Inventory Manament - Zuari Cement.doc

8/14/2019 Inventory Manament - Zuari Cement.doc

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CHAPTER 1

INTRODUCTION


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MEANING AND NATURE OF INVENTORY:

Inventory can be referred to as sum of the value of raw materials fuels

and lubricants, spare parts, maintenance consumables, semi processed

materials and finished goods, stock at any given point of time.

In large companies inventory place a most significant part of the

current assets. The business has about 15 to 30 of inventories in total

assets.

Inventory is composed of assets that will be sold in feature in the

normal course of business operations. The assets which firms stores as

inventory is anticipation of need are raw materials, work in progress and

finished goods.

MEANING OF INVENTORY MANAGEMENT:

Inventory management consists of maintaining for a given financial

investment an ade!uate of something in order to meet and accepted pattern

of demand. Inventory considers control over costs of inventory on one hand

and handles the si"e of inventory on other hand.

#ontrolling investments in inventories constitute crucial part in

current assets.


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An efficient inventory controllin !y!te" #ill $eci$e,

$hat to purchase

$hen to purchase

%ow to purchase

&i"e of purchase

'nd from where to purchase (&uppliers)

The main purpose of inventory management is to ensure

1. *e!uired !uantity of availability of raw materials

+. inimi"e the investments in inventories

3. aintain reasonable stock levels not e-cess or not under stocks.

INVENTORY CONTOR%:

Inventory control is the system devised an adopted for controlling

investments in inventory. It involves inventory planning and decision

making with regard to the !uantity and time of purchase, fi-ation of stock

levels, maintenance of stock records and continuous stock taking.

O&'ECTIVE( OF INVENTORY CONTRO%:

Inventory control includes not only of the physical stocks but also of

the funds invested on it.


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T)*t t#in o+,ective! of inventory control *re-

1. To maintain a balanced inventory.

+. To keep the amount invested in inventory as low as possible

without hampering either flow of the production or deliveries of

finished goods.

To avoid both under stocking and over stocking of inventory.

To eliminate duplication in ordering or replenishing stocks.

This is possible with the help of centrali"ed purchasing.

To ensure continues supply of materials, spares and finished

goods so that production should not suffer and any time and

customers demand should also be met.

To design proper structure for inventory management. #lear

cut accountability should be fi-ed at various levels of the

organi"ations.

To ensure right !uality goods at reasonable prices. &uitable

!uality standards will ensure proper !uality of stocks. The price

analysis, the cost analysis will ensure paying of proper prices.

To facilitate furnishing of data for short term and long term

planning and control of inventory.


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NEED FOR INVENTORY MANAGEMENT:

In this competitive business world each and every business

organi"ation need inventory management system for determining what to

order, when to order, where and how much to order so that purchasing and

storing costs are the lowest possible without affecting production and sales.

Thus, inventory management control incorporates the determination of the

optimum si"e of the inventory/how much to be order and when after taking

into consideration the minimum inventory cost.

The overall inventory management includes design and inventory

control organi"ation with proper accountability establishing procedure for

inventory handling disposal of scrap, simplification, standardi"ation and

codification of inventories, determining the si"e of inventory holdings,

maintaining record points and safety stocks, economic order !uantity, '#

analysis and '24 analysis and finally framing an I4T6*7

''2.


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O&'ECTIVE OF THE (TUDY

The main ob8ective of the pro8ect work is to study and analy"e and

preparation I4T6*7 ''944T in :'*I #ement.,

T)e o+,ective! *re:

1. ;urchasing procedure of the inventories.

+. #lassification of inventories.

3. #odification of inventories.


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METHODO%OGY

To attain the ob8ective of studying the inventory of :'*I #ement

Industries 2td. The information has been collected in two ways@

1. ;rimary data

+. &econdary data

Pri"*ry D*t*@

In ;rimary data the analysis of purchasing procedure, inventory data,

inventory turnover ratio, stock levels, '# analysis, Two bin system, =IT

has made possible by the discussions with various administrative e-ecutives

and other concerned people of :'*I #ement industries 2td.

(econ$*ry D*t*:

The &econdary data has been collected from annual reports oforgani"ation, internet and books.

Met)o$oloy:

Aor analysis purpose I am used following techni!ues

1. '# 'nalysis,

+. *atio 'nalysis

3. 46B ethod etc


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Co".*ny/! co".etitor! *re Orient Ce"ent- %0T- Ultr*tec) *n$ ACC

Ce"ent %i"it*tion!:

1 The study period of


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CHAPTER II

REVIE OF %ITERATURE


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INVENTORY MANAGEMENT 23UARI

CEMENTINDU(TRIE(

INTRODUCTION:

4very enterprise needs inventory for smooth running of its

activities. It serves as a link between the production and distribution

process. The greater a time lag, the higher the re!uirement of inventory the

unforeseen fluctuation of inventory demand and supply of goods, fluctuating

inventory prices, necessitate the need for inventory management.

The investment inventory constitutes the most significant part of the

current assets inventory of the under taking. Thus it is very essential to have

a proper control and management of inventory.

Me*nin *n$ n*t4re of inventory:

The general meaning of inventory is stock of goods or list of goods

inventory. In accounting language it means stock of finished goods. Aorinventory manufacturing concern it includes raw materials, work in progress,

consumables finished goods and spares etc.

15 R*# "*teri*l!:

If forms a ma8or input inventory in organi"ation. The !uantity

of raw materials re!uired will be determined by the rate of consumption.

or6 in Prore!!:

The work in progress is that stage of stocks, which are in

between raw materials and finished goods.


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Con!4"*+le!:

These are the material, which are needed to smoothen, the

process of production. These do not directly go into production, but act

as catalyst.

Fini!)e$ Goo$!:

These are the goods, which are ready to sale for the consumers.

The stock of finished goods provides as buffer between production and

market.

(.*re!:

&pares also from a part of inventory. The stocking policies differ

from industry to industry.

Inventories cost account for nearly 55 percent of the cost of

production, as it is clear from an analysis of financial statements of large

number of private and public sector organi"ations. &o, It essential to

establish suitable procedures for proper control of materials from the time of

purchase order placed with supplier until they have been consumed properlyand accounted for.

Definition:

The term inventory refers to assets, which will be sold in future in

the normal course of business operations. The assets, which the

firm stores as inventory in anticipation of need, are raw

materials, work/in/progressDprocess, and finished goods.


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Inventory often constitutes a ma8or element of a total working capital

and hence ft has been correctly observed, E9ood inventory

management is good financial managementF.

Inventory control is a system, which ensures the provision of the

re!uired !uantity at the re!uired time with the minimum amount of

capital.

Inventories are the second largest asset category for the

manufacturing firms ne-t to plant and e!uipment.

Inventory control includes scheduling, the re!uirements,

purchasing, receiving and inspecting, maintaining stock records and

stock control. Inventory control is a matter of coordination. ' proper

material control helps in improving the input/output ratio.

O+,ective of inventory "*n*e"ent:

The main ob8ective of inventory management is operational

and financial. The operational ob8ect means availability of materials and

spares in sufficient !uantities for undisturbed flow of production. The

financial ob8ective means investments in inventories should not remain idle

and minimum working capital should be locked in it.


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THE OTHER O&'ECTIVE( ARE@

1) To ensure continues supply of inventories to the production.

+) To avoid over stocking and under stocking.

3) To maintain optimum level of investment in inventories.

) To minimi"e losses through, deterioration, pilferage, wastage anddamages.

?) Gesigning structures for good inventory management.

H) ;erpetual inventory control of materials.

To ensure right !uality of goods at reasonable prices. 'nalysis of

prices cost and value.

10) To facilitate data for short and long term planning and control of

inventory.

NEED FOR INVENTORY CONTRO%:

If a cost accounting system is to be effective there must be a

proper control of inventory and supplies form the time orders are

placed with suppliers until they have been effectively utili"ed in

production.


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aterials are e!uivalent to cash and they make up an

important part of the total cost. It is essential that materials should be

properly safeguarded and correctly accounted. ;roper control of

material can make a substantial contribution to the efficiency of a

business. The success of a business concern largely depends upon

efficient purchasing, storage, consumption and accounting.

In a large firm the planning and routing department is

responsible for arranging how and where the work is to be done and

issue instructions. It sets definite time schedules so that necessary

materials are delivered to the proper department in proper time not too

long before hand neither lest it should interfere with other work nor

after they are re!uired as this result in idle time.

usiness firm keep inventories for different purposes. 4very

firm big or small trading or manufacturing has to maintain some

minimum level of inventories. ased on some motives the inventories

are maintained.

*5 Tr*n!*ction "otive!:

4very firm has to maintain some level of inventory to meet

the day/to/day re!uirements of sales, production process, customer

demand etc. In this finished goods as well as raw material are kept as

inventories for smooth production process of the firm.


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+5 Prec*4tion*ry "otive:

' firm should keep some inventory for unforeseen

circumstances also like loss due to natural calamities in a particular

area, strikes, lay outs etc so the firm must have some finished goods as

well as raw/materials to meet circumstances .

c5 (.ec4l*tive "otive:

The firm may be made to keep some inventory in order to

capitali"e an opportunity to make profit due to price fluctuations.

REA(ON( AND &ENEFIT( OF INVENTORY:

The optimal level of maintaining inventory is a sub8ective matter

and depends upon the features of a particular firm,

7i8 Tr*$in fir":

In case of a trading firm there may be several reasons for

holding inventories because of sales activities that should not be

interrupted. ore over it is not always possible to procure the goods

whenever there is a sales opportunity as there is always a time gap

re!uired between purchase and sale of goods. Thus trading concern

should have some stock of finished goods in order to undertake sales

activities independent of the procurement schedule.

&imilarly, a firm may have several incentives being offered

in terms of !uantity discounts or lower price etc by the supplier of

goods. There is trading concern inventory helps in a de/inking

between sales activity and also to capitali"e a profit of opportunity


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due to purchase made at a discount will result in lowering the total

cost resulting in higher profits for the firm.

7ii8 M*n4f*ct4rin fir":

' manufacturing firm should have inventory of not only the

finished goods, but also of raw materials and work/in/progress for

following reasons.

7*8 Uninterr4.te$ .ro$4ction !c)e$4le:

4very manufacturing firm must have sufficient stock of raw

materials in order to have the regular and uninterrupted production

schedule. If there is stock out of raw materials in order to have the

regular and uninterrupted production schedule. If there is stock out of

raw material at any stage of production process then the whole

production may come to a half. This may result in custom

dissatisfaction as the goods cannot be delivered in time more over the

fi-ed cost will continue to be incurred even if there is no production.

Aurther work/in/progress would let the production

process run smooth. In most of manufacturing concerns the

work in progress is a natural outcome of the production

schedule and it also helps in fulfilling when some sales orders,

even if the supply of raw/materials have stopped.


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7+8 In$e.en$ent !*le! *ctivity:

Inventory of finished goods is re!uired not only in trading

concern but manufacturing firms should also have sufficient stock of

finished goods. The production schedule is a time consuming process

and in most of the cases goods cannot be produced 8ust after receiving

orders. Therefore, every firm has to maintain minimum level of

finished goods in order to deliver the goods as soon as the order is

received.

E((ENTIA%( OF INVENTORY CONTRO%:

The important re!uirements of Inventory control are@

The proper co/ordination among the departments involved

in buying, receiving, inspecting, ciorage, consuming and

accounting.

#entrali"ation of purchasing under the control of

competent buyer whenever possible.

;roper scheduling of material re!uirements.

;roper classification of materials with codes, material

standardi"ation and simplification.

The operation of a system of internal check to ensure that

all transactions involving materials and e!uipment are

checked by properly authori"ed and independent persons.


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The storage of materials is well planned and kept in

properly. ;lanned and kept in properly designated

location, sub8ect to ade!uate safeguard and supervision.

The operation of a system of perpetual inventory so that it

is possible to determine at any time, the amount and value

of each kind of material in stock.

' suitable method of valuation of materials is essential

because it affects the cost of 8obs and the value of closing

stock of materials.

O+,ective! of Inventory Control:

The main ob8ectives of inventory control are@

To maintain a large si"e of inventory for efficient and smooth

production and sales operation.

To maintain a minimum investment in inventories to ma-imi"e

profitability.

To ensure a continuous supply of raw materials to facilitate

uninterrupted production.

To maintain sufficient stocks of raw materials in periods of

short supply and anticipate price change.

aintain sufficient finished goods inventory for smooth sales

operation and efficient customer service.

inimi"e the carrying cost and time.

#ontrol investment in inventories and keep it at an optimum

level.


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A$v*nt*e! of Inventory Control:

The following are suggested advantages@

4liminates wastage in use of material,

It reduces the risk of loss from fraud and theft.

It helps in keeping perpetual inventory and other records to

facilitate the preparation of accurate material reports to

management,

To reduces the capital tied up in inventories,

It reduces cost of storage,

It furnishes !uickly and accurately the value of materials used

in various department.

It prevents delays in production due to lack of materials by

supplying, proper !uantities at the right time.

Di!*$v*nt*e! of Inventory Control:

4very firm has to maintain optimal level of inventories. It not

the following will be the result in form of losses.

6pportunity cost@ 4very firm has to maintain inventory for that

some investment is needed it is known as 6pportunity cost and

handle the investment in inventory are more the funds are

blocks up with inventory.

4-cessive inventories@ It will lead to firm losses due to

e-cessive carrying costs and the risk of li!uidity. It is also

referred as Ganger level.


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Inade!uate Inventory@ it is another danger which results is

production hold/up and failure to meet delivery

commitments .In ade!uate raw materials and work /in /process

inventors will results in fre!uent production interruptions .It

finished goods are not sufficient customers may shifts to

competitors.

Ganger due to physical decoration@ It is one of the reasons with

the inventories due to maintaining stocks at high levels they

will be deteriorated due to passage of time, sometimes due to

mishandling or improper storage facilities.

Co!t! involve$ in inventory:

4very firms maintains inventory depending upon re!uirement

and other features of firm for holding such inventory some cost will be

incurred there are as follows@

7*8 C*rryin Co!t9

This is the cost incurred in eeping or maintaining an inventory

of one unit of raw materials, work/in /process or finished goods. %ere

there are two basic cost involved .

7i8 Co!t of !tor*e:

It includes cost of storing one unit of raw materials by the firm.

This cost may be for the storage of materials. 2ike rent of spaces

occupied by stock, stock for security, cost of infrastructure, cost of

insurance, and cost of pilferage, warehousing costs, handling cost etc.


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7ii8 Co!t of fin*ncin:

This cost includes the cost of funds invested in the inventories

.It includes the re!uired rate of return on the investments in inventory

in addition to storage cost etc. The #arrying cost include therefore

both real cost and opportunity cost associated with the funds invested

in the inventories.

The total carrying cost is entirely variable and rise in directly

proportion to the level of inventories carried.

Total carrying cost J(carrying #ost per unit) - ('verage inventory)

7+8 Co!t of or$erin:

The cost of ordering includes the cost of ac!uisitions of

inventories. It is the cost of preparation and e-ecution of an order

including cost of paper work and #ommunicating with the supplier.

The total ordering cost is inversely proportion to annual

inventory of firm. The ordering cost may have a fi-ed component,

which is not affected by the order si"e@ and a variable component,

which changes with the order si"e.

Total 6rdering #ost J (o. 6f orders) - (cost per order).

7c8 Co!t of !toc6 o4t:

It is also called as %idden cost. The stock out is the situation

when the firm is not having units of an item in stores but there is a


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demand for that Item either for the customers or the production

department .The stock out refers to "ero level inventory .&o there is a

cost of stock out in the sense that the firm face a situation of lost sales

or back orders .The stock outs are !uite often e-pensive. 4ven the

good will of firm also be effected due to customers dissatisfaction and

may lose business in case of finished goods, where as in raw materials

or work in process can cause the production process to stop and it is

e-pensive because employees will be paid for the time not spend in

producing goods.

The carrying cost and the ordering cost are opposite forces and

collectively. They determine the level of inventors in a firm.

Total cost J(cost of items purchased) K(Total #arrying and ordering

cost)

V*l4*tion of Inventory:

The methods of valuing inventory are combination of the actual

cost and replacement cost plans. The chief advantage of the cost or

net reali"able value rule is that it is conservative. %ence the

methods of aluation of inventory are !uite independent of system

of mincing.

In balance sheet closing stock is shown under current assets and

is also credited to manufacturing or trading accounts. The inventories

are valued on the basis as follows.


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#ost of raw materials in stock may include freight charges

and carrying cost. ut such cost should not e-ceed market

price,

$ork /in /process is generally valued at cost, which includes

cost of materials, labor. 'nd the proportionate factory

overhead, as it is reasonable according to degree of

completion,

#ost of finished goods wound normally to be total or full cost

it includes prime cost plus appropriate amount of theoverhead. &elling and distribution cost is deducted on the

other hand work in progress may be valued at work in

progress may be alued at work cost, marginal cost, prime

cost or, even at direct materials.

I((UE PRICING METHOD(:

There are two categories@

7i8 Co!t .rice!:

AIA6 (Airst in Airst out)

2IA6 (last in first out)

&pecific price

ase stock price

%IA6 (highest in first out)

7ii8 Derive$ fro" co!t .rice!:

&imple average price


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$eighted average price

;eriodic simple average price

;eriodic weighted average price

oving simple average price

oving weighted average price

7iii8 Notion*l .rice!:

&tandard price

Inflated price

*e/use price

*eplacement price

Fir!t in Fir!t o4t 7FIFO8:

This is the price paid for the material first taken into stock from

which the material to be priced could have been drawn.

nder this method stocks of materials may not be used up in

chronological order but for pricing purpose it is assumed that items

longest in stock are used up first. The method is most suitable for use

where in material is slow/moving and comparatively high unit cost.


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A$v*nt*e!:

;rice is based on actual cost and not on basis of

appro-imations such as no profits or losses arises by reasons

of adopting this method.

The resulting stock balance generally represents fair

commercial valuation of stock.

It is based on traditional principles.

Di!*$v*nt*e!:

The number of calculations in the stores ledger involved

tends to be complicated with increase in clerical error.

The cost of consecutive similar 8obs will differ if the price

changes suddenly,

In times of rising prices, the charge to production is unduly

low as the cost of replacing the material will be higher.

%*!t in fir!t o4t 7UFO8

This is the price paid for the material last taken into stock from

which the materials to be priced could have been drawn. This method

also ensure material being issued at the actual cost. Its use is based on

the principle that costs should be as closely as possible related to


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current price level. nder this method production cost is calculated on

basis on replacement cost.

A$v*nt*e!:

;roduction is charged at the most recent prices so that it is

based on the principle that cost should be related to current

price levels.

It obviates the necessity for continuously ascertaining the

replacement price.

either profit nor loss is usually made by using this method.

In the times of rising prices there is no wind fall profit as

would have been obtained under AIA6 method.

Di!*$v*nt*e!:

eeds more clerical work.

#ompassion among similar 8obs is very difficult.

&tock valves relating to prices of the oldest cost on hand may

be entirely out of the current replacement prices .

ei)te$ *ver*e .rice:

This is the price which is calculated by dividing the total cost ofmaterial in the stock from which the material to be priced have been

drawn, by the total !uantity of material in the stock. This method

differs from all other methods because here issue prices are calculated


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on receipts of materials and not on issue of materials. Thus as soon as

new lot is received a new price is calculated and issues are then taken.

A$v*nt*e!:

This method is advantageous where the price varies widely as

its use even out the effect of these wide variations.

The basis of price calculations is a simple one involving only

the division of total amount of material in stock by !uantity

in stock.

#alculation of new prices arises only when receipt of stocks

are received.

&tock records under this method give a fair indication of the

stock values, which can be used in financial analysis.

Di!*$v*nt*e!:

This method is completed than simple average because it takes

into consideration the total !uantities and total costs in stock.

;rofit or loss may be incurred as in simple average price,

's 2IA6 or AIA6 this method calls for many calculations,

In order to calculate the accurate value of issues the average

price must normally be calculated to four to five decimal

places .


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(t*n$*r$ .rice:

It is the predetermination of fi-ed price on basis of a

specification of all factors affecting price like the !uantity of

materials in hand and to be normally purchased and rate of discount

compared with e-isting price including or e-cluding freight and ware

housing e-pense.

' standard price for each material is set and the actual price

paid is compared with standard. It is paid e-ceeds the standard a loss

will be reali"ed if not profit will be obtained.

A$v*nt*e!:

This method is easy to operate.

#omparing the actual prices with the standard price will

determine the efficiency of purchase department.

The effect of price variations is eliminated from 8ob costs.

It reduces classical costs by eliminating detailed cost

records.

In times of inflation or price fluctuations is very difficult to

fi- a standard price.

This method also incurs a profit or loss on issues and

closing stock.

Infl*te$ .rice:


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This is the price, which includes a charge designed to cover the

cost of contingencies or related costs.

This price includes not only the cost involved in bringing the

material to the purchases premises but also the loss due to evaporation

and breakage etc. as well as carrying costs.

MATERIA% PURCHA(ING AND PURCHA(ING

PROCEDURE

;urchase of material is one of the important functions of material

management. 't times more than 50 of the total product cost is material.

Aunctions of ;urchase Gepartment1. Geciding the items to be purchased based on demand.

+. &election of sources of supply.

3. #ollection the price information.

. #hecking the invoices.

?. aintenance of purchase records.

H. aintenance of vendorsF relations.

PURCHA(E PROCEDURE

;urchasing procedure start with the initiation of purchase re!uisitions

and ends with the receipt of materials in the stores.

CENTERI3ED PURCHA(ING

It is most important and relevant to large organi"ations operating

deferent plants may or may not be located at different places. Aor a single


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place organi"ation decentrali"ation might be feasible on a very limited place.

ut where as L 2td., is a multiple plants operating organi"ation.

In ahindra and ahindra #entrali"ed purchasing procedure is

following to purchase of materials.

#entrali"ed purchasing avoids duplications of efforts and working at

cross purpose from one plant to another.

#entrali"ed purchasing permits consolidation of order of materials

commonly used for two or more plants. The ultimately results in

greater buying power, favorable contracts and trade agreements.

4asier to maintain the !uality of purchased parts D items through

centrali"ed testing and inspection. It is also possible to conduct

testing and inspection facilities.

#entrali"ed purchasing permits to avail facilities like !uantity

discounts and cash discounts thus its helps to reduce cost.

It is beneficial to vendor also in case the si"e of order constituted

ma8or proportion of his total production capacity


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TECHNIUE( OF INVENTORY MANAGEMENT:

ain problems in inventory management are to answer.

're all items of inventory important if not what are items to

be given more importanceM

$hat should be the si"e of the order for replenishment isplacedM

$hat should be the over levelM

To answer these following techni!ues are used,

A&C An*ly!i!

Econo"ic Or$er 4*ntity

VED An*ly!i!

RE;ORDER %evel

(*fety (toc6

'4!t;in;ti"e Inventory

A&C An*ly!i!:

It is based on proposition that


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anagerial items and efforts are scare and limited

&ome items of inventory are more important than

others.

A&C ANA%Y(I(:

'# analysis classifies various inventory into three sets or

groups of priority and allocates managerial efforts in proportion of the

priority the most important item are classified into class/', those of

intermediate importance are classified as Nclass/N and remaining

items are classified into class/#E.

The financial manager has to monitor the items belonging to

monitor the items belonging to different groups in that order of

priority and depending upon the consumptions.

The items with the highest value is given top priority and soon

and are more controlled then low value item. The re/rational limits are

as follows.

C*teory < of Ite"! < of tot*l "*teri*l!

' 5/10 ?0/H5

10/+0 10/+0

# ?0/H5 5/10

Proce$4re:

Items with the highest value is given top priority and soon.


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There after cumulative totals of annual value of consumption

are e-pressed as percentage of total value of consumptions,

Then these percentage values are divided into three

categories.

'# analysis helps in allocating managerial efforts in

proportion to importance of various items of inventory .

ECONOMIC ORDER UANTITY:

'fter various inventory items are classified on the basis of

the '# analysis the management becomes aware of the type ofcontrol that would be appropriate for each of the three categories of

the inventory items.

The determination of the appropriate !uantity to be purchased

in each lot to replenish stock as a solution to the order !uantity

problems necessitates resolution of conflicting goals. uying in a

higher average inventory level will assure,

&mooth production D sale operation and.

2ower ordering or setup costs. ut it will involve higher

carrying costs. 6n the other hand small orders would reduce

the carrying cost of inventory by reducing the average

inventory level but the ordering costs would increase, as there

is a likelihood of interruption in operations due to stock/outs.

' firm should not place either too high or small orders on the

basis of a tradeoff between benefits derived from the


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availability of inventory and the cost of carrying that level of

inventory, appropriate or optimum level of order to be placed

should be determined. The optimum level of inventory is

popularly referred to as the economic order !uantity or

economic lot si"e. It may be defined as that level of inventory

order that minimi"es the total lost associated with inventory

management. It is based on some assumptions, which are

restrictive.

The firm knows with certainty the annual usage of a

particular item of inventory.

*ate at which the firm uses inventory is steady over

time.

The orders placed to replenish inventory stocks are

received at e-actly that point in time when inventories

reach "ero.

EO c*n +e ill4!tr*te$ +y

Trial and error approach,

athematical approach.

Tri*l *n$ Error *..ro*c):

In this approach the procedure of procuring the inventory is

assumed the smaller the lot the lower is average inventory and vice

versa and high average inventory would involve high carrying costs.


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This approach is used for determination of 46B uses different

permutations and combinations of lots of inventory purchases so as to

find out the least ordering and carrying cost combinations. The

carrying cost and ac!uisition cost for different si"es of order to

purchase inventories are computed and the order si"e with lowest total

cost of inventory is 46B .

M*t)e"*tic*l A..ro*c):

The 46B !uantity can use a short/cut method calculated by

following

46BJ

$here,

' J 'nnual usage of inventory

J uying cost per order

# J carrying cost per unit

%i"it*tion!:

$hile using 46B it should be noted that it suffers from

shortcomings, which are mainly due to the restrictive nature of the

assumptions on which it is based.

The important limitation is assumption of a constant

consumption usage and, the instant replenishment of inventory is of

doubtful validity

There may be unusual and une-pected demand for stocks to

meet such Ocontingencies the firm has to keen additional inventories

like safety stocks. 'nother weakness is to assume known annual


36/82

inventories is open to !uestion and there is likelihood of a discrepancy

between the actual and e-pected demand leading to wrong estimate of

46B.

VED ANA%Y(I(:

Vit*lE!!enti*l and De!ir*+leanalysis is done mainly for

control of spare parts keeping in view of the criticality to

production.

ital spares are spare the stock/out of which even for a short

time will stop production for !uite some time. 4ssential spares are

spares the absence of which cannot be tolerated for more than a few

hours a day. Gesirable spares are those, which are needed, but their

absence for even a week or so will lead to stoppage of production.

THE RE;ORDER %EVE%:

T)e reor$er level c*n +e $eter"ine$ *! follo#!:

* J Ktu

* J *eorder level

J inimum level of inventoryT J Time gap D delivery time

J sage rate the re/order level is the level of inventory at

which the fresh order for that item must be placed to procure fresh

supply. The re/order level depends upon


37/82

2ength of time between the placement of an order and receiving the

supply.

The usage rate of the item. The inventory is constantly being used

up. The rate at which the inventory is being used up. The rate

at which the inventory is being used up is called the usage rate.

T)e reor$er level *n$ inventory .*ttern! )*ve +e !)o#n *!

follo#!@

The figure shows that if the usage rate is constant, the orders are

made at even intervals for the same amounts each time and the

inventory goes to "ero 8ust before an order is received.

(*fety (toc6:

The safety stock protects firm from Trade/ offs due to

unanticipated demand for the items level of inventory investment is

however increased by the amount of safety stock. &afety level is


38/82

ascertained in inventory as a part because there is always an

uncertainty involved in time lag usage rate or other factor.

sually smaller the safety level greater the risk of stock/outs.

If stock/levels are predictable then there is a chance of stock out

occurring. %owever stock inflows and outflows are unpredictable

or lesser predictable it becomes to carry additional safety stock to

prevent une-pected stock outs so usage rate is estimated if cost is

low then no safety stock is needed.

'U(T;IN;TIME INVENTORY:

The basic concept is that every firm should keep a minimum

level of inventory on hand, relying suppliers to furnish stock 8ust in

time as and when re!uired. =IT helps in emphasi"ing sufficient

levels of stocks to ensure that production will not be interrupted.

'lthough the large inventories may be bad idea due to heavy

carrying =IT is a modern approach to inventory management and

the goal is essentially to minimi"e such inventories and there by

ma-imi"ing the turnover.

=IT system significantly reduces inventory/carrying cost by

re!uiring that the raw materials be procured 8ust in time to be placed

into production. 'dditionally the work in process inventory is

minimi"ed by eliminating inventory is minimi"ed by eliminating

inventory buffers between different production departments.

If =IT is to be implemented successfully there must be a high

degree of coordination and co/operation between the supplier and

manufacturer and among different production centers. =IT does not


39/82

appear to have any relation with 46B however it is in fact alters some

of the assumptions of 46B model. The average inventory level under

the 46B model is defined as

'verage inventoryJ 1D+ 46B K safety level =IT attacks this

e!uation in two ways.

y reducing the ordering cost

y reducing the safety stock.

The basic philosophy in =IT is that the benefits, associated with

reducing inventory and delivery time to a bare minimum through

ad8ustment in the 46B modelC will more than offset the costs

associated with the increased possibility of stock/outs.


40/82

CHAPTER III

INDU(TRY PROFI%E0COMPANY

PROFI%E


41/82

INTRODUCTION OF CEMENT:

The basic need of human being is food clothing and shelter love

and affection Dpossession is on never ending process for a human being.

's the time passes on human beings their wants and wishes also

changed from ancient times to modern times and among them the living

pattern and construction works also have been changed from temporary

construction of house to permanent construction and the basic material used

in construction is P#ementQ.

#ement the word derived from a 2atin word R#44TTF means

stone chipping such as we used in roman.

#ement the word as per o-ford, it is commonly used is any substance

applied for soft stocking things. ut cement means is most vital and

important material for modern constructions. It is a material which sets and

hardness when mi-ed with water. #ement is basically used in construction

as a building agent. In ancient times clay bricks and stones have been used

for construction works.


42/82

The *omans were using a binding or a cementing material that would

harden and water. The first systematic effort was made by P&4'T6Q

who undertook the e-ecution of a new light house in 1?5>. %e observed that

;roduction obtained by during lime stone was the best cementing material

for work under water.

The construction in lost centuries was with 2ime that was the main

e!uipment used for construction work. The ancient constructions like

Ta8mahal, Butbminar, ysore ;alace, *ed fort, #harmin etc., the evidence

of limeconstruction.

THE INDIAN CEMENT INDU(TRY:

y staring production in 1S1< the story of India cement industry is

a stage of continuous of growth.

India is the fourth largest cement producer after #hina, =apan and

.&.'. so far annual production and demand has been growing a pace at

roughly >H million tons with an installed capacity of H+ million tons.

In 1S1< as the foundation of stable cement Industry was laid as sun

above. It was Indian #ement #ompany at ;orbandar in 9u8arat. In 1S+0, the

cement marketing corporation was formed to promote the sale and

distribution of cement. ' significant development was made in 1S30 when

all manufacturers mergers together to form the 'ssociated #ement #ompany

2imited.

#ement Industry is the ma8or Industry it has taken rapid strides for a

modest beginning at porbandar in 1S1< to the 1SH0Fs with over


43/82

understanding out of the >0 units, 1< units are in the public sectors

remaining units are in private sector.

Indian endowed with cement grade lime stones (S0 illion tons) and

coal (1S0 illion tons). The basic raw material re!uired for cement

manufacture and self sufficient in manufacturing cement making

machineries. Guring nineties it had a particular impressive e-pansion with a

growth rate of 10.

The strength and vitality of cement Industry can be gouged by the

interest shown and support given by $orld ank, considering the e-cellent

performance of the industry in utili"ing loans and achieving the ob8ectives

and targets. The $orld ank is e-amining the feasibility of providing a third

line of credit for further upgrading Industry in varying areas, which will

make it global.

Therefore, India today totally installed capacity of over 30 million

tons, employing over a 100 thousand people directly and contributing

amount of rupees H billion to IndiaFs 9G;.

TECHNO%OGY:

#ement may be manufactured employing three alternative

technologies.

The largely out molded well process technology.

The more modern dry process that re!uires only 1S coal

utili"ation.

The latest percallinator technology through which optimum


44/82

utili"ation may be achieved. %ere the calcinatory or raw.

aterial is partly or completed carried out before the feud enters the rotator

kin besides saving power, the adoption of this technology enable an increase

in installed capacity by 30/35, the 30,000 tons per day plants being setup

in the country use this technology.

TECHNO%OGICA% CHANGE(:

#ontinuous technological upgrading and assimilation of latest

technology has been going on in the cement industry. ;resently S3 of the

total capacity in the industry is based on modern and environment friendly

dry process technology and only ? of the capacity is based on old wet and

semi/dry process technology.

There is tremendous scope for waste heat recovery in cement plants

and there by reduction in emission level. 6ne pro8ect for co/generation of

power utili"ing waste heat in an Indian cement plant is being implemented

with =apanese assistance under 9reen 'id ;lan. The induction of advanced

technology has helped the industry immensely to conserve energy and fuel

and to save materials substantially.

India is also producing different varieties of cement like 6rdinary ;ortland

#ement (6;#), ;ortland ;u""ling #ement (;;#), ;ortland last Aurnace

&lag #ement (;A&), 6il $ell #ement, *apid %ardening ;ortland #ement,

&ulphate *esisting ;ortland #ement, $hite #ement etc. production of these


45/82

varieties of cement conform to the I& &pecifications. 'lso, some cement

plants have set up dedicated 8etties for promoting bulk transportation and

e-port.

TOTA% PRODUCTION:

The cement industry comprises of 1+5 large cement plants with an

installed capacity of 1.S+ million tons respectively. 4-portduring 'pril/ay, +010 was 1.35 million tons. a8or e-porters were 9u8arat

'mbu8a #ements 2td. and 2 L T 2td.


46/82

The planning commission for the formulation of Aive 7ear ;lan

constituted a R$orking 9roup on #ement IndustryF for the development of

cement industry. The $orking 9roup has identified following thrust areas

for improving demand for cementC

Aurther push to housing developments programsC

;romotion of concrete %ighways and roads, and

se of ready/mi- concrete in large infrastructure pro8ects.

#ement industry has been decontrolled from price and distribution on 1st

march 1SHS and de/licensed on +5th=uly 1SS1. %owever, the performance

of the industry and prices of cement are monitored regularly. eing a key

infrastructure industry, the constraints faced by the

'ctual cement production in +00H/0S was 11>.35 million tons as

against a production of 10>.S0 million tons in +00?/0H, registering a growth

rate of H.H


47/82

;romotion of concrete %ighways and roads, and

se of ready/mi- concrete in large infrastructure pro8ects.

#ement industry has been decontrolled from price and distribution on 1st

march 1SHS and de/licensed on +5th=uly 1SS1. %owever, the performance

of the industry and prices of cement are monitored regularly. eing a key

infrastructure industry, the constraints faced by the industry are reviewed

in the Infrastructure #oordination #ommittee meetings held in the

#abinet &ecretariat under the #hairmanship of &ecretary (#oordination).

The


48/82

thebusiness because of this changes in the e-ternal environment i.e., social,

political, legal, technical and international environment and changes in

marketing. There is increased in the salaries in all most in every market

leading to competition is aspects of price, promotion etc., which help to

increase the standard of living of people.

The manufacturers of #ement like :'*I #ement, India limited,

6rient limited, ltratech etc. are providing cement and they are distributing

cement through wide network of dealers.

:'*I #ement is doing its business from decades and it is

continuously contributing to the national economy. In even Industry now a

days there is no special interest for particularly department like production

or manufacturing but know a dayFs total !uality management plays a vital

for the companyFs success.

Gistribution channel which plays a vital role for the company success.

Gistribution channels are link between the company and consumers.


49/82

Italcementi 9roup %istory@

Aounded in 1H> billion 4uros in +01+ and a capacity of ?0 million tones.

Italcementi 9roup combines the e-pertise, know/how and culture of a

number of companies from more than ++ countries in < continents. This

includes an industrial network of >3 cement plants, 15 grinding centers, 5

terminals, 13< aggregates !uarries and >13 concrete batching units. In India,

with its inherent strengths, Italcementi 9roupEs :uari #ement is committed

to give the building industry cement that is truly international.


50/82

' commitment to customer satisfaction has seen :uari #ement

grow from a modest 0.5 million tone capacity in 1SS5 to 3.5 million tones

today. :uari #ement is in the process of increasing this capacity to > million

tons by +01+ through setting up of a new 5500 tons per day clinker line at

7erraguntla and a grinding center at #hennai. ' captive power plant with a

capacity of market share in the south Indian cement market and sales

of about 4uro 1HH million in +01+, :uari #ement has chalked out ambitious

plans for the future. This includes strengthening its presence in the

aharashtra, 6rissa and $est engal markets. $hile technology is 8ust one

of its strengths, there are many other factors that contribute e!ually to

:uariEs success. These include a high/level organi"ation and decentrali"ed

!uality assurance teams to guarantee the full compliance with the customersE

e-pectations.

6ur %istory@

&trong foundations for a company of strength.

:uari entered the #ement business in 1SS< to operate the Te-aco #ement

;lant. In 1SS5, Te-acoFs ;lant at 7erraguntla was taken over by :uari and a

#ement Givision was formed. The fledging unit came into its own in the

year +00H when :uari Industries entered into a =oint enture with the

Italcementi 9roup, the 5th largest producer of #ement in the world, :uari

#ement 2imited was born. :uari #ement took over &ri ishnu #ement

2imited in +005. Today, the #ompany is amongst the topmost cement


51/82

produces in &outh India.

34*ri *n$ It*lce"enti5 T)e !trent) of t#o

:uari #ement is one of the leading cement producers in &outh India. ' fully

owned subsidiary of the 4uro > billion Italcementi 9roup, #ommitment to

customer satisfaction has seen :uari #ement grow from a modest 0.5 million

tone capacity in 1SS5 to 3.5 million tones today. 'nd earned a place among

the most reliable cement producers in the country.

Thanks to a careful plan of investments and take/overFs of other cement

producers, the company e-panded, !uickly reaching a strong position on the

market and becoming the leading cement manufacturer in Italy.

'fter several ac!uisitions abroad, in 1SS+ Italcementi achieved important

international status with its take/over of #ements AranUois, one of the main

global cement producers.

In 1SS? Italcementi consolidated its verticalisation strategy with the

ac!uisition of #alcestru""i, thus becoming Italian leader in the ready/mi-ed

concrete sector.

In arch 1SS?, all the international companies of the 9roup gathered

under one single corporate identity.

&ince 1SSH Italcementi 9roup has been pursuing its internationali"ation

strategy by ac!uiring new cement works in ulgaria, a"akhstan, Thailand,

orocco, India, 4gypt and the nited &tates.


52/82

6ur anagement@

$hile professional management and !uality workforce ensure superiorresults, the role played by the core management should not be discounted.

$ith their vision and e-perience, they make sure that :uari #ement moves

in the right direction. Towards becoming one among the leading cement

producers in India.

M*4ri=io C*ne..ele

anaging Girector

#urriculum vitae

>ri!)n* (riv*!t*v*

Girector arketing

R*"e!) (4ry* N*r*y*n*

Girector Technical

C4rric4l4" vit*e

E"iliy*n An$reev

#hief Ainancial 6fficer

C4rric4l4" vit*e

(5(URE(H

ice ;resident %* L I*
http://www.zuaricements.com/NR/rdonlyres/94F5C380-2CDB-4F50-98FE-B148D2F94F40/17772/MDS_PROFILE.pdfhttp://www.zuaricements.com/NR/rdonlyres/94F5C380-2CDB-4F50-98FE-B148D2F94F40/17765/DT_profile.pdfhttp://www.zuaricements.com/NR/rdonlyres/94F5C380-2CDB-4F50-98FE-B148D2F94F40/17766/CFOS_PROFILE.pdfhttp://www.zuaricements.com/NR/rdonlyres/94F5C380-2CDB-4F50-98FE-B148D2F94F40/17765/DT_profile.pdfhttp://www.zuaricements.com/NR/rdonlyres/94F5C380-2CDB-4F50-98FE-B148D2F94F40/17766/CFOS_PROFILE.pdfhttp://www.zuaricements.com/NR/rdonlyres/94F5C380-2CDB-4F50-98FE-B148D2F94F40/17772/MDS_PROFILE.pdf


53/82

$ith an annual .ro$4ction c*.*cityof appro-imately ?0

million tons of cement, Italcementi 9roup is the worldFs fifth largest cement

producer.

The ;arent #ompany, Italcementi &.p.'., is one of ItalyFs 10

largest industrial companies and is included in &L;DI Inde- of the Italian

&tock 4-change.

Italcementi 9roupFs companies combine the e-pertise, knowhow

and cultures of ?? co4ntrie!in < #ontinents boasting an industrial network

of @ ce"ent .l*nt!, 1 rin$in center!, B ter"in*l!, 1?B *re*te!

4*rrie! and @1 concrete +*tc)in 4nit!.

In +01+ the 9roup had !*le!amounting

to almost > billion 4uros.

Italcementi, founded in 1H>


54/82

Thailand and India, as well as operating in orth 'merica. 's part of the

plan to further enhances its presence in the editerranean area, in +00H the

9roup boosted its investments in 4gypt becoming the market leader.

In +010 Italcementi ac!uired full control of the activities in India and

signed an agreement to strengthen its position in a"akhstan while, in +011,

it further strengthened its presence in 'sia and the iddle 4ast through the

operations in #hina, uwait, &audi 'rabia. In +01+ the 9roup signed a 8oint

venture in 2ibya to build a < million tonsDyear cement plant.

's a member of the $orld usiness #ouncil for (4!t*in*+le

Develo."ent ($#&G) Italcementi 9roup has signed the #ement

&ustainability InitiativeFs 'genda for 'ction, the first formal commitment

that binds a number of world cement industry leaders to an action plan that

aims at satisfying present/day needs at the same time as safeguarding the

re!uirements of future generations.

To further confirm its commitment on these issues, the 9roup has

taken over the co/#hairmanship of the #ement &ustainability Initiative for

the period +011/+01+.

6ur ;roducts@

Ce"ent for every 6in$ of t*!6

:uari #ement manufactures and distributes its own main

product lines of cement .$e aim to optimi"e production across all of our

markets, providing a complete solution for customerEs needs at the lowest

possible cost, an approach we call strategic integration of activities.


55/82

#ement is made from a mi-ture of H0 percent limestone and +0

percent additives. These are crushed and ground to provide the Nraw mealQ,

a pale, flour/like powder. %eated to around 1


56/82

concrete matri- and increases the durability of the concrete. :uari 6;# is

high performance cement far e-ceeding the coral re!uirement of I&.

It is this very durability that translates into long / lasting

residential and commercial constructions of a wide variety.

34*ri/! e$e$ith these uni!ue advantages, :uari #ement comes

to you in two grades /


57/82

Pri"o ; T)e !4cce!! !tory:

In +011 :uari #ement launched its high/strength cement

under the brand name Pri"o Concrete Ce"entin angalore #ity.

Pri"oimproves the density of the concrete matri- and increases the

durability of the concrete, making it an immediate hit

among construction and infrastructure pro8ects undertaken in and

around angalore. *ecently ;rimo was also launched in ochi and

#hennai. 'n e-tensive marketing and distribution network across

south India concretes :uari #ementEs success story.

ew products, on the line of the e-tremely successful

Pri"o launch, will play a significant role in key markets.

Pri"o Concrete Ce"ent ; Concrete Re$efine$@

;rimo concrete cement is high !uality cement

prepared from the finest raw material. 6wing to optimum water

demand, it contributes to a very low co/efficient of permeability of theconcrete prepared. This improves the density of the concrete matri-

and increases the durability of the concrete. ;rimo is a high

performance cement far e-ceeding the codal re!uirement of I& 1++>S/

1SH?. It is this very durability that translates into long/lasting

residential and commercial constructions of a wide variety, such as

dams, canals, highways, roads and flyovers.

%igher compressive strength

etter soundness

2esser consumption of cement for /+0 #oncrete grade


58/82

and above

Aaster deshuttering of form work

*educed construction time

2ocations@

#6*;6*'T4 6AAI#4@

o. 1, 10th ain, =eevanbhima agar,

angalore / 5>0 0?5

Tel@ 0H0 / 3 / +?510< D +?5301
mailto:[email protected]:[email protected]:[email protected]:[email protected]


59/82

Aa-@ 0H5>3 / +?51>/0? 3>5 ?.1> 51+00?/0H 3>5 5.03 ?3+00H/0S 3>5 5 5 H5


70/82

Inter.ret*tion:

Inventory holding days e-press the o. of days it takes for the stock

to get converted into sales. It is called stock conversion period. It is

calculated as above. It means that 51 days period of time it took to convert

from stock sales in +00>/0?, ?3 days in +00?/0H, HS days in +00H/0S, HH days in

+00S/10, H< days in +010/11 and HS days in +011/+01+.


71/82

I4T6*7 ''27&I& 'T 4&6*'

(*s in 000Fs)

7ear Inventory #urrent assets in inventory

L#'+00>/0? S0SS 530 10?H+?< 5+.0S+00H/0S >3051H 1500S?? 53H0 1>HH?33 0< 5


72/82

YEAR( ?1? ?11 ?1 ? ? ?

6pening Inventory(*s. In 2akhs) 5..

?.+S>

B5?

arch +011 335+H>.5+

?5 K +5.5

++10+3.+3

+5.5

5@

3>>..

and the inventory in number of days is low.

This position indicates that the stocks are fast moving and get converted in

to sales !uickly.


74/82

CEMENT PRODUCTION AND DI(PATCH

YEAR

CEMENT PRODUCTION

7UANTITY IN

MI%5TONNE(8

CEMENT DI(PATCH

7UANTITY IN

MI%5TONNE( 8

'*#% 31&T+010 +5,?S? +5,

'*#% 31&T+011 3 33,?>>

'*#% 31&T+01+ 33,>30 33,HH5

INERPRETATION:

The inflow of raw materials and dispatch of finished goods from

the organi"ation is in good position. In march 31st +010 the difference

between the vehicle production and dispatched is 3H1 and in march 31st+00S

the close stock in the go down is also dispatched from the organi"ation and

as well as in the year +011 31 stmarch the stored vehicles are dispatched

from the company. This indicates that the consuming storage cost is very

low and risk related to preservation of the stock is very less.


75/82


76/82

CHAPTER @

FINDING( AND

(UGGE(TION(

AIGI9&


77/82

The inventory turnover ratio signifies the liquidity of

the inventory. A high inventory turnover ratio indicates

brisk sales.

51 days period of time it took to convert from stock

sales in 20060!" !# days in 200!0$" $% days in 200$0%" $$

days in 200%10" $& days in 201011 and $% days in 2011

2012.

A high turnover ratio indicates that the material in

question is a fast moving one and also a lo' amount ofstocks are replacing stocks in large number of

installment. (n the year 2010"2011"2012" the stock

turnover ratio is gradually decreasing and the inventory

faced a bad position in these three years.

And from 200!"200$"200%" the stock turnover ratio

continuously increased from 5.#$ to !.2%6 and theinventory in number of days is lo'.


78/82

(UGGE(TION( :

6n the personnel interaction with the financial department as well as

with the primary and secondary dataFs the following are the conditions and

suggestions arrived. They are@

The analysis is carried out for a period of five years i.e., +00>/0?/

to +011/+01+ is not sufficient to conclude the Inventory position of

the company as we have taken up to study for a period of > weeks is

too less still we strived out best in e-ploiting the present inventory

position of the company.

Inventory valuation is followed in weighted average method based

on cost concept of the pro8ect costing is undertaken.

The inventory is different items of productionC hence '//#

analysis and Two in &ystem are followed.

&ome items are found to be slow and non/moving. The slow/

moving items are spare and consumable goodsC hence whenever

necessity arises these items are being used. on/moving items are

also found in the inventory.

The reasons for on/moving of Inventory from stores are studied.

Gue to 6B (inimum 6rder Buantity) clause these itemsprocured e-tra than the re!uirement.

*aw material turnover ratio was low in the year +00>/< which was not

a good sign in the earlier. The ratio is higher in the year +011/1+

which is S.0S which signifies a good sign.


79/82

The high inventory ratio indicates efficiency of the firmFs inventory

management.

The material consumption was also increasing simultaneously with

sales.

The companyFs efficiency in turning its inventory is increasing. The

companyFs utili"ation of inventory in generating sales is good. The

yearly holding of all types of inventory is decreasing. This is positive

trend.

The overall inventory position of the company is satisfactory.


80/82

CONCLUSION:

To days business scenario inventory management is becoming

very crucial part of the organi)ation. The system of inventory

management in *uari is very effective. The organi)ation is basically

and assembling unit and thus inventory place a most significant role in

the decision making process. +rom the various calculations and figures

relating to inventory management it is clear that the inventory

classification of A items are maintain for 1 , # days" as a result it

reduce investment in ra' material" reducing the lead time and also the

large quantity discount because the stock are kept for 1 , # days.

(n the classification of A- items /* procedure is follo'ing in

*uari lant has launched the different type of A3-A3 card system for

class items.

lass A 4 - items are consider under the ust in time philosophyas the procurement time has been reduced up to greater etent by the

proper coordination of buyer and supplier.

There is great improvement in the inventory turnover ratio from #years. (t is increased from 5.#$ to !.2%67 this position indicates thatthe stocks are fast moving and get converted into sales quickly in *uari


81/82

CHAPTER

I2I69*';%7


82/82

&I&I%OGRAPHY:

Y #ost 'ccounting .. &a-ena

#.G. ashist

Y #ost 'ccounting / &.;. Iyenger

Y #ost 'ccounting / &.. aheshwari

Y Ainancial

anagement / han L =ain

Y #ost anagement

'ccounting / *.;. Thrivadi

$ebsites @

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