Inventory Management of Beximco Pharmaceuticals Limited

Chapter 1


Origin of the Report


The report was originated to make a study on the preparation and presentation of Inventory Management of Beximco Pharmaceuticals Limited as a part of the fulfillment of internship program required for the completion of the BBA program of Finance of the Faculty of Business Administration, Northern University Bangladesh. The report was prepared under the supervision of Mr. Lutfor Rahman, Assistant Professor, Department of Business Administration, Northern University Bangladesh and Mr. Shuba Mohammad Al Amin, Manager, IOC & BP, Beximco Pharmaceuticals Ltd.

Background of the Report

Inventory consists of usable but idle resources. The resources may be of any type- human, materials, machines, etc. For example, if a company purchases a machine or appoints an expert in anticipation of the requirement of their services in future, these resources work as inventory. Generally, inventory of men or machines is not carried and managements hire machines or consult experts whenever required, as an economical alternative. When the resource involved is material or goods, it is referred is the stock or simply as `Inventory’. Inventory is the stock kept for future use to synchronize the inflow and outflow of goods in a transaction. Beximco Pharma follows the requirements of Inventory Management. So Mr.Shuba Mohammad Al Amin, Manager IOC & BP of Beximco Pharmaceutical Limited asked me to identify the compliance status of BPL’s Inventory Management.

Scope of the Study

Inventory Management of Manufacturing public limited company is a broad area. Within the time period of three months allotted for internship, it is virtually impossible to cover all aspects of Inventory Management. So, the scope of my report is limited only to the compliance of those as followed by Beximco Pharmaceutical Ltd. In preparing the report, I review and analyze the information published in the annual report for the year 2002-2006. Any change in Inventory policies in respect of providing information after this period is beyond the scope of my report.

Objectives of the Study

The main objectives of this internship report are to analyze the Inventory Management of Beximco Pharmaceutical Ltd. and help management in future policy formulation that is likely to improve the quality of their Inventory Management..

The specific objectives are:

  • To give a brief overview of Beximco Pharmaceutical Limited.
  • To be familiar with the corporate environment.
  • To analyze the inventory management and forecast & recommend the future policy.
  • To know about the procedures Inventory Management System.
  • Determining the drawbacks of the existing system.
  • To understand the flow of documents of each inventory in BPL
  • To provide some recommendations on the basis of my findings.

Methodology of the Study

This report has been prepared on the basis of experience gathered during the period of internship. For preparing this report, I have also got information from annual reports and website of the Beximco Pharmaceutical Limited. The details of the work plan are furnished below:

Data collection method

Relevant data for this report has been collected primarily by direct investigations of different records, papers, and documents. The interviews were administered by formal and informal discussion and no structured questionnaire has been used.

Data sources

The data and information for this report have been collected from both the primary and secondary sources. Among the primary sources, face to face conversation with the respective stuffs of the head office and the auditors of the company and practical work experience are important. The secondary sources of information are annual reports, company websites, different manuals and previous internship reports.

Data processing

Data collected from primary and secondary sources have been processed manually and qualitative approach in general and quantitative approach in some cases has been used throughout the study.

Data analysis and interpretation

Qualitative approach has been adopted for data analysis and interpretation taking the processed data as the base. So the report relies primarily on an analytical judgment and critical reasoning.

Organization of the Report

This is a short report covering all that I experienced while working at the Finance & Accounts department of Beximco Pharmaceutical Limited. The first part is the introductory chapter. The second part contains a brief overview of Beximco Pharmaceutical Limited. Third Part covers inventory management of Beximco pharmaceuticals Ltd. And the forth part contains Finding & Recommendation.

Limitation of the Study

1. All the comments made, conclusions reached and suggestions for possible improvement provided are purely based on my level of understanding, knowledge and my way of interpreting a particular statement.

2. Beximco Pharmaceutical Limited follows a policy of not disclosing all the information needed to prepare my report for obvious reason.

3. Because of the lack of information, I have to make some assumptions that may cause few errors or personal mistakes in the report.

4. The report is mainly based on the information provided in the annual report of Beximco pharmaceutical Ltd. for the year 2006.



Beximco Pharmaceuticals Ltd. is a leading edge pharmaceutical company and is a member of the BEXIMCO Group, the largest private sector industrial conglomerate in Bangladesh. The strategic strengths of Beximco Pharma are its strong brand recognition, highly skilled work force and diversified business mix. Beximco Pharma brands – Neoceptin R (Ranitidine), Napa (Paracetamol), Amdocal (Amlodipine), Neofloxin (Ciprofloxacin), Bexitrol F (Salmeterol Plus Fluticasone), Bextrum Gold (Multivitamin and Multi Mineral) and Atova (Atorvastatin) are among the most recognized brands in the Bangladesh Pharmaceutical industry.

Beximco Pharma started its operation in 1980, manufacturing products under the licenses of Bayer AG of Germany and Upjohn Inc. of USA and now has grown to become nation’s one of the leading pharmaceutical companies, supplying 15% of country’s total medicine need. Today Beximco Pharma manufactures and markets its own `branded generics’ for almost all disease ranking from AIDS to cancer, from infection to asthma, from hypertension to diabetes, both nationally and internationally.

Beximco Pharma manufactures a range of dosage forms including tablets, capsules, dry syrup, powder, cream, ointment, suppositories, large volume intravenous fluids, metered dose inhalers etc. in several world-class manufacturing plants, ensuring high quality standards complying with the World Health Organization (WHO) approved current Good

Manufacturing Practices (cGMP).

The recipient of three times `gold’ national export trophy, Beximco Pharma is the largest exporter of pharmaceuticals from Bangladesh, spreading its presence in many developing and developed countries across the globe. Beximco Pharma is the only company in Bangladesh to receive this highest national accolade for export, for record three times.

Beximco Pharma markets its brands through professional sales and marketing teams in African, Asian and European markets. It also supplies its products to renowned hospitals and institutions in many countries, including Raffles Hospital and K K Women & Children Hospital in Singapore, MEDS and Kenyatta National Hospital (KNH) in Kenya, Jinnah Hospital, Agha Khan Hospital and Shaukat Khanum Memorial Hospital in Pakistan. Beximco Pharma is also an enlisted supplier of WHO and UNICEF.

Another important business activity of Beximco Pharma is the contract manufacturing for major international brands of leading multinational companies.

Beximco Pharma is acclaimed domestically and internationally for its outstanding product quality, world class manufacturing facilities, product development capabilities and outstanding service.

Beximco Pharma has a strong market focus and is anticipating continued future growth by leveraging business capabilities and developing superior product brands and markets. In particular the company is very interested in developing a strong export market in USA and Europe. To meet the future demand Beximco Pharma has invested US$ 50 million to build a new state-of-the-art manufacturing plant, confirming to USFDA and UK MHRA standards. This new plant will also offer contract-manufacturing facility to leading pharmaceutical companies, especially from Europe and US.

Company Profile: Beximco Pharmaceuticals Limited



Corporate Headquarter Operational Headquarter: 17 Dhanmondi R/A, Road No. 2Dhaka 1205, Bangladesh19 Dhanmondi R/A, Road No. 7, Dhaka 1205, Bangladesh

Factory: 126 Kathaldia, Tongi, Gazipur

Year of Establishment: 1976

Commercial Production: 1980

Status: Public Limited Company

Business Lines : Manufacturing and marketing of pharmaceutical finished products and Active Pharmaceutical Ingredients (APIs) 

Overseas Offices & Associates ঃ UK, USA, Pakistan, Myanmar, Singapore, Kenya, Yemen, Nepal, Czech Republic, Vietnam, Cambodia and Sri Lanka 

Export Markets: Bhutan, Cambodia, Czech Republic,Germany, Hong Kong, Iran, Iraq,Kenya, Malaysia, Mozambique, Myanmar, Nepal, Pakistan, Philippines,Russia, Singapore, South Korea, Sri Lanka, Thailand, Ukraine, Vietnam,Yemen

 Authorized Capital (Taka): 2,000 million

Paid-up Capital (Taka): 1040.97 million

Number of Shareholders: Around 49000

Number of Employees: 2403

Stock Exchange Listings: Dhaka, Chittagong, London




The mission statement of BEXIMCO PHARMA implies its keenness to be socially responsible in true sense. It says:


The motto of BPL is to bring happiness and smile to life through fulfilling responsibilities. In their words:

Each of our activities must benefit and add value to the common wealth of our society. We firmly believe that, in the final analysis we are accountable to each of the constituents with whom we interact; namely: our employees, our customers, our business associates, our fellow citizens and our shareholders. Each of our activities must benefit and add value to the common wealth of our society. We firmly believe that, in the final analysis we are accountable to each of the constituents with whom we interact; namely: our employees, our customers, our business associates, our fellow citizens and our shareholders.”


“Medicine is directly related to human life and therefore, its manufacturers have immense social responsibility of providing safe and effective medication, demanding uncompromising efforts at all levels of its activities. Beximco Pharmaceuticals Ltd.- the leading health care company in Bangladesh, has been making every effort to ensure the effectiveness and safety of the medicines that it produces. Physicians and patients of the country rely on the efficacy of the medicines of Beximco Pharma at the time of critical needs demonstrating their confidence and trust on BPL products.”


BPL has a promise to make a healthier tomorrow for the society where the citizens will enjoy a better life. The highlights of BEXIMCO PHARMA’s endeavor towards a healthier society are innovation and the adventure of risk taking through bold decisions:

BPL’s history is one of innovation and adventure, of risks taken and bold decisions made towards a noble purpose building a healthier tomorrow where our fellow citizens can live longer, healthier and better. In 2003, we have redefined success as something broader than mere performance in the marketplace and have taken initiatives to prepare for the future.


BPL is the first local company who dared to invest in manufacturing Active Pharmaceutical Ingredients (APIs) and to enter foreign markets of diversified culture and stringent regulatory environment. Over the last decade, the risk taken has paid us off. Now our capability in manufacturing APIs and expertise in exploration of foreign markets have placed us in a relatively better position over other local companies to face the post-WTO era.


Above all what adds more to our pride is our commitment to the society. This is reflected in our launching of Anti-HIV/AIDS drugs first ever in Bangladesh, which was further reinforced through the introduction of anti-cancer drugs.


With our continuous improvement in performance and commitment to our customers, we are confident to strengthen our position in the marketplace further and increase the shareholders’ value.”


Managing the Champion Organization

The management of BEXIMCO PHARMA is simply exceptional in comparison to any other listed companies in this country. It has a blend of professionalism and wisdom, which plays a key role in managing the champion organization. The Board of Directors includes:

A S F Rahman Chairman
Salman F Rahman Vice Chairman
Iqbal Ahmed Director
Mahammad Abul Qasem Director
Osman Kaiser  Chowdhury Director
Dr. Abdul Alim Khan Director
Abu Bakar Siddiqur Rahman Director
Dr. Farida Huq Director
Chowdhury Hafizur Rahman Director
Barrister Faheemul Huq Director
Ahsanul Karim Director


A dedicated Management committee and an Executive Committee make sure that BEXIMCO PHARMA achieves its target with sheer professionalism. The committees are:


ü Management Committee

ü Executive Committee


The Management Committee


Nazmul Hassan,                                                 Chief Executive Officer
Osman Kaiser Chowdhury                               Member of the Board of Directors
Ali Nawaz                                                           Chief Financial Officer
Afsar Uddin Ahmed                                          Director, Commercial
Rabbur Reza                                                      Director, Marketing
Lutfur Rahman                                                 Director, Works
 Zakaria Seraj Chowdhury                              Director, Sales
Mohd. Tahir Siddique                                      General Manager, Quality Assurance
A R M Zahidur Rahman                                  General Manager, Production
Jamal Ahmed Choudhury                                Senior Manager, Accounts & Finance



The Executive Committee:


Osman Kaiser Chowdhury                         Member of the Board of Directors
Chowdhury Hafizer Rahman                     Member of the Board of Directors
Nazmul Hassan                                            Chief Executive Officer
Ali Nawaz                                                     Chief Financial Officer
Afsar Uddin Ahmed                                    Director, Commercial

The responsibilities of the company secretary is carried out by Mr. Md. Asad Ullah, FCS.


The Footprints Left Behind By BPL over time



1976 : Registration of the company

1980 : Started manufacturing and marketing of licensee products of Bayer AG of Germany and Upjohn Inc. of USA

1985 : Listing in the Dhaka Stock Exchange (DSE) as a Public Limited Company


1990 : Commissioning of Basic Chemical Unit

1992 : Started export operation with Active Pharmaceutical Ingredients (APIs)

1993 : First export market operation with finished formulation


1996 : Introduction of Sustained Release Dosage Form

1997 : Introduction of Suppository Dosage Form Commissioning of Metered Dose Inhaler (MDI) plant Introduction of Metered Dose Nasal Spray

1998 : First pharmaceutical company of the country achieving ‘National Export Trophy (Gold)’for 1994-95

1999 : UNICEF approval of BPL as an enlisted supplier

2000 : Agreement to manufacture Metered Dose Inhaler (MDI) for Glaxo SmithKline

2001 : Introduction of Small Volume Parenterals (Injectables) Establishment of Analgesic-Antiinflammatory API plant 2002 : Won the first prize of ICAB National Awards 2000 for ‘Best Published Accounts and Reports’in Non- Financial Sector Category The first Bangladeshi company to supply pharmaceuticals to Raffles Hospital- the most prestigious hospital of  Singapore

2003 : Received ‘National Export Trophy (Gold)’for consecutive 2 years (1998-99, 1999-2000) Won the Silver prize of ICAB National Awards 2003 for ‘Best Published Accounts and Reports’in Non-Financial Sector Category. Won a tender to supply Neoceptin R and Neofloxin to Raffles Hospital of Singapore for the whole year’s consumption Introduced Anti-HIV drugs for the first time in Bangladesh. Diversification into Anti-Cancer therapeutic class.

2004: Signed contract with Novartis to manufacture their liquid, cream, ointment and suppository products under “ Toll Manufacturing” Agreement.

2005: Merger of Beximco Infusions Ltd with Beximco Pharmaceuticals Ltd. Admission to Alternative Investment Market (AIM) of London Stock Exchange.

The Human Resource of BPL: It’s Key to Success



At BPL, they always believe that people is the most valuable asset. It makes considerable investments in attracting and developing competent professional human resources. BPL not only fosters entrepreneurship, but also consciously encourages entrepreneurship in its organizational environment. This leads to innovation and creativity transformed into new products, services and new ways of doing things. Over the years, the company has been successful in providing an environment and culture that promotes value and is run by customer-driven philosophy. To get the most out of their human resources, BPL implements programs like decentralization, job enrichment and job rotation. The extent of empowerment enjoyed by their people at various levels of the organization enables each employee from the very bottom to the top, to contribute to the overall momentum of the company. BPL employs cross-functional teams in activities such as new product development, expansion and ventures into new project. At BPL, employees work in flexible and dynamic environment that helps to convert threats to opportunities in today’s ever-changing business environment. BPL human resources include over 860 young and highly motivated executives from different cultures and diverse disciplines such as Pharmacy, Chemistry, Biochemistry, Microbiology, Medicine, Engineering, Business Administration, Finance, Accounting etc. The talent, expertise and hard work of their employees drive Beximco Pharma towards achieving its goals and objectives.


Training & Development:

One of the driving forces of Beximco Pharma is that its highly skilled human resources. BPL is continuously striving to explore the core competencies of the employees to face the challenges of the competitive environment. Continuous learning had been enforced as a motivation tool to upgrade current level of knowledge and skills of the employees. BPL also ensures an atmosphere that offers a better learning ground for its employees and believes in upgrading its personnel through continuous education program.



Quality: The Passion of BPL


Over the years the trust and reliability on their products has emerged as one of their core competencies. Today the name BPL has been synonymous with trust and reliability inherent in the term quality. Quality is their relentless passion. Quality is ingrained in their values and in all what they do. Their business processes and practices are designed to achieve quality results that would meet the expectation of patients and physicians through getting highest quality products, of shareholders and stakeholders through achieving returns. When it comes to manufacturing, this guiding principle places even more social responsibility of ensuring quality in terms of quantity, purity, stability, safety, efficacy, and overall presentation of the products. Their quality assurance system establishes control or checkpoint to ensure the quality of the products during production and upon completion of production. It starts with raw material and component testing and includes in-process quality control, packaging, labeling, and finished product testing as well as batch auditing and stability monitoring. Standard Operating Procedures (SOPs) developed in accordance with the latest WHO approved current Good Manufacturing Practices (cGMP) are being strictly followed in every step.


To ensure all these, a highly dedicated academically sound and professionally competent team comprising of pharmacists, chemists, biochemists, microbiologists, and engineers are using most modern and sophisticated equipment like High Performance Liquid Chromatography (HPLC), Gas Chromatography (GC), Infrared (IR) Spectrophotometer, Ultraviolet (UV) Spectrophotometer, Homogenize, In-Vitro Bioavailabilty tester, Lung simulator, Disintegrator, Dissolution tester, & many other latest computer-aided quality control instruments and accessories. This passion to the total quality has helped BPL from its inception to create many blockbuster brands in a fiercely competitive generic pharma market.


BEXIMCO PHARMA: The Leading Exporter


Beximco Pharmaceuticals Ltd. (BPL) is the largest pharmaceutical exporter of Bangladesh. BPL was the first pharmaceutical company in Bangladesh to receive ‘National Export Trophy (Gold)’ in 1994-1995, which was the very first year for introduction of such award by the Govt. of Bangladesh. Beximco Pharma has also been awarded ‘National Export Trophy (Gold)’ for two consecutive years 1998-1999 and 1999-2000. It is the only company to be the record 3 times winner of such award for its outstanding export performance. It is worth mentioning that this award is the highest national recognition for excellence in export.

Beximco had always been highly proactive in exporting pharmaceuticals from Bangladesh and was the pioneer in almost all export activities of the country, such as:

  • Pioneer in entering the CIS countries.
  • First pharmaceutical company of Bangladesh to enter Singapore- one of the most stringent and regulated markets in Asia.
  • First & only Bangladeshi company to supply pharmaceuticals to Raffles Hospital – one of the most prestigious hospitals of the region.
  • Only company to supply specialized & high-tech products like Inhalers, Suppositories and Nasal Sprays to overseas markets.

They have probably fulfilled a national aspiration of turning an import based country into an exporter of quality medicines, by marking its presence in 19 countries across the globe.

In 2004, they have further consolidated their activities and attained encouraging growth in all their existing overseas markets like Pakistan, Kenya, Myanmar, Singapore, Nepal, Vietnam, Yemen etc. In most of the existing markets, they are strengthening their marketing activities and registering new molecules to best exploit their huge market potentials. They are also in the process of entering a large number of new overseas markets in Asia and Africa. As an LDC, Bangladesh has been exempted from pharmaceutical patent protection upto 2016, which has opened the door to ‘Enormous Export Opportunities’ for Bangladesh pharmaceutical sector. They strongly believe, Beximco Pharma with its highly sophisticated machinery & equipment, human resources, process validation, documentation, expertise in international marketing etc. is well poised to take maximum advantage of this export opportunity.

Research and Development: A Promise Kept by BPL


BPL employs a significant part of its resources in R&D that makes BPL a forerunner in the Bangladesh pharmaceutical industry. The R&D team comprises of academically sound and professionally competent personnel who have firm commitment to new product development. R&D team of BPL is consistently striving towards:


  • Developing new formulations
  • Simplifying manufacturing processes
  • Bringing cost efficiency


The sincere and relentless effort of our R&D team has taken the company a step further in 2004 by developing Ultrafen Plus (Drug for pain & inflammation) and Pretin-D (Drug for allergic rhinitis with congestion) applying unique formulation technology for the first time in Bangladesh. These two drugs added new momentum to the sales revenue of 2004.


A good number of APIs are also in the development pipeline to ensure availability of raw materials in the pharmaceutical patent regime. Many APIs of different therapeutic classes have already been developed and manufactured and some more drugs of antifungal, antihistamine, cardiovascular, antiinflammatory, anti-HIV, anticancer and other therapeutic classes are in the final development stage.


This reverse engineering capability of our R&D team would be an added advantage for BPL in the pharmaceutical patent regime.


Environment, Health and Safety: BPL’s Commitment to Care


One of the primary goals of BPL is to contribute to keep the earth clean. BPL is aware of its responsibility of caring for the environment and the importance of reducing environmental effects of manufacturing activities to a practical minimum.


BPL is committed to a green operation and its facilities are carefully designed and operated to prevent all forms of pollution. Discharge of conventional substances from the company’s manufacturing plant is subject to stringent controls. Regular environmental monitoring is carried out. Effluent treatment plant reduces the hazardous impact of the emissions to a minimum. Solvents used in the synthesis processes are recovered in efficient recovery plants.


Wherever practicable, BPL works to reduce the impact of its operations on the environment. BPL continuously strives to improve performance and optimize the use of all material and human resources, thereby minimizing adverse impact on environment.


Blockbuster Products: BPL’s Major Contributors


Success of a pharmaceutical company depends on how effectively it establishes its brands in the market. The excellent blending of world class manufacturing technology and innovative marketing strategies made BPL successful in achieving brand equity for its products. As a result the number one product by value and the number one product by unit in Bangladesh Pharmaceutical Market and also the highest selling drug in the cardiovascular class belong to BPL.


Neoceptin R – the number one product by value

One of the major revenue earning products of BPL is Neoceptin R. It is also the highest selling product by value and is the undisputed leader in Bangladesh Pharmaceutical Market.


Napa – the number one product by unit

Napa is the highest selling product by unit. Napa has become a household brand in the mind of physicians as well as consumers of Bangladesh.


Amdocal – the highest selling drug in cardiovascular market. Amdocal is one of the most prestigious and revenue earning products of BPL. It is the highest selling product in the cardiovascular market.

BPL’s Preparations for the Future


At BPL, information technology is used as a decision support system and coordination tool to facilitate human and machine performance. The state-of-the-art management information system (MIS) forms a common information platform for the organization so that everything – from the production floor to the sales people working in a rural area, from the quality assurance department to the distribution operation through fifteen depots throughout the country – is interconnected.


It is the leading pharmaceutical company in promoting products and providing medical information with CD-ROM, Kiosk and Internet Website. Recently their new website “” has been re-launched with full-fledged upto- date information, innovative features and interactive facilities to provide comprehensive coverage of their ongoing activities.


To enhance international competitiveness, we are in the final stage of construction of the new US FDA standard formulation plant. Also the expansion of their API portfolio will enable us to ensure effective backward integration.


Thus at BPL, we have created a “Virtual Future” that enables us to become proactive rather than reactive against future challenges posed by a changing world economy and the advent of the information age.


Corporate Governance in BEXIMCO PHARMA

In BPL they always nurture and nourish good corporate governance. Board of BPL places greatest emphasis on maintaining the highest standard of corporate governance. As trustee of all the stakeholders of the company, the board is fully aware of its responsibilities and therefore, endeavors to safeguard the interest of all concerned. The statement below describes how the principles of good governance are applied in BPL.


Size, Composition and functioning of the Board

The board of directors is the highest level of authority in the organization structure of BPL. The board is responsible for the overall direction and is ultimately accountable to the shareholders for the activities, strategies and performance of the company.

Currently, the board of directors of BPL comprises of 11 members with Mr. A S F Rahman as Chairman and Mr. Salman F Rahman as Vice Chairman.

The prime concern of the board is to ensure that the overall activities of the business are conducted responsibly and with focus on long – term value creation. The board meets periodically to transact matters placed before them that require board’s approval and/or direction. Board reviews the overall activities of the business and where necessary, strategic guidelines are given for onward implementation.


Executive Committee

Next to the board, there is a four-member Executive Committee for closer monitoring of business performance and to provide operational guidance. The scope of work of the committee includes but not limited to, review of business performance, approval of budget, evaluation of capital expenditure proposals and if appropriate recommendation for approval to the board, appraisal of senior level managers etc., The review, evaluation and recommendations of the Executive Committee provide significant input to enable the board to take the well-informed decisions.

Management Committee

The responsibility to implement EC decisions and supervision of day to day business affairs of the company lies with the management committee. They are also responsible for achieving the business plan. The committee consists of functional heads of different operating/business segments and is headed by CEO. The committee meets once a month and extensively reviews the overall activities of each segments of business.


Internal Control

BPL employs a sound system of internal control including internal financial control to ensure compliance of its activities with the desired objectives. The effectiveness of the control mechanism already in place is periodically reviewed. There are systems for careful monitoring of the activities to make sure that the standard and procedures set out for each business function is being effectively complied with.

Key features of the BPL’s internal control system are:


Management Structure:

Over the years they have successfully implemented a well designed corporate management structure with clearly defined responsibility, delegation of authority and proper accountability. BPL has an appropriate organization structure manned with qualified professionals for properly carrying out planning, executing, controlling and monitoring function of each of the business subunits.

Reporting and CommunicationIn BPL, operational as well as financial reporting at periodic intervals for internal review and analysis is a routine phenomenon. Each department or business unit is required to report to the senior management about their operational performance. Business plans as well as short & long term business strategies are reviewed at different management levels on regular basis.

The company has long practiced budgetary control system. The operational units are required to prepare annual budgets which are approved by the Executive Committee. Actual performance against the budget is actively monitored throughout the year at the business unit and the central management level.

Internal AuditThe company has a specially assigned team to carry out internal financial audits of different segments of the business. The team is headed by a manager who reports to the CEO. After appropriate review of the report necessary corrective actions are undertaken.


Shareholder Relations

The Company has about fifty thousand shareholders. The directors place high importance on maintaining good relationships with the shareholders and ensure to keep them informed of significant company developments. The company formally reports twice a year-summarized half yearly report and detailed annual report. Annual general meeting is an important opportunity to meet and communicate with shareholders. Every Shareholder or his duly authorized representative has the right to attend such meeting. It provides the forum for discussion of the business, its future prospects and other matters of interest and concern to the shareholders. In addition, the Company has a full fledged corporate affairs secretarial department who addresses different issues like dividend payment enquiries, share transfer, loss of share certificate/dividend warrants etc.





Beximco pharmaceuticals Limited is the flagship of the BEXIMCO Group, uses the most advanced and high-tech equipment from the world’s leading manufacturers which are coupled with the best skilled technological support-expatriate staff and local experts trained at the suppliers’ plant for the manufacturing and marketing of high quality Medicine.

Inventory management system has two main concerns. One relates to the level of customer service, that is, to have the right goods, in sufficient quantities, in the right place, and at the right time. The other relates to the cost of ordering and carrying inventories. As a hundred percent export oriented manufacturing company, Beximco pharmaceuticals limited places a great importance in valuation and management of inventories.



 The key functions of the BPL inventory management system are:

  • To ensure material is available i.e. maintain appropriate level of inventory in the warehouse;
  • Receipts, custody, and issue of materials;
  • To recording the recording of all the stock movements;
  • To minimize investment in inventory;
  • Co-ordinate with management, maintenance, production, marketing and finance departments and other departments in the company for meeting their requirements for materials and spares;
  • Assist in devising Management Report.


 The objective of inventory management is to achieve required levels of production while keeping inventory costs within reasonable bounds. The basic objectives are as follows:

  1. To utilize the full capacity of the factory, production is running for twenty-four hours a day and 350 days a year that minimizes overhead. So stock should be such that the factory will never close down due to lack of raw materials. On the other hand, over stock is not expected, as it will affect the working capital.
  2. A series of processes are required to produce Medicine. It is not possible to start the next phase before completing the previous one. In case of mechanical disturbance of one machine, the next one will stop if sufficient WIP materials are not in the stock.
  3. The company is hundred percent export-oriented. So, in time delivery is very important. Other wise, the buyers will cancel export contract. So, Medicine should be stored to meet the customer’s requirement.
  4. The company used to go to production under particular order. Usually buyers require different types of quality medicine. So in case of stocking raw materials, it must be considered that no particular material will be in the store for a long time.


Types of inventory in BPL:


ü  Finished goods

ü  Work in Process

ü  Packing Materials

ü  Laboratory Chemical

ü  Literature & Promotional Materials

ü  Physician Sample

ü  Raw &Packing Materials In Transit

ü  Stock of Stationery

ü  Spares & accessories.


Raw Material: The raw-materials inventory contains items that are purchased by the firm from others and are converted into finished goods through the manufacturing (production) process. They are important input of the final product.


Work-in-Process: The Work in Process inventory consists of items currently being used in the production process. They are normally partially or semi-finished goods that are at various stages of production of multi-stage production process.


Finished Goods: Finished goods represent final or completed products, which are available for sale. The inventory of such goods consists of items that have been produced but are yet to be sold.

Sources of Raw Material & Packing materials

Sources of Raw Material are classified into two Groups:

  1. Local Purchase
  2. Import


Local Purchase:  when any specific material need for production then purchase department purchase the material from locally. For local purchase, department seek for appropriate seller. In local purchase few condition are considered such as


  1. Quality of the Material
  2. Rate of the Material
  3. Lead time
  4. Previous record of the supplier

The process of Local purchase 

Processing Purchase Order

The procedure begins with need recognition. The respective department identifies its need, gets approval of the departmental head and with the approval an authorized person sends purchase requisition to purchase department to initiate purchase. In case of property, plant and equipment acquisition, before sending purchase requisition, a budget has to be prepared by the user department. If the departmental head or higher authorities, whichever is required, approve the proposed budget a purchase requisition is sent to purchase department. And in case of raw or packing materials, the planning department determines the quantity and timing of raw materials. This department informs the purchase department when to buy materials.


When the purchase department got the requisition, it calls for quotation[4] or tender[5]. After receiving the quotation or tender, supplier has been selected. The supplier may be local or international. If the terms and conditions are in favor of both BPL and the selected supplier, an order for the purchase is than issued by the purchase department. In case of raw or packing material, the purchase order is issued by the factory. A purchase register is maintained by the purchase department in which they maintain all the required information relating to a consignment.


Receiving Material, Goods and Services

Generally the goods and services are received by the user department who issue the purchase requisition or in some cases by the authorized department. Materials are received by Quality Assurance Department (QAD) in the factory. After receiving materials, goods and services an MRR is issued for material and other than material a GRR is issued by receiving department to purchase department.  In the mean time the invoice or bill is received by the purchase department.


Before using the product by user department that is at the time of delivery, it has been inspected by the inspection or QAD, by user department or by authorized department. QAD examined the materials on a sample testing basis and provide a certificate. Normally,

  1. QAD inspects standardized items like raw material, packing material etc.
  2. User department inspects non standardized items like services, stationeries etc.
  3. Inspection department inspects machineries, plants etc.


Again at BPL there are some authorized departments for inspection. For example, computer or IT related products are inspected by IT department, furniture are by HR department. If the received goods, material and services are not according to purchase requisition BPL may

  • Refuse the order
  • Reorder the item
  • Received on condition


Before taking any action, there is a discussion between BPL and the supplier. After re-communication it has been decided whether the payment to the supplier will be made or not.


Factory sends MRR (Material Receiving Report)

After receiving material factory send MRR to accounts department for reconciliation. In this MRR amount of quantity, receiving date, amount to use quality testing are mention. Respective department entry this MRR in excel sheet for reconciliation.


Supplier bill submit

In this mean time of sending MRR supplier submit their bill in to purchase department. They approve the figure and send this bill to accounts department. Then accounts department check the approve amount, rate from purchase order, amount from MRR. If any discrepancy identify at this stage then it’s reported to purchase department.


Voucher Entry:


After checking purchase order and MRR, respective person entry this information in to journal vouchers. Where supplier name, description of product, approve amount are mentioned. Every journal voucher stapling with photocopy of bill and original bill. Then these journal vouchers approve with proper authority and main bill send for payment.


Sample of a Voucher Entry Form:


Beximco Pharma                     AP Journal Voucher                                        Date: ……..


Voucher No    : ……..                  Original Voucher No: ……..                                      0/00/00

Vendor No                              : ………

Invoice / Bill   : ………    Date: ………        MRR/QC/WO : …….       0/00/00

Due Date         : ………

Description      : ………


Payable            :     ………..                Amount   Cr.

Vat                  :     ………..                Amount   Dr

Commission    :     ………..                Amount   Dr                Total (Tk) :



Item Description Account no Amount (Tk) Dr./Cr






Signature Date Notes
Prepared by
Checked by
Approved by
Posted by























Necessary documents for Payment of bill:


There have some necessary documents that is mandatory for payments and its supply correctly by supplier

  1. Original bill
  2. Photocopy of bill ( copy not negotiable)
  3. Vat Challan
  4. Delivery challan

Material Receiving Report


The following Value taken from MRR to Prepared MRR valuation report:

  1. Material Quantity
  2. Ordered material
  3. Received material
  4. Received date & signature
  5. Amount for quality test.


Supplier List

 Some Listed Raw/Packing Material Supplier’s name mentions as follows (Vat Payer):


  • Global Capsules ltd.
  • Keya Soap Chemicals
  • Pharamatek chemicals
  • Luna plastic Ltd.
  • Combination Enterprise
  • Packstone Ltd.
  • Moitry Plastic Ltd.
  • Dias metalic
  • Oshadhai industries
  • The Bengal glass works
  • Padma cap meg. Ltd
  • J M S glass ltd
  • Kiam metal ltd
  • Unilever Bangladesh Ltd.
  • Far & Wide
  • Shuktara Printers ltd.

Import of Raw & Packing materials:


Another source of raw and packing material is importing. For import any raw and packing material respective department must open a letter of credit at bank. It is ensure the liquidity of foreign supplier. Purchase department maintain a PC file against a Letter of Credit. It contains all necessary documents among the raw/packing material and shipment. Contains of PC file described as follows:


Contents of a PC (Pharmaceutical Consignment) File


Insurance Company

Purchase department opens Letter of Credit as a starting phase of raw and packing material import. As a part of this process, Purchase department also makes insurance in any insurance company. The insurance company sends insurance bill to purchase department and after approval purchase department sends it to Accounts section. From the bill an excel sheet is prepared by taking the relevant figures. Specimen of an excel sheet is produced below:

Particular        Total VAT TK. Rebate L/C in transit Party
Exclusive 80% of VAT
PC Number                     12390 1610 10780 1288 11102 12390
(10780+20%of 1610)


For every LC, a PC file is made containing all the relevant documents relating to that LC. A distinct number is assigned for each PC file to distinguish it front others. Animportant point to be remembered is that total amount payable to the insurance company is not included in the cost of raw material. To determine the cost of raw material imported, only 20% of VAT are included as per VAT Act and the company gets rebate of VAT equal to 801/o of VAT. The following journal entry for recording goods intransit is given in MAPICS:

Particulars Debit Credit
LC in Transit                              Dr.VAT Rebate                               Dr.Accounts Payable                       Cr. 111021288 12390

When goods are received by factory and MRR is received by account section. The amount debited to LC in transit is transferred to cost of inventory. The journal entry given is:

Particulars Debit Credit
Inventory                                   Dr. 11102
LC in Transit                              Cr. 1 1102


C&F Bill

Miscellaneous Expense


Freight Forward Charge

Bank Charge

Jetty Examination

Agency Commission

Shed bill:

In every pc file shed bill is included. Shed bill authority may be changed depend on the way of route for materials (Land, Air, Sea) so shed bill will charge the respective authority.


In shed bill there have three types of charged may be imposed

  1. VAT
  2. Damages
  3. Entry fee.

Invoice of Supplier:

In every pc file there have few number of invoice is included. In this invoice, the respective company mentions there product details, quantity, rate. This information is very important for every step of production. Because when we measure a specific product then we easily find the rate, quantity, and product specification.


Packing List

In every pc file packing list is included. In the packing list respective company mention there forwarded packing list for materials receiving company. Then company can sure about the delivery packing list.


Country of Origin:

Supplier ensures the country of origin to the respective buyer issuing certificate for origin. Supplier send to buyer and its also enclosed with PC file.


Weight and measurement list:

A copy of weight and measurement list enclosed with every PC file. It ensure about weight and measurement for buyer concern. Any claim against weight & measurement is valid with the reference of weight and measurement list.


Certificate of analysis

A copy certificate of analysis is enclosed with the PC file. It is guarantee that the specific raw or packing material is good in condition.


Bill of Entry (Raw Material)

Bill of Entry is a document that supply by custom authority. In every pc file there have a bill of entry. The following figure is mention in bill of entry.

Calculation of Duty and Taxes

Assessable Value:

Particular Amount
Value of Raw Material(Invoice Value at dollar amount X Exchange Rate)Add: Insurance@1%+ Landed cost@1% xxxx
Item Assessable Value (AV) xxx


Duty Base Rate Tax
Custom Duty (CD) Assessable Value(AV) **
Supplementary Duty (SD) AV + CD **
Value Added Tax (VAT) AV + CD+SD 15% **
Advance Income Tax (AIT) Assessable Value(AV) 3% **
Development Surcharge (DSC) Assessable Value(AV) 4% **
Total Item Tax

Assessment Notice


Particular Amount of Tax
Total Item tax (From Bill of Entry) **
Add:Document Processing Fee (DF)VAT on C & F CommissionIncome Tax on C & F Commission ******
Total Global Tax ***

Total global tax paid by C&F agent in cash to custom authority to release the goods and includes the amount thus paid in C&F bill.

C & F Bill

After releasing the goods from custom, C&F agent delivers the goods to factory and sends a bill to accounts section. The bill contains the following information:

  • Documentation
  • Custom Duty and Taxes
  • Super urgent delivery expense
  • Wharfrent & Removal
  • Cooly wages for loading and unloading
  • Transport
  • Miscellaneous Expense (Freight forward charge, Jetty examination )
  • Audit
  • Agent Commission

Final Cost Sheet of L/C

 After inputting all information in to the software then a final cost sheet is prepared for costing


Sample of Final Cost


Particular Amount
L/C Margin
Opening Charge ***
Amount Retired ***
Duty and Taxes ***
C&F Commission ***
Insurance Premium ***
Misc. Expense ***
Total Cost of Raw Material ****

Bill of Entry (Packing Materials) 

Bill of Entry is a document that supply by custom authority. In every pc file there have a bill of entry. The following figure is mention in bill of entry. The main difference of Raw and Packing materials bill of entry is, PSI amount is added to packing material bill of entry. But raw materials bill of entry that’s amount is omitted.


Calculation of Duty and Taxes

Assessable Value:

Particular Amount
Value of Raw Material(Invoice Value at dollar amount X Exchange Rate)Add: PSI@1% xxxx
Item Assessable Value (AV) xxx
Duty Base Rate Tax
Custom Duty (CD) Assessable Value(AV) **
Supplementary Duty (SD) AV + CD **
Value Added Tax (VAT) AV + CD+SD 15% **
Advance Income Tax (AIT) Assessable Value(AV) 3% **
Development Surcharge (DSC) Assessable Value(AV) 4% **
PSI Assessable Value(AV) **
Total Item Tax

Assessment Notice


Particular Amount of Tax
Total Item tax (From Bill of Entry) **
Add:Document Processing Fee (DF)VAT on C & F CommissionIncome Tax on C & F Commission ******
Total Global Tax ***


Total global tax paid by C&F agent in cash to custom authority to release the goods and includes the amount thus paid in C&F bill.

Final Cost Sheet of L/C (Packing Material)

 After inputting all information in to the software then a final cost sheet is prepared for costing

Particular Amount
L/C Margin
Opening Charge ***
Amount Retired ***
Duty and Taxes ***
C&F Commission ***
Insurance Premium ***
Misc. Expense ***
Total Cost of Packing Material ****


PC file Report


The following values are taken for report prepared about PC file:

  1. LC number
  2. Material name
  3. Material code
  4. C number
  5. R number
  6. Assessable Value from Bill of entry
  7. Custom duty
  8. Advance income tax (AIT)
  9. Value added tax (VAT)
  10. Supplier name
  11. Country of origin
  12. Exchange rate
  13. Total amount of material
  14. Name of C & F agent
  15. Charge of C&F agent
  16. Charge of air/port/land authority
  17. Rate, quantity of material


Promotional Material


The Promotion material inventory contains items that are purchased by the firm from others and support for finished goods through the manufacturing (production) process. They are important input of the final product.

Source Document

  1. Purchase Order
  2. GRR
  3. Bill
  4. Mushak
  5. Challan


Purchase Order of Promotional Material

The procedure begins with need recognition. The respective department identifies its need, gets approval of the departmental head and with the approval an authorized person sends purchase requisition to purchase department to initiate purchase. If the departmental head or higher authorities, whichever is required, approve the proposed budget a purchase requisition is sent to purchase department. And in case of Promotional material, the planning department determines the quantity and timing of Promotional materials. This department informs the purchase department when to buy materials.



Verification of quantity order (taken from purchase order) with GRR to make sure that goods received that’s not exceed. The quantity ordered and also with invoices received from vendor to be sure that supplier/vendor delivers right quantity of goods at specified price.

Liability is recognized through payable journal. Since are the related to promotional material and not included in the cost of goods sold, BPL is not entitled to receive any rebate or credit of VAT paid by the supplier the entry is -.

Particulars Debit Credit
Expense    (Gross   amount   including



 Inventories are valued at lower of cost and net realizable value in accordance with IAS 2 “Inventories”. The net realizable value of inventories is based on the estimated selling price less any further costs expected to be incurred to make the sale.


  • Cost of goods sold (COGS) is a very important factor in pricing. Also for accounting purpose in the profit and loss account COGS is used to find out the gross profit. So inventory is evaluated to calculate the COGS.
  • Inventory is an item of current asset. To find out the current asset position inventory is important
  • To compare cost variance between time periods inventory evaluation gets importance.


Cost included for the raw materials Purchased locally are:

  1. Procurement cost
  2. Transportation cost
  3. Bank charge


Cost included for the imported raw materials are:

  1. Procurement cost
  2. Bank charge for opening L/C
  3. Insurance
  4. Clearing from the port and
  5. Transportation cost


Inventory Turnover:


It is indicate the efficiency of the firm about inventory. It also called as inventory utilization ratio. It is evident that BPL is turning its inventory up 2001-2003. But in the cycle of 2004-2006 ifs fall down. Its show that a low inventory turnover implies excessive inventory levels than warranted by production and sales activities. Or slow moving or obsolete inventory.

  2001 2002 2003 2004 2005 2006
Cost of good sold 1459108308 1620493149 1355748848 1430590446 1768522363 1971231333
Inventory 1144320036 1113539289 1143710812 1394794907 1683722059 1754440288
Inventory Turnover 1.28 1.46 1.19 1.03 1.05 1.12




Inventory to sales:

Sales to inventory are high in 2006 and it’s close to 1995. In the below data we identify that Beximco maintain a growth trend in sales and it increase day by day. It also shows that high rate of inventory affect the increase of sales.


  2003 2004 2005 2006
Net Sales 2183829795 2402700962 3327022574 3702317159
Total Inventory 1143710812 1394794907 1683722059 1754440288
Sales to Inventory 1.91 1.72 1.98 2.11



Comparison between Two leading pharmaceuticals company of inventory turnover (BEXIMCO & SQUARE)

Beximco Pharmaceuticals Ltd.

  2001 2002 2003 2004 2005 2006
Cost of good sold 1459108308 1620493149 1355748848 1430590446 1768522363 1971231333
Inventory 1144320036 1113539289 1143710812 1394794907 1683722059 1754440288
Inventory Turnover 1.28 1.46 1.19 1.03 1.05 1.12

Square Pharmaceuticals Ltd.

Year 2002 2003 2004 2005
Cost of good sold 2599568438 2814959729 2814959729 3159453706
Average Inventory 795856209 739835432 795856209 1144912356
Inventory Turnover 3.27 3.80 3.54 2.76
Year 2002 2003 2004 2005
Square 3.27 3.80 3.54 2.76
Beximco 1.46 1.19 1.03 1.05



  1. BPL is turning its inventory up 2001-2003. But in the cycle of 2004-2006 it has fallen down. It shows that a low inventory turnover implies excessive inventory levels than warranted by production and sales activities.
  2. Sales to inventory are high in 2006 and it’s close to 1995. In the finding data we identify that Beximco maintain a growth trend in sales and it increase day by day.
  3. Source documents are not timely available to initiate the process of recording transactions. Purchase department makes delivering these documents.
  4. Even when purchase department sends the documents timely. Some of these go missing due to improper file maintenance. A separate file is maintained for safekeeping of vital documents. But documents are maintained in a haphazard manner, especially without any sequence. Sometimes they are kept in other files. It requires extra time for searching the right one as and when needed.
  5. Some times responsible person provides or key in wrong information that hampers daily routine job.
  6. The existing BPL inventory software seems quite difficult and not user friendly. Without a qualified person it’s difficult to operate.
  7. BPL uses various types of materials and every material has a unique code. Some times respective people do not supply the material code. For this reason it becomes quite difficult to input material code for smooth work.
  8. Sometimes Purchase department do not verify all relevant information carefully. For this reason finance & accounts departments responsible person find out that information correctly. It’s time consuming.
  9. Some times documents are received in time but go unrecorded and piled up for processing in the future when some other documents will come.

10. The proportion of slow moving items is increasing day by day which may be a threat of the company.

11. Beximco provide very good job environment for their personnel. That is very important for better output.

12. Job rotation is very important for maximum output. But it’s not maintained properly.


Concluding Remark:


Beximco Pharmaceuticals Ltd. is a leading edge pharmaceutical company and is a member of the BEXIMCO Group, the largest private sector industrial conglomerate in Bangladesh. Beximco Pharma is also the largest exporter of pharmaceuticals from Bangladesh, spreading its presence in many developing and developed countries across the globe. Beximco Pharma has successfully made its footmark in the global market when it made its debut on the London Stock Exchange as the first Bangladeshi company to be listed in the world’s most prestigious bourse. This milestone event has widened the responsibility, accountability and transparency of the company beyond geographical border. The listing adds new challenges to the staffs of Accounts & Finance department who are directly responsible for Inventory Management and Financial Reporting to a diverse group of stakeholders both in national and international arena. For addressing the challenges, Beximco Pharma needs to prepare its Inventory and its cost statements often viewed as major components of annual report and most significant tools for providing information about the firm’s performance to the investors to stay up to date on a company’s yearly outlook,   The staffs who are directly associated with the excellence of Inventory Management deserve to be acclaimed for their endeavor to this end. Beximco believes in creating the difference in the market place by offering impeccable quality. Now time has come to shift its quality from production process and drag on this quality to Inventory Management also. I believe that the Accounts & Finance department equipped with knowledgeable, professional, skilled, experienced and dedicated staffs possesses the power necessary to reach the landmark of quality Inventory Management.



The inventory management system of BPL is the most modern and exclusive one in Bangladesh. Its process of recording of each level of inventory and the flow of documents is impressive. But in some cases problems arise due to mismanagement. So in that circumstances management may concentrate on the following area.

  1. To reduce the holding period of each level of inventory BPL should emphasis to increase the sales in each year.
  1. Now a days various emergent strategies are emerging for demand management, order management, supplier management, excess stock management, slow moving stock management, stockholding policy etc. are arises due to the necessity of time. BPL may use those policies to support healthy inventory management.
  1. BPL may re-engineer the inventory investment to reduce its inventory by using any Decision Support Software currently available in the market.
  1. In checking the inventory, BPL follows can the continuous verification system,  which is really a good technique in verifying the inventory. But it requires continuous checking of each and every event. In that process the manpower should be involved in such a way that the goal of verifying inventory should be successful.
  1. BPL should employ more personnel in the Finance Division in the Head office for better performance
  1. Management may visit surprisingly more than two or three time in a year to verify the level of inventory. If the surprise visit is held minimum twice a year I think the process of verifying inventory may be fruitful.
  1. BPL should form an inventory team who will be responsible for continuous checking of inventory.
  1. BPL should emphasis their importance on global demand of product before   producing it
  1. The inventory software should be redesigned in such a way that it should be more users friendly.
  1. To reduce the unsold stock. BPL should reschedule their production plan.
  1.  Responsible persons should more careful about data input.





  1. Ashis K Bhattacharyya, 1992 Principles and practice of Cost Accounting, First    Edition, Wheeler Publisher.
  2. Beximco Pharmaceuticals Limited, 2000-2006, Annual Report.
  3. B.E. Needles, Jr., H.R. Anderson & James C. Caldwell,1987 Principles of Accounting-3rd Edition, Houghton Mifflin Company, Boston, U.S.A., .
  4. Block and Hirt, 1997 “Foundation of Financial Management”, Eighth Edition, 1997.
  5. Charles T Horngreen, George Foster, and Srikant M Datar, 2000 “Cost Accounting: Managerial Emphasis”: 10th Edition, Prentice Hall of India,
  6. Euginee F Brigham, 1988, Fundamentals of Financial Management-5th Edition, The Dryden Press, Chicago,
  7. Gitman Lawrence J., 1982. “Principle of Managerial Finance”, Harper & Row Publishers, New York,
  8. I. M. Pandey, 1996 “Financial Management”, 7th Edition, 1996, Vikas Publishing House Pvt. Ltd.
  9. Jon Schreibfeder,Achieving Effective Inventory Management, 2nd Edition.
  10. M Y Khan, P K Jain Financial Management –Text and Problem- (2″d Edition)
  11. N K Prasad & A K Prasad, “Cost and Management Accounting”6th Edition, Book Syndicate Private Limited, 1994
  12. S P Jain & K L Narang,1992 “Advanced Cost Accounting” 10th Ediion, Kalyani Publisher.
  13. Square Pharmaceuticals Limited, 2002-2005., Annual Report
  14. Weston J. Fred & Brighan Eugene F.,1980 “Essential of Managerial Finance”, The Drydon Press, Chicago.

Terminology Used


BPL:              Beximco Pharmaceuticals Limited       

WIP:              Work in Process

COGS:           Cost of Goods Sold

MRR:             Material Receiving Report

PC:                 Pharmaceuticals Consignment

L/C:                Letter of Credit

PI:                  Proforma Invoice

FG:                 Finished Goods

JIT:                Just in Time

Beximco Pharmaceuticals Ltd, Annual Report.2004 Page no-2

Beximco Pharmaceuticals Ltd, Annual Report.2004 Page no-4

Beximco Pharmaceuticals Ltd, Annual Report 2004, page no-12

Beximco Pharmaceuticals Ltd, Annual Report 2001-2006.

Beximco Pharmaceuticals Ltd, Annual Report, 2001-2006

Beximco Pharmaceuticals Ltd, Annual Report, 2001-2006

Square Pharmaceuticals Ltd, Annual Report, 2002-2005