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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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20 mn MT) and Cement Clinker (1.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. a Portland limestone cement. The Company ensured backward linkage with its two subsidiaries registered in India – Lum Mawshun Minarals Pvt. Lafarge Surma Cement Limited. It started its production under the brand name of “Supercrete” since 2006. it extracts and processes the basic raw materials limestone from its own quarry in Meghalaya. 1997. The company’s products include Super Crete. the firm had utilized its entire installed capacity of Grey Cement (1. India. It also owns and operates the limestone and shale mine located at Nongtrai and Shella area of East Khasi Hills District. together with its subsidiaries.17% in year 2011. Around 70% of shares are held by Sponsors whereas rests 30% are held by General Investors. Ltd. The company was incorporated in 1997 and is headquartered in Dhaka. Meghalaya. 3|Page . manufactures and markets cement and clinker in Bangladesh. Bangladesh. The Company is engaged in manufacturing and marketing of cement and clinker in the local market. The raw materials are transported through a 17-km cross-border conveyor belt from the quarry to the plant. a Portland composite cement.15 mn MT) which was 73. (74%) which obtains land rights and mining leases and Lafarge Umiam Mining Pvt. Ltd. The Firm enlisted in DSE & CSE in year 2003.(100%) which supply limestone and shale from mines to cement plant situated in Bangladesh.75% and 42.V. The firm is already meeting about 8% of the total cement market and 10% of total clinker demand of the country. As per 2012 Annual Report. and Power Crete. To conduct its operation. Lafarge Surma Cement Limited is a subsidiary of Surma Holding B.

2016). access to the river Surma and prevailing road and railway transport network for logistic issues. During the 90s. It has been financed by a number of leading Bangladeshi business houses. 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. In the process. After he passed away in 1995. but also in-depth knowledge. The construction and real estate industry were booming and thus imported cement was not a feasible option. The plant of Lafarge Surma Cement. Later. 2016). In 2002. he started the formalities for project management in Bangladesh-India and started land acquisition. In November 2000. (Lafarge Surma Cement Limited. the Asian Development Bank (ADB). European Investment Bank (EIB) and the Netherlands Development Finance Company.History of Lafarge Surma Cement: During the 80s. world’s number one cement manufacturer Lafarge of France came into the project as majority shareholder and took over the management of the project. The World Bank. Lafarge Surma Cement Ltd. the country required massive infrastructure development. 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. another major player. know- how and technology of cement production which was rare at that time in Bangladesh. (Lafarge Surma Cement Limited. German Development Bank. which is located in Chhatak Sunamganj is the only fully 4|Page . International Finance Corporation (IFC). Cementos Molins of Spain joined Lafarge as an equal equity partner. After his careful study. was incorporated on 11th November 1997 as a private limited company in Bangladesh under the Companies Act 1994. in 2003 Lafarge Surma Cement was converted to a public limited company. his predecessors planned to involve with a joint venture partner who will bring not only adequate finance.

infrastructure development and environmental management. Contribution of the company in Bangladesh’s economy: By supplying clinker to other cement producers in the market and through import substitution of clinker. economy and environment through its Corporate Social Responsibility initiatives in the area of education. the limestones are collected. India. which has one of the best quality limestone deposits in the world. 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 5|Page .integrated dry process cement plant in Bangladesh. (Company profile. 2016) . the company also contributes to the sustainable development of the society. to produce premium quality clinker (a semi finished product needed to produce cement) and cement. Apart from these. 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. health. employment generation. It sources its primary raw material limestone from its own quarry in Meghalaya. Using 17 km long conveyor belt.000 people depend on the business directly or indirectly for their livelihood. About 5.

Lafarge and Holcim had formally notified the European Commission of their proposed merger in order to obtain regulatory approval. Lafarge and Holcim announced a merger project to create LafargeHolcim. 2015. decision regarding the merging of operations of LafargeHolcim in Bangladesh has not yet been taken by the officials. i. However. Working Capital Management Polices of a firm has a great on its probability. current liabilities. (Murtuza.On 7th April 2014.e. There should be no shortage of funds and also no working capital should be ideal. it is neither adequate nor excessive as both the situations are bad for any firm. Working Capital Management Management of working capital is concerned with the problem that arises in attempting to manage the current assets. With this notification. Holcim and Lafarge have completed all necessary notifications with regulatory authorities worldwide and thus merged on 10th July. liquidity and 6|Page . 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. 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.

creditors. it is important proper balance in regard to the liquidity of the firm. It is concerned with the decision about the composition and level of current assets. 3. Therefore. the smooth functioning of the firm and the efficient use of fixed assets the liquid position of the firm must be strong. 2. It is concerned with the decision about the composition and level of current liabilities. It concerned with the formulation of policies with regard to profitability. To gauge this ability. 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. liquidity and risk. Current ratio The current ratio is a liquidity ratio that measures a company's ability to pay short-term and long- term obligations. Current assets movements ‘ratios. the current ratio considers the total current assets of a company (both liquid and illiquid) relative to that company's total current liabilities 7|Page . But higher degree of liquidity of the firm is being tied – up in current assets. So working capital management is three dimensional in nature as 1. The short term obligations of a firm can be met in time only when it is having sufficient liquid assets. Liquidity ratios.structural health of the organization. 2. Two types of ratios can be calculated for measuring short-term financial position or short-term solvency position of the firm. So to with the confidence of investors. 1.

596.108.00 0.00 3.568.227537 0.00 0.00 4.0 8.447.365.00 0.00 1.00 0.469818 1.00 Current Ratio 2.444.00 0.00 Current Liabilities 10.5 1 0.00 0.505.00 0.198.00 0. but this means their liquidity level increased.245. 2011 2012 2013 2014 2015 2016 Current 0.00 Inventories 1. Although they have enough current assets to pay their current obligations.00 4.00 0.520.573.00 1.421.00 3.967.00 0.00 0.236.238.477.185.00 0.950.00 0.266241 1.00 1.162.020.00 5.424158 2.312.00 8.784.777.572.00 00. 8|Page .00 0. This is due to an decrease in liabilities levels and increase current asset through the five-year span.5 0 2011 2012 2013 2014 2015 2016 The current ratio has been up ward sloping.556.00 0.16 Ratio Current Assets 2.217.855.475.423.00 6.00 0.00 1.425541 0.146. but there was a huge jump from 2013 to 2014 and 2015 to 2016.00 8.090.00 3.564.5 2 1.00 1.659.450.00 0.285.317.

Also.878983 1. 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 9|Page .081726 2.00 1. it can be calculated as follows: (Cash + Marketable Securities + Accounts Receivable) / Current Liabilities.114984 0. As a rule of thumb ratio of 1:1 is considered satisfactory.50 1. 2011 2012 2013 2014 2015 2016 Quick 0.55 Ratio Quick Ratio 3.Quick Ratios The quick ratio is a measure of how well a company can meet its short-term financial liabilities.273296 0.00 2.00 0.50 2. known as the acid-test ratio.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.231570 0.

It is a measure of a company’s liquidity and its ability to meet short-term obligations. The current assets excluding the inventories have increased from 2011 to 2015 but at the same time the current liabilities have declined.08 times higher than its current liabilities. It did improve in 2014 sharply. as well as fund operations of the business. we can assume the situation is good though. a firm having a low liquidity position if it has fast moving inventories. 2011 2012 2013 2014 2015 2016 NWC -7867977000 -4657891000 -4477112000 1070408000 1937622000 5001742000 10 | P a g e . In the year 2015. inventory level was quite stable at later period of time. thus causing the quick ratio to increase in 2015. a firm having high quick ratio may not have a satisfactory liquidity position if it has slow paying debtors. and thus have a positive net working capital balance. However.obligations. On the other hand. the company's current assets except inventory were 1. So. On the other hand. 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. No fluctuation curve can be found for the years 2011 to 2015. The ideal position is to have more current assets than current liabilities.

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. There should be an optimum level of 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. In the company there is increase in working capital. a number of turnover ratios can be calculated. The better the management of assets. Depending upon the purpose. Current assets movement ratios measure the efficiency with which a firm manages its resources. These are :  Inventory Turnover Ratio 11 | P a g e . 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. large is the amount of sales and profits. The efficiency with which assets are managed directly affects the volume of sales. These ratios are called turnover ratios because they indicate the speed with which assets are converted or turned over into sales. It should not be too less or not too excess.

55 5.62 113. A low inventory turnover implies over investment in inventories. But the level of inventory should neither be too high nor too low. dull business.30 79.60 72. stock accumulations and slow moving goods and low profits as compared to total investment.81 101.36 3. Because it is harmful to hold more inventory as some amount of capital is blocked in it and some cost is involved in it.14 64.98 4. Low inventory turnover ratio is indicator of inefficient management of inventory.54 4.41 Day Inventory Held = 360 (Net Working Days) / Inventory Turnover Ratio 12 | P a g e .  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.16 3. the lesser amount of money is required to finance the inventory. It will therefore be advisable to dispose the inventory as soon as possible.59 2011 2012 2013 2014 2015 2016 DIH 82. Inventory 2011 2012 2013 2014 2015 2016 Turnover 4. Inventory Turnover Ratio = Cost Of Goods Sold / Average Inventory Inventory turnover ratio measures the speed with which the stock is converted into sales. poor quality of goods. Usually a high inventory ratio indicates an efficient management of inventory because more frequently the stocks are sold.

Trade debtors are expected to be converted into cash within a short period and are included in current assets. Two types of ratio can be calculated to evaluate the quality of debtors. In the company inventory conversion period is decreasing. 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. 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. This shows the efficiency of management to convert the inventory into A/R. So liquidity position of a concern also depends upon the quality of trade debtors. Generally higher the value of debtor’s turnover ratio the more efficient is the management of 13 | P a g e . 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.

DSO 70 60 50 40 30 DSO 20 10 0 2011 2012 2013 2014 2015 2016 14 | P a g e .48 31.39 5.08 25.47 11.55 Turnover DSO 8. the more efficient is the management of credit. Now their credit policy becomes liberal as compare to previous year.debtors/sales or more liquid are the debtors.89 64. But in the company the debtor turnover ratio is decreasing year to year.43 14.17 13.95 14. 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. This shows that company is not utilizing its debtors efficiency.49 24. A low debtor’s turnover ratio indicates poor management of debtors /sales and less liquid debtors.86 This ratio indicates the speed with which debtors are being converted or turnover into sales.40 26. 2011 2012 2013 2014 2015 2016 Accounts Receivables 42. The higher the values of debtors turnover.

39 Turnover Here. we can see that lafarge Surma is paying it’s accounts payable more fast day by day.78 3. It also helps to analysis the credit policy adopted by company. A high turnover ratio can be used to negotiate favorable credit terms in the future.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 is used by supplies and creditors to help decide whether or not to grant credit to a business. 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. 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. It measures the quality of debtors.02 3. In the firm average collection period increasing year to year. It shows that the firm has Liberal Credit policy. 2011 2012 2013 2014 2015 2016 Accounts Payable 3.84 3. 15 | P a g e . Generally.10 18.79 2. 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. A higher ratio is almost always more favorable than a lower ratio. 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.

2011 2012 2013 2014 2015 2016 95.68 97.28 Cash Conversion Cycle (3.41 119.58 Operating Cycle 91.11 93. We can see that Lafarge 16 | P a g e .97 19.58 Cash Conversion Cycle DPO 95.10 145.89 (9.70 160 140 120 100 DPO 80 OC 60 CCC 40 20 0 2011 2012 2013 2014 2015 2016 -20 On an average.82 115.82 115.91) 15.97 19.11 93.89 6. Lafarge Cement cash conversion cycle started to decline from the year 2012 and it was negative in 2011 and 2015.71 106.57 3.01 129.30 125. it takes -10 days to recover the cost investment in the year 2015.01 129.41 119.03 129.94) 109. meaning the credit policy of the company is very good.

00) Requirement 17 | P a g e . buy from the supplier.000.244.00) 659. whereas a retailer might simply buy from the supplier and sell on to the customer.303.769.000.00) (1. and incur production costs to manufacture the finished product before selling.382. 2011 2012 2013 2014 2015 2016 Working Capital (2. holds them as inventory. there may be stages in between for example. a manufacturer will buy and hold inventory of raw materials.674.000.329.Cement has a low cash conversion cycle. Depending on the type of business. hold inventory. indicating that the performance of Lafarge Cement is very satisfactory.000. and sell to the customer.997.00 1. the fundamentals are the same. 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.000.000. But performance is very poor in 2016.00) (1.363. and then sells them to customers.615. Either way. it buys goods from suppliers.00 (853.243.

000.00 -1.000.000.500.00 -2.00 1.00 500.000.000.000.00 -1.notes payable 18 | P a g e .500.00 2011 2012 2013 2014 2015 2016 -500.000. 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.000.000.000.00 -2.000.000. is the degree to which the current assets of an individual or entity exceed the current liabilities of that individual or entity.000.000.000.000. Working Capital Requirement 1.00 0. A measure of solvency which subtracts current financial liabilities (short- term obligations) from current financial assets (cash assets and short-term investments). which means company is using its funding sources to finance working capital.(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 2015.00 -3. It is calculated using the following formula: Net Liquid Balance = (cash & cash equivalents + short-term investments) .000.000.00 Net Liquid Balance (NLB) Solvency.000.000. in finance or business.000.000.500.

000.660.00 0. The index is used to estimate the ability of a business to generate the cash needed to meet current liabilities.000.00 3.000.000.000.000.000.00 2011 2012 2013 2014 2015 2011 -1.00 -5.000.000.000.240.00 -2.000.217.131.000.00 Comprehensive Liquidity Index The liquidity index calculates the days required to convert a company's trade receivables and inventory into cash.000.000.000.000.702. 693240000 which indicates that company can free up its loan amounts with ease.000.00 -4.00 3.916.522.000.000.00) (1.605.000.000.00) 693.173.000.000.677.00 1. Net Liquid Balance(NLB) 4.00 2.000. 2011 2012 2013 2014 2015 2016 Net Liquid (5. 19 | P a g e .00) (2.00) (2.000.000.000.000.000.00 -3.000.00 Balance (NLB) Company’s Net Liquid Balance (NLB) has been increasing constantly throughout 2011 to 2015 and in 2015 it was tk.000.000.00 -6.000.803.000.000.000.

8 1.8 0.4 0.6 0.39 0.440073448 0. 2011 2012 2013 2014 2015 Comprehensive Liquidity 0. COMPREHENSIVE LIQUIDITY INDEX 1.2 1 0. 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 20 | P a g e .44 1.121991613 0.12 0. 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.383416202 1.6 1.4 1.2 0 2011 2012 2013 2014 2015 Lambda Index It is a critical indicator of company’s ability to pay its bills.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.385129803 0.638200341 1.

137472929 Market Capitalization 11.59 Sales 10.001.Score Z-Score 2016 Net Working Capital 50.585 Z 9.351 X2 0.383352292 Retained Earnings 3.125 X3 0.979.236.75 which indicates that the company has no chance of being bankrupt in next two years which also shows a strong position for the company.75 Comment Safe The company’s Z-Score is 9.735 X4 3.99% of not stocking out and has very marginal percentage of stocking out which indicates a strong position for the company. Z.488.728. 21 | P a g e .855 X5 3.613.31 Total Liability 3.742 X1 2.000030% Here the Lambda index shows that the company has 99.475 Total Assets 20.999970% Stock Out 0.884.37562238 Not Stock Out 99.166273594 Operating Earnings 2.Lamda Index(ƍ) 8.

in Q4 2013. the Company had signed a three year agreement with Madina Cement Industries Ltd. Specifically. This issue was resolved under some conditions by India's Supreme Court’s verdict. as India's High Court halted mining limestone from Meghalaya because of environmental concerns.  The Company has already utilized its existing production capacity fully. 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. it has to go for contract manufacturing (i. the Company experienced huge losses (BDT 22 | P a g e . on an average. the firm remained as “Z” category in the bourses. outsource the finished-goods from other manufacturers) which will naturally be more costly than own production.  The firm reduced its huge accumulated loss of BDT 534 crore to only BDT 94 crore. therefore. Recommendation & Oppotunities:  On 10 March 2013. whereas other players in the industry can avail gross profit margin up to 15% .20%.Findings.3 crore.  The firm suffered from losses due to operational interruption from April 2010 to August 2011. the Company has accumulated loss of around BDT 94 crore and therefore declared no dividend.. around 40% gross profit margin.  As per 2013 corporate declaration.e. This indicates increasing demand of firm’s product and higher expected revenue.  The Company enjoyed. During that time. 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”. As a result. it registered remarkable profit of BDT 112.

as India's High Court halted mining limestone from Meghalaya because of environmental concerns.3 crore) which helped to reduce its existing accumulated loss to BDT 94. however. The situation is. But it has recovered form that crisis.5 crore. The firm suffered from losses due to operational interruption from April 2010 to August 2011.  Lafarge Surma Cement Ltd. 23 | P a g e . is one of largest foreign investments in Bangladesh (USD 280 mn). it is Maintaining over liquidity than required and it require to be more concern with Receivable collection. making profit with solvency and good future prospect. On the other hand. As on date.50 respectively. The Company has reported phenomenal performance in Q4 of 2013 (BDT 112. 14-days RSI and 14 MFI of the Company were 64.70 and 78. 534 crore). gradually improving in recent times.

Banladesh.2016).lafarge-bd.Bibliography:  Cement. Retrieved July 18. Holcim yet to decide on Bangladesh Merger. Retrieved July 28. Retrieved July 20. from http://www. Retrieved from Lafrge Surma Cement Limited.2015. 2016. H.2012. 2016.com/bd/images/PDF/29. July 20). Dhaka. (2016. from Lafrge Surma Cement Limited: http://www. July 17).pdf  Murtuza.2014. 2016. July 19).2013. from Wikipedia: https://en. (2015. (2016. Lafarge.wikipedia.superbrands.net/120460/lafarge-holcim-yet-to- decide-onbangladesh-merger/  Annual report of Laferge surma Ltd. Retrieved July 19.com/about-us/company-profile/  Lafarge Surma Cement Limited. (2016). 24 | P a g e . (2011. 2016. from http://newagebd.org/wiki/Cement  Company profile.