capital structure analysis of cement industry in bangladesh

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Term Paper on Capital Structure Analysis of Cement Industry in Bangladesh Submitted To Prof. Mahmood Osman Imam, MBA, Ph.D., FCMA Course: F 602, Corporate Finance Submitted By Name ID No. Gerald Oliver Guda 14012 Howladar Asaduzzaman 15015 Mehedi Gafuri 15025 Mahmud-Ur-Rashid 15064 Mushfiqur Rahman Khan 16021

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Term Paper onCapital Structure Analysis of Cement Industry in BangladeshSubmitted To Prof. Mahmood Osman Imam, MBA, Ph.D., FCMA Course: F 602, Corporate FinanceSubmitted By Name Gerald Oliver Guda Howladar Asaduzzaman Mehedi Gafuri Mahmud-Ur-Rashid Mushfiqur Rahman Khan ID No. 14012 15015 15025 15064 16021Evening MBA Department of Finance Faculty of Business Studies University of DhakaDate of Submission: August 1, 2010Table of ContentsIntroduction Cement Industry in Capital Market

TRANSCRIPT

Page 1: Capital Structure Analysis of Cement Industry in Bangladesh

Term Paper on

Capital Structure Analysis of Cement Industry in Bangladesh

Submitted To

Prof. Mahmood Osman Imam, MBA, Ph.D., FCMACourse: F 602, Corporate Finance

Submitted By

Name ID No.

Gerald Oliver Guda 14012

Howladar Asaduzzaman 15015

Mehedi Gafuri 15025

Mahmud-Ur-Rashid 15064

Mushfiqur Rahman Khan 16021

Evening MBADepartment of FinanceFaculty of Business StudiesUniversity of Dhaka

Date of Submission: August 1, 2010

Page 2: Capital Structure Analysis of Cement Industry in Bangladesh

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Table of Contents

Introduction 3

Cement Industry in Capital Market 4

Brief Overview of the Selected Companies 6

Findings from Annual Report Analysis 10

Comparison of Balance Sheet & Income Statement Items 12

Share Holding Patterns 13

Cross Table Analysis of Ratios 14

Checklist of Capital Structure 16

Appendix

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Introduction

Industry Overview of Cement Industry of Bangladesh

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

Existing Industry Structure

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

Market for Cement Industry

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

Lower Demand in 2007-08

Demand for cement was particularly weak in 2007-08 for several reasons. First, the anti-corruption drive of the military-backed caretaker government subdued expenditure of undeclared funds. Most of these funds usually go to the construction sector. Second, a rapid climb of raw materials and shipping costs in the global market escalated the price in the local market for cement and other construction materials, further squeezing consumers out of the market. Third, government spending in construction under the annual development programs (ADP), which constitutes a large part of the cement market, was particularly slow in these years. Consequently, many of the smaller and some major cement manufacturers operated at less that 50% capacity and incurred large losses during these years.

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Future Prospect

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

Market Share

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

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Cement Industry in Capital Market

Cement industry consist of 2.41% of market capitalization and 2.34% of turnover of DSE on June 2010. Sectoral P/E is 24.60. At present there are 7 companies under “Cement”industry listed in Dhaka Stock Exchange. These are as follows:

Aramit Cement Limited Confidence Cement Limited Heidelberg Cement Bangladesh Limited Lafarge Surma Cement Limited Meghna Cement Limited Niloy Cement Limited Padma Cement Limited

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Brief Overview of the Selected Companies

This paper requires us to analyze Capital Structure and Dividend policy of Public listed companies that are belonging to Cement Industry of Bangladesh. We have selected 3 companies;

Heidelberg Cement Bangladesh Limited Confidence Cement Limited Meghna Cement Limited Lafarge Surma Cemnet Limited Aramit Cement Limited

Heidelberg Cement Bangladesh (HCB) is a concern of Heidelberg Cement group of Germany. In more than 50 countries across the world, the name of Heidelberg Cement stands for competency and quality in construction. It started its business in 1873 in Germany. In 2000 they acquired 51% shares of Chittagong Cement Factory and entered management in 2001. Current production capacity is 1,620,000 M.T. per annum. It has two operational wing; Manufacturing of grey cement and Import & Trading of white cement.

Aramit Cement Limited was incorporated on 19th August 1995 as a public company limited by shares and was established with technical collaboration of a Chinese company for producing ordinary Portland Cement Form the very beginning of its commercial production that started on 10th November 1999, the company has been maintaining the quality of the product for which it has won the confidence of the customers and also attained the high status international ISO 9002. Company’s product carrying brand name Camel has already become highly popular among the consumers. Existing capacity of the plant is 700 metric tons per day. This is going to be enhanced by 1000 metric tons per day production capacity through setting up of another expansion unit. Since starting of commercial production, prime raw material clinker is being imported from Indonesia, Thailand, Malaysia and India. Moreover the company is exporting cement to India, which is increasing day by day.

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Confidence Cement Limited (CCL) is the first private sector cement manufacturing company in Bangladesh established in early 90's with having 4,80,000 M/T annual production capacity at Chittagong, 16 K.M away from Chittagong port, besides Dhaka Chittagong highway. CCL is the first ISO-9002 certified cement manufacturing in Bangladesh. It has a unique management system in quality Assurance, Marketing, Sales, and Procurements. It manufactures ordinary Portland cement. The company aims to be the number one cement manufacturing company in Bangladesh, through continuous development and by producing high & consistent quality cement to meet all customers requirement at all time. To achieve these objectives CCL uses modern machineries, calibrated testing equipment's, computerized packing & raw materials mixing devices in its production process.

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Lafarge Surma Cement Ltd. is a majority owned subsidiary of Lafarge Group of France. The Lafarge Group is a global market leader in construction materials. With Euro 5.4 Billion in revenue, it is one of the largest manufacturers of cement by shipped volume. Lafarge is the largest producer of cement and among the top three producers of aggregates, concrete and gypsum in the world. Lafarge operates in 79 countries and employs 84,000 people. Lafarge is traded on the Paris Stock Exchange and has a market cap of Euro 13.7 Billion. Through a wholly owned subsidiary, Surma Holding, Lafarge owns majority (59%) shares of LSCL. The other institutional shareholders are IFC, ADB, Sinha Fashions and Islam Cement.

LSCL was incorporated in Bangladesh in 1997. The production facilities are located in Chattak in the Sunamganj district in Northeast Bangladesh bordering the Indian state of Meghalaya. The production facilities consist of a dry process cement plant with a 1.5 million metric ton (MMT) capacity and a clinker production line of about 1.2MMT capacity. LSCL also operates two subsidiaries in the Indian state of Meghalaya. Among these two, partially owned (75%) Lum Mawshun (LMMPL) holds the mining rights with two local partners, and wholly-owned Lafarge Umiam Mining (LUMPL) carries out the mining operations.

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The Meghna Cement Mills Limited (MCML) was the first undertaking Bashundhara Group in the manufacturing sector. This enterprise produces world-class cement and, as a testimony to this, stands the fact that the concern has been awarded the ISO-9001 certification for sustained quality control effort. The Company markets its cement under the registered trademark of “King” brand.

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Findings from Annual Report Analysis

Findings from the Financial Statement analysis of the above mentioned five Cement Companies.

Heidelberg Cement Bangladesh Limited(Tk. In million)

YearTotal

AssetsDebt Equity

Debt Ratio

D/E Ratio

EBITInterest

Exp

Interest Coverage

Ratio

2009 6,029 150 3,972 2.49% 3.78% 1,404 27 52.00

2008 5,870 963 3,308 16.41% 29.11% 894 86 10.40

2007 5,152 851 2,856 16.52% 29.80% 903 96 9.41

2006 4,138 822 2,321 19.86% 35.42% 697 79 8.82

2005 4,346 921 2,321 21.19% 39.68% 284 71 4.00

Hidelberg’s assets has grown steadily, In 2009 the debt has become lower, it has paid huge interest expense in 2008 & 2007. Due to lower debt both the debt ratio and debt/equity ratio has dropped significantly. Interest coverage ratio is also increasing.

Aramit Cement Limited(Tk. In million)

YearTotal

AssetsDebt

Equity

Debt Ratio

D/E Ratio EBITInterest

Exp

Interest Coverage

Ratio

2009 717 218 66 30.40% 330.30% 103 56 1.84

2008 653 357 22 54.67% 1622.73% 12 18 0.67

2007 515 265 20 51.46% 1325.00% (2) 25 -0.08

2006 462 152 12 32.90% 1266.67% (1) 19 -0.05

2005 427 131 5 30.68% 2620.00% (11) 14 -0.79

Aramit has a very high debt to equity ratio because of its lower equity, as it carried losses in its retained earnings so its lowered the equity. Interest coverage ratio is also very low

Lafarge Surma Cement Limited(Tk. In million)

YearTotal

AssetsDebt Equity

Debt Ratio

D/E Ratio EBITInterest

Exp

Interest Coverage

Ratio

2009 17,291 8,222 4,430 47.55% 185.60% 2,332 870 2.68

2008 17,829 9,504 3,427 53.31% 277.33% 1,707 1224 1.39

2007 17,729 10,995 3,253 62.02% 338.00% (239) 1138 -0.21

2006 17,116 11,121 4,808 64.97% 231.30% (521) 163 -3.20

2005 14,787 9,051 4,871 61.21% 185.81% (481) 2 -240.50

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

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Confidence Cement Limited

(Tk. In million)

YearTotal

AssetsDebt Equity

Debt Ratio

D/E Ratio

EBITInterest

Exp

Interest Coverage

Ratio

2009 2,324 296 1,870 12.74% 15.83% 184 8 23.00

2008 1,124 418 628 37.19% 66.56% (13) 26 -0.50

2007 1,099 259 685 23.57% 37.81% 95 19 5.00

2006 1,004 248 661 24.70% 37.52% 76 17 4.47

2005 1,052 365 629 34.70% 58.03% 38 21 1.81

Confidence has maintained low debt in the last 5 years. Its interest coverage ratio is also increasing.

Meghna Cement Limited(Tk. In million)

YearTotal

AssetsDebt Equity

Debt Ratio

D/E Ratio

EBITInterest

Exp

Interest Coverage

Ratio

2009 3,315 743 673 22.41% 110.40% 276 87 3.17

2008 2,915 936 574 32.11% 163.07% 133 101 1.32

2007 2,871 619 619 21.56% 100.00% 278 99 2.81

2006 3,258 241 475 7.40% 50.74% 236 120 1.97

2005 2,564 193 398 7.53% 48.49% 201 118 1.70

Meghna cement has a low interest coverage ratio, its debt ratio is relatively lower than D/E ratio because it has huge assets base but a lower equity level.

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Comparison of Balance Sheet & Income Statement Items

Sales(Tk. In million)

2009 2008 2007 2006 2005

Hidelberg 7,207.00 6,369.00 5,621.00 5,004.00 3,654.00

Aramit 843.00 762.00 597.00 561.00 457.00

Confidence 1,214.00 1,229.00 1,102.00 950.00 685.00

Lafarge Surma 7,543.00 6,211.00 2,399.00 153.00 -Meghna 4,705.00 3,267.00 2,824.00 3,367.00 2,954.00

Hidelberg has a constant growth rate in terms of sales, but Lafarge has crossed it in terms of sales volume in 2009. Aramit has the least sales among five.

Total Assets

(Tk. In million)2009 2008 2007 2006 2005

Hidelberg 6,029.00 5,870.00 5,152.00 4,138.00 4,346.00

Aramit 717.00 653.00 515.00 462.00 427.00

Confidence 2,324.00 1,124.00 1,099.00 1,004.00 1,052.00

Lafarge Surma 17,291.00 17,829.00 17,729.00 17,116.00 14,787.00

Meghna 3,315.00 2,915.00 2,871.00 3,258.00 2,564.00

Lafarge has the highest assets base among the companies. Whereas Aramit has the least amount of assets in its disposal.

Equity(Tk. In million)

2009 2008 2007 2006 2005

Hidelberg 3,972.00 3,308.00 2,856.00 2,321.00 2,321.00

Aramit 66.00 22.00 20.00 12.00 5.00

Confidence 1,870.00 628.00 685.00 661.00 629.00

Lafarge Surma 4,430.00 3,427.00 3,253.00 4,808.00 4,871.00Meghna 673.00 574.00 619.00 475.00 398.00

Equity base of Hidelberg and Lafarge is significantly higher than other three companies. Aramit has the lowet equity due to its negative retained earnings.

Net Profit After Tax(Tk. In million)

2009 2008 2007 2006 2005

Hidelberg 850.00 592.00 621.00 521.00 139.00

Aramit 60.00 2.00 14.00 6.00 (26.00)

Confidence 143.00 (28.00) 52.00 41.00 20.00

Lafarge Surma 995.00 176.00 (1,096.00) (808.00) (483.00)Meghna 131.00 23.00 106.00 56.00 74.00

In case of net profit after tax Lafarge has the highest growth rate, whereas hidelberg has a consistent growth rate. Aramit has the least NPAT among the companies.

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Share Holding Patterns

Director (%)

Govt. (%)

Institutions (%) Foreign

(%)Public

(%)Hiledbarg 61.55 0 18.16 0 20.29Aramit 42.86 0 29.51 0 27.63Confidence 24.44 0 28.1 0 47.46Lafarge Surma 58.87 0 5.77 14.97 20.39Meghna 52 0 20 0 28

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Cross Table Analysis of Ratios

Return on Equity (ROE) = Net Income/Common Equity

2009 2008 2007 2006 2005ROEHiledberg 21.40% 17.90% 21.74% 22.45% 5.99%Aramit 90.91% 9.09% 70.00% 50.00% -520.00%Confidence 7.65% -4.46% 7.59% 6.20% 3.18%Lafarge Surma 22.46% 5.14% -33.69% -16.81% -9.92%Meghna 19.47% 4.01% 17.12% 11.79% 18.59%

Current Ratio= Current Assets/Current Liabilities

2009 2008 2007 2006 2005Current RatioHiledberg 2.03 1.27 1.08 0.80 0.88Aramit 0.68 0.59 0.47 0.44 0.43Confidence 1.42 1.02 1.30 1.27 1.15Lafarge Surma 1.93 0.32 0.26 0.53 1.99Meghna 1.29 1.43 1.10 1.24 0.64

Debt-Equity Ratio = Total Debt/Total Assets

2009 2008 2007 2006 2005Debt RatioHiledberg 2.49% 16.41% 16.52% 19.86% 21.19%Aramit 30.40% 54.67% 51.46% 32.90% 30.68%Confidence 12.74% 37.19% 23.57% 24.70% 34.70%Lafarge Surma 47.55% 53.31% 62.02% 64.97% 61.21%Meghna 22.41% 32.11% 21.56% 7.40% 7.53%

Debt-Equity Ratio = Total Debt/Total Equity

2009 2008 2007 2006 2005D/E RatioHiledberg 3.78% 29.11% 29.80% 35.42% 39.68%Aramit 330.30% 1622.73% 1325.00% 1266.67% 2620.00%Confidence 15.83% 66.56% 37.81% 37.52% 58.03%Lafarge Surma 185.60% 277.33% 338.00% 231.30% 185.81%Meghna 110.40% 163.07% 100.00% 50.74% 48.49%

Interest Coverage Ratio = EBIT/Interest Expense

2009 2008 2007 2006 2005Interest Coverage RatioHiledberg 52.00 10.40 9.41 8.82 4.00 Aramit 1.84 0.67 (0.08) (0.05) (0.79)Confidence 23.00 (0.50) 5.00 4.47 1.81 Lafarge Surma 2.68 1.39 (0.21) (3.20) (240.50)

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Meghna 3.17 1.32 2.81 1.97 1.70

Net Profit Margin = Net Profit After Tax/Sales

2009 2008 2007 2006 2005Net Profit MarginHiledberg 11.79% 9.30% 11.05% 10.41% 3.80%Aramit 7.12% 0.26% 2.35% 1.07% -5.69%Confidence 11.78% -2.28% 4.72% 4.32% 2.92%Lafarge Surma 13.19% 2.83% -45.69% -528.10% N/AMeghna 2.78% 0.70% 3.75% 1.66% 2.51%

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Checklist of Capital Structure

To analyze the optimum debt-equity ratio of the companies, we used the checklist of Capital structure and compare the ratio for five (5) Cement Companies: Heidelberg, Meghna ,Padma , Aramit and Confidence Cement Limited.

Capital Structure has pronounced industry patterns;

Utilities, transportation companies, and mature, capital intensive manufacturing firms are characterized by high debt-equity ratio; while service firms, mining companies, and most rapidly growing or technology based manufacturing companies employ little or no long term financing. The Cement industry is characterized by high debt financing. Considering the three companies, we see that all five companies have more or less high debt-equity ratio., except hidelberg for 2009 which has very low d/e ratio due to repayment of debt.

Comparing to debt-equity ratio, we see that the ratio is highest for Aramit but Profitability is highest for Heidelberg.

Taxes clearly influence capital structures, but not alone decisive;

Increase in corporate tax rates are associated with increased debt usage by corporations- at least in those countries where interest is a tax-deductible expense.

Both across industries and across countries, the larger the perceived costs of bankruptcy and financial distress, the debt will be used.

Ownership structure clearly seems to influence capital structure;

Comparing the ownership structure of the five companies we see that Confidence has lowest sponsors’ shareholding whereas hidelberg has the highest % of shareholding and only one company has foreign shareholdings, i.e. Lafarge Surma.

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Appendix(Tk. In million)

Hidelberg

YearFixed

AssetsCurrent Assets

Total Assets Debt Equity

Debt Ratio D/E Ratio EBIT

Interest Exp

Interest Coverage

RatioCurrent

LiabilitiesCurrent Ratio Sales

Total Asset

TurnoverNet Profit After Tax

Net Profit

Margin ROE

2009 2,649 3,380 6,029 150 3,972 2.49% 3.78% 1,404 27 52.00 1661 2.03 7,207 1.20 850 11.79% 21.40%

2008 2,851 3,019 5,870 963 3,308 16.41% 29.11% 894 86 10.40 2380 1.27 6,369 1.09 592 9.30% 17.90%

2007 2,650 2,502 5,152 851 2,856 16.52% 29.80% 903 96 9.41 2310 1.08 5,621 1.09 621 11.05% 21.74%

2006 2,209 1,929 4,138 822 2,321 19.86% 35.42% 697 79 8.82 2415 0.80 5,004 1.21 521 10.41% 22.45%

2005 2,146 2,200 4,346 921 2,321 21.19% 39.68% 284 71 4.00 2500 0.88 3,654 0.84 139 3.80% 5.99%

Aramit

YearFixed

AssetsCurrent Assets

Total Assets Debt Equity

Debt Ratio D/E Ratio EBIT

Interest Exp

Interest Coverage

RatioCurrent

LiabilitiesCurrent Ratio Sales

Total Asset

TurnoverNet Profit After Tax

Net Profit

Margin ROE

2009 349 368 717 218 66 30.40% 330.30% 103 56 1.84 540 0.68 843 1.18 60 7.12% 90.91%

2008 347 306 653 357 22 54.67% 1622.73% 12 18 0.67 518 0.59 762 1.17 2 0.26% 9.09%

2007 315 200 515 265 20 51.46% 1325.00% (2) 25 -0.08 422 0.47 597 1.16 14 2.35% 70.00%

2006 312 150 462 152 12 32.90% 1266.67% (1) 19 -0.05 343 0.44 561 1.21 6 1.07% 50.00%

2005 309 118 427 131 5 30.68% 2620.00% (11) 14 -0.79 274 0.43 457 1.07 (26) -5.69% -520.00%

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Confidence

YearFixed

AssetsCurrent Assets

Total Assets Debt Equity

Debt Ratio D/E Ratio EBIT

Interest Exp

Interest Coverage

RatioCurrent

LiabilitiesCurrent Ratio Sales

Total Asset

TurnoverNet Profit After Tax

Net Profit

Margin ROE

2009 1,678 646 2,324 296 1,870 12.74% 15.83% 184 8 23.00 455 1.42 1,214 0.52 143 11.78% 7.65%

2008 590 534 1,124 418 628 37.19% 66.56% (13) 26 -0.50 525 1.02 1,229 1.09 (28) -2.28% -4.46%

2007 564 535 1,099 259 685 23.57% 37.81% 95 19 5.00 413 1.30 1,102 1.00 52 4.72% 7.59%

2006 580 424 1,004 248 661 24.70% 37.52% 76 17 4.47 333 1.27 950 0.95 41 4.32% 6.20%

2005 570 482 1,052 365 629 34.70% 58.03% 38 21 1.81 419 1.15 685 0.65 20 2.92% 3.18%

Lafarge Surma

YearFixed

AssetsCurrent Assets

Total Assets Debt Equity

Debt Ratio D/E Ratio EBIT

Interest Exp

Interest Coverage

RatioCurrent

LiabilitiesCurrent Ratio Sales

Total Asset

TurnoverNet Profit After Tax

Net Profit

Margin ROE

2009 2,393 14,898 17,291 8,222 4,430 47.55% 185.60% 2,332 870 2.68 7724 1.93 7,543 0.44 995 13.19% 22.46%

2008 15,260 2,569 17,829 9,504 3,427 53.31% 277.33% 1,707 1224 1.39 7966 0.32 6,211 0.35 176 2.83% 5.14%

2007 16,065 1,664 17,729 10,995 3,253 62.02% 338.00% (239) 1138 -0.21 6363 0.26 2,399 0.14 (1,096)-

45.69% -33.69%

2006 15,395 1,721 17,116 11,121 4,808 64.97% 231.30% (521) 163 -3.20 3233 0.53 153 0.01 (808)

-528.10

% -16.81%

2005 13,100 1,687 14,787 9,051 4,871 61.21% 185.81% (481) 2 -240.50 846 1.99 - 0.00 (483) N/A -9.92%

Meghna Cement

YearFixed

AssetsCurrent Assets

Total Assets Debt Equity

Debt Ratio D/E Ratio EBIT

Interest Exp

Interest Coverage

RatioCurrent

LiabilitiesCurrent Ratio Sales

Total Asset

TurnoverNet Profit After Tax

Net Profit

Margin ROE

2009 1,143 2,172 3,315 743 673 22.41% 110.40% 276 87 3.17 1678 1.29 4,705 1.42 131 2.78% 19.47%

2008 1,222 1,693 2,915 936 574 32.11% 163.07% 133 101 1.32 1184 1.43 3,267 1.12 23 0.70% 4.01%

2007 1,307 1,564 2,871 619 619 21.56% 100.00% 278 99 2.81 1419 1.10 2,824 0.98 106 3.75% 17.12%

2006 1,318 1,940 3,258 241 475 7.40% 50.74% 236 120 1.97 1569 1.24 3,367 1.03 56 1.66% 11.79%

2005 1,384 1,180 2,564 193 398 7.53% 48.49% 201 118 1.70 1837 0.64 2,954 1.15 74 2.51% 18.59%

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