A

Summer Project on N.R.Agarwal

Laxmi Institute Of Commerce

Sarigam.

Guided by: Submitted by:

Mr. Piyush Patel Megha Shah
Sarika shah
Nisha Nair
Akruti Rajput
Summarized Status Of The
Paper Industry.
News Print.
 The Indian paper industry is broadly classified into paper and paperboards
and newsprint. The paper and paperboard segment constitutes of cultural
paper, industrial paper and special paper. Newsprint is a separate type of
paper.

 The paper industry in India has a long history with the first mill being
commissioned in 1932. The number of paper mills has increased from just 17
in 1951 to 406 presently with an installed capacity of 6.20 million M.T. (metric
tone).

 The Indian paper industry is extremely fragmented. This industry

structure is the result of the past Government policies, which encouraged the
setting up of many small mills it very low capacities. These capacities are
available in today’s competitive world. The cost of production for small paper
mills is higher than that for large mills. The large mills get the benefit of lower
energy cost by using co-generation facility, chemical recycling etc. the benefit
of lower fixed cost (capital cost) per M.T. of installed capacity for smaller
paper mills is more than made up by higher variable cost. Further small units
are also more pollutive.
Duplex Boards
 Demand for paper is strongly correlated with trends in
GDP growth and increase in per capita income (PCI).
According to studies conducted by the United Nation, the
demand for paper increases by around by 1.5% - 2.5%
every year for every 1% increase in PCI. This holds good
even for India in the higher range inspite of year on year
variation in demand growth.
 Demand for paper is also influenced by other
factors like literacy rate, growth of service sector,
advancement of printing technology in the country,
development of paperless transaction, development of
packaging industry, acceptability of substitutes etc.
 The domestic paper demand in the past has
increased from 3.05 million M.T. in 1997-98 to 4.28
million M.T.
Name of the company N.R. Agarwal Industries Ltd.

Registered Office 415-418 , Janki center ,

4 th Floor 29, Shah Industrial Estate
Veer
Desai Road
Andheri (W) Mumbai – 400 053
Year of Establishment 1975

Authorized share capital Rs. 15 crores to Rs. 25 crores

Type of company Public

Product Double Coated Duplex Board &

Newsprint
Production capacity 99070 TONES

Board of Directors : Shri R. N. Agarwal

Shri N. R. Agarwal
Shri S. N. Agarwal
Shri Chittaranjan Musib
Shri C. R. Radhakrishan
Auditors Chaturvedi & Partners
Bankers Bank of Baroda
Oriented Bank of Commerce
Bank of India
Register & Transfer Agents : Sharex Dynamic ( India ) Private
Limited 17/
B , Dena Bank Building 2nd Floor ,
Horniman
Circle Fort, Mumbai -400 001
Group of Companies.
 M/s. Kherani Paper mills Limited.

 M/s N.R. Paper & Boards Limited

 M/s Suman Paper & Boards Limited.

 M/s N.R. Agarwal Industries Limited.

Background of the company.
 N.R.AGARWAL INDUSTRIES Ltd.(NRAIL) was promoted by
the N.R. Agarwal group which was founded by, Shri N.R.
Agarwal and incorporated as a Public Limited Company in
the year, 1993 in Gujarat, commenced operations with the
manufacture of Kraft paper\Duplex Board at its unit located at
plot no.169, Second Phase, G.I.D.C, Vapi, Dist. Valsad,
Gujarat. The site is well connected with Mumbai, Ahmedabad,
Baroda and Surat by road and rail.

 In 1998, NRAIL diversified into Newsprint Paper at its

unit no. I on Plot No.1, Phase 1, G.I.D.C, Vapi. The project,
involving setting up of facilities for production of 30,000 M.T
(metric per tone) of Newsprint paper was completed and
commercial production commenced in 16/7/1998.
Achievements by the company.
 Export achievement awards for the
consecutive years2001-2002,2002-2003
&2004-2005 from chemical &Allied products
exports promotion council (CAPEXIL)

 Test Certificate issued by CFTRI, Mysore,

India, on our board for its being accredited for
packaging of aqueous and fatty foods.
 BOARD OF DIRECTORS :

The Board of Directors of the company consists of

persons with considerable professionals expertise
and experience in business and

industry.
Shri N. R. Agarwal a chemical engineer, having more than 41 years of
experience in the Paper and Board Industry is a technocrat –
entrepreneur , he heads the NR Agarwal Group which is considered as
one of the largest manufacturers of paper and board using waste paper
as the main raw material in India .

Shri R. N. Agarwal , a B. E. ( elect ), MBA (USA) has experience

in production & corporate affairs for more than 18 years. Under his
leadership, the quality of the group’s products has vastly improved,
resulting in these being sold as premium products.

Shri Raunak Agarwal (BBA) is pursuing his further studies from

Kingston University U. K.
 Shri SN Chaturvedi, a practicing charted accountant with experience of more
than 21 years in matters relating to corporate finance has also been included on
board as a professional director.

Shri P. Kumar (M. A., C.A.I.I.B) , he has retired as Chief G. M. IDBI . He

served RBI and IDBI for 32 years in various capacities.

Shri C .R. Radhakrishan (M com., C.A.I.I.B.), he has 36 years experience in

banking in various assignments
INFRASTRUCTURE
LAND
 All the 4 manufacturing units are located in GIDC area, VAPI
Gujarat with necessary infrastructure and offsite facilities. All
the units are well developed and connected to main highway,
approximately 180 kms away from the metropolis of Mumbai.
 FACTORY BUILDING
 The civil structures consist of main factory buildings,
waste paper godowns, finished goods go downs, boiler
houses, transformer houses, D.G .set/Turbine houses,
Administrative buildings, security cabins etc. the main
factory buildings have also been provided with
mezzanine floor, first floor , and second floor having
limited area to accommodate processing machinery. All
civil structures are well maintained
Power Plant
 Units have been adequately provided with
power plants to meet the power requirement
sanction for balance power requirement and
emergency power requirement is arranged from
state electricity grid.
WATER
 The requirement of water is quite large i.e. 15 KL per MT in
the manufacturing of coated duplex boards in all the
manufacturing units and 15 KL per MT in the manufacturing
of newsprint. Water is recycled in the process. There is no
shortage of water in any of the units as it is adequately
supplied by Gujarat Industrial Development Corporation
(GIDC)
EFFLUENTS
 About 70% of the water used is discharged after treating from
the manufacturing units is in the form of effluents which are
suitability treated and drained in GIDC drainage. The group
has obtained proper “No Objection Certificates” for all its
units from Gujarat Pollution Control Board (GPCB) for
releasing such treated water in the GIDC drainage. All the
units have been provided with chimneys of adequate height as
specified by GPCB to release smoke in the air.
SAFETY MEASURES.
 The group has ensured the availability of adequate protective attire and
equipment for its workers working in the sensitive area where working
could be hazardous.
 Complete guidelines for safe operation have been prominently
displayed in the respective operational area.
 The group has schemes for the insurance of the workers against injuries/
facility while the units are insured against natural calamities, have fire
fighting equipments in place and are capable of thwarting risk of any
major natural calamities. Smoke detectors have been installed wherever
necessary.
 Adequate security staff keeps a vigil on sensitive areas in the
manufacturing locations round the clock and they are trained periodically
in fire fighting practices.
FINANCE DEPARTMENT
Finance department looks after all the
financial needs of the entire department in
the organization.
UTILITY OF RATIO ANALYSIS :
 The use of ratios was started by banks for ascertaining the
liquidity and profitability of companies business for the
purpose of advancing loans to them. It gradually became
popular and other creditors began to use them profitably. Now
even the investors calculate ratios from the published accounts
of the company in order to have an idea about the solvency
and profitability of the company before investing their savings.
The ratio analysis provides useful data to the management,
which would help them in taking important policy decisions.
Diverse groups of people make use of ratios, to determine a
particular aspects of the financial position of the company, in
which they are interested.
Ratio analysis is relevant in assessing the performance of a firm in respect of the
following aspects:

 Profitability
 Liquidity
 Efficiency
 Inter –firm comparison
 Useful for budgeting control
 Useful for decision making
 Useful to different parties
a) Equity shareholders
b) Preference shareholders
c) Creditor
d) Lenders
e) Management
f) Employees
g) Society
h) Government
i) Competitors
PROFITABILITY RATIOS OF COMPANY
Particulars 2008 2009

Gross profit 562879125 606025006

Net profit 92254000 88637000

Sales 3113545894 38709211151

Capital employed 1548152078 1496928831

Share holder’s fund 170191000 170191000

Equity share capital 431586742 500311832

Total assets 1548152078 1496928831

Particular 2008 2009

Gross profit ratio 6.37 5.15

Net profit ratio 2.96 2.29

Return on capital 5.96 5.92

employed
Return on equity 25.37 24.31

Return on assets 5.96 5.92

Return on share 54.21 52.08

holder’s fund
CALCULATION OF PROFITABLE RATIOS

1. Gross profit ratio = Gross profit / sales* 100

2008 = 562879125 / 3113545894 *100 = 6.37 %
2009 = 606025006/38709211151*100 = 5.15 %
.
The gross profit is the result of the relationship between
prices , sales volume and costs. From the above graph of
gross profit margin is 637%. This indicates that the firm has
more efficiency with which management product and also
implies that the firm is to produce at relative lower cost from
2009
2. Net profit ratio = Net profit /sales *100
2008 = 92254000/3113545894*100 = 2.96 %
2009 = 88637000/38709211151*100 = 2.29 %
Net profit margin is relationship between net profit and sales of the company.
Net profit ratio of the company shows satisfactory position in all the years ; the
company is more efficient in selling and administration and selling.

3. Return on capital employed = Net profit / capital employed * 100

2008 = 92254000/15481520780 *100 = 5.96 %
2009 = 88637000/1496928831 *100 = 5.92%
. Return on capital employed ratio of the company shows that capital
employed is efficiently used in the company.
4. Return on assets = Net profit /total assets *100

2008 = 92254000/1548152078 *100 = 5.96 %

2009 = 88637000/1496928831 *100 = 5.92 %
Return on assets shows good performance because of slightly increase in gross

profit margin .
5. Return on share holder’s fund = Net profit /share holder’s fund *100
2008 = 92254000/170191000 *100 = 54.21 %
2009 = 88637000/170191000 *100 = 52.08 %
Return on shareholder's fund of the company is increasing which is good sign
for the shareholders and Board Of Directors
Liquidity Ratios of Company

Particulars 2008 2009

Current Assets 936962004 943000084

Current Liability 588967930 616436832

Quick Assets 602735672 642462738

Net working 347994074 326563252

capital
Capital Employed 1548152078 s1496928831
Particulars 2008 2009

Current Ratio 1.59 1.53

Acid- Test Ratio 1.02 1.04

Calculation of the Liquidity ratio

1. Current ratio = Current assets / Current liability

2008 = 936962004/588967930 = 1.59 %
2009 = 943000084 /616436832 = 1.53%

Current ratio meares the short –term

solvency of the firm. The graph of the
company has current ratio 1.59 % in the
year 2008 and in 2009 1.53 % , which
shows good liquid position. The company
has more current assets than current claims.
 2. Acid test ratio = Quick assets / current liability

2008 = 602735672/588967930 = 1.02 %

2009 = 642462738/616436832 = 1.04 %
Since the cash is the most liquid assets of the any company, the bad position and
in previous year is not satisfactory.
3. Net working capital ratio = Sales / net working capital
2008 = 3113545894/347994074 = 8.95 %
2009 = 38709211151/326563252 = 11.84 %
Net Working capital is the difference between the current assets and current
liquid compared with capital employed. The firm's capital potential reservoir of
fund is good.
Solvency Ratio:

Particulars 2008 2009

Proprietary ratio 0.28 0.33

Debt equity ratio 2.22 1.66

Calculation of the Solvency ratio :
. 1. Proprietary ratio = Proprietary fund / total assets
2008 = 431586742/1548152078 = 0.28 %
2009 = 500311832/1496928831 = 0.33 %
Proprietary ratio shows the amount of funds provided by the owners to
purchase the assets. The ratio of proprietary shows satisfactory position
in 2009.

2. Debt Equity ratio = Long term loan / proprietary fund

2008 = 956274899/431586742 = 2.22 %
2009 = 832310935/500311832 = 1.66 %
The debt equity ratio of the company is although high which is the danger
position because of the company's interest coverage ratio is not
satisfactory
Efficiency ratios
Particulars 2008 2009
Cost of good sold 2550666769 3264896109
Average stock 42176730 46943567
C.O.G.S.+ 2550666769 313039770
Operating
Expenses

Net sales 3134073000 3925996000

Average debtors 380969938 453048117
Fixed assets 1198310144 1168517719
Sales 3113545894 3867076305
Particulars 2008 2009

Stock Turnover 60.47 69.54

Operating Ratios 87.82 91.14

Calculation of the efficiency ratio :
1. Stock turnover ratio = Cost of good sold/ average stock

2008 = 2550666769/42176730 = 60.47 %

2009 = 3264896109/46943567 = 69.54 %
The stock turnover ratio shows how rapidly stock is turning into
receivables through sales. The company's stock turnover ratio in 2009 is
69.54 times which is good and the same for other coming years .
2. Operating ratio = Cost of good sold + operating expenses / Net sales *100
2008 = 2550666769 + 313039770 / 3134073000 * 100 = 87.82 %
2009 = 3264896109 + 2550666769 / 3925996000 * 100 = 91.14 %
Operating ratio is test of operating efficiency of the company. The
operating ratio shows the amount of margin earns all the expenses meet.
The ratio is 87.82 in 2009.
RECRUITMENT PROCESS AT N.R.
AGARWAL
 1ST STEP: Collection of man power requisition form
 2nd step: Filling of man power requisition form by concern
Department.
 3rd step: Form send to director for approval if its sanctioned.
 4th step: Pool of applicants hand it over to selection.
Sources Of Recruitment:

 N.R. Agarwal Limited believes in Internal

Recruitment. The recruitment by this company is
centralized and is done by HOD.
Selection Process at N.R. Agarwal
 Searching Profile.

 The unwanted applicants which are totally not suitable for the post are
screened out.

 Fixing of the venue, time and date for interview.

 The applicants who are suitable for the job are sent the call letter.

 Then the interview is being conducted.

 The applicants who match the requirement for the job are sent the offer
letter.

 If the job offered is accepted by the applicant, then the employment

contract is being signed by the applicant and the organization.
Induction at N.R. Agarwal
All HOD’S are expected to plan a formal induction
programme for all the candidates joining the
company in order to help the candidates in

 Acquiring an over all grasp of companies operations.

 Integration of his assignment without other functions.

 Understanding the organizational values and work cultures.

 The induction programmed also includes visiting factories and markets

wherever necessary before the employees settles downs on his specific
assignments. There will be a monthly presentation for employees joining
during that month on the company
Performance Appraisal

The performance appraisal process seeks to enrich

and develop every individual to his/her fullest
potentials to contribute to the organization growth
maximizing his/her professional satisfaction.

Performance appraisal is done annually in this

company.

The factors used for performance appraisal comprises of three

parts:
 Actual performance against assigned responsibility
 Evaluation of skills and attributes
 Development and career plans
They are using three points rating scale for appraisal

 Satisfactory: the individual rated satisfactory has

performed just to the expectations of the management
which need to be looked into for upward revision of
performance

 Good: The individual has performed above the expected

level and goal set.

 Excellent: The individual has performed much above the

expected level and goal set by putting maximum
initiatives in identifying opportunity area for company and
contributes to the utmost integration of various functions.
Training Programme at N.R. Agrawal:
The Training for the jobs assigned within the
department and other functionary areas through
job rotation expands the knowledge, efficiency,
proficiency, competitiveness and evaluation
techniques etc for better utilization of th
employees talent in the overall interest of the
organization and therefore the following factors
may be considered for training within the
department and other areas through job rotation
 Relevant Educational Qualification.
 Age
 Continuous past functional experience
 Self - interest
Salary Administration:
 Salary of employee depends upon the position occupied and
experience.

 There are different wage systems for skilled, semi-skilled,

and unskilled workers.

 The existing salary structure is applicable to the various

category of employees and it includes basic salary, Bonus,
Compensatory Allowance, Gratuity Fund, Educational
Allowance, Provident Fund.
Promotion:
 Promotion will be given on the basis of their performance appraisal.

 Promotion will be finalized well in time and be implemented effective 1st

January of each calendar year.

 All the recommendation for the promotion will be endorsed by the

respective department head and be finally approved by the management.

 The factors uses for promotion are output, co-operation, initiative and
willingness to accept responsibility.

 Generally the bases of promotion are merit and seniority but it can be
changed according to the situation.
TRANSFER IN N.R.AGARWAL
 In N.R.AGARWAL generally the company initiates transfer.
But in some situations the employee can also initiates for
transfer.

SITUATIONS UNDER WHICH THE COMPANY INITIATES

THE TRANSFER
 For meeting the manpower needs in other units and
department.
 For developing all rounder’s

SITUATION UNDER WHICH THE EMPLOYEE INITIATES

TRANSFER
 It may be because of his personal needs and lack of interest in
his current job and want to change his position.
TYPES OF TRANSFER
 PRODUCTION TRANSFER

 JOB ROTATION TRANSFER

 SHIFT TRANSFER

 INTER-PLANT TRANSFER
OPERATION DEPARTMENT
Manufacturing Process of News Print (unit 2)
PULPER

HIGH DENSITY CLEANER

COARSE SCREENING

DEINKING CELL

PRESSURE SCREENING

POLY DISC FILTER

HOT DIS PERGER

SCREEW PRESS
 MIXING CHEST

MACHINE CEST

HEAD BOX

PAPER MACHINE

WIRE PART

DRYER

CALENDER

REWINDER
Requirement of Raw Material of Duplex
Board:
 Duplex boards are manufactured in composition of three
layers. The raw materials used for bottom layer are
comparatively cheaper in nature which consists of old
newspaper duplex cutting and other waste papers. This layer
generally consists of 70% weight of duplex boards.hese
materials are generally imported from Netherlands. The
average landed costs s around rs.5.00 per kg. The middle
layer which is also called as protected layer is manufactured
out of imported white cuttings and weighs around 17% of total
weight of the board. These materials are imported from Saudi
Arabia, gulf states ad USA.The landed cost is around rs.9.50
to rs10.00 per kg.The top layer is glossy and superior in
variety and therefore, it is manufactured out of high quality
white waste paper (singly pulped) which is imported from
USA.The landed price of these materials is around rs.17.00 per
kg.The top layer generally consists of total weight of the board
PRODUCTION PROCESS of Duplex board ( unit 3,4)

Pulp

Chest

Screening

Thickening

Refining

Stock Chest

Chemical Addition

Head Box
Mould

Roller

Dryer

M.G.

Coating

Reeling

Cutting
Quality Control Department.
 N.R. Agarwal Limited is dynamic force in the coated board production
industry striving to improve existing technology while maintaining
established high standards. To ensure quality a specialized quality control
department tests board 24 hours a day at every stage in the production
process. Records are monitored to compare and project future paper runs.

 They have defined it as a network of administrative procedure design to

deliver a quality product to the customer to their satisfaction level. Within
this framework the roll starts from the quality of the input raw material,
pulp, and the waste paper, coating chemicals are analyzed and inventory is
allowed only when it meets the respective specified norms.
Sr.No. Testing Standard Deviation Instrume
Carried Out Value nt
Value
1 Brightness 79% +- 1% Standard
Brightne
ss Tester
2 Gloss 50% +- 5% Standard
Gloss
Tester
3 Print gloss 65% +-5% Standard
Gloss
Tester
4 Surface Oil 800 Sec +-25 Sec SOAT Test
Absorbency
Test
5 Stiffness As per GSM +-10% Taber
Tester
6 Caliper Test As per GSM +-5% Micrometer

7 IGT 0.8M/Sec +-.025M/S Imported

The Coated Duplex Boards manufacturing units are equipped with laboratories having
different equipments for testing critical parameters that defines the quality of the products.

1. Brightness
This equipment checks the brightness under the specific
conditions, it is used in determining the brightness of pulp,
waste papers, clays, coated board etc. The instrument reads
and displays colored value in red, yellow, blue and green tint.
2. Gloss
Gloss causes board to reflect light and contribute to optical smoothness of the board enhances a printed
image through luster, glare and polish.

Stiffness
This instrument measures he force required to bend a specimen of board towards the angle of 15 degree.
The average value of circular scale reading in clockwise and anti-clockwise rotation is taken.

. SOAT Test
This type of tester determines the oil absorbtivity capacity of the surface of board that the
time required in seconds for absorption of the oil film to its 75% of dryness under standard
condition.
Caliper
This gives a perpendicular distance between two surfaces of board, determined under an
applied deal weight load of 1 kg.

IGt
The numeric value of IGT velocity indicates the surface strength of upper
most layers as well as coating to player.

Smoothness
Basically it gives volume of air that escape from the clamped surface of
specimen in unit time. The instrument displays time in seconds to pass 10cc
of air through the clamped surface.
Quality Policy:
N.R. Agarwal Industries Ltd. Aim to enhance customer
satisfaction by:

 Effective utilization of all their resources.

 Working in an environment conducive for realizing their full

potential.

 They are implementing a QM system based on ISO 9001:2000

standard. They are committed to improve their effectiveness
for reaching their aim. The company has been certified by
DNV.
Storage Department
Process of stock taking system
 Receipt of material at material gate.
 Excise capturing.
 Verification by RGSS
 Wight Man.
 GRN preparation by receiving section.
 Offering material for inspection.
 User’s decision.
 Stocking of material in respective wards.
FUNCTIONS OF STORAGE
DEPARTMENT
 Maintaing stock records of each material.

 To receive documents from the transporter and duly acknowledging it.

 Verify the material regarding quality and specification as per purchase order.

 To mark inward number on the material received.

 To file challans as per the filling system.

 Material to be placed at its location point as per the location system.

 Making requisition slip as per requirements.

 Maintain stock ledger.

 Preparation of daily statement showing receipt and issue of major items.

 Preparation of monthly stock statement and consumption. In other words, frequent

checking of minimum ordering level of each item.
Dispatch Department
Dispatch Department Process

Production

RG1

Packing

Transportation

Dispatch
Marketing Department
Introduction:
 The Group is well known in India for its superior product quality, speedy
customer service and faster deliveries.

 All the manufacturing locations of the Group are located at Vapi

Township, approximately 180 Kms. away from the metropolis of Mumbai
which is major market of India in the Western Region and has three ports
well connected internationally to almost all the global destinations.
It has the back up of effective Technical & Marketing staff (Sales and after
Sales Service) at its corporate office, ably backed by support staff at the
Corporate office and Manufacturing units for ensuring manufacturing
scheduling, timely dispatch and commercial matters.
Sales Order Processing
 The orders from end users and vast network of dealers across the country
for the production of approx 350 MT of Coated Duplex Boards and 100
MT of newsprint flow on a daily basis.

 Order confirmations are instantly updated on-line in integrated SAP

systems to the manufacturing scheduling department, which ensures
matching of deckle and faster scheduling of production. The material so
manufactured is dispatched through various reputed Transporters to
different locations across the country on a daily basis to ensure effective
customer service.
Branch Operations

 The Group also markets its products through its Mumbai

Branch to cater to the requirements of Mumbai Customers in
standard sizes and has a Godown to also feed the
requirements of smaller volume customers.
Communication
 N.R. Agarwal Industries is well connected amongst its
corporate office, manufacturing locations, Customers and its
Dealers through telephone lines, fax, e-mails and data transfer
facility, which ensures effective communication and superior
customer service at all stages in marketing cycle. The
Distributors / Customers are informed on a daily basis, the
status of manufacturing / dispatch of material against their
orders. All communications including orders / dispatches /
outstandings / payments etc. are effected through any of the
above media.
Systems
 The company has successfully implemented SAP, an
Enterprise wide Resource Planning (ERP System). The
complete cycle of Sales Order Processing, Planning,
Production, QC, Despatch, Credit Control & Customer
complaint is handle through the SAP system. The process of
Purchase, Material Receipt, Inventory, Payable and Finance
in also managed through SAP.
SWOT Analysis
[Strength, weakness, opportunity, threat]
Strength:
 Clearly defined organization structure.
 Well defined authorized for conducting business.
 Management control through efficient reporting system.
 A regular review of systems and procedures.

Weakness:
 The cost of own power generation is increased due to increase in coal
price.
 Its highly fragmented with numerous competitors.
 The demand of products is directly affected by the demand of packaging
industry.
Opportunity:

1. Its large and growing paper market and potential export market .

2. Qualified technical manpower with capabilities to manage the

company .

3. Relatively low cost employee cost.

4. Fast growing contemporary.

Threat:
1. High energy consumption and cost .

2. Poor infrastructure.

3. High cost of raw material including wood , non-wood and waste

paper.
Suggestion
After visiting the firm we would like to
suggest some points which are as
follows:
 Adequate modernization of the manufacturing assets,

 Improvement of the infrastructure.

 Quality improvement and reduction in cost of production

Conclusion
N.R. Agarwal Industries Ltd has grown significantly during
the last decade. The technical manpower of the company is
rated among the best in the Industry. To achieve the
objectives of exponential growth, the company has a well
knit organization with clear vision, coordination and
decision channels. The effective functioning of the
company is aided by support services and effective
administrative systems and procedures. The board of
directors have been informed from time to time the
business risk faced by the company and steps are taken to
face them.
Bibliography
 www.nrail.com
 www.yahoo.com
 www.scribd.com
 Company’s auditors report
 K.Aswatthappa (H.R.)