NORTHSOUTH UNIVERSITY

Group name: Innovation

Company Name:

BEXIMCO & ACI

Pharmaceuticals

Submitted to

Marjia Hossain(MRJ)

Department of Accounting &Finance

School of Business

North South University

Project submission date: 19th October, 2016

Submitted by

Md. Anowarul 1slam 1510340030

Shahriar Parvej 1510459030

Ragib Noor Rohan 1510999030

1
19th October, 2016

Marjia Hossain
Senior Lecturer
School of Business
North South University

Subject: Report submission on financial analysis.

Dear Miss,
In accordance to your advice we have prepared a report on “Beximco pharmaceutical &ACI
pharmaceutical’s financial report”. In preparing this report, we have followed your guidelines.
As per your direction, we have added a lot of information as you suggested. From this report we
have achieved a lot of basic knowledge about financial report analysis. we think that it will help
us a lot in our future career.
We sincerely hope this report will fulfill the requirements suggested by you. We truly
appreciated this attempt. If you have any question after reading this report, let us know.

Sincerely yours,
Anowarul islam 1510340030
Shahriar parvej 1510459030
Ragib noor rohan 1510999030

2
 Acknowledgement

Firstly thanks to our honorable faculty Marjia hossain, senior lecturer of School of business,
North South University.
Her Valuable advice, Continuous inspiration, affective guidance, regular advice and Constructive
criticism helped us a lot. Without her help, it would have been impossible. Her endless
enthusiasm has encouraged us to work really hard behind the report and finish it within due date.
It was a pleasure doing these works under her instructions. It was a great learning process for all
of us.

Finally, thanks to Allah for giving us the strength, knowledge and patience to complete the task
as we expected.

Though we faced some inconvenience but at very last we finished our report as our course in a
wanted structure. We believe our course instructor will be compassionate enough to accept this
positively.

3
 Table of content

No Topic Page

01 Introduction 05-05

02 Ratio analysis 06-08

03 Time series analysis 08-10

04 Cross-section analysis 11-11

05 DuPont analysis 12-12

06 conclusion 13-13

07 Appendix 14-21

4
 Introduction:

Beximco Pharmaceuticals:

Beximco Pharmaceuticals Ltd also known as Beximco Pharma, is a pharmaceutical company

in Bangladesh.[1] It is part of the Beximco Group of Companies.
Beximco Parma was founded in 1976 and started operations in 1980, manufacturing products
under the licenses of Bayer AG of Germany and Upjohn Inc. of United States.[3] It has now
grown to become a pharmaceutical company in Bangladesh, and it supplies more than 10% of
country's total medicinal needs. Today Beximco Parma manufactures and markets its own
branded generics for several diseases including AIDS, cancer, asthma, hypertension,
and diabetes for both national and international markets. It was the first drug company from
Bangladesh to sell its products in the US.
Beximco Parma manufacturing facilities are spread across a 20-acre (81,000 m2) site located
in Dhaka, Bangladesh. The facilities consist of a number of purpose-built plants, including a
new Oral Solid Dosage (OSD) plant. The site includes manufacturing facilities as well as a
research laboratory and a number of warehouses. The plant and machinery of the facilities were
designed, produced and installed by partners from Germany, Switzerland, Sweden, Italy and the
United Kingdom, amongst others.

ACI Pharmaceuticals:
ACI is one of the largest Bangladeshi conglomerates. The company operates through three
reportable segments: Pharmaceuticals, Consumer Brands and Agribusiness. ACI established as
the subsidiary of Imperial Chemical Industries (ICI) in 1968. It has been incorporated as ICI
Bangladesh Manufacturers Limited on January 24, 1973. The company was renamed as
Advanced Chemical Industries Limited (ACI Limited) on 5 May 1992.

5
Ratio analysis:
Beximco Pharmaceuticals: ratio analysis
Year 2011 2012 2013 2014 2015
Liquidity Ratios:
Current 1.92 2.04 2.03 1.78 1.86
ratio
Quick 1.35 1.47 1.48 1.25 1.36
ratio
Activity Ratios:
Inventory turnover 2.20 2.30 1.29 2.45 2.83
Accounts 7.74 7.82 8.40 8.02 9.93
Receivables
Turnover
Average Collection 47.10 46.68 43.45 45.51 36.76
Period days days days days Days
Average payment 165.90 163.68 159.39 148.98 128.98
period days days days days Days
Total asset turnover 0.39 0.39 0.38 0.39 0.41
Fixed asset turnover 0.57 0.57 0.57 0.54 0.59
Leverage or Solvency Ratios:

Debt 20.99% 23.03% 28.01% 27.86% 28.85%

ratio
Debt- equity ratio 26.57% 29.92% 38.97% 38.62% 40.55%
Times interest 3.63 3.59 3.65 3.70 3.75
Earned

Profitability Ratios
Net profit margin 13.36% 13.31% 13.39% 13.62% 12.67%

Gross Profit Margin 47.80% 46.67% 46.12% 45.55% 44.53%

Operating profit 22.51% 22.24% 22.16% 21.58% 20.15%
margin
Earning per share 3.70 3.76 3.82 4.15 4.17

Return on asset 5.18% 5.13% 5.11% 5.26% 5.21%

Return On Equity 6.57% 6.67% 7.11% 7.30% 7.33%

Market Ratios
Price Earnings 15.03 14.88 18.09 13.70 13.55
(P/E) Ratio

6
ACI pharmaceuticals :Ratio analysis

Year 2011 2012 2013 2014 2015

Liquidity Ratios:
Current 1.02 1.17 1.17 1.17 1.19
ratio
Quick .98 .87 .85 .83 .86
ratio
Activity Ratios:
Inventory turnover 2.5 2.6 2.9 2.5 2.5
Accounts 1.81 1.78 1.84 1.85 1.84
Receivables
Turnover
Average Collection 201.65 205.06 198.36 197.29 198.37
Period days days days days Days
Average payment 146 125.86 140.38 146 146
period days days days days Days
Total asset turnover 0.70 0.73 0.73 0.73 0.73
Fixed asset turnover 1.62 2.25 2.04 1.99 1.78
Leverage or Solvency Ratios:
Debt 63% 61.5% 61.3% 60.5% 59.8%
ratio
Debt- equity ratio 63.03% 53.88% 57.04% 56.65% 57.02%
Times interest 0.90 0.99 1.03 1.04 1.06
Earned
Profitability Ratios
Net profit margin 3.36% 5.63% 7.15% 7.22% 7.26%

Gross Profit Margin 54% 35% 39% 37% 38%

Operating profit 7.07% 9.50% 11.47% 11.70% 11.62%
margin
Earning per share 28.83 19.11 26.74 27.70 28.60

Return on asset 26.33% 4.12% 5.24% 5.24% 5.27%

Return On Equity 6.80% 10.70% 13.00% 13.26% 13.38%
Market Ratios
Price Earnings 7.17 7.39 6.41 6.92 6.99
(P/E) Ratio

3.Time series analysis:

7
Liquidity:
For Beximco: Current ratio from Beximco in 2011 it was 1.92, in2012 it is 2.04, in 2013 it is
2.03, in 2014 it is 1.78, in 2015 it is 1.86. So the ratio rate of 2012-2013 were high but in 2014
and 2015 it had came down so last 2 years Beximco’s liability has increase compare than 2012-
2013
For ACI: Current ratio for ACi has been increasing year by year. In 2011 it was 1.02 and in 2015
it increased to 1.19 so it is good for ACI
Quick ratio:
For Beximco: Analysis of this ratio, it is the same position of current ratio. In 2013, the quick
ratio was 1.48times of Beximco pharmaceutical company which decreased quietly as resulted
1.35 times. In 2014
For ACI: the quick ratio of aci pharmaceutical company, it is also silently decrease compare
than last year. ratios represent the idea that aci has so far an almost done well in quick test.
Activity Ratio:
For beximco: In this analysis we identify that the continuous improvement of inventory turnover
ratio through the years from 2011-2015 in beximco pharmaceutical company except 2013. Here
we understand that the cost of goods sold is increasing day by day as well as the turnover is also
increasing because the increasing rate of sales is higher than average inventory. Generally it is
important that they are holding much more inventory, which has make up the cash balance. So
they did well except 2013
For ACI: : In this analysis we identify that the continuous improvement of inventory turnover
ratio through the years from 2011-2015 in ACI pharmaceutical company. Here we understand
that the cost of goods sold is increasing day by day as well as the turnover is also increasing
because the increasing rate of sales is higher than average inventory. Year 2011-2013 they did
well but last two years ratio is not good for ACI
Account receivable turnover:
For beximco: : From this ratio analysis we acquire that the ratio is continuously increasing from
2011-2015 in Beximco Pharmaceutical Company. It means that Account receivable is increasing
day by day which is very bad position for company because it has make up a lot of cash money
For ACI: : From this ratio analysis we acquire that the ratio is constant to 1.81-1.83 from 2011-
2015 in ACI Pharmaceutical Company. It means that Account receivable is constant day by day
which is not good position for company
Average collection period:
For Beximco: As a result we can recognize the average collection period had decreased from
2011 to 2015 for Beximco pharmaceutical company. A low ratio stand up the company bad
collection period and it‟s also indicating of low cash balance. The main aim of any company
should be increase sale otherwise the company doesn‟t increasing receivable because it makes
up the cash balance
For ACI: As a result we can recognize the average collection period had decreased from 2011
to 2015 for ACI pharmaceutical company. A low ratio stand up the company bad collection
period and it‟s also indicating of low cash balance
Average payment period:
For Beximco: the average payment period for Beximco is decreasing, it is bad for company they
are paying their creditors comparatively earlier, a high rate consider here as good for company.

8
For ACI: the average payment period for ACI is constant, it is bad for company they have to
increase that date by paying their creditors later
Total asset turnover:
For Beximco: In this Analysis we see that a gradual fall of company‟s total asset turnover in
2011, it was 0.390 times, increased to 0.41 0 times on in Beximco that means profit is
decreasing because of high asset turnover.
For ACI: In this Analysis we see that a gradual fall of company‟s total asset turnover in 2012, it
was 0.73 times, constant to 0.73 0 times on 2015 in ACI that means profit is remaining same
Fixed asset turnover:
For Beximco: In this ratio we see that the fixed asset turnover is pretty same that means their
sales and fixed assets remain pretty same
For ACI: In this ratio we see that the fixed asset turnover is high that means their sales and fixed
assets declined

Leverage or Solvency Ratio:

For Beximco: from the ratio analysis we see that it was 20.99% in 2011 but in 2015 it is 29.85%
so it is bad for beximco because their liability is increasing
For ACI: from the ratio analysis we see that it was 63% in 2011 but in 2015 it is 59.85% so it is
good for ACI because their liability is decreasing
Debt- equity ratio:
For Beximco: the liabilities is increasing for Beximco.The rate was 26% in 2011 but it increased
to 40% so their liability is increasing day by day that is bad for company
For ACI: the liabilities is increasing for ACI .The rate was 63.03% in 2011 but it decreased to
59.02% so their liability is idecreasing day by day that is good for company they are decreasing
their liability
Times interest earned:
For Beximco: In this dissuasion we realize that the higher ratio of time interest earned, it
indicated the Company has higher ability to pay the interest from their opportunity income. the
Beximco Company is not paying more interest because that company has no decline from last 5
years for that reason we think those company has best condition for time interest earned.
For ACI: TheACI Company is not paying more interest because that company has no decline
from last 5 years for that reason we think those company has good condition for time interest
earned.

Profitability Ratio:
Net profit margin:
For Beximco: net profit margin has decreased from 2011 to 2015 to13.36% to 12.67% so the
profit margin decreased a bit but gradually it remain constant for Beximco.
For ACI: net profit margin has increased from 2011 to 2015 to3.36% to 7.26% so the profit
margin increased a bit but gradually it increases for ACI
Gross Profit Margin:
For Beximco: : gross profit margin has decreased from 2011 to 2015 to47.80% to 44.53% so the
profit margin decreased.So, it is bad for Beximco
For ACI: gross profit margin has decreased from 2011 to 2015 to 54% to 38% so the profit
margin decreasing that is not good sign
Operating profit margin:

9
For Beximco: The operating rate increasing for Beximco 22.51% to 20.15 % to 2011-2015. That
is a good news for Beximco
For ACI:The operating rate increasing for ACI 7.07% to 11.62% to 2011-2015. That is a good
news for ACI
Earning per share:
For Beximco: gross profit margin has increased from 2011 to 2015 to 3.70 to 4.17 so the profit
margin increased. So, it is good for Beximco
For ACI: gross profit margin has decreased from 2011 to 2015 to 7.17 to 6.99% so the profit
margin decreasing that is not good sign
ROA:
For Beximco
The higher ROA is better for the company .from 2011 to 2015 ROE is increase .03%
For ACI
The ROA is increase from 2011 to 2015 2.64 % it is better for the company .
ROE:
For Beximco
The higher ROE is better for the company .The company randomly good for ROE and its ROE
increase year by year.From 2011 to 2015 the ROE increase .76%.its quite good.
For ACI
The higher ROE is better for the company .The company randomly good for ROE and its ROE
increase year by year.From 2011 to 2015 the ROE increase .6.58%.its pretty good.

Market Ratio:
Price Earnings (P/E) Ratio:
For Beximco
The lower the P/E ratio, the lower the investor confidence and the greater the P/E ratio ,the
greater the investor confidence from 2011 to 2015 the P/E decrease 1.48 .its not good for the
company

For ACI
The lower the P/E ratio, the lower the investor confidence and the greater the P/E ratio ,the
greater the investor confidence from 2011 to 2015 the P/E decrease 0.18. its not so good for the
company.

10
Cross-sectional analysis

Liquidity:
For beximco it came down 2.03 to 1.78 from 2013 to 2014, For ACI it goes up 1.02 to 1.19. we
analysis of liquidity measures indicates that current ratio is bad condition for Beximco .quick
ratio also suggest that Aci has done well.Quick and asset measures is found that the same
position of previous ratio and cash ratio measures the ACI pharmaceutical company is little bit
better than the Beximco pharmaceutical company. So we notice that the ACI pharmaceutical is
better condition of liquidity position

Activity ratio:
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 ACi Pharmaceutical company. The ACI
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.

Solvency ratio:
For Beximco: from the ratio analysis we see that it was 20.99% in 2011 but in 2015 it is 29.85%
so it is bad for beximco because their liability is increasing For ACI: from the ratio analysis we
see that it was 63% in 2011 but in 2015 it is 59.85% so it is good for ACI because their liability
is decreasing For Beximco: the liabilities is increasing for Beximco.The rate was 26% in 2011
but it increased to 40% so their liability is increasing day by day that is bad for company For
ACI: the liabilities is increasing for ACI .The rate was 63.03% in 2011 but it decreased to
59.02% so their liability is idecreasing day by day that is good for company they are decreasing
their liability For Beximco: In this dissuasion we realize that the higher ratio of time interest
earned, it indicated the Company has higher ability to pay the interest from their opportunity
income. the Beximco Company is not paying more interest because that company has no decline
from last 5 years for that reason we think those company has best condition for time interest
earned For ACI: TheACI Company is not paying more interest because that company has no
decline from last 5 years for that reason we think those company has good condition for time
interest earned here Aci is in better position

Profitability:
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 ACI pharmaceutical company.

11
Marketability:
market value measure indicates that market value and earnings per share is increase during the
year 2011 -2015 of Beximco pharmaceutical company

At the final representation, we can view that the Beximco Pharmaceutical Company is the best
performance between the ACI Pharmaceutical Company

DuPont analysis:

Net profit margin * Total asset turnover= ROA*FLM=ROE

ACI pharmaceuticals:

Year Net profit Total asset ROA FLM ROE

margin turnover
2011 0.0336 × 0.70 = 2.4% × 1.12 = 2.69%
2012 0.0563 × 0.73 = 4.1% × 1.16 = 4.76%
2013 0.0715 × 0.73 = 5.2% × 1.22 = 6.34%
2014 0.0722 × 0.73 = 5.3% × 1.28 = 6.78%
2015 0.0726 × 0.73 = 5.3% × 1.38 = 7.31%

Beximco pharmaceuticals
Year Net profit Total asset ROA FLM ROE
margin turnover
2011 0.134 × 0.39 = 5.2% × 1.27 = 6.6%
2012 0.133 × 0.39 = 5.2% × 1.30 = 6.8%
2013 0.134 × 0.38 = 5.1% × 1.39 = 7.1%
2014 0.136 × 0.39 = 5.3% × 1.39 = 7.4%
2015 0.127 × 0.41 = 5.2% × 1.41 = 7.3%

The DuPont system is the profit margin which measures the firms’ profitability on sales with it
total asset turnover which indicates how much efficiently the firm has used its asset to generate
sales.
The ACI pharmaceuticals return on asset are increasing year by year. And use of asset turnover
increase 2.9% from 2011 to 2015. Return on equity also increase 4.62%
The Beximco pharmaceuticals return on asset are same from 2011 to2015. This is not good for
this company but Return on equity are increase 0.7%
Overall the ACI pharmaceuticals are better than the beximco pharmaceuticals

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Conclusion:
Both these companies are well known and established company in pharmaceuticals industry in
Bangladesh. 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 ACI pharmaceutical company is little bit better than the Beximco
pharmaceutical company. So we notice that the ACI pharmaceutical is better condition of
liquidity position compare that Beximco 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 ACI Pharmaceutical company. The ACI 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 ACI
pharmaceutical company. Forth, we analysis the debt management measures ,debt ratio, time
interest earned, book value per share, indicates ACI company is more risky then beximco
pharmaceutical company‟s we observed that debt ratio. Fifth, market value measure indicates
that market value and earnings per share is increase during the year 2011 -2015 of Beximco
pharmaceutical companyAt the final representation, we can view that the Beximco
Pharmaceutical Company is the best performance between the ACI Pharmaceutical Company

13
Appendix: For ACI pharmaceuticals

1
Current ratio = current asset ÷ current liabilities
For 2011 6,955,726,548 ÷ 6,848,726,480= 1.02
For 2012 8,334,671,204 ÷ 7,101,682,744= 1.17
For 2013 9,325,114,983 ÷ 7,964,837,356= 1.17
For 2014 9,384,462,310 ÷ 8,034,521,743=1.17
For 2015 9,721,652,030 ÷ 8,143,000,719=1.19

Quick ratio = (current asset - inventory) ÷ current liabilities

For 2011 (6,955,726,548- 1,907,689,855) ÷ 6,848,726,480= .98
For 2012 (8,334,671,204- 2,128,984,396) ÷ 7,101,682,744= .87
For 2013 (9,325,114,983-2,553,330,342) ÷ 7,964,837,356= .85
For 2014 (9,384,462,310-2,671,110,452) ÷ 8,034,521,743=.83
For 2015 (9,721,652,030-2,694,327,089) ÷ 8,143,000,719=.86

2
Inventory turnover = cost of goods sold ÷ inventory
For 2011 4,782,348,723 ÷ 1,907,689,855= 2.5
For 2012 6,089,878,323 ÷ 2,128,984,396= 2.6
For2013 6,426,070,148 ÷ 2,553,330,342 = 2.9
For 2014 6,679,161,857 ÷ 2,671,110,452=2.5
For 2015 6,781,007,196 ÷ 2,694,327,089=2.5

Accounts Receivables Turnover = Net Sales ÷Average Accounts receivables

For 2011 8,766,854,534 ÷ 4,823,423,567 = 1.81
For 2012 9,680,061,562 ÷ 5,433,551,092 = 1.78
For 2013 10,683,600,712÷ 5,799,826,909 = 1.84
For 2014 10,743,217,601÷ 5,814,375,643= 1.85
For 2015 10,978,143,071÷ 5,974,347,510= 1.84

Average Collection Period = 365÷ Accounts Receivables Turnover

For 2011, 365 ÷ 1.81= 201.65 days
For 2012, 365 ÷ 1.78= 205.06 days
For 2013 365 ÷ 1.84=198.36 days
For 2014 365÷1.85=197.29 days
For 2015 365÷1.84=198.37 days

Average payment period = 365 ÷ Inventory turnover

For 2011, 365÷2.5= 146 days
For 2012, 365÷2.9= 125.86 days
For 2013, 365÷2.6= 140.38 days
For 2014, 365÷2.5= 146 days
For 2015, 365÷2.5= 146 days

14
Total asset turnover = Sales ÷ Total assets
For 2011 8,766,854,534÷12,382,575,439 = 0.70
For 2012 9,680,061,562÷13,206,467,006 = 0.73
For 2013 10,683,600,712÷14,557,255,461= 0.73
For 2014 10,743,217,601÷14,777,266,551=0.73
For 2015 10,978,143,071÷15,134,568,913=0.73

Fixed asset turnover= Sales ÷ Fixed asset

For 2011 8,766,854,534÷5,426,848,882=1.62
For 2012 9,680,061,562÷5,412,916,880=1.78
For 2013 10,683,600,712÷5,232,140,477=2.04
For 2014 10,743,217,601÷5,392,804,240=1.99
For 2015 10,978,143,071÷4,871,795,796=2.25

3
Debt ratio= Total liabilities ÷ Total asset
For 2011 7,959,287,649 ÷ 12,652,185,998= 63%
For 2012 8,125,180,846 ÷ 13,206,467,006= 61.5%
For 2013 8,920,003,210 ÷ 14,557,255,461= 61.3%
For 2014 8,937,452,100÷ 14,777,266,551=60.5%
For 2015 9,046,355,509 ÷ 15,134,568,913=59.8%

Debt- equity ratio= Total liabilities ÷ stockholders equity

For 2011 7,959,287,649 ÷ 12,628,366,128= 63.03%
For 2012 8,125,180,846 ÷15,081,286,160= 53.88%
For 2013 8,920,003,210 ÷ 15,637,252,251= 57.04%
For 2014 8,937,452,100 ÷15,776,363,362=56.65%
For 2015 9,046,355,509÷15,864,111,765=57.02%

Times interest earned= EBIT ÷ Interest Expense

For 2011 1,072,845,205 ÷ 1,185,478,365= 0.90
For 2012 1,257,969,249÷ 1,263,471,933= 0.99
For 2013 1,363,473,880÷ 1,326,814,390= 1.03
For 2014 1,445,764,770÷1,377,623,470=1.04
For 2015 1,556,432,176÷1,473,147,665=1.06

15
4
Net profit margin: Earning available for common stockholder equity ÷ sales
For 2011 326043840 ÷ 9680061562= 3.36%
For 2012 545115873 ÷ 9680061562=5.63%
For 2013 764,187,906 ÷ 1068600712=7.15%
For 2014 775,194,332 ÷ 10,743,217,601=7.22%
For 2015 797,164,531 ÷ 10,978,143,071=7.26%

Gross Profit Margin : Gross Profit ÷ Sales

For 2011 3,984,505,811÷8,766,854,534=45%
For 2012 3,390,183,239÷9,680,061,562=35%
For 2013 4,257,530,564÷10,683,600,712=39%
For 2014 4,064,055,755÷10,743,217,601=37%
For 2015 4,197,135,895÷10,978,143,071=38%

Operating profit margin: operating profit ÷ sales

For 2011 765,457,520 ÷ 8,766,854,534= 7.07%
For 2012 920,047,782 ÷ 9,680,061,562= 9.50%
For 2013 1,225,882,632 ÷ 10,683,600,712= 11.47%
For 2014 1,256,776,505÷10,743,217,601=11.70%
For 2015 1,275,443,667÷10,978,143,071=11.62%

Earning per share : earning available for common stockholders ÷ number of shares of common
stock outstanding
For 2011 3260438401÷113091862=28.83
For 2012 5451158731÷285251634=19.11
For 2013 7641879061÷285784557=26.74
For 2014 7751943322÷279853549=27.70
For 2015 7971645310÷278728857=28.60

16
Return on asset= Earnings available for common stockholder ÷ Total asset
For 2011 326,043,840 ÷ 12,382,575,439= 2.63%
For 2012 545,115,873 ÷ 13,206,467,006= 4.12%
For 2013 764,187,906 ÷ 14,557,255,461= 5.24%
For 2014 775,194,332÷ 14,777,266,551 =5.24%
For 2015 797,164,531÷15,134,568,913,=5.27%

Return On Equity= Earnings available for common stockholder ÷ Common stock equity
For 2011, 326,043,840 ÷4,767,397,538= 6.80%
For 2012, 545,115,873 ÷5,081,286,160= 10.70%
For 2013, 764,187,906 ÷5,637,252,251= 13.00%
For 2014 775,194,332÷ 5,846,362,161=13.26%
For 2015 797,164,531÷5,956,321,562=13.38%

5
Price Earnings (P/E) Ratio = Market price per share of common stock ÷ EPS
For 2011 206.60 ÷ 28.83= 7.17
For 2012 141.20÷ 19.11 = 7.39
For 2013 171.50÷ 26.74 = 6.41
For 2014 191.80 ÷27.70= 6.92
For 2015 200.06÷28.60= 6.99

17
Appendix: For Beximco pharmaceuticals
1
Current ratio = current asset ÷ current liabilities
For 2011 8206465109÷4284127043=1.92
For 2012 8612343219÷4213675990=2.04
For 2013 8903422328÷4382581278=2.03
For 2014 8366279107÷4707747430=1.78
For 2015 8945280208÷4814354217=1.86

Quick ratio = (current asset - inventory) ÷ current liabilities

For 2011 (8206465109-2425714614) ÷ 4284127043= 1.35
For 2012 (8612343217-2405717604) ÷4218675990=1.47
For 2013 (8903422328-2411881986) ÷4382581278=1.48
For 2014 (8366279107-2493757338) ÷4707747430=1.25
For 2015 (8945280208-2374064319) ÷4814354217=1.36

2
Inventory turnover = cost of goods sold ÷ inventory
For 2011 5321743681÷2425714614=2.20
For 2012 5541407890÷2405817609=2.30
For2013 5651898878÷4382581278=1.29
For 2014 6102694323÷2493657338=2.45
For 2015 6714527780÷2374064319=2.83

Accounts Receivables Turnover = Net Sales ÷Average Accounts receivables

For 2011 10194317562÷1317067076=7.74
For 2012 10389541326÷1328541270= 7.82
For 2013 10490699094÷1249434697= 8.40
For 2014 11206885677÷1397498648= 8.02
For 2015 12105468909÷1218967880=9.93

Average Collection Period = 365÷ Accounts Receivables Turnover

For 2011, 365 ÷ 7.74=47.10days
For 2012, 365 ÷7.82= 46.68days
For 2013 365 ÷ 8.40=43.45days
For 2014 365÷8.02=45.51days
For 2015 365÷9.93=36.76days

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Average payment period = 365 ÷ Inventory turnover
For 2011, 365÷2.20= 165.90 days
For 2012, 365÷2.30= 163.68 days
For 2013, 365÷2.29= 159.39days
For 2014, 365÷2.45= 148.98days
For 2015, 365÷2.83= 128.98 days

Total asset turnover = Sales ÷ Total assets

For 2011 10194317562÷26249572821=0.39
For 2012 10389541326÷26954049759=0.39
For 2013 10490699094÷27470751802=0.38
For 2014 11206885677÷29000525961=0.39
For 2015 12105468909÷29419061408=0.41

Fixed asset turnover= Sales ÷ Fixed asset

For 2011 10194317562÷17843107712=0.57
For 2012 10389541326÷18241706540=0.57
For 2013 10490699094÷18567329474=0.57
For 2014 11206885677÷20634246854=0.54
For 2015 12105468909÷20453781200=0.59

3
Debt ratio= Total liabilities ÷ Total asset
For 2011 5510096681÷26249572821=20.99%
For 2012 6207216586÷26954049759=23.03%
For 2013 7695199337÷27470751802=28.01%
For 2014 8080340636÷29000525961=27.86%
For 2015 8488302409÷29419061408=28.85%

Debt- equity ratio= Total liabilities ÷ stockholders equity

For 2011 5510096681÷20739476140=26.57%
For 2012 6207216586÷20746833173=29.92%
For 2013 7695199337÷19745552165=38.97%
For 2014 8080340636÷20920185325=38.62%
For 2015 8488302409÷20930758999=40.55%

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Times interest earned= EBIT ÷ Interest Expense
For 2011 2204162338÷606476070=3.63
For 2012 2214162008÷616587080=3.59
For 2013 2324272770÷636587090=3.65
For 2014 2686014518÷724314963=3.70
For 2015 2797113219÷744324974=3.75

4
Net profit margin: Earning available for common stockholder equity ÷ sales
For 2011 1361834678÷10194317562=13.36%
For 2012 1382975510÷10389541326=13.31%
For 2013 1405193311÷10490699094=13.39%
For 2014 1526584356÷11206885677=13.62%
For 2015 1534120770÷12105468909=12.67%

Gross Profit Margin : Gross Profit ÷ Sales

For 2011 4,872,573,881 ÷10194317562=47.80%
For 2012 4,848,133,436÷10389541326=46.67%
For 2013 4,838,800,216÷10490699094=46.12%
For 2014 5,104,191,354÷11206885677=45.55%
For 2015 5,390,941,129÷12105468909=44.53%

Operating profit margin: operating profit ÷ sales

For 2011 2294361669÷10194317562=22.51%
For 2012 2311416167÷10389541326=22.24%
For 2013 2324272770÷10490699094=22.16%
For 2014 2418176836÷11206885677=21.58%
For 2015 2439287947÷12105468909= 20.15%

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Earning per share : earning available for common stockholders ÷ number of shares of common
stock outstanding
For 2011 1361834678÷367851652=3.70
For 2012 1382975510÷367851652=3.76
For 2013 1405193311÷ 367851652=3.82
For 2014 1526584356÷367851652=4.15
For 2015 1534120770÷367851652=4.17

Return on asset= Earnings available for common stockholder ÷ Total asset

For 2011 1361834678÷26249572821=5.18%
For 2012 1382975510÷26954049759=5.13%
For 2013 1405193311÷27470451802=5.11%
For 2014 1526584356÷29000525961=5.26%
For 2015 1534120770÷29419061408=5.21%

Return On Equity= Earnings available for common stockholder ÷ Common stock equity
For 2011 1361834678÷20739476140=6.57%
For 2012 1382975510÷20746833173=6.67%
For 2013 1405193311÷19775552165=7.11%
For 2014 1526584356÷20920185325=7.30%
For 2015 1534120770÷20930758999=7.33%

5
Price Earnings (P/E) Ratio = Market price per share of common stock ÷ EPS
For 2011 56.38÷3.75=15.03
For 2012 56.40÷3.79=14.88
For 2013 56.45÷3.82=18.09
For 2014 56.87÷4.15=13.70
For 2015 56.90÷4.20=13.55

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