“Beximco Pharma aspires to become a nationally admired and
globally reputed generic pharmaceutical company, committed to
enhancing human health and life.”
Annual Report 2010
Beximco Group Mission
Each of our activities must benefit and add value to the
common wealth of our society. We firmly believe that, in the
final analysis we are accountable to each of the constituents
with whom we interact, namely: our employees, our
customers, our business associates, our fellow citizens and
our shareholders.
Beximco Pharmaceuticals Ltd.
Contents
Overview
About the Company ....................................................................................................................................................................
Our Story .......................................................................................................................................................................................
Corporate Directories ................................................................................................................................................................
Managing Director’s Message .....................................................................................................................................................
2010 Highlights ............................................................................................................................................................................
Adding Value to Life
Products .......................................................................................................................................................................................
Our People ....................................................................................................................................................................................
Manufacturing Capabilities .......................................................................................................................................................
Regulatory Approvals .................................................................................................................................................................
R&D .................................................................................................................................................................................................
Global Footprint ...........................................................................................................................................................................
Corporate Citizenship ................................................................................................................................................................
Strong Relationships ....................................................................................................................................................................
Post Balance Sheet Developments ...........................................................................................................................................
Governance
Notice of the Thirty-Fifth Annual General Meeting ............................................................................................................
Chairman’s Statement..................................................................................................................................................................
Report of the Directors to the Shareholders........................................................................................................................
Corporate Governance Compliance Report ........................................................................................................................
Key Operating and Financial Data ............................................................................................................................................
Shareholders’ Meeting .................................................................................................................................................................
Value Added Statement ...............................................................................................................................................................
Financial Results
Auditors’ Report to the Shareholders ...................................................................................................................................
Statement of Financial Position .................................................................................................................................................
Statement of Comprehensive Income .....................................................................................................................................
Statement of Changes in Equity ................................................................................................................................................
Statement of Cash Flows ...........................................................................................................................................................
Notes to the Financial Statements ..........................................................................................................................................
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Annual Report 2010
Beximco Pharmaceuticals Ltd.
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About the Company
Beximco Pharmaceuticals Ltd., commonly known as Beximco Pharma or BPL, is a leading manufacturer and exporter of
finished formulations and active pharmaceutical ingredients (APIs) in Bangladesh. Beximco Pharma is the flagship company of
Beximco Group, the largest private sector industrial conglomerate in Bangladesh, and remains the only Bangladeshi company
with an AIM listing on the London Stock Exchange.
The company employs more than 2,500 people and is widely acclaimed for its skilled and talented workforce. Its state-of-the-
art manufacturing facilities have been certified by the global regulatory bodies such as TGA (Australia), GCC (Gulf Council),
ANVISA (Brazil) and INVIMA (Colombia).
Today Beximco Pharma is building its presence across five continents and is the only Bangladeshi company to market
pharmaceutical products in the USA. The company has a visible and growing presence in emerging markets, including Malaysia,
Kenya, Singapore, Myanmar, Sri Lanka, Nepal, Nigeria and the Philippines. Moreover, it has received the National Export Trophy
(Gold) on three separate occasions for its outstanding contributions to the country’s pharmaceuticals export.
We’ve built Beximco Pharma into one of the most trusted
pharmaceutical companies in the country by delivering
solid returns to our shareholders, and helping patients with
life-altering conditions so that they may live their lives to the
fullest.
Annual Report 2010
5
Beximco Pharmaceuticals Ltd.
6
Our Story
Beximco Pharma started its journey back in the 1970’s. Today the company has grown to become one of the largest exporters of
medicines in the country; employing over 2,500 people and expanding its presence across many regions of the world.
Let’s take a look at Beximco Pharma’s milestones along the way ...
2010
2009
2008
2007
2006
2005
2003
2001
2000
1996
1993
1992
1985
1983
1980
1976
: The only pharmaceutical company in Bangladesh to enter the US market through the acquisition of an
Abbreviated New Drug Application (ANDA) for a product;
Received GMP Accreditation from INVIMA, Colombia
: Only Bangladeshi company to receive GMP Certification from ANVISA, Brazil;
ION unit was launched for producing injectables, ophthalmics and nebulizer solutions
: First Bangladeshi company to receive GMP Clearance from Therapeutic Goods Administration (TGA) Australia, and
Gulf Central Committee for Drug Registration, for GCC states;
Technology transfer arrangement to manufacture Roche’s ARV drug Saquinavir
: Oral Solid Dosage facility was commissioned according to US FDA standards
: Launched CFC free HFA inhalers for the first time in Bangladesh
: Only company in Bangladesh to be listed on the Alternative Investment Market (AIM) of London Stock Exchange (LSE)
through issuance of GDRs
: First and only company to introduce anti-retroviral (ARV) drugs in Bangladesh
: First and only Bangladeshi company to enter Singapore, one of the most regulated markets in Asia
: Only company to achieve ‘National Export Trophy (Gold)’ for the third time
: IV unit (former Beximco Infusions Ltd.) received ISO 9001 Certification from TUV-Cert, Germany
: Russia became the first export destination for formulation products
: Export operation started with APIs
: Listed on Dhaka Stock Exchange
: Launched its own formulation brands
: Started manufacturing products of Bayer AG, Germany and Upjohn Inc., USA, under license agreements
: Company incorporated
We have come a long way; but the journey only gets better …
Annual Report 2010
7
Corporate Directories
A S F RAhmAn
Chairman
SAlmAn F RAhmAn
Vice Chairman
The Board of Directors
A S F Rahman
Salman F Rahman
nazmul hassan mP
Iqbal Ahmed
mohammad Abul Qasem
Osman Kaiser Chowdhury
Abu Bakar Siddiqur Rahman
Advocate Ahsanul Karim
Dr. Abdul Alim Khan
Company Secretary
Md. Asad Ullah, FCS
Chairman
Vice Chairman
Managing Director
Director
Director
Director
Director
Director
Independent Director
Beximco Pharmaceuticals Ltd.
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management Committee
Nazmul Hassan MP
Managing Director
Osman Kaiser Chowdhury
Member of the Board of Directors
Rabbur Reza
Chief Operating Officer
Ali Nawaz
Chief Financial Officer
Afsar Uddin Ahmed
Director, Commercial
Lutfur Rahman
Director, Manufacturing
Zakaria Seraj Chowdhury
Director, International Marketing
A R M Zahidur Rahman
Executive Director, Production
Shamim Momtaz
Executive Director, Manufacturing
Mohd. Tahir Siddique
Executive Director, Quality
Jamal Ahmed Choudhury
Executive Director, Accounts & Finance
Executive Committee
Osman Kaiser Chowdhury
nazmul hassan mP
Rabbur Reza
Ali nawaz
Afsar Uddin Ahmed
Member of the Board of Directors
Managing Director
Chief Operating Officer
Chief Financial Officer
Director, Commercial
Annual Report 2010
9
nAzmUl hASSAn mP
Managing Director
Beximco Pharmaceuticals Ltd.
10
Managing Director’s Message
2010 was a successful year for Beximco Pharma. The company’s
performance in the year clearly demonstrates that we are
well on the way to achieving the challenging goals we set for
ourselves, and that our people remain focused on delivering
outstanding results. 2010 was, in many ways, an important and
defining year as we move forward with achieving our aspiration
to become one of the most admired generic drug companies in
the region.
During the year under review, your company performed
exceptionally well—not only in terms of top line growth
but also in terms of all-round improvements in operating
parameters. Sales grew in excess of 33% to reach Tk 6.49 billion
and profitability also increased sharply, with EBITDA growing by
70% from 2009.
We have benefited from strong growth in the Bangladeshi
economy, which grew 5.8% in 2010 despite the global economic
slowdown. The main contributors towards this growth were
the services and industrial sectors. A steady inflow of foreign
remittances and an impressive growth in RMG exports helped
the economy remain stable during this challenging period.
Bangladesh continued to attract global attention, particularly
from global business and investment firms. Bangladesh received
its first sovereign credit rating in 2010 when US- based rating
agencies Standard & Poor’s (S&P) and Moody’s Investors
Service assigned positive ratings to Bangladesh and termed
the country’s economic outlook stable. These ratings put the
country on a par with Turkey, the Philippines and Vietnam, and
in the South Asian context, well ahead of Sri Lanka and Pakistan.
These are very positive developments and we firmly believe
that these will create awareness and attract further foreign
investment in various product and service sectors; including the
pharmaceuticals.
to IMS Health, in 2010 the global pharmaceutical market
was valued at $825 billion growing by 4% over the previous
year. The global generic drugs industry was worth $125
billion, achieving double digit growth, and this trend will
continue with rising cost pressure from healthcare providers
and governments, further assisted by the large number of
blockbuster drugs going off patent. Last year, drugs worth $35
billion lost patent protection while blockbuster drugs worth
$150 billion are set to lose patent protection in the next
five years. This will create huge opportunities for the generic
drugs industry. We believe Bangladesh can capitalize on the
opportunities in generic drugs with its skill base, regulatory
compliance, quality standards and, above all, competitiveness.
The government has undertaken various initiatives, which are
at different stages of implementation, to support the industry in
realizing its actual export potential.
The Bangladesh pharmaceutical market continued to register
healthy growth of 23.81% in 2010, with approximately Tk. 68
billion in revenues. Local companies continued to dominate,
with the top 10 manufacturers accounting for about 70% of
the total market. Almost all the therapeutic categories showed
positive growth which turned the market into a billion dollar
industry. This was largely due to rising incomes, increasing
prevalence of chronic diseases and increased government
spending on healthcare. In 2010, Bangladesh received the
prestigious UN award for its remarkable achievements in
attaining the Millennium Development Goals, particularly in
reducing child mortality rates. The private sector, particularly
the pharmaceutical industry, continues to play a very important
role in containing costs within the health care delivery system,
and your company proudly and proactively associates itself with
various government and CSR initiatives in order to support the
strengthening of healthcare systems.
The pharmaceutical industry has historically been relatively
immune to economic slowdowns and recession. According
The company achieved a commendable 61% growth rate in
analgesics last year. The chronic care segment also continued
Annual Report 2010
11
to perform very well, with key therapeutic groups such as
cardiovascular, anti-diabetic, and musculoskeletal significantly
outperforming the market growth rates, registering growth
of more than 50% each. Company’s Napa (Paracetamol)
range emerged as the highest selling brand, with annual sales
in excess of Tk 1 billion. During the year, BPL expanded its
branded generics portfolio with 34 new products. Napa
Extend, a product line extension of Napa and a formulation
of paracetamol 665mg, was launched for the first time in
Bangladesh. In addition, three different HFA-based inhalers,
Aeronid HFA, Ipramid HFA and Iprasol HFA, were launched in
the market, for the very first time.
On the technology front, your company embraced a series
of positive developments during the period. Our core
strength is reverse engineering and we continue to focus
on simplifying manufacturing processes and enhancing cost
efficiency. Our R&D is geared up to produce hi-tech and
specialized niche products and we have diversified into
dosage delivery systems including Dry Powder Inhaler,
Total Parenteral Nutrition, Pre-filled Syringes etc. We are
also seeking international collaborations with renowned
research institutes in order to strengthen our generic drug
capabilities.
As we continue to grow, we recognize that our people are our
most valuable asset, and a large measure of our success can
be credited to our cohesive, result–oriented organizational
culture. As part of our long term Learning and Development
Program (LDP), we continued investing in our employees,
providing them with high quality training to broaden and
consolidate their professional skills.
During the year, BPL became the first and only company in
Bangladesh to commence marketing of a pharmaceutical
product in USA, one of the most stringent and highly
regulated markets in the world. This is a major milestone
for the company which is in line with our expectations and
our aspiration to become a global generic drug player. The
marketed generic, already listed on US FDA’s Orange Book
as a Beximco product, is currently being manufactured by an
overseas contract manufacturing organization (CMO) which
will be transferred to BPL production site as soon as the
US FDA accreditation is received. Moreover, we continue
to have a growing presence in emerging markets like Kenya,
Myanmar, Sri Lanka, and so on. In 2010, export turnover grew
21.47% to reach Tk. 330.54 million and the company saw
registration of another 45 products in seven countries. The
company entered several new markets such as Netherlands
Antilles, and South Africa (via contract manufacturing).
Beximco Pharmaceuticals Ltd.
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The year saw the successful expansion of our ION unit. Our
expansion of MDI is nearing completion which will significantly
increase our capacity. All these translate into enhanced
manufacturing capacity in value added products such as inhalers,
eye drops, nasal sprays etc. As a line extension of our infusion
unit, we have successfully completed the amino acid project
and already introduced a parenteral nutrition product. As we
look forward to becoming a notable contract manufacturing
company in the region, our major initiatives in expanding
capacity which were implemented throughout the year will
help us to meet the growing demands of our existing and
prospective clients.
In light of our global aspirations, we will continue to foster
partnerships and will reinforce our efforts to obtain all
prerequisite international regulatory approvals for expansion
into the most strictly regulated markets. We remain focused
on entering these regulated markets, as they offer tremendous
opportunities for generic drugs, and your company is
advantageously positioned to gain from such opportunities,
with its strong generic drug manufacturing skills and very
low cost base. In 2010 the company became the first and
only Bangladeshi company to receive regulatory approval
from INVIMA, Colombia. A GMP accreditation audit by an
EMA regulatory authority was completed for our new OSD
and Ophthalmology units, while GMP re-inspection by TGA
Australia was successfully completed for the new OSD and
MDI facilities which have been extended until 2012.
Our vision is to transform Beximco Pharma from being a
leading Bangladeshi pharmaceutical company into a global
generic drug company. We are gearing up in preparation
for building our presence in the European Union, USA, Latin
America, Gulf Cooperation Council, and Australia.
I would like to take this opportunity to thank each of our
shareholders and all other stakeholders for their trust and
confidence in us. My deepest appreciation goes to all our
employees for their all-out efforts in achieving outstanding
results in 2010 which, we hope, will be an important milestone
towards achieving our vision of becoming one of the most
admired and successful generic drug companies in the region.
Nazmul Hassan MP
Annual Report 2010
13
2010 Highlights
Beximco Pharmaceuticals Ltd.
14
2010 Highlights
•
•
Achieved 33.33% sales growth over 2009, outperforming industry growth of 23.81%
BPL became the first and only Bangladeshi company to enter the US pharma market
through acquisition of an Abbreviated New Drug Application (ANDA)
BPL received regulatory approval from INVIMA (Colombia) for OSD and MDI facility
•
• MDI expansion is being completed to produce more than 20 million units per year
•
Introduced 34 new products
•
•
•
•
Launched 3 HFA-based inhalers and Napa Extend (a formulation of Paracetamol
665 mg) for the first time in Bangladesh
Completed expansion of ION unit (ION-2)
Donated drugs worth Tk. 10 million to the nationwide health camp for treatment for
the underprivileged
Sponsored national cricket league as well as major international event including the
South Asian Federation (SAF) games
Annual Report 2010
15
We continuously review, update and
expand our product portfolio in
order to ensure that patients have
access to newer generics and better
treatment options at an affordable
price.
Beximco Pharmaceuticals Ltd.
16
Products
The Company’s diverse product portfolio encompasses a wide variety of therapeutic categories, including antibiotics, analgesics,
respiratory, cardiovascular, central nervous system, dermatology, gastrointestinal etc. BPL currently produces 235 generics in 426
strengths and dosage forms and many of the company’s brands are consistently occupying leading positions in their respective
therapeutic categories.
In 2010 Beximco Pharma introduced 27 new generics in a total of 34
presentations, which include seven ophthalmic drops, three HFA asthma
inhalers and also drugs in categories such as, three cardiovascular, two
multivitamins, two musculoskeletal, two anti-infective, and one anti-diabetic,
among others.
The three HFA-based inhalers which were launched for the first time in Bangladesh in 2010 include: Aeronid HFA (Budesonide),
Ipramid (Ipratropium) HFA and Iprasol (Salbutamol + Ipratropium) HFA. Also introduced for the first time into the market was a
formulation of Paracetamol 665 mg, Napa Extend; a product line extension of the well established brand Napa.
Beximco Pharma’s growth prospects remain excellent with key blockbuster
products such as Napa and Neoceptin R in its portfolio.
In 2010, Napa and Neoceptin R ranked 2nd and 4th respectively on the national “Top Five” list. More than ten of BPL’s brands have
annual sales in excess of BDT 100 million each. With an ever increasing number of new products in the pipeline, the company is
building a much stronger portfolio that will ensure future growth as well as provide access to newer treatments.
Annual Report 2010
17
Beximco Pharma has a well-established
and balanced portfolio of products to
meet the patient needs. BPL, with more
than 400 products, is able to respond to
the wide range of needs of physicians,
patients, and health care providers, both
therapeutically and economically.
Beximco Pharmaceuticals Ltd.
18
Therapeutic groups
AllERgy, COUgh & COlD
Beximco Pharma has a good number of drugs for treating different types of allergy and cough.
Bexidal (Mebhydroline) is the highest selling brand of its generic. Atrizin (Cetirizine) along with other growing brands like Axodin
(Fexofenadine) and Momento (Desloratidine) are performing very well. Among the cough preparations, Mucosol (Ambroxol
Hydrochloride), and Tripec (Guaifenesin, Pseudoephidrine and Triprolidine) are widely popular brands in this category.
16generics
25presentations
AnAlgESIC & mUSCUlOSKElETAl
Beximco Pharma has been a market leader in analgesics for more than a decade, led by the strong performance of Napa
(Paracetamol) which is the leading paracetamol brand and bestselling drug in the country in terms of volume. Napa is available
in 13 different forms and strengths. Strong brand recognition, efficacy and affordability helped achieve its leadership position.
Osteoarthritis, Rheumatoid arthritis, Muscle spasm, pain of musculoskeletal origin limits the activities of daily life of millions of
patients. The wide range of products in the musculoskeletal category offers Ultrafen Plus (Diclofenac + Misoprostol), Ultrafen
(Diclofenac), Zolfin (Aceclofenac), Xidolac (Ketorolac) and Relentus (Tizanidine) which are consistently performing well.
Napa Extend (Paracetamol 665 mg) tablet has been launched for the first time in Bangladesh and has already become a popular
brand in this category. Ultrafen Injection, a line extension of Ultrafen, has also been launched.
20generics
52presentations
AnTI-InFECTIvES
Beximco Pharma is very strong in this category offering broader portfolio of antibiotics from Penicillin, Cephalosporin,
Fluoroquinolone and Macrolide groups and key brands in these categories occupy leadership positions. Notable among them
are- Neofloxin (Ciprofloxacin) which is the only clinically tested Ciprofloxacin brand in the country, Arixon (Ceftriaxone), Azithrocin
(Azithromycin), Turbocef (Cefuroxime) and Triocim (Cefixime). The company also has a good product portfolio of Antiamebic like
Filmet (Metronidazole), Antifungal like Omastin (Fluconazole) and Antiparasite like Ivera (Ivermectin).
Beximco Pharma is the first company in Bangladesh to launch Oseflu (Oseltamivir), a drug for treating Avian and H1N1 flu.
32generics
81presentations
CARDIOvASCUlAR
Heart disease and stroke remain major causes of death in Bangladesh. Our cholesterol lowering drug Atova (Atorvastatin), Amdocal
(Amlodipine besylate), Amdocal Plus (Amlodipine besylate + Atenolol), Odrel (Clopidogrel), Odrel Plus (Clopidogrel + Aspirin) and
Prosan (Losartan) are performing very well. Our brand of nitroglycerine aerosol spray, Nitrosol is getting increasing response from
the doctors. In particular Olmesan (Olmesartan) and Bizoran (Amlodipine+Olmesartan) are gaining significant prescription share.
26generics
41presentations
CEnTRAl nERvOUS SySTEm
Nervous system disorders have become a major health concern worldwide, and the incidence of CNS disorders is rising steadily.
Beximco Pharma offers a good number of CNS products to treat these disorders.
Frenxit (Flupentixol + Melitracen) is the highest selling CNS brand in Bangladesh. Among other brands Onsat (Ondansetron) and
Xetril (Clonazepam) are also doing well in this segment.
23generics
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presentations
Annual Report 2010
19
Beximco Pharmaceuticals Ltd.
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DERmATOlOgICAl
Beximco Pharma’s range of products in the skin care category offers easy and convenient solution to wide range of skin diseases like fungal
and bacterial infections, eczema, atopic dermatitis, other inflammatory skin diseases requiring corticosteroid therapy, acne, psoriasis etc.
Omastin Duo (Fluconazole Capsule and Clotrimazole Cream) and Neosten VT (Clotrimazole) are widely used antifungal brands. Exovate
N (Neomycin, Nystatin and Clobetasol Propionate) is enjoying a good prescription share as multiple action topical agents. Burnsil (Silver
Sulphadiazine) and Cosmotrin (Tretinoin) are widely used for treating burns and acne respectively.
21generics 27
presentations
EnDOCRInE & mETABOlIC DISORDERS
Bangladesh has one of the most prevalent diabetic populations in the world. Beximco Pharma offers a wide range of drugs for
effective treatment of type II diabetes. Co-Diaglit (Pioglitazone+Metformin) is launched as a new combination antidiabetic brand
in this year getting significant market share. Diapro (Gliclazide) is the brand of choice from the sulfonyl urea group available in
Bangladesh. Other products in this category include Informet (Metformin), Diaryl (Glimepiride) and Diaglit (Pioglitazone).
10generics
17presentations
gASTROInTESTInAl
The company has one of the strongest product lines for treating gastrointestinal disorders and remains a leader in this
therapeutic class. Emonium injection has been launched as the line extension of Emonium which is getting good result from
market. Neoceptin R, which is a H2 blocker used in the treatment of ulcer, GERD, and other hyperacidity disorders, is currently
the 2nd largest selling brand in Bangladesh. In the segment of Proton Pump Inhibitors (PPIs), Pantobex (Pantoprazole),
Proceptin (Omeprazole) and Opton (Esomeprazole)are doing well and driving this subcategory. Antacid Max (Aluminium
Hydroxide, Magnesium Hydroxide and Simethicone), Deflux (Domperidone) and Rostil (Mebeverine) have also achieved healthy
growth.
20generics
36presentations
RESPIRATORy
Respiratory represents another key segment for the company. Beximco is the largest manufacturer of Metered Dose Inhalers (MDIs)
in Bangladesh using the most advanced technology. It has a wide range of inhalers - ‘Reliever’, ‘Preventer’ and ‘Controller’- for the
treatment of asthma and COPD, segment that dominates Respiratory category.
The company is pioneer in CFC free medical inhalers. Azmasol (Salbutamol) is the leading inhaler brand in Bangladesh. Bexitrol F
(Salmeterol Xinafoate + Fluticasone Propionate) and Decomit (Beclomethasone) inhalers are widely prescribed and trusted
by millions of patients suffering from asthma and COPD. Three new HFA inhalers namely Aeronid HFA (Budesonide), Ipramid
(Ipratropium) HFA and Iprasol (Salbutamol + Ipratropium) HFA were launched for the first time in Bangladesh. Nasomet
(Mometasone) nasal spray was also launched in this year.
26generics
41presentations
vITAmInS & mInERAlS
Beximco Pharma has been the leader in multivitamin-mineral market since a long period of time offering a range of high quality
products. Bextram Gold is one of the major brands in this segment which offers a combination of 32 vitamins and minerals. Other
major brands include Bextram kidz, Momvit, Aristocal D, Aristovit B, and Bextram Silver. Neurocare, for the treatment of diabetic
neuropathy, has received very good market response following its relaunch.
32
presentations
OPhThAlmICS
Beximco Pharmaceuticals Ltd. has introduced its Vision unit for producing ophthalmic products. The company has so far introduced 30
ophthalmic drops covering various therapeutic groups like Anti-infective, Anti-inflammatory, Artificial Tear, Anti-allergic, Anti-glaucoma and
eye vitamins and minerals etc. Continuous enrichment of ophthalmic product range is going on.
In the year 2010, Beximco Pharma has launched 07 Ophthalmic Drops which include Contra (Lomefloxacin), Evo (Levofloxacin), Olopan
(Olopatadine), Xegal (Gatifloxacin), Tearex (Povidone), Glucovis (Betaxolol HCl) and Chlormet (Dexamethasone+Chloramphenicol).
17generics
11
presentations
Annual Report 2010
21
Beximco Pharmaceuticals Ltd.
22
OUR PEOPLE
Beximco Pharma owes its stories of success and accomplishments to its family of researchers, marketers, technicians and so
forth, who have stood by the company through thick and thin. BPL workforce is charged with the life-force from highly skilled and
dedicated professionals.
Currently there are more than 2,500 employees working at BPL. The company has a strong pool of talent which includes
professionals like pharmacists, chemists, microbiologists, and engineers. Our work environment is conducive to promoting
professional skills through regular training programs and workshops. At BPL, we always work to attract and retain the best talent
available in the industry. Keeping in line with our global ambitions, we have taken up long term Learning and Development Program
for our employees to achieve global quality benchmarks.
Our people–with their hard work, dedication and commitment to excellence–have led
Beximco Pharma to new heights.
Annual Report 2010
23
Beximco Pharmaceuticals Ltd.
24
Annual Report 2010
25
Manufacturing Capabilities
Situated near Dhaka, the capital city of Bangladesh, our manufacturing site extends over an area of 23 acres. The site houses
manufacturing facilities for producing various drug formulae in different strengths and delivery systems such as capsules, tablets,
intravenous fluids, metered dose inhalers, ophthalmic drops, injectables and nebulizer solutions. The site has its own utility
infrastructure to ensure adequate generation and distribution of electricity with an installed capacity of 10 MW, in addition to
water purifying and liquid nitrogen generation facilities.
Beximco Pharmaceuticals Ltd.
26
Annual Report 2010
27
Beximco Pharmaceuticals Ltd.
28
Oral Solid Dosage (OSD) Unit
Our state-of-the-art Oral Solid Dosage unit is designed as per US FDA standards. The facility incorporates contemporary
technological advancements with automated material handling systems and multilevel designs to enable gravity feed between
various processing stages. The building architecture and design allows for enhanced efficiency as it ensures maximum engineering
maintenance access without entry to production areas. This facility houses a total of five lines with an annual capacity to produce 5
billion tablets per shift. It has been audited and approved by regulatory authorities from Australia and the Gulf Cooperation Council,
and is awaiting inspection and approvals from the US FDA and the UK MHRA, which would give Beximco Pharma access to the most
stringently regulated markets in the world while providing advanced infrastructure for contract manufacturing opportunities.
Annual Report 2010
29
Beximco Pharmaceuticals Ltd.
30
metered Dose Inhaler (mDI) Unit
Beximco Pharma is among the first few companies in the world to make the transition from manufacturing CFC-based inhalers to
the eco-friendly HFA based formulations, in compliance with the Montreal Protocol. The company is the largest producer of MDIs
in Bangladesh, and it currently produces a popular inhaler brand of an MNC under a contract manufacturing agreement.
The capacity for MDI production is being expanded in line with growing demand from overseas markets. The MDI units have been
designed with technical collaboration from Pamasol, Switzerland to have an annual production capacity of more than 20 million
canisters.
Annual Report 2010
31
Intravenous (Iv) Fluid Unit
Our Intravenous (IV) fluid unit is ISO 9001: 2008 certified. The facility utilizes FFS (Form-Fill-Seal) Bottel Pack ® aseptic system
of PharmaPlan Germany, and produces a broad assortment of large volume parenterals (LVPs). Absolute sterile manufacturing
conditions are rigorously maintained through a series of fully automated manufacturing procedures including robotics. As a line
extension of this IV unit, the company has completed amino acid project to produce a range of parenteral nutrition products.
Beximco Pharmaceuticals Ltd.
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Annual Report 2010
33
Beximco Pharmaceuticals Ltd.
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Injectable, Ophthalmic and nebulizer (IOn) Unit
The ION unit was launched in August, 2009. A total of 30 products are produced in this unit which comprise a portfolio of 19 Eye
Drops, 3 Nebulizer Solutions and 8 Injectables. Beximco Pharma’s ION products have received encouraging responses from the
marketplace and consequently saw expansion to meet the growing demand.
liquid, Cream and Ointment (lCO)
BPL produces a wide range of pharmaceuticals which are available in syrup, suspension, cream and ointment forms. Currently
the company produces 37 million units of liquid products, 6 million units of creams and ointments and 10 million units of
suppositories per year.
In addition, the company has diversified into innovative delivery systems such as dry
powder inhalers, total parenteral nutrition, prefilled syringes and lyophilized products.
Annual Report 2010
35
Beximco Pharmaceuticals Ltd.
36
Regulatory Approvals
Over the years Beximco Pharma has established itself as a trusted source for prescription and OTC drugs. It always strives for
quality, not only in the finished products but also in the manufacturing process itself. Beximco Pharma’s manufacturing facilities have
undergone satisfactory audits by global regulatory bodies and thus have been awarded regulatory approvals including:
• GMP clearance from Therapeutic Goods Administration (TGA) Australia for OSD, MDI and Spray.
• GMP certification from Gulf Central Committee for Drug Registration, Executive Board of the Health Ministers’ Council of
GCC states.
• GMP certification from ANVISA, Brazil (Agência Nacional de Vigilância Sanitária)
• GMP certification from INVIMA, Colombia (Instituto Nacional de Vigilancia de Medicamentos y Alimentos)
GMP accreditation audit by an EMA regulatory authority was completed for our OSD and Ophthalmology units, and inspections
and approvals from UK MHRA and US FDA are anticipated.
Annual Report 2010
37
Beximco Pharmaceuticals Ltd.
38
R & D
Beximco Pharma’s R&D team works meticulously towards creating generic formulations that are comparable to innovators’
formulations. Their dedication can be witnessed in their successful development of challenging formulations such as multi-layer
tablets, CFC-free inhalers and sustained release formulations to name just a few. To add to that, Beximco Pharma was the pioneering
local generic company to produce anti-retroviral drugs and to proactively launch CFC–free metered dose inhaler formulation.
This year the team rolled out a particularly impressive portfolio of 34 new products. In terms of proprietary research, the company
has a strong history in collaborative research with Ciba Specialty Chemicals of Switzerland and is currently establishing further
international collaborations to reinforce its R&D capabilities.
Annual Report 2010
39
Beximco Pharma has entered 45 countries to date and is set to further extend
its global reach in the near future.
Beximco Pharmaceuticals Ltd.
40
Global Footprint
Beximco Pharma continues to explore export opportunities and to reinforce its footprint on a global scale, which currently
covers five different continents. Alongside the continuous endeavour to strengthen the position in existing markets, BPL
attempts to achieve dynamic growth worldwide.
Beximco Pharma commenced its international operations with the export of API to Hong Kong in 1992 and formulation
products to Russia in 1993. The company has received the ‘National Export Trophy’ (Gold) for an impressive three times.
Since then, BPL has taken greater strides over the years to increase its footprints in international markets.
In 2010, BPL successfully ventured into several new countries including South Africa (via contract manufacturing) and
Netherlands Antilles, and registered 45 products in overseas markets. The company achieved export revenues of Tk 330.54
million, up 21.47% over 2009.
The current expansion of this overseas portfolio includes prioritizing and directing marketing operations to focus more on
highly regulated markets such as the European Union (EU), USA, Australia and GCC member countries for value added
generics.
As of 2010 Beximco Pharma has 322 products registered in Asia, 91 in Africa, five in Central and Latin America, and 22 in
Middle East, while we are actively taking measures to register our products in attractive branded generic markets such as
the CIS states and the EU countries.
BPL’s products are highly trusted for their quality by physicians and consumers at home and abroad. With this acclamation
BPL is supplying different formulations from its portfolio to renowned hospitals and institutions including Raffles Hospital,
Healthway Medical Group & K. K. Women and Children Hospital in Singapore; Asthma Drug Facility (ADF) in France;
CENABAST in Chile; and MEDS and Kenyatta National Hospital in Kenya. BPL is constantly investing in its state-of-the-art
manufacturing facilities to significantly expand its capabilities to meet the regulatory requirements of developed countries.
BPL has pursued approvals from different drug regulatory authorities, e.g. TGA (Australia), GCC (Gulf Council), ANVISA
(Brazil) and INVIMA (Colombia), which highlights BPL’s credentials as it explores new opportunities in the export arena.
The company has a clear vision to efficiently orient its activities to reach
a much broader global base, with the dedication to provide high quality
affordable generics for all and maintaining a solid track record of working
to the highest ethical and professional standards.
Annual Report 2010
41
Beximco Pharmaceuticals Ltd.
42
Corporate Citizenship
At Beximco Pharma, Corporate Citizenship is at the very heart of our business processes and operations. Our commitment
to building a healthier tomorrow by adding value to life is based on four foundations: Patients, Community, Environment and
Accountability.
Patients
Our commitment to patients remains steadfast. Beximco Pharma was the first company to launch anti-AIDS drugs (ARVs) in
Bangladesh. This initiative was started in an era when known cases of AIDS-affected patients in Bangladesh were too small
to be considered commercially viable. Nevertheless BPL launched five anti-AIDS drugs in 1996 and started supplying these
to government and non-government organizations at cost. Today, Beximco Pharma has more than 30 registered ARV drugs
in its pipeline, some of which are in the final stages of development.
The company donates a large amount of medicines to the underserved and the victims of natural disaster. In 2010, Beximco
Pharma made a generous donation of Tk. 10 million worth of drugs to the nationwide health camp for medical treatment of
the underprivileged. Beximco Pharma regularly takes part in awareness campaigns in the form of rallies, poster presentations
and seminars to observe Asthma Day, World Hypertension Day, Diabetes Day, AIDS day etc, in addition to organizing and
sponsoring scientific seminars and conferences for various associations and societies in medical disciplines. Through the FRF
foundation, the company has also been engaged in philanthropic activities for over a decade, providing medical consultation
and diagnostic support at cost.
Community
Every year, Beximco Pharma’s internship program for undergraduate students from various academic disciplines promotes
the development of professional skills. Beximco Pharma is a strong advocate of good sportsmanship and in the year under
review the company sponsored a major international event – the SAF games – as well as sponsoring the national cricket
league.
Annual Report 2010
43
Beximco Pharmaceuticals Ltd.
44
Environment
With global warming on the horizon, we at BPL understand the significance of protecting the environment. Beximco Pharma
strives to minimize its carbon footprint and its initiatives are directed towards minimizing emissions and waste from its
manufacturing operations. The company is committed to providing a safe working environment for all its employees and its Safety,
Health and Environment (SHE) program is based on a framework of consistent standards. Moreover, Beximco Pharma is among
the very few in the region to have proactively made the transition away from CFC-based inhalers by adopting the eco-friendly HFA
formulations.
Accountability
As a public limited company we appreciate the trust of our valued shareholders and investors. Therefore, we always strive for high
performance with integrity. This year Beximco Pharma achieved substantial growth, once again surpassing the industry average.
The company always strives to ensure the best utilization of funds and resources in order to maintain sustained growth and create
shareholders’ wealth.
Annual Report 2010
45
Strong Relationships
Beximco Pharmaceuticals Ltd.
46
Strong Relationships
Through Beximco Pharma’s eyes, at the core of every successful partnership is a professional relationship based on mutual
trust and respect. We recognize and understand that our alliances and partnerships are a core component to accomplishing
our strategic global aspirations. We firmly believe that the right alliances can contribute appreciably to the achievements of our
partners as well as to our own vision and sustainable growth. Beximco Pharma has a successful track record of partnerships and
alliances with global MNCs such as GSK, Aventis, Bayer AG, Upjohn Inc and Ciba.
The company has successfully established its brand value within the medical community. The company seeks to further reinforce
its relationships with all major stakeholders in the healthcare value chain. BPL differentiates itself by providing value added,
academic services to the medical community in the form of seminars and symposia, clinical meetings, scientific publications and the
like. We are in constant communication with doctors to ensure prompt feedback and meet any requests for academic services.
Annual Report 2010
47
Post Balance Sheet Developments
11 new products launched in Q1, 2011
•
• Registered four new products in overseas markets
• The Amino Acid line has been completed
• Dry Powder Inhaler project has been completed
•
Pre-filled Syringe (PFS) line is being installed
•
Beximco Group was the proud sponsor of ICC Cricket World Cup 2011
Beximco Pharmaceuticals Ltd.
48
Notice
BEXIMCO PHARMACEUTICALS LIMITED
17, Dhanmondi R/A, Road No. 2, Dhaka-1205
Notice of the Thirty-Fifth Annual General Meeting
Notice is hereby given that the Thirty- fifth Annual General Meeting of the Shareholders of Beximco Pharmaceuticals Limited will
be held on Saturday, the 2nd July, 2011 at 12.30 p.m. at Beximco Industrial Park, Sarabo, Kashimpur, Gazipur to transact the following
business:
AGENDA
1. To receive, consider and adopt the Audited Financial Statements of the Company for the year ended 31st December, 2010
together with reports of the Auditors and the Directors thereon.
2. To elect Directors.
3. To declare 20% Stock Dividend.
4. To appoint Auditors for the year 2011 and to fix their remuneration.
5. To transact any other business of the Company with the permission of the Chair.
Dated : May 18, 2011
NOTES :
By order of the Board,
(MD. ASAD ULLAH, FCS)
Executive Director-Corporate
Affairs & Company Secretary
(1)
(2)
(3)
The Shareholders whose names appeared in the Share Register of the Company or in the Depository Register on the record
date i.e. 11th May, 2011, will be entitled to attend at the Annual General Meeting and to receive the dividend.
A member entitled to attend and vote at the General Meeting may appoint a Proxy to attend and vote in his/her stead. The
Proxy Form, duly stamped, must be deposited at the Registered Office of the Company not later than 48 hours before the
time fixed for the meeting.
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).
(4) No gift or benefit in cash or kind shall be paid to the holders of equity securities in terms of Clause (c) of the Notification
No.SEC/SRMI/2000-953/1950 dated 24 October 2000 for attending the AGM of the Company.
Annual Report 2010
49
Chairman’s Statement
Dear Shareholders,
I am delighted to report another excellent
performance
from Beximco Pharmaceuticals
Limited (BPL). In 2010, despite a challenging global
environment and stiff competition in the domestic
market, we delivered a strong set of results and
made progress towards achieving our strategic
goals.
Sales and Profitability
The company continued to perform well and
achieved significant growth in all key areas. During
the year BPL achieved a net sales turnover of
Tk. 6,490.85 million against Tk. 4,868.25 million in
2009 representing an impressive 33.33% increase
while industry grew at 23.81% (Source: IMS 4th
quarter 2010). Export turnover increased by 21.47%
to reach Tk. 330.54 million in the same period.
A number of new projects became commercially
operational including our US FDA standard Oral
Solid Dosage plant (two lines). As a result, a
significant amount of depreciation and financial
expenses related to these projects were charged as
expenses in 2010. Despite the increase in expenses,
the company maintained its profit growth. Profit
before tax increased to Tk. 1,361.53 million from
Tk. 867.46 million in 2009. Earnings per share (EPS)
stood at Tk. 5.17 against adjusted EPS of Tk. 3.50 in
2009. Significant growth in sales, better product mix
and stable local currency against the dollar up to the
third quarter of the year contributed to this growth
in profit.
New Products, Regulatory Approvals
and Overseas Market Registrations
Our efforts to optimize the product portfolio
continued throughout the year. Our focus on
product innovation and healthcare needs saw the
introduction of 34 new products in different dosage
forms.
To ensure expansion of our global footprint in the
longer term and export led growth in the future,
we registered new products in overseas markets
and explored new territories. During the period
we acquired an ANDA (Abbreviated New Drug
Application) for one product to enter the US
market. Currently the product is being manufactured
by an overseas CMO (Contract Manufacturing
Organization). Manufacturing at BPL’s plant will
commence following receipt of GMP accreditation
from the US FDA. During the year under review, we
entered into several new countries and registered
45 new products (including dosage forms and
strengths) overseas. We received regulatory
approval from INVIMA (Colombia) for the MDI
(Metered Dose Inhaler) and new OSD (Oral Solid
Dosage) plants. Moreover, the GMP accreditation
Beximco Pharmaceuticals Ltd.
50
BPL is committed to building value for shareholders
– both short and long- term. Our efforts to add value
to the business and thus to shareholders’ wealth will
continue.
Finally, I would like to thank our valued shareholders for
their trust and confidence in BPL - their support is the
driving force behind the growth and development of our
business. My sincere appreciation goes out to each and
every employee whose commitment, dedication and
hard work remain at the core of all our achievements.
I would also take this opportunity to acknowledge
the support and co-operation we have received from
our bankers, suppliers, customers, medical community,
government agencies, regulatory bodies and everyone
the company interacted with in conducting its business
to date.
Thank you all.
A S F Rahman
Chairman
audit for the OSD and Ophthalmology facilities was
carried out by an EMA regulatory authority.
Investment for Sustained Growth
their approval
In 2009 shareholders gave
to
management to raise Tk. 4,100 million through the
issuance of convertible preference shares to finance
projects that will secure the long term sustainable
growth of the company. In 2010, preference shares
were converted into ordinary shares as per the
issuance terms. A number of projects financed by the
funds thus raised are either completed or nearing
completion. Importantly, an additional three lines of
the US FDA standard OSD facility and expansion of
Ophthalmology unit were completed during the period
under review. The expansion of the MDI facility with
capacity to produce 20 million canisters of inhaler per
annum is nearing completion. To support the increased
electricity demand for these expansion programs,
2 MW power has been added to the existing capacity,
bringing the total installed generation capacity to 10
MW. Construction of another 55,000 sft warehouse
with space for 8,000 pallets has also been completed
during the year. Other projects are also progressing as
planned.
Outlook
Since the fourth quarter of 2010, Bangladesh currency
against the US dollar started to depreciate, in contrast
to the global trend of declining US dollar value. By
the end of first quarter of 2011, depreciation of taka
against dollar reached an upsetting level, if this trend
continues it may present a challenge to the Company.
We are working on strategies to effectively address
rising prices of materials so that the impact on profit
can be kept to a minimum.
Retaining and expanding our domestic market share,
which is our mainstay, continues to be an important
marketing strategy. In addition to the domestic market,
we are equally focused on realizing our export
potential. Our investment in facilities, products and
people, to achieve long-term sustainable growth
through increased exports, will continue to be a key
priority for the Company going forward.
Annual Report 2010
51
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Beximco Pharmaceuticals Ltd.
52
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Annual Report 2010
53
Report of the Directors to the Shareholders
For the year ended 31 December 2010
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, 2010 along with Auditors’ Report thereon.
Financial Results and Appropriation of Profit
Net Profit After Tax
Adjustment for depreciation on revalued assets
Profit brought forward from previous year
Profit Available for Appropriation
Proposed dividend
Profit Carried Forward
Dividend
Taka in Thousand
2010
2009
1,051,649
624,740
26,811
30,535
4,008,852
3,627,238
5,087,312
4,282,513
(419,613)
(273,661)
4,667,699
4,008,852
The Board of Directors has recommended 20% stock dividend for approval of the shareholders for the year ended 31
December, 2010.
Directors
Mr. A. B. Siddiqur Rahman (Nominee of Beximco Holdings Ltd.) and Mr. Salman F Rahman, Directors of the company retire
by rotation as per Articles 126 and 127 of the Articles of Association of the Company and being eligible offer themselves
for re-election.
Board Audit Committee
Four meetings of the audit committee were held in 2010 to consider Annual Financial Statements for the year ended 31
December 2009, Quarterly Report for the period ended 31st March 2010, Half-Yearly Report for the period ended 30 June
2010 and Quarterly Report for the period ended 30th September 2010. The Committee comprises of Mr. M A Qasem as
Chairman, Dr. Abdul Alim Khan and Advocate Ahsanul Karim as Members.
Beximco Pharmaceuticals Ltd.
54
Auditors
The existing Auditors, M. J. Abedin & Co., Chartered Accountants, National Plaza, 109, Bir Uttam C. R. Datta Road,
Dhaka-1205 who were appointed as Auditors of the Company in the Thirty-fourth Annual General Meeting of the Company
has carried out the audit for the year ended 31 December 2010.
M. J. Abedin & Co., Chartered Accountants, National Plaza, 109, Bir Uttam C. R. Datta Road, Dhaka-1205, the Auditors of
the Company retire at this meeting and has expressed their willingness to continue in office for the year 2011.
Board Meetings and Attendance
During the year 17 (Seventeen) Board Meetings were held. The attendance record of the Directors is as follows:
Name of Directors
Meetings attended
Mr. A S F Rahman . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mr. Salman F Rahman . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mr. Nazmul Hassan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mr. Iqbal Ahmed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mr. M. A. Qasem. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mr. O. K. Chowdhury. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dr. Abdul Alim Khan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mr. A. B. Siddiqur Rahman. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Advocate Ahsanul Karim . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17
17
17
8
17
17
17
17
5
Statement of Directors on Financial Reports
a)
b)
c)
d)
e)
f )
The financial statements together with the notes thereon have been drawn up in conformity with the Companies
Act, 1994 and Securities and Exchange Rules, 1987. These statements present fairly the Company’s state of affairs, the
result of its operations, cash flow and changes in equity.
Proper books of accounts of the Company have been maintained.
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.
The International Accounting Standards, as applicable in Bangladesh, have been followed in preparation of the financial
statements.
Internal Control System is sound in design and has been effectively implemented and monitored.
There is no significant doubts about the ability of the Company to continue as a going concern.
Annual Report 2010
55
Corporate Governance Compliance Report
The pattern of shareholding
Name-wise details
Number of Shares held
(i) Parent/Subsidiary/Associate companies
and other related parties :
Beximco Holdings Ltd. ....................................................................................................................................
Bangladesh Export Import Company Ltd. ..................................................................................................
New Dacca Industries Ltd. ............................................................................................................................
14,921,108
1,760,349
4,865,858
(ii) Directors, Chief Executive Officer,
Company Secretary, Chief Financial
Officer, Head of Internal Audit and their
spouses and minor children :
Mr. A S F Rahman, Chairman .........................................................................................................................
Mr. Salman F Rahman, Vice Chairman ..........................................................................................................
Mr. Nazmul Hassan, Managing Director ......................................................................................................
Dr. Abdul Alim Khan, Director ......................................................................................................................
Dr. Farida Huq, Director ................................................................................................................................
Chief Financial Officer, Company Secretary
and Head of Internal Audit and their spouse and minor children .........................................................
(iii) Executives ............................................................................................................................................................
2,760,397
2,020,370
6,895
877,801
5,193
Nil
Nil
(iv) Shareholders holding ten percent (10%) or
more voting interest in the company:
The Bank of New York (GDRs’ Depository) ...............................................................................................
47,047,866
Key Operating and Financial Data
The summarized key operating and financial data of five years is annexed.
Corporate Governance Compliance Report
In accordance with the requirement of the Securities and Exchange Commission, “Corporate Governance Compliance
Report” is annexed.
Thank you all.
On behalf of the Board
A S F RAHMAN
Chairman
Beximco Pharmaceuticals Ltd.
56
Corporate Governance Compliance Report
Status of compliance with the conditions imposed by the Commission’s Notification No. SEC/CMRRCD/2006/158/ Admin/02-08
dated 20th February 2006 issued under section 2CC of the Securities and Exchange Ordinance, 1969.
(Report under Condition No.5.00)
Condition
Title
Compliance Status
Explanation for non-compliance
Complied
non-Complied with the condition
1.1
1.2(I)
1.2(II)
1.3
1.4(a)
1.4(b)
1.4(c)
1.4(d)
1.4(e)
1.4(f )
1.4(g)
1.4(h)
1.4(i)
1.4(j)
1.4(k)
2.1
2.2
3.00
3.1(i)
3.1(ii)
3.1(iii)
3.2(I)
3.2(ii)
Board 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, 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
3.3.1(I)
Reporting to the Board of Directors
3.3.1(ii)(a)
Report of Conflicts of Interest
3.3.1(ii)(b)
Defect in the Internal Control System
3.3.1(ii)(c)
Suspected infringement of Laws
3.3.1(ii)(d)
Any other matter
3.3.2
3.4
4.00 (I)
4.00 (ii)
4.00 (iii)
4.00 (iv)
4.00 (v)
4.00 (vi)
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
4.00 (vii)
Any other services
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
Annual Report 2010
57
Key Operating and Financial Data
Particulars
2010
2009
2008
2007
2006
Taka in thousand
Authorized Capital ..............................................................
9,100,000
9,100,000
2,000,000
2,000,000
2,000,000
Paid up Capital ...................................................................
2,098,065
1,511,493
1,259,577
1,145,070
1,040,973
Total Sales ..........................................................................
6,490,847
4,868,255
4,010,167
3,597,025
3,702,317
Export Sales .......................................................................
330,541
272,126
170,604
122,752
115,099
Gross Margin ......................................................................
3,173,207
2,302,048
2,007,296
1,629,515
1,731,086
Profit Before Tax .................................................................
1,361,532
Net Profit ............................................................................
1,051,649
867,467
624,740
714,121
545,341
399,678
353,068
523,243
470,659
Fixed Assets (Gross) ...........................................................
18,191,956
15,621,366
14,291,850
10,516,030
9,885,840
Shareholders’ Equity ..........................................................
15,974,086
10,885,707
10,450,202
8,250,940
7,949,920
Dividend .............................................................................
Net Asset Value (NAV) Per Share ........................................
EPS/Restated EPS .............................................................
Market Price Per Share (at end of the year) .......................
Price Earning Ratio (Time) ..................................................
20%
79
5.17
135.1
26.13
15%
72
3.5
155.8
44.51
30%
83
3.61
167.7
46.45
15%
72
2.8
58.9
21.04
Number of shareholders ..................................................
93,371
80,189
65,556
53,892
Foreign Investors ................................................................
ICB including ICB Investors Account .................................
57
899
54
890
54
885
60
879
15%
76
4.11
53.7
13.06
48,932
58
986
Sponsors, General Public & Other Institutions ...................
92,415
79,245
64,617
52,953
47,888
Number of employees ........................................................
2,507
2511
2,310
2,384
2,403
Beximco Pharmaceuticals Ltd.
58
,
2
3
5
1
6
3
1
,
Total Sales
Profit Before Tax
,
,
7
4
8
0
9
4
6
5
5
2
8
6
8
4
,
,
,
7
6
1
0
1
0
4
,
,
7
1
3
2
0
7
3
,
,
5
2
0
7
9
5
3
,
7
6
4
7
6
8
,
1
2
1
4
1
7
,
,
3
4
2
3
2
5
,
8
7
6
9
9
3
6
0
0
2
7
0
0
2
8
0
0
2
9
0
0
2
0
1
0
2
6
0
0
2
7
0
0
2
8
0
0
2
9
0
0
2
0
1
0
2
Fixed Assets (Gross)
,
6
6
3
1
2
6
5
1
,
,
0
5
8
1
9
2
4
1
,
,
0
3
0
6
1
5
0
1
,
,
0
4
8
5
8
8
9
,
,
6
5
9
1
9
1
8
1
,
Shareholders’ Equity
,
6
8
0
4
7
9
5
1
,
,
7
0
7
5
8
8
0
1
,
,
2
0
2
0
5
4
0
1
,
,
0
4
9
0
5
2
8
,
,
0
2
9
9
4
9
7
,
6
0
0
2
7
0
0
2
8
0
0
2
9
0
0
2
0
1
0
2
6
0
0
2
7
0
0
2
8
0
0
2
9
0
0
2
0
1
0
2
Annual Report 2010
59
Shareholders’ Meeting
The 34th Annual General Meeting (AGM) of the
shareholders of Beximco Pharmaceuticals Limited was
held on June 15, 2010. Mr. A S F Rahman, Chairman of
the Company presided over the meeting. The
performance of the company in 2009 and the future
strategies were discussed in the meeting. The meeting
among other agenda approved 15% stock dividend
for the year 2009. The Chairman thanked the
shareholders for their keen interest in and continued
support for the company.
Beximco Pharmaceuticals Ltd.
60
Shareholders’ Meeting
The 34th Annual General Meeting (AGM) of the
shareholders of Beximco Pharmaceuticals Limited was
held on June 15, 2010. Mr. A S F Rahman, Chairman of
the Company presided over the meeting. The
performance of the company in 2009 and the future
strategies were discussed in the meeting. The meeting
among other agenda approved 15% stock dividend
for the year 2009. The Chairman thanked the
shareholders for their keen interest in and continued
support for the company.
Annual Report 2010
61
Value Added Statement
For the year ended 31 December 2010
Auditors’ Report
Value Added:
Sales & Other Income
Bought-in-Materials & Services
Applications :
Duties & Taxes to Govt. Exchequer
Salaries and Benefits to Employees
Interest to Lenders
Dividend to Shareholders
Retained by the Company
Taka in thousand
Tk.
%
7,956,113
(3,403,766)
4,552,347
1,311,791
853,795
508,432
573,363
1,304,966
100
29
19
11
12
29
4,552,347
100
Retained by the Company
29 %
Duties & Taxes to Govt. Exchequer
29 %
Dividend to Shareholders
12 %
Salaries and Benefits to Employees
19 %
Interest to Lenders
11 %
Beximco Pharmaceuticals Ltd.
62
Auditors’ Report
To The Shareholders of
BEXIMCO PHARMACEUTICALS LIMITED
Introduction
We have audited the accompanying financial statements of Beximco Pharmaceuticals Limited, which comprise of the Statement of
Financial Position as at 31 December 2010, and the Statement of Comprehensive Income, Statement of Changes in Equity and Statement
of Cash Flows for the year then ended, and a summary of significant accounting policies and other explanatory notes.
Management’s responsibility for the financial statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with International
Financial Reporting Standards (IFRSs), Bangladesh Financial Reporting Standards (BFRSs), the Companies Act 1994, the Securities and
Exchange Rules 1987 and other applicable laws and regulations. This responsibility includes designing, implementing and maintaining
internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatements,
whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are
reasonable in the circumstances.
Auditors’ responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with
International Standards on Auditing (ISA) and Bangladesh Standards on Auditing (BSA). Those standards require that we comply with
relevant ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free
from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risk of material
misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control
relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedure that are
appropriate in the circumstance, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An
audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by
management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements prepared in accordance with International Financial Reporting Standards (IFRSs) and Bangladesh
Financial Reporting Standard (BFRSs), give a true and fair view of the state of the company’s affairs as at 31 December 2010 and of the
results of its operations and cash flows for the year then ended and comply with the Companies Act 1994, the Securities and Exchange
Rules 1987 and other applicable laws and regulations.
We also report that:
(a) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for
the purposes of our audit and made due verification thereof ;
(b) in our opinion, proper books of account as required by law have been kept by the company so far as it appeared from our
examination of these books ;
(c) the Statement of Financial Position ( Balance Sheet) and Statement of Comprehensive Income (Profit and Loss Account)
dealt with by the report are in agreement with the books of account ; and
(d) The expenditure incurred was for the purposes of the company’s business.
Dhaka
28 April, 2011
M. J. ABEDIN & CO.
Chartered Accountants
Annual Report 2010
63
BEXIMCO PHARMACEUTICALS LIMITED
Statement of Financial Position
As at 31 December 2010
ASSETS
Non-Current Assets
Property, Plant and Equipment- Carrying Value
Intangible Assets
Investment in Shares
Current Assets
Inventories
Spares & Supplies
Accounts Receivable
Loans, Advances and Deposits
Short Term Investment
Cash and Cash Equivalents
TOTAL ASSETS
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
Retained Earnings
Non-Current Liabilities
Long Term Borrowings-Net off Current Maturity (Secured)
Fully Convertible, 5% Dividend, Preference Share
Liability for Gratuity & WPPF
Deferred Tax Liability
Current Liabilities and Provisions
Short Term Borrowings
Long Term Borrowings-Current Maturity
Creditors and Other Payables
Accrued Expenses
Dividend Payable
Income Tax Payable
TOTAL EQUITY AND LIABILITIES
Notes
2010 2009
Amount in Taka
4 (a)
3.3 & 5
6
7
8
9
10
11
12
13
14
15
4(b)
16
17
18
19
20
21
22
23
15,180,731,678
15,123,306,298
51,126,854
6,298,526
12,975,195,529
12,966,587,178
5,726,525
2,881,826
6,191,667,831
1,983,809,444
276,520,188
821,356,439
779,129,620
859,403,704
1,471,448,436
6,916,737,893
1,722,953,284
242,034,855
694,111,730
699,204,450
2,500,000,000
1,058,433,574
21,372,399,509
19,891,933,422
15,974,086,451
2,098,065,090
5,269,474,690
1,689,636,958
294,950,950
1,534,645,820
5,087,312,943
2,885,155,826
1,902,150,733
-
335,885,792
647,119,301
2,513,157,232
1,639,961,052
348,860,443
432,315,660
90,512,178
1,507,899
-
10,885,706,614
1,511,492,960
1,489,750,000
1,689,636,958
294,950,950
1,617,361,714
4,282,514,032
6,684,775,166
1,924,933,065
4,100,000,000
307,425,614
352,416,487
2,321,451,642
1,451,326,354
308,820,056
409,898,122
79,094,905
1,727,724
70,584,481
21,372,399,509
19,891,933,422
The Notes are integral part of the Financial Statements.
Approved and authorised for issue by the board of directors on 28 April, 2011 and signed for and on behalf of the Board :
Salman F Rahman
Vice Chairman
Nazmul Hassan
Managing Director
Dhaka
28 April, 2011
Beximco Pharmaceuticals Ltd.
64
Ali Nawaz
Chief Financial Officer
Per our report of even date.
M. J. Abedin & Co.
Chartered Accountants
Annual Report 2010
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Corporate Information
Operational Headquarters
19 Dhanmondi R/A, Road # 7
Dhaka 1205, Bangladesh
Phone : +880-2-8619151, +880-2-8619091
Fax : +880-2-8613888
Email : info@bpl.net
Website : www.beximcopharma.com
Corporate Headquarters
17 Dhanmondi R/A, Road # 2
Dhaka 1205, Bangladesh
Phone : +880-2-8611891
Fax : +880-2-8613470
Email : beximchq@bol-online.com
Factory
Tongi Unit
126 Kathaldia, Tongi, Gazipur
Bangladesh
Kaliakoir Unit
Plot No. 1070/1083, Mouchak
Kaliakoir, Gazipur
Bangladesh
Stock Exchange Listing
Dhaka Stock Exchange Ltd.
Chittagong Stock Exchange Ltd.
AIM of London Stock Exchange plc (GDRs)
Public Relations
IMPACTPR
Legal Advisor
Huq and Company
47/1 Purana Paltan
Dhaka-1000
Bangladesh
Auditors
M. J. Abedin & Co.
Chartered Accountants
National Plaza
109, Bir Uttam C. R. Datta Road
Dhaka-1205
Bangladesh
Banker
Janata Bank Ltd.
Local office
1 Dilkusha C/A
Dhaka-1000
Bangladesh
For GDRs
Nominated Advisor and Broker
Libertas Capital Corporate Finance Limited
16 Berkeley Street
London, W1J 8DZ
Custodian
HSBC
Anchor Tower, 1/1-B, Sonargaon Road
Dhaka-1205, Bangladesh
Apartment # A-1, House # 17, Road # 4
Gulshan-1, Dhaka-1212, Bangladesh
Depository Bank
The Bank of New York Mellon
Financial Dynamics Limited
Holborn Gate, 26 Southampton Buildings
London WC2A 1PB, UK
101 Barclay Street
New York, NY 10286
www.beximcopharma.com
Winner
Certified
BEXIMCO PHARMACEUTICALS LTD.