This paper aims to examine the effectiveness of cycle count activities, one of the inventory control tools to manage inventory. Beside, this study also wishes to identify any loopholes in practices and procedures in inventory control of companies.
One of the lubricant manufacturing companies in Malaysia was selected as a case study and mixed method data collection of document analysis and observation were used. The analysis and examination was conducted by using Committee of Sponsoring Organization of the Treadway Commission Framework as guidance.
This study found that problems in inventory control can be caused by inconsistency of practices due to incomplete or absent standard operating procedures. Furthermore, no segregation of duties and excessive reliance on one person to conduct many tasks will lead to human error and fraud. This paper enhances the theoretical understanding on the inventory control and management system applied in the manufacturing organization particularly.
However, frequent changes of the management in the organization of the case study make the study difficult to obtain consistent information. Not all standard operating procedures were revised or updated and available for examination. In addition, some of the reports needed for investigation are confidential and requests to observe and scrutinize information from those documents are denied by the company. Thus, more in-depth analysis and verification on the issues of interest were unable to be conducted.
Industrial tour program is designed to put them in a challenging environment of the relevant field, where the students get sample opportunity to apply their theoretical knowledge into practical applications. During the industrial tour, students have the opportunity to adopt themselves into the particular environment of the organization.
It provides a unique opportunity to see the reality of business during student life, which enables them to building confidence and working knowledge in advance of the start of their career. They are hoping to reach in the world market also. To satisfy their big market they need to maintain a huge and complicated supply chain. And they are doing that with a great success in a rapid speed.
So the Operation procedures of lub-rref Bangladesh ltd. I tried my best to know them and compare their practices with my subject that I studied in my BBA program in University of Chittagong. Methodology Type of Study: In this report I tried to find out the operation procedures of lub-rref Bangladesh ltd.
It gives a description about the company. So I used Descriptive Research because it describes the overall operation,sales,marketing, financial characteristics of lub-rref Bangladesh ltd. For this study I collected data from both Primary and secondary sources. So my primary information is based on the experience. My experiences on visiting at lub-rref Bangladesh ltd. For secondary sources of information. Limitations of the Study Every report has some limitations.
There are several limitations in preparing this report. The main limitations are followings I found it very difficult to ask question to and getting answer from some of the members of lub- rref Bangladesh ltd. In some cases they were reluctant to talk freely regarding the systems which are followed by operation procedures of lub-rref Bangladesh ltd.
I found difficult to get some data as they were confidential and the authority intended to keep them hidden from me which is very logical from their point of view.
Very few secondary data can be collected from Internet as there are few journals about lub-rref Bangladesh ltd. In the context of Bangladesh, this industry can be described as a market which contains few segments like car engine oil, motorcycle oil, truck and heavy duty engine oil, CNG oil and industrial oil, etc. Another observation can also identify more segments like railway oil, marine oil, and aviation oil; though these are insignificant compared with other lubricant oil segments.
The market of CNG oil is an exponential one, though the users are mostly using the heavy-duty engine oils for the vehicles. But a few quality lubricant oils are also available for CNG vehicle. The industrial oil market is a sensitive one, where the use of recommended oil is required, which is closely supervised by the engineer. The growth of power sectors and other industries has perked this industrial oil segment up.
Customers are quite knowledgeable about the lubricant brand and quality now. In fact, for consumers, the main source of information arises from peer suggestions. Retailer suggestions also play a part in affecting the purchase. Retail shop owners recommend their preferred brand to the customers most of the time. Due to this, customers often purchase brands as referred by the retailers. The sole distributors always run promotions for the regulars, though it plays an insignificant part in the purchase decision.
Using these market insights, very newly brands are taking their entrance in this growing lubricant industry. But the renowned brands like Mobil, BP, Total, Shell, and Castrol are enjoying their existing market share with strong brand preferences. Moreover, the customers of this market have a better acceptance of those lubricant brands though many quality products are also available in this market.
When two rough surfaces slide against each other or roll the asperities of the surfaces come close to each other and interlock, adhere and generate friction. The goal of any lubrication approach is to separate the rubbing surfaces by a lubricant layer, which prevents or at least minimizes direct contact of the bodies.
By choosing appropriate lubricant, the friction and wear of the materials can be controlled. Lubricants can also be classified by their main function: Anti-wear additives AW : reduces wear by the growth of protective layer on the surfaces zinc ,phosphate. Extreme pressure additives EP : protects the components from seizure by the formation of the coating on the surfaces graphite, molybdenum disulfide.
Friction modifiers: used to control friction, typically made of solid particles graphite, molybdenum disulfide, tungsten disulfide, etc. Corrosion inhibitors: protects the surfaces from the attack of chemically active substances, such as oxygen, by creating a corrosion resistant layer. Viscosity Index Improvers: used to prevent or minimize a decrease of the viscosity index of lubricants at higher temperatures. Basumati Group of Companies 3. City Lub Oil Industries Ltd 4. Corona Group Lukoil 5.
Gulf Oil Bangladesh Limited 6. Lub-rref Bangladesh Ltd 8. Rahimafrooz Distribution Ltd Castrol Trade Services International Total United Lube Oil Limited Petronas 2. Major economies, like China, India, Japan, Korea, and the United States are keen to invest in the infrastructure sector of Bangladesh, owing to its good land to water connectivity, port operations, and other factors leading Bangladesh to be a strategic location to carry out business.
According to the report, the whole process to start a new project in Bangladesh takes around days including pre-planning. Bangladesh recorded a GDP growth rate of 7. Lubricants in automotive reduce friction by creating a thin layer or film clearance between the moving parts. Shock absorption during heavy loads and the absorption of contaminants are a few of the various advantages. Additionally, lubricants help fight corrosion and rust in the engine, whether its an aviation engine or a wheel burning on a car.
Bangladesh is anticipating a rise in the demand for motorized vehicles. Until July , , vehicles were registered against the , vehicles registered in Due to this, air travel is increasing in the country, which in turn is leading to the market growth for aviation lubricants.
Of the Tk 1, crore lubricant retail market in , the automobile industry consumed 77 percent, while the manufacturing sector consumed the rest, market data shows. A study by Mobil Jamuna Ltd, a leader in engine oil blending and sales in Bangladesh, has projected lubricant consumption at 62, tonnes for Such consumption was over 60, tonnes in and 58, tonnes in The study shows the engine oil market, which grows at 3 to 3.
World demand for lubricants is forecasted to advance 2. However, a disruption in manufacturing and industrial activity because of the energy crunch has reduced the potential for further growth of the product. Mobil Jamuna, a joint venture of state-owned Jamuna Oil Company and Mobil Asia Pacific, set up its own blending plant in to blend and market quality lubricants for the growing Bangladeshi market.
The company imports all ingredients, including base oil and additives to make lubricants. Mobil Jamuna is also the first Bangladeshi company that is exporting lubricants. It exports to countries like Nepal and Bhutan. In fact, for consumers, the main source of information arises from peer suggestions. Retailer suggestions also play a part in affecting the purchase. Retail shop owners recommend their preferred brand to the customers most of the time. Due to this, customers often purchase brands as referred by the retailers.
The sole distributors always run promotions for the regulars, though it plays an insignificant part in the purchase decision. Using these market insights, very newly brands are taking their entrance in this growing lubricant industry.
But the renowned brands like Mobil, BP, Total, Shell, and Castrol are enjoying their existing market share with strong brand preferences. Moreover, the customers of this market have a better acceptance of those lubricant brands though many quality products are also available in this market. When two rough surfaces slide against each other or roll the asperities of the surfaces come close to each other and interlock, adhere and generate friction.
The goal of any lubrication approach is to separate the rubbing surfaces by a lubricant layer, which prevents or at least minimizes direct contact of the bodies. By choosing appropriate lubricant, the friction and wear of the materials can be controlled. Lubricants can also be classified by their main function: Anti-wear additives AW : reduces wear by the growth of protective layer on the surfaces zinc ,phosphate. Extreme pressure additives EP : protects the components from seizure by the formation of the coating on the surfaces graphite, molybdenum disulfide.
Friction modifiers: used to control friction, typically made of solid particles graphite, molybdenum disulfide, tungsten disulfide, etc. Corrosion inhibitors: protects the surfaces from the attack of chemically active substances, such as oxygen, by creating a corrosion resistant layer. Viscosity Index Improvers: used to prevent or minimize a decrease of the viscosity index of lubricants at higher temperatures.
Basumati Group of Companies 3. City Lub Oil Industries Ltd 4. Corona Group Lukoil 5. Gulf Oil Bangladesh Limited 6. Lub-rref Bangladesh Ltd 8. Rahimafrooz Distribution Ltd Castrol Trade Services International Total United Lube Oil Limited Petronas 2. Major economies, like China, India, Japan, Korea, and the United States are keen to invest in the infrastructure sector of Bangladesh, owing to its good land to water connectivity, port operations, and other factors leading Bangladesh to be a strategic location to carry out business.
According to the report, the whole process to start a new project in Bangladesh takes around days including pre-planning. Bangladesh recorded a GDP growth rate of 7. Lubricants in automotive reduce friction by creating a thin layer or film clearance between the moving parts. Shock absorption during heavy loads and the absorption of contaminants are a few of the various advantages. Additionally, lubricants help fight corrosion and rust in the engine, whether its an aviation engine or a wheel burning on a car.
Bangladesh is anticipating a rise in the demand for motorized vehicles. Until July , , vehicles were registered against the , vehicles registered in Due to this, air travel is increasing in the country, which in turn is leading to the market growth for aviation lubricants.
Of the Tk 1, crore lubricant retail market in , the automobile industry consumed 77 percent, while the manufacturing sector consumed the rest, market data shows. A study by Mobil Jamuna Ltd, a leader in engine oil blending and sales in Bangladesh, has projected lubricant consumption at 62, tonnes for Such consumption was over 60, tonnes in and 58, tonnes in The study shows the engine oil market, which grows at 3 to 3. World demand for lubricants is forecasted to advance 2. However, a disruption in manufacturing and industrial activity because of the energy crunch has reduced the potential for further growth of the product.
Mobil Jamuna, a joint venture of state-owned Jamuna Oil Company and Mobil Asia Pacific, set up its own blending plant in to blend and market quality lubricants for the growing Bangladeshi market. The company imports all ingredients, including base oil and additives to make lubricants. Mobil Jamuna is also the first Bangladeshi company that is exporting lubricants. It exports to countries like Nepal and Bhutan.
The export target for this year has been set at a million dollars. It is also used in marine, agricultural, train and aeroplane engines. The key function of the oil is to lubricate and clean the moving parts of machines or engines.
It also prevents corrosion and rust and keeps the engines cool by carrying away the heat from the sliding parts. The lubricant business in Bangladesh in the private sector is less than a decade-old.
Until , only the state- owned oil companies were allowed to import, blend and distribute lubricants here. At that time, majority lube oils 65 percent contained no additives. The government liberalised the market and banned non-additised lubricants in , to ensure minimum standards.
Since then, more than 50 brands of lubricants, including renowned multinationals, have entered the market. But half a dozen brands account for nearly 50 percent of the total business. Mobil Jamuna's brand, Mobil, is by far the market leader with a 26 percent stake worth Tk crore, followed by BP with 11 percent, Total 6 percent, Shell 2 percent and Castrol 2 percent.
The rest 53 percent is dominated by low quality, low cost brands. According to Azam J Chowdhury, chairman of Mobil Jamuna Limited, low-quality engine oil has become a concern, as it destroys an engine. Company Profile: Lub-rref Bangladesh Ltd. Now we are marketing our products under 'BNO' Brand.
The founder of Lub- rref Bangladesh Ltd. It is one of the renowned lubricants industries in Bangladesh. COM 3. Transformation through innovation, restructuring and continuous development; focusing with green business.
Operational Excellence utilizing modern technology. The objectives have been set in accordance with the values of the organization. Human Resource 2. Administration 3. Accounts 4. Production 5. Mechanical Maintenance 6. Electrical maintenance 7. Transport Division 8.
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