...Electronic copy available at: http://ssrn.com/abstract=2065057 Financial Ratio Analysis of Square Pharmaceuticals Limited Asif Ahmed ACA Trainee Accountants KPMG in Bangladesh Rahman Rahman Huq Chartered Accountants 9 Mohakhali C/A Dhaka – 1212. ACA Student The Institute of Chartered Accountants (ICAB) CA Bhaban, Kazi Nazrul Islam Avenue Dhaka, Bangladesh Contact E-mail: asif.ahmed0001@yahoo.com Electronic copy available at: http://ssrn.com/abstract=2065057 Financial Ratio Analysis of Square Pharmaceuticals Limited 2 of 24 TABLE OF CONTENTS Page No. Executive Summary 3 Chapter 1 Introduction 4 - 6 1. Introduction 4 2. Objectives of Study 4 3. Scope of Study 5 4. Methodology of Analysis 5 5. Limitations or Problem Statement 6 Chapter 2 Key Financial Highlights 7 - 11 2.1. Overview of the Organization 7 2.2. Key Financial Highlights 7 Chapter 3 Ratio Analysis 12 - 19 3.1. Liquidity Ratio Analysis; 12 3.2. Asset Management Ratio Analysis; 13 3.3. Debt Management Ratio Analysis; 15 3.4. Profitability Ratio Analysis; and 16 3.5. Market Value Ratio Analysis. 17 Conclusion 20 Recommendations 21 Bibliography 22 Annexure 23 Financial Ratio Analysis of Square Pharmaceuticals Limited 3 of 24 EXECUTIVE SUMMARY This paper is mainly an analytical outcome of financial ratio analysis of Square Pharmaceuticals Limited and pharmaceuticals industry. Eleven (11) ratios are selected to judged the various aspects of efficiency of the company, including –...
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...disclosures appear at the back of this report Food Beverage & Tabacco PattiesFood Limited Student Research: This report is published for educational purposes only, by students enrolled in the subject Security Valuation. 10th June 2013 Ticker:PFL Price: $1.52 EPS FY (c) 2010 A 2011 A 2012A 2013 E 2014 E 12.00 13.13 13.80 12.77 14.66 DPS (c) 6.50 7.70 8.20 7.68 8.21 Franking (%) 100% 100% 100% 100% 100% Recommendation: BUY Price Target: $2.00 P/E (x) 9.00 13.03 11.63 11.90 10.37 Div Yield (%) 6.02% 4.50% 5.11% 5.05% 5.40% Sources: Company Annual Reports and Student estimates PFL: A Strong Iconic Brand Name and Stable Profitability We initiate a Buy Recommendation for PFL because of its strong position in the market, a big room for future growth and its outperformed profitability. Our different valuation methods indicate that PFL is under valuated with its price as of 9th of June 2013 is 80% of its intrinsic value. Our target price is $2.00 – a 32% upside potential. Market leader with product differentiation and customer loyalty: PFL is the leading Australian producers of frozen cake and pastries with a long history since 1966. Its main competitive advantages are large and innovatory products range to capture different customer targets, a successful brand name and customer loyalty. Moreover, PFL also enjoys strong relationship with big supermarkets and suppliers. Table 1: Company Summary Average Daily Volume Adjusted Beta Dividend Yield (Estimated) Shares Outstanding...
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...2013 Project on “Working Capital” Sumit Singh Registration No:-016-1121-0250-10 Roll No: - 301-0063 B-com (Honours), 3rd year Syma Prasad College 1 [Type the author name] 1/1/2013 DECLARATION I am Sumit Singh Student of SYMA PRASAD COLLEGE Of B-com( Honours) 3rd Year hereby declare that the project report entitled Working Capital the outcome of my own work and the same has not been submitted to any University / Institute for the award of any degree. Sumit Singh Registration No:-016-1121-0250-10 Roll No: - 301-0063 B-com (Honours), 3rd year Syma Prasad College 2 ACKNOWLEDGEMENT Success is the outcome of diligence & perseverance, I, Sumit Singh, student of SYMA PRASAD COLLEGE Of B-com( Honours) of 3rd Year would, like to ascribe to my success in completing my project’ “Working Capital” and to my project supervisors My College Faculties who have extended their sincere help in accomplishing my project. I really want to thank the above mentioned to all my faculties and my mentors for their continuous support & guidance during the project, without their help my project would have been a distant dream. Sumit Singh Registration No:-016-1121-0250-10 Roll No: - 301-0063 B-com (Honours), 3rd year Syma Prasad College 3 Table of Contents 1. 2. 3. 4. 5. 6. 7. 8. 9. Executive Summary………………………………………………………………………………………5 Company Overview………………………………………………………………………………….……6 Research Methodology……………………….……….………………………………………….....….….8 Objective ………………………………………………………………………...
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... Case analysis Submitted by – Kishore Singh. Submitted to- Q3801, Btech/MBA(I.T.) Lect. Amit Sethi Reg. No. 10806527 AMUL [pic] Company Info Amul is an Indian dairy cooperative, based at Anand in the state of Gujarat, India. The word Amul is derived from the Sanskrit word Amulya, meaning invaluable. The co-operative is also sometimes referred to by the unofficial backronym: Anand Milk Union Limited. Formed in 1946, it is a brand managed by a cooperative body, the Gujarat Co-operative Milk Marketing Federation Ltd. (GCMMF), which today is jointly owned by 3.03 million milk producers in Gujarat. Amul spurred India's White Revolution, which made the country the world's largest producer of milk and milk products. In the process Amul became the largest food brand in India and has also ventured into markets overseas. Dr. Verghese Kurien, founder-chairman of the GCMMF for more than 30 years (1973-2006), is credited with the success of Amul. The GCMMF is the largest food products marketing organization of India. It is the apex organization of the Dairy Cooperatives of Gujarat. Over the last five and a half decades, Dairy Cooperatives in Gujarat have created an economic network that links more than 3.1 million village milk producers with millions of consumers in India. These cooperatives collect on an...
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...YMJ Investment – Final Project Throughout the semester we really had to watch the markets in order to obtain a successful portfolio. The way we approached this task was through constant watching of the securities market to find out current trends as well as picking up stocks we thought were undervalued at that time. The latter, of course, applies to our managed portfolio, where we were able to select stocks we deemed were good investments. We observed that this specific portfolio gave us more stable returns, which we attributed to the lower betas of these stocks. One can also conclude that the worst performers of the same portfolio were due the same cause. Based on the returns of our managed portfolio, one can conclude that we chose to take a safe approach and invest in stocks that had low, but steady returns and growths. At the end of the semester, our strategy proved to be successful based on our overall returns. On the other hand, our control portfolio, which takes a passive management approach, had a different outcome. In this type of management, it is imperative that one waits a longer period of time to receive the expected returns. However, we had surprising results as our stocks for this portfolio had large returns. We believe that this exceptional result was due our clever choice of industry. Also, the worst performers of this portfolio presented larger negative returns than we predicted. We also attribute these results to the betas of the stocks that were relatively...
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...Marian Park Gray Chosen Firm: Under Armour, Inc. Benchmark Firm: VF Corporation CHART: SUMMARY OF FINANCIAL RATIOS NARRATIVE The Current Ratio measures a company’s ability to cover its short-term debt obligations. It is the most commonly used measure of short-term solvency. It is calculated by dividing the Current Assets by Current Liabilities. The Industry Average for 2012 was 4.30. While Under Armour, Inc. is only slightly below the Industry Average, with a Current Ratio of 3.58. It has remained stable over the past 3 years. They are still considered to be a smaller company, so their Current Ratio should be higher than the ‘Rule of Thumb – 2:1.’ VF Corporation is larger than Under Armour, Inc., and the majority of the other companies in this Industry. They do not necessarily need to have the ‘extra’ level of safety to cover unexpected cash needs. So, even though their Current Ratio of 2.00 is well below the Industry average, it is still a good ratio. But, a 2:1 ratio could mean that they have too many short-term assets or too little short-term debt. The Inventory Turnover Ratio is defined as Sales (or Business Revenue) divided by Inventory. This measures how effectively a firm is managing its assets and whether or not the level of those assets is properly related to the level of operations as measured by sales. It gives us an idea of how quickly inventory ‘turns over.’ The Industry Average for 2012 was 3.80. Under Armour, Inc.’s Inventory Turnover...
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... Global Segment 19 Industry Environment 21 Intensity of rivalry 21 Supplier power 22 Buyer Power 22 Threat of substitutes 22 Threat of new entrants 23 Competitor Environment 23 Introduction 24 Future objective 25 Current strategy 26 Capability 28 Assumption 30 Driving Forces 31 Economic growth 31 Globalization 31 Technology 32 Room Service Remodeling 33 Go green 33 Key Success Factors 34 Multiskilled and flexible workforce 34 Franchising 34 Quickly adopt new technology 35 Strategic Group Map 35 INTERNAL ENVIRONMENT ANALYSIS 39 Resources 39 Tangible resources 39 Intangible resources 41 Capabilities 44 Core Competencies 45 Brand Development: 45 Golden Passport Membership 47 Making Meeting Easy 47 Distinctive Competencies / Four Criteria Test 48 Supply Chain 50 Inbound Logistics 50 Operations 52 Outbound Logistics 54 Marketing and Sales 56 After-Sales Service 58 Weighted Competitive Strength Assessment 59 Financial Report 63 Profitability Ratios 64 Liquidity Ratios 67 Leverage ratios 69 Efficiency Ratios 71 Revenue Per Available Room 73 Pro Forma 75 SWOT ANALYSIS 77 Strengths 77 Weaknesses 79 Opportunities 81 Threats 83 FINAL REPORT 85 Key Result Areas 85 Strategies 87 Decision Criteria 89 Balanced Scorecard 91 CONCLUSION 93 RECOMMONDATIONS 96 REFERENCES 100 APPENDIX A 111 APPENDIX B 113 APPENDIX C 114 EXECUTIVE SUMMARY Hotel industry has become an essential...
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...was written by Maja Makovec Brenčič and Monika Lisjak, Faculty of Economics, University of Ljubljana, Slovenia, as a part of the Leonardo da Vinci project “Moving towards the case method”. It is intended to be used as a basis for class discussion rather than to illustrate either effective or ineffective handling of a management situation. 1 There was an atmosphere of tension before the management meeting at DON DON headquarters on 24 February 2005. The board members and regional sales managers were impatiently waiting to discover what was on the corporate agenda of Aleš Mozetič, the cofounder and chairman of the board of directors of the DON DON company. When Mozetič, a young, charismatic, and very ambitious manager, rushed into the room, the tension reached its peak. He briefly greeted the small group of highly committed managers and then energetically started his speech: Dear colleagues, we have been in the same boat for a long time. Most of you have known the DON DON company since its earliest stages of development, when my sister and I started the business. I still remember the excitement and the enthusiasm when we returned from visiting our relatives in Canada in 1993 and announced to our parents that we would enter the doughnut business . . . and the fervour while setting up machinery for baking doughnuts in the family garage. This was followed by a phase of intense work to open the first plant in Škofja Loka and set up the business process. It was a very intense period...
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...September 18, 2012 Mr. Patrick Heck Deputy Chief Financial Officer Denver International Airport 201 West Colfax Avenue Denver, Colorado 80202 Re: The Westin Denver International Airport – Denver, Colorado Dear Mr. Heck: Pursuant to your request, we have conducted a study of the potential market demand and developed a statement of the estimated annual operating results for a proposed 519-room Westin hotel (the “Subject”) to be located at the south terminal of the Denver International Airport (“DIA”) in Denver, Colorado. Throughout this analysis, we formally refer to the Subject as The Westin Denver International Airport. The development of the Subject hotel is expected to be financed through the issuance of tax-exempt bonds coupled with some form of public subsidies/guarantees/loans. This report has been prepared for use by the Denver International Airport and its financial advisors in determining the estimated annual operating results of the proposed Subject. The conclusions set forth in this report are based on an analysis for supply and demand for the transient lodging market in the Denver-Aurora market area as of August 8, 2012, the completion date of our fieldwork and primary market research. As in all studies of this type, the estimated results assume competent and efficient marketing and operational management, and presume no significant change in the status of the competitive lodging industry from that as set forth in this report. The terms of this engagement are...
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...Case Analysis Project Summer 2014 Brandon Ast Christina Casey Table of Contents Introduction…………………………………………………………………………………………3 Overview of the Company Current Strategies Current Mission External Environment…………………………………………………………………………….4 Assessment of External Environment Porter’s Five Forces Assessment of Strategic Groups Key Competitors Internal Environment……………………………………………………………………………..7 Value-Chain Analysis SWOT Analysis Financial Statement Analysis Analysis of Financial Data Key Resources and Capabilities Internal Efficiency and Cost Savings Industry Analysis Analysis of Marketing Position………………………………………………………………..18 Company & Industry Growth Marketing Strategies Analysis of Management Stock Performance International Strategies Strategic Position…………………………………………………………………………………21 Current Core Competencies Competitive Advantages Performance Indicators Recommendations and Discussion………………………………………………………………23 Long-Term Options SBU Level Recommendations Short-Term Options Corporate Social Responsibility Environment and Sustainability Introduction Las Vegas Sands Corporation (LVS) is a multinational casino and resort company that began in 1989 when Sheldon Adelson purchased the Sands Hotel in Las Vegas, Nevada. Since 1990, LVS has grown into a luxury hotel, entertainment, and gambling corporation with locations in the United States in China. Among their most well-known American properties are The Venetian...
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...I. PRODUCTS AND SERVICES ASPECT 1. Description of Products and Services Chocolicious delight is derived from chocolates that are so delicious that will even make your cravings more satisfied by its aroma and sense of being new in a way consumers tend to be curious on what taste it will be. The products that we offer in our shop has multi-varietal flavors that we have incorporated to make it unique among other common flavors of chocolates that are being sold at the market as of now, we have infused twenty one flavors of chocolates mainly nine fruits and six vegetables in which each has its own distinct taste and aroma that will compliment with our chocolates and make it sure it will blend well with the texture and taste level of our consumers preference and these chocolate flavors are the following. We also have the list of the standard recipe for making our chocolates. Fruit Flavors | Vegetable Flavors | Chesa | Corn | Dragon Fruit | Singkamas | Lanzones | Potato | Rambutan | Squash | Guapple | Sayote | Guyabano | Ampalaya | Marang | | Avocado | | Chocolate butterscotch balls covered with Graham This recipe is made of dark or white chocolates with a flavor of exotic fruits and healthy veggies that where dip with shortening, chocolate, and filled with soft chewy butterscotch mixture covered with crunchy graham bits. These “Coco or Choco balls” as we call it vary in different sizes and texture according to the flavor of chocolate. Chocolate Truffles ...
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...WALT DISNEY PRODUCTIONS, JUNE 1984 One of the best examples of service through people is Walt Disney Productions… How Disney looks upon people, internally and externally, handles them, communicates with them, rewards them, is in my view the basic foundation upon which its five decades of success stand. —Peters and Waterman, In Search of Excellence In Search of Excellence didn’t simplify enough! In the private or public sector, in big business or small, we observe that there are only two ways to create and sustain superior performance over the long haul. First, take exceptional care of your customers via superior service and superior quality. Second, constantly innovate. That’s it. There are no alternatives in achieving long-term superior performance. Financial control is vital but one does not sell financial control. —Peters and Austin, A Passion for Excellence Ron Miller, president and chief executive officer of Disney Productions Inc., pondered the essence of his dilemma. For the past two-and-a-half months, his company had been the subject of a takeover attempt by Saul Steinberg, a well-known raider. The attempt had started innocently enough with the announcement of the purchase of 6.3% of Disney’s outstanding common stock. In subsequent announcements, Steinberg’s holdings rose to 12.1%. When Steinberg announced his intention of acquiring 25% of Disney, Miller undertook a series of evasive actions, including the purchase of Arvida Corporation for $200 million in common...
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...JB Hi Fi Limited(JBH) | April 17 2011 | The following document is a complete valuation JBH based on DCF and Relative Valuation. All input justifications are provided and a final recommendation is presented. | | Business Summary JB Hi Fi (JBH) has experience unprecedented growth in the past few years in excess of 10% despite the Global Financial Crisis and weak consumer spending environments. JBH is likely to continue its strong growth (although below expectations) through a combination of recovering market conditions, a new era of smart products and with official interest rates likely to be placed on hold by the RBA until the end of 2011. (A) CHOICE OF MODELS ------------------------------------------------- 1. Discount Models Why FCFF Discount Model? DDM would not be a suitable model because JBH paid dividends which are significantly greater than or lower than FCFE to the firm between 2006 and 2010 thereby underestimating or overestimating the value of JBH (dividends less than 80% of FCFE or greater than 110% FCFE) . The debt to equity ratio has been volatile declining from 82.90% in 2003 to 23.73% in 2010 with a spike of 120.96% in 2006. Estimating future debt issues and repayments will prove to be difficult given that changes are expected because JBH has raised their senior debt facility by $105 million expiring by 2014 possibly to finance the roll out of up to 193 new stores by 2014 as well. The recent stock repurchases of $173 million and possible future...
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...Objective In this experiment, the performance of solar cells under different working conditions are investigated. These variables include light intensity and temperature. This is achieved by studying the different current-voltage characteristic curves. Also, the relationship between short-circuit current and no-load voltage with different working conditions is studied. Introduction Solar Cell A solar cell (or a "photovoltaic" cell, Fig. 1) is a semiconductor device that converts light energy in the form of photons from the sun (solar light) into electricity. Solar cells have many applications and are regarded as one of the key technologies towards a sustainable clean energy supply. [pic] Fig. 1 A solar cell, made from a monocrystalline silicon wafer Silicon solar cell has a structure of a pn junction. Silicon can be doped with tri- and pentavalent atoms to make a p- or n-type semi-conductor. If we put a p-and n-type crystal together we get a junction (pn-junction, Fig. 2) whose electrical properties determine the performance of the solar cell. [pic] Fig. 2 pn-junction in the energy-band diagram. – acceptors, + donors, UD is the diffusion potential, EF is the Fermi characteristic energy level, and e is the elementary charge. Photovoltaic Device Principles Consider a pn junction with a very narrow and more heavily doped n-region, in equilibrium (with no external voltage) the Fermi characteristic energy level EF will be the same throughout. Because of the difference...
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...Chapter 10 SOCIO-CULTURAL EVALUATION 1. Importance of Socio-Cultural Evaluation The socio-cultural resources of Central Luzon are potential resource-assets for tourism development. These resource-assets has great tourism application that can generate community-based livelihood and employment opportunities. The sociocultural resources include the traditional communities, archaeological and historical sites, festivals, indigenous arts and crafts, cuisine, myths and legends, as well as folklores and oral history. These resource-assets represent the country's heritage that is reflective of the region's identity. Promotions of socio-cultural resources for tourism purposes will require an extensive and meticulous evaluation because of the possible "over-exposures" that these cultural assets will have to withstand. Socio-cultural evaluation identifies the tourism potentials of these resource-assets with relevance to the environmental and cultural settings of the host communities. It also identifies the existing and perceived impacts of tourism to these socio-cultural assets and to devise appropriate mitigative measures and management plans to protect and better enhance cultural heritage for tourism development. The need to promote the cultural heritage of the Central Luzon region in the tourism industry should be balanced with the need to preserve and conserve the sociocultural integrity of these resources. The implications of tourism...
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