OF
DHIRAJ INTERMEDIATES
PRIVATE LIMITED
For
Partial Fulfillment
Of
MBA Program
Submitted By:
Patel Nimesh G.
1
Acknowledgement
It is indeed a great pleasure and a matter of immense satisfaction to express my deep sense
profound gratitude towards all the people who have helped and inspire me in my project
work.
This has been a life learning experience due to nature of guidance and interaction that I
receive at Dhiraj Intermediates Pvt Ltd. It is undeniable that real time experience is the
“acid-test” of theoretical knowledge and maturity of problem solving abilities. My two
months at Dhiraj Intermediates Pvt Ltd is the effort and support of all staff members.
Those efforts and support have provided me confidence and maturity to face real-time
situation in life.
I would like to acknowledge the support and careful insights of our colleges including my
friends and our family for encouraging us through and through.
I special thank to faculties of my college (AESPGIBM) and college authorities, for giving
me opportunity of pseudo-work experience before my entry in to real corporate world.
Dhiraj Intermediates Pvt Ltd will always occupy a special place in my heart for both
professional and personal reasons.
Patel Nimesh G.
MBA – AESPGIBM
Ahmedabad.
2
Preface
The company where I have taken summer training is a manufacture of pigment. This is used
as raw material for making colors.
I have analyzed the company’s performance from the financial prospective. From that I have
used the DuPont system to find the company’s performance by following ROE movement
since last five years.
I have analyzed the company’s supply chain management. For that I analyze supply,
production process and distribution system. I analyze the supply chain process.
In supply process I have observed the process of supply, how company gets material. In
production system I have observed the process of production. Last I have observed the
distribution system.
3
Index
1.0
Company profile…………………………………………………………….1
2.0
Financial analysis…………………………………………………………...3
3.0
2.1
The DuPont system…………………………………………………3
2.2
The DuPont Model………………………………………………….4
2.3
The DuPont analysis of the company……………………….…….6
2.3.1
Tax coverage………………………………………………..6
2.3.2
Interest coverage……………………………………………7
2.3.3
Operating Profit margin……………………………………7
2.3.4
Net Profit margin…………………………………………...8
2.3.5
Total asset turnover………………………………………...9
2.3.6
Equity multiplier……………………………………………9
2.3.7
ROE………………………………………………………..10
Supply chain management………………………………………………..11
3.1
Introduction of supply chain management………………………11
3.2
Supply chain management of the company……………………..15
3.2.1
Supplier…………………………………………………….16
3.2.2
Raw material consumed………………………….……….17
3.2.3
Yearly Consumption………………………………………18
3.2.4
Inventory…………………………………………………...22
3.2.5
Producer……………………………………………………23
3.2.6
Production Process……………………………………..…24
3.2.7
Finished Goods…………………………………………….29
3.2.8
Customer……………………………………………………30
3.2.9
Sales…………………………………………………………32
4
4.0
5.0
Annexure…………………………………………………………………...33
4.1
Table 1……………………………………………………………...33
4.2
Table 2……………………………………………………………...33
4.3
Table 3……………………………………………………………...34
4.4
Table 4……………………………………………………………...34
4.5
Table 5……………………………………………………………...35
Bibliography………………………………………………………………..36
5
Company profile
Dhiraj Intermediates Pvt Ltd is engaged in the production of Inorganic Chemicals at its Unit
– I and 3,3,DCB at its Unit – II. Further it is a leading manufacturer of Inorganic Pigment in
India. It was established in 1989 with one Unit with a production capacity of 150 M. tones
per month. It was started it’s Unit – II during the year 2000-01 with a 60 M ton capacity per
month of 3,3,DCB. Slowly and gradually company has increase its production capacity year
by year and at present it reach to a production of 600 M. tones per month of Inorganic
Pigments.
ADDRESS:
Unit- I
Dhiraj Intermediate Private Limited.
Mfg.: Inorganic Pigment & Chemicals
Plot no.297/5-10,2nd Phase,
G.I.D.C., Vapi-396195.
(Gujarat) India.
Unit- II
Dhiraj Intermediate Private Limited.
Mfg.: 3,3DCB Chemicals
Plot no.3104/1, 2 & 8, 4th Phase,
G.I.D.C., Vapi-396195.
(Gujarat) India.
(Group of Company)
1. Sun Colors and Chemicals
2. Sun Bright Pigments Pvt. Ltd.
3. Blaze Pigments Pvt. Ltd.
4. Brighton Inorganic Pvt. Ltd.
5. Brighton Pigments Pvt. Ltd.
In group sun colors and chemical was established in 1988.it produce pigments. It is very old
company. Sun Bright Pigment Pvt Ltd was established in 2000. it also produce pigment.
Blaze Pigment Pvt Ltd was established in 2005. Its purpose is to produce raw materials by
owns to Increase Company’s independence. Brighton Inorganic Pvt Ltd was established in
1992 & Brighton Pigment Pvt Ltd was established in 2006. The purposes of this company are
backward integration. So group together achieves the goal.
6
MISSION:
Expand Production capacity up to 1000 tone per month up to end of the Financial Year 200708
Expansion:
Unit – III in vapi under construction for 250 M ton per month, will be start in next year
Unit – IV in Nagpur under construction for 300 M ton per month, will be start in next year
.
Advantage of the company:
Company is trying to become independent in terms of raw material. So company use
backward integration to produce some raw material up to some extent. Company has high
reliability. Company uses the services of best specialists from India and from other countries.
We have a well-organized logistics structure that makes it possible to use effectively the
skills of these specialists.
COMPANY PRODUCT:
1)
2)
3)
4)
5)
Middle chrome.
Lemon chrome.
Scarlet chrome.
Zinc chrome.
Prime rose chrome.
7
Financial Analysis
Financial analysis of the company is used by management to keep watch on company
different working areas like asset utilization, leverage, profit margin etc. Most of the
organizations employ ratio analysis technique to do so. Management often finds that such
analysis is not sufficient because ratio analysis gives blur picture of company’s performance.
Let us understand this dilemma by simple example suppose we want to find company’s
performance to increase its shareholder’s equity. If we employ ratio analysis technique than
return on equity (net income/equity) will solve over problem. But let me ask one simple
question. Is it proved that company has better utilized its asset or has achieved better profit
margin.
Question is demanding depth in analysis. It is quit obvious that increase in ROE
doesn’t prove that company has performed well on each area. We know that financial figure
in income statement or balance sheet has linear relationship. Change in one has cascading
effect throughout the statement. Now our aim should be to find out that point where the effect
has originated.
So rather analyzing single ratio, if we use system like The DuPont system, common
size analysis. We will have clear picture of company’s performance in its true colors. In this
project financial analysis is done by DuPont system to find out ROE.
The DuPont System
The DuPont Model is a technique that can be used to analyze the profitability of a
company using traditional performance management tools. To enable this, the DuPont Model
integrates element of the income statement with those of balance sheet.
The DuPont model of financial analysis was made by F. Donaldson Brown, an
electrical engineer who joined the giant chemical company’s treasury department in 1914. a
few years later, DuPont bought 23 percent of stock of General Motors Corp. and gave Brown
the task of cleaning up the car maker’s tangled finances. This was perhaps the first large-scale
reengineering effort in the USA. Much of credit for GM’s ascension afterward belongs to the
planning and control systems of Brown, according to Alfred Sloan, GM’s former chairman.
Ensuing success launched the DuPont model towards prominence in all major U.S.
corporations. It remained the dominant from of financial analysis until the 1970s.
The DuPont Model
Sales
8
Profit Margin
The DuPont
9
Usage of the DuPont system:





The model can be used any department or by the sales department to examine or
demonstrate why a given ROE was earned.
Compare a firm with its colleagues.
Analyze changes over time.
Teach people a basic understanding how they can have an impact on the company
result.
Show the impact of professionalizing departments function.
Steps to perform the DuPont analysis:




Collect the business numbers (from the finance department).
Calculate (use a spreadsheet).
Draw conclusions.
If the conclusions seem unrealistic, check the number and recalculate.
Strength of the DuPont analysis:




Provides in-depth diagnosis of changes in ROE.
Simple to perform and very good tool to teach people a basic understanding how
they can have an impact on results.
Can be easily liked to compensation schemes.
Can be used to convince management that certain steps have to be taken to
professionalize various departments. Sometimes it is better to look into your own
organization first. Instead of looking for company takeovers in order to
compensate lack of profitability by increasing turnover and trying to achieve
synergy.
Limitation:
 Based on accounting numbers, which are basically not reliable.
 Garbage in, garbage out.
Assumption:

Accounting numbers are reliable.
10
The DuPont analysis of Dhiraj Intermediates Pvt Ltd.
The underlying objective of the DuPont analysis of Dhiraj Intermediate Pvt Ltd is to
find out performance of the company. Last five year data is collected from the accounting
system of the company. It is not feasible to include the income statement and balance sheet of
five years. So necessary data has been taken from financial statement with require
explanation.
As we have shown in the DuPont model, below formulas are used to find out ROE of
Dhiraj Intermediate Pvt Ltd. Table 1 in annexure has year-wise necessary data to calculate all
required ratios. Table 2 in annexure has listed year-wise calculated ratios for reference. Let us
analyze the movement in different ratios.
Profit After Tax
Profit Before Tax
Profit Before interest & Tax
Net Profit Margin = --------------------- X ---------------------------------X ----------------------Profit Before Tax
Profit Before Interest & Tax
Sales
Sales
Total Asset turnover = ------------------Total Asset
Total Asset
Equity Multiplier = ---------------------Equity
Return on Equity = Net Profit Margin X Total Asset Turnover X Equity Multiplier
Tax coverage
Upward movement in the ratio is expected to indicate positive movement. Ratio has
decrease over time which indicates that over the period tax burden has increased. So active
tax planning could help to improve return.
11
Interest coverage
Ratio has decreased first that indicate decrease use of external funds. Then increase
over time that indicates increasing use of external fund. The company has large financial
charges. It should be improve by proper capital structure planning. Break-even analysis of
optimum capital structure can be useful tool.
Operating Profit Margin
Profit margin is an indicator of a company's pricing policies and its ability to control
costs. Differences in competitive strategy and product mix because profit margin to vary
12
among different companies.Ratio is negative that indicate company in loss. Then increase that
indicate increase in profit margin. Then further decrease that indicates increasing operating
expenses. Employing costing method it is possible to find out major expenditure. Because
batch manufacturing companies like Dhiraj Intermediate Pvt Ltd has necessary to have
accurate costing. So each batch production can be priced appropriately and profitable deal
can be located easily. Even departments operating can be improved to reduce cost.
Net Profit Margin
Ratio is positive and rises across time, it is a good sign that operating management is
going well. Management is producing sales and controlling cost such that the “bottom line”
is growing.
13
Total Asset Turnover
When this ratio rises across time, it is good sign that asset management is going well. A
rising ratio means that the firm is able to produce more and more sales from its asset. In other
words, the firm is becoming more efficient in using its assets. Different industries have
different level of total asset turnover that indicate efficient asset management. Therefore, an
industry average is often needed to interpret this ratio. Most manufacturing firms have TATs
ranging from 1X to 2X. if the ratio is too high, it can mean that the firm is not adequately
replacing its assets and this would be a sign for poor management. Total asset turnover has
improved that indicate better utilization of asset.
Equity Multiplier
14
This ratio should not be increasing across time because an increase means that more
and more debt is being used to finance the firm. Debt requires fixed payments of principle
and interest. If this payment is not made, the firm can be forced into bankruptcy. Therefore,
high levels of debt (and correspondingly high equity multiplier) represent poor capital
structure management. Across a significant cross section of industrial firms, the equity
multiplier tends to stay within the range of 2 to 3 times. An EM above 3 is thus likely to be a
cause for concern. As we have shown above interest coverage ratio also indicate that same
action.
ROE
Return on equity represents the profitability of funds invested by the owners of the
firm. All firms should attempt to make ROE as high as possible over long-term. ROE can be
high for the wrong reason however. For example, when ROE is high because the equity
multiplier is high, this means that high returns are really coming from overuse of debt which
can spell trouble for the firm. Most of ROE should be produced by high ROI, PM and TAT
and not from EM.
15
Supply Chain Management
Supplier
Supplier
Supplier
Supplier
Producer
Distributor
Supplier
Supplier
Supplier
16
Retailer
Customer
Supply chain management (SCM) is the process of planning, implementing, and controlling
the operations of the supply chain with the purpose to satisfy customer requirements as
efficiently as possible. Supply chain management spans all movement and storage of raw
materials, work-in-process inventory, and finished goods from point-of-origin to point-ofconsumption.
One could suggest other key critical supply business processes combining these processes.
a.
b.
c.
d.
e.
f.
g.
Customer service management
Procurement
Product development and commercialization
Manufacturing flow management/support
Physical distribution
Outsourcing/partnerships
Performance measurement
a) Customer service management process
Customer Relationship Management concerns the relationship between the organization and
its customers. Customer service provides the source of customer information. It also provides
the customer with real-time information on promising dates and product availability through
interfaces with the company's production and distribution operations. Successful
organizations use following steps to build customer relationships:



determine mutually satisfying goals between organization and customers
establish and maintain customer rapport
produce positive feelings in the organization and the customers
b) Procurement process
Strategic plans are developed with suppliers to support the manufacturing flow management
process and development of new products. In firms where operations extend globally,
sourcing should be managed on a global basis. The desired outcome is a win-win
relationship, where both parties benefit, and reduction times in the design cycle and product
development is achieved. Also, the purchasing function develops rapid communication
systems, such as electronic data interchange (EDI) and Internet linkages to transfer possible
requirements more rapidly. Activities related to obtaining products and materials from
outside suppliers. This requires performing resource planning, supply sourcing, negotiation,
order placement, inbound transportation, storage and handling and quality assurance. Also,
includes the responsibility to coordinate with suppliers in scheduling, supply continuity,
hedging, and research to new sources or programs.
c) Product development and commercialization
Here, customers and suppliers must be united into the product development process, thus to
reduce time to market. As product life cycles shorten, the appropriate products must be
17
developed and successfully launched in ever shorter time-schedules to remain competitive.
Managers of the product development and commercialization process must:
1. coordinate with customer relationship management to identify customerarticulated needs;
2. Select materials and suppliers in conjunction with procurement, and develop
production technology in manufacturing flow to manufacture and integrate into
the best supply chain flow for the product/market combination.
d) Manufacturing flow management process
The manufacturing process is produced and supplies products to the distribution channels
based on past forecasts. Manufacturing processes must be flexible to respond to market
changes, and must accommodate mass customization. Orders are processes operating on a
just-in-time (JIT) basis in minimum lot sizes. Also, changes in the manufacturing flow
process lead to shorter cycle times, meaning improved responsiveness and efficiency of
demand to customers. Activities related to planning, scheduling and supporting
manufacturing operations, such as work-in-process storage, handling, transportation, and time
phasing of components, inventory at manufacturing sites and maximum flexibility in the
coordination of geographic and final assemblies postponement of physical distribution
operations.
e) Physical distribution
This concerns movement of a finished product/service to customers. In physical distribution,
the customer is the final destination of a marketing channel, and the availability of the
product/service is a vital part of each channel participant's marketing effort. It is also through
the physical distribution process that the time and space of customer service become an
integral part of marketing, thus it links a marketing channel with its customers (e.g. links
manufacturers, wholesalers, retailers).
f) Outsourcing/partnerships
This is not just outsourcing the procurement of materials and components, but also
outsourcing of services that traditionally have been provided in-house. The logic of this trend
is that the company will increasingly focus on those activities in the value chain where it has
a distinctive advantage and everything else it will outsource. This movement has been
particularly evident in logistics where the provision of transport, warehousing and inventory
control is increasingly subcontracted to specialists or logistics partners. Also, to manage and
control this network of partners and suppliers requires a blend of both central and local
involvement. Hence, strategic decisions need to be taken centrally with the monitoring and
control of supplier performance and day-to-day liaison with logistics partners being best
managed at a local level.
g) Performance measurement
Experts found a strong relationship from the largest arcs of supplier and customer integration
to market share and profitability. By taking advantage of supplier capabilities and
emphasizing a long-term supply chain perspective in customer relationships can be both
18
correlated with firm performance. As logistics competency becomes a more critical factor in
creating and maintaining competitive advantage, logistics measurement becomes increasingly
important because the difference between profitable and unprofitable operations becomes
narrower. Firms engaging in comprehensive performance measurement realized
improvements in overall productivity. According to experts internal measures are generally
collected and analyzed by the firm including
1.
2.
3.
4.
5.
Cost
Customer Service
Productivity measures
Asset measurement, and
Quality.
19
Supply chain management of Dhiraj Intermediates Pvt Ltd:
Supplier
Supplier
Supplier
Supplier
Producer
Supplier
Supplier
Supplier
20
Customer
Supplier:
South Africa
Shri Lanka
Haidarabad
Kerala
Supplier
Ankaleshvar
Daman
Vapi
Raw material supplied:
1)
2)
3)
4)
5)
6)
7)
8)
9)
Maharastra
Litharge.
Sodium dichromate.
Nitric Acid.
Sodium Molibdate
Costic soda Flakes
Soda Ash
Rare earth floried
Sodium silicate
Aluminium sulphet
21
Raw Material consumed:
Materials Consumed
Litharge
Sodium dichromate
Nitric Acid
Sodium molybdate
Caustic soda flakes & Lye
Soda ash
Rare earth floriede
Sodium silicate
Aluminium sulphet
Tones per
Month
400
250
400
7
60
30
3
50
50
Material Consumed:
Materials consumed are in tone. It is raw material used for production per month.
From the graph we can know that which material use how much. It produces 600 tone output
of pigment. So material consumed is 650 tones.
22
Yearly consumption:
Items
2002
2003
2004
25976436
8495256
3880862
334961
3302092
6427582
5814916
40988041
15818412
6085890
506085
4456805
12589022
7056822
Lead / Litharge / Lead Nitrate
Sodium Dichromate
Nitric Acid
Zinc Oxide
Caustic Soda Flakes
Sodium Molybdate
Other
17277570
9682781
2165660
476536
1093807
3459492
3414050
Items
2005
2006
56638964
26518586
7598970
3747645
21238293
9347125
74798041
23727493
7862413
3403676
46235352
22799004
Lead / Litharge / Lead Nitrate
Sodium Dichromate
Nitric Acid
Caustic Soda Flakes
Sodium Molybdate
Other
23
Lead / Litharge / Lead Nitrate:
Sodium Dichromate:
24
Nitric Acid:
Caustic Soda Flakes:
25
Sodium Molybdate:
Other:
26
Inventory:
Inventories are the physical stock of items that a manufacturing or service organization keeps
in hand for efficient running of its firm. Inventories consist of raw materials, components
parts, tools, spares, supplies and finish goods. Inventories cost money in term of storage,
equipment, personal, insurance etc.
Inventory control helps to strike an optimum balance between these opposing costs and
thereby ensure availability of required items at minimum total cost to the company.
Re-order level:
Dhiraj Intermediates Pvt Ltd has suppliers from all over India and some are out of India. So
re-order level for different supply is different. Company maintains the stock of raw material
1000 tones. When stock reduces to 600 tones re-order is given. If the suppliers are in Gujarat
then materials receive within 2 days. If the suppliers are from out of Gujarat then materials
receive within 4 days. And if the suppliers are from the out of country then it is 3 month
process.
Here special standard are decided for raw materials. Before unload goods laboratory test are
done. If it match with predefine standard then unload the goods. Otherwise return.
The mode of transport company uses are truck, train, ship etc. local supplier uses trucks
because it is easy available and cheap for them. For import goods the mode of transport is
ship.
Year
Opening stock
Closing Stock
Average
2003
6129125
8312582
7220853.5
2004
8312582
24073737
16193189.5
2005
24073737
29151219
26612478.0
2006
29151219
28747743
28949481.0
27
Producer:
Amantek
chemical Pvt
Ltd
Brighton
Chemical
Pvt Ltd
Sun bright
pigment
Pvt Ltd
Dhiraj
Intermediate
Pvt Ltd
Unit 1
Sun colors
& Chemical
Pvt Ltd
Blaze Pigment
Pvt Ltd
Dhiraj-Unit 2
28
Production process:
Solution
Mix
Add
chemical
Filter process
Washing
Wet cake
Dry
Pulverize
Pack
29
Company has very efficient production process. Company is working on batch production. In
batch production there is standard decided for batch so as per that standard production is
done.
Batch production is very efficient for company because production is as per predefine
standard. Different customer wants different standard of pigment so as per demanded
standard production is done.
It is seasonal product. So demand for pigment is high in month May to September. Rest of
the month demand is low. Production is continuous during rest of the month.
It is pull base process. Customer gives order for pigment. They give order with specific
standard. So production is done as per standard. In rest of month production is done as per
predefine standard and stock for sale. So production is continuous during the year.
Company has very efficient production system.
The production capacity of company is 600 tones per month.
30
Production:
Items
Lemon Chrome
Middle Chrome
Scarlet Chrome
Prime Rose Chrome
Mixed Chrome
Other
2002
157990
220835
239095
22900
27175
20250
2003
229850
509900
308999
8600
36625
16725
Items
2005
2006
Lemon Chrome
Middle Chrome
Scarlet Chrome
Other
Bromine
3 3DCB
649225
1630675
546100
154795
1152560
826200
658847
1635735
586655
130226
1264100
898725
31
2004
455857
908500
408231
10500
42568
30879
Lemon Chrome:
Middle Chrome:
32
Scarlet Chrome:
33
Finished goods:
1)
2)
3)
4)
5)
Middle chrome.
Lemon chrome.
Scarlet chrome.
Zinc chrome.
Prime rose chrome.
Finished Goods
Tone per month
Middle chrome
360
Lemon chrome
115
Scarlet chrome
100
Zinc chrome
20
Prime rose chrome
5
Customer:
34
Asian Paint
Goodlas
Nero Lack
Micro Inks
Customer
DIC Ltd
Burger
Paint
Sudarshan
Chemical
35
Packing Specification:
Company pack it’s product with standard of 25 kg per bag with liner. Company has different
packing specification for export and local customer.
Quality Analysis:
Company is very careful about customer. so company always do quality checking. Quality
checking is done before dispatch of goods. In laboratory standard of finished goods is check.
If the standard are match then goods are dispatch otherwise reprocess.
36
Sales:
Items
Lemon Chrome
Middle Chrome
Scarlet Chrome
Prime Rose Chrome
Mixed Chrome
Other
Items
Lemon Chrome
Middle Chrome
Scarlet Chrome
Other
Bromine
3 3DCB
2002
2003
2004
10478013
14165639
22200324
1302616
685000
1464346
15516315
32308782
30398615
775005
888850
1175377
20820605
50658645
46149730
8070140
9878860
25698205
2005
2006
26920600
70673445
56143850
8990147
12678160
35138275
33137628
98020022
87729862
12704550
12641000
37742400
37
Annexure
Table 1
Year
Sales
PBIT
PBT
PAT
Total
Asset
Equity
2002
2003
2004
2005
2006
88475754
122609465
186400868
226561433
298176340
(3624536)
10181115
21628664
25562281
14297847
(14298149)
1072911
16894408
22333392
11068948
(14298149)
593367
18372399
8924392
7923948
156773936
165343380
182230973
213772800
233451268
11000000
11000000
26698304
38423880
46531752
PBIT - Profit Before Interest & Tax
PBT - Profit Before Tax
PAT - Profit After Tax
Equity - Owner’s share capital and reserve and surplus
Table 2
Tax
coverage
Interest
coverage
Operating
Profit
Margin
Total Asset
Turnover
Equity
Multiplier
Return On
Equity
0.00
0.55
1.08
0.39
0.71
3.94
0.10
0.78
0.87
0.77
(0.04)
0.08
0.12
0.11
0.05
0.56
0.74
1.02
1.05
1.27
14.25
15.03
06.82
05.56
05.01
(1.25)
0.048
0.702
0.216
0.171
38
Table 3
Year
Opening stock
Closing Stock
Average
2003
6129125
8312582
7220853.5
2004
8312582
24073737
16193189.5
2005
24073737
29151219
26612478.0
2006
29151219
28747743
28949481.0
Table 4
Production:
Items
Lemon Chrome
Middle Chrome
Scarlet Chrome
Prime Rose Chrome
Mixed Chrome
Other
Items
Lemon Chrome
Middle Chrome
Scarlet Chrome
Other
Bromine
3 3DCB
2002
2003
157990
220835
239095
22900
27175
20250
229850
509900
308999
8600
36625
16725
2005
2006
649225
1630675
546100
154795
1152560
826200
658847
1635735
586655
130226
1264100
898725
39
2004
455857
908500
408231
10500
42568
30879
Table 5
Sales:
Items
Lemon Chrome
Middle Chrome
Scarlet Chrome
Prime Rose Chrome
Mixed Chrome
Other
Items
Lemon Chrome
Middle Chrome
Scarlet Chrome
Other
Bromine
3 3DCB
2002
2003
2004
10478013
14165639
22200324
1302616
685000
1464346
15516315
32308782
30398615
775005
888850
1175377
20820605
50658645
46149730
8070140
9878860
25698205
2005
2006
26920600
70673445
56143850
8990147
12678160
35138275
33137628
98020022
87729862
12704550
12641000
37742400
40
Bibliography
http//www.google.com
http//www.wikipidia.com
Management Information System
By: Kenneth C. Laudon
Jane P. Laudon
Operations Management
By: Richard B. Chase
F Robert Jacobs
Nicholas J. Aquilano
Nitin K Agarwal
41