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Introduction

Company History and Overview:


Beximco Pharmaceuticals Ltd. (Beximco Pharma) belongs to Beximco Group, the
largest private sector industrial conglomerate in Bangladesh which has diversified into
textiles, apparels, pharmaceuticals, ceramics, aviation, real estate, I! " media, and
energ# sectors. $ost of these companies are activel# being traded in the stoc%
exchanges of Bangladesh with a total mar%et capitali&ation of more than '(.)* billion.
Incorporated in the late +,s, Beximco Pharma began as a distributor, importing products
from global $-!s li%e ba#er, German# and .p/ohn, .01 and selling them in the local
mar%et, which were later manufactured and distributed under licensing arrangement.
0ince, then, the /ourne# continued, with a vision to go a long wa# and toda#, Beximco
Pharma is one of the largest exporters of medicines in Bangladesh, winning -ational
2xport ( Gold) roph# for a record three times. Beximco Parma3s manufacturing
facilities have been accredited b# ma/or global regulator# bodies, and it has expanded
its geographic footprint to 4, countries. he compan# has the uni5ue distinction of
being the onl# compan# in Bangladesh to get listed on 1I$ of London stoc% exchange.
Beximco Pharma produces pharmaceutical formulations and active pharmaceutical
ingredients, having a current portfolio of more than 4,, products and dedicated team of
more than 6,*,, emplo#ees. In its long /ourne# over three decades, the simple principle
on which it was fronded remains the same7 producing high85ualit# generics and
providing better access to medicines at a much affordable cost.
In 6,,9 was another successful #ear for Beximco Pharma. In our :, #ears in the
business, we have continues our efforts to meet the strategic goals we set for ourselves,
while at the same time delivered consistent financial performance. he compan# has
achieved this b# sta#ing focused on crating value for all its customers and shareholders.
1fter the 6,,+86,,; political turmoil3s and certain unprecedented events in the countr#
which has seriousl# disrupted our business activities, the compan# showed strong
performance in 6,,9 recovering from its earlier setbac%s. 0ales revenue in the #ear
crossed B< 4.;) billion with a robust growth of more than 6(=. otal pharma mar%et
of the countr# was valued at approximatel# ';,, million and the government has
recentl# declared pharma as a thrust sector owing to its huge export potential.
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Manpower and Management
Corporate Governance:
he !ompan# has a three8tier management structure, comprising the Board of
<irectors, the 2xecutive !ommittee and the $anagement !ommittee. here is also an
1udit !ommittee, constituted in 6,,).
he Board is the highest level of authorit# within the !ompan# comprising mainl# non8
executive directors, none of whom receive directors> remuneration from it. he Board
meets with the 2xecutive !ommittee, comprising six executive directors, twice a #ear
to conduct a full review of the !ompan#>s operations.
Board Details
(. 2xecutive !ommittee
6. $anagement !ommittee
:. 1udit !ommittee
Manufacturing Capabilities
0ituated near <ha%a, the capital cit# of Bangladesh, our manufacturing site extends
over an area of 6: acres. his main site houses manufacturing facilities for producing
various drugs in different strengths and deliver# s#stems such as capsules, tablets,
intravenous fluids, metered dose inhalers, sterile ophthalmic drops, prefilled s#ringes,
dr# powder inhalers, in/ectables and nebuli&er solutions etc. he site has its own utilit#
infrastructure to ensure ade5uate generation and distribution of electricit# with an
installed capacit# of (, $?, in addition to water purif#ing and li5uid nitrogen
generation facilities. he bul% drug unit for producing paracetamol is also located
within this site while the penicillin 1PI and formulation units are situated at @alia%oir, a
few %ilometers from the main site.
$etered <ose Inhaler
Aral 0olid <osage
Aphthalmic
Intravenous Bluid
Li5uid and 0emisolid
Prefilled 0#ringe
<r# Powder Inhaler
L#ophili&ed In/ectable
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trategic !nalysis
Generall# the companies use 0trategic 1nal#sis as a basis for their business strateg#.
he Porter3s Generic 0trategic 1nal#sis maintains a matrix model b# putting
competitive advantage against competitive scope.

"#e Generic trategy t#at Be$imco %ollows:
Beximco Pharma follows cost leadership approach as Beximco Pharma3s main focus is
on cost reduction in ever# activit# in the value chain. It is important to note that a
compan# might be a cost leader but that does not necessaril# impl# that the compan#>s
products would have a low price. Beximco Pharma has differentiated itself b# offering
generic drugs at the most affordable price. he !ompan# is ideall# positioned as a
contract manufacturing partner for clients from developed mar%ets with its cost and
s%ill advantages along with a long trac% record of wor%ing with global $-!s.
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'ndustry !nalysis of Be$imco (#arma
Competitive force: ) *ivalry among e$isting firms
'ndustry Growt# *ate: Beximco pharmaceutical is the accelerated medicine compan#
in the pharmaceutical industr# in Bangladesh. he compan# has grown mar%et share b#
ta%ing share awa# from other pla#ers .he# involve with export processing in 6,,* and
has able to grab mar%et share than incumbent firms. he Pharma 1I<0 is the lower
competitors in the industr# and still the# could not able to capture mar%et share for the
strong existing firms. 1s a result, price wars the firms in the industr#. 0tagnant firm3s
gains higher profit than that the incumbent firms.
Concentration and balance of competitors: he number of the industr# and their
relative si&e determines the degree concentration in an industr#. Beximco pharma,
05uire Pharma etc are the largest compan# and leading position at the present time.
he# produce in a large scale and ultimatel# the# are able to cut the price of the
products. 0o small competitors can not able reduce the price then the# have to follow
the largest firms pricing strateg# and rules. 1s a result price wars among the existing
firms. But when the Beximco fights against the 05uare pharma then there are no
destructive price competitions among them.
Degree of differentiation and switc#ing cost : Beximco pharma produces the various
t#pes products .he compan# more emphasis on some important matters such as
dimension of the product form, features, performance , conformance , durabilit# ,
reliabilit# as well as service dimension such as order ease deliver#, installation
customer consulting and others. B# considering this the compan# has able to
differentiate the products in the mar%et. Price is also important issues for switching
cost .0ometimes switching cost is high for customer lo#alt# .Bor example, sometimes
the doctor prescribes to their patient according to the choice of his own and select the
brand name for purchasing the products .0o that ,switching cost determines the
customers propensit# to move from one to another.
+$cess capacity and +$it barriers: Beximco pharmaceutical Ltd. has able to fulfill
the huge customer demands and also earn abnormal profit .0o there is a good advantage
for the compan# to cut prices to fill capacit#. Government rules and regulations create
the barriers to excess capacit# for a firm but when a firm enters into the industr# the#
can never leave from the industr# as li%e. he# must bind to follow to the government
polic# for continuing their business operation.
Page ),
Competitive %orce -: "#reat of .ew +ntrants
Beximco Pharmaceuticals Ltd is earning abnormal profit. 1s we %now the potential for
earning abnormal profit attracting new entrants to an industr#. Beximco
Pharmaceuticals Ltd has alread# established in the mar%et.
+conomics of scale7 Beximco Pharmaceuticals Ltd has listed in (9;). 0o, Beximco
Pharmaceuticals Ltd gets large cost advantage and facilit# from government. An the
other hand, Beacon Pharmaceuticals Limited face the choice of having either to invest
in a large capacit# which might not be utili&ed right awa# or to enter with less than the
optimum capacit# and Beacon Pharmaceuticals Limited or Pharma 1ids are at least
initiall# suffer from cost disadvantage in competing with Beximco Pharmaceuticals
Ltd.
%irst Mover !dvantage: Beximco Pharmaceuticals Ltd. 05uare Pharmaceuticals Ltd.
alwa#s get the first mover advantage because it has alread# set industr# standards and
enter into exclusive arrange meets with suppliers of cheap raw materials as well as tax
advantages. Beximco pharma leads all over the countr#. An the other hand, the new
entrants firm doesn3t get these t#pes of facilities. Birst mover advantages are also li%el#
to be large when there are significant switching costs for customers once the# start
using existing products.
!ccess to c#annels of distribution and relations#ips: Beximco Pharmaceuticals Ltd.
has a limited capacit# and Beximco Pharmaceuticals Ltd. and 05uare Pharmaceuticals
are famous compan#. <istributors can easil# sell their product to the customer.
0imilarl#, new consumer goods manufacturers find it difficult to obtain value of the
mar%et and it is difficult to ma%e relationship with the customers.
Competitive %orce /: "#reat of ubstitute (roduct
Celevant substitutes are not necessar# for those that have the same form as the existing
products, but those that perform the same function.
Bor example, Beximco Pharma produces different products. -apa is one of them for
reducing the fever. An the other hand 05uare pharmaceuticals also produce 1!2 for
reducing the fever. But the price of this product is almost same of these companies. 0o,
customer bu#s sometimes -1P1 and sometimes 1!2. It3s a threat for the Beximco
Pharmaceuticals Ltd. Daving the reputation and goodwill of the compan# is leading
position among the pharmaceutical companies.
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Competitive %orce 0: Bargaining (ower of Buyers
(rice ensitivity: Bu#ers are more prices sensitive when the product is undifferentiated
but in the Beximco pharma there is no undifferentiated products. ?hen the products are
undifferentiated there is low switching cost here. Beximco pharma has so man#
products such as -apa 2xtra,Aseltamivir, <ecomit, -itrosol, Bexi
gold,<exiten,1tri&in,-apa <,Cas,0aritene,-itaxide, E8Cespria (, 6 etc all products
Price are fixed. ?e %now that in the field of medicine site bu#er feel reluctant to
bargain.
*elative Bargaining (ower: Daving the fixed Price of Beximco Parma3s product so
the bu#ers in the mar%et have no abilit# to bargain. he# feel interest to bu# on the
showing price.
Competitive %orce 1: Bargaining (ower of uppliers

Beximco Pharmaceuticals Ltd as supplier has a strong bargains power in
Pharmaceuticals Ltd companies. Because we have some uni5ue features thus ma%e us
uni5ue. ?e have IF fluid manufacturing plant, $<I plant and Aral solid dosage (A0<)
plant.
Beximco Pharmaceuticals Ltd have supported b# own3s bac%ward and forward
integration. Because Beximco pharma have a own paper printing machine and plastic
machine. he cover of the medicine is made b# the Beximco plastic industries L<. 0o
it was bac2ward integration of Beximco pharma.
he compan# entered several new mar%ets and currentl# it was global footprint in 4,
countries. It has ta%en aggressive paints to capitali&e on the global generic drug
opportunities with increasing focus on regulated mar%ets of 2., .01 and 1ustralia.
Product registration and distribution center
1ustralia (
1sia +*
$iddle 2ast 66
!entral and Latin 1merica ((
he compan# is independent on the domestic and foreign distribution centre. 0o it is a
forward integration of Beximco Pharmaceuticals Ltd.
.ntil now, Beximco Pharmaceuticals Ltd is the onl# compan# in Bangladesh to
manufacture G1ntiretroviral drugsH compl#ing with the ?DA recommendation
treatment guidelines.
Page )-
Be$imco (#arma
(roforma Balance #eet
%or t#e year -,)- 3 )4
Years 2011 2012 2013 2014 2015 2016
ASSET
Non-Current Assets 15,884,877,780 18349391611 21196411934 24485299294 28284626611 32673608866
Propert#, Plant and 25uipment8 !arr#ing
Falue 15,745,492,625 18189098851 21011938140 24272865194 28039868610 32391488414
Investment in 0hares 3,451,276 3289129.695 3134601.274 2987332.839 2846983.304 2713227.608
Intangible 1ssets 135,933,879 157003630.2 181339192.9 209446767.8 241911016.9 279407224.5
Current Assets 7,148,462,753 11,567,740,747 12,568,663,110 14,003,579,112 15,990,448,478 18,676,897,644
Inventories 2,291,844,631 3336959669 4069197414 4962111993 6050961142 7378739294
0pares " 0upplies 325,881,244 467211972.1 569733511.1 694751618.3 847202774.1 1033106684
1ccounts Ceceivable 978,224,317 1265576866 1543285691 1881932887 2294890318 2798464074
Loans, 1dvances and <eposits 840,320,705 1340548247 1634708238 1993416521 2430837097 2964242008
0hort erm Investment 2,193,423,560 1777931399 2168067513 2643812210 3223950804 3931390720
!ash and !ash 25uivalents 518,768,296 3,379,512,594 2,583,670,742 1,827,553,882 1,142,606,343 570,954,865
"O"!5 !+" 23,033,340,533 29,917,132,358 33,765,075,044 38,488,878,406 44,275,075,089 51,350,506,510
H!*+HO5D+*6 +78'"9 !.D
5'!B'5'"'+
Shareholders' Equity 17,128,128,177 21,521,957,501 23,051,797,651 24,944,095,865 27,269,200,986 30,112,556,589
Issued 0hare !apital 2,517,678,100 2,517,678,100 2,517,678,100 2,517,678,100 2,517,678,100 2,517,678,100
0hare Premium 5,269,474,690 5,269,474,690 5,269,474,690 5,269,474,690 5,269,474,690 5,269,474,690
2xcess of Issue Price over Bace Falue of
G<Cs 1,689,636,958 1,689,636,958 1,689,636,958 1,689,636,958 1,689,636,958 1,689,636,958
!apital Ceserve on $erger 294,950,950 294,950,950 294,950,950 294,950,950 294,950,950 294,950,950
Cevaluation 0urplus 4,615,219,027 4,615,219,027 4,615,219,027 4,615,219,027 4,615,219,027 4,615,219,027
ax8Dolida# Ceserve 0 0 0 0 0 0
Cetained 2arnings 5,889,784,879 7,134,997,776 8,664,837,926 10,557,136,140 12,882,241,261 15,725,596,864
Non-Current Liabilities 3,257,050,368 3,167,760,002 3,144,035,109 3,203,246,615 3,361,810,671 3,639,679,275
Long erm Borrowing8-et off !urrent
$aturit# (0ecured) 1,890,074,651 1,512,059,721 1,134,044,791 756,029,860 378,014,930 0
Bull# !onvertible, *= <ividend, Preference
0hare 0 0 0 0 0 0
Liabilit# for Gratuit# " ?PPB 403,598,795 450,662,201 508,052,852 578,036,884 663,377,693 767,445,059
<eferred ax Liabilit# 963,376,922 1,205,038,081 1,501,937,466 1,869,179,871 2,320,418,048 2,872,234,216
Current Liabilities and Provisions 2,648,161,988 4,665,284,807 6,388,708,406 8,507,053,943 11,101,231,599 14,269,691,805
0hort erm Borrowings 1,642,216,008 2647321428 3228230059 3936608983 4800429337 5853800041
Long erm Borrowing8!urrent $aturit# 363,744,181 378014930.2 378014930.2 378014930.2 378014930.2 378014930.2
!reditors and Ather Pa#ables 523,798,136 689641758.2 840971644.1 1025508241 1250538183 1524947031
1ccrued 2xpense 101,559,917 154235770.7 188080127.3 229351039.1 279678134.6 341048635.5
<ividend Pa#able 1,361,452 316,565,719 703,818,489 1,182,821,295 1,771,381,739 2,491,128,396
Income ax Pa#able 15,482,294 479,505,201 1,049,593,156 1,754,749,455 2,621,189,275 3,680,752,773
TOTAL LIABILITIES 5,905,212,356 7,833,044,810 9,532,743,514 11,710,300,558 14,463,042,270 17,909,371,080
"O"!5 5'!B'5'"'+ !.D
H!*+HO5D+*6 +78'"9 23,033,340,533 29,355,002,311 32,584,541,166 36,654,396,423 41,732,243,257 48,021,927,669
-umber of shares Autstanding 251,767,810 312550198.4 388006816.8 481680352.9 597968778.7 742331835.1
EPS 4.76 4.99253295 4.940874328 4.922976421 4.872604841 4.79987802
Page )/
Be$imco (#arma
(roforma 'ncome tatement
%or t#e year -,)- : )4
2011 2012 2013 2014 2015 2016
.et ales *evenue 7,890,241,843 9,621,618,146 11,732,914,857 14,307,498,900 17,447,030,621 21,275,477,958
!ost of Goods 0old 4,103,709,021 5012452774 6112348331 7453596834 9089158986 11083616798
Gross (rofit 3,786,532,822 4,609,165,372 5,620,566,526 6,853,902,067 8,357,871,635 10,191,861,160
Operating +$penses:
1dministrative 2xpenses 275,201,846 372883450.3 454706236.3 554483609.1 676155390.6 824525927.7
0elling, $ar%eting and
<istribution 2xpenses 1,522,851,278 2041002598 2488865110 3035003258 3700981922 4513098017
(rofit from Operations 1,988,479,698 2,195,279,324 2,676,995,180 3,264,415,199 3,980,734,322 4,854,237,215
Ather Income 340,907,774 378407629.1 420032468.3 466236039.9 517522004.2 574449424.7
Binance !ost 567,645,757 502183476.3 552456121.5 584209888.7 632810132.1 701953517.8
(rofit Before Contribution
to ;((% 1,761,741,715 2,071,503,477 2,544,571,527 3,146,441,350 3,865,446,195 4,726,733,122
!ontribution to ?PPB 83,892,463 47063405.8 57390651.42 69984031.43 85340809.58 104067365.5
(rofit Before "a$ 1,677,849,252 2,024,440,071 2,487,180,875 3,076,457,319 3,780,105,385 4,622,665,757
Income ax 2xpense 479,323,910 464022907.1 570087955 705156299.3 866439819.5 1059563498
current tax 207,549,905 271804248.7 333932497.6 413049604.3 507522410.2 620645782.9
deffered ta$ 271,774,005 241661158.7 296899385 367242404.9 451238177 551816168.2
(rofit !fter "a$
"ransferred to tatement
of C#anges in +<uity 1,198,525,342 1,560,417,164 1,917,092,920 2,371,301,020 2,913,665,565 3,563,102,259
<ividend 251690321.8 315204267.2 387252769.9 479002806 588560444.2 719746656.3
"ransfer to reserve 946,835,020 1,245,212,897 1,529,840,150 1,892,298,214 2,325,105,121 2,843,355,603
Page )0
;!CC
Page )1
Risk-free rate 0.08
Market return 0.268819617
Beta 0.734615611
Cst f e!uit" 0.218709839
Cst f #e$t 0.119093517
%fter ta& 'st f #e$t 0.091796034
(ta) *arket +a)ue f
e!uit"

23,565,467,016.00
Bk +a)ue f #e$t 3,896,034,840
,ei-.t f e!uit" 0.86
,ei-.t f #e$t 0.14
WACC 0.20
#are (rice:
Page )4
Partic!ars 2012 2013 2014 2015 2016 2017
EB/( 2526623548 3039636997 3660667208 4412915517 5324619274
EB/( 01-ta& rate1 1947494918 2342920302 2821603872 3401428975 4104160665
2e3re'iatin 4004291313 531896689.8 614443872.9 709801884.8 819958889.5
Ca3ita) e&3en#iture 2,443,606,226 2,822,839,289 3,260,927,053 3,767,003,417 4,351,619,804
C.an-e in 4,C 1,220,781,679 645,662,418 794,498,568 976,781,465 1,199,937,014
"ree cas#$!%& 7,174,610,779 5,051,993,862 5,902,476,230 6,901,452,812 8,075,802,343 8,237,318,390
Present +a)ue
#is'unt fa'tr 0.83

0.69 0.58 0.48 0.40
Present +a)ue f
free 'as.f)5 5,978,842,315.47

3,508,329,071.1
6 3,415,784,855.49 3,328,246,919.23
3,245,483,837.8
1
Ter'i(a! )a!e 18319400804
E(ter*rise )a!e

37,796,087,803+5
2
Cas# 518,768,296
I(terest,-eari(.
/e-t 3,896,034,840
E0it1 )a!e

34,418,821,259+5
2
2a!e *er s#are 136+71
*atio !nalysis
!= 'nvestment >aluation *atios:
(. <ividend Per 0hare
<ividend per share I
g outstandin shares of -umber
dividend
Year 2007 2008 2009 2010 2011
2i+i#en# 52960181.7 163602381.9 93111046.05 210329761.6 251690321.8
4. f S.ares 114,507,043 125,957,747 151149296 251,767,810 251,767,810
<ividend Per 0hare 0.462505889 1.298867166 0.616020375 0.83541165 0.99969222
'nterpretation7 Anl# in the #ear 6,,; the <ividend Per 0hare was the highest
because of the high (:,=) dividend in that #ear. hen, although <ividend Per 0hare
dropped in the next #ear ((*=), it was increasing from #ear 6,,9 to 6,((.
Page )7
6. <ividend pa#out ratio
<ividend pa#out ratio I
0hare per 2arning
share per <ividend Jearl#
Year 2007 2008 2009 2010 2011
6ear)" 2i+i#en# 3er
s.are 0.462505889 1.298867166 0.616020375 0.83541165 0.99969222
Earnin- 3er S.are 3 4.33 4.13 4.18 4.76
<ividend pa#out ratio 0.15016425 0.299969322 0.149157476 0.199859246 0.21001937
'nterpretation7 Anl# in the #ear 6,,; the <ividend Pa#out Catio was the
highest because of the high (:,=) dividend in that #ear. hen, although
<ividend Per 0hare dropped in the next #ear ((*=), it was increasing from #ear
6,,9 to 6,((.
:. <ividend #ield7
<ividend #ield I
share per price $ar%et
share per <ividend
Year 2007 2008 2009 2010 2011
2i+i#en# 3er s.are 0.462505889 1.298867166 0.616020375 0.83541165 0.99969222
Market 3ri'e 3er s.are 54.85833 104.4917 161.2833 157.70 101.92
<ividend #ield 0.008430914 0.012430342 0.003819492 0.005297474 0.00980892
'nterpretation7 Anl# in the #ear 6,,; the <ividend Jield was the lowest
because of the high $ar%et Price, although the dividend was the highest. hen,
although <ividend Per 0hare dropped in the next #ear ((*=), the <ividend
Jield was increasing from #ear 6,,9 to 6,((.
B= (rofitability *atios:
(. -et Profit $argin(=)7
-et Profit $argin(=) I
Cevenue
income -et
Year 2007 2008 2009 2010 2011
4et in'*e 353,067,878 545,341,273 620740307 1,051,648,808 1,198,525,342
Re+enue 3,597,024,812 4,010,167,059 4868254915 6,490,847,353 7,890,241,843
-et Profit $argin(=)
0.09815553 0.135989665 0.127507766 0.162020265
0.1518997
Page )8
'nterpretation7 here is a stead# growth in the net profit margin as the
compan#3s -et Income and 0ales Cevenue are increasing gracefull# ever# #ear.
6. PK2 ratio7
PK2 ratio I
share per 2arning
share per price $ar%et
Year 2007 2008 2009 2010 2011
$ar%et price per share 54.85833 104.4917 161.2833 157.70 101.92
Earnin- 3er s.are 3 4.33 4.13 4.18 4.76
PK2 ratio 17.81114719 24.13202463 39.05165456 37.72727273 21.4110644
'nterpretation7 here is a diminishing pattern in the PK2 Catio due to the decreasing
$ar%et Price Per 0hare along with the 2arning Per 0hare.
:. Ceturn on 1ssets (CA1)7
Ceturn on 1ssets I
1ssets total 1verage
Income -et
Year 2007 2008 2009 2010 2011
4et /n'*e 353,067,878 545,341,273 620740307 1,051,648,808 1,198,525,342
%+era-e tta) %ssets 11,953,418,940 14,819,665,441 19,891,933,422 21,372,399,509 23,033,340,533
Ceturn on 1ssets 0.029536978 0.036798487 0.03120563 0.049205931 0.05203437
Page )&
'nterpretation7 here is a stead# growth pattern in the Ceturn on 1sset due to the
increasing -et income.
4. Ceturn on 25uit# (CA2)
Ceturn on 25uit# I
25uit# total 1verage
Income -et
Year 2007 2008 2009 2010 2011
4et /n'*e 353,067,878 545,341,273 620740307 1,051,648,808 1,198,525,342
%+era-e tta) E!uit" 8,250,939,647 10,450,202,145 10,885,706,614 15,974,086,451 17,128,128,177
Ceturn on E!uit" 0.042791233 0.052184758 0.057023428 0.065834676 0.0699741
'nterpretation7 here is a Capid !onstant Growth pattern in the Ceturn on 25uit# due
to the increasing -et income, while the 25uit# value did not fluctuate much.
C= 5i<uidity !nd olvency *atios:
Page -,
(. !urrent Catio7
!urrent Catio I
s Liabilitie !urrent
1ssets !urrent
Year 2007 2008 2009 2010 2011
Current %ssets 2,923,775,458 2,861,891,654 6,916,737,893 6,191,667,831 7,148,462,753
Current 7ia$i)ities 1,627,972,936 2,602,032,267 2,321,451,642 2,513,157,232 2,648,161,988
!urrent Catio 1.795960727 1.099867857 2.979488251 2.463700938 2.69940539
'nterpretation7 Brom 6,,; the current ratios were decreased but in 6,,9 it was
increased .Because the current assets were decreased in 6,,; and 6,(, and liabilities
were increased so that the current ratios were decreased. But in 6,,9 and 6,(( the
ratios were increased due to the increasing in current asset. 0o increasing in current
assets help to meet up the current liabilities.
6. <ebt 25uit# Catio7
<ebt 25uit# Catio I
25uit# holders3 0hare otal
<ebt otal
Year 2007 2008 2009 2010 2011
(ta) 2e$t 3,702,479,293 4,369,463,296 9,006,226,808 5,398,313,058 5,905,212,356
(ta) S.are .)#ers8
E!uit" 8,250,939,647 10,450,202,145 10,885,706,614 15,974,086,451 17,128,128,177
<ebt 25uit# Catio 0.44873426 0.418122371 0.827344253 0.337941896 0.34476694
'nterpretation7 Brom the table we can see that the <ebt to 25uit# Catio did not
fluctuated much in the #ear 6,,+,; and 6,(,8((. But it had a massive increase in 6,,9
due to Beximco3s huge debt finance for further growth.
:. Binancial Leverage ratio7
Binancial Leverage ratio I
s liabilitie total 1verage
assets total 1verage
Year 2007 2008 2009 2010 2011
Page -)
%+era-e tta) assets 11,953,418,940 14,819,665,441 19,891,933,422 21,372,399,509 23,033,340,533
%+era-e tta)
)ia$i)ities 3,702,479,293 4,369,463,296 9,006,226,808 5,398,313,058 5,905,212,356
Binancial Leverage
ratio 3.228490423 3.391644336 2.208686706 3.959088567 3.90051012
'nterpretation7 Generall# the Binancial Leverage Catio indicates the Birm3s
dependence on its <ebt Binancing. Brom the table we see, Beximco Pharma3s
<ependenc# on <ebt Binancing has an increasing pattern.
4. <ebt to 1sset ratio7
<ebt to 1sset ratio I
1ssets otal
debt otal
Year 2007 2008 2009 2010 2011
(ta) #e$t 3,702,479,293 4,369,463,296 9,006,226,808 5,398,313,058 5,905,212,356
(ta) %ssets 11,953,418,940 14,819,665,441 19,891,933,422 21,372,399,509 23,033,340,533
<ebt to 1sset ratio 0.309742285 0.294842236 0.452757739 0.252583387 0.25637672
'nterpretation7 <ebt Catio is a financial ratio that indicates the percentage of a
compan#>s assets that are provided via debt. In this case it did not fluctuate much except
in the #ear 6,,9 because of increased debt finance in that #ear.
D= Management +fficiency *atios:
(. Inventor# urnover Catio
Inventor# urnover Catio I
Inventor# 1verage
sold goods of !ost
Year 2007 2008 2009 2010 2011
Cst f -#s s)# 1,967,509,975 2002871181 2566206626 3,317,640,254 4,103,709,021
%+era-e /n+entr" 1,470,152,242 1,505,288,093 1,722,953,284 1,983,809,444 2,291,844,631
Inventor#
urnover Catio 1.338303557 1.330556716 1.489423219 1.672358333 1.79057034
Page --
'nterpretation7 Inventor# turnover is a measure of the number of times inventor# is
sold or used in a time period such as a #ear. Beximco Pharma3s Inventor# urnover
Catio is increasing rapidl# indicating the rapidl# increased use of its inventor#.
6. Ceceivable turnover7
Ceceivable turnover I
s receivable 1verage
0ales 1nnual
Year 2007 2008 2009 2010 2011
%nnua) Sa)es 3,597,024,812 4,010,167,059 4868254915 6,490,847,353 7,890,241,843
%+era-e re'ei+a$)es 499,680,792 503,916,401 694,111,730 821,356,439 978,224,317
Ceceivable
turnover 7.198645354 7.958000674 7.013647378 7.902595079 8.06588193
'nterpretation7 his ratio measures the number of times, on average, receivables (e.g.
1ccounts Ceceivable) are collected during the #ear. Dere Beximco Pharma3s 1KC
collection is stead# over the * #ears.
:. otal 1ssets urnover Catio7
otal 1ssets urnover Catio I
assets total 1verage
Cevenue
Year 2007 2008 2009 2010 2011
Re+enue 3,597,024,812 4,010,167,059 4868254915 6,490,847,353 7,890,241,843
%+era-e tta) assets 11,953,418,940 14,819,665,441 19,891,933,422 21,372,399,509 23,033,340,533
otal 1ssets
urnover
Catio 0.300920166 0.270597678 0.24473513 0.303702322 0.34255743
Page -/
'nterpretation7 $easures the efficienc# of a compan#>s use of its assets in generating
sales revenue or sales income to the compan#. In the face of otal 1sset urnover,
Beximco Pharma has a stead# efficienc# in using their asset to generate Cevenue.
4. Pa#ables turnover7
Pa#ables turnover I
pa#ables trade 1verage
!AG0 or Purchases
Year 2007 2008 2009 2010 2011
Pur'.ases r C9:S 1,967,509,975 2002871181 2566206626 3,317,640,254 4,103,709,021
%+era-e tra#e
3a"a$)es 271,814,118 263,176,822 409,898,122 432,315,660 523,798,136
Pa#ables turnover 7.23843923 7.610363123 6.260596202 7.674115377 7.83452391
'nterpretation7 1 short8term li5uidit# measure used to 5uantif# the rate at which a
compan# pa#s off its suppliers. An the face of it, Beximco Pharma is stead# in repa#ing
its short term debts.
*. ?or%ing capital turnover7
?or%ing capital turnover I
capital wor%ing 1verage
Cevenue
Year 2007 2008 2009 2010 2011
Re+enue 3,597,024,812 4,010,167,059 4868254915 6,490,847,353 7,890,241,843
%+era-e 5rkin-
'a3ita) 2,320,596,318 2,205,590,760 2,625,548,713 3,059,959,766 3,483,670,148
?or%ing capital
turnover 1.550043316 1.818182743 1.854185714 2.121219836 2.2649222
Page -0
Year 2007 2008 2009 2010 2011
Re+enue 3,597,024,812 4,010,167,059 4868254915 6,490,847,353 7,890,241,843
%+era-e 5rkin-
'a3ita) 2,320,596,318 2,205,590,760 2,625,548,713 3,059,959,766 3,483,670,148
?or%ing capital
turnover 1.550043316 1.818182743 1.854185714 2.121219836 2.2649222
'nterpretation7 1 measurement comparing the depletion of wor%ing capital to the
generation of sales over a given period. imes ?or%ing !apital converted into Cevenue
to show how effectivel# a compan# is using its wor%ing capital to generate sales. In this
case Beximco Pharma3s ?or%ing !apital urnover is increasing gentl# over the five
#ears indicating that it is 5uite efficient in manipulating its ?or%ing !apital.
Page -1
Conclusion
Beximco Pharmaceuticals Ltd (BPL) is a leading manufacturer of pharmaceutical
formulations and 1ctive Pharmaceutical Ingredients (1PIs) in Bangladesh. he
compan# is the largest exporter of pharmaceuticals in the countr# and its state8of8the8art
manufacturing facilities are certified b# global regulator# bodies of 1ustralia, Gulf
nations, Bra&il, among others. he compan# is consistentl# building upon its portfolio
and currentl# producing more than 4,, products in different dosage forms covering
broader therapeutic categories which include antibiotics, antih#pertensive, ant diabetics,
antireretrovirals, anti asthma inhalers etc, among man# others. ?ith decades of contract
manufacturing experience with global $-!s, s%illed manpower and proven
formulation capabilities, the compan# has been building a visible and growing presence
across the continents offering high. 2nsuring access to 5ualit# medicines is the powerful
aspiration that motivates more than :,,, emplo#ees of the organi&ation, and each of
them is guided b# the same moral and social responsibilities the compan# values most.
Page -4
!ppendi$
%ormula of Current *atio
Current !sset
Current *atio?33333333333333333333333333333
Current 5iabilities
%ormula of Cas# *atio:
Cas# @!A*
Cas# *atioI888888888888888888888888
Current 5iabilities
%ormula of 7uic2 *atio
!urrent 1sset8 Inventor#
7uic2 *atioI8888888888888888888888888888888888888
!urrent Liabilities
%ormula of "otal !sset "urnover
-et 0ales
T%ta! asset tr(%)er I888888888888888888888888888888888
otal 1sset
%ormula of %i$ed !sset "urnover
-et 0ales
"i3e/ asset tr(%)er I888888888888888888888
Bixed 1sset
Gross (rofit Margin
Gross Profit
4r%ss Pr%$it 5ar.i( I 888888888888888888888
0ales
%ormula of Operating (rofit Margin
93eratin- Profit
O*erati(. Pr%$it 5ar.i( I 888888888888888888888
0ales

%ormula of .et (rofit Margin
4et Prfit Mar-in
6et Pr%$it 5ar.i( I8888888888888888888888888888888
0ales

C!(M? *f @ B*m3*fC D
Coefficient
D ? 3333333333333333333333333
Page -7
>ariance
;!CC? B;dE2dC @ B ;eEFeC
Bibliograp#y
Boo2s
Investment
@rishna G. Palepu, Paul $. Dearl#, Fictor L. Bernard Business 1nal#sis " Faluation
;ebsites:
http7KKwww.beximco8pharma.com
http7KKwww.dsebd.org
http7KKwww.investopedia.comKtermsKwKwacc.asp
http7KKstoc%bangladesh.com
!nnual *eport:
1nnual Ceport of Beximco Pharmaceuticals Ltd. 8,+
1nnual Ceport of Beximco Pharmaceuticals Ltd. 8,;
1nnual Ceport of Beximco Pharmaceuticals Ltd. 8,9
1nnual Ceport of Beximco Pharmaceuticals Ltd. 8(,
1nnual Ceport of Beximco Pharmaceuticals Ltd. 8((

Page -8

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