Project Vishal Finaviya Inventory Mgnt.

8/3/2019 Project Vishal Finaviya Inventory Mgnt.

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PROJECT REPORT ON INVENTORY

MANAGEMENT

Duration :1st June 2011 to 30th July 2011

Placement :KRISHAK BHARATI COOPERATIVE

LIMITED

15 Km, Surat Hazira Road,

Hazira 394270 District: Surat. (Gujarat)

Tel:+0261-2862766/67/68, Fax: 0261- 2860283.

E-mail: www.kribhcosurat.com

Department : Finance & Accounts

Guide : Mr. Thomas T.S

Institute :Jaywant Institute of Computer Application,JSPM

University : PUNE University

Course : M.B.A. ( Finance )

Guide : Prof. Vikas Barbate

(Respective Faculties of JICA)

Trainees : VISHAL D. FINAVIYA

E-Mail ID : [email protected]

Cell : +91-9913039998/9970743643

Project on :Detailed Study of Inventory Management

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mailto:[email protected]:[email protected]


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Practice.

P R E F A C E

The basic aim of training is to know how to work in the banking sector in a practice. As it is

said, THE EXPERIENCE MAKES MAN PERFECT. The practice study is very

important for a management student. It is pleasure to undergo practical training to submit the

report to the university as a fulfillment of the term work.

Someone rightly said, EDUCATION TURNS A BEAST TO A MAN. Education is

important in a life of a human being as it teaches a person how to live a disciplined and

successful life. Knowledge can be gain by education only.

In this competition era, it is very necessary to have some kind of knowledge of each and

every thing, which prevails, in market or society. Here we are talking about manufacturing

sector, kribhco change the senario of agriculture sector in india. In todays era of competition

it is very necessary for you to be very fast and also be first as compared to MONEY and

banking sector will provide both to you.

We are students of M.B.A. and for us it is very necessary to have some kind of

knowledge how the todays banking organization working and recovery their loan due, and what

kind of facilities they have been providing. And we are here studying of the same.

I have tried my level best to present all the relevant information as detailed as possible

space constraint has curbed me a little bit.

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A C K N O W L E D G E M E N T

I wish to express my thanks to the officers and all the staff members of The KRISHAK

BHARATI COOPERATIVE LTD for their valuable assistance and excellent co-operation in

preparation of this project report.

I wish to place on record the co-operation given me by MR.J.K.MATHUR for making

capable of teaching new things, which are helpful in our practical life that is going on projectat different places.

I also would like to express my thanks to the honorable principal of our college and M.B.A.

in charge professors who have provided me special guidance for collecting information

regarding industrial training and in preparing industrial training report. I am also thanking to

my parents and friends for their exclusive support and emotional encouragement during the

entire project.

An effort has been made to present the subject matter in a systematic form. I shall be glade to

receive any criticism for future improvement.

Signature of student,

Place:

Date:

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D E C L E R A T I O N

I, undersigned VISHAL D. FINAVIYA a Student of M.B.A. semester-III of

Jaywant Institute of Computer Application (JSPM, PUNE) Studies I have prepared the

summer project report in the KRISHAK BHARATI COOPERATIVE LTD during my

fully summer training, this practical training has given me the practical knowledge & more

experience and also learn how the theoretical aspect is implement in real situation. This project

report contains the original detail of current scenario of the company.

Thank you,

Date:

PLACE: SURAT Yours Faithfully

Mr. VISHAL FINAVIYA

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EXECUTIVE SUMMARY

KRIBHCO is one of the biggest co-operative sectors of Asia which manufactures

fertilizer. KRIBHCO is manufacturing Urea, Ammonia & Bio-fertilizers at Hazira, Surat in

the State of Gujarat, on the bank of river Tapi, near Kawas village, 15 Kms. from Surat city

and 20 Kms. from Surat Railway Station.

During the project period from 20January,2010 to 20March,2010 I have study

ANAIYSIS OF INVENTORY MANAGEMENT TECHNIQUES & BRAND IMAGEANAIYSIS OF INVENTORY MANAGEMENT TECHNIQUES & BRAND IMAGE

OF KRIBHCO in depth; by providingOF KRIBHCO in depth; by providing and its various aspect like net working capital, cash

management, receivable management, inventory management, ratio analysis. I have also

studied different departments at KRIBHCO. I observed different activities of them. I have

studied Finance & Accounting, Materials.

The objective of study is to learn about how company manages its day to day

operation and how company manages its working capital and its other components.

An activity of Personnel & Administration department is to do recruitment and

selection, Performance appraisal, promotion and all administration activities of KRIBHCO

Township. Main activities of Finance and Account Department is financial planning, capital& revenue budgeting, Ratio Analysis, SWOT analysis etc. In Materials department they do

all the activities related to purchase and storage of materials and all other consumables. In

transportation department, the main activities of transportation are departure of materials by

road and rail. Marketing department is mainly concerned with pricing policies, sales

promotion, sales and demand forecasting. HRD department is mainly concerned with training

activities, HR planning and other HR activities.

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In short, KRIBHCO handles its all functions efficiently and effectively. It operates

its effective level by performing the sequence of operations, and acquires the maximum

profits among leading manufacturers of fertilizers- urea.

Introduction to FertilizerIndustry

Before introducing organization Kribhco (A fertilizer producing unit) I feel necessary

to give an overview of the Indian fertilizer industry.

India lives in villages, said Mahatma

Gandhi decades ago. It is true even today.

Like every developing economy, the

economy of India is also agro-based.

Agriculture accounts for nearly 1/4th of

India's GDP and more importantly, about

2/3rd of the country's population is

dependent on agriculture and allied

activities for their livelihood. As per

statistics nearly 175 lakh MT of fertilizer nutrients are required every year in this country.

The demand of fertilizers was so high that India had to import almost 30% of its requirement

from other countries. Therefore, to achieve the economic growth, agriculture base of the

country must be strengthened. To attain this objective, agriculture practices have to be

improved from their traditional pattern to a higher technological track involving better

irrigation and use of better quality seeds, fertilizers, insecticides & pesticides. Therefore,

chemical fertilizers are key player in this process and fertilizer industries plays quite a major

role in increasing food production in the country and also helps to modernize the out look of

the common farmers and make them innovative and respective to the new technology change.

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A fertilizer is any material, organic, inorganic, natural or synthetic, that is placed on

or incorporated into the soil to supply plants with one or more of the chemicals elements

necessary for normal growth. Fertilizer is the material, which supplies the chemicals elements

required for plant growth. Primary nutrients like nitrogen, phosphates and potassium

(required for fertilizer land) are supplied through chemical fertilizer. Fertilizer response

studies have proved that one kg. Of fertilizer nutrient application can the food grain

production by 8-10 kg.

A condition of Indian farmers Government of India framed fertilizer policy in 1977

based on Maratha committee report. The purpose behind introducing this policy was to

supply fertilizer to resource poor at a price they could afford, so as to increase the

consumption of fertilizer, to increase food production, and ensure fair return to fertilizer

producers.

With this twin objective, Retention Price Scheme (RPS) for fertilizers came into

picture. In this scheme government has brought the fertilizer under the preview of Essential

Commodities Act (ECA) in which the retail price of fertilizer to the farmer is notified by the

Government of India from time to time. This retail price to the farmer is uniform throughout

the country and is subject to local taxes applicable under the respective States.

Further under ECA, the government also operates a system of distribution control in

which the manufacturers including the handling agents for the imported fertilizers are

directed to sell specified quantities of fertilizers in given states/union territories. While doing

so, the logistics of fertilizer distribution including storage, transportation, handling etc. are

also suitably regulated conforming to overall supply plans of the government to meet the

requirement in all the parts of the Country.

Now manufacturers also should get reasonable rate of return as all incentive for

producing fertilizers. Manufacturers should get at least that much, which call enable them to

remain in the industry.

Government of India fixes the price of fertilizers in such a way that manufacturer's

cost of production including cost of marketing is covered and the manufacturer gets a 12%

post tax return on net worth of the unit at a pre-defined capacity utilization. Norms are fixed

for consumption of raw material, utilities, services, capacity utilization, depreciation etc. The

price so fixed is called Retention Price (RP). This price is reviewed every three years.

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In a nutshell fertilizers can not be sold in open markets and producing unit has almost

nil say in fixing fertilizer price. Then how to increase profits? By operating plant efficiently

only.

The work of administering the Retention Price Scheme (RPS) is entrusted to Fertilizer

Industry Co-ordination Committee (FICC) which works under the control of department of

chemicals and fertilizers.

Growth of Fertilizer Industry

One of the most significant achievement of the post Independence

period of our Country has been the ability to achieve self-sufficiency in food

grain production. This achievement is due to the rapid growth andimprovement of Fertilizer industry. The Fertilizer industry is growing at the

rate of 4% for the last 10 years and has been contributing a significant part of G.D.P. ahead

The growth and importance of Fertilizer industry in India can be divided in to three

distinct phases, these are given below.

1. Pro Green Revolution Period:

This period is described in 1952-1953 era where increased growth of food grains took

place however this increased production in food grains took place due to increased irrigation

methods. In this phase the land under agriculture was made more, during this period about

80% of the country's population was involved in Agriculture either directly or indirectly.

During this period the fertilizer's which were manufactured were Super Phosphate &

Ammonium Sulphate. Irrigation was thought to be heart of Agriculture.

2. Green Revolution Period:During this phase Government stated the Programme aimed at making our country

self sufficient in Food Products. This was the period between the years 1959-1960. This plan

laid the emphasis on production of High Yielding Varieties. To make this plan a success there

was a high need to make soil fertile by providing it with nutrients like Phosphorus, Nitrogen

and Potassium.

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During this phase Fertilizer industry tried to play a vital role, became one of the most

important, and inherits part of our economy.

3. The Post Green Revolution Period:The world's population along with Indian population has kept on growing at a

alarming rate, the fertilizer companies all over India are trying to expand their scale of

operations in order to increase the production rate. The demand for fertilizers per year is

increasing. The current demand of fertilizers in India is 18 million tones.

- According to Fertilizer Association of India.

Global Scenario of Fertilizer Industry

The United Nations projection indicate the world population has been increasing at

very fast rate while the nature resource such as land remain the same so, to recover increasing

demand for the food grain the productivity of the crop can be increased by using fertilizer.

Today 35% of the world fertilizer/production from developing countries. But their

consumptions being 50% of the total global fertilizer consumptions; the developing

countries are the net importer of the fertilizers. This is natural because they are essential agro

based economics. While Canada and U.S.A. are top exporters of fertilizer in the developing

countries. India and china are also develop/ping their scenario in the world market.

Fertilizer Industry Scenario in India

In India, First of all in 1906, A Single Super Phosphate (SSP) manufacturing unit was

set up at Ranipat near Chennai (Madras) with annual capacity of 6000 tones per annum.

By fiscal year 1995, the fertilizer consumption in India touched 13.56 million tons. In

the same year, the total supply was 10.43 Million tons. With that become the third largest

producer after U.S.A. and china. To bridge the demand and supply gap India has to import

necessary fertilizer.

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1. Public Sector

The Fertilizer and Chemicals Travancore Ltd. (FACT)

Hindustan Fertilizer Corporation Ltd. (HFC)

Madras Fertilizer Ltd. (MFL)

Hindustan Copper Ltd. (HCL)

Naively Lignite Corporation Ltd. (NLC)

Pyrites, Phosphates And Chemicals Ltd. (PPCL)

Pradeep Phosphates Ltd. (PPL)

Rashtriya Chemicals And Fertilizers Ltd. (RCFL)

National Fertilizer Ltd. (NFL)

2. Co-operative Sector

There are only two fertilizer manufacturing societies in Co-operative sector.

Indian Farmers Fertilizers Cooperative Ltd. (IFFCO)

Krishna Bahrain Cooperative Ltd. (KRIBHCO)

3. Private Sector

There are 17 companies in private sector, which are producing fertilizer.

Gujarat Narmada Valley Fertilizer Co. Ltd. (GNFC)

Hindustan Lever Ltd.(HLL)

Hari Fertilizer

ICI India Ltd.

Indo Gulf Fertilizers & Chemicals Corporation Ltd.

Mangalore Chemicals & Fertilizer Ltd. (MCFL)

Southern Petro Chemicals Industries Corporations Ltd.

Nagarjuna Fertilizer & Chemical Ltd. (NFCL)

Shri Ram Fertilizer & Chemicals

Tuticorian Alkali Chemicals & Fertilizer Ltd.

Zuari Agro Chemicals Ltd.

Bindali Agro Chemicals Ltd.

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Chambal Fertilizer & Chemicals Ltd.

Coromandal Fertilizer Ltd. (CFL)

Deepak Fertilizer & Petrochemicals Corporations Ltd. (DEPCL)

E.D.I. Passy (India) Ltd.

Gujarat State Fertilizer Company (GSFC)

The Role of the Fertilizer in the National Economy

Agriculture Industry Services Environment

As a critical input

in crop production.

It promotes

agricultural

growth, food

security and rural

upliftment.

Fertilizer industry

promotes use of

gas, sulphur etc.

Foreign exchange

savings.

Distribution

network promotes

domestic and world

trade, credit and

banking services,

research, and

transport and

storage services.

The proper use of

fertilizers can help in:

1) Maintenance of

soil structures.

2) Prevention of soil

erosion and

Degradation.

3) Control of

Deforestation.

About the

Krishak Bharati Co-operative Limited

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KRIBHCO the worlds premier fertilizer producing co-operative has an outstanding

track record to its credit in all spheres of its act ivies. Since 17th April 1980 as a national level

co-operative society promoted by Government of India authorized to manufacturing and

distribution of fertilizers. Chemical fertilizer and allied farm imputes KRIBHCO imbibed

the co-operative philosophy fulfilling its commitment to strengthening and promoting the

cause of agriculture development and co-operative movements in the country.

Krishak Bharati co-operative limited popularly known as KRIBHCO has been

registered as national level co-operative society under the provision of the multi-state co-

operative societies act, 1984.

TheKRIBHCO hazira unit is located around 15 Kms, west of Surat and lies on the

north of river Tapti. An all weather road from Surat to hazira connects the plant site with the

city. The cannel belonging to irrigation department is running on the plant site and is feeding

water from ukai. A railway feeder line apporx. 55 kms. Long has connected the site with

Bombay Ahmedabad main line.

KRIBHCO multiunit co-operative societies were promoted jointly by IFFCO and the

agricultural co-operative all over the country.

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KRIBHCO PLANT AT HAZIRA

Plant is based on Natural Gas from BOMBAY HIGH SOUTH BASSEIN. The society

massive Ammonia, Urea complex is situated at HAZIRA near SURAT in GUJARAT.

KRIBHCO plant is one of the largest and most modern fertilizer compels in the co-

operative sector in the world. It has two phases on UREA plants consisting of two streams of

1100 MTPP with an annual capacity to produce 14.52lakh.MT of urea equipment to 6.68

lakhs MT interns of nutrient nitrogen.

KRIBHCO aims to fulfil the ever-growing fertilizer needs of the country. The

HAZIRA project with project zero date of 31st March, 1985. The estimated project cost was

Rs.957.71 crore However, the final project cost was Rs.885 crore resulting in hot saving at

Rs. 72.71 crore.

KRIBHCO Network

A. Head office: - fertilizer plant, Noida, Delhi

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B. (I) Plant:- Surat Gujarat

(II) Bio fertilizer plant: - Surat (Gujarat)(III) Seed processing plant: - Andhra Pradesh, Gujarat, Haryana, M.P.

Punjab, Rajasthan, U.P. (For Punjab & Haryana)

C. Zonal offices: - Bhopal, Bangalore, Lucknow and Chandigadh.

D. State mktg. offices: - Jaipur, Ahmedabad, Chennai, Mumbai, Bangalore, Patna,

Lucknow, Chandigadh, Bhopal, Hyderabad, Guwahati, Dehurdun, Kolkata.

Besides marketing its products KRIBHCO carries out various other

programmed like farmers benefit programmed, sanket Haran bima yojana, marketing of

BVFCL (Brahmputra valley fertilizer corporation limited) vred seed multiplication

programmer, gramin vikas trust (rural development trust).

MEMBERSHIP

A cooperative thrives on the trust of, its members. Membership of KRIBHCO is

open to government of India, national state and district and village level cooperative society.

At the initial stage, way back in June, 1981 the total membership in KRIBHCO was only221 cooperative societies which rose significantly to 6306 cooperative societies as on march

31,2007 as against 6242 as on march 31 2006. Phenomenal progress made by the society

becomes a testimony to the ever-increasing membership over the years.

The total paid up share capital as on March 31, 2007 was Rs.396.05 crore as against

Rs.394.62 crore in the previous year. The Society has refunded share capital of Rs 2.20 crore

to the Government of India.

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INTRO OF KRIBHKO

Krishak Bharati Co-operative Limited (KRIBHCO), a premier Co-operative Society for

manufacture of fertilizer, registered under Multi-State Cooperative Societies Act 1985,

was promoted by the Govt. of India, IFFCO, NCDC and other agricultural cooperative

societies spread all over the country. Oil & Gas findings in Bombay High and South

Basin triggered off the birth of eight new generations fertilizer plants to fulfill ever-

growing food needs of the country. KRIBHCO was amongst the first two Projects in the

first phase.

KRIBHCO has setup a Fertilizer Complex to manufacture Urea, Ammonia & Bio-

fertilizers at Hazira in the State of Gujarat, on the bank of river Tapti, near Kawas village,

15 Km from Surat city and 20 Km from Surat Railway Station on Surat Hazira State

Highway.

Late Smt. Indira

Gandhi, former Prime

Minister of India laid the

Foundation Stone on

February 5, 1982.

The trial production

of Urea commenced from

November 26, 1985 and

within a very short time of 3

months, the commercial

production commenced from March 01, 1986. Since then, it has excelled in performance

in all areas of its operations.

The total Project cost was Rs. 890 crores as against the estimated cost of Rs. 957

crores. This shows a saving of Rs. 67 crores (approximately 7%) in Capital Cost of the

Project, which is a rare feature in the history of a Public Sector Unit.

Subsequently, a Bio-fertilizer plant of 100 MT per year capacity was

commissioned at Hazira on August 15, 1995. KRIBHCO has also completed the

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installation of an expansion of the Bio-Fertilizer plant with an additional capacity of 150

MT and the same was commissioned in December 1, 1998.

ORGANIZATIONPROFILE:

Name of the Organization: Krishak Bharati Cooperative Limited, abbreviated

KRIBHCO

Plant Office: PO: Kribhco Nagar, Hazira Road, Surat 394 515. Phone-2320034

Head Office: A-8-10, Sector 01, Noida, Distt. G. B. Nagar, U.P.

Registered Office: 49-50, Nehru Palace, New Delhi-19

Type of Organization: Society is registered under Multi-State Co-operative Societys

Act-1984 and under the Administrative Control of Department of Chemical & Fertilizer,

Govt. of India.

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Product: Manufacturing Nitrogenous Fertilizers and Allied Products Viz: Urea,

Ammonia Liquid, Bio-Fertilizer, 30 Mega Watt Power Plants, Operation and

Maintenance of Heavy Water Plant of Department of Atomic Energy.

ABOUTKRIBHCO:

Installed Capacity: Urea 14,52,000 MT/Year (Plant Nutrient 6,67,920 MT of

Nitrogen/Year)

Plant Technology:

Ammonia 2 x 1350 T/day: Kellogg (USA) & FEDO (INDIA)

Urea 4 x 1100 T/day: Snamprogetti (ITALY) & PDIL (INDIA)

Power & Off sites: DCPL (INDIA)

a) 3 Boilers (One Standby) with capacity of 275 MT of steam / boiler / hr.:

Foster

Wheeler, UK

b) 2 TG Sets with capacity of 15 MW each.: BHEL, INDIA

Total Cost of Project: Rs. 890 Crores

Concreting: 3, 00,000 M3

Steel: 58,000 MT

Cement: 1,50,000 MT

Heaviest Equipment: 410 MT Ammonia Converter

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Tallest Structure: 150 Meters

Periling Tower: 90 M Height x 26 M

Urea Silos (Largest in Asia): 45,000 MT x 2 Nos.

Ammonia Storage(Atmospheric): 10,000 MT x 2 Nos.

Bagging Capacity with 16 bagging machines of each 1200 bags/hr.: 6,000 MT in two shifts.

Loading of Urea: 6 trucks & 12 wagons

Pollution Control: Exhaustive pollution control measure at source with latest equipments &

techniques.

Computerisation Programme: For information processing, data logging & process control.

Share of KRIBHCO as % of countries installed capacity of Urea: 12%

Contribution to countrys food grain production: 6 million tonnes/year.

Natural Gas Requirement: 3.2 million M3/day

Power Consumption: 25 MW

Water: 9 million gallons/day

Empty bags requirements: 1 lack/day

MISSION:

A) To contribute to agriculture &rural development in the reigns.

B) Services to members of cooperatives society by providing finance.

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C) Managing society desirable and commercial profitable investment

opportunity preferable at multiple locations.

VISION: They want to be a world class organization that represents the farmer

Community and maximizes returns to them through specialization in agricultural

Input, products and other diversified businesses that maximize stakeholder value.

OBJECTIVES:

To undertake the activities for rural and agriculture development.

To promote economic interest of its members by undertaking manufacturing of

chemical fertilizer & allied product.

In furtherance of these objectives KRIBHCO may undertake one or more of the

following activities: -

(I) To undertake production processing, manufacture, sale distribution, marketing,import export and to otherwise deal in agriculture production requisites.

(II) To set up storage units for storing fertilizer and other goods by itself or in

collaboration with other agency.

(III) To act as warehousing agency under the warehousing act and own go downs or

hire go downs for the storage of fertilizers and other goods

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BOARD OF DIRECTORS as on March 31, 2009

Chairman Dr. Chandra Pal Singh

Vice-Chairman Shri R. K. Dhami

Director

Shri Ponnam Prabhakar

Shri V. R. Patel

Shri V. S. Chowdary

Shri Mathew C. Kunnumkal

Shri Deepak Singhal

Shri Shiv Narayan Prasad Mishra

Shri S. S. Jamgod

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Managing directorShri B. D. Sinha

Marketing DirectorDr. V, P. Singh

Operational DirectorShri I. N. Bansal

AWARDS:The excellence performance of the society has brought a number of laurels from

various organizations .The awards received during year were as follows: -

KRIBHCO receives gold star award of Excellence from Institute of Economic studies

for its overall excellent performance.

KRIBHCO receives the Rajshabha Award from Honorable Minister of Chemical and

Fertilizers for 2002-03, 2003-04 and 2004-05.

KRIBHCO was awarded First Prize for Production, Promotion and marketing of Bio

Fertilizers for the year 2004-05 on 1st December 05 by FAI.

National productivity council has awarded productivity award the society for bio

fertilizer product for the year 1999-2000, 2001-2002 in the year 2003-2004.

Certificate of merit by public relations society of India, Hyderabad chapter for house

journal of KRIBHCO

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Best technical innovative award for the year 2003 by fertilizer association of India.

Certificate of merit Gujarat safety council for relining 30 lakh accident free man-

hours.

Hazira ammonia extension project (HAEP) rotating shield winner and certificate for

lowest disabling injury index in group-c industries.

Sardar Vallabhbhai Patel Agriculture and Technical University, Meerut All India

Farmers Fair and agro Industrial Exhibition First Prize To Kribhco on 10-03-2005.

Kribhco has won first prize for Bio-Fertilizer Production, Marketing and Promotion

Award for the year 2003 And 2004 by National Productivity Council (NPC). Award has been

given formal function held on 10th May, .2005 by honourable Minister for Agriculture Shri

Shard Paxar.

MILESTONES OF KRIBHCO

1. Project zero date : 31/03/1981

2. Foundation stone laid by Smt. Indira Gandhi : 05/02/1982

3. Project completion : 31/03/1985

4. Plan completion : 26/11/1985

5. Commercial production : 01/03/1985

6. Percentage of capacity utilization : Urea 99%

7. Plant ready to production : January/September,1985

8. Gas available by ONGC : PHASE 1 & PHASE 2

18/09/85 06/11/85

9. Trail production ammonia : PHASE 1 & PHASE 2

14/11/85 30/11/85

Urea (stream11/13) : 26/11/85 & 30/11/85

Ammonia (stream21/14) : 31/12/85 & 01/12/85

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ISO CERTIFICATE

1. KRIBHCO Plant ISO 9001-2000

2. KRIBHCO Plant ISO 14001

3. KRIBHCO Marketing Office ISO 9001-2000

OTHER PROJECT HIGHLIGHTS

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Total Plant Land 1,700 acres

Total Land for Township 100 acresCement 15,000 MT

Steel 28,000 MT

Piping 8,80,300inch-meter

Electrical Cabling 700 Kms

Excavation 32Lakhs cum

Concreting 3.0Lakhs cum

Reinforcement 30,000 MT


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PLANT CAPACITY & CONSULTANTS

PLANT CAPACITY CONSULTANTS

DAILY ANUUAL

AMMONIA 2 X 1350 MT 8.9 LAKH MT M.W.kellogg, USA, FEDO, INDIA

UREA 4 X 1100 MT 14.52 LAKH MT SNAMPROGETTI, ITALY, PDIL, INDIA

SENIOR THERMAL ENG.U.K

POWER 2 X 15 MWH THERMAL ENGG.U.K.

HAEVY WATER 2 X 55 MT P.A PDIL HTAS,DENMARK BIO-

FERTILIZER

250 MT PER

YEAR

DAE

SALIENT FEATURES OF KRIBHCO FERTILIZER COMPLEX

Project Cost

1. Original Estimate: Rs. 957.7 Crore

2. Final Cost :Rs. 890.7 Crore

3. Saving in Project : Rs. 87.7 Crore i.e. 7%

Typical Raw Material & Utilities Consumption

Natural : 3.0 million standard cubic meters/day

Natural Gasoline Liquid (NGL) : 640 MT/dayPower : Self-sufficient (captive plan)

Water : 35,000 m3/day

JUTE/HDPE Bags : 1 Lac/day

Product Storage and Handling Facility

Bulk Urea Silo : 2 45000 MT

Filled Urea Bags : 20000 MT

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Anhydrous Ammonia : 2 10000 MT

(Atmospheric storage tanks)

Tallest Structure : 150 meters height (Power Plant Chimney)

Urea Prilling Tower : 2

90 meters height and 26 meters diameterShare of KRIBHCO in Countrys Urea Production : 8%

FINANCIAL PERFOMANCE

EQUITY PARTICIPATION

SOURCE OF INCOME (for the year ended 31/03/2009)

PARTICULAR RS. IN CRORE PERCENTAGE

SALES (NET) 1384.88 56.00%

CONCESSION/REMUNERATION FROM

GOVT. OF INDIA

844.79 35.00%

OTHER REVENUE 230.53 9.00%

DISTRIBUTION OF INCOME (for the year ended 31/03/2008)

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PARTICULAR RS. (IN CRORE) PERCENTAGE

Consumption - Materials and Stores 1111.16 45.00%

Purchase- Seeds, chemicals and other

fertilizers

454.50 19.00%

Employees remuneration and benefits 173.40 7.00%Expense- Manufacturing,

administration, distribution and interest

426.21 17.00%

Depreciation 22.79 1.00%

Taxation(net) 62.94 3.00%

Profit after tax 209.20 8.00%

NET WORTH

PERFORMANCE HIGHLIGHTHighest Monthly Bio Fertilizer Production At Hazira In May 07

Earlier Record (Nov. '06)

87 Mt

80 Mt

Highest Monthly Bio-Fertilizer Sale In June 07

Earlier Record (Nov. 05)

147 Mt

133 Mt

Highest Total Monthly Bio-Fertilizer Production Aug. '07 Since

Inception

Earlier Record (May. 07)

138.6 Mt

110.7 Mt

Highest Monthly Urea Production December '07 Since

Inception

Earlier Record (Jan 05)

166204 Mt

166061 Mt

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Highest Monthly Average Daily Urea Production In Feb '07

Earlier Record (Nov. '05)

5374 Mt

5363 Mt

Highest Monthly Total Urea Sales March '08 Since Inception

Earlier Record (Dec 07)

4.75 Lmt

4.36 Lmt

Highest Total Annual Bio-Fertilizer Production

Earlier Record (2005-2006)

953.3 Mt

775.2 Mt

Highest Annual Bio-Fertilizer Sales


956.8 Mt

784.4 Mt

Highest Annual Urea Production


18.1 Lmt

18.1 Lmt

Highest Annual Urea Sales


37.76 Lmt

36.30 Lmt

Highest Annual Seeds Production


198 000 Qtls

168 000qtls

Highest Annual Seed Sale


196 000 Qtls

167 000 Qtls

Highest Annual Ammoniya Production


11.3 Lmt

10.9 Lmt

QUALITY POLICY

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Management of KRIBHCO, Hazira plant is committed to operate and maintain its

fertilizer-manufacturing complex through quality assurance, environment protection and

to the satisfaction of customers.KRIBHCO; Hazira plant shall achieve this quality policy

through following objectives:

1. Continually upgrading technology to improve plant efficiency & reliability.

2. Maintaining & improving the safety & environmental performance.

3. Improving the skills & knowledge of personnel.

4. Continuously improving the quality Management system.

OBJECTIVE OF INVENTORY MANAGEMENT:-

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The basic responsibility of the financial is to make sure the firms cash flows are

managed efficiently. Efficient management of inventory should ultimately result in the

maximization of the owners wealth. It was indicated that in order to minimize cash

requirements, inventory should be turned over as quickly as possible, avoiding stock-outs that

might result in closing down the production line or lead to a loss of sales.

The main objective of inventory management consists of two parts:

1. To minimize investment in inventory

2. To meet demand for the product by efficiently organizing the production and sales

operations.

The firm should minimize investment in inventory implies that maintaining inventoryinvolves costs, such that the smaller the inventory, the lower is the cost to the firm. But

inventory also provide benefits to the extent that facilitate the smooth functioning of the

firms.

Need to hold Inventory:-

Business firm keep inventory for different purpose. Every firm, big of small, trading

of manufacturing has to maintain some minimum level of inventories.

Transaction motive:-

Every firm has to maintain some level of inventories to meet the day to day

requirement of sales, production process, customer demand etc. the inventory level will

provide a smoothness to the operation of the firm.

Precautionary motive:-

A firm should keep some inventory for unforeseen circumstances also. For example,

supply of raw material may not reach due to strike by the transporters.

Speculative motive:-

The firm may be tempted to keep some inventory in order to capitalize an opportunity

to make profit

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Types of Inventory:-

1. Raw Material Inventory:-

These are goods which have not yet been committed to production in a manufacturing

firm. They may consist of basic raw material.

1) Work-In-Process:-

This includes those materials which have been committed to production process but

have not yet been completed.

2) Finished goods:-

These are completed products awaiting sale. They are the final output of theproduction process in manufacturing firms.

3) Supplies:-

A fourth kind of inventory, Supplies or what is called consumable -stores are also

maintained by the firms. These materials are of low value & they do not enter the production

process, for example oil, fuel, bulbs, soaps etc.

4) Scrap:-The waste of materials arising during manufacturing process is also a part of the

inventory. Even defective pieces to be disposed off are a part of in inventory.

COSTS OF HOLDING INVENTORY:-

The costs associated with inventory fall into two basic categories:

(A) Ordering costs or set-up costs

(B) Carrying costs.

(A) Ordering Costs or Set-up Cost: -

This category of costs is associated with the acquisition or ordering of inventory.

Firms have to place orders with supplier to replenish inventory of raw materials. The

expenses involved are referred to as ordering cost. Ordering costs involved are referred to as

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ordering cost. Ordering costs involved in (1) preparing a purchased order or requisition form

and (2) receiving. Inspecting and recording the goods received to ensure both quantity and

quality. The cost of acquiring materials of clerical costs and cost of stationary. It is therefore,

called as set-up-cost. They are generally fixed per order placed, irrespective of the amount of

the order. The larger the order placed, or the more frequent the acquisition of inventory made,

the higher are the costs. From a different perspective, the larger the inventory, the fewer are

the acquisitions and the smaller the order costs.

(B) Carrying costs or Set-up Cost:-

The second broad category of cost associated with inventory is the carrying cost. They

are involved in maintaining or carrying inventory. The cost of holding inventory may be

divided into two categories:

a) Those that arise due to storing of inventory:-

The main components of this category of carrying costs are (1) storing cost, that is tax

depreciation, insurance, and maintenances of the building. (2) Insurance of inventory against

fire and theft. (3) Deterioration in inventory because of pilferage, fire and price decline (4)

Serving costs, such as, labor for handling inventory, clerical and accounting costs.

b) The opportunity cost of funds:-

This consists of expenses in raising funds to finance the acquisition of inventory. If

funds were not locked up in inventory, they would have earned a return. This is the

opportunity cost of funds or the financial cost component of the cost.

The sum of the order and carrying cost represent the total cost of inventory. This is

compared with the benefits arising out of inventory to determine the optimum level of

inventory.

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INVENTORY MANAGEMENT

IN KRIBHCO

INTRODUCTION:

A study in KRIBHCO was carried out taking into consideration the concept of total

material control, which significant that efficiency of any organization is contingent upon

having the right material of right quality or right place in the right quantity at the right time

and place.

To study the Inventory Management the several of interview techniques depending on

the situations were followed. Discussions were carried out with various personnel of the

company to study the following 3 broad areas.

1. PURCHASE CONTROL

2. STORAGE CONTROL

3. WAREHOUSE ACCOUNTING

To study the above a relationship and link was sought between theory and

practice. An evaluation was done to each stage and suggestions were also made to

improve the existing Inventory control system.

1) PURCHASE CONTROL

Purchasing is one of the basic functions of Inventory Management and forms a

major part of it. What to buy, when to buy, where it buy, how much to buy, how much

to pay and how much to stock are the fundamental of the Inventory control. It also

involves creative functions such as development of new resources, introducing new

materials and sources in the undertaking etc. It needs considerable expertise not only

negotiating but also in the techniques of competition and studying of economic trends

in respect of materials to be purchased in large quantity. Every rupee saved by the

good purchasing goes directly in to the profit for the simple reason is that it is not

spent at all.

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OBJECTIVES OF PURCHASING

The objective of Inventory purchasing can be enumerated as follows.

To Maintain Continuity of production. To contribute to the competitiveness of the end product. To contribute towards higher productivity. To buy for the best ultimate value not necessarily at the lowest initial price.

To contribute towards standardization, variety reduction and value analysisprograms.

To increase profits

EXISTING PURCHASE PROCEDURE IN KRIBHCO

To study the existing purchase system, the purchase procedure followed by the

purchase department have been analyzed and evaluated on the basis of observation and

discussions with concerned personnel of KRIBHCO is as follows:

SCOPE

The scope of purchase in KRIBHCO includes the following

Capital items, like plant and machinery, office equipment, furniture and fixtures etc. Raw materials and semi finished goods. Consumable items like tools, oils and lubricants, office stationery etc. Spare parts. Contract / agreement for clearing, handling, loading and transportation of incoming/outgoing materials.

Rate contractors for procurement of casual labors and for maintenance of plant andtownship buildings.

Contract for construction of civil, structural. Mechanical, electrical, instrumentation,insulation and painting etc.

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Contracts for hiring of vehicles. Contract for running of canteen / guesthouse. Rate contracts for procurement of laboratory, glass wares/ chemicals etc.

RESPONSIBILITY FOR PURCHASE FUNCTIONS

The purchase department issues the material manager (purchase all purchase orders/

contracts after the approval of the competent authority i.e. the material manager (purchase).

The purchase function in other offices (like head office at NEW DELHI and its various

branch office) is headed by the single officer nominated / designated for that purpose. The

indenters from various departments are issuing inquiries, inviting bids, entering into

correspondence or negotiation with vendors/ contractors. All requisition for purpose is duly

processed in accordance with procedure laid down, which is forwarded to purchase

department for necessary action.

REGISTRATION / SELECTION OF SUITABLE VENDOR/S

Purchase department is responsible for developing a list approved vendors for various

type of materials and service as per procedures, and advertisement is issued in all the leading

newspapers inviting applications in the prescribed Performa for registration suppliers and

contractors listing out of various types of purchase and service that are likely to be made

during the next 3 to 5 years. The application received scrutinizes by a committee consisting

of a representative from technical, finance and purchase departments (nominated by General

Manager) and ascertained the resources, capacity and quality of workmanship of the vendor.

The committee also calls the vendor and contractors for personnel discussions and clarifies

the applications and obtains such other information as may be considered necessary by the

committee. The list of approved vendors and contractors as to be updated at least every five

years by issuing a press advertisements.

REQUSITION TO PURCHASE / WORK

The indenters from various departments are raising a requisition called the material /

purchase requisition for purchase n the prescribed Performa. It is ensured that the requisition

for purchase is completed in all respect with regard to

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a) Descriptions of the material / equipments / scope of work.

b) Material of construction / specification.

c) Temperature / pressure/ standard if anywhere applicable.

d) Quality and chit of measurements.

e) Date when delivery of material / services required.

f) Name of vendor in case the item is of proprietary nature.

g) Estimated value and budget head.

h) Whether item is a stock item/ non-stock item.

The stores departments raise the requisition for purpose of stock items after the

quality in stock has reached the recorder level as determined for the respective items.

Such requisition amongst other particular also indicates the minimum, maximum, and

reorder level, the date on which last supply was received and average consummations per

months since last purchases.

The requisition for purchase of non-stock items is invariably routed through the

stores departments, which indorses on the requisition the availability/non availability. In

case item is available the quantity thereof is indicated on the purchase requisition and

quality to be purchased is adjusted by the materials manager in consultation with the

indenture.

The requisition for purchase of capital items, award of civil works, erection

contracts and repair to plant and machinery and equipment, handling and transportation of

materials, repairs/service of equipments hiring of causal labors, selection of contractors

for repair, maintenance, electrical instrumentation provision of after service and painting

jobs on schedule of rate valid for one year, is sent directly to the materials after same are

approved by the authority.

All requisition for purpose of materials or for award of work as described above is

raised by respective departments. The departments manager ensure the following

particulars in the purchase requisitions.

1) Budget provisions.

2) The amount utilized up to the previous requisition.

3) The estimated value of the present requisitions, and

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4) The balance available under the budgeted head after booking the present

requisition.

The requisition is submitted to the competent authority for approval of

purchase/work after filling the above information. After the approval of

requisition, the same is passed on to the purchase departments for inviting bids.

PURCHASE FUNCTION AFTER RECEIPT OF MPR

To enter requisition in indent register, the requisition are checked for specifications,

quality, code numbers, budget heads etc. This numbers is entered on all the 4 copies of

indent, 1copy is for action by purchase departments, 2nd copy is sent to finance departments,

3rd copy is returned to indenter, and 4th copy is retained in the purchase departments file.

FLOATING INQURIES

Purchase department issues inquire to approved vendor lost or press advertisement

depending upon value of purchase, which are followed as per the following guidelines.

Estimate value of purchase

order/work

Order contract

Minimum of vendors to

whom inquiry to be issued

Minimum No.

of bids to be

obtained

1] Up to Rs1,00,000/- 5 3

2] Exceeding

Rs.1,00,00/- and up to

Rs. 3,00,000/-

All suppliers on the

approved list

3

3] Exceeding Rs. 3,00,000/- Press tender 3

The idea in prescribing thing the minimum no. of vendors to whom inquires

to be issued and bids to be obtained is to create a healthy competitions amongst the

bidders, so that society is able to procure materials and services at the most

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economical price open tenders through the advertisements in the press as invited

incase of estimated value of purchase exceeds Rs. 3 Lakhs

The competent authority (competent authority Annexure-2] on his discretion

may allow floating of limited inquires in respect of purchases not exceeding Rs. 3

Lakhs and work/contracts for a value not exceeding Rs 5 Lakhs in each case.

QUOTATION COMPARISON STATEMENTS

After the necessary procedure has been follow for inviting and purchase

departments prepare opening of bids a quotation comparison statement.

The bids confirming to the specifications and lowest in value is rated in the

Q.C.S. as lowest (L1) second lowest (L 2} third lowest (L3) etc.

The purchase dept. sends the QCS to the indentures /tender committee for review and

recommendations. The committee will give the recommendation for placement order.

PURCHASE ORDER/ WORK ORDER

Therecommendation of the tender committee is routed through the finance dept. to

enable them to record the value of commitment in the budget records. Confirm availability of

funds under the approved budget and also record financial concurrence.

As soon as the recommendation of the tender committee are approved by

competent authority, the purchase dept. shall arrange to issue purchase /work order

[annexure3] it the recommended successful bidder. The purchase work order raised by the

purchase dept. in 7 copies and numbered in the same manner as purchase requisition, each

copy of purchase order will be send to concerned dept. and 2 copies will be sent to suppliers

with request to return 1st and 2nd copy duly signed

The purchase dept. is a responsible for following of the purchase order /contracts

with vendors and transporters until the material as reached and accepted at the plant/stores.

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On receipt of materials at plant site/stores, the stores dept. will fill up the store

receipt voucher [anneure5] and arrange the inspection from the inspection dept. or indenters

as the case may be necessary

Purchase from foreign vendors (imported)

KRIBHCO is partially financed by world bank through govt. of India .all purchases of

capital goods, equipments, machinery, instruments, special tools, ultra sonic testing

equipments etc. are required to be procured following international competitive biding

procedure laid down by world bank.

As per the World Bank, the imports against their credits can be done for World Bank

member countries only. World Bank also approves the members. A global press

advertisement was advertised for getting foreign as well as Indian vendor for various supplies

services etc.

After scrutinizing the vendor list was submitted to DGTD New Delhi [especially to see

list of Indian vendor and to suggest to few names of other Indian manufacturers].

After DGTD approval [i.e. no objection to vendor list ],it was forwarded to world bank

for their approval, world bank approved the list. This list is forwarded for all procurement.

All purchase below US $50,000/- are sent to World Bank for post facto approval and for

all purchases /contracts service costing more than US $50,000/-prior approval of World Bank

has to be obtained in a prescribed form enclosing the following documents:

Enquiry copy.

Copies of bids received and their quotations, comparative statements [in

equivalent US $ currency]. Proposal to place order as a particular firm [if order other than L, sufficient

reasons for ignoring is given].

Filling a form 384.

World bank after scrutinizing the case, grants approval, than only order is placed.

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After placement of order, a copy is sent to World Bank for their records. (The procedure

for floating inquiry opening tenders and their evaluation is similar to indigenous purchases).

After placement of order following activities are done.

A formal application for release of exchange is prepared and sent to Ministry of

Agriculture Department of Fertilizer, Krishi Bhavan, New Delhi (As payments of imported

material as done in respective currency only.) Government of India also has released a free

foreign exchange of 8 million US $ to utilize for emergency purchase if requirement is

critical.

After receipt of foreign exchange, the bank is requested to open a letter of credit in

favour of vendor specifying the various documentation required simultaneously a list of item

is prepared ( as per order) and submitted to Chief Controller of Imports and Exports, New

Delhi for certification.

This certified list is to be produced act customs while clearing the shipment from

airport/sea port. The vendor after receipt of L/C Ships. / Air freights material and collects his

payment through bank.

EVALUATION OF EXISTING PURCHASE SYSTEM OF KRIBHCO:

The existing purchase procedure gives fair chances of competition to all the vendors.

It leaves no room for malpractices or favouritism of employees i.e. nobody oblige any one out

of way. It is not very rigid. In time of urgency of requirement, necessary deviations are

approved by competent authority so as to avoid stoppage of work. The procedure is based on

democratic way of working. Good suggestions to improve efficiency are always considered.

Various annual rate contract running contracts are entered for regular consumable items, like

oil and lubricants, stationery, chemicals, medicines, printing job etc. This is reducing the

repetitive job times and money of company.

But there are shortcomings also, which are evaluated taking into consideration the five

essentials of purchase functions are as follows:

(1) Purchase time,

(2) Purchase quantity,

(3) Purchase quality,

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(4) Purchase price and

(5) Source of supply

1. PURCHASE TIME

The purchase time indicates the lead-time i.e. time taken to physically receive the

material from the date of its indent.

To find out the lead time five cases different items have been studied randomly, and

analyzed its fact which indicates that by following the existing procedure, the administrative

lead time is very long i.e. 5 to 7 months, while suppliers lead time is about 2 to 3 months.

2. PURCHASE QUANTITY AND QUALITY:

It has been observed that the quantity of material is being purchased considering 6 to

12 months consumption that means no economic order quantity has been fixed for different

types of material. Due to the existing system:

Company is incurring cost of carrying Inventory interest of capital rent etc. Company as also incurring loses due to the depreciation in quantity, detoriation in quality

and obsolesce of materials during storage.

Company is also incurring avoidable expenditure such as holding and up keep of surplus

material, financial losses due to fall in the price of materials, extra expenditure on excess

of materials required.

It is suggested that before taking final decision economic order quantity should be

determined for each item and order should be placed accordingly.

The determination of economic order quantity techniques has been discussed on

succeeding pages.

3. PURCHASE PRICE

The price of each item is being compared with suppliers quotations considering the

quality of material to be supplied.

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Although, purchase department should keep itself informed of the price trends, with

the help of market reports, trade papers and journals, report by purchase against and sales

representative of the suppliers, published catalogue and price list.

4. SOURCE OF SUPPLY

The selection of a particular supplier is made after inviting tenders from possible

source of supply. There are four types of tenders commonly used, which are

(a) Single tender,

(b) Limited tender,

(c) Open tender and

(d) Global tender

The tender received are opened on the date and time stipulated and compared to

select a final vendors, considering quality, delivery after sales services etc. which

indicates that right source is selected, only thing taken in to consideration is to maintain

cordial relations with suppliers.

2) STORAGE CONTROL

The control of materials while in storage is affected through what is known as the

perpetual Inventory. Thus two main functions of the perpetual Inventory system have been

studied which are:

(i) Receipt and issue system, and

(ii) Maintenance of store records.

And also the uses of Inventory control techniques have been evaluated considering

existing position of KRIBHCO.

3) WAREHOUSE SYSTEM AND PROCEDURE:

THE SCOPE:

The procedure comes in to operation immediately on receipt of dispatched documents or

dispatched intimation in the stores and covers on the activities, i.e. clearance, delivery,

inspection, stock charging and preservation, issue and return of materials by the consumer

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and ends after striking out balance from the stock card and delivery of documents VIZ.

SRV.SIV. to the account department.

RECEIPT SYSTEM:

The system for receipt starts even before the time when the material actually reached the

plant, when purchase order is planed a copy is sent to the stores indicating quantity and

approximate delivery date. These are arranged in chronological order so that any time the

volume of receipt can be estimated. This also helps in planning labour contracts when

unloading activities exceed a particular limit. This is the first step in the store system.

Suppliers, once they despatch the goods, normally send and advice note, dispatch note to

the stores. This provides information on the date of dispatch, carrier details, description

consignment and value. This as sent in advance so that quick and easy clearance may be

done. On receipt of consignments, the store personnel check the consignment and tally the

material with suppliers delivery note / challans along with relevant documents, the material

is visually checked for any apparent damage or discrepancy. Appropriate remarks /

endorsement is made accordingly on the delivery notes / challans in case of discrepancies on

deviation being found in the suppliers received. Material received against the delivery notes /

challans will be checked with the relevant purchase orders details mentioned in the challans /delivery notes and packing notes received with the consignment. Store receipt voucher is

prepared in seven copies for item found in an order.

The material is than paid up for inspection, items finally accepted is physically handed

over to the custody stores or project departments and their acknowledgement obtained in the

appropriate columns of the receipt notes.

INSPECTION

In exercising control on the quality of incoming materials inspection plays an

important role. Materials purchased in India and abroad are inspected according

specifications, prescribed tests, drawings, approved samples etc as stipulated in the purchase

order. To inspect different types of materials following inspection methods are used.

(a) Inspection by third party :

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Such agencies are EIL cloyed register, IBR; etc. acceptance of material is

based on the certificates and reports of these agencies.

(b) Inspection by indenting departments :

At vendors premises during manufacture of materials or before dispatch of the

same the concerned officers of indenters carry out such inspection.

(c) Materials test certificates :

The material may be inspected and accepted based on the manufactures test

certificates.

(d) Materials are inspected and accepted by carrying out chemical,

electrical or mechanical test either of the project site or through the

recognized lab as stipulated in the purchase order.

(e) Some materials like shop, cotton, waste, phenol etc are accepted by

visual inspection. Proprietary nature of materials are accepted by either

visual inspection or carrying necessary tests whenever required.

(f) Materials are also accepted after ascertaining the quality as per samples

on stipulated in the order.

ISSUE SYSTEM:

The issue system relates to function of issue card and Inventory control section

of stores. It covers all material stocked by the KRIBHCO stores and all bulk and raw

materials directly stored by the users. It begins with the preparation of issue voucher

and ends with their submission to accounts departments.

GENERAL AUTHORITY AND RESPONSIBILITY:

The authority for receipt and storage of all the materials is centralized in the store

department accepts medicines and stationary. Issue will be made only on receipt or

presentation of authorized requisition.

Stores department is responsible to provide material (through stores issue voucher)

to the authorized requisition on demand, all material declared as stock items and contained

in the store catalogue as the desired and the quantities requested for immediate use by them.

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Project Vishal Finaviya Inventory Mgnt.

Documents