INTRODUCTION:

The objective of conducting this particular research is to demonstrate the importance of efficient working capital, for which two leading business conglomerates of Bangladesh (Beximco Pharmaceuticals and Square Pharmaceuticals) are considered. Working Capital management is the life-blood of any business as it is concerned with managing the problems that arise in attempting to manage the current assets, the current liabilities and the interrelationship that exists between them.

The term current refers to those assets, which in the ordinary course of business can be or will be converted into cash within one year without undergoing a diminution in value and without disrupting the operation of the firm. The major current assets are cash and cash equivalents, marketable securities, accounts receivables, prepaid expenses and inventory. Current liabilities are those liabilities, which are intended at their inception to be paid in the ordinary course of business, within a year out of the current or the earning of the concern. The basic current liabilities are accounts payable, bank overdrafts, current maturity of long-term debt and operating accruals. The goal of working capital management is therefore to manage the current assets in a manner that allows the firm to meet up the current liabilities without taking any external funding. Cash is the lifeline of a company. Understanding the companys cash flow health is essential to make investment decisions. The company must have adequate working capital as much as needed by the company; neither excess nor inadequate. Excess working capital cuisses for idle funds laying in the firm without earning any profit, whereas inadequate working capital shows the company doesnt have sufficient funds for financing its daily needs. Hence, efficient working capital management performs the role of enduring that a firm is able to continue its operation.

This particular paper facilitates to overview the working capital management in both Square Pharmaceuticals and Beximco Pharmaceuticals from 2007-2011 and draws a comparative analysis between them. This analysis will help us to understand not only the companies outstanding position in the market but also to comprehend a comparative analysis as to which one of them is better off.

CONCEPTS OF WORKING CAPITAL MANAGEMENT:

There are two concepts of working capital, as follows: GROSS WORKING CAPITAL:

NET WORKING CAPITAL:

( ( ( ( ) )

INDUSTRY OVERVIEW:
Both Square Pharmaceuticals and Beximco Pharmaceuticals are one of the top market players in the pharmaceutical industry of Bangladesh. Pharmaceutical is the core of Bangladeshs Healthcare sector, and serves as one of the most important manufacturing industry. With a history since 1950s, the industry has now turned one of the most successful pharmaceuticals manufacturing industry among the developing countries. Presently the industry meets about 97% of the local demand and exports to more than 80 countries. The industry contributed to about 6.7% to the GDP growth rate in 2010, while pharmaceutical exports amounting to approximately 50 million US $. There are about 321 companies in this industry with the market size of about TK. 76,500 million per year. The industry has been experiencing robust growth over the last few years. A local industry supporting drug policy and effective regulatory framework, along with TRIPS (Trade Related Intellectual Property Rights) relaxations are the key reasons for success of the industry. While the industry is achieving self-sufficiency, it yet procures 70% of raw materials from abroad. But developments are already taking place, with a number of firms now manufacturing raw materials locally. In addition, an API (Active Pharmaceutical Ingredient) project has already been undertaken to accelerate the vertical integration within the industry. The industry has been expanding locally and internationally. Local market grew at 23% in 2010, while import reached USD 50 Million landmark. A number of firms got accreditations from USA, UK; Australia etc. developed markets, and are underway toward expansion into the developed markets. Locally, firms are preparing themselves for post 2016 scenario, when TRIPS will be implemented. Almost all the firms are upgrading their facilities and taking up precautions for post 2016 scenario, while aggressively expanding in both local and export markets.

While TRIPS and import dependence on raw materials put challenges to the growing sector, prospect of the sector depends largely on the interactions among the players, regulatory bodies and the govt., whether they can meet up the requisites to continue growth of the sector while facing the challenges

DEGREE OF CONCENTRATION: Being Branded-generic product oriented business, manufacturers usually are able to charge a premium for established brands, and enjoy a relatively stable market share. As a result, the list of top performing firms have been quite consistent over the years, with the leader, Square pharmaceuticals topping since 1985. Over the last three years, the top 4 players are consistent, with 5th to 10th position interchanged among 6 market players. As a total, top 5 firms capture on average 45% of the aggregate market. Adding 5 more to the list brings on average 66% of total market to Top 10. Thus the market is very much concentrated.
Market 100%

Top 20 84% Top 10 68%

Top 5 46%

MARKET SHARE AND CONTRIBUTION TO GDP: The top player is Square Pharmaceuticals, which owns 19.18% of the total market share. Second is Incepta (9.05%), followed by Beximco pharmaceuticals in the 3rd ranking (8.62%). The contribution of Square pharmaceuticals to the GDP was Tk. 1,378 crore whereas Beximco Pharmaceuticals contributed Tk. 620 crore of the total Tk. 7,186 crore sales generated.

MARKET DOMINANCE: Prior to formulation of National Drug Policy and Drug control ordinance, the market was chiefly controlled by MNCs, holding about 75% of total market (1985). At present, 97% of local demand is met from local production, and the top 10 MNCs possess only 9.05% of market share, compared to 67.6% held by local top 10 firms. The market is solely dominated by Square Pharmaceuticals having almost 31% of the total share, followed by Incepta having 9.21% and Beximco coming third with 8.75%.

Market Share(%)
Acme A.C.I Eskayef 4% 4% 5% Reneta 5% Opsonin pharma 5% Beximco 9% Square 19% Others 40%

Incepta pharma 9%

COMPANY OVERVIEW:
SQUARE PHARMACEUTICALS LIMITED: Square Pharmaceuticals Limited is the largest pharmaceutical company in Bangladesh and it has been continuously in the 1st position among all national and multinational companies since 1985. Square Pharmaceuticals Ltd. was established in 1958 as a private partnership business manufacturing pharmaceuticals products. In 1964, it was incorporated as a private limited company. Later in 1991, the company converted into a public limited company and consequently listed in stock exchange in 1995. The sponsors hold 54.16% of its total shares. The company has been the largest producer in pharmaceuticals industry since 1985 and this is the present market leader of Bangladeshi pharmaceutical companies. Square Pharma's revenue comes from sales of Pharmaceuticals products as well as from its investments and subsidiaries. Among these, pharmaceutical products serve as the core of revenue, providing 85% of Gross turnover (5 Year Average). The pharmaceuticals industry is experiencing a good growth, approximately 23% in 2012. Whereas Square Pharma, the market leader had a growth of 23.80% and a market share of 19.19%. Established position, strong branding coupled with growth in domestic and export market serve as the key driver to its success. Also, 32% growth in NPAT and 2% growth in ROE had been observed in 2011-2012. Strong Industry position, healthy cash flows and efficient management in a growing industry are the prime reasons of such good financial performance. Square Pharmaceuticals Limited has extended its range of services towards the highway of global market. It pioneered exports of medicines from Bangladesh in 1987 and has been exporting antibiotics and other pharmaceutical products. This extension in business and services has manifested the credibility of Square Pharmaceuticals Limited.

BEXIMCO PHARMACEUTICALS LIMITED: Beximco Pharmaceuticals Ltd is a leading manufacturer of pharmaceutical formulations and Active Pharmaceutical Ingredients in Bangladesh. It was founded in 1976 and started operations in 1980, manufacturing products under the licenses of Bayer AG of Germany and Upjohn Inc. of USA. The sponsors and directors of Beximco Pharmaceuticals have 20.63%, other financial and nonfinancial institutions have 11.25%, and foreign investors have 33.45% and public have 34.67% shares of this company. It has now grown to become a leading pharmaceutical company in Bangladesh, and it supplies more than 10% of country's total medicinal needs. Today Beximco Pharma manufactures and markets its own branded generics for several diseases including AIDS, cancer, asthma, hypertension, and diabetes for both national and international markets. The company is one of the largest exporter of pharmaceuticals in the country and its state-of-the-art manufacturing facilities are certified by global regulatory bodies of Australia, European Union, Gulf nations, Brazil, among others. The company is consistently building upon its portfolio and currently producing more than 500 products in different dosage forms covering broader therapeutic categories which include antibiotics, antihypertensive, ant diabetics, antiretroviral, anti-asthma inhalers etc., among many others. Ensuring access to quality medicines is the powerful aspiration that motivates more than 2,700 employees of the organization. Beximco Pharma has the unique distinction as the only Bangladeshi company to get listed on the AIM of London Stock Exchange. In the domestic market, Beximco Pharma ranks second among all pharmaceutical companies in Bangladesh. In 2012, the company achieved annual sales turnover of BDT 4.9 billion with an impressive growth of more than 21%, outperforming the industry growth rate, which stood at 17%. Being one of the largest exporters of pharmaceuticals in the country, the company has growing presence in 45 countries across Africa, Latin America, Asia, Middle East and Central America. Besides major retail outlets, The Company has taken aggressive expansion program to cater to the growing demand from domestic as well as overseas markets. It has made significant investment in building capabilities, both infrastructure and human resources, to capitalize on the generic drug opportunities in the developed markets like EU and US. Company's main manufacturing site at Tongi, Dhaka, is spread over an area of 20 acres which houses a number of self-contained production units including oral solids, metered dose inhalers, intravenous fluids, liquids, ointments, creams, suppositories, ophthalmic drops, injectable, nebulizer solutions etc.

METHODOLOGY:
Data Collection: Secondary Data is used for conducting this paper. For calculating the different ratios to draw a comprehensive comparative analysis, the consolidated financial reports of both Beximco Group and Square Group are collected from the Dhaka Stock Exchange. Software used: For calculating the different ratios, Microsoft Excel is being used. For the purpose of writing the report, Microsoft Word is utilized.

LIQUIDITY RATIOS:
NOTE: Calculation of all the ratios is available in the Appendix. Please check for reference.

CURRENT RATIO: CURRENT RATIO=CURRENT ASSET/CURRENT LIABILITIES 2007 2008 2009 SQUARE 1.44 times 1.26 times 1.46 times BEXIMCO 1.8 times 1.099 times 2.98 times

2010 2.15 times 2.46 times

2011 1.5 times 2.7 times

The current ratio measures whether the firm has enough current assets to pay for the immediate or current liabilities over the next 12 months. The analysis shows that both Square and Beximco Pharmaceuticals have an increasing current ratio greater than 1. This is favorable for both the both the companies. In 2007, Square had a current ratio of 1.4 that means its current assets is 1.4 times its current liabilities. This ratio further increased to 2.15 in 2010. However, a decline was observed in 2011 (the ratio dropped to 1.5). On the other hand, For Beximco pharmaceuticals this ratio started to increase from 1.8 in 2007 to 2.98 in 2009. There was a decline in 2010, but the ratio again increased in 2011.

QUICKT RATIO: QUICK RATIO=(CURRENT ASSET-INVENTORIES)/CURRENT LIABILITIES 2007 2008 2009 2010 2011 0.84 times 0.68 times 0.66 times 1.158 times 0.96 times 0.78 times 0.52 times 2.24 times 1.67 times 1.84 times

SQUARE BEXIMCO

The quick ratio is a better measure of shot term liquidity management compared to the current ratio. For, square Pharmaceuticals, the quick ratio majority times is below 1, which is favorable. However a high ratio of 1.158 was observed in 2010 due to holding too much idle cash and less inventories. For Beximco pharmaceuticals, the condition was extremely serious in 2009 indicating a quick ratio of 2.24 times. This means that the company has too much idle cash and investing less in marketable opportunities. From then onwards the company tried to reduce the quick ratio. Hence, overall the liquidity condition of Square is far better than Beximco.

Comparative cross-sectional and time-series analysis:

Current Ratio
4 3 2 1 0 2007 2008 2009 2010 2011 SQUARE BEXIMCO

From the graphical representation of current ratio, it can be concluded that Beximco is in a better position as compared to Square Pharmaceuticals. However, it is not possible to reach a definite conclusion based on current ratio. It only shows that Beximco has more current assets to cover up their current liabilities as compared to Square Pharmaceuticals. However, the Quick ratio helps to gain a comprehensive idea. It shows whether the company has too much idle cash or not. Quick ratio less than 1 is more preferable.

Quick Ratio
3.5 3 2.5 2 1.5 1 0.5 0 1 2 3 4 5 BEXIMCO SQUARE

Here, it is seen that Beximco has a greater Quick ratio, which indicates less investment in inventories and holding more idle cash. The quick ratio of Square is in general less than 1. Thus, the liquidity condition of Square is better than Beximco Pharmaceuticals.

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INVENTORY MANAGEMENT RATIOS:

INVENTORY TURNOVER RATIO: INVENTORY TURNOVER RATIO=COGS/INVENTORY 2007 2008 2009 2010 SQUARE 2.76 times 2.4 times 2.7 times 2.97 times BEXIMCO 1.2 times 1.3 times 1.5 times 1.67 times

2011 3.03 times 1.79 times

This ratio shows how many times in a specific year, the company has sold out and restocked its inventories and so higher the turnover, the better. Here we can see that from 2007 to 2011, the turnovers of both the companies have increased. But every year, Square has been able to sell its inventories more number of times than Beximco. So, in this case, Square is performing better than Beximco.

DAYS INVENTORY HELD (DIH):

SQUARE BEXIMCO

DAYS INVENTORY HELD (DIH)=365/INVENTORY TURNOVER 2007 2008 2009 2010 2011 132 days 153 days 135 days 123 days 121 days 307 days 275 days 245 days 219 days 204 days

The less the number of days inventory is hold, the more will be the inventory turnover, resulting in greater sales and increased profitability. So, the lower the days, the better it is. For, both Square and Beximco, the DIH is showing reducing trend. However, Square hold inventory for an average of 100 days less as compared to Beximco. So, Square is performing better. 11

DAYS SALES OUTSTANDING (DSO):

DAYS SALES OUTSTANDING (DSO)=ACCOUNTS RECEIVABLES/(SALES/365) 2007 2008 2009 2010 SQUARE 14 days 14 days 15 days 14 days BEXIMCO 51 days 46 days 52 days 46 days

2011 18 days 45 days

DSO shows that on an average, how many days it takes the company to collect the accounts receivables. Hence, lower the number, the better it is for the firm. In, this case it is seen that Beximco on an average takes 25 days more to collect the receivables as compared to Square Pharma. Hence, here also Square is performing better than Beximco.

DAYS PAYABLE OUTSTANDING (DPO):

DAYS PAYABLE OUTSTANDING (DPO)=ACCOUNTS PAYABLE/(COGS/365) 2007 SQUARE BEXIMCO 6 days 51 days 2008 8 days 48 days 2009 8 days 58 days 2010 22 days 48 days 2011 35 days 47 days

DPO shows on an average how many days the firm takes to pay up its accounts payable to suppliers/creditors. The higher the number, the better it is for the firm. In this case it is seen that Square, though initially had to pay within 6 days only, has ultimately increased the time to 35 days; which indicates positive trend. But Beximco initially had a greater time of 51 days to pay the creditors, which ultimately reduced to 47 days. But it is still high compared to Square and so; Beximco in this case has a better position.

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Comparative cross-sectional and time-series analysis: A comparative analysis of DSO and DPO helps to identify which company has a better inventory management situation. It is expected that the payment time should be greater than or equal to receivable time i.e. DPO > DSO.

Square Pharma
2011 2010 2009 2008 2007 0 20 40 DPO DSO 2011 2010 2009 2008 2007

Beximco Pharma

DPO DSO

50

100

Above analysis shows, that for both Square and Beximco, their payment period is greater compared to their receivable period. This has been the situation for Beximco from the very 2007. However from 2007-2009, Square had weak credit policy, which forced them to make their payments before receiving the receivables. This credit policy was reformed in 2010 and since then, Square has better credit system. In 2011 Square receives its receivables 17 days before making their payment, whereas Beximco receives its receivables only 2 days before, which is much riskier. Hence, the overall inventory management of Square Pharmaceuticals is better than Beximco Pharmaceuticals. Moreover, Square also holds inventory for a lesser period of time, resulting in a higher inventory turnover ratio.

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NET WORKING CAPITAL:

NET WORKING CAPITAL= WCR+NLB 2007 2008 2009 2010 2011 1,933,023,569 2,450,837,963 2,640,718,133 2,419,035,331 2,917,333,773 2,248,304,103 1,634,242,215 3,377,889,955 4,184,055,658 3,640,055,715

SQUARE BEXIMCO

WORKING CAPITAL REQUIREMENT=(ACCOUNT RECEIVABLES+INVENTORIES+PREPAID EXPENSES)-(ACCOUNTS PAYABLE+OPERATING ACCRUALS) 2007 2008 2009 2010 2011 2,018,344,839 2,542,544,915 2,642,850,994 2,622,397,847 3,025,231,951 2,506,209,691 2,208,760,328 2,628,276,437 3,061,467,665 3,485,031,600

SQUARE BEXIMCO

NET LIQUID BALANCE=(CASH AND EQUIVALNETS)-(NOTES PAYABLE+ CURRENT MATURITY OF LONG TERM DEBT) 2007 -85,321,270 -257,905,588 2008 -91,706,952 -574,518,113 2009 2010 -2,132,861 -203,362,516 749,613,518 1,122,587,993 2011 -107,898,178 155,024,115

SQUARE BEXIMCO

This net working capital ratio indicates the operational efficiency of both Square and Beximco Pharmaceuticals. It is preferable for the ratio to be greater than 1 i.e. positive (which holds true for both the companies). Here, it is observed that the NWC is higher for Beximco as compared to Square. A high net working capital ratio is not always a good thing. It indicates that Beximco has too much idle cash remaining or too much inventory in hand. This particular ratio can be tied back to both current ratio and Days Inventory Held (DIH). The current ratio shows that Beximco has more liquid balance as compared to Square. On the other hand, DIH showed that Beximco holds its inventory on an average of 100 days more as compared to Square. This leads to the explanation why Beximco has more NWC as compared to Square; which is not an indicator of better performance.

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CASH CONVERSION PERIOD:

OPERATING CYCLE:

OPERATING CYCLE=DSO+DIH 2007 SQUARE BEXIMCO 146 days 358 days 2008 166 days 320 days 2009 150 days 297 days 2010 137 days 265 days 2011 139 days 250 days

The operating cycle is an indicator of management performance efficiency. It shows how well the company is managing the critical operational capital assets, as opposed to their impact on cash. In this case, the operating cycle of Square Pharmaceuticals is less as opposed to Beximco; which is an indicator of better performance.

CASH CONVERSION PERIOD:

CASH CONVERSION PERIOD=OPERATING CYCLE-DPO

2007 SQUARE BEXIMCO 140 days 307 days

2008 159 days 273 days

2009 142 days 240 days

2010 115 days 217 days

2011 104 days 203 days

The cash conversion cycle measures the number of days a companys cash is tied up in the production and sales process of its operations and the benefit it gets from payment terms from its creditors. The shorter the cycle, the more liquid the companys working capital position is.

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Comparative cross-sectional and time-series analysis:

Cash Conversion Period Analysis

2011 2010 2009 2008 2007 0 50 100 150 200 250 300 350 BEXIMCO SQUARE

On an average it is seen that the Cash Conversion Period of Square is almost half compared to the duration of cash conversion of Beximco. This is because the DIH for Square is almost half of that of Beximco; which indicates that Square Pharma products are more demanded in the market. Thus Square Pharma has more liquidity, which translates into less of a need to borrow and an increased capacity to fund business expansion. Whereas, for Beximco, the longer Cash conversion period means the companys cash needs and negates all positive liquidity qualities.

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SOLVENCY RATIOS:
TIMES INTEREST EARNED:

TIMES INTEREST EARNED=EBIT/INTEREST EARNED

2007 SQUARE BEXIMCO 7.71 times 2.57 times

2008 4.86 times 4.00 times

2009 5.96 times 3.6 times

2010 8.71 times 2.47 times

2011 10.23 times 3.5 times

This measurement provides indication of the companys ability to meet interest payments as they come due. The higher the number, the higher the companys ability to pay the interest from its income. Although both companies have experienced increase over the years, Square Pharma has incurred a greater increase as compared to Beximco, and its performance has also been quite better.

OPERATING CASH FLOW RATIO:

OPERATING CASH FLOW RATIO=CASH FLOW FROM OPERATIONS/CURRENT LIABILTIES

2007 SQUARE BEXIMCO 56.73 % 20.91 %

2008 37.16 % 33.85 %

2009 94.20 % 22.44 %

2010 120.15 % 53.81 %

2011 61.76 % 59.53 %

The operating Cash Flow ratio measures a companys ability to pay its shortterm liabilities. Square Pharma has experienced a tremendous fall in 2011, while Beximco has experienced an overall increase. Despite of the fall, the ratio is still higher for Square as compared to Beximco. So, Square is in a better position and has enough cash to cover almost 62% of its liabilities as compared to the Beximcos 60%. 17

Comparative cross-sectional and time-series analysis:

Times Interest Earned

12 10 8 6 4 2 0 2007 2008 2009 2010 2011 SQUARE BEXIMCO

The graphical presentation of Times Interest Earned ratio indicates that Square has an overall higher Net Income to cover up/ pay for its Interest expenses as compared to Beximco.

Operating Cash Flow Ratio

140 120 100 80 60 40 20 0 2007 2008 2009 2010 2011 SQUARE BEXIMCO

The operational cash flow also indicates that Square has a better ability to pay for its short-term liabilities as compared to Beximco. Hence, it can be concluded that overall, Square Pharmaceuticals is more solvent in contrast to Beximco Pharmaceuticals.

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CURRENT LIQUIDITY INDEX:

( ( 2007 6.76 1.29 )

) ( 2008 6.4 2.8 2009 9.07 0.92 2010 10.00 7.81

( ) ) 2011 6.8 8.74

SQUARE BEXIMCO

The current liquidity index is used to show whether the company has enough hard cash to meet up the interest bearing current liabilities. From the very beginning, this ratio has shown an upward trend for both Square and Beximco. However, Square has experienced an unusual decline in the year 2011, whereas for Beximco the ratio has displayed extreme upward trend.

CLI
2011 2010 2009 2008 2007 0 2 4 6 8 10 12 BEXIMCO SQUARE

The CLI tells us if the company has a possibility of getting bankrupt. In this case, both the companies have enough CLI, which means there is no possibility of getting bankrupt. Although the CLI of Square is better on an average, except for the most recent period, where the CLI of Beximco is greater and shows better cash management.

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Z- SCORE MODEL ANALYSIS:

The Z-score for both Square and Beximco Pharmaceuticals have been calculated based on the following formula: Z= 1.2T1+ 1.4T2 + 3.3T3 + 0.6T4 +0.999T5 T1= Working Capital/ Total Asset T2= Retained Earnings/ Total Assets T3= Earnings before Income Tax/ Total Assets T4=Market value of equity/ Total liabilities T5= Sales/ Total Assts.

Z-SCORE=1.2T1+1.4T2+3.3T3+0.6T4+0.999T5 2007 2.33 2.35 2008 2.133 4.58 2009 2.46 2.7 2010 2.58 5.017 2011 3.23 3.75

SQUARE BEXIMCO

The analysis shows that for a publicly enlisted company (i.e. for both Square and Beximco Pharmaceuticals), the Z-score model is as follows: Z > 2.99 indicates Safe Zone 1.81 < Z < 2.99 indicates Grey Zone Z < 1.81 indicates Distress Zone Analysis shows that initially in the years 2007 to 2010, Square Pharmaceuticals have been in the Grey Zone. However, in the recent years it has made progress to the safe zone. For Beximco Pharmaceuticals, the Z score started with the company being in the grey zone, then it paved its way to the safe zone, but again plunged into grey zone, with a bit stable performance of safe zone in the last two years. Hence, it can be concluded that both Square and Beximco Pharmaceuticals are in the safe zone-, which indicates the company has no possibility of going bankrupt in the future.

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CONCLUSION:
Although both Square and Beximco Pharmaceuticals are operating in the same pharmaceutical industry, their performances in terms of different ratios are different. A majority of the above-calculated ratios suggest that Square Pharmaceuticals is running a better business, with Beximco very close behind. It should be considered here that Beximco Pharma started its operation in 1980, which is a well five years ahead of Square Pharma (1985). Despite of this the amount of resources, assets and sales are quite different for each of the companies- with Square showing better progress as compared to Beximco and has thus managed to conquer the pharmaceutical industry as the market leader. Individually, both the companies have improved their performances and have been growing bigger and better in the pharmaceutical industry.

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REFERENCE:
Chowdhury, R. A. & Islam, T.U. (2011) Financial Analysis of Square Pharmaceuticals. Retrieved April 7, 2013 from http://www.scribd.com/ Doc/62362884/ Financial-Profile-Analysis-of-Square-PharmaceuticalsLimited-Bangladesh Shawon, S. A. (2011) Pharmaceutical Industry of Bangladesh. Retrieved April 10, 2013 from http://www.idlc.com/sector_coverage/133567100Research% 20 Report%20on%20Pharmaceutical%20Sector%20of%20BDInitiation, , %20June%2028, %202011.pdf Report on Square Pharmaceuticals Limited (February 6, 2013) Retrieved April 10, 13 2013 from http://www.assignmentpoint.com/business/ organizational-behavior/internship-report-square-pharmaceuticals -ltd.html Hossain, A., Faruk, O., Hasan, R., Mamun, S. I. & Sultana, T. (February 17, 2012) A Report On Square Pharmaceuticals Limited. Retrieved April 8, 2013 from http://www.scribd.com/doc/81931957/A-Report-on-SquarePharmaceuticals-Ltd

(2012, 12). An Analysis on Working Capital Management of Beximco Pharmaceuticals Limited. StudyMode.com. Retrieved April 25, 2012 from http://www.studymode.com/essays/An-Analysis-On-Working -Capital-Management-1327280.html Sultana, S. (2012, 7). Financial Condition of Beximco Pharmaceuticals. Scribd Retrieved April 28, 2012 from http://www.scribd.com/doc/6109017/ Bexim

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