Business

Analysis of
Monno
Ceramics

Submitted to

Dr. M. Masud Rahman

Professor, Department of
Finance
University of Dhaka

Date: 14th December, 2019

 Business Analysis of Monno Ceramics

Submission

Submitted to

Dr. M. Masud Rahman

Professor, Department of Finance
University of Dhaka

Submitted by

Name ID
Umashankar Chowdhury Fin-03-16-012
Md. Sami Zakir Fin-04-17-049
Tanvir Zaman Khan Fin-05-17-004
Md. Amarat Hossain Fin-05-17-010
Md. Serazum Monir Siddiki Fin-05-17-013

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 Business Analysis of Monno Ceramics

Acknowledgement

It is always a challenge to implement what we learn into class, and also a pleasure to
implement the class knowledge or theory into practical analysis. Business Analysis course gave
us the opportunity to learn vigorously in class and helped us to implement our knowledge into
practical assignment.

We are very much glad to our course teacher Prof. Dr. M. Masud Rahman, to instruct all
through the semester and his guideliness helped us for completing our assignment.

We also want thanks to our course mates to have a great semester done and thanks them for
their help and coordination throughout the course.

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 Business Analysis of Monno Ceramics

Table of Content

SL. Title Page No

1. Monno Ceramics 04

2. Industry Analysis 05

3. Competitive Strategy of Monno Ceramics 10

4. Profitability Analysis 13

5. Ratio Analysis 14

6. Sustainable Growth Rate 15

7. Sustainable Growth Rate (with different g) 16

8. Z-score 17

9. The Operating Cycle and Cash Cycle 18

10. Vertical Integration of Monno 19

11. Horizontal Integration of Monno 21

12. Value chain of Monno 22

13. Conclusion 23

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 Business Analysis of Monno Ceramics

Monno Ceramics
Monno Ceramic Industries Ltd. is the flagship company of Monno Group, one of the largest
private business conglomerate in Bangladesh. Monno Group has grown over five decades
through relentless hard work and perseverance with operations and investments across a wide
range of industries including Porcelain & Bone China Tableware, Jute, Textile, Ready Made
Garments, Trading, Power Generation, Printing & Packaging, Healthcare, Educational
Institutions and Retail.

Monno has remained one of the most recognizable brand names in Bangladesh which is
synonymous with trust and quality. Monno always maintains strict ethical standards in all its
business operations. Monno Ceramic is the largest ceramic tableware manufacturer and
considered one of the pioneering industries in Bangladesh. It began its journey in 1984 by
producing Porcelain tableware and secured its first export order the following year. Eventually
Monno expanded into manufacturing Fine Bone China in 2001. The product quality has been
immaculate from the very beginning which has been directly reflected by the continuous
market demand from local and international consumers or customers.

As the original exporter of porcelain dinnerware from Bangladesh, Monno is proud to promote
Bangladesh as a manufacturer of high quality ceramic tableware.

Monno Porcelain & Bone China factories are unique in being able to offer under one roof the
flexibility andversatility to produce various size and nature of product. The factory is located
only 35 km away from Dhaka [Link] is situated in a stunning 45-acre landscaped area where it is
surrounded by greenery and wide open spaces which creates a peaceful work environment for
workers and staff. The factory site also has canteen, medical center, child care facilities
andluxury accommodation forsenior employees and foreign expatriates.

Monno is equipped with state-of-the-art German & Japanese machineries like Spray Dryer,
Isostatic Presses, High Pressure Casting machines, Automatic Cup Lines, Auto Dip & Spray
Glazing machines and an open firing tunnel [Link] manufacturing capacity for Porcelain is
1,500,000 pieces and Bone China is 500,000 pcs per month.

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 Business Analysis of Monno Ceramics

Industry Analysis
Ceramic industry of Bangladesh is a booming sector and the growth potential of both domestic
and international market indicates it may become one of the biggest foreign exchange earners
for the country. Over the years, the Ceramic industry in Bangladesh has flourished immensely
and has gained recognition throughout the world. Quality of products has helped Bangladesh to
carve a niche in the global market; the manufacturers in this sector are taking risks while
diversifying their designs into world-class standards. Furthermore, the natural gas that is used
in the kilns of the Bangladesh's ceramic industry does not contain any sulphur and that is why
the country's ceramic products look brighter and shiny. The close competitors of Bangladesh
are China and India, but they mostly produce traditional items. Moreover, due to recent global
financial crisis and rising labor cost, the developed countries are placing more orders to low-
cost countries like Bangladesh.

With the increasing demand of Ceramic & allied products both at the domestic and
international markets, all major Bangladeshi ceramic companies have been expanding their
plants and operations. As a result, there is enough scope for foreign exporters keen to explore
the overseas market as well as investors seeking joint ventures in the Ceramic and allied
sectors. While the exporters can pick up the aforesaid opportunities, foreign investors could
consider setting up JVs with Bangladesh's local companies looking for potential partners
capable of providing machineries, Equipments and Raw materials on long term credit.
Bangladeshi ceramic products are exported to about 50 countries.

Exports:

Fiscal Year (FY) Million Dollar

2017-18 $45.74
2016-17 $35.57
2015-16 $35.32
Source: Dhaka Tribune , Published July 8th, 2019.

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 Business Analysis of Monno Ceramics

Ceramics industry has turned into a booming manufacturing sector in Bangladesh over the
years, cashing in on growing demand both in domestic and international markets.

Since 1958, this sector has flourished tremendously and in last ten years the total ceramic
industry’s production growth rose by almost 200%. At present the industry caters to 85% of
local demands while because of high quality, ceramic products of Bangladesh have huge
demand in international markets as well. According to Bangladesh Ceramics Manufacturers and
Exporters Association (BCMEA), a total of 66 ceramic manufactures are operating in the
country, producing mainly tableware, tiles and sanitary ware. Of these factories, 20 are making
tableware, 28 tiles, while 18 are producing sanitary ware. Investment of all the factories
amounts to a total of Tk8,616 crore, while about 50,000 people are directly involved in the
industry.

Speaking to Dhaka Tribune, Bangladesh Ceramic Manufacturers and Exporters Association

(BCMEA) President Shirajul Islam Mollah said that ceramic industry was a highly potential and
labour intensive sector.

The yearly production capacity of the local ceramics industry is 25 crore pieces tableware, 20
crore square metre tiles and 90 lakh pieces of sanitary ware and value addition in ceramics
stands at 65%. As per BCMEA data, total domestic market consumption of ceramic products
was around Tk5,450 crore in FY2017-18, of which locally produced ceramic products were
worth nearly Tk4,340 crore, while imports hit Tk1,110 crore.

In case of tableware, a 92.87% market demand is met with locally produced goods, while the
remaining 7.13% with imported products.

As regards tiles, local companies occupy 76.18% of the total market share and imported
products hold the rest 23.82% while 88.32% market demand of sanitary ware is met with locally
produced products and the rest 11.68% with imported goods.

Tableware is exported to more than 50 countries including the US, Canada, European Union
countries and Australia; tiles to India, Nepal and Bhutan; and sanitary ware to the Middle East,
especially to the UAE. Irfan Uddin, general secretary of Bangladesh Ceramic Manufacturers and

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 Business Analysis of Monno Ceramics

Exporters Association (BCMEA), said product diversification with competitive prices helped the
sector boost its exports.

Of the local market, Shinepukur Ceramics holds the highest 18% share, Monno Ceramics 15%,
Farr Ceramics 14%, Paragon Ceramics 12% and Protik Ceramics has 8% share in the local
market. In international market, Bangladeshis ceramics companies have competitive places as
Shinepukur and Farr ceramics both hold the first position with 24% export market sharing.
Paragon holds the second position with 18% share, Monno 10% and Artisan has 8% share in the
export market.

Market Share:

Company Name Market Share

Shinepukur Ceramics 18%
Monno Ceramics 15%
Farr Ceramics 14%
Paragon Ceramics 12%
Protik Ceramics 8%

Export Market Share:

Company Name Export Market Share

Shinepukur Ceramics 24%
Farr Ceramics 24%
Paragon Ceramics 18%
Monno Ceramics 10%
Artisan Ceramics 8%

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 Business Analysis of Monno Ceramics

Industry Analysis
1. Rivalry among existing firms:
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.
2. 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 sector’s 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. As the construction industry including residences, shopping malls
and others is growing so fast, the ceramic tiles business is becoming one of the booming
and prospective sectors with a staggering annual growth rate of 20 percent
3. 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

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 Business Analysis of Monno Ceramics

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.
4. 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 seller’s posted price. However, its 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.
5. 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 hydrooxide, 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
powerful rival

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 Business Analysis of Monno Ceramics

Competitive Strategy of Monno Ceramics

Monno ceramics follows Product Differentiation

A. Superior product quality

Due to its superior quality and competitive pricing, wide variety of product range, MONNO
Ceramics (Bangladesh) Limited has been able to capture a dominant position in the market and
has a brand equity presence in the local market. The company is continuously working on
product development through research and development (R&D), improved designs and service
to keep pace with the customer choices, fashion and design. The company being a market
leader in the ceramic tiles and sanitary ware products in Bangladesh has already captured over
one fourth of the tiles market and more than two third of the sanitary ware market. As a result,
company is quite well insulated from the risks of greater competition from both local and
foreign sources.

B. Superior product variety

Monno is currently importing major raw materials from overseas based on quality and
competitive prices. MONNO has diversified sources to procure raw material and it is able to
utilize the sources of parent Company MONNO Ceramics PSC, UAE. MONNO has backward
integrated ventures which are always on task to globally source alternative sources.

In order to maintain a sustainable business growth, Monno consistently employs differentiating

technology to have a competitive advantage over its competitors. MONNO Ceramics
(Bangladesh) Limited is known in the market as innovative technology driven company. It has
track record of investment in technology, production process and capacity expansion. MONNO
develops innovative products applying its in-house knowledge base and professional expertise
to meet market expectation.

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 Business Analysis of Monno Ceramics

C. Superior customer service

Monno Ceramics (Bangladesh) Limited enjoys the reputation of being a market leader in the
local ceramics sector, as one of the establishments producing high quality tiles and sanitary
ware products. The quality along with the competitive pricing of the products has enabled
MONNO Ceramics (Bangladesh) Limited to gain a substantial market share in the ceramic
sector. The Company is currently enjoying more than one fourth share of the ceramics market.
The strengths of MONNO Ceramics (Bangladesh) Limited is its professional expertise,
unrelenting pursuit of excellence, and a deep and profound knowledge of the business
environment that has enabled the company to tap the market share in ceramics ware field.

D. Investment in brand image

Monno has always painstakingly positioned the company to respond to emerging market
opportunities and have made major investments. MONNO intends to leverage the leadership
by pursuing strategic opportunities through the investments that have been made. It will
continue to invest in innovative breakthrough technologies in the ceramic field because we
know that in this era of global competitiveness and borderless economies, only productive
organizations delivering quality goods and services can prevail, prosper and grow.

E. Investment in R&D

It has highly qualified R&D team at head quarter which is capable to alternative combination,
mix to mitigate/absorb input price/source risk. Therefore, the operational risk involved with the
input materials is insignificant cant for the company. The management perceives raw material
risk to be a manageable risk as the company has sustainable margin of safety.

The level of investment corresponds to the quality, reliability and flexibility of machineries
required to produce the desired level of products. Recurring investment is required for
innovative product development, progression in technology, and strengthening marketing
efforts. The production process needs to be flexible in order to meet the rapidly changing
customer preference. Monno usually integrates latest technology in order to manufacture
customized products according to the customer demand. Monno has been enjoying

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 Business Analysis of Monno Ceramics

competitive edge over other companies due to the flexible but robust technological
infrastructure. The company has increased its production capacity of tiles from 8,000 Esq. to
22,000 Esq. per day and 1,000 pieces to 2,500 pieces per day for sanitary wares. The company is
currently enjoying a market share of 22.97% in the ceramic industry. The continuous
investment has supported the company to achieve a CAGR turnover of 33.26% over the last
eight years of operation.

F. Marketing capabilities

The competitive edge of the company is its ability to produce widest range and high quality of
products in the local factory. Monno supersedes other peer companies of the similar industry in
three aspects: (i) technology and quality; (ii) strong resolve and astute leadership; and (iii) the
intellectual property. Over the time, the company has invested in some sophisticated
machineries such as Twin Press, Double Charge, Roto Printing Machines, Special Printing
Machines (Digital), which made Monno more competent in the ceramic industry to compete
with other local manufacturers.

G. Creativity and innovation

Monno key raw materials include (a) body materials comprising various types of clays, sands
and minerals and (b) glaze materials comprising additives, bonding agents and finishes MONNO
Ceramics follows a global sourcing and vendor development policy under which supply sources
are identified, supplier capabilities are assessed and competitive supply terms are negotiated
through competitive bidding for key supplies. Monno has built up a database of over 2,500
suppliers that provide industry specific supplies.

The major raw materials of Monno Ceramics (Bangladesh) Limited are imported from overseas,
mainly India, China, UAE, UK, Singapore, Thailand, few other European countries etc. Suppliers
are evaluated periodically on supply reliability, quality and prices with new suppliers being
added after they meet the required quality and reliability benchmarks through supplier
appraisals and track record. Key suppliers includes SACMI Imola, Gruppo B&T, Cerfrit, Hindalco,
FERRO Local supplies from Clay Local sand/ lime stone/ silica sand from various suppliers in
Shepur, Sylhet.

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 Business Analysis of Monno Ceramics

Profitability Analysis
Measures of Profitability

Return On Invested Capital (ROIC)

Net income after tax / (Equity + Debt to creditors)

ROIC 2017 = 0.0904%

ROIC 2016 = 0.0718%

Because of high debt ROIC becomes very low in percentage.

Net Profit

Net Profit = Total revenues – Total costs

Net Profit 2017 = 2,716,889

Net Profit 2016 = 2,181,483

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 Business Analysis of Monno Ceramics

Ratio Analysis
Ratio Analysis 2017 2016 Comments
1. Current 4.46 3.70 More funds available for
investment.
2. Quick 0.3687 0.4168 Poor. Company has not enough
quick assets to pay its liabilities.
3. Inventory Turnover 7.40 4.70 Inventory Pilled up.
4. DSO (receivable/daily sales) 49.30 77.70 Good. it takes a company fewer
days to collect its accounts
receivable
5. Fixed assets to Sales 0.3834 0.3835 The company is not managing its
fixed assets properly.
6. Total assets to Sales 0.2679 0.2548 The company is not using its assets
more efficiently.
7. Debt Ratio = Total 23.31% 24.04% Company has more assets than
debt/assets debt. Company should take more
debt for expansion of the business.
8. TIE 0.1130 0.0836 Good.
9. Profit Margin 0.32% 0.27% Low Profit Margin. Inventory
procurement reduced profit.
10. ROA 0.08% 0.07% Compnay cannot utilize its fixed
assets and inventory.
11. ROE 0.12% 0.10% Poor.
12. Market: Book ratio 0.3014 0.3907 Here, goes low.
13. P:E ratio 258.45 411.11
Market price per share 28.43 37.00
EPS 0.1100 0.0900
Book value per share 94.32 94.70

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 Business Analysis of Monno Ceramics

Sustainable Growth Rate

D
p  (1  d )  (1  )
gs  E
D
T  ( p  (1  d )  (1  ))
E

2717 0 84538  29756

*(1 )*(1 )
84538 124349
 
859493 2717
g s  3208032 2717 0 84538  29756  0.001
 *(1 )*(1 )
859493 859493 2717 84538 124349

SGR 2017 = 0.1%

Particulars 2017 2018 2019 2020

Sales 859,492,844.00 860,308,297.65 861,124,524.97 861,941,526.69
Net Income 2,716,889.00 2,719,466.68 2,722,046.80 2,724,629.38
Dividend - - - -
Addition to retained 2,716,889.00 2,719,466.68 2,722,046.80 2,724,629.38
earnings
Total assets 3,208,032,073.00 3,211,075,730.06 3,214,122,274.82 3,217,171,710.02
Total Debt 951,228,943.00 952,131,432.32 953,034,777.89 953,938,980.51
Common stock 239,280,200.00 239,280,200.00 239,280,200.00 239280200
Retained earnings 2,017,522,929.00 2,019,437,076.91 2,021,353,040.90 2,023,270,822.67
Total Financing 3,208,032,072.00 3,210,848,709.23 3,213,668,018.79 3,216,490,003.19
Funds needed 1.00 227,020.82 454,256.03 681,706.84
Debt: Equity ratio 0.42 0.42 0.42 0.42
Sustainable Growth Rate 0.001 0.001 0.001 0.001

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 Business Analysis of Monno Ceramics

Sustainable Growth Rate (with different g)

Particulars 2018 (@ 1%) 2018 (@ 5%) 2018 (@ 10%) 2018 (@ 20%)

Sales 868,087,772.44 902,467,486.20 945,442,128.40 1,031,391,412.80

Net Income 2,744,057.89 2,852,733.45 2,988,577.90 3,260,266.80

Dividend - - - -

Addition to retained 2,744,057.89 2,852,733.45 2,988,577.90 3,260,266.80

earnings
Total assets 3,240,112,393.73 3,368,433,676.65 3,528,835,280.30 3,849,638,487.60

Total Debt 960,741,232.43 998,790,390.15 1,046,351,837.30 1,141,474,731.60

Common stock 239,280,200.00 239,280,200.00 239,280,200.00 239,280,200.00

Retained earnings 2,037,698,158.29 2,118,399,075.45 2,219,275,221.90 2,421,027,514.80

Total Financing 3,237,719,590.72 3,356,469,665.60 3,504,907,259.20 3,801,782,446.40

Funds needed 2,392,803.01 11,964,011.05 23,928,021.10 47,856,041.20

Debt: Equity ratio 0.42 0.42 0.43 0.43

Sustainable Growth Rate 0.001 0.001 0.001 0.001

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 Business Analysis of Monno Ceramics

Z-score
Particulars 2017 2016
Net working capital/Total assets 0.02895 0.05572
Cumulative retained earnings/Total assets 0.62890 0.63043
EBIT/Total Assets 0.02635 0.02010
Market value of equity/ Total liabilities 0.97618 1.27365
Sales/Total Assets 0.26792 0.25477
Z-score 1.93 2.23

Comment: The firm is in financial distress as Z-score is below 3.

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 Business Analysis of Monno Ceramics

The Operating Cycle and Cash Cycle

Particulars Result
Inventory turnover = COGS/Average inventory 1.994
Inventory period = 365 / Inventory Turnover 183 Days
Receivables turnover = Sales/ Average receivable 5.919
Receivables period = 365 / Receivable turnover 62 Days
Payables turnover = COGS/Average payable 8.985
Payables period = 365/Payable turnover 41 Days
Operating Cycle 245 Days
Cash Cycle 204 Days

Operating cycle of Monno is very high compare to payable period, that’s why the cash cycle is
204 days. 204 day of cash cycle is not good financial indicator, because it takes 204 days to
become cash of the inventory.

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 Business Analysis of Monno Ceramics

Vertical Integration of Monno

Monno offers product in Bone China, Porcelain and High Alumina hotel ware. Each body
composition is made from the highest quality of raw materials from around the globe to ensure
supreme quality of the end products. More than 3 decades of expertise has made Monno a
global name for premium porcelain and bone china. All our collections are contemporary yet
timeless, each created by world class tableware designers.

1. BONE CHINA
I. Contains 45% English Bone Ash
II. Utmost translucent milky white body
III. Glossy finish
IV. Uses 100% lead free glaze
2. PORCELAIN
I. Has the traditional features of supreme white porcelain
II. Lead & Cadmium free glaze and decal ensures hygienic product
III. Smooth enamel and temperature resistant
IV. Microwave, Oven and Dishwasher safe
3. HIGH ALUMINA HOTELWARE
I. Contains high % of alumina than Porcelain making the product much harder &
durable
II. Perfectly designed for all fine Hotels, Restaurants and Catering establishments
with complete range of items
III. Extremely chip and scratch resistant
4. SPRAY COLORED PRODUCT
One of Monno’s greatest strength is Spray Colored Porcelain and Bone China.
Monno can produce any color that is desired. All color pigments are imported from
Germany which complies with FDA & EU standards.

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 Business Analysis of Monno Ceramics

5. LINE OF LUSTRE COLORS

Monno's exclusive line of luster colors is the epitome of luxury and sophistication with
its mirror like finish and vibrant colors. The wares are brushed with lead and cadmium
free lusters from Germany, so it is highly safe for use on the table top.
6. COLOR GLAZE PRODUCT
Monno is successfully doing the color glaze items as customer desire and specially wear
capable of producing full body color glaze, inside/outside color glazing and front/back
surface color glaze also. We always strictly maintain the procurement of color which
complies with FDA & EU standards and California Proposition 65.

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 Business Analysis of Monno Ceramics

Horizontal Integration of Monno

When a company wishes to grow through horizontal integration, its aim is to acquire a similar
company in the same industry. Companies may choose to undergo horizontal integration in
order to increase their size, diversify product or services offerings, achieve economies of scale,
or reduce competition. They may also wish to gain access to new customers or markets,
including overseas. For example, a department store may choose to merge with a similar one in
another country to start operations overseas. The result of horizontal integration, when
successful, is the ability to produce more revenue together compared to if they were to
compete independently. In addition to this, a newly merged company can cut down on costs by
sharing technology, marketing, research and development (R&D), production, and distribution.

For Monno, other than producing best quality dining facility, they enter into the retails sells
center or showroom.

All through Bangladesh Monno have more than 200 outlets.

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 Business Analysis of Monno Ceramics

Value chain of Monno

1. Raw Materials: Each body composition is made from the highest quality of raw
materials from around the globe to ensure supreme quality. Monno collects raw
materials from UK, INDIA, THAILAND, and USA.
2. Component parts manufacturing: First the basic mixing of all raw materials is done then
the tableware is made.
3. Final Assembly: In final assembly, Monno give their final and finishing touch which
made them exceptional to compare others.
4. Retail: Monno give their best quality products to their retailers. And also by exporting
Monno try to reach 50 countries all through the world.

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 Business Analysis of Monno Ceramics

Conclusion
Although Monno is trying to produce best quality product but according to financial statement
analysis, their performance is not well. They have to think about their investors.

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