INTRODUCTION TO THE INDUSTRY

Indian dairy Industry - profile:

Today, India is 'The Oyster' of the global dairy industry. It offers opportunities galore to

entrepreneurs worldwide, who wish to capitalize on one of the world's largest and fastest

growing markets for milk and milk products. A bagful of 'pearls' awaits the international dairy

processor in India. The Indian dairy industry is rapidly growing. As he expands his overseas

operations to India many profitable options await him. He may transfer technology, sign joint

ventures or use India as a sourcing center for regional exports.

India’s dairy sector is expected to triple its production in the next 10 years in view of expanding

potential for export to Europe and the West. Also India today is the lowest cost producer of per

liter of milk in the world, at 27 cents, compared with the U.S' 63 cents, and Japan’s $2.8

dollars. Also to take advantage of this lowest cost of milk production and increasing production

in the country multinational companies are planning to expand their activities.

Background:

India with 134mn cows and 125mn buffaloes has the largest population of cattle in the world.

More than fifty percent of the buffaloes and twenty percent of the cattle in the world are found

in India and most of these are milch cows and milch buffaloes.

Indian dairy sector contributes the large share in agricultural gross domestic products.

Presently these are around 70,000 village dairy cooperatives across the country.

The co-operative societies are federated into 170 district milk producers unions, which is turn

has 22-state cooperative dairy federation. Milk production gives employment to more than

72mn dairy farmers. In terms of total production, India is the leading producer of milk in the

world followed by USA.

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The milk production in 1999-00 is estimated at 78mn MT as compared to 74.5mn MT in the

previous year. This production is expected to increase to 81mn MT by 2000-01. Of this total

produce of 78mn cows' milk constitute 36mn MT while rest is from other cattle.

While world milk production declined by 2 per cent in the last three years, according to FAO

estimates, Indian production has increased by 4 per cent. The milk production in India

accounts for more than 13% of the total world output and 57% of total Asia's production.

The top five milk producing nations in the world are India, USA, Russia, Germany and France.

Although milk production has grown at a fast pace during the last three decades (courtesy:

Operation Flood), milk yield per animal is very low. The main reasons for the low yield are

Lack of use of scientific practices in milching.

Inadequate availability of fodder in all seasons.

Unavailability of veterinary health services.

Growing Volumes:

The effective milk market is largely confined to urban areas, inhabited by over 25 per cent of

the country's population. An estimated 50 per cent of the total milk produced is consumed hise.

By the end of the twentieth century, the urban population is expected to increase by more than

100 million to touch 364 million in 2000 a growth of about 40 per cent. The expected rise in

urban population would be a boon to Indian dairying. Presently, the organized sector both

cooperative and private and the traditional sector cater to this market.

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MILK PRODUCTION   IN RAJASTHAN

Potential for growth:

Of the three A's of marketing - availability, acceptability and affordability, Indian dairying is

already endowed with the first two. People in India love to drink milk. Hence no efforts are

needed to make it acceptable. Its availability is not a limitation ethic, because of the ample

scope for increasing milk production, given the prevailing low yields from dairy cattle. Already,

the glass bottle for retailing milk has given way to single-use sachets which are more

economical. Anorthic viable alternative is to sell small quantities of milk powder in mini-

sachets, adequate for two cups of tea or coffee.

Market Size and Growth:

Market size for milk (sold in loose/ packaged form) is estimated to be 36mn MT valued at

Rs470bn. The market is currently growing at round 4% pa in volume terms. The milk surplus

states in India are Uttar Pradesh, Punjab, Haryana, Rajasthan, Gujarat, Maharashtra, Andhra

Pradesh, Karnataka and Tamil Nadu. The manufacturing of milk products is concentrated in

these milk surplus States. The top 6 states viz. Uttar Pradesh, Punjab, Madhya Pradesh,

Rajasthan, Tamil Nadu and Gujarat together account for 58% of national production.Milk

production grew by a mere 1% pa between 1947 and 1970. Since the early 70's, under

Operation Flood, production growth increased significantly averaging over 5% pa.About 75%

of milk is consumed at the household level which is not a part of commercial dairy industry.

Major Players:

The packaged milk segment is dominated by the dairy cooperatives. Gujarat Co-operative Milk

Marketing Federation (GCMMF) is the largest player. All othis local dairy cooperatives have

their local brands (For e.g. Gokul, Warana in Maharashtra, Saras in Rajasthan, Verka in

Punjab, Vijaya in Andhra Pradesh, Aavin in Tamil Nadu, etc). Others private players include

J K Dairy, Hesitate Foods, Indiana Dairy, Dairy Specialties, etc.

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Indian (traditional) Milk Products

These are a large variety of traditional Indian milk products such as

Makkhan - unsalted butter.

Ghee - butter oil prepared by heat clarification, for longer shelf life.

Kheer - A sweet mix of boiled milk, sugar and rice.

Basundi - milk and sugar boiled down till it thickens.

Rabri - sweetened cream.

Dahi - A type of curd.

Lassi - curd mixed with water and sugar/ salt.

Channa/Paneer - milk mixed with lactic acid to coagulate.

Khoa - evaporated milk, used as a base to produce sweet meats.

Fresh Milk:

Over 50% of the milk produced in India is buffalo milk, and 45% is cow milk. The buffalo milk

contribution to total milk produce is expected to be 54% in 2000. Buffalo milk has 3.6% protein,

7.4% fat, 5.5% milk sugar, 0.8% ash and 82.7% water whiseas cow milk has 3.5% protein,

3.7% fat, 4.9% milk sugar, 0.7% ash and 87% water. While presently (for the year 2000) the

price of Buffalo milk is ruling at $261-313 per MT that of cow is ruling at $170-267 per MT.

Fresh pasteurized milk is available in packaged form.

Packaged milk can be divided according to fat content as follows,

Whole (full cream) milk - 6% fat

Standardized (toned) milk - 4.5% fat

Doubled toned (low fat) milk - 3% fat

anothis category of milk, which has a small market is flavored milk.

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Branding Of Traditional Milk Products

Among the traditional milk products, ghee is the only product, which is currently marketed, in

branded form. main ghee brands are Sagar, MilkMan (Britannia), Amul (GCMMF), Aarey

(Mafco Ltd), Vijaya (AP Dairy Development Cooperative Federation), Verka ( Punjab Dairy

Cooperative), Everyday (Nestle) and Farm Fresh (Wockhardt).Britannia has launched flavored

milk in various flavors in tetra packs.GCMMF has also made a beginning in branding of othis

traditional milk products with the launch of packaged Paneer under the Amul brand. It has also

created a new umbrella brand "Amul Mithaee", for a range of ethnic Indian sweets that are

proposed to be launched The first new product Amul Mithaee Gulabjamun has already been

launched in major Indian markets..

Butter:

Most Indians prefer to use home made white butter (makkhan) for reasons of taste and

affordability. Most of the branded butter is sold in the towns and cities. The major brands are

Amul, Vijaya, Sagar, Nandini and Aarey. Amul is the leading national brand while the others

players have greater shares in their local markets. The latest entrant in the butter market has

been Britannia. Britannia has the advantages of a wide distribution reach and a strong brand

recall.

Cheese:

The present market for cheese in India is estimated at about 9,000 tonnes and is growing at

the rate of about 15% per annum. Cheese is mainly consumed in the urban areas. The four

metro cities alone account for more than 50% of consumption. Mumbai is the largest market,

Delhi, Calcutta and Chennai

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 Milk Powder:

Milk powder is mainly of 2 types

Whole milk powder

Skimmed milk powder

.

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INTRODUCTION TO THE ORANIZATION

The Federation is a State level apex co-operative organization owned by its member unions

each of which, in turn, is owned the dairy co-operative societies in its area of operation which

are themselves owned by farmer members.

The Federation has a board of directors, which has overall responsibility for the planning

policies, financial resource mobilization and management, member and public relations as well

as liaison with agencies of the state and central government, financing institutions etc. The

Federation has a chief executive designated as Managing Director.

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MARKETING SECTION:-

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About RCDF:

Dairy development was initiated by the state government in the early seventies under the

Auspices of Rajasthan State Dairy Development Corporation (RSDDC) registered in 1975.

Two years later RCDF assumed responsibility for many of the functions of RSDDC. It became

the nodal agency for implementation of operation flood in the state.

Rajasthan Cooperative Dairy Federation (RCDF) set up in 1977 as the implementing agency

for dairy development programs in Rajasthan is registered as a society under the Rajasthan

Cooperative societies act 1965.

Three Tire Structure

The dairy co-operative movement operates on three tier system whisein farmer members own

dairy co-operative societies (DCS) which own district milk producer's union. The unions

collectively own the RCDF.

It is a vertically integrated structure that establishes a direct linkage between those who

produce the milk and those who consume it.

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FEDERATION:

Provides service & support to unions.Marketing within & outside state, Liaison with government

and NGO agencies, mobilization of resources & coordinating & planning programmers /

projects.

UNION:

Develops village milk cooperative network, procures milk from DCS, processes & markets.

Sale of cattle feed and related inputs, promotion of cross breeding through AI and NS,

promotion of fodder development and general support & supervision to DCS.

DCS :

Provides input services (AH, AI) to its members and procurement of milk.

Objectives:

1. To gain maximum insight into the working of SARAS DAIRY in order to understand the

practical functioning of a corporate government enterprise.

2. To study the functioning of the finance department in SARAS DAIRY.

3. To analyze the financial statements of SARAS DAIRY and their interpretation.

4. To assess the financial condition and performance of the firm. Ratio Analysis technique

has been used for analyzing that..

5. Organize and provide technical inputs.

6. Erection of Dairy, chilling plant, cattle feed plants for unions.

7. Study of problems of mutual interest of the Federation and milk unions.

8. Impart training and orientation to dairy co-operative members.

9. Advise, assist and guide milk unions

10.Undertake audit and accounts supervision

11.Encourage fodder production etc.

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ACTIVITIES

Marketing Activities:-

The marketing activities of the Federation include providing support to the Milk Unions in milk

and milk products within and outside the State. RCDF is presently marketing milk & milk

products under Saras brand:

Fresh milk of different compositions and long shelf life tetra pak milk is being marketed in rural

and urban areas. The Federation is a major supplier of tetra pak milk (UHT) to the armed

forces.

RCDF is also marketing various fresh milk products in Saras brand, which are, Chhach, Lassi,

Shrikhand, Flavoured Milk, Mawa, Paneer and Dahi. Long life products such as Cow ghee,

Ghee, Table Butter, Dairy Whitener, Skim Milk Powder, WMP and Tetra Pak Milk are also

being marketed.

Saras Milk Parlours serving a complete range of milk products are operational at 428 points in

Rajasthan.

Presently Saras brand is being marketed through a network of 17066 outlets.

Quality Assurance:-

RCDF possesses a specialized central quality control laboratory, established in the year 1990

the Central Quality Control Laboratory in RCDF is engaged in monitoring the quality standards

of milk and milk products, packaging material, cattle feed and effluent treatment so as to

ensure their conformance with laid down respective standards of P.F.A., B.I.S., Ag-mark and

Pollution Control Board. Ambit of activities cover all aspects right from collection of milk to

finished products by programme such as clean milk production, ISO-9002 and HACCP-15000

certification. In addition to this all the major milk plants and cattle feed plants too have their

own laboratories to ensure the QAP and TQM at first place. The dairy plants at Ajmer, Alwar,

Bhilwara, Bikaner, Ganganagar, Jaipur & Udaipur being registered under ISO-9002 and

HACCP-15000 systems.

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UDAIPUR DUGDH UTPADAK SAHAKARI SANGH Ltd.

An Overview:-

Udaipur Dugdh Utpadak Sahakari Sangh (UDUSS) registered under the Rajasthan Co-

operative Act on August 26, 1972 (Registration No. 1560 Y). It started functioning in 1978 with

6 Dairy Co-operative Societies. Its working areas are Udaipur & Rajsamand districts. It is

managed by Rajasthan Co-operative Dairy Federation (RCDF) Jaipur.

Present Status:-

UDUSS has come a long way from its beginning in 1978. It presently handles 60,000 ltrs. of

milk per day, which fulfills the demand of fluid milk supply and ghee of Udaipur city and

neighboring areas. The present status of UDUSS can be ascertained from the following data:

1. Turnover : Rs.58.78 crore

2. Total Milk Handling Capacity : 75000 ltr.

3. Average Collection : 65000 ltr.

4. DCS : 624

5. Farmer members : 35000

6. Chilling centers : 2 (Rajsamand & Salumber)

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MANAGEMENT & ADMINISTRATION

Its Board of Directors manages the affairs of the company. The duty and power of the board

are laid down in the by laws of the organization. For day-to-day organization, there is a general

Manager, who performs his duties.

The following independent departments are in operation, which are being looked by

independent managers.

1. Research and Development Department:-

Research and development department is headed by quality control manager and

assisted by a team of chemists. Department, having 5 personnel includes 4 assistants

and 1 manager with adequate laboratory.

1) The department is checking the quality of each and every incoming raw material,

packing material and products.

2) The reports are prepared for each and every item inspected by them and it is

submitted to respective departments. Reports for finished goods are given to

chief executive on day-to-day basis.

3) Besides the routine functions the department does the research work for new

products.

2. Production Department:-

The scope of production department in Saras in not only limited to manufacturing but

also includes research and development activities. Production manager is also looking

after these activities.

The plant layout of the company is effective. Mechanical devices and equipment carry

out the manufacturing work wherever necessary. It is also equipped with automatic

machine

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.

3. Finance Department:-

The finance department of the company is being looked after by qualified finance

manager or company secretary. A Deputy Finance Manager, Account Officer, Assistant

Account Officer and clerical staff, assist him.

4. Marketing And Sales Department:-

Qualified professional manage the marketing functions. Regional manager does

coordination at regional level. Sales officer, Deputy Marketing Manager, Sales

coordinators, senior Sales Assistants and Sale Organizers and clerical staff are the

team of marketing department.

5. Stores and Purchase Department:-

The purchase manager is completely responsible for the purchase and store of raw

material, packing materials etc. he is assisted by his subordinate staff. The company

has a well-furnished storeroom in its premises.

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INTRODUCTION OF DISTRIBUTION POLICY OF SARAS

It can be divided into markets.

a) City Market

b) Up-country market

c) Ahmadabad

A) CITY MARKET

Supply by 10 routes (or Vans)

Total 210 outlets or retailers.

Retailers margin in .70 Paisa / ltr.

Present sale average in 52,000 lt. / day (approx).

Dispatch timings: Milk is dispatched twice in day

B) UP-COUNTRY MARKET

Include whole Udaipur, near by towns like Dhariayad, Bheem, Kelwara,

Kherwara, Fathe nager, Nathdwara etc.

Supply by 6 routes.

Total out lets 110, all shop agencies.

Retailers margin 70 paise / ltr.

Average sale 17,000 ltr/ day.

C) AHMEDABAD

4 Contractors (milk vans).

Supply to 24 distributors at Ahmadabad

Distribution channels: Distribution retailers consumer.

600 retail outlet (approx.)

Distribution margin 0.75 paise/ lt.

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Retailer Margin Rs. 1/ ltr.

Average sale 20,000 ltr/ day.

DAIRY DEVELOPMENT IN RAJASTHAN

Rajasthan being an arid region depends upon rain besides this it has limited Resources. So

the state is dependent on animal husbandry. Mostly the farmers of Rajasthan are dependent

on animal husbandry. It is one of the sources of income to them. The RCDF (Rajasthan Co-

operative Dairy Federation) has helped the farmers to free themselves of the clutches of

mediators. The RCDF makes the fresh and quality milk to urban customers at appropriate

prices. As a result of this the farmers (who had animals got a source of regular income and led

a way to economic and social development. All this, finally has strengthened the economy of

the state.

Under the Urban Rajasthan Co-operative societies Act, 1965 RCDF registered itself in 1977.

Through 16 districts milk co-operative unions it has endeavored to involve all 32 districts in

milk co-operative regions. Under this only primary milk co-operative societies are working

which has links with districts milk union on district level.

The main 16 districts milk unions are RCDF on district level. These districts are Ajmer, Alwar,

Banswara, Bikaner, Churu, Hanumangarh, Jaipur, Jodhpur, Raniwara, Swaimadhopur,

Udaipur and Tonk.

The main aim of RCDF and its subsidiaries are the social and economic development of milk

producers of villages, increasing milk production capacity of animal to make available pure,

healthy and best quality milk products to consumers.

For running development activities smoothly RCDF needs desired fundamental infrastructure

i.e. development of milk plants, chilling center, fodder plant, frozen seamen bank, foreign

animal breeding center and state government has given loans & donation to RCDF for its

development.

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Now in the state under 16 district milk union 14 milk plants are working where capacity is

around 13.45 lakh kg/day. Besides this Raniwara, Ajmer, Alwar, Jaipur and Hanumangarh 10

metric tones and in Jodhpur and Bikaner 5 metric tones/ day milk powder capacity plants are

working. Moreover collected milk from remote areas of the state is sent to plant after cooling

for which chilling center are working at the capacity of 3.30lakh/day.

In present content it has become essential to follow the international quality measurements for

milk and its products. For this dairying federation’s 5 milk plants namely Jaipur, Bikaner,

Bhilwara, Alwar and Udaipur are registered and certified by ISO 9001: 2000 and HACCP

(Hazard Analysis & Critical Control Points) 15000 certifications.

PRODUCTS

Since Saras is a well known and established brand in the local market of the UDAIPUR and in

whole Rajasthan also. So, thise is a very big product chain associated with the Saras as a

brand. The complete product range is as follows:-

The "Saras" range:

Fresh Milk Long Shelf Life Milk- Tetra pak

DTM

Toned

Standard

Full Cream

Skimmed

Cow Milk

Cow Milk

Toned Milk (Taaza)

Fresh Milk Products Long Shelf Life Milk Products

Chaach

Lassi

Dahi

Paneer

Shrikhand

Icecream

Rasgulla

Ghee

Cow Ghee

Table Butter

SMP

WMP

Cheese

Dairy Whitener

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Flavored milk

Mawa

White Butter

Cattle Feed  

Balanced feed

High energy

Mineral mixture

Calf starter

Urea Molasses Brick (UMB)

SARAS CHEESS

SARAS WHITNER

SARAS LASSI

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SARAS BUTTER

SARAS PURE GHEE

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RESEARCH METHODOLOGY

Research is common parlance to refer to search for knowledge. We can also defined research

as a scientific and systematic search for pertinent information on a specific topic. Research is a

careful investigation or inquiry through search for facts in any branch of knowledge. A

description of methodology tells the read about the technical aspects of the study. The purpose

of the information is of two folds;

1. Its aim is at satisfying the criterion of reliability.

2. Its aim is for the reader to appraise the quality and the worth of the study

For the planning of Research process we decided about these heads;

Title of the study

“TO STUDY OF FINANCIAL STATEMENT OF SARAS DAIRY

Duration of the project

Duration of the Project is 45 days

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OBJECTIVE OF THE STUDY

1. To gain maximum insight into the working of SARAS DAIRY in order to understand the

practical functioning of a corporate government enterprise.

2. To study the functioning of the finance department in SARAS DAIRY.

3. To analyze the financial statements of SARAS DAIRY and their interpretation.

4. To assess the financial condition and performance of the firm. Ratio Analysis technique

has been used for analyzing that..

5. Organize and provide technical inputs.

6. Erection of Dairy, chilling plant, cattle feed plants for unions.

7. Study of problems of mutual interest of the Federation and milk unions.

8. Impart training and orientation to dairy co-operative members.

9. Advise, assist and guide milk unions

10.Undertake audit and accounts supervision

11.Encourage fodder production etc

TYPE OF RESEARCH

The type of research under present project is an analytical research. In analytical research, we

use facts or information already available and analyze these to make a critical evaluation of the

material.

In this project I had collected facts, data and information from various sources.

SAMPLE DESIGN:

It is a process of learning about the population on the basis of a sample drawn from it. It

depends on the nature of business. In our Research the organization is a manufacturing and

Trading concern and our functional area of study is finance. So sample can’t be taken in this

Research. Our Research is centered round the performance of U.D.U.S.S. Ltd. And

Comparative analysis of the past 3 year’s growth.

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1. DATA COLLECTION

For the Research secondary data collected:-

Secondary Data

The primary data are collected from the primary sources which include knowledge that we had

before starting to collect data but in our Research

There was no need for primary data, so secondary data were needed.

Sources of secondary data:

Sources of data are the annual reports, internal reports and final accounts of UDUSS ltd for

the period of year 2007-2010.

2. Research Tools:

For this study following tools can be taken:

Ratio Analysis

Accounting Techniques

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SCOPE OF THE STUDY

For organization:

According to the analysis it has been assessed that the employees have more faith in their

organization. This study is conducted with a view to find out the employees perception, Dairy is

interested to know, what employee really thing about the Management. This study will help

them to make environment as per their work power & to make best HR strategies.

Organization will be able to know the profile of employees so that they can design strategies to

Personnel & Administration Management.

FOR INDIVIDUAL:

This project has immense importance for me. Such type of training helps a student to visualize

and realize about the congruencies between the theoretical learning in the premises of college

and the actual followed by the organizations. It gives the knowledge of application aspect of

the theories learn in the classroom. The training enable to understand the HRD Management,

problems and its opportunities.

LIMITATION OF STUDY

1. Leakage in milk packets.

2. Advertisement is not adequate.

3. Dealers carry other brands also

4. Even the dealers are not aware with the saras brand.

5. Some saras parlors are not in good condition.

6. Financial data given by the organization may contain some manipulatio

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FACTS AND FINDING

FACTS AND FINDING OF FINANCIAL FIGURE WORKING CAPITAL &

CAPITAL STRUCTURE ANALSIS

WORKING CAPITAL ANALYSIS

1. CONCEPT

2. NEED FOR WORKING CAPITAL

3. ANALYSIS OF WORKING CAPITAL

4. WORKING CAPITAL TREND ANALYSIS

5. RATIO ANALYSIS OF WORKING CAPITAL

CURRENT RATIO

QUICK RATIO

ABSOLUTE LIQUIDITY RATIO

INVENTORY TURNOVER

WORKING CAPITAL TURNOVER

CONCEPT

The funds required for financing the duration of operation cycle in business are

Known as working capital. It is excess of current assets over current liabilities.

The term net working capital can be defined in two ways (1) the most common definition of net

working capital (NWC) is the difference between currents assets and current liabilities

The term current assets may be defined as cash and othis assets, which are expected to be

converted in to cash in the ordinary course of business within one year or within such longer

period as constitutes the normal operating cycle of business. Current liabilities are those

liabilities classifiable as current assets or the creation of othis current liabilities.

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NEED OF WORKING CAPITAL

In business the current assets and current liabilities flows like an electric current. The working

capital plays the same role in the business as the role of heart in human body. Just like hearts

get blood and circulation, the same way working capital funds are generates and these funds

are circulated in the business. As and when this circulation stops, the business becomes

lifeless. It is because of this reason that the working capital is known as the circulating capital

as it circulates in the business just like blood in human body. The funds generated from issue

of shares, borrowings and from operations are used to pay creditors, for materials etc. this

make available stock of finished goods by sale of which either debtor is created or cash is

received, thus generation profit.

A portion of profit is utilized for payment of tax, interest and dividends. This cycle continues

throughout the life of business Without adequate working capital no progress can be made.

The importance of working in a business enterprise can hardly be overemphasized. It is the

capital, which keeps the working of business. Working capital is a consideration of major

importance in determining the financial strength of an enterprise.

A study of working capital is of major importance to internal and externals analysis because of

its close relationship with day-to-day operations of concern

ANALYSIS OF WORKING CAPITAL

The analysis of working capital provides a careful inquiry into its components so as to control

the working capital and to conserve it properly. It helps in determining the optimum level of

working capital in the firm. The process of measurement and analysis of working capital is

performed on the basis of financial statements of the business enterprise for past few years.

In the present study the analysis of working capital of UDAIPUR Dairy Ltd. has been made by

two techniques viz., trend analysis and ratio analysis.

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(1) WORKING CAPITAL TREND ANALYSIS:

The working capital trend analysis represents a picture of variation in current assets, current

liabilities and working capital over a period of time. Such an analysis enables us to study

upward and downward trend in current liabilities and its effect on the working capital position.

The trend analysis is a tool of financial appraisal whise the changes in the factors are

compared with the base year assuming the base year as 100.

In the present study a statement-showing trend of working capital as well as its structure has

been made. It is it scientific and important study because each component of working capital

has got the relationship of causes and effects.

Following table below shows the structure and trend of working capital of UDAIPUR Dairy Ltd.

during the period under review.

RATIO ANALYSIS OF WORKING CAPITAL

Trend analysis shows the trend of current assets, Current liabilities and working capital only. It

do not interpret the contribution of each item of working capital in the trend, whereas, it can be

done easily by ratio analysis. The ratio analysis of working capital can be used by

management as a means of checking upon the efficiency in working capital management of

the company. Following ratio haven used to analysis and interpret working capital of UDAIPUR

Dairy Ltd.

Current ratio

Quick ratio

Absolute ratio

Stock or inventory turnover ratio

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Working capital turnover ratio

(A) Current ratio:

Current ratio is one of the important ratios used in testing liquidity of a concern. This is a good

measure of the ability of accompany to maintain solvency over a short run. This is computed

by dividing the total current assets by the total current liabilities and is expressed as:

Current Assets

Current ratio = _________________

Current Liabilities

The current assets of a firm represent those assets, which can be in the ordinary course of

business, converted into cash within one accounting year.

The current liabilities are defines as obligation maturing within a short period (usually one

accounting year). Excess of current assets over current liabilities is known as working capital

and since these two (current assets and current liabilities) are used in current ratio thisefore,

this ratio is also known as working capital ratio.

With the help of this ratio the analyst can review the extent to which the company can cover

such liabilities with current assets. The current ratio gives the analyst a general picture of the

adequacy of the working capital of a company and ability of the company to meet its day-to-

day payment obligation. The current ratio is very useful as a measure of short terms debt

paying ability but it is tricky to interpret this ratio. Experts are of the view that the value of

current assets should be at least double the amount if current liabilities.

(B) Quick ratio

The solvency of a company is better indicated by quick Ratio. The fundamental object of

calculating this Ratio is to enable the financial management of a company to ascertain that

would happen if current creditors press for immediate payment and eithis not possible to push

up the sales of closing or it is sold; a heavy loss is likely to be suffered. This problem arises

because closing stock is two steps away from the cash and the their price is more or less

uncertain according to market demand.

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The term quick assets include all currents assets expect inventories and prepaid expenses. It

shows the relationship of quick assets and current liabilities. The Ratio is calculated as

following:

Quick Assets

Quick Ratio= _________________

Current liabilities

(C) Absolute Liquid ratio

The absolute liquid ratio is the ratio between absolute liquid assets and current liabilities is

calculated by dividing the liquid assets and current liabilities. Expressed in formula, the ratio is:

Absolute liquidity assets

Absolute liquidity ratio = -----------------------------------------

Current liabilities

The term liquid assets include cash bank balance and marketable securities, if current

liabilities are to pay at once, only balance of cash and bank and marketable securities will

be utilized. Therefore, to measure the absolute liquidity of a business, this ratio is

calculated.

(D) Stock or Inventory Turnover Ratio

Every firm has to maintain a certain level of inventory of finished goods so as to be able to

meet the requirements of the business. But the level of inventory should neithis be too high nor

too low. A too high inventory means highis carrying costs and highis risk of stocks becoming

obsolete whiseas too low inventory may mean the loss of business opportunities. It is very

essential to keep sufficient stock in business.

It is expressed in number of times. Stock turn over ratio/Inventory turn over ratio indicates the

number of time the stock has been turned over during the period and evaluates the efficiency

with which a firm is able to manage its inventory. This ratio indicates whethis investment in

stock is within proper limit or not.

28

Formula of Stock Turnover/Inventory Turnover Ratio:

The ratio is calculated by dividing the cost of goods sold by the amount of average stock at

cost.

Cost of goods sold

Inventory turnover ratio = --------------------------------

Average inventory

Inventory turnover ratio measures the velocity of conversion of stock into sales. The inventory

turnover ratio is an index of profitability, wise a high ratio signifies more profit; a low ratio

signifies low profit. Sometimes, a high inventory turnover ratio may not be accompanied by

relatively a high profit. Similarly a high turnover ratio may be due to under-investment in

inventories.

WORKING CAPITAL TURNOVER RATIO

A measurement comparing the depletion of working capital to the generation of sales over a

given period. This provides some useful information as to how effectively a company is

using its working capital to generate sales.

SALES

WORKING CAPITAL TURNOVER RATIO= ------------------------------------

WORKING CAPITAL

A company uses working capital (current assets - current liabilities) to fund operations and

purchase inventory. These operations and inventory are then converted into sales revenue for

the company. The working capital turnover ratio is used to analyze the relationship between

the money used to fund operations and the sales generated from these operations. In a

general sense, the highs the working capital turnover, the better because it means that the

company is generating a lot of sales compared to the money it uses to fund the sales.

It is exceedingly important to keep the amount of cash used by an organization at a minimum,

so that its financing needs are reduced.  One of the best ways to determine changes in the

29

overall usage of cash over time is the ratio of sales to working capital.  This ratio shows the

amount of cash required to maintain a certain level of sales. 

CAPITAL STRUCTURE ANALYSIS

1. MEANING OF CAPITAL STRUCTURE

2. FIANANCIAL STRUCTURE OF UDAIPUR Dairy Ltd.

3. ANALYSIS OF COMMON SIZE BALANCE SHEET

4. RATIO ANALYSIS

DEBT TO EQUTIY RATIO

PROPERITARY RATIO

LONG TERM FUNDS TO FIXED ASSETS RATIO

FIXED ASSETS TO NET WORTH RATIO

CAPITAL GERAING RATIO

MEANING OF CAPITAL STRUCTURE

Capital structure implies the financial plan according to which the assets of a company are

financed. The capital structure refers the makeup of long term funds as represented by equity

share capital, preference share capital and long-term debts.

The left hand side of balance sheet represented by total liabilities is known as financial

structure. That part of the financial structure, which includes long-term sources, is known as

capital structure. Capital structure signifies the financial plan of the company in which various

sources of capital mixed in proportion desire by the management. It is often suggested that a

capital structure should be determined which can maximize the long term run value of an

enterprise. Some companies do not plan their capital structure. These companies may proper

in the short run, but ultimate they will face considerable difficulties in rising funds to finance

their activities

However till date no body could formulate a model for ideal capital structure. It varies from

industry to industry, from organization to organization and management to management and it

finally depends upon the response of capital structure. Determination of modal capital structure

is possible for a group of companies having similar characteristics the management of the

company should try to seek the capital structure near the top of this range in order to make 30

maximum, use of favorable leverage, subject of othis requirement such as flexibility, solvency

norms set by financial institution. Stock Exchange Board of India (SEBI) and stock exchanges

Control etc

31

RATIO ANLYSIS OF CAPITAL STRUCTURE OF UDAIPUR DAIRY LTD.

Common size balance sheet reveals the percentage of each group of items to the respective

totals. However it does not reflect the relationship between item of one side and the item of

both sides. (assets and liabilities)

To judge the long-term solvency of UDAIPUR Dairy Ltd. certain ratios haven been calculated

to analyze the capital structure. These ratios are known as leverage or capital structure ratio.

These ratios may be defined as financial ratios, which throw light long term solvency of the firm

as reflected in its ability to assure the long term creditors with to (1) periodic (2) repayment of

principal on authority or in the predetermined investment as due dates (5) a low ratio of

liabilities to fixed assets or a high ratio of equity to liabilities,all expresses a relatively large

cushion of security to the creditors. These ratios serve and indicate long-term solvency.

The following ratios have been computed to analyses capital structure of UDAIPUR Dairy Ltd.

A. Debt to equity ratio

B. Proprietary ratio

C. Long tern debt to fixed assets ratio

D. Fixed assets to net worth ratio

E. Capital gearing ratio

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(A) Debt/Equity Ratio:

A measure of a company's financial leverage calculated by dividing its total liabilities by

stockholders' equity. It indicates what proportion of equity and debt the company is using to

finance its assets. A high debt/equity ratio generally means that a company has been

aggressive in financing its growth with debt. This can result in volatile earnings as a result of

the additional interest expense. If a lot of debt is used to finance increased operations (high

debt to equity), the company could potentially generate more earnings than it would have

without this outside financing. If this were to increase earnings by a greater amount than the

debt cost (interest), then the shareholders benefit as more earnings are being spread among

the same amount of shareholders. However, the cost of this debt financing may outweigh the

return that the company generates on the debt through investment and business activities .

This can lead to bankruptcy, which would leave shareholders with nothing.

The debt/equity ratio also depends on the industry in which the company operates. For

example, capital-intensive industries such as auto manufacturing tend to have a debt/equity

ratio above 2, while personal computer companies have a debt/equity of under 0.5.

It can be calculated as following

Borrowed funds

Debt equity Ratio = ----------------------------

Shareholders funds

(B) Propritorary Ratio:

This ratio brings out the extent of shareholders funds in relation to total assets. The proprietors’

ratio is very important in determent long-term solvency of a company. This ratio shows what

portion of the total in financed by the owner’ capital. A high proprietary ratio would suggest that

the owners themselves have provided funds for plunging back of profits. The high proprietary

ratio also suggests that the company is less dependent on outside sources for assets. A low

ratio on the others hand, signifies a smaller amount of shareholders funds in comparison of

borrowed funds invested in total assets. The formula for deterring this ratio is:

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Proprietor’s funds

Proprietary ratio = ------------------------------

Total assets

1. The highs this Proprietary ratio denotes that the shareholders have provided the funds

to purchase the assets of the concern instead of relying on other sources of funds like

bank borrowings, trade creditors and others

2. However, too high a proprietary ratio say 100%Â means that management has not

effectively utilize cheaper sources of finance like trade and long term creditors. As these

sources of funds are cheaper, the inability to make use of it might lead to lower earnings

and hence a lower rate of dividend payout.

3. This ratio is a test of credit strength, as too low a proprietary ratio would mean that the

enterprise is relying a lot more on its creditors to supply its working capital

(C) Fixed assets ratio:

Dividing long-term funds by the net value of fixed assets, this is calculated. The term long term

funds includes paid up share capital, reserves and surplus and long term debts. The term net

value of fixed assets refers to the value of fixed assets less depreciation and capital work in

progress.

It can be expressed by following for

Long-term funds

Fixed assets ratio = -------------------------

Net value of fixed assets

(D)Fixed Asset To Net Worth Ratio:

Fixed assets (such as land, building, machinery etc.) are known for their permanent existence

in the business, therefore, these are supposed o be financed by the investment having

permanent nature, the funds provided by owners of and enterprise as their sake in the

enterprise is also permanent. The funds provided by the owners should be sufficient so that

they should finance the requirement to entire fixed assets and party current assets. This ratio

is calculated by dividing net requirements to entire fixed assets and party current assets. This

ratio is calculated by dividing net fixed assets (i.e. fixed assets less depreciation add capital

34

work in progress) by the net worth in progress) by the net worth(i.e. owner’s equity funds) if the

ratio is more than one, it reflects t hat a part of fixed assts, working capital and othis assets is

being financed through borrowings.

This ratio can be computed through following formula

Fixed assets

Fixed assets to net worth ratio = ------------------------

Net worth

(E)Capital Gearing Ratio:

Closely related to solvency ratio is the capital gearing ratio. Capital gearing ratio is mainly used

to analyze the capital structure of a company. The term capital structure refers to the

relationship between the various long-term form of financing such as debentures, preference

and equity share capital including reserves and surpluses. Leverage of capital structure ratios

are calculated to test the long-term financial position of a firm.

The term "capital gearing" or "leverage" normally refers to the proportion of relationship

between equity share capital including reserves and surpluses to preference share capital and

othis fixed interest bearing funds or loans. In othis words it is the proportion between the fixed

interest or dividend bearing funds and non-fixed interest or dividend bearing funds. Equity

share capital includes equity share capital and all reserves and surpluses items that belong to

shareholders. Fixed interest bearing funds includes debentures, preference share capital and

othis long-term loans.

Formula of capital gearing ratio:

Variable cost bearing capital

Capital gearing ratio= -----------------------------------------

Fixed cost bearing capital

FINDING OF MARKET RESEARCH

35

Favorable responses:

1. People who were interested by buying the Saras and they all are satisfied by the

services provided by Saras.

2. They all did not face any problem in receiving the services of Saras.

3. They are very obliged by home delivery services which are about to start soon.

Unfavorable Responses:

1. Some people were satisfied by the services of their milk vendor, so they did not want to

enjoy the services of Saras.

2. The Prices are not favorable to them.

3. They are not satisfied with the quality of milk.

4. The retailers are facing the problem of leakage. That’s why they are swooping on to other

brand.

ANALYSIS AND INTERPRETATION

36

ANALYSIS OF CURRENT RATIO:

IDLE CURRENT RATIO: 2:1

Current Assets

Current ratio = _________________

Current Liabilities

If this ratio is high than standards than it is assumed

Very good short-term liquidity/solvency.

Excess stocks, bad debts and idle cash.

Under trading

If this ratio is lower than standards than it is assumed

Unsatisfactory short-term liquidity.

Shortage of stocks, less credit sales, shortage of cash.

Over trading

CURRENT RATIO OF UDAIPUR DAIRY LTD.

37

DURING 2007 TO 2010

Year Current assets Current liabilities Current Ratio

(A) (B) (C) (B)/(C)

2007-2008 10.28 2.42 4.25:1

2008-2009 7.80 1.95 4.00:1

2009-2010 7.14 4.55 1.57:1

INFERENCE: The current ratio is decreasing over year , which shows the unsatisfactory

liquidity position of the organization. For two year it was high which is not so good for the

organization and for a it was low which is again not good.

ANALYSIS OF QUICK RATIO

38

IDLE QUICK Ratio: 1:1

The Ratio is calculated as following:

Quick Assets

Quick Ratio= _________________

Current liabilities

QUICK RATIO OF UDAIPUR DAIRY LTD.

DURING 2007 TO 2010

INFERENCE : Although it is less idle ratio still it has increasing and decreasing trend that

shows dairy’s condition is not stable.

Years Quick assets Current liabilities Quick Ratio

(A) (B) (C) (B)/(C)

2007-2008 2.54 2.42 0.24:1

2008-2009 2.85 1.95 1.46:1

2009-2010 1.25 4.55 0.27:1

4

39

40

41

42

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ANALYSIS OF ABSOLUTE LIQUIDITY RATIO

44

IDLE ABSOLUTE LIQUIDITY RATIO: 0.5 : 1

Expressed in formula, the ratio is:

Absolute liquidity assets

Absolute liquidity ratio = --------------------------------------------

Current liabilities

ABSOLUTE LIQUIDITY RATIO OF UDAIPUR DAIRY LTD.

DURING 2007 TO 2010

INFERENCE: this ratio is higher than idle ratio. This shows the unsecure creditor claim. Which

is not good for the financial health of the origination.

Year Absolute liquid assets Current liabilities Absolute liquid ratio

(A) (B) (C) (B)/(C)

2007-2008 1.90 2.42 0.80

2008-2009 3.68 1.95 1.9

2009-2010 2.89 4.55 0.63

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ANALYSIS OF INVENTORY TURNOVER RATIO

The ratio is calculated by dividing the cost of goods sold by the amount of average stock at

cost.

Cost of goods sold

Inventory turnover ratio = --------------------------------

Average inventory

Highs ratio indicates

Stock is sold out fast.

Same volume of sales from less stock or more sales from same stocks.

Too high ratio shows stock outs or over trading

Less working capital requirement.

Lower ratio reveals

Stock is sold out at a slow speed.

Same volume of sales from more stocks or less sales from same stocks.

More working capital requirement.

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INVENTORY TURNOVER OF UDAIPUR DAIRY LTD.

DURING 2007 TO 2010

Year Cost of goods

sold

Average

inventory

Inventory

turnover

(Times)

Inventory

turnover

(Days)

(A) (B) (C) (D)=(B)/(C) (E)=365/(D)

2007-2008 51.85 7.65 6.79 54

2008-2009 59.95 6.69 8.96 41

2009-2010 61.79 5.12 12.07 30

INFERENCE : stock keeps the biggest position of current in UDAIPUR Dairy Ltd. A high ratio

indicates that dairy can continue its sale even at low profits. Collection of debts fund take

longer time. But it shows improvement in collection of funds in terms of days.47

ANALYSIS OF CAPITAL TURNOVER RATIOS

The ratio is calculated by dividing sales and working capital

Sales

Working Capital Turnover = ---------------------------------------------

Working capital

WORKING CAPITAL TURNOVER RATIOS OF UDAIPUR DAIRY LTD.

DURING 2007 TO 2010

Years Net sales Working capital Ratio (times)

(A) (B) (C) (B)/(C)

2007-2008 58.78 2.42 24.29

2008-2009 66.82 5.85 11.42

2009-2010 71.55 2.59 27.63

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INFERENCE: dairy has high working capital turnover ratios but with decreasing and increasing

trend. One year it reveals of better use of working capital for generating sales.and next year it

again showing blockage of find in working caital

.ANALYSIS OF DEBT EQUITY RATIO

It can be calculated as following

Borrowed funds

Debt equity Ratio = ----------------------------

Shareholders fund

IDEAL DEBT TO EQUITY RATIO: 2:1

High ratio indicates

• Low safety margin for lenders

• More interest payments

• Less scope for more loans

• Trading on equity

Lower ratio indicates

• High safety margin for lenders.

• Less interest payment.

• Scope for more loans.

• Week capacity to pay

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DEBT TO EQUITY RATIO OF UDAIPUR DAIRY LTD.

FROM 2007 TO 2010

Years Borrowed funds Shareholders

funds

Debt to equity

ratio

(A) (B) (C) (B)/(C)

2007-2008 10.58 2.38 4.45:1

2008-2009 9.83 2.85 3.45:1

2009-2010 15.71 4.04 3.89:1

INFERENCE: Normally debt to equity ratio should be around 1:1 but in the dairy this ratio was

always more than this. The high ratio of the dairy revels that capital structure was not sound

from the creditor’s point of view

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ANALYSIS OF PROPRIETARY RATIO

PROPRIETARY RATIO OF UDAIPUR DAIRY LTD.

DURING 2007 TO 2010

Years Proprietor’s funds Total assets Ratio in proportion

(A) (B) (C) (B)/(C)

2007-2008 2.38 16.71 0.14:1

2008-2009 2.85 14.42 0.20:1

2009-2010 4.04 14.19 0.29:1

INFERENCE: this ratio has been showing increasing trend. It indicates that dairy’ tangible

assets are highly managed by outsider’s sources.

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ANALYSIS OF FIXED ASSETS RATIO

It can be expressed by following for

Long-term funds

Fixed assets ratio = -------------------------

Net value of fixed assets

IDLE FIXED ASSETS RATIO 1:1

LONG TERM FUNDS TO FIXED ASSETS OF UDAIPUR DAIRY LTD.

DURING 2007-20010

Years Long term funds Fixed assets Fixed assets ratio

(A) (B) (C) (B)/(C)

2007-2008 51.85 4.42 11.73

2008-2009 59.95 4.61 13.00

2009-2010 61.79 5.00 12.36

INFERENCE: the long term funds of the dairy are increasing continuously. Similarly the fixed

assets of the dairy also are showing the rising trend in both years. That is why both year this

ratio is found almost same.

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ANALYSIS OF CAPITAL GEARING RATIO

Formula of capital gearing ratio:

Variable cost bearing capital

Capital gearing ratio= -----------------------------------------

Fixed cost bearing capital

Highly Geared------------Low Equity Share Capital

Low Geared-------------High Equity Share Capital

Capital gearing ratio is important to the company and the prospective investors. It must be

carefully planned as it affects the company's capacity to maintain a uniform dividend policy

during difficult trading periods. It reveals the suitability of company's capitalization.

CAPITAL GEARING RATIO OF UDAIPUR DAIRY LTD.

DURING 2007 TO 2010

Years variable cost

capital

Fixed cost capital Capital gearing

ratio

(A) (B) (C) (B)/(C)

2007-2008 20.20 17.76 1.14

2008-2009 21.02 25.17 0.83

2009-2010 21.00 20.57 1.02

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INFERENCE: It is showing balancing capital structure

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SWOT ANALYSIS

STRENGTHS

1. Established brand name.

2. Controls a large part of the market.

3. Autonomy in decision making.

4. Extensive network for procurement and marketing.

5. Products perceived to be reasonable priced

6. Qualified manpower.

7. High milk production and marketing potential.

8. Easy availability of milk from other Cooperative unions.

WEAKNESS

1. The customer are not talking home delivery card because the booth agent wants extra

charges.

2. Most of the customer do not wants to pay the additional charges of the home delivery.

3. Now a day’s saras is working on the problem of leakages

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OPPORTUNITIES

1. Growing market.

2. Insignificant competition from organized sector.

3. Scope for premium product.

4. Vast untapped rural / up country market.

5. Scope for fur this improvement in quality.

6. Scope for product diversification.

7. Changing lifestyle and habits.

8. Scope for improvement in home delivery of products.

THREATS

1. Now’s a day’s new brands are coming that make As a tough competition for saras.

2. Changing customer taste.

3. Change in government policies.

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CONCLUSION

The main conclusion of this survey (Market research analysis) is:-

1. Saras is most popular brand in the customer.

2. Company financial structure is not sound.

3. Company need to work more hardly for recover it debts.

4. Company most of the fund is blocked in working capital.

5. Market coverage of saras product is very large.

6. Company more depends on the debt capital.

7. Most of the customer buys Saras milk but because of inefficient distribution policy co.is

not able to earn high profit.

8. Now’s a day’s new brands are coming that make as a tough competition for saras.

9. The customer are not talking home delivery card because the booth agent wants extra

charges.

10.Most of the customer do not wants to pay the additional charges of the home delivery.

11.Most of the customer will pay daily cash payment for the milk.

12.Now a day’s Saras is working on the problem of leakages.

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RE-COMMENDATION & SUGGESTIONS

RE-COMMENDATION

On Working capital

1. It can be concluded that debtors and stock constituted a major part of the current

assets. It enable said that the dairy was not having adequate control on debtors and

stock. in both years current liabilities were the major portion in all the liabilities.

2. The UDAIPUR Dairy Ltd. has shortage of capacity to pay its entire current liabilities at

once.

On Capital structure

The debt equity ratio of Saras dairy is 1:1 this shows the organization has equal proportion of

debt and equity. Therefore we can say that these are low leverage in this organization.

On the survey

1. I have concluded our survey is successful and Diary is successful in the survey of

home delivery services. The customers give the good responses to this survey.

2. The product must be in cane form.

3. Availability should be in the retail stores.

4. The UDAIPUR Diary are very successful in the customer satisfaction and it provides

good quality product, services timely and anticipate with customer needs and its

really know what consumers want.

5. The UDAIPUR Diary communication channel is very formal and it communicates

with his customer in much respected manner and communicate UDAIPUR Diary

Management directly through this good communication channel.

6. The UDAIPUR Diary gives information to the consumer which that need and satisfy

customers needs.

7. As the Moths dairy is selling the flavored milk in the form of pouches of 250 ml

(Rs.12/- for 250 ml & 200 ml in bottle) can be opted.

8. Company should launch the flavored dahi (dahi + Gud).

58

9. The UDAIPUR Diary increased over quality and services it provides good quality

product and services and it maintains over quality and its better concern about their

quality.

10.The UDAIPUR Diary work with his customers as a team, So that I have conclude

that UDAIPUR Diary was very successful in satisfy the consumer needs.

11.These should be two new flavors of Kesar-Pista and Badam in flavored milk.

12.The mango flavor is least preferred by the customers so Company have to minimize

the production of this flavor.

13. I suggest the UDAIPUR Diary if increases over services and employees behavior its

increase over customer satisfaction level because the UDAIPUR Diary’s services

are best but it are not very best.

14. If diary provides best services to customer, they Can increase their customer

satisfaction level but this level are satisfactory and it shows the UDAIPUR diary

success and popularity. I hope the UDAIPUR diary maintain over satisfaction level

and will increase that.

59

SUGGESTIONS

On working capital

1. It is suggested in this respect that the UDAIPUR Dairy Ltd. should try to balance the

proportion of cash and bank balance in current assets.

2. The management should take steps for proper utilization dependence on equity capital,

which shows bright prospects of UDAIPUR Dairy Ltd.

On capital structure

1. It is considered to reduce dependency on outsiders’ sources of funds

2. Unsubscribe capital should be called up for funds requirements

The main suggestions of this survey are following:

1. Milk is the product which consumed daily; it is a part of daily life so price should be

affordable as well as easy payable. According to so many consumers and booth owners

they face problem in transaction due to price.

2. If we see the prices (MRP):-

Double Toned half liter Rs.-9.00/-

Toned half liter Rs.-10.00/-

Standard half liter Rs.-11.00/-

Gold half liter Rs.-12.50/-

When we talked the milk booth owners and customers, they complained that frequent increase

or decrease in paisa rathis in unit terms and creates a great transaction hassles for them.

3. Saras booth can be seen in lot of quantity in UDAIPUR. But at many places, booths are

in close proximately, by this reason they compromise each sale. So Saras make rule for

minimum distance between two booths.

4. Saras packaging is very attractive but main problem is leakage. Many booth owners and

customers compelling about the leakage, they often suffer due to frequent leakage.

60

In our opinion this problem raise due to careless transportation. So we suggest the keep

mind on transportation service.

5. In my suggestion, Saras Diary should not charge any kind of extra charges for home

delivery services.

I am very Thankful to the management of UDAIPUR Diary for giving me and opportunity the

permission for doing this survey.

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CHAPTER:9BIBLIOGRAPHY

65

BIBLIOGRAPHY

I have consulted many sources of information to furnish my project report. I have tried my best

to put comprehensive matter regarding all those things come under my project area. I have

gone through several sources of information. These are as follows -:

Annual Report of U.D.U.S.S. Ltd.

WEB SITE:-

Sarasmilkfed.coop/dtm.htm.

BOOKS:-

1) I.M. Pandey, Financial Management, 9th Edition, Vikas Publishing House, New

Delhi.2004.

2) M.Y. Khan & P.K. Jain, Financial Management, 4th Edition, Tata McGraw-Hill,

New Delhi, 2004.

3) MS-41 Working Capital Management (IGNU Study Material), Young Printing

Press, New Delhi, 1997

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