International Financial Reporting Standards Dissertation

International Financial Reporting Standards - Dissertation Example Due to the globalization process, organizations have become truly global in nature with their presence in different countries of the world. However, due to different accounting standards prevailing in each country, international organizations have to report their financial performance according to different standards. This, therefore, created the issue of uniformity of the accounting reporting and disclosure requirements. The rapid internationalization of the business activities necessitated the creation of a uniform set of accounting standards to improve the disclosure requirements. It is critical to note that not all countries have adopted the IFRS and the overall process is still considered as challenging for most of the countries. One of the most notable omissions is US which has not yet adapted the standards for different reasons. This literature review will discuss the issues and concerns which are preventing US from adapting the IFRS. International Financial Reporting Standard s It is argued that financial accounting standards are necessary because they allow investors and other stakeholders to have access to the information which is consistent as well as understandable. Following a uniform set of accounting standards is considered as important from the view point of consistency (Cangemi, 2008). Globalization should be considered as one of the beginning points towards the development of IFRS. It was the increase in the overall complexity of businesses at the international level that has resulted in the development of IFRS at the global level. The process of globalization is considered so strong that it requires revamping of existing regulatory frameworks in order to help globalization to take its roots. The unrestricted movement and flow of capital across the borders have resulted in the movement of goods, services and investments across the markets. This has also triggered further expansion of international businesses as organizations shifted their headq uarters to places where accounting standards were different. Due to the relocation of business operations, organizations had to prepare accounting statements according to the prevailing local accounting standards. The internationalization of the accounting standards and introduction of IFRS, therefore, are considered as part of the same process to allow the development of a uniform set of standards (Daske & Gibhardt, 2006). Various research studies have actually highlighted the importance of adapting IFRS as it is believed that a uniform set of accounting standards can improve the quality of reporting. Having same reporting standards would allow investors to better understand and evaluate the performance of the global firms and develop a unique insight. Though it has been suggested that estimating the overall importance and how a uniform set of standards can actually improve the quality of reporting may be too early (Jacob & Madu, 2009). It has also been argued that fair value accou nting practices under the IFRS have also created much fear at the organizational level. It has been argued that fair accounting revaluation of assets under the IFRS has resulted in a drastic reduction in the values of the assets. This reduction in the value of assets, therefore, has diluted the balanced sheets of the firms and further resulted in worsening of financial crisis in developed countries. Accounting standards made under the historical cost concepts may have been more suitable in order to allow organizations to report their assets and liabilities at the right values (Smith, Boje, & Melendrez, 2010). At the global level, there are two sets of accounting sta

Fitness Testing For Sport And Exercise Physical Education Essay

Fitness Testing For Sport And Exercise Physical Education Essay Dip your fingers in chalk with the hand on your strongest arm, then stand with you back flat against the wall with your arms extended as high as they can reach with them flat against the wall then mark out where your arms reach to/push the wall mounted reach board up to the height your arms will extend to, stand side on stronger arm closest to the wall/board, then crouch low then push straight of the floor and touch the wall/board, measure with the ruler how many cm from where the marking where there arm extended max to the chalk marking how many cms is between the 2 markings, on the board there are already cm measurements on there so you just see which number the finger markings are on. Method of assessment: To measure the amount of explosive power in the lower limbs in cm by measuring how high a persons vertical jump is. How analysed: Measured in cm and mm to make it more accurate and marked on a sheet. Target group: Sprinters and basketballers. Reliability of test: The test is reliable because the same action is made each time so fur, if using the board the measurements are accurate Validity of test: This test is very good for validity being the test most people will do for lower limb power and all four factors are shown too. Advantages/Disadvantages Cost Advantages: Cheap and affordable using simple equipment. Disadvantages: Wall mounted board is really expensive. Time Advantages: The test doesnt take long so it doesnt become tedious. Disadvantages: The short amount of time can be considered as quite a rubbish test. Equipment Advantages: Less equipment is required and wall mounted board is very accurate. Disadvantages: Measurements could be inaccurate if using the cheaper equipment. Level of skill required by the person conducting test Advantages: Low level of skill is required so a lot of people are capable to take this test. Disadvantages: Low level skill could lead to the test to be tedium. Cardiovascular endurance Bleep test, beep test, pacer test, leger-test, 20m shuttle run test. Objective To test the amount of cardiovascular endurance someone has by seeing how long someone can last during the bleep test. Resources needed: Metre clicker to mark out 20m, cones, beep test CD and CD player and marking sheets. (This will take place in a no slip surface) How conducted: The beep test CD will be played and you have to stand behind one line facing the other and there will be beeps in between each beep you have to run from one line to the other e.g. beep run 20m to the line beep. The test starts with the first level where the beeps are quite slow but then after approximately 1 minute or 7 runs the level gets higher and the closer the beeps are together so the test gets faster, this test stops on level 20 and for someone to be out is when they miss the beep before they reach the 20m line. Method of assessment: To measure the cardiovascular endurance or vo2 max in shuttle runs the predicted vo2 max is at each level and the shuttle number i.e. level 4 shuttle 2 predicted vo2 max is 26.8. How analysed: Writing down on recording sheets each level and shuttle they reached or dropped out of and the Vo2 max national average for males is 9/3 and for females 6/6. Target group: Long distance runners Reliability of test: The test is accurate is because the CD plays the same thing over and over again so theres no worries on inaccuracy of the test and also motivation could effect the reliability. Validity of test: This test has good validity because the bleep test is the most valid test used for people to measure Advantages/Disadvantages Cost Advantages: cheap for CD because the copy is downloadable. Disadvantages: could be costly if you dont have a CD player, metre clicker and cones and also expensive if having to rent out a facility. Time Advantages: the test has enough time to record the level they reach. Disadvantages: test lasts quite long and becomes quite tedious. Equipment Advantages: less equipment required and also the equipment is straight forward not complex. Disadvantages: faulty equipment like scratched CD. Level of skill required by the person conducting test Advantages: straight forward because its only running and this is an easy or simple skill to conduct. Disadvantages: cardiovascular endurance a lot of people really struggle with. Strength 1 rep max Objective: To test the amount of strength someone has by seeing the max weight someone lifts. Resources needed: Weight machines e.g. bench press, fly machine, leg press, free weights or lat pull down. (Gym) How conducted: You go to the weight machine you are comfortable with the lifting technique if not get someone to learn you the technique or read how the technique is done on the machine. Which ever weight machine you use you start on the smallest weight by warming up with a few reps 5-15 reps then you work your way by increasing the weight each time you do 1 rep, you work your way increasing the weight until you get the weight you cant do 1 rep of. Method of assessment: To test the amount of strength someone has in the pectoral, deltoid, trapezius, lateral, triceps and biceps by seeing the max amount of kgs someone can do 1 rep of. How analysed: How many kg you lifted and marked on recording sheets. Target group: Rugby players, weight lifters. Reliability of test: The test is reliable because weights stay the same weight unless you increase the weight. Validity of test: This test is valid because it tests the strength in the specific muscle that is working or contracting. Advantages/Disadvantages Cost Advantages: some gyms are quite cheep and its also cheep for a day trial. Disadvantages: some gyms cost loads and also buying your own weights costs quite a lot. Time Advantages: test doesnt take long so it doesnt become boring. Disadvantages: people could consider it being rubbish because its a short test. Equipment Advantages: weight machines are safe to use Disadvantages: free weights can be quite dangerous if using a free weight bench weight could collapse on you if too heavy. Level of skill required by the person conducting test Advantages: the skill is quite simple to do. Disadvantages: its common that people tend to arch there backs when lifting weights so this skill people might not be able to do properly and injure themselves. Suppleness/Flexibility Sit and reach Objective: To test the amount of suppleness someone has in the lower back and calfs by seeing how far someone can sit and reach forwards. Resources needed: A bench, a metre ruler/tape measure or a flex tester. How conducted: Sit with you stomach against the bench lengthways with your both legs either side of the bench and you reach out as far as you can with both hands and hold the position and measure from the start of the bench is to where your hands are held furthest. On the flex tester you sit with you stomach against the flex tester lengthways the with your both legs either side of the flex tester on this piece of equipment there is a handle you push forwards as far as you can and where you push it you see how many cm you have pushed it next to the handle you push. Method of assessment: To test the amount of suppleness someone has in there lower back and the amount of cm the person can reach with the extension of the lower back. How analysed: How many cm the person has reached and put down results on recording sheets. Target group: Gymnasts Reliability of test: This test is reliable because the same action is made and accurate measurements are recorded on flex tester. Validity of test: This test is valid because the only flexibility it will test is in the lower back and hamstrings. Advantages/Disadvantages Cost Advantages: using the bench, tape measure and chalk is quite cheap. Disadvantages: Flex tester is really expensive. Time Advantages: The test doesnt take long so it dont become tedious. Disadvantages: because of the test being short could be considered a pointless test to do and boring. Equipment Advantages: Flex tester has accurate measurements Disadvantages: using the bench, tape measure and chalk could come out with inaccurate measurements. Level of skill required by the person conducting test Advantages: Low level skill is needed because its a simple skill being used. Disadvantages: because of the skill being low level this could lead to the test being tedious. Muscular Endurance Maximum amount of push ups Objective: To test how much muscular endurance in the upper body someone has by seeing the max amount of push ups someone can do. Resources needed: Press up mat and press up handles or non-needed in a flat facility. How conducted: You get into press up position which you place both hands on the press up matt if you get bad wrists you grab onto the press up handles shoulder width apart and extend your legs straight and you lower down and push up and you do as many press ups as you can until you cant physically do more. Method of assessment: To test the amount of upper body muscular endurance someone has by seeing how many push ups maximum someone can do. How analysed: Recording sheets of how many press ups someone has done. Target group: Sprinters, long distance runners Reliability of test: This test is reliable because the same action is repeated so results are easily recorded. Validity of test: This test is valid because it measures what it claims to measure which is the muscular endurance in the upper body and monitors the effect in the athletes physical development. Advantages/Disadvantages Cost Advantages: It doesnt cost much to do and also can be self-monitored. Disadvantages: press up mat and handles can be quite expensive. Time Advantages: Doesnt really waste a lot of time. Disadvantages: doing push ups for too long can become tedious. Equipment Advantages: Not much equipment is required and the handles reduce the risk of wrist injuries. Disadvantages: not using handles can cause wrist injuries. Level of skill required by the person conducting test Advantages: its a straight forward skill so its easy to execute the skill. Disadvantages: quite a number of unfit people cant hold them in a press up position so it becomes quite hard for them. Speed 60m sprint Objective: To test the amount of speed someone has by timing how quick someone runs 60m in. you could use an Resources needed: Stop watches, whistle and a metre clicker to mark out 60m How conducted: A person stands at the 60m mark while you stand at the other end, the person says set for you to get ready and then blows the whistle for you to go when the whistle gets blown they start timing, then you sprint as fast as you can through the 60m mark then they stop timing and the time s set how quick you run 60m in. Method of assessment: To test the amount of speed someone has in running in seconds. How analysed: Stopwatch timed and recording sheets in seconds. Target group: Sprinters Reliability of test: The test is quite reliable because its sprinting over a short distance so similar/consistent times are ran but any timing mistakes can make it inaccurate. Validity of test: This test is valid because it measures what it claims to measure which is how quick someone can move there body over 60m. Advantages/Disadvantages Cost Advantages: equipments quite cheep. Disadvantages: could be costly to use a track depending on the sports centres price. Time Advantages: short sprints dont waste time. Disadvantages: doing short sprints can become tedious. Equipment Advantages: metre clicker is accurate to measure 60m. Disadvantages: stop watches could be faulty. Level of skill required by the person conducting test Advantages: Sprinting is quite a straight forward skill so its easy to do. Disadvantages: sprinting is high intensity so some people might get stitches doing the test if there unfit. Body Composition/ Somatotype Body weighing and skinfold measurement Objective: To see the amount of muscle fat and bone someone has by measuring there weight and there skinfolds. Mesomorph, Ectomorph and Endomorph. Resources needed: Scales and skinfold calipers. How conducted: For the weight test the person needs to step on the scales in just shorts so the weight is more accurate and whatever it comes up on the dial in either KGs or stone is the persons weight. Skinfold measurement you stretch out skin around the torso area and the skinfold calipers work like a pincer and you pinch the skin and on the dial of the calipers it comes up with how many mms there is in the skinfold. Method of assessment: To find out the somatotype someone has. How analysed: Body weighing: kg or stone, skinfold measurement: mm average for a male is 91mm and for a woman its 100mm. Target group: Suitable for all. Reliability of test: Body weighing is reliable because scales are accurate and if you weigh routinely every 12 hours, but the weight results can be affected by the amount of fluid in the body. The skinfold test is reliable because the skinfold calipers have accurate measurement but the measurements can vary through skill and experience. Validity of test: The body weighing test is valid because your weight is the first signs of what body composition you are. The skin fold measurement is not really valid to measure the percentage of body fat but it does indicate the body changes. Advantages/Disadvantages Cost Advantages: Weighing regular is cheap because it dont cost. Measuring skin folds regular doesnt cost. Disadvantages: The scales and the skin fold calipers together are quite expensive. Time Advantages: The test is short so it doesnt waste any time. Disadvantages: Being short considered as boring. Equipment Advantages: Both pieces of equipment have really accurate measurements. Disadvantages: Scales can become faulty after a while. Level of skill required by the person conducting test Advantages: Low level skill and no physical activity so its an easy test. Disadvantages: Because no physical activity and low level skill people a number of people will not want to do the test.

ee cummings :: Essays Papers

â€Å"To be nobody but yourself in a world which is doing its best, night and day, to make you everybody else means to fight the hardest battle which any human being can fight; and never stop fighting,†-E.E. Cummings. E.E. Cummings was considered one of the most innovative poets of the twentieth century. Now I will tell you a little bit about him. Edward Estlin Cummings was born on October 14, 1884 in Cambridge Massachusetts. He spent his early years in Cambridge until he began to attend Harvard University in 1912. E.E. Cummings graduated in 1916 with an M.A. and a B.A. in English and classic literature. After graduating from Harvard, Cummings joined the Norton-Harjes Ambulance Corps, in France. He was an ambulance driver during World War I until he wrote letters back home criticizing the conduct of the war, and the nervous French censors had him arrested and sent him to a detention center, where he remained for three months before being released. While in the French prison Cummings wrote the basis of his first published book The Enormous Room. This book was considered one of the greatest literary works to come out of World War I. This book was written as a journal of Cummings prison stay. It is said to be heightened by an experimental prose style and a hatred of a bureaucracy that could treat helpless and innocent civilians so cruelly. Cummings was drafted into the U.S. Army in shortly after the 1918 Armistice. He depicts military life satirically in such poems as, â€Å"i sing of Olaf glad and big.† After the war, Cummings devoted himself entirely to his writing and painting, publishing 11 books of poems. He also published a second antibureaucracy journal entitled Eimi (Greek for "I Am"), in 1933. Besides being a poet, Cummings was a playwright, prose writer, and painter. Most of the time, however, he was a poet. Cummings received the Bollingen Prize for poetry in 1957. He also received the Shelley Memorial Award for poetry in 1944, along with being awarded the Charles Eliot Norton Professorship at Harvard for the academic year 1952-1953. Cummings life ended on September 3, 1962 at the age of 80. Cummings poetry, noted for its eccentricities of typography, language, and punctuation, usually seeks to convey a joyful, living awareness of sex and love was the first of its kind. ee cummings :: Essays Papers â€Å"To be nobody but yourself in a world which is doing its best, night and day, to make you everybody else means to fight the hardest battle which any human being can fight; and never stop fighting,†-E.E. Cummings. E.E. Cummings was considered one of the most innovative poets of the twentieth century. Now I will tell you a little bit about him. Edward Estlin Cummings was born on October 14, 1884 in Cambridge Massachusetts. He spent his early years in Cambridge until he began to attend Harvard University in 1912. E.E. Cummings graduated in 1916 with an M.A. and a B.A. in English and classic literature. After graduating from Harvard, Cummings joined the Norton-Harjes Ambulance Corps, in France. He was an ambulance driver during World War I until he wrote letters back home criticizing the conduct of the war, and the nervous French censors had him arrested and sent him to a detention center, where he remained for three months before being released. While in the French prison Cummings wrote the basis of his first published book The Enormous Room. This book was considered one of the greatest literary works to come out of World War I. This book was written as a journal of Cummings prison stay. It is said to be heightened by an experimental prose style and a hatred of a bureaucracy that could treat helpless and innocent civilians so cruelly. Cummings was drafted into the U.S. Army in shortly after the 1918 Armistice. He depicts military life satirically in such poems as, â€Å"i sing of Olaf glad and big.† After the war, Cummings devoted himself entirely to his writing and painting, publishing 11 books of poems. He also published a second antibureaucracy journal entitled Eimi (Greek for "I Am"), in 1933. Besides being a poet, Cummings was a playwright, prose writer, and painter. Most of the time, however, he was a poet. Cummings received the Bollingen Prize for poetry in 1957. He also received the Shelley Memorial Award for poetry in 1944, along with being awarded the Charles Eliot Norton Professorship at Harvard for the academic year 1952-1953. Cummings life ended on September 3, 1962 at the age of 80. Cummings poetry, noted for its eccentricities of typography, language, and punctuation, usually seeks to convey a joyful, living awareness of sex and love was the first of its kind.

Sugar Factory Project

A PROJECT REPORT ON â€Å" STUDY OF EXCISE DUTY PAYMENT BY GABRIEL INDIA LTD. † AT [pic] -: Submitted By:- AVINASH CHANRDAKANT IGHE -: The Research Guide:- PRO:-D. D. WALKE -: Affiliated To :- University of Pune N. D. M. V. P. Samaj’s Nashik [pic] Institute of Management Research and Technology (IMRT) For The Academic Year 2008 -2009 PREFACE Indirect tax is the one of the most enormous source of fund collection of the Indian government which aids to development expenses and other aspects. Central excise is one aspects of fund/revenue collection. Features of indirect taxes. Government of India needs funds for various purposes like maintenance of law and order, defence, social /health services etc. Government obtains funds from various sources out of which one main source is taxation, Justice Holmes of US Supreme Court has long ago rightly said that tax is the price which we pay for a civilized society. -view echoed in Parshuram Pottery works ltd vs. ITO (1977) 106ITR 1(sc). Taxes are conventionally broadly classified as Direct taxes and indirect taxes. As the name suggest, direct taxes are paid directly and indirect taxes paid indirectly. In the case of indirect taxes, they are paid by one person, but he recovers the same from another person. Thus, the person who actually bears the tax burden pays it indirectly through some other person, Who practically, merely acts as colleting agent of course, he is liable if fails to collect and pay the taxes. Central excise is totally whit the manufacturing company, which company Produce or manufacture excisable goods as per Central Excise Act 1944. Excisable goods indicate which goods failing under Central Excise Act 1944, And it is also must be movable and marketable and must be produce or manufacture in India. Indirect tax structure on goods. †¢ Excise duty 14%, †¢ Education cess 2%, †¢ Secondary and higher secondary education cess 1%, †¢ Vat 12. 50%. Invoice must be have 4 copy 1) Original for buyer. 2) Duplicate for transporter. 3) Third for assesses. 4) Fourth acknowledgement copy. ACKNOWLEDGEMENT It gives me immense pleasure to present this project report on study of Excise Duty Paid out by GABRIEL INDIA LTD. In partial fulfillment of post-graduate course M. B. A. No work can be carried out without the help and guidance of various persons. I am happy to take this opportunity to impress my gratitude to those who have helped me in completing this project report. At the outset, I would like to thank Mr. Kadam Head of Dept. (Excise) of ‘GABRIEL INDIA LTD’ for their valuable advice and guidance during my project completion, also Mr. Doke for timely help concerning various aspects of project. I would be failing in my duty if I do not express my deep sense of gratitude to Prof. D. D. WALKE without his guidance. It wouldn’t have been possible for me to complete this project work. Lastly I would like to thank all professors and staff at I. M. R. T. , my friends and all those persons who contributed directly or indirectly for successful completion of this project. AVINASH C. IGHE DECLARATION I, Avinash Chandrakant Ighe, student of MBA studying in Institute of Management Research & Technology, Nashik solemnly declare that the project titled â€Å"STUTY OF EXCISE DUTY PAYMENT BY GABRIEL INDIA LTD. was carried out by me in partial fulfillment of the MBA program under University of Pune. This project was under taken as part of academic curriculum as per university rules and norms and by no commercial interest or motive. It is my original work and not submitted elsewhere for any other purpose earlier. PLACE: NASIK AVINASH C. IGHE DATE: INDEX |Chapter No. |Contents |Page No. | | 1 | |INTRODUCTION ABOUT THE STUDY | 1-8 | | |1. |Object of the project | 1 | | | 1. 2 |Selection of the Topic for study | 2 | | |1. 3 |Objective of the project | 3 | | |1. 4 |Research methodology | 4 | | | |Scope of the study | 5 | | |1. |Limitation of study | 6 | | |1. 7 |Revenue collection of major taxes in India | 7 | | |1. 8 |Budget changes 2008 | 8 | | | | | | | 2 | |PROFILE OF THE ORGANIZATION | 9-15 | | |2. |Introduction of the Company | 9 | | |2. 2 |Product Profile | 14 | | |2. 3 |Organizational structure | 15 | | | | | | | 3 | |ANALYSIS AND INTERPRETATION OF DATA | 16-53 | | | | | | | | | | | | | | | | | |DDDDDDDATADATA | | | |3. 1 |Topic under study | 16 | | |3. |Key analysis & Data presentation | 35 | | | | | | | 4 | |EXECUTIVE SUMMARY | 54-56 | | | | | | | 5 | |CONCLUSIONS & FINDING | 57-58 | | | | | | | 6 | |SUGGESTIONS & RECOMMENDATIONS | 59 | | | | | | | 7 | |APPENDICES | 60-61 | | |6. 1 |Bibliography | 60 | | |6. |Glossary | 61 | | | | | | 1. Object of the Project In Master in Business Administration, theoretical knowledge is not sufficient. Prac tical knowledge got by the project is very useful in our future. MBA has to play quit responsible role as a manager, so that practical knowledge is must for management student. During the project we come across different real life problems. This practical knowledge helps us in future to overcome such problems in the corporate world. The objectives of the project work are as follows: 1. To enable the MBA student to test their theoretical knowledge in practical. 2. To provide training to student by the organization, this is very useful in their future. 3. Preparation of project report is mandatory for every MBA student, that is why the primary objective of any project is fulfill the requirement of the syllabus with the grasping the knowledge. 1. 2Selection of the topic for study Topic selections the one of the important aspect of our project. As it decided the course of action, to be followed. The topic selected should be such that it helps in understanding the excise concept clearly, as was given the topic by the company itself. This topic given by project guide was â€Å"STUTY OF EXCISE DUTY PAYMENT BY GABRIEL INDIA LTD†. Covers all the things related to excise analysis provided by the company. 1. 3Objectives of the project 1. To study procedure of central excise registration. 2. To study E. R. 1 form of central excise. 3. To study applicability of the central excise. 4. To study journey of Cenvat credit. 5. To study process of Cenvat credit taken. 6. To study drawbacks of central excise. 1. 4RESEARCH METHODOLOGY Research methodology is a way to systematically solve the research problem. It may be understood as a science of studying now research is done systematically. In that various steps, those are generally adopted by a researcher in studying his problem along with the logic behind them. Data collection is important step in any project and success of any project will be largely depend upon now much accurate you will be able to collect and how much time, money and effort will be required to collect that necessary data, this is also important step. Data collection plays an important role in research work. Without proper data available for analysis you cannot do the research work accurately. There are two types of data collection methods available. 1) Primary data: – The information about the Company is gathered from the discussion with the employees/staff. 2) Secondary data:- The secondary data collected – The balance sheets as on the date of 31st Dec 2007 for the period of 1st April 2007 to 31st Dec 2007 The methodology of this study has been adopted on the following basis: Study of various Journals, Notes & Books. †¢ Collection of Primary & Secondary data records of the organization. †¢ Analysis of the collected data for its application. 1. 5S cope of the project The excise is the important tax from indirect tax. This project covers all points about excise and also cenvat credit rules and conditions. The central excise law mainly comprise of Central Excise act 1944, Central Excise rules 2002, Cenvat Credit Rule 2004. This project also comprises central excise registration procedure, assessee profile, rules related with central excise, journey of cenvat credit rule, process of cenvat credit taken and drawbacks of central excise. Central excise is source of Indian Government from collection funds. 1. 6 LIMITATIONS OF THE STUDY †¢ Generally company does not allow outsiders to conduct any study or research work in company. Therefore, get the project done in company itself was very difficult. †¢ Due to confidentiality some important information, which are important for the project, could not be collected. †¢ Some of the information lack in accuracy, due to which approximate values were used for the analysis. Hence, the results also reveal approximate values. †¢ The project is based on theoretical guidelines and as per situations prevalent at the time of practical training. Hence, it may not be apply to different situations. †¢ The time span for the project was very short which was of 2 months, which itself acts as a major constraint. Moreover, studying the guidelines and applied it practically within such short time span was a task of great pressure. 1. 7 Revenue collection of major taxes in India [pic] Note:- (1) N. A – not available. (2) Figures in crores. 1. 8 Budget changes 2008. Budget 2007-08 and Finance Bill 2008 was presented before Parliament on 29-02-2008. The changes which are effective immediately or from 1-04-2008 have been discussed at relevant places. The statutory changes and changes in duty rates are summarized in fort pages. Highlights as follows:- †¢ General rate of basic duty reduced from 16% to 14% from1-3-2008. †¢ Rule 6(3) of cenvat credit rule recast to provide for proportionate credit in case where manufacturer is manufacturing both exempted and taxable goods and service provider is providing both taxable as well as exempted services. †¢ In case of deemed manufacturer, simple repacking will be ‘Manufacture’ 1-3-2008. Till now, labeling, re-labeling and also repacking was required. †¢ Service tax on GTA to be paid by cash only. Controversy relating to cenvat credit of outward freight continues. †¢ Strips of plastics for weaving fabric eligible for SSI exemption 1-4-2008. EOU have to pay duty equal to 50% of customs duty plus excise duty 1-3-2008. †¢ NCCD of 1% imposed on mobile phones but NCCD on PFY and pan masala not containing tobacco has been withdrawn. 2. 1 Introduction of the company Gabriel India sets up its facility in Parwanoo in 1978 in collabora tion with Federal Mogul, USA world leader in thin-walled, bimetal engine bearings, the Parwanoo plant is equipped with a fully integrated facility for the manufacture of a complete range of bimetal bearing, bushes, flanges and thrust washes; including manufacturing of powder metal and bimetal strips. In 2004, Gabriel has put up a new plant in Khandsa (Haryana) for anufacture of aluminum tin bearings. Anand Engine bearing division was emerged in 2007 from Gabriel India Ltd and is now called Anand Engine Component Ltd. Anand Engine Component Ltd is a leading suppler of Engine bearings to domestic OEMS and replacement market in the automotive industry as well as other segments such Railway, Marine and power generation. Its product also being exported to several oversea markets. Name of the company: – Gabriel India limited, Address of company: – 29th milestones, Pune-Nashik Highway, Village Kuruli, Tal: Khed, Dist. Pune -410501 (India) Tel. :+91-9922908401/2/3/4 Fax: +91-2 135-261200 www. anandgroupindia. com 1. Capital Employed – $ 43 Million 2. Net Fixed Assets – $ 31 Million 3. Major Products- Shock Absorbers, Strutsand Front Forks. Engine Bearings. 4. HQ Location- Delhi 5. Established – 1961 2. 1. 1Brief history of Gabriel:- 1997 : Started Plant for OE Passenger car shocks 1998 : HMI, Tata Motors & Ford India business started 1999 : Toyota Kirloskar business started (Qualis) 2000 : Acquired certification for QS 9000 by BVQI 2001 : HM business started (Lancer) 2003 : Acquired certification for ISO 14000 2003 : Acquired certification for OHSAS 18000 2003 : Maruti business started 003 : Acquired certification for TS 16949 by BVQI 2003 : Acquired certification for Ford. 2004 : GMI business started. 2. 1. 2 Mission of the Company:- The mission statement of Gabriel is:- â€Å"To champion and accelerate learning by providing world-class technical and managerial solution and act as the hub for transfer of learning throughout the group. † Basic philosophy behind that i s â€Å"Increase of value contribution & customer satisfaction† which means elimination of non value added activities and emphasis on value stream way of thinking rather than the traditional functional way of thinking. 2. 1. 3 Logo of the Company:- pic] 2. 1. 4 Location of the production: – Company has six branches in India. It is as follows. †¢ Pune. †¢ Dewas. †¢ Hosur. †¢ Parwnaoo (Himachal Pradesh). †¢ Nashik. †¢ Gurgoan. 2. 1. 5 Production capacity:- 1) Struts 1. 5 Million units per annum. 2) Front Forks 1. 5 Million units per annum. 3) Shock Absorbers 10. 0 Million unit per annum. 2. 1. 6 Certification of the Company:- 1:-ISO9002 – Nashik, Hosur, Parwanoo. 2:-ISO14001 – Hosur, Dewas, Pune. 3:-QS9000 – Hosur, Dewas, Nashik. 4:-ISO16949 – Hosur, Pune, Dewas. 5:-OHSAS 18001 – Hosur, Dewas, Pune. 2. 1. 7 Ride control global product range. |Twin tube shocks (gas). | |Twin tube shocks (non-gas). |Mono tube shocks. | |Spring seat shocks (semi-strut). | |Cab suspension damper. | |Steering damper. | |Strut cartridges. | |McPherson struts. | |Self leveling shocks. | |Active suspension. | |Suspension corner module. | 2. 1. 7 Gabriel Pune [pic] 2. 2Product profile:- [pic] [pic] 2. 3 Organizational chart :- Deep C Anand Foundation Mr. S. G. Kulkarni (D. G. M finance) Mr. A. Vispute Mr. S. Das (Sr. manager) Manager) Mr. M. Dalal Mr. S. Agnihotri Mr. A. Mane Mr. T. J. Kadam (A. M) (A. M) (A. M) (A. M) Miss. Harivanda Mr. A. P. Doke (Asst. ) (Officer) Mr. R. M. Wadekar Mr. M. D. Pardeshi 3. 1 TOPIC UNDER STUDY 3. 1. 1 Theoretical background :- 1) Journey of Central Excise. 2) Central Excise Act 1944. 3) Central Excise Rules 2002. 4) Cenvat Credit Rule 2004. ) Registration procedure of central excise. 6) E. R. 1 form, analysis and format. 3. 1. 2 Journey of Central Excise. Available historical evidence on the organized forms of commodity taxation shows that duty on two commodities – salt and liquor – was levied during flourishing Mauryan period (5% to 10%). During Mughal period, tax on manufactured goods was extended to indigo, cotton, soap, edible oil, tobacco and salt. Early British Rule imposed duty on dairy products, handlooms, leather products. Iron and steel. Excise, as we understand it today, was 1st introduced on cotton yarn in 1894, mainly to check exports of Indian textiles to USA, China, Japan and Hong Kong. Subsequently, excise net was widened and it was imposed on motor spirit (1917), kerosene (1922), Silver (1930), Sugar and matches (1934). More items were covered under excise in 1943. Development of Excise Law Initially, separate Act used to be introduced for each commodity. Thus, by 1944, there were 16 each enactment. All these were consolidated and a consolidating Act was passed in 1944(which is still in force). The consolidated act included various items called Tariff Items (TI) – like Sugar (TI-1), Coffee (TI-2), Tea (TI-3) etc. More and more items were added each year, usually at the time of Budget. Finally, residual item – called Not Elsewhere specified (NES) (TI-68)-was introduced w. e. f. 1-3-1975. Thus, effectively, all items were covered. Duty on TI – 68 was 1% in the beginning, which was raised in stages to 12%. Central Excise Tariff :- Since tariff item were added from time to time, the arrangement and sequence of each was not tariff item was not scientific and logical as items were added in the Schedule to central Excise Act from time to time. In the meanwhile, International Standards were developed for classification of goods and Customs Tariff in India was revised to fall in line with International Standards for classification. Excise tariff was also revised and Central Excise Tariff Act, 1985 was brought into effect from 1-3-1986. Thus, only 15 commodities were covered in 1944, against over 1,300 commodities covered in 1994. MODVAT in 1986 :– Modvat was introduced w. e. f. 1-3-1986, to avoid cascading effect of taxation. Coverage of MODVAT was increased over a period of time and now most of the inputs (except a few), are eligible. MODVAT was extended to capital goods and petroleum products in March 94. (MODVAT was renamed as CENVAT w. e. f. 1-4-2000) Other landmarks – until 1938, excise duties were administered by provincial (Now called State) Governments. Central Excise and Salt Revenue Department was established in 1938. Changes in recent times:- Some important changes in recent times are as follows: 1-4-2000 – Basic Excise Duty will be 16%on almost on all commodities. Branded goods manufactured by SSI in rural area will be exempted from duty. 1-4-2000 – Modvat was renamed as Cenvat. New Cenvat rules 57 AK introduced Duty payment on fortnightly basic, instead of at every time before clearance. 1-7-2000 – All statutory records abolished. Department will rely on private records of assessee. New Valuation section 4 and new Valuation rules introduced. 1-7-2001- New Central Excise Rules made effective and earlier Central Excise Rules, 1944 scrapped. Many procedural simplifications made. September, 2001 – CBE&C released ‘New Central Excise Manual, 2001’ and ‘Custom Manual, 2001’. Basically, these are consolidation of many previous trade notices, public notices and CBE&C circulars. In addition, general information about customs and excise law is contained in these manual. 9-7-2004 – Introduction of Education Cess @ 2% of duty or tax, Textile Articles practically out of excise net. 10-9-2004 – Integration of Cenvat Credit of Excise duty on goods and service tax. Credit is inter-changeable. 1-1-2005 – Service tax on Goods Transport Agency. Tax payable by consignor/consignee paying freight. 28-2-2005 – Central Excise Tariff converted from 6 digits to 8 digits. 1-3-2006 – AED (GSI) fully exempted. SED merged with basic excise duty. 13-7-2006 – department can provisionally attach property of a person to whom show cause notice has been served (section 11DDA of CEA). Basic procedure in Central Excise As per section 6 of CEA, registration is required to be obtained by (a) every manufacturer or producer of excisable goods that is goods specified in first and second schedule to central excise tariff act (b) wholesale purchase or sale or storage of any specified goods included in first or second schedule of central excise tariff act. As per rule 9 of Central Excise Rules, every person who produces, manufacturers, carries on trade, holds private store room or warehouses or other wise uses excisable goods shall get registered. The rule also otherwise Board to issue notification (a) specifying conditions and procedures for registration and (b) grating exemption to person or class of person from provisions registration. Registration is compulsory as both section 6 of CEA and rule 9(1). It has been clarified that registration granted in earlier old rule 174 will be valued under new rules. 3. 1. 3 Central Excise act 1944 (sec 40) This is the first act which gave the power to excise officer for provision of collecting the excise or taking action of arrest, penalty, Valuation. Nature of Excise Act The basic condition for levy of Excise Duty:- 1) The duty is on goods. 2) The goods must be excisable. 3) The goods must be produced or manufactured with aid of power. 4) Such production must be in India. 5) Goods must be movable and marketable. 3. 1. 4 Central Excise Rules 2002 Rule 1:-Short title, extent and commencement. Rule 2: – Definition of. Act †¢ Assessment †¢ Assesses †¢ Board †¢ Duty †¢ Notification †¢ Tariff act †¢ Warehouse Rule 3: – Appointment and jurisdiction of central excise officer. Rule 4: – Duty payable on removal. (Molasses) Every person who produce or manufacture any excisable goods, or who store s uch goods in a warehouse, shall pay the duty livable on such goods in the manner provided in the rule 8 under any law, and no excisable goods, on which any duty is payable, shall be removed without payment of duty from any place, where they are produce or manufactured, or from a warehouse, unless otherwise provided. Rule 5: – Date for determination of duty and tariff valuation. If any excisable are used within the factory, the date of removable of such shall mean the date on which the goods are issued for such use. Rule 6: – Assessment of duty. The assessee shall himself assess the duty payable on any excisable goods. Rule 7: – Provisional assessment. The Assistant Commissioner of central excise or the deputy commissioner of central excise, as may be required for finalizing the assessment, the is available, but within a period not exceeding six months from the date of the communication of the order issued under sub rule (1). Rule 8: – Manner of payment. The duty on the goods removed from the factory or the warehouse during a month shall be paid. Rule 9:-Registration. Any person who produces, manufacture, carries on trade, holds privet store-room or warehouse or otherwise uses excisable goods, shall get registered. Rule 10:-Daily stock account. All such records shall be preserved for a period of five years Immediately after the financial year to which such records pertain. Rule 11:-Goods to be removed on invoice. No excisable goods shall be removed from a factory or a warehouse except under an invoice singed by the owner of the factory or his authorized agent and in the case of cigarettes, each such invoice shall also be countersigned by the inspector of central or the superintendent of central excise before the cigarettes are removed from the factory. Rule 12:-Return to filing Provided that an assesses manufacturing pan masala failing under tariff item 21 06 90 20 or pan masala containing tobacco failing under tariff item 24 09 99 90, shall also file, along with the return ,for the month which the said return relates, a statement summarizing Rule 13: – Export without payment of duty. †¢ Any excisable goods may be exported without payment of duty from a factory of the producer or the manufacture or any other premises, as may be approved by the commissioner. †¢ Any material may be removed without payment of duty from a factory of the producer or the any other premises, for use in the manufacture or processing of the goods which are exported, as may be approved by the commissioner. †¢ The export under sub rule (1) or sub rule (2) shall be subject to such conditions, safeguards and procedure as may be specified by notification by the Board. Rule 14: – Warehousing provision. The central government may be notification, extend the fac ility of removal of any excisable goods from the factory of production to a warehouses to another warehouses without of payment duty. †¢ The facility under sub-rule (1) shall be available subject to such condition, including penalty and interest, limitation with respect to the period for which the goods may remain in the warehouse and safeguard and procedure including in the related to the dispatch, movement, receipt, accountable and disposal of such goods may be specified by the Board. 3. 1. 5 Cenvat credit rule 2004. (rule 16) Dated 10/9/2004 amended. Government appointed Dr. Vijay Kelkar for recommending tax reforms and as part of the report. Union budget 2003-2004 clearly recommendation of Kelkar committee have been accepted. A new rule 12 A was inserted vide notification no: 19/2006, dated 30/09/2006. which deals with the procedure and facilities for large tax payer, particularly with reference to the following aspects. 1) Removal of input or capital goods by a large tax payer through a transfer challan/invoice. 2) Transfer of cenvat available with one of the units of the large taxpayer to his other registered premises through a transfer challan. Cenvat credit rule deals with as follows goods, Rules 1 :- Capital goods †¢ All goods failing under chapter 82,84,85,90 heading no 68. 02. †¢ Pollution control equipment. †¢ Component, spares and accessories of the goods. Specified (1) (2) above. †¢ Moulds and dies, jigs and fixtures. Refractory and material. †¢ Tubes and pipes and fitting. †¢ Storage tank. Note:-office equipment and appliance in an industry and hence credit cannot be valid. Rules 2 :- Inputs All goods and raw material Except light diesel oil, high speed diesel oil and motor spirit, commonly known as petrol and motor vehicles, used for providing any output service. Rule: – 3 A manufacturer or producer of final products or a provider of taxable service shall be allowed to take credit. †¢ The duty of excise of specified in the first schedule to the Excise Tariff Act, livable under the excise act. †¢ The duty of excise specified in the second schedule to the Excise Tariff Act. The education cess on excisable goods under section 91. Rule:-4 Condition for allowing CENVAT credit. The cenvat credit in respect of inputs may be taken immediately on receipt of the inputs in the factory of the manufacturer or in the premises of the provider of output service. Rule: – 5 Refund of CENVAT credit to units in specified areas. For the purposes of this rule, â€Å"duty† means the duties specified in the sub rule (1) of rule 3 of these rules. Rule: – 6 Obligation of manufacturer of dutiable and exempted goods and provider of taxable and exempted services. Rule: – 7 Distribution of credit on inputs by the office or any other premise of output service provider. A provider of output services shall be allowed to take credit on inputs and capital goods received on the basis of an invoice or a bill or a bill a challan issued by an office or premises of the said provider of output service, which receives invoice, issued in terms of the provision of the central excise rules, 2002, towards the purchase of inputs and capital goods. Rule: – 8 Storage of inputs outside the factory of the manufacturing. Rule: – 9 Documents and accounts. (1) An invoice. (2) A supplementary invoice. (3) A bill of entry. (4) A certificate issued by an appraiser of customs in respect of goods imported through a Foreign Post office. Rule: -10 Transfer of cenvat credit. Rule: – 11 Special dispensation in respect of inputs manufactured in factories located in specified areas of North East region, Kutch district of Gujarat, state of Jammu and Kashmir and state of Sikkim. Rule: – 12 Power of central government to notify goods for deemed cenvat credit. Rule: – 13 Recovery of cenvat credit wrongly taken or erroneously refunded. Where the cenvat credit has been taken or utilize wrongly or has been erroneously refunded, the same along with interest shall be recovered from the manufacturer or the provider of the output service and the provision of section 11A B of the excise act or section 73 and 75 of the finance act. Rule: – 14 Supplementary provision. Any notification, circular, instruction standing order trade notice or other order trade issued under the Cenvat Credit Rule 2002, by the Central Government, the central board of excise and customs, the chief commissioner of central excise, and in fore of the commencement of these rules, shall, to the extent it is relevant and consistent with these rules, be deemed to be valid and issued under the corresponding provision of these rules. 6. Registration procedure of Central Excise As per section 6 of CEA 1944, Registration is required to be obtained by (a) every manufacturer or producer of excisable goods that is goods specified in first and second schedule to central excise tariff act b(b) wholesale purchase or sale or storage of any specified goods included in first or second schedule of central excise tariff act. As per rule 9 of central excise rules, every person who produces, manufacturers, carries on trade, holds privet store room or warehouses or other wise uses excisable goods shall get registered. The rule also otherwise Board to issue notification (a) specifying conditions and procedures for registration and (b) grating exemption to person or class of person from provisions registration. Registration is compulsory as both section 6 of CEA and rule 9 (1) use the world shall. It has been clarified that registration granted in earlier old rule 174 will be valued under new rules. 1. Application for registration:- Before starting production of excisable goods or dealership for the purpose of issuing invoice to pass Cenvat credit, registration should be obtained. The Application Forms specified for this purpose are given in Annexure (Form A1 for all persons except certain textile processors/cheroot manufacturers). Separate Forms A2 is prescribed for registration of Power loom Weavers/Hand processors/ dealers of yarns and fabrics and manufacturers of readymade garments. Form A3 is the application for registration specified for manufacturers of hand – rolled cheroots tobacco falling under sub – heading 2402. 00 of Central Excise Tariff. The application should be submitted in duplicate to the jurisdictional Deputy/ Asst. Commissioner of Central Excise. An attested copy of permanent Account Number (PAN) allotted by Income Tax Department should be enclosed with the application. Under the New Central Excise Registration Procedure for Power loom Weavers/Hand processors/ dealers of yarns and fabrics and manufacturers of readymade garments, the C. B. E. and C. through Circular No. 708/24/2003- CX, dated 23-4-2003[2003(153) E. L. T(T63)], asked departmental officers to issue registrations even if PAN is not available. 2. Registrations Certificate:- The Registrations Certificate in prescribed format [Form RC-Annexure-2] will be issued within seven days. Normally, RC can be obtained across the table on the date of application itself. Verification of the premises will be made later. 3. Permanent nature of RC:- Registrations Certificate, once issued, is permanent except when it is suspended or revoked. RC is not required to be renewed. 4. No fee for Registration:- Registrations Certificate is issued free of charge and there is no fee prescribed for the same. 5. Same form for intimation of changes:- The same application form is to be used for intimating any change in the information furnished originally at the time of applying for Registrations Certificate. Manufacture of new or additional products need not be intimated. 6. Transfer of Business:- Excise registration is premises-specific. But it is non-transferable and hence, when the business is transferred to another person by way of sale or lease, the taking over the business (transferee) should take fresh registration in this name. 7. Change in the Constitution:- If the entity holding Central Excise Registration is a firm or company or association of persons, any change in the constitutions should be intimated to the concerned Central Excise Officer within 30 days. 8. De- Registration:- If the business is not carried, Registrations Certificate should be surrendered to the superintendent of Central Excise. A declaration specified for this purpose [Annexure-3] should be given while surrendering RC. 9. Quoting RC Number:- The PAN- based Excise registration number is required to be printed on top of all Central Excise invoices, duty challans, PLA & other Forms /documents. Textile units coming into Excise fold for the first time can clear their goods and pay duty pending grand of registration. 10. Revocation or suspension of registration:- For contravention of provisions of Central Excise Act, 1944/ Central Excise Rules, 2002 and other specified offences, RC can be suspended or revoked by the deputy/Assistant Commissioner. As there are separate penal provisions to take care of various infractions, this is seldom resorted to. 3. 1. 7 Analysis and detail of Excise Return Form: – Excise Return (E. R. -1) form :- Excise Return (E. R. -1) form is the most important document of excise return. Rule 12 of the Central Excise Rules, 2002 and rule 9(7) of CENVAT Rules, 2004. Each E. R. 1 form have two copies one is original and other is duplicate this document use for return of excisable goods and availment of cenvat credit for the month. Includes details of the manufacture, clearance and duty payable also detail of goods item code, registration number, name of the company, address, quantity manufactured, and quantity cleared assessable value etc. E. R. 1 form has details about basic excise duty 14%, education cess 2% and secondary and higher education cess. Attached all detailed value, item code number, description and also detail of cenvat credit availment and utilized. E. R. 1 form has details about cenvat input goods, cenvat capital goods, and cenvat service tax. The following points are include in cenvat credit availment and utilized. †¢ Credit on manufacture invoice. †¢ Credit taken on Dealers invoices. †¢ Credit taken on capital goods. †¢ Credit taken on input services. †¢ Credit taken on imported capital goods. Credits taken from inter unit transfer of credit by a large taxpayer. E. R. 1 form include Self assessment memorandum, acknowledgment and lastly authorized signature and name. 3 . 1. 8 CENVAT Credit Process:- (1) Cenvat credit is allowed to offset duty liability on final product services. Hence, as per rule, Cenvat credit is not allowed on quantity of inputs and input service used exclusively in the manufacturer of exempted goods/ services. If cenvat credit is availed on inputs and input services used in the manufacture or rendering of both dutiable and exempted goods or services, 10% of total price (excluding sales tax and other taxes if any paid) shall be paid. The output service provider shall utilize credit only credit only to the extent of an amount not exceeding 20% of the amount of service tax payable or taxable output service. Now sub-rule (3A) in Rule 6 Vide Notification No. 10/2008-C. E. (N. T. ), dated 1-3-2008. (w. e. f. 1-4-2008) provides for reversal of credit attributable to the input and input services used in the manufacture of exempted goods as per the prescribed in the said rule. (2) The condition of 10% payment is not applicable if separate accounts of receipt, consumption and inventory of such inputs or input service are maintained cenvat credit is taken on that quantity of inputs and input services used in the manufacture of dutiable goods/ taxable service only. In respect of certain specified services, such restriction doses not operate. Thus credit is allowed on the service tax pay without the requirement of maintaining separate accounts to consulting engineer, architect, and interior decorator, management consultant, real estate agent, commissioning and instillation service, technical inspection and certification service, commercial or industrial construction service security, security agency, scientific or technical consultancy, banking and financial services, life insurance services, technical testing and analysis service, maintenance or repair service and intellectual property service, if these or not used exclusively for providing exempted output services. In the case of general insurance service, when both taxable and exempted services are provided, an optional scheme, utilize Cenvat credit attributable to inputs/ input services used in providing taxable services, has been provided. (3) For manufactured of certain specified exempted goods manufacturer shall pay an amount equivalent to Cenvat credit attributable to inputs and input services used in or in relation to manufacture of such final products. These products are: A – Goods falling within heading No. 2207 of the First Schedule to the Tariff Act; (Ethyl alcohol and other spirits, denatured, of any strength); B – Low sulphur Heavy Stock (LSHS) used in the generation of electricity; C – Naphtha (RN) used in the manufacture of fertilizer; D -. Newsprint, in rolls and sheets, falling within heading No 48. 1 of Central excise tariff; E – Final products failing within chapters 50 to 63 Central excise tariff; F – Naphtha (RN) furnace oil used for gener ation of electricity; G – Goods supplied to defense projects or to the Ministry of Defense for official purposes, under any of the specified notifications; H – Liquefied Petroleum Gases (LPG) falling within item 27111200, 2711300 and 27111900 of the said First Schedule; I – Kerosene for ultimate sale through Public Distribution System. If the above producer is not followed the assessee will be liable not only for recovery under Rule 14 of Cenvat Credit Rule, 2004, but also for interest penalty. (4) Amount of 8% paid (now 10% under Rule 6) while clearing non-dutiable goods and realized from customers was held as not recoverable under section 11D of Central Excise Act, 1944 – Unison Metals Ltd. V. commissioner, 2006 (204) E. L. T. 323(Tri. -LB). But if the amount was collected in respect of dutiable goods, the same Larger Bench judgment says, real identity of the amount collected is not relevant for section 11D; whether the collection ‘represented duty’ of excise alone is relevant. (5) As per new condition â€Å"(d)† in Rule 6(3), the output service provider in the case of general insurance service has to intimate the option in writing to utilize Cenvat attributable to inputs and input services in providing taxable output services to the Range Superintendent, giving prescribed details. The option once exercised cannot be withdrawn during the remaining part of the financial year. (6) Credit is not admissible on capital goods used exclusively in manufacture of exempted goods/rendering of exempted services. 7) Under Rule 6 (3), no distinction is to be made between intended final product and unintended emergency of by – product – 2007 (208) E. L. T. 25(Tri. -LB) – Rallies India Ltd. v. CC E. (8) The substantive provisions of Rule 6 as contain in sub-rule (1),(2) and (3) shall not apply for exempted goods cleared either to :- ? SEZ Unit, ? 100% EOU, ? EHTP,STP unit, ? United Nations or an International Organization for their official use or supplied to projects listed in Notification No. 108/95 – C. E. , or ? For export under bond under Rule 19 of the Central Excise Rules, 2002. [ C. B. E. & C. circular No. 785/18/2004 – CX. , dated 17-5-2004 – 2004 (167) E. L. T. T35] ? Gold or Silver arising in the course of manufacture of copper or zinc by smelting, or, All goods which are exempt from the basic duties of Customs and the additional duty (C. V. D. ) when imported into India and supplied against International competitive bidding in terms of Notification No. 6/2006 – C. E. 2. KEY ANALYSIS & DATA PRESENTATION 3. 2. 1 EXCISE DATA OF THE COMPANY :- Financial highlight of the period 1st April 2004 to 31st March 2008 A. Value of clearance goods. |S. R. |Particulars |2004 – 2005 |2005 – 2006 |2006 – 2007 |2007 – 2008 | |1 |Domestic clearance |774200060 |1001839000 |1024535335. 87 |761355812. 0 | |2 |Scrap |2990434 |4460621 |4406276 |3947935 | | | | | | | | |3 |Export clearance |11270 |2740620 |5150444 |1958831 | |4 |Other |26581926 |29447903 |8895151. 08 |00. 00 | |5 |Total clearance |803783690 |103783690 |1042987207. 15 |767262578. 50 | B. Central excise duty. |S. R. Particulars |2004 – 2005 |2005 – 2006 |20 06 – 2007 |2007 – 2008 | |1 |Payment in PLA |48740016 |53681491 |41367098 |26186202 | | | | | | | | |2 |Payment through cenvat credit |90119634 |112750237 |169196919 |100193615 | | | | | | | | | | | | | | | |3 | Total |138859650 |166431728 |210564017 |126379817 | | | | | | | | | | | | | | | C. Cenvat credit taken. |S. R | Particulars |2004 – 2005 |2005 – 2006 |2006 – 2007 |2007 – 2008 | |1 |On capital goods |4958440 |4773122 |8147200 |7764147 | | | | | | | | |2 |On input goods |87752967 |109226355 |153488966 |86673644 | | | | | | | | |3 |On input services |165307 |311808 |4044501 |3008152 | | | | | | | | | | | | | | |4 | Total |91776714 |114311285 |165680667 |97445943 | | | | | | | | | | | | | | | Passenger cars in India- Share of Business The following chart shows market share of Gabriel India ltd. Conclusion:- The above pie chart shows Gabriel is the enormous producer in the India which produces automotive components. Gabriel covered about 63%production and other companies covered only 37%. It is indicating Gabriel very important company for the Indian automobile sector. Central excise paid by Gabriel: (Payment in PLA, payment through cenvat credit) The following chart shows payment through personal ledger account and cenvat credit. Conclusion:- The above chart shows central excise payment through personal ledger account and cenvat credit. Cenvat credit is the most important element of excise. As per above chart company paid continuously excise from personal ledger account and continuously growth in payment of duty. Total excise payment of Gabriel (from 2001 to 2008) The following pie chart shows excise payment of Gabriel India ltd. ll payment shows in parentage from 2001 – 02 to 2007 – 08 [pic] Conclusion :- The above chart shows every year increase the total value of excise clearance, that means Gabriel have incessantly growth and also paid the duty regularly. Cenvat credit taken :- The following bar graph shows cenvat credit taken by Gabriel India ltd. The following value shows Capital goods, Input goods and Input Services. [pic] Conclusion :- The above hart shows value of Capital goods, Input goods and Input Services in graphically. As per above chart input goods is one most important goods for cenvat credit and large commitment for cenvat credit. Capital goods and input services covered very small area of cenvat credit. | |[See rule 12 of the Central Excise Rules, 2002 and rule 9 (7) of CENVAT Credit Rules, 2004] | |   |   |   |   | |Large Taxpayer unit opted for (Name of City) |   | |   | |   |   |   |   |   | |   |   |   |   |   |   | |Name of the assessee | |   | 29-Mile Stone Pune – Nasik Highway |   | |   |   | |   |Village Kuruli, Pune-410501 |   | |  3. Details of the manufacture, clearance and duty payable: |   | |   |   |   |   |   | |1 |Motor Vehicle parts & Accessories : Shock |8708. 00 | | 14 % | | |Absorber & Struts / Kits/Tube | | | | | | | |- | | |2 |Tools & Dies |8207. 00 | – |14 % | |3 |Waste & Scrap of Steel |7204. 90 | – |14 % | 2. List of the principal inputs and capital goods used by the assessee. A) Inputs :- 1) MS Steel Tubes 2) Bright Bar 3) Sintered parts. B) Capital Goods: – As per Annex- G. 4. Brief details of the revenue for the list three years in the Performa given below. |Year. |Total duty paid |Total duty paid through CENVAAT | Total duty | | |PLA |Inputs Cap. Goods | | | | | |payment | | |(In Rs. ) |(In Rs. ) | | | | | |(In Rs. | | | | Inputs /Cap. Goods | | |2002-2003 |28871497 |42919868 / 3224062 | 75015427 | |2003-2004 |39091938 | 61721263 / | 104876428 | | | |4063257 | | |2004-2005 |48740016 | 86010192 / 3369064 | 138119272 | C. SUMMARY OF AUDIT RESULTS Date of preparation 22. 09. 2002 W/P No_____________ Provide an outline of all objections , which involve short/non levy/collection of Duty, amount (say under Sec. 1D), irregular availment / utilization of credit, Irregular payment of refund and non -payment of interest due. Details of objection Of technical /procedural in nature without involving revenue / credit / interest /amounts should also be mentio ned . Indicate whether the assessee has agreed to the objection and if so , has made spot payment (if so details thereof). D. PRELIMINARY OR DISK REVIEW: Date of preparationW/P No_____________ 1. Give reasons for selection of the unit for audit this time (as informed by Planning Cell) The Company has paid Central Excise Duty between 1 to 2 crores through PLA for the last three years; therefore according to the CBEC letter F. No. 598/35/2001-CX DT. 09. 11. 2001, the company has been selected for EA-2000 Audit, under new standard audit programmer 2. The auditor should check whether the Assessee Master File (refer to in Annexure A and B of New SAP) is available in IAD and whether the same is complete. If not the auditor should complete the same as for as possible from the information available in the office. Go through the information available in Assessee Master File. Identify and mention (with justifications), the areas or issues those merit verification during the conduct of audit (refer Para 3. 4. 2 of New SAP) No Assessee Master File has been maintained in IAD. However, now it is being prepared. (i) Obtain and study other documents illustrated in para 3. 4. 2 and Annexure G of New SAP and conduct examination as illustrated in Annexure D of New SAP. List Out the documents studied. 1) Balance Sheet 2) Clearances for last three years 3) Classification list 4) Modvat Declaration (ii) Identify and mention (with justifications), the areas or issues those merit Verification during the conduct of audit (refer para 3. 4. 2 of New SAP). In the balance sheet for the year 2003-04 it is observe that the company has shown Other income Rs. 50,163,700/- the detail of the same are required to be verified (See Annexure â€Å"A†) 3. Work out sum of the important financial ratios as mentioned in para 3. 4. 3 and Annexure C of New SAP. Mention the important indicators which require detailed Verification during the conduct of audit. From the balance sheet for the year 2000-01 & 2001-02 it is observed that the company have not taken any term loan from bank but during the year 1996-97 the company has taken term loan from ICICI, SBI Patiyala, Deutche bank for installation an of plant as well as purchase of assets. Further the company has not taken major advances from their customers. 4. Mention charges in the law and rates of duty pertaining to the products manufactured and inputs since previous audit. There is no change in rates of duty for products manufactured and inputs since last audit. 5. Mention details of Anti-evasion cases booked in recent past or are in progress and Past audit objections, which have not been settled so far by way of assessee acceptance, Adjudication, appeals etc. No anti-evasion cases booked in recent or past, Audit objections are pending related to service tax on Tech. know how and clearance to Sister Unit, Non payment of interest on rate escalation charges 6. Observation of the Auditor on any other issue emerging during Desk Review. E. GATHERING AND DOCUMENTIING SYSTEMS INFORMATION INTERVIEWS Date of preparation: 16. 09. 2 to 18. 09. 02W/P No_____________ Person (s) Interviewed, their designation and dates of interview. |Person |Designation |Date of interview | |Mr. Sanjay Agrawal |Sr. Manager, Finance | | |Mr. B. Rao |Sr. Manager Production | | Whether the assessee’s as submitted list of all documents maintained in respect of items mentioned und er Para 3. 4. 7 of New SAP. Yes the assessee has submitted the list of all documents i. e. Trial balance, Balance Sheet, profit & loss account, Sales tax returns, Income tax returns, Purchase & Sales ledger Give the gist of interviews especially in respect of i) related ventures , business with these ventures and annual volume of such Transactions, ii) relationships with the unit and its owners/shareholders , iii) the head office /registered office of the unit , location of its operations and location of its accounting records Head Office/Factory: Kuruli, Pune- Nasik Highway, Tal -Khed, Dist-Pune. iv) whether Company is an ancillary unit or independent unit of productions: It is an independent Unit. v) Any organizational or systems changes that has occurred since last audit CENVAT TO PLA RATIO (in 000) Year |PLA |CENVAT |Ratio | |2003-04 |39092 |65785 |37:63 | |2004-05 |4874 |89379 |35:66 | Excise Duty to Turnover Ratio (in 000) |Year |Excise duty |Turnover |Ratio | |2003-04 |104877 | | % | |2004-05 |138119 | | % | AUDIT PLAN: (Please see para 3,4,22 to 3,4,24 and Annexure J of NEW SAP) Date of preparation 14. 01. 2006 W/P No_____________ Audit Plan approved by___________ ) The Audit Plan must be based on the issues identified in the previous stops as to be verified during the conduct of audit and must be specific in the following format(also given in Annexure J of New SAP) |Srno |Subject No |Specific issue |Source Document |Field Document |Coverage Period |Selection |Verification | | | | | | | |Criteria |Paper No | |1 |Capital goods |Credit availed on |1. Invoice |1)purchase register|December, |Company | 1 | | | |capital goods & | |/ |2001. |Availed | | | | |installation |2. RT 12 |order | |Credit in | | | | | | | | |Capital goods of | | | | | |3. Balnce |2) Asset | |Rs. lakhs for | | | | | |sheet |Register, | |the month of Dec. | | | | | | | | |2001. | | | | | |4. Delivery |3)Installatn | | | | | | | |Challan |certificate | | | | | | | | | | | | | | | | |5. Cenvat A/c |4)Gate | | | | | | | |Register. |register | | | | | | | | | | | | | | | | | |5) Issue slip | | | | | | | | | | | | | |2 |Credit on input|Credit availed on |1). Export |1). Purchase |November, 2001. |Company has |2 | | | |inputs of |Invoices |Register, | |availed CENVAT | | | | |utilization |2). RT 12 |2) Purchase | |Credit of | | | | | |3). Balance |order, | |Rs. 62 lakhs | | | | | |sheet |3) Gate | |On input for the| | | | | |4). CENVAT A/c |register, | |month of Nov. | | | | | |register |4). Issue slip | |2001 and March | | | | | | |5) Stock | |2002 | | | | | | |statement. | | | | |3 |Export |Export under bond |1). RT 12 |1). Purchase order,|August, 2001, |Company has | 3 | | | |/ rebate |2). ARE I |2).. Shipping | |exported | | | | | |3) Invoice |bill | |excisable product| | | | | |4). UT1. |3).. Delivery | |under UT | | | | | |5) RG1 |challan | |amounting to Rs, | | | | | | |4). Packing slip, | |30012993 | | | | | | |5). Proof of | | | | | | | | |export, | | | | | | | | |6) Sales register. | | | | |4 |Waste and scrap|Clearance of steel|1). RT 12 |1). Balance sheet. |March 2002 |Company has | 4 | | |of steel |scrap |2). Invoice, |2). Sales register,| |cleared maximum | | | | | |3). Delivery |3).. Tender copy, | |steel scrap in | | | | | |challan, |4). Weight | |March 2002 | | | | | |4). RG1 |slip, | | | | | | | |5) Prodn. Clearance |5) Gate register | | | | | | | |Statement for | | | | | | | | |2001-02 | | | | | |5 |Consulting |Expenditure on |1). Agreement |1). RBI Permission |1997-98 |1997-98 onwards | 5 | | |Engineer |technical know-how|2). Balance |2). Party |Onwards |to August 2002 | | | | |i. e. |Sheet |Ledger, | | | | | | |Consulting | |3) Payment | | | | | | |Engineer | |particular | | | | EXECUTIVE SUMMARY The project titled as â€Å"STUTY OF EXCISE DUTY PAYMENT BY GABRIEL INDIA LTD† Was done at Gabriel India Ltd Pune. Indirect tax is the one of the most enormous source of fund collection of the Indian government which aids to development expenses and other aspects. Central excise is one aspects of fund/revenue collection. Selection of the topic is one of the important aspects of our project. As it decided the course of action, to be followed. The topic selected should be such that it helps in understanding the excise concept clearly, as was given the topic by the company itself. The project is based on the Total excise paid by company also its registration procedure, cenvat credit taken, E. R. 1 form and various rules. The objectives of this project was – 1) To study procedure of central excise registration. 2) To study E. R. 1 form of central excise. ) To study various rule of the central excise. 4) To study journey of Cenvat credit. 5) To study process of Cenvat credit taken. 6) To the study drawbacks of central excise. The central excise tax one of the most important aspects. Every manuf act

Operations Management – Chapter 12

1. MRP works best if the inventory items have dependent demand.TrueFalseTRUE MRP is best for dependent demand scenarios. 2. Low level coding represents items less than $18 per unit.TrueFalseFALSE Low-level coding codes items at their lowest BOM levels. 3. Independent demand tends to be more ‘lumpy' than dependent demand meaning that we need large quantities followed by periods of no demand.TrueFalseFALSE Dependent demand is more lumpy. 4. Lumpy demand for components results primarily from the periodic scheduling of batch production.TrueFalseTRUE Batch production leads to lumpy demand for components. 5. MRP is used within most MRP II and ERP systems.TrueFalseTRUE MRP II and ERP systems incorporate MRP. 6. The master production schedule states which end items are to be produced, in addition to when and how many.TrueFalseTRUE These are critical inputs into MRP. 7. Net requirements equal gross requirements minus safety stock.TrueFalseFALSE If safety stock is required, net requirements will be higher. 8. The master schedule needs to be for a period long enough to cover the stacked or cumulative lead time necessary to produce the end items.TrueFalseTRUE This ensures that materials plans can be adequately formulated. 9. Initially, a master production schedule – the output from MRP – may not represent a feasible schedule.TrueFalseTRUE Management must make more detailed capacity requirements planning to determine whether these more specific capacity requirements can be met and some adjustments in the master production schedule may be required. 10. MRP, considering inventory position, bills of material, open purchase orders and lead times guarantees a feasible production plan if the inputs to MRP are accurate.TrueFalseFALSE MRP may lead to an infeasible production plan if capacity requirements are not considered. 11. The bill of materials indicates how much material will be needed to produce the quantities on a given master production schedule.TrueFalseFALSE The bill of materials indicates how much material will be needed to produce one unit of the item in question. 12. A bill of materials contains a listing of all the assemblies, parts, and materials needed to produce one unit of an end item.TrueFalseTRUE The bill of materials indicates how much material will be needed to produce one unit of the item in question. 13. The bill of materials contains information on lead times and current inventory position on every component required to produce the end item.TrueFalseFALSE Inventory records contain this information. 14. The inventory records contain information on the status of each item by time period.TrueFalseTRUE Inventory records also contain information on lead times and current inventory position. 15. An assembly-time chart indicates gross and net requirements taking into account the current available inventory.TrueFalseFALSE Assembly-time charts have to do with capacity, not inventory. 16. MRP II did not replace or improve the basic MRP.TrueFalseTRUE MRP II incorporates basic MRP. 17. The gross requirements at one level of an MRP plan determine the gross requirements at the next lower level continuing on down to the lowest levels shown on the bill of material.TrueFalseFALSE Released order quantities at one level determine gross requirements at the next lower level. 18.   The gross requirements value for any given component is equal to the net requirements of that component's immediate parent multiplied by the quantity per parent.TrueFalseFALSE Released order quantities for the parent lead to gross requirements of the child. 19. The term pegging refers to identifying the parent items that have generated a given set of material requirements for a part or subassembly.TrueFalseTRUE Pegging ties items to their parents. 20.   A net-change MRP system is one that is updated periodically but not less frequently than once a week.TrueFalseFALSE A net-change system is updated as transactions occur. 21. One reason that accurate bills of material are important is that errors at one level become magnified at lower levels because of the multiplication process used by MRP.TrueFalseTRUE Small higher-level errors can be magnified into larger lower-level errors. 22.   A regenerative MRP system is one that is updated continuously – every time there is a schedule change.TrueFalseFALSE Regenerative systems are updated periodically. 23. One of the primary output reports of MRP concerns changes to planned orders.TrueFalseTRUE Changes to planned orders can be outputs from MRP systems. 24.   Safety time is sometimes used in MRP rather than safety stock quantities.TrueFalseTRUE Safety time is a substitute for safety stock. 25.   Lot-for-lot ordering in MRP provides coverage for some predetermined number of periods using forecasted demand to extend beyond the orders already received for those periods.TrueFalseFALSE This is fixed-period ordering. 26.   MRP output reports are divided into two main groups – daily and weekly.TrueFalseFALSE The two groups are primary and secondary. 27. In MRP, EOQ models tend to be less useful for materials at the lowest levels than for upper level assemblies of the bill of materials since higher-level assemblies have larger dollar investments.TrueFalseFALSE EOQ is more useful at lower levels since lower-level items often have less lumpy demand. 28.   Load reports show capacity requirements for departments or work centers which may be more or less than the capacity available in that work center.TrueFalseTRUE Load reports facilitate the formulation of feasible production schedules. 29. ERP began in manufacturing organizations but has spread into service organizations.TrueFalseTRUE Over time ERP has spread into a wide variety of organizations. 30.   MRP II is simply an improved version of MRP that processes faster and can plan for a larger number of end items.TrueFalseFALSE MRP II takes into account capacity requirements. 31. Lot-for-lot ordering in MRP eliminates the holding costs for parts that are carried over to other periods.TrueFalseTRUE Lot-for-lot ordering minimizes holding costs. 32. Capacity requirements planning (CRP) is an important feature in MRP+.TrueFalseFALSE CRP is a feature of MRP II. 33. Project Management approaches can help in a conversion to an ERP system.TrueFalseTRUE ERP conversions can be complex projects. 34.   As long as a forecast is plus or minus 10%, MRP works well.TrueFalseFALSE MRP needs accurate forecasts. 35. ERP represents an expanded effort to integrate standardized record-keeping that shares information among different areas of an organization.TrueFalseTRUE ERP is intended to facilitate consistent decision-making across the organization. 36. Back flushing takes place after the production has been completed.TrueFalseTRUE Records are updated based on end-item production. 37. Before a schedule receipt can take place, and order must be placed with a vendor.TrueFalseTRUE A scheduled receipt is an order that has already been placed. 38. MRP really doesn't apply to services since raw material isn't required.TrueFalseFALSE MRP can be used in services. 39. ERP implementation requires support and a direct mandate from the CEO because it impacts so many different functional areas.TrueFalseTRUE ERP implementation is an organization-wide initiative. 40. ERP automates the tasks involved in performing a business process, such as order fulfillment and financial reporting.TrueFalseTRUE ERP extends beyond purchasing and materials management. 41. Which of the following most closely describes dependent demand?A. demand generated by suppliersB. estimates of demand using regression analysis of independent variablesC. erived demandD. demands placed on suppliers by their customersE. net material requirementsC 42. ERP implementation probably won't require:A. cross functional teamsB. just a few weeks to installC. intensive trainingD. high funding for both initial cost and maintenanceE. frequent upgrades after installationB 43. A computer-based information system designed to handle ordering and scheduling of dependent-demand inventories is:A. computer aided manufacturing (CAM)B. computer integrated manufacturing (CIM)C. economic order quantity (EOQ)D. material requirements planning (MRP)E. conomic run size (ERS)D 44. The development and application of MRP depended upon two developments: (1) the recognition of the difference between independent and dependent demand, and (2):A. computersB. development of the EOQ modelC. inventory control systemsD. blanket purchase ordersE. the internetA 45. The output of MRP is:A. gross requirementsB. net requirementsC. a schedule of requirements for all parts and end itemsD. inventory reorder pointsE. economic order quantities and reorder pointsC 46. Which one of the following is not an input in an MRP system?A. planned-order schedulesB. bill of materialsC. master production scheduleD. inventory recordsE. All are inputs.A 47. The MRP input stating which end items are to be produced, when they are needed, and what quantities are needed, is the:A. master scheduleB. bill-of-materialsC. inventory-recordsD. assembly-time chartE. net-requirements chartA 48. In an MRP master schedule, the planning horizon is often separated into a series of times periods called:A. peggingB. lead timesC. stacked lead timesD. time bucketsE. firm, fixed and frozenD 49. The MRP input listing the assemblies, subassemblies, parts, and raw aterials needed to produce one unit of finished product is the:A. master production scheduleB. bill-of-materialsC. inventory-recordsD. assembly-time chartE. net-requirements chartB 50. A visual depiction of the subassemblies and components that are needed to produce and/or assemble a product is called a(n):A. assembly time chartB. product structure treeC. MRP IID. peggingE. Gantt chartB 51. The MRP input storing information on the status of each item by time period (e. g. , scheduled receipts, lead time, lot size) is the:A. master production scheduleB. bill-of-materialsC. inventory-recordsD. assembly-time chartE. net-requirements chartC 52. Which one of the following most closely describes net material requirements?A. gross requirements – amount on-hand – scheduled receiptsB. gross requirements – planned receiptsC. gross requirements – order releases + amount on-handD. gross requirements – planned order releasesE. gross requirements – amount on-hand + planned order releasesA 53. In MRP, â€Å"scheduled receipts† are:A. identical to â€Å"planned-order receipts†B. identical to â€Å"planned-order releases†C. open orders (that is, ordered before the first time bucket, but not delivered yet)D. net requirements†E. available to promise inventoryC 54. In MRP, under lot-for-lot ordering, â€Å"planned-order receipts† are:A. identical to â€Å"scheduled receipts†B. identical to â€Å"planned-order releases†C. open orders (that is, ordered before the first time bucket, but not delivered yet)D. â€Å"gross requirements†E. available to promise inventoryB 55. Under lot-for-lot, order sizes for component parts are essentially determined directly from which one of the following?A. gross requirementsB. net requirementsC. economic order quantityD. gross requirements – net requirementsE. net requirements – amount on-handB 56. In MRP, the gross requirements of a given component part are calculated from:A. net requirements + amount on-hand.B. gross requirements of the immediate parent.C. planned orders of the end item.D. net requirements of end item.E. planned orders of the immediate parent.E 57. The identification of parent items is called:A. PaternityB. PeggingC. Requirement I. D.D. Relationship trackingE. Master SchedulingB 58. Periodic updating of an MRP system to account for all changes which have occurred within a given time interval is called:A. peggingB. planned order releaseC. et changeD. regenerativeE. exception reportD 59. An MRP system whose records are updated continuously is referred to as a(n):A. regenerative systemB. batch-type systemC. Plossl-Wright systemD. net-change systemE. gross-change systemD 60. Which is true of a net-change system?A. It is a batch-type system which is updated periodically.B. It is usually run at the beginning of each month.C. The basic production plan is modified to reflect changes as they occur.D. It is used to authorize the execution of planned orders.E. It indicates the amount and timing of future changes.C 61. Which one of the following most closely describes the MRP approach that is used for components or subassemblies to compensate for variations in lead time?A. peggingB. safety stockC. increased order sizesD. safety timeE. low-level codingD 62.   Which of the following lot sizing methods does not attempt to balance ordering (or setup) and holding costs?A. economic order quantityB. economic run sizeC. lot-for-lotD. part-periodE. all of the aboveC 63.   When MRP II systems include feedback, they are known as:A. MRPIIIB. Enterprise resource planningC. Circular MRPD. Feasible MRPE. Closed Loop MRPE 64. The multiplication process used by MRP to determine lower level requirements is called:A. time-phasingB. peggingC. nettingD. projectingE. explodingE 65.   _______ is choosing how many to order or make.A. Quantity determinationB. Package sizingC. Lot sizingD. GroupingE. AggregationC 66.   Which of the following is not usually necessary in order to have an effective MRP system?A. a computer and softwareB. an accurate bill of materialsC. lot-for-lot orderingD. an up-to-date master scheduleE. integrity of file dataC 67. The _________ of ERP makes it valuable as a strategic planning tool.A. Internet baseB. Rapid Batch capabilityC. Employee focusD. Real-time aspectE. Database structureD 68.   A recent effort to expand the scope of production resource planning by involving other functional areas in the planning process has been:A. material requirements planningB. capacity requirements planningC. manufacturing resources planningD. Just-In-Time planningE. multifunctional relationships planningC 69. Which statement concerning MRP II is false?A. It is basically a computerized system.B. It can handle complex planning and scheduling quickly.C. It involves other functional areas in the production planning process.D. It involves capacity planning.E. It produces a production plan which includes all resources required.E 70. Which of these items would be most likely to have dependent demand?A. Xbox batteriesB. toy trainsC. flowersD. chocolate chip cookiesE. wrist watchesA 71. Which of these products would be most likely to have dependent demand?A. refrigeratorsB. automobile enginesC. televisionsD. browniesE. automobilesB 72. Using the product tree shown, determine the following: SEE IMAGE (A) the quantity of component K that will be needed to assemble 80 units of P, assuming no on-hand inventory of any components exists. B) the quantity of component K needed to assemble 80 units of P, given on-hand inventory of 30 A's, 50 B's and 20 C's. A) [3 Ks per C x 2 Cs per A x 2 As per P] + [2 Ks per B x 5 Bs per P] + [3 Ks per C x 3 Cs per P] = 31 Ks per P. For 80 Ps, a total of 2,480 Ks will be needed. B) With 30 As, 50 Bs and 20 Cs on-hand, K requirements are: [3 Ks per C x 2 Cs per A x (2 As per P – 30 As)] + [2 Ks per B x (5 Bs per P – 50 Bs)] + [3 Ks per C x (3 Cs per P – 20 Cs)]; for 80 Ps, a total of 2,140 Ks will be needed. Feedback: Explode the bill of material. 73. The following is a list of components required to produce one unit of nd item P: P: 2 A's, 3 B's, 3 C's A: 5 M's, 2 R's B: 1 D, 3 N's. C: 1 T, 4 N's M: 1 N Determine the number of N's that will be needed to make 60 P's in each of these cases: (A) There are currently 10 P's on hand. (B) On-hand inventory consists of 15 P's, 10A's, 20 B's, 10 C's, 100 N's, 300 T's, and 200 M's. A) [1 N per M x 5 M per A x 2 A per P] + [3 N per B x 3 B per P] + [4 N per C x 3 C per P] = 31 N per P. For 60 P, N requirements are: [31 N per P x (60 P – 10 OH)] = 1,500 N. B) A total of 945 Ns will be needed. Feedback: Explode the bill of material. 74. Given the following information, construct a product tree diagram and develop a material requirements plan that will lead to 400 units of product P being available at the start of week 7. SEE IMAGE SEE IMAGE Feedback: Items C and D must be planned last. 75. Develop a material requirements plan for end item P and its components, given the tree below. Assume that all lead times are one week, and that lot-for-lot ordering is used except for item F, which is ordered in multiples of 400 units. One hundred units of P should be available at the start of week 4 and at the start of week 8. Beginning inventories are: 20 P, 100 A, and 200 F. Scheduled receipts are: 800 F at the start of week 1. SEE IMAGE SEE IMAGE All items have zero balances except F, which carries 240 units forward from period 5. Feedback: Item F must be planned last. 76. Given the following data, construct a material requirements plan which will result in 100 units of Parent #1 (P1) at the beginning of week 6, and 200 units of Parent #2 (P2) at the beginning of week 8: SEE IMAGE SEE IMAGE Item A has an on-hand balance of 70 units after week 7, Item B has an on-hand balance of 150 units after week 7, and Item C has an on-hand balance of 1,500 units after week 4. Feedback: C's gross requirements come from planned releases for A and B. 77. End item Alpha's product structure tree and inventory information are as follows: SEE IMAGE (A) If 50 units of Alpha are to be assembled, how many additional units of S will be needed? All parts can be ordered using lot-for-lot ordering, except M, which must be ordered in multiples of 40 units. [Hint: You don't need to do an MRP plan. ] (B) An order for 100 units of Alpha is scheduled to be shipped at the start of week 9. When is the earliest that any particular component must be started so that the order for Alpha will be ready to ship? Hint: You don't need to do an MRP plan. ] A) Gross requirements for S are 200 units, leading to net requirements for S of 100 units. B) Additional units of W will have to be started at the beginning of week 1. Feedback: If 50 units of Alpha are to be assembled, then gross requirements for K will be 50 and gross requirements for M will be 100. Net requirements for K will be 20 and net requirements for M will be 70. K is ordered lot-for-lot, so its net requirements lead to gross requirements for S of 40 units. M is ordered in multiples of 40, so its order quantity of 80 units will lead to gross requirements for S of 160 units. The longest sum of lead times is 8 (Alpha's 2 weeks + H's 4 weeks + W's 2 weeks). This means that additional units of W will have to be started at the beginning of week 1. 78. Refer to this product-tree: SEE IMAGE If 17 Ps are needed, and no on-hand inventory exists for any items, how many Cs will be needed?A. 8B. 16C. 136D. 204E. 272E 79. Refer to this product-tree: SEE IMAGE If 17 Ps are needed, and on-hand inventory consists of 10 As, 15 Bs, 20 Cs, 12 Ms, and 5 Ns, how many Cs are needed?A. 48B. 144C. 192D. 212E. 272C 80. Refer to this product-tree: SEE IMAGE. If 40 Ps are needed, and on-hand inventory consists of 15 Ps and 10 each of all other components and subassemblies, how many Cs are needed?A. 340B. 350C. 380D. 400E. 590B 81. Bunny Helpers, Inc. has just received an order for 100 Deluxe Easter Baskets, which must be ready for delivery at the start of week six. An MRP planner has prepared the following table showing product structure, lead times (orders are lot-for-lot), and quantities on hand: SEE IMAGE Each Deluxe Basket contains two dark chocolate truffles and four carved chocolate eggs; additionally one bottle of Alka-Selzer is included for those who overindulge. What is the net requirement for Dark Chocolate Truffles to fill this order?A. 100B. 140C. 150D. 180E. 200C 82. Bunny Helpers, Inc. has just received an order for 100 Deluxe Easter Baskets, which must be ready for delivery at the start of week six. An MRP planner has prepared the following table showing product structure, lead times (orders are lot-for-lot), and quantities on hand: SEE IMAGE Each Deluxe Basket contains two dark chocolate truffles and four carved chocolate eggs; additionally one bottle of Alka-Selzer is included for those who overindulge. When should an order for Carved Chocolate Eggs be released?A. t the start of week 2B. at the start of week 3C. at the start of week 4D. at the start of week 5E. at the start of week 6A 83. Bunny Helpers, Inc. has just received an order for 100 Deluxe Easter Baskets, which must be ready for delivery at the start of week six. An MRP planner has prepared the following table showing product structure, lead times (orders are lot-for-lot), and quantities on hand: SEE IMAGE Each Deluxe Basket contains two dark chocolate truffles and four carved chocolate eggs; additionally one bottle of Alka-Selzer is included for those who overindulge. How many Dark Chocolate Eggs should be ordered?A. 310B. 450C. 500D. 550E. 600A 84. Bunny Helpers, Inc. has just received an order for 100 Deluxe Easter Baskets, which must be ready for delivery at the start of week six. An MRP planner has prepared the following table showing product structure, lead times (orders are lot-for-lot), and quantities on hand: SEE IMAGE Each Deluxe Basket contains two dark chocolate truffles and four carved chocolate eggs; additionally one bottle of Alka-Selzer is included for those who overindulge. If the firm is using a fixed period lot size of two periods, what is the order size for the first order?A. 120B. 200C. 280D. 160E. 150B 85. Which of the following represents an attempt to balance the benefits of stability against the benefits of responding to new information?A. safety stockB. safety timeC. bills of materialD. time fencesE. fixed-period lot sizingD 86. Comparing known and expected capacity requirements with projected capacity availability is the job of _______.A. planned releasesB. load reportsC. lot sizingD. work loadingE. time fencingB 87.   ERP's primary value comes from applications ________.A. deploymentB. developmentC. interfacesD. integrationE. networkingD 88.  Net requirements for component J are as follows: 60 units in week 2, 40 units in week 3, and 60 units in week 5. If a fixed-period, two-period lot-sizing method is used, what will be the quantity of the first planned receipt?A. 60 unitsB. 120 unitsC. 180 unitsD. Cannot be determinedE. None of the aboveE 89. Net requirements for component J are as follows: 60 units in week 2, 40 units in week 3, and 60 units in week 5. If a fixed-period, three-period lot-sizing method is used, what will be the quantity of the first planned receipt?A. 60B. 100C. 160D. Cannot be determinedE. None of the aboveB

Global article essay essays

Global article essay essays The term global events in Mr. Beekens definition is any incident that gets people react or provokes reactions. Examples are human rights violations, public health issues, economic, technological advances, environment issues, war, and etc. Articles arent really global because not everyone reads nor cares about what is happening. The true point of this assignment is so that Beeken can show all the losers in his class to read articles and newspapers to be informed what is happening around the world or to provoke a reaction from the people. Showing the students that reading and reacting is part of the democratic way. Cancer is such a widespread disease that is known throughout the world and is basically on everyones mind, next to how to kill Saddam/terrorists. Thats what makes cancer such a global issue because the public likes to hear about breakthroughs, treatments, and cures, anything that can help the war on cancer. The articles one, six, and ten are the ten approved articles I have selected are related to cancer. The first one is concerned with prostate cancer, which is a problem for men and their privates. The main purpose of this issue is to tell people, especial men to be in either groups that are the watchful waiting or the surgically removed group. It tells you the pros and cons of both sides, such as if you wait the chances of dying are greater and if you choose surgery it may not even be necessary because the disease is slow growing; many will die with it rather than from it. The next connected article was stopping cancer in its tracks, which involves technological advances t hat allow scientists to identify the first changes in cells as they are overtaken by the cancer. Scientists are also linking the lifestyles we choose to live may have an effect on the cancer or the factors leading to it. I final article that relates cancer by the production of a new drug that is intended...