MBA Programme

INTRODUCTION
Introduction to Finance:
"Finance" is a broad term that describes two related activities: the study of how money is
managed and the actual process of acquiring needed funds. Because individuals,
businesses and government entities all need funding to operate, the field is often separated
into three sub-categories: personal finance, corporate finance and public finance.
All three categories are concerned with activities such as pursuing sound investments,
obtaining low-cost credit, allocating funds for liabilities, and banking. Yet each has its
own specific considerations. For example, individuals need to provision for retirement
expenses, which means investing enough money during their working years and ensuring
that their asset allocation fits their long-term plans. A large company, on the other hand,
may have to decide whether to raise additional funds through a bond issue or stock
offering. Investment banks may advise the firm on such considerations and help them
market the securities.
As for public finance, in addition to managing money for its day-to-day operations, a
government body also has larger social responsibilities. Its goals include attaining an
equitable distribution of income for its citizens and enacting policies that lead to a stable
economy.
Definition:
The science that describes the management, creation and study of money, banking, credit,
investments, assets and liabilities. Finance consists of financial systems, which include
the public, private and government spaces, and the study of finance and financial
instruments, which can relate to countless assets and liabilities. Some prefer to divide
finance into three distinct categories: public finance, corporate finance and personal
finance. All three of which would contain many sub-categories.

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The Inventory Concept

The dictionary meaning of the word inventory is Stock of goods. The term
Inventory refers to the commodities supplied to an undertaking for the purpose of
consumption in the process of manufacture or of rendering service or for transformation
into products.
To the finance executive, Inventory can be taken as the value of raw materials,
consumables, spares, work in progress and finished goods in which the companys
working capital funds have been invested.

Classification of Inventories
The Inventories in an Industrial concern is generally classified as following:
Raw material Inventory - This is used in manufacturing. When the demand
arises, they are drawn from stores and processed or use value is added during the
process and finally finished product comes out.
Semi finished goods - When the material being processed, it may have to wait
between two processes, such material are known as semi finished goods or semi
finished material or Work in process inventory.
Components - The parts used in assembly of product, are known as components.
When these components are purchased from outside, it is known as bought out
components or bought out material.

Spare parts Inventory - When manufacturing or servicing facility breakdown, it

is to be repaired. In such case, the defective or worn-out parts of the machine are to
be replaced by new one. These new parts of the machine are known as spares or
spare parts.

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Obsolete Inventory - When any facility becomes unserviceable, and it is to be
replaced by a new one, after replacing, the old machine/facility is to disposed.
Such machines, which have become useless, are termed as obsolete inventory.
Waste, Scrap and rejects - This type of inventory occurs in manufacturing firms
or in service organizations. While processing material, chips are produced and it is
of no use for the organization and it is to be disposed. Similarly, defective
components, which cannot be reprocessed (rejects) and materials which cannot be
used in any way in the organization (waste), all these are to be disposed. They may
not be having any use value for the organization, but they may be reprocessed by
some other organizations to produce a useful product.

Motives for holding Inventories

Economists have established three motives for holding inventories.
1. Transaction motive.
2. Precautionary motive.
3. Speculative motive.
Transaction motive Firms may require holding certain amount of finished products
perpetually in stock for display or demonstration purpose. They may also hold inventories
to meet a sudden demand, thus reducing the delivery tags.
Precautionary motive Firms may hold inventories for fear of stock outs and losing its
goodwill. Some of the precautionary motives give rise to safety stock to deal with
uncertainty in supply and demand.
Speculative motive A firm may also hold both raw materials and finished products
when it expects a price in future, thereby realizing a stock profit. Inventories held for
speculative motive are termed as profit-making inventory.
Of the three motives, precautionary motive requires much attention. Besides
accumulation of inventory due to the three motives mentioned above, inventories also get

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accumulated because of inefficient management of working capital. This type of
inventory is called, flabby inventory.
In addition, there may be a contractual reason for holding some inventories.
Contractual Requirements Occasionally it may be necessary to carry a certain level of
inventory to meet a contractual agreement. Some manufacturers require dealers to
maintain a specified level of inventory in order to be the sole representative in a particular
territory.
Inventory Management
Inventories represent a substantial amount of firms current assets. Proper
management of Inventory is necessary so that this investment does not become too large,
as it would result in blocking capital which could be used in productive aspect in
somewhere else.
Inventory Management covers efficient management of inventories in all its
aspects including Inventory planning and programming, Purchasing, Inventory Control,
receiving, ware Housing and Store keeping, Inventories handling and Disposal of scrap.
In this context of Inventory Management the firm is faced with the problem of
meeting two conflicting needs.
1. To maintain a large size of inventory for efficient and smooth production and sales
operations.
2. To maintain a minimum investment in inventories to maximize profitability.
The aim of Inventory management, thus, is to avoid excessive and inadequate
levels of inventories and to maintain sufficient inventory for the smooth production and
sales operations.
An effective inventory management should
1. Ensure continuous supply of materials to facilitate uninterrupted production.

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2. Maintain sufficient stocks of raw materials in periods of short supply and
anticipate price changes.
3. Maintain sufficient finished goods inventory for smooth sales operations, and
efficient customer services.
4. Minimize the earnings cost and time.
5. Control investment in inventories and keep it at an optimum level.

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OBJECTIVES OF INVENTORY MANAGEMENT

The objectives of the inventory management are discussed under two heads:
Operating objectives.
Financial objectives.

OPERATING OBJECTIVES
The Operating objectives of Inventory management is further divided as follows

Availability of materials
The first and the foremost of inventory management is make all types of

materials available at all times they needed by the production departments. So that the
production may not be held up for want of materials. It is therefore advisable to
maintain the minimum quantity of all types of materials to move on production
schedule.
Minimizing the wastage
Inventory management has to minimize the wastage at all levels that is during its
storage in the god owns or at work in the factory. Normal wastage, in other words
uncontrollable wastage, should only be permitted. Any abnormal but controllable wastage
should strictly be controlled. Wastage of materials by leakage, theft and spoilage due to
rust, dust or dirt should be avoided.
Promotion of manufacturing efficiency
The manufacturing efficiency of the enterprise increases if right types of raw
material are made available to production department at the right time. It reduces wastage
& cost of production & improves the moral of workers.
Better service to customers
In order to meet to the demand of the customers, it is the responsibility of
inventory management to produce sufficient stock of finished goods to execute the orders
received from customers.

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Optimum level of inventories

Proper control of inventories helps management to procure materials in right time
in order to run the plant efficiently. Maintaining the optimum level of inventories keeping
in view the operational requirements avoids the out of stock danger.
FINANCIAL OBJECTIVES
The Operating objectives of Inventory management is further divided as follows Economy in purchasing
Proper inventory management system brings certain advantages and economies in
purchasing the raw materials. Management makes every attempt to purchase raw
materials in bulk quantity and to take advantage of favorable market conditions.
Optimum investment and efficient use of capital
The primary objective of inventory management, from financial point of view, is
to have an optimum level of investment in inventories. Inventory management has to
setup minimum and maximum levels of inventories to avoid deficiency or surplus stocks.
Reasonable prices
Inventory management has to ensure the supply of raw materials at a reasonable
low price, but without sacrificing the quality. It helps to reduction of cost of production
and improvement in the quality of finished goods in order to maximize the profits of the
organization.
Minimizing the costs
Minimizing inventory costs such as handling, ordering and carrying costs etc is
one of the main objective of inventory management. It helps in reduction of inventory
costs in a way that it reduces the costs per unit of inventory and there by reduction of total
cost of production.
Inventory Systems
For an effective inventory management, an efficient inventory system should be
maintained. Thus the importance of inventory systems cannot be neglected in the
Inventory Management. The two important types of inventory systems available are

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Periodic Inventory System.

Perpetual Inventory System.
Just-In-Time Inventory System.

Periodic Inventory System

In this system the quantity and value of inventory is found out only at the end of
the accounting period after having a physical verification of the units in hand.
The cost of materials used or goods sold is obtained by adding the total of
inventory purchased during the period to the value of the inventory in hand in the
beginning of the period and subtracting the value of inventory at the end of the period.
In this system the inventory level is not monitored at all during the time interval
between the orders, so it has the advantage of little or no required record keeping. The
disadvantage is less control.

Perpetual Inventory system

It is a system of tracking and knowing the value of inventory and quantity of
merchandise on hand at any time by tracking sales, returns and receipts with information
systems.
A positive feature of a perpetual system is that inventory level is continuously
monitored, so management always knows the inventory status. This is advantageous for
critical parts or raw materials and supplies. However, it can be costly.
The perpetual inventory system consists of:
1. Bin Cards.
2. Stores ledger.
3. Continuous Stock taking.
Bin cards Bin cards are printed cards used for accounting the stock of material, in
stores. For every item of materials, separate bin cards are kept.
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The details regarding the material such as the name of the material, the part
number, the date of receipt and issue, the reference number, the name of the supplier, the
quantity received and issued, the value of the material, the rate, the balance quantity, etc.
are recorded in the bin cards.
Stores ledger Like bin cards, a stores ledger is maintained to record all the receipts and
issues in respect of materials with the difference that along with the quantities, the values
are entered in the receipt, issue and balance columns.
Continuous stock taking The perpetual inventory system is not complete without a
systematic procedure for physical verification of the stores. The bin cards and the stores
ledger record the balances, but their correctness can be verified by means of physical
verification only.

Just-In-Time Inventory System

Now-a-days organizations are becoming more and more interested in getting
potential gains from making smaller and more frequent purchase orders. In other words,
they are becoming interested in just-in-time purchasing system.
In Just-In-Time system the materials arrive exactly when they are needed in the
production process. Inventory remaining in warehouse collects dust and cost instead of
revenue. Just-In-Time system avoids this cost.

Costs for Holding Inventory

The three important costs considered in holding inventories are
Inventory Carrying Cost (or) Stock Holding Cost.
Procurement Cost or Setup Cost.
Shortage Cost or Stock-out Cost.

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Inventory Carrying Costs or Stock Holding Costs

They arise on account of maintaining the stocks and the interest paid on the capital
tied up with the stocks. They vary directly with the size of the inventory as well as the
time the item is held in stock. Various components of the stockholding cost are:
Cost of Storage Space This consists of rent for the space occupied by the
inventory. Besides space expenses, this will also include heating, lighting and other
atmospheric control expenses.
Depreciation and deterioration They are especially important for fashion items
or items undergoing chemical changes during storage. Fragile items such as
crockery which are liable to damage, breakage, etc.
Pilferage Cost It depends upon the nature of the item. Valuable items may be
more tempting, while there is hardly any possibility of heavy casting or forging
being stolen.
Obsolescence Cost It depends upon the nature of the item in stock. Electronic
and computer components are likely to be fast outdated. Changes in design also led
to obsolescence.
Handling cost These include all costs associated with movement of stock, such
as cost of labour, overhead cranes, gantries and other machinery used for this
purpose.

Procurement Cost or Setup Cost

They include the fixed and variable costs associated with placing of an order. In
case of purchase models it is known as ordering cost. In case of manufacturing model, it
is known setup cost.
To place an order certain paper work is to be done. The cost of this paper work is
taken as cost of ordering. In case of manufacturing, before starting production, the
machine is to be set up. Only on setting of machine, the material is loaded and the
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production is started. The ordering cost is distributed over the items purchased in that
order. Similarly, the setup cost is distributed equally over the products manufactured in
that setup. This cost is also known as replenishment cost.

Shortage Cost or Stock-out Cost

These costs are associated with either a delay in meeting demands or the inability
to meet it at all. Therefore, shortage costs are usually interpreted in two ways. In case the
unfilled demand can be filled at a later stage (backlog case), these costs are proportional
to quantify that is short as well as the delay time. They represent loss of goodwill and cost
of idle equipment. In case the unfilled demand is lost (no backlog case), these costs
become proportional to only the quantity that is short. These results in cancelled orders,
lost sales, profit and even the business itself.

TECHNIQUES OF INVENTORY MANAGEMENT

The following are the techniques of the inventory management
Economic order quantity.
ABC analysis.
VED classification.
HML Classification.
SDE Classification.
FSN Analysis.
SOS classification.
XYZ Analysis.
Golf classification.
MNG Analysis.

Economic order quantity

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A firm should not place either too large or too small orders. On the basis of a
trade-off between benefits derived from the availability of inventory and the cost of
carrying that level of inventory, the appropriate or optimum level of the order to be placed
should be determined. The optimum level of inventory is popularly referred to as the
economic order quantity (EOQ). It is also known as economic lot size.
The economic order quantity may be defined as that level of inventory order that
minimizes the total cost associated with inventory management. i.e it refers to the level of
inventory at which the total cost of inventory comprising acquisition/ordering/set-up costs
and carrying cost is minimal.
EOQ = 2AO/C
A = Total annual requirement
O = Ordering cost per order
C = Convey in cost per unit

ABC analysis
Usually a firm has to maintain several types of inventories. It is not desirable to
keep same degree of control on all the items. The firm should pay maximum attention to
those items whose value is highest. The firm should therefore classify inventories to
identify which items should receive the most effort in controlling. This classification is
done by the ABC analysis.
The ABC analysis technique is based is based on the assumption that a firm
should not exercise the same degree of control on all items of inventory. It should rather
keep a more rigorous control on items that are (i) the most costly, and/or (ii) the slowestturning, while items that are less expensive should be given less control effort.
On the basis of the cost involved, the various inventory items are categorized into
three classes:
i.

A category.

ii.

B category.

iii.

C category.

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Category A items

--

More costly and valuable consumption

items

are classified as A items. But the A category

items are very less in volume (generally 20%)
when compared to the total volume of
inventory.
Category B items

--

The items having average consumption Value

items are classified as B items. But the A

category items are very avg in Volume

(generally 30%) when compared to the total
volume of inventory.
Category C items

--

The items having less consumption Value items

are classified as C items. But the C category

items are very high in volume (generally 50%)
when compared to the total volume of
inventory.

VED Classification
VED Vital, Essential and Desirable classification is applicable largely to spare
parts. Stocking of spare parts is based on strategies different from those of raw materials
because of there consumption pattern is different. Here the spare parts are classified in to
three categories.
Vital

The spares, the stock out of which even for a

Short time will stop the production.

Essential

The spares, the absence of which cannot be

Tolerated for more than a few hours or a day.

Desirable

The desirable spares are those spares which are

Needed but this absence for even a week or so will not stop
the production.

HML Classifications
The High, medium and Low (HML) classification follows the same procedure as
is adopted in ABC classification. Only difference is that in HML, the classification unit

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value is the criterion and not the annual consumption value. The items of inventory
should be listed in the descending order of unit value and it is up to the management to fix
limits for three categories. For examples, the management may decide that all units with
unit value of Rs. 2000 and above will be H items, Rs. 1000 to 2000 M items and less
than Rs. 1000 L items.
The HML analysis is useful for keeping control over consumption at departmental
levels, for deciding the frequency of physical verification, and for controlling purchases.

SDE Classification
The SDE analysis is based upon the availability of items and is very useful in the
context of scarcity of supply. In this analysis, S refers to scarce items, generally
imported, and those which are in short supply. D refers to difficult items which are
available indigenously but are difficult items to procure. Items which have to come from
distant places or for which reliable suppliers are difficult to come by fall into D
category. E refers to items which are easy to acquire and which are available in the local
markets.
The SDE classification, based on problems faced in procurement, is vital to the
lead time analysis and in deciding on purchasing strategies.

FSN Analysis
FSN stands for fast moving slow moving and non-moving. Here, classification is
based on the pattern of issues from stores and is useful in controlling obsolescence.
To carry out an FSN analysis, the date of receipt or the last date of issue,
whichever is later, is taken to determine the number of months, which have lapsed since
the last transaction. The items are usually grouped in periods of 12 months.
FSN analysis is helpful in identifying active items which need to be reviewed
regularly and surplus items which have to be examined further. Non-moving items may
be examined further and their disposal can be considered.

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SOS Classification
Raw materials, especially agricultural inputs are generally classified by the
seasonal, off-seasonal systems since the prices during the season would generally be
lower.
The seasonal items which are available only for a limited period should be
procured and stocked for meeting the needs of the full year. The prices of the seasonal
items which are available throughout the year are generally less during the harvest season.
The quantity required of such items should, therefore, be determined after comparing the
cost savings on account of lower prices, if purchased during season, with the higher cost
of carrying inventories if purchased throughout the year.
A Buying and stocking strategy for seasonal items depend on a large number of
factors and more and more sophistication is taken place in this sphere and operational
techniques are used to obtain optimum results.

XYZ Analysis
While the ABC analysis is based on the assumption on value, XYZ analysis is
based on the value of inventory undertaken during the closing of annual accounts. X
items are those having high value, Y items are those whose inventory values are medium
and Z items are those whose inventory values are low.
The percentages are similar to ABC analysis. This analysis helps find items with
heavy stock.

Golf Classification
The letter stands for Government, Ordinary, Local and Foreign. There are mainly
imported items which are channelized through the State Trading Corporation (STC)
Minerals and Metals Trading Corporation, etc. Indian Drugs and Pharmaceutical Ltd

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(IDPL), Mica trading corporation etc. These are special procedures of inventory control
which may not applicable to ordinary items as they require special procedures.

MNG Analysis
The grouping of inventory items in this analysis takes place as:
M- Moving items The items which are consumed from time to time are normally
referred to as moving items.
N- Non moving items These items which are not and consumed in last one year
are covered under this group.
G- Ghost items This group refers to such items which neither have been
received nor issued during the year. The balance of such items shown in stock
registers of the organization will be nil, both at the beginning and at the end of the
previous financial year.

Advantages of Inventory Management

The advantages gained by the firm by managing the inventory effectively are:
Introduction of a proper inventory management system helps in keeping the
investment in the inventories as low as feasible.
Ensures availability of material by providing adequate protection against
uncertainties of supplies and consumption of materials.
Allows full advantage of economics of bulk purchases and transportation.
Leads to reduction in inventory levels.
Releases more of capital for other operations.
Adequate customer service.
Advantage of price discounts by bulk pricing.

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Providing flexibility to allows change in production lines due to changes in
demands on any other reason.
Even out the workloads on the soaps in the face fluctuations demands.

Causes of poor Inventory Management

There are certain instances, which leads to poor inventory management. They are:
1. Over buying without regard to the forecast or proper estimate of demand to take
advantage of favorable market.
2. Over production or production of goods much before the customer requires them.
3. Over stocking may also result from the desire to provide better service to the
customers. Bulk production or purchase to cut down production costs also will
result in large inventories.
4. Cancellation of orders and minimum quantity stipulations by the suppliers may
also give rise to large inventories.

Various stock levels in Inventory Management

The levels of inventory in any organization depend upon several factors including
social, political, economic, ethic, fiscal, governmental policies at the global and national
levels, which determine the demand and supply parameters of an item. At the unit level,
cost, criticality, availability, service level, stock out, lead time, powers of delegation,
consumption pattern, etc. affect the levels.
The various stock levels fixed for effective management of inventories are Minimum level.
Maximum level.
Ordering or reordering level.
Danger level.
These levels serve as indices for initiating action on time so that the quantity of
each item of material, i.e. the inventory holding is controlled or managed. Stock levels are
not fixed on a permanent basis but are liable to revision in accordance with the changes in
the factors determining the levels.

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Minimum level It indicates the lowest figure of inventory balance, which must be
maintained in hand at all times, so that there is no stoppage of production due to nonavailability of inventory.
The main considerations for the fixation of minimum level of inventory are as
follows:
1. Information about maximum consumption and maximum delivery period in
respect of each item to determine its reorder level.
2. Average rate of consumption for each inventory item.
3. Average delivery period for each item. This period can be calculated by averaging
the maximum and minimum period.
The formula used for its calculation is as follows:

Minimum level of Inventory = Reorder level (Average rate of

consumption * Average time of Inventory delivery).

Maximum Level It indicates the maximum figure of inventory quantity held in stock at
any time.
The important considerations which should govern the fixation of maximum level
for various inventory items are as follows:
1. The fixation of maximum level of an inventory item requires information about its
reorder level. The reorder level itself depends upon its maximum rate of
consumption and maximum delivery period. It in fact is the product of maximum
consumption of inventory item and its maximum delivery period.
2. Knowledge about minimum consumption and minimum delivery period for each
inventory item should also be known.
3. The determination of maximum level also requires the figure of economic order
quantity.

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4. Availability of funds, storage space, nature of items and their price per unit are
also important for the fixation of maximum level.
5. In the case of imported materials due to their irregular supply, the maximum level
should be high.

The formula used for its calculation is as follows:

Maximum level of Inventory = Reorder level+ Reorder quantity
(Minimum consumption * Minimum reorder period)

Reorder level This level lies between minimum and maximum levels in such a way that
before the material ordered is received into the stores, there is sufficient quantity on hand
to cover both normal and abnormal consumption situations. In other words, it is the level
at which fresh order should be placed for replenishment stock. The reorder level must be
sufficient to cover the maximum possible consumption of stock during lead time (reorder
period).
It is set after consideration of the following factors.
1. Rate of consumption.
2. Minimum level.
3. Lead time, i.e. delivery time.
4. Variation in lead time.
The formula used for its calculation is as follows:

Reorder level = Maximum reorder period * Maximum Usage.

Danger level It is the level at which normal issues of the raw material inventory are
stopped and emergency issues are only made.

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Danger level = Avg consumption * Lead time for emergency purchases

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Objectives of Inventory Valuation

The objectives of inventory valuation are discussed here below as follows
Determination of Income - The valuation of inventory is necessary for
determining the true income earned by business during a period.
Determination of Financial position - The inventory at the end of period is to be
shown as a current asset in the balance sheet of the business. In case of the
inventory is not properly valued the balance sheet will not disclose the correct
financial position of the business.

Methods of Inventory Valuation

Since Inventory is the single largest asset in the balance sheet of most
organizations, the valuation of inventory becomes of utmost importance and crucial to the
financial executives.

Methods of Valuation of Inventories

The different methods used for valuation of inventories may be enumerated as
follows

Methods based on Actual cost

First-in-First-out method.
Last-in-First-out method.
Highest-in-First-out method.
Specific identification price.
Base stock price.
Adjusted selling price.

Methods based on Average cost

Simple average price.
Weighted average price.

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Methods based on Actual cost

The methods of actual cost are as follows First-in-First-out Method The First-in-First-out Method of pricing materials is
based on the assumption that the materials which are purchases first are issued
first. The flow of cost of materials should also be in the same order.
Last-in-First-out Method This method is just reverse of FIFO. It operates on
the assumption that the latest received materials are issued first for production and
those received first issued last. The price of the last lot of materials received is
used for all the issues until all units from this lot have been issued after which the
price of the previous lot received becomes the issue price.
Highest-in-First-out method Under this method, the highest priced materials
are treated as being issued first. The closing inventory is kept at the lowest possible
price. It is undervalued in times of rising prices and thus secret reserves are
created.
Specific identification price The specific identification method may be used for
inventories of items that are not ordinarily inter-changeable, or for goods
manufactured for a specific purpose. This method is best suited for job order
industries which carry out individual jobs or contracts against specific orders.
Base stock price The base stock formula proceeds on the assumption that a
minimum quantity of inventory (base stock) must be held at all times in order to
carry on business. Inventories up to this quantity are stated at the cost at which the
cost at which the base stock was acquired.
Adjusted Selling price Under this method which is adopted by retailers,
inventory is estimated at selling price and to value it at cost, the estimated gross
profit is deducted there from. The alternative approach is to deduct current sales

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from the total goods available for sale at retail price. This gives the value of
Inventory.

Methods based on Average cost

The methods of average cost are as follows
Simple average price Simple average price is the average of the prices without
any regard to quantities. Simple average price is calculated by adding up different
prices and then dividing by the number of different prices.
Weighted average price method Weighted average price is calculated by
dividing the total cost of material in stock by the total quantity of material in hand.
Under this method, prices are averaged after weighting (i.e. multiplying) by their
quantities. The average price at any time is simply the balance value figure divided
by the balance units figure.

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INDUSTRY PROFILE
Cotton
Cotton is a soft, staple fiber that grows around the seeds of the cotton
plant. It is a natural fiber harvested from the cotton plant. The fiber most often is spun
into yarn or thread and used to make a soft, breathable textile, which is the most widely
used natural-fiber cloth in clothing today.
Processing of Cotton in India
In India the raw cotton, also called as Kapas is processed in a multi-stage
process described as below. The Products of processing are
I. Yarn.
II. Cottonseed Oil.
III. Cottonseed Meal.
I. Production of Yarn
KAPAS TO LINT: Kapas (also known as raw cotton or seed cotton) is unginned cotton
or the white fibrous substance covering the seed that is obtained from the cotton plant.
The first step in the process is, the cotton is vacuumed into tubes that carry it to a dryer to
reduce moisture and improve the fiber quality. Then it runs through cleaning equipment
to remove leaf trash, sticks and other foreign matter. In ginning a roller gin is used to grab
the fiber. The raw fiber, now called lint.
LINT TO BALE: The lint makes its way through another series of pipes to a press where
it is compressed into bales (lint packaged for market). After baling, the cotton lint is
hauled to either storage yards, textile mills, or shipped to foreign countries.
BALE TO LAP: Here the bales are broken down and a worker feeds the cotton into a
machine called a "breaker" which gets rid of some of the dirt. From here the cotton goes
to a "scutcher". (Operated by a worker also called a scutcher). This machine cleans the
cotton of any remaining dirt and separates the fibers. The cotton emerges in the form of
thin "blanket" called the "lap".

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LAP TO CARDING: Carding is the process of pulling the fibers into parallel alignment
to form a thin web. High speed electronic equipment with wire toothed rollers performs
this task. The web of fibers is eventually condensed into a continuous, untwisted, ropelike strand called a sliver.
SLIVER TO ROVING: The silver is then sent to combing machine. Here, the fibers
shorter than half-inch and impurities are removed from the cotton. The sliver is drawn out
to a thinner strand and given a slight twist to improve strength, then wound on bobbins.
This Process is called Roving.
ROVING TO YARN (SPINNING): Spinning is the last process in yarn manufacturing.
Spinning draws out the short fibers from the mass of cotton and twists them together into
a long. Spinning machines have a metal spike called a spindle which the thread winds
around.
II. Production of Cotton Seed Oil
Processing of cottonseed in modern mills involves a number of steps. They are as
follows:

The first step is its entry into the shaker room where, through a number of
screens and air equipment, twigs, leaves and other trash are removed.

The cleaned seed is then sent to gin stands where the linters are removed from
the seed (delinted). The linters of the highest grade, referred to as first-cut linters
are used in manufacturing non-chemical products, such as medical supplies,
twine, and candle wicks. The second-cut linters removed in further delinting
steps, are incorporated in chemical products, found in various foods, toiletries,
film, and paper.

The delinted seeds now go to the huller. The huller removes the tough seed coat
with a series of knives and shakers. The knives cut the hulls (tough outer shell
of the seed) to loosen them from the kernels (the inside meat of the seed, rich in
oil) and shakers separate the hulls and kernels.

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The kernels are now ready for oil extraction. They pass through flaking rollers
made of heavy cast iron, spinning at high speeds. This presses the meats into thin
flakes. These flakes then travel to a cooker where they are cooked at 170 degrees
F to reduce their moisture levels. The prepared meats are conveyed to the
extractor and washed with hexane (organic solvent that dissolves out the oil)
removing up to 98% of the oil.

Crude cottonseed oil requires further processing before it may be used for food.
The first step in this process is refining. With the scientific use of heat, sodium
hydroxide and a centrifuge (equipment used to separate substances through
spinning action), the dark colored crude oil is transformed into a transparent,
yellow oil. This clear oil may then be bleached with a special bleaching clay to
produce a transparent, amber colored oil.
The refined cotton seed oil has several advantages other than edible oils. It contains

mere advantage over other edible oils. It contains a large percentage of Poly Unsaturated
Fatty Acids (PUFA) which maintain cholesterol in the blood at a healthy level. The
quality of cotton oil depends on the weather prevailing during the time that cotton stands
in the fields after coming to maturity. Hence quality of oil varies from place to place and
season to season. The quality of oil is high in dry seasons and low when the seed is
exposed to wet weather in the fields or handled or stored with high moisture. Further
cotton seed cooking oil has a long span of life due to the presence of vitamin E.
III. Production of Cottonseed Meal/Cake/Kapaskhalli

Kapaskhalli (cottonseed extraction/meal) is a byproduct of the cottonseed

industry.

Cottonseed is a by-product of the cotton plant, which is primarily grown for its
fiber. Although cotton has been grown for its fiber for several thousand years, the
use of cottonseed on a commercial scale is of relatively recent origin.

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Cottonseed was a raw agricultural product, which was once largely wasted. Now it
is being converted into food for people; feed for livestock; fertilizer and mulch for
plants; fiber for furniture padding; and cellulose for a wide range of products from
explosives to computer chip boards.

Cotton Varieties in India

Bengal Deshi mainly produced in the states of Punjab, Haryana, and Rajasthan.

Jayadhar mainly produced in the state of Karnataka.

Bunny (or) Brahma is mainly produced in the states of Maharashtra, Madhya

Pradesh, Andhra Pradesh, and Karnataka.

Suvin is another variety produced in the state of Tamil Nadu.

H-4 (or) MECH1 is mainly produced in the states of Maharashtra, Madhya

Pradesh, and Andhra Pradesh.

Role of Cotton Industry in Indian Economy

Over the years, country has achieved significant quantitative increase in
cotton production. Till 1970s, country used to import massive quantities of cotton in the
range of 8.00 to 9.00 lakh bales per annum. However, after Government launched special
schemes like intensive cotton production programmers through successive five-year plans
that cotton production received the necessary impetus through increase in area and
sowing of Hybrid varieties around mid 70s.
Since then country has become self-sufficient in cotton production barring
few years in the late 90s and early 20s when large quantities of cotton had to be imported
due to lower crop production and increasing cotton requirements of the domestic textile
industry.

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Cotton production Areas in India

India is an important grower of cotton on a global scale. It ranks third in
global cotton production after the United States and China; with 9.50 million hectares
grown each year, India accounts for approximately 21% of the world's total cotton area
and 13% of global cotton production.
The Cotton producing areas in India are spread throughout the country. But
the major cotton producing states which account for more than 95% of the area under and
output are:
1.

Punjab.

2.

Haryana.

3.

Rajasthan.

4.

Maharashtra.

5.

Gujarat.

6.

Madhya Pradesh.

7.

Andhra Pradesh.

8.

Tamil Nadu.

9.

Karnataka.
Of the nine cotton producing States in India, average yields are highest in

Punjab where most of the cotton area is irrigated.

But the yields of cotton in India are low, with an average yield of 503
kg/ha compared to the world average of 734 kg/ha. The problem is also compounded by
higher production costs and poor quality in terms of varietals purity and trash content.
However the Cotton plays an important role in the National economy providing large
employment in the farm, marketing and processing sectors. Cotton textiles along with
other textiles also contribute about 1/3rd of the Indian exports.

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Steps taken by the Cotton Producers in India

Now-a-days the Indian Cotton producers are continuously working to upgrade the quality and increase the cotton production to cope up with the increased global
demand for cotton textiles and to meet the needs of the 39 million spindles capacity of the
domestic textile industry which presently consumes about 12-14 million bales annually.
In India, cotton yields increased significantly in the 1980s and through the
first half of 1980s but since 1996 there is no increase in yield. In the past, the increase in
cost of production of cotton was partially offset by increase in yield but now with
stagnant yield the cost of production is raising. Besides low yield, Indian cotton also
suffers from inconsistent quality in terms of length, micron ire and strength.
Policy of Government of India towards Cotton Industry
The Cotton production policies in India historically have been oriented
toward promoting and supporting the textile industry. The Government of India
announces a minimum support price for each variety of seed cotton (kapas) based on
recommendations from the Commission for Agricultural Costs and Prices. The
Government of India is also providing subsidies to the production inputs of the cotton in
the areas of fertilizer, power, etc
Markets for Indian Cotton
The three major groups in the cotton market are

Private traders,

State-level cooperatives,

The Cotton Corporation of India Limited.

Of these three groups, private traders handle more than 70 percent of

cottonseed and lint, followed by cooperatives and the CCI.

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The Cotton Corporation of India Ltd. for the year 2007-08 had purchased
60.30 lakh quintals of kappas equivalent to 11.77 lakh bales valuing Rs.1218.70 crores in
Andhra Pradesh, Maharashtra, Madhya Pradesh, Orissa and Karnataka. Beside these the
Corporation had also carried out commercial operations and purchased 2.71 lakh bales
valuing Rs.285.82 crores in the year 2006-07 as compared to around 1.00 lakh bales
valuing Rs.108.81 crores during the previous year (i.e. for the year 2006-07).
Exports of Cotton
The main market for Indian cotton export is China. The other markets also
include Taiwan, Thailand and Turkey. In July 2001, the union government removed all
curbs on cotton exports. As a result of these, now the exporters are not required to obtain
any certificate from the Textile Commissioner on the registration, allocation, quality and
quantity of export. India exported around 25 per cent cotton during 2006-07 and it is
estimated nearly 62 per cent exported to China.
During the year 2006-07 the prices of Indian cotton in early part of the
season being lower than the international prices, had been attractive to foreign buyers and
there was good demand for Indian cotton, especially S-6, H-4 and Bunny, which had
resulted in sustained cotton exports, which are estimated at 55.00 lakh bales
The Cotton Advisory Board estimated an 18-20 percent increase in cotton
exports to 65 lakh bales for Oct 2007- Sep 2008, as against its Aug 2007 estimate of 58
lakh bales.
Imports of Cotton
Despite good domestic crops, India is importing cotton because of quality
problems or low world prices particularly for processing into exportable products like
yarns and fabrics.
India imported just 721,000 bales of cotton in 2003-04. The imports rose
to 1,217,000 lakh bales in 2004-05, 4,700,000 lakh bales in 2005-06 and the anticipated
imports for the year 2006-07 are 550,000 lakh bales.

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For the year 2006-07 the cotton imports into the country had once again
remained limited mainly to Extra Long staple cottons, like as previous year, which were
in short supply at around 6 lakh bales inclusive of import of around 2 lakh bales of long
staple varieties contracted by mills during April-May 2007.
Role of Cotton seed oil in Indian Economy
The global production of cottonseed oil in the recent years has been at
around 4-4.5 million tons. Around 2 lakh tons are traded globally every year. The major
seed producers, viz., China, India, United States, and Pakistan are the major producers of
oil. United States (60000 tons) is the major exporter of cottonseed oil, while Canada is the
major importer.
Cottonseed is a traditional oilseed of India. In India the average production
of cotton oil is around 4 lakh tons a year. It is estimated that, if scientific processing is
carried out the oil production can be increased by another 4 lakh tons.
In India, the oil recovery from cottonseed is around 11%. Gujarat is the
major consumer of cottonseed oil in the country. It is also used for the manufacture of
vanaspati. The price of cottonseed oil is generally dependent on the price behavior of
other domestically produced oils, more particularly groundnut oil. India used to import
around 30000 tons of crude cottonseed oil, before palm and soy oil became the only
imports of the country. Currently, the country does not import cottonseed oil.
Role of cottonseed meal in Indian Economy

India produces around 2 million tons of cottonseed meal a year. However,

in India mainly undecorticated meal is largely produced. Several associations are
promoting the production of decorticated cake in India and the production of this is
expected to increase in the country.

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India used to be a major exporter of cottonseed extraction around two

decades ago. However, the demand for other oil meals like soy meal, has lowered the
cottonseed demand globally. In addition, the low availability of decorticated meal in India
has also been a major reason for the fall in exports.
The major importers of Indian cottonseed meal (undecorticated) used to be
Thailand. India in 2002-03 exported only 50 tons of decorticated cottonseed meal. In
2003-04, too there have been no significant exports. India does not import cottonseed
meal.
The Organizations dealing with the promotion of Cotton Industry in India:
The organizations that try to promote the quantity and quality of Cotton in India are
I.
II.

The Cotton corporation of India Ltd.,

Cotton Advisory boards,

III.

Cotton Association of India.

IV.

Central Institute of Cotton Research.

I. The Cotton Corporation of India Limited

The Cotton Corporation of India Ltd. was established on 31st July 1970 as
a Government Company registered under the Companies Act 1956. In the initial period
of setting up, as an Agency in Public Sector, Corporation was charged with the
responsibility of equitable distribution of cotton among the different constituents of the
industry and to serve as a vehicle for the canalization of imports of cotton.
With the changing cotton scenario, the role and functions of the
Corporation were also reviewed and revised from time to time. As per the Policy
directives from the Ministry of Textiles, Government of India in 1985, the Corporation is
nominated as the Nodal Agency of Government of India, for undertaking Price Support
Operations, whenever the prices of kappas (seed cotton) touch the support level.

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The Cotton Corporation of India Ltd. Operations covers all the cotton
growing states in the country comprising of:

Punjab, Haryana and Rajasthan in Northern Zone.

Gujarat, Maharashtra and Madhya Pradesh in Central Zone.

Andhra Pradesh, Karnataka & Tamil Nadu in Southern Zone.

II. Cotton Advisory Board

The Cotton Advisory Board is a representative body of Government/
Growers/ Industries/ Traders. It advises the Government generally on matters pertaining
to production, consumption and marketing of cotton, and also provides a forum for liaison
among the cotton textile mill industry, the cotton growers, the cotton trade and the
Government. It functions under the Chairmanship of Textile Commissioner with Deputy
Textile Commissioner as a Member Secretary.
III. The Cotton Association of India
The Cotton Association of India also called as the East India Cotton
Association (EICA) was declared as the statutory body by the Bombay Cotton Contract
Act on 28th December, 1922. Its purpose is to

Provide and maintain suitable buildings or rooms or a Cotton

Exchange in the city of Bombay or elsewhere in India.

Provide forms of contracts and regulate the marketing, etc. of

the contracts.

Fix and adopt standards or classifications of cotton.

Adjust by arbitration or otherwise controversies between

Persons engaged in the cotton trade.

Acquire, preserve or disseminate useful information connected with the cotton

interests.

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IV. Central Institute of Cotton Research

With a view to develop a Centre of excellence for carrying out long term
research on fundamental problems limiting cotton production the Indian Council of
Agricultural Research has established the Central Institute for Cotton Research at Nagpur
in April, 1976. CICR was simultaneously established at Coimbatore to cater to the needs
of southern cotton zone. CICR was established at Sirsa in the year 1985, to cater to the
needs of northern irrigated cotton zone. All the three research farms are well equipped
with tractors and other farm implements and efforts are underway to initiate further
developmental work in all the farms.
The Vision of the CICR is to improve production and quality of Indian
Cotton with reduced cost to make cotton production cost effective and competitive in the
national and global market. The Mission of CICR is to develop economically viable and
eco-friendly production and protection technologies for enhancing quality cotton
production by 2-3% every year on a sustainable basis for the next twelve years (till 2020).
The Current Scenario of Cotton Industry (2007-08)
The cotton production in the country has been increasing continuously
since last three years and the same has further gone up by around 11% during cotton
season 2007-08 at a record level of 270 lakh bales as against 244 lakh bales during 200607. Gujarat has turned into a largest cotton producing State with a record production-level
of 93 lakh bales constituting around 34% of the countrys total production.
The area under cotton cultivation during 2007-08 has also gone up by
around 6% at 91.58 lakh hectares as against 86.77 lakh hectares during 2005-06.
With wide usage of hybrid seeds throughout the country as well as
changed mindset of cotton farmers for adoption of better and improved farm practices, the

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average productivity of cotton has crossed 503 kgs per hectare as against 478 kgs during
the previous year.
The prices of Indian cotton in early part of the season being lower than the
international prices had been attractive to foreign buyers and there was good demand for
Indian cotton.
Due to expectation of bumper crop, the mill demand in the beginning of
the season was subdued which put pressure on the cotton prices right from the beginning
of the season and has resulted into fall in cotton prices between October 2006 & January
2007. Cotton prices reached its peak level by end-March 2007 and there was some
correction in cotton prices in April and May 2007. However, on the whole, cotton prices
remained better by almost Rs.1000 per candy in almost all varieties as compared to
previous year.
Future of Cotton Industry in India
The Cotton Advisory Board (CAB) has estimated the cotton crop at 310
lakh bales for the current season 2008-09. This is a historic high and represents a 11%
jump over last year's crop estimate of 280 lakh bales. The increase in cotton production
area is also expected to increase to 95.30 lakh hectares for the season 2007-08 against
91.42 lakh hectares for the season 2006-07.
Cotton Advisory Board expects exports to be higher at 65 lakh bales as
against 55 lakh bales in 2007-08. Imports in 2008-09 are projected at 6.50 lakh bales as
compared to 5.50 lakh bales in 2007-08, because mills have to rely on foreign growths to
spin some finer counts of yarn.
It is also estimated that the cotton industry is going to provide 12 million
new jobs mainly for the semi-skilled and unskilled labor.
Despite the progress enunciated above, cotton yield per hectare in India is
one of the lowest in the world. Reliance on rain, a week seed supply system, small land

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holding, poor weed control and scanty use of integrated pest management technologies
are responsible for the low yield.

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COMPANY PROFILE
ABOUT TIRUMALA COTTON & AGRO PRODUCTS PVT.LTD.
Company Name: Tirumala Cotton & Agro Products Pvt Ltd
Company Location: India
Buyer or Seller: I want to sell
Product Catalogue: Textile& Leather Recycling

Detailed Information:
Business Type: Manufacturer
Keywords: Cotton Linters, Cotton Yarn, Cotton seed meal, Cotton Seed Hulls
Address: Thimmmapuram
Introduction: We Tirumala Cotton & Agro Products Pvt Ltd started our operations in the
year 1979. We are a well diversified group, we are into Cotton Trading, Edible oils
manufacturing, Cotton Yarn Manufacturing, Power generation & Constructions.
We are one of the largest exporters of Cotton Linters, Cotton Yarn, Cotton seed
meal, cotton waste from south India. We are awarded SHEFEXIL Awards for Excellence
in Exports for the years 2008-09 and 2009-10 No -3 & No-1 position in other vegetable
category

(Cotton

Linters

&

Cotton

seed

meal)

across

India.

We are known for our quality & commitement.

For any enquiry please contact us
vamsi@tirumalacotton.net
+919966223344

About:
Started our business activity in 1979 with cotton trading and today we are proud to have
an annual turnover of USD$25 Million. We have vision to expand our operations with
annual turnover of USD$100 million in the next 7 years.
Tirumala Group is started by our visionary Managing Director Mr. P Raghava Rao
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and Chairperson K.Hanumantha Rao along with other family members. The Group has
acquired strong trust among the people and its employees throughout the years.
Today the Group is more diversified in its activities. The current portfolio of activities
include:

Cotton fiber trading

Cotton Ginning and pressing (automated Jumbo gins and Pressing)

Cotton seed vegetable oil extraction with double refinery and solvent extraction

Captive Hydel power generation

Yarn spinning

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Throughout these years we have build a strong rapport and trust in our customer base. This
helps us to have a long-term relationship with our customers.

OUR VISION
Our vision is for a global organization with
Integrity in operations
Excellence in quality and services
Building strong relationship with partners and customers
Socially responsible towards community and environment.

OUR MISSION:
To excel as an organization for total Quality, satisfied customer, innovation and committed
social responsibility.

QUALITY POLICY
Our quality policy is to produce and deliver consistent products and services on time that
meet our customer requirements. We achieve this by reliable quality systems and process
that are continuously monitored and improved.

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Ginning and Pressing:

We have started a state of art Ginning and Pressing facility in Northern part of Andhra
Pradesh. The operations at this facility are taken utmost care to minimize the
contamination and foreign matter by mechanical means as well as manually.
The cotton is also thoroughly blended to neutralize any variations with in the lot. This
helps to improve the uniformity and minimize between lot to lot variations. After taking
precautionary measures for contaminated free cotton; fibers would be used for processing.
The process of our ginning and pressing is

Hand picking of the contamination on the conveyer system

Blending of the cotton to avoid variation (stack mixing)
Ginning (suitable settings are followed to minimize the fiber damage)
Pressing ( the material is transported to the baling press through ducts)
Yarn spinning
Throughout these years we have build a strong rapport and trust in our customer base. This
helps us to have a long-term relationship with our customers.

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Cotton Seed Vegetable Oil

The facility is in operation since 1992. Cotton seed is processed in scientific manner and
the current capacity of the plant is 350 tons/day. Cotton seed processing machinery is
updated with state of art technology. High capacity and efficient machinery was installed
first in India in 2006. So many energy efficient measures are being taken in electricity and
heat recovery. Many environmental friendly systems are adopted. Machinery up-gradation
leads us to save energy about 25% in the processing.
In the cotton seed processing we produce linters of 75% cellulose, Hulls, vegetable oil and
de-oiled cake of 40% protein content.

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Spinning
With ample experience in yarn spinning and trading for the past 10 years we started our
yarn spinning division in the year 2006. The present capacity of the plant is 21322 spindles
and having the compact yarn spinning facility as well.
With state of art machinery, good raw material sourcing and quality control systems in place
we spin yarn with excellent properties. All of the processing conditions are monitored and
controlled with utmost care so as to minimize the process induced yarn faults.

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We have in-house quality testing facility with latest testing equipment and the material is
conditioned before testing as per the requirement. The lab has latest Uster tester (Model
UT5 S400) with hairiness module and Pioneer online yarn strength tester.
Our automatic winding machine Schlaforst AC 338 Gold and AC-5 are with Uster
Quauntum2 electronic eye clearer (EYC). Ultimate yarn quality is monitored and corrective
actions are taken in the process by using online Uster quantum expert. Individual winding
drums quality is monitored by using this online system.
With all the required precautions we promise consistent and good quality yarn to domestic
and export markets.

Hydel Power
Hydel power generation is started in the year 2000. The total capacity of the Hydel
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generation is 2.4 MW of Green Power. The power plants are located on the irrigation
canal of Nagarjuna Sagar dam right bank canal. Steps are being taken to claim the VER
credits as per the Kyoto Protocol.
On an average we could generate about 10 million units per year. The whole generation is
used for the captive consumption.

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Products & services
Other products and services
Seeds, agricultural, horticultural and floricultural
Seeds, cotton
Oils and fats, edible
Oil, sunflower seed, edible
Oils, vegetable, blended, edible
Oils, vegetable, hydrogenated, edible
Fats, vegetable, edible
Fats, vegetable, blended, edible
Fats, cooking and frying
Animal feed
Cattle feed and feed concentrates
Pre-processed cotton and other vegetable textile fibres
Linters
Yarns and twists, cotton
Yarns, North American cotton
Yarns, South American cotton
Yarns, Egyptian cotton
Yarns, Indian cotton
Yarns, Near Eastern cotton
Yarns, cotton, organic
Yarns, cotton, raw
Yarns, cotton, carded
Yarns, cotton, combed
Yarns, cotton, single
Yarns, cotton, doubled/folded
Yarns, cotton, three-ply twisted
Yarns, cotton, hard twisted
Yarns, mixed, cotton-wool
Yarns, mixed, cotton-linen
Yarns, mixed, cotton-silk
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Yarns, mixed, cotton-hair
Yarns, mixed, cotton and man-made fibres
Yarns, mixed, cotton-natural fibres, cotton system
Yarns, mixed, cotton and man-made fibres, woolen system
Yarns, cotton waste and mixed cotton waste
Yarns, cotton, wool or hair system
Yarns, cotton, in bundles
Yarns, cotton, in hanks
Yarns, cotton, on beams
Yarns, cotton, on cheeses
Yarns, cotton, on cones
Yarns, cotton, on cops
Yarns, cotton, on drums
Yarns, cotton, on pirns
Yarns, cotton, on tubes
Yarns, cotton, on spindles
Yarns, cotton, on spools
Yarns, cotton, low count
Yarns, cotton, medium count
Yarns, cotton, high count
Yarns, cotton, cop spun
Yarns, cotton, mule spun
Yarns, cotton, ring spun
Yarns, cotton, open-end spun
Yarns, cotton, warp
Yarns, cotton weft
Organic acids, their anhydrides and acid halides
Fatty acids NES
Natural oils and grease for industrial use
Oil, cotton seed, industrial

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Contact Information ::
Timmapuram, Chilakaluripet - 522 616,
Guntur - District,
Andhra Pradesh, South India
Phone : +91 9885 4573 94,
Office : +91 8647 254091, +91 8647 254631
Fax : +91 8647 254858
E-mail : info@tirumalacotton.com
Website :http://www.tirumalacotton.com

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