inventory control project

7/30/2019 Inventory Control Project

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International School of Informatics and

Management

A Project Report On:

IMPACT OF INVENTORY CONTROL AND RECEIVABLES

MANAGEMENT ON CEMENT INDUSTRY PROFITABILITY

Submitted to:- Submitted by:-

TRIPTI BISWA DILIP METHANI


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MBA RTU IV SEM.

TABLE OF CONTENT

1. Acknowledgement

2. Abstract

3. Introduction

4. Industry Profile

5. Company Profile

6. Analysis & Interpretation

7. Findings & Conclusion

8. Bibliography


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ACKNOWLEDGEMENT

A large number of individual has contributed to this project. I am thankful to all of

them for their help and encouragement. Like other reports, this report is also

drawn from the work of large number of researchers and author in the field of

finance.

I would like to express my gratitude to Mr. N.C. Jain A.V.P (finance) for

giving me the opportunity and enough of support to undergo training in their

organization, SHREE CEMENT LTD, BEAWER (RAJ)

I shall like to thank SHREES finance department for their able guidance,

support, supervision and care during the whole training program and to whom

words can never express my feeling of gratitude and reverence.

I would like to give my sincere thanks to officers, managers and employees of

SHREE CEMENT LTD, BEAWER (RAJ) for providing valuable information,

reports and data that were require for the study.

The successful completion of my project has been carried out under the

guidance of Mr. N.C Jain A.V.P (finance). I take upon this opportunity to thank

them for encouragement and guidance in completion of project. Their knowledge

and expertise was of great help for the project study.

I have tried to give credit to all sources form where I have drawn material in this

project, still I felt obliged if they are brought to my notice.


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(Dilip Methani)

ABSTRACT-

The aim of this study is to analyze the impact of inventory control and

receivables management on Shree Cement Ltd profitability. This study

will find out statistically significant relationships between profitability

and Inventory control and receivables management of Shree Cement

Ltd. This study analyzes Shree Cement Ltd under a multiple regression

model. Data of Shree Cement Ltd is collected from its last some yearsannual reports. Inventory control and Receivables management have a

great impact on profitability of a company. There are many inventory

control techniques like Economic Order Quantity, Just in Time etc.

Company can control its inventory turnover ratio and inventory period

lower the company profitability because companys working capital is

indulged in inventory. There is negative correlation between inventory

period and profitability.

Another variable is Average Collection Period. It is calculated by

dividing 365 days from Debtor turnover Ratio (365/Debtor Turnover

Ratio). Average collection period shows that in how many days

company recover from its debtors or how many days Credit Company

gives to its customer. It also has negative relationship with profitability.

Lower the average collection period higher the profitability.

This study will cover the inventory control techniques use by the

cement industry to lower down the inventory period as well as how the

inventory period and average collection period impact the firm

profitability.


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INTRODUCTION


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INTRODUCTION TO THE STUDY

INVENTORY CONTROL

Cement industry is a manufacturing industry and inventory control

plays a vital role in manufacturing industry. Companies need to

maintain sufficient level of inventory so that the production does not

stop. Inventory may be in various form like- raw material, consumables

and spares, work in progress and finished products. Companies need

many items for day to day operation and there is a lead time to procure

these materials, so every company need to maintain certain amount of

inventory in stock with them. Inventory control is necessary because

there should be optimum level of inventory. There is negative

correlation between inventory control and profitability. Higher the

inventory period lower will be the profitability and vice versa. Many

costs are associated with inventory management i.e. ordering cost,

inventory carrying cost, cost of capital, stock out cost etc. inventorycontrol comprises inventory control techniques like-

Economic Order Quantity(EOQ)

ABC Analysis

Fixation of Inventory levels

Value analysis etc.


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RECEIVABLES MANAGEMENT-

Receivables management impact directly cash flow. Cash flow can be

significantly enhanced if the amounts owing to the business are

collected faster. The company should have control over its receivables;

if a company is not able to collect its receivables on time then it will

impact its cash flow which will indirectly impact its profitability. There

should be effective receivables management system in every

organization. There is also a negative correlation between receivablesmanagement and profitability. Higher the account receivables period

lower will be the profitability and vice versa.

Receivables management may be concerned with the following aspects:

Credit Analysis

Credit Terms

Financing of Receivables

Credit Collection

Monitoring of Receivables

OBJECTIVE-

To find impact of inventory control and receivables management

on cement industry profitability.


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To understand the relationship between inventory control and

firms profitability.

To understand the relationship between receivables management

and firms profitability.

RESEARCH METHODOLOGY-

Type of research- research done is library based research.

Data collection- data collection is done through secondary sources

like internet, published & unpublished source.

Analysis of data- data analysis is done by using inferential

statistical tool i.e. regression analysis and correlation analysis.

Various charts and graphs are also used.

Interpretation and conclusion- on the basis of analysis of data and

output, interpretation and conclusion is done.

STEPS IN RESEARCH METHODOLOGY-

1. Identification of Objectives: Objectives are clearly defined that

determined the pathway to find out conclusions.


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2. Collection of Data: data are collected from various sources i.e. by

Internet, books, journals etc. according to the requirement of the

study.

3. Organization of Data: the bulk of data is not useful; it has to be

organized in way to conclude significant results.

4. Selection of Suitable Techniques: technique is used according to

objectives and availability of data.

5. Implementation / Execution: selected objectives and techniques

are implied upon organized data in order to find out better results.

6. Presentation: findings have been presented in tables and graphs

with a view to present the same in lucid style.

SCOPE OF STUDY-

The research project covers the Shree Cement Ltd. It covers the impact

of inventory period and average collection period on net profit margin

of company. Data related to Shree Cement Ltd is collected and study is

been done.

METHODS OF DATA COLLECTION & ANALYSIS OF

DATA


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Basically there are two types of data i.e. Primary data & Secondary

data. Primary data is collected through observation or through direct

communication with respondents in one form or another or through

personal interview. Whereas in secondary data the information is

collected through past researches, books, Annual reports, balance sheets

etc.

In this study the analysis & collection was extensively of secondary data

through the various Annual reports, Balance sheets & other important

documents of Shree Cement Ltd. Only form of primary data that was

involved in it was interviews with the higher official of Shree Cement (asort of Questionnaire was issued to them).

Analysis of Collected data was done by using various statistical

techniques (like Pie Charts & Bar Diagrams), comparative techniques

& analytical research methods.


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INDUSTRY PROFILE


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The Indian Cement Industry


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The Indian Cement industry date back to 1914, with first unit was set-up

at Porbandar with a capacity of 1000 tones. The Indian cement industry

is the second largest producer of quality cement. Indian Cement

Industry is engaged in the production of several varieties of cement such

as Ordinary Portland Cement (OPC), Portland Pozzolana Cement

(PPC), Portland Blast Furnace Slag Cement (PBFS), Oil Well Cement,

Rapid Hardening Portland Cement, Sulphate Resisting Portland

Cement, White Cement, etc. They are produced strictly as per the

Bureau of Indian Standards (BIS) specifications and their quality is

comparable with the best in the world.

The Indian cement industry is the second largest in the world. It

comprises of 140 large and more than 365 mini cement plants. The

industry's capacity at the beginning of the year 2009-10 was 217.80

million tons. During 2008-09, total cement consumption in India stood

at 178 million tons while exports of cement and clinker amounted to

around 3 million tons. The industry occupies an important place in the

national economy because of its strong linkages to other sectors such as

construction, transportation, coal and power. The cement industry is

also one of the major contributors to the exchequer by way of indirect

taxes.


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Cement production during April to January 2009-10 was 130.67 million

tones as compared to 115.52 million tons during the same period for the

year 2008-09. Dispatches were estimated at 129.97 million tons during

April to January 2009-10 whereas during the same period for the year

2008-09, it stood at 115.07 million tones.

Over the last few years, the Indian cement industry witnessed strong

growth, with demand reporting a compounded annual growth rate

(CAGR) of 9.3% and capacity addition a CAGR of 5.6% between 2004-

05 and 2008-09. The main factors prompting this growth in demand

include the real estate boom during 2004-08, increased investments in

infrastructure by both the private sector and Government, and higher

Governmental spending under various social programs. With demand

growth being buoyant and capacity addition limited, the industry posted

capacity utilization levels of around 93% during the last five years.

Improved prices in conjunction with volume growth led to the domestic

cement industry reporting robust growth in turnover and profitability

during the period 2005-09.

Although consolidation has taken place in the Indian cement industry

with the top five players controlling almost 50% of the capacity, the

remaining 50% of the capacity remains pretty fragmented. Per capita

consumption has increased from 28 kg in 1980-81 to 115 kg in 2005. In

relative terms, Indias average consumption is still low and the process

of catching up with international averages will drive future growth.

Infrastructure spending (particularly on roads, ports and airports), a

spurt in housing construction and expansion in corporate production


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facilities is likely to spur growth in this area. South-East Asia and the

Middle East are potential export markets. Low cost technology and

extensive restructuring have made some of the Indian cement

companies the most efficient across global majors. Despite someconsolidation, the industry remains somewhat fragmented and merger

and acquisition possibilities are strong. Investment norms including

guidelines for foreign direct investment (FDI) are investor-friendly. All

these factors present a strong case for investing in the Indian market.

The growth trend has been on for some time now. If these trends are

anything to go by, it will not be long before the sector will match the

demand supply gap.

During the Tenth Plan, the industry, which is ranked second in the

world in terms of production, is expected to grow at 10 per cent per

annum adding a capacity of 40-52 million tons, according to the annual

report of the Department of Industrial Policy and Promotion (DIPP).

The report reveals that this growth trend is being driven mainly by the

expansion of existing plants and using more fly ash in the production of

cement.

CEMENT

Cements are of two basic types- gray cement and white cement.

Grey cement is used only for construction purposes while white cement

can be put to a variety of uses. It is used for mosaic and terrazzoflooring and certain cements paints. It is used as a primer for paints

besides has a variety of architectural uses. The cost of white cement is

approximately three times that of gray cement. White cement is more

expensive because its production cost is more and excise duty on white


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cement is also higher. Shree cement does not manufacture white cement

at present.

Pozzolona used in the manufacture of Portland cement is burnt clay of

fly ash generated at thermal power plants. PPC is hydraulic cement.

PPC differs from OPC on a number of counts. Pozzolona during

manufacturing consumes lot of hydration heat and forms cementious

gel. Reduced heat of hydration leads to lesser shrinkage cracks. An

additional gel formation leads to lesser pores in concrete or mortar. It

also minimizes problem of leaching and efflorescence.

THE CEMENT INDUSTRY STRUCTURE

CEMENT

GREY WHITE

Portland Pozzolona Cement Ordinary Portland cement


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Presently the total installed capacity of Indian cement industry is more

than 219MT per annum. Indian cement industry is divided into major

cement plants and mini cement plants.

Major Cement Plants:

Plants : 143

Typical installed capacity

Per plant : Above 1.5 mntpa

Total installed capacity : 207.26 mntpa

Production 08: 177.17 mntpa

All India reach through multiple plants

Export to Bangladesh, Nepal, Sri Lanka, UAE and Mauritius

Strong marketing network, tie-ups with customers, contractors

Wide spread distribution network.

Sales primarily through the dealer channel

Mini Cement Plants:

Nearly 365 plants & Located in Gujarat, Rajasthan, MP mainly


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Typical capacity < 200 tpd

Installed capacity around 11.10mn. Tones

Production 2008 : 6.0 mn tones

Mini plants were meant to tap scattered limestone reserves.

However most set up in AP

Most use vertical kiln technology

Production cost / tone - Rs. 1,000 to 1,400

Presence of these plants limited to the state

Infrastructural facilities not the best

Regional division (2009-10)

The Indian cement industry has to be viewed in terms of five regions:-

North (Punjab, Delhi, Haryana, Himachal Pradesh, Rajasthan,

Chandigarh, J&K and Uttranchal);

West (Maharashtra and Gujarat);

South (Tamil Nadu, Andhra Pradesh, Karnataka, Kerala,

Pondicherry, Andaman & Nicobar and Goa);

East (Bihar, Orissa, West Bengal, Assam, Meghalaya, Jharkhand

and Chhattisgarh); and

Central (Uttar Pradesh and Madhya Pradesh).


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REGIONWISE CEMENT PRODUCTION

EAST (14%)

WEST (16%)

CENTRAL (14%

NORTH (23%)

SOUTH (33%)

Major Players in Cement Industry:

Shree

Shree Cements Ltd. is a Rajasthan based company, located at Beawer.

The company has installed capacity of 9.1 mn tones per annum in

Rajasthan. For the last 18 years, it has been consistently producing

many notches above the name plate capacity. The company retains itsposition as north Indias largest single-location manufacturer. Shrees

principal cement consuming markets comprise Rajasthan, Delhi,

Haryana, Punjab, Uttar Pradesh and Uttranchal. Shree manufactures

Ordinary Portland Cement (OPC) and Portland Pozzolana Cement


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(PPC). Its output is marketed under the Shree Ultra Ordinary Portland

Cement and Shree Ultra Red Oxide Jung Rodhak Cement brandnames.

Ambuja

GACL was set up in 1986 with 0.7 million tones. The capacity has

grown 25 times since then to 18.5 million tones. GACL exports as much

as 15 percent of its production. Thirty five per cent of the companys

products transported are by sea which is the cheapest mode. It has

earned the reputation of being the lowest cost producer in the cement

industry. Ambuja cement one of GACLs well established brands. The

company plans to increase capacity by 3-4 million tons in the near

future.

ACC

Being formed in 1936, ACC has a capacity of 22.40 million (including

0.53 million tons of Damodar Cement and Slag and 0.96 million tons of

Bargarh Cement ). ACC Super is one of the companys well establishedbrands. It is planning to expand the capacity of its wholly-owned

subsidiary Damodar cement and Slag at Purulia in West Bengal. This is

aimed at increasing its presence in the eastern region.


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As on FY07, ACC was the largest player with a capacity of 22.4

million tons per annum (including 0.525 mn tones per annum of its

subsidiary Damodar Cement).

The Aditya Birla Group

The Aditya Birla Group is the worlds eighth largest cement producer.

The first cement plant of Grasim, the flagship of the Aditya Birla

Group, at Jawad in Madhya Pradesh went on Stream in 1985. In total,

Grasim has five integrated grey cement plants and six ready-mix

concrete plants. The company is Indias largest white cement producer

with a capacity of 4 lakh tones. It has one of the worlds largest white

cement plant at Kharia Khangar (Raj.) Shree Digvijay Cement, a

subsidiary of Grasim, which was acquired in 1998, has its integrated

grey cement plant at Sikka (Gujrat). Finally Grasim acquired controlling

stake in Ultra Tech Cement Limited (Ultra Tech), the demerged cementbusiness of L&T. Grasim has a total capacity of 31 million tones and

eyeing to increase it to 48 MT by FY 09. Grasim has a portfolio of

national brands which include Birla Supar, Birla Plus, Birla White and

Birla Ready mix and also regional brands like Vikram Cement and

Rajshree Cement.

Binani


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A fierce competitor with a 2.2 MTPA plant is located at Binanigram,

Pindwara, a village in Sirohi in the state of Rajasthan. Its a tough nut

player which is outside CMA (Cement Manufacturers Association) and

is prime reason for driving prices low in market. Offers a good qualityproduct at cheap rates and has very good brand image. Sales are focused

in the North India, Gujarat and Rajasthan markets and Holds around

14% of Rajasthan market.

JK

An entrenched competitor that has brands across the price spectrum

with JK Nembahera leading the pack. Also operates in the white cement

market with Birla as its only competitor. It lost significant market when

Ambuja came to Rajasthan.

Others

Other players like Shriram have insignificant share and are highly

localized. Shriram has a small presence and that too largely in southern

Rajasthan. There are various mini plants operating too which supply

cheap cement which has no ISI certification and does not confirm BIS

standards. Quite often they are supplied in other established brands

cement bags. L&T is a strong player nationally and regarded as quality

product. It has a footprint but not a foothold in Rajasthan market.


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COMPANY PROFILE


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District 3 MT and Khushkhera capacity is 3.5 MTPA) The

organization has performed exceptionally well in the year 2007-08

increasing the PBT by 95% the reasons for this remarkable

achievement and key strengths of the company are discussed in thereport. For the last 18 years, it has been consistently producing many

notches above the nameplate capacity. The company retains its position

as north Indias largest single-location manufacturer. Shrees principal

cement consuming markets comprise Rajasthan, Delhi, Haryana,

Punjab, Uttar Pradesh and Uttranchal. Shree manufactures Ordinary

Portland Cement (OPC) and Portland Pozzolana Cement (PPC). It has

three brands under its portfolio viz., Shree Ultra Jung Rodhak Cement,

Bangur Cement and Tuff Cemento.


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C O M P A N Y P R O F I L E

COMPANY SHREE CEMENT LTD.

INCORPORATION YEAR 1979

REGISTERED OFFICEBANGUR NAGAR, BEAWAR, AJMER

(RAJASTHAN)

CORPORATE OFFICE 21, STRAND ROAD, KOLKATA

INDUSTRY CEMENT MANUFACTURING

CHAIRMAN B.G. BANGUR

MANAGING DIRECTOR H.M. BANGUR

EXECUTIVE DIRECTOR M.K. SINGHI

EQUITY CAPITAL 34.84 CRORES

FACE VALUE OF SHARE 10

EQUITY CAPITAL 34.84 CRORES

FACE VALUE OF SHARE 10


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The Shree Vision

To be one of the Indias most respected enterprise through

best-in-class performance and leading by low carbon philosophy

making it a progressive organization that all stakeholders proud to deal

with.

The Shree Mission

The company continues to be one of the most operationally

efficient and energy conserving cements producers in the world. Its

mission statement is

To harness sustainability through low-carbon philosophy

To sustain its reputation as one of the most efficient manufacture

globally.

To continually have most engaged team.

To continually add value to its products and operation meeting

expectations of all its stakeholders.

To continually build and upgrade skills and competencies of its

human resource for growth

To be a responsible corporate citizen with total commitment to

communities in which it operates and society at large.

Origin of the Company

Promoted by the Bangur Group, Shree Cements is the largest cement

producer in Rajasthan. The company has a total installed capacity of 9.1

million tonne .The plants are strategically located in central Rajasthan,

from where it can cater to the entire Rajasthan market as well as Delhi


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and Haryana. The company has about 100 sales offices spread across

the states of Rajasthan, Uttar Pradesh, Uttaranchal, Delhi, Haryana,

Punjab and Jammu & Kashmir. Its cement is marketed under the brand

name of Shree Ultra Cement with different grades like 33, 43 and 53and sub-brand names like "red oxide cement", "Jung Rodhak Cement",

etc.

Shree Cement Ltd (SCL) is located at Beawer, Rajasthan, Indias largest

cement producing state. It was incorporated in 1979. Commercial

production at its 0.6 million tons per annum (mtpa) cement plant in

Rajasthan commenced in May 1985. Three companies of the Bangur

group promoted SCL. These companies are Shree Digvijay CompanyLtd, Graphite India Ltd and Fort Gloster Industries Ltd. Over the years,

SCL's capacity rose and touched 2 mtpa by 1997-98. Its current

cumulative installed capacity stands at 2.6 mtpa & in 2003-04 the

company produced 2.84 million tones of cement making it the largest

single location cement

Cement making it the largest single location cement producer in north

India. It is operating at over 100% capacity utilization.

Shree caters to cement demand arising in Rajasthan, Delhi, Haryana, UP

and Punjab. What is strategic for SCL is that it is located in central

Rajasthan so it can cater to the entire Rajasthan market with the most

economic logistics cost. Also, Shree Cement is the closest plant to Delhi

and Haryana among all cement manufacturers in its state and proximity

to these profitable cement markets renders the company an edge over

other cement companies of the company in terms of lower freight costs.

Shrees total captive power plant capacity today stands at 101.5 MW. In

2000-01, the company has succeeded in substituting conventional coke

with 100 per cent pet coke, a waste from refineries, as primary fuel

resulting in lower inventory and input costs. In the past two years the


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price of coal has gone up. Earlier dependent on good quality imported

coal, the company's switch to pet coke could not have come at a better

time. The company also replaced indigenous refractory bricks with

imported substitutes, reducing its consumption per ton of clinker. Thecompany has one of the most energy efficient plants in the world. The

captive plant generates power at a cost of Rs 4.5 per unit (excluding

interest and depreciation) as compared to over Rs 5 per unit from the

grid. In appreciation of its achievements in Energy sector, the Company

has been awarded the prestigious 'National Energy Conservation

Award" for the year 1997. Shree is rated best by Whitehopleman, an

international agency specializing in the rating of cement plants.

MULTIPLE COMPETITIVE BRANDS

Incisive execution of Shrees multiple competitive brand strategy has

been delivering results along anticipated lines. Consistency in brand

strategy is helping Shree to sustain its brands having lasting impression

among its consumers.

The steady growth in Shrees volume especially year-on year in the

last two fiscals, testifies to the effectiveness of its multi brand marketing

strategy.

SHREE ULTRA

Launched in 2002, Shree Ultra was the companys first brand, the first

manifestation of Shrees strategic move from commodity to brand

marketing.


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Its generic OPC version has been joined by a variant, Shree Ultra Jung

Rodhak, on the functional differentiator of rust prevention. Together the

two variance have made Shree Ultra the flagship brand of the company,

contributing half of the Shrees total sales.

The brand was launched with powerful media and promotional support,

the imaginative advertising and the momentum has clearly sustained its

growth over time.

Today it is present all of Shree Cements market territories. In 07-08 it

chalked up its highest volumes in the home market of Rajasthan, and in

the NCR, the main focus of the construction boom in north India.

Overall, a Shree Ultra volume reflects its acceptance by professional

influencers. Which in turn facilities acceptance by domestic consumers.

Their support, as well as sustained local promotions, has helped to

improve brand recall, and prepared the ground for fresh initiatives in the

market place.

BANGUR CEMENT

Bangur Cement was launched in 2006 as a premium brand, competitive

with best in the market designed to full fill user aspiration for high

quality construction; the brand tagline reflects its promise of top-of-

market value: Sasta Nahi, Sabse Achcha.

Given the premium profile design for it the brand is supported by a

matching network of business partners and business associates carefully

selected for the track record in selling to high end market segment.


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Its early successes are founded on a two tier marketing and distribution

programme. At one level Shrees field forts takes the trades in to the

confident with transparent terms and tested and proven promotional

offerings.

On a more exclusive level, it deploys special teams of highly

professional technical sales experts t conduct direct, one on one

interaction with opinion builders and influencers if high standing among

the fraternity of respected construction space list.

Bangur Cement has achieved 95% of its total sales in the trade segment.

It has made selective penetration in both urban and rural markets.

Bangur cement maintained its zero outstandings status in this year as

well.

TUFF CEMENTO

This is the latest brand offering from Shree Cement, directed at a highlycompetitive niche market, with aggressive and establish competitors.

It has been position as rock strong- on the promise of high performance,

able to withstand exceptionally harsh environmental conditions.

Launched in the first month of the year under review, Tuff Cemento

was able to secure a network of the 1000 dynamic and resourceful

dealers in a record time of about four months.

The brand is consolidated its position in the market, and the making

further highway in Rajasthan, Delhi, Haryana, parts of south Punjab and

Western U.P.


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While its current status would otherwise be regarded as reasonable.

Tuff Cemento has an altogether more ambitious agenda: to be

aggressively competitive and become a leading brand in the coming

months, and to enable Shree Cement to achieve the maximum possiblecombined market share in its market.

POLICIES

Quality Policy:

To provide products conforming to national standards and

meeting customers requirements to their total satisfaction.

To continually improve performance and effectiveness of quality

management system by setting and reviewing quality objectivesfor:

Customer Satisfaction

Cost Effectiveness

Energy Policy:

To reduce to the maximum extent possible the consumption of

energy without imparting productivity which should help in:

Increase in the profitability of the company

Conservation of Energy


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Reduction in Environmental pollution at energy producing areas

Since Energy is Blood of Industry, It is the responsibility of all of

us to utilize energy effectively and efficiently

Environment Policy:

To ensure:

Clean, green and healthy environment

Efficient use of natural resources, energy, plant and equipment

Reduction in emissions, noise, waste and greenhouse gases

Continual improvement in environment management

Compliance of relevant environmental legislation

Water Policy:

To provide sufficient and safe water to people & plant as well as

to conserve water, we are committed to efficient water

management practices viz,

Develop means & methods for water harvesting

Treatment of waste discharge water for reuse


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Educate people for effective utilization and conservation of water

Water audit & regular monitoring of water consumption.

Health & Safety Policy:

To ensure good health and safe environment for all concerned by:

Promoting awareness on sound health and safe working practices

Continually improving health and safety performance by regularly

setting and reviewing objectives & Targets

Identifying and minimizing injury and health hazards by effective

risk control measures

Complying with all applicable legislations and regulations

Human Resource Policy:

We at Shree Cement are committed to

Empower People

Honor individuality

Non discrimination in recruitment process

Develop Competency

Employees shall be given enough opportunity for betterment

None of the person below the age of 18 years shall be engaged to

work


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Incidence of Sexual Harassment shall be viewed seriously

Statute enacted shall be honored in letter & spirit & standard

Labor Practices shall be followed. Every employee shall be

accountable to the law of the land & is expected to follow the

same without any deviation

Management will appreciate observance of Business ethics &

professional code of conduct

To follow safety & Health. Quality, Environment, Energy Policy

IT Policy:

To provide a robust IT platform suitable to the business processes and

integrated management practices of the company, resulting into better

speed, efficiency, transparency, internal controls and profitability of

business

Trade and Non-Trade Networks

There are two types of Networks: Trade and Non-trade

a) Non-trade Network

Non-trade Network

Govt. non trade Private non trade


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b) Trade Network

Company Handling Agent Stockiest Retailers

Consumers

- for govt. infrastructurebuilding

- Govt. Housing Projects- Railways- Airports- Cement Roads- Bridges- Dams- Canals

These are all bulk

- for Group housing /retail housing

- Contractors projectson behalf of govt.

- Any industrial projectstaken up by the privatesector like bridges,roads etc.


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Advertising

Need for Advertising

Cement has evolved into a highly commoditized product category.

Due to competitive pricing within the industry, there was not

much differentiation among the various brands on offer.

People too did not pay much attention to this product unless there

was a need. Hence people who were currently making their houses

or were soon to embark on such a project became the targetmarket.

Because of the product being commoditized, there was a need for

differentiation for which there was made some changes in the

form of the product.

Shree Cement ltd. was not advertising its products past few years but

looking at the competitive market and opportunities ahead it introduced

a new ad campaign which was targeted to differentiate its product from

other cement brands. It introduced an ad campaign showing the anti

rusting capability of the Red Oxide Cement of the company. But still

the presence of the company has not been so intense as other brands

have like Ambuja and Grasim etc.

SWOT Analysis for Shree Cements

Strengths


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Focused strategy.

Lowest cost producer of cement in north India.

A secure source of raw materials.

High penetration in Govt. Projects.

Largest single plant capacity in India.

Shree power plant, which is producing electricity enough for Ras

plant.

Weaknesses

Less dealer incentives as compared to its competitors.

Color of the cement has not been perceived greatly; green color

was preferred the most.

Poor advertising and brand promotion.

Opportunities

Real estate boom will lead to increased demand.

International expansion.


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Demand from Pakistan side.

Reduction in customs duties.

Governments thrust on infrastructure and tax incentives onhousing loans.

Threats

Increased competition from domestic as well as international

players.

Rising input (oil) prices.

Sales highly dependent on monsoons.

Growth of counterfeits.

Creating Multiple Brands to Increase Market Share

Company wanted to increase its share in the more remunerative

markets. Rajasthan and Haryana are the markets where Shree have high

realization. They realized that a single brand has limited potential for

faster increase in market share in these markets.

This is because there are limits to the volume that a distribution and

retail network could handle. Thus there was a requirement for

increasing distribution network in these markets. To alleviate this, they

studied the brand strategy of a fast moving Consumer Goods Company.


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This company had multiple brands for soaps. Each brand had a unique

products differentiation property. All bands were competing with each

other.

The marketing teams, distribution channel and logistics were all

different for each brand. They found the same model could be applied in

cement business as well. They realized that they can also achieve their

objective by introducing another brand in the market.

The new brand would have its own marketing strategy, distribution

network and penetration. It required deployment of almost twice the

quantum of resources to sustain two brands in the markets.

An altogether new marketing team, additional advertising cost, another

set of storage and distribution logistics like godowns and offices, thus

all such costs were doubling. Yet, Shree Cement chose to go ahead and

launched Bangur Cement in 2006 and Tuff Cemento in 2007.The result,

market share in Rajasthan has substantially increased in last three years.

In Haryana it rose by almost 50 percent.

Encouraged by the success of having two brands, we decided to launch

a third brand-Tuff Cemento. With three brands we have further

consolidated our position in the market. Today Shree have three brands

in the same market: Shree Ultra, Bangur Cement and Tuff Cemento.

Each of these brands has been built on a unique product promise.

As a result of multiple brand strategy Companys market shares have

shown appreciable growth, as demonstrated below:


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Market share in different states

STATE 2007-08 2008-09 2009-10

RAJASTHAN 20.36% 22.17% 35.40%

HARYANA 19.03% 23.91% 22.03%

DELHI 17.94% 17.97% 11.22%

PUNJAB 7.32% 8.29% 7.56%

U.P. 3.98% 4.86% 14.40%

UTTARANCHAL

7.96% 10.13% 3.98%

Efforts made to maintain three brands

Independent marketing team

Separate distribution and retail network

Separate storage and logistics supports

Higher advertisement cost

Achievements by maintaining three brands

Higher Dealer Density

Higher market share


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Better Realization

Lower logistics cost

SUCCESS DRIVERS AT SHREE

PEOPLE AS PROGRESS DRIVERS

Shree believes that what is present in the minds of people is more

valuable than the assets on the shop floor. All the companys initiatives

are directed to leverage the value of this growing asset.

TEAMWORK

Shree leverages effective team working to generate a sustainable

improvement.

LEADERS AT EVERY LEVEL

Shree believes in creating leaders -not just at the organizational apex but

at every level, resulting in a strong sense of emotional ownership.

CULTURE OF INNOVATION

Shree believes that what is good can be made better -across the

organization.


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CUSTOMER FOCUS

Shree is committed to deliver a superior quality of cement at attractivelyaffordable prices.

SHAREHOLDER VALUE

Shree is focused on the enhancement of value through a number of

strategic and business initiatives that generate larger and a better quality

of earnings.

COMMUNITY AND ENVIRONMENT

Shrees community concern extends from direct assistance to safe and

dependable operations for its members and the environment.

LOWEST COST OF PRODUCTION

Its cost of production is around Rs.860 per ton, making it the lowest

cost cement producer in India.


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ENERGY EFFICIENT PRODUCER

Shree Cement is one of the most power efficient units in the country

with a power consumption of 75 units per ton. The Company sources

100% of power requirement from its captive power plants. The

company has existing power plant capacity of 117.5 MW. The company

is installing additional power plant of 143MW capacity, which would

supply power to its new cement units, thus ensuring self-sufficiency.

ALTERNATE FUEL IN PET COKE

The Companys captive power plant as well as cement plants runs on

alternate fuel, i.e., pet coke, the first in India to do so. Until recently, it

was obtaining pet coke domestically from Reliance Industries Ltd.,

Jamnagar refinery. Imported pet coke and the future plan to source it

from Panipat refinery of IOCL will further bring down costs by around

Rs.300 per tones.

INCREASED BLENDING

SCL is continuously trying to improve the ratio of sale of blended

cement (ROC) to 50:50 very soon. Although cost of production is lower

because of addition of cheap fly-ash, it commands higher prices due to

rust-retarding properties.


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CEMENT MANUFACTURING

Raw Material Preparation

Limestone of differing chemical composition is freely

available in the quarries. This limestone is carefully

blended before being crushed. Red mineral is added to

the limestone at the crushing stage to provide

consistent chemical composition of the raw materials.

Once these materials have been crushed and subjected

to online chemical analysis they are blended in a homogenized

stockpile. A bucket wheel declaimer is used to recover and further blendthis raw material mix before transfer to the raw material grinding mills.

Raw Mill

Transport belt conveyor transfers the blended rawmaterials to ball mills where it is ground. The

chemical analysis is again checked to ensure

excellent quality control of the product. The

resulting ground and dried raw meal is sent to a

homogenizing and storage silo for further

blending before being burnt in the kilns.

Fuels

Limestone Extraction

: Kiln

Kiln


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The heat required to produce temperatures of 1,800C

at the flame is supplied by ground and dried petroleum

coke and/or fuel oil. The Petcoke is imported via the

companies' internal wharf, stored and then ground indedicated mills. Careful control of the mills ensures

optimum fineness of the Petcock and excellent combustion conditions

within the kilns system.

Burning

The raw meal is fed into the top of a pre-heater tower

equipped with four cyclone stages. As it falls, the meal

is heated up by the rising hot gases and reaches 800C.At this temperature, The meal dehydrates and partially

decarbonizes. The meal then enters a sloping rotary

kiln, which is heated by a 1,800C flame, which

completes the burning process of the meal. The

Meal is heated to a temperature of at least 1,450C. At this temperature

the chemical changes required to produce cement clinker are achieved.

The dry process kiln is shorter than the wet process kiln and is the most

fuel-efficient method of cement production available.

Cooler Units

Fin side of Kiln


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The clinker discharging from the kiln is cooled by air

to a temperature of 70C above ambient temperature

and heat is recovered for the process to improve fuel

efficiency. Some of the air from the cooler is de-dusted and supplied to the coal grinding Plant. The

remaining air is used as preheated secondary air for the main

combustion burner in the kiln. Clinker is analyzed

to ensure consistent product quality as it leaves the cooler. Metal

conveyors transport the clinker to closed storage areas.

Filters

Dedicated electrostatic precipitators dedust the air and gases used in the

Clinker Production Line Process. In this way, 99.9% of the dust is

collected before venting to the atmosphere. All dust collected is

returned to the process.

Constituents

Different types of cement are produced by mixing and weighing

proportionally the following constituents:

Clinker

Gypsum

Limestone addition

Blast Furnace Slag

Cement Plant


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Cement manufacturing from the quarrying of limestone to the bagging

of cement.


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S H R E E C E M E N T L I M I T E D

BALANCE SHEET AS AT 31ST MARCH, 2010

As at As a

31.03.2010 31.03.2009

Schedule (Rs.in Lac) (Rs.in Lac

SOURCES OF FUNDS

Shareholders' Funds

Share Capital 1 3,483.72 3,483.72

Reserves & Surplus 2 179,840.25 117,517.97

183,323.97 121,001.69

Loan Funds

Secured Loans 3 178,853.25 122,050.73

Unsecured Loans 4 31,770.52 27,564.60

210,623.77 149,615.33

Total 393,947.74 270,617.02

APPLICATIONS OF FUNDS

Fixed Assets 5

Gross Block 295,086.48 225,591.46

Less: Depreciation 219,891.10 162,905.89

Net Block 75,195.38 62,685.57

Capital Work-in-Progress 96,741.59 47,888.98

171,936.97 110,574.55

Investments 6 159,224.04 84,483.47

Deferred Tax Assets (Net) 7 1,240.38 1,038.98

Current Assets, Loans & Advances

Inventories 8 35,813.30 15,445.84

Sundry Debtors 9 8,241.79 5,831.73

Cash & Bank Balances 10 41,637.42 47,226.05

Other Current Assets 11 1,127.84 755.20

Loans & Advances 12 71,397.03 73,678.81

158,217.38 142,937.63

Less: Current Liabilities & Provisions 13

Liabilities 46,684.53 29,000.38

Provisions 49,986.50 39,417.23

96,671.03 68,417.61Net Current Assets 61,546.35 74,520.02


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PROFIT & LOSS ACCOUNT

FOR THE YEAR ENDED 31ST MARCH, 2010

For the

Year For the Year

ended ended

31.03.2010 31.03.2009

Schedule (Rs. in Lac) (Rs. in Lac)

INCOME

Sales 14 401,408.60 309,159.96

Less: Excise Duty

38,196.30 38,096.87

Net Sales

363,212.30 271,063.09

Other Income 15 7,583.79 3,914.91

370,796.09 274,978.00

EXPENDITURE

Manufacturing Expenses 16 131,234.03 114,246.30

Captive consumption of Cement [Net of

Excise Duty Rs. 165.43 Lac (1,019.61)

(438.93)

(Previous year Rs. 117.80 Lac)]

(Increase) / Decrease in Stock 17 (1,965.58)962.74

Purchase of Finished Goods

918.42 652.47

Payment to and Provision for Employees 18 15,861.19 10,387.43

Administrative Expenses 19 4,949.31 3,976.39

Freight & Selling Expenses 20 62,983.14 45,927.70

Interest and Financial Expenses (Net) 21 7,658.07 3,341.11

220,618.97 179,055.21

PROFIT BEFORE DEPRECIATION,

EXCEPTIONAL ITEMS & TAX

150,177.12 95,922.79

Depreciation & Amortization

57,042.98 20,538.70

Exceptional Items

Provision for Statutory Liabilities of Earlier Years'

(Refer Note 7) 4,367.62 -

'


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Five Years Financial Highlights

Rs. In lacs


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Particular 2005-06 2006-07 2007-08 2008-09 2009-10

Sales-Gross 82412.79 161314.44 244032.08 309716.69 401408.60

Other Income 330.47 2127.33 7683.91 8289.61 7583.79

Total Income 82743.26 163441.77 251715.99 318006.30 408992.39

Operating Expenses 60963.58 102342.04 157791.11 214640.33 251157.20

Operating Profit 21779.68 61099.73 93924.88 103365.97 157835.19

Interest 1283.36 1037.37 5329.64 7443.18 7658.07

PBDT 20496.32 60062.36 88595.24 95922.79 150177.12

Less: Dep. &Amort. 18520.68 43305.33 47875.86 20538.70 57042.98

Less: Exceptional Items - (2123.73) 3888.46 3093.05 6342.85

Profit Before Tax 1975.64 18880.76 36830.92 72291.04 86791.29

Tax (Including FBT) 286.24 8451.75 12265.32 13686.98 19382.66

Deferred Tax 587.35 (7271.22) (1471.60) 807.12 (201.40)

Profit after Tax 1102.05 17700.22 26037.20 57796.94 67610.03


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Analysis & Interpretation


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ANALYSIS AND INTERPRETATION

RESEARCH OBJECTIVE

To analyze the impact of inventory control and receivables management

on cement industry profitability and what extent it impact profitability

through multiple regression analysis.

For this analysis preferred mode for data collection is gathering

secondary data. As part of the research data related to inventoryturnover, debtor turnover and net profit were collected of 5 companies.

Calculate inventory period, average collection period on the basis of

collected data.

For analyzing regression between asset classes initially one should

determine if there is any relationship between them. For that purpose

correlation analysis is implemented between net profit margin &

inventory period and between net profit margin & average collectionperiod. Here net profit margin is taken as dependent variable and

inventory period and average collection period are considered as

independent.


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RESEARCH DESIGN

INVENTORY CONTROL

Inventory management is a vital function to help insure the success of

manufacturing companies. The effectiveness of inventory management

is directly measurable by how successful a company is in providing

high levels of customer service, low inventory investment, maximum

throughput and low costs. A truly effective inventory management

system can significantly improve bottom line business performance.

From a financial perspective, inventory management is no small matter.

Inventory is the largest asset item on a manufacturers balance sheet.

There is a lot of management emphasis on keeping inventories down so

they do not consume too much cash. The objectives of inventory

management reduction and minimization are more easily accomplishedwith modern inventory management processes.

Many manufacturing companies suffer from lower customer service,

higher costs and excessive. Inventory control problems are usually the

result of using poor processes and systems.


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RECEIVABLES MANAGEMENT-

Receivables management has significant impact on profitability of anybusiness. Cash flow can be significantly enhanced if the amounts owing

to the business are collected faster. The company should have control

over its receivables. There is negative correlation between average

collection period and net profit margin. If average collection period of a

company is low than its net profit margin will be high and vice versa.

CORRELATION

A statistical measure of the length of a linear relationship between two

variables. The Pearson correlation coefficient measures the degree of

linear association between two variables. It varies between -1.00 and

+1.00, with 0 representing absolutely no association between two

variables. The higher the correlation coefficient, the stronger the level

of association. The correlation coefficient can be either positive ornegative, depending on the direction of the relationship between two

variables.


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MULTIPLE REGRESSIONS

Multiple regression analysis is a statistical technique which analyzes thelinear relationship between a dependent variable and multiple

independent variables by estimating coefficients for the equation for a

straight line.

Regression coefficient is an indicator of the importance of an

independent variable in predicting a dependent variable. Large

coefficients are good predictors and small coefficients are weak

predictors.

The correlation analysis explain the relationship between 2 variables

and direction of relationship, whether 2 variables are positively related

or negatively related.

The regression analysis indicate the amount of change in the dependent

variable that is associated with a one-unit change in the independent

variables.


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SHREE CEMENT LIMITED

Years Sales(Rs

in crores)

Inventory

Period

Average

Collection

Period

Net Profit Net Sales Net Profit

Margin

2000-01 554.60 22.85 26.86 26.12 479.21 5.45

2001-02 397.22 28.30 20.72 1.47 315.32 0.47

2002-03 582.43 38.97 20.52 6.70 455.75 1.47

2003-04 606.93 35.35 17.88 13.04 473.23 2.76

2004-05 723.00 36.64 12.09 29.07 582.08 4.99

2005-06 824.10 50.02 8.09 18.40 667.69 2.76

2006-07 1613.10 35.31 5.94 177.00 1367.98 12.94

2007-08 2440.30 26.41 7.39 260.37 2065.86 12.60

2008-09 3097.10 18.20 6.90 577.97 2715.02 21.29

2009-10 4014.86 32.56 7.49 676.10 3632.12 18.61

Net Profit Margin

05

10

15

20

25

2000-

01

2001-

02

2002-

03

2003-

04

2004-

05

2005-

06

2006-

07

2007-

08

2008-

09

2009-

10

Net Profit Margin


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Inventory Period

0

10

20

30

4050

60

2000-

01

2001-

02

2002-

03

2003-

04

2004-

05

2005-

06

2006-

07

2007-

08

2008-

09

2009-

10

Inventory Period

Average Collection Period

0

5

10

15

20

25

30

2000

-01

2001

-02

2002

-03

2003

-04

2004

-05

2005

-06

2006

-07

2007

-08

2008

-09

2009

-10

Average Collection Period


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ANALYSIS

SHREE CEMENT LIMITED CORRELATION

Years Net Profit Margin Inventory Period

2000-01 5.45 22.85

2001-02 0.47 28.30

2002-03 1.47 38.97

2003-04 2.76 35.35

2004-05 4.99 36.64

2005-06 2.76 50.02

2006-07 12.94 35.31

2007-08 12.60 26.41

2008-09 21.29 18.20

2009-10 18.61 32.56


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0

10

20

30

40

50

60

2000-

01

2001-

02

2002-

03

2003-

04

2004-

05

2005-

06

2006-

07

2007-

08

2008-

09

2009-

10

NP Margin

Inventory Period

By implementing Karl Pearsons method of correlation it can be said that Net Profit Margin and

Inventory Period are significantly negatively correlated i.e. rgs = -0.51

CORRELATION BETWEEN NET PROFIT MARGIN &

AVERAGE COLLECTION PERIOD

Years NP Margin Average Collection Period

2000-01 5.45 26.86

2001-02 0.47 20.72

2002-03 1.47 20.52

2003-04 2.76 17.88

2004-05 4.99 12.09

2005-06 2.76 8.09

2006-07 12.94 5.94

2007-08 12.60 7.39

2008-09 21.29 6.90

2009-10 18.61 7.49


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0

5

10

15

20

25

30

20

00-

01

20

01-

02

20

02-

03

20

03-

04

20

04-

05

20

05-

06

20

06-

07

20

07-

08

20

08-

09

20

09-

10

NP Margin

Avg Collection Period

By implementing Karl Pearsons method of correlation it can be said thatNet Profit Margin and average collection Period are significantly

negatively correlated i.e. rgs = -0.68


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MULTIPLE REGRESSION ANALYSIS

Years NP Margin Inventory Period Average Collection

Period

2000-01 5.45 22.85 26.86

2001-02 0.47 28.30 20.72

2002-03 1.47 38.97 20.52

2003-04 2.76 35.35 17.88

2004-05 4.99 36.64 12.09

2005-06 2.76 50.02 8.09

2006-07 12.94 35.31 5.94

2007-08 12.60 26.41 7.39

2008-09 21.29 18.20 6.90

2009-10 18.61 32.56 7.49

Multiple Regression Equation

Coefficients Standard Error

Intercept 35.4360 4.99199

Indep1 -0.5170 0.1270

Indep2 -0.7709 0.1532

Multiple Regression Equation


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Dependent = -0.5170Indep1 -0.7709Indep2 +35.4360

Here,

Indep1:- Inventory Period

Indep2:- Average Collection Period

By multiple regression equation it is found that change in inventory

period by 1% net profit margin will be down by 0.52%. Change in

average collection period by 1% will result in to net profit margin fall by

0.77% if other factors remain same.

Equation Parameters

R Square 0.8392

Adjusted R Square 0.7932

Standard Error 3.4018

Here by multiple regression model R Square value is 83.92%. It means

that 83.92% of the change in Dependent can be explained by the change

in the 2 Independent Variables. Here standard error is 3.4018, it means

that if repeated sampling done then data can varies by 3.4018. So it can

+/- on result of regression equation.


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Findings & Conclusions


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Findings

After doing the analysis of the impact of Inventory control andReceivables Management on Profitability the following things have been

found out-

Correlation between Inventory period & Net profit Margin = -0.51

Correlation between Average Collection Period & Net Profit margin =

-0.68

R Square = 83.92%

There is a negative relation between inventory period and net profit

margin of Shree cement limited in the last 10 years.

There is a negative relation between the average collection periodand net profit margin of Shree Cement limited in 10 years.


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CONCLUSION

After going through various analyses it can be said that the ShreeCement Ltd should maintain low inventory period and low average

collection period to maintain high net profit margin. Shree Cement Ltd

should reduce its inventory period by using various effective inventory

control tools and also should able to reduce its average collection period

by managing its debtor efficiently. It can also be said that there is high

correlation between average collection period and net profit margin than

inventory period and net profit margin.

After applying multiple regression model it is observed that movement

of net profit margin is affected by movement in inventory period and

average collection period up to 83% in case of Shree cement limited. So

it can be said that change in inventory period by 1% net profit margin

will be down by .51% and change in average collection period by 1%

net profit margin will be down by .77% if other factor remains same.


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Bibliography


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www.shreecementltd.com

Shree Cement annual reports
http://www.shreecementltd.com/http://www.shreecementltd.com/


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Profit & Loss account of

Shree Cements

------------------- in Rs. Cr. ------------------

Jun '12 Mar '11 Mar '10 Mar '09

15 mths 12 mths 12 mths 12 mths

Income

Sales Turnover 6,577.37 3,937.79 4,014.09 3,097.17

Excise Duty 710.86 438.90 385.89 380.70

Net Sales 5,866.51 3,498.89 3,628.20 2,716.47

Other Income 150.44 70.84 61.72 45.22

Stock Adjustments -18.69 34.81 23.58 -11.08

Total Income 5,998.26 3,604.54 3,713.50 2,750.61

Expenditure

Raw Materials 923.04 811.93 646.64 502.34

Power & Fuel Cost 1,499.87 912.32 610.48 605.81

Employee Cost 319.49 199.14 159.21 104.38

Other Manufacturing Expenses 68.11 50.33 41.79 36.44

Selling and Admin Expenses 0.00 659.54 670.73 481.40

Miscellaneous Expenses 1,391.55 12.63 18.88 21.32

Preoperative Exp Capitalised 0.00 0.00 0.00 0.00

Total Expenses 4,202.06 2,645.89 2,147.73 1,751.69

Jun '12 Mar '11 Mar '10 Mar '09

15 mths 12 mths 12 mths 12 mths

Operating Profit 1,645.76 887.81 1,504.05 953.70

PBDIT 1,796.20 958.65 1,565.77 998.92

Interest 235.36 175.35 129.09 77.16


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PBDT 1,560.84 783.30 1,436.68 921.76

Depreciation 873.09 675.76 570.43 205.39

Other Written Off 0.00 0.00 0.00 0.00

Profit Before Tax 687.75 107.54 866.25 716.37

Extra-ordinary items 74.75 61.86 16.69 6.53

PBT (Post Extra-ord Items) 762.50 169.40 882.94 722.90

Tax 144.00 -40.27 206.84 144.94

Reported Net Profit 618.50 209.70 676.10 577.97

Total Value Addition 3,279.02 1,833.95 1,501.08 1,249.35

Preference Dividend 0.00 0.00 0.00 0.00

Equity Dividend 69.68 48.77 45.29 34.84

Corporate Dividend Tax 11.30 7.99 7.59 5.92

Per share data (annualised)

Shares in issue (lakhs) 348.37 348.37 348.37 348.37

Earning Per Share (Rs) 177.54 60.19 194.07 165.91

Equity Dividend (%) 200.00 140.00 130.00 100.00

Book Value (Rs) 784.77 570.13 526.23 347.33

inventory control project

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