f,`P`lm PEoPLE - The IBN SINA Pharmaceutical Industry Ltd.

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06 annual
report
2013
Notice
TheIBNSINAPharmaceutical
IndustryLtd.
HouseNo.41, RoadNo. 10/A,DhanmondiFUA,Dhaka.l209.
NottceoFTHegoth
lruruuAL
ceHennlMEETTNG
Notice s hereby given that the 30th ANNUALGENEML [4EET|NGof the
shareholders
of Th€ IBN SINA PhamaceuticalIndustrvLimiledwi[ be hetd on
Saturday, 07 June, 2014 at I : 30 A[,4at EmmaNuette,s
ConventionCentef,
ShimantoSquafeMarket(RlfelsSquarc),sth floor,Dhanmondi,
Dhakato lransact
thefollowingbusiness:
AGENDA
1.
2.
3.
4.
To rcceive,considerand
adopitheAudited
Accounts
for theyearended
December31,2013
andthe repoftof the Directorc,and
theAuditors,
thereon.
Toapproveproposed
Dividend
for theyear2013.
ToappointAuditors'andlo fix-uptheirrernuneration.
To electDirectorc.
Theshareholderc
ofthe Companyare requested
to ailendthe meeungin time.
By orderof the Board
Dated:
15April,2014
.'--"".W
([,4d.
ShahidFarooqui,FCS)
CompanySecreiary
a. RecordDate: 30Apri,Wednesday,2014.
b. TheshareholdeG
whosenamewillappearin the shaferegisterofihe Company
ordepository
fegisler(CDBL)onthe RecordDateafe etigibteto atiendandvote
in theAG[,]andenttledto the dividend.
c. A mernberentitledto atlendand vote in the AnnualGene€t lj]eetinomav
appoi,ltprcxylo attendard vorein his/herstead.
d. ProxyFormmuslbe affixedwiih the revenuesiarnpofTk. 20.00andshoutdbe
deposlledat the Registefed
Offlceofthe Companyat teasi48 hoursbefo€ ihe
scheduletimeof the meeting.
e. Afnual Repoft,AtlendanceSlip, ProxyForm and Noliceof the 30ih Annual
Generall,4eeting
are beifg sentio the shareholders
by post.AnnuatRepodand
ProxyFormwillalsobe available
ffomthe Regisiered
Officeofthe Company.
f. An Electionwillbe heldto electone Dircctorfrom'B' croup Sharehotders
tn the
30lhAnnualGenerall\leeting.Candidate
wiling to contestmuslsubmilhis/her
Nominalonpaperduringoffce hou|sto lhe CompanySecrelaryai teast7 days
beforethe dayandihe limeofthe meeting.
g. Thesharcholderc
arereqlrest€d
to rcgister
theirnames
wilhin10.30anrinlhecounler.
\o affangemertot ary lypeof g rL4ooo
w ttbe made n lhe 30thAG[.4as per
glvenby Bangladesh
direction
Securlties
(BSEC)
andExchange
Commission
annualreport
2013 07
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Corporate
0perational
Result
Particulars
Sa es (Nei)
2010
2012
2g1l
2013
1 277,868,846 1 605174,086 1,755,260,815
2,409,421,297
2,248,718,088
Salescrowlh (%)
21.43%
25.61Vn
9.35%
14.48v"
s.92%
492,399,770 615,718,215 679,640,307 779,328,141868926367
Gfoss Profit
GrcssProfiiRatio(%)
38.53%
Net Profil beforeTax
NetProfitRalio
81,837,174
49233664
60,070,895 54916571
3.74v"
3,056,132 4 0s1859
No. of Share holder
38.72"/"
6 t , 1 2623 9
3.85%
Worke$
PPFund
&WefareFund
3861%
I375
9,628
74,082663
4.03%
3.95v"
4,364,659
l0 990
11,404
13352
1A 11ya
'1237v"
5 789,594
316
33J
345
46
52
62
a2
93
0.73
2010
0.95
23.93(AdD 24.88(Adl)
(omina
)
Eaminspershare
(Reslaled)
3 33%
87,176,811
259
2009
Equily per Share (Iaka)
66826,417
115,791,883
252
No. of ProdLrcis-Herbal
Cuffent Ratio
8729i 175
39.34%
4,534,458
Relurnon Equity
No. of Prodr.rcts-Pharma
38.7\r/a
54 70
4.56(Adj)
2011
1.03
25 37
2012
I t5
4082
2013
1.19
36.25
55.62
5.46
4.13
444
4.64(Adj)
3.39
3.44
444
Pice EamingRatio(Time)
28.38
2905
24.78
20.39
22.17
perShare.DSE
Pdce
0u010d
End)
lYeaf
1552.50
1615.75
135.30
84.0
99.40
10%Siock&
25%Cash
Dividendpef Share
20%Stock& 20%Stock&
25%Stock&
7.50%
Cash
10%Cash
10%Cash
20%Slock&
Reserye
& suprs (Year
End)
125414,n4
169,571,732 200,048,543
D vidend Yielcl
D vidend Payoul Ratio
RetanedEarninq
Cuffent Liabililies
NAV
NOCFPS
1.77v"
5 A2 7 %
160,731
129
1 9 9t 4 3 1 8 6
150/o
Cash
1.86%
25 8T%
41.62%
35 21%
53 94ya
641.430/n
848.47y)
7 8 04 8 %
49,233,664 60,070,895 70,812,051 66,826,417 8 7 . 1 7 a6 l l
225,056,867242736579
294,842,418 324,503,396 3TT,736,738
308437,653 256604,462 285,818,423 281,239,972 318,184,809
332,846,136330,214,386329,163,404 372.06J
184
383646,483
215,410,234 2 6 8 , 7 3 t12 g
328,743,186
76.96
10.93
750
704,605,482
2.60
6 6 13 1 64 9 3
570
annual
report
2013 39
{"1
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ITRAT tslUSAlN L}{ ASSOCTAIES
C l l A a i T F F b D : I i lr l I T A t i i f S - : L p\ ti l 4 | T I I i :
CORPORATE GO\,'ERNANCE COMPIIANCE CERTIFICATE
1. ve haE adined
the ooplisc
of mdirions of Oorp@te cor1fa@
by
Th€ IBN SINA Pt.fuemiql
IodG|'
Id.
fthe Cofrpo),1forhe
i@
dded 31 Del:dbd, 2013 6 p6 thr Cdptnte colll:ee
Guideli'cs ised bI
the Ba.sladch Sdii6
md srchange comission
(BsEg aide Norifi@tio
No SEC/CITRRCD/al0G1s8/r34lAdmin/44
der{ 7 August r12.
2. The .@plimce of @diri6
of Co.Fnte Go\droce is rbe Estonsibniq of
rhe Mmag@t
Ou minarion
hs b€tu tioitcd ro a aviqe of the pmcdms
md inpl€motdim
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\!ith the o'ditions
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Ir is ocither r ddir nd d
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s'allrmE of the (jmpml
3. ln or
qplMdon
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md a@iding to the
mrde by the I'{a.ag(,1mt, \e
e;red n) s dd th rep@tarios
@tify tb.l rhe compaoy ba qDplied vith the cmdiri4
of co.p@te
Gd@de
6 stipDlaredh $e BSEC noriEari@ @tion d,be
4 V,6 h{thd st tc th,r suh cobplimc js neidE r ssl,trc
ri,bnity of the Ctnpoy
nd the ctrcimcy e effecdmes
M".agmt
ba (fideled
the .Ihic of rba QDpd).
s to the fnt@
$itb lnich tlE
rt !r Flusain &,A5sGiare.
Chaneed Secrebri6 in Ptude
tiignedby : ftat rllqin rcM rcs
Dhak , 22 Apdl Z)14
"RI]TNESION€! AOUSE
E IOA'I IO4.ITIIGSIDE
(Bu,:017130,22,2t orBr,Eq/o1 6{
qlI.sll'NT,A
DHAKA 1ZZ BANGLADESTi
Ir,:ibrh,tr [email protected]@
annual
report
2013 59
1
11
1 1
x1 ,
,
A
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!,)..
:,:i
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,/
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Disclosure
F nanclalReport
Auditorc'Report
of Financal Position
Statement
Income
Staiement
ofComprehensive
StalementofCashFlows
Equiiy
of Changesln Shafeholde/s
Statement
Statements
Notesto the Financlal
1a4-128
105
106
'lO7
108
109
110-124
.
l:,1-.:-,-..
-<.
"
{nn
's"-*"-
q6asfrffi q-ft, Etfu qsttclttc
b,&, {Gfire{fi&l$
q ii, EtFt-!"""
CHARTEREDACCOUNTANTS
Padre6: t\,Id.
watiulah,FcA
Mr swadBsh
Ranjansaha,FCA
Md.HabburRahman
Sark€r,
FCA
Mr AnjanM.lllk,FCA
9.G MOTIJHEELC/A
AUDITORS'
REPORT
TOTHESHAREHOLDERS
THEIBNSINAPHARIIIIACEUTICAL
INDUSTRY
LTD.
w6 haveaudiiedth6 accompany
ng financiasiaiements
ol THE tBN stNA PHARMACEUT|CAL
tNDusTRyLTD,which
comprseof statementot fnancat positionas al 3lsrDec€mber,2Or3and lhe relaredstatomentof comprenensNe
income,slatemontof changesn sharehotders'
equiiyand statornenl
of cashflowsfor the yed then erueo, ano a
sLrnr,rafy
ofsignific€nt
poiciesandothorexptanatory
accounring
informal
on.
IManagemonts
Responsibillty
for the FinanciatSrarements
Management
is responsibro
lof the prcparation
an.l fair reprosentation
ot ihesetinancier
staienenlsin accordance
wh
applicabelaws and BangladeshFinanciatReporltngStandads (BFRS).This responsibitity
inctudesdesignins,
implem.nling
and mainlaining
internar
conlrotreevanlto preparalion
andfairpresenration
ofihe fi;anciarsiatemenbhal
are lrom rnaledalmisstatement
wheihefdue to traudor 6rmf,setecting
and apptyngpolictesand makingaccowting
ostimates
thatare.easonabt6
in thecrcLmstances.
Auditor'sRosponsibility
Our responsblityis to expessan indopendent
opinionon lheseiinanciastaiements
basedon our audit.We.on.tlcled
our audil n accordance
with Bangladesh
Srandards
on Audiring(BSA).Thosestandardsrequhethat we comptywith
ethicalrequiremenls
and plan and perlom lhe auditto obiair reasonabte
assuranc€ab;ul whetherthe rnancEl
slalementsare lree frornmateria misstatoment.
An audilinvovespedormng proc€dufes
to obiainaudt evidenceaboulthe amounlsand disctosures
in flre nnanca
statemenlsTheprocodLrres
selectod
judgmenl,tncudingihe assessment
dependon the audilor's
of the rsks of materal
misstatemenl
of lh€ iinanca slatements,
whetherdue to lraudor enor In maktigrhoser sks assessrnenls,
lhe auditor
considers
lnternalcontrolrelevaftto the entiy'sprcparation
andiak preseniaiion
oI the ftnanciat
staternenls
in orderto
desgnauditprocedufes
lhatareappfopatein the crcumslances
butnotforihepurpos€ot exp€sstrgan opinionon lhe
effectiveness
of the entitysiniernatcontrot.
An auditatso nctudesevauatnglhe appropriateness
of;ccountingpoices
used and lhe reasonableness
ol accourtingestimatesmadeby the nanagernenlas wet as evaluating
lhe overatl
presentation
of theiinanciat
slaiements.
We beli€vethal the audilevidencewe haveoblaineda.e sutrcentand approprareio provde a basistor odr audil
In our opinion,the linancialstatements
preparedin accodancewith Bangradesh
Financiat
Reporring
Standads(BFRS)
and.B.ngradeshA6dniing Standafds(BAS),give a true and tar vew or lhe nnanciarposito; of THE tBN stNA
PHARIIIIACEUTICAL
INDUSTRY
LTD.as at 31ErDeember,2013and ihe fosuls ot ]ts fn;ncat performance
ard it,s
casnnowsior lhe yearthenendedand comptywilh the Compantes
Aci 1994,the Secuiltesand Exchange
Rutes,1987
andolherapplicabe
lawsandrcsutaiions.
a) we haveobtained
a I lhe information
andexpanations
whtchio the beslof ourknowtedge
andbetefwere cc€ssary
rorthepurposes
of ouraudt andmadedueveriticalion
thereoi
b) ln our opnon, prcperbooksol accounlas requkedby aw havebeenkeprby lhe companyso far as Lappeareo
Iromourexaminalion
oflhosebooks;
c) lhe company
positionandstatement
s slalement
of linancial
of comprehensive
ncomedeattw th by the reponareIn
agreemenl
wilhthe booksofaccounl;and
d) theexpendilure
incutred
waslor thepurposes
ofthe company's
busnessi
tuvl'
Aptil12,2014
(ltd, Waliullah,FCA)
MALEK
S I D DQ U I W A L I
Charlered
A.@unlanls
Associared
fh of Reddysiddtqlt e Kabani,pa|kvi6w,133139Thova e Loudon.
w3 7RW uK
E . r a ' l ' - r @ r e o d / , o d ' qo. " , \ \ p b s r e@ r ' - o d , . o d . a . o ,
annual
report
2013 105
LTD.
INDUSTRY
THEIBN SINAPHARMACEUTICAL
STATEMENT
OF FINANCIALPOSITION
As ai 31st Decembef,2013
ASSETS:
Non-CurrentAssets:
Property,
Plantand Equipment
(FaifValue)
Inveslmenl
in l,4arketable
Secudties
Deferred
TaxAssets
tr
31,12,2013
718,695,370
335,048,887
-
SrndryDebtorc
Advances,
Deposils& Pfepayments
Cash& CashEqulvaents
377,736,734
f136,650,4641
3,53A,212
111,849,7A1
119,698,358
TOTALASSETS
'1,096,432,108
SHAREHOLDERS'
EQUITYANDLTABILITIES:
Shareholders'Equity:
ShareCapilal
TaxHolidayReserve
Gainon Marketable
Securiles(Unrealized)
RetanedEarnings
Non-Cu|rentLiabilities:
LongTermFinance-Net
off currenirnatudty
DefeffedLiabilily
DeferedTaxLiabilty
724,073,627
rc-3s46,4831
1,048,577
,O23
704,605,481
rc-4,4oonoI
4,3g2nA
310,156,938
195,656,433
73,641,818
106,020,558
m-7s7"eotl
51,640,647
CurrentLiabilitiesl
318,184,809
22,O43,624
23,458,900
17,624,472
54,908,751
67,313,140
39,463,320
56,387,361
f6s,?44Frl
LongTermF nance currentmaiurily
Deposits
Credilors
|
I
1s,945,890
|
'12,512,328
|
59.167.141
l
n,o2a,4o1
40.5A5.742
51,281,168
TOTALSHAREHOLDERS'
EQUITYANDLIABILITIES
].99!.41r.1!8
1,044,577 ,O23
Th€annexed
noies1 io 44fomanintegfapanofth€se
linanc
alslalemenls
(Prof.A.N.lV.A.Zaher)
*Ae-
(Prot Dr.A.K.ltl.Sadrullslam)
.---."*!'*.
([4d. Shahid Farooqui, FCS)
CompanySecretary
As perourreporlof dateannexed
rt
D a i e d ,D h a k a
Aptil12,2014
2013
106 annual
report
.4
trLryl-'
SIDDIQUIWALI
MALEK
ChartefedAccountants
THEIBN SINAPHARMACEUTICAL
INDUSTRY
LTD.
STATEMENT
OFCOMPREHENSIVE
INCOME
Fortheyeaf ended31stDecember,2013
@
SALES
Less: Cosiof goodssold
GROSSPROFIT
Less: Operailng
expenses
OPERATING
PROFIT
LessrFinancial
charges
2012
2,204,718,084
133pJpl,!4
2,O49,421
,297
1,4S!9!,1!q
Less:Workers'P.P.
fund& wellarcfund
868,926,367
753,606,871
115,3'19,496
6,224,14a
109,095,348
12,486,129
121,541,477
5,789,594
779,324,141
691,743,272
87,584,859
4,672,712
82,912,157
8,745,677
91,657,834
4,364,659
PROFITBEFORETAX
115,731,883
a7,293,175
Less: incometax expenses:
Currentlax
Deferred
tax
18,606,428
't0,008,644
24,O45,623
(3,538,865)
24,615,072
87,176,811
20.466,758
66,826,417
(19,587,823)
(6,465,427)
Add : Otherincome
NETPROFITAFTERTAX
OtherComprehensiveIncome:
Gaid{Loss)or I\,4aerableSecJriles (U'1realizeo)
-_, ,quE!!'gq8
EarninssPershare (EPs)
elnq!,!9L
"*
[;]
t
|
Theannexednotes1 to 44 forman inlegralpart
oftheselinancial
slalements.
(Prof.A.N.ltl.A.Zaher)
,".e9'
(Prot Dr.A.K.lM.sadrullslam)
.-=-'.H
( M d .S h a h i d F a r o o q u i ,F C S )
Company
Sefetary
As perourrcpoi(oi dateannexed
Dated, Dhaka
Aptil 12,2014
f,rvl '
M A L E KS I D D I Q U I W A L I
ChaderedAccountants
annualreport
2013 107
THE IBNSINAPHARMACEUTICAL
INDUSTRY
LTD.
STATEMENT
OFCASHFLOWS
Fof the year ended 31st December,2013
Cash Flow From Operat'ng Activities:
Collectionfrom cusiomerc& otherc
Paymentfor cost, expenses& others
Financialcharges
lvliscellaneous
income
Net cash provided by operating aclivities
Cash Flow From Investing Activities:
PLrrchase
of iixed assets
Disposa of fixed assels
2,202,195,514
2,008,969,535
(2,126,776,531) (1,891,297,498)
(19,899,366)
122,674,653)
(6,224,148)
(4,672,712)
1.315.800
1,940,340
92,265,012
148.242,690)
1,490,000
(7,391,644)
6,498,840
Profit frorn bank deposils& investment
Net cash used in investing activities
3.954.834
(43.690,660)
Cash Flow From Financing Activities:
Paymentofdividend
Long tem financefeceived/(paid
) from bank
Shodietm nnancereceived/(paid)
frcm bank
Changes n otherfinance
N€t cash flow from financing activities
Increase/(decrease)
in cash and cash equivalenis
Cash and cash equivalenlsatthe opening
Cash and cash equivalents at the closing
(19,755,512)
(10,792,705)
36,147,500
5,598,879
12,519,492
107,174
119,698,358
(76,3sq238)
4,443,795
21.542
(69,s44,901)
(12,145,965)
12,936,842
(17,229,878)
4.465
(16,434,536)
6,285,575
100,893,291
107,178,866
Theannexednoles1 to 44 forn an integralpart
of theselinancialslalements.
,*Q"Y'
(ProI.a.N.M.A.zaher)
(Prof.Dr.A.K.M.Sadrullslam)
.----+"J*{
(Md. shahid Farooqui, Fcs)
Company
Secrelary
As p-.rourreportof dateannexed
Dated, Dhaka
Apti 12,2014
108 annualreport
2013
fl"il '
MALEKSIDDIQUIWALI
Chartered
Accountants
THE IBN SINAPHARMACEUTICAL
INDUSTRY
LTD.
STATEMENT
OF CHANGES
IN SHAREHOLDERS'
EQUIry
Fortheyearended31stDecember,
2013
'129,600,000
Balanceas at 1slJanuary,2012
4,392,110
Tolalcomprehef
sivelicome/(Loss)-2012
D vidondforlheyeaf2011(cash,10%)
Dvidendlof theyear,2011(stock-2s%) 32,400,000
336,209,788
(6 465,027)
143,713,2056 r 3 , 9 1 5 , 1 0 3
6 6 , 8 2 6 , 4 1 76 0 , 3 6 1 , 3 9 0
(12,960,000)(12,960,000)
(32,400000)
Balanceas at 1stJanu.ry,2013
162,000,0004,392,110
Totacofrprehensve
ncome/(Loss)
2013
Divdendiorlheyear,2012(Cash-15%)
Divid€fdforlheyear,2012(Slock-2o%)32.400000
329,744,761 165,179,622 661,316,493
(19,587,823)
a T , 1 7 6 , 8 1 167,588,988
i24,300,000)(24,300000)
(32,400,000)
Balanceas at 31stDecember,
2013
310,156,938
134,400,0004 , 3 9 2 , 1 1 0
195,656,433704,605,481
Theannexednotes1 lo 44lorman inlegratpart
ofthesefinanciat
slatemenls.
,d),ry(ProI.A.N.M.A.
zaher)
Managing
Director
(Prof.Dr.A.K.M.Sadruttslam)
Direclor
.----."*H
(Md.ShahidFarooqui,FCS)
Company
Secreiary
As per our reporiof dale anneled
Dated, Dhaka
Aptil12,2014
n'il '
I{ALEKSIDDIOUIWALI
Chartercd
Accountants
annual
report
2013 109
LTD.
THE IBNSINAPHARMACEUTICAL
INDUSTRY
NOTES
TOTHEFINANCIAL
STATEMENTS
Fofiheyeafended31stDecembet
2013
0 1 . COMPANY
AND IT'SACTIVITIES:
(aJ Lesalformof the Enterpriser
1983
InduslryLld.v/as ncorporated
in Bangladesh
on 22nd December,
The lbn SinaPharrnaceutca
Lrnderthe CompanesAct, 1913and t was converledinto a PublicLimiledcompanyin 1989.The
Stock
Shafesof the Companyarc listedwith the DhakaStockExchangeLimiiedand the Chittagong
ExchanseLimited.
(b) Natureof BusinessActivities:
Factoryand producespharmaceuilcal
The Cornpanyowns and operaiesa modernPhamaceutical
drugsandmedicines
andsellsthemin lhe ocalmarkei.The Companyexporca lew of its producisto
someinternationa
markets.
POLICIESI
02. BASISOF PREPARATION
ANDSIGNIFICANT
ACCOUNTING
{a) BasisofAccounting:
The Financial
Staiemenls
ofthe Companyhavebeenpreparedon goingconcembasisunderhistoical
of ceriainfxed asseisand in accordance
wlththe Bangladesh
costconventon,subiectto revaluation
(BAS)andBangladesh
(BFRS).
FinancialRepoirnq Standards
Accolrnting
Standards
(b) Compliancewith Local Laws:
of the companiesAci
The financalstatements
havebeenpreparcdin compiancewith requirements
1994,the Securities
andExchange
Rues 1987andotherrelevantloca lawsandrules.
Componentsof the FinancialStatements:
wiihthe guidelineprovided
The preseniations
ofthesefinanciastatemenis
arein accordance
by BAS1: Prcsentaionof Financial
Slatemenlsl
( ) Statement
of Financial
Posiiionas at 31stDecember,
2013i
(ii)Statement
Incomefofthe yearended31stDecernber,
2013;
ofComprehensive
(iii)Statement
2013i
oiCash Flowsforihe yeafended31stDecember,
(iv)Staiemenl
2013;
of Changesin Shareholderc'
Equityfor the yearended31stDecember,
(v)Accounling
policiesandexplsnalory
not€s.
(d) Useof Estimatesand Jtrdgments:
to
The preparctonof financialstatementsin conformilywilh the BAS/BFRSrequiresmanagement
policiesandthe repodedamountsofasselsand
makeesi matesandassumption
ihal affeciaccounling
and
liab itiesand discLosure
of coningenlassetsand iabilillesat the daleof the financialsiatements
revenLres
fesullscoulddifferfromthoseestimates.
andexpensesduringthe pedodrepoded-Aciual
Esiimatesand underlyingassumpionsare reviewedon an ongoingbasis.Revisionsof accounting
estmatesrecognizedin the pe od in which the estmatesare revisedand in any iuturc periods
and
Estimatesare used for accounlingof certalnitemssuch as long{ermcontracis;depreciation
employees
benefitplans,iaxes,reserues
andconilngencies.
110 annual
report
2013
(€) Property,Plantand Equipment:
These are recognizedintally at cost and subsequentyat cost/revatuaUon
tess accumutaied
depreciation
in compliance
withthe BAS16 "Propeiry,
Ptantand Equipmenl,,.
The cosiof acquisition
of
an assel comprisesiis purchasep ce and afy dircctcost alldbutabteln brtnginglhe assetsto its
workng condition
for its intendeduse_
Expenditureincuned aftef the assets have been plrt into use. such as repairsand mainienance
is
normally charged off as expenses in the pedod in which it s tncuffed. In siluationwhereii can be
clearly demonsiraiedthat the expendii!€ has resuttedin an incrcase in lhe iutureeconomicbenefit
expecled to be obiained lrom the assets, ihe expendiiufets capilatizedas an additional
cost of the
(0
lmDairmentofAssels:
The companyreviewslhe recovemble
amounlof its assetsat eachrepodngdate.tf thereexistsany
indication
lhatthecarryingamountof assetsexceedsthe recoverable
arnount,
the companyfecognizes
suchimpairmenl
lossin accordance
wiih BAS36 "tmpaimentofAssets'.Therewas no imDairment
in
2413and2012.
(sJ DeDrecialionl
Deprecialion
is pfovidedusng feducingbaance methodto amortizethe cost of lhe assetsafter
commissioning,
ovefthe peiod of theirexpectedusefuttives,in accordance
withthe provisjonof BAS
16 "Propefty,
Plantand Equipmenl".
Depreciation
is charcedon additionsmadedudngthe yearfiom
the monthin whichthatasselsare put iniocomrnerciat
operations.
Depreciation
is chargedat varying
|atesas shownin iheAnnexufe-A.
DepreciaUon
meihods,usefullives and residualvaluesarc reviewedat each reportingdate. No
estimates
in respeclof itemsof property,
plantandequipment
wererevsedin 2013.
(h)
Inveslment
ln marketable
securities
reporiedas non-cufentassetsai fair vatueand accounrfor as per
para46 of BAS39."F nancialInstruments
: Recogniiion
andli,4easuremeni.,
Detatsarc shownin Note,o4.
(D
Invenlories
are statedat the lowefof costandnet realizable
vatuein comoliance
to the reouiremenis
of
BAS2 "lnventorles"
Naturc of Inventorles
Packing[,4atefials
Cost formula
Welghled
AverageCost
Weighted
AvefageCost
FinishedGoods
Others
Nel realizable
vaiueis basedon estimaied/expected
settingpficetessany furthefcostsanlicipated
io
be incuffedto makethesale,
Anyobsoletestockof abnofrnal
lossesare recognzedas expenses.
0)
Slatemenlof CashFlows:
The Statement
CashFlowshas beenpreparedln accordance
wiih BAS7 "statementof CashFows".
The CashFlowfrom operalingaciiviiteshas been preseniedunderdirectmethodas ouflinedtn the
Securities
& ExchanseRules,1987.
annualreport
2013 l 1 l
(k) RevenueRecognition:
Sales:
lrom differenldepotsand sales
Salesare recognized
at the lime of aclualdeliveryio the customerc
centersandsalesrepresenlsaleslessVAT,
OtherIncome:
for on rcceiptbasrs.
Otherincomehasbeenaccounted
(t) Taxation I
The cornpanyqualifiesas a "Plblicly TradedCompany".The provisionof taxationwas made at
27.50%.
DeferredTax :
with the provisionof BAS - 12 "lncome
The companyhas rccognizeddeferredtax in accofdance
Taxes".Defered Tax asseuliabiliiys providedusing the baiancesheet methodon temporary
differences
arisingbetweenthe lax basesof assets& labiliiiesand iheir catryingamountsin the
enactediax rateis used n lhe determination
oi deferredincomelax.
financialstalements.
Currently
(mJ Cash& CashEquivalentsI
Cash& Cash Equivalents
includecash in hand & cash in tmnsjt,cash al bankswhichare held &
available
for useby the companywiihoulanyfestiction.
(n) ReportingPeriod:
io 31siDecembet.
Therepodingpedodof ihe companycoversonecalendaryearfrom01stJanLrsry
Earningsp€rShare(EPS):
Acco!niingStandardBASin accofdance
withthe Bangladesh
Eamingsper Sha€ {EPS)is calculated
33 "EamngsPerShare".
by dividinglhe earningsattribulabeto the odinary sharcs
Eamingsper sharehavebeencalculated
heldby the membersof lhe companydurlngthe year The BonusSharesissuedduringthe yeaf2013
yearaso. Hence,in computing
the EPSof
weretfeatedas ifthey awayshadbeenin issue n previous
2013,ih€ iota numberof shares ncludng the said BonusSharcshas been consideedas odinsry
shafesoutstanding
dufing\he yeat2012.
No dilutedEPSis requfed to be calculated
for the yearunderreview,as the totalnumberof ordnary
shareswas constant.
(p) EmployeeBenefits:
The companyoperatesa recognizedconlfibutoryprovidentfund for iis fegulafemployees.The
providenlfund ls adminislered
eqLrally
by the Boardof Trusteesand is fundedby fixedconlfibutions
ouisideihe companys
ffomemployees
and lhe company.
Theseconlributions
are investedseparately
GratuityFundl
The companyhad inlrcduceda gratuity scheme for ihe reguar empoyeesand ltwas n operation
in the yeaf2013andan amouniof
fromfomationof that-A recognized
Gratuly Fundwas esiabllshed
1l2
annual
report
2013
initiallyio the firnd The companvwill conirlbuieto the fund an
Tk. 4.40 Crorehad beentransferred
basis The g|aiuilvrs
amountrequiredto makeadequatepmvisionwithn few yearson installment
payable
month's
basicpay lor evefy
pay
at
the
tate
ol
one
and lt is
calculaiedon lhe last basc
Board
ofTruslees
provdentfund
by
lhe
is
admjnistered
year
seruce.
The
completed of
Fund :
Superannuation
Fund n the year2013io extendflnancialhelpto the
a Superannuation
The companyhas established
deaih
employees
andthe I familymembersas pef rulesin caseof severediseasesphysicaldlsabilitv,
(Ten
lo
the
Fund
Lacs)
of
Tk
10
00
an
amount
yeat
company
conlriblrted
In the
2013
and retirement.
days.
itssuppodn thecoming
andwllcontinue
Workers'ProfitParticipationFundand WelfareFund I
The companyprovidesa regularallocationof fund @ 5% of net prcfll before1axafterchatgingthe
LaborAcf2006.
contdbution
as perpfovisionof Bangladesh
(q) Provisions,ContingentLiabilitiesand ContingentAssets:
are recognized
in the siaiemenlofinancal postionwhenthe cornpanyhasa prcsentlega
Provisions
thai canbe measuredreliablvas a rcsultof pasteventandit is probablelhat
obligation
or consiructive
io setllethe oblgation.
benefitswllbe reqlrired
an ouiflowol resolirces/economic
that arisesfrom pasl evenls2nd whose
are possibleobLigations/assets
Conilngeniiabilities/assels
of one of moreuncertan futufe
or
non_occurrence
wlLlbe confimedonlyby the occurrence
existence
shouldnot be recognized
iabilit
es/assets
eni
ty.
Contingent
control
of
the
not
wholly
with
n
the
events
jn the financialsiatemenls
blrtmayrequre disclosure.
(r) ForeignCurrencyTransactions:
Takaat the exchange|ale pfevarIng
intoBangladesh
arc converted
in forcigncurfencies
T|ansacilons
"Theeffecisof changesin foreign
pfovisions
BAS
21
of
n
accordance
with
on the daie of transaclion
currencyrates".Amounijn FCADEROAccounthas beentranslalednto laka ai the reporiingdateat
the exchangerate prevaiingon that date and gain/(oss) have been accouniedfor as olher
In.ometlo's/ in s.alFne,rrof conprehensve income
(s) SegmentReportingI
As the companyhas a singlebusinessine of prcducli e manufaclung and seling of m-Adi'n_'and
no segmenireportng is fell necessary
segmentwilhinwhichit operates,
onegeographic
(t) DateofAuthorizationfor lssue:
in the 215thof its
for issueby the Boad of Directorc
havebeenauthorized
Thesefinanciaslatenrenis
meetins
daled12.04.2014.
(u) Generall
Figufesof prevous yeat have been re-affangedwhereverconsderednecessarvio coniormto
presentation
of the currentyear
currencyand have b-'en
Flguresin the annexedfinancialstatemenisare expressedin Bangladeshi
roundedoffio the neafestTaka.
a n n u a l r e p2o0r1t 3 1 1 3
03. PROPERTY,
PLANTANDEQUIPMENT
Cost/Revaluation
Balanceas al 1stJanuary
Addlionduringtheyear
D sposal/Adjusimeni
dudngthe yeaf
Balanceas at 3'1stDecember
AccumulatedDepreciation
Balanceas at 1siJanuary
Chargedduing theyear
Disposa/Adjustment
durngtheyear
Balanceas at 31sl December
WrittenDownValue(WDV)
Grcupwisedelailsoffixedassetshave
beenshowninAnnexufe'A.
621,941,A37
48,242,690
,122,463
668,062,064
545,591,599
76,350,238
249,878,653
36,439,115
216,428,195
33,450,458
1,902,1
2A4,415,541
249,878,653
383,646,483
372,063,184
621,941,837
IN MARKETABLESECURITIES{FAIRVALUE) I
04. INVESTI\IIENT
SI
No,
1
No.olShar€sl
Shares/BondBordHeld
samiBank
Lld
Bans
adesh
(IBBL)n shafes
9,554,682
2 hlam Bank
4 590
Bond
Cosl
Holding
Rale TolalMarket Unrcaliz€d
Quoled
ofshaieslBoid
Per
SharcJBond
as value
Gain/(Loss)
Cost
ason30.12.t3
0n30.12.13
t 0 20,30r,949 2.12
34.60
1,000 4 590000 100000
971.00
330591997 310290048
4,456,890
( r 3 r31 0 )
Bangladesh
L1d.
(IBBL)n Mddaraba
IotalTk.
24,891,949
335,048,887310,156,938
Securitiesihat are deslgnaiedas availablefor sale by ihe
The above Invesimentin l\rlarketable
assetand unrealized
Theseafe measuredal fa r valueand presenledas non_current
management.
income.
ga n/(oss)fromihe aboveinvestment
as othetcomprehensive
are rccognized
r
Gain/(Loss)on MarketableSecurities{Unrealized)
UnrealizedGain/(Loss)Pos lion (Closing)
Uffealized Gain/(Loss)Position(openjng)
Gaini(Loss)onNrlarketable
Securitiesdurjngthe yeat
1 1 4 a n n u a l r e p2o0r1t 3
310,156,938
329,744,761
(19,587,823)
329.744,761
336,209,788
(6,465,027)
05. INVENTORIES
i
Packingmaterials
Work-in-process
goods
Finished
Physicians'
samples
Spares& stores
Indircctmaterials
Prnling& stationery
Laboratory
chernicals
06. SUNDRYDEBTORS:
t nsecured-sood
38,997,856
34,211,112
T9,608,100
39,O77,410
469,130
42,322
118,045
59,964
17,9'17
8,611
29,856,456
26,O39,412
15,456,600
32,915,810
463,780
al,672
94,504
83,505
15,772
10,757
136,650,467
105,024,268
3,538,212
2,065,406
No amountwasdueby lhe direclors(includingthe lvanaglngDireclor),managers
andoiherofficers
ofthe companyor anyofthen eitherseveratty
orjointtywilhanyoiherpe$on.
07.ADVANCES,
DEPOSITS
& PREPAYMENTS
Thisis rccoverable
in cashorforvalueto be receivedand consislsof:
a. AdvancesagainstSalary
1,142,473
Expenses/works/shares
23,669,519
1,896,250
l,4otor
cycles{oemployees
7.607,167
65,595,298
Oiherc
184.807
100,059,514
b. DepositsSecuritymoney
pfemium
Insurance
4,950,886
12,514,932
324,369
'12,839,301
117,a49.701
762,O22
14,'131,614
1,565,250
9,375,127
69,408,553
279,469
95,522,035
3,275,537
11,242,356
194,924
11,437,284
-_ 11!?91,8!6
a. (i) Advances
againsisalaryTK.1,102,473
incudesadvafcesTk.612,435tolheoliicers.
(i) Noamountwasdue
bythed reciors(includingthe Managing
Dircclof), manaqerc
andotherofticeGolthe
companyor anyofthemeilh€rseverally
ofjointy wlthanyoiherpersonexceptas statedabove.
annualreport
2013 1 1 5
:
08. CASH& CASHEQUIVALENTS
Thisconsstsof :
a. Cashin hand
b. Cashat banks
8.1 CASHAT BANKS:
a. With lslamiBankBangladeshLtd.
n SNDAccounls
n [,4SAAccounis
In FCADERQAccounts
b. WithAl"Arafahlslami BankLtd. in SNDAccounts
c. With PrimeBankLtd. in CurrentAccount
(lsamicbanking
branch)
d. With ShahjalallslamiBankLtd. in CurrentAccount
e. With Filst Securitylslami BankLtd. in SNDAccounts
i With SonaliBank Ltd. in STDAccount
332,586
113,916,422
350
119,698,358
386,019
101,949,497
4,843,350
107,178,866
88,253,818
7,414,522
3,209,016
1,018,109
451,235
69,546,016
7.943,227
945,930
6,232,616
5,040,387
15,091
I 056,106
15091
7,241,113
4.985,117
4.094.525
113,916,422
101,949,497
250,000,000
250,000,000
500,000,000
250,000,000
250,000,000
500,000,000
91,985,180
77,747,470
1A2,414,820
44,252,530
'194,400,000
162,000,000
09.SHARECAPITAL:
'A' c assofd naryShafesof Tk. 10 each
25,000,000
OtdnaryShares
ofTk.10each
25,000,000'B'cass
& Paid-llp:
lssued,Subscribed
91,985,180
A'C assOrdnaryShafesofTk.10each
fullypaidup in cash
102414,8208'CassOrdnaryShafesofTk.10each
fu y paidup in cash
The Shareholdings consist oI:
Sponsors
I n s l i t L i t i o( ln. C . B )
36
406
12.910
13,352
TotalHoldings
9,198,518
1,220,292
9,021,190
19,440,000
47.32%
624%
46.41%
100.00%
holdelsafd theirsharchodingsas on 31 122013arc as follows:
Thed slibullonscheduleshownglhe numberofshare
Rangeof Holclings
Lessihan500shares
500io 5,000shafes
shares
5,001to 10,000
shares
10,001
10100,000
10,421
2,627
168
136
13,352
TotalHoldings
1,974,636
3,949,136
1,186,746
12.325.442
19,440,000
14.16'/.
24.31'/"
6.10%
63.4
100.00%
The shares are isted with the Dhaka Siock ExchangeLlmiied and ChittagongStock Exchange
Limited.The shares were quoted atTk.99.40 in the Dhaka Stock ExchangeLmited on 30.12.2013and
ai Tk.101.50in the Ch ttagongStock ExchangeLim ted on 30.12 2013 respeclively.
1l6
report
annual
2013
10. TAx HOLIDAYRESERVE
:
4,392,110
4,392.110
Thisrepresents
prcvisionmadeout of profilof TaxHotidaypedodif accordance
withseclion45 (28)
andsection46,4(2)of IncomeTaxOrdnance1984.
1 1 . RETAINED
EARNINGS
:
Balarceas sl 1stJanuary
Dividendpaid
Add:S!miusdudngiheyear
1 2 . LONGTERMFINANCE:
(i) FromAl-ArafahIslamiBankLtd.-Secured
(UnderHirePurchase
Shirkatul[,4ek)
165,179,622
(56,700,000)
87,176,811
195,656,433
'143,713,205
(45,360,000)
66,826,417
165,179,622
32,703,794
5r , 0 0 9 , 5 1 3
Less : currentmaturitytransferredto crrrent tiabitity
,i) FronAl A'a ah lsl".lrBanhI d -secured
Nore-161
15,945,890
23,458,900
LONGTERMFINANCE- net offcurrent maturity
16,757,9O4
27,550,613
(i)Tk. 16,757,904
(excluding
curfenlmalu ty) represent
the balanceamouniswhlchwoutdbe due for
repayment
position.The amountsare
aftef12 ( tu/elve)monthsfromthe dateof Statement
of Financiat
the baancesof the financeobiainedfrcmALA|afahlstamiBankLld.for importof capilatmachneryon
H rc PufchaseSh *atu l\,lelkon thefollowinglerms& condiiions
:
Repsyable
in equal84 monthlyinsiattmentwith
16%rateof profiton ihe balancedueunderdtminishing
S€curities:
a) CollateralI
(i) Registeredmoftgageof landedpropertymeasudng804 decimatof tandwith faciorybuiding
localedai Shafpur,cazipur.
(ii) Registered
ircvocablegeneralPowerofAilomeyalthorizingihe Bankto sel lhe prcpertywirhout
inlervention
ofthe couirshallalsobe executedby the ownerof mortgaged
tand/prcperty.
b) Others:
Hypothecat
on of company's
machinery.
annual
report
2013 117
zol2
'ot'
13. DEFERRED
LfABlLfr
r.
gmtuilytecognized
ofwh ch is as below:
as liabiliiythemovement
Defeffedliab ityrepresents
employees
Balanceas at 1slJanuary
Provisionduringthe year
GratuityFund
LessiPaidto Employees
Less:Paiddufingihe yeaf
78,469,945
21,302,847
(44,000,000)
4,132,145
51,640,647
64,555,130
17,170,702
,255,887)
78,469,945
14. DEFERREDTAXASSET/ LIABILITY
ofwhichis as belowi
deJeffed
taxrccognized
as asserliablilythernoverneni
Deferred
TaxAsseti Liabiltyrcprcsenls
Balanceas ai 1slJanuary
Deferred
tax expense/(income)
TERMFINANCE:
15. SHORT
A. FromAl-ArafahlslamiBankLtd. - Secured
(UnderComposite
iacilitiesLC(lvlPl/TR)
B. Loantrom others
(4,765,377)
10,008,644
5,243,267
65,666,013
74,126
65,744,139
22,005,5A2
74.126
22,083,624
fof pfocutemeniol raw and packingmaterials
A. (i)Tk. 65,666,013represenlsamountsLrtillzed
on the fo lowinglerms and conditions:
Period ol Investment | 01 (one)yearon revolvingbass.
Rate of profit : 16% per 6nnum & Commission0.25% per q uarief .
Securities I
a ) C a s h l 4 a r g i n:
( i ) L C @ 1 0 %c a s hm a r gn & M P I@ 1 0 %m a r g i no n l a n d e dc o s t .
b) Prinary :
(i) L/C relateddocumenis.
(ii)N,lPl Pledgeof impodedgoods/soods inlmde.
(iii)TR -Trusi Recept & hypolhecallonol importedgoods.
c) Gollateral :
al shalipurGazipur'
buidng ocated
(i)Reglstercd
measuring
804decirna
oflandwithfactory
moftgage
of andedpropedy
d) others :
(i) Hypolhecalion
of company's
machinery.
'16.LONGTERMFINANCE-cunent
maturity:
Thisconsstsof:
(i)FromAl-ArafahlslamiBankLtd.-Secured
(UnderHirePurchase
N4elk-General)
Shirkatul
Balanceas at 31stDecember
1 1 8 a n n u a l r e p2o0r1t 3
15,945,890
23,458,S00
15,945,890
23,458,900
2013
2012
1 3 . DEFERRED
LIABILITY:
as liabiitythe movemenl
of whichs as below:
Deferred
liabiliiyrcpresents
empoyeesgral!ityrecognlzed
Balanceas ai 1stJanuary
Provlsionduringihe yeaf
Less:Paidto Employees
GrciuityFund
Less:Paiddu ng theyear
78,463,945
21,302,847
(44,000,000)
4,'132,145J
64,s55,130
17,170,702
(3,255,88
51,640,647
1 4 . DEFERRED
TAXASSET/LIABILITY:
lilythernovernenl
ofwhich
isasbelow:
deieffed
taxrecognized
asasseviab
Deleffed
TaxAsseii Liabil
ty represents
Balanceas at 1slJanuary
Deferred
tax expense/(income)
(4,765.377)
10,008,644
5,243,267
1 5 . SHORT
TERMFINANCE:
A. FromAl-ArafahlslamiBankLld. - Secured
(Undercomposiiefacillties
LC(MPl/TR)
B. Loanfrom others
65,666,0T3
'126
65,744,139
22,4O5,502
78,126
22,O43,624
of rawandpackingmaterlals
represenis
amounisutilizedfo. procurement
A. (i)Tk. 65,666,013
:
on the followino
termsandconditions
basis.
Periodof Investment:01(one)yearon fevolving
Rate of profit | 16%pef annum& Commission
0.25%perquader.
a) cash Margin:
(i) LC@ 10%cashma€in& I\,4P1
@10%rnarcinon land€dcosi.
b) Primary:
(!)L/Crclateddocuments.
(l ) [,4P]- Pledgeofimpodedgoods/ goodsntrade.
goods.
(iii)TR- TrustReceipi& hypothecation
of imported
c) Collateral:
Gazipur.
( ) Regslered
properly
of andwithfactory
buldingocaled
atShafpur,
nrorlgBge
oflanded
measurng
804decima
d) Others:
(i) Hypolhecation
of company's
machinery
maturityI
16. LONGTERMFINANCE-current
Thisconsists
of:
(i) FromAl-ArafahlslamiBankLtd.-Secured
[4elk-Gene€l)
Shirkatul
{UnderHirePurchase
Balanceas at 31stDecember
118 annual
report
2013
15,945,890
23,458,900
15,945,8S0
23,458,900
The amounlsreprcsentcurenl maturityof tongtermfinanceobtainedfromAt_Afafah
tstamtBankLld.
whichafe fepayable
w thinnexl 12 (Twelve)
posir|on.
monlhsfromlhe dateof Statem€nt
of Financiat
2013
'|7. DEPOSTTS
:
Thisconststsof :
Sharemoneydeposit
Securitymoneyreceivedffomemptoyees
2012
14,848
18,CREDITORS:
t2 497,480
12,512,328
14,848
17,6'tO,O24
17,624,472
59,167,141
54,908,751
This fep€sents amounl payabte to suppliersof raw mateials,packingmaterbls,prcmolional
maierialselc. All supptiers
werepaid on a regularbasis.
'9. OTHERFINANCE
:
Uncaimed
dividend
Advanceagainstsales
WofkeE prcfitparlicipalion
fund& welfaretund
Olhers
21,303,667
'12,695,140
5,789,594
717,341
40,505,742
19.1.UNCLAIMED
DIVIDEND
:
YeaFwise
break-upoflhe aboveis as fojtows:
1992,93& 1993,94
1994-95
1995-96
1996-97
1997-98
1998-99
199S-00
200001
2042
2003
2AO4
2005
2006
2047
2008
2AO9
2410
2011
2012
20.INCOI'IETAXLIABILITYI
Thisis arrivedat as followsi
Openingbalance
Add : Cureni t3x expense
Less:Adjustedduringtheyear
429,872
608,590
608,198
464,764
767,825
621,O79
578,834
1,037,548
837,451
775,797
974,975
1,'12,O47
1,375,92A
1,672,146
1,711,155
651,197
1,04017a
1,199,930
4,830,161
21,303,667
I-
56,387,361 I
18,606,428?4,rrt?8,
(23,712,62t)
51,281,.168
16,759,579
17,744,904
4,364,659
594,17a
39,463,320
430,438
609,510
609,278
465,714
768,845
625,129
580,274
T,040,788
840,251
774,597
978,566
1,115,471
1,379,889
1,684,980
1,730,955
674,139
'1,079,724
1,367.431
16,759,579
50,447636 l
24,0A5.623
|
?4.45375tfi8.065.898)
56,387,361
annual
report
2013 1 1 9
21.SALES:
Thisls madeup as followsl
1,989,191,317
20,229,984
2,009,421,297
Expoftsales
Theabovesalesfepresentthefollowing:
Quantityin Thousand
ProductGroup Unit
Tablel
Capsule
DrySyrup/ oRS
Liquid
Bottes
Drops
Ointmenl
Openins
Stock
12,590
3,612
1,680
6,515
62
1,308
16
Botte
Bottle
Closlngslock
Samples
1,204,275
154867
16,204
14p42
5,280
4,386
5,087
23,831
7,509
804
713
202
186
9,996,180
32,91s,810'1,355,949,502
1,495
785
1 009
6,446
92
292
272
39,077,410
Sales
1,191,543
150,185
16,071
14,258
5,048
5 245
4,645
2,208,718,088
22, COSTOF GOODSSOLD:
Thisis ardvedat as follows:
RawmateriaLs
consumed
Packingmaterlals
consumed
Openingwork-in-process
Closlngwork-in-process
TotalConsumption
Ivlanulaclung expenses
Cost of Production
Openlngfinishedgoods
Closingfinlshedgoods
sampes
Costof physicians'
CONSUMED:
22.1RAWIMATERIALS
Thisis ardvedai asfollowsi
Openingstock
Closingstock
2013
120 annualreport
N"t"r3l
683,902,758
749,682,276
352,723,669
382,269,171
1,036,626,427
1,131,951,447
11,305,100
15,456,600
(15,456,600)
(19,608,100)
't,032,474,927
1,127,799,947
212,948,927
228,149,554
't,355,949,501 1,245,423,454
26,754,210
32,915,810
(32,915,810)
(39,077,410)
1,349,787,901 1,239,262,254
996,180
,169,098
1,230,093,156
1,339,791,721
29,856,456
758,823,676
(38,997,856)
749,682,276
25,715,056
688,044,158
(29,856,456)
683,902,758
22.1,1SUII4MARISED
QUANTITYAND
TOTALVALUE
OF RAWIT,IATERIALS
CONSUIVIED:
Exc€pents
Colour
gellatin
Ernply
capsute
Sugar
Sorbitol
Unit
Opening
Stock
|\s
30,685
120,S73
47
31230000
647
16,034
36,832
50,334
20,675
161,565
445,169
166
138265050
1,677
302,855
142,822
91,348
24175
163,501
441954
181
142,501,700
2,232
299,863
138589
85,747
29,453
24,749
118,192
32
26,993
350
92
19,026
41,065
55,935
15397
23,856,456
758,823,676
745,682,276
38,997,856
rg.
Kg.
r.g.
^g
Kg
Kg.
^9.
Valuein Taka
Consumptions
Closing
Stock
Rawmalerialsconsisiof 376itemsof which52_7j%(invatue)afe imported.
22.2 PACKINGIMATERIALS
CONSUMED:
2012
Thisis arived at as follows:
Openingslock
26,O39,412
394,440,871
211.12
382,269,171
Closingstock
14,467,712
359,895,369
26,O39,412
352,723,669
22.1.1SUMMARISED
QUANTITY
ANDToTALVALUEoF RAWMATERTALS
CoNSUMEDI
Allurniniumfoll
Unit
Opening
Slock
Kg.
20,610
275883
1107,189
Botte
Conianer
PVC'fim
Valuein Taka
Kg.
9,343,160
6,029,900
21,962
1,765000
1438,668
206,604
26,039,412
Closing
Stock
93,919
'1,928,151
11,424,348
1,723,680
23,464,995
14288,031
74,756
12116,150
3,999,047
3,309,300
394,440,871
99,259
2,065,105
11,247,214
1,693
010
24 627,937
17,415,382
81,381
12,590,655
3,286584
2 579.385
382,265,171
15270
138,929
1,324,323
30,670
8,180,218
3,302549
15,337
1,290,495
2,151,131
936,519
38,211,112
Packingmalerlalsconsistof 1015 itemsofwhich9.80% ( n value)are
a n n u a l r e p2o0n1 3 121
isr"
:
EXPENSES
23. MANUFACTURING
Salarywages& allowances
Tmveling& conveyance
Pdnling& slationery
Repairs& maintenance
building
machlnery
& equlprnent
Repairs& ma ntenance& oihers
Repalrs& maintenance-vehicle
Entertainmeni
Staffwelfare
& subscription
Donation
Newspaper& pefiodicals
Siaffunifom
& stores
Laborctory
chemicals
Depreciauon
Damagedgoods
130,555,746
514,930
714,747
2,635,247
12,907,206
3,110,393
53,204
31,099,040
25,400
2,133,O82
525,752
8,599,288
434,577
2,184,990
11,000
36,583
586,186
870,719
2,72A,669
26,735,776
1,633,569
49
224 149554
114,931,631
595,173
799,863
4,423,451
17,606,324
2,747,717
234,942
25,480,137
426,000
2,112,797
553,495
7,221.984
287,961
1,538,575
10,000
30,009
1,399,095
1,521,690
4,858,085
24,241,963
1,510,245
17.730
212,944,927
lhe yearwho receivedaggtegate
(a) The numberof empoyeesemployedin the faclorythtoughoLrt
wasnil.
noi lessthanTk.36,000
remuneration
(b) The numbefofemployeesemployedin the factoryfor partoftheyeatwhofecelvedaggregate
noi essthanTk.3,000pef monthwas32
rernuneralion
andGratllityofTk 3 357,239
of Tk 9,506,195
(c) Salarywages& allowances
includeP.F.contrjbuiion
:
24. OPERATINGEXPENSES
Expenses
Administratlve
Expenses
Seling& DisAibLrtion
2013
122 annualreport
Note%l
[ott%]
t;,,;;tl
|
I 701,627,909
753,606,871
58,216,112
633,527,160
2012
25. AD[4INISTRATIVE
EXPENSES
:
Salarywages& allowances
D fectorc'remuneration
D fectorc'meetingfee
T|aVeIing& conveyance
Repairs& maintenance-building
& equipment
Repairs& maintenance'vehicle
& others
Posiage& slamp
Trainingexpenses
Enieftainment
Stafi un form
Stafi welfarc
Donation
& subscriplion
Newspaper& periodicals
Printing& slaiionery
Water,electficity
& gas
Annua genefameetingexpenses
Expenses
relaiinqto dividend
Deprccialion
28,246,971
2,742,004
512,000
730,610
1,217,904
1,711,757
171,000
2,923,405
533,243
93,011
10,500
220,771
998,985
59,208
612,687
558,070
1,540,630
171,OOA
908,906
145,225
269,190
948,739
2,757,424
135,185
3,665,387
T35.550
51,978,962
26,499,448
2,734,54O
454,500
951,747
2,544,421
2,005,064
93,600
2,923,410
60,493
121,371
107,800
123,633
1,579,379
27,840
647,350
668,351
6,157,256
312,000
1,223,6A4
96,566
571,473
826,264
3,658,869
160,900
3,570,038
99.831
58,216,112
Auditiees represenls
auditorc'remuneration
nc udingVATon auditfeesof the financiastatemenis
of
the conrpany
for theyeaf 2013.
The nLrmberofemployeesemployedin the administraiion
depadmentthroughouiih€ yeaf who
feceivedaggregate
remuneration
nol lessthanTk.36,000
was n .
Salarywages& allowances
lncludeP.Fcontdbution
ofTk. 5,514,382
andGratuilyofTk.1,134,042.
(o) The numberof employees
employedin lhe admnistralion
depairment
for padof the yearwho received
aggregate
femuneraiion
nol lesslhanTk 3,000permonthwasnil.
annualreport
2013 123
26. SELLING
& DISTRIBUTION
EXPENSES:
Salary wages& a lowances
Traveling& conveyance
Headoffice& salescenlresrcnt
Pfinting& siationery
Repairs& maintenance'building
& equipment
Repairs& maintenance-vehicle
& others
Water,electricity
& gas
Fied forcesconfercnce
expenses
Enterlainmenl
Staffwelfare
Salesrepresentatives
confefence
Detailing
bag& briefcase
Fleldpersonnel
expenses
Pfoductdevelopmeni
expenses
Pfoductpad& lteratLrfe
Othefprcmotional
expenses
Physicians'
samples
Markeisuryey& research
Dep€cialion
Losson saleof vehcl€
Staffunifom
408,303,683
't,o24,217
11,435,4U
3,426.144
2,578,559
9,809,785
753,098
635,068
154,O40
4,358,000
922,814
835,465
2,5/.3,793
1,467,170
739,900
35,875
1,054,926
10,099,362
346,000
542,824
100,922,211
'135,547
30,521,634
10,543,590
12,043,590
2,034,302
2,227,141
75,373,297
6,037,951
566,688
33,909
117.512
7O1,627,9O9
345,473,791
1,595,164
10,152,249
4,984,664
2,411,797
11,260,244
378,040
692,156
74,941
5,861,304
1,O73,225
970,362
2,839,830
1,014,225
589,419
30,750
899,384
9,603,567
600,500
683,765
95,382,586
114,437
29,914,503
10,547,106
11,O47.106
2,673,425
2,249,150
74,995,600
5,638,457
30,645
80.648
633,527,160
(a) The numbefof employees
employedln the selling& distribution
departmeni
ihfoughoutthe year
who rccelvedassrcsateremuneralion
notlessthanTk.36,000
wasnil.
(b) Salarn wages & allowancesinclude P.F. conlrlbulionof Tk.230,852,406and Gfatuity of
Tk.16,811,567.
(c)The numberof employeesempoyedinthe seLling
& dislribltiondepartmentfor partof the year
who receivedaggregaleremuneration
notlessthanTk.3,000per monthwas56.
124 annualreport
2013
27. OTHERINCOME
:
Dividendincome(cash)
Profiion bankdeposiis
Profiton investment
Foreign
Exchange
Fuctualon
Gain/(Loss)
on FCADEROAccounls
lViscelianeous
income
6,498,840
3,331,512
623,322
(s53,069)
2
12,446,129
4,483,794.89
1,132,106
605,880
(16,444)
1,940,340
5,789,594
4,364,659
28. WORKERS'P.P
FUND& WELFARE
FUND:
4,745,677
Th s fepresents
5% of netprofitbeforetax aftercharuing
ihe contribuUon
as pef provision
of lhe
Bangladesh
LabourAct,2006andis payableto workersas defnedif the saidAct.
29. CURRENT
TAX:
Thisrepresenis
estimatedIncomeTa)(iabiityforthe year2013madeas io ows:
30. EARNINGS
PERSHARE(EPSI:
pershare
Basc eamings
hasbeencalcutated
asfotowsl
Earnings
atlrbLlabl€
1olheOdinary
Sharcho
ders(Netprofrafteftax)
Divdedbynumber
ofOrdinary
Shares
outstanding
during
they€af
18,606,428
24,005,623
a7,176,81'l
19,440,000
66,426,417
19,440,000
EARNINGS
PERSHARE(EPS)
(AdjustedEPSof2012)
4.48
3.44
31. THEAGGREGATE
AMOUNTSPAID/ PROVIDED
DURINGTHECURRENTYEAR
ONACCOUNTOF
DIRECTORS
ANDOFFICERS
OF THECOMPANYAREAS
FOLLOWS:
[,4anageial
remuneration
[,4eeiing
fee
Bonus
2012
]l-z'z:4"oo
r-iG
lzz.l5'2.ooo
l [,"ss?ot-l fr€-rr8rtl
25",.000
I
454.500
t90.000
a ti8orlf+osroolT
I
9/.552
575,643
|
)
98.652 |
563,752
I
It.59/.055
",qtalf
nsa.taI
t05.4/4I
12,22,960
I
8790.1/5
5,or"ol
rra.a+o
t03.240
1,052.530
Therateot Boardmeetingaltendance
fee wasTk.4,000perdirector.
annual
teport
2013 125
32. VALUEOF IMPORTS
ON CIFBASIS
l,latefias taw & packing)
& spareparc
Components
Capitagoods
401,533
456
461,533
359
36,986
498,878
49
451,865
ON SINGLESHIFTBASISANDREASONSFOR
33.INSTALLED
CAPACITYACTUALPRODUCTION
2013I
SHORT.FALL
DURINGTHEYEARENDED31STDECEMBER,
Quantity in Thousand
Tablet
Capsu€
DrySyrup
/ ORS
Lquid
Drcps
Onlment
Injection
119,276
124,356
30,241
11,386
8,580
8,923
1 204279
154,867
16,204
14,942
5,280
4,386
5,087
(485,003)
(30,511)
13,997
(?,516)
3,300
3,336
3,836
:
34. RELATED
PARIYIRANSACTIONS
of business
andon
carried
oultransactions
withrcaledpaftiesn ihenormalcou6e
Du ngtheyear,theconrpany
p,
parties,
and
their
total
value
have
been
relaiionshiypesoltlarsacllon
anam'slenglhbass. Thenarne
of rclaied
padles
arc
provisions
Pairy
D
sclosur€s".
Tmnsaction
wjth
rclated
wlththe
of BAS24'Realed
seloutinaccordance
lnvolve
rnore
lhan
a
drstomers
of
simlar
credenlas
and
do
not
execLted
on thesamelennsas thoseol other
1 . BNSlNATrust
Dlvdendpaymenl
9,585,097
Receiptof Dv d€nd
7,122,162
shares
hoding43.83%
2. lsamiBank
BD Ltd
35. There was no contractfor Capital Expendiiufetemainingto be execuled and not pfovided for ai 31si
Decembef,2013.
36. There was no geneml nature of credt faclities availabe to the company under any contracioiher
lhan lfade credil availabe in ihe ofdlnarycourceof businessand not availedof as on 31.12.2013.
37. No brokerageor discountother than usualtmde discounlagainstsales was paid dufing the yeaf.
126 annuai
report
2013
38. As lherewas no salesagenl,commission
thereforwas notpaid.
39. The companydid not incurany expensein foreign cufency on accounioi rcyaly,technicatknow-how,
proiesslonal&
advisoryfees,iniefestsetc.
40. As therewas no non-resideni
sharcholder,
no dividend
was remittedabroad.
41. During ihe year the company(a) earned forelgn exchangeof US $ 297,003.40equivaenr io
Tk.23,045,539.00
on accountof exportsale,b) butdld noi earnor recetveany incomein respectof royatly,
lechnicalknow'how,prcfessional
& advisoryfees,inierest& dividend_
42. There were claims of rk.462,244,Ik.338,278,Tk.34,499, Tk.732355,1k.476,777,Tk. 817,061.
Tk.2,349,848
and Tk.855,457in rcspeciot assessmentyearc 1997-98, 2OAO-2OA1,
2AO|2AO2,
2OO22043,2OA3-2004,20O4-2AO5,2A07-2A0A,2A11-2012respecUvety
againsithe Companyfor IncomeTax
but nolacknowedgedas debts,as appealsremainedpendingon 31.12.2013.
43. There was no contingentliabililyother than lettersol creditoutsianding
for importalionof raw &
packing
materials,
capitalgoods
as on 31.12.2013.
44. EVENTSAFTERTHEREPORTING
PERIODI
The Boardof Directo$at its meetingno.2lslhhetcton 12.04.14recommended
to the sharehotderc
25%
cashdivdendand 10%stockdividendfor the yearended31stDecembef,
2013whtchwi be considered
fof
approvalby the shareholders
at the 30thAnnuatGenerattvleeting
.
annualreport
2013 127
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d
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6 + d i d i d t s d d 6 i +
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report
2013
128 annual
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