The present paper deals with the probabilistic analysis of a system of grinding cement with failure in its nine important components along with the consideration of maintenance and rest during the period of no demand. In each of the components one type of failure has been taken into consideration except one, namely diverting gate in which two types of failure are considered as observed for the system. The aspect of the component ‘Fly Ash System’ that, failure may not lead to instantaneous failure of the system, has also been incorporated. General checking is done randomly for preventive/corrective maintenance of the system. Data on various parameters including failures and repairs have been collected from a cement plant ‘Shree Cement Ltd.’, situated in Khushkhera, Rajasthan, India. The system has been analysed to obtain various measures of system effectiveness by using semi – Markov processes and regenerative point technique. Profit incurred to the system is evaluated and to draw various important conclusions graphical study is also done.