Cost Management

Excellence in Cost Management 2003-04

ABRASIVES DIVISION OF CUMI gets National Recognition in field of Cost Management for the year 2003-04 from Institute of Cost and Works Accountants of India (ICWAI). Six awards were given for Excellence in Cost Management in two Categories.

In the public sector category, the three awards are:

First- ONGC,
Second- Steel Authority of India Limited
Third- Bharat Electronics Limited.

In the private sector category the awards are:

First- TISCO,
Second- Hero Honda Motors
Third- Carborundum Universal Limited.

The award was handed over by the Hon'ble Minister of Company Affairs Mr. Prem Chand Gupta (left) during the inaugural function of the Institute's Diamond Jubilee celebrations, held on March 12, 2005 at Vigyan Bhawan in New Delhi.

Twelve parameters were used by the jury of the ICWAI for the award. Cost Accounting Methods and Practices, Capacity utilization, Working Capital Management (including Inventory Management and Debtor Management), Labour Efficiency, Quality Management (e.g. Six Sigma initiatives) and R&D efforts were considered by an independent jury - headed by Justice Rajender Sachar (Former Supreme Court Judge) - before finalizing the Awardee. The Jury also included Mr. R.S. Sharma, Director Finance, ONGC, Mrs. Indu Librahan - Principal Advisor (FA & IFA), Telecom Regulatory Authority of India and Senior Members from ICWAI.

Notwithstanding a Saturday afternoon, the Hall number 6 of Vigyan Bhawan was packed, to witness the award distribution ceremony

The Hon'ble Minister Mr. Prem Chand Gupta said that the need of effective cost-management systems were never felt as much as Today. In the context of Chinese products being available at throw-away prices, the Minister said that to counter the global onslaught, the Indian industry has to take advantages of technology and cost-management techniques.

On behalf of CUMI Abrasives, the award was received by Mr. R. Narayanan, DGM Finance.
Murugappa Group Abrasives & Ceramics Manufacturers