STAMFORD UNIVERSITY BANGLADESH

Assignment On: Capital Structure Analysis of Lafarge Surma Cement Limited
Course Title: Finance Theory Course Code: FIN -608

Submit To

Mohammad Salahuddin Chowdhury, ACA
Assistant Professor, Dept. of Finance, University of Dhaka

Submit By Md. Jahidul Islam; ID: MBA-05014570 Jabun Nahar; ID: MBA 05014443 Rajib Kumar Saha; ID: MBA 05014533

Date of submission 17th April 2013

Letter of Transmittal
April 17, 2013 Mohammad Salahuddin Chowdhury, ACA Assistant Professor, Dept. of Finance, University of Dhaka Subject: Submission of Assignment titled “Capital Structure Analysis of Lafarge Surma Cement Limited”. Dear Sir, This is informing you that I have done this assignment on “Capital Structure Analysis of Lafarge Surma Cement Limited”. It is a great pleasure for me to present you such type of assignment. To prepare this assignment I collect essential data. I learnt a lot of unknown issues of direct Marketing, while preparing this assignment. This assignment was a challenging experiences for us a theoretical as well as practical. I tried my best to make the assignment a sound one as per your valuable counseling and proper guidance. I express our gratitude to you for giving us the opportunity to making this assignment. I would be obliged if you kindly call me for any explanation or any query about the assignment as and when deemed necessary. Within the time limit, I have tried my best to compile the pertinent information as comprehensively as possible and if you need any further information, I will be glad to assist you. Thanking you,
On behalf of my group

___________________________

Md. Jahidul Islam MBA: 05014570 Dept. of Business Administration Stamford University Bangladesh

Executive Summary
Capital structure, the mixture of a firm's debt and equity, is important because it costs company money to borrow. Capital structure also matters because of the different tax implications of debt vs. equity and the impact of corporate taxes on a firm's profitability. Firms must be prudent in their borrowing activities to avoid excessive risk and the possibility of financial distress or even bankruptcy. A firm's debt-to-equity ratio also impacts the firm's borrowing costs and its value to shareholders. The debt-to-equity ratio is a measure of a company's financial leverage calculated by dividing its total liabilities by stockholders' equity. It indicates what proportion of equity and debt the company is using to finance its assets. A high debt/equity ratio generally means that a company has been aggressive in financing its growth with debt. This can result in volatile earnings as a result of the additional interest expense. The target (optimal) capital structure is simply defined as the mix of debt, preferred stock and common equity that will optimize the company's stock price. As a company raises new capital it will focus on maintaining this target (optimal) capital structure.

Table of Contents
1. Introduction 2. Capital Structure
Clarifying Capital Structure-Related Terminology Capital Ratios and Indicators Additional Evaluative Debt-Equity Considerations Factors That Influence a Company's Capital-Structure Decision

1 2
2 3 3 4

3. Cement Industry of Bangladesh
Industry Overview Existing Industry Structure Market for Cement Industry Future Prospect Market Share

5
6 6 6 7 7

4. Lafarge Surma Cement Limited
Company Overview Basic Information Interim Financial Performance: 2012 Shareholders & Investors Composition of the Shareholders

8
8 9 9 10

5.

Data Analysis
Findings from Annual Report Analysis Comparison of Balance Sheet & Income Statement Items Cross Table Analysis of Ratios

12
12 12 14

6. Conclusion

16

Introduction
Capital structure, the mixture of a firm's debt and equity, is important because it costs company money to borrow. Capital structure also matters because of the different tax implications of debt vs. equity and the impact of corporate taxes on a firm's profitability. Firms must be prudent in their borrowing activities to avoid excessive risk and the possibility of financial distress or even bankruptcy. A firm's debt-to-equity ratio also impacts the firm's borrowing costs and its value to shareholders. The debt-to-equity ratio is a measure of a company's financial leverage calculated by dividing its total liabilities by stockholders' equity. It indicates what proportion of equity and debt the company is using to finance its assets. A high debt/equity ratio generally means that a company has been aggressive in financing its growth with debt. This can result in volatile earnings as a result of the additional interest expense. If a lot of debt is used to finance increased operations (high debt to equity), the company could potentially generate more earnings than it would have without this outside financing. If this financing increases earnings by a greater amount than the debt cost (interest), then the shareholders benefit as more earnings are being spread among the same amount of shareholders. However, the cost of this debt financing may outweigh the return that the company generates on the debt through investment and business activities and become too much for the company to handle. Insufficient returns can lead to bankruptcy and leave shareholders with nothing. The debt/equity ratio also depends on the industry in which the company operates. For example, capital-intensive industries such as auto manufacturing tend to have a debt/equity ratio above 2, while personal computer companies tend to have a debt/equity ratio of under 0.5. (Read more in Spotting Companies In Financial Distress and Debt Ratios: Introduction.) A company can change its capital structure by issuing debt to buy back outstanding equities or by issuing new stock and using the proceeds to repay debt. Issuing new debt increases the debt-to-equity ratio; issuing new equity lowers the debt-to-equity ratio. As you will recall from Section 13 of this walkthrough, minimizing the weighted average cost of capital (WACC) maximizes the firm's value. This means that the optimal capital structure for a firm is the one that minimizes WACC.

Capital Structure
For stock investors that favor companies with good fundamentals, a strong balance sheet is an important consideration for investing in a company's stock. The strength of a company' balance sheet can be evaluated by three broad categories of investment-quality measurements: working capital adequacy, asset performance and capital structure. In this section, we'll consider the importance of capital structure. A company's capitalization (not to be confused with market capitalization) describes its composition of permanent or long-term capital, which consists of a combination of debt and equity. A company's reasonable, proportional use of debt and equity to support its assets is a key indicator of balance sheet strength. A healthy capital structure that reflects a low level of debt and a corresponding high level of equity is a very positive sign of financial fitness. (Learn about market capitalization in Market Capitalization Defined).

Clarifying Capital Structure-Related Terminology
The equity part of the debt-equity relationship is the easiest to define. In a company's capital structure, equity consists of a company's common and preferred stock plus retained earnings, which are summed up in the shareholders' equity account on a balance sheet. This invested capital and debt, generally of the long-term variety, comprises a company's capitalization and acts as a permanent type of funding to support a company's growth and related assets. A discussion of debt is less straightforward. Investment literature often equates a company's debt with its liabilities. Investors should understand that there is a difference between operational and debt liabilities - it is the latter that forms the debt component of a company's capitalization. That's not the end of the debt story, however. Among financial analysts and investment research services, there is no universal agreement as to what constitutes a debt liability. For many analysts, the debt component in a company's capitalization is simply a balance sheet's long-term debt. However, this definition is too simplistic. Investors should stick to a stricter interpretation of debt where the debt component of a company's capitalization should consist of the following: short-term borrowings (notes payable), the current portion of long-term debt, long-term debt, and twothirds (rule of thumb) of the principal amount of operating leases and redeemable preferred stock. Using a comprehensive total debt figure is a prudent analytical tool for stock investors.

Capital Ratios and Indicators
In general, analysts use three different ratios to assess the financial strength of a company's capitalization structure. The first two, the debt and debt/equity ratios, are popular measurements; however, it's the capitalization ratio that delivers the key insights to evaluating a company's capital position. The debt ratio compares total liabilities to total assets. Obviously, more of the former means less equity and, therefore, indicates a more leveraged position. The problem with this measurement is that it is too broad in scope, which, as a consequence, gives equal weight to operational and debt liabilities. The same criticism can be applied to the debt/equity ratio, which compares total liabilities to total shareholders' equity. Current and non-current operational liabilities, particularly the latter, represent obligations that will be with the company forever. Also, unlike debt, there are no fixed payments of principal or interest attached to operational liabilities. The capitalization ratio (total debt/total capitalization) compares the debt component of a company's capital structure (the sum of obligations categorized as debt plus the total shareholders' equity) to the equity component. Expressed as a percentage, a low number is indicative of a healthy equity cushion, which is always more desirable than a high percentage of debt. (To continue reading about ratios, see Debt Reckoning).

Additional Evaluative Debt-Equity Considerations
Funded debt is the technical term applied to the portion of a company's long-term debt that is made up of bonds and other similar long-term, fixed-maturity types of borrowings. No matter how problematic a company's financial condition may be, the holders of these obligations cannot demand immediate and full repayment as long the company pays the interest on its funded debt. In contrast, bank debt is usually subject to acceleration clauses and/or covenants that allow the lender to call its loan. From the investor's perspective, the greater the percentage of funded debt to total debt, the better. Funded debt gives a company more wiggle room.

Factors That Influence a Company's Capital-Structure Decision
The primary factors that influence a company's capital-structure decision are as follows: 1. Business Risk Excluding debt, business risk is the basic risk of the company's operations. The greater the business risk, the lower the optimal debt ratio. As an example, let's compare a utility company with a retail apparel company. A utility company generally has more stability in earnings. The company has less risk in its business given its stable revenue stream. However, a retail apparel company has the potential for a bit more variability in its earnings. Since the sales of a retail apparel company are driven primarily by trends in the fashion industry, the business risk of a retail apparel company is much higher. Thus, a retail apparel company would have a lower optimal debt ratio so that investors feel comfortable with the company's ability to meet its responsibilities with the capital structure in both good times and bad. 2. Company's Tax Exposure Debt payments are tax deductible. As such, if a company's tax rate is high, using debt as a means of financing a project is attractive because the tax deductibility of the debt payments protects some income from taxes. 3. Financial Flexibility Financial flexibility is essentially the firm's ability to raise capital in bad times. It should come as no surprise that companies typically have no problem raising capital when sales are growing and earnings are strong. However, given a company's strong cash flow in the good times, raising capital is not as hard. Companies should make an effort to be prudent when raising capital in the good times and avoid stretching their capabilities too far. The lower a company's debt level, the more financial flexibility a company has. Let's take the airline industry as an example. In good times, the industry generates significant amounts of sales and thus cash flow. However, in bad times, that situation is reversed and the industry is in a position where it needs to borrow funds. If an airline becomes too debt ridden, it may have a decreased ability to raise debt capital during these bad times because investors may doubt the airline's ability to service its existing debt when it has new debt loaded on top. (Learn more about this industry in Dead Airlines And What Killed Them and 4 Reasons Why Airlines Are Always Struggling).

4. Management Style Management styles range from aggressive to conservative. The more conservative a management's approach is, the less inclined it is to use debt to increase profits. An aggressive management may try to grow the firm quickly, using significant amounts of debt to ramp up the growth of the company's earnings per share (EPS). 5. Growth Rate Firms that are in the growth stage of their cycle typically finance that growth through debt by borrowing money to grow faster. The conflict that arises with this method is that the revenues of growth firms are typically unstable and unproven. As such, a high debt load is usually not appropriate. More stable and mature firms typically need less debt to finance growth as their revenues are stable and proven. These firms also generate cash flow, which can be used to finance projects when they arise. 6. Market Conditions Market conditions can have a significant impact on a company's capital-structure condition. Suppose a firm needs to borrow funds for a new plant. If the market is struggling, meaning that investors are limiting companies' access to capital because of market concerns, the interest rate to borrow may be higher than a company would want to pay. In that situation, it may be prudent for a company to wait until market conditions return to a more normal state before the company tries to access funds for the plant. (Read more about market conditions in The Cost Of Unemployment To The Economy and Betting On The Economy: What Are The Odds?)

Cement Industry of Bangladesh
Industry Overview
The development of cement industry in Bangladesh dates back to the early-fifties but its growth in real sense started only about decade or so. Bangladesh has been experiencing an upsurge in the use of cement in recent years. Increase in demand for cement has soared mainly due to the property sector boom and infrastructure development concentrated in the Dhaka Metropolitan area and other major urban areas of the country. The infrastructural development at grass root level has led to an increased demand for cement at an average rate of 8% per annum during the past decade.

Existing Industry Structure
In terms of cement production, Bangladesh ranks about 40th in the world. Cement manufacturing is a highly fragmented business in Bangladesh. During the 1990s, many small cement companies entered the market as soon as the government started encouraging local production with favorable tariff differential. Currently 123 companies are listed as cement manufacturers in the country. Of them 63 have actual production capacity while about 30 do not have any production at all. The current installed capacity is 22.0 MMT. However, because of supply constraints for power and clinkers, the actual capacity is about 17.0 MMT. Bangladesh is one of the few sizable producers of cement that does not have its own supply of limestone and cannot produce clinkers domestically. There is a strong tax-support for local cement manufacturers in Bangladesh. They receive a significant import tax advantage over finished cement (about 15% for raw-materials versus 100% for finished cement). This tariff differential helps most to operate profitably. A change in the tariff structure is not anticipated in the near future.

Market for Cement Industry
Construction takes up an important role in the economy (about 10% of the GDP). Annual demand for cement in the country is about 10.0 MMT. Understandably the market has a capacity overhang. There is a small market for export of cement, mainly to the small northeastern states of India. However, the size of the export is quite small (about 200 KMT a year). There are four categories of cement consumers in the country. The largest with about 60% of the consumption are the individual homebuilders. This is also the most price sensitive segment. Real estate developers, especially in the country’s urban area constitute about 8% of the market. Construction contractors constitute another 3% of the market. Lastly, various government projects take up about 30% of the total cement construction.

Future Prospect
The industry realized about 20% sales growth in 2009, mostly because of the latent demand from last years. On a secular basis, ongoing demand growth is expected to be about 8%, the outlook for the cement industry seems positive for a number of reasons. First, the government seems to be on a war footing to increase both the amount and the efficiency of spending in social and physical infrastructure under the Annual Development Programs (ADP). Second, the private sector is also energized because of certain tax advantages for undeclared funds if they are invested in real estate. Third, a number of large infrastructure construction projects (such as the Padma Bridge) are on the horizon. Both the government and the private sector are soliciting funds for such projects. If implemented, these projects would significantly improve demand for construction materials.

Market Share
The largest 10 cement manufacturers hold about 70% of the market share. While Heidelberg, Holcim and Lafarge are the leaders among multinational cement manufacturers; Shah, Akij and MI are the leading domestic manufacturers. Shah cement is the market leader with close to 12% of the market share, closely followed by Heidelberg with about 10% of the market share.

Lafarge Surma Cement Limited
Company Overview
Lafarge Surma Cement Ltd. (LSC) was incorporated on 11 November 1997 as a private limited company in Bangladesh under the Companies Act 1994 having its registered office in Dhaka. On 20 January 2003 Lafarge Surma Cement Ltd. was made into a public limited company. The Company is listed in Dhaka and Chittagong Stock Exchange. Today, Lafarge Surma Cement Ltd. has more than 20,000 shareholders. 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. Since Bangladesh does not have any commercial deposit of limestone, the agreement provides for uninterrupted supply of limestone to the cement plant at Chhatak in Bangladesh by a 17 km long belt conveyor from the quarry located in the state of Meghalaya. The company in Bangladesh, Lafarge Surma Cement Ltd. wholly owns a subsidiary company Lafarge Umiam Mining Private Ltd. (LUMPL) being registered in India, which operates its quarry at Nongtrai in Meghalaya. This commercial venture with an investment of USD 280 million, which is one of the largest foreign investments in Bangladesh, has been financed by Lafarge of France, world leader in building materials, Cementos Molins of Spain, leading Bangladeshi business houses together with International Finance Corporation (IFC – The World Bank Group), the Asian Development Bank (ADB), German Development Bank (DEG), European Investment Bank (EIB), and the Netherlands Development Finance Company (FMO). Lafarge Group, with 176 years of experience, holds world’s top -ranking position in Cement, Aggregates, Concrete and Gypsum. It operates in 64 countries with around 68,000 employees. Lafarge is named as one of the 100 Most Sustainable Companies in the World. Cementos Molins of Spain, with 75 years of experience, also operates in Mexico, Argentina, Uruguay, and Tunisia. Now, after three years of production operations, we are producing world class clinker and cement which is a demonstration of the sophisticated and state-of-the-art machineries and processes of our plant at Chhatak. The Company is already meeting about 8% of the total market need for cement and 10% of total clinker requirements of Bangladesh market whereas we continue to enjoy strong growth rates. By supplying clinker to other cement producers in the market, we contribute some USD 50~60 million per annum worth of foreign currency savings for the country. We contribute around BDT 1 (one) billion per annum as

government revenue to the national exchequer of Bangladesh. About 5,000 people depend on our business directly or indirectly for their livelihood. We believe that cement is an essential material that addresses vital needs of the construction sector. We are optimistic to meet the growing needs for housing and infrastructure in the construction sector of Bangladesh.

Basic Information
Authorized Capital in BDT* (mn) Paid-up (mn) Face Value Total no. of Securities 10.0 1161373500 Market Lot Business Segment 500 Cement Capital in BDT* 11614.0 52 Week's Range 28.4 - 45 14000.0

Interim Financial Performance: 2012
Particulars Turn Over in BDT* (mn) Net Profit After Tax in BDT *(mn) (Continuing Operations) Net Profit After Tax in BDT *(mn) (Including Extra-ordinary Income) Basic EPS in BDT* (Based on continuing operations) Diluted EPS in BDT* (Based on continuing operations) Basic EPS in BDT* (Including Extra-ordinary Income) Diluted EPS in BDT* (Including Extra-ordinary Income) Unaudited / Audited Q1(3 Months) Q2(6 Months) Q3(9 Months) 201203 201206 201209 2797.71 464.58 0 0.400 0.000 0.000 0.000 5539.84 619.5 0 0.530 0.000 0.000 0.000 7823.46 1236.33 0 1.060 0.000 0.000 0.000 Q4 (12 Months) 201212 0 1853.43 0 1.600 0.000 0.000 0.000

Shareholders & Investors
The Company is fortunate to have a blend of both international and local shareholders. The international shareholders of Lafarge Surma Cement Ltd. bring in technological and management expertise while the local partners provide deep insights of the economy of Bangladesh. The shareholders believe that growth and innovation must add value, not only for the Company, but also for customers, whom the Company serves through modern and well-located production facilities as well as innovative and reliable products.

Composition of the Shareholders Surma Holdings B.V. Surma holding B.V. was incorporated in the Netherlands, which owns 58.87% of Lafarge Surma Cement Ltd. Lafarge Group of France and Cementos Molins of Spain each owns 50% share of Surma Holding B.V. Lafarge Group One of the major sponsors, Lafarge Group holds world’s top -ranking position in Building Materials, with about 68,000 employees in 64 countries. Lafarge was founded in France in 1833. Through the years since its inception, it has been growing steadily to take lead in the production of different kinds of construction materials and has established itself as the world leader in construction material business. In 2010, for the sixth consecutive year, Lafarge has been listed as one of the 100 most sustainable companies in the world.

Cementos Molins Another major sponsor, Cementos Molins, based in Barcelona, Spain, is a renowned cement company founded in 1928. With over 75 years of experience in manufacturing cement, Cementos Molins has industrial operations also in Mexico, Argentina, Uruguay and Tunisia. Lafarge and Cementos Molins as major sponsors, the equity partners are Asian Development Bank (ADB), International Finance Corporation (IFC) and Islam Group and Sinha Group from Bangladesh. The financiers to the project include Asian Development Bank (ADB), International Finance Corporation (IFC), German Development Bank (DEG), European Investment Bank (EIB), the Netherlands Development Finance Company (FMO) and local Standard Chartered Bank and AB Bank Limited. In addition to that Citibank N.A., HSBC, Commercial Bank of Ceylon PLC, Uttara Bank Limited, The Trust Bank Limited, Eastern Bank Limited have participated in working capital management of the Company.

Share Holding Patterns
Years Lafarge Surma Director (%) 59.06 Govt. (%) 0 Institutions (%) 9.06 Foreign (%) 1.94 Public (%) 29.94

Share Holding Patterns
Public 30%

Foreign 2%

Institutions 9%

Director 59%

Govt. 0%

Data Analysis
Findings from Annual Report Analysis
Findings from the Financial Statement analysis of the above mentioned five Cement Companies. Lafarge Surma Cement Limited (Tk. In million)
Year 2010 2009 2008 2007 2006 Total Assets 16,558 17,291 17,829 17,729 17,116 Debt 10,393 8,222 9,504 10,995 11,121 Equity 2,768 4,430 3,427 3,253 4,808 Debt Ratio 62.77% 47.55% 53.31% 62.02% 64.97% D/E Ratio 375.47% 185.60% 277.33% 338.00% 231.30% EBIT 660 2,332 1,707 (239) (521) Interest Exp 1087 870 1224 1138 163 Interest Coverage Ratio 0.61 2.68 1.39 -0.21 -3.20

Laferge surma has the highest assets base Debt ratio and D/E ratio is decreasing steadily, which shows that it is increased depending on equity rather than debt.

Comparison of Balance Sheet & Income Statement Items
Sales
Years Lafarge Surma 2010 5,655 2009 7,543 2008 6,211 2007 2,399 (Tk. In million) 2006 153

Sales
8000 6000 4000 2000 0 Sales

2006

2007

2008

2009

2010

Total Assets
Years Lafarge Surma 2010 16,558 2009 17,291 2008 17,829 2007 17,729 (Tk. In million) 2006 17,116

Total Assets
18000 17000 16000 15000 2006 2007 2008 2009 2010

Total Assets

Equity
Years Lafarge Surma 2010 4,229 2009 4,430 2008 3,427 2007 3,253 (Tk. In million) 2006 4,808

Equity
6000 4000 2000 0 2006 2007 2008 2009 2010 Equity

Net Profit After Tax
Years Lafarge Surma 2010 (505) 2009 582 2008 635 2007 (855) (Tk. In million) 2006 (513)

Net Profit After Tax
1000 500 0 -500 -1000 2006 2007 2008 2009 2010 Net Profit After Tax

Cross Table Analysis of Ratios
Return on Equity (ROE) = Net Income/Common Equity Lafarge Surma 2010 2009 ROE 23.85% 22.46% 2008 5.14% 2007 -33.69% 2006 -16.81%

Return on Equity (ROE)
40.00% 20.00% 0.00% -20.00% 2006 2007 Return on Equity (ROE) 2008 2009

-40.00%

Current Ratio= Current Assets/Current Liabilities Lafarge Surma 2010 2009 Current Ratio 0.25 1.93

2008 0.32

2007 0.26

2006 0.53

Current Ratio
2 1 0 2006 2007 2008 2009 2010 Current Ratio

Debt-Equity Ratio = Total Debt/Total Assets Lafarge Surma 2010 2009 Debt Ratio 62.77% 47.55%

2008 53.31%

2007 62.02%

2006 64.97%

Debt-Equity Ratio
100.00% 50.00% 0.00% 2006 2007 2008 2009 2010 Debt-Equity Ratio

Debt-Equity Ratio = Total Debt/Total Equity Lafarge Surma 2010 2009 D/E Ratio 375.47% 185.60%

2008 277.33%

2007 338.00%

2006 231.30%

Debt-Equity Ratio
400.00% 300.00% 200.00% 100.00% 0.00% 2006 2007 2008 2009 2010

Debt-Equity Ratio

Interest Coverage Ratio = EBIT/Interest Expense Lafarge Surma Interest Coverage Ratio 2010 0.61 2009 2.68 2008 1.39 2007 (0.21) 2006 (3.20)

Interest Coverage Ratio
4 2 0 -2 -4 Net Profit Margin = Net Profit After Tax/Sales Lafarge Surma Net Profit Margin 2010 17.40% 2009 13.19% 2008 2.83% 2007 -45.69% 2006 -528.10% 2006 2007 2008 2009 2010 Interest Coverage Ratio

Net Profit Margin
200.00% 0.00% -200.00% -400.00% -600.00% 2006 2007 2008 2009 2010 Net Profit Margin

Conclusion
Even in the worst case that the Court puts a permanent ban on mining, LSCL is not without options. How-ever, under any of these scenarios, the profitability of the company would suffer. There are other quarries in the region whose product are traded in the open market. Transport of lime-stone by boat and trucks is already an established practice for Chattak Cement Factory, a government owned manufacturer in the same area. Although it would need substantial capacity building, LSCL can meet part of its limestone requirement from importing locally traded limestone. Import of clinkers like other cement manufacturers is also an option, although very costly for LSCL. In such a case, the company would have to import cement via Chittagong, transport it to current plants in Sunamganj for grinding, and then send it back to Dhaka and other distribution centers. This may involve relocation of its grinding plant. Acquiring other grinders may also be an option for LSCL, although that would require additional capital outlay. As the cement sector consolidates, the larger companies such as LSCL gains market shares at the cost of smaller manufacturers. It is expected that in the end only the ten or so manufacturers, who cur-rently hold about 70% of the market share would survive. In such a case, Lafarge can shift its manufac-turing from Sunamganj to Dhaka by acquiring the facilities of the marginal producers.

References
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http://www.lafarge-bd.com

http://www.dsebd.org/ http://www.google.com.bd/ http://www.stockbangladesh.com/ http://en.wikipedia.org/wiki/ Annual_Report_Of_ Lafarge_ Surma _ Cement_Year_2010 Annual_Report_Of_ Lafarge_ Surma _ Cement_Year_2009 Annual_Report_Of_ Lafarge_ Surma _ Cement_Year_2008 Annual_Report_Of_ Lafarge_ Surma _ Cement_Year_2007 Annual_Report_Of_ Lafarge_ Surma _ Cement_Year_2006

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