Rajyavardhan Rathore presents national award for excellence in cost management

New Delhi, July 16:Minister of State for Information and Broadcasting Colonel (Retd.) Rajyavardhan Rathore presented the 12th national award for excellence in cost management at a function organized by the Institute of Cost Accountants of India here.

The institute organized the award ceremony with an objective to felicitate and recognize corporate organizations in their journey towards excellence in cost management.

Gracing the occasion yesterday, Colonel (Retd.) Rathore said that role of cost and management accountant in any organization is like a performance manager because they manage things within the given constraints.

He appreciated the achievements of the corporates, who got the award this year, and said that any trophies or cash reward is of no importance but sense of achieving success is most important as it gives you self-belief and confidence to move forward on the chosen path with success.

He urged the Costing professionals to develop a sportsman like attitude and will power to achieve success even in adverse environment.

19 Indian companies were awarded for excellence in cost management practices in nine different categories, which included Manufacturing (Private and Public), Services ( Public and Private) and Mining (Public and Private) and then further divided into large, medium and small organizations.

The awardees of 12th National Awards for Excellence in Cost Management-2014 are:

Category I: Private – Manufacturing: Organisation (Large)

Krishak Bharati Cooperative Ltd

Reliance Industries Limited.

Tata Power Solar System Ltd.

Videocon Industries Limited

Tamil Nadu Newsprint and Papers Limited

Category II: Private- Manufacturing: Organization (Medium)

Zydus Takeda Healthcare Ltd.

Raymond Luxury Cottons Limited

Ferromatik Milacron India Pvt. Ltd.

Welspun Steel Ltd

Category III: Private – Manufacturing: Organization (Small)

Kothari Fermentation and Biochem Limited.

Category IV: Public Manufacturing: Organization (Large)

Steel Authority of India Limited

Hindustan Petroleum Corporation Limited

Category V: Public – Manufacturing: Organization (Medium)

Cement Corporation of India Limited

Category VI: Private – Service Sector (Large)

METRO Cash & Carry India Pvt Ltd

Category VII: Public-Service Sector (Large)

Central Warehousing Corporation

Western Electric Supply Company of Odisha Ltd.

North Eastern Electricity Supply Company of Odisha Ltd.

Category VIII: Public -Service Sector (Medium)

Railtel Corporation of India Ltd

Category IX: Public -Mining (Large)

Neyveli Lignite Corporation Limited

Speaking at the award ceremony, ICAI president CMA A.S. Durga Prasad thanked the Minister of State for Information and Broadcasting for sparing his valuable time to attend the function as chief guest and present the award. He said that cost competitiveness is the fulcrum on which the survival and sustenance of business enterprises depend.

The ICAI president congratulated all the awardees and appreciated their achievements. While congratulating the awardees, he said that the nation’s competitiveness is the sum of individual enterprise competitiveness and the corporates should always keep this in mind.

CMA PV Bhattad, vice president of the institute, proposed the vote of thanks. (ANI)