Ar Bextex 06 PDF

Annual
06 Report
BEXTEX
L I M I T E D
Mission
Each of our activities must benefit and add value to the common wealth of our 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 valued customers, our business associates, our fellow citizens and our Shareholders.
Annual Report 2006
Table of Contents
Notice of the Twenty-third Annual General Meeting 2

Board and Management 3
Chairman's Statement 4
Human Resource 8
Corporate Governance 10
Report of the Directors 12
Five Years’ Statistics 15
Value Added Statement 16
Twenty-second Annual General Meeting 17
Report of Auditors To the Shareholders 19
Balance Sheet 20
Profit and Loss Account 21
Statement of Changes in Equity 22
Cash Flow Statement 23
Notes to the Financial Statements 24
Proxy Form and Attendance Slip Annexed
1
BEXTEX Limited [formerly padma textile mills ltd.]
Notice of the annual general meeting
BEXTEX LIMITED
17, DHANMONDI R.A, ROAD NO. 2, DHAKA-1205
NOTICE OF THE TWENTY-THIRD ANNUAL GENERAL MEETING
Notice is hereby given that the TWENTY-THIRD ANNUAL GENERAL MEETING of the Shareholders of Bextex Limited will
be held on Saturday, the 8th September, 2007 at 10.30 a.m. at 1, Shahbag C/A, Dhaka to transact the following business :
AGENDA
1. To receive, consider and adopt the Audited Financial Statements of the Company for the year ended 31st December, 2006
together with reports of the Auditors and the Directors thereon.
2. To elect Director.
3. To declare 10% Stock Dividend.
4. To appoint Auditors for the year 2007 and to fix their remuneration.
5. To transact any other business of the Company with the permission of the Chair.
By order of the Board,
Sd/-
Dated : 28th June, 2007 ( MD. ASAD ULLAH, FCS )
Company Secretary
NOTES:
(1) The Record Date shall be on 1st August 2007. The Shareholders whose names will appear in the Share
Register of the Company or in the Depository Register on that date will be entitled to attend at the Annual
General Meeting and to receive the dividend.
(2) A member entitled to attend and vote at the General Meeting may appoint a Proxy to attend and vote in
his/her stead. The Proxy Form, duly stamped, must be deposited at the Registered Office of the Company
not later than 48 hours before the time fixed for the meeting.
(3) Admission to the meeting room will be strictly on production of the attendance slip sent with the Notice
as well as verification of signature of Member(s) and/or proxy-holder(s).
2
Annual Report 2006
Board and Management

BOARD OF DIRECTORS
A S F Rahman Chairman and Managing Director
Salman F Rahman Vice-Chairman
M A Qasem Director
A B Siddiqur Rahman Director
MANAGEMENT COMMITTEE
Syed Naved Hussain Group Director and Chief Executive Officer
Ahmed Shahryar Rahman Director of Support Services
Sardar Ahmed Khan Chief Operating Officer
COMPANY SECRETARY Md. Asad Ullah, FCS
3
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Annual Report 2006
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5
CHAIRMAN'S S TAT E M E N T
Marketing
I
take this opportunity to welcome you all on behalf of the
Board of Directors to this 23rd Annual General Meeting of The amalgamation of our core textile units into BEXTEX has
your company and to present to you the Auditors’ Report been well received by our customers. This immensely helped
which includes the Audited Financial Statements and the keep our strong customer focus with our prime drivers as
Directors Report for the year ended 31st December 2006. "Speed" and "Innovation".
Successful Integration of Beximco Textiles Limited (BTL), We had yet another wonderful year in terms of business
Beximco Denims Limited (BDL) & Beximco Knitting Limited growth with all our leading customers as Phillips Van Heusen,
(BKL) with Padma Textile Mills Limited (later on re-named as JC Penney, Zara, H&M etc. We are now the single largest
BEXTEX Limited). supplier to Zara, largest dress shirt supplier to PVH, and rated
Last year, you gave your valuable mandate towards our as one of three "A" category shirt supplier to JC Penney in the
strategic decision to integrate BTL, BDL & BKL with Padma World. Our client portfolio is further strengthened with the
Textile Mills Limited. This unique case in the textile industry addition of a host of new customers as Springfield,
of Bangladesh was a great challenge for us. We take pride to Mothercare, Lindex, C&A etc. While our share in the existing
say that with your active support and co-operation, US, European and Canadian market grows, we are also
management has met this challenge with smooth and ease. looking at new market as Japan.
Merger of the four companies have effectively reinforced our To keep pace with the fast changing fashion scenario, we
business base, helped enhanced operational efficiency and continue to strengthen our design and R&D activities which
synergy. enabled us to offer the customers differentiated, innovative
and value added products. Our spinning became more flexible
Operations and diversified with the addition of compactor, Caipo slub
Your company's strong forward linkage support and excellent attachment and being the only company in Bangladesh to
customer relationship helped us to keep our sales volume at a successfully do colored melange yarn. Our space dyed,
satisfactory level. During the year, your company earned a mercerized knits, flat finish and brushed denim, 100% cotton
revenue of Tk. 5,20.15 million. Despite adverse pressure after wrinkle-free fabric as well as fully fused wrinkle-free garments
phasing out of Multi-Fiber Agreement (MFA) during fetched huge orders while "voile" and soluble sulphur
2005 & political unrest especially in the last quarter
during 2006 which is well known to you, all the net
operational results were negative in 2006, in spite of
best efforts.
Prior to MFA phase-out, it was apprehended that
lifting of textile and apparel quotas from 2005 would
be a labour and trade disaster for countries like
Bangladesh who are not a cotton producing country.
But proving all the perceived fear false, Bangladesh
has remained a prime source for apparel exports both
to US and Europe as well as Canada. Your company's
management, in anticipation of all possible odds in
the global arena, was quick to develop strategies and
lay greater emphasis on innovation in fabric and
garments and aggressive marketing.
6
Annual Report 2006
continues to sweep the European and US markets respectively. between World Trade Organisation (WTO) members
This year we participated in Texworld both in Paris and New especially from China, India, Taiwan and South Korea.
York and our Spring/Summer and Autumn/Winter collection BEXTEX sensed this threat and set its strategy accordingly.
was highly appreciated by the existing customers as well as Over the year, it has positioned itself as a one-stop shop for an
attracted new customers. array of fabric & garment meeting the quality and delivery
requirements of the world's most renowned brands and
With our aggressive marketing, strong design and product
retailers. To day the strength of BEXIMCO textile division lies
development activities, consolidation of operations etc. we
in its state-of-the-art integrated facility from yarn to apparel,
became an indispensable resource to our valued customers
low cost operation due to cheap labour, above all the name
and thereby enhanced our visibility in the global fashion
BEXIMCO, which evokes a very good image of the products
market.
at any world-class brand/retailer. Your company has also
given same focus on domestic users besides its international
Human Resources
customers.
Your company has always recognised the importance of
human resources development and makes considerable Dividend
investment for acquisition, development and retention of
Despite loss incurred by the company in 2006, the Board of
talented and dynamic professionals. Through its programs for
Directors propose 10% stock dividend (1 bonus share for
training, allocation of responsibilities & authority,
each 10 shares held) for the year ended 31st December 2006
performance appraisal, job enlargement & enrichment,
out of past profits for your approval.
Bextex provides an environment, which is conducive to
individual growth and motivates employees to put in their
best effort for achieving organisational goals. Conclusion
I would like to take this opportunity to show my appreciation
Environment and sincere gratitude to the valued shareholders, government
agencies, employees, banks, financial institutions, suppliers
Your company is very committed to preserve a healthy and
and to our customers for their unforgettable co-operation.
pollution-free environment. It has a very efficient waste
Infact, you are the real strength to overcome the challenges in
collection and disposal system. In order to reduce air
our way. I am confident, that with your understanding and
pollution by exhaust of gas from engine-generators, it
support we will continue to build on our capabilities for
maintains a costly plant that uses the exhaust gas to generate
sustained high performance in future. Again I offer my
steam for chilling unit. Above measures not only help keep the
heartiest thanks to all shareholders for their support during
water & air free from pollution but also help save cost of
the year.
water treatment & air conditioning. Your company uses only
AZO-free dyes and is dedicated to ensure a healthy and eco-
friendly environment.
Future Plans A S F Rahman

Chairman
Bextex - as a part of Beximco Textiles Division has taken
necessary steps to face the challenges considering the Dated: 28 June 2007
competition after elimination of quotas restriction trade Dhaka.
7
Human Resource
the resource above anything else
BEXTEX Limited, a unit of Beximco Textiles Division, the policies, guidelines, Standard Operating Procedures (SOPs), Job
country's largest body of managing the vertically integrated Descriptions, training materials, Code of Conducts (CoCs) that the
production facilities from yarn to garment has a unique continuous development of human resources is also taking place
combination of technical and generalist talents as their resource simultaneously throughout each and every section of the company.
above all.
The company, as invests for recruiting and retaining the qualified
Since the inception, Beximco Group became the pioneer of head human resources, similarly spends a considerable amount of
hunting for all of their fields and successfully accumulated the best money and efforts after developing the skill levels and efficiencies
talents from within the country as well as from abroad and could of the human resources by arranging regular training courses and
make an excellent environment to flourish their qualities and programs for the employees. A separate training section is also
capabilities by utilizing their capacities in the process of working with necessary logistics and accommodation for
manufacturing, maintenance and of course in the management in providing necessary training for both the workers and officers,
broad. The human resources engaged in Beximco Group are which has already earned an envious reputation among the
getting the best value of their potentials and never look anywhere competitors and made us a different among others in regard to the
other than significantly contributing their highest efforts for the methods and techniques of developing the human resources which
continuous development of the company. contributes in achieving the market share and leadership in the
industry.
The ideal management of human resources in BEXTEX ensured
nurturing of the potentials of these talents through working in an The tangible and intangible benefits and facilities provided to the
environment having the state of the art production facilities and employees of BEXTEX including the working conditions, physical
getting the satisfaction of job and reward. On the other hand the infrastructures, accommodations and dormitories, arrangements
company, employer of the highest number of professional for leisure and amusements etc. in the Beximco Industrial Park
including the MBAs, CAs, CMAs, experts having the doctors of made the company a completely different type of employer
philosophy (PhDs) has the proud to be the largest employer of the
country and has the strength of making things simply possible
which is always being difficult for the competitors and 'impossible'
to the others.
BEXTEX, a company of continuously maintaining the best
employee-management communication & relationship abiding by
the internationally recognized and certified standard of compliance
has ensured not only recruiting the best manpower but also has the
record of retaining them through whom the company brought the
sheer success of achievements in the world of textiles and
garments. The story of success, achievements and the glory of the
company as well as the division or the Group as a whole is nothing
but the participation of it's human resources and of course,
conforming of all the compliance issues starting from the level of
A to Z i.e. from accumulating the resources, processing the
production up-to the feeding of products into the market.
The team of Human Resources and Compliance department in
BEXTEX consisting of highly qualified and vastly experienced
personnel having appropriate training from both home and abroad
made the department absolutely equipped with all necessary
8
Annual Report 2006
acknowledging which the employees are also devoting their whole orders for the country. Beximco always believes that the
hearted and sincere efforts for each and every step of the contribution in the field of national economy through making
production starting from sorting of cotton up to the shipping of the employment opportunities, providing jobs, facilities and ensuring a
RMGs. standard of living for the workforces and of course, enhancing the
The transparency of management and the broad and open business in the country are the prime social responsibilities they are
accessibility of employees enable both the parties to maintain a performing. Being the largest employer of the country, Beximco is
harmonious relationship and to reciprocally remain besides and directly contributing in the national skill development of the
make them feel a part of the team for the improvements of workers.
production in quality and quantity for the ultimate development of
BEXTEX is patronizing both the technical and non-technical
the company as well as the division which also increases the
aptness of the employee in their work. educational institutions of the country allowing the Internship and
Industrial attachment of their students. BEXTEX allows a number
The Human Resources Department of BEXTEX disseminates the of national and international educational institutes as well as the
achievements, recognitions, events & happenings within the institutes like National Defense College, Ordnance School, Marine
company through publishing of Textalk, a monthly newsletter of Academy and some other institutes to visit the Plants, study the
the company. The Textalk ensures the communications between all
management practices and enrich the knowledge of their
concerned including the buyers community that has tremendously
students/officers.
been acknowledged as the Spokesperson of the company.
The company ensures abiding by all the relevant instructions for
Compliance and Social Commitments
Health, Safety and Environment Conservation Rules, policies, Fire
Being the largest company and the largest employer of the country, and Boiler maintenance instructions and all relevant requisites of
BEXTEX Limited always performs the social responsibilities and the country throughout the entire Industrial Park as each and
maintains the conformity of compliance issues at each and every individual units are abiding by the said rules. Sufficient Personal
level of production and management which starts from the Protective Equipments (PPEs), Safety Equipments, signs and
recruitment of worker where the relevant clauses of the law and
symbols etc. are made available throughout the plants as well as
ILO conventions are properly followed and ends up with the
necessary training has also been provided to all the workers on the
shipping of the finished goods through Customs-Trade Partnership
use of these equipments so that they are also aware on the issues
Against Terrorism (C-TPAT).
and capable of using the items, if required and maintain the
Considering the social responsibilities of the company, the Health, Safety & Hygiene properly.
innovation of new products, services and ideas for which the
company is earning a huge reputation and stepping towards the Necessary plantation, treatment, control measures etc. are also
globalization in terms of products, markets, efficiencies etc. should properly ensured as per the guidelines of the World Bank,
be counted at first. BEXTEX is the company, which is always being Department of Environment and also of other concerned bodies.
in the front row of market penetration through their innovations Abiding by the appropriate policies and procedures of health safety
and product development, which further brings the benefit for the and environment are also ensuring the conformity of the Buyers
whole industry of the country through increasing the flow of Code of Conduct and makes all the leading buyers satisfied on
their set standard of compliance. The certification of compliance
from the buyers like PVH, Perry Ellis, Wal-Mart, JC Penny,
Haddad etc. are the recognition of BEXTEX in making the
company compliant of global standard.
In conclusion, BEXTEX Limited can firmly say that the continuous
achievement of market share and earning the reputation from
around the globe are the benchmarks of the success of the
company. This success has been earned, besides others, obviously
by ensuring the highest level of human resources management and
conforming to various compliance issues at a level of international
standard. We do believe in what our competitors are saying behind
us that the Human Resources and Compliance Management of
BEXTEX is unparallel and not to be compared with any other
organization in the industry. We know this was said by the
competitors as because this was expressed by each and every
individual employees and by the buyers, partners, agencies and by
all others concerning BEXTEX Limited. This recognition and
satisfaction among all of us are the strength of the Human
Resources and Compliance of the company.
9
C o r p o r at e G ov e r n a n c e
The maintenance of effective corporate governance remains a STATEMENT OF DIRECTORS' RESPONSIBILITIES FOR
key priority of the Board of BEXTEX Limited. Recognizing PREPARATION AND PRESENTATION OF THE
the importance of it, the board and other senior management FINANCIAL STATEMENTS
remained committed to high standards of corporate
The following statement is made with a view to distinguishing
governance. To exercise clarity about directors'
for shareholders the respective responsibilities of the directors
responsibilities towards the shareholders, corporate
and the auditors in relation to the financial statements. The
governance must be dynamic and remain focused to the
Companies Act, 1994 requires the directors to prepare
business objectives of the Company and create a culture of
financial statements for each financial year which give a true
openness and accountability. Keeping this in mind, clear
and fair view of the state of affairs of the company as at the end
structure and accountabilities supported by well understood
of the financial year and of the profit for the year to that date.
policies and procedures to guide the activities of Company's
In preparing those financial statements, the directors:
management, both in its day-today business and in the areas
associated with internal control have been instituted. • select suitable accounting policies and then apply them in
a consistent manner;
INTERNAL FINANCIAL CONTROL
• make reasonable and prudent judgments and estimates
The directors are responsible for the Company's system of
where necessary;
internal financial control. Although no system of internal
control can provide absolute assurance against material • state whether all applicable accounting standards have
misstatement and loss, the Company's system is designed to been followed, subject to any material departures
provide the directors with reasonable assurance that disclosed and explained in the notes to the financial
problems are timely identified and dealt with appropriately. statements;
Key procedures to provide effective internal financial control
can be described in following heads: • take such steps as are reasonably open to them to
safeguard the assets of the Company and to prevent and
Management structure - The Company is operating through detect fraud and other irregularities;
a well defined management structure headed by chief
executive officer (CEO) under whom there are executive • ensure that the Company keeps accounting records which
directors, general managers for various departments and disclose with reasonable accuracy the financial position
according to hierarchy, various senior and mid level of the Company;
management staffs. The CEO and the executive directors, • ensure that the financial statements comply with
general managers meet at regular intervals represented also disclosure requirements of the Companies Act, 1994 and
by finance, marketing and personnel heads. the Securities and Exchange Rules, 1987; and
Budgeting - There are comprehensive management reporting • prepare the financial statements on a going concern basis
disciplines which involve the preparation of annual budgets unless it is inappropriate to presume that the Company
by all operating departments. Executive management reviews will continue in business.
the budgets and actual results are reported against the budget
and revised forecasts are prepared at regular intervals. BOARD COMMITTEES
Asset management - The Company has sound asset The board - The board is responsible to the shareholders for
management policy, which reasonably assures the the strategic development of the company, the management
safeguarding of assets against unauthorized use or of the Company's assets in a way that maximizes
disposition. The Company also follows proper records and performance and the control of the operation of the business.
policy regarding capital expenditures. The board of directors is responsible for approving Company
Functional reporting - In pursuance with keeping the policy and is responsible to shareholders for the Company's
reliability of financial information used within the business financial and operational performance. Responsibility for the
or for publication, the management has identified some key development and implementation of Company policy and
areas which are subject to monthly reporting to the chairman strategy, day-to-day operational issues is delegated by the
of the board. These include monthly treasury operations and board to the management of the Company.
financial statements. Other areas are also given emphasis by Board structure and procedure - The membership of the
reviewing on a quarterly basis. These include information for board during the year end as on 31-12-2006 stood at four
strategy, environmental and insurance matters. directors. All directors are equally accountable as per law to
10
Annual Report 2006
the shareholders for the proper conduct of the business.

The Company's board currently comprises the Chairman,
Vice-Chairman and other two directors. The Vice-Chairman
and other two directors are nominated by Bangladesh Export
Import Company Limited. The name of the directors appears
on page 3. The quorum for the board is at least three
directors present in person.
GOING CONCERN
After making enquires, the directors, at the time of approving
the financial statements, have determined that there is
reasonable expectation that the Company have adequate
resources to continue operation for the foreseeable future.
For this reason, the directors have adopted the going concern
basis in preparing the financial statements.
RIGHTS AND RELATIONS WITH SHAREHOLDERS
Control rights of shareholders - At annual general meeting,
shareholders have rights of participation. They have the right
to ask questions on and request from information from the
board regarding item on the agenda to the extent necessary to
make an informed judgment of the Company's' affairs.
Relations with shareholders - The annual general meeting are
used as an important opportunity for communication with
both institutional and general shareholders. In addition, the
Company maintains relations with its shareholders through
the corporate affairs secretarial department.
The following information can be addressed through the
secretarial department :
• Dividend payment enquires;
• Dividend mandate instruction;
• Loss of share certificate/dividend warrants;
• Notification of change of address; and
• Transfer of shares.
The board believes that it is important to respond adequately
to all the queries of both institutional and general
shareholders. At the AGM, the shareholders are offered an
opportunity to raise with the board any specific question they
have concerning the Company. In addition, meetings are also
held between individual directors and institutional
shareholders at various times during the year.
11
Report of the Directors

for the year ended 31 December 2006
The Directors are pleased to present the Audited Financial Name of Directors Meetings Attended
Statements of the Company for the year ended 31 December 2006, A S F Rahman 4
together with the Directors' and Auditors' Reports thereon. Salman F Rahman 4
PRINCIPAL ACTIVITY M A Qasem 4
A B Siddiqur Rahman 4
The principal activity of the Company in the period under
review was that of production and sale of high quality BOARD AUDIT COMMITTEE
yarns, woven, denim and knit fabrics. There was no Audit Committee till 31 December 2006. The
WORKING RESULTS Company however constituted the Committee in 2007 with
Mr. Salman F. Rahman as Chairman and Messrs M A
The working result of the Company for the year under Qasem and Mr AB Siddiqur Rahman as Members.
review are as follows
CORPORATE & FINANCIAL REPORTING
2006
(Taka in million) The Company has complied with all the requirements of
Corporate Governance as required by the Securities and
Net Profit after income tax (208.65) Exchange Commission.
Profit brought forward 732.05 Accordingly the Directors are pleased to confirm the
Stock Dividend for 2005 (60.81) following :
Cash Dividend for 2005 (30.41) (a) The financial statements together with the notes
Profit available for appropriations 432.19 thereon have been drawn up in conformity with the
Companies Act, 1994 and Securities and Exchange
The Directors recommended the Rules, 1987. These statements present fairly the
following Appropriation: Company's state of affairs, the result of its operations,
Proposed Stock Dividend (Bonus Share) cash flow and changes in equity.
for the year 2006 at 10% (171.17) (b) Proper books of accounts of the Company have been
Profit carried forward 261.02 maintained.
DIVIDEND (c) Appropriate Accounting Policies have been
consistently applied in preparation of the financial
The Board of Directors have recommended 10% Stock statements and that the accounting estimates are based
Dividend (Bonus Share ); i.e., 1 (one) bonus share for 10 on reasonable and prudent judgement.
(ten) ordinary shares held, fully paid up, for the approval of (d) The International Accounting Standards, as applicable
the shareholders for the year ended 31 december 2006. in Bangladesh, have been followed in preparation of
DIRECTORS the financial statements,
(e) The systems of internal control are sound and have
A B Siddiqur Rahman, Director, being the nominee of been effectively implemented and monitored.
Bangladesh Export Import Co. Ltd.retires by rotation as per (f) There are no significant doubts upon the Company's
Articles 126 and 127 of Articles of Association of the ability to continue as a going concern.
Company and being eligible offers himself for re-election. (g) The Company has incurred net loss, mainly due to higher
BOARD MEETING AND ATTENDANCE raw material costs, higher depreciation and higher
During the year, 4 (four) Board Meetings were held. The expenses-manufacturing, administrative and selling.
attendance record of the Directors is as follows (h) The key operating and financial data for the last five
years is Annexed.
(i) The Company propose 10% stock dividend (bonus
share) subject to approval of the shareholders.
12
Annual Report 2006
(j) The pattern of shareholding is as follows :

Name-wise details Shares held
(i) Parent/Subsidiary/Associate Companies
and other related parties :
Bangladesh Export Import Co, Ltd. 12,852,955
Beximco Holdings Ltd. 5,319,629
Beximco Apparels Ltd. 2,800,738
Beximco Pharmaceuticals Ltd. 3,582,538
New Dacca Industries Ltd. 12,795,861
(ii) Directors, Chief Executive Officer,
Company Secretary, Chief Financial
Officer, Head of Internal Audit and
their spouses and minor children :
Mr. A S F Rahman, Chairman 31,316,114
Mr. Salman F Rahman, Vice Chairman 36,235,417
Chief Executive Officer, spouse and minor children Nil
Company Secretary, spouse and minor children Nil
Chief Financial Officer, spouse and minor children Nil
Head of Internal Audit, spouse and minor children Nil
(iii) Executives Nil
(iv) Shareholders holding ten percent (10%) or more
voting interest in the Company
Mr. A S F Rahman, Chairman (mentioned in Sl. No. (ii) 31,316,114
Mr. Salman F Rahman, Vice Chairman (mentioned in Sl. No. (ii) 36,235,417
CORPORATE GOVERNANCE COMPLIANCE REPORT

In accordance with the requirement of the Securities and
Exchange Commission, "Corporate Governance
Compliance Report" is also Annexed.
AUDITORS
The retiring Auditors, M/S M. J. Abedin & Co., Chartered
Accountants, National Plaza (6th floor), 1/G, Free School
Street, Sonargoan Road, Dhaka-1205, being eligible, offer
themselves for re-appointment as Auditors of the Company
for the year 2007.
On behalf of the Board,
A S F Rahman
Chairman
June 28, 2006

Dhaka
13
Corporate Governance Compliance Status Report

Status of compliance with the conditions imposed by the Commission's Notification No.
SEC/CMRRCD/2006/158/Admin/02-08 dated 20th February 2006 issued under section 2CC of the Securities
and Exchange Ordinance, 1969. (Report under Condition No.5.00)
Condition Title Compliance status Explanation

No. (Put in the appropriate column) for non-compliance
with the condition
Complied Not complied
1.1 Board’s Size 3 To be increased in 2007
1.2(I) Independent Directors 3 To be appointed in 2007
1.2(II) Independent Directors Appointment 3
1.3 Chairman & Chief Executive 3
1.4(a) Directors Report on financial Statements 3
1.4(b) Books of Accounts 3
1.4(c) Accounting Policies 3
1.4(d) IAS Applicable in Bangladesh 3
1.4(e) System of Internal Control 3
1.4(f) Going Concern 3
1.4(g) Deviation in Operating Results 3
1.4(h) Key operating and Financial Data 3
1.4(i) Declaration of Dividend 3
1.4(j) Number of Board Meetings 3
1.4(k) Pattern of Shareholdings 3
2.1 CFO, HIA & CS Appointment 3
2.2 Board Meeting Attendance 3
3 Audit Committee 3
3.1(i) Composition of Audit Committee 3
3.1(ii) Audit Committee Members Appointment 3
3.1(iii) Terms of service of Audit Committee 3
3.2(I) Chairman of Audit Committee 3
3.2(ii) Audit Committee Chairman's Qualification 3
3.3.1(I) Reporting to the Board of Directors 3
3.3.1(ii)(a) Report of Conflicts of Interest 3
3.3.1(ii)(b) Defect in the Internal Control System 3
3.3.1(ii)(c) Suspected infringement of Laws 3
3.3.1(ii)(d) Any other matter 3
3.3.2 Reporting to the Authorities 3
3.4 Reporting to the Shareholders 3
4.00 (I) Appraisal or Valuation Services 3
4.00 (ii) Financial information system 3
4.00 (iii) Book keeping or other services 3
4.00 (iv) Broker dealer services 3
4.00 (v) Actuarial services 3
4.00 (vi) Internal Audit services 3
4.00 (vii) Any other services 3
14
Annual Report 2006
Five years’ Statistics
2006 2005 2004 2003 2002
Results of Operations:
* Revenue 5,201,514 2,570,597 2,945,921 2,930,421 2,847,712
* Gross Profit 2,030,146 499,931 518,717 512,836 549,886
* Operating Profit 1,774,503 449,975 478,441 456,855 494,427
* Net Profit/(loss) before tax (200,709) 156,569 189,273 103,494 150,605
* Net Profit/(loss) after tax (208,649) 123,599 154,997 78,427 121,925
** Basic Earning per share (1.22) 2.03 3.19 1.69 2.63
** Cash Dividend Per Share - 0.50 0.50 1.00 0.50
Stock dividend Per Share in % 10 10 25 5 10
* Cash Inflow from Operating Activities 269,201 88,167 (144,457) (22,484) 153,149
Financial Position:
* Total Assets 14,956,940 6,168,193 6,087,239 5,144,576 4,881,843
* Fixed Assets - Gross 11,431,174 4,107,057 4,061,812 3,886,559 3,711,972
* Fixed Assets - Net 7,293,540 1,661,658 1,880,976 1,965,201 2,049,669
* Financial Assets 3,458,925 3,113,777 2,826,215 2,029,095 1,775,891
* Reserve and Surplus 1,248,829 1,230,994 1,255,774 1,174,908 1,159,661
* Gross Working Capital 7,572,906 4,496,276 4,196,005 3,169,116 2,822,681
* Net Working Capital 1,611,525 2,793,425 2,585,451 1,168,297 893,037
* Authorised Capital 3,000,000 1,000,000 1,000,000 1,000,000 1,000,000
* Shareholders' Equity 2,960,507 2,076,601 1,979,759 1,875,728 1,818,361
* Paid up Capital 1,711,678 608,108 486,486 463,320 421,200
* Total Long Term Debt 6,020,051 2,373,739 2,481,926 1,533,399 1,396,624
Key Financial Ratios, Figures and Market Data:

Current Ratio 1.27:1 2.64:1 2.60:1 1.58:1 1.46:1
Debt Equity Ratio 2.03 1.14 1.25 - -
Return on Investment (1.39%) 2.00% 2.55% 1.52% 2.50%
** Net Assets Value per Share 52.55 101.43 73.62 111.04 115.90
Payout Ratio - 73.89% 47.02% 118.34% 57.03%
** Market value of share (at DSE) 22.50 21.90 39.50 14.79 17.52
** Market value of share (at CSE) 22.50 22.10 40.40 14.88 17.50
Price Earning Ratio (based on DSE price) (Times) (18.44) 10.79 12.38 8.75 6.66
Price Earning Ratio (based on CSE price) (Times) (18.44) 10.89 12.66 8.80 6.65
Other:
Number of shares 171,167,841 60,810,750 48,648,600 46,332,000 42,120,000
Number of shareholders 36,470 9,147 5,905 5,209 5,003
Capacity Utilization 91.93% 95.83% 96.83% 96.90% 96.85%
* Figures in Thousand Taka

** Figures in Taka
15
Va l u e A d d e d S t a t e m e n t
Taka in '000 %
Turnover 5,201,514
Brought-in-materials and services (2,875,776)
2,325,738 100.00
Government - as duties and taxes 29,646 1.27
Employees - as salaries, wages and allowances 529,529 22.77
Lenders - as Financial Charges 1,355,894 58.30
Shareholders - as Dividend 171,167 7.36
2,086,236 89.70
Depreciation and retention 239,502 10.30
2,325,738 100.00
Shareholders - as Dividend 7.36 % 10.30 % Depreciation and retention
1.27 % Government - as duties and taxes
22.77 % Employees - as salaries, wages and allowances
58.30 % Lenders - as Financial Charges
16
Annual Report 2006
Tw e n t y- s e c o n d A n n ua l G e n e r a l M e e t i n g
The Twenty-second Annual General Meeting (AGM) of shareholders of Padma Textile Mills Limited (later on re-named
BEXTEX Limited) was held on 22nd July 2006 at 3.30 pm at 1, Shahbagh C/A, Dhaka. A large number of shareholders
attended the AGM.
Mr. A S F Rahman, Chairman of the Board of Directors of the Company, presided over the meeting. Mr. Salman F Rahman,
Mr. M A Qasem and Mr. A B Siddiqur Rahman were also present in the meeting. Verses from the Holy Quaran along with
its translation in Bengali were recited at the very outset of the meeting.
The Vice Chairman welcomed the shareholders in the AGM. With the permission of the Chair, the meeting began and the
shareholders expressed their valued opinion on the audited financial statements of the Company for the year ended 31
December 2005 and also on other affairs.
Mr. Salman F Rahman, Vice Chairman of the Company replied to the queries and explained various comments of
distinguished shareholders. He also gave hints of future activities of the Company.
After approving the audited financial statements, declaring dividend (cash dividend @5% and stock dividend 10%), electing
director, appointing auditors and fixing their remuneration by the shareholders, the meeting ended with a vote of thanks to
and from the Chair.
17
Financials
18
Auditors' Report
to the shareholders of bextex limited
(formerly known as padma textile mills limited)
We have audited the accompanying Balance Sheet of the Bextex Limited as of December 31, 2006 and the related Profit and
Loss Account, Statement of Changes in Equity and Statement of Cash Flows for the year then ended. These financial
statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with Bangladesh Standards on Auditing (BSA). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis of
our opinion.
In our opinion, the financial statements prepared in accordance with Bangladesh Accounting Standards (BAS), give a true
and fair view of the state of the company's affairs as of December 31, 2006 and of the results of its operations and its cash
flows for the year then ended and comply with the applicable sections of the Companies Act 1994, the Securities and
Exchange Rules 1987 and other applicable laws and regulations.
We also report that:
(a) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for
the purposes of our audit and made due verification thereof;
(b) in our opinion, proper books of account as required by law have been kept by the company so far as it appeared from
our examination of those books;
(c) the company's balance sheet and profit and loss account dealt with by the report are in agreement with the books of
account; and
(d) the expenditure incurred was for the purposes of the company's business.
National Plaza (6th Floor) M. J. ABEDIN & CO.

1/G, Free School Street Chartered Accountants
Sonargaon Road, Dhaka-1205.
Dhaka : June 28, 2007
19
Balance Sheet
At 31 December 2006
Notes Amount in Taka
ASSETS
Property, Plant and Equipment-Carrying Value 20 7,293,540,678
Cost 11,431,174,290
Accumulated Depreciation (4,137,633,612)
Long Term Security Deposits 21 29,191,074
Deferred Assets 22 61,302,391
Total Non-Current Assets 7,384,034,143
Current Assets 7,572,906,611
Inventories 23 3,414,768,025
Trade Debtors 24 3,407,687,731
Advances, Deposits and Prepayments 25 728,404,352
Cash and Cash Equivalents 26 22,046,503
Total Assets Tk. 14,956,940,754
EQUITY AND LIABILITIES
Shareholders' Equity 2,960,507,692
Issued Share Capital 27 1,711,678,410
Reserves & Surplus 1,248,829,282
Non-Current Liabilities 6,035,051,705
10% Debentures - Net of Current Maturity (Secured) 28 663,065,600
Long Term Loans-Net of Current Maturity (Secured) 29 5,356,986,105
Security Deposit from Distributor 30 15,000,000
Current Liabilities 5,961,381,357
Short Term Loans 31 3,591,327,958
10% Debentures - Current Maturity (Secured) 32 322,572,418
Long Term Loans - Current Maturity (Secured) 33 1,168,895,196
Creditors & Accruals 34 878,585,785
Total Shareholders' Equity and Liabilities Tk. 14,956,940,754
The notes are an integral part of the Financial Statements.

Approved and authorized for issue by the board of directors on June 28, 2007 and signed for and on behalf of the Board.
A B Siddiqur Rahman M A Qasem Md. Mushaddeque Ali

Director Director Deputy General Manager (F&A)
Per our report of even date.
June 28, 2007 M. J. Abedin & Co.

Dhaka. Chartered Accountants
20
P ro f i t a n d L o s s Ac c o u n t
For the year ended 31 December 2006
Notes Amount in Taka
Revenue 35 5,201,514,097
Cost of Revenue 36 (3,171,367,367)
Gross Profit 2,030,146,730
Operating Expenses (255,642,988)
Administrative Expenses 39 (238,514,958)
Distribution (Selling) Costs (17,128,030)
Operating Profit 1,774,503,742
Financial Expenses 40 (1,355,894,166)
Depreciation 20 (619,319,135)
Net Profit/(Loss) before Tax (200,709,559)
Income Tax Expenses 41 (7,939,725)
Net Profit/(Loss) for the year transferred to
Statement of Changes in Equity Tk. (208,649,284)
Earnings Per Share (Par value Tk.10/-) 42 Tk. (1.22)


21
Statement of Changes in Equity

Amount in Taka
Particulars Notes Share Capital Reserves Retained Total

Earnings
At the beginning of the year 43 608,107,500 1,521,288,430 732,050,404 2,861,446,334

Further Issue of Shares 600,000,000 450,000,000 - 1,050,000,000
Net Profit/(Loss) - - (208,649,284) (208,649,284)
Prior Year's adjustments 44 - (711,883,983) - (711,883,983)
Issue of Bonus Shares 60,810,750 - (60,810,750) -
Cash Dividend - - (30,405,375) (30,405,375)
Issue of Shares in exchange for
the shares of the amalgamated
companies 442,760,160 (442,760,160) - -
At the end of the year 1,711,678,410 816,644,287 432,184,995 2,960,507,692


22
Cas h F l ow Stat e m e n t
Amount in Taka
Cash Flows from Operating Activities :

Cash Receipts from Customers and Others 4,887,688,455
Cash Paid to Suppliers and Employees (3,703,613,507)
Cash Generated from Operations 1,184,074,948
Interest Paid (906,788,267)
Income Tax Paid & Deducted at Source (8,084,912)
Net cash Generated from Operating Activities 269,201,769
Cash Flows from Investing Activities :
Acquisition of Property, Plant and Equipment (205,811,905)
Long Term Security Deposit (46,064)
Net cash Used in Investing Activities (205,857,969)
Cash Flows from Financing Activities :
Issuance of Shares to Sponsors 1,050,000,000
Increase/(Decrease) in Long Term Borrowings (1,273,417,109)
Increase/(Decrease) in Short Term Borrowing 118,194,147
Dividend Payments (30,405,375)
Net cash Generated/(Used) in Financing Activities (135,628,337)
Increase/(Decrease) in Cash and Cash Equivalents (72,284,537)
Cash and Cash Equivalents at Beginning of Year 94,331,040
Cash and Cash Equivalents at End of Year 22,046,503
Approved and authorized for issue by the board of directors on June 28, 2007 and signed for and on behalf of
the Board.


23
N o t e s to t h e Ac c o u n t s
1. Reporting Entity
Bextex Limited (formerly known as Padma Textile Mills Limited) was incorporated in Bangladesh in 1984 under
the Companies Act, 1913 as a Public Limited Company. It commenced its manufacturing operation in 1990. The
company became a listed company in 1992.
The name of the company has been changed during the year 2006.
The shares of the Company are traded in Dhaka and Chittagong Stock Exchanges of Bangladesh.
During the year 2006, the company took over, under a Scheme of Amalgamation, erstwhile Beximco Textiles Ltd.,
Beximco Knitting Ltd. and Beximco Denims Ltd., the three listed companies of the Beximco Group engaged in
manufacturing and marketing of high quality woven, knit and denim fabric that are consumed by the export
oriented garments industries of Bangladesh.
The registered office of the company is located at House No. 17, Road No. 2, Dhanmondi R/A, Dhaka. The
industrial units are located at Tatki of Narayanganj and Beximco Industrial Park in Sarabo of Gazipur.
It is engaged in manufacturing and marketing of yarn that are consumed by weaving mills of Bangladesh including
its own weaving mills producing and marketing of high quality fabric, that are eventually consumed by the export
oriented garments industries of Bangladesh including the garments factories of Beximco Group.
2. Basis of Measurement of Elements of Financial Statements

The financial statements have been prepared on the Historical Cost basis except for certain fixed assets that were
restated at replacement costs, and therefore, do not take into consideration the effect of inflation.
Accordingly, historical cost is employed to determine the monetary amounts at which the elements of the financial
statements are to be recognized and carried in the balance sheet and income statement.
Under the Historical Cost, assets are recorded at the amount of cash or cash equivalents paid or the fair value of
the consideration given to acquire them at the time of their acquisition. Liabilities are recorded at the amount of
proceeds received in exchange for the obligation, or in some circumstances (for example, income taxes), at the
amounts of cash or cash equivalents expected to be paid to satisfy the liability in the normal course of business.
3. Statement of Compliance with Local Laws

The financial statements have been prepared in compliance with the requirements of the Companies Act 1994, the
Securities & Exchange Rules 1987, the Listing Regulations of Dhaka and Chittagong Stock Exchanges and other
relevant local laws as applicable.
4. Statement of Compliance of Bangladesh Accounting Standards

The financial statements have been prepared in accordance with the applicable Bangladesh Accounting Standards
(BASs) adopted by the Institute of Chartered Accountants of Bangladesh (ICAB) based on International Accounting
Standards (IASs) and International Financial Reporting Standards (IFRSs).
5. Structure, Content and Presentation of Financial Statements

Being the general purpose financial statements, the presentation of these financial statements is in accordance with
the guidelines provided by BAS 1: Presentation of Financial Statements.
6. Reporting Period
The financial period of the company covers one calendar year from 1st January to 31st December consistently.
24
B E X T E X LT D . • Annual Report 2006
Notes to the financial statements
7. Approval of Financial Statements

The financial statements were approved by the Board of Directors on 28 June 2007.
8. Functional and Presentational (Reporting) Currency

The financial statements are prepared and presented in Bangladesh Currency (Taka), which is the company's
functional currency. All financial information presented have been rounded off to the nearest Taka except where
indicated otherwise.
9. Comparative Information
No comparative information has been disclosed in respect of the year 2005, as such information, after
amalgamation of the aforesaid three companies, is not comparable with the current year's financial statements.
10. Risk and Uncertainty For Use of Estimates and Judgments

The preparation of financial statements in conformity with Bangladesh Accounting Standards requires management
to make judgments, estimates and assumptions that affect the application of accounting policies and the reported
amounts of assets, liabilities, income and expenses, and disclosure requirements for contingent assets and liabilities
during and at the date of the financial statements.
Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing
basis. Revisions of accounting estimates are recognized in the period in which the estimate is revised and in any
future periods affected as required by BAS 8: Accounting Policies, Changes in Accounting Estimates and Errors.
11. Provisions
In accordance with the guidelines as prescribed by BAS 37: Provisions, Contingent Liabilities and Contingent Assets,
provisions are recognized in the following situations:
a. when the company has an obligation (legal or constructive) as a result of past events;
b. when it is probable that an outflow of resources embodying economic benefits will be required to settle the
obligation; and
c. reliable estimate can be made of the amount of the obligation.
12. Accrued Expenses and Other Payables

Liabilities are recognized for the goods and services received, whether paid or not for those goods and services.
Payables are not interest bearing and are stated at their nominal value.
13. Going Concern

The company has adequate resources to continue in operation for the foreseeable future. For this reasons the
directors continue to adopt going concern basis in preparing the accounts. The current credit facilities and resources
of the company provides sufficient fund to meet the present requirements of its existing business.
14. Financial Instruments

Non-derivative financial instruments comprise accounts and other receivables, cash and cash equivalents,
borrowings and other payables and are shown at transaction cost.
15. Impairment
In accordance with the provisions of BAS 36: Impairment of Assets, the carrying amount of non-financial assets,
other than inventories are reviewed at each reporting date to determine whether there is any indication of
impairment. If any such indication exists, then the asset's recoverable amount is estimated and impairment losses
are recognized in profit and loss account. No such indication of impairment has been raised till to date.
25
16. Cash Flow Statements

The Cash Flow Statement has been prepared in accordance with the requirements of BAS 7: Cash Flow Statements.
The cash generating from operating activities has been reported using the Direct Method as prescribed by the
Securities and Exchange Rules 1987 and as the benchmark treatment of BAS 7 whereby major classes of gross cash
receipts and gross cash payment from operating activities are disclosed.
17. Transactions with Related Parties

The company carried out a number of transactions with related parties in the normal course of business and on
arm's length basis.
The information as required by BAS 24: Related Party Disclosures have been disclosed in a separate note to the accounts.
18. Events after the balance sheet date

In compliance with the requirements of BAS 10: Events After the Balance Sheet Date, post balance sheet events that
provide additional information about the company's position at the balance sheet date are reflected in the financial
statements and events after the balance sheet date that are not adjusting events are disclosed in the notes when material.
19. Accounting policies For Significant Items

The accounting policies in respect of material items of financial statements have been set out below:
19.1 Revenue Recognition Policy

In compliance with the requirements of BAS 18: Revenue, revenue from receipts from customers against sales is
recognized when products are dispatched to customers, that is, when the significant risk and rewards of ownership
have been transferred to the buyer, recovery of the consideration is probable, the associated costs and possible
return of goods can be estimated reliably, and there is no continuing management involvement with the goods.
19.2 Property, Plant and Equipment
19.2.1 Recognition and Measurement

Property, plant and equipment are capitalized at historical cost except for certain fixed assets that were restated at
replacement costs of acquisition and subsequently stated at cost less accumulated depreciation in compliance with
the requirements of BAS 16: Property, Plant and Equipment. The historical cost of acquisition of an asset comprises
its purchase price and any directly attributable cost of bringing the assets to its working condition for its intended
use inclusive of inward freight, duties and non-refundable taxes. However, as a requirement of the Companies Act
1994, exchange loss/gain relating to foreign currency loan has been capitalized to/deducted from cost of relevant
fixed assets being procured under the said loan.
19.2.2 Pre-Operating Expenses and Borrowing Costs

In respect of major projects involving construction, related pre-operational expenses form part of the value of assets
capitalized. Expenses capitalized also include applicable borrowing cost considering the requirement of BAS 23:
Borrowing costs.
19.2.3 Subsequent Expenditure

The company recognizes in the carrying amount of an item of property, plant and equipment the cost of replacing
part of such an item when the cost is incurred, it is probable that the future economic benefits embodied with the
item will flow to the company and the cost of the item can be measured reliably. Expenditure incurred after the
assets have been put into operation, such as repair and maintenance is normally charged off as revenue expenditure
in the period in which it is incurred. In situation where it can be clearly demonstrated that the expenditure has
resulted in an increase in the future economic benefit expected to be obtained from the use of fixed assets, the
26
expenditure is capitalized as an additional cost of the assets. All other costs are recognized to the profit and loss
account as expenses if incurred. All up-gradation/enhancement are generally charged off as revenue expenditure
unless they bring similar significant additional benefits.
19.2.4 Software
Softwares are generally charged off as revenue expenditure. Purchased software that is integral to the functionality
of the related equipment is capitalized as part of that equipment.
19.2.5 Disposal of Fixed Assets

On Disposal of Fixed Assets, the cost and accumulated depreciation are eliminated and gain or loss on such disposal
is reflected in the income statement, which is determined with reference to the net book value of the assets and net
sales proceeds.
19.2.6 Depreciation of Fixed Assets

Depreciation is provided to amortize the cost of the assets after commissioning, over the period of their expected
useful lives, in accordance with the provision of BAS 16: Property, Plant and Equipment. Depreciation is provided
for the period in use of the assets. Depreciation is calculated on the cost of fixed assets in order to write off such
amounts over the estimated useful lives of such assets. Depreciation is provided at the following rates on straight-
line basis over the periods appropriate to the estimated useful lives of the different types of assets:
Factory Building and Other Construction 5%
Plant & Machinery 7%
Furniture & Fixtures 20%
Transport & Vehicle 20%
Equipment 10% - 20%
19.3 Borrowing Costs

This has been dealt with the requirement of BAS 23: Borrowing Costs.
Borrowing costs relating to projects in commercial operation are recognized as expenses in the year in which they
are incurred. In respect of projects that have not yet commenced commercial production, borrowing costs are
debited to capital work in progress.
19.4 Inventories
Inventories are carried at the lower of cost and net realizable value as prescribed by BAS 2: Inventories. Cost is
determined on weighted average cost basis. The cost of inventories comprises of expenditure incurred in the normal
course of business in bringing the inventories to their present location and condition. Net realizable value is based
on estimated selling price less any further costs expected to be incurred to make the sale.
19.5 Accounts Receivables

Accounts Receivables are recognized at cost which is fair value of the consideration given for them.
19.6 Advances, Deposits and prepayments

Advances are initially measured at cost. After initial recognition, advances are carried at cost less deductions,
adjustments or charges to other account heads.
Deposits are measured at payment value.
Prepayments are initially measured at cost. After initial recognition, prepayments are carried at cost less charges to
profit and loss account.
27
19.7 Cash and Cash Equivalents

Cash and Cash Equivalents are carried in the balance sheet at cost and includes cash in hand and with banks on
current and deposit accounts, which are held and available for use by the company without any restriction. There
is insignificant risk of change in value of the same.
19.8 Income Tax Expense

Income Tax Expense comprises current and deferred tax. Income tax expense is recognized in profit and loss
account and accounted for in accordance with the requirements of BAS 12: Income Tax.
19.9 Lease Assets

In compliance with the BAS 17: Leases, cost of assets acquired under finance lease along with related obligation has
been accounted for as assets and liabilities respectively of the company, and the interest element has been charged
as expenses.
19.10 Lease Payment

Lease payments made under finance leases are apportioned between the finance expenses and the reduction of the
outstanding liability.
19.11 Employee Benefits

The company has accounted for and disclosed of employee benefits in compliance with the provisions of BAS 19:
Employee Benefits.
The costs of employee benefits are charged off as revenue expenditure in the period to which the contributions relate.
The company's employee benefits includes the following:
Defined Contribution Plan
This represents recognized contributory provident fund for all its permanent employees. Assets of provident fund
are held in a separate trustee administered fund as per the relevant rules and are funded by contributions from both
the employees and the company at pre-determined rates.
19.12 Earnings Per Share (EPS)

This has been calculated in compliance with the requirements of BAS 33: Earnings Per Share by dividing the basic
earnings by the weighted average number of ordinary shares outstanding during the year.
19.13 Foreign Currency Transactions

The financial records of the company are maintained and the financial statements are stated in Bangladeshi Taka.
Foreign currency transactions are recorded at the applicable rates of exchange ruling at the transaction date.
The monetary assets and liabilities, if any, denominated in foreign currencies at the balance sheet date are translated
at the applicable rates of exchanges ruling at that date. Exchange differences are charged off as revenue expenditure
in compliance with the provisions of BAS 21: The Effects of Changes in Foreign Exchange Rates. However, as a
requirement of the Companies Act 1994, exchange loss/gain relating to foreign currency loan has been capitalized
to/deducted from cost of relevant fixed assets being procured under the said loan.
The rates of relevant foreign exchanges at year end are:
2006 2005
1 US Dollar $ = Tk. 69.6000 68.1500
1 EURO ( ) = Tk. 92.6794 81.6369
1 Japanese Yen (¥) = Tk. 00.5982 00.5850
1 Pound Sterling (£) = Tk. 137.7454 117.9540
28
20. Property, plant and equipment: Tk. 7,293,540,678

The movement in property, plant and equipment is as follows:
Particulars Land Building & Other Plant & Equipment Furniture & Transport & Capital Work Total
Construction Machinery Fixtures Vehicles In Progress Taka
Cost At 31 December 2005 1,901,000,000 1,781,989,919 7,090,427,216 105,338,771 118,071,799 30,061,735 151,188,024 11,178,077,464
Addition in 2006 285,208 2,568,261 50,000,000 4,190,600 134,332 3,234,381 145,399,123 205,811,905
Exchange loss/(gain) in 2006 - - 156,405,979 - - - - 156,405,979
Transfer from Capital W I P - 89,511,197 59,656,238 - 2,957,132 - (152,124,567) -
Disposal on Asset Sale and Lease Back (109,121,058) (109,121,058)
At 31 December 2006 1,901,285,208 1,874,069,377 7,247,368,375 109,529,371 121,163,263 33,296,116 144,462,580 11,431,174,290
Accumulated Depreciation
At 31 December 2005 - 390,408,454 2,973,602,850 66,010,192 95,106,475 25,922,823 - 3,551,050,794
Adjustment for disposal (32,736,317) (32,736,317)
Depreciation charge for 2006 - 93,703,469 507,315,786 9,223,083 6,382,022 2,694,775 - 619,319,135
At 31 December 2006 - 484,111,923 3,448,182,319 75,233,275 101,488,497 28,617,598 - 4,137,633,612
Carrying Amount
At 31 December 2006 Tk. 1,901,285,208 1,389,957,454 3,799,186,056 34,296,096 19,674,766 4,678,518 144,462,580 7,293,540,678
Property, plant & equipment at cost includes Tk. 140,728,197 acquired under finance lease, the written down value
of which was Tk.137,228,197 as at 31 December 2006.
21. Long Term Security Deposits : Tk. 29,191,074

This represents the amount deposited with utility providers in respect of :
Rural Electrification Board (REB) for Electricity 1,896,983
Dhaka Electric Supply Authority (DESA) for Electricity 1,072,000
Bangladesh Telegraph and Telephone Board (BTTB) for Telephone 675,715
Titas Gas Transmission & Distribution Co. Ltd. for Gas 25,546,376
Tk. 29,191,074
22. Deferred Assets : Tk. 61,302,391

This consists of :
Deferred Tax 36,764,582
Deferred Loss on Asset Sale and Lease Back 24,537,809
Tk. 61,302,391
29
23. Inventories : Tk.3,414,768,025

This consists of :
(a) Raw Material 1,095,732,666
Cotton (7,723,125 Lbs.) 330,935,922
Polyester (143,765 Lbs.) 5,520,592
Yarn (10,491,143 Lbs.) 667,273,259
Dyes & Chemical 92,002,893
(b) Work In Process 1,245,286,980
Fiber (584,390 Lbs.) 31,884,311
Yarn (5,434,362 Lbs.) 488,060,368
Fabric - Knit (1,115,511 Kgs.) 289,877,548
Fabric (4,494,739 Lbs.) 435,464,753
(c) Finished Goods 980,258,219
Yarn (6,009,283 Lbs.) 469,665,357
Woven Fabric (2,278,631 Lm) 266,823,304
Knit Fabric (173,913 Kgs.) 57,703,979
Denim Fabric (1,304,998 Lm) 186,065,579
(d) Packing Materials 6,123,250
(e) Stores and Spares 87,366,910
Tk. 3,414,768,025
24. Trade Debtors : Tk. 3,407,687,731

This is considered good, and is falling due within one year.
No amount was due by the Directors (including Managing Director), Managing Agent, Managers and other officers
of the company and any of them severally or jointly with any other person.
25. Advances, Deposits And Prepayments : Tk. 728,404,352

This consists of :
Advances :
Suppliers 188,249,418
Salaries 2,317,917
Mill Petty Expenses 1,912,322
Other suppliers 1,569,452
Expenses 21,748,748
Duty & Clearing Advance 54,006,134
269,803,991
Deposits :
L.C. Margin 298,724,710
Guarantee Margin and Miscellaneous deposits 94,371,659
393,096,369
Prepaid Expenses 65,503,992
Tk. 728,404,352
(a) No amount was due by the Directors (including Managing Director), Managing Agent, Managers and
other officers of the company and any of them severally or jointly with any other person.
(b) The advances are good and unsecured.
30
26. Cash And Cash Equivalents : Tk. 22,046,503

This consists of :
(a) Cash in Hand 2,513,030
(b) Cash at Bank: 19,533,473
In Current Account 18,694,347
In STD Account 839,126
Tk. 22,046,503
27. Share Capital Tk. 1,711,678,410

(a) Authorised Capital:
*300,000,000 Ordinary Shares of Tk 10 each Tk. 3,000,000,000
(b) Issued, Called-up and Paid-up Capital:
108,648,600 Ordinary Shares of Tk 10 each 1,086,486,000
18,243,225 Bonus Shares of Tk 10 each 182,432,250
** 44,276,016 Ordinary Shares of Tk 10 each issued to
the shareholders of Beximco Textiles Ltd,
Beximco Denims Ltd and Beximco Knitting Ltd 442,760,160
171,167,841 Ordinary Shares of Tk 10 each Tk. 1,711,678,410
* The Company increased its authorised capital from
Tk 100,00,00,000 to Tk 300,00,00,000 in the Extra-Ordinary
General Meeting of its Shareholders held on 22 July 2006.
** The shares of Beximco Textiles Ltd, Beximco Denims Ltd
and Beximco Knitting Ltd have actually been exchanged for
those of Bextex Ltd. on the Record Date, i.e., 20 September 2006.
(c) Composition of shareholdings
No. of Shares %
Sponsor 67,551,531 39.47
Public 103,616,310 60.53
171,167,841 100.00
(d) Distribution Schedule - Disclosures Under the Listing Regulations of Stock Exchanges
The distribution schedule showing the number of shareholders and their Share holdings in percentage has been
disclosed below as a requirement of the "Listing Regulations of Dhaka and Chittagong Stock Exchanges":
Share holdings Range Number of % of total Number of % of
in number of Shares shareholders shareholders Shares Share Capital
1 to 499 28,268 77.51 3,776,546 2.21
500 to 5,000 7,104 19.48 11,344,152 6.63
5,001 to 10,000 562 1.54 4,119,643 2.41
10,001 to 20,000 280 0.77 3,964,026 2.32
20,001 to 30,000 89 0.24 2,196,373 1.28
30,001 to 40,000 33 0.09 1,153,385 0.67
40,001 to 50,000 27 0.07 1,231,928 0.72
50,001 to 100,000 52 0.14 3,635,128 2.12
100,001 to 1,000,000 42 0.12 13,127,274 7.67
over 1,000,000 13 0.04 126,619,386 73.97
Total 36,470 100 171,167,841 100
31
(e) Option of Unissued Shares

There is no option regarding authorised capital not yet issued but can be used to increase the issued,
subscribed and paid-up capital through the issuance of new shares.
(f) Market Price
The shares of the company are listed with in the Dhaka and Chittagong stock exchanges and quoted at
Tk. 22.50 per share in both stock exchanges on 31 December, 2006.
(g) Voting Rights
The rights and privileges of the shareholders are stated in the Bye-laws (Articles of Association) of the Company.
28. 10% Debentures-net of current maturity (Secured) : Tk. 663,065,600

This is redeemable after twelve months from the date of balance sheet.
The Debentures are secured by first paripassu charge by way of an equitable mortgage on all the fixed assets of the
Company along with CDC Group plc., DEG, AFIC, Bangladesh Shilpa Bank and Marubeni Corporation. The
Debenture holders will rank senior along with CDC Group plc., DEG, AFIC, BSB and Marubeni Corporation to
other creditors on the assets of the Company on liquidation / winding up.
On 10.07.2005, a meeting was held between the Company, the institutional debentureholders and the Investment
Corporation of Bangladesh, the trustee of debentures, in which decision was taken to amend the earlier
reschedulement of the redemption of debentures of institutional debentureholders subject to fulfillment of certain
condition effect of which has been given.
29. Long Term Loans - Net of Current Maturity (Secured) : Tk. 5,356,986,105
This represents that portion of long term loans which is repayable after twelve months from the balance sheet date.
(a) Secured Loans from Banking Companies and other Financial Institutions :
Foreign Currency Loans: 2,044,971,015
CDC Group Plc (GBP 2,412,224) 332,272,814
DEG, Germany (EURO 2,455,857) 227,607,345
AFIC (USD 916,116) 63,761,674
Marubeni Corporation (JPY 2,376,010,000) 1,421,329,182
Local Currency Loans : 2,720,596,265
Sonali Bank - IBP Loan 461,456,164
Sonali Bank - PAD Block 665,615,575
Sonali Bank - Interest free 101,090,000
Rupali Bank Ltd -Term Loan 1 169,440,000
Rupali Bank Ltd- Interest Free Block Loan 162,640,000
Rupali Bank Ltd- PAD Block Loan 430,410,000
Bangladesh Shilpa Bank-Term Loan 101,290,000
Bangladesh Shilpa Bank-Interest Block 15,364,154
Citibank NA - Term Loan PTML 47,469,923
Citibank NA - Term Loan BTL 88,724,223
IFIC Bank - IDBP 4,904,582
IFIC Bank - Term Loan 168,527,560
Standard Chartered Bank plc-Fixed Loan 91,458,000
The City Bank Ltd-Term Loan 39,209,368
The City Bank Ltd-Interest Block 34,346,716
Janata Bank -CCH Block 17,550,000
Janata Bank -PAD Block 31,610,000
Lease Finance : 128,977,567
IIDFC Ltd. 85,008,294
First Lease International Ltd 43,969,273
32
(b) Unsecured Loans from Associated Undertakings/Related Parties : 462,441,258

Bangladesh Export Import Co. Ltd.- Interest bearing 10,000,312
Beximco Holdings Ltd.- Interest bearing 452,440,946
Tk. 5,356,986,105
The foreign currency loans are arrived at after crediting of Tk.156,405,979 being increase in liability on conversion
of the loan balances in foreign currencies as on 31.12.2006 at the exchange rate ruling on the balance sheet date
and the corresponding amount of such loss has been debited to Plant & Machinery in accordance with the
provisions of the Companies Act 1994.
Nature of Security :
Pursuant to supplemental Lenders' Paripassu Security Sharing Agreement between the Company and the Lenders,
the loans are secured by :
(i) first paripassu equitable mortgage of immovable property of present and future; and
(ii) first paripassu charge by way of hypothecation on all other assets of the company both present and future
Terms of Repayment :
Terms of repayment of foreign currency loans as per repayment schedule
CDC Group Plc. : In 14 (fourteen) half-yearly installments beginning from 30 November 2004 and ending on 30 November 2011.
DEG : In 14 (fourteen) half-yearly installments beginning from 30 October 2004 and ending on 30 October 2011.
AFIC : In 12 (twelve) half-yearly installments beginning from 15 July 2005 and ending on 15 July 2011.
Marubeni : In 28 (twenty eight) semi-annual installments beginning from 25 July 2005 and ending on 25 July 2013.
Rate of interest
CDC Group Plc. : 3.00% over GBP LIBOR
DEG : 3.00% over Euro LIBOR
AFIC : 3.00% over US$ LIBOR
Marubeni : 3.00% over LTPR
Local bank loans : Varies 10% to 15%
Bangladesh Export Import Co. Ltd. : 15% p.a.
30. Security Deposit From Distributor : Tk. 15,000,000

This was received from Bangladesh Yarn Syndicate, the distributor of the company.
31. Short Term Loans : Tk. 3,591,327,958

This consists of :
Secured Loans from Banks :
Standard Chartered Bank-CCH 51,128,473
Standard Chartered Bank-LATR 48,410,424
Standard Chartered Bank-PLC 2,204,523
Citi Bank NA-Cash Credit 84,514,475
Rupali Bank Ltd.-Overdraft 1,170,523,360
Rupali Bank Ltd.-CCP 139,423,071
Sonali Bank -CCH 662,789,917
Sonali Bank -CCP 716,765,209
Sonali Bank -PAD 189,515,466
Sonali Bank -Cash Subsidy 97,104,602
Bank Asia Ltd.-Cash Subsidy 10,768,900
State Bank of India-CCH 119,089,053
Janata Bank-Cash Subsidy 19,900,000
Janata Bank-CCH 279,190,485
Tk. 3,591,327,958
33
32. 10% Debentures - current maturity (Secured) : Tk. 322,572,418

This is redeemable after twelve months from the date of balance sheet.
33. Long Term Loans - Current Maturity (Secured) : Tk. 1,168,895,196

This represents that portion of long term loans which is repayable within twelve months from the balance sheet date
and includes the following:
Foreign Currency Loans : 367,100,080
CDC Group Plc (GBP 677,172) 93,277,329
DEG, Germany (EURO 811,919) 75,248,178
AFIC (USD 126,202) 8,783,659
Marubeni Corporation (JPY 2,376,010,000) 189,790,914
Local Currency Loans : 797,592,106
Sonali Bank - IBP Loan 157,371,000
Sonali Bank - PAD Block 91,703,641
Sonali Bank - Interest free 21,054,217
Rupali Bank Ltd- Interest Free Block Loan 28,316,902
Rupali Bank Ltd- PAD Block Loan 143,592,844
Bangladesh Shilpa Bank-Term Loan 19,659,753
Bangladesh Shilpa Bank-Interest Block 2,040,000
Citibank NA - Term Loan PTML 23,734,962
Citibank NA - Term Loan BTL 44,362,112
IFIC Bank - IDBP 6,548,468
IFIC Bank - Term Loan 23,808,129
The City Bank Ltd-Term Loan 60,782,405
Janata Bank -CCH Block 9,102,039
Janata Bank -PAD Block 11,147,108
First Lease International Ltd 4,203,010
Tk. 1,168,895,196
34. Creditors and Accruals : Tk. 878,585,785

This is falling due within one year.
35. Revenue : Tk.5,201,514,097

This is arrived at as follows:
Sale of Yarn (11,546,059 Lbs.) 918,422,049
Sale of Woven Fabric (20,536,048 Lm.) 2,658,342,432
Sale of Knit Fabric (2,153,762 kgs.) 718,494,893
Sale of Denim Fabric (3,891,952 Lm.) 615,289,344
Cash Subsidy 151,957,680
Sale of Waste (9,047,844 Lbs.) 108,845,559
Commission work 30,162,140
Tk. 5,201,514,097
34
36. Cost of Revenue : Tk. 3,171,367,367

This is arrived at as follows :
Material Consumed (Note - 37) 2,373,392,553
External Processing cost 27,548,756
Manufacturing Overhead (Note - 38) 849,387,531
Manufacturing costs for the year 3,250,328,840
Work in Process Inventory Differential 13,256,322
Coat of Goods Manufactured 3,263,585,162
Finished Goods Inventory Differential (92,217,795)
Cost of Revenue Tk. 3,171,367,367
37. Material Consumed : Tk.2,373,392,553

This is arrived at as follows :
Cotton (34,864,560 Lbs.) 1,515,714,292
Polyester (4,147,030 Lbs.) 157,604,097
Yarn (3,967,284 Lbs.) 250,335,623
Dyes & Chemicals 449,738,541
Tk. 2,373,392,553
38. Manufacturing Overhead : Tk. 849,387,531
This consists of :
Wages, salaries & allowances 376,908,179
Power and Gas 270,237,900
Indirect Materials 59,725,743
Insurance premium 9,748,411
Repairs & Maintenance 111,270,831
Medical Expenses & Others 2,145,930
Travel, Training & Conveyance 2,080,511
Telephone, Telex & Fax 1,505,613
Printing & Stationery 2,364,446
Miscellaneous overhead 13,399,967
Tk. 849,387,531
39. Administrative Expenses : Tk. 238,514,958
This consists of :
Salary & allowances 152,621,202
Traveling and conveyance 15,014,674
Entertainment 3,707,496
Telephone, telex, fax and postage 10,261,297
Vehicle Upkeep & Fuel 24,474,670
Utilities 2,240,242
AGM and Secretarial expenses 6,777,654
Auditors' remuneration (Audit fee) 418,000
Directors' Board Meeting fee 3,000
Insurance premium 109,121
Repairs & Maintenance 2,676,028
Printing, Stationery & Photocopy 3,546,669
Legal & Professional fee 1,865,569
Consultancy fee 2,278,568
Write off Deferred Loss on Asset Sale and Lease Back 1,846,932
Other expenses 10,673,836
Tk. 238,514,958
35
40. Financial Expenses : Tk. 1,355,894,166

This is made up as follows :
(a) Interest on long term loans 643,672,839
(b) Interest on short term loan 469,557,088
(c) Bank charges & commission 242,664,239
Tk. 1,355,894,166
41. Income Tax Expenses Tk.(7,939,725)
Current Tax @ 0.25% on total Revenue (13,003,786)
Short provision of Income Tax for prior years (31,700,522)
Deferred Tax 36,764,582
Tk. (7,939,725)
42. Basic Earnings Per Share(EPS) Tk. (1.22)
(a) Net loss after tax (208,649,284)
(b) Weighted average number of shares in issue 171,167,841
(c) Basic EPS (a/b) Tk. (1.22)
43. Balance at the beginning of the year of Reserves

These include surplus on amalgamation at Tk 784,844,633, being the excess of assets over liabilities as of 1 January
2006 of erstwhile Beximco Textiles Limited, Beximco Denims Limited and Beximco Knitting Limited amalgamated
with the Company pursuant to a Scheme of Amalgamation approved by the High Court Division of the Supreme
Court of Bangladesh on 22 August 2006.
44. Prior Year's adjustment Tk. (711,883,983)

This is made up as follows :
Obsolete stock provision (379,418,669)
Debtors provision (378,631,970)
Preliminary expenses written off (4,484,973)
Bank loan interest waiver 50,651,629
Tk. (711,883,983)
45. Related Party Transactions
The Company carried out a number of transactions with related parties in the normal course of business and on
arm's length basis.
The nature of transactions and their total value is shown below:
Name of the Related Parties Nature of Value of Receivable/
Transactions Transactions in 2006 (Payable) at year end
Beximco Holdings Ltd.- Interest bearing Long Term Loan 654,755,905 (452,440,946)
Bangladesh Export Import Co. Ltd.- Interest bearing Long Term Loan (1,500,047) (10,000,312)
Beximco Fashions Ltd Sale of fabric 1,541,297,564 332,221,562
International Knitwear & Apparels Ltd. Sale of fabric 908,459,040 124,526,540
Nature of Relationship
The Company, and the parties as stated above are subject to common control from same source i.e., BEXIMCO Group.
36
46. Contingent Liabilities

There was no contingent liability as on 31 December 2006.
47. Capital Expenditure Commitment

Amount contracted but not provided for in these financial statements Nil
Amount authorized by the board of directors but not contracted for Nil
48. Un-Availed Credit Facility

There was no credit facility available to the company under any contract, but not availed of as on 31 December,
2006 other than trade credit available in the ordinary course of business.
49. Foreign Exchange Earned

The Company had "deemed export", and as such, no foreign exchange was earned against sales. No other foreign
exchange was earned or received by Company during the year 2006.
50. Payment in Foreign Currency

In 2006, the company remitted foreign currency in respect of the following:
(a) Repayment of loans and interest:
Lenders Foreign currency Total in Taka
Principal Interest
CDC Group Plc. : GBP 450,099.19 422,080.96 116,556,622
DEG : Euro 284,021.31 328,309.74 55,486,318
AFIC : US$ 152,916.45 168,192.28 22,486,036
Marubeni : JPY 317,259,044.00 292,838,794.50 381,950,720
(b) Payment against Imported Raw Material & Spares:

Foreign Currency In Taka
US$ 6,042,782 410,909,203
(c) No other expenses including royalty, technical expert and professional advisory fee etc. was incurred or
paid by the company in foreign currency, during the year 2006.
51. Commission, Brokerage or Discount Against Sales

(a) Distribution commission of Tk. 15,121,548 was incurred and paid during the year 2006 to the Bangladesh
Yarn Syndicate, the distributor of the Company.
(b) No other commission, brokerage or discount was incurred or paid by the Company against sales during
the year 2006.
52. Production Capacity, Actual Production and reason of Excess/Short fall

(a) YARN
SPINDLES
No. of spindles installed 119,520
Number of spindles actually operated 119,520
Quantity in '000 Lbs (40's equivalent)
Installed capacity 28,441
Actual production 27,385
37
(b) WOVEN FABRIC

LOOMS
No. of looms installed 293
Number of looms actually operated 293
Output capacity (Lm.)
Installed capacity 28,000,000
Actual production 25,535,420
(c) KNIT FABRIC (Quantity in kgs.)
Installed capacity 2.60 million
Actual production 2.26 million
(d) DENIM FABRIC (Capacity in Lm.)
Installed capacity 4.94 million
Actual production 4.61 million
53. Payments/Perquisites to Directors/Officers

(a) The aggregate amounts paid/provided during the year in respect of directors and officers of the Company
as defined in the Securities and Exchange Rules 1987 are disclosed below:
Directors Officers
Board Meeting Fee 3,000 -
Basic Salary - 62,886,337
Provident Fund Contribution - 5,798,437
House Rent Allowance - 26,595,682
Total Tk. 3,000 95,280,456
(b) No compensation was allowed by the company to the Managing Director of the company.
(c) No amount of money was spent by the company for compensating any member of the Board for special
services rendered except as stated above.
54. Post Closing Events

Subsequent to the balance sheet date, the directors recommended 10% stock dividend (bonus share) subject to
shareholders' approval at the forthcoming annual general meeting.
Except the fact stated above, no circumstances have arisen since the balance sheet date which would require
adjustments to, disclosure in, the financial statements or notes thereto.

Director Director Deputy General Manager
(F&A)
June 28, 2007

Dhaka.
38
bextex limited
Registered Office : 17 Dhanmondi R/A, Road # 2, Dhaka-1205
PROXY FORM
I/We ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... of ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... being
a member of BEXTEX LIMITED hereby appoint Mr./Mrs/Miss ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
... ... ... ... ... ... ... ... ... ... ... of ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... as my Proxy to attend and vote for me on my
behalf at the 23RD ANNUAL GENERAL MEETING of the Company to be held on Saturday the 8th September, 2007
at 10:30 am at 1, Shahbagh C/A, Dhaka and at any adjournment thereof.
As witness my hand this ... ... ... ... ... ... ... ... ... day of September, 2007. Signed by the said in presence of ... ... ... ... ...
... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Revenue
............................................... Stamp
(Signature of the Proxy) Tk. 8.00
Date .......................................
........................................................................
Signature of the Shareholder(s)
............................................... BO ID/Register Folio No. .................................
(Signature of witness) Dated .............................................................
Note : A member entitled to attend and vote at the General Meeting may appoint a Proxy to attend and vote in
his/her stead. The Proxy Form, duly stamped, must be deposited at the Registered Office of the Company not
later than 48 hours before the time appointed for the meeting.
Signature verified
....................................................
Authorized Signatory
"
bextex limited
Registered Office : 17 Dhanmondi R/A, Road # 2, Dhaka-1205
Shareholders' Attendance Slip

I hereby record my attendance at the 23RD ANNUAL GENERAL MEETING being held on Saturday the 8th
September, 2007 at 1, Shahbagh C/A, Dhaka.
Name of Member/Proxy ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
BO ID/Register Folio No... ... ... ... ... ... ... ... holding of... ... ... ... ... ... ordinary Shares of BEXTEX Limited.
...................................................
Signature of Shareholder(s)
N. B. Please present this slip at the reception desk. Children and non-members will not be allowed at the meeting.
SHAREHOLDERS INFORMATION COMPANY PROFILE
Mailing Address, Registration Office CORPORATE HEADQUARTERS

& Corporate Share Office
House No. 17, Road No. 2, Dhanmondi R/A
BEXTEX Ltd. Dhaka -1205, Bangladesh
17 Dhanmondi R/A, Road No. 1 Phone: 8611891-5, 8618220-7, 7701165
Dhaka -1205, Bangladesh E-mail : beximchq@bol-online.com
Web : http//www.beximco.org
Independent Auditors
Operational Headquarters
M. J. Abedin & Co.
Beximco Industrial Park
Chartered Accountants
Sarabo, Kashimpur, Gazipur, Bangladesh
National Plaza (6th Floor)
Phone : 8611891-5, 8618220-7, 7701165
1/G Free School Street, Sonargaon Road
Dhaka-1205 Date of Incorporation
Telephone : 88-02-8629771 30 May 1984
Fax : 88-02-8617681
e-mail : mjabedin@bangla.net Commercial Production
1990
Legal Advisers
Business Line
M/S. Huq & Co.
Manufacturing and Marketing of Yarn,
47/1 Purana Paltan, Dhaka-1000
woven, Knit and Denim Fabrics
Bankers Listing Status
Standard Chartered Bank Public Listed Company
IFIC Bank Ltd. Stock Exchange Listing
Rupali Bank Ltd.
Citibank N.A. Dhaka and Chittagong
Bank Asia Ltd. Authorized Capital
South East Bank Ltd.
Sonali Bank 3,000 Million taka
Janata Bank Paid-Up Capital
State Bank of India
1,711.68 Million Taka
The City Bank Ltd.
Number of Shareholders
Registered Office 36,470
17 Dhanmondi R/A, Road No. 2 Number of Spindles Installed
Dhaka-1205, Bangladesh
119,520
Factory Number of Woven Loom Installed
Tatki, Rupganj, Narayanganj. (Plant-1) 293
Sarabo, Kashimpur, Gazipur. (Plant-2)
Number of Circular Knitt Machine Installed
Day, Date, Time & Venue of AGM 30
Saturday, The 8th September 2007, At 10:30 a.m. Number of Denim Looms Installed
1 Shahbag C/A, Dhaka
56
Annual
06 Report

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Annual

Notice of the Twenty-third Annual General Meeting 2

Notice of the annual general meeting

NOTICE OF THE TWENTY-THIRD ANNUAL GENERAL MEETING

By order of the Board,

Board and Management

COMPANY SECRETARY Md. Asad Ullah, FCS

fJKrU ” 28ßv \Mj, 2007

Future Plans A S F Rahman

the shareholders for the proper conduct of the business.

Report of the Directors

(j) The pattern of shareholding is as follows :

CORPORATE GOVERNANCE COMPLIANCE REPORT

On behalf of the Board,

June 28, 2006

Corporate Governance Compliance Status Report

Condition Title Compliance status Explanation

Five years’ Statistics

2006 2005 2004 2003 2002

Key Financial Ratios, Figures and Market Data:

* Figures in Thousand Taka

Shareholders - as Dividend 7.36 % 10.30 % Depreciation and retention

1.27 % Government - as duties and taxes

22.77 % Employees - as salaries, wages and allowances

58.30 % Lenders - as Financial Charges

National Plaza (6th Floor) M. J. ABEDIN & CO.

Dhaka : June 28, 2007

Notes Amount in Taka

The notes are an integral part of the Financial Statements.

A B Siddiqur Rahman M A Qasem Md. Mushaddeque Ali

Per our report of even date.

June 28, 2007 M. J. Abedin & Co.

Notes Amount in Taka

The notes are an integral part of the Financial Statements.

A B Siddiqur Rahman M A Qasem Md. Mushaddeque Ali

Per our report of even date.

June 28, 2007 M. J. Abedin & Co.

Statement of Changes in Equity

Particulars Notes Share Capital Reserves Retained Total

At the beginning of the year 43 608,107,500 1,521,288,430 732,050,404 2,861,446,334

The notes are an integral part of the Financial Statements.

A B Siddiqur Rahman M A Qasem Md. Mushaddeque Ali

Per our report of even date.

June 28, 2007 M. J. Abedin & Co.

Cash Flows from Operating Activities :

The notes are an integral part of the Financial Statements.

A B Siddiqur Rahman M A Qasem Md. Mushaddeque Ali

Per our report of even date.

June 28, 2007 M. J. Abedin & Co.

2. Basis of Measurement of Elements of Financial Statements

3. Statement of Compliance with Local Laws

4. Statement of Compliance of Bangladesh Accounting Standards

5. Structure, Content and Presentation of Financial Statements

7. Approval of Financial Statements

8. Functional and Presentational (Reporting) Currency

10. Risk and Uncertainty For Use of Estimates and Judgments

12. Accrued Expenses and Other Payables

13. Going Concern

14. Financial Instruments

16. Cash Flow Statements

17. Transactions with Related Parties

18. Events after the balance sheet date

19. Accounting policies For Significant Items