Documente Academic
Documente Profesional
Documente Cultură
PROJECT REPORT
ON
PERCEPTION OF DEALERS AND CONTRACTORS ABOUT
THE SHREE ULTRA CEMENT
IN
Submitted To:
Submitted By:-
Virendra Singh
MBA 4TH SEM
DECLARATION
Date
VIRENDRA SINGH
MBA 4 th SEM
Place
CERTIFICATE
This is to certify that Mr. Virendra Singh student of MBA fourth semester of Mahatma
Gandhi College of Management, Jaipur, has completed his project report on the topic of
PERCEPTION OF DEALERS AND CONTRACTORS ABOUT THE
CONTENTS
Sr. No.
Particulars
Page No.
Preface
8-33
Cement-types
The Cement Industry Structure
Characteristic of Cement Industry
Major Demand Drivers
Major Players in Cement Industry
Cement Manufacturing
Business and Managerial Challenges
Risk and Return of Cement Companies
34-36
37-45
46-47
Objective of study
48-49
Scope of study
50-51
52-73
7
8
9
SWOT Analysis
74-75
10
76-77
11
78-79
12
Bibliography
13
Appendix
80-81
82-85
Prefece
Classroom teaching helps the student by making conceptual base clear, but on the
job training is a way, which helps the students to get the applied knowledge of the
concept. Normally the students are not aware of the actual requirement of practical
field, keeping in view this fact; project study has been established to make the
students acquainted of actual difficulties that are to be faced in the demanding
corporate sector.
Project Study at Shree Cement Ltd., has given me a great experience. I was
required to prepare a Project report on the topic PERCEPTION OF DEALERS
AND CONTRACTORS ABOUT SHREE ULTRA CEMENT. The managers
of marketing department helped me a lot to prepare this report.
( VIPIN GARG)
The
Cement
Industry
PROFILE
The Indian Cement industry dates back to 1914, with first unit were set-up at Porbandar with a
capacity of 1000 tones. Currently The Indian cement industry with a total capacity of about 170
m tones (excluding mini plants) in FY07-08, has surpassed developed nations like USA and
Japan and has emerged as the second largest market after China. Although consolidation has
taken place in the Indian cement industry with the top five players controlling almost 50% of the
capacity, the remaining 50% of the capacity remains pretty fragmented.
Per capita consumption has increased from 28 kg in 1980-81 to 115 kg in 2005. In relative terms,
Indias average consumption is still low and the process of catching up with international
averages will drive future growth. Infrastructure spending (particularly on roads, ports and
airports), a spurt in housing construction and expansion in corporate production facilities is likely
to spur growth in this area.
South-East Asia and the Middle East are potential export markets. Low cost technology and
extensive restructuring have made some of the Indian cement companies the most efficient
across global majors. Despite some consolidation, the industry remains somewhat fragmented
and merger and acquisition possibilities are strong. Investment norms including guidelines for
foreign direct investment (FDI) are investor-friendly. All these factors present a strong case for
investing in the Indian market.
Types of Cement
Cements are of two basic types- gray cement and white cement. Grey cement is used only for
construction purposes while white cement can be put to a variety of uses. It is used for mosaic
and terrazzo flooring and certain cements paints. It is used as a primer for paints besides has a
variety of architectural uses. The cost of white cement is approximately three times that of gray
cement. White cement is more expensive because its production cost is more and excise duty on
white cement is also higher. Shree cement does not manufacture white cement at present.
GREY
Portland
WHITE
Pozzolona
Cement (PPC)
Pozzolona used in the manufacture of Portland cement is burnt clay of flyash generated at
thermal power plants. PPC is hydraulic cement. PPC differs from OPC on a number of counts.
Pozzolona during manufacturing consumes lot of hydration heat and forms cementious gel.
Reduced heat of hydration leads to lesser shrinkage cracks. An additional gel formation leads to
lesser pores in concrete or mortar. It also minimizes problem of leaching and efflorescence.
10
Presently the total installed capacity of Indian Cement Industry is more than 175 mn tones per
annum, with a production around 168 mn tones. The whole cement industry can be divided into
Major cement plants and Mini cement plants.
Plants : 140
Mini plants were meant to tap scattered limestone reserves. However most set up in AP
11
REGIONAL DIVISION
North Punjab, Delhi, Haryana, Himachal Pradesh, Rajasthan, Chandigarh, J&K and
Uttaranchal
South Tamil Nadu, Andhra Pradesh, Karnataka, Kerala, Pondicherry, Andaman & Nicobar and
Goa
East Bihar, Orissa, West Bengal, Assam, Meghalaya, Jharkhand and Chhattisgarh, and
12
Indian Cement Industry is set to increase production capacity by 28.3 mt in FY09E, 41.4 mt in
FY10E and 18.9 mt in FY11E. This will take the aggregate installed capacity to ~288 mt. In
FY08, 21 mt of capacity was added. The Industry planned this massive capacity expansion of
108 mt because they had never seen such a good run till FY2006. During this period, the
capacity utilization rate of the Industry reached an all time high level of ~99% in FY08. In the
period FY05 to FY08, cement demand grew at a CAGR of 10.5% and average retail price
increased by a whopping 41% to Rs 230 per bag. Cement manufacturers made huge profits and
the Industry average per tonne of operating profits crossed Rs 1100. Driven by theses
profitability levels, average RoCE level of the Industry crossed the 25% mark.
13
Cement Industry is set to add ~89 mn tonnes of capacity between FY09-FY11E, which accounts
for ~48% of FY08 installed capacity. We expect ~21 mt of capacity addition in Q4FY09,
followed by 41 mt of additional capacity in FY10 and 18.9 mt in FY11. Of the new capacities, ~
41 mt (~50%) is expected to be commissioned in the South, followed by 13.3 mt (~16.4%) in the
North and 13 mt (16.1%) in the East.
14
15
over the next two years due to uncertain economic conditions and slowdown in real estate
construction activities. Cement demand will consequently grow by 8.7%, 7.6% and 8.9% in
FY09, FY10 and FY11 respectively.
It is believed that the capacity expansion program will only weaken the pricing power and
profitability of the companies in the future. In a scenario where oversupply is inevitable,
companies could try to increase their market share by decreasing their prices, leading to a
possible price war.
Economic Analysis
-Key Economic Indicators
17
World GDP, also known as world gross domestic product or GWP - gross world product,
calculated on a nominal basis, was estimated at $65.61 trillion in 2007 by the CIA World Fact
book. While the US is the largest economy, growth in world GDP of 5.6% was led by China
(11.9%) and India (7.2%)
18
Inflation worldwide
The recessionary pressures felt across the globe resulted in a massive decline in the
supply of money. This, in turn, affected commodity prices, resulted in low inflation rates
Higher degrees of inflation, particularly in two digits, will defeat all business planning,
lead to cost escalations and squeeze on profit margins. These will adversely affect the
performance of industry and companies.
19
Unemployment Rates:
20
Interest rates: the rate offered on overnight deposits by the Central Bank or other
authority
21
If interest rates increase across the board, then investment decreases, causing a fall in
national income.
This section describes the basic economic characteristics of the cement industry by following the
classical approach which consists of successively examining demand, supply and market
structure. On the basis of these characteristics are described the main economic stakes in the
sector.
Demand &Market
Demand in the cement industry is typically that of an activity which is mature, cyclical and with
low price elasticity. It is also characterized by a high degree of horizontal differentiation in terms
of location
Cement is a homogeneous product. Most of its sales concern about half a dozen commercial
varieties, of which Portland cement is by far the leader. No brand name exists, so that one
suppliers products can easily be substituted for another. Cement is, however, an experience
good; its quality is guaranteed by standards with which the supplier has to comply. These
standards are often national but in most cases the products of one country can easily be approved
in neighboring countries. Standards therefore do not constitute trade barriers as such, even if they
may hinder trade.
The demand for cement is geographically widely dispersed and corresponds roughly to
population density. Although cement is an upstream industry, it differs from other basic
industries such as aluminum, steel or glass, for which demand id concentrated both
geographically and in terms of the number of customers. In the cement industry demand is by, by
22
Supply
Two economic considerations are important a priori in structuring supply in a market
characterized by strong horizontal differentiation:
The trade-off between fixed costs and transport costs which, depending on the economic
size of the factories, gives an initial idea of the density of the network of production units
covering the territory, in relation to the density of demand.
The level of investment costs and the life-span of facilities which determine the rigidity
and the duration of the network.
23
Infrastructure & construction sector the major demand drivers. Some demand determinants
Economic growth
Industrial activity
Construction activity
Opportunities
central road fund established for national highways and railway over bridges to provide
the necessary impetus
Encouraging trend in demand due to pick-up in rural housing demand and industrial revival
25
ACC LIMITED
Being formed in 1936, ACC has a capacity of 22.40 million (0.53 million tonnes of Damodar
Cement and Slag and 0.96 million tonnes of Bargarh Cement). ACC Super is one of the
companys well established brands. It is planning to expand the capacity of its wholly-owned
subsidiary Damodar Cement and Slag at Purulia in West Bengal. This is aimed at increasing its
presence in the eastern region.
26
BINANI CEMENT
A fierce competition with a 2.2 MTPA plant is located at Binanigram, Pindwara, a village in
Sirobi in the state of Rajasthan. Its a tough nut player which is outside CMA (Cement
Manufacturers Association) and is prime reason for driving prices low in markets. Offers a good
quality product at cheap rates and has very good brand image. Sales are focused in the North
India, Gujarat and Rajasthan. It holds around 14% of the Rajasthan market.
S
An entrenched competitor that has brands across the price spectrum with JK Nembahera leading
the pack. Also operates in the white cement market with Birla as its only competitor. It lost
significant market when Ambuja came to Rajasthan.
Others
Other players like Shriram have insignificant share and are highly localized. Shriram has a small
presence and that too largely in southern Rajasthan. There are various mini plants operating too
which supply cheap cement which has no ISI certification and does not confirm BIS standards.
Quite often they are supplied in other established brands cement bags. L&T is a strong player
nationally and regarded as quality product. It has a footprint but not a foothold in Rajasthan
market
Cement Manufacturing
27
to
to
Raw Mill
and
silo
Fuels
28
at the
Burning
and
then
the
most
Cooler Units
29
air to
and
The
for
Filters
Dedicated electrostatic precipitators dedust the air and gases used in the Clinker Production Line
Process. In this way, 99.9% of the dust is collected before venting to the atmosphere. All dust
collected is returned to the process.
Constituents
Different types of cement are produced by mixing and weighing proportionally the following
constituents:
Clinker
Gypsum
Limestone addition
30
Cement market is highly competitive with major players having advantage of brand equity,
capacity and early movers. The major players are Binaani, Birla (with products like Birla Super
and Birla Chetak), Grasim (with products like Vikram and Birla Plus), Gujarat Ambuja, JK (with
products like JK Nimbahera), Laxmi, Mangalam (with products like Mangalam and Birla
Uttam), ACC, DCM Shriram, L & T and Kamdhenu. Each of these players has their dominance
across whole Rajasthan in addition to their respective regional dominance.
Another issue is that the product (cement) cannot be differentiated clearly on the basis of quality
and hence, cost plays one of the most important role in this industry. If the company can control
cost of manufacturing & distribution, then not only would profitability of the company increase,
but this benefit would also trickle down to the customers.
Logistics is the most important cost associated with cement industry. This is the single most
important reason for strong dominance of all cement companies in the regions around their
factory. But if this system can be improved upon, and costs can be managed, then Shree Cements
Ltd. can strengthen their hold in present states of distribution as well as look forward to gaining
foothold in newer and farther regions.
32
Economic Conditions
affected by changes in economic conditions, and particularly conditions which affect the cement
industry, its top consumers. These industries include the real estate sector and construction
companies. Profitability of the business may also be affected by factors such as market
conditions, interest rates, and inflation.
Geo-political Factors The companies may be affected by the impact that geo-political
factors have on the world economy or on financial markets and investments generally or
specifically. These include the demand for cement from China, and other export destinations.
Currency Risk: The recent appreciation of the Indian rupee is going to be a major
hindrance to export to other countries especially china as well as other nations. Currency risk
represents a major issue facing exports however the risk is currently less due to the robust
demand for cement in the domestic economy. However with addition to plant capacity and
increase in volume of production, such a risk would prove to be a major challenge.
33
History
of
Company
History of Company
1979 - The Company was incorporated on 25th October, at Jaipur. The Company was promoted
by members of the Bangur family and others.Shree Digvijay Cement Co. Ltd., Graphite India,
Ltd. and Fort Gloster Industries, Ltd. took active part in the promotion of the Company. The
Company manufacture's cement & cement products. To reduce fuel and power consumption, the
Company adopted the latest dry process, four stage preheater precalcination technology of
clinkerisation and air swept roller mill grinding system for raw material and coal grinding. The
Company entered into agreement with F.L. Smidth & Co. A/s Copenhagen, a designer and
manufacture of cement plants, its associates F.L. Smidth & Cia. Espanola S.A., Madrid and with
Larsen & Toubro Ltd., Mumbai for the supply of plant equipment andservices for the proposed
34
project. 1984 - 70 No. of equity shares subscribed for by the signatories to the Memorandum of
Association. In Oct./Nov. 1,53,99,930 No. of equity shares issued of which
1,06,99,930 shares reserved for firm allotment as follows:
(i) 48,00,000 shares to Shree Digvijay Cement Co. Ltd.;
(ii) 11,00,000 shares each to Graphite India, Ltd. and Fort Gloster Industries, Ltd.
(iii) 36,99,930 shares to Directors, their friends etc. including upto 25,00,000 shares to NRIs
with repatriation rights. The balance 47,00,000 shares offered to the public of which 18,80,000
shares offered for allotment on preferential basis to Non-Residents. 1985 - Commercial
production commenced from 1st May. 1986 - A diesel generating set of 13.6 MW was installed
for captive power generation. 1987 - 46,00,000 shares issued to financial institutions in
conversion of loans. 1991 - Production of clinker and cement declined due to a major shut down
of the plant for implementation of modernisation/renovation/modification work. The Company
undertook to set up a new cement plant of 0.6 million TPA capacity in Rajasthan 7,96,000 No. of
Equity shares issued to financial institution in conversion of loan.
1992 - 36,00,000 shares allotted to FLT Ltd. a wholly owned subsidiary of P.L. Smith & Co.
Denmark under financial collaboration agreement.1993 The Company undertook a scheme of
implementing second stage of its licensed capacity to increase its capacity to 3300 tonnes per day
The Company issued 21975 - 16% each with equity warrants and these will be
converted as per institutional guidelines.2,40,021 shares issued in pursuance of scheme of
Amalgamation. 1994 - The Company issued 10,00,000-16% Secured Redeemable NCD of Rs
100 each on private placement basis.A scheme of amalgamation of an existing leasing and
finance Company with the Company was prepared for undertaking leasing activities and other
financial services on largescale.
M/s. Mannakrishna Investment, Ltd. is a subsidiary of the Company. 1995 - The Company
undertook the implementation of new unit of 124 MT capacity per annum named Raj Cement.
43,95,000 No. of Equity shares on surrender of detachable optional share warrants attached with
16% unsubscribed non-Convertible Debentures of 100 each.
1996 - The Company commissioned its second cement plant - Raj Cement with a capacity of
12.4 lakh tonnes per annum in Beawar. 58,06,204 rights shares issued (prem. Rs 10 per share) in
the prop. 1:5. 1998 - Shree Cement, the Calcutta-based PD-BG Bangur group company, has
decided to issue preference shares aggregating Rs 15 crore to mobilise long-term funds. Shree
Cement's expansion in capacity by 12.4 lakh tonnes at the new unit in Reawar, has made it a
leading cement manufacturer in North India.
- ICRA has downgraded the rating of the NCD programme of Shree Cement Ltd (SCL) from
LAA to LA. The Rs 372-crore 1.25 million tonne cement plant near Ajmer was commissioned
during the year after considerable delay due to an explosion in the electro-static precipitator.
Shree Cements has an installed capacity to produce up to two million tonnes of cement per
annum in Rajasthan and has an equity capital of about Rs. 34 crores. 1999 - The company has
been awarded the first prize for energy conservation in 1998 in the cement sector. SCL,
belonging to the house of Bangurs, is one of the largest cement manufacturers in North India,
35
having the installed capacity of 2 million tonnes. Its plants are located in Rajasthan. The new
plant was set up at Beawar with the capacity of 1.24 million tpa in Rajasthan.
-Unit I and Unit II of the company receives National Award for 'Best Electrical Energy
Performance' and 'Best Thermal Energy Performance' in the Cement Industry for the year
Decides to change the Accounting year to April - March each year and accordingly the
current year is only for nine months. Appoints Mr M K Singhi as the Executive Director of Shree
Cements. In pursuance to the IDBI, company approve for early redemption of privately placed
under noted cummulative redeemable preference shares.Change in Management Structure: Mr B
G Bangur re-appointed as executive chairman and Shri H M Bangur re-appointed as the
Managing Director for a period of five years.
Members approve for the delisting of its shares from 4 stock exchanges of Jaipur,
Kolkota, Delhi and Chennai exchanges. Confers the Runner up National Safety Award by the
Ministry of Labour,GOI, in recognition of outstanding performance in Industrial Safety
achieving longest accident free period. Receives permission for delisting of shares from Delhi
Stock Exchange. The company has been conferred National Award for Excellence in Energy
Managemen instituted by the Confederation of Indian Industry (CII) and Sohrabji Godrej Green
Business Centre Delisting of equity shares from Madras Stock Exchange Association Ltd
Shree Cement Ltd has appointed Shri. Amitabha Ghosh as Director of the Company
36
THE
ORGANIZATION
PROFILE
ORGANIZATION PROFILE
COMPANY
PROFILE
37
COMPANY
INCORPORATION YEAR
1979
REGISTERED OFFICE
CORPORATE OFFICE
INDUSTRY
Cement Manufacturing
CHAIRMAN
B.G. Bangur
MANAGING DIRECTOR
H.M. Bangur
EXECUTIVE DIRECTOR
M.K. Singhi
38
Guiding Principles
Mission
Marketing
Shree caters to cement demand arising in Rajasthan, Delhi, Haryana, UP and Punjab. What is
strategic for SCL is that it is located in central Rajasthan so it can cater to the entire Rajasthan
market with the most economic logistics cost. Also, Shree Cement is the closest plant to Delhi
and Haryana among all cement manufacturers in its state and proximity to these profitable
cement markets renders the company an edge over other cement companies of the company in
terms of lower freight costs. SCL has a 160 MW captive thermal power plant, which has
achieved over 90 per cent load factor. In 2000-01, the company has succeeded in substituting
conventional coke with 100 per cent pet coke, a waste from refineries, as primary fuel resulting
39
in lower inventory and input costs. In the past two years the price of coal has gone up. Earlier
dependent on good quality imported coal, the company's switch to pet coke could not have come
at a better time. The company also replaced indigenous refractory bricks with imported
substitutes, reducing its consumption per tonne of clinker. The company has one of the most
energy efficient plants in the world. The captive plant generates power at a much lower cost of
Rs 2.5 per unit (excluding interest and depreciation) as compared to over Rs 5 per unit from the
grid. In appreciation of its achievements in Energy sector, the Company has been awarded the
prestigious 'National Energy Conservation Award" various times. Shree is rated best by
Whitehopleman, an international agency specializing in the rating of cement plants.
PRODUCTS
Shree OPC
Bangur Cement
40
Rockstrong Cemento
POLICIES:
Quality Policy:
a) Customer satisfaction
b) Cost effectiveness
Energy Policy:
To reduce to the maximum extent possible the consumption of energy without impairing
Environment Policy:
To ensure:
Water Policy:
To provide sufficient and safe water to people and plant as well as to conserve water, we are
To ensure good health and safe environment for all concerned by:
Promoting awareness on sound health and safe working practices
Continually improving health and safety performance by regularly setting and reviewing
Empower people
Honor individuality of every employee
Non discrimination in recruitment process
Develop Competency
Employees shall be given enough opportunity for betterment
None of the person below the age of 18 shall be engaged to work
Incidence of Sexual harassment shall be viewed seriously
To follow Safety & Health, Quality, Environment, Energy policy
ADVERTISING
42
Cement has evolved into a highly commoditized product category. Due to competitive pricing
within the industry, there was not much differentiation among the various brands on offer.
People too did not pay much attention to this product unless there was a need felt. Hence people
who were currently making their houses or were soon to embark on such a project became the
target market.
Because of the product being commoditized, there was a need for differentiation for which there
were some changes made to the product.
43
4 star rating from Whitehopleman UK, an International Cement Consultants, since 2000 (No one
in world has been rated 5 star!!
Reckoned as 2nd fastest growing mid sized Company in 2006 by Business Today a national
level magazine (6 May 07 edition
National Awards for Energy Conservation from Ministry of Power, Govt of India
National Safety Award awarded by the Honorable President of India, Smt. Pratibha Patil
44
Corporate Excellence Award by Rajasthan Chamber of Commerce & Industry (RCCI) in all four
categories namely Corporate Governance & Capital Market, Financial Performance & Analysis,
Business & Qualitative Aspects and Annual Report Presentation as well as Management
NEED
FOR
STUDY
45
The project is structured for the purpose of getting good insight of, MARKETING STRATEGY
of the organization as the 90% market covered by the competitors. After applying all the
facilities to the employee then also no increment in the sales volume of the product i.e. SHREE
ULTRA CEMENT.
The project is being made as a part of summer training and gives good insight of the topic
covered under it.
The basic need behind the project is to increase the sales volume of the product and also increase
the satisfaction level of the customers and make the presence in the market and give tough
competition to the competitors. .
46
OBJECTIVES
OF
THE STUDY:
47
48
SCOPE
OF
THE
OBJECTIVES:
49
goals and Objectives. This requires Co-ordination at all levels to smooth functioning. This
study is to know the overall efficiency and performance cement Industries and a general
study on Shree Cement Ltd at (RAJA PARK AND TRANSPORT)JAIPUR, Rajasthan.
As a part of two year MBA program at the end of 1st trimester, we had to carry
on a project in an organization in order to understand the organization structure and their
functions. This was a great opportunity to get the first hand information and understand the
functioning of the various departments
50
Research
Methodology
51
Research Methodology
Definitions: Research is the systematic investigation to establish facts or collect information on
a pre-decided subject. Methodology is the specification of the system of principles and
techniques used in a particular discipline.
Define the problem and research objective
RESEARCH DESIGN: Research design involves a general plan of how to go about answering
the research questions set keeping in mind the research objective.
52
SECONDARY SOURCES: - For the completion of the report it was important that the
secondary data should be supplemented by primary data originated specifically for the research
in hand. The primary data was gathered through questionnaires. My research findings are based
on information collected from filled questionnaires. The main sources of secondary data were: Internal Data:
Some of the respondents were not forthcoming with information as they thought it to be a
waste of time.
A number of respondents were biased towards a particular brand, which was giving them
better returns.
Some of the respondents were not available so, contacted person was not able to present a
fair view.
Respondents lack of time to give information and their casual attitude was a big
hindrance in the study.
53
54
55
56
64
65
66
67
68
69
70
71
72
73
swot
Analysis
74
75
FINDINGS
&
CONCLUSIONS
76
77
There is not much dissatisfaction regarding market rates but the dealers and retailers
demands for more margins
SUGGESTION
&
RECOMMENDATI
ONS
78
79
Bibliography
80
Bibliography
1)
2)
www.shreecementltd.com
3)
4)
www.cseindia.org/programme/industry/cement_rating.htm
5)
www.worldcement.com
6)
international_cement_industry.htm
7)
8)
9)
Financial Reports of ACC ltd, Grasim Industries Ltd., Gujarat Ambuja Cement Ltd. and
India Cement Ltd.
10)
11)
12)
www.cmaindia.org
13)
http://www.wikipedia.com
14)
http://www.investopedia.com
15)
http://www.moneypore.com
16)
http://www.moneycontrol.com
17)
www.indiancementindustry.com
18)
19)
20)
21)
APPENDIX
82
B) ULTRA TECH
D) OTHERS
C) SHREE
B) ULTRA TECH
D) OTHERS
C) SHREE
B) QUALITY
C) SERVICES
D) OTHERS
B) ULTRA TECH
D) OTHERS
B) ULTRA TECH
D) OTHERS
B) NO
83
C)
B) ULTRA TECH
D) OTHERS
B) ULTRA TECH
D) OTHERS
C) SHREE
B) ULTRA TECH
D) OTHERS
C) SHREE
B) QUALITY FACTORS
C) SERVICE FACTORS
D) ANY OTHER.
84
B) 6 TO 10 YRS
C) 11 TO 15 YRS
B) ULTRA TECH
D) OTHERS
C) SHREE
B) ULTRA TECH
D) OTHERS
C) SHREE
B) ULTRA TECH
D) OTHERS
C) SHREE
B) QUALITY FACTORS
C) SERVICE FACTORS
D) ANY OTHER.
B) NO
B) LOW QUALITY
C) LACK OF ADVERTISING
D) ANY OTHER
B) UNSATISFACTORY.
B) ULTRA TECH
D) OTHERS
C) SHREE
B) QUALITY FACTOR
C) ANY OTHERS.
86
87