Financial soundness measure is an effective used tool in measuring a company’s strength and weakness. Various types of tools are generally used in this regards. This study has taken an effort in order to assess the financial soundness of Square Pharmaceuticals Ltd. to pinpoint its probable strength and weakness.
Objectives of the Study:
The main purpose of this report is to analysis the financial position of the Square Pharmaceuticals Ltd.
To fulfill the main objectives the subsequent objectives are-
- To identify the financial soundness of the Square Pharmaceuticals Ltd.
- To focus the financial strengths and weaknesses of the Square Pharmaceuticals Ltd.
- To identify the net sales Square Pharmaceuticals Ltd.
- To know the total debt of the Square Pharmaceuticals Ltd.
- To know the liquidity of the Square Pharmaceuticals Ltd.
Research Methodology of the Study:
The study was designed from descriptive point of view. The report is prepared by using secondary data. Different books, articles, annual reports and websites were used as sources for secondary data collection.
Limitations of the Study:
There are some limitations in my study. I have faced some problems during the study of internship report, which are as follows-
Time insufficient to know all activities about the Square Pharmaceuticals Ltd.
Scarcity of information about the Square Pharmaceuticals Ltd.
Inexpertness to write a report.
I have tried my level best to make this report a true, bias-free and informative one. I hope that it will provide an original picture of Square Pharmaceuticals Ltd.
Overview of Square Pharmaceuticals Limited
Square Pharmaceuticals Limited Annual Report 2010
Corporate History of Square Pharmaceuticals Limited
Vision of Square Pharmaceuticals Limited
Mission of Square Pharmaceuticals Limited
Objectives of Square Pharmaceuticals Limited
Management Apparatus of Square Pharmaceuticals Limited
Strive of Square Pharmaceuticals Limited
Corporate focus of Square Pharmaceuticals Limited
Ten Principles of Square Pharmaceuticals Limited
Corporate Operational Results of Square Pharmaceuticals Limit
Square Pharmaceuticals Limited, Annual Report 2010:
Annual Report of Square Pharmaceuticals Limited is a very useful report for analysis of its financial performance. This report explained about financial strength. Customer service, risk management, corporate social responsibility, and good governance. Director’s Report section explained the global economy and Bangladesh economy. This report tried to accumulate all the relevant data and topics regarding financial performance. This report would be very helpful and handy for potential investors and policy makers.
This report also explained different accounting policies and depth analysis of financial position. In addition to that, it discuss about the industry performance. It also tells us about the trend of financial performance. In addition to that, emphasis is given on that information that creates positive impression about the company and the information in their own way.
Year of Establishment (Initially as a Partnership) : 1958
Incorporated as a Private Limited Company : 1964
Technical Collaboration Agreement with Janssen Pharmaceuticals of Belgium
(a subsidiary of Johnson & Johnson International Ltd.) : 1975
Technical Collaboration Agreement with : 1984
F. Hoffman-La Roche & Co. Ltd.
Converted into Public Limited Company : 1991
Initially Public Offering (IPO) : 1994
Stock Exchange Listings : 1995
Agreement with M/s. Bovis Tanvec Ltd. of UK for implementation of Dhaka Plant : 1996
Awarded ISO-9001 Certificate : 1998
Awarded UK-MHRA Certificate : 2007
Business Lines : Manufacturing and Marketing of Pharmaceutical Finished product, Basic Chemicals, AgroVet Product, Pesticide Products, Small Volume Parental Opthalmic Products and Insulin Products.
Authorized Capital : Tk. 5,000 million
Paid-up Capital : Tk. 1509.03 million
Number of Employees
Subsidiary Company : Square Biotechs Ltd.
: Square Multi Fabrics Ltd.
Associate Company : Square Textiles Ltd.
: Square knit Fabrics Ltd.
: Square Fashions Ltd. : Square Hospitals Ltd
We 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 apart of the process of the human civilization.
Our 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
Our objectives are to conduct transparent business operation based on market mechanism within the legal & social frame work with aims to attain the mission reflected by our vision.
Our vision, our mission and our objectives are to emphasize on the quality of product, process and services leading to growth of the company imbibed with good governance practices
BOARD OF DIRECTORS
Mr. Samson H. Chowdhury Chairman
Mr. Samuel S. Chowdhury Vice Chairman
Mr. Tapan Chowdhury Managing Director
Dr. Kazi Harunar Rashid Director
Mr. M. Sekander Ali Independent Director
Ms. Ratna Patra Director
Mr. Anjan Chowdhury Director
Mr. Kazi Iqbal Harun Director
Mr. K. M Saiful Islam Director
Mr. M. Sekander Ali Chairman
Mr. Samuel S. Chowdhury Member
Mr. Kazi Iqbal Harun Member
Mr. Tapan Chowdhury Chairman
Mr. K M Saiful Islam Member
Mr. Parvez Hashim Member
Mr. M. Ashiqul Hoque Chawdhury Member
Mr.Md. Kabir Reza, FCMA Member
WE STRIVE FOR:
We in SQUARE, strive, above all, for top quality health care products at the least cost reaching the lowest rungs of the economic class of people in the country. We value our social obligations.
We owe our shareholders and strive for protection of their capital as well as ensure highest return and growth of their assets.
We strive for best compensation to all the employees who constitute the back-bone of the management and operational strength of the company through a pay-package composing salary/wages, allowances, bonuses, profit participation, leave salary and superannuation & retirement benefits.
We strive for the best co-operation of the creditors & debtors the banks & financial Institutions who provide financial support when we need them, the suppliers of raw materials & suppliers who offer them at the best prices at the opportune moments, the providers of utilities-power, gas & water etc. and the customers who buy our products & services by redeeming their claim in time by making prompt payment and by distributing proper product on due dates to our customers.
We strive for fulfillment of our responsibility to the government through payment of entire range of due taxes, duties and claims by various public agencies like municipalities etc.
We strive, as responsible citizen, for a social order devoid of malpractices, anti-environmental behaviours, unethical and immoral activities and corruptive dealings.
We strive for practicing good-governance in every sphere of activities covering inter alia not being limited to, disclosure & reporting to shareholders, holdin AGM in time, distribution of dividends and other benefits to shareholders, reporting/dissemination of price sensitive information, acquisition of shares by insiders, recruitment & promotion of staff, procurement & supplies, sale of assets etc. all that directly and indirectly affect the interest of concerned groups – the shareholders, the creditors, suppliers, employees, government and the public in general.
We strive for equality between sexs, races, religions and regions in all spheres of our operation without any discriminatory treatment.
Ten Principles of Global Compact (UN) adopted by Square Pharmaceuticals Limited:
The ten principles of Global Compact initiated by the UN Secretary General as have been adopted by Square Pharmaceuticals Ltd. are as follows :
(1) Businesses should support and respect the protection of internationally proclaimed human rights within their sphere of influence; and
(2) Make sure that they are not complicit in human rights abuses.
(3) Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining;
(4) The elimination of all forms of forced and compulsory labor;
(5) The effective abolition of child labor and
(6) Eliminate discrimination in respect of employment and occupation
(7) Business should support a precautionary approach to environmental challenges:
(8) Undertake initiatives to promote greater environmental responsibility; and
(9) Encourage the development and diffusion of environmentally friendly technologies.
(10) Business should work against corruption in all its forms, including extortion and bribery.
CORPORATE OPERATIONAL RESULTS:
(Figure in thousand)
|Net Profit before Tax||2825069||2511259||1868634||1722906||1533043|
|Net Profit after Tax||2087872||1890053||1381863||1303243||1165865|
|Net Assets Value||11554380||9949398||8417041||7333258||6402015|
|Total Bank Borrowing||2231167||2279694||3569280||2536524||2334925|
|Total Current Assets||4774311||3843513||4411836||3682511||4031685|
|Total Current Liabilities||2216744||2640869||3500845||2555566||2260755|
|No. of Share Outstanding||15090300||12072240||8942400||5961600||4968000|
|Dividend per Share (Cash)||35||40||40||50||75|
|Dividend per Share (Stock)||30%||25%||35%||50%||20%|
|Net Assets Value per Share (NAV)||766||659||558||486||424|
|Net Operating Cash flow per Share||176.51||164.87||86.20||96.08||78.80|
|Earnings per Share (SPL)||138.36||125.25||91.57||86.36||77.26|
|Earnings per Share (SPL)||165.48||136.40||101.10||96.63||89.76|
|EPS at Original Capital at IPO||1043.94||945.03||690.93||651.62||582.93|
|Quoted Price per Share – DSE||3581||2935||4110||2447||2276|
|Quoted Price per Share -CSE||3597||2923||4107||2462||2289|
|Price Earning Ratio- DSE (Time)||25.88||23.43||44.88||28.33||29.46|
|Number of Shares||40797||47258||31688||13009||13206|
Financial Soundness Analysis
- Definition of Financial Soundness Analysis
- Definition of Ratio Analysis
- Time Series Techniques
- Cross Sectional Techniques
- Liquidity Ratio
- Activity Ratio
- Debt Management Ratio
- Profitability Ratio
Definition of Financial Soundness Analysis:
Financial Soundness Analysis includes the study of relationships within a set of financial statement at a point in time and with trends in these relationships over time.
Definition of Ratio Analysis:
Ratio analysis expresses the relationship among selected items of financial statement data. A ratio expresses the mathematical relationship between one quantity and another.
Techniques to measures Financial Soundness Analysis
Constructing trend statements involves choosing one year as a base & then expressing the statement items of subsequent years relative to the value in the base year.
Cross Sectional Techniques:
Two techniques used to measure financial soundness-
- Common-size Statement
- Financial Ratio Analysis
ü Common-size Statement:
One impetus to the development of the common-size statement came from the problems in comparing the financial statements of firms that differ in size.
Financial Ratio Analysis:
The most widely discussed the financial technique is a comparison of ratio across firms. Numerous individual ratios have been proposed in the literature.
The Four Categories of Financial Ratio Analysis are as follows-
- Liquidity Ratios
- Activity Ratios
- Debt management Ratios
- Profitability Ratios
The ratios that show the relationship of the firm’s current assets to its current liabilities are known as liquidity ratios. It measures the firm’s ability to satisfy its short term obligation as they come due.
Some representatives of Liquidity Ratios are as follows-
- Current Ratio =
- Quick Ratio = Cash + Short term investment + Receivables (net)
The ratios that measure how effectively a firm is managing its assets are called activity ratios.
Some representatives of Activity Ratios are as follows-
- Receivables Turnover =
- Inventory Turnover =
- Average Collection Period =
- Average Payment Period =
Debt Management Ratio/Financial Leverage:
The ratios that measure the ability of the firm’s long term financial solvency are called debt management ratios. Long term creditors and stockholders are particularly interested in a company’s ability to pay interest as it comes due and to repay the face value of debt at maturity.
A group of ratios showing the effect of liquidity, assets, management and debt management on firm’s operation are called profitability ratios.
Some representatives of Profitability Ratios are as follows-
- Gross Profit Margin =
- Operating Profit Margin =
- Net Profit Margin =
- Return on Assets =
- Return on Equity =
- Total Assets Turnover =
- Earnings Per Share =
- Price Earnings Ratio =
- Payout Ratio =
- Dividend Payout Ratio =
- Dividend Yield Ratio =
Results of Financial Ratios of SPL & their Interpretation
Quick Ratio /Acid Test Ratio
Average Collection Period
Average Payment Period
Gross Profit Margin
Operating Profit Margin
Net Profit Margin
Return on Assets
Return on Equity
Total Assets Turnover
Earnings per Share
Price Earnings Ratio
Dividend Payout Ratio
Dividend Yield Ratio
The current ratio is widely used measure for evaluating a company’s liquidity and short term debt paying ability. Current Ratio indicates the extent to which current liabilities are converted by current assets. The ratio is computed by dividing current assets by current liabilities.
Current Ratio =
CR in 2008 = 4,411,836,436/3,500,845,103 = 1.2602
CR in 2009 = 3,843,512,855/2,640,868,554 = 1.4554
CR in 2010 = 4,774,311,194/2,216,744,401 = 2.1537
From the above figure, we can say that current ratio of Square Pharmaceuticals Ltd. in 2008 is 1.2602, 2009 is 1.4554 and 2010 is 2.1537. The current ratio of Square Pharmaceuticals Ltd. is increasing year by year. So the company is in a good position
Quick Ratio/Acid Test:
Quick ratio or Acid test measures the company’s immediate short term liquidity. The acid test is designed to measure how well a company can meet its obligation without having to liquidate or depend too heavily on its inventory. It is computed by dividing the sum of cash, short term investment and net receivables by current liabilities.
Quick Ratio/Acid Test = Cash + Short term investment + Receivables (net)
QR in 2008 = (205,295,694+20,250,000+360,245,646)/3,500,845,103 = .16733
QR in 2009 = (293,457,740+20,250,000+477,562,002)/2,640,868,554 = .29962
QR in 2010 = (258,727,695+221,269,226+508,249,174)/2,216,744,401 = .44580
From the above figure, we can say that the quick ratio of Square Pharmaceuticals Ltd. in 2008 is .16733, 2009 is .29962 and 2010 is .44580. The quick ratio of Square Pharmaceuticals Ltd. has increased in the last three years. So the company is in a better position.
The Receivables Turnover is a rough measure of how many times a company’s accounts receivable have been turned into cash during the year. The ratio is used to assess the liquidity of the receivables. It is computed by dividing net credit sales by average net receivables.
Receivables Turnover =
RT in 2008 = = 24.177 times or 14 days (360/24.177)
RT in 2009 = = 23.444 times or 15 days (360/23.444)
RT in 2010 = = 23.255 times or 15 days (360/23.255)
From the above figure, we can say that receivables turnover of Square Pharmaceuticals Ltd. in 2008 is 14 days, 2009 is 15 days and 2010 is 15 days. The receivables turnover of Square Pharmaceuticals Ltd. is low in 2008. But in 2009 & 2010 it has increased. So the company is not in a good position.
Inventory Turnover ratio measures how many times a company’s inventory has been sold and replaced during the year. Its purpose is to measure the liquidity of the inventory. It is computed by dividing cost of goods sold by the average inventory.
Inventory Turnover =
IT in 2008 = = 2.710 times or 133 days (360/2.710)
IT in 2009 = = 2.750 times or 131 days (360/2.750)
IT in 2010 = = 3.048 times or 118 days (360/3.048)
From the above figure, we can say that the inventory turnover of Square Pharmaceuticals Ltd. in 2008 is 133 days, 2009 is 131 days and 2010 is 118 days. The receivables turnover is high in 2008. But in 2009 & 2010, it has decreased. So the company is in a better position.
Average Collection Period:
Average Collection Period measures average amount of time needed to collect accounts receivable.
Average Collection Period =
ACP in 2008 = = 16 days
ACP in 2009 = = 17 days
ACP in 2010 = = 16 days
From the above figure, we can say that the average collection period of Square Pharmaceuticals Ltd. in 2008 is 16 days, 2009 is 17 days and 2010 is 16 days. The average collection period in 2009 is high. But in 2008 & 2010 it is low. So the company is in a good position.
Average Payment Period:
Average Payment Period measures the average amount of time needed to pay accounts payable.
Average Payment Period =
APP in 2008 = = 8 days
APP in 2009 = = 9 days
APP in 2010 = = 27 days
From the above figure, we can say that the average payment period of Square Pharmaceuticals Ltd. in 2008 is 8 days, 2009 is 9 days and 2010 is 27 days. The average payment of Square Pharmaceuticals Ltd. is increasing year by year. So the company is in a good position.
Debt ratio measures the proportion of total assets financed by firm’s creditors. This ratio indicates the company’s degree of leverage. It also provides some indication of the company’s ability to withstand losses without impairing the interest of creditors. It is computed by dividing total debts by total assets.
Debt Ratio =
DT in 2008 = = .33740 or 33.740%
DT in 2009 = = .24917 or 24.917%
DT in 2010 = = .23121 or 23.121%
From the above figure, we can say that the debt ratio of Square Pharmaceuticals Ltd. in 2008 is 33.740%, 2009 is 24.917% and 2010 is 23.121%. The debt ratio of Square Pharmaceuticals Ltd. has declined in the last three years. So the company is in a better position.
Gross Profit Margin:
Gross Profit Margin measures gross income per TK. of sales. It is computed by dividing gross profit by net sales.
Gross Profit Margin =
GPM in 2008 = = .41194 or 41.194%
GPM in 2009 = = .42239 or 42.239%
GPM in 2010 = = .42759 or 42.759%
From the above figure, we can say that the gross profit margin of Square Pharmaceuticals Ltd. in 2008 is 41.194%, 2009 is 42.239% and 2010 is 42.759%. The gross profit margin of Square Pharmaceuticals Ltd. has increased year by year. So the company is in a good position.
Operating Profit Margin:
Operating Profit Margin measures operating income per TK. of sales. It is computed by dividing earning before income tax by net sales.
Operating Profit Margin =
OPM in 2008 = = .22629 or 22.629%
OPM in 2009 = = .25570 or 25.570%
OPM in 2010 = = .24646 or 24.646%
From the above figure, we can say that the operating profit margin of Square Pharmaceuticals Ltd. in 2008 is 22.629%, 2009 is 25.570% and 2010 is 24.646%. But, operating profit margin is low in 2010. But still the company is in a better position.
Net Profit Margin:
Net Profit Margin measures the net income per TK. of sales. It is computed by dividing net profit after tax by net sales.
Net Profit Margin =
NPM in 2008 = = .16733 or 16.733%
NPM in 2009 = = .19245 or 19.245%
NPM in 2010 = = .18215 or 18.215%
From the above figure, we can say that the net profit margin of Square Pharmaceuticals Ltd. in 2008 is 16.733%, 2009 is 19.245% and 2010 is 18.215%.
But net profit margin is low in 2010. But still the company is in a good position.
Return on Assets (ROA):
Return on Assets (ROA) provides as idea of the overall return on investment earned by the firm. This ratio is computed by dividing net income by average assets.
Return on Assets =
ROA in 2008 = = .11918 or 11.918%
ROA in 2009 = = .14564 or 14.564%
ROA in 2010 = = .14765 or 14.765%
From the above figure, we can say that the return on assets of Square Pharmaceuticals Ltd. in 2008 is 11.918%, 2009 is 14.564% and 2010 is 14.765%. The return on assets of Square Pharmaceuticals Ltd. is increasing year by year. So the company is in a good position.
Return on Equity (ROE):
Return on Equity (ROE) measures the rate of return on common stockholders investment. It measures profitability from the common stockholders viewpoint. This ratio shows how many tk. of net income were earned for each tk. invested by the owner. It is computed by dividing net income by average common stockholders equity.
Return on Equity =
ROE in 2008 = = .17547 or 17.547%
ROE in 2009 = = .20582 or 20.582%
ROE in 2010 = = .19419 or 19.419%
From the above figure, we can say that the return on equity of Square Pharmaceuticals Ltd. in 2008 is 17.547%, 2009 is 20.582% and 2010 is 19.419%. The return on equity is low in 2008 and 2010. But in 2009 it is high. But the company is still in a stable position.
Total Assets Turnover:
Total Assets Turnover indicates the efficiency with which the firm uses its assets to generate sales. It is determined by dividing net sales by average assets.
Total Assets Turnover =
TAT in 2008 = = .71218 or 71.218%
TAT in 2009 = = .75677 or 75.677%
TAT in 2010 = = .81062 or 81.062%
From the above figure, we can say that the total assets turnover of Square Pharmaceuticals Ltd. in 2008 is 71.218%, 2009 is 75.677% and 2010 is 81.062%. The total assets turnover of Square Pharmaceuticals Ltd. has increased in the last three years. So the company is in a better position.
Earnings per Share (EPS):
An Earnings per Share (EPS) is a measure of net income earned on each share of common stock. It is computed by dividing net income by the number of weighted average common shares outstanding.
Earnings per Share =
EPS in 2008 = = 154.53
EPS in 2009 = = 179.87
EPS in 2010 = = 153.73
From the above figure, we can say that the earnings per share of Square Pharmaceuticals Ltd. in 2008 is 154.53, 2009 is 179.87 and 2010 is 153.73.
The earnings per share in 2009 are high. But in 2008 & 2010, it has decreased. So the company is not in a good position.
Price Earnings Ratio:
Price Earnings Ratio is an off-quoted measure of the ratio of the market price of each share of common stock to the earnings per share. It is computed by dividing the market price per share of stock by earnings per share.
Price Earnings Ratio =
PER in 2008 = = 26.597
PER in 2009 = = 16.317
PER in 2010 = = 23.294
From the above figure, we can say that the price earnings ratio of Square Pharmaceuticals Ltd. in 2008 is 26.597, 2009 is 16.317 and 2010 is 23.294.
The price earnings ratio is low in 2009. But it is high in 2008 and 2010. So the company is not in a good position.
Payout Ratio measures the percentage of earnings distributed in the form of cash dividends. It is computed by dividing cash dividend by net income. Companies that have high growth of rates generally have low payout ratio because they reinvest most of their net income into the business.
Payout Ratio =
PR in 2008 = = .21570 or 21.570%
PR in 2009 = = .18925 or 18.925%
PR in 2010 = = .23128 or 23.128%
From the above figure, we can say that the payout ratio of Square Pharmaceuticals Ltd. in 2008 is 21.570%, 2009 is 18.925% and 2010 is 23.128%.The payout ratio in 2009 is low. But in 2008 and 2010, it has increased. So the company is in a good position.
Dividend Payout Ratio:
The dividend payout ratio gauges the portion of current earnings being paid out in dividends. Investors who seek growth in market price would like this ratio to be small, whereas investors who seek dividends prefer it to be large. This ratio is computed by relating dividends per share to earnings per share of common stock.
Dividend Payout Ratio =
DPR in 2008 = = .25885 or 25.885%
DPR in 2009 = = .22238 or 22.238%
DPR in 2010 = = .22767 or 22.767%
From the above figure, we can say that the dividend payout ratio of Square Pharmaceuticals Ltd. in 2008 is 25.885%, 2009 is 22.238% and 2010 is 22.767%.
The dividend payout ratio is high in 2008. But in 2009 & 2010, it is low. But the company is still in a very good position.
Dividend Yield Ratio:
The dividend yield ratio is obtained by dividing the current dividends by current market price per share. The dividend yield ratio measures the rate of return in the form of cash dividend that would be earned by an investor who buys the common stock at the current market price.
Dividend Yield Ratio =
DYR in 2008 = = 0.0097 or .97%
DYR in 2009 = = .01363 or 1.363%
DYR in 2010 = = 0.0098 or .98%
From the above figure, we can say that the dividend yield ratio of Square Pharmaceuticals Ltd. in 2008 is .97%, 2009 is 1.36% and 2010 is .98%.
The dividend yield ratio is high in 2009. But in 2008 and 2010 it is low. But still the company is in a stable position.
Short Term Financial Strength
Long Term Financial Strength
Efficiency of Profitability
After analyzing the different aspects of financial parameter by the help of ratio analysis, we have the following findings-
Short Term Financial Strength:
Company’s liquidity position has been increased in 2010 than previous two years. Current Ratio & Quick Ratio have been increased. Inventory Turnover has been increased in 2010 than previous two years. Average Collection Period has been decreased than previous years. But Receivables Turnover has been decreased than previous two years. It means the Receivables Turnover is not good but current capital management has been developed. So the company should give more emphasize to improve the receivables turnover.
Long Term Financial Strength:
The financial performance of Square Pharmaceuticals Ltd. is good in 2010 than previous two years. The Debt Ratio of SPL has been declined in 2010 than previous years. So the company’s long term debt payment power has been increased.
Efficiency of Profitability:
The Profitability Ratio of Square Pharmaceuticals Ltd. is in a stable position. Although some of them has been decreased. Gross Profit Margin, Return on Assets, Asset Turnover & Payout Ratio have been increased in 2010. On the other hand, Operating Profit Margin, Net Profit Margin, Return on Equity, Earnings per Share, Dividend Yield Ratio and Dividend Payout Ratio have been reduced in 2010. It means the company is not utilizing its assets in a proper way. So the company should give more attention to increase their profit for the next year.
Recommendation, Conclusion & References
To strength the financial soundness in those areas where the Square Pharmaceuticals Ltd. needs to improve, the following suggestive measures are recommended-
i. The company should give more attention to improve efficiency in utilizing the capital.
ii. The company should give more attention on how to effectively manage its cost and revenue mixes.
iii. The company should give more emphasizes in making the investment decision in a much better way.
The financial soundness picture of Square Pharmaceuticals Ltd. shows that it has performed better in different specific aspects like short term and long term debt payment. However it has yet some financial and operating areas like profitability where those need much attention to be given. It can consider same actions recommended to improve its financial performance in the years to come.
Garrison, R.H., & Noreen, E.W. (2000). Managerial Accounting. 9th ed. Irwin McGraw-Hill Companies, Inc. pp. 835-47.
Weygandt, J.J., Kieso, D.E., & Kimmel, P.D. (2008). Accounting Principles.
7th ed. John Wiley & Sons, Inc. pp. 774-85
Annual Report of Square Pharmaceuticals Ltd. (2008)
Annual Report of Square Pharmaceuticals Ltd. (2009)
Annual Report of Square Pharmaceuticals Ltd. (2010)