AN ANALYSIS ON INVENTORY MANAGEMENT AT

MARICO INDIA LIMITED, GUWAHATI

SUMMER PROJECT REPORT

Submitted by. BHASKAR PRATIM SARMA SYED JAVED

MASUM HAQUE

Under the Guidance of

Dr.BANJIT CHANGEKAKATI,B.Tech, MBA.,P.hd

Faculty, Department of Management Studies

in partial fullfilment for the award of the degree
of
MASTER OF BUSINESS ADMINISTRATION

DEPARTMENT OF MANAGEMENT STUDIES

GAUHATI UNIVERSITY
GUWAHATI

SEPTEMBER- 2017
 GAUHATI UNIVERSITY

GUWAHATI,ASSAM

DEPARTMENT OF MANAGEMENT STUDIES

BONAFIDE CERTIFICATE

This to certify that the project work entitled “AN ANALYSIS ON INVENTORY
MANAGEMENT AT MARICO INDIA LIMITED, GUWAHATI” is a bonafide work done
by SYED JAVED MASUM HAQUE in partial fulfilment of the requirement for the award of
Master of Business Administration by Gauhati University during the academic year 2016 – 2018.

GUIDE HEAD OF DEPARTMENT

Submitted for Viva-Voce Examination held on

EXTERNAL EXAMINER

ACKNOWLEDGEMENT
I take this opportunity to express my immense gratitude to our HOD DR. PRADEEP KUMAR
JAIN for his support and encouragement for the completion of my project.

I extend the immense gratitude to the my guide DR. MONOJ KUMAR CHOUDURY for his
motivation, inspiration, and encouragement for the completion for my project.

I am sincerely thankful to MR. ARINDAM PAUL, PLANT MANAGER, Marico India Ltd. for
his help and support throughout the project. I extend my thanks to MR. TARUN SOOD,
Associate Manager for his help. I extend my sincere thanks and my deep sense of gratitude to
MR. HRISHIKESH KALITA, Junior Manager-Material Planning for his kind assistance and
MR. ABINASH SINGH, Supply Chain Officer, who were also my External Guides.

I would also like to thank all the staff of the organization for helping me directly and indirectly to
conclude this work. Last, but not the least, my heart felt gratitude to my parents, relatives and my
friends for their constant encouragement, support, help and valuable advice to make this project a
success.
 ABSTRACT

Every organization needs inventory for smooth running of its activities. It serves as a link
between production and distribution processes. The investment in inventories constitutes the most
significant part of current assets/working capital in most of the undertakings. Thus, it is very
essential to have proper control and management of inventories. The purpose of inventory
management is to ensure availability of materials in sufficient quantity as and when required and
also to minimise investment in inventories. Raw materials, goods in process and finished goods
all represent various forms of inventory. Each type represents money tied up until the inventory
leaves the company as purchased products. Because of the large size of the inventories
maintained by firms, a considerable amount of funds is required to be committed to them. It is
therefore absolutely imperative to manage inventories efficiently and effectively in order to avoid
unnecessary investments. A firm neglecting the management of inventories will be jeopardizing
its long run profitability and may fail ultimately. The reduction in excessive inventories carries a
favorable impact on the company’s profitability.

The study starts with an introduction to inventory management, Company’s profile, its Vision &
Mission, Achievements and also the need for study, review of literature and objectives are set out
for the study. Research methodology, Data analysis & Interpretation, Findings and Suggestions of
the study follow.

One of the main areas of the project is the analysis part, where the data are analysed &
interpreted, to find out how the inventories were managed. Some of the tools used in inventory
are regarding to:
Safety Stock
ABC Analysis
FSN Analysis
Trend Analysis and
Inventory Turnover Ratio.
FIFO
Layout design.
And then conclusions, limitations & scope for further study were discussed.

CONTENTS

CHAPTER TITLES PAGE NO.

LIST OF TABLES
LIST OF CHARTS
INTRODUCTION 1

I PROFILE OF THE COMPANY 2

NEED FOR THE STUDY 15

II REVIEW OF LITERATURE 16

III OBJECTIVES OF THE STUDY 31

 IV RESEARCH METHODOLOGY 32

V DATA ANALYSIS AND INTERPRETATION 34

FINDINGS OF THE STUDY, 49

VI
SUGGESTION AND RECOMMENDATIONS 51

VII CONCLUSION 52

LIMITATIONS OF THE STUDY 53

VIII
SCOPE FOR THE FUTHER STUDY 54

BIBILIOGRAPHY 55

LIST OF TABLES

TABLE NO. NAME OF THE TABLE PAGE NO.

1,2,3,4 SAFETY STOCK 37

5,6 ABC ANALYSIS 41

3 FSN ANALYSIS 44

4 CALCULATION OF INVENTORY TREND 45

5 INVENTORIES PERCENTAGE 46
 6 INVENTORIES TURNOVER RATIO & VELOCITY 48

LIST OF CHARTS

CHART NO. NAME OF THE CHART PAGE NO.

1 ABC ANALYSIS 41

2 FSN ANALYSIS 44

3 TREND OF INVENTORY 47

CHAPTER-I

INTRODUCTION

Inventory control is vitally important to almost every type of business, whether product or service
oriented. Inventory control touches almost every facets if operations. A proper balance must be
struck to maintain proper inventory with the minimum financial impact on the customer.
Inventory control is the activities that maintain stock keeping items at desired levels. In
manufacturing since the focus is on physical product, inventory control focus on material control.

“Inventory” means physical stock of goods, which is kept in hands for smooth and efficient
running of future affairs of an organization at the minimum cost of funds blocked in inventories.
The fundamental reason for carrying inventory is that it is physically impossible and
economically impractical for each stock item to arrive exactly where it is needed, exactly when it
is needed.

Inventory management is the integrated functioning of an organization dealing with supply of

materials and allied activities in order to achieve the maximum co-ordination and optimum
expenditure on materials. Inventory control is the most important function of inventory
management and it forms the nerve center in any inventory management organization. An
Inventory Management System is an essential element in an organization. It is comprised of a
series of processes, which provide an assessment of the organization’s inventory.

PROFILE OF THE COMPANY

MARICO LTD:
Marico Ltd. is a consumer product and service company which operates in the beauty and
wellness space.
The company is engaged in the manufacturing, sales and distribution of consumer products and
services such as hair care, skin care and healthy foods.
The company’s products and services reach out to more than 25 countries across Asia and
African continent.
The company operates in India, Egypt, Bangladesh, South Africa, Vietnam, Singapore, Malaysia,
and the UAE. Its headquartered in Mumbai, India and employs around 1,080 people.
HISTORY OF MARICO LTD.

Marico was incorporated in 1988.

In 1990, the company took over an old consumer products business of The Bombay Oil
Industyries Limited.

In 1996, the company was listed on the National Stock Exchange of India and Bombay Stock
Exchange.

In February 2011, Marico acquired 85% equity in International Consumer, Products Corporation
(ICP), Vietnamese FMCG Company.

BOARD OF DIRECTORS

Managing Director and CEO: Saugata Gupta

Director : Rajen Mariwala

Additional Director : Rishabh Mariwala

Additional Independent Director: Ananth Narayanan.

MARICO VISION/MISSION STATEMENT

The MARICO Innovation Foundation’s mission is to provide the nation with first: a belief that
Innovation is possible and is the way to leapfrog India into the center stage of global business
leadership, and second: a framework to leverage innovation for quantum growth.

CORE COMPETENCIES

Innovation: Unique and compelling solutions valued by our customers and aligned to our brands
create competitive advantage and differentiated shareholder value.

Operational Excellence (OPEX): A methodology for solving problems & continuous

improvement of products & processes through pursuit, acquisition, and utilization of knowledge
using critical thought and planned experimentation helps us achieve operational excellence.

Customer Excellence: Excelling the customer expectation from the company, its brands,
products and services are a three-step process. The three steps are: Know a customer, Be a
customer, Serve a customer.
Knowing a customer helps us know who our customers are, how to treat them, how we add value,
and what the drivers of brand loyalty are. This information is gathered from the customer's data
base history. This way we are better able to customize products for them and recommend the
right product to solve problems. Being a customer is important to share customer knowledge and
insights, drive actions based on customer insights, be passionate about our brands and customer
loyalty and provide a positive voice for our brands. We show empathy for customers and seek to
resolve their problems by creating consistent customer touch-points, with our endeavor always
being to provide unique solutions for the customer.

PRODUCTION:

MANUFACTURING FACILITIES IN INDIA

Marico has 9 manufacturing plants in India located at:
1. Pondicherry
2. Perundurai
3. Kanjikode
4. Jalgaon
5. Paldhi
6. Dehradun
7. Baddi
8. Paonta sahib
9. Guwahati

GUWAHATI PLANT:
Marico ltd guwahati has two units in guwahati: NER1 and NER 2.
The project was carried out in NER2.

The various departments in the Guwahati plant are

 Human Resource Department
Supply chain department
Production Department
Plant Maintenance Department (PMD)
Quality Assurance Department (QAD)
Commercial department
MALT(MEDIKER ANTI-LICE SILK N SHINE(SNS) PARACHUTE
TREATMENT) ADVANCED
JASMINE(PAJ)
SKU’s – 5ml, 9ml, 50 ml SKU’s- 18ml, 50ml, 100ml, SKU’s- 500ml
3ml

CLASSIFICATION OF PRODUCTS:

Company is shown by a flat Organization Structure as below:

 NEED FOR THE STUDY

Every organization needs inventory for smooth running of its activities. It serves as a link
between production and distribution processes. The investment in inventories constitutes the most
significant part of current assets/working capital in most of the undertakings. Thus, it is very
essential to have proper control and management of inventories. The purpose of inventory
management is to ensure availability of materials in sufficient quantity as and when required and
also to minimise investment in inventories. So, in order to understand the nature of inventory
management of the organization, I took this Inventory Management as a topic for my project, to
give findings and suggestions by adopting and analyzing different inventory control techniques.
 CHAPTER-II

REVIEW OF LITERATURE

2.1 MEANING OF INVENTORY

Inventory generally refers to the materials in stock. It is also called the idle resource of a
company. Inventories represent those items which are either stocked for sale or they are in the
process of manufacturing or they are in the form of materials which are yet to be utilized.

It also refers to the stockpile of the products a firm would sell in future in the normal course of
business operations and the components that make up the product.
Inventory is a detailed list of those movable items which are necessary to manufacture a product
and to maintain the equipment and machinery in good working order.

TYPES OF INVENTORIES

A manufacturing firm generally carries the following types of inventories:

Raw Materials.
Finished goods inventories.
Packaging inventories.

REASONS FOR HOLDING INVENTORY

To stabilize production.
To take advantage of price discounts.
To meet the demand during the replenishment period.
To prevent loss of orders.
To keep pace with changing market conditions.

MOTIVES OF HOLDING INVENTORIES

The Transaction Motive which facilitates continuous production and timely execution of sales
orders.
The Precautionary Motive which necessities the holding of inventories for meeting the
unpredictable changes in demand and supplies of materials.
The Speculative Motive which induces to keep inventories for taking advantage of price
fluctuations, saving in re-ordering costs and quantity discounts etc.,.

INVENTORY CONTROL
The main objective of inventory control is to achieve maximum efficiency in production & sales
with minimum investment in inventory.
Inventory control is a planned approach of determining what to order, when to order and how
much to order and how much to stock, so that costs associated with buying and storing are
optimal without interrupting production and sales.

BENEFITS OF INVENTORY CONTROL

The benefits of inventory control are:

Improvement in customers’ relationship because of the timely delivery of goods and services.
Smooth and uninterrupted production and hence, no stock out.
Efficient utilization of working capital.
Economy in purchasing.
Eliminating the possibility of duplicate ordering.

PRINCIPLES OF INVENTORY CONTROL

Inventory is only created by spending money for materials and the labour and overhead to
process the materials.
Inventory is reduced through sales and scrapping.
Accurate sales & production schedule forecasts are essential for efficient purchasing, handing &
investment in inventory.
Management policies which are designed to effectively balance size and variety of inventory with
cost of carrying that inventory are the greatest factor in determining inventory investment.
Forecasts help determine when to order materials. Controlling inventory is accomplished through
scheduling production.
Records do not produce control.
Control is comparative & relative, not absolute. It is exercised through people with varying
experiences and judgment rules & procedures establish a base from which the individuals can
make evaluation and decision.
With the consistent practices being followed, inventory control can become predictable and
properly related to production and sales activity.

INVENTORY CONTROL – TERMINOLOGY

Demand:
It is the number of items required per unit of time. The demand may be either deterministic or
probabilistic in nature.

Order cycle:
The time period between two successive orders is called order cycle.

Lead time:
The length of time between placing an order and receipts of items is called lead time.

Safety stock:
It is also called buffer stock or minimum stock. It is the stock or inventory needed to account for
delays in materials supply and to account for sudden increase in demand due to rush orders.

Inventory turnover:
If the company maintains inventories equal to 3 months consumption. It
means that inventory turnover is 4 times a year i.e., the entire inventory is used up and replaced 4
times a year.

SAFETY STOCK
MEANING
The economic order quantity formula is developed based on assumption that the demand is
known and certain and that the lead time is constant and does not vary. In actual practical
situations, there is an uncertainty with respect to the both demand as well as lead time. The total
forecasted demand may be more or less than actual demand and the lead time may vary from
estimated time. In order to minimize the effect of uncertainty due to demand and the lead time, a
firm maintains safety stock, reserve stocks or buffer stocks.

The safety stock is defined as “the additional stock of material to be maintained in order to meet
the unanticipated increase in demand arising out of uncontrollable factors”.

In simple it is tells about which is used to protect against uncertainties.

Because it is difficult to predict the exact amount of safety stock to be maintained, by using
statistical methods and simulation, it is possible to determine the level of safety stock to be
maintained.

DETERMINATION OF SAFETY STOCK

If the level of safety stock is maintained is high, it locks up the capital and there is a possibility of
risk of obsolescence. On the other hand, if it is low, there is a risk of stock out because of which
there may be stoppage of production. When the variation in lead time is predominant, the safety
stock can be computed as:

Safety Stock = (Maximum Lead time- Normal Lead time) * Demand

SAFETY STOCK
The service level of inventory thus depends upon the level safety stocks. Large the safety stocks,
there is a lesser risk of stock out and, hence, higher service level. Sometimes higher service levels
are not desirable as they result in increase in costs, thus, fixing up a safety stock level is critical.
Using past date regarding the demand and lead time data, reliability of suppliers and service level
desired by management, safety stock can be determined with accuracy.

ABC ANALYSIS

MEANING

The inventory of an organization generally consists of thousands of items with varying prices,
usage rate and lead time. It is neither desirable nor possible to pay equal attention of all items.

ABC analysis is a basic analytical tool which enables management to concentrate its efforts
where results will be greater. The concept applied to inventory is called as ABC analysis.
Statistics reveal that just a few items account for bulk of the annual consumption of the materials.
These few items are called A class items which hold the key to business. The other items known
as B & C which are numerous in number but their contribution is less significant. ABC analysis
thus tends to segregate the items into three categories A,B & C on the basis of their values. The
categorization is made to pay right attention and control demanded by items.

FEATURES OF ABC ANALYSIS

A Class (High Value) B Class (Moderate Value) C Class (Low Value)

Tight control on stock Moderate control Less control
levels
Low safety stock Medium Large
Ordered frequently Less frequently Bulk ordering
Individual posting in stores Individual Collective posting
Weekly control reports
Continuous effort to reduce Monthly control Quarterly control
lead time
Moderate efforts Minimum efforts

ADVANTAGES

This approach helps the manager to exercise selective control & focus his attention only on a few
items.
By exercising strict control on A class items, the materials manager is able to show the results
within a short period of time.
It results in reducer clerical costs, saves time and effort and results in better planning and control
and increased inventory turnover.
ABC analysis, thus, tries to focus and direct the effort based on the merit of the items and, thus,
becomes an effective management control tool.
FSN ANALYSIS

All the items in the inventory are not required at the same frequency. Some are required
regularly, some occasionally and some very rarely. FSN analysis classifies items into fast
moving, slow moving, non moving items.

INVENTORY TURNOVER RATIO

Kohler defines inventory turnover as “a ratio which measures the number of times a firm’s
average inventory is sold during a year”.

A higher turnover rate indicates that the material in question is a fast moving one. A low turnover
rate, on the other hand, indicates over-investment and locking up of working capital on
undesirable items.
Inventory turnover ratio may be calculated in different ways by changing the numerator, but
keeping the same denominator. For instance, the numerator may be materials consumed, cost of
goods sold or net sales. Based on any one of these, the ratio differs from industry to industry.
Stock turnover is measured in terms of the ratio of the value of materials consumed to the average
inventory during the period. the ratio indicates the number of times the average inventory is
consumed and replenished. By diving no. of days in a yeat by turnover ratio, the number of days
for which the average inventory is held, can be ascertained.
Comparing the no. days in the case of two different materials, it is possible to know which is fast
moving & which is slow moving. On that basis, attempt may be made to reduce the amount of
capital locked up, and prevent over-stocking of slow moving items.
Net sales(dispatch)
Inventory turnover ratio =
Avg. inventory

No. of days in a year

Inventory velocity =
Inventory turnover ratio

INVENTORY AS MANAGING INVENTORY

In this review Mr. WOLFE BAGBY explains inventory as Managing inventory to Meet
Profit Goals, Shortening the cash cycle, avoiding inventory shortage, Avoid excessive carrying
costs for unused inventory, Improving profitability by decreasing cash conversion, JIT.

Getting smart about inventory

When a manufacturing firm works to gain greater control over management of its inventory, it
helps to know what this means for a company. For starters, maximizing a manufacturer’s cash
flow and profitability includes keeping a watchful, discerning eye on changes in supply and
demand, which means simultaneously scrutinizing external factors that might affect supply and
demand.

Shortening the cash conversion cycle

Much of this can be accomplished when manufacturers update their scheduling systems. The
Web-based nature of an inventory management system allows Electronic data interchange of
projected demand and vendor requirements are transmitted throughout the distribution network.
This, in turn, keeps the networks, production and deliveries in near real-time synchronization
with the latest network inventory, forecast and actual demand information. Another way to
shorten the cash conversion cycle is to have clear channels of communication with vendors. Still,
advanced inventory management software is nothing without a strong internal supply chain,
especially when loyal employees who want to work on behalf of the company’s goals support it.

Avoiding inventory shortage

Most manufacturers recognize that supplier inventories are important. Even though more stock
means higher total costs, the alternative is often too little stock which tends to put the brakes on
operations. This means negative impact in more ways than one. One obvious way to take
precautions for avoiding inventory shortage is by using more than one vendor in particular areas
of the supply chain.

Avoid excessive carrying costs for unused inventory

Most companies need to reduce inventory in whatever way seems most reasonable, considering
the variables faced by the manufacturer. This isn’t to say that manufacturing firms will be
eliminating warehousing anytime soon. But, it is important to note that drastic reductions in
inventory costs are available to most any company that wants better control. Much of this effort
deals with building collaborative relationships with suppliers to the point where most inventory-
related matters can be worked out. Consignment inventory is another way to save inventory costs.
Give someone else the responsibility for moving inventory so it doesn’t cost the manufacturer as
much to hold onto it

Improving profitability by decreasing cash conversion

Boosting financial performance is another benefit that comes from better inventory management.
In fact, a large number of manufacturers enjoy significant savings and better performance by
choosing the approach to inventory reduction that works best for them. One vital measurement
for determining how effectively a manufacturer’s inventory management system is operating is
referred to as inventory turnover. Essentially, it measures how efficiently inventory moves
through the organization. In fact, manufacturing executives are told never to underestimate the
importance of inventory turns. Gaining better control over accounts receivables policies is
another popularly reported approach for using inventory to improve profitability. Depending
upon the nature of business, early or on-time payment discounts can be the incentive for moving
inventory faster.

How to Assess (evaluate) Inventory Levels?

Average Inventory can be calculated by Simplistic Method.

Most methods of accounting take the beginning inventory of a period, add it to the ending
inventory of a period, and divide by 2. This essentially provides the mathematical average for a
given month. 

Avg. Inventory = (Beginning Inventory+ (Beginning Inventory + Units Produced-Units

Sold))/2 

Or more simply:

Avg. Inventory = (Beginning Inventory + Ending Inventory)/2 

FIFO:
FIFO stands for “first in, first out”, and assumes that the costs of the first goods purchased are
charged to cost of goods sold.

Key points:
1. This method assumes the first goods purchased are the first goods sold. In some
companies, the first units bought must be the first units sold to avoid large losses from
spoilage.
 2. In periods of rising prices FIFO has higher value of inventory and lower cost of goods
sold; in periods of falling prices it has lower value of inventory and higher goods of cost
of goods sold.
3. Because a company using FIFO assumes the older units are sold first and the newer units
are still on hand, the ending inventory consists of most recent purchases.

CHAPTER-III

OBJECTIVES OF THE STUDY

PRIMARY OBJECTIVE
 To analyse the efficiency of Inventory Management of MARICO India Ltd.
Systematic layout suggestion in FIFO.

SECONDARY OBJECTIVE

To identify the safety stock level for various components.

To classify the various components based on its value and movements.
To identify finished goods inventory dispatch of the company for the next month.

CHAPTER-IV

RESEARCH METHODOLOGY
RESEARCH
Research is a process in which the researcher wish to find out the end result for a given problem
and thus the solution helps in future course of action. The research has been defined as “A careful
investigation or enquiry especially through search for new facts in branch of knowledge”

RESEARCH DESIGN

The research design used in this project is Analytical in nature the procedure using, which
researcher has to use facts or information already available, and analyze these to make a critical
evaluation of the performance.

DATA COLLECTION

Primary Sources
Data are collected through personal interviews and discussion with Material
Planning- Junior Manager.

Secondary Sources

The data are collected from the monthly reports maintained by the company for the month
Of June and July, 2017.

TOOLS USED IN THE ANALYSIS

Safety Stock.
ABC Analysis.
FSN Analysis.
Linear Regression method.
Inventory turnover ratios.
FIFO
PERIOD OF STUDY
The period of the study at Marico India Limited,Guwahati is for two months.

CHAPTER-V
DATA ANALYSIS AND INTERPRETATION

SAFETY STOCK
MEANING

Safety stocks are the minimum additional inventory which serve as a safety margin to meet an
unanticipated increase in usage resulting from an unusually high demand and an uncontrollable
late receipt of incoming inventory.

TABLE: 1
RAW MATERIALS:

Brand Plan in KL
Mediker 35

Min.
Max. Lead
Lead time
Name of Raw time (in (in Safety
SL NO materails Dosing/KL UoM Demand days) days) Stock
1 Methyl Paraben 75
1 Kg 7 4 225
2 Propyl Paraben 25
0.5 KG 7 4 450
3 CAMPHOR 1 KG 46 7 4 138
GALAXY 111 PHR 1,800
4
30 Kg 7 4 5400
5 FORMALDEHYDE 62.400
0.5 Kg 7 4 187.2
6 EDTA 1 Kg 47 7 4 141
7 Refined Glycerine 2,000
20 Kg 7 4 6000
8 Citric Acid 0.8 Kg 32 7 4 96
9 Sparkle 670 45 Kg 2,340 7 4 7020
10 Galaxy Les-70 140 Kg 8140 7 4 24420
11 Perfume 350
Medifresh 4 kg 7 4 1050
12 Neem Oil 0.01 Kg 9 7 4 27
1 Food Blue 0.00044 Kg 0.987 7 4 2.961
3 Food Yellow 0.00088 Kg 0.974 7 4 2.992
14 Fragnance 6489 24
0.35 Kg 7 4 72
15 Sitaphal Beej 0.1 Kg 14 7 4 42
 16 Dehyquart Guar N
3.5 Kg 429 7 4 1287
17 COCONUT OIL.
0.02 Kg 7 4 8004.7
18 Common Salt 10 Kg 500 7 4 1500

TABLE:2

Brand Plan in KL
SNS 40  

Max.
Lead Min. Lead
Name of Raw time(in time(in Safety
SL NO materails Dosing/KL UoM Demand days) days) Stock
1 Vitamin E Acetate 0.1 Kg 30 7 4 90
2 DC 245 484 KG 11400 7 4 34200
Perfume Fruit
3 Blush 1 KG 49 7 4 147
4 DC 556 0.10 Kg 13 7 4 39
5 DC 200 0.1 Kg 1 7 4 3
6 DC 1501 470 Kg 23790 7 4 371370

TABLE:3
Brand Plan in KL  
PAJ 50  

Max. Min.
Lead Lead
Name of Raw time(in time(in Safety
materails Dosing/KL UoM Demand days) days) Stock

RCNO 168.45 Kg 939.49 7 4 2818

Perfume Jasmine 5.90 KG 19.06 7 4 57

 (Jasmine extract -
nihar) 0.10 KG 24.73 7 4 74

Methi-seed Extract 0.01250 Kg 0.99 7 4 3

BHT 0.40 Kg 24.62 7 4 74

LLP 809.89 L 2885.43 7 4 8656

Max. Min.
Lead Lead CFC
Plan time(in time(in Safety Safety
Brand IN kl SKU Category UoM Demand CFC days) days) stock Stock
Laminates KG 3398   7 4 10,194  
Medike
r   5 ML MonoCartons Nos 50000   7 4 150,000  
Laminates KG 681   7 4 2,043  
Medike
r 35 9 ML MonoCartons Nos 11574 1157 7 4 34,722 3471
252,00 3
Bottles Nos 0 ,150 7 4 756000 9450
Medike 252,00
r Caps Nos 0   7 4 756000  
252,00
  50 ML Labels Nos 0   7 4 756000  
SNS 40 3 ML Laminates KG 10506   7 4 31,518  
23,00
Bottles Nos 0 383 7 4 69000 1149.0
23,00
Caps Nos 0   7 4 69000  
23,00
SNS
Labels Nos 0   7 4 69000  
23,00
Monocartons Nos 0   7 4 69000  
100 7,66
  ML Sleeves Nos 7   7 4 23001  
500
PAJ 50 ML BOTTLES Nos 100000 4167 7 4 300000 12501
      LABELS Nos 100000   7 4 300000  
      CAPS Nos 100000   7 4 300000  
TABLE: 4 PACKAGING MATERIALS
ANALYSIS & INTERPRETATION :
In the above table, safety stock for the various raw materials and packaging materials calculated
are shown. Actual demand is given for each component for a period of 1 month and the lead time
is 4 days. So, from calculation of safety stock, we can able to determine how much the company
can hold the inventory in reserve stock per month.

ABC ANALYSIS

MEANING

The ABC system is a widely used classification technique to identify various items of inventory
for purposes of inventory control. On the basis of unit cost involved, the various items are
classified into 3 categories:

A, consisting of items with the large investment,

C, with relatively small investments but fairly large number of items and
B, which stands mid-way between category A & C.

Category A needs the most rigorous control, C requires minimum attention and B deserves less
attention than A but more than C.

TABLE 5: RAW PER UNIT COST

Material Group Material Description Base Per unit
Unit of cost
Measure
ADDITIVES VITAMIN E ACETATE E.MERCK KG 1600.86
MAKE
ADDITIVES METHYL PARABEN KG 366.508
ADDITIVES PROPYL PARABEN KG 449.5764
ADDITIVES BENZOPHENONE - 3 KG 851.43
ADDITIVES FRAGRANCE JASMINE-MR KG 1352.813
ADDITIVES CAMPHOR KG 465.9296
ADDITIVES SDEA GALAXY 111 PHR KG 242.8243
ADDITIVES FORMALDEHYDE KG 70
ADDITIVES EDTA TETRA SODIUM - PHR KG 398.1292
ADDITIVES REFINED GLYCERINE - PHR KG 50
ADDITIVES CITRIC ACID - PHR KG 155.3328
ADDITIVES CYCLOMETHICONES DC 245 KG 292.7188
ADDITIVES SPARKLE KG 190.1305
ADDITIVES GALAXY LES - 70 KG 142.6565
ADDITIVES DC - 556 KG 1841
ADDITIVES DC - 200 KG 860.968
ADDITIVES Neem Oil soluble Extract KG 300
ADDITIVES Food Blue-2 (C.I.42090) KG 6551.62
ADDITIVES Food Yellow-13 (C.I.47005) KG 8653.58
ADDITIVES DC - 1501 KG 234.1404
ADDITIVES Fragrance 6489/MR KG 12000
ADDITIVES Sitaphal Beej Extract (Water Soluble) KG 900
ADDITIVES Butylated Hydroxy Touelene KG 222
ADDITIVES Dehyquart Guar N KG 1928.308
ADDITIVES Perfume Gold Castle Imp KG 1461.995
CHEMICALS C12-15 Alkyl Benzoate KG 370.1434
CHEMICALS KF 54 KG 2630.228
ED OILS REFINED COCONUT OIL KG 119.2755
ELECT SUP COMMON SALT KG 7.159286
NONED OIL LQUID PARAFFIN L 3
PERFUMES Perfume Fruit Blush KG 1733.127
PERFUMES Perfume Medifresh Mod KG 1715.547
PERFUMES JASMINE PERFUME CD1341 - NIHAR KG 377.6
PRO CONS TERTIARY BUTYL HYDROXY G 0.6
QUINONE
SILICONE SF1215 KG 309.0671

TABLE 6:PACKAGING MATERIAL PER UNIT COST

Material Material Description Base Unrestricted Value PER
Group Unit of Unrestricted UNIT
Measure COST
BOTTLES BOTTLE HDPE NOS 55,120 112,787.76
PEARL BLUE
MEDIKER 50ML 2.04
BOTTLES Bottle 50ml H&C S N NOS 22,360 54,067.71
S 2.41
BOTTLES Bottel 100ml H&C S NOS 23,166 64,130.40
NS 2.76
BOTTLES BOTTLE 18ml SNS NOS 14,580 19,284.59 1.32
CAPS PEARL BLUE NOS 32,000 17,969.44
MEDIKER 50 ML 0.561545
CAPS Cap 50/100ml H&C S NOS 175,530 194,211.49
NS 1.106429
CAPS Cap 20ml H&C S N S NOS 80,000 132,316.59
1.653957
CARTON INNER CARTON NOS 48,500 116,877.45
MALT 5 ML- 72 2.409844
CFC CFC OUTER WITH NOS 2,490 35,842.74
PARTITION
MEDIKER 50ML 14.39467
CFC Inner Carton 50 HC S NOS 5,400 11,712.57
NS 2.168994
CFC Inner Carton 100 HC NOS 5,400 19,594.39
SNS 3.628591
CFC CFC 50ml - H&C S N NOS 1,980 74,837.72
S 37.79683
CFC CFC 100ml - H&C S NOS 2,395 104,082.32
NS 43.45817
CFC CFC - 4ml SNS NOS 6,900 99,438.81
Sachet 14.41142
CFC CFC 20ml - H&C S N NOS 980 50,553.55
S 51.58526
CFC DUPLEX CARTON NOS 5,600 6,105.92
18ml SNS (72) 1.090343
CFC OUTER CFC 9ml NOS 2,690 28,218.27
MALT NAT SAC 10.49006
CFC CFC MALT 5 ML - NOS 1,020 11,537.22
720 11.311
CFC SET CFC SET 500ML NOS 1,460 53,636.59
PAR ADV JASMINE 36.73739
INKS Ink Black Videojet NOS 4 17,738.14 4434.535
INKS Make up for videojet NOS 12 15,432.06 1286.005
INKS porous ink,control NOS 3 5,902.80
print 1967.6
INKS SOLVENT,CONTROL NOS 3 4,075.20
PRINT 1358.4
LABELS Label 50ml H&C S N NOS 60,000 3,892.57
S 0.064876
LABELS Label 100ml - H&C S NOS 45,000 6,025.20
NS 0.133893
LABELS Label Back 50ml H&C NOS 60,000 3,651.44
SNS 0.060857
LABELS Label Back100ml HC NOS 20,000 2,546.76
SNS 0.127338
LABELS Label Front 50ml NOS 67,000 6,688.81
Mediker New 0.099833
LABELS Label Back 50ml NOS 67,000 6,703.44
Mediker New 0.100051
LABELS LABEL FRONT 18ml NOS 45,000 1,357.83
SNS 0.030174
LABELS LABEL BACK 18ml NOS 10,000 280.53
SNS 0.028053
LABELS LABEL BACK 200ml NOS 160,000 58,752.00
PADV JAS BOT
(NEW) 0.3672
LABELS LABEL FRONT NOS 75,000 88,879.80
500ML PADV JAS
BOT 1.185064
LABELS LABEL BACK 500ML NOS 65,000 85,108.04
PADV JAS BOT
1.309354
LAMINATES LAMINATES H&C S KG 3,314 897,054.14
N S. 270.6862
LAMINATES Mediker 9ml H KG 1,257.850 283,496.88
Laminate 225.3821
SHRINKS Sleeve 100ml H&C NOS 20,000 27,436.03
SNS 1.371802
SHRINKS Sleeve 50 ml Nihar NOS 30,000 35,912.76
Uni 1.197092
TAPES BOPP TAPE - NOS 12 6,275.98
JUMBO ROLL - 1000
MTR 522.9983

A Class (High Value)(> Rs 500/unit)

Vitamin E acetate merck make

Fragrance Jasmine MR
DC-200
Dehyquart Guar N
Perfume Gold Castle Imp.
KF-54
Perfume fruit blush
Perfume medifresh mod
Benzophenone -3
DC-556
DC-200
Food blue-2
Food yellow-13
Sitaphal beej extract
Ink Black Videojet
Make up for videojet
porous ink,control print
SOLVENT,CONTROL PRINT
BOPP TAPE - JUMBO ROLL - 1000 MTR
 B Class (Moderate Value)(Rs 100 – 500/unit)

Methyl paraben
Propyl paraben
Camphor
SDEA Galaxy 111 PHR
EDTA Tetra Sodium PHR
Citric acid PHR
DC-245 Cyclomethicones
Sparkle
Galaxy LES 70
DC-1501
Neem oil soluble extract
Butylated hydroxyl touelene
C12-15 Alkyl benzoate
Refined coconut oil
Chart 5.3.1 ABC Analysis
SF 1215
Tertiary butyl hydroxy quinine
5.4 FSN ANALYSIS
 C Class (Low Value)(> Rs 100/unit)

Formaldehyde
Refined glycerine
Common salt
Liquid paraffin
BOTTLE HDPE PEARL BLUE MEDIKER 50ML
Bottel 100ml H&C S N S

Bottel 100ml H&C S N S

BOTTLE 18ml SNS

CAPS PEARL BLUE MEDIKER 50 ML

Cap 50/100ml H&C S N S

Cap 20ml H&C S N S

INNER CARTON MALT 5 ML- 72

CFC OUTER WITH PARTITION MEDIKER 50ML

Inner Carton 50 HC S N S

Inner Carton 100 HC S N S

CFC 50ml - H&C S N S

CFC 100ml - H&C S N S

CFC - 4ml SNS Sachet

CFC 20ml - H&C S N S

DUPLEX CARTON 18ml SNS (72)

OUTER CFC 9ml MALT NAT SAC

CFC MALT 5 ML – 720

CFC SET 500ML PAR ADV JASMINE

Label 50ml H&C S N S

Label 100ml - H&C S N S

26. Label Back100ml HC S N S
27. Label Front 50ml Mediker New

28. Label Back 50ml Mediker New

29. LABEL FRONT 18ml SNS

30. LABEL BACK 18ml SNS

31. LABEL BACK 200ml PADV JAS BOT (NEW)

32. LABEL FRONT 500ML PADV JAS BOT

33. LABEL BACK 500ML PADV JAS BOT

34. LAMINATES H&C S N S.

35. Mediker 9ml H Laminate

36. Mediker 9ml H Laminate

37. Sleeve 100ml H&C SNS

Categories Total No. Items in Classes Percentage(%)

19
A 26.38
16
B 22.22
 37
C 51.38
72
Total 100

ANALYSIS & INTERPRETATION :

The above table shows the classification of various components as A, B & C classes using
ABC analysis techniques based on unit value. From the classification A classes are those whose
unit value is more than Rs.500 and constitutes 26.38% of total components. B classes are those
whose unit value is between Rs.100-500 constitutes 22.22% of total components and C classes
are those whose unit value is less than Rs.100 constitutes 51.38% of total components. It is good
that the company maintains its inventories based on its value using controlling techniques.

Chart 1. ABC Analysis

 FSN ANALYSIS

MEANING

All the finished goods inventories are not dispatched at the same frequency. Finished
goods are dispatch accordind to the PLAN of the month.
FSN classifies items into Fast moving, Slow moving and Non-moving.

PLAN for the month of JUNE, 2017:

TABLE 7: JUNE, PLAN

BRAND SKU PLAN NOS. NO.S/CFC TOTAL CFC

MEDIKER 5ml 26,00000 720 3611

9ml 670,000 480 1396

50ml 120,000 80 1500

SNS 18ml 55,500 240 232

50ml 20,100 100 201

100ml 23,940 60 399

3ml 22,73,040 720 3157

PAJ 500ml 40,000 24 1667

TOTAL 12613

So, from the above table we can categorise the finished goods as per Fast moving, Slow moving

and Non moving.

TABLE 8: TOTAL FINISHED GOODS

BRAND TOATAL CFC(FINISHED GOODS)

MEDIKER 6507

SNS 3989

PAJ 1667

So, from the above table we have,

TABLE 9: FSN ITEMS

FAST MOVING ITEMS 10496

SLOW MOVING ITEMS 1667

NON MOVING ITEMS 0

In the above table, total finished goods for Mediker and SNS are considered as fast moving items,

and PAJ is the slow moving item, and no Non moving items found.

Table 10 : FSN ANALYSIS

 Categories Total No. items in Classes Percentage(%)

F 10946 86.78
S 1667 13.21

N 0 0

Total 12613 100

ANALYSIS & INTERPRETATION :

In the above table shows the classification of various components as FSN items using
FSN analysis techniques based on movements. From the classification F items are those which
moves fastly and constitutes 86.78% of total components. S items are those which moves slowly
constitutes 13.21% of total components and N items are those which doesn’t move (Non-moving
items). According to data given, there is no Non-moving items.

Chart 2: FSN Analysis

TABLE 10: JULY, PLAN

BRAND SKU PLAN NOS. NO.S/CFC TOTAL CFC

MEDIKER 5ml 36,60,000 720 5083

9ml 480

50ml 1,14,000 80 1425

SNS 18ml 240

50ml 100

100ml 60

3ml 87,33,333 720 12130

PAJ 500ml 24

TOTAL 12,507,333 18638

So, from the above table we have,

TABLE 11: FSN ITEMS

FAST MOVING ITEMS 6508

SLOW MOVING ITEMS 12130

NON MOVING ITEMS 0

In the above table, total finished goods for Mediker are considered as fast moving items, and

SNS are the slow moving item, and no Non moving items found. Even though there is no plan

for PAJ , but its not considered as non moving inventory, because PAJ is not produced thus there

will be no PAJ finished goods in the store.

Table 12: FSN ANALYSIS

Categories Total No. items in Classes Percentage

F 6508 34.9
S 12130 65.08

N 0 0
Total 18638 100

ANALYSIS & INTERPRETATION :

In the above table shows the classification of various components as FSN items using FSN
analysis techniques based on movements. From the classification F items are those which moves
fastly and constitutes 34.9% of total components. S items are those which moves slowly
constitutes 65.08% of total components and N items are those which doesn’t move (Non-moving
items). According to data given, there is no Non-moving items. It is not good as the slow moving
items are more, this would mean occupation of space in the store which otherwise would have
been used for another purpose.
 TREND ANALYSIS

MEANING

Regression means dependence and involves estimating the values of a dependent variable
Y, from an independent variable X.
Y = a + bx

Where a= y – b x; b = Σxy – n x y

Σx2- nx 2

Table: CALCULATION OF INVENTORY TREND, net dispatch (Rs) of Finished Goods

Dispatch Inventories
Month (Rs.) X X2 XY
(x) Y X=x-per 10 days of (Rs)
highest inventory
I (June 1-10) 86,52,592 -3 9
-2595776
II (June 11-20) 1,31,54,000 -2 4 -26308000
III (June21-30) 62,44,800 -1 1 -6244800
IV (July 1-10) 15,92,0960 0 0 0
TOTAL (∑) 43972352 -6 14 -35148576
CALCULATIONS:
x = Σx/n = -6/4

y = Σy/n = 43972352/4=10993088

b = Σxy – n x y = 9440654
Σx2- nx 2

a = y – b x = 10993088 -9440654 x –(6/4)

=25154069

y = a + bx =25154069+9440654x

The forecast of dispatch finished good inventory for the month August 2017 is computed by
substituting x = V,VI,VII.VIII,IX in the above equation.
JULY (11-20) =25154069+9440654(V –VI)
=34594723
Similarly,
JULY(21-30)=44035377
AUGUST(1-10)=53476031
AUGUST(11-20)=629116685
AUGUST(21-30)=72357339
Therefore ,dispatch for the coming month (SEPTEMER) can also be calculated using the above
equation.
 DISPATCH FINISH GOOD INVENTORY PERCENTAGE
Table 11: INVENTORIES PERCENTAGE

Months Inventories Percentage(%)

I (JUNE 1-10) 8652592 0.98
II (JUNE 11-20) 13154000 1
III (JUNE 21-30) 6244800 0.7
IV (JULY 1-10) 15920960 1
V (JULY 11-20) 34594723 3
VI (JULY 21-30) 44035377 5
VII (AUGUST 1-10) 53476031 6
VIII (AUGUST 11-20) 629116685 71.68
IX (AUGUST 21-30) 72357339 8.2
TOTAL 877552507 100

GRAPH
INVENTORIES TURNOVER RATIO
MEANING

This ratio is calculated to consider the adequacy of the quantum of capital and its
justification for investing in inventory. A firm must have reasonable stock in comparison to sales.
It is the ratio of net sales and the average inventory. This ratio helps the financial manager to
evaluate inventory policy. This ratio reveals the number of times finished stock is turned over
during a given a accounting period.

The formula for the ratio is Net sales(dispatch)

Avg. Inventory

Avg. inventory = (Beginning inventory + Ending inventory)/2

= Rs. (14416096.01+12256376.89)/2

= Rs. 1079859.56

TABLE: Inventories Turnover Ratio & Velocity

Month Net Sales Avg. Inventory Ratio Velocity

(dispatch) (Rs.) (in Days)
(Rs.)
June (1-10) 8652592
June(11-20) 11834000 1079859.56 8.25:1 4
June(21-30) 6244800
July(1-10) 14476160

ANALYSIS AND INTERPRETATION:

Above table shows the inventor turnover ratio for the month of June, 2017.

The velocity indicates the time required by the inventories to convert to sales , i.e; 4 days.

FINISHED GOODS:
The finished goods produced in the MARICO LTD, GUWAHATI PLANT 2, are as follows:

BRAND SKU
MEDIKER 5ml
9ml
50ml
SNS 18ml
50ml
100ml
3ml
PAJ 500ml
INVENTORY STORE LAYOUT:

SHUTTER

LABORATORY AYUSH RM STORE

FINISH GOOD WALKWAY LAMINATE

SLOW MOVING

CFC
STORE
WALKWAY

PACKAGING
RAW MATERIAL MATERIAL

PANEL
PROBLEMS IN INVENTORY MANAGEMENT:

In the above layout, unidirectional flow of inventory could not be

maintained. This leads to using newer batch of raw materials instead of
older one, and also dispatch of newer batch of finished goods products
instead of older one.

CAUSE AND EFFECT ( for not maintaining unidirectional flow of

inventory):
From the above fig. we have, the various causes that hinders the
unidirectional flow of inventory:

1. Machine : The plan for production changes every month, that leads
to change of fast moving, slow moving and non moving
inventories.
2. Man: a. Laziness of the workers: It has been observed that many a
times the workers do not place the finished goods according to
batches.
b. Unskilled workers: The company employs many no. of
unskilled workers, thus they do not know about placing the
goods according to batches.
3. Environment: The plant is still under project, thus proper utilization
of space could not be maintained yet.
4. Material : a. Pallet : There are many pallets that have only one
‘pallet truck way’ , so many a times it becomes difficult to move
them thus hindering in the unidirectional flow.
b. Type of material supplied: Many a times the supplier
supplies materials that are not according to the requirement, thus
occupying more space, and unidirectional flow of inventory is
hindered.
SYSTEMATIC LAYOUT SUGGESTION IN FIFO:

fig: Systematic layout in FIFO.

The above fig. is a suggested layout in FIFO.

We have suggested that the finished goods should be aligned in an ‘L’ shape as
depicted in the fig. The eight lines depict the finished goods to be aligned in the
area. The oldest batch should be at point 1, 2,3,4,5,6,7 and 8 respectively, and then
corresponding batches should be aligned with the newest batch at the last of the
lines. When any batch of finished goods is dispatched, the rest of the finished
goods will be shifted ahead, thus oldest batch at the front and newest batch at the
back will always be maintained. Also because of this, the newly manufactured
batch will be joined at the back.
Also, the alignment will be done according to the plan of the month. The larger line
1, will contain the goods with the SKU which has the highest plan for the month.
Correspondingly, other goods will be aligned.
Second , the raw materials are aligned as depicted in the fig. The oldest batches
will be placed in the points 1,2,3,4,&5 respectively, and the newest at the last. The
oldest will be the first to be taken for manufacturing, and then correspondingly
newer batches. Also the raw material drums will be shifted ahead once a drum is
being taken for production, thus oldest drum will always at the front and the newest
at the back.
Thus , complying to this layout , the unidirectional flow of material will be
maintained.
 CHAPTER-VI

FINDINGS OF THE STUDY

The findings of the study are:

1. Safety stock: From calculation of safety stock, we can able to determine how much the
company can hold the inventory in reserve stock per annum.

2. ABC Analysis: From the classification A classes are those whose unit value is more than
Rs.500 and constitutes 26.38% of total components. B classes are those whose unit value
is between Rs.100-500 constitutes 22.22% of total components and C classes are those
whose unit value is less than Rs.100 constitutes 51.38% of total components. It is good
that the company maintains its inventories based on its value using controlling techniques.

3. FSN Analysis: From the classification F items are those which moves fastly and
constitutes 86.78% of total components; S items are those which moves slowly constitutes
13.21% of total components and N items are those which doesn’t move (Non-moving
items) for the month of June,2017, and F constitutes 34.9%, and S constitutes 65.08% for
the month of July,2017. According to data given, there is no Non-moving items. It is not
good for the company if there is more no. of slow moving items.

From the calculation it shows, that the percentage of inventories dispatched shows an increasing
trend . This indicates increasing efficiency of the management.
The ratio for the month of June, 2017 is 8.25 :1. And the velocity is 4 days,i.e; it takes 4 days to
convert finished good inventory to sales.

SUGGESTIONS AND RECOMMENDATIONS

In our observation, the company can take the following actions to further improve its inventory
management:
1. Replacement of one way pallet by two way pallets as it helps in faster moving of inventories.
2. Employment of more no. of permanent labors rather and less no. of casual labors, as most of
the casual labors are unskilled who need to be trained that can be time consuming.
3. It has been found that many a times the suppliers do not provide the material as per the
requirement which in turn can cause to occupy space , if the material supplied are more than the
quantity required or in bigger sizes than required . So the company should address this issue so
that it doesn’t happen in the future.
4. There is no fixed plan of production, and dispatch plan, this cause more no. of finished goods
inventory which needs to be placed in some other area as the finished goods area is full. The
company should have a fairly definite plan every month so that this problem doesn’t occur.
 CHAPTER-VII

CONCLUSION

A better inventory management will surely be helpful in solving the problems the company is
facing with respect to inventory and will pave way for reducing the huge investment or blocking
of money in inventory. Also there should be tight control exercised on stock levels based on ABC
analysis & maintain high percentage in fast moving items in inventories as per on FSN analysis
for efficient running of the inventory. Since the inventory Turnover ratio shows the increasing
trend, there will be more demand for the products in the future periods. If they could properly
implement and follow the norms and techniques of inventory management, they can enhance the
profit with minimum cost.
 CHAPTER-VIII

LIMITATIONS OF THE STUDY

The entire analysis applies only to MARICO INDIA LTD, Guwahati Plant 2.
The study takes into account only the quantitative data and the qualitative aspects were not taken
into account.
The Marico Plant 2 is a new plant and documentation of records is not yet fully started. So the
findings of this study is based on very few datas, and this was the reason for having fluctuating
‘trend of dispatch inventory’ curve.
Many datas are confidential and would not be handed to us, thus there can be errors in the
findings of our study.
ABC analysis is not one time exercise and items are to be reviewed and recategorised
periodically.
 SCOPE FOR THE FURTHER STUDY

To give plan to the company what to order, when to order and how much to order.
It is useful for deciding operating policy & volume of inventory.
It helps to develop the policies for the executives in inventory.
It helps the company what items goods are categorized.
Project helps to deal with forecasting in inventory.
 BIBLIOGRAPHY

REFERENCES BOOKS

M Y Khan P K Jain “Financial Management” 4th edition Tata McGraw Hill.

R.S.N. Pillai V. Bagavathi “Management Accounting” S Chand & Co.
Martand Telsang “Industrial Engineering & Production Management” S Chand & Co.
R. Paneerselvam “Operations Research” Prentice hall Of India Private Ltd.
B.M. Lall Nigam I.C. Jain “Cost Accounting” Prentice hall Of India Private Ltd.
S.P. Iyengar “Cost & Management Accounting” Sultan Chand & Sons.

WEB SITES

www.marico.co.in
www.inventorymanagementreview.org/2005/06/safety_stock
www.inventorymanagementreview.org/inventory_basics/index
www.inventorymanagementreview.org/justintime/index
www.inventorymanagementreview.org/inventory_control/index