Beacon Pharmaceuticals Ltd------- Prospectus

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BEACON Light for Life BEACON PHARMACEUTICALS LTD. 153-154, Tejgaon Industrial Area Dhaka - 1208 1. Reporting Entity and It's Activities a) Legal form of the Entity NOTES TO THE ACCOUNTS For the year ended 30th June 2009 Beacon Pharmaceuticals Ltd. was incorporated in Bangladesh in 2001 under the Companies Act, 1994 as a Private Limited Company and subsequently converted into Public Limited Company. It commenced its commercial manufacturing operation in September 2006 and has been started to market its products from October 2006. The registered office of the company is located at 153-154, Tejgaon I/A, Dhaka-1208. The industrial units are located in Kathali, Bhaluka, Mymensingh. b) Nature of Business Activities The Company is engaged in manufacturing and marketing of pharmaceuticals finished Formulation Products and life saving Intravenous (I.V) Fluids, hi-tech lyophilized anticancer drugs, Active Pharmaceuticals Ingredients (APIs), Biotech products & Genetic Engineering products which it sells in the local markets as well as under selling procedure of international markets. The Company also provides contract manufacturing and tool manufacturing services. 2. Significant Accounting Policies a) Basis of Measurement of Elements of Financial Statements The financial statements have been prepared on the Current Cost basis, and therefore, it takes into consideration the effect of inflation. b) Components of the Financial Statements i) Balance Sheet as at 30th June 2009 ii) Income Statement for the year ended 30th June 2009 iii) Cash Flow Statement for the year ended 30th June 2009 iv) Statement of Changes in Shareholders' Equity for the year ended 30th June 2009 and v) Accounting policies and explanatory notes. c) Statement on Compliance with Local Laws The financial statements have been prepared in compliance with the requirements of the Companies Act 1994 and other relevant local laws as applicable. PROSPECTUS 52
Light for Life BEACON NOTES TO THE ACCOUNTS For the year ended 30th June 2009 d) Statement of Compliance of Bangladesh Accounting Standards The financial statements have been prepared in accordance with the applicable Bangladesh Accounting Standards (BASs) adopted by the Institute of Chartered Accountant of Bangladesh (ICAB) based on International Accounting Standards (IASs) and International Financial Reporting Standards (IFRSs). e) Structure, Content and presentation of Financial Statements Being the general purpose financial statements, the presentations of these financial statements are in accordance with the guidelines provided by BAS 1: Presentation of Financial Statements. f) Reporting Period Generally financial period of the company covers one year from 1st July to 30th June consistently. g) Approval of Financial Statements The financial statements were duly approved by the Board of Director. h) Currency The financial statements are prepared and presented in Bangladesh Currency (Taka), which is the company's functional currency. All financial information presented have been rounded off to the nearest Taka except where indicate otherwise. i) Risk and Uncertainty for Use of Estimates and Judgments The preparation of financial statements in conformity with Bangladesh Accounting Standards requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses, and for contingent assets and liabilities that require disclosure, during and at the date of the financial statements. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an on going basis revisions of accounting estimates are recognized in the period in which the estimate is revised and in any future periods as requested by BAS 8 : Accounting policies, Changes in Accounting Estimates and Errors. j) Accrued Expenses and Other Payables Liabilities for the goods and services received have been accounted for. Payables are not interest bearing and stated at their nominal value. k) Going Concern The company has adequate resources to continue in operation for the foreseeable future. For these reason the directors continue to adopt going concern basis in preparing the accounts. l) Financial Instruments Non-derivative financial instruments comprise accounts and other receivables, cash and cash equivalents, borrowings and other payables and are shown at transaction cost. 53 PROSPECTUS
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BEACON Light for Life AVAILABILITY
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