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Daffodil International University

Institutional Repository
Business Administration Project Report of BBA

2017-08-05

Level of Customer Satisfaction of


Assure Builders Limited

Islam, Md. Raihanul


Daffodil International University

http://hdl.handle.net/20.500.11948/1669
Downloaded from http://dspace.library.daffodilvarsity.edu.bd, Copyright Daffodil International University Library
INTERNSHIP REPORT
ON
Level of Customer Satisfaction of Assure Builders Limited

Submitted By:

Md.Raihanul Islam
ID: 103-11-1661.
BBA (Major in Finance)
Department of Business Administration.
Faculty of Business & Economics.

DAFFODIL INTERNATIONAL UNIVERSITY


DHAKA, BANGLADESH.
JULY 6, 2015
INTERNSHIP REPORT
ON
LEVEL OF CUSTOMER SATISFACTION

Assure Builders Ltd.

Supervised By:

Mahbub Parvez
Associate Professor
Faculty of Business & Economics
Daffodil International University.

Date of Submission:July 6, 2015

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Title:

Internship Report
On
Level of Customer Satisfaction of Assure Builders Ltd

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Prepared On:
July 6,2015.

Dedicated
To
My Parents.

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Letter of Transmittal

July 6, 2015
Mahbub Parvez
Associate Professor
Faculty of Business & Economics.
Daffodil International University.

Subject:Submission of Internship Report on-“Level of Customer Satisfaction of


Assure Builders Limited.

Sir,
I am really very pleased to prepare this report of Assure Builders Ltd. I have concentrated
my best efforts to achieve the objectives of the Report and hope that my endeavor will
serve the purpose. I sincerely believe that the knowledge and experience I have gathered
during the preparation of the Report will immensely help me in my future professional
life.

I thank you for providing me with this opportunity & hopethat you’ll consider all my faults
generously. I have great hope that the report will meet your expectation and aid you in
getting a clearer idea about the subject. Please do call me for any clarification regarding
the report, if required.

Sincerely,

Md.Raihanul Islam
ID# 103-11-1661.
BBA (Finance)

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Letter of Acceptance

This is to certify that Md.Raihanul Islam, ID # 103-11-1661; Program: BBA, Major in Finance is
a regular student of Department of Business Administration, Daffodil International University.
He has successfully completed his internship program in Assure Builders Ltd.Jabbar Tower,
Level-05,42Gulshan Avenue ,Gulshan Circle-1, Dhaka-1212 and has prepared his internship
report under my direct supervision. His assigned internship topic is “Level of Customer
Satisfaction” of Assure Builders Ltd.

I wish him every success in life.

................................................................
Mahbub Parvez
Associate Professor
Faculty of Business & Economics.
Daffodil International University.

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PREFACE

As a student of Business Administration, I have completed my internship report in Assure


Builders Ltd on “Level of Customer Satisfaction of Assure Builders Ltd”. During internship
program, I have tried my best to collect the information related to study topic and prepared the
report within a very short time. That is why, there may have some unexpected mistakes in the
report. I regret for my mistake in this report.

I worked in “Sr. Executive” of ABL corporate Branch, as full time employee from January 1,
2015 to till to-day. This internship aimed at allowing candidates to get an insight view of the
overall function of ABL.

The best feature of my internship program was the access to a motivated and hard-working team
of highly knowledgeable real estate professionals. The most important skill that I learnt was the
ability to work in a team. I also picked up considerable skills in handing team communication
and the ability to adapt to the ever-changing real estate scenario.

In this report I am extremely grateful to my supervisor Mr.Mahbub Parvez, Associate


Professor, Daffodil International University.I tried to follow supervisor’s guide line. Lastly I
give to my opinions about my learning & recommendation there by.

Md.Raihanul Islam Date: July 6, 2015


ID. NO.103-11-1661.

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ACKNOWLEDGEMENT

First I express my heartiest thanks and gratefulness to almighty Allah for His divine blessing
makes me possible to complete this project successfully.
Iam a grateful and expressmy profound indebtedness to Mr.Mahbub Parvez, Associate
Professor,Faculty of Business & Economics, Daffodil International University, Dhaka. His
endless patience, scholarly guidance,continual encouragement, constant and energetic
supervision, constructive criticism and valuable advice at all stage have made it possible to
complete this report.

I would like to express my heartiest gratitude to Mr.Mahbub Parvez, for his kind help to
complete my internship. I would like to thank my entire course mate in Daffodil International
University, who took part in discussion while completing the course work.

Finally, I must acknowledge with due respect the constant support and patients of my parents.

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ACRONYMS AND ELABORATIONS

A
A/C Account
ASTM American Standards of Testing Materials
ALM Asset Liability Management
AML Anti Money Laundering
B BLDA Bangladesh Land Development Association
BNBC Bangladesh National Building Code
BB Bangladesh Bank
BOE Bill of Exchange
C CH L Comfort Homes Ltd.
CC Cash Credit
CEO Chief Executive Officer
CLR Classified Loan Recovery
CS R Corporate Social Responsibility
CRD Credit Realization Department
CR Collection & Recovery
CRR Cash Reserve Requirement
D DD Demand Draft
DN Depository Notes
DSE Dhaka Stock Exchange
E EPS Earnings Per Share
Exp Form Export Form
F FAR Floor Area Ratio
FA Financial Analysis
FBP Foreign Bill Purchase
FC Foreign Currency
FDBP Foreign Document Bill Purchase
FDD Foreign Demand Draft
FDR Fixed Deposit Receipt
G GDP Gross Domestic Product
H HBFC House Building Finance Corporation
H/O Head Office
HRD Human Resources Department
I IT Information Technology
ICT Information and Communication Technology
J JV Journal Voucher
K KYC Know Your Customer
L LFS Labor Force Survey
LBC Local Bill Collection
LTR Loan Against Trust Receipt
M MIS Management Information System
N NP Net Profit

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NBR National Board of Revenue
O OBC Outward Bill for Collection
R RMU Risk Management Unit
ROE Return on Equity
REHAB Real Estate & Housing Association of
Bangladesh
RCC Reinforced cement concrete
S STD Short Term Deposit
SWIFT Society for Inter-bank Financial
Telecommunication
T TP Transaction Profile
TR Truck Receipt
TT Telegraphic Transfer
U
V VAN Value Added Network
VAT Value Added Tax
W WB World Bank
X XPL Export Performance License
Y YTM Yield to Maturity
Z ZBA Zero Balance Account

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EXECUTIVE SUMMARY

Since every organization is made up of people, acquiring their skills, motivating them to high
levels of performance, and ensuring that they continue to maintain their commitment to the
organization are essential to achieving organizational objective. Those organizations that are able
to acquire, develop, stimulate, and keep outstanding workers will both effective(able to achieve
their goals) and efficient.

The reason behind joining there is promising growth of real estate companies in the country and
also a very good opportunity for career development. Bangladesh is in the process of
development around this sectors related parts where the basis of the professional people and up
coming professional were gone into field work for the development of the sector.

In this particular report we have the access to have finding of the aspects of this arena and I am
very fond of about this matter. Before gone into the depth of the report I have had experience to
work with the related people who were working for such along period of time and they really
made impact in this field of real-estate world.

I have worked with Assure Builders Ltd, the real estate company. We are trying to find out both
the facility and problem regarding its brand elements. I gathered information from websites,
newspaper and most importantly I have collected information from consumer, own company and
competitors also. They have a brand name with communicative meaning and logo with attractive
features to attract the customers. Their slogan is not so communicative even though it has a great
meaning .The only reason behind it is for its less promotional effort to make communicative to
the potential customer. The result is even the regular customer cannot recognize or recall the
slogan ofAssure Builders Ltd. But we have recommended that ABL should provide more
promotional effort to make customer aware about their slogan and also the name and logo even
these two have award customer rightly. If Assure Builders Ltd gives special effort to their
promotional activities more then it will be in the peak point at the Real Estate Company.

Although they are now endorsing most popular model in their advertising which the other
competitors not do. Our overall comment on Assure Builders Ltd is that both customer and
competitors have a positive complement onAssure Builders Ltd.

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TABLE OF CONTENTS
Part-One Page
Number
Prefatory Part.
Title Page III
Dedication Iv
Letter of Transmittal V
Letter of Acceptance vi
Preface vii
Acknowledgement viii

Acronyms & Elaboration IX


Executive Summary XI
Table of Contents XII
List of Graphs XV
List of Tables XVI

Page
Part-Two Number
Report Body
Introductory part
1.1 Introduction 03

1.2 Scope of the study 04


Chapter
One 1.3 Objective of the study 04
1.4 Methodology of the study 04
1.5 Limitation of the study 05

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History of Real Estate Business & REHAB Page
Number
2.1 Real Estate and REHAB: 08
2.2 Bangladesh Land Developers 08
Association (BLDA)
2.3 Bangladeshi the growing Real Estate: 08
Riding wave
Chapter 2.4 Market Structure and Growth 09
Two 2.5 Opportunity Spectrum 10
2.5.1 Commercial Real Estate 11
2.5.2 Residential Real Estate 11
2.5.3 Real Estate Opportunities 11
2.6 Size and contribution of the Real 12
Estate
2.7 Urbanization 13
Organizational Profile of Assure Builders Ltd. Page
Number
3.2 Mission & Vision 15-17
3.3 Core Values 17
3.4 Objectives of ABL 19
3.5 Commitments of ABL 20
3.6 Corporate Information 20
3.7 Products and Service of ABL 22
Chapter 3.8 Department of ABL 23
Three 3.9 Hierarchy of ABL 24
3.10 Corporate Governance Management 25
3.11 Financial Performance of Assure 27
Builders Ltd and their roles
3.12 SWOT analysis of the company 30

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Customer Satisfaction of Assure Builders Ltd Page
Number
4.1 People 33
4.2 Quality 33
4.3 Training & Development: 33
Investment for future
4.4 Commitment to the Customer 34
4.5 Exclusive Buyer Service 35
Chapter 4.6 Customer Service 36
Four 4.6.1 Importance of Customer Service 36
4.6.2 Be Familiar with Buyer/Seller 37
Needs
4.7 Six Steps to Remarkable Service 37
4.8 Achieving Customers Satisfaction 38

Major Findings, Recommendations And Page


Number
Conclusions
5.1 Findings from customer’s survey 41
Chapter 5.2 Findings in the real estate business 47
Five 5.3 Recommendations 48
5.4 Conclusion 49

Page
Part Three Number
“Appended Part”
(a) Bibliography 52
(b) Appendices 53
1. Questionnaire 53-55
2. Audited Annual Report 2013 57

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LIST OF GRAPHS
PAGE
1. Flow Chart of Core values.................
2. Share Value of Assure Builders Ltd.....................

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LIST OF TABLES
PAGE
1. Flow Chart of Core values....................................
2. Share Value of Assure Builders Ltd.....................
3. Monthly Collection...............................................
4. Foreign Remittance Receive.................................

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Part: Two
Report Body

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Chapter One
Introductory Part

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1.1.Introduction:

The urbanization of Bangladesh is quite similar to that in Latin America; formerly called “over-
urbanization” in 1950s, this is a situation where a rapid rate of urbanization does not lead to
corresponding growth in industry and economy but results in a shift of people from low-
productivity rural agricultural employment to low-productivity urban employment or under
employment. The major cities of Bangladesh exhibits the clearest symptoms of over-
urbanization, where an imbalance between rapid population growth and insufficient employment
opportunities led to an increase in poverty and the mushrooming of slum and squatter settlements
(Valla dares, 2002).In Bangladesh, the problem of urbanization is further aggravated by limited
land supply in urban areas, lower land utilization and the lack of proper planning and land use
policy. Due to globalization, the urbanization process is also increased. The ever-increasing
urban population is creating an increasing demand for shelter. Article 25 of the United Nations’
Universal Declaration on Human Rights (1948-1998) has clearly stated that: “Everyone has the
right to a standard of living adequate of the health and well-being of himself and of his family,
including food, clothing, housing and medical care and necessary social services, and the right
of security in the event of unemployment, sickness, disability, widowhood, old age or other lack
of livelihood in circumstances beyond his control.(UNO, 1948)Bangladesh has one of the lowest
land-person ratios in the world. The situation is further aggravated every year through an
irrevocable reduction of per capita share of land for housing, as a result of continuing population
growth. Acknowledging the importance of housing, which is one of the five basis needs
incorporated in the constitution of Bangladesh, the government is compelled constitutionally to
play a vital role in securing housing rights. The constitution of the People’s Republic of
Bangladesh states in Articles 15(a) that: “It shall be a fundamental responsibility of the State to
attain, through planned economic growth, a constant increase of productive forces and a steady
improvement in the material and cultural standard of living of the people, with a view to securing
to its citizens--the provision of the basic necessities of life, including food, clothing, shelter,
education and medical care”

From the above statement it is quite clear that providing shelter to all the people is one of the
fundamental responsibilities of sate. But being a government of a poor developing country, it is
almost impossible for the government to ensure housing for all. As the public sector failed to
provide this, people have taken their own initiative to ensure their fundamental need for shelter.
Government alone cannot provide housing to all and realizing this, they decided to share the task
of providing safe decent places to live with Real Estate Developers, to make people a productive
resource. As a significant development in the housing question has been the adoption of the
National Housing Policy (NHP) in 1993 (amended in1997). The basic principle of the 1993 NHP
is that the government would play the role of an enabler of facilitator in the housing sector
(Article 4.2)and not the role of a developer of provider. So the government of the people’s
republic of Bangladesh is somehow patronizing the real estate developers to contribute in the
housing sector of Bangladesh. Statistics show that Bangladesh will need to construct
approximately 4million new houses annually over the next twenty years to meet the future
demand of housing. Estimates for annual requirements for housing in urban areas vary from 0.3
to 0.55 million units. The share of urban population in Asia is 39 percent at present and is
projected to be 45percent by 2015. In Bangladesh, 25 percent of the population (some 35million
people) now lives in urban areas; this proportion will be 34 percent (75 million) by 2015. Dhaka
with a total population of more than 10 million is now the 22nd largest city in the world. While

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comparing the growth of the real estate and housing and the construction sector with that of
GDP, trend growth in the two sectors for the period 1992-2002 was 4.8 and 7.5percent
respectively, this is much higher than the trend growth in GDP of 4.6 % for that period. The
shares of the real estate and housing sector and the construction sector in the GDP were quite
high in the year 2002 and accounted for 8.3 and 8.0% respectively. However, the incremental
contributions of these two sectors in the same year were also considerably high at 6.0 and 12.8 %
respectively (CPD 2003). The Current trend of urban growth in Bangladesh is about 6-7% per
annum. At present 29% of Bangladesh’s population live in urban areas, which will be 34% by
the year 2025. (REHAB). Considering this situation in this report is to identify the role of Real
Estate Entrepreneurs in providing the housing facilities for the growing urban population and
how these are influencing the growth pattern of the city and its sustain ability to the trade.

1.2. Scope of the Study:


This study called internship program mainly job oriented experiences which are generated by
interviewing with targeted customers and the people who are working at the top management of
the Assure Builders Ltd. The duration of the study was three months. This is an individual study,
which is worked for this particular study under my internship program supervisor. Since this is a
formal study, the scope of the study was not so detail. This study deal with the analysis of the
customer satisfaction and expectations about services of the Assure Builders Ltd.

1.3. Objectives of the Study:


The main objective of the study is to identify the level of customer satisfaction about the services
of the Assure Builders Ltd.

The specific objectives of the study are as follows.

 To identify the factors of customer satisfaction.

 To evaluate the level of customer satisfaction.

 To find out some problems related to services provided by Assure Builders Ltd.

 To recommended some suggestions.

1.4. Methodology of the Study:


Methodology is the process of collecting of data and information which are required in
connecting with finding tools for best possible situation of problems.

1.4.2. Questionnaire Development:


Questionnaires were developed for customers. Customer’s questionnaire was designed by 12
questions. Each of the questions was made on the elements, which comprise the market image.

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The questions were MCQ type and the respondents were required to answer (tick mark) many
alternatives as it was difficult to determine one or two answers, because all the companies kept in
the answer lines are having the same operations, qualities and images in the market.

1.4.3. Sampling Technique:


The sample size was100. The technique was random sampling throughout the city. Customers of
this survey were generally Businessman, Banker, Multinational company’s executives, Doctor,
Engineer, Consultant, Private Company’s manager, high official etc.

1.4.4. Data Collection Methods:


For data collecting I have used both primary and secondary data. At the starting point I have
started by examining primary data to see whether the problem can be fully or purely solved
without collecting secondary data. When the needed data did not exit, then I had gone to collect
the secondary data. So, data gathered for specific purpose or a specific reason. Here, the normal
procedure is interviewing some people individually to get a sense of hoe people feel and think
about the topic in question.

1.4.5. Data Analysis:


The project was done by primary data analysis as the information’s collected from customers and
marketing executives of the company by conducting direct interviews and those information’s
were interpreted as the projects major findings.

1.5 Limitations of the Study:


It couldn’t be claimed that this study was 100% based on impractical data. Undoubtedly it has
got some limitation regarding the representation of the factors which are collected from
customers and people of the company. At the data collection for the study, I have been facing
following problems

To keep confidence Information:

During the period of data collection it has been observed that the tendency of employees has
been to keep information confidential.

Sample Size:
Though the sample size was fixed for the study, with this sample size it is very difficult to get
good result.

Lack of Interest:

At the time of data collection, it has been observed that most of the interviewers did not pay
attention in answering questionnaire.
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Ignorance of the company top manager:

Most of the company’s managers were not willing to answer the questionnaire due to their
assigned tasks. So, I have been facing problem to study and question papers in the said topics
Study is not the conclusion of this field, but it will be more or less helpful for other related
organization. However I proceeded by overcoming such limitations and constraints.

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Chapter Two

History of Real Estate


Business & REHAB

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2.1 Real Estate and REHAB:
Dhaka City, born during the Moghul Empire and grown with the British rule, is expanding
rapidly. From the beginning of the 20th Century its growth and latter development is marked
with sheer lack of proper and far-reaching planning. The impact is now being felt at the end of
the century. Dhaka City is undergoing terrific growth phase throughout the last two decades.
While there are so many real estate developers in the market, there are also very few of them
who have maintained the quality, safety and customer preference. It is customary in the country
that the first day quality and impression is lost after a while when people start getting a bit of
familiarity. This happens due mainly to lack of professionalism. Sometimes the consumers here
are in a fix to choose a particular brand out of many. A good number of real estate companies are
working under one umbrella association named 'Real Estate and Housing Association of
Bangladesh'(REHAB). Almost 361 Companies are at present affiliated with this association,
while more than 400 companies are working independently. ABL took a leading role in the
formation of the industry association and is one of the founder members of the REHAB.

2.2. Bangladesh Land Developers Association (BLDA)


"The Voice of the Private Sector Land Developers”

Bangladesh Land Developers Association (BLDA) is the national level representative


organization of private sector real estate developers in Bangladesh. The Association was
established in 2006 with 21 pioneer members, under the Companies Act 1994 and duly
registered with the Directorate of Trade Organization (DTO), Ministry of Commerce, and
Government of Bangladesh. It is also affiliated with the Federation of Bangladesh Chamber of
commerce and Industry (FBCCI). Today BLDA represents almost all the land developers across
the countries that are responsible for some 80% of the total property development of the country.
Being the national representative body for property developers, BLDA plays a pivotal role in
ensuring that developers’ views are heard by the relevant authorities and government agencies.
BLDA's guiding principle is to provide responsible leadership to all property developers in
building quality housing and real estate for the nation.

2.3. Bangladeshi the growing Real Estate: Riding wave:


The economic performance of Bangladesh has provided strong impetus to the real estate sector,
which has been witnessing heightened activity in the recent years. Substantial end-user and
investor interest, large scale investment in infrastructure and rapid urbanization have contributed
to the growth trajectory of real estate In Bangladesh. The real estate growth story is clearly
visible in urban areas. High growth in services as well as manufacturing sector has resulted in
high demand for commercial and industrial real estate. The following table shows the important

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factors which are forcing the real estate sector in Bangladesh greater institutionalization
and corporation-navigation. With the entry of global players, inflow of foreign capital, evolution
of capital markets, geographical diversification and introduction of reforms, the sector has
undergone some significant structural changes. Even critical concern areas like transparency in
the sector is also improving significantly. The trend is expected to continuing the coming years.

2.4. Market Structure and Growth:


About the market concentration in the real estate sector Real Estate business, especially
apartment projects, took off in the Dhaka City in the late 1970s. From the early 1980s the
business started to flourish and showed robust growth. At present, more than 400 companies are
active in the real estate business in the country. About 95 per cent of this business is still
dominated by the top 10 companies. The market is highly segmented, primarily based on
location, price of the land and size of the apartments. We stated that the main reasons for the
development of real estate business in Dhaka city were:

➢Scarcity of open spaces in important parts of the city.


➢Hazards of purchasing land.
➢Rapid increase in the population of Dhaka.
➢Fiscal-Financial incentives such as the decrease in the rate of bank interest.
➢Restriction of remittance flows which financed the sector.

Rent of apartments had been relatively high compared to the opportunity cost of privately
constructed flats. Service facilities which are enjoyed collectively, such as garbage disposal
facilities, central satellite connection, security, roof top facilities and lift, save time and reduce
costs. Legal and Regulatory Framework. The legal and regulatory framework concerning the
housing and real estate development includes laws such as Building Construction Act (1952),
Town Improvement Act (1953), Dacca Master Plan (1959) and Building Construction Rules
(1984). These laws are not adequate to facilitate resolving habitation problems. Other limitations
of these rules included a lack of appreciation about the differences between planning and
building rules, the outdated nature of such rules and the inability of the rules to address the
demands of an expanding city and targeting only the middle and high-income groups. There is no
standard housing plan for Metro Dhaka. The Master Plan (1959) was, in general, prescriptive in
nature, with particular public provision proposed on an individual basis for specific places, with
exceptions made for schools and open spaces for which generous standards were proposed. The
rigid land use zoning of the Master Plan (1959) is out of date as a basis for development
management. The Bangladesh National Building Code (1993) which was intended to ensure
safety in construction has not been made mandatory. The Building Construction Rule (1984)
demands a great deal of information from the applicant, but imposes very few compliance
requirements on him. The procedures involved in the enforcement of law such as taking
permission before development and construction were felt to be cumbersome. It was found that a
developer has to apply to eight different authorities including WASA, DESA, Titas, Fire
Department, civil aviation authority and ward commissioner for permission, which costs money
and time. Moreover, the information solicited by the agencies relate mainly to ownership, rather

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than providing guidance for strategic and development control. Since the housing plans are not
detailed, there is ample scope for breach of rules. Lack of adequate staff capacity of the oversight
agencies limits monitoring and leaves scopes for non-compliance with the rules and regulations.
Two laws which were expected to be enacted, namely Private Housing Policy –2002 and Multi-
Storied Building Construction Policy –2002, will ensure risk-free construction.

Financing the Housing Sector is not found adequate because of high interest rates and limited
sources of funds. This is true both for the financing of the developers and the purchasers. The
state-owned House Building Finance Corporation (HBFC) is burdened with bad loans, and loan
disbursement has tended to be low in recent years. Delta-BRAC Housing came into this market
as private-NGO collaboration, but their interest rates are as high as 16 per cent which is higher
than even that of the HBFC by one per cent. The major financing organizations for housing are
the HBFC and the Commercial Banks while financing by other organizations like Delta-BRAC,
National Housing and Micro credit lenders are insignificant. Budgetary Measures in FY2003
Budget Unlike the past fiscal budgets, the government through the FY 2002 - 2003 budget
provided a number of incentives to boost the real estate sector of the country. These measures
include exemption of registration fees on land development, land sale and apartment transfer
which is expected to bring down the overall tax in this sector to the level of 13.5 per cent,
waiving of registration fees in cases where the apartment is resold within 5 years of buying and
halving of property transfer tax at source. Estimates show that these measures have saved an
average buyer about Tk 5 lac on a Tk 45lac worth apartment. Dr Bhattacharya observed that if
tax is paid at a flat rate per square feet of apartment, unaccounted for funds can be mainstreamed.

Reflecting on the response of the sector to these new measures, after a protracted slump these
measures have been able to infuse new hope. He also appreciated the reduced registration cost
and other related costs, which resulted in the recent increase in the number of apartments which
were registered. Estimates showed that in the first six months of Fiscal Year 2003 budget 1,500
apartments were registered over and above the normal number. Though these apartments were
purchased earlier, many of the buyers did not get them registered because of the high cost
involved. Thanks to the increase in apartment registration, the government could mobilize an
extra amount of about Tk 41 core as non-NBR tax. He, however, mentioned that though the
provision to allow investment of unaccounted money generated half of the additional income
from registration fees, amounting to about Tk 20 core, the incentive itself has raised questions as
regards the ethics of such measures. Whilst appreciating the beneficial measures taken in the
budget, a number of additional budgetary interventions which include,

➢To keep up the impetus, the current tax breaks may continue.
➢Registration fees are perceived to be still high and can be reduced by making provisions for
realistic land price disclosure. Fiscal support for linkage industries can lead to reduced raw
material cost.

2.5. Opportunity Spectrum:


The phenomenal growth witnessed in Bangladesh real estate has widened the opportunity
spectrum of the sector even beyond the established asset classes’ business. Commercial, retail,
residential, industrial and hospitality. This section maps the opportunity in both the asset classes
and the emerging asset classes.

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2.5.1. Commercial Real Estate:
The boom in the Commercial Real Estate (CRE) segment is being fuelled by a robust demand
from MNCs and corporate Bangladesh alike, particularly from IT/ITeS, BFSI, Telecom and
Pharmacy companies.

Key Growth Drivers:


Entry of MNCs from different country Growth in knowledge and technology intensive sectors
Growing number of domestic company. The primary growth driver of commercial real estate is
the MNCs, which, is growing at 9.5-12 per cent annually. According to a survey industry is
expected to grow to US$ 120 billion by 2012. As per estimates this translates into in excess of
180 million sqft of commercial office space requirement by 2012 -13.

2.5.2. Residential Real Estate:


In Bangladesh residential real estate is driven by increasing urbanization, rising incomes and
decreasing household sizes, the residential segment as been on an upswing over the past few
years. Several other sectors such as financial services, biotechnology, telecom, pharmacy,
insurance, and consulting businesses are witnessing strong growth and have added to the rising
demand.

Key Growth Drivers:

Growing number of first-time home buyers Increasing income levels Increasing number of
households Increasing affordability of homes Affordability of housing Penetration of mortgage
finance

2.5.3. Real Estate Opportunities:


As economy of Bangladesh is changing rapidly that results market is becoming to much
competitive and customers are becoming focal point of all the activities. At present some
companies are already come up with quality that maximizes the customers’ satisfaction and
started operating in this market. So as time goes, market becomes very competitive in nature. In
this situation before launching a new model apartment, the ABL must carefully develop every
step of the marketing decisions and should be based on market information, customer perception,
quality and gut feeling. Beside this competition, there are some opportunities for the marketers in
Bangladesh.
These are as follows:

 Opportunities of real estate in Bangladesh may also be


 Health Cities: Large scale integrated development
 Hospitals: combining the services of a hospital and a hotel
 Slum-rehabilitation
 Mass housing
 Free trade and warehousing zones/logistics parks
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2.6. Size and contribution of the Real Estate:
The size of the real estate sector and its contribution to the economy in terms of employment
generation, accrual of investment, contribution to exchequer, output trends and linkage
contribution of this sector are stated bellow:

2.6.1 Employment Generation:


The real estate sector at present employs about one million people, either directly or indirectly
involved about 30 lack people in the sector. According to the Labor Force Survey (LFS), in 2006
5.5% of the labor force was engaged in construction whereas for 1999-2000 it was 2.1% and
1995-96it was 1.8%.

2.6.2 Investment:
Recent information concerning investment in the housing sector shows steady growth in both
absolute terms and as a percentage of total private investment and GDP. During the first three
years of the fifth Five Year Plan period, the investment in housing and construction was US$
1273.65.According to this trend till 2007 the investment in housing & real estate sector will be
more than 2500$USD. (CPD).

2.6.3 Contribution to Exchequer:


The keynote paper indicated that the contribution of the real estate sector to the exchequer is a
substantial one. Various revenues like VAT, registration fees, utility connection fees etc.
generated in the real estate sector amount to about Tk 36 core per year. Regarding payment
of corporate income tax of the real estate companies no ready information was available.

2.6.4 Output Trend:


During the peak years of the early 1990s, over 3,000 apartment units were built by developers
every year. Today around 10,000 units are built, but recent time this trend has declined due to
delayed delivery of apartments by an average of six months, economic downslide, global
recession, and the poor law and order situation.

2.6.5 Linkage contribution:


The real estate sector has also made substantial contributions to the growth of a host of backward
and forward linkage sectors which include Rod, Cement, Bricks, paints, ceramics, aluminum,
furniture, consultancy and many others. In this context, he provided examples of catalytic
influence of the real estate and housing sector in development of linkage industries whereby the
sector is immensely contributing to employment and the GDP. Those include Bangladeshi state-
of-the-art ceramic industries, Thai and Kai aluminum, More than a dozen paint industries, A
large number of furniture making and interior design companies, An exponentially growing
cement sector, which is helping the country to attain self-sufficiency in this important input.2.6
Impacts of Private Real Estate developments on patterns of Developments on patterns of
Urbanization.
©Daffodil International University Page 12
2.7. Urbanization:
Actually the private real estate entrepreneurs are providing residential facilities for the higher
income group. Profit maximization is their only motto. Hence, huge lack of services and
facilities are observed in the recent real estate schemes. Consequently, several unexpected and
disastrous impacts are observed. In observed land use composition with to the standard are stated
in the table.

Here it is seen that for maximizing the profit the private developers are selling more than 80% of
the total project area. In Bangladesh the housing problems is basically for the lower income
people, but the private real estate developers are developing the apartments for the higher income
people. Due to poor load bearing capacity of soil, high-rise buildings are very difficult to build in
places being developed by real estate companies at present. Hence, low density of residential
area is resulting in the form of inefficient utilization of the land resources. Urban area is
expanding horizontally without maintaining any guidelines. Where selecting the potential land
for private land banking, the urban expansion zone was given utmost priority. The expansion
zone is the potential urban area where services and utility facilities are supposed to expand
within short period of time. When this area is facilitated with the utility and services, the land
price also increase substantially. This is a land speculation process may be called private land
banking which has created a belt around the city. There are several impacts of this process:

➢To accommodate the incoming rural to urban migrants, the city needs to expand. But this belt
is creating hindrances for the city expansion. The Inner city is facing tremendous pressure
of migration. Due to the skewed distribution of land, people are forced to live in slums and
squatters. At the same time the land value is also increasing. The result is a potential land price
bubble in this area.

➢People are purchasing the land, keeping them vacant for a few years to get more benefit while
selling the same. Hence, city is expanding with rural nature and rural areas are losing its identity.

➢City is forced to expand to a direction in a linear nature through the gaps of the private land
banks which is not either expected or planned before. Several questions can be raised regarding
the positive impacts of this process. Through creating tremendous pressure on the core area of
the city whether or not, this process can maintain equity in the distribution of land. Unfortunately
the answer would be negative as the land ownership pattern is really skewed and complex.
Moreover large parcels of lands are occupied by the government organization like Cantonment,
Bangladesh Railway etc. at the heart of the city which is either left vacant or underutilized. Of
course urbanization is always essential for economic diversification and country’s long term
sustainability. From this point of view, these real estate developers are patronizing urbanization
alternatively helping Bangladesh in its economic sustainability. But, where urbanization is
itself a burden for Bangladesh and how far this process can create diversification that is
questionable. The unexpected and unplanned growth of residential areas is creating extra
problems for the city managers. There is no link between the existing structure plan and the real
estate developments. Consequently these projects are creating sheer stress on the planned
development of the city. This is also creating polarization in the demand of services facilities.

©Daffodil International University Page 13


Chapter Three

Organizational Profile
of Assure Builders Ltd.

©Daffodil International University Page 14


3.1 History:
Assure Builders Ltd has become a trusted name in the real estate sector in Bangladesh. From
its very inception, the company has won the confidence and goodwill of its clients. Within a
short span of time, ABL has grown into a renowned and dependable organization, building
elegant, aesthetically pleasing structures that grace Dhaka’s finest neighborhoods and
Cox’sbazar.

Assure Builders Ltd uses the highest quality building materials and finishing products to ensure
durability and customer satisfaction ABL is main concentration has been in the prime, attractive
locations of Gulshan
,Banani,Dhanmondi,Uttara,Mohammadpur,BashundharaR/A,MirpurBanasree, the emphasis
being on sound construction and aesthetic design. In additional has tried to provide
accommodations suitable for small families while creating scope for development of residential
lands in the vicinity of the capital city. Efforts are underway to cater to the needs of clients in
every market segment. The success of such a large construction company requires specialized
labors and highly qualified professional backup and ABLs has developed a strong team of such
highly skilled, experienced professionals to work under its competent management. The
company currently has one hundred employees working, most of them being very qualified and
experienced in their respective fields.

Bangladesh has come a long way since its independence. It has improved key social indicators
and the well being of its people. The Assure Builders Ltd has been an integral part of this
progress. Assure Builders Ltd philosophy is simple:

To improve living standards as a result of this philosophy, Assure Builders Ltd is today
Bangladesh’s largest residential real estate company. Its slogan is that we are dedicated to
providing customers of real estate with the highest quality services possible. The Assure Builders
Ltd System is actively increasing its presence and market share in the Bangladesh and bringing
the most recognized name brand in real estate sector. Assure Builders Ltd fully supports the
principles of the Fair Housing Act. When buyers think about real estate, they think of the Assure
Builders Ltd brand. In fact, Assure Builders Ltd Brand is the most recognized name in real estate
sector. Assure Builders Ltd the largest private sector business conglomerate of Bangladesh
started its journey back in 18th day of November1999. With a record of the highest growth rate
in the history of Bangladesh Real Estate Industry, Assure Builders Ltd has maintained its
leadership position with consistent growth over the years. The company maintains edits growth
performance even when the industry experienced a decline in market growth.

3.2. Mission& Vision:

3.2.1. Mission:

Building our future together...

 Innovative Planning & Design Solutions


 Leadership & Initiative
©Daffodil International University Page 15
 Best Business Practices Environmental& Social Responsibility

 ABL’s mission is both broad and focused. It builds on its vision and translates the essence
of that vision into projects that respond to board category of needs. Each of ABL’s
activities however is characterized by the same commitment to comfort and convenience.

 In addressing the acute need for


extensive housing, ABL has
focused on building a range of
apartment complexes crafted to
the needs of neighborhoods and
communities. Apartments
multiply the potential of living
space on a single piece of land.
These provide accommodation for 
several times more people than
non-apartment housing, and in
convenient and coveted locations.
The potential of responding to
varying space needs within the
same complex is another major
advantage. Furthermore, the
common facilities and space in an
apartment complex has the
advantage of scale and therefore
adds value to every individual
inmate’s living. The convenience
in terms of maintains needs no
new mention. To all this, ABL
adds the touch of luxury and class
to every square inch. For us, it all
begins well before the drawing
board stage in the choice of the
location proximity to shopping
center, convenient public
transportation connections etc.
along with the essential quiet and
security of a residential area.

3.2.2. Vision:


 Beyond high rise living in the heart of the metropolis, there is a growing demand for
suburban living, does to nature, with plenty of open space. The second thrust of ABL is to
build satellite townships in the vicinity out skirts of metropolises that ensure quiet living
with convenient connections to urban facilities and the city hubs. Together, these represent
value addition to urban living on the one hand, and creation of ideal neighborhood away

©Daffodil International University Page 16


from the bustling metropolis on the other.
 The era of information and communication technology has changed the world with a
whisker and now communication has emerged as the key to trade and development. The
rapid development of information and communication technology has turned the world into
a global village. Moreover globalization and its all pervasive impacts on states and their
economies have made life more competitive, complex and technology driven.

Proximity has turned meaningless as the world is now in the tip of a finger and economy
the ultimate focus of a nation and national life. Inter-state trading dependence, investment
potentials and free flow of information and raw materials have made the world thriving on
the edge of competitiveness.

Now ‘staying competitive’ is the key to survival in today’s world of business where quality
rules and standard products and services sneak in shedding physical boundaries. Now, the
recent global recession and its impacts have shown yet another challenge and the bitter side
of the globalization.

But despite the global challenges and its impacts on local economy, Assure Group has kept
on its forward march with visionary goal, best use of its human resources and meticulous
planning. Varied range of products with ensured standard, quality services and most
effective managerial efficiencies have made the company a market leader in the respective
sectors of its operation.

Keeping main focus on business expansion and growth in the most prospective sectors, the
group is continuously taking up projects to make it the largest conglomerate in the business
arena of Bangladesh despite fast-changing business trend and tricky situation.

Depending on the firm foundation and highly professional human resources, the Assure
Builders Ltd is still making good use of its business potentials and also contributing to the
development of the local corporate culture and making a significant contribution to the
overall development of the country and its economy.

But despite intriguing growth and business expansion, the company’s aims and objectives
remain the same – to serve people with maximum satisfaction and keep on working for the
greater welfare of the people and the country. Still each and every Assure Group companies
care for their clients as their obligation and customer satisfaction remains the key to their
success.

3.3. Core Values:

ABL’s core values consist of six elements. These values bind our people together with an
emphasis that our people are essential to everything being done in the Real Estate.

©Daffodil International University Page 17


Integrity

Open
Team work Communication

Core
Values

Performance
Quality
Driven

Continuous
Self
Improvement

©Daffodil International University Page 18


3.4. Objectives of ABL:

As a real estate development company, Assure Builders Ltd has acquired an outstanding
reputation by creating the best commercial and residential buildings in the entire city! Our
commercial projects boast state of the art features and our residential properties use the best
available, imported materials for all fixtures and fittings.

The unique features of our properties ensure investors a sound and valuable venture. By offering
facilities and services not provided by other companies, Assure is the obvious choice for high-
end residential and commercial solutions. Our unmatched quality and reputation guarantee
highest sustainable rental incomes for potential investors.

Upon completion of building construction, ABL oversees all aspects of building maintenance
in its residential buildings for five years.

Our Facilities Management team constitutes of professional managers, engineers and security
personnel. Key security personnel are handpicked from the Armed Forces, and the support
and janitorial staffs have been trained by an international team of experts.

In order to maintain the highest standards that we have set for our products, ABL gives great
priority to this aspect of our operations. This team originated from our disappointment with
the providers of such facilities in the market. What started off as an experiment has evolved
into a permanent valuable feature of our business, as is evident from our clients’ feedback?

Behind this success is Total Quality Management.

We closely monitor our projects from the very beginning and even after construction is
completed. Over the last two decades, our relentless pursuit for quality has led to many of the
product innovations seen in Dhaka’s real estate, such as theatre kitchens and our famous
rooftop gardens.

Beyond our product innovations, Assure is proud of pioneering a completely original process
in the real estate world. Our clients are brought in for early design involvement (EDI), which
gives them the luxury of customizing their dream with a personal touch.

The Assure Research and Testing Laboratory (CRTL), which carries out tests on materials,
runs daily quality control at all levels. Our interior design teams works hard to assure quality
work inside and out. Furthermore, ABL’s Facilities Management Department, consisting of

©Daffodil International University Page 19


security, cleaning, engineering, and management professionals, provides after-sales service
and management.

ABL’s buildings are characterized by their avant-garde design with contemporary lines and a
clean look. Our stylish apartments combine the latest features with design innovations and
new technologies for a greener product and a more sustainable environment.

To consolidate this knowledge and to perpetuate this design ethos, we created Inter Studio –
our design and development team – a talented group of architects, engineers and design
technologists.

Building on our solid foundations of core design concerns – functionality, durability, Assure
and safety – we aim to reduce the environmental impact of construction.

Our corporate clients have set high standards for themselves and expect us to continue to
deliver unmatched quality.

Our residential clientele are equally discerning, preserving their privacy and delivering value
is of the utmost importance to us.

3.5. Commitments of ABL:

 In carrying ourselves at work:


 Discipline
 Honesty & Integrity
 Sincerity
 Creativity

 In serving the real estate:

 Loyalty
 Total commitment and dedication
 Excellence through teamwork.

 In serving customer:
 Customer-first
 Quality-focus
 credibility & secrecy

3.6. Corporate Information:

 Auditors:
 Rahman Mostafa Alam& Co.

©Daffodil International University Page 20


 Chartered Accountants

Principal Bankers

 Prime Bank Limited, Gulshan Branch.


 BRAC Bank Limited
 Standard Chartered Bank Limited
 HSBC.

1. Type of Business : Residential, Commercial Building & Five star

Standard Resort Development.

 2. Type of the Organization : Private Ltd.



 3. Establishment date of the Company: 20/06/2006

 4. Registration No : C-72740(782)/08

 5. TIN No : 149-200-5303/sha:-49

 6. VAT No. : 9021174864

 7. No of skilled Manpower : 100nos

 8. Total No. of Manpower : 600

 9. No of Executed Project : 17 Nos

 Registered Office: Assure Builders Ltd.
 Jabbar Tower,Laval-5
 42 Gulshan Avenue, Gulshan Circle-1,Dhaka-1212
 Phone:+88-02-8812718,8812719,8812720
 E-mail : info@assuregroupbd.com
 Web- www.assuregroupbd.com

©Daffodil International University Page 21


3.7.Products and Service of ABL
On going Project:

 Name of  Location  Unit  Expected


Project Size Completion

 Assure Sea Star  Kolatoli, Cox’s  455-  December, 2014


Bazar 2180
Sft
 AssureRuhitan  Agargaon, Dhaka.  1150  December, 2011
Sft
 Assure Rose  Mohammedpur,  1150  December, 2011
Bud Dhaka, Sft
 Assure Green  Paikpara, Mirpur-1,  1150  June, 2012
shadow Dhaka. Sft 

 AssurePreety  Malibagh, Dhaka  1350  December, 2012


Garden Sft

Upcoming Project:

 Name of Project  Location

 Assure Water Garden  Savar, Dhaka

 AssurePreety Garden  Malibagh, Dhaka

 AssureBenarashi Center  Mirpur, Dhaka.

 Assure Green velly  Uttara, Dhaka

 Assure Sea Star  Kolatoli, Cox’s Bazar

 Assure Green Touch  Siddessawri, Dhaka.

©Daffodil International University Page 22


Services for luxury Apartment, Commercial Spaces & Hotel Suites:

Payment Services
Loans & Benefits
Customer Services
Site visit & Outdoor
counseling Services.
Maintenance Department
Resale Opportunity

Services for Residential & Commercial Plots:

Payment Services
Loans & Benefits
Customer Services
Site visit & Outdoor
counseling Services.
Resale Opportunity

3.8. Department of ABL:


Office layout is divided into 13 sections to ensure smooth execution and implementation of their
projects.

1.Planning and Development.


2.Architecture and Design.
3.Engineering.
4.Marketing
5.Procurement
6.Accounting
7.Administration
8.Public relation
9.Land
10. Advertising
11. Loan
12. Security
13. Human Resource.

©Daffodil International University Page 23


3.9. Hierarchy of ABL:

Chairman

MD

DMD

Director

GM

DGM

AGM

MANA
GER

Deputy
Manag
er

Asst.
Manag
er

Sr.
Executi
ve

Executive

Junior
Executi
ve
©Daffodil International University Page 24
Staff

3.10. Corporate Governance Management


Corporate Governance has been defined as the system, by which companies are directed,
controlled and the Board is accountable for it to the shareholders. It is imperative for the
company to maximize the shareholder’s value and wealth. Eastern Housing Limited practices it
so that investors can place their full confidence in the company.

Corporate Governance is blend of law, regulation, enforcement and appropriate voluntary


practices by companies that permit a company to attract capital, perform efficiently and generate
long term economic value for its shareholders, while respecting the interest of its stakeholders
and society as a whole. The principal characteristics of effective corporate governance are:

 Protection of the rights of minority shareholders,


 Transparency (including disclosure of relevant reliable financial and operational information
on
ownership and control; and information on the internal process of management),
 Responsible directors capable of independently evaluating and approving the joint stock
companies strategy, business plans and decisions, independently hiring , monitoring, and
when necessary, replacing management and auditors.

The statement outlines main Corporate Governance practices in Assure Builders Ltd under the
following headings:

 Board of Directors of Assure Builders Ltd and their roles


 Relationship with Shareholders
 Accountability and Audit
 Compliance with Legal Requirements.
 Employees
 Standard of Business Conduct.

©Daffodil International University Page 25


©Daffodil International University Page 26
3:11.Financial Performance of Assure Builders Ltd
Balance Sheet & Income Statement:
Assure Builders Ltd
STATEMENT OF FINANCIAL POSITION
AS AT JULY 31, 2014
Notes 31.07.2014 31.07.2013
Taka Taka
ASSETS
Non- Current asset
Property Plant and Equipment
(at cost less accumulated depreciation) 3.00 123,655,200 106,540,000
Current asset 123,655,200 106,540,000
Prepaid Expenses 4.00 0 53,000,000
Stock of Land & Apartment 5.00 12,283,726,500 12,039,800,600
Trade Debtors 6.00 0 13,109,600
Advance, Deposits and Prepayments 7.00 1,362,793,500 1,116,431,300
Deposit into BB Under duress during emergency 8.00 350,000,000 350,000,000
Investment 9.00 1,152,607,500 1,262,063,600
Cash and Bank balance 10.00 367,091,800 129,133,600
15,516,219,300 14,963,538,700
Total Assets 15,639,874,500 15,070,078,700

EQUITY AND LIABILITIES


Capital and reserves
Issued and paid up Share Capital 11.00 620,568,000 620,568,000
General Reserve 12.01 234,500,000 174,500,000
Dividend Equalization Reserve 12.02 105,000,000 55,000,000
Retained Earning 12.03 220,800,600 235,032,800
1,180,868,600 1,085,100,800
Non- Current Liabilities
Long Term Loan 13.00 74,783,300 24,315,200
Deferred Tax 14.00 4,994,500 0
Sponsors' Loan 15.00 202,500,000 202,500,000
282,277,800 226,815,200
Current Liabilities
Current maturity of long term loan 16.00 64,392,000 88,672,400
Bank overdraft 17.00 309,836,500 308,804,300
Advance Received Against Allotment 18.00 11,159,242,500 11,222,213,300
Creditors 19.00 2,612,128,000 2,088,612,500
Provision for taxation 20.00 31,129,100 49,860,200
14,176,728,100 13,758,162,700
Total Equity and Liabilities 15,639,874,500 15,070,078,700
The annexed notes form an integral part of these financial statements.

Company Secretary Director Managing Director Chairman

©Daffodil International University Page 27


Rahman Mostafa Alam& Co.
Dhaka, October 25, 2014 Chartered Accountants

Assure Builders Ltd


STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED JULY 31, 2014
Notes 31.07.2014 31.07.2013
Taka Taka
TURNOVER 21.00 2,234,047,200 1,595,086,400
Land Unit 1,683,636,300 550,565,700
Apartment Unit 550,410,900 1,044,520,700

COST OF SALES 22.00 1,697,811,000 1,143,135,300


Land Unit 1, 173,431,000 335,386,000
Apartment Unit 524,380,000 807,749,300

GROSS PROFIT 536,236,200 451,951,100


Land 510,205,300 215,179,700
Apartment 26,030,900 236,771,400
EXPENSES 338,482,200 248,300,200
Administrative & Selling Expenses 23.00 274,705,200 191,560,800
Financial Charges 24.00 63,777,000 56,739,400

OPERATING INCOME 197,754,000 203,650,900

NON-OPERATING INCOME 25.00 116,561,200 103,628,400

NET PROFIT BEFORE TAX 314,315,200 307,279,300


Less: Tax 26.00 63,405,400 84,501,800
NET PROFIT AFTER TAX 250,909,800 222,777,500
Earning per Share (par value Tk. 100/-) 40.43 35.90
Number of share used to compute EPS 6,205,680 6,205,680

The annexed notes form an integral part of these financial


statements.

Company Secretary Director Managing Director Chairman

Rahman Mostafa Alam& Co.


Dhaka, October 25, 2014 Chartered Accountants

©Daffodil International University Page 28


Assure Builders Ltd
STATEMENT OF CASH FLOW
FOR THE YEAR ENDED JULY 31, 2014
Notes 31.07.2014 31.07.2013
Taka Taka
Cash Flow From Operating Activities
Cash Receive From Customer & Others 2,466,410,600 2,524,311,000
Non-operating Income 116,561,200 103,628,400
Cash Paid to Employees & Suppliers 2,150,006,000 2,028,410,800
Cash Generate From Operating 432,965,800 599,528,600

Interest Paid 63,777,000 56,739,400


Income tax Paid 79,641,900 26,959,500
A. Net Cash Generate From Operating Activities 289,546,900 515,829,700

Cash Flows From Investing Activities


Acquisition of Property, Plant & Equipment 33,122,700 62,084,600
(Increase)/Decrease in Fixed Deposit Reserve 109,456,100 488,740,700
B. Net Cash used in Investing Activities 76,333,400 550,825,300

Cash Flow From Financing Activities


Increase/(Decrease) in Long Term Borrowings 26,187,700 39,725,700
Increase/(Decrease) Short Term Borrowings from Bank 1,032,200 160,789,100
Dividend paid 155,142,000 93,085,200
C. Net Cash used in Financing Activities 127,922,100 27,978,200

D. Increase/(Decrease) in Cash and Cash


Equivalents 237,958,200 7,017,400
(A+B+C)
E. Cash & Bank Balances at the beginning of the
year 129,133,600 136,151,000

F. Cash & Bank Balances at the Closing of the


year (D+E) 367,091,800 129,133,600

Company Secretary Director Managing Director Chairman

©Daffodil International University Page 29


Rahman Mostafa Alam& Co.
Dhaka, October 25, 2014 Chartered Accountants

3.12.SWOT analysis of the company:


The SWOT analysis provides a useful strategic guidance. A SWOT analysis (Strength,
Weakness, Opportunities and Threats) allows in constricting balance sheet for the
company. In the analysis one can bring together all the internal factors, influencing
company’s strength and weakness. Based on these factors we can identify
externalfact0ors which can help to define opportunities and threats that a company faces
due to competitive forces and trends in the business environment.

Strength:
Company has excellent service department. Brand name is the company’s most important
assets. Company always concern about to know, what is new and how can it overcome. It
has efficient management. Good reputation all over the Bangladesh wide distribution
capability healthy financial position has moderate experience in the business field
Innovation capacity is excellent.

Weakness:
It does not have vast marketing program
It does not have own training department
It has low capacity to define the target market.
It has lack of resources when needed.
It has lack of Advertising and promotional activities.
Lack of employee satisfaction.

Opportunity:
Very few domestic companies compete in this industry. So, there is big change to explore
business activities. Most of the company does not know the actual market size of real
estate business. As the need for better housing is increasing, there is a great opportunity
to measure the market and penetrate the market. ABL also takes the financial risk to bring
any change and penetrate the market. Price should be moderate and somewhat below the
competitors price. It has creative power to develop innovative thing.

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Threats:
Competitors are becoming a big threat for the company.
Low price of the competitors is another threat.
Political Instability is another great threat for the company.
Changing customers demand.
Changing world economy rapidly.

©Daffodil International University Page 31


Chapter Four
Level of Customer Satisfaction

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key Success Factors:
4.1 People:
An organization is as good as its human resources. Based on this very basic fundamental
philosophy, Assure Builders Ltd believes that human beings are its most valuable assets and
prime movers. Assure Builders Ltd also believes that the potential of human resources is
limited only to the extent to what one can put to use. Realizing this, Assure Builders Ltd makes
considerable investments in attracting and developing talent ant and dynamic professionals, not
only to do their job flawlessly, but also to give them an environment, which fosters innovation
and entrepreneurship. The extent of empowerment that is enjoyed by its people at various levels
of the organization enables each employee, from the very bottom to the top, to contribute to the
overall momentum of the company. The employees of Assure Builders Ltd are differentiated not
just on the strength of their professional competence, but also on the basis of individual
resilience of character and the spirit of enterprise. In the face of today’s competitive business
environment, Assure Builders Ltd develops and retains high achieves and a motivated workforce
and provides an excellent working environment for them that reflect and promote a high level of
loyalty and commitment, both to its employees and from its employees. At Assure Builders Ltd,
good work is always expected and rewarded. Over the years, the company has been successful in
providing an environment and culture that nurtures individual growth and development, and
allows people to attain personal fulfillment as well as achieve company objectives. The
competent workforce of the company provides it’s with every reason to be optimistic about the
future

4.2 Quality:
Committed to making a difference Committed to making a difference Assure Builders Ltd. is
committed to provide living standards of the people. This commitment demands massive social
responsibility of ensuring quality in terms quantity, purity, stability, safety, efficacy and
presentation of the product. At every stage of the production, a stringent control mechanism
involving raw material testing, in-process quality control, finished product testing as well as
stability monitoring and documentation is maintained to ensure the highest quality product
consistently.

4.3 Training & Development: Investment for future:

The ever-changing market place has fuelled Assure Builders Ltd’s determination to keep up with
the changing times by constantly strengthening the information base, exploring new lines
of business and expanding domestic. This prompted the company to undertake infrastructure
development to build competitive advantage in order to retain its position as a leading real estate
company. Assure Builders Ltd is committed to developing individual’s human, technical and
conceptual skills through various educational and a wide range of internal and external human
resource development and job related training programs each and every year. At Assure Builders
Ltd, a well-planned and structurally designed in- house training activity-involving sales,
marketing and production etc. is conducted throughout the calendar year. These training

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programs are conducted by in-house resource persons on a regular basis and as per scheduled.
Assure Builders Ltd employees also received training from Rapport Bangladesh Limited and
Tack training international on the following topics:

➢Time Management.
➢Customer care.
➢Customer relationship management.
➢Leadership.
➢Team building and leadership

4.4 Commitment to the Customer:


Assure Builders Ltd professionals are dedicated to providing you with the best service
throughout the real estate transaction! Take a look at the following pledge certificates to detail
the services you can expect.

➢Service Pledge
➢Dedicate myself to making the process of buying your next home as easy and as successful as
possible
➢Respect you, your needs and be honest and forthright.
➢Hold your best interests in the highest regard throughout the process.
➢Value and respect your time, being as efficient and effective as possible.
➢Understand your needs and respond quickly.
➢Consult with you to determine your particular real estate wants and needs.
➢Use my base of experience, knowledge, tools and the most up-to-date training to best serve
you.
➢Explain each step of the process and act as a guide to help you make most informed decisions.
➢Disclose material facts known about the property and respond to questions concerning the
property.
➢Help determine your purchasing power, while explaining alternative methods of purchasing
and/or
financing.
➢Provide an action plan for locating the right property, at the right price and terms, in an
acceptable
time frame.
➢To the best of my ability, continuously show you new properties that fit your needs.
➢Provide a Customized Home Search Plan for locating the right property for you, only
Showing you properties that will best meet your needs and in accordance with Fair
Housing regulations and ethical real estate practices.
➢Use the most comprehensive database of listings in the area, to help you find the home
that best meets your needs, whether to be the Multiple Listing Service and/or other
methods.
➢Provide the resources of Century21.com that offers thousands of listings, allowing you
to easily review homes that are right for you, access in-depth information on neighbor
hoods, and additional information.

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➢Use my knowledge and expertise to promote the most valuable purchase on your
behalf. I will assist you in evaluating the market value of properties that are of interest
to you and help you obtain the most advantageous price and terms.
➢Provide access to financing that meets your needs, at the lowest possible rates available to
you.
➢Advise and assist you in completing your purchase agreement, and present your offer
with integrity in a light most favorable to your needs.
➢Upon acceptance of an offer by you, pre-settlement (escrow) activities throughout the
closing process will be monitored as permitted by law or local practice.
➢Offer to provide you with information regarding other professionals (e.g. attorneys,
Tax consultant, Govt. authorities) that may assist you during and after your move.
➢Utilize the Asset Developments & Holdings Ltd System to provide you with in the area
of your new home, to assist you further.

4.5 Exclusive Buyer Service:


➢Consult with you to determine your particular real estate wants and needs. This
includes providing information as to the advantages and disadvantages of the choices
available to you, in order to help you make informed decisions.
➢Maintain your confidentiality and represent your best interests throughout your buying
process.
➢Help you define your financial ability to purchase, explain alternative methods of
purchasing and financing, and assist in arranging mortgage financing.
➢Provide an action plan for locating the right property, at the right price and terms, in an
acceptable time frame.
➢Search using available methods to locate the property that will best meet your needs
and wants. This may include properties listed with our office, offered through other
real estate companies, as well as unlisted properties.
➢Show properties that meet your specifications, in accordance with Fair Housing
Regulations and ethical real estate practices.
➢Disclose material facts known about the property, and other relevant information that
is likely to affect your ability to obtain the right price and terms.
➢Assist you in evaluating the market value of properties that are of interest to you, and
suggest negotiating strategies to help you obtain the most advantageous price and
terms.
➢As your advocate, advise and assist you in completing your purchase agreement, and
present your offer in a light most favorable to you.
➢Refer you to other professionals (attorneys, accountants, inspectors, mortgage lenders,
etc.) for information or assistance as appropriate.
➢Upon acceptance of an offer between you and the seller, monitor all pre-settlement
(escrow) activities throughout the closing process as permitted by law or local practice.
➢Consult and communicate with you on a regular basis throughout your entire real
estate purchase process.
➢Recommend home warranty to protect you.

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4.6 Customer Service:
Huge amounts of money are on the line when people buy real estate and houses. Buyers and
sellers need to trust real estate agents, and customer service is the key to generating trust and
sales in real estate. "Service is king, and it can make or break a company."Nothing beats
knowledge, experience, problem solving and responsiveness. Combining that with good manners
usually wins a customer for life. It is one thing to talk about excellent customer service, but it is
another to demand it and maintain it as a key element of an organization's culture. The first
reaction to customer complaint is a negative one. No matter how much you’ve tried, some of
them will not be satisfied. But you should try and see customer complaints in a positive light.
Complaining clients are clients who care about getting better service. They want to keep working
with you. Therefore, instead of seeing comply as a blow to your business, try and see them as
valuable feedback

4.6.1. Importance of Customer Service:


Whatever your business is customer service can make or break your business quickly. From a
real estate organization to the kid that delivers your newspaper customer service should be your
top priority. If your customer service skills leave a lot to be desired you will lose out on referrals
as well as repeat business. Customer service is the key to any business because bad word of
mouth advertising travels ten times faster than good word of mouth. Here is a perfect example. If
you go to get your hair cut and it is terrible. The first ten people that will listen to the story, you
will be sure to tell them where not to get their hair cut. However, if you liked your haircut you
will not go around boasting about it. The first few people that notice and compliment you on a
nice haircut, you will be happy to refer them to the nice girl at the mall that cut and styled your
hair. Same goes for where you ate lunch. If you liked the food but not the customer service you
will be sure to tell people where not to go before you tell them a nice place to go. It is just human
nature that makes a lot of people tend to be this way. So let’s start off on the right foot and make
a good customer service impression as a real estate organization for your customers. The most
important thing that you can do first and foremost is smile. Sounds so simple doesn’t it? Have
you ever heard, “It’s all in the delivery?” It is so very true. Take the time as real estate agent to
smile and use eye contact when speaking to your customer.

Acknowledging your customers with courtesy, eye contact and smiles makes them feel important
and open to you. They will feel the need to be less guarded. Customers will be more likely to
share what their needs are and truly what might be holding them back from using your services
today. Customer service is about integrity and a positively professional attitude towards your
customer. Don’t be a glass half empty real estate agent sales representative. Be the glass is have
full customer service representative. Listen to what it is they need and if you can help them then
do it. If you can’t assist them refer them to someone who can help the assist them better with
their needs. The customer will almost certainly refer you to someone they know or be back for
another service or product that you do offer. By doing that for them, you just told them that you
cared about them and their needs. The customer now trusts you and will know that you will be
honest in what you can and cannot do for them. This is how long term customer relationships are
built.

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4.6.2. Be Familiar with Buyer/Seller Needs:

If you are a real estate organization that has a customer that you helped to buy a home, you can
get quality leads for your satisfied customer/client. You took the time to sit and earn their trust,
they have told you their needs now it is time to go to work for them. Be committed to each
individual client. Whether the client is a buyer or a seller, be accessible for them in a timely
fashion. One thing you won’t want to do is to neglect one customer for another. Each individual
customer or client should have your full attention. Make the best of the time that is given to you
with each client. They will appreciate you for it and repay you with great word of mouth to your
future clients as well as repeat business.

4.7. Six Steps to Remarkable Service:


Assure Builders Ltd continues its center of attention to increase customer loyalty by improving
the quality of customer service. Employees of this real estate go through to understand and work
through these steps (every time) for customer loyalty and customer retention.

4.7.1 Connect with customer:


The people of the ABL always try to be connected with their customers to meet there
expectations by providing better quality, flexibility of the larger selection and innovative
products.

4.7.2 Discover what they want:


People of this company are highly concerned to define what the customer wants while they are
negotiating with the buyers of apartments and sellers of the land. At this stage, the company also
gets the flexibility of getting background information and their perceptions regarding the
company and its market position.

4.7.3 Know what you can do:


To increase customer loyalty, the people of the selling department of ABL spend their
considerable time to define what they should do when the customer show his or her positive
attitude toward for closing the buying process.

4.7.4 Do it:
Whenever people of the ABL can understand what the customers want and how they want to
close the buying process then they do in accordance of customer responses.

4.7.5 Follow-up:
It is highly practiced in the ABL for maximizing its customer feedback because it believes that
business is defined by customer relationship.

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4.7.6 Thank them:
Having completed the buying process for the apartment buyer and the selling process for the land
sellers, the ABL’s selling and purchasing department gives them feedback and ensure them for
their expectations and finally congratulate them.

4.8 Achieving Customers Satisfaction:


4.8.1 Assure Service Quality and Customer Expectation:
In any kind of business, keeping a high quality is essential to sustain in the market and a
successful organization like Assure Builders Ltd. The service quality must be more than enough
to drag as well as to keep the customers.

4.8.2 Customer Perception and Satisfaction:


To serve with the best quality, reliability, which is the ability to perform the promised service
dependably and accurately, must be maintained. Responsiveness, which is the willingness to help
customers and provide prompt service, must also be maintained. This dimension emphasizes and
promptness in dealing with customer requests, questions, complaints and problems. By hiring
right (mainly theory X) kind of employee, this concept can be satisfied. Again, assurance is
defined as employee’s knowledge and courtesy and the ability of the firms and its employees to
inspire trust and confidence. This dimension is likely to be particularly important for services
that the customer perceives as involving high risk and/ or about which they feel uncertain about
the ability to evaluate outcomes. So we must hire efficient employees. Then empathy is defined
as the caring, individualized attention the firm provides to its customers. The essence of empathy
is conveying through personalized or customized service that customers are unique and special.
All customers want to feel understood by and important to firms that provide service to them. So
empathy must be there. So if these points are ensured to have the best quality, the service quality
increases itself. And this is very much important to achieve the goal of the organization.

4.8.3 How To Assure Builders Ltd Satisfy their Customers:


Keeping customer satisfied is key to success and it doesn't matter if are selling products or
services to external or internal customers. For improve customer satisfaction company perform
the following ten activities.

4.8.4 Understanding:
Make sure what customers really want. Use that information to follow up with actions and
solutions

4.8.5 Access:
Access People want an ease of doing business. Assure Builders Ltd offer multiple
communication methods (phone, web, or call center) and make sure the experience is speedy,
efficient, and pleasant.
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4.8.6 Respect:
Respect Customers want someone who understands and can respond to their needs. Assure
Builders Ltd always acknowledges customer sand treats them with respect to earn their trust and
their business.

4.8.7 Personalize:
Personalize People like to feel special. Sending specific, personalized messages will help
eliminate some customer's feeling of insignificance, help connect with those people, and help
form a bond with them.

4.8.8 Streamline:
Streamline Offer processes that are streamlined and automated, but also have available guidance
or confirmation at the end of the automated process to ensure that the customers issues, orders,
etc., have been resolved or fulfilled. Always have an option to escalate issues to a customer
service Department.

4.8.9 Track Information:


Track Information creates a knowledge base so customers do not have to repeatedly give their
contact, product, or problem details.

4.8.10 Target:
Use data to be proactive, but also use it for a targeted purpose. Do not try to sell the same widget
or service to your entire customer base. Approach only those customers who are most likely to
be interested.

4.8.11 Empower:
Empower customer service department to resolve problems on the spot, including offering
discounts or special services to retain customers who might otherwise head to a competitor.

4.8.12 Easy Doing Business:


Easy Doing Business find ways to make it so easy for customers to do business with you that
switching to a competitor would be work for the customer.

4.8.13 Interpret Need:


Interpret Need note the difference between what customers say and do (customers say they want
free shipping, but willingly pay for it with no complaints), and find ways to use that information
so that everyone benefits.

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Chapter Five

Major Findings,
Recommendations
And Conclusions

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Findings:
5.1 Findings from customer’s survey:
Assure Builders Ltd.’s providing these services to their customer. In this customer’s survey
report can be identify, there maximum customer are satisfied by their services. With the
systematic questionnaire, the market of ABL has high potentiality to survive. The major findings
of this survey are as follows:
Data analysis:
After overall analysis, all the questions are again analyzed individually:

Questionnaire 1: The product you bought satisfied you in the case of your requirements?

In response to this question, there are 12 respondents who have been satisfied with their
requirements, 18 respondents are somewhat satisfied, 7 respondents are neutral, 2 respondents
are somewhat dissatisfied and 1 respondent is strongly dissatisfied with the statement. The mean
value regarding all the responses is 3.95, which means the customers’ perception regarding this
statement is good. The standard deviation of 2.39 proves that the mean value of 3.95 can only
vary from 2.39 more or less.

From the analysis, a table is drawn to understand the result at a glance:


Table 1: Analysis of Question 1. The product you bought satisfied you in the case of your
requirements?
Quality No. of Percentage Mean Standard Result
Respondent Deviation

Satisfactory 12 30 3.95 2.39 Its more


than
Somewhat Satisfactory 18 45 neutral
Neutral 7 17.5 (3.95>3)

Somewhat 2 5
Dissatisfactory
Dissatisfactory 1 2.5

Questionnaire 2: Your evaluation about the level of safety?

In response to this question, there are 9 respondents who are satisfied. 16 respondents are
somewhat satisfied, 8 respondents are in neutral, 3 respondents are somewhat dissatisfied and 4
respondents are strongly dissatisfied with the statement. The mean value regarding those
responses is 3.58, which means the customers’ perception regarding this statement is good. The
standard deviation of 3.00 proves that the mean value of 3.58 can only vary from 3.00 more or
less.

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From the analysis, a table is drawn to understand the result at a glance:
Table 2: Analysis of Question 2. What’s your evaluation about the level of safety?

Quality No. of Percentage Mean Standard Result


Respondent Deviation

Satisfactory 9 22.5 3.58 3.00 Its more


than
Somewhat Satisfactory 16 40 neutral
Neutral 8 20 (3.58>3)

Somewhat 3 7.5
Dissatisfactory
Dissatisfactory 4 10

Questionnaire 3: Your evaluation about the satisfaction level of their quality of the service?

In response to this question, there are 17 respondents who have been satisfied with the quality of
service of Assure Builders Ltd. 12 respondents are somewhat satisfied, 6 respondents are at
neutral position, 2 respondents are somewhat dissatisfied and 3 respondents are strongly
dissatisfied with the statement. The mean value regarding all the responses is 3.95, which means
the customers’ perception regarding this statement is good. The standard deviation of 3.34
proves that the mean value of 3.95 can only vary from 3.34 more or less.

From the analysis, a table is drawn to understand the result at a glance:


Table 3: Analysis of Question 3. Your evaluation about the satisfaction level of their quality of the
service?

Quality No. of Percentage Mean Standard Result


Respondent Deviation

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Satisfactory 17 42.5 3.95 3.34 Its more
than
Somewhat Satisfactory 12 30 neutral
Neutral 6 15 (3.95>3)

Somewhat 2 5
Dissatisfactory
Dissatisfactory 3 7.5

Questionnaire 4: You can evaluate the satisfaction level about their Design?

In response to this question, there are 13 respondents who have been satisfied. 11 respondents
are somewhat satisfied, 8 respondents are at neutral, 5 respondents are somewhat dissatisfied and
3 respondents are strongly dissatisfied with the statement. The mean value regarding all the
responses is 3.65, which means the customers’ perception regarding this statement is good. The
standard deviation of 3.47 proves that the mean value of 3.65 can only vary from 3.47 more or
less.

From the analysis, a table is drawn to understand the result at a glance:


Table 4: Analysis of Question 4. You can evaluate the satisfaction level about their Design?
Quality No. of Percentage Mean Standard Result
Respondent Deviation

Satisfactory 13 35 3.65 3.47 Its more


than
Somewhat Satisfactory 11 27.5 neutral
Neutral 8 20 (3.65>3)

Somewhat 5 12.5
Dissatisfactory
Dissatisfactory 3 7.5

Questionnaire 5: You can evaluate the satisfaction level about their environment and location?

In response to this question, there are 16 respondents who are satisfied about the environment
and location, 12 respondents are somewhat satisfied, 5 respondents are at neutral, 5 respondents
are somewhat dissatisfied and 2 respondents are strongly dissatisfied with the statement. The
mean value regarding those responses is 3.88, which means the customers’ perception regarding
this statement is good. The standard deviation of 3.41 proves that the mean value of 3.88 can
only vary from 3.41 more or less.

From the analysis, a table is drawn to understand the result at a glance:


Table 5: Analysis of Question 5. You can evaluate the satisfaction level about their environment
and location?

©Daffodil International University Page 43


Quality No. of Percentage Mean Standard Result
Respondent Deviation

Satisfactory 16 40 3.88 3.41 Its more


than
Somewhat Satisfactory 12 30 neutral
Neutral 5 12.5 (3.88>3)

Somewhat 5 12.5
Dissatisfactory
Dissatisfactory 2 5

Questionnaire 6: In your opinion, is Assure Builders Ltd. offering reasonable price to their customer?

In response to this question there are 10 respondents who have been satisfied with the price
charged by Assure Builders Ltd., 8 respondents are somewhat satisfied, 17 respondents are at
neutral, 3 respondents are somewhat dissatisfied and 2 respondents are strongly dissatisfied with
the statement. The mean value regarding all the responses is 3.53, which means the customers’
perception regarding this statement is good. The standard deviation of 3.00 proves that the mean
value of 3.53 can only vary from 3.00 more or less.

From the analysis, a table is drawn to understand the result at a glance:


Table 6: Analysis of Question 6. In your opinion, is Assure Builders Ltd. offering reasonable price to their
customer?

Quality No. of Percentage Mean Standard Result


Respondent Deviation

Satisfactory 10 25 3.53 3.00 Its more


than
Somewhat Satisfactory 8 20 neutral
Neutral 17 42.5 (3.53>3)

Somewhat 3 7.5
Dissatisfactory
Dissatisfactory 2 5

Questionnaire 7: You can evaluate the satisfaction level about that the Assure Builders Ltd. uses quality
materials to build their constructions?

In response to this question, there are 10 respondents who are satisfied with the materials that are
used by Assure Builders Ltd. to build their constructions, 9 respondents are somewhat satisfied,
14 respondents are at neutral, 4 respondents are somewhat dissatisfied and 3 respondents are
strongly dissatisfied with the statement. The mean value regarding all the responses is 3.48,

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which means the customers’ perception regarding this statement is good. The standard deviation
of 3.12 proves that the mean value of 3.48 can only vary from 3.12 more or less.

From the analysis, a table is drawn to understand the result at a glance:


Table 7: Analysis of Question 7. You can evaluate the satisfaction level about that the Assure Builders
Ltd. uses quality product to build their constructions?

Quality No. of Percentage Mean Standard Result


Respondent Deviation

Satisfactory 10 25 3.48 3.12 Its more


than
Somewhat Satisfactory 9 22.5 neutral
Neutral 14 35 (3.48>3)

Somewhat 4 10
Dissatisfactory
Dissatisfactory 3 7.5

Questionnaire 8: In your opinion, are this company’s executives more active in responding customer’s
suggestion?

In response to this question, there are 18 respondents who are satisfied, 7 respondents are
somewhat satisfied, 9 respondents are at neutral, 4 respondents are somewhat dissatisfied and 2
respondents are strongly dissatisfied with the statement. The mean value regarding all the
responses is 3.88, which means the customers’ perception regarding this statement is good. The
standard deviation of 3.75 proves that the mean value of 3.88 can only vary from 3.75 more or
less.

From the analysis, a table is drawn to understand the result at a glance:


Table 8: Analysis of Question 8. In your opinion, are this company’s executives more active in responding
customer’s suggestion?

Quality No. of Percentage Mean Standard Result


Respondent Deviation

Satisfactory 18 45 3.88 3.75 Its more


than
Somewhat Satisfactory 7 17.5 neutral
Neutral 9 22.5 (3.88>3)

Somewhat 4 10
Dissatisfactory
Dissatisfactory 2 5

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Questionnaire 9: Do you think that Assure Builders Ltd. performance is good compared to other
Real Estate Company?

In response to this question, there are 14 respondents who have been satisfied, 10 respondents
are somewhat satisfied, 7 respondents are at neutral, 6 respondents are somewhat dissatisfied and
3 respondents are strongly dissatisfied with the statement. The mean value regarding all the
responses is 3.65, which means the customers’ perception regarding this statement is good. The
standard deviation of 3.71 proves that the mean value of 3.65 can only vary from 3.71 more or
less.

From the analysis, a table is drawn to understand the result at a glance:


Table 9: Analysis of Question 9. Do you think that Assure Builders Ltd. performance is good
compared to other Real Estate Company?

Quality No. of Percentage Mean Standard Result


Respondent Deviation

Satisfactory 14 35 3.65 3.71 Its more


than
Somewhat Satisfactory 10 25 neutral
Neutral 7 17.5 (3.65>3)

Somewhat 6 15
Dissatisfactory
Dissatisfactory 3 7.5

Questionnaire 10: In your opinion, the company should be maintaining their commitment to handover
the apartment in time?

In response to this question, there are 7 respondents have been satisfied, 13 respondents are
somewhat satisfied, 10 respondents are at neutral, 2 respondents are somewhat dissatisfied and 8
respondents are strongly dissatisfied with the statement. The mean value regarding all the
responses is 3.23, which means the customers’ perception regarding this statement is good. The
standard deviation of 3.82 proves that the mean value of 3.23 can only vary 3.82 more or less.

From the analysis, a table is drawn to understand the result at a glance:


Table 10: Analysis of Question 10. In your opinion, the company should be maintaining their
commitment to handover the apartment in time?

Quality No. of Percentage Mean Standard Result


Respondent Deviation

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Satisfactory 7 17.5 3.23 3.82 Its more
than
Somewhat Satisfactory 13 32.5 neutral
Neutral 10 25 (3.23>3)

Somewhat 2 5
Dissatisfactory
Dissatisfactory 8 20

5.2 Findings in the real estate business:


The task of marketing is not an easy, one mainly for such fixed asset, which cannot be replaced.
Again now we are living in a very fast changing world. The demand of people also changing
frequently and the result is a difficult position for every company to meet the changing customer
demand. In the case of marketing and other function, the company department faces the
following problems.

1. Assure Builders Limited comparably charge higher price than leading real estate companies.
Last few years middle class buyer increase in Dhaka city. Middle class buyers are high price
sensitive though they buy their apartments from new companies who charge low price to capture
the market. Thus the ABL can’t capture the large part of the middle class group.

2. Assure Builders Limited handover the project in delayed: Last few years ABL can’t complete
their projects in due time. One of the main reasons for delay the projects are ABL has a large
project in Dhaka. Thus ABL can’t cope with projects time schedule. On the opposite side leading
companies has not such type of large ongoing projects thus they main the schedule properly.

3. Assure Builders Limited yearly sales volume is declining: Last 3 years sales quantity analyze
we see that ABL’s yearly sales volume decline. On the other side most of the leading real estate
companies yearly sales volume increase.
4. Construction raw material costs: Price of the basic raw material for building development
steel, rod, and cement is increasing condition though demand is increasing. With the rapid
urbanization and increase in real estate business, price and demand for basic building
construction materials such as rod, cement and steel are increasing. According to REHAB, there
has been average increase 150%-400% in overall prices of building construction materials in
2000 from 2010. The building development cost Assure Builders Limited increased but the profit
can’t maximize with same manner. Assure Builders Limited maintain large employees, big
office, advertisement cost and other corporate social responsibility thus proportion of profit
declining last year.

5. Jointly project development: Last 20 years land price increase 625% in Dhaka city. As result
Assure Builders Limited jointly develop the projects with land owners. In jointly projects, ABL
provide a huge amount of signing money to the land owner. It causes the high price of the
apartments and declines the profit margin.

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5.3 Recommendations:
Due to short time to know the market aspect of a company it is too difficult to recommended
something to the company. I had tried my best to analyze the company’s market image and
position on the basis of my survey results. So from my own experience I may suggest the
following recommendations for sound and successful market operation of the company:

1. The company executives should be more caring to customer’s opinions.

2. Lower-middle and lower income people mostly live in Dhaka city, so ABL should
concentrate more according to the income of their customer.

3. The company should establish sound and effective communication channels with internal
customer through electronic mail.

4. The company should provide the information about their service to their clients. So
customer can update themselves by the of the company.

5. The company should establish franchises in different location for prompt customer Care.
Website is needed for the convenience of the customers.

6. On the job meaning is required for the employee, which will the jobs easier, more
productive, less redundant & repetitive.
.
7. Employees/ officers have to properly maintain their important flow materials such as file,
papers, documents etc.

8. Assure Builders Ltd should concentrate on fast handover of their project.

9. They can arrange more CSR activities and take sponsorship for socialization.

10. Most importantly they have to more work on pricing of their apartments and the
commercial places and they have to lees their prices to get more satisfaction of their
clients.

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5.4. Conclusion:
Today Real state is recognized the world over as the main engine that runs the economy, creating
work not only for masons and managers, accountants and architects, but also for makers and
sellers of building materials. It means work for maintenances, security cleaning and other
services; work for makers and sellers of appliances, furniture and vehicles; work for bankers and
bureaucrats, lenders and lawyer. Human being has always been in search of new and better
homes. Thus cities, towns and villages grew, flourished and wither away. In the process,
societies forever demand and produce all kinds of goods and services, through, never satisfied,
we ask for things more different. Real estate visibly shapes the way people live, work and
innovates and therefore most strongly defines culture and civilization.

In Bangladesh perspective, it is almost impossible for the government to ensure housing for all.
As the public sector failed to provide this, people have taken their own initiative to ensure their
fundamental need for shelter. Government alone cannot provide housing to all and realizing this,
they decided to share the task of providing safe decent places to live with Real Estate
Developers, to make people productive resources. So, government should provide much
flexibility to the developers to provide better housing facilities not only to higher income people
but also middle and lower income people. At the present time, the population of our country is
increasing at very alarming rate but total rent are remains constant. The demand of housing is
very high, particularly in Dhaka city. So, the prospect of real estate business is very high. Now if
the real estate companies run their business according to the demand of middle class, lower
middle class, and higher middle class people, the business must be profitable. From the study,
which I have conducted at ABL found that they are using all the possible policies to run the
business. The report also has shown the overall picture of the real estate market and opportunity
in Bangladesh. I was assigned in the real estate sector in Bangladesh. Three months are short to
understand every aspect of a company and overall market condition of this sector. Actually it
needs more time to determine the overall market size, conditions, opportunity, and business
activities of the company. Within the short time, I have tried to show the overall scenario of real
estate sector and its marketing activities and actual market image of different company through
direct interviews from different customers based on marketing activities of Assure Builders Ltd
and finally, I had retried my best to analyze the company’s market image and position on the
basis of my surveys results. So from my own experience I may suggest the following
recommendations for sound and success market operation of the company.

The company management response to the market must be efficient and active. The company
should recruit experienced and active people should be appointed in the marketing division.
Product Price should be moderate and adjusted with the competitors’ price. The company
executives should be more caring to the customer’s speeches and opinions. The company should
establish sound and effective communication channels with internal customer through electronic
mail.Decentralized authority to prompt communication and decision. The company should
establish franchises in different location for prompt customer Care. Website needed for the
convenient of the customers. Company should give more advertisement in different media like
Radio, TV, Newspaper, and Magazine. It also should offer credit facilities to different classes’
people in order to increase their ability to purchase the plot/apartment. The company must
increase the promotional activity. Establish incentives for frequent and repaid feedback on

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performance. Use appropriate technology to help jobs easier, more productive, less redundant &
repetitive.

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Part Three
“Appended Part”

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a) Bibliography
b) Appendices

Appendix-1: Questionnaire for Customer.


Appendix-2: Audited Annual Report-2014

(a)Bibliography:
Marketing Research (An Applied Orientation) by Naresh K. Malhotra Prentice, Hall of India
(5th edition) Marketing Management by Philip Kotler Prentice, Hall of North America (11th
edition) Business Research Methods by William G. Zikmund, Thomson, South-Western (8th
edition) Prospectus of Assure Builders Ltd. Real Estate and Housing Association of
Bangladesh (REHAB). BBS (Bangladesh Bureau of Statistics) (1991) Statistical yearbook of
Bangladesh (Dhaka: Reproduction, Documentation and Publishing Wing, BBS) ADB (Asian
Development Bank) (1995). Technical Assistance Performance Audit Report on the Housing
Sector, BangladeshHouseBuilding Finance

Corporation: http://bhbfc.gov.bd/eknajar.html

Website:

➢www.assuregroupbd.com
➢www.scribd.com
➢www.wikipedia.com
➢http://www.un.org/Overview/rights.html
➢www.rics.org/research RICS Research Valladares. L. and Coelho. M. P. (2002) Urban
Research in Latin America: Towards a Research Agenda (UNESCO, 2002
➢www.ifc.org/ifcext/municipalfund.nsf/AttachmentsByTitle/IFC_Housing_Finance/
$FILE/IFC+and+Housing+Finance.pdf.

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b) Appendices:
Appendix-1: Questionnaire:
Dear Respondent,
I am Raihanul Islam, student of Daffodil International University (BBA Department) is
conducting a survey to measure the level of client satisfaction in the Assure Builders Ltd. This
survey is done to derive information that would help me to furnish my internship report. It would
be very kind of you if you accurately respond to the questionnaire. I assure you that information
is going to be used for academic purpose only.
Please rank the level of satisfaction regarding the duration and rules and regulations of the
following:

The measurement is done on a nominal scale of five points, where,


5 = Satisfactory,
4 = Somewhat Satisfactory
3 = Neutral
2 = Somewhat Dissatisfactory
1 = Dissatisfactory.

After taking the answers of the questionnaire from the customers, those following findings and
analysis have been prepared. Here all the primary data collected from the customers against the
questionnaire.

The questionnaire pattern for customers


Sample size: 40 Customers.

Please give tick (√) mark to your chosen answers from each of the following questions.

1. The product you bought satisfied you in the case of your requirements?

1 2 3 4 5
Quality Satisfactory Somewhat Neutral Somewhat Dissatisfactory
Satisfactory Dissatisfactory
No. of 12 18 7 2 1
Respondent
Percentage 30 45 17.5 5 2.5

2. Your evaluation about the level of safety?

1 2 3 4 5
Quality Satisfactory Somewhat Neutral Somewhat Dissatisfactory
Satisfactory Dissatisfactory
No. of 9 16 8 3 4
Respondent
Percentage 22.5 40 20 7.5 10

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3. Your evaluation about the satisfaction level of their quality of the service?

1 2 3 4 5
Quality Satisfactory Somewhat Neutral Somewhat Dissatisfactory
Satisfactory Dissatisfactory
No. of 17 12 6 2 3
Respondent
Percentage 42.5 30 15 5 7.5

4. You can evaluate the satisfaction level about their Design?

1 2 3 4 5
Quality Satisfactory Somewhat Neutral Somewhat Dissatisfactory
Satisfactory Dissatisfactory
No. of 14 11 8 5 3
Respondent
Percentage 35 27.5 20 12.5 7.5

5. You can evaluate the satisfaction level about their environment and location?

1 2 3 4 5
Quality Satisfactory Somewhat Neutral Somewhat Dissatisfactory
Satisfactory Dissatisfactory
No. of 16 12 5 5 2
Respondent
Percentage 40 30 12.5 12.5 5

6. In your opinion, is Assure Builders Ltd offering reasonable price to their customer?

1 2 3 4 5
Quality Satisfactory Somewhat Neutral Somewhat Dissatisfactory
Satisfactory Dissatisfactory
No. of 10 8 17 3 2
Respondent
Percentage 25 20 42.5 7.5 5

7. You can evaluate the satisfaction level about that the Assure Builders Ltd uses quality materials
to build their constructions?

1 2 3 4 5
Quality Satisfactory Somewhat Neutral Somewhat Dissatisfactory
Satisfactory Dissatisfactory
No. of 10 9 14 4 3
Respondent
Percentage 25 22.5 35 10 7.5

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8. In your opinion, are this company’s executives more active in responding customer’s
suggestion?

1 2 3 4 5
Quality Satisfactory Somewhat Neutral Somewhat Dissatisfactory
Satisfactory Dissatisfactory
No. of 18 7 9 4 2
Respondent
Percentage 45 17.5 22.5 10 5

9. Do you think that Assure Builders Ltd performance is good compared to other Real Estate
Company?

1 2 3 4 5
Quality Satisfactory Somewhat Neutral Somewhat Dissatisfactory
Satisfactory Dissatisfactory
No. of 14 10 7 6 3
Respondent
Percentage 35 25 17.5 15 7.5

10. In your opinion, the company should be maintaining their commitment to handover the
apartment in time?

1 2 3 4 5
Quality Satisfactory Somewhat Neutral Somewhat Dissatisfactory
Satisfactory Dissatisfactory
No. of 7 13 10 2 8
Respondent
Percentage 17.5 32.5 25 5 20

THANK YOU

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Appendix-2: Audited Annual Report 2014:
Auditors’ Report
To
The Shareholders of Assure Builders Ltd

We have audited the accompanying financial statements of Assure Builders Ltd which comprise the
statement of Financial Position as at July 31, 2014, and the Statement of Comprehensive Income,
Statement of Changes in Equity, Statement of Cash Flows for the year then ended and a summary of
significant accounting policies and other explanatory information.

Management’s responsibility for the Financial Statements


Management is responsible for the preparation and fair presentation of these financial statements in
accordance with Bangladesh Financial Reporting Standards (BFRS) and the Companies Act, 1994 and for
such internal control as management determines is necessary to enable the preparation of financial
statements that are free from material misstatements, whether due to fraud or error.

Auditors’ Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We
conducted our audit in accordance with Bangladesh Standards on Auditing (BSA). Those standards
require that we comply with ethical requirements and plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free from material misstatement.
the risks of material misstate
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depend on the auditors’ judgment, including the
assessment of mint of the financial statements, whether due to fraud or error. In making those risk
assessments, we consider internal control relevant to the entity’s preparation and fair presentation of the
financial statements in order to design audit procedures that are appropriate in the circumstance, but not
for the purpose of expressing an opinion on the effectiveness of the company’s internal control. An audit
also includes evaluating the appropriateness of accounting policies used and the reasonableness of
accounting estimates made by management, as well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinion.

Opinion:
In our opinion, the financial statements present fairly, in all material respects, the financial position of
Assure Builders Ltd as at July 31, 2014 and its financial performance and its cash flows for the year
then ended in accordance with Bangladesh Financial Reporting Standards and comply with the applicable
sections of the Companies Act, 1994, and other applicable laws and regulations.

We also report that:

 We have obtained all the information and explanations which to the best of our knowledge and
belief were necessary for the purpose of our audit and made due verification thereof;
 In our opinion, proper books of accounts as required by law have been kept by the company so
far as it appeared from our examination of these books;
 The statement of financial position and statement of comprehensive income dealt with by the
report are in agreement with the books of accounts and returns; and
 The expenditure incurred was for the purpose of the company’s business.

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Dated: Dhaka Rahman Mostafa Alam& Co.
October 25, 2014 Chartered Accountant

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