MIRA INFORM REPORT

Report Date :

05.11.2012

IDENTIFICATION DETAILS

Name :	BEXIMCO PHARMACEUTICALS LIMITED
Registered Office :	17, Road No. 2, Dhanmondi R/A, Dhaka, 1205
Country :	Bangladesh
Financials (as on) :	31.12.2011
Date of Incorporation :	2,310
Legal Form :	Public Subsidiary
Line of Business :	Manufacture of pharmaceutical preparations
No. of Employees :	2,310

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Bangladesh	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

BANGLADESH - ECONOMIC OVERVIEW

The economy has grown 5-6% per year since 1996 despite political instability, poor infrastructure, corruption, insufficient power supplies, and slow implementation of economic reforms. Bangladesh remains a poor, overpopulated, and inefficiently-governed nation. Although more than half of GDP is generated through the service sector, 45% of Bangladeshis are employed in the agriculture sector with rice as the single-most-important product. Bangladesh's growth was resilient during the 2008-09 global financial crisis and recession. Garment exports, totaling $12.3 billion in FY09 and remittances from overseas Bangladeshis, totaling $11 billion in FY10, accounted for almost 12% of GDP

Source : CIA

Company name and address

Beximco Pharmaceuticals Limited

17, Road No. 2, Dhanmondi R/A
Dhaka, 1205
Bangladesh
Tel:	880-2-8611891
Fax:	880-2-8613470
beximco-pharma.com

Employees:

2,310

Company Type:

Public Subsidiary

Corporate Family:

4 Companies

Ultimate Parent:

Beximco Holdings Ltd

Traded:

SEATS (AIM Market):

BXPHARMA

Incorporation Date:

1976

Fiscal Year End:	31-Dec-2011
Reporting Currency:	Bangladesh Taka
Annual Sales:	106.6 ^1
Net Income:	16.2
Total Assets:	281.5 ^2
Market Value:	233.3
	(20-Sep-2012)

Business Description

Beximco Pharmaceuticals Limited is a manufacturer of pharmaceutical formulations and active pharmaceutical ingredients (APIs). The Company is engaged in manufacturing and marketing of pharmaceuticals formulation products including life saving intravenous fluids and API’s. The products of the Company are sold domestic and international markets. The Company also provides contract manufacturing services. As of December 31, 2011, Beximco Pharmaceuticals Limited produced more than 400 products in different dosage forms covering broader therapeutic categories which include antibiotics, antihypertensives, antidiabetics, antireretrovirals and anti asthma inhalers. The Company’s products come in a range of dosage forms including tablets, capsules, dry syrup, powder for suspension, cream, ointment, suppositories, metered dose nasal sprays, large volume intravenous fluids, metered dose inhalers. For the six months ended 30 June 2012, Beximco Pharmaceuticals Limited revenues increased 19% to BDT4.35B. Net income increased 7% to BDT613.4M. Revenues reflect an increase in demand for the Company's products and services due to favorable market conditions. Net income was partially offset by Finance Cost increase of 24% to BDT329.7M (expense), Contri. to Workers Profit Particip. Fund increase of 11% to BDT42.4M (expense).

Industry

Industry	Biotechnology and Drugs
ANZSIC 2006:	1841 - Human Pharmaceutical and Medicinal Product Manufacturing
NACE 2002:	2442 - Manufacture of pharmaceutical preparations
NAICS 2002:	325412 - Pharmaceutical Preparation Manufacturing
UK SIC 2003:	24421 - Manufacture of medicaments
UK SIC 2007:	2120 - Manufacture of pharmaceutical preparations
US SIC 1987:	2834 - Pharmaceutical Preparations

Key Executives

Name	Title
Nazmul Hassan	Chief Executive Officer, Managing Director, Director
Ali Nawaz	Chief Financial Officer
Zakaria Seraj Chowdhury	Director - Sales
Md. Asad Ullah	Company Secretary
Rabbur Reza	Chief Operating Officer

Significant Developments

Topic	#*	Most Recent Headline	Date
Dividends	1	Beximco Pharmaceuticals Ltd Declares 21% Stock Dividend	14-May-2012

* number of significant developments within the last 12 months

News

Title	Date
Growth Of Family Enterprises In The Arabian Gulf - The Role Of Shariah Mondaq Business Briefing (2216 Words)	21-Sep-2012
Volatile medicine market-II New Nation (Bangladesh) (432 Words)	9-Apr-2012
TRIPS agreement waiver for another 10 years likely Financial Express (India) (454 Words)	1-Apr-2012
Beximco Pharma marks successful phase out of CFCs in medical inhalers Financial Express (India) (438 Words)	18-Mar-2012
Beximco Pharma introduces Tablet PC for pharma marketing Financial Express (India) (198 Words)	1-Mar-2012

Financial Summary

As of 30-Jun-2012

Key Ratios	Company	Industry
Current Ratio (MRQ)	2.71	2.09
Quick Ratio (MRQ)	1.86	1.48
Debt to Equity (MRQ)	0.22	0.43
Sales 5 Year Growth	16.34	4.13
Net Profit Margin (TTM) %	14.44	17.06
Return on Assets (TTM) %	5.39	9.59
Return on Equity (TTM) %	7.26	18.98

Stock Snapshot

Traded: SEATS (AIM Market): BXPHARMA

As of 20-Sep-2012

   Financials in: BDT

Recent Price	62.60	EPS	4.75
52 Week High	90.74	Price/Sales	2.42
52 Week Low	45.87	Price/Earnings	12.72
Avg. Volume (mil)	0.66	Price/Book	0.92
Market Value (mil)	19,070.40

	Price % Change	Rel S&P 500%
4 Week	21.08%
13 Week	10.60%
52 Week	-21.43%
Year to Date	-19.07%

Corporate Overview

Location
17, Road No. 2, Dhanmondi R/A
Dhaka, 1205
Bangladesh

Tel:	880-2-8611891
Fax:	880-2-8613470

beximco-pharma.com

Quote Symbol - Exchange
BXPHARMA - SEATS (AIM Market)
Sales BDT(mil):	7,890.2
Assets BDT(mil):	23,033.3
Employees:	2,310
Fiscal Year End:	31-Dec-2011

Industry:	Biotechnology and Drugs

Incorporation Date:	1976
Company Type:	Public Subsidiary
Quoted Status:	Quoted

Executive Director - Production:	Abdur Rouf Mohammad Zahidur Rahman

Industry Codes

ANZSIC 2006 Codes:
1841	-	Human Pharmaceutical and Medicinal Product Manufacturing

NACE 2002 Codes:
2442	-	Manufacture of pharmaceutical preparations

NAICS 2002 Codes:
325412	-	Pharmaceutical Preparation Manufacturing

US SIC 1987:
2834	-	Pharmaceutical Preparations

UK SIC 2003:
24421	-	Manufacture of medicaments

UK SIC 2007:
2120	-	Manufacture of pharmaceutical preparations

Top

Business Description

Beximco Pharmaceuticals Limited is a manufacturer of pharmaceutical formulations and active pharmaceutical ingredients (APIs). The Company is engaged in manufacturing and marketing of pharmaceuticals formulation products including life saving intravenous fluids and API’s. The products of the Company are sold domestic and international markets. The Company also provides contract manufacturing services. As of December 31, 2011, Beximco Pharmaceuticals Limited produced more than 400 products in different dosage forms covering broader therapeutic categories which include antibiotics, antihypertensives, antidiabetics, antireretrovirals and anti asthma inhalers. The Company’s products come in a range of dosage forms including tablets, capsules, dry syrup, powder for suspension, cream, ointment, suppositories, metered dose nasal sprays, large volume intravenous fluids, metered dose inhalers. For the six months ended 30 June 2012, Beximco Pharmaceuticals Limited revenues increased 19% to BDT4.35B. Net income increased 7% to BDT613.4M. Revenues reflect an increase in demand for the Company's products and services due to favorable market conditions. Net income was partially offset by Finance Cost increase of 24% to BDT329.7M (expense), Contri. to Workers Profit Particip. Fund increase of 11% to BDT42.4M (expense).

More Business Descriptions

Production, marketing and export of finished pharmaceutical formulations and active pharmaceutical ingredients (APIs)

Pharmaceuticals Mfr

Beximco Pharmaceuticals Ltd. (Beximco Pharmaceuticals) is a pharmaceutical service provider, based in Bangladesh. The company manufactures and markets pharmaceutical formulations and Active Pharmaceutical Ingredients (APIs) in Bangladesh. It provides products in the areas of allergic disorders, analgesics and antipyretics, anti infective, cardiovascular, central nervous system, cough and cold, eye care, endocrine and diabetics, gastrointestinal, intravenous fluids, musculoskeletal, oncology, respiratory, skin care, vitamins and mineral supplements. The company supplies drugs in the forms of tablets, capsules, dry syrup, powder, cream, ointment, and suppositories. It also offers contract manufacturing services. Its manufacturing facilities are certified by global regulatory bodies of Australia, European Union, Gulf nations, Brazil, among others. Beximco Pharmaceuticals is headquartered in Dhaka, Bangladesh.The company reported revenues of (Bangladeshi Taka) BDT 7,890.24 million during the fiscal year ended December 2011, an increase of 21.56% over 2010. The operating profit of the company was BDT 1,988.48 million during the fiscal year 2011, an increase of 21.56% over 2010. The net profit of the company was BDT 1,198.53 million during the fiscal year 2011, an increase of 13.97% over 2010.

Pharmaceutical and Medicine Manufacturing

Top

Brand/Trade Names
Napa Lactameal Tycil Spanil Cephalen Filmet Gentosep Neoceptin R Tynisol Ascobex Clobex Bronkolax Aristofol-Fe Ultrafen Etrocin Aristovit-B Neofloxin Tofen Keolax Cardopril Aristoplex Proceptin Omastin Aristovit-M Diactin	Amdocal Azithrocin Rostil Pedearnin Intracef Enaril Azmasol Bexitrol Atrizin Neosten Nazolin Hefolin SR Formula-E Decomit Carocet Tripec Avastin Diapro Cox-B Triocim Arixon Prosan Recox Atova
Top

Financial Data

Financials in:	BDT(mil)
Revenue:	7,890.2
Net Income:	1,198.5
Assets:	23,033.3
Long Term Debt:	1,890.1
Total Liabilities:	5,905.2
Working Capital:	1.3
Date of Financial Data:	31-Dec-2011

1 Year Growth

21.6%

14.0%

7.8%

Top

Market Data

Quote Symbol:	BXPHARMA
Exchange:	SEATS (AIM Market)
Currency:	BDT
Stock Price:	62.6
Stock Price Date:	09-20-2012
52 Week Price Change %:	-21.4
Market Value (mil):	19,070,400.0
SEDOL:	6090276
ISIN:	BD0453BXPH04
Equity and Dept Distribution:
05/2009, Scrip Issue, 20 new shares for every 100 shares held.05/2010, Scrip Issue, 15 new shares for every 100 shares held.05/2011, Stock Dividend,20 % stock dividend.
Top

Shareholders

Major Shareholders

Sponsors (28.178%); Institutions (13.182%); General Public (22.603%); Foreign Investors (36.037%)

Top

Key Corporate Relationships

Auditor:	M.J.Abedin & Co.
Bank:	Janata Bank, Citibank NA, Crédit Agricole Indosuez, Standard Chartered Grindlays Bank
Auditor:	M J Abedin & Co, M.J.Abedin & Co.

	GBP(mil)
Audit Fees:	0.0
Audit Fiscal Year:	12-31-2010

Top

Beximco Pharmaceuticals Limited

The Strategic Initiatives report is created using technology to extract meaningful insights from analyst reports about a company's strategic projects and investments. More about Strategic Initiatives

Strategic Initiatives

Key Organizational Changes

This is an important step towards our aspiration to become a global generic drug player, and particularly for building our presence in the regulated markets of US and EU." Beximco Pharma is currently exporting to many countries around the world and its manufacturing facilities have already received approvals from global regulatory authorities including TGA (Australia), GCC (Gulf), ANVISA (Brazil) and INVIMA (Colombia). The Company has recently entered the US pharma market through the acquisition of an abbreviated new drug application (ANDA) of a cardiovascular drug. Two products have already been filed for marketing approval in the EU, while a number of products are in the pipeline.May 13, 2011Beximco Pharmaceuticals Reports Net Income Of BDT252.6m For Q1 2011Beximco Pharmaceuticals Ltd.
Source: GlobalData, September 12, 2012

Corporate Family	Corporate Structure News:
	Beximco Holdings Ltd Beximco Pharmaceuticals Limited
Beximco Pharmaceuticals Limited Total Corporate Family Members: 4

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Beximco Holdings Ltd	Parent	Dhaka	Bangladesh	Miscellaneous Financial Services	269.7	35,000
Bextex Limited	Subsidiary	Dhaka	Bangladesh	Textiles - Non Apparel	209.4	7,189
Beximco Pharmaceuticals Limited	Subsidiary	Dhaka	Bangladesh	Biotechnology and Drugs	106.6	2,310
Bangladesh Export Import Company Ltd	Subsidiary	Dhaka	Bangladesh	Personal and Household Products	272.7	105

Beximco Pharmaceuticals Limited

Competitors Report

CompanyName	Location	Employees	Ownership
Allied Chemicals And Pharmaceuticals Private Limited	New Delhi, India		Private
Biochem Pharmaceutical Industries Ltd.	Mumbai, India	1,200	Private
Pravek Kalp Herbal Products Pvt. Ltd.	Noida, India		Private
Shantha Biotechnics Limited	Hyderabad, , India		Private
Spinco Biotech Pvt Ltd.	Chennai, India		Private

Beximco Pharmaceuticals Limited Dhaka, , Bangladesh, Tel: 880-2-8611891, URL: http://beximco-pharma.com/, Executives Page

Executives Report

Board of Directors

Name	Title	Function
A S F Rahman	Chairman	Chairman
Ahmed Salman Fazlur Rahman	Vice Chairman of the Board	Chairman
Biography: Ahmed Salman Fazlur Rahman serves as Vice Chairman of the Board of Beximco Pharmaceuticals Ltd. He is also one of the founders of the Company. He graduated from Karachi University in 1971. He has held a number of positions including: President of the Federation of Chamber of Commerce and Industries from 1994 to 1996; Chairman of the Bangladesh Enterprise Institute; a Bangladeshi institute for private sector advocacy and free market development; Chairman of the Board of Editors of "The Independent" an English daily newspaper in Bangladesh; Chairman of Abahoni Limited; a prominent sporting club within Bangladesh; President of SAARC Chamber of Commerce & Industry from 1996 to 1998; President of the Metropolitan Chamber of Commerce & Industry, President of the Bangladesh Textile Mills Association; and President of the Bangladesh Pharmaceutical Manufacturers Association. Education: University of Karachi
Ahmed Salman Fazlur Rahman	Vice Chairman	Vice-Chairman
Iqbal Ahmed	Director	Director/Board Member
Biography: Mr. Iqbal Ahmed is Director of Beximco Pharmaceuticals Ltd. He has been with the Company for 20 years and holds senior positions in a number of entities within the Beximco Group of companies. He received his Bachelor's Degree in Science from the University of Dhaka in 1966. Mr. Ahmed is currently a member of the Executive Committee of Shippers Council of Bangladesh. Previously he was the publisher of "The Independent" an English daily newspaper in Bangladesh and the "Muktakantha", a Bengali national daily newspaper. Education: University of Dhaka, B (Science)
Osman Kaiser Chowdhury	Member of the Management Committee, Director	Director/Board Member
Biography: Osman Kaiser Chowdhury is Member of the Management Committee, Director of Beximco Pharmaceuticals Ltd. The Executive Committee is headed by Mr. Osman Kaiser Chowdhury. Mr. Chowdhury has been with the Company for 14 years and holds senior positions within the Beximco group of companies. He is a member of the Institute of Chartered Accountants of England and Wales and a Fellow of the Institute of Chartered Accountants of Bangladesh. He has over 13 years' experience working abroad, including the United Kingdom.
Nazmul Hassan	Chief Executive Officer, Managing Director, Director	Director/Board Member
Biography: Mr. Nazmul Hassan is Chief Executive Officer, Managing Director, Director of Beximco Pharmaceuticals Ltd. Hassan graduated from the Department of Public Administration, University of Dhaka. He obtained an MBA degree from the Institute of Business Administration (IBA), University of Dhaka, with major in marketing. In 1997 and 2000, he took training on 'Medical Marketing Program' from University of California Los Angeles, USA and 'Changing Strategic Direction Program' from Kellogg School of Management, Chicago, USA. He has also been the Secretary General of the Bangladesh Association of Pharmaceutical Industries for three consecutive terms, and has received several awards for his contribution to the pharmaceuticals sector, particularly in relation to exports and marketing. Mr. Hassan joined Beximco Pharma in 1987 and has held various positions in the company since that time. He also worked as a consultant for Commonwealth Secretariat in Geneva. Mr. Hassan is a Member of the American Management Association and a Member of the Australian Institute of Management. Education: University of Dhaka, MBA (Marketing) University of Dhaka (Public Administration)
Faheemul Huq	Director	Director/Board Member
Biography: Barrister Faheemul Huq is Director of Beximco Pharmaceuticals Ltd. He is is qualified as a Barrister-at-Law in London and is currently an Advocate in the Supreme Court of Bangladesh. He has been with the company for two years.
Ahsanul Karim	Director	Director/Board Member
Biography: Advocate Ahsanul Karim is Director of Beximco Pharmaceuticals Ltd. He received an LLM from the University of Dhaka. He is currently an Advocate in the Supreme Court of Bangladesh. He has been with the company for two years. Education: University of Dhaka, LLM
Abdul Alim Khan	Independent Director	Director/Board Member
Biography: Dr. Abdul Alim Khan is an Independent Director of Beximco Pharmaceuticals Ltd. He holds an MBBS and is a practising physician. He is also a director of Bangladesh Export Import Company Limited. He has been with the company for 19 years.
Mohammad Abul Qasem	Director	Director/Board Member
Biography: Mr. Mohammad Abul Qasem is Director of Beximco Pharmaceuticals Ltd. He has been with the Company for 19 years and holds senior positions at a number of entities within the Beximco group of companies. He previously held various positions in the insurance sector.
Abdur Rouf Mohammad Zahidur Rahman	Executive Director - Production	Director/Board Member
Biography: Mr. Abdur Rouf Mohammad Zahidur Rahman is Executive Director - Production of Beximco Pharmaceuticals Ltd. He completed his Master of Pharmacy in 1987 from Department of Pharmacy, University of Dhaka and qualified as a registered Pharmacist. He began his career with Drug International Limited as a Production Pharmacist in 1987, before joining BPL in 1989 as a Production Officer. He is member of Bangladesh Pharmaceuticals Society and Pharmacy Graduate Association of Bangladesh. Education: University of Dhaka, M (Pharmacy)

Executives

Name	Title	Function
Nazmul Hassan	Chief Executive Officer, Managing Director, Director	Chief Executive Officer
Biography: Mr. Nazmul Hassan is Chief Executive Officer, Managing Director, Director of Beximco Pharmaceuticals Ltd. Hassan graduated from the Department of Public Administration, University of Dhaka. He obtained an MBA degree from the Institute of Business Administration (IBA), University of Dhaka, with major in marketing. In 1997 and 2000, he took training on 'Medical Marketing Program' from University of California Los Angeles, USA and 'Changing Strategic Direction Program' from Kellogg School of Management, Chicago, USA. He has also been the Secretary General of the Bangladesh Association of Pharmaceutical Industries for three consecutive terms, and has received several awards for his contribution to the pharmaceuticals sector, particularly in relation to exports and marketing. Mr. Hassan joined Beximco Pharma in 1987 and has held various positions in the company since that time. He also worked as a consultant for Commonwealth Secretariat in Geneva. Mr. Hassan is a Member of the American Management Association and a Member of the Australian Institute of Management. Education: University of Dhaka, MBA (Marketing) University of Dhaka (Public Administration)
Delwar Hossain Khan	Managing Director	Chief Executive Officer
Abdur Rouf Mohammad Zahidur Rahman	Executive Director-Manufacturing	Chief Executive Officer
Shamim Momtaz	Executive Director-Manufacturing	Chief Executive Officer
Biography: Mr. Shamim Momtaz completed his Master of Pharmacy from the University of Dhaka. He started his career with Beximco Pharmaceuticals Limited in the year 1987. Later in 1989 he joined in Sanofi Aventis and became Plant Manager in the year 2002. He worked with Healthcare Pharmaceuticals from 2004 to 2007 as Site Director. In 2007 he joined Beximco Pharmaceuticals as Executive Director Manufacturing (Track II).
Abdul Muktadir	Executive Director-Commercial	Chief Executive Officer
Abdur Rouf Mohammad Zahidur Rahman	Executive Director - Production	Chief Executive Officer
Biography: Mr. Abdur Rouf Mohammad Zahidur Rahman is Executive Director - Production of Beximco Pharmaceuticals Ltd. He completed his Master of Pharmacy in 1987 from Department of Pharmacy, University of Dhaka and qualified as a registered Pharmacist. He began his career with Drug International Limited as a Production Pharmacist in 1987, before joining BPL in 1989 as a Production Officer. He is member of Bangladesh Pharmaceuticals Society and Pharmacy Graduate Association of Bangladesh. Education: University of Dhaka, M (Pharmacy)
Mohd. Tahir Siddique	Executive Director - Quality	Chief Executive Officer
Biography: Mohd. Tahir Siddique is Executive Director - Quality of Beximco Pharmaceuticals Ltd. He obtained Batchelor of Pharmacy degree from University of Dhaka and Master of Science in Pharmaceutical Technology from University of London. He also studied Postgraduate Diploma in Management Studies (DMS) in UK and MBA at a local private university. He started his career with Hoechst Bangladesh Limited in early 1989. He also worked as Factory Manager of Ibne Sina Pharmaceuticals Limited before joining GlaxoSmithKline Bangladesh Limited in 1997. He worked at GlaxoSmithKline Bangladesh Limited in varying capacities including General Manager- Quality Assurance. Education: University of London, MS University of Dhaka, B (Pharmacy)
A. S. F. Rahman	Chairman	President
Jamal Ahmed Choudhury	General Manager - Accounts & Finance	Division Head Executive
Biography: Jamal Ahmed Choudhury is General Manager - Accounts & Finance of Beximco Pharmaceuticals Ltd. He qualified as a Cost & Management Accountant from the Institute of Cost and Management Accountants of Bangladesh in 1991 and completed his MBA with a major in finance from the Institute of Business Administration, University of Dhaka in 1997. Education: University of Dhaka, MBA (Finance)
Rabbur Reza	Chief Operating Officer	Operations Executive
Biography: Mr. Rabbur Reza has been appointed as Chief Operating Officer of Beximco Pharmaceuticals Ltd. Prior to this new appointment, Mr. Reza served as the Director, Marketing and Business Development of BPL. He obtained Bachelors degree in Pharmacy from Panjab University, India, MBA degree from Queensland University of Technology, Australia and Executive Education in Leadership & Strategy at Harvard Business School, USA. He has over 14 years of marketing experience with pharmaceuticals and fast moving consumer goods companies. He started his career with Beximco Pharmaceuticals in 1992 and continued till1997. He then worked for six years with Biotech and Milton Pharmaceuticals, Australia. He rejoined Beximco Pharmaceuticals in March 2005 as Executive Director, Marketing. He was promoted to Director, Marketing in February 2006. Mr. Reza is an Associate Fellow of the Australian Institute of Management and a Member of the American Society of Health System Pharmacists. Education: Queensland University of Technology, MBA Panjab University, B (Pharmacy)
B. K. Nath	Company Secretary	Company Secretary
Md. Asad Ullah	Company Secretary	Company Secretary
Biography: Md. Asad Ullah serves as Company Secretary of Beximco Pharmaceuticals Limited.
Jamaluddin Ahmed	Financial Systems Manager	Finance Executive
S. Alam	Assistant Manager-Accounts	Finance Executive
Ali Nawaz	Chief Financial Officer	Finance Executive
Biography: Mr. Ali Nawaz is Chief Financial Officer of Beximco Pharmaceuticals Ltd. He is qualified as a Cost and Management Accountant at the ICMAB in 1988, and is currently a Fellow Member of the Institute. He obtained an MBA from the Institute of Business Administration, University of Dhaka in 1990. After joining as a management trainee in 1990, he worked at a number of different entities within the Beximco group of companies, in varying capacities. Education: University of Dhaka, MBA
C. H. Rahman	Finance Director	Finance Executive
Abul Hossain	Assistant Manager-Accounts	Accounting Executive
H. Faruk	Asst Mgr-Sales Education & Training	Training Executive
Zakaria Seraj Chowdhury	Director - Sales	Sales Executive
Biography: Zakaria Seraj Chowdhury is Director - Sales of Beximco Pharmaceuticals Ltd. He is a pharmaceutical sales management specialist having graduation from the University of Dhaka. He has over 24 years experience in pharmaceutical sales management. He joined Beximco Pharmaceuticals in 1984 and has held several sales related positions during his 22 years of service. He was appointed Director, Sales of Beximco Pharmaceuticals in February 2006. He attended advanced training programs in sales and marketing management at the National University of Singapore and Indian School of Business. Education: University of Dhaka, BS
T. K. Sarker	MIS Manager	Information Executive
M. A. Samad	Project Manager	Engineering/Technical Executive
Zafar Iqbal	Product Development Manager	Research & Development Executive
Afsar Uddin Ahmed	Director - Commercial	Commercial Executive
Biography: Mr. Afsar Uddin Ahmed is Director - Commercial of Beximco Pharmaceuticals Ltd. He completed an MBA in 1987 from the Institute of Business Administration, University of Dhaka, with a major in marketing. He was previously employed at Aventis as a divisional Marketing Director of its Bangladesh operation, from March 2002 to April 2003. In this role, Mr. Ahmed oversaw the marketing operations of several different business units. He joined BPL in 2003. Education: University of Dhaka, MBA (Marketing)
Mariam Khan	Incharge, Group Legal Affairs	Legal Executive
K. Ahmed	Works Manager	Manufacturing Executive
Lutfur Rahman	Director - Works	Manufacturing Executive
Biography: Mr. Lutfur Rahman is Director - Works of Beximco Pharmaceuticals Ltd. He heads the industrial operations of the company, having joined the organization in 1993. He is a pharmacist graduate from the University of Dhaka and has 36 years experience in the pharmaceuticals industry, having worked for multi-nationals including GSK, Squibb, Cipla, Astra and Hoechst. Education: University of Dhaka
Fazlul Haque	Shipping Manager	Logistics Executive
Muqsit Chowdbury	Assistant Manager-Purchasing	Purchasing Executive
Purabi Dutta	Joint Quality Manager	Quality Executive
Salman Rahman	Co Founder	Other
Biography: Salman Rahman younger brother of Sohail Rahman is co-founder of the Beximco Group. He is a renowned businessman of the country and is widely acclaimed for his contribution to the development of private sector. He anchored the key initiatives that have helped build Beximcos corporate identity and led the Group into becoming a leading industrial conglomerate in the country. Besides being the Vice Chairman of Beximco Group of companies he has held key positions in many business and industry associations which include President of the Federation of Bangladesh Chambers of Commerce and Industry President of SAARC Chamber of Commerce & Industry President of the Metropolitan Chamber of Commerce & Industry President of the Bangladesh Textile Mills Association among others. Currently he is the Chairman of Bangladesh Enterprise Institute a Bangladeshi institute for private sector advocacy and free market development President of Bangladesh Association of Pharmaceutical Industries President of Bangladesh Association of Publicly Listed Companies Chairman of Abahani Limited a prominent sporting club in Bangladesh and Chairman of the Board of Editors of The Independent an English daily newspaper in Bangladesh. Rahman has many accolades to his name and he holds a degree from Karachi University.
Abu Bakar Siddiqur Rahman	Director	Other

Beximco Pharmaceuticals Limited

Significant Developments

Beximco Pharmaceuticals Ltd Declares 21% Stock Dividend

May 14, 2012

Beximco Pharmaceuticals Ltd announced it has declared a 21% stock dividend (21 shares for every 100 shares held) with record date set on May 21, 2012. Payment of the dividend is due within 30 days from the date of approval of the dividend at the Annual General Meeting. + The AGM will be held on June 30, 2012.

News
	Growth Of Family Enterprises In The Arabian Gulf - The Role Of Shariah Mr Peter Hodgins, Naji Hawayek and Shahbaz Khan, Mondaq Business Briefing (2216 Words)	21-Sep-2012
	Volatile medicine market-II New Nation (Bangladesh) (432 Words)	09-Apr-2012
	TRIPS agreement waiver for another 10 years likely Financial Express (India) (454 Words)	01-Apr-2012
	Beximco Pharma marks successful phase out of CFCs in medical inhalers Financial Express (India) (438 Words)	18-Mar-2012
	Beximco Pharma introduces Tablet PC for pharma marketing Financial Express (India) (198 Words)	01-Mar-2012
	Tablet PC in Pharma marketing New Nation (Bangladesh) (100 Words)	01-Mar-2012
	IFIC opens ATM booth in Tongi New Nation (Bangladesh) (134 Words)	24-Jan-2012
	32 sponsor-directors to buy 9.4m shares of their cos Financial Express (India) (392 Words)	27-Dec-2011
	Market cap puts GP at the top of listed cos Financial Express (India) (824 Words)	24-Dec-2011
	Dhaka stocks return to green after six days Financial Express (India) (438 Words)	13-Dec-2011

Articles: 0 Matches
Beximco Pharmaceuticals Limited Dhaka, Bangladesh, Tel: 880-2-8611891, URL: http://beximco-pharma.com/	Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Reclassified Normal 31-Dec-2011	Reclassified Normal 31-Dec-2010	Reclassified Normal 31-Dec-2009	Updated Normal 31-Dec-2007
Filed Currency	BDT	BDT	BDT	BDT	BDT
Exchange Rate (Period Average)	74.041708	69.60265	69.026932	68.582616	68.868552
Auditor	M.J.Abedin & Co.	M.J.Abedin & Co.	M.J.Abedin & Co.	M.J.Abedin & Co.	M.J.Abedin & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	106.6	93.3	70.5	58.5	52.2
Revenue	106.6	93.3	70.5	58.5	52.2
Total Revenue	106.6	93.3	70.5	58.5	52.2
Cost of Revenue	55.4	47.7	37.2	29.2	28.6
Cost of Revenue, Total	55.4	47.7	37.2	29.2	28.6
Gross Profit	51.1	45.6	33.4	29.3	23.7
Selling/General/Administrative Expense	11.5	10.8	9.5	7.2	7.0
Labor & Related Expense	8.5	7.4	6.3	5.5	5.0
Advertising Expense	3.0	2.7	2.1	1.3	1.3
Total Selling/General/Administrative Expenses	23.0	20.9	17.9	14.0	13.3
Research & Development	0.3	0.2	0.2	0.1	0.3
Depreciation	0.8	0.6	0.5	0.4	0.3
Amortization of Intangibles	-	-	0.0	-	-
Depreciation/Amortization	0.8	0.6	0.5	0.4	0.3
Other Operating Expense	0.3	0.3	0.3	0.2	0.3
Other Operating Expenses, Total	0.3	0.3	0.3	0.2	0.3
Total Operating Expense	79.7	69.8	56.0	43.9	42.7
Operating Income	26.9	23.5	14.5	14.6	9.5
Interest Expense - Non-Operating	-7.7	-9.5	-4.2	-3.6	-3.7
Interest Expense, Net Non-Operating	-7.7	-9.5	-4.2	-3.6	-3.7
Interest Income - Non-Operating	4.5	5.3	0.5	0.0	0.2
Investment Income - Non-Operating	0.1	0.0	2.4	0.0	0.1
Interest/Investment Income - Non-Operating	4.5	5.3	2.8	0.0	0.3
Interest Income (Expense) - Net Non-Operating Total	-3.1	-4.2	-1.3	-3.6	-3.4
Gain (Loss) on Sale of Assets	0.0	0.1	0.0	0.0	0.0
Other Non-Operating Income (Expense)	-1.1	0.2	-0.6	-0.5	-0.3
Other, Net	-1.1	0.2	-0.6	-0.5	-0.3
Income Before Tax	22.7	19.6	12.6	10.4	5.8
Total Income Tax	6.5	4.5	3.5	2.5	0.7
Income After Tax	16.2	15.1	9.1	8.0	5.1
Net Income Before Extraord Items	16.2	15.1	9.1	8.0	5.1
Net Income	16.2	15.1	9.1	8.0	5.1
Income Available to Common Excl Extraord Items	16.2	15.1	9.1	8.0	5.1
Income Available to Common Incl Extraord Items	16.2	15.1	9.1	8.0	5.1
Basic/Primary Weighted Average Shares	251.8	251.8	178.5	208.6	189.6
Basic EPS Excl Extraord Items	0.06	0.06	0.05	0.04	0.03
Basic/Primary EPS Incl Extraord Items	0.06	0.06	0.05	0.04	0.03
Diluted Net Income	16.2	15.1	9.1	8.0	5.1
Diluted Weighted Average Shares	251.8	251.8	178.5	208.6	189.6
Diluted EPS Excl Extraord Items	0.06	0.06	0.05	0.04	0.03
Diluted EPS Incl Extraord Items	0.06	0.06	0.05	0.04	0.03
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.01	0.00
Interest Expense, Supplemental	7.7	7.3	4.2	3.6	3.7
Depreciation, Supplemental	6.6	6.2	4.1	2.1	2.3
Total Special Items	0.0	-0.1	0.0	0.0	0.0
Normalized Income Before Tax	22.6	19.4	12.5	10.4	5.8
Effect of Special Items on Income Taxes	0.0	0.0	0.0	0.0	0.0
Inc Tax Ex Impact of Sp Items	6.5	4.4	3.5	2.5	0.7
Normalized Income After Tax	16.2	15.0	9.0	8.0	5.1
Normalized Inc. Avail to Com.	16.2	15.0	9.0	8.0	5.1
Basic Normalized EPS	0.06	0.06	0.05	0.04	0.03
Diluted Normalized EPS	0.06	0.06	0.05	0.04	0.03
Amort of Intangibles, Supplemental	0.2	0.0	0.0	-	-
Rental Expenses	0.3	0.3	0.3	0.2	0.3
Advertising Expense, Supplemental	3.0	2.7	2.1	1.3	1.3
Research & Development Exp, Supplemental	3.0	0.3	0.3	0.2	0.4
Normalized EBIT	26.9	23.5	14.5	14.6	9.5
Normalized EBITDA	33.6	29.8	18.7	16.7	11.8
Current Tax - Domestic	2.8	1.0	0.0	2.5	0.8
Current Tax - Total	2.8	1.0	0.0	2.5	0.8
Deferred Tax - Domestic	3.7	3.4	3.5	-0.1	-0.2
Deferred Tax - Total	3.7	3.4	3.5	-0.1	-0.2
Income Tax - Total	6.5	4.5	3.5	2.5	0.7
Defined Contribution Expense - Domestic	0.3	0.3	0.2	0.2	-
Total Pension Expense	0.3	0.3	0.2	0.2	-

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Updated Normal 31-Dec-2007
Filed Currency	BDT	BDT	BDT	BDT	BDT
Exchange Rate	81.83	70.475	69.26	68.91	69.555
Auditor	M.J.Abedin & Co.	M.J.Abedin & Co.	M.J.Abedin & Co.	M.J.Abedin & Co.	M.J.Abedin & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash	1.3	0.9	0.8	1.1	1.2
Short Term Investments	31.8	32.2	50.5	0.0	-
Cash and Short Term Investments	33.1	33.1	51.4	1.1	1.2
Trade Accounts Receivable - Net	12.0	11.7	10.0	7.3	7.2
Other Receivables	3.0	3.4	3.1	2.1	1.7
Total Receivables, Net	15.0	15.1	13.1	9.5	8.9
Inventories - Finished Goods	7.8	8.0	8.0	5.2	4.8
Inventories - Work In Progress	2.1	2.8	2.7	2.5	2.1
Inventories - Raw Materials	10.3	10.9	8.8	8.0	8.7
Inventories - Other	11.8	10.4	8.8	9.5	8.2
Total Inventory	32.0	32.1	28.4	25.2	23.8
Prepaid Expenses	0.1	0.1	0.0	0.0	-
Restricted Cash - Current	0.0	0.0	0.0	0.0	0.0
Other Current Assets	7.2	7.5	7.0	5.7	8.1
Other Current Assets, Total	7.2	7.6	7.0	5.7	8.2
Total Current Assets	87.4	87.9	99.9	41.5	42.0
Buildings	76.7	78.5	79.5	19.2	15.1
Land/Improvements	40.3	46.5	47.3	47.6	17.8
Machinery/Equipment	96.0	95.1	79.3	49.5	26.9
Construction in Progress	22.7	38.0	19.5	91.2	91.5
Property/Plant/Equipment - Gross	235.7	258.1	225.5	207.4	151.2
Accumulated Depreciation	-43.3	-43.5	-38.3	-34.4	-21.9
Property/Plant/Equipment - Net	192.4	214.6	187.2	173.0	129.3
Intangibles, Net	1.7	0.7	0.1	0.0	-
LT Investments - Other	0.0	0.1	0.0	0.5	0.5
Long Term Investments	0.0	0.1	0.0	0.5	0.5
Total Assets	281.5	303.3	287.2	215.1	171.9
Accounts Payable	2.5	2.3	2.2	0.8	1.6
Accrued Expenses	1.2	1.3	1.1	1.2	0.9
Notes Payable/Short Term Debt	20.1	23.3	21.0	21.2	13.0
Current Portion - Long Term Debt/Capital Leases	4.4	5.0	4.5	9.4	4.9
Dividends Payable	0.0	0.0	0.0	0.0	0.0
Customer Advances	0.0	0.0	0.4	0.0	-
Income Taxes Payable	0.2	0.0	1.0	2.1	0.6
Other Payables	0.1	0.1	0.1	0.2	0.1
Other Current Liabilities	3.8	3.7	3.2	2.8	2.2
Other Current liabilities, Total	4.1	3.9	4.8	5.1	2.9
Total Current Liabilities	32.4	35.7	33.5	37.8	23.4
Long Term Debt	20.8	25.2	85.3	20.8	25.0
Capital Lease Obligations	2.3	1.8	1.7	0.2	0.5
Total Long Term Debt	23.1	27.0	87.0	21.0	25.5
Total Debt	47.6	55.2	112.4	51.6	43.5
Deferred Income Tax - LT Liability	11.8	9.2	5.1	0.7	0.7
Deferred Income Tax	11.8	9.2	5.1	0.7	0.7
Pension Benefits - Underfunded	4.9	4.8	4.4	4.0	3.5
Other Liabilities, Total	4.9	4.8	4.4	4.0	3.5
Total Liabilities	72.2	76.6	130.0	63.4	53.2
Common Stock	30.8	29.8	21.8	18.3	16.5
Common Stock	30.8	29.8	21.8	18.3	16.5
Additional Paid-In Capital	68.0	79.0	25.8	25.9	25.7
Retained Earnings (Accumulated Deficit)	72.0	72.2	61.8	58.1	52.2
Unrealized Gain (Loss)	17.9	21.8	23.4	24.8	0.0
Other Equity	20.6	24.0	24.4	24.5	24.3
Other Equity, Total	20.6	24.0	24.4	24.5	24.3
Total Equity	209.3	226.7	157.2	151.7	118.6
Total Liabilities & Shareholders’ Equity	281.5	303.3	287.2	215.1	171.9
Shares Outstanding - Common Stock Primary Issue	251.8	209.8	208.6	208.6	189.6
Total Common Shares Outstanding	251.8	209.8	208.6	208.6	189.6
Employees	-	-	-	2,310	2,384
Number of Common Shareholders	88,697	93,371	80,189	65,556	53,892
Deferred Revenue - Current	0.0	0.0	0.4	0.0	-
Total Capital Leases, Supplemental	3.3	2.5	2.4	0.5	1.0
Capital Lease Payments Due in Year 1	1.0	0.7	0.6	0.4	0.5
Capital Lease Payments Due in Year 2	0.6	0.5	0.4	0.0	0.1
Capital Lease Payments Due in Year 3	0.6	0.5	0.4	0.0	0.1
Capital Lease Payments Due in Year 4	0.6	0.5	0.4	0.0	0.1
Capital Lease Payments Due in Year 5	0.6	0.5	0.4	0.0	0.1
Capital Lease Payments Due in 2-3 Years	1.1	0.9	0.9	0.1	0.3
Capital Lease Payments Due in 4-5 Years	1.1	0.9	0.9	0.1	0.3
Cap. Lease Pymts. Due in Year 6 & Beyond	-	-	-	-	0.0

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Reclassified Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	BDT	BDT	BDT	BDT	BDT
Exchange Rate (Period Average)	74.041708	69.60265	69.026932	68.582616	68.868552
Auditor	M.J.Abedin & Co.	M.J.Abedin & Co.	M.J.Abedin & Co.	M.J.Abedin & Co.	M.J.Abedin & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash Receipts	104.6	92.6	68.2	58.4	51.4
Cash Payments	-78.0	-68.5	-56.0	-41.4	-42.8
Cash Taxes Paid	-2.1	-2.6	-1.1	-1.0	-0.5
Cash Interest Paid	-7.7	-7.3	-3.6	-3.1	-3.2
Other Operating Cash Flow	4.5	5.3	-	-	-
Changes in Working Capital	4.5	5.3	-	-	-
Cash from Operating Activities	21.3	19.4	7.5	12.8	4.9
Purchase of Fixed Assets	-15.0	-37.3	-16.6	-17.2	-6.7
Purchase/Acquisition of Intangibles	-1.3	-0.7	-0.1	-	-
Capital Expenditures	-16.3	-38.0	-16.7	-17.2	-6.7
Sale of Fixed Assets	0.1	0.2	0.1	0.0	0.0
Sale/Maturity of Investment	-	-	2.9	0.0	0.1
Investment, Net	-18.0	23.6	-36.2	-	-
Purchase of Investments	-	0.0	0.0	-	0.0
Other Investing Cash Flow Items, Total	-17.9	23.7	-33.3	0.0	0.2
Cash from Investing Activities	-34.2	-14.2	-50.0	-17.2	-6.5
Other Financing Cash Flow	-	-	-	-	0.0
Financing Cash Flow Items	-	-	-	-	0.0
Cash Dividends Paid - Common	0.0	0.0	-1.8	-0.8	-0.9
Cash Dividends Paid - Preferred	0.0	-2.2	-	-	-
Total Cash Dividends Paid	0.0	-2.2	-1.8	-0.8	-0.9
Sale/Issuance of Common	-	-	-	-	0.0
Common Stock, Net	-	-	-	-	0.0
Sale/Issuance of Preferred	-	-	59.4	-	-
Preferred Stock, Net	-	-	59.4	-	-
Issuance (Retirement) of Stock, Net	-	-	59.4	-	0.0
Short Term Debt, Net	0.0	2.7	-0.1	8.1	-5.7
Long Term Debt, Net	0.0	0.2	-0.7	-3.0	1.0
Issuance (Retirement) of Debt, Net	0.1	3.0	-0.8	5.0	-4.7
Cash from Financing Activities	0.1	0.7	56.7	4.2	-5.6
Net Change in Cash	-12.9	5.9	14.3	-0.2	-7.2
Net Cash - Beginning Balance	19.9	15.2	1.1	1.2	8.4
Net Cash - Ending Balance	7.0	21.1	15.3	1.1	1.2

Beximco Pharmaceuticals Limited Dhaka, Bangladesh, Tel: 880-2-8611891, URL: http://beximco-pharma.com/

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Reclassified Normal 31-Dec-2011	Reclassified Normal 31-Dec-2010	Reclassified Normal 31-Dec-2009	Updated Normal 31-Dec-2007
Filed Currency	BDT	BDT	BDT	BDT	BDT
Exchange Rate (Period Average)	74.041708	69.60265	69.026932	68.582616	68.868552
Auditor	M.J.Abedin & Co.	M.J.Abedin & Co.	M.J.Abedin & Co.	M.J.Abedin & Co.	M.J.Abedin & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Local Sales	101.3	88.5	66.6	56.0	-
Export Sales	5.3	4.7	3.9	2.5	-
Net Sales	-	-	-	-	52.2
Total Revenue	106.6	93.3	70.5	58.5	52.2
Cost of Goods Sold	55.4	47.7	37.2	29.2	28.6
Salary & Allowances - Admin Exp.	1.8	1.7	1.4	1.2	1.1
Depreciation - Admin Exp.	0.2	0.2	0.2	0.1	0.1
Other Expenses - Admin Exp.	0.1	0.1	0.1	0.1	0.1
Administrative Expenses	1.6	1.3	1.4	0.8	0.8
Salary & Allowances - S&M Exp.	6.7	5.7	4.9	4.3	3.9
Market Research - S&M Exp.	0.3	0.2	0.2	0.1	0.3
Promotional Expenses - S&M Exp.	3.0	2.7	2.1	1.3	1.3
Amortisation	-	-	0.0	-	-
Depreciation - S&M Exp.	0.5	0.4	0.3	0.3	0.2
Other Expenses - S&M Exp.	0.1	0.2	0.1	0.1	0.1
Selling and Distribution Expenses	9.9	9.6	8.1	6.4	6.2
Total Operating Expense	79.7	69.8	56.0	43.9	42.7
Interest Income	4.5	5.3	0.5	0.0	0.2
Exchange Gain/Loss) on Retention Quota	-	-	-	-	0.0
Income from HFA Technology Adoption and	0.0	1.1	0.0	-	-
Dividend Income	0.0	0.0	0.0	0.0	-
Royalty	0.0	0.0	-	-	-
Exchange Rate Fluctuation Gain	0.1	0.0	-	-	-
Gain on Sale of Shares in Bextex Ltd.	-	-	2.4	0.0	0.1
Profit on Sale of Fixed Assets	0.0	0.1	0.0	0.0	0.0
Finance Cost	-7.7	-9.5	-4.2	-3.6	-3.7
Contri. to Workers Profit Particip. Fund	-1.1	-1.0	-0.6	-0.5	-0.3
Net Income Before Taxes	22.7	19.6	12.6	10.4	5.8
Provision for Income Taxes	6.5	4.5	3.5	2.5	0.7
Net Income After Taxes	16.2	15.1	9.1	8.0	5.1
Net Income Before Extra. Items	16.2	15.1	9.1	8.0	5.1
Net Income	16.2	15.1	9.1	8.0	5.1
Income Available to Com Excl ExtraOrd	16.2	15.1	9.1	8.0	5.1
Income Available to Com Incl ExtraOrd	16.2	15.1	9.1	8.0	5.1
Basic Weighted Average Shares	251.8	251.8	178.5	208.6	189.6
Basic EPS Excluding ExtraOrdinary Items	0.06	0.06	0.05	0.04	0.03
Basic EPS Including ExtraOrdinary Items	0.06	0.06	0.05	0.04	0.03
Diluted Net Income	16.2	15.1	9.1	8.0	5.1
Diluted Weighted Average Shares	251.8	251.8	178.5	208.6	189.6
Diluted EPS Excluding ExtraOrd Items	0.06	0.06	0.05	0.04	0.03
Diluted EPS Including ExtraOrd Items	0.06	0.06	0.05	0.04	0.03
DPS-Common Stock	0.00	0.00	0.00	0.01	0.00
Normalized Income Before Taxes	22.6	19.4	12.5	10.4	5.8
Inc Tax Ex Impact of Sp Items	6.5	4.4	3.5	2.5	0.7
Normalized Income After Taxes	16.2	15.0	9.0	8.0	5.1
Normalized Inc. Avail to Com.	16.2	15.0	9.0	8.0	5.1
Basic Normalized EPS	0.06	0.06	0.05	0.04	0.03
Diluted Normalized EPS	0.06	0.06	0.05	0.04	0.03
Depreciation	6.6	6.2	4.1	2.1	2.3
Amortisation	0.2	0.0	0.0	-	-
Interest Expense	7.7	7.3	4.2	3.6	3.7
Advertising Expenses	3.0	2.7	2.1	1.3	1.3
Research & Development	3.0	0.3	0.3	0.2	0.4
Rental Expenses	0.3	0.3	0.3	0.2	0.3
Current Tax - Domestic	2.8	1.0	0.0	2.5	0.8
Current Tax - Total	2.8	1.0	0.0	2.5	0.8
Deferred Tax - Domestic	3.7	3.4	3.5	-0.1	-0.2
Deferred Tax - Total	3.7	3.4	3.5	-0.1	-0.2
Income Tax - Total	6.5	4.5	3.5	2.5	0.7
Contribution to PF	0.3	0.3	0.2	0.2	-
Total Pension Expense	0.3	0.3	0.2	0.2	-

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Updated Normal 31-Dec-2007
Filed Currency	BDT	BDT	BDT	BDT	BDT
Exchange Rate	81.83	70.475	69.26	68.91	69.555
Auditor	M.J.Abedin & Co.	M.J.Abedin & Co.	M.J.Abedin & Co.	M.J.Abedin & Co.	M.J.Abedin & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Finished Goods	7.8	8.0	8.0	5.2	4.8
Work-in-Progress	2.1	2.8	2.7	2.5	2.1
Raw Material	10.3	10.9	8.8	8.0	8.7
Packing Material	5.8	4.6	3.9	2.7	2.7
Laboratory Chemical	0.0	0.1	0.1	0.1	0.0
Physician Sample	0.6	0.6	0.3	0.3	0.3
Raw & Packing Material in Transit	1.4	1.2	1.0	3.0	2.6
Spares & Accessories	2.8	2.8	2.4	2.4	1.9
Stock of Stationery	0.0	0.0	0.0	0.1	0.0
Literature & Promotional Material	1.2	1.1	1.1	1.0	0.7
Short Term Investment	26.8	12.2	36.1	0.0	-
Accounts Receivable	12.0	11.7	10.0	7.3	7.2
VAT	2.8	3.0	2.8	1.9	1.5
Claims Receivable	0.2	0.5	0.3	0.2	0.2
Security Deposits	0.2	0.4	0.3	0.2	0.3
Bank Guarantee Margin	0.0	0.0	0.0	0.0	0.0
Advance Rent	0.1	0.1	0.0	0.0	-
Other	7.0	7.1	6.7	5.5	7.9
Cash in Hand and Bank	1.3	0.9	0.8	1.1	1.2
Imprest Cash	0.0	0.0	0.0	0.0	0.0
Deposits	5.0	20.0	14.4	0.0	-
Total Current Assets	87.4	87.9	99.9	41.5	42.0
Land	40.3	46.5	47.3	47.6	17.8
Building & Other Constructions	76.7	78.5	79.5	19.2	15.1
Plant and Machinary	85.8	84.9	71.6	43.2	20.8
Furniture & Fixtures	1.7	1.6	1.5	1.0	0.9
Transport and Vehicle	4.7	4.4	2.2	1.8	1.8
Office Equipment	3.8	4.2	4.0	3.5	3.3
Capital Work-in-Progress	22.7	38.0	19.5	91.2	91.5
Depreciation	-43.3	-43.5	-38.3	-34.4	-21.9
Intangible Assets	1.7	0.7	0.1	0.0	-
Investment in Shares	0.0	0.1	0.0	0.5	0.5
Total Assets	281.5	303.3	287.2	215.1	171.9
Short Term Borrowing from Banks	20.1	23.3	21.0	21.2	13.0
Long Term Borrowing - Current Maturity	4.4	5.0	4.5	9.4	4.9
Suppliers	2.5	2.3	2.2	0.8	1.6
For Expenses - unsecured	0.2	0.3	0.5	0.7	0.6
Workers' Profit Particip./Welfare Fund	1.0	1.0	0.6	0.5	0.3
Dividend Payable	0.0	0.0	0.0	0.0	0.0
Income Tax Payable	0.2	0.0	1.0	2.1	0.6
Provident Fund	3.8	3.7	3.2	2.8	2.2
Advance for Export	0.0	0.0	0.4	0.0	-
Others	0.1	0.1	0.1	0.2	0.1
Total Current Liabilities	32.4	35.7	33.5	37.8	23.4
Fully Convertible, 5% Dividend, Preferen	-	0.0	59.2	0.0	-
Project Loan	20.7	24.6	24.9	18.8	21.8
Interest and PAD	0.1	0.6	1.2	2.1	3.2
Obligation under Lease	2.3	1.8	1.7	0.2	0.5
Total Long Term Debt	23.1	27.0	87.0	21.0	25.5
Provision for Gratuity	4.9	4.8	4.4	4.0	3.5
Deferred Tax Liability	11.8	9.2	5.1	0.7	0.7
Total Liabilities	72.2	76.6	130.0	63.4	53.2
Issued Share Capital	30.8	29.8	21.8	18.3	16.5
Share Premium	64.4	74.8	21.5	21.6	21.4
Excess of Issue Price Over Face Value	20.6	24.0	24.4	24.5	24.3
Capital Reserve	3.6	4.2	4.3	4.3	4.2
Revaluation Surplus	17.9	21.8	23.4	24.8	0.0
Tax Holiday Reserve	-	-	-	-	6.4
Retained Earnings	72.0	72.2	61.8	58.1	45.9
Total Equity	209.3	226.7	157.2	151.7	118.6
Total Liabilities & Shareholders' Equity	281.5	303.3	287.2	215.1	171.9
S/O-Common Stock	251.8	209.8	208.6	208.6	189.6
Total Common Shares Outstanding	251.8	209.8	208.6	208.6	189.6
Advance for Export	0.0	0.0	0.4	0.0	-
Full-Time Employees	-	-	-	2,310	2,384
Number of Shareholders	88,697	93,371	80,189	65,556	53,892
Capital Lease Maturing Within 1 Year	1.0	0.7	0.6	0.4	0.5
Capital Lease Maturing Within 5 Years	2.3	1.8	1.7	0.2	0.5
Capital Lease - Remaining Maturities	-	-	-	-	0.0
Total Capital Leases	3.3	2.5	2.4	0.5	1.0

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Reclassified Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	BDT	BDT	BDT	BDT	BDT
Exchange Rate (Period Average)	74.041708	69.60265	69.026932	68.582616	68.868552
Auditor	M.J.Abedin & Co.	M.J.Abedin & Co.	M.J.Abedin & Co.	M.J.Abedin & Co.	M.J.Abedin & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash Receipts	104.6	92.6	68.2	58.4	51.4
Cash Payments	-78.0	-68.5	-56.0	-41.4	-42.8
Interest Received	4.5	5.3	-	-	-
Cash Interest Paid	-7.7	-7.3	-3.6	-3.1	-3.2
Cash Taxes Paid	-2.1	-2.6	-1.1	-1.0	-0.5
Cash from Operating Activities	21.3	19.4	7.5	12.8	4.9
Intangible Assets	-1.3	-0.7	-0.1	-	-
Capital Expenditures	-15.0	-37.3	-16.6	-17.2	-6.7
Investment in Shares	-	0.0	-	-	0.0
Investment in Shares	0.0	-	-	-	-
Investment in Share	-	-	0.0	-	-
Short Term Investment	-18.0	23.6	-36.2	-	-
Disposal of Property, Plant & Equipment	0.1	0.2	0.1	0.0	0.0
Sales of Shares	-	-	2.9	0.0	0.1
Cash from Investing Activities	-34.2	-14.2	-50.0	-17.2	-6.5
Issuance of Preference Share	-	-	59.4	-	-
Long Term Borrowings	0.0	0.2	-0.7	-3.0	1.0
Short Term Borrowing from Banks	0.0	2.7	-0.1	8.1	-5.7
Preference Share Dividend	0.0	-2.2	-	-	-
Dividends Paid	0.0	0.0	-1.8	-0.8	-0.9
Issue of Shares Against GDR	-	-	-	-	0.0
Net Excess of Issue Proce Over FV	-	-	-	-	0.0
Cash from Financing Activities	0.1	0.7	56.7	4.2	-5.6
Net Change in Cash	-12.9	5.9	14.3	-0.2	-7.2
Cash and Cash Equivalents at Beginning	19.9	15.2	1.1	1.2	8.4
Cash and Cash Equivalents at End	7.0	21.1	15.3	1.1	1.2

Beximco Pharmaceuticals Limited Dhaka, Bangladesh, Tel: 880-2-8611891, URL: http://beximco-pharma.com/

Financial Health

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Key Indicators USD (mil)
Â	Quarter Ending 30-Jun-2012	Quarter Ending Yr Ago	Annual Year End 31-Dec-2011	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1	26.0	7.79%	106.6	21.56%	25.31%	16.34%
Research & Development1	-	-	0.3	31.52%	37.74%	-
Operating Income1	6.1	-7.48%	26.9	21.56%	25.80%	21.65%
Income Available to Common Excl Extraord Items1	3.7	-3.92%	16.2	13.97%	30.01%	20.56%
Basic EPS Excl Extraord Items1	0.01	-33.83%	0.06	13.96%	22.11%	13.91%
Capital Expenditures2	8.8	27.79%	16.3	-54.27%	0.78%	2.20%
Cash from Operating Activities2	12.2	35.84%	21.3	16.59%	21.42%	7.87%
Free Cash Flow	3.4	62.66%	4.5	-	-	-
Total Assets3	293.4	8.79%	281.5	7.77%	15.83%	14.10%
Total Liabilities3	77.1	13.21%	72.2	9.39%	10.56%	8.31%
Total Long Term Debt3	22.4	-0.48%	23.1	-0.63%	9.32%	10.27%
Total Common Shares Outstanding3	304.6	21.00%	251.8	20.00%	6.47%	7.87%
1-ExchangeRate: BDT to USD Average for Period	81.846224	Â	74.041708	Â	Â	Â
2-ExchangeRate: BDT to USD Average for Period	82.299838	Â	74.041708	Â	Â	Â
3-ExchangeRate: BDT to USD Period End Date	81.830002	Â	81.830000	Â	Â	Â

Key Ratios
Â	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Profitability
Gross Margin	47.99%	48.89%	47.29%	50.06%	45.30%
Operating Margin	25.20%	25.20%	20.57%	24.91%	18.20%
Pretax Margin	21.26%	20.98%	17.82%	17.81%	11.11%
Net Profit Margin	15.19%	16.20%	12.83%	13.60%	9.82%
Financial Strength
Current Ratio	2.70	2.46	2.98	1.10	1.80
Long Term Debt/Equity	0.11	0.12	0.55	0.14	0.22
Total Debt/Equity	0.23	0.24	0.72	0.34	0.37
Management Effectiveness
Return on Assets	5.40%	5.10%	3.60%	4.07%	2.96%
Return on Equity	7.24%	7.83%	5.86%	5.83%	4.36%
Efficiency
Receivables Turnover	6.89	6.59	6.25	6.31	4.39
Inventory Turnover	1.68	1.57	1.39	1.18	1.16
Asset Turnover	0.36	0.31	0.28	0.30	0.30

Market Valuation USD (mil)
P/E (TTM)	13.27	.	Enterprise Value2	244.1
Price/Sales (TTM)	2.22	.	Enterprise Value/Revenue (TTM)	2.32
Price/Book (MRQ)	1.08	.	Enterprise Value/EBITDA (TTM)	7.87
Market Cap as of 20-Sep-20121	233.3	.
1-ExchangeRate: BDT to USD on 20-Sep-2012	81.733643
2-ExchangeRate: BDT to USD on 30-Jun-2012	81.830002

Beximco Pharmaceuticals Limited

Dhaka, Bangladesh, Tel: 880-2-8611891, URL: http://beximco-pharma.com/

Annual Ratios

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Financial Strength
Current Ratio	2.70	2.46	2.98	1.10	1.80
Quick/Acid Test Ratio	1.49	1.35	1.92	0.28	0.43
Working Capital1	55.0	52.2	66.3	3.8	18.6
Long Term Debt/Equity	0.11	0.12	0.55	0.14	0.22
Total Debt/Equity	0.23	0.24	0.72	0.34	0.37
Long Term Debt/Total Capital	0.09	0.10	0.32	0.10	0.16
Total Debt/Total Capital	0.19	0.20	0.42	0.25	0.27
Payout Ratio	4.41%	4.79%	4.29%	23.10%	16.21%
Effective Tax Rate	28.57%	22.76%	27.98%	23.63%	11.66%
Total Capital1	256.9	281.9	269.6	203.3	162.2
Efficiency
Asset Turnover	0.36	0.31	0.28	0.30	0.30
Inventory Turnover	1.68	1.57	1.39	1.18	1.16
Days In Inventory	216.94	232.43	263.47	309.10	316.02
Receivables Turnover	6.89	6.59	6.25	6.31	4.39
Days Receivables Outstanding	52.97	55.38	58.37	57.81	83.24
Revenue/Employee2	-	-	-	25,192	21,692
Operating Income/Employee2	-	-	-	6,275	3,949
EBITDA/Employee2	-	-	-	7,199	4,898
Profitability
Gross Margin	47.99%	48.89%	47.29%	50.06%	45.30%
Operating Margin	25.20%	25.20%	20.57%	24.91%	18.20%
EBITDA Margin	31.51%	31.91%	26.45%	28.58%	22.58%
EBIT Margin	25.20%	25.20%	20.57%	24.91%	18.20%
Pretax Margin	21.26%	20.98%	17.82%	17.81%	11.11%
Net Profit Margin	15.19%	16.20%	12.83%	13.60%	9.82%
R&D Expense/Revenue	0.27%	0.25%	0.31%	0.20%	0.57%
COGS/Revenue	52.01%	51.11%	52.71%	49.94%	54.70%
SG&A Expense/Revenue	21.54%	22.45%	25.38%	23.88%	25.51%
Management Effectiveness
Return on Assets	5.40%	5.10%	3.60%	4.07%	2.96%
Return on Equity	7.24%	7.83%	5.86%	5.83%	4.36%
Valuation
Free Cash Flow/Share2	0.02	-0.09	-0.04	-0.02	-0.01
Operating Cash Flow/Share 2	0.08	0.09	0.04	0.06	0.03
1-ExchangeRate: BDT to USD Period End Date	81.83	70.475	69.26	68.91	69.555
2-ExchangeRate: BDT to USD Average for Period	81.83	70.475	69.26	68.91	69.555

Current Market Multiples
Market Cap/Earnings (TTM)	13.27
Market Cap/Equity (MRQ)	1.08
Market Cap/Revenue (TTM)	2.22
Market Cap/EBIT (TTM)	9.16
Market Cap/EBITDA (TTM)	7.52
Enterprise Value/Earnings (TTM)	13.90
Enterprise Value/Equity (MRQ)	1.13
Enterprise Value/Revenue (TTM)	2.32
Enterprise Value/EBIT (TTM)	9.59
Enterprise Value/EBITDA (TTM)	7.87

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.66
UK Pound	1	Rs.86.37
Euro	1	Rs.69.24

INFORMATION DETAILS

Report Prepared by :

PRL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.