Over View of the Financial Performance of GrameenPhone Ltd (Part 2)

The Directors of the Board are appointed by the Shareholders in the Annual General Meeting (AGM) who are accountable to the Shareholders. The Board is responsible for guiding the Company towards the goal set by the Shareholders. The Board also ensures that Grameenphone Policies & Procedures and Codes of Conduct are implemented and maintained; and the Company adheres to generally accepted principles for the governance and effective control of Company activities. In addition to the other legal guidelines, the Grameenphone Board has also adopted “Governance Guidelines for the Board” for ensuring better governance in the work and the administration of the Board.

The Board of Directors in Grameenphone is comprised of nine members including the Chairman who is elected from among-st the members. In compliance with the Corporate Governance Guidelines issued by the Securities and Exchange Commission (SEC) and as per the provision of the Articles of Association (AOA) of the Company, the Board of Directors in its 101st Board meeting held on March 19, 2010 appointed an Independent Director to the GP Board.

The AOA requires the Board to meet at least four times a year and otherwise when duly called for in writing by a Board member or Shareholder. Dates for Board Meetings in the ensuing year are decided in advance and the notice of each Board Meeting is served

Figure 13: Board of Directors Grameenphone.

CONTROL ENVIRONMENT IN GRAMEENPHONE:

 CONTROL ENVIRONMENT IN GRAMEENPHONE

 Quantitative ANALYSIS:

ANALYSIS OF FINANCIAL PERFORMANCE OF GRAMEENPHONE

FIVE YEAR FINANCIAL SUMMARY

 FINANCIAL TREND ANALYSIS

 PROFIT BEFORE TAX

CAPITAL EXPENDITURE

 TOTAL ASSETS

OWNERS EQUITY AND LIABILITY

OTHERANALYSIS

NET CASH FLOW PER SHARE

 AVERAGE REVENUE PER UNIT

FINANCIAL RATIO ANALYSIS

 LIQUIDITY DIMENSION

 CURRENT RATIO CALCULATION

Current Ratio = (Current Asset / Current liability)

Figure 25: Current ratio trend (2006-2010)

Analyzing current asset we see that all of the components has increased over 5 years except few cases. But few of the part of this asset are inventory and account receivables. This inventory is not a pure liquid that’s why it doesn’t give us actual liquidity position of grameenphone. To get more pure ratio we will discuss about quick ratio. But in comparison to industry average in last five years except 2007 grameenphone is performing is very well.

The quick ratio, which is also known as acid-test ratio is a better test of financial strength than the current ratio, as it gives no consideration to inventory, which may be very slow moving. A comparison of the current ratio with quick ratio would give an indication regarding inventory position.

Moreover, in the very short-term the ability to meet requirements of cash can be judged only on the basis of a properly drawn cash budget and not on the basis of the quick ratio.

Accounting collection period (days) = (360/ Average Receivable turnover)

 INVENTORY TURNOVER

Inventory turnover= (CGS/ Average inventory)

Figure 29:INVENTORY TURNOVER(2006-2010).

Normally when inventory turnover increases we think that the stock of inventory is going to be finished but in this case the level of inventory has not decreased and thus we can guess that the firm will not face any inventory problem. But one thing is important that they are holding much more inventory, which has tied up the cash balance.

If the Inventory turnover period is more rotate its shows the greater efficiency, so in comparison to the data among last five years at 2006 is showing the worst situation. Day by its reduce and show great efficiency. Company need to be more focus on maintaining days to inventory turnover.

 In comparison to industry, company is almost near to industry. Industry average at 2010 is 10 days for processing inventory and company is having 8.45 days for processing. So we can say company is doing very well.

Figure 30: Days to inventory (2006-2010).

The accounts payable turnover indicates ratio of accounts payable compare with sales of a firm. This ratio indicates the rapidity of accounts payable to be turned into cash. It measures the tendency of a firm’s policy whether stretch payable or not. The accounts payable turnover ratio also indicates how many times a company pays off its suppliers during an accounting period. It measures how a company manages paying its own bills. A higher ratio is generally Show less efficiency.

Figure 31: Accounts payable period (days) (2006-2010).

At 2007 among the last five year data is the greatest year in terms of  accounts payable period , because at that time it was almost 120 days to paid up to the supplier. Day by day it’s seemed as alarming for grameenphone that it becomes less day by day. In comparison to industry it is far more batter and maintain a good trade cycle. It means the firm maintains a low Accounts payable.

So, we can say that the firm pays their accounts payable immediately. As a result there is a low balance of cash. One thing is important that a firm can earn money by stretching account payable because they don’t have to pay interest for that. Thus the way they can use cost free fund.

There are many measures of profitability, which relate the returns of the firm to its sales, assets, or equity.  As a group, these measures allow the analyst to evaluate the firm’s earnings with respect to a given level of sales, a certain level of assets, or the owners’ investment.  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. The profitability ratios are:

(1). Gross profit margin

(2). Operating profit margin

(3). Net profit margin

(4). Return on total asset (ROA)

(5). Return on total equity (ROE).

The gross profit margin is a measure of the gross profit earned on sales. Gross profit margin serves as the source for paying additional expenses and future savings. The gross profit margin considers the firm’s cost of goods sold, but does not include other costs. It is also known as “gross margin”. The gross profit margin measures the percentage of each sales amount remaining after the firm has paid for its goods. It may be used as an indicator of the production operation and the relation between production cost and selling price. The gross profit margin is calculated as follows:

Figure 32:Gross profit margin (2006-2010).

Though the decreasing trend indicates that, the sales of Grameenphone are decreasing, Grameenphone maintains a good gross profit margin in each and every year. All the years it earns gross profit over 47%.
The gross profit margin has slightly decreased in 2008 compare with 2006 and 2007. In 2010 over all sales has increased as well as gross profit margin has also increased.

The decline in gross profit margin has happened because of cost of goods sold. It has increased more than 4% in 2010 in compare to 2007. On the other hand sales have increased at the same time operating cost of goods sold increased though grameenphone doing well by maintaining a good gross profit margin over the last few years.

The net profit margin measures the percentage of each sales remaining after all costs and expenses including interest and taxes deducted. The higher firm’s net profit margins the better substance it shows. The net profit margin is calculated as follows:

Figure 33: Net profit margin (2006-2010).

In this case also net profit margin has decreased in 2007 and 2008. Earlier we have said that the increasing rate of CGS and operating cost is higher than increasing rate of sales. But we don’t mention about tax and interest. These have also increased significantly.  Though account payable has decreased but short-term bank loan has increased. As a result interest has increased and tax has also increased in 2007 and 2008   compare with the year 2009. But after listing in share Market, Company get reduction in tax margin by almost 10%. This is the main reason of increasing in net profit margin over last two years 2009 and 2010.

Return on equity is the bottom line measure for the shareholders, measuring the profits earned for each taka invested in the firm’s stock. That means the ratio figures out the net benefit that the stockholders receive from investing their capital in the organization.

In the last 5 years Grameenphone maintained a very healthy percentage of ROE ratios. In three years it maintained the ROE ratio over 35%, but in 2007 and 2008 it dropped to 12.1% and 11.1% respectively. The industry average ROE and GP’s ROE are almost equal in the year 2009 but once again in 2010 it decrease in comparison to 2009. But by considering the scenario of last 5 years it can be said that GP’s efficiency in utilizing capital is well.

Figure 34: Return on equity (2006-2010)

Return on asset is a measure of how effectively the firm’s assets are being used to generate profit. It is an indicator of how profitable a company is relative to its total assets. ROA gives an idea as to how efficient management is at using its assets to generate earnings. Calculated by dividing a company’s annual earnings by its total assets, ROA is displayed as a percentage.

Figure 35: Return on asset (2006-2010)

From the above presented figure, it is founded that GP also maintain a high ROA ratio. And in some years its’ return on asset is very high. But the ratio dropped in 2007 and 2008.  The reason of which is like as reason of decrease in ROE. The industry average ROA is 11.29% in 2009 and ROE of GP in 2009 is 13.8%, so this can be said that GP has a high efficiency of utilizing assets but in 2010 it is slightly decrease in comparison to 2009.

This ratio compares the long-term debts with shareholders fund. The relationship between borrowed funds & owners capital is a popular measure of the long term financial solvency of a firm. This relationship is shown by debt equity ratio. Alternatively, this ratio indicates the relative proportion of debt & equity in financing the assets of the firm. The debt ratio measures the proportion of total assets financed by the time’s creditor. The higher the ratio, the greater amount other people’s money being used is an attempt to generate profits. The ratio is calculated as follows:

Analysis shows that debt ratio has continuously decreased from 2007 through the total liability has decreased only in the year 2001. The ratio has decreased because total asset had increased at a higher rate than total debt. And it’s a good sign for the company.

 In this case creditor will allow them to sell their product to them on credit. The company is following the policy to pay the debt immediately. Thus the way they can save interest expense. And as a result their net income will be high within a short period of time 

 Figure 36: Debt to equity (2006-2010)

From above we can see that Grameenphone is able to maintain a very good average of debt to equity ratio. Grameenphone maintain a good balance of debt with equity provided by the shareholders. This is a positive sign for the shareholders of Grameenphone Limited. Compare to the industry at 2010 its stated lower.

Business growth rate depend on the amount of resources retained and reinvested in the entity. And the rate of return earn on the reinvested fund. We can calculate the business growth rate from the following formula.

Growth= (percentage of earning return * Return on equity)

Figure 37:Growth rate analysis (2006-2010).

As we see that in 2007 to 2009 growth rate is positive but in 2010 growth rate is negative due to reduction in earning rather than 2009 as well as payout ratio is increase by 1.51.overall trend is positive for Grameenphone limited.

It examines the uncertainty of income flows for the total firm and for the individual sources of capital. (Debt, preferred stocks, common stock) .Total risk is considering under two internal components.

(1)    Business risk: Business risk arises from uncertainty of operating income. It can be cause of two factors. Volatility of the firm’s sales over time and its product mix and variable cost of the operating leverage. We can measure the business risk of grameenphone LTD by the following formula.

Business Risk

(2)    Financial risk analysis:Due to use fixed financial obligation financial risk arises.  Use of debt in the capital structure increase financial risk.When company is trying to give more preference in debt financing   fixed interest obligation create risk for the company. We can measure   financial risk through debt equity ratio and interest coverage ratio.

Comments: Grameenphone has very low financial risk as well because through the IPO listing in 2009 helps to reduce the debt financing and fixed interest obligation.

(1)Liquidity risk:

Liquidity risk is the risk that the company will not be able to meet its financial obligations as they fall due. The company’s approach to managing liquidity (cash and cash equivalents) is to ensure, as far as possible, that it will always have sufficient liquidity to meet  its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the company’s reputation. Typically, the company ensures that it has sufficient cash and cash equivalents to meet expected operational expenses, including financial obligations through preparation of the cash flow forecast, prepared based on time line of payment of the financial obligation and accordingly arrange for sufficient liquidity  fund to make the expected payment within due date. In extreme stressed conditions, the company may get support from the parent company in the form of short term financing. The carrying amount of financial liabilities represents the maximum exposure to liquidity risk. The maximum exposure to liquidity Risk at 31 December 2010 was:

Carrying amount        Maturity period

Taka                      Months

Payable for operating expenses                    121,923,559        six months or less

Payable for capital expenditure                                                 176,839,206                   -do-

Other current liabilities                                           4,533,784                       -do-

Total             303,296,549

 2)Market risk:

Market risk is the risk that any change in market prices, such as foreign exchange rates and interest rates will affect the company’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters.

 (3)Currency risk:

The company is exposed to currency risk on certain revenues and purchases such as IT service revenue from foreign customers and import of IT equipment, software and software support services. Majority of the company’s foreign currency   transactions are denominated in USD and relate to procurement of software and software support service from abroad. As at 31 December 2010, only exposure to currency risk arises from receivable for IT services provided to Telenor Broadcast Holding AS amounting to Tk. 2,297,652.  Exchange rate for USD as at 31 December 2010 was Tk 71.40.

(4)Interest rate risk:

The only interest bearing financial instrument for the company is the special notice deposit (SND) account maintained by the company with its banks. Historically, interest rates for such instruments show little fluctuation. Interest rate risk for the company is therefore insignificant.

Strengths and weaknesses are the micro environmental factors influencing a business which are within the organization. Opportunities and threats are the macro environmental factors that influence all the firms in the industry. They are present in the whole industry. The following figure shows the strengths and opportunities that Grameenphone Ltd. enjoys as well as the weaknesses and threats that the company faces. This simple analysis helps to find out the major four factors, which are opportunities, threats, strengths and weaknesses of the organization

Figure 11: SWOT Analysis of Grameenphone.

There are some findings regarding the analysis done in the previous chapter can be discussed into two parts, positive and negative. I also include some breakdown which area should give more focus to build the future prospect for the company and .Hopefully this helps to manage shot coming of the current past in an effective manner. The major findings in my analysis are briefly discussed in the following section.

Maintain Good liquidity proportion

The Current ratio and quick indicate high liquidity position of GP considering its size and scale of operation in spite of recent downturn in the net operating cash flow up to 23.16 ( Share /BDT) at 2010 which is less than 24.77 ( Share /BDT) at 2009  . Current ratio of this company is increasing in every year (2006, .44, 2007, .19, 2008, .29, 2009, .57, 2010, .69).At 2009 and 2010 it has increased because in those years’ current assets and other inventory is more increased by introducing new handset BADON and tag SIM card with it.

Consistency  in net profit margin

However the decreasing trend in net profit indicates that, the sales of Grameenphone have been decreasing, but the true fact is that gross profit is 38730 million BDT at 2010 but net profit 10705 million BDT .Lower net profit after tax for the year 2010 compared to 2009 was mainly driven by heavy subsidy of BDT 680 crore, partly offset by revenue growth. The 2009 net profit after tax was higher due to a positive adjustment of BDT 412 crore in income tax after successful listing into the stock exchanges. Without this adjustment, the 2009 net profit after tax was BDT 1,085 crore.

Activity ratios

Activity ratios are impressive in case of grameenphone. Over all ratios is good particularly close attention should be given to increase in such areas as inventory turnover, average collection period and fixed asset turnover.

Operating efficiency

The industry average ROE 35% and GP’s ROE 38.50% are almost equal in the year 2009. But by considering the scenario of last 5 years it can be said that GP’s efficiency in utilizing capital is well. This efficiency in utilizing capital to generate income would be a driving force for Grameenphone in the coming years.The industry average ROA is 11.29% in 2010 and ROA of GP in 2010 is 10.00%, so this can be said that GP has not performed high efficiency of utilizing assets to provide revenue. The increase in assets indicates the capabilities of serving large customer base in future. The company has huge established infrastructure and fixed assets, which is also a very good indication for their future operation and prospect.

Balance Debt and Equity Proportion

Grameenphone has able to keep balance in the shareholders equity and liability portion. In the year 2009 the equity portion increases by 82% while the liability portion decreases. At end of the 2010 the company was running with 54% debt and 46% equity.

Lowering CAPEX IN 2010

The company was very much successful in lowering their capital expenditure in 2010. Capital expenditure during 2010 was BDT 846 crore compared to BDT 1,037 crore in 2009.

Increasing trend in assets growth.

The assets of the GP increase throughout the last 5 years at a very satisfactory rate. Total asset base increased marginally by BDT 34 crore between 2009 and 2010 due to higher cash generation from operation and higher inventory build-up of handsets and SIM card in line with higher sales target. However, this increase in assets was partly offset by higher depreciation and amortization expense charged on existing asset base during the year.

Strong revenues growth.

From the financial analysis we can find that Grameenphone has able to maintain an increasing trend in revenue in each and every year. This is a very good sign for the company. The Company committed to making modern mobile telephony and data services available to everyone, both in urban and rural areas, thereby making a positive contribution to the lives of the people of Bangladesh. Grameenphone earned BDT 7,473 crore revenues for the year 2010 with a 14.4% increase from 2009. The growth was mainly from voice as well as interconnection revenues driven by subscription growth and revenues from sales of mobile devices. Data revenue has also contributed to this strong revenue growth for the year 2010 going up by 64.0% from 2009.

Decreasing ARPU.

Due to market competition started back in the past years, Average Revenue Per User (ARPU) decreases over the previous years from BDT 262 in 2008 to BDT 250 in 2009 and at 2010, 231 BDT. This is an alarming sign for Grameenphone as the market competition is increasing day by day. To maintain a good level of ARPU the company should make an effort to increase its subscriber base by introducing more products and services and more value added services.

Leadership position in industry.      

Grameenphone has been able to maintain its leadership position in the industry .Typically there is some reason, such as continuing to deliver innovative and relevant products and services to its customers and providing a quality network with the widest coverage. The Company has so far invested BDT 15,796 crore to build the network infrastructures since its operation on March 26, 1997. BDT 846 crore was invested during 2010 alone. Grameenphone has built the largest cellular network in the country, covering 99 percent of the population and over 89 percent of land areas.

Keeping Consistent market share.

The strong customer base of GP (29.97 million in 2010) and its superior service quality is the prime factor for its large revenue scale in spite of decreasing ARPU trend. In the coming years if Grameenphone can maintain its strong subscriber base and market share by introducing more new products and services with more innovative features, the company will be able to sustain its strong revenue growth.

Tax advantage by listing in capital market.

The company has able to save huge amount of earnings before tax (EBT) and net income for the last years. In 2010, being a public limited company the corporate tax rate is reduced, so the earnings before tax will grow higher in the coming year. It will be a greater advantage for Grameenphone Limited over the other mobile phone operators in country. In 2009 the growth rate of Net Profit after Tax is almost 402%. This increase was due to higher revenue and lower operating expenses.

   The negative sides of the findings are as follows:–

There were decreases in Earnings after Tax in 2010 Comparison to 2009 and also operating profit decreasing at 2010 then 2009.

The company has been found twice by regulatory authority (BTRC) not to comply with the law. For that Grameenphone was fined twice huge amount of money for not being compliant with the telecommunication authority. This is the reason for the huge increase in non-operating expenses in 2008. The management of Grameenphone should be much more in charge of what is happening in its operation, because now being a public company there is much more risk involved for the shareholders.

Currently company can’t manage to retain the loyal customer. There is a huge completion in the market regarding price and promotion .Other companies likes Airtel, Banglalink, Robi are involving to capture the market. Though GP manage to introduce new customer in the market but this is a cost layer for the company because there is subsidy need to payment for the huge SIM tax in recent years.

Recently the market share of Grameenphone is decreasing. And from the analysis of 35 month subscriber growth data we also see a decreasing trend in the growth rate as well as in the subscriber gain.

Here these Findings on overall financial performance and other key indicated that Grameenphone is a good growing company & if they maintain the current revenue growth and manage the cost of production and relative operating cost then Certainly they will be manage to keep its leading position in the telecommunication industry in Bangladesh in near future.

The overall performance of Grameenphone shows a satisfactory position although they are facing a huge competition in few years. The liquidity ratios show that they have very impressive ability to meet the outside liabilities from current assets. On the other hand the profitability as well as total assets are in increasing trend. Although they have very low return on asset at the end of the study but it can be said that there is every possibility to get better financial condition and improvements by taking appropriate and accurate actions to protect decreasing tendency in ARPU, Market share growth, Cash flows etc. Whereas due to fall in earning yield, Return on asset, Return on equity, there is every possibility of further fall in market price of share. Appropriate measures should be taken to improve the above ratios. The short coming of grameenphone can be resolve to certain extend by considering following suggestion.

For the operational Excellence and improvement in financial performance:

Grameenphone need to incorporated cost optimization initiatives through operational excellence program to maximize profit. In addition, Grameenphone need to opt for cost-efficient network solutions through swapping of assets with less cost equipment’s .Which might help GP to maximize profit.

Net operating cash flow per share decrease in 2010 (23.16 BDT) 2009,(24.77 BDT),2008 (20.14 BDT), so company need to be more conscious regarding down trend of cash flows it might hamper the liquidity of grameenphone.

Compare to 2009 ROA (13.8%) and ROE (21.9%) is decreasing in comparison to 2010 ROA (9.8%) ROE (21.9%), so company need give more focus on   operating efficiency.

Market share of grameenphone is in decreasing trend (2010-43.7%, 2009-44.4%, 2008-47.0%, 2007-48.0%, 2006-50.10%) though it is maintaining a constant growth in every year. So company need to improve in market share by promoting new offers and price cattle.

Operating profit is decreasing in 2010 (20207 million BDT) in comparison to 2009 (20518 million BDT) though it is consistent in last few years .So company need to focus on this issue and should try to find the way how they can  minimize operating expenditure.

Net profit after tax is decreasing in 2010 (10705 million BDT) in comparison to 2009 (14968 million BDT) which is happened due increase in subsidy (BDT 455 crore), Commission (BDT 116 crore), SIM card cost of device (BDT 108 crore).So company need to minimize the operating cost of the company which will lead to maximize profit for the company.

Total liability increased by BDT 246 crore during the year due to increase in accounts payable against income tax and SIM card tax. So company needs more attention to minimize liabilities.

They should increase dividend per share that will serve as a promotional toolAs we seen dividend paid in 2009 (12.08 BDT) but it decreasing in 2010 (7.93 BDT).

They have to be more careful about utilization of working capital.

Need to perform Contribution analysis for each of the product lines to optimize profit in light of demand factors.

Regulatory authorities have played a vital role in business environment with new directives and guidelines, such as reduced interconnect prices, guidelines for infrastructure sharing and likewise. So they need to be more compliance with the new directive of BTRC.

Rationality and planning in materials purchases to avoid unnecessary inventory buildup or shortage of materials.

Effects to bring selling prices in line with costs having regard to competition and other market factors.

Improvement of productivity through work-study and training of front line supervisors.

Amidst global recession and intense competition in the market, Grameenphone has had a good year in terms of its financial consolidation. Competitors are engaged into price war and with new entrants coming into the market, there is a possibility of exhilarating competition ahead. So they need to prepare of this competition.

 Customer relation and retention development for future prospect:

Company needs to focus on customer retention because they are the hart of grameenphone. So they need to more conscious about customer loyalty program such as star campaign.

People are expecting that such a big company grameenphone will promote a chip price to its customer, and hopefully provide exciting offer to customer.

Strong brand value helps to influence the people. So they need to more contribute for the society by taking initiative of different corporate social responsibility.

Grameenphone need to be continued with its product innovation and offering wide array of services because other contestant is coming with lots of chipset offer,

For the interest of shareholders:

Now grameenphone is a listing company in share market so it need to more focus in the investor interest and other corporate communication.

Close attention should be given to earning of the company.

Upcoming years promises to be full of opportunities to expand GP’s business and ICT expertise to meet new development challenges as well as offer yet even more innovative products and services for its customers.

For the employee benefits

Need to focus on the employee satisfaction.

Arrange and manage different training for the employees for better efficiency.

In this age of modern civilization telecommunication is playing its splendid role to keep the communication easier for the people through the cellular phone ever than past as well as helps to     economic development wheel moving for the country. We can see lot of new telecommunication company has been established in last few years and these companies have made this Telco sector very competitive. The major task for a telecommunication companies are to survive in this competitive environment by managing its huge numbers of subscriber base and revenue growth with an efficient way. Grameenphone has a strong financial base as well huge subscriber base to contend with other company, which make this organization financially sound and solvent. The ranking of this paper are done based on some key ratios, growth rate analysis and the risk index, but there are other factors that are also need to be considered to analysis the companies surveillance, like – long term liabilities, Revenue growth, customer satisfaction and retention ARPU, Debt equity ratio  analysis etc. but according to the analysis of key ratio and the risk index it is found that grameenphone is the best telecommunication company among the other company tailed by Robi, Banglalink. Airtel, City cell, Teletalk respectively. However, the finding was such that Grameenphone was ranked the number one position because the other had less performed. When analyzing the key indicator of Grameenphone over its corresponding year, it was found that in many scenarios it had performed better over the period of time. Moreover, their improvement over the period of time in relationship building with the other company was not significant but a good sign occurs in 2010 by signing a network infrastructure sharing among the telecommunication company in Bangladesh which gives a new dimension for the companies to minimize resources as well as proper utilization of the resource . Grameenphone Limited only the profitable company which is enlisted capital market of Bangladesh and declared AAA credit rate which is the highest given by CARB in comparison to the company. Research and Development of product and service is done by a dynamic team under marketing division for keeping the quality of product and ensure   continuous improvement which is one of the most confidential tactics of Grameenphone LTD to keep the leadership position in the industry. Here as an employee of commercial division i am allowed to get limited information for my study. I am not allowed to get the information which is too much confidential for the company. So in my report all the information used was meant for the public. It was an honor for me that I have been working as an employee in a reputed organization like grameenphone Limited. The grameenphone is a company that confirms the best service to the customer’s .grameenphone Limited is the fastest growing telecommunication company in Bangladesh. By working in commercial division, the knowledge learnt would be helpful enough to sustain with the different organizational environment for long time.

Bibliography:

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Reilly Brown. investment analysis and portfolio management8 edition,(Tomas south western)2010

Lcpold ,AB ernsteinPhdCpa .Financial statement analysis ,( The McGraw and Hill)2010

Parasanna Chandra, Project Management, Sixth edition (The McGraw and Hill)2009

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Eugene Bringham ,Louis Gapenski , Financial management, Fifth edition(The Dryden Press)2007

Some are parts:

Over View of the Financial Performance of GrameenPhone Ltd (Part 1)

Over View of the Financial Performance of GrameenPhone Ltd (Part 2)