INDIAN EDUCATION SOCIETY

MANAGEMENT COLLEGE AND RESEARCH CENTRE

COMPANY ANALYSIS REPORT

JK CEMENT

PREPARED AND SUBMITTED BY

NIRALI KIRAN SHAH
PGDM-20-201
BATCH 2020-22

SUBMITTED TO
IES’S MANAGEMENT COLLEGE AND RESEARCH CENTRE
BANDRA WEST- 400050

1
 DECLARATION

I, Ms. Nirali Kiran Shah, hereby declare that I have personally carried out the
work depicted in the Research Report, entitled- “Company Analysis Report -
JK Cement”

No part of this research project has been submitted for the award of any
other degree or diploma prior to the date.

Nirali Kiran Shah

Date: 15th March 2021

Place: Mumbai.

2
 ACKNOWLEDGEMENT

I am thankful to Dr. Dinesh Harsolekar, Director, IES’s Management college

and Research Centre, Bandra, Mumbai for introducing this course in the
syllabus of PGDM program.

I am thankful to DR. Vijay Bhagale, Dean, IES’s Management college and

Research Centre, Bandra, Mumbai for his continuous guidance.

I am thankful to my Mentor Prof. Maithili Dhuri for her constant support and
guidance for the fulfillment of this project.

Lastly I thank our Librarian, my friends and everyone who provided me with
necessary information for the project.

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 TABLE OF CONTENTS

CHAPTER PAGE
SR NO. TITLE
NO NO
1 1 Economic Analysis 5
1.1 Indian Economy 5
2 2 Cement Industry Analysis 6
2.1 Michael Porter's Five Forces 6
2.2 Structure of Cement Industry 10
2.3 Major players in Cement Industry 11
3 3 Company Analysis 12
3.1 Introduction 12
3.2 Shareholding Pattern of the Company 13
3.3 Boards of Directors 14
3.4 SWOT Analysis 16
3.5 Ratio Analysis 20
4 4 Conclusion 28
4.1 Findings 28
4.2 Limitations 29
4.3 Suggestions & Recommendations 29
5 5 References 30

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 COMPANY ANALYSIS REPORT

Company Name – JK CEMENT

CHAPTER-1 ECONOMIC ANALYSIS

1.1 Indian Economy

Indian economy is the fifth largest economy of the world and it aims to
become a US$ 5 trillion economy by 2025. This year witnessed some major
progress within the Indian economy, also the country retained its position
as the third largest startup base. During FY 2019-20, India also raised US$
114.10 billion through its capital markets and attracted huge Foreign Direct
Investment (FDI) worth US$ 456.79 billion 9MFY20.

The Foreign reserves of country stood at US$ 476 billion in February 2020.
With economic policies driven to promote investments, India improved its
rank in the World Bank's Ease of Doing Business ranking by 14 places to
reach the 63rd position. During the year under review, India's fiscal deficit
stood at US$ 99.56 billion ( Rs 7.04 Lacs Crores), i.e., 3.3% of the GDP for FY
2019-20, while its GDP remained at 4.2%.

GDP of India is expected to grow at 1.8-2.0 % in FY 2020-21. The forecast of

this sluggish growth is primarily due to the COVID-19 outbreak in March
2020 and its impact on the lives of 1,300 million people living in India.

The government have announced a stimulus package of Rs 20 Lacs Crores,

which is almost 10% of the India's GDP to support the revival of the
economy.

(Source: www.capitaline.com)

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CHAPTER 2- CEMENT INDUSTRY ANALYSIS

India is the second largest producer of cement in the world and it accounts
for over 8 per cent of the global installed capacity as of 2019. Cement
production reached 334.48 million tonnes in FY20. The cement production
capacity is estimated to touch 550 MT by 2020. Of the total capacity, 98 per
cent lies with the private sector and the rest with public sector. The top 20
companies account for around 70 per cent of the total cement production in
India.

Using Michael porter’s five forces to understand the competitiveness in the

industry. Porter’s Five Forces Analysis is a strategic management tool to
analyze industry and understand underlying levels of profitability in the
given industry.

2.1 Michael porter’s Five Forces

Bargaining power of
buyers
LOW

Bargaining power of Threat of substitute

Industry rivalry products
suppilers
MEDIUM LOW
MEDIUM TO HIGH

Threat of new
entrants
LOW

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Threat of new entry

 The threat of new entry in the industry is low.

 Entering into the cement industry is expensive, it requires huge capital
therefore entry in the market becomes difficult.
 Limited raw materials sources like limestone and gypsum and also
tough government clearance process also restricts new competitors in
the market.
 Large players have benefits from economies of scale where small
players or new entrants find difficult to survive.
 In this industry, huge distribution channel, marketing channels are
strategically very important which again requires huge finance. This is
difficult to replicate by the new players. Thus it restricts entry.
 So overall there are huge barriers to entry into cement industry.

Bargaining power of suppliers

 Bargaining power of suppliers in the market ranges from moderate to

high
 Most companies have captive limestone reserves, so there is no power
of the suppliers here.
 Most of the companies are bulk buyers, so here the bargaining power
becomes moderate
 Also coal linkages have reduced which led to dependence of
companies on alternate fuel sources where suppliers get chance of
dictating prices
 Cement manufactures have argued that price hikes in the industry are
due increase in transportation and cost of raw materials. This shows
that suppliers are powerful enough to charge their own prices.

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  Therefore, the bargaining power of supplier in cement industry
stands between moderate to high.

Bargaining power of buyers

 Bargaining power of buyers is low

 According to a report around 65% of cement in India is consumed by
the housing sector.
 And retail customers account for bulk of customer base. But they do
not have much leverage in bargaining for prices
 One of the reason of low bargaining power is also there are no
substitutes for cement in the market
 There is a dominance of small number of cement firms in the market.
 The demand for cement in the market is inelastic, which means the
demand exists at all price points
 So because of all the above points the bargaining power of the buyers
in the cement industry is low.

Threat of substitute products

 The threat of substitute products is very low

 There is no substitute for cement.
 There are other materials such as asphalt, glass, steel, wood etc which
are used to build homes but none are direct substitutes for cement.
 This is the reality of this industry that no product exists to date that
can substitute cement effectively
 Therefore, there is no threat of substitution in the cement industry.

Industry Rivalry

 Competitiveness of rivals in the industry is moderate

 The number of companies in the industry is small

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  All large companies enjoy economies of scale.
 The market is oligopolistic in nature, where large players partially
control supply for better price discipline
 Therefore, the competition among the rivals is moderate.

So by applying Michael porter’s five forces we come to know that the cement
industry has huge advantage over customers and enjoys its dominance in the
market without the fear of new entrants. New developments in
infrastructure and migration of people will make the industry more
attractive in the coming future.

The demand of cement industry is expected to achieve 550-600 MT per

annum constantly by 2025 because of the expanding requirements of
different divisions such as housing, commercial construction and industrial
construction.

According to the data released by the Department for Promotion of Industry

and Internal Trade, cement and gypsum products have attracted Foreign
Direct Investment worth $ 5.28 billion between April 2000 and March 2020.

The Government of India is also strongly focused on infrastructure

development to boost economic growth and is aiming for 100 smart cities.
The Government intends to expand the capacity of railways and the facilities
for handling and storage to ease the transportation of cement and reduce
transportation cost. These measures would lead to an increased
construction activity, thereby boosting cement demand.

As per Union Budget 2019-20, the Government expected to upgrade

1,25,000 kms of road length over the next five years, which would boost the
demand for cement. And hence the industry will get a great boom.

(Source: www.capitaline.com)

9
2.2 Structure of the Cement Industry

Cement production had reached an installed capacity of 329 million tonnes

(MT) in FY20 and it is now projected to reach 381 MT by FY22. However, the
consumption stood at 327 MT in FY20 and will reach 379 MT by FY22. The
cement production capacity was estimated to touch 550 MT by 2020. As
India has a high quantity and quality of limestone deposits through-out the
country, the cement industry promises huge potential for growth.

The structure of the industry is fragmented, and can broadly be classified

into three categories namely companies with all India presence, regional
presence and marginal presence. The first category consists of two groups
with all India presence viz., Holcim (the Swiss multinational) controlled ACC
and Ambuja cements; Aditya Birla group controlled Grasim Industries,
Century Textiles and UltraTech Cement. The second category consists of
companies whose presence is restricted to one region but with a stronghold
in markets of their respective operations. This segment includes firms like
Lafarge (east), India Cement (south), Shree Cement (North), Birla Corp
(north and east), Binani Cement (north and west) and Madras Cement
(south) etc. The third category consists of small companies with marginal
presence, constituting the balance capacity of the Indian cement industry.
Companies like CCI, J&K Cement, Panyam Cement, Penna Cement etc fall in
this category.

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2.3 Major players in cement industry

Following are the top cement companies according to Market Capitalization

Market Cap
Company PE (x) PB (x)
(Cr)
UltraTech Cem. 194197.97 26.79 4.92
Shree Cement 97260.35 48.07 7.32
Ambuja Cements 58814.81 23.64 2.66
ACC 34916.22 22.53 2.83
Dalmia BharatLtd 29661.25 47.08 2.62
The Ramco Cement 22979.22 32.34 4.32
J K Cements 21586.43 32.83 6.71
Birla Corpn. 6420.71 11.16 1.56
Prism Johnson 5947.2 0 6.05
India Cements 5125.7 32.05 0.93

The P/E and P/B of the major players of the cement industry

60

48.07 47.08
50

40
32.34 32.83 32.05
30 26.79
23.64 22.53
20
11.16
10 7.32 6.71 6.05
4.92 4.32
2.66 2.83 2.62 1.56 0 0.93
0
UltraTech Shree Ambuja ACC Dalmia The Ramco JK Birla Prism India
Cem. Cement Cements BharatLtd Cement Cements Corpn. Johnson Cements

From the above graph we can infer that the P/E of Shree Cement and Dalmia
Cement is the highest followed by JK cement and P/B of Shree Cement is
highest followed by JK Cement. (Source: icicidirect.com)

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CHAPTER 3- COMPANY ANALYSIS

3.1 Introduction-

Background

JK Cement is a manufacturer of cements in India. The name JK is derived from

the initials of the founders of JK Organization Lala Juggilal Singhania and his
son Lala Kamlapat Singhania. The company was founded in the year 1974.
JK Cement is a leading manufacturer of cements in North India. It is also the
second largest manufacturer of white cement in the country. And it also
exports white cement in various countries like South Africa, Singapore,
Bangladesh, Sri Lanka, Tanzania, UAE, Nigeria and Nepal. The manufacturing
facilities of the company are located in Rajasthan. The production unit of
white cement is located in Gotan, Rajasthan.

Products

JK Cement manufactures Portland Pozzolana Cement of variours grades

under the brand name of JK Cement and Sarvashakitman. It also
manufactures Portland Pozzolana Cement under the name JK Super. The
white cement is marketed under the name JK Cement and Camel. It also
further introduced white cement based putty for plastering walls under the
name JK Wall putty and a water repellent material in powder form.

Vision of the Company

Vision of the company states ‘To be the preferred manufacturer of cement

and cement-based products that partners In nation building, engages with
its community and cares for all stakeholders.’

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Mission of the Company

JK Cement aims to deliver innovative products and solutions that meet the
needs of its customers. Together with our exceptional people and strong
stakeholder relationships, we commit to the highest standards of quality,
productivity, sustainability and performance that drive shareholder value
and long-term success.

3.2 Share holding pattern of the company

The above diagram shows the shareholding summary of the company.

 57.7% of the shares are hold by the promoters of the company

 19.9% of the shares are hold by Mutual Fund. Earlier they held 21.61%
and later it was decreased in Dec 2020.
 15.4% shares are held by foreign institutional investors. They have
increased their holdings from 13.95% to 15.41% in Dec 2020.

Out of the total promoter holdings in the company with 44,616,579 shares,
17.32% are held by the family individuals (Hindu united family) and other

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40.42% are held by others which includes Yadu internaltional ltd, JK
Traders, etc.

Mutual fund companies holding 15,405,907 shares which include SBI Small
cap fund, Mirae Asset Emerging Bluechip Fund, Kotak Emerging Equity
Scheme, etc.

Foreign portfolio investors hold 15.41% share i.e. 11,906,781 shares. Out of
which 0.01% are held by financial institutions/ banks, 1.67% are held by
insurance companies and rest by other financial institutional investors.

Public (Non- institutional) investors hold 5.20 % of shares i.e. 4,024,461

shares, where 0.32% is for individual share capital in excess of Rs. 2 Lacs,
3.30% is for individual share capital upto Rs. 2 Lacs and 1.58% for other non-
institutional investors.

3.3 Board of directors

NAME
Smt. Sushila Devi Singhania
Mr. Achintya Karati
Mr. A.K. Saraogi
Mr. Ashok Sinha
Mrs. Deepa Gopalan Wadhwa
Mr. Jayant Narayan Godbole
PROFILE
Chairperson (Non Executive Non
Independent)
Non-Executive Independent
Director(Law Graduate from Calcutta
University)
Deputy Managing Director & CFO
Non-Executive Independent Director
Non-Executive Independent Director
Non-Executive Independent
Director(B.Tech (Hons) from IIT
Mumbai, Certificate in Financial
Management)

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Dr. K.B. Agarwal
Mr. Madhavkrishna Singhania
Mr. Paul Hugentobler
Mr. Raghavpat Singhania
Mr. Saurabh Chandra
Mr. Sudhir Jalan
Mr. Suparas Bhandari
Non-Executive Independent
Director(Graduate of Law, PhD, ICWA
and CS)
Deputy Managing Director & CEO
Non-Executive Non-Independent
Director (Civil Engineer & Degree in
Economic Science)
Managing Director
Non-Executive Independent Director
Non-Executive Non-Independent
Director
Non-Executive Independent
Director(Graduate of Science and
Law)

The above mentioned table gives the information of all the board of directors
of JK Cement and their profile in the company.

Out the table given above the key managerial personnel includes-

 Mr. Raghavpat Singhania

 Mr. Madhavkrishna Singhania
 Mr. A.K. Saraogi and
 Mr.Shambhu Singh. He is the Company Secretary & Compliance Officer
in the company.

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3.4 SWOT analysis of the company

Applying SWOT analysis on the company to understand the internal and

external environment of the company and thereby give suggestions and
recommendations for the growth of the company.

Strengths and weaknesses give an insight of the internal environment of the

company. Whereas opportunities and threats give an insight of the external
environment of the company.

SWOT anlaysis help the company to make strategic decisions and help them
to convert all their weaknesses into strengths and all their threats into
opportunities.

Strengths

 The company has an operational experience of over Three decades.

 It has an installed capacity of grey cement of 7.5 MTPA.
 The company is one of largest producer of cement in the county with
a capacity of 4,00,000 tons.
 It is also one of the largest producer of Wall Putty with a capacity of
3,00,000 tons.
 JK Cement became the first company to install waste heat recovery
plant to take care of need of green power.
 Company has a capacitive power generation capacity of over 100 Mws
 The company’s Revenue is being increasing every quarter for the past
2 quarters
 Shareholding of FII/FPI is also increasing. This can also become a
strength for the company.
 The company has also observed a strong EPS growth annually.
 The company has also made good profits showed good quarterly
growth in recent results.
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Weaknesses

 The company has major operations in Rajasthan and Karnataka only,

this can be a weakness for a large coverage area.
 The brand awareness pan India is very less as compared to other large
national players in the country.
 The decrease in the shareholding of Mutual funds can be a weakness
for the company
 The shareholding of promoters decreased as well in Dec 2020.
 There is decline in Net profit with decreasing profit margin in the
quarter.
 Also the net cash flow of the company has reduced. The company is not
able to generate net cash.

Opportunities

 The company can expand its operations to other parts of the country.
 The new Government policies would also help the company to grow
in the country.
 It can enter into untapped markets.
 There is a huge growth in the Real Estate sector in India, so it brings a
huge opportunity for players like JK Cements to leverage on the sector

Threats

 The company can face strong competition from regional players when
it tries to enter new markets as suggested in the opportunities.
 Many major cement players are doing aggressive marketing and
branding activities that might impact the operations of JK Cement
 Increasing cost of operations and fluctuating construction business
scenario can also become a threat for the company.

17
By applying SWOT analysis on the company, we can infer that the strengths
of the company exceed its weaknesses. The company has to work on
expansion in different regions in the country since it is operation in only 2
states of the country. This will help the company to increase its
competitiveness in the industry. The company needs to market its brand as
well to increase its awareness among the customers and get an advantage
over its competitors.

The company can perform very well if its satisfies all the above given
suggestions and will help for the growth of the company on a large scale.

Share price chart of the company for 5 years

The above graph shows the share prices of JK Cement of past 5 years.

There is a huge increase in the stock price since 2017. The graph shows a
tremendous increment in the share price of the company.

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Profit Margins of JK Cement from 2015 to 2019-

Chart Title
20
18 17.3 17.9 17.4

16
13.64
14 12.24 12.43 12.72
12 10.8 10.3
9.6
10 8.36
8 6.89 6.66 6.95
5.77
6
4
2
0
GROSS PROFIT MARGINS OP PROFIT MARGIN CASH PROFIT

2015 2016 2017 2018 2019

As shown in the above graph, gross profit margin, operating profit margin
and net profit margin of the company has increased from 2015 to 2019. The
data is taken from ICICI Direct website.

CAGR IN 10 YEARS

Sales
11.02%

Operating Profit
5.75%

PAT
1.80%

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3.5 Key Ratio analysis of past few years-

1) Debt- Equity Ratio

Debt-Equity Ratio
1.8
1.55 1.57
1.6 1.48
1.4 1.24
1.2
0.93
1 0.85
0.8
0.6
0.4
0.2
0
Mar 15 Mar 16 Mar 17 Mar 18 Mar 19 Mar 20

The above chart shows the trend of of the debt-equity ratio of 6 years of the
company.
The debt equity ratio shows that how much debt a company holds
compared to the equity share capital of the company.
The lesser the debt is better. It should not also be zero since a little amount
of debt in the capital structure helps in increasing returns for the investors.
We can observe in the graph from march 15 the trend line slopes
downwards i.e. it is decresing. It is good sign. The leverage ratio of the
company is becoming sound. It is a low risk company.

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 2) Asset turnover ratio

Fixed Assets
1.1 1.08

1.05

1 0.98
0.97
0.96
0.94
0.95 0.92

0.9

0.85

0.8
Mar 15 Mar 16 Mar 17 Mar 18 Mar 19 Mar 20

Asset turnover ratio shows how efficiently the company utilizes its assets
for generating sales revenue or for increasing income of the company.
According to the trend shown in the graph we can infer that the asset
turnover ratio of the company has decreased from March 2015 to March
2020. The company is not utilizing its assets to the fullest.
The trend showed an increase from 2017 but again decreases from 2019.
The firm should focus on utilizing its assets to maximize their income.

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 3) Debtors Turnover Ratio

Debtors turnover ratio

35
30.9
30 27.91 28.31
27.08
25.53 25.67
25

20

15

10

0
Mar 15 Mar 16 Mar 17 Mar 18 Mar 19 Mar 20

Debtors turnover ratio shows how effective is the company in extending

credit and collecting debts.
Higher the ratio, higher is the efficiency of the company. And lower the
ratio, lesser is the efficiency of the company in collecting debts.
As per the trend in the graph, we can infer that the trend is a little
downward sloping. The ratio has decreased from 30.9 in2015 to 25.67 in
2020.
The company should work towards increasing the ratio in the coming
future as it also shows that the company has high proportion of quality
customers and they pay their debts on time.

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 4) Return on capital employed

ROCE (%)
20 18.24
18
16 14.24 13.35
14
12.78
12 9.24
9.05
10
8
6
4
2
0
Mar 15 Mar 16 Mar 17 Mar 18 Mar 19 Mar 20

The above graph shows the Return on capital employed of the company from
March 2015 to March 2020.
Return on capital employed (ROCE) is a financial ratio that helps in assessing
a company's profitability and capital efficiency.
This ratio helps to understand how well a company is generating profits
from its capital as it is put to use
From the above graph, we can infer that the company is very well generating
profits from its capital as there is a tremendous increase in the ratio form
9.05% in 2015 to 18.24% in 2020. The company managed to double its ratio
in 5 years.

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 5) Earnings per share

EPS
60
51.82
48.89
50 45.28

40
30.14
30
22.44
20 14.52

10

0
Mar 15 Mar 16 Mar 17 Mar 18 Mar 19 Mar 20

The above graph shows the EPS of the company from 2015 to 2021.
EPS indicates how much money a company makes for each share of its stock,
and is a widely used metric to estimate corporate value.
Earnings per share (EPS) is a company's net profit divided by the number of
common shares it has outstanding.
The higher a company's EPS, the more profitable it is considered to be.
From the given graph, we can infer that the share of the company is
profitable. It will give more returns since there is a huge increase in the EPS
from 2015 to 2020.

24
 6) Current ratio

Current Ratio
0.99
0.98 0.98
0.98
0.97
0.96
0.96
0.95
0.94
0.94
0.93
0.93
0.92
0.92
0.91
0.9
0.89
Mar 15 Mar 16 Mar 17 Mar 18 Mar 19 Mar 20

The above graph shows the trend in the current ratio of the company.
Current ratio measures the company’s ability to pay its short term liabilities.
Current ratio shows how much current assets are available to pay ₹1 of
current liability.
The current ratio of the company is less fluctuating. It is less than 1. A good
current ratio should exceed 1.
For ₹1 of CL ₹0.96 of CA is available.
The company should focus on increasing its current ratio to increase its
liquidity position in the market.
Also the company should make sure that the ratio is maintained accoriding
to the industry ratio.

25
Other ratios-

Profitability ratios-

2020 2019 2018 2017 2016

EBDITA Margin (%) 23.19 17.86 19.34 21.1 15.98

EBIT Margin (%) 19.27 13.96 15.29 16.41 11.59

PBT Margin (%) 11.93 9.5 9.57 8.63 4.02

Net Profit Margin (%) 7.32 6.52 7.44 5.61 2.85

Return on Networth /
12.79 11.23 15.92 11.26 5.92
Equity (%)

Profitability ratios are used to evaluate the company's ability to generate

income compared to its expenses and other cost associated with the
generation of income during a particular period.
This ratio represents the final result of the company.
From the above table we can infer that from 2016 to 2020, all the ratios have
increased. The company performance have been good and it is making good
profits.

Liquidity ratios

Quick Ratio (X) 0.92 0.93 0.87 0.75 0.89

Inventory Turnover
8.71 8.93 8.64 7.54 7.51
Ratio (X)

26
 Dividend Payout Ratio
33.77 21.52 16.36 13.26 27.54
(NP) (%)

Dividend Payout Ratio

21.99 13.46 10.59 7.22 10.84
(CP) (%)

Liquidity ratios are financial ratios used to determine a company’s ability to

pay its short-term debt obligations. The ratio helps to determine whether a
company can use its current, or liquid, assets to cover its current liabilities
Quick ratio and inventory turnover ratio of the company has decreased.
Whereas dividend payout ratio has increased to a good extent.
The company needs to work on liquidity ratios to increase their quick ratio
and inventory turnover ratio. They play a huge role in paying out short term
liabilities of the company.

Valuation ratios-

Enterprise Value (Cr.) 9051 8340 8749 8563 6725

EV/EBITDA (X) 7.14 9.37 9.85 10.8 11.82

MarketCap/Net Operating
1.33 1.34 1.55 1.74 1.32
Revenue (X)

Price/BV (X) 2.32 2.3 3.31 3.49 2.74

Valuation ratios help in determining the worth of a company.

Valuation ratio shows the relationship between the market value of a
company or its equity and some fundamental financial metric (e.g.,
earnings).
27
The point of a valuation ratio is to show the price you are paying for some
stream of earnings, revenue, or cash flow (or other financial metric).
Above in the table are the valuation ratios of the company. The Enterprice
value has increased. Whereas company should work on increasing the rest
of the ratios as they show a declining trend.

CHAPTER 4 - CONCLUSION

4.1 Findings

1) The company is a leading manufacturer of white cement in the country

2) There are only two production units of the company located in
Rajasthan
3) The company has an operational experience of over Three decades.
4) It has an installed capacity of grey cement of 7.5 MTPA.
5) JK Cement became the first company to install waste heat recovery
plant to take care of need of green power.
6) The leverage ratios of the company are sound
7) There are lot of government initiatives for infrastructure development
which can benefit the company in the long run
8) The company is into a lot of CSR activities which has kept them
connected with their customers
9) It is a low risk company with sound debts and also no material fraud
by the company or by its officers or employees has been noticed or
reported.
10) All profitability ratios of the company show an increasing trend
in Mar 2020.
11) The company also pays all its debts on time
12) All the information is properly maintained disclosed by the
company to all its stakeholders.
28
4.2 Limitations
1) Not all ratios were considered for analysis
2) Not all aspects of qualitative study are being covered.

4.3 Suggestions & recommendations

1) The company should expand its production in other regions of the
country since it has only two production unit based in one city i.e.
Rajasthan.
2) The company needs to increase its marketing campaign in order to
increase awareness among customers
3) It needs to work on its liquidity ratios to increase the liquidity of the
firm
4) The company should also work on increasing turnover ratios
5) It needs to take full advantage of the infrastructure development
opportunity given by the government.
The company can make great progress by making some changes in the
internal environment while taking opportunities from the external
environment.

29
CHAPTER 5 - REFERENCES

Websites-

www.jkcement.com

www.capitaline.com

www.moneycontrol.com

30