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Group Assignment

Group Number: 3
Group Name: Rising Star

NAME ID
Tashin Shafin Ishan 1810726
Kainat Binte Masuq 1830960

COURSE: Intermediate Accounting (ACN 301)

SECTION: 01
SUBMITTED TO: Dr. Rushdi Razzaque, Assistant Professor of Accounting, School of Business,
Independent University, Bangladesh (IUB)
SUBMISSION DATE: 10th January 2021.
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Table of Contents

Executive Summary…………………………………………………………………………………………………3

Statement of Profit or Loss Checklist……………………………………………………………………………….4

Analysis of Advent Pharma Ltd…............................................................................................................................6

Critical Ratio Analysis......…………………………………………………………………………………………..8

Analysis of Ambee Pharmaceuticals Ltd…………………………………………………………………………..15

Critical Ratio Analysis…………………………….……………………………………………………………….17

Analysis of two Companies……………………………………………..…………………………………………23

References………………………………………………………………………………………………………….29
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Executive Summary

The report is based on an analysis of the ratio among Advent Pharma Limited (APL) and Ambee
Pharmaceuticals Limited.

Advent Pharma Limited (APL) is a pharmaceutical company that manufactures, imports and markets-
animal health care drugs, nutritional supplements and feed additives for livestock. It has earned a
reputation in animal health medicine manufacturer over the last few years. It was incorporated as a
Private Limited Company on 25th January 2007 and later converted to a Public Limited Company on 7th
May 2016 under Companies Act 1994.

Ambee Pharmaceutical Ltd is a Public Limited Company incorporated in Bangladesh on 4th February
1976. It was registered under companies act 1913. Ambee firstly started its operation with 17 joint
ventured products and now successfully running 76 products. It has 4 outside depots located at Sylhet,
Bogura, Chattogram and Khulna besides Dhaka.

We have started this report on an introduction to each company. We have analyzed in this report the ratio
of Advent Pharma Limited (APL) and Ambee Pharmaceuticals Ltd having both companies’ ratios. And
also, we show these ratios through some graphs. After that, we make a critical analysis of these ratios
and make a comment on the companies’ profitability.
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Statement of Profit or Loss Checklist

Advent Pharma Limited

Particulars Check 2019 2018

(Taka) (Taka)

a) Revenue √ 601,966,497 396,048,274

aa) Gains/Losses of financial assets at X ----- -----

amortised cost

b) Financial Cost √ 6,054,194 5,758,552

ba) Impairment Losses X ----- -----

c) Share of the profit or loss X ----- -----

ca) Reclassified Financial X ----- -----

Asset

cb) Reclassified Financial X ----- -----

Asset

d) Tax Expense √ 53,556,967 7,733,996

ea) Discontinued X ----- -----

Operations
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Ambee Pharmaceuticals Ltd

Particulars Check 2019 2018

(Taka) (Taka)

a) Revenue √ 321,219,660 349,381,558

aa) Gains/Losses of financial assets at X ----- -----

amortised cost

b) Financial Cost √ 20,079,999 77,913,393

ba) Impairment Losses X ----- -----

c) Share of the profit or loss X ----- -----

ca) Reclassified Financial X ----- -----

Asset

cb) Reclassified Financial X ----- -----

Asset

d) Tax Expense √ 9,740,293 2,754,659

ea) Discontinued X ----- -----

Operations
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INDIVIDUAL COMPANY ANALYSIS

Advent Pharma Limited
Advent Pharma Limited (APL) is a pharmaceutical company that manufactures, imports and markets-
animal health care drugs, nutritional supplements and feed additives for livestock. Over the last few
years APL has earned a reputation in successful animal health medicine manufacturer.

Ratio Calculations
Calculation Calculation
SL.NO Ratios Formula Taka 2019 Taka 2018
Account Credit 601,966,497/ 396,048,274/
receivable sales/Account 78,850,747 52,017,501
2. a turnover s receivable 7.63 Times 7.61 Times
Sales/ 601,966,497/ 396,048,274/
Inventory Inventory 70,810,152 63,681,683
b turnover 8.50 Times 6.22 Times
Sales/ Total 601,966,497/ 396,048,274/
Assets 1,207,645,989 1,012,761,48
Total asset 5
c turnover 0.49 Times 0.39 Times

3. a Profit margin Net Income/ 158,403,638/ 26.31% 86,877,032/ 21.94%

Sales 601,966,497 396,048,274
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Net Income/ 158,403,638/ 86,877,032/

Total Assets 1,207,645,989 1,012,761,48
Return on 5
b assets 13.12% 8.58%
Net Income/ 158,403,638/ 86,877,032/
Return on Stockholder’s 1,018,634,442 873,950,804
c equity Equity 15.55% 9.94%
Net Income/ 158,403,638/ 86,877,032/
Earnings per Common 754,600,000 686,000,000
d share Share 2.1 Taka 1.3 Taka
Price-earnings Market price 10/2.1 10/1.3
e ratio of share/ EPS 4.76 Times 7.69 Times
Dividends/Net 68,600,000/ No data/
income 158,403,638 86,877,032
f Payout ratio 43.35% No data

Total 189,011,547/ 138,810,681/

Liability/ Total 1,207,645,989 1,012,761,48
Assets 5
4. a Debt to assets 15.65% 13.71%
EBIT/ Interest 211,960,605/ 94,611,028/
Expense 53,556,967 7,733,996
Times interest
b earned 3.96 Times 12.23 Times
Operating 204,552,782/ 110,155,442/
Cash 189,011,547 138,810,681
Cash debt Flow/Total
c coverage Liability 1.08 Times 0.79 Times
Stockholder’s 1,018,634,442/ 873,950,804/
equity/ 754,600,000 686,000,000
Book value Common
d per share Share 1.35 Taka 1.27 Taka
e Free cash Net Operating 158,403,638- - 86,877,032- -944,485
flow Profit- Capital 254,176,907 95,773,269 87,821,568 Taka
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Expenditure Taka

Critical Ratio Analysis

2.a) Accounts Receivables Turnover: Accounts receivable turnover ratio measures a company's
efficiency in gathering its receivables or money billed to customers. The receivables turnover has gone
up to 7.63 times in 2019 from 7.61 times in 2018 which is positive and developed for the current asset of
the company.

b) Inventory Turnover: Inventory turnover is a ratio showing how many times a company has sold and
replaced inventory during a given period. In 2018 the inventory turnover was 6.22 times and in 2019 the
inventory turnover is 8.50 times which is good for the company because the sales manager could sell
more in 2019.

c) Total Asset Turnover: The asset turnover ratio can be used as a gauge of the productivity with which
a company is using its assets to generate revenue. The total asset turnover has increased to 0.49 times
from 0.39 times, which clearly shows that the company is using its assets to generate sales successfully.
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0
Accounts Receivable Turnover Inventory Turnover Total Asset Turnover
2019 2018

3.a) Profit Margin: This signifies what percentage of sales has turned into profits. It has went up from
21.94% to 26.31%, from 2018 to 2019, means that the company is able to efficiently control its costs
and/or provide goods or services at a price encouragingly higher than its costs.

b) Return on Assets (ROA): ROA is a gauge of how profitable a company is comparative to its total
assets. ROA gives a manager, investor, or analyst an idea as to how efficient a company's management is
at using its assets to generate earnings. The ROA in APL has gone up from 8.58% in 2018 to 13.12% in
2019, which definitely shows their efficiency in managing their assets in order to generate their
earnings.
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c) Return on Equity: The return on equity ratio shows how much profit each dollar of common
stockholders' equity generates. This is a vital measurement for probable investors because they want to
understand how efficiently a company will use their money to produce net income. ROE is also pointer
of how effective organization is at using equity financing to fund operations and grow the company.
APL went up from 9.94% in 2018 to 15.55% in 2019, which indicates their efficiency in managing their
equity funds in making their earnings.

30.00%

25.00%

20.00%

15.00%

10.00%

5.00%

0.00%
Profit Margin Return on Assets Return on Equity
2019 2018

d) Earnings per Share: Earnings per share serves as an indicator of a company’s profitability. Higher
the EPS, higher is the company’s profit should be considered. In 2018 the EPS was 1.3 Taka and in 2019
it was 2.1 Taka which means in 2019 the EPS was better.
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2.5

1.5

0.5

0
Earnings per Share
2019 2018

e) Price Earnings Ratio: The P/E ratio is the ratio that measures its current share price to its earning
per share. In 2018, the P/E ratio was 7.69 and in 2019, it was 4.76. It indicates that the current share
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price is low compared to its earnings.

0
Price Earnings Ratio
2019 2018

f) Payout Ratio: Payout ratio is the proportion of earnings of a company given to shareholders as a
form of company’s dividends. In 2018 no data available and in 2019 it was 43.35% which indicates that
the company is retaining more earnings in developing the firm rather than paying to shareholders in
2019.
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50.00%

45.00%

40.00%

35.00%

30.00%

25.00%

20.00%

15.00%

10.00%

5.00%

0.00%
Payout Ratio
2019 2018

4.a) Debt to Assets: The debt to total assets ratio is a needle of a company's monetary control. It shows
us the percentage of a firm's total assets that were funded by creditors. APL’s Debt to total assets rose to
15.65% in 2019 from 13.71% in 2018 which clearly means that the company has more liabilities than
assets. A high ratio also designates that the company may be putting itself at danger of nonpayment on
its loans if interest rates were to go up all on a sudden.
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18.00%

16.00%

14.00%

12.00%

10.00%

8.00%

6.00%

4.00%

2.00%

0.00%
Debt to Assets
2019 2018

b) Times Interest Earned: The TIE ratio measures the company’s ability to meet its debt obligations
against its current income. In 2018, it was 12.23 times and in 2019 it was 3.96 times which indicates that
fewer earnings are available to meet interest payments.

c) Cash Debt Coverage: Cash debt coverage means the amount of debt that can be covered by the
amount of cash on hand. In 2018 it was 0.79 times and in 2019 it was 1.08 times which means in 2019
its better.
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14

12

10

0
Times Interest Earned Cash Debt Coverage
2019 2018

d) Book Value per Share: The book value per share indicates the firm’s net asset value on a per share
basis. In 2018 it was 1.27 taka and in 2019 it was 1.35 taka which means in 2019 it had greater net asset
value on a per share value.
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1.36

1.34

1.32

1.3

1.28

1.26

1.24

1.22
Book Value per Share

2019 2018

e) Free Cash Flow: The FCF represents the cash a company generates after the cash outflows to support
operations and maintain its capital assets. In 2018 it was -944,485 Taka and in 2019 it was -95,773,269
Taka. It’s a negative amount both in 2018 and 2019 which indicates the company failed to generate
enough cash to support the business. But in 2019 it is worse than 2018.
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Ambee Pharmaceuticals Ltd

Ambee Pharmaceutical Ltd is a Public Limited Company incorporated in Bangladesh on 4th February
1976. It was registered under companies act 1913. Ambee firstly started its operation with 17 joint
ventured products and now successfully running 76 products. It has 4 outside depots located at Sylhet,
Bogura, Chattogram and Khulna besides Dhaka. It is one of the top medicine company of Bangladesh.

Ratio Calculations
Calculation Calculation
SL.NO Ratios Formula Taka 2019 Taka 2018
Credit 321,219,660/ 349,381,558
sales/Accounts 65,053,413 /
Account receivable 72,552,402
receivable
2. a turnover 4.94 Times 4.82 Times
Sales/ 321,219,660/ 349,381,558
Inventory 144,527,601 /
153,950,123
Inventory
b turnover 2.22 Times 2.27 Times
Sales/ Total 321,219,660/ 349,381,558
Assets 402,994,734 /
443,885,165
Total asset
c turnover 0.80 Times 0.79 Times

3. a Profit Net Income/ 3,367,016/ 1.05% 8,263,981/ 2.36%

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Sales 321,219,660 349,381,558

margin
Return on Net Income/ 3,367,016/ 8,263,981/
assets Total Assets 402,994,734 443,885,165

b 0.84% 1.86%
Return on Net Income/ 3,367,016/ 8,263,981/
equity Stockholder’s 57,810,229 61,643,213
Equity
c 5.82% 13.41%
Earnings Net Income/ 3,367,016/ 8,263,981/
per share Common 2,400,000 2,400,000
Share
d 1.4 Taka 3.4 Taka
Price- Market price 10/1.4 7.14 Times 10/3.4 2.94 Times
earnings of share/ EPS
e ratio
Payout ratio Dividends/Net 7,200,000/ 21.40% 7,200,000/ 87.12%
income 3,367,016 8,263,981
f

Debt to Total 345,184,505/ 382,241,951

assets Liability/ Total 402,994,734 /
Assets 443,885,165
4. a 85.65% 86.11%
b Times EBIT/ Interest 13,107,307/ 1.35 Times 11,018,640/ 4 Times
interest Expense 9,740,293 2,754,659
earned
Cash debt Operating 39,401,393/ 18,626,052/
coverage Cash 345,184,505 382,241,951
Flow/Total
c Liability 0.11Times 0.05 Times
d Book value Stockholder’s 57,810,229/ 24.09 Taka 61,643,213/ 25.68 Taka
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equity/ 2,400,000 2,400,000

Common
per share Share
Net Operating 3,367,016- 8,263,981-
Free cash Profit- Capital 7,488,423 -4,121,407 24,719,994 -16,456,013
e flow Expenditure Taka Taka

Critical Ratio Analysis

2.a) Accounts Receivables Turnover: Accounts receivable turnover ratio measures how many times a
business can collect its average accounts receivable during the year. In 2019 Ambee has collected its
accounts receivables 4.94 times and in 2018 it collected 4.82 times. So, 2019 was the more favorable
year as the company was collecting more frequently.

b) Inventory Turnover: Inventory turnover is the number of times a company finishes its stock and re
stocks its inventory in a financial year. Ambee has an inventory turnover of 2.22 times in 2019 and 2.27
times in 2018. The sales manager of the company could not sell more in 2019 compared to 2018.

c) Total Asset Turnover: The ratio shows how efficiently a company is able to use its total assets (fixed
assets + current assets) to generate its net revenue in a financial year. Ambee showed an improvement in
the efficiency by slightly moving the figure up from 0.79 times in 2018 to 0.80 times in 2019.
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0
Accounts Receivable Turnover Inventory Turnover Total Asset Turnover
2019 2018

3.a) Profit Margin: Profit margin states that how much profit a company is generating against its
revenue. Ambee has generated 1.05% profit margin in 2019 and 2.36% profit margin in 2018. Thus, the
company generated more profit in 2018 than in 2019 which means the company is not doing better in
2019 from the past year.

b) Return on Assets: Return on assets states that how much profit a company is generating from its
assets. Ambee has generated 0.84% return on assets in 2019 and 1.86% return on assets in 2018. Thus,
the company generated more return on assets in 2018 than in 2019 which shows they are not efficient in
managing their assets to generate their earnings in 2019 compared to 2018.

c) Return on Equity: Return on equity states that how much profit a company is generating in relation
to shareholder’s equity. It is basically how much dollar of profit are being generated for each dollar of
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shareholder’s equity. Therefore, how well the company utilizes its capital to generate profit. Ambee
generated 5.82% in 2019 and 13.41% in 2018. It clearly shows return on equity is less in 2019 than in
2018 which indicates they are not efficient in managing their equity funds in making their earnings in
2019 compared to 2018.

12.00%

10.00%

8.00%

6.00%

4.00%

2.00%

0.00%
Profit Margin Return on Assets Return on Equity
2019 2018

d) Earnings per Share: Earnings per share serves as an indicator of a company’s profitability. Higher
the EPS, higher the company’s profit should be considered. In 2019 the EPS was 1.4 Taka and in 2018 it
was 3.4 Taka which shows EPS was better in 2018.
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1.6

1.4

1.2

0.8

0.6

0.4

0.2

0
Earnings per Share
2019 2018

e) Price Earnings Ratio: The P/E ratio is the ratio that measures its current share price to its earning
per share. In 2019, the P/E ratio was 7.14 times and in 2018, it was 2.94 times. It indicates that the
current share price is high compared to its earnings.
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0
Price Earnings Ratio
2019 2018

f) Payout Ratio: Payout ratio is the proportion of earnings of a company given to shareholders as a
form of company’s dividends. In 2019, it was 21.40% and in 2018, it was 87.12% which indicates that
the company is retaining more earnings in paying to shareholders rather than developing the firm in
2019.
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90.00%

80.00%

70.00%

60.00%

50.00%

40.00%

30.00%

20.00%

10.00%

0.00%
Payout Ratio
2019 2018

4.a) Debt to Assets: The debt to total assets ratio is also known as the Gearing Ratio. The calculation
shows how much of debt capital the business has against its total capital or asset, this is to understand
whether the business has more debt capital or more personal assets. In 2019, the ratio was 85.65% and
in 2018, it was 86.11% which indicates the company has improved its debt to asset ratio in 2019 from
2018.
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90.00%

80.00%

70.00%

60.00%

50.00%

40.00%

30.00%

20.00%

10.00%

0.00%
Debt to Assets
2019 2018

b) Times Interest Earned: The TIE ratio measures the company’s ability to meet its debt obligations
against its current income. In 2019, it was 1.35 times and in 2018, it was 4 times which indicates that
fewer earnings are available to meet interest payments in 2019 compared to 2018.

c) Cash Debt Coverage: Cash debt coverage means the amount of debt that can be covered by the
amount of cash on hand. In 2019, it was 0.11 times and in 2018, it was 0.05 times which indicates that in
2019 it was better.
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4.5

3.5

2.5

1.5

0.5

0
Times Interest Earned Cash Debt Coverage
2019 2018

d) Book Value per Share: The book value per share indicates the firm’s net asset value on a per share
basis. In 2019, it was 24.09 taka and in 2018, it was 25.68 taka which means in 2018 it had greater net
asset value on a per share value compared to 2019.
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26

25.5

25

24.5

24

23.5

23
Book Value per Share
2019 2018

e) Free Cash Flow: The FCF represents the cash a company generates after the cash outflows to support
operations and maintain its capital assets. In 2018 it was -16,456,013 Taka and in 2019 it was -4,121,407
Taka. It is a negative amount both in 2018 and 2019 which indicates the company failed to generate
enough cash to support the business. But in 2019 it is worse than 2018.

Analysis of Two Companies

Accounts Receivable Turnover
Company name 2019 2018
Advent Pharma Limited 7.63 Times 7.61 Times

Ambee Pharmaceuticals Ltd 4.94 Times 4.82 Times

The Receivables Turnover ratio of the companies after analysis refers to the fact that Advent Pharma
Limited stands out between the two pharmas. Since their receivable is higher than Ambee
Pharmaceuticals Ltd in both the years 2019 and 2018. Ambee has the lowest Receivables Turnover
which means they might be facing immense trouble collecting accounts and incur trouble with cash flow
regularly.
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Inventory Turnover
Company name 2019 2018
Advent Pharma Limited 8.50 Times 6.22 Times

Ambee Pharmaceuticals Ltd 2.22 Times 2.27 Times

According to the inventory turnover ratios of the 2 companies Advent Pharma Limited has the highest
inventory turnover ratio which implies they managed their inventories efficiently and did not overspend
as much as the other pharma by wasting valuable resources. However, Ambee Pharmaceuticals Ltd had
the least amount in 2019 among the two pharmas which suggests that they need to fix their issues with
inventory management by reducing storage of unused inventories.

Total Asset Turnover

Company name 2019 2018
Advent Pharma Limited 0.49 Times 0.39 Times

Ambee Pharmaceuticals Ltd 0.80 Times 0.79 Times

According to the Total Asset turnover ratios of the 2 companies Advent Pharma Limited has the lowest
Total Asset turnover ratio in 2018 which implies they managed their asset efficiently and did not
overspend as much as the other pharma by wasting valuable resources. However, Ambee
Pharmaceuticals Ltd had the highest amount in 2019 among both the pharmas which suggests that they
need to fix their issues with asset management.

Profit Margin
Company name 2019 2018
Advent Pharma Limited 26.31% 21.94%

Ambee Pharmaceuticals Ltd 1.05% 2.36%

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According to the comparison, Advent Pharma Limited has the highest profit margin value among the
two pharmas. Perhaps, Advent Pharma Limited have the best sales management and their sales
managers are highly trained. They tried their best to cut the expenses in order to increase net profit. We
would recommend Investors to invest in the Advent Pharma. On the other hand, Ambee’s profit margin
is the worst. Their management is very poor. We think company does not focus on the sales department
and resource department. And they must improve their quality.

Return on Assets
Company name 2019 2018
Advent Pharma Limited 13.12% 8.58%

Ambee Pharmaceuticals Ltd 0.84% 1.86%

According to the comparison Advent Pharma Limited has the highest return on assets because of the
effective use of the resources. We would recommend Investors to invest in Advent Pharma Limited. On
the other hand, Ambee Pharmaceuticals Ltd has the lowest return on assets because of poor management
and poor resource allocating.

Return on Equity
Company name 2019 2018
Advent Pharma Limited 15.55% 9.94%

Ambee Pharmaceuticals Ltd 5.82% 13.41%

Return on equity being the ratio that deals with the income that a business can generate against its
shareholders equity. In the above are a list of two company’s’ Return on Equity (ROE). If both the
companies are put into contrast, then it can be easily said that the figures of Advent Pharma Limited
stands out than Ambee Pharmaceuticals Ltd in terms of percentage as it stands at 15.55% which is
absolutely brilliant.
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Earnings per Share

Company name 2019 2018
Advent Pharma Limited 2.1 Taka 1.3 Taka

Ambee Pharmaceuticals Ltd 1.4 Taka 3.4 Taka

Earnings per share serves as an indicator of a company’s profitability. Higher the EPS, higher the
company’s profit should be considered. Advent Pharma Limited Has the highest EPS than Ambee
Pharmaceuticals Ltd in 2019 which indicates Ambee pharma has spent a lot of money on growth in past
year.

Price Earnings Ratio

Company name 2019 2018
Advent Pharma Limited 4.76 Times 7.69 Times

Ambee Pharmaceuticals Ltd 7.14 Times 2.94 Times

The P/E ratio is the ratio that measures its current share price to its earning per share. Here, Ambee
Pharama has the highest P/E ratio than Advent Pharma. It indicates that Advent’s current share price is
low compared to its earnings.

Payout Ratio
Company name 2019 2018
Advent Pharma Limited 43.31% 78.96%

Ambee Pharmaceuticals Ltd 21.40% 87.12%

Payout ratio is the proportion of earnings of a company given to shareholders as a form of company’s
dividends. Advent Pharma Limited has highest payout ratio in 2019 than Ambee Pharmaceuticals Ltd. It
indicates Ambee is retaining more earnings in paying to shareholders rather than developing the firm in
compared to Advent.
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Debt to Assets
Company name 2019 2018
Advent Pharma Limited 15.65% 13.71%

Ambee Pharmaceuticals Ltd 85.65% 86.11%

The debt to total assets ratio is also known as the Gearing Ratio. The calculation shows how much of
debt capital the business has against its total capital or asset, this is to understand whether the business
has more debt capital or more personal assets. In 2019, Advent Pharma is doing better than Ambee
Pharma here.

Times Interest Earned

Company name 2019 2018
Advent Pharma Limited 3.96 Times 12.23 Times

Ambee Pharmaceuticals Ltd 1.35 Times 4 Times

The TIE ratio measures the company’s ability to meet its debt obligations against its current income.
Here, it indicates that Ambee has fewer earnings available to meet interest payments in 2019 compared
to Advent.

Cash Debt Coverage

Company name 2019 2018
Advent Pharma Limited 1.08 Times 0.79 Times

Ambee Pharmaceuticals Ltd 0.11 Times 0.05 Times

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Cash debt coverage means the amount of debt that can be covered by the amount of cash on hand.
Advent Pharma has greater times of cash debt coverage than Ambee Pharma which indicates Advent is
less risky than Ambee.

Book Value Per Share

Company name 2019 2018
Advent Pharma Limited 1.35 Taka 1.27 Taka

Ambee Pharmaceuticals Ltd 24.09 Taka 25.68 Taka

The book value per share indicates the firm’s net asset value on a per share basis. Ambee Pharma has a
greater value than Advent Pharma in 2019.

Free Cash Flow

Company name 2019 2018
Advent Pharma Limited 135,952,782 110,155,442
Taka Taka

Ambee Pharmaceuticals Ltd 45,780,307 11,426,052

Taka Taka

The FCF represents the cash a company generates after the cash outflows to support operations and
maintain its capital assets. Advent Pharma generates more cash than Ambee Pharma after cash outflow
in 2019 to support operations.

References
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http://www.adventpharmabd.com

http://www.ambeepharma.com