CHAPTER-01

Introduction
1.1 Origin of the Report
According to the academic rule the students of MBA (Masters of Business
Administration) must have to complete an integrated course called term paper at the end
of their MBA program. I was assigned by my Supervisor: Rupam Chandra Banik,
Lecturer, Department of Accounting, Kabi Nazrul Govt. College, Dhaka. I completed this
term paper on Sonali Beximco Group since my topic for this term paper is “Corporate
Financial Reporting Techniques in Group of Companies: A Case Study on Beximco
Group”

1.2 Background of the Report

The topic of the report is “Corporate Financial Reporting in Bangladesh: A Case
Study on Beximco Group” The term paper prepared attempts to make a systematic
analysis of the financial statements of Beximco GroupThe report mainly highlights the
results of various ratio analysis of the company. In order to make the analysis more
informative, Costing Procedure, inter-firm comparisons have been provided by also
performing ratio analysis of other leading companies in Bangladesh. It is hoped that the
report would provide a reliable & effective insight into the performance of the particular
company.

1.3 Objective of the Report

To developed research objective, I have considered the followings:
1.2.1 Board Objectives
The broad objective of this report is to provide an overview of “Corporate Financial
Reporting Techniques in Group of Companies: A Case Study on Beximco Group”

1.3.2 Specific objective

The specific objectives of this report are:
 To have an idea about the background of Beximco Group

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  To get an introduction about the organizational structure & how co-ordination
among different set of activities is made.
 To set a general idea about operating procedures and functions of Accounts and
Finance Department of Beximco Group
 To collection from financial statements of the company
 To highlight the utility of financial ratios in credit analysis and competitive
analysis as well as financial capability of the company
 To satisfy the shareholders by informing about the company
 To explore the specific costing procedure followed by the Beximco Group
 To relate the theoretical learning with the real life situation. How the chain works
are completing.

1.4 Methodology of the study

1.3.1 Sources of Data
The report is descriptive in nature. The information was collected from both primary and
secondary sources of data. Regarding the information required was collected within the
Organization from the Corporate Division of Beximco Group
Primary data

 Practical desk work.

 Face to face conversation with the respective officers and clients.

 Personal observation.

Secondary data

 Study on Annual Reports of Beximco Group.

 Online data from Beximco Group website.

1.4.2 Data collection Procedure

 By interviewing the officials.
 Personal observation.
 Online, web, Google searching

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1.5 Scope of the Study:
There were huge scopes to work in the field of the report. Considering the dead line, the
scope and exposure of the paper has been wide-ranging. The study, “Corporate
Financial Reporting Techniques in Group of Companies: A Case Study on Beximco
Group” has covered Beximco Group. financial Statement. The impact of different
external and internal factors on the flow of cash, profit, balance sheet and ratio analysis
by Beximco Group has been showed in this report. The valuation of Beximco Group has
been showed in this report. Also Costing procedure of a Beximco Group is very important
and vast thing. It needs to update in a regular basis. Moreover, all Beximco Group try to
keep this information secret in this competitive market. So the study was basically tried to
identify the costing procedure followed by Beximco Group and what are the factors
concerned with this procedure. The study was also tried to identify and analyze the
various expenses incurred by the Beximco Group in an accounting year

1.6 Limitations of the study

The internship report was not free from limitations. I faced some problems during the
study, which I am mentioning them as below-
 Adequate and in-depth well-organized information is not available for access.
Some hypothesis that may cause few errors or personal mistake in the report.
 It is something like impossible to cover the entire A & F Department’s service
exploiting Sixty days time period while an employee or an officer is awarded with
one or two year probationary period to do his or her particular job.
 The report covers only financial analysis. It does not cover management,
marketing, HRM or other business related issues.
 Some of the information needed to explore the current marker scenario of the
company was not disclosed.
 Ratio analysis is done only based on Annual Report. Direct income statement,
cash flow, balance sheet are not taken into consideration as they are treated as
confidential.

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 CHAPTER - 02
Conceptual Issues
2.1 Financial performance analysis.
Financial performance analysis of a company is very important to get an overall view
about an organization. It generally consists of interpretation of balance sheet and
interpretation of income statement. By using these two sources one can perform the ratio
analysis and trend analysis which are the major tools for analyzing the financial
performance of a Beximco Group.
2.2 Balance sheet.
In financial accounting, a balance sheet or statement of financial position is a summary of
the financial balances of a sole proprietorship, a business partnership or a company.
Assets, liabilities and ownership equity are listed as of a specific date, such as the end of
its financial year. A balance sheet is often described as a "snapshot of a company's
financial condition". Of the four basic financial statements, the balance sheet is the only
statement which applies to a single point in time of a business' calendar year. A standard
company balance sheet has three parts: assets, liabilities and ownership equity.
2.3 Income statement.
Income statement also referred as profit and loss statement, earnings statement, operating
statement or statement of operations is a company's financial statement that indicates how
the revenue is transformed into the net income. It displays the revenues recognized for a
specific period, and the cost and expenses charged against these revenues, including
write-offs (e.g., depreciation and amortization of various assets) and taxes. The purpose
of the income statement is to show managers and investors whether the company made or
lost money during the period being reported.
2.4 Ratio Analysis.
Ratio is a method of interpreting the financial statement of a company. The purpose of
ratio analysis is identifying the risk of business firm and the financial statement of a
business firm, performance evaluation, compare income analysis.
2.4.1 Groups of Financial Ratios:
Financial ratios can be divided into four basic groups or categories:
i. Liquidity ratios

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 i. Activity ratios
ii. Debt ratios &
iii. Profitability ratios
Liquidity, activity, and debt ratios primarily measure risk, profitability ratios measure
return. In the near term, the important categories are liquidity, activity, and profitability,
because these provide the information that is critical to the short-run operation of the
firm. Debt ratios are useful primarily when the analyst is sure that the firm will
successfully weather the short run.
2.4.1.1. Liquidity Ratio:
The liquidity of a business firm is measured by its ability to satisfy its short term
obligations as they come due. Liquidity refers to the solvency of the firm’s overall
financial position. The three basic measures of liquidity are-
2.4.1.1. A. Current Ratio:
One of the most general and frequently used of these liquidity ratios is the current ratio.
Organizations use current ratio to measure the firm’s ability to meet short-term
obligations. It shows the Beximco Group’s ability to cover its current liabilities with its
current assets.
Current Ratio = Current Asset/Current Liabilities
2.4.1.1. B. Quick Ratio:
The quick ratio is a much more exacting measure than current ratio. This ratio shows a
firm’s ability to meet current liabilities with its most liquid assets.
Quick Ratio=Cash + Government Securities + Receivable / Total Current Liabilities.

2.4.1.1. C. Net Working Capital:

Net Working Capital, although not actually a ratio is a common measure of a firm’s
overall liquidity. A measure of liquidity is calculated by subtracting total current
liabilities from total current assets.
Net Working Capital =Total Current Assets –Total Current Liabilities.
2.4.1.2. Activity Ratio:
Activity ratios measure the speed with which accounts are converted into sale or cash.
With regard to current accounts measures of liquidity are generally inadequate because
differences in the composition of a firm’s current accounts can significantly affects its

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true liquidity. A number of ratios are available for measuring the activity of the important
current accounts which includes inventory, accounts receivable, and account payable. The
activity (efficiency of utilization) of total assets can also be assessed.
2.4.1.2. A Total Asset Turnover:
The total asset turnover indicates the efficiency with which the firm is able to use all its
assets to generate sales.
Total Asset Turnover = Sales/ Total Asset
2.4.1.2. B Investment to Deposit Ratio:
Investment to Deposit Ratio shows the operating efficiency of a particular Beximco
Group in promoting its investment product by measuring the percentage of the total
deposit disbursed by the Beximco Group as long & advance or as investment. The ratio is
calculated as follows:
Investment to Deposit Ratio = Total Investments / Total Deposits

2.4.1.3 Debt Ratio:

The debt position of that indicates the amount of other people’s money being used in
attempting to generate profits. In general, the more debt a firm uses in relation to its total
assets, the greater its financial leverage, a term use to describe the magnification of risk
and return introduced through the use of fixed-cost financing such as debt and preferred
stock.
2.4.1.3. A. Debt Ratio:
The debt ratio measures the proportion of total assets provided by the firm’s creditors.
Debt Ratio = Total Liabilities / Total Assets
2.4.1.3. B. Equity Capital Ratio:
The ratio shows the position of the Beximco Group’s owner’s equity by measuring the
portion of total asset financed by the shareholders invested funds and it is calculated as
follows:
Equity Capital Ratio = Total Shareholder’s Equity / Total Assets
2.4.1.3. C. Time Interest Earned Ratio:
This ratio measures the ability to meet contractual interest payment that means how much
the company able to pay interest from their income.

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 Time Interest Earned Ratio=EBIT/ Interest
2.4.1.4. Profitability Ratio:
These measures evaluate the Beximco Group’s earnings with respect to a given level of
sales, a certain level of assets, the owner’s investment, or share value. Without profits, a
firm could not attract outside capital. Moreover, present owners and creditors would
become concerned about the company’s future and attempt to recover their funds.
Owners, creditors, and Management pay close attention to boosting profits due to the
great importance placed on earnings in the marketplace.

2.4.1.4. A. Operating Profit Margin:

The Operating Profit Margin represents what are often called the pure profits earned on
each sales dollar. A high operating profit margin is preferred. The operating profit margin
is calculated as follows:
Operating Profit Margin = Operating Profit / Sales
2.4.1.4. B.Net profit Margin:
The net profit margin measures the percentage of each sales dollar remaining after all
expenses, including taxes, have deducted. The higher the net profit margin is better. The
net profit margin is calculated as follows:
Net profit Margin = Net profit after Taxes / Sales
2.4.1.4. C. Return on Equity (ROE):
The Return on Equity (ROE) measures the return earned on the owners (both preferred
and common stockholders) investment. Generally, the higher this return, the better off the
owners.
Return on Equity (ROE) = Net profit after Taxes / Stockholders Equity
2.4.1.4. D. Price/ Earnings ratio (PE ratio):
The Price/ Earnings ratio (price-to-earnings ratio) of a stock is a measure of the price paid
for a share relative to the income or profit earned by the firm per share.
P/E ratio - Price per share / earnings per share
2.4.1.4. E. Earning Per Share:
EPS represents the dollar amount earned behalf of each outstanding share of common
stock.
EPS= Net income/no. of share outstanding

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 CHAPTER - 03
Data Base

3.1 Overview Beximco Group

Beximco Group is supposed to be Bangladesh's largest private sector industrial
enterprise. It has targeted the industries the country needs most for progress and improved
living standards. Beximco is also focused on those industries, which make the most of
Bangladesh's competitive advantages in the international market. Through its ongoing
growth, it has created industrial and management capabilities that will serve the country
for generations. BEXIMCO's industrial sector include jute, textiles, basic chemicals and
pharmaceuticals and marine foods. Non-industrial undertakings are focused on real estate
and construction, engineering, media, information technology, trading and financial
services.
3.2 Concern of Beximco Group
 BEXIMCO Textile Division
 BEXIMCO Knitting Ltd.
 BEXIMCO Denims Ltd.
 BEXIMCO Fashions Ltd
 Padma Textile Mills Ltd
 BEXIMCO Synthetics Ltd.
 BEXIMCO Apparels Ltd
 Beximco Pharmaceuticals Ltd.
 Beximco Infusions Ltd.,
 Pharmatek Chemicals Ltd.
 I & I Services Ltd.
 BEXIMCO Jute Division
 Shinepukur Holdings
 BEXIMCO Engineering Ltd.
 Beximco Fisheries Ltd.
 BEXIMCO Trading Division
 BEXIMCO Media

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  Beximco Computers Ltd.
 Beximco Systems Ltd.
 Bangladesh Online Ltd.

3.3 COMPANY MISSION:

BEXTEX Ltd. is a full service vendor with strong vertically integrated production
facilities as well as creative & analytical capabilities which clearly sets us apart from
most other South Asian vendors.

3.4 COMPANY VISION:

  • Gain market leadership in high value added apparel in USA & Europe .
  • Use “Innovation” & “Speed” as prime drivers, rather than cotton & cheap labour .
  • Dominate these markets in high quality:
  Men's, Women’s, Children
  Shirts (Dress & Casual)
  Blouses (formal & casual), Skirts, Jackets
  Jeans & Casual non - denim bottoms
  Knitted tops & bottoms

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3.5 BOARD OF DIRECTOR AND MANAGEMENT TEAM

BOARD OF DERECTOR:

Chairman and Managing Director : A.S.F Rahman

Vice-Chairman : Salman F Rahman

Director (Nominated by New

Dacca Industries) : Iqbal Ahmed

Director (Nomenated by CDC) : Shabbir Hasmi

Derector (Nomenated by Deutsche

Inverstitions) : G.F Grote

Dercter (Nominated By BSB) : Dr Nazmul Bari

Company Secretary : Md. Asad Ullah, FCS

MANAGEMENT COMMITTEE:

Chife Exequtive Officer : Syed Navid Hussain

ORAGANIZATION CHART
Director (Manufacturing) : Meer Tobarak Hussein

Director (Finance and Planning) : Dewan Nurul Islam

Director (Support Service) : A.S Rahman

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3.6 Beximco Group:

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12
 CHAPTER - 04
Analysis

4.0 Corprqate Financial Reporting Beximco Group

4.1.0. Ratio Analysis:
4.1 Liquidity Ratio:
4.1.1Current Ratio: Current ratio may be defined as the relationship between current
assets and current liabilities. This ratio is also known as "working capital ratio". It is a
measure of general liquidity and is most widely used to make the analysis for short term
financial position or liquidity of a firm. It is calculated by dividing the total of the current
assets by total of the current liabilities.
The calculation as follows:
Current Ratio = Total Current Assets \ Total Current Liabilities.
The Beximco Group Current Ratios of last 6 years are like following
Year 2014 2015 2016 2017 2018
Current 1.08 0.98 0.68 .90 .88
Ratio

Table 4.1 :Current Ratio

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Graphical Presentation:

Current Ratio
1.08
0.98
0.9 0.88

0.68

2014 2015 2016 2017 2018

Figure 4.1: Current Ratio.

Interpretation: The ratio is mainly used to give an idea of the company's ability to pay
back its short-term liabilities (debt and payables) with its short-term assets (cash,
inventory, receivables). The higher the current ratio, the more capable the company is of
paying its obligations. The current ratio decreasing from 2014 to 2018 that is 1.08 to .68
and that is not good sign for the organization. After that year 2015 its increasing and it’s a
good sign for the organization. A high current ratio indicates that a company is able to
meet its short-term obligations But in 2018 its again decreasing. From the analysis we
have seen that Beximco Group current ratio gradually decreasing.

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4.2 Analyzing Activity Ratios:
4.2.1 Cost Income Ratio:
Cost Income Ratio=Total operating Expenses/Total Operating Income
Year 2014 2015 2016 2017 2018

Cost Income Ratio 45.09% 45.42% 47.20% 51.68% 54.64%

Table-4.2: Cost Income Ratio

Source: Annual Report of BEXIMCO GROUP
Graphical Presentation
Figure 4.2: Cost Income Ratio.

Cost Income Ratio

54.64%
51.68%
45.09% 45.42% 47.20%

2014 2015 2016 2017 2018

Interpretation:
We know that this ratio measures the operating efficiency of the Beximco Group by
measuring the portion if the total operating costs relative to the total operating income of
that Beximco Group and the higher the ratio, the lower the operating efficiency. In 2014
the operating cost of BEXIMCO GROUP Beximco Group Ltd. is low but after that year
2015 its decreasing and it’s a good sign for the organization. Cost income ratio increasing

15
from 2015 to 2018 which is 45.42% to 54.64% So it can be said that the operating
efficiency of the Beximco Groupis not in good position that is they are not able to
minimize their operating cost.

4.2.2 Total Asset Turnover Ratio:

The total asset turnover indicates the efficiency with which the firm is able to use all its
assets to generate sales.
Total Asset Turnover= Operating Income/Total Asset
Year 2014 2015 2016 2017 2018
Total Asset Turnover 0.068 0.064 0.071 .067 .058

Table-4.3: Total Asset Turnover

Source: Annual Report of BEXIMCO GROUP
Graphical Presentation:
Figure-4.3: Total Asset Turnovers

Total Asset Turnover

0.068 0.071
0.064 0.067
0.058

2014 2015 2016 2017 2018

Interpretation:
The Beximco Groups total asset turnover ratio increasing from 2014 to 2017 that is
0.068- 0.067 which means 5.9 to 6.7 times.But in 2018 its decreasing. We know the
greater the total asset turnover; it is more efficient and 4 to 6 times is slandered position

16
but also depends on industry. From the analysis we have seen that total asset turnover of
Uttara Beximco Group Ltd is in good position.

4.3. Analyzing Debt Ratios:

4.3.1 Debt ratio
The debt ratio measures the proportion of total assets provided by the firm’s creditors.
Debt Ratio = Total Liabilities / Total Assets
Year 2014 2015 2016 2017 2018

Debt Ratio .94 .91 .92 .90 .92

Table-4.4: Debt Ratio
Source: Annual Report of BEXIMCO GROUP
Graphical Presentation
Figure-4.4: Debt Ratio

Debt Ratio

0.94

0.92 0.92
0.91
0.9

2014 2015 2016 2017 2018

Interpretation
Debt ratio decreasing from 2014 to 2015 which is 0.94 to 0.91 and its a good sign for the
organization. In 2016 its increasing although in 2017 its decreasing. After that year 2018
the debt ratio increasing .Finally we have seen that debt ratio decreasing from .95 to

17
0.92 .We knows that lower the debt lower the risk. So that is good sign for the
organization.

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4.3.2 Equity capital ratio
Equity Capital Ratio = Total Shareholder’s Equity / Total Assets
Year 2014 2015 2016 2017 2018

Equity Capital Ratio .063 .086 .088 .099 .079

Table-4.5: Equity Capital Ratio

Source: Annual Report of BEXIMCO GROUP
Graphical Presentation
Figure-4.5: Equity Capital Ratio

Equity Capital Ratio

0.099
0.086 0.088
0.079
0.063

2014 2015 2016 2017 2018

Interpretation
Equity capital ratio increasing from 2014 to 2018 which is .046 to .063 which means 4.6
to 9.9 times and thats a good sign for the organization. After that year 2018 equity capital
ratio decreasing and its not a good sign for the organization. From the analysis we have
seen that Beximco Group Equity Capital Ratio gradually increasing except 2018. So the
management of the organization should take proper steps to increase the equity capital.

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4.4. Analyzing Profitability Ratios:
4.4.1 Investment to Deposit ratio:

Investment to Deposit Ratio=Total investment/Total Deposit

Year 2014 2015 2016 2017 2018

Investment To Deposit Ratio 0.221 0.379 0.228 .381 .278

Table-4.6: Investment to Deposit Ratio

Source: Annual Report of BEXIMCO GROUP
Graphical Presentation:
Figure-4.6: Investment to Deposit Ratio.

Investment To Deposit Ratio

0.379 0.381

0.278
0.221 0.228

2014 2015 2016 2017 2018

Interpretation:
Investment to deposit ratio shows that which amount of deposit is used to as investment.
From the graphs it has seen that investment to deposit ratio in fluctuating mode. That
means BEXIMCO GROUP. depends on deposits than the share capital.

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4.4.2 Net Profit margin:
Net Profit Margin (NPM After Tax) measures profitability as a percentage of revenues
after consideration of all revenue and expense, including interest expenses, non-operating
items, and income taxes.. The calculation is like-

Net Profit Margin = Net Profit after Tax/ Total Revenue

Year 2014 2015 2016 2017 2018
NPM 0.28 0.24 0.35 .25 .17

Table 4.7: NPM

Graphical Presentation.

Figure 4.7: NPM

NPM

0.35

0.28
0.24 0.25

0.17

2014 2015 2016 2017 2018

Interpretation: Net profit margin is one of the most closely followed numbers in finance.
Shareholders look at net profit margin closely because it shows how good a company is at
converting revenue into profits available for shareholders.  The Beximco Group net profit
margin in 2014-2015 that is 0.28-0.24 which indicates that profit margin is increasing day
by day and its good situation. Although in 2014 it’s decreasing but in 2016 Net Profit
Margin is increasing which is good sign for the organization. In 2017 to 2018, the profit
margin is decreasing and its not good situation.

4.4.3 ROA: Return on assets

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measures the amount of profit the company generates as a percentage of the value of its
total assets. Return on assets is the ratio of annual net income to average total assets of a
business during a financial year. It measures efficiency of the business in using its assets
to generate net income. It is a profitability ratio. The calculation as follows:

Return on Assets (ROA) = Net Income / Total Assets

Year 2014 2015 2016 2017 2018

ROA 1.95% 1.54% 1.90% 1.69% .99%

Table 4.8: ROA.

Graphical Presentation
Figure 4.8: ROA.

ROA

1.95% 1.90%
1.69%
1.54%

0.99%

2014 2015 2016 2017 2018

Comment: The ROA figure gives investors an idea of how effectively the company is
converting the money it has to invest into net income. The Beximco Groups return on
asset increasing from 2014 to 2015 which is 1.95% to 1.54% in the preceding 2 years and
it’s a good sign for the organization. The higher the ROA number, the better, because the
company is earning more money on less investment. After that it was decreasing(1.54%)
then it was increasing trend (1.90%) that means it has seen it is fluctuating. Afterwards
Beximco Group ROA fall down which is not good sign for the organization.
4.4.4 ROE:

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Return on equity measures a corporation's profitability by revealing how much profit a
company generates with the money shareholders have invested.
The calculation of ROE is as follows:

ROE = Net Income / Shareholder’s Equity

Year 2014 2015 2016 2017 2018

ROE 30.86% 17.81% 9.27% 17.13% 12.62%

Table 4.9: ROE.

ROE
30.86%

17.81% 17.13%
12.62%
9.27%

2014 2015 2016 2017 2018

.Figure 3.9:ROE.
Comment: Return on equity is an important measure of the profitability of a company.
Higher values are generally favorable meaning that the company is efficient in generating
income on new investment. Return on equity or return on capital is the ratio of net income
of a business during a year to its stockholders' equity during that year. It is a measure of
profitability of stockholders' investments. It shows net income as percentage of
shareholder equity.The Beximco Groups return on equity increasing from 2014 to 2015
which is 30.86% to 17.81% in the preceding 2 years and the highest value can be
observed in 2014 and the lowest value can be observed during the 2016, which is not
desirable. The Beximco Groups return on equity decreasing from 2015 to 2016 that is
17.81% to 9.27% and its not a good sign for the organization. After that year 2017 its
increasing and in 2016 its again decreasing.

CHAPTER - 05

23
 Recommendations & Conclusion

5.1 Recommendations
It is not unexpected to have problems in any organization. There must be problems to
operate an organization. The following commendations can be suggested to solve the
above-mentioned problems:
 From the analysis we have seen that Beximco Group current ratio gradually
decreasing. So they should take steps to raise current assets for increasing
liquidation.
 From the analysis we have seen ROA of BEXIMCO GROUP is fluctuating. So
they should try improving this and should take necessary steps to increase net
profit.
 ROE are decreasing in preceding year 2007 to 2012.So they should try to improve
the return earned on total owner’s equity.
 From the analysis we have seen that cost income ratio is increasing. BEXIMCO
GROUP Beximco Group Ltd. is not good position that is they are not able to
minimize their operating cost. So they should try minimize their operating cost
 From the analysis we have seen that in 2008 to 2009 Beximco Group Earning per
Share is better than other two Beximco Groups, but in 2010 to 2012 it decreases.
So BEXIMCO GROUP should take necessary steps to increase common stock.
 From the analysis we have seen that Debt ratio is decreasing year by year. So to
hold this situation Beximco Group should take step to decrease liabilities.

5.2 Conclusion

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Beximco Group believes that being in the business which deals with human health makes
us more responsible. Products come in a wide range of dosage forms including tablets,
capsules, dry syrup, powder for suspension, cream, ointment, suppositories, metered dose
nasal sprays, large volume intravenous fluids, metered dose inhalers etc. ensuring the
global standard of quality. Bangladesh like all other industries is going to face new
challenges. Rising price of materials in the international market and higher domestic
inflation is going to be a big issue. Besides, competition in the local pharmaceuticals
market is expected to intensity further. Beximco has to be aware of those issues to
become a market leader in the industry. Though the sales revenue has decreased in the
last year due to various reasons, it has the ability to regain its glorious pasts and advanced
further.
 The report mainly highlights the results of various ratio analysis of the company. In order
to make the analysis more informative, inter-firm comparisons have been provided by
also performing ratio analysis of other companies in Bangladesh. Costing procedure of a
Pharmaceuticals company is very important and vast thing. It needs to update in a regular
basis. Moreover, all Pharmaceuticals firms try to keep this information secret in this
competitive market. Like all other pharmaceuticals company Beximco follows standard
costing method for medicine productions. The unit price of each medicine is calculated by
batch wise.

Reference
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Books:
 Lawrnance J. Gitman,”Principles of Managerial Finance”edition 12th, Pearson
Pentice Hall, Newyork, USA.
 Bragg, S.M., Accounting and Finance for Your Small Business, 2 nd Edition,
McGraw-hill Book Co. USA, 2006.
 Ross Westerfield Jaffe,”Corporate Finance” edition 7th ,Tata McGraw-Hill
publishing company Limited, New Delhi,India.

Reports:
 Annual Report of Beximco Group 2014-2018

Websites:
www.beximcogroup.com

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