Download T he Supply Chain Process Of Square Company Of Bangladesh: An Analysis

THE SUPPLY CHAIN PROCESS OF SQUARE COMPANY
of Bangladesh: AN ANALYSIS
Mohammad Jamal Uddin *
Supply chain management (SCM) is the oversight of materials,
information, and finances as they move in a process from supplier to
manufacturer to wholesaler to retailer to consumer. Supply chain
management involves coordinating and integrating these flows both
within and among companies. It is said that the ultimate goal of any
effective supply chain management system is to reduce inventory and
Communication is the transmission of information from one group or
individual to another. Business communication is very essential now
days to make contacts with people and for trading. Whenever a
business wants to make a good business proposal or introduce a new
concept, communication plays a very big role. Communication also
helps in the conveying of message among the different employees or
customers of the organization. Communication helps to direct
employees to attain their goals without any misunderstanding or
confusion. This paper discusses the different roles of supply chain
management, different role & ways of supply chain management . The
studye also tried to find out what is the problem and shortage of
SQUARE’s supply chain management system to improve themselves.
Keywords:
Supply chain, Operations process, Distribution policy, communication process,
Forecasting, Planning
*Economic Editor, Daily Ittefaq and Adjunct Faculty, Atish Dipankar university of Science and
Technology
Introduction
Supply chain management (SCM) is the oversight of materials, information, and
finances as they move in a process from supplier to manufacturer to wholesaler
to retailer to consumer. Supply chain management involves coordinating and
integrating these flows both within and among companies. It is said that the
ultimate goal of any effective supply chain management system is to reduce
inventory (with the assumption that products are available when needed). As a
solution for successful supply chain management, sophisticated software
systems with Web interfaces are competing with Web-based application service
providers (ASP) who promise to provide part or all of the SCM service for
companies who rent their service.
Supply chain management flows can be divided into three main flows:
The product flow
The information flow
The finances flow
SQUARE today is a name considering Pharmaceutical world, as well as
synonym of quality- be it toiletries, health products, textiles, Agro Vet products,
information technology and few more. But in the year 1958 ,the company was
originally started with Pharmaceuticals. Now that small company of 1958 is a
publicly listed diversified group of companies employing more than 12,000
people. The current yearly group turnover is more than 300 million USD. All
these were possible due to Samson H Chowdhury’s innovative ideas, tireless
efforts, perseverance and dedication with self confidence which contributed to his
successful achievements.
The product flow includes the movement of goods from a supplier to a customer,
as well as any customer returns or service needs. The information flow involves
transmitting orders and updating the status of delivery. The financial flow consists
of credit terms, payment schedules, and consignment and title ownership
arrangements.There are two main types of SCM software: planning applications
and execution applications. Planning applications use advanced algorithms to
determine the best way to fill an order. Execution applications track the physical
status of goods, the management of materials, and financial information involving
all parties.
Some SCM applications are based on open data models that support the sharing
of data both inside and outside the enterprise (this is called the extended
enterprise, and includes key suppliers, manufacturers, and end customers of a
specific company). This shared data may reside in diverse database systems, or
data warehouses, at several different sites and companies. By sharing this data
"upstream" (with a company's suppliers) and "downstream" (with a company's
clients), SCM applications have the potential to improve the time-to-market of
2
products, reduce costs, and allow all parties in the supply chain to better manage
current resources and plan for future needs.
Increasing numbers of companies are turning to Web sites and Web-based
applications as part of the SCM solution. A number of major Web sites offer EProcurement marketplaces where manufacturers can trade and even make
auction bids with suppliers. Basic research question of the study is whether
Square Company as a whole can manage supply chain properly?
Definition Of Communication Or Sharing Information
A modern communications system is first concerned with the storing, processing
and sometimes storing of information before its transmission. The actual
transmission then follows, with further processing and the filtering of noise.
(KENNEDY, 1998) Communication must include both the transference and
understanding of meaning. (ROBBINS, 2003). Communication is the
transmission of information and meaning from one individual group to another.
(GUFFY, 2000).
Communication means encoding the idea or concept and getting the feedback of
how the receiver is decoding the idea or concept. Therefore without feedback no
communication will happen or exist. (HUSSAIN, 2005)
We said communication is “how we share any information with others”.
So, we can define communication as a transfer of meaningful message to the
receiver with the hope to receive a feedback.
AN Overview Of SUPPLY CHAIN MANAGEMENT
Supply Chain Management as a concept has been widely accredited to a Booz
Allen consultant named Keith Oliver who in 1982 defined the concept as follows:
“Supply chain management (SCM) is the process of planning, implementing, and
controlling the operations of the supply chain with the purpose to satisfy
customer requirements as efficiently as possible. Supply chain management
spans all movement and storage of raw materials, work-in-process inventory, and
finished goods from point-of-origin to point-of-consumption”.
This seems to be the earliest published definition and therefore places the
concept of Supply Chain Management at approximately 26 years old. We can
see that “Supply Chain” without the “Management” is referenced in the definition,
so we know that the general idea of a supply flow through a business was
recognized prior to Olivers definition. What Oliver really captured was the
conscious and deliberate control, integration, and management of the business
functions contributing to, and affecting that supply flow through the business, for
the purpose of improving performance, costs, flexibility etc, and for the ultimate
benefit of the end customer.
3
The concept has been defined in simpler terms since that time and is often
captured with five words: Plan, Source, Make, Deliver, and Return. Both of these
definitions allude to a manufacturing origin but of course Supply Chain
Management is as relevant to service, retail, distribution, and most other types of
companies as it is to manufacturing. The area of Supply Chain Management has
enjoyed a meteoric rise in significance over the last twenty to thirty years as
businesses have tried to establish advantage, and felt the pressure to keep up, in
an increasingly homogeneous and competitive global business environment.
Japanese manufacturing companies brought great emphasis to the area of
Supply Chain Management in the 1980’s and early 1990’s. Awareness of Supply
Chain Management tools such as “Just In Time” and “Kan Ban” spread rapidly
and became globally accepted best practice amongst volume manufacturing
businesses. Western businesses raced to keep pace with a rapidly changing
environment, dragging their supply bases, and sometimes employees behind
them. At the same time companies like SAP and Oracle were developing the
complex IT systems that would be essential for enabling large complex
businesses to effectively integrate and managing the sub areas that combined to
make complex supply chains.
Of course the elements of Supply Chain Management have always existed in
business. What changed was the willingness of businesses to recognize the
inter-relationship of the various sub areas, and to pursue the benefits generated
through coordination and integration, both from a strategy / planning perspective
and operationally.
The sub areas comprising a supply chain include:
Forecasting/Planning
Purchasing/Procurement
Logistics
Operations
Inventory Management
Transport
Warehousing
Distribution
Customer Service
Today, Supply Chain Management is an accepted term in our business glossary.
However, it is difficult to find a standard model of Supply Chain Management
operating in the business community. We continue to see variations on the
theme. Some business will refer to and manage their supply chains in a
coordinated and all encompassing fashion, including all of the sub areas defined
above. Others will integrate some elements of the supply chain, for example
purchasing and logistics and call this Supply Chain Management. Many will refer
4
conceptually to Supply Chain Management, but only address it specifically at the
general management level.
One area of confusion arises because Supply Chain Management is both a
horizontal business function (i.e. managing the supply chain in a business), and a
vertical industry sector (i.e. businesses involved in managing supply chains on
behalf of their clients). A company like TDG operates as a supply chain services
provider, within the vertical supply chain industry sector. But each of the clients
serviced by TDG will employ supply chain staff within their business operating on
a horizontal basis across their organization. The “supply chain industry” sector as
the vertical is often referred to, is largely restricted to transport and storage type
operations. Distributing products on behalf of clients. Whereas, the horizontal
supply chain functional areas encompass the entire supply chain spectrum
across a business. Supply Chain Management has matured from a compelling
method of deriving competitive advantage, to a “ticket to ride”. Its is now a
baseline expectation for any company wishing to compete in the 21st Century,
and with that the professions and occupations comprising Supply Chain
Management are now firmly entrenched in the armory of essential business
executives.
The sub areas comprising Supply Chain Management are defined further below:
Forecasting / Planning
All business needs to forecast and plan. To look forward and predict what will be
required in terms of resources and materials in order to deliver their product or
service to their customer in a timely manner. In this area we find activities such
as demand planning, inventory planning, capacity planning etc
Purchasing / Procurement
The commercial part of the supply chain is purchasing. Otherwise it’s known as
Buying or Procurement. This is where a business identifies suppliers to provide
the products and services that it needs to acquire in order to create and deliver
its own service or product. Costs and terms of business are negotiated and
agreed and contracts created. Thereafter the suppliers’ performance and future
contractual arrangements will be managed in this area. This area of the business
is sometimes referred to as purchasing, sometimes, procurement, buying,
sourcing, etc. However, all titles relate to the acquisition of materials and
services.
The difference between purchasing and procurement is largely academic as,
whilst there is a theoretical difference between them, businesses use the titles
interchangeably for the two variations of activity. You will for example find
manufacturing companies with purchasing departments that are actually doing
procurement roles, and you will find service based organizations with
5
procurement departments but in fact doing purchasing roles. In its strictest
definition purchasing is limited to the actual commercial transaction and no more,
whilst procurement includes the wider elements of the acquisition, including
logistics and performance management.
Logistics
In its strictest definition logistics refers to the movement of goods or materials,
whether inbound, through, or outbound. In some manufacturing businesses
forecasting and planning will be found within a logistics department, in other
businesses logistics will be exclusively managing the movement and
transportation of goods and materials.
Operations
Operations are a general management type activity ensuring that a business
uses its resources effectively to meet its customer commitments. Usually
referring to the conversion activity of the business, i.e. the point where the
acquired resources and/or materials are converted into the product or service
that the business is selling on to its customers.
Inventory Management
Sometimes found within Logistics Management, or Demand Planning or
Operations, Inventory Management typically takes responsibility for both the
replenishment of physical stock, the levels of physical stock, and of course
storage and issue of physical stock. Stock may be materials and goods sourced
from suppliers, work in progress, or finished goods awaiting sale/dispatch.
Transport
Transport management can involve the control of a company owned fleet of
vehicles, collecting, moving, or delivering materials and goods, or managing
transport services sourced from a 3rd party transport provider.
Warehousing
Like transport management, warehousing can involve the control of company
warehouse space, or managing warehouse space sourced from 3rd party
providers.
6
Distribution
Distribution involves the physical distribution of the company’s products to the
sub-distributor or directly to the customer base. Typically this is a combined
transport and warehousing operation, responsible for storing and delivering
products to meet the customer’s needs. Again this combined activity will often be
placed with a 3rd party service provider who will control and implement the
processes.
Customer Service
Most people do not recognize customer service as part of supply chain
management, but it is in fact the final piece in the jigs aw. Having taken the
business inputs, created and delivered a product or service, the final element is
to check that the customers expectations were achieved, and manage any
actions necessary to meet your customer obligations and commitments.
Supply Chain Management System In Square:
For any organization supply chain management communication process is very
important. At present every company is trying to grab the latest supply chain
management communication method to get the best benefit. Before going to
discuss the supply chain management communication system of SQUARE I want
to discuss a little about the company.
An Overview Of SQUARE:
The company was founded in 1958 by Samson H. Chowdhury along with three of
his friends as a private firm. It went public in 1991 and is currently listed on the
Dhaka Stock Exchange. Square Pharmaceuticals Ltd., the flagship company, is
holding the strong leadership position in the pharmaceutical industry of
Bangladesh since 1985 and it has been continuously in the 1st position among
all national and multinational companies since 1985. Square Pharmaceuticals
Ltd. is now on its way to becoming a high performance global player..The quality
of SQUARE and environmental concerns are clearly stated through declared
policies .In the year of 1992 it had only 80 million turnovers but in the year 2004 it
was around 2400 million.
7
SQUARE has 3 Strategic Business Unit:
Pharmaceuticals
Consumer Brands
Agro Business
Crop Care & Public Health
Animal Health
SQUARE has 4 subsidiaries:
SQUARE
Formulations Ltd.
SQUARE Trading
Ltd.
Square
Pharmaceuticals
SQUARE consumer
goods LTD
8
CORPORATE OPERATIONAL RESULT
Figure in thousand : BDT
2006-07 2005-06 2004-05 2003-04 2002-03
Turnover (Gross)
8,711,0357,085,553 6,199,1355,482,0885,482,088
Value Added Tax
1,210,223 995,648 867,088 760,536 663,892
Turnover (Net)
7,500,8116,089,905 5,332,0474,721,5524,065,851
Gross Profit
3,232,3642,564,503 2,172,5931,906,5921,466,282
Net Profit before Tax 1,722,9061,533,043 1,513,0191,151,636 929,604
Net Profit after Tax
1,303,2431,165,865 1,255,848 970,044 764,885
Shareholders Equity
7,333,2586,402,015 5,568,7904,590,1423,851,098
Total Assets
10,486,9409,298,987 7,907,9336,021,4975,164,320
Total Bank
2,536,5242,334,925 1,902,331 988,6111,070,163
Borrowings
Total Current Assets 3,682,5114,031,685 3,242,5022,016,0561,441,552
Total Current
2,555,5662,260,755 1,949,9491,250,6761,247,967
Liabilities
Current Ratio
1.44
1.78
1.66
1.62
1.16
Source: www.SQUARE-bd.com
Vision of SQUARE
To realize the mission SQUARE will:
1. Endeavour to attain a position of leadership in each category of its
businesses.
2. Attain a high level of productivity in all its operations through effective and
efficient use of resources, adoption of appropriate technology and
alignment with our core competencies.
3. Develop its employees by encouraging empowerment and rewarding
innovation
4. Promote an environment for learning and personal growth of its
employees
5. Provide products and services of high and consistent quality, ensuring
value for money to its customers.
6. Encourage and assist in the qualitative improvement of the services of its
suppliers and distributors.
7. Establish harmonious relationship with the community and promote
greater environmental responsibility within its sphere of influence.
9
Value of SQUARE
1.
2.
3.
4.
5.
Quality
Customer Focus
Fairness
Transparency
Continuous Improvement
Mission of SQUARE
SQUARE’s mission is to enrich the quality of life of people through responsible
application of knowledge, skills and technology. SQUARE is committed to the
pursuit of excellence through world-class products, innovative processes and
empowered employees to provide the highest level of satisfaction to its
customers.
The Role Of Supply Chain Management & Sharing Information
For any organization Supply chain management and sharing information is the
mortar that holds organizations and the entire knowledge. Without sharing,
information could not be processed or exchanged; words and data would remain
isolated facts. So it is easily understandable that the success of SQUARE
depends a lot on their supply chain management system. The present success of
SQUARE is the result of their successful supply chain management system. With
the help of well organized SCM system SQUARE takes the satisfaction from their
suppliers and also from the consumers. SQUARE can transmit properly what
they are looking from the suppliers and marketers; SQUARE also makes a
friendly environment with their sharing process. To tell about the role of sharing
we can remember another example, when the Sara Lee Corporation wants to
determine customer product satisfaction, it conducts a survey. The survey is
useless, however, until the data are analyzed and the results shared to
management. Only when words and data are translated into meaningful
knowledge and shared to decision-makers do they become valuable to the
economy. So it is very clear that role of sharing is very important for SQUARE.
To supply the goods properly SQUARE uses their own logistics and
transportation system.
The Process Of Information Sharing And Its Barriers In SQUARE
Sharing is the transmission of information and meaning from one individual or
group to another. Sharing information has its central objective -The transmission
of meaning. The process of sharing information is successful only when the
receiver understands an idea as the sender intended it. Both parties must agree
10
not only on the information transmitted but also on the meaning of that
information.
Sending and Receiving Messages: In the process of sharing information in
SQUARE involves five steps:
Sender has idea:
The sharing process of information in SQUARE begins, when the idea will be
influenced by complex factors surrounding the sender: mood, frame of reference,
background, culture, and the position or the dignity of the employees, as well as
the context of the situation and many other factors. Usually SQUARE starts with
Good morning, good evening. Sometimes SQUARE is also using Hi, Hello.
Message
to be sent
Encoding
Message
Channel
Message
Receiver
Message
decoding
Noise
Feedback
Source: www.SQUARE-bd.com
Fig: The Communication Process
Sender Encodes Idea in Message:
The next step in the information sharing process involves encoding, converting
the idea into words or gestures that will convey meaning. A major problem in
sharing any message verbally is that words have different meanings for different
people. When misunderstandings result from missing meanings, it’s called
bypassing. In selecting proper symbols, senders must be alert to the receiver’s
sharing skills, attitudes, background, experiences and culture. How will the
selected words affect the receiver? To solve these sorts of problems SQUARE
Chooses appropriate words or symbols is the first step.
11
Message travels over channel:
The medium over which the message is physically transmitted is the channel.
Messages are delivered by computer, telephone, letter, memorandum, report,
announcement, picture, spoken word, fax, or through some other channel in
SQUARE. Because sharing channels deliver both verbal and nonverbal
messages, senders must choose the channel and shape the message carefully.
SQUARE uses its annual report, for example, as a channel to deliver many
messages to stockholders. The verbal message lies in the report’s financial and
organizational news. Nonverbal messages, though, are conveyed by their
appearance, layout, and tone.
Receiver decodes message:
The individual for whom the message is intended is the receiver. Translating the
message from its symbol form into meaning involves decoding. Only when the
receiver understands the meaning intended by the sender, that is, successfully
decodes the message. Such success, however, is difficult to achieve because
unlikely two people share the same life experiences and because many barriers
can disrupt the process.
In this case we can tell that in SQUARE a memo that refers to all the women in
an office as “girls,” so it may disturb its receivers so much that they fail to
comprehend the total message.
Feedback travels to sender:.
The verbal or nonverbal response of the receiver is feedback. Feedback helps
the sender know that the message was received and understood. If as a receiver
you hear the message “How are you”: your feedback might consist of words (“I’m
fine”) or body language (a smile or a wave of the hand).SQUARE is always trying
to avoid the feedback from body language as in our culture it is not fair.
Function of information in the sector of Supply Chain Management in
SQUARE:
Functions: On the job one can share information internally and externally.
Internally, SQUARE is exchanging ideas with superiors, coworkers, and
subordinates. When these messages must be written, SQUARE chooses emails
or a printed memorandum. When SQUARE is sharing information externally with
customers, suppliers, government, and the public, SQUARE will generally send
letters on company stationery.
12
Internal functions in SQUARE:
1. Issue and classify procedures and policies
2. Inform management of progress
3. Persuade employees or management to make changes
improvements
4. Coordinate activities and provide assistance
5. Evaluate, compliment, reward, and discipline employees
6. Get to know individuals personally
or
External functions in SQUARE:
1. Answer inquiries about products of services
2. Persuade customers to buy products or services
3. Clarify supplier specifications and quality requirements
4. Issue credit and collect bills
5. Respond to regulatory agencies
6. Promote a positive image of the organization
Flow Of Informention Sharing
Selecting the best process for sharing information form demands some
understanding of how messages and information flow through organizations.
Both formal and informal sharing channels exist. A free exchange of information
helps SQUARE to solve problems , cut costs , better serve the public and take
full advantage of today’s knowledge workers. All the following channels are used
in SQUARE with the demand of situation,
Formal channels: Formal channels of sharing information generally follow an
organization’s hierarchy of command. Whether an organization has developed
such a sharing policy or not, official information among workers typically flows
through formal channels in three directions: downward, upward, and horizontally.
1. Downward Flow: Information flowing down generally moves from
decision – makers, including the CEO and managers, through the chain of
command to employees. One problem in downward communication is
distortion resulting from long lines of communication.
13
CEO
1. Upward flow: Information flowing upward provides feedback from
employees to management. Ideally, the heaviest flow of information
should be upward with information being fed steadily to decision-makers
who can react and adjust quickly.
Lower Level Employee
2. Horizontal Flow: Lateral channels transmit information horizontally
among workers at the same level, such as between the training supervisor
and maintenance supervisor. These channels enable individuals to
coordinate tasks share information, solve problems, and resolve conflicts.
3. Informal Channels: Not all the information within an organization passes
through formal channels; often, it travels in informal channels is called the
grapevine. These channels are based on social relationships in which
individuals talk about work when they are having lunch, jogging.
Employees using the “Grapevine” also consider it valuable for two
reasons:
a. Employees can get information without formally having to admit that they
need it.
b. Employees can “think out loud” about problems, thus increasing their selfconfidence and problem-solving ability.
14
The grapevine has three main characteristics:
First, management does not control it. Second, it is perceived by
most employees as being more believable and reliable than the formal
communiqués issued by top management and third, it is largely used to serve the
self-interests of the people within it.
At present there is a change in the flow of sharing information. Now we can
define the above three flow in different way,
Chain
SQUARE is not following this method now.
Wheel
SQUARE is not following this channel also.
All Channel
15
SQUARE is trying to follow this channel though SQUARE can not implement this
channel completely in their organization. This the best flow of sharing information
channel for any organization.
Recommendation for the Supply Chain Management and communication
system of SQUARE:
Though SQUARE is trying to follow the best method to maintain supply
chain management and communicate, SQUARE has some problems. The
recommendations for the problems are as follows,
1. SQUARE follows all the channels of communication in their
organization downwards and upwards and the employee can switch off
any hierarchy in the immediate situation, which is the great advantage
for communication. But the company does not follow the specific
method of the letter and memo writing. They follow a single method to
write the memo and letter, which may confuse the employees, and the
external people who are related to the companies continue operation
(Suppliers, customer etc.). Because memo is written for the employees
and letters are written for the external people like suppliers and
customers.
So, SQUARE should follow the traditional method to write the letters
and
memo.
2. SQUARE follows LAN in the organization’s computer systems. But
they don’t use the Intranet in the system, which is a great disadvantage
for the organization because anybody from the company can access
another to the company’s restricted web site .So, SQUARE should
introduce intranet in their company.
3. SQUARE cannot follow the all channel method totally. As a result it is
not getting the 100% benefit of all channel method .So; SQUARE
should try to implement it as early as possible.
4. SQUARE has not yet introduced extranet facilities for the suppliers. As
a result the suppliers cannot get enough information about the
companies or organizations demand. So, SQUARE should introduce
extranet in their company
5. SQUARE should give more concentration to improve the quality of
workers in the floor of Shopno. Because, they are the person who
directly deals with the people & suppliers directly. Which is very much
important for maintaining supply chain management.
16
6. SQUARE also should be more concern about their transportation
system for the supply. Because, they usually bring their agro based
products from the very rural area. Their roads are not that much
standard. So beside, trucks and covered van they also should take
care of the transport which can be used on water. Refrigerating system
is also important.
Conclusion
The request for excellent communication skills is probably the most frequently
seen requirement in job ads today. Employers and employees alike consistently
rank communication skills at the top of the job skills list. Even in technical fields,
communication skills are demanded. The chief executives of corporations spend
huge sums of money on trainers and consultants to improve employees’ supply
chain management skills.
Organizations value these skills because good organizations successfully
(1) Make money
(2) Save money.
Good communicators make money by performing well themselves and by
motivating others to achieve. They are persuasive in promoting the organization’s
products, services, and reputation. Employees, too, appreciate the value of
excellent communication skills. Such abilities enable them to complete their work
efficiently and effectively – and to earn recognition and advancement. As
individuals ascend the career ladder, oral and written communication skills
become more important than technical skills. That’s because managers spend
most of the time communicating-supervising, delegating, evaluating, clarifying,
and interacting. Even though writing on the job is an important skill, myths and
misconceptions about it persist. So I think not only SQUARE every organization
should emphasize on the proper way of communication.
Reference
1. KENNEDY, DAVIS. (1998) ELECTRONIC COMMUNICATION SYSTEMS.
(2nd Edition). New Delhi: McGraw Hill Ltd.
2. ROBBINS. STEPHEN P. (2003) Organizational Behavior. (10 th Edition).
New Delhi: Pearson Educational International.
3. Guffy, Mary Ellen. (2000) Business Communication. (4 th Edition).
California : Wadsworth Publishing Company.
17
4. Dickson, Carolyn. (Fall 1997). A First Look at Communication Theory.
Retrieved 18th July, 2005 on the World Wide Web:
http://www.bizjournals.com/pittsburgh/stories/1999/12/27/focus4.html
5. Griffin, EM. (Summer 2000). Communication. Retrieved 21 st July, 2005 on
the
World
Wide
Web
http://www.afirstlook.com/archive/talkabout.cfm?source=archther
6. SQUARE Limited, Annual Report - 2004 page 3 –5.
7. www.SQUARE-bd.com
8. Dickson, Carolyn. (Fall 1997). A First Look at Communication Theory.
Retrieved 18th July, 2005 on the World Wide Web:
http://www.bizjournals.com/pittsburgh/stories/1999/12/27/focus4.html
9. Griffin, EM. (Summer 2000). Communication. Retrieved 21 st July, 2005 on
the
World
Wide
http://www.afirstlook.com/archive/talkabout.cfm?source=archther
10. SQUARE Limited, Annual Report - 2004 page 3 –5.
11. www.SQUARE-bd.com
18
Web