leading edge health medical equipment company
DESCRIPTION
Navana Biponon Limited is a leading edge Health Medical Equipment Company based in Dhaka and Chittagong, Bangladesh and is acclaimed for its sales and after sales service.TRANSCRIPT
Medical Equipment Company: NAVANA
Organization
Navana Biponon Limited is a leading edge Health Medical Equipment Company based in Dhaka
and Chittagong, Bangladesh and is acclaimed for its sales and after sales service.
Company Introduction
Biponon Limited came into being in 1996 as a specialized company in the field on Medical &
Health Sector. This company comprises a team of experienced & trained Bio-Medical & Electro-
Medical Engineers and also a group of skilled marketing professionals. Within a short span of time
Biponon has already positioned itself as market leader in medical and scientific equipment. Also it
has proved its reliability by providing its customer prompt and satisfactory after sales service. The
area and departments where this company is doing business are Medical & Health Sector and has
been successfully doing business in Ministry of Health, CMSD, DGMS, DGDP, Atomic Energy
Commission, Probin Hospital, ICMH, Diabetic Association of Bangladesh, etc.
Biponon Limited has commenced its proceedings with a great motto to contribute in the countries
Health Sector to improve its quality of various Diagnostics, Medical & Laboratory Equipment by
supplying them various advanced and sophisticated scientific and medical equipment. The
company has already executed a good number of supplies and an EC funded project worth
approximately US $ 5.0 million, which is considered to be the largest single project of its kind.
Historical Backgrounds
Navana Limited, the flagship company of the Navana Group (previously Islam Group) was
established in 1964 by then Group’s founder Mr. Jahurul Islam and had an auspicious step into the
business under an exclusive distributorship agreement with TOYOTA of Japan to market Toyota
cars in the then East Pakistan.
In the trading front, the Group has brought into existence a separate trading unit in 1996 namely
Biponon Limited. This company commenced business in the potential field of Health and Medical
Equipment Sector. And within a short span of one year since its commencement it was awarded
with one of the biggest single tender under the Ministry of Family & Welfare, worth of US $ of 5.0
million to supply $ installation of Medical Equipment under EC finance.
The Management of the Navana Biponon Limited
Navana Biponon Limited is managed by the Board of Directors, a technical personnel and a
Management Committee. The management of is simply exceptional in comparison to any other
listed companies in this country. It has a blend of professionalism and wisdom, which plays a key
role in managing the champion organization.
The Board of Directors includes:
1. Mr. Shafiul Islam Kamal- Chairman
2. Mrs. Khaleda Islam – Director
3. Mr. Saiful Islam Shuman- Director
4. Mr. Sajedul Islam- Director
Technical Personnel
The Technical personnel are accountable for both operational and Technical performance of the
company. This committee is also responsible for policy adoption or changes, new project review,
their technique.
Technical Personnel:
1. Engr. Mahabub Quddus- Deputy
Manager
2. Md. Shahidul Islam- Service-Engineer
3. Mr. Md. Nazmul Hasan- Service-
Engineer
4. Mr. Md. Mohiuddin- Assistant
Service-Engineer
5. Mr. Md. Asif Iqbal- Assistant Service-
Engineer
The Management Committee
The management committee reviews and manages day-to-day business operation and recommends
strategy options to the Technical personnel.
The Management Committee:
1. Mr. Shafiul Islam Kamal- Chairman
2. Mr. Saiful Islam Sumon- Director
3. Engr. Malaya Mahanta- General Manager
Mission & Vision
Every organization has got mission & vision Navana Biponon Limited is not in difference. Its
mission & vision have been given bellow:
Mission“Each of the activities must benefit and add value to the common wealth of the society. We firmly
believe that in the final analysis we are accountable to each of the constituents with whom we
interact namely our employees our customers, our business associates, our fellow citizens and
shareholders.
Vision
“ Our vision building a healthier tomorrow where our fellow citizens will live longer, healthier and
happier. Our activities have always been centered on developed core competencies to deliver the
best in the industry ensuring superior value and return to our customers.”
Product / Services
Product:
The company aims to import the most robust equipment in the domestic market. In 2006 twenty
(20) products were launched in the domestic market. Some major are given bellow-
1. M.R.I
2. C.T. Scan
3. X-ray
4. Colour Dropler
5. Ultra Sound
6. C.R. Machine
7. AGFA Film
Origin of the Report
Today, practical experience is as much essential as academic education that enables someone to be
successful business executive especially in the competitive business environment. In order to gather
knowledge and exposure, regarding the organizational culture and behavior, the business students
have to involve with internship after the successful completion of their Business Degree.
To prepare this report, I have selected and got an opportunity to work as an internee in the reputed
and well known organization Navana Biponon Limited a firm of Navana Group. I have chosen the
topic “Comparative Financial Statement Analysis: A case study of Navana Biponon Limited” I
tired to bring out the accounting and financial performance of Navana Biponon Limited based on
their corporate financial reporting. I conducted the ratio analysis and compared them with the
situation of the previous years. That will reveal the actual situation of the company.
Objectives:
“Our objectives are to conduct medical equipment business within the legal and social framework
with aims to attain the mission reflected by our vision”.
Methodology:
To identify the financial performance of Navana Biponon Limited. Four analytical tools for
financial statement analysis are taken into consideration. These are
1. Ratio Analysis
2. Statement of Changes in Equity
3. Cash Flow Statement
Sources of Data:
The enter report is prepared depending solely on secondary data,
Taken from the Internet and annual reports of Navana Biponon
Limited.
No primary data are used for analysis.
NAVANA BIPONON LTD.
BALANCE SHEET
At the End of June 30, 2003
Particular Amount Non – Current Assets 290,233,403Property, Plant & Equipment 163,623,850Investment 124,745,734Pre- Production Expenses 1,863,819
Current Assets 97,242,746
Inventories 67,769,429Accounts Receivables 4,943,237Inter Project Current Account 112,544,564Advance, Deposit & Prepayments 9,809,058Cash and Bank Balances 2,176,458Total assets 387,476,149
EQUITY AND LIABILITIES Capital and reserves (316,892,790)
Issued Capital 203,597,600Tax- holiday Reserve 4,156,589Retained Earnings (524,646,979)Non Current Liabilities Long Term Borrowings – Net of Current Maturity ( Secured ) -Current Liabilities 704,368,939Short Term Borrowings – Secured 370,571,751Long Term Borrowings – Current -Maturity ( Secured)Inter Project Current Account -Creditors and Others Payable 291,051317Accrued Expenses 3,089,711Dividend Payable 39,656,160Total Liabilities and Shareholders’Equity 387,476,149
NAVANA BIPONON LTD.
BALANCE SHEET
At the End of June 30, 2004
Particular Amount Non – Current Assets 282,402,881Property, Plant & Equipment 156,725,237Investment 124,745,734Pre- Production Expenses 931,910Current Assets 71,015,513
Inventories 30,932,924Accounts Receivables 14,715,007Inter Project Current Account 13,116,534Advance, Deposit & Prepayments 9,026,618,Cash and Bank Balances 3,224,430Total assets 353,418,394
EQUITY AND LIABILITIES Capital and reserves (41,087,336)
Issued Capital 203,597,600Tax- holiday Reserve 4,156,589Retained Earnings (248,841,525)Non Current Liabilities Long Term Borrowings – Net of Current Maturity ( Secured ) 180,052,000Current Liabilities 214,453,730Short Term Borrowings – Secured 136,766,833Long Term Borrowings – Current Maturity ( Secured) 22,504,000Inter Project Current Account -Creditors and Others Payable 27,119,019Accrued Expenses 3,498,470Dividend Payable 24,565,408Total Liabilities and Shareholders’Equity 353,418,394
NAVANA BIPONON LTD.
BALANCE SHEET
At the End of June 30, 2005
Particular Amount Non – Current Assets 360,292,059Property, Plant & Equipment 264,467,064Investment 95,824,995Pre- Production Expenses -Current Assets 91,254,406
Inventories 44,036,877Accounts Receivables 16,791,135Inter Project Current Account 5,204,324Advance, Deposit & Prepayments 20,132,387Cash and Bank Balances 5,089,683Total assets 451,546,465
EQUITY AND LIABILITIES Capital and reserves (37,124,233)
Issued Capital 203,597,600Tax- holiday Reserve -Retained Earnings (240,721,833)Non Current Liabilities Long Term Borrowings – Net of Current Maturity ( Secured ) 315,650,415Current Liabilities 173,020,283Short Term Borrowings – Secured 136,982,667Long Term Borrowings – Current -Maturity ( Secured)Inter Project Current Account -Creditors and Others Payables 15,69,489Accrued Expenses 4,551,555Dividend Payable 15,836,572Total Liabilities and Shareholders’Equity 451,546,465
NAVANA BIPONON LTD.
BALANCE SHEET
At the End of June 30, 2006
Particular Amount Non – Current Assets 344,147,713Property, Plant & Equipment 268,322,718Investment 75,824,995Pre- Production Expenses -Current Assets 150,587,991
Inventories 78,205,428Accounts Receivables 32,779,422Inter Project Current Account -Advance, Deposit & Prepayments 24,799,183Cash and Bank Balances 14,803,958Total assets 494,735,704
EQUITY AND LIABILITIES Capital and reserves (25,741,388)
Issued Capital 203,597,600Tax- holiday Reserve -Retained Earnings (229,338,988)Non Current Liabilities Long Term Borrowings – Net of Current Maturity ( Secured ) 296,406,348Current Liabilities 224,070,744Short Term Borrowings – Secured 149,053,596Long Term Borrowings – Current Maturity ( Secured) 32,713,514Inter Project Current Account 2,524,387Creditors and Others Payables 23,447,449Accrued Expenses 4,352,357Dividend Payable 11,979,441Total Liabilities and Shareholders’Equity 494,735,704
NAVANA BIPONON LTD.
PROFIT & LOSS ACCOUNT
At the End of June 30, 2003
Particular Amount
Net Sales Revenue 45,624,741
Cost of Goods Sold (36,986,928)
Gross Profit 8,637,813
Operating Expenses (30,433,928)
Administrative Expenses (10,613,442)
Selling & Distribution Expenses (19,819,734)
(21,795,363)
Finance Cost (95,095,576)
Profit /( Loss) from Operation (116,890,939)
Add Other Income -
Net Profit ( Loss) for the Year (116,890,939)
Contribute to Workers’ Profit
Participation Fund -
Net Profit before Income Tax ((116,890,939)
Profit/ ( Loss) brought forward (407,756,040)
Profit/ ( Loss) carried forward (524,646,979)
Earnings Per Share (57.41)
Number of Shares used to compute
EPS 2,035,976
NAVANA BIPONON LTD.
PROFIT & LOSS ACCOUNT
At the End of June 30, 2004
Particular Amount
Net Sales Revenue 66,825,568
Cost of Goods Sold (48,924,408)
Gross Profit 17,901,160
Operating Expenses (31,573,182)
Administrative Expenses (7,730,336)
Selling & Distribution Expenses (23,842,846)
(13,672,022)
Finance Cost (7,764,038)
Profit /( Loss) from Operation (21,436,060)
Add Other Income -
Net Profit ( Loss) for the Year (21,436,060)
Contribute to Workers’ Profit
Participation Fund -
Net Profit before Income Tax (21,436,060)
Profit/ ( Loss) brought forward (227,405,465)
Profit/ ( Loss) carried forward (248,841,525)
Earnings Per Share (10.53)
Number of Shares used to compute
EPS 2,035,976
NAVANA BIPONON LTD.
PROFIT & LOSS ACCOUNT
At the End of June 30, 2005
Particular Amount
Net Sales Revenue 159,766,207
Cost of Goods Sold (102,764,066)
Gross Profit 57,002,141
Operating Expenses (44,958,594)
Administrative Expenses (9,222,754)
Selling & Distribution Expenses (35,735,840)
12,043,547
Finance Cost (5,537,092)
Profit /( Loss) from Operation 6,506,455
Add Other Income 840,342
Net Profit ( Loss) for the Year 7,346,797
Contribute to Workers’ Profit
Participation Fund -
Net Profit before Income Tax 7,346,797
Profit/ ( Loss) brought forward (248,068,630)
Profit/ ( Loss) carried forward (240,721,833)
Earnings Per Share 3.61
Number of Shares used to compute
EPS 2,035,976
NAVANA BIPONON LTD.
PROFIT & LOSS ACCOUNT
At the End of June 30, 2006
Particular Amount
Net Sales Revenue 249,846,035
Cost of Goods Sold (155,278,202)
Gross Profit 94,567,833
Operating Expenses (67,200,531)
Administrative Expenses (12,866,157)
Selling & Distribution Expenses (54,334,374)
27,367,302
Finance Cost (15,783,912)
Profit /( Loss) from Operation 11,583,390
Add Other Income 735,937
Net Profit ( Loss) for the Year 12,319,327
Contribute to Workers’ Profit
Participation Fund 586,635
Net Profit before Income Tax 11,732,692
Profit/ ( Loss) brought forward (241,071,680)
Profit/ ( Loss) carried forward (229,338,988)
Earnings Per Share 5.76
Number of Shares used to compute
EPS 2,036,976
NAVANA BIPONON LTD.
Statement of Changes in Equity
Particular Amount in
Taka
30.06.2003
Amount in
Taka
30.06.2004
Amount in
Taka
30.06.2005
Amount in
Taka
30.06.2006
Issued Capital 203,597,600 203,597,600 203,597,600 203,597,600
Tax- holiday Reserve 4,156,589 4,156,589 - -
Retained Earnings :
Net Accumulated Profit
( Loss) (407,756,040) (227,405,465) (248,068,630) (241,071,680)
Net Profit /(Loss) for the Year
(116,890,939) (21,436,060) 7,346,797 11,732,692
Net Accumulated Profit
( Loss)
(524,646,979) (248,841,525) (240,721,833) (229,338,988)
( Balance Transferred to
balance Sheet )
Shareholders’ Equity at the
end of the Year
(316,892,790) (41,087,336) (37,124,233) (25,741,388)
No. of Ordinary Shares 2,035,976 2,035,976 2,035,976 2,035,976
Face Value Per Share 100 100 100 100
Shareholders’ Equity Per
Share
(155.65) (20.18) (18.23) (12.64)
NAVANA BIPONON LTD.
Cash Flow Statement
Particular Amount in Taka
30.06.2003
Amount in Taka
30.06.2004
Amount in Taka
30.06.2005
Amount in Taka
30.06.2006Cash Flows from
Operating Activities :Cash Received from Customers
57,256.646 57,053,798 157,690,079 233,857,748
Cash Paid to Suppliers and Employees
(54,062,358) (37,964,612) (189,758,159) (240,996,835)
Cash Generated from Operation
3,194,288 19,089,186 (32,068,080) (7,139,087)
Other income Income Tax Paid and Deducted at Source
(460,219) (1,031,321) (1,732,478) (2,667,797)
Net Cash Generated from Operating Activities 2,734,069 18,057,865 (32,960,216) (9,070,947) Cash Flows from Investing Activates : Acquisition of Property, Plant & Equipment
(4,437,024) (4,434,767) (124,881,747) (30,626,734)
Invest Liquidate (Net ) (10,783,015) - 28,920,739 20,000,000Net Cash Used in Investing Activities : (15,220,039) (4,434,767) (95,961,008) (10,626,734)Cash Flows: from Financing Activities : Received from Associated 12,46,855 19,364,544 (11,383,585) 7,728,11 Companies & others Dividend Paid & Written Off
116,480 (15,090,752) (8,728,836) (3,857,131)
Bank Loans Received ( Repaid )
1,711,562 (16,848,918) 113,310,249 25,540,376
Net Cash Used in Financing Activates: 13,874,897 (12,575,126) 93,797,828 29,411,956Net Increase/ Decrease) in Cash & Cash Equivalents 1,155,967 1,047,972 1,865,253 9,714,275Cash & Cash Equivalents at the beginning of the Year
1,020,491 1,276,458 3,224,430 5,089,683
Cash & Cash Equivalents at the End of the Year 2,176,458 2,324,430 5,089,683 14,803,958
NAVANA BIPONON LTD.
SL. No. Particular 2006 2005 2004 2003
1 Sales 24.98 15.97 6.68 4.56
2 Gross Profit /( Loss) 9.46 5.7 1.79 0.86
3 Operating Profit / (Loss) 2.74 1.2 (1.37) (2.18)
4 Net Profit /(Loss) 1.17 0.73 (2.14) (11.69)
5 Earning Per Share (EPS) 5.76 3.61 (10.53) (57.41)
6 Dividend Per Share 10.00 - - -
7 Fixed Asset 26.83 26.45 15.67 16.36
8 Investment 7.58 9.58 12.47 12.47
9 Net Working Capital (7.35) (8.18) (14.34) (60.71)
10 No. of Shareholders. 8,212 8,451 8,8920 6.578
Performances at a Glance
Amount in Core Taka
Ratio Analyses
Ratio analysis expresses the relationship among selected items of financial statement data. A ratio
analysis expresses the mathematical relationship between one quantity and another. The
relationship is expressed in terms of either a percentage a rate, or a simple proportion.
1. Liquidity Ratio: Measure of short-term ability of the enterprise to pay its maturing
obligations and to meet unexpected needs for cash.
2. Profitability Ratio: Measures of the income or operating success of an enterprise for a
given period of times.
3. Solvency Ratio: Measures of the ability of the enterprise to survive over a long period of
times.
For performance analysis of Navana Biponon Limited. Above of all ratios can be analysis and
interoperate in the following ways-
Performances Analysis
Financial Performances of a company needs the assistance of its financial statement to measure the
this type of performance at first we have to establish the following parameters using the balance
sheet and profit & loss accounts of a financial statement.
A. Liquidity Ratio:
Feature 2006 2005 2004 2003
i) Current Ratio : Total Current Asset/ Total
Current Liabilities
0.67 0.53 0.33 0.14
ii) Acid Test Ratio: Total Current Asset-
Inventories / total Current
Liabilities
0.32 0.27 0.19 0.04
iii) Accounts Receivable
Turnover :
Total Credit Sale / Accounts
Receivable
7.62 9.51 4.54 9.23
iv) Inventory Turnover : Cost of Goods Sold/ Average
Inventory
1.99 2.33 1.58 0.55
B. Market Measurements:
Feature 2006 2005 2004 2003
i) Price Earning Ratio : Make Price Per share
Earning Per Share
17.35 27.71 (9.50) (1.74)
ii) Earning Yield: Earning Per Share / Market Price
Per Share
0.06 0.04 (0.11) (0.57)
iii) Dividend Yield Dividend Per Share
Market Price Per Share
0.10 - - -
iv) Dividend Payout
Raito:
Dividend Per Share / Earning Per
Share
1.74 - - -
C. Asset Utilization ratio:
Feature 2006 2005 2004 2003
i) Sales to Cash : Sales / Cash Balance 16.88 31.39 20.72 20.96
ii) Sales to Accounts
Receivable
Sales / Accounts Receivable 7.62 9.51 4.54 9.23
iii) Sales to Inventories Sales / Inventories 3.19 3.63 -2.16 0.67
iv) Sales to Total Asset : Sales / Fixed Asset 0.51 0.35 -0.19 0.12
D. Profitability:
Feature 2006 2005 2004 2003
i) Gross Profit
Margin :
Gross Profit / Sales 37.85 35.68 26.79 18.93
ii) Operating Profit
to Sales
Operating Profit / Sales 4.70 4.60 (32.08) (256.20)
iii) Net Income to
Sales
After Tax Profit / Sales (91.79) (150.67) (37.37) (1,149.92)
E. Solvency Ratio:
Feature 2006 2005 2004 2003
i) Total Debt to
Capital :
Total Liabilities / T.
Liabilities + Equity
Capital
105.20 108.22 111.63 181.78
ii) Long Term
Debt to Equity
Capital:
Long Term
Debt/Equity Capital :
(1,151.48) (850.25) (438.22) -
A. Liquidity Ratio
1. Current Ratio:
It shows the amount of an available meet current liability of the company. It also shows the short
term liquidity of the company. High current ration means high current assets compared to current
liabilities. Having high current liability is risky but if the proper matching is possible the company.
Should go for high current liability and reduce financial cost. Navane Biponon Limited’s current
ratio is between.14 to 67. This is not a good current ration because the current liabilities are higher
than that of current assets.
2. Acid Test Ratio:
0
50
100
150
200
2003 2004 2005 2006
TDE
Year
00.050.1
0.150.2
0.250.3
0.35
If the sales stops at any moment how much of the current liabilities company can meet from its
current asset. The difference CR and ATR is due to cash & marketable securities. Keeping huge
cash balance is not good for the company. Because cash is a non earning asset unless it is deposited
in to interest earning accounts. So the difference between CR & ATR should not be large.
The difference between Navana Biponon Limited’s is quite high. It means that they maintain a high
balance, which is not good for the company.
B. Activity Ratio:
1. Inventory Turnover:
It shows that how many times the company transforms its inventory in to cash. It measures the
efficiency of the company. Illogic turnover means more quickly the company is able to convert its
inventory in to cash. It means the company requires less capital to invest for the same amount of
sales if it can ensure inventory turnover.
Inventory turnover for Navana Biponon Limited varied form 0.67 in year 2003, 2.16 in year 2004
3.19 in year 2006 is not good for the company. IT lf 2005 is good for the company.
2. Fixed Assets Turnover Ratio :
Year2003 2004 2005 2006
Aci
d Te
st R
atio
0
0.5
1
1.5
2
2.5
3
3.5
4
Year
2003 2004 2005 2006
Inve
ntor
y Tu
rnov
er
3.
The Fixed assets turnover Ratio measures how effectively the firm uses its plant and equipment to
help generate sales. The ratio of Navana Biponon Ltd. Shows an Increasing trend from the year
2003 to 2006. This indicating that the company is using its fixed assets efficiently.
3. Receivable Turnover Ratio:
Receivable turnover ratio measures liquidity of receivable. Receivable turnover of year 2005 is
better because RTR is 3.63
C. Market Measurement Ratio:1. Price earnings Ratio:
0
0.1
0.2
0.3
0.4
0.5
0.6
2003 2004 2005 2006
Year
FAT
0123456789
10
2003 2004 2005 2006
Sale
s to
AR
Year
-10-505
1015202530
2003 20042005 2006
Pric
e Ea
rnin
g R
atio
The Price earning ratio measures the amount that investors are willing to pay for each taka of a
firm’s earnings. The level of the price earnings ratio indicates the degree of confidence that
inventories have in the company’s future performance. The higher price earnings ratio, the higher is
investor confidence. Price earning ratio of 2005 is higher than that of others. But the position of
year 2004 and 2003 are Negative figure.
D.Profitability Ratio
1. Gross Profit Margin
Measures Profit generated after consideration of cost of Products Sold. This ratio actually measure
the firm controls the cost of inventory or manufacturing the Products and to pass along Price
Increases through the Sales of Customers. Navana Biponon Limited’s Gross Profit Ratio is 37.85
that are good sign for the company.
2. Operating Profit Margin Ratio
05
10152025303540
2003 2004 2005 2006
Gro
ss P
rofit
Mar
igin
Year
-300
-250
-200
-150
-100
-50
0
502003 2004
2005 2006
The Operating Profit margin measures the Percentage of each Sales Taka remaining after all costs
and expenses other than interest, taxes and Preferred stock dividends are deducted. It re present
the “pure profit” earned on each Sales taka. Operating Profit is “pure” because they measure only
the profit earned on operations and ignore interest, taxes and preferred stock dividends. A higher
operat9ing profit margin preferred. Navana Bipnon Limited’s Operating Profit Margin in 2006 is
higher than that of others.
E. Solvency ratio:1. Total Debt Equity Ratio:
Debt equity ratio measures debt to equity base use the debt carriers risk because is require the
interest as well as the principal payment.
Findings
Considering all those data collect and calculated at last we came to know the about the following
situation:
Navana Biponon Limited is in serious liquidity crisis.
OPM
0
50
100
150
200
2003 2004 2005 2006
TDE
Year
It is not highly efficient in dealings with accounts receivables and inventory management.
Navana Biponon Limited should increase its sales & improve its Credit policies.
Gross profit is not bad but it is underweighted due to maintain a huge liabilities.
Operating profit is too poor considering its huge investment.
The company is maintaining a huge loss year after year, but the situation is changing very
slowly.
Navana Biponon Limited Maintaining a huge debt capital in comparison with its equity
capital, which is also a very bad sign.
Conclusion
It is not a easy task to overcome all those disaster situations at a time. But Navana Biponon
Limited trying heart & soul to solve those successfully by utilizing its efficient man power,
friendly environment at its office & maintaining world class qualities in its products. Now it is
the time to take care the following situation pungently:
Improving its liquidity condition by increasing sales & improving receivables
collection.
Improving its long term solvency problems by generating equity capital.
If Navana Biponon Limited can do so, then why not we hope for the best?
Bibliography
The Annual Report of the Navana Biponon Limited for the year 2006
The Annual Report of the Navana Biponon Limited for the year 2005
The Annual Report of the Navana Biponon Limited for the year 2004
The Annual Report of the Navana Biponon Limited for the year 2003
Official web site of Navana Biponon Limited
http://www.navana .com
Lawrence J. Gitman-Principles of Financial Management
Leopold A. Bernstein John J.wild-Financial Statement Analysis