Professional Documents
Culture Documents
Dissertation submitted
In Partial fulfilment for the
Post Graduate Diploma in Business Management
By
Nirved Vaishnaw
Roll No.: GJUJUL08AA213
Batch 2008-2010
RUCHI BHATIA
SENIOR LECTURER
NSB SCHOOL OF BUSINESS, NEW DELHI
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DECLARATION
I hereby declare that I have accomplished project report in the field of finance in
I thanks who made so many to extend their helping hands to complete my job
successfully. It has not been submitted to any other university or institute for the award of any
degree/diploma etc.
NIRVED VAISHNAW
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ACKNOWLEDGEMENT
It gives me immense pleasure to thank “ Ruchi Bhatia mam , NSB School of Business New
Delhi “ whose co-operation, continuous guidance advice & interest helped me in making this
project successful.
I also extend my thanks to other members of the department for their continuous guidance &
in providing me the necessary information which helped me in carrying out the project
successfully.
I am also thankful to my friends for their help and suggestions which helped me in completing
my project successfully.
Nirved Vaishnaw
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TABLE OF CONTENTS
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INTRODUCTION OF BIRLA CORPORATION LTD.
Overview
Founded in1919 by the visionary industrialist Shri G.D. Birla, at the outskirts of the
Kolkata, Birla jute manufacturing company Ltd. Was the first company of the Birla Industrial
Conglomerate. Under the stewardship of his nephew Shri M.P. Birla, the company diversified
and expand its business interest beyond jute, to encompass cement PVC coated fabric, PVC
After the demise of Late Mr. M.P. Birla in 1990, his wife, Mrs. Priyamvada Birla took
over as chairman of Birla Corporation and continued to lead the company till her death on 3
July 2004. She was an entrepreneur of distinction strong business acumen and, under her
The company renamed Birla Corporation Limited, to reflect the wide range of
operation, is the flagship company of the M. P. Birla group. The strategic focus of the
tomorrow to manufacturing an ever widening range of value-added product, while striving for
complete customer satisfaction in India and abroad. Birla Corporation Limited is proud of
safe work practice followed at all its factories and go downs. As an enlightened corporate
citizen, Birla Corporation Limited is keenly aware of social responsibilities too, and provide
education and health care facilities for its employees, their families and the community at
large.
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Its export in 2004-05 stood at Rs. 85.28crores. Over the year, BCL’s business has grown
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Overview : Cement Industry
The cement division of Birla Corporation Limited has seven plants, two each at Satna
(M.P.) – Satna Cement Works & Birla Vikas Cement, Chanderia (Rajasthan) – Birla Cement
Works & Chanderia Cement Works, and Durgapur (W.B.) – Durgapur Cement Works &
Durga Works & Durga Hitech Cement and one at Raebareli (U.P.) the total capacity of these
plants is 57.80 lakh tones. This plant manufacture varieties of Cement like Ordinary Portland
Cement (OPC),43 & 53 grade, Portland Pozolanna Cement (PPC), Fly Ash based PPC, Low
Alkali Portland Cement, Portland Slag Cement, Low Heat Cement and Sulphate resisting
Portland cement.
The cement is marked under the brand name of Birla Cement KHAJURAHO, Birla
cement CHETAK, Birla cement and Birla premium cement, bringing the product under a
common brand of Birla cement while retaining the niche identity of Khajuraho (for the OPC
product of Satna), Chetak (for OPC product of Chanderia) and Samrat of blended cement, i.e.
The division export large quantity of cement to Nepal and Bangladesh, under the
The special variety of SAMRAT cement, begun produced by the company is ideal for mass
concrete. RCC / pre-stressed – pre-cast structure (for reduced thermal crack), increased water
tightness of concrete, increase resistance to Sulphate soils and aggressive water and increased
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SCW, BVC and DVC have received the ISO 9001-2000 quality system certification,
covering the entire range of production and marketing. SCW & BVC have received the IS /
Management System” BVC have got the “Best productivity of Performance” award from
NPC during 1986-88, NCCBM recognized it for “best in energy performance” during 1986-
87. It received “National Safety Award” for outstanding performance in achieving the longest
accident free-period during 1994. In 1996, it received the runner cup under scheme –1 of
National Safety Award, for the lowest average frequency rate accident. BVC has also
received “Fuller Energy Conservation Award” as first for “Lowest Thermal Energy
Consumption” (for group B’ category plants) for three consecutive years i.e. 1997-98, 1998-
99, 1999-2000. SCW has been adjudged by NCCBM the “Best In Energy Performance”
during 1993-94, 1994-95, 1995-96, 1997-98. It was the second best for “Improvement in
Energy Performance” during 1996-97. SCW has also got “Fuller Energy Conservation
Award” as first prize for “Lowest Thermal Energy Consumption” (for group A category
plants) for three consecutive years i.e. 1997-98, 1998-99, & 1999-2000.
BCW & SCW have received the ISO 9001-2000 certification for Quality Management
system, covering the entire range of production and marketing and also have received the IS /
ISO: 14001 certification for BCW & CCW have bagged various awards from NCCBM. CCW
have received the “Best Productivity” award during 1989-90 & 1993-94. NCCBM recognized
it for “Best Improvement in Thermal Energy Performance” during 1993-94. It has won “Lal
Bahadur Shastri Memorial National award for “Excellent Pollution Control Implementation”
for 2001-02 by International Greenland Society. BCW was awarded “Best Improvement in
1992-93.
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The Rajasthan Government gave “Bhama Shah Samman” it during 1996. VEC-IIT
Madras chose Chanderia unit for excellence in “Improving Machinery Health Condition”
during 1997. VEC, Chennai chose Chanderia unit for sustained implementation of condition
monitoring and continued Machine Health Improvement Award during 2001-02. The Central
Board awarded the “Worker Education Trophy” for worker education, Udaipur Ministry of
training during 1998-99 and again in 2001-02. BCW has received excellence award in
Cement Sector from the Rajasthan State Council, Jaipur, during 2002-03.
The DWC plant has received IS / ISO 9001-2000 license for Quality Management
system certification (accredited by road voor accredited Netherlands). The capacity of the
6,00,000 tons plant increased by another 10,00,000 tons, making it the largest plant in West
Bengal. The new grinding unit, Durga Hitech Cement, has one ball mill of 165 TPH
power station fly ash to produce PPC. DCW recorded 114% capacity utilization in 2004-05,
Cement plant were set up in MP and Rajasthan and Grinding units in West Bengal and UP.
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FOUNDERS OF M. P. BIRLA GROUP:
BOARD OF DIRECTORS:
AUDITORS
H.P. Khandelwal & company charted Accountants
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Achievements
1. SCW, BVC & DCW have got ISO 9002 quality certification, covering the entire
Product Profile
At Satna Cement Works & Birla Vikas Cement the dry process of Cement production
constantly uniform quality of Cement & high rate of production. The entire operation of plant
is controlled in a single control room. SCW plant, which was initially, a plant using a wet
technology for cement production was changed an to a dry one in the year 1989. These
modern plant have also taken adequate core to prevent the environment policy & dust
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nuisance to its surrounding areas. These cement mills have electrostatic precipitator (ESP)
installed to check dust emission & to ensure health hazard free atmosphere.
Both the plant uses the global technology for the production of goods & consistent
quality cement. The Stacker Reclaimer Technology & the alkali by pass system along with
other sound technology make the manufacturing process of Birla Cement Khajuraho a highly
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The benefits of using high quality cement manufactured by the company are :
7) Improved durability.
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General Review of company
The year 2005-06 was the most successful year of the company since its inception in
increased in turnover to Rs. 1433.44 crores as compared to Rs. 1342.64 crores in the pervious
year. The interest cost further reduced during the year Rs. 13.62 crores as compared to Rs.
21.69 crores in the previous year. Profit before tax recorded at 54% jump when up to Rs.
144.09 crores from Rs. 93.70 crores in the previous year. The company recorded the highest
ever turnover, cash profit, profit before tax and profit after tax during the year. The
management continued its effort to control and reduce cost across all the division at all
levels. Profitability of the company improved due to increase in volumes, sales price
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Corporate Matters
Thermal power plant of 27 MW each for captive use at the company’s units at
Chanderia and Satna were installed and put to use during the year. These power plant are
expected to reduce the power cost significantly and increase the operational efficiencies.
The company’s new unit: Durga Hitech Cement, adjacent to the existing plant at
December 2005.
The company has taken up steps to enhance the capacity of clinker production at its
plant in phases. The project once executed, will result in saving in fixed running cost and
existing infrastructure like railway siding and power plant will also be used optionally.
Effort to shift Soorah Jute Mill’s to Birlapur from heart of Kolkata city for economic
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OVERVIEW OF FINANCE DEPARTMENT
OF COMPANY
Overview
give brief overview of what are the function and working of a finance department in cement
industry. Mainly in the manufacturing industry all department are closely integrated with
finance department and its important to discuss its functioning related to various department.
Functions and responsibilities of the finance and accounts wings include the
following.
1. Determine the financial resources required to meet the corporation operating and
generation of funds by the corporation and will have to be obtained outside the
corporation.
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4. Establish and maintain the system of financial control governing the allocation
5. Analysis of financial result of all the operation reports the fact to management
6. Carryout special studies with a view to reduce cost improve efficiency and
profitability.
and details project report are to be prepared by the management and the financial wing to
ensure should examine these reasonable profits. The financial resources for meeting the
Budgeting
Long term operating cornering period of 10 years indicating the likely profit loss
Preparation of long term capital expenditure budget covering a period of about 5-10
years and advice the management in regards to the timing of the incurrence of capital
expenditure.
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Capital expenditure budget in regards to the capital expenditure that is expected to be
The budget returns that flow out of the comprehensive budgetary system in operating.
Baled on the long term budget the financial wing would prepare a cash flow statement
indicating the inflow and outflow statement indicating the inflow and outflow of cash during
the period similarly it will also prepare a detailed monthly cash flow statement for the year
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Working Capital
It will also make an assessment of the total working capital and working capital
requirement for the fiscal year and advice the management regarding the sources of financing
Purchase:
machinery etc. it would also lay down suitable procedure for purchase to ensure that adequate
control is exercised over such purchase and that there is no un-economic purchase.
Pricing Policies:
It will also advice the chief executive on pricing policies taken by the organization in
regards to the selling price of power inter department issues charging of material to job
contract.
Service Condition:
It would advice the management on all the service matter having financial implication
Accounting Matter
General finance and accounts being is in charge of allows, budgets and internal audit
of the corporation. It shall maintain adequate records of assets n liabilities and transaction of
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the corporation see the adequate internal audits there of the correct and regular made and
recommended and enforced duly approved method and procedure where by the business of
It shall examine all proposal disbursement from the corporation’s fund and approve in
the advance payment required take made in accordance with the prescribed administrative and
Stores Account:
Finance and account wings are responsible for the maintenance of adequate system of
stores accounts. It would assists the management in determining the minimum, maximum and
ordering levels of various items and also be responsible for the introduction and for operation
of the ABC method of control with a view to reduce. The inventory holding is the optimum
level.
It will also be responsible to ensure that the verification of stocks of various items of
4. Internal audit: it will be organized on effective internal audit department and will
process the report submitted by the internal audit and place the same before the
chief executive.
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5. Annual accounts and audit: it will ensure that the annual accounts are prepared in
time according to provision of law. It will attend to all matters relating to the
statutory audit and the audit by the controller and audit general.
6. Tax matters: it will be responsible for attending to all tax matters relating to the
corporation.
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Special Studies
It may take up from time to time special studies particularly with reference to
economics in administration and other overhead expenditure and such other areas, which have
a bearing on the profitability of the corporation. It may also take up for study the
Reporting
1. Resource employed.
4. Capital expenditure incurred during the quarter compared with sanctioned amount,
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Head Office Finance & Accounts wing.
1. Establishment
4. Assets accounts.
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RESEARCH METHODOLOGY AND DATA COLLECTION
Data collection
All the data are collected by the secondary sources most of the data collected by the website
of the company and the news bulletin as well as the magazine of the company.
The some data about the CMS services and the terms and the condition and the adoption of
that service are collected by the meetings of HDFC and SBI bank managers and the detailed
notes are prepared with help of the web site of the banks which provides the cash
management products
Research process
First I select the topic of report and doing the survey of the company with help of company
site then identify main problem of preparing report by the secondary resources of data after
that I was work for the selection of all fact data then designed a suitable project report
regarding the available recourses of data then collect the sample of data and then analyzed all
the collected data with sound mind and prepared a report honestly.
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• Design of the research project.
• Sample Design
• Collection of data.
• Analysis of Data
• Reviewing at generalizations.
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Shortest Time) from 198 collecting location across the country with pooling facility at
different branches as per client choice, which is physically connected to out central hub at
Mumbai. H.D.F.C.’s product is aimed at enhancing liquidity, reducing costs and providing
opportunities for profit for their client. The product is technology-driven and the entire
network is linked through VSATs / leased lines. Under H.D.F.C., funds are transferred
directly to the client main account (at any one or more of the 65 pooling centers) from various
collection centers on the same day that they are cleared at the centers. H.D.F.C. also offers
payment at various expenditure centers & plant location. On a daily basis detailed MIS
reports, covering location-wise presentation, location-wise credit and cheque returns, are
made available to corporate head offices as well as to the local offices / representatives at the
various centers of the client through Email. H.D.F.C. also customize the MIS report to suit the
client’s requirements. Daily / monthly reports are sent to client through E-Mail. Full
dedicated team. With a huge volumes routed through this product, H.D.F.C. is the
acknowledged leader in the collection services, which basically at collection of sales proceeds
electronically for companies having a wide market network spread all over the country.
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Flow Chart of Transfer of Funds from H.D.F.C. to Birla Corporation.
H.D.F.C. Main
Branch
Mumbai
Raibareli
Division Satna Cement Main Branch
Division Kolkata
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What is CMS.
Cost Saving
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Why OPT CMS.
Demand Draft.
Time taken
Costly
Unsecured & Risky
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Feature of CMS
Features of CMS
Competitive cost
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Procedure of CMS
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Process of CMS
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Types of Instruments
1. General clearing
2. local clearing
3. On branch clearing
Outstation Cheques/ Demand Drafts are however not accepted under this system
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MIS SUPPORT
REPORTS
PRESENTATION REPORT
DEPOSIT REPORT
RETURN REPORT
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PRESENTATION REPORT – SPECIMEN
Cheque N o D epo
Am o
D a te
G e n e ra l C le a rin g C h e q
J a b a lp u r C ity 3 3 ,4 2
016638 2 8 .0 7
L o c a l C le a rin g (S B I) C h
J a b a lp u r C ity 1 ,0 3 ,7 9
648529
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CREDIT REPORT - SPECIMEN
D ep o s it D ep D t
J a ba lp u r
O N B ra n c h C h eq u es
00 7 10 2 68 9 228 .07 .0 3
R eas on fo r
R etn Page | 37
BENEFITS OF CMS IN DIFFERENT AREA
TO CUSTOMERS-:
Instant Liquidity
TO INDUSTRY-:
Time saving
Cost saving
TO BANK
Transecting.
Optimize return
Geographical coverage
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CMS SERVICES PROVIDED BY SBI.
SBI has the banking network of over 9,000 branches and this enables it to deliver the financial
SBI - F.A.S.T.
SBI FAST ensures getting Funds in time, quick transfers, account reconciliation, easy
SBIFAST eliminates the inherent delays of the traditional funds transfer mechanism
Banks are also offer File upload facility on our web based portal and are in the process
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Unresolved Issues with SBI System
locations where SBI does not have CMP facility. This results into delay in
Even SBI with CMP facility does not have trained & experienced man power
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CHARGES OF SBI-:
Remittance Charges-:
Category – A : 3 Paise
Category – B : 5 Paise
Category – C : 10 Paise
Category – D : 15 Paise
Category – E : 25 Paise
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Offers of CMS by H.D.F.C.
• Guaranteed transfer of collection proceed on the same day the funds are
cleared at CMS collection center located all over the country to the central account
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Benefits to Birla Corporation with CMS
• Cost Reduction
• Enhanced Liquidity
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H.D.F.C. HANDLES
COLLECTION
on the clearing practices prevailing at the various center (i.e. Day-‘0’, Day-‘1’,
• Client is not required to open any account at the center from which the facility is
availed.
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Disbursements (Debit Transfers)
• The facility dispenses the use of allocated limits and thereby ensures better
Customized MIS
compatible with the client accounting system, through E-Mail / Floppy / CD-ROM
• Uncluttered / Pure MIS is our USP since the product is entirely through
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Pricing
• The pricing of the product is competitive but the volume driven and depend on
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Special Features
• Large network of collection center (Metro / Urban / Semi Urban / Rural) spread
throughout the country linked up through VSATs / Leased lines. The collection
• Centralized dedicated client support desk at CMS center, Mumbai for single point
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List of Collection Centre:
Sr. LOACATION
1. DEORIA
2. BAREILLY
3. VARANASI
4. FAIZABAD
5. JABALPUR
6. GONDA
7. ALLAHABAD
8. GORAKHPUR
9. LUCKNOW
10. KANPUR
11. JHANSI
12. PATNA
13. SULTANPUR
14. BANDA
15. RAMPUR
16. AZAMGARH
17. MOTIHARI
18. MUZAFFARPUR
19. GWALIOR
20. BAHRAICH
21. REWA
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C.M.S. Charge
Kanpur Nil
Lucknow Nil
Allhabad Nil
Bareilli Nil
Patna Nil
Azamgarh 0.45
Bairach 0.45
Banda 0.45
Deoria 0.45
Faizabad 0.45
Gonda 0.45
Gaya Nil
Gorakhpur Nil
Jhansi Nil
Mirzapur 0 .45
Muzzaffarpur Nil
Sultanpur 0.45
Varanasi Nil
Jabalpur Nil
Rampur 0.45
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Gwalior Nil
Katni Nil
Motihari 0.45
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HDFC Vs SBI REGARDING CMS
Sr
HDFC SBI
.
1. CMS charges are nil where HDFC CMP charges apply by bank where
SBI.
4. In CMS report of HDFC with A/c In CMP report of SBI only A/c no.
no. & date, Party name and time is & date is mentioned.
also mentioned.
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CONCLUSION OF CMS
The CMS service has mostly provided by the HDFC,SBI,IDBI,and ICICI banks there are two
side of benefit by cms first to the company which adopted the cms services and second to the
Due to the cms the float of the money are minimized which gives the directly profit to the
company as an investment return the cms also provides some credit to the company without
interest for a period of time which increase the capital of compny for the production
The cms services support to the MIS which help to information about clarification of
instrument on this basis of it company can prepare reports like presentation credit and return
reports which identified the cash flow and also help to the investment daily basis.
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SWOT ANALYSIS OF CMS-:
STRENGTH-
Attractive services.
Ready availability.
It help in forecasting.
WEAKNESS-
OPPORTUNITIES-
THREATS-
RTGS SERVICE
NEFT SERVICE
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SCOPE AND METHODS ADOPTED
Overview
First of all understand the problem of a company one should analyze the process in
which problem lies. So first of all we will study the supply chain or logistics part in
accordance with sales of Birla corporation and then we will study the inflow of funds from
outside the company to within the company after the sale of cement.
Flow diagram of Sales of Cement from BCL to its Distributor and inflow of funds
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Main
Branch
Mumbai
HDFC at HDFC at
Delhi Panna
Satna
Cement
Division
Depot Depot
Patna Delhi
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In the above given diagram first of all manufacturing and packaging of cement
is done in Satna Cement unit of Birla Corporation Ltd, than that cement is transferred from
Satna cement works to respective depot through rail or road routes as per convenience. Then
whomsoever distributor want to purchase cement from these depot has to be registered at
these depot and they have to give some required deposit at these depots. Then whenever these
distributor need their required amount of cement has to make payment in advance. If
distributor does not belong to that particular city at which the depot is located then only DD’s
are accepted from those distribution and other local distributor can make the payment through
local bank cheques. Now these cheques and DD’s are collected at different depot level and
deposited in local H.D.F.C. under CMS for clearance. Then if the cheques / DD’s are cleared
amount is transferred from these local banks to H.D.F.C. main branch Mumbai and unpaid
cheques / DD’s are returned back and depots are intimated for not cleared cheques / DD’s.
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Problem Definition and Details
In an industry mobilization of funds is very much important, that also when funds run
in millions or rupees. Every company want to complete its working capital lifecycle as fast as
it can, so to do that they make credit purchase from these suppliers whereas they takes
advances from there customers. Taking credit from there suppliers whereas they takes
advances from there customers. Talking credit from supplier does create a problem but
making a customer payment in advance as he also a businessman creates problem areas. From
customer point of view he would also like take to take some credit from the company but as
per BCL’s rule cement is only supplied after the payment is made. So taking advance from
customer makes him to find the loopholes of the company so he can take advantage and make
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Problem Statement 1
Some times when distributor have to make payment in advance and they don’t have
sufficient funds, they draws the cheques of required amount and deposit it with depot and get
the supply of cement. When these cheques are sent for clearance they become unpaid and
return back from the bank. Thus we intimate the distributor to make the repayment of unpaid
Methodology Adopted
First of all analyze this problem we have to understand the accounting procedures
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Flow Diagram
Distributor present
cheques to depot
Cheque is recorded
in bank voucher slip
at depots and
collected
No
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Therefore to verify that whether a distributor is making repetitive false
payment, we have to go though a vouching process in which we have to analyze the bank
voucher slips and that how many times a distributor cheques are getting unpaid. If the same
distributor cheques are getting unpaid then a report is prepared with all the documents and is
sent to depots for further proceedings. Then the distributor is penalized on that amount and he
has to pay interest on that amount. But the amount of interest is not a proper solution because
that amount runs in few hundreds whereas the amount blocked i.e. working capital runs in
Problem Statement 2
When a distributor blocks fund the amounts in lacks but when the funds being blocked
by the banks the amount are in crores. As discussed earlier Birla corporation funds are
mobilized through HDFC’s product CMS. So to have a further discussion first of all we
Methodology Adopted:
First of all to analyze this problem we have to understand the accounting procedures
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Flow Diagram
Deposit of chequese
by Depots at
H.D.F.C. local
branch
No
Clearanc
e at
H.D.F.C
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In CMS transferred at HDFC cheques/DD’s are send for clearance to various banks of
which cheques belongs. Every CMS center of HDFC had given a time limit for clearance of
amount according to different places. But it happens that cheques are not in that stipulated
time which has been prescribed by that bank. Therefore to check whether all the centers of
HDFC are clearing the funds in given time period we have reconcile the statement given by
the bank for clearance of cheques by looking into the time period taken by clearance of those
cheques.
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RESULTS AND CONCLUSION
Few suggestions that has been given by me in the report are as follows:
1. All the depots must be integrated with an ERP system so as to minimize data
redundancy.
2. As the depots maintain there accounts on paper therefore to analyze the accounts
3. Many of the vouchers were missing as they were transferred from depots to
SCW.
Computerization can solve this problem as data can be sent electronically through
E-Mails.
4. As voucher were hand written due to which there were many errors in cheques
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Report and Suggestions For Problem 2
By analyzing four months data of CMS i.e. of April, May, June, and September
1) Here are the amounts for all four months and all the depot transfers:
RESULTS
Name
Interest Location Interest Location Interest Location Interest Location
8 1 1 2 5
4 9 2 6 5
6 6 3 1
2) From above given figure we can clearly state that there are few branches of
H.D.F.C. which are not working properly and specially the Banda, Bahraich &
Muzzafarpur, so expect these branches all other branches are working properly.
We should give them the sorted data so that they can give their clarifications.
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3) The interest in month of April, May and June is calculated on 10.75%, whereas
September.
4) As all branches are working properly except few and also the calculated amount
5) Many small branches like Banda, Deoria, Sultanpur etc has 1 day limit for
clearance of Cheques / DD’s whereas main branch like New Delhi, Mumbai,
Allahabad, Varanasi, Lucknow etc has 2 day limit. So we should ask them to
switch to 1 day instead of 2 days so we can reduce the life cycle of working
capital by 1 day.
As per above given figures the important part is not the interest but the amount
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Bibliography
• Website – www.google.com
• WWW.satnacement.com.
• WWW.birlacorporation.com.
Magazines
• Agenda items
• Cement statistics
• NEERI
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