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EXECUTIVE SUMMARY
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This project is carried out in Dharwad Milk Union, which is a part of Karnataka Milk Federation (KMF). KMF is a co-operative apex body in the state of Karnataka representing dairy farmer's organization and also implementing dairy development activities to achieve the dairy objectives. KMF has 13 milk unions and D.M.U. is one among 13 unions. The project helps to study the practice of short term requirements by D.M.U. in the past five years and to calculate management's performance in the past five years. Higher would be the amount of risk. Toward of both risks of ill-liquidity and excess liquidity, the firm should maintain an optimum level of current assets. An adequate working capital is required for smooth running of the firm. This study is undertaken to analyze the firm's liquidity and to test firm's efficiency in utilization of its current assets and resources. Objective of the study: To examine the establishment, organization and operational dimensions of the D.M.U. To know the liquidity position of the firm To examine the management performance in components of ratio analysis. To know the how actually finance dept functions. To test firm's efficiency in utilization of its assets and resource
Information Requirement: 2
Address Dharwad District Co-operative Milk Producers' Societies' Union Ltd Product Dairy, Lakkammanahalli Industrial Area DHARWAD - 580 004. Karnataka Phone 0836-2467603 / 2468380 / 2467643 Fax 0836-2468268
Objectives:
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A co-operative society registered under the Co-operative act 1959 Procuring and Marketing of Milk Production and Sale of Milk Products
3 crores Approx. 2 Lakhs Liters / day Milk Powder 12 MT /Day Butter 6 MT / Day Ghee 6 MT / Day
Gagad Haveri
Hirekerur 20000 LPD Naragund 8000 LPD Ron Sirsi Karwar packing unit 10000 LPD 20000 LPD
The milk in bulk is sent for packing and distribution at Karwar Which supplies and need of Karwar, Gokama, Honnavar, Bhatkal, Murdeshwar and Goa
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Collection of Milk
70000 LPD
Sale of Milk 60000 LPD Dharwad, Haveri, Gadag, Uttar Karnataka, Goa Parts of Maharashtra Elected Member Ex-Officers 8 5
By Govt. 3 383 Workers Lakamanahalli Industrial Area, Dharwad 8 Nandini Milk Toned Milk, Standard Milk, Shubham Milk Milk Products
Butter, Ghee, Pedha, Curd, Lassi, Paneer, Milk Powder 460 Societies
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KMF, Dharwad Unions milk and milk products Toned Milk Karnatakas most favorite milk. Nandini Toned Fresh and pure milk containing 3.0% FAT and 8.5% SNF, available in 500ml and 1ltr packs.
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Homogenized Toned Milk Nandini homogenized milk is pure milk. Which is homogenized and pasteurized, consistent right through, it gives you more cups of tea or coffee and is easily digestible. Available in 500ml packs Curd: Nandini curd made from pure milk, its thick delicious giving you all the goodness of homemade curds. Available in 200gms and 500gms sachet
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Butter Rich, Smooth and delicious. Nandini butter is made out of fresh pasteurized cream, rich taste, smooth texture and the rich purity of cows milk makes any preparation a delicious treat. Available in 100gms (slated), 200gms and 500gms cartons both salted and unsalted. Pedha No matter that you ate celebrating! Made from pure milk, Nandini Pedha is a delicious treat for the family. It will be store at room temperature approximately 7 days. Available in 250gms pack containing 10 piece each.
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DCS
Sample testing
Chilling
Storing
Pasteurization
Separation
Homogenization
Storing
Packing
Dispatching
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ORGANIZATION CHART
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Presidents
Director (Elected-8)
Directors (Nominated-3)
P&I
Production Production
Finance
Admin
Security
Marketing
Dy Manager
Dy Manager
Dy Manager
Sr. Supervisor
Dy Manager
Extension Officer
A/cs Assistant
Assistant
Jr. Supervisor
Assistant
Helper
Assistant
Helper
Helper
Helper
Workers
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Maintenance of files, records etc., up-to-date. Collecting and presenting data in the form of useful information from the records. Implementing the organization systems, producers and policies in a coordinate manner. Ensuring smooth running of the office by interfacing with the external agencies as required. For eg: Payment of telephone bills, electricity, water supply bills etc., Maintenance of officer premises, Providing required facilities etc.,
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Deputy Manager
Time
Canteen
Security
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Purchase superintend
Helpers
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The DMU, marketing department has the following tasks. Marketing of milk and milk products through own network. Market development and sales promotion. Reconciliation of sales with all agents, outlets and milk parlors. Consumers grievances. Need based marketing (Pedha, ghee etc.,) To take up suppliers
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Asst. Manager
Supervisor (FGS/Stores)
Supervisor
Market assistant
Market assistant
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Marketing Assistant
Account Assistant
Dairy Operator
Dairy Workers
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INPUTS
To upgrade the functioning and expand the productive capacity of each society the union provides many facilities. 1. Remunerative price for the milk produced. 2. Supplying powder seeds for animal development. 3. Imparting training to all the members of co-operatives for smooth functioning of co-operatives.
4. Subsidized cattle feed to the members of the society. 5. DMU has 13 Doctors to provide door-to-door service. 6. First aid centers in every co-operative society.
7. Conducting animal health camp every 2 weeks 27
Procurement Manager
Technical wing
Deputy Manager
Deputy Manager
Assistant Manager
Assistant Manager
Extension officer
Clerks
Helpers
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Production Department:
The main object of this department is to follow up production schedule as per plan and to maintain close and co-operative relationship with other department and ensures to upgrade the technical efficiency of production. Most of the production equipments are imported from Sweden and Denmark. The entire production has procedure and at every stage of production, proper care is taken to maintain the quality and freshness of milk and milk production.
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Manager (Dairy)
Deputy Manager
Office Staff
Asst. Manager Asst. (Accounts) Technical Officer Clerk Senior Supervisor Typist Asst. (Stores)
Junior Supervisor
Dairy Operators
Dairy technician
Dairy Worker
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Asst. Manager
Asst. Manager
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32
33
Asst. Manager
Asst. Account
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35
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calculations with theoretical explanations. Sources of Data: 1. primary Data 2. Secondary Data. 1. Primary Data: The information is collected from the personal interaction with the finance manager of Dharwad Milk Union. 2. Secondary Data: This is collected from Dharwad Milk Union Annual Reports for Five Year(2004-2005 to 2008-2009) and also through Information from the text sources. Information from the internet sources. Information from the materials provided by the concern.
Limitations of the study: 1. As this an academic efforts, it is limited by time, cost, and coverage. 2. This study covers only a part of Dharwad Milk Union. 3. This present covers only five years data. 4. It covers the only annual report of the firm. 37
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SWOT ANALYSIS
STRENGTH:
The product manufactured is unique in nature. As they manufacture only one product. Their production is continuous so the production process is easy.
The product has excellent brand awareness and high quality image. :> They provide training to the members of co-operative society regarding cattle feed and animal husbandry. Most of the production process is mechanized.
:>
WEAKNESS:
They don't have market other routing the product to co-operative society. As there is no labor union here, so workers participation is less.
OPPORTUNITIES:
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As they have fixed market the revenue and orders are constant. Most of the monetary transactions are takes place through milk unions and they are less involved but they get regular payments.
As they have fewer competitors so sales and profits are good They have generated confident the mind of farmers regarding the product.
THREATS:
As the land holding of farmers is more so they are less interested in animal husbandry. The organization does not have outlets for its product other than cooperative societies.
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A.
Current Assets:
Components of Current Assets are as follows 1. Cash and Bank Balance. 2. Stock of raw material at cost-work in progress and finished goods. 3. Advanced recoverable in cash or kind or for value to be received. 4. Deposits under the company scheme. 5. Advanced payment of income takes credit certificates. 6. Outstanding debts for a period exceeding six months. 7. Balance with central excise authorities
B.
Current Liabilities:
Components of Current Liabilities are as follows 1. Sundry creditors for the goods and expenses. 2. Income tax deducted at sources from contractors. 3. Expenses payable. 4. Unclaimed dividend. 5. Security deposits. 6. Liabilities for bills discounted. 7. Bank overdraft acceptance.
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DHARWAD MILK UNION Limitations of Ratios:Ratios should be used with extreme care & consideration judgment because they suffer from certain serious drawbacks; some of them are listed below: Ratio can sometimes be misleading if an analyst does not know the reliability & soundness of the figures from which they are computed & the financial position of the business at other times of the year. The mechanics of ratio construction are not as important as the proper interpretation of the ratios. As a matter of the fact, ratios are only the primary step in interpretation. They call attention to certain aspects of a business which need detailed investigation before arriving at any final conclusion. Ratio can never be substituted of raw figures. At the time of interpretation, therefore raw figures should also be referred too. Price level changes makes ratios analysis difficult.
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8.1 Types of Ratios:Ratio as tool of financial management is of crucial significance. Ratios are tool of measuring liquidity, profitability, efficiency & financial position of the firm. Ratio can be classified into 4 basic types 1) Liquidity Ratio: Liquidity Ratio provides test to measure the ability of the firm to cover its short-term obligations out of its short-term resources. Interpretation of liquidity ratios provides considerable insight into the present cash solvency of the firm & its ability to remain solvent in times of adversity. It is mainly classified into 2 types, viz., a) Current Ratio b) Quick Ratio 2) Leverage Ratio: Leverage ratios generally designed to measure the contributions of the firms owners vis-vis the funds provided by its creditors. These ratios are computed to solicit information along the following lines1) The firms ability to weather times of stress & to cover all its obligations including Short-term & Long-term obligations. 2) The margin of safety afforded to the creditors 3) The extent of control of stock holders over the firm. 4) The potential earnings from the use of loan funds. 48
It is mainly classified into3 types, viz., a) Total debt ratio b) Debt equity Ratio c) Interest coverage Ratio
3) Activity Ratio: Activity ratios reflect how efficiently the firm is managing its resources. This ratio expresses relation between the level of sales & the investment in various assets: inventories, receivables, fixed assets, etc It is mainly classified into 10 types, viz., a) Inventory turnover Ratio b) Inventory conversion period c) Debtors turnover Ratio d) Debtors collection period e) Gross operating Ratio f) Creditors turnover Ratio g) Creditors collection period h) Net asset turnover Ratio i) Current asset turnover Ratio j) Working Capital turnover Ratio
4) Profitability Ratio: Profitability Ratios are the best indicators of overall efficiency of a business concern because they return of value put into business with sale or service carried on by the firm with the help of assets employed. It is mainly classified into 6 types, viz., 49
a) Gross profit Margin Ratio b) Net profit Margin Ratio c) Operating expense Ratio d) Proprietary Ratio e) Return on investment Ratio (ROI) f) Return on equity Ratio (ROE)
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1)
Current Ratio:
The current ratio of a unit measures firms short-term solvency, that is, its ability to meet short-term obligations. It is the ratio of total current to the current liabilities. The current ratio measures the ability of the firm to meet its current liabilities-current assets get converted into cash in the operating cycle of the firm and provides the funds needed to pay current liabilities.
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Ratio
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2004-2005 2005-2006 2006-2007 2007-2008 Year
Interpretation:
The Table 1 revels that the liquidity position of Dharwad milk union is satisfactory even though the ratio of all five years less than the conventional norm i.e, 2 because the Dharwad milk union is a public utility firm, as for the conventional rule concerned the public utility firm's liquidity position is satisfactory even though the current ratio is less than the conventional norm. here fore the liquidity position of Dharwad milk union is satisfactory.
Quick ratio 1.20 1.00 0.80 0.60 0.40 0.20 0.00 2004-05 2005-06 2006-07 2007-08 2008-09
Year 200405 200506 200607 200708 200809 Quick Assets 30921237 49441611 39499292 56085341 48084737 Current Liabilities 32652240 43576692 35978861 53736056 58079322 Quick ratio 0.95 1.13 1.10
Quick ratio
1.04 0.83
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2. Interpretation:
It may be inferred from Table 2 the liquidity ratio of Dharwad Milk Union is good in the last 2005-2008 years, but in the year 2004-2005 the liquidity ratio is less than standard norm i.e. 0.95. It indicates that liquidity ratio of D.M.U is not good. However, from 2005-06 to 2007-08 the liquidity ratio is more than the standard norm. However, in 2008-09 the ratio becomes less than the 2004-05, so it shows liquidity ratio of D.M.U is not constant or good. Therefore, it indicates that the company is able to pay its current liabilities with quick assets. The D.M.U is able to utilize its current assets properly & the inventory movement is quicker & debt payment is faster.
INVENTORY TURNOVER RATIO= COST OF GOODS SOLD AVERAGE INVENTRY Cost of Goods Sold= Sales- Gross Profit Average Inventory= Opening Stock + Closing Stock / 2
3) Interpretation
It may be found from Table 3 the inventory turnover of Dharwad Milk Union is increasing & decreasing trend. The D.M.U is increases its efficiency of selling the products. In 2004-05 its inventory turns over i.e. 12.04. But in 2005-06 to 2008-09 years the firm performance is better to selling its products. The D.M.U is maintain this way it sells the inventory very fast & the efficiency of the firm in selling its products is better.
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4) Interpretation
The table 4 shows that the Dharwad Milk Union is taking how many days to convert the raw material into finished products. In last 5 years the company is improved its conversion period yearly. In the year 2004-05 the D.M.U has taken more days to convert inventory. But in 2005-06 to 2008-09 the D.M.U is taken less days to convert inventory. It indicates that fast to conversion of inventory & sells the goods fast. There the D.M.U is maintain better inventory conversion period.
Chart:-0.5
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5) Interpretation
The table 5 shows that the in last 5 years debtors turnover ratio of Dharwad Milk Union. In 2004-05 to 2005-06 the debtors are not collected rapidly. But in the year 2006-07 the debtors are collected rapidly i.e. 42.7. In 2007-08 & 2008-09 again the debtors turnover ratio is decreases 27.54. There for the D.M.U is maintaining better sales but managing its debts collection is not efficiency.
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6) Interpretation
The table 6 revels that the debts collection period of Dharwad Milk Union. In 2004-05 to 2005-06 the debts collection period increasing trend. It indicates that the customers are not made payment promptly. But in the year 2006-07 the debt collection period decreased to 9 days. It indicates that the customers had made the payment in that year. But in the year 2008-09 again the collection period is increasing 9 to 13 days.
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7) Interpretation
It may be inferred from table 7 there is up & down in the ratio of credit turnover. The ratio is low in 2006-07 it indicates that the Dharwad Milk Union credit payment is not 65
8) Creditors Payment Period: The creditor payment period Ratio represents the average number of days taken by the firm to pay the creditors. It is calculated by the following formula
Year
Creditors Turnover Creditor's Payment No of days in a year days in a year N0.of Days in a Ratio Period Year Ratio Creditors Payment Period= Creditors Payment Period= 365 365 365 365 365
Table:0.8
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8)
Interpretation:
It may be found from table no. 8 that there is ups & downs in a credit payment period of Dharwad milk union. In the year 2004-05 to 2006-07 the credit payment period of D.M.U is increasing trend i.e. 10 to 13 days. It indicates the company is not maintaining credit payment properly. But in the year 2007-08 & 200809 the credit payment period is low i.e. 8 & 9 days. It indicates that the D.M.U has taken less credit facility & paying the credit in time. It is good sign of the company to utilizing the credit facility properly.
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Cost of Goods Sold Working Capital Turnover Ratio= Net Working Capital
Cost of good sold= Sales - Gross Profit Net Working Capital=Current Asset - Current Liability
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9) Interpretation:
The table shows depicts of Working Capital turnover ratio is increasing & decreasing trend. In the year 2004-05 & 2007-08 the ratio is high i.e. 12.35 & 16.16 It shows the D.M.U is properly utilized the working capital for making of sales. It reflects the working capital management is efficient. It indicated the D.M.U is not properly utilized the working capital. It is not good to company; it reflects the sale of the company. But in the year 2008-09 the working capital turnover ratio is high compared to the last 4 years i.e. 23.18. it is good to company.
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10) Interpretation:
The table shows that how the Dharwad Milk Union is utilized its current assets. In the year 2004-05 to 2006-07 the ratio is increasing 6.43 & 7.36 it indicates that the D.M.U is utilizing its current assets more efficiently. It reflects the good current asset management. But in the year 2007-08 the ratio is decreases from 7.36 to 5.93. it indicates that the D.M.U is decreasing its current assets utilization. But its increased in the year 2008-09 therefore the D.M.U is efficiently manage its current asset. Someti inefficiently
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GROSS OPERATING CYCLE = inventory conversation period + debtors Collection period Table:-11
Year Inventory Conversion Period 2004-05 2005-06 2006-07 2007-08 2008-09 30 21 21 23 21 Debtors Collection Period 12 14 9 12 13 Gross Operating Cycle 42 35 30 35 34
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11) Interpretation:
The tables 11 revels that the Dharwad Milk Union is taking more days in 2004-05 i.e. 42 days comparing to five year to convert the raw materials into finished product & the collection inventory conversion &debts collection. For seeing last five year the gross
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30 35 34
13 8 9
17 27 25
12) Interpretation:
It may be inferred from Table 12 the Net Operating Cycle of the Dharwad Milk Union. There are ups & downs in the working capital period. In 200405 & 2007-08 the D.M.U was taking more days to complete the working capital Operating Cycle i.e.32&27 days comparing last five years. But in the remaining three years it takes lesser days to complete the working capital.
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9.1 Findings:
1. The current ratio is bellow the standard ratio & it is not good for companys point of view. It shows that it is not good position to meet the short term liabilities. 2. The liquidity ratio is according to standard ratio (1.1) & it is good for companys point of view. It shows the company is able to meet its liabilities in short period. 3. The debt equity ratio is showing decreasing trend in year by year. It indicates that the company is depending on more on internal sources, the more internal funds means the shareholders funds, it shows that the company is financially strong. (I.e. a low debt company) 4. Interest coverage ratio is towards the equity shareholder it shows decreases in financial year. 5. The inventory turnover ratios are not good. Less inventory ratio i.e. holding periods are increasing in conversion of work in progress to finished goods ratio is 54.46 & days are 24(average) 6. The debtors turnover ratio is good. It shows the collection of debtors is very prompt. 7. The creditors turnover ratio goes on increasing & creditors payment period is decreasing. 8. Working capital ratio is not good because it is decreasing year by year. 9. a net asset turnover ratio is also not good, ratio is 2.68(avg) the assets are not using properly. 77
10. It shows gross profits are declining to firms ability to purchase raw materials at favorable terms & inefficient utilization of resources.
11. Operating profit ratio has increased in 2007-08 compare to 2004-05 because earning before interest & tax has increased but in ratio is 2.38 (avg) it is not good due to increases in expenses.
12. The return on investment is also not good to the company is investing Rs. 100 & getting Rs. 4 as return overall it shows that, the firm had not utilized the funds properly. 13. Since return on equity also increasing but it is not favorable. The firm is not getting more profit by its shareholders funds. It indicates that, the owners funds have not been properly utilized by the firm. 14. The return on total assets is also fluctuating it indicates that, the assets had not been utilized properly by the firm.
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9.2 Suggestions:
1. It is suggested that the D.M.U has to reduce Inventory and increases investment in the form of quick assets, and then it can maintain good liquidity position. 2. In the recent years, the debt turnover ratio of DMU is decreases so, it is suggested to increases the debt turnover it help to maintain the debt collection.
3. In the recent years, the debts collection period of DMU is increasing, so it is advised to DMU to reduce the collection period.
4.
The study of inventory utilization ratio of DMU not properly utilizes their It is advised to adopt scientific inventory management to improve
inventory.
working capital . 5. The working capital turnover ratio is increasing trend in the recent year, it is suggested to DMU to increase working capital turnover ratio, so that it can maintain a sufficient working capital. 79
6. It is suggested that DMU reduce its operating cycle, so that it can maintain sufficient working capital in the liquid form.
7. The current assets turnover ratio is in the recent year, it is suggested to DMU increase current assets turnover, so that it can generate more revenue by investing in the current assets.
8. It is suggested that DMU should reduce the time length of Net operating cycle by taking appropriate measures.
9.
DMU should have to appoint skilled and qualified employees and also new technology in machineries. It increases efficiency and quality of the firm.
10. DMU should have to computerize all the departments in order to increases efficiency and productivity of employees.
11. DMU should have take sales promotion measures like free home delivery to urban consumers. This help to increase the market share through increases sales.
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9.3 Conclusion:
The study of Ratio Analysis in the DMU is satisfactory. I got more information Ratio Analysis of the DMU it is more helpful to my study. The study of last five years liquidity position of the company is better. In last five years company is facing several problems in finance and marketing promotional activities. DMU has suffered losses due to financial problems & less quantity of milk supply in the previous years but in the recent year it is better position. It shows that DMU is improving its financial conditions & also utilizing its assets & resources properly. If DMU continues the same performance as in the current financial year, it can earn more profits
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82
Amount
49007356 14182384 20000000 318240
Amount
8,35,07,980
Amount
90571545
Amount
90571545 7310520
Investments
Investments 112719511
7310520 60717987 29796750 5116181 6198910 12555600 1276309 5774468 70279678 78049726 7624062 145985
Loans (Liabilities)
Secured Loans
112719511 32652240 2367917 4687203 8502899 1559726 6464176 269417 348437 8452411
Current Assets
Closing stock Deposits(assets) Loans&Advance Sundry Debtors Cash-in-hand Bank A/C
Current Liabilities
GRANTS O.S.L Other Liabilities Salary Recoveries Security Deposit A/C Unpaid Salary/Wages A/C Duties & Taxes Sundry creditors
228879731
228879731
83
Amount
49026583 17170800 20000000 276153
Amount
86473536
Amount 88856612
Investments
Investments 106042793
4424600
21739398 5455195 9743275 18599457 670179.72 14972554
Loans (Liabilities)
Secured Loans
106042793 43576692 2386249 8369902 11772513 1345535 7140721 315862 258779 11987131 236093021
Current Assets
Closing stock Deposits(assets) Loans&Advance Sundry Debtors Cash-in-hand Bank A/C
71181059
Current Liabilities
GRANTS O.S.L Other Liabilities Salary Recoveries Security Deposit A/C Unpaid Salary/Wages A/C Duties & Taxes Sundry creditors
71632750
236093021
84
Amount
58982280 960480 19853156 20000000 276153
Amount
100072068
Amount
95147041
Amount
95147041 4508600
Investments
Investments 97383678 4508600
Loans (Liabilities)
Secured Loans
Current Assets
Closing stock Deposits(assets) Loans&Advance Sundry Debtors Cash-in-hand Bank A/C 24159121 5443330 8361565 10967229 1418252 13408917
63658413
97383678 35978861 1373099 4235110 6385085 1528296 7484996 2040450 520510 12411314
Current Liabilities
GRANTS O.S.L Other Liabilities Salary Recoveries Security Deposit A/C Unpaid Salary/Wages A/C Duties & Taxes Sundry creditors
233434608
233434608
85
Amount
58769799 960480 22318800 20000000 315536
Amount
102364616
Amount
104041217 4535600 30144123 5030181 12231800 17244418 614518 20964421
Amount
104041217
Investments
Investments 88459946
4535600 86229464
Loans (Liabilities)
Secured Loans
Current Assets
Closing stock Deposits(assets) Loans&Advance Sundry Debtors Cash-in-hand Bank A/C
88459946 53736056 8095709 4852589 7831523 866382 8849552 14856 78993 7944451 12460000 3675000 900000 244560618
Current Liabilities
GRANTS O.S.L Other Liabilities Salary Recoveries Security Deposit A/C Unpaid Salary/Wages A/C Duties & Taxes Sundry creditors Amrut yojane Amrut yojane DCS contribution NDDB Loans Suspence
244560618
86
Amount
Amount
81257363
Amount
Amount
104018933 22405306
Govt. loans
Share Capital-A Class Share Capital-B Class Share Suspense
35031382 960480 24879800 20000000 385700 82363231 82363231 58079322 18997285 516000 13410757 13410759 951041801 16021 224466 10812932 3128076 1484800 179570 221699916
Investments
Investments
Loans (Liabilities)
Secured Loans
Current Assets
Closing stock Deposits(assets) Loans&Advance Sundry Debtors Cash-in-hand Bank A/C
75369860
Current Liabilities
GRANTS O.S.L Other Liabilities Salary Recoveries Security Deposit A/C Unpaid Salary/Wages A/C Duties & Taxes Sundry creditors Amrut yojane Amrut yojane DCS contribution NDDB Loans Suspence
19905816
221699916
87
88
Reference:
I.M. Pandey Essentials of Financial Management. Vikas Publishing House Pvt. Ltd. M.Y. Khan & P.K. Jain - Financial Management Tata McGraw Hill Publishing Company Ltd. New Delhi. Website www.KMF.nandini.coop www.nddp.org
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