Pharmacy

Financial Reporting and Ratio Analysis Beximco Pharmaceuticals Limited (Part 2)

Financial Reporting and Ratio Analysis Beximco Pharmaceuticals Limited (Part 2)
Ratio Analysis of BPL: Ratio Analysis is a widely used tool of financial analysis. It is defined as the systematic use of ratio to interpret the financial statements so that the strength and weakness of a firm as well as its historical performance and current financial condition can be determined. A financial ratio (or accounting ratio) is a relative magnitude of two selected numerical values taken from an enterprise’s financial statements. Often used in accounting, there are many standard ratios used to try to evaluate the overall financial condition of a corporation or other organization. Financial ratios may be used by managers within a firm, by current and potential shareholders (owners) of a firm, and by a firm’s creditors. Financial analysts use financial ratios to compare the strengths and weaknesses in various companies. If shares in a company are traded in a financial market, the market price of the shares is used in certain financial ratios.Ratios can be expressed as a decimal value, such as 0.10, or given as an equivalent percent value, such as 10%. Some ratios are usually quoted as percentages, especially ratios that are usually or always less than 1, such as earnings yield, while others are usually quoted as decimal numbers, especially ratios that are usually more than 1, such as P/E ratio; these latter are also called multiples. Given any ratio, one can take its reciprocal; if the ratio was above 1, the reciprocal will be below 1, and conversely. The reciprocal expresses the same information, but may be more understandable: for instance, the earnings yield can be compared with bond yields, while the P/E ratio cannot be: for example, a P/E ratio of 20 corresponds to an earnings yield of 5%. Sources of data for financial ratiosValues used in calculating financial ratios are taken from the balance sheet, income statement, statement of cash flows or (sometimes) the statement of retained earnings. These comprise the firm’s “accounting statements” or financial statements. The statements’ data is based on the accounting method and accounting standards used by the organization.

 Ratios Analysis

 Liquidity Ratios:

Liquidity ratio measures the firm’s ability to meet its obligations, ability to pay its obligation and when they become due. These ratios establish relation between cash and other current asset and current liabilities. Commonly used ratios are

      Current Ratio

      Quick Ratio

      Current Ratio

Current Ratio2008200920102011
Current assets28618916542602032267691673789323214516426191667831251315723271484627532648161988
Current liability
1.10:12.98:1    2.50:1    2.70:1

 Analysis: The current ratio measures the company’s ability to pay off its current liability. Here we can see that current ratio was highest in 2009 with compare in preceding years. But it also denotes that company has huge idle money, so it is not good sign for the Beximco Pharmaceuticals Ltd. So in a concluding note I would like to say company should utilize their idle money in a profitable manner.

Quick Ratio

Quick Ratio2008200920102011
(Total Current Assets – Inventory)(2861891654 – 1505288093)2602032267(6916737893 – 1722953284)2321451642(6191667831) –(1983809444)2513157232(7148462753) – (2291844631)2648161988
 Current Liability
 0.52:1     2.24:1    1.67:11.83:1

Analysis:

Quick ratio is the most conservative ratio in calculating liquidity position. Here we can see that acid-test was quite stable in first years, but it was increased dramatically in 2009, than 2010 decreases aging 2011 increases. The company’s current liquidity position is more than satisfactory.

 Activity Ratio

Activity ratios are used to evaluate the competence, which the company manages and utilizes on its asset. This ratio also calls the turnover ratios because they indicate the speed with which the assets are transformed or turnover into sales. A proper balance between assets and sales generally reflects on that the assets.

The Activity ratio we can satisfy on the three ratios, those are:

  • Receivable turnover.
  •  Inventory turnover
  • Assets turnover
Average Collection Period  2008  2009 2010  2011
  • (A/R x 360 days)
  • (503916401 x 360)
  •   4010167059
  • (694111730 x 360)
  •    4868254915
  • (821356439 x 360)
  •    6490847353
  • (978224317 x 360)
  •   7890241843
  • Total Credit Sales
  • 45.24 days
  • 51.33 days
  •    45.55 days
  • 44.63 days

 

 

 

 

Average Collection Period:Analysis:

This ratio helps to find out average collection period of accounts receivables. The lower the collection periods the higher the management efficiency measure collect the account receivables. We see that average collection period was better in 2011. But previous three years it was increased due to increase of sales volume.

  • Receivable turnover
A/R Turnover2008200920102011
   360 days360 days45.24 days360 days51.33 days360 days45.55 days360 days44.63 days
Average Collection Period
7.96 times7.01 times7.90 times8.07 times

 

 

 

 

Analysis:

  • Accounts receivables turnover is measure the number of times per year that the average amount of receivables is collected and transfers the cash amount. If the organization account receivable turnover increase then the average collection period decrease and vice-versa. Here we see that in 2011 is 8.07 times account receivable turnover Highest and Average collection period less. It was last three years increase or decrease of account receivable.
Inventory Turnover2008200920102011
Cost of Goods Sold  2002871181
(3157768384)/2
2566206626
(3228241377)/2
  3317640254
(3706762728)/2
  4103709021
(4275654075)/2
Average Inventory
1.27 times1.59 times1.79 times1.92 times
Inventory turnover in days: 365/IT
Average Payment period
       360
1.27
 
        360
1.59
       360
1.79
      360
1.92
  (ITD)    283.46 days226.42 days    201.12 days187.5 days

 

 

 

 

 

Inventory Turnover

Analysis:

Inventory turnover ratio measures how fast the inventory become cash or accounts receivable. If the turnover number is more than the company’s position is good and vice versa.  In 2008 it is 1.27 times and in 2009 is 1.59 times in 2010 it is 1.79 times in 2011 it is 1.92. Here we see the turnover is increasing over the time. It shows a positive impact on their management efficiency but the speed is very slow .It should be more fast.

(ITD)

Average payment period tell about how many time a company takes to pay its accounts payable. If a company quickly pays the accounts payable then it means they can’t use their capital properly on the other hand if it take too much time to pay its accounts payable then it will hamper their reputation toward its debtors. It wills create problem for further loan. Here we have seen their average payment period is decreasing over the year. In 2011 the period slightly decreases then the previous year. The overall position is good.

Asset Turnover2008200920102011
Sales4010167059  4868254915(34711598863)/2  6490847353(41264332931)/2   7890241843(44405740042)/2
Average Total Assets
 0.28 times0.31 times0.36 times

Asset Turnover

Analysis: Here was see that total assets turnover has increased in 2010 and 2011 compare to 2009. Sales and total assets increase in 2011.2010. But compare to 09 and 08; ratio is slightly dropped in 2009. After that it was recovered marginally.

Solvency /Debt Coverage Ratio

Debt ratios are calculated to judgment the long-term This ratio indicate, mix of funds provided by owners and lenders, the manner in which the assets are finance, the extent of earning that is magnified or leveraged by use of debt and finally the extent of limited stakeholders control over the company.

The Debt- coverage ratio we can satisfy on two ratios, those are:

  Debt to total assets

  Time interest earned.

  Debt to total assets

Debt Ratio     2008200920102011
Total Liabilities4369463296

 

 

Analysis:

In debt ratio is decreased from 2008, 2010, 2011 not 2009 in the Beximco Pharma Company because their asset was increased at a higher rate than from the last year. If any company debt ratio decreases day by day it is a good position for those for the company.

  Time interest earned

Times Interest Earned2008200920102011
    EBIT (Earnings before interest and taxes)714121010

214066707867467427

2483708501361532326

508432384

1677849252

567645757

Interest 3.34 times3.49 times2.68 times2.96 times

Analysis: In this discussion we realize that the higher ratio of time interest earned, it indicated the company has higher ability to pay the interest from their opportunity income. We see that ratio is quite fluctuating over the last few periods. So Beximco Pharma should aware of it. In 2008 is 3.34 times, 2009 is 3.49 times, good position compare to last two years in 2010 is 2.68 times and 2011 it is 2.96 times.

 Profitability Ratio

Profitability ratio represents the organization’s ability to translate sales dollars at different stages of measurement. The ratio measures profitability after consideration of all revenues and expenses, including interest taxes and non-operating items. This  ratio specify the capacity of the company to survive difficult circumstances, which might occur from a number of basis, such as declining price, increasing coast and declining sale.

The profitability ratio we can justify on the five ratios, those are as follows

      Gross Profit Margin Ratio

      Net profit Margin Ratio

      Return on Investment/ Asset Ratio

      Return on Equity Ratio

      Market Price Ratio:- (1.Price Earning Ratio, 2.Dividend Payout ratio, 3.Earning Per Share)

Gross Profit Margin Ratio2008200920102011

 

Gross Profit

Net Sales    50.06%47.29%48.89%48.00%

 Gross  Profit Margin Ratio

Analysis:

Gross margin ratio is used to analyze how efficiently a company is using its materials, labor and manufacturing related fixed assets to generate profits. A higher gross margin percentage is a favorable profit indicator and vice-versa. This ratio helps organization to fix their product price. If the ratio minimum percentage then indicates the product market price lower or product production cost high. Here we see that gross margin ratio was quite stable and it is good sign for Beximco Pharmaceuticals Ltd

Net Profit Margin  2008200920102011

 

Net Profit

Net Sales      13.60%12.83%16.20%15.19%

 Net Profit Margin Ratio

Analysis:

Net income to sales ratio is very important in operating performance measurement. This ratio is helpful in identifying the proportion of sales unit that remains after the deduction of all expenses. This ratio indicates the net amount of profit on each sales taka. The amount of net income includes all types of non operating items that may occur in a particular period. The ratio dropped in 2009, then increase in 2010. But it again fell in 2011.  As a result company has generated more profit.

      Return on Investment Ratio/ Asset (ROI)

Return on Total Assets     2008    2009    2010      2011

Net Income

Total Asset        3.68%   3.14%       4.92%       5.20%

Analysis:

Return on total assets indicates how profitable a company is relative to its total assets. It also indicates the management efficiency to utilize total assets to make profit. In 2011 it has been slightly increased compared to the previous year. So it can be said that company generates 3.68%, 3.14%, 4.92%, and 5.20% return on the assets that it employs in its operations in this four year time period.

       Return on Equity Ratio (ROE)

Return on Equity2008200920102011

 Net Income

Average Shareholder Equity       5.21%  5.74%  6.58%  7.00%

Analysis:

Return on equity is the measurement of shareholders wealth maximization. It indicates how much shareholders earned from their investment. The higher the ratio indicates higher the shareholders wealth maximization. Return on equity is highest in 2011 return shows 7.00%. So it’s good news for Beximco Pharmaceuticals Ltd. that its present ROE is better than previous year.

      Market Measures Ratios

      1.Price Earning Ratio

Price Earnings Ratio2008200920102011
Market Price Per Share          167.7

3.61      155.8

4.13   135.1

4.18     93.60

4.76

Earnings Per Share 46.45 times  37.72 times 32.32times 19.66 times

Analysis:

Price earnings ratio is the most widely used indictors in investment decision. It indicates how much an investor would be paying for every taka earnings. Price earnings ratio was height in 2008 but it has decreasing in 2009. So it means market price of BPL was fall in 2011. So company should aware of their P/E ratio.

      2. Dividend Payout Ratio

Dividend Payout Ratio2008200920102011

Dividend Per Share

Earnings Per Sharex100x100 x100   83.10%  36.32%    47.85%   44.12 %

Analysis:

Dividend payout ratio is an indicator of how well earnings support the dividend payment. Here we see that in 2008 pay highest dividend but in 2009 is also decrease, the in 2010 increase again in 2011 is also decrease. So company is not moving towards shareholders wealth maximization.

      3. Earnings Per Share Ratio

Earnings  Per Share200820092010 2011
Net profit After Tax545341273

151149296624740307

1511492961051648808

2517678101198525342

251767810 No. of Outstanding Shareholder 3.61 Tk4.11 Tk4.18 Tk4.76 Tk

Analysis:

Shareholders are mostly concern about earning per share (EPS), because EPS is widely used indicator in investment decision. In 208 EPS was TK. 3.61 but in next two years it is increasing day by day. Beximco Pharmaceutical Ltd. in 2011 EPS it reaches 4.76 TK. It’s good sign for company reputation and investors will be interested to invest on the company.

5. Costing Function of BPL:

Costing procedure of a Pharmaceuticals company is very important and vast thing. It needs to update in a regular basis. Moreover, all Pharmaceuticals firms try to keep this information secret in this competitive market. Like all other pharmaceuticals company Beximco follows standard costing method for medicine productions. The unit price of each medicine is calculated by batch wise. About 70-80 percent of all manufacturing materials are purchased from the foreign county. Only 20- 25 percent of the total are collected from the local markets. Beximco purchases more than 600 items of raw materials and more than 3,000 packaging materials for manufacturing of medicine.

Major reasons for which the price of the materials is affected are-LC opening charge, Demurrage charge, Inflation, Exchange rate changes and C & F commissions, etc. Yearly increment of salary is one of the major issues of labor rate increasing. Beximco Pharma provides salary increment every year. Therefore, the cost of direct labor is increased. The reasons for increasing the overhead cost are- Markets rates of utilities like gas, electricity and water, Repair and the maintenance costs, Insurance premiums etc. are increased due to reducing the life of the machines. Product development costs are increased due to highly competition in the medicine markets both home and abroad.

Materials- Controlling and Costing of BPL

Materials Management

An effective materials management is essential in order to

(1) Provide the best service to customers,

(2) Produce at maximum efficiency, and

(3) Manage inventories at predetermined levels to stabilize investments in inventories.

Successful materials management requires the development of a highly integrated and coordinated system involves:

                  Sales Forecasting,

                  Purchasing,

                  Receiving,

                  Storage,

                  Production,

                  Shipping,

                  And Actual Sales.

The stages of material management may be enumerated as follows:

  1. Procedures of materials acquisition
  2. Cost of materials acquisition
  3. Product costing and cost allocations

 Materials Acquisition Procedure

Materials:

In Beximco Pharma Material is divided into two parts. These materials are the direct material for the product. The classification of materials is as follows:

                        Raw material.

                        Packing material.

Before going to the report part, let’s have a look that what are the steps are involved in case of purchasing raw and packing materials from local and abroad.

Both types of materials are purchased in two forms such as:

            Local purchase.

            Import of materials.

 Local Purchase of Raw & Packing Materials:

The domestic purchase of raw material includes following business functions;

        Processing purchase order

        Receiving goods, material and services

        Recognizing the liability

        Processing  and  recording cash disbursement

        Processing Purchase Order

The procedure begins with need recognition. The respective department identifies its need, gets approval of the departmental head and with the approval an authorized person sends purchase requisition to purchase department to initiate purchase. In case of property, plant and equipment acquisition, before sending purchase requisition, a budget has to be prepared by the user department. If the departmental head or higher authorities, whichever is required, approve the proposed budget a purchase requisition is sent to purchase department. And in case of raw or packing materials, the planning department determines the quantity and timing of raw materials. This department informs the purchase department when to buy materials.

When the purchase department got the requisition, it calls for quotation or tender. After receiving the quotation or tender, supplier has been selected. The supplier may be local or international. If the terms and conditions are in favor of both BPL and the selected supplier, an order for the purchase is than issued by the purchase department. In case of raw or packing material, the purchase order is issued by the factory. A purchase register is maintained by the purchase department in which they maintain all the required information relating to a consignment.

      Receiving Material, Goods and Services

Generally the goods and services are received by the user department who has issued the purchase requisition or in some cases by the authorized department. Materials are received by Quality Assurance Department (QAD) in the factory. After receiving materials, goods and services an MRR (Material Receiving Report) is issued for material and other than material a GRR (Goods Receiving Report) is issued by receiving department to purchase department.  In the mean time the invoice or bill is received by the purchase department.

Before using the product by user department that is at the time of delivery, it has been inspected by the inspection team or QCD (Quality Control Department), by user department or by authorized department. QCD examined the materials on a sample testing basis and provide a certificate. Normally,

  1. QCD inspects standardized items like raw material, packing material etc.
  2. User department inspects non standardized items like services, stationeries etc.
  3. Inspection department inspects machineries, plants etc.

Again at BPL there are some authorized departments for inspection. For example, computer or IT related products are inspected by IT department, furniture are by HR department. If the received goods, material and services are not according to purchase requisition BPL may

  • Refuse the order
  • Reorder the item
  • Received on condition

Before taking any action, there is a discussion between BPL and the supplier. After re-communication it has been decided whether the payment to the supplier will be made or not.

Vendor

Warehouse/ Factory/ Ready for Use

Accept Delivery by User department/ Factory

Account & Inspect goods by respective departments

Purchasing order by Purchase/ Planning Dept

 

MRR/ GRR

Vendor

Packing slip

Goods & services

Packing

Slip

Goods & services

Goods & services

MRR/GRR

 Receiving Function

Recognizing the liability

The purchase department compares the invoice/bill and MRR/ GRR/ QC with the purchase order. If everything has been complied, the amount payable to supplier is approved by the purchase department. There is a seal on the invoice named ‘Approved By’ with the signature of purchase manager. It means the purchase department is satisfied with the information mentioned in the bill. A copy of all this documents is kept by purchase department and the main copies along with copies not negotiable are sent to accounts and finance department.

The accounts and finance department is then ready for giving provision voucher. An authorized person is liable for giving provision voucher. He examines the not negotiable copy of bill/ invoice at the time of giving provision voucher. Generally the liability is recognized when the vendor sends the invoice or bill. But in some cases it may be recognized at the time of goods received.

      Processing and Recording Check/ Cash Disbursement

After a certain period of time when the date becomes matured for the liability the payment is made by BPL. The matured date has been calculated in the aged payable report for each vendor. The due amount for an individual vendor is identified from vendor business position report. In this stage another report is prepared for forecasting cash requirement. An individual person enters data in MAPICS for having this reports and forecasts. The same person checks the arithmetical accuracy, casts, cross casts, deductions and payable amounts. If the checking is matched with those reports checks are issued to pay vendor.

The mode of payment is usually are numbered check.  In most cases the payment is made by payee only check. In some cases the payment may be made by cash or by bearer check or paid in advance fully or partly.

Issuing check is a sensitive issue. It is prepared by that person who will give the payment voucher. And it is signed by senior management. The payment voucher is given by the same person who has checked the reports and payable amounts. This voucher includes original bills, MRR/ GRR, Vat (musok 11) and challan. It is recorded in the record book after the sign has been made.

After all the procedure has been completed the check is given to vendor and the counter foil of that check is preserved by BPL. If the payment amount is large part by part payment is made.

Purchase order

Factory/ User department

Vendor

Approve vendor invoices by purchase department

Pay Vendor cash disbursements

Purchase Department

Accounts & Finance Department

Vendor invoice

A/P Payment Voucher

A/P Provision Voucher

MRR/GRR

  • Ø Bill/ Invoice
  • Ø Purchase Order
  • Ø MRR/ GRR
  • Ø VAT (MUSOK 11)

Checks

Pay for Goods Function

With approval of the departmental head

Tender / Quotation call

Requisition of respective               department

Issuing order

Receiving goods / Services by factory/ Respective Department

Produce MRR / GRR

Issuing check

 

Sent bills to accounting department

 

Comply the bills with order, MRR / GRR and approve

Receiving bills by purchase department

Accounts payable payment voucher

 

Ready for payment

 

Accounts payable journal voucher/ provision voucher

 

By Purchase Department or by User Department

By QAD, or by receiving department

Payment procedure is complied with sec 51(A), 52 of income tax ordinance-1984 and rule 16 of income tax Rule1984 and Musok 11 of VAT Act 1991

    Input Information

1. Purchase Requisition

It’s a requisition generate by respective department. Data elements conveyed by a purchase requisition of BPL include unique number of purchase requisition, CEP and purchase order number with date name and description of material and service, unit number, required quantity, unit price and quantity ordered. It also includes signature and approval of authorized person, supplier’s name; mode of payment, advance payment (if any), terms and conditions, MRR number, invoice number etc.

If the requisition is for fixed asset then a CEP (Capital Expenditure Proposal) is raised by the user department. In this case, proposed suppliers name, estimated budget, justification for proposed expenditure and estimated life of proposed expenditure is also required. A sample of CEP is given in the annexure.

2. Purchase Order

It’s a document through which an order is made. The heading contains the purchase order number, purchase requisition number and date. The body contains the description of required item, quantity required and ordered, amount with unit price, supplier’s name and address, terms and condition of order, due date, other relevant dates etc. Besides, it also describes the mode of purchase, advance payment (if any), purchase reference and other relevant information.

  1. 4.         Material Receiving Report (MRR) / Goods Receiving Report (GRR)

It’s a report produced by the inspection department or receiving department. It is used to reflect the receipt of goods on consignment or goods returned to supplier. The report indicates item ordered, name of the material and supplier with the date of arrival of products, its quantity, quality and description of the received item. It also includes MRR number, order number, signature of the authorized person etc. The report is also used as inspection report. Because it mentioned information regarding to

  • Quantity ordered before quality test
  • Quantity received after quality test
  • Quality
  • Whether as per specification or not
  • Country of origin
  • Deliver in time or not
  • Pricing
  • Legal requirements etc.

4. Invoice / Bill

This document is generated by supplier/ service provider that mention the quantity and amount, bill number with date etc. The bill is attached with MUSOK 11, delivery challan etc.

5. Tax and VAT (Musok 11) Report

BPL prepares these reports for calculating the amount of Tax and VAT deducted at source of suppliers. Tax and VAT amount is deducted from the total amount due. Deduction and calculation is made according to section 51(A), 52 of ITO- 1984[1], rule 16 of ITR-1984[2], and the VAT Act-1992 (Mushok 11). The reports contain vendor number, vendor name, and period, total amount due, tax amount, amount excluding tax amount, VAT amount and amount excluding VAT. A sample of tax and VAT report is added with annexure.

Import of Raw & Packing Materials:

Another source of raw and packing material is importing from overseas market. For this purpose, purchase department must open a letter of credit at bank. It ensures the liquidity of foreign supplier. After opening a letter of credit, Purchase department maintains a file where all the related documents are kept separately for each LC and sends a copy of each document to the Finance and Accounts department for further processing of information and to prepare the cost sheet for the materials received against each LC.  This file is called PC (pharmaceutical consignment) file. The finance and accounts department has three sections:

  • Treasury
  • Cost and Budgeting
  • Accounts

The processing of information related to import procurement takes place in the Cost and Budgeting section. For the convenience of the users I have discussed the whole thing into three parts. They are:

  INPUT INFORMATION

  INFORMATION PROCESSING

  OUTPUT INFORMATION

Input Information

Source of information:

Three departments are involved in the entire materials procurement process.

They carry their own responsibilities in this regard. The departments are:

  • Sales Department
  • Planning Department
  • Purchase Department

The entire process looks like:

 

Sales Department

Sales Forecast

Planning & Inventory Control Dept. Import Procurement schedule

Purchase Dept.

Pro forma Invoice

LC openning

Accounts

PC, IV, BC Files

 PC File (For Raw and Packing Materials and Also spare parts for pharmaceuticals machinery)

IV File (For Infusion Raw and Packing materials and also spare parts for Infusion machinery)

BC File (For Basic Chemical)

 Materials Acquisition Cost

The cost of inventories comprises of expenditure incurred in the normal course of business in bringing the inventories to their present location and condition. As a result, the costs of purchase of inventories comprise the purchase price, import duties and other taxes (other than those subsequently recoverable by the entity from the taxing authorities), and transport, handling and other costs directly attributable to the acquisition of finished goods, materials and services. Trade discounts, rebates and other similar items are deducted in determining the costs of purchase. Actually, the focal point of this report is to put light on the cost of acquiring of raw and packing material from local and foreign sources and related accounting conduct.

In case of imported materials

L/C Costing:

The costing procedures of the imported material’s (Raw/Packing) Landed cost. To calculate the unit cost of the imported material’s (Raw/ Packing) the term L/C costing is used.

L/C opening process:

The purchase dept. first collects a form of application for the opening of letter of credit from a bank. An LCA form (in quintuplicate) is also collected. After filling up these forms, they are submitted to the bank along with the pro forma invoice approved by the Block list of Drug Administration and IMP form of Bangladesh Bank. The L/C margin (a certain percentage of L/C amount), bank charges and commissions for opening the L/C, insurance payment (if made at that time) etc. are also made. The insurance covers all risks from the beginning of transit.

The Cost Sheet:

This is the most important report prepared on the import procurement process of raw materials. Cost sheets are prepared for individual raw and packing material items, as well as spares and capital machinery. Cost sheet is generated by the MAPICS software. It is the summary of entries debited through the journal voucher of L/C. It is used for costing and pricing decisions. The cost sheets include the following:

Through this cost sheet Beximco Pharma determines per unit landed cost of imported Raw material and Packing material.

                                                     Cost Sheet

Company Name: BEXIMCO PHARMAShipment No:
Supplier  Name:Date:
L/C No:Date:Exchange rate:
Invoice No:Date:CEP:Date:
PARTICULARS

1

2

Total

Material Name

MRR No

MRR Date:

Invoice Quantity

FC Cost/ Unit

Total FC Cost        L/C Margin   Opening Charge   Document Retirement   Duty, LCA, IDSC & others   C & F Commission   Insurance Premium   Miscellaneous Expenses

TOTAL COST

COST PER UNIT

 

Table: 9 Cost Sheet

 Cost Summary:

Cost summary is a summary of the cost sheets prepared on a monthly basis. It is a MS Excel worksheet. All the information is extracted from the cost sheet. The column heads are:

      Month

      L/C Number

      PC/IV/BC Number

      Materials Name

      Quantity

      C&F Rate

      Foreign currency Cost

      Currency [US$/EURO/YEN]

      Exchange rate

      C&F in Taka [Exchange Rate*FC Cost]

      Other costs [Duty/ LCA, C&F Commission, Insurance premium, Misc. Exp., Opening Charge]

      Landed cost [C&F in Taka + Other Costs]

      Cost per Unit [Landed Cost / Quantity]

      Supplier Name and Country

L/C Balance:

This is prepared to facilitate the payment of L/C liabilities. It is used by various departments including the treasury. The columns are:

  • L/C Number
  • Total Taka
  • Opening Date
  • C&F Value in Taka

Material Costing:

In case of imported materials some important formulas are as follows:

  1. Assessable Value= Invoice Value X Exchange Rate X 1.01(Insurance) X 1.01 (Landed Charge)
  2. Customs Duty= Assessable Value X Customs Duty Rate (from Bill Of Entry)
  3. Supplementary Duty= (Assessable Value + Customs Duty) X SD Rate (from Bill Of Entry)
  4. Pre-Shipment Inspection(PSI)= (Invoice Value X Exchange Rate) X PSI rate (from Bill Of Entry)
  5. Regulatory Duty= If CD% is greater than or equal to 25% then Assessable Value X 5%

 Landed Cost = C&F Amount + CD amount +SD amount + PSI amount + RD amount + Others expenses (C&F Commission, Insurance premium, Opening Charge, Misc. Exp.)

In case of Locally Procured Materials:

In case of locally procured materials the landed cost is Purchase order rate or Invoice rate

Sample Material cost sheet:

BEXIMCO PHARMACEUTICALS LTD.

COSTING OF (PRODUCT NAME)                                                        Pack size:

PRODUCT CODE:                                                                                                        Date:

PRODUCT CODE:

Composition Material code Landed cost Per Tablet Per Pack
Quantity

Cost

Quantity Cost
Raw Materials:

 

 

Active:

Raw material 1

Raw material 2

Excipients:

Raw material 1

Raw material 2 RAW MATERIAL COST  Packing Materials:

Primary Packing:

Packing material 1

Packing material 2

Secondary Packing:

Packing material 1

Packing material 2 PACKING MATERIAL COST Total RM + PM cost

Table: 10 Material Cost Sheet

 Product costing and cost allocations

Product Costs:

Product costs include all costs involved in acquiring or making a product. In the cases of manufactured goods, these costs consist of direct materials, direct labor, and manufacturing overhead. Product costs attach to units of product as the goods are purchased or manufactured, and they remain attached as the on the goods go into inventory awaiting sale. Product costs are initially assigned to an inventory account on the balance sheet. When the goods are sold, the costs are released from inventory as expenses and matched against sales revenue. Product cost is also called Manufacturing costs.

Components of Product cost:

      Direct Materials:- Raw Material (Active), Packing Material (Primary & Secondary Packing)

      Direct Labor

      Manufacturing Overhead:- Prime cost, Conversion cost, Non manufacturing cost, selling & administrative Expenses

                  Some items and bases which are used in BPL are as follows

Items of Overhead Basis of Distribution
Rent, Insurance of Building, Depreciation of Building. Floor Space Occupied
Electricity Meter reading
Power Machine Hour
Fire Insurance Asset Value
Insurance and Depreciation of Machinery Capital Value
Supervision Number of Workers
Medical Expenses Number of Workers
Canteen Expenses Number of meals
Store-keeping Expenses Number of Requisitions
Fringe benefits Number of workers
Purchase Department expenses Number of Purchase order
Internal Transport Number of Requisitions
Other items Machine hours, Wages.

 

 

 

 

 

 

 

 

Cost of Production:

In Beximco Pharma, they use normal historical costing for determining cost of production. Also in some cases they use the standard costing method. They have standard cost sheet for every components of the manufacturing cost. They also use standard cost sheet for proper control and measure their performance. They also calculate variance from standard and actual. For doing the costing early they use predetermined factory overhead. For using normal historical costing systems they determine the over applied or under applied factory overhead and dispose this over applied or under applied factory overhead through cost of goods sold statement. They also do the variance analysis. They generally does the Spending variance and Idle capacity variance. They compare their budgeted and actual amount for calculation of spending variance

 Inventory valuation methods and Beximco Pharma’s Practices:

The major inventory valuation methods are discussed as follows: The Direct or Variable Method In the direct (or variable) method, only the variable manufacturing costs are capitalized, or charged to the inventory.
The Full Absorption Method Full absorption costing (also referred to as full costing and absorption costing) is a traditional method where all manufacturing costs are capitalized in the inventory, i.e., charged to the inventory and become assets.
The Activity Based Method Activity based costing is a relatively new type of procedure that can be used as an inventory valuation method. The technique was developed to provide more accurate product costs. This improved accuracy is accomplished by tracing costs to products through activities. In other words, costs are traced to activities (activity costing) and then these costs are traced, in a second stage, to the products that use the activities.
The Throughput Method The throughput method was developed to complement a concept referred to as the theory of constraints. In this method only direct material costs are charged to the inventory. All other costs are expensed during the period

 Beximco Pharma’s Practices:

In BPL they use Absorption costing concept for determining product cost. They charge their selling and administrative overhead to the income statement. They don’t fully use ABC costing by they try to apply concept of Activity based costing for determining product cost. Implementation of ABC is very complex country like Bangladesh. In case of allocating factory overhead they use concept of ABC as far as possible. BPL don’t use through put costing and direct costing.

Determination of Manufacturing Cost per unit:

In BPL, they determine manufacturing cost per unit through the following cost sheet:

Beximco Pharmaceuticals Ltd.

Product Name: Pack size

Product Code: Date: Composition Material Code Per Tablet Per Pack
Quantity Cost Quantity Cost
Raw Materials:

Raw material 1

Raw material 2Total Raw material cost Packing Material:

Packing material 1

Packing material 2Total Packing material cost Total (RM+PM) cost Total Raw material cost per pack

Total Packing material cost per packTotal (RM + PM) cost per pack Factory Overhead

DepreciationTotal Factory Cost Total Manufacturing Cost Per Pack

Table: 11 manufacturing cost sheet for per unit

Batch costing:

Batch costing is a modification of job costing. A batch of similar products is treated as a job. Each batch receives an order number and the costs are accumulated on that basis. When production is of repetitive nature, and consists of a definite number of articles, batch costing is used. In batch costing all costs are collected according to batch order number and total costs are divided by total numbers in a batch to arrive at the unit cost of production.

Determination of EBQ:

In batch costing, determination of economic size of the batch is an important step. Economic size of a batch is determined by applying the following formula:

EBQ =

Where,

A= Annual demand for the product.

S= Setting up cost per batch.

C= Carrying cost per unit of production.

Beximco Pharma’s Practices:

In BPL they use batch costing system. They collect all costs by batch order number. They divide total costs by total numbers in a batch to arrive at the unit cost of production. IOC&BP section of Accounts and finance department does the batch costing. This section does not determine the batch size. Batch size is determined by the Planning department of the BPL. By determining EBQ they determine economic batch sizes.

Batch Cost Sheet:

Accounts and finance department of BPL determine the batch cost sheet. To determine batch cost sheet planning department helps costing department giving adequate data. The main factor of the batch cost sheet is commercial yield. Through this they determine per unit cost.

A sample batch cost sheet is in the following page

Batch Cost Sheet

Product Name:                                                                                                              Pack Size:

Product Code                                                                                                               Batch Size:

Batch No:

SRR (Store Received Report) Number: Material Name M. Code Unit (gm/kg) Quantity Rate Value
Raw material 1

 

 

Raw material 2Raw material Cost Packing Material 1

Packing Material 2Packing Material Cost Total Cost (RM + PM) Per unit RM [ Total RM / Commercial yield] Per unit PM [ Total PM / Commercial yield] Per unit Total Cost (RM+PM) [(RM+PM)/ Commercial yield]

 

Standard Yield:                                                                                         Commercial Yield:

 Actual Yield:                                                                                                    QC   Sample:

Information LCs Processing     

Information processing is done through three stages. The records and reports prepared in those stages are different. The stages are:

  • L/C Opening Stage
  • L/Cs in Transit Stage

L/C Opening Stage

L/C opening process:

The purchase dept. first collects a form of application for the opening of letter of credit from a bank. An LCA form (in quintuplicate) is also collected. After filling up these forms, they are submitted to the bank along with the pro forma invoice approved by the Block list of Drug Administration and IMP form of Bangladesh Bank. The L/C margin (a certain percentage of L/C amount), bank charges and commissions for opening the L/C, insurance payment (if made at that time) etc. are also made. The insurance covers all risks from the beginning of transit.

Purchase Department

(Pro Forma Invoice, Drug, IMP)

Local Bank

(L/C Margin, Opng Chrg, Bank Charge)

 

Foreign Bank

 As mentioned earlier (see: 1.2.1) the accounts department gets copy of the L/C and the Banks statement mentioning other related cost. It is done through the foreign exchange account of BEXIMCO PHARMA held with different banks.

Records and Reports:

Various records are kept during this stage. Data related to L/C are maintained in two ways. They are:

  • MS Excel Worksheets
  • MAPICS

MS Excel Worksheets:

Two different sets of spreadsheets are prepared. The spreadsheets contain the following information. I am just mentioning the column heads of the spreadsheets and explanations where necessary.

  • Spreadsheet containing Data on L/C Margin and Opening Charges:
    • L/C Number
    • Margin in Taka
    • Opening Commission [p]
    • Courier service Charge [q]
    • Supplementary Tax [r]
    • VAT [s]
    • Amendment Charge [t]
    • Total taka ([p]+[q]+[r]+[s]+[t])
  • Spreadsheet containing Data on Document Retirement
    • L/C number
    • PC/IV/BC Number
    • Retirement Date
    • Payment
    • Payment Date

Negotiation:

  Bill of exchange

  Commercial Invoice

  Packing List

  Bill of Lading

  Certificate of Origin

  Shipment Advice

MAPICS Entries:

MAPICS (Management Accounting Production       Inventory Control System) is a software custom made for BEXIMCO GROUP which serves the both the financial and management accounting needs. In the L/C opening stage two types of entry are made into the software:

  • Database Entry
  • Journal Voucher
  • Database Entry:

This entry is made to maintain a database of L/Cs and shipments. The entry includes:

  • L/C Number
  • PC Number
  • Shipment Date
  • Retirement Date

This database is also linked with the accounting system built within the software. Whenever a journal entry is made with the L/C account this database is linked with that entry. It detects any inconsistency with the L/C number and PC number.

Journal Entry:

The journal entry made at this stage includes the opening charges, L/C margin, Bank charges, Courier Charges, Amendment Charges, etc. The Journal Entry made through the Bank Voucher. The entry is:

L/C Margin                   DR

Opening Charge               DR

Amendment Charge             DR

Courier Service              DR

VAT                          DR

Bank Charges                 DR

     Bank A/C                CR

VAT Rules, 2007. Rule 19(2): The tax payer can claim 60% of the VAT as claim against input tax in respect of charges for …. L/C services…..”

 All the debit entries are posted to the L/C group account. These are all considered as expenditures. All the amounts are found in the summary spreadsheet prepared with MS Excel.

 L/Cs in transit stage

The opening bank sends a copy of L/C to the advising bank and another copy is also sent by the company to the local agent or indenting company. The supplier then takes necessary measures to ship the materials. It sends the non-negotiable shipping documents to the buyer (the firm) by courier within 7 days and submits negotiable copy of all documents to the negotiating bank. Then the supplier asks the negotiating bank to make the payment. After paying off the supplier, the advising bank asks the L/C opening bank to pay the amount within 72 working hours (3 working days). The opening bank then pays it off within the stipulated time. The bank then collects the L/C payment from the firm (applicant) on an agreed upon date.

Records and Reports prepared at this stage:

Two records could take place during this stage. Both the records are made using the MAPICS software in the form of journal entries through Payables voucher and Bank Voucher. The transactions are:

Payment of Insurance Premium:

Insurance premium is set on the invoice price. The materials are normally insured to make cover for fire/marine and war/strike risks. A VAT of 15% is imposed on the insurance premium. To facilitate the journal entry a spreadsheet analysis is made using MS Excel, which contains: I. L/C Number II. PC Number III. Item name

  1.                          IV.      Total Insurance Premium (see figure A: premium bill)
  2.                             V.      VAT on Insurance Premium (see figure A: premium bill)
  3.                          VI.      Net Insurance Premium (Total Premium-80%of VAT)

Insurance Premium            DR   [VI]

VAT                          DR [80% of VAT]

Accounts Payable (Insurance

Company)                CR

The journal entry is often made through payables voucher. The entry is:

VAT Rules, 2007. Rule 19(1): The tax payer can claim 80% of the VAT as claim against input tax in respect of charges for …. Insurance services…..”

 Advance payment to the C&F Agent: The C&F agents are responsible to make customs clearance from the ports and make delivery to the factory at Gazipur or wherever required. The estimated amount for clearing and forwarding process is paid in advance. The journal entry is made through Bank voucher using MAPICS software. The entry is:

C&F Agent (Advance)          DR

     Bank A/C                CR

 Factors That Affects the Costing Procedure at Beximco Pharma

The Major reasons for which the price of the materials affected are identified below:

LC opening charge: The LC opening charge increases with the amount of LC opened. It will affect the actual price of the materials.

Insurance premium: For the safety of the materials it is necessary to give insurance premium for that material. Numbers of insurance companies are interest to open insurance for the firm. But this also affects the material price.

Demurrage charge: It has to be given to the port authority by the BPL in case of delaying in material receive.

Inflation: Due to inflation rate material price can also be increased which has impact on purchasing of materials. The company would have nothing to do if there is occurred high inflation in the imported country.

Exchange rate changes: material price can also be affected by the exchange rates changes. In spite of, the unchanged material price the cost of it can be increased by the change in foreign exchange rates.

C & F commissions: Clearing and forward commissions are charged by the agents which are works for the Beximco. There are number of agents who receive the goods, pay all types of duty charges to the government and bring the materials to the factory storehouse. The C & F commissions include:

                  Documentation

                  Customs duty and taxes

                  Super urgent delivery expenses

                  Wharf rent and removal

                  Pay order commissions

                  Cooly wages for loading and unloading

                  Transport, Agency commission

All the above items of C & F commissions are added with the cost of the material. Therefore the actual price of the material is increased. Management Accounting Practice At Beximco Pharmaceuticals Ltd

Miscellaneous expenses: Besides the above factors some other costs are incurred in case of material import. These costs are also included with the material price.

Exchange Rate: Basically, 70-80 percent materials are purchased from outside of the country. So payments for the imported goods are made in dollars maximum time. So the increase in the exchange rate would increase the prices of the materials. According to the survey data the, it was found that 66 percent employee that that the exchange rates affects moderately and 33 percent employee thought that the exchange rates has less effects. The reason behind such opinions was that for the last numbers of months dollar is stable against taka. Furthermore, the payment was made in dollar maximum time. Another thing was the exchange exercised by the customs was almost fixed for number of months. So, when the exchange rates changes abruptly only then there would be a high impact over price of the materials.

Yearly increment of salary: This is one of the major issues of labor rate increasing. Beximco Pharma provides salary increment every year. Therefore, the cost of direct labor is increased.

Increase in market labor rate: This is due to inflation rate of a country. The market rate of labor payment has been increasing for last two or three years. So, this has also a great impact on direct labor cost.

Other benefits of the labor: Besides the monthly payments, the labors are provided some other benefits which also affect the costing. At Beximco factory, there are labor unions which deal with the management about their needs and benefits.

The reasons for increasing the overhead cost are-

                  Markets rates of utilities like gas,

                  electricity and water,

                  Repair and the maintenance costs,

                  Insurance premiums etc. are increased due to reducing the life of the machines.

                                 C & F BILL against PC #_________

 

Amount
Customs Duty and Taxes####
Wherfrent and Removal###
Documentation##
Cooly wages###
Transport##
Misc. Expenses##
Expenses under section 82###
Audit/ treasury/ Bank Exp.###
Agency Commission @ 0.0x%###
                                                                   TOTAL#####
Less: Income tax on Agency commission(##)
                                                             ADVANCE(#####)
                                                                        DUE###

Bangladesh Customs Authority

Bill of Entry

Type

Tax base

Rate

Amount

Customs Duty

[a]

*

[b]

Supplementary Duty

[b]

*

[c]

VAT

[b]

*

[d]

AIT

[a]

*

[e]

Development Surcharge

[a]

*

[f]

Note: The alphabets used in this table will used for further reference in the chapter to come.

Calculation of taxes:

Type

Tax base

Rate

Amount

Customs Duty

[a]

*

[b]

Supplementary Duty

[b]

*

[c]

VAT

[b]

*

[d]

AIT

[a]

*

[e]

Development Surcharge

[a]

*

[f]

Note: The alphabets used in this table will used for further reference in the chapter to come.

 6. Findings of the Report

Major’s findings of the report are as follows

        The employees of departments of Beximco Pharma are very much co-operative and interdependent to each other.

        BPL provide A complete set of financial statements includes a balance sheet, an income statement, a cash flow statement, a statement showing either all changes in equity or changes in equity other than those arising from investments by and distributions to owners, a summary of accounting policies, and explanatory notes

        There are positive relationship exists among assets, sales and net income.

        Finance and Accounting department is one of the most important departments of BPL, they are responsible to make profit for the organization.

        The recent liquidity position of BPL is very high, which reflect company has more idle money. The average collection period and average payable period both are decreasing.

        The portion of debt in total asset and time interest earned is increasing.

        The equity value per share of BPL is less than its current market price per share.

        The operating expenses of BPL have dramatically increased for the last five years, which has a significant influence to lower the net income

        Beximco Pharma follows the batch costing method and collocate their factory overhead on the basis of the total production of the batches. Beximco Pharma uses pre determined factory overhead for determining factory overhead early for costing purpose.

        The entire department should be well informed regarding their goal and objectives. It is essential to execute company objective into individual target.

        There must be clear allocation of responsibilities , authority and accountability

        The company should introduce more promotional activities.

        The company should take initiative to develop an effective research and development centre to get innovative ideas to capture the competitive market

Beximco Pharma is one the best and leading pharmaceuticals company in Bangladesh. Beximco is pioneer Pharma company export Medicine to the abroad and earned many foreign currency. Beximco Pharmaceuticals is a good growing company if they maintain the cost production, relative cost in operating and made good and quality medicine then BPL will be good position in the near future.

Recommendation of the Report:

The overall performance of BPL shows a satisfactory position although they are suffering last few years. It is not easy to recommend some suggestion to enhance the performance level of the organization during two month practical experience in BPL. I have observed some shortcoming regarding operational and other aspects. On the basis of my observation I would like to present the following recommendations:

 Though BPL has qualified employee in Finance and Accounting department, but the organization should recruit some new employee to run this department smoothly.

      BPL should increase their equity capital in their capital structure, because debt capital is already higher.

      BPL should utilize their assets properly by investing them in more profitable projects as there liquidity is higher than actual need.

      They should increase dividend per share that will serve as a promotional tool.

      Contribution analysis for each of the product lines to optimize profit in light of demand factors.

      Effects to bring selling prices in line with costs having regard to competition and other market factors.

      They should minimize their financing expenses to make higher net profit. They should maximize the average collection period and average payable period.

      They should be careful about the market price of share, because the price of share would decrease in future.

      Standard set-up for staff and officers to minimize administrative overhead.

      Provision for the training of officers and employees in modern management techniques.

      Necessary measures to be taken for the prompt seminars, advertisement and promotional activities by the representatives.

      In the face of today’s global competition with open market operation, BPL must develop and retain the high achievers and motivated work force and equip them with the latest skills and technologies

 Conclusion

In Bangladesh, Pharmaceutical sector is one of the most developed hi-tech sectors which are contributing in the country’s economy. Pharmaceutical sector is one of the fast growing and most developed scientific sector in Bangladesh. There are about 265 registered pharmaceutical companies operating in Bangladesh pharmaceutical industry. The market is highly competitive. BPL succeeded in gaining trust and confidence of the doctors and patients all over the country.

Beximco Pharmaceuticals Ltd. is a leading edge pharmaceutical company and is a member of the BEXIMCO Group, the largest private sector industrial conglomerate in Bangladesh. Beximco Pharma is also the largest exporter of pharmaceuticals from Bangladesh, spreading its presence in many developing and developed countries across the globe. Recently, BPL has successfully made its footmark in the global market when it made its debut on the London Stock Exchange as the first Bangladeshi company to be listed in the world’s most prestigious bourse. This milestone event has widened the responsibility, accountability and transparency of the company beyond geographical border. This was an added challenge to all the accounting staffs as the listing the accountability of the organization has gained a global reach. The ever expanding export trade also indicates greater responsibility to the world. The Finance and Accounts department took the challenge and prove their mettle by the timely publication of 2011 Annual Financial Reports globally. Each and every section in the department deserves to be complemented for their endeavor. From raw material import to the bringing of smile for the society, on every level, professionalism and dedication is the key to this success.

Beximco Pharma is the largest exporter of pharmaceuticals in the country and the only company to win National Export Trophy (Gold), the highest national accolade for export, for record Four times. The company is the largest producer of Metered Dose Inhalers (MDIs) in the country, and the first to produce CFC free inhalers. BPL is also the first company to produce anti-retroviral drugs (ARVs) locally.

In this report, we have tried my level best to identify Financial analysis is helpful in assessing the financial position and profitability of a concern. This is done through comparison by ratios for the same concern over a period of years; or for one concern against another; or for one concern against the industry as a whole (called inter firm operation); or for one concern against the predetermined standards; or for one department of a concern against other departments of the same concern (called intra firm comparison). Accounting ratios calculated for a number of years show the trend of the change of position. The trend is upward or downward or static. The ascertainment of trend helps us in making estimates for the future.

Thus we can say that there is lots of application of financial analysis in the modern days of business. To assess any business condition financial analysis gives a clear financial picture of any business organization. This helps to evaluate the trend and condition of organization.

From small to big business organization financial analysis helps a great deal in decision-making process. As it helps to give idea about the financial condition, thus it helps in future financial projection and decision making process of any business house.

If there is no doubt Beximco Pharma is a leading pharmaceutical company in Bangladeshi pharmaceutical industry, but there some lacking to Finance and Accounting department. Because there financial position not so much good compare their competitive leading company. In this situation they should be careful there costing sector. In today’s complex yet highly competitive business environment management needs quality information for decision making purpose. Beximco believes that quality and control should be ensured and these can be ensured by using proper cost accounting information. Relevant and reliable cost information can be ensured by implementing by using effective cost accounting methods. There unproductive assets should invest productive sector and minimize their liability. And they do the best one fit in the context of Bangladesh.  I trust that Beximco Pharma go ahead day by day galaxy.

Bibliography:

  • Annual Report of Beximco Pharmaceuticals Limited –2000 – 2011
  • Newspaper, Journal, Magazine
  • Bangladesh Association of Pharmaceutical Industries
  • World Pharmaceutical Association
  • Fundamentals of Financial Management, by Brigham and Houston
  • Annual Reports Square Pharmaceuticals Ltd.
  • Annual Reports Incepta Pharmaceuticals Ltd.
  • Annual Reports Renata Pharmaceuticals Ltd.

Web-site:

http//www.beximco-pharma.com

http://www.bpl.com.bd/financial_statement

http//www.wikipedia.org     

 http//www.pharmaceutical-industry.info

 http://ims-global.com

http://www.dse.com.

Consultation with the Following Persons:

  • Mr. Md. Fazlul Haque, Deputy Manager, Accounts and Finance BPL
  • Ms. Jannaton Nahar Assist. Professor, Business Administration of Bangladesh University
  • Mr. Amit Kumar, Accounts Officer, Accounts and Finance BPL
  • Mr. Md. Jasim Chowdhury, Accounts Officer, Accounts and Finance BPL
  • Md. Nazmul Muneer, Accounts Officer, Accounts and Finance BPL

Beximco Pharma office Address

Operational Headquarter

19 Dhanmondi R/A, Road No. 7

Phone: +880-2-8619151, +880-2-8619091

Fax: +880-2-8613888

Email: info@bpl.net

Website: www.beximco-pharma.com

Corporate Headquarter

17 Dhanmondi R/A, Road No. 2

Dhaka 1205, Bangladesh

Phone: +880-2-8611891

Fax: +880-2-8613470

Email: beximchq@bol-online.com

Website: www.beximco.net

Bangladesh University Campus Address

Main Campus                                                                   

15/1, Iqbal Road, Mohammadpur, Dhaka-1207

Tel: +880-2-9136061, +880-2-9112663

Fax: +880-2-9119555

Email: bu@citechco.net

Website: www.bu.edu.bd

Second Campus

3/3, Asad Avenue, Mohammadpur, Dhaka-1207

Tel: +880-2-9136061, +880-2-9112663

Fax: +880-2-9119555

Email: bu@citechco.net

Website: www.bu.edu.bd

Beximco Pharmaceuticals Limited

 Some are parts:

Financial Reporting and Ratio Analysis Beximco Pharmaceuticals Limited (Part 1)

Financial Reporting and Ratio Analysis Beximco Pharmaceuticals Limited (Part 2)