TABLE OF CONTENTS

S.N. Contents Page No.

1 Introduction of Project 5-20

2 Company Profile 21-36

3 Review of Literature 37-40

4 Objectives 41-42

5 Research Methodology 43-46

6 Data Analysis & Interpretation 47-54

7 Findings & Suggestions 55-56

8 Limitations 57-58

9 Conclusion 59-60

10 References 61-62

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 CHAPTER-I

INTRODUCTION OF PROJECT

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INTRODUCTION:

Ratio Analysis

The financial position of an organization is contained in its profit and loss account and balance
sheet. The profit and loss account presents the summery of items relating to the revenue and
expenses of a firm during a particular period of time. A balance sheet reports the firm’s assets and
liabilities at a point of time. They do not show the nature of transactions entered into during the
period to finance the firm’s operations. Financial statements are prepared primarily for decision-
making. They play an important role in setting the framework of managerial decisions. But the
information provided in the financial statements are not an end in itself as no meaningful
conclusion can be drawn from these statements alone. However, the information provided in the
financial statements are of immense use in making decisions through analysis and interpretations
of financial statements.
There are various methods of financial statement analysis of these, Ratio
Analysis is the most widely used method. It is the process of establishing and interpreting
quantitative relationship between figures and groups of figures. With the help of ratios, the
financial statements can be analyzed more clearly and decisions can be made more logically.

Meaning of Ratio:-
A ratio is a simple arithmetic expression of the relationship of one number to
another. In other words, it is only a comparison of the numerator with the denominator. Ratios are
designed to show how one number is related to another.
Ratio makes the relating information comparable. A single figure by itself has
no meaning, but when expressed in terms of a related figure. It yields significant inferences. Thus,
ratios are relative figures reflecting the relationship between variables.

Definition:-

1. “A ratio is an expression of the quantitative relationship between two numbers.”

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 -
2. ”Ratio analysis of financial statement is a study of relationship among various financial
factors in a business, as disclosed by a single set of statements and study of the trend of
these factors as shown in series of statements”

Modes of expression:-
There are various modes of expression of ratios, which are as follows:
i. Rate- It is the ratio between two numerical facts over a period of time. For example, stock
turnover is 4 times in a year.

ii. Proportion or pure ratio- It is calculated by simple division of one number by another.
For example, current assets are Rs.20000 and current liabilities are Rs.10000, we can say
that current assets to current liabilities are 2:1.

iii. Percentage- It is special type of rate expressing the relationship in hundred. It is

calculated by multiplying the quotient by 100. For example, gross profit is Rs.25000 and
net sales are Rs.100000 we can say that gross profit is 25%.

Steps in Ratio Analysis:-

Following are the steps involved in the ratio analysis:
i. Selection of relevant data from the financial statements depending upon the objective of
the analysis.
ii. Calculation of appropriate ratios from the above data.
iii. Comparison of the calculated ratios with the ratios of the same firm or the ratio of some
other firms or the comparison with ratios of the industry to which the firm belongs.
iv. Analysis and interpretation of the ratios.

Objectives and significance of Ratio Analysis:-

The importance of the ratio analysis can be summarized in the following points:
 Helps in decision-making

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  Helps in financial forecasting and planning
 Evaluation of efficiency
 Helps in co-ordination
 Helps in control
 Intra-firm comparison
 Measures financial solvency
 Utility to employees
 Utility to Government

Limitations of Ratio Analysis:-

These are following:

 Lack of proper standards

 Limited use of single ratio
 Limitations of accounting records
 Qualitative factors are ignored
 Window dressing

Types of ratios
Financial classification of Ratios

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CLASSIFICATION OF RATIO

Ratio may be classified into the four categories as follows:

A. Liquidity Ratio

a. Current Ratio

b. Quick Ratio or Acid Test Ratio

B. Leverage or Capital Structure Ratio

a. Debt Equity Ratio

b. Debt to Total Fund Ratio

c. Proprietary Ratio

d. Fixed Assets to Proprietor’s Fund Ratio

e. Capital Gearing Ratio

f. Interest Coverage Ratio

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 C. Activity Ratio or Turnover Ratio

a. Stock Turnover Ratio

b. Debtors or Receivables Turnover Ratio

c. Average Collection Period

d. Creditors or Payables Turnover Ratio

e. Average Payment Period

f. Fixed Assets Turnover Ratio

g. Working Capital Turnover Ratio

D. Profitability Ratio or Income Ratio

(A) Profitability Ratio based on Sales :

a. Gross Profit Ratio

b. Net Profit Ratio

c. Operating Ratio

d. Expenses Ratio

(B) Profitability Ratio Based on Investment :

I. Return on Capital Employed

II. Return on Shareholder’s Funds :

a. Return on Total Shareholder’s Funds

b. Return on Equity Shareholder’s Funds

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 c. Earning Per Share

d. Dividend Per Share

e. Dividend Payout Ratio

f. Earning and Dividend Yield

g. Price Earning Ratio

Ratios are also classified differently on different bases. The mostly used one is the financial
classification under which the ratios are broadly divided into the following five classes:-
 Liquidity Ratios concerned with the short term solvency of the concern or its ability to
meet financial obligation on their due dates.
 Activity Ratios concerning efficiency of management of various assets by the concern.
 Leverage Ratios concerning stake of the owners in the business in relation to outside
borrowing or long term solvency.
 Coverage Ratios concerned with the ability of the company to meet fixed commitments
such as interest on term loans and divided on preference shares.
 Profitability Ratios concerned with the profitability of the concern.

Liquidity Ratios:-
 Current Ratio:- It is calculated by dividing the total of current assets by total current
liabilities. Thus,
Current Ratio= Current Assets
Current Liability
Current assets include cash and those assets which can be easily converted into cash within a
short period of time, generally one year. Inventories, debtors, bills receivable, marketable
securities, prepaid expenses etc. are include in current assets. Current liabilities are those
obligations which are payable within a short period of time, generally one year. It includes
outstanding expenses, creditors, bill payable, bank overdraft, short term advances etc.

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  Quick /Acid Test /Liquid Ratio /Near Money Ratio:-
Quick Ratio= Quick or Liquid Assets
Current Liabilities
It establishes a relationship between liquid assets and current liabilities. An asset is liquid, if it
can be converted into cash immediately without a loss of value. Cash is the most liquid assets.
Liquid Assets=Current Assets - (Stock and Prepaid expenses)
Liquid Liabilities=Current Liabilities – Bank Overdraft

 Absolute Liquidity Ratio / Super Quick Ratio:-

Absolute Liquidity Ratio = Cash + Bank + Short Term Securities
Current Liabilities
The ideal absolute liquidity ratio is taken as 1: 2 or 0.5:1
 Cash Ratio:-
Cash Ratio = Cash + Bank
Current Liabilities
Activity Ratios:-
 Debtor’s velocity:-
Average balance of debtors
Debtor’s velocity = x 365
Credit sale during the year
It is expressed in number of days;
(Or)
Average balance of debtors
Debtor’s velocity= x 12*
Credit sale during the year
(*52 if result require in number of weeks)
The ratio obtained should be compared with that of other similar units. If the ratio of the
company being studied is greater (say, 10 weeks as against 6 weeks for the industry), it
indicates that the company is allowing longer than the usual credit period. This may be

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 justified in the case of new companied or existing companies entering into new ventures
because initially they may have to extend longer credits to capture the market. In other cases,
the position needs a deeper study; it is possible that many unrealizable and long pending items
are include in debtors. The companies connection machineries may need gearing up. The
chances of larger bad debts are imminent.
 Creditors velocity:-
Average Creditors
Creditors velocity= x 365 [or 52 or 12]
Credit Purchases
When the opening balance of creditors and the figure of credit purchases are not available, the
ratio can be computed as follows:
Creditors
Creditors velocity= x 365 [or 52 or 12]
Purchases
A high ratio as compared to that obtaining in the industry (e.g., 12 weeks as compared to 8
weeks for the industry) may mean that;
 The company is unable to pay its debts and is therefore taking longer than usual time to
pay its creditors; or
 The company is enjoying good reputation in the market and therefore the supplier are
extending more credit; or
 The company may be a near monopoly consumer and the supplier is agreeable to the
credit terms dedicated by the company.
Reversely, a lower ratio would mean any of the following:
 The company has a comfortable financial position and its paying off the creditors
promptly; or
 The creditors may offer discount on early payments to avail of which the company is
paying early. The company may do so provided the cost of borrowing is less than the
discount offered; or
 The company does not enjoy good reputation in the market and its creditors have
restricted credits; or
 The supplier may be monopolists dictating terms to the company.

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 The real reason should be found by going into the facts of individual cases. This ratio
should be studied along with debtors velocity and current ratio to judge the real situation.
 Inventory velocity:-
Cost of good sold
Inventory Turnover= or
Average Inventory
Net Sales
Inventory Turnover =
Average Inventory
Cost of good sold= net Sales – Gross Profit
Or
Opening Stock + Purchases + Direct Expenses – Closing Stock
Opening Stock + Closing Stock
Average Inventory=
2
The ratio is usually expressed as number of times the stock has turned over. Inventory
management forms the crucial part of working capital management. As a major portion of the
bank advance is for the holding of inventory, a study of the adequacy of abundance of the
stock held by the company in relation to its production needs requires to be made carefully by
the bank.
A higher ratio may mean (higher turnover or loss holding periods):
 The stocks are moving well and there is efficient inventory management; or
 The stocks are purchased in small quantities. This may be harmful if sufficient
quantities are not available for production needs; secondly, buying in small quantities
may increase the cost.
Contrarily, a lower ratio (i.e., lower turnover of longer holding period may be an index of (1)
Accumulation of large stocks not commensurate with production requirements, (2) A reflection of
inefficient inventory management or over-valuation of stocks for balance sheet purposes; or
stagnation in sales, if stocks comprise mostly finished goods.
 Working Capital Turnover:-
Net Sales

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 Working Capital Turnover =
Net Working Capital
The use of this ratio is two fold. First, it can be used to measure the efficiency of the use of
working capital in the unit. Secondly, it can be used as a base for measuring the requirements
of working capital for an expected increase in sales.
 Current Assets Turnover Ratio:-
Net Sales
Current Assets Turnover Ratio =
Current Assets
The ratio is calculated to ascertain the efficiency of use of current assets of the concerns. With
an increase in sales, current assets are expected to increase. However, an increase in the ratio
shows that current assets turned over faster resulting in higher sales for a given investments in
current assets. Higher ratio is generally an index of better efficiency and profitability of the
concern. This ratio gives a general impression about the adequacy of working capital in
reaction to sales.
 Fixed Assets Turnover Ratio:-
Net Sales
Fixed Assets Turnover Ratio =
Fixed Assets
The ratio shows the efficiency of the concern in using its fixed assets. Higher ratio indicate higher
efficiency because every rupee invested in fixed assets generates higher sales. A lower ratio may
indicate efficiency of assets. It may also be indicative of under utilizations or non-utilization of
certain assets. Thus with the help of this ratio, it is possible to identify such underlined or
unutilized assets and arrange for their disposal.
Leverage Ratio:-

 Debt-Equity Ratio:-
Long term Liabilities
Debt-Equity Ratio =
Equity (or networth)

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 This is a measure of owner’s stake in the business. The proprietors may desire more of funds
to be from borrowings because it carries two main advantages. First, their stake in the venture
is reduced and correspondingly their risk also. Secondly, interest on borrowing is allowed as
expenditure in computing taxable profits but not dividend shares. The tax is computed on the
profits before any dividend is declared. But considerable contribution from the proprietors is
necessary from the creditors point of view to sustain the interest of the proprietors in the
venture and also as a margin of safety of the creditors. Besides, excessive liabilities tend to
cause insolvency.
Generally a ratio 2: 1 (i.e., 2 units of debt for 1 unit of equity) is considered normal, but
in certain cases relaxations are allowed.

 Total-Indebtedness Ratio:-
Long term Liabilities + Current Liabilities
Total-Indebted Ratio = Equity
This ratio should be watched for a period of 3 to 5 years to see its trend, if declining or
decreasing. A declining trend in the ratio is a welcome sign as it shows that the company is
augmenting its own sources of funds by plaguing back profit or by reducing its dependence on
outside borrowing by repaying them. On the other hand, an increasing trend in the ratio should be
carefully looked into by the banker. Similar to the debt-equity ratio, there is no standard single
ratio of total indebtedness that can be applied to all industries. But a ratio of 4:1 is considered
normal. This ratio supplements the information supplied by the debt-equity ratio. A company may
have declining debt-equity ratio but total outside liabilities may not decrease because of increased
borrowing on short term. This will be revealed by the present ratio.
 Proprietary Ratio:-
Total Assets
Proprietary Ratio = x 100
Total Tangible Assets
This ratio indicates the general financial strength of the concern. It is a test of the soundness of the
financial structure of the concern. The ratio is of great significance to creditors since it enables
them to find out the proportion of shareholders funds in the total investment in the business. In
case of companies which depend entirely on owned funds and have no outside liabilities, the ratio

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will be 100%. A high ratio is welcome to the creditors because it secures their position by
providing a high margin of safety. A ratio above 50% is generally considered safe for creditors.
Coverage Ratio:-
 Interest Coverage Ratio:-
EBIT
Interest Coverage Ratio =
Interest
Since, EBIT calculated after depreciation, it can be added back to arrive at the total funds
available for payment of interest. The formula can be modified as follows:-

EBIT + Depreciation
Interest Coverage Ratio =
Interest
Higher the ratio better is the coverage. The firm may not fail on its commitments to pay interest
even if profits fail substantially.
 Preference Dividend Coverage Ratio:-
PAT
Preference Dividend Coverage Ratio =
Preference Dividend (1 + Dividend Rate of Tax)
Profitability Ratio:-
 Gross Profit Ratio:-
Gross Profit
Gross Profit Ratio = x 100
Net Sales
Gross Profit = Net Sales - Cost of good sold
Cost of good sold = Opening Stock + purchases + Direct Expenses – Closing Stock
Net Sales = Total Sales – Sales Return
A comparison with the standard ratio for the industry will reveal a picture of the profitability of
the concern. Also the ratio may be worked out for a few years and compared to verify if a steady
ratio is maintained.
 Net profit Ratio:-

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 Net Profit After Tax
Net profit Ratio = x 100 (or)
Net Sales
Net Operating Profit
= x 100
Net Sales
The net profit is calculated after deducting income tax.
 Return on Investments:-
This ratio measures the profits of the concern as percentage of the total investment
made. However, both the important terms involved, viz., profit and investment, have been
interpreted in various ways and hence the formula used for this ratio varies widely. We shall
adopt the formula
Operating Profits
Return on Investments = x 100
Total Tangible Assets
For the purpose of this ratio, the operating profit is calculated by adding back to net profit: (1)
interest paid on the long term borrowings and debentures; (2) Abnormal and non-recurring losses;
(3) Intangible assets written off. Similarly, from the net profit abnormal and non-recurring gains
are deducted. The idea is to get profit generated out of total investments made.
The ratio of return on investments is an important ratio in computing the profitability of the
concern. It computes the profitability as against profits. A company may maintain the profits at
absolute value every year but its efficiency lies in maintaining the same percentage of profits as
compared to the total investment made. When one wants to analyze an increase or decrease in the
rate of return, it can be done by further analysis of the ratio. Profit is decided by the rapidity with
which sales are made (turnover) and the margin of the profit on sales. Therefore, the ratio can be
calculated also as:
Profits Sales
Return on Investments = x 100 x
Sales Total Assets
(Margin) (Turnover)

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Profit can be increased by increasing the margin or increasing the turnover. A further analysis of
the different components that enter into the above will pinpoint the factors that contributed to the
increase or decrease in profits.
Return on investment is also known as Return on Capital Employed. Capital Employed is used to
mean the total investment in the unit, i.e., total assets.
 Return on Proprietors funds:-
Net Profit
Return on Proprietors funds = x 100
Net Worth
This ratio serves the requirements of the shareholders specially to know the return on their
investments in the business.
 Earnings / Share:-
Profit After Tax and Preference Dividend
Earning Per Share =
No. of equity shares
The numerator indicates the funds available for distribution as dividend to equity shareholders. As
the name indicates the ratio indicates the earning made by the company per equity share. A
comparison with the ratio for similar companies will indicate whether the company is using its
capital effectively or not.
 Dividend / Share:-
Dividend paid to equity shareholders
Dividend Per Share =
No. of equity shares
Not all the earning available for distribution are declared as dividend of the company. This ratio
indicates the actual amount declared as dividend by the company.
 Dividend Payout Ratio:-
Dividend Per Share
Dividend Payout Ratio =
Earning Per Share
This ratio indicates the actual dividend paid to the shareholders. It throws light on the dividend
policies of the company.

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  Price Earning Ratio:-
Market Price Per Share
Price Earning Ratio =
Earning Per Share
Net Income – Preference Dividend
Earning Per Share =
No. of equity shares
A higher price earning ratio as compared to that of other companies shows higher confidence the
company enjoys with the public. This ratio is also used by the investors to know whether the
shares of the company are undervalued or overvalued. Based on this fact they would decide to
purchase the shares at the particular price or not. For instance, suppose the market price of the
shares of the company A is Rs.80 when it earnings per share is Rs.10. (The price earnings ratio of
the company is 8.) the price earning ratio of the other companies is 9. based on the general price
earnings ratio, the market price of the shares of company A should be (Rs.10x9) Rs.90. the shares
of company A are undervalued since they are quoted at Rs.80.
 Dividend Yield Ratio:-
Dividend Per Share
Dividend Yield Ratio =
Market Price of Share
Yield is the actual return for the shareholders on the investment. The dividend is declared on the
face value of shares. Thus 20% dividend declared on a share of the face value of Rs.10 would
fetch Rs.2 as dividend but, if the shareholders has acquired the share from the market for Rs.40,
actual yield will be
2
= x 100 = 5%
40
 Earning Yield Ratio:-
Earning Per Share
Earning Yield Ratio =
Market Price of Share
This ratio measures the yield earned by the company per share.

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Note :- Here Maihar Cement,acc,ambuja & altratech shown annual report in corore’s. But here it
is shown his report in lakh’s.

CHAPTER-II

COMPANY PROFILE

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COMPANY PROFILE

Overview

Maihar Cement (Maihar gold gold Gold) is well-established brand in Bihar region, besides it has

market in Madhya Pradesh, Uttar Pradesh, Orissa and other parts of the Country. One of the major

section, which requires or purchases cement in bulk quantity are engineers, architect, builders and

contractors. This section or segment is known as the non-trader segment. And the retailers,

stockists, whole-sellers are known as trader segment.

The project was carried out in the organization of Maihar cement. There are five major market

players in cement industry of these areas. They are Jaypee, Maihar gold gold Gold, Ultratech,

ACC, and Maihar gold. Apart from these there are few local brands such as Maihar gold gold

Gold (M.P. Maihar gold gold group) in Madhya Pradesh which is selling in the market. The

information about the market was gathered by visiting retailers in the market. Interview of

retailers was taken depending upon there accessibility. Also opinion of engineers, contractors,

architects and builders (who posses knowledge regarding different brands available in the market)

has been taken. Survey was done for both trade and non-trade segment to get the right picture

Prahlad Kushwaha 19
about the market scenario. While doing the project attempt was made to collect maximum

information about the market. To get actual and correct information, it was not told retailers that

the survey is conducted by Maihar Cement for confidentiality reasons. Large numbers of retailers

were visited to get the actual picture of the market. Again, the retailers of each grade (according

to the performance) were visited, to get each and every detail about the market.

Century Textiles and Industries Ltd. was incorporated in 1897 as a Public Limited Company

with its Registered Office at Mumbai. Till 1951, the Company operated only one Cotton Textile

Mill in Mumbai. Thereafter, the Company has made rapid progress in expanding and diversifying

its activities and today it is a well diversified conglomerate. The details of activities presently

being carried on by the Company are as under:-

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(I) Business Segment – Textiles

(a) Cotton Textiles, Yarn and Denim

The Company's Yarn Division situated at Satrati, near Indore, (Madhya Pradesh) is equipped with

24960 spindles for manufacture of Yarn and produced about 4,541 tones of yarn during 2008-

2009. The Denim Division of the Company situated at the same location i.e. Satrati, near Indore,

(Madhya Pradesh) can produce 21 million meters of denim fabrics per annum.

(b) Century Rayon - VFY, CSY & Rayon Tyre Yarn

In 1956, Company began its Rayon Division at Kalyan, near Mumbai to manufacture Viscose

Filament Rayon Yarn and today it is one of the largest producer of Viscose Filament Yarn (VFY)

in India. In 1963, it also commenced production of Viscose Tyre Yarn / Industrial Yarn followed

by production of Caustic Soda in 1964 and other chemicals.

(II) Business Segment – Century Pulp and Paper

Rayon and/or paper Grade Pulp and Writing & Printing Paper Unit with an installed capacity of

20,000 tones each per annum was established in the year 1984 at Lalkua near Nainital

Prahlad Kushwaha 21
(Uttarakhand). The Company presently is producing over 39,000 tones of Writing & Printing

Century Pulp & Paper– Paper (Wood based) and about 37,000 tones of Rayon and/or paper Grade

Pulp per annum.

(III) Business Segment - Cement

In 1974, the Company diversified into production of Cement by establishing its first cement plant

at Baikunth, near Raipur (Chhattisgarh) to produce 0.60 million Tones Per Annum (TPA) of

Portland cement. The present capacity is 2.10 million TPA.

In 1980, the Company established its second Portland cement plant at Maihar (Madhya Pradesh)

with a capacity of 0.80 million TPA. The present capacity is 1.80 million TPA. In 1985, the

Company established its third Portland cement plant at Gadchandur, Dist. Chandrapur

(Maharashtra) with a capacity of 1 million TPA. The present capacity is 1.90 million TPA.

In 1995-96, the Company's fourth Portland Cement Plant with a capacity of 1 million TPA

adjacent to the existing plant at Maihar started commercial production. The present capacity is

2.00 million TPA. Thus, the total present cement manufacturing capacity is 7.80 million TPA (of

all 4 plants).

Century Cement - Maihar Cement - Manikgarh Cement -

INDIAN CEMENT INDUSTRY

Prahlad Kushwaha 22
Cement is the preferred building material in India. It is used extensively in household and

industrial construction. Earlier, government sector used to consume over 50% of the total cement

sold in India, but in the last decade, its share has come down to 35%. Rural areas consume less

than 23% of the total cement. Availability of cheaper building materials for nonpermanent

structures affects the rural demand. The Indian Cement industry is the second largest cement

producer in the world. The industry has undergone rapid technological upgradation and vibrant

growth during the last two decades, and some of the plants can be compared in every respect with

the best operating plants in the world. Although the newer plants are equipped with the latest

state-of-the-art equipment, there exists substantial scope for reduction in energy consumption in

many of the older plants adopting various energy conservation measures. There are around 11

different types of cement that are being produced in India. The production of all these cement

varieties is according to the specifications of the BIS (Bureau of Indian Standards). Some of the

various types of cement produced in India are:

Clinker Cement, Ordinary Portland Cement

Portland Blast Furnace Slag CementPortland Pozzolana Cement

Rapid Hardening Portland Cement,Oil Well Cement

Prop. Century Textiles and Industries limited

Prahlad Kushwaha 23
 B.K. Maihar gold gold

Chairman

Century Textiles & Ind. Ltd.

Chairman’s Message

“I believe that the Fortunes of Century Textiles & Industries Limited rest solely on its continuing

ability to evolve and successfully implement new techniques and systems to anticipate future

trends and zero in on to them, to be in short, a company that is plugged into tomorrow..”

“Complete Customer Satisfaction and fulfilling the expectations of society is the key to

success of any business enterprise in Global Economy”.

The City of the Goddess and Music

Prahlad Kushwaha 24
Maihar’s fame emanates from the Sharda Devi Temple, located at a distance of about 6 km. from

the town. Thousands of pilgrims from all over the country , coverage at this temple, climb

hundreds of its steps and pass through the narrow passage leading to Devi’s idol for her audience

and blessings, admit and chanting of the mantras and changing of the bells.Maihar has also been

the auction centre of one of greatest

musicians of modern, “Late Ustad Allauddin khan” fondly remembered as Baba. “

Sarlanagar – the Cementing Community

Maihar Cement, A division of century Textiles & Industries ltd. Located at Sarlanagar Maihar-

dhanwahi road in Satna district of Madhya Pradesh on north—eastern slope of Rewa — Kymore

Range.

Its towering silos, silent chimneys, serpentine conveyor belts multistoried preheaters, concrete

roadways, provide avisual extra vaganza. A modern industrial temple carved out of what was

previously a sprawling, barren and bare rock – information.

Prahlad Kushwaha 25
Tradition

Maihar Cement is a division of Century Textiles & Industries Ltd., belonging to the BK Maihar

gold gold Group of Companies, a leading Business House with its presence in Core Industries like

Textiles, Rayons, Chemicals, Paper & Pulp and Cement, which has been at the vanguard in

generating wealth for the Nation. Our heritage of being a part of this group carries with it a

commitment to quality. All our Products meet the most stringent and exacting standards of our

growing list of loyal customers who are engaged in building Modern India.

Technology

Our Group’s Core Value of Quality has built for us an invincible reputation and for this, the finest

technology was sourced from world renowned manufacturers and state-of-the art equipment

installed for energy efficient and pollution free large scale cement production. The presence of

superior technology is also evinced in our various quality initiatives which have fetched for us the

Prahlad Kushwaha 26
 coveted ISO-9001, an International Certification for “Quality Management System”. We have

also got the ISO-140001 Certification for “Environmental Management System” which amply

reflects our commitment to the environment.

Trust

Our Customer is the focal point for all our endeavors and what we value most is their trust in us,

whether that be in the aspect of reliability of supply or in the aspect of quality assurance. An

extensive distribution network and a retail chain of thousands of outlets stretching across the

length and breadth of regions, play a vital role in taking our cement units closer to the customer’s

doorsteps. Further, our efficient and responsive technical staff excel in providing quick and

expert care so as to enable thousands of users to keep smiling and ever wanting our products.

Plants of Century Textiles & Industries Limited:

MAIHAR CEMENT

CENTURY CEMENT

MANIKGARH CEMENT

Prahlad Kushwaha 27
 Figures in Million

Units TPA

2009-10

Century Cement 2.1

Maihar Cement 4.2

Manikgarh Cement 1.9

Total 8.2

Maihar Cement is pioneer in producing Blended Cement i.e. Portland

Pozzolana Cement . The motivation for the production of blended

cement has been primarily with the aim of preserving limestone reserves

and environment.

Advantages

 low Heat of hydration resulting in resistance to cracking.

 Resistance to corrosive water and chemical attacks and thereby longer life to

steel/iron structure underneath.

Prahlad Kushwaha 28
  High degree of impermeability and workability for the concrete mix.

 Higher ultimate strength at longer duration

 Higher degree of fineness, resulting in - Complete chemical reaction

 Easy workability

 Increased plasticity

 Reduced Alkali aggregate reaction as also free lime expansion and thereby

resistance to cracking.

 Lower drying shrinkage and low leaching value.

Maihar Cement has been bestowed upon several awards both at the National as well as Regional

Levels. Some of the Important Awards won till date:

NATIONAL AWARD FOR ENERGY EFFICIENCY FROM NCCBM

 Best Improvement in Energy Performance 1991-92

 Best Improvement in Thermal Energy Performance 1991-92

 Best Improvement in Electrical Energy Performance 2000-01 & 2003-04

Prahlad Kushwaha 29
  Best Improvement in Energy Performance in manufacture of Blended Cement 2003-04

OTHER NATIONAL AWARD

 Abheraj Baldota Environment Award for 1995-1996 from FIMI

 National Safety Award for outstanding performance in Industrial Safety

 Lowest average frequency rate as runner up for the award year 1998

 Longest accident free period as runner up for the award year 2001

 Longest accident free period as runner up for the award year 2003

 Accident free year as runner up for the award year 2005

 Accident free year - Best for the performance year 2005

 National Energy Conservation Award for 2001 from Govt of India

 Social Awareness Award for 2002-03 from FIMI

FL SMIDTH AWARDS

 First Prize for lowest electrical energy consumption per tonne of cement & clinker

produced amongst modern plants using VRM Technology situated in Chhattisgarh &

Madhya Pradesh for the year from 1998-99 to 2005-06.

 First prize for the lowest electrical energy consumption per tonne of cement production for

the year 2006-2007 amongst modern cement plants using VRM technology situated in the

State of Madhya Pradesh and Chhatisgarh.

 First Prize for Minium Auxiliary Power Consumption with respect to Captive Thermal

Power Generation for the year 2005-06.

ISO CERTIFICATIONS

Prahlad Kushwaha 30
  IS/ISO 9002:1994

 IS/ISO 9001: 2000

MANAGEMENT

Maihar Cement is managed by board of directors comprising of: -

1. Shri B.K.Maihar gold gold

2. Shri Kumar Managalam Maihar gold gold

3. Shri P.K.Daga

4. Shri E.B.Desai.

5. Shri Arvindp C. Dalal

6. Shri Amal Ganguli.

7. Shri B.L. Jain (whole time director)

STRUCTURE

Unit 1

Shri Kamal Kishore President (co-ordination)

Shri R.S.Doshi Executive President (Finance)

Shri R.K. Vaishnavi Executive President (plant)

Shri P.M. Intodia Joint President (Marketing)

Shri Vijay Kumar Sr. Vice President (Process and Quality Control)

Shri Ajay Kumar Jain Vice President (Production)

Shri M.P. Joshi Vice President (Electrical)

Shri. O.P. Moondra Vice President (Instrumental)

Shri A.S. Thakkur Vice President (Store)

Prahlad Kushwaha 31
Shri P.K. Agrawal Vice President (Purchase)

Unit 2

Shri B.P.Jain President (Technical)

Shri V.K.Bhandari Executive President (Commercial)

Shri Rakesh Sharma Joint President (Personnel and Administration)

Shri S.K.Tiwari Sr Vice President (Mines)

Shri Arvind Kumar Jain Vice President (Mechanical)

KEY ACTIVITIES OF PERSONNEL DEPARTMENT

Recruitment and selection

Induction

Training and Development

Performance appraisal

Promotion

Administration of contract labour

Industrial relations

Event management

Canteen upkeep

Grievance handling

Transportation upkeep

Estate Management

Hospital administration

School/College management

Thrift / Co-operative society management

Prahlad Kushwaha 32
Yoga & Naturopathy centre administration

Guest house/ recreation centre management

Handling legal cases

Safety & security

Structural Chart of Personnel & Administration Department

Rakesh Sharma
Joint President (P&A)

H.P.Tiwari
(VP P&A Admin.)

G.K.Awasthi
Sr.Mgr.
(Finance).)

B.K.Dwivedi
Paras C. Jain
Dy Mgr.(Adm.)
Mgr. (Adm.)

B.L .Agrawal
Mgr.(Welf)
O.P.Gautam
R.P.Tiwari
Prahlad Kushwaha Mgr (Admn) 33
Mgr(Admn.)
Prahlad Kushwaha 34
 CHAPTER-III

REVIEW OF LITERATURE

Prahlad Kushwaha 35
REVIEW OF LITERATURE:

Financial ratios are important to analysts due to conquer the little meaning of typically numbers.
Thus, ratios are intended to provide meaningful relationship between individual values in the
financial statement (Reilly, Brown, 2006). Because the major financial statement report numerous
individual items, it is possible to produce a vast number of potential ratios, many which will have
little value.
A single number from a financial statement is of little use, an individual financial ratio has a little
value except in relation to comparable ratios for other entities. That is, only relative financial
ratios are relevant. A firm’s performance relative can be compared by the aggregate economy; or
by its industries; or by its past performance (Reilly, Brown, 2006).

In the prior literature cash flow analysis are examined mainly for two reasons. First reason is to
explore whether cash flow components carry information about financial health of a company and
to use that information to derive firms’ life cycle stages. Second reason is to analyze the value
relevance of operating, investing and financing cash flows versus the value relevance of earnings
and accruals.

To start with, Gentry et al. evaluates the contributions of cash flow components to identify
financial health of a company. The researchers state that, if a company’s cash flows from
operations (CFO) increase, the financial and credit health of the firm would also increase as the
firm would less likely to need borrowing and cash interest expense. Contrarily, if a company’s
CFO declines, it would be more likely to use interest bearing debt to finance its plans and
investments. They employ Helfert approach to analyze cash flow components and observe that,
firms with high CFO and cash outflow from investing activities would also likely to have low
credit risk. The results also show that, CFO has more information content than investing and
financing cash flows in explaining financial success or failure of a firm.

Dickinson examines the cash flow patterns as a proxy for firm life cycle that is derived from
accounting information. The researcher indicates that cash flow patterns supply a rigid and robust

Prahlad Kushwaha 36
indicator of firm life cycle stage and allows researchers to evaluate a firm’s current performance
as well as predicts its future performance according to firm’s current life cycle stage. In this
respect, Dickinson divides life cycle of firms into 5 phases namely introduction, growth, maturity,
shake out and decline. The classification of life cycle stages are constituted by using firm’s
operating, investing and financing cash flows in which firm life cycle is completely separated
from firm’s age. The researcher uses life cycle proxy in order to assess the economic, market and
accounting behavior of firms within each life cycle stage and develops a method for identifying
firm life cycle using the combination of cash flow patterns. First, Dickinson makes an ex ante
assumption considering a uniform distribution of life cycle stages across firms and uses the sign
of the net operating, investing and financing cash flows and determines eight possible cash flow
patterns combinations. The study uses NYSE, AMEX and NASDAQ firms in determining the
sample for the 1989-2005 period. Dickinson demonstrates several variables such as profitability,
stock returns, financial leverage, risk, tax rates, dividend payments, age and size which have a non
linear relationship with firm life cycle. The researcher conducts profit analysis to explain how
these variables are related to life cycle and uses life cycle proxy to assess profitability in the
financial statement analysis.

Dickenson conducts profit model to evaluate life cycle stage with respect to thirteen variables
covering return ratios, earnings per share, sales and dividend payments. The researcher further
determines a base model, where changes in return on net operating assets are regressed as a
function of current profitability and lagged profitability. In the analysis, Chow test is conducted
on the full sample versus life cycle stage subsamples in order to measure whether the coefficients
in the separate subsamples are equal across life cycle stage. As a conclusion it is found that, the
structural shift among life cycle stages is significant. It is further observed that, incorporating
information about firm life cycle improves the explanatory power of future profitability.
Specifically, current and past profitability, growth in net operating assets and the changes in asset
turnover have significant effect in explaining future profitability. Consequently the results show
that, cash flow patterns are robust indicators of firm life cycle stages.

Gort and Klepper defines the life cycle stages as introductory stage-where an innovation is first
produced, growth stage-where the number of producers increases dramatically, maturity stage-

Prahlad Kushwaha 37
where the number of producers reaches a maximum, shake out stage-where the number of
producers begins to decline and decline stage in which there is nearly zero net entry. Inspired by
Gort and Klepper’s definition of life cycles, Dickinson demonstrates that in the introduction stage,
net operating cash flows are negative since firms are initially learning their cost structures and
operating environments. Investing cash flows are also negative because of managerial optimism
that investment opportunities are growing. In this stage financing cash flows are expected to be
positive since they borrow from creditors or issue stock. In the growth stage, operating cash flows
would be positive since firm’s main purpose is to maximize their profit margins. Investing cash
flows as well as financing cash flows are also expected to be positive since firms continue to
invest and finance their investment in order to grow more. In mature stage, operating cash flows
are still positive although profitability decreases. Meanwhile, financing and investing cash flows
are negative since the firm invests to maintain capital rather than to grow and to service its debt
rather than to acquire new financing. In the shakeout stage, cash flow expectations are ambiguous
and hence cash flows from operating, financing and investing can be either positive or negative.
Finally, in the decline stage, operating cash flows are expected to be negative and investing cash
flows are expected to be positive since firms are aimed to liquidate their assets and finance their
operations as well as service their debt. However, firms in this stage may also seek for additional
funds to downturn their position so that the sign of financing cash flows is indeterminable.

According to Myers, in early life cycle stages, growth opportunities are a larger component of
firm value, whereas in later stages assets in place become the largest component. As a result
Black observes that, at least one of the components in cash flow statements (operating, financing
and investing) is useful in explaining stock returns in each firm life cycle stage. The researcher
further demonstrates that, the value relevance of a particular cash flow component depends on the
life cycle stage of the firm.

Prahlad Kushwaha 38
 CHAPTER-IV

OBJECTIVES OF THE STUDY

Prahlad Kushwaha 39
OBJECTIVES:

The main objective of the study is to apply theoretical concepts to the practical situations
of MAIHAR GOLD CEMENT so as to compare and correlate the actual achievements with a
theoretical conclusion.
The main objectives of the study are:

 To know the extent to which MAIHAR GOLD CEMENT is efficiently utilizing its
sources to its operations.

 To study the efficiency of overall operations.

 To analyze the financial position of the MAIHAR GOLD CEMENT.

 To understand the capital structure of the MAIHAR GOLD CEMENT through calculating
of leverage ratios.

 To know the profitability of the MAIHAR GOLD CEMENT through calculation of

profitability ratios.

 To give appropriate suggestions to the best performance of the organization.

Prahlad Kushwaha 40
 CHAPTER-V

RESEARCH METHODOLOGY

Prahlad Kushwaha 41
 RESEARCH METHODOLOGY

RESEARCH
Research is a process in which the researcher wishes to find out the end result for a given
problem and thus the solution helps in future course of action. The research has been defined as
“A careful investigation or enquiry especially through search for new fact in any branch of
knowledge”.

RESEARCH METHODOLOGY
Research methodology is a systematic and scientific method to know the truth and reality
behind phenomena. Research methodology is the way to systematically solve the problem. When
we talk about research methodology we not only talk about the research method but we also
consider the logic behind methods we use in the context of our research study and explain why, we
use a particular method or technique and why we are not using other, so that research result are
capable of being evaluated either by the researcher himself or the others.

The aim of result is a process recording and analyzing the critical and relevant facts about
the problem in any branch of human activity.

METHODOLOGY:

The efficiency of cash flow statement in Birla Cement over the years has been analyzed with the
help of following techniques and approaches:

1) OPERATING CYCLE APPROACH:

The normal operations of a manufacturing and trading company start with cash, go through the
successive segments of the operating cycle, viz, raw material storage period, conversion period,
finished goods storage period and average collection period before getting back cash along with
profits. The shorter the duration of the operating cycle period, the locking up of funds in current

Prahlad Kushwaha 42
assets is for a relatively short duration. Thus, operating cycle period has been calculated for four
years and the operating cycle period for the current year has been compared with the previous
years to know whether the period has increased or decreased over the years. To provide a better
view, each segment of operating cycle period is compared over the years to get a picture of
management of working capital management in the division.

2) RATIO ANALYSIS
Despite the usual limitations associated with ratios, ratio analysis is still popular for analyzing the
financial statements of business entities. This is mainly attributable to the simplicity in calculation
and indication of the direction in which the entity is moving. Thus various working capital ratios
have been calculated for the various years and compared to gauge the efficiency of working
capital management in the Cement division of Birla Corporation Ltd.

RESEARCH DESIGN:
Research design is a frame work or plan for a study that guides the collection and analysis of the
data. The controlling plan for a marketing research study in which the methods and procedures for
collecting and analyzing the information to be collected is specified. A plan for collecting and
utilizing data so that desired information can be obtained with sufficient precision or so that a
hypothesis can be tested properly.

SOURCES OF DATA:

PRIMARY DATA
Primary data refers to the data which is collected for the first time from the origin. It is the first
hand information. The input related to cash flow statement has been obtained from the inventory
stores located at cement plant (Birla Group). Some data and information related to working
capital management has been obtained from the finance and accounts department of the division.
The data so received are also collected from the management.

Prahlad Kushwaha 43
SECONDARY DATA
Secondary data refers to the data which are already in existence. These are second hand
information. The data required for making a comparative study are collected from annual reports
available on internet and published sources. The data required for the application of quantitative
tools and techniques for monitoring the efficiency of ratio analysis has been extracted from the
annual report presented in year 2012-2013 and 2013-2014.

Prahlad Kushwaha 44
 CHAPTER-VI
DATA ANALYSIS & INTERPRETATION

Prahlad Kushwaha 45
 ANALYSIS OF RATIO ANALYSIS
Ratio analysis in MAIHAR CEMENT
Liquidity ratios:
Current assets
Current ratio= -------------------------------------------
Current liabilities
TABLE SHOWS YEAR WISE CURRENT RATIO
(Rs. In Crores)
Particulars 2008-09 2009-10 2010-11 2011-12 2012-13
Inventory 1216.45 1203.24 1761.15 3215.28 2451.52
Sundry debtors 165.65 216.80 93.41 191.27 181.18
Cash & bank 5621.70 7194.68 7699.11 6624.17 5415.54
Other Assets 184.36 314.48 292.43 258.91 137.40
Loans & advances 1063.84 1518.90 1958.49 1569.69 1365.02
Current assets 8252.00 10448.10 11804.60 11859.32 9550.66
Current liabilities 1587.86 2104.30 3191.62 4181.32 4307.84
Current ratios 5.20 4.97 3.70 2.84 2.21

INTEPRETATION:
 The current ratio during the study period that is from 2 to 2012-2013, it has been
observe that ,in the year 2008 to 2009 it is very high that is 5.20.
 The current ratio has been decreasing, but the company is able to maintain higher
current ratio than that of ideal ratio.
 As the current ratio is higher than the ideal current ratio, the liquidity position is said
to be good.

Prahlad Kushwaha 46
ABSOLUTE LIQUID/ CASH RATIO:

ABSOLUTE ASSETS
Absolute liquid/ cash ratio: --------------------------------------
CURRENT LIABILITIES

TABLE SHOWING YEAR WISE ABSOLUTE LIQUID RATIO

(Rs. in crores)
Particulars 2008-09 2009-10 2010-11 2011-12 2012-
13
Cash & bank 5621.70 7194.68 7699.11 6624.17 5415.54
Absolute Assets 5621.70 7194.68 7699.11 6624.17 5415.54
Current liabilities 1587.86 2104.30 3191.62 4181.32 4307.84
ABSOLUTE 3.5 3.42 2.41 1.58 1.26
LIQUID RATIO

INTERPRETATION: Ideal Ratio 0:5:1

The absolute liquid/ cash ratio of PRISM CEMENT is more than the ideal ratio. It means
the company is enjoying high liquidity and secured position.

Prahlad Kushwaha 47
LEVERAGE RATIO:

Outsider’s funds
Debt Equity Ratio =----------------------------------------
Shareholders’ funds

TABLE SHOWING YEAR WISE DEBT EQUITY RATIO

(Rs. in crores)
particulars 2008-09 2009-10 2010-11 2011-12 2012-13
Secured loans 173.87 604.45 332.78 907.72 407.28
Unsecured loans 369.44 312.51 107.95 100.04 825.27
Outsiders funds 543.31 916.96 440.73 1007.76 1233.55
Shareholders funds 8173.7 9538.2 11481.04 12419.91 12885.00
Debt equity ratio 0.13 0.19 0.08 0.16 0.19

14000
12000
10000
8000
Outsiders funds
6000 Shareholders funds
4000
2000
0
2008-092009-102010-112011-122012-13

INTERPRETATION:
 Company is less dependent on outsiders funds.
 Its capital base is high and strong.
 It can be concluded that the company is maintaining less percent of debt in its capital
structure.

Prahlad Kushwaha 48
INTEREST COVERAGE RATIO:

EBIT
Interest coverage ratio=---------------------------------------
FIXED INTEREST

TABLE SHOWING YEAR WISE INTEREST COVERAGE RATIO

(Rs. in crores)

PARTICULARS 2008-09 2009-10 2010-11 2011-12 2012-

13
EBIT 1920.57 2270.76 3026.93 2114.06 1325.20
Fixed interest 31.06 48.42 31.57 88.14 19.76
Interest Coverage Ratio 61.83 46.90 95.88 23.99 67.06

INTERPRETATION:
 Company’s Interest Coverage Ratio is very high and extraordinarily satisfactory.
 It indicates that greater ability of the firm to handle fixed charges.
 High interest coverage ratio does not indicate unutilized debt capacity in case of
Birla gold, since the company is having its own funds.

Prahlad Kushwaha 49
PROPRIETARY RATIO:

Share holders funds

Proprietary ratio=-----------------------------------------
Total assets

TABLE SHOWING THAT YEAR WISE PROPRIETARY RATIO

(Rs.in Crores)

PARTICULARS 2008-09 2009-10 2010-11 2011-12 2012-

13
Share holders funds 7827.31 7827.31 7827.32 7827.32 7827.31
Total assets 1051.99 12835.8 15276.51 17733.43 18523.21
Proprietary Ratio 78% 74% 75% 79% 42%

INTERPRETATION:
 Proprietary ratio is a test of long term financial position.
 Except for the year2012-13, all other years showing higher ratio, this indicates sound long
term financial position.
 It is also indicating the sufficient use is being made of equity to finance the business.

Prahlad Kushwaha 50
SOLVENCY RATIO:
Total Liabilities of outsiders
Solvency ratio =-------------------------------------------
Total assets

TABLE SHOWING YEAR WISE SOLVENCY RATIO:

(Rs. In Crores)

PARTICULARS 2008-09 2009-10 2010-11 2011-12 2012-13

Secured loans 173.87 604.45 332.08 907.72 407.28
Unsecured loans 369.44 312.51 107.95 100.04 825.27
Total liabilities to 543.31 916.96 440.73 1007.76 650.58
outsiders
Total assets 10511.00 12835.8 15276.51 17733.43 18522.96
Solvency ratio 5.1% 7.1% 2.8% 5.68% 3.51%

INTERPRETATION:

 Solvency ratio of PRISM CEMENT ltd during the year 2008-09 is high as compared to
other years.
 It solvency ratio is stable for last three years. It indicates the the solvency position of
PRISM CEMENT ltd is more satisfactory.

Prahlad Kushwaha 51
FUNDED DEBT TO TOTAL CAPITALIZATION:

FUNDED DEBT
Funded Debt To Total Capitalization =--------------------------------------
TOTAL CAPITALIZATION

TABLE SHOWING YEAR-WISE FUNDED DEBT TO TOTAL CAPITALIZATION

RATIO (Rs. in crores)

Particulars 2008- 2009-10 2010-11 2011-12 2012-13

09
Secured loans 173.87 604.45 332.78 907.72 407.28
Unsecured loans 369.44 321.51 107.95 100.04 825.27
Funded debt(A) 543.31 916.96 440.73 1007.76 1232.55
Total Funds (B) 8173.70 9538.20 11481.04 12419.91 12885
Total capitalization 6.60% 9.60% 3.80% 8% 9.50%

INTERPRETATION:
 During the year2012-13, the funded debt to total capitalization is 9%.It is high as
compared to other periods but in the real sense it is quite low.
 There is enough scope for the company to raise long term loans from outsiders

Prahlad Kushwaha 52
 CHAPTER-VII
FINDINGS & SUGGESTIONS

Prahlad Kushwaha 53
 FINDINGS AND SUGGESTIONS

The financial analysis of Birla Gold Cement by the use of various techniques i.e. Ratio,
Cash flow analysis shows that:

1) The liquidity position of the company is excellent.

2) The company is zero debt/low debit company.
3) The net worth of Birla Gold Cement is satisfactory
4) It is noted that the inventory level is increasing.
5) The profitability ratio is in decline state
6) Liquidity position of Birla Gold Cement is very good.
7) The company has accumulated funds which are available for expanding business
operations and expansion works.
8) Security to share holders is evisaged

SUGGESTIONS

The following suggestions will improve the financial position of the Birla Gold Cement.

PRODUCTION

1) Need for continuous up gradation of technology for improving the processes.

2) Effort should be made at cost savings particularly in spares and energy
consumption.

FINANCE
1) Improving financial leverage ratio for better returns.

PERSONNEL:
1) Rationalization of existing man-power with effective training for future expansion
of the plant.
2) Providing better motivation.

Prahlad Kushwaha 54
 CHAPTER-VIII
LIMITATIONS

Prahlad Kushwaha 55
 LIMITATIONS

As an outsider, getting confidential data is not possible, so the data which has been used here for
research has taken either from web resources or the approximate figures has been used.

Company does not show their data because many things were confidential and can’t be shown to
everyone.

Prahlad Kushwaha 56
 CHAPTER-IX

Prahlad Kushwaha 57
CONCLUSION

An attempt has been made in the project to study and analyze various aspects of ratio analysis in
Birla Gold Cement. All the division are efficiently managing its working capital especially in the
recent two years, there have been a lot of improvement in the management of working capital. A
careful attention has been given by the executives in enhancing the efficiency in ratio analysis.

The company has adequate sources of finance to meet its short term obligations. The combined
interpretation of liquidity ratio’s indicate that interest of short term creditors is well protected by
adequate solvency and liquidity in the firm.

The shortening of operating cycle during the period of study indicates not only efficiency in the
management of working capital but also efficiency in production and distribution system, logistic
and delivery system prevailing in the organization.

In the context of the present highly competitive market it is necessary that the division keeps on
identifying new areas and work on it for improvement in ratio analysis. More advanced and
efficient method of managing different component of current asset should be worked upon.

Prahlad Kushwaha 58
 CHAPTER-X
REFERENCES

Prahlad Kushwaha 59
 REFERENCES

BOOKS:

1. Financial Management: Theory & Practice (4th Edition)

Eugene F. Brigham and Michael C. Gerhardt

2. Elements of Management Accounting Leslie Chadwick

3. Principles of Corporate Finance (7th Edition)

Richard Berkley Stewart Myers

4. Accounting & Finance for Managers

Barry J. Cooper

WEBSITE:
www.maiharcement.com
www.google.com
www.bing.com ( Analysis and formulas )

Prahlad Kushwaha 60
Prahlad Kushwaha 61