Business Finance FIN 201 Section: 02 Term Paper on Financial Ratio Analysis of Berger Paints Bangladesh Limited Submitted to Dr. Javed Bin Kamal Assistant Professor Department of Business Administration Submitted by Name Tawhedur Rahman Sizan Nishat Tasnim Md. Jahid Uddin Ahmed Shoumik Jannatul Ferdous Mim Md, Fahmidul Islam Samit Hasan Khan Sharika Ashiq ID 2020-1-13-096 Participation 14.29% 2020-1-10-323 2020-1-10-116 14.29% 14.29% 2019-1-10-186 2019-2-10-053 2020-1-10-409 2019-1-10-243 14.29% 14.29% 14.29% 14.29% Submission date: 3rd September 2022 Contents Letter of Transmittal......................................................................................................................... 3 Acknowledgment ............................................................................................................................... 4 Executive Summary .......................................................................................................................... 4 1. Introduction ............................................................................................................................... 5 2. Background of the Study .......................................................................................................... 5 3. Objectives................................................................................................................................... 5 4. Limitations ................................................................................................................................. 6 5. Company Overview .................................................................................................................. 6 6. Liquidity Ratio .......................................................................................................................... 7 Quick Ratio................................................................................................................................ 8 Cash Ratio ................................................................................................................................. 9 7. Return Ratio ............................................................................................................................ 10 8. Asset Management (Turnover) Ratios .................................................................................. 11 Total Asset Turnover Ratio.................................................................................................... 11 Fixed Asset Turnover Ratio .................................................................................................. 12 9. Debt Management Ratio ........................................................................................................ 14 Interest Coverage Ratio ......................................................................................................... 15 10. Tax/Sales Ratio ....................................................................................................................... 15 Degree of operating leverage................................................................................................. 16 Degree of Financial Leverage................................................................................................ 17 11. Price Earnings Ratio .............................................................................................................. 18 Book Value............................................................................................................................... 19 Net income ............................................................................................................................... 19 12. Conclusion ............................................................................................................................... 20 13. References ................................................................................................................................ 21 Page 2 of 21 Letter of Transmittal August 30, 2022 Javed Bin Kamal Lecturer, Department of Business Administration East West University A/2, Jahurul Islam Avenue, Aftabnagar, Dhaka-1212 Subject: Financial Ratio Analysis of Berger Paints Bangladesh Limited Dear Sir, With due respect, we would like to let you know that we have prepared a report for the completion of one of the BBA programs courses, FIN201, and are submitting it to you for your inspection. The topic of our report is “Financial Ratio Analysis of Berger Paints Bangladesh Limited.” This report consists of a summary and analysis of the financial ratio of the company “Berger Paints Bangladesh Limited”. We have collected, studied, and analyzed various reports, articles, and documents for the preparation of this report. We would like to thank you for giving us such a topic which has made us learn a lot of new things, gather new experiences and improve our skills, and also for your support regarding this. We are ready to answer any of your queries regarding this report. So, I hope that you would be kind enough to receive our report and inspect it. Sincerely yours, Jannatul Ferdous Mim, ID: 2019-1-10-186 Sharika Ashiq, ID: 2019-1-10-243 Md. Fahmidul Islam, ID: 2019-2-10-053 Nishat Tasnim, ID: 2020-1-10-323 Md. Jahid Uddin Ahmed Shoumik, ID: 2020-1-10-116 Tawhedur Rahman Sizan, ID: 2020-1-13-096 Samit Hasan Khan, ID: 2020-1-10-409 Page 3 of 21 Acknowledgment First of all, we express our gratitude to the Almighty Allah for providing us the effort and patience needed to complete such a big task and complete our report, “Financial Ratio Analysis of Berger Paints Bangladesh Limited.” We would also like to convey our sincere gratitude and appreciation to our distinguished faculty, Javed Bin Kamal, Lecturer, Department of Business Administration, East West University. He has taught us many valuable topics which have helped us immensely to prepare our report. We would also like to thank him for choosing such a topic which has helped us learn new things and also for his oversight, assistance, and helpful advice without which it would not be possible to create this report. Executive Summary This term paper has been done on Berger Paints Bangladesh Limited. The objective of this report is to give an analysis and comparison of the financial ratio of the company. The information given in this study has been collected from sources like the Berger Website along with secondary sources like articles and reports available on the internet. In preparation for this, financial topics like asset management, profitability, solvency, etc. have been analyzed. The financial condition along with the overall condition of Berger Paints Bangladesh Limited in the industry can be seen in this report. Through reading the report it can be understood that the company is in a profitable state and is doing very well in the country and is also growing. Page 4 of 21 Financial Ratio Analysis of Berger Paints Bangladesh Limited 1. Introduction Currently, businesses all over the world have become competitive. Every company is trying to become the best and top their rivals. Huge companies are also included in this type of business. But in this competition, even big companies cannot succeed and as a result, the failure or the collapse of the whole company occurs. Various factors play a role in the failure and success of a company. But one of the, if not the main factor is finance. Due to poor or incorrect financial choices, a company fails. But by taking steps according to the analysis of the financial sector, a company can succeed. And for this analysis one of the main tools or methods is “Financial Ratio Analysis”. Through this, the financial situation of the company can be understood and steps beneficial for the company can be taken. Berger was first established in England. After growing there, the company started spreading internationally. In 1923, it came to the Indian Sub-continent. In 1950 it was established in Pakistan and later in 1970 it was inaugurated in Bangladesh in Chittagong. In 1980 the name of the company in Bangladesh was changed to Berger Paints Bangladesh Limited. Berger is a very successful company and it is a very famous one too. Its success and growth in Bangladesh have been amazing and now it is almost the first choice of everyone for paint. This Financial Ratio Analysis will give the readers a broad and proper insight into the company as well as the industry. 2. Background of the Study This study has been done as a descriptive and proper study of the financial ratio of Berger Paints Bangladesh Limited which will give an overview or analysis of the company. Topics like asset management, liquidity, solvency, and profitability have been analyzed here to show the current condition of the company and how it is doing in the industry. This study will impact the reader’s choices regarding the company as it will give them an analysis of it. 3. Objectives The primary objective of the report is to analyze the financial ratio of Berger Paints Bangladesh Limited and to give an overview of the company. In this report, the company’s performance in financial functions like liquidity, asset management, solvency, and profitability can be assessed. A more accurate representation of the state of operations of the company can be portrayed and its current performance in the industry can also be analyzed. The current conditions of the company can be compared with that of previous years. Only the numbers cannot explain how a company is performing, to show it a financial ratio analysis of the company should be prepared. Page 5 of 21 4. Limitations Although the company was cooperative, we still had to face some limitations in collecting the information. Since every company has certain policies in giving information and their confidentiality, some information had to be taken from secondary sources. Although this report is very descriptive and proper analysis has been done and the objective of the report has been fulfilled, due to lack of time every information couldn’t be collected and a very accurate, broad, and the in-depth report couldn’t be created. 5. Company Overview The foundation of Berger was laid in 1760 by a German citizen named Louis Berger, who established a dye and pigment manufacturing company in England. When Louis brought his family into the company, the name was eventually changed to Louis Berger & Sons Limited. The business saw quick growth and expansion while building a solid reputation for innovation and entrepreneurship excellence. Louis first succeeded in perfecting the method for creating Prussian blue, a deep blue dye. The business expanded quickly thanks to the addition of offices throughout the globe and mergers and acquisitions with other top manufacturers of paint and coatings. Since Bangladesh's independence, Berger Paints has been in business. Berger has developed and transformed over the past few decades, becoming the top paint solution provider in the nation with a diverse product line that can meet all of your painting requirements. In comparison to other manufacturers in this sector, Berger has made significant investments in R&D and technology. Because of their cutting-edge facilities and stringent quality controls that adhere to international standards, Berger's products are of a top caliber. Berger has access to practically all of Bangladesh thanks to the robust distribution network. An unequaled ability to meet paint needs practically everywhere in Bangladesh is provided by the nationwide dealer network, which is supported by 8 sales depots strategically positioned in Dhaka, Chittagong, Rajshahi, Khulna, Bogra, Sylhet, Cumilla, and Mymensingh. Two new BPBL depots were inaugurated in 2014 in Rangpur and Feni. Berger Paints has expanded its social obligations beyond business by starting to support the welfare of autistic children in Bangladesh in 2009. Through the Berger Young Painters Art Competition (BYPAC), Berger Award for Excellence in Architecture (BAEA), Berger Award Program for the Students of Architecture of BUET (BASAB), and Scholarship Program for the Students of Architecture Discipline, Khulna University, Berger Paint Bangladesh Limited have been supporting the young and creative talents of the nation. Page 6 of 21 6. Liquidity Ratio πͺππππππ πππππ Current Ratio = πͺππππππ π³ππππππππ Years Berger paints Bangladesh limited 2019 2020 2021 πΆπ’πππππ‘ ππ π ππ‘ πΆπ’πππππ‘ πΏπππππππ‘π¦ πΆπ’πππππ‘ ππ π ππ‘ πΆπ’πππππ‘ πΏπππππππ‘π¦ πΆπ’πππππ‘ ππ π ππ‘ πΆπ’πππππ‘ πΏπππππππ‘π¦ 2.02275 2.2167 2.22026 CURRENT RATIO 2,25 2,2 2,15 2,1 2,05 2 1,95 1,9 2019 2020 2021 The current ratio is a liquidity ratio that measures how well a company can meet its short-term or one-year commitments. It tells investors and analysts how a company can maximize the working capital on its balance sheet to meet its current debt and other liabilities. An increase in the ratio indicates that the company has high liquidity to pay its current debt. However, there is a certain limit this ratio should increase. Having too much of this current asset shows that lower profitability because of its lower return. It is wise to maintain a ratio of 2:1. Here We can see from the table that throughout 3 years (2019-2021) the current ratio of Berger is way more than it’s required. In 2021 the highest current ratio showing at that year they could cover the liabilities faster than the other two years. Page 7 of 21 Quick Ratio Quick Ratio = Years Berger paints Banglade sh limited πͺππππππ π¨ππππ− π°ππππππππ πͺππππππ π³πππππππππ 2019 2020 2021 πΆπ’πππππ‘ π΄π π ππ‘ − πΌππ£πππ‘πππ¦ πΆπ’πππππ‘ π΄π π ππ‘ − πΌππ£πππ‘πππ¦ πΆπ’πππππ‘ π΄π π ππ‘ − πΌππ£πππ‘πππ¦ πΆπ’πππππ‘ πΏππππππππ‘π¦ πΆπ’πππππ‘ πΏππππππππ‘π¦ πΆπ’πππππ‘ πΏππππππππ‘π¦ 1.499 1.56001 1.361945 Quick Ratio 1,56 1,499 1,361 2019 2020 2021 The quick ratio is an indicator of the company's short-term liquidity position and measures how well the company can meet its short-term obligations with its most liquid assets. This ratio measures a company's capacity to cover the current debt with fast assets such as cash, marketable securities, and accounts receivable. For improved debt coverage, quick assets must be greater than current liabilities. As expected, Berger has a very healthy amount of quick ratio. Among these three years, 2020 was the best year for the quick ratio too as it shows that their quick assets are higher than the other two years to cover the current liabilities considering the inventories counted. Page 8 of 21 Cash Ratio Cash ratio = Years Berger paints Banglades h limited πΆππ β+πΆππ β πππ’ππ£πππππ‘ πΆπ’πππππ‘ πΏπππππππ‘π¦ 2019 2020 2021 πΆππ β + πΆππ β πππ’ππ£πππππ‘ πΆππ β + πΆππ β πππ’ππ£πππππ‘ πΆππ β + πΆππ β πππ’ππ£πππππ‘ πΆπ’πππππ‘ πΏπππππππ‘π¦ πΆπ’πππππ‘ πΏπππππππ‘π¦ πΆπ’πππππ‘ πΏπππππππ‘π¦ 0.6352862 0.9683057 0.866735 Cash Ratio 0,968305 0,866735 0,635286 2019 2020 2021 The cash ratio is a measurement of a company's liquidity. It specifically calculates the ratio of a company's total cash and cash equivalents to its current liabilities. The metric evaluates a company's ability to repay its short-term debt with cash or near-cash resources, such as easily marketable securities. in general, a liquidity ratio of 1 or more indicates that the company has sufficient cash and cash equivalents to fully service all current debt. In general, a ratio above 1 is preferred, Cash ratio under 0.5 is considered risky as the entity has twice as much short-term debt compared to cash. We can see that in Berger in 2020 and 2021 the cash ratio is closer to 1 but in 2019 the cash ratio is not good. Page 9 of 21 7. Return Ratio Return on Assets The term return on assets (ROA) refers to a financial ratio that indicates how profitable a company is concerning its total assets. The formula for ROA is- ROA= Net Income/Total Assets For 2019- 2848243000/11522185000= 0.247 For 2020- 3056265000/12929511000= 0.236 For 2021- 3535069000/15300038000= 0.231 Return on assets over 5% is generally considered good whereas over 20% is considered excellent which means that BERGERPBL is in an excellent position as the ratio of ROA is over 20 percent so it is over the excellent ratio. Return on Equity The return on equity ratio essentially measures the rate of return that the owners of common stock of a company receive on their shareholdings. Return on equity is also a factor in stock valuation in association with the other financial ratios. The formula for ROE isROE= Net income/Shareholders Equity Shareholders equity= Total assets – total liabilities 2019: (11522185000 – 2997935000) = 8524250000 2020: (12929511000 – 4221354000) = 8708157000 2021: (15300038000 – 5409272000) = 9890766000 Return on Equity For 2019- 2848243000/8524250000 = 0.334 For 2020- 3056265000/8708157000 = 0.351 For 2021- 3535069000/9890766000 = 0.357 For return on equity, 15-20% is generally considered good. So we can see from the above calculation that BERGERPBL Company’s return rate is appraisable as it is already over 20 percent. Page 10 of 21 8. Asset Management (Turnover) Ratios Asset Management (Turnover) Rations are a group of metrics that shows how a company generates revenues by using its assets. Asset Management Ratio also shows how effectively a company is using its assets to generate revenue. It also shows the efficiency and effectiveness of the company in using its assets in the best possible way.in generating revenues. They reflect a company’s ability to translate its assets to sales. The asset management ratio is also known as the asset turnover ratio and asset return ratio. The asset management ratio is calculated for different assets. Common rations are included Fixed Asset Turnover, Total Asset Turnover, Inventory Turnover, Credit Turnover, and Cash Conversion Cycle. Now, the main focus is on the first two ratios. Total Asset Turnover Ratio The total Asset Turnover ratio measures the efficiency of a company by using all of its assets to generate sales. It provides an overview of all asset management turnover. The higher the company’s asset turnover ratio, the better and more efficient it is perceived by stakeholders. πΊππππ Total Asset Turnover = π»ππππ π¨πππππ Years Berger Paints Bangladesh Limited 2019 2020 2021 πππππ πππ‘ππ π΄π π ππ‘π πππππ πππ‘ππ π΄π π ππ‘π πππππ πππ‘ππ π΄π π ππ‘π 17,800,412,000 11,522,185,000 16,219,044,000 12,929,511,000 16,669,802,000 15,300,038,000 = 1.545 = 1.254 = 1.090 Page 11 of 21 Total Asset Turnover 1,545 1,254 1,09 RATIOS 2019 2020 2021 Interpretation: Total Asser Turnover shows the number of sales generated with a company’s total assets. The higher the ratio, the higher the efficiency of the company. We can see from the table that throughout 3 years (2019-2021) the total asset turnover ratio of Berger Paints Bangladesh Limited. In 2019, Berger Paints Bangladesh Limited had its highest total asset turnover ratio as it reached 1.545 times which means by utilizing all its assets, fixed and non-fixed, it has generated 1.545 times sales. In the recent year 2020 and 2022, the rate gradually dropped to 1.254 times and 1.090 times which means the company is heavily impacted by Covid-19 Coronavirus and it is trying to cover up to get back its old position in the Paint and Coatings Industry in Bangladesh. Fixed Asset Turnover Ratio Fixed Asset Turnover is a ratio that measures the company’s operations using only fixed assets for sales. This ratio only compares the use of long-term assets to generate sales. Page 12 of 21 πΊππππ Fixed Asset Turnover = πππππ π¨πππππ Years Berger Paints Bangladesh Limited 2019 2020 2021 πππππ πΉππ₯ππ π΄π π ππ‘π πππππ πΉππ₯ππ π΄π π ππ‘π πππππ πΉππ₯ππ π΄π π ππ‘π 17,800,412,000 4,865,986,000 16,219,044,000 5,207,599,000 16,669,802,000 5,731,838,000 = 3.658 = 3.114 = 2.908 Fixed Asset Turnover 3,658 3,114 2,908 Ratios 2019 2020 2021 3,658 3,114 2,908 Interpretation: Fixed Asset Turnover Ratio provides a view of how much sales the company has generated by using its fixed assets. Since every company expects more sales, the higher the ratio, the better it is for the company due to higher productivity. We can see from the table that throughout 3 years (2019-2021) the fixed asset turnover ratio of Berger Paints Bangladesh Limited. The company reached its highest fixed asset turnover in 2019 and the rate was 3.658 times. This implies that the company has utilized its fixed assets Page 13 of 21 in such a way that has induced double the value of the fixed assets in terms of sales revenue. In 2020 and 2022, the rate gradually dropped to 3.114 times and 2.908 times. Currently, the company is not doing well as before. 9. Debt Management Ratio To offer investors a sense of the company's financial status, a company's debt management ratio is calculated. A company's debt ratio may be too high, which could be a sign of impending trouble. At the absolute least, a business with a lot of debt would struggle to pay or keep up dividend payments to investors. A corporation with a debt ratio that is too low may be underinvesting in its assets and stifling its growth, which could delay or prevent the value increase of its equity shares. We know that the formula of Debt management ratio= Total Liabilities/Total Assets Year 2021 2020 2019 Total Liabilities 4730285000 3483507000 2997935000 Total Assets 15300038000 12929511000 11522185000 In 2021, The debt management ratio was 0.31 In 2020, The debt management ratio was 0.27 In 2019, The debt management Ratio was 0.26 DEBT MANAGEMENT RATIO Year Total Liabilities 15300038000 2E+10 1E+10 Total Assets Debt Management Ratio 12929511000 4730285000 2021 0,309168186 3483507000 2020 0,26942295 11522185000 2997935000 2019 0,260188063 0 1 2 3 1 2021 2 2020 3 2019 Total Liabilities 4730285000 3483507000 2997935000 Total Assets 15300038000 12929511000 11522185000 Debt Management Ratio 0,309168186 0,26942295 0,260188063 Year Purely from a risk standpoint, debt ratios of 0.4 or less are preferred, whereas a debt ratio of 0.6 or more makes borrowing money more challenging. While a low debt ratio signals a corporation is more creditworthy, holding too little debt carries danger as well. Page 14 of 21 Interest Coverage Ratio The interest Coverage Ratio (ICR) is a financial metric used to determine how well a company can pay its outstanding debts. Also known as multiple yields, it is used to assess the risk of investing in a company and how close the company is to default. ICR is calculated from Earnings and Taxes before Interest Paid, EBIT for short, and interest paid by the company. The formula of Interest coverage ratio= Earnings before Interest and Tax/ Interest Expense Year EBIT Interest Expense 2021 2020 2019 3472362000 3092467000 2777694000 36432176 3047999 7342996 Interest Coverage Ratio 95.31 1014.589 378.278 INTERSET COVERAGE RATIO Year EBIT Interest Expense 3472362000 4E+09 2E+09 2021 Interest Coverage Ratio 3092467000 36432176 95,31031031 2020 2777694000 3047999 1014,589244 2019 7342996 378,2780217 0 1 2 3 Year 1 2021 2 2020 3 2019 EBIT 3472362000 3092467000 2777694000 Interest Expense Interest Coverage Ratio 36432176 3047999 7342996 95,31031031 1014,589244 378,2780217 A financial indicator called the interest coverage ratio assesses a company's ability to pay off its debts. Generally, larger ratios indicate a corporation is in a better position to meet its interest commitments, whereas lower ratios indicate financial instability. 10.Tax/Sales Ratio 2019, πππ₯ 72,44,26,000 = = 0.0406~ 4.06% πππππ 17,800,412,000 Page 15 of 21 2020, πππ₯ 8,00,019000 = = 0.0493~ 4.93% πππππ 16,219,044,000 2021, πππ₯ πππππ = 92,35,74,000 16,669,802,000 = 0.0554~ 5.54% 5 4 3 2019 2 2020 2021 1 0 Tax/Sales Degree of operating leverage The DOL ratio helps analysts to determine what will be the impact of any change in sales earnings of the company. 2019, πΊπππ π ππππππ‘ 79,514,95,000 = = 2.86 πΈπ΅πΌπ 27,776,94,000 2020, πΊπππ π ππππππ‘ 62,406,46,000 = = 2.01 πΈπ΅πΌπ 30,924,67,000 2021, πΊπππ π ππππππ‘ 66,323,62,000 = = 1.91 πΈπ΅πΌπ 34,723.62,000 Page 16 of 21 3,5 3 2,5 2 2019 1,5 2020 2021 1 0,5 0 Degrees of Operating Leverage The higher the DOL, the more sensitive a company's earnings before interest and taxes are to changes in sales, assuming all other variables remain constant. So, Berger’s DOL is improving from year to year. Their earnings before interest and taxes to change in sales are becoming less sensitive. Degree of Financial Leverage Leverage is the use of debt to undertake investment or project. 2019, % Change in Earnings Per Share / % Change in EBIT = 1.404 2020, % Change in Earnings Per Share / % Change in EBIT = 1.485 2021, % Change in Earnings Per Share / % Change in EBIT = 1.547 Page 17 of 21 1,6 1,55 1,5 2019 1,45 2020 1,4 2021 1,35 1,3 Degree of Financial leverage Berger paints earnings as being more volatile year to year consistently and it was more volatile in 2021 at 1.547. 11.Price Earnings Ratio The price-earnings ratio, or P/E ratio, calculates to compare the price of a company's stock to the earnings the company generates. The formula for the price-to-earnings ratio also referred to as the P/E Ratio, is the price per share divided by earnings per share. The price-to-earnings ratio is used as a quick calculation for how a company's stock is perceived by the market to be worth relative to the company's earnings. P/E ratio formula: Market price per share / EPS 2019 2020 2021 81.64/44.27 = 1.844 81.64/49.43 = 1.652 81.64/54.96 = 1.485 Interpretation: The market value per share and the earnings per share are compared using a financial measure called the price-earnings ratio. In other words, it's a monetary indicator that investors can use to assess how future cash flows from an investment will compare to the investment's worth. According to many investors, this ratio represents the price the market is ready to pay for the current cash flows attributable to each firm. Page 18 of 21 Book Value The difference between a corporation's total assets and total liabilities is known as its book value, and it represents the entire amount of assets that shareholders would get if the firm were to be liquidated. Book Value Formula: Asset – Liabilities 2019 2020 11522185000 – 2997935000 12929511000 – 3483507000 = 8524250000 = 3483507000 2021 15300038000 – 4730285000 = 1.0569753*10^10 Market to Book Value Ratio Formula: Market capitalization / BV 2019 2020 2021 81.64 / 8524250000 = 9.6*10^-9 81.64 / 3483507000 = 8.6*10^-9 81.64 / 1.06*10^10 = 7.7*10^-9 Interpretation: The book-to-market ratio should generally be close to 1. Less than 1 suggests that a business can be acquired for less than its worth in assets. A higher number, perhaps around 3, would indicate that purchasing a company will be costly. Here, the ratio is less than 1 which suggests that Berger paints business can be acquired. Net income Net income is the amount earned by a person or a company after costs, allowances, and taxes have been subtracted. Net income is the amount of money left over after all business expenses, such as salaries, wages, the cost of goods or raw materials, and taxes have been paid. Net income formula: Gross profit – Expense 2019 2020 2021 7951495000 – 5103252000 = 2848243000 6240646000 – 3184381000 = 3056265000 6632362000 – 3097293000 = 3535069000 Interpretation: This ratio can also be represented as a product of the profit margin and the total asset turnover. Net income is more in the latest the year 2021. Page 19 of 21 12.Conclusion After analysing all the above rations, it states that Financial Statements Analysis is an important tool in assessing company’s performance. It reveals the strengths and weaknesses of a firm. It helps the clients to decide in which firm the risk is less or in which one they should invest so that maximum benefit can be earned. It is known that investing in any company involves a lot of risk. Based on the data available the trend of the company can be predicted in near future. On studying the Financial Statements Analysis of Berger Paints Bangladesh Limited for a period of three years from 2019 to 2021, the study reveals that the financial performance was previously better in 2019 but in last two years Covid-19 lockdown has impacted the performance of the company. Although, Berger Paints Bangladesh Limited has been avail to maintain profitability in these crucial times. Further the company’s performance and efficiency can be improved by following proper financial steps. Page 20 of 21 13. References 1. Berger Paints Bangladesh Limited “Annual Report 2019” https://www.bergerbd.com/wp-content/uploads/2021/07/BGR_Annual_Report_2019.pdf 2. Berger Paints Bangladesh Limited “Annual Report 2020” http//www.bergerbd.com/wp-content/uploads/2021/07/Berger_AR_2019-20.pdf 3. Berger Paints Bangladesh Limited “Annual Report 2021” https://www.bergerbd.com/wp-content/uploads/2021/09/BGR_AR_2020-21.pdf 4. Essentials of Managerial Finance, “Basley & Brigham” https://drive.google.com/file/d/1h3Jut2WMI7Bnj2bGQT4-hGabyLtjqQbj/view?usp=sharing Page 21 of 21