Term Paper on Square Pharmaceuticals Ltd.

Bangladesh

Submitted To

Lecturer : Shahran Abu Sayeed Department of Accounting and Finance

North South University.

Submitted By

Course : Fin 340

Section : 03

Group : 08

Date of Submission: 20th August,2017

Name ID

Jobaer Rahman 1510985030

Taher Alamin 1511550030

Md.Anowarul Islam 1510340630

Shamsul Alam 1410877030

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Acknowledgement

We would like to thank and express our gratitude towards our honorable faculty Mr. Shahran
Abu Sayeed, who helped us tremendously throughout the entire course and helped us to
learn about various aspects of the short term financial management. It wouldn’t be possible
to complete this project without his help and directions. Would also like to thank each and
every member of the group who worked hard relentlessly to accomplish the task and present
the project in a great manner.

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Executive Summary

Square pharmaceuticals Ltd. was established in 1958 and has become one of the top
companies in Bangladesh. The Mission is to produce and provide quality & innovative
healthcare relief for people, maintain stringently ethical standard in business operation also
ensuring benefit to the shareholders, stakeholders and the society at large. They view
business as a means to the material and social wellbeing of the investors, employees and the
society at large, leading to accretion of wealth through financial and moral gains as a part of
the process of the human civilization. In this project the overall financial condition of the
company was measured, accessed and recommendation was given where the company needs
to develop.

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Table of Contents
1. Brief Introduction of Square Pharmaceuticals Ltd ......................................... 7

2. Mission Vision .............................................................................................. 8

3. Credit Policy.................................................................................................. 8

4. Short Term Financing .................................................................................... 8

4.1 Short Term Bank Loan ............................................................................. 8

4.2 Long-Term Loans- Current Position ....................................................... 10

5. Marketable Securities ................................................................................. 10

6. Liquidity Measures ..................................................................................... 12

6.1 Cash Ratio ............................................................................................. 12

6.2 Cash Conversion Period ........................................................................ 13

6.3 Cash Burn Rate ..................................................................................... 14

6.4 Net Liquid Balance ................................................................................ 15

6.5 Days held on inventory ......................................................................... 16

6.6 Day sales outstanding ........................................................................... 17

6.7 Day Payable Outstanding ...................................................................... 18

6.8 Cash Conversion Efficiency .................................................................... 19

7. Solvency Measure ....................................................................................... 20

7.1 Current Ratio ........................................................................................ 20

7.2 Quick Ratio ........................................................................................... 21

7.3 Net working capital ............................................................................... 22

7.4 Working capital requirement ................................................................ 23

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8. Net Present Value ....................................................................................... 24

9. Cash Discount ............................................................................................. 26

10. Conclusion ............................................................................................... 27

11. Appendix.................................................................................................. 28

11.1 Balance Sheet ...................................................................................... 28

11.2 Income Statement ............................................................................... 28

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Brief Introduction of Square Pharmaceuticals Ltd.
Square Pharmaceuticals Ltd. (SPL), the pharmaceutical giant in the country, is a trusted name
in the industry of manufacturing quality medicines for more than four decades. It has today
burgeoned into one of the top line conglomerates in Bangladesh from the inception in 1958.
The flagship company SPL is holding the strong leadership position in the pharmaceutical
industry of Bangladesh and it has been continuously in 1st position among all national and
multinational companies since 1985. Now SPL is on its way to becoming a high performance
global player. SPL made its humble debut as a partnership firm in 1958 with a capital of TK.
55000, a floor space of 3000 square feet, and a team of 12 persons. Its turnover reached the
mark of taka one million within a span of only six years under the farsighted vision of the
management and the dedicated efforts of the company. The number of employees increased
and stood to 50 in 1964 with the growth of the turnover and at this point of time the
partnership firm was transformed into Private Ltd. Company. SPL entered into a technical
collaboration agreement in 1975 with Janssen Pharmaceuticals, Belgium, which is a subsidiary
of Johnson and Johnson International, USA. SPL started to practice Good Manufacturing
Practices (GMP) since its inception as recommended by the World Health Organization
(WHO). In 1982, turnover reached over TK. 240 million, and the payroll increased 400 heads,
and by 1988 SPL’s turnover exceeded half a billion taka and the number of employees to 750.
Presently SPL is exporti8ng its products to Nepal, Myanmar, Pakistan, Sri-Lanka, Cambodia
and Russia. SPL again converted itself into Public Limited Company to sustain in the changed
environment in 1991. It became the first company in Bangladesh to cross the Billion Taka
mark turnover in 1992. It also got its share listed in the Dhaka and Chittagong Stock
Exchanges in 1994. At Present Square is the family of 1321 members. In 1995 with its finished
goods already dominating markets at home and abroad, SPL started production of
pharmaceutical raw materials from its new unit, christened as Square Chemical division. SPL
signed an agreement with M/s Tanvec, UK for the establishment of the second formulation
unit (Pharma II) at Kaliakoir, Gazipur in 1996. This factory was built with a view to get
approval of

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USFDA/MCA and was completed in year 2000. Without doubt the factory helped SPL continue
to command its leadership through the next millennium as well.

1.Mission
The missions of Square Pharmaceuticals Limited are:

• To provide and produce quality and innovative healthcare relief for people.

• Maintain stringently ethical standard in business operation.

• Also ensuring benefit to the shareholders, stakeholders and the society at large.

1. Vision
The vision of Square business is that they view business as a means to the material and social
wellbeing of the investors, employees and the society at large, leading to the accretion of
wealth through financial and moral gains as a part of the process of human civilization.

2. Credit Policy
Square Pharmaceuticals Ltd. didn’t have any credit policy in the year 2011-2015. They might
have several credit policies which they didn’t want to disclose in their financial reports. Since
there were huge volume of account receivables which indicate they have some sort of
policies.

3. Short Term Financing

Square Pharmaceuticals Ltd uses short-term working capital financing from various sources.
The main sources of short term working capital financing used by the company are,

 Short-Term bank loan

 Long-Term Loans-Current Portion

 Trade Creditor

3.1 Short Term Bank Loan

Short term bank loan is a kind of loan which is scheduled to be repaid in less than a year. A
company usually takes this loan in case of they do not qualify for a line credit from a bank.

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Square pharmaceutical Limited takes Short-term bank loan from the following banks:

Types Banks
Short Term Loan Commercial Bank of Ceylon Ltd., Dhaka
Short Term Loan Bank Alfalah Ltd., Dhaka
Cash Credit Janata Bank Ltd., Pabna
Trust Receipt City bank N.A, Dhaka
Trust Receipt Standard Chartered Bank, Dhaka
Trust Receipt Commercial Bank of Ceylon Ltd., Dhaka
Overdraft Eastern Bank Ltd., Dhaka
Trust Receipt ShahjalalIslami Bank Ltd., Dhaka
Trust Receipt HSBC Ltd., Dhaka
Overdraft Pubali Bank Ltd., Dhaka
Overdraft BRAC Bank Ltd., Dhaka
Trust Receipt Trust Bank Ltd., Dhaka
Trust Receipt Bank Asia Ltd., Dhaka
Trust Receipt BRAC Bank Ltd., Dhaka
Overdraft Bank Asia Ltd., Dhaka
Trust Receipt Prime Bank Ltd., Dhaka
Overdraft Sonali Bank Ltd., Mohakhali Branch, Dhaka-
Secured by FDR
Overdraft Janata Bank Ltd., Maizdee Court Corporate
Br., Noakhali- Secured by FDR
Overdraft Janata Bank Ltd., Foreign Exchange
Corporate Br., Sylhet- Secured by FDR
Overdraft Janata Bank Ltd., Mimi Super Market Br,
Chittagong- Secured by FDR
Overdraft Janata Bank Ltd., Mohakhali Corporate Br.,
Dhaka- Secured by FDR

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Among these short term bank loans, the loans of Janata Bank Ltd. are secured by registered
mortgage and other loans are secured against pledge and hypothecation of stocks and
book debts.
3.2 Long-Term Loans- Current Position
The current portion of long term debt is the amount of principal that will be due within one
year of the date of the balance sheet. Square Pharmaceutical Limited takes Long-Term loan
Current Portion from the following banks:

(a)Standard Chartered Bank, Dhaka

(b) Trust Bank Ltd., Dhaka
(c) HSBC Ltd., Dhaka
(d) DEG, Germany
(e) Minimum Lease Payments
(f) Brac Bank Ltd, Dhaka

4. Marketable Securities
Marketable securities are financial instruments that can be easily converted to cash. These
are the securities or debts that are to be sold or redeemed within a year. Some marketable
securities are government bonds, common stock or certificates of deposit.

Square pharmaceutical Limited has many investments in the marketable securities. Those
Investment are:
1st ICB Mutual Fund 6 First Security Bank Ltd.

2nd ICB Mutual Fund Social Islami Bank Ltd

3rd ICB Mutual Fund Pioneer Insurance Co Ltd.

4th ICB Mutual Fund National Housing Finance

5th ICB Mutual Fund Power Grid

6th ICB Mutual Fund Al-ArafahIslami Bank Ltd.

7th ICB Mutual Fund Argon Denims Ltd.

8th ICB Mutual Fund Bangladesh Building System

IBBL MP Bond Malek Spinnings Ltd.

Islami Bank Ltd RAK Ceramics (BD) Ltd.

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Padma Oil United Air Ltd.

Shahjalal Islami Bank Ltd. Saiham Cot Ltd.

Titas Gas TDCL GPH Ispat Ltd.

Uttara Bank Ltd Jamuna Oil

Meghna Petroleum Makson Spinning

Usmania Glass LafurgeSurma

EXIM Bank Ltd. Pragati Insurance

ACI Square Textiles Ltd

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The mentioned investments in marketable securities designated as available for sale by the
management. These are measured at fair value being non-current assets. Unrealized gain/
(loss) has been recognized as other comprehensive income.

In 2011 Square Pharmaceuticals Limited had 521,300,555 taka amount of share, in 2012 they
had 695,037,397 taka amount of share, in 2013 they had 589,313,880 taka amount of share,
in 2014 they had 844,360,472 taka amount of share, and in 2015 they had 879,249,484.

5. Liquidity Measure
Liquidity measures the company’s ability to pay off short term debt obligation. We need to
calculate some ratios for measuring liquidity.

5.1 Cash Ratio

Cash ratio provides the portion of asset held in cash. Higher cash ratio means firms improve
ability to meet uncertain condition in product market and border market. It is the key measure
used to assess the corporate liquidity.

Year 2011 2012 2013 2014 2015

Cash Ratio .01904 .02735 .03976 .081459 .11060

Cash Ratio
0.110601243
0.081459705

0.039765522
0.027357423
0.019044124

1 2 3 4 5
Year

(Here 1, 2,3,4,5 represent the year 2011, 2012,2013,2014,2015 respectively)

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Time Series analysis
From the above chart, we can see that cash ratio of Square Pharmaceuticals Limited is
increasing from the year 2011 to 2015. That means Square Pharmaceuticals Limited had
improved ability to meet uncertain condition in product market and border market. But it also
increased high cash holding agency and opportunity costs. So it will be better for them, if they
maintain higher cash to cover their operation.

5.2 Cash Conversion Period

Cash conversion Period (CCP) represents the length of time over which management arranges
for non-spontaneous financing. Higher Cash Conversion Period increase financial resources
and reduce liquidity. On the other hand, Less Cash Conversion Period increase liquidity.

Year 2011 2012 2013 2014 2015

Cash Conv. 106.606 90.538 101.752 40.752 92.466

Period(days)

Cash Conversion Period

106.6065701
101.7523395
90.53843105 92.4669123

40.75296765

1 2 3 4 5
Year

(Here 1, 2,3,4,5 represent the year 2011, 2012,2013,2014,2015 respectively)

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Time series Analysis
From the above chart, we can see that Square Company’s Cash Conversion Period decreased
in 2012 from 106.606 to 90.538 but again it increased in 2013 from 90.538 to 101.752. And
then decreased again in 2014 from 101.752 to 40.752 and increased again in 2015 from
40.753 to 92.467. So, based on this data we can say that Square Company have overall good
credit policy and relatively small inventory holdings, which is good for them.

5.3 Cash Burn Rate

Cash burn rate means the number of days of COGS that firm can fund with cash without
receiving additional cash inflows or external financing. Increase in Cash burn rate reduces
liquidity. In contrast, decrease in Cash Burn Rate increases liquidity.

Year 2011 2012 2013 2014 2015

Cash Burn 17.54 23.36 33.28 60.906 95.071

Rate (days)

Cash Burn Rate

95.0719468

60.90617891

33.2889522
23.36860158
17.54492317

1 2 3 4 5
Year

(Here 1, 2,3,4,5 represent the year 2011, 2012,2013,2014,2015 respectively)

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Time series Analysis
From the above chart, it is clear that Square Company’s cash burn rate was increasing year to
year that means its reduced liquidity. In 2011, there is only enough cash on hand to fund 17.54
days of COGS, and in 2012, square had enough cash on hand to fund 23.36 days of COGS. In
2013 square had enough cash to fund 33.28 days of COGS. In 2014, square had enough cash
on hand to fund 60.91 days of COGS and in 2015, square had enough cash on hand to fund
95.07 days of COGS without receiving additional cash inflows or external financing.

5.4 Net Liquid Balance

A measure that examine a company's net liquid financial assets. The net liquid assets how
much of a company's liquid assets would be left if all current liabilities were paid off.

Year 2011 2012 2013 2014 2015

Net Liquid -2257182109 -1650575689 -369640507 2031612470 N\A

Balance

Net Liquid Balance

2031612470

1 2 3 4
-369640507

-1650575689
-2257182109
Year

(Here 1, 2,3,4 represent the year 2011, 2012,2013,2014 respectively)

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Time series Analysis
From the above chart, it is clear the net liquid balance of Square is increasing per year which is
a good sign for the company. In 2011, the net liquid balance was -2257182109, it became
-1650575689 in 2012, again in 2013 it improved to -369640507 but in 2014, it became
2031612470 which is very good for the company. Clearly, having the cash in hand to pay off
debts is an advantage to borrowers and soothing to lenders. Thus, analysts use net liquid
assets as a very stringent test of how well a company can meet its short-term debt obligations.

5.5 Days held on inventory

The days' held on inventory means the average number of days that it take to sell the average
inventory held during the specified one-year period. We can also think of it as the number of
days of sales that was held in inventory during the specified year.

Year 2011 2012 2013 2014 2015

DIH(days) 120.4253 107.0171 89.3868 77.0814 80.8533

Days Inventory Held

120.4253716
107.0171922
89.38683842
77.08147391 80.85338501

1 2 3 4 5
Year

(Here 1, 2,3,4,5 represent the year 2011, 2012,2013,2014,2015 respectively)

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Time series Analysis
By analyzing the graph, we can see that Days inventory held was decreasing from the year
2011 to 2014, but in 2015 it again increased by some amount. The lower the days inventory
held ratio is, the better it is for the company. Square was trying to reduce the days inventory
held and they were also doing great until 2014, but in 2015 they again ended up with an
increasing days inventory held. Since the inventory turnover ratio refers to the average
amount of inventory during the year, and since sales usually fluctuate during the year, the
days' sales in inventory is an approximation.

5.6 Day sales outstanding

Days sales outstanding (DSO) is a measure of the average number of days that a company
takes to collect revenue after a sale has been made. DSO is often determined on a monthly,
quarterly or annual basis. DSO is calculated by dividing the amount of accounts receivable
during a given period by the total value of credit sales during the same period, and multiplying
the result by the number of days in the period measured.

Year 2011 2012 2013 2014 2015

DSO(days) 20.9282 18.3770 16.2786 12.0258 12.2358

Days Sales Outstanding

20.92828354
18.37709984
16.27862768
12.02582077 12.23584519

1 2 3 4 5
Years

(Here 1, 2,3,4,5 represent the year 2011, 2012,2013,2014,2015 respectively)

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Time series Analysis
From the above graph we can see that, the DSO is decreasing from year to year. In 2011 it was
20.92 days, in 2012 it was reduced to 18.37 days, again in 2013 it was reduced to 16.27 days,
in 2014 it was 12.02 days and finally in 2015 it was decreased to 12.23 days. A low DSO value
means that it takes a company fewer days to collect its accounts receivable. A high DSO shows
that the company is selling its product to customers on credit and taking longer to collect
money.

5.7 Day Payable Outstanding

Days payable outstanding (DPO) is a company's average payable period. DPO tells how long it
takes a company to pay its invoices from trade creditors, such as suppliers. DPO is typically
looked at either quarterly or yearly.

Year 2011 2012 2013 2014 2015

DPO(days) 34.7470 34.8558 3.9131 48.3543 .62231

Days Payable Outstanding

48.35432703

34.74708508 34.85586096

3.913126641
0.622317901

1 2 3 4 5
Year

(Here 1, 2,3,4,5 represent the year 2011, 2012,2013,2014,2015 respectively)

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Time series Analysis
In 2011 and 2012 the days payable outstanding was almost same, in 2011 it was 34.7470 and
in 2012 it was 34.8558 days. But in 2013 it reduced magnificently to just 3.91 days. But again,
it increased to 48.3543 days in 2014 and in 2015 it went down to just .62231 days. By seeing
the variety in the graph, we can conclude that the DPO for the Square is very unstable. They
should manage the DPO. Managing the DPO is very important for any company. Companies
must strike a delicate balance with DPO. The longer they take to pay their creditors, the more
money the company has on hand, which is good for working capital and free cash flow. But if
the company takes too long to pay its creditors, the creditors will be unhappy. They may
refuse to extend credit in the future, or they may offer less favorable terms. Besides, because
some creditors give companies a discount for timely payments, the company may be paying
more than it needs to for its supplies. If cash is tight, however, the cost of increasing DPO may
be less than the cost of foregoing that cash earlier and having to borrow the shortfall to
continue operations.

5.8 Cash Conversion Efficiency

Cash conversion efficiency is the proportion of sales that yield operating cash flow. That is,
how much of the revenues are getting converted into operating cash flow.

Year 2011 2012 2013 2014 2015

Cash 0.552230991 0.322763778 0.520462514 0.614518377 3.209498776

Conversion
Efficiency

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 Cash Conversion Efficiency
3.5
3
2.5
2
1.5
1
0.5
0
1 2 3 4 5
Year

(Here 1, 2,3,4,5 represent the year 2011, 2012,2013,2014,2015 respectively)

Time Series Analysis

The cash conversion efficiency of the square pharmaceuticals increased every year except for
a slight decrease to .322763 in the year 2012. It indicates that they are doing well in
converting their revenues into operating cash flow. In 2015, the cash conversion efficiency
increased to a significant number of 3.209498776. This shows that the company was not
facing any problem with their credit policy and that they are maintaining their inventory
holdings well.

6. Solvency Measure
We need to calculate 4 things in order to measure the solvency. Those 4 things are current
ratio, quick ratio, net working capital and working capital requirement.

6.1 Current Ratio

Current ratio indicates the level of coverage provided to the short term creditors with respect
to the level of current asset. It gives us an idea about company’s ability to pay off their
liabilities. If the value of current ratio exceeds 1 that means the current asset exceeds
liabilities.

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 Year 2011 2012 2013 2014 2016

Current 1.504 1.586 1.581 3.131 3.818

Ratio

Current Ratio
3.818007502
3.131867616

1.504269257 1.586082847 1.581224832

1 2 3 4 5
Year

(Here 1, 2,3,4,5 represent the year 2011, 2012,2013,2014,2015 respectively)

Time series Analysis

From the above graph, we can see that the current ratio of Square Company is increasing year
to year. In 2011, the current ratio was 1.504, and then it increased to 1.586 from 1.504 in year
2012. It continued to remain constant during 2013. Again, in year 2014 it increased from the
3.131 to 1.586. Thus, it continued increasing in 2015 as well, it increased to 3.818 from 3.132.
It indicates Square’s ability to pay off their liability rapidly. Upward trends indicate positive
solvency of Square Company. It means, the current assets exceeded the current liabilities
every year, which is very good for Square Pharmaceuticals Ltd.

6.2 Quick Ratio

Quick ratio shows the least liquid current asset. It means that how first the asset can be
quickly converted into cash that are sufficiently cover to current liabilities.

Year 2011 2012 2013 2014 2014

Quick Ratio .847 .79079 .669 1.675 2.255

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 Quick Ratio
2.255901583

1.675529852

0.847552246 0.790711447
0.669912826

1 2 3 4 5
Year

(Here 1, 2,3,4,5 represent the year 2011, 2012,2013,2014,2015 respectively)

Time series Analysis:

By analyzing the above chart, we can see that quick ratio of Square Company was falling from
the year 2011 to 2013. But in 2014, it increased to 1.67 from .669. In 2015, the quick ratio
increased to 2.255 from 1.67. During the year 2011 to 2013 indicates that firms had lower
liquidity to pay off their liabilities but 2014 and 2015 indicates that company could pay off
their liability rapidly. So, it is clear that Square is trying to increase the quick ratio.

6.3 Net working capital

Net working capital (NWC) shows the difference in Current asset and current liabilities.
Positive NWC indicates that long term fund finance with current asset and negative NWC
indicates that firm finance long term asset with current liabilities.

Year 2011 2012 2013 2014 2015

NWC 2354024414 2492572163 2204259289 5104836155 7183152033

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 Net Working Capital
7183152033

5104836155

2354024414 2492572163 2204259289

1 2 3 4 5
Year

(Here 1, 2,3,4,5 represent the year 2011, 2012,2013,2014,2015 respectively)

Time series analysis

From the above chart, we can see that NWC of Square Company was increasing from year to
year except for 2013. So from 2011 to 2012 NWC was increasing from 2354024414 to
2492572163 that means that square company’s long term funds were financed with current
assets. But it was less in 2011 and 2013. In 2014, NWC was 5104836155 and in 2015, it
increased to 7183152033 from 5104836155, which indicates that Square has higher NWC,
which is good for the company.

6.4 Working capital requirement

WCR is the difference between current operating asset and operating liabilities. These
accounts represent the firm spontaneous source of fund. Increasing working capital means
they need additional financing and negative indicates that provides financing for long term
asset.

Year 2011 2012 2013 2014 2015

Working 3025321951 3201027391 3974202817 2516357601 4807899963

Capital
Requirement

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 Working Capital Requirements
4807899963
3974202817

3025321951 3201027391
2516357601

1 2 3 4 5
Year

(Here 1, 2,3,4,5 represent the year 2011, 2012,2013,2014,2015 respectively)

Time series Analysis

From the above chart, we can see that the WCR of square company was increasing from the
year 2011 to 2013. But in 2014, it decreased to 2516357601 from 3974202817. Then it
increased again in 2015 to 4807899963. These indicate that except for 2014, the working
capital cycle needed additional financing during the other years for Square Pharmaceuticals
Ltd.

7. Net Present Value

Taking the necessary values (COGS, DPO, DIH) from the excel worksheet and assuming that,
i= 10% we calculated the NPV of square pharmaceuticals (2011-15) using the following
formula.

NPVD

NPVperp

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Year 2011 2012 2013 2014 2015

NPVD 14639198.3 1651064.08 45030298.37 58726842.99 30382834.66

NPVperp 53433073795 6026383892 164360583050 214352976913 110897346509

NPVD
60,000,000.00
50,000,000.00
40,000,000.00
30,000,000.00
20,000,000.00
10,000,000.00
0.00
1 2 3 4 5
Year

NPVperp
250,000,000,000.00

200,000,000,000.00

150,000,000,000.00

100,000,000,000.00

50,000,000,000.00

0.00
1 2 3 4 5
Year

(Here 1, 2,3,4,5 represent the year 2011, 2012,2013,2014,2015 respectively)

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 8. Cash Discount
We didn’t find any mention of cash discount which is offered by the company after going
through the entire financial reports of Square Pharmaceuticals Ltd. from the year 2011-2015.
One of the reason of that may be it didn’t want to disclose their credit policy to their
competitors. But it is our recommendation that they should offer cash discount to their
customer because it will help the company to collect their receivables more efficiently. As a
result the company will be able to overcome bad debt and it will decrease the default risk. At
the time of measuring the solvency, we saw that the cash and quick ratio of the company is
not stable and a better collection of the receivables will enhance the overall liquidity of the
company, which in turn will increase the value of the company. So after our overall analysis
we recommend that the company should offer a cash discount within the first 5-10 days. As a
result the company will see higher liquidity which will increase the overall financial capability
of the company. It will also increase the value of Square Pharmaceuticals Ltd in the market.

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 9. Conclusion
Square Pharmaceuticals Ltd. has a very good working environment where the employees get
enough opportunity to show their ability and creativeness. It has a great communication
channel. Its informal communication channel is also very active. Introduction of LAN
smoothened the communication process. Most of the employees are dedicated and
motivated to work. Square Pharmaceuticals Ltd. believes in honesty in every phase of
business. The management promotes this idea to its workers. The image of the company is
also good all over the company so the customers all over the country recognize Square as a
quality company and an honest company.

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 10. Appendix
10.1 Balance Sheet

10.2 Income Statement

References

1. Square Pharmaceuticals Website: http://www.squarepharma.com.bd/

2. Annual Report of Square Pharmaceuticals Limited For the year 2011-2015

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