ABOUT THE COMPANY

The company was incorporated in 1976 and commenced operations in 1980 with the manufacturing and marketing of products of Bayer AG, Germany and Upjohn Inc., USA under licensing arrangements. In 1983, the company started manufacturing its own formulations and it launched export operation in 1992. In 2005 Beximco Infusions Ltd, the company that produces intravenous fluids was amalgamated with the parent company. In the same year it completed the state-of-the-art oral solid dosage plant in compliance with the US FDA and UK MHRA standards, which has been approved by major global regulatory bodies. Today Beximco Pharma is the largest exporter of pharmaceuticals in the country and the only company to win National Export Trophy (Gold), the highest national accolade for export, for record three times. The company is the largest producer of Metered Dose Inhalers (MDIs) in the country, and the first to produce CFC free inhalers. BPL is also the first company to produce anti retroviral drugs (ARVs) locally. Beximco Pharmaceuticals Ltd. is always committed to improve the lives of people through the development and commercialization of high quality and cost-effective medicines. As a public limited company, its shares are actively traded in Dhaka Stock Exchange and Chittagong Stock Exchange, and Beximco Pharma has the unique distinction of being the only company in the country listed on AIM of London Stock Exchange.

SWOT ANALYSIS Strength Diversification The strength of Beximco Pharmaceuticals Ltd. lies in its diversified products and dosage forms.BPL has been producing solid products like tablets and capsules and liquid products like syrup, suspension and solution, as well as semisolid products like cream and ointment. It is the pioneer company to manufacture and market nasal sprays, inhalation aerosols and suppositories in Bangladesh. In 2001, Beximco Pharmaceuticals Ltd. stepped into a new pathbringing Small Volume Parenteral (SVP) or injectable dosage form. Arixon is its first small volume injectable product. It is a preparation of Ceftriaxone, which is considered as a breakthrough antibiotic in the history of medicine. In 2002, Arixon is predicted to be one of our leading brands in terms of sales revenue. The company has lot of diversified products like: Napa, Neoceptin R, Neofloxin, Tycil, Aristovit M etc.

Achievement of National Export Trophy First export market operation with finished pharmaceutical products1994-95: Achievement of National Export Trophy (Gold) as the first pharmaceutical company of the country. R&D B P L is a company that is continuously searching for the next treatment advancements. BPLs portfolio features a range of high-quality, effective products. This product portfolio, combined with the steady stream of promising new products in development, is one of the many reasons BPL is among the nation's leading pharmaceutical companies. We have introduced 26 new products in 2001. Around 70 new products are in our development pipeline. They will obviously enrich our portfolio employment of the employees so that they can cope with the rapidly changing business environment. Innovation is a major priority that we want to promote. Accordingly, training programs are regularly undertaken for the staff to seek opportunities for skills improvement.

Weakness Opportunities BPL always tried to add new products of different therapeutic classes in its portfolio and these products are highly appreciated by the health professionals. Most important of them are Triocim, Arixon, Prosan, Recox, Atova etc. Introduction of these new products enriched its product portfolio and is contributing to enhance its sales. Apart from all these, we have intensified and consolidated our marketing efforts in other overseas markets, like Myanmar, Kenya, Yemen and Vietnam. To capitalize immense opportunities in these overseas markets, we are bringing in more new and exciting brands in these markets. Last year, BPL donated one Medical Information Kiosk to the Myanmar of Mandalay which gained enormous attention and acceptance in the minds of the medical community of Myanmar. In Kenya, number of salespeople has been increased to best exploit its huge market potentials. All these efforts are already bringing in desired results. Entering into new horizons and establishing new overseas markets will remain our top most priority in 2002 also. Russia, Ukraine, Sri Lanka, Cambodia, Nepal will be on the list. We are confident that our process of globalization will continue with a more and more accelerated speed in the coming days. Technology keeping pace with the advanced world Technology carries the promise of tomorrow. The benefits of technology belong to all of us benefits that create new opportunities and open doors to a better life. For example, the new inhaler plant of BPL has been designed in a way to ensure highest-

possible quality at every stage of manufacturing and quality control. World-class facilities are being employed in each and every step including mixing, filling, testing, labeling, batch printing and other procedures to ensure manufacturing of world class products.

Threats BPL has a commitment to the society to supply world class Active Pharmaceutical Ingredients (APIs). Therefore, BPL is not only engaged in formulations but also in fine chemicals business with a view to supplying cost effective quality materials to other local companies as well as for captive consumption. Beximco Pharmaceuticals Ltd. has been preparing itself for the post-WTO open market competition. It has all the courage to compete with world leaders in pharmaceuticals business when the tariff and non-tariff barriers will be withdrawn the new USFDA standard plant is planned to be operational in early 2003. Once completed, this will be one of the finest facilities to be available anywhere in the globe.

Financial statement analysis of 2008:

1. Current Ratio: shows a firms ability to meet current liabilities with its most liquid assets.
For BEXIMCO PHARMACEUTICALS LTD this ratio for year 2008 is = current assets/current liabilities =2861801654/2602032267 =1.099 Its current ratio is less than the median for the industry of 2.1 so the ratio is weaker than the industry average.

2. Acid-test ratio: Shows a firms ability to meet current liabilities with its most liquid assets. For
BEXIMCOPHARMACEUTICALS LTD this ratio for year 2008 is =Current assets-inventories/current liabilities =2861891654-1505288093/2602032267 =.52

Its acid-test ratio is less than the median for the industry of 1.1. So the ratio is weaker than the industry average.

3. Debt to equity ratio: Shows the extent to which the firm is financed by dept. For
BEXIMCOPHARMACEUTICALS LTD this ratio for year 2008 is =Total Debt/Share holders equity =Current liabilities + long term debt/Shareholders equity =2602032267+1446600500/10450202145 =.387 Its debt to equity ratio is less than the median for the industry of .80. So the ratio is weaker than the industry average.

4. Debt to total asset ratio: Shows the percentage of the firms assets that are supported by debt
financing. For BEXIMCOPHARMACEUTICALS LTD this ratio for year 2008 is =Total debt/Total asset =current liabilities + long term debt/Total asset =2602032267+1446600500/14819665441 =.273 Its debt to total asset ratio is slightly higher than the median for the industry of .24 So the ratio is approximately equal to the industry average.

5. Interest coverage ratio: Indicates a firms ability to cover interest charges. For
BEXIMCOPHARMACEUTICALS LTD this ratio for year 2008 is =EBIT/Interest charges =714121010/214066707 =3.3 Its interest coverage ratio is less than the median for the industry is 4. So the ratio is weaker than the industry average.

6. Receivable turnover ratio: Indicates quality of receivables and how successful the firm is in its
collection. For BEXIMCOPHARMACEUTICALS LTD this ratio for year 2008 is =Annual net credit sales/Receivables =4010167059/503916401

=7.95 Its receivable turnover ratio is less than the median for the industry is 8.1. So the ratio is weaker than the industry average.

7. Inventory turnover ratio: Indicates the effectiveness of the inventory of the firm. For
BEXIMCOPHARMACEUTICALS LTD this ratio for year 2008 is =Cost of goods sold/Inventories =2002871181/1505288093 =1.33 Its inventory turnover ratio is less than the median for the industry is 3.3. So the ratio is weaker than the industry average.

8. Inventory turnover in days: indicates how many days on average before inventory is turned into a
account receivable through sales. For BEXIMCOPHARMACEUTICALS LTD this ratio for year 2008 is =Days in the year/Inventory turnover =365/1.33 =274 days. Its inventory turnover in days ratio is less than the median for the industry is 111 days. So the ratio is weaker than the industry average.

9. Total asset turnover ratio: Indicates the overall effectiveness of the in utilizing its assets to
generate sales. For BEXIMCOPHARMACEUTICALS LTD this ratio for year 2008 is =Net sales/Total assets =4010167059/14819665441 =.270 Its total asset turnover ratio is less than the median for the industry is 1.66. So the ratio is weaker than the industry average.

10. Net profit margin: Indicates the firm profitability after taking account of all expenses and income
taxes. For BEXIMCOPHARMACEUTICALS LTD this ratio for year 2008 is =Net profit after taxes/Net sales =545341273/4010167059 =.135

=13.5% Its net profit margin ratio is greater than the median for the industry is 4 .7. So the ratio is stronger than the industry average.

11. Return on investment: Indicates the profitability on the assets of the firm (after all expenses and
taxes. For BEXIMCOPHARMACEUTICALS LTD this ratio for year 2008 is =Net profit after taxes/Total assets =545341273/14819665441 =.036 =3.6% Its return on investment ratio is weaker than the median for the industry is7.8. So the ratio is weaker than the industry average.

12. Return on equity: Indicates the profitability to the shareholders of the firm (after all expenses and
taxes). For BEXIMCOPHARMACEUTICALS LTD this ratio for year 2008 is =Net profit after taxes/Shareholders equity =545341273/10450202145 =.052 =5.2% Its return on equity ratio is weaker than the median for the industry is14.04%. So the ratio is weaker than the industry average.

Financial statement analysis of 2009:

1. Current Ratio: shows a firms ability to meet current liabilities with its most liquid assets.
For BEXIMCOPHARMACEUTICALS LTD this ratio for year 2009 is = current assets/current liabilities =6916737893/2321451642 =2.98 Its current ratio is greater than the median for the industry of 2.1 so the ratio is stronger than the industry average.

2. Acid-test ratio: Shows a firms ability to meet current liabilities with its most liquid assets. For
BEXIMCOPHARMACEUTICALS LTD this ratio for year 2009 is =Current assets-inventories/current liabilities =6916737893-1722953284/2321451642 =2.23 Its acid-test ratio is greater than the median for the industry of 1.1. So the ratio is stronger than the industry average.

3. Debt to equity ratio: Shows the extent to which the firm is financed by dept. For
BEXIMCOPHARMACEUTICALS LTD this ratio for year 2009 is =Total Debt/Share holders equity =Current liabilities + long term debt/Shareholders equity =1924933065+2321451642/10885706614 =.390 Its debt to equity ratio is less than the median for the industry of .80 So the ratio is weaker than the industry average.

4. Debt to total asset ratio: Shows the percentage of the firms assets that are supported by debt
financing. For BEXIMCOPHARMACEUTICALS LTD this ratio for year 2009 is =Total debt/Total asset =current liabilities + long term debt/Total asset =1924933065+2321451642/19891933422 =.213 Its debt to total asset ratio is slightly less than the median for the industry of .24. So the ratio is approximately equal to the industry average.

5. Interest coverage ratio: Indicates a firms ability to cover interest charges. For
BEXIMCOPHARMACEUTICALS LTD this ratio for year 2009 is =EBIT/Interest charges =867467427/248370850 =3.49

Its interest coverage ratio is less than the median for the industry is 4. So the ratio is weaker than the industry average.

6. Receivable turnover ratio: Indicates quality of receivables and how successful the firm is in its
collection. For BEXIMCOPHARMACEUTICALS LTD this ratio for year 2009 is =Annual net credit sales/Receivables =4868254915/694111730 =7.01 Its receivable turnover ratio is less than the median for the industry is 8.1 So the ratio is weaker than the industry average.

7. Inventory turnover ratio: Indicates the effectiveness of the inventory of the firm. For
BEXIMCOPHARMACEUTICALS LTD this ratio for year 2009 is =Cost of goods sold/Inventories =2566206626/1722953284 =1.489 Its inventory turnover ratio is less than the median for the industry is 3.3. So the ratio is weaker than the industry average.

8. Inventory turnover in days: indicates how many days on average before inventory is turned into a
account receivable through sales. For BEXIMCOPHARMACEUTICALS LTD this ratio for year 2009 is =Days in the year/Inventory turnover =365/1.487 =245 days. Its inventory turnover in days ratio is greater than the median for the industry is 111 days. So the ratio is weaker than the industry average.

9. Total asset turnover ratio: Indicates the overall effectiveness of the in utilizing its assets to
generate sales. For BEXIMCOPHARMACEUTICALS LTD this ratio for year 2009 is =Net sales/Total assets =4868254915/19891933422 =.244 Its total asset turnover ratio is less than the median for the industry is 1.66. So the ratio is weaker than the industry average.

10. Net profit margin: Indicates the firm profitability after taking account of all expenses and income
taxes. For BEXIMCOPHARMACEUTICALS LTD this ratio for year 2009 is =Net profit after taxes/Net sales =624740307/4868254915 =.128 =12.8% Its net profit margin ratio is greater than the median for the industry is 4 .7%. So the ratio is stronger than the industry average.

11. Return on investment: Indicates the profitability on the assets of the firm (after all expenses and taxes. For BEXIMCOPHARMACEUTICALS LTD this ratio for year 2009 is
=Net profit after taxes/Total assets =624740307/19891933422 =.031 =3.10% Its return on investment ratio is weaker than the median for the industry is7.8 So the ratio is weaker than the industry average.

12. Return on equity: Indicates the profitability to the shareholders of the firm (after all expenses and
taxes). For BEXIMCOPHARMACEUTICALS LTD this ratio for year 2009 is =Net profit after taxes/Shareholders equity =624740307/10885706614 =.057 =5.7% Its return on equity ratio is weaker than the median for the industry is14.04%. So the ratio is weaker than the industry average.

Financial statement analysis of 2007:

1. Current Ratio: shows a firms ability to meet current liabilities with its most liquid assets.
For BEXIMCOPHARMACEUTICALS LTD this ratio for year 2007 is = current assets/current liabilities =2923775458/1627972936 =1.79 Its current ratio is lower than the median for the industry of 2.1 so the ratio is weaker than the industry average.

2. Acid-test ratio: Shows a firms ability to meet current liabilities with its most liquid assets. For
BEXIMCOPHARMACEUTICALS LTD this ratio for year 2007 is =Current assets-inventories/current liabilities =2923775458-1652480291/1627972936 =.78 Its acid-test ratio is lower than the median for the industry of 1.1 So the ratio is weaker than the industry average.

3. Debt to equity ratio: Shows the extent to which the firm is financed by dept. For
BEXIMCOPHARMACEUTICALS LTD this ratio for year 2007 is =Total Debt/Share holders equity =Current liabilities + long term debt/Shareholders equity =1776449778+1627972936/8250939647 =.41 Its debt to equity ratio is less than the median for the industry of .. So the ratio is weaker than the industry average.

4. Debt to total asset ratio: Shows the percentage of the firms assets that are supported by debt
financing. For BEXIMCOPHARMACEUTICALS LTD this ratio for year 2007 is =Total debt/Total asset =current liabilities + long term debt/Total asset =1776449778+1627972936/11953418940

=.28 Its debt to total asset ratio is slightly greater than the median for the industry of .24. So the ratio is approximately equal to the industry average.

5. Interest coverage ratio: Indicates a firms ability to cover interest charges. For
BEXIMCOPHARMACEUTICALS LTD this ratio for year 2007 is =EBIT/Interest charges =399677667/222581780 =1.79 Its interest coverage ratio is less than the median for the industry is 4. So the ratio is weaker than the industry average.

6. Receivable turnover ratio: Indicates quality of receivables and how successful the firm is in its
collection. For BEXIMCOPHARMACEUTICALS LTD this ratio for year 2007 is =Annual net credit sales/Receivables =3597024812/499680792 =7.19 Its receivable turnover ratio is less than the median for the industry is 8.1 So the ratio is weaker than the industry average.

7. Inventory turnover ratio: Indicates the effectiveness of the inventory of the firm. For
BEXIMCOPHARMACEUTICALS LTD this ratio for year 2007 is =Cost of goods sold/Inventories =1967509975/1652480291 =1.19 Its inventory turnover ratio is less than the median for the industry is 3.3. So the ratio is weaker than the industry average.

8. Inventory turnover in days: indicates how many days on average before inventory is turned into a
account receivable through sales. For BEXIMCOPHARMACEUTICALS LTD this ratio for year 2007 is =Days in the year/Inventory turnover =365/1.19 =306.7 days.

Its inventory turnover in days ratio is greater than the median for the industry is 111 days. So the ratio is weaker than the industry average.

9. Total asset turnover ratio: Indicates the overall effectiveness of the in utilizing its assets to
generate sales. For BEXIMCOPHARMACEUTICALS LTD this ratio for year 2007 is =Net sales/Total assets =3597024812/11953418940 =.30 Its total asset turnover ratio is less than the median for the industry is 1.66 So the ratio is weaker than the industry average.

10. Net profit margin: Indicates the firm profitability after taking account of all expenses and income
taxes. For BEXIMCOPHARMACEUTICALS LTD this ratio for year 2007 is =Net profit after taxes/Net sales =353067878/3597024812 =.098 =9.8% Its net profit margin ratio is greater than the median for the industry is 4 .7%. So the ratio is stronger than the industry average.

11. Return on investment: Indicates the profitability on the assets of the firm (after all expenses and taxes. For BEXIMCOPHARMACEUTICALS LTD this ratio for year 2007 is
=Net profit after taxes/Total assets =353067878/11953418940 =.029 =2.9% Its return on investment ratio is weaker than the median for the industry is7.8 So the ratio is weaker than the industry average.

12. Return on equity: Indicates the profitability to the shareholders of the firm (after all expenses). For
BEXIMCOPHARMACEUTICALS LTD this ratio for year 2007 is =Net profit after taxes/Shareholders equity =353067878/8250939647

=.043 =4.3% Its return on equity ratio is weaker than the median for the industry is14.04% so the ratio is weaker than the industry average.

ZXNBUZIHBXUI
1. Current Ratio: Year Ratio (Beximco) Industry Average 2009 2.98 2.10 2008 1.099 2.10 2007 1.79 2.10 Analysis: In current ratio we see that in 2007 and 2008 the ratio is below the industry average. In 2009 it is gradually increasing. 2. Acid-test Ratio: Year Ratio (Beximco) Industry Average 2009 2.23 1.1 2008 .521 1.1 2007 .78 1.1 Analysis: In Acid test ratio we see that in 2007 and 2008 the ratio is below to the industry average. In 2009 it is increasing. 3. Debt to Equity Ratio: Year Beximco Industry Average 2009 .39 .80 2008 .38 .80 2007 .42 .80 Analysis: In debt to equity ratio we find the ratio is in 2007, 08, 09 the ratio is below to the industry average. So the company has to increase the ratio. 4. Debt to Total Asset Ratio: Year Beximco Industry Average 2009 .213 .24 2008 .273 .24 2007 .28 .24 Analysis: In debt to total asset ratio we find that the ratio is fluctuating to the industry average. The company should build a stable ratio.

5. Interest Coverage Ratio: Year Beximco Industry Average 2009 3.49 4 2008 3.33 4 2007 1.79 4 Analysis: In interest coverage ratio we find that in 2008 and 2009 the ratio is close to the industry average. So, in this case the company is at a good position. 6. Receivable Turnover Ratio: Year Beximco Industry Average 2009 7.01 8.1 2008 7.95 8.1 2007 7.19 8.1 Analysis: In receivable turnover ratio we find that the ratio is almost close to the industry average. So, in this case the company is at a good position. 7. Inventory Turnover Ratio: Year Beximco Industry Average 2009 1.489 3.33 2008 1.33 3.33 2007 1.11 3.33 Analysis: In inventory turnover ratio we find that the ratio is very low to the industry average. So the company should increase the inventory turnover ratio. 8. Inventory Turnover In days: Year Beximco Industry Average 2009 245 111 2008 274 111 2007 306 111 Analysis: In inventory turnover in days we see that the average is decreasing but higher to the industry average. So the company should reduce its average days. 9. Total Asset Turnover Ratio: Year Beximco Industry Average 2009 .244 1.66 2008 .27 1.66 2007 .30 1.66 Analysis: in total asset turnover ratio we find that the ratio is fluctuating and below the industry level. So the company should increase the ratio.

10. Net Profit Margin: Year Beximco Industry Average 2009 12.8% 4.7% 2008 13.5% 4.7% 2007 9.8% 4.7% Analysis: In net profit margin ratio we find that all the ratios are greater than the industry level. So the company should sustain the growth. 11. Return on Investment: Year Beximco Industry Average 2009 3.1% 7.8% 2008 3.6% 4.7% 2007 2.9% 4.7% Analysis: In return on investment ratio we find that in 2007, 2008 and 2009 all the ratios are below to the industry average. So the company should make it sure that it will invest in the profitable sector. 12. Return on Equity: Year Beximco Industry Average 2009 5.7% 14.04% 2008 5.2% 14.04% 2007 2.7% 14.04% Analysis: In return on equity ratio we find that all the ratios are lower to the industry average. So the company should increase the ratio. 13. Receivable Turnover in Days: Year Beximco Industry Average 2009 52.06 45 2008 45.91 45 2007 50.76 45 Analysis: Receivable Turnover in Days we see that the average decreased in 2008 and increased again in 2009.But in three years they are higher than the industry average. So, the company should reduce its average days.

CONCLUSION
Beximco Pharmaceuticals LTD is a well-established and leading Pharmaceuticals firm of the country. Year over year, Beximco Pharmaceuticals has been able to grow revenues from 34,790 crore taka to 46,150 crore taka. Most impressively, the company has been able to reduce the percentage of sales devoted to cost of goods sold, SGA expenses and income tax expenses. All of these improvements led to a bottom line growth from 4, 435, 3700000 taka to 7810 crore taka. The 3 years financial data show a growing trend of the company. The net profits after tax indicate the companys excellent performance in operation, turnover, management and competitive business statically. As the inventors expectation is to earn more money over their investment. Beximco Pharmaceuticals LTD is playing an important role to set the investors on it.