University of Liberal Arts Bangladesh: Project Report On

UNIVERSITY OF LIBERAL ARTS BANGLADESH
Project Report
on
Analysis of Financial Performance: A Comparative Study of Three Selected
Ceramic Companies of Bangladesh (Monno ceramic, Fu-Wang ceramic and
Standard ceramic).
Supervised By
Dr. Milan Kumar Bhattacharjee

Professor of USB
University of Liberal Arts Bangladesh
Prepared By
Abdul Mohaimin
ID# 103011136
Program: BBA
Major: Accounting
Department: ULAB School of Business
Date of Submission: 19 August, 2014

Project Report
On
Analysis of Financial Performance: A
Comparative Study of Three Selected
Ceramic Companies of Bangladesh
(Monno ceramic, Fu-Wang ceramic
and Standard ceramic).
August 19, 2014
To
Dr. Milan Kumar Bhattacharjee, PhD
Professor of USB
University of Liberal Arts Bangladesh
Sub: Submission of Project Report.
Dear Sir,
It is my pleasure to submit the project report on “Analysis of Financial Performance: A

Comparative Study of Three Selected Ceramic Companies of Bangladesh”. The entire report
is based on the annual report of Monno Ceramic Industry Ltd, Fu-Wang Ceramic Industry
Ltd and Standard Ceramic Industry Ltd. I have tried my level best to provide what I have
found during the working project on “Analysis of Financial Performance: A Comparative
Study of Three Selected Ceramic Companies of Bangladesh.
I shall be highly encouraged if you are kind enough to receive this report. If you have any further
enquiry concerning any additional information I would be very pleased to clarify it.
Thanking You.
Sincerely Yours
______________
Abdul Mohaimin
ID#103011136
Major: Accounting
Department: USB
Acknowledgement
It is our great privilege to express gratitude to our creator Allah for such great opportunity. I also
have to put my heartened feelings and gratitude for the kindness and assistance that was provided
to me to complete my assigned report. Then I must express my deep gratitude to my University
Supervisor Dr. Milan Kumar Bhattacharjee, Professor of University of Liberal Arts Bangladesh,
for his supervision and directions in conducting the project program successfully.
I am also extremely grateful to the all officials of Monno Ceramic Industry Ltd, Fu-Wang
Ceramic Industry Ltd and Standard Ceramic Industry Ltd who have sacrificed their valuable time
in providing me necessary information. In addition, I gladly acknowledge the valuable
cooperation and assistance I have received from the staff of the Monno Ceramic Industry Ltd,
Fu-Wang Ceramic Industry Ltd and Standard Ceramic Industry Ltd. It will be really injustice if I
do not thank them because without their cooperation I could not do anything.
Contents
Page No.
Letter of Submission
Acknowledgement
Executive Summary
Chapter-1 Introduction
1.1 Rational of The Study------------------------------------------------------------------- 02

1.2 Objectives of The Study---------------------------------------------------------------- 03
1.3 Methodology of The Study------------------------------------------------------------- 03-04
1.4 Scope of The Study----------------------------------------------------------------------- 04
1.5 Limitations of The Study---------------------------------------------------------------- 04
Chapter-2 Theoretical Aspects
2.1 Ceramic and History of Ceramic Business in Bangladesh---------------------- 06-08

2.2 Performance Analysis------------------------------------------------------------------ 08-11
Chapter-3 Practical Issues
3.1 Overview of Monno Ceramic Industry Ltd------------------------------------------ 13-14

3.2Overview of Fu-Wang Ceramic Industry Ltd------------------------------------------ 15-16
3.3 Overview of Standard Ceramic Industry Ltd-------------------------------------- 17-19
3.4 Analysis of Findings--------------------------------------------------------------------- 19-31
3.5 SWOT Analysis-------------------------------------------------------------------------- 32-37
Chapter-4 Concluding Notes
4.1 Recommendations----------------------------------------------------------------------- 39
4.2 Conclusion--------------------------------------------------------------------------------- 40
References--------------------------------------------------------------------------------- 41
Executive Summary
Ceramic business is a successful business in our country. Ceramic makes your life comfortable.
Monno Ceramic Industry Ltd, Fu-Wang Ceramic Industry Ltd and Standard Ceramic Industry
Ltd. are some of famous ceramic industries in our country. They are doing business locally and
internationally. Monno Ceramic Industry Ltd, Fu-Wang Ceramic Industry Ltd and Standard
Ceramic Industry Ltd contribute more to get foreign currency. The ceramic industry started
during the late 1950s when the first ceramic industrial plants were established. The ceramic
company also faces some barriers to do their business. The ceramics industry sector has
succeeded to attract foreign investment. The investments mainly came from China and the
Middle East states.
Chapter-01
Introduction
Rational of The Study

In today’s world ceramic business play a significant role. The economy of Bangladesh is also
influenced by the ceramic business sector. Globalization in the ceramic business sector has
thrown up opportunities as well as challenges. Competition is getting hard day by day. It paces
with continuous development occurring in the tremendous competitive environment. To keep
pace with this situation, we need ceramic business knowledge for future career. So, I choose
ceramic business for my Project report.
Knowledge has no boundary. It is a combination of both theoretical and practical experience.

Only the theoretical knowledge is not enough to build career in the world. As partial requirement
of BBA program major in Accounting, each student is required to prepare a report on distinctive
topic selected by the supervising teacher under project program. In consequence, I was study
about Monno Ceramic Industry Ltd, Fu-Wang Ceramic Industry Ltd and Standard Ceramic
Industry Ltd and prepare a report the overall activities of Monno Ceramic Industry Ltd, Fu-Wang
Ceramic Industry Ltd and Standard Ceramic Industry Ltd. In different way this study have a
personal journey to the root of my education discipline which have a role in the present struggle
world and I am able to highlight my experience approximately that I learned from my project. In
this report, the overall ceramic business activities of Monno Ceramic Industry Ltd, Fu-Wang
Ceramic Industry Ltd and Standard Ceramic Industry Ltd mentioned sequentially and tried to
evaluate the performance of Monno Ceramic Industry Ltd, Fu-Wang Ceramic Industry Ltd and
Standard Ceramic Industry Ltd. Finally, this report must provide the necessary information that
can help us to ensure real practice of first growing ceramic business in our country.
Project program is a theoretical and practical course that teaches student how to develop and
implement their hidden abilities in the personal life and job oriented sector. However, I believe
this report will show about my effort, which I had in preparing this report. I take all
responsibilities for any error of commission or omission.
1.2 Objectives of the study:

The main objective of our study to know about the ceramic business of Bangladesh and to
evaluate the financial performance of Monno Ceramic Industry Ltd, Fu-Wang Ceramic Industry
Ltd and Standard Ceramic Industry Ltd. To achieve this objective the study is confined to the
following specific goals:
a) To know about the Ceramic Business system theoretically.

b) To assess the Ceramic Business.
c) To evaluate the financial performance of three selected ceramic companies.
d) To know the problems of three selected ceramic companies.
e) To give some recommendation so that the problems may be solved.
1.3 Methodology of the Study
This report has been prepared on the basis of annual report. In order to make the study more
meaningful and presentable, two sources of data and information have been used widely:
Data Collection:
This study based on secondary data available from the annual report of Monno Ceramic Industry
Ltd, Fu-Wang Ceramic Industry Ltd and Standard Ceramic Industry Ltd, in addition to these
other necessary information have been collected from daily newspapers, website, books.
Primary sources of data:

● Face to face conversation with the officers and stuffs of the three selected ceramic company.
Secondary sources of data:

● Annual report of Monno Ceramic Industry Ltd, Fu-Wang Ceramic Industry Ltd and Standard
Ceramic Industry Ltd 2011, 2012 and 2013.
● Documents and files.
● Text books.
● Website of the three selected companies.
To prepare this report we have used a combination of four motion of research methodology. The
methods are:
a) Library work method
b) Interview method
c) Observation method
d) Group Study
1.4 Scope of the study
The scope of this report is to analyze the financial performance of this three selected three
ceramic companies and a comparative study of three selected ceramic companies of Bangladesh.
Ltd have its own business practices and policy those can be focused in this report. The report
focuses on all financial activities of the Monno Ceramic Industry Ltd, Fu-Wang Ceramic
Industry Ltd and Standard Ceramic Industry Ltd. It was difficult to collect the information
relevant my report, because the people of these companies were so busy with their duty.
1.5 Limitations of the Study:

There are some limitations in preparing my report. These are as follows:
● Within this short period of time, it was not possible for me to study everything about the
Ltd.
● All the valuable information are not available in the annual report.
● The ceramic companies have different sectors of financial activities.
● The officers and the stuffs are so much busy that they cannot properly cooperate with me.
● The employees did not disclose much information for the sake of the confidentially of the
organization.
● I had no experience of project report. So inexperience is one of the main constraints of the
study.
Chapter-02
Theoretical Aspects
2.1 Ceramic and History of Ceramic Business in Bangladesh:
Ceramic:
The word "ceramic" comes from the Greek word (keramikos), "of pottery" or "for pottery", from
(keramos), "potter's clay, tile, pottery". The earliest known mention of the root "ceram-" is the
Mycenaean Greek ke-ra-me-we, "workers of ceramics", written in Linear B syllabic script.
"Ceramic" may be used as an adjective describing a material, product or process; or as a singular
noun, or, more commonly, as a plural noun, "ceramics".
A ceramic is an inorganic, nonmetallic solid prepared by the action of heat and subsequent
cooling. Ceramic materials may have a crystalline or partly crystalline structure, or may be
amorphous (e.g., a glass). Because most common ceramics are crystalline, the definition of
ceramic is often restricted to inorganic crystalline materials, as opposed to the no crystalline
glasses, a distinction followed here.
Types of ceramic product:
For convenience, ceramic products are usually divided into four sectors; these are shown below
with some examples:
 Structural, including bricks, pipes, floor and roof tiles.

 Refractoriness, such as kiln linings, gas fire radiant’s, steel and glass making crucibles.
 White wares, including tableware, cookware, wall tiles, pottery products and sanitary
ware.
 Technical, is also known as engineering, advanced, special, and in Japan, fine ceramics.
Such items include tiles used in the Space Shuttle program, gas burner nozzles, ballistic
protection, nuclear fuel uranium oxide pellets, biomedical implants, coatings of jet engine
turbine blades, ceramic disk brake, missile nose cones, bearing (mechanical),etc.
Frequently, the raw materials do not include clays.
Picture of ceramic Product
History of Ceramic Business in Bangladesh:
Ceramics industry is a growing manufacturing sector in Bangladesh. The industry started during
the late 1950s when the first ceramic industrial plants were established. The industry mainly
produces tableware, sanitary ware and tiles and stoneware products. As of 2011, there were 21
ceramic industrial units throughout Bangladesh, employing a workforce of about 500,000 people.
In the first nine months of the 2013-14 fiscal years, Bangladesh exported about US$36 million
worth of goods after meeting 80% of the domestic demand. The main export destinations are EU,
USA and the Middle-East. The first ceramic plant was established in Bogra in 1958. Owned by
Tajma Ceramic Industries Ltd., it was a manufacturing plant for porcelain tableware’s and had a
small production capacity. In 1960, Peoples Ceramic Industries Ltd. (formerly Pakistan Ceramic
Industries Ltd.) was established which went into production in 1966. Bengal Fine Ceramics Ltd,
the first Bangladeshi stoneware manufacturer, began its operations in 1986. One of the largest
ceramics manufacturers in Bangladesh, Monno Ceramic Industries Ltd., was established in 1985
to produce porcelain tableware which later spread its production to other ceramic items.
Shinepukur Ceramics Ltd., another major manufacturer, was established in 1997 for the
production of bone china and porcelain tableware. Shinepukur later went on to occupy 60% of
the domestic market.
Sources of raw material:
Some white clay deposits have been discovered in Mymensingh, Sylhet and Netrokona. The
largest deposit of white clay is situated at Bijoypur of Mymensingh which was discovered in
1957. Despite the large reserves of white clay and Bone china in Bangladesh, the ceramics
manufacturers have to import almost all of their raw material because of the environment
regulations by the government. China, Indonesia, Romania, Germany etc. are the main suppliers.
of the raw materials
Foreign investment:
The ceramics industry sector has succeeded to attract foreign investment. The investments
mainly came from China and the Middle East states. RAK, Fu Wang, China-Bangla etc. are
major joint venture ceramic manufacturers in Bangladesh. Established in 2001, the UAE based
RAK Ceramics is the largest of them, having about 80 percent market share in the domestic
sanitary-ware market
Export destinations and international competitors:
Ceramic products have been exported to more than 45 countries. The largest export destinations
are the United States, Italy, Spain, France, New Zealand, the Netherlands, Australia and Sweden.
China, Thailand is the major competitors in the international market for Bangladeshi ceramic
manufacturers. However, the low labor costs of the local manufacturers put Bangladesh in a
favorable position in the global market.
2.2 Performance Analysis:
Performance analysis is the examination of various financial performance that means financial
result of a company. Performance analysis helps customers and sponsors define and achieve their
goals. Performance analysis uncovers several perspectives on a problem or opportunity.
Techniques of Performance Evaluation:
1. Ratio Analysis:
(a) Liquidity Ratios:
Liquidity ratios measure the ability of a company to repay its short-term debts and mee
unexpected cash needs.
●Current Ratio = _Current Asset_

Current Liability
●Acid-Test Ratio = _Quick Asset_

Current Liability
(b) Profitability Ratios:
Profitability Ratios measure a company’s operating efficiency, including its ability to generate
income and therefore, cash flow. Cash flow affects the company’s ability to obtain debt and
equity financing.
●Profit Margin Ratio = __Net Income__

Net Sales
● Asset Turnover Ratio = ____Net Sales___

Average Total Assets
●Return on Assets Ratio = ___Net Income___

Average Total Assets
OR
●Return on Asset Ratio = Profit Margin x Asset Turnover

● __Net Income___
Average Total Assets = __Net Income__ x ___Net Sales____
Net Sales Average Total Assets
●Return on Common Stockholder’s Equity = ________Net Income_______________

Average Common Stockholder’s Equity
●Earning Per Share = __________Net Income___________________

Weighted Average Common Shares Outstanding
●Price Earnings Ratio = _Market Price Per Common Share_

Earnings Per Share
●Payout Ratio = _Cash Dividends_

Net Income
●Dividend Yield = ____________Dividends Paid Per Share_______________

Market Price of One Share Common Stock at End of Period
(c) Solvency Ratios:
Solvency ratios are used to measure long term risk and are to long-term creditors and
stockholders.
●Debt to Total Assets Ratio = _Total Debt___

Total Assets
Income Before Interest Expense and

●Times Interest Earned = Income Tax Expense(EBIT)_______
Interest Expense
2. Trend Analysis:
Definition of 'Trend Analysis':
An aspect of technical analysis that tries to predict the future movement of a stock based on past
data. Trend analysis is based on the idea that what has happened in the past gives traders an idea
of what will happen in the future. There are three main types of trends: short-, intermediate- and
long-term.
Investopedia explains 'Trend Analysis':
Trend analysis tries to predict a trend like a bull market run and ride that trend until data suggests
a trend reversal (e.g. bull to bear market). Trend analysis is helpful because moving with trends,
and not against them, will lead to profit for an investor.
Chapter-03
Practical Issues
3.1 Overview of Monno Ceramic Industry Ltd
3.1(1)History of Monno Ceramic Industry Ltd:
Monno Ceramic Industries began producing porcelain tableware for the Bangladesh home
market in 1985, and secured its first export order the following year. Monno soon earned an
enviable reputation for both quality and value. The subsequent introduction of bone china to its
range of quality dinnerware has only served to strengthen that reputation. As the original
exporter of porcelain dinnerware ‘Made in Bangladesh’ Monno is proud to contribute to the
growth of the Bangladesh economy. In a developing country the kudos accorded to exports and
the valuable foreign exchange derived is significant. Today in Bangladesh Monno is a household
name and regarded as one of the country’s premier companies.
Bangladesh is still a relatively young country. When after independence British India was
partitioned in 1947, West Pakistan and East Pakistan were created. Subsequently East Pakistan
proclaimed independence in 1971 and Bangladesh (meaning Bengali homeland) came into being.
As a developing country Bangladesh is accorded preferential tariffs by the European Union
which means zero import duty on Monno tableware.
Monno offers products in Porcelain, New Bone China, Ivory China, and real Bone China. In fact
they source the materials in their bone china body and glaze from Stoke on Trent, to which is
added pure water filtered from their own wells. So Monno likes to think of it as ‘English’ Bone
China. Customers include many well known prestigious department stores, speciality and chain
stores around the world for whom they manufacture own label products. Some customers have
been with Monno for as long as 20 consecutive years and Monno is proud to enjoy a close
relationship with them. They work with customers to develop their own shapes or decorations, or
can offer designs from their extensive stable. Their talented teams of artists and designers work
closely with the experienced technicians of an own in-house decal print unit. That combination
of man and machine helps achieve striking results.
3.1(2) Vision
● To serve the nation with world class quality products and to bring fame respect for Bangladesh
in the world’s business domino, proudly.
3.1(3) Mission:
● Working with customers to develop their own shapes or decorations, or can offer designs from
their extensive stable.
● Using high technology.
● Providing employment to some 5,000 skilled and unskilled local artisans, crafts men and
women, who are encouraged to develop their full creative potential.
3.1(4) Objectives of Monno Ceramic Industries Ltd:
● To produce safe products.
● To establish close relationship with a customer.
●To take part in the economic growth.

3.2Overview of Fu-Wang Ceramic Industry Ltd
3.2(1)History of Fu-Wang Ceramic Industry Ltd
Fu-Wang Ceramic Industry Limited, the pioneer ceramic manufacturer in Bangladesh was
established in May 1995 as a joint venture company. Subsequently, in 1998, it was listed in the
Dhaka and Chittagong capital markets. Since then, it has been operating as a public limited
company with an authorized capital of Tk. 1 billion and a paid-up capital of Tk. 769 million.
The company is engaged in production of various types of wall and floor tiles. Within a short
period, the business expanded its market share by its unique quality, competitive price, exclusive
designs, and wide variety of sizes and models. Its effective and creative marketing campaign
enabled the company to establish its brand value in the tiles market in Bangladesh.
Fu-Wang Ceramic Industry Limited is capable of meeting the increasing demand of customers
countrywide. By using high quality raw materials, Italian/Chinese machinery and highly
experienced foreign and local engineers, the company has created good reputation in the
Bangladesh ceramic market. The business is engaged in selling luxurious glazed floor and wall
tiles, that are produced by utilizing the latest printing and laser cut technology.
Fu-Wang Ceramic Industry Limited meets European standards in production. With an affordable
pricing structure, the company aims to reach a vast residential and commercial property
development market that is presently experiencing rapid growth in Bangladesh. The company is
also exporting its products to the North Eastern region of India.
Corporate Information:
 Date of incorporation: 31 May 1995

 Listed in Dhaka Stock Exchange Ltd: May 1998
 Listed in Chittagong Stock Exchange Ltd: May 1998
 Commercial Production: October 1996
 ISO Certification: ISO-9002 Certified on 4 November 1998
 Business Lines: Manufacturing and Marketing of Ceramic Floor and Wall Tiles
 Authorized Capital: Tk. 1 billion
 Paid-up Capital: Tk. 769 million
 Face Value: Tk. 10
 Market Lot: 500
 Total Share No. of securities: 76,920,353
 Number of employees: 470
3.2(2) Vision:
● To establish and maintain best product quality combined with high standards of customer
service.
3.2(3) Mission:
● Continuously increasing customer satisfaction by offering products of the highest standards.
● Producing a comprehensive range of ceramic tiles, which are manufactured to meet high
standards.
● Using high quality raw materials.
3.2(4) Objectives of Fu-Wang Ceramic Industries Ltd:
● To reach a vast residential and commercial property development market that is presently
experiencing rapid growth in Bangladesh.
● To broaden business internationally.

3.3 Overview of Standard Ceramic Industry Ltd
3.3(1) History Standard Ceramic Industry Ltd
Standard Ceramic Industries Ltd., a public limited company with an authorized capital of Tk.
100 million was floated on 13.08.1984. The factory was designed by famous ceramist Mr. Kyoki
Yamazaki of Sone Ceramic, Japan (Later a JODC expert). The operating machinery was mainly
procured from famous producer of Japan. The factory went into commercial production on
September 1st. 1993. The factory is located 10 Km from Dhaka International Airport. It has a
working force of 600 people. Through the active and dedicated participation of all SCI
personnel, the factory is now turning out approximately 47,000 assorted pieces (13.1 M.Tons) of
tableware per day. The superb quality and design of vitrified Stoneware Products coupled with
competitive price made our product a popularly choice at home and abroad. SCI Products are
available in 4 continents of the world including the United States and European markets.
Factory Details
Location: Holding # 738, Ward # 34, Saydana, K.B. Bazar, Joydebpur, Gazipur-1700 (30 km
from Dhaka).
Production began September, 1993.
Operation Space 12,500 Sqm.
Annual Capacity 4765 Tons, 17 million assorted pieces.
Delivery Details
Lead time: 2 months for 1st 20' container & there after 1x20' container 7-10 days for continuous
order. Minimum order size: 1x20' container from current shapes.
Facilities Available
Can develop customers’ desired shape (minimum order 5x20' container). Can have own back
stamps, decals (i.e. patterns). Microwave safe Gold Trim. Container loading in the City Railway
Station under personal supervision.
Countries Importing
Sweden, Finland, Spain, Italy, U.K, France, Germany (GSP available for EU, U.S.A., Canada,
Australia, New Zealand).
Major Customers
Premier House wares, Wet herby Fashions, Argos, GUS, (U.K.), COFAC, Guerra San Martin, La
Esmeralda Regalos, Regalo Kasa (Spain), KF (Sweden), OY Hobby Hall (Finland), Scafati &
Co. Inc., Shadle Enterprices Inc, Boscovs, (U.S.A.)
Requirement for firm order:

Irrevocable Letter of Credit at sight covering full amount.
Insurance
From buyers end.
Reference
Rupali Bank Ltd., Ramna Corporate Branch, 13 Bangabandhu Avenue, Dhaka-1000,
Bangladesh.
Account No. CD/7662.
3.3(2) Vision:
●To produce superb quality and design of vitrified Stoneware Products coupled with competitive
price.
3.3(3) Mission:
● Making their product popularity.
● Developing customers desire shape.

3.3(4)Objectives of Standard Ceramic Industries Ltd:
● To export product all over the world.
● To do social welfare work.
3.4 Analysis of Findings
3.4(1)Financial Ratio Analysis of Monno Ceramic Industry Ltd :
■Liquidity Ratio:
Ratios 2011 2012 2013 Average

1.Current Ratio 1.76 Times 1.66 Times 1.83 Times 1.75 Times
2.Quick Ratio 0.88 Times 0.80 Times 0.93 Times 0.87 Times
3.Current Cash 0.28 Times 0.42 Times 0.02 Times 0.24 Times
Debt Coverage
Ratio
1. Current Ratio:
The average current ratio of Monno Ceramic is good. In 2011 their current ratio was 1.76 and in
2012 it was 1.66. But in 2013it was 1.83 which is increased.
2. Quick Ratio:
In 2011 their quick ratio was 0.88. But in 2012 quick ratio was 0.88 which was decreased. On the
other hand in 2013 their quick ratio was 0.93 which was increased and their average wuick ratio
is 0.87.
3. Current Cash Debt Coverage Ratio:

It was 0.28 in 2011 and 0.42 in 2012. But in 2013 it was 0.02 which was decreased. The average
current cash debt coverage ratio is 0.24.
■Asset Utilization Ratio:

4. Receivable 12.25 Times 14.01 Times 9.37 Times 11.88 times
Turnover
5. Inventory 2.88 Times 3.85 Times 2.78 Times 9.51 Times
Turnover
6.Fixed Asset 0.8 Times 0.83 Times 0.84 Times 0.82 Times
Turnover
7.Total Asset 0.59 0.57 Times 0.52 Times 1.68 times
Turnover
4. Receivable Turnover:
It was good in 2012. In 2011 it was 12.25. But in 2013 it was 9.37 which was decreased. The
average receivable turnover is 11.88.
5. Inventory Turnover:
Their inventory turn was increased in 2012. Their average inventory turnover is 9.51.
6. Fixed Asset Turnover:

It was increased gradually form 2011 to 2013. The average fixed asset turnover is 0.82.
7. Total Asset Turnover:

In 2011 their total asset turnover was 59 which was good. But in 2012 to 2013 it was decreased
gradually. Their average total asset turnover is 1.68.
■Profitability Ratio:

8. Profit Margin 12.66% 14.71% 7.44% 11.60%
9.Rate of 6.39% 8.34% 4.19% 18.92%

Return on Asset
10. Return on 7.87% 10.74% 5.12% 7.91%
Equity
11.Earnings Per 9.74% 15.7% 7.1% 10.85%
Share
12. Payout 00.00% 0.00% 0.00% 0.00%
Ratio
8. Profit Margin:
Their profit margin was decreased in 2013. In 2012 it was good. The average profit margin is
11.60.
9. Rate of Return Asset:

In 2011 it was 6.39 and in 2012 it was 8.34 which was highest. But in 2013 it was 4.19. Average
rate of return on asset is 18.92.
10. Return on equity:

Their return on equity was 10.74 in 2012 and 7.87 in 2011. In 2013 It was 5.12. The
average is 18.92.
11. Earnings Per Share:

Their average earnings per share is 10.85. In 2011 it was 9.74 and in 2012 it was 15.7. But in
2013 it was 7.1 which was not good for the company.
12. Payout Ratio:

They did not give any cash dividend. So their payout ratio is zero.
■Debt Utilization Ratio:

13.Debt To 20.26% 22.31% 24.34% 22.30%
Total Asset
Ratio
14.Time Interest 13.38 Times 14.233 Times 10.48 Times 12.69 Times
Earned
15.Cash Debt 0.023 Times 0.036 Times 0.016 Times 0.025 Times
Coverage Ratio
16.Book Value 1.237 Times 1.458 times 1.396 Times 1.36 Times
Per Share
13. Debt to Total Asset Ratio:

In 2011 it was 20.26 and in 2012 it was 22.31. In 2013 it was 24.34 which was increased
gradually. Average is 22.30.
14. Time Interest Earned:

The average time interest earned is 12.69. The lower is 10.48 which was happened in 2013. The
highest was 14.233 in 2012.
15. Cash Debt Coverage Ratio:

It was 0.023 in 2011, 0.063 in 2012 and 0.016 in 2013. The average is 0.025.
16. Book Value Per Share:

In 2012 their book value per share was good. In 2011 their book value per share was lower. The
average is 1.36
3.4(2) Financial Ratio Analysis of Fu-Wang Ceramic Industry Ltd:
■Liquidity Ratios:

2.Quick Ratio 0.76 Times 0.70 Times 0.66 Times 0.71 Times
3.Current Cash 0.014 Times 0.0075 Times 0.017 Times 0.012 Times
Debt Coverage
Ratio
1. Current Ratio:
In 2011 their current ratio was 1.13 which was highest. In 2013 it was 1.08 which was lower.
The average is 1.11.
2. Quick Ratio:
In 2013 their quick ratio was 0.66 and in 2012 it was 0.70. But in 2011 it was 0.76. Their quick
ratio was decreased gradually. Their average is 0.71.
3. Current Cash Debt Coverage Ratio:

Their current cash debt coverage was 0.014 in 2011, 0.0075 in 2012 and 0.017 in 2013. The
average is 0.012.
■Asset Utilization Ratio:

4.Receivable 4.46 Times 4.50 Times 4.36 Times 4.44 Times
Turnover
Turnover
6. Fixed Asset 0.36 Times 0.34Times 0.33 Times 0.34 Times
Turnover
7. Total Asset 0.27 Times 0.26 Times 0.25 Times 0.26 Times
Turnover
Their receivable turnover was decreased gradually from 2011 to 2013. The average receivable
turnover is 2.65.
Their inventory turnover was increased in 2012. But in 2013 it was decreased. The average is
2.65.

The fixed asset turnover decreased gradually from 2011 to 2013. Their average fixed asset
turnover is 0.34.
Their total asset turnover was also decreased gradually. In 2012 it was 0.27 and in 2013 it was
0.25. The average is 0.26.
■Profitability Ratio:

8.Profit Margin 2.16% 2.17% 1.11% 1.81%
9. Rate of 0.65% 0.55% 0.27% 0.49%

Return on Asset
10 Return on 0.68% 0.73% 0.36% 0.59%
Equity
11) Earnings 6.7% 7.06% 3.48% 5.75%
Per Share
12) Payout 17.6% 29.8% 0.00% 15.8%
Ratio
8. Profit Margin:
In 2011 the profit margin was 2.16 which was good. But in 2013 it was 1.11 which was
decreased. Their average is 1.81.
9. Rate of Return on Asset:

The average rate of return on asset is 0.49. Their rate of return on asset is not good.
10 Return on Equity:
In 2011 it was 0.68, in 2012 it was 0.73 and in 2013 it was 0.36. Their average return on equity is
0.59.
11.Earnings Per Share:

Their earnings per share was decreased in 2013. In 2012 it was 7.06 which was highest. The
average is 5.75.
12. Payout Ratio:

In 2011 their payout ratio was 17.6 and in 2012 it was 29.8. But in 2013 they did not give the
dividend for that reason their payout ratio in 2013 was zero. The average payout ratio is 15.8.
■Debt Utilization Ratio:

13.Debt To 24.3% 24.2% 24% 24.17%
Total Asset
Ratio
14.Time Interest 0.260 Times 0.280 Times 0.160 Times 0.23 times
Earned
Coverage Ratio
16. Book Value 9.75 Times 9.63 Times 9.65 Times 9.68 Times
Per Share
13. Debt to Total Asset Ratio:

Their debt to total asset ratio were all most same in 2011, 102 and 2013. The average ratio is
24.17.

Their cash debt coverage ratio was 0.007066 in 2011, 0.007096 in 2012 and 0.01 in 2013. The
average cash debt coverage ratio is 0.01.

In 2011 the book value per share was 9.75 which was highest and in 2012 it was 9.63 which was
lowest. The average is 9.68.
3.4(3) Financial Ratios Analysis of Standard Ceramic Industries Ltd:
Liquidity Ratios:

2.Quick Ratio 0.464 Times 0.379Times 0.470Times 0.438 Times
3.Current Cash 0.257 times 0.203 Times 0.325Times 0.262 Times

Debt Coverage
1. Current Ratio:
The current ratios was decreased gradually in this company. In 2012 it was highest and in 2013 it
was lowest. The average current ratio is 0.992.
2. Quick Ratio:
Their average quick ratio is 0.438. Their quick ratio was up and down. It was 0.464 in 2012 and
0.470 in 2013.
3. Current Cash Debt Coverage:

Their current cash debt coverage ratio was increased in 2013. But it was decreased in 2012. The
average current cash debt ratio is 0.262.
Asset Utilization Ratio:

4.Receivable 10.85 Times 10.626 Times 11.317Times 10.931 Times
Turnover
Turnover
6. Fixed Asset 1.802 Times 1.805 Times 1.839 Times 1.816 Times
Turnover
7. Total Asset 1.10 Times 0.950Times 1.018 Times 1.022 Times
Turnover
The receivable turnover ratio was increased from 2012 to 2013. In 2011 it was 10.85. The
average receivable turnover is 10.931.
Inventory turnover was decreased in 2012. But in 2012 it was increased. In 2012 it was 3.4 and
in 2013 it was 4.923. The average inventory turnover is 4.174.

The fixed asset turnover was increased gradually. It was 1.802 in 2011, 1.805 in 2012 and in
2013 it was 1.839. The average fixed asset turnover is 1.816.

Total asset turnover was good in 2011. But in 2012 it was fall down. Their average total asset
turnover is 1.022.
Profitability Ratio:
8.Profit Margin 3.4% 3.2% 3.2% 3.266%
9. Rate of 3.2% 3.1% 3.268% 3.189%
Return on Asset
10.Return on 6.67% 6.4% 6.6% 6.557%
Equity
11. Earnings 11.15% 10.6% 11.1% 10.95%
Per Share
12. Payout 0.00% 0.00% 0.00% 0.00%
Ratio
8. Profit Margin:
Their profit margin was highest in 2011. The profit margin was same in 2012 and 2013. The
average profit margin is 3.266.
9. Rate of Return on Asset:

Rate of return on asset was good in 2013. In 2011 and 2012 were almost same the rate of return
on asset. 3.189 is the average rate.
10. Return on Equity:

Their average return on equity is 6.557. In 2011 it was 6.67 and in 2012 it was 6.4. In 2013 it
was 6.66 which was increased.
11. Earnings Per Share:

Their earnings per share was good in 2011. But in 2012 it was decreased. Again in 2013 it was
increased. The average earnings per share is 10.95.
12. Payout Ratio:

They did not give any dividend last three years. For that reason their payout ratio is zero.
Debt Utilization Ratio:

13.Debt To 50.76% 51.270% 50.8% 50.943%
Total Asset
Ratio
14. Time 7.84 Times 6.247 Times 12.973 Times 9.02 Times
Interest Earned
Coverage Ratio
16. Book Value 0.543 Times 0.599 Times 0.595 Times 0.579%
Per Share
13. Debt To Total Asset Ratio:

Their debt to total asset ratio was almost same in 2011 and 2013. But in 2012 it was 51.270. The
average ratio is 50.943.
14. Time Interest Earned:

In 2011 time interest earned was 7.84 and in 2012 it was 6.274. But in 2013 it was 12.973 which
was increased rapidly. The average time interest earned is 9.02.

Their cash debt coverage ratios are almost same. The average cash debt coverage ratio is 0.262.

The book value per share was 0.543 in 2011 and 0.599 in 2012. In 2013 it was 0.59. The average
book value per share is 0.579
3.4 (4) the Performance analysis and comparison analysis

within Fu-Wang Ceramic Company, Monno Ceramic
Company and Standard Ceramic Company
LIQUIDITY FU-WANG MONNO STANDARD

RATIOS CERAMIC CERAMIC CERAMIC
2013 2012 2013 2012 2013 2012
Current Ratio 1.83Time 1.66 Times 1.08Times 1.11 Times 0.877Times 0.924Times
s
Quick Ratio 0.93Time 0.80 Times 0.66Times 0.70 Times 0.470Times 0.379Times
s
Current Cash 0.02Time 0.42Times 0.017Time 0.0075Time 0.325Times 0.203Times
Debt Coverage s s s
Ratio
In this table the Fu-Wang Company’s current ratio is 1.83 time 1n 2013 and 1.66 times in 2012
that is highest current ratio among the three companies. The Fu-Wang Companies quick ratio is
also highest among the three companies. But the Standard Ceramic Company’s current cash debt
coverage ratio 0.325 times in 2013 and 0.203 times in 2012 that is better current cash debt
coverage ratio than Fu-Wang Ceramic and Monno Ceramic Companies.
In this analysis, we see that the Fu-Wang company’s liquidity ratios are good. Their liquidity
ratios are better than two others companies in 2013 and 2012.
ASSET FU-WANG MONNO STANDARD

UTILIZATION CERAMIC CERAMIC CERAMIC
RATIOS 2013 2012 2013 2012 2013 2012
Receivable 9.37Times 14.01 4.36 4.50 Times 11.317 10.626
Turnover Times Times Times Times
Inventory Turnover 2.78Times 3.85Times 2.53 2.76 Times 4.923 Times 3.4 Times
Times
Fixed Asset 0.84Times 0.83Times 0.33 0.34Times 1.839 Times 1.805
Turnover Times Times
Total Asset 0.52Times 0.57Times 0.25 0.26 Times 1.018 Times 0.950
Turnover Times Times
In this analysis we see that the Fu-Wang Company’s receivable turnover ratio is better than
Monno Ceramic and Standard Ceramic Companies. The Fu-Wang Ceramic Company’s
receivable turnover ratio 9.37 times in 2013 and 14.01 times in 2012 and the Standard Ceramic
Company’s receivable turnover ratio is 11.317 times in 2013 and 10.626 in 2012. But in average
Fu-Wang Ceramic Companies receivable turnover ratio is highest. The Standard Ceramic
Company’s inventory turnover ratio’s position is stronger than two other companies. The fixed
asset turnover ratio is also strong in Standard Ceramic Company. Their fixed asset turnover is
1.89 times in 2013 and 1.805 in 2012. The total asset turnover ratio is also better than Fu-Wang
Ceramic and Monno Ceramic Company It’s indicating that the Standard Ceramic Company’s
asset utilization ratios are better than two other companies.
PROFITABILIT FU-WANG MONNO STANDARD

Y RATIOS CERAMIC CERAMIC CERAMIC
2013 2012 2013 2012 2013 2012
Profit Margin 7.44% 14.71% 1.11% 2.17% 3.2% 3.2%
Rate of Return on 4.19% 8.34% 0.27% 0.55% 3.268% 3.1%
Asset
Return on Equity 5.12% 10.74% 0.36% 0.73% 6.6% 6.4%
Earnings Per Share 7.1% 15.7% 3.48% 7.06% 11.1% 10.6%
Payout Ratio 0.00% 0.00% 0.00% 29.8% 0.00% 0.00%
We see that, the Fu-Wang Ceramic Company’s profit margin ratio is 7.44% in 2013 and 14.71%
in 2012 that’s the highest profit margin ratio among the three companies. The rate of return on
asset ratio is also better than Monno Ceramic and Standard Ceramic companies. The Fu-Wang
Company’s return on equity ratio is in a strong position. Their return on equity is 5.12% in 2013
and 10.74% in 2012. The Standard Ceramic Company’s earnings per share are 11.1% in 2013
and 10.6% in 2012 and the Fu-Wang Ceramic Company’s earnings per share is 7.1% in 2013 and
15.7% in 2012. But in average Fu-Wang Company’s earnings per share is good. The Fu-Wang
Ceramic Company and the Standard Ceramic Company did not give the cash dividend in 2013
and 2012. For that reason, their payout ratio is 0%.But the Monno Ceramic Company gave the
cash dividend in 2012. But they did not give the cash dividend in 2013. Overall we see that the
Fu-Wang Company’s Profitability ratios are in a better position than the two companies.
Debt Utilization FU-WANG MONNO STANDARD

Ratios CERAMIC CERAMIC CERAMIC
2013 2012 2013 2012 2013 2012
Debt To Total Asset 24.34% 22.31% 24% 24.2% 50.8% 51.270%
Time Interest 10.48 14.233 0.160 0.280 12.973 6.247
Earned Times Times Times Times Times Times
Cash Debt Coverage 0.016 0.036 0.0166 0.007096 0.325 0.203
Ratio Times Times Times Times Times Times
Book Value Per 1.396 1.458 9.65 9.63 Times 0.595 0.599
Share Times Times Times Times Times
In this analysis, debt to total asset ratio is almost same for the both Fu-Wang and Monno
Ceramic companies. Their debt to total asset ratio is low. But the Standard Ceramic Company’s
debt to total asset ratio is highest among the three companies. 50.8% in 2013 and 51.27% in 2012
in the Standard Ceramic Company that’s not good for the company. The Fu-Wang Ceramic
Company’s time interest earned ration is in a good position. Their time interest earned money is
10.48 times in 2013 and 2012 in 14.233 times which is indicating that their position is strong.
The Standard Ceramic Company’s cash debt coverage ratio is good position. Their cash debt
coverage ratio is 0.325 in 2013 and 0.203 in 2012. The Monno Ceramic Company’s book value
per share is in a strong position among the three companies. Their book value per share is 9.65 in
2013 and 9.63 in 2012. We see that the debt utilization ratios are a good position for the Fu-
Wang Ceramic Company. The Monno Ceramic Company’s debt utilization ratios are also in a
good position.
3.5 SWOT Analysis
3.5(1) SWOT Analysis of Monno Ceramic Industries Ltd
Figure 1: SWOT analysis
Strengths:
■Reputation: Monno Ceramic Industries has already achieved a good reputation in Bangladesh.
The price of their shares is rising because of their reputation.
■Good Management: The management system of Monno Ceramic Industries is good. They
cooperate with all of employees.
■Quality: They try to give their best service to the customers. They give a highest priority of a
customer’s claims.
Weakness:
■Decreasing Net Profit: The net profit after tax of the company is TK.8.34 million as against
TK.16.92 million during the previous year.
■Decreasing Sales: During the years under review, the company earned a net revenue of
TK.752.99 million against TK.778.62 million during the previous year.
■Dividends: The Company did not give the dividends to their shareholders. This also a weak
point for the company.
Opportunities:
■ Increasing Product Demand: The demand of ceramic products is increasing globally. It’s an
opportunity for the company to increase their sales.
■ Produce Safe Product: Monno Products are safe! Tests carried out by CERAM show their
products fall well below the thresholds for lead and cadmium release in tableware or cookware
coming into contact with foodstuffs as specified under current European regulations. They also
meet Australasian and US Federal requirements as well as those specified by California’s very
tough ‘Proposition 65’.
■Provides Employment: Monno provides employment to some 5,000 skilled and unskilled local
artisans, crafts men and women, who are encouraged to develop their full creative potential.
Training is highly regarded, especially when working with some of the very best advanced
machinery selected from manufacturers worldwide. That technology helps to provide Monno
with a competitive edge in the market place.
Threats:
■Competition: Most of the product Monno Ceramic offers have competitors, and competition to
provide the customer with the best product for the least amount of money can lead to margin
contraction.
Economic Downfall: 3M is a very cyclical company, and in times of poor macroeconomic

health the company suffers alongside the wide majority of the stocks on the market.
■Political Issues: Countrywide political disturbance is also threat for the company.
3.5(2) SWOT Analysis of Fu-Wang Ceramic Industries Ltd

Strength:
■ Increasing Brand Value: the business expanded its market share by its unique quality,
competitive price, exclusive designs, and wide variety of sizes and models. Its effective and
creative marketing campaign enabled the company to establish its brand value in the tiles market
in Bangladesh.
■Using High Technologies: The Company is using high quality raw materials, Italian/Chinese
machinery and highly experienced foreign and local engineers.
■Dividends: The company gave the dividends in 2011 and 2012. This is also a strength for the
company.
Weakness:
■Embargo: The government has not yet lifted the embargo on extracting clay from their
leasehold mine.
■Lower Net Profit before Tax: The company has posted a lower net profit before tax
amounting to taka 80,661,197 in the year ended June 30, 2013 which has decreased around 24%
compared to immediate preceding year’s net profit before tax amounting to taka 106,433,247.
■Dropped the both Productions and Sales: The production and sales dropped by around 5%
and 3% respectively compared to immediate last year’s production and sales onsqft basis.
Opportunities:
■Countrywide Demand: Fu-Wang Ceramic Industry Limited is capable of meeting the
increasing demand of customers countrywide.
■Exporting Products: The Company is also exporting its products to the North Eastern region
of India. This is an opportunity to get more profit.
■Standard Production: Fu-Wang Ceramic Industry Limited meets European standards in

production. So it’s a very good news for the company.
Threats:
■Failed to Adjust Product Price: Due to unhealthy cut through price competition, the company
could not adjust product prices after July 2011.
■Rising Materials Cost: Rising Material Costs is big threat for the company. The annual
average costs of fu-Wang Ceramic industries had increased in all sectors of inputs by around
10015%.
■Market Downturn: It is also threat for the company. The company has successfully
implemented BMRE Project by initial testing and producing glazed tiles but could not avail
utilization of full capacity due to market downturn.
3.5(3) SWOT Analysis of Standard Ceramic Industries Ltd

Strengths:
■Globally Business: Standard Ceramic Industries Products are available in 4 continents of the
world including the United States and European markets.
■Popular Product: The superb quality and design of vitrified Stoneware Products coupled with
competitive price made their product a popularly choice at home and abroad.
■High Grade Machinery: The operating machinery was mainly procured from famous
producer of Japan.
Weakness:
■ Few Branches: Their branches are not available all over the country.
■ No Advertisement: Standard Ceramic Industries has no advertisement.
Opportunities:
■Back Stamps: They Can have own back stamps.

■Customers Priority: They can develop customers’ desired shape (minimum order 5x20'
container).
■Increasing Production: Through the active and dedicated participation of all SCI personnel,
the factory is now turning out approximately 47,000 assorted pieces (13.1 M.Tons) of tableware
per day.
Threats:
■Labor Strike: It is very harmful for any local or international industries. Labor strike reduces
the production.
■Government Rules and Regulations: If the government changes the rules and regulations
abut international trade, it will affect the Standard Ceramic Business. This industry delivers their
product home and abroad.
■Competitor: If their competitors are available in the market, it will threat for this company.
Chapter-04
Concluding Notes
4.1 Recommendations:
Ltd are the successful industries. They are operating their business very successfully. But they
have also some problem. Some of the core problem identified after analyzing the report that
Ltd should give lots of attention, which are given below:
● They have many competitors in the market. Today’s world is full of competition. For their
existence they have to produce something new. So, they have try to produce innovative products.
● They don’t take any advertisement steps. Advertisement is essential for any company. So they
should take necessary action for more advertisement.
● The number of employees are not sufficient for their industries. I think they have to take more
employees for more production.
● They don’t do any social activity. I think social work can enlighten any company’s or
organization’s reputations.
● They don’t give training to their employees. So their workers are unskilled. It’s very harmful
for any industries.
● Ceramic Industries pollute our environment. They have to take necessary steps to reduce the
environment pollution.
● Though they are a very famous ceramic industries in our country, their branches are not
available in all district. So, they have to open more branches. At last I hope that every time
Ltd will bring new type of product that can change our life and will be better for human being.
4.2 Conclusion:
Ceramic product becomes famous in our life. Ceramic business is become more competitive in
our country. Monno Ceramic Industry Ltd, Fu-Wang Ceramic Industry Ltd and Standard
Ceramic Industry Ltd are producing ceramic products and they become most popular ceramic
industries all over the country. They also export their products in abroad. Monno Ceramic
Industry Ltd, Fu-Wang Ceramic Industry Ltd and Standard Ceramic Industry Ltd serve their best
service for the customers. They are using high quality raw materials, Italian/ Chinese/ Japanese
machinery and highly experienced foreign and local engineers. Most of the ceramic industries
cannot bigger their business area because of their capital problem .Though our country earn more
foreign currency by exporting ceramic products, our government don’t give sufficient
opportunities to the ceramic industries. So, our government should take necessary steps to create
opportunities for our ceramics industries.
References
Books:
● Feng Shi. “Ceramic Materials - Progress in Modern Ceramics” April, 2012.
●Ceramic test and calculation - by Andrew S. A.
●Apottery Science - by Dinsdale A.
●Hand book of ceramic calculations - by Heath A.A.
●The chemistry of ceramic – by Aisao yamada.
●Ceramic powder preparation a hand book - by Ganguli, Dibyendu.
Manual:
● Annual Report of Monno Ceramic Industries Ltd, Fu-Wang Ceramic Industries Ltd and
Standard Ceramic Industries Ltd ( 2011, 2012 and 2013)
● Financial Documents
Website:
● www.standardceramic.com
● www.monnoceramic.com
● http://en.wikipedia.org/wiki/Monno_Ceramics
● http://en.wikipedia.org/wiki/Ceramics_industry_in_Bangladesh
●http://www.standardceramic.net/index.php
●http://bangladesh-page.blogspot.com/2013/02/ceramics-sector-of-bangladesh.html

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UNIVERSITY OF LIBERAL ARTS BANGLADESH

Dr. Milan Kumar Bhattacharjee

Department: ULAB School of Business

Date of Submission: 19 August, 2014

August 19, 2014

University of Liberal Arts Bangladesh

Sub: Submission of Project Report.

It is my pleasure to submit the project report on “Analysis of Financial Performance: A

1.1 Rational of The Study------------------------------------------------------------------- 02

Chapter-2 Theoretical Aspects

2.1 Ceramic and History of Ceramic Business in Bangladesh---------------------- 06-08

Chapter-3 Practical Issues

3.1 Overview of Monno Ceramic Industry Ltd------------------------------------------ 13-14

Chapter-4 Concluding Notes

Rational of The Study

Knowledge has no boundary. It is a combination of both theoretical and practical experience.

1.2 Objectives of the study:

a) To know about the Ceramic Business system theoretically.

1.3 Methodology of the Study

Primary sources of data:

Secondary sources of data:

1.4 Scope of the study

1.5 Limitations of the Study:

2.1 Ceramic and History of Ceramic Business in Bangladesh:

Types of ceramic product:

 Structural, including bricks, pipes, floor and roof tiles.

History of Ceramic Business in Bangladesh:

Export destinations and international competitors:

2.2 Performance Analysis:

(a) Liquidity Ratios:

●Current Ratio = _Current Asset_

●Acid-Test Ratio = _Quick Asset_

(b) Profitability Ratios:

●Profit Margin Ratio = __Net Income__

● Asset Turnover Ratio = ____Net Sales___

●Return on Assets Ratio = ___Net Income___

●Return on Asset Ratio = Profit Margin x Asset Turnover

●Return on Common Stockholder’s Equity = ________Net Income_______________

●Earning Per Share = __________Net Income___________________

●Price Earnings Ratio = _Market Price Per Common Share_

●Payout Ratio = _Cash Dividends_

●Dividend Yield = ____________Dividends Paid Per Share_______________

(c) Solvency Ratios:

●Debt to Total Assets Ratio = _Total Debt___

Income Before Interest Expense and

Definition of 'Trend Analysis':

Investopedia explains 'Trend Analysis':

3.1(1)History of Monno Ceramic Industry Ltd:

● Using high technology.

3.1(4) Objectives of Monno Ceramic Industries Ltd:

● To produce safe products.

● To establish close relationship with a customer.

●To take part in the economic growth.

3.2(1)History of Fu-Wang Ceramic Industry Ltd

 Date of incorporation: 31 May 1995

● Using high quality raw materials.

3.2(4) Objectives of Fu-Wang Ceramic Industries Ltd:

● To broaden business internationally.

3.3(1) History Standard Ceramic Industry Ltd

Requirement for firm order:

● Making their product popularity.

● Developing customers desire shape.

● To export product all over the world.

●Profit Margin Ratio = Net Income

● Asset Turnover Ratio = __Net Sales_

●Return on Assets Ratio = _Net Income_

●Return on Common Stockholder’s Equity = Net Income_______

●Earning Per Share = Net Income_________

●Dividend Yield = Dividends Paid Per Share___