Introduction:

Beximco Pharmaceuticals Ltd (BPL) is a leading manufacturer of pharmaceutical formulations and Active Pharmaceutical Ingredients (APIs) in Bangladesh. The company is the largest exporter of pharmaceuticals in the country and its state-of-the-art manufacturing facilities are certified by global regulatory bodies of Australia, European Union, Gulf nations, Brazil, among others. The company is consistently building upon its portfolio and currently producing more than 400 products in different dosage forms covering broader therapeutic categories which include antibiotics, antihypertensive, ant diabetics etc.

BeximcoPharma started operations in 1980, manufacturing products under the licenses of Bayer AG of Germany and Upjohn Inc. of USA. It has now grown to become a leading pharmaceutical company in Bangladesh, and it supplies more than 10% of country's total medicinal needs. Today Beximco Pharma. manufactures and markets its own branded generics for several diseases including AIDS, cancer, asthma, hypertension, and diabetes for both national and international markets.

With decades of contract manufacturing experience with global MNCs, skilled manpower and proven formulation capabilities, the company has been building a visible and growing presence across the continents offering high quality generics at the most affordable cost.

Ensuring access to quality medicines is the powerful aspiration that motivates more than 2,500 employees of the organization, and each of them is guided by the same moral and social responsibilities the company values most.

Company Profile
Vision:
We view business as a means to the material and social wellbeing of the investors, employees and the society at large, leading to accretion of wealth through financial and moral gains as a part of the process of the human civilization.

Mission:
Our Mission is to produce and provide quality & innovative healthcare relief for people, maintain stringently ethical standard in business operation also ensuring benefit to the shareholders, stakeholders and the society at large.

Objective:
Our objectives are to conduct transparent business operation based on market mechanism within the legal & social frame work with aims to attain the mission reflected by our vision.

Purpose of the study:

The purpose of this study is a performance evaluation of Beximco Pharmaceutical companies in Bangladesh. We will analysis the financial conditions of Beximco pharmaceutical companies in Bangladesh.

Limitation of Study:
There is some limitation of our assignment. When we used the main methods of ratio analysis for performance evaluation of Beximco pharmaceutical company. We can face different kinds of problem. In order to achieve the good of performance evaluations we need to choose a ratio that is suitable. This means that data must be correct, otherwise calculate of ratio may be erroneous. Sometime we cant find the items to analysis the ratio such as common share holder equity, weight average outstanding of number of share, market value of share, book value of share, interest charged etc as result we cant complete ratio analysis and also cant compare other companies.

Methodology:
This chapter how the data needed in order to fulfill the purpose was collected. It also discusses the ratio analysis. We used quantitative approach for our study because majority of data collection from the quantitative approach. That is explained as follows as:

Data collection:
Main data for our study are the annual financial reports on Beximco Pharma. Company in 2008 to 2009. When we measurement the ratio analysis for any company, we must be used in annual financial report otherwise we dont measurement. We have also used four main financial statements for ratio analysis of pharma. Such as balance sheet, income statement, etc.

Analysis of strategic Factors:

In the age of modern civilization pharmaceutical company is playing its spending role to keep the economic development wheel moving Qualitative analysis (SWOT analysis) The following SWOT analysis captures the main strengths and weaknesses within the company, and describes the opportunities and threats of the company.

Strengths:
Highly experienced Senior Executives some of whom has local and international significant pharmaceutical literature. Good reputation with high image. Efficient, skilled, experienced and dedicated staff members Large customer Base and product development capabilities and outstanding professional services. Resources are available in Bangladesh Beximco pharma is able to make benchmarking medicines Increasing presence in the market Regulatory performance is strong and positive

Weakness: Non-availability of high technology Everything is not organized. Time consuming decision making process Incorrect method for collecting resources and inventory management Lack of asset management and debt. Minimum profit in comparison with others.

Opportunities: Government Support Banking and information technology Credit line with well known foreign bank can gear up its foreign exchange business. Entering in new arena product helps to grow customers' confidence. Opportunity to take market share away from rivals by offering new innovative product or services. Opportunity to enter into the global market. Threats: Hiking price of raw materials: More and more factories, especially small ones, are facing closure due to price hike of raw materials. As we are just entered in the market it will be a great threat for us. The industry sources also blamed lack of adequate power supply for making the industry more vulnerable Mergers and Acquisition Frequent Currency Devaluation Competitors are much in pharmaceutical industries Competitors are offering innovative new product and services regularly. Matching them is really hard.

Business Strategies:
Human resources management Benefits at Beximco pharma Compensation Highly competitive salaries Bonus opportunities at many levels Eligibility for stock options for almost all positions Benefits Flexible benefit options include: Medical Dental Vision/Hearing Life Insurance Accident Insurance LongTerm Disability Insurance Group Legal Services Health Care Reserve Account Dependent Care Reserve Account Stock Options.

This means that the company his growing in the markets. Beximco pharma they just create the medicine that is sold to the costumers. Then there is the Snack market where Lays have the 40% of market share, in this market the shares are more distributed, but still being two majors competitors that have most of the market. This provides to the costumers more value and convenience.

I) Target Market Selection:

In addition, both the geographic and demographic bases have been considered to segment the market. The following variables of these two bases have been considered:

Geographic: World Wide. Demographic: Age, Gender, Income, Occupation, Education, Generation, Social class, and Nationality. Based on the above mentioned base and pattern of segmentation the market segmentation for Pharma. Inc. is as follows:

Using Geographic Base: City: The retail stores.

Using the Demographic Base: Age: All Gender: Male and female Nationality: All

II) Developing the Marketing Mix:

The marketing mix is the most famous phrase in marketing. The elements are the marketing tactics. Also known as the four Ps, the marketing mix elements are
Price Product

Place

Promotion

Four Ps

The offer company make to its customer can be altered by varying the mix elements. So for a high profile brand increase the focus on promotion and desensitize the weight given to price. These four Ps are the parameters that the marketing manager can control, subject to the internal and external constraints of the marketing environment. The goal is to make decisions that center the four Ps on the customers in the target market in order to create perceived value and generate a positive response.

Product:
Beximco pharma provides high quality medicine. Beximco pharma is basis on consumers demand, Range, quality of product, product standard, packaging style is more upgrade from competitors. Beximco pharma is one of the famous companies in the world.

Price
Pricing Strategy The Beximco pharma Inc follow the pricing strategy on the basis on quality and quantity

Promotion
Methods of Proposition Advertising, Sales Promotion and Public Relations

A) Advertising:

Selected Advertising Media

Major media types: TV News papers Outdoor Advertising

B) Sales Promotion Safes contest between Distributors & retailers to motivate them to increase the sales performance over a given period. Allocation of rewards and benefits would give. Example: Give security systems in the form of scan machines, and cameras. Increase efficiency by barcode readers, and computers.

C) Public Relation A public relation creates a good image for our company. The goal of the public relation is that cultivate a media relation between seller and customer. In public relation we can use some strategies and techniques for getting a relation.

Place
Delivery includes company activities that make the product available to the target consumers. Delivery refers to channel of distribution that is selected by marketing intermediaries. Beximco pharma will be using pull and push strategy in which its product is distributed to retailers and consumers.

Channel level:

Manufacturer

Distributor (Agent)

Whole Sellers

Retailers

Consumers

Figure: Channel of Distribution

Market segments:
It is the most important part for any kinds of business because market segments help companies to doing business in a proper way. It includes three elements like what, where and how a company will operate their business. Beximco Pharmaceuticals products everybody use with more comfortably. We know people are keen to take good product rather than industrial products. And they are willing to pay for that. And it is in the limit of every level of people. So from that we can assume Beximco Pharmaceuticals products will be popular medicine on to the market. To keep this hope in mind and to make it as a generalized product, we will supply this product all over the country.

Financial statements:
Ratio Analysis:
Hereby, the financial ratio of three fiscal years of Beximco Pharma ltd. has been explained. It is chosen very recent three years to analysis. On the information availability, the fixed years are 2008, 2009. On the appendix there is pinned those three years Balance sheet and Income Statements which are used in onward ratio analysis.

Financial Ratio Analysis

An index that relates two accounting numbers and obtained by dividing one number by the other. Financial ratio basically has two main type (1) Balance sheet ratio (2) Income statements ratio. There is also having five type of ratio more popular and widely used

1. Liquidity Ratio 2. Financial Leverage Ratio 3. Coverage Ratio 4. Activity Ratio 5. Profitability Ratio Liquidity Ratio: it measures a firms ability to meet short-term obligations. There is two type of ratio: Current ratio: outcomes of division of current assets by current liabilities. Acid-test ratio: outcomes of division of current assets less inventories by current liabilities.

Financial Leverage Ratio (Debt) Ratio: it shows the extent to which the firm is financed by debt. There is two type of ratio: Debt-to-Equity: outcomes of division of total debt by shareholders equity. Debt-to-total assets: divide total debt by total assets.

Coverage Ratios: This ratio is one of the most important one which indicates the ability of an enterprise to meet its liabilities by way of payment of installments of term loans and interest thereon from out of the cash accruals and forms the basis for fixation of the repayment schedule in respect of the term loans raised for a project. Coverage ratio has only ratio format: Interest Coverage: divide EBIT (Earnings before Income Tax) by Interest Expenses.

Activity Ratios: it measures how effectively the firm is using its assets. There are four ratios: Receivable Turnover (RT): Annual Net Credit Sales divided by Receivable. Receivable Turnover in Days (RTD): Average number of days receivables is outstanding before being collected. Inventory Turnover (IT): cost of goods sold divided by average inventory Inventory Turnover in Days (ITD): Average number of days the inventory is held before it is turned into accounts receivable through sales.

Profitability Ratios: Relate profits to sales and investment. Three ratios are available to profitability: Net Profit Margin: Net Profit after Taxes divided by Net Sales. Return in Investment (ROI): Net Profit after Taxes divided by Receivable Turnover (RT). Return on Equity (ROE): Net Profit after Taxes divided by Shareholders Equity.

Above explained all ratio type is used here in completion of report objectives. Three years balance sheet and income statements are used to find out the financial ratios of Beximco Pharma Ltd of 2008, 2009 fiscal years.

10

Balance sheet
BEXIMCO PHARMACUTICAL LTD

For the year ended 31 December 2008

ASSETS Non-Current Assets Property, plant and equipment Intangible Assets Investment in shares Current Assets Inventories Spares and Supplies Accounts Receivable Loans, Advances and Deposits Short term investment Cash and Cash equivalents TOTAL ASSETS EQUITY AND LIABILITIES Shareholders and Equity Issued Share capital Share premium Excess of issue price over face value of GDRs Capital Reserve on Merger Revaluation Surplus Retained earning Non-Current Liabilities Long term borrowing net off current maturity Fully Convertible,5% dividend, preference share Liability for gratuity Deferred tax liability Current Liabilities and Provisions Short Term Borrowing Long Term Borrowing Creditors & Others Payable Accrued Expenses Dividend Payable Income Tax Payable TOTAL EQUITY AND LIABILITIES 2008 11,957,773,787 11,921,072,697 36,701,090 2,861,891,654 1,505,288,093 234,530,326 503,916,401 544,509,106 73,647,728 14,891,665,441 10,450,202,145 1,259,574,470 1,489,750,000 1,689,636,958 294,950,950 1,711,174,747 4,005,112,020 1,767,431,029 1,446,600,500 2007 9,029,643,482 8,992,942,392 36,701,090 2,923,775,458 1,470,152,242 182,328,049 499,680,792 685,915,465 85,698,910 11,953,418,940 8,250,939,647 1,145,070,430 1,489,750,000 1,689,636,958 294,950,950 442,354,953 3,189,176,356 2,074,506,357 1,776,449,778

274,419,253 46,411,276 2,602,032,267 1,461,666,227 648,156,841 263,176,822 81,776,450 3,169,568 144,077,359 14,819,665,441

246,704,610 51,351,969 1,627,972,936 907,582,327 343,604,498 271,814,118 60,052,739 3,285,324 41,633,930 11,953,418,940

11

Income Statement
BEXIMCO PHARMACUTICAL LTD PROFIT AND LOSS ACCOUNT

For the year ended 31 December 2008.

Net Sales Revenue Cost of Goods Sold Gross profit Operating Expenses Administrative Expenses Selling, marketing and distribution expenses Profit Before Operations Other Income Finance cost Profit Before Contribution to WPPF Contribution to workers profit participation Profit before Tax Income tax Expense Current Tax Deferred Tax income Profit after tax Transferred to statement of changes in equity Earnings Per Share (of tk.10/-each) Number of shares used to compute EPS

2008 4,010,167,059 (2,002,871,181) 2,007,295,878 (1,008,501,030) (153,464,243) (855,036,787) 998,794,848 686,510 (249,654,298) 749,827,060 (35,706,050) 714,121,010 (168,779,737) (173,720,430) 4,940,693 545,341,273

2007 3,597,024,812 (1,967,509,975) 1,629,514,837 (974,736,690) (145,544,701) (829,191,989) 654,778,147 19,625,795 (254,742,392) 419,661,550 (19,983,883) 399,677,667 (46,609,789) (57,661,278) 11,051,489 353,067,878

4.33 125,957,747

2.80 125,957,747

12

Analysis of the Balance sheet Ratios of fiscal year 2008

Liquidity Ratio

1. Current ratio: (current assets / current liabilities) = 2861891654 / 2602032267 = 1.09: 1 Comments: The current ratio of Beximco Pharmaceuticals if 1.09: 1 which is lower than the industry average. Because of industry average is 2:1

2. Acid-text ratio: [(current asset inventories) / current liabilities] = (2861891654 - 1505288093) / 2823665458 = (1356603561 / 2823665458) = 0.46: 1 Comments: Acid-test ratio of Beximco Pharmaceuticals is 0.46:1. We are not going well position because industry average is 1:1.

Activity Ratio
3. Receivable Turnover (RT):(net credit sales / Acc. Receivable) = 4010167059 / 503916401 = 7.96 times Comments: the receivables turnover of Beximco Pharmaceuticals is 7.96 times which is considerably is lower than the industry average is 8.1

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4. RT in days: (365 / RT) = 365 / 7.96 times = 46 days Comments: The median industry receivable turnover ratio is 8.1, the average collection period for the average collection period for the industry is 365/8.1=45 days and hence the average collection period is considerable high in the case of Beximco Pharmaceuticals limited. Although too high an average collection period is usually bad, a very low average collection period necessarily be good. 5. Inventory turnover (IT): (cost of goods sold / ending inventories) = 2002871181 / 1505288093 = 1.33 times Comments: Beximco Pharmaceuticals turnover of 1.33 is in marked contrast to an industry median turnover ratio of 3.3. 6. IT in Days: (365 / IT) = 365 / 1.33 times = 274 days Comments: Beximco is on average 274 days greater than the industry median inventory turnover which industry median is 111 days.

Leverage Ratio:
7. Total debt to equity: (total debt / shareholder equity) = 4364463296 / 10450202145 = 0.42 Comments: the median total asset turnover for the industry is 1.66. Here it is clear that Beximco less sales revenue per BDT of asset investment than dies the industry on average. 8. Total debt to total assets: (total debt / total assets) = 4364463296 / 14819665441 = 0.29

14

Comments: Beximco ratio is 0.29paisa against 1 taka invested by shareholders. It is bad for company because of industry median is 0.80 paisa.

Profitability Ratio
9. Net profit ratio: (net profit after tax / net sales) = 545341273 / 4010167059 = 0.14 or 14% Comments: the ratio indicating that 14 percent of the firms assets are financed with debt and remaining 86 percent of the financing comes from shareholders equity, 14 paisa as compare to 1 taka assets.

10. Return on equity: (net profit after tax / shareholders equity) = 545341273 / 10450202145 = 0.052 or 52% Comments: Out of 100%, 8% is a profit. So it indicates that it has a higher relative level them most other firms in the industry.

11. Return on investment: (net profit after tax / total assets) = 545341273 / 14819665441 = 0.036 or 36% Comments: 0.36 taka investing by 1 taka. 0.36 paisa profit is generated by 1 taka.

12. Total asset turnover: (net sales / total assets) = 4010167059 / 14819665441 = 0.27 Comments: The return in equity is high because the total asset turnover is higher than the industry average because industry average is 14.04%

15

Balance sheet BEXIMCO PHARMACUTICAL LTD For the year ended 31 December 2009.
ASSETS Non-Current Assets Property, plant and equipment Intangible Assets Investment in shares Current Assets Inventories Spares and Supplies Accounts Receivable Loans, Advances and Deposits Short term investment Cash and Cash equivalents TOTAL ASSETS EQUITY AND LIABILITIES Shareholders and Equity Issued Share capital Share premium Excess of issue price over face value of GDRs Capital Reserve on Merger Revaluation Surplus Retained earning Non-Current Liabilities Long term borrowing net off current maturity Fully Convertible,5% dividend, preference share Liability for gratuity Deferred tax liability Current Liabilities and Provisions Short Term Borrowing Long Term Borrowing Creditors & Others Payable Accrued Expenses Dividend Payable Income Tax Payable TOTAL EQUITY AND LIABILITIES 2009 12,975,195,529 12,966,587,178 5,726,525 2,881,826 6,916,737,893 1,722,953,284 242,034,855 694,111,730 699,240,450 2,500,000,000 1,058,433,574 19,891,933,422 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 19,891,933,422 274,419,253 46,411,276 2,602,032,267 1,461,666,227 648,156,841 263,176,822 81,776,450 3,169,568 144,077,359 14,819,665,441 2008 11,957,773,787 11,921,072,697 36,701,090 2,861,891,654 1,505,288,093 234,530,326 503,916,401 544,509,106 73,647,728 14,891,665,441 10,450,202,145 1,259,574,470 1,489,750,000 1,689,636,958 294,950,950 1,711,174,747 4,005,112,020 1,767,431,029 1,446,600,500

16

Income Statement
BEXIMCO PHARMACUTICAL LTD PROFIT AND LOSS ACCOUNT

For the year ended 31 December 2009.

Net Sales Revenue Cost of Goods Sold Gross profit Operating Expenses Administrative Expenses Selling, marketing and distribution expenses Profit Before Operations Other Income Finance cost Profit Before Contribution to WPPF Contribution to workers profit participation Profit before Tax Income tax Expense Current Tax Deferred Tax income Profit after tax Transferred to statement of changes in equity Earnings Per Share (of tk.10/-each) Number of shares used to compute EPS

2009 4,868,254,915 (2,566,206,626) 2,302,048,289 (1,300,765,878) (215,192,547) (1,085,573,331) 1,001,282,411 198,986,379 (289,427,992) 910,840,798 (43,373,371) 867,467,427 (242,727,120) (242,727,120) 624,740,307 3.50 178,515,362

2008 4,010,167,059 (2,002,871,181) 2,007,295,878 (1,008,501,030) (153,464,243) (855,036,787) 998,794,848 686,510 (249,654,298) 749,827,060 (35,706,050) 714,121,010 (168,779,737) (173,720,430) 4,940,693 545,341,273 4.33 125,957,747

17

Analysis of the Balance sheet Ratios of fiscal year 2009

Liquidity Ratio
1. Current ratio: (current assets / current liabilities) = 6916737893 / 2321451642 = 2.97: 1 Comments: The current ratio of Beximco Pharmaceuticals if 2.97: 1 which is higher than the industry average. Because of industry average is 2:1

2. Acid-text ratio: [(current asset inventories) / current liabilities] = [(6916737893 - 1722953284) / 2321451642] = 5193784609 / 2321451642 = 2.23: 1 Comments: Acid-test ratio of Beximco Pharmaceuticals 2.23:1. We are not going well position because industry average is 1:1.

Activity Ratio
3. Receivable Turnover (RT): (net credit sales / Acc. Receivable) = 4868254915 / 694111730 = 7 times Comments: the receivables turnover of Beximco Pharmaceuticals is 7 times which is considerably is lower than the industry average is 8.1

4. RT in days: (365 / RT) = 365 / 7.20 times = 52 days

18

Comments: The median industry receivable turnover ratio is 8.1, the average collection period for the average collection period for the industry is 365/8.1=45 days and hence the average collection period is considerable high in the case of Beximco Pharmaceuticals limited. Although too high an average collection period is usually gad very low average collection period necessarily be good.

5. Inventory turnover (IT): (cost of goods sold / ending inventories) = 2566206626 / 1722953284 = 1.48 times Comments: Beximco Pharmaceuticals turnover of 1.48 is in marked contrast to an industry median turnover ratio of 3.3.

6. IT in Days: (365 / IT) = 365 / 1.48 times = 246 days Comments: Beximco is on average 246 days greater than the industry median inventory turnover which industry median is 111 days.

Leverage Ratio

7. Total debt to equity: (total debt / shareholder equity) = 9006226808 / 10885706614 = 0.82 Comments: the median total asset turnover for the industry is 1.66. Here it is clear that Beximco less sales revenue per BDT of asset investment than dies the industry on average.

8. Total debt to total assets: (total debt / total assets) = 9006226808 / 19891933422

19

= 0.45 Comments: Beximco ratio is 0.45 paisa against 1 taka invested by shareholders. It is bad for company because of industry median is 0.80 paisa.

Profitability Ratio
9. Net profit ratio: (net profit after tax / net sales) = 624740307 / 4868254915 = 0.13 or 13% Comments: the ratio indicating that 13 percent of the firms assets are financed with debt and remaining 87 percent of the financing comes from shareholders equity, 13 paisa as compare to 1 taka assets.

10. Return in equity: (net profit after tax / shareholders equity) = 624740307 / 10885706614 = 0.057 or 57% Comments: Out of 100%, 8% is a profit. So it indicates that it has a higher relative level them most other firms in the industry.

11. Return on investment: (net profit after tax / total assets) = 624740307 / 19891933422 = 0.031 or 31% Comments: 0.31 taka investing by 1 taka. 0.31 paisa profit is generated by 1 taka.

12. Total asset turnover: (net sales / total assets) = 4868254915 / 19891933422 = 0.24 Comments: The return in equity is high because the total asset turnover is higher than the industry average because industry average is 14.04%.

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Conclusion

BEXIMCO industry has grown in Bangladesh in the last two decades at a considerable rate. The sector consistently creates job opportunities for highly qualified people. BEXIMCO Company are either directly or indirectly contributing largely towards raising the standard of healthcare. As one of leading BEXIMCO manufacturer plays vital in the industry as well as in the national economy. Actually in this report we try to focus this study is important because from this project analysis readers can be known well about Bangladesh Export Import Company Limited. There have management structure, budgeting, asset management, also functional activities and so on. We also focused on the source of financing, cost of capital, level of risk, past and present position of the. Although initially the company was basically a trading company over the years the company transformed it selves into an owning company having shareholdings in other group company. The company has adequate resources to continue in operative for the foreseeable future. The financial statements are prepared and presented in Bangladesh currency (Taka), which his company functional currency. All financial information have been rounded off to the nearest Taka except.

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Bibliography:
1. www.beximcopharma.com 2. http://www.beximco-pharma.com/about-us.html 3. http://www.biospace.com/company_profile.aspx%3FCompanyId%3D10019 70 4. http://dinarstandard.com/oic-trade/beximco-pharmaceuticals-leads-theway-for-bangladeshi-p...

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Appendix:
Balance sheet BEXIMCO PHARMACUTICAL LTD For the year ended 31 December 2008
ASSETS Non-Current Assets Property, plant and equipment Intangible Assets Investment in shares Current Assets Inventories Spares and Supplies Accounts Receivable Loans, Advances and Deposits Short term investment Cash and Cash equivalents TOTAL ASSETS EQUITY AND LIABILITIES Shareholders and Equity Issued Share capital Share premium Excess of issue price over face value of GDRs Capital Reserve on Merger Revaluation Surplus Retained earning Non-Current Liabilities Long term borrowing net off current maturity Fully Convertible,5% dividend, preference share Liability for gratuity Deferred tax liability Current Liabilities and Provisions Short Term Borrowing Long Term Borrowing Creditors & Others Payable Accrued Expenses Dividend Payable Income Tax Payable TOTAL EQUITY AND LIABILITIES 2008 11,957,773,787 11,921,072,697 36,701,090 2,861,891,654 1,505,288,093 234,530,326 503,916,401 544,509,106 73,647,728 14,891,665,441 10,450,202,145 1,259,574,470 1,489,750,000 1,689,636,958 294,950,950 1,711,174,747 4,005,112,020 1,767,431,029 1,446,600,500 2007 9,029,643,482 8,992,942,392 36,701,090 2,923,775,458 1,470,152,242 182,328,049 499,680,792 685,915,465 85,698,910 11,953,418,940 8,250,939,647 1,145,070,430 1,489,750,000 1,689,636,958 294,950,950 442,354,953 3,189,176,356 2,074,506,357 1,776,449,778

274,419,253 46,411,276 2,602,032,267 1,461,666,227 648,156,841 263,176,822 81,776,450 3,169,568 144,077,359 14,819,665,441

246,704,610 51,351,969 1,627,972,936 907,582,327 343,604,498 271,814,118 60,052,739 3,285,324 41,633,930 11,953,418,940

23

Income Statement
BEXIMCO PHARMACUTICAL LTD PROFIT AND LOSS ACCOUNT

For the year ended 31 December 2008.

Net Sales Revenue Cost of Goods Sold Gross profit Operating Expenses Administrative Expenses Selling, marketing and distribution expenses Profit Before Operations Other Income Finance cost Profit Before Contribution to WPPF Contribution to workers profit participation Profit before Tax Income tax Expense Current Tax Deferred Tax income Profit after tax Transferred to statement of changes in equity Earnings Per Share (of tk.10/-each) Number of shares used to compute EPS

2008 4,010,167,059 (2,002,871,181) 2,007,295,878 (1,008,501,030) (153,464,243) (855,036,787) 998,794,848 686,510 (249,654,298) 749,827,060 (35,706,050) 714,121,010 (168,779,737) (173,720,430) 4,940,693 545,341,273

2007 3,597,024,812 (1,967,509,975) 1,629,514,837 (974,736,690) (145,544,701) (829,191,989) 654,778,147 19,625,795 (254,742,392) 419,661,550 (19,983,883) 399,677,667 (46,609,789) (57,661,278) 11,051,489 353,067,878

4.33 125,957,747

2.80 125,957,747

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Balance sheet BEXIMCO PHARMACUTICAL LTD For the year ended 31 December 2009.
ASSETS Non-Current Assets Property, plant and equipment Intangible Assets Investment in shares Current Assets Inventories Spares and Supplies Accounts Receivable Loans, Advances and Deposits Short term investment Cash and Cash equivalents TOTAL ASSETS EQUITY AND LIABILITIES Shareholders and Equity Issued Share capital Share premium Excess of issue price over face value of GDRs Capital Reserve on Merger Revaluation Surplus Retained earning Non-Current Liabilities Long term borrowing net off current maturity Fully Convertible,5% dividend, preference share Liability for gratuity Deferred tax liability Current Liabilities and Provisions Short Term Borrowing Long Term Borrowing Creditors & Others Payable Accrued Expenses Dividend Payable Income Tax Payable TOTAL EQUITY AND LIABILITIES 2009 12,975,195,529 12,966,587,178 5,726,525 2,881,826 6,916,737,893 1,722,953,284 242,034,855 694,111,730 699,240,450 2,500,000,000 1,058,433,574 19,891,933,422 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 19,891,933,422 274,419,253 46,411,276 2,602,032,267 1,461,666,227 648,156,841 263,176,822 81,776,450 3,169,568 144,077,359 14,819,665,441 2008 11,957,773,787 11,921,072,697 36,701,090 2,861,891,654 1,505,288,093 234,530,326 503,916,401 544,509,106 73,647,728 14,891,665,441 10,450,202,145 1,259,574,470 1,489,750,000 1,689,636,958 294,950,950 1,711,174,747 4,005,112,020 1,767,431,029 1,446,600,500

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Income Statement
BEXIMCO PHARMACUTICAL LTD PROFIT AND LOSS ACCOUNT

For the year ended 31 December 2009.

Net Sales Revenue Cost of Goods Sold Gross profit Operating Expenses Administrative Expenses Selling, marketing and distribution expenses Profit Before Operations Other Income Finance cost Profit Before Contribution to WPPF Contribution to workers profit participation Profit before Tax Income tax Expense Current Tax Deferred Tax income Profit after tax Transferred to statement of changes in equity Earnings Per Share (of tk.10/-each) Number of shares used to compute EPS

2009 4,868,254,915 (2,566,206,626) 2,302,048,289 (1,300,765,878) (215,192,547) (1,085,573,331) 1,001,282,411 198,986,379 (289,427,992) 910,840,798 (43,373,371) 867,467,427 (242,727,120) (242,727,120) 624,740,307 3.50 178,515,362

2008 4,010,167,059 (2,002,871,181) 2,007,295,878 (1,008,501,030) (153,464,243) (855,036,787) 998,794,848 686,510 (249,654,298) 749,827,060 (35,706,050) 714,121,010 (168,779,737) (173,720,430) 4,940,693 545,341,273 4.33 125,957,747

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