This action might not be possible to undo. Are you sure you want to continue?
Transmittal Letter 2 Notice to the Shareholders 3 Vision Statement 4 The Ten Principles of Global Compact (UN) 5 Corporate Governance 6 Corporate Review G Management Apparatus 14 G Corporate History 16 G Corporate Operational Results 17 G Message from the Chairman 19 G Message from the Managing Director 21 G Directors' Report 23 Financial Report G Value Added Statement 42 G Auditors' Report 43 G Balance Sheet 44 G Income Statement 45 G Statement of Changes in Equity 46 G Cash Flow Statement 47 G Notes to the Financial Statements 48 G Consolidated Balance Sheet 72 G Consolidated Income Statement 73 G Consolidated Statement of Changes in Equity 74 G Consolidated Cash Flow Statement 75 G Notes to the Consolidated Financial Statements 76 Subsidiary Profile Square Cephalosporins Ltd. G Directors' Report 90 G Auditiors' Report 92 G Balance Sheet 93 G Income Statement 94 G Statement of Changes in Equity 95 G Cash Flow Statement 96 Square Biotechs Ltd. G Directors' Report 97 G Auditiors' Report 99 G Balance Sheet 100 Square Multi Fabrics Ltd. G Directors' Report 101 G Auditors' Report 102 G Balance Sheet 103 G Cash Flow Statement 104 Proxy Form 105
SQUARE PHARMACEUTICALS LTD.
��� � � � � � � � �� � � � � � � � � � �� �� � �� � � �� � � � � � � � �� � � � �� � �� � � � � �� � � � � �� ��� � �� � �� � � � � �� � � � � � �� � �� �� �� � � � � � � � �� � � � � �� � � � � � � � �� � � � � � �� � � � � � � �� � � � � �� � � � � � � � �� � � � � � � ���� � � � � ��� � � � � � �� � � �� � � �� � � � �� � � � � �� � � � � �� � ��� � � � � � � � �� �� � !" # � � � � � � � �� � � � � � � � � � � � �� � � � � � � � � $� � �� � � � � %� � � � �� � � � � � � � � � � � � � � � � & �� � � � � � � %� � �� � � � %� � � � � � � ��� � �� � �� � �' � �� � � � �� � � � � �� � �� � �( � � � � �) *+ - *- + � � � � �� � � � � � � � � + � � � � � � � � � �, �.� �� � ��� � � � � � � ��� �� / � �� $�� � � �� � � � �� �� & �� � � � � � � � � ��� � �� � � �$� � � �� � � � � �( � � � � �) *+ - *- �� �� � � � �, & �� � � � � � � � � � � � � � � � � � � � � � ��� � � �� � � � � � � � � � ��� � � � � � ��� � � � �� �� � � � � � � � � � � � �� � � $� � � � � � � � � � 0� � � � � � � � $�� � � � � � � � � 1� � � � �� �� � � � � �$
2� � � � � � � � �3 � 4�4� 55� � � � � � � � � � $�� � � � � � � � $� � � � � � "��) - � � �%� � � � � + - *�,
SQUARE PHARMACEUTICALS LTD.
NOTICE TO THE SHAREHOLDERS
Notice is hereby given that the 44th ANNUAL GENERAL MEETING of the shareholders of Square Pharmaceuticals Ltd. will be held on Tuesday the 21st September, 2010 at 10:30 a.m. at Factory Premises, Board Ghar Bazar, Kaliakoir, Gazipur to transact the following business: Agenda -1: To receive, consider and adopt the Accounts for the year ended March 31, 2010 together with the Report of the Directors and the Auditors thereon. Agenda -2: To declare dividend for the year ended March 31, 2010. Agenda -3: To elect Directors in terms of the relevant provision of Articles of Association. Agenda -4: To re-appoint the Managing Director of the Comapny. Agenda -5: To appoint Auditors and to fix their remuneration. By order of the Board
Khandaker Habibuzzaman Company Secretary
Dated: 30th August, 2010
Notes: The proxy form must be affixed with requisite revenue stamp and be deposited at the Registered Office of the Company not less than 48 hours before the time fixed for the meeting.
We view business as a means to the material and social wellbeing of the investors, employees and the society at large, leading to accretion of wealth through financial and moral gains as a part of the process of the human civilization.
Our Mission is to produce and provide quality & innovative healthcare relief for people, maintain stringently ethical standard in business operation also ensuring benefit to the shareholders, stakeholders and the society at large.
Our objectives are to conduct transparent business operation based on market mechanism within the legal & social frame work with aims to attain the mission reflected by our vision.
Our vision, our mission and our objectives are to emphasise on the quality of product, process and services leading to growth of the company imbibed with good governance practices.
and Make sure that they are not complicit in human rights abuses. duties and claims by various public agencies like municipalities etc. We owe our shareholders and strive for protection of their capital as well as ensure highest return and growth of their assets. profit participation. sale of assets etc. leave salary and superannuation & retirement benefits. and Encourage the development and diffusion of environmentally friendly technologies. for top quality health care products at the least cost reaching the lowest rungs of the economic class of people in the country. We strive. The effective abolition of child labour and Eliminate discrimination in respect of employment and occupation. bonuses. are as follows : Human Rights: (1) (2) Businesses should support and respect the protection of internationally proclaimed human rights within their sphere of influence. Labour Standards: Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining. strive. Environment: Business should support a precautionary approach to environmental challenges: Undertake initiatives to promote greater environmental responsibility.The Ten Principles of Global Compact (UN) : The ten principles of Global Compact initiated by the UN Secretary General as have been adopted by Square Pharmaceuticals Ltd. races. We strive for practicing good-governance in every sphere of activities covering inter alia not being limited to. the creditors. and the customers who buy our products & services by redeeming their claim in time by making prompt payment and by distributing proper product on due dates to our customers. religions and regions in all spheres of our operation without any discriminatory treatment. disclosure & reporting to shareholders. allowances. for a social order devoid of malpractices. above all. including extortion and bribery. holding AGM in time. reporting/dissemination of price sensitive information. We strive for the achievement of millennium development goals for the human civilization 5 . We value our social obligations. We strive for best compensation to all the employees who constitute the back-bone of the management and operational strength of the company through a pay-package composing salary/wages. employees. We strive for fulfillment of our responsibility to the government through payment of entire range of due taxes. suppliers. procurement & supplies. all that directly and indirectly affect the interest of concerned groups . We strive for the best co-operation of the creditors & debtors the banks & financial Institutions who provide financial support when we need them. (3) (4) (5) (6) (7) (8) (9) (10) WE STRIVE FOR We in SQUARE. recruitment & promotion of staff. unethical and immoral activities and corruptive dealings. as responsible citizen. We strive for equality between sexs.the shareholders. distribution of dividends and other benefits to shareholders. gas & water etc. Ethical Standards: Business should work against corruption in all its forms. government and the public in general. the providers of utilities-power. acquisition of shares by insiders. We strive for an environment free from pollution and poisoning. The elimination of all forms of forced and compulsory labour. anti-environmental behaviours. the suppliers of raw materials & suppliers who offer them at the best prices at the opportune moments.
present and future. . These aspects of governance are shared by the Board of Directors. pricing of products/discounts. consisting of the founding entrepreneurs/ successors and an Independent Director. the stakeholders. plant & machinery. financial results. The Board is re-constituted every year at each Annual General Meeting when one-third of the members retire and seek re-election. operational and executing. the degree of involvement being variable with the extent of delegation of authority top down and reporting for accountability bottom up of the Management echelon. The involvement of the entrepreneur in all these areas invokes decision making governance on a continuous basis. oversee the operations and control the affairs of the company through appropriate delegation and accountability processes via the lines of command. is to provide general superintendence. Such meetings usually consider operational performance. The Board of Directors consist of nine (9) members including the Independent Director with varied education and experience which provides a balancing character in decision making process. the top Management echelon. The Board of Directors. at least once a quarter and provide appropriate decisions/directions to the Executive Management. The Board of Directors take special care in designing and articulating productivity and compensation plans of employees and workers and rewarding them appropriately on the basis of quality and quantity of performance as an incentive. review of budgets. These decisions may be categorised as policy & strategic. training and promotion of officers. To this end entire corporate governance efforts are blended with "good governance practices" as ethically and morally acceptable standards under a given socio politico environmental phenomenon of our society in which we work. (b) Role & Responsibilities: The main role of the Board of Directors. live and exist. the state and the society. friendly environmental work condition and social relationship as demanded of good citizen in a country. in fulfillment of its responsibility hold periodic meetings. The organisms through which the corporate governance functions are carried out are: BOARD OF DIRECTORS: (a) Constitution: The Board of Directors. approval of audited accounts and distribution of dividends and other interest of the stakeholders including the employees and workers. capital expenditure proposals for BMRE or new projects/divisions/product lines. procurement of funds by issue of shares or borrowing. procurement of raw materials. recruitment. However the Board of Directors hold the ultimate responsibility & accountability with due delligence for conducting the activities of the company as per provisions of law in the interest of the shareholders.CORPORATE GOVERNANCE: Corporate Governance involves decision making processes for any corporate body as a going concern for the benefit of all concerned. A director is liable to be removed if the conditions of the Articles of Association and the provisions of the Companies Act 1994 are not fullfilled. Board also remains responsible for removal of operational hazards to life and health of workers. operational participants and workers and others in fulfillment of the common goals that converge in increasing the benefits of all stakeholders. Executive Management. performance & evaluation and sharing of the accretional assets between present & future cohorts. which is the highest level of authority. provides the policy and strategic support and direction for the entire range of the corporate activities.
human rights. M. This has enabled the company to enhance its contribution to the National Exchequer on a progressive rate year after year. payment of dividends etc. social activities (promotion of sports & culture.CORPORATE GOVERNANCE (c) Relationship with Shareholders & Public: The shareholders as owners. Sekander Ali. employment of disableds etc. (g) Corporate Social Responsibilities (CSR): The Board of Directors is also awoken of the Corporate Social Responsibilities (CSR) especially in the areas of gender equality. health care and population control programs. it maintains cordial and mutually beneficial interest with its international as well as local suppliers. (e) Relationship with Financers/Bankers: The Board oversees the financial transactions and ensures to meet company's commitments to the lenders without default. The Audit Committee is headed by the Independent Director. (f) Relationship with Suppliers: As the company has to import plant and machinery and almost all the raw materials from abroad. not being limited to. race-religion-regional equality. (d) Relationship with Government: In its role on accountability to the government. Mr. elimination of corruption programs. participation in charitable activities etc. A qualified Chartered Secretary is in charge for all these responsibilities as Company Secretary. are required to be provided with material information on the company's operation half-yearly and annually. suppliers. the latter at the AGM. VAT. The Board is however responsible to the public for publication of any price sensitive information as per SEC regulation. The Audit Committee shall also coordinate with the Internal and external Auditors as and when required. Director. Samuel S. Director and Mr. 7 . This has resulted in securing lower interest rates from them. environmental pollution. The other responsibilities include inter alia. custom duty and port charges. Kazi Iqbal Harun. They are also provided routine services by the Company Secretary in matters of transfer of shares. social-marketing. The Audit Committee also ensures compliance of requirements of SEC and other agencies. This has enabled the company to avoid any legal disputes in international/local courts and enhanced the company's image as a good customer. The Audit Committee ensures that adequate internal checks & balances supported by adequate MIS are in place for detection of errors frauds and other difficiencies. government and any other interest groups and detect or remove any scope of insider trading in the company's stock. the prevention of conflict of interest between the company and its Directors officials. AUDIT COMMITTEE OF BOARD The Board of Directors has constituted an Audit Committee of the Board consisting of three Directors. Other members are Mr. non-employment of child labour. replacement in case of loss or damage of shares. an MBA and a Senior Development and Investment Banker of the country. Chowdhury. Corporate Taxes and other levies as and when they become due on the basis of actual operations and make sure to avoid corruption. the Board of Directors ensure payment of all dues to government in the form of import duty. in non-partisan manner) right to form and participate in Union under ILO convention. The Audit Committee carries out its responsibilities as per the provisions of law and submits its report to the Board of Directors from time to time. customers.
the Government and the public as highlighted below: (1) Independent Director: In compliance of the SEC Regulations on Good Governance. Bar-at-Law Mr. well educated. one of the Senior Development/Investment Bankers of the country. The Executive Management is aided by committee(s)/sub-committee(s) in carrying out its functions. General Managers and a host of Senior Executives in the hierarchy of management. as the nonshareholder Independent Director. OTHER GOVERNANCE APPARATUS The Company. the Board of Directors as empowered by the Regulations. former Managing Director of Bangladesh Shilpa Bank/Bangladesh Shilpa Rin Sangstha/Investment Corporation of Bangladesh and Senior Adviser. stakeholders. Directors.EXECUTIVE MANAGEMENT The Executive Management is led by the Managing Director (CEO) who is appointed by the Board of Directors for a term of 5 years (renewable) with the approval of shareholders in the Annual General Meeting. The Board has approved an organogram with modern features ensuring clear lines of delegation of authority and reporting for accountability for effective decision making evaluation of performance on merit for both rewarding and disciplinary action. (2) Legal Advisers: In order to avail the best legal services for Good Corporate Governance. The Executive Management is responsible for preparation of budgetary segment plans/sub-segment plans for every cost/profit centres and are held accountable for performance therefor. Nihad Kabir. The Managing Director is supported by professional. M Sekander Ali. Rokonuddin Mahmud. Bankers. . Insurers and Technical experts who continuously assist the Board of Directors and the Executive Management in properly discharging their duties to all the shareholders. Bar-at-Law The expertise of the above named professionals have had long term fundamental support to the company's Good Governance efforts. in its efforts for Corporate Good Governance Practices. It is expected that his expertise would help contribute to the further disclosure and protect the interest of all investors in general and smaller investors in particular. the company has empanelled the following top ranking legal professionals: Mr. Bar-at-Law Ms. Rafiqul-ul Huq. trained and experienced team consisting of Executive Directors. appointed Mr. the Securities and Exchange Commission. uses a series of top ranking professional service providers including Legal experts.
reputed and financially sound history so that claims. cost of financial services and interest on the lending by the banks are also required to be the minimum. A Standard Chartered Bank HSBC Ltd. As evident from the Annual Reports. Pioneer Insurance Co. is maintaining insurance business relationships with the following highly reputed and publicly listed companies: Pragati Insurance Ltd. Ltd. Commercial Bank of Ceylon Ltd. This has been possible due to the high level capability and integrity of M/s. Efficient banking service brings down cost of operations. Eastern Bank Ltd. DEG. Mercantile Bank Ltd. nay. the company rigidly follows the code of International Accounting Standards (IAS) and International Standard of Auditing (ISA) with legally required disclosures of Accounts and Financial Statements. Shahjalal Islami Bank Ltd. Germany The company has neither ever defaulted in any commitment with its Bankers nor did get entangled in legal dispute at any court premises. On the other hand.CORPORATE GOVERNANCE (3) Bankers: The degree of efficient business operation largely depends on the quality of efficiency of banking services received by the company. are settled promptly and the premium rates are market competitive. the company has established long term business relationship with the following banks who provide most efficient service at minimum cost/interest that benefit the shareholders: Janata Bank Ltd. based on these considerations. Chartered Accountants whose unchallenging performance has played a very trustworthy role in the protection of interest of the investors for which the Regulatory Authority has allowed their continuation as Auditors. Trust Bank Ltd. the investors. To this end. Bank Asia Ltd. Citibank N. With this end of view. if any. the company has to select insurer with the most efficient. Chowdhury Bhattacharjee & Co. The company. Bank Alfalah Ltd. 9 . The company has not yet faced any dispute over any claims and the company enjoys special premium (5) Auditors: The role of the auditors in certification of the financial statement is the most significant aspect of Corporate Governance and protection of interest of investors. (4) Insurer: Insurance services cover certain operational risks which are required by law/business practices to be covered by legitimate insurance service providers for protection of the interest of the company.
winding up or dissolution and amendments to Memorandum and Articles of Association for protection of minority interest up to 49. The corporate ethic must necessarily promote efficiency in co-existing with the environment to generate the quality of life for a current cohort and yet also provide an equity that does not disadvantage a furture cohort by the decisions of a current cohort. ownership structure has an impact on the balance of power among shareholders. who is held accountable for performance and what performance standards are applied. This would enable the company to enhance its capital wealth and sustain for perpetuity of existence. All enquiries are attended by the Company Secretary. This allows the public shareholders (individuals & institutions) to play an effective role in protecting their legal corporate rights. Though sponsors usually hold majority shares required for ordinary resolutions. Where necessary. As shareholders belong to the most important stakeholders.DIVIDEND POLICY Ethics is an ingredient of Good Governance and involves a determination of what is right and what is wrong and deals with things to be sought and things to be avoided with way of life and the end of life. Internal Audit Committee investigates matters of significant merit for consideration by the Management Committee/Managing Director/Audit Committee of Board/Board of Directors as the case may be. . All reasonable and practicable suggestions are implemented with good grace. In a nutshell power and influence are crucial in corporate governance. The position of shareholders as on 3103-2009 indicates that the sponsors of the company do not hold the required shareholdings (75%) for passing special resolutions.9% of the shareholdings. a governance ethic must represent a system that serves the needs of the current ownership while preserving the ability of the corporation to sustain itself and benefit future cohorts. merger and amalgamation. sale of business/productive assets. The Company holds regularly as per law the Annual General Meeting with adequate notice and disclosures in the Directors' Report and the Auditors' Report on Accounts/Notes and resolutions are passed with consensus and unanimity. Special Resolutions are passed in General Meeting with due notices. those living today naturally believe in dividend payouts today with less regard for the consequence tomorrow and those living tomorrow would prefer dividend payouts tomorrow without regard for the sacrifices we make today to allow their greater consumption tomorrow. Ethics invokes the management of the environment within which we function from a perspective broader than. As an environmental ethic analogy. the company is committed to show a stable policy of distribution (cash outlay) of the accretional wealth (profits) between the current and the future generation of shareholders. Since the corporate environment is in theory an infinitely lived entity owned by finitely lived shareholders. SHAREHOLDERS' RELATIONSHIP Corporate Governance issues include how major policy decisions are made in business corporations. the current cohort. benefiting both the present cohorts and the progeny. but obviously inclusive of. how various stakeholders can influence the process. public shareholders have a definite role and influence in the passing of special resolutions required for changes in the business object. Based on the above concept.
Gazipur. (CSE). SEGMENT REPORT The company's chief operating decision makers review the profit and loss of the company on an aggregate basis and manage the operations of the company as a single operating segment. scientific invention. The company has already secured permission for marketing its products in UK/EU countries. extend to the society to the government and beyond the borders of the country for social good as well as for contribution of Foreign Exchange Resources to the National Exchequer. the company operates in one segment.CORPORATE GOVERNANCE CORPORATE SOCIALISATION In order to play a model role for Good Governance characteristics in the corporate sector. reduction of cost. Accordingly. the company has become members of country's leading chamber . Dhaka Stock Exchange Ltd. These efforts have enabled the company to add new products to its product lines every year to the benefit of the common men of the country and the shareholders. WTO regulations and monetary & fiscal investment policies and has prepared its production & marketing strategy to meet the challenges from these risks. Bangladesh Association of Publicly Listed Companies (BAPLC). an element of Good Corporate Governance. manufacturing and marketing of drugs for health care for all live species. To this end. 11 . which is the business of developing. These memberships have provided scope to the company for improvement of Governance Practices for the benefit of the shareholders /stakeholders. RISK PERCEPTION Company management perceives investment risks within the national and international economic situation in relation to legal requirements involving intellectual property rights. RESEARCH AND NEW PRODUCTS DEVELOPMENT As a part of Corporate Social Responsibility for Good Governance the company maintains a team of scientific pharmaceutical experts who continuously conduct research & development programs for improving quality of products.Metropolitan Chamber of Commerce & Industries (MCCI). BEYOND THE BORDER Corporate social responsibility. Central Depository Bangladesh Limited (CDBL). The success in this field has secured the leading position for the company in the pharmaceutical sector. adoptation of products that are free of intellectual property rights and innovative products. the company is making entry into foreign markets and making efforts in registering its products in USA/EU countries for which is has already set up a modern state-of-art production facilities at Kaliakoir. (DSE) and Chittagong Stock Exchange Ltd.
Corporate Review .
FCMA . Samuel S. Muhammadul Haque Mr. Sekander Ali Ms.MANAGEMENT APPARATUS BOARD OF DIRECTORS Mr. K M Saiful Islam Mr. M. Tapan Chowdhury Mr. Kazi Iqbal Harun MANAGEMENT COMMITTEE Chairman Member Member Chairman Member Member Member Member Member Mr. Samuel S. M. Tapan Chowdhury Dr. Kabir Reza. Parvez Hashim Mr. Samson H. Ratna Patra Mr. M. Ashiqul Hoque Chawdhury Mr. Kazi Harunar Rashid Mr. M Saiful Islam AUDIT COMMITTEE Chairman Vice Chairman Managing Director Director Independent Director Director Director Director Director Mr. Chowdhury Mr. K. Chowdhury Mr. Md. Chowdhury Mr. Sekander Ali Mr. Kazi Iqbal Harun Mr. Anjan Chowdhury Mr.
Road No. 20-21. Dhaka DEG. Dhaka Mr. 31. 61. North C. Nihad Kabir. MBA. Dhaka Bank Asia Ltd. Bar-at-Law House No. Kazi Nazrul Islam Avenue. Mohakhali C. Chittagong Stock Exchange Ltd. Bangladesh 15 . Dhaka Citibank N. Bar-at-Law Walsow Tower 21-23. 62.A.com.squarepharma. Ltd.Com COMPANY SECRETARY Chief Financial Officer Company Secretary Head of Internal Audit Mr. Gulshan Avenue. Bangladesh Board Ghar Bazar Kaliakoir. Dhaka Trust Bank Ltd. Germany Square Road. Sonargaon Road.A.A. Gazipur. ACS AUDITORS INSURERS M/s. Bangladesh Phone: 8833047-56. Dhaka LISTING Mr. Gulshan Circle-2.A 109. Dilkusha C. REGISTERED OFFICE "Square Centre" 48. Gulshan Avenue. Dhaka Mercantile Bank Ltd. Kawran Bazar. Indira Road Dhaka-1215. Dhaka Standard Chartered Bank 67. SE (F) 9. Salgaria. Road No. Pabna. Khandaker Habibuzzaman. Dhaka Shahjalal Islami Bank Ltd. Rokanuddin Mahmud. 5. Chartered Accountants 47/2. Dhaka BANKERS Dhaka Stock Exchange Ltd. Dilkusha C. Gulshan Avenue.A Dhaka-1212. Gulshan Avenue. Anchor Tower. Rafique-ul Huq. Dhaka Eastern Bank Ltd.A. 11A Dhanmondi. Bangladesh LEGAL ADVISORS Pioneer Insurance Co.A. M. Rajuk Avenue. 82.bd FACTORIES Janata Bank Ltd. Bar-at-Law 47/1. Dhaka Commercial Bank of Ceylon Ltd. Dhaka HSBC Ltd. Majibur Rahman Bhuiyan. Kabir Reza. 8859007 www. Khandaker Habibuzzaman. 110. ACS Mr. 2. Dilkusha. Plot No. Dhaka Bank Alfalah Ltd. 142 South Avenue. Ltd. Md. MBA. FCMA Mr. Road-32. Dhaka Pragati Insurance Co. Gulshan. 1. Dhaka Ms.MANAGEMENT APPARATUS SENIOR CORPORATE OFFICIALS Mr. Chowdhury Bhattacharjee & Co. Gulshan. Motijheel. C. Gulshan-1. Md. House-6. Mohakhali C. 1/1-B. Purana Paltan.
Small Volume Parental Opthalmic Products and Insulin Products Tk. Hoffman-La Roche & Co. Authorized Capital Paid-up Capital Number of Employees Subsidiary Company : : : l l l Associate Company l l l l .03 million 4. Converted into Public Limited Company Initially Public Offering (IPO) Stock Exchange Listings Agreement with M/s. Square Biotechs Ltd. Basic Chemicals.CORPORATE HISTORY: Year of Establishment (Initially as a Partnership) Incorporated as a Private Limited Company Technical Collaboration Agreement with Janssen Pharmaceuticals of Belgium ( a subsidiary of Johnson & Johnson International Ltd.000 million Tk. AgroVet Products Pesticide Products. 1. Square Multi Fabrics Ltd.197 Square Cephalosporins Ltd. Square Fashions Ltd. Square Knit Fabrics Ltd. Bovis Tanvec Ltd.509. Ltd. Square Hospitals Ltd. Square Textiles Ltd. ) Technical Collaboration Agreement with F. of UK for implementation of Dhaka Plant Awarded ISO-9001 Certificate Awarded UK-MHRA Certificate Business Lines : : 1958 1964 : : : : : : : : : 1975 1984 1991 1994 1995 1996 1998 2007 Manufacturing and Marketing of Pharmaceutical Finished Products. 5.
33 13.63 651.703.716 1.682.774.400 40 35% 558 86.334.231.03 2.513 2.94 Quoted Price per Share .598 1.40 945.127 3.811 3.76 582.043 1.797 4.581 Quoted Price per Share .26 89.279.51 Earning per Share (SPL) 138.640.232.685 2.688 (Figures in thousand) 2006-07 8.744 2008-09 11.555.844 3.46 13.909 1.36 Earning per Share (Consolidated) 165.243 2.500.36 96.782 1.93 4.216.578 4.447 2.417.500.206 Current Ratio 2.845 1.289 29.231 2.259 1.525 1.961.987 2.942.10 690.755 1.015 9.905 2.307.029 1.243 7.167 4.107 44.869 1.143 796 764 17 .260.090.009 2005-06 7.110 929 1.43 47.62 2.251.836 3.DSE 3.825.240 40 25% 659 164.259 1.035 1.786 1.890.44 5.089.925 4.554.380 15.311 2.553 995.524 3.820.566 1.801 9.462 28.634 1.511.257.93 2.25 136.303.865 6.868.290 2.565.279.935 2.401.906 1.600 50 50% 486 96.563 11.084 941 1.072. of Share Outstanding 15.041 12.031.797 Human Resources: Executives Staff Workers 1.223 7.500 2.381.545.648 6.78 4.843.298.872 8.029.26 8.043.085.88 Number of Shareholders 40.503 1.87 125.569.533.MANAGEMENT APPARATUS CORPORATE OPERATIONAL RESULTS: 2009-10 Turnover (Gross) Value Added Tax Turnover (Net) Gross Profit Net Profit before Tax Net Profit after Tax Net Assets Value (NAV) Total Assets Total Bank Borrowings Total Current Assets Total Current Liabilities 13.80 77.CSE 3.366.148.694 3.364 1.300 Dividend per Share (Cash) 35 Dividend per Share (Stock) 30% Net Assets Value per Share (NAV) 766 Net Operating Cash Flow per Share 176.258 10.863 8.48 EPS at Original Capital at IPO 1.402.069 2.486.564.88 31.15 No.258 2007-08 9.511 2.722.333.110 4.087.872 11.276 2.053 9.242 913 846 1.816.08 86.711.20 91.940 2.968.949.398 13.000 75 20% 424 78.597 Price Earning Ratio-DSE (Time) 25.210.923 23.165.280 4.142 1.411.462.901.57 101.46 12.536.
While presenting these reports. gross profit and the net profit despite recessionary impact on the ability of the people on healthcare. I assure you all that the management would still work harder for holding its leading position in the industry and earn higher return for the shareholders. I would like to submit that the management headed by me has been carrying out its responsibilities with highest degree of professionalism under the able direction of the Chairman in particular and the Board of Directors in general. Tapan Chowdhury Managing Director 21 . Despite these factors. Cash Flow Statement and Auditors Report thereon. The Management success is evident from the increased level of turnover. Income Statement. company's net profit has increased over the previous year. Thanking you all.ADDRESS OF WELCOME BY THE MANAGING DIRECTOR Esteemed Shareholders. Ladies & Gentlemen It is a great pleasure for me to welcome you on behalf of the Board of Directors to the 44th Annual General Meeting of the shareholders for your consideration and approval of the Annual Report for 2009 .10 containing Balance Sheet. The inflationary effect on cost of living has necessitated increase in remuneration of all employees.
Members of the Board of Directors Mr. Samuel S. Ratna Patra Director Mr. Chowdhury Vice Chairman Mr. M Saiful Islam Director . Tapan Chowdhury Managing Director Dr. M. Sekander Ali Independent Director Mrs. Kazi Iqbal Harun Director Mr. Anjan Chowdhury Director Mr. K. Chowdhury Chairman Mr. Samson H. Kazi Harunar Rashid Director Mr.
had on overall basis. cvewjK-cÖvB‡fU cvU©bvikxc (wcwcwc) bxwZ hv †`‡ki mKj Lv‡Zi Dbœqb‡K cÖfvweZ K‡i †m¸‡jvi †KŠkj bxwZ. wmwKDwiwUR GÛ G·‡PÄ i“jm& 1987 Gi 12bs wewai (Ges Zdwmj Abyhvqx) kZ©vbymv‡i Ges w` BbwówUDU Ae PvU©vW GKvD›U¨v›Um& Ae evsjv‡`k KZ…©K M„nxZ AvBGGm-1 (Avš—R©vwZK wnmve gvb`Û-1) Abymv‡i 31†k gvP© 2010 Zvwi‡L mgvß Avw_©K eQ‡ii cÖwZ‡e`b m¤§vwbZ †kqvi‡nvìvie„‡›`i Kv‡Q wb‡gœv³ cwi”Q`¸‡jv‡Z †ck Ki‡Qbt 1. dvg©vwmDwUK¨vj&m †m±i: The pharmaceutical sector attained a growth of 16. A_©‰bwZK I evwYwR¨K cwiw¯’wZ: D irectors' R eport TO THE SHAREHOLDERS FOR THE YEAR 2009-2010 In terms of provisions of Section 184 of the Companies Act 1994. Volume/Value of daily transactions etc. Share Prices Indices. SocioEconomic-Politico stabilization would now be the key factor for substantive two-digit growth rate in GDP in the coming years for alleviating the level of poverty that haunts the nation. The Government enunciated its policy outlines through its Budget .DIRECTORS' REPORT SQUARE PHARMACEUTICALS LTD. tended to decline to the level of 5. shown signs of consolidation by both the public and private sectors. PHARMACEUTICAL SECTOR : Av‡jvP¨ mg‡q †`‡ki A_©‰bwZK I evwYwR¨K cwiw¯’wZ‡Z cÖvB‡fU Ges cvewjK †m±‡ii g‡a¨ †RvUe× nIqvi j¶Y †`Lv hvq| Lv`¨ Drcv`b. however. heartening to note that the Capital Market has shown substantive agility with increase in amount of share issues (including Mutual Funds). Rule 12 (and the schedule there under) of the Securities and Exchange Rules 1987 and IAS-1 (International Accounting Standards-1) codes as adopted by The Institute of Chartered Accountants of Bangladesh (ICAB).91% during the previous year. 2010 in the following paragraphs: 1. which covers 9 months of our operations. Gas and Coal Policies. †kqvi AvbycvwZK Avq Ges †jb‡`b BZ¨vw`| Z‡e AvMZ eQ‡ii wRwWwc µge„w×i nvi a‡i ivLvi Rb¨ Av_© mvgwRK I ivR‰bwZK †cÖ¶vc‡Ui myw¯’Z cwieZ©bB GKgvÎ ¸i“Z¡c~Y© f~wgKv cvjb Ki‡Z cv‡i| dvg©vwmDwUK¨vj †m±i AÎ 2009 mv‡j kZKiv 16. ¯‹qvi dvg©vwmDwUK¨vjm& wjt 2009-2010 eQ‡ii Rb¨ ‡kqvi‡nvìvie„‡›`i cÖwZ cwiPvjbv cl©‡`i cÖwZ‡e`b cwiPvjbv cl©` Avb‡›`i mv‡_ †Kv¤úvbx AvBb 1994 Gi 184 bs cwi‡”Q`.5 G P‡j Av‡m| we`y¨r bxwZ. seemed to have undergone redtapeism. †`‡ki c~wR evRv‡i wgDPzqvj L dvÛmn D‡j. ißvbx Ges ˆe‡`wkK A_© †cÖiY e„w×i Dci ¸i“Z¡ cÖ`vb K‡i miKvi 2009-10 mv‡ji ev‡RU bxwZgvjv cÖKvk K‡i‡Qb| cwðgv †`‡ki g›`v Ges †`‡ki g‡a¨ we`y¨r I M¨vm msK‡Ui Kvi‡Y 2009-10 A_©erm‡i wRwWwci µge„w× wbgœMwZ nIqvi cÖeYZv †`Lv hvq Ges GUv 5. it is the pleasure of the Board of Directors to submit its Report the to Shareholders for the year ended 31 March.72% 23 . M¨vm I Kqjv bxwZ. Bangladesh Bank's new efforts in promoting agri-loans amongst smaller farmers by the Banking Sector shows a tinge of light in increasing diversified agri-crops with nutritional effects on the health of the people. exports and remittances. The national pharma market growth and that of the company during the past few years are given below: 2009 16. D‡j. ECONOMIC & ENVIRONMENTAL SITUATION : The economic and environmental situation during 2009.83% during the year 2009 as against 6. Price-Earning Ratios. The GDP growth rate. cwiKíbv Ges ev¯—evqb h_vixwZ `vßwiK RwUjZvq Ave× n‡q Av‡Q| ¶z`ª K…lK‡`i Avw_©K Dbœq‡bi j‡¶¨ evsjv‡`k e¨vsK KZ…©K M„nxZ mnR k‡Z© ¶z`ª FY cÖ`vb D‡`¨vM K…wlc‡Y¨ Drcv`b e„w×i cvkvcvwk †`‡ki RbM‡Yi ¯^v¯’¨ Dbœq‡b mnvqK f~wgKv cvjb Ki‡e| Ab¨w`‡K we`y¨r. kªwgK AwaKvi Ges wewb‡qvM Dc‡hvMx cwi‡ek ev¯—evqb Kiv cÖ‡qvRb GZ`m‡Z¡I. investments in the industrial sector has mostly remained stagnant primarily due to Power & Fuel crises as well as a number of frightening incidences in labor fronts in the RMG sector. very vital issues for growth in almost all other sectors. 2.83 fvM cÖe„w× AR©b K‡i‡Q hv weMZ 2008 mv‡j wQj 6.83% 16. However.‡hvM¨ †h.91 fvM| weMZ K‡qK eQ‡ii Jla LvZ I †Kv¤úvbxi cÖe„w×i Zzjbvg~jK wPÎ wb‡gœ Dc¯’vcb Kiv n‡jvt 2. degree of oversubscriptions of IPOs.2009-10 which laid emphasis on increased food production.‡hvM¨ msL¨K Ab¨vb¨ †kqvi G‡m‡Q Ges L AvBwcI ¸‡jv‡Z Ifvi mvew¯Œckb n‡q‡Q| †e‡o‡Q †kqvi m~PK. It is however. PublicPrivate-Partnership (PPP) Policy. An up-dated labor policy with rights of labor and investors needs to be initiated urgently for prevention from deterioration in this vital area. The strategic policy planning and commencement of its implementation relating to Power Policy. M¨vm msKU mn ˆZix †cvlvK wk‡í µgvMZ kªwgK Am‡š—vl Ges Av‡iv Ab¨vb¨ fxwZKi cwiw¯’wZ †`‡ki wkí Lv‡Z wewb‡qvM‡K wbi“`¨g / wbw®Œq K‡i †i‡L‡Q| GB cwiw¯’wZ †_‡K †ei nIqvi Rb¨ Awej‡¤^ bZzb kªwgK bxwZ.5 for financial year 2009-10 due to impacts of the recessional effect in the west and Power & fuel crises at home. as usual.
57 . Tons) 122.271.62% 74.047.605 cvebv Ges Kvwjqv‰Ki-G Aew¯’Z KviLvbvi Drcv`b ¶gZv.44 258.19 160.065 2009-10 51% 101% 2008-09 42% 80% 3.03% 64.119 1.654 848.44 207.321.232 39.931.931.49 140.467.86% Turnover (Million Taka) 245.83 61.605 The capital expenditures of Tk. 1.99 227.200.200. The major part of investments were made from internal generation of funds. of Products 9 9 11 16 15 Production (M.709.119 1. Tons) 244 318 308 280 398 Own Use (M.25 214. The company made substantive investments in this regard at factory installations during the year as detailed below: Factory: (a) Land (b) Building (c) Plant & Machinery (d) Laboratory Equipments (e) Other Equipment/Assets (f) Head Office & Others Total Tk. OPERATIONS REVIEW: (1) PHARMA PLANTS: 3.405.435. Kvh©µg ch©v‡jvPbv: (1) dvg©v c-›Um: v The production plants at Pabna and Kaliakoir had continued to improve their operational efficiency both qualitatively and quantitatively by upgrading technological process.390.032 1. cwigvYMZ Ges ¸YMZ gvb e„w×i j‡¶¨ DbœZ cÖhyw³.467.978 4.334 (2) CHEMICAL PLANT: 2008-09 2.995 838.39% 69.75 117.96 270.590 84.543. `¶Zv.925.54 280. The overall combined output (Tablets and Capsules) of Pabna and Dhaka plants increased during the year over the previous year as follows: 2009-10 A_©eQ‡i g~jaYx e¨q n‡q‡Q 1.3.032 1. M‡elYv Ges cÖwk¶Y Kvh©µg Ae¨vnZ Av‡Q| GB wel‡q Av‡jvP¨ eQ‡i †Kv¤úvbxi cÖK…Z wewb‡qv‡Mi weeiY wb‡gœ cÖ`Ë n‡jv t KviLvbv: (K) Rwg (L) feb (M) hš¿cvwZ (N) M‡elYvi hš¿cvwZ (O) Ab¨vb¨ hš¿cvwZ/m¤ú` (P) †nW Awdm I Ab¨vb¨ †gvU UvKv 224.321.321.13 cvebv¯’ †KwgK¨vj c-›U Gi weMZ cuvP (5) eQ‡ii Kvh©µg v bx‡P Dc¯’vcb Kiv n‡jv t Sales (M.88 356.573 204.573 204.232 39.390. Tons) 121.605 UvKv hv MZ 2008-09 mv‡ji cÖvq mgZzj¨| g~jaYx e¨‡qi AwaKvsk A_© Avf¨š—ixY Drm n‡Z msM„nxZ| cvebv Ges XvKv c-‡›Ui wgwjZ Drcvw`Z c‡Y¨i cwigvY (U¨ve‡jU I K¨vcmyj) v MZ eQ‡ii Zzjbvq e„w× †c‡q‡Q hv wb‡gœ cÖ`Ë n‡jvt (Quantity in thousand) 2009-10 6. research and training.632 849.271.321.709.605 during 2009-10 was almost at the level of 2008-09.978 4.947 667.435.81 157.654 848.405.590 84.071 (2) †KwgK¨vj c-›U: v The operations of the chemical Plant (at Pabna) during the last five (5) years are presented hereunder: Years 2005-06 2006-07 2007-08 2008-09 2009-10 No.047.924.405. 224.67% 50.57 Own Use (%) 49.405.
501 2000 1. 1 2 3 4 5 6 7 8 9 10 11 12 Tablet Capsule Liquid Injectable E N T Preparation & Others Opthal Preparation & Others Dry Syrup Suppository Inhaler Isulin Basic Chemical Pellet Av‡jvP¨ 2009-2010 mv‡j we`¨gvb.825 2.DIRECTORS' REPORT (3) bZzb Jla m¤cÖmviY: (3) PRODUCT DEVELOPMENT: The following table shows the position of existing.723 1. Powder.279 11. bZzb ms‡hvwRZ Ges evwZjK…Z Jl‡ai weeiY wb‡gœi mviYx‡Z Dc¯’vcb Kiv n‡jv: Discarded 1 1 Total Net 31-03-10 252 60 61 45 54 12 21 6 14 3 8 7 32 19 594 Position as Added during on 31-03-09 the year 235 59 58 44 46 11 21 6 12 9 7 29 19 556 17 1 3 1 8 1 2 3 3 39 13 Tablet.166 500 0 2005-06 2006-07 2007-08 2008-09 2009-10 0 2005-06 2006-07 2007-08 2008-09 2009-10 Turnover (Gross) Turnover (Net) Net Profit (BT) Net Profit (AT) 25 .511 2. Injectable -AgroVet 14 Aerosol & Pesticide Total The new products have been well received by the medical profession and the market.382 1.711 7.088 Million 13.367 9. Liquid.566 9.869 1. Products Categories No.086 6.303 1.821 11.463 12000 2500 Million 9000 8.533 1.890 8. discarded and new products introduced during the year 2009-2010: Sl. 15000 3000 2.090 7.258 1500 6000 1000 3000 1.
38 45. dvg©vwmDwUK¨vjm& c‡Y¨i Aci bvg Rxeb i¶vKvix cY¨| ZvB GB c‡Y¨i m‡e©v”P gvb wbwðZ Ki‡Z Ges Dbœqb mva‡b c‡Y¨i Drcv`b mn mKj ¯—‡i wek¦ ¯^v¯’¨ ms¯’v cÖ`Ë ¸W g¨vbyd¨vKPvwis cÖvK&wUm Gi bxwZgvjv K‡Vvifv‡e Abymi‡b †Kv¤úvbx m¤ú~Y© ¸i“Z¡ Av‡ivc K‡i‡Q| cysLvbycysLi“‡c AbymÜvb Gi gva¨‡g †gqv‡`vË©xY Jla gv‡K©U n‡Z †diZ †bqvi †¶‡Î †Kv¤úvbx cÖwZwbqZ hZœkxj| †Kv¤úvbxi gvb wbqš¿Y myweav`xi g‡a¨ i‡q‡Q AZ¨vaywbK gvb m¤úbœ j¨ve‡iUix wewìs.063 16.490 2.25 40.632 849.14 51.543.015 4.23 7.777 41.91 Capacity Utilization 2009-10 2008-09 Production in thousand 2009-10 2008-09 3.070 31.595 14. The company also follows-up withdrawals from market of all expiry dated products through close inspection and surveillance.353 256 24 4.152 145 235 51% 101% 36% 92% 42% 44% 66% 19% 51% 1% 111% 59% 35% 188% 14% 9% 24% 42% 80% 33% 65% 35% 46% 44% 13% 47% 0% 75% 33% 25% 183% 19% 7% 16% 10 Insulin 11 Basic Chemicals 12 Pellets 13 Tablet -AgroVet 14 15 16 17 Powder.666 2.145 7. Computerized Equipments and Tools and a team of highly qualified/trained research personnel who are bent upon on unstinted attainment as ethical and moral objective.415 5. 1 2 3 4 5 6 7 8 9 Product Categories Tablets Capsules Liquids Injectables (Vials & Ampoules) ENT Preparations & Others Opthal Preparations & Others Dry Syrup Suppository Inhalers Units Pcs Pcs Bottles Pcs Phials Phials Bottles Pcs Pcs Pcs Kg Kg Pcs Gm Pcs Bottles Pcs/Kg mvwe©Kfv‡e c-‡›Ui Drcv`b ¶gZvi Dbœqb G eQiI v avivevwnK fv‡e Ae¨vnZ Av‡Q hv wb‡gœ cÖ`Ë n‡jv t % Increase/ (Decrease) 21.669 32. The quality control facilities include a high quality standard Laboratory Building.065 59.978 1. No.071 63.66 19.530 92 378 42 5. (5) QUALITY CONTROL : (5) gvb wbqš¿Y: The company places total emphasis on maintaining and improving of quality of its products as 'life-science' biology following GMP standards of WHO by following strictly laid down criteria at every levels of production and handling.924.868 15.525 30.29 2.72 76. Kw¤úDUvivBRW hš¿cvwZ Ges m‡e©ve¨vcx D”Pwkw¶Z Ges AvaywbK cÖwk¶YcÖvß Kg©Pvix I Kg©KZ©v hviv c‡Y¨i m‡e©v”P gvb wbqš¿Y‡K Zv‡`i ˆbwZK `vwqZ¡ wnmv‡e MÖnb K‡i M‡elYv Kvh©µ‡g eªZx n‡q‡Qb| Avgiv Zvu‡`i Rb¨ Mwe©Z| .15 27.10) 50.838 43.52 47.71 (6.861 828 180 357 2.28 7.947 667.76 (28.AgroVet Injection-AgroVet Liquids -AgroVet Aerosol & Pesticide The new products have been well received by the medical profession and the market.77 39.13) 24.232 10.(4) OUTPUT/CAPACITY UTILISATION : (4) Drcv`b/Drcv`b ¶gZvi e¨envi: The overall capacity utilisation of the plant operation continued to improve during the year as shown hereunder: Sl. We are proud of them.
Yemen. gwimvm. wdwjcvBb.166 1. (7) EXPORT: cY¨ Drcv`b. Tajekistan and UK. Libya. B‡q‡gb. wjweqv. Sri Lanka. †ewjR. cvcyqv wbD wMwb.54 wgwjqb UvKv †hLv‡b MZ eQi wQj 336. †Kv¤úvbx cÖwZwbqZB ißvwb evRvi m¤cÖmvi‡b me©vZœK cÖ‡Póv Pvjv‡”Q| ch©v‡jvwPZ eQ‡i †Kv¤úvbxi †gvU ißvwbi cwigvY 364. Kenya. gvj‡qwkqv. Belize. †gŠwiZvwbqv. Suriname. Vietnam. gvjqBqx. distribution and administration of its products to patients. Philippine. †mvgvwjqv. 336. Tanzania. During the year under review. Afganistan. kªxjsKv. DËi †Kvwiqv. Nvbv. Bhutan. K‡¤^vwWqv. Somalia. BwiwÎqv. Ghana.590 UvKv| (7) ißvwb: The company is continuously pressing hard for expanding it's export sales. weZiY Ges m‡e©vcwi †ivMxi Kv‡Q GB cY¨ †cŠQv‡bv ch©š— mKj ¯—‡i AvaywbK cÖhyw³ cÖ‡qv‡M †Kv¤úvbx AMÖYx f~wgKv cvjb Ki‡Q| GB j‡¶¨ 2009-2010 A_© eQ‡i †Kv¤úvbx j¨ve‡iUix AvaywbKvq‡b wewb‡qvM K‡i‡Q 39. gvb wbqš¿Y.DIRECTORS' REPORT (6) cÖhyw³: (6) TECHNOLOGY: The company is endeavoring to upgrade and adopt new technology in production.39% increase.39 kZvsk e„w× †c‡q‡Q| Avgiv Avkv KiwQ AvMvgx eQi¸‡jv‡Z ißvwbi cwigvY DË‡ivËi e„w× cv‡e| eZ©gv‡b †h me †`kmg~‡n cY¨ ißvwb Kiv n‡”Q Zv n‡jvt gvqvbgvi.34 wgwjqb UvKv hv weMZ eQ‡ii Zzjbvq 8. AvdMvwb¯—vb. During the year (2009-2010) the company invested an amount of Tk. 39. a 8. ZvRvwK¯—vb Ges hy³ivR¨| 150 50 2500 Million TIMES EPS 2.303 1. mywibvg. nsKs. †Kwbqv. Malawi. 364.709. Malayasia.709. fyUvb. quality control. ZvbRvwbqv. The exports are expected to rise in the coming years. †bcvj.34 million in previous year. Papua New Guinea.54 million as against Tk. the exports amounted to Tk. Nepal. Present export market covers Myanmar. wf‡qZbvg.382 60 30 30 1000 500 483 373 298 358 528 0 2005-06 2006-07 2007-08 2008-09 2009-10 20 0 2005-06 2006-07 2007-08 2008-09 2009-10 Earning Per Share Price Earning Ratio Net Profit (AT) Dividend (Cash) 27 .088 1. Mouritania. Mauritius. Cambodia.590 in improving its Laboratory. Eritrea. Hong Kong.890 120 40 90 2000 1500 1. North Korea.
599 141.430.072 Earnings Per Share 345. 141.57 †gvU weµq 1.042.185 3.124 187.265.692.023.475.111.78 1.331 Gross Profit 711.265.508.748 UvKv wewb‡qvM K‡i‡Q hv wb‡gœ Dc¯’vcb Kiv n‡jv: 2010 feb hš¿cvwZ M‡elYvi hš¿cvwZ B‡j‡±ªv †gKvwbK¨vj hš¿cvwZ Ab¨vb¨ m¤ú` †gvU UvKv 129.692.124 187.748 ¯‹qvi †mdvjm&cwibm& wjwg‡UW Jla I Jla mvgMÖx cÖ¯‘‡Zi Rb¨ Kvwjqv‰Ki MvRxcyi G GKwU dvg©vwmDwUK¨vjm& dg~©‡jkb cÖKí ¯’vcb K‡i‡Q Ges hv 2006 mvj †_‡K evwYwR¨Kfv‡e Drcv`b ïi“ K‡i‡Q| †Kv¤úvbx 2009-2010 mv‡j AwZwi³ 141.042. The operations of the Company has been profitable since inception.934 879.569 bxU weµq 1.398 Net Profit 329.761.072 †kqvi cÖwZ Avq 345.748 The operating results of SCL for the period ended 31 March 2009 and 2010 are given below: 2010 Taka 31†k gvP© 2010 Ges 2009 Zvwi‡L †Kv¤úvbxi Kvh©Kix djvdj wb‡gœ cÖ`Ë n‡jv: 2010 UvKvq 2009 Taka 2009 UvKvq Gross Turnover 1.253 552. 129.111.57 . (SCL): (8) mvewmwWqvwi cÖwZôvb¸‡jvi Kvh©µg: (K) ¯‹qvi †mdvjm&cwibm wjt (GmwmGj): SCL has fully implemented the pharmaceuticals project for production of Drugs & Medicines at Kaliakoir.475.754.037.572.338.652. Gazipur and also has been in commercial operation since November 2006.023.262.21 Net Assets Value Per Share 1.037.556.508.212 7. 2010 Building Plant & Machinery Laboratory Equipment Electro Mechanical Equipment Other Assets Total Tk.49 678.49 678.818 242.78 1.677.185 3.620 1.677.934 879.262.818 242.430.21 †kqvi cÖwZ bxU G‡mU&m f¨vjy 1.754.748 during the year 2009-2010 as follows.212 7.331 †gvU g~bvdv 711.037.(8) SUBSIDIARY OPERATION: (a) Square Cephalosporins Ltd.652.569 Net Turnover 1.674 196.037.674 196.620 1.556.572.761.398 bxU g~bvdv 329.599 141.338. The Company made additional investment of Tk.253 552.
790 28. 100.210.000. 150. 2008 Zvwi‡L wbeÜbK…Z n‡q‡Q| †Kv¤úvbxwUi 50 †KvwU UvKvi Aby‡gvw`Z g~jab hvi g‡a¨ cwi‡kvwaZ g~ja‡bi cwigvY 100. 67.461 Total Tk.165 †gvU UvKv 152.000 UvKv †kqvi gvwb wW‡cvwRU wn‡m‡e cÖ`vb K‡i‡Q| †Kv¤úvbxi 31†k gvP©.25 fvM †kqv‡ii gvwjK| †Kv¤úvbxwU KvwiMwi mgm¨vi Rb¨ e¨emvwqK Kvh©µg ïi“ Ki‡Z cv‡iwb| Z‡e e¨e¯’vcbv KZ…©c¶ †kqvi gvwb wW‡cvwRU I e¨vsK F‡Yi wecix‡Z mKj m¤úwËmg~n AwaMÖnY K‡i‡Qb Ges Kvh©µg mvgwqKfv‡e eÜ K‡i‡Q hv cwiPvjbv cl©‡`i cÖwZ‡e`‡b Dc¯’vcb Kiv n‡q‡Q| (M) ¯‹qvi gvwë †dweªKm& wjt (GmGgGdGj): The SMFL was incorporated on June 24. 3. Statement of Changes in Equity and Cash Flow Statement and Auditors Report thereon are included therein.461 502. g~jabx cwieZ©‡bi weeiYx. 2006 with Authorised Capital of Tk. (SBL): e¨v‡jÝ kxU.000 UvKv| ¯‹qvi dvg©vwmDwUK¨vj&m wjwg‡UW kZKiv 99.165 Directors Report as on 31 March 2010 is enclosed.25% shares of the company.000 was paid up.000 was paid up.494. the management adjusted the assets against share money deposit.169 UvKv The above investments include both majority and minority investments in ordinary shares/advance as Share Money Deposit in 12 (twelve) different companies as follows: Dwj-LZ wewb‡qvM 12wU wewfbœ †Kv¤úvbx mvaviY w †kqvi/†kqvi gvwb wW‡cvwRU wnmv‡e wewb‡qvM Kiv n‡q‡Q hvi weeiY wb‡gœ Dc¯’vcb Kiv n‡jv: 29 . bM` Znwej cÖevn Ges wbix¶‡Ki cÖwZ‡e`b mn cwiPvjbv cl©‡`i cÖwZ‡e`b Gi mv‡_ mwbœ‡ewkZ n‡jv| (L) ¯‹qvi ev‡qv‡UKm& wjt (GmweGj): The company was incorporated on June 12. 2010 Zvwi‡Li cwiPvjbv cl©‡`i cÖwZ‡e`b Gi mv‡_ mwbœ‡ewkZ n‡jv| (9) wewb‡qvMmg~n: (9) INVESTMENT PORTFOLIO: The investment portfolio of long term investment and marketable securities has been detailed in Notes (4 & 8) to Audited Accounts.914 321. 50 crore of which Tk. bank loans and ceased /suspended the operation for the time being as detailed in the Directors' Report.990.169 wbix¶‡Ki wi‡cv‡U©i (4 I 8) As‡k `xN©‡gqv`x wewb‡qvM †cvU©‡dvwjI Ges weµq‡hvM¨ †kqvi m¤ú‡K© we¯—vwiZfv‡e Dc¯’vcb Kiv n‡q‡Q| m¤§vwbZ †kqvi‡nvìvi‡`i AeMwZi Rb¨ wb‡gœ GB †cvU©‡dvwjI m¤ú‡K© ms‡¶‡c Av‡jvKcvZ Kiv n‡jv: `xN©‡gqv`x wewb‡qvM: 3.773. 2008 with Authorised Capital of Tk.914 321.000 as on 31 March 2010.50% shares of the company. (b) Square Biotechs Ltd.000.050.DIRECTORS' REPORT Directors' Report on the Company together with Audited Accounts containing Balance Sheet.000. As on 31 March 2010 the company has incurred a Capital Investment as follows: 2010 C Building/Civil work C Plant/Machinery C Other Assets GmGgGdGj MZ 24†k Ryb. (SMFL): GmweGj MZ 12-06-2006Bs Zvwi‡L wbeÜbK…Z n‡q‡Q| †Kv¤úvbxwUi 100 †KvwU UvKvi Aby‡gvw`Z g~jab hvi g‡a¨ cwi‡kvwaZ g~ja‡bi cwigvY 67.50 fvM †kqv‡ii gvwjK| GmwcGj 150.210. (c) Square Multi Fabrics Ltd. 100 crore of which Tk.000.494.790 28.773.000 UvKv| ¯‹qvi dvg©vwmDwUK¨vj&m wjwg‡UW kZKiv 99.050. The outlines of the portfolio with minority interest in shareholdings are described hereunder for further information of the shareholders: LONG TERM INVESTMENTS : Tk. SPL holds 99.000. Avq e¨‡qi wnmve. SPL has also made a share money deposit of Tk.000. 502. As the company could not commence business due to technical problems.990. SPL holds 99.509. 2010 ZvwiL ch©š— wewb‡qv‡Mi cwigvY wb‡gœ cÖ`Ë n‡jv: 2010 `vjvb/wbg©vY LiP C hš¿cvwZ C Ab¨vb¨ m¤ú` C 152.509. 31†k gvP©. Income Statement.
157.40 wnmv‡e)| †Kv¤úvbxwU c~‡iv`‡g Drcv`b Ki‡Q Ges 2009 mv‡j kZKiv 16 fvM bM` jf¨vsk Ges kZKiv 15 fvM †evbvm †kqvi †NvlYv K‡i‡Q| (L) BDbvB‡UW nm&wcUvj wjt (BDGBPGj): The company (SPL) holds 120. The shares are listed and currently quoting at about Tk.50% during the year 2009 as against 12. The market value as on 31 March. 23. SPL has also deposited Tk.914.200.200.000wU †kqv‡ii gvwjK.000 as Share Money. (b) Square Biotechs Ltd. (UHL) : 31-03-2010 Zvwi‡L 10 UvKv AewnZ g~‡j¨i 32.93 UvKv| GmwcGj 400. The company is in full operation and declared cash dividend @ 16% and stock dividend @ 15% for the year 2009.526wU 100 UvKv g~j¨gv‡bi mvaviY †kqv‡ii gvwjK Ges †Kv¤úvbxwU‡Z wewb‡qv‡Mi cwigvY `uvovq 23.641 Ordinary Shares of Tk. (ii) Minority Investments: (a) Square Textiles Ltd. 150.000 shares of Tk.000 UvKv| †h‡nZz GB †Kv¤úvbxwU ÷K G·‡”Ä G ZvwjKvf~³ bq †m‡nZz Gi †kqv‡ii †Kvb evRvi `i g~j¨vqb Kiv hv‡”Q bv| (M) b¨vkbvj nvDwRs dvBb¨vÝ GÛ Bb‡fó‡g›U wjt (GbGBPGd GÊ AvBGj): The company (SPL) holds 245.00 UvKvi Dc‡i µq/weµq n‡”Q.442.000.000 (4.000.000. 951 (31st March. The Company is yet to commence commercial operations.000. (c) Square Multi Fabrics Ltd.000wU †kqv‡ii g‡a¨ 245.914.50% cash dividend during the previous year. 100 each amounting to Tk.000wU †kqv‡ii g‡a¨ 9. hv 31†k gvP© 2010 Zvwi‡L kZKiv 908. SPL has also deposited Tk.135 (at Tk.40 per share).784. NHFIL is in operation since 1999 and has declared cash dividends @17.000 shares of Tk. ¯‹qvi dvg©vwmDwUK¨vjm& wjt D³ †Kv¤úvbxi 5.(i) Majority Investments (Subsidiaries): (a) Square Cephalosporins Ltd.000. 604. Since the company is not a listed one.000 issued shares which is not listed. 183.369 (at cost) for 32.: ¯‹qvi dvg©vwmDwUK¨vjm wj: cÖwZwU 100 UvKv g~j¨ gv‡bi me©‡gvU 955.784.000.: (i) †g‡RvwiwU wewb‡qvM (mvewmwWqvwiR) (K) ¯‹qvi †mdv‡jvm‡cvwibm wjt (GmwmGj): SPL holds 950. 100 each out of total 5.500. 3. hv ZvwjKvf~³ bq| (M) ¯‹qvi gvwë †dweªKm& wj: SPL holds 99. 10 each including bonus shares.000. 100 each out of 670.000 shares of Tk.641wU †kqv‡ii wecix‡Z (e¨q wnmve Abyhvqx) 183.526 ordinary shares of Tk.50%| †kqvi¸‡jv ZvwjKvf~³ Ges cÖwZwU 100 UvKvi †kqv‡i 951.000.000 UvKv †kqvi gvwb wW‡cvwRU wnmv‡e A_© cÖ`vb K‡i‡Q| †Kv¤úvbxwU kxNÖB evwYwR¨Kfv‡e Drcv`b Kvh©µg ïi“ Ki‡e| (ii) gvBbwiwU wewb‡qvM (K) ¯‹qvi †U·UvBjm& wjt (GmwUG·Gj): As on 31-03-2010 investment in this company stands at Tk.000 as share money deposit which has not yet been capitilised.000wU †kqv‡ii gvwjK| †h‡nZz †Kv¤úvbxi †kqvi¸wj ZvwjKvf~³ bq weavq †kqvi¸‡jvi evRvi g~j¨ wba©viY Kiv m¤¢e bq| Z_vwc 31†k gvP© 2010 Avw_©K eQi †k‡l †kqvi cÖwZ bxU m¤úwËi cwigvY `vwo‡q‡Q 604. (c) National Housing Finance and Investment Ltd.72 fvM| b¨vkbvj nvDwRs dvBb¨vÝ GÛ Bb‡fó‡g›U wjt Kvh©µg ïi“ K‡i 1999 mvj †_‡K Ges 2009 mv‡j 17. hvi g~j¨ 12.50.000wU †kqv‡ii gvwjK. However NAV as on 31 March stand at Tk.800 (at cost).000 shares of Tk.000wU †kqv‡ii g‡a¨ 665. 100 each out of total issued capital of 955. its market price cannot be determined. (NHFIL) : ¯‹qvi dvg©vwmDwUK¨vjm& wjt cÖwZwU 100 UvKv g~j¨ gv‡bi 120.442.28% capital gain.93 per share. 2010 stood at Tk.369 UvKv wewb‡qvM Kiv n‡q‡Q| 31†k gvP© 2010 Zvwi‡L D³ †kqv‡ii evRvi g~j¨ wQj 3.000wU †kqv‡ii gvwjK. as SCL is not listed.000wU †kqv‡ii g‡a¨ 99.000 UvKv †kqvi gvwb wW‡cvwRU wn‡m‡e AMÖxg A_© cÖ`vY K‡i‡Q| hv GLbI g~jaYvqb Kiv nq bvB| (L) ¯‹qvi ev‡qv‡UKm wj: SPL holds 665. 100 each out of 1. (b) United Hospital Ltd. it does not have any ready market value.00. 12.486.000 shares.000 issued shares which is not listed.28% K¨vwcUvj †MBb †`Lv hv‡”Q| . 2010) per share indicating about 908.: GmwcGj cÖwZwU 100 UvKv g~j¨gv‡bi 670. 400. 119. (STXL): GmwcGj cÖwZwU 100 UvKv g~j¨gv‡bi 1.72%) shares and investment in this compnay stands at Tk.157.135 UvKv (cÖwZwU †kqvi 119.486.800 UvKv| GB UvKv †gvU g~ja‡bi kZKiv 4.50% nv‡i bM` jf¨vsk †Nvlbv K‡i‡Q hv c~e©eZ©x eQ‡i bM` jf¨vsk wQj 12. hv ZvwjKf~³ bq| GQvov GmwcGj 1.
583 UvKv hv c~e©eZ©x eQ‡i wQj 552.00 wewjqb UvKv †kqvi gvwb wW‡cvwRU wnmv‡e cÖ`vb K‡i‡Q| †h‡nZz †Kv¤úvbxi †kqvi ZvwjKv fy³ bq †m‡nZz Gi evRvi `i g~j¨vqb Kiv hvqwb| 2009 mv‡ji 30†k Ryb mgvß eQ‡i †Kv¤úvbxi †gvU Av‡qi cwigvY `uvovq 1. The company is not a public/listed one and hance.000 Shares with premium of Tk. SPL hold 49.00 billion for 2. SPL has advanced Tk.84% of the capital of SKFL. The shares are not listed and therefore the market value can not be assessed.662.305. 2.000.84 fvM| †Kv¤úvbxwU 2005 A_© eQi †_‡K g~bvdv AR©b ïi“ K‡i‡Q| 2006 Avw_©K eQ‡i bxU g~bvdv AwR©Z n‡q‡Q 112. the market value can not be readily assessed .662.000 UvKv g~j¨gv‡bi 198.000. As the company is not listed.000.14. SPL has also advanced a share money of Tk.56% of SHL.557 UvKv Ges 2009 Avw_©K eQ‡iI bxU g~bvdv AwR©Z n‡q‡Q 106. 1.510.630. the market value cannot be easily ascertained.250 Ordinary Shares of Tk.427. 1.305. ¯‹qvi dvg©vwmDwUK¨vjm& wjt cªwZwU 100 UvKv g~j¨gv‡bi 1.753 during the previous year.000 UvKv g~j¨gv‡bi 2. The company did not declare any dividend. (e) Square Hospitals Ltd.310. 552.983.500/.260. 300. However.DIRECTORS' REPORT (d) Central Depository Bangladesh Ltd.733.733.000 mvaviY †kqv‡ii gvwjK hv g~ja‡bi kZKiv 48.000 shares of Tk.500 UvKv wcÖwgqvg mn| cÖKíwU eZ©gv‡b 300 kh¨v wewkó AvaywbK nvmcvZvj wnmv‡e Pvjy Av‡Q| g~jZ: nv‡U©i †ivM wbivg‡q ¸i“Z¡ †`qv mn G‡Z AviI _vK‡Q eûg~Lx wPwKrmv †mev| ¯‹qvi dvg©vwmDwUK¨vjm& wjt GB cÖwZôv‡bi 49. 221.260. The company has started earning profit from 2005 and earned Net Profit Tk.000.000 as share money deposit for 3. Tk.557 UvKv| †Kv¤úvbxwU †Kvb jf¨vsk †Nvlbv K‡iwb| GmwcGj cÖwZwU 100 UvKv g~j¨gv‡bi 3. 2007 Avw_©K eQ‡i bxU g~bvdv AwR©Z n‡q‡Q 101. 1.487 for the year 2007.983.051 UvKv.000 each. 100 each which is 48.427.367 UvKv| AÎ Avw_©K eQ‡i bxU ¶wZi cwigvY nq 221. ¯Œxc QvovB †UªwWs Ges gv‡K©U jU Gi mgm¨v mgvav‡bi Rb¨| †h‡nZz Gi †kqvi ZvwjKvfy³ nqwb †m‡nZz wmwWweGj Gi †kqvi evRvi `‡i g~j¨vqb Kiv hv‡”Q bv| (O) ¯‹qvi nmwcUvjm& wjt (GmGBPGj): SPL holds 198.000 †kqv‡ii wecix‡Z 300. 2009. 100 each. (CDBL) : (N) †m›Uªvj wW‡cvwRUix evsjv‡`k wjt (wmwWweGj): SPL has paid for 10 (ten) shares of Tk.000 Shares of Tk.557 for the year 2009. 101.000/each including 2. the NAV per share stands at Tk.000.000 †kqv‡ii Rb¨ 2. 5. 1.367 for the year ended 30 June.000 shares of Tk.753 UvKv| (P) ¯‹qvi bxU& †dweªKm& wjt (Gm‡KGdGj): SPL now holds 1. 101.each. 112.000 UvKv †kqvi gvwb wW‡cvwRU wn‡m‡e AwMÖg cÖ`vb K‡i‡Q| †h‡nZz †Kv¤úbxi †kqvi¸wj ZvwjKvf~³ bq †m‡nZy †kqvi¸‡jvi evRvi `i hvPvB Kiv m¤¢e bq| Z_vwc †kqvi cÖwZ bxU m¤ú‡`i cwigvY `vovq 283.510.56% †kqv‡ii gvwjK| GmwcGj 1.14 UvKv| 31 . The net loss for the period amounted to Tk. 2008 Avw_©K eQ‡i bxU g~bvdv AwR©Z n‡q‡Q 101.250wU mvaviY †kqv‡ii gvwjK hvi g‡a¨ 2000 †kqvi n‡”Q 5. (f) Square Knit Fabrics Ltd.000 each in the Capital of CDBL which has been formed under the Central Depository Act 1999 for fungible and dematerialised share holding/trading which will do away with the physical possession of scrips and primarily prevent fraudulent/fake share trading. 283.487 UvKv.000. The company earned a total revenue of Tk.583 as against Tk.051 for the year ended 2006. (SKFL) : ¯‹qvi dvg©vwmDwUK¨vjm& wjt cÖwZwU 1. Tk.557 for the year 2008 and Tk.630. (SHL) : †m›Uªvj wW‡cvwRUix 1999 mv‡ji wewa Abyhvqx MwVZ| wmwWweGj Gi cÖwZwU †kqvi 10 j¶ UvKv g~j¨gv‡bi 10wU †kqv‡ii Rb¨ †Kv¤úvbx 1 †KvwU UvKv wewb‡qvM K‡i‡Q| wmwWweGj MVb Kiv n‡q‡Q g~jZt Rvj †kqv‡ii †UªwWs eÜ.310.000. 106. The project has been put to operation as a modern hospital with 300 beds and diversified medical services with special emphasis on cardiovascular remedies.
952. Present paid-up capital of the company is Tk. The company did not declare any dividend. 122.000.000.36% gain).405 during 2009.500.405 UvKv| eZ©gv‡b c~Äxf~Z g~bvdv `uvovq 375. It may be mentioned that Tk.000wU †kqv‡ii wecix‡Z 150 wgwjqb UvKv †kqvi gvwb wW‡cvwRU wn‡m‡e AwMÖg cÖ`vb K‡i‡Q| †h‡nZz †Kv¤úbxi †kqvi¸wj ZvwjKvf~³ bq †m‡nZy †kqvi¸‡jvi evRvi `i hvPvB Kiv m¤¢e bq| Z_vwc 31-122009 Zvwi‡L bxU m¤ú‡`i g~j¨ `vovq 1. 2008 Avw_©K eQ‡i bxU g~bvdv AwR©Z n‡q‡Q 122.000.952.46 as on 31-122009.440. (SFL) : (Q) ¯‹qvi d¨vkbm& wjt (GmGdGj): SPL now holds 252.000 UvKv hv ZvwjKvf~³ b‡n| (10) weµq‡hvM¨ †kqv‡i wewb‡qvM: A statement of Markatable Securities (17 Securities) at a cost of Tk.00 †KvwU UvKv AwMÖg cª`vb Kiv n‡q‡Q| GB †Kv¤úvbxi eZ©gvb cwi‡kvwaZ g~jab n‡”Q 2.46 UvKv| (R) ¯‹qvi Bbdi‡gwU· wjt (GmAvBGj): An amount of Tk.804 UvKv. 168.¨ †h. 1. Tk.269.269. 100. 100 each. (i) Orascom Telecom Bangladesh Ltd.46%) †kqv‡ii gvwjK| †Kv¤úvbx 2005 mvj †_‡K g~bvdv AR©b ïi“ K‡i‡Q Ges 2006 Avw_©K eQ‡i bxU g~bvdv AwR©Z n‡q‡Q 136.000. 40. 115.804 for the year ended 2006.293.322 UvKv Ges 2009 Avw_©K eQ‡iI bxU g~bvdv AwR©Z n‡q‡Q 138. 100 each.337 UvKv.000 which is not listed.818. Since the Company is not a public/listed one. 2007 Avw_©K eQ‡i bxU g~bvdv AwR©Z n‡q‡Q 115. Now the retained earnings is positive and stands at Tk.322 during 2008 and Tk.440.337 during 2007. 2.000.000.000 mvaviY †kqv‡ii wecix‡Z †kqvi gvwb wW‡cvwRU wnmv‡e 10.46%) in the capital of SFL.000 ordinary shares of Tk.36 fvM)| . 100 each (48.062 UvKv (kZKiv 76.: cÖwZwU 100 UvKv g~j¨gv‡bi 1.000 (48.500.226 is given in Note No. (SIL): ¯‹qvi dvg©vwmDwUK¨vj&m wjt cÖwZwU 100 UvKv g~j¨gv‡bi 252.000 Shares of Tk.000 each amounting to Tk.000 shares of Tk.510 UvKv| †Kv¤úvbxwU †Kvb jf¨vsk †Nvlbv K‡iwb| D‡j. GKwU weeiYx‡Z 17wU wecYb‡hvM¨ †kqvimg~n hv †bvU-8 G eY©bv Kiv n‡q‡Q Ges K÷ cÖvB‡R Bnv‡Z wewb‡qv‡Mi cwigvY 221. 138.110. The portfolio shows a capital gain of Tk. 221. (10) INVESTMENT IN MARKETABLE SECURITIES: GmwcGj cÖwZwU 10. 375. 8.(g) Square Fashions Ltd.500.000 stand invested in SIL as advance against share money deposit for 1.000 UvKv g~j¨gv‡bi 4wU wmwKDiW wmwbqi e‡Ûi gvwjK. 136. Market value can not be determined as it is not listed.226 UvKv| 31†k gvP© 2010 Zvwi‡L wewb‡qv‡Mi wecix‡Z g~jaYx jvf †`Lv hvq 168. the market value can not be assessed readily.000.500.307.000.062 as on 31 March 2010 (76.818.307.439.439. ¯‹qvi dvg©vwmDwUK¨vj&m wjt cÖwZwU 100 L UvKv g~j¨ gv‡bi 1.000 UvKv| †h‡nZz †Kv¤úvbxi †kqvi¸wj ZvwjKvf~³ bq †m‡nZz †kqvi¸‡jvi evRvi `i hvPvB Kiv m¤¢e bq| (S) IivmKg †UwjKg evsjv‡`k wjt SPL holds 4 secured senior bonds of TK. Tk. However the NAV per share stands at Tk. 10.110. hvi †gvU g~j¨ 40. 150 million has been advanced by SPL as Share Money Deposit for 1. The company has started earning profit and earned Net Profit Tk. (h) Square InformatiX Ltd.510.293.
) It may be observed that the Gross Turnover increased by 17.24% 25.709.36 UvKv| Z‡e AvBwcI mgq Bm~¨K…Z g~ja‡bi we‡ePbvq †kqvi cÖwZ Avq `uvovq 2009-2010 mv‡j 1. increasing cost of external sources of funds.043.25 945. †gvU weµq e„w× †c‡q‡Q kZKiv 17.300 shares of Tk.090.043.14% 16.291 33 .052.25% 125.500 452.03 UvKv (12) gybvdv e›Ub: Considering the need for growing expansion and diversification of operations. The growth in gross profit had positive impact on net profit.289.090 Bonus Shares (Stock Dividend) @ 30% : Face Value of Bonus Share (c) Net unappropriated Profit e¨emvi m¤cÖmviY I eûg~Lx Kvh©µ‡gi Rb¨ evwn‡ii Znwe‡ji e¨q †e‡o hvIqvi †cÖ¶vc‡U cwiPvjbv cl©` wb‡gœv³ Dcv‡q gybvdv e›U‡bi mycvwik K‡i‡Qb: 2.141.99 in 2009-2010 as against Tk.336.901.452 2. The Earning per Share of Tk.825.15% 12.791 42. if the original issued capital at the time of IPO is considered.107.043.230.67% 10.259.148.248 737.03 in 2008-2009.47% Gross Margin (Net Turnover) Net Margin (BT) Net Margin (AT) Earning Per Share (EPS) (Tk.289 1.99 165. However. 1.090.65% 18.14 fvM hv MZ eQi wQj kZKiv 18.871.928 9.791 528.279.087.36 is based on increased outstanding 15.757 11.76% 24.03 136.50% 18.000 980. 945.069. the EPS would stand at Tk.500 Tk.DIRECTORS' REPORT (11) FINANCIAL RESULTS : (11) Avw_©K djvdj: The operating financial results of the Company for the year 2009-2010 as compared to previous year are summarised hereunder: Particular Gross Turnover Net Turnover Gross Profit Net Profit (BT) Provision for Taxation Net Profit (AT) c~e©eZ©x eQ‡ii mv‡_ Zzjbv K‡i 2009-2010 mv‡ji Avw_©K djvdj wb‡gœ Dc¯’vcb Kiv n‡jv: 2008-2009 (Taka) 2009-2010 (Taka) 13.820. 138.929 42.597.578.160.511.218 621.40 % Increase 17.890. 35 per Share (ii) Issuance of 4.462.595 2.72% 18.51% in the previous year.869. the Board of Directors have proposed and recommended for appropriation as follows: (a) Net Profit for the Year (2009-2010) (b) Appropriation proposed: (i) Cash Dividend @ Tk. 100 each.206.) EPS on IPO Paidup Capital Consolidated Earning Per Share (EPS) (Tk.36 1.48 11.21% 138. 1.51 fvM| †gvU g~bvdv e„w×i djkÖ“wZ‡Z bxU g~bvdv e„w×‡Z mnvqK f~wgKv †i‡L‡Q| cÖwZwU 100 UvKv g~j¨gv‡bi 15.087. (12) APPROPRIATION OF PROFIT: Av‡jvP¨ eQ‡i j¶¨ Kiv hv‡”Q †h.796.300wU †kqv‡ii Dci wfwË K‡i †kqvi cÖwZ Avq n‡q‡Q 138.527.925 2.14% during the year as against 18.57% 19.568 4.871.410 4.002.99 UvKv hv 2008-2009 mv‡j wQj 945.197.
972 UvKv (hš¿cvwZ I LyPiv hš¿vsk Avg`vbx 42. 42.869. the company continuously provide formal and informal training to the employees at every echelon of operation and management. 7.M.773. During the year under review 2. This will need issuance of 4. ELECTION OF DIRECTORS : RvZxq †KvlvMv‡i †Kv¤úvbxi G eQ‡ii Ae`vb 2. 35 per share for the year 2009-2010.GBPI ó¨vÛvW©m I miKvix wbqgvejx Abyhvqx D †Kv¤úvbx m‡e©v”P `~lYgy³ cwi‡ek eRvq †i‡L‡Q| 6. 2. Saiful Islam retires as per Article-99 of the Articles of Association of the company and as per Article100 of the Articles of Association of the company. being eligible.358 Rb †`‡k Ges we‡`‡k cÖwk¶Y †c‡q‡Q| d‡j cÖwk¶Y cÖvßiv †Kv¤úvbx‡K jvfRbK Ae¯’vq ivL‡Z Ae`vb †i‡L‡Q| mv‡_ mv‡_ Zv‡`i cvwikªwgKI e„w× †c‡q‡Q| 5. Rbve AÄb †PŠayix Ges Rbve †K Gg mvBdzj Bmjvg Aemi MÖnY K‡i‡Qb Ges Aby‡”Q` 100 Abymv‡i Zvuiv cybt wbev©wPZ nIqvi †hvM¨ weavq cybt wbe©vwPZ nIqvi B”Qv †cvlb K‡i‡Qb| .19% of the sales revenue (net) in 2009-2010 as against 23.709.622. cwiPvjK wbe©vPb: Mr.869.494 in the previous year. 452.358 persons received inhouse/in operation/on the job training at home and abroad which will ultimately make great contribution to the company's profitability as well their own remuneration in due course. 5.351.090 Ordinary Shares of Tk.000 UvKv †kqvi g~ja‡bi mv‡_ m¤ú„³ Kivi cÖ‡qvRb n‡e| (14) wnmv‡ei GKÎxKiY: In terms of SEC Regulations.709. 6.351.000 out of Retained Earnings (free reserves) to Capital Account. Anjan Chowdhury and Mr. CONTRIBUTION TO NATIOANAL EXCHEQUER : wRGgwc/Wwe. 100 each with appropriation of Tk. the company has consolidated the Accounts following the codes of International Accounting Standard .27 (IAS-27) reflecting shareholders gross benefits/value of investments.090wU †kqvi Bmy¨ Ges 452. ENVIRONMENTAL ROLE: gvbe m¤ú` Dbœq‡bi Rb¨ †Kv¤úvbx cÖwZwU ¯—‡ii wbev©nx I kªwgK Kg©Pvix‡`i AvbyôvwbK I AbvbyôvwbK cÖwk¶Y w`‡q hv‡”Q| G eQi 2. HUMAN RESOURCES DEVELOPMENT: GmBwm Gi wewagvjv I B›Uvib¨vkbvj GKvDw›Us ó¨vÛvW©-27 (AvBGGm-27) Gi wbqgvejx AbymiY K‡i †kqvi‡nvìvie„‡›`i †gvU myweav/wewb‡qvM g~j¨ wba©viY Kiv n‡q‡Q| 4.319.16 wgwjqb UvKvi cÖ‡qvRb n‡e| G QvovI cwiPvjbv cl©` 30% nv‡i †evbvm †kqvi †NvlYvi mycvwik K‡i‡Qb| Gi Rb¨ 4. the Board of Directors proposes and recommends for declaration of Cash Dividend at the rate of Tk.773. 2. (14) CONSOLIDATION OF ACCOUNTS : gybvdv e›U‡bi cÖ¯Íve Abyhvqx †Kv¤úvbxi cwiPvjbv cl©` 2009-2010 Avw_©K eQ‡i 100 UvKv g~j¨ gv‡bi cÖwZwU †kqv‡ii wecix‡Z 35 UvKv wn‡m‡e bM` jf¨vsk †NvlYvi mycvwik Ki‡Qb hvi Rb¨ 528. †Kv¤úvbxi msNwewai 99 Aby‡”Q` Abyhvqx Rbve m¨vgmb GBP †PŠayix.(13) DECLARATION OF DIVIDEND : (13) jf¨vsk †NvlYv: In the line of proposed appropriation of profit.16 million. Mr. K. The contribution constitutes 24.494 UvKv| GB Ae`vb 2009-2010 mv‡ji weµ‡qi kZKiv 24.62% in the previous year (2008-2009).972 (including Tk. gvbe m¤ú` Dbœqb: In order to improve productivity of human input. cwi‡ekMZ f~wgKv: The company maintain a high standard of pollution free environment as per GMP Regulations/WHO standards/Government laws. Chowdhury. RvZxq †KvlvMv‡i Ae`vb: The company contributed an amount of Tk.622. have offered themselves for re-election.289 as contribution as duty/taxes towards machinery & spare parts imports) to National Exchequer as against Tk.527.319. Samson H. The Board also recommended for declaration of Bonus Shares (Stock Dividend) @30%.62 fvM (2008-2009)| 7.19 fvM hv MZ eQi wQj kZKiv 23. 4. This will involve an amount of Tk.527.289 UvKv mn) hv MZ eQi wQj 2. 528.
2010.. 2010. DSE. PvU©vW GKvD›U¨v›Um& AÎ mfvq Aemi MÖnb K‡i‡Qb Ges †hvM¨ weavq 2010-2011 mv‡ji Rb¨ wbix¶K wn‡m‡e Zv‡`i cvwikªwgK cybt wba©viY K‡i wb‡qv‡Mi B”Qv cÖKvk K‡i‡Q| 10. 9. K‡c©v‡iU Mf‡b©Ý: Corporate Governance is the practice of good citizenship. GB †Kv¤úvbx †`‡ki mxgvbv Qvwo‡q we‡`‡ki gvwU‡ZI Kvh©Ki f~wgKv ivL‡e| Samson H. CSE. SEC/CMRRCD/2006158/Admin/02-08 of February 20. The status report required to be presented by the company in pursuance to notification No. Workers. 11. Banks. The Board of Directors propose to re-appoint him for a further term of five years w. Chowdhury Bhattacharjee & Co. 2006 issued by the Securities and Exchange Commission is depicted in the ANNEXTURE-I.DIRECTORS' REPORT 8.†µZv mevB‡K Avš—wiK ab¨ev` Ávcb K‡i‡Qb| Zv QvovI e¨vsK. RE-APPOINTMENT OF MANAGING DIRECTOR: 8. wmGmB. Customers. wWGmB. f. Chartered Accountants. †kqvi †nvìvi/¯^v_© mswk. 10. Utility Providers. SEC.e. Creditors. MANAGEMENT APPRECIATION : K‡c©v‡iU Mf‡b©Ý n‡”Q mybvMwiK‡Z¡i PP©v hvi gva¨‡g cwiPvjbv cl©` †Kv¤úvbxi cwiPvjbv K‡ib. keeping in view its accountability to the stakeholders and to the society. cwiPvjbv cl©` e¨emvwqK Kvh©µ‡g Avš—wiKfv‡e Ae`vb ivLi Rb¨ e¨e¯’vcbv Kg©KZ©v. CDBL and the Government in particular and look forward to the global role of the Company. e¨e¯’vcbv KZ©„c‡¶i ¯^xK…wZ: The Board of Directors record with deep appreciation the contribution made and support & co-operation given by the Officers. Tapan Chowdhury will expire on 6th October. Mr. GmBwm. Insurance Companies. CORPORATE GOVERNANCE: †Kv¤úvbxi eZ©gvb wbix¶K †gmvm© †PŠayix fUªvPvh¨© GÛ †Kvs. wbix¶K wb‡qvM: M/s. 2006 Gi wbwi‡L †Kv¤úvbxi K‡c©v‡iU Mf‡b©Ý Gi Ae¯’vb wPÎvwqZ n‡q‡Q mshyw³ 1 (GK) Gi g‡a¨| 11. e¨e¯’vcbv cwiPvjK c~b: wb‡qvM: The tenure of the Managing Director. wmwWweGj Ges we‡kl fv‡e miKvi‡K †Kv¤úvbxi cÖwZwU Kvh©µ‡g mn‡hvwMZvi Rb¨ Avš—wiK ab¨ev` Rvbv‡”Qb| cwiPvjbv cl©` Avkv K‡i †h. Chowdhury Chairman 35 .e¨w³eM© Ges mgv‡Ri cÖwZ Revew`wnZvi ó `„wófw½ wb‡q| wmwKDwiwUR GÊ G·‡PÄ Kwgkb Gi †bvwUk bs GmBwm/wmGgAviAviwmwW/2006-158/cÖkvmb/02-08 †deª“qvwi 20. Kg©Pvix. kªwgK. Staff. through which the company is governed by the board. Auditors of the Company. APPOINTMENT OF AUDITORS : e¨e¯’vcbv cwiPvjK Rbve Zcb †PŠayixi †gqv` AvMvgx 6B A‡±vei 2010 Zvwi‡L †kl n‡e| cwiPvjbv cl©` Rbve Zcb †PŠayix‡K c~bivq cieZ©x cuvP eQ‡ii Rb¨ e¨e¯’vcbv cwiPvjK wnmv‡e AvMvgx 7B A‡±vei 2010 ZvwiL †_‡K c~b: wb‡qvM `v‡bi cÖ¯—ve K‡i‡Qb| 9. retire at this Annual General Meeting and being eligible offer themselves for appointment as Auditors for the year 2010-2011 and refixation of their remuneration. 7th October.
17. There are no significant doubts upon the company's ability to continue as a going concern. Head of Internal audit and their spouse and minor children. There is no significant deviation from the operating result of the last year. Tapan Chowdhury Dr. result of its operations. Chowdhury Mr. Kazi Iqbal Harun Ms. cash flows and changes in equity. Executives. M Sekander Ali Mr. Appropriate accounting policies have been followed in formulating the financial statements and accounting estimates were reasonable and prudent. The number of board meetings and the attendance of directors during the year 2009-2010 were as follows: Name of Directors Mr. Proper books of accounts as required by law have been maintained.2010 were as stated in ANNXURE-II Securities and Exchange Commission compliance report is enclosed herewith as ANNEXURE-III.ANNEXURE-I The Directors also report that: O The financial statements of the Company present true and fair view of Company's state of affairs. Samson H. Samuel S. O O . The internal control system is sound in design and effectively implemented and monitored. K M Saiful Islam Position Chairman Vice Chairman Managing Director Director Independent Director Director Director Director Directror Meeting Held 7 7 7 7 7 7 7 7 7 Attended 7 7 6 6 7 7 6 6 7 O O O O O O O O The pattern of shareholding (along with name wise detail ) of Parent/Subsidiary/Associated companies and other related parties. Company Secretary. shareholders holding 10% or more voting interest in the company as at 31 March. Chief Financial Officer. Key operating and financial data of last five years have been presented in summarized form in the Corporate Result at Page No. Chief Executives Officer. Kazi Harunar Rashid Mr. Chowdhury Mr. Ratna Patra Mr. The financial statement was prepared in accordance with International Accounting Standard (IAS) as applicable in Bangladesh. Directors. Anjan Chowdhury Mr.
84% 48.916 4. Chowdhury Mr.37% - 472 747 596 400 2.89% 49.25% 99.07% Non Shareholding Independent Director 672.641 120.555 4.000 995. Mr.000 198.37% 463. Square Hospitals Limited Square Knit Fabrics Limited Square Fashions Limited Square Cephalosporins Limited Square Biotechs Limited Square Multi Fabrics Limited Other Related Parties Directors: Mr. Muhammadul Haque 3. Kazi Harunar Rashid Mr. Golam Rabbani 4.000 245.131 3.02% 597.96% 1. Kazi Iqbal Harun Mrs.250 1.492. Central Depository Bangladesh Ltd.56% 48.000.01% 659. 2010 Particulars Parent Company Associated Companies: Square Textiles Limited United Hospitals Limited National Housing Finance and Investment Ltd. M Ashiqul Hoque Chawdhury 5. Mr.000 950.DIRECTORS' REPORT ANNEXURE-II Pattern of Shareholding as on March 31. Mr. Share holding Percentage Remark The Company is not subsidiary of any company 32.512 9.233 3.004% 0.017% 37 .000 665. Mr.003% 0.000 46.22% 2. Anjan Chowdhury Mr.003% 0. Tapan Chowdhury Dr. K M Saiful Islam Chief Executive Officer (CEO) and his Spouse and Minor Children: Chief Financial Officer (CFO) and his Spouse and Minor Children: Company Secretary (CS) and his spouse and minor children: Head of Internal Audit (HIA) and his Spouse and Minor Children: Executives (Top five Salaried person other than CEO.005% 0. Parvez Hashim 2.665 0.455 4. Samuel S.89% 637.22% 659.000 252.260. Chowdhury Mr.48% 99. Mr.46% 99.365 3.916 137 4. M Sekendar Ali Mr.526 2.50% 1.45% 0. Anjan Kumar Paul Shareholders Holding 10% or more voting right: Nos.CFO.CS.536 0.46% 456.86% 5.HIA): 1. Samson H.784. Ratna Patra Mr.
responsibilities and duties.4(c) 1.1 Complied Complied Complied Complied Complied Complied Complied Complied Complied Complied Complied Complied .4(j) 1.4(e) 1.4(g) 1.3 Complied Complied Complied 1.4 1.2(ii) 1.4(k) 2. Chief Executive and clearly defined roles and responsibilities The Directors report to Shareholders on:Fairness of Financial Statements Maintenance of Proper books of accounts Adaptation of appropriate Accounting policies and estimates Compliance with International Accounting Standard Soundness of Internal Control System Ability to Continue as Going Concern Significant deviation from last year Presentation of last three years data Declaration of Dividend Details of Board Meeting Shareholding Pattern Appointment of CFO.1 Title Board's Size: Board members should not be less than 5(Five) and more than 20(Twenty) Independent Director: At least 1/10 th Appointment of Independent Director by elected Directors Individual Chairman of the Board. 1.4(i) 1.4(a) 1. SEC/CMRRCD/2006-158/Admin/02-08 dated February 20.4(d) 1.4(b) 1.4(f ) 1. Compliance Status Complied Explanation for non compliance with the condition 1. Head of Internal Audit and company secretary and defining of their respective roles.2(i) 1.ANNEXURE-III Status of compliance with the conditions imposed by the Securities and Exchange Commission's notification No.4(h) 1. 2006 Condition No.
00 3.1(ii)(d) 3.1(iii) 3.3.00(ii) 4.00(vii) Complied Complied Not applicable Not applicable Not applicable Not applicable Not applicable Complied (Annexure-IV) Complied Complied Complied Complied Complied Complied Complied 39 .3.2 3.engagement in designing of Financial Information System Non-engagement in Book-Keeping Non-engagement in Broker-dealer service Non-engagement in Actuarial Services Non-engagement in Internal Audit Non-engagement in any other services Compliance Status Complied Explanation for non compliance with the condition 3.00(iv) 4.2(i) 3.1(i) 3.00(v) 4.1(ii)(b) 3.1(ii)(c) 3.00(iii) 4.2(ii) Not applicable Complied 3.2 Title Attendance of CFO and the company Secretary at Board of Directors meeting Audit Committee: Constitution of Committee Constitution of Committee with Board members including one Independent Director Filling of Casual Vacancy in Committee Chairman of the Committee Professional Qualification and experience of the Chairman of the Committee Reporting to the Board of Directors Reporting of Conflict of Interest to the Board of Directors Reporting of any fraud or irregularity to the Board of Directors Reporting of violation of laws to the Board of Directors Reporting of any other matter to the Board of Directors Reporting of Qualified point to Commission Reporting to the Shareholders and General Investors External/Statutory Auditors: Non-engagement in appraisal or valuation Non.3.1(ii) Complied Complied 3.00(vi) 4.DIRECTORS' REPORT Condition No. 2.3.1(ii)(a) 3.4 4.00 4.3.1(i) 3.3.00(i) 4.
financial report preparation and the external audit reports. (c) Carry on a supervision role to safeguard the systems of governance and independence of statutory auditors. Samuel S. (b) Report to the Board of Directors on internal audit findings from time to time considering the significance of the issues.Member . Vice Chairman Mr. Chowdhury.Member The scope of Audit Committee was defined as under: (a) Review and recommend to the Board to approve the financial statements prepared for statutory purpose. discussed and guided the process of financial year end closing and the procedure and task of the internal audit.ANNEXURE-IV AU D I T CO M M I T T E E R E P O R T For the Year 2009-2010 The Audit Committee consists of the following members: Mr. Kazi Iqbal Harun.Chairman . Director . The Committee found adequate arrangement to present a true and fair view of the activities and the financial status of the company and didn't find any material deviation. M Sekander Ali. Independent Director Mr. discrepancies or any adverse finding/observation in the areas of reporting. and (d) Review and consider the internal report and statutory auditors' observations on internal control Activities carried out during the year The Committee reviewed. M Sekander Ali Chairman Audit Committee .
Financial Report .
00 2008-2009 Amount % 12.00 2.864.032.55 18.894 46.076 100.093.05 18.483 1. VALUE ADDED STATEMENT For the Year Ended 31 March 2010 (Figures in thousand Taka) 2009-2010 Amount % Turnover & Other Income Less: Bought in Materials & Services 13.107.41 21.54 17.67 100.54 17. Exchequer Salaries and Benefits to Employees Shareholders Dividend Retained Earnings 100.894 Applications: Duties and Taxes to Govt.093.813 5.539 980.67 16.73 16.05 15.70 45.401 784.696 1.00 2.935.73 46.076 45.110.707 7.119 6.357 5.00 VALUE ADDED STATEMENT 18.105.928.870 1.043 5.319.35 15.55 18.928.SQUARE PHARMACEUTICALS LTD.002 5.730.70 100.622 883.35 2009-2010 2008-2009 Duties and Taxes to Govt. Exchequer Salaries and Benefits to Employees Shareholders Dividend Retained Earnings .41 21.939.
Bhattacharjee. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. whether due to fraud or error. Auditors' Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. An audit also includes evaluating appropriateness of accounting policies used and the reasonableness of accounting estimates made by management. Income Statement and its Cash Flows dealt with by the report are in agreement with the books of account and returns. Statement of Changes in Equity and Statement of Cash Flows for the year ended. the Financial Statements prepared in accordance with Bangladesh Financial Reporting Standards. we state that: (i) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit and made due verification thereof. and all related Consolidated Financial Statements and a summary of significant accounting policies and other explanatory notes. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with Bangladesh Financial Reporting Standards (BFRS). the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. selecting and applying appropriate accounting policies. In making those risk assessments. (ii) In our opinion. the Securities and Exchanges Rules 1987 and other applicable laws and regulations. We conducted our audit in accordance with Bangladesh Standards on Auditing (BSA). including the assessment of the risks of material misstatement of the financial statements. Opinion In our opinion. the Securities and Exchanges Rules 1987 and other applicable laws and regulations. (iv) The expenditure incurred was for the purpose of the company's business. Dhaka 29 July. proper books of account as required by law have been kept by Square Pharmaceuticals Limited so far as it appeared from our examination of those books. which comprises the Balance Sheet as at 31 March 2010 and Income Statement. as well as evaluating the overall presentation of the financial statements. 2010 and of the results of its operations and its cash flows for the period then ended and comply with the companies Act 1994. 2010 B. but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. give a true and fair view of the state of the company's affairs as at 31 March. Further to our opinion in the above paragraph.K. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. and making accounting estimates that are reasonable in the circumstances. whether due to fraud or error. Dated. and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement. This responsibility includes: designing. (iii) The company's Balance Sheet. the Companies Act 1994. implementing. The procedures selected depend on the auditor's judgment. We have audited the accompanying financial statements of Square Pharmaceuticals Limited. FCA Partner Chowdhury Bhattacharjee & Co. Chartered Accountants 43 .AUDITORS' REPORT TO THE SHAREHOLDERS OF SQUARE PHARMACEUTICALS LTD.
832 4.000 105.465.222.407.976.868.855 2.570 567.224.174 358.843.269.695 15.856 Shareholders' Equity: Share Capital Share Premium General Reserve Tax Holiday Reserve Retained Earnings Non-Current Liabilities: Long Term Loans .226 1.715.093 3.825 1.237 6.509.098.251.534.001 4.Current Portion Trade Creditors Liabilities for Expenses Liabilities for Other Finance TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES Attached notes form part of these Financial Statements.757.200 1.035.219.330.000 2.169 3. FCA Partner Chowdhury Bhattacharjee & Co.076 221.608 211.740 13.878.101.634 1.002 260.110 225.090.Deposits and Prepayments Investment in Marketable Securities (at Cost) Short Term Loan Cash and Cash Equivalents TOTAL ASSETS SHAREHOLDERS' EQUITY AND LIABILITIES: 9.250. BALANCE SHEET As At 31 March 2010 ASSETS: 31-03-10 Notes 2 3 4 5 6 7 8 9 10 Tk.878.278 31-03-09 Non-Current Assets: Property.169 4.640.457.630. Dhaka: 29 July. Bhattacharjee.000 105. Chartered Accountants .032.742.774.251.376.200 1. 2010 Samuel S.942 2.211 394.162 20.SQUARE PHARMACEUTICALS LTD.465.463.Secured Deferred Tax Liability Current Liabilities: Short Term Bank Loans Long Term Loans .207.679.702 617.401 736. 15.250.899.K.720 293.562.498.082 508.990.601 124.508.554.856 14 15 16 17 18 19 20 As per our annexed report of even date.573.857 Tk.500.822 634. 10.730.949.278 9.554 1.727. 11 12 13 11.029.744.590.194 2.397.237 5.101.Long Term (at Cost) Current Assets: Inventories Trade Debtors Advances.157.242.941 258.802.071.084 5.035.935.770 13.255.755.000 6188.8.131.520.231 477.050.216. Tapan Chowdhury Managing Director Dated.633.512.060 2.668 449.311.388 1.782 295.258.848 462.345.052 1.029. Chowdhury Vice Chairman Khandaker Habibuzzaman Company Secretary B.030.220.791.3184.108.40.2069 69.030.000 2.078.443.379.050.935. Plant and Equipment-Carrying Value Capital Work-in-Progress Investment .895.736.207.197 660.915 56.
697.218 (592.410 (6.562.230.779.25 15.636.670.578.791 138.460.462) 2.511.597.243 (688.K.986 585.431.362.687.928 1.966.705 (141.368) (1.973) 4.366.300 11.253.644.961) 2.051) 2.520. 2.052.825. Chartered Accountants 45 . 2008-2009 22 13.141.069. FCA Partner Chowdhury Bhattacharjee & Co.347 11.915 (397.871. Dhaka: 29 July.929 125.850) Tk. INCOME STATEMENT For the Year Ended 31 March 2010 2009-2010 Notes GROSS TURNOVER Less: Value Added Tax NET TURNOVER COST OF GOODS SOLD GROSS PROFIT Operating Expenses: Selling and Distribution Expenses Administrative Expenses PROFIT FROM OPERATIONS Other Income Financial Expenses NET PROFIT BEFORE WPPF Allocation for WPPF NET PROFIT BEFORE TAX Provision for Income Tax Provision for Deferred Income Tax NET PROFIT AFTER TAX Earnings Per Share (EPS) Number of Shares used to compute EPS Attached notes form part of these Financial Statements.288.437.618.107) 2.826 (308.368.226) (28.36 15.816.360 9.499.561.562.087. Tapan Chowdhury Managing Director Dated.963) 2.063) 1.901.462.925 (2.447) (524.890.090.322.861.793.279.757 1.796.485) 4.210.939) (1.801.090.565.259. Bhattacharjee.SQUARE PHARMACEUTICALS LTD. Chowdhury Vice Chairman Khandaker Habibuzzaman Company Secretary B.822.563.289.135. As per our annexed report of even date.211.300 23 27 28 29 30 31 32 15 (Transferred to the Statement of Changes in Equity) 33 Tk.820.689.602) (48.148.317) (460.227 665.179 (125.545.672.492) 2.568 (5.319.564.595 (1. 2010 Samuel S.
000 2.197 2.240.237 - 105.791 (482.522.200 1.871.035.200 1.895.000 301.554.878. Bhattacharjee.035.SQUARE PHARMACEUTICALS LTD.397.806.200 1.871.929 (357.200 1.890. FCA Partner Chowdhury Bhattacharjee & Co.417.935.000 1.000 312.696.806.984.000 2. STATEMENT OF CHANGES IN EQUITY For the Year Ended 31 March 2009 Share Capital At 31 March 2008 Net Profit (2008-2009) Cash Dividend (2007-2008) Stock Dividend (2007-2008) At 31 March 2009 894.935. Tapan Chowdhury Managing Director Dated. Chartered Accountants . Chowdhury Vice Chairman Khandaker Habibuzzaman Company Secretary B.197 Total 8.465.279.600) (301.634 105.696.030.224.949.889.465.268 1.498.052.237 6.052. 1.224. Dhaka: 29 July.237 As per our annexed report of even date.935.087.634 2.087.600) - 105.035.000 General Reserve Tax Holiday Reserve Retained Earnings 4.071.465.000 Share Premium 2.929 (357.949.890.000) (312.984.825 SQUARE PHARMACEUTICALS LTD. 2010 Samuel S.379.000) 9.000 General Reserve Tax Holiday Reserve Retained Earnings 5.878.397.465.237 - 105.791 (482.101.207.K.878.000) 5. STATEMENT OF CHANGES IN EQUITY For the Year Ended 31 March 2010 Share Capital At 31 March 2009 Net Profit (2009-2010) Cash Dividend (2008-2009) Stock Dividend (2008-2009) At 31 March 2010 Tk.000 Share Premium 2.101.878.035. 1.935.101.895.802.889.509.388 11.705 1.207.000) Total 9.000 Tk.101.040.498.
932 308.841) 88.011 42.000.755 9.421.800 (342.806.135.438 11.964. 2010 Samuel S.724) 8.663.457.454) 12.960.995. Chartered Accountants 47 .614 (357.257 466. (1.144.862 2.457.295) 1.897.917 7.888.475.192.326.252. Investment in Orascom Telecom Bangladesh Ltd.730.446.522.600) (1.729.529.091.579.740 258.560 3.906.000.514 58.000) (249.248.347.000) (150.993.551) 151.850 10.152. Bhattacharjee.671.448 60.132 9.569.SQUARE PHARMACEUTICALS LTD.464.000) 67.402) 817.694 293.727.058.695 (877.889.007.352 397.639 82.000 418.135.401.679.221) (482.937.806.893 4.000.331 92. Investment in Square Fashions Ltd.942.551.905 69.000) (213. Investment in Square Multi Fabrics Ltd.861.934) (527.046 205. Investment in Square Biotechs Ltd.517.000 48.000.500.839) (634.225 89.178.000. FCA Partner Chowdhury Bhattacharjee & Co. Investment in Marketable Securities Capital Work-in-Progress Sale of Marketable Securities Interest Received Dividend Received Net cash used in investing activities Cash Flows From Financing Activities: Long Term Loan Received Long Term Loan Repaid Short Term Bank Loan Increase/(Decrease) Short Term Loan Increase/(Decrease) Dividend Paid Net cash used in financing activities Increase/(Decrease) in Cash and Cash Equivalents Cash and Cash Equivalents at the Opening Cash and Cash Equivalents at the Closing Tk.761 2.963 475.595. Tapan Chowdhury Managing Director Dated. Dhaka: 29 July.492 2.401.901.093) 15.000 (40.344.341 (1.107 2009-2010 2008-2009 As per our annexed report of even date.669 220.127.116.113.107 855.660) (1.687 (1.049.938.295.666.202 11.K. Investment in Square Knit Fabrics Ltd.643) (34.228 3.822.000. Chowdhury Vice Chairman Khandaker Habibuzzaman Company Secretary B.347.553 448.684.186.849.581.696.688) (797.162.639.706. CASH FLOW STATEMENT For the Year Ended 31 March 2010 Cash Flows From Operating Activities: RECEIPTS: Collection from Sales Others PAYMENTS: Purchase of Raw and Packing Materials Manufacturing and Operating Expenses Bank Interest Income Tax Workers Profit Participation Fund Others Net cash provided by operating activities Cash Flows From Investing Activities: Purchase of Fixed Assets Disposal of Fixed Assets Investment in Square Hospitals Ltd.289.000) (829.764.487.045) 293.997.786.740 4.250 (500.607 (305.402.
mercerizing. sales and distribution of all kinds of biotechnological medicines/drugs for life saving and healthcare.SQUARE PHARMACEUTICALS LTD. The company has an AgroVet Division producing and sells AgroVet products. marketing. (iii) Square Multi Fabrics Ltd. The company has also a Pesticide Division producing and sells Pesticide Products. Gazipur.: To carry on the business of inter alia manufacturing. . ladies and children's including the preparation.: The company was incorporated on June 24. was incorporated on November 10. : Jamirdia. sizing. Bangladesh Square Biotechs Ltd. (ii) Square Biotechs Ltd. yarn. 2005 under Companies Act 1994 as a private limited company. Mymensingh. Bangladesh 1. (b) Subsidiary Companies: (i) Square Cephalosporins Ltd. 1964 under the Companies Act 1913 and it was converted into a Public Limited Company in 1991 and offered its share to the public with the approval of the Securities and Exchange Commission in the month of December 1994. was incorporated on August 29.: Square Cephalosporins Ltd. No. Valuka.1 Legal Form of the Company: (a) Reporting Company Square Pharmaceuticals Ltd. coloring and finishing and other ancillary work. (iii) Square Multi Fabrics Ltd. NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 March 2010 1. Gazipur. The company has a separate division to operate a modern Basic Chemical Factory and produces and sells Basic Chemical Products. 2008 under Companies Act. : Kaliakoir. Pabna. Gazipur.: The company owns modern pharmaceuticals factory and produces and sells Pharmaceuticals Drugs and Medicines. and Chittagong Stock Exchange Ltd. Dhaka vide Reg. C-62167 (4176)/06 dated June12. 2006 under Companies Act 1994 as a private limited company. Salgaria. (b) Subsidiaries Company (i) Square Cephalosporins Ltd. Mohakhali Commercial Area. marketing in all types of knit fabrics. Bangladesh Square Cephalosporins Ltd. 1994 as a private limited company. embroidering. : Kaliakoir. 1. Bangladesh Square Multi Fabrics Ltd. Bangladesh (2) Kaliakoir.: To carry on the business of manufacturing. (ii) Square Biotechs Ltd. Dhaka-1212. The shares of the company are listed in the Dhaka Stock Exchange Ltd.: The company was incorporated on June 12. : (1) Square Road. dyeing. processing.3 Nature of Business Activities: (a) Reporting Company: The company owns and operates modern pharmaceuticals factories and produces and sells pharmaceuticals drugs and medicines. printing. 2006 and registered by the Registrar of Joint Stock Companies & Firms. Factory address of the company and it's subsidiaries are as follows: Square Pharmaceuticals Ltd. garments for gents.2 Address of Registered Office and Factories: The registered office of the company is situated at "Square Centre" 48. Bangladesh. SIGNIFICANT ACCOUNTING POLICIES AND OTHER MATERIAL INFORMATION 1.
The cost of acquisition of an asset comprises its purchase price and any directly attributable cost of bringing the asset to its working condition for its intended use inclusive of inward freight. The previous years' figures were presented according to the same accounting principles. related pre-operational expenses form part of the value of asset capitalised. Accounting and valuation methods are disclosed for reasons of clarity.5 Principal Accounting Policies: Specific accounting policies were selected and applied by the company's management for significant transactions and events that have a material effect within the framework of BAS-1 ''Presentation of Financial Statements'' in preparation and presentation financial statements. On retirement or otherwise disposal of fixed assets. However. changes made to the presentation are explained in the note for each respective item. 1. Plant and Equipment Leases Revenue Employee Benefits The effects of Changes in Foreign Exchange Rates Borrowing Costs Related Party Disclosures Accounting for Investments Accounting and Reporting by Retirement Benefit Plans Consolidated Financial Statements and Accounting for Investment in Subsidiary Accounting for Investment in Associates Earnings Per Share Provisions. The company classified the expenses using the function of expenses method as per BAS-1. the cost and accumulated depreciation are eliminated and any 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 the net sales proceeds. Plant and Equipment: All property. (DSE) & Chittagong Stock Exchange Ltd. (CSE) and International Accounting Standards (IAS) as adopted by The Institute of Chartered Accountants of Bangladesh (ICAB). In respect of major projects involving construction.7 Property. Contingent Liabilities and Contingent Assets Intangible Assets 1. 1. listing regulations of Dhaka Stock Exchange Ltd.NOTES TO THE FINANCIAL STATEMENTS 1. Changes in Accounting Estimates and Errors Events after the Balance Sheet Date Income Taxes Segment Reporting Property. there were no significant changes in the accounting and valuation principles affecting the financial position and performance of the company. the Securities and Exchange Rules 1987. Expenses capitalised also include applicable borrowing cost. plant and equipment is initially accounted for at cost and depreciated over their expected useful life in accordance with BAS-16. Compared to the previous year.6 Application of Bangladesh Accounting Standards (BAS): The following BASs are applicable for the financial statements for the year under review: BAS BAS BAS BAS BAS BAS BAS BAS BAS BAS BAS BAS BAS BAS BAS BAS BAS BAS BAS BAS BAS 1 2 7 8 10 12 14 16 17 18 19 21 23 24 25 26 27 28 33 37 38 Presentation of Financial Statements Inventories Cash Flow Statements Accounting Policies. 49 . as Bangladesh Accounting Standard (BAS).4 Basis of Preparation and Presentation of Financial Statements: The elements of financial statements have been measured on "Historical Cost" convention in a going concern concept and on accrual basis in accordance with generally accepted accounting principle and practice in Bangladesh in compliance with the Companies Act 1994. duties and non-refundable taxes.
Gratuity The company has an unfunded gratuity scheme under which an employee is entitled to the benefits depending on the length of service.8 Depreciation: No depreciation is charged on freehold land or on capital work -in -progress. Insurance The company has also a group insurance scheme for its permanent employees. Types of Stock Raw Materials. Depreciation for full years has been charged on additions irrespective of date when the related assets are put into use and no depreciation has been charged on assets disposed off during the year. Any obsolete stock or abnormal losses are recognized as expenses. Deferred Tax Provision is made for taxable temporary differences for the prior years and will be adjusted in due course of time as and when required. No part of the fund is included in the assets of the company. 1.10 Income Taxes: Current Tax Provision for income tax has been made as per Income Tax Rules after adjustment of 10% rebate for declaration of Dividend above 20%. Chapter-15.9 Inventories: Inventories are stated at the lower of cost or net realizable value in compliance to the requirements of Para 21 & 25 of BAS-2. Workers Profit Participation Fund and Welfare Fund The company makes a regular allocation of 5% on net profit before tax to this fund and payment is made to the workers as per provisions of the Companies Profit under Labour Law 2006. premium for which is being charged to income statement annually as per the insurance policy. The rates at which assets are depreciated per annum. . 1. (SCL) has followed straight line method of depreciation. Net realizable value is based on estimated selling price less any further costs anticipated to be incurred to make the sale.11 Employees Separation Plans: Staff Provident Fund The company has established a recognized contributory provident fund scheme.1. Depreciation is charged on all other fixed assets on a reducing balance method for Square Pharmaceuticals Ltd. depending on the nature and estimated useful life of assets are given below: SPL SCL Factory Building and Other Construction 10% 10% Plant & Machinery 15% 15% Laboratory & Office Equipment 10% 10% Furniture & Fixture 10% 10% Motor Vehicle 20% 20% Electrical Installation 15% 15% Books & Periodicals 30% Electro Mechanical Equipment 15% Computer 10% 10% Uniform depreciation method could not be followed for preparation of consolidated financial statements because the companies are engaged in different nature of business. (SPL) while Square Cephalosporins Ltd. 1. The fund is wholly administered by a Board of Trustees. Packing Materials and Work-in-Process Finished Goods Spare & Accessories Goods in Transit Basis of Valuation Weighted Average Cost At lower of cost or net estimated realizable value Weighted Average Cost At Cost The cost is determined on weighted average cost basis.
Diluted Earnings per Share No diluted Earnings Per Share was required to be calculated for the year under review as there is no scope for dilution of Earnings Per Share for the year. in computing the Basic Earnings Per Share (EPS) of 2009-2010. 51 . Weighted Average Number of Ordinary Shares Outstanding during the year The Bonus Shares issued during the year 2009-2010 were treated as if they had been in issue in previous years also. Export of Pharmaceuticals Drugs and Medicines. Local sales of Basic Chemical Products are recognised at the time of delivery from Factory Godown i. Hence. Earnings per Share "Earnings per Share" has been calculated by dividing the earnings attributable to the number of shares (ordinary) held by the shareholders' during the year. Sales of locally manufactured and imported AgroVet Products. 1.13 Turnover: Turnover comprises the following: Reporting Company: Sales of locally manufactured Pharmaceuticals Drugs and Medicines.15 Cash Flow Statement: Cash flow statement is prepared in accordance with BAS-7 under direct method as outlined in the Securities and Exchange Rule 1987. AgroVet Products and Pesticide Products at the time of delivery from depot and Exports of Pharmaceuticals Drugs and Medicines at the time of delivery from Factory Godown. Bank deposit in foreign currency for retention quota account has been translated into taka at the year end at the rate of exchange ruling on that date and gain/(loss) have been accounted for as other income/(loss) in the Income Statement.12 Revenue Recognition: (a) Sales of Goods: In compliance with the requirements of BAS-18 revenue is recognised for local sales of Pharmaceuticals Drugs and Medicines.NOTES TO THE FINANCIAL STATEMENTS 1. Local Sales of Basic Chemicals Products. Sales of locally manufactured and imported Pesticide Products. (c) Interest income is recognized when accrued on a time proportion basis. 1.14 Foreign Currency Transactions: Foreign currencies are translated into taka at the exchange rates ruling on the date of transactions in accordance with BAS-21 "The Effects of Changes in Foreign Exchange Rates". Subsidiary Company: .16 Earnings per Share (EPS): Earnings per Share (EPS) is calculated in accordance with the Bangladesh Accounting Standard BAS-33 "Earnings per Share". 1. the total number of shares including the said bonus shares has been considered as the Weighted Average Number of Shares Outstanding during the year 2008-2009. (b) Dividend income is recognized when the right to received payment is established.Sales of locally manufactured Pharmaceuticals drugs and medicines. 1.e when the significant risk and rewards of ownership is transferred to the buyer. there is no continuing management involvement with the goods and the amount of revenue can be measured reliably.
18 Consolidation of Accounts: In terms of the requirements of Bangladesh Accounting Standards (BAS) accounts of the company's own and that of its subsidiaries have been consolidated as follows: Subsidiary Company Square Cephalosporins Ltd.circumstances of an exceptional or non-recurring nature. if suddenly eliminated..transaction of a nature not usually undertaken by the company.17 Basis of Consolidation: Percentage of Holding Share on Subsidiaries Company: Subsidiary Company Square Cephalosporins Ltd.charges or credits realting to prior years. (SPL). Holding of Share 950. the company does not have any significant concentration of business transacted with a particular customer. Square Multi Fabrics Ltd.1.. 1. and . Square Fashions Ltd. 1.48% 99.19 Related Party Transactions: The company did not do any transaction with it's sister concern other than its subsidiaries/associate undertakings viz Square Textiles Ltd. 1. Square Multi Fabrics Ltd. March 2010 31. Square Biotechs Ltd.000 665. The company also does not have any concentration of available source of labour. and Square Multi Fabrics Ltd. . 1.50% Subsidiaries entities are controlled by Square Pharmaceuticals Ltd. Square Biotechs Ltd. supplier or lender that could..changes in accounting policies. Square InformatiX Ltd.000 Percentage of Holding 99.25% 99. Square Knit Fabrics Ltd. . 1. if suddenly eliminated. service or licenses or other rights that could. In assessing control potential voting rights that are presently exercisable are considered. have severe impact of the operations of the company. Square Hospitals Ltd.000 995. Year Ending 31..21 Concentration of Counterparty Risk: As of 31st March 2010.20 Borrowing Cost: The company capitalises borrowing cost for new projects such as interest on term loan and other related fees/charges for the period till to commencement of commercial operation and charges the cost to revenue account as financial expenses after commencement of the commercial operation. 1..22 Net Profit before Tax: Net Profit before Tax for the year were not materially affected by: . Control exists when SPL has the power to govern the financial and operating policies of the entity. Square Cephalosporins Ltd..23 Cash and Cash Equivalent: This comprises cash in hand and cash at bank which are available for use by the company. March 2010 Remarks Audited Balance Sheet Audited Balance Sheet Audited Balance Sheet . Square Biotechs Ltd. have severe impact the company's operations. March 2010 31.
development and experimental costs are usually absorbed as revenue charges as and when incurred.308 4.290.703 3.893. PROPERTY. Allocation of depreciation charge for the year has been made in the accounts as follows: 2009-2010 Factory Overhead Selling and Distribution Expenses Administrative Expenses Tk. Development and Experimental Costs: In compliance with the requirements of BAS-38 "Intangible Assets" research. 1.814 8.01.871 4.690. 31-03-10 2. 1. PLANT AND EQUIPMENT: Tk.791. Plant and Equipment and Depreciation as at 31 March 2010 are shown in the annexed Schedule .679. as being not that much material in the company's and /local context.605 9.321.899.925 117.630.118.343.822 Details of Property.710.27 Research. as the currency represented in this financial statements.343. they are disclosed in the Note No.690.24 Segment Reporting: As there is a single business and geographic segment within which the company operates as such no segment reporting is felt necessary. arising from past events and existence of which depends upon the occurrence or non-occurrence of one or more uncertain future events which are not within the control of the company.928 140.008. This is arrived at as follows: Opening Balance (At Cost) Add: Net Addition during the Year Closing Balance (At Cost) Less: Accumulated Depreciation Carrying Value 8.26 Provisions.561.440.630.28 General: Previous year's figures have been regrouped/reclassified wherever considered necessary to conform to current year's presentation.610 2008-2009 454.444.857 728.220.599 53 .486 5.450.749.334.791. Contingent liabilities and assets are current or possible obligations or on liabilities or assets.832 31-03-09 Tk. 1.404 57. Contingent Liabilities and Contingent Assets: Provisions were made considering risk and un-certainties at best estimate of the probable expenditure that would require to meet the current obligation on the Balance Sheet date. 544. 1.703 1. 5.822 6.936.010.267 652. Figures have been rounded off to the nearest taka.828 66. 44 hereunder.237.160.NOTES TO THE FINANCIAL STATEMENTS 1. In accordance with BAS-37.25 Share Premium: The balance in share premium account shall be utilized in accordance with provisions of the Companies Act 1994 and as directed by the Securities and Exchange Commission in this respect.452.012.889 1.405.
093 31-03-09 This represents expenditure incurred for Liquid Project.000 Ordinary Shares of Tk.540 Plant & Machinery 257.each in Square Cephalosporins Ltd.000 3. 100/.347. .100/.000 126.260.: 2. for 4.000.169 2. 200/. for 2.000 Shares of Tk.500. (c) National Housing Finance and Investment Ltd: 235.000 198. 10/.157.000.000 Bonus Shares 10.000 209.000.500.each including Bonus Shares in Square Textiles Ltd. 4.each United Hospitals Ltd. 5.each in Square Boitechs Ltd. 100/.000.000.000 209. (b) 120.each with Premium of Tk.each in Square Fashions Ltd. 10. 100/.157.500. (j) Advance against Share Money with Square Fashions Ltd.500.000.000 150.000 150.251.574.each including 1.163 Tk. CAPITAL WORK-IN-PROGRESS: Tk. 100/.000.000 392.121. 100/.000/.000 Ordinary Shares of Tk.000 4.000 2.000 Shares of Tk.000 Shares of Tk. Tk.050.250.100/.each in Square Multi Fabrics Ltd.000 99.000.000. for 1.000 Ordinary Shares of Tk.000 66.442.each in Orascom Telecom Bangladesh Ltd.000/.050. The break-up of the above amount are given below: Land & Land Development 8.each (c) 665. for 1.200.000.000.100/. for 4.000 40.000 Shares of Tk.369 12.526 Ordinary Shares of Tk.000 Ordinary Shares of Tk.000 Shares of Tk.000 Ordinary Shares of Tk.10/.508.000.000 150. 100/.31-03-10 3.each Associates & Others: (a) 32. (d) Advance against Share Money with Square Biotechs Ltd.000.000.641 Ordinary Shares of Tk.250.000 Ordinary Shares of Tk.000 95. 100/. has been realized through acquisition of their assets.000 23.500/. 1.000.000 634.each in Square Knit Fabrics Ltd.000.each including 35.000.000.000 Ordinary Shares of Tk.000/.000.000 400. 3.each (k) Advance against Share Money with Square Informatix Ltd.000 300. 183.000. Metered Dose Inhaler Project and expansion of General Production Facility of Dhaka Unit. (e) Square Hospitals Ltd. INVESTMENT-Long Term (at Cost): Tk. (h) Advance against Share Money with Square Knit Fabrics Ltd.500.000 10.784.400.each (f ) Advance against Share Money with Square Hospitals Ltd. for 3.000 Shares of Tk. 1. 100/. 634.180.each (g) 1.800 183.000.347. for 1.000.each (i) 252.000 Ordinary Shares of Tk.each with premium of Tk.000 99.000 Ordinary Shares of Tk.each 196.each (d) 2.990.990.000.050.000 126.000.250 Ordinary Shares of Tk.000 400. (f ) Advance against Share Money with Square Multi Fabrics Ltd.369 12.000 Bonus Share in Central Depository Bangladesh Ltd.000 25.000.000.169 * Advance against Share Money with Square Biotechs Ltd.000/.442.169 This consists of the following: Subsidiaries: (a) 950.000 23.000 66.000 Building/Civil Work 360. (b) Advance against Share Money with Square Cephalosporins Ltd.000.1.200.093 - 10.000 100.000 Shares of Tk.each * (e) 995. 100/.800 95.000 25.000.500.each (l) 4 Senior Secured Bond of Tk.100/.000 100. 100/.000.390 Other Assets 8.000.000.000 418.
NOTES TO THE FINANCIAL STATEMENTS 31-03-10 5.562.901 19.044 13.507.081 61.961 32.507. INVENTORIES: Tk.250.171 includes advance to officers Tk.250.081 91.451.078.762 108.249.076 122.071.788 12.454.084.143 has since been realised.305 508.098.080. ADVANCES.027.758 19. 12.087.133.002 (ii) Debtors include Tk.755.C Margin Value Added Tax Earnest Money & Security Deposit Lease Deposit Others Prepayments: Office Rent Insurance Premium Tk.540.747.034 260.252.207.071 368.171 3.496 2.078.Employees Suppliers Deposits: L.160 2.015. 358. 2.273.422 due from export sales of which Tk.031 477.532.295.174 209.089. Managing Agent of the company and any of them severally or jointly with any other person.538 357.745 125.712 169.076 This consists of as follows: Advances: Employees Motor Cycle Loan .578 150. DEPOSITS & PREPAYMENTS (Considered Good) : Tk.607.245.938 2.993.459 15.128 220.758 29.221 27.663.373. 31.673. 189.516.709 28.113 203. 13.170.9) 6.703.249. The basis of valuation is stated in note-1 (1.002 263. Ageing of the above debtors is as follows: Below 30 days Within 31-60 days Within 61-90 days Above 90 days Tk.600 (b) No amount was due by the Directors (including Managing Director) and Managing Agents of the company and any of them severally or jointly with any other person except as stated in (a) above.812 13.052.216 15.927 136.632.446 12.409.742.082 The break-up is as under: Raw Materials Packing Materials Work-in-Process Finished Goods Spares & Accessories Goods in Transit Tk.693.421 43.462 10.566.833 9.082 712. 508.369.329.182 579. 7.510 1.177 227.522.447. TRADE DEBTORS: Tk.016. 16. (iii) There was no amount due by the Directors (including Managing Director).950.511 358.330.305.161 156.071.219.323 2. (c) No amount was due by the associate undertakings.162 (a) Employees advances of Tk.340.445 11.378 1. 55 .098.462 146.048.790.253.729 2. 173.231 (i) Trade debtors occurred in the ordinary course of business are unsecured but considered good.732 99.693 568.174 31-03-09 762.207.010.687.657.
026 31-03-10 9.285 292. 10.727.00 369.014.788.00 100.000.424 64.00) 1. (f ) Square Cephalosporins Ltd.00 202.552.00 221.15 1.00 2.848.00 Cost Holding 20.720 Short term loan is receivable from the above subsidiary/associate undertakings and bearing interest @ 1% above the rate of interest charged by the commercial bank and considered good.391 136.023.000 405 1.000.00 1.005 258. 1. 611.600.00 2.750.530 1. .623.941 This consists of as follows: (a) Square Textiles Ltd.680 2. Ltd.000 143.130. Tk.891.252.736.212.00 1.00 738. (h) Square Multi Fabrics Ltd.00) 2.00 7.759 23.00 494.070 Face Value per Share 100.00 535.53 725.668 293.300 6.804.76 702.863 183. 31-03-09 391.116.00 100.84 198.150.00 221.700.00 87.312 had to keep as lien against sanction of overdraft facilities for the company.00) 374.480.00 310.098. 1st ICB Mutual Fund 3rd ICB Mutual Fund 4th ICB Mutual Fund 5th ICB Mutual Fund 6th ICB Mutual Fund 7th ICB Mutual Fund 8th ICB Mutual Fund BATA Shoe Ltd. ACI 20% Convertible Zero Coupon Bond No.220.675.00 327.00 594.00 166.695 855.00 2.340.198.300.819.910.298 217.00 612. Titas Gas TDCL Uttara Bank Ltd.00 100.00 2.250 3.172.00 1.750.159.801.161.779.223. CASH AND CASH EQUIVALENTS: Tk.941 224.06 931.09 1.00 100.8.000.500 800 40.200.952.561 23.850.159 258.00 29.00 - Total Total Market Unrealised Value of Shares Gain/(Loss) as on 31-03-10 175.61 1.564 5.574.280.00 9.016 28. (e) Square InformatiX Ltd. 258.937.884 89.00 100.150.00 427.799 57.904. (c) Square Fashions Ltd.550.000.00 10.736.237.953 100.948. 23.00 100.60 Quoted Rate per Share as on 31-03-10 1.00 5.563.096.612.349. of Shares Held 150.329.602.00 929.00 887.00 1.574 171.00 (198.500.763 33.996.376.143.650 700 3.00 143.482.00 180.269.00 11.00 100.000. 221.00 795.00 10.00 100.94 553.223.00 100.000. (b) Square Knit Fabrics Ltd.00 (148.545.440 1.000.00 7.00 575.438.200 22.00 920.00 678.00 2.669.00 2.346.229 65. No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Name of Company Pioneer Insurance Co.186.00 4.800.000.00 685.000.989.069 5.00 2.870.830.00) 3.00) 5.028.500.000.455 23.269.57 748.67 213.00 943.029.290.00 10.21 227.000 400 2.301.861.330 4.00 100.218.104.22.1681.740 The fixed deposit amount of Tk.00 666.536 35.042.800.00 1.00 Average Cost 135.670.937.00 999.00 271.00 (36.00 91.00 1.000 16.250.422.214.171.1244.457.3126.96.36.199.695 This is made-up as follows: (a) Cash in Hand (b) Cash at Bank : Current Account STD Account Fixed Deposit Account (BD Taka) Fixed Deposit Account (USD) Export Retention Quota Account Tk.86 951.000.476. BATBC IBBL MP Bond Islami Bank Padma Oil Shahjalal Islami Bank Ltd. (g) Square Biotechs Ltd.970 130.312 57.00 100.922 164.400.181.220.94 690.543.727.476.226 SL.294.794.00 133.402. INVESTMENT IN MARKETABLE SECURITIES (At Cost): Tk.00 1.00 171.294 1.609.069.543.725.448.624 210.484.295.00 (62.00 289. (d) Square Hospitals Ltd.00 3.257.00 3.510 693.84 1.830.00 10.00 (409.000.722.00 155.219. SHORT TERM LOAN (Unsecured): Tk.00 237.00 221.
of Holders Holdings No.077.900.709.000.300 % of Share Holding 2009-2010 54.175 100.446 1.315.30 39.002 Ordinary Shares of Tk.137 Over 1.000 31-03-09 5.470 2.68% 2.100/.NOTES TO THE FINANCIAL STATEMENTS 31-03-10 11.000.938 404.826 212.333 7 2.000 This is made-up as follows: Authorised: 50.100/.200 1.068 Ordinary Shares of Tk.030.100/.000 Shares 1 1. Shareholding Position as on 31 March 2010 is as follows: No.000.122 50.694 428.756 40.706.105.00 The distribution schedule showing the number of shareholders and their share holdings in percentage has been disclosed below: Range of Holdings As per Folio As per BOID No.859 10.000.492.512 1 1.455 3 98.635 1.000 Shares 3 113.001 to 20.100/.000 400.000.000 Shares 2 13.122 673.446 23 329.000 100.791 15.009.880 161. 1.90% 16.317 Total 2.87% 4.001 to 1.260 501 to 5.000 400.200 100.090.835 55 390.355 5.923.509. of Investors Sponsors Foreign Investors Others 22 19 40.300 57 .001 to 100.803 Total Share Holdings 1.154 927.817.994 7.41% 0.263 15.421 20.492 5.923.72% 2.867 449.00% 7.112 15 376. subscribed and paid-up: a) By Cash: 1.407.044.000 Shares 86 96.17 6.001 to 30.158 1.81% 100.221 131.33% 8.222.174.001 to 40.207.001 to 10.000 Shares 3 73.006.54 100.14 39.each fully paid-up in cash b) Other than Cash: 4.000.714 30.829 % 11.000 5.800 1.98% 1.000 Ordinary Shares of Tk.224.228.230 Ordinary Shares of Tk.509.547.000 Shares 3 131.219. SHARE CAPITAL: Tk.000 Shares 12 5. of Holders Holdings Less than 500 Shares 2.each Issued.84% 2.090.46% 47.000.000 Shares 7 99.800 1.175 7.766 40.16 6.each fully paid-up for consideration other than cash c) By issue of Bonus Share: 14.988.273.037 37.052 1.69 100.797 1.898 36.001 to 50.536.030.each fully paid-up as Bonus Shares Tk.000 Shares 9 673.000 Number of Shares 8.00 % of Share Holding 2008-2009 54.
608 Tk. 2008.834 45.107 1..560.000 (USD 15. 69.000 @ BDT 68.071.465. (b) Commercial Bank of Ceylon Ltd.2010.2010. 1. 44.000 was disbursed for BMRE and it is secured on fixed and floating assets of the company.537. 220.849. Currently the rate applied to the loan is 10% per annum and the loan is repayable in 14 (fourteen) equal quarterly installment starting from May. SHARE PREMIUM: Tk. 69. (e) DEG Germany: The loan of Tk.704.60) was disbursed for capital expenditure purposes and capacity expansion in normal course of business.000 starting from August.31-03-10 12.110 This represents long term loans from financial institutions are as follows : (a) Standard Chartered Bank. Gazipur.000..465.035.143.101.266 784.237 1.03.574.935. 2007.000.2010. Currently the rate applied to the loan is 11% per annum and the loan is repayable in 48 (forty eight) equal monthly installment starting from April.000 has been raised for issue of Bonus Shares in compliance with Circular No.: The loan of Tk.971 449.217.633.000.237 .266 as on 31.000 was disbursed for the Pellet Project and it is secured on fixed and floating assets of the company.704. Dhaka (b) Commercial Bank of Ceylon Ltd..574.000 was disbursed for import of machinery and it is secured on specific imported machinery. Currently the rate applied to the loan is 10% per annum and the loan is repayable in 15 (fifteen) equal quarterly installment starting from January.407 was disbursed for import of machinery and it is secured on specific imported machinery. The interest rate of loan will remain floating.125.482 22.000 31-03-09 2.032. The remaining balance stands at Tk.000.029. TAX HOLIDAY RESERVE: 14.000 was raised at the time of Initial Public Offering (IPO) which has been utilised for BMRE at Pabna and for a new Pharmaceuticals Project at Kaliakoir.941 80. 2. 2008.418 93. 93.485 11. Dhaka (d) HSBC Ltd. 1. 2009.834 as on 31.: The loan of Tk. (a) Standard Chartered Bank: The loan of Tk. Germany (f ) Minimum Lease Payments Tk.101.: The loan of Tk.875. 800.235.03.940.000. 11. Dhaka (c) Trust Bank Ltd.465. 2.485 as on 31.SEC/CFD/2001/Admin/02-02 dated October 04. The balance amount of Tk. The interest rate of loan will remain floating. The remaining balance stands at Tk.633. 150. The remaining balance stands at Tk.217.035. 2010. The interest rate of loan will remain floating.035. Dhaka (e) DEG.70% and the loan is repayable in 08 (eight) equal half-yearly installment of USD 1.000 28.418 as on 31. 45. (c) Trust Bank Ltd. The interest rate of loan will remain floating.03.757. 2001 of the Securities and Exchange Commission.288.574. 13. 1. LONG TERM LOANS (Secured): Tk.2010.071. Currently the rate applied to the loan is 11% per annum and the loan is repayable in 57 (fifty seven) equal monthly installment starting from October. 1. The interest rate of loan is 06 months LIBOR+2. 197. The remaining balance stands at Tk.440 118. (d) HSBC Ltd.110 124.935. an amount of Tk.000 Out of the total premium Tk.032.651.03.465.774 103.000.
.686 6..Tk.NOTES TO THE FINANCIAL STATEMENTS (f) Minimum Lease Payments.Standard Chartered Bank. 16.782 Tk.050 171.951 19. Dhaka Overdraft .403.HSBC Ltd. 914.946.930 1.Sonali Bank Ltd.075 30.107 (1) Shahjalal Islami Bank Ltd. Dhaka Trust Receipt . Mimi Super Market Br.751.136.345. Foreign Exchange Corporate Br.. 59 ..611. 21..200 59.600. Dhaka Trust Receipt .600. 150.Janata Bank Ltd.Janata Bank Ltd. Dhaka Trust Receipt -Commercial Bank of Ceylon Ltd.539 1. Maizdee Court Corporate Br.940. The lease is repayable in 36 (thirty six) equal monthly installment of Tk.045...968) 225..442.827.539.892.652 10.256.Mercantile Bank Ltd..353 4.818 66.429 12.000 10.Commercial Bank of Ceylon Ltd.Mercantile Bank Ltd..825.795 52.694 1.899..601 135.534.672.803. Mohakhali Branch.189 39. 8.478..HSBC Ltd.Eastern Bank Ltd. Local Office. 19.Bank Asia Ltd.546 31.997 Provision made Adjustment Closing Balance 48.110 100. Chittagong-Secured by FDR Overdraft .848 This consists of as follows: Cash Credit .17 (f ). Dhaka-Secured by FDR Overdraft .. Dhaka Trust Receipt . 225. DEFERRED TAX LIABILITY: Tk. Noakhali-Secured by FDR Others 115. Dhaka Trust Receipt .A.300..Bank Asia Ltd.656.720.274 1. The loans of Janata Bank Ltd. Dhaka Overdraft .517 106. Dhaka Short Term Loan .. Dhaka-Secured by FDR Overdraft .848 28.540 starting from March 2007 and the remaining balance stands at Tk. Dhaka Trust Receipt .2010.000 24. The lease is repayable in 10 (ten) equal half-yearly installment of Tk..693.361 20.230.654.921 32. Dhaka Overdraft .785 38.819.Pubali Bank Ltd.959. 736.127 26. Dhaka Trust Receipt . 4. (3) Industrial Promotion and Development Company of Bangladesh Ltd.101.357. Dhaka Trust Receipt .000 which is shown under Note. 15.Citibank N.217 starting from April 2008. 28.757.Eastern Bank Ltd.727.850 (34. Dhaka Trust Receipt .03.745.697.Shahjalal Islami Bank Ltd.742.742.Bank Alfalah Ltd..906 23.000 14.. are secured by registered mortgage and other loans are secured against pledge and hypothecation of stocks and book debts.989 31.632.Pubali Bank Ltd.Janata Bank Ltd.683.091 22.852 275.821 188.8.131.525 129. 1.Standard Chartered Bank.326 100.615 14.Janata Bank Ltd.Sonali Bank Ltd.445 736..556.614.000 305..Janata Bank Ltd. Dhaka Overdraft . 157.219. The remaining balance Tk.068..060 182. The lease is repayable in 60 (sixty) equal monthly installment of Tk.178. Dhaka Overdraft . Dhaka Short Term Loan .Bank Alfalah Ltd.749 as on 31.214 3.618.390.358 as on 31.000 was recognized as Minimum Lease Payment under lease of Vehicle.942 28.562. Dhaka Short Term Loan . Sylhet-Secured by FDR Overdraft .173.219.443..053. Custom House Dhaka-Secured by FDR Overdraft .443...: An amount of Tk. Pabna Cash Credit .171 61.000 44. Dhaka Trust Receipt ..271.300 23. SHORT TERM BANK LOAN: Tk.980.000.146.493.000..A.060 Tk. (2) Industrial Development Leasing Company of Bangladesh Ltd.538 57.852 26. 38.000.: An amount of Tk.651 20.530.587..942 31-03-10 31-03-09 This represents provision is made for deferred income tax to pay future income tax liability for temporary differences which is arrived at as follows: Opening Balance 211.Citibank N.386 11.000.063 211.689.000 12. Dhaka Short Term Loan .343 50.772 6.Janata Bank Ltd.2010.000 was recognized as Minimum Lease Payments under lease of machineries for Small Volume Parrental Opthalmic Unit.03.000 was recognized as Minimum Lease Payments under lease of Vehicle. Dhaka Short Term Loan . Mohakhali Corporate Br.: An amount of Tk.000 starting from December 2006 and the remaining balance stands at Tk.
packing materials. 212. Germany (f ) Minimum Lease Payments Tk. promotional materials etc.381.857 135.135.229 8.908.614.808 This is arrived at as follows: Opening balance Provision made (Note-32) Tax paid (including Advance Income Tax during the year) Closing balance Tk.557.644.827 79.119.715.119.000 56.242.947.877 617. LIABILITIES FOR OTHER FINANCE: Tk.341 250.449 9.000 11.590.499.202 160.211 31-03-09 This represents current portion of long term loans from financial institutions which are repayable within next 12 months from April.877 688.997.356 52. Dhaka (c) Trust Bak Ltd.570 This consists of as follows: Accrued Expenses Clearing & Forwarding Audit Fees Tk..311 295. TRADE CREDITORS: Tk.375.243.047.000 69.714.000.084 38.915 55. 19.222.925 212.602 (821.030.877 161.211 394.808 95.559 261.334.186.Current Portion: Tk.099 592.671) 79. 20. 2010 and consists of as follows: (a) Standard Chartered Bank. 79.857 This consists of as follows: Sundry Creditors Income Tax (Deduction at Source) Retention Money Workers' Profit Participation Fund Income Tax Payable (Note-21) Tk.000 11. LONG TERM LOANS .770 47.620 325. INCOME TAX PAYABLE: Tk. Dhaka (e) DEG.090.448) 212. 462.119..973 826.000 46.661 1.787.914.629 382.334. LIABILITIES FOR EXPENSES: Tk. 21.292 462.699 This represents amount payable to regular suppliers of raw materials.226 (475..663 1.601 124.808 567.090.31-03-10 17.233.072. Dhaka (b) Commercial Bank of Ceylon Ltd. Dhaka (d) HSBC Ltd.570 60.463.334.644 266.000.561.573. 18.514.004 30.072.702 . 55. 567. 56.140.030. All suppliers were paid on a regular basis.463.004 34.253 200.970.688.
029 378 509 2.579 3.837.437 364.611 15.843.247 11.696 834. (iii) 61 .885 2.535.071 63.614 63.573.490 2.757 This is made-up as follows: Local: Pharmaceuticals Products Basic Chemicals AgroVet Products Pesticide Products Total Export: Pharmaceuticals Products (USD 5.716 227.131.125 336.669 32.598.305 365 1 9 12 730 1.Fungicide Granuler .953 342.838 43.047 4.35 M.914.Insecticide Aerosol (ii) Kg Kg 49 91 1.141. The summarised quantity are as under: Category Tablet Capsule Liquid Injectable (Vial & Ampoule) ENT Preparation & Others Opthal Preparation & Others Dry Syrup Suppository Inhaler Insulin Basic Chemical Pellet Tablet .464 808 168 63 Closing 288.366.928 (i) Sales consists of 528 Pharmaceuticals Products.930 and 35.AgroVet Liquid .AgroVet Liquid .746 38.700 has been transferred from chemical plant to pharma formulation plants of the company which has not been included in the above turnover.145 7.279.767.854 426 214 1.444 Tk.081) Total Gross Turnover 12.399 1.412.891. 13. 50.601.632 849.011 3.475) AgroVet Products (USD 75. 13.121.172 11.579 68 23 7 (Quantity in Thousand) Powder .823 281. 32 AgroVet Products and 19 Pesticide Products .280 280.242 36.313 359.T.NOTES TO THE FINANCIAL STATEMENTS 2009-2010 22.337.417. of Pellet valued at Tk.769.712 41.549.543.007 5.757 2008-2009 10.777 4.597.78 M.543.030. The company has no Sales Agent on commission basis. 215.970 179.756 331.868 15.163 16.236 252 47 45 Pcs 12 357 368 1 222. GROSS TURNOVER: Tk.494.T of basic chemicals valued at Tk.036 16.122 2.682 52.Insecticide Unit Pcs Pcs Bottles Pcs Phials Phials Bottles Pcs Cans Pcs Kg Kg Pcs Gm Pcs Bottles Litre Opening 294.AgroVet Injectable .065.740 2.247.785 12.341.680 91 385 36 5.097 8.530 92 378 42 5.141.861 828 180 65 Sales 3.357.824 1.295 169. 15 Basic Chemical Products.182 48 11 5 Production/Purchase 3.260.AgroVet Powder .279.555 515 16 6 303 5.234 206 1.952 4.
053 23.887.454.862 (568.066) 6.773.485 This is arrived at as follows: Raw Materials Consumed Packing Materials Consumed Work-in-Process (Opening) Work-in-Process (Closing) TOTAL CONSUMPTION 2008 -2009 Notes 24 25 3.104.411.846.607.170.507.790.327) 5.729.543.541.379.679.340.765 27.992 7.113) 3.359.411.054 1.659 9.451.336 (203.829 762. COST OF GOODS SOLD: Tk.490.170.024.128) 3.698.288.187.400 886.400 218.467.763 2. 203.716 4.578) 1.490.902.343.275.451.899.447.411.490.927) 6.349 4.992.595.701 This is arrived at as follows: Opening Stock Purchase Closing Stock Tk.513.003.632 5.046 5.886 Factory Overhead COST OF PRODUCTION 26 3.267.522.513.541 141.113 3.732) 5.415.504 226.987.701 688.262 1.290 8.498.340.) 712.267. RAW MATERIALS CONSUMED: Tk.267.842 5.701 1.000 Active 549.123.475 1.350.301 2.280.072.000 1.672.462 1.842 186.400 942.2009 -2010 23.029 5.485 (26. PACKING MATERIALS CONSUMED: Tk.739.326.379.701 Raw materials consists of 876 items of which 82.561.513. 25.521. Summarised quantity and total value of ingredients are stated as under: Particulars Opening Balance Purchase Available for use Closing Balance Consumption Pcs Cap-Shell 161.958 (220.842 This is arrived at as follows: Opening Stock Purchase Closing Stock Tk.078 Quantity (Kg) Colour 35.046.521.860 568. 3.565.414.279 581.379.999.693 (150.945.341.288.579 33.023.566.698.344.128 3.005 316.192 Flavour 10.867 Total 1.300 (33.949 1.543 146. 6.999.809 596.814.832 6.551 218.508 Excepients 784.072.540.846.414 (146.513.957 Total Value (Tk.113 3.215.563.046 3.563.411.968 3.511.433 115.462) 1.305.891 Purchase of Finished Goods Finished Goods (Opening) Finished Goods (Closing) Cost of Physician Sample Tk.862.447.30% (in value) are imported.269.415.349.182) 4.136.716 (762.607.561.693) 4.929 200.890.337 (712.997 4.732 (579.629 5.593. 1.192 1.447.106.075 1. 24.326.672.824.023.973 712.428 281.349 .
949 2008-2009 278.415 142.143 Actuator Pcs 1.601.877 18.410.414.770 1.624 Container Pcs 1. 2009-2010 26.095 Vial Pcs 409.919.448 269.184.702.235 544.993 42.P Cap/Plastic Clouser Pcs 3. Gas & Water Rental Expense Municipal & Other Tax Insurance Premium Factory Sanitation Expenses Depreciation Security Services Research & Development Software & Hardware Support Service Other Expenses 337.896.169 2.967 15.550 1.146 175.504 69.068 104.423.380 454.834 101.534 3.139 1.000 932.355.650 1.578 Can Pcs 2.047 Plastic Applicator Pcs 252.238 8.458 450.294 1.402 388.749 2. Telephone & Fax Repairs & Maintenance Laboratory Consumable Stores Fuel.764 69. Electricity.837.078 5.449.700.340.517 Blister Foil/Alu Lid Foil Kg 47.488.419 8.917.589 92.466.800.899 Label Pcs 29.439 9.859.214 70. Allowances and Wages Factory Employees Free Lunch Factory Staff Uniform Travelling & Conveyance Printing & Stationery Postage.285. 1. 1.680 76.539.751 46.407 2.546 10.098.728.127 375.607 5.726 70.779 18.123.770.379.379.123. Light Diesel etc.643 2.936.686 Tube Pcs 2.229 19.102 Ampoule Pcs 6.463 25.103.623.602.296.078 1.243.629 63 .107.895.515 14.192 114.653.414.023.602 184.667 824.563 83.168.367.460.404 10.192 184.108.40.2060 Metered Valve Pcs 1.545.832 Closing 19.112.350.138 114.192 Strip Foil Kg 56.270 7.710 106.550 62.230 Alu Bottom Foil Kg 63.357 Packing materials consists of 2.828 11.259 P.747 6.986.359 2.807 16.594 214.453.933 165.506 38.940.763.271.420.000 1.793 22. Petrol.835.224.739.008.290.616.158.391.953 54.784 Tk.020.634 2.005.030 1.109 8.708.034.832 This is made-up as follows: Salaries.968 244.818 Shipper's Carton Pcs 256.776 10.553 2.137.639 686.236 2.831.652 681.851 139.000 1.728 200.739.278 695.686 2.599 20.010.079 8.081.186.756.134 items of which 39.414.289. FACTORY OVERHEAD: Tk.659 1.302.798.851.007 PVC/PVDC Film Kg 196.NOTES TO THE FINANCIAL STATEMENTS Summarised quantity of packing materials are stated as under: Name of Item Unit Opening Purchase Consumption Inner Carton Pcs 23.838 8.932.489.653.690 6.049.379.406.522.694.852 2.477 4.493 799.253 1.355.174.105 Bottle Pcs 1.725 438.996 44.213.725.399 4.905.000 70.522 184.333 Direction Slip Pcs 17.10% (in value) are imported.
394 22.683 5.639 6.854 106.347.440. Telephone & Fax Electricity.674.247.133 317.362. 2008-2009 265.483 34.444 50.772 7.442.086 9.577.210.286 59.987 396.687.851 226.220.484 2.319.984 5.330 5. Taxes and Licence Fees Field Staff Salaries.270.405 3.2009-2010 27.883.896 14.035.485.372.641 1.779.447 This consists of as follows: Salaries and Allowances Travelling and Conveyance Training Expenses Printing and Stationery Postage.666. TA and DA Marketing and Promotional Expenses Advertisement Delivery and Packing Expenses Export Expenses Special Discount Sample Expenses Security Services Depreciation Software & Hardware Support Services Other Expenses Tk.982.561 11.611.961 1.000 1. Gas and Water Tiffin and Refreshment Office and Godown Rent Bank Charges Repairs and Maintenance including car maintenance Govt.969 66.798 57. Allowances.244 18.446 28.604. 1.337.500.001 5.210.000 2.334.925 276.314 5.650 12.387.625 5.432.687.740.875.060.447 193.122.185 34.911 3. SELLING & DISTRIBUTION EXPENSES: Tk.261.515.317 .079.870.067.500 29.558.971 6.797.326 317.313 83.191.119 46.315.139.074.633 29.236 5.405.836.739 1.956 231.928 726.221.763.035.101 269.
046.638.721.211.658 5. Stamp Duty & Licence Fee Lease Rent Security Services Management Consultant Fees Legal Charges Audit Fees Depreciation Annual General Meeting Expenses Software & Hardware Support Services Share Demat.060.590.710.620.834 55.788.103.883 14.720.597 460.055 200.830.663.118 336.759.018 688.250 8.434.401 974.400 16.000 1.784 18. Gas & Water Tiffin and Refreshment Office Rent Sanitation Expenses Books and Periodicals Subscription and Donation Advertisement Repairs and Maintenance Bank Charges Insurance Premium Govt.267 12.NOTES TO THE FINANCIAL STATEMENTS 2009-2010 28.609.892.016 1.051 Audit fees of Tk.574 621.458 16.141.929 3.279.820 20.004.431.805 1.936.438.181.070 5. 524.460.112.000 140.630 2.812 24.713.000 represents fees for audit of the financial statements of the company for the year 2009-2010.000 2.030.323.361.135 403.627 34.862 36.799 3.857 5.446 2.296 69.000 117.000 7.202 4.140 3.047.460.847.829. ADMINISTRATIVE EXPENSES: Tk.806. 65 .556 2.699 2.097 6.857.560.814 495. Taxes.385.043 2.266.602.948 3.095 4.713 524.492 2008-2009 93.273 8.800.467 7.672.059 49.230 838. 250.645 9.492 This consists of as follows: Salaries and Allowances Directors' Remuneration Travelling and Conveyance Training Expenses Printing and Stationery Postage.283.460.716. Telephone & Fax Electricity.252 4.101 815.950 250. Remat & Transfer Fees Commisssion on Sale of Marketable Securities Other Expenses Tk.099.872 6.630 21. 110.923 8.047.433 1.059.
915 21.600 75.292 578. 308.562 688.499.007.462 125.106.755.564.493.719.850 17.50% Income Tax on Taxable Profit of Tk.676.226 592.222.564.226 .826 3.764.632.732.961 This represents 5% of Net Profit before Tax after charging the allocation as per provisions of the Companies Profit under Labour Law 2006.50% Income Tax on Export Net Profit of Tk. 220.127.116.110.749.108 11.092.442 239.144.540.681 86.230 661.419 273.868 757. FINANCIAL EXPENSES: Tk.312 308. Chapter-15.290 98.849.332 65.251.600 9.778 3. OTHER INCOME: Tk.733 59.602 638.948 204.520.325.824 165.903.567.107 This is made-up as follows: Interest on Cash Credit Interest on Overdraft Interest on LATR Interest on Short Term Loan Interest on Lease Interest on Long Term Loan Tk.298.107 2008-2009 9.824.559.358 592.980.776 3) 20% Income Tax on Dividend of Tk.644.538 658. 688.963 141.593. 30.198.938 8.401.560 681. 2.013. Plant and Equipment (Note-36) Tk.477 585.349 6.628.770 18.861.402.764 33.980 42.091 2) Half of 27.938.861.035.391 93.760 37. ALLOCATION FOR WPPF: Tk.122.716.499.852.109 397.144.410 135.159 105. 32. 31.766.177.957 153.793.132 11.584 65.687 2.644.2009-2010 29.040 6. 58.264 19.602 This represents estimated Income Tax Liability for the year 2009-2010 as follows: 1) 27.892.011.325.737.239 14.385 3.095.961 43.826 This is arrived at as follows: Interest on FDR Interest on Savings Account Interest on Loan to Sister Concern Rental Income Sale of Scrap Dividend Received Foreign Exchange Fluctuation Gain/(Loss) on Retention Quota Account Foreign Exchange Fluctuation Gain/(Loss) against Collection on Export Bill Commission Received Gain on Sale of Marketable Securities Profit on Sale of Property. PROVISION FOR INCOME TAX: Tk.144. 585. 735.562.137 665.888 174.809. 14.847 161.732 39.341 Less: 10% Exemption for declaration of Dividend above 20% Add: Short Provision (2007-2008) Tk.820.906.781 58.341 2.419 64.
533.300 125. (b) no amount was spent by the company for compensating any member of the Board of Directors except as stated in (35) above. 2. APPROPRIATION DURING THE YEAR : In accordance with BAS-1 "Presentation of Financial Statements". 528. PAYMENTS/PERQUISITES TO DIRECTORS AND OFFICERS: The aggregate amount 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' Remuneration Managerial Remuneration Managerial Benefits: Bonus House Rent Conveyance Company's Contribution to Provident Fund 24.NOTES TO THE FINANCIAL STATEMENTS 2009-2010 33.669.059 75. 452.052. 138. The Board of Directors also proposed Bonus Shares (Stock Dividend) @30% per share and total amount of proposed Bonus Share (Stock Dividend) for the year is calculated at Tk.25 34.555. EARNINGS PER SHARE (EPS): Tk.717.991 16.434.500.890. 35.632 1.260 (a) no compensation was made to the Managing Director of the company except as stated in (35) above.791 15.709.286 17. the appropriations for the year have been reflected in the "Statement of Changes in Equity".929 15.087.871.300 138.500 6.090.160.000. The total amount of Proposed Cash Dividend for the year 2009-2010 is calculated at Tk. 35 per share and will be recognised as liability in the accounts as and when approved by the Shareholders in the Annual General Meeting.090.722.36 The computation is given below: Surplus for the year attributable to Shareholders (Net Profit after Tax) Weighted average number of shares outstanding during the year Earnings Per Share Tk. 67 .36 2008-2009 1. Balance of Net Profit though carried forward in the Balance Sheet will be applied for payment of this year's cash dividend proposed by the Board of Directors @ Tk.
product line and marketing strategy.000 2.000 80. 38.036 16.334 179.000 340 72 16.861. 39.925.868 15.475.000 for the year 2008-2009 have been accounted for.845 16.944 7.312.803 2.145 7.838 43.000 and above per month was 3.331 Profit/ (Loss) 4.101 has been paid to expatriate consultants as fees for their services rendered to the company.36.048.809. EXPATRIATE CONSULTANTS FEES: During the year under review an amount of USD 33.191 12. March 2010.000 9.500 6.163.000 14.517 5.477 37.806.483.AgroVet Injectable . PRODUCTION CAPACITY AND UTILISATION: Category Tablet Capsule Liquid Injectable (Vial & Ampoul) ENT Preparation & Others Opthal Preparation & Others Dry Syrup Suppository Inhaler Insulin Basic Chemical Pellet Tablet .362 22.AgroVet Liquid .543.866 equivalent to Tk. NUMBER OF EMPLOYEES: The number of employees engaged for the whole year who received a total remuneration of Tk.470 Actual Production 3.520 12. .000 5.866.025 40.674 6.607 5.490 2.385.140 4.995 838.306 Acc.812.000 17. 2.854 Sales Price 8. PARTICULARS OF DISPOSAL OF PROPERTY. 41.345.861 828 180 357 (Quantity in thousand) Capacity Utilisation 51% 101% 36% 92% 42% 44% 66% 19% 51% 1% 111% 58% 35% 188% 14% 9% 24% Fluctuation of capacity utilisation is due to change of technology.AgroVet Aerosol Unit Pcs Pcs Bottle Pcs Phials Phials Bottle Pcs Cans Pcs Kg Kg Pcs Gm Pcs Bottle Pcs Rated Capacity 6. 3.488 for the whole year and 709 for part of the year.665. 301.071 63.777 4.694. Depn Upto 31-03-09 10. CAPITAL EXPENDITURE COMMITMENT: Contract for capital expenditure are being executed by the contractors and the running bills are accounted for but the unfinished contracts has not been reflected in this financial statements.600 has been paid to the Shareholders and also bonus shares amounting to Tk.889.337 2.114. There was no material capital expenditure authorised by the board but not contracted for at 31. DIVIDEND PAID TO THE SHAREHOLDERS: During the year under review total cash dividend for 2008-2009 amounting to Tk.530 92 378 42 5.000 47.632 849.000 1.617. Dividend were paid in local currency to the local custodian bank of the shareholders as such no dividend was remitted in foreign currency.AgroVet Powder .669 32.452 WDV as on 31-03-09 3. PLANT AND EQUIPMENT DURING THE YEAR: Particulars of Assets Motor Vehicle Motor Cycle Total Cost 14. 40.679. 482.
235. CONTINGENT LIABILITY: Contingent liability of the company was Tk. 43.232 as on 31-03-10 for opening letter of credit by the banks in favour of foreign suppliers for raw materials.087. 45. CLAIM NOT ACKNOWLEDGED AS DEBT: There was no claim against the company not acknowledged as debt as on 31-03-2010. packing materials and plant & machineries. 1. EVENTS AFTER THE BALANCE SHEET DATE: There is no significant event other than normal activities between the financial year closing date and Financial Statement signing date. UN-AVAILED CREDIT FACILITIES: There was no credit facility available to the company under any contract but not availed of as on 31-03-10 other than bank credit facility and trade credit available in the ordinary course of business.NOTES TO THE FINANCIAL STATEMENTS 42. 44. 69 .
033.825 2.010.401.361.822 3.794.798.590 10.871 4.205 26.619.378.218.566.017 117.956 86.794 10.330.683 7.054 78.214.027 14.392.000 528.378.081.116.716 6.960.430 546.047.820 3.716 816.502 14.754 1.825 6.561.720.904.421 9.082.767 1.806 2.524.711 184.039.236.121.889 1.690.095 4.637.749.424.345 138.435 24.911.675 98.076 995.066 44.405 4.316 525.775 11.545 18.876 151.396 1.241.435 59.861.410.284 2.195.472.632 1.361 1.260 377.576 5.398.864.516 50.979.729.847 3.606 28.104 175.446 .095 1.570 97.004.691 6.510 5.893.548.085.684.454.156.917 6.610 652.703 81.025.536.687 5.739.686 18.104.22.168 75.844.084.501.491.000 36.271.972.626 14.000 15.879.886.012.590 213.308 8.444.709.664 7.423.461 80.718 16.904.644 17.911.286 19.257.314 1.432 72.613.523.791.571.944 35.071.125.317.680 8.115.418 18.011.996.630.160.362 47.099.118 8.008 44.236.937 2.235.499 35.956.008.240.156.643 1.350 14.642.197 22.214.171.1245 178.188.693 440.139.787 1.806 90.950 64.236.571.845 12.047.889.133 848.486 5.317 79.069 333.655 1.211 66.920 At 31 March 2010 Sales/ Transfer At 31 March 2009 At 31 March 2010 During the year At 31 March 2009 DEPRECIATION Rate of Depn PARTICULARS FACTORIES: Freehold Land Building Building under Construction Plant & Machinery Laboratory Equipment Furniture & Fixture Office Equipment Computer Motor Vehicles Motor Vehicle Lease Plant & Machinery in Transit Electrical Installation Gas Line Installation 334.827.743.170 26.814.831 3.679.682.254.161 64.409 19.665.672.749.858 6.487.178 92.266.899.709.843 41.596 9.812.690.220.703 1.000 7.887 2.950.081 1.763.980.288.312 232.862 23.313.991 35.660 31.426.460.472.645 898.218 - .438.024 63.389 252.083.418 28.048 8.677 1.937 2.782 728.006 275.040 126.96.36.1995 290.183.524.269.980 103.964 79.140 19.144.787 16.617 84.787.516.859.359.356.171 5.910 1.871 2.970. 422.094 37.118.720.085.552.463 558.675 250. 5.073.567 104.748.924.769 2.890.683.058 40.160.343.271.756.666.283.047.418.532 53.794 10.029 20.774 236.834.614 66.246.828 41.308 23.743.040 167.910 898.932 1.822 COST Carrying Value as at 31 March 2010 During the year Additions Sales/ Transfer Charged 166.340 4.805.027.670 9.071.020.523.396.538.000 60.964.SQUARE PHARMACEUTICALS LTD.558.161 10.543 4.2009 Tk.113 3.648 337.244 528.599 6.271.846 502.425 119.384. Schedule-01 Property.832 10% 10% 10% 10% 20% 20% 20% 30% 15% .763.140 3.191 136.797.739.264 531.630.585.535. Plant and Equipment: Tk.643.733.088.114 371.756.343.644 17.849.138.581.528.432.183.910 1.110 3.483.876.941 7.545.216 31.339.911 171.026 2.000 97.237 224.000 47.085.648 130.286 8.208 4.763 902.775.045 28.214.544.935 149.243.791.745.640 13.760 391.040 544.019 526.851.978 287.010.561.857.000.115.960 1.457 34.110 53. Total.099.542.865 862.519 8.285.720.214 219.518.995 13.882.017.241 53.660.356.267.207 112.966.452.482 10% 15% 10% 10% 10% 10% 20% 20% 15% 15% Total HEAD OFFICE & OTHERS: Land Building Building under Construction Furniture & Fixture Office Equipment Computer Motor Vehicle Motor Vehicle-Lease Motor Cycle Books & Periodicals Electrical Installation Total Grand Total Tk.232 39.444.858.502.803.185.996 26.101.017.320.
200 1.940.667 20.213.247 314.334.1 4.157.035.1 13.848.200 1.465.000 105.773.1 19.268 145.732 6.756 31-03-09 10.282.790 4.246 786. AND ITS SUBSIDIARIES CONSOLIDATED BALANCE SHEET As At 31 March 2010 ASSETS: 31-03-10 Notes 2.211 103.643 6. Chowdhury Vice Chairman Khandaker Habibuzzaman Company Secretary B.1 9.205 502.1 4.562.613.060 2.024.602 997.1 3.1 6. 16.347.405.1 13.214 Tk.1 20.284 2.752.139.040 430.756 12.193 14.462.113 2.961.1 As per our annexed report of even date.878.902 614.728.Long Term (at Cost) Investment .056.734 7.1 16.977.646 Non-Current Assets: Property.609.400.800 3. FCA Partner Chowdhury Bhattacharjee & Co.207.130. Dhaka: 29 July.1 8.574.712.1 Shareholders' Equity: Share Capital Share Premium General Reserve Tax Holiday Reserve Retained Earnings Minority Interest Non-Current Liabilities: Long Term Loans .307.925. 16.485 879.806.928.660 1.918 511.298.428.702 370. Chartered Accountants .209.910.681.2 14.035.269.405.069 477.026.Secured Deferred Tax Liability Current Liabilities: Short Term Bank Loans Long Term Loans .SQUARE PHARMACEUTICALS LTD.200.002 303.904.142.553.531.Associate Undertakings Pre-Operating/Preliminary Expenses Current Assets: Inventories Trade Debtors Advances.110 225.801 Tk.738.248.992 634.807.1 7.000 105.824.646 10.1 10.090.1 17.186 211.561 2.620 6.659.904.878.509.405.052 1.368.036.758 5.517 127.559 1.224.440.978.735.1 15. Bhattacharjee.493.085 5.625 4.000 609.000 2.093.978.985 546.K. 2010 Samuel S.582 1.550.742.226 1.388.930 93.030.219.958.720. Plant and Equipment-Carrying Value Capital Work-in-Progress Investment .376.1 18.808. 11.870 61.250.2 11.1 12.565.633.384.142.650.216 1.925.004.465.329.698.819 221.752.Deposits and Prepayments Investment in Marketable Securities (at Cost) Short Term Loan Cash and Cash Equivalents TOTAL ASSETS SHAREHOLDERS' EQUITY AND LIABILITIES: 5.942 2.565.Current Portion Trade Creditors Liabilities for Expenses Liabilities for Other Finance TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES: Attached notes form part of these Financial Statements.800 3.900.742.647 269.271.000 2.093 185.157.576 14.607 1.759. Tapan Chowdhury Managing Director Dated.
516.499.364.855) (475.2 33.896.051.058.691.325.300 23.1 29. Dhaka: 29 July.566.576 (54.058) Tk. 22.677 (454.033.429) (28.674 (137.902 130.120.1 28.741 (7.40 15. Chartered Accountants 73 .745.408.218. 2010 Samuel S.965) (1.1 15.408.423.1 32.834. FCA Partner Chowdhury Bhattacharjee & Co.326 2.880 (320.306.336 (1.602) (48.SQUARE PHARMACEUTICALS LTD.826.759. Tapan Chowdhury Managing Director Dated.467.063) 2.726.552.891.320.850) 2.467) 2.772.818) 5.835.168) 3.943 165.316) 3.386. 2.352. Chowdhury Vice Chairman Khandaker Habibuzzaman Company Secretary B.052 136.855) 2.497.392.585.618.970. Bhattacharjee.027.724.497.K.292.884.105.813.1 As per our annexed report of even date. AND ITS SUBSIDIARIES CONSOLIDATED INCOME STATEMENT 2009-2010 Notes 2008-2009 For the Year Ended 31 March 2010 GROSS TURNOVER Less: Value Added Tax NET TURNOVER COST OF GOODS SOLD GROSS PROFIT Operating Expenses: Selling and Distribution Expenses Administrative Expenses PROFIT FROM OPERATIONS Other Income Financial Expenses NET PROFIT BEFORE WPPF Allocation for WPPF NET PROFIT BEFORE TAX Provision for Income Tax Provision for Deferred Income Tax NET PROFIT AFTER TAX Profit/(Loss) from Associate Undertakings Minority Interest Balance transferred to the Statement of Changes in Equity Earnings Per Share (EPS) Number of Shares used to compute EPS Attached notes form part of these Financial Statements.259) 3.852 409.697.371.1 27.452) 4.418.057) (2.090.585 12.1 31.115.48 15.826.263.737.625.1 15.606) 2.515 1.901.1 32.068 (601.387.883.475.1 30.099 (1.917.916.146.927.923 (2.484) (1.090.706) (532.958 257.788 (7.758.062.629) 2.569.354 (688.670 (157.368.727 11.012.300 13.929.562.
216 As per our annexed report of even date.878.384.048) - 105.884.000) Total 9.506.200 1.425) 2.000 Share Premium 2.696.600) (301.440.878.889.052 (357.497.000) - 105.884. Tapan Chowdhury Managing Director Dated.216 2. Chowdhury Vice Chairman Khandaker Habibuzzaman Company Secretary B.000 General Reserve Tax Holiday Reserve Retained Earnings 5.240.035.384. Dhaka: 29 July.000 301. AND ITS SUBSIDIARIES CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the Year Ended 31 March 2010 Share Capital At 31 March 2009 Net Profit (2009-2010) Transfer to Tax Holiday Reserve Cash Dividend (2008-2009) Stock Dividend (2008-2009) At 31 March 2010 Tk.035.026.978.925.932.984.509.497.000 Share Premium 2.209. FCA Partner Chowdhury Bhattacharjee & Co. Net Profit (2008-2009) Cash Dividend (2007-2008) Stock Dividend (2007-2008) At 31 March 2009 Tk.878.806.248.925.646.248.026.000 2.968.000 1.200 1.120.940.465.806.000 312.224.000 General Reserve Tax Holiday Reserve Retained Earnings Total 105.943 (482.473) 2.000 1.732 6.284 10. Chartered Accountants . Bhattacharjee.600) - 105. AND ITS SUBSIDIARIES CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the Year Ended 31 March 2009 Share Capital At 31 March 2008 Adjustment for Merger of Square Spinnings Ltd.207.943 (192.K.045.425.702.030.559 SQUARE PHARMACEUTICALS LTD. 894.200 1.637 (281.120.000) (312.734 7.284 10. 2010 Samuel S.224.465.002 - 6.978.465.035.035.910.780 (177.657 (103.058.SQUARE PHARMACEUTICALS LTD.644.329.386.000 2.984.889.732 192.925.200 1.329.000) 2.676.696.878.052 (357.207.386.058. 1.848.002) (482.465.625 12.
334.448.973. 2010 Samuel S.696.000.834 70.8188.8.131.520) (1.351) (357.553) 88.775) 314.855 5.080.178 86.400) (832.652.957 2.431 11.076.SQUARE PHARMACEUTICALS LTD.856.019 454. Tapan Chowdhury Managing Director Dated.711 (1. Investment in Square Fashions Ltd.717 9. Investment in Orascom Telecom Bangladesh Ltd.592 (900.891.000 48.257.855 505.014.198.807.000.111) 95.217) (44.158.905 69.250 (4.093) 15.132 10.320.801 11.000) (644.388.933.963 320.162.353 169.466 42.170. Chowdhury Vice Chairman Khandaker Habibuzzaman Company Secretary B.341 (1. Dhaka: 29 July.806.415.835) (482.514 58.105.966.246.783.475.529.064.930.207.289.134. FCA Partner Chowdhury Bhattacharjee & Co.K.757.458.149.091 (13.168 881.150.000.424 251.207.570 5.309) 12.889.033 225.331 92. Investment in Square Knit Fabrics Ltd.424.347.466.580.941 3.691.921.113.493.520) 787.150) 1.362 65.541.897.000) (213.898 (897.262.978.758.671.182) (447.997 3.839) (634.576 As per our annexed report of even date. AND ITS SUBSIDIARIES CONSOLIDATED CASH FLOW STATEMENT For the Year Ended 31 March 2010 Cash Flows From Operating Activities: RECEIPTS: Collection from Sales Others PAYMENTS: Purchase of Raw and Packing Materials Manufacturing and Operating Expenses Bank Interest Income Tax Workers Profit Participation Fund Others Net cash provided by operating activities Cash Flows From Investing Activities: Purchase of Fixed Assets Disposal of Fixed Assets Pre-operating Cost Investment in Square Hospitals Ltd.600) (1.677.144.906.312) 442.421.576 269.580. Bhattacharjee.470.251.595.388.892.000) (823.217 13.143. 2009-2010 2008-2009 12.000 (40.186. Chartered Accountants 75 .978 2.929.543 314.540 3.000.273) (500.591 2.293.607 (449.103.700.679.515.654. Investment in Marketable Securities Capital Work-in-Progress Sales of Marketable Securities Interest Received Dividend Received Others Net cash used in investing activities Cash Flows From Financing Activities: Long Term Loan Received Long Term Loan Repaid Short Term Loan Increase/(Decrease) Short Term Bank Loan Decrease Dividend Paid Net cash used in financing activities Increase/(Decrease) in Cash and Cash Equivalents Cash and Cash Equivalents at the Opening Cash and Cash Equivalents at the Closing Tk.800 (723.307) 8.
324.347.518 11. 6.315. 1 CONSOLIDATED CAPITAL WORK-IN-PROGRESS: Tk.251.597.692. 6.282.324.02. Plant and Equipment and Depreciation as at 31 March 2010 are shown in the annexed Schedule .167 827.590.304 57.400.755.681.469.737.755.540 257.373. 634.SQUARE PHARMACEUTICALS LTD. 184.108.40.2069 31-03-09 This represents expenditure incurred in respect of the following: Land & Land Development Building/Civil Work Plant & Machinery Other Assets Interest during Construction Period Tk. PLANT AND EQUIPMENT: Tk.093 2008-2009 628.1 CONSOLIDATED PROPERTY.121.035 2.428 5.528 1.946 66.334. 699.006 44.561 Tk.862.925 117.876.709 1.747 (812.808.404.681.853.163 634.440.462.390 8.971.667.240) 9.525 883.737.000 360.928 141.661.307.282.257 883. This is arrived at as follows: Opening Balance (At Cost) Add: Net Addition during the Year Less: Adjustment for Merger of Square Spinnings Ltd Closing Balance (At Cost) Less: Accumulated Depreciation Carrying Value 9.574.269.992 8.553 4.421.347.128 31-03-10 3. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the Year Ended 31 March 2010 31-03-10 31-03-09 2.607 Allocation of depreciation charge for the year has been made in the accounts as follows: 2009-2010 Factory Overhead Selling and Distribution Expenses Administrative Expenses Tk.149.690.028 7.035 3.048.920.992 Details of Property.268 .248.093 264.
000.961) 3.137 238.202.036.728.523. 185.613) 3.420 190.294.123.841 2.each in Orascom Telecom Bangladesh Ltd. 100/. 5.000 Shares of Tk.000.000 185.000.346.000.56% Voting power is not different with proportion of ownership interest.000. The company are using equity method of accounting in preparation of consolidated financial statements.067.405.each (e) 4 Senior Secured Bond of Tk.751 654.000.457 382.000 Ordinary Shares of Tk.036. The basis of valuation is stated in Note-1 (1.1 CONSOLIDATED INVENTORIES: Tk.000) 130.176.45% 48.988.858. Square Fashions Ltd.800 10.437.000 Ordinary Shares of Tk.000 100.608.039. 3.738.900.000.142 675.620 (140.000.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31-03-10 4.000 23.728.213.000 40.069 77 .1 CONSOLIDATED INVESTMENT-Long Term (at Cost): Tk.958.099 (49. 200/.000 Bonus Shares * 10.738.800 31-03-09 This consists of the following: (a) 120.each including 35.531. for 1.089.each in United Hospital Ltd.157.758 12. (d) Advance against Share Money with Square Informatix Ltd.46% 49.157.each including 1.9) 900.800 12.100/.000 Bonus Shares in Central Depository Bangladesh Ltd.735.475.438.615 169.816 132.each with premium of Tk.900.718.000 145.000.918 825. Square Knit Fabrics Ltd.2) Less: Dividend during the Year Closing Balance List of Associate Undertakings (As per BAS-28): Name of Company Square Textiles Ltd.2 INVESTMENT-Associate Undertakings: Tk.304 (54.007.958. 2.574.772. Tk.10/. (b) National Housing Finance and Investment Ltd.84% 48. Country of Incorporation Bangladesh Bangladesh Bangladesh Bangladesh Tk.526 Ordinary Shares of Tk.each (c) 2.909 385.986 1.800 10.128 166.000. 3.800 This is arrived at as follows: Opening Balance Add: Investment made/(disposed off ) during the Year Add: Profit/(Loss) during the Year (Note-32.620 Proportion of Ownership Interest 46. * 235.157.157.000 23.157.100/.000/.000 Ordinary Shares of Tk.758 3.772 259.918 The break-up is as under: Raw Materials Packing Materials Work-in-Process Finished Goods Spares & Accessories Goods in Transit Tk. 10.000.057) (33. Square Hospitals Ltd.999 2.574.100/.000.000 100. 4.
056.307.778 128.269. (b) Square Knit Fabrics Ltd. (e) Square InformatiX Ltd.720.574 171. 179.247 Short term loan is receivable from the above associate undertakings and bearing interest @ 1% above the rate of interest charged by the commercial bank and considered good.293. 370.922 Tk.163.459 15.133.034 303.478 11.984 94.758 29.298 217.238 19. .295.496 2.643.084.226 162.848.493.566.648 1.819 221. (d) Square Hospitals Ltd.550 16.647 224.016 609. DEPOSITS & PREPAYMENTS (Considered Good): Tk.938 2.Employees Suppliers Deposits: L. 1.861.516 1.788.693 27.812 13.373.970 130.346. (c) Square Fashions Ltd.077 176. 511.207.663.31-03-10 6.014.462 10.722.161 162.C Margin Value Added Tax Earnest Money & Security Deposit Lease Deposit Others Prepayments: Office Rent Insurance Premium Tk.409 13.457.624 210.667 20. 1.016.087 31. 8.650.950.953 100.632.507.323 2.1 CONSOLIDATED ADVANCES.229 65.703.052.071.749.002 Tk.064.081 64. 391.758 19.496.366.151.819 This consists of as follows: Advances: Employees Motor Cycle Loan .1 CONSOLIDATED SHORT TERM LOAN (Unsecured): Tk.171 3.493.702 7.601.000 9.301.1 CONSOLIDATED INVESTMENT IN MARKETABLE SECURITIES (at Cost): Tk.056.1 CONSOLIDATED TRADE DEBTORS (Considered Good): 31-03-09 477.532.424 64.650.647 This consists of the following: (a) Square Textiles Ltd.072.562.250.884 89.071.977.788 12.762 148.511 370.687.048.
500. and Square Multi Fabrics Ltd.175 5.799 57.556 314.25% 99.2 MINORITY INTEREST: Tk.035.207.561 23.000 2.000 1.248.030.465.005 269.465.801 31-03-09 This is made-up as follows: (a) Cash in Hand (b) Cash at Bank : Current Account STD Account Fixed Deposit Account (BDT) Fixed Deposit Account (USD) Export Retention Quata Account Tk. Country of Incorporation Bangladesh Bangladesh Bangladesh Proportion of Ownership Interest 99.881. Square Multi Fabrics Ltd.509.026.734 1. 1.248.028. 269.801 855.391 136.280.602 Voting power is not different with proportion of ownership interest. Tk.000 2. 1.1 SHARE CAPITAL: 12. Square Biotechs Ltd.048) 1.702.024. 1.533.612.264.329.312 57.732 This represents minority interest of Square Cephalosporins Ltd. 11. Closing Balance 13.425.732 192.500.660 1.576 The fixed deposit amount of Tk.264.312 had to keep as lien against sanction of overdraft facilities for the company.884.026.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31-03-10 10.228. are as follows: Paid-up Capital Retained Earnings Tk.734 This has been provided as per provisions of section 46 A (3) of the Income Tax Ordinance 1984 which is arrived at as follows: Opening Balance Add: Provided during the year Less: Adjustment for Merger of Square Spinnings Ltd. 23.000 13. 611.660 1.211.1 CONSOLIDATED CASH AND CASH EQUIVALENTS: Tk.863 184.098.000 2.002 Tk.291 43.910.524..512 5.807.159 269. Square Biotechs Ltd.602 2.035.1 SHARE PREMIUM: Tk.000 798.48% 99. The company is using equity method of accounting in preparation of consolidated financial statements.024. 4. 79 .794.676.780 (177.1 CONSOLIDATED TAX HOLIDAY RESERVE: Tk. List of Subsidiary (As per BAS -27): Name of Company Square Cephalosporins Ltd.910.440.224.298.440.285 313.807.642 46.196.50% 1.388.759 23.660 4.
000.726.334.568 694.053.632.353 4.205 This consists of as follows: Cash Credit ..110 This represents provision is made for deferred income tax to pay future income tax liability for temporary differences which is arrived at as follows: Opening balance 211.618.173.686 6..439.Commercial Bank of Ceylon Ltd. Dhaka 11.213. Chittagong-Secured by FDR Overdraft ..110 31-03-09 This represents long term loans from financial institutions are as follows : (a) Standard Chartered Bank. (42.485 (b) Commercial Bank of Ceylon Ltd.561 100.921 32.562. 879. Mimi Super Market Br.951 106.539 1.219. 225. Dhaka Short Term Loan . Dhaka Trust Receipt .1 CONSOLIDATED SHORT TERM BANK LOAN: Tk.200 8.A.068..614..346.142 100.694 1.556.143.HSBC Ltd..697.715 183.035. Dhaka Trust Receipt .693 39.31-03-10 14.633.539.Shahjalal Islami Bank Ltd.000 44..Janata Bank Ltd.418 (e) Bank Asia Ltd. Dhaka Short Term Loan . Dhaka 45.Bank Alfalah Ltd.971 786.Bank Asia Ltd.142. Dhaka Short Term Loan .727. Dhaka Trust Receipt .171 61.178.000 10.633.Eastern Bank Ltd.493.Janata Bank Ltd.648.063 Less: Adjustment (34.Mercantile Bank Ltd.818 66.651 20. Germany 784.769 275.846 10...136.271.693.Janata Bank Ltd.712.Citibank N.127 26.834 (c) HSBC Ltd. Dhaka 93.276.826 Add: Provision made 48..274 1.440 80.Sonali Bank Ltd..191 57.930 1.445 879.045.Commercial Bank of Ceylon Ltd.009 38. Dhaka Trust Receipt .946. Dhaka-Secured by FDR Overdraft ..A.941 103.849.Bank Alfalah Ltd.000 16. Noakhali-Secured by FDR Others Tk.745.Pubali Bank Ltd.829) Closing balance Tk. Dhaka-Secured by FDR Overdraft .060 224..189 39.772.300 23.704.517 3.899. Local Office.Standard Chartered Bank. Maizdee Court Corporate Br.755 182.Pubali Bank Ltd.742.772 6.615 14.000.256.755 129.125.Eastern Bank Ltd.A.. Mohakhali Corporate Br.000 314.587. Custom House.386 11.Standard Chartered Bank.852 26.742..069.823 118.429 12.482 22..989 31.205 28..942 215.Janata Bank Ltd.850 28.940.777 51. Dhaka (g) DEG..574.390..Citibank N.757.672.581.217.601 12.478.361 20.654.689.538 230.619.. Dhaka Trust Receipt .827.040 .652 54.821 17.828.300.500 22. Dhaka Overdraft ..400. Dhaka Overdraft .Mercantile Bank Ltd. Mohakhali Branch.742. Dhaka Overdraft .Bank Asia Ltd.075 30.774 63.186 1.530.230. Dhaka Trust Receipt .818 100.HSBC Ltd.142. Dhaka-Secured by FDR Overdraft .266 (d) Trust Bank Ltd. 15.. Dhaka Overdraft ..000 45.Janata Bank Ltd.892.793. Dhaka (f ) Citibank N.. Dhaka Trust Receipt . Dhaka Trust Receipt .720.477.Janata Bank Ltd.611.574.540.. 1.906 23.742. Foreign Exchange Corporate Br.651.942 211. Sylhet-Secured by FDR Overdraft .343 50.107 Tk.1 DEFERRED TAX LIABILITY: Tk.825.. 115.968) Less: Adjustment for Merger of Square Spinnings Ltd.Sonali Bank Ltd.219. Dhaka Short Term Loan . 1 CONSOLIDATED LONG TERM LOANS (Secured): Tk.537. Pabna Cash Credit . Dhaka Overdraft .060 16.146. 225. Dhaka Short Term Loan. Dhaka Trust Receipt ..000 (h) Minimum Lease Payments 28.219.071. Dhaka Trust Receipt . Dhaka 179.795 19..
Dhaka (h) DEG.356 261.271.389 614.1 CONSOLIDATED LIABILITIES FOR EXPENSES: Tk.355 194.897 1.21.698.039 30.947.649 9. 51.214 This consists of as follows: Sundry Creditors Income Tax (Deduction at Source) Retention Money Workers' Profit Participation Fund Income Tax Payable (Note.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31-03-10 17.428.000 11. 61.211 31-03-09 This represents current portion of long term loans from financial institutions which are repayable within next 12 months from April.086.557.985 84. Dhaka (f ) Bank Asia Ltd.902 20. 18.781 546.302 11.613.000 93.375.004 71. This represents amount payable to regular suppliers of raw materials.986. Germany (i) Minimum Lease Payments Tk.271. 161.000 46.888.559 34.. packing materials. Dhaka (d) HSBC Ltd.341 315.292 502. All suppliers were paid on a regular basis.908 6. 502. 546.644 276..308. Dhaka (c) Commercial Bank of Ceylon Ltd. Dhaka (e) Trust Bank Ltd.985 This consists of as follows: Accrued Expenses Clearing & Forwarding Audit Fees Tk.708.047..1 CONSOLIDATED TRADE CREDITORS: 95. promotional materials etc.702.214 136.000 61.870 61. 19.489 17. A.1) Tk.550.970.068.242.253 250.072.620.Current Portion: Tk.629 807.211 103.517 127.111 4.787.186.072..090.131 36.908.090.193 81 . 2010 and consists of as follows: (a) Standard Chartered Bank..000.018.311 430.644 8. Dhaka (b) Eastern Bank Ltd.930 Tk.620 347.130. Dhaka (g) Citibank N.233.1 CONSOLIDATED LONG TERM LOANS .964.084 73.004 52.177 160.609.000.053 826.1 CONSOLIDATED LIABILITIES FOR OTHER FINANCE: Tk.609.659.861.
580 1.818 This is arrived at as follows: Raw Materials Consumed Packing Materials Consumed Notes 24.694 1.1) Adjustment for Merger of Square Spinnings Ltd.572.701.928 742.781 31-03-09 This is arrived at as follows: Opening Balance Provision made (Note-32.382.620. 226.204 (655.122. 7. Work-in-Process (Closing) TOTAL CONSUMPTION 3.012.386.970.920.936) 194.497.800.585.597.033.842 171.800.123.635.756 7.1 CONSOLIDATED COST OF GOODS SOLD: Tk.702 Factory Overhead COST OF PRODUCTION 26.396.959.210) 36.1 CONSOLIDATED INCOME TAX PAYABLE: Tk.569 15. 36.472.575.008 6. Finished Goods (Closing) Cost of Physician Sample Tk.326 2008-2009 Square Pharmaceuticals Ltd.973 (5.884 218.106.497.434.653.1 CONSOLIDATED GROSS TURNOVER: Tk.715.852.967 1.602 (847.749.336 Work-in-Process (Opening) Adjustment for Merger of Square Spinnings Ltd.423.421.406) 7.1 3.576.352.585.382) 5.222) (170.896.973) 5.128) 7.180.033. 194.008.366.860 655.814.590) (675.515 23.327) 7.716 601.389 2009-2010 22.475.820) (493.826.279.277 1.825 (174.781 107.711.715.429 (20.754.408 1.141. 15.146.803 5.352.585.692.620 13.280.406 (1.620.950.039.899.979. Tax paid (including advance Income Tax during the year) Closing Balance Tk.033.502.031.211 174. 13.1 Purchase of Finished Goods Finished Goods (Opening) Adjustment for Merger of Square Spinnings Ltd. Gross Turnover Tk.086.326 11.556.086.505.1 25.604.565 5.991.779 (33.834.366.757 1.389 688.818 (26.066) 7.369.499.279 675.452 .31-03-10 21. Square Cephalosporins Ltd. Square Spinnings Ltd.171.626.136.834.
107.574 9.694) 1.062.897 16.471.472.304 11.434.973.434.102 70. 1.322 20.029.745.832 1.800.120.950.473 (1.946 11.477 4.171.397.650 221.248.973.196.488.447.003 24.601.623.601.782.565 This is made-up as follows: Salaries.973.527.647.550 1.896.184 27.852 23.920.885.021.360.1 CONSOLIDATED FACTORY OVERHEAD: Tk. 3.115 2. 26.480.085.604.997.1 CONSOLIDATED PACKING MATERIALS CONSUMED: Tk.493 814.427.079) 1.653.858.381 1.008.697.852.993.982.423.626.894. Telephone & Fax Repairs & Maintenance Laboratory Consumable Stores Fuel.672 9.663.563 93.000 1.389) 3.722.008 1.800.525.600) 1.877 699. 357.488.607 5.495.326 16. 1.008 83 .408 2008-2009 This is arrived at as follows: Opening Stock Adjustment for Merger of Square Spinnings Ltd.803 This is arrived at as follows: Opening Stock Adjustment for Merger of Square Spinnings Ltd.929. 1.296 628.626. Allowances and Wages Factory Employees Free Lunch Factory Staff Uniform Travelling & Conveyance Printing & Stationery Postage.970.142. Petrol.895.213. Light Diesel etc.008.630 19.408 1.000 953.908 237. Gas & Water Rental Expenses Municipal & Other Tax Insurance Premium Factory Sanitation Expenses Depreciation Security Services Research & Development Software & Hardware Support Services Other Expenses Tk.210.540 53.871.970.038 101.306.621 1. Electricity.550 1.270 7.756 242.500.788 (259.756 308.694 (4.779 5.270.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 2009-2010 24.918.277 25.818.660 (858.926) 3.730 3.838 13.227.1 CONSOLIDATED RAW MATERIALS CONSUMED: Tk.968 10.789) 3.062.684 8.604.490. Purchase Closing Stock Tk.297 2. Purchase Closing Stock Tk.276.571 1.950.466.926 (236.803 225.660 4.848.638 (242.
984 5.366.980 1.625 5.484 2.870.500.639 6.798 57.650 12.119 47.740.532 3. 273.191.315. Allowances.236 5.483 34.384.515.261.442.497 34.540.035.643 11.969 66.337.392.641 1. T.558.314 6.000 29.876.1 CONSOLIDATED SELLING & DISTRIBUTION EXPENSES: Tk.334.854 106.000 1.925 276. Taxes and Licence Fees Field Staff Salaries.810.035.146 260.763.074.896.413.241 29.855 .685 83.247.282.221.706 193.446 28.759.131.604.385 14.070 232.060.281.244 18.766.016 60.911 3.792 318.432.376 359.961 1.A and D.2010 2008.2009 27.001 5.577.220.A Marketing and Promotional Expenses Advertisement Delivery and Packing Expenses Export Expenses Special Discount Sample Expenses Security Services Depreciation Software & Hardware Support Services Other Expenses Tk.477 269.626.330 6.440.772 7.982.394 22.987 451.408.706 This consists of as follows: Salaries and Allowances Travelling and Conveyance Training Expenses Printing and Stationery Postage.270.086 9.928 726.971 6.387.891. Telephone & Fax Electricity. 1.286 67.759.683 5.2009.875.891.753. Gas and Water Tiffin and Refreshment Office and Godown Rent Bank Charges Repairs and Maintenance including car maintenance Govt.023.000 2.836.
467. Taxes.755.1 CONSOLIDATED ADMINISTRATIVE EXPENSES: Tk.641.385. 9.915.597 475.233.923 8.002 27.239 14.677 85 .097 6.800.880 111.105.968.419 8.140 3.273 8.446 2.177.252 4.051.773.936 14.511. Telephone & Fax Electricity.367 405.308.230 838.109. Stamp Duty & Licence Fee Lease Rent Security Services Management Consultant Fees Legal Charges Audit Fees Depreciation Annual General Meeting Expenses Software & Hardware Support Services Share Demat.477 257.251.980.625.380 59.957 3.611 4.809.776 974.535.346.721.980 2.831.897 3.390 29.536 49.1 CONSOLIDATED OTHER INCOME: Tk.806.630 2.054.403 6.149. Remat & Transfer Fees Commission on Sale of Marketable Securities Other Expenses Tk.504 3.276 62.011.046.292 250.242 2.163.000 7.259 2.971.823.000 141.135 403.299.030.834 56.713 532.638.766.860.257 5.745.784 18.967.824.590.000 117.733 148.137 409.602.016 1.794.216.645 9.361.770 35.104 6.043 3.266. 29.938. Plant and Equipment (Note-36) Tk.625.564. 257.540 3.118 336.204 7.629 This is arrived at as follows: Interest on FDR Interest on Savings Account Rental Income Sale of Scrap Foreign Exchange Fluctuation Gain/(Loss) on Retention Quota Account Foreign Exchange Fluctuation Gain/(Loss) against Collection on Export Bills Dividend Received Interest on Loan to Sister Concern Gain on Sale of Marketable Securities Profit on Sale of Property.483.540.059.349 495.250 8.955 621.847.681 229. Gas & Water Tiffin and Refreshment Office Rent Sanitation Expenses Books and Periodicals Subscription and Donation Advertisement Repairs and Maintenance Bank Charges Insurance Premium Govt.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 2009-2010 28.712 36.055 250.510 3.864.004.824 165.469 2.368 5.259 2008-2009 This consists of as follows: Salaries and Allowances Directors' Remuneration Travelling and Conveyance Training Expenses Printing and Stationery Postage.880 3.897 79.950 275.202 1. 532.621.205 1.402.267.724.847 161.630 21.375.264 19.663.141.724.296 69.101 815.888 174.047.852.070 5.202 4.060.112.557 17.259 96.018 688.035.781 2.000 2.999.047.458 16.170 18.948 9.167 12.
350.316 125.320.1 CONSOLIDATED EARNINGS PER SHARE (EPS): Tk. 130. 165. Tk.40 .971 120.48 2.497.253.090.606 32. 1 CONSOLIDATED PROVISION FOR INCOME TAX: Tk.192.395.203 601.607 49.058.539 43.058.850 20.835.1 CONSOLIDATED ALLOCATION FOR WPPF: Tk.943 15. 320.320.154.896 (109.419.633 145.602 592.316 14.961 2. Tk.057) The computation is given below: Surplus for the year attributable to Shareholders (Net Profit after Tax) Weighted average number of shares outstanding during the year Earnings Per Share Tk.777 42.499. Square Spinnings Ltd.382.1 CONSOLIDATED FINANCIAL EXPENSES: Tk.820. 688.429 32.838.290 100.025.099 109.099 This is arrived at as follows: Square Textiles Ltd.142) (54.644.779.737.168 21.580) 130.684.48 121. Square Hospitals Ltd. 157.862.890.499.395 52. 688.832.483.475. Square Knit Fabrics Ltd. Square Fashions Ltd. 2 PROFIT/(LOSS) FROM ASSOCIATE UNDERTAKINGS: Tk.423.090.602 688. Tk.226 8.562.386.298.691.854 157.602 This is made-up as follows: Square Pharmaceuticals Ltd. 141. 31.332 80.760 43.462 16. 2.737.519.300 136.683.120.388 67.569.090 109.122.475.011 9.740. Square Cephalosporins Ltd. 33.075.620 454.634 137.2009-2010 30.830 59.499.648 (273.300 165.705 320.456 33. Square Spinnings Ltd.168 2008-2009 This is made-up as follows: Interest on Cash Credit Interest on Overdraft Interest on LATR & LPO Interest on Short Term Loan Interest on Lease Interest on Long Term Loan Tk.855 This consists of as follows: Square Pharmaceuticals Ltd.772.052 15.114.
104 176.281.580 12.454.379 84.378.226.834 41.018.236 53.849.330 14.000 7.978 Building 1.236 21.085.209.510 5.424.140 4.691 6.302 8.082.650 Office Equipment 78.937 2.093.408 Electromechanical Equipments 510.385.172.693 440.125.848 Electrical Installation 33.680.765.995 1.538.436.359 158.110 3.797.996.900.175.892.000 Plant & Machinery in Transit 40.312 8.033 4.675 250.126 14.044.161 64.775.648 9.516 31.124.430 546.109.132 2.524.380 4.118 8.607 10% 10% 10% 10% 20% 20% 20% 30% 15% 87 .572 380.412.876 151.495.616 1.499 35.571.862 23.637.488.631 3.613.543 4.022.139.763.086 502.847 3.278 8.675 98.620.110 53.819.419.820 1.SQUARE PHARMACEUTICALS LTD.359.315.879.025.561 6.651.082.528 1.861.992 3.996 26.252.502 14.463 558.543 66.947.968 114.735 16.661.213.502.964.281 1.225 75.706 .418 Plant & Machinery 3.462.284 2.428 5.085.472.047.286 19.495 Building under Construction 130.178 92.720.915.410.134.115.645 898.830.687 5.361 1.035 2.066 44.910 911.953.702.970.201.324.523.956 Laboratory Equipment 340.034.019 526.787 1.571 5.172.576.798.435 24.244 528.680 47.305.094 37.129.286 50.561.821.208.606 28.845 290.325 29.6220.127.116.116.619.191 136.185.911 511.432.995 47.944 35.343 5.946 41.197 3. Schedule-02 Consolidated Property.935.545 18.920.232 229.453 Computer 17.660.644 3. Total-2009 Tk.472.956.257.770.796 21.664 8.316 525.985.760 393.613.935.642.937 2.675 178.900 236.039.825 2.264 531.681 7.667.432.597.716 816.797 699.267.539.076 995.205 26.196.000 47.672.356.745.366 1.440.027.708.920 .668 76.882.271.017.901 45.182 883.865 862.121.739.125.501.589.317.681.000 Motor Vehicle Lease 2.215.683.085.195.576 5.324.769 16.111.796 1.425 132.862.438.597.604 114.542.553 9.399 6.190.296.775.844.271.460.570 . 6.378.692.546.069 335.862.435 59.248.910 2.389 252.087.150 10% 15% 10% 15% 10% 10% 10% 20% 20% 15% 15% Total HEAD OFFICE & OTHERS: Land Building Building under Construction Furniture & Fixture Office Equipment Computer Motor Vehicle Motor Vehicle-Lease Motor Cycle Books & Periodicals Electrical Installation Total Grand Total Tk.806 2.788.157 19.401.392.378.950 8.648 569.607.102.604 9. 422.236.665.720.932 224.857.647.486 41.128 827.646 2.812.296.914.852 At 31 March 2010 Sales/ Transfer At 31 March 2009 During the year At 31 March 2009 DEPRECIATION PARTICULARS FACTORIES: Freehold Land 334.170 26.761.590 214.597.212 Furniture & Fixture 140.268.017.396.763.763 902.461 80.507.478 94.851.040 147.128 6.380 2.558.950.040 167.579.421 11.177.754 1.720.929 2.954 17.519 8.037 10.984.211 66.999.642.101.503 40.858 6.401.524.657.230.845 12.960 1.890.935 Motor Vehicles 104.615.791 35.208 4.851.320.342.147 242.681.000 64.760.282.233 61.359.071.787 18.737.218.404.307.867.214.737.428 3.643 2.794.308 23.362 528.069.643 144.426.379 430.401.590. Plant and Equipment: Tk.545.670.689.029 20.904.904.666.495.071.532 53.494 39.523.280 5.317 79.847.767 1.412.806 90.803.114 371.939 63.408.676 31.373.779.058 42.593 1.038.803.073.851.017 117.407.722.794 10.794 10.398.282.711 184.156.729.816 54.796.797 Gas Line Installation 17.665.626 14.729 17.000 102.992 COST Carrying Value as at 31 March 2010 of Depn Rate At 31 March 2010 During the year Additions Sales/ Transfer Charged 166.214 219.410.420 204.035 81.216 31.388 72.716 7.886.830 337.326.011 306.
Subsidiary Profile .
400. Tapan Chowdhury C Mr.355. Samson H. The Gross Profit and Net Profit however increased by 28.009.072 345.000 " 1. Statement of Changes in Equity and Cash Flow Statement as at 31 March 2010 are placed hereunder.50 259.009) (120.265.185 354.761. 2008-2009 and 2009-2010 are as follows: Gross Turnover Gross Profit (Loss) Net Profit (Loss) Earnings Per Share Net Assets Value Tk.335 9. Samuel S. (SPL.93 The above reveals that the Turnover increased by 18.000 " 1.000 shares of Tk.572. 100 each to Square Pharmaceuticals Ltd. Tk. 3. on behalf of the Board of Directors.842 104. Chowdhury C Mr.359 20. Income Statement. SHAREHOLDING: 2010 129.SQ U A R E C E P H A L O SP O R IN S L IMIT E D D IR E C T O R 'S R E P O R T T O T H E SH A R E H O L D E R S F O R T H E P E R IO D 2009-2010 Dear Shareholders. 2. . (SCL.653 85. The total cost of project incurred up to 31 March 2010 stood as follows: Buildings (Factory) C Plant & Machinery C Laboratory Equipment C Electo Mechanical Equipment C Other Assets C Total Tk. Charles C R Patra C C 1.16) (26.475. 20072008.000 Shares 1. The Balance Sheet.782. In terms of the provisions of section 184 of the Companies Act 1994 and IAS codes.332 The company has issued 950.000 shares of Tk.158 515.100 each have been issued to the individual shareholders as follows: Mr.744.000 On the basis of the above shareholdings. The operational performance during the years 2006-2007. IMPLEMENTATION: The company completed implementation of the project in October 2006 and the plant commencement production from November 2006.85% and 75.512.143.039 (96. Chowdhury Mr.808.776 105. cost and expense levels could not reach optimum level as yet. 2006-2007 72.080 2009 351.331.997 979. have the pleasure to submit its Report to you at the third annual general meeting for the period ended 31 March.785 1.556.873 399.23 2008-2009 1.124 187.754.120. ACCOUNTING YEAR: Financial Position: The company's (SCL) Accounting Year ended on 31 March 2010.72 2009-2010 1.832.21 604.92% during 2009-10 over the previous year as against 30% increase 2008-09 over 2007-08.77% respectively during the year over the previous year.16) 2007-2008 1. I.) has the status of subsidiary to SPL.069.975 511.37 63. Anjan Chowdhury C Mr.674 196.562.466. Tk.620 552.260.) In addition 5.692. Square Cephalosporins Ltd.677.129.000 " Total: 5.398 329.871) (126. OPERATIONS: The company had operated only for about 5 months/during 2006-2007 and the output.177.569 711.000 " 1.129 89.347.190. 2010 in the following paragraphs: 1. 4.
7. 6. BOARD OF DIRECTORS: The Board of Directors as included in the Articles of Association continue to serve and no vacancy has been yet created therein. who retired at this AGM. Chowdhury Chairman 91 . the shareholders' are required to appoint Auditors' of the company. Samson H. APPOINTMENT OF AUDITORS: In terms of provisions of sub-section (1) of section 210 of the Companies Act 1994. ACKNOWLEDGEMENT: The Directors record with appropriation the services rendered by all concerned. have offered to be reappointed as Auditors for the year 2010-2011 as per proviso (a) of sub-section (6) of section 210 of the Act. Chowdhury Bhattachajee & Co. Chartered Accountants'. the statutory auditors..SUBSIDIARY PROFILE 5. Being eligible M/s.
the Securities and Exchanges Rules 1987 and other applicable laws and regulations. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with Bangladesh Financial Reporting Standards (BFRS). We have audited the accompanying financial statements of Square Cephalosporins Limited. The procedures selected depend on the auditor's judgment. We conducted our audit in accordance with Bangladesh Standards on Auditing (BSA). the Securities and Exchanges Rules 1987 and other applicable laws and regulations. (iv) The expenditure incurred was for the purpose of the company's business. An audit also includes evaluating appropriateness of accounting policies used and the reasonableness of accounting estimates made by management. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. whether due to fraud or error. Statement of Changes in Equity and Statement of Cash Flows for the year ended. implementing. 2010 and of the results of its operations and its cash flows for the period then ended and comply with the companies Act 1994. Dhaka 5 July. and making accounting estimates that are reasonable in the circumstances. Further to our opinion in the above paragraph. the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. (ii) In our opinion. give a true and fair view of the state of the company's affairs as at 31 March. Chartered Accountants . (iii) The company's Balance Sheet. 2010 B. selecting and applying appropriate accounting policies. we state that: (i) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit and made due verification thereof. including the assessment of the risks of material misstatement of the financial statements. Dated. Income Statement and its Cash Flows dealt with by the report are in agreement with the books of account and returns. This responsibility includes: designing. Opinion In our opinion. and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement.K. but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. FCA Partner Chowdhury Bhattacharjee & Co. and a summary of significant accounting policies and other explanatory notes. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. proper books of account as required by law have been kept by Square Cephalosporins Limited so far as it appeared from our examination of those books. the Financial Statements prepared in accordance with Bangladesh Financial Reporting Standards. In making those risk assessments. whether due to fraud or error. Bhattacharjee. which comprises the Balance Sheet as at 31 March 2010 and Income Statement. the Companies Act 1994.AUDITORS' REPORT TO THE SHAREHOLDERS OF SQUARE CEPHALOSPORINS LTD. as well as evaluating the overall presentation of the financial statements. Auditors' Responsibility Our responsibility is to express an opinion on these financial statements based on our audit.
000 263.838 28.100 5.000 168.263. FCA Partner Chowdhury Bhattacharjee & Co.651.827 299.000.391 25.002 289.005 598.424.635.057 Tk.459.SQUARE CEPHALOSPORINS LTD.250 3.402.032.231 19.000 192.143. BALANCE SHEET as at 31 March 2010 31-03-10 ASSETS: 31-03-09 562. Chowdhury Director Khandaker Habibuzzaman Company Secretary B.265. 1.146.294 52.997. 2010 Samuel S.K.329. Bhattacharjee.794.000.933 95.648.000.000 400.205 911.146. Samson H.328.760 13. 1. Chartered Accountants 93 .710.997. Dhaka: 5 July.803 306.578 Share Money Deposit CURRENT LIABILITIES: Short Term Borrowings Current Portion of Long Term Bank Loan Liabilities for Expenses Other Liabilities TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES: 9 10 11 12 Attached notes form part of these Financial Statements.000 400.884.188.561.775 562.271.500.532.000 152. Chowdhury Managing Director Dated. As per our annexed report of even date. Deposit and Prepayments Cash and Cash Equivalents TOTAL ASSETS SHAREHOLDERS' EQUITY AND LIABILITIES: 3 4 5 6 Shareholders' Equity: Share Capital Tax Holiday Reserve Retained Earnings NON CURRENT LIABILITIES: 7 8 577.645 196.775.832 Non Current Assets: Property.251 10. Plant & Equipment-At Cost less Depreciation CURRENT ASSETS: Inventories Accounts Receivable Advance.775 348.003 400.005 95.254.005 547.933 400.459.938.425.326.593.578 Notes 2 547.541 44.827 133.500.832 248.221.648.185 Tk.254.376 241.623 911.000.
035.987 (296.331 1.411) 357.126.308 Allocation for WPPF NET PROFIT BEFORE TAX (16.754.483.265.569 (246.556.933) 711. Chowdhury Managing Director Dated.354.061) 346.398 (710.652.430.619.508. Chowdhury Director Khandaker Habibuzzaman Company Secretary B.253 Cost of Goods Sold GROSS PROFIT 14 15 16 17 (796.K. 2010 Samuel S.926 (59.129) 552.338.674 Provision for Income Tax NET PROFIT AFTER TAX (Transferred to the Statement of Changes in Equity) Attached notes form part of these Financial Statements.077.382. FCA Partner Chowdhury Bhattacharjee & Co.925) 197. Selling and Distribution Expenses PROFIT FROM OPERATIONS (353.124 Administrative.072 187.262.652.952.238) 1.187. 329.572.677.233 Financial Expenses NET PROFIT BEFORE WPPF (11.674 As per our annexed report of even date. Dhaka: 5 July.475.765.891) 256.854) 329. Chartered Accountants . Samson H. Tk.151.459.367) 1.072 (9.692.677. INCOME STATEMENT for the year ended 31 March 2010 2009-2010 Notes GROSS TURNOVER 2008-2009 13 Less: Value Added Tax NET TURNOVER 1.160.SQUARE CEPHALOSPORINS LTD.165.634) 187.620 (213. Bhattacharjee.
2010 Samuel S.002) 329.710.072 289.380.933 As per our annexed report of even date.884. 2009 Tk.532. STATEMENT OF CHANGES IN EQUITY for the year ended March 31. 2009 Tax Holiday Reserve Net Profit for 2009-2010 At March 31.326.259 187. 95. 2008 Net Profit for 2008-2009 At March 31.652.032. FCA Partner Chowdhury Bhattacharjee & Co.072 577.933 329.K.741) 187.532.652.677. Bhattacharjee. 2009 Share Premium General Reserve Tax Holiday Reserve Retained Earnings (35. Chartered Accountants 95 .933 (192.032.500.000 Total 60. 95.SQUARE CEPHALOSPORINS LTD. 2010 Tk.933 Share Capital At March 31.500. Dhaka: 5 July.674 152.003 Share Capital At March 31.884.500.000 Total 248. Chowdhury Director Khandaker Habibuzzaman Company Secretary B.002 192.005 SQUARE CEPHALOSPORINS LTD.119. Samson H.674 248. STATEMENT OF CHANGES IN EQUITY for the year ended March 31 2010 Share Premium General Reserve Tax Holiday Reserve 192. Chowdhury Managing Director Dated.677.500.000 95.000 95.884.002 Retained Earnings 152.
429 (109.330.810. Chartered Accountants .250) (111.459. Samson H.227) (409.037.469 1.593.074.148) 13.518. 2010 Samuel S. Dhaka: 5 July.934) 1.061) 244.263.513.452.143.205 (141.288) (59.945 (1.593. Bhattacharjee.968) 12.929.934) (19.K.366.173) (689.701. Chowdhury Director Khandaker Habibuzzaman Company Secretary B.275 (567. Chowdhury Managing Director Dated.205 5.828.297 663.057 1.232) (336.883.691. CASH FLOW STATEMENT for the year ended 31 March 2010 2009-2010 Cash Flow from Operating Activities: Receipts from Customers Payment to Suppliers Payment to Employees & Others Payment of Interest on Borrowings Net cash provided by operating activities Cash Flow from Investing Activities: Purchase of Fixed Assets Net cash used in investing activities Cash Flow from Financing Activities: Short Term Borrowing Payment of Short Term Loan Payment of Long Term Loan Net cash used in financing activities Increase/(Decrease) in Cash and Cash Equivalents Opening Cash and Cash Equivalent Closing Cash and Cash Equivalent Tk.251.057.199 2008-2009 As per our annexed report of even date.318.104.22.1688) (19.573) (11.686) (85.209.SQUARE CEPHALOSPORINS LTD.452.908 13.048) (44. 41. FCA Partner Chowdhury Bhattacharjee & Co.550.182.037.748) (141.657.869) (8.644 (408.925) 442.151.293.
910.213 873. Being eligible they have offered to continuing for 2010-2011 and sought re-appointment by shareholders. SALE OF ASSETS: 67.000 268.974 570. 5.000 245.404 570.000 75. FINANCIAL POSITION: The total investment made by the company upto 31 March.742.855 873. 97 .732 4. 2. BOARD OF DIECTORS: The Board of Directors as included in the Articles of Association continue to serve and no vacancy has yet been created therein.742.648 2009 75.486. 1.712.000. D IR E C T O R S' R E P O R T T O T H E SH A R E H O L D E R S F O R T H E Y E A R 2009-2010 SUBSIDIARY PROFILE Dear Shareholders.834 873. OPERATIONS: As the company has not commenced commercial production.000.742.199 180.666.SQ U A R E B IO T E C H S L T D .486.541.648 67.709. no Income Statement has been prepared.127. 4.674 11.666. 3.000 8.755 751.224 75.306.340.000.000. 1994 and IAS-1 codes.000 136.517 559.103. I am pleased to submit to you on behalf of the Board of Directors their Report along with the Audited Accounts containing Balance Sheet as on 31 March.244 99.091 42. no Income Statement and Statement of Changes in Equity and Cash Flow Statement has been prepared.909.412 67.353 509.048.224 30.224 In order to avoid operational and management hazards the company has sold the entire fixed & other assets to SPL at cost as on 31 May 2009.412 2010 75.873. 2009 and 2010 as detailed below: Fixed Assets: Building/Civil works C Plant & Machinery C Other Assets C Interest during Construction Period C Pre-operating Expenses C Current Assets Total Tk.766 24. 6.224 Total Tk. Chartered Accountants retire at this AGM. ACCOUNTING YEAR: The company's (SBL) Accounting Year ended on 31 March.000. 2010 at this 3rd Annual General Meeting.833.578 142. In terms of provision of Section 184 of the Companies Act. 2010. 2008.617.000 418. APPOINTMENT OF AUDITORS: The present auditor's M/S Chowdhury Bhattachargee & Co. 2010.125.576.804 2. As the company did not commence production during the year ended 31 March. The above investment have been financed as follows: Paid-up Capital C Share Money Deposit C Short Term Bank Loan C Current Liabilities C 2008 46.
I thank every one for successful implementation and expect their continued cooperation and devotion in operations of the project. Chowdhury Chairman .7. The board also acknowledge the support given by the shareholders. ACKNOWLEDGEMENT: The Directors record with deep appreciation the hardship taken by the management in implementation of the project despite multifarious obstacles involved in such a State-of-Art life-science project. Samson H. the bankers and the government agencies involved.
selecting and applying appropriate accounting policies. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with Bangladesh Financial Reporting Standards (BFRS). In making those risk assessments. We have audited the accompanying financial statements of Square Biotechs Limited. give a true and fair view of the state of the company's affairs as at 31 March. Auditors' Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. (ii) In our opinion. but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. we state that: (i) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit and made due verification thereof.K. the Financial Statements prepared in accordance with Bangladesh Financial Reporting Standards. (iii) The company's Balance Sheet dealt with by the report are in agreement with the books of account and returns. proper books of account as required by law have been kept by Square Biotechs Limited so far as it appeared from our examination of those books.AUDITORS' REPORT TO THE SHAREHOLDERS OF SQUARE BIOTECHS LTD. Dated. implementing. (iv) The expenditure incurred was for the purpose of the company's business. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. Further to our opinion in the above paragraph. Dhaka 13 July. whether due to fraud or error. as well as evaluating the overall presentation of the financial statements. whether due to fraud or error. and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement. and making accounting estimates that are reasonable in the circumstances. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. Chartered Accountants 99 . the Companies Act 1994. Bhattacharjee. which comprises the Balance Sheet as at 31 March 2010 and a summary of significant accounting policies and other explanatory notes. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion. We conducted our audit in accordance with Bangladesh Standards on Auditing (BSA). including the assessment of the risks of material misstatement of the financial statements. 2010 and of the results of its operations and its cash flows for the period then ended and comply with the companies Act 1994. the Securities and Exchanges Rules 1987 and other applicable laws and regulations. 2010 B. the Securities and Exchanges Rules 1987 and other applicable laws and regulations. This responsibility includes: designing. the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating appropriateness of accounting policies used and the reasonableness of accounting estimates made by management. The procedures selected depend on the auditor's judgment. FCA Partner Chowdhury Bhattacharjee & Co.
834 32.000.000 95.224 30. Samson H.each Issued & Subscribed Capital: 950.666 19.742.224 1.218 995 873. 2010 Samuel S. FCA Partner Chowdhury Bhattacharjee & Co.224 8.000.000. Chowdhury Director Khandaker Habibuzzaman Company Secretary B.000 95. Chowdhury Managing Director Dated.596.238.742.486.000. 8.000 7 8 9 10 11 Tk.000.000 75. Dhaka: 13 July.000 67.909.000 Ordinary Shares of Tk. BALANCE SHEET as at 31 March 2010 31-03-10 ASSETS: 31-03-09 873. 75.000.000 245.000 67.199 4.213 179.964.712.488 873. 100/.412 Notes 2 3 4 5 6 Tk.each Paid-up in Cash Share Money Deposit NON CURRENT LIABILITIES: 1.306.578 245.741.000 418.680 90. 100/.000 Ordinary Shares of Tk.SQUARE BIOTECHS LTD.412 Long Term Bank Loan CURRENT LIABILITIES: Short Term Borrowings Long Term Bank Loan-Current Portion Liabilities for Expenses Attached notes form part of these Financial Statements.each Paid-up Capital: 670.433 180.000.224 Non Current Assets: Pre-Operating Expenses Capital Work-in-Progress CURRENT ASSETS: Advance.706. 100/. Bhattacharjee.576.224 75.000. Chartered Accountants .486.000. Signed as per our annexed report of even date.766 868.578 142.576.742.709.742.000.000 Ordinary Shares of Tk.K. Deposit & Prepayments Short Term Loan Cash and Cash Equivalents CAPITAL & LIABILITIES: Share Capital: Authorised Capital 10.229 995 75.
SQUARE MULTI FABRICS LTD.
D IR E C T O R S' R E P O R T T O T H E SH A R E H O L D E R S F O R T H E Y E A R 2009-2010
Dear Shareholders, In terms of provision of Section 184 of the Companies Act. 1994 and IAS-1 codes, I am pleased to submit to you on behalf of the Board of Directors their Report along with the Audited Accounts containing Balance Sheet as on 31 March, 2010 at this Second Annual General Meeting.
The company is implementing the project for production of 6 (six) MT of knit fabrics per day at Bhaluka. The company has so far invested as follows by 31 March 2010 and 2009. Fixed Assets: C Capital Work in Progress/Fixed Assets C Pre-operating Expenses Current Assets Total Tk.
2. SOURCES OF FINANCING:
2010 502,494,165 502,494,165 77,147,184 579,641,349
2009 329,583,858 4,880,001 334,463,859 39,836,651 374,300,510
The above investement have been financed as follows: Share Capital C Share Money Deposit C Long Term Loan C Current Liabilities
3. ACCOUNTING STATEMENTS:
100,000,000 150,000,000 110,000,000 219,641,349 579,641,349
100,000,000 150,000,000 91,000,000 33,300,510 374,300,510
Company's Accounting Year ended on 31 March 2010. Since the company has not yet commenced production, no Income Statement and Statement of Changes in Equity has been prepared.
4. BOARD OF DIECTORS:
There has been no change in the constitution of the Board of Directors. As such existing board member are continuing to serve.
5. APPOINTMENT OF AUDITORS:
The present auditor M/S Chowdhury Bhattachargee & Co., Chartered Accountants retire at this AGM. Being eligible they have offered to continuing for 2010-2011 and sought re-appointment by shareholders.
The Board of Directors record with appreciation the services rendered by all concerns in implementing the project on schedule. I wish you best in life
Samson H. Chowdhury Chairman
TO THE SHAREHOLDERS OF
SQUARE MULTI FABRICS LTD.
We have audited the accompanying financial statements of Square Multi Fabrics Limited, which comprises the Balance Sheet as at 31 March 2010 and Statement of Cash Flows for the year ended, and a summary of significant accounting policies and other explanatory notes. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with Bangladesh Financial Reporting Standards (BFRS), the Companies Act 1994, the Securities and Exchanges Rules 1987 and other applicable laws and regulations. This responsibility includes: designing, implementing, and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Auditors' Responsibility 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 comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the Financial Statements prepared in accordance with Bangladesh Financial Reporting Standards, give a true and fair view of the state of the company's affairs as at 31 March, 2010 and of the results of its operations and its cash flows for the period then ended and comply with the companies Act 1994, the Securities and Exchanges Rules 1987 and other applicable laws and regulations. Further to our opinion in the above paragraph, we state that: (i) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit and made due verification thereof; (ii) In our opinion, proper books of account as required by law have been kept by Square Multi Fabrics Limited so far as it appeared from our examination of those books; (iii) The company's Balance Sheet and its Cash Flows dealt with by the report are in agreement with the books of account and returns; (iv) The expenditure incurred was for the purpose of the company's business.
Dated, Dhaka 5 July, 2010
B.K. Bhattacharjee, FCA Partner Chowdhury Bhattacharjee & Co. Chartered Accountants
SQUARE MULTI FABRICS LTD.
as at 31 March 2010
31-03-10 ASSETS & PROPERTY: 31-03-09
Non-Current Assets: Fixed Assets Pre-operating Expenses
Inventory Advance, Deposit & Prepayments Cash and Bank Balances
3 4 5 6 7 8
68,226,460 3,104,670 5,816,054
Short Term Loan Long Term Loan-Current Portion Trade Creditors Liabilities for Expenses Net Current Assets
Net Assets FINANCED BY: Equity:
165,427,176 40,000,000 12,089,559 2,124,614 (142,494,165) Tk.
33,290,510 10,000 6,536,141
Share Capital Share Money Deposit Long Term Loan
100,000,000 150,000,000 110,000,000 Tk.
100,000,000 150,000,000 91,000,000
Attached notes form an integral part of these Financial Statement.
As per our annexed report of even date.
Samuel S. Chowdhury Managing Director
Dated, Dhaka: 5 July, 2010
Tapan Chowdhury Director
Khandaker Habibuzzaman Company Secretary
B.K. Bhattacharjee, FCA Partner Chowdhury Bhattacharjee & Co. Chartered Accountants
582) 7.000 150.520.000 1.306) (366.874) (24.054 100.953.183.000 33. Dhaka: 5 July.290.510 7.030.784 191.000.000. Samson H.K.816.874) (366.000 91.000.666 (1.942) - 2008-2009 As per our annexed report of even date. 2010 Samuel S.942) (24.030.336.952. Plant and Equipment Net Cash Used in Investing Activities Cash Flow from Financing Activities: Share Capital Received Share Money Deposit Received Long Term Bank Loan Received/(Paid) Short Term Bank Loan Received/(Paid) Loan from SPL Received/ (Paid) Net Cash Generated in Financing Activities Net Cash & Bank Balance Increase/(Decrease) Cash & Bank Balance at begining of the year Cash & Bank Balance at end of the year 59. FCA Partner Chowdhury Bhattacharjee & Co.136.336.SQUARE MULTI FABRICS LTD.336. Chowdhury Managing Director Dated.636 (168. 2010 2009-2010 Cash Flow from Operating Activities: Cash Payments for Raw Materials and Expenses Net Cash Used in Operating Activities Cash Flow from Investing Activities: Acquisition of Property. Chowdhury Director Khandaker Habibuzzaman Company Secretary B.882 130.626.953.000.510 374.306) (168. Bhattacharjee.290.626.636 5. CASH FLOW STATEMENT for the year ended 31 March. Chartered Accountants .636 7.
at Factory Premises. Gazipur and at any adjournment thereof.SQUARE PHARMACEUTICALS LTD..m. Dated Dated Signature Verified Authorized Signatory Square Pharmaceuticals Ltd. Board Ghar Bazar. Mohakhali Commercial Area. Registered Office: ''Square Centre'' 48. do hereby appoint Mr/Mrs/Miss of as my/our proxy to attend and vote for me/us on my/our behalf at the 44th Annual General Meeting of the Company to be held on Tuesday the 21st September 2010 at 10:30 a.. .. Note: The proxy form should reach the Registered Office of the company not less than 48 hours before the time fixed for the meeting. FORM As witness my hand this day of …..…………………… September 2010. Dhaka-1212 PROX Y I/We of being a member of Square Pharmaceuticals Ltd. Affix Revenue Stamp (Signature of the Proxy) (Signature of the Shareholder) Register Folio/BOID No. Kaliakoir.
48 gnvLvjx evwYwR¨K GjvKv. MvRxcyi-G AbywôZe¨ †Kv¤cvbxi 44Zg evwl©K mvaviY mfvq Ges Gi g~jZex †NvwlZ mfvq Avgvi/Avgv‡`i c‡¶ Dcw¯’Z _vKvi Ges †fvU cÖ`vb Kivi Rb¨ wbhy³ Kijvg| ¯^v¶¨ wn‡m‡e A`¨ †m‡Þ¤^i 2010 Zvwi‡L Avwg/Avgiv GB `wj‡j mÁv‡b ¯^v¶i Kijvg| †iwfwbD ó¨v¤• mshy³ Ki“b cÖwZwbwai ¯^v¶i ZvwiL m`‡m¨i ¯^v¶i †iwRóvW© dwjI/weIAvBwW b¤^i ZvwiL ¯^v¶i cixw¶Z Aby‡gv`bKvixi ¯^v¶i ¯‹qvi dvgv©wmDwUK¨vjm& wjt wet `ªt cÖw· dig h_vh_ c~i‡Yi ci mfv Abyôv‡bi 48 N›Uv c~‡e© †Kv¤cvbxi †iwRóvW© Awd‡m Rgv w`‡Z n‡e| .¯‹qvi dvgv©wmDwUK¨vjm& wjt †iwRóvW© Awdmt ¯‹qvi †m›Uvi. Kvwjqv‰Ki. †evW© Ni evRvi. XvKv-1212 Avwg/Avgiv wVKvbv ¯‹qvi dvg©vwmDwUK¨vjm& wjt Gi m`m¨ wn‡m‡e Rbve/†eMg wVKvbv Avgvi/Avgv‡`i cÖwZwbwa wn‡m‡e AvMvgx g½jevi 21†k †m‡Þ¤^i 2010 mKvj 10:30 Uvq d¨v±ix cÖv½Y.
This action might not be possible to undo. Are you sure you want to continue?
We've moved you to where you read on your other device.
Get the full title to continue listening from where you left off, or restart the preview.