Ratio Analysis
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.

© All Rights Reserved

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Ratio Analysis
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.

© All Rights Reserved

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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

Forming an overall understating about the financial condition of the company.

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.

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

SL No.

Ratios

Formulas

2010

2011

1.

Current Ratio

Total Current Liabilities

0.96

0.98

2.

Quick Ratio

Total Current Liabilities

0.49

0.48

3.

Ratio

Total Assets

0.032

0.032

4.

Ratio

Total debt

Total Assets

82%

83%

5.

Return on Equity

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%.

SL No.

Ratios

Formulas

2010

2011

1.

Current Ratio

Total Current Liabilities

2.46

2.70

2.

Quick Ratio

Total Current Liabilities

1.67

1.83

3.

Ratio

Total Assets

0.13

0.14

4.

Ratio

Total debt

Total Assets

25%

25%

5.

Times Interest

Earned

Interest expenses

3.67

3.95

6.

Return on Equity

Average share holders Equity

6.58%

7.20%

7.

Return on Assets

Net Profits

Average total Assets

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.

Long Term debt Ratio:

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.

Debt to Total Assets Ratio:

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

North South University

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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.

Return on Total Assets:

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

Total Current Liabilities

2.59

2.05

2.

Quick Ratio

Total Current Liabilities

1.61

.95

3.

Ratio

Total Assets

0.05

0.06

4.

Ratio

Total debt

Total Assets

37%

45%

5.

Return on Equity

Average share holders Equity

29.70%

19.83%

6.

Return on Assets

Net Profits

Average total Assets

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

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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.

Long Term debt Ratio:

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.

Debt to Total Assets Ratio:

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.

Return on Total Assets:

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

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Page 12

SL No.

Ratios

Formulas

2010

2011

1.

Current Ratio

Total Current Liabilities

1.05

.88

2.

Quick Ratio

Total Current Liabilities

0.59

0.49

3.

Ratio

Total Assets

0.18

0.14

4.

Ratio

Total debt

Total Assets

65%

71%

5.

Times Interest

Earned

Interest expenses

1.82

1.81

6.

Return on Equity

Average share holders Equity

5%

5.58%

7.

Return on Assets

Net Profits

Average total Assets

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

Long Term debt Ratio:

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.

Debt to Total Assets Ratio:

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:

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

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 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

Total Current Liabilities

1.11

.73

2.

Quick Ratio

Total Current Liabilities

0.42

0.26

3.

Ratio

Total Assets

0.06

0.05

4.

Ratio

Total debt

Total Assets

42%

49%

5.

Times Interest

Earned

Interest expenses

10.63

7.7

6.

Return on Equity

Average share holders Equity

32.93%

31.48%

7.

Return on Assets

Net Profits

Average total Assets

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.

Long Term debt Ratio:

The ratios for the year 2010 and 2011 are 0.06 and 0.05 respectively. The change is very little in

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.

Debt to Total Assets Ratio:

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.

Times Interest Earned:

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.

Return on Total Assets:

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.

Ratio

Debt to Total Asset

Ratio

Formulas

Total Current Assets

Total Current Liabilities

Total Current Asset Inventory

Total Current Liabilities

Total Long-term liabilities

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

Average share holders Equity

55.50%

52.66%

6.

Return on Assets

Net Profits

Average total Assets

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.

Long Term debt Ratio:

The ratios for the year 2010 and 2011 are 0.04 and 0.03 respectively. The change is very little in

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

Debt to Total Assets Ratio:

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.

Return on Total Assets:

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.

0.04

0.03

4.

53.65%

57.58%

5.

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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