Topic Name

Term Paper on Shinepukur Ceramic Ltd

Course: Financial Analysis and Control

Course Code: FIN 405

Topic Name
The Term Paper on ShinePukur Ceramic Ltd
 Prepared for:
Md. Kamruzzaman Didar
Lecturer,
Department of Business Administration, Daffodil International University

Prepared By:
Name: Fairuz Tasnim
ID: 143-11-4112
Department of Business Administration, Daffodil International University

Date of Submission: 18.08.2017

 Letter of Transmittal

August 18, 2017

Md. Kamruzzaman Didar

Lecturer
Department of Business Administration
Daffodil International University

Subject: Submission of term paper on Shinepukur Ceramic Ltd

Dear Sir,

With great pleasure I submit my report on Financial Analysis: Shinepukur Ceramic Ltd., that
you have assigned to me as an important requirement of the course Financial Analysis and Control
(FIN-405). I found the study to be quite interesting, beneficial and insightful. I tried my level best
to prepare an effective and creditable report.

I hope you will find this report worth all the labor I have put in it. Though I have put my best
efforts yet it is very likely that the report may have some mistakes and omissions that are
unintentional. So, I hope that the report will worthy of your consideration.

Sincerely,

Name: Fairuz Tasnim

ID: 143-11-4112
Department of Business Administration, Daffodil International University
 Acknowledgement
All praise to Almighty Allah!

I would like to convey my thanks to a number of persons who helped me in completing this term
paper. The effort and strain undertaken by those cannot be left without recognition.

First of all I am immensely grateful to my respective Course Teacher MD. Kamruzzaman Didar,
Lecturer, Department of Business Administration, Daffodil International University for his
guidance, valuable & thoughtful comments, and suggestion. I am very grateful to him for giving
me inspiration and encouragement throughout our study.

Secondly, I would like to convey my thanks to people providing me with valuable information that
was very much needed for the completion of this report.
Finally, my sincere gratitude goes to my friends & classmates who helped me whenever I needed.

Despite my sincere efforts, there may appear some shortfalls in the report. I apologize for any such
unintentional errors.
 Executive Summary
Shinepukur Ceramics Ltd is one of the top leading ceramic product manufacturers in Bangladesh
which is a member of BEXIMCO Group, the Largest Private Sector Business Conglomerate in
Bangladesh. Started at 1997 SCL had shown tremendous achievement in the ceramic industry not
only in local market but also in international arena. There for in this term paper I will discuss
Industry analysis, corporate goal of the firm, strategy analysis, companys ratio analysis, common
size and trend analysis, Du Pont analysis and Cost of Capital. Considering the public financial
report of their fiscal year 2011- year 2015 I will determine how well SCL is operating their
business and what benefit they will bring for their present and prospect shareholders. In addition
with this achievement throughout the past few years Shinepukur has continuously reinforced their
good performance by providing stockholders with regular cash or stock dividend. They have also
been successful in maintaining a moderate balance of liquidity and profitability.
 Chapter 1

Introduction
Financial analysis is the process of evaluating businesses, projects, budgets and other finance-
related entities to determine their performance and suitability. Typically, financial analysis is used
to analyze whether an entity is stable, solvent, liquid or profitable enough to warrant a monetary
investment. When looking at a specific company, a financial analyst conducts analysis by focusing
on the income statement, balance sheet and cash flow statement.
The purpose of financial statement analysis is to examine past and current financial data so that a
company's performance and financial position can be evaluated and future risks and potential can
be estimated. Financial statement analysis can yield valuable information about trends and
relationships, the quality of a company's earnings, and the strengths and weaknesses of its financial
position.

Objective
The main objective is to analysis the financial activities of Shinepukur Ceramics Ltd. With its
Industry and Strategy analysis.

The specific objectives are as follows:

To analyze the overall economy
To analysis the firms structure, conduct and performance of the industry
To analyze the firms corporate goal.
To analyze the firms financial condition using ratio, common size, trend and Du Pont
analysis.
To know what is the companys current Cost of Capital.
 Methodology
Data sources:
This report is mostly based annual report and Dhaka Stock Exchange. The data collection method
was based on the secondary data, which were available on the web and also collected DSE library.
My main source of secondary data was the DSE (web& Library) and companys web and
stockbangladesh.com.

Time Frame:
To prepare the report I took the data set of previous 5-6 years data of my selected companies

Scope of Report
My main focus of this report is to analyze:

Corporate goal
Valuation
Financial and statement and performance analysis
Cost of capital and capital structure
 Economy Analysis
Despite political and social unrest in the country, the economy has proven resilient. Bangladesh
has reduced its poverty rate from over half to less than a third of the population and grown at an
average 6% of GDP over the last two decades. Growth amounted to 7.05% in 2016 supported by
remittances from nearly 10 million Bangladeshi living abroad (USD 14.93 billion in 2016),
garment exports, increased wages and low inflation. Continued growth is expected given
macroeconomic stability along with credit growth and increased private investment. According to
the Bangladesh Bureau of Statistics, per capita income grew from USD 1,465 to USD 1,602 from
fiscal year 2015 to fiscal year 2016 (a 9.4% growth). The inflation rate is 5.31% as of February
2017 while the interest rate sits at 6.75%. The government debt to GDP ratio closed at 27.2% at
the end of 2016.
The 2015-2016 budget gave priority to the development of infrastructure (transport, energy), rural
development, education and technology. The 2016-2017 budget focused on large-scale projects,
which include the Padma Multipurpose Bridge, Dhakas Metro Rail, Payra Deep Sea Port, Sonadia
Deep Sea Port, Padma Rail Link and Chittagong-Coxs Bazar Rail Network. A record 14.4% of
the annual budget (2.4% of GDP) is dedicated to education, although such spending is still below
UNICEF recommendations of 20% of annual budget and 6% of GDP. Tax collection improved
significantly in 2016 while spending declined, which reduced the fiscal deficit.

Industry Analysis

Porters five forces model:

An industry can be defined as a group of companies offering products or services that are close
substitutes for each other. Close substitutes are products or services that satisfy the same basic
consumer needs. It is important to analyze the competitive forces in an industrys environment in
order to identify the opportunities and threats confronting a company. To analyze the industry
situation `Porters Five Forces Model has been used. By using this analysis the present Ceramics
industry situation is determined to make further decision. The result of industry analysis by using
Porters Five Forces Model is given below:
Threat of New Entrants:
Bangladesh has certain competitive advantages in the international market in terms of availability
of gas, cheap labor and the generalized system of preferences (GSP) that allows Bangladesh to
have duty-free exports to Europe and there is no quota restriction either on the export. Considering
this sectors potentiality for investment, ceramic industry has always allured both local and foreign
investors. Since domestic and export demand for ceramic products are rising rapidly, widening the
gap between demand and supply, the new entrants can easily expect to earn attractive profit by
capturing the untapped demand
Demand for ceramic tablewares has also increased significantly in Bangladesh with a continuous
rise in use among middle income groups in the past decade. Another reason for this increased
demand can be attributed to the sky-rocketing of the price of gold. Due to this may people have
turned away from the traditional practice of presenting jewellery at wedding ceremonies and have
resorted to the next best option, ceramic tableware.
More players are joining this business like Dulal Brothers Ltd, X ceramics and Peragon Ceramic
Industries Ltd, etc. Several other ceramic ware manufacturing companies including Akij Group,
Padma Ceramics Khaled corporations and Tamanna are in the pipeline to enter this sector by 2011.

Competitive Rivalry within the industry:

The ceramic industry of Bangladesh faces stiff competition from foreign sources like Sri Lanka,
China and Thailand but the domestic marketplace is yet weakly competitive. Ceramic
manufacturers like Monno Ceramic, Shienpukur Ceramic, Standard Ceramic, FARR Ceramic and
Bengal Fine ceramic are still leading, especially in the export market, and have been recently
expanding their plant to further improve their share of export market. All other ceramic
manufacturers are also increasing their production capacity following robust growth in demand for
ceramic wares. Due to the global recessionary impact and rising labor cost, the developed countries
are placing more orders to low-cost countries for quality ceramic wares; hence, the export demand
for Bangladeshi ceramic ware is growing rapidly. Addressing this strong growth, the numbers of
competitors, roughly of equal size and competitive capability, are increasing in this industry day
by day
Bargaining Power of Buyers
Individual consumers of ceramic products in this industry have much bargaining power in
negotiating price concession or other favorable terms with seller, hence, the individual buyers
mostly pay the sellers posted price. However, it is relatively easy for buyers to switch to
comparatively low-priced imported ceramic goods; keeping this in mind, the local manufacturers
are aiming for competitive pricing to attract and retain customers.
The bargaining power of these international buyers is reasonably strong enough to negotiate for
price concession and favorable terms since they can always switch to low-priced suppliers of
ceramic wares from China, Sri Lanka, Thailand and Malaysia. But due to increased production
cost, these countries are also failing to offer competitive prices and losing their share in the
international market. Thus, more international buyers are moving towards Bangladesh as it has
cost competitiveness in terms of gas supply, cheap labor cost, skilled labor and also has
competitive advantage of possessing bone china technology. As the number of buyers, both in
local and international market, is growing, the bargaining power of buyers is weakening.

Bargaining Power of Suppliers

Bangladesh needs to import 100% raw materials for producing ceramic wares. The raw materials
account for 35-40 percent of the total production cost of the ceramic products. The raw materials
of ceramic wares include China clay, ball clay, fire clay, feldspar, quarters plaster of Paris,
aluminum oxide, aluminum hydro oxide, zinc oxide, coloring items and liquid gold. These raw
materials and machineries are imported from mainly India, China, Rumania, Indonesia, Italy and
Germany. The Mymensingh clay could be used for producing tiles, but in 2007 the government
put an embargo on cutting hills which stopped the ceramic manufacturers from procuring raw
materials from the Mymensingh hills. Since in Bangladesh, there is a shortage of raw materials,
equipment and machineries for ceramic industry, it gives the supplier more leverage in bargaining
the price. But the supplier base of ceramic sector is moderately large enough to weaken the supplier
power. However, some of the suppliers like India are also showing interest to integrate into the
ceramic industry of Bangladesh and perhaps could become a powerful rival.
Threat of Substitute Products
The ceramic industry is already in fierce competition with low-priced sanitary ware, tiles and table
wares, mostly imported from China. Besides, this sector is also facing strong competitive pressure
from firms in other industries offering substitute products. The demand for low-priced, attractive
and convenient substitutes of ceramic tableware such as melamine wares, aluminum wares, steel
kitchen wares, glass wares and plastic wares are raising and the local manufacturer of these
products are also drawing significant profits from the thriving domestic market for crockery. In
recent years, large scale manufacturers have entered the crockery market, with their brands
competing strongly with both local ceramics products and foreign products of their same kind.
Some local manufacturers are even producing world-class plastic goods, spending a large amount
on TV commercials and selling thousands of pieces every month. Companies like Bangladesh
Melamine, Sharif Melamine, RFL, BRB, and GAZI are contributing greatly to this thriving
crockery market by creating demand for new products. As the import of crockery has increased
fourfold in the past decade, the local large manufacturers of these substitute products are also
expanding their existing capacities with concentration on new product lines to attract more
customers (Islam 2010). Moreover, the history of tiles business is not very old in Bangladesh; still
mosaic is popularly used in many urban and sub-urban households. Other substitutes of tiles
include wooden flooring or tiles, bamboo flooring, ply board, marble stones and other artificial
stones for both interior and exterior usage. Hence, the availability and low cost of substitutes is
exerting moderately competitive pressure on the existing companies of ceramic industry.
 Threat from new
entrants

High
Bargaining power Rivalry among
of the supplier Existing Firms

low Porter's Five High

Forces
Model

Bargaining power Threat from

of buyers substitute
products

low
High

Company Profile

Shinepukur Ceramics Limited (SCL) was incorporated in Bangladesh on 26th January 1997 under
the Companies Act, 1994 as a private Company and commenced its manufacturing operation in
1999. The Company was converted to a Public Limited Company on 7th May 2008; The Shares
of the Company have been listed in the Dhaka Stock Exchange (DSE) and Chittagong Stock
Exchange (CSE) on 18th November 2008 under the DSE and CSE Direct Listing Regulations
2006.
The registered office of the company is located at House No.17, Road No, Dhanmondi R/A, Dhaka.
The industrial units are located at Beximco Industrial Park, Sarabo, Kashimpur, and Gazipur. It is
engaged in manufacturing and marketing of high quality Porcelain and high value added Bone
China Table wares, which it sells in the local as well as international markets. SCL has no
subsidiary or associate-Company. Bangladesh Export Import Company (Beximco) Ltd owns its
100% shares, thereby becoming its holding Company.

Company Mission

Each of our activities must benefit and add value to the common wealth of our society. We
firmly believe that, in the final analysis we are accountable to each of the constituents with
whom we interact; namely: our employees, our customers, our business associates, our fellow
citizens and our shareholders.

Company Vision

To be regarded as world class ceramics company through product.

Company Goals
To sustain a significant sales growth above industry average.

To develop employee skills through training.

To establish as one of the most preferred Ceramics Company in Bangladesh

To focus on customer satisfaction.

To assure quality products from our manufacturing facilities.

 Chapter 2

Ratio Analysis of the company

Liquidity Ratio
Liquidity Ratio
Particular 2011 2012 2013 2014 2015
Current ratio 0.98 1.01 0.97 0.58 0.65
Quick Ratio 0.44 0.54 0.45 0.21 0.22
Cash Ratio 0.02 0.01 0.01 0.01 0.01

Interpretation: Liquidity ratios attempt to measure a company's ability to pay off its short-term
debt obligations. In 2012 company has more current and quick ratio than other year. On the other
hand in cash ratio we can see that company has few cash to pay its current liabilities. But among
them in 2011 cash ratio is better than other.

Activity Ratio
Activity Ratio
Particular 2011 2012 2013 2014 2015
A/R turnover 3.23 2.28 2.53 10.63 20.47
ACP 111.31 158.17 142.56 33.88 17.59
I turnover 1.29 1.50 1.34 1.87 2.49
IPP 279.21 239.86 267.79 192.82 144.77
Operating Cycle 390.52 398.04 410.35 226.70 162.36
A/p turnover 3.94 2.85 2.61 2.28 2.81
PPP 91.38 126.32 137.86 157.72 128.15
CCC 299.14 271.72 272.49 68.97 34.21

TAT 0.27 0.27 0.25 0.25 0.31

ET 0.42 0.43 0.38 0.39 0.48
Interpretation: Activity ratio are financial analysis tools used to gauge the ability of a business to
convert various asset, liability and capital accounts into cash or sales. The faster a business is able to
convert its assets into cash or sales, the more efficient it runs.

Profitability Ratio
Profitability Ratio
GPM 0.40 0.35 0.28 0.25 0.22
OPM 0.29 0.28 0.21 0.17 0.14
NPM 0.09 0.05 -0.01 0.00 -0.02
ROA 0.02 0.01 0.00 0.00 0.00
ROE 0.04 0.02 0.00 0.00 -0.01

Interpretation: Profitability ratios are a class of financial metrics that are used to assess a business's
ability to generate earnings compared to its expenses and other relevant costs incurred during a specific
period of time. In 2011 company did well than other year. But those ratio are decreasing because
company was unable to reduce its expense and other cost.

Solvency Ratio
Solvency Ratio
Particular 2011 2012 2013 2014 2015
Debt RATIO 37.1% 36.2% 34.7% 36.2% 36.3%
D to E ratio 0.11 0.10 0.14 0.13 0.1871
TIE 1.77 1.50 0.93 1.09 0.76

Interpretation: Solvency Ratio is a key metric used to measure an enterprise's ability to meet its debt
and other obligations. The solvency ratio indicates whether a company's cash flow is sufficient to meet
its short-term and long-term liabilities. As it is a manufacturing company so in 2011 it has well Debt
ratio. On the other hand TIE ratio is also good in 2011.
 Common size analysis
Common Size Analysis
Particular 2011 2012 2013 2014 2015
ASSETS
Non-Current Assets 77% 75% 75% 84% 85%
Property, Plant and Equipment - Carrying Value 63% 62% 62% 63% 63%
Investment in Shares 3% 2% 1% 1% 1%
Capital Work in Progress 11% 11% 12% 20% 22%
Current Assets 23% 25% 25% 16% 15%
Inventories 12% 12% 13% 10% 10%
Accounts & Other Receivables 8% 12% 10% 2% 2%
Advances, Deposits & Prepayments 2% 1% 2% 3% 3%
Cash and Cash Equivalents 0% 0% 0% 0% 0%
Total Assets 100% 100% 100% 100% 100%
EQUITY AND LIABILITIES 0.00 0.00 0.00 0.00
Shareholders Equity 100% 100% 100% 100% 100%
Issued Share Capital 25% 28% 33% 34% 35%
Revaluation Surplus 66% 65% 66% 70% 70%
Fair Value loss on Investment in Shares 0% -1% -2% -2% -2%
Retained Earnings 10% 8% 3% -2% -2%
Non-Current Liabilities 38% 31% 26% 26% 38%
Long Term Loan (Secured) (Net-off Current Matuirity) 19% 14% 15% 17% 31%
Long Term Loan (Unsecured) 27% 22% 15% 0% 0%
Gratuity payable 0% 0% 0% 5% 6%
Deferred Tax Liability 1% 0% 0% 8% 10%
Current Liabilities 50% 50% 50% 50% 50%
Short Term Loan from Banks (Secured) 41% 40% 35% 37% 35%
Long Term Loan-Current Matuirity (Secured) 5% 7% 16% 9% 8%
Creditors, Accruals and other Payables 15% 20% 21% 23% 27%
Income Tax Payable 7% 0% 0% 0% 0%
Total Liabilities 100% 100% 100% 100% 100%
 Particular 2011 2012 2013 2014 2015

Revenue 100% 100% 100% 100% 100%

Costs of Sales 60% 65% 72% 75% 78%
Gross Profit 40% 35% 28% 25% 22%
Other Operating Income 0% 0% 0% 1% 0%
Distribution expenses 3% 3% 3% 5% 4%
Administrative expenses 3% 3% 3% 4% 4%
Depreciation and amortization 6% 0% 0% 0% 0%
Other expenses 0% 1% 0% 0% 0%
Operating Profit/ (loss) 29% 28% 21% 17% 14%
Exchange loss 1% 0% 0% 0% 0%
Employee benefits expenses 1% 0% 0% 0% 0%
Finance Expenses 16% 19% 23% 15% 18%
Other revenues and profits 0% 0% 0% 0% 1%
Profit / (loss) Before Tax 11% 9% -2% 1% -3%
Income Tax Expense 2% 4% 1% 1% 1%
Profit / (loss) for the Period 9% 5% -1% 0% -2%

Interpretation: According to common size analysis it is good for the company that the inventory
is decreasing. On the other hand company need to focus on reducing cost of sales and expenses.
 Trend analysis

Trend Analysis
Particular 2011 2012 2013 2014 2015
ASSETS
Non-Current Assets 100% 96% 93% 102% 103%
Property, Plant and Equipment - Carrying Value 100% 98% 95% 94% 93%
Investment in Shares 100% 54% 27% 35% 28%
Capital Work in Progress 100% 100% 100% 166% 179%
Current Assets 100% 111% 106% 65% 60%
Inventories 100% 95% 102% 75% 72%
Accounts & Other Receivables 100% 145% 115% 27% 17%
Advances, Deposits & Prepayments 100% 73% 97% 173% 188%
Cash and Cash Equivalents 100% 63% 57% 85% 63%
Total Assets 100% 100% 96% 94% 93%
EQUITY AND LIABILITIES
Shareholders Equity 100% 101% 100% 95% 95%
Issued Share Capital 100% 115% 132% 132% 132%
Revaluation Surplus 100% 100% 100% 100% 100%
Fair Value loss on Investment in Shares
Retained Earnings 100% 82% 36% -20% -18%
Non-Current Liabilities 100% 80% 63% 62% 92%
Long Term Loan (Secured) (Net-off Current Matuirity) 100% 75% 81% 95% 168%
Long Term Loan (Unsecured) 100% 83% 50% 0% 0%
Gratuity payable
Deferred Tax Liability 100% 85% 65% 1589% 1592%
Current Liabilities 100% 107% 107% 109% 91%
Short Term Loan from Banks (Secured) 100% 103% 84% 93% 70%
Long Term Loan-Current Matuirity (Secured) 100% 156% 351% 199% 142%
Creditors, Accruals and other Payables 100% 152% 161% 188% 195%
Income Tax Payable 100% 0% 0% 0% 0%
Total Liabilities 100% 100% 96% 94% 93%
Total Equity and Liabilities 100% 88% 75% 72% 0%
Net Asset Value Per Share 100% 100% 100% 100% 100%
 Particular 2011 2012 2013 2014 2015
Revenue 100% 102% 90% 88% 108%
Costs of Sales 100% 110% 107% 109% 139%
Gross Profit 100% 90% 64% 56% 60%
Other Operating Income 0 0 0 0 0
Distribution expenses 100% 104% 103% 186% 164%
Administrative expenses 100% 106% 111% 143% 180%
Depreciation and amortization 100% 0% 0% 0% 0%
Other expenses 0% 0% 0% 0% 0%
Operating Profit/ (loss) 100% 101% 67% 52% 52%
Exchange loss 100% 0% 0% 0% 0%
Employee benefits expenses 100% 81% 0% 10% 8%
Finance Expenses 100% 119% 128% 84% 120%
Other revenues and profits 0% 0% 0% 0% 0%
Profit / (loss) Before Tax 100% 81% -14% 10% -28%
Income Tax Expense 100% 184% 37% 52% 61%
Profit / (loss) for the Period 100% 53% -7% -1% -19%

Interpretation: According to trend analysis it is good for the company that the inventory is
decreasing. On the other hand company need to focus on reducing cost of sales and expenses.

Sensitivity Analysis

Base Case
Particular NPM TAT EM ROE
2011 0.09 0.27 1.59 0.04%
2012 0.05 0.27 1.57 0.02%
2013 0.01 0.25 1.53 0.00%
2014 0.00 0.25 1.57 0.00%
2015 -0.02 0.31 1.57 0.01%
Sensitivity of NPM with ROE
Particular NPM TAT EM ROE Changes
2011 0.09 0.27 1.59 4%
 2012 0.05 0.27 1.59 2% -47.63%
2013 0.01 0.27 1.59 0% -85.11%
2014 0.00 0.27 1.59 0% -120.11%
2015 -0.02 0.27 1.59 -1% 1038.65%
Average 196.45%
STD 562.25%
Sensitivity of TAT with ROE
Particular NPM TAT EM ROE Changes
2011 0.088758 0.265786 1.589874 4%
2012 0.088758 0.272802 1.589874 4% 2.64%
2013 0.088758 0.247964 1.589874 3% -9.10%
2014 0.088758 0.250792 1.589874 4% 1.14%
2015 0.088758 0.307236 1.589874 4% 22.51%
Average 4.30%
STD 13.21%
Sensitivity of EM with ROE
Particular NPM TAT EM ROE Changes
2011 0.088758 0.265786 1.589874 4%
2012 0.088758 0.265786 1.566745 4% -1.45%
2013 0.088758 0.265786 1.531742 4% -2.23%
2014 0.088758 0.265786 1.568601 4% 2.41%
2015 0.088758 0.265786 1.57102 4% 0.15%
Average -0.28%
STD 2.05%

Interpretation: According to base case ROE is decreasing year by year and according to
sensitivity Net Profit Margin is most sensitive. A slight change in NPM can fall a great impact on
ROE. To increase ROE Shinepukur Ceramic Ltd. need to cut its operating cost which will
increase its NPM as well as ROE.
 Chapter 3

Valuation

Cost of Capital and Capital Structure

1. Weighted Average Cost of Capital:

Cost of Equity:

1. Cost of Equity using CAPM:

Cost of Equity Rate

Ke= Rf+ (Rm -Rf)*

RF ( 91 days T-bill) 7.50%

RM (Market Return) 14%

Beta= (COVlm/VARm)= 0.00006746501/0.00005843238 1.15

CAPM Ke= Rf+ (Rm -Rf)* = 7.50% + (14% -7.50%)* 1.15 15%

Risk Free Rate: I have take average Risk free rate of last four Years 91 days T-Bill rate.

Market Return: Market return is calculated from Shinepukurs return of market.

Calculation beta: we have calculated the covariance between average market return and average
Shinepukurs return from stock and we have also calculated the variance of the Shinepukurs
return. Then, we have divided the covariance by variance. The calculation of beta has been given
in Appendix.
Cost of Debt:
Cost of Debt Interest Bearing debt

Before Tax (Kd) 64%

After Tax (Kd) = ..64* (.075) 5%

Debt To Equity 0.1871

Total Value 1.1871
W of Debt = (.1871/1.1871) 16%
W of Equity= (1/1.1871) 84%

Weighted Average Cost of Capital

WACC= We*Ke + Wd*kd
=.84*.15 + .16 *.5
=13.39%

Conclusion

This paper shows us a real picture of Shinepukur Ceramic Ltd and polices practices. As a most
newly and private Ltd ceramics company, it is as good as the other company. . Now this is the
market leader as a ceramics company. Another thing is that they think only Monno Ceramics is
their main and only one competitor. SCL has been working from its very beginning to ensure the
best use of its creativity, well disciplined, well managed and perfect growth. Exports from
Shinepukur Ceramics comprise about 60% of the National Tableware Export turnover of
Bangladesh. As recognition of this contribution, SCL was awarded four times National Export
Trophy (Gold). SCL is playing a vital role in Socio-Economic development of Bangladesh.
The desirable qualities of the tableware beauty of design, excellence in making and affordable
price are rooted with the Beximcos mission and commitment. The tableware is made to the
most exact standards to please the most apprehensive customers. The quality control supervisors
at every stage of production ensure that all items meet the most critical standards in the world.
Giving dignity and distinction to the users, Shinepukur tableware becomes centerpiece in any
stylish home. It blends together the outstanding technology and timeless craftsmanship to catapult
Bangladesh into the new millennium.

Reference
1. Shinepukur Ceramics Ltd, Annual Report for FY 2011-15.
2. http://www.shinepukur.com/inner.php
3. http://www.myaccountingcourse.com/financial-ratios/
4. http://www.investopedia.com/terms
5. http://www.dsebd.org