Managerial Finance Report - Ratio Analysis

A Project report on Ratio Analysis
INTRODUCTION
It is very important task for a company to satisfy current or prospect investors or stock holders. If
the investors feel confident about the companys position in the market, they can be influenced to
invest on the company. Financial analysis can help in making the investors confident about the
firm. However the purpose for this project is to analyze pharmaceutical companys financial
statements and show the significant change in companys performance. 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. Generally Financial Statements analysis by using the technique of
ratio analysis involves generating different sort of ratios such as liquidity ratios, asset
management ratios, debt management ratios, profitability ratios, and market value ratios. We
used ratio analysis for easily measurement of liquidity position, asset management condition,
profitability and market value and long-term debt situation of the pharmaceutical company for
performance evaluation. As mentioned earlier, figuring out the companys position is one of the
most important purposes of doing financial analysis. Therefore, maneuvering these entire ratios
will certainly give us a scenario of the companys current position in the market. By comparing
with the previous year ratio and industry average, these ratios can indicate whether the company
is doing better or bad in the market.
OBJECTIVES
To analyze the ratios of individual company based on financial statements and compare
with the previous year ratio and industry average.

Forming an overall understating about the financial condition of the company.
North South University
Page 1
INDUSTRY PROFILE
The Pharmaceutical industry in Bangladesh is one of the most developed hi-tech sectors within
the country's economy. In 2000, there were 210 licensed allopathic drug-manufacturing units in
the country, out of which only 173 were in active production; others were either closed down on
their own or suspended by the licensing authority for drugs due to non compliance to good
manufacturing practices or drug laws. The industry 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. After the promulgation of Drug
Control Ordinance - 1982, the development of this sector was accelerated. The professional
knowledge, thoughts and innovative ideas of the pharmaceutical professionals working in this
sector are the key factors for this development. Due to recent development of this sector, the
industry is exporting medicines to global markets, including the European market. This sector is
also providing 97% of the total medicine requirement of the local market. Some of the
companies produce insulin, hormones, and anticancer drugs, which were not previously
produced in Bangladesh. Leading pharmaceutical companies are expanding their business with
the aim to expand into the export market. Recently, a few new industries have been established
with high tech equipment and professionals to enhance the strength of this sector.
Page 2
COMPANY BACKGROUND
AMBEE PHARMACEUTICALS LTD.
Ambee Pharmaceuticals Ltd., a fast growing 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 modest 17 joint ventured products and is now running in full swing with 76
products. They have Tablets, Capsules, Liquids, Gel in tubes and Injectables.
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. 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, antihypertensives, antidiabetics, antireretrovirals, anti asthma inhalers etc,
among many others.
GLAXOSMITHKLINE
GlaxoSmithKline (GSK) Bangladesh Ltd. carries with it an enviable image and reputation for the
past 6 decades. A subsidiary of GlaxoSmithKline plc- one of the world's leading research-based
pharmaceutical and healthcare companies GSK Bangladesh, continues to be committed to
improving the quality of human life by enabling people to do more, feel better and live longer. In
line with mergers and acquisitions the identity changed from Glaxo to GlaxoSmithKline
Bangladesh Limited during 2002 after merger with SmithKline Beecham in December 2000.
Page 3

ACI LIMITED
In 1973, the UK based multinational pharmaceutical company, ICI plc, established a subsidiary
in Dhaka, known as ICI Bangladesh Manufacturers Limited. In 1992, ICI plc divested its share to
local management, and the company was renamed Advanced Chemical Industries (ACI) Limited.
ACI formulates and markets a comprehensive range of more than 387 products covering all
major therapeutic areas, which come in tablet, capsule, powder, liquid, cream, ointment, gel
,ophthalmic and injection forms. ACI also markets world-renowned branded pharmaceutical
products like Arimidex, Casodex, Zoladex, Atarax etc. from world-class multinational companies
like ASTRAZENECA, UK and UCB, BELGIUM in Bangladesh.
RENATA LIMITED
Renata Limited, a public limited 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. In 1993 Pfizer transferred the ownership of its Bangladesh operations to local
shareholders, and the name of the company was changed to Renata Limited. The company deals
with Manufacturing and Marketing of Human Pharmaceuticals and Animal Therapeutics. They
have two production sites. One is in Mirpur and the other is in Rajendrapur.
RECKIT BENCKISER (BANGLADESH) LIMITED
Reckitt Benckiser (Bangladesh), Ltd. was formerly known as Reckitt & Colman Bangladesh,
Ltd. The company was founded in 1961 and is based in Dhaka, Bangladesh. Reckitt Benckiser
(Bangladesh), Ltd. operates as a subsidiary of Reckitt Benckiser Plc. It offers health and hygiene
care products for consumers in Bangladesh. It provides products in the areas of surface and
fabric care, dishwashing, homecare, health and personal care, and food.
Page 4
RESEARCH METHODOLOGY
The study is conducted to evaluate the performance and market standing of the companies. The
financial analyst usually performs analysis on various aspects to find out the financial health of
the firm; among which ratio analysis is one of the most important and commonly used methods.
Ratio analysis provides a measure for the major aspects of the business indicative of its strengths,
weakness, what it is doing better, where it needs improvement, and how it is doing relative to the
stated objective of the business. These measures become lot more meaningful when we compare
them to industry standards. The main focus of ratios is on the liquidity of business, profitability,
leverages, efficiency in using its assets, generating value for shareholders. In this study various
Ratio Analysis will be done to understand the financial condition of the companies.
SOURCES OF DATA
We have obtained the necessary information from the DSE (Dhaka Stock Exchange LTD)
website, Company websites and from the Annual report of the respective companies.
LIMITATIONS OF THE STUDY
The analysis is based on the information available in the company and the figure
and facts claimed in the annual reports and other forms are assumed to be true.
Time is a factor which also reflects on the report being prepared.
Page 5
ANALYSIS AND INTERPRETATION
AMBEE PHARMACEUTICALS LTD

SL No.
Ratios
Formulas
2010
2011
1.
Current Ratio
Total Current Assets

Total Current Liabilities
0.96
0.98
2.
Quick Ratio
Total Current Asset Inventory

0.49
0.48
3.
Long Term Debt

Ratio
Total Long-term liabilities

Total Assets
0.032
0.032
4.
Debt to Total Asset

Ratio
Total debt
Total Assets
82%
83%
5.
Return on Equity
Net income available to common shares

Average share holders Equity
15.10%
15.11%
6.
Return on Assets
Net Profits
Average total Assets
2.6%
2.7%
Current Ratio:
The Current Ratios of Ambee Pharmaceuticals Ltd. for 2010 and 2011 are 0.96 and 0.98
respectively. As we know the general rule of thumb for Current Ratio is, it should be 2 or higher.
The Current ratios of Ambee Pharma are way below the standard ratio. Moreover, it has
decreased in the year 2011. Compare to the Industry average of 1.42 in 2011 Ambee Pharma
appears to be less liquid. Therefore, the possibility is very less that the short term creditors will
be fully paid off.
Page 6

Quick Ratio:
The Quick Ratios of Ambee pharma Ltd for 2010 and 2011 are 0.49and 0.48 respectively. A
Quick Ratio below 1 is normally a sign that the company is under financial distress. We found
the industry average of 0.75 in 2011 which is also above the ratio of Ambee Pharma. The Quick
Ratio is almost same in both the years. Therefore, the company is facing liquidity problem which
may put them in trouble.
Long Term debt Ratio:
The ratios for the year 2010 and 2011 are same i.e. 0.032. These ratios are reasonably low .The
low ratio is an indicative of the policy of Ambee Pharma which avoids taking advantage of low
costs of debt financing.
Debt to Total Assets Ratio:
The Debt to total assets ratio of the company is very low for both the year. In 2010 the ratio was
82% which indicates that creditors provided 82% of the total assets. The higher the percentage of
debt to total assets, the greater is the risk that the company may be unable to meet its maturing
obligations. In 2011 it increased to 83% which is also above the Industry average 57.58%.
Therefore, the company assumes more risk.
Return on Equity:
ROE for the year 2010 is 15.10% and for 2011 is 15.11%. The ratios are reasonably low and
below the industry average 21.96%. This will make the share holders unhappy.
Page 7

Return on Total Assets:
The return on Total assets is a comprehensive measure of performance that shows how well the
management is using available resources to generate profit. The Ratios of Ambee pharma for the
year 2010 and 2011 are 2.6% and 2.7% respectively which are very low. The company is not
managing its resources effectively. Though it has shown a little improvement in 2011 but the
ratio is way below the industry average 8.50%.
BEXIMCO PHARMACEUTICALS LTD.

SL No.
Ratios
Formulas
2010
2011
1.
Current Ratio

2.46
2.70
2.
Quick Ratio

1.67
1.83
3.
Long Term Debt

Ratio

Total Assets
0.13
0.14
4.
Debt to Total Asset

Ratio
Total debt
Total Assets
25%
25%
5.
Times Interest
Earned
Income before interest and taxes

Interest expenses
3.67
3.95
6.
Return on Equity

6.58%
7.20%
7.
Return on Assets
Net Profits
4.9%
5.4%
Page 8

Current Ratio:
The Current Ratios for 2010 and 2011 of Beximco Pharmaceutical Limited are 2.46 and 2.70
respectively. Beximco Pharma appears to be reasonably liquid. So there is a very good chance
that short term creditors will be fully paid off. The Current Ratio has shown a substantial
increment in 2011 which indicates more liquidity and short term debt paying ability. The ratio is
also above the Industry average.
Quick Ratio:
The Quick Ratios of Beximco Pharmaceutical Limited for 2010 and 2011 are 1.67 and 1.83
respectively. A Quick Ratio above 1 is normally a sign that the company is liquid enough and has
the ability to meet its liquid liabilities in time. Beximco Pharma has the ratio way above 1 and
also above the industry average. The ratio has shown improvement in the year 2011. Therefore,
the company has been maintaining a satisfactory liquidity position.
The ratios for the year 2010 and 2011 are 0.13 and 0.14 respectively. The change is very little in
the year 2011. If we look at the values of the ratios then find it reasonably low. A low ratio may
make the company more solvent but is indicative of the policy of Beximco Pharma which avoids
taking advantage of low costs of debt financing.
The Debt to total assets ratio of the company is same for both the year i.e. 25% which indicates
that creditors provided 25% of the total assets. The lower the percentage of debt to total assets,
the lower is the risk that the company will be able to meet its maturing obligations. Beximco
Page 9

Pharma has maintained a moderate ratio under present market situation where the industry
average is high 57.58%.
Times Interest Earned:
Times interest earned provides an indication of the companys ability to meet interest payments
as they come due. The ratios of Beximco Pharma are 3.67 and 3.95 respectively. Therefore, in
2011, even if the business income tumbles to one fourth of the current level, the business will be
able to make interest payments. The ratio has shown a substantial increment from 3.67 in 2010 to
3.95 in 2011 and also above the industry average which is a good sign for the company.
Return on Equity:
ROE for the year 2010 is 6.58% and for 2011 is 7.20%. Though the ratios are reasonably low
compared to the industry average but have shown improvement in the current year which will
make the share holders happy.
The Ratios for the year 2010 and 2011 are 4.9% and 5.4% respectively. This shows an overall
improvement in the performance of Assets of Beximco Pharmaceutical Ltd. in 2011.
Page 10
GLAXOSMITHKLINE
SL No.
Ratios
Formulas
2010
2011
1.
Current Ratio

2.59
2.05
2.
Quick Ratio

1.61
.95
3.
Long Term Debt

Ratio

Total Assets
0.05
0.06
4.
Debt to Total Asset

Ratio
Total debt
Total Assets
37%
45%
5.
Return on Equity

29.70%
19.83%
6.
Return on Assets
Net Profits
20.92%
11.77%
Current Ratio:
The Current Ratios for 2010 and 2011 of GSK are 2.59 and 2.05 respectively. The general rule of
thumb for Current Ratio is, it should be 2 or higher. The Current ratios of GSK are above the
standard ratio 2 and also above the industry average .So there is a very good chance that short
term creditors will be fully paid off. But the falling rate of Current Ratio in 2011 may create fear
among the creditors.
Quick Ratio:
The Quick Ratios of GSK for 2010 and 2011 are 1.61 and 0.95 respectively. A Quick Ratio
below 1 is normally a sign that the company is under financial distress. The Quick Ratio
decreased in 2011 and dropped below 1. This implies the company is facing liquidity problem in
Page 11

the current years which may put them in trouble. Their vendors may be unwilling to supply
merchandise or they may demand more prompt payment.
The ratios for the year 2010 and 2011 are 0.05 and 0.06 respectively. The change is very little
between the years. If we look at the values of the ratios then find it very low. A low ratio may
make the company more solvent but is indicative of the policy of GSK which taking advantage
of low costs of debt financing.
The Debt to total assets ratio of the company has shown increment in the year 2011. The ratios
for the years are 37% and 45% respectively. The higher the percentage of debt to total assets, the
greater is the risk that the company may be unable to meet its maturing obligations.
Return on Equity:
ROE for the year 2010 is 29.70% and for 2011 is 19.83%.This ratios may make the share holders
happy but a certain reduction in the percentage in 2011 may cause a little concern which needs to
be improved.
The Ratios for the year 2010 and 2011 are 20.92% and 11.77% respectively. Clearly there is an
overall deterioration in the performance of Assets of GSK in 2011.
ACI LIMITED
Page 12
SL No.
Ratios
Formulas
2010
2011
1.
Current Ratio

1.05
.88
2.
Quick Ratio

0.59
0.49
3.
Long Term Debt

Ratio

Total Assets
0.18
0.14
4.
Debt to Total Asset

Ratio
Total debt
Total Assets
65%
71%
5.
Times Interest
Earned

Interest expenses
1.82
1.81
6.
Return on Equity

5%
5.58%
7.
Return on Assets
Net Profits
1.52%
1.57%
Current Ratio:
The Current Ratios of ACI Ltd. for 2010 and 2011 are 1.05 and 0.88 respectively. The Current
ratios of ACI Limited are way below the standard ratio. Moreover, it has decreased in the year
2011. And also compare to the Industry average of 1.42 in 2011, ACI Limited appears to be less
liquid. Therefore, the possibility is very less that the short term creditors will be fully paid off.
Quick Ratio:
The Quick Ratios of ACI Limited for 2010 and 2011 are 0.59and 0.49 respectively. A Quick
Ratio below 1 is normally a sign that the company is under financial distress. These ratios are
also below the industry average. The Quick Ratio even decreased in 2011. The company is facing
liquidity problem which may put them in trouble.
Page 13

The ratios for the year 2010 and 2011 are 0.18 and 0.14 respectively. The ratios are reasonably
low and also decreased in 2011. The low ratio is an indicative of the policy of ACI Limited
which avoids taking advantage of low costs of debt financing.
The Debt to total assets ratio of the company is very high for both the year. In 2010 the ratio was
65% which indicates that creditors provided 65% of the total assets. The higher the percentage of
debt to total assets, the greater is the risk that the company may be unable to meet its maturing
obligations. The ratio even increased to 71% in the year 2011 which assume more risk.
Times interest earned provides an indication of the companys ability to meet interest payments
as they come due. The ratios of ACI Limited are 1.82 and 1.81 respectively. When the interest
coverage ratio is smaller than 1, the company is not generating enough cash from its operations
EBIT to meet its interest obligations. The Company would then have to either use cash on hand
to make up the difference or borrow funds. Though the ratios are above 1 for ACI Limited but
typically, it is a warning sign when interest coverage falls below 2.5.
Return on Equity:
ROE for the year 2010 is 5% and for 2011 is 5.58%. Though the ratios are very low compare to
the industry average but have shown improvement in the current year which will make the shareholders happy because the company is showing improvement.
Page 14

The return on Total assets is a comprehensive measure of performance that shows how well the
management is using available resources to generate profit. The Ratios of ACI Limited for the
year 2010 and 2011 are 1.52% and 1.57% respectively which are very low. The company is not
managing its resources effectively. Though it has shown a little improvement in 2011 but the
ratio is way below the industry average.
RENATA LIMITED
SL No.
Ratios
Formulas
2010
2011
1.
Current Ratio

1.11
.73
2.
Quick Ratio

0.42
0.26
3.
Long Term Debt

Ratio

Total Assets
0.06
0.05
4.
Debt to Total Asset

Ratio
Total debt
Total Assets
42%
49%
5.
Times Interest
Earned

Interest expenses
10.63
7.7
6.
Return on Equity

32.93%
31.48%
7.
Return on Assets
Net Profits
18.98%
17%
Current Ratio:
Page 15

The Current Ratios for 2010 and 2011 of Renata Limited are 1.11 and 0.73 respectively. The
Current ratios are below the standard ratio as well as the industry average. The ratio has also
dropped in 2011. This is a sign that the company is under financial distress and the chance is
very less that the short term creditors will be fully paid off if the business is to be liquidated.
Quick Ratio:
Quick Ratio is a measure of a companys immediate short term liquidity. The Quick Ratios of
Renata Limited for 2010 and 2011 are 0.42 and 0.26 respectively. These ratios are way below the
standard ratio and also below the industry average. The Quick Ratio decreased in 2011.
Therefore, the company is facing liquidity problem which may put them in trouble.
the year 2011. If we look at the values of the ratios then find it very low. A low ratio is an
indicative of the policy of Renata which avoids taking advantage of low costs of debt financing.
The Debt to total assets ratio has shown a substantial increment over the years. The ratios are
42% and 49% respectively. The higher the percentage of debt to total assets, the greater is the
risk that the company may be unable to meet its maturing obligations.
The ratios are 10.63 and 7.7 respectively for 2010 and 2011.Therefore, in 2011 even if the
Page 16

business income tumbles to 7.7 of the current level, the business will be able to make interest
payments. However, this ratio has fall in 2011 compare to 2010 but still way above the industry
average. While there is not a whole lot of reasons for it, a ratio of 5 is often considered safe from
the lenders point of view.
Return on Equity:
ROE for the year 2010 is 32.93% and for 2011 is 31.48%. Though the ratios are very high which
will certainly make the share holders happy but a reduction in the percentage in 2011 may cause
a little concern which needs to be improved.
The Ratios for the year 2010 and 2011 are 18.98% and 17% respectively. Though the ratio
dropped a little in 2011, yet lies above the industry average which is a good sign for the
company.
RECKITT BENCKISER (BANGLADESH) LIMITED
SL No.
Ratios
1.
Current Ratio
2.
Quick Ratio
3.
4.
Long Term Debt

Ratio
Debt to Total Asset
Ratio
Formulas
Total Assets
Total debt
Total Assets
2010
2011
1.15
1.14
0.69
0.62
0.04
0.03
72.51%
73.02%
5.
Return on Equity

55.50%
52.66%
6.
Return on Assets
Net Profits
15.25%
12.84%
Page 17

Current Ratio:
The Current Ratios for 2010 and 2011 of Reckitt Benckiser (Bangladesh) Limited are 1.15 and
1.14 respectively. The general rule of thumb for Current Ratio is, it should be 2 or higher. The
idea is, if the business is to be liquidated, every taka in Current liability is backed and supported
by Tk. 2 in Current Assets. The Current ratios of Reckitt Benckiser are way below the standard
ratio and also below the industry average. Reckitt Benckiser appears to be suffering from
liquidity problem. So the chance is very less that short term creditors will be fully paid off. The
Current Ratios are almost same in both the years.
Quick Ratio:
Quick Ratio is a measure of a companys immediate short term liquidity. The Quick Ratios of
Reckitt Benckiser (Bangladesh) Limited for 2010 and 2011 are 0.69 and 0.62 respectively. A
Quick Ratio below 1 is normally a sign that the company is under financial distress. The Quick
Ratio even decreased in 2011. The company is facing liquidity problem which may put them in
trouble. Their vendors may be unwilling to supply merchandise or they may demand more
prompt payment.
the year 2011. If we look at the values of the ratios then find it very low. A low ratio may make
the company more solvent but is indicative of the policy of Reckitt Benckiser which avoids
taking advantage of low costs of debt financing.
Page 18

The Debt to total assets ratio of the company is very high for both the year. In 2010 the ratio was
72.51% which indicates that creditors provided 72.51% of the total assets. The higher the
percentage of debt to total assets, the greater is the risk that the company may be unable to meet
its maturing obligations. The ratio even increased to 73.02% in the year 2011 which assume
more risk.
Return on Equity:
ROE for the year 2010 is 55.50% and for 2011 is 52.66%. Though the ratios are very high and
way above the industry average which will certainly make the share holders happy but a
reduction in the percentage in 2011 may cause a little concern among the shareholders.
The Ratios for the year 2010 and 2011 are 15.25% and 12.84% respectively. Clearly there is an
overall deterioration in the performance of Assets of Reckitt Benckiser in 2011.
INDUSTRY AVERAGE
SL No.
Ratios
2010
2011
1.
Current Ratio
1.57
1.42
2.
Quick Ratio
0.89
0.75
3.
Long Term Debt Ratio
0.04
0.03
4.
Debt to Total Asset Ratio
53.65%
57.58%
5.
Times Interest earned
2.66
2.23
6.
Return on Equity
23.97%
21.96%
7.
Return on Assets
10.7%
8.50%
Page 19
CONCLUSION
Based on the study and analysis of the financial statements and on the results of certain financial
ratio for the above stated companies we are now in a position to comment about the generalized
financial health of each one of them relative to the Industry. From the liquidity perspective of a
company we can conclude that Beximco Pharma & GSK are in a very good position and
performing well above the industry standard where other four firms need to improve their
liquidity position. Solvency ratio measures the ability of the enterprise to survive over long
period of time and considering Long-term Debt ratio, all the six companies are in good position
in the industry. If we consider the Total Debt to Total Asset ratio Beximco Pharma is most
desirable among all the six firms from the creditors point of view. Times Interest Earned ratio of
Renata Limited is very good. Analyzing profitability ratio, we found GSK, Renata and Reckitt
Benckiser are turning out reasonable return on the assets and investments. We can conclude that
the pharmaceutical companies are performing well in average in our country but none of the
company is performing very well consistently. Some are performing well above the standard and
some need urgent improvement.
Page 20

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A Project report on Ratio Analysis

with the previous year ratio and industry average.

North South University

A Project report on Ratio Analysis

North South University

A Project report on Ratio Analysis

North South University

A Project report on Ratio Analysis

North South University

A Project report on Ratio Analysis

LIMITATIONS OF THE STUDY

North South University

A Project report on Ratio Analysis

ANALYSIS AND INTERPRETATION

AMBEE PHARMACEUTICALS LTD

Total Current Assets

Total Current Asset Inventory

Long Term Debt

Total Long-term liabilities

Debt to Total Asset

Net income available to common shares

North South University

A Project report on Ratio Analysis

North South University

A Project report on Ratio Analysis

BEXIMCO PHARMACEUTICALS LTD.

Total Current Assets

Total Current Asset Inventory

Long Term Debt

Total Long-term liabilities

Debt to Total Asset

Income before interest and taxes

Net income available to common shares

North South University

A Project report on Ratio Analysis

A Project report on Ratio Analysis

North South University

A Project report on Ratio Analysis

Total Current Assets

Total Current Asset Inventory

Long Term Debt

Total Long-term liabilities

Debt to Total Asset

Net income available to common shares

A Project report on Ratio Analysis

A Project report on Ratio Analysis

Total Current Assets

Total Current Asset Inventory

Long Term Debt

Total Long-term liabilities

Debt to Total Asset

Income before interest and taxes

Net income available to common shares

North South University

A Project report on Ratio Analysis

North South University

A Project report on Ratio Analysis

Total Current Assets

Total Current Asset Inventory

Long Term Debt

Total Long-term liabilities

Debt to Total Asset

Income before interest and taxes

Net income available to common shares