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Inventory Management System

1.1 BACKGROUND OF THE STUDY

Inventory in wider sense, is defined as any idle resource of an enterprise. It is a physical


stock of goods kept dept for the purpose of future affairs. The term is generally used to
indicate raw materials in process, finished products, packing, spares and others – stocked in
order to meet expected demand or distribution in the future. Though inventory of materials is
an idle resource, it is not meant for immediate use, it is almost essential to maintain some
inventories for the smooth functioning of an enterprise.
For example, let us consider an enterprise that has no inventory of materials at all. When this
enterprise receives a sales order, it will have to order out the raw material required to
complete the order, wait till these arrive and then start production. This would keep the
customers invariably to wait too long for the delivery of the goods ordered. Among other
disadvantages of not maintaining the inventories, the enterprise may have. To purchase the
raw materials at very high prices because of piece-meal buying: the production costs would
also be high because of not being to take advantage of batching; the load on manufacturing
shops would vary from period depending upon the orders on hand; the company many not be
able to provide adequate customer service in the matter of completion, waiting and price.
1.2 STATEMENT OF THE PROBLEM

Inventory management is the supervision of non-capitalized assets (inventory) and stock


items. A component of supply chain management, inventory management supervises the flow of
goods from manufacturers to warehouses and from these facilities to point of sale. A key
function of inventory management is to keep a detailed record of each new or returned product as
it enters or leaves a warehouse or point of sale. The inventory management process.Inventory
management is a complex process, particularly for larger organizations, but the basics are
essentially the same regardless of the organization's size or type. In inventory management,
goods are delivered into the receiving area of a warehouse in the form of raw materials or
components and are put into stock areas or shelves.

Compared to larger organizations with more physical space, in smaller companies, the goods
may go directly to the stock area instead of a receiving location, and if the business is a
wholesale distributor, the goods may be finished products rather than raw materials or

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components. The goods are then pulled from the stock areas and moved to production facilities
where they are made into finished goods. The finished goods may be returned to stock areas
where they are held prior to shipment, or they may be shipped directly to customers.

Inventory management uses a variety of data to keep track of the goods as they move through the
process, including lot numbers, serial numbers, cost of goods, quantity of goods and the dates
when they move through the process.

Inventory management software systems

Inventory management software systems generally began as simple spreadsheets that tracked the
quantities of goods in a warehouse, but have become more complex. Inventory management
software can now go several layers deep and integrate with accounting and ERP systems. The
systems keep track of goods in inventory, sometimes across several warehouse locations. The
software also calculates the costs -- often in multiple currencies -- so that accounting systems
always have an accurate assessment of the value of the goods.

1.3 OBJECTIVE OF THE STUDY

 Inventory management entails two essential objectives. They are financial and
operational. The operational objectives explicate that adequate sum of stock of
materials as well as spares should be maintained to have production continuously.
 The financial objectives of inventory explicate that amount invested in the inventory
should not remain idle and it should have a minimum working investment.
 Some inventory management objectives are described below:Inventory management
ensures that finished goods, spares and raw materials are supplied to the right person
at right place to have uninterrupted sales and production.
1.3 SIGNIFICANCE OF THE STUDY

Most likely a database. Something created with Microsoft Access. Inventory control system?
Computerized inventory system? What is accountory n inventory? What the inventory
system does? What is computerized inventory? Computerrized inventory system? What is an
inventory system called? How do you set up an inventory system? Example of perpetual

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inventory system? Advantages of periodic inventory system? What is bad order in an


inventory system? Need of computerized inventory accountoing? What benefits will you get
having a inventory system? What is the Benefit of computerized inventory system? What are
the theoretical framework of inventory system? Consider developing a system for inventory
for super marketthat has anumber of branches all over city?

What is a computerized enrollment system?

computerized enrollment system tend to replace a what we called "Paper Less" transaction
and also it will make any transaction more easier and faster. also it tends to lessen manpower
and human efforts in terms of processing any transaction in regards with enrollment
transaction. Computerized Inventory control means using a software program designed to
keep track of inventory items (items numbers, descriptions, quantities, cost and selling price)
for every item recived and produced and every item sold. A computerized enrollment system
is actually quite simple. Thecomputer keeps track of who signs up and then organizes them
basedon time or name for example..

1.4 LIMITATIONS OF THE STUDY

The main limitations or disadvantages of an inventory system are the costs required in setting an
inventory system up, and the complexity of using and maintaining an inventory system in an
effective way.

 Limitation one - cost

The technology and software required by an inventory system can be expensive to purchase,
install and use. For example, the software used to track what products have been bought, sold
and delivered in very technical, and therefore very expensive. In addition, the technology used in
conjunction with an inventory system, such as tracking devices in delivery vehicles or barcode
scanners, are also expensive. This means that a good quality inventory system is usually out of
reach of small, new or independent businesses.

 Limitation two - complexity

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Due to the technical nature of the software and technology used in an inventory system, it can be
difficult to thoroughly educate all members of staff on how to use the inventory system in an
effective way. In addition, the education process can take days or even weeks, meaning that
business can come to a standstill during this time. As a result, although inventory systems can be
incredibly useful, they can also be difficult to implement.

 What is an inventory system?

2.1 COMPANY PROFILE

The Zuari cement was started in 1994 to operate the cement plant of Texaco ltd., under a
working arrangement. Subsequently Texaco’s cement business was taken over by the company
in 1995. Today Zuari Cement’s manufacturing facility at yerraguntla in Andhra Pradesh is one of
the largest in South India.

In the year 2000 Zuari enters in to a joint venture with the italcementi group the second
largest cement produce in Europe and Zuari Ltd. Lived off of a separate company. The Zuari
Cement is strategically located at Yerraguntla. The plant location existence of 6km from
Yerraguntla. It is connected to the railway station on by a railway track of 7km length and is
having an exchange plant inside the factory. Plant is connected to the nearest highway by 0.2km
land private road.

ZUARI CEMENT: TAKING GIANT STRIDES

Zuari Cement is a part of the Italcementi Group, with an annual production of 68 MnT and 53
cement plants, Italcementi group is the world’s fifth largest cement producer. Along with the 47
cement plants, Italcementi Group’s industrial network includes 12 grinding centers, 7 terminals,
420 concrete batching units combining the expertise, know-how and cultures of 22 countries
across 4 continents. In 2014 the Group sales exceeded 4.2 billion Euros. In India, with its
inherent strengths, Italcementi Group's Zuari Cement is committed to give the building industry,
cement that is truly international.

Italcementi Group is strongly committed to the Indian market and is strengthening its presence
through organic and in-organic expansions. In 2011 we have reached an agreement with Zuari

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Industries for the acquisition of 74% of Gulbarga cement, which is developing a project of 3
million ton per year cement plant in North Karnataka. A large grinding unit is also being erected
at Sholapur in Maharashtra.

LEADING IN INNOVATION

Zuari Cement has recently launched Tx-Active®, one of Italcementi top


rated products, world EPC World Awards 2014, winning this unique recognition earlier in 2011
as well. Zuari Cement has been recognised as a “Power Brand” for the second consecutive year
in 2014, after a survey renowned as the “pollution eating" &self cleaning cement. The other
innovative products from Italcementi group are i-light® - Transparent cement and i-clime® -
thermal cement.

OUR HISTORY

Italcementi Group History

Careful planning of investments and takeover of other cement producers has seen the
company expand quickly, reaching a strong position in the market; to be the leading cement
manufacturer in Italy.

After several acquisitions worldwide, in 1992 Italcementi achieved important


international status with its takeover of Cements Français, one of the main global cement
producer..

In 1997 Italcementi consolidated its verticalisation strategy with the acquisition of


Calcestruzzi, thus becoming Italian leader in the ready-mixed concrete sector.

In March 1997, all the international companies of the Group gathered under one single
corporate identity. Since 1998 Italcementi Group has been pursuing its internationalization

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strategy by acquiring new cement works in Bulgaria, Kazakhstan, Thailand, Morocco, India,
Egypt and the United States.

OUR MANAGEMENT

While professional management and quality workforce ensure superior results, the role
played by the core management should not be discounted. With their vision and experience, they
make sure that Zuari Cement moves in the right direction. Towards becoming one among the
leading cement producers in India.

PROCESS TECHNOLOGY, THE SOLID FOUNDATION

The culture of quality that has always prevailed in Zuari Cement's manufacturing
facilities is best exemplified in the process technology employed

Centralized Online Process Control

Advanced technology methods are used to ensure that a high level of quality is attained
and sustained right through the manufacturing process. Yet, these high standards are constantly
improved upon by an experienced and dedicated R&D team to attain performance oriented
cement.

The process Technology Advantages

 Complete homogenisation of limestone is achieved by stacking the limestone in stock-


plies with the use of stackers and reclaiming it through reclaimers.

 The optimum ratio of raw mix is attained by the use of X-ray analyser and automatic
weigh feeder which are linked to the centralized computers control room.

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Online X-ray Analyser Stacker and Reclaimer

 Reduced variability in kiln feed and complete homogenisation of raw meal is attained
through Continuous Flow Silo.

 The totally computerised monitoring system enables quality clinkerisation. It dictates the
optimum retention time in the precalciner and the kiln. Equipped with a six stage double
stream pre-heater cyclone system, the precalciner only adds to the quality.

 The modern closed grinding units have a high efficiency separator that produces finer
particles of cement. This yields cement matrix with a lower pore diameter. This in turn
gives concrete of higher density and lower permeability.

 Ventomatic Electronic Packing

Zuari Cement employs Ventomatic packers to ensure that the customer gets exactly 50
kgs per bag. To minimize damages during transport, advanced loading techniques are

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used. These steps reflect Zuari Cement's commitment to offer the best quality and correct
quality to its customers.

Environment-Friendly Technology

To minimise dust emission, Zuari Cement has installed the latest pollution control
equipment such as electrostatic precipitators in the kiln, raw mills, coal mills and cement
mills.

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PROMOTER OF THE COMPANY

This investment was initially made through a 50:50 joint venture with the KK Birla group
in Zuari Cement Ltd., but subsequently in May 2006. Italicement group acquired the full central
of the company.

Now Company is under joint venture having rated capacity of 17 Lakhs per annum
company for that diversified that production of the cement making EPC along with OPC.

FINANCIAL SUPPORT

The required finances for the cement co., are provided by several financial institutions
like S.B.I BNP Paribas, Andhra Bank, Standard Charted Bank.

TECHNOLOGY ADOPTED

The technology adopted in the plant is an open pre-blending stockpiles system for
limestone and clinker. This is a special feature compared to the conventional system of storage
which has its own weakness on the case of the failure of cranes.

EXPANSION OF CAPACITY

The expansion of clinker capacity at Yerraguntla by way of new line with a capacity of
5500 tons per day and new grinding unit at Chennai with a capacity of 0.8 million have been
finalized with an estimate capital outlay of MINR 6760. Major permits and clearness requires for
the projects have been obtained and the supply contract for main equipment for Yerraguntla new
line are finalized with M/s F.L.Smith Limited. M/s Clauduis Peter Technologies, M/s Maag Gear
AG and M/s Honeywell Automation India Limited. For Chennai grinding unit main equipment
are finalized with M/s Walchandnagar Industries limited, including contracts for erection and
commissioning. On implementation of these projects the total capacity of the company will
increase to 5 million tons.

QUALITY CUSTOMER SERVICE

In an effort to reach out to customers better, Zuari cement had setup a technical cell
named Zuari home partner. This cell gives guidance in the field of building.

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Technology, architecture, housing finance and economical usage of the high quality
cement.

Technology experts provide the assistance according to individual requirements. So that


customers get the best Italicementi Group.

Italicemanti Group, with a production capacity of approximately 70 million tons of


cement annually, is the fifth largest cement producer in the world with leadership in the
Mediterranean area. Italicementi, one of the 10 largest Italian industries companies is included in
S&P/MIB Index of Italian Stock Exchange. value for the investment they have made.

DEVELOPMENT ACTIVITIES

The plant in Yerraguntla had adopted four near by villages as part of its program of
corporate social responsibility towards the local community. These villages are Thumallapalli,
Yalasapalli, Koduru and Peddanapadu, part of the Kadapa district of Andhra Pradesh State.

In particular, the planet intends to contribute to the improvement of living standards of


the people in the surrounding villages. The strategy focuses on three basis areas: health and
hygiene, education and sustainable livelihoods.

The core business cement (over 65% of sales) is conbined with the production of ready
mixed concrete and aggregates, Italcementi Group, with 2006 annual sales amounting to 5,854
million Euro and a net income of 651 million Euro, combines the expertise, knows how and
cultures of 19 countries. With over 22,850 employees, the Group boasts, as at 31

December 2006, an industrial network of 62 cement plants, 15 grinding centres, 3


terminials, 152 aggregate quarries and 588 concrete, batching units Italcement group in India

Italcement group made its debut in India in January 2001, through the partial acquisition
of the 2.1 MnTYerragunta Cement plant, located in the southern part of Andhra Pradesh State.
The plant supplies material to south India that accounts for one fourth of the entire population of
the country. The plant is strategically located to cater to the major markets of Banglore and
Chennai.

In January 2002, Zuari cement took over another company, Sri Vishnu Cement Limited
(SVCL) whose 1.3 MnT plant is situated at Sitapuram, Andhra Pradesh State, near the capital,
Hyderabad, 3rd highest consumption center of the South.
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BOARD OF DIRECTORS

DIRECTORS Saroj Kumar Poddar, Chairman

Rodolfo Danielle (Alternate Mrs. Regina


Bouille)

Yves Rene Nanto (Alternate Giorgio Bodo)

GoranL.Seifert (Alternate Philippe Marchat


)

Maurizio Caneppele, Managing Director

V. Raghunathan

EXECUTIVES Director – Marketing : Krishna Srinivatava

Sr. Vice President – works : L. Srivastava

Chief Finance Officer :Gabreil Morin

COMPANY SECRETARY L.R. Neelakanta

BANKERS State Bank of India

BNP Paribad

Andhra Bank

2.2 INDUSTRY PROFILE

Introduction:

Cement is a key infrastructure industry. It has been decontrolled from price and
distribution on 1st march, 1989 and deli censed on 25th July 1991. However, the performance of
the industry and prices of cement are monitored regularly. The constraints faced by the industry
are reviewed in the infrastructure Coordination Committee meetings held in the Cabinet
Secretariat under the Chairmanship of Secretary (Co-ordination). Its performance is also
reviewed by the Cabinet Committee on infrastructure.

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Capacity and Production:

The cement industry comprises of 125 large cement plants with an installed capacity of 148.28
million tones and more than 300 mini cement plants with an estimated capacity of 11.10 million
tones per annum. The Cement Corporation of India, which is a Central Public Sector
Undertaking, has 10 units. There are 10 large cement plants owned by various State
Governments. The total installed capacity in the country, as a whole in 159.38 million tones.
Actual cement production in 2002-2003 was 116.35 million tones as against a production of
106.90 million tones in 2001-2002 registering a growth rate of 8.48%.

Keeping in view the trend of growth of the industry in previous years, a production target
of 126 million tones has been fixed for the year 2003-2004. During the period April-June2003, a
production (provisional) was 31.30 million tones. The industry has achieved a growth rate of
4.86% during this period.

Exports:

A part from meeting the entire domestic demand, the industry is also exporting cement and
clinker. The export of cement during 2001-2002 and 2003-2004 was 5.14 million tones and 6.92
million tones respectively. Export during April-May, 2003 was 1.35 million tones. Major
exporters were Gujarat Abuja Cements Ltd. and L&T Ltd.

Recommendations on Cement Industry:

For the development of the cement industry ‘Working Group on Cement Industry was
constituted by the Planning Commission for the formulation of X five-year Plan. The working
group has projected a growth rate of 10% for the cement industry during the plan period and has
projected creation of additional capacity of 40-62 million tones mainly through expansion of
existing plants. The Working Group has identified following thrust area for improving demand
for cement.

 Further push to housing development programs

 Promotion of concrete Highways and roads; and

 Use of ready-mix concrete in large infrastructure projects

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Further, in order to improved global competitiveness of the India Cement Industry, The
Department of Industrial Policy & Promotion Commissioned astudy on the global
competitiveness of the Indian Industry through and organization of international repute, viz.
KPMG Consultancy Pvt. Ltd. The report submitted by the organization has made several
recommendations for making the Indian Cement Industry more competitive in the international
market. The recommendations are under consideration.

Technological Change:

Cement Industry has made tremendous strides in technological up –gradation and assimilation of
latest technology. At present ninety three percent of the total capacity in the industry is based on
modern and environment – friendly dry process technology.

And only seven percent 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. One project for co-generation of power utilizing waster heat in an
Indian cement plant is being implemented with Japanese assistance under Green Aid Plan. 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 as
follows:

 Ordinary Portland Cement (OPC)

 Portland Slag Cement (PSC)

 Portland Pozzadana Cement (PPC)

 Sulphate Resistance Cement (SRC)

 Quick Setting Cement (QSC)

 Rapid Hardening Cement (RHC)

 Low Heat Cement (LHC)

 Masonry Cement

 High Strength Cement

 High Alumina Cement

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PROFILE OF CEMENT INDUSTRY:

The Indian Cement industry is the second largest cement producer in the world, with a installed
capacity Of 144 million tones. The industry has undergone rapid technological up gradation a
vibrant growth during the last two decades, and some of the plants can be compared in every
respect with the best operating plants in the world. The industry is highly energy intensive and
the energy bill in some of the plants is as high as 60% of cement manufacturing cost. Although
the newer plants are equipped with latest state-of–the-art equipment, there exists substantial
scope for reduction in energy consumption in many of the older plants adopting various energy
conservation measures.

The Indian Cement Industry is a mixture of mini and large in capacity cement plants,
ranging in unit capacity per kiln as low as 10tpd to as high as 7500tpd. Majority of the
production of cement in the country (94%) is by large plants, which are defined as a plant having
a capacity of more than 6ootpd. At present there are 124 large rotary kiln plants in the country.

The ordinary Portland Cement (OPC) enjoys the major share (56%) of the total cement
production in India followed by Portland Pozzadana Cement (PPC) and Portland Slag Cement
(PSC). A positive trend towards in the increased use of blended cement can be seen with the
share of blended cement increasing of 43%.

There is regional imbalance in cement production India due to the limitations posed by
raw material and fuel sources. Most of the cements plants in India is located in proximity to the
raw material sources, expl oiting the natural resources to the full extent. The southern region
is the most cement rich region while other regions have almost same cement production capacity.

The Indian cement industry is about 90 years old and its main sources of energy are thermal
and electrical energy. The thermal energy is generally obtained from coal, and the electrical
energy is obtained either from grid or captive power plants of the individual manufacturing units.

Indian Cement Industry is the second largest in the world with an installed capacity of
135 MTPS. It accounts for nearly 6% of the world production. There are 124 large plants and
around 365 mini plants. The industry presents a mixed picture with many new plants that
employ state-of-the-art dry process technology and a few old wet process plants having wet
process kilns.

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Production from large plants (with capacity above 1 MTPA) accounts for 85% of the total
production. The cement industry has achieved significant progress in terms of reducing the
overall energy intensity. Dry process plants that the weighted average thermal energy
consumption was 734-kCal/kg clinker, and weighted average electrical energy consumption was
89 kWh tone of cement. The best energy consumption is 692 KCAl/kg. Clinker and 66 KWh/t
on of Cement.

Quantitative Details:

The energy intensity of the all the dry process plants (Cost of energy as percentage of
total production cost of packed cement) varies from 29 to 61%. This is observed to vary with
the vintage of the plant, the technology employed by the plants and they type of cement
produced.

Specific thermal and electrical energy consumption for the plants ranges between 692-879
Kcal/kg. Of clinker and 66-127 kWh/ton of cement produced (product mix) respectively. The
specific electrical energy also includes the energy consumed in packing, plant utilities and plant
lighting. The reasons for wide range in specific energy consumption can be mainly attributed to
the differing equipment configuration employed in different sections of the plants by various
cement plants. For example, plants employing ball mills for grinding have reported higher
specific electrical energy consumption as compared to plants having vertical roller mills.

In additional, other factor s like the plant capacity, its capacity utilization, vintage,
product mix, processcontrol system, maintenance aspects, raw material characteristics and above
all the management’s attitude and operational practices of plant personnel are also important.
Besides, various external parameters like quality of coal, raw materials and power supply have
their own repercussions. A large number of plants have put in vertical roller mills for raw meal
section. The ball mills are still operating in the clinker grinding and coal milling sections in
some of plants.

Some of the newer plants have installed roller press and vertical roller mills in the clinker
grinding section as well.Comparison of energy performance of Indian cement industry with other
countries reveals that there exists scope for improving the energy performance of the Indian
Cement Industry.

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The best reported (as per CMA data) energy performance figures in the world re 65 kW/h/ton of
cement and 650 kCal/kg of Clinker whereas the best in India is 69 kWh/t of cement and 665
kCal/kg of clinker.This clearly bring out the fact that although we have some of the best plants in
the world in terms of energy performance, there are many plants where there exists scope for
reducing energy consumption.

HISTORY OF CEMENTS

 Invention of cement of JOSEPH ASPARIN. Leeds builder in bricklayer.

 21st October, 1824 patented as Portland cement.


 1904 itish and American standards of Portland cement.
 1912 Indian cement company limited established factory at Portlander.
 1951 Indian standards.
Cement Manufacturing Process

The cement manufacturing process beings when limestone, the basic raw material used
to make cement, is transported by rail to the plant from the limestone quarry. The limestone is
combined with clay, ground in a crusher and fed into the additive silos. Sand, iron and bottom
ash are then combined with the limestone and clay in a carefully controlled mixture with which
is ground into a fine power in a 200hp roller mill.Next, the fine power is heated as it passes
through the pre-Heater tower into a large kiln, the power is heated to 1500degrees Celsius. This
creates a new product, called clinker, which resembles pellets about the size of marbles.

2.3 LITERATURE OF REVIEW

Inventory management is considered as major concerns of every organization. Ininventory


holding, many steps are taken by managers that result a cost involved in this row. Thiscost may
not be constant in nature during time horizon inwhich perishable stock is held. Toinvestigate on
such a case, Taygi (2014) proposes an optimization of inventory model whereitems deteriorate in
stock conditions.In this paper, based on a real-world case study for a municipal district in
Tehran, a multi-objective mathematical model is developed for the location-distribution problem.
The proposedmodel considers the role of demand in an urban area, which might be affected by
neighborwards. Integrating decision making process for a disaster helps to improve a better
reliefoperation during response phase of disaster management cycle. In the proposed

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approach,Esmaeili (2014) says,a proactive damage estimation method is used to estimate


demands for thedistrict based on worst-case scenario of earthquake inTehranThis paper deals
with the application of six most potential preference ranking methodsfor selecting the best FMS
for a given manufacturing organization.Chatterjeea and Chakraborty(2014) say, it is observed
that although the performances of thesesix methods are almost similar,ORESTE method slightly
outperforms theothers.It is particularly applicable to those situations where the decision maker is
unable toprovide crisp evaluation data and attribute weight.Ulrich
andPearson(1998)introduceapproaches for the integrationof the Quality Function Deployment
method as well as feedbackwith system components forcomputer aided product development.
The integration is based oninformation models representing product, process and
factoryinformation.Pastore and Martin (2012) study was to examine students’ perceptions of
designing anddeveloping mobile based instructions by interviewing and surveying of graduate
students.Results of the survey and qualitative data analysis indicated that usability wasa key
issue on themobile device. Users enjoyed quick access, good organization, user control, single
columnlayouts, and large links/buttons. These findings contribute to the literature base on the
design anddevelopment of mobile based instruction.Norman E (2012) discusses, while existing
factors identified in the literature were foundto be present in the context of today’s design
program, the critical perspective of this studyrecontextualized these factors, along with the
identification of new or underrepresented factors.

Taking on the perspective of a student’s experience of pedagogy foregrounds issues


ofuncertainty and ambiguity, highlighting the social interactions between fellow students, and
therole of communication and individual effort in learning to think in a more designerly way.A
design literature discusses the role of the studio and its related pedagogy in thedevelopment of
design thinking. Scholars in a variety of design disciplines pose a number offactors that
potentially affect thisdevelopment process, but a full understanding of these factorsas
experienced from a critical pedagogy or student perspective is lacking.

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3.1 RESEARCH DESIGN

Research design in purely and simply the framework or plan for a study that guides the collection
and analysis of the data. The function of researcher is to ensure that the required data are accurate
and economical also.

An analytical research technique was adopted in the project. Generally, analytical


techniques are designed to analyze something and it collects data for a definite and certain
purpose. The project mainly focuses on the critical assessment of the inventory management of
integral coach factory and deals with manufacturing accounts analysis, and inventory control.

3.2 RESEARCH METHODOLOGY

Research methodology is the way to systematically solve the research problems. This study on
inventory management is an analytical study. The study of research is exploratory research.
Because the facts and information that is readily available are being used to make critical
evaluation of inventory management.

Research design in purely and simply the framework or plan for a study that guides the
collection and analysis of the data. The function of researcher is to ensure that the required data
are accurate and economical also.

An analytical research technique was adopted in the project. Generally, analytical


techniques are designed to analyze something and it collects data for a definite and certain
purpose. The project mainly focuses on the critical assessment of the inventory management of
integral coach factory and deals with manufacturing accounts analysis, and inventory control.

3.3 DATA COLLECTION

Sources of data include both primary and secondary data.

SECONDARY DATA

The secondary data are collected from annual reports, manufacturing accounts statements,
department manuals, brochures and other printed materials issued by the company.The annual
reports are 2013-2017.

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NEED FOR THE STUDY

The choice of area of the study for the project work was given after initial study of
company’s operations and the system of working. Though the company has several departments,
the prime area of interest was in finance. After scrutinizing various financial aspects, found
inventories which consists an integral part of working capital of zuari cement Industries Ltd.,
needed better management. The company did not follow any scientific inventory management
and hence there arise a need to device a system which could considerably reduce the cost and
constitutes towards profitability. Every firm must maintain adequate inventory for its smooth
running of business and to give the competition and not to loose of customers and business for
that purpose maintenance of adequate inventory is must To facilitate smooth production and sales
operations

1. To face the risk of variation in demand and supply

2. To face the price changes in inventory and quantity discounts

As the global inventory scenario is moving at very fast pace. Zuari cements Industries Limited,
being a manufacturing concern had huge number of items and the inventory constitutes of variety
of items. There is a need for the system to be devised on value basis. So that effective control can
be exercised on inventory.

SCOPE OF THE STUDY

This study has been conducted in ZUARI CEMENT,YERRAGUNTLAS.The study seeks


to find out the factors used in Inventory Management.

To conduct this research the researcher has analyzed the Statements, ledgers, and other
books of accounts of the concern. The data collected has been analyzed and the researcher has
arrived on findings which have proved it worth to know about the areas of Inventory
Management.

OBJECTIVES OF THE STUDY

 To study the inventory management of ZUARI CEMENT

 To analyze the inventory control techniques of ZUARI CEMENT

 To know how the procurement of material is done.

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 To know the effective utilization of inventory.

 To study the major raw material being used in ZUARI CEMENT


 To study which item is having the high percentage of usage in the processing of
finished goods.

LIMITATIONS OF THE STUDY

 The information used is primarily from historical annual reports to the public and the
same does not indicate the current situation of the firm.
 Detailed analysis could not be carried for the project work because of the limited time
span.

3.4 STATISTICAL TOOLS:

1. Arithmetic mean
2. Standard deviation
3. Co-efficient of variance
4. Correlation

1.ArithmeticMean:

Arithmetic mean of set of observation is the sum of all the observation by


the number of observation. It is denoted by x and it is defined as

∑×
Mean= N

2.Standard Deviation:

The standard deviation is a numerical value used to indicate how widely individuals in a group
vary. If individual observation vary greatly from the group mean, the standards deviation is big;
and vice versa.

̅ )𝟐
∑(𝑿−𝑿
Standard deviation=√ 𝑵

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3.Co-efficient of Variance:

Co-efficient of variance is the most important relative measures of dispersion and is defined by
the following formula.

𝐒𝐭𝐚𝐧𝐝𝐚𝐫𝐝 𝐃𝐞𝐯𝐢𝐚𝐭𝐢𝐨𝐧
𝑪𝒐 − 𝒆𝒇𝒇𝒊𝒄𝒊𝒆𝒏𝒕 𝒐𝒇 𝒗𝒂𝒓𝒊𝒂𝒏𝒄𝒆 = 𝑿𝟏𝟎𝟎
𝐌𝐞𝐚𝐧

4.Correlation:

In statistical that measures the strength between variables and relationships.

n(∑xy) − (∑x)(∑y)
𝑟=
√(n∑x2 − (∑x2)(n∑y2 − (y)2)

4.DATA ANALYSIS AND INTERPRETATIONS

The following are the tool used for analysis of data:


 Ratio Techniques
 Earning per share analysis
 Cost of Capital
 Valuation of firm under Net Income Approach

THE RATIO TECHNIQUES:


Ratio analysis is the process of determining and interpreting numerical relationship based
on financial statements. A ratio is a statistical yardstick that provided a measure of relationship
can be percent or as quotient. Such ratios may be calculated in respect of different items of the
same period drawn from the same or different items of the same period drawn from the same or
different items of the same period drawn from the same or different statements. Such analysis is
called vertical analysis. Since it reflects the relationship or items at a given movement or time it
could be called a static type of analysis. It reflects the change that has been taken place during
the period under review. It is known as the trend analysis.
DEBT EQUITY RATIO:
Debt equity ratio indicates the relationship describing the lenders contribution for each rupee of
the owner’s contribution is called debt -equity ratio. Debt equity ratio is directly computed by
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dividing total debt by net worth. Lower the debt – equity ratio higher the degree of protection.
A debt – equity ratio higher the degree of protection.A debt – equity ratio of 2:1 is considered
ideal.

DEBT EQUITY RATIO = Total Debt


Net Worth
YEARS Debt Equity Debt Equity
Ratio
2013-14 36052.53 17690.27 2.03
2014-15 39548.16 21140.61 1.87
2015-16 21985.92 20686.48 1.06
2016-17 25386.04 19376.87 1.31
2017-18 25714.55 22548.41 1.14

Graph :

Debt Equity Ratio


3 2.03 1.87
2 1.06 1.31 1.14
1
0 Debt Equity Ratio

Interpretation :
The proportion of debt over equities increasing year by year it has reached beyond the standard.
Organization should take some preventive actions to overcome this difficulty.

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PROPRIETARY RATIO :
A variant of debt to equity ratio is the proprietary ratio which shows the relationship between
shareholders funds total funds of the firm. This ratio is worked out as under. The idle ratio for the
proprietary ratio is 1:3 i.e., one third of the total liabilities should be outsiders funds.It focuses
the attention on the general financial strength of the business enterprise.
Proprietary Ratio = Shareholders Funds
Total Assets

YEARS Shareholders Total Proprietary


funds Assests Ratio
2013-14 17690.27 53742.80 0.32
2014-15 21140.61 60688.77 0.34
2015-16 20686.48 94111.05 0.21
2016-17 19376.87 90560.57 0.21
2017-18 22548.41 101814.81 0.22

Graph :

Proprietary Ratio
0.4 0.32 0.34
0.3 0.21 0.21 0.22
0.2
0.1 Proprietary Ratio
0

Interpretation :
The proportion of proprietary ratio is decreasing year by year and it has reached beyond the
standard. Organization should take some preventive actions to over come this difficulty.

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EARNING PER SHARE ANALYSIS :


EPS analysis is method to study the affect of leverage essentially involved the
comparison of alternatives method of financing under various assumption of EBIT a firm has
choice to raise funds for financing its investments proposals from different sources.

Graph :

Earnings Per Share


20 14.57
10.57 9.73
10
Earnings Per
0 Share
-0.99 -3.29
-10

Interpretation :
The above graph show that the earning per share is fluctuating year by year it was it was
verifying from 14.57 to- 3.29 during the study period it is having highest value of 14.57 in the
year 2014-18 and lowest value shows that the company is not having sufficient funds to satisfy
the expected returns of the share holders.

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COST OF EQUITY :

The minimum rate of return or return would necessary to attract funds form equity shareholders
is the cost of equity. In other world the requited rate or return as per expectation of the
shareholders it the cost of equity. How to measure it? The earning yield which id obtained by
dividing earning per share by market value per share is indicator of the cost of shares it can be
represented by Ke. It can be calculated by the following formula.

COST OF EQUITY (Ke) = Dividend X 100


Share Capital

YEARS Dividend Share Cost Of Equity


Capital %
2013-14 569.3 3976.36 14.31
2014-15 410.6 3976.36 10.32
2015-16 0 3976.36 0
2016-17 0 3976.36 0
2017-18 376.9 3976.36 9.47

Graph :

Cost Of Equity %
20 14.3110.32 9.47
0 0 Cost Of Equity
0 %

Interpretation :
The above chart shows that except in the year 2014-18 the cost of equity remains same i.e.,
14.31% during the study period in 2015 & 2016 the value was 0%. It includes that the company
is not giving constant dividend to the shareholders.

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COST OF DEBT :
For any debt to raise the company has to bear the cost of interest payable to the under that is a
person bank or any financial institution. It is represented by annual interest rate on such a loan
as for tax purposes in other words interest is treated as expense for arriving the profit of the firm
to be taken at calculated as under.
COST OF DEBT (Kd) = (1-T) I
YEARS Tax Rate % Interest Cost Of Debt
Rate
2013-14 33 19.25 12.89
2014-15 25 23.33 17.49
2015-16 0 78.52 78.52
2016-17 0 98.61 98.61
2017-18 6.5 44.18 41.30

Graph :

Cost Of Debt
150
98.61
100 78.52
41.3 Cost Of Debt
50 17.49
12.89
0
2013-14 2014-15 2015-16 2016-17 2017-18

Interpretation :
The cost of debt is increasing from 2015-16 to 2016-17.The highest ratio shows that the
company is paying more interest than compared to the lowest ratios. It is due to the increase in
creditors of that corresponding year are increased.

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COST OF RETAINED EARNINGS :


Undistributed funds belonging to shareholders these must be employed in such a way to
earn the retained rate of return. To shareholders as in the firm can be reel industry it on their
behalf of one more point to be kept in the mind is that the tax extent to which current earnings
are retained the share holders tax liabilities are reduced.
COST OF RETAINED EARNINGS (R) = Ke (1-T) (1-B)

YEARS Ke Tax Brokerage Cost Of


rate Retained
Earnings
2013-14 14.31 33 0 9.58
2014-15 10.32 25 0 7.74
2015-16 0 0 0 0
2016-17 0 0 0 0
2017-18 9.47 6.5 0 8.85
Graph :

Cost Of Retained
Earnings
20
9.58 7.74 8.85
10 Cost Of
0 0
0 Retained
Earnings

Interpretation :
The cost of retained earnings is fluctuating during the study period. The company is having the
highest value of 7.3 in the year 2013-14 and the lowest value of 0 in the years 2015 & 16.

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VALUE OF EQUITY :

Equity value is the value of a company available to owners or shareholders. It is the


enterprise value plus all cash and cash equivalents, short and long term investments, less all short
–term debt, long debt and minority interests.

VALUE OF EQUITY (E) = NET INCOME


COST OF EQUITY

YEARS Net Cost Of VALUE


Income Equity OF
EQUITY
2013-14 1311.9 14.31 9167.71
2014-15 972.4 10.32 9422.24
2015-16 736.8 0 0
2016-17 612.7 0 0
2017-18 1242.6 9.47 13121.43

Graph:

VALUE OF EQUITY
15000 13121.43
9422.24
9167.71
10000
5000
0 0 VALUE OF EQUITY
0

Interpretation:
The value of equity is decresing in years 2015-16& 2016-17 it came to normal position in 2013-
14.

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VALUE OF DEBT :
Debt instruments include mortgage assets, bank loans, short term or long term, debentures,
commercial papers and a wide variety of interest bearing financial instruments debt.

VALUE OF DEBT (D) = INTEREST


COST OF DEBT
YEARS Interest Cost Of Debt Value Of
Debt
2013-14 252.6 12.89 1959.65
2014-15 226.9 17.49 1297.31
2015-16 578.6 78.52 736.88
2016-17 604.2 98.61 612.71
2017-18 549.0 41.30 1329.29

Graph:

Value Of Debt
2500
1959.65
2000
1500 1297.31 1329.29

1000 736.88 612.71 Value Of Debt


500
0
2013-142014-152015-162016-172017-18

Interpretation:
The value of equity is increasing percentages in years 2013-14& 2017-18 it came to normal
position in 2017-18.

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VALUE OF THE FIRM :


The Net income approach suggested by Durand According to this approach the capital
structure decision is relevant to valuation of firm. This approach is based on the conclusion that
the firm can lower it is cost of capital by using debt. This is based on the assumption that the use
of debt does not change the risk perception of the investor.
VALUE OF THE FIRM = VALUE OF EQUITY+VALUE OF DEBT
(OR)
V = E+D

Years Value Of Value Of VALUE OF


Equity Debt THE FIRM
2013-14 9167.71 1959.65 11127.36
2014-15 9422.24 1297.31 10719.55
2015-16 0 736.88 736.88
2016-17 0 612.71 612.71
2017-18 13121.43 1329.29 14450.72
Graph :

VALUE OF THE FIRM


20000 14450.72
15000 11127.36
10719.55
10000
5000 736.88612.71 VALUE OF THE
0 FIRM

Interpretation :
The value of the firm is in 2013-14 & 2017-18 increased and it is fluctuating and
decreasing year by year and in 2015 & 16.

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COST OF CAPITAL:
Cost of capital plays an important role in building the capital structure Cost Capital is
defined as ‘Inspirational terms cost of capital is the discount rate for evaluating an investment
project and is defined as minimum rate of return that’s firm must earn on its investment for the
market value of the firm to remain un – changed’.

Net Operating Earnings


Ko = ---------------------------- X 100
Total value of firm

Graph :

Cost of capital %
20 11.78 9.07 8.59
1 1
Cost of capital %
0

Interpretation :
The cost of equity is 1 in 2013 & 14, and remaining years were 11.78 % on share capital expect
in 2017.

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WEIGHTED AVERAGE COST OF CAPITAL :


Weighted Cost Of Capital (WACC) is a calculation of a firm’s cost of capital in which each
category of capital is proportionately weighted. WACC = COST OF EQUITY* EQUITY
WEIGHT+ COST OF DEBT* DEBT WEIGHT
WACC = Ke*E/V+Kd*D/V
Graph :

Years COST OF EQUITY COST OF DEBT WACC


EQUITY WEIGHT DEBT WEIGHT

2013-14 14.31 0.823 12.89 17.61 14.04

2014-15 10.32 0.878 17.49 12.10 11.17

2015-16 0 0 78.52 1 78.52

2016-17 0 0 98.61 1 98.61

2017-18 9.47 9.08 41.30 9.19 46.18

WACC
200
78.52 98.61
100 46.18
14.04 11.17
WACC
0

Interpretation :

The weighted average cost of capital is fluctuating year by year. i.e., the overall cost of capital is
very less in the year 2013 and very high in 2014 & 15.Due to more debt the organization is liable
to control the cost.

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5.1 FINDINGS

 The unit has maintained proper records showing full particulars including
quantitative details and situations of fixed assets.
 The unit has maintained up to date records and submitted to respective authorities.
 Inventory has been physically verified during the year by the management.
 Generally it is known fact that annual consumption of raw-materials increases year
by year as company, growing. In such away annual consumption from 2013-2014 to
2016-2017 is also increased.
 The turnover ratio is to some extent decreased to year by year like 2013-2014 & 2014-
2015 but it is increased in the year 2016-2017.
 The inventory turnover ratio is decreases trend from 2014-2017 i.e., the inventory from
decreases. So the company turnover ratio decreases.
 The inventory to working capital is graphically increased from 2016-2017.

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5.2CONCLUSION

After analyzing the inventories of the company during the last four years it is clear
that, inventory of the company is stable.

 The company by strictly following inventory management techniques like


EOQ, ABC analysis can increase its profits.
 The company inventory position is up to some extent satisfactory.

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5.3 SUGGESATIONS
As per my project report I suggested like this,

 As company converted into own sales it should have its own inventory policy which
can produce better results by minimizing costs it maximum.
 The company inventory management is at moderate level. Hence effective steps have
to be taken to see that the inventory management is made more efficient so that the
inventory can be used for working capital required.
 The company has to concentrate much on credit policy for speed collections of
accounts receivable.
 Even though inventory conversion period is moderately good, still there is lot of
scope to improve it.

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ANNEXURE
BALANCE SHEET AS ON 2013-14

Particulars Schedule No: YEARS


2014 2013
Sources of funds
Share Holder Funds
a. Share capital 1 3902800 3902800
b.Reserves&surplus: 2 3733474 3390054
Loans funds:
a)Secured loans 3 1578137 3670451
b)Unsecured loans - -
DefferedTaxliability 4 1517176 1515072
Total 10731587 12478377
Application of funds
1.fixed assets(gross Block) 5 15065031 13412790
Less: Depreciation 5231333 4168011
Net Block 9833698 9244779
2.current assets loans & advances
a) Inventories 6 1212288 2011204
b) Sundry Debtors 7 2075870 1331451
c) Cash & Bank 8 191891 100216
d) Other assets 9 2126201 1972198
6594661 5449452
Less: Current Liabilities& provisions
a)Liabilities 10 3683918 1546404

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b)provisions 11 2013855 669449


5696773 2215853
Total 897888 3233599
Total 10731587 12478377

BALANCE SHEET AS ON 2014-15

Particulars Schedule No: YEARS


2015 2014
Sources of funds
Share Holder Funds
a. Share capital 1 3902800 3902800
b.Reserves&surplus: 2 3855922 3733474
Loans funds:
a)Secured loans 3 1594407 1578137
b)Unsecured loans - -
DefferedTaxliability 4 1338599 1517176
Total 10691728 10731587
Application of funds
1.fixed assets(gross Block) 5 15826661 15065031
Less: Depreciation 6365668 5231333
Net Block 9460993 9833698
2.current assets loans & advances
a) Inventories 6 3145022 1212288
b) Sundry Debtors 7 1919143 2075870
c) Cash & Bank 8 331011 191891
d) Other assets 9 4198396 2126201
8497426 6594661
Less: Current Liabilities& provisions
a)Liabilities 10 4166255 3683918

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b)provisions 11 3093435 2013855


7259690 5696773
Total 1237736 897888
Total 10691728 10731587

BALANCE SHEET AS ON 2015-16


Particulars Schedule No: YEARS
2016 2015
Sources of funds
Share Holder Funds
a. Share capital 1 4847800 3902800
b.Reserves&surplus: 2 3913074 3855922
Loans funds:
a)Secured loans 3 7946663 1594407
b)Unsecured loans 4 2033179 -
DefferedTaxliability 5 1051895 1338599
Total 19792611 10691728
Application of funds
1.fixed assets(gross Block) 6 15911560 15826661
Less: Depreciation 7519477 6365668
Net Block 8392083 9460993
Capital W/P 6856683 -
Total 15248766 9460993
2.current assets loans & advances
a) Inventories 7 5343749 3145022
b) Sundry Debtors 8 2868464 1919143
c) Cash & Bank 9 1129883 331011
d) Other assets 10 3475187 4198396
11721701 8497426

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Less: Current Liabilities&


provisions
a)Liabilities 11 7164256 4166255
b)provisions 12 13000 3093435
7177256 7259690
Total 4544445 1237736
Total 19792611 10691728

BALANCE SHEET AS ON 2016-17

Schedule No: YEARS


2017 2016
Particulars
Sources of funds
Share Holder Funds
a. Share capital 1 5402800 4847800
b.Reserves&surplus: 2 4507361 3913074
Loans funds:
a)Secured loans 3 8894443 7946663
b)Unsecured loans 4 2085036 2033179
DefferedTaxliability 5 1533719 1051895
Total 22423359 19792611
Application of funds
1.fixed assets(gross Block) 6 22337700 15911560
Less: Depreciation 8099687 7519477
Net Block 14238013 8392083
Capital W/P - 6856683
Total 14238013 15248766
2.current assets loans & advances
a) Inventories 7 64756511 5343749
b) Sundry Debtors 8 1731308 2868464

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c) Cash & Bank 9 1667680 1129883


d) Other assets 10 3826802 3475187
13665121 11721701
Less: Current Liabilities& provisions
a)Liabilities 11 5337950 7164256
b)provisions 12 141826 13000
5479776 7177256
Total 8185345 4544445
Total 22423359 19792611

PROFIT &LOSS ACCOUNT FOR YEAR ENDED 2013-2014

PARTICULARS 2014 2013


Income
Sales (Gross) 31546070 27752174
Less excise duty Nil 4020574
Sales tax Nil Nil
Sales 25307821 29128584
Other income 215433 420225
Increase or decrease in stock (881092) (397934)
24642162 29150875
Expenditure
Raw materials consumed 18586452 14951429
Manufacturing expenses 6088445 7577527
Administrative expenses 369564 406729
Payments &benefits to employees 1831698 1566551
Rates & taxes 44008 22100
Financial charges 489302 682264
Provisions for doubtful debts Nil 6100
Depreciation 963430 865185
23990037 27920415

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Profit 652125 1230460


Less provisions for income tax Nil Nil
Provision for Fringe Benefit Tax Nil Nil
Provision for deferred tax 276278 205642
a)Tax effect of timing differences
originating during the year Nil 174690
b)Tax effect of timing differences
reversing during the year (49818) (2188)
226460 378144
Profit After Tax (PAT) 425665 852316
profit from previous year 2994674 2148472
less short provision for tax and profit 30285 6114
Profit carried to balance sheet 3390054 2994674

PROFIT &LOSS ACCOUNT FOR YEAR ENDED 2014-2015

PARTICULARS 2015 2014


Income
Sales (Gross) 33156905 31546070
Less excise duty 2570820 Nil
Sales tax 1132722 Nil
Sales 25752174 25307821
Other income 60017 215433
Increase or decrease in stock 473188 (881092)
Expenditure
Raw materials consumed 17900310 18586452
Manufacturing expenses 6809175 6088445
Administrative expenses 254944 369564
Payments &benefits to employees 1925447 1831698
Rates & taxes 43024 44008
Financial charges 594187 489302

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Provisions for doubtful debts 89051 Nil


Depreciation 1067978 963430
25735235 23990037
Profit 550144 652125
Less provisions for income tax
Provision for Fringe Benefit Tax 175000 Nil
Provision for deferred tax 15000 276278
a)Tax effect of timing differences
originating during the year 2104 Nil
b)Tax effect of timing differences
reversing during the year Nil (49818)
192104 226460
Profit After Tax (PAT) 358040 425665
profit from previous year 3390054 2994674
less short provision for tax and profit 14615 30285
Profit carried to balance sheet 3733479 3390054

PROFIT &LOSS ACCOUNT FOR YEAR ENDED 2015-2016

PARTICULARS 2016 2015


Income
Sales (Gross) 46503000 33156905
Less excise duty Nil 2570820
Sales tax Nil 1132722
Sales 31546070 25752174
Other income 44767 60017
Increase or decrease in stock (742958) 473188
30847879 26285379
Expenditure

Raw materials consumed 24325825 17900310


Manufacturing expenses 7779927 6809175

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Administrative expenses 264787 254944


Payments &benefits to employees 1933983 1925447
Rates & taxes 50185 43024
Financial charges 981616 594187

Provisions for doubtful debts Nil 89051


Depreciation 1134334 1067978
30731284 25735235
Profit 116595 550144
Less provisions for income tax
Provision for Fringe Benefit Tax 158100 175000
Provision for deferred tax 14630 15000
a)Tax effect of timing differences
originating during the year (178577) 2104
b)Tax effect of timing differences
reversing during the year
(5847) 192104
Profit After Tax (PAT) 122442 358040
profit from previous year 3733480 3390054
less short provision for tax and profit 14615
Profit carried to balance sheet 3855922 3733479

PROFIT &LOSS ACCOUNT FOR YEAR ENDED 2016-2017

PARTICULARS 2017 2016


Income
Sales (Gross) 56265237 46503000
Less excise duty 2383692 Nil
Sales tax 1019119 Nil
Sales 29754094 31546070
Other income 624436 44767

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Increase or decrease in stock 284391 (742958)


30662921 30847879
Expenditure
Raw materials consumed 28565886 24325825
Manufacturing expenses 7573660 7779927
Administrative expenses 756114 264787
Payments &benefits to employees 2286027 1933983
Rates & taxes 231023 50185
Financial charges 978529 981616
Provisions for doubtful debts Nil Nil
Depreciation 1153808 1134334
30879471 30731284
Profit (216550) 116595
Less provisions for income tax Nil
Provision for Fringe Benefit Tax 13000 158100
Provision for deferred tax (286704) 14630
a)Tax effect of timing differences
originating during the year Nil (178577)
b)Tax effect of timing differences
reversing during the year Nil
(273704) (5847)
Profit After Tax (PAT) 57154 122442
profit from previous year 3855920 3733480
less short provision for tax and profit
Profit carried to balance sheet 3913074 3855922

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BIBLIOGRAPHY
1. Prasanna Chandra, 2002, “FINANCIAL MANAGEMENT”, 5th Edition, TATA-
McGraw HILL, New Delhi.
2. S.P. Jain, K.L.Narang, 2003, “ADVANCEDACCOUNTANCY”, 10TH Edition, Kalyani
Publishers, Lothian.
3. I.M. Pandey, 2002, “FINANCAIL MANAGEMENT”, 8th Edition, Vikas Publishing
House Private Limited, New Delhi.

JOURNALS

1. The ICFAI Journal of Applied Finance

2. Finance India (Indian Institute of Finance)

WEBSITE

1. www.zuari cement.com

2. www.google.com

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