Table of Contents

Industry intoduction: ................................................................................................................................... 2

Company profile: (Lafarge Surma Cement Limited) ..................................................................................... 3

History of Lafarge Surma Cement: ................................................................................................................ 4

Contribution of the company in Bangladesh’s economy:............................................................................. 5

Vision for the future:..................................................................................................................................... 5

Commitments: .......................................................................................................................................... 6
Working Capital Management ...................................................................................................................... 6

Analysis of Short – Term Financial Position or Test of Liquidity ............................................................... 7

Current ratio.......................................................................................................................................... 7
Quick Ratios .......................................................................................................................................... 9
Net Working Capital ............................................................................................................................ 10
Current Assets Movement Ratios ....................................................................................................... 11
Inventory turnover Ratio: ................................................................................................................... 12
Debtors Turnover Ratio....................................................................................................................... 13
Accounts Payable Turnover ................................................................................................................ 15
Cash Conversion Cycle ........................................................................................................................ 16
Working Capital Requirement............................................................................................................. 17
Net Liquid Balance (NLB)..................................................................................................................... 18
Comprehensive Liquidity Index ........................................................................................................... 19
Lambda Index ..................................................................................................................................... 20
Findings, Recommendation & Oppotunities:.............................................................................................. 22

Bibliography: ............................................................................................................................................... 24

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Industry intoduction:

Bangladesh Cement Industry currently holds an installed capacity of 33-35 Mn MT, while it can

supply 25-27 Mn MT cement, efficiently. However, the demand is at lower-end, hovering around

18-20 Mn MT. As a result, the industry possessed with overcapacity. Despite industry-wide

overcapacity, per capita cement consumption is still very low, with 107 KG in Bangladesh, in

comparison to its regional peers, like 210 KG in India, 265 KG in Pakistan, 310 KG in Sri Lanka

and 570 KG in Korea. Backed by ongoing and upcoming infrastructure development activities,

we do expect and believe that, demand may flourish and spike up cement consumption, in the

days ahead. Hence, industry leaders with exceptionally higher installed capacity may see higher

capacity utilization rates, merging to industry average utilization rate of 60-65%. The good news

is that, for the last several years, 100% demand for cement has been filled up locally. Notably,

some companies have also been exporting cement to India, while some others are expecting to

export cement in Nepal and Myanmar.

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Company profile: (Lafarge Surma Cement Limited)

Lfarge Surma Cement Limited – the only cross border commercial venture between Bangladesh

and India – was incorporated on November 11, 1997. The Company is engaged in manufacturing

and marketing of cement and clinker in the local market. To conduct its operation, it extracts and

processes the basic raw materials limestone from its own quarry in Meghalaya, India. The raw

materials are transported through a 17-km cross-border conveyor belt from the quarry to the

plant. It started its production under the brand name of “Supercrete” since 2006. As per 2012

Annual Report, the firm had utilized its entire installed capacity of Grey Cement (1.20 mn MT)

and Cement Clinker (1.15 mn MT) which was 73.75% and 42.17% in year 2011. The firm is

already meeting about 8% of the total cement market and 10% of total clinker demand of the

country. The Company ensured backward linkage with its two subsidiaries registered in India –

Lum Mawshun Minarals Pvt. Ltd. (74%) which obtains land rights and mining leases and

Lafarge Umiam Mining Pvt. Ltd.(100%) which supply limestone and shale from mines to

cement plant situated in Bangladesh. The Firm enlisted in DSE & CSE in year 2003. Around

70% of shares are held by Sponsors whereas rests 30% are held by General Investors.

Lafarge Surma Cement Limited, together with its subsidiaries, manufactures and markets cement

and clinker in Bangladesh. The company’s products include Super Crete, a Portland limestone

cement; and Power Crete, a Portland composite cement. It also owns and operates the limestone

and shale mine located at Nongtrai and Shella area of East Khasi Hills District, Meghalaya. The

company was incorporated in 1997 and is headquartered in Dhaka, Bangladesh. Lafarge Surma

Cement Limited is a subsidiary of Surma Holding B.V.

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History of Lafarge Surma Cement:

During the 80s, the country required massive infrastructure development. The construction and

real estate industry were booming and thus imported cement was not a feasible option. During

the 90s, a Bangladeshi visionary planned to create a cement company at the north east side of

Bangladesh for some strategic reasons-sourcing of raw materials from Meghalaya, access to the

river Surma and prevailing road and railway transport network for logistic issues. After his

careful study, he started the formalities for project management in Bangladesh-India and started

land acquisition. After he passed away in 1995, his predecessors planned to involve with a joint

venture partner who will bring not only adequate finance, but also in-depth knowledge, know-

how and technology of cement production which was rare at that time in Bangladesh. (Lafarge

Surma Cement Limited, 2016). In the process, world’s number one cement manufacturer Lafarge

of France came into the project as majority shareholder and took over the management of the

project. In 2002, another major player, Cementos Molins of Spain joined Lafarge as an equal

equity partner. (Lafarge Surma Cement Limited, 2016). It has been financed by a number of

leading Bangladeshi business houses, International Finance Corporation (IFC), The World Bank,

the Asian Development Bank (ADB), German Development Bank, European Investment Bank

(EIB) and the Netherlands Development Finance Company. Lafarge Surma Cement Ltd. was

incorporated on 11th November 1997 as a private limited company in Bangladesh under the

Companies Act 1994. Later, in 2003 Lafarge Surma Cement was converted to a public limited

company. In November 2000, the two Governments of India and Bangladesh signed a historic

agreement through exchange of letters in order to support this unique cross border commercial

venture and till date it is the only cross border industrial venture between the two countries. The

plant of Lafarge Surma Cement, which is located in Chhatak Sunamganj is the only fully

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integrated dry process cement plant in Bangladesh. It sources its primary raw material limestone

from its own quarry in Meghalaya, India, which has one of the best quality limestone deposits in

the world. (Company profile, 2016) . Using 17 km long conveyor belt, the limestones are

collected, to produce premium quality clinker (a semi finished product needed to produce

cement) and cement.

Contribution of the company in Bangladesh’s economy:

By supplying clinker to other cement producers in the market and through import substitution of

clinker, Lafarge Surma Cement helps the country to save USD 65-70 million worth of foreign

currency per year. The Company also contributes around BDT 1 (one) billion per annum as

government revenue to the national exchequer of Bangladesh. About 5,000 people depend on the

business directly or indirectly for their livelihood. Apart from these, the company also

contributes to the sustainable development of the society, economy and environment through its

Corporate Social Responsibility initiatives in the area of education, health, employment

generation, infrastructure development and environmental management.

Vision for the future:

The company’s vision is to be the undisputed leader in building materials in Bangladesh through:

 Bringing Excellence in all areas of operations with world class standards

 Harnessing strengths as the only cement producer in Bangladesh

 Achieving Sustainable growth that respects the environment and the community

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On 7th April 2014, Lafarge and Holcim announced a merger project to create LafargeHolcim.

Lafarge and Holcim had formally notified the European Commission of their proposed merger in

order to obtain regulatory approval. With this notification, Holcim and Lafarge have completed

all necessary notifications with regulatory authorities worldwide and thus merged on 10th July,

2015. However, decision regarding the merging of operations of LafargeHolcim in Bangladesh

has not yet been taken by the officials. (Murtuza, 2015)

Commitments:

 Offering highest quality of product and services that exceed customers expectation

 Giving employees an enabling environment that nurtures their talents and opportunity to give

the best for the organization

 Contribute to building a better world for our communities

 Delivering the value creation that the shareholders expect.

Working Capital Management

Management of working capital is concerned with the problem that arises in attempting to

manage the current assets, current liabilities. The basic goal of working capital management is to

manage the current assets and current liabilities of a firm in such a way that a satisfactory level

of working capital is maintained, i.e. it is neither adequate nor excessive as both the situations

are bad for any firm. There should be no shortage of funds and also no working capital should be

ideal. Working Capital Management Polices of a firm has a great on its probability, liquidity and

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structural health of the organization. So working capital management is three dimensional in

nature as

1. It concerned with the formulation of policies with regard to profitability, liquidity and risk.

2. It is concerned with the decision about the composition and level of current assets.

3. It is concerned with the decision about the composition and level of current liabilities.

Analysis of Short – Term Financial Position or Test of Liquidity

The short –term creditors of a company such as suppliers of goods of credit and commercial

banks short-term loans are primarily interested to know the ability of a firm to meet its

obligations in time. The short term obligations of a firm can be met in time only when it is

having sufficient liquid assets. So to with the confidence of investors, creditors, the smooth

functioning of the firm and the efficient use of fixed assets the liquid position of the firm must be

strong. But higher degree of liquidity of the firm is being tied – up in current assets. Therefore, it

is important proper balance in regard to the liquidity of the firm. Two types of ratios can be

calculated for measuring short-term financial position or short-term solvency position of the

firm.

1. Liquidity ratios.

2. Current assets movements ‘ratios.

Current ratio

The current ratio is a liquidity ratio that measures a company's ability to pay short-term and long-

term obligations. To gauge this ability, the current ratio considers the total current assets of a

company (both liquid and illiquid) relative to that company's total current liabilities

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 2011 2012 2013 2014 2015 2016

Current
0.227537 0.425541 0.469818 1.266241 1.424158 2.16
Ratio

Current
Assets 2,317,596,00 3,450,421,00 3,967,365,00 5,090,855,00 6,505,784,00 8,238,217,00
0.00 0.00 0.00 0.00 0.00 0.00
Current
Liabilities 10,185,573,0 8,108,312,00 8,444,477,00 4,020,447,00 4,568,162,00 3,236,475,00
00.00 0.00 0.00 0.00 0.00 0.00
Inventories
1,146,423,00 1,572,777,00 1,659,520,00 1,556,950,00 1,564,285,00 1,245,198,00
0.00 0.00 0.00 0.00 0.00 0.00

Current Ratio
2.5

1.5

0.5

2011 2012 2013 2014 2015 2016

The current ratio has been up ward sloping, but there was a huge jump from 2013 to 2014 and

2015 to 2016. Although they have enough current assets to pay their current obligations, but this

means their liquidity level increased. This is due to an decrease in liabilities levels and increase

current asset through the five-year span.

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Quick Ratios

The quick ratio is a measure of how well a company can meet its short-term financial liabilities.

Also, known as the acid-test ratio, it can be calculated as follows: (Cash + Marketable Securities

+ Accounts Receivable) / Current Liabilities.

2011 2012 2013 2014 2015 2016

Quick
0.114984 0.231570 0.273296 0.878983 1.081726 2.55
Ratio

Quick Ratio
3.00

2.50

2.00

1.50

1.00

0.50

-
Ratio

2011 2012 2013 2014 2015 2016

A high ratio is an indication that the firm is liquid and has the ability to meet its current liabilities

in time and on the other hand a low quick ratio represents that the firms’ liquidity position is not

good.

As a rule of thumb ratio of 1:1 is considered satisfactory. It is generally thought that if quick

assets are equal to the current liabilities then the concern may be able to meet its short-term

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obligations. However, a firm having high quick ratio may not have a satisfactory liquidity

position if it has slow paying debtors. On the other hand, a firm having a low liquidity position if

it has fast moving inventories.

In the year 2015, the company's current assets except inventory were 1.08 times higher than its

current liabilities. No fluctuation curve can be found for the years 2011 to 2015. It did improve

in 2014 sharply. So, we can assume the situation is good though. The current assets excluding

the inventories have increased from 2011 to 2015 but at the same time the current liabilities have

declined, thus causing the quick ratio to increase in 2015. On the other hand, inventory level was

quite stable at later period of time.

Net Working Capital

Net Working Capital (NWC) is the difference between a company’s current assets (net of cash)

and current liabilities (net of debt) on its Balance Sheet. It is a measure of a company’s liquidity

and its ability to meet short-term obligations, as well as fund operations of the business. The

ideal position is to have more current assets than current liabilities, and thus have a positive net

working capital balance.

2011 2012 2013 2014 2015 2016

NWC
-7867977000 -4657891000 -4477112000 1070408000 1937622000 5001742000

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 Net Working Capital
6000000
Thousands

4000000

2000000

0
2011 2012 2013 2014 2015 2016
-2000000

-4000000

-6000000

-8000000

-10000000

Working capital is required to finance day to day operations of a firm. There should be an

optimum level of working capital. It should not be too less or not too excess. In the company

there is increase in working capital. The increase in working capital arises because the company

has expanded its business

The Net Working Capital increased gradually from 2011 to 2015. There was a fluctuation earlier

but later it was quite stable the level of inventory

Current Assets Movement Ratios

Funds are invested in various assets in business to make sales and earn profits. The efficiency

with which assets are managed directly affects the volume of sales. The better the management

of assets, large is the amount of sales and profits. Current assets movement ratios measure the

efficiency with which a firm manages its resources. These ratios are called turnover ratios

because they indicate the speed with which assets are converted or turned over into sales.

Depending upon the purpose, a number of turnover ratios can be calculated. These are :

 Inventory Turnover Ratio

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  Debtors Turnover Ratio

 Creditors Turnover Ratio

Inventory turnover Ratio:

Every firm has to maintain a certain amount of inventory of finished goods so as to meet the

requirements of the business. But the level of inventory should neither be too high nor too low.

Because it is harmful to hold more inventory as some amount of capital is blocked in it and some

cost is involved in it. It will therefore be advisable to dispose the inventory as soon as possible.

Inventory Turnover Ratio = Cost Of Goods Sold / Average Inventory

Inventory turnover ratio measures the speed with which the stock is converted into sales. Usually

a high inventory ratio indicates an efficient management of inventory because more frequently

the stocks are sold; the lesser amount of money is required to finance the inventory. Low

inventory turnover ratio is indicator of inefficient management of inventory. A low inventory

turnover implies over investment in inventories, dull business, poor quality of goods, stock

accumulations and slow moving goods and low profits as compared to total investment.

Inventory 2011 2012 2013 2014 2015 2016

Turnover 4.36 3.16 3.54 4.98 4.55 5.59

2011 2012 2013 2014 2015 2016

DIH
82.62 113.81 101.60 72.30 79.14 64.41

Day Inventory Held = 360 (Net Working Days) / Inventory Turnover Ratio

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 DIH
120

100

80

60
DIH
40

20

0
2011 2012 2013 2014 2015 2016

Inventory conversion period shows that how many days’ inventories take to convert R/A. In the

company inventory conversion period is decreasing. This shows the efficiency of management to

convert the inventory into A/R.

Debtors Turnover Ratio

A concern may sell its goods on cash as well as on credit to increase its sales and a liberal credit

policy may result in tying up substantial funds of a firm in the form of trade debtors. Trade

debtors are expected to be converted into cash within a short period and are included in current

assets. So liquidity position of a concern also depends upon the quality of trade debtors. Two

types of ratio can be calculated to evaluate the quality of debtors.

a) Debtors Turnover Ratio

b) Average Collection Period

Debtors Turnover Ratio = Total Sales (Credit) / Average Debtors

Debtor’s velocity indicates the number of times the debtors are turned over during a year.

Generally higher the value of debtor’s turnover ratio the more efficient is the management of

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debtors/sales or more liquid are the debtors. A low debtor’s turnover ratio indicates poor

management of debtors /sales and less liquid debtors. This ratio should be compared with ratios

of other firms doing the same business and a trend may be found to make a better interpretation

of the ratio.

2011 2012 2013 2014 2015 2016

Accounts
Receivables 42.47 11.43 14.95 14.17 13.39 5.55
Turnover
DSO 8.48 31.49 24.08 25.40 26.89 64.86
This ratio indicates the speed with which debtors are being converted or turnover into sales. The

higher the values of debtors turnover, the more efficient is the management of credit. But in the

company the debtor turnover ratio is decreasing year to year. This shows that company is not

utilizing its debtors efficiency. Now their credit policy becomes liberal as compare to previous

year.

DSO
70
60
50
40
30 DSO

20
10
0
2011 2012 2013 2014 2015 2016

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Average Collection Period

The average collection period ratio represents the average number of days for which a firm has to

wait before its receivables are converted into cash. It measures the quality of debtors. Generally,

shorter the average collection period the better is the quality of debtors as a short collection

period implies quick payment by debtors and vice-versa.

Average Collection Period = 360 (Net Working Days) / Debtors Turnover Ratio

The average collection period measures the quality of debtors and it helps in analyzing the

efficiency of collection efforts. It also helps to analysis the credit policy adopted by company. In

the firm average collection period increasing year to year. It shows that the firm has Liberal

Credit policy. These changes in policy are due to competitor’s credit policy.

Accounts Payable Turnover

Since the accounts payable turnover ratio indicates how quickly a company pays off its vendors,

it is used by supplies and creditors to help decide whether or not to grant credit to a business. A

higher ratio is almost always more favorable than a lower ratio.

A higher ratio shows suppliers and creditors that the company pays its bills frequently and

regularly. It also implies that new vendors will get paid back quickly. A high turnover ratio can

be used to negotiate favorable credit terms in the future.

2011 2012 2013 2014 2015 2016

Accounts
Payable 3.79 2.78 3.02 3.84 3.10 18.39
Turnover

Here, we can see that lafarge Surma is paying it’s accounts payable more fast day by day.

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 2011 2012 2013 2014 2015 2016

95.01 129.41 119.11 93.82 115.97 19.58

Cash Conversion Cycle

DPO 95.01 129.41 119.11 93.82 115.97 19.58

Operating Cycle 91.10 145.30 125.68 97.71 106.03 129.28
Cash Conversion Cycle (3.91) 15.89 6.57 3.89 (9.94) 109.70

160

140

120

100

DPO
80
OC
60
CCC

40

20

0
2011 2012 2013 2014 2015 2016
-20

On an average, it takes -10 days to recover the cost investment in the year 2015, meaning the

credit policy of the company is very good. Lafarge Cement cash conversion cycle started to

decline from the year 2012 and it was negative in 2011 and 2015. We can see that Lafarge

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Cement has a low cash conversion cycle, indicating that the performance of Lafarge Cement is

very satisfactory. But performance is very poor in 2016.

160

140

120

100
DIH
80
DSO

60 OC

40

20

0
2011 2012 2013 2014 2015 2016

Working Capital Requirement

When a business trades is has a working capital requirement, it buys goods from suppliers, holds

them as inventory, and then sells them to customers. Depending on the type of business, there

may be stages in between for example, a manufacturer will buy and hold inventory of raw

materials, and incur production costs to manufacture the finished product before selling, whereas

a retailer might simply buy from the supplier and sell on to the customer. Either way, the

fundamentals are the same, buy from the supplier, hold inventory, and sell to the customer.

2011 2012 2013 2014 2015 2016

Working

Capital (2,363,329,000.00) (1,997,674,000.00) (1,615,769,000.00) 659,243,000.00 1,244,382,000.00 (853,303,000.00)

Requirement

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(Net Working Capital Requirement) = (Inventory + Accounts receivable – Accounts payable)

Working capital is finances by the short-term fund and here we can see that Lafarge Cement has

a negative Working capital from 2011 to 2013 but it has been increasing sharply during 2014 and

2015, which means company is using its funding sources to finance working capital.

Working Capital Requirement

1,500,000,000.00

1,000,000,000.00

500,000,000.00

0.00
2011 2012 2013 2014 2015 2016
-500,000,000.00

-1,000,000,000.00

-1,500,000,000.00

-2,000,000,000.00

-2,500,000,000.00

-3,000,000,000.00

Net Liquid Balance (NLB)

Solvency, in finance or business, is the degree to which the current assets of an individual or

entity exceed the current liabilities of that individual or entity. Solvency can also be described as

the ability of a corporation to meet its long-term fixed expenses and to accomplish long-term

expansion and growth. A measure of solvency which subtracts current financial liabilities (short-

term obligations) from current financial assets (cash assets and short-term investments). It is

calculated using the following formula:

Net Liquid Balance = (cash & cash equivalents + short-term investments) - notes payable

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 2011 2012 2013 2014 2015 2016

Net

Liquid
(5,522,677,000.00) (2,660,217,000.00) (2,916,702,000.00) (1,605,803,000.00) 693,240,000.00 3,173,131,000.00
Balance

(NLB)

Company’s Net Liquid Balance (NLB) has been increasing constantly throughout 2011 to 2015

and in 2015 it was tk. 693240000 which indicates that company can free up its loan amounts

with ease.

Net Liquid Balance(NLB)

4,000,000,000.00
3,000,000,000.00
2,000,000,000.00
1,000,000,000.00
0.00
2011 2012 2013 2014 2015 2011
-1,000,000,000.00
-2,000,000,000.00
-3,000,000,000.00
-4,000,000,000.00
-5,000,000,000.00
-6,000,000,000.00

Comprehensive Liquidity Index

The liquidity index calculates the days required to convert a company's trade receivables and

inventory into cash. The index is used to estimate the ability of a business to generate the cash

needed to meet current liabilities.

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 2011 2012 2013 2014 2015
Comprehensive
Liquidity
0.12 0.39 0.44 1.38 1.64
Index

There has been a constant increase in company’s Comprehensive Liquidity Index from 2011 to

2013 and after 2013 there has been a sharp increase throughout 2014 which indicates that

company has the ability to cover its current liabilities with its current assets while they are

adjusted for deviation.

COMPREHENSIVE LIQUIDITY INDEX

1.8 1.638200341
1.6
1.383416202
1.4
1.2
1
0.8
0.6 0.440073448
0.385129803
0.4
0.121991613
0.2
0
2011 2012 2013 2014 2015

Lambda Index

It is a critical indicator of company’s ability to pay its bills. Lambda is a new liquidity ratio that

has fewer limitations than the traditional measures because it accounts for all the factors that

affect a company's liquidity. This new ratio is defined as:

= Total anticipated net Initial liquid reserve + cash flow during the analysis horizon Lambda /

Uncertainty about net cash flow during the analysis horizon

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Lamda Index(ƍ) 8.37562238
Not Stock Out 99.999970%
Stock Out 0.000030%

Here the Lambda index shows that the company has 99.99% of not stocking out and has very

marginal percentage of stocking out which indicates a strong position for the company.

Z- Score
Z-Score 2016

Net Working Capital 50,001,742

X1 2.383352292
Retained Earnings 3,488,351
X2 0.166273594
Operating Earnings 2,884,125
X3 0.137472929
Market Capitalization 11,613,735

X4 3.59
Sales 10,728,855

X5 3.31
Total Liability 3,236,475
Total Assets 20,979,585

Z 9.75

Comment Safe

The company’s Z-Score is 9.75 which indicates that the company has no chance of being

bankrupt in next two years which also shows a strong position for the company.

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Findings, Recommendation & Oppotunities:

 On 10 March 2013, the Company had signed a three year agreement with Madina

Cement Industries Ltd. According to the agreement Madina Cement Industries will

produce Portland Composite Cement exclusively for Lafarge Surma which will be

marketed under the brand name of “Powercete” along with the existing brand

“Supercrete”. This indicates increasing demand of firm’s product and higher expected

revenue.

 The firm reduced its huge accumulated loss of BDT 534 crore to only BDT 94 crore.

Specifically, in Q4 2013, it registered remarkable profit of BDT 112.3 crore.

 The Company enjoyed, on an average, around 40% gross profit margin; whereas other

players in the industry can avail gross profit margin up to 15% - 20%. The reason is the

firm has competitive edge in getting raw materials through its own resources while others

have to import the raw materials from abroad.

 As per 2013 corporate declaration, the Company has accumulated loss of around BDT 94

crore and therefore declared no dividend. As a result, the firm remained as “Z” category

in the bourses.

 The Company has already utilized its existing production capacity fully; therefore, it has

to go for contract manufacturing (i.e., outsource the finished-goods from other

manufacturers) which will naturally be more costly than own production.

 The firm suffered from losses due to operational interruption from April 2010 to August

2011; as India's High Court halted mining limestone from Meghalaya because of

environmental concerns. This issue was resolved under some conditions by India's

Supreme Court’s verdict. During that time, the Company experienced huge losses (BDT

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 534 crore). The situation is, however, gradually improving in recent times. The Company

has reported phenomenal performance in Q4 of 2013 (BDT 112.3 crore) which helped to

reduce its existing accumulated loss to BDT 94.5 crore. As on date, 14-days RSI and 14

MFI of the Company were 64.70 and 78.50 respectively.

 Lafarge Surma Cement Ltd. is one of largest foreign investments in Bangladesh (USD

280 mn). The firm suffered from losses due to operational interruption from April 2010

to August 2011; as India's High Court halted mining limestone from Meghalaya because

of environmental concerns. But it has recovered form that crisis, making profit with

solvency and good future prospect. On the other hand, it is Maintaining over liquidity

than required and it require to be more concern with Receivable collection.

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Bibliography:

 Cement. (2016, July 20). Retrieved July 28, 2016, from Wikipedia:

https://en.wikipedia.org/wiki/Cement

 Company profile. (2016). Retrieved July 20, 2016, from Lafrge Surma Cement

Limited: http://www.lafarge-bd.com/about-us/company-profile/

 Lafarge Surma Cement Limited. (2016, July 19). Dhaka, Banladesh. Retrieved July

19, 2016, from http://www.superbrands.com/bd/images/PDF/29.pdf

 Murtuza, H. (2015, July 17). Lafarge, Holcim yet to decide on Bangladesh Merger.

Retrieved July 18, 2016, from http://newagebd.net/120460/lafarge-holcim-yet-to-

decide-onbangladesh-merger/

 Annual report of Laferge surma Ltd. (2011,2012,2013,2014,2015,2016). Retrieved

from Lafrge Surma Cement Limited.

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