FinancialManagement

Unit13

Unit13
Structure
13.1 13.2 13.3 Introduction Costsassociatedwithinventoriesare InventorymanagementTechniques 13.3.1 DeterminationofStockLevels 13.3.2 Pricingofinventories 13.4 Summary TerminalQuestions AnswertoSAQsandTQs 13.1 Introduction

InventoryManagement

InventoriesarethemostsignificantpartofcurrentaspectsofmostofthefirmsinIndia.Since theyconstituteanimportantelementoftotalcurrentassetsheldbyafirmtheneedtomanage inventoriesefficiently andeffectivelyforensuringoptimalinvestmentininventorycannotbe ignored.Anylapseonthepartofmanagementofafirminmanaginginventoriesmaycausethe failureofthefirm.Themajorobjectivesofinventorymanagementare: a. Maximumsatisfactiontocustomer. b. Minimuminvestmentininventory. c. Achievinglowcostplantoperation. Theseobjectivesconflicteachother.Therefore,ascientificapproachisrequiredtoarriveatan optimalsolutionforearningmaximumprofitoninvestmentininventories. Decisionsoninventoriesinvolvemanydepartments: a. Rawmaterialpoliciesaredecidedbypurchasingandproductiondepartments b. Productiondepartmentplaysanimportantroleinworkinprocessinventory,policyand c. Finishedgoodsinventorypolicyisshapedbyproductionandmarketingdepartments. Butthedecisionsofthesedepartmentshavefinancialimplications.Therefore,asanexecutive entrustedwiththeresponsibilityofmanagingfinanceofthecompany,thefinancialmanagerofthe firmhastoensurethatmonitoringandcontrollinginventoriesofthefirmareexecutedina scientificmannerforattainingthegoalofwealthmaximizationofthefirm.

SikkimManipalUniversity

204

FinancialManagement

Unit13

LearningObjectives: Afterstudyingthisunit,youshouldbeabletounderstandthefollowing.

1. Explainthemeaningofinventorymanagement. 2. Statetheobjectivesofinventorymanagement. 3. Bringouttheimportanceofinventorymanagement. 4. Statethepurposeofinventory. 5. Discussthetechniquesofinventorycontrol.

RoleofinventoryinworkingCapital: Inventoriesconstituteanimportantcomponentofafirmsworkingcapital.Thefollowingfeatures ofinventoryhighlightthesignificanceofinventoryinworkingcapitalmanagement. 1. Characteristicsofinventoryascurrentassets. Currentassetsarethoseassetswhichareexpectedtoberealizedincashorsoldorconsumed duringthenormaloperatingcycleofthebusiness.Variousformsofinventoryinany manufacturingunitare: a. Rawmaterialstobeconvertedintofinishedgoodsthroughtheprocessofproduction. b. Workinprocessinventoriesaresemifinishedproductsintheprocessofbeingconverted intofinishedgood. c. Finishedgoodsinventoriesarecompletelymanufacturedproductsthatcanbesold immediately. Thefirsttwoareinventoriesconcernedwithproductionandthethirdismeantforsmooth performanceofmarketingfunctionofthefirm. Natureofbusinessinfluencesthelevelsofinventorythatafirmhastomaintaininthesethree kinds.Amanufacturingunitwillhavetomaintainhighlevelsofinventoryinallthethreeforms.A retailfirmwillbemaintainingveryhighleveloffinishedgoodsinventoryonly. Thethreekindsofinventorieslistedabovearedirectinventories.Thereisananotherformof indirectinventories.Theseindirectinventoriesarethoseitemwhicharenecessaryfor manufacturingbutdonotbecomepartofthefinishedgoods.Theyarelubricants,grease,oil, petrol,officematerialmaintenancematerialetc. TheInventoriesareheldforthefollowingreasons. 1. Smoothproduction:toensuresmoothproductionaspertherequirementsofmarketing department,inventoriesareprocuredandsold.

SikkimManipalUniversity

205

FinancialManagement

Unit13

2. ToachieveCompetitiveedge:Mostofthe retailandindustrialorganizationscarryinventory toensurepromptdeliverytocustomers.Nofirmlikestolosecustomersonaccountofthe itembeingoutofstock. 3. Toreapthebenefitsofbuyinginlargevolume.Sometimesbuyinginlargevolumesmaygive thefirmquantitydiscounts.Thisquantitydiscountsmaybesubstantialthatthefirmwilltake benefitofit. 4. Hedgeagainstuncertainleadtimes:Leadtimeisthetimerequiredtoprocurefreshsupplies ofinventory.Uncertaintyduetosuppliertakingmorethanthenormalleadtimewillaffectthe productionscheduleandtheexecutionoftheordersofcustomersaspertheordersreceived fromcustomers.Toavoidalltheseproblemsarisingfromuncertaintyinprocurementoffresh suppliesofinventories,thefirmsmaintainhigherlevelsofinventoriesforcertainitemsof inventory. 2. Levelofliquidity:Inventoriesaremeantforconsumptionorsale.Bothexcessandshortage ofinventoryaffectofthefirms.Profitability. Thoughinventoriesarecalledcurrentassets,incalculatingabsoluteliquidityofafirminventories areexcludedbecauseitmayhaveslowmovingordormantitemsofinventorywhichcannotbe easilydisposedof.Thereforelevelandcompositionofinventorysignificantlyinfluencethe quantumofworkingcapitalandhenceprofitability ofthefirm. 3. LiquidityLags:Inventorieshavethreetypesoflags. a. Creationlag: Rawmaterialsarepurchasedoncreditandconsumedtoproduce finishedgoods.Thereisalwaysalaginpaymenttosuppliers fromwhomraw materialsareprocured. Thisiscalledspontaneousfinance.Theamountof spontaneousfinancethatafirmiscapableofenjoyinginfluencesthequantumof workingcapitalofafirm. b. Storagelag: Thegoodsmanufacturedorheldforsalecannotbeconvertedinto cashimmediately.Beforedispatchingthegoodstocustomersonsale,thereis alwaysatimelag.Duringthistimelaggoodsarestoredinwarehouse.Many expensesofstoragewillberecurringinnatureandcannotbeavoided.Thelevel ofexpenditurethatafirmincursonthisaccountisinfluencedbytheinventory levelsofthefirm.Thisinfluencestheworkingcapitalmanagementofafirm. c. SaleLag:Firmsselltheirproductsoncredit.Thereissometimelagbetweensale offinishedgoodsandcollectionofdues fromcustomers.Firmswhichare aggressiveincapturingmarketsfortheirproductsmaintainhighlevelsofinventory andallowitscustomersliberalcreditperiod.Thiswillincreaseitsinvestmentin

SikkimManipalUniversity

206

FinancialManagement

Unit13

receivables.Thisincreaseininvestmentinreceivableswillhaveitseffecton workingcapitalofthefirm.

Purposeofinventory: Thepurposeofholdinginventoryisachievingefficiencythroughcostreductionandincreased salesvolume.Thefollowingarethepurposeofholdinginventories. 1. Sales:Customers placeordersforgoodsonlywhentheyneedit.Butwhencustomers approachthefirmwithordersthefirmsmusthaveadequateinventoryoffinishedgoodsto executeit.Thisispossibleonlywhenfirmsmaintainreadystockoffinishedgoodsin anticipation ofordersfromcustomers.Ifafirmsuffersfromcomplaintsfromcustomersof constantlytheproductbeingoutofstock,customersmaymigratetootherproducers.It willaffectthefirmscustomersbase,customerloyaltyandmarketshare. 2. Toavailquantitydiscounts: Suppliersgivediscountsforbulkpurchases.Such discountsdecreasethecostperunitofinventorypurchased.Suchcostreduction increasefirmsprofits.Firmsmaygoinforordersoflargequantitytoavailthemselvesof thebenefitofquantitydiscounts. 3. ReducingorderingCostsandtime Everytimeafirmplacesanorderitincurscostofprocuringit.Italsoinvolvesaleadtime inprocurement.Insomecasestheuncertaintyinsupplyduetocertainadministrative problemsofthesupplieroftheproductwillaffecttheproductionschedulesofthe organization.Therefore,firmsmaintainhigherlevelsofinventorytoavoidtherisksof lengtheningtheleadtimeinprocurement.Therefore,tosaveontimeandcostsfirmsmay placeordersforlargequantities. 4. Reduceriskofproductionstoppages Manufacturingfirmsrequirealotofrawmaterialsandsparesandtoolsforproductionand maintenanceofmachines.Nonavailabilityofanyvitalitemcanstoptheproduction process.Productionstoppagehasseriousconsequences.Lossofcustomersonaccount ofthefailuretoexecutetheirorderswillaffectthefirmsprofitability.Toavoidsuch situations,firmsmaintaininventoriesashedgeagainstproductionstoppages. Therefore,itcanbeconcludedthatthemotivesforholdinginventoriesare 1. Transactionmotive:formakingavailableinventoriestofacilitatesmooth productionandsales. 2. Precautionarymotive:Forguardingagainsttheriskofunexpectedchangesin demandandsupply.

SikkimManipalUniversity

207

FinancialManagement

Unit13

3.

Speculativemotive:Totakebenefitoutofthechangesinpricesfirmsincrease ordecreasetheinventorylevels.

13.2 Costsassociatedwithinventoriesare: 1. Materialcosts:Thesearethecostsofpurchasingthegoodsandrelatedcostssuchas transportationandhandlingcostsassociatedwithit. 2. OrderingCost:Theexpensesincurredtoplaceorderswithsuppliersandreplenish theinventoryofrawmaterialarecalledorderingcosts.Theyincludecostsofthe following. a. Requisitioning b. Purchaseordering orsetup c. Transportation d. Receiving,inspectingandreceivingatthewarehouse.Thesecostsincrease inproportiontothenumberofordersplaced.Firmsmaintaininglargeinventory levels,placeafewordersandincurlessorderingcosts. 3. CarryingCosts:costsincurredformaintainingtheinventoryinwarehousearecalled carryingcosts.Theyincludeinterestoncapitallockedupininventory,storage, insurance,taxes,obsolescence,deteriorationspoilage,salariesofwarehousestaff andexpensesonmaintenanceofwarehousebuilding.Thegreatertheinventoryheld thehigherthecarryingcosts. 4. Shortagecostsorstockoutcosts:Thesearethecostsassociatedwitheitheradelay inmeetingthedemandorinabilitytomeetthedemandatallduetoshortageofstock. Thesecostsinclude. a. Lossofprofitonaccountsaleslostcausedbythestockout. b. Lossoffuturesalescustomersmigratetootherdealers. c. Lossofcustomergoodwilland d. Extracostsassociatedwithurgentreplenishmentpurchases. Measurementofshortagecostattributabletothefirmsfailuretomeetcustomersdemandis difficultbecauseitisintangibleinnatureanditaffectstheoperationofthefirmnowandinfuture. SelfAssessmentQuestions1 1.Leadtimeisthetimerequiredto_______________. 2.Bothexcessandshortageofinventoryaffectthefirms____________. 3.Precautionarymotiveofholdinginventoryisforguardingagainsttheriskof _____________________andsupply. 4.Costsincurredformaintainingtheinventory inwarehousearecalled______.
SikkimManipalUniversity

208

FinancialManagement

Unit13

13.3 InventorymanagementTechniques Therearemanytechniquesofmanagementofinventory.Someofthemare: EconomicOrderQuantity: EOQreferstotheoptimalordersizethatwillresultinthelowestorderingandcarryingcostsfor anitemofinventorybasedonitsexpectedusage. EOQmodelanswersthefollowingkeyquantumofinventorymanagement. a. Whatshouldbethequantityorderedforeachreplenishmentofstock? b. HowmanyordersaretobepacedinayeartoensureeffectiveinventoryManagement? EOQisdefinedastheorderquantitythatminimizesthetotalcostassociatedwithinventory management. Itisbasedonthefollowingassumptions: 1. Constantoruniformdemand.Thedemandorusageiseventhroughouttheperiod. 2. Knowndemandorusage:Demandorusageforagivenperiodisknowni.edeterministic. 3. ConstantUnitprice:Perunitpriceofmaterialdoesnotchangeandisconstantirrespectiveof theordersize. 4. ConstantCarryingCosts Thecostofcarryingisafixedpercentageoftheaveragevalueofinventory. 5. Constantorderingcost Costperorderisconstantwhateverbethesizeoftheorder. 6. Inventoriescanbereplenishedimmediatelyasthestocklevelreachesexactlyequaltozero. Consequentlythereisnoshortageofinventory. 7.

TotalCost x Cost

CarryingCosts

OrderingCosts Q

SikkimManipalUniversity

209

FinancialManagement

Unit13

EconomicorderQuantity
x Q =

2DK Kc

D=Annualusageordemand
x Q =EconomicorderQuantity

K=orderingcostperorder kc =pc =priceperunitxpercentcarryingcost=carryingcostofinventoryperunitperannum. Example: Annualconsumptionofrawmaterialsis40,000units.CostperunitRs16 Carryingcostis15%perannum. Costofplacinganorder=Rs480 Solution: 2x40000x480

EOQ=
Example:

16x0.15

=4000units

Acompanyhasgatheredthefollowinginformation: Annualdemand30,000units Orderingcostperorder=Rs20(Fixed) Carryingcost=Rs10perunitperannum Purchasecostperuniti.epriceperunit=Rs32perunit DetermineEOQ,totalnumberofordersinayearandthetimegapbetweentwoorders. Solution: 2DK

x Q =

2x30000x20

Kc

10

=346units K=Rs.20 Kc =Rs.10 D=30000 Thetotalnumberofordersinayear=30,000 346 =87orders

SikkimManipalUniversity

210

FinancialManagement

Unit13

Timegapbetweentwoorders=365=4days 87 1. ABCSystem:theinventoryofanindustrialfirmgenerallycomprisesofthousandsofitems withdiverseprices,largeleadtimeandprocurementproblems.Itisnotpossibletoexercise thesamedegreeofcontroloveralltheseitems.Itemsofhighvaluerequiremaximum attentionwhileitemsoflowvaluedonotrequiresamedegreeofcontrol.Thefirmhastobe selectiveinitsapproachtocontrolitsinvestmentinvariousitemsofinventory.Suchan approachisknownasselectiveinventorycontrol.ABCsystembelongstoselectiveinventory control. ABCanalysisclassifiesalltheinventoryitemsinanorganizationintothreecategories. A: B: Itemsareofhighvaluebutsmallinnumber.Aitemsrequirestrictcontrol. Itemsofmoderatevalueandsizewhichrequirereasonableattentionofthe management.. C: Itemsrepresentrelativelysmall valueitemsandrequiresimplecontrol. Sincethismethodconcentratesattentiononthebasisoftherelativeimportanceofvarious itemsofinventoryitisalsoknownascontrolbyimportanceandexception.Astheitems areclassifiedinorderoftheirrelativeimportanceintermsofvalue,itisalsoknownas proportionalvalueAnalysis. AdvantagesofABCanalysis: 2. Itensuresclosercontrolsoncostlyelementsinwhichfirmsgreaterpartofresourcesare invested. 3. Bymaintainingstocksatoptimumlevel itreducestheclericalcostsofinventorycontrol. 4. Facilitatesinventorycontrolandcontroloverusageofmaterials,leadingtoeffectivecost control. Limitations: 1. Aneverendingproblemininventorymanagementisadequatelyhandlingthousandsoflow valueofcitems.ABCanalysisfailstoanswerthisproblem. 2. IfABCanalysisisnotperiodicallyreviewedandupdated,itdefeatsthebasicpurposeofABC approach.

SikkimManipalUniversity

211

FinancialManagement

Unit13

13.3.1DeterminationofStockLevels Mostoftheindustriesaresubjecttoseasonalfluctuationsandsalesduringdifferentmonthsofthe yearareusuallydifferent.If,however,productionduringeverymonthisgearedtosalesdemand ofthemonth,facilitieshavetoinstalledtocatertofortheproductionrequiredtomeetthe maximumdemand.Duringtheslackseason,alargeportionoftheinstalledfacilitieswillremain idlewithconsequentuneconomicproductioncost.Toremovethisdisadvantage,attempthasto bemadetoobtainastabilizedproductionprogrammethroughouttheyear.Duringtheslack season,therewillbeaccumulationoffinishedproductswhichwillbegraduallyclearedassales progressivelyincrease.Dependinguponvariousfactorsofproduction,storingandcost,anormal capacitywillbedetermined.Tomeetthepressureofsalesduringthepeakseason,however, highercapacitymayhavetobesuedfortemporaryperiods.Similarly,duringtheslackseason,to avoidlossduetoexcessiveaccumulation,capacityusagemayhavetobescaleddown. Accordingly,therewillbeamaximumcapacityandminimumcapacity,onlyconsumptionofraw materialwillaccordinglyvarydependinguponthecapacity usage. Again,thedeliveryperiodorleadtimeforprocuringthematerialsmayfluctuate.Accordingly, therewillbemaximumandminimumdeliveryperiodandtheaverageofthesetwoistakenasthe normaldeliveryperiod. MaximumLevel: Maximumlevelisthatlevelabovewhichstockofinventoryshouldneverrise.Maximumlevelis fixedaftertakingintoaccountthefollowingfactors: 1. Requirementandavailabilityofcapital 2. Availabilityofstoragespaceandcostofstoring. 3. Keepingthequalityofinventory intact 4. Pricefluctuations 5. Riskofobsolescence,and 6. Restrictions,ifany,imposedbythegovernment.

MaximumLevel Where,

Orderinglevel(MRCxMDP)+standardorderingquantity.

MRC=minimumrateofconsumption MDP=minimumleadtime.

MinimumLevel: Minimumlevelisthatlevelbelowwhichstockofinventoryshouldnotnormallyfall. Minimumlevel=OL(NRCxNLT)

SikkimManipalUniversity

212

FinancialManagement

Unit13

Where, OL=orderinglevel NRC=Normalrateofconsumption NLT=NormalLeadTime. OrderingLevel: Orderinglevelisthatlevelatwhichactionforreplenishmentofinventoryisinitiated. OL=MRCXMLT Where, MRC=Maximumrateofconsumption MLT=Maximumleadtime.

3. Averagestocklevel Averagestocklevelcanbecomputedintwoways 1. minimumlevel+maximumlevel 2 2. Minimumlevel+1/2ofreorderquantity.

Averagestocklevelindicatestheaverageinvestmentinthatitemofinventory.Itinofquite relevantfromthepointofviewofworkingcapitalmanagement.

ManagerialsignificanceoffixationofInventorylevel: 1. Itensurethesmoothproductionsofthefinishedgoodsbymakingavailabletherawmaterial ofrightqualityinrightquantityattherighttime. 2. Itoptimizestheinvestmentininventories.Inthisprocess,managementcanavoidboth overstockingandshortageofeachandeveryessentialandvitalitemofinventory. 3. Itcanhelpthemanagementinidentifyingthedormantandslowmovingitemsofinventory. Thisbringsaboutbettercoordinationbetweenmaterialsmanagementandproduction managementontheonehandandbetweenstoresmanagerandmarketingmanageronthe other.

ReorderPoint: Whentoorderisanotheraspectofinventorymanagement.Thisisansweredbyreorder point.Thereorderpointisthatinventorylevelatwhichanordershouldbeplacedtoreplenish theinventory.

SikkimManipalUniversity

213

FinancialManagement

Unit13

Toarriveatthereorderpointundercertaintythetwokeyrequireddetailsare: 1. Leadtime 2. Averageusage leadtimereferstotheaveragetimerequiredtoreplenishtheinventoryafterplacingorders forinventory Reorderpoint=leadtimexAverageusage Undercertainty,reorderpointreferstothatinventorylevelwhichwillmeettheconsumption needsduringtheleadtime. SafetyStock:Sinceitisdifficulttopredictinadvanceusageandleadtimeaccurately,provision ismadeforhandlingtheuncertaintyinconsumptionduetochangesinusagerateandleadtime. Thefirmmaintainsasafetystocktomanagethestockoutarisingoutofthisuncertainty. Whensafetystockismaintained,(WhenVariationisonlyinusagerate) Reorderpoint=leadtimexAverageusage+Safetystock Safetystock= [(maximumusagerate)(Averageusagerate)]xleadtime. Or Safetystockwhenthevariationinbothleadtimeandusageratearetobeincorporated. Safetystock=(Maximumpossibleusage)(Normalusage) Maximumpossibleusage=MaximumdailyusagexMaximumleadtime Normalusage=AveragedailyusagexAverageleadtime Example:Amanufacturingcompanyhasanexpectedusageof50,000unitsofcertainproduct duringthenextyear.RecostofprocessinganorderisRs20andthecarryingcostperunitper annumisRs0.50.Leadtimeforanorderisfivedaysandthecompanywillkeepareserveoftwo daysusage.Calculate1.EOQ2.Reorderpoint.Assume250daysinayear Solution: 2DK 2x50000x20

EOQ=
=2000units

Kc

0.50

Reorderpoint Dailyusage= 50000=200units 250 Safetystock=2x200400units.

SikkimManipalUniversity

214

FinancialManagement

Unit13

Reorderpoint(leadtimexAverageusage)+safetystock (5x200)+400=1,400units

13.3.2 Pricingofinventories Therearedifferentwaysofpricinginventoriesusedinproduction.Iftheitemsininventoryare homogenous(identicalexceptforinsignificantdifferences)itisnotnecessarytousespecific identificationmethod.Theconvenientpriceisusingacostflowassumptionreferredtoasaflow assumption. Whenflowassumptionisuseditmeansthatthefirmmakesanassumptionastothesequencein whichunitsarereleasedfromthestorestotheproductiondepartment. Theflowassumptionsselectedbyacompanyneednotcorrespondtotheactualphysical movementofrawmaterials.Whenunitsofrawmaterialareidentical,itdoesnotmatterwhich unitsareissuedfromthestorestotheproductiondepartment. Themethodselectedshouldmatchthecostswiththerevenuetoensurethattheprofitsare uncertaininamannerthatreflectstheconditionsactuallyprevalent. 1. Firstin,firstout(FIFO):Itassumesthattherawmaterials(goods)receivedfirstareusedfirst. Thesamesequenceisfollowedinpricingthematerialrequisitions. 2. LIFO(lastin,firstout):Theconsignmentlastreceivedisfirstusedandifthisisnotsufficient fortherequisitionsreceivedfromproductiondepartmentthentheuseismadefromthe immediatepreviousconsignmentandsoon.Therequisitionsarepricedaccordingly.This methodisconsideredtobesuitableunderinflationaryconditions.Underthismethodthecost ofproductionreflectsthecurrentmarkettrend.Theclosinginventoryofrawmaterialwillbe valuedonaconservativebasisundertheinflationaryconditions. 3. Weightedaverage:Materialissuesarepriced,attheweightedaveragecostofmaterialsin stock.Thismethodconsidersvariousconsignmentsinstockalongwiththeirunitspricesfor pricingthematerialissuesfromstores. 4. othermethodsare: a. Replacementpricemethod:Thismethodpricestheissuesatthevalueatwhichitcanbe procuredfromthemarket. b. Standardpricemethod:underthismethodthematerialsarepricedatstandardprice. Standardpriceisdecidedbasedonmarketconditionsandefficiencyparameters.The differencebetweenthepurchasepriceandthestandardpriceisanalyzedthroughvariance analysis.

SikkimManipalUniversity

215

FinancialManagement

Unit13

SelfAssessmentQuestions2 1. ABCsystembelongsto______. 2. ______________areofhighvaluebutsmallinnumber. 3. ABCsystemisknownas_____________becausetheitemsareclassifiedinorderoftheir relativeimportanceintermsofvalue. 4. _________isdefinedastheorderquantitythatminimizesthetotalcostofinventory management.

13.4Summary
Inventoriesformpartofcurrentassetsoffirm.Objectivesofinventorymanagementare. a. Maximumcustomersatisfaction b. Optimuminvestmentininventoryand c. Operationoftheplantattheleastcoststructure.Inventoriescouldbegroupedintodirect inventoriesarerawmaterials,workinprocessinventoriesandfinishedgoodsinventory. Indirectinventoriesarethoseitemswhicharenecessaryforproductionprocessbutdonot becomepartofthefinishedgoods.Therearemanyreasonsattributabletoholdingof inventorybythemanagements. TerminalQuestions 1. Examinethereasonsforholdinginventoriesbyafirm. 2. Discussthetechniquesofinventorycontrol. 3. Discusstherelevanceandfactorsthatinfluencethedeterminationofstocklevel. 4. Explainthevariouscostofinventorydecision.

AnswerforSelfAssessmentQuestions SelfAssessmentQuestions1 1. Obtainfreshsuppliesofinventory 2. Profitability 3. Unexpectedchangesindemand,supply 4. Carryingcosts

SelfAssessmentQuestions2 1. Selectiveinventorycontrol. 2. Aitems 3. Proportionalvalueanalysis

SikkimManipalUniversity

216

FinancialManagement

Unit13

4. EOQ. AnswerforTerminalQuestions

1. Refertounit13.1
2. Referto13.3 3. Referto13.3.3 4. Referto13.2

SikkimManipalUniversity

217