Final Project Work

A Study on Inventory Management
INTRODUCTION
Inventories are approximately 60% of current assets in public limited
companies in India. For a typical manufacturing organization purchasing is
responsible for spending over half of every rupee the organization receives as income
from the sales . Every rupee saved in purchasing is equivalent to rupee of profit.
ecause of the large size of inventories maintained by the firm a considerable
amounts of funds is required to be committed to them. It is there fore absolutely
imperative to manage inventories efficiently and effectively in order to avoid
necessary investment.
In this pro!ect I tried to study the efficiency of Inventory management techniques
follo"ed by the firm by collecting the details of past # years. Inventory management
is done through analysis of ra" materials and analysis of stores. y going through
different inventory management techniques follo"ed by the firm "as tested and the
possible changes are suggested.
It "as found that company used to purchase ra" materials periodically rather than
based on demand. $his increases the chances of loss of liquidity and the unnecessary
tie%up of firm&s funds causes loss of profit. For ra" materials inventory turnover "as
applied strictly to manage the inventories effectively. 'omputation of inventory
turnover ratio for individual components of inventory helps to detect imbalanced
investments in various inventory components.
$he efficiency of inventory techniques follo"ed by the firm "as tested. $he firm
should strictly follo" inventory techniques to avoid unnecessary tie%up of funds.
Inventory turnover ratio can be applied for managing ra" materials.
(ept. of )*+ )I$,+ )adanapalle -age .
INVENTORY MANAGEMENT
Financial management is the managerial activity "hich is concern "ith the
planning and controlling of the firms financial resources. $hough+ it "as a branch of
economics till ./00 as a separate activity or discipline. It is of recent origin still it as
no unique body of 1no"ledge of its o"n and dra"s heavily on economics for its
theoretical concepts even today.
$he sub!ect of financial management is of immense to both academician and
practicing managers. It is of great interest to academicians the sub!ect is still
developing and there are still certain areas "hen controversies exist for "hich
unanimous solutions have been reached as yet.
In financial management the "or1ing capital management plays a ma!or role.
$he "or1ing capital management "ill be effectively managed by inventory
management. In my present chapter the inventory management "ill be discussed in
these topics+ importance of inventory management+ nature of inventories+ need to hold
inventories+ cost of holding inventories+ other characteristics of inventory situations+
types of inventory+ economic order quantity+ techniques of inventory management.
Meaning of Inventory Management
Inventory management means safeguarding the company property in the form
of inventories and maintaining it at the optimum level+ considering the operating
requirements and financial resources of the business. Inventory management
emphasizes control over purchases+ storage+ consumption of materials and
determining the optimum level for each item of investments.
Importance of Inventory Management
Inventory management is concerned "ith 1eeping enough products on hand to
avoid running out "hile at the same time maintaining a small enough inventory
balance to allo" for a reasonable return on investment. -roper inventory management
is important to the financial health of the corporation2 being out of stoc1 forces
customers turn to competitors or results in a loss of sales. Excessive level of
inventory ho"ever+ results in large carrying costs+ including the cost of capital tied up
in inventory "arehouse fees+ insurance etc.

(ept. of )*+ )I$,+ )adanapalle -age 3
* ma!or problem "ith managing inventory is that the demand for a
corporation&s product is to a degree uncertain. $he supply of the ra" materials used
in its production process is also some"hat uncertain. In addition the corporations
o"n production contains some degree of uncertainty due to possible equipment
brea1do"ns and labor difficulties.
ecause of these possibilities+ inventory acts as a shoc1 absorber bet"een
product demand and product supply. If product demand is greater than expected+
inventory can be depleted "ithout losing sales until production can be stepped up
enough to select the unexpected demand.
4o"ever inventory is difficult to manage because it crosses so many lines of
responsibility. $he purchasing manager is responsible for supplies of ra" material
and "ould li1e to avoid shortages and to purchases in bul1 order ta1e advantages of
quantity discounts.
$he production manager is responsible for uninterrupted production and
"ants to have enough ra" materials and "or1 in process+ inventory on hand to avoid
disruption in the production process. $he mar1eting manager is responsible for
selling the product and "ants to minimize the chances of running out of inventory.
$he financial manager is concerned about achieving an appropriate overall rate of
return. Funds invested in an inventory are idle and do not earn a return.
Nature of Inventories
Inventories are stoc1 of the product a company is manufacturing for sale and
components that ma1e up the product. $he various forms in "hich inventories that
exist in manufacturing company are
5a" materials
6or1%in%process
Finished goods
Ra materia!s7 $hese are those basic inputs that are converted into finished product
through the manufacturing process. 5a" materials inventories are those units "hich
have been purchased and stored for future production.
"or#$in$process7 $hese inventories are semi%manufacture products. $hey represent
products that need more "or1 before they became finished for sale.
%inis&e' goo's( $hese inventories are those completely manufactured products
"hich are ready for sale. ,toc1s of ra" materials and "or1%in%process facilitate
production "hile stoc1 of finished goods is required for smooth mar1eting
operations. $hus+ inventories serve as lin1 bet"een the production and consumption
of goods.
Nee' to &o!' inventories
)aintaining of inventories involves trying up the companies and incurrence of
storage and handling cost. $here are three general motives for holding inventories.
Transaction motive
It emphasizes the need to maintaining inventories to facilitate smooth
production and sales operation.
)recautionary motive
It necessitates the holding of inventories to guard against ris1 of unpredictable
changes in demand and supply force and other factors.
*pecu!ative inventories
It influences the decision to increase or reduce inventory level to ta1e
advantage of price fluctuations.
$he firm should al"ays avoid a situation of over investment or under
investment in inventories.
$he ma!or dangers of over investment in inventories are
9nnecessary tie up of the funds and loss of profits.
Excessive carrying cost.
$he ris1 of liquidity.
$he consequences of under investment in inventories are
-roduction hold%ups
Failure to meet delivery commitments. Inadequate ra" materials.
6or1%in%process "ill result in frequent in production interrupts.
*n efficient inventory management should
(ept. of )*+ )I$,+ )adanapalle -age #
Ensure a continuous supply of ra" materials to facilitate uninterrupted
production.
)aintain sufficient supply of ra" materials in periods of short supply
and anticipate price changes.
INDU*TRY )RO%I+E
Indian machine tool industry made remar1able progress in spite of setbac1s in
certain recent years. $he country&s :(- gro"th rate and also that of industrial
production by and large determined the fortunes of the machine tool industry. $he
5s..; billion machine tools industry hope of good demand from no of sectors and
segments. $he auto mobile industry had the greater impact on the tool industry. $he
industry experienced recessions during the year .00. %.008+ but this help industry to
concentrate on acquiring the ne" technology from abroad and become more
competitive. $he industry "as completely de%licensed by .0/6+ leading to the entry of
ne" units there are about #60 manufacture units in it. *bout 800 are in the small scale
sector and the rest are in the large and medium scale sectors.
$he industry basically divided in to broad categories .$he manufactures of
main machines are tool manufactures .$he dominant machines manufactures is
4industan )achine $ools <4)$= and its subsidiary company >a1shmi $ools >td. ?ne
if the top most manufactures i.e..+ la1shmi tools a public sector underta1ing has not
been performing "ell+ it may be either mismanagement lac1 of technology+ funds etc.
>)$ I@E one if the leading machine tools industry is not performing "ell in recent
years. $he reason for the poor performance in the >)$ may be due to the about
reasons .$here may be several "ays to evaluate the performance of the firm from the
financial point of vie" .6e have several tools to measure the performance of the firm
and "e can 1no" the causes for the poor performance. In order to find the reason for
the poor performance of the >)$ + from the financial point of vie" I have
underta1en the study of financial analysis of >)$ ltd. *s the part my pro!ect "or1s.
$he aim is to find reason for the poor performance of the firm from the financial point
of vie". For the purpose of study I have ta1en several tools. $hey are $rend *nalysis+
'omparative statement analysis+ ratio analysis and funds flo" analysis.
$he industry moving "ith the times in the field of technology. It starts
producing @'A'@' numerically controller A computer numerically controlled=
(ept. of )*+ )I$,+ )adanapalle -age ;
machine some t"enty years ago. It has no" adopted more advanced manufacturing
system such as flexible manufacturing systems <F),=+ transfer lines and automated
production lines technology processed can also be seen in the production laser cutting
and measuring machine. 4o"ever+ industry has ma1ing a head in the manufacturing
of component needed for '@' machine such as ball scre"+ ac drive+ stripper motor+
optical encoder+ and higher range of multi%anis controller systems. $he industry no"
depending on imports the expenses the high import contains in the domestically made
'@' machine+ "hich has become expensive. $he industry "as completely deli censed
by .0/6+ during the entry of ne" units there are about #60 manufacturing units in of
these about 800 are in the small scale sectors and rest in the large and medium scale
sectors.
In'ustry Range
$hey are one of the reputed manufacturers and suppliers "ho understand the
changing customer requirements and industrial demands and hence offer machine that
match "ith the exact requirements of the clients. ?ffering a complete engineering
fabrication solutions to our clients+ our range is comprised of superior quality machine
and tools that have high operational efficiency and are extensively used in engineering
industries. ?ur precision%engineered range includes 7
>ight (uty >athe )achine
4eavy (uty >athe )achine
,lotting )achine
9niversal )illing )achine
4igh -recision ,urface :rinder
Extra 4eavy (uty >athe )achine
)edium (uty >athe )achine
,-) >athe )achine
4ydralic ,urface :rinder Buality assurance
Certifie' company
$he reputation of our organization stands firmly on the pillars of Buality. 6e
rigorously follo" quality assurance policy that enables us to offer machine and tools
that are technically sound and have longer and quality functional life. From the initial
stage of ra" material procurement to the final stage of pac1aging+ quality is the factor
that is al"ays emphasized and immense care is ta1en by our quality experts "ho have
a passion to achieve engineering perfection in each of our machines. Further+ timely
service C delivery forms a part of our quality assurance policy and hence "e strive
hard to achieve accuracy on these lines as "ell. 6e are also an I,?
De,terous Team
)anpo"er is one of the most important factors that contributes significantly to
the success of an organization. 6e have a team of highly trained and responsible
personnel "ho are very dedicated to"ards their "or1. 6ith a passion to achieve
excellence coupled "ith sound understanding of the mar1et requirements+ our
"or1force continuously strives for better "ays and ne" technical approaches+ to meet
the clientsD needs at competitive rates.
4ighly motivated and productive+ the employees put in their sincere efforts
that helps us to realize the organizational goal. Further+ the organization is managed
by highly competent and business%oriented personnel to deliver the best business
strategy that can help us to remain ahead in mar1et.
)ro'uct Range
Current *tatus in In'ia
(ept. of )*+ )I$,+ )adanapalle -age E
>athe machines
,urface grinder machines
9niversal milling machines
,lotting machines
)etal cutting band sa"
machine
$he Indian machine tools industry manufactures almost the complete range of
metal%cutting and metal%forming machine tools. 'ustomised in nature+ the products
from the Indian bas1et omprise conventional machine tools as "ell as computer
numerically controlled <'@'= achines. $here are other variants offered by Indian
manufacturers too+ including special purpose machines+ robotics+ handling systems+
and $-)%friendly machines. Efforts "ithin the industry are no" under"ay to improve
the features of '@' machines+ and provide further value additions at lo"er costs+ to
meet specific requirements of users. In 1eeping "ith the current trends+ and emerging
demand+ the '@' segment could be the driver of gro"th for the machine tools
industry in India.
$he slo"do"n in the Indian economy since mid .000 had its impact on the
prospects of Indian machine tools manufacturers. ?utput by domestic metal"or1ing
machine tools manufacturers in 300. calendar year declined to the lo"est of !ust
5s.;+.E; million mar1ing the fourth year of decline since .00E+ for the Indian
machine tools industry. )uch of this fall "as due to subdued investment in 3003 by
all the ma!or user segments of machine tools+ except the defence industry+ primarily
because of a higher capital expenditure outlay. 4o"ever+ in the last t"o calendar
years+ output of the industry registered significant gro"th and the industry has
achieved a high gro"th in the past t"o years. 6hile the decrease in domestic
production "as lo"er in the case of conventional metal%"or1ing machine tools+
computer numerically controlled <'@'= machine tools manufacturers too suffered+
although marginally. >athes+ machining centres+ special purpose machines+ and
grinding machines "ere categories of machine tools that sustained much of the order
inflo" even during 300. although these segments registered a decline+ in comparison
"ith the previous year.
*n industry+ "hich has undergone a radical paradigm shift in its thin1ing+ the
Indian machine tools industry is no" recognized as a provider of lo"%cost high
quality lean manufacturing solutions. $he industry resiliently supports all its users to
enhance productivity as "ell as improve competitiveness for the betterment of the
final customer. It is a "ell 1no"n and often repeated fact that the machine tools
industry forms the pillar for the competitiveness of the entire manufacturing sector
since machine tools produce capital goods "hich in turn produce the manufactured
goods.
(ept. of )*+ )I$,+ )adanapalle -age /
4ence being an integral sector+ gro"th of the machine tools industry has an
immense bearing on the entire manufacturing industry "hich is crucial for the
countryDs strategic requirement such as defence+ rail"ays+ space+ and atomic energy.
6orld over too+ industrially developed countries have created mar1et niches on the
bac1 of a "ell%developed and supportive machine tools sector.
In India+ indigenous machine tools have the highest impact on capital output ratios.
)achine tools consumption of 5s.3+;00 crore truly supports the advancement of the
countryDs engineering sector output "hich is estimated to be "orth over 5s..+;0+000
crore.
In India there are about #;0 manufacturers manufacturing complete machines+
or their components. $here are .;0 units in the organized sector. *lmost E8 percent of
the total machine tools production in India is contributed by .0 ma!or companies in
this industry. $he industry has an installed capacity of over 5s..0 billion and employs
a "or1force directly or indirectly totaling 6;+000 s1illed and uns1illed persons.
$he hub of manufacturing activities is concentrated in )umbai and -une in
)aharashtra+ Falandhar and >udhiana in -un!ab+ *hmedabad+ aroda+ Famnagar+ and
5a!1ot in :u!arat+ 'oimbatore and 'hennai in $amil @adu+ angalore and )ysore in
Garna1ata+ and some parts of eastern India. *ll the global leaders namely )a1ino+
():+ Hamaza1i+ 4aas+ $rumpf+ (ae"oo+ *gia 'harmilles+ ,chuler etc. are present in
India either through their mar1eting agents+ technical centers+ service centers or
assembly centers. $here are a number of issues of critical importance to the industry.
$hese are7
$he competitiveness and quality of machine tools manufacturers depend on
the competitiveness and quality of its subcontractors
*ttracting and retaining talented manpo"er is an issue since the industry can
gro" only "ith 1no"ledge accumulation
4igh fragmentation is leading to lo" economies of scale
Indian educational curriculum in the I$I&s+ or engineering colleges is not
geared to impart the all round technical 1no"ledge required by the engineers
and operators in this sector. For example+ a service engineer in the sector
needs 1no"ledge in hydraulics+ mechanical+ electronics and electrical $he
mar1et share and total mar1et size of the product range covered by the study
as per ')IE data is given belo". $hese include companies "ho manufacture
components as "ell as complete equipment.
Ma-or *tructure of t&e *ector
$he companies surveyed comprised of #8 percent private limited companies+
.6 percent partnership firms+ .0 percent proprietary firms+ and 8. percent public
limited and .0 percent closely held public limited companies. *s is evident+ the
industry is highly segmented in terms of value and o"nership pattern. $his is mainly
because of lo" technology barriers in some segments of the machine tools industry.
$he turnover of E3 percent of the companies "as belo" 5s.;0 crores and hence "e
can derive that the ma!ority of players In this sector are in the small and medium
category. ;3 percent of the total companies surveyed had a turnover less than 5s..0
crores. $he percentage of companies in the ,,I category is the highest in this sector
?F the capital goods industry 4ence the manufacturing competitiveness of the
smaller companies and their subcontractors producing the components have a ma!or
bearing on the industry&s quality and cost competitiveness.
$his sector is dominated by companies "ho are o"ned either by entrepreneurs
or individuals and it is evident that induction of professional managers at the top are
lo". 6hen the companies "ere as1ed about their opinion on the future structure of the
sector+ .0 percent of the companies had no opinion or vision about the future. 8.
percent felt that there "ould be entry of either ne" players+ or foreign players leading
to fragmentation. 4o"ever+ ;0 percent of the companies felt that the smaller
companies "ill not be able to survive the onslaught of second hand machines being
imported into India and the technological changes ta1ing place i.e. from conventional
to '@' and hence the mar1et "ill "itness consolidation in the future "ith the smaller
ones unli1ely to survive "ith their present level of competitiveness. ;. percent of the
companies catered to the "hole range of activities li1e design and engineering+
manufacturing and installation. E percent of the companies are into mar1eting and
servicing of domestic as "ell as imported machines.
Tec&no!ogy
(ept. of )*+ )I$,+ )adanapalle -age .0
$he machine tools industry can be divided into metal cutting and metal
forming sectors. $he metal cutting sector can be further classified into conventional
and computer nu merically controlled <'@'= machines+ "hile the metal forming
sector can be segregated into conventional and numerically controlled <@'= machines.
,ome commonly used metal cutting machines include electrical discharge machining
systems <E(),=+ machining centers+ lathes and automats+ boring+ milling+ drilling+
grinding+ honing and polishing machines+ total @' machines and so on. )etal
forming machines include bending+ folding+ straightening+ flattening machines+
punching andAor shearing machines+ die casting machines and others. $he @'
machines developed in the .0;0s and .060s did not possess '-9&s. $he '@'
machine tools are essentially @' machines "ith microprocessors as the '-9. $he
first *merican machine tools "ith a '@' system "as developed in .0E3 and the first
Fapanese machine tools "ith a '@' system "as developed in .0E6. '@' systems
made it possible for microprocessors and programmable logic controllers to "or1 in
parallel. $his allo"ed simultaneous servo position and velocity control of several axes
of a machine+ monitoring of the controller and machine tools performance+ and
monitoring of the cutting process. For a basic three axes milling machine+ "ith the
'@' systems+ there could be coordination of feeding velocity and position control of
all the three axes. $he spindle speed could also be controlled simultaneously. $hese
features enhanced the versatility of a traditional milling machine. )oreover+ by
employing multiple '-9&s+ the versatility of the machine tools "as increased
manifold.
$he users of machine tools felt the benefit of mar1et fusion of several product
functions. $his enabled them to modify their manufacturing processes in order to
become more productive. '@' machine tools enabled users to increase their
productivity by eliminating the time lost in transferring the !ob from one machine to
another. $hese machines also help the users to frequently change the design of their
products.
$he Indian industry manufactured its early products through technical
collaborations from "orld%reno"ned manufacturers. From the mid eighties on"ards
the industry has relied entirely on its o"n 5C( efforts to develop and mar1et a
contemporary range of '@' machine tools. $he present turnover of the industry is
totally from products developed by the industry in the last decade.
(ept. of )*+ )I$,+ )adanapalle -age ..
Researc& . Deve!opment
$he Indian machine tools are a highly innovative industry. )ost of the
products manufactured are through transfer of technology from a technology leader.
9sually after absorption of technology transfer+ there al"ays exists a gap "here the
receiver al"ays ends up "ith less technology than the supplier has. Further+ the
technology leader goes on upgrading their products and hence Indian companies need
to be highly innovative+ firstly+ to bridge the gap during the technology transfer and
then adapting it to local conditions+ tac1ling problems thro"n up by local materials+
labour+ mar1et and environment.
$he role of 5C( in India is slightly different from that in a technology driven
country. Its role is to solve problems that arise in manufacturing since they cannot be
solved on the shop floor and that requires special s1ills embodied in the 5C(
department. $oday in India 5C( "or1 done by the industry is in isolation. Except for
the automotive component industry+ 5C( is not generally done in consultation "ith
user sector. $his needs to be changed and more interaction is necessary "ith the users
to bring about innovative changes and add value to the products. $he 'II survey has
revealed that 60 percent of the companies have 5C( departments and earmar1 a
percentage of their sales to"ards 5C(. $he industry spends on an average ..0 percent
of its sales on 5C(+ ranging from 0.3 percent to .0 percent in some cases+ "hich is
quite satisfactory "hen compared to the other sectors of the capital goods industry.
4o"ever+ this is still not enough and more needs to be done+ specially "hen it comes
to high speed flexible machines requiring higher capabilities. $he industry has
developed very sophisticated machines thereby proving that the domestic companies
do possess the technical ability and manufacturing capability but lac1s the financial
po"er to pursue these.
?nly 30 percent of the companies have technological tie%ups. )ost of the
lo"er end machine tools manufacturers develop their o"n products through in%house
innovation and product development. $he product development capabilities of this
sector are therefore fairly high. It is also evident that more and more manufacturers
are converting their products from conventional machines to '@'. $he industry
should spend more on 5C( for the '@' systems and develop indigenous -' based
or dedicated '@' systems so that dependence on foreign sources for supply or
servicing can be reduced.
Management Efficiencies
$he machine tools industry is a very fragmented sector and the mar1eting
abilities of the industry are far from "hat it is in the other sectors of the capital goods
industry. >arger companies are also handicapped either due to bureaucratic norms or
due to lac1 of capability. $his is probably the reason "hy in this sector+ a fe"
manufacturers have formed a consortium "hich outsources the mar1eting and after
sales services. $his may be a feasible model for the general purpose machines or lo"
technology products. 4o"ever+ "ith the entry into the high%end solutions or for
,-)&s+ the industry needs to catch up "ith global mar1eting strategies and practices.
$he survey sho"ed that the smaller players comprising of 6E percent of the
respondents had no formal strategic planning in terms of gro"th plans or "ere barely
a"are of strategic planning. ?nly 36 percent of the companies have reported that they
have established procedures of strategic planning and a meager E percent did in depth
strategic planning.
6hen as1ed "hat should be a company&s strategy to enhance mar1et share+ 8/
percent said they follo"ed no strategy at all. ?ut of the 63 percent the ma!ority felt
that the topmost priority in enhancing mar1et share "as by achieving higher quality
and service. $he second priority "as felt to be aggressive mar1eting. $hird "as to
increase the product range and lastly reduction in costs because the Indian companies
are quite cost competitive compared to their international counterparts and "ith the
import duties coming do"n+ their cost "ill further be reduced because components
and bought%outs li1e servo drives+ bearings+ controls etc. are imported and "ould be
cheaper. *n aggressive mar1eting strategy "as follo"ed only by .0 percent of the
companies. 6; percent do not even collect competitors& information.
COM)ANY )RO%I+E
$he >a1shmi )achine $ools "as established in .00E by a group of
entrepreneurs+ all specialists in -ressure (ie 'asting C )achine $ool $echnology C
(ie C )ould manufacturing technology "ith a "ide experience of "or1ing in
reno"ned (ie C )ould manufacturing industries in India. >)$&s ob!ect is $o deliver
the best quality products at most competitive price through continuous improvement
and total dedication of the management and employees. (uring the past .3 years+ the
>)$ has established itself as a solution provider for 4igh quality+ $echnically
'omplex lo" to medium volume (ie 'astings and (ie C )ould manufacturing. 6e
have also gro"n to become one of the leading manufacturer of (ie C )oulds+ (ie
casting 'omponents in India offering a compressive rage of services that includes7
-ressure (ie casting (ies.
*luminum -ressure (ie casting 'omponents.
5ubber In!ection )oulds.
-lastic In!ection )oulds.
Investment 'asting )oulds.
Fine lan1ing $ools.
4igh -recision '@' I)' C 6ire cutting Fob "or1s.
+/M/T Your Re!ia0!e Outsourcing )artner 6ith our Experience and
Expertise in (ie C )ould )anufacturing+ -ressure (ie 'asting manufacturing+
$echnical -rocesses+ Futuristic Iision+ >)$ "ill be reliable+ >ong term partner in
your business plans to create a 6in%6in situation for both.
Mission
$o deliver the best quality products at most competitive price through
continuous improvement and total dedication of the management and employees.
Vision
(ept. of )*+ )I$,+ )adanapalle -age .#
9nderstand our 'ustomerDs requirement and provide them a competitive edge
through innovative solutions.
-artner "ith our 'ustomer in enabling them to gain the maximum benefit.
'reate a "or1 environment that attracts and retains the best talent.
6or1 for continuous improvement in all aspects of our business.
-rovide for continual gro"th of our employees and our community.
9se customer satisfaction index as the measure of our achievement and source
of future direction.
Mac&ineries
F6 % )I #0 $ 30 '@' I)'
)*GI@? ,%88 '@' I)'
)a1ino E() 6ire 'utting )achine % )ovement J #80x3/0x800mm
E>E'$5?@I'* % K@' ;;8; E() ,-*5G E55?$I?@
E>E'$5?@I'* % ;080 E() ,-*5G E55?$I?@
F6 % 9niversal )illing % ,ize % .
Girlos1ar Enterprise #00 >athe % ,ize .meter x #/0mm
)antra% *utomatic ,urface :rinding % ,ize%800mmxE;0mm
-arishudha *utomatic 'ylendrical :rinding%,ize% #;0mm x 3;0mm dia
'ipat % 5adial (rilling )achine
(rilling )achine % -illar $ype % . inch capacity
'utting )achine
:enerator % .3; GI*
*tlas 'ompco ,cre" $ype 'ompressor % E.; 1g capacity
Fluoro ,eal 4orizontal 'old 'hamber -ressure (ie 'asting )achine % .30
$on 'apacity
3# G6 Electrical Furnace
(ept. of )*+ )I$,+ )adanapalle -age .;

Conventiona! Mac&ine *&op
123 Tonn Die Casting

EDM *par#ing
Measuring Instruments

EDM *par#ing 4NC
Designing Department
Ru00er In-ection Mou!'s
>a1shmi )achine $ools manufactures and supplies a "ide variety of 5ubber
In!ection )oulds C ,pares. 6e offer customized solution to our valuable customer at
highly economic prices to meet their specific needs and requirements. $hese 5ubber
(ept. of )*+ )I$,+ )adanapalle -age .E
In!ection )olds C ,pares are designed and developed under the supervision of highly
qualified and experienced professionals to ensure its outstanding performance.
$hese products are manufactured using an amalgamation of supreme quality
ra" materials and sophisticated machines. ?ur products are available in various
designed and applicable in (ie )ould industry.

)!astic In-ection Mou!'s
>a1shmi )achine $ools manufactures and supplies a "ide variety of -lastic
In!ection )oulds C ,pares. 6e offer customized solution to our valuable customer at
highly economic prices to meet their specific needs and requirements. $hese -lastic
In!ection )olds C ,pares are designed and developed under the supervision of highly
qualified and experienced professionals to ensure its outstanding performance.
(ept. of )*+ )I$,+ )adanapalle -age ./
$hese products are manufactured using an amalgamation of supreme quality
ra" materials and sophisticated machines. ?ur products are available in various
designed and applicable in (ie )ould industry.

%ine 5!an#ing Too!s . Turret )unc&es
6e are professionally managed company engaged in manufacturing and
supplying Fine lan1ing $ools+ ,pares C $urret -unches. $hese products have unique
features and are designed according to customer specification. 4igh performance and
productive Fine lan1ing $ools C $urret -unches are manufactured using the finest
quality ra" materials to cater the exact requirements of customers. 6e are bac1ed by
"ell%qualified and proficient professional "ho have clear understanding of nature of
industry and needs of customers.

)ressure Die Casting
>a1shmi )achine $ools offers high precision and high productive performance
*luminum -ressure (ie 'asting (ies C Investment 'asting (ies+ "hich are
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T6EORETICA+ CONCE)T*
INVENTORY MANAGEMENT
INTRODUCTION
In financial management the "or1ing capital management plays a ma!or role.
$he "or1ing capital management "ill Effective inventory management is all about
1no"ing "hat is on hand+ "here it is in use+ and ho" much finished product results.
Inventory management is the process of efficiently overseeing the constant
flo" of units into and out of an existing inventory. $his process usually involves
controlling the transfer in of units in order to prevent the inventory from becoming too
high+ or d"indling to levels that could put the operation of the company into !eopardy.
'ompetent inventory management also see1s to control the costs associated "ith the
inventory+ both from the perspective of the total value of the goods included and the
tax burden generated by the cumulative value of the inventory.
alancing the various tas1s of inventory management means paying attention
to three 1ey aspects of any inventory. $he first aspect has to do "ith time. In terms of
materials acquired for inclusion in the total inventory+ this means understanding ho"
long it ta1es for a supplier to process an order and execute a delivery. Inventory
management also demands that a solid understanding of ho" long it "ill ta1e for
those materials to transfer out of the inventory be established. Gno"ing these t"o
important lead times ma1es it possible to 1no" "hen to place an order and ho" many
units must be ordered to 1eep production running smoothly.
'alculating "hat is 1no"n as buffer stoc1 is also 1ey to effective inventory
management. Essentially+ buffer stoc1 is additional units above and beyond the
minimum number required to maintain production levels. For example+ the manager
may determine that it "ould be a good idea to 1eep one or t"o extra units of a given
machine part on hand+ !ust in case an emergency situation arises or one of the units
proves to be defective once installed. 'reating this cushion or buffer helps to
minimize the chance for production to be interrupted due to a lac1 of essential parts in
the operation supply inventory.
Inventory management is not limited to documenting the delivery of ra"
materials and the movement of those materials into operational process. $he
movement of those materials as they go through the various stages of the operation is
also important. $ypically 1no"n as a goods or "or1 in progress inventory+ trac1ing
materials as they are used to create finished goods also helps to identify the need to
ad!ust ordering amounts before the ra" materials inventory gets dangerously lo" or is
inflated to an unfavorable level.
Finally+ inventory management has to do "ith 1eeping accurate records of
finished goods that are ready for shipment. $his often means posting the production of
ne"ly completed goods to the inventory totals as "ell as subtracting the most recent
shipments of finished goods to buyers. 6hen the company has a return policy in
place+ there is usually a sub%category contained in the finished goods inventory to
account for any returned goods that are reclassified as refurbished or second grade
quality. *ccurately maintaining figures on the finished goods inventory ma1es it
possible to quic1ly convey information to sales personnel as to "hat is available and
ready for shipment at any given time.
In addition to maintaining control of the volume and movement of various
inventories+ inventory management also ma1es it possible to prepare accurate records
that are used for accessing any taxes due on each inventory type. 6ithout precise data
regarding unit volumes "ithin each phase of the overall operation+ the company
cannot accurately calculate the tax amounts. $his could lead to underpaying the taxes
due and possibly incurring stiff penalties in the event of an independent audit.
Meaning of inventory
I@IE@$?5H is defined as the bloc1ed 6or1ing 'apital of an organization in
the form of materials . *s this is the bloc1ed 6or1ing 'apital of organization+ ideally
it should be zero. ut "e are maintaining Inventory . $his Inventory is maintained to
ta1e care of fluctuations in demand and lead time. In some cases it is maintained to
(ept. of )*+ )I$,+ )adanapalle -age 3#
ta1e care of increasing price tendency of commodities or rebate in bul1 buying.aged
by inventory management.
Definition
Inventory refers to stoc1%pile of product+a firm is offering for sale and
components that ma1e up the product.
$$5o!ten */E/
Meaning of inventory management
Inventory management means safeguarding the company property in the form
of inventories and maintaining it at the optimum level+ considering the operating
requirements and financial resources of the business. Inventory management
emphasizes control over purchases+ storage+ consumption of materials and
determining the optimum level for each item of investments.
Inventory )anagement is an enterprise%"ide discipline concerned "ith the
identification and trac1ing of Information ,ervices <I,= hard"are and soft"are assets.
Its three main areas of concern are7
*cquisition.
5edeployment.
$ermination.
Definition
$he planning and scheduling materials used in the manufacturing process. It is
possible to exercise control over the three types of inventories recognized by the
accountant as ra"%material+"or1%in%progress and finished goods.
$$+/V/%ine/
Definition2
NInventory )anagementN focuses on inventory as an asset or an instrument of
value creation. Inventory is managed to maximize value+ exposure+ andAor profit "hile
minimizing cost and spend. $his consists of7
-roduct smoothing and leveraging
,elective product placement
Ielocity and turns calculation development
(ept. of )*+ )I$,+ )adanapalle -age 3;
Inventory reduction and product rationalization
)5-
T&ere are t&ree 0asic reasons for #eeping an inventory
.. Time
$he time lags present in the supply chain+ from supplier to user at every stage+
requires that you maintain certain amounts of inventory to use in this Nlead
time.N 4o"ever+ in practice+ inventory is to be maintained for consumption
during Dvariations in lead timeD. >ead time itself can be addressed by ordering
that many days in advance.
3. Uncertainty
Inventories are maintained as buffers to meet uncertainties in demand+ supply
and movements of goods.
8. Economies of sca!e
Ideal condition of None unit at a time at a place "here a user needs it+ "hen
he needs itN principle tends to incur lots of costs in terms of logistics. ,o bul1
buying+ movement and storing brings in economies of scale+ thus inventory.
Essentia!s
Essentials of Inventory )anagement presents ready%to%use information in 1ey
areas from physical control and layout to problem identification and resolution.
'oncentrating on daily%use inventory concepts+ this practical "or1place companion
specifically addresses7
Forecasting and replenishment strategies
(ifferences bet"een finished%goods <retail= inventories and materials or
"or1%in%process <manufacturing= inventories.
)aterials requirements planning <)5-= and !ust%in%time <FI$= inventory
systems
)anaging inventory as both a physical ob!ect and a monetary value
*pplying simple formulas to calculating quantities
*nalyzing and remedying dysfunction
Inventory Management provi'es
9p%to %date information about data processing resources through the creation
and archiving of records in a centralized reposit
Financial records specific to a singlecomponent+ or groups of components.
'omponent ,tatus Indicators to identify a component as *ctive <*=+
5edeployed <5 =+ (onated <(=+ or $erminated <$=
'omponent 'riticality definition <.%;+ "ith . being most critical=.
,ervice records for all components in the inventory.
(ata used to support configuration diagrams of the hard"are and soft"are
components contained "ithin specific locations+ or the entire data processing
environment.
5eports can be generated from the Inventory and *sset )anagement ,ystems
that "ould pro!ect the amount of revenue that can be generated through the
sale of surplus equipment+ or to define the number of components that have a
criticality rating of O.& so that you can pro!ect the costs associated "ith
maintaining duplicates of critical equipment at reovery sites.
'ombining the t"o reports "ould allo" you to reroute equipment being
scheduled for termination to the 5ecovery Facility and eliminate the additional
costs associated "ith purchasing duplicate equipment in support of recovery
needs.
*cope
$he scope of inventory management concerns the fine lines bet"een
replenishment lead time+ carrying costs of inventory+ asset management+ inventory
forecasting+ inventory valuation+ inventory visibility+ future inventory price
forecasting+ physical inventory+ available physical space for inventory+ quality
management+ replenishment+ returns and defective goods+ and demand forecasting.
alancing these competing requirements leads to optimal inventory levels+ "hich is
an on%going process as the business needs shift and react to the "ider environment.
(ept. of )*+ )I$,+ )adanapalle -age 3E
Inventory management involves a retailer see1ing to acquire and maintain a
proper merchandise assortment "hile ordering+ shipping+ handling+ and related costs
are 1ept in chec1. It also involves systems and processes that identify inventory
requirements+ set targets+ provide replenishment techniques+ report actual and
pro!ected inventory status and handles all functions related to the trac1ing and
management of material.
$his "ould include the monitoring of material moved into and out of
stoc1room locations and the reconciling of the inventory balances. It also may include
*' analysis+ lot trac1ing+ cycle counting support+ etc. )anagement of the
inventories+ "ith the primary ob!ective of determiningAcontrolling stoc1 levels "ithin
the physical distribution system+ functions to balance the need for product availability
against the need for minimizing stoc1 holding and handling costs.
O0-ectives
$he ob!ective of Inventory )anagement is to manage the physical and logical
properties of IA, resources and their relationship+ "hile ensuring that service level
commitments are achieved. $his process "ill7
Ensure efficient and timely identification of vital corporate assets.
*ssist in managing the enterprise%"ide inventory.
-rovide a common repository for asset protection.
-lan and control the proliferation of assets across the enterprise.
$o identify and trac1 all data processing assets in an Inventory ,ystem
5epository.
$o define the process by "hich assets are identified and maintained in the
Inventory ,ystem.
$o provide Inventory ,ystem access to all necessary personnel <data entry+
update and deletion=.
$o provide a full range of reports that "ill satisfy informational
requirements.
(ept. of )*+ )I$,+ )adanapalle -age 3/
$o document the Inventory )anagement ,ystem "ithin the ,tandards and
-rocedures )anual.
$o provide training to personnel responsible for supporting the Inventory
)anagement ,ystem.
Inventory Management Too!s
Inventory )anagement uses net"or1 definition information+ Iital -roduct
(ata <I-(=+ local configuration data bases and+ in some cases+ discovery applications
in order to arrive at inventory information.
$he follo"ing list of Inventory )anagement tools "as accumulated after
conducting a general survey of large corporations in the area. $he participants
represented large corporations "ith an annual IA, budget of over P.00). $he survey
solicited information about ho" they performed -roblem+ 'hange+ and Inventory
)anagement and "hat techniques and tools "ere used to accomplish tas1s in the t"o
areas that follo".
$hose products "hich are specifically mentioned "ere approved by the vast
ma!ority of participants. 6e also list ma!or Inventory )anagement functions that can
be fulfilled by any number of products+ but do not specifically mention a product by
name.
)urpose of Inventory Management
I@IE@$?5H )*@*:E)E@$ must tie together the follo"ing ob!ectives +to
ensure that there is continuity bet"een functions 7
'ompany&s ,trategic :oals
,ales Forecasting
,ales C ?perations -lanning
-roduction C )aterials 5equirement -lanning.
Inventory )anagement must be designed to meet the dictates of mar1et place
and support the company&s ,trategic -lan . $he many changes in the mar1et demand +
ne" opportunities due to "orld"ide mar1eting + global sourcing of materials and ne"
manufacturing technology means many companies need to change their Inventory
)anagement approach .
T&e 0asic 0ui!'ing 0!oc#s for t&e Inventory Management system
,ales Forecasting or (emand )anagement
,ales and ?perations -lanning
-roduction -lanning
)aterial 5equirements -lanning
Inventory 5eduction
$he emphases on each area "ill vary depending on the company and ho" it
operates+ and "hat requirements are placed on it due to mar1et demands. Each of the
areas above "ill need to be addressed in some form or another to have a successful
program of Inventory )anagement and Inventory 'ontrol.
Importance of Inventory Management
Inventory management is concerned "ith 1eeping enough products on hand to
avoid running out "hile at the same time maintaining a small enough inventory
balance to allo" for a reasonable return on investment. -roper inventory management
is important to the financial health of the corporation2 being out of stoc1 forces
customers turn to competitors or results in a loss of sales. Excessive level of
inventory ho"ever+ results in large carrying costs+ including the cost of capital tied up
in inventory "arehouse fees+ insurance etc.
* ma!or problem "ith managing inventory is that the demand for a
corporation&s product is to a degree uncertain. $he supply of the ra" materials used
in its production process is also some"hat uncertain. In addition the corporations
o"n production contains some degree of uncertainty due to possible equipment
brea1do"ns and labor difficulties.
ecause of these possibilities+ inventory acts as a shoc1 absorber bet"een
product demand and product supply. If product demand is greater than expected+
inventory can be depleted "ith out losing sales until production can be stepped up
enough to select the unexpected demand.
4o"ever inventory is difficult to manage because it crosses so many lines of
responsibility. $he purchasing manager is responsible for supplies of ra" material
and "ould li1e to avoid shortages and to purchases in bul1 order ta1e advantages of
quantity discounts.
$he production manager is responsible for uninterrupted production and "ants
to have enough ra" materials and "or1 in process+ inventory on hand to avoid
disruption in the production process. $he mar1eting manager is responsible for
selling the product and "ants to minimize the chances of running out of inventory.
$he financial manager is concerned about achieving an appropriate overall rate of
return. Funds invested in an inventory are idle and do not earn a return.
Nature of Inventories
Inventories are stoc1 of the product a company is manufacturing for sale and
components that ma1e up the product. $he various forms in "hich inventories that
exist in manufacturing company are
5a" materials
6or1%in%process
Finished goods
Ra materia!s
$hese are those basic inputs that are converted into finished product through
the manufacturing process. 5a" materials inventories are those units "hich have
been purchased and stored for future production.
"or#$in$process
$hese inventories are semi%manufacture products. $hey represent products
that need more "or1 before they became finished for sale.
%inis&e' goo's
$hese inventories are those completely manufactured products "hich are
ready for sale. ,toc1s of ra" materials and "or1%in%process facilitate production
"hile stoc1 of finished goods is required for smooth mar1eting operations. $hus+
inventories serve as lin1 bet"een the production and consumption of goods.
Nee' To 6o!' Inventories
)aintaining of inventories involves trying up the companies and incurrence of
storage and handling cost. here are three general motives for holding inventories.
Transaction motive(
It emphasizes the need to maintaining inventories to facilitate smooth
production and sales operation.
)recautionary motive
It necessitates the holding of inventories to guard against ris1 of unpredictable
changes in demand and supply force and other factors.
*pecu!ative inventories
It influences the decision to increase or reduce inventory level to ta1e
advantage of price fluctuations.
$he ma!or dangers of over investment in inventories are2
9nnecessary tie up of the funds and loss of profits.
Excessive carrying cost
$he ris1 of liquidity.
$he consequences of under investment in inventories are2
-roduction hold%ups
Failure to meet delivery commitments. Inadequate ra" materials.
6or1%in%process "ill result in frequent in production interrupts.
An efficient inventory management
Ensure a continuous supply of ra" materials to facilitate uninterrupted
production.
)aintain sufficient supply of ra" materials in periods of short supply
an anticipate price changes.
)aintain sufficient finished goods inventory for smooth sales
operation and efficient customer service.
)inimize the transportation cost on time.
'ontrol investment in inventories and 1eep it at an optimum level.
Cost of &o!'ing inventories
$he determination of inventory cost is essentially an income measurement
problem+ a means "here by there is rational orderly+ systematic interpretation of the
effect on the economic progress of the company of expenditures involved acquiring
goods or in maintaining and operating productive facilities.
*bility to quantify and develop rigorous models of most managerial problems
is dependent on the determination behavior of relevant costs. $he practical
application of such models is also dependent on ability to obtain the cost data.
5elevant inventory costs "hich change "ith level of inventory are listed belo".
Or'ering costs
Every order is placed for stoc1 replenishment+ certain cost are involved. $he
ordering cost may vary+ dependent upon type item.
T&is cost of or'ering inc!u'es
-aper "or1 cost+ typing and dispatching order.
Follo"%up costs the follo"%up required ensure timely supplies include
the travel cost for purchases follo"%up+ telephone telex and postal bills.
'ost involved in receiving the order inception+ chec1ing and handling
to the stores.
*ny set up cost of machines if charged by supplier+ either directly
indicated in quotations or assessed thought quotations for various
quantities.
$he salaries and "ages to the purchase department are relevant for
consideration if the purchasing function is carried out at the same level
"ith existing staff.
$here are certain costs that remain the same regardless of the size of the lot
purchased or requisitioned. $his "ould be retailer ordering from the distributor+ from
the distributor ordering from a factory "arehouse+ for the factory "arehouse ordering
a ne" production run from the factory+ and for the factory ordering ra" materials
from vendors. $hese 1inds& of costs are called preparation or set up costs.
If "e are ordering to replenish supplies at one stoc1 point from another stoc1
point+ our interest is in the incremental clerical costs of preparing orders+ follo"ing
these orders. Expediting them "hen necessary+ etc+ a large segment of the total cost
of the ordering function is fixed+ regardless of the number orders issued. Even then it
may be difficult determined satisfactorily the incremental cost+ "hich results from one
more order. Buantity discounts and handling and transport cost are other factors+
"hich vary lot sizes.
-reparation cost are the incremental costs of planning production+ "riting
production orders+ setting machines and controlling the flo" orders through the
factory. )aterial handling cost in the plant have an effect on production lot sizes in
much the same "ay that freight costs may effect purchase lot sizes.
esides the preparation costs of production+ there are some other production
costs+ "hich have a direct bearing on inventory models+ ho"ever. $hese are over time
premiums and the incremental cost of changing production levels+ such as hiring+
training+ and separation costs.
Carrying costs
'arrying costs constitutes all the costs of holding items in inventory for a
given period of time. $hey are expressed either in rupees per period or as percentage
of the inventory value per period.
'omponents of these costs include the follo"ing2
,torage and handling cost.
?bsolescence and deterioration costs
Insurance
$axes
$he cost of the funds invested in inventories
,torage and handling costs include the cost of "arehouse space.
?bsolescence costs represent the decline in inventory value caused by style
changes that ma1e the existing product less salcable.
(eterioration costs represent the decline in value caused by changes in the
physical quality of the inventory such as spoilage and brea1age.
*nother element of carrying cost is the cost of insuring the inventory against
losses due to theft+ fire and natural disaster. In addition+ a company must pay any
personal property taxes required by local and state government on the value of its
inventories.
>i1e ordering costs+ inventory%carrying costs contain both fixed and variable
components. )ost carrying costs vary "ith inventory level+ but a certain portion of
them%such as "arehouse rent and depreciation on inventory handling equipment% are
relatively fixed over the short run+ inventory model such as E?B model treat the
entire carrying cost as variable.
*toc# out costs
,toc1s out costs are incurred "hen ever a business is unable to fill orders
because the demand for an item is greater than the amount currently available in
inventory. 6hen a stoc1 out in ra" materials occur+ for example+ stoc1 out costs
include the expenses of placing special orders <bac1 ordering= and delays.
* stoc1 out in "or1 in progress inventory results in additional costs of
rescheduling and speeding production "ith in the plant+ and it also may result in
reduce production costs if "or1 stoppages occur. Final+ a stoc1 out in finished goods
inventory may result in the immediate loss of profits of customers decide to purchase
the product from the competitor and in potential long%term losses if customers decide
to order from other companies in the future.
Types of inventory
Inventories can be classified into five basic types on the basis of their
production. $hese various types of inventories cannot be identified and segregated
"ithin the organization. $hese five types are+
1/ Management inventory
$hey are needed because of the time required to move stoc1s from one place
to another place.
2/ +ot si;e Inventories
$hese are as a result of buying materials in quantities larger than the
immediate requirement+ "ith a vie" to minimizing cost of transportation+ buying+
receipt and handling and to obtaining quantity discount.
</ %!uctuation Inventories
$hese are carried to ensure ready suppliers to consumer even "hen these are
irregular and unpredictable fluctuations in their demand.
=/ Anticipation inventories
$hese are usually maintained to meet a predictable but changing pattern of
future demand.
>/ Cyc!e Inventories
$hese result from managements attempt to minimize the total cost of carrying
and ordering inventory. $hey arise from ordering in batches or lots+ rather from
needed basis.
Inventories can be further classified into production inventories maintenance
repair and operation <)5?= inventories+ in%process inventories and finished goods
inventories.
-roduction inventory consists of ra" materials parts and components "hich
are used in the production process forming parts of the final product.
)aintenance+ repair and operation supplies "hich are used in the production
of goods or services but do not become part of the product.
In%process inventories are semi%finished materials+ parts and assemblies found
at various stages in the production operation.
Finished goods inventory consists of completed products ready for sale.
Tec&ni?ues of inventory management
1: A5C ana!ysis
$he *' method is an analytical method of stoc1 control "hich aims at
concentrating efforts on those items "here attention is needed most. It is based on the
premise that a small number of the items in inventory may typically represent the bul1
money value of the total materials used in production process. 6hile a relatively
large number of items may represent a small portion of the money value of stores
used and that small number of items should be sub!ect to the greatest degree of
continuous control.
9nder this system+ the materials stoc1ed may be classified into a number of
categories according to their importance i.e.+ their value and frequency of
replenishment during a period. $he first category+ "e may call it the group of O*&
items+ may consist of only a small percentage of total items handled but its combined
value may be a large portion of the total stoc1 value.
$he second category+ naming it as group of O& items+ may be relatively less
important. In the third category consisting of O'& items+ all the remaining items of
stoc1 may be included "hich are quite large in number but their value is not high.
Categories of A5C ana!ysis
In *' analysis the items are classified in three main categories based on
their respective consumption value.
1/ Category @AA items
$he items+ "hich are most costly and valuable+ are classified as O*& nearly
.0% of the total number of items stored "ill account for E0% of total value of all
items stoc1ed.
2/ Category @5A items
$he items having average consumption value are classified as O& nearly30%
of total number of items "ill account for 30% of total value. ,tatistical sampling is
general useful to control them.
</ Category @CA items
$he items having lo" consumption value are put in category Q'R nearly E0%
of total number as items "ill account for .0% total value. :enerally these items are
slo" and non%moving items in the stores+ "hich are frequently used for production
process but "ith more quality.
2: VED c!assification
$his analysis is based on criticality of inventory+ it is used to determine the
criticality of the item and its effect on production and other services .it is specially
used for classification of spare parts. If a part is vital+ it is given I classification. if
essential +then it is given E classification and if it is not essential the part is given (
classification for I items+ a large stoc1 of inventory is generally maintained +these
item have immediate effect on production more attention paid for this items
<: Economic Or'er 7uantity
$he economic order quantity is that inventory level+ "hich minimizes the total
of ordering cost and carrying costs.
It is the question+ ho" much to order the quantity "hen inventory is
replenished. If the firm is buying ra" materials+ the question is to purchase the
quantity of2 each replenishment and if it has to plan for production run+ it is ho" much
production to schedule. It may be solved through E?B.
Cost Of 6o!'ing Inventories
$he determination of inventory costs is essentially an income measurement
problem+ a means "hereby there is a rational+ orderly+ systematic interpretation of the
effect on the economic progress of the company of expenditures involved in acquiring
goods or in maintaining and operating productive facilitates. *bility to quantify and
develop rigors models of most managerial problems is dependent on the
determination of the behavior of relevant costs. $he practical application of such
models is also dependent on ability to obtain the cost data. 5elevant inventory costs
"hich change "ith the level of inventory are listed belo".
Or'ering cost
Every timer an order is placed for stoc1 replenishment+ certain costs are
involved. $he ordering cost may vary+ dependent upon the type of item. 4o"ever+ an
estimate of ordering cost can be obtained for a given range of items.
-aper "or1 costs+ typing and dispatching an order.
Follo" Sup costs%the follo"%up required to ensure timely to ensure timely
supplies include the travel cost for purchase follo"Tup+ telephone+ telex and
postal bills.
'ost involved in receiving the order inspection+ chec1ing and handling to the
stores.
*ny set up cost of machines if charged by the supplier+ either directly
indicated in quotations or assessed through quotations for various quantities.
$he salaries "ages to the purchase department are relevant for consideration if
the purchasing function is carried out at the same decreases significantly+
obviously a proportional amount of personnel "ill be transferred to other
departments.
Carrying Costs
'arrying costs constitute all the costs of holing items in inventory for a given
period of time. $hey are expressed either in rupees per unit per period or as a
percentage of the inventory value per period. 'omponents of this cost include the
follo"ing.
,torage and 4andling costs7 It includes the cost of "arehouse space.
?bsolescence and deterioration costs7R?bsolescence costsR represent the
decline in inventory value caused by technological or style changes that ma1e
the existing product less salable. Q(eterioration costsR represent the decline in
value caused by changes in the physical quality of the inventory+ such as
spoilage and brea1age.
Insurance7 $he inventory against losses due to the theft+ fire+ and natural
disaster.
$axes7 * company must pay any Qpersonal property taxes and business taxesR
required by local and state governments on the value of its inventory.
$he cost of funds invested in inventories7 It is measured by the Qrequired rate
of returnR on these funds. ecause inventory investments are li1ely to be of
Qaverage ris1R the overall "eighted cost of capital should be used to measure
the cost of these funds.
,torage and 4andling costs7 It includes the cost of "arehouse space.
?bsolescence and deterioration costs7R?bsolescence costsR represent the
decline in inventory value caused by technological or style changes that ma1e
the existing product less salable. Q(eterioration costsR represent the decline in
value caused by changes in the physical quality of the inventory+ such as
spoilage and brea1age.
Insurance7 $he inventory against losses due to the theft+ fire+ and natural
disaster.
$axes7 * company must pay any Qpersonal property taxes and business taxesR
required by local and state governments on the value of its inventory.
$he cost of funds invested in inventories7 It is measured by theR required rate
of returnR on these funds. ecause inventory investments are li1ely to be of
Qaverage ris1R the overall "eighted cost of capital should be used to measure
the cost of these funds.
EO7 for an item is arrive' on t&e fo!!oing assumptions
(emand is continuous at a constant rate.
$he process continues infinity.
@o constraints are imposed on quantities ordered+ storage capacity+ budget
etc.+
5eplenishment is instantaneous.
*ll costs are time invariant.
9nits are not available.
E?B for an item is arrived by the follo"ing formula2
E?BJ
CH
Co ADU U 3
6here
E?BJeconomic order quantity
'oJcost of ordering an order
*(J annual consumption of an item
'4Jcost of carrying one unitAyear
=: 6M+ c!assification
(ept. of )*+ )I$,+ )adanapalle -age #0
$he high .and medium and lo" <4)>= classification follo"s the same
procedure as is adopted in *' classification. ?nly difference is that in 4)>+ the
classification unit value is the criterion and not the annual consumption value. $he
item of inventory should be listed to the descending order of unit value and it is up to
the management to fix limits for the three categories.
For example+ the the management may decided that all units "ith unit value
of 5s.3000 and above "ill be 4 items+ 5s .000 to 3000 ) items and less than 5s.
.000+ l items. $he 4)> analyses is useful for 1eeping control over consumption at
department levels for deciding the frequency of physical + and for controlling
purchases.
;: *DE c!assification
$he ,(E classification is based upon the availability of items and is very
useful in the context of scarcity of supply. In this analysis+ , refers to scarce items+
generally imported+ and those "hich are in short. ( refers to difficult items+ "hich are
available indigenously but are difficult items to procure.
Items "hich have to comeform distance places or for "hich reliable suppliers
are difficult to come by+ fall in to ( category. E refers to items "hich are easy to
acquire and "hich are available in the local strategies
$he ,(E classification. ased on problems faced in procurement+ is vital to
the lead%time analyses and in deciding on purchases strategies.
B: Minimum$Ma,imum
$he minimum Smaximum system is often used in connection "ith manual
inventory control system. $he minimum quantity is established in the same "ay as
any re% order point. $he maximum is the minimum quantity plus the optimum lot S
size. In practice+ a requisition is initiated "hen+ a "ithdra"al reduces the inventory
belo" the minimum level+ and the order quantity is the maximum minus the inventory
status after the "ithdra"al.
If the final "ithdra"al reduce the stoc1 the stoc1 substantially belo" the
minimum level+ the order quantity "ill be higher than the calculated E?B. $he
effectiveness of a minimum system is determined by the method and precision "ith
"hich the minimum and maximum parameters are established
(ept. of )*+ )I$,+ )adanapalle -age #.
C: To 5in *ystem
?ne of the oldest systems of inventory control is the t"o%bin system+ "hich is
mainly adopted to control ' group inventories. In the t"o Sbin system. ,toc1 of each
item is separated in to t"o bins. ?ne bin contained stoc12 !ust enough to last from the
date a ne" order is placed until it is received in inventory.
$he other bin contains a quantity of stoc1. Enough to satisfy probable demand
during the period of replenishment.to start "ith + the stoc1 is issued from the first bin.
6hen the first bin is empty+ an order for replenishment is placed+ and the stoc1 in the
second bin is utilized until the order material is received
,uch a method is appropriate to ideal conditions in "hich the rate of
consumption is fairly constant and for items. $he lead%time of "hich is fairly
established and regular
*lthough the system itself possesses a high degree of automacy+ in practice+
"e need to allo" for variation in the rate of consumption as "ell as lead%time.
4o"ever+ for such a system+ the most desirable quantity to re%order is the E?B.
+iterature revie(
.. Q?perations 5esearch in Inventory )anagementR %Ed"ard *. ,ilver
$he ob!ectives of inventory management+ including the relevant related costs+
are examined in this paper. * brief revie" of standard problems+ that have been
effectively solved+ is presented. 4o"ever+ they point out that a serious gap exists
bet"een theory and practice in many organizations. ,uggestions are made for
bridging this gap. Finally+ a list is provided of a number of research problems "hose
implementable solution "ould have a ma!or beneficial impact on the practice of
inventory management.
3.*bstract of (octoral (issertation *nalytical ,tudy of Inventory )anagement in
-un!ab ,tate Electricity oard. %-*6*@ G9)*5.
Inventories are vie"ed by most of the business "orld as a large potential role
and not as a measure of "ealth as "as prevalent in old days. $he inventory stoc1ed in
excess of demand may lead to drastic price cuts+ so as to be saleable before it becomes
"orthless because of obsolescence. $he inventory stoc1ed less than the demand may
lead to the business out of the mar1et. $here is a constant fear in the minds of
businessmen because of uncertainty in the mar1et situations+ "hether to stoc1 or not
to stoc1.
RE*EARC6 MET6ODO+OGY
Researc& Met&o'o!ogy
$he study "as confined to 1no" the position of Inventory )anagement. In
every enterprise needs inventory for smooth running of its activities. It served as a
lin1 bet"een production and distribution processes. $here is+ generally a time lag
bet"een the recording of a need and its fulfillment. $he greater the time lag+ the
higher the requirements for inventory.
*ources of Data Co!!ection
For this research "or1 the data "ere collected from secondary data.
*econ'ary sources
,econdary data "as collected from !ournals+ company broachers and internet+
and annual reports.
(ept. of )*+ )I$,+ )adanapalle -age ##
NEED %OR T6E *TUDY
$o facilitate smooth production and sales operations.
For any manufacturing organization+ purchases and maintenance of required
stoc1 of materials is essential.
$o face the price changes in inventory and quantity discounts.
(ept. of )*+ )I$,+ )adanapalle -age #;
*CO)E O% T6E *TUDY
It helps to develop the policies for the executives in inventory.
4ighlight the need for and nature of inventory.
Focus on the need for analyzing investment in inventory.
(iscuss the process of managing inventory.
O5DECTIVE* O% T6E *TUDY
$o calculate Economic ?rder Buantity for each ra" material.
$o study of the effective utilization of inventory.
$o study the *' analysis of each ra" material.
(ept. of )*+ )I$,+ )adanapalle -age #E
+IMITATION* O% T6E *TUDY
$he study of stores spares consists of only / ma!or items details "hich is
provided by the company.
$he information used primarily form historical annual reports available to the
public and same does not indicate the current situation of the firm.
,ince financial matters are sensitive in nature the same could not be acquired
easily.
$he study is based on the data given by the finance department "hich has its
o"n limitations.
(ept. of )*+ )I$,+ )adanapalle -age #/
*TATEMENT O% T6E )RO5+EM
$his is a study on the Inventory )anagement and Ialuation. * ma!or problem
"ith managing inventory is that the demand for corporation&s products is to degree of
uncertainty. $he statement of the inventory management is concerned "ith 1eeping
enough products on hand avoid running out "hile at the same time maintaining as
small enough inventory balance to allo" for a reasonable return on investment.
Inventory is difficult to manage because it crosses so many lines of responsibility. $he
supply of the ra" materials used in its production process is also some "hat
uncertain. In addition the corporations on production contain some degree of
uncertainty due to possible equipment brea1do"ns and labor difficulties/

TOO+* U*ED %OR ANA+Y*I*
*' *nalysis
Economic ?rdered Buantity *nalysis <E?B=
Inventory turnover ratio
TA5+E =/1 A5C C+A**I%ICATION %OR T6E YEAR 233B $3C
Ra materia!s 7uantity
9B$3C:
Tota! va!ue
Rs/
C!ass
Ru00er in-ection
mou!'s
360;0 ..E33;0 *
)!astic in-ection
mou!'s
8#00 3E300
%ine 0!an#ing too!s
.turrent punc&es
E06 #/00/
Die casting 'ies 06 663# *
"a, .6/; 6#080
A!uminium pressure
'ie casting components
/06 #;606
Iron 3;/0 6;E/0
Do0 or#s .8;6 #6.0# '
C6ART =/1 C+A**I%ICATION %OR T6E YEAR 233B$233C
(ept. of )*+ )I$,+ )adanapalle -age ;0
C+A** VA+UE
9Rs:
E O% VA+UE
A ..E//E# E0.//
5 3;0E.# .6.0/
C #6.0# 8..8
IN%ERENCE (
* class items are of E0.//%
<-I' resin and titanium di oxide=
class items are of .6.0/%
<'alcium carbonate+one pac1 stabilizer+"ax+$bls+(bls=
' class items are of 8..8%
<carbon blac1=
93C$3F:
Tota! va!ue
Rs/
C!ass
Ru00er in-ection mou!'s 333;0 08#;0 *
)!astic in-ection mou!'s 3000 30800
%ine 0!an#ing too!s
.turrent punc&es
6E; ##;;0 *
Die casting 'ies /# ;E06 *
"a, .;6E ;6#.3 *
(ept. of )*+ )I$,+ )adanapalle -age ;.
A!uminium pressure 'ie
casting components
/.; 80.30 *
Iron .03; ;00;0
Do0 or#s ..0# 80#03 '
TA5+E =/2 A5C C+A**I%ICATION %OR T6E YEAR 233C$3F
C6ART =/2 A5C C+A**I%ICATION %OR T6E YEAR 233C$3F
C+A** VA+UE
Rs/
E O%
VA+UE
A 38083/ 6/.;;
5 E08;0 30..;
C 80#03 ...80
IN%ERENCE
* class items are of 6/.;;%
<pvc resin+one pac1 stabilizer+titanium di oxide+"ax+$bls=
class items are of 30..;%
<'alcium carbonate+(bls=
' class items are of ...8%
<'arbon blac1=
TA5+E =/< A5C C+A**I%ICATION %OR 233F$3G
93F$3G:
Tota! va!ue
Rs/
C!ass
Ru00er in-ection
mou!'s
30600 06/300 *
)!astic in-ection mou!'s 3#;6 .#E86
%ine 0!an#ing too!s
.turrent punc&es
6.; 800E;
Die casting 'ies ;.; 6080 *
"a, .#;3 ;0/30
A!uminium pressure E03 8E030 *
'ie casting components
Iron .E;6 #3..#
Do0 or#s ..00 8;300 '
C6ART =/< A5C C+A**I%ICATION %OR 233F$3G
IN%ERENCE(
* class items are of /#.6%
<pvc resin+titanium di oxide+$bls=
(ept. of )*+ )I$,+ )adanapalle -age ;#
C+A** VA+UE
Rs/
E O% VA+UE
A .0.3.;0 /#.6
5 .#E6#; .3.8;
C 8;300 3.0#
class items are of .3.8;%
<'alcium carbonate+one pac1 stabilizer+"ax+(bls=
' class items are of 3.0#%
<'arbon blac1=
TA5+E =/= A5C C+A**I%ICATION %OR 233G$13
93G$13:
Tota! Va!ue
Rs/
C!ass
Ru00er in-ection mou!'s 3//00 .8;8600 *
)!astic in-ection mou!'s #;00 86000
%ine 0!an#ing too!s
.turrent punc&es
E30 ;0#00
Die casting 'ies 600 #E6.0
"a, ./00 E3000
casting components
0;0 #0#00
Iron 3800 ;0/00 '
Do0 or#s .;00 #;00 '
C6ART =/= A5C C+A**I%ICATION %OR 233G$13
(ept. of )*+ )I$,+ )adanapalle -age ;;
IN%ERENCE(
* class items are of /0./0%
<pvc resin=
class items are of .;.36%
<'alcium carbonate+one pac1 stabilizer+titanium di oxide+"ax+$bls=
' class items are of 8./#%
<(bls+carbon blac1=
TA5+E =/> A5C C+A**I%ICATION %OR 2313$11
(ept. of )*+ )I$,+ )adanapalle -age ;E
C+A** VA+UE
9Rs:
E O% VA+UE
A .868.// /0./0
5 338/.0 .;.36
C E;E00 8./#
913$11:
Tota! Va!ue
Rs/
C!ass
Ru00er in-ection mou!'s 3000# .868.// *
)!astic in-ection mou!'s #E00 8E600
%ine 0!an#ing too!s
.turrent punc&es
/00 6#000
Die casting 'ies E/0 ;E;.0
"a, ./;0 E3;00
casting components
0/0 #0/00
Iron 38;0 E0;00 '
Do0 or#s .;;0 ;300 '
C6ART =/> A5C C+A**I%ICATION %OR 233G$13
(ept. of )*+ )I$,+ )adanapalle -age ;/
C+A** VA+UE
9Rs:
E O% VA+UE
A .8;8600 /0.03
5 3;;#.0 .;.0#
C E;E00 8..#
IN%ERENCE(
* class items are of /.%
<pvc resin=
class items are of .;%
<'alcium carbonate+one pac1 stabilizer+titanium di oxide+"ax+$bls=
' class items are of #%
<(bls+carbon blac1=
ANNUA+ DEMAND
Ra
materia!s 7uantity
913$11:
Tota!
va!ue
7uantity
93G$13:
Tota!
va!ue
7uantity
93F$3G:
Tota!
va!ue
7uantity
93C$3F:
Tota!
va!ue
7uantity
93B$3C:
Tota!
va!ue
Ru00er
in-ection
mou!'s
3000# .868.// 3//00 .8;8600 30600 06/300 333;0 08#;
00
360;0 ..E33;0
)!astic
in-ection
mou!'s
#E00 8E600 #;00 86000 3#;6 .#E86 3000 3080
0
8#00 3E300
%ine
0!an#ing
too!s
.turrent
punc&es
/00 6#000 E30 ;0#00 6.; 800E; 6E; ##;;
0
E06 #/00/
Die
casting
'ies
E/0 ;E;.0 600 #E6.0 ;.; 6080 /# ;E06 06 663#
"a, ./;0 E3;00 ./00 E3000 .#;3 ;0/30 .;6E ;6#.
3
.6/; 6#080
A!uminiu
m
pressure
'ie casting
componen
ts
0/0 #0/00 0;0 #0#00 E03 8E030 /.; 80.3
0
/06 #;606

Iron
38;0 E0;00 3800 ;0/0 .E;6 #3..# .03; ;00;
0
3;/0 6;E/0
Do0 or#s .;;0 ;300 .;00 #;00 ..00 8;300 ..0# 80#0
3
.8;6 #6.0#
IN%ERENCE(
$he annual demand for all ra" materials is increasing year by year from 3006%
.0.
ORDERING CO*T
Ra
materia!s
No.
of
Cost No.
of
Cost No.of
order
Cost No.of
order
Cost No.of
order
Cost
order
s
(10-
11)
order
s
(09-
10)
s
(08-
09)
s
(07-
08)
s
(06-
07)
Ru00er
in-ection
mou!'s
.3. .88;8E ../ .3.8;8 .30 ..08.6 ..0 .8.6.8
)!astic
in-ection
mou!'s
;3 ./0E6 ;0 363E6 #/ 3E3.; #/ 3##.3
%ine
0!an#ing
too!s
.turrent
punc&es
.80 .;603 .36 .0E.; .3. ./6.; ../ .6E.6
Die casting
'ies
;3 .06.; #0 3#8.6 #/ 38#.6 #/ 33;.8
"a,
;3 #6.;8 #6 ;6.#8 #/ ;03.; ;3 #0666
A!uminium
pressure
'ie casting
component
s
#. 80#.8 ## 8;.6; ;3 88E.; #6 88000

Iron
#6 66.;8 #E 603.8 #. ;/#.6 #E ;/600
Do0 or#s
;# 33.63 ;3 ./#.8 #6 ./6.; ;0 ./#00
IN%ERENCE(
$he ordering cost for all ra" materials is increasing year by year from 3006%
.0
CARRYING CO*T
Ra
materia!s
No/of
or'ers
93G$13:
Carrying
cost per
or'er
No/of
or'ers
93F$3G:
Carryi
ng cost
per
or'er
No/of
or'ers
93C$3F:
Carryi
ng cost
per
or'er
No/of
or'ers
93B$3C:
Carryi
ng cost
per
or'er
Ru00er
in-ection
mou!'s
0E0300 8# /.;;00 80 /86#00 8E 0.#6;0 8;
)!astic
in-ection
mou!'s
33;00 ; .63;0 ; .E#3; / .08#3 E
%ine
0!an#ing
too!s
.turrent
punc&es
;E60 / 8#80 ; #060 6 ;300 /
Die casting
'ies
.360 3 8600 8 #03; ; ;..; 6
"a,
;#00 8 0;0 # .03# 3 ..6; 3
A!uminium
pressure 'ie
casting
components
83.; 8 3#60 # 306; # 8..8 8
Iron
.;600 6 .#;00 6 .#000 8 .;3.6 #
Do0 or#s
6E;6 # #6;0 8 ;E30 8 6.;0 ;
IN%ERENCE(
$he carrying cost for all ra" materials is increasing year by year from 3006%
.0.
A* )ER EO7 vs/ COM)ANY %O++O"ING913$11:
Ra materia!s Or'ers per EO7 %o!!oe' 0y company
Ru00er in-ection mou!'s 6. .3.
)!astic in-ection mou!'s 3; ;3
%ine 0!an#ing too!s
.turrent punc&es
.30 .80
Die casting 'ies 30 ;3
"a, 36 ;3
casting components
3/ 86
Iron ## 8/
Do0 or#s #; ;0
IN%ERENCE(
$he actual numbers of orders are more than the ascertained E?B.
INVENTORY TURN OVER RATIO
Year Average Inventory Cost of goo's
so!'
Inventory turnover
ratio
3B$3C EE/.66# ./6;68#. 3.80
3C$3F 3.0#E08 ./.6303E /.03E
3F$3G 3#/6E0; .6E;63.8 6.E8
3G$13 3;6#30# .E6;#883 6.//
IN%ERENCE(
$he inventory turnover ratio increasing year by year from 3006%.0.
%INDING*
-ercentage of Q*R items are greater than the QR items and Q'R items. 6hich
sho"s that highest control should be exercised in order to maximize the
profitability on its investment.
$he ordering cost has been increased from 3006 to .0. "hich results decrease in
the size of inventory.
$he inventory turnover ratio has increased from 3./% to 6.//% . "hich sho"s the
inventory is turning into receivable through sales on the indicates good inventory
management.
$he inventory turnover ratio for the year 06%0E C 00%.0 is increased "hich sho"s
the good inventory management and it is decreased to 3.80 in the year 00%.0.
'arrying cost is fluctuating during the years 0E%00. $his indicates company is not
concentrating much on materials management.
:enerally+ consumption of ra" materials increases year by year as company
gro"s. In such a "ay annual consumption from 06%0E C 00%.0 increased.
*UGGE*TION*
@o. of orders of -I' resin should be reduced and should be follo"ed E?B.
$he Inventory turnover ratio is maintained in a proper "ay by implementing
proper Inventory management techniques.
CONC+U*ION
Implementation of inventory management and control in the firm has
reduced the average costs of inventories+ "hich has lead to the profits.
Inventory has proved to be efficient and economic for certain ra"
materials. 4o"ever there are some materials+ "hich not be maintained in
the inventory.
*lthough inventory is maintained efficiently there are certain other factors+
"hich are effecting the functioning of the plant li1e transportations+
climatic conditions and other critical problems.
5I5+IOGRA)6Y
.. I.).-*@(EH QFI@*@'I*> )*@*:E)E@$R
Ii1as publishing house pvt ltd. @E6 (E>4I.
3. ).H.G4*@ C -.G.F*I@ Q)*@*:E)E@$ *''?9@$I@:R.
$ata )' gra"hill publishing company ltd+@e" (elhi.
"E5*ITE*(
""".lmtindia.com
""".google.com
"""."i1ipedia.com


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A Study on Inventory Management

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