Internship Report on Export & Import Analysis Of

Square Textiles Ltd.

Prepared for
M M Saiful Islam (MBA)
Coordinator of internship Program MBA, IIUC

Prepared By
Md. Mufazzol Karim
Metric No. M041079 16th B Batch

Date of Submission: May12, 2006

International Islamic University of Chittagong

Date May 12, 2006

To M M Saiful Islam (MBA)

Coordinator of internship Program MBA, IIUC, Dhaka Campus

Subject: Submission of the Internship report on Export & Import Analysis of Square Textiles Ltd.

Dear Sir I hereby submitting this internship report on the above subject as per requirement of our course-curriculum. In spite of my lots of limitations, I have been successful in preparing this internship report by your proper guidance and my personal effort.

Thanking You,

Md. Mufazzol Karim Metric No. M041079 MBA 16th B Batch

Acknowledgement

First of all I want to give my sincere respect & gratitude to my honorable teacher Mr. M M Saiful Islam (MBA) for his interest and articulate guidance in preparing this internship report. I also want to give thanks to my professional coordinator Mr. Said, Manager (planning) and Mr. Taslimul Haque Manager (Procurement, for their cordial cooperation and support in providing

TABLE OF CONTENTS
Sl No. 1. Title Front Matter: 1.1 Acknowledgement 1.2 List of Illustration 1.3 Forwarding Report Body: 2.1 Executive Summery 2.2 Introduction 2.2.1 Purpose 2.2.2 Scope 2.2.3 Organizational Plan 2.2.4 Research Methodology Text Discussion: 3.1 Company History 3.2 Company Location 3.3 Vision 3.4 Mission 3.5 Organogram 3.6 SWOT Analysis 3.6.1 Strength 3.6.2 Weakness 3.6.3Opportunity 3.6.4 Threat 3.7 Factory Details 3.8 Technical Details 3.9 Import Analysis 3.9.1 Import 3.9.2 Local Import 3.9.3 Foreign Import 3.9.4 Comparison to others company 3.9.5 Three years import position 3.10 Export Analysis 3.10.1 Direct Export 3.10.2 Local Export 3.10.3 Comparison to others company 3.10.4 Lacking of policy 3.10.5 How can overcome 3.11 Four Years Turn Over 3.12 Market Share Page No. 5 6 7 7 8

2.

3.

10 11 12 12 13 14

15 16 17

21

23-24 25

3.13

4.

Financial Statement 3.13.1 Balance Sheet 3.13.2 Income Statement 3.13.3 Cash Flow Statement Organizational Strategy 4.1. Name Of Strategy 4.2. Reason for Success/Failure Findings Recommendations Closing Section: 7.1. Summery 7.2. Conclusion 7.3. Reference Back Matter 8.1. Bibliography 8.2. Glossary 8.3. Index

26

30 30 31 31 32 32 32 33 33 34

5. 6. 7.

8.

1.2. LIST OF ILLUSTRATION

Figure Figure Figure Figure Figure Figure Figure Figure

1 2 3 4 5 5 6 7

Corporate Headquarter Factory Building Inside the Factory Technical Support Last 3 Years Import Position Last 4 Years Sales Turnover (kg.) Last 4 Years Sales in Taka Market Share

Page Page Page Page Page Page Page Page

11 11 15 - 16 19 22 24 25

2.1. EXECUTIVE SUMMARY Square stands for ceaseless efforts. The philosophy of never standing still, slowing down, never stop thinking & never compromise with quality made Square the most progressive & dynamic business leader in the country. Square believes in using advanced technology to cope with the changing world. Motivation & diversification is the its major strength. It all started in 1958 with the establishment of a pharmaceutical company & now after 46 years Square is the leader in pharmaceutical industry & textile industry. Square first ventured in the textile sector with the establishment of the first unit of the Square Textiles Ltd. in 1997. One year later the establishment of the second unit followed. It invested US$ 20.00 million for the first unit & US$ 13.00 million for the second unit. Its target market was export oriented garments industry. Square constructed its state of the art manufacturing facility at Saradaganj, Kashimpur, Gazipur with high tech machinery from Europe. It has four dormitories for the work force & two residential buildings for the management staff provide more than 80% housing for the employees. Square is the 1st of its kind in Bangladesh to provide accommodation facilities to its employees. Production & accommodation facilities include full time supply of drinking water, adequate lighting & ventilation facilities. Free meals, free transportation, 24 hours medical center, on-site sports & recreation facilities encourage the motivated team to serve customers full heartedly. ETI codes according to the local law (Bangladesh) are very strictly practiced in its manufacturing facilities. It has biological treatment & energy conservation program. State of the art technology has been used in the effluent treatment plant for the biological treatment of the waste.

2.2. INTRODUCTION

For smoothing exporting goods to abroad needed smooth supply of raw materials and other related goods. Smooth supply of all goods based on importing goods from abroad, which are required and local supply of goods, which are used in making exporting goods. Since Square textiles ltd is 100% export oriented organization thats why square textiles ltd need to import goods from abroad so many things like cotton, machinery, chemicals etc. And this organization not only import goods from abroad but also exports goods abroad. Export and import are inter related activity in this company. So, to uninterrupted export and import it is essential to analysis all the activities of export and import related. For this reason this analysis is done.

2.2.1. PURPOSE: The purpose of the report is to examine the current Import & export analysis of the Square Textiles Ltd. This is the requirement of the course curriculum of the subject Intern Ship Programme of IIUC.

2.2.2. SCOPE: I tried to focus on the overall day-to-day business affairs of the company. I cannot not cover the details due to time constrains.

2.2.3. ORGANISATIONAL PLAN: I tried to present My report on the basis of topics.

2.2.4. METHODOLOGY: As a primary source of information I have discussed with the concern employees of the company to get the necessary information. My secondary source of information was corporate induction program manuals/ videos, Annual reports, bulletin & the employees yearly magazine.

3. TEXT DISCUSSION 3.1. COMPANYS HISTORY

In 1997, Square entered the textile sector with its manufacturing facilities of cotton yarn. Combining modern technology with skilled manpower under Square's unique inspiring, atmosphere, and this new Square venture soon rose to the top of the local textile industry. Today it has one of the most sophisticated vertically integrated set-ups. Square first ventured into the textile sector with the establishment of the first unit of the Square Textile Ltd. in 1997. A year later the establishment of the second unit followed.

CORPORATE HISTORY

Year of establishment (In corporate as a public limited company) Year of operation Award Oeko-Tex Standard 100 Award ISO-9002 Certified Business Lines Authorized capital Paid up Capital Number of employee

: 1994 : 1997 : 2000 : 2000 : Manufacturing & Marketing of Yarn : Tk. 1000 Million : 251.90 Million :1223

Stock exchange listing (Dhaka & Chittagong): 2002

3.2. COMPANY LOCATION

CORPORATE HEADQUARTER Square Centre 48, Mohakhali C/A Dhaka-1212.

HEAD OFFICE Mascot Plaza (11 12 Floor) Plot # 107/A, Sector # 7 Uttara Model Town Uttara, Dhaka.
th th

Figure: 1

FACTORY Saradaganj, Kashimpur, Gazipur.

Figure: 2

TARGET MARKET Export Oriented Readymade Garments Industry

3.3. OUR VISION

Our conception of the business germinates from our vision which sees it is as a means to the well being of the investors, stakeholders, employees and members of the society at large by creating new wealth in the form of goods and service that go to satisfy the wants of all of them without disturbing or damaging the socio-economic balance of the mother earth and that process of human civilization leading to peaceful co-existence of all the living beings.

3.4. OUR MISSION Our mission is realization of vision through maximum production of goods and services strictly on ethical and moral standards at minimum costs to the society ensuring optimum benefits to the shareholder and other stakeholders

3.5. ORGANOGRAM

Managing Director

Head Of Operations

Head of Marketing

Head of Finance

Head of Commercial

Head of HR

Production Manager

Marketing Manager

Accounts Manager

Logistic Manager

Administration Manager

Quality Assurance Manager Technical Manager

Sales Manager

Finance Manager

Export Manager

Employee Relation Manager

Business Developme nt Manager

Internal Audit Manager

Import Manager

HR Manager

3.6. SWOT ANALYSYS 3.6.1. STRENGTH Sister concern of Square group with high technical support. High amount investment in machine and factory. No workers unrest because of location facility. Own dormitory for staff and workers. Sophisticated high-tech machinerys used for production and Quality control. 3.6.2. WEAKNESS Cost of yarn is high for high quality. Raw cotton is not available in local market. Unstable price of Raw cotton in the international market. 3.6.3. OPPORTUNITY Huge scope for export. Operational efficiency. Provision for capacity expansion. 3.6.4. THREAT Invasion of Indian yarn through black market. Unstable economic situation of our country.

 Unstable political condition. 3.7. FACTORY DETAILS

CAPACITY Unit 1: 36,288 spindles with daily production capacity of 30,000 kgs.

Unit 2: 23,184 spindles with daily production capacity of 14,000 kgs.

PRODUCTS Unit 1: Combed and Carded yarn from a count range of Ne. 10 to Ne. 80. Unit 2: Combed Ring Yarn from a count range of Ne. 20 to Ne. 40.

Figure: 3

3.8. TECHNICAL DETAILS MACHINERY DETAILS Name of Machines Country of Origin

Back Process : Rieter-Switzerland (Blow room :: Carding :: Drawing :: Combing) Simplex / Fly Frame Ring Frame Autocone Winding QC Equipment Humidification Plant Air-Cooling / Chiller : Toyoda-Japan : Toyoda-Japan : SchlafhorstGermany : Zellwegers Uster- Switzerland : Luwa-Switzerland : McQuay-USA

Figure: 4

3.9. IMPORT ANALYSIS Square Textiles Ltd is a 100% export oriented Yarn manufacturing company. They mainly produce Yarn and export it to Fabrics manufacturing company and fabrics manufacturing company export it to garments industry through Back to back L/C and garments Garment industry export this fabrics against master L/C after certain process in this sance Square Textiles Ltd is Exporter of yarn. But in the commercial term these kinds of exporter are called deem exporter. As main job of Square Textiles Ltd is to manufacturing and exporting of Yarn so they need some raw materials and axillaries to manufacturing this product. Main raw materials of square Textiles Ltd are various types of raw cotton. As Square is a vertical integrated company. So they have forward and backward linkage facility e,i. they have fabrics manufacturing company and they have garments manufacturing company. Square Knit Fabrics Ltd get 100% L/C from their own garments Industry and Square Textiles ltd. Get 60% L/C from their own company Square Knit Fabrics Ltd and another 40% get from other company. So that the buyers of Square Fashions & Others garments industry are the ultimate buyers of Square Textiles Ltd. Square Textiles Ltd mainly procure their raw cotton by 100% cash L/C. 3.9.1. IMPORT As the main raw martial of Square Textiles Ltd is raw cotton. so the procure their raw materials under two ways 1) 2) Local import Foreign Import

3.9.2. LOCAL IMPORT: As Square Textiles Ltd. is a largest finest yarn manufacturing company of Bangladesh so they need various type of raw cotton. But we cannot produce high quality of raw cotton in our country so we 100% depended on imported cotton so that Square Textiles . Local import is nil. 3.9.3. FOREIGN IMPORT As we know that to produce high quality of yarn need high quality of raw cotton. High quality of raw cotton means which cotton exists length fiber is long and fibers are matured. To produce high quality of raw cotton mainly needs favorable weather condition but we have not. So ultimately we depended fully imported raw cotton for our textiles mills. Square Textiles Ltd mainly procure central Asias cotton e,i. Uzbekistans, Turkmenistans, Kazakhstans, and Tajikistans raw cotton as per their buyers satisfaction. Though the price of central Asias raw cotton are higher than the others cotton. Square Textiles also procure raw cotton from Zimbabwe, Syria, USA, India, West African, Indonesia, and Thailand etc through cash L/C.
3.9.4. COMPARISON TO OTHERS COMPANY WITH IMPORT POLICY:

Square Textiles Ltd think, though customers like central Asias cotton at higher price and most of the spinning mills go for central Asias cotton as per their customers satisfactions. But this trend is not continuing for long period. Because may central Asias companies think they will produce yarn in their own country or others company like square think they established a plant in central Asias country. Then

central Asias cotton are not available then what will do the others company. Square Textiles Ltd always think different. For this reason to face this problem they use 60% to 50% CIS cotton and 40% to 50% others cotton which quality is same like CIS cotton to overcome future any problem. Square textiles do not follow others so allover the year they procure cotton for two or three month advance. So that over the year they can maintain average cotton price and they do not loss hues and they do not gain hues. But on the other hand others company they forward book all over the year so if the cotton price is higher then they gain hues and cotton price is down they losses hues. 3.9.5. LAST THREE YERS IMPORT POSITION QUANTITY IMPORT IN THOUSAND (TAKA) 2004 Raw materials Import 1293112 2003 1069660 2002 1293012

Total Sales

1293112
Total Import

1069660

1293012

1400000 1200000 1000000 800000 600000 400000 200000 0

1293112 1069660

1293012

Total Import

2004

2003

2002
Figure: 5

3.10. EXPORT ANALYSIS 3.10.1. DIRECT EXPORT Direct export of Square Textiles Ltd is so little because they import 100% raw cotton from abroad so their yarn price is higher than the others country 3.10.2. LOCAL EXPORT As a deem exporter Square Textiles Ltd export their 60% yarn to their own sister concern Square Knit Fabrics Ltd and balanced yarn they export to the others textiles industry through back to back L/C. Square Knit Fabrics Ltd mainly export their 100% fabrics to their another sister concern Square Fashions Ltd which is a world class garments manufacturing company and others textiles industry export their fabrics to others garments company in our country. Square Fashions ltd and others garments company have strong marketing tem they visit all over the world to market their product to world class buyer like Puma, Nike, Asda, Matalan. Allmart, Mark & Spencer, Kitaro, Redfild, H&M, Ashcity, Mexx etc Square Fashions Ltd and others garments company Mainly collect L/C from those world class buyer and Square Fashions Ltd give L/C to Square Knit Fabrics Ltd and others garments company give L/C to another Fabrics manufacturing company to collect fabrics. As well as Square Knit Fabrics Ltd and others textiles mills give L/C to Square Textiles Ltd to collect yarn for producing fabrics. As Square Textiles is a deem exporter so the export their yarn to Square knit Fabrics and others textiles industry Square

Knit Fabrics and others textiles company export their fabrics to Square Fashions and others garments industry and garment companies are direct exporter so in this scence Square Textiles Ltd is 100 % export oriented yarn manufacturing company. Square Textiles Ltd also sale a little portion of yarn in locally which is produce by wastage cotton. These types of yarn are B Grade and it is not meet the export quality. 3.10.3. COMPARISON TO OTHERS COMPANY WITH EXPORT POLICY Squares policy is always different from the others companies policy. So Square Textiles follow some technique to increase their export. Like in production they use heterogeneous system to create a big lot e,i. As same quality of cotton they mix as bellow:

Uzbekistanis Cotton US Cotton Syrians Cotton West Africans Cotton Indonesias Cotton

2 Bells 1 Bell 2 Bells 3 Bells 1 Bell

____________ Total 9 Bells And create a big lot 90 tons to 100 tons, so that big customers always prefer to use same lot of yarn to get better result in dyeing and there no shade variation for their big production. Square Textiles always try to produce same quality of yarn allover the year for this reson buyers

always prefer Square textiles Yarn but others company follow general system Where they use Same cotton ei. When they use Uzbek cotton then they use only Uzbek cotton. So that their yarn lot is always small e,i. 30 to 40 tons and allover the year they cannot maintain the same quality, so big buyer do not prefer their yarn for their hues production. Square Textiles Ltd follows another technique e,i. they always try to meet customers shipment on due date but on the other hand others company always cannot do that. So Square Textiles sales always in creasing. 3.10.4. LACKING OF POLICY Square Textiles Ltd always use Heterogeneous system e,i. They use mix cotton to produce yarn, so their production cost is less and others company use general system e,i. They use 100 % Uzbekistanis cotton it is costly so their production cost always high. If in the market create a rumer that square textiles do not use 100% Uzbek cotton but their yarn rate is higher than the others it is bad for them and they can loose their big market. 3.10.5. HOW CAN OVERCOME THIS LACKING Square Textiles can avoid Heterogeneous system and they can increase their dependency on Central Asias cotton. They can reduce their yarn price and convince customers that though square use heterogeneous system but their result is same like central Asias cotton. They can also convince their customers to reduce dependency on CIS cotton to absorb any shock in future.

3.11. LAST FOUR YEARS SALES TURNOVER QUANTITY SOLD IN THOUSAND (KG.):

2004 Local sales Export sales Total Sales 99 14554 14653

2003 527 13417 13944

2002 539 13129 13668

2001 453 12705 13158

Total Sales 15000 14500 14000 13500 13000 12500 12000 2004 2003 2002 2001
Figure: 6

14653 13944

13668 13158 Total Sales

QUANTITY SOLD IN THOUSAND (TAKA)

2004 Local sales Export sales 9455 2093214

2003 32576 1756441

2002 46956 2029968

2001 43881 2054190

Total Sales

2102669

1789017

2076924

2098071

Total Sales 2200000 2100000 2000000 1900000 1800000 1700000 1600000 2004 2003 2002 2001
Figure: 7

2102669

2076924

2098071

1789017

Total Sales

3.12. MARKET SHARE Shamim Spinning Mills Ltd. Padma Textiles Ltd. Square Textiles Ltd. Mother Textiles Ltd. Prime textiles Ltd. Others Total 30% 25% 20% 15% 05% 05% 100%

Market Share

5% 15%

5% 30%

20% 25%

Shameem Spinning Mills ltd. Square Textiles ltd. Prime Textiles ltd.

Padma Textile Mills ltd. Mother Textiles ltd. Otherss

Figure: 8

3.13. Financial Statement 3.13.1. SQUARE TEXTILES LTD. BALANCE SHEET As at 31 December 2004. AMOUNT IN TK. 31-12-2004 NET ASSETS: FixedAssets Current Assets: Stocks Trade Debtors Adv. Deposits & Payments Cash & Bank Balances 121,73,31,766 32,90,15,503 84,00,66,283 4,66,13,570 6,83,69,954 250,13,97,076 132,66,42,613 25,05,79,314 74,68,96,100 4,88,12,438 91,24,736 238,20,55,201 31-12-2003

LIABILITIES: Current Liabilities: Short Term Loan 113,01,54,432 Long Term Loan-Current Portion ------------Sundry Creditors 7,08,81,052 Liabilities For other Finance 4,73,56,925 Provision for Income Tax 1,91,10,742 126,75,03,151 SHARE HOLDERS EQUITY: Share Capital Tax Holiday Reserve General Reserve & Surplus 25,19,00,000 33,96,71,397 64,23,22,528 250,13,97,076 25,19,00,000 29,69,28,100 59,77,80,098 238,20,55,201 99,75,36,568 11,28,97,588 5,84,02,645 3,95.84.188 ___ 57,51,014 121,41,72,003

3.13.2. SQUARE TEXTILES LTD. INCOME STATEMENT For the year ended 31 December 2004.

AMOUNT IN TK. 2004 Sales Less: Cost Of Goods Sold Gross Profit: Less: Operating and financial expenses Operating Income Other Income Net Profit Before WPPF Allocation For WPPF & WF Net Profit Before Tax Less: Provision for Income Tax Net Profit For the Year 210,26,70,263 173,70,55,759 36,56,14,504 17,55,24,220 19,00,90,284 2,25,844 19,03,16,128 90,62,673 18,12,53,455 1,33,59,728 16,78,93,727 2003 178,90,18,386 150,02,81,590 28,87,36,796 19,78,35,510 9,09,01,286 6,63,215 9,15,64,501 43,60,214 8,72,04,287 57,51,014 8,14,53,273

3.13.3. SQUARE TEXTILES LTD. Cash Flow Statement For the year ended31 December 2004. AMOUNT IN TK. 2004 Cash Flow from Operating Activities: RECEIPTS: Collection From Sales Others 200,95,00,080 2,25,844 200,97,25,924 186,13,50,517 6,63,215 186,20,13,732 2003

Less: PAYMENTS: Purchase of Raw and Packing Materials (139,80,91,956) Manufacturing and Operating Expenses (33,94,18,521) Interests (11,44,33,862) Workers Profit Participation Fund (42,62,961) 185,62,07,300 Net Cash Provided by Operating Activities Cash Flow from Investing Activities: Purchase of Fixed Asset Less: Disposal of Fixed Asset Net Cash Used in Investing Activities (1,78,17,640) 57,06,958 1,21,10,682 15,35,18,624

(104,62,25,984) (32,32,02,946) (14,26,12,064) (81,73,177) 152,02,14,171 34,17,99,561

(1,95,36,204) 40,00,000 1,55,36,204

Cash Flow from Financing Activities:

Long and Medium Term Loan-Repaid Dividend Paid Short Term Loan-Received Net Cash Used in Financing Activities Increase/(Decrease) in Cash Bank Balance Cash and Bank Balance at Opening Cash and Bank Balance at Closing 6,83,69,954 91,24,736 91,24,736 1,26,46,178 5,92,45,218 35,21,442 8,21,62,724 32,97,84,799 13,41,72,588 8,06,08,000 (13,26,17,864) 17,52,92,648 7,40,59,553 (8,04,32,598)

4. ORGANIZATIONAL STRATEGY 4.1. NAME OF STRATEGY Square follows the following organizational strategy for his

organization: 1) Business diversification strategy 2) Best cost strategy 3) Nich marketing strategy 1) In present they are diversified business giant in Bangladesh. 2) They always provide improved quality of product for their customers with lower price and they never compromise with their quality. 3) On the part of their business diversification strategy the always tried to making their product for nich market Ex: Square harbal Ltd. (A harbal medicine Company) 4.2. REASON FOR SUCCESS/FAILURE Most of the cases they are successful because they are committed to his customers and Bangladesh for their quality product. Square believes in using advanced technology to cope with the changing world. Motivation & diversification is its major strength.

5. FINDINGS

Square Textiles mainly use mix cotton to produce yarn but on the other hand others company use Uzbek cotton. Square Textiles yarn price is higher than the others company Square Textiles do not forward booking to procure cotton but others company do that. They do not arrange get together for their big buyer at least one time a year. They do not invite their big buyer to visit their factory.

6. RECOMMENDATION: As square Textiles use mix cotton so they can reduce their yarn price Square Textiles can follow the others company e,i. they can only use CIS cotton. Square Textiles can convince their buyer to reduce dependency on CIS cotton to absorb any shock in future. They can arrange get together for their buyer at least one time a year where buyer can freely discuss their problem and they can give their advice to overcome this problem.

7. CLOSING SECTION 7.1. SUMMERY Square Textiles Ltd. is one of the largest companies in the textile sector of the country. It has a most modern and sophisticated equipment with a group of professional peoples who posses a high standard of technical know how. This company produces a high quality of yarn of which 95% is exported to foreign countries and this has been possible as the company is very conscious in maintaining the high standard of quality. Presently the companys progress is upwards. Finally we can say this company has set a milestone in the textile sector in the country.

7.2. CONCLUSION Square Textiles Ltd. has reached to its present stable and profitable position due to its operational activities in the right way managed by a group of professional and technical experts. The companys people are well motivated and working under a healthy congenial environment. Here all facilities are available for smooth operations of the company. On the other hand the company is contributing to the national economy by employing a lot of people and earning foreign currency for which we feel proud for having such a company in our country.

7.3. REFERENCE Annual Report & Brochure www.square-bd.com

8. BACK MATTER 8.1. BIBLIOGRAPHY Annual Report Brochure www.square-bd.com

8.2. GLOSSARY 1. Income Statement: A Financial Statement that presents the revenues & expenses 2. Balance Sheet: A Financial Statement that reports the assets, liability & owners equity at a specific date 3. Cash Flow Statement: A Financial Statement that summarizes cash inflow & outflow 4. Liability: Creditorship claim on total assets 5. Blow Room: It is the first stage of yarn manufacturing process to clean raw materials (Cotton) 6. Combed Yarn: When yarn production processes gone through the combed machine (Best quality yarn) 7. Count: Measurement of yarn thickness 8. Chiller: System to cool the air temperature 9. Hosiery Plant: The yarn used for hosiery products 10. Humidification: This is the system of air handling with control of moisture in the air 11. ISO: International Standard Organization 12. OEKO: TEX Standard law. US based certification body for controlling health-hazard 13. Paid up Capital: It is the part of the authority capital, which are initiates invested in the business 14. Spindle: This is the unit of a final production process in textile industry 15. Span: The process to make yarn from stable fiber 16. Yarn: Fine fiber raw cotton

8.3 INDEX Balance Sheet Blow Room Cash Flow Statement Chiller Combed Yarn Count Humidification Income Statement ISO Liability OEKO Paid up Capital Spindle Yarn : 27 : 17 : 29-30 : 17 : 16 : 16 : 17 : 28 : 11 : 27 : 11 : 11 : 16 : 11,16