This action might not be possible to undo. Are you sure you want to continue?
BEXIMCO PHARMACEUTICALS LTD.
....36 Statement of Changes in Equity ...............8 Factory Visits by Dignitaries in 2008..........................................21 Chairman's Statement ..............37 Cash Flow Statement ....................................................................................................... 29 Corporate Governance Compliance Report ................................... 7 News Flash 2008 ............................................................. 3 Board and Management............10 Beyond Borders ............................................................................22 Notice of the Thirty-Third Annual General Meeting .. 28 Report of the Directors to the Shareholders ............................................................................................................................... 38 Notes to the Accounts .....................................................................................................................................32 Key Operating and Financial Data .............................................................................................................................................................34 Balance Sheet ..39 Proxy Form 2 ANNUAL REPORT 2008 .............................................................................................33 Report of Auditors to The Shareholders .......Contents Brief Company Profile .................................. 4 Chronology of Achievements: A Journey of Excellence .............................................35 Profit and Loss Account ................ 5 Highlights of 2008 .....................................................................20 Value Added Statement ........................................................................................................11 Thirty-Second Annual General Meeting ...........9 Post Year-end Business Highlights ...........................
world-class manufacturing facilities. Malaysia. product development capabilities and outstanding professional services. for record three times. Sri Lanka. Pakistan. Year of Establishment: 1976 Commercial Production: 1980 Status: Public Limited Company Business Lines: Manufacturing and marketing of Pharmaceutical Finished Formulation Products. Hong Kong. Bangladesh and is acclaimed for its outstanding product quality. Beximco Pharma is the pioneer in pharmaceutical export from Bangladesh and has received National Export Trophy (Gold). Bhutan. Large Volume Parenterals. Chittagong Stock Exchange and AIM of London Stock Exchange Number of Employees: 2. Myanmar. Nebulizer Solutions and Active Pharmaceutical Ingredients (APIs) Overseas Offices & Associates: Australia. the highest national accolade for export. Saudi Arabia.57 million Number of Shareholders: Around 66. Small Volume Parenterals.000 Stock Exchange Listings: Dhaka Stock Exchange. Philippines. Cambodia. Singapore. Nepal.259. Indonesia.310 ANNUAL REPORT 2008 3 . Kuwait.Brief Company Profile Beximco Pharmaceuticals Ltd. Ophthalmic Preparations. is a leading edge pharmaceutical company based in Dhaka. Chile.000 million Paid-up Capital (Taka): 1. Kenya. Jordan. Ghana. Vietnam and Yemen Authorized Capital (Taka): 2.
Accounts & Finance 4 . FCS The Executive Committee Osman Kaiser Chowdhury Nazmul Hassan Ali Nawaz Afsar Uddin Ahmed Member of the Board of Directors Managing Director Chief Financial Officer Director. Abdul Alim Khan Salman F Rahman Vice Chairman Nazmul Hassan Managing Director Director Director Director Director Director Director Director Independent Director Company Secretary Md. Production General Manager. Quality Executive Director. Farida Huq Barrister Faheemul Huq Advocate Ahsanul Karim Dr. Commercial The Management Committee Nazmul Hassan Osman Kaiser Chowdhury Ali Nawaz Afsar Uddin Ahmed Rabbur Reza Lutfur Rahman Zakaria Seraj Chowdhury Mohd. Tahir Siddique A R M Zahidur Rahman Jamal Ahmed Choudhury Managing Director Member of the Board of Directors Chief Financial Officer Director. Works Director. Marketing Director. Asad Ullah. Sales Executive Director.Board and Management The Board of Directors A S F Rahman Chairman Iqbal Ahmed Mohammad Abul Qasem Osman Kaiser Chowdhury Abu Bakar Siddiqur Rahman Dr. Commercial Director.
of USA products 1983: Launched own brands 1985: Listed with Dhaka Stock Exchange 1992: Commenced export operation with APIs 1993: Russia became first export destination for formulation products 1996: IV unit (former Beximco Infusions Ltd.Chronology of Achievements A Journey of Excellence 1976: Company incorporated 1980: Commenced manufacturing Bayer AG of Germany and Upjohn Inc.) received ISO 9001 Certification from TUV-Cert. Germany 1998: Became first Pharma company to win 'National Export Trophy (Gold)' for export excellence 2001: First Bangladeshi pharma company entering into Singapore. diversified into anti-cancer therapeutic class 2005: Became first Bangladeshi Company to get admission to Alternative Investment Market (AIM) of London Stock Exchange (LSE) through issuance of GDRs. one of the most regulated markets in Asia 2003: Became first company to introduce anti -HIV drugs in Bangladesh. 2006: Launched CFC free ozone-benign HFA based inhalers as the first company in Bangladesh 2007: The US FDA standard oral solid plant commissioned ANNUAL REPORT 2008 .
. continues 2008 Only Bangladeshi company to receive GMP Certification from Gulf Central Committee for Drug Registration. Executive Board of the Health Ministers' Council for GCC states 2008 First Bangladeshi company to receive GMP Clearance from Therapeutic Goods Administration (TGA).Journey of Excellence. Australia. ANNUAL REPORT 2008 ....
Australia 45 new products registered in 10 countries and entered into 7 new countries Entered into a Long Term Arrangement (LTA) with the Global Supply Division (Copenhagen.Highlights of 2008 Became first Bangladeshi pharmaceutical company to enter Latin America Received GMP Certification from GCC Received GMP Clearance from TGA. to supply metered dose inhaler products ANNUAL REPORT 2008 . Denmark) of the United Nations Children’s Fund (UNICEF).
Australia Released: 13-Oct-08 Beximco Pharma is the first pharmaceutical company from Bangladesh to enter Latin America Released: 14-Nov-08 Beximco Pharma is the first Bangladeshi pharmaceutical company to receive export approval to Gulf countries Published in local and international media including Regulatory News Service (RNS) of London Stock Exchange ANNUAL REPORT 2008 .News Flash 2008 Released: 09-Jan-08 Roche agrees HIV drug technology transfer with Beximco Pharma Released: 23-Mar-08 Beximco Pharma awards Merit Scholarships Released: 22-Jul-08 Beximco Pharma is the first Bangladeshi company to receive GMP Clearance from TGA.
South Africa and representatives from international organizations like UNICEF. Saudi Arabia.Factory Visits by Dignitaries in 2008 During 2008. ADF visited Beximco Pharma manufacturing plant. Kuwait. EU. Bahrain. a number of foreign delegates and dignitaries from several countries including Australia. ANNUAL REPORT 2008 . Switzerland. WHO.
Ophthalmic preparations and Nebulizer solutions is now completed. achieving around 43% growth in 1st Quarter. H1N1 virus) outbreak. France. Obtained registration of 1 (one) product from TGA. The project on new product lines . Australia. Product introductions from this new manufacturing line began in May 2009 with a goal to contribute significantly to company's sales turnover. Entered into a Long Term product supply agreement with ADF.Small Volume Parenterals (SVP). compared to same period of 2008.Post Year-end Business Highlights Commenced 2009 with a very strong sales performance in domestic market. Supplied Oseflu (Oseltamivir 75mg) capsules to some Latin & Central American countries and to local & international Government Agencies & NGOs to help control the Swine Flu (Influenza A. .
especially in overseas markets and consolidating our domestic business platforms. ANNUAL REPORT 2008 . Through our products we seek to deliver clear health benefits and higher values to the patients. Today after one year or so. and its future opportunities for growth. I feel extremely happy to share with you that we could successfully overcome the challenges to bring good results for the company. This sense of responsibility compels us to keep the highest standards of our products.Beyond Borders Nazmul Hassan MP. Throughout 2008. We are now all set to grow for achieving our goal to establish BPL as a true international company and delivering our promises to our shareholders. we faced fierce challenges to sustain company's position in both domestic and international markets. we will be building on these capabilities for generating value for all our stakeholders both locally and internationally. We use the most modern equipment for quality control and stringent quality assurance procedure and our manufacturing process conforms strictly to the current Good Manufacturing Practices. that we feel have contributed significantly throughout our journey. we relied heavily on some of our exclusive strengths. its capabilities & achievements. Also in future. Quality At Beximco Pharma. we believe that being in the business which deals with human health makes us more responsible. With this in mind we have commissioned state-of-the-art manufacturing facilities with innovative new technologies. While doing these. speaks about the core essence of the operating philosophy of BPL. Managing Director of Beximco Pharma.
specialized niche products and dosage forms. we focus principally on developing new formulations. our R&D team has successfully formulated different high-tech formulations like multi-layer tablets. our R&D team has successfully developed a range of CFC-free HFA MDIs. long acting formulations. The reverse engineering capability of the R&D team and the drive towards new product development and innovation are central to building a proprietary research operation within Beximco Pharma. Our R&D team consists of qualified scientists with background in pharmaceutical sciences and allied areas and has a strong network with global companies and scientific community with similar expertise. The reverse engineering capability of our R&D team has enabled us to introduce innovative new products to serve the ailing people at home and abroad. Over the years. predominantly through reverse engineering techniques and on simplifying manufacturing processes and improving cost efficiency. . Recently. We are also the pioneer in introducing anti-retroviral drugs and anti-cancer drugs in Bangladesh. In formulation R&D. dispersible tablets etc.Research & Development From its inception till date. our research & development (R&D) capabilities continue to be one of the essential core strengths for our leading the industry in both formulation R&D and API R&D. Our formulation R&D capability is proven not only by the consistent quality of our products but also by our ability to introduce hi-tech. with our long experience in MDI formulations.
ANNUAL REPORT 2008 .
4 ANNUAL REPORT 2008 .
Diversification into Respirator solutions, Ophthalmics and Small Volume Parenterals (SVP) market
We have now completed new projects to manufacture Respirator solutions, Ophthalmics and Small Volume Parenterals (SVP). Entering into these three segments will boost our local and international market share significantly. Products (e.g. Azmasol respirator solutions) from this plant have already started rolling out into the market. Like all other products, BPL is committed to introduce quality ophthalmic products very soon. This will help the Ophthalmologists to treat the patients in a better way. At present the value of ophthalmological market is Tk. 542 Mil with a growth rate of 6.55%. The market has consistent growth over the last 4 years. As a growth strategy for coming years we are also going to launch Small Volume Parenterals (SVP) during this year. This segment will also help consolidate our market presence in the parenteral market.
ANNUAL REPORT 2008
Regulatory Capabilities and International Recognition
Our regulatory team has a good understanding of international regulatory requirements and has received a number of international regulatory approvals, including approvals from highly regulated markets. After commissioning of the new US FDA standard Oral Solid Dosage (OSD) plant in late 2007, we started the regulatory approval process for certification from stringent regulatory authorities of the developed countries. Within the very short span of time our trained and committed team has been able to add a number of key regulatory approvals to its credit. Among others, we have received GMP Clearance from Therapeutic Goods Administration (TGA) of Australia and from Gulf Central Committee for Drug Registration, Executive Board of the Health Ministers' Council for Gulf Cooperation Council (GCC) states (representing Saudi Arabia, Kuwait, Bahrain, United Arab Emirates, Qatar and Oman). We are also in the process of obtaining approvals from several other regulatory authorities including National Health Surveillance Agency (ANVISA) of Brazil, Medicine and Healthcare Regulatory Agency of United Kingdom (UK MHRA), US FDA etc.
Strengthening Global Presence
In its long operation of more than 25 years, Beximco Pharma has always been the leader and the flagship of Bangladesh pharmaceutical industry by setting new trends and exploring newer horizons of export opportunities. We are pioneer in exporting APIs, IV Fluids and hi-tech specialized products. We are the first pharmaceutical company from Bangladesh to enter the CIS countries and also to Singapore, which is considered to be one of the most stringently regulated markets in South-East Asian region. We are also the pioneer in expanding export operation to Africa, Pacific Island, Middle East, Central and Latin American countries. As recognition of its pioneering role in pharmaceutical export from Bangladesh, Beximco Pharma is the only pharmaceutical company of Bangladesh to receive 'National Export Trophy (Gold)' for record three times. Although we have presence in 26 countries, our current export sales contribute to a small part of the overall company revenues, as until this year our predominant presence has been in moderately or semi regulated markets of Asia and Africa. As the new US FDA standard OSD plant has been commissioned and the regulatory approvals from several developed markets received or will be receiving soon, we are now at a stage to enter into another 30 countries, including several highly developed markets within the next year or so. Product registration is under process in these countries and the management expects that full potential of these new markets plus the existing markets can be utilized within next few years, contributing significantly to company's sales and profit turnover.
ANNUAL REPORT 2008
People - our true inimitable asset
Be the manufacturing plants of BPL truly world-class and may BPL successfully partnered with world leaders for acquiring new technology and advanced technical know-how, yet, we believe that the true differentiation and the highest market leverage comes from the skills and expertise of the people who command the machines and equipments. We are truly proud to have a highly efficient workforce in every tier of our operation.
ANNUAL REPORT 2008
our CSR strategy is that we should manufacture highest quality medicines. our modus operandi should be compassionate for all the people and all our activities should be such that these are benevolent for our society and benign to our environment. HIV Drugs Supplying Oseflu to government during flu outbreaks Medicine donation during national disaster ANNUAL REPORT 2008 . With this in mind.Corporate Social Responsibility The guiding philosophy of our CSR activities is doing our best in what we do and at the same time helping others in doing what they do.
Beximco Pharma works to reduce the impact of its operations on the environment. Keeping this in mind. ANNUAL REPORT 2008 . but also in terms of its deep relationship with the society and environment. whenever practicable.Protecting our Environment Beximco Pharma does not view its success and achievements in financial terms only. It is one of our core values that we should take maximum care for our environment and should reduce environmental effects of manufacturing activities to a practical minimum.
Around 7. The Chairman of the meeting thanked the shareholders for their interest in the company. Director of the Company presided over the meeting. Osman Kaiser Chowdhury.Thirty-Second Annual General Meeting The 32nd Annual General Meeting (AGM) of the shareholders of Beximco Pharmaceuticals Limited was held on August 21. ANNUAL REPORT 2008 .500 shareholders attended the meeting. The performance of the company in 2007 and strategies and future vision were also discussed. A good number of shareholders took active part in the discussion on different agenda of the meeting and expressed their valued opinion. The meeting among other agenda approved 5% cash and 10% stock dividend for the year 2007. Mr. 2008.
Value Added Statement For the year ended 31 December 2008 T O 2 4 8 8 2 2 202 88 208 2 T L E R E E 2 0 02 8 4 2 8 0 2 8 8 2 0 2 2 2 00 28 2 0 8 8 8 2 8 2 2 8 13% 15% 10% 24% 8% 12% 26% 16% 38% 38% T E E L E R ANNUAL REPORT 2008 .
45 new products have been registered in 10 different countries. Solomon Island. However. Guatemala. Afghanistan and Macau. BPL shall be able to increase its export considerably and establish itself as a truly global company that it so long cherishing for. improved profitability. Enhanced domestic market sales.50% growth to reach at Tk. During the year we entered into seven new markets namely. Chile.50%. higher EPS all marked 2008 as another year of significant success. Besides. overall sales of the company registered an appreciable 11. Nicaragua. I am pleased to inform you that during this year we progressed towards successful accomplishment of our strategic goals to grow the company and strengthen the shareholders' value. 4.75 million of 2007. 122.60 million. impressive growth in sales in the international market. BPL entered into a Long Term Arrangement (LTA) with Global Supply Division (Copenhagen. In early 2009 we have also entered into another Long Term Agreement (LTA) with Asthma Drug Facility (ADF). We believe. we have. successfully facing all these challenges.16 million as compared to 3. 170. some of the key operational issues of the company for your informed judgment: Sales Performance During the year under review. In the domestic market our sales increased by 10.a significant 39% growth over Tk.010.02 million of 2007. Kiribati. I would like to place before you.Chairman's Statement Dear Shareholders I welcome you all to the 33rd Annual General Meeting of Beximco Pharmaceuticals Limited (BPL or the Company). for product supply. with completion of currently ongoing registration process of our products in different international markets and certification of our facilities by different international regulatory bodies. Denmark) of United Nations Children's Fund (UNICEF). Thanks to our reorganized and mirrored sales team strategy improving doctors' coverage and winning brand building strategies that have better positioned the company in the minds of the doctors and other healthcare professionals. You are aware that during 2007 we faced unwarranted impediments due to unavoidable economic and political factors of the country and actually this adversity continued till early 2008.597. Here. in 2008 achieved export sales of Tk. a project of the International Union against Tuberculosis and Lung Diseases to supply our Inhaler products. ANNUAL REPORT 2008 . Owing to our focused strategy to widen our international penetration. BPL has now very successfully re-established its strategic positioning in all areas of its operation. during 2008 we could bring some remarkable successes for our Company.
Chartered Accountants and Valuers. and the Metered Dose Inhaler and Spray manufacturing facilities.80 in comparable terms.2.17 million resulting from such revaluation has been reported in the financial statements as “Revaluation Surplus”. among others. Credit goes to our effective supply chain management. 399.711. Executive Board of the Health Ministers' Council for GCC states (Bahrain. we are negotiating with our banks for further enhancement of the working capital facilities in line with the business growth. I am pleased to inform that we very successfully trounced this problem in early 2008. Particularly our Letter of Credit (LC) limit was too inadequate to accommodate the real business needs. Dividend I am pleased to inform that the board of Directors has recommended 10% cash and 20% stock dividend.67% growth over Tk. BPL received approval (GMP Clearance) from Therapeutic Goods Administration (TGA). Australia through a stringent facility audit process. The rating was awarded in July 2008. Capsule).68 million of 2007.(Pronounced as Single A minus) rating in the long term and ST-3 rating in the short term to Beximco Pharmaceuticals Limited. Oman. Building and Plant and Machinery as at 31st December 2008. The mix of cash and stock dividend is expected to give enhanced real benefit to the shareholders. The earning per share (EPS) of the company also improved to Tk. ANNUAL REPORT 2008 .12 million registering 78. 1.33 from Tk. Both our working capital and LC limit facilities have been increased which although not enough but have significantly eased the problems we were earlier facing. Kuwait. Qatar. International Certification One of the milestone achievements of 2008 was certification of our facilities by International Regulatory Authorities. Working Capital and Letter of Credit Limit I mentioned in my last year's report that the working capital facilities extended by our banks were lagging far behind the pace of growth the company has achieved over the years. was carried out by S F Ahmed and Company. A surplus aggregating Tk. Malaysia and JCR-VIS Credit Company Limited. Saudi Arabia and the United Arab Emirates). a revaluation of the Land. 4. successful pricing negotiation both at the back and front end and profit focused sales strategies that made it happen. Credit Rating Credit Rating Information and Services Limited (CRISL) a Bangladeshi Company having Joint Venture with Rating Agency Malaysia Berhard. Pakistan has assigned A. During the review period. Impressive sales performance and its consequent leverage effect significantly contributed to achieve our profit target. However. Australia for its new Oral Solid Dosage (Tablet. During the year we also received GMP Certification from Gulf Central Committee for Drug Registration. the solution we negotiated with the bank could not come to its logical conclusion. BPL is the first Bangladeshi company to receive this regulatory approval from TGA.Profit Performance In 2008 the company achieved a pre-tax profit of Tk. 714. Both the gross and net profit rates have improved in 2008. Revaluation of Assets As notified to you earlier. Due to macro-economic and political environment prevailing at that time. We also very successfully combated the rising prices of materials caused mainly due to volatility in the international prices of petroleum products throughout 2008.
the Chief Executive Officer has been inducted in the Board of Directors and has been appointed as Managing Director of the company. the funds raised by issue of placing shares and warrants shall be used to finance our diversified investment plans and working capital. let me re-emphasize that your company is destined to flourish both in domestic as well as in the international arena. The work of the project is in progress. suppliers. we initiated a project to set up 10 million unit capacity plant. As we communicated to you earlier.600 million through private placement of ordinary shares and issuance of warrants to GEM. This facility is strategically important to realize our export potential and requires immediate completion of the remaining three lines. Appointment of Managing Director I am pleased to inform that Mr. We have therefore planned to complete the project on priority basis. The secret behind the success is the collective effort of the sincere and dedicated employees of the company and the invaluable support of the bankers. customers and everyone the company interacted with in conducting its business. This is particularly important as numbers of internationally reputed pharmaceutical companies are showing keen interest to use this facility to manufacture their products. This project has got captive market demand from local manufacturers of pharmaceutical products as well as good export potential. we have planned to expedite setting up of the Ranitidine API plant. We are now in the final stage of launching of these products in the market. I want to end on a note of thanks to all concerned and look forward for the continued support and cooperation in the future as well. Thank you all A S F Rahman Chairman 4 ANNUAL REPORT 2008 . to raise additional capital of Taka 4. This has added further diversification to our existing portfolio. The appointment came into effect from 7th of May 2009. To strengthen the backward linkage of the industry and to add further value. Before I conclude. Present capacity of the plant is too inadequate to accommodate their requirements. Most importantly. His proven leadership will steer the company to a newer height.Projects and Expansion Programs We have completed our project to build facilities to manufacture Small Volume Parenterals (SVP). Opthalmic and Nebulizer Soultions as per plan. I am confident that his new role as a member of the board will bring about further dynamism in the operation and functioning of the board. healthcare professionals. we are grateful to our valued shareholders who have placed so much trust and confidence on this company to bring it to its current position. You are aware that we have so far installed two out of five lines of our newly built USFDA standard Oral Solid Dosage (OSD) facility. Nazmul Hassan MP. The success achieved so far has given us the strong foothold needed to march forward. Issuance of Shares and Warrants to GEM Global Yield Fund Limited (GEM) We express our sincere gratitude to you for approving our proposal in the extra-ordinary general meeting held on 18th February 2009. government agencies. Our HFA-based world class Metered Dose Inhaler (MDI) facility has already drawn international attention. Owing to increased demand for the MDI products.
16 KoKu~j aJTJ Kmâ~ TPrPZÇ xJKmtT Kmâ~ k´mOK≠ 11.67%. IKiTfr EP . KTKrmJKa.50% mOK≠ ßkP~PZÇ KYKT“xTPhr xPñ ßpJVJPpJPVr k´xJrfJ mOK≠ S msJ¥ kKrKYKfr Cjú~Pjr oJiqPo mJ\Jr Im˙Jj xoO≠ TrJr uPãq VOyLf mqmxJK~T ßTRvu V´yPjr oJiqPo KYKT“xT S IjqJjq ˝J˙qPxmJ ßkvJ\LKmPhr oPiq ßTJŒJjLr Im˙Jj xNhO| TrJr \jq IJKo IJoJPhr ßoiJmL S ßYRTx Kmâ~ToLtPhr ijqmJh \JjJKòÇ mOy•r IJ∂\JtKfT mJ\JPr k´PmPvr pgJgt khPãPkr luvsΔKfPf 2008 xJPu IJorJ 170.60 KoKu~j aJTJr Hwi r¬JKj TrPf ßkPrKZ pJ 2007 xJPu KZu 122.02 KoKu~j aJTJ KmâP~r KmkKrPf IJPuJYq m“xPr ßTJŒJjL 4.597. è~JPfoJuJ. pJ Kj:xPªPy k´vÄxJr hJmL rJPUÇ ßhvL~ mJ\JPr IJoJPhr Kmâ~ 10.80 aJTJ yPf 4. IJlVJKj˜Jj FmÄ oqJTJS FA 7Ka jfáj KmPhvL mJ\JPr k´Pmv TrPf ßkPrKZÇ IJoJPhr 45Ka jfáj keq 10Ka Knjú Knjú ßhPv KjmKºf yP~PZÇ keq xrmrJPyr \jq ßmKéoPTJ lJoJtKxCKaTqJux& Ku: UN E -Fr -Fr xPñ FTKa hLWtPo~JhL xoP^JfJ~ L T A ETA ˝Jãr TPrPZÇ 2009 xJPur k´JrP÷ T U T L Fr k´P\Ö A A . KjTJrJè~J. k´fqJKvf uãqJ\tPjr oJiqPo 2008 xJPu IJorJ IJoJPhr xÿJKjf ßv~JrPyJﬂJrPhr kKrxŒh k´mOK≠Pf xJluq\jT nëKoTJ rJUPf ßkPrKZÇ ˙JjL~ mJ\JPr Kmâ~ k´mOK≠.68 KoKu~j aJTJÇ oMjJlJ I\tPjr k´mOK≠ 78.010. pJ Kj:xPªPy TíKfPfôr hJmL rJPUÇ ßTJŒJjLr E P EP 2. ßmKéoPTJ lJoJtKxCKaTqJux& KuKoPac-Fr 33fo mJKwtT xJiJrj xnJ~ IJkjJPhr xmJAPT ˝JVf \JjJKòÇ IJkjJrJ ImKyf IJPZj ßp rJ\QjKfT S IgtQjKfT kKrK˙Kfr ßk´ãJkPa 2007 xJPu IJorJ KTZM IjJTJK⁄f k´KfmºTfJr xÿMULj yP~KZuJo 2008 xJPur k´Jr÷ kpt∂ pJ ImqJyf KZuÇ Ffh&xPfôS xTu xLoJm≠fJ TJKaP~ IJkjJPhr ßTJŒJjL mqmxJK~T TJptâPor ßTRvuVf ßã©xoNPy fJr Im˙Jj xJluq\jT nJPm kMj:k´KfÔJ TrPf xão yP~PZÇ IJKo IJkjJPhr IJjPªr xPñ \JjJPf YJA. r¬JKj ßãP© CPuäUPpJVq IV´VKf. mKitf oMjJlJ yJr.Fr xPñS IjM„k FTKa xoP^JfJ ˝JãKrf yP~PZÇ Fxm èÀfôkNet I\tj ßTJŒJjLPT r¬JKj mJKeP\qr k´xJrfJ~ TP~T iJk xJoPj FKVP~ KjP~PZÇ KmPvõr KmKnjú ßhPv IJoJPhr kPeqr YuoJj Kjmºj k´Kâ~J FmÄ IJoJPhr TJrUJjJ xoNPyr IJ∂\JtKfT IjMPoJhj k´Kâ~J xŒjú yPu IJoJPhr r¬JKjr kKroJe mÉèe mOK≠ kJPm mPu IJorJ KmvõJx TKrÇ Fr oJiqPo ßmKéoPTJ lJoJtKxCKaTqJux& KuKoPac xKfqTJr IPgt FTKa IJ∂\JtKfT ßTJŒJjL KyPxPm k´KfÔJ kJPm mPu IJvJ rJUKZÇ oMjJlJ I\tj 2008 xJPu ßTJŒJjL 714.12 KoKu~j aJTJ TrkNmt oMjJlJ I\tj TPrPZ.ßY~JroqJPjr k´KfPmhj Kk´~ ßv~JrPyJﬂJrmOª. pJ 2007 xJPu KZu 399. xPuoj ÆLkkM†.F xmA KZu KmVf mZPr ßTJŒJjLr xJlPuqr Ijqfo KjPhtvTÇ F kpJtP~ IJKo IJkjJPhr oNuqJ~Pjr \jq ßTJŒJjLr 2008 xJPur KTZM èÀfôkNet mqmxJK~T S IJKgtT CkJ• Ck˙Jkj TrKZ: Kmâ~ k´mOK≠ kNmtmfLt m“xPrr 3.75 KoKu~j aJTJÇ FPãP© IJoJPhr k´mOK≠ yP~PZ 39%Ç F mZr IJorJ KYKu.50%. IJoJPhr k´mOK≠r fáujJ~ mqJÄPTr TJptTrL oNuij xMKmiJ KjfJ∂A Ik´fáuÇ ANNUAL REPORT 2008 .33 aJTJ~ mOK≠ ßkP~PZÇ ßTJŒJjLr ßoJa oMjJlJ S jLa oMjJlJ Cn~A fáujJoNuTnJPm mOK≠ ßkP~PZÇ k´vÄxjL~ Kmâ~ k´mOK≠ S fJr IjMmfLt KunJPrP\r k´nJm IJoJPhr oMjJlJr uãqoJ©J I\tPj xyJ~T yP~PZÇ IJ∂\JtKfT mJ\JPr ßk´PasJKu~Jo kPeqr CkpMtkKr oNuq mOK≠r TJrPj TJYJÅoJPur âomitoJj C±toNuq xP•ôS IJorJ xJluq\jTnJPm k´fqJKvf k´mOK≠ I\tj TrPf ßkPrKZÇ IJoJPhr hã xrmrJy mqm˙JkjJ FmÄ oMjJlJoNUL S pgJpg oNuq KjiJtre ßTRvu FA TíKfPfôr Ijqfo IÄvLhJrÇ TJptTrL oNuij FmÄ Eek© xLoJ KmVf m“xPrr mJKwtT KmmreLPf IJKo CPuäU TPrKZuJo.
kKrYJujJ kwth 2008 xJPur \jq 10% jVh S 20% ˆT unqJÄv k´˜Jm TrPZÇ jVh S ˆT unqJÄPvr FA Kovsj xKfqTJr IPgt ßv~JrPyJﬂJrPhr IKiTfr uJnmJj TrPm mPu IJvJ rJUKZÇ xŒsxJre k´T· IJorJ IJoJPhr P P O N k´P\PÖr TJ\ kKrT·jJ IjMpJ~L xŒjú TPrKZ. SoJj.k´TífkPã mqmxJK~T k´P~J\Pjr fáujJ~ IJoJPhr Fu. YJaJtc FTJCjaqJ≤x& S KyPxPm F mZPrr IJKgtT KmmreLPf CPuäU TrJ yP~PZÇ ßâKca ßrKaÄ oJuP~Kv~Jr R A FmÄ kJKT˜JPjr R L Fr pMVì R L R L 2008 xJPur \MuJA oJPx IÄvLhJrLPfôr mJÄuJPhvL k´KfÔJj IJoJPhr PTJŒJjLPT hLWtPo~JPh A KxPñu A oJAjJx ßrKaÄ FmÄ ˝·Po~JPh T ßrKaÄ k´hJj TPrPZÇ unqJÄv IJKo IJkjJPhr IJjPªr xPñ \JjJPf YJA.Fl.Fr Kjmºj kJS~J IJoJPhr IV´pJ©Jr Ijqfo oJAuluTÇ F mZr A yPf IJoJPhr jfáj O T IJorJ IPˆsKu~Jr T A T TJrUJjJ FmÄ C“kJhj TJrUJjJr \jq P ßkP~KZÇ ßmKéoPTJ lJoJtKxCKaTqJux& KuKoPac IPˆsKu~Jr T A IjMPoJKhf mJÄuJPhPvr k´go ßTJŒJjL KyPxPm ˝LTíKfuJn TPrPZÇ FZJzJS R E IJorJ IJPuJYq mZPr (mJyrJAj. ßxRKh IJrm FmÄ xÄpMÜ IJrm IJKorJf) PgPTS P I\tj TPrKZÇ xŒK• kMj:oNuqJ~j IJkjJrJ \JPjj ßp. 2008 xJPur k´go KhPTA IJorJ xJluq\jTnJPm FA xoxqJ C•rPe xão yP~KZÇ kpJt¬ jJ yPuS kNmJtPkãJ nJPuJ oJ©J~ IJoJPhr TJptTrL oNuij S Fu.711.PT xoO≠ TrJr k´~JPx IJorJ ANNUAL REPORT 2008 . 2008 xJPur 31ßv KcPx’r fJKrPUr ßTJŒJjLr \Ko. xLoJS pPgÓ IkpJt¬ KZuÇ mqJÄTèPuJr xPñ Ffh&KmwP~ xP∂Jw\jT xoP^JfJ~ IJxJ xP•ôS KmKnjú IJgt-xJoJK\T S rJ\QjKfT k´KfmºTfJr kKrPk´KãPf KmVf xoP~ IJorJ Fr xMlu uJn TrPf kJKrKj IJKo IJjPªr xPñ \JjJPf YJA. TáP~f. TJfJr.17 KoKu~j aJTJ R ßTJŒJjL. pJ IJoJPhr keq fJKuTJ~ IJPrJ ‰mKY©fJ ßpJV TPrPZÇ Fxm kPeqr mJ\Jr\JfTre FUj YMzJ∂ kpJtP~ rP~PZÇ IJoJPhr jfáj O O k´TP·r 5Kar oPiq 2Ka uJAj AKfoPiq YJuM yP~PZÇ FA TJrUJjJKa IJoJPhr mftoJj r¬JKj kPeqr YJKyhJ kNrPe IPjTJÄPv xão yPmÇ IJ∂\JtKfT xjhk´JK¬r TJrPe FA k´T· UqJKfxŒjú KmPhvL ßTJŒJjLèPuJPT IJoJPhr kPeqr mqJkJPr IJPrJ IJV´yL TPr fMPuPZÇ AKfoPiq IPjT k´KfKÔf ßTJŒJjL IJoJPhr TJrUJjJ~ fJPhr Kj\˝ keq C“kJhPjr \jq ßpJVJPpJV ÊÀ TPrPZÇ mftoJj C“kJhj ãofJ fJPhr FAxm YJKyhJ kNrPe kpJt¬ j~Ç fJA IJoJPhr r¬JKj mJKeP\qr uãq I\tPjr ßãP© ßTRvuVf TJrPe èÀfôkNet FA k´T·Kar mJKT 3Ka uJAj xŒjú TrJ Ifq∂ \ÀKrÇ FA TJrPj IJorJ IV´JKiTJr KnK•Pf FA k´TP·r TJ\ xŒjú TrJr kKrT·jJ yJPf KjP~KZÇ IJoJPhr KmvõoJPjr kKrPmvmJºm A k´pMKÜr TJrUJjJ AKfoPiq IJ∂\JtKfT V´yePpJVqfJ S kKrKYKf ßkP~PZÇ kPeqr FA âomitoJj YJKyhJ kNrPe IJorJ 10 KoKu~j FTT C“kJhj ãofJxŒjú IJPrTKa TJrUJjJ ˙JkPjr k´T· yJPf KjP~KZÇ FA k´TP·r TJ\S IJvJmqJ†T VKfPf FKVP~ YuPZÇ Hwi KvP·r Ijqfo k´KfÔJj KyPxPm ßmKéoPTJ lJoJtKxCKaTqJux& KuKoPac .Kx.Kx xLoJ mOK≠ ßkP~PZÇ fJrkrS IJorJ IJoJPhr mqmxJK~T k´mOK≠r xoJ∂rJPu TJptTrL oNuij mOK≠ TrJr \jq mqJÄTèPuJr xPñ IJPuJYjJ YJKuP~ pJKòÇ IJ∂\JtKfT Kjmºj 2008 xJPu KmKnjú R A . IJy&Poh F¥ TfítT kMj:oNuqJ~j TrJ yP~PZÇ kMj:oNuqJK~f CÆO• 1. AoJrf FmÄ TJrUJjJ S pπkJKf Fx.
xrmrJyTJrL. mqJÄTJr.600 KoKu~j aJTJr oNuij xÄV´Pyr k´˜Jm kJv TrJr \jq IJKo IJkjJPhr IJ∂KrT TífùfJ \JjJKòÇ IJkjJPhr kNPmtA \JjJPjJ yP~PZ ßp. ßTJŒJjLr k´Kf IKmYu IJ˙J S KmvõJPxr oiq KhP~ IJ\PTr FA xoO≠ Im˙JPj ßTJŒJjLPT k´KfKÔf TrJr \jq IJKo IJoJPhr xÿJKjf ßv~JrPyJﬂJrVPjr k´Kf TífùfJ \JjJKòÇ IJoJPhr IV´pJ©J~ IJkjJPhr xogtj S xyPpJKVfJ nKmwqPfS ImqJyf gJTPm FA k´fqJvJ KjP~ IJKo xÄKväÓ xmJAPT IJoJr IJ∂KrT ijqmJh \JjJKòÇ ijqmJh xmJAPT F Fx Fl ryoJj ßY~JroqJj ANNUAL REPORT 2008 . ßhvL~ FmÄ IJ∂\JtKfT k´KfPpJKVfJr ßãP© IJkjJPhr ßTJŒJjL xMhO| Im˙JPj k´KfKÔf yP~PZÇ FA TíKffô IJoJPhr xJoPj FKVP~ YuJr VKfPT IJPrJ ßmVmJj TrPm mPu IJvJ rJKUÇ FA IV´VKfr I∂rJPu KmPvw nëKoTJ rJUJr \jq IJKo ßTJŒJjLr TftmqKjÔ S IjMVf ToLtmJKyjL.R AP TJrUJjJ ˙JkPjr k´T· fôrJKjúf TrJr khPãk KjP~KZÇ FA k´T· ˙JjL~ Hwi C“kJhjTJrL k´KfÔJj xoNPyr YJKyhJ kNrPer kJvJkJKv r¬JKj ßãP© èÀfôkNet nëKoTJ rJUPm mPu IJvJ TKrÇ ßT ßv~Jr S S~JPr≤ AxMq Vf 18 ßlmsΔ~JrL 2009 fJKrPU IjMKÔf IKfKrÜ xJiJre xnJ~ P P Fr IJSfJ~ xJiJrj ßv~Jr S S~JPr≤ AxMqr oJiqPo 4.Kk. FA xÄVOyLf Igt IJorJ KmKnjú KmKjP~JV kKrT·jJ~ FmÄ TJptTrL oNuij KyPxPm mqmyJr TrPmJÇ mqm˙JkjJ kKrYJuT KjP~JV IJKo IJkjJPhr IJjPªr xPñ \JjJPf YJA IJoJPhr k´iJj KjmJtyL \jJm jJ\oMu yJxJj Fo. ßTJŒJjLr kKrYJujJ kwtPh I∂tnëÜ yP~PZj FmÄ mqm˙JkjJ kKrYJuT KyPxPm KjP~JV ßkP~PZjÇ kKrYJujJ kwtPhr TJptâoPT KfKj IJPrJ xoO≠ TrPmj mPu IJKo KmvõJx TKrÇ fJÅr k´vÄKxf ßjfífô ßTJŒJjLPT IJPrJ VKfvLu TPr fáuPm mPu IJvJ rJKUÇ CkxÄyJPr pJmJr IJPV IJKo muPf YJA. ßnJÜJ S xÄKväÓ mqKÜ S k´KfÔJjPT ijqmJh \JjJKòÇ xPmJtkKr. ˝J˙qPxmJ ToLt. xrTJrL xÄ˙JxoNy.
30 a. By order of the Board. The Shareholders whose names will appear in the Share Register of the Company or in the Depository Register on that date will be entitled to attend at the Annual General Meeting and to receive the dividend. Dhaka-1205 Notice of the Thirty-Third Annual General Meeting Notice is hereby given that the THIRTY-THIRD ANNUAL GENERAL MEETING of the Shareholders of Beximco Pharmaceuticals Limited will be held on Tuesday. FCS) Company Secretary Dated: 13th May. (3) Admission to the meeting room will be strictly on production of the attendance slip sent with the Notice as well as verification of signature of Member(s) and/or proxy-holder(s). at 1. must be deposited at the Registered Office of the Company not later than 48 hours before the time fixed for the meeting. To declare 10% Cash and 20% Stock Dividend. 2. 5. 6. Dhaka to transact the following business: AGENDA 1. (MD. The Proxy Form. To elect Directors. (2) A member entitled to attend and vote at the General Meeting may appoint a Proxy to attend and vote in his/her stead. To transact any other business of the Company with the permission of the Chair. To appoint Auditors for the year 2009 and to fix their remuneration.m. 2008 together with reports of the Auditors and the Directors thereon. Road No. 2009 NOTES : (1) The Record Date shall be on 25th May. 3. To receive. To confirm the appointment of Mr. Nazmul Hassan as Managing Director of the Company for a peirod of 5 years effective from 7th May 2009. consider and adopt the Audited Financial Statements of the Company for the year ended 31st December. 2009 at 9. Shahbag C/A. 4. Dhanmondi R/A.BEXIMCO PHARMACEUTICALS LIMITED 17. ASAD ULLAH. ANNUAL REPORT 2008 . 2. duly stamped. the 16th June. 2009.
155) (171. 2008 along with Auditors' Report thereon.017.697 (219. Mr.B. Director of the company retires by rotation as per Articles 126 and 127 of the Articles of Association of the Company and being eligible offers himself for re-election being the nominee of Beximco Holdings Ltd. Financial Results and Profit Appropriations Figures in '000 Taka 2008 Net Profit After Tax Add : Profit brought forward from previous year Profit Available for Appropriation Recommended for Appropriations: Transfer to tax-holiday reserve Proposed dividend Tax holiday reserve no longer required Un-appropriated Profit Carried Forward 545.629 3.873) 442.Report of the Directors to the Shareholders For the year ended 31 December 2008 The Directors are pleased to present their report to the shareholders together with the audited accounts of the Company for the year ended 31st December. Rahman.883. The Committee comprises Mr. Abdul Alim Khan and Advocate Ahsanul Karim as Members. S.282) (78.761) 30. which met twice in 2008.341 3. A.355 3. M A Qasem as Chairman and Dr.634 3. F.238 2007 353. to consider its Annual Financial Statements for the year ended 31 December 2007 and Half-Yearly Report for the half-year to 30 June 2008.017. 2008.627. Director of the Company also retires by rotation as per Articles 126 and 127 of the Articles of Association of the Company and being eligible offers himself for re-election being the nominee of Bangladesh Export Import Company Ltd. Directors Mr.068 2.415 Dividend The Board of Directors has recommended 10% cash and 20% stock dividend for approval of the shareholders for the year ended 31 December.756 64. ANNUAL REPORT 2008 . Siddiqur Rahman. Advocate Ahsanul Karim.482 (377.562. Director of the company retires by rotation as per Articles 126 and 127 of the Articles of Association of the Company and being eligible offers himself for re-election. A. Board Audit Committee The Company has an audit committee.415 3.236.
Chowdhury Dr. Abedin & Co. Statement of Directors on Financial Reports a) The financial statements together with the notes thereon have been drawn up in conformity with the Companies Act. the result of its operations. Dhaka-1205 who were appointed as Auditors of the Company in the Thirty-second Annual General Meeting of the Company has carried out the audit for the year ended 31 December 2008. 1994 and Securities and Exchange Rules. Dhaka-1205. the Auditors of the Company retire at this meeting and have expressed their willingness to continue in office for the year 2009. Abdul Alim Khan Mr. These statements present fairly the Company's state of affairs. b) Proper books of accounts of the Company have been maintained. Qasem Mr. National Plaza (6th Floor). Datta Road. M. Farida Huq Barrister Faheemul Huq Advocate Ahsanul Karim Meetings attended Nil ** Nil ** 5 11 13 13 13 11 10 10 **Leave of absence were granted to them during the period. 109. A. Board Meetings and Attendance During the year 13 (Thirteen) Board Meetings were held. B. R. Salman F Rahman Mr. K. Iqbal Ahmed Mr.. d) The International Accounting Standards. M. Siddiqur Rahman Dr. cash flow and changes in equity. Bir Uttam C. O. Chartered Accountants. Datta Road. as applicable in Bangladesh. Bir Uttam C. e) Internal Control System is sound in design and has been effectively implemented and monitored. Abedin & Co.Auditors The Directors hereby report that the existing Auditors. A. J. f) There is no significant doubts about the ability of the Company to continue as a going concern. c) Appropriate accounting policies have been consistently applied in preparation of the financial statements except those referred to in the financial statements and that the accounting estimates are based on reasonable and prudent judgment. J.. The attendance record of the Directors is as follows: Name of Directors Mr. have been followed in preparation of the financial statements. R. A S F Rahman Mr. ANNUAL REPORT 2008 . M. 1987. National Plaza (6th Floor). Chartered Accountants. 109.
Chief Executive Officer Mr.The pattern of shareholding Name-wise details (i) Parent/Subsidiary/Associate companies and other related parties : Beximco Holdings Ltd. Directors. Director Dr. Thank you all.289 1.647 4 Nil Nil (iii) (iv) 14. spouse and minor children Executives Shareholders holding ten percent (10%) or more voting interest in the company Beximco Holdings Ltd. Corporate Governance Compliance Report In accordance with the requirement of the Securities and Exchange Commission. of Shares held 14. Director Mr. Abdul Alim Khan.657 Key Operating and Financial Data The summarized key operating and financial data of five years is annexed.574. Nazmul Hassan. No.092. Afsar Uddin Ahmed.302.302. A S F Rahman. Company Secretary. On behalf of the Board A S F RAHMAN Chairman Dhaka 30th April.764 4. “Corporate Governance Compliance Report” is annexed. Head of Internal Audit and their spouses and minor children : Mr. Vice Chairman Dr. Salman F Rahman. (mentioned in Sl.089 3.037 636.878 34. Bangladesh Export Import Company Ltd. Chairman Mr.022 (ii) 2. Chief Financial Officer.000.878 7. (i) ) The Bank of New York (International Nominees) No. Company Secretary And Head of Internal Audit.464. 2009 ANNUAL REPORT 2008 . Director Commercial Chief Financial Officer. Farida Huq. Chief Executive Officer.
4(d) 1.00 (vi) 4.4(f) 1.4(a) 1.2(I) 1.1(i) 3.00 (ii) 4.4(i) 1.1 2.2 3.1(ii)(c) 3.4(b) 1.00 (v) 4.4(c) 1.1(ii) 184.108.40.206.4(k) 2. HIA & CS Appointment Board Meeting Attendance Audit Committee Composition of Audit Committee Audit Committee Members Appointment Terms of service of Audit Committee Chairman of Audit Committee Audit Committee Chairman's Qualification Reporting to the Board of Directors Report of Conflicts of Interest Defect in the Internal Control System Suspected infringement of Laws Any other matter Reporting to the Authorities Reporting to the Shareholders Appraisal or Valuation Services Financial information system Book keeping or other services Broker dealer services Actuarial services Internal Audit services Any other services 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 Not complied Explanation for non-compliance with the condition 1.1(I) 3.4(e) 1. SEC/CMRRCD/2006/158/ Admin/02-08 dated 20th February 2006 issued under section 2CC of the Securities and Exchange Ordinance. 1969.00 (vii) ANNUAL REPORT 2008 .1(iii) 3.2(ii) 3.3.4 4. (Report under Condition No.Corporate Governance Compliance Report Status of compliance with the conditions imposed by the Commission's Notification No.2 3.3.3 1.4(g) 1.4(h) 1.2(I) 3.1(ii)(a) 3.00) Compliance status Condition No.3.00 3.00 (iv) 4.3.2(II) 1.4(j) 1.00 (iii) 4.1(ii)(b) 3. Title Complied Boards Size Independent Directors Independent Directors Appointment Chairman & Chief Executive Directors Report on financial Statements Books of Accounts Accounting Policies IAS Applicable in Bangladesh System of Internal Control Going Concern Deviation in Operating Results Key operating and Financial Data Declaration of Dividend Number of Board Meetings Pattern of Shareholdings CFO.1(ii)(d) 3.00 (I) 4.1 1.
661 Shareholders' Equity Turnover Profit Before Tax Amount in thousand Taka 4 ANNUAL REPORT 2008 .752 1.341 14.030 8. General Public & Other Institutions HUMAN RESOURCES Number of employees Officers Staff 2.8 9.822.659 9.296 714.007.025 3.327.367 489.836.925 8.949.11 53.167 170.33 167.882 10.850 10.000.702.515 399.500 485.040.145.023 88.000 1.070 3.885.202 7.7 13.06 48.932 58 986 47.969 6.860 4.023 714.617 2007 2.731.820.940 4.556 54 885 64.250.925 15% 71 6.819 41.107 48.629.216 3.591 55 2.910 474 2.429 2004 1.025 122.953 2006 2.36 57.086 523.121 523.701 485.701 79.55 50.1 19.874 436 2.73 65.402.09 50.167 3.013 3.317 115.940 15% 72 2.013 30% 86 4.000.376 6.661 329.000 1.981 1.068 10.402.384 1.949.250.597.243 470.516.000 1.000.317 4.385 964 421 2008 2.920 6.000.243 2.577 4.604 2.000.485 1.367 399.327.702.597.259.858 1.262 8.9 21.7 38.099 1.010.04 53.750 49 8.202 30% 83 4.000 959.71 92.973 3.836.820.678 353.80 58.291.763 2.772 353.558.000 559.840 7.888 2005 2.023.905 498 1.121 545.450.623.310 1.010.403 1.Key Operating and Financial Data Amounts in thousand Taka Particulars Authorized Capital Paid up Capital Turnover (Net) Turnover (Export) Gross Margin Profit Before Tax Net Profit Fixed Assets (Gross) Shareholders' Equity Dividend Shareholders' Equity Per Share Earnings per Share (EPS) Market Price Per Share (at end of the year) Price Earning Ratio (Times) Number of shareholders Foreign Investors ICB including ICB Investors Account Sponsors.450.920 15% 76 4.678 353.505 476 1.892 60 879 52.
We also report that : (a) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit and made due verification thereof . Our responsibility is to express an opinion on these financial statements based on our audit. We believe that our audit provides a reasonable basis for our opinion. evidence supporting the amounts and disclosures in the financial statements. J. on a test basis. Chartered Accountants 4 ANNUAL REPORT 2008 . We conducted our audit in accordance with International Standards on Auditing (ISA). An audit includes examining. proper books of account as required by law have been kept by the company so far as it appeared from our examination of those books . Dhaka 30 April. These financial statements are the responsibility of the company's management. including International Accounting Standards (IASs). In our opinion. An audit also includes assessing the accounting principles used and significant estimates made by management. ABEDIN & CO. as well as evaluating presentation of the overall financial statement. and (d) the expenditure incurred was for the purposes of the company's business. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. 2009 M. 2008 and of the results of its operations and its cash flows for the year then ended and comply with the applicable sections of the Companies Act 1994. (b) in our opinion.Auditors' Report To The Shareholders of BEXIMCO PHARMACEUTICALS LIMITED We have audited the accompanying Balance Sheet of the Beximco Pharmaceuticals Limited as of December 31. (c) the company's balance sheet and profit and loss account dealt with by the report are in agreement with the books of account . give a true and fair view of the state of the company's affairs as of December 31. 2008 and the related Profit and Loss Account. the Securities and Exchange Rules 1987 and other applicable laws and regulations. Statement of Changes in Equity and Statement of Cash Flows for the year then ended. the financial statements prepared in accordance with International Financial Reporting Standards (IFRSs).
029.250.093 234.431.489.647.701.940 20 (a) 21 22 23 24 25 26 Tk.940 2008 11.070.698.500 274.470.174.Carrying Value Investment in Shares Current Assets Inventories Spares & Supplies Accounts Receivable Loans.351.357 1.792 685.461.450 3.773.227 648.052.450.750. Dhaka 30 April.600.165.411.470 1.465 85.910 11.647 1.446.822 81.633. Abedin & Co.767.324 41.000 1.689.441 8.942.950 1.739 3.604. 2009 M.482 8.112.701.665. The Notes are integral part of the Financial Statements.392 36.728 14.776.049 499.418.401 544.145.958 294.950.643.778 246.568 144.915.074.259.090 2.950 442.276 2.582.489.029 1.509.689.969 1.750.020 1.005.326 503.152.288.072.530.145 1.891. J.665.285.819.449.923.666.930 11.775.610 51.627.430 1.118 60.505.936 907.359 14.950.267 1.202.680.327 343.602.819.972.189.814.418.957.953 3.776. Advances and Deposits Cash and Cash Equivalents TOTAL ASSETS SHAREHOLDERS' EQUITY AND LIABILITIES Shareholders' Equity Issued Share Capital Share Premium Excess of Issue Price over Face Value of GDRs Capital Reserve on Merger Revaluation Surplus Tax-Holiday Reserve Retained Earnings Non-Current Liabilities Long Term Borrowing-Net off Current Maturity (Secured) Liability for Gratuity & WPPF Deferred Tax Liability Current Liabilities and Provisions Short Term Borrowings Long Term Borrowing-Current Maturity Creditors and Other Payables Accrued Expenses Dividend Payable Income Tax Payable TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 27 28 20(b) 29 10.106 73.841 263.000 1.242 182.498 271.354.958 294. Plant and Equipment.356 2.077.506.441 2007 9.458 1.176.636.992.577.939.953. 30 31 32 33 34 35 36 37 Tk. Approved and authorised for issue by the board of directors on 30 April.654 1.747 4.253 46.328.419.953.BEXIMCO PHARMACEUTICALS LIMITED Balance Sheet As at 31 December 2008 Notes ASSETS Non-Current Assets Property.861.636.787 11. Chartered Accountants ANNUAL REPORT 2008 .032.916.169. 2009 and signed for and on behalf of the Board : A S F Rahman Chairman Salman F Rahman Vice Chairman Ali Nawaz Chief Finance Officer Per our report of even date.697 36.711.090 2.176.921.704.
706.878 (1.067.989) 654.010.007.181) 2.629. 10 /.827.392) 419.298) 749.010 (168.983. Approved and authorised for issue by the board of directors on 30 April. Dhaka 30 April.341. Chartered Accountants ANNUAL REPORT 2008 .940.661.489 353.661.051.036.121.430) 4.787) 998.060 (35.33 125.693 545. 2009 M.050) 714.597.609.273 4.278) 11.690) (145.720. Abedin & Co.957. J.848 686.975) 1.957.147 19.778.550 (19.967.878 2. 2009 and signed for and on behalf of the Board : A S F Rahman Chairman Salman F Rahman Vice Chairman Ali Nawaz Chief Finance Officer Per our report of even date.544.002.008.243) (855.024.80 125.295.654.510 (249. The Notes are integral part of the Financial Statements.701) (829.883) 399.871.030) (153.747 2007 3.167.BEXIMCO PHARMACEUTICALS LIMITED Profit and Loss Account For the year ended 31 December 2008 Notes Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses : Administrative Expenses Selling.795 (254.742.509.464.625. Marketing and Distribution Expenses Profit from Operations Other Income Finance Cost Profit Before Contribution to WPPF Contribution to Workers' Profit Participation/ Welfare Funds Profit Before Tax Income Tax Expense Current Tax Deferred Tax Income/(Expense) Profit After Tax Transferred to Statement of Changes in Equity Earnings Per Share (of Tk.837 (974.5 & 47 48 Tk.794.812 (1.667 (46. Tk.677.736.789) (57.747 42 43 44 45 46 19.191.059 (2.779.737) (173.each) (Adjusted EPS of 2007) Number of Shares used to compute EPS 38 39 2008 4.514.501.
750.3220.127.116.110 294.273 (57. 1. J.750.953 (57.522) - 4.747 545.647 1.958 442. Chartered Accountants ANNUAL REPORT 2008 .489.636. Approved and authorised for issue by the board of directors on 30th April.040) 8.202.000 1.939.950 Revaluation Surplus Retained Earnings Total Opening Balance 1.430 Revaluation Surplus Profit after tax for 2008 Tax Holiday Reserve no longer required Cash Dividend of Previous Year (2007) Bonus Share of Previous Year (2007) 114.354.020 10.000 1. Dhaka 30 April.273 442.507.689.711.BEXIMCO PHARMACEUTICALS LIMITED Statement of Changes in Equity For the year ended 31 December 2008 Share Capital Share Premium Excess of Issue Tax Holiday Price over Face Reserve Value of GDRs Capital Reserve on Merger 294.689.356 545.489.070. Abedin & Co.145.250.953 (442.747 3.341.470 1.711.112.005. 2009 and signed for and on behalf of the Board : A S F Rahman Chairman Salman F Rahman Vice Chairman Ali Nawaz Chief Finance Officer Per our report of even date.259.747 82.636. 2009 M.040 Closing Balance Tk.189.577.953) 1.950.176.958 - 1.354.418.104.22.1684.747 1.145 Total Number of shares Shareholders' Equity per share Tk.950.507.522) (114. 125.97 The Notes are integral part of the Financial Statements.957.253.711.
598 (449.532) 340.468.383.128 (2. J.690.166.542.698.581.400.653) (61.245.369.734) 1.275 3.180.623. Disposal of Property.381 (395.303.751) (495.264) Tk. 2009 M. Dhaka 30 April.071.728 70.904.006.184 (12.698.110.900 (57.730.983 (214.187) 9.234.035) 581.083.180.386.600 (1.278) 287.051.612.001) 880.980 (1.910 4. Chartered Accountants ANNUAL REPORT 2008 .438) 554.354.840.277.775.780) (32.707) (71. Plant and Equipment Net Cash Used in Investing Activities Cash Flows from Financing Activities : Net Increase / (Decrease) in Long Term Borrowings Net (Decrease)/Increase in Short Term Borrowings Dividend Paid Net cash Generated from Financing Activities (Decrease) / Increase in Cash and Cash Equivalents Cash and Cash Equivalents at Beginning of Year Cash and Cash Equivalents at End of Year (209. The Notes are integral part of the Financial Statements.479) (386.604.728. Abedin & Co.335.684.445.241) 61.098. Approved and authorised for issue by the board of directors on 30 April.BEXIMCO PHARMACEUTICALS LIMITED Cash Flow Statement For the year ended 31 December 2008 Cash Flows from Operating Activities : Cash Receipts from Customers and Others Cash Paid to Suppliers and Employees Cash Generated from Operations Interest Paid Income Tax Paid Net Cash Generated from Operating Activities Cash Flows from Investing Activities : Acquisition of Property.947.945 85.292 (222. 2009 and signed for and on behalf of the Board : A S F Rahman Chairman Salman F Rahman Vice Chairman Ali Nawaz Chief Finance Officer Per our report of even date.717 (2.647.182) 85.641) (460.066.836) 595. Plant and Equipment ( Note : 49) Sales of Shares in Bextex Ltd.928.325 1.910 73.
. Accounting Basis The financial statements have been prepared on the Historical Cost Basis except land. Beximco Infusions Ltd. Compliance with Local Laws and Regulations The financial statements have been prepared in compliance with the requirements of the Companies Act. 5. 1913 as a Public Limited Company. 4. The company was listed with Dhaka Stock Exchange in 1985 and with Chittagong Stock Exchange in 1995 on its debut. Reporting Period The financial period of the company covers one calendar year from 1st January to 31st December consistently. Reporting Currency The financial statements are prepared and presented in Bangladesh Currency (Taka). The shares of the Company are now traded in Dhaka and Chittagong Stock Exchanges of Bangladesh and also in the AIM of the London Stock Exchange. 2009. The industrial units are located at Tongi and Kaliakoir under Gazipur district . Approval of Financial Statements The financial statements were approved by the Board of Directors on 30 April.BEXIMCO PHARMACEUTICALS LIMITED Notes to the Financial Statements As at and For the year ended 31 December 2008 1. Road No.V) Fluids which it sells in the local as well as international markets. and therefore. 2. the company took over. a listed company of the Beximco Group engaged in manufacturing and marketing of intravenous fluids. 3.a close vicinity of the capital city. The registered office of the company is located at House No. Active Pharmaceutical Ingredients (APIs) and life saving Intravenous (I. ANNUAL REPORT 2008 . including International Accounting Standards (IASs). Compliance of International Financial Reporting Standards (IFRSs) The financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRSs). In 2005. under a Scheme of Amalgamation. The company also provides contract manufacturing services. Background Information and Principal Activities Beximco Pharmaceuticals Limited (BPL/ the Company) was incorporated in Bangladesh in 1976 under the Companies Act. do not take into consideration the effect of inflation. All financial information presented have been rounded off to the nearest Taka except where indicated otherwise. 1994: the Securities & Exchange Rules 1987: the Listing Regulations of Dhaka and Chittagong Stock Exchanges and other relevant local laws as applicable. Dhanmondi R/A. The company is engaged in manufacturing and marketing of pharmaceuticals finished Formulation Products. building and plant and machinery. Presentation of Financial Statements The presentation of these financial statements are in accordance with the guidelines provided by IAS 1 : Presentation of Financial Statements. 2. 7. Dhaka. 17. which is the company's functional currency. 6. It commenced its manufacturing operation in 1980. BPL was enlisted with the Alternative Investment Market (AIM) of the London Stock Exchange. 8. Also in 2005.
Accrued Expenses and Other Payables Liabilities for the goods and services received have been accounted for. Related Party Disclosures The company carried out a number of transactions with related parties in the normal course of business and on arm's length basis. For this reason. post balance sheet adjusting events that provide additional information about the company's position at the balance sheet date are reflected in the financial statements and events after the balance sheet date that are not adjusting events are disclosed in the notes when material. other than inventories are reviewed at each reporting date to determine whether there is any indication of impairment. Changes in Accounting Estimates and Errors. Actual results may differ from these estimates. Revisions of accounting estimates are recognized in the period in which the estimate is revised and in any future periods affected as required by IAS 8 : Accounting Policies. 12.9. Financial Instruments Non-derivative financial instruments comprise accounts and other receivables. estimates and assumptions that affect the application of accounting policies and the reported amounts of assets. borrowings and other payables and are shown at transaction cost. liabilities. 13. whereby major classes of gross cash receipts and gross cash payments from operating activities are disclosed. 15. No such indication of impairment has been observed till to date. Payables are not interest bearing and are stated at their nominal value. Risk and Uncertainty For Use of Estimates and judgments The preparation of financial statements in conformity with the IFRSs including IASs require management to make judgments. The cash generated from operating activities has been reported using the Direct Method as prescribed by the Securities and Exchange Rules. income and expenses. and for contingent assets and liabilities that require disclosure. Figures for the year 2007 have been re-arranged wherever considered necessary to ensure better comparability with the current year. 1987 and as the benchmark treatment of IAS 7. during and at the date of the financial statements. The information as required by IAS 24 : Related party Disclosures has been disclosed in a separate note to the accounts. the directors continue to adopt going concern basis in preparing the accounts. 18. If any such indication exists. Events after the Reporting Period In compliance with the requirements of IAS 10 : Events After the Reporting Period. Statement of Cash Flows The Statement of Cash Flow has been prepared in accordance with the requirements of IAS 7: Statement of Cash Flows. 10. Comparative Information and Rearrangement Thereof Comparative information has been disclosed in respect of the year 2007 for all numerical information in the financial statements and also the narrative and descriptive information where it is relevant for understanding of the current year's financial statements. Estimates and underlying assumptions are reviewed on an ongoing basis. 17. 4 ANNUAL REPORT 2008 . the carrying amount of non-financial assets. then the asset's recoverable amount is estimated and impairment losses are recognized in profit and loss account. 16. 11. Going Concern The Company has adequate resources to continue in operation for the foreseeable future. cash and cash equivalents. Impairment In accordance with the provisions of IAS 36 : Impairment of Assets. 14. Segment Reporting No segment reporting is applicable for the company as required by IAS 14 : Segment Reporting as its revenue from external customers and from transactions with internal customers (other segments) is not 10% or more of total revenue of all segments.
Revenue from sales is exclusive of VAT.2. related pre-operational expenses form part of the value of assets capitalized. Net realizable value is based on estimated selling price less any further costs expected to be incurred to make the sale. The cost of inventories comprises of expenditure incurred in the normal course of business in bringing the inventories to their present location and condition. 19.2 Pre-Operating Expenses and Borrowing Costs In respect of major projects involving construction.2. revenue from receipts from customers against sales is recognized when products are dispatched to customers. The cost of acquisition of an asset comprises its purchase price and any directly attributable cost of bringing the assets to its working condition for its intended use inclusive of inward freight. Plant and Equipment.1 Revenue Recognition In compliance with the requirements of IAS 18 : Revenue. the cost and accumulated depreciation are eliminated and gain or loss on such disposal is reflected in the income statement. 19.4 Depreciation on Fixed Assets Depreciation is provided to amortise the cost of the assets after commissioning.2 Property. over the period of their expected useful lives. Cost is determined on weighted average cost basis.3 Inventories Inventories are carried at the lower of cost and net realizable value as prescribed by IAS 2: Inventories. when the significant risk and rewards of ownership have been transferred to the buyer.2.2. that is.3 Disposal of Fixed Assets On disposal of fixed assets. Stock dividend income (Bonus Shares) is not considered as revenue. Depreciation is provided for the period in use of the assets. Depreciation is provided at the following rates on reducing balance basis: Building and Other Construction Plant and Machinery Furniture & Fixtures Transport & Vehicle Office Equipment 5% to 10% 7. 19. ANNUAL REPORT 2008 4 . 19. Expenses capitalized also include applicable borrowing cost considering the requirement of IAS 23: Borrowing Costs.19. which is determined with reference to the net book value of the assets and net sales proceeds.5% to 15% 10% 20% 10% to 15% 19. in accordance with the provisions of IAS 16: Property. Significant Accounting Policies The accounting policies in respect of material items of financial statements set out below have been applied consistently to all periods presented in these financial statements. in transit and with banks on current and deposit accounts which are held and available for use by the company without any restriction. Cash dividend income on investment in shares is recognized on approval of said dividend in the annual general meeting . 19. There is insignificant risk of change in value of the same. recovery of the consideration is probable.4 Cash and Cash Equivalents Cash and cash equivalents include cash in hand. Plant and Equipment.1 Recognition and Measurement This has been stated at cost or revalued amount less accumulated depreciation in compliance with the requirements of IAS 16: Property. and there is no continuing management involvement with the goods. 19. Plant and Equipment 19. duties and non-refundable taxes. the associated costs and possible return of goods can be estimated reliably.
(c) Contribution To Workers' Profit Participation/ Welfare Funds This represents 5% of net profit before tax contributed by the company as per provisions of the Bangladesh Labor Law.5 Income Tax Expense Income tax expense comprises current and deferred tax. The gratuity is calculated on the latest applicable basic pay and is payable at the rate of one month basic pay for every completed year of service. deferred tax income/expenses has been considered to determine net profit after tax and earnings per shares (EPS). The company qualifies as a “Publicly Traded Company”. Though no valuation was done to quantify actuarial liabilities as per the IAS 19 : Employee Benefits.19. cost of assets acquired under finance lease along with related obligation have been accounted for as assets and liabilities respectively of the company. hence the applicable Tax Rate is 27. The company's policy of recognition of deferred tax assets/ liabilities is based on temporary differences (Taxable or deductible) between the carrying amount (Book value) of assets and liabilities for financial reporting purpose and its tax base. such valuation in not likely to yield a result significantly different from the current provision. and accordingly. 4 ANNUAL REPORT 2008 . A deferred tax asset is recognized to the extent that it is probable that future taxable profit will be available against which temporary differences can be utilized. The company's employee benefits includes the following : (a) Defined Contribution Plan This represents recognized contributory provident fund for all its permanent employees. 19. (b) Defined Benefits Plan This represents unfunded gratuity scheme for its permanent employees. Deferred Tax The company has recognized deferred tax using balance sheet method in compliance with the provisions of IAS 12 : Income Taxes. Employees are entitled to gratuity benefit after completion of minimum five years of service in the company.7 Lease Payment Lease payments made under finance leases are apportioned between the finance expenses and the reduction of the outstanding liability.6 Lease Assets In compliance with the IAS 17 : Leases.50%. and the interest element has been charged as expenses. (d) Insurance Scheme Employees of the company are covered under group life insurance scheme. 19. Current Tax Current tax is the expected tax payable on the taxable income for the year. 19. Assets of provident fund are held in a separate trustee administered fund as per the relevant rules and is funded by contributions from both the employees and the company at pre-determined rates. The cost of employee benefits are charged off as revenue expenditure in the period to which the contributions relate. 2006 and is payable to workers as defined in the said scheme. Income tax expense is recognized in profit and loss account and accounted for in accordance with the requirements of IAS 12 : Income Tax. and any adjustment to tax payable in respect of previous years.8 Employee Benefits The company has accounted for and disclosed of employee benefits in compliance with the provisions of IAS 19: Employee Benefits. Deferred tax assets are reviewed at each reporting date and reduced to the extent that it is no longer probable that the related tax benefit will be realized.
in computing the Basic EPS of 2008.9 Share Premium The Share Premium shall be utilized in accordance with the provisions of the Companies Act. 19. of Shares Outstanding during the year 2008. that the bonus Shares are issued to the existing shareholders without any consideration.12 Earnings Per Share (EPS) This has been calculated in compliance with the requirements of IAS 33 : Earnings Per Share by dividing the basic earnings by the weighted average number of ordinary shares outstanding during the year. 1984.2000 ANNUAL REPORT 2008 1 US Dollar $ 4 . 69. of shares including the said bonus shares has been considered as the Weighted Average No.11 Proposed Dividend The amount of proposed dividend has not been accounted for but disclosed in the notes to the accounts along with dividend per share in accordance with the requirements of the Para 125 of International Accounting Standard (IAS) 1: Presentation of Financial Statements. Exchange differences are charged off as revenue expenditure in compliance with the provisions of IAS 21 : The Effects of Changes in Foreign Exchange Rates. the proposed dividend has not been considered as “Liability” in accordance with the requirements of the Para 12 & 13 of International Accounting Standard (IAS) 10: Events After The Reporting Period.19. 19. the number of shares outstanding in increased without an increase in resources generating new earnings. and therefore. Weighted Average Number of Ordinary Shares Outstanding during the year Current Year (2008) The Bonus Shares issued during the year 2008 were treated as if they always had been in issue. The monetary assets and liabilities. if any. The logic behind this basis. tax holiday reserve being no longer required are released and transferred to retained earnings. Basic Earnings This represents earnings for the year attributable to ordinary shareholders. minority interest or extra ordinary items. denominated in foreign currencies at the balance sheet date are translated at the applicable rates of exchanges ruling at that date. because no obligation exists at the time of approval of accounts and recommendation of dividend by the Board of Directors. and accordingly. As there was no preference dividend. As the tax holiday expired. Earlier Year (2007) The number of shares outstanding before the bonus issue has been adjusted for the proportionate change in the number of shares outstanding as if the bonus issue had occurred at the beginning of the earliest period reported (2007). 19. Hence. The basis of computation of number of shares as states above is in line with the provisions of IAS 33 “ Earning Per Share “. the net profit after tax for the year has been considered as fully attributable to the ordinary shareholders. in calculating the adjusted EPS of 2007.10 Tax Holiday Reserve This was created out of profit of units enjoying tax holiday status to invest in the same undertaking or in any new industrial undertaking or in stocks and shares of listed companies or in government bonds or securities or for other purposes as required by the Income Tax Ordinance. Diluted Earnings Per Share No diluted EPS is required to be calculated for the year as there was no scope for dilution during the year under review. The rates of relevant foreign exchanges at year end are : 2008 = Tk. 19. 1994 and as directed by the Securities and Exchange Commission in this respect. as stated in the said IAS is.4500 2007 69.13 Foreign Currency Transactions Foreign currency transactions are recorded at the applicable rates of exchange ruling at the transaction date. Also. the total no. the total number of shares including the subsequent bonus issue in 2008 has been considered as the Weighted Average number of Shares Outstanding during the year 2007.
094.502.395) (201.916 450.094.442.345 1.040 2.527 171.638.463.721. Land Total 1.747 Tk.020.098) 89.095.433.580.551 1. Tk. Such revaluation has resulted into a revaluation surplus aggregating Tk.399 1.045 937.345 1. 2008 Net Book Value 31 December.246) (586. Plant and Equipment .655 408.072.299 1.449 6.537.968.638.239 49.087.921.395 36.305 (47.897.856 41.020.344 (137.662.713.655.317. Revaluation Surplus .772 800.826.711. Capital Work in Progress is arrived at as follows : Opening Balance Addition during the year Transferred & Capitalized Land Building and Other Constructions Plant & Machinery Office Equipment 2008 6.236.940) 34.711.921.20 (a).737 89.788.669.433. following "Current cost method".364.502.441 126.246 1.547 36.038) 1.084.F. Chartered Accountants and valuers have revalued the land.003.281.960.395) 5.236.580.928. 757.826.930 586.468.830.040) (5. 3.379.060.143. 2007 Additions during the year Transferred & Capitalized Disposal during the year Cost at 31 December.183.934.547 - 81.540 at current cost and Tk. 44 ANNUAL REPORT 2008 .639.327.501.739 147.113 6. 2007 Depreciation during the year Adjustment for assets disposed off Accumulated Depreciation at 31 December.174.506.242.983 20.050.472 1.212.783.523.050.520 4.747.602 6.416 273. Property.803.672 - 1.276.465) (20.676 4.095.047.070 570.662.Tk.852 at depreciated current cost.590. Tk.954.395) 125.188.571 228.895 540.095 11.395 201.913 632. 665.472. 11.585. building and plant & machinery of the Company as of 31 December 2008.402 814.218 20 (b).252.071.209 65.902.068.442.087.655.894 36.218 731.697 Building and Other Constructions Plant and Machinery Furniture and Fixtures Transport and Vehicle Office Equipment Particulars Cost At 31 December.027 81.174.448.465 (897.000 971.385 1.460.784 238.818) (25.427 79.675.697 Assets include lease hold assets of Tk.642.146.968. 2008 Accumulated Depreciation At 31 December.855 1.442.529 4. 6.328 (150.346.126) (112.560 (814.060 5. 1.813 13.672 5.250.961 1.830.120.528 (721.711.417.063.Tk.848 81.094.174.308.707.550 (747.852.308) 6.745.113.273.072.376.342 7.151.000) 71.027 - 144.407.597.784) Tk. 1.277.281.035 157. 2008 at Current Cost Capital Work in Progress Carrying Value as on 31 December.364.829 (769.400.095 2007 5.450.114 9.355.687. Tk.095.747 S. 2008 at Historical Cost Revaluation Surplus Net Book Value 31 December. 2008 Tk.424.544 36. Ahmed & Co.530 3.658 30.434 858.
495 (on 31-12-2007 Tk.920.537 182. Accounts Receivable .090 10. 27.530.701. Inventories . This also includes Tk.570 178.701.438.916. 427.684 1.288.814 67. managers and other officers of the company and any of them severally or jointly with any other person.090 2007 25.386.90 ( on 30-12-07 Tk.926.219 3. 19. Spares & Supplies .90) in the Dhaka Stock Exchange Ltd.092.743.000 1. 24.00) in the Chittagong Stock Exchange Ltd. as on 30 December.958 18. 2008 25.779 554.80 ( on 30-12-07 Tk.853 23.288.268.000.571.1.024.338.125.520.101 206.701.093 331.613 ( on 31-12-2007 Tk. the local distributor of the pharmaceutical products of the Company and a "Related Party".090 This Consists of : a) 3.000 36.999.604.326 131.328.701.811.014 on 30-06-08 (on 28-06-07 Tk.349 Tk.701.162.Tk.152. No amount was due from the directors.21.000.608. The maximum amount due from that company during the year was Tk.000 36.093 This consists of as follows : Finished Goods Work in Process Raw Material Packing Material Laboratory Chemical Physician Sample Raw & Packing Material in Transit 358.401 This is unsecured.037.498 171.090 The shares of the Bextex Limited are listed in the Dhaka and Chittagong Stock Exchanges.197) due from I & I Services Ltd. 10 each of Bextex Limited (former Padma Textile Mills Ltd. Investment in Shares .958 49.554 2. ANNUAL REPORT 2008 4 .130). 163.000.326 This consists of as follows : Spares & Accessories Stock of Stationery Literature & Promotional Material Tk. and Tk.Tk.719.Tk.796 equivalent to US $ 399.991 Shares of Tk.000.187 4. managing agent. (CDBL) Tk. 100 each c) 1 Share of Tk. 566. 1.413. 1. 22. The market value of each share of Bextex Ltd.645) against export sales. 503.470.049 24. 450.000.683.530.505. 23.010. 18.000 each of Central Depository Bangladesh Ltd.647. considered good and is falling due within one year.397.634 2. of Tk.505. 23. 405.000 1.433 607..039.673.749 188.090 10.294 187.Tk. This includes receivable of Tk.636 equivalent to US$ 356.325 234.214 142.242 23.) b) 100.000 Shares of BPL Power Company Ltd.643. 234. 2008 was Tk. 36.
Loans.698.577. 10/.579 991.912 1.728 84.060.each Tk.402.043 on 31.704 125.500 1.836 544. 26.470 59.750 Ordinary Shares (2007: 51.500 682.000 2.096 26.303 62.each fully paid-up in cash 68.660.747 Shares Tk.910 27.25.958 103.430 114.392 17.070.487 15.500 567. except as stated above.892 68.557 685.043 11. 544.400 85. 517.296. 73.510 1.145.547.650 15.500 1.each 5.each issued in Exchange of Shares of Beximco Infusions Ltd.763 15.Tk.295.600.121 75.000. 1.470 This represents : Authorized : 200.535. Cash and Cash Equivalents .259.747 Amount in Taka 1.267 56.800. 125.732. (c) No amount was due from any related party.361 130. (b) No amount was due from the directors.924.757.043) of Tk.2008.612.307.332.957.946 44.46.957.649.341 1.922.214.171.1245 196.359 79.927. managers and other officers of the company and any of them severally or jointly with any other person. managing agent. considered good and consists of as follows : Clearing & Forwarding VAT Claim Receivable Security Deposit & Earnest Money Lease Deposit Capital Expenditure/ Project Expenses Bank Guarantee Margin Advance against Salary Rent Advance Motor Cycle Raw & Packing Material Others Tk.458.747 Bonus Shares (2007: 56. 72.153.259.Tk.401 341. Transit & Bank (b) Imprest Cash Tk.512.Tk.331 158.111.465 (a) The maximum amount due from the officers during the year was Tk.149 73.250 Shares of Tk.106 2007 15. 10/.470 4 ANNUAL REPORT 2008 .888 25.000. Issued Share Capital .320 49.509.647.430 The movement of issued shares during the year 2008 is as follows : (a) Balance as on 01-01-2008 Bonus Share issued as dividend of 2007 Balance as on 31-12-2008 Number of Shares 114.908.470 517.214.656.509. 10/.044.468.450.070.000.793.568 19.951.10.106 This is unsecured. 2.592.500. Subscribed and Paid-up : 51.577.483. 10/.775.647.430 59.577.775.000.728 This consists of as follows : (a) Cash in Hand.507.672.414 27.512.259.750) of Tk.507.000 Ordinary Shares of Tk.040 1.000. Advances and Deposits .492 189. 2008 13.780.936.921 15.000 Issued.757.
001 to 10.000 100.689.507..844.079 35.231 0.38% 3. 151.06% 1.001 to 30.040 34.25% 3.63 28.000 5.175.093 0.822.000.154 802. On the last working day of the year.03% 505.303 1.11% 1.792 70.201 541 204 60 30 18 32 38 14 53.67 100.205.000 50.677 272. of Shareholders 2008 53.139.26% 2.533 114.65 100.23% 100.56% 1.267.556 2007 42.636.303.244.000 40.25 34. Printing. No.082 0.942.33% 6. each share was quoted at Tk.01% 11.050 125.00% 3.02% 100.569. 167.46% 3.08% 0.54% 0.112 2.980.03% 77.656 2.Tk.630 39. 58. 59.37).950. of shares 23.812.273 100.702 1.686. of Shares 2008 2007 5.219 12..60% 11.07% 0. 2. UK & others Fees & expenses for Depository .45% 0.70% 1.000 30. of shares 25.508 3.48% 1.076.93% 0. 167.121.958 This represents the issue price of 28.227.05% 0. Tk.835.00% 4.49 10.493 12.399 51.26% 0.30) in the Chittagong Stock Exchange Ltd.13 in London Stock Exchange (in 2007 GBP 0.00% 79.312.00% 125.57% 61.51% 61.07% 14.94% 11. Chittagong and London Stock Exchanges.448 114.695.168.881.007 9.001 to 100.00% 17.001 to 1.507.000.852 39.000 Over 1.Bank of New York.792 3.747 % 20.957.241 0.080.596 1.001 to 50.03% 2.215.295.165 38.36% 0.45 11.63 33.670 net off face value of underlying shares against GDRs and following GDR issue expenses : Fees & Expenses for Libertas Capital ( Issue Manager / Nominated Advisor ) Expenses for accounting / management due diligence by Ernst & Young .001 to 40.892 % of Shareholders 2008 2007 81.93% 14.12% 0.02% 0.001 to 20.175.607 0.043 % 20.40% 2. Excess of Issue Price over Face Value of GDRs .168.981.48% 11.889.94% 0.754 10.334 0.934.(b) Composition of Shareholding : Sponsors Foreign Investors ICB including ICB Investors Account General Public and Institutions 2008 No.350 32.747 28.00 2007 No.729.437. 1.786 0.925 13.619.70 (in 2007 Tk.00 (c) Distribution Schedule : Range of Holdings In number of shares 1 to 499 500 to 5.702.750 GDRs at Tk.000 20.098 11.957.000 10.00% No.797 18.23 40.882. Publication and other listing related expenses Road show & other expenses Tk.90 (in 2007 Tk.120. UK Fees & expenses for legal due diligence by Jones day.448 541 234 79 34 11 46 50 15 65.043 % of Share Capital 2008 2007 5.83% 0.212 ANNUAL REPORT 2008 4 .000 Total (d) Market Price : The shares are listed in Dhaka.85% 100.06% 3.90) in the Dhaka Stock Exchange Ltd. and GBP 0.866 13.
113 1.419. (b) Loan from Workers' Profit Participation/Welfare Funds Tk.610 4 ANNUAL REPORT 2008 .748 112.449.920. This Loan is secured against : (i) First (registered mortgage) charge on paripassu basis with the participating banks on 1.347 (9.395.828 78.Tk.354.446.354.664 35.497) 442.953) - 2007 394. Long Term Borrowing .778 31. Tax-Holiday Reserve . Rupali Bank and United Commercial Bank Ltd.446.154. 1. is repayable in quarterly installments ending by 2012.Tk.151.600.718. (a) Project Loan This loan was sanctioned under the consortium arrangement of Janata Bank. (iii) This Loan.253 This consists of payable to the permanent employees at the time of separation from the company and Loan from Workers' Profit Participation/Welfare Funds as detailed below : (a) Gratuity Payable Opening Balance Provided during the year Paid during the year Tk. 102. 1.229. Nil This is arrived at as follows : Opening Balance Add: Provided during the year Less : Transfered to Retained Earning (as no longer required) Tk.953 (442.219.599 17. 274.000 125. and (ii) First paripassu charge by way of hypothecation on all assets of the company both present and future.354.500 This Consists of : (a) Project Loan (b) Interest and PAD Block (c ) Obligation Under Finance Leases Tk. (b) Interest and PAD Block This represents blocked PAD and blocked interest of Janata Bank to be paid in quarterly/monthly installments ending latest by 30-04-2011.953 30.622 (30.836.918) 102.5% to 14% per annum.429 (10.846 143.810.904.500 1.558.112.Net off Current Maturity (Secured) . 2008 442.904) 115.634. Aushpara of Gazipur.639 1.460.419.429 144.834.600.181 246.598.728 274.541 11.113.444.29.429 23.Tk. carrying interest at 12. Agrani Bank. Liability for Gratuity & WPPF . Sonali Bank.292.950.253 94.475 223.82 decimals of land along with the building and other construction to be built thereon at Kathaldia.704.525 159.444. Janata Bank is the lead bank to the consortium.776.516.305. for the US FDA standard oral solid dosages facility of the company.260.
32.461.351. Creditors and other Payables .718 3.084 648.118 36.355 159.880 149. 479.972.411.Tk.006.716. and falling due within one year.Tk.822 112.841 This consists of as follows and is payable within next twelve months from the Balance Sheet date : Project Loan Interest & PAD Block Obligation under Finance Leases Tk.068.368.351.276 TThis is arrived at as follows : Opening Balance Deferred Tax (Income)/Expense for the year (Note : 47) Tk.570.969 33.070.487.143 343.411.933 221.814.027. 58.822 This consists of : Goods & Services Provident Fund Capital Expenditure Advance Against Export Others Tk.969 (4.739 ANNUAL REPORT 2008 4 .382.217 35. Short Term Borrowings .165.693) 46.269. These are unsecured.227 149.051.227 This represents : (a) Janata Bank : Cash Credit-Pledge Cash Credit-Hypothecation PAD Citibank NA Standard Chartered Bank IPDC Loan From Beximco Holdings Ltd.499 3.403.305.450 This is unsecured.050 81. 81.165.983.000 25.922 50.582.058.658.276 62.668 1. falling due within one year and consists of as follows : For expenses Workers' Profit Participation/ Welfare Funds (current year's provision) Tk.531 666.458 (11.199.Tk.706.327 34.000 907.776.371 271.776 191.940. 51.450 40. 1. Tk.666.101.856 19. 46.176. 263.051. 46.459 9.478.461.757 143.000 32.415 41.489) 51. 648.029.883 60.551 8.033 39.325 1.723.025. Accrued Expenses .717 263. Long Term Borrowing-Current Maturity .129 960.020.052.776.Tk.824 5.176.013.000.279 2.018.604.400 35.079) 50.498 35.326 (15. Deferred Tax Liability .841 152.682.Tk.142.666.705. (b) (c) (d) (e) 155.
510 170.438.364. ANNUAL REPORT 2008 40 41 142.290.633.438.680.162) 2.930 38.501.894.464 Tk.743.267 960. Liquid & Inhalation Formulations Basic Chemicals IV Fluids Pcs Kg.030.870.360 (71.768.639 10.705.151 24.710 2.167 2.565.037 3.779) 2. 144.303. 41.214) 2.777.937.433 1.996 9.752.406 (171.171.438.587.958.037.184 57.741.059 This represents net sales and consists of as follows : Local Sales Export Sales-US$ 2.288 (331.647.863 1.084 (in 2007 US$ 1.003.010.078 358.827 414.080.036.486.099) 1.102.790 6.322) Tk.937.302 1. Liquid & Inhalation Formulations IV Fluids Basic Chemicals Pcs Bottles Kg.498 .47) Tax paid (including Advance Income Tax) during the year Tk.059 3.278 73.359 16.396.400.187.661.Tk.720.627 331.871.941. Income Tax Payable .Tk.975 Unit Pcs Bottles Quantity 312.597. Item wise quantity and value of Finished Goods Stock are as follows : Item Stock as on 01-01-08 Solid.167.509.010.002.462 (32.354.343 (39.263 418.433) 1.430 215.040 6.603.071 3.781 23.277.148.077. Liquid & Inhalation Formulations IV Fluids Stock as on 31-12-08 Solid.812 39.448.930.313.961.179.201 3. Bottles 2.002.063 331.630 Tk.024.181 This is made-up as follows : Notes Work-in-Process (Opening) Materials Consumed Factory Overhead Work-in-Process (Closing) COST OF PRODUCTION Finished Goods (Opening) Finished Goods available Finished Goods (Closing) Cost of Physician Sample Tk. Value 307.871.214 323.214 2.743.074 (36.293.751.392.929 26.474.Tk.967.010.841 (358. Cost of Goods Sold .549 4.010.563.771 2.240.001) 144.077. 4. 435.870.713.950 (142.335.633.272.517 398.775 122.042.498) 2.359 This is arrived at as follows : Opening Balance Tax provided (Note .069.37.481. Sales represent : Solid.930 173.956 1.167.532) 41.181 178. Net Sales Revenue . 2.839.276.
all the factory employees received annual salary and allowances of Tk.392.930.779.653.783 130.114. (b) In 2008.304 210.187. 2.468 17.921 5.515 405.876.220.292 5.908 (in 2007 Tk.628. (d) Other expenses does not include any item exceeding 1% of total revenue.765. (c) The value of imported stores and spares consumed is Tk. Materials Consumed .000 and above.263 This is made-up as follows : Opening Stock Purchase Closing Stock Tk.239.706 290.780 1.030.288 (745.490.889.626.12. 36.187.666.997 8.408.411.964.628 1.540 (798.059.710 164. ANNUAL REPORT 2008 .680.392.025 2.341. 2.459.030.326.408 138.369 4.263 825.Tk.167 (a) Salary and allowances include Company's Contribution to provident fund of Tk.192 243.Net Electricity.015.240.608 418.40.600 8.370 (in 2007 Tk.993.324 51.985 14. 1.948 14.486. 178.577.401 3.132. 798.103 1.917.504).Tk.680.633.683.710 This consists of as follows : Salary & Allowances Repairs & Maintenance Insurance Premium Municipal Tax & Land Revenue Advertisement & Subscription Traveling & Conveyance Entertainment Research and Development Printing & Stationery Telephone & Postage Toll Charge/ (income) .281) is included in repairs & maintenance.889.532 95. 418.122.432 3. 14. Factory Overhead .576.353.827 41.341 1.708 2.746.521. Gas & Water Other Expenses Depreciation Tk.988 52.366) 1.707 414.267 19.078 1.341) 1.436 1.739.
300.246.930 22.086 18.590.764 8. Selling.590. Insurance & C&F Expense Delivery Commission Depreciation Other Expenses Tk.693 1.760.354 (in 2007 Tk.406 15.784.565 1.813 3. (b) In 2008.787. (c) Delivery commission represents 3% of local sales of Formulation & IV Fluids which has been paid to the I & I Services Ltd.948 1.025.868 9. Gas & Water Legal & Consultancy Fee AGM. 36..156. 2.936 5. 43.159.591 6.026 144.466.125 8.264 829.275.505.434.696 10.243 This consists of as follows : Salary & Allowances Rent Expenses Repairs & Maintenance Donation & Subscription Traveling & Conveyance Entertainment Printing & Stationery Auditors' Remuneration Telephone & Postage Electricity. Gas & Water Market Research & New Products Training & Conference Sample Expenses Promotional Expenses Literature/News Letter Export Freight.066 10.538.560. Marketing and Distribution Expenses .163).434 88.796 12.147.036.189.687).064 (in 2007 Tk.739 2.841 2.701 13.093.267.921.064 9.500 3.235 138.464.278.544.570 47.353 153.032 145.716.332. ANNUAL REPORT 2008 . 7.457 10. (b) In 2008.132 106.295. all the employees of Administrative and General Management received annual salary and allowances of Tk.078 8.735 2. marketing and distribution received annual salary and allowances of Tk.696.540. 36.179 1.989 (a) Salary and allowances include provident fund contribution of Tk 9.903 14.068.605 477.093 855.944.302.503. all the employees related to selling.151.738 45.705 53.609 5.Tk.083.719.887.120 21.515 1.948 5. 855.701 (a) Salary and allowances include provident fund contribution of Tk.787 This consists of as follows : Salary & Allowances Rent Expenses Repairs & Maintenance Traveling & Conveyance Entertainment Printing & Stationery Telephone & Postage Electricity.995 7.618 12.283.344 58. 291.243 76.148.905 3. Administrative Expenses .Tk.412.750 3.200.732 95.762 7.000 10.167.723.305.943 365.106.503.Company Secretarial Expenses and Regulatory Fees Other Expenses Training Depreciation Tk.038 7.344 7.689 738.688. (c) Auditors' remuneration represents audit fee including VAT for auditing the accounts for the year 2008.878 522.998.570 6.498.42.287.988 663.087 114. 2.000 and above.918 11.000 and above.882 20.787 267.620.070.059. the local distributor of the company and a related party.391 9.180.330.036.433. 153.506.769 1.191.730 8.464.563.441. 84.896.180.628 14.952.005.265.900 106.
Tk.609.e.80 Tk. Other Income . 49. Plant and Equipment .510 15.612 254.397.. 47.920.779.298 This is arrived at as follows : Interest on Cash Credit and others Interest on loan from PF and WPP/Welfare Fund Tk. The nature of transactions and their total value is shown below : Name of Related Parties (a) (b) (c) (d) I & I Services Ltd. 178.591 249.341. 753.135.737 This consists of as follows : (i) Current Tax for the year under review (ii) Deferred Tax (Income)/Expense (Note 19. Beximco Group.940.) accounts Gain on Sale of shares in Bextex Ltd.241 This is net of Interest During Construction Period (IDCP) amounting Tk.267 (66. Finance Cost .747 4.Tk. ANNUAL REPORT 2008 .747 2.720. Contribution To Workers' Profit Participation / Welfare Funds .707 35.503 (in 2007 Tk.229 114.757) 686.957.183.661. 173.180.051.51) Tk.448.066.706.5) Tk.067.44.362.822.Tk. Related Party Disclosures : The Company carried out a number of transactions with related parties in the normal course of business and on arms length basis. 1.180.278 (11.780 32.737 57.654. 50.668 Nature of Relationship : The Company and the parties are subject to common control from same source i. 214. Nature of Transactions (a) Local Delivery (b) Delivery Commission (c) Internet Bill (d) Short Term Borrowing Value of Transaction in 2008 4.625.668 Balance at year end 405.957.696 1.C. Income Tax Expenses . 686.Tk.613 221.050 This represents 5% of net profit before tax after charging the contribution as per provisions of the Bangladesh Labour law-2006.001) 4. Bangladesh Online Ltd.789 48.878 125.157 221. 35. 545. 168.575 71. Earnings Per Share (EPS) : (a) Earnings attributable to the Ordinary Shareholders ( Net profit after Tax) (b) Weighted average number of Ordinary Shares outstanding during the year Earnings Per Share (EPS) (Adjusted EPS of 2007) Tk.510 This is arrived at as follows : Interest Income Exchange gain (loss) on retention quota (F.207 19.654.Tk.298 222.430 (4.273 125. (Loss) / Profit on Sale of Fixed Assets (Note .779. Beximco Holdings Ltd.392 46. I & I Services Ltd.160.014 (63.446.006.795 45.018).33 353.006.581.587. Acquisition of Property.489) 46.445. 249.693) 168.742.169.
774 36 10 Excess/(Shortfall) 2008 629 (5) (8) 2007 32 (3) (4) 54.050 9.395 897.D. Payment/Perquisites to Directors and Managers : (a) The aggregate amounts paid to/ provided for the Directors & Managers of the company is disclosed below : Remuneration Gratuity Contribution to Provident Fund Bonus Transport Medical Telephone Electricity.742 39 14 Actual Production 2008 2.V.395 47.302.160 2.941 2.479 Tk.596 2. 53.876.132.357 40. 4 ANNUAL REPORT 2008 .592.160. 150.969.405 3.Upto 31-12-07 W.184.633 35.742 39 14 2007 1.979.025 2.253.874 2.967. (c) No amount of money was expended by the company for compensating any member of the board for special services rendered.060 26.757) Negociation Tender Mr.098 769. Production Capacity. Gas & Water Total 40.038 102.842.371 34 6 2007 1.551 72.810 13.110.000 747.697) (66.000 21.297 128.Tube & Cans (in million pcs) Bottle-IV (in million pcs) 2008 1.179 2.788. Capital Expenditure Commitment : There was no capital expenditure contracted but not incurred or provided for at 31 December 2008.940 721. Sadequl Islam - 52.600 61.984 4.284 2.518 62.524.160.600 (62. (d) No board meeting attendance fee was paid to the directors of the company. Actual Production in 2008 : Production Capacity Unit Tablet & Capsule (in million pcs) Bottle.51. Particulars of Disposal of Property. (b) No compensation was allowed by the company to the Directors of the company.453. as on 31-12-07 Sales Price Profit/ (Loss) Mode of Disposal Name of the Parties Furniture Transport & Vehicle Total Tk.886 5.604.719.060) (4.925 3. Plant and Equipment : The following assets were disposed off during the year ended 31-12-08 : Particulars of Assets Cost Dep.924 2.
technical expert and professional advisory fee.273. interest and dividend was earned or received in foreign currency. Commission / Brokerage to selling agent : No commission was incurred or paid to any sales agent nor any brokerage or discount other than conventional trade discount was incurred or paid against sales. Equipments & Spares Import of Raw & Packing material Regulatory fees & other expenses 1. 58. 59.342. Un-availed Credit Facilities : There is no credit facilities available to the company under any contract.316.322). 13.501. ANNUAL REPORT 2008 .706. other than trade credit available in the ordinary course of business and not availed of as on 31-12-2008. 2008. Foreign Exchange Earned : (a) Export Sales of US$ 2.084 (in 2007 US$ 1. Finance Lease Commitment : At 31December.395.432. Claim not Acknowledged as Debt : There was no claim against the company not acknowledged as debt as on 31-12-08.326 18. (b) No other income including royalty. interest. Dividend Paid to the Non-resident Shareholders in 2008 : (i) Dividend for 2007 was approved on 21 August.113 Tk. (ii) Dividend of Tk.501. Payments Made in Foreign Currency : Foreign Currency (Equivalent US$) Import of Machinery.954 Taka 95.197 56.487.55.053 was paid to 13 non-resident shareholders against 33.734 No other expenses including royalty.777.201 41.084 11. technical assistance and professional advisory fee. 36. 60.219.815. the company had annual commitment under finance leases as set out below : Leases expiring within 1 year Leases expiring within 2-5 years (inclusive) 25.632 shares held by them. was incurred or paid in foreign currencies except as stated above.295 603. (iii) No dividend was remitted in foreign currency but paid in local currency to their local custodian banks. 61.752. 57. etc. dividend for 2007 was paid in 2008.336 1. 2008 and therefore.
no circumstances have arisen since the balance sheet date which would require adjustment to. 2. (b) Except the fact stated above. a member of Beximco Group.200 (Yen 2. Events After The Reporting Period : Following events have occurred since the Balance Sheet date: (a) The directors recommended 10% cash dividend and 20% Stock dividend (Bonus Share).693.127.000) for third party corporate gurantee issued to Marubeni Corporation. 63. A S F Rahman Chairman Salman F Rahman Vice Chairman Ali Nawaz Chief Finance Officer Dhaka 30 April.280. the financial statements or notes thereto.62. The dividend proposal is subject to shareholders' approval at the forthcoming annual general meeting. 2009 ANNUAL REPORT 2008 . Tokyo in favor of Bextex Limited.691. or disclosure in. Contingent Liability : The company has a contingent liability to the extent of Tk.
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 reading from where you left off, or restart the preview.