3

1
Chapter-1

Introduction

2

1.1. Origin of the Study:-

After the completion of the final examinations of the last semester of our
4 year BBA Program in the Department of Accounting & Information
Systems of University of Dhaka, we have been asked to complete a Thesis
Report with in a period of 6 weeks. I was asked to conduct my thesis on
the Ratio Analysis of Pharmaceutical and Textile Industries in
Bangladesh. I conduct my thesis work under the supervision and
guidance of Dr. Pallab Kumar Biswas, Assistant Professor, Department of
Accounting & Information Systems, University of Dhaka.

1.2. Purpose of the Study:-

The study on the ratio analysis of Pharmaceutical and Textile Industry from
2012 to 2003 will help us to know about the trends of different types of
ratios of the two important industries of the economy of Bangladesh. The
products of Pharmaceutical and Textile Industries are exported in many
countries at a large volume. So, this two industries are very important for us.
So, to have an idea about the performance of the companies under these
industries, we have looked into its different ratios through this study.

3

1.3. Area under the Study:-

The study has been conducted over two industries of Bangladesh. The
two industries are- Pharmaceuticals and Textile Industries.

In Pharmaceutical Industry, the following companies are included:-

Name Year of Listing Data

Ambee Pharmaceuticals 1986 2012-03
Beximco Pharmaceuticals 1986 2012-03
Glaxo Smith Kline 1976 2012-03
ACI Limited 1976 2012-03
Reneta Limited 1979 2012-03
Reckitt Benckiser 1987 2012-03
Pharma Aids Limited 1987 2012-03
Kohinoor Chemicals Limited 1988 2012-03
IBN Sina Pharmaceuticals 1989 2012-03
Beximco Synthetics 1993 2012-03
Libra Infusion 1994 2012-03
Orion Infusion 1994 2012-03
Square Pharmaceuticals 1995 2012-03
Imam Button Industries 1996 2012-03
Keya Cosmetics 2001 2012-03
ACI Formulation 2008 2012-08
Marico Bangladesh 2008 2012-08
Beacon Pharmaceuticals 2010 2012-10
Active Fine Chemicals 2010 2012-10
Salvo Chemicals Limited 2011 2012-10

4

Orion Pharmaceuticals 2012 2012
JMI Syringes 2012 2012

In Textile Industry, the following companies are included:-


Al-Haj Textile 1983 2012-03
Style Craft 1983 2012-03
Rahim Textile 1988 2012-03
Saiham Textile 1988 2012-03
Modern Dyeing 1988 2012-03
Desh Garments 1989 2012-03
Dulamia Cotton 1989 2012-03
Tallu Spinning 1990 2012-03
Apex Spinning 1994 2012-03
Delta Spinners 1995 2010-03
Sonargaon Textile 1995 2012-03
Prime Textile 1995 2012-03
Alltex Industries Limited 1996 2012-03
Anlimu yarn Dyeing 1997 2012-03
H.R. Textile 1997 2012-03
CMC Kamal Textile 1997 2012-03
Safko Spinning 2000 2012-03
Square Textile 2002 2012-03
Metro Spinning 2002 2012-03
Maksons Spinning 2008
2012-08
Dacca Dyeing 2009
2012-08
R.N. Spinning 2010
2012-10
Malek Spinning 2010
2012-10
Zahin Tex 2011
2012-11

5

Generation next Fashion Limited 2012 2012
Envoy Textile 2012 2012
Argon 2012 2012
Family Tex 2012 2012

1.4. Limitations of the Study:-

In conducting this study, many limitations came on the way;
some of them could be solvedimmediately, but some others had
long impact on the whole study. Those are as below-

1) The thesis period is only 6 weeks. Its not enough for
conducting a thorough study on two important
industries of the country.

2) Some relevant information about some companies were
not available. So, after all efforts, all relevant data wasnt
obtained.

3) Due to my lack of experience in conducting any research,
it was a bit hard to conduct a research on such a
important topic.

6

Chapter-2

Concept of Ratio Analysis

7

2.1. Definition:-

A Financial ratio is a relative magnitude of two selected numerical
values taken from an enterprises financial statements. 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 of a firm; and by a firms creditors.
Financial analysts use financial ratios to compare the strengths and
weakness in various companies. If shares of 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 or a
percentage value.

2.2. Benefits:-

Financial Ratios allow comparison between-

1. Companies
2. Industries

8

3. Different time period for one company
4. A single company and its industry average.

2.3. Types of Financial Ratios:-

Financial ratios are of following four categories-

1. Liquidity Ratios: -

Liquidity Ratios measure the availability of cash to
pay debt. Liquidity Ratios include Current Ratio,
Quick Ratio, Cash Ratio and Operating Cash Flow
Ratio. All of these ratios are expressed in terms of
percentage (%).

Liquidity
Ratios
Formula Interpretation
Current Ratio
Current Asset / Current
Liabilities
A current ratio of 1 will
indicate that the book value
of its current assets are equal
to the book value of its
current liabilities. The more
its value is the better it is.
Quick Ratio
(Cash+ Marketable
Securities+Receiveables) /
The higher the quick ratio is
the better the company is.

9

Current Liabilities
Cash Ratio
(Cash+ Marketable
Securities) / Current
Liabilities
It measures a firms liquidity
in a crisis situation. A higher
cash ratio refers to a better
position of the firm
Operating
Cash Flow
Ratio
Net Operating Cash Flow /
Current Liabilities
A higher operating cash flow
ratio refers to a better
position of the firm in its
operating activities.

2. Activity Ratios: -

Activity Ratios measure how quickly a Firm converts
non-cash assets to cash asset.Activity Ratios include
Inventory Turnover Ratio, Receivable Turnover
Ratio, Payable Turnover Ratio, Working Capital
Turnover Ratio, Total Asset Turnover Ratio and
Fixed Asset Turnover Ratio.All of these ratios are
expressed in terms of times.

Activity
Ratios
Formula Interpretation
Inventory
Turnover Ratio
Cost of Goods Sold/ Average
Inventory
Inventory Turnover Ratio lies
at the heart of operations for
many entities. It indicates the
resources tied up in
inventory and can, therefore,
be used to indicate inventory
management effectiveness.
The higher the inventory

10

turnover ratio, the shorter
the period that inventory is
held.
Receiveable
turnover ratio
Revenue/ Average
Receiveables
A relatively high receiveable
turnover ratio indicates
highly efficient credit and
collection. While in case of a
low receiveable turnover
ratio, the inefficiency of the
company in terms of credit
and collection will be
indicated.
Payable
Turnover Ratio
Purchase/ Average payable A high payable turnover ratio
indicates that the company
isnt doing well in using its
credit facilities.
Working Capital
Turnover Ratio
Revenue/Average Working
Capital
A high working capital
turnover ratio will indicate
the efficiency of a company
in terms of generating
revenue with its working
capital.
Total Asset
Turnover Ratio
Revenue/ Average Total
Assets
A higher total asset turnover
ratio indicates the efficiency
of the company.
Fixed Asset
Turnover Ratio
Revenue/ Average Fixed
Assets
A higher fixed asset turnover
ratios indicates the efficient
use of fixed assets in
generating revenue.

3. Solvency Ratios: -

Solvency Ratios measure the firms ability to repay
long term debt. Solvency Ratio is of two types - Debt
ratio and Coverage ratio.

11

Debt Ratios include Debt to Asset Ratio, Debt to
Equity Ratio, Debt to Capital Ratio and Financial
Leverage. All of these ratios are expressed in terms of
percentage (%)

Coverage ratios include Interest Coverage Ratio and
Fixed Charge Ratio. All of these ratios are expressed in
terms of percentage (%).

Solvency Ratios Formula Interpretation
a) Debt Ratios

Debt to Asset Ratio Total Debt/ Total Asset It refers to the percentage of
total assets financed with
debt.
Debt to Equity Ratio Total Debt/ Total Equity It refers to the amount of
debt capital relative to equity
capital. If it has a high value
then it shows low solvency.
Debt to Capital Ratio Total Debt/ ( Debt +
Equity )
It refers to the percentage of
a companys capital
represented by debt.
Financial Leverage Total Asset/ Total Equity The higher the financial
leverage ratio, the more
leveraged the company is in
the sense of using debt and
other liabilities to finance
assets.

12

b) Coverage
Ratios

Interest Coverage Ratio EBIT/ Interest Payments The higher Interest coverage
ratios indicates stronger
solvency.
Fixed Charge Ratio (EBIT+Lease payments) /
( Interest payments +
Lease payments)
The higher fixed charge ratio
indicates stronger solvency.

4. Profitability Ratios:-

Profitability Ratios measure the Firms use of its
assets and control of its expenses to generate an
acceptable rate of return. Profitability Ratios
include - Return on Sales and Return on
Investment.

Return on Sales include Gross Profit Ratio, Net
Profit Ratio, Operating Profit Ratio and Pre-Tax
Margin. All of these ratios are expressed in terms of
percentage (%).
Return on Investment include Return on Asset
(ROA), Return on Equity (ROE), Return on Capital,
etc.All of these ratios are expressed in terms of
percentage (%).

13

Profitability Ratios Formula Interpretation
a) Return on
Sales

Gross Profit Ratio GP/ Revenue Higher GP ratio indicates
higher product pricing and
lower product costs.
Net Profit Ratio NP/ Revenue The higher the NP Ratio, the
stronger the company is.
Operating Profit Ratio OP/ Revenue The higher the OP Ratio, the
stronger the company is.
Pre-Tax Margin EBT/ Revenue The higher Pre-tax margin,
the stronger the company is.
b) Return on
Investment

Return on Asset Net Income/ Average
Total Assets
The higher its value is, the
more income is generated by
its assets.
Return on Equity Net Income/ Average
Total Equity
its equity.
Return on Capital Net Income/ (Debt +
Equity)
its capital.

14

Chapter-3

Concept of Altman Z Score

15

3.1. Definition:-
Altmans Z-Score combines five common business ratios using a
weighting system to determine the chance of a company going into
default at some point of time in the future. The 5 common Ratios will
be multiplied with their respective factor, then the sum of all 5 items
will be considered as Altmans Z- Score.
The 5 common Ratios included in Altmans Z-Score are:-

Ratios

X

Factors

Return on Total Assets
( Net Profit / Total Assets )

X

3.300

Sales to Total Assets
( Sales / Total Assets )

X

0.999

Equity to debt
( Equity / Debt )

X

0.600

Working Capital to Total Assets
( Working Capital / Total Assets )

X

1.200

Retained Earnings (R/E) to Total
Assets ( R/E / Total Assets )

X

1.400

16

3.2. Interpretation of Altmans Z Score:-

Z-Score

Interpretation

>2.99

Safe

2.70-2.99

Gray Area; is in acceptable
condition but may slide to
difficult condition

1.80-2.70

May be bankrupted within 2 years

< 1.80

High risk of bankruptcy in near
future

17

Chapter-4

Ratio Analysis

18

4.1. Ratio Analysis of Pharmaceutical Industry (2012-
2003):-

2012:-

In 2012, its found that in terms of activity ratios, IBN Sina Pharmaceuticals,
Glaxo Smith Kline and Reckitt Benckiser are the top three companies as they
are in a good position in the ranking of different types of activity ratios. While,
Libra Infusions, Orion Pharmaceuticals and Beacon Pharmaceuticals are to be in
the bottom positions.

In terms of liquidity ratios, Pharma Aids, ACI Formulation and Beacon
Pharmaceuticals are the top three and Imam Button Industries, Orion Infusion
and Ambee Pharmaceuticals are the bottom three companies.

While, considering Profitability ratios; Imam Button industries, Reneta Limited
and Pharma Aids Limited are on the top and Beximco Synthetics, Orion
Pharmaceuticals and ACI Formulation are the bottom three companies.

19

By taking into account the different types of solvency ratio; Active
Pharmaceuticals, Ambee Pharmaceuticals and Orion Infusions are in better
position than others and Beximco Pharmaceuticals, Keya Cosmetics Limited and
Libra Infusions are in an uncomfortable position than other companies.

The comparative performance of the companies of this industry in this sector
are shown through the ranking of the companies in terms of different types of
activity, liquidity, profitability and solvency ratios. The related ratio values are
mentioned in the Appendix part of the report.

20

Ranking of Pharmaceutical Industries in 2012
(Based on Activity Ratios)
Activity Ratio

Company name

Inventory
turnover
Receiveable
Turnover
Payable
Turnover
WC
Turnover
Total
Asset
Turnover
Fixed
Asset
Turnover
ACI Formulation 8 20 22 11 8 8
Active pharma 17 17 12 6 14 15
Ambee pharma 20 15 8 2 6 4
Beximco pharma 12 12 11 16 18 17
Central pharma 21 19 21 18 23 16
JMI Syringes 18 9 14 20 17 19
ACI limited 9 14 10 8 12 9
Beacon pharma 23 13 17 17 21 22
Beximco
synthetics 19 23 16 21 16 14
Keya Cosmetics 12 21 19 15 13 10
Glaxo Smith
kline 6 7 4 10 3 3
Kohinoor
chemicals 11 3 6 5 5 5
Marico
Bangladesh 10 4 20 14 4 1
Orion pharma 16 18 2 23 18 21
IBN SINA pharma 1 1 9 1 2 6
Orion infusion 7 11 13 3 7 11
Pharma Aids
limited 2 22 15 13 10 7
Salvo chemical
ltd 5 16 18 22 20 20
Reckitt Benckiser 4 2 7 7 1 2
Square pharma 22 5 5 9 9 12
Imam Button
Industries 3 6 1 19 15 18
Reneta ltd 14 10 23 4 10 13
Libra Infusion 15 8 3 12 22 23

21

(Based on Liquidity Ratios)
Liquidity Ratio

Company name

Current
Ratio
Quick
Ratio
Cash
Ratio
Operating Cash
Flow Ratio
ACI Formulation 9 9 14 1
Active pharma 11 11 13 12
Ambee pharma 18 17 15 18
Beximco pharma 1 10 12 3
Central pharma 17 6 4 20
JMI Syringes 22 23 10 17
ACI limited 12 15 10 19
Beacon pharma 5 1 1 13
Beximco
synthetics 23 7 22 22
Keya Cosmetics 3 3 5 20
Glaxo Smith
kline 4 21 7 8
Kohinoor
chemicals 13 20 17 15
Marico
Bangladesh 2 19 17 23
Orion pharma 20 13 20 4
IBN SINA pharma 14 2 2 10
Orion infusion 16 16 21 9
Pharma Aids
limited 6 3 8 16
Salvo chemical
ltd 19 18 19 6
Reckitt Benckiser 10 7 6 11
Square pharma 7 12 9 2
Imam Button
Industries 21 22 22 14
Reneta ltd 14 14 16 5
Libra Infusion 8 5 3 7

22

(Based on Profitability Ratios)
Profitability Ratio
Return on Sales

Return on Investment

Company name

GP
Ratio
NP
Ratio
OP
Ratio
Pre-Tax
Margin ROA ROE
Return on
Capital

12 14 10

14 10 16

16 8 16

11 16 13

21 12 10

22 22 21

13 11 9

19 20 20
Beximco

18 18 18

10 15 13
Glaxo Smith kline 16 16 18 14

6 7 6
Kohinoor

15 9 12
Marico

1 5 3

20 20 21

7 12 7

8 4 8
Pharma Aids
limited 14 6 5 7

3 6 5
Salvo chemical ltd 8 3 8 3

8 17 15

4 1 1

17 19 19
Imam Button
Industries 22 2 7 5

5 2 4
Reneta ltd 3 5 3 4

2 3 2

23 23 23

23

(Based on Solvency Ratios)
Solvency Ratios
Debt Ratio

Coverage Ratio

Company name

Debt to
Asset
Ratio
Debt to
Equity
Ratio
Debt to
Capital
Ratio Leverage
Interest
Coverage
Fixed
Charge
Coverage

14 9

2 1

23 21

12 13

10 17

21 20

13 10

20 19
Beximco synthetics 19 20 20 17

18 16

19 18

6 2
Kohinoor chemicals 7 4 4 3

15 11
Marico Bangladesh 23 23 22 15

4 6

7 12

1 22

16 7
Pharma Aids limited 13 14 14 12

3 3

11 14

9 15

5 5
Imam Button
Industries 7 6 6 7

17 8

8 4

22 23

24

2011:-

In 2011, by considering the different categories of activity ratios its seen that
IBN Sina Pharmaceuticals, Glaxo Smith Kline and Reckit Benkiser are the leaders
and Beximco Synthetics, Salvo Chemical Limited and ACI Formulation are the
back-benchers.

While, according to liquidity ratios; Glaxo Smith Kline, Central Pharmaceuticals
and Beacon Pharmaceuticals are the top three and Kohinoor Chemicals, Orion
Infusion and Imam Button Industries are the bottom three companies.

The analysis of profitability ratios tell us that the top three companies are
Square Pharmaceuticals, Reneta Limited and Active Pharmaceuticals as the
bottom three are JMI Syringes, ACI Formultaion and Kohinoor Chemicals.

By looking into the solvency ratios; Reneta Limited, Imam Button Industries and
ACI Limited are the top three and Beximco Synthetics, Keya Cosmetics and
Libra Infusions are the last three companies.


25

Activity Ratio

Company name

Inventory
turnover
Receiveable
Turnover
Payable
Turnover
WC
Turnover
Total Asset
Turnover
Fixed
Asset
Turnover
Beximco
pharma 16 13 9 14 17 18
JMI Syringes 19 5 11 21 1 4
ACI limited 10 14 10 8 13 9
Beacon pharma 21 15 16 16 19 20
Beximco
synthetics 18 21 15 13 15 15
Glaxo Smith
kline 1 7 3 10 4 3
Kohinoor
Marico
IBN SINA
pharma 2 1 8 1 3 7
Pharma Aids
limited 3 19 12 11 8 8
Salvo chemical
ltd 5 20 20 18 18 19
Reckitt
Benckiser 8 2 6 3 2 2
Imam Button
Reneta ltd 15 9 21 20 9 13

26

Liquidity Ratio

Company name

Current
Ratio
Quick
Ratio
Cash
Ratio
Operating Cash Flow
Ratio
Beximco
Glaxo Smith
kline 5 5 4 4
Kohinoor
Marico
Pharma Aids
limited 7 4 6 15
Salvo chemical
ltd 8 14 16 4
Imam Button


27

Profitability
Ratio
Return on Sales


Company name

GP
Ratio
NP
Ratio
OP
Ratio
Pre-Tax
Margin ROA ROE
Return on
Capital

13 13 12

2 9 10

17 12 16
Beximco
pharma 5 5 4 5

12 17 14

20 16 19

10 1 1

19 20 20
Beximco

16 19 16

8 10 8
Glaxo Smith
kline 13 13 16 13

7 7 5
Kohinoor

18 15 15
Marico
Bangladesh 14 9 7 8

1 3 3
IBN SINA
pharma 8 17 18 17

11 13 11

15 11 13
Pharma Aids
limited 12 8 5 6

6 8 6
Salvo chemical
ltd 16 2 21 1

14 18 18
Reckitt
Benckiser 7 12 14 12

5 2 2

4 4 4
Imam Button

9 6 9
Reneta ltd 3 3 3 3

3 5 7

21 21 21


28

Solvency Ratios
Debt Ratio

Coverage Ratio

Company name

Debt to
Asset Ratio
Debt to
Equity
Ratio
Debt to
Capital
Ratio Leverage
Interest
Coverage
Fixed
Charge
Coverage

10 12

3 1

20 19

2 2

17 18

9 6

16 17
Beximco

12 10

11 15
Glaxo Smith
kline 19 19 19 9

19 16
Kohinoor
chemicals 6 5 5 6

13 13
Marico

1 8

4 4

14 9
Pharma Aids
limited 13 15 15 15

5 3
Salvo chemical
ltd 3 9 9 21

21 21

7 11

6 7
Imam Button
Industries 8 6 6 7

15 14
Reneta ltd 6 8 8 16

8 5

18 20

2010:-

29

In 2010, Reckitt Benckiser, ACI Limited and Square Pharmaceuticals are on the
top of the list and Beacon Pharmaceuticals, Beximco Pharmaceuticals and Salvo
Chemical Limited are on the bottom of the list considering the activity ratios.

Taking the liquidity ratios in considerations, we see that Beximco
Pharmaceuticals, Glaxo Smith Kline and Square Pharmaceuticals are on the
upper side and Imam Button Industries, Libra Infusion and Orion Infusion are
on the lower side.

According to profitability ratios; Reneta Limited, Square Pharmaceuticals and
Active Pharmaceuticals are on the top and Imam Button Industries, Kohinoor
Chemicals and Libra Infusion are on the bottom part of the chart.

In terms of solvency ratios, we may keep Reneta Limited, Square
Pharmaceuticals and IBN Sina Pharmaceuticals on the top and Libra Infusion,
Beximco Pharmaceuticals and Beximco Synthetics on the bottom.



30


Activity Ratio

Company name

Inventory
turnover
Receiveable
Turnover
Payable
Turnover
WC
Turnover
Total
Asset
Turnover
Fixed
Asset
Turnover
ACI limited 4 6 12 5 4 8
Beacon pharma 20 10 16 15 19 19
Beximco
synthetics 18 19 2 13 14 15
Glaxo Smith
kline 7 12 6 10 3 3
Kohinoor
chemicals 15 3 4 16 19 6
Marico
Pharma Aids
limited 2 18 15 9 12 11
Salvo chemical
ltd 13 20 10 6 15 16
Imam Button
Industries 3 15 1 18 13 14
Reneta ltd 14 9 19 4 6 10

31

Liquidity Ratio

Company name

Current
Ratio
Quick
Ratio
Cash
Ratio
Operating Cash
Flow Ratio
Beximco
Kohinoor
Marico
Pharma Aids
limited 10 3 5 8
Imam Button

32

Profitability Ratio
Return on Sales


Company name

GP
Ratio
NP
Ratio
OP
Ratio
Pre-Tax
Margin ROA ROE
Return
on
Capital

13 15 14

7 10 8

14 9 15

12 14 12

15 16 16

17 18 18
Beximco

16 17 17

6 6 6

1 4 2
Kohinoor

18 12 13
Marico
Bangladesh 14 7 9 8

3 5 5

8 7 7

10 8 9
Pharma Aids
limited 15 10 11 10

11 13 11

9 11 10

4 1 1

5 3 4
Imam Button

20 20 20
Reneta ltd 5 3 3 3

2 2 3

19 19 19


33

Solvency Ratios
Debt Ratio

Coverage Ratio

Company name

Debt to
Asset Ratio
Debt to
Equity
Ratio
Debt to
Capital
Ratio
Leverag
e
Interest
Coverage
Fixed
Charge
Coverage

7 6

9 5

18 17
Beximco
pharma 9 14 14 18

11 12
ACI Limited 7 7 8 9

14 16

17 15
Beximco

15 13

13 14
Glaxo Smith
kline 20 20 20 13

3 2
Kohinoor
chemicals 17 3 3 1

10 10
Marico

1 1
IBN SINA
pharma 11 9 9 6

5 7

12 9
Pharma Aids
limited 10 13 13 16

8 11
Salvo chemical
ltd 6 8 7 15

20 20
Reckitt

2 3

6 8
Imam Button
Industries 5 6 6 6

19 18
Reneta ltd 4 4 4 5

4 4

16 19

2009:-

34

In 2009, we can put Keya Cosmetics, Reckitt Benckiser and ACI Limited on the
top and Reneta Limited, Beximco Synthetics and ACI Formulation on the
bottom of the list as per the activity ratios.

While in terms of liquidity ratios, we rank Glaxo Smith Kline, Beximco
Pharmaceuticals and Marico Bangladesh on the higher side and Libra Infusion,
Kohinoor Chemical and Imam Button Industries on the lower side.

The profitability ratios tell us to put Square Pharmaceuticals, Reneta Limited
and Reckitt Benckiser on the top and Imam Button Industries, Keya Cosmetics
and Kohinoor Chemicals on the bottom.

While, the in-depth view of the solvency ratios; tell us to put Kohinoor
Chemicals, IBN Sina Pharmaceuticals and Reneta Limited on the top and to
keep Beximco Synthetics, Keya Cosmetics and ACI Limited on the bottom.



35

Activity Ratio

Company name

Inventory
turnover
Receiveable
Turnover
Payable
Turnover
WC
Turnover
Total
Asset
Turnover
Fixed
Asset
Turnover
Beximco
synthetics 16 16 2 12 16 16
Glaxo Smith kline 8 10 5 10 3 5
Kohinoor
chemicals 13 2 4 16 6 8
Marico
Pharma Aids
limited 4 14 14 4 10 11
Imam Button
Reneta ltd 14 17 16 2 8 10


36

Liquidity Ratio

Company name

Current
Ratio
Quick
Ratio
Cash
Ratio
Operating Cash
Flow Ratio
Beximco
Glaxo Smith
kline 1 2 2 1
Kohinoor
Marico
Bangladesh 3 10 5 2
Pharma Aids
limited 11 3 6 14
Imam Button

37

Profitablity Ratio
Return on Sales


Company name

GP
Ratio
NP
Ratio
OP
Ratio
Pre-Tax
Margin ROA ROE
Return on
Capital
ACI Formulation
11 9 9 9

10 8 9
Ambee pharma
1 13 14 14

14 11 14
Beximco pharma
4 4 2 3

13 14 13
ACI limited
12 1 12 11

1 1 1
Beximco

17 17 17

8 10 10
Glaxo Smith
kline 8 8 8 7

3 4 4
Kohinoor

11 13 12
Marico
Bangladesh 9 6 11 8

3 3 3
IBN SINA pharma
17 17 17 17

9 6 6
Orion infusion
6 11 10 12

12 12 11
Pharma Aids
limited 9 5 5 4

7 8 8
Reckitt Benckiser
5 6 4 5

2 2 2
Square pharma
3 2 2 1

6 7 7
Imam Button

15 16 16
Reneta ltd
2 3 1 2

5 5 5

16 15 15


38

Solvency Ratios
Debt Ratio

Coverage Ratio

Company name
Debt to
Asset
Ratio
Debt to
Equity
Ratio
Debt to
Capital
Ratio Leverage
Interest
Coverage
Fixed
Charge
Coverage

7 7

15 13
Beximco
pharma 8 9 9 11

9 11
ACI Limited 14 14 14 7

14 13
Beximco

13 12

17 17
Glaxo Smith
kline 17 18 18 16

2 2
Kohinoor
chemicals 7 6 6 4

10 8
Marico

1 1
IBN SINA
pharma 10 8 8 8

4 5

11 9
Pharma Aids
limited 9 11 11 15

8 10
Salvo chemical
ltd 6 7 7 14

18 18
Reckitt

5 3

6 6
Imam Button
Industries 5 5 5 10

16 15
Reneta ltd 3 4 4 5

3 4

12 16

2008:-

39

In 2008, Libra Infusion, Marico Bangladesh and Kohinoor Chemicals are on the
top and Beximco Synthetics, Square Pharmaceuticals and Ambee
Pharmaceuticals are on the bottom in terms of activity ratios.

In terms of liquidity ratios; the best performers are Orion Infusion, Keya
Cosmetics and Reckitt Benckiser; while the least performers are Imam Button
Industries, Libra Infusion and Kohinoor Chemicals.

Square Pharmaceuticals, Pharma Aids and ACI Limited are the top performers
and Imam Button Industries, Beximco Synthetics and Keya Cosmetics are the
least performers in the ground of profitability ratios.

Considering the solvency ratios, we will find Reneta Limited, Kohinoor
Chemicals and Pharma Aids on the top and Beximco Pharmaceuticals, Imam
Button Industries and Square Pharmaceuticals on the bottom on the basis of
their respective performance.


40


Activity Ratio

Company name

Inventory
turnover
Receiveable
Turnover
Payable
Turnover
WC
Turnover
Total
Asset
Turnover
Fixed
Asset
Turnover
Ambee pharma 16 16 2 5 14 15
Beximco
pharma 14 10 6 2 16 16
Beximco
synthetics 15 15 13 10 15 14
Glaxo Smith
kline 1 13 5 16 5 5
Kohinoor
Marico
IBN SINA
pharma 3 2 15 13 2 7
Pharma Aids
limited 2 14 9 15 10 10
Imam Button
Reneta ltd 13 9 11 1 9 9

41


Liquidity Ratio

Company name

Current
Ratio
Quick
Ratio
Cash
Ratio
Operating Cash
Flow Ratio
Beximco
synthetics 2 4 17 2
Kohinoor
Marico
Bangladesh 4 11 5 1
Pharma Aids
limited 13 3 3 5
Imam Button
Reneta ltd 8 7 8 11


42

Profitability
Ratio

Return on
Sales


Company name

GP
Ratio
NP
Ratio
OP
Ratio
Pre-Tax
Margin ROA ROE
Return on
Capital

8 5 4

4 1 1

8 12 16

14 15 14
Beximco

17 17 17

11 9 10
Glaxo Smith
Kline
12 10 12 10

8 10 9
Kohinoor

11 8 11
Marico
Bangladesh 11 8 8 8

3 3 3
IBN SINA pharma
7 15 16 14

13 6 5

14 11 12
Pharma Aids
limited 9 5 5 5

7 7 6
Reckitt Benckiser
2 1 2 1

5 15 6

1 2 2
Imam Button
Industries
14 14 15 13

16 14 13
Reneta limited 3 5 4 3

5 4 6

2 13 14


43

Solvency
Ratios
Debt Ratio

Coverage Ratio

Company
name

Debt to
Asset
Ratio
Debt to
Equity
Ratio
Debt to
Capital
Ratio Leverage
Interest
Coverage
Fixed
Charge
Coverage
ACI
Formulation 10 11 10 5

9 8
Ambee
pharma 1 1 1 15

17 16
Beximco
pharma 9 12 10 14

8 7

11 11
Beximco

15 14
Keya
Cosmetics 8 7 7 8

13 13
Glaxo Smith
kline 16 16 16 12

2 3
Kohinoor
chemicals 6 4 5 4

10 17
Marico

1 6
IBN SINA
pharma 11 9 9 3

3 2

12 10
Pharma Aids
limited 7 7 8 10

5 5
Reckitt
Benckiser 3 6 3 17

7 1

6 9
Imam Button

16 15
Reneta ltd 4 4 5 7

4 4

14 12

44

2007:-

In 2007; Libra Infusion, Keya Cosmetics and Ambee Pharmaceuticals are the
best performers and ACI Limited, Pharma Aids and Beximco Synthetics are the
worst performers in terms of activity ratios.

According to liquidity ratios; the best performers are Glaxo Smith Kline, Reneta
Limited and Reckitt Benckiser; while the worst performance was of Libra
Infusion, ACI Limited and Kohinoor Chemicals.

The analysis of profitability ratios provide us the idea that Square
Pharmaceuticals, Reneta Limited and Reckitt Benckiser are the top three and
Imam Button Industries, Glaxo Smith Kline and kohinoor Chemicals are the
bottom three.

From the in-depth view of solvency ratios; Reckitt Benckiser, Orion Infusion and
Kohinoor Chemicals are on the top and IBN Sina Pharmaceuticals, Imam Button
Industries and Beximco Pharmaceuticals are on the bottom of the chart
according to their performance.


45


Activity
Ratio

Company
name

Inventory
turnover
ratio
Receiveable
Turnover
Ratio
Payable
Turnover
Ratio
WC
Turnover
Ratio
Total Asset
Turnover
Ratio
Fixed
Asset
Turnover
Ratio
Ambee
pharma 12 13 6 1 1 2
Beximco
pharma 13 9 5 6 13 13
Keya
Cosmetics 5 6 13 4 6 1
Glaxo Smith
kline 8 10 4 7 3 3
Kohinoor
chemicals 10 2 3 12 4 4
IBN SINA
pharma 2 1 11 11 2 5
Orion
infusion 6 7 7 5 12 12
Pharma Aids
limited 3 12 9 9 9 7
Square
pharma 9 3 12 3 10 10
Imam Button
Reneta ltd
11 5 10 2 5 8
Libra
Infusion 4 4 2 10 7 9

46


Liquidity Ratio

Company name

Current
Ratio
Quick
Ratio
Cash
Ratio
Operating Cash
Flow Ratio
Ambee pharma
10 6 7 11
Beximco pharma
2 7 8 7
ACI limited
8 11 14 14
Beximco synthetics
9 3 2 12
Keya Cosmetics
4 5 6 15
Glaxo Smith kline
1 1 5 1
Kohinoor chemicals 11 15 11 8
IBN SINA pharma
14 9 3 9
Orion infusion
3 9 11 4
Pharma Aids limited 13 4 4 6
Reckitt Benckiser
7 2 1 5
Square pharma
5 14 10 3
Imam Button
Reneta ltd 6 8 9 2

47

Profitability
Ratio
Return on Sales


Company name

GP
Ratio
NP
Ratio
OP
Ratio
Pre-Tax
Margin ROA ROE
Return on
Capital
Ambee
pharmaceuticals 6 15 15 15

4 8 14
Beximco pharma
4 6 4 7

14 15 15
ACI limited
10 9 9 8

10 3 5
Beximco
synthetics 4 3 1 2

7 11 1

6 6 7
Glaxo Smith
kline 15 14 12 11

12 14 12
Kohinoor

8 5 9
IBN SINA pharma
8 13 13 12

9 9 6
Orion infusion
7 10 7 10

13 10 11
Pharma Aids
limited 11 5 3 4

3 1 2
Reckitt Benckiser
1 1 6 1

1 4 4
Square pharma
2 2 2 3

2 2 3
Imam Button

11 12 10
Reneta ltd 3 7 5 5

5 7 8

15 13 13

48


Solvency Ratios
Debt Ratio

Coverage Ratio

Company name

Debt to
Asset
Ratio
Debt to
Equity
Ratio
Debt
to
Capital
Ratio Leverage
Interest
Coverage
Fixed
Charge
Coverage
Ambee Limited 1 1 1 14

15 14

8 6

6 9
Beximco

9 10

13 12
Glaxo Smith
kline 14 14 14 13

1 5
Kohinoor
chemicals 3 4 5 5

7 15

2 4

10 8
Pharma Aids
limited 7 3 3 1

3 2

5 1

4 3
Imam Button

14 13
Reneta ltd 5 7 7 9

11 7

12 11

49

2006:-

In 2006,Pharma Aids, Reckitt Benckiser and Libra Infusion are the top
performers and Beximco Pharmaceuticals, Glaxo Smith Kline and Beximco
Synthetics are the worst performers according to activity ratios.

The deep view of the performance of the companies in terms of liquidity ratios
give us an idea that Reckitt Benckiser, Beximco Pharmaceuticals and Glaxo
Smith Kline are the top, while; Imam Button Industries, ACI Limited and
Kohinoor Chemicals are the bottom three companies.

Reneta Limited, Square Pharmaceuticals and Reckitt Benckiser are the top
performers and Imam Button Industries, Libra Infusion and Kohinoor Chemicals
are the bottom three performers according to profitability ratios.

Pharma Aids, Ambee Pharmaceuticals and Keya Cosmetics are the best
performers and Imam Button Industries, Glaxo Smith Kline and IBN Sina
Pharmaceuticals are the worst perfoemers in terms of solvency ratios.


50


Activity Ratio

Company
name
Inventory
turnover
ratio
Receiveable
Turnover
Ratio
Payable
Turnover
Ratio
WC
Turnover
Ratio
Total Asset
Turnover
Ratio
Fixed Asset
Turnover
Ratio
Ambee
pharma 15 12 7 12 9 3
Beximco
pharma 13 9 5 4 14 14
Keya
Cosmetics 5 6 15 2 4 2
Glaxo Smith
kline 10 15 14 7 15 14
Kohinoor
IBN SINA
pharma 3 1 13 13 1 4
Pharma Aids
limited 1 13 9 9 8 9
Imam Button
Reneta ltd 11 8 11 1 6 8
Reckitt
Beximco
synthetics 12 14 10 6 13 7


51


Liquidity Ratio

Company name

Current
Ratio
Quick
Ratio
Cash
Ratio
Operating Cash
Flow Ratio
Beximco
Kohinoor
chemical 9 14 9 12
Pharma Aids
limited 13 5 14 11
Imam Button
Reneta ltd 5 6 5 9


52


Profitability Ratio

Return on Sales

Company name

GP
Ratio
NP
Ratio
OP
Ratio
Pre-Tax
Margin ROA ROE
Return on
Capital
Ambee

13 8 15
Beximco pharma
5 3 3 15

8 12 9
ACI limited
10 9 10 6

7 6 6
Beximco
synthetics 15 8 4 7

9 9 8
Keya Cosmetics
12 6 7 5

5 5 5
Glaxo Smith kline
1 4 9 7

14 15 14
Kohinoor

12 13 13
IBN SINA pharma
8 11 12 9

6 7 7
Orion infusion
7 10 13 11

10 11 12
Pharma Aids
limited 11 4 6 3

4 1 1

3 4 2

1 3 3
Imam Button

15 14 11
Reneta ltd 4 2 1 1

2 2 4

11 10 10


53


Solvency
Ratios
Debt Ratio

Coverage Ratio
Company
name

Debt to
Asset Ratio
Debt to
Equity Ratio
Debt to
Capital
Ratio Leverage
Interest
Coverage
Fixed
Charge
Coverage
Ambee
Limited 1 1 1 1

11 12
Beximco
pharma 7 10 10 11

8 7

7 10
Beximco
synthetics 9 8 8 7

10 8
Keya
Cosmetics 8 7 7 5

9 9
Glaxo Smith
kline 13 13 13 14

5 11
Kohinoor
chemicals 4 5 5 10

2 1
IBN SINA
pharma 12 12 12 8

1 4

12 13
Pharma Aids
limited 6 4 4 2

6 6
Reckitt

15 2
Square
pharma 10 11 11 12

4 3
Imam Button

13 14
Reneta ltd 5 6 6 13

3 5

14 15

54

2005:-

In 2005; Reckitt Benckiser, ACI Limited and Kohinoor Chemicals are the top
performers; while, Ambee Pharmaceuticals, Beximco Synthetics and Orion
Infusion are the lowest performers according to activity ratios.

Reckitt Benckiser, Square Pharmaceuticals and Reneta Limited are the top
performers; while, Libra Infusion, Imam Button Industries and Orion Infusion
are the bottom three companies in terms of liquidity ratios.

If we consider from the point of profitability ratios; then the top performers
would be identified as Reckitt Benckiser, Square Pharmaceuticals and Reneta
Limited and the worst performers will be Beximco Synthetics, Kohinoor
Chemicals and Imam Button Infusion.

From the view point of solvency ratios; we find that Keya Cosmetics, Kohinoor
Chemicals and Beximco Pharmaceuticals are the best performers and the worst
performers are Imam Button Industries, Libra Infusion and Glaxo Smith Kline.


55

Activity Ratio

Company
name
Inventory
turnover
ratio
Receiveable
Turnover
Ratio
Payable
Turnover
Ratio
WC
Turnover
Ratio
Total
Asset
Turnover
Ratio
Fixed
Asset
Turnover
Ratio
Ambee
pharma 15 15 5 14 15 15
Beximco
pharma 14 4 7 7 1 14
Keya
Cosmetics 10 6 15 3 6 2
Glaxo Smith
kline 12 10 14 8 7 3
Kohinoor
IBN SINA
pharma 8 1 12 15 3 5
Pharma Aids
limited 1 13 11 10 11 11
Imam Button
Industries 3 12 1 11 12 12
Reneta ltd 9 8 13 4 4 4
Reckitt
Beximco
synthetics 13 14 10 9 13 9

56


Liquidity Ratio

Company name

Current
Ratio
Quick
Ratio
Cash
Ratio
Operating Cash
Flow Ratio
Ambee pharma
9 3 8 14
Beximco pharma
6 7 3 9
Beximco
Keya Cosmetics
7 9 7 5
Glaxo Smith
kline 1 1 2 15
Kohinoor
chemicals 8 14 9 6
IBN SINA pharma
11 10 4 4
Orion infusion
12 11 10 13
Pharma Aids
limited 14 6 13 10
Reckitt Benckiser
3 2 1 1
Square pharma
4 8 5 3
Imam Button
Reneta ltd
5 5 5 2

57


Profitability Ratio
Return on Sales

Company name

GP
Ratio
NP
Ratio
OP
Ratio
Pre-Tax
Margin ROA ROE
Return on
Capital
Ambee

13 8 15

1 9 9
ACI limited
9 10 11 7

7 6 7
Beximco

15 13 13
Keya Cosmetics
11 4 5 5

3 2 1
Glaxo Smith kline
12 11 12 6

8 10 9
Kohinoor

12 12 12
IBN SINA pharma
8 7 9 5

6 15 5
Orion infusion
5 9 13 5

11 11 14
Pharma Aids
limited 10 8 8 4

9 1 3
Reckitt Benckiser
6 6 6 3

5 3 2
Square pharma
2 2 2 1

2 5 4
Imam Button

14 14 11
Reneta ltd
2 5 4 1

4 4 5
Libra Infusion
7 14 10 1

10 7 8

58


Solvency
Ratios
Debt Ratio

Coverage Ratio
Company
name

Debt to
Asset
Ratio
Debt to
Equity Ratio
Debt to
Capital
Ratio Leverage
Interest
Coverage
Fixed
Charge
Coverage

14 14
Beximco
pharma 1 9 9 15

7 3
ACI Limited 9 5 5 4

10 12
Beximco
synthetics 6 7 7 6

12 11
Keya
Cosmetics 7 8 8 7

8 8
Glaxo Smith
kline 12 12 12 13

4 4
Kohinoor
chemicals 4 4 4 11

5 1
IBN SINA
pharma 13 13 13 9

1 2

13 13
Pharma Aids
limited 10 3 3 1

9 10
Reckitt

3 6

6 6
Imam Button

15 15
Reneta ltd 5 6 6 12

2 5

11 9

59

2004:-

In the year of 2004, we can select Imam Button Industries, Beximco Synthetics
and IBN Sina Pharmaceuticals as the best three and Orion infusion, Kohinoor
Chemicals and Pharma Aids as the last three companies for their performance
on overall activity ratios.

Reckitt Benckiser, ACI Limited and Reneta Limited are the top three and Libra
Infusion, Orion Infusion and Kohinoor Chemicals are the last three performers
in terms of liquidity ratios.

Square Pharmaceuticals, Reckitt Benckiser and IBN Sina Pharmaceuticals are
the best performers and Beximco Synthetics, Ambee Pharmaceuticals and ACI
Limited are the worst performers according to the profitability ratios.

Orion Infusion, Reneta Limited and Beximco Pharmaceuticals are the best
performers according to the different types of solvency ratios. At the same
time, the performance of Imam Button industries, Reckitt Benckiser and
Beximco Synthetics were not up to the mark.



60


Activity Ratio

Company
name

Inventory
turnover
ratio
Receiveable
Turnover
Ratio
Payable
Turnover
Ratio
WC
Turnover
Ratio
Total
Asset
Turnover
Ratio
Fixed
Asset
Turnover
Ratio
Ambee
pharma 3 13 15 7 6 6
Beximco
pharma 10 10 8 4 9 10
Keya
Cosmetics 7 6 7 10 12 12
Glaxo Smith
kline 14 12 14 12 15 11
Kohinoor
chemicals 11 5 9 13 11 13
IBN SINA
pharma 4 8 6 5 7 7
Pharma Aids
limited 12 15 10 14 10 9
Imam Button
Reneta ltd 6 2 3 3 4 4
Reckitt
Benckiser 9 11 1 15 12 14
Beximco
synthetics 1 1 5 1 1 5

61


Liquidity Ratio

Company name
Current
Ratio
Quick
Ratio
Cash
Ratio
Operating Cash
Flow Ratio
Ambee pharma
10 4 6 14
Beximco pharma
7 6 7 13
ACI limited
1 2 3 1
Beximco synthetics
3 5 15 15
Keya Cosmetics
8 12 8 12
Glaxo Smith kline
2 1 1 10
Kohinoor
chemicals 9 14 9 8
IBN SINA pharma
11 9 4 3
Orion infusion
15 15 13 11
Pharma Aids
limited 14 8 12 4
Reckitt Benckiser
5 3 2 7
Square pharma
4 11 10 2
Imam Button
Reneta ltd
5 6 5 5

62

Profitability Ratio
Return on Sales

Company name

GP
Ratio
NP
Ratio
OP
Ratio
Pre-Tax
Margin ROA ROE
Return on
Capital
Ambee

12 11 13
Beximco pharma
4 5 3 6

10 12 12
ACI limited
9 12 12 12

8 10 10
Beximco synthetics
14 11 5 11

12 14 13
Keya Cosmetics
6 1 7 7

5 1 2
Glaxo Smith kline
12 4 11 1

3 6 6
Kohinoor

9 15 15
IBN SINA pharma
7 8 9 9

4 8 4
Reckitt Benckiser
5 7 6 5

2 3 1
Square pharma
1 3 1 2

1 7 3
Imam Button

4 13 11
Reneta ltd
2 6 4 4

1 4 6
Pharma Aids
limited 13 13 14 14

3 5 8
Libra Infusion
7 8 9 9

1 9 5
Orion infusion
10 2 2 2

1 2 9

63


Solvency
Ratios
Debt Ratio

Coverage Ratio
Company
name

Debt to
Asset
Ratio
Debt to
Equity
Ratio
Debt to
Capital
Ratio Leverage
Interest
Coverage
Fixed
Charge
Coverage

12 13
Beximco
pharma 3 6 6 10

6 6
ACI Limited
3 4 4 6

11 12
Beximco

9 9
Keya
Cosmetics 8 5 5 4

13 14
Glaxo Smith
kline 7 9 9 14

3 1
Kohinoor
chemicals 6 8 8 13

5 4
IBN SINA
pharma 13 12 12 9

1 7

8 8
Pharma Aids
limited 9 3 2 1

14 15
Reckitt

15 3

2 2
Imam Button

7 11
Reneta ltd 5 7 7 11

4 5

10 10

2003:-

64

In 2003; Reckitt Benckiser, Reneta Limited and Ambee Pharmaceuticals are the
top performers; while, Keya Cosmetics, Beximco Synthetics and Orion Infusion
are the lowest performers according to activity ratios.

Reckitt Benckiser, Glaxo Smith Kline and Reneta Limited are the top
performers; while, Beximco Synthetics, Ambee Pharmaceuticals and Orion
Infusion are the bottom three companies in terms of liquidity ratios.

If we consider from the point of profitability ratios; then the top performers
will be identified as IBN Sina Pharmaceuticals, Kohinoor Chemicals and Libra
Infusion; while, the worst performers will be Beximco Synthetics, Glaxo Smith
Kline and Pharma Aids.

From the view point of solvency ratios; we find that Ambee Pharmaceuticals,
Beximco Synthetics and Beximco Pharmaceuticals are the best performers and
the worst performers are Imam Button Industries, Libra Infusion and Orion
Infusion.



65


Activity
Ratio

Company
name

Inventory
turnover
ratio
Receiveable
Turnover
Ratio
Payable
Turnover
Ratio
WC
Turnover
Ratio
Total Asset
Turnover
Ratio
Fixed Asset
Turnover
Ratio
Ambee
pharma 9 8 8 2 5 3
Beximco
pharma 10 11 2 8 11 11
Keya
Cosmetics 12 10 13 9 10 7
Glaxo Smith
kline 8 13 7 7 4 1
IBN SINA
pharma 3 2 11 3 12 12
Orion
infusion 13 6 1 10 13 13
Pharma
Aids limited 1 12 12 11 9 9
Square
pharma 5 3 10 1 3 6
Imam
Button
Reneta ltd
7 5 9 5 2 3
Reckitt
Beximco
synthetics 11 7 3 6 7 5
Libra
infusion 6 4 6 13 6 8


66


Liquidity Ratio

Company name

Current
Ratio
Quick
Ratio
Cash
Ratio
Operating Cash
Flow Ratio
Ambee pharma
11 10 8 14
Beximco pharma
4 6 8 9
ACI limited
7 3 7 10
Beximco synthetics
9 14 12 8
Keya Cosmetics
1 2 1 15
Glaxo Smith kline
2 1 3 1
Kohinoor chemicals
3 4 1 10
IBN SINA pharma
12 11 2 4
Orion infusion
15 15 7 13
Pharma Aids limited
13 9 5 6
Reckitt Benckiser
6 5 1 2
Square pharma
10 13 4 3
Imam Button
Reneta ltd
5 8 2 5

67


Profitability
Ratio
Return on Sales

Company name

GP
Ratio
NP
Ratio
OP
Ratio
Pre-Tax
Margin ROA ROE
Return on
Capital
Ambee

13 8 11
Beximco
pharma 8 9 7 10

13 14 15
ACI limited
3 6 5 9

9 15 12
Beximco

12 13 13
Keya Cosmetics
10 4 12 11

2 1 1
Glaxo Smith
kline 12 12 13 12

7 7 7
Kohinoor
chemicals 2 2 2 2

3 9 7
IBN SINA
pharma 1 1 1 1

3 4 2
Reckitt

4 6 6
Square pharma
6 7 6 5

1 5 4
Imam Button

5 11 10
Reneta ltd 7 10 8 8

1 2 5
Pharma Aids
limited 15 8 10 7

3 12 14

1 2 2

1 10 9

68

Solvency
Ratios
Debt Ratio

Coverage Ratio

Company
name

Debt to
Asset
Ratio
Debt to
Equity
Ratio
Debt to
Capital
Ratio Leverage
Interest
Coverage
Fixed
Charge
Coverage
Ambee
Limited 1 1 1 3

2 13
Beximco
pharma 2 4 4 9

6 4
ACI Limited
6 8 8 14

7 6
Beximco
synthetics 4 5 5 6

9 7
Keya
Cosmetics 3 3 3 4

13 12
Glaxo Smith
kline 7 9 10 15

4 1
Kohinoor
chemicals 9 7 7 2

10 8
IBN SINA
pharma 12 12 12 8

3 5
Orion infusion
13 13 13 12

15 14
Pharma Aids
limited 7 2 2 1

12 9
Reckitt

1 3
Square
pharma 10 10 11 13

5 2
Imam Button

8 10
Reneta ltd 4 6 6 10

14 15

11 11

69

Concluding Comments:-

In different years for different types of ratios, we are getting different ranking.
But at the end of the 10 years period, if we take a close look into the ratios
then we identify the following companies as top three performers and worst
three performers.

Top Three Performers-

1. Reckitt Benckiser
2. Square Pharmaceuticals
3. Glaxo Smith Kline

Worst Three Performers-

1. Beximco Synthetics
2. Imam Button industries
3. Libra Infusions

70

4.2. Ratio Analysis of Textile Industry (2012-2003)

2012:-

Style Craft, Apex Spinning & Dyeing Mills and Desh Garments are the leaders
and R.N. Spinning, Safko Spinning and Saiham Textile are the back-benchers.

While, according to liquidity ratios; Saiham Textile, CMC Kamal Textile and
Alhaj Textile are the top three and Alltex Industries, Dulamia Cotton and Metro
Spinning Mills are the bottom three companies.

The analysis of profitability ratios tell us that the top three companies are
Generation Next Fashion Limited, Saiham Textile and Familt Tex BD Limited and
the bottom three are Apex Spinning & Dyeing Mills, Alltex Industries and
Sonargaon Textile.

71

By looking into the solvency ratios; Malek Spinning mills, Tallu Spinning mills
and Alhaj Textile are the top three and CMC Kamal Textile, Metro Spinning
Mills and Sonargaon Textile are the last three companies.


72

Activity Ratio

Company
name

Inventory
turnover
ratio
Receiveable
Turnover
Ratio
Payable
Turnover
Ratio
Working
Capital
Turnover
Ratio
Total
Asset
Turnover
Ratio
Fixed
Asset
Turnover
Ratio
Alhaj textile 10 1 10 12 8 8
Alltex Industries ltd 14 7 24 24 11 11
Anlimu yarn Dyeing 5 18 17 2 5 3
Apex spinning &
dyeing mills 4 8 19 4 2 2
Argon denim ltd 16 23 2 8 19 15
CMC- Kamal textile
mills 15 10 11 18 21 22
H.R. textile mills ltd 5 19 17 3 6 4
desh Garments ltd 1 2 8 20 4 6
Dulmia cotton 3 3 26 19 3 7
Envoy Textile 8 15 20 15 15 20
Family texBD ltd 13 13 22 10 9 11
Generation Next
Fashion ltd 17 16 7 5 17 20
Maksons Spinning
mills ltd 22 25 5 21 23 13
Malek spinning mills
ltd 25 9 21 7 14 19
Metro spinning ltd 21 24 9 6 18 18
Modern Dyeing &
screen printing 11 6 3 26 26 26
R.N. spinning 18 20 25 16 19 17
Rahim Textile 7 12 15 23 12 14
Safko spinning mills 24 26 23 25 25 24
Saiham Textile 26 22 13 22 24 25
Dacca Dyeing &
manufacturing 19 21 12 14 22 23
Zahintex Ind. ltd 20 11 4 13 13 10
Square Textile 9 17 14 11 7 5
Style Craft 2 5 1 1 1 1
Sonargaon Textile 23 4 16 17 16 16
Tallu spinning mills 12 14 6 9 10 9

73

Liquidity Ratio

Company name

Current
Ratio
Quick
Ratio
Cash
Ratio
Operating Cash
Flow Ratio
Alhaj textile 5 16 7 7
Alltex Industries ltd 22 21 11 24
Anlimu yarn Dyeing 18 12 12 18
Apex spinning &
dyeing mills 15 10 8 20
Argon denim ltd 16 9 6 25
CMC- Kamal textile
mills 2 4 3 4
H.R. textile mills ltd 18 12 12 18
desh Garments ltd 24 1 1 9
Dulmia cotton 26 26 25 21
Envoy Textile 4 6 16 1
Family texBD ltd 6 7 20 2
Generation Next
Fashion ltd 17 18 16 26
Maksons Spinning
mills ltd 7 5 5 23
ltd 14 22 23 12
Metro spinning ltd 20 17 24 22
Modern Dyeing &
screen printing 25 25 14 8
R.N. spinning 13 23 22 14
Rahim Textile 23 20 19 5
Safko spinning mills 3 3 4 11
Saiham Textile 1 2 2 6
Dacca Dyeing &
manufacturing 11 15 21 9
Zahintex Ind. ltd 12 19 18 12
Square Textile 8 8 10 3
Style Craft 21 10 9 16
Sonargaon Textile 9 24 26 17
Tallu spinning mills 10 14 15 14

74

Profitability Ratio Return on Sales

Company name

GP
Ratio
NP
Ratio
OP
Ratio
Pre-Tax
Margin ROA ROE
Return
on
Capital

11 13 21

18 24 24

8 6 5
Apex spinning &

22 20 17

15 15 13
CMC- Kamal textile
mills 9 5 14 5

6 16 12

8 6 6

22 17 16

1 10 9

7 14 11

2 2 2
Generation Next
Fashion ltd 2 7 2 6

5 10 8
Maksons Spinning
mills ltd 11 14 8 14

24 23 22
ltd 25 18 18 17

21 9 19

17 19 14
Modern Dyeing &

11 12 10

4 4 3

25 22 18

18 18 23

10 26 26
Dacca Dyeing &

18 21 20

14 1 1

3 5 4

16 8 7

26 25 24

13 3 14

75

Solvency Ratio Debt Ratio

Coverage Ratio
Company name

Debt to
Asset
Ratio
Debt to
Equity
Ratio
Debt
to
Capital
Ratio Leverage
Interest
Coverage
Fixed
Charge
Coverage

15 5

18 17

3 6
Apex spinning &

9 15

17 18
CMC- Kamal textile
mills 23 23 23 24

12 16

14 4

11 2

19 21

9 8

16 14
Generation Next

13 12
Maksons Spinning
mills ltd 13 15 15 21

20 19
ltd 4 1 2 3

8 9

21 20
Modern Dyeing &

1 10

5 1

25 25

24 24

7 11
Dacca Dyeing &

22 22

2 3

6 7

4 13

26 26

23 23

76

2011:-

Style Craft, Square Textile and Desh Garments are the leaders and
R.N.Spinning, Dacca Dyeing & manufacturing Mills and Sonargaon Textile are
the back-benchers.

While, according to liquidity ratios; Saiham Textile, CMC Kamal Textile and
Maksons Spinning are the top three and Safko Spinning, Modern Dyeing and
Malek Spinning Mills are the bottom three companies.

The analysis of profitability ratios tell us that the top three companies areR.N.
Spinning mills, Saiham Textile and Alhaj Textile and the bottom three Alltex,
Apex Spinning Mills and Desh Garments.

By looking into the solvency ratios;Malek Spinning, H.R. Textile and Desh
Garments are the top three and are Metro Spinning Mills, CMC Kamal Textile
and Maksons Spinning are the last three companies.


77

Activity Ratio

Company name

Inventory
turnover
ratio
Receiveable
Turnover
Ratio
Payable
Turnover
Ratio
WC
Turnover
Ratio
Total Asset
Turnover
Ratio
Fixed
Asset
Turnover
Ratio
Alltex Industries ltd 10 6 23 17 8 9
Anlimu yarn Dyeing 3 14 15 1 4 3
Apex spinning &
H.R. textile mills ltd 2 15 15 2 5 4
CMC- Kamal textile
mills 11 2 7 16 19 21
Generation Next
Fashion ltd 14 13 6 5 17 20
Envoy Textile 7 18 19 6 14 15
Maksons Spinning
mills ltd 19 22 3 18 19 11
ltd 22 10 14 20 13 18
Modern Dyeing &
R.N. spinning 13 16 22 21 12 14
Safko spinning mills 16 1 12 22 22 8
Dacca Dyeing &

78


Liquidity Ratio

Company name

Current
Ratio
Quick
Ratio
Cash
Ratio
Operating Cash
Flow Ratio
Apex spinning & dyeing
mills 11 10 5 4
CMC- Kamal textile mills 2 2 2 7
Generation Next Fashion
ltd 13 15 18 21
Maksons Spinning mills
ltd 3 5 4 8
Malek spinning mills ltd 19 19 19 15
Modern Dyeing & screen
printing 23 21 16 23
Dacca Dyeing &

79

Profitability Ratio
Return on Sales

Company name

GP
Ratio
NP
Ratio
OP
Ratio
Pre-Tax
Margin ROA ROE
Return on
Capital

5 5 12

23 23 23

9 6 6
Apex spinning &

18 18 16

9 8 5
CMC- Kamal textile
mills 16 8 13 6

12 17 14
Generation Next
Fashion ltd 6 7 4 5

7 11 10

21 20 20

8 21 19

6 10 7
Maksons Spinning
mills ltd 12 13 8 11

15 18 17
Malek spinning
mills ltd 21 15 17 15

17 3 13

11 12 9
Modern Dyeing &

13 12 8

1 2 2

20 15 11

3 1 1

2 4 3
Dacca Dyeing &

14 16 17

4 7 4

16 9 15

22 22 22

19 14 21

80

Solvency Ratio
Debt Ratio

Coverage Ratio
Company name

Debt to
Asset
Ratio
Debt to
Equity
Ratio
Debt to
Capital
Ratio Leverage
Interest
Coverage
Fixed
Charge
Coverage

19 17

14 13

3 4
Apex spinning &

7 11

9 3
CMC- Kamal textile
mills 14 14 14 22

15 16
Generation Next

12 12

10 2

19 20

6 7
Maksons Spinning
mills ltd 13 13 13 21

16 14
Malek spinning
mills ltd 4 1 1 2

8 9

11 10
Modern Dyeing &

1 6

2 1

22 22

17 18

4 5
Dacca Dyeing &

18 19

5 8
Style Craft 3 4 4 5

13 15

21 21

23 23

81

2010:-

Style Craft, Apex Spinning and Desh Garments are the leaders and Safko
Spinning, Dacca Dyeing & manufacturing Mills and Alhaj Textile are the back-
benchers.

While, according to liquidity ratios; Desh Garments, Modern Dyeing and R.N.
Spinning are the top three and Safko Spinning, Sonargaon Textile and Metro

The analysis of profitability ratios tell us that the top three companies
areMaksons Spinning, Square Textile and Metro Spinningand Delta Spinners
Limited, Desh Garments and Dulamia Cotton are the bottom three.

By looking into the solvency ratios;Style Craft, Anlimu yarn Dyeing and Rahim
Textile are the top three and Apex Spinning, CMC Kamal and Safko Spinning are
the last three companies.


82

Activity Ratio

Company name

Inventory
turnover
ratio
Receiveable
Turnover
Ratio
Payable
Turnover
Ratio
WC
Turnover
Ratio
Total
Asset
Turnover
Ratio
Fixed
Asset
Turnover
Ratio
Alltex Industries
ltd 12 8 18 15 13 13
Anlimu yarn
Dyeing 3 15 15 22 5 4
Apex spinning &
H.R. textile mills
ltd 3 16 15 20 6 6
CMC- Kamal textile
mills 10 4 6 17 15 21
Delta spinners ltd 16 5 5 12 16 17
Maksons Spinning
mills ltd 19 21 3 9 19 11
Malek spinning
mills ltd 17 14 11 19 14 12
Modern Dyeing &
R.N. spinning 9 11 20 11 7 8
Safko spinning
mills 20 2 21 13 21 15
Dacca Dyeing &

83

Liquidity Ratio

Company name

Current
Ratio
Quick
Ratio
Cash
Ratio
Operating Cash
Flow Ratio
Apex spinning &
CMC- Kamal textile
mills 18 19 8 13
Delta spinners ltd 2 18 16 17
Maksons Spinning
mills ltd 9 11 18 6
Malek spinning
mills ltd 22 2 2 21
Modern Dyeing &
Dacca Dyeing &

84

Profitability Ratio
Return on Sales

Company name

GP
Ratio
NP
Ratio
OP
Ratio
Pre-Tax
Margin ROA ROE
Return on
Capital

6 5 14

11 4 7

14 6 8
Apex spinning &

16 15 13

10 8 8
CMC- Kamal textile
mills 8 6 7 6

8 13 10

17 14 15

19 18 18

5 21 19
Maksons Spinning
mills ltd 1 3 4 4

4 6 6
ltd 10 7 6 7

8 22 21

2 2 3
Modern Dyeing &

12 17 11

1 1 2

22 20 22

20 8 5

7 10 11
Dacca Dyeing &

13 11 1

3 3 4

15 12 16

18 18 17

21 16 20

85

Solvency Ratio
Debt Ratio

Coverage Ratio
Company name

Debt to
Asset
Ratio
Debt to
Equity
Ratio
Debt to
Capital
Ratio Leverage
Interest
Coverage
Fixed
Charge
Coverage

17 15

16 17

2 4
Apex spinning &

10 10

7 3
CMC- Kamal textile
mills 15 15 15 18

11 11

12 12

8 2

20 20
Maksons Spinning
mills ltd 14 13 13 12

13 13
ltd 19 19 19 22

6 9

9 8
Modern Dyeing &

5 6

1 1

22 22

19 19

14 14
Dacca Dyeing &

15 16

3 5
Style Craft 5 4 4 8

4 7

18 18

21 21

86

2009:-

In 2009, we can put Apex Spinning, Style Craft and Desh Garments on the top
and Safko Spinning, Metro Spinning and R.N. Spinning on the bottom of the list
as per the activity ratios.

While in terms of liquidity ratios, we rank Modern Dyeing, Dacca Dyeiny &
Manufacturing and Style Craft on the higher side and Square Textile, Dulamia
Cotton and Metro Spinning on the lower side.

The profitability ratios tell us to put Square Textile, Metro Spinning Mills and
Safko Spinning on the top and Desh Garments, Apex Spinning Mills and Style
Craft on the bottom.

While, the in-depth view of the solvency ratios; tell us to put Anlimu yarn
Dyeing, H.R. Textile and Desh Garments on the top and to keep Alltex
Industries, Saiham Textile and Square Textile on the bottom.


87

Activity Ratio

Company name

Inventory
turnover
ratio
Receiveable
Turnover
Ratio
Payable
Turnover
Ratio
WC
Turnover
Ratio
Total
Asset
Turnover
Ratio
Fixed
Asset
Turnover
Ratio
Alltex Industries
ltd 1 8 16 14 6 6
Anlimu yarn
Dyeing 3 13 12 17 3 3
Apex spinning &
H.R. textile mills
ltd 3 14 13 13 4 4
CMC- Kamal textile
mills 13 3 6 12 16 19
Maksons Spinning
mills ltd 18 20 5 8 17 16
Modern Dyeing &
R.N. spinning 10 16 17 18 20 14
Safko spinning
mills 21 21 21 21 21 21
Dacca Dyeing &

88


Liquidity Ratio

Company name

Current
Ratio
Quick
Ratio
Cash
Ratio
Operating
Cash Flow
Ratio
mills 10 5 6 6
CMC- Kamal textile mills 20 19 10 20
ltd 6 8 16 13
printing 3 3 5 4
Dacca Dyeing &
Style Craft 8 1 1 3

89


Profitability Ratio

Return on Sales

Company name

GP
Ratio
NP
Ratio
OP
Ratio
Pre-Tax
Margin ROA ROE
Return on
Capital

8 8 13

13 4 5

11 6 8
Apex spinning &

19 20 17

11 5 9
CMC- Kamal textile
mills 11 6 7 7

4 7 7

10 16 16

21 21 21

1 13 11
Maksons Spinning
mills ltd 2 6 6 4

9 12 11

2 1 1
Modern Dyeing &

6 18 14

14 10 4

16 11 6

6 2 2

5 15 10
Dacca Dyeing &

15 14 18

3 3 3

17 17 19

20 19 20

17 9 15

90

Solvency Ratio
Debt Ratio

Coverage Ratio
Company name

Debt to
Asset
Ratio
Debt to
Equity
Ratio
Debt
to
Capital
Ratio Leverage
Interest
Coverage
Fixed
Charge
Coverage

19 19
Alltex Industries
ltd 13 13 13 7

12 12
Anlimu yarn
Dyeing 8 7 7 8

2 4
Apex spinning &

8 9
H.R. textile mills
ltd 8 8 7 8

9 2
CMC- Kamal textile
mills 10 10 10 14

3 5

7 7

4 1

17 17
Maksons Spinning
mills ltd 12 11 11 15

15 14

11 11
Modern Dyeing &

1 3

5 6

16 15
Safko spinning
mills 19 19 19 2

10 10

13 13
Dacca Dyeing &

18 18

6 8

14 16

21 21

20 20

91

2008:-

In the year of 2008, we can select Style Craft, Alltex Industries and Apex
Spinning as the best three and maksons Spinning, Safko Spinning and Square
Textile as the last three companies for their performance on overall activity
ratios.

Metro Spinning, Square Textile and Dulamia Cotton are the top three and CMC
Kamal Textile, Dulamia Cotton and Metro Spinnig are the last three performers
in terms of liquidity ratios.

Metro Spinning, Square Textile and Dulamia Cotton are the best performers
and Sonargaon Textile, Style Craft and Desh Garments are the worst
performers according to the profitability ratios.

Desh Garments, H.R. Textile and Dulamia Cotton are the best performers
according to the different types of solvency ratios. At the same time, the
performance of Anlimu yarn Dyeing, Rahim Textile and Saiham Textile were not
upto the mark.


92

Activity Ratio

Company name

Inventory
turnover
ratio
Receiveable
Turnover
Ratio
Payable
Turnover
Ratio
WC
Turnover
Ratio
Total
Asset
Turnover
Ratio
Fixed
Asset
Turnover
Ratio
Alltex Industries
ltd 6 6 4 14 4 7
Anlimu yarn
Dyeing 11 17 1 3 16 16
Apex spinning &
H.R. textile mills
ltd 2 12 13 12 4 4
CMC- Kamal
textile mills 12 4 9 18 18 18
desh Garments
ltd 1 1 12 13 2 3
Maksons Spinning
mills ltd 17 19 11 17 17 12
Metro spinning
ltd 8 15 8 11 9 8
Modern Dyeing &
Safko spinning
mills 19 9 18 19 19 19
Tallu spinning
mills 9 13 10 7 7 5

93


Liquidity Ratio

Company name

Current
Ratio
Quick
Ratio
Cash
Ratio
Operating Cash
Flow Ratio
mills 7 12 4 2
CMC- Kamal textile
mills 12 17 13 15
ltd 13 10 18 18
Modern Dyeing &
Style Craft 2 1 1 7

94


Profitability Ratio

Return on
Sales

Company name

GP
Ratio
NP
Ratio
OP
Ratio
Pre-Tax
Margin ROA ROE
Return on
Capital

12 11 11

19 19 18

10 15 12
Apex spinning &

4 5 4

8 7 9
CMC- Kamal textile
mills 14 3 1 5

3 4 5

14 13 16

18 17 19

2 2 3
Maksons Spinning
mills ltd 1 7 6 4

11 6 8

1 1 1
Modern Dyeing &

13 17 15

8 9 7

5 3 2

7 12 10

6 8 6

16 16 17

17 13 14

15 10 13

95

Solvency Ratio
Debt Ratio

Coverage Ratio
Company name

Debt to
Asset
Ratio
Debt to
Equity
Ratio
Debt to
Capital
Ratio Leverage
Interest
Coverage
Fixed
Charge
Coverage

17 16
Alltex Industries
ltd 14 13 13 7

8 9
Anlimu yarn
Dyeing 11 11 11 17

15 17
Apex spinning &

3 5
H.R. textile mills
ltd 7 8 8 8

7 3
CMC- Kamal
textile mills 5 7 7 14

2 2

9 11
desh Garments
ltd 1 1 1 9

4 1

10 8
Maksons Spinning
mills ltd 12 9 9 6

16 15
Metro spinning
ltd 16 15 15 2

12 12
Modern Dyeing &

1 4

14 14
Safko spinning
mills 17 17 17 1

11 10

13 13

5 6

6 7

19 19
Tallu spinning
mills 6 5 5 5

18 18

96

2007:-

In the year of 2007, we can select Style Craft, Alhaj Textile and Deshh Garment
as the best three and Metro Spinning, Safko Spinning and Anlimu yarn Dyeing
as the last three companies for their performance on overall activity ratios.

Apex Spinning, Square Textile and H.R. Textile Mills Limited are the top three
and Sonargaon Textile, Dulamia Cotton and Metro Spinnig are the last three
performers in terms of liquidity ratios.

Saiham Textile, Square Textile and Alhaj Textile are the best performers and
H.R. Textile, Modern Dyeing and Desh Garments are the worst performers
according to the profitability ratios.

Desh Garments, H.R. Textile and Dulamia Cotton are the best performers
performance of Safko Spinnig, Rahim Textile and Saiham Textile were not upto
the mark.


97

Activity Ratio

Company name
Inventory
turnover
ratio
Receiveable
Turnover
Ratio
Payable
Turnover
Ratio
WC
Turnover
Ratio
Total
Asset
Turnover
Ratio
Fixed
Asset
Turnover
Ratio
Alltex Industries
ltd 8 7 6 10 4 5
Anlimu yarn
Dyeing 15 18 6 9 16 16
Apex spinning &
H.R. textile mills
ltd 5 15 6 17 7 8
CMC- Kamal
Delta spinners
ltd 14 4 6 5 17 17
desh Garments
ltd 6 5 6 8 2 2
Metro spinning
ltd 10 12 6 12 14 15
Modern Dyeing
& screen printing 2 10 6 4 8 11
Safko spinning
mills 16 1 6 12 18 14
Sonargaon
Textile 18 2 6 14 11 13
Tallu spinning
mills 13 13 6 2 5 4

98


Liquidity Ratio

Company name

Current
Ratio
Quick
Ratio
Cash
Ratio
Operating Cash
Flow Ratio
Apex spinning &
CMC- Kamal textile
mills 14 13 12 4
Modern Dyeing &

99


Profitability Ratio

Return on Sales

Company name

GP
Ratio
NP
Ratio
OP
Ratio
Pre-Tax
Margin ROA ROE
Return on
Capital

5 5 5
Alltex Industries
ltd 7 17 12 17

17 18 17
Anlimu yarn
Dyeing 7 4 6 5

7 12 9
Apex spinning &

4 4 4
H.R. textile mills
ltd 10 12 13 11

9 7 9
CMC- Kamal textile
mills 15 5 1 3

10 10 13

13 13 15

18 17 18

2 9 5

1 1 2
Modern Dyeing &

12 16 14

8 2 1
Safko spinning
mills 4 8 9 7

16 14 11

6 11 7

3 3 3

14 15 15

15 8 12

10 6 8

100

Solvency Ratio
Debt Ratio

Coverage Ratio
Company name

Debt to
Asset
Ratio
Debt to
Equity
Ratio
Debt to
Capital
Ratio Leverage
Interest
Coverage
Fixed
Charge
Coverage

11 16
Alltex Industries
ltd 11 12 12 7

7 7
Anlimu yarn
Dyeing 13 14 14 15

12 15
Apex spinning &

4 6
H.R. textile mills
ltd 8 9 10 8

6 3
CMC- Kamal

2 2

8 9
desh Garments
ltd 1 1 2 6

5 1

9 8
Metro spinning
ltd 12 11 11 1

10 10
Modern Dyeing &

1 4

15 13
Safko spinning
mills 16 16 16 3

16 14

12 11

3 5

14 12

17 17
Tallu spinning
mills 7 7 8 4

17 17

101

2006:-

In the year of 2006, we can select Style Craft, Apex Spinning and Desh Garment
as the best three and Rahim Textile, Safko Spinning and Anlimu yarn Dyeing as
the last three companies for their performance on overall activity ratios.

Style Craft, Saiham Textile and Alhaj Textile Mills Limited are the top three and
Sonargaon Textile, Rahim Textile and Metro Spinning are the last three
performers in terms of liquidity ratios.

Metro Spinning, Square Textile and Alhaj Textile are the best performers and
Tallu Spinning, Modern Dyeing and CMC Kamal Textile are the worst
performers according to the profitability ratios.

Desh Garments, Delta Spinners and Metro Spinning are the best performers
performance of Safko Spinnig, Modern Dyeing and Saiham Textile were not
upto the mark.


102

Activity Ratio

Company name

Inventory
turnover
ratio
Receiveable
Turnover
Ratio
Payable
Turnover
Ratio
WC
Turnover
Ratio
Total
Asset
Turnover
Ratio
Fixed
Asset
Turnover
Ratio
Alltex Industries
ltd 10 8 5 15 5 6
Anlimu yarn
Dyeing 14 18 3 11 18 18
Apex spinning &
H.R. textile mills
ltd 8 13 17 12 6 8
CMC- Kamal textile
mills 6 11 12 2 17 19
Modern Dyeing &
Prime textile
spinning mills 19 19 16 7 9 1
Safko spinning
mills 17 2 13 13 19 16

103


Liquidity Ratio

Company name

Current
Ratio
Quick
Ratio
Cash
Ratio
Operating Cash
Flow Ratio
Apex spinning &
CMC- Kamal textile
mills 6 11 10 4
Modern Dyeing &
Prime textile
spinning mills 5 10 9 10

104

Profitability Ratio

Return on Sales

Company name

GP
Ratio
NP
Ratio
OP
Ratio
Pre-Tax
Margin ROA ROE
Return on
Capital

4 2 5
Alltex Industries
ltd 6 18 7 18

18 17 15
Anlimu yarn
Dyeing 7 3 5 3

6 11 6
Apex spinning &

3 4 4
H.R. textile mills
ltd 9 12 11 9

9 8 8
CMC- Kamal

14 15 17

12 6 14
desh Garments
ltd 16 19 19 19

16 11 19

5 5 7
Metro spinning
ltd 3 1 2 16

1 1 2
Modern Dyeing &

8 16 11
Prime textile

10 19 18

19 18 1
Safko spinning
mills 8 7 10 6

17 13 9

7 14 9

2 3 3

11 10 16

14 7 11
Tallu spinning
mills 19 15 16 14

13 9 13

105

Solvency Ratio
Debt Ratio

Coverage Ratio
Company name

Debt to
Asset
Ratio
Debt to
Equity
Ratio
Debt to
Capital
Ratio Leverage
Interest
Coverage
Fixed
Charge
Coverage

9 12
Alltex Industries
ltd 15 13 14 11

4 5
Anlimu yarn
Dyeing 13 14 15 15

13 11
Apex spinning &

1 4
H.R. textile mills
ltd 7 9 10 9

5 2
CMC- Kamal

19 19

6 6
desh Garments
ltd 1 1 2 4

3 1

15 15
Metro spinning
ltd 11 8 9 1

7 7
Modern Dyeing &

12 13
Prime textile

8 8

16 16
Safko spinning
mills 17 17 17 5

14 13

11 10

2 3

10 9

17 17
Tallu spinning
mills 8 6 7 6

18 18

106

2005:-

Alltex Industries Limited, Prime Textile and Desh Garments are the leaders and
Metro Spinning, Anlimuyarn Dyeing and Rahim Textile are the back-benchers.

While, according to liquidity ratios; Square Textile, CMC Kamal Textile and Style
Craft are the top three and Safko Spinning, Sonargaon Textile and Metro

The analysis of profitability ratios tell us that the top three companies
areAnlimu yarn Dyeing, Square Textile and Alhaj Textile and the bottom three
Style Craft, Safko Spinning Mills and Desh Garments.

By looking into the solvency ratios;Metro Spinning, Alhaj Textile and Desh
Garments are the top three and are Safko Spinning Mills, Anlimu yarn Dyeing
and Modern Dyeing are the last three companies.


107

Activity Ratio

Company
name
Inventory
turnover
ratio
Receiveable
Turnover
Ratio
Payable
Turnover
Ratio
WC
Turnover
Ratio
Total
Asset
Turnover
Ratio
Fixed
Asset
Turnover
Ratio
Alltex
Industries ltd 6 4 5 4 3 5
Anlimu yarn
Dyeing 14 15 2 1 13 12
Apex spinning
& dyeing mills 3 8 11 13 1 3
H.R. textile
mills ltd 4 11 13 14 5 7
CMC- Kamal
Delta spinners
ltd 10 10 9 5 12 14
desh Garments
ltd 8 1 3 12 2 4
Metro spinning
ltd 9 12 6 14 8 8
Modern
Dyeing &
Prime textile
Safko spinning
mills 13 2 4 9 15 11

108


Liquidity Ratio

Company name

Current
Ratio
Quick
Ratio
Cash
Ratio
Operating Cash
Flow Ratio
Apex spinning &
CMC- Kamal textile
mills 4 5 11 1
Modern Dyeing &
Prime textile spinning
mills 7 16 10 15
Style Craft 6 1 1 4

109


Profitability Ratio
Return on Sales

Company name

GP
Ratio
NP
Ratio
OP
Ratio
Pre-Tax
Margin ROA ROE
Return on
Capital

4 3 5
Alltex Industries
ltd 7 17 8 18

16 16 14
Anlimu yarn
Dyeing 5 4 5 4

5 11 8
Apex spinning &

3 5 4
H.R. textile mills
ltd 10 10 9 9

5 8 7
CMC- Kamal textile
mills 8 16 17 16

19 18 18

11 6 6

18 17 19

10 10 15

2 1 2
Modern Dyeing &

7 13 9
Prime textile

8 19 17

12 2 1
Safko spinning
mills 11 11 11 11

17 15 13

8 13 10

14 8 12

15 7 11

12 12 16

1 4 3

110

Solvency Ratio
Debt Ratio

Coverage Ratio
Company name

Debt to
Asset
Ratio
Debt to
Equity
Ratio
Debt to
Capital
Ratio Leverage
Interest
Coverage
Fixed
Charge
Coverage

6 7
Alltex Industries
ltd 13 13 13 12

5 6
Anlimu yarn
Dyeing 12 14 14 14

13 13
Apex spinning &

2 3
H.R. textile mills
ltd 10 11 11 13

8 2
CMC- Kamal

19 19
Delta spinners
ltd 14 12 12 4

4 8
desh Garments
ltd 2 1 2 8

7 1

17 16
Metro spinning
ltd 9 4 5 1

9 9
Modern Dyeing
& screen printing 17 17 17 17

16 17
Prime textile

11 11

12 12
Safko spinning
mills 17 17 17 5

14 14

3 4
Tallu spinning
mills 7 8 9 6

15 15
Sonargaon
Textile 8 7 8 2

18 17
Style Craft 3 2 3 9

10 10

1 5

111

2004:-

In 2004, Style Craft, Alltex Industries Limited and Modern Dyeing are on the top
of the list and Prime Textile, Sonargaon Textile and Desh Garments are on the
bottom of the list considering the activity ratios.

Taking the liquidity ratios in considerations, we see that Style Craft, Apex
Spinning and Prime Textile are on the upper side and Metro Spinning, H.R.
Textile and Safko Spinning are on the lower side.

According to profitability ratios; Alhaj Textile, Square Textile and Metro
Spinning are on the top and Tallu Spinning, Prime Textile and Desh Garmestare
on the bottom part of the chart.

In terms of solvency ratios, we may keep Desh Garments, Style Craft and Alhaj
Textile on the top Safko Spinning, Anlimu yarn Dyeing and Alltex Industries
Limited on the bottom.


112

Activity Ratio

Company name

Inventory
turnover
ratio
Receiveable
Turnover
Ratio
Payable
Turnover
Ratio
WC
Turnover
Ratio
Total
Asset
Turnover
Ratio
Fixed
Asset
Turnover
Ratio
Alltex Industries
ltd 8 1 4 4 5 5
Anlimu yarn
Dyeing 15 17 2 5 17 16
Apex spinning &
H.R. textile mills
ltd 5 7 17 14 6 9
CMC- Kamal
desh Garments
ltd 13 2 9 17 4 4
Metro spinning
ltd 11 13 8 18 15 17
Modern Dyeing &
Prime textile
Safko spinning
mills 9 3 12 15 15 12
Tallu spinning
mills 16 4 10 9 11 7

113


Liquidity Ratio

Company name

Current
Ratio
Quick
Ratio
Cash
Ratio
Operating Cash
Flow Ratio
Apex spinning &
CMC- Kamal textile
mills 3 5 15 4
Modern Dyeing &
Prime textile
Style Craft 2 1 1 6

114

Profitability Ratio
Return on Sales

Company name

GP
Ratio
NP
Ratio
OP
Ratio
Pre-Tax
Margin ROA ROE
Return on
Capital

4 5 6
Alltex Industries
ltd 8 16 17 16

16 17 15
Anlimu yarn
Dyeing 2 19 7 19

19 19 19
Apex spinning &

2 3 2
H.R. textile mills
ltd 13 8 12 9

5 9 5
CMC- Kamal

13 10 13

7 1 7
desh Garments
ltd 14 17 18 17

18 15 17

9 13 15
Metro spinning
ltd 1 3 1 2

10 6 12
Modern Dyeing &

12 16 13
Prime textile

16 18 18

6 2 3
Safko spinning
mills 11 6 10 6

10 12 4

8 14 9

1 4 1

3 7 8

15 11 10
Tallu spinning
mills 18 13 15 15

14 8 10

115

Solvency Ratio
Debt Ratio

Coverage Ratio

Company name

Debt to
Asset
Ratio
Debt to
Equity
Ratio
Debt
to
Capital
Ratio Leverage
Interest
Coverage
Fixed
Charge
Coverage

8 8
Alltex Industries
ltd 16 14 14 9

15 15
Anlimu yarn
Dyeing 17 17 17 16

13 13
Apex spinning &

2 4
H.R. textile mills
ltd 13 13 13 13

11 1
CMC- Kamal

16 16

5 7
desh Garments
ltd 9 4 5 4

6 2

17 17
Metro spinning
ltd 6 1 2 1

9 10
Modern Dyeing &

1 3
Prime textile

19 19

12 12
Safko spinning
mills 18 18 18 8

14 14

3 5

7 9

4 6

10 11
Tallu spinning
mills 10 7 8 3

18 18

116

2003:-

In the year of 2003, we can select Style Craft, Alltex industries and Alhaj Textile
as the best three and Prime Textile, Safko Spinning and Anlimu yarn Dyeing as
the last three companies for their performance on overall activity ratios.

Style Craft, Saiham Textile and Apex Spinning Mills Limited are the top three
and Alltex Industries Limited, Rahim Textile and Delta Spinners are the last
three performers in terms of liquidity ratios.

Safko Spinning, Square Textile and Saiham Textile are the best performers and
Rahim Textile, Prime Textile and Alhaj Textile are the worst performers
according to the profitability ratios.

Desh Garments, Delta Spinners and Metro Spinning are the best performers
performance of Safko Spinning, Alltex Industries Limited and H.R. Textile Mills
Limited were not upto the mark.


117

Activity Ratio

Company name

Inventory
turnover
ratio
Receiveable
Turnover
Ratio
Payable
Turnover
Ratio
WC
Turnover
Ratio
Total
Asset
Turnover
Ratio
Fixed
Asset
Turnover
Ratio
Alltex Industries
ltd 14 2 4 8 8 8
Anlimu yarn
Dyeing 16 16 2 13 16 15
Apex spinning &
H.R. textile mills
ltd 5 14 15 15 5 7
CMC- Kamal
Delta spinners
ltd 15 13 8 2 14 12
desh Garments
ltd 6 3 11 18 15 17
Metro spinning
ltd 17 7 10 11 18 16
Modern Dyeing
& screen
printing 2 8 16 5 10 13
Prime textile
Safko spinning
mills 11 4 12 19 12 11
Sonargaon
Textile 10 6 7 16 10 13
Tallu spinning
mills 12 5 5 10 9 5

118


Liquidity Ratio

Company name

Current
Ratio
Quick
Ratio
Cash
Ratio
Operating Cash
Flow Ratio
Apex spinning &
CMC- Kamal textile
mills 11 12 10 8
Modern Dyeing &
mills 5 8 14 5

119

Profitability Ratio
Return on Sales

Company name

GP
Ratio
NP
Ratio
OP
Ratio
Pre-Tax
Margin ROA ROE
Return on
Capital

15 11 14
Alltex Industries
ltd 9 14 13 12

13 14 11
Anlimu yarn
Dyeing 1 4 3 4

7 12 8
Apex spinning &

1 2 2
H.R. textile mills
ltd 13 9 10 9

6 7 6
CMC- Kamal

11 10 12

8 8 7
desh Garments
ltd 6 19 19 18

16 19 19

10 13 16
Metro spinning
ltd 18 6 1 2

9 4 10
Modern Dyeing &

12 16 13
Prime textile

18 18 18

19 17 17
Safko spinning
mills 4 3 8 6

4 6 3

5 4 4

3 1 1

2 3 5

17 15 15
Tallu spinning
mills 17 12 13 12

13 9 9

120

Solvency Ratio
Debt Ratio

Coverage Ratio
Company name

Debt to
Asset
Ratio
Debt to
Equity
Ratio
Debt to
Capital
Ratio Leverage
Interest
Coverage
Fixed
Charge
Coverage

11 12
Alltex Industries
ltd 13 13 13 10

15 16
Anlimu yarn
Dyeing 15 16 16 17

7 8
Apex spinning &

2 3
H.R. textile mills
ltd 17 17 17 14

17 1
CMC- Kamal textile
mills 6 4 5 5

14 15

4 7

3 4

16 17

8 8
Modern Dyeing &

1 6
Prime textile

18 19

12 13
Safko spinning
mills 18 18 18 9

13 14

5 5

10 11

6 2

9 10

19 18

121

Concluding Comments:-

In different years for different types of ratios, we are getting different
ranking. But at the end of the 10 years period, if we take a close look into
the ratios then we identify the following companies as top three
performers and worst three performers.

Top Three Performers-

1. Style Craft
2. Desh Garments
3. Alhaj Textile

Worst Three Performers-

1. Anlimu yarn Dyeing
2. Safko Spinning Mills Limited
3. Modern Dyeing

122

Chapter-5

Altmans Z Score Analysis

123

5.1. Altmans Z Score Analysis of Pharmaceutical Industries

Though the ratios of the companies of the pharmaceutical industries are
volatile, most companies have a constant position in terms of Altmans Z
Score performance.

ACI Limited, ACI Formulation, Square Pharmaceuticals, Glaxo Smith Kline,
Reneta Limited, Reckitt Benckiser, IBN Sina Pharmaceuticals, etc have retained
a safe position over the time period.

While; Libra Infusion, Orion Infusion, Imam Button Industries, etc are
experiencing a relatively risky position in its Altmans Z score performance
over the period of this study.

At the same time, we see that companies like Beximco Pharmaceuticals,
Beximco Synthetics, Active Fine Chemicals Limited, Salvo Chemical Limited, etc
are going through a volatile position of safety condition over the time period
according to Altmans Z score analysis.

The analysis of Altmans Z Score of the companies of Pharmaceutical
Industries over the year of 10 years has been mentioned below through the
tables:

124

Atmans Z Score of Pharmaceutical Industry (2012)
Altman's Z Score(2012)

Company name
Score Position
ACI Formulation 77.53 Safe
Active pharma 2.26 Moderate Risk
Ambee pharma 3.23 Safe
Beximco pharma 9.11 Safe
Central pharma 3.37 Safe
JMI Syringes 2.13 Moderate Risk
ACI limited 5.44 Safe
Beacon pharma 3.36 Safe
Beximco
synthetics 46.09 Safe
Keya Cosmetics 7.88 Safe
Glaxo Smith
kline 44.35 Safe
Kohinoor
chemicals 3.31 Safe
Marico
Bangladesh 130 Safe
Orion pharma 1.63 High Risk
IBN SINA pharma 19.04 Safe
Orion infusion 2.28 Moderate Risk
Pharma Aids
limited 8.83 Safe
Salvo chemical
ltd 4.44 Safe
Reckitt Benckiser 11.94 Safe
Square pharma 9.04 Safe
Imam Button
Industries 1.21 High Risk
Reneta ltd 4.18 Safe
Libra Infusion 5.83 Safe

In 2012, most of the companies are in safe position and some others in the position
Moderate Risk. Only 2 are in High Risk position. Here, the highest Z Score is 77.53 (ACI
Formulation) and the lowest is 1.21(Imam Button Industries).

125

Altman's Z
Score(2011)

Company name
Score Position
Active pharma 5.19 Safe
JMI Syringes 5.91 Safe
ACI limited 2.61 Moderate Risk
Beacon pharma 2.45 Moderate Risk
Beximco synthetics 45.13 Safe
Glaxo Smith kline 36.06 Safe
Kohinoor chemicals 2.39 Moderate Risk
Marico Bangladesh 170 Safe
Pharma Aids limited 11.48 Safe
Salvo chemical ltd 3.1 Safe
Imam Button
Industries 1.85 Moderate Risk
Libra infusion 7.23 Safe

In 2011, most of the companies are in safe position and some others in the position of
Moderate Risk. Here, the highest Z Score is 45.13 (Beximco Synthetics) and the lowest is
1.85(Imam Button Industries).

126

Altman's Z
Score(2010)

Company name
Score Position
Active pharma 6 Safe
Ambee pharma 2.96 Gray Area
Beacon pharma 2.11 Moderate Risk
Kohinoor
chemicals 2.29 Moderate Risk
Marico Bangladesh 133.92 Safe
Orion infusion 3.58 Safe
Pharma Aids
limited 7.05 Safe
Salvo chemical ltd 3.56 Safe
Imam Button
Industries 2.07 Moderate Risk
Reneta ltd 4.5 Safe

Moderate Risk. Only 1 company is in Gray Area. Here, the highest Z Score is 232.58
(Glaxo Smith Kline) and the lowest is 2.07(Imam Button Industries).

127


Company name
Score Position
Ambee pharma 2.84 Gray Area
Kohinoor chemicals 3.69 Safe
Imam Button Industries 2.3 Moderate Risk
Reneta ltd 5.2 Safe
Libra Infusion 2.41 Moderate Risk

Moderate Risk. Only 1 company is in Gray Area. Here, the highest Z Score is 146.42
(Glaxo Smith Kline) and the lowest is 2.07(Imam Button Industries).

128



Company name
Score Position
Imam Button Industries 1.66 High Risk

In 2008, most of the companies are in safe position. 1 in the position of Moderate Risk
and 1 company is in High Risk. Here, the highest Z Score is 424.29 (Glaxo Smith Kline) and
the lowest is 1.66(Imam Button Industries).

129



Company name
Score Position
Ambee pharma
15.23 Safe
Beximco pharma
6.71 Safe
ACI limited
4.56 Safe
Keya Cosmetics
4.76 Safe
Glaxo Smith kline
135.92 Safe
Kohinoor chemicals
3.82 Safe
IBN SINA pharma
12.18 Safe
Orion infusion
2.53 Moderate Risk
Pharma Aids limited
3.06 Safe
Square pharma
11.76 Safe
Imam Button Industries
1.88 Moderate Risk
Reneta ltd
5.97 Safe
Libra Infusion
3.87 Safe

In 2007, most of the companies are in safe position and 2 are in the position of Moderate
Risk. Here, the highest Z Score is 135.92 (Glaxo Smith Kline) and the lowest is 1.88(Imam
Button Industries).

130


Company name
Score Position
Ambee pharma
2.39 Moderate Risk
Beximco pharma
5.34 Safe
ACI limited
5.83 Safe
Keya Cosmetics
5 Safe
Glaxo Smith kline
92.53 Safe
Kohinoor chemicals
3.46 Safe
IBN SINA pharma
16.69 Safe
Orion infusion
1.8 Moderate Risk
Pharma Aids limited
2.64 Moderate Risk
Square pharma
9.05 Safe
1.34 High Risk
Reneta ltd
5.2 Safe
Libra Infusion
2.6 Moderate Risk
Reckitt Benckiser
67.22 Safe
Beximco synthetics
4.54 Safe

In 2006, most of the companies are in safe position and 3 are in the position of Moderate
Risk. While 1 company is in High Risk. Here, the highest Z Score is 92.53 (Glaxo Smith
Kline) and the lowest is 1.34(Imam Button Industries).

131



Company name Score Position
Ambee pharma
1.68 High Risk
Beximco pharma
15.22 Safe
ACI limited
4.66 Safe
Keya Cosmetics
5.5 Safe
Glaxo Smith kline
66.03 Safe
Kohinoor chemicals
4.24 Safe
IBN SINA pharma
14.22 Safe
Orion infusion
1.41 High Risk
Pharma Aids limited
1.74 High Risk
Square pharma
13.43 Safe
1.23 High Risk
Reneta ltd
6.7 Safe
Libra Infusion
24.74 Safe
Reckitt Benckiser
14.22 Safe
Beximco synthetics
3.7 Safe

In 2005, most of the companies are in safe position and others in High Risk position. Here,
the highest Z Score is 66.03 (Glaxo Smith Kline) and the lowest is 1.23(Imam Button
Industries).

132



Company name
Score Position
Beximco pharma 2.71 Gray Area
Keya Cosmetics 2.92 Gray Area
Orion infusion -1.25 High Risk
Pharma Aids limited 0.99 High Risk
Imam Button Industries 1.15 High Risk

In 2004, most of the companies are in safe position and others in High Risk position and in
the position of Gray Area. Here, the highest Z Score is 80.22 (Square Pharmaceuticals)
and the lowest is -1.25 (Orion Infusion).

133


Company name
Score Position
Ambee pharma
3.41 Safe
Beximco pharma
2.38 Moderate Risk
Keya Cosmetics
3.06 Safe
Glaxo Smith kline
8.4 Safe
IBN SINA pharma
54.75 Safe
Orion infusion
-1.78 High Risk
Pharma Aids limited
0.78 High Risk
Square pharma
38.98 Safe
1.46 High Risk
Reneta ltd
6.28 Safe
Reckitt Benckiser
2.77 Gray Area
Beximco synthetics
2.89 Gray Area
Libra infusion
5.67 Safe

In 2003, about 50% of the companies are in safe position and others in High Risk position
and in the position of Gray Area. Only 1 company is in Moderate Risk position. Here, the
highest Z Score is 54.75 (IBN Sina Pharmaceuticals) and the lowest is -1.78 (Orion
Infusion).

134

5.2. Altmans Z Score Analysis ofTextile Industries:-

As the ratios of the companies of the textile industries are volatile, as that of
pharmaceutical industries, most companies of textile industries doesnt have a
constant position in terms of Altmans Z Score performance.

Style Craft, Desh Garments, Dulamia Cotton, Alltex Limited, Saiham Textile,
Anlimu Yarn Dyeing, Apex Spinnig, etc have retained a safe position over the
time. While, Tallu Spinning, CMC Kamal Textile, Metro Spinning, Prime Textile,
Maksons Spinning, Square Textile etc are experiencing a relatively risky position
in its Altmans Z score performance over the period of this study. At the same
time, we see that companies like Rahim Textile, Saiham Textile, Safko Spinning,
H.R. Textile etc are going through a volatile position of safety condition over
the time period according to Altmans Z score analysis.

The analysis of Altmans Z Score of the companies of Textile Industries over
the year of 10 years has been mentioned below through the tables:

135

Atmans Z Score of Textile Industry (2012)

Company name
Score Position
Alhaj textile 1.91 Moderate Risk
Alltex Industries ltd 1.61 High Risk
Anlimu yarn Dyeing 7.24 Safe
Apex spinning &
dyeing mills 169.78 Safe
Argon denim ltd 5.93 Safe
CMC- Kamal textile
mills 8.66 Safe
H.R. textile mills ltd 7.07 Safe
desh Garments ltd 3.61 Safe
Dulmia cotton 2.76 Gray Area
Envoy Textile 42.03 Safe
Family texBD ltd 8.49 Safe
Generation Next
Fashion ltd 7.98 Safe
Maksons Spinning
mills ltd 11.18 Safe
ltd 0.89 High Risk
Metro spinning ltd 82.94 Safe
Modern Dyeing &
screen printing 0.88 High Risk
R.N. spinning 325.62 Safe
Rahim Textile 447.8 Safe
Safko spinning mills 1.23 High Risk
Saiham Textile 67.38 Safe
Dacca Dyeing &
manufacturing 2.1 Moderate Risk
Zahintex Ind. ltd 13.12 Safe
Square Textile 4.56 Safe
Style Craft 12.84 Safe
Sonargaon Textile 48.48 Safe
Tallu spinning mills 1.84 High Risk

136

In 2012, about 70% of the companies are in safe position and others in High Risk
position, Moderate Risk position and in the position of Gray Area. Here, the highest Z
Score is 447.8 (Rahim Textile) and the lowest is 0.89 (Malek Spinning Mills Limited).



Company name
Score Position
Alhaj textile 1.44 High Risk
Alltex Industries ltd 1.8 Moderate Risk
mills 128.69 Safe
CMC- Kamal textile mills 24.81 Safe
ltd 4.3 Safe
Dulmia cotton 95.87 Safe
Envoy Textile 4.37 Safe
ltd 10.27 Safe
Malek spinning mills ltd 0.74 High Risk
printing 0.68 High Risk
R.N. spinning 209 Safe
Safko spinning mills 1.56 High Risk
Saiham Textile 138 Safe
Dacca Dyeing &
manufacturing 1.97 Moderate Risk

137

and Moderate Risk position. Here, the highest Z Score is 593.11 (Rahim Textile) and the
lowest is 0.68 (Modern Dyeing).



Company name
Score Position
Alltex Industries ltd 1.11 High Risk
Anlimu yarn Dyeing 2.49 Moderate Risk
mills 792.64 Safe
H.R. textile mills ltd 2.3 Moderate Risk
CMC- Kamal textile mills 11.2 Safe
Delta spinners ltd 1.33 High Risk
Dulmia cotton 4.38 Safe
Maksons Spinning mills ltd 3.39 Safe
Malek spinning mills ltd -1.12 High Risk
Rahim Textile 0.77 High Risk
Safko spinning mills 2.33 Moderate Risk
Saiham Textile 1.31 High Risk
Dacca Dyeing &
manufacturing 1.67 High Risk
Sonargaon Textile 2.27 Moderate Risk

138

and Moderate Risk position. Here, the highest Z Score is 792.64 (Apex Spinning) and
the lowest is -1.12 (Malek Spinning).


Company name
Score Position
Alltex Industries ltd 3.73 Safe
Anlimu yarn Dyeing 2.61 Moderate Risk
mills 14.82 Safe
CMC- Kamal textile mills 1.68 High Risk
desh Garments ltd 2.42 Moderate Risk
Dulmia cotton 2.16 Moderate Risk
ltd 2.93 Gray Area
Dacca Dyeing &
manufacturing 1.74 High Risk
Sonargaon Textile 1.11 High Risk

139

In 2009, about 50% of the companies are in safe position and others in High Risk
position, Moderate Risk position and in Gray Area. Here, the highest Z Score is 137.89
(R.N. Spinning) and the lowest is 1.11 (Sonargaon Textile).


Company name
Score Position
Alltex Industries
ltd 8.7 Safe
Anlimu yarn
Dyeing 3.56 Safe
Apex spinning &
H.R. textile mills
ltd 2.63 Moderate Risk
CMC- Kamal textile
mills 1.15 High Risk
desh Garments ltd 1.71 High Risk
Dulmia cotton 1.16 High Risk
Maksons Spinning
mills ltd 2.11 Moderate Risk
Modern Dyeing &
screen printing 1.66 High Risk
Safko spinning
Square Textile 1.87 High Risk
Tallu spinning mills 1.91 Moderate Risk

140

and in Moderate Risk position. Here, the highest Z Score is 18.92(Saiham Textile) and
the lowest is 1.15 (CMC Kamal Textile).


Company name
Score Position
mills 5.28 Safe
CMC- Kamal textile
desh Garments ltd 2 Moderate Risk
Metro spinning ltd 2.34 Moderate Risk
Modern Dyeing &
screen printing 2.23 Moderate Risk

the lowest is 1.05 (Delta Spinners).

141


Company name
Score Position
mills 7.71 Safe
CMC- Kamal textile
Metro spinning ltd 1.39 High Risk
Modern Dyeing &
screen printing 2.55 Moderate Risk
mills 2.54 Moderate Risk
Rahim Textile -0.13 High Risk
Safko spinning mills 3.22 Safe

the lowest is -.13 (Rahim Textile).

142


Company name
Score Position
mills 9.46 Safe
CMC- Kamal textile
Delta spinners ltd 3.23 Safe
Modern Dyeing &
screen printing 2.77 Gray Area
Safko spinning mills 2.97 Gray Area
Style Craft 1.45 High Risk
Square Textile 2.04 Moderate Risk

and in Moderate Risk position. 2 are in Gray Area Here, the highest Z Score is
17.34(Saiham Textile) and the lowest is .34 (Al-haj Textile).

143


Company name
Score Position
Alltex Industries
ltd 5.44 Safe
Anlimu yarn
Dyeing 8.06 Safe
Apex spinning &
H.R. textile mills
ltd 3.91 Safe
CMC- Kamal textile
desh Garments ltd 1.41 High Risk
Modern Dyeing &
screen printing 6.19 Safe
Prime textile
spinning mills 1.24 High Risk
Safko spinning

In 2004, less than 50% of the companies are in safe position and others are in High Risk
position and in Moderate Risk position. Here, the highest Z Score is 8.06(Anlimu yarn
Dyeing) and the lowest is .84 (Dulamia Cotton).

144



Company name
Score Position
Alhaj textile 3.87 Safe
mills 6.35 Safe
CMC- Kamal textile mills 1.06 High Risk
desh Garments ltd -0.42 High Risk
printing 4.66 Safe
Prime textile spinning mills 1.12 High Risk
Sonargaon Textile 1.92 Moderate Risk

In 2003, less than 50% of the companies are in safe position and most are in High Risk
position and others are in Moderate Risk position. Here, the highest Z Score is 6.95(H.R.
Textile) and the lowest is -.42 (Desh Garments).

145

Chapter-6

Findings

146

From the above discussion and analysis of different aspects of all the
companies of Pharmaceutical Industries and Textile Industries, some issues
have come to our mind which may be termed as the findings or ultimate
conclusions which are related to have an idea of the above study :-

1. In the same year, a company may experience upward trend
and downward trend in two types of its ratios. The ratios of a
company may give contradictory view of its performance even
in the same year. In 2011, we see that Kohinoor Chemicals has
a Receiveable Turnover Ratio of 258.4, but a Total Asset
Turnover Ratio of only 0.15.

2. Its also found that market-leaders of an Industry dont always
have a good position in terms of ratios of their different
activities. The top companies of an industry maynt have a
good performance in terms of ratio. As in Pharmaceutical
Industry; Beximco Pharmaceuticals, Orion Pharmaceuticals etc
are market-leaders; but they dont have a good position in
terms of different ratios. While, CMC Kamal Textile is a
prominent company in textile industry, but we dont find its
ratios to be in upper side. But, Style Craft, which isnt
large as a company but its experiencing a very good
performance in terms of its different categories of ratios.

147

3. Performance of a company measured by Ratio and Altman Z
Score may be totally different as Ratio Analysis and Altman Z
Score Analysis arent directly connected. In textile industry, we
find that Alltex Industries Limited, Anlimu yarn Dyeing, etc
doesnt have good performance in terms of ratios but are in a
comparatively better position in terms of Altman Z Score
Analysis.

4. There is also no correlation between the size of a company
and its safety position in terms of Z Score Analysis. In Textile
industry, Sonargaon Textile isnt a market-leader or its ratio
isnt high but it retained a comparatively safe position over the
period as per Altmans Z Score Analysis.

5. Ratio isnt always stagnant. The same company may have a
good position in terms of ratios in a year and in the following
year it may find itself in an opposite position. In 2004,
according to the ranking over Inventory Turnover Ratio,
Beximco Synthetics was in top position. But, in 2005, it came
down to 13
th
position on the ranking on Inventory Turnover
Ratio.

148

Bibliography

149

Paramasivan, C. & Subramanian, T. 2003. Financial Management. New Delhi: New Age
International Limited.

Moyer, R. Charles. McGuigan, James R. & Kretlow, William J. 2011. Contemporary Financial
Management. 10th Edition. USA: Thomson

Brigham, Eugene F. & Daves, Phillip R. 2010. Intermediate Financial Management. USA:
Thomson

Lasher, William R. 2010. Principles of Financial Management. 5
th
Edition. USA: Thomson.

Bodie, Zvi. Kane, Alex. & Marcus, Alan J. 2009. Investments.8
th
Edition. Boston,USA: McGraw
Hill.

Reilly, Frank K. & Brown, Keith C. 2012-13. Investment Analysis and Portfolio Management.
8
th
Edition. USA: Cengage learning

Gitman, Lawrance J. 2011-12. Principles of managerial Finance. 12
th
Edition. USA: Pearson.

Brigham, Eugene F. & Houston, Joel F. 2011-12. Fundamentals of Financial Management.
10
th
Edition. USA: Thomson.

Annual Report of All Companies of Pharmaceuticals and Textile Industries from 2003 to 2012

150

APPENDIX

151

Ratios of Pharmaceutical Industries (2003 - 2012):-
Activity Ratios of Pharmaceutical Industries (2012)
Activity
Ratio(2012)

Company name Inventory
turnover
Receiveable
Turnover
Payable
Turnover
Working
Capital
Turnover
Total
Asset
Turnover
Fixed
Asset
Turnover
ACI Formulation 2.95 4.35 36.24 4.88 0.91 2.05
Active Pharma 1.5 5.89 8.87 11.1 0.54 0.91
Ambee Pharma 1.1 6.54 6.04 32.56 1.01 5.44
Beximco Pharma 2.01 7.99 8.09 1.81 0.38 0.57
Central Pharma 1.04 4.39 25.46 1.29 0.06 0.68
JMI Syringes 1.35 10.13 13.35 -1.5 0.39 0.55
ACI limited 2.86 7.49 7.97 7.85 0.73 1.99
Beacon Pharma 0.45 7.79 17.04 1.48 0.21 0.36
Beximco
Synthetics
1.23 1.57 15.16 -1.56 0.42 1
Keya Cosmetics 2.01 3.98 20.69 2 0.55 1.77
Glaxo Smith Kline 3.74 11.4 2.11 4.9 1.81 11.16
Kohinoor
Chemicals
2.53 318.55 3.31 13.38 1.31 4.34
Marico
Bangladesh
2.55 197.05 23.02 2.75 1.44 14.03
Orion pharma 1.58 5.45 0.41 -8.58 0.38 0.44
IBN SINA Pharma 11.71 972.89 6.55 46.45 1.92 2.78
Orion Infusion 3.48 8.31 9.69 32.1 0.97 1.56
Pharma Aids
Limited
8.58 2.14 14.86 2.79 0.79 2.5
Salvo Chemical
Ltd
3.81 6.48 19.11 -6.72 0.35 0.48
Reckitt Benckiser 4.53 383.89 3.45 11 2.15 12.81
Square Pharma 0.94 23 2.43 7.46 0.87 1.26
Imam Button
Industries
4.74 15.06 0.08 -1.3 0.46 0.56
Reneta Ltd 1.82 9.1 83.58 18 0.79 1.19
Libra Infusion 1.6 10.8 0.64 4 0.09 0.1

152


Activity
Ratio(2011)

Company name

Inventory
turnover
Receiveable
Turnover
Payable
Turnover
WC
Turnover
Total
Asset
Turnover
Fixed
Asset
Turnover
ACI Formulation 2.65 4.48 18.03 4.7 0.05 2.02
Active pharma 1.63 8.13 13.22 6.1 0.49 0.81
Ambee pharma 1.03 5.85 5.51 55.49 0.96 4.98
Beximco pharma 1.79 8.07 6.51 1.75 0.34 0.5
JMI Syringes 1.5 175.37 10.18 -16.79 5.27 7.88
ACI limited 3 7.52 8.64 5.2 0.76 2.06
Beacon pharma 0.38 6.64 16.46 1.1 0.16 0.27
Beximco
synthetics 1.52 2.14 14.75 2.09 0.5 1.07
Keya Cosmetics 2.33 6.34 17.22

0.85 1.76
Glaxo Smith kline 297.38 11.8 2.33 4.36 1.7 9.85
Kohinoor
chemicals 4.65 364.32 2.8 -3.65 1.08 5.62
Marico
Bangladesh 3.74 179.2 20.91 2.78 1.33 22
IBN SINA pharma 12.9 1087.76 5.57 195.38 1.79 2.57
Orion infusion 2.76 9.86 13.78 12.71 0.81 1.27
Pharma Aids
limited 8.62 2.58 13.16 3.64 0.86 2.07
Salvo chemical ltd 3.86 2.39 29.22 -3.61 0.19 0.35
Reckitt Benckiser 3.23 396.8 3.05 18.76 2.03 10.21
Square pharma 3.03 20.17 2.6 6.62 0.8 1.25
Imam Button
Industries 3.82 10.77 0.019 -2.2 0.58 0.78
Reneta ltd 1.96 10.18 46 -7.07 0.85 1.25
Libra Infusion 2.96 9.77 0.9 8 0.14 0.15

153


Activity
Ratio(2010)

Company name

Inventory
turnover
Receiveable
Turnover
Payable
Turnover
WC
Turnover
Total
Asset
Turnover
Fixed
Asset
Turnover
ACI Formulation 2.1 3.33 21.32 1.36 0.73 1.7
Active pharma 1.02 5.03 2.24 37.8 0.23 0.41
Ambee pharma 1.06 6.02 4.96 697.81 0.94 4.68
Beximco pharma 1.67 7.9 6.36 1.77 0.3 0.43
ACI limited 6.03 14.25 8.76 8.46 1.5 3.73
Beacon pharma 0.38 8.15 16.3 0.79 0.15 0.22
Beximco synthetics 1.05 2.09 0.34 1.51 0.35 0.69
Keya Cosmetics 3.36 6.43 198.2 4.37 0.95 6.77
Glaxo Smith kline 3.44 7.85 2.6 3.24 1.64 9.31
Kohinoor
chemicals 1.82 258.4 1.73 0.18 0.15 4.41
Marico Bangladesh 4.19 77.05 34.28 2.78 1.41 13.46
IBN SINA pharma 14.84 1146.57 10.91 -115.75 2.57 4.19
Orion infusion 2.78 11.02 9.96 -6.39 0.91 1.34
Pharma Aids
limited 7.34 2.56 11.21 4.31 0.69 1.35
Salvo chemical ltd 2.02 1.6 5.11 6.5 0.32 0.47
Reckitt Benckiser 4.24 520.07 3.66 24.85 2.48 11.3
Square pharma 2.97 26.13 3.82 5.69 0.87 1.25
Imam Button
Industries 6.65 5.92 0.03 -3.08 0.58 0.75
Reneta ltd 1.85 10.41 56.34 24 1 1.67
Libra Infusion 3.22 11.66 0.79 -3 0.16 0.17

154


Activity
Ratio(2009)

Company name

Inventory
turnover
Receiveable
Turnover
Payable
Turnover
WC
Turnover
Total Asset
Turnover
ACI Formulation 2.64 2.74 12.81 3.76 1
Ambee pharma 0.86 7.17 6.93 1256.89 0.88
Beximco pharma 1.48 7.01 5.86 1.06 0.25
ACI limited 5.46 10.59 4.06 10.35 1.59
Beximco synthetics 0.87 1.5 0.32 1.1 0.27
Keya Cosmetics 5.33 35.86 177.73 15.1 1.21
Glaxo Smith kline 3.41 7.38 3.91 3.34 1.78
Kohinoor
chemicals 2.24 252.23 1.82 -22.94 1.36
Marico Bangladesh 6.54 89.1 9.39 3.3 1.6
IBN SINA pharma 12.62 14206.5 23.55 -147.25 20.33
Orion infusion 3.16 9.76 6.81 3.86 0.62
Pharma Aids
limited 8.87 3.79 15.91 12.37 0.9
Reckitt Benckiser 472.5 5.72 11.27 11.27 2.58
Square pharma 2.7 23.8 10.75 9.61 0.85
Imam Button
Industries 9.71 10.2 0.02 -3.62 0.66
Reneta ltd 1.69 1.13 56.06 16.71 1.02
Libra Infusion 2.94 12.26 0.85 -6 0.87

155


Activity
Ratio(2008)

Company
name

Inventory
turnover
Receiveable
Turnover
Payable
Turnover
WC
Turnover
Total
Asset
Turnover
Fixed
Asset
Turnover
ACI
Formulation 2.34 4812.58 25.17 4.16 1.1 5.01
Ambee
pharma 0.76 0.63 0.6 7.04 0.42 0.4
Beximco
pharma 1.33 7.96 6.18 15.43 0.27 0.34
ACI limited 2.44 5.65 6.55 12.57 1.07 3.82
Beximco
synthetics 1.01 1.81 12.18 1.21 0.31 0.62
Keya
Cosmetics 3.05 7.75 160.16 4.4 1.2 6.54
Glaxo Smith
kline 23.77 4.49 2.54 -439.71 1.39 4.34
Kohinoor
chemicals 2.44 260.84 2.03 -28.65 1.48 4.74
Marico
Bangladesh 10.69 640.62 10.4 5.78 1.79 6.68
IBN SINA
pharma 10.88 1760.49 39.93 -23.64 2.05 3.59
Orion infusion 3.26 9.86 8.9 4.3 0.63 1
Pharma Aids
limited 11.36 4.23 9.06 -30.8 0.86 1.38
Square pharma 2.4 26.55 11.53 10.5 0.75 1.15
Imam Button
Industries 10.36 31.87 0.011 -2.52 0.77 0.89
Reneta ltd 1.59 8.98 10.93 16.04 0.98 1.87
Libra Infusion 5.16 23.85 1.09 -19.69 13.54 2.11

156


Activity
Ratio(2007)

Company name

Inventory
turnover
ratio
Receiveable
Turnover
Ratio
Payable
Turnover
Ratio
WC
Turnover
Ratio
Total
Asset
Turnover
Ratio
Fixed
Asset
Turnover
Ratio
Ambee pharma
1.88 3.94 8.68 348.62 5.97 5.87
Beximco pharma
1.33 7.2 5.37 2.78 0.3 0.4
ACI limited
2.98 5.47 9.14 -388.45 1.04 3.05
Keya Cosmetics
3.62 10.5 67.42 5.93 1.15 6.1
Glaxo Smith kline
2.93 5.58 2.94 2.56 1.49 4.72
Kohinoor
chemicals 2.25 270.65 2.19 -31.06 1.44 4.62
IBN SINA pharma
8.66 4468 29.91 -18.98 1.99 3.19
Orion infusion
3.19 10.11 8.98 3.74 0.62 1
Pharma Aids
limited 8.3 4.17 10.98 -6.57 1.03 2.55
Square pharma
2.76 26.98 41.58 7.73 0.83 1.28
Imam Button
Industries 11.31 7.67 0.02 -3.46 0.82 1.03
Reneta ltd
1.96 13.01 25.35 9.35 1.18 2.17
Libra Infusion
3.82 14.56 1.09 -12.86 1.09 1.74

157


Activity
Ratio(2006)

Company
name
Inventory
turnover
ratio
Receiveable
Turnover
Ratio
Payable
Turnover
Ratio
WC
Turnover
Ratio
Total
Asset
Turnover
Ratio
Fixed
Asset
Turnover
Ratio
Ambee
pharma 0.47 4.19 8.98 -17.83 0.81 3.83
Beximco
pharma 1.12 8.61 4.17 4.51 0.31 0.43
ACI limited 2.98 5.47 9.14 -388.45 1.04 3.05
Keya
Cosmetics 3.52 12.88 136.53 5.16 1.15 5.08
Glaxo Smith
kline 2.19 1 94.42 0.25 0.14 0.43
Kohinoor
chemicals 2.31 180.76 3.08 -32.65 1.16 3.09
IBN SINA
pharma 8.66 4468 29.91 -18.98 1.99 3.19
Orion infusion 2.83 10.63 5.6 -7.51 0.7 1
Pharma Aids
limited 15.35 2.67 9.29 -3.37 1.02 2.16
Square pharma 2.65 24.54 28.59 4 0.76 1.35
Imam Button
Industries 9.22 8.2 0.03 -2.68 0.62 0.79
Reneta ltd 1.53 9.71 16.92 6.02 1.09 2.42
Libra Infusion 3.68 16.86 2.29 -4.66 1.15 1.82
Reckitt
Benckiser 0.75 213.36 0.11 5.14 1.88 13.8
Beximco
synthetics 1.16 1.52 15.6 1.28 0.5 2.54

158


Activity
Ratio(2005)

Company name

Inventory
turnover
ratio
Receiveable
Turnover
Ratio
Payable
Turnover
Ratio
WC
Turnover
Ratio
Total
Asset
Turnover
Ratio
Fixed
Asset
Turnover
Ratio
Ambee pharma
0.53 0.2 4.82 -10.03 0.08 0.37
Beximco pharma
1.05 42.67 7.35 3.35 3.04 0.45
ACI limited
3.03 9.45 7.65 242.21 1.16 2.72
Keya Cosmetics
2.03 14.54 104.52 6.92 1.4 5.32
Glaxo Smith kline
1.98 8.09 92.28 2.19 1.25 4.62
Kohinoor
chemicals 2.87 162 3.09 47.42 1.22 2.98
IBN SINA pharma
2.16 2812 19.14 -29.29 1.84 3.43
Orion infusion
1.99 7.62 7.01 -7.81 0.51 0.73
Pharma Aids
limited 11.89 2.41 14.86 -2.22 0.88 1.8
Square pharma
2.76 23.17 7.81 4.8 1.45 2.68
Imam Button
Industries 6.58 6.68 0.02 -2.28 0.62 0.79
Reneta ltd
2.13 9.92 35.57 6.31 1.5 4.03
Libra Infusion
3.11 14.42 2.02 -4.52 1.1 1.84
Reckitt Benckiser
6.71 800 0.15 5.06 2.04 12.79
Beximco synthetics
1.09 2.18 10.76 1.33 0.52 2.07

159


Activity
Ratio(2004)

Company
name
Inventory
turnover
ratio
Receiveable
Turnover
Ratio
Payable
Turnover
Ratio
WC
Turnover
Ratio
Total
Asset
Turnover
Ratio
Fixed
Asset
Turnover
Ratio
Ambee
pharma 2.95 4.35 36.24 4.88 0.91 2.05
Beximco
pharma 1.5 5.89 8.87 11.1 0.54 0.91
ACI limited 1.1 6.54 6.04 32.56 1.01 5.44
Keya
Cosmetics 2.01 7.99 8.09 1.81 0.38 0.57
Glaxo Smith
kline 1.04 4.39 25.46 1.29 0.06 0.68
Kohinoor
chemicals 1.35 10.13 13.35 -1.5 0.39 0.55
IBN SINA
pharma 2.86 7.49 7.97 7.85 0.73 1.99
Orion
infusion 0.45 7.79 17.04 1.48 0.21 0.36
Pharma Aids
limited 1.23 1.57 15.16 -1.56 0.42 1
Square
pharma 2.01 3.98 20.69 2 0.55 1.77
Imam Button
Industries 3.74 11.4 2.11 4.9 1.81 11.16
Reneta ltd 2.53 318.55 3.31 13.38 1.31 4.34
Libra
Infusion 2.55 197.05 23.02 2.75 1.44 14.03
Reckitt
Benckiser 1.58 5.45 0.41 -8.58 0.38 0.44
Beximco
synthetics 11.71 972.89 6.55 46.45 1.92 2.78

160


Activity
Ratio(2003)

Company
name
Inventory
turnover
ratio
Receiveable
Turnover
Ratio
Payable
Turnover
Ratio
WC
Turnover
Ratio
Total
Asset
Turnover
Ratio
Fixed
Asset
Turnover
Ratio
Ambee
pharma 1.22 7.37 6.5 22.54 1 3.55
Beximco
pharma 1.19 4.37 0.43 2.59 0.27 0.37
Keya
Cosmetics 0.69 5.26 438.15 0.54 0.36 1.72
Glaxo Smith
kline 1.98 0.73 1.39 2.74 1.17 4.95
IBN SINA
pharma 5.95 280.78 16.89 19.61 0.17 0.33
Orion infusion 0.55 9.23 0.04 -0.07 0.12 0.16
Pharma Aids
limited 7.57 1.18 59.85 -0.95 0.41 0.78
Square
pharma 3.51 33.65 15.8 24.43 1.21 2
Imam Button
Industries 6.14 5.68 0.7 -2.49 0.45 0.55
Reneta ltd 2.36 11.76 15.43 7.28 1.53 3.55
Reckitt
Benckiser 5.08 2657 0.64 7.74 1.77 4.88
Beximco
synthetics 1.07 7.68 0.59 3.77 0.62 2.05
Libra infusion 3.2 13.8 0.76 -4.31 0.9 1.49

161

Liquidity Ratios of Pharmaceutical Industries (2012)

Liquidity
Ratio(2012)

Company name
Current
Ratio
Quick
Ratio
Cash
Ratio
Operating Cash
Flow Ratio
ACI Formulation 1.5 0.69 0.14 2.42
Active pharma 1.19 0.51 0.15 0.21
Ambee pharma 1.04 0.33 0.13 0.05
Beximco pharma 2.67 0.56 0.18 0.74
Central pharma 1.06 1 1 0.01
JMI Syringes 0.32 0.02 0.22 0.06
ACI limited 1.17 0.4 0.22 0.04
Beacon pharma 1.74 2.72 2.58 0.17
Beximco synthetics 0.17 0.83 0.01 -0.08
Keya Cosmetics 2.05 1.28 0.87 0.01
Glaxo Smith kline 1.79 0.106 0.72 0.37
Kohinoor
chemicals 1.16 0.11 0.11 0.1
Marico Bangladesh 2.39 0.13 0.11 -0.33
Orion pharma 0.76 0.45 0.07 0.63
IBN SINA pharma 1.15 1.62 1.62 0.33
Orion infusion 1.09 0.37 0.03 0.36
Pharma Aids
limited 1.72 1.28 0.35 0.07
Salvo chemical ltd 0.87 0.26 0.08 0.54
Reckitt Benckiser 1.31 0.83 0.82 0.25
Square pharma 1.59 0.49 0.3 0.86
Imam Button
Industries 0.34 0.07 0.01 0.15
Reneta ltd 1.15 0.42 0.12 0.6
Libra Infusion 1.53 1.26 1.06 0.47

162


Liquidity
Ratio(2011)

Company name

Current
Ratio
Quick
Ratio
Cash
Ratio
Operating Cash
Flow Ratio
Active pharma 1.44 0.64 0.31 0.43
Ambee pharma 1.02 0.31 0.1 0.12
Beximco pharma 2.7 0.57 0.2 0.74
Central pharma 4.39 25.46 1.29 0.06
JMI Syringes 0.51 0.24 0.2 0.08
ACI limited 1.31 0.48 0.27 0.22
Beacon pharma 1.9 3.16 3.01 0.15
Beximco synthetics 1.83 0.83 0.02 -0.11
Keya Cosmetics 1.19 0.36 0.06 0.12
Kohinoor
chemicals 0.73 0.07 0.07 0.01
Marico Bangladesh 2.03 0.16 0.14 0.23
IBN SINA pharma 1.03 1.6 1.6 0.34
Orion infusion 1.21 0.41 0.14 0.06
Pharma Aids
limited 1.69 1.47 0.51 0.08
Square pharma 1.5 0.36 0.19 0.62
Imam Button
Industries 0.49 0.14 0.04 -0.01
Reneta ltd 0.73 0.23 0.04 0.27
Libra Infusion 1.34 0.41 0.13 -0.04

163


Liquidity
Ratio(2010)

Company name

Current
Ratio
Quick
Ratio
Cash
Ratio
Operating Cash
Flow Ratio
Active pharma 1.03 0.6 0.36 0.11
Ambee pharma 1 0.29 0.1 0.11
Beximco pharma 2.47 0.93 0.6 0.61
ACI limited 1.42 0.29 0.04 -0.03
Beacon pharma 2.64 4.7 4.54 0.07
Beximco
synthetics 1.92 0.67 0.01 0.14
Keya Cosmetics 1.6 0.57 0.16 0.03
Kohinoor
chemicals 9.53 0.08 0.08 -0.02
Marico
Bangladesh 2.3 0.12 0.08 0.61
IBN SINA pharma 0.95 0.52 0.51 0.55
Orion infusion 0.7 0.2 0.02 0.06
Pharma Aids
limited 1.49 1.25 0.43 0.25
Salvo chemical ltd 1.18 0.75 0.01 -0.03
Square pharma 2.05 0.52 0.29 1.2
Imam Button
Industries 0.55 0.28 0.04 -0.06
Reneta ltd 1.11 0.36 0.1 0.42
Libra Infusion 0.553 0.16 0.04 0.03

164


Liquidity
Ratio(2009)

Company name

Current
Ratio
Quick
Ratio
Cash
Ratio
Operating Cash
Flow Ratio
Ambee pharma 1 0.26 0.11 0.1
Beximco pharma 2.98 0.77 0.47 0.22
ACI limited 1.28 0.45 0.18 -0.02
Beximco synthetics 2.01 0.75 0.01 0.1
Keya Cosmetics 1.21 0.28 0.19 0.61
Kohinoor
chemicals 0.92 0.06 0.06 0.15
IBN SINA pharma 0.73 0.4 0.4 0.22
Orion infusion 1.75 0.34 0.04 0.39
Pharma Aids
limited 1.2 1 0.34 0.04
Reckitt Benckiser 1.41 0.76 0.75 -0.26
Square pharma 1.44 0.19 0.06 0.37
Imam Button
Industries 0.48 0.22 0.03 0.11
Reneta ltd 1.17 2.54 0.1 0.53
Libra Infusion 0.69 0.19 0.04 0.03

165


Liquidity
Ratio(2008)

Company name

Current
Ratio
Quick
Ratio
Cash
Ratio
Operating Cash
Flow Ratio
ACI Formulation 1.51 0.01 0.01 -0.06
Ambee pharma 0.95 0.27 0.11 0.11
Beximco pharma 1.1 0.24 0.04 0.34
ACI limited 1.13 0.35 0.05 -0.19
Beximco
synthetics 2.09 0.73 0.003 0.72
Keya Cosmetics 1.83 0.68 0.21 0.25
Kohinoor
chemicals 0.93 0.06 0.05 -0.02
Marico
Bangladesh 1.73 0.19 0.19 0.83
IBN SINA pharma 0.83 0.17 0.17 0.16
Orion infusion 9.86 8.9 4.31 0.63
Pharma Aids
limited 0.93 0.74 0.24 0.41
Square pharma 1.26 0.17 0.07 0.37
Imam Button
Industries 0.3 0.09 0.04 -0.003
Reneta ltd 1.15 0.36 0.09 0.17
Libra Infusion 0.83 0.18 0.05 0.18

166


Liquidity
Ratio(2007)

Company name

Current
Ratio
Quick
Ratio
Cash
Ratio
Operating Cash
Flow Ratio
Ambee pharma 0.95 0.45 0.09 0.02
Beximco
pharma 1.8 0.38 0.08 0.21
ACI limited 1 0.31 0.02 -0.15
Beximco
synthetics 0.96 0.67 0.56 0.01
Keya Cosmetics 1.55 0.5 0.19 -0.23
Glaxo Smith
kline 6.56 2.79 0.24 0.77
Kohinoor
chemicals 0.94 0.06 0.05 0.19
IBN SINA
pharma 0.78 0.33 0.33 0.09
Orion infusion 1.77 0.33 0.05 0.37
Pharma Aids
limited 0.79 0.64 0.31 0.22
Reckitt
Benckiser 1.3 0.87 0.73 0.31
Square pharma 1.44 0.19 0.06 0.57
Imam Button
Industries 0.47 0.26 0.02 -0.01
Reneta ltd 1.38 0.34 0.07 0.6
Libra Infusion 0.81 0.2 0.04 0.06

167


Liquidity
Ratio(2006)

Company name

Current
Ratio
Quick
Ratio
Cash
Ratio
Operating Cash
Flow Ratio
Ambee pharma
0.95 0.33 0.1 -0.23
Beximco pharma
1.32 0.61 0.44 0.43
ACI limited
1 0.06 0.04 0.07
Beximco synthetics
1.97 0.87 0.05 -0.2
Keya Cosmetics
1.41 0.28 0.12 -0.07
Glaxo Smith kline
6.63 1.51 0.1 0.15
Kohinoor chemicals
0.95 0.077 0.068 0.038
IBN SINA pharma
0.77 0.31 0.3 0.14
Orion infusion
0.76 0.21 0.04 0.2
Pharma Aids limited 0.64 0.49 0.033 0.04
Reckitt Benckiser
1.73 1.36 1.34 0.58
Square pharma
1.78 0.28 0.15 0.53
Imam Button
Industries 0.43 0.24 0.05 0.2
Reneta ltd
1.49 0.43 0.13 0.11

168

Libra Infusion
0.6 0.13 0.018 0.52


Liquidity
Ratio(2005)

Company name

Current
Ratio
Quick
Ratio
Cash
Ratio
Operating Cash
Flow Ratio
Ambee pharma
1 0.68 0.13 -0.1
Beximco pharma
1.4 0.38 0.35 0.13
ACI limited
1 0.26 0.05 0.18
Beximco
synthetics
2.1 0.68 0.004 0.017
Keya Cosmetics
1.38 0.33 0.15 0.34
Glaxo Smith
kline
4.66 1.53 0.54 -0.11
Kohinoor
chemicals 1.05 0.13 0.12 0.22
IBN SINA pharma
0.86 0.3 0.3 0.39
Orion infusion
0.83 0.26 0.08 -0.05
Pharma Aids
limited
0.56 0.43 0.03 0.03
Reckitt Benckiser
1.92 1.4 1.39 0.58
Square pharma
1.66 0.34 0.21 0.47
Imam Button
Industries 0.43 0.24 0.05 0.2
Reneta ltd
1.61 0.6 0.21 0.51
Libra Infusion 0.62 0.13 0.015 -0.04

169


Liquidity Ratio(2004)

Company name

Current
Ratio
Quick
Ratio
Cash
Ratio
Operating Cash
Flow Ratio
Ambee pharma
1.05 0.57 0.16 -0.04
Beximco pharma
1.49 0.51 0.15 0.05
ACI limited
7.41 1.85 0.42 1.44
Beximco synthetics
1.79 0.53 0.005 -0.22
Keya Cosmetics
1.37 0.17 0.12 0.06
Glaxo Smith kline
4.56 1.95 1.25 0.09
Kohinoor chemicals
1.13 0.12 0.1 0.13
IBN SINA pharma
0.91 0.35 0.35 0.31
Orion infusion
0.33 0.08 0.015 0.08
Pharma Aids limited
0.59 0.49 0.03 0.3
Reckitt Benckiser
1.6 0.87 0.87 0.16
Square pharma
1.61 0.24 0.06 0.89
Imam Button
Industries 0.61 0.31 0.05 0.25
Reneta ltd
1.6 0.51 0.2 0.26
Libra Infusion
0.61 0.13 0.009 0.11

170


Liquidity
Ratio(2003)

Company name

Current
Ratio
Quick
Ratio
Cash
Ratio
Operating Cash
Flow Ratio
Ambee pharma
1.07 0.41 0.2 -0.21
Beximco pharma
1.69 0.6 0.2 0.13
ACI limited
1.4 0.89 0.241 0.12
Beximco synthetics
1.31 0.15 0.002 0.18
Keya Cosmetics
16.77 3.05 1.43 -0.45
Glaxo Smith kline
2.26 5.25 0.54 0.75
Kohinoor chemicals 1.7 0.88 0.76 0.12
IBN SINA pharma
1.02 0.34 0.34 0.48
Orion infusion
0.14 0.01 0.003 0.004
Reckitt Benckiser
1.56 0.76 0.76 0.71
Square pharma
1.15 0.16 0.04 0.65
Imam Button
Industries 0.51 0.29 0.08 0.19
Reneta ltd
1.59 0.46 0.1 0.31
Libra Infusion
1.34 0.57 0.25 0.005

171

Profitability Ratios of Pharmaceutical Industries (2012)
Profitability
Ratio (2012)
Return on Sales


Company name

GP
Ratio
NP
Ratio
OP
Ratio
Pre-Tax
Margin ROA ROE
Return on
Capital

0.05 0.09 0.09
Active pharma 0.49 0.31 0.06 0.05

0.035 0.11 0.05
Ambee pharma 0.53 0.028 0.036 0.34

0.028 0.15 0.05
Beximco pharma 0.47 0.14 0.24 0.21

0.054 0.07 0.066
Central pharma 0.49 0.18 0.36 0.35

0.01 0.1 0.09
JMI Syringes 0.32 0.021 0.215 0.061

0.008 0.025 0.018
ACI limited 0.37 0.056 0.095 0.076

0.041 0.107 0.091
Beacon pharma 0.54 0.077 0.347 0.123

0.017 0.027 0.022
Beximco
synthetics 0.19 0.06 0.171 0.07

0.024 0.037 0.036
Keya Cosmetics 0.25 0.11 0.144 0.151

0.06 0.081 0.066
Glaxo Smith
kline 0.29 0.044 0.067 0.074

0.08 0.164 0.162
Kohinoor
chemicals 0.17 0.025 0.055 0.033

0.033 0.128 0.083
Marico
Bangladesh 0.25 0.089 0.091 0.116

0.128 0.201 0.205
Orion pharma 0.01 0.037 0.059 0.059

0.014 0.027 0.018
IBN SINA pharma 0.39 0.033 0.044 0.044

0.064 0.1 0.097
Orion infusion 0.38 0.065 0.11 0.065

0.063 0.218 0.096
Pharma Aids
limited 0.33 0.15 0.23 0.19

0.12 0.193 0.176
Salvo chemical
ltd 0.43 0.18 0.21 0.29

0.063 0.064 0.055

0.114 0.344 0.315
Square pharma 0.86 0.03 0.18 0.021

0.026 0.035 0.031
Imam Button
Industries 0.017 0.214 0.214 0.214

0.097 0.277 0.198
Reneta ltd 0.53 0.16 0.28 0.22

0.127 0.244 0.228
Libra Infusion 0.38 0.023 0.133 0.027

0.002 0.003 0.003

172


Profitability Ratio
(2011)
Return on Sales


Company name

GP
Ratio
NP
Ratio
OP
Ratio
Pre-Tax
Margin ROA ROE
Return on
Capital
ACI Formulation 0.234 0.06 0.11 0.081

0.051 0.089 0.085
Active pharma 0.467 0.302 0.373 0.328

0.148 0.182 0.156
Ambee pharma 0.542 0.028 0.039 0.037

0.0269 0.151 0.05
Beximco pharma 0.48 0.152 0.252 0.213

0.052 0.07 0.063
JMI Syringes 0.031 0.002 0.0214 0.007

0.012 0.082 0.035
ACI limited 0.376 0.08 0.118 0.105

0.061 1.43 0.5
Beacon pharma 0.55 0.152 0.362 0.188

0.024 0.042 0.031
Beximco
synthetics 0.16 0.06 0.15 0.086

0.035 0.051 0.05
Keya Cosmetics 0.25 0.111 0.147 0.147

0.094 0.175 0.167

0.101 0.198 0.195
Kohinoor
chemicals 0.171 0.023 0.05 0.031

0.025 0.088 0.055
Marico
Bangladesh 0.28 0.13 0.15 0.181

0.167 0.313 0.312
IBN SINA pharma 0.387 0.031 0.045 0.042

0.056 0.089 0.087
Orion infusion 0.37 0.056 0.094 0.056

0.044 0.173 0.064
Pharma Aids
limited 0.33 0.14 0.217 0.189

0.123 0.188 0.178

0.05 0.057 0.047

0.128 0.476 0.423
Square pharma 0.505 0.168 0.177 0.219

0.134 0.312 0.29
Imam Button
Industries 0.048 0.144 0.144 0.144

0.08 0.225 0.166
Reneta ltd 0.53 0.17 0.263 0.221

0.141 0.275 0.171
Libra Infusion 0.362 0.02 0.11 0.024

0.003 0.004 0.003

173

Profitability
Ratio(2010)

Return on
Sales


Company name

GP
Ratio
NP
Ratio
OP
Ratio
Pre-Tax
Margin ROA ROE
Return on
Capital
ACI Formulation 0.24 0.08 0.14 0.064

0.034 0.058 0.054
Active pharma 0.5 0.5 0.32 0.52

0.11 0.14 0.12
Ambee pharma 0.54 0.027 0.039 0.038

0.026 0.151 0.044
Beximco pharma 0.49 0.162 0.252 0.21

0.049 0.066 0.059
ACI limited 0.29 0.0096 0.064 0.032

0.015 0.032 0.025
Beacon pharma 0.54 0.044 0.341 0.044

0.007 0.011 0.008
Beximco
synthetics 0.132 0.027 0.117 0.03

0.009 0.014 0.013
Keya Cosmetics 0.22 0.15 0.08 0.17

0.14 0.23 0.22

0.185 0.3 0.3
Kohinoor
chemicals 0.171 0.025 0.049 0.034

0.004 0.091 0.057
Marico
Bangladesh 0.27 0.1161 0.122 0.143

0.163 0.269 0.267
IBN SINA pharma 0.386 0.037 0.049 0.051

0.096 0.223 0.189
Orion infusion 0.62 0.059 0.089 0.06

0.054 0.185 0.105
Pharma Aids
limited 0.25 0.073 0.101 0.097

0.05 0.075 0.066

0.077 0.116 0.093

0.153 0.555 0.48
Square pharma 0.51 0.161 0.21 0.22

0.144 0.31 0.27
Imam Button
Industries 0.16 0 0.08 0

0 0 0
Reneta ltd 0.53 0.17 0.26 0.22

0.17 0.43 0.28
Libra Infusion 0.36 0.02 0.091 0.027

0.003 0.004 0.004

174


Profitablity
Ratio(2009)
Return on Sales


Company name

GP
Ratio
NP
Ratio
OP
Ratio
Pre-Tax
Margin ROA ROE
Return on
Capital
ACI Formulation 0.24 0.077 0.14 0.103

0.076 0.17 0.15
Ambee pharma 0.551 0.027 0.037 0.035

0.023 0.145 0.043
Beximco
pharma 0.47 0.13 0.21 0.18

0.031 0.057 0.048
ACI limited 0.19 0.29 0.05 0.06

0.46 1.11 1.01
Beximco
synthetics 0.16 0.015 0.144 0.023

0.004 0.006 0.006
Keya Cosmetics 0.16 0.07 0.014 0.077

0.087 0.157 0.141
Glaxo Smith
kline 0.312 0.107 0.143 0.145

0.19 0.28 0.28
Kohinoor
chemicals 0.17 0.03 0.05 0.04

0.04 0.094 0.068
Marico
Bangladesh 0.27 0.11 0.12 0.14

0.19 0.3 0.3
IBN SINA
pharma 0.04 0.004 0.005 0.005

0.082 0.229 0.193
Orion infusion 0.37 0.055 0.125 0.055

0.034 0.13 0.074
Pharma Aids
limited 0.27 0.12 0.16 0.16

0.11 0.17 0.155
Reckitt
Benckiser 0.44 0.11 0.162 0.15

0.27 0.688 0.62
Square pharma 0.5 0.17 0.21 0.22

0.14 0.19 0.185
Imam Button
Industries 0.15 0.024 0.0257 0.025

0.016 0.033 0.0242
Reneta ltd 0.53 0.15 0.25 0.21

0.16 0.27 0.21
Libra Infusion 0.36 0.012 0.144 0.15

0.01 0.05 0.025

175

Profitability
Ratio(2008)
Return on
Sales


Company name

GP
Ratio
NP
Ratio
OP
Ratio
Pre-Tax
Margin ROA ROE
Return on
Capital
ACI Formulation
0.19 0.097 0.17 0.13

0.11 0.25 0.22
ACI limited
0.31 0.15 0.09 0.161

0.16 0.49 0.43
Ambee pharma
5.77 0.264 0.34 0.33

0.11 0.14 0.04
Beximco
pharma 0.5 0.14 0.25 0.18

0.04 0.05 0.05
Beximco
synthetics 0.146 0.02 0.132 0.024

0.006 0.009 0.009
Keya Cosmetics
0.23 0.078 0.13 0.11

0.09 0.17 0.14
Glaxo Smith
kline 0.25 0.08 0.11 0.11

0.11 0.16 0.16
Kohinoor
chemicals 0.19 0.05 0.05 0.033

0.09 0.19 0.13
Marico
Bangladesh 0.29 0.1 0.16 0.16

0.18 0.32 0.31
IBN SINA
pharma 0.38 0.04 0.05 0.052

0.084 0.23 0.2
Orion infusion 0.4 0.06 0.12 0.06

0.04 0.15 0.08
Pharma Aids
limited 0.31 0.14 0.19 0.18

0.12 0.2 0.17
Reckitt
Benckiser 0.56 0.312 0.32 0.38

0.14 0.05 0.17
Square pharma 0.49 0.15 0.18 0.19

0.24 0.34 0.32
Imam Button
Industries 0.19 0.044 0.057 0.055

0.034 0.066 0.066
Reneta ltd
0.51 0.14 0.24 0.2

0.14 0.26 0.17
Libra Infusion
0.33 0.016 0.07 0.021

0.21 0.08 0.05

176

Profitability Ratio
(2007)

Return on
Sales


Company name

GP
Ratio
NP
Ratio
OP
Ratio
Pre-Tax
Margin ROA ROE
Return
on
Capital
Ambee
pharmaceuticals 0.43 0.022 0.034 0.0032

0.133 0.161 0.045
Beximco pharma
0.45 0.098 0.182 0.111

0.0295 0.043 0.039
ACI limited
0.34 0.063 0.087 0.087

0.065 0.245 0.193

0.086 0.086 0.88
Keya Cosmetics
0.25 0.081 0.089 0.113

0.093 0.18 0.144
Glaxo Smith kline
0.216 0.028 0.049 0.049

0.042 0.056 0.056

0.076 0.1909 0.1265
IBN SINA pharma
0.36 0.033 0.041 0.0433

0.066 0.157 0.146
Orion infusion
0.37 0.061 0.12 0.061

0.038 0.143 0.081

0.15 0.67 0.418
Reckitt Benckiser
0.78 0.43 0.13 0.23

0.25 0.21 0.29
Square pharma
0.51 0.29 0.21 0.2

0.24 0.34 0.32
Imam Button
Industries 0.22 0.06 0.074 0.0702

0.049 0.084 0.084
Reneta ltd
0.49 0.09 0.16 0.137

0.1 0.17 0.13
Libra Infusion
0.35 0.193 0.0812 0.0276

0.0211 0.075 0.0532

177

Profitability
Ratio(2006)

Return on
Sales


Company name

GP
Ratio
NP
Ratio
OP
Ratio
Pre-Tax
Margin ROA ROE
Return
on
Capital
Ambee

0.018 0.109 0.018
Beximco pharma
0.47 0.127 0.201 0.014

0.04 0.0592 0.052
ACI limited
0.34 0.044 0.07 0.066

0.053 0.156 0.131
Beximco synthetics
0.17 0.069 0.161 0.061

0.035 0.082 0.069
Keya Cosmetics
0.234 0.099 0.129 0.0682

0.114 0.311 0.253
Glaxo Smith kline
1.97 0.12 0.071 0.061

0.017 0.0223 0.022

0.019 0.0354 0.0257
IBN SINA pharma
0.363 0.036 0.045 0.049

0.061 0.127 0.121
Orion infusion
0.38 0.043 0.044 0.043

0.03 0.075 0.027

0.12 0.714 0.435
Reckitt Benckiser
0.39 0.092 0.155 0.134

0.172 0.332 0.329
Square pharma
0.5 0.32 0.223 0.2164

0.244 0.355 0.324
Imam Button
Industries 0.172 0.021 0.027 0.026

0.016 0.029 0.029
Reneta ltd
0.493 0.188 0.285 0.242

0.204 0.368 0.267
Libra Infusion
0.35 0.021 0.072 0.03

0.024 0.0803 0.0304

178


Profitability Ratio
(2005)

Return on
Sales


Company name

GP
Ratio
NP
Ratio
OP
Ratio
Pre-Tax
Margin ROA ROE
Return
on
Capital
Ambee

0.018 0.079 0.0176
Beximco pharma
0.47 0.15 0.22 0.15

0.45 0.072 0.06
ACI limited
0.335 0.044 0.07 0.066

0.053 0.16 0.131
Beximco synthetics
0.125 0.026 0.106 0.0276

0.014 0.0304 0.0242
Keya Cosmetics
0.26 0.14 0.133 0.091

0.192 0.412 0.333
Glaxo Smith kline
0.218 0.036 0.053 0.058

0.046 0.06 0.06
Kohinoor chemicals
0.175 0.019 0.03 0.0187

0.023 0.034 0.026
IBN SINA pharma
0.354 0.061 0.082 0.0845

0.113 0.021 0.21
Orion infusion
0.38 0.047 0.046 0.047

0.024 0.058 0.0214
Pharma Aids limited
0.264 0.052 0.105 0.102

0.045 0.49 0.254
Reckitt Benckiser
0.37 0.079 0.12 0.11

0.162 0.274 0.273
Square pharma
0.49 0.203 0.26 0.244

0.294 0.223 0.211
Imam Button
Industries 0.173 0.026 0.034 0.032

0.016 0.0302 0.0302
Reneta ltd
0.49 0.12 0.2 0.174

0.18 0.26 0.21
Libra Infusion
0.36 0.023 0.079 0.033

0.025 0.082 0.079

179

Profitability Ratio
(2004)
Return on Sales


Company name

GP
Ratio
NP
Ratio
OP
Ratio
Pre-Tax
Margin ROA ROE
Return
on
Capital
Ambee

0.03 0.097 0.042
Beximco pharma
0.405 0.122 0.209 0.133

0.034 0.061 0.044
ACI limited
0.29 0.035 0.058 0.0553

0.055 0.13 0.085
Beximco
synthetics 0.18 0.05 0.157 0.06

0.02 0.044 0.042
Keya Cosmetics
0.355 0.23 0.1 0.096

0.11 0.37 0.263
Glaxo Smith kline
0.26 0.14 0.07 0.234

0.166 0.219 0.185
Kohinoor
chemicals 0.18 0.021 0.027 0.021

0.021 0.029 0.025
IBN SINA pharma
0.34 0.064 0.088 0.088

0.11 0.2 0.2
Reckitt Benckiser
0.39 0.092 0.155 0.134

0.17 0.332 0.33
Square pharma
0.49 0.18 0.221 0.21

0.278 0.211 0.21
Imam Button
Industries 0.261 0.057 0.096 0.092

0.031 0.047 0.047
Reneta ltd
0.48 0.11 0.18 0.154

0.15 0.25 0.185
Pharma Aids
limited 0.22 0.031 0.031 0.033

0.022 0.23 0.1
Libra Infusion
0.34 0.064 0.088 0.088

0.11 0.199 0.199
Orion infusion
0.268 0.21 0.21 0.21

0.04 0.333 0.098

180


Profitability
Ratio (2003)

Return on
Sales


Company name

GP
Ratio
NP
Ratio
OP
Ratio
Pre-Tax
Margin ROA ROE
Return
on
Capital
Ambee

0.035 0.11 0.047
Beximco pharma
0.38 0.095 0.2 0.12

0.026 0.045 0.031
ACI limited
0.75 0.24 0.414 0.124

0.067 0.043 0.039
Beximco
synthetics 0.133 0.034 0.11 0.06

0.021 0.046 0.033
Keya Cosmetics
0.33 0.41 0.095 0.091

0.147 0.368 0.256
Glaxo Smith
kline 0.28 0.067 0.073 0.079

0.078 0.131 0.12
Kohinoor
chemicals 0.78 0.59 0.7 0.64

0.13 0.08 0.12
IBN SINA
pharma 3.3 0.69 0.98 0.95

0.12 0.21 0.21
Reckitt Benckiser
0.375 0.046 0.052 0.064

0.0818 0.152 0.152
Square pharma
0.45 0.162 0.21 0.2

0.2 0.2 0.2
Imam Button
Industries 0.3 0.085 0.143 0.14

0.04 0.06 0.06
Reneta ltd
0.44 0.091 0.158 0.128

0.14 0.24 0.19
Pharma Aids
limited 0.13 0.13 0.13 0.13

0.05 0.05 0.033
Libra Infusion
0.56 0.34 0.45 0.38

0.12 0.24 0.21
Orion infusion
0.19 0.48 0.48 0.48

0.056 0.069 0.069

181

Solvency Ratios of Pharmaceutical Industries (2012)

Solvency
Ratios(2012)
Debt Ratio

Coverage Ratio

Company name

Debt to
Asset
Ratio
Debt to
Equity
Ratio
Debt to
Capital
Ratio Leverage

Interest
Coverage
Fixed
Charge
Coverage
ACI Formulation 0.005 0.008 0.008 1.66

3.14 2.05
Active pharma 0.723 1 0.5 1.38

10.62 4.4
Ambee pharma 0.39 2.05 0.673 5.34

0.75 0.67
Beximco pharma 0.059 0.0798 0.074 1.336

3.421 1.79
Central pharma 0.02 0.19 0.16 9.56

4.23 1.44
JMI Syringes
0.12 0.368 0.269 3.036

1.44 1.14
ACI limited
0.069 0.181 0.153 2.6

3.26 1.94
Beacon pharma 0.144 0.245 0.19 1.632

1.6 1.32

1.76 1.54
Keya Cosmetics 0.006 0.005 0.003 1.4

1.7 1.37

6.8 3.41

2.69 1.9

7.91 2.32
Orion pharma 0.244 0.465 0.317 1.91

6.28 1.85
IBN SINA pharma 0.03 0.04 0.04 1.59

18.74 0.39
Orion infusion 0.37 1.28 0.56 3.49

2.27 2.27

9.68 3.17

3.88 1.67

5.06 1.58
Square pharma 0.094 0.124 0.11 1.32

7.66 2.39
Imam Button
Industries 0.14 0.4 0.28 2.85

2.06 2.06
Reneta ltd 0.037 0.071 0.066 1.92

5.83 2.6
Libra Infusion 0.078 0.11 0.097 1.37

1.11 0.16

182


Solvency
Ratios(2011)
Debt Ratio

Coverage Ratio

Company name
Debt to
Asset
Ratio
Debt to
Equity
Ratio
Debt to
Capital
Ratio
Leverag
e
Interest
Coverage
Fixed
Charge
Coverage
ACI Formulation 0.033 0.057 0.054 1.75

2.82 1.84
Active pharma 0.13 0.16 0.14 1.23

12.4 6.61
Ambee pharma 0.36 2 0.67 5.6

0.86 0.72
Beximco pharma 0.08 0.11 0.099 1.35

35.042 3.71
JMI Syringes 0.2 1.34 0.57 6.68

1.5 1.13
ACI limited 0.08 1.86 0.651 23.28

7.91 2.96
Beacon pharma 0.2 0.34 0.25 1.68

1.53 1.33
Beximco
synthetics 0.0094 0.0136 0.0134 1.452

2.63 2.04
Keya Cosmetics 0.027 0.045 0.043 1.64

2.713 1.63

0.912 1.47
Kohinoor
chemicals 0.17 0.6 0.37 3.518

2.54 1.81
Marico
Bangladesh 0.00193 0.0036 0.0036 1.873

37.6 2.51
IBN SINA pharma 0.015 0.024 0.023 1.6

11.6 3.04
Orion infusion 0.442 1.72 0.63 3.89

2.48 2.48
Pharma Aids
limited 0.044 0.067 0.063 1.53

11.15 3.27

0.09 0.041

10.039 2.025
Square pharma 0.034 0.0785 0.073 2.33

10.235 2.561
Imam Button
Industries 0.13 0.36 0.263 2.703

1.68 1.68
Reneta ltd 0.17 0.252 0.201 1.52

7.98 3.03
Libra Infusion 0.08 0.11 0.08 1.27

1.19 0.23

183

Solvency
Ratios(2010)
Debt Ratio

Coverage Ratio

Company name

Debt to
Asset
Ratio
Debt
to
Equity
Ratio
Debt to
Capital
Ratio Leverage

Interest
Coverage
Fixed
Charge
Coverage
ACI Formulation 0.05 0.08 0.076 1.67

3.81 2.64
Active pharma 0.114 0.14 0.124 1.23

3.52 2.8
Ambee pharma 0.415 2.44 0.71 5.87

1.02 0.81
Beximco
pharma 0.089 0.1191 0.11 1.34

2.47 1.68
ACI Limited 0.12 0.26 0.2 2.17

1.57 1.01
Beacon pharma 0.26 0.411 0.291 1.6

1.12 1.12
Beximco
synthetics 0.015 0.0209 0.0204 1.42

1.38 1.33
Keya Cosmetics 0.0272 0.0445 0.043 1.64

1.74 1.23
Glaxo Smith
kline 0.0016 0.0026 0.0026 1.6

31.21 4.27
Kohinoor
chemicals 0.0244 0.6 0.373 24.38

2.99 1.96
Marico
Bangladesh 0.0028 0.0046 0.0046 1.64

72.06 4.29
IBN SINA
pharma 0.078 0.181 0.154 2.33

8.9 2.57
Orion infusion 0.223 0.767 0.434 3.44

2.06 2.06
Pharma Aids
limited 0.085 0.127 0.113 1.49

3.65 1.95
Salvo chemical
ltd 0.17 0.252 0.201 1.52

0.05 0.033
Reckitt
Benckiser 0.044 0.16 0.14 3.64

64.99 3.48
Square pharma 0.068 0.152 0.131 2.234

7.71 2.39
Imam Button
Industries 0.175 0.41 0.29 2.33

0.59 0.59
Reneta ltd 0.22 0.573 0.364 2.6

11.12 3.3
Libra Infusion 0.055 0.0678 0.063 1.23

1.24 0.26

184

Solvency
Ratios(2009)
Debt Ratio

Coverage Ratio

Company name

Debt to
Asset
Ratio
Debt to
Equity
Ratio
Debt to
Capital
Ratio Leverage
Interest
Coverage
Fixed
Charge
Coverage
ACI Formulation 0.06 0.1334 0.12 2.213

3.92 2.24
Ambee pharma 0.382 2.33 0.7 6.09

0.822 0.7
Beximco pharma 0.097 0.18 0.15 1.83

3.46 1.88
ACI Limited 0.0414 0.0989 0.08998 2.388

0.95 0.7
Beximco
synthetics 0.019 0.027 0.026 1.44

1.204 1.124
Keya Cosmetics 0.065 0.12 0.11 1.812

0.26 0.24
Glaxo Smith
kline 0.003 0.004 0.004 1.462

62.022 4
Kohinoor
chemicals 0.13 0.38 0.27 2.79

3.41 2.09
Marico
Bangladesh 0.00281 0.0045 0.0045 1.613

72.06 19.41
IBN SINA
pharma 0.078 0.183 0.154 2.33

8.9 2.57
Orion infusion 0.223 0.77 0.434 3.44

2.06 2.06
Pharma Aids
limited 0.085 0.127 0.113 1.49

3.65 1.95
Salvo chemical
ltd 0.17 0.252 0.2 1.52

0.05 0.033
Reckitt
Benckiser 0.043 0.11 0.0982 2.52

6.593 3.75
Square pharma 0.034 0.045 0.043 1.34

5.96 2.39
Imam Button
Industries 0.19 0.39 0.28 2.09

0.6 0.6
Reneta ltd 0.22 0.573 0.364 2.6

11.12 3.3
Libra Infusion 0.21 1.03 0.51 4.92

1.29 0.31

185


Solvency
Ratios(2008)
Debt Ratio

Coverage Ratio

Company name

Debt to
Asset
Ratio
Debt to
Equity
Ratio
Debt to
Capital
Ratio
Leverag
e
Interest
Coverage
Fixed
Charge
Coverage
ACI Formulation 0.059 0.1404 0.123 2.37

3.96 2.26
Ambee pharma 2.081 2.561 0.72 1.231

0.81 0.71
Beximco pharma 0.099 0.14 0.123 1.42

4 2.39
ACI Limited 0.045 0.141 0.123 3.14

2.31 1.67
Beximco
synthetics 0.039 0.0578 0.0546 1.48

1.24 1.2
Keya Cosmetics 0.1 0.18 0.153 1.76

1.89 1.25

26.52 3.05
Kohinoor
chemicals 0.202 0.5 0.33 2.46

3.42 0.45
Marico
Bangladesh 0.0071 0.0123 0.0123 1.757

69.26 2.47
IBN SINA pharma 0.054 0.15 0.13 2.722

11.1 3.37
Orion infusion 0.21 0.76 0.43 3.79

1.961 1.961
Pharma Aids
limited 0.11 0.18 0.15 1.72

7.53 2.71

4.2 3.55
Square pharma 0.047 0.072 0.067 1.51

4.86 2.25
Imam Button
Industries 0 0 0 1.92

1.14 0.95
Reneta ltd 0.26 0.5 0.33 1.9

8.41 2.77
Libra Infusion 1.47 0.54 0.35 0.36

1.49 1.32

186


Solvency
Ratios(2007)
Debt Ratio

Coverage Ratio

Company name

Debt to
Asset
Ratio
Debt to
Equity
Ratio
Debt to
Capital
Ratio Leverage

Interest
Coverage
Fixed
Charge
Coverage
Ambee Limited 2.15 2.6 0.72 1.21

0.96 0.75
Beximco pharma 0.08 0.11 0.099 1.45

2.57 2.17
ACI Limited 0.072 0.273 0.214 3.77

3.58 1.8
Beximco
synthetics 0.15 0.24 0.12 1.42

2.34 1.67
Keya Cosmetics 0.13 0.25 0.2 1.922

1.5 1

49.72 2.34
Kohinoor
chemicals 0.2 0.51 0.34 2.5

3.12 0.453
IBN SINA pharma 0.033 0.08 0.072 2.4

14.15 3.071
Orion infusion
0.2 0.76 0.43 3.82

2.05 2.05
Pharma Aids
limited 0.132 0.6 0.371 4.49

8.51 3.22

4.21 3.67
Square pharma 0.05 0.07 0.063 1.43

7.71 3.12
Imam Button

1 0.87
Reneta ltd
0.17 0.283 0.221 1.69

2.04 2.15
Libra Infusion
0.12 0.42 0.3 3.58

1.56 1.34

187


Solvency
Ratios(2006)
Debt Ratio

Coverage Ratio

Company
name

Debt to
Asset
Ratio
Debt to
Equity
Ratio
Debt to
Capital
Ratio
Leverag
e
Interest
Coverage
Fixed
Charge
Coverage
Ambee Limited 0.834 5.04 0.83 6.036

0.964 0.65
Beximco
pharma 0.1 0.15 0.13 1.5

2.95 2.44
ACI Limited 0.064 0.189 0.16 2.95

3.01 1.53
Beximco
synthetics 0.081 0.19 0.16 2.363

1.66 1.81
Keya
Cosmetics 0.084 0.23 0.187 2.74

1.84 1.55
Glaxo Smith
kline 0.005 0.007 0.007 1.32

7.29 1.49
Kohinoor
chemicals 0.2 0.38 0.2754 1.86

21.94 21.94
IBN SINA
pharma 0.023 0.047 0.045 2.08

22 2.93
Orion infusion
0.711 1.79 0.64 2.51

0.48 0.48
Pharma Aids
limited 0.11 0.64 0.39 5.95

4.95 2.53
Reckitt
Benckiser 0 0 0 2.06

0 4.03
Square pharma 0.064 0.094 0.086 1.453

11.3 3.34
Imam Button
Industries 0 0 0 1,87

0.35 0.33
Reneta ltd
0.18 0.26 0.21 1.45

13.25 2.86
Libra Infusion
0.49 1.64 0.62 3.36

0.28 0.27

188


Solvency
Ratios(2005)
Debt Ratio

Coverage Ratio

Company
name

Debt to
Asset
Ratio
Debt to
Equity
Ratio
Debt to
Capital
Ratio Leverage
Interest
Coverage
Fixed
Charge
Coverage
Ambee
Limited 0.78 3.55 0.78 4.55

0.58 0.5
Beximco
pharma 1.27 0.2 0.17 0.16

3.26 3.32
ACI Limited 0.09 0.27 0.212 2.952

2.134 1.27
Beximco
synthetics 0.12 0.252 0.2 2.2

1.28 1.36
Keya
Cosmetics 0.11 0.24 0.19 2.15

3.11 2.4
Glaxo Smith
kline 0.007 0.01 0.01 1.31

10.5 3.1
Kohinoor
chemicals 0.19 0.275 0.22 1.48

9.28 9.28
IBN SINA
pharma 0 0 0 1.82

82.51 3.46
Orion infusion
0.7 1.7 0.63 2,43

0.73 0.73
Pharma Aids
limited 0.087 0.94 0.48 10.79

2.42 1.42
Reckitt

10.75 2.59
Square
pharma 0.091 0.07 0.065 0.77

4.45 2.59
Imam Button

0.5 0.46
Reneta ltd
0.18 0.26 0.21 1.45

13.25 2.86
Libra Infusion
0.008 0.027 0.023 3.23

1.76 1.45

189

Solvency
Ratios(2004)
Debt Ratio

Coverage Ratio

Company
name

Debt to
Asset
Ratio
Debt to
Equity
Ratio
Debt to
Capital
Ratio Leverage

Interest
Coverage
Fixed
Charge
Coverage
Ambee Limited 0.4 1.3 0.56 3.25

1.1 0.8
Beximco
pharma 0.22 0.39 0.28 1.77

2.91 2.55
ACI Limited 0.22 0.51 0.34 2.34

1.6 1.03
Beximco
synthetics 0.021 0.0465 0.0444 2.191

1.64 1.38
Keya
Cosmetics 0.124 0.41 0.29 3.28

0.73 0.67
Glaxo Smith
kline 0.14 0.19 0.16 1.32

10.65 5.77
Kohinoor
chemicals 0.15 0.2 0.17 1.4

2.98 2.98
IBN SINA
pharma 0.001 0.014 0.013 1.81

20.35 1.9
Orion infusion 0.51 4.38 1.3 8.6

1.76 1.76
Pharma Aids
limited 0.12 1.28 0.56 10.5

0.47 0.41
Reckitt

0 4.03
Square pharma 0.011 0.008 0.008 0.76

13.64 4.47
Imam Button

2.25 1.25
Reneta ltd
0.21 0.35 0.26 1.68

9.33 2.75
Libra Infusion
0.018 0.06 0.06 3.36

1.61 1.37

190


Solvency
Ratios(2003)
Debt Ratio

Coverage Ratio

Company
name

Debt to
Asset
Ratio
Debt to
Equity
Ratio
Debt to
Capital
Ratio Leverage
Interest
Coverage
Fixed
Charge
Coverage
Ambee
Limited 0.41 1.25 0.56 3.04

104 0.3
Beximco
pharma 0.25 0.43 0.3 1.74

2.75 2.02
ACI Limited 0.121 0.121 0.14 0.21

2.67 1.66
Beximco
synthetics 0.17 0.37 0.27 2.15

2.16 1.51
Keya
Cosmetics 0.18 0.44 0.31 2.5

0.7 0.67
Glaxo Smith
kline 0.07 0.12 0.11 0.169

12.2 12.2
Kohinoor
chemicals 0.051 0.167 0.143 3.25

1.58 1.36
IBN SINA
pharma 0.00061 0.0011 0.0011 1.8

20.35 1.9
Orion
infusion 0 0 0 1.22

0.23 0.23
Pharma Aids
limited 0.07 0.72 0.42 10.37

1.28 1.28
Reckitt

1510 2.87
Square
pharma 0.017 0.017 0.017 1.02

6.64 3.13
Imam Button

2.25 1.25
Reneta ltd
0.17 0.3 0.23 1.72

0.56 0.05
Libra
Infusion
0.0023 0.012 0.122 2.44

1.44 0.69

191

Ratios of Textile Industries (2003 - 2012)
Activity Ratio(2012)

Company name

Inventory
turnover
ratio
Receiveable
Turnover
Ratio
Payable
Turnover
Ratio
Working
Capital
Turnover
Ratio
Total
Asset
Turnover
Ratio
Fixed
Asset
Turnover
Ratio
Alhaj textile 3.7 70.62 17.38 2.9 0.98 2
Alltex Industries ltd 2.9 8.5 0.3 0.09 0.84 1.57
Anlimu yarn Dyeing 11.34 3.14 2.12 47.21 1.39 4.21
Apex spinning &
dyeing mills 12.67 8.34 2.06 22.33 2.41 8.39
Argon denim ltd 2.4 1.77 694.94 6.62 0.32 0.92
CMC- Kamal textile
mills 2.74 5.78 12.44 1.29 0.31 0.47
H.R. textile mills ltd 11.34 3.04 2.12 45.84 1.35 4.09
desh Garments ltd 45.2 61.73 47 0.9 1.56 2.36
Dulmia cotton 13.87 48.24 0.01 0.94 1.7 2.26
Envoy Textile 4.56 3.78 1.4 2.35 0.45 0.62
Family texBD ltd 2.91 4.49 0.53 3.3 0.89 1.57
Generation Next
Fashion ltd 2.03 3.32 49.93 21.26 0.42 0.62
Maksons Spinning
mills ltd 1.18 1.56 225.43 0.62 0.27 1.04
ltd 0.63 7.82 0.72 10.34 0.5 0.68
Metro spinning ltd 1.31 1.57 37.98 17.64 0.36 0.77
Modern Dyeing &
screen printing 3.4 12.2 273.194 0 0 0
R.N. spinning 1.91 2.7 0.12 1.9 0.32 0.79
Rahim Textile 8.77 4.79 2.76 0.0911 0.73 1.01
Safko spinning mills 0.7923 0.743 0.423 0.044 0.01 0.24
Saiham Textile 0 1.88 3.45 0.11 0.05 0.14
Dacca Dyeing &
manufacturing 1.52 2.3 3.86 2.46 0.28 0.42
Zahintex Ind. ltd 1.39 5.71 257.55 2.53 0.7 1.65
Square Textile 4.47 3.29 3.41 3.05 1.08 3.32
Style Craft 16.66 13.34 925.83 260.21 4.1 11
Sonargaon Textile 0.89 26.92 2.19 1.88 0.43 0.83
Tallu spinning mills 3.06 3.86 117.069 4.63 0.86 1.77

192


Company name

Inventor
y
turnover
ratio
Receiveabl
e Turnover
Ratio
Payable
Turnove
r Ratio
WC
Turnove
r Ratio
Total
Asset
Turnove
r Ratio
Fixed
Asset
Turnove
r Ratio
Alhaj textile 1.4 23.94 16.39 1.72 0.45 0.82
Apex spinning &
dyeing mills 7.85 10.13 1.36 33.41 2.09 6.57
H.R. textile mills ltd 19.79 3.42 2.53 285 1.55 4.06
CMC- Kamal textile
mills 2.95 59.53 36.11 0.8 0.29 0.55
Generation Next
Fashion ltd 2.08 3.5 37.7 22.73 0.42 0.61
desh Garments ltd 45.45 50.71 69.24 0.59 2.12 3.03
Dulmia cotton 4.81 8.34 0.131 3.49 1.3 2.44
Envoy Textile 5.84 3 1.96 22.22 0.54 0.84
Maksons Spinning
mills ltd 1.12 1.8 196.4 0.62 0.29 1.17
Malek spinning
mills ltd 0.183 6.43 2.63 0.2 0.56 0.75
Modern Dyeing &
screen printing 0.42 0 1086.24 0 0 0
R.N. spinning 2.2 3.36 0.12 0.178 0.57 0.9
Rahim Textile 7.25 4.75 2.83 0.84 0.6 0.79
Saiham Textile 1.8 4.27 6.56 10.85 0.72 1.51
Dacca Dyeing &
manufacturing 0.144 2.26 2.45 2.93 0.26 0.38
Square Textile 4.18 2.82 30.19 4.02 1.067 3.78
Style Craft 6.52 9.76 503.72 229.75 2.47 7.17

193



Company name

Inventor
y
turnover
ratio
Receiveabl
e Turnover
Ratio
Payable
Turnove
r Ratio
WC
Turnove
r Ratio
Total
Asset
Turnove
r Ratio
Fixed
Asset
Turnove
r Ratio
Alhaj textile 0.1 0.67 16.89 0.06 0.008 0.017
Apex spinning &
dyeing mills 9.56 11.72 2.91 29.24 1.9 4.51
CMC- Kamal textile
mills 3.84 16.56 32.89 0.7 0.46 0.55
Delta spinners ltd 1.4 12.16 47.22 2.19 0.45 0.76
Dulmia cotton 5.48 4.79 0.099 0.81 1.73 1.86
Maksons Spinning
mills ltd 1.22 1.48 114.654 3.35 0.43 1.15
Malek spinning
mills ltd 1.33 3.15 2.99 0.36 0.49 0.92
Modern Dyeing &
screen printing 33.84 5.82 265.05 4.85 0.62 0.9
R.N. spinning 4.51 4.43 0.05 2.52 0.82 1.57
Rahim Textile 8.79 3.23 0.26 0.72 0.55 0.73
Saiham Textile 1.8 4.27 6.56 10.85 0.72 1.51
Dacca Dyeing &
manufacturing 1.64 2.64 2.45 3.41 0.44 0.77
Square Textile 3.71 2.18 0.018 3.61 0.76 2.51
Style Craft 9.14 11.02 230.78 80.31 2.64 5.8

194


Activity
Ratio(2009)

Company name

Inventor
y
turnover
ratio
Receiveabl
e Turnover
Ratio
Payable
Turnove
r Ratio
WC
Turnove
r Ratio
Total
Asset
Turnove
r Ratio
Fixed
Asset
Turnove
r Ratio
Alhaj textile 0.75 13.89 22.67 1.49 0.27 0.54
Alltex Industries
ltd 12.51 7.91 0.94 0.35 1.1 1.8
Anlimu yarn
Dyeing 10.23 3.76 2.133 0.23 1.24 2.67
Apex spinning &
dyeing mills 7.48 6.19 2.84 30.35 1.8 4.43
H.R. textile mills
ltd 10.23 3.67 2.13 0.39 1.21 2.61
CMC- Kamal textile
mills 2.19 20.38 15.85 0.44 0.44 0.56
Dulmia cotton 5.46 3.65 0.11 0.35 0.83 1.56
Maksons Spinning
mills ltd 0.99 1.56 16.23 3.75 0.35 0.75
Modern Dyeing &
screen printing 1.08 6.57 114.86 7.3 0.84 1.26
R.N. spinning 3.12 2.92 0.49 0.21 0.16 0.84
Rahim Textile 5.93 2.6 0.11 0.24 0.71 1.29
Safko spinning
mills 0.077 0.31 0 0.014 0.0012 0.086
Saiham Textile 1.61 16.9 10.25 8.9 0.66 1.21
Dacca Dyeing &
manufacturing 2.67 4.34 1.7 12.14 0.65 1.13
Square Textile 3.15 2.32 0.02 0.21 0.81 2.02
Style Craft 11.75 11.68 170.84 44.21 2.64 5.8

195



Company name

Inventor
y
turnover
ratio
Receiveabl
e Turnover
Ratio
Payable
Turnove
r Ratio
WC
Turnove
r Ratio
Total
Asset
Turnove
r Ratio
Fixed
Asset
Turnove
r Ratio
Alhaj textile 1.75 18.26 19.24 6.66 0.71 1.322
Apex spinning &
dyeing mills 6.94 113.5 1.86 28.63 1.74 4.28
H.R. textile mills ltd 9 4.5 2.19 0.82 1.27 2.59
CMC- Kamal textile
mills 2.32 35.92 7.97 0.43 0.37 0.44
desh Garments ltd 13.03 13960 4.85 0.77 2.01 3.22
Dulmia cotton 3.104 4 0.03 1 0.95 2.11
Maksons Spinning
mills ltd 1.1 1.6 5.3 0.45 0.45 1.17
Modern Dyeing &
screen printing 1.014 7.83 95.88 10.29 0.79 1.16
Rahim Textile 7.77 3.41 0.33 0.57 0.59 0.85
Saiham Textile 2.47 9.95 32.52 71.7 0.65 1.1
Square Textile 2.04 1.81 1.52 4.27 0.53 1.29
Style Craft 8.74 13.63 141.89 15 2.32 4.8

196


Activity
Ratio(2007)

Company name

Inventory
turnover
ratio
Receiveable
Turnover
Ratio
Payable
Turnover
Ratio
WC
Turnover
Ratio
Total
Asset
Turnover
Ratio
Fixed
Asset
Turnover
Ratio
Alhaj textile 35.34 27.3 29.4 6.95 0.79 1.3
Alltex Industries
ltd 5.67 10.62 45.38 0.63 1.44 2.8
Anlimu yarn
Dyeing 2.32 2.34 105.48 0.69 0.46 0.72
Apex spinning &
dyeing mills 9.43 11.27 3.06 0.43 1.8 3.42
H.R. textile mills
ltd 7.84 3.12 2.43 0.39 0.9 1.54
CMC- Kamal
textile mills 4.74 10.6 16.86 0.4 0.48 0.57
Dulmia cotton 3.41 4.5 0.04 0.63 1 2.04
Metro spinning
ltd 3.97 7.01 7.32 0.56 0.49 0.78
Modern Dyeing &
screen printing 14.32 7.78 96.46 10.22 0.8 1.16
Rahim Textile 5.92 2.6 0.11 0.23 0.71 1.29
Safko spinning
mills 2.03 81.69 4.24 0.56 0.24 0.83
Saiham Textile 1.84 7.06 41.56 14.13 0.67 1.16
Square Textile 3.4 3.1 2.32 4.82 0.7 1.62
Style Craft 10.29 7.96 124.94 18.69 2.23 4.59
Tallu spinning
mills 2.85 4.95 5.52 18.52 1.17 2.89

197



Company name

Inventory
turnover
ratio
Receiveable
Turnover
Ratio
Payable
Turnover
Ratio
WC
Turnover
Ratio
Total
Asset
Turnover
Ratio
Fixed
Asset
Turnover
Ratio
Alhaj textile 2.19 34.7 23.18 5.45 0.67 1.06
Alltex Industries ltd 3,35 11.33 53.36 0.27 1.05 2.09
Apex spinning &
dyeing mills 13.8 10.7 2.36 430.07 2.44 5.25
CMC- Kamal textile
mills 5.69 9.22 4.512 47.42 0.54 0.65
desh Garments ltd 6.1 21.05 108.05 0.56 2 4.42
Dulmia cotton 42.76 4.52 0.018 0.95 0.88 1.59
Modern Dyeing &
screen printing 19.84 15.13 75.63 0.802 0.9 1.21
Prime textile
spinning mills 1.39 2.11 1.21 9.25 0.79 115.16
Rahim Textile 4.98 2.56 0.56 0.18 0.56 0.97
Saiham Textile 2.07 8.65 29.81 0.0444 0.64 1.05
Square Textile 3.18 3.19 2.16 35.67 0.68 1.13
Style Craft 11.08 12.09 119.09 20.61 2.04 4.03

198


Activity
Ratio(2005)

Company name

Inventor
y
turnover
ratio
Receiveabl
e Turnover
Ratio
Payable
Turnove
r Ratio
WC
Turnove
r Ratio
Total
Asset
Turnove
r Ratio
Fixed
Asset
Turnove
r Ratio
Alhaj textile 2.09 26.76 28.78 3.39 0.41 0.68
Alltex Industries
ltd 5.82 33.8 45.3 14.56 1.3 2.3
Anlimu yarn
Dyeing 1.74 2.32 92.52 267.54 0.42 0.68
Apex spinning &
dyeing mills 14.46 12.45 2.76 0.29 2.073 3.79
H.R. textile mills
ltd 8.84 5.18 0.754 0.23 1.02 1.63
CMC- Kamal
textile mills 7.004 9.19 13.31 19.67 0.47 0.55
Delta spinners ltd 2.23 6.37 16.34 13 0.43 0.62
Dulmia cotton 22.61 4.05 0.0096 0.788 0.939 1.96
Metro spinning
ltd 3.97 4.95 33.9 0.23 0.82 1.56
Modern Dyeing &
screen printing 17.89 12.78 25.58 0.99 0.86 1.16
Prime textile
spinning mills 1.13 34.34 Jan-82 7.34 0.79 52.8
Rahim Textile 5.82 2.92 1.03 0.52 1.13 4.74
Safko spinning
mills 1.87 238.09 77.47 0.91 0.29 0.92
Saiham Textile 2.15 26.44 0.58 49.45 0.78 1.24

199


Activity
Ratio(2004)

Company name

Inventory
turnover
ratio
Receiveable
Turnover
Ratio
Payable
Turnover
Ratio
WC
Turnover
Ratio
Total
Asset
Turnover
Ratio
Fixed
Asset
Turnover
Ratio
Alhaj textile 1.89 35.96 64.49 4.24 0.58 0.94
Alltex Industries
ltd 4.19 1289.5 51.8 46.8 1.18 2.7
Anlimu yarn
Dyeing 2.29 3.13 67.44 36.08 0.54 0.89
Apex spinning &
dyeing mills 21.46 9.34 3.08 176.37 1.91 3.51
H.R. textile mills
ltd 5.88 25.66 0.78 0.8 1.08 1.82
CMC- Kamal textile
mills 6.64 8.81 11.48 18 0.52 0.61
Dulmia cotton 3.33 5.27 0.019 0.068 0.99 1.9
Metro spinning ltd 3 7.34 10.32 0.143 0.56 0.84
Modern Dyeing &
screen printing 25.78 13.73 2.1 71.86 0.82 1.08
Prime textile
spinning mills 1.64 2.15 1.49 6.85 0.22 0.31
Rahim Textile 5.25 3.44 0.56 0.83 1.33 5.52
Safko spinning
mills 3.8 333.55 2.55 0.54 0.56 1.07
Saiham Textile 1.84 60.17 0.93 0.37 0.72 1.09
Square Textile 5.09 2.95 2.31 14.53 0.97 2.08
Style Craft 12.32 14.96 2212.8 11.34 2.1 4.65

200



Company name

Inventory
turnover
ratio
Receiveable
Turnover
Ratio
Payable
Turnover
Ratio
WC
Turnover
Ratio
Total
Asset
Turnover
Ratio
Fixed
Asset
Turnover
Ratio
Alhaj textile 12.73 682.11 74.76 23.82 3.25 5.17
Apex spinning &
dyeing mills 26.51 6.12 0.68 56.15 1.71 2.95
CMC- Kamal textile
mills 4.71 13.23 9.7 309.52 0.45 0.53
Delta spinners ltd 2.17 4.98 12.42 230.41 0.6 1
Dulmia cotton 2.59 6.834 0.018 0.4 0.85 1.5
Modern Dyeing &
screen printing 15.7 15.46 0.78 51.487 0.74 0.95
Prime textile
spinning mills 1.05 1.68 1 4.4 0.17 0.23
Rahim Textile 4.24 4.62 0.73 0.88 1.23 3.94
Saiham Textile 1.7 2.55 1.1 15.63 0.64 1.02
Square Textile 5.26 2.5 18.32 126.96 0.84 1.73
Style Craft 15.56 13.14 195.39 12.93 3.01 9.71

201



Company name

Current
Ratio
Quick
Ratio
Cash
Ratio
Operating Cash
Flow Ratio
Alhaj textile 2.92 0.48 0.4 0.35
Alltex Industries ltd 0.84 0.31 0.14 0.049
Anlimu yarn Dyeing 1.05 0.75 0.058 0.098
mills 1.18 0.79 0.31 0.086
Argon denim ltd 1.08 0.9 0.6 0.041
CMC- Kamal textile mills 3.63 2.43 2.43 0.56
H.R. textile mills ltd 1.05 0.75 0.058 0.098
desh Garments ltd 0.46 6.3 6.27 0.22
Dulmia cotton 0.12 0.021 0.0033 0.078
Envoy Textile 3.17 1.39 0.04 1.61
Family texBD ltd 2.67 1.26 0.024 1.36
ltd 1.07 0.45 0.04 0.04
ltd 2.45 1.47 0.9 0.05
Malek spinning mills ltd 1.22 0.3 0.0043 0.19
Metro spinning ltd 1.04 0.46 0.0042 0.06
printing 0.26 0.057 0.057 0.24
R.N. spinning 1.4 0.29 0.012 0.17
Rahim Textile 0.53 0.33 0.031 0.434
Safko spinning mills 3.22 3.54 1.67 0.21
Saiham Textile 5.33 4.3 4.05 0.36
Dacca Dyeing &
manufacturing 1.54 0.6 0.018 0.22
Zahintex Ind. ltd 1.52 0.36 0.038 0.19
Square Textile 2.11 1.21 0.185 0.72
Style Craft 1.03 0.79 0.29 0.16
Sonargaon Textile 1.93 0.07 0.003 0.15
Tallu spinning mills 1.57 0.74 0.052 0.17

202



Company name

Current
Ratio
Quick
Ratio
Cash
Ratio
Operating Cash
Flow Ratio
Alhaj textile 2.41 0.2 0.098 1.47
Apex spinning &
dyeing mills 1.11 0.63 0.29 0.4
CMC- Kamal textile
mills 3.93 3.22 3.18 0.27
Generation Next
Fashion ltd 1.06 0.433 0.015 0.092
Dulmia cotton 4.85 1.63 0.018 0.97
Envoy Textile 1.07 0.63 0.024 0.32
Maksons Spinning
mills ltd 2.67 1.56 0.98 0.26
ltd 0.77 0.27 0.0132 0.15
Modern Dyeing &
screen printing 0.24 0.09 0.018 0.017
R.N. spinning 0.94 0.49 0.047 0.101
Rahim Textile 0.75 0.4 0.028 0.29
Saiham Textile 1.44 0.4 0.163 0.227
Dacca Dyeing &
manufacturing 1.41 0.54 0.008 0.094
Square Textile 1.58 0.95 0.12 0.42
Style Craft 1.02 3.08 2.69 0.13

203



Company name

Current
Ratio
Quick
Ratio
Cash
Ratio
Operating Cash
Flow Ratio
Alhaj textile 1.42 0.036 0.0005 0.0023
mills 1.13 0.45 0.13 0.39
CMC- Kamal textile
mills 0.61 0.17 0.061 0.104
Delta spinners ltd 1.99 0.2 0.018 0.052
Dulmia cotton 0.35 1.76 0.026 0.43
ltd 1.26 0.6 0.0043 0.24
Malek spinning mills ltd 0.25 2.28 2.2 0.004
Modern Dyeing &
screen printing 1.7 0.72 0.14 0.28
R.N. spinning 3.15 1.49 0.27 1.08
Rahim Textile 0.76 0.51 0.004 0.24
Saiham Textile 1.45 0.49 0.12 0.16
Dacca Dyeing &
manufacturing 1.41 0.58 0.051 0.005
Square Textile 1.43 0.75 0.032 0.12
Style Craft 1.06 1.01 0.54 0.24

204



Company name

Current
Ratio
Quick
Ratio
Cash
Ratio
Operating Cash
Flow Ratio
Alhaj textile 1.55 0.089 0.031 0.00174
mills 1.11 0.61 0.06 0.19
CMC- Kamal textile mills 0.41 0.066 0.025 0.026
Dulmia cotton 0.43 0.23 0.018 0.087
ltd 1.22 0.53 0.008 0.12
printing 1.52 0.66 0.08 0.29
R.N. spinning 10.84 0.71 0.0023 0.23
Rahim Textile 0.71 0.45 0.003 0.42
Saiham Textile 1.19 0.43 0.331 0.52
Dacca Dyeing &
manufacturing 1.14 0.51 0.113 0.183
Square Textile 0.14 0.082 0.003 0.03
Style Craft 1.15 1.05 0.49 0.37

205



Company name

Current
Ratio
Quick
Ratio
Cash
Ratio
Operating Cash
Flow Ratio
Alhaj textile 1.3 0.12 0.007 0.0592
Apex spinning &
dyeing mills 1.12 0.25 0.22 0.37
CMC- Kamal textile
mills 0.9 0.065 0.01 0.057
Dulmia cotton 0.63 0.29 0.017 0.08
Maksons Spinning
mills ltd 0.88 0.4 0.002 0.0066
Modern Dyeing &
Rahim Textile 0.87 0.5 0.008 0.23
Saiham Textile 1.02 0.46 0.29 0.06
Square Textile 1.26 0.64 0.017 0.046
Style Craft 1.43 1.18 0.71 0.17

206


Liquidity
Ratio(2007)

Company name

Current
Ratio
Quick
Ratio
Cash
Ratio
Operating Cash
Flow Ratio
Alhaj textile 1.4 0.11 0.006 0.49
Alltex Industries
ltd 0.9 0.31 0.0604 0.15
Anlimu yarn
Dyeing 0.93 0.5 0.0049 0.25
Apex spinning &
dyeing mills 0.94 0.45 0.13 0.17
H.R. textile mills
ltd 0.97 0.65 0.03 0.23
CMC- Kamal textile
mills 0.88 0.27 0.016 0.33
Dulmia cotton 0.65 0.3 0.017 0.08
Modern Dyeing &
screen printing 1.33 0.5 0.072 0.096
Rahim Textile 0.91 0.6 0.051 0.024
Safko spinning
mills 0.72 0.019 0.007 0.99
Saiham Textile 1.13 0.57 0.324 0.064
Square Textile 1.34 0.55 0.021 0.23
Style Craft 1.3 1.58 0.87 0.11

207


Liquidity
Ratio(2006)

Company name

Current
Ratio
Quick
Ratio
Cash
Ratio
Operating Cash
Flow Ratio
Alhaj textile 1.5 0.9 0.0129 0.56
Alltex Industries
ltd 0.98 0.23 0.047 0.215
Anlimu yarn
Dyeing 0.93 0.5 0.0048 0.25
Apex spinning &
dyeing mills 1.01 0.62 0.17 0.2
H.R. textile mills
ltd 0.98 0.5 0.044 0.058
CMC- Kamal textile
mills 1.07 0.4 0.017 0.36
Dulmia cotton 0.6 0.27 0.009 0.29
Modern Dyeing &
Prime textile
spinning mills 1.1 0.43 0.018 0.21
Rahim Textile 0.76 0.4 0.002 0.11
Safko spinning
mills 0.64 0.039 0.015 1.27
Saiham Textile 0.982 0.61 0.43 0.54
Square Textile 1.05 0.578 0.012 0.215
Style Craft 1.25 1.42 0.99 0.004

208


Liquidity
Ratio(2005)

Company name

Current
Ratio
Quick
Ratio
Cash
Ratio
Operating Cash
Flow Ratio
Alhaj textile 1.42 0.054 0.0009 0.45
Alltex Industries
ltd 1.26 0.22 0.103 0.28
Anlimu yarn
Dyeing 1 0.47 0.0023 0.029
Apex spinning &
dyeing mills 0.82 0.45 0.15 0.15
H.R. textile mills
ltd 0.86 0.5 0.044 0.34
CMC- Kamal textile
mills 1.21 0.47 0.027 0.82
Dulmia cotton 0.79 0.42 0.07 0.24
Modern Dyeing &
screen printing 0.85 0.26 0.043 0.101
Prime textile
spinning mills 1.12 0.056 0.03 0.14
Rahim Textile 0.84 0.43 0.002 0.07
Safko spinning
mills 0.66 0.018 0.013 0.17
Saiham Textile

0.55 0.46 0.27
Style Craft 1.15 1.54 1.13 0.38
Square Textile 1.41 0.86 0.09 0.43

209



Company name

Current
Ratio
Quick
Ratio
Cash
Ratio
Operating Cash
Flow Ratio
Alhaj textile 1.54 0.12 0.055 0.62
Apex spinning &
dyeing mills 1.02 0.67 0.21 0.52
CMC- Kamal textile
mills 1.25 0.52 0.011 0.49
Dulmia cotton 0.77 0.62 0.32 0.08
Modern Dyeing &
mills 1.14 0.46 0.024 0.29
Rahim Textile 0.86 0.44 0.003 0.068
Saiham Textile 1 0.5 0.46 0.46
Square Textile 0.14 0.75 0.044 0.78
Style Craft 1.51 1.58 1.2 0.35

210


Liquidity
Ratio(2003)

Company name

Current
Ratio
Quick
Ratio
Cash
Ratio
Operating
Cash Flow
Ratio
Alhaj textile 1.58 0.024 0.0032 0.114
Alltex Industries
ltd 1.11 0.0073 0.0015 0.11
Anlimu yarn
Dyeing 1.38 0.49 0.0019 0.0062
Apex spinning &
dyeing mills 1.08 0.8 0.072 0.344
H.R. textile mills
ltd 0.98 0.49 0.048 0.28
CMC- Kamal textile
mills 1.01 0.28 0.04 0.12
Dulmia cotton 0.73 0.3 0.085 0.0089
Modern Dyeing &
screen printing 1.07 0.27 0.049 0.194
Prime textile
spinning mills 1.16 0.43 0.017 0.23
Rahim Textile 0.85 0.331 0.00094 0.087
Safko spinning
mills 0.71 0.041 0.029 2.4
Saiham Textile 1.12 0.81 0.071 0.11
Square Textile 1.01 0.72 0.055 0.121
Style Craft 1.51 1.51 1 0.039

211

Profitability Ratio
(2012) Return on Sales


Company name

GP
Ratio
NP
Ratio
OP
Ratio
Pre-Tax
Margin ROA ROE
Return
on
Capital
Alhaj textile 0.087 0.037 0.0343 0.0435

0.036 0.086 0.021

0.021 0.012 0.006

0.044 0.14 0.15
Apex spinning &
dyeing mills 0.08 0.007 0.016 0.012

0.016 0.041 0.041
Argon denim ltd 0.21 0.08 0.12 0.11

0.027 0.076 0.068
CMC- Kamal textile
mills 0.18 0.203 0.11 0.24

0.06 0.071 0.071

0.044 0.14 0.125

0.016 0.06 0.044
Dulmia cotton 0.14 0.19 0.19 0.19

0.32 0.11 0.094
Envoy Textile 0.22 0.11 0.17 0.13

0.05 0.082 0.081
Family texBD ltd 0.3 0.25 0.25 0.25

0.22 0.29 0.27
Generation Next
Fashion ltd 0.33 0.17 0.28 0.19

0.07 0.11 0.102
Maksons Spinning
mills ltd 0.17 0.05 0.13 0.052

0.013 0.02 0.02
Malek spinning
mills ltd 0.062 0.036 0.044 0.044

0.018 0.12 0.029

0.025 0.052 0.052
Modern Dyeing &
screen printing 0.122 0.121 0.12 0.42

0.036 0.088 0.088
R.N. spinning 0.31 0.3 0.28 0.3

0.095 0.166 0.165
Rahim Textile 0.15 0.0094 0.0061 0.0111

0.0069 0.0299 0.0298

0.021 0.055 0.016
Saiham Textile 1 0.8 0.65 0.93

0.042 0.005 0.005
Dacca Dyeing &
manufacturing 0.33 0.075 0.093 0.088

0.021 0.039 0.027
Zahintex Ind. ltd 0.14 0.045 0.12 0.053

0.031 0.54 0.52
Square Textile 0.16 0.095 0.12 0.113

0.102 0.156 0.156
Style Craft 0.05 0.006 0.013 0.012

0.026 0.125 0.116

0.003 0.006 0.006

0.035 0.212 0.052

212

Profitability Ratio
(2011)
Return on Sales


Company name

GP
Ratio
NP
Ratio
OP
Ratio
Pre-Tax
Margin ROA ROE
Return
on
Capital
Alhaj textile 0.28 0.184 0.143 0.214

0.083 0.21 0.049

0.0024 0.013 0.007

0.05 0.18 0.13
Apex spinning &
dyeing mills 0.07 0.006 0.016 0.0099

0.013 0.033 0.032

0.05 0.176 0.132
CMC- Kamal textile
mills 0.145 0.13 0.059 0.151

0.037 0.044 0.043
Generation Next
Fashion ltd 0.27 0.131 0.2 0.16

0.06 0.09 0.078

0.009 0.027 0.017
Dulmia cotton 0.003 0.039 0.039 0.039

0.051 0.026 0.026
Envoy Textile 0.21 0.113 0.18 0.12

0.063 0.11 0.092
Maksons Spinning
mills ltd 0.175 0.076 0.131 0.08

0.022 0.033 0.031
ltd 0.063 0.033 0.034 0.038

0.019 0.25 0.047

0.042 0.085 0.079
Modern Dyeing &
screen printing 0.23 0.342 0.211 0.211

0.029 0.085 0.085
R.N. spinning 0.35 0.33 0.33 0.33

0.191 0.31 0.31
Rahim Textile 0.17 0.019 0.02 0.022

0.011 0.052 0.052

0.095 1.96 1.96
Saiham Textile 0.94 0.55 0.68 0.65

0.13 0.24 0.24
Dacca Dyeing &
manufacturing 0.322 0.094 0.116 0.11

0.0244 0.047 0.031
Square Textile 0.154 0.088 0.11 0.104

0.093 0.178 0.178
Style Craft 0.064 0.009 0.012 0.013

0.021 0.111 0.037

0.0084 0.018 0.014

0.012 0.081 0.016

213

Profitability Ratio
(2010)
Return on
Sales


Company name

GP
Ratio
NP
Ratio
OP
Ratio
Pre-Tax
Margin ROA ROE
Return
on
Capital
Alhaj textile 0.043 0.356 5.38 0.355

0.045 0.16 0.025

0.036 0.17 0.08

0.028 0.15 0.067
Apex spinning &
dyeing mills 0.096 0.087 0.0223 0.0115

0.0166 0.0349 0.034

0.038 0.12 0.067
CMC- Kamal textile
mills 0.16 0.084 0.089 0.099

0.039 0.055 0.052

0.015 0.045 0.019

0.006 0.02 0.013
Dulmia cotton 0.043 0.027 0.027 0.027

0.046 0.013 0.011
Maksons Spinning
mills ltd 0.38 0.14 0.18 0.19

0.058 0.15 0.11
ltd 0.15 0.08 0.092 0.095

0.039 0.008 0.008

0.13 0.23 0.23
Modern Dyeing &
screen printing 0.12 0.05 0.08 0.052

0.03 0.03 0.04
R.N. spinning 0.028 0.28 0.27 0.28

0.23 0.27 0.27
Rahim Textile 0.168 0.0055 0.0067 0.0065

0.003 0.015 0.0003

0.005 0.12 0.12
Saiham Textile 0.2 0.06 0.07 0.064

0.044 0.089 0.04
Dacca Dyeing &
manufacturing 0.31 0.066 0.082 0.078

0.029 0.084 0.42
Square Textile 0.186 0.12 0.15 0.14

0.09 0.18 0.181
Style Craft 0.072 0.0066 0.009 0.0091

0.0173 0.06 0.018

0.01 0.02 0.015

0.0045 0.0311 0.0103

214

Profitability Ratio


Company name

GP
Ratio
NP
Ratio
OP
Ratio
Pre-Tax
Margin ROA ROE
Return
on
Capital
Alhaj textile 0.055 0.11 0.025 0.11

0.029 0.091 0.045

0.02 0.1 0.08

0.024 0.099 0.058
Apex spinning &
dyeing mills 0.09 0.008 0.026 0.013

0.014 0.033 0.032

0.024 0.1 0.057
CMC- Kamal textile
mills 0.14 0.08 0.092 0.098

0.037 0.095 0.066

0.026 0.053 0.033

0.0048 0.015 0.0084
Dulmia cotton 0.074 0.143 0.143 0.143

0.12 0.063 0.05
Maksons Spinning
mills ltd 0.37 0.08 0.1 0.124

0.028 0.067 0.05

0.11 0.307 0.31
Modern Dyeing &
screen printing 0.152 0.036 0.043 0.043

0.03 0.039 0.039
R.N. spinning 0.193 0.122 0.162 0.122

0.019 0.086 0.086
Rahim Textile 0.17 0.033 0.0399 0.0388

0.016 0.076 0.0699

0.03 0.24 0.24
Saiham Textile 0.19 0.048 0.056 0.053

0.032 0.057 0.054
Dacca Dyeing &
manufacturing 0.214 0.026 0.34 0.32

0.017 0.058 0.017
Square Textile 0.151 0.07 0.09 0.086

0.056 0.11 0.11
Style Craft 0.073 0.0057 0.0085 0.0082

0.015 0.05 0.016

0.005 0.034 0.015

0.015 0.09 0.034

215

Profitability Ratio
(2008)
Return on Sales


Company name

GP
Ratio
NP
Ratio
OP
Ratio
Pre-Tax
Margin ROA ROE
Return
on
Capital
Alhaj textile 0.18 0.027 0.0233 0.027

0.019 0.064 0.044
Alltex Industries
ltd 0.15 0.002 0.048 0.0065

0.003 0.0096 0.0088
Anlimu yarn
Dyeing 0.14 0.052 0.047 0.0517

0.025 0.045 0.037
Apex spinning &
dyeing mills 0.11 0.034 0.058 0.045

0.067 0.166 0.147
H.R. textile mills
ltd 0.143 0.02 0.0235 0.0226

0.026 0.0952 0.0533
CMC- Kamal
textile mills 0.11 0.21 1.16 0.06

0.075 0.19 0.101

0.016 0.05 0.02

0.006 0.022 0.0017
Dulmia cotton 0.13 0.15 0.15 0.15

0.15 1.004 0.24
Maksons Spinning
mills ltd 0.3 0.047 0.072 0.075

0.021 0.123 0.07

0.16 1.44 1.35
Modern Dyeing &
screen printing 0.14 0.021 0.025 0.025

0.017 0.022 0.022
Rahim Textile 0.185 0.043 0.043 0.044

0.026 0.0789 0.0737
Safko spinning
mills 0.1 0.4 0.31 0.4

0.052 0.46 0.46
Saiham Textile 0.193 0.047 0.059 0.052

0.03 0.0531 0.0513
Square Textile 0.152 0.078 0.086 0.091

0.041 0.08 0.08
Style Craft 0.084 0.006 0.009 0.0084

0.014 0.04 0.017

0.007 0.05 0.024
Tallu spinning
mills 0.113 0.016 0.016 0.016

0.015 0.074 0.034

216


Profitability Ratio
(2007)
Return on Sales


Company name

GP
Ratio
NP
Ratio
OP
Ratio
Pre-Tax
Margin ROA ROE
Return
on
Capital
Alhaj textile 0.182 0.046 0.044 0.066

0.037 0.122 0.05
Alltex Industries
ltd 0.16 0.0033 0.034 0.0054

0.005 0.018 0.0136
Anlimu yarn
Dyeing 0.16 0.058 0.057 0.0583

0.027 0.048 0.044
Apex spinning &
dyeing mills 0.125 0.031 0.052 0.0342

0.055 0.14 0.114
H.R. textile mills
ltd 0.142 0.026 0.03 0.03

0.024 0.082 0.044
CMC- Kamal textile
mills 0.11 0.047 0.902 0.07

0.022 0.0587 0.0304

0.015 0.047 0.017

0.005 0.02 0.0016
Dulmia cotton 0.14 0.12 0.14 0.14

0.12 0.07 0.05

0.16 1.46 1.02
Modern Dyeing &
screen printing 0.14 0.024 0.028 0.028

0.019 0.025 0.025
Rahim Textile 0.172 0.036 0.037 0.038

0.025 0.89 1.08
Safko spinning
mills 0.183 0.038 0.04 0.04

0.009 0.0424 0.0424
Saiham Textile 0.215 0.047 0.058 0.055

0.031 0.05 0.049
Square Textile 0.23 0.14 0.17 0.16

0.096 0.17 0.17
Style Craft 0.09 0.006 0.009 0.008

0.013 0.04 0.017

0.013 0.073 0.033

0.022 0.0998 0.048

217


Profitability Ratio
(2006)
Return on Sales


Company name

GP
Ratio
NP
Ratio
OP
Ratio
Pre-Tax
Margin ROA ROE
Return
on
Capital
Alhaj textile 0.18 0.046 0.07 0.0813

0.048 0.2 0.11

0.008 0.0213 0.02

0.027 0.048 0.044
Apex spinning &
dyeing mills 0.099 0.025 0.038 0.0314

0.061 0.151 0.133

0.021 0.066 0.037
CMC- Kamal textile
mills 0.14 0.023 0.017 0.017

0.012 0.035 0.017

0.016 0.08 0.022

0.01 0.048 0.0029
Dulmia cotton 0.1 0.04 0.04 0.04

0.04 0.14 0.043

0.131 1.12 0.56
Modern Dyeing &
screen printing 0.11 0.025 0.017 0.025

0.023 0.031 0.031
Prime textile
spinning mills 0.07 0.026 0.027 0.027

0.02 0.014 0.009
Rahim Textile 0.11 0.012 0.008 0.013

0.007 0.021 4.17

0.009 0.0423 0.036
Saiham Textile 0.22 0.039 0.05 0.046

0.025 0.036 0.036
Square Textile 0.22 0.13 0.16 0.16

0.09 0.16 0.16
Style Craft 0.084 0.0089 0.011 0.01

0.0183 0.052 0.018

0.012 0.069 0.031

0.014 0.06 0.03

218


Profitability Ratio
(2005)
Return on Sales


Company name

GP
Ratio
NP
Ratio
OP
Ratio
Pre-Tax
Margin ROA ROE
Return
on
Capital
Alhaj textile 0.47 0.16 0.18 0.16

0.048 0.2 0.11
Alltex Industries
ltd 0.15 0.0081 0.038 0.0081

0.011 0.025 0.022
Anlimu yarn
Dyeing 0.156 0.06 0.093 0.062

0.026 0.048 0.042
Apex spinning &
dyeing mills 0.11 0.033 0.045 0.034

0.069 0.166 0.152
H.R. textile mills
ltd 0.131 0.025 0.03 0.029

0.026 0.06 0.05
CMC- Kamal textile
mills 0.14 0.0087 0.0103 0.0103

0.004 0.015 0.0061

0.017 0.076 0.062

0.0059 0.019 0.0044
Dulmia cotton 0.14 0.02 0.02 0.02

0.02 0.05 0.018

0.096 0.79 0.311
Modern Dyeing &
screen printing 0.104 0.029 0.021 0.029

0.025 0.036 0.036
Prime textile
spinning mills 0.086 0.03 0.03 0.03

0.023 0.014 0.008
Rahim Textile 0.099 0.013 0.013 0.014

0.015 0.212 0.47
Safko spinning
mills 0.125 0.022 0.028 0.026

0.0065 0.0269 0.0269
Saiham Textile 0.23 0.03 0.19 0.034

0.023 0.036 0.034

0.014 0.06 0.029

0.013 0.07 0.033
Style Craft 0.082 0.008 0.0093 0.0088

0.015 0.038 0.014
Square Textile 0.23 0.11 0.18 0.17

0.1 0.17 0.17

219


Profitability
Ratio (2004) Return on Sales


Company name
GP
Ratio
NP
Ratio
OP
Ratio
Pre-Tax
Margin ROA ROE
Return
on
Capital
Alhaj textile 0.16 0.046 0.1 0.046

0.026 0.09 0.0433
Alltex Industries
ltd 0.14 0.007 0.007 0.007

0.008 0.019 0.017
Anlimu yarn
Dyeing 0.164 0.0002 0.089 0.0002

0.0001 0.00018 0.00017
Apex spinning &
dyeing mills 0.123 0.037 0.0482 0.0395

0.0713 0.151 0.12
H.R. textile mills
ltd 0.11 0.024 0.027 0.026

0.0254 0.055 0.044
CMC- Kamal
textile mills 0.15 0.023 0.035 0.035

0.016 0.054 0.022
Delta spinners
ltd 0.13 0.04 0.072 0.049

0.023 0.712 0.031
desh Garments
ltd 0.098 0.005 0.006 0.006

0.007 0.029 0.012
Dulmia cotton 0.15 0.02 0.02 0.02

0.02 0.045 0.017
Metro spinning
ltd 0.245 0.043 0.225 0.071

0.018 0.083 0.024
Modern Dyeing
& screen
printing 0.125 0.02 0.025 0.025

0.017 0.025 0.022
Prime textile
spinning mills 0.064 0.004 0.004 0.004

0.008 0.0019 0.001
Rahim Textile 0.089 0.0177 0.177 0.0185

0.0234 0.314 0.0668
Safko spinning
mills 0.124 0.0321 0.04 0.04

0.018 0.046 0.046
Saiham Textile 0.023 0.029 0.18 0.044

0.021 0.032 0.028
Square Textile 0.16 0.081 0.098 0.093

0.078 0.15 0.15
Style Craft 0.083 0.015 0.017 0.017

0.03 0.07 0.03
Sonargaon
Textile 0.145 0.014 0.112 0.0166

0.009 0.049 0.027
Tallu spinning
mills 0.044 0.016 0.017 0.016

0.0111 0.058 0.027

220


Profitability Ratio


Company name
GP
Ratio
NP
Ratio
OP
Ratio
Pre-Tax
Margin ROA ROE
Return
on
Capital
Alhaj textile 0.015 0.0032 0.0056 0.0037

0.0103 0.042 0.016
Alltex Industries
ltd 0.14 0.017 0.018 0.018

0.013 0.03 0.023
Anlimu yarn
Dyeing 0.24 0.044 0.145 0.05

0.022 0.038 0.034
Apex spinning &
dyeing mills 0.14 0.044 0.06 0.05

0.076 0.144 0.124
H.R. textile mills
ltd 0.113 0.033 0.0375 0.0354

0.031 0.062 0.056
CMC- Kamal textile
mills 0.155 0.034 0.042 0.042

0.0154 0.057 0.022

0.0214 0.06 0.036

0.0087 0.0019 0.0004
Dulmia cotton 0.14 0.018 0.018 0.018

0.016 0.033 0.013

0.018 0.083 0.024
Modern Dyeing &
screen printing 0.15 0.019 0.031 0.031

0.015 0.022 0.018
Prime textile
spinning mills 0.096 0.01 0.0089 0.0089

0.0018 0.0043 0.0023
Rahim Textile 0.091 0.0085 0.016 0.00162

0.00105 0.011 0.0038
Safko spinning
mills 0.155 0.049 0.052 0.049

0.033 0.072 0.072
Saiham Textile 0.24 0.051 0.185 0.051

0.032 0.083 0.071
Square Textile 0.17 0.08 0.091 0.086

0.067 0.146 0.136
Style Craft 0.082 0.023 0.027 0.026

0.07 0.129 0.061

0.006 0.025 0.015

0.013 0.058 0.026


221

Solvency Ratio(2012) Debt Ratio

Coverage Ratio

Company name

Debt to
Asset
Ratio
Debt to
Equity
Ratio
Debt to
Capital
Ratio Leverage

Interest
Coverage
Fixed
Charge
Coverage
Alhaj textile 1.34 3.18 0.76 2.38

1.89 5.26

1.23 1.2

20.88 5.22
Apex spinning &
dyeing mills 0.0014 0.004 0.004 2.54

4.04 1.73
Argon denim ltd 0.043 0.123 0.11 2.85

1.31 1.13
CMC- Kamal textile
mills 0 0 0 1.12

2.35 1.32

2.1 6.96

3.2 10
Dulmia cotton 0.43 0.15 0.13 0.35

0.86 0.61
Envoy Textile 0.0088 0.015 0.015 1.67

4.04 3.72
Family texBD ltd 0.077 0.1 0.0913 1.313

1.84 1.84
Generation Next
Fashion ltd 0.055 0.087 0.08 1.56

2.18 1.93
Maksons Spinning
mills ltd 0.0404 0.061 0.058 1.52

0.75 0.64
ltd 0.48 3.24 0.76 6.7

5 3.16

0.65 0.63
Modern Dyeing &
screen printing 0 0 0 2.44

45.56 2.67
R.N. spinning 0.0011 0.0019 0.0018 1.74

11.9 11.9
Rahim Textile 0.003 0.0013 0.0013 4.36

0.061 0.06
Safko spinning mills 0 0 0 17.4

0.36 0.24
Saiham Textile 0.603 0.9 0.9 0.12

5.1 2.6
Dacca Dyeing &
manufacturing 0.24 0.45 0.31 1.84

0.51 0.48
Zahintex Ind. ltd 0.0029 0.051 0.0486 17.36

27.91 9.65
Square Textile 0 0 0 1.52

9.33 3.94
Style Craft 0.016 0.077 0.072 4.9

19.27 1.89

0.05 0.05

0.45 0.42


222

Solvency
Ratio(2011) Debt Ratio

Coverage Ratio

Company name

Debt to
Asset
Ratio
Debt to
Equity
Ratio
Debt to
Capital
Ratio Leverage
Interest
Coverage
Fixed
Charge
Coverage
Alhaj textile 1.3 3.24 0.76 2.5

0.56 0.75

1.31 1.26

20.89 5.22
Apex spinning &
dyeing mills 0.0018 0.0048 0.0048 2.65

2.73 1.64

2.11 6.95
CMC- Kamal textile
mills 0.022 0.026 0.025 1.2

1.27 0.88
Generation Next
Fashion ltd 0.11 0.18 0.15 1.66

1.78 1.45

2.1 10
Dulmia cotton 0.0125 0.0063 0.0063 0.51

0.56 0.56
Envoy Textile 0.102 0.179 0.152 1.76

3.58 3.12
Maksons Spinning
mills ltd 0.046 0.069 0.064 1.49

1.18 0.97
Malek spinning
mills ltd 0.32 4.26 0.81 13.51

2.69 2.12

2.03 1.84
Modern Dyeing &

34.57 3.64
R.N. spinning 0.0018 0.0029 0.0029 1.63

25.21 25.21
Rahim Textile 0.00022 0.001 0.001 4.65

0.185 0.18

0.81 0.72
Saiham Textile 0.0002 0.0004 0.0004 1.86

4.54 4.24
Dacca Dyeing &
manufacturing 0.25 0.47 0.32 1.87

0.79 0.71

4.2 2.63
Style Craft 0.38 1.98 0.67 5.24

1.4 0.95

0.22 0.21
Tallu spinning mills 0.57 4 0.8 7

0.163 0.16


223

Solvency Ratio(2010) Debt Ratio

Coverage Ratio

Company name

Debt to
Asset
Ratio
Debt to
Equity
Ratio
Debt to
Capital
Ratio Leverage
Interest
Coverage
Fixed
Charge
Coverage
Alhaj textile 1.53 5.45 0.85 3.56

0.43 0.67

0.52 0.49

19.81 5.15
Apex spinning &
dyeing mills 0.00036 0.00076 0.0008 2.1

2.06 1.64

2.44 6.95
CMC- Kamal textile
mills 0.043 0.061 0.057 1.42

2.04 1.53

1.6 1.3

2.34 10
Dulmia cotton 0.803 0.233 0.19 0.29

0.17 0.17
Maksons Spinning
mills ltd 0.12 0.31 0.24 2.59

1.14 1.07
ltd 0 0 0 0.2

2.63 1.8

2.31 2.08
Modern Dyeing &

4.55 2.45
R.N. spinning 0.0032 0.0037 0.0037 1.18

22.26 22.26
Rahim Textile 8.89 43.23 0.98 4.86

0.06 0.06

0.24 0.24
Saiham Textile 11.53 23.45 0.96 2.03

0.97 0.93
Dacca Dyeing &
manufacturing 0.35 1.02 0.5 2.92

0.54 0.5

8.72 3.72
Style Craft 0.68 2.35 0.7 3.44

6 2.25

0.29 0.28

0.074 0.074


224

Solvency Ratio(2009)
Debt Ratio

Coverage Ratio

Company name

Debt to
Asset
Ratio
Debt to
Equity
Ratio
Debt to
Capital
Ratio
Leverag
e
Interest
Coverage
Fixed
Charge
Coverage
Alhaj textile 0.33 1.02 0.5 3.1

0.2 0.2

0.7 0.63

19.66 5.13
Apex spinning &
dyeing mills 0.021 0.049 0.046 2.31

2.01 1.45

1.56 6.94
CMC- Kamal textile
mills 0.17 0.44 0.31 2.6

11.54 4.07

2.18 2.04

4.21 10
Dulmia cotton 0.5 0.26 0.21 0.53

0.36 0.36
Maksons Spinning
mills ltd 0.15 0.36 0.262 2.4

0.44 0.43

1.08 1.06
Modern Dyeing &

34.234 6.67
R.N. spinning 0.00096 0.0044 0.0044 4.552

2.65 2.65
Rahim Textile 0.03 .088 0.081 4.63

0.43 0.41

1.13 1.13
Saiham Textile 0.027 0.049 0.047 1.8

0.63 0.6
Dacca Dyeing &
manufacturing 0.33 1.13 0.53 3.42

0.29 0.27

2.48 1.8
Style Craft 0.62 2.05 0.678 3.31

0.46 0.4

0.037 0.036

0.16 0.16

225


Solvency
Ratio(2008)
Debt Ratio

Coverage Ratio

Company name

Debt to
Asset
Ratio
Debt to
Equity
Ratio
Debt to
Capital
Ratio Leverage
Interest
Coverage
Fixed
Charge
Coverage
Alhaj textile 0.14 0.46 0.32 3.36

0.25 0.25
Alltex Industries
ltd 0.023 0.085 0.079 3.76

1.42 1.25
Anlimu yarn
Dyeing 0.11 0.2 0.17 1.8

0.45 0.21
Apex spinning &
dyeing mills 0.051 0.13 0.112 2.48

4.54 2.99
H.R. textile mills
ltd 0.211 0.79 0.44 3.72

1.98 6.93
CMC- Kamal textile
mills 0.35 0.89 0.47 2.57

8.37 8.37

1.38 1.15

4.31 10
Dulmia cotton 0.47 3.22 0.76 6.83

1.28 1.28
Maksons Spinning
mills ltd 0.099 0.48 0.33 4.91

0.36 0.31

1.17 1.13
Modern Dyeing &

23.67 5.67
Rahim Textile 0.21 0.066 0.062 3.06

0.47 0.46
Safko spinning
mills 0 0 0 8.82

1.22 1.22
Saiham Textile 0.019 0.034 0.033 1.75

0.61 0.56

2.66 1.93
Style Craft 0.46 1.35 0.57 2.94

2.48 1.8

0.115 0.115

0.15 0.15


226

Solvency
Ratio(2007)
Debt Ratio

Coverage Ratio

Company name

Debt to
Asset
Ratio
Debt to
Equity
Ratio
Debt to
Capital
Ratio Leverage
Interest
Coverage
Fixed
Charge
Coverage
Alhaj textile 0.43 1.45 0.59 3.37

0.99 0.28
Alltex Industries
ltd 0.071 0.26 0.2 3.59

1.77 1.59
Anlimu yarn
Dyeing 0.043 0.077 0.0713 1.78

0.58 0.34
Apex spinning &
dyeing mills 0.09 0.23 0.19 2.55

2.89 2.41
H.R. textile mills
ltd 0.23 0.85 0.46 3.48

2.1 6.91
CMC- Kamal
textile mills 0.36 0.94 0.48 2.62

7.72 7.72

1.38 1.16
desh Garments
ltd 3.24 11.79 0.92 4.34

2.42 10
Dulmia cotton 0.51 2.25 0.69 4.43

1.36 1.36
Metro spinning
ltd 0.048 0.43 0.3 8.94

1.13 1.11
Modern Dyeing &

35.22 6.28
Rahim Textile 0.03 0.59 1.28 0.8

0.41 0.41
Safko spinning
mills 0 0 0 4.7

0.4 0.4
Saiham Textile 0.018 0.028 0.028 1.61

0.58 0.54

4.07 2.62
Style Craft 0.672 1.83 0.65 2.73

0.55 0.47

0.2 0.2
Tallu spinning
mills 0.231 1.07 0.52 4.62

0.2 0.2

227


Solvency Ratio(2006)
Debt Ratio

Coverage Ratio

Company name

Debt to
Asset
Ratio
Debt to
Equity
Ratio
Debt to
Capital
Ratio
Leverag
e
Interest
Coverage
Fixed
Charge
Coverage
Alhaj textile 0.183 0.75 0.43 4.12

0.77 0.44

1.96 1.96

0.5 0.5
Apex spinning &
dyeing mills 0.056 0.14 0.12 2.49

5.51 2.84

1.77 6.91
CMC- Kamal textile
mills 0.36 1.02 0.51 2.82

0.14 0.14

1.75 1.57

2.41 10
Dulmia cotton 0.58 2.14 0.68 3.67

0.4 0.4
Metro spinning ltd 0.12 1 0.5 8.54

1.09 1.08
Modern Dyeing &

0.56 0.42
mills 0.92 0.75 0.39 0.71

0.94 0.69
Rahim Textile 0.035 0.05 21.26 0.38

0.34 0.33

0.45 0.42
Saiham Textile 0.017 0.025 0.025 1.46

0.59 0.54

5.35 3.13
Style Craft 0.65 1.86 0.65 2.85

0.62 0.58

0.2 0.2

0.17 0.16

228


Solvency
Ratio(2005)
Debt Ratio

Coverage Ratio

Company name

Debt to
Asset
Ratio
Debt to
Equity
Ratio
Debt to
Capital
Ratio
Leverag
e
Interest
Coverage
Fixed
Charge
Coverage
Alhaj textile 0.27 1.26 0.56 4.71

2.37 2.37
Alltex Industries
ltd 0.053 0.125 0.111 2.37

2.53 2.53
Anlimu yarn
Dyeing 0.064 0.118 0.11 1.83

0.56 0.56
Apex spinning &
dyeing mills 0.037 0.09 0.083 2.42

4.32 3.87
H.R. textile mills
ltd 0.14 0.32 0.24 2.32

1.22 8.41
CMC- Kamal
textile mills 0.39 1.38 0.58 3.56

0.102 0.1002

3 2.14
desh Garments
ltd 1.04 3.33 0.77 3.2

2.11 10
Dulmia cotton 0.67 1.65 0.62 2.47

0.23 0.23
Metro spinning
ltd 0.19 1.53 0.6 8.17

1.13 1.11
Modern Dyeing &

0.231 0.19
Prime textile
spinning mills 1.18 0.7 0.41 0.59

0.89 0.67
Rahim Textile 0.11 0.45 3.23 0.94

0.63 0.61
Safko spinning
mills 0 0 0 4.15

0.51 0.47
Saiham Textile 0.025 0.038 0.036 1.52

3.62 3.29
Tallu spinning
mills 0.24 0.99 0.5 4.11

0.28 0.27

0.2 0.19
Style Craft 0.7 1.73 0.633 2.48

1.02 0.94

6.14 3.27

229


Solvency
Ratio(2004)
Debt Ratio

Coverage Ratio

Company name

Debt to
Asset
Ratio
Debt to
Equity
Ratio
Debt to
Capital
Ratio
Leverag
e
Interest
Coverage
Fixed
Charge
Coverage
Alhaj textile 0.32 1.11 0.53 3.45

1.77 1.77

0.47 0.47

0.99 0.99
Apex spinning &
dyeing mills 0.15 0.32 0.24 2.123

5.55 4.48

1.11 13.7
CMC- Kamal textile
mills 0.421 1.5 0.6 3.56

0.39 0.36

3.17 2.25

2.221 10
Dulmia cotton 0.73 1.64 0.62 2.26

0.251 0.25

1.33 1.31
Modern Dyeing &
screen printing 0.099 0.15 0.13 1.489

39.4 5
Prime textile
spinning mills 0.335 0.783 0.44 2.34

0.13 0.08
Rahim Textile 0.43 0.7 1.21 0.41

1.06 1.003

0.86 0.76
Saiham Textile 0.103 0.161 0.14 1.56

3.8 2.87

1.8 1.46
Style Craft 0.59 1.37 0.58 2.34

3.45 2.5

1.19 1.162

0.21 0.21

230


Solvency
Ratio(2003)
Debt Ratio

Coverage Ratio

Company name

Debt to
Asset
Ratio
Debt to
Equity
Ratio
Debt to
Capital
Ratio Leverage
Interest
Coverage
Fixed
Charge
Coverage
Alhaj textile 0.39 1.57 0.61 4.07

0.96 0.88
Alltex Industries
ltd 0.104 0.223 0.183 2.15

0.46 0.46
Anlimu yarn
Dyeing 0.081 0.14 0.122 1.72

1.56 1.46
Apex spinning &
dyeing mills 0.086 0.163 0.14 1.9

4.78 3.97
H.R. textile mills
ltd 0.053 0.11 0.096 2.01

0.22 15.33
CMC- Kamal
textile mills 0.44 1.598 0.61 3.66

0.53 0.48

2.64 2.44
desh Garments
ltd 1.81 3.87 0.8 2.14

3.42 2.67
Dulmia cotton 0.78 1.63 0.62 2.1

0.252 0.252
Metro spinning
ltd 0.53 2.5 0.72 4.77

1.46 1.46
Modern Dyeing &

61 2.56
Prime textile
spinning mills 0.36 0.87 0.46 2.45

0.2 0.14
Rahim Textile 0.37 0.8 1.36 0.19

0.9 0.86
Safko spinning
mills 0 0 0 2.17

0.77 0.61
Saiham Textile 0.068 0.175 0.15 2.58

2.58 2.58

1.08 1.01
Style Craft 0.61 1.12 0.53 1.84

2.45 9.94
Sonargaon Textile 63 0.68 0.4 4.18

1.25 1.15
Tallu spinning
mills 0.28 1.23 0.55 4.43

0.17 0.17

231

N.B.
All the activity ratios given in the Appendix are expressed in terms of times
and all other ratios (liquidity, profitability and solvency) are expressed in terms of
percentage(%).

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