SUMMER INTERNSHIP PROJECT

At

Indian Rayon
(A unit of Grasim Industry Limited)
On
“Descriptive Analysis of Share Capital “
Submitted To:

NARANDAS JETHALAL SONECHA MANAGEMENT & TECHNICAL INSTITUTE

(IN PARTIAL FULFILLM`/ENT OF THE REQUIREMENT OF MASTER OF BUSSINESS ADMINISTRATION)
Under

Faculty Guide Company Guide

PROF. DHARA ABHANI MR. R. C. SHARMA

Submitted By
SONIKA K. AHUJA
(168170592001)
MBA SEM: III
 Index
SR. NO. PARTICULAR
1. FOUNDER OF ADITYA BIRLA NUVO LIMITED
2. INTRODUCTION OF COMPANY

3. VISION- MISSION – VALUES

4. VALUE OF THE COMPANY

5. CORPORATE SOCIAL RESPONSIBILITY

6. DEPARTMENT OVERVIEW

7. SHARE CAPITAL OF ABNL

8. TYPES OF SHARE

9. BENEFITS TO SHARE HOLDERS

10. SERVICES TO SHAREHOLDERS

11. EMPLOYEE STOCK OPTION

12. SWOT ANALYSIS

13. LITERATURE REVIEW

14. RESEARCH OBJECTIVES

15. RESEARCH METHODOLOGY AND DATA ANALYSIS

16. DATA ANALYSIS AND INTERPETATION

17. FINDINGS
18. SUGGESTION

19. LIMTATIONS

20. CONCULATION
21. BIBLIOGRAPHY
FOUNDER OF ADITYA BIRLA NUVO LIMITED
Aditya Vikram Birla (14 November 1943 – 1
October 1995), was an Indian industrialist.
Born into one of the largest business families
of India, Birla oversaw the diversification of his
group into textile, petrochemicals and
telecommunications.

He was one of the first Indian industrialists to

expand abroad, setting up plants in south East
Asia, the Philippines and Egypt, among other
places. His unexpected death at the age of 52
left his young son (Kumar Mangalam Birla) in
charge of his group of companies and much
doubt about whether it would survive him.
These doubts however proved unfounded as
his company has enjoyed success and so his
legacy of philanthropist activities.
 Introduction of Company
There are 3 plant in Aditya Birla Nuvo Limited. Which are as
follows:-
Rayon: -
Indian Rayon Manufacturers Viscose Filament Yarn (VFY) which is
used in georgette and crepe sarees, upholstery, suit linings etc. VFY is
made from 100% natural soft wood pulp and offers the comfort of
cotton and the sheen of silk.

Caustic Soda Plant: -

Caustic soda being one of the major inputs for producing Rayon
a modern Membrane Cell Technology Chlor-Alkali Plant has
been installed and commissioned in the year 1997. The Caustic
Plant is integrated with Power Plant & Rayon Plant. Caustic
Soda Plant is highly Power intensive & integration with Power
Plant provides multiple advantages.

Insulators: -
Insulators are used in power generation, transmission
and distribution. Global clientele of Aditya Birla
Insulators includes ABB, Areva, Siemens, leading power
utilities, Power Grid Corporation of India etc.
 VISION – MISSION – VALUES

VISION MISSION VALUES

• "To be a • To deliver • Integrity

premium superior value • Commitment
global building to our • Passion
leadership in customer,
• Seamlessness
businesses and shareholders ,
createating employees and • Speed
value for all society at large
stakeholders "
 Values of the Company

 Integrity:

We define Integrity as honesty in every action. We shall act and take decisions in a manner that these are fair, honest and
follow the highest standards of professionalism. ‘Integrity’ shall be the cornerstone for all our dealings, be it with our
customers, our employees, suppliers, our partners, shareholders, the communities we serve or the government.

 Commitment:

On the foundation of Integrity, we see Commitment as doing whatever it takes to deliver as promised. Each one of us shall
take ownership for our own work, teams and the part of the organization we are responsible for. Through this value we shall
build an even sharper results oriented culture that is high on reliability and accountability. Our commitment is likely to make
us a formidable leader and competitor in every market that we are in.
Passion:-
We define Passion as a missionary zeal arising out of an emotional engagement with work, which inspires each one to
give his or her best. All of us are expected to be energetic and enthusiastic in the pursuit of our goals and objectives. We
shall recruit and actively encourage employees with a ‘Fire in the belly’. With this Value, we hope to build a culture of
innovation and break-through thinking leading to superior customer satisfaction and value creation.

Seamlessness:

We understand Seamlessness as thinking and working together across functions, hierarchy levels, across business lines
and geographies. Each one of us shall demonstrate high level of teamwork through sharing and collaborative efforts and
garner the synergy benefits from working together. Before we can truly benefit from a borderless world, we need to build
a borderless organization. We visualize free flow of knowledge and information across the Company .

Speed:

We look upon Speed as responding to internal and external customers with a sense of urgency. We shall continuously
seek to crash timelines and ensure expeditious completion of our tasks. Through this Value we hope to build an agile and
proactive organization that is prompt to respond to the present and future needs of our customers. All these Values
together form our core ideology. They are all equally important and no Value will take precedence at the cost of the
other.
 Corporate social responsibility policy
 In accordance with the notification issued by the Ministry of Corporate Affairs’ dated 27th February 2014 under Section 135 of the Companies
Act 2013, the Company’s Corporate Social Responsibility (CSR) is enunciated.
 The Company CSR policy was outlined in 2010 in the Companies’ Annual Reports and on its website.
 In Education, our endeavor is to spark the desire for learning and knowledge at every stage through.
 Formal schools
 Balwadis
 Quality elementary education
 Aditya Bal Vidya Mandirs
 Girl child education
 Non-formal education
 Adult education programmes

 In Health care, our goal is to render quality health care facilities to people living in the villages and elsewhere through our
Hospitals.
 Primary health care centres
 Mother and Child care projects
 Immunization programmes with a thrust on polio eradication
 Programmes to address malnutrition.
 Anganwadi
 Adolescent health
 Department overview
There are four department in Aditya Birla Nuvo Limited which
are as flows: -

Production Department
Marketing Department
Human Resource Management
Finances Department
 Share Capital
Of
Aditya Birla Nuvo Limited
 Share Capital
• Share capital consists of all funds raised by a company in exchange for
shares of either common or preferences Share of stock. The amount of
share capital or equity financing company has can change over time.
• A company that wishes to raise more equity can obtain authorization to
issue and sell additional shares, thereby increasing its share capital.
• A company's share capital is the money that shareholders invest to start
or expand the business.
• Share capital is the money invested in a company by the shareholders.
• Share capital is a long-term source of finance .In return for their
investment, shareholders gain a share of the ownership of the company.
 Share Capital of Aditya Birla Nuvo Ltd.

• Aditya Birla Nuvo Ltd. have authorization of Equity Share Capital and
Preferences Share Capital.
• From year 2014 Aditya Birla is only issuing equity share capital.
• The company have issued fully convert able/ non-convertible debentures
at varies time
• Th major part of the capital includes Fully convertible debentures GDR
(Global Deposit receipts) and debentures.
• Our capital being reduces at the time of merger/ demerger
• At the time of merger/demerger some part of our capital being transfer to
demergered company and that company issue shares to our shareholders
so that our shareholder should get benefits.
• Major part of the capital was reduces in the year1990 at the time of
demerger of cement business and there after merger of garment business
and now in the year 2017 at the time of fully merger of the company in
Grasim Industries Ltd.
Types of Share
PREFERENCES SHARE CAPITAL
• Preference shares allow an investor to own a stake at the issuing company with a condition that whenever the company
decides to pay dividends, the holders of the preference shares will be the first to be paid.
• Dividend payment of the preference shareholders is fixed and if somehow company liquefies, the owners of the
preference shares will be the first one to get their money back after the company has paid back its debt.

Types of Preferences Shares

 Cumulative Preferences Shares

 Non- Cumulative Preferences Shares
 Participating Preference Shares
 Non-participating Preference Shares
 Redeemable Preferences Shares
 Irredeemable Preferences Shares
 Convertible Preference Shares
 Non-convertible Preference Shares
EQUITY SHARE CAPITAL

• The capital of a company is divided into shares. Each share forms a unit of
ownership of a company and is offered for sale so as to raise capital for
the company.
• Equity shares give their holders the power to share the earnings/profits
in the company as well as a vote in the AGMs of the company. Such a
shareholder has to share the profits and also bear the losses incurred by
the company.
• Equity shares are the main source of finance of a firm. It is issued to the
general public. Equity shareholders do not enjoy any preferential rights
with regard to repayment of capital and dividend. They are entitled to
residual income of the company, but they enjoy the right to control the
affairs of the business and all the shareholders collectively are the
owners of the company.
Types of Equity Share Capital

Authorized Share Capital

Types of Equity Share Cpaital

Issued Share Capital

Types of Equity Share Cpaital

Subscribed Capital

Paid-up Capital

Reserve Capital
 Share Capital of Aditya Birla Nuvo Ltd.
Rs in Crores
Share Capital Numbers 31st March 31st March
2016 2015

Authorized Share Capital:

Equity Share Capital of 10 Each 175000000 175 175
(1750000000)
Redeemable Preferences Shares of 100 Each 500000 5 5
(500000)
Issued Share Capital:
Equity Shares of 10 Each 130279180 130.28 130.28
(130279180)
Subscribed and Paid-up Share:
Equity Share Capital
Equity Shares of 10 Each 130222858 130.22 130.14
(130137193)

 Reconciliation of the number of shares outstanding at the beginning and at the end of the period

Sr. Description As at 31st March,2016 As at 31st March,2015

No.
1 No. of Shares outstanding at the beginning of the 130,137,193 ___ 130,084,972 10,000
period
2 Allotment of Shares on exercise of option by 85,665 ___ 52,221 __
employee under ESOS
3 Redemption of Preference Shares0 ___ ___ ___ 10,000

4 No. of Shares outstanding at the end of the period 130,222,858 `___ 130,137,193 __
Equity Shares in the Company held by each shareholder
holding more than 5 per cent shares and the number of
equity shares held areas under:
Sr. Name of Share Holders As at 31st March,2016 As at 31st March,2015
No.
1 IGH Holdings Private Limited 16,352,102 12.56% 16,352,102 12.57%

2 TGS Investment and Trade Private Limited 14,671,037 11.27% 13,506,736 10.38%

3 Umang Commercial Company Private Limited (formerly

known as Umang Commercial Company Limited) 12,494,765 9.59% 12,494,765 9.60%

4 Trapti Trading & Investments Private Limited 9,423,935 7.24% 9,423,935 7.24%

5 Hindalco Industries Limited 8,650,412 6.64% 8,650,412 6.65%

6 Turquoise Investments and Finance Private Limited 6,885,421 5.29% 6,441,092 4.95%

7 Life Insurance Corporation of India 6,065,284 4.66% 7,276,236 5.59%

Pursuant to the provisions of Section 126 of the Companies Act,
2013, the issue of following equity shares are kept in abeyance.

Sr. Particular No of Share

No.
As at 31st As at 31st
March,2016 March,2016

1 Rights Issue (1994) 12,575 12,575

2 Bonus Share on Above 6,288 6,288
3 Rights Issue (2007) 22,460 22,460
The year under review, your Company had a capital infusion of Rs. 702.45
Crore issue of 5.575 Crore equity shares of Rs.10/- each at a premium of
Rs.116/- per on rights basis to the existing shareholders of the Company
as detailed below:

Year Date Of Allotment No.Of equity Shares Face Value Of Premium Amount Total
Equity Shares (in per Equity Shares
Amount (Rs in
Rs) (in Rs)
Cores)
1 17.11.2015 100,00,000 10 116 126.00
2 29.12.2015 40,00,000 10 116 50.40
3 09.02.2016 80,00,000 10 116 100.80
4 24.02.2016 70,00,000 10 116 88.20
5 03.03.2016 80,00,000 10 116 100.80
6 29.03.2016 187,50,000 10 116 236.25
Total 557,50.000 702.45
BENEFITS TO SHAREHOLDERS

There are different types of benefits provided to shareholders which

are as follows: -

1. Dividend Distribution Policy

• As per the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, the
Company is required to formulate and disclose its Dividend Distribution Policy.
• Accordingly, the Board of Directors of the Company (‘the Board’) has approved this Dividend Distribution
Policy for the Company at its meeting held on 14th February, 2017.
• The objective of this policy is to provide the dividend distribution framework to the stakeholders of the
Company.
• The Board of Directors shall recommend dividend in compliance with this policy, the provisions of the
Companies Act, 2013 and Rules made thereunder and other applicable legal provisions.
Factors to be Considered for Dividend Payout

The Board will consider various internal and external factors, including but not
limited to the following before making any recommendation for dividends:
Stability of earnings
Cash flow from operations
Future capital expenditure, inorganic growth plans and reinvestment opportunities
Industry outlook and stage of business cycle for underlying businesses
Leverage profile and capital adequacy metrics
Overall economic / regulatory environment
Contingent liabilities
Past dividend trends
Buyback of shares or any such alternate profit distribution measure
Any other contingency plans
Bonus Share

• Bonus shares are additional shares given to the current shareholders

without any additional cost, based upon the number of shares that a
shareholder owns. These are company's accumulated earnings which
are not given out in the form of dividends, but are converted into free
shares.
• Aditya Birla Nuvo Ltd had issued Bonus Shares in the year 1979 and
1999 in the ratio of
• 4:1 and 2:1 respectively. i.e. If a shareholder holding 4 shares he will
be provided 1 share
• Surplus and paid dividend of total 5shares.
Right Shares
• A rights offering (issue) is an issue of rights to a company's
existing shareholder that entitles them to buy additional shares directly from
the company in proportion to their existing holdings, within a fixed time period.
In a rights offering, the subscription price at which each share may be
purchased is generally at a discount to the current market price. Rights are
often transferable, allowing the holder to sell them on the open market.
• Aditya Birla Nuvo Ltd. has issued following Right Shares which information is
given below: -
Sr. Year of Issue Premium Price
No.

1 1982 20
2 1983 28
3 1987 40
4 1994 190/160
5 2006 793
 SERVICES TO SHAREHOLDERS

Transfer of Share
Deletion of Name
Transmission of Shares
Payment of Dividend
Change of Address
Dement of Shares
Employee Stock Option - ESO
An employee stock option (ESO) is a stock option granted to specified employees of a
company. ESOs offer the options holder the right to buy a certain amount of company shares
at a predetermined price for a specific period of time. An employee stock option is slightly
different from an exchange-traded option, because it is not traded between investors on an
exchange.
 SWOT Analysis

STRENGTH
• Yarn produce here is of quality then also management analyse tries to increase the quality of yarn to fulfil
their potential customer and new ones.
• Better pacing, carriage and transportation system with all modern equipment and good system.
• Division also have continuous spanning yarn department in which the modern technology is used for the
spinning the yarn and its adopted for Germany.
• ISO 9002 for the better quality of production carries division.

WEAKNESS
• Cost of production is more due to existence of very old technology installed in this division.
• Many process step and process is more sensitive to normal process variation.
• Division is unable to pay more attention toward proper human recourse management.
OPPORTUNITY
• Division should find new market is for its products specially chemicals.
• More research activity should be done, as there is chance of finding new market.
• VFY use for certain textile items is specific and indispensable
• Enhance colour quality yarn
• Improvement in intrinsic quality of yarn and development of speciality yarn
THREAT
• Government policies are the main hurdles of the division’s performance.
• Emergence of cotton threads made the market share of rayon yarn low.
• Unregulated dumping of the product from china at lower cost has reduced the market share.
• The main raw material is wood pulp and due to strict rule by various government for forest cutting has
made raw material costly and in shortage.
 Literature Review

• Doron Nissim and Stephen H. Penman (2001), this research work envisages on Financial
Statement analysis and identifies that this analysis has traditionally been seen as part of
the Fundamental analysis required for equity valuation. This paper outlines a financial
statement analysis for use in equity valuation.
• Sanjay Sehgal and Meenakshi Gupta (2005) presents the survey which aims at providing
insights about the way technical traders operate in the financial market and the trading
strategies that they adopt. The survey covered institutional and individual technical
traders with a long and active trading record for the Indian market. In this study, also it is
observed that the sample respondents tend to use Technical analysis along with
Fundamental analysis for security selection.
• Thomas Oberlechner (2001) presents the findings of a questionnaire and an interview
survey on the perceived importance of Technical and Fundamental analysis among
foreign exchange traders and financial journalists in Frankfurt, London, Vienna and
Zurich. Foreign Exchange traders confirm that, out of both the forecasting approaches,
technical analysis is more prominent than the other.
 RESEARCH OBJECTIVES

The project is an attempt to seek an insight into the aspects that are involved
in the Share capital and financial decisions of the Company. This project
endeavors to achieve the following objectives.
• To study the Share capital of ADITYA BIRLA NUVO LIMITED through EBIT-EPS
analysis.
• To understand the means of financing for short term and long term financial
needs of the company.
• Infusion of funds by the promoter to strengthen the Balance Sheet and reduce
the Debt.
• Examining the financing trends in the ADITYA BIRLA NUVO LIMITED for the
period of 2012-16.
• Study effect of financing decision on EPS and EBIT of the firm.
 RESEARCH METHODOLOGY
Data related to Aditya Birla Nuvo Limited has been collected through the Investor Service Centre and Accounts
department of the division.

SECONDARY SOURCES:
• Published Annual Reports of the Company for the year 2012-2016.

PRIMARY SOURCES:
• Detailed discussions and guidance from R. C. Sharma.
• Discussions with the employees of Finance Department.

DATA ANALYSIS:
• The collected data has been processed using the tools of
• Ratio Analysis
• Graphical Analysis

Sample Size
• The sample of the study is 5000

These tools access in the interpretation and understanding of the Existing scenario of the Share Capital.
 DATA ANALYSIS AND INTERPRETATION OF RATIO
(RS IN CR.)
YEAR 2012-13 2013-14 2014-15 2015-16

A) RETURN ON EQUITY PAT 423.05 673 527.69 360.02

.95
• RETURN ON EQUITY = PAT/ NET WORTH *100 NET WORTH 6630 8107.74 8518.99 8559.22

• NET WORTH = EQUITY + RESERVES AND SURPLUS ROE 6.3 8.3 6.19 4.21
8 1

9 8.31
8
ANALYSIS:-
7 6.38 6.19 • Return on net worth has shown a consistent trend expect
6 for the expect for the financial year 2012-2013 which has
5 4.21 RETURN ON EQUITY
4
been the year of global turmoil.
3 • In 2013-2014 the return on net highest during the period of
2 four year
1
0
2012-13 2013-14 2014-15 2015-16
 B) MARKET PRICE OF THE SHARE
• Market value of the shares may be regarded as the most important measure for determining the
value of the holding of the shareholders. The shareholders of the company are interested in the
market price of the share rather than in the dividend income. Therefore, it is also some important
aspects for the company to increase the market price of the share of the company.
YEAR 2012 - 13 2013 - 14 2014 – 15 2015 – 16
ANALYSIS
MARKET PIRCE 643.64 783.59 1040.59 1204.98
In the above year price of are shares is
(HIGH) continuously increasing due to growth in
MARKET PRICE 624.85 760.72 1010.61 1166.59 earnings of the company and
(LOW)
improvement in the GDP the price of the
shares increased dramatically. Increase in
1400
1200
share price is an important aspect for the
1000 company as well as for shareholder.
800 MARKET PRICE (HIGH)
600 MARKET PRICE (LOW)

400
200
0
2012-2013 2013-2014 2014-2015 2015-2016
 C) DIVIDEND PER SHARE
• As the amount of the profit which has been distributed to the shareholders.
• The company dividend is dependent on the future growth prospects available for it various businesses. If there are avenue
available for investment or capital expansion which can provide better return and enhancing shareholders wealth, the companies
propose to retain the profits than distributing to its shareholders.
• However, there are many reason to the company to pay dividend. If company cannot pay dividend it may affect its market price
and adversely impact the investor.
8
YEAR 2012– 13 2013-14 2014- 15 2015- 16
6

DPS 6.5 7.0 7.0 5.0 DIVIDEND PER SHARE

4

0
2012-13 2013-14 2014-15 2015-16
ANALYSIS

Company has maintained a consistent dividend payout policy. The dividends of the company has been
increasing expect for the financial year 2013-2014, after that the dividend payout is constant to year
2014-2015, and the year 2015-2016 dividend payout is decrease. Dividend per share of the company is
going hand in hand with the increasing in reserve & surplus of the company.
 How punctual is Investor Service Centre of Aditya Birla Nuvo Limited in
sending you your Annual Reports??

Particular % of Shareholders % of Shareholders

Promptly 28%

On Time 60% 10% 2%

28%
Late 10%
Promptly

Very Late 2% On Time

Late
60%
Very Late

INTERPRETATION:
Here, this Pie Chart give idea that 60% shareholders get the reports on
time and 2% receives very late due to location of their city or town. But
they should can use Fast Courier Services to avoid very late situation.
Thus, other shareholders are being satisfied with the services.
  You may be occasionally visiting or telephoning Investor Services Centre. You find
hospitality and efficiency of the concerned persons attending you?

Particular % of Shareholders
% of Shareholders

Excellent 88%
0%
2%
10%
Good 10%

Satisfactory 2% Excellent
Good
Poor nil Satisfactory
Poor

88%

INTERPRETATION:
Almost each Shareholder is getting the Excellent response from the employees of Investor Services
Center. They are fully satisfied by the behavior and Services provided by them. That why the 88% of
Shareholders have feedback of excellent.
 Overall Rating for Investor Services Centre is???
Particular % of Shareholders
% OF SHAREHOLDERS
Good Poor
5% 0%
outstanding 83% Very Good
20%
Very Good 22%

Good 5%

Poor Nil

outstanding
75%

INTERPRETATION
By this chart we can see that overall performance of Investor Services Centre of Aditya Birla Nuvo Ltd
has been satisfactory to shareholder as they had reviewed 75% outstanding in their feedback of
shareholder have reviewed outstanding in their feedback. Quality of information from that as they have
reviewed.
 FINDINGS
• The following are the aspects which can be regarded as the most
important of the report.
• By comparing return on investment and return on equity, it can be
said that company has taken the advantage of leverage to increase
the value for the shareholders.
• Market value of the company increasing over the period of the time.
• Profitability ratio of the company has been fluctuating as the
company operates in various business and their performance is
dependent on a various factor which are not common.
 SUGGESTIONS

• It is suggested that the financial analysis and managers should

emphasize on the optimum level of Share capital and efficient
utilization and allocation of resources in order to increase the
company’s financial performance based on capital structure.
• For optimum use of capital structure, the short – term fund which is
more costly should not be used for long – term purposes.
• The company should learn to grow more profitability for the new age
growth businesses of the company which shows a tremendous top
line growth but bottom line is not improving in the same proportion.
 LIMITATIONS AND PROBLEMS FACED
• Annual report of Aditya Birla Nuvo Limited. This includes standalone financial
standalone financial statements and consolidated financial statement of Aditya
Birla Nuvo Limited of its various subsidiaries and joint ventures.
• Data analysis is done for ABNL for the financial year. No individual account of
Indian Rayon unit was available for analysis.
• Various information regarding unit was also not shared with trainee by company
due to their rules, regulation and policies and maintaining secrecy of the
company and following their terms and regulation.
• The capital structure of the various businesses in which it operates could not be
ascertained separately.
• Unfamiliarity with culture and department of the company was also becoming a
hurdle for producing efficient output for trainee.
 CONCLUSION
After the completion of industrial training in Aditya Birla Nuvo Limited I have learned a lot from
the management of the company. It was a memorable experience for me to visit this kind of
industry which is providing huge employment and runs many live hoods.

• The company has strong management and good corporate governance.

• Proper rules & regulation and standards procedures have been well defined to commence and
conclude the given tasks / work in a proper and efficient manner.
• The analysis made in this report makes it clear that certain parameters are showing that there has
been increase on the value of the shareholders due to consistent top – line growth across all its
business segments.
• The market price of the shares is not having much fluctuation in the market and the shareholders
are having proper benefits because of consistency`(Stable) in the market.
• The return on market price is fair one which markets it clear that the value of the shareholders
can be increase in the long run only.
• Company has leadership position on its businesses such as Agric, insulators and Rayon which
provides a competitive edge to grow better than the industry growth in which it operates.
Company has clear cut policies Business ethics, Product responsibility, well – being of employee,
Stakeholders management, Human right, Environment, Public policy, CSR and customer relation.
 BIBLIOGRAPHY
JOURNALS: -
• Annual report of an Aditya Birla Nuvo limited for the year:
• Abnl: 2012 – 2013, 2013 – 2014, 2014 – 2015,2015-2016
Books: -
Name of book author Publisher Edition
I M Pandey Financial Vikas Publication Third
Management Edition
Chandra Financial Tata McGraw Hill Second
Prasanna Management theory Edition
and Practice

Web reference: -Internet of Indian rayon unit,

www.adityabirla.com
www.moneyrediff.com
www.grasimindustryltd .com