Annual Report 2011 Beximco Pharma

It is only when you are healthy,
you enjoy fully the joy of life.

The joy of emotions and experiences.
The journey among friends and families.
The miracle we live every day.
Life.
It is that health we strive to sustain.
To nurture.
A healthy life for all.
BEXIMCO PHARMACEUTICALS LTD.
Our Mission
We are committed to enhancing human health and well being by providing contemporary and affordable medicines,
manufactured in full compliance with global quality standards. We continually strive to improve our core capabilities to
address the unmet medical needs of patients and to deliver outstanding results for our shareholders.
Our Vision
We will be one of the most trusted, admired and successful pharmaceutical companies in the region with a focus on
strengthening research and development capabilities, creating partnerships and building presence across the globe.
Core Values
Our core values define who we are; they guide us to take decisions and help realize our individual and corporate aspirations.
We adopt industry best practices in all our operations to ensure highest
quality standards of our products.
We are committed to satisfying the needs of our customers, both internal
and external.
We give high priority on building capabilities of our employees and
empower them to realize their full potential.
We encourage transparency in everything we do and strictly adhere to the
highest ethical standards. We are accountable for our own actions and
responsible for sustaining corporate reputation.
We actively take part in initiatives that benefit our society and contribute
to the welfare of our people. We take great care in managing our
operations with high concern for safety and environment.
Commitment to quality
Customer satisfaction
People focus
Accountability
Corporate social responsibility
Contents
Who We Are 4
Corporate Directories 6
Managing Directors Statement 9
Our Milestones 12
2011 Highlights 15
Our Healthcare Solutions 17
Manufacturing Capabilities 23
Global Accreditations 29
Export Potential 31
R&D Capabilities 33
Our People 35
Nurturing Our Relationships 37
Corporate Citizenship 41
Our Aspirations 45
Post Balance Sheet Highlights 47
Notice of the Annual General Meeting 49
Chairmans Statement 50
Report of the Directors to the Shareholders 54
Corporate Governance Compliance Report 57
Key Operating and Financial Data 58
Shareholders Meeting 60
Value Added Statement 62
Report of Auditors to the Shareholders 63
Statement of Financial Position 64
Statement of Comprehensive Income 65
Statement of Changes in Equity 66
Statement of Cash Flows 67
Notes to the Financial Statements 68
Who We Are
ANNUAL REPORT 2011 4
Beximco Pharmaceuticals Ltd. belongs to Beximco Group, the largest private sector business conglomerate in Bangladesh.
Incorporated in the late 70s, Beximco Pharma began as a distributor, importing products from global MNCs like Bayer,
Germany and Upjohn Inc., USA and selling them in the local market, which were later manufactured and distributed under
licensing arrangements. The Company introduced its own branded generic products in 1983. Since then, the journey
continued, and today, Beximco Pharma is a leading manufacturer and exporter of pharmaceuticals in the country, winning
National Export Trophy (Gold) a record four times. Beximco Pharmas manufacturing facilities have been accredited by major
global regulatory bodies, and it has expanded its geographic footprint across four continents.
Beximco Pharma is the only Bangladeshi company listed on the AIM of London Stock Exchange through issuance of GDRs.
Having a broad portfolio of more than 500 products and a dedicated team of around 2,700 employees, Beximco Pharma is
committed to providing access to medicines which are affordable and manufactured in strict compliance with global
standards.
......because we work to see you live the life we see in our dreams.
...of access to health solutions for everyone
We strive to cater to the masses with a diverse portfolio of products covering therapeutic groups such as anti-infectives,
gastrointestinal, cardiovascular, ARVs, anti-diabetic, NSAIDs, respiratory, and so on.
of delivering globally trusted quality to our people
We secured GMP accreditations from the EU, Australia, Gulf Central Committee, South Africa and Brazil, among others. At the
moment, we have the highest number of international accreditations among all the Bangladeshi pharma companies.
of progress; not just of ours, but of the entire community
We strive to conduct our business in a responsible manner and respond to the evolving needs of the society through various
programs and initiatives.
of a society with no outcasts
We do not believe in discriminations. We stand by the HIV positive of our country, well knowing that serving this niche is not
commercially feasible.
of a beautiful, breath-taking tomorrow
We were among the first in the world who proactively made the transition from the use of ozone-depleting to ozone-benign
propellants for our medical inhalers.
We are Beximco Pharma
We are here for you, for life.
So heres to life!
At Beximco Pharma, we dare to dream
Corporate Directories
A S F Rahman
Chairman
Salman F Rahman
Vice Chairman
The Board of Directors
A S F Rahman Chairman
Salman F Rahman Vice Chairman
Nazmul Hassan MP Managing Director
Iqbal Ahmed Director
Mohammad Abul Qasem Director
Osman Kaiser Chowdhury Director
Abu Bakar Siddiqur Rahman Director
Advocate Ahsanul Karim Director
Dr. Abdul Alim Khan Independent Director
Md. Asad Ullah, FCS
Executive Director
Company Secretary
Executive Committee
Management Committee
Osman Kaiser Chowdhury Member of the Board of Directors
Nazmul Hassan MP Managing Director
Rabbur Reza Chief Operating Officer
Ali Nawaz Chief Financial Officer
Afsar Uddin Ahmed Director, Commercial
Afsar Uddin Ahmed
Director, Commercial
Ali Nawaz
Chief Financial Officer
Lutfur Rahman
Director, Manufacturing
Jamal Ahmed Choudhury
Executive Director, Accounts & Finance
Mohd. Tahir Siddique
Executive Director, Quality
Nazmul Hassan MP
Managing Director
Osman Kaiser Chowdhury
Member of the Board of Directors
Rabbur Reza
Chief Operating Officer
A R M Zahidur Rahman
Executive Director, Production
Zakaria Seraj Chowdhury
Director, International Marketing
Shamim Momtaz
Executive Director, Manufacturing

Nazmul Hassan MP
Managing Director
Managing Directors Statement
Beximco Pharma has completed yet another successful
year delivering robust growth in revenues and profit. In
2011, the Company achieved sales turnover of BDT 7.89
billion registering y-o-y growth of 21.56%. According to
IMS, Beximco Pharma achieved the highest growth among
all the leading pharmaceutical companies in the country.
This outstanding performance is a clear indication that all
our initiatives were planned and accordingly executed to
meet the strategic goals we set for ourselves.
Bangladesh has a vibrant pharmaceutical industry. The
country is almost self-sufficient in this sector with 97% of
the countrys needs being met by the local manufacturers.
Currently valued at BDT 84 billion (USD 1 billion), the
pharmaceutical market has been growing steadily over
the last few years. This industry has been consistently
performing well with a CAGR of 20% in the last 3 years.
From the positive trends in this sector, including increased
healthcare spending on medicine and medical coverage,
enhanced healthcare system, and rising government
expenditure, we expect the industry to continue to register
healthy growths in the foreseeable future. The sector is
highly fragmented with 246 manufacturers: top 10
companies enjoy more than 67% while top 20 companies
have 85% of the market share. All of the top 10 players
are local manufacturers. We predict that domestic players
will continue to dominate and become more competitive
with further backward integration in the near future and
at the same time go up the value chain with increasing
focus on technology driven products.
In the year under review we have introduced 40 new
generics in 55 presentations, many of which have high
growth potential. In the domestic market the Company
maintains leading position in key therapeutic segments
like analgesics and gastrointestinals; we have also
performed very well with our respiratory, cardiovascular,
musculoskeletal and anti-infective range registering much
better growth than in the previous year.
We are confident that your company will continue to
outperform industry growth in the coming years led by
market share gains in key therapeutic segments along
with continuous and successful expansion of our product
portfolio. Our major restructuring in the sales division, with
the aim of focusing on specialty and chronic care products,
will result in considerable growth in these categories.
We remain committed to creating value for all our
shareholders and customers. A well defined, value-creating
strategy is a must for any business to achieve sustained
growth and this must take into consideration the
companys immediate and long term growth objectives.
With over 30 years of operation, we have achieved many
milestones, successfully expanded our business and
created significant shareholders value, yet sustaining
growth and profitability has been a major challenge in
todays changing business environment. This is why we
have given special emphasis on improving cost efficiency,
resource optimization and R&D capabilities. To achieve
sustained growth over the next five years and beyond, the
Company has prepared a roadmap for making business
strategies actionable. We will further invest in upgrading
the existing facilities and expanding capacity which will
translate into potentially higher growth.
Beximco Pharma has delivered strong results in the
domestic market; it also continues to perform well in
exports and achieved a growth of 18.08% over the
previous year. During the year we have successfully
registered 48 products in overseas markets. The Company
has the distinction of being the only pharmaceutical
company in the country to win National Export Trophy
(Gold) a record four times. We are well aware of
opportunities in global generic drug space and your
Company is formulating strategies and aligning resources
to capitalize on these opportunities. Today Beximco
Pharma has products registered in Asia, Africa, Latin
America, Gulf region, Australia and New Zealand while it
enters into generic markets of EU soon. As mentioned
earlier we recently entered the US market through
acquisition of an ANDA and the response with that
product has been encouraging; and we are hopeful that
we will be able to complete the site transfer to Beximco
Pharma and subsequent USFDA inspection soon.
Key drug patent expirations by the year 2015 have been
estimated to be worth more than USD 150 billion in
annual drug sales, which present lucrative opportunities
for generic drug manufacturers like Beximco Pharma. We
are well aware of this and aligning our resources to
capitalize on these opportunities. We believe our ability to
choose the right products, efficiently develop them, secure
regulatory approvals, and achieve economies of scale in
production are all critical for our success in the global
generics market. We continue to make substantial
investment in research and development to create
differentiation and enable us to compete in the global
marketplace. A number of initiatives aligned with our
objectives are currently underway. We have further
strengthened our Regulatory Affairs, R&D, and Supply
Chain with the appointment of top class people with long
experience working in leading generic drug companies in
the world.
On a different note, taka has been devalued to a record
low against dollar in the said period which may have
significant impact on the cost of imports of raw materials
and thereby profitability. The industry is still heavily
dependent on such imports and this will remain so unless
the countrys proposed API Technology Park is completed.

The generic drug industry is undergoing changes and in
such a competitive environment leading companies are
now focusing on products where profit levels come with a
degree of innovation. Our current portfolio comprising
Metered Dose Inhalers, Dry Powder Inhalers, Ophthalmics,
Pre-Filled Syringes, etc. offers both innovation and
profitability. Particularly, inhalers and eye drops can
potentially provide a lucrative niche for us as we have
pioneered MDI manufacturing and are the sole company
to have both EU and TGA accredited MDI and Ophthalmic
facilities in the country. We will pursue growth in the
specialized products and accordingly our new projects
reflect our strategic focus.
As we continue to focus on specialty niche products, a
number of new delivery systems are planned to be
launched which will enrich our hi-tech portfolio and at the
same time help build our image as a technology-driven
company.
While MNCs are increasingly looking for cost effective
sources beyond China and India as these countries are
losing cost advantages, Beximco Pharma has
differentiated itself by offering generic drugs at the most
affordable price. The Company is ideally positioned as a
contract manufacturing partner for clients from developed
markets with its cost and skill advantages along with a
long track record of working with global MNCs. Amid all
the challenges, Bangladesh economy is growing
satisfactorily, consistently maintaining GDP growth over
6%. Positive credit rating by global credit rating agencies
and an impressive ranking by major investment firms have
helped Bangladesh attract huge global attention in recent
times; particularly the pharmaceutical industry has been
highly publicized as the next big sector owing to its
significant export potential. While our major focus
remains on development of international markets,
particularly for building presence in the developed and
emerging markets, our investment in expanding capacity
will provide the necessary impetus for sustainable growth.
We continue to pursue global accreditations,
collaborations and alliances as a part of our global
expansion strategy. Our Oral Solid Dosage and Ophthalmic
facilities have received GMP accreditation from European
Union while the Ophthalmic facility also received the same
from TGA, Australia.
We are committed to providing safe and effective
medicines to enhance health and well being of our people.
We do not measure our success only by our ability to
provide affordable medicines: we have given high priority
on social responsibilities and always promote activities
that contribute to the betterment of our society. During the
year we have made significant contribution to several
major initiatives; notable among them are joining of
USAID-led Mobile Alliance for Maternal Action (MAMA)
as the founding corporate partner, and supporting ASHIC
Foundation, an organization for children with cancer.
launched which will enrich our hi-tech portfolio and at the
same time help build our image as a technology-driven
While MNCs are increasingly looking for cost effective
sources beyond China and India as these countries are
losing cost advantages, Beximco Pharma has
differentiated itself by offering generic drugs at the most
affordable price. The Company is ideally positioned as a
contract manufacturing partner for clients from developed
markets with its cost and skill advantages along with a
long track record of working with global MNCs. Amid all
the challenges, Bangladesh economy is growing
satisfactorily, consistently maintaining GDP growth over
6%. Positive credit rating by global credit rating agencies
and an impressive ranking by major investment firms have
helped Bangladesh attract huge global attention in recent
times; particularly the pharmaceutical industry has been
highly publicized as the next big sector owing to its
significant export potential. While our major focus
remains on development of international markets,
particularly for building presence in the developed and
emerging markets, our investment in expanding capacity
will provide the necessary impetus for sustainable growth.
We continue to pursue global accreditations,
collaborations and alliances as a part of our global
expansion strategy. Our Oral Solid Dosage and Ophthalmic
facilities have received GMP accreditation from European
Union while the Ophthalmic facility also received the same
We are committed to providing safe and effective
medicines to enhance health and well being of our people.
We do not measure our success only by our ability to
provide affordable medicines: we have given high priority
on social responsibilities and always promote activities
that contribute to the betterment of our society. During the
year we have made significant contribution to several
major initiatives; notable among them are joining of
USAID-led Mobile Alliance for Maternal Action (MAMA)
as the founding corporate partner, and supporting ASHIC
Foundation, an organization for children with cancer.
Nazmul Hassan MP
Managing Director
The year 2011 also witnessed a series of rebranding initiatives taken by the management. Corporate brand equity is the most
valuable asset of a company as it engages all the stakeholders in a relationship that drives future growth. This is critical for
sustaining competitive advantage in light of changing corporate priorities. We have felt an increasing need to convey a strong
and distinct identity, with renewed focus and commitment, to reflect Beximco Pharmas rising prominence. The Company now
has a new tagline Heres to Life, corporate identity programs and a new website including the online knowledge center all
to reflect our commitment and vision and convey to our customers who we are and what we do.
As we continue to evolve into a stronger company, our strategy for growth is to build a strong and diverse product portfolio;
to expand our geographic reach; and to develop and leverage our generic drug capabilities. All these will drive us to build a
future for our employees, to create value for shareholders and to focus on the reason for being in this business to enhance
the health and wellbeing of people.
We are confident that your Company will continue to deliver strong financial results and achieve sustained growth in the
coming days. Its a privilege for me to work with the exceptionally talented team of Beximco Pharma management and the
wonderful people who have diligently worked towards building this remarkable company. I would like to thank all our
employees and shareholders for your unwavering confidence and trust in us, and look forward to your continued support.

Company incorporated
Started manufacturing products of Bayer AG,
Germany and Upjohn Inc., USA,
under license agreements
Launched own formulation brands
Listed on Dhaka Stock Exchange
Export operation started with APIs
Our Milestones
Russia became the first export destination for
formulation products
First company to introduce
anti-retroviral (ARV) drugs in Bangladesh
Only Company in Bangladesh to be listed on the Alternative
Investment Market (AIM) of London Stock Exchange (LSE)
through issuance of GDRs
Launched CFC free HFA inhalers for the first time in Bangladesh
Only Bangladeshi company to receive GMP approval from ANVISA, Brazil
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 AGES, Austria (for European Union)
Received GMP approval from INVIMA, Colombia
Only pharmaceutical company to win National Export Trophy (Gold) for the fourth time
First Bangladeshi company to receive GMP accreditation from Therapeutic Goods Administration (TGA), Australia, and
Gulf Central Committee for Drug Registration, for GCC states
Technology transfer arrangement to manufacture Roches ARV drug Saquinavir
Achieved the highest sales growth among the top ten pharmaceutical companies (IMS 2011)
Received EU GMP accreditation for OSD and Ophthalmic facilities
Registered 48 new products in 8 countries including New Zealand, Azerbaijan, Kuwait,
Singapore and Colombia
Became the only pharmaceutical company to win National Export Trophy (Gold) for
the fourth time
Introduced 40 new generics in 55 different dosage forms and strengths
Launched combination therapies: NapaDol (Paracetamol+tramadol), Dinovo
(Naproxen+Esomeprazole) & Glipita M (Sitagliptin+Metformin) for the first time in Bangladesh
Launched operation of Dry Powder Inhaler (DPI) and Prefilled Syringe (PFS) units
Took up a major corporate rebranding initiative
2011 Highlights
We offer our customers a comprehensive and high-quality product portfolio encompassing all major therapeutic categories,
available in various dosage forms including tablets, capsules, syrup, suspension, sterile eye drops, injectables, nasal sprays,
creams, ointments, suppositories, IV fluids, metered dose inhalers, dry powder inhalers, prefilled syringes etc.
Our therapeutic groups host quality solutions for treating cardiovascular, musculoskeletal, endocrine, gastrointestinal,
metabolic, allergic, respiratory and other disorders. Currently, Beximco Pharma produces 284 generics in 508 strengths and
dosage forms. Time after time, our pharmaceutical brands are found in the top ranks in their respective therapeutic categories.
In the domestic market, Beximco Pharma maintained its leadership position in key therapeutic segments such as
gastrointestinal and analgesic.
2011 was a year of restructuring and renewed spirits for our Marketing and Sales teams. The sales division was restructured
to pay particular attention to specialty and chronic care products, with the goal of registering considerable growth in these
categories in the near future. To add to the momentum, the teams were also more aggressive than before in the race to the
top. In the year under review, the Company experienced a significantly more extended doctor reach as well as enhanced
distribution reach. This is very important for us because, todays efforts at brand building will help us create a stronger
platform for tomorrows blockbuster products to carry on with high performance in keeping with the likes of our emerging
brands such as Amdocal Plus, Atova, Azmasol etc.
In the domestic market, our product brand equity remained respectably strong. When it comes to the generic pharmaceutical
markets, it is rightly said that prescription generation is key to a pharmaceutical companys health. On a bright note, Beximco
Pharmas prescription (Rx) share in terms of both product and value crossed the double digits Rx share benchmark during the
year.
To keep the impetus flowing, the Company shall continue to strengthen market penetration beyond urban areas through our
wholly-owned distribution network and further augment our value added services for doctors.
At Beximco Pharma, it is not just about how many products we sell, but rather, it is
about the lives we save
One of the major components for the long-term health of any generic and specialty pharmaceutical company is its ability to
continually introduce new products while building its pipeline for future launches. The Company delivered exceptionally on
both fronts during the year under review. We have a robust generic product pipeline based on market needs and we are set
to venture into a number of new delivery systems such as lyophilized products very soon.
Our Health Solutions
In 2011, we introduced 40 new generics in 55 presentations,
five of which were launched for the first time in Bangladesh
NapaDol, a fixed dose combination of Paracetamol and Tramadol, is indicated in moderate to severe pain such as osteoarthritis flare, post-surgery
pain management, traumatic pain and low back pain. Moderate to severe pain is an emergency condition that needs to be addressed immediately.
The launching of NapaDol offers patients a breakthrough approach to managing pain because of its superior efficacy and safety.
NapaDol
Dinovo, the combination of Naproxen and Esomeprazole, was launched in the final quarter of 2011. The drug is indicated for the relief of signs
and symptoms of osteoarthritis, rheumatoid arthritis and ankylosing spondylitis. Dinovo helps relieve the sufferings of arthritic pain with
exceptional GI safety. The excellent quality and safety profile of this combination has established this brand as the preferred weapon in arthritic
pain management among doctors.
Acifix is a preparation of Rabeprazole which is a second generation proton pump inhibitor (PPI). It is mainly indicated for healing of erosive or
ulcerative gastroesophageal reflux disease (GERD), maintenance of healing of erosive or ulcerative GERD, treatment of symptomatic GERD and
healing of duodenal ulcers. Rabeprazole has a number of unique features. It is a fast acting PPI, can be taken irrespective of meal and having
predominant nonenzymatic metabolism. Rabeprazole is quickly establishing itself as the preferred choice of drug in treating the underlying acid
disorders.
Acifix
Glipita-M is a fixed dose combination of Sitagliptin and Metformin. Glipita-M is indicated to treat Type 2 diabetes where Metformin is not enough
to improve glycemic control. It is a unique combination to treat three core defects of Type 2 diabetes mellitus: insulin resistance, decreased insulin
release, unsuppressed hepatic glucose overproduction. It is more powerful than Metformin alone in reducing HbA1c at goal. Moreover, Glipita-M
is a very promising combination therapy with additional benefits. Weight loss and incidence of hypoglycemia for Glipita-M is similar to Metformin
alone. We have launched Glipita-M for the first time in Bangladesh in October 2011.
Cleven is a ready-to-use sterile aqueous solution containing Enoxaparin Sodium, a low molecular weight heparin with a high anti-Xa activity and
with a low anti-lla or anti-thrombin activity. Cleven is indicated in thromboembolic emergencies like acute coronary syndrome, deep vein
thrombosis, and pulmonary embolism.
Cleven
Xalaprost is a preparation of Latanoprost, the best selling glaucoma drug worldwide. Xalaprost is a prostaglandin analogue that helps to reduce
intraocular pressure (IOP) by increasing the uveoscleral outflow. It is indicated for the reduction of elevated intraocular pressure in patients with
primary open-angle glaucoma (POAG) or ocular hypertension (OHT).
A Glimpse of Products Introduced in 2011
Dinovo
Glipita M
Xalaprost
Thalin tablet (Chlorthalidone 25 mg)
Prasuva 5 tablet (Prasugrel 5 mg)
Prasuva 10 tablet (Prasugrel 10 mg)
Cleven 20 inj (Enoxaparin Sodium 20 mg/0.2 ml)
Cardiovascular
3 Products
Triocim DS suspension (Cefixime 4 gm/50 ml)
Turbocef 1.5 gm inj IV (Cefuroxime 1.5 gm/vial)
Tetracef 500 Inj (Cefepime 500 mg)
Tetracef I g Inj (Cefepime 1 gm)
Tetracef 2 g Inj (Cefepime 2 gm)
Azithrocin powder for suspension (Azithromycin 200 mg/5 ml)
Anti-Infective
Cardiovascular
Vomec Plus tablet (Meclizine 25 mg+Pyridoxin HCL 50 mg)
CNS
Glipita 100 tablet (Sitagliptin 50 mg)
Glipita 50 tablet (Sitagliptin 100 mg)
Glipita M 50/500 tablet 1st time in Bangladesh
(Sitagliptin 50 mg+Metformin Hydrochloride 500 mg)
Glipita M 50/1000 tablet 1st time in Bangladesh
(Sitagliptin 50 mg+Metformin Hydrochloride 1000 mg)
Diaryl 3 tablet (Glimepiride 3 mg)
Endocrine & Met Disorders
Napa 60 suppository (Paracetamol 60 mg)
NapaDol tablet 1st Time in Bangladesh (Paracetamol 325 mg+Tramadol 37.5 mg)
Analgesic
Misopa 100 tablet (Misoprostol BP 100 mg)
Misopa 200 tablet (Misoprostol BP 200 mg)
Misopa 600 tablet (Misoprostol 600 mg)
Acifix tablet (Rabeprazole 20 mg)
GI System
Nutrimin IV Infusion (5% composite Amino Acid with D-Sorbitol & Electrolytes)
Nutrimin D IV Infusion (7% composite Amino Acid+10% Dextrose+Electrolyte)
IV Fluid
55
NEW PRODUCTS LAUNCHED IN 2011
Lospan 10 tablet (Baclofen 10 mg)
Lospan 20 tablet (Baclofen 20 mg)
Tolmus tablet (Tolperisone Hydrochloride 50 mg)
Ribox 120 tablet (Etoricoxib 120 mg)
Dinovo 375/20 tablet 1st time in Bangladesh
(Naproxen USP 375 mg+Esomeprazole USP 20 mg)
Dinovo 500/20 tablet 1st time in Bangladesh
(Naproxen USP 500 mg+Esomeprazole USP 20 mg)
Mobicam tablet (Tenoxicam 20 mg)
Musculo-Skeletal
7 Products
Lopidam 370 infusion diagnostic reagent (Lopamidol 37.75 g)
Other
1 Product
Limogel gel (Lycin Hydrochloride USP 150 mg)
Candoral oral gel (Miconazole 2% w/w)
Skin
2 Products
Odycin eye drop (Moxifloxacin 0.5%)
Evo TS eye drop (Levofloxacin INN 1.5%)
Olopan DS eye drop (Olopatadine INN 0.2%)
Hypersol 5 eye drop (Hypromellose 0.3%)
Cinarex eye drop (Tobramycin 0.3%)
Mydrate eye drop (Cyclopentolate Hydrochloride 1%)
Xalanol eye drop (Latanoprost 0.05 mg+Timolol 5 mg)
Xalaprost eye drop (Latanoprost 0.05 mg/ml)
Cinarex D eye drop (Tobramycin 30 mg+Dexamethasone 1 mg/ml)
Neofloxin D eye drop (Ciprofloxacin 3 mg+Dexamethasone 1 mg/ml)
Ophthalmic
10 Products
Azmasol Bexicap DPI (Salbutamol 0.20 mg)
Symbion 100 Bexicap DPI (Formoterol fumarate 6 mcg+Budesonide 0.1 mg)
Symbion 200 Bexicap DPI (Formoterol fumarate 6 mcg+Budesonide 0.2 mg)
Bexitrol 50/500 Bexicap DPI (Salmeterol 0.05 mg+Fluticasone propionate 0.1 mg)
Olopan nasal spray (Olopatadin 0.6 gm/100 ml-120 metered spray)
Respiratory
7 Products
Veniron Inj (Iron-sucrose 20 mg)
Vitamins & Minerals
1 Product
Musculo-Skeletal
Others
Skin
Ophthalmic
Respiratory
Vitamins & Minerals
Manufacturing Capabilities
Situated at Tongi, near the capital city Dhaka, 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, sterile ophthalmic drops, prefilled syringes, dry powder inhalers,
injectables, nebulizer solutions, creams, ointments, suppositories, etc. The site has its own utility infrastructure to ensure
adequate generation and distribution of electricity with an installed capacity of 10MW, in addition to water purifying and
liquid nitrogen generation facilities. The bulk drug unit for producing paracetamol is also located within this site. The
Companys penicillin API and formulation units are situated at Kaliakoir, 20 km from the main site.
Oral Solid Dosage
The 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. This facility houses a total of five lines with an annual capacity to produce 5 billion
tablets.
This facility is already accredited by the regulatory authorities of EU, Australia and the Gulf member states, and is awaiting
inspection and approvals from the USFDA, which would give Beximco Pharma access to the most regulated markets in the
world.
Metered Dose Inhaler
Beximco Pharma was among the first few companies in the world who made the transition away from CFC-based
inhalers to the ozone-benign HFA based formulations, in compliance with the Montreal Protocol. As CFCs are harmful to
the earths protective ozone layer, the Company proactively developed ozone-benign HFA based MDIs which inevitably
require very high level of expertise and sophisticated technology. The company is currently the largest producer of MDIs
in Bangladesh, and it produces a popular inhaler brand for a reputed MNC under a contract manufacturing agreement.
The MDI units have been designed with technical collaboration from Pamasol, Switzerland which now have an annual
production capacity of more than 20 million canisters.
Intravenous Fluid
The Intravenous (IV) fluid unit is ISO 9001:
2010 certified and was designed in
collaboration with PharmaPlan, a sister
concern of Fresenius AG of Germany.
Absolute sterile manufacturing conditions
are rigorously maintained through a series
of fully automated manufacturing
procedures including robotics. The facility
utilizes FFS (Form-Fill-Seal) Bottelpack

aseptic system of PharmaPlan Germany.
Plastic bottles are blow molded, filled with
the solution and sealed under sterile
conditions, in a single working cycle where
there is no environmental exposure or
Ophthalmic
Beximco Pharmas ophthalmic facility was
launched in 2009. Today this facility has
been accredited by the regulatory
authorities of EU and Australia. There is
increasing response from European clients
where the demand for generic ophthalmic
products is rising due to patent expiration
of a number of key products and the positive
initiatives taken by the governments to
control increasing healthcare cost. Currently
29 ophthalmic products are being
manufactured which include high potential
products such as Xalaprost (Latanoprost),
Xalanol (Latanoprost+Timolol), Odycin
(Moxifloxacin), Olopan (Olopatadine), etc.
human contact during manufacturing. The whole process is performed in a class 100 environment which ensures the highest
standards of quality and purity. The facility produces a broad assortment of large volume parenterals (LVPs). As a line
extension of this IV unit, the company has installed an amino acid line to produce a range of parenteral nutrition products
such as Nutrimin and Nutrimin D.
Liquid and Semisolid
Beximco Pharma has a broad range of liquid formulations like syrups and semisolid dosage forms including creams,
suppositories and ointments. At present the capacity of liquid dosage facility is 37 million units per annum and the Company
has taken up expansion program along with further upgradation of the existing unit to meet the growing demand in the
marketplace.
Pre-Filled Syringe
Prefilled syringes (PFS) provide both convenience and accuracy to self-administered drugs. With their ease of use and
improved safety features PFS has become one of most widely used drug delivery systems today.
Beximco Pharma launched its PFS range with Enoxaparin Sodium, a low molecular weight heparin, which is widely used in
cardiac emergency. The Company plans to add a few more high value products to its PFS portfolio shortly. The high precision
PFS line employs sophisticated technology and the entire filling operation is done under laminar flow in a class 100
environment to provide absolute sterile conditions.

Dry Powder Inhaler
Dry powder inhaler (DPI) is a device that delivers medication to the lungs in the form of a dry powder. DPIs do not require the
timing and coordination that are necessary with metered-dose inhaler and they do not contain any propellants. Beximco
Pharma offers dry powder inhaler in innovative patient-friendly and DPI-friendly packaging. Instead of bottle pack we provide
alu-alu blister pack which protects medicine from moisture. HPMC capsule shell ensures maximum protection against
moisture. And our unique and simple Bexihaler device, imported from Europe, consisting of 8 pins ensures optimum dose
delivery. Currently the facility has the capacity to produce 36 million units of DPI every year.
AGES, Austria (for EU)
Therapeutic Goods Administration (TGA), Australia
Gulf Central Committee (for GCC member states)
ANVISA, Brazil
INVIMA, Colombia
Global Accreditations
In 2011, we added yet another milestone to our repertoire when Beximco Pharma was awarded the National Export Trophy
(Gold) by the Export Promotion Bureau for excellent export performances for the year 2009-2010. This is the highest
recognition for the companies in the export sector for significant contribution to Bangladesh's economic growth. We hope to
persevere in stride in our service towards the progress of our country.
At the moment, we have the highest number of international accreditations in the country and we aim to leverage our
resources as we venture into new territories. Our strategy is to capitalize further on export opportunities. In addition to
strengthening our position in current export markets, we are targeting export opportunities in new overseas markets,
particularly in the regulated and emerging markets. With the newly received product approvals from New Zealand, Kuwait
and Azerbaijan, we plan to enter into these markets soon. We received GMP accreditation from Austrian Agency for Health
and Food Safety (AGES), Austria; for European Union and have set our target of market entry into the EU within the shortest
possible time.

Our products have been well received in the overseas markets and have been supplied to various reputed institutions such
as the Raffles Hospital, Heathway and K K Womens & Childrens Hospital in Singapore, MEDS and Kenyatta National
Hospital, Kenya. Beximco Pharma is also an enlisted supplier for UNICEF (United Nations International Children's Emergency
Fund), Save the Children, WHO (World Health Organization) and ADF (Asthma Drug Facility).
Export Potential
Pre-filled Syringes
Sterile Ophthalmics
Dry Powder Inhaler
Diagnostic Dye
MDI with Dose Counter
Sterile Injectable
Sublingual Spray
Tablets
R&D Capabilities
R&D is the key to success for any pharmaceutical company. We have given it top priority and have made substantial
investment in upgrading our generic drug capabilities as we firmly believe R&D plays the most important role in spurring
innovation and helps a company go up the value chain. Our research and development activities are closely focused on
market needs and driven by technological progress in order to create product differentiation.
Our team comprising top class formulation scientists with extensive experience of working in leading pharmaceutical
companies in the world continuously strives to integrate the advanced technological changes to create competitive edge and
match international standards. There has been a series of positive developments in the year and our team successfully
introduced 40 new generic formulations in 55 different presentations and expanded our dosage delivery portfolio with
technology driven products like prefilled syringes, total parenteral nutrition, dry powder inhalers, etc.
Beximco Pharmas well defined organizational structure, policy guidelines and internal controls ensure efficiency of
operations, and compliance with applicable regulations. The Company continuously upgrades these systems in line with the
best practices in the industry. Other initiatives to keep our team updated with the recent advances in analytical methodology,
platform technology, and regulatory affairs include frequent in-house and overseas workshops and training programs. The
benefits we derive as a result of these initiatives will only increase in the coming years.
With almost 2,700 hearts beating as one,
miracles are bound to happen.
The Miracle of the Honeybee
Build dwellings in the mountains and the trees, and also in the structures which men erect. Then eat from
every kind of fruit and travel the paths of your Lord, which have been made easy for you to followFrom
inside them comes a drink of varying colors, containing healing for humanity. There is certainly a sign in that
for people who reflect.
We recognize it is our peoples unwavering values that molded us into who we are today. It is their tireless contributions that
have propelled us to greater heights over the years. They are indeed our greatest assets in the way they create meaningful
difference. Every product, every experience, and every breakthrough we ever presented for the betterment of human health
and well-being have been made possible by our people. We are prouder than ever of the collective intentions and
determination we have witnessed time and time again. The shared vision and values, reflected in our leadership and
execution, help us attract the very best.
Currently, the Company employs almost 2,700 people including around 400 white-collar professionals such as Pharmacists,
MBAs, Doctors, Chemists, Engineers, Microbiologists etc. In 2011, we welcomed into the Beximco Pharma family highly
experienced expatriates in key positions to deliver a fresh take on strategic direction as we steadily progress towards our
aspirations of becoming a global pharmaceutical company.
We are strong advocates of the notion that learning never really ends simply with the completion of formal education. One
of the best perks of being a part of the Beximco Pharma family is that the people undergo continuous training and
development programs to further develop their skills. In 2011 alone, over 30 such workshops and training, covering various
departments, were conducted. Within Beximco Pharma, we support employees interested in reaching out to others. In 2011,
we launched our very own internal Knowledge Center as a platform for continuous learning and interconnectivity; an
initiative that is still quite a novel concept in Bangladesh. However, we know that competence alone is not enough; it is the
intricate threads of connectivity, binding us as one family, which makes our organizational culture truly coveted and one of a
kind. We have also undertaken a major corporate branding initiative as a reflection of our rejuvenated drive and aspirations.
Our People
Beximco Pharma & the Medical Community
Over the years, we have nurtured and developed a special bondage with the medical community. We stand by healthcare
providers and appreciate their valiant services to the community at large.
Knowledge-based professional services
In 2011, we served the medical community with complementary knowledge-based professional services such as the
following:
conducted around 300 clinical meetings nationwide
responded to over 1100 doctors by providing assistance according to their requests
responded to approximately 1000 doctors by sending latest clinical and medical journals on a regular basis as per interest
prepared over 50 slide presentations on behalf of doctors on various occasions
prepared several poster presentations on behalf of doctors for both national and international occasions
published 4 quarterly Medical Newsletter
published 12 online monthly E-Newsletter on Ophthalmology
published Cardiovascular Therapeutic Index
CRM through E-detailing
In the spirit of reinvention, stemming from our rebranding initiative, we decided to be the first to introduce e-detailing in
Bangladesh. This is a step towards solidifying our commitment for strengthening our relationship with the medical
community. The Vision team task force would be the first to be equipped with Tablets (mobile computers with touch-screen
and pen-enabled interface), for the purpose of electronic pharmaceutical detailing. This digital communication is greener
than paper based communication, and will enhance the quality of service in building one-to-one relationship with the
doctors. The Tablets will be enriched with data, not only of our products, but also other valuable information. For instance, the
medical representatives can instantly pull up whatever references or research findings a doctor may wish to study.
Nurturing Our Relationships
We, at Beximco Pharma, acknowledge and appreciate the value of collaborations with our strategic alliances and
partnerships. We believe that mutually beneficial partnerships are key to accomplishing our goals. We have had a sound track
record of working with global partners as early as 1980 when we commenced manufacturing operations with products under
licenses of Bayer AG of Germany and Upjohn Inc of USA. Moreover, we have been producing asthma inhalers under contract
manufacturing for a global MNC. We have a co-development agreement with a pharmaceutical company in the USA. We also
provided technical support to Johns Hopkins University for a WHO funded vaccine study in Bangladesh. Furthermore, we
actively look forward to working with MNCs in the area of biopharmaceuticals and new drug delivery systems. We also
extend our support to various initiatives from global development agencies such as USAID, Save the Children etc. as well as
reputed research institutes; in the year we joined a USAID-led major initiative Mobile Alliance for Maternal Action (MAMA)
in Bangladesh.
Partnerships & Alliances
Our medical representatives will be able to offer multi-brand detailing within shortest possible time with individual-doctor or
group-specific detailing aids, thus enhancing our services to doctors. It will also allow doctors to know us better e.g. from the
comfort of their own desks, doctors will then have the option of taking a virtual tour in our facility. We hope to capitalize on
first-movers advantage and set the benchmark for the competition.
We hope to establish ourselves as the premier source of reliable and relevant
medical information
7 BI LLI ON FACES OF 5 ELEMENTS
Mobile Alliance for Maternal Action
The Founding Corporate Partner of MAMA in Bangladesh
The power of health in every mamas hand...
Every successful corporation has a responsibility to use its
resources and influence to make a positive impact on the
world and its people. Economically, Environmentally and
Socially Responsible, Beximco Pharma endeavors to
achieving success in ways that respect ethical values,
people in need, their communities and the environment.
The Companys key strategies always aim to provide a
strong return for shareholders, while creating social and
economic value in the communities where it operates.
Responsibility to the Community at Large
Our vision is to make significant contribution to humanity
by improving health. This vision guides our Companys
operations, including its commitment to corporate
responsibility.
Trusted Partner in Health
We work together with non-profit organizations who
work to improve people's lives through research,
information, and advocacy. As the Company writes its
success story as an emerging leader in the pharmaceutical
industry, we also realize that responsibility towards all our
stakeholders increases in tandem. We remain committed
to being a good corporate citizen.
In the year under review, we joined Mobile Alliance for
Maternal Action (MAMA) in Bangladesh. MAMA is a
country-owned, country-led initiative managed by an
alliance of stakeholders. Through a core group of founding
partners, MAMA Bangladesh is designing and testing a
platform to provide both audio and text health messages
to pregnant women and new mothers linked to their
delivery date. The service also includes family gatekeepers
for inspiring healthcare seeking behavior. The commercial
brand name to be tested is Aponjon.
As part of the new United States Global Health Initiative,
the United States Agency for International Development
(USAID) catalyzed the creation of a public-private coalition
in Bangladesh to support the execution of the service. The
Ministry of Health and Family Welfare (MoHFW) and
Access to Information (A2I) Program at Prime Minister's
Office are official partners of the initiative. Global partners
include Johnson & Johnson and United Nations
Foundation, among others.
The Objectives of the initiative are as follows:
Reach 500,000 pregnant women and new mothers
within three years
Deliver critical life-saving health messages, leading to
sustained improvements in health knowledge, behaviors
and outcomes
Build upon USAID and Government of Bangladesh
maternal child health and family planning programs.

MAMA coalition activities are being organized by D.Net, a
leading social enterprise working for integration of ICTs in
education, health, livelihood and social accountability.
Awareness Campaigns
Prevention is the best cure and the first step is to create
awareness. Every year, we launch campaigns touching on
different forms of heath impediments ranging from
asthma, diabetes, hypertension and many more. Campaign
activities include rallies in addition to organizing and
sponsoring scientific seminars and conferences for various
associations and societies in medical disciplines.
Corporate Citizenship
Preserving Cultural Heritage
Preservation and promotion of cultural heritage are linked
to economic welfare of any country. We at Beximco
Pharma hope to preserve and promote our countrys
vibrant heritage in a way that would imprint its immortal
beauty in the hearts of our todays modern demography
and the generations to come.
In 2011, we sponsored and organized the grand cultural
event, at the National Museum, marking the 150
th
birth
anniversary of Rabindranath Tagore; the legend who had
irrefutable contribution towards the heritage and identity
of Bengali culture. We also sponsored the making and
distribution of a comprehensive documentary, highlighting
Rabindranath Tagore's intermittent stay in Bangladesh. It
was premiered on 7
th
May at the National Museum,
Dhaka. The documentary, based on research by the
eminent Tagore researcher Ahmed Rafique, was directed
by Dr. Chanchal Khan, better known as a Tagore singer
and exponent. Elements of the documentary include nine
songs that were penned by the Nobel laureate poet during
his stay in Bangladesh. The film also features glimpses
from a play based on a Tagore short story; interviews of
distinguished personalities and recitals. The rich content
lends it historical, archival and educational value.
Preservation and promotion of cultural heritage are linked
to economic welfare of any country. We at Beximco
Pharma hope to preserve and promote our countrys
vibrant heritage in a way that would imprint its immortal
beauty in the hearts of our todays modern demography
In 2011, we sponsored and organized the grand cultural
birth
anniversary of Rabindranath Tagore; the legend who had
irrefutable contribution towards the heritage and identity
of Bengali culture. We also sponsored the making and
distribution of a comprehensive documentary, highlighting
Rabindranath Tagore's intermittent stay in Bangladesh. It
May at the National Museum,
Dhaka. The documentary, based on research by the
eminent Tagore researcher Ahmed Rafique, was directed
by Dr. Chanchal Khan, better known as a Tagore singer
and exponent. Elements of the documentary include nine
songs that were penned by the Nobel laureate poet during
his stay in Bangladesh. The film also features glimpses
from a play based on a Tagore short story; interviews of
distinguished personalities and recitals. The rich content
Employee Volunteering Program
In this program, we sent employee volunteers to devote
their time and energy in spreading smiles across the faces
of children battling the ultimate battle of survival against
cancer. The children are currently being treated at the
ASHIC Foundation. We arranged an outing at an
amusement park in the capital city where the children
were accompanied by their parents and representatives
from the not-for-profit organization. We had a wonderful
day together packed with fun rides and great food. Later
on we donated hospital equipment to the palliative care
unit where the children at the terminal stage of cancer are
being treated.
The ASHIC foundation is a full member of International
Confederation of Childhood Cancer Parents Organization
(ICCCPO), which is an international forum to increase
awareness and action on childhood cancer related issues.
This small Foundation strives to improve the quality of life
for children living with cancer in Bangladesh by providing
hope, physical and emotional support, and raising public
awareness for early detection, improved treatment and
social acceptance. We appreciate their noble cause and
extended our support.
We believe that a genuine spirit of giving itself is credential
enough and therefore we stand by the unsung heroes who
dedicate their lives for the betterment but do not get the
recognition or enough support to carry out their intentions
with optimized efficiency and impact.
Childrens Education is a Right, not a
Privilege
Beximco Pharma, being in a knowledge based industry,
fully understands the crucial role that education plays in
the building of a nation. We offer financial assistance to
the children, of our employees, who are brilliant and
possess a thirst for knowledge; and yet may not be able to
actualize their dreams due to unfavorable financial
circumstances. In the year 2011, Beximco Pharma offered
assistance to a total of 36 meritorious students coming
from diverse academic backgrounds.
Responsibility to the Environment
We are always aware of environmental compliance and
adopt policy to preserve the environment by practically
minimizing emission and waste, thereby reducing our
carbon footprint. The premise that drives us is we always
put the needs of people before anything else in every
chapter of our success story. Our Safety, Health and
Environment (SHE) program is also based on a framework
of consistent standards.
Our Path to Protecting the Ozone Layer
Inhaled therapy is essential for the treatment of patients
with asthma and COPD. Unfortunately, CFC gases used in
inhalers as propellants have ozone-depleting properties.
The Montreal Protocol on Substances that Deplete the
Ozone Layer, the international agreement that
established measures to control ozone-depleting
substances, made it mandatory for Bangladesh and many
other countries to implement and complete the phase-out
of CFC based MDIs by December 31, 2009.
It was a challenge for Bangladesh to make the transition
from ozone-depleting CFC to ozone-benign HFA-based
inhalers to save the environment and to ensure availability
of inhalers for the patients. In 2006, we were the first
Bangladeshi company to proactively and successfully
make the shift to HFA inhalers to ensure that no patient in
Bangladesh suffers from a lack of availability of MDIs
when CFC would become scarce in the future. This was an
enormous feat not only for a developing country like
Bangladesh but also for the world at large. In addition to
proactively adopting ozone-benign HFAs, Beximco
Pharma actively advocated so that others would also do
the same. As a follow-up to UNEPs Langkawi Declaration
on Public-Private Partnership, Beximco Pharmaceuticals
Ltd. and Bangladesh Lung Foundation, designed an
effective awareness raising strategy for CFC-free MDIs for
asthma and COPD patients.
Today, we are the single largest producer of ozone-benign
MDI in Bangladesh, and as a responsible company we
conduct well thought-out multi-stakeholder campaigns
when we launch a product. Such partnerships are now
regarded as a successful role model of public-private
partnership involving government, pharmaceutical
industries, doctors, environmental agencies and others
stakeholders that could be replicated in other developing
countries.
Responsibility to the Stakeholders
Even though at the core of any business is the aim to
maximize profit, we actively look out for our stakeholders
best interest and ensure that our growth is sustainable
in the long run. Once again, this year we achieved
substantial growth and surpassed the industry average.
From the handsome revenues earned, we always make it
a point to invest in the future. We are committed to ensure
the optimal utilization of resources in order to create and
sustainably maintain our shareholders wealth.
Every day we are mindful of our responsibilities to create
value for our community, for instance, our support for
Save the Childrens program on human rights; nourishing
employee relations through the creation and maintenance
of employment; creating change though environmental
stewardship and progressing into the future with
excellence in financial performance. In our everyday
interactions with our stakeholders including employees,
customers, suppliers, competitors and so on, we do our
utmost to maintain integrity and fairness in all dealings.
In the final analysis, the basic premise behind
it all is the Companys same old firm
determination, which is to give people the
confidence to live life without fear and reach
their highest potential.
We bid farewell to the year 2011 with a sense of accomplishment and high spirits. 2011 will be warmly remembered as a
year of many high notes including resounding octaves such as achieving outstanding growth in revenue, receiving GMP
certification from EU regulatory authority and winning the National Export Trophy (Gold). On that note, we look forward to
push further and broaden our horizons so that we may supersede our previous accomplishments. With almost 2,700 people
on board, inevitably our collective aspirations are countless; however the following are ones we hope to achieve in the near
future:
Making significant investment in R&D
Product diversification
Targeted global expansion; building presence in regulated markets
Partnership with global pharmaceutical and research companies
To become a leading contract manufacturer in the region
Our Aspirations
Launched 10 new products during the first quarter of 2012
Sterile ophthalmic facility was accredited by Therapeutic Goods Administration (TGA) Australia
Received approval from MCC, South Africa for metered dose inhalers
Formal shut down of the chlorofluorocarbon (CFC) based MDI plant in the presence of Health Minister of
Bangladesh and high profile representatives from UNDP and UNEP
Director General of World Trade Organization (WTO) Pascal Lamy visited our state-of-the-art
manufacturing facilities and expressed high satisfaction over the operations
Launched 9 new products in overseas markets
Post Balance Sheet Highlights
BEXIMCO PHARMACEUTICALS LIMITED
17, Dhanmondi R/A, Road No. 2, Dhaka-1205
Notice of the Thirty-Sixth Annual General Meeting
AGENDA
Notice is hereby given that the Thirty-Sixth Annual General Meeting of the Shareholders of Beximco Pharmaceuticals
Limited will be held on Saturday the 30th June, 2012 at 10.30 a.m. at Beximco Industrial Park, Sarabo, Kashimpur, Gazipur
to transact the following business:
1. To receive, consider and adopt the Audited Financial Statements of the Company for the year ended 31st December,
2011 together with reports of the Auditors and the Directors thereon.
2. To elect Directors.
3. To declare 21% Stock Dividend.
4. To appoint Auditors for the year 2012 and to fix their remuneration.
5. To transact any other business of the Company with the permission of the Chair.
By order of the Board,

(MOHAMMAD ASAD ULLAH, FCS)
Executive Director & Company Secretary
Dated : May 17, 2012
NOTES :
(1) The Shareholders whose names appear in the Share Register of the Company or in the Depository Register on the
record date i.e. 21 May, 2012, will be entitled to attend at the Annual General Meeting and to receive the dividend.
(2) A member entitled to attend and vote at the General Meeting may appoint a Proxy to attend and vote in his/her
stead. The Proxy Form, duly stamped, must be deposited at the Registered Office of the Company not later than 48
hours before the time fixed for the meeting.
(3) Admission to the meeting room will be strictly on production of the attendance slip sent with the Notice as well as
verification of signature of Member(s) and/or Proxy-holder(s).
(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.
Notice
Dear Shareholders,
On behalf of the Board, I am pleased to report another
year of continued success for Beximco Pharma despite a
very challenging business environment. The Bangladesh
economy experienced a turbulent year marked by a hefty
devaluation of Taka against the US Dollar. This weakening
commenced in the 4th quarter of 2010 and continued
throughout 2011 resulting in an exchange rate of
Tk.81.98 to the Dollar at the end of December 2011
against a rate of Tk. 70.90 a year earlier. Additionally, high
domestic inflation and a resulting increase in prices of
local materials, coupled to a shortage of liquidity available
for the private sector (due to increased government
borrowings) as well as an increase in interest rates made
2011 exceptionally challenging - especially given the
backdrop of a struggling global economy.
I am very pleased to report that we successfully countered
these challenges delivering solid growth in all key
business areas and making significant progress towards
accomplishing our strategic goal of building shareholder
value.

Sales and Profitability
We maintained our record of uninterrupted growth,
achieving a 21.6% increase in sales to Tk. 7,890.24
million (2010: Tk. 6,490.85 million). In 2011 we
significantly enhanced our prescription share in sales of
the formulation products and maintained, as expected,
growth in all our key therapeutic segments. Sales of our
Active Pharmaceutical Ingredients (APIs) also recorded a
significant 37.1% growth to reach Tk. 486.91 million
(2010: Tk. 355.24 million). However, its impact on the
overall profitability of the company is currently low
because of a low gross margin predominantly due to the
high cost of import of intermediate materials to
manufacture these APIs. In 2011 export sales grew by
18.1% to Tk. 390.32 million (2010: Tk. 330.54 million).

Along with sales growth, Beximco Pharma also achieved a
marked growth in profit in 2011. Our pre-tax profit
increased 23.2% to Tk. 1,677.85 million (2010: Tk.
1,361.53 million). Gross margin as percentage of sales
however, slightly declined to 48% as against 48.9% for
the prior period. This was due principally to a depreciation
in the value of the Taka against the Dollar and the high
level of domestic inflation. However, with our constant
drive to contain costs and effective profit optimization
strategies, the negative impact of rising cost on profit has
been kept to the practicable minimum.
Overseas Business
Certification of the relevant manufacturing facility by the
duly accredited authorities is the first step of the enduring
process of the export of pharmaceutical products. Our
manufacturing facilities have been approved by a number
of major regulatory authorities. In 2011 we received GMP
(Good Manufacturing Practice) accreditation from the
Austrian Agency for Health and Food Safety (AGES) for our
oral solid dosage and ophthalmic manufacturing facilities.
This is another testimony of our manufacturing excellence
and important progress towards achieving targeted
exports into the regulated European markets.
During the year under review we registered 48 products in
8 countries including New Zealand, Azerbaijan, Kuwait,
Singapore and Colombia.
At home we have received the prestigious National Export
Trophy (Gold) for excellence in pharmaceutical export for
the record fourth time. This is an endorsement of our
commitment towards strengthening our presence in
overseas market.
Chairmans Statement
Research & Development (R&D) and New
Products
We are continuously focused on strengthening our R&D
capabilities. There have been a series of positive
developments in the year under review. We have inducted
in our existing pool of talent two highly experienced
professionals from overseas.
Consistent to our continued drive to deliver quality
products at affordable prices our R&D team successfully
introduced 40 new generic formulations in 55 different
dosage forms and strengths. During the year Beximco
Pharma launched combination therapies such as
NapaDol
(Paracetamol+Tramadol), Dinovo

(Naproxen+Esomeprazole) and Glipitia
M
(Sitagliptin+Metformin). We also outsourced some R&D
services to develop certain specialized products for
regulated markets.
Investments for Sustainable Growth
A number of projects initiated in earlier years were
completed and became commercially operational in 2011.
Expansion of our state-of-the-art metered dose inhaler
(MDI) plant has added significant further capacity raising
the total manufacturing capacity to 20 million canisters.
Two other projects, namely facilities for dry powder
inhalers (DPI) and pre-filled syringe products were also
successfully completed and became operational. Amino
acid unit also started commercial operation in 2011.
Facilities for liquid lyophilized products and powder for
suspensions and sachets are nearing completion. Other
projects are progressing as planned.
Beximco Pharma has always been a pioneer in adopting
innovative technologies. This brings both sophistication
and the potential to sustain growth to our business. Over
the past couple of years we have made considerable
investments in facilities and processes to improve
productivity, drive growth and achieve excellence in
operations. The results that we have achieved today was
possible due to these farsighted investments in the past.
There are avenues for further acceleration of our growth
through diversification of our product portfolio into as yet
un-explored therapeutic segments. A number of such
projects that can drive future growth are in our
investment plan. We are taking up projects to expand
capacities and upgrade some of our exisiting facilities to
meet the growing demand in the marketplace. We also
need significant investment in R&D and overseas market
development to realize the full potential of generic drug
opportunities.

Alongside investment in manufacturing facilities, we are
equally focused on investing in products, markets and
most importantly our human resource to ensure both the
sustainable growth of our business and a meaningful
return for our valued shareholders.
Whatever we have achieved so far is the reflection of the
exceptional efforts by the employees Beximco Pharma. I
would like to thank them all for their outstanding
contribution and support in helping to deliver a very
successful 2011 and creating the new opportunities for
growth and performance in 2012 and beyond.
Before I conclude, I express my gratitude for your constant
support over the years. I also take this opportunity to
acknowledge, with appreciation, the support and
co-operation that we have received from our stakeholders.
I am confident that we are investing in the right areas,
taking the right actions and building the right kind of
culture. I firmly believe Beximco Pharma has an enduring
role to play in meeting humanitys most important priority-
better health.
I look forward with great enthusiasm to our future.
Thank You All
A S F Rahman
Chairman
un-explored therapeutic segments. A number of such
projects that can drive future growth are in our
investment plan. We are taking up projects to expand
capacities and upgrade some of our exisiting facilities to
meet the growing demand in the marketplace. We also
need significant investment in R&D and overseas market
development to realize the full potential of generic drug
Alongside investment in manufacturing facilities, we are
equally focused on investing in products, markets and
most importantly our human resource to ensure both the
sustainable growth of our business and a meaningful
Whatever we have achieved so far is the reflection of the
exceptional efforts by the employees Beximco Pharma. I
would like to thank them all for their outstanding
contribution and support in helping to deliver a very
successful 2011 and creating the new opportunities for
Before I conclude, I express my gratitude for your constant
support over the years. I also take this opportunity to
acknowledge, with appreciation, the support and
co-operation that we have received from our stakeholders.
I am confident that we are investing in the right areas,
taking the right actions and building the right kind of
culture. I firmly believe Beximco Pharma has an enduring
role to play in meeting humanitys most important priority-
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Dividend
The Board of Directors has recommended 21% stock dividend for approval of the shareholders for the year ended 31
December, 2011.
Directors
Mr. A S F Rahman, Director, Dr. Abdul Alim Khan, Independent Director and Advocate Ahsanul Karim, Director (Nominated
by different Associated Companies combinedly) 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 2011 to consider Annual Financial Statements for the year ended 31
December 2010, Quarterly Report for the period ended 31 March 2011, Half-Yearly Report for the period ended 30 June
2011 and Quarterly Report for the period ended 30 September 2011. The Committee comprises of Mr. M A Qasem as
Chairman, Dr. Abdul Alim Khan and Advocate Ahsanul Karim as Members.
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, 2011 along with Auditors' Report thereon.
Financial Results and Appropriation of Profit
2011 2010
2008
Net Profit After Tax 1,198,525 1,051,649
Adjustment for depreciation on revalued assets 23,560 26,811
Profit brought forward from previous year 4,667,699 4,008,852
Profit Available for Appropriation 5,889,784 5,087,312

Proposed dividend (528,712) (419,613)
Profit Carried Forward 5,361,072 4,667,699
Taka in Thousand
Report of the Directors to the Shareholders
For the year ended 31 December 2011
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-fifth Annual General Meeting of the Company
has carried out the audit for the year ended 31 December 2011.
M. J. Abedin & Co., Chartered Accountants, National Plaza, 109, Bir Uttam C. R. Datta Road, Dhaka-1205, the Auditors of
the Company retires at this meeting and has expressed their willingness to continue in office for the year 2012.
Board Meetings and Attendance
During the year 18 (Eighteen) Board Meetings were held. The attendance record of the Directors is as follows:
Name of Directors Meetings attended
Mr. A S F Rahman 18
Mr. Salman F Rahman 16
Mr. Nazmul Hassan 17
Mr. Iqbal Ahmed 13
Mr. M. A. Qasem 18
Mr. O. K. Chowdhury 18
Dr. Abdul Alim Khan 18
Mr. A. B. Siddiqur Rahman 18
Advocate Ahsanul Karim 5
Statement of Directors on Financial Reports
a) The financial statements together with the notes thereon have been drawn up in conformity with the Companies
Act, 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.

b) Proper books of accounts of the Company have been maintained.
c) Appropriate accounting policies have been consistently applied in preparation of the financial statements except
those referred to in the financial statements and that the accounting estimates are based on reasonable and
prudent judgment.
d) The International Accounting Standards, as applicable in Bangladesh, have been followed in preparation of the
financial statements.
e) Internal Control System is sound in design and has been effectively implemented and monitored.
f) There is no significant doubts about the ability of the Company to continue as a going concern.
The pattern of shareholding
Name-wise details Number of Shares held
(i) Parent/Subsidiary/Associate companies
and other related parties :
Beximco Holdings Ltd. 14,038,029
Bangladesh Export Import Company Ltd. 1,772,968
New Dacca Industries Ltd. 6,582,729
Beximco Engineering Ltd. 1,380,000
National Investment & Finance Company Ltd. 923,437
(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 3,312,476
Mr. Salman F Rahman, Vice Chairman 2,454,444
Mr. Nazmul Hassan, Managing Director 8,274
Dr. Abdul Alim Khan, Independent Director 1,053,361
Chief Financial Officer, Company Secretary
and Head of Internal Audit and their spouse and minor children Nil
(iii) Executives Nil
(iv) Shareholders holding ten percent (10%) or
more voting interest in the company: Nil
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
Date: April 28, 2012
Condition
No.
Ti t l e
Compliance status
Complied
Not
complied
(Report under Condition No.5.00)
1.1 Boards Size
1.2(i) Independent Directors
1.2(ii) Independent Directors Appointment
1.3 Chairman & Chief Executive
1.4(a) Directors Report on Financial Statements
1.4(b) Books of Accounts
1.4(c) Accounting Policies
1.4(d) IAS Applicable in Bangladesh
1.4(e) System of Internal Control
1.4(f ) Going Concern
1.4(g) Deviation in Operating Results
1.4(h) Key operating and Financial Data
1.4(i) Declaration of Dividend
1.4(j) Number of Board Meetings
1.4(k) Pattern of Shareholdings
2.1 CFO, HIA & CS Appointment
2.2 Board Meeting Attendance
3.00 Audit Committee
3.1(i) Composition of Audit Committee
3.1(ii) Audit Committee Members Appointment
3.1(iii) Terms of Service of Audit Committee
3.2(i) Chairman of Audit Committee
3.2(ii) Audit Committee Chairman's Qualication
3.3.1(i) Reporting to the Board of Directors
3.3.1(ii)(a) Report of Conicts 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 Reporting to the Authorities
3.4 Reporting to the Shareholders
4.00 (I) Appraisal or Valuation Services
4.00 (ii) Financial Information System
4.00 (iii) Book Keeping or Other Services
4.00 (iv) Broker Dealer Services
4.00 (v) Actuarial Services
4.00 (vi) Internal Audit Services
4.00 (vii) Any Other Services
Status of compliance with the conditions imposed by the Commission's Notication No. SEC/CMRRCD/2006/158/
Admin/02-08 dated 20th February 2006 issued under section 2CC of the Securities and Exchange Ordinance, 1969.
Corporate Governance Compliance Report
Taka in thousand
2011 2010 2009 2008 2007
Authorized Capital 9,100,000 9,100,000 9,100,000 2,000,000 2,000,000
Paid up Capital 2,517,678 2,098,065 1,511,493 1,259,577 1,145,070
Total Sales 7,890,242 6,490,847 4,868,255 4,010,167 3,597,025
Export Sales 390,315 330,541 272,126 170,604 122,752
Gross Profit 3,786,533 3,173,207 2,302,048 2,007,296 1,629,515
Profit Before Tax 1,677,849 1,361,532 867,467 714,121 399,678
Net Profit 1,198,525 1,051,649 624,740 545,341 353,068
Fixed Assets (Gross) 19,289,344 18,191,956 15,621,366 14,291,850 10,516,030
Shareholders' Equity 17,128,128 15,974,086 10,885,707 10,450,202 8,250,940

Dividend 21% 20% 15% 30% 15%
Net Asset Value (NAV) Per Share 68 79 72 83 72
EPS/Restated EPS 4.76 4.18 3.5 3.61 2.80
Market Price Per Share (at end of the year) 93.60 135.1 155.8 167.7 58.9
Price Earning Ratio (Times) 19.66 32.32 44.51 46.45 21.04
Number of shareholders 88,697 93,371 80,189 65,556 53,892
Foreign Investors 58 57 54 54 60
ICB including ICB Investors Account 896 899 890 885 879
Sponsors, General Public & Other Institutions 87,743 92,415 79,245 64,617 52,953

Number of Employees 2,670 2,507 2511 2,310 2,384
Key Operating and Financial Data
11% 21% 33% 22%
7,890,242
4,868,255
3,597,025
Taka in thousand
4,010,167
6,490,847
2011 2009 2007 2008 2010
Total Sales
79% 21% 57% 23%
1,677,849
867,467
399,678
Taka in thousand
714,121
1,361,532
2011 2009 2007 2008 2010
Profit Before Tax
36% 9% 16% 6%
19,289,344
15,621,366
10,516,030
Taka in thousand
14,291,850
18,191,956
2011 2009 2007 2008 2010
Fixed Assets (Gross)
27% 4% 47% 7%
17,128,128
10,885,707
8,250,940
Taka in thousand
10,450,202
15,974,086
2011 2009 2007 2008 2010
Shareholders' Equity
Shareholders Meeting
The 35th Annual General Meeting (AGM) of the
shareholders of Beximco Pharmaceuticals
Limited was held on July 2, 2011. Mr. Salman F
Rahman, Vice Chairman of the Company
presided over the meeting. The performance of
the company in 2010 and the future strategies
were discussed in the meeting. The meeting
among other agenda approved 20% stock
dividend for the year 2010. The Chairman
thanked the shareholders for their keen interest
in and continued support for the company.

Tk. %
Value Added:
Sales & Other Income 9,493,946
Bought-in-Materials & Services (4,165,702)
5,328,244 100

Applications
Duties & Taxes to Govt. Exchequer 1,750,552 33
Salaries and Benefits to Employees 1,041,757 19
Interest to Lenders 567,646 11
Dividend to Shareholders 528,712 10
Retained by the Company 1,439,577 27

5,328,244 100

Amount in Thousand Taka
Value Added Statement
Duties & Taxes to Govt. Exchequer
Salaries and Benefits to Employees
Interest to Lenders
Dividend to Shareholders
Retained by the Company
33%
11%
10%
27%
19%
To The Shareholders of
Dhaka
28 April, 2012
M. J. ABEDIN & CO.
Chartered Accountants
Introduction
We have audited the accompanying financial statements of Beximco Pharmaceuticals Limited, which comprise of the Statement of Financial
Position as at 31 December 2011, 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.
Managements 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 entitys preparation and
fair preparation 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 entitys 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 companys affairs as at 31 December 2011 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 companys business.
Auditors Report
Dhaka
28 April, 2012
Salman F Rahman
Vice Chairman
Ali Nawaz
M. J. Abedin & Co.
Per our report of even date.
Nazmul Hassan
Managing Director
2011 2010 Notes
ASSETS
Statement of Financial Position
As at 31 December 2011
Amount in Taka
Non-Current Assets 15,884,877,780 15,180,731,678
Property, Plant and Equipment- Carrying Value 4 (a) 15,745,492,625 15,123,306,298
Intangible Assets 3.3 & 5 135,933,879 51,126,854
Investment in Shares 6 3,451,276 6,298,526
Current Assets 7,148,462,753 6,191,667,831
Inventories 7 2,291,844,631 1,983,809,444
Spares & Supplies 8 325,881,244 276,520,188
Accounts Receivable 9 978,224,317 821,356,439
Loans, Advances and Deposits 10 840,320,705 779,129,620
Short Term Investment 11 2,193,423,560 859,403,704
Cash and Cash Equivalents 12 518,768,296 1,471,448,436
TOTAL ASSETS 23,033,340,533 21,372,399,509

EQUITY AND LIABILITIES
Shareholders' Equity 17,128,128,177 15,974,086,451
Issued Share Capital 13 2,517,678,100 2,098,065,090
Share Premium 14 5,269,474,690 5,269,474,690
Excess of Issue Price over Face Value of GDRs 15 1,689,636,958 1,689,636,958
Capital Reserve on Merger 294,950,950 294,950,950
Revaluation Surplus 4(b) 1,466,602,600 1,534,645,820
Retained Earnings 5,889,784,879 5,087,312,943
Non-Current Liabilities 3,257,050,368 2,885,155,826
Long Term Borrowings-Net off Current Maturity (Secured) 16 1,890,074,651 1,902,150,733
Liability for Gratuity & WPPF 17 403,598,795 335,885,792
Deferred Tax Liability 18 963,376,922 647,119,301

Current Liabilities and Provisions 2,648,161,988 2,513,157,232
Short Term Borrowings 19 1,642,216,008 1,639,961,052
Long Term Borrowings-Current Maturity 20 363,744,181 348,860,443
Creditors and Other Payables 21 523,798,136 432,315,660
Accrued Expenses 22 101,559,917 90,512,178
Dividend Payable 1,361,452 1,507,899
Income Tax Payable 23 15,482,294 -
TOTAL EQUITY AND LIABILITIES 23,033,340,533 21,372,399,509
The Notes are integral part of the Financial Statements.
Approved and authorised for issue by the board of directors on 28 April, 2012 and signed for and on behalf of the Board :
Net Sales Revenue 24 7,890,241,843 6,490,847,353

Cost of Goods Sold 25 (4,103,709,021) (3,317,640,254)
Gross Profit 3,786,532,822 3,173,207,099

Operating Expenses : (1,798,053,124) (1,537,426,907)
Administrative Expenses 28 (275,201,846) (233,413,980)
Selling, Marketing and Distribution Expenses 29 (1,522,851,278) (1,304,012,927)
Profit from Operations 1,988,479,698 1,635,780,192

Other Income 30 340,907,774 456,011,134
Finance Cost 31 (567,645,757) (662,182,384)
Profit Before Contribution to WPPF 1,761,741,715 1,429,608,942

Contribution to Workers' Profit Participation/Welfare Funds 32 (83,892,463) (68,076,616)
Profit Before Tax 1,677,849,252 1,361,532,326
Income Tax Expenses 33 (479,323,910) (309,883,518)
Current Tax (207,549,905) (71,085,835)
Deferred Tax Expense (271,774,005) (238,797,683)
Profit after Tax for the Year 1,198,525,342 1,051,648,808
Other Comprehensive Income - -
Total Comprehensive Income for the Year 1,198,525,342 1,051,648,808

Earnings Per Share (EPS) / Adjusted EPS (2010) 34 4.76 4.18
Number of Shares used to compute EPS 251,767,810 251,767,810
2011 2010 Notes
Statement of Comprehensive Income
Amount in Taka
Dhaka
28 April, 2012
Salman F Rahman
Vice Chairman
Ali Nawaz
M. J. Abedin & Co.
Nazmul Hassan
Managing Director
Total
Excess of Issue
Price over Face
Value of GDRs
Amount in Taka
Balance as on January 01, 2011 2,098,065,090 5,269,474,690 1,689,636,958 294,950,950 1,534,645,820 5,087,312,943 15,974,086,451
Total Comprehensive Income for 2011:
Profit for the Year - - - - - 1,198,525,342 1,198,525,342
Other Comprehensive Income - - - - - - -
Transactions with the Shareholders:
Stock Dividend for 2010 419,613,010 - - - - (419,613,010) -

Adjustment for Depreciation on
Revalued Assets - - - - (23,559,604) 23,559,604 -
Adjustment for Deferred Tax on
Revalued Assets - - - - (44,483,616) - (44,483,616)
Balance as on December 31, 2011 2,517,678,100 5,269,474,690 1,689,636,958 294,950,950 1,466,602,600 5,889,784,879 17,128,128,177

Number of Shares 251,767,810
Net Asset Value (NAV) per Share 68.03

Statement of Changes in Equity
Share
Capital
Share
Premium
Capital
Reserve on
Merger
Revaluation
Surplus
Retained
Earnings
Dhaka
28 April, 2012
Salman F Rahman
Vice Chairman
Ali Nawaz
M. J. Abedin & Co.
Nazmul Hassan
Managing Director
Cash Flows from Operating Activities :
Cash Receipts from Customers and Others 7,741,749,367 6,442,514,780
Cash Paid to Suppliers and Employees (5,773,745,087) (4,770,465,029)
Cash Generated from Operations 1,968,004,280 1,672,049,751
Interest Paid (567,645,757) (508,432,384)
Interest Received 330,494,566 367,995,851
Income Tax Paid (154,331,358) (179,406,569)
Net Cash Generated from Operating Activities 1,576,521,731 1,352,206,649
Cash Flows from Investing Activities :
Acquisition of Property, Plant and Equipment (1,112,175,207) (2,595,098,749)
Intangible Assets (95,949,037) (46,545,634)
Investment in Shares 2,847,250 (3,416,700)
Disposal of Property, Plant and Equipment 5,178,814 13,350,073
Short Term Investment (1,334,019,856) 1,640,596,296
Net Cash Used in Investing Activities (2,534,118,036) (991,114,714)
Cash Flows from Financing Activities :
Net Increase / (Decrease) in Long Term Borrowings 2,807,656 17,258,054
Net Increase / (Decrease) in Short Term Borrowings 2,254,956 188,634,698
Preference Share Dividend - (153,750,000)
Ordinary Share Dividend (146,447) (219,825)
Net Cash Generated from Financing Activities 4,916,165 51,922,927
Increase / (Decrease) in Cash and Cash Equivalents (952,680,140) 413,014,862
Cash and Cash Equivalents at Beginning of Year 1,471,448,436 1,058,433,574
Cash and Cash Equivalents at End of Year 518,768,296 1,471,448,436
Net Operating Cash Flow Per Share 6.26 6.65
2011 2010
Statement of Cash Flows
Amount in Taka
Dhaka
28 April, 2012
Salman F Rahman
Vice Chairman
Ali Nawaz
M. J. Abedin & Co.
Nazmul Hassan
Managing Director
2. Basis of Preparation of Financial Statements
Notes to the Financial Statements
As at and for the year ended 31 December 2011
2.1 Basis of Measurement
The financial statements have been prepared on the Historical Cost basis except land, building and plant & machinery revalued as on
31 December 2008 and disclosed through Note: 4 b. The financial statements therefore, do not take into consideration the effect of
inflation.
2.2 Statement of Compliance
The financial statements have been prepared in compliance with the requirements of the Companies Act, 1994, the Securities &
Exchange Rules 1987, the Listing Regulations of Dhaka and Chittagong Stock Exchanges and other relevant local laws as applicable
and in accordance with the International Financial Reporting Standards (IFRSs), and Bangladesh Financial Reporting Standards
(BFRSs).
2.3 Presentation of Financial Statements
The presentation of these financial statements are in accordance with the guidelines provided
by IAS 1 : Presentation of Financial Statements.
The financial statements comprises of :
(a) a Statement of Financial Position as at the end of the year 2011 ;
(b) a Statement of Comprehensive Income for the year 2011 ;
(c) a Statement of Changes in Equity for the year 2011 ;
(d) a Statement of Cash Flows for the year 2011 ; and
(e) notes, comprising summary of significant accounting policies and explanatory information.
1. Reporting Entity
1.1 About the Company
Beximco Pharmaceuticals Limited (BPL/ the Company) was incorporated as a public limited company in Bangladesh in 1976. It
commenced its manufacturing operation in 1980. The company was listed with Dhaka Stock Exchange in 1985 and with Chittagong
Stock Exchange on its debut in 1995. In 2005, BPL took over Beximco Infusions Ltd., a listed company of the Beximco Group engaged
in manufacturing and marketing of intravenous fluids and got enlisted with the Alternative Investment Market (AIM) of the London
Stock Exchange through issuance of Global Depository Receipts (GDRs). Shares of the Company are traded in Dhaka and Chittagong
Stock Exchanges of Bangladesh and its GDRs in AIM of the London Stock Exchange.

The registered office of the company is located at House No. 17, Road No. 2, Dhanmondi R/A, Dhaka. The industrial units are located
at Tongi and Kaliakoir of Gazipur district vicinities close to the capital city Dhaka.
1.2 Nature of Business
The company is engaged in manufacturing and marketing of generic pharmaceuticals formulation products including life saving
intravenous fluids and Active Pharmaceutical Ingredients (APIs). Products of the company are sold in domestic and international
markets. The company also provides contract manufacturing services.
2.4 Reporting Period
The financial statements cover one calendar year from January 01, 2011 to December 31, 2011.
2.7 Comparative Information
Comparative information has been disclosed in respect of the year 2010 for all numerical information in the financial statements and
also the narrative and descriptive information where it is relevant for understanding of the current years financial statements.
Figures for the year 2010 have been re-arranged wherever considered necessary to ensure better comparability with the current year.
2.8 Use of Estimates and Judgments
The preparation of financial statements in conformity with the IFRSs including IASs require management to make judgments,
estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income
and expenses, and for contingent assets and liabilities that require disclosure, during and at the date of the financial statements.
Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Any revision
of accounting estimates are recognized in the period in which the estimate is revised and in any future periods affected.
In particular, the key areas of estimation, uncertainty and critical judgments in applying accounting policies that have the most
significant effect on the amounts recognized in the financial statements include depreciation, inventory valuation, accrued expenses,
other payable and deferred liability for gratuity.
3. Significant Accounting Policies
3.1 Revenue Recognition
In compliance with the requirements of IAS 18 : Revenue, revenue receipts from customers against sales is recognized when products
are dispatched to customers, that is, when the significant risk and rewards of ownership have been transferred to the buyer, recovery
of the consideration is probable, the associated costs and possible return of goods can be estimated reliably, and there is no continu-
ing management involvement with the goods.
Revenue from sales is exclusive of VAT.
Cash dividend income on investment in shares is recognized on approval of said dividend in the annual general meeting. Stock
dividend income (Bonus Shares) is not considered as revenue.
3.2 Property, Plant and Equipment
3.2.1 Recognition and Measurement
This has been stated at cost or revalued amount less accumulated depreciation in compliance with the requirements of IAS 16:
Property, Plant and Equipment. The cost of acquisition of an asset comprises its purchase price and any directly attributable cost of
bringing the assets to its working condition for its intended use inclusive of inward freight, duties and non-refundable taxes.
The accounting principles and policies in respect of material items of financial statements set out below have been applied
consistently to all periods presented in these financial statements.
3.2.2 Maintenance Activities
The company incurs maintenance costs for all its major items of property, plant and equipment. Repair and maintenance costs are
charged as expenses when incurred.
2.6 Functional and Presentation Currency
The financial statements are prepared and presented in Bangladesh Currency (Taka), which is the companys functional currency. All
financial information presented has been rounded off to the nearest Taka except where indicated otherwise.
2.5 Authorization for Issue
The financial statements have been authorised for issue by the Board of Directors on April 28, 2012.
3.2.4 Retirements and Disposals
On disposal of fixed assets, the cost and accumulated depreciation are eliminated and gain or loss on such disposal is reflected in
the income statement, which is determined with reference to the net book value of the assets and net sales proceeds.
3.4 Leased Assets
In compliance with the IAS 17 : Leases, cost of assets acquired under finance lease along with related obligation has been accounted
for as assets and liabilities respectively of the company, and the interest element has been charged as expenses. Lease payments
made under finance leases are apportioned between the finance expenses and the reduction of the outstanding liability.
3.5 Financial Instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of
another entity.
3.5.1 Financial Assets
Financial assets of the company include cash and cash equivalents, accounts receivable and other receivables. The company initially
recognizes receivable on the date they are originated. All others financial assets are recognized initially on the date at which the
company becomes a party to the contractual provisions of the transaction. The company derecognizes a financial asset when, and
only when the contractual rights or probabilities of receiving the cash flows from the asset expire or it transfer the rights to receive
the contractual cash flows on the financial asset in a transaction in which substantially all the risk and rewards of ownership of the
financial asset are transferred.
3.5.1(c) Investment in Shares
Investment in shares of listed company is valued at lower of cost and stock exchange quoted value of year end. Investment in other
shares is valued at lower of cost and net book value.
3.5.1(a) Accounts Receivable
Accounts receivable are created at original invoice amount less any provisions for doubtful debts. Provisions are made where there
is evidence of a risk of non-payment, taking into account aging, previous experience and general economic conditions. When an
accounts receivable is determined to be uncollected it is written off, firstly against any provision available and then to the profit and
loss account. Subsequent recoveries of amounts previously provided for are credited to the profit and loss account.
3.5.1(b) Cash and Cash Equivalents
Cash and cash equivalents include cash in hand, in transit and with banks on current and deposit accounts which are held and
available for use by the company without any restriction. There is insignificant risk of change in value of the same.
3.3 Intangible Assets
Intangible assets are stated at cost less provisions for amortization and impairments. Licenses, patents, know-how and marketing
rights acquired are amortized over their estimated useful lives, using the straight line basis, from the time they are available for use.
The cost of acquiring and developing computer software for internal use and internet sites for external use are capitalized as
intangible fixed assets where the software or site supports a significant business system and the expenditure leads to the creation of
a durable asset. Also, the research and development expenditures that is definite to yield benefit to the company are capitalized.
3.2.3 Depreciation
Depreciation is provided to amortise the cost of the assets after commissioning, over the period of their expected useful lives, in
accordance with the provisions of IAS 16: Property, Plant and Equipment. Depreciation is provided at the following rates on reducing
balance basis:
Building and Other Construction 2% - 10%
Plant and Machinery 5% - 15%
Furniture & Fixtures 10%
Transport & Vehicle 20%
Office Equipment 10% - 15%
3.7 Inventories
Inventories are carried at the lower of cost and net realizable value as prescribed by IAS 2: Inventories. Cost is determined on
weighted average cost basis. The cost of inventories comprises of expenditure incurred in the normal course of business in bringing
the inventories to their present location and condition. Net realizable value is based on estimated selling price less any further costs
expected to be incurred to make the sale.
3.8 Provisions
A provision is recognized in the statement of financial position when the company has a legal or constructive obligation as a result
of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate
can be made of the amount of the obligation. Provision is ordinarily measured at the best estimate of the expenditure required to
settle the present obligation at the date of statement of financial position. Where the effect of time value of money is material, the
amount of provision is measured at the present value of the expenditures expected to be required to settle the obligation.
3.9 Income Tax Expense
Income tax expense comprises of current and deferred tax. Income tax expense is recognized in the Statement of Comprehensive
Income and accounted for in accordance with the requirements of IAS 12 : Income Tax.
Current Tax
Current tax is the expected tax payable on the taxable income for the year, and any adjustment to tax payable in respect of previous
years. The company qualifies as a Publicly Traded Company, hence the applicable Tax Rate is 27.50%.
Deferred Tax
The company has recognized deferred tax using balance sheet method in compliance with the provisions of IAS 12 : Income Taxes.
The companys policy of recognition of deferred tax assets/ liabilities is based on temporary differences (Taxable or deductible)
between the carrying amount (Book value) of assets and liabilities for financial reporting purpose and its tax base, and accordingly,
deferred tax income/expenses has been considered to determine net profit after tax and earnings per shares (EPS).
A deferred tax asset is recognized to the extent that it is probable that future taxable profit will be available, against which temporary
differences can be utilized. Deferred tax assets are reviewed at each reporting date and reduced to the extent that it is no longer
probable that the related tax benefit will be realized.
(b) Non-Financial Assets
An asset is impaired when its carrying amount exceeds its recoverable amount. The company assesses at each reporting date whether
there is any indication that an asset may be impaired. If any such indication exists, the company estimates the recoverable amount
of the asset. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. Carrying amount
of the assets is reduced to its recoverable amount by recognizing an impairment loss if, and only if, the recoverable amount of the
asset is less than its carrying amount. Impairment loss is recognized immediately in profit or loss, unless the asset is carried at
revalued amount. Any impairment loss of a revalued asset shall be treated as a revaluation decrease.
3.5.2 Financial Liabilities
Financial liabilities are recognized initially on the transaction date at which the company becomes a party to the contractual
provisions of the liability. The company derecognizes a financial liability when its contractual obligations are discharged or cancelled
or expire. Finance liabilities include payable for expenses, liability for capital expenditure and other current liabilities.
3.6 Impairment
(a) Financial Assets
Accounts receivable and other receivables are assessed at each reporting date to determine whether there is any objective evidence
of impairment. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition
of the asset and that the loss event had a negative effects on the estimated future cash flows of that asset, that can be estimated
reliably. Objective evidence that financial assets are impaired can include default or delinquency by a debtor, indications that a debtor
or issuer will enter bankruptcy etc.
3.13 Share Premium
The Share Premium shall be utilized in accordance with the provisions of the Companies Act, 1994 and as per direction of the
Securities and Exchange Commission in this respect.
3.14 Proposed Dividend
The amount of proposed dividend has not been accounted for but disclosed in the notes to the accounts along with dividend per
share in accordance with the requirements of the Para 125 of International Accounting Standard (IAS) 1: Presentation of Financial
Statements. Also, the proposed dividend has not been considered as Liability in accordance with the requirements of the Para 12
3.11 Borrowing Costs
Borrowing costs are recognized as expenses in the period in which they are incurred unless capitalization of such is allowed under IAS 23 :
Borrowing Costs.
3.12 Employee Benefits
The company maintains both defined contribution plan and defined benefit plan for its eligible permanent employees. The eligibility
is determined according to the terms and conditions set forth in the respective deeds.
The company has accounted for and disclosed employee benefits in compliance with the provisions of IAS 19: Employee Benefits.
The cost of employee benefits is charged off as revenue expenditure in the period to which the contributions relate.
The companys employee benefits include the following:
(a) Defined Contribution Plan (Provident Fund )
The company has a registered provident fund scheme (Defined Contribution Plan) for employees of the company eligible to be
members of the fund in accordance with the rules of the provident fund constituted under an irrevocable trust. All permanent employ-
ees contribute 10% of their basic salary to the provident fund and the company also makes equal contribution.
The company recognizes contribution to defined contribution plan as an expense when an employee has rendered services in
exchange for such contribution. The legal and constructive obligation is limited to the amount it agrees to contribute to the fund.
(b) Defined Benefit Plan (Gratuity)
This represents unfunded gratuity scheme for its permanent employees. Employees are entitled to gratuity benefit after completion
of minimum five years of service in the company. The gratuity is calculated on the latest applicable basic pay and is payable at the
rate of one month basic pay for every completed year of service.
Though no valuation was done to quantify actuarial liabilities as per the IAS 19 : Employee Benefits, such valuation in not likely to
yield a result significantly different from the current provision.
(c) Short-term Employee Benefits
Short-term employee benefits include salaries, bonuses, leave encashment, etc. Obligations for such benefits are measured on an
undiscounted basis and are expensed as the related service is provided.
(d) Contribution to Workers Profit Participation/ Welfare Funds
This represents 5% of net profit before tax contributed by the company as per provisions of the Bangladesh Labor Law, 2006 and is
payable to workers as defined in the said law.
(e) Insurance Scheme
Employees of the company are covered under insurance schemes.
3.10 Interest Income
Interest income is recognized on accrual basis.
3.18 Events after Reporting Period
Events after the reporting period that provide additional information about the companys position at the date of Statement of
Financial Position or those that indicate that the going concern assumption is not appropriate are reflected in the financial
statements. Events after reporting period that are not adjusting events are disclosed in the notes when material.
3.16 Foreign Currency Transactions
Foreign currency transactions are recorded at the applicable rates of exchange ruling at the transaction date.
The monetary assets and liabilities, if any, denominated in foreign currencies at the financial position date are translated at the
applicable rates of exchanges ruling at that date. Any gain or loss due to exchange differences are recognized as revenue
income/expense in compliance with the provisions of IAS 21 : The Effects of Changes in Foreign Exchange Rates.
3.17 Statement of Cash Flows
The Statement of Cash Flow has been prepared in accordance with the requirements of IAS 7: Statement of Cash Flows. The cash
generated from operating activities has been reported using the Direct Method as prescribed by the Securities and Exchange Rules,
1987 and as the benchmark treatment of IAS 7, whereby major classes of gross cash receipts and gross cash payments from
operating activities are disclosed.
Basic earnings represent the earnings for the year attributable to ordinary shareholders.
Current Year (2011)
The Bonus Shares issued during the year 2011 were treated as if they always had been in issue. Hence, in computing the Basic EPS
of 2011, the total number of shares including the said bonus shares has been considered as the Weighted Average Number of Shares
outstanding during the year 2011.
Earlier Year (2010)
The number of shares outstanding before the bonus issue has been adjusted for the proportionate change in the number of shares
outstanding as if the bonus issue had occurred at the beginning of the earliest period reported (2010), and accordingly, in calculating
the adjusted EPS of 2010, the total number of shares including the subsequent bonus issue in 2011 has been considered as the
Weighted Average Number of Shares outstanding during the year 2010.
The basis of computation of number of shares as stated above is in line with the provisions of IAS 33 : Earning Per Share. The logic
behind this basis, as stated in the said IAS is that the bonus Shares are issued to the existing shareholders without any consideration,
and therefore, the number of shares outstanding is increased without an increase in resources.
Diluted Earnings Per Share
No diluted EPS is required to be calculated for the year as there was no scope for dilution during the year under review.
3.15 Earnings Per Share (EPS)
This has been calculated in compliance with the requirements of IAS 33: Earnings Per Share - dividing the basic earnings by the
weighted average number of ordinary shares outstanding during the year.
& 13 of International Accounting Standard (IAS) 10: Events After The Reporting Period, because no obligation exists at the time of
approval of accounts and recommendation of dividend by the Board of Directors.
Balance as on January 01 1,534,645,820 1,617,361,714
Adjustment for depreciation on revalued assets (23,559,604) (26,810,763)
Adjustment for Deferred Tax on revalued assets (44,483,616) (55,905,131)
1,466,602,600 1,534,645,820
4 (b). Revaluation Surplus
S.F. Ahmed & Co, Chartered Accountants and Valuers revalued the land, building and plant & machinery of the
Company as of 31 December 2008, following "Current cost method". Such revaluation resulted into a revaluation
surplus aggregating Tk. 1,711,174,747. Current balance is arrived at as follows:
4 (a). Property, Plant and Equipment
Land Particulars
Building
and Other
Constructions
Plant
and
Machinery
Furniture
and
Fixtures
Transport
and
Vehicle
Office
Equipment
Total
Amount in Taka
Cost
As on January 01, 2011 3,277,506,000 5,532,326,770 5,982,434,942 114,007,328 310,840,465 297,160,579 15,514,276,084
Additions during the year 22,771,064 54,330,111 337,049,736 19,413,093 79,686,097 16,636,459 529,886,560
Transferred & Capitalized - 690,853,922 709,159,431 6,079,065 - - 1,406,092,418
Disposal during the year - - (8,699,295) (70,000) (6,017,440) - (14,786,735)
Cost as on December 31, 2011 3,300,277,064 6,277,510,803 7,019,944,814 139,429,486 384,509,122 313,797,038 17,435,468,327
Accumulated Depreciation
As on January 01, 2011 - 565,793,628 2,166,047,990 43,983,781 103,448,241 189,376,258 3,068,649,898
Depreciation during the year - 143,417,227 279,562,405 6,999,643 40,989,546 15,879,052 486,847,873
Adjustment for assets disposed off - - (8,029,900) (42,881) (3,572,947) - (11,645,728)
Accumulated Depreciation as on December 31 , 2011 - 709,210,855 2,437,580,495 50,940,543 140,864,840 205,255,310 3,543,852,043
Net Book Value as on December 31, 2011 3,300,277,064 5,568,299,948 4,582,364,319 88,488,943 243,644,282 108,541,728 13,891,616,284
Capital Work in Progress 1,853,876,341
Carrying Value as on December 31, 2011 15,745,492,625
Assets include lease hold assets of Tk. 895,091,938 at cost and Tk. 763,492,392 at carrying value.
Capital Work in Progress is arrived at as follows :
2011 2010
Amount in Taka
Addition during the year 582,288,647 2,079,614,699
3,259,968,759 3,428,559,968
Transferred & Capitalized (1,406,092,418) (750,879,856)
Building and Other Constructions (690,853,922) -
Plant & Machinery (709,159,431) (750,879,856)
Furniture & Fixtures (6,079,065) -
1,853,876,341 2,677,680,112
2011 2010
Amount in Taka
The shares of Bangladesh Export Import Co. Ltd. are listed with Dhaka and Chittagong Stock Exchanges. The
market value of each share of Bangladesh Export Import Co. Ltd. on 29 December, 2011 was Tk. 113.00 in Dhaka
Stock Exchange Ltd. and Tk. 113.40 in Chittagong Stock Exchange Ltd.
No. of Share Amount in Taka
(a) Former Bextex Ltd.
Balance as on January 01, 2011 302,783 1,881,826
Stock Dividend for 2010 45,417 -
Total number of Bextex's shares 348,200 1,881,826
Conversion in to Bangladesh Export Import Co. Ltd's share @ 5:1 basis 69,640 1,881,826

(b) Central Depository Bangladesh Ltd. (CDBL)
Balance as on January 01, 2011 256,945 4,416,700
Refund of Share premium against Right issue in 2010 - (2,847,250)
256,945 1,569,450
Share details:
6. Investment in Shares
This consists of as follows :
(a) Bangladesh Export Import Co. Ltd. (former Bextex Ltd.) 1,881,826 1,881,826
(b) Central Depository Bangladesh Ltd. (CDBL) 1,569,450 4,416,700
3,451,276 6,298,526
5. Intangible Assets
This is arrived at as follows :
Balance as on January 01 51,126,854 5,726,525
Add during the year 95,949,037 46,545,634
Total 147,075,891 52,272,159
Less amortised during the year (11,142,012) (1,145,305)
Closing Balance 135,933,879 51,126,854
7. Inventories
Finished Goods 639,241,751 565,049,644
Work in Process 169,345,787 195,111,787
Raw Materials 842,081,846 769,883,557
Packing Materials 473,502,950 327,253,736
Laboratory Chemicals 1,026,434 4,076,834
Physician Samples 52,126,812 41,239,901
Raw & Packing Materials in Transit 114,519,051 81,193,985
2,291,844,631 1,983,809,444
2011 2010
Amount in Taka
-
8. Spares & Supplies
Spares & Accessories 228,521,952 198,512,867
Stock of Stationery 2,161,257 876,990
Literature & Promotional Materials 95,198,035 77,130,331
325,881,244 276,520,188
9. Accounts Receivable
This includes receivable of Tk. 67,778,102 equivalent to US$ 841,964 (on 31-12-2010 Tk. 68,268,464 equivalent to
US $ 976,659) against export sales.
This also includes Tk. 768,912,524 ( on 31-12-2010 Tk. 589,633,177) due from I & I Services Ltd., who provides
delivery support to the Company and a "Related Party". The maximum amount due from that company during the year
was Tk. 802,568,012 on 30 November, 2011 (on 30.09.2010 Tk. 618,177,584).
No amount was due from the directors, managing agent, managers and other officers of the company and any of them
severally or jointly with any other person.
10. Loans, Advances and Deposits
This is unsecured, considered good and consists of as follows :
Clearing & Forwarding 19,954,936 23,017,468
VAT 229,819,634 209,985,542
Claims Receivable 17,726,489 32,870,917
Security Deposit & Earnest Money 15,232,730 29,060,383
Lease Deposit 15,262,058 13,376,677
Capital Expenditure/ Project 14,725,188 14,893,328
Expenses 40,745,505 35,508,812
Bank Guarantee Margin 221,546 1,331,546
Advance against Salary 56,643,777 49,633,854
Rent Advance 4,505,333 3,666,626
Motor Cycle 110,196,782 139,475,754
Raw & Packing Material 282,346,315 161,055,013
Advance Income Tax - 37,736,253
Prepaid Expenses 1,949,153 -
Others 30,991,259 27,517,447
840,320,705 779,129,620
(a) The maximum amount due from the employees during the year was Tk. 58,154,026 on 30.11.2011.
(b) No amount was due from the directors, managing agent, managers and other officers of the company and any of them
severally or jointly with any other person, except as stated above.

(c) No amount was due from any related party.

(d) Advance income tax is after netting off the income tax liability.
11. Short Term Investment
This represents the Company's temporary investment with Bangladesh Export Import Company Limited (Beximco Ltd.),
carrying interest 1% avobe bank interest rate. This investment is returnable as and when required by the Company.
2011 2010
Amount in Taka
Number of Shares % Number of Shares %
Sponsors:
1. A S F Rahman 3,312,476 1.32 2,760,397 1.32
2. Salman F Rahman 2,454,444 0.97 2,020,370 0.96
Associates 23,461,592 9.32 22,437,204 10.69
Foreign Investors 59,970,526 23.82 48,303,437 23.02
ICB including ICB Investors Account 29,135,058 11.57 23,511,271 11.21
General Public & Institutions 133,433,714 53.00 110,773,830 52.80
251,767,810 100.00 209,806,509 100.00
2011 2010 C. Composition of Shareholding of Ordinary Shares:
The movement of Ordinary Shares during the year 2011 is as follows :
Number of Shares Amount in Taka

Balance as on January 01, 2011 209,806,509 2,098,065,090
Stock Dividend for 2010 41,961,301 419,613,010
Balance as on December 31, 2011 251,767,810 2,517,678,100

13. Issued Share Capital
This represents :
A. Authorized :
500,000,000 ( 2010: 500,000,000) Ordinary Shares of Tk. 10/- each 5,000,000,000 5,000,000,000
41,000,000 (2010: 41,000,000) Fully Convertible, 5% Dividend, Preference Shares of Tk. 100/- each 4,100,000,000 4,100,000,000
9,100,000,000 9,100,000,000
B. Issued, Subscribed and Paid-up :

51,775,750 shares (2010: 51,775,750) of Tk. 10/- each fully paid-up in cash 517,757,500 517,757,500
162,749,663 Bonus Shares (2010: 120,788,362) of Tk. 10/- each 1,627,496,630 1,207,883,620
5,951,250 Shares of Tk. 10/- each issued in Exchange of Shares of Beximco Infusions Ltd. 59,512,500 59,512,500
31,291,147 Shares issued on conversion of Preference Shares 312,911,470 312,911,470
2,517,678,100 2,098,065,090
12. Cash and Cash Equivalents
(a) Cash in Hand, Current & FC Account 107,782,912 59,991,354
(b) Imprest Cash 1,116,149 1,789,149
(c) FDR Account 409,869,235 1,409,667,933
518,768,296 1,471,448,436
E. Market Price of Ordinary Shares:
The shares are listed with Dhaka, Chittagong and London Stock Exchanges. On the last working day of the year, each
share was quoted at Tk. 93.60 (in 2010 Tk. 135.10) in the Dhaka Stock Exchange Ltd., Tk. 93.60 (in 2010 Tk.
135.70) in the Chittagong Stock Exchange Ltd., and GBP 0.257 in London Stock Exchange (in 2010 GBP 0.47).
F. Option on Unissued Ordinary Shares :
There was no option on unissued shares as on 31.12.2011.
15. Excess of Issue Price over Face Value of GDRs
This represents the issue price of 28,175,750 GDRs at Tk. 2,244,080,670 net off face value of underlying shares
against GDRs and GDR issue expenses as per IAS 32: Financial Instruments - Presentation.
(a) Project Loan

This loan was sanctioned under the consortium arrangement of Janata Bank Ltd., Sonali Bank Ltd., Agrani Bank Ltd.,
Rupali Bank Ltd. and United Commercial Bank Ltd. for the US FDA standard oral solid dosage facility of the company.
Janata Bank is the lead bank to the consortium.

This Loan is secured against :

(i) First (registered mortgage) charge on pari passu basis with the participating banks on 1,113 decimals of land at
Kathaldia, Aushpara, Tongi of Gazipur along with the building and other constructions thereon ; and
2011 2010
Amount in Taka
14. Share Premium
Premium on Conversion of Preference share - 3,787,088,530
Preference Share Issue Expense - (7,363,840)
5,269,474,690 5,269,474,690

16. Long Term Borrowings - Net off Current Maturity (Secured)
This arrived at as follows :
(a) Project Loan 1,696,629,049 1,733,509,289
(b) Interest and PAD Block 9,205,000 41,526,100
(c ) Obligation Under Finance Leases 184,240,602 127,115,344
1,890,074,651 1,902,150,733

2011 2010 2011 2010 2011 2010 2011 2010
1 to 499 69,988 75,349 78.91% 80.70% 8,603,693 8,744,514 3.42% 4.17%
500 to 5,000 16,816 16,420 18.96% 17.58% 22,653,112 21,358,898 9.00% 10.18%
5,001 to 10,000 943 815 1.06% 0.87% 6,614,186 5,856,413 2.63% 2.79%
10,001 to 20,000 441 362 0.50% 0.39% 6,029,631 5,108,823 2.39% 2.44%
20,001 to 30,000 142 102 0.16% 0.11% 3,484,617 2,493,069 1.38% 1.19%
30,001 to 40,000 67 52 0.07% 0.06% 2,312,160 1,812,896 0.92% 0.86%
40,001 to 50,000 33 38 0.04% 0.04% 1,487,163 1,763,174 0.59% 0.84%
50,001 to 100,000 95 82 0.11% 0.09% 6,670,278 6,047,905 2.65% 2.88%
100,001 to 1,000,000 136 122 0.15% 0.13% 39,226,466 36,446,752 15.58% 17.37%
Over 1,000,000 36 29 0.04% 0.03% 154,686,504 120,174,065 61.44% 57.28%
Total 88,697 93,371 100.00% 100.00% 251,767,810 209,806,509 100.00% 100.00%
D. Distribution Schedule of Ordinary Shares:
No. of Shareholders Range of Holdings In
number of shares
% of Shareholders Number of Shares % of Share Capital

2011 2010
Amount in Taka
17. Liability for Gratuity & WPPF
This consists of payable to the permanent employees at the time of separation from the company and Loan from
Workers' Profit Participation/Welfare Funds as detailed below :
20. Long Term Borrowings-Current Maturity
This consists of as follows and is payable within next twelve months from the Balance Sheet date :
Project Loan 250,000,000 250,000,000
Interest & PAD Block 30,000,000 47,391,326
Obligation under Finance Leases 83,744,181 51,469,117
363,744,181 348,860,443
(a) Gratuity Payable
Provisions during the year 38,123,003 33,970,920
194,478,613 163,197,376
Paid during the year (6,977,537) (6,841,766)
187,501,076 156,355,610
(b) Loan from Workers' Profit Participation/Welfare Funds 216,097,719 179,530,182
403,598,795 335,885,792
18. Deferred Tax Liability
Deferred Tax Expense for the year (Note : 33) 271,774,005 238,797,683
Deferred Tax on revalued assets 44,483,616 55,905,131
963,376,922 647,119,301
19. Short Term Borrowings
This represents :
Janata Bank Ltd.: Cash Credit-Hypothecation 1,642,216,008 1,639,961,052
(ii) First pari passu charge by way of hypothecation on all assets of the company both present and future.
(iii) This Loan, carrying interest at 13% to 15% per annum, is repayable in quarterly installments ending by 2017.
(b) Interest and PAD Block

This represents blocked PAD of Janata Bank Ltd. to be paid in quarterly installments ending latest by 2013.
2011 2010
Amount in Taka
23. Income Tax Payable
Balance as on January 01 - 70,584,481
Provision for the year 166,380,262 71,085,835
Short Provision for previous period 41,169,643 -
Paid during the year (7,518,596) (66,000,000)
200,031,309 75,670,316
Adjustment with Advance Income Tax (184,549,015) (75,670,316)
15,482,294 -
24. Net Sales Revenue
This represents net sales and consists of as follows :
Local Sales 7,499,926,523 6,160,306,406
Export Sales US $ 5,255,965 (in 2010 US $ 4,817,829) 390,315,320 330,540,947
7,890,241,843 6,490,847,353
22. Accrued Expenses
This is unsecured, falling due within one year and consists of as follows :
For Expenses 17,667,454 22,435,562
Workers' Profit Participation/ Welfare Funds - current year's provision (Note : 32) 83,892,463 68,076,616
101,559,917 90,512,178
21. Creditors and Other Payables
This consists of :
Goods & Services 206,960,545 161,570,971
Provident Fund 309,454,709 263,783,942
Advance Against Export 1,424,747 222,069
Others 5,958,135 6,738,678
523,798,136 432,315,660
Tablet, Capsule, Suppository & DPI Million Pcs 2,789.6 2,379.1
Liquid, Cream and Ointment, Suspension, IV Fluid, Amino Acid,
Ophthalmic, Nebulizer Solution, injectable & Inhaler Million Pcs 59.2 56.9
Active Pharmaceutical Ingredients Kg. 146,626 108,573
Liquid Nitrogen Liter 102,985 611,731
Product Category Unit
Quantity
2011 2010
Sales represent :
2011 2010
Amount in Taka
26. Materials Consumed
This is made-up as follows :
Opening Stock 1,101,214,127 887,971,933
Purchase 3,411,226,597 2,750,890,937
Closing Stock (1,316,611,230) (1,101,214,127)
3,195,829,494 2,537,648,743
Stock as on January 01, 2011 Unit Quantity Value (Tk.)

Tablet, Capsule, Suppository & DPI Million Pcs 477.8 355,479,444
Ophthalmic, Nebulizer Solution, injectable & Inhaler Million Pcs 7.4 178,727,151
Active Pharmaceutical Ingredients Kg 11,920 30,843,049
565,049,644

Stock as on December 31, 2011
Tablet, Capsule, Suppository & DPI Million Pcs 499.8 374,175,104
Ophthalmic, Nebulizer Solution, injectable & Inhaler Million Pcs 8.2 241,774,083
Active Pharmaceutical Ingredients Kg 8,084 23,292,564
639,241,751
Item wise quantity and value of Finished Goods Stock are as follows :
25. Cost of Goods Sold
This is made-up as follows :
Work-in-Process (Opening) 195,111,787 189,396,879
Materials Consumed (Note : 26) 3,195,829,494 2,537,648,743
Factory Overhead (Note : 27) 1,066,936,836 894,097,750
Total Manufacturing Cost 4,457,878,117 3,621,143,372
Work-in-Process (Closing) (169,345,787) (195,111,787)
Cost of Goods Manufactured 4,288,532,330 3,426,031,585
Finished Goods (Opening) 565,049,644 554,393,259
Finished Goods available 4,853,581,974 3,980,424,844
Cost of Physician Sample transferred to Sample Stock (110,631,202) (97,734,946)
Finished Goods (Closing) (639,241,751) (565,049,644)
4,103,709,021 3,317,640,254
2011 2010
Amount in Taka
(a) Salary and allowances include Company's Contribution to provident fund of Tk. 6,482,519 (in 2010 Tk. 5,739,527).

(b) The value of imported stores and spares consumed is Tk. 39,843,777 (in 2010 Tk. 20,664,179) is included in repairs & maintenance.
This also includes maintenance of office, premises, Vehicles, building, machinery, equipment and other infrastructures.

(c) Other expenses does not include any item exceeding 1% of total revenue.
28. Administrative Expenses
Salary & Allowances 132,468,375 120,635,185
Rent Expenses 9,676,551 9,615,930
Repairs and Maintenance 18,364,907 11,903,815
Registration & Renewals 1,624,597 535,967
Travelling & Conveyance 15,167,565 12,792,422
Entertainment 3,948,638 3,546,181
Printing & Stationery 2,371,399 1,948,640
Audit Fee 850,000 862,500
Telephone, Internet & Postage 3,790,301 4,011,859
Electricity, Gas & Water 7,393,412 7,479,958
Legal & Consultancy Fee 3,099,655 2,920,722
AGM,Company Secretarial Expenses and Regulatory Fees 45,430,058 29,326,959
Training & Conference 3,300,188 2,808,265
Depreciation 17,039,676 15,194,645
Other Expenses 10,676,524 9,830,932
275,201,846 233,413,980
(a) Salary and allowances include provident fund contribution of Tk. 3,345,556 (in 2010 Tk. 3,318,203).
(b) Repairs & maintenance includes maintenance of office, premises, Vehicles, building, equipment and other infrastructures.

27. Factory Overhead
Insurance Premium 18,130,033 10,762,989
Municipal Tax & Land Revenue 1,857,310 1,237,290
Advertisement & Subscription 24,771 96,769
Registration & Renewal 7,010,239 715,777
Entertainment 783,929 721,850
Research and Development 17,795,956 6,815,379
Toll Charge/ (Income) - Net 76,878,595 76,281,942
Training & Conference 3,387,122 609,919
Plant Certification and Regulatory Approvals 22,902,482 12,753,618
Depreciation 440,597,325 392,890,096
Other Expenses 3,583,301 2,790,484
1,066,936,836 894,097,750
29. Selling, Marketing and Distribution Expenses
Rent Expenses 16,033,956 14,018,539
Entertainment 13,649,841 12,487,400
Market Research & New Products 21,380,415 16,256,229
Training & Conference 36,943,909 28,902,890
Insurance Premium 7,225,282 4,235,200
Sample Expenses 104,526,024 94,019,074
Promotional Expenses 219,155,686 188,563,588
Literature/News Letter 72,206,847 63,977,381
Registration & Renewals 6,132,572 2,372,417
Export Insurance, Freight and C&F Expenses 31,015,418 35,827,506
Delivery Expense 199,262,811 169,065,853
Depreciation and Amortization 40,352,884 27,193,267
Other Expenses 8,701,336 11,843,136
1,522,851,278 1,304,012,927
(a) Salary and allowances include provident fund contribution of Tk. 12,445,850 (in 2010 Tk. 11,378,454).
(b) Delivery expense includes delivery support fee @ 2% of local sales of Formulation and IV Fluids paid to
I & I Services Ltd., a " Related Party".

(c) Repairs & maintenance includes maintenance of office, premises, Vehicles, building, equipment and
other infrastructures.
30. Other Income
Interest on FDR & Short term Investment 330,494,566 367,995,851
Income from HFA Technology Adoption and Transfer - 78,812,136
Dividend Income 200,000 100,000
Royalty 2,997,369 -
Exchange Rate Fluctuation Gain 5,178,032 -
Profit on Sale of Fixed Assets (Note 36) 2,037,807 9,103,147
340,907,774 456,011,134
31. Finance Cost
Interest on Cash Credit, Lease Finance and other Charges 504,933,292 463,200,224
Interest on Loan from PF and WPP & Welfare Fund 62,712,465 45,232,160
Dividend on Preference Shares - 153,750,000
567,645,757 662,182,384
2011 2010
Amount in Taka
35. Related Party Disclosures :
The Company carried out a number of transactions with related parties in the normal course of business and on arms length
basis. The nature of transactions and their total value is shown below :
Nature of Relationship :
The Companies are subject to common control from same source i.e., Beximco Group.
Name of Related Parties Nature of Transactions Value of Transaction in 2011 Balance at year end
(a) I & I Services Ltd. Local Delivery 8,199,575,911 768,912,524
Delivery Support Fee 140,204,673 -
(b) Bangladesh Export Import Co. Ltd Short Term Investment 1,334,019,856 2,193,423,560
Interest on Short Term Investment 240,314,856 -
36. Particulars of Disposal of Property, Plant and Equipment :
The following assets were disposed off during the year ended 31 December 2011:
Particulars of Cost Accumulated Written Down Sales Price Profit / (Loss) Mode of Name of Parties
Assets Depreciation Value Disposal
Furniture 70,000 42,881 27,119 27,119 - Negotiation Various Individuals
Transport & Vehicle 6,017,440 3,572,947 2,444,493 4,482,300 2,037,807 Negotiation Various Individuals
Plant & Machinery 8,699,295 8,029,900 669,395 669,395 - Negotiation Various Individuals
Tk. 14,786,735 11,645,728 3,141,007 5,178,814 2,037,807
32. Contribution to Workers' Profit Participation / Welfare Funds
This represents 5% of net profit before tax after charging the contribution as per provisions of the Bangladesh Labor law 2006.
33. Income Tax Expenses
(i) Short provision of earlier year 41,169,643 -
(ii) Tax for the year under review (Note 3.9) 166,380,262 71,085,835
(iii) Deferred Tax Expense (Note 3.9) 271,774,005 238,797,683
479,323,910 309,883,518
34. Earnings Per Share (EPS) :
(a) Earnings attributable to the Ordinary Shareholders Tk. 1,198,525,342 1,051,648,808
(b) Weighted average number of Ordinary Shares
outstanding during the year Nos. 251,767,810 251,767,810
Earnings Per Share (EPS)/ Adjusted EPS (2010) 4.76 4.18
2011 2010
Amount in Taka
39. Capital Expenditure Commitment
There was no capital expenditure contracted but not incurred or provided for at 31 December 2011.
40. Finance Lease Commitment
At December 31, 2011, the company had annual commitment under finance leases as set out below :
Leases expiring within 1 year 83,744,181
Leases expiring within 2-5 years (inclusive) 184,240,602
Tk. 267,984,783
41. Claim Not Acknowledged as Debt
There was no claim against the company not acknowledged as debt as on December 31, 2011.
42. Un-availed Credit Facilities
There is no credit facilities available to the company under any contract, other than trade credit available in the ordinary course of business and not availed of as on
December 31, 2011.
43. Payments Made in Foreign Currency :
Foreign Currency (Equivalent US$) Taka
Import of Machinery, Equipments & Spares 6,716,693 483,601,908
Import of Raw & Packing Material 32,631,729 2,420,621,680
Regulatory Fees & Other Expenses 3,247,196 236,538,558
No other expenses including royalty, technical expert and professional advisory fee, interest, etc. was incurred or paid in foreign currencies except as stated above.
2011 2010
Amount in Taka
(b) No compensation was allowed by the company to the Directors of the company.
(c) No amount of money was expended by the company for compensating any member of the board for special services rendered.
(d) No board meeting attendance fee was paid to the directors of the company.
37. Salaries and Perquisites to Managers and above :
(a) The aggregate amounts paid to/ provided for the Managers and above of the company is disclosed below :
Remuneration 100,027,020 86,381,088
Gratuity 3,839,150 3,326,065
Contribution to Provident Fund 4,606,980 3,957,684
Bonus 7,678,300 6,652,130
Medical 3,188,195 3,170,595
Others 27,630,916 24,451,244
Total 146,970,561 127,938,806

2011 2010 2011 2010 2011 2010
Tablet, Capsule, Suppository & DPI Million Pcs 3,891 2,308 2,956 2,490 76% 108%
Liquid, Cream and Oinment, Suspension, IV Fluid, Amino Acid,
Ophthalmic, Nebulizer Solution, injectable & Inhaler Million Pcs 82 78 61 55 74% 71%
38. Production Capacity and Actual Production :
Production Capacity
Unit
Item
Capacity Utilization Actual Production

44. Foreign Exchange Earned :
(a) Collection from Export Sales of US$ 5,461,913 (in 2010 US$ 4,817,829).
(b) Royalty received US$ 6,620
45. Commission / Brokerage to Selling Agent :
No commission was incurred or paid to any sales agent nor any brokerage or discount other than conventional trade discount was incurred or
paid against sales.
46. Contingent Liability
The company has a contingent liability aggregating Tk. 122,934,264 against disputed income tax claims for the year 1999, 2007 and 2008. The
company has filed writ petitions against the claims for the years 1999 and 2007 and an appeal with the Appellate Tribunal against the claim of
2008.
There is also a disputed VAT claim aggregating Tk. 144,113,691 against the company. The company has recently won the verdict of the appellate
tribunal in its favour. The concerned authority may now appeal to the honourable High Court against this verdict. Additionally, there are claims of
custom duty aggregating Tk. 22,507,358 against the indemnity bond issued by the company in connection with import of certain plant and
machinery. The company has filed writ petitions against this claims.
If any liability arises on disposal of the cases, the company shall provide for such liability in the year of final disposal.
47. Events After the Reporting Period
The directors recommended 21% Stock dividend (i.e. 21 shares for every 100 shares held) for the year 2011. The dividend proposal is subject to
shareholders' approval at the forthcoming annual general meeting. Excepting to that, no circumstances have arisen since the date of Statement
of Financial Position which would require adjustment to, or disclosure in, the financial statements or notes thereto.
48. Financial Risk Management
The management of company has overall responsibility for the establishment and oversight of the companys risk management framework. Risk
management policies, procedures and systems are reviewed regularly to reflect changes in market conditions and the companys activities. The
company has exposure to the following risk for its use of financial instruments.
- Credit risk
- Liquidity risk
- Market risk
48.01 Credit Risk
Credit risk is the risk of a financial loss to the company if a customer or counter party to a financial instrument fails to meet its contractual
obligations and arises principally from the companys receivables. Management has a credit policy in place and exposure to credit risk is monitored
on an ongoing basis. As at 31 December 2011 substantial part of the receivables are those from its related company and subject to insignificant
credit risk. Risk exposures from other financial assets i.e. Cash at bank and other external receivables are nominal.
48.02 Liquidity Risk
Liquidity risk is the risk that the company will not be able to meet its financial obligations as they fall due. The companys approach to managing
liquidity ( cash and cash equivalents) is to ensure as far as possible, that it will always have sufficient liquidity to meet its liabilities when due under
both normal and stressed conditions without incurring unacceptable losses or risking damage to the companys reputation. Typically, the company
ensures that it has sufficient cash and cash equivalent to meet expected operational expenses including financial obligations through preparation
of the cash flow forecast with due consideration of time line of payment of the financial obligations and accordingly arrange for sufficient fund
to make the expected payments within due date. In extreme stressed conditions the company may get support from the related company in the
form of short term financing.
48.03 Market Risk
Market risk is the risk that any change in market prices such as foreign exchange rates and interest will affect the companys income or the value
of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within
acceptable parameters.
(a) Currency risk
The company is exposed to currency risk on certain revenues and purchases such as revenue from foreign customers and import of raw material,
machineries and equipment. Majority of the companys foreign currency transactions are denominated in USD and relate to procurement of raw
materials, machineries and equipment from abroad.

(b) Interest rate risk
Interest rate risk is the risk that arises due to changes in interest rates on borrowing. There was no foreign currency loan which is subject to floating
rates of interest. Local loans are, however, not significantly affected by fluctuations in interest rates. The company has not entered into any type of
derivative instrument in order to hedge interest rate risk as at the reporting date.
Dhaka
28 April, 2012
Salman F Rahman
Vice Chairman
Nazmul Hassan
Managing Director
Ali Nawaz
Corporate Information
Operational Headquarters
19 Dhanmondi R/A, Road # 7
Dhaka 1205, Bangladesh
Phone : +880-2-8619151, +880-2-8619091
Fax : +880-2-8613888
E-mail : [email protected]
Website : www.beximcopharma.com
Corporate Headquarters

17 Dhanmondi R/A, Road # 2
Dhaka 1205, Bangladesh
Phone : +880-2-8611891
Fax : +880-2-8613470
E-mail : [email protected]
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

IMPACT PR
Apartment # A-1, House # 17, Road # 4
Gulshan-1, Dhaka-1212, Bangladesh

FTI Consulting Group Limited
Holborn Gate, 26 Southampton Buildings
London WC2A 1PB, UK
Legal Advisor

Huq and Company
47/1 Purana Paltan
Dhaka-1000
Bangladesh
Auditors

M. J. Abedin & Co.
National Plaza (3rd Floor)
109, Bir Uttam C. R. Datta Road
Dhaka-1205
Bangladesh
Banker

Janata Bank Ltd.
Local oce
1 Dilkusha C/A
Dhaka-1000
Bangladesh
For GDRs

Nominated Advisor and Broker
Libertas Capital Corporate Finance Limited
17c Curzon Street.
London W1J 5HU
Custodian
HSBC
Anchor Tower, 1/1-B, Sonargaon Road
Dhaka-1205, Bangladesh
Depository Bank
The Bank of New York Mellon
101 Barclay Street
New York, NY 10286
BEXIMCO PHARMACEUTICALS LTD.
www.beximcopharma.com

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