Annual Report 2006 of RENATA

Topics: Balance sheet, Asset, Financial statements Pages: 46 (8182 words) Published: December 10, 2014
ANNUAL
REPORT
2006

Report and Financial Statements
for the year ended 31 December 2006
 

Directors’ Report
TO THE MEMBERS
The Directors of the Company are pleased to present their Report together with the Audited Accounts of the Company for the year ended December 31, 2006.
BUSINESS ACTIVITIES
Turnover during 2006 was Taka 1,927.7 million registering a growth of 19.80% over last year’s turnover of Taka 1,608.6 million. Profit after tax was Taka 242.1 million – a growth of 25.7%. Earnings per Share (EPS) stood at Taka.301.41 against Taka 239.71 of 2005.

The following products were introduced during the year 2006: Pharmaceutical Products
1. Beconex ZI syrup
2. Becosule Gold Capsule
3. Calcin-D Tablet
4. Cefotax IM/IV Injection
5. Cefticlor Drop, Capsule & Tablet
6. Emcon Tablet
7. Honycol Linctus
8. Meropen IV Injection
9. Neurobest Tablet

10.Orcef Drops
11.Ovulet Capsule & Tablet
12.Protonil Tablet
13.Pyra Plus Tablet
14.Relexid Tablet
15.Thyrox Tablet
16.Xenapro Tablet
.
.

FINANCIAL RESULTS

The Directors take pleasure in reporting the following financial results of the Company for the year 2005:

Profit before tax
Less: Provision for tax
Net Profit after tax
Add: Un-appropriated profit brought forward
Profit available for appropriation

2006
Taka
347,221,767
105,090,130
242,131,637
456,968,084
699,099,721

2005
Taka
279,387,690
86,819,430
192,568,260
313,458,030
506,026,290

APPROPRATION RECOMMENDED:
Tax holiday reserve
Dividend proposed:
a) Cash dividend @ Taka 50/- per Share
b) Stock dividend (Bonus Share) in the ratio of
bonus share for every (0:0) Shares held
Balance Un-appropriated profit carried forward

588,839

2,197,657

40,166,200

33,471,850

16,066,500
56,232,700
642,278,182
699,099,721

13,388,740
46,860,590
456,968,043
506,026,290

DIVIDEND
While there is reasonable profit available for distribution, our investment activity is also very high. For example, the investments made in 2006, entailed cash outflow of Tk.224.8 million. In addition, the on going construction of Cephalosporin facility will require an expenditure of Tk.200.0 million. Hence the Directors deem it necessary to retain adequate funds to finance the capital expenditures for capacity building to sustain the growth of the company.

The Board of Directors is pleased to recommend a cash dividend of Taka 50 per ordinary share of Taka 100. This dividend will entail a payment of Taka 40,166,200. The Board of Directors also recommend for declaration of Stock Dividend (Bonus Shares) in the ratio of one Bonus Share for every five shares held (1:5) for which an amount of Taka 16,066,500 will have to be transferred to Share Capital Account. The appropriation, if approved by the shareholders at the Annual General Meeting of the Company, will absorb Taka 56,232,700.

DIRECTORS
The Directors retiring by rotation under Articles 109, 115 and 116 of the Articles of Association of the Company are Mr. A, Hasanat Khan and Mrs. Sajida Humayun Kabir. Moreover, Mr. Manzoor Hasan appointed as Independent Director by the Board during the year will also retire. All of them being eligible, offer themselves for re-election.

CONTRIBUTION TO NATIONAL EXCHEQUER
During the year under review your Company paid Taka 483 million to the National Exchequer in the form of Corporate Income Tax, Import Duties and Value Added Tax (VAT)

AUDITORS
The Company’s Auditors Messrs Rahman Rahman Huq Chartered Accountants retire at the thirty third Annual General Meeting and being eligible offer themselves for reappointment as Auditors for the year 2007 with re-fixation of their remuneration.

CAPITAL EXPENDITURE
The following capital expenditure made by the Company during the year amounted to Tk.364.68 million.
Taka in
Millions
Freehold Land
Factory Building
Plant and Machinery
Office Equipment, Furniture & Fixtures
Cefa Plant

27.61
81.65
201.70
9.60
44.12
364.68

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