INTRODUCTION OF VERKA

THE PUNJAB STATE COOPERATIVE MILK PRODUCERS FEDRATION LIMITED (MILKFED) was established in 1973 by Punjab Diary Development cooperation under the Punjab State Co-operative Act, 1967 to safeguard commercial interest of milk producers farmers and to save them from exploitation of middleman, with their participation in its management and to provide quality milk and milk products to consumers at competitive rates. It came into existence with a twin objective; First to carry activities for promoting production, procurement and processing of milk for the economic development of milk producers by providing remunerative milk market to them at their door step. Second, provide quality milk and milk products to consumers at reasonable rates. Although the federation was registered much earlier, but it came to real self in the year 1983 when all the milk plants under Punjab Dairy Development corporation Limited were handed over to cooperative sector and the entire State was covered under operation Food Programme to give farmers a better deal and valued customers better products. Today, when we look back, Verka has fulfilled the promise to great extent. The setup of the organization is a three tier system; Milk Producers Cooperative Societies at the village level, Milk Union at District level and
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 Milk Federation as an apex body at a State level. Milk production is a very important part of agricultural economy in the State of Punjab. Punjab is one of smallest state in Indian Union with a total area of 50,362 Sq. km. Dairy Farming is an old subsidiary profession in the rural areas of Punjab. Punjab is the second largest milk producing state in India, producing 10 % of countrys milk.

SOME FACTS ABOUT VERKA

1. First Milk Plant of the State was setup at Verka near the Amritsar. 2. The brand name of Milk and Milk Products was adopted as Verka. 3. The Foundation stone of Milk Plant Ludhiana was laid by Hon. S. Parkash Singh Badal the CM of Punjab in 1970. 4. Commissioning of the Plant was done by Dairy Development Corporation in 1974 5. Inauguration was done by Late Smt. Indira Gandhi the then PM of India. 6. The capacity of plant was 1.00 lac. Liter per day, including power plant of 7MT and now it is 4.00 lac Liter per day. 7. Village level cooperative societies were also formed on Anand Pattern. The system was run by the farmers, of the farmers for the farmers.

OBJECTIVES OF THE FEDERATION

The specific objectives of the Federation are as under: a) To bring prosperity to Milk Producers in the State through assured market and remunerative prices all-round the year. b) To provide fresh hygienic milk to urban consumers at reasonable rates. c) To ensure viability and growth of Milk Unions by converting surplus milk into products and ensure their marketing. d) To modernize existing Plants and upgrade technology from time to time

MISSION STATEMENT
To Support the Milk Producers in uplifting their rural economy, make all the Milk
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Unions viable and ensure quality Milk & Milk Products to consumers

VISION STATEMENT

The vision for the next five years is to triple the turnover the federation from level of INR 7.25 billion in 2006-07 to INR 26 billion in 2012-13.

Ensure grass root level presentation of the Cooperative movement. Increase Economies of scale in Milk Unions (Procurement/ Marketing) Capacity expansion and modernization of the dairy plants. Serious thrust on increasing marketing orientation.

FUNCTIONS
To carry out activities for promoting production, procurement processing and marketing of milk and milk products for economic development of the farming community. Development and expansion of such other allied activities as may be conducive for the promotion of the Dairy Industry, improvement and protection of milch animals and economic betterment of those engaged in milk production. Purchase and/or erect building, plants, machinery and other ancillary equipment to carry out business. Establish research and quality control laboratories. Make necessary arrangements for transport of milk, allied milk commodities. Advice, guide, assist and control of the Milk Unions in all aspects of management, supervision and audit functions. Arrange to impart training to staff of the entire member Unions and Societies. products &

 Market its products under its own trade mark/brand name with its Member Unions trade mark/brand name. For marketing such products in up country Market, Milkfed may open its Sales offices anywhere in the country. Promote the organization of primary societies and assist members in organization of Primary Societies. Advise the member Unions on price fixation, Public relations and allied matters. Undertake periodical supervision and statutory audit of the member Unions and the Societies affiliated to its member Union if authorized by the Registrar, Federation will have also powers to recommend liquidation of any member Union. Undertake or assist programmes of market research and development. Establish a Research & Development Association having independent existence to contribute to its funds and to raise funds for the same from member Unions as may be decided by the Board. Encourage fodder production by members or members of the affiliated societies. To own and rear herd of cattle as may be required to undertake the breeding programmes in the area. Prescribe and enforce standards of quality of dairy and allied products to be marketed by the Federation. Plan overall production programme of the Federation and its members keeping in view the market strategy. To undertake export of dairy and allied produce. To provide financial assistance/credit facilities to member Unions

HISTORY OF MOHALI VERKA MILK PLANT

The company has been well known by its brand name VERKA" especially In Punjab and Haryana. Chandigarh Milk Plant was set up in year 1961-1962 to meet the milk needs initially. But it was not able to fulfill the growing requirements of Chandigarh City. Due to this reason another plant was set up in September 1980 at Mohali (Punjab), which is adjoining to Chandigarh. This plant has been established in 1980 by Punjab Dairy Development Corporation. The Punjab Dairy Development Corporation and Milkfed are the two Government Dairy Organizations which were running parallel to each other at this time. In 1982 these both organizations submerged into one organization which is named as Milkfed. Milkfed came into existence with twin objective of providing remunerative milk market to the milk producers in the state by value addition and marketing of produce one hand and to provide technical input to the milk producers for the enhancement of milk production on other hand. In the beginning the capacity of the plant was 1, 00,000 liters per day and the number of workers was only 700. The products manufactured initially were liquid milk, ghee and cheese. Paneer production started in 1990 and curd production started in 1997. The Plant has introduced ISO-9002 quality Management System to ensure highest quality products with built in safety to the consumers. Ropar Milk Union, Mohali includes about 860 milk producers cooperative societies at the village level which are distributed under 12 zones. Milk Plant later installed capacity to process 2, 00,000 liters of milk per day. Milk procurement is increasing gradually @ 5% per annum. Milk Plant, Mohali is located at District Ropar in Punjab. It is located on National Highway No. 21, joining Chandigarh with Ropar, Jalandhar and Amritsar. It is situated in Phase-VI Industrial area, Mohali at a distance of about 8km.from Chandigarh. There is a great advantage as it is directly connected to National Highway which is facilitating all transportation and allied facilities.

MILK PROCUREMENT
Production of Milk is confined to rural areas. Therefore, milk has to be collected and transported from production points in the Milk Shed areas to processing and distribution points in cities. The common system of collection of milk is by: (i) (ii) (iii) Cooperative Societies. Milk collection from own chilling centers, and From the Union of Punjab Federation

COOPERATIVE SOCIETIES
In the past the farmers used to sell their milk to the middleman. The middleman decided the price of the milk according to his convenience & profit. To change the practice, the farmers in Gujarat decided to form societies comprising of farmers having milk and so the cooperative societies were born. Formation of Dairy Cooperative societies in the villages is necessary for the dairy development of any state. Milk Plant Mohali also has a large number of Dairy Cooperative Societies from which plant collects raw milk both in flush and lean season.

NOTE ON COOPERATIVE DAIRY IN PUNJAB

India becoming a member of the WTO and with recent removal of the Quantitative Restrictions (QR), by the Government of India, the days of protection are over. Now Indian milk and milk products are highly vulnerable to international competition. The Indian Dairy sector is at a transnational phase wherein it is gradually emerging from being a social household industry to a commercial sector. Although the dairy and animal husbandry in India are as old as the civilization, it has always been perceived as support system to households and not considered as commercial enterprise. In
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contrast, in the developed nations, dairy is a core business wherein every part of the milch animal is utilized for value addition to derive best economic benefits. Technology interventions take place from the grass root levels in the breeding, animal feed, health care milk production and enhancement, milk collection and transportation and of course processing and marketing. The business enterprise ecosystem is therefore organized and mechanized from the farm to the consumer. A critical component of the chain remains taking care of hygiene, cleanliness and quality that are essential parameters for extending shelf life as soon as the milk comes out of the udder. In India Dairy being a subsystem of agriculture, the animal, form an economic perspective, is primarily a converter of agriculture waste into a saleable product called milk. Majority of our milk production is localized, and practiced predominately by landless labourers, small and marginal farmers. Due to lower input, labour and energy costs, the milk production cost, in India, is one of the lowest in the world. India is the largest milk producer in the world, which is at present 81 million tons per annum, amount to 13.81% of global milk production (579 million tons per annum) and holding largest number of milch animals (both buffalo and cow) which is around 86.862 million. We also have one of the lowest milk production costs on the world.

PRESENT POSITION OF VERKA

Presently it has 856 Societies and around 46000 member s are supplying milk and making the contribution .The Mohali (Punjab) Plant as follow:

1. In Ropar District 520 Village Societies. 2. In S.A.S Nagar, Mohali 164 Societies. 3. In Fatehgarh District 109 Societies 4. In Patiala District 60 Societies 5. In UT 3 Societies
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In Ropar District three chilling centers are situated namely Morinda, Jhinjri and Nurpur The Milk Plant Mohali produces 2 Lakh s to 2.25 Lakhs liters of Milk per day during winter season and 1.50 Lakhs liters per day in summer season. About 2.00 Lakhs liters pasteurized liquid milk is being supplied to the citizen of urban area per day. The plant runs throughout 24 hours in three shifts at about 200% of its installed capacity manner with 500 employees. The plant is supplying milk mainly to the cities Chandigarh, Mohali and Panchkula also covering some adjoining cities of Himachal Pradesh and Haryana. It also produces paneer, ghee, lassi, bioyogurt, gulab jamun, kheer, curd, flavored milk etc. All these products are marketed at the plant under the name "The Punjab State Cooperation Milk Producers Federation Ltd under the Brand name of 'Verka Milk Plant.

ORGANIZATION NETWORK
For the smooth running of plant, various sections are managed by the management. Each and every activity is delegated to particular section. It is impossible for top management to take decision on every problem, so various tasks are delegated to various sections. These sections are interrelated to have frequent contacts with one another and it is easy to share the information. These integrated tasks teams handle their problems and make the supervision easy. The following are these sections in the Verka Organization: 1. Procurement Section 2. Production Section 3. Quality Control Section 4. Marketing Section
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5. Accounts Section 6. Administrative Section 7. Engineering Section 8. Purchase Section 9. Store Section 10. MIS Section 11. Security Section Verka is having an apex body at the state land known as "MILKFED" Punjab, Chandigarh. To start with functions in various fields of different unions in different Districts and to operate with Dairying and Dairy Fields that is the operation flood with assistance of National Dairy Co-operation (NDC) Delhi and later on is launched to operate flood second who is affiliated to Punjab Mil k Fed. It helps to its affiliated Districts Milk Co-operations in 11 Districts. This Districts Union is: 1. ROPAR 2. PATIALA 3. LUDHIANA 4. FARIDKOT 5. FEROZPUR 6. SANGRUR 7. BATHINDA 8. GURDASPUR 9. HOSHIARPUR 10. JALANDHAR
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11. AMRITSAR These unions in eleven districts of the state carry out smooth functioning of marketing, procurement, cattle breeding program though district co-operative unions.

PRODUCTS OFFERED BY VERKA

Milk Plant has to maintain company specifications for its milk and milk products to provide standard and quality of products to consumers. In Milk Plant Mohali four different kinds of milk are processed and packed. (I) Standard Pasteurized Milk. (II) Pasteurized Double Tonned Milk (III)Pasteurized Skimmed Milk (IV)Premium (Full Cream) Milk Paneer Curd Lassi Kheer
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 Ghee Cheese

INVENTORY MANAGEMENT

Inventories constitute most significant part of current assets, in most of the companies in India. To maintain a large size of inventory, a considerable amount of fund is required. It is, therefore, absolutely imperative to manage inventories efficiently and effectively in order to avoid unnecessary investment. A firm neglecting the management of inventories will be jeopardizing its long-run profitability and may fail ultimately. It is possible for a company to reduce its levels of inventories to a considerable degree, e.g.10% to 20%, without any adverse effect on production and sales, by using inventory planning and control techniques. The reduction in excessive inventories carries a favorable impact on a companys profitability.
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There are at least three motives for holding inventories: 1. To facilitate smooth production and sales operation (transaction motive). 2. to guards against the risk of unpredictable changes in usage rate and delivery time (precautionary motive). 3. To make advantage of price fluctuations (speculative motive).

OBJECTIVE Inventories represent investment of a firms funds. The objective of the inventory management should be the maximization of the value of the firm. The firm should therefore consider: (a) (b) (c) Costs, Return, and Risk factors in establishing its inventory policy.

Two types of costs are involved in the inventory maintenance: 1-Ordering costs: - Requisition, placing of order, transportation, and staff services. Ordering costs are fixed per order size increases.
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2-Carrying costs: - Warehousing, handling, clerical and staff services, insurance and taxes. Carrying cost increases. The firm should minimize the total cost (ordering cost + carrying cost). The economic order quantity (EOQ) of inventory will occur at a point where the total cost is minimum. The following formula can be used to determine EOQ: EOQ= (2AO/C) ^1/2 Where, A = Annual requirement. O = per order cost. C = per unit carrying cost.

WHEN SHOULD THE FIRM PLACE AN ORDER TO REPLENISH INVENTORY?

The inventory level at which the firm places order to replenish inventory is called reorder point. It depends on (a) the lead time and (b) the usage rate. Under perfect certainty about the usage rate, the instantaneous delivery (i.e. zero lead time0, the reorder point will be equal to: Lead-time *Usage rate +Safety stock. The firm should strike a trade-off between the marginal rate of return and marginal cost of funds to determine the level of safety stock.

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INVENTORY ANALYSIS
Altogether the company deals with stock of thousands of items raising a serious problem of how one can keep control of track of all items also, where it is necessary to have some extent of control on each and every item. Different types of analysis each having its own advantages and purpose help in bringing a particular solution to the control of inventory. The most important of all such analysis is ABC analysis. The other one ABC analysis VED analysis SDT analysis HML analysis FSN analysis

ABC ANALYSIS A formal way of classifying inventory items so that important ones will be given the most attention. Through this analysis the professional inventory manager will concentrate his efforts on where they will yield the greatest rewards. The ABC of ABC analysis refers to the classes, A, B and c into which the inventory is divided. is high value items whose rupee volume typically account for 75-80% of the value of total inventory while representing only 10-15% of the inventory items. Class is lesser value items whose rupee volume accounts for 15-20% of the value of inventory, while representing 15-20% of the inventory items. Class items are low value items whose volume accounts for 10-15% of the inventory values but 75-80% of the inventory items. The same degree of control is not justified for all the three classes of items. Class [A] requires the greatest attention and class [C] items require least attention. Class [C] items need no special calculations since they represent a low inventory investment. The order might be placed once a year and periodically reviewed once a year, class
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[B] items are paid more attention then, proper CODs are developed and semi-annual review of variables must be done. Class [A] items needs direct attention to the inventory items, EOQ's are to be developed each time an order is placed. The major concern of an ABC classification is to give direct attention to the inventory items that represent the largest amount of expenditure. If inventory levels can be reduced for claim of items it result in a significant reduction in inventory investment.

ABC INVENTORY CLASSIFICATION:Percentage of inventory Category items 10 15 75 classes A B C of Value of the total inventory (rupee volume in %) 75 15 10

Table 8: ABC classification

VED ANALYSIS This analysis specially pertains to the classification of maintenance of spares denoting the essentiality of blocking spares. V - Stands for vital - items when out of stock or when not readily available, completely brings the production a halt. E - Is for essential - items without which we can temporarily loose our production or disclosure of production occurs within a week. D - Denotes desirable items - all other items, which are necessary but do not cause any immediate effect on production.
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 S.D.E. ANALYSIS For developing countries and especially where certain items are in scarce supply. This analysis is very useful. S - Refers to scarce items, especially imported items and those which are very much in short supply. D - Are difficult items which are available in market but not easily available? E - Items are those which are easily available, most local items. HML ANALYSIS The cost per item is considered for this analysis (H) High cost items (M) Medium cost items (L) Low cost items Help in bringing controls over consumption at departments level and for storage. FSN ANALYSIS Materials are classified as (F) Fast moving (S) Slow moving and (N) Non moving items The non-moving items are of great importance. It is found that many companies maintain huge stock of non-moving items and the number of such items running is thousands. Resulting of non-moving items is to be made to determine where they

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could be used or to be disclosed off. The fast and slow moving classification helps in arrangement of stocks in stores and their distribution handling methods

FUNCTION OF INVENTORY CONTROL:

Functions to be performed in the field of Inventory Control are: 1 Setting up norms for carrying Inventory. 2 Determining what items to be stocked. 3 Setting rules for Inventory replenishments. 4 Receiving, storing and issuing inventory items as needed. 5 Maintaining records of inventory quantities and values. 6 Identifying and deposing of slow moving, non-moving, obsolete or damage inventories. 7 Furnishing summary information on inventory position for control purposes.

INVENTORY RECORD KEEPING AND RELATED PROCEDURES

How well Inventory records are maintained has a major bearing on the effectiveness of Inventory control program. Mostly information recorded in jcbl system is: Name of the part or material Short description Identifying No called Material code Unit of measurement Location in store (custody) Bin no. Opening, received, issue, closing quantity and value these records are maintained in an online system on main frame computer user departments have shared access for posting and retrieval of information. There is a system for reserving specific items as customer specific, which is done by tagging on the item. Posting of withdrawals or issue from inventory is done on specific authorization by a document called Store Issue voucher.
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Following is the process through which the company can achieve the optimum inventory level

STANDARD INVENTORY LEVEL

TAKING ACTUAL INVENTORY LEVEL

COMPARISION OF WITH STANDARD ACTUAL

TAKE CORRECTIVE ACTIONS

ANALYSING OF

REASON

VARIATION/ DEVIATION

Need of Inventory Management:

N

VARIATION/DEVIATIO

1. 2. 3. 4. 5. 6. 7. 8.

Stiff competition, globalization of trade and liberalization. Achieving, increasing and positive EVA. Cost reduction. Energy conservation. Conservation of natural resources. Better, work environment. Improved health and safety. Enhanced public image.

STRATEGIES/MEASURES:
Formation of specific group in each area to identify the wastage elements and seek participation of all. Identification of wastage. Formulation of action plan to eliminate/minimize wastage. Review of status. Identification of corrective actions and their implementation.
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 Highlighting the gains.

OBJECTIVES OF THE STUDY:

PRIMARY OBJECTIVE: To study the working capital management of Verka Milk Plant. SECONDARY OBJECTIVES:

To study the profitability of the operations of the Company. To analyze the growth rate of the Company. To analyze the risk profile of the Company. To study the changes in the turnover of the Company over two years. To know about the financial position, risk bearing capacity of the company.

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RESEARCH DESIGN
Primary sources Secondary sources Data has been collected from both the primary and secondary sources for the completion of the project. Primary sources Primary data has been collected through personal discussions with various accounts personal, various sections of Finance Department Verka Milk Plant. Secondary Sources The Secondary Source is related to the use material from various books, Annual reports and published documents of the Verka Milk Plant. It is mainly based upon office records; Cost- Sheets and Other published documents of Verka Milk Plant. This project is basically based on secondary data.

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LIMITATIONS
As we know that work is always incomplete in itself. Similarly the present one the validity of this report might have partly affected because of various limitations faced during the cause of this summer training caused out at Verka. Financial statements are useful tools for understanding a firms performance and conditions. However, there are certain problems and issues encountered in such analysis, which call for care judgment in such an exercise. Time period for semester training was 45 days. It was very short period for the collecting information. The balance for the year 2013 was not finalized till the date of preparing project report. So some approximation figs. Have been taken. As the more information is collected from the secondary sources, so it is possible that the data used may be biased. The financial statement of comparison may not show the free financial position of business. Since there are many factors that do not from part of financial statements such as market position, customer satisfaction etc.
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 Price level changes are not taken into account to modify the balance sheet figures. Some items of the information are not available in the published annual reports, for the purpose of analysis. I was not allowed to walk freely on the plant for safety reasons, which kept me, abstained from doing time study of the products.

INVENTORY ANALYSIS IN VERKA

VERKA produces short production cycle items against the firm orders from customers. Because of this as well as sizeable imported raw materials and compulsory bulk purchase of items like FMCG product in line with availability from company has to carry medium level of inventory.

TABLE OF INVENTORY MANAGEMENT IN VERKA

INVENTORY MANAGEMENT IN VERKA (Amt. in Cr.) Particulars Packing Material Printing And Stationery 2008-09 0.47 0.02
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2009-10 0.44 0.03

2010-11 1.19 0.02

2011-12 1.21 0.03

Chemical & Detergent Medicane Vehicle Spare parts Mechinery Spare parts Uniform & Liveries Other Consumable Store Hardware & Building Total

0.005 0.08 0.02 0.17 0.005 0.58 0.05 1.4

0.008 0.03 0.01 0.22 0.004 0.28 0.03 1.052

0.01 0.04 0.01 0.27 0.006 0.38 0.01 1.936

0.04 0.008 0.03 0.24 0.006 0.22 0.01 1.794

Graphical representation of Total Inventory

Interpretation By the graphical representation, we can easily understand that the level of inventory has increase in 2009-10 and 2010-11. But in 2011-12, it decreases due to large amount of raw material. It comes down because company takes not some effective measures
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to control the level of inventory. Those steps are following steps to control its inventory:

Days of Inventory Holding Particulars Inventory Turnover Ratio Days in a Year Days Inventory Holding 2008-09 16.956 365 2009-10 18.994 365 19.217 2010-11 19.678 365 18.549 2011-12 18.799 365 19.416

Of 21.5263034

Graphical presentation Days of Inventory Holding

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Interpretation If we see from the above table that the days of inventory holding in the year 2009-10 has come down to 21.5 days from 19.2 days in the previous year. In spite of increase in turnover i.e. In 2010-11 from 18.5 to the year 2009-10 the days of inventory holding decreases. This indicates that the company is using effective strategy to bring down its inventory level. This makes very less investment in inventory. It is in the interest of every organization to minimize its inventory level. But in 2011-12 the days of inventory holding again increases which is not a good for a company. Inventory Turnover Ratio Inventory Turnover Ratio Table Particulars Sales(in cr) 2008-09 233.99 2009-10 292.5 15.4 18.994 2010-11 372.5 18.93 19.678 2011-12 484.47 25.77 18.799767

Average Inventory 13.8 (in cr.) Inventory Turnover Ratio 16.956

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Graphical presentation Inventory Turnover ratio

Interpretation This ratio indicates the effectiveness and efficiency of the inventory management. The ratio shows how speedily the inventory turned into account receivables through sales. The higher the inventory to sales ratio, the more efficiently the inventory is said to be managed and vice-versa. By observing the above ratio we find that the company is able to manage the inventory efficiently as the year progresses. This ratio was lowest as 16.95 cr. in 2008-09. And since then it is increasing as the year progresses. In 2009-10 is 18.99 cr. The organization should try to maintain the highest on the above ratio. in the last year it also decreased as 18.79 cr.

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SUMMARY OF FINDINGS
The creditors of the company have increased from 18.35 to 24.53 cr. while the current liabilities of the company has increased which means that company has adopted a good realization policy. The increased current liabilities are about 72.96 to 87.30 cr. in just a span of Four years. The company is able to reduce its inventory holding period continuously in last five years which means that company is able to convert its finished product into sales with in shorter span. It was 21 days in year 2008-2009 & now it has reduced to 19 days in 2011-2012. The inventory is increased to RS 1.4 cr. from Rs 1.7 cr. in just a span of four years. The current assets of the company have increased from 36.59 to 60.01 cr. in the span of five years.

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 The inventory holding period has reduced from 21 to 19 days which shows that inventory is turning into finished goods very quickly and the company has reduced the locking of funds in inventories. The inventory turnover ratio has increased from 16.95 to 19.79 within a span of four years. This shows that company is able to manage inventory efficiently.

SUGGESTION
After analyzing the steps taken by the company there are some suggestions to manage the Inventory There should proper analysis of requirement of raw material. Order should be placed according to the lead-time. Wastage should be avoided. There should be proper coordination between the Inventory Department and Production Department

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CONCLUSION
Inventory management of VERKA Various components of working capital The liquidity position of the company Strategy and various principles followed by the company Trends in inventory and creditors turnover ratio Relationship between sales and working capital From the above analysis, we can draw the following conclusion:On the basis of above position of the Verka. It can be concluded that if we consider according to rule of thumb then the liquidity position of the unit appears to be unsatisfactory because cash balance of the unit is very small. But, according the
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management of the concern, the present cash balance is sufficient for the firms operations.

BIBLIOGRAPHY
Balance Sheet of last four year of VERKA MILK PLANT PANDEY I.M.: Financial Management, New Delhi ,Vikas Publications; GUPTA SHASHI K. & SHARMA R.K.; Management Accounting and Public Finance, New Delhi, Kalyani Publications. JAIN &NARANG; Management Accounting And Cost Accounting, New Delhi, Kalyani Publications.

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