
3357393266 2923775458 2891891654 6916737893 6191667831
Inventory 1754440288 1470152242 1505288093 1722953284 1983809444
Quick Ratio:
2006 2007 2008 2009 2010
𝑐𝑢𝑟𝑟𝑒𝑛𝑡 𝑎𝑠𝑠𝑒𝑡 − 𝑖𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦
𝑐𝑢𝑟𝑟𝑒𝑛𝑡 𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠 0.063 0.89 0.53 2.24 1.67
Current Ratio:
2006 2007 2008 2009 2010
𝑐𝑢𝑟𝑟𝑒𝑛𝑡 𝑎𝑠𝑠𝑒𝑡
𝑐𝑢𝑟𝑟𝑒𝑛𝑡 𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑦 1.33 1.80 1.11 2.98 2.46

20. 2.a) Quick Ratio: This ratio is 0.063 in 2006 ; increased in 2007 to 0.089; decreased in 2008 to
0.53; increased in 2009 to 2.24 and have decreased in 2010 to 1.67.
2.b) Current Ratio : This ratio is 1.33 in 2006 ; in 2007 increased to 1.80 ; in 2008 decreased to
1.11; in 2009 again increased to 2.98 and decreased to 2.46 in 2010.
3. CASH FLOW FROM OPERATION:
2006 2007 2008 2009 2010
Cash flow
from
Operation
1382804459 595354292 1166071983 842792622 2040045602
Sales 3702317159 3597024812 4010167059 4868254915 6490847353
Total Assets 11912512487 11953418940 14812665441 19891933422 21372399509
 The five years cash flow from operation ratio of the Beximco are given in the below:
2006 2007 2008 2009 2010
𝑐𝑎𝑠ℎ𝑓𝑙𝑜𝑤 𝑓𝑟𝑜𝑚 𝑜𝑝𝑒𝑟𝑎𝑡𝑖𝑜𝑛
𝑆𝑎𝑙𝑒𝑠 0.0373 0.17 0.29 0.17 0.31
𝑐𝑎𝑠ℎ𝑓𝑙𝑜𝑤 𝑓𝑟𝑜𝑚 𝑜𝑝𝑒𝑟𝑎𝑡𝑖𝑜𝑛
𝑡𝑜𝑡𝑎𝑙 𝑎𝑠𝑠𝑒𝑡 0.116 0.05 0.08 0.04 0.95
0
0.5
1
1.5
2
2.5
3
3.5
2006 2007 2008 2009 2010
(current asset-
inventory)/(current
liabilities)
(current asset)/(current
liability)

21. 3.a) Cash flow from operation / Sales: This ratio is 0.0373 in 2006 ; in 2007 increased to
0.17 ; in 2008 increased to 0.29 ; in 2009 decreased to 0.17 and in 2010 increased to
0.31.
3.b) Cash flow from operation / Total asset: This ratio is 0.116 in 2006; in 2007
decreased to 0.05; in 2008 increased to 0.08 ; in 2009 decreased to 0.04 and in 2010
increased to 0.95.
4. CAPITAL STRUCTURE:
2006 2007 2008 2009 2010
Long-term
Liabilities
1435171264 2074506357 1767431029 6684775166 2885155826
Shareholders'
equity
7949920425 7949920000 8250939647 10450202145 10885706614
Current
liabilities
2527420798 1627972936 2602032267 2321451642 2513157232
The ratio of the capital structure:
2006 2007 2008 2009 2010
𝐿𝑜𝑛𝑔 𝑡𝑒𝑟𝑚 𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑒𝑦
𝑠ℎ𝑎𝑟𝑒ℎ𝑜𝑙𝑑𝑒𝑟𝑠′ 𝑒𝑞𝑢𝑖𝑡𝑦
0.180 0.26 0.21 0.63 3.41
𝑐𝑢𝑟𝑟𝑒𝑛𝑡 𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑦 + 𝑙𝑜𝑛𝑔 𝑡𝑒𝑟𝑚 𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑦
𝑠ℎ𝑎𝑟𝑒ℎ𝑜𝑙𝑑𝑒𝑟𝑠′ 𝑒𝑞𝑢𝑖𝑡𝑦
0.499 0.47 0.25 0.26 6.37
0
0.5
1
1.5
2
2.5
3
2006 2007 2008 2009 2010
(cashflow from
operation)/Sales
(cashflow from
operation)/(total asset)

22. 4.a) Long-term liability/ Shareholder’s equity: This ratio is 0.180 in 2006 ; in 2007 increased to
0.26 ; in 2008 decreased to 0.21; in 2009 increased to 0.63 and in 2010 a huge increase to 3.41
in 2010.This ratio balanced increase/decrease in first 4 years and a huge increased in 2010.
4.b) ) Current liability + long-term liability/ Shareholder’s equity: This ratio is 0.499in 2006; in
2007 decreased to 0.47 ; in 2008 decreased to 0.25; in 2009 increased to 0.26 and in 2010
increased to 6.37. This ratio also balanced increase/decrease in first 4 years and a huge
increased in 2010.
5. DEBT SETVICE COVERAGE:
2006 2007 2008 2009 2010
Annual
Interest
Payments
159719746 159478000 143658000 77899123 47391326
Cash flow
from
Operation
1382804459 595354292 1166071983 842792622 2040045602
Operating
Income
746523494 654778147 998794848 1001282411 1001282411
0
1
2
3
4
5
6
7
2006 2007 2008 2009 2010
(Long term
liabilitey)/(shareholders^'
equity)
(current liability+long term
liability)/(shareholders'
equity)

23. The ratio of the debt service coverage
2006 2007 2008 2009 2010
𝑜𝑝𝑒𝑟𝑎𝑡𝑖𝑛𝑔 𝑖𝑛𝑐𝑜𝑚𝑒
𝑎𝑛𝑛𝑢𝑎𝑙 𝑖𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑝𝑎𝑦𝑚𝑒𝑛𝑡
4.67 4.11 6.95 12.85 34.52
𝑐𝑎𝑠ℎ𝑓𝑙𝑜𝑤 𝑓𝑟𝑜𝑚 𝑜𝑝𝑒𝑟𝑎𝑡𝑖𝑜𝑛
𝑎𝑛𝑛𝑢𝑎𝑙 𝑖𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑝𝑎𝑦𝑚𝑒𝑛𝑡
0.657 3.73 8.12 10.82 43.05
5.a) Operating income / Annual interest payment : This ratio is 4.67in 2006; in 2007 decreased
to 4.11 ; in 2008 increased to 6.95; in 2009 also increased to 12.85 in 2009 and a huge
increased to 34.52.
5. b) Cash flow operation / Annual interest payment : This ratio is increased 0.657 in 2006; in
2007 to 3.73; in 2008 increased to 8.12; in 2009 also increased to 10.82 and finally in 2010 a
enormous increased to 43.05.
6. PROFITABILTY:
2006 2007 2008 2009 2010
Inventory 1754440288 1470152242 1505288093 1722953284 1983809444
Net Income 470658563 353068000 545341000 624740000 105164900
Revenues 3702317159 3597024812 4010167059 4868254915 6160306406
0
10
20
30
40
50
2006 2007 2008 2009 2010
(operating income)/(annual
interest payment)
(cashflow from
operation)/(annual interest
payment)

24. Shareholders'
equity
7949920425 7949920000 8250939647 10450202145 10885706614
The ratio of profitability:
2006 2007 2008 2009 2010
𝑛𝑒𝑡 𝑖𝑛𝑐𝑜𝑚𝑒
𝑟𝑒𝑣𝑒𝑛𝑢𝑒𝑠 0.13 0.10 0.14 0.13 0.017
𝑛𝑒𝑡 𝑖𝑛𝑐𝑜𝑚𝑒
𝑠ℎ𝑎𝑟𝑒ℎ𝑜𝑙𝑑𝑒𝑟𝑠′ 𝑒𝑞𝑢𝑖𝑡𝑦
0.06 0.04 0.07 0.06 0.12
𝑛𝑒𝑡 𝑖𝑛𝑐𝑜𝑚𝑒
𝑖𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦
0.23 0.03 0.04 0.04 0.005
6. a) Net income/ Revenues :This ratio is 0.13 in 2006; in 2007 decreased to 0.10; in 2008
increased to 0.14; in 2009 decreased to 0.13 and lastly in 2010 decreased to 0.017.
6.b) Net income / Shareholder’s equity: This ratio is 0.06 in 2006; in 2007 decreased to 0.04 ;
in 2008 increased to 0.07; in 2009 decreased to 0.06 and in 2010 increased to 0.12.
6. c) Net income/ Inventory: This ratio is increased 0.23 in 2006; in 2007 decreased to 0.03; in
2008 decreased to 0.04; in 2009 remain same 0.04 and in 2010 decreased to 0.005.
7. TURNOVER:
2006 2006 2008 2009 2010
cost of Goods
Sold
3702317159 1967509975 2002871181 -2566206626 -3317640254
0
0.05
0.1
0.15
0.2
0.25
2006 2007 2008 2009 2010
(net income)/revenues
(net income)/(shareholders^'
equity)
(net income)/inventory

25. Accounts
Receivable
430240095 499680792 503916401 694111730 821356439
Inventory 1754440288 1470152242 1505288093 1722953284 1983809444
Sales 3702317159 3597024812 4010167059 4868254915 6490847353
Total Assets 11912512487 11953418940 14812665441 19891933422 21372399509
A. TOTAL ASSET TURNOVER:
2006 2007 2008 2009 2010
𝑠𝑎𝑙𝑒𝑠
𝑡𝑜𝑡𝑎𝑙 𝑎𝑠𝑠𝑒𝑡 0.311 0.30 0.27 0.24 1
B.ACCOUNT RECEIVABLE TURNOVER:
2006 2007 2008 2009 2010
𝑠𝑎𝑙𝑒𝑠
𝑎𝑐𝑐𝑜𝑢𝑛𝑡𝑠 𝑟𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒 8.61 7.20 7.96 7.01 7.9
C.INVENTORY TURNOVER:
2006 2007 2008 2009 2010
𝑐𝑜𝑠𝑡 𝑜𝑓 𝑔𝑜𝑜𝑑𝑠 𝑠𝑜𝑙𝑑
𝑖𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦 2.11 0.40 1.33 (1.49) (1.67)

26. 7. a) Total Asset turnover: This ratio is 0.311 ; in 2007 decreased to 0.30; in 2008 decreased to
0.27; in 2009 decreased to 0.24 and in 2010 increased to 1.
7. b) Account receivable turnover: This ratio is 8.61 ; in 2007 decreased to 7.20; in 2008
increased to 7.96; in 2009 decreased to 7.01 and in 2010 increased to 7.9.
7.c) Inventory turnover: This ratio is 2.11 in 2006 ; in 2007 decreased to 0.40 ; in 2008
increased to 1.33; and decreased to (1.49) in 2009,decreased to (1.67) in 2010.
CONCLUSION:
-4
-2
0
2
4
6
8
10
2006 2007 2008 2009 2010
Total asset turnover
Account receivable turnover
Inventory turnover

27. To conclude,Beximco Pharmaceuticals Ltd. playing its leading role in socio-economic
development of the country. Since inception Beximco Pharmaceuticals has been
rendering its services with the needs of the nation to cope with the demands of people in
the country.In this report of Beximco Pharmaceuticals we calculated the seven ratios of
the company by analyzing the five years we found that one cash position ratio is higher
in the year 2009 which is 0.25, the other two is higher in 2010 which are 0.59 and
0.0698; in case of liquidity current ratio is higher in the year of 2009 is 2.98 between
two liquidity ratios; the higher cash flow of operation is 0.95 in 2010 between two ratios;
the higher capital structure is 6.37 in 2010 between capital structure’s two ratios; the debt
service coverage is 43.05 in 2010 between two debt coverage ratios; the higher
profitability is 0.23 in 2006 among three profitability ratios; the higher turnover of the
company is 8.61 in 2006 among three ratios. These are the overall financial position of
the Beximco Pharmaceuticals Ltd in terms of their ratio analysis of five years annual
financial statements. The Beximco Pharmaceuticals institutional sources of funds are sale
of their products, uses of those funds on loans and their investment on many sectors and
by issuing shares. So, by doing many other works for both society and economy Beximco
Pharmaceuticals Ltd. Has emerged as the pioneer of playing key role in the
pharmaceuticals sector of Bangladesh

28. Appendix