CHAPTER NO. V CONVERSION COST AND COST ANALYSIS OF SUGAR FACTORIES
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1 CHAPTER NO. V CONVERSION COST AND COST ANALYSIS OF SUGAR FACTORIES 5.1 Introduction : This chapter deals with the conversion cost and various cost concepts of selected sample sugar factories in Kolhapur district. Cost of conversion is significant factor in co-operative sugar factories. To study and analyse the cost of conversion of sugar; this chapter is designed. India's sugar cycle is well known. Three years of surplus sugarcane and sugar production is normally followed by two years of deficit production. The root cause of the current season ( ) falls in sugarcane production goes back to when sugar prices had gone below cost of production because of surplus sugar production and the Government had also cut off the means of higher realisation by imposing a ban on sugar export. Consequently, there were huge cane price arrears, which the Government has been helping to liquidate by granting special interest free bank loans equivalent to actual excise duty paid / payable during and However this left the sugarcane farmers distraught. Added to it, the major increase in the minimum support price ranging from % to % on wheat, paddy, maize, groundnut, sunflower seeds and cotton in over Vis-a-Vis % in sugarcane led to a shift of sugarcane farmers to cultivation of other crops. With area under sugarcane reduced from lakh hectors in to lakh hectors in , while sugarcane production also declined from 3481 lakh tonnes in to 2892 lakh tonnes in Consequently, it was expected right from the beginning that there would be a fall in sugar production in Sugar prices are at present remunerative because of scarcity phobia. But if India has to ensure that it again becomes self sufficient and an exporter of sugar, it has to ensure that the sugar price remains remunerative. Only remunerative sugar price can enable to factories to make timely remunerative price payment for sugarcane, meet the cost of sugar production and still have a balance to increase the capacities of the factories, modernize and set up by product industries. This is only way to lure back the farmers from the growing disenchantment with sugarcane cultivation. Cost of conversion plays very important role. In view of this the researcher under took this study and keeping in mind set hypothesis and objectives for analysis 128
2 of the sample sugar factories; in order to evaluate their efficiency, and cost of conversion. Sugar production, should be controlled and extraction efficiency should be increased, to minimize the cost with the half of working days and income from various by products be increased which will help for cost control. 5.2 Interpretation of Data : Table No. : 5.1 Present (T.C.D.) Capacity of samples sugar factories Particular's Avg Datta Jawahar Warana Rajaram Kumbi Sharad Source : Annual Reports of sugar factories, year to Table No. 5.1 shows tonnes crushing per day capacity of sugar cane of Datta, Jawahar, Warana, Rajaram, Kumbhi and Sharad Sugar factories. In study period of all years Datta has 7000 TCD and average is also the same. Where as Rajaram has 2200 TCD, Kumbhi has 3000 TCD and sharad has 2500 TCD and average is also the same. In the study period the first year ( ) Jawahar has 5000 TCD, In to has 6500 TCD, and to has 7500 TCD. The average TCD was 6714 in Jawahar Sugar factory. It means that crushing capacity of Jawahar has increased 50 % of over the period under study. In the study period, the first three years ( to ) warana has 5000 TCD, and to has 7500 TCD. The average TCD was 6428 in Warana Sugar factory. Warana has increased by 50 percent capacity over the period under study. It indicates that the lowest average capacity (2200 TCD) is in Rajaram factory and highest average capacity (7000 TCD) is in Datta factory, but crushing capacity did not change, over the period under study. So higher average capacity (6714) is in Jawahar sugar factory. 129
3 Table No. : 5.2 Total cost of Production - Datta Sugar Factory, (Rs. in Lakhs) Cash Total cost Total cane Depreciation Interest Total Conversio of Percentage cost n cost Production Per/M.T. Rs./MT Rs./MT Rs./MT (Rs./MT) Rs./MT Total % Avg % Source : Annual Report of 'Datta' sugar Factory. Table No. : 5.3 Total cost of Production - Jawahar Sugar Factory, (Rs. in Lakhs) Cash Total cost Total cane Depreciation Interest Total Conversio of Percentage cost n cost Production Per/M.T. Rs./MT Rs./MT Rs./MT (Rs./MT) Rs./MT Total % Avg % Source : Annual Report of 'Jawahar' sugar Factory. 130
4 Table No. : 5.4 Total cost of Production - Warana Sugar Factory, (Rs. in Lakhs) Cash Total cost Total cane Depreciation Interest Total Conversio of Percentage cost n cost Production Per/M.T. Rs./MT Rs./MT Rs./MT (Rs./MT) Rs./MT Total % Avg % Source : Annual Report of 'Warana' sugar Factory. Table No. : 5.5 Total cost of Production - Rajaram Sugar Factory, (Rs. in Lakhs) Cash Total cost Total cane Depreciation Interest Total Conversio of Percentage cost n cost Production Per/M.T. Rs./MT Rs./MT Rs./MT (Rs./MT) Rs./MT Total % Avg % Source : Annual Report of 'Rajaram' sugar Factory. 131
5 Table No. : 5.5 Total cost of Production - Kumbhi Sugar Factory, (Rs. in Lakhs) Cash Total cost Total cane Depreciation Interest Total Conversio of Percentage cost n cost Production Per/M.T. Rs./MT Rs./MT Rs./MT (Rs./MT) Rs./MT Total % Avg % Source : Annual Report of 'Kumbhi' sugar Factory. Table No. : 5.6 Total cost of Production - Sharad Sugar Factory, (Rs. in Lakhs) Cash Total cost Total cane Depreciation Interest Total Conversio of Percentage cost n cost Production Per/M.T. Rs./MT Rs./MT Rs./MT (Rs./MT) Rs./MT Total % Avg % Source : Annual Report of 'Sharad' sugar Factory. 132
6 Table No. 5.2 to 5.7 indicates that the total cost of production of Datta, Jawahar, Warana, Kumbhi, Chh. Rajaram, Sharad Sugar Factories. The total cost of production includes total cane cost, cane conversion cost, depreciation cost, total interest of these sample factories. Total cane cost includes cane price. purchase tax, harvesting and trasport expenses. Total Cane cost is the major cost in cost of sugar production. Which is about 70 percent. The cash conversion cost includes power cost, Chemicals and consumables, manufacturing expenses, salary and wages, sugar packaging expenses, repairs and maintenance expenses and factory overheads. These items of cash conversion cost are important and analyzed in respective Chapter. It is observed that Depreciation amount of Datta, Warana, Rajaram, Kumbhi has been decreasing and Depreciation amount of Sharad has been increasing and amount of Jawahar has been constant. (for eg to ). Depreciation is calculated on all fixed assets. It is observed that interest of sugar factories on working capital is higher. Which is about 50 to 60 % of the total interest. Total interest includes, interest on long-term loans, interest on working capital and interest of fixed deposits. Total cost of production includes cane cost, cash conversion cost, Depreciation and Interest. Table No. : 5.8 Average, S.D.C.V. of Sugar Factories - Datta, Jawahar, Warana, (High T.C.D.) Cash Total Cost Name of Total cane Depreciation Interest Total Parameter conversion of factory cost cost production Avg Datta S.D C.V Avg Jawahar S.D C.V Avg Warana S.D C.V Source : Annual Report of Sugar Factories. 133
7 Table No. : 5.9 Average, S.D., C.V. of Total cost of production - Chh. Rajaram, Kumbhi, Sharad, (High T.C.D.) Cash Total Cost Name of Total cane Depreciation Interest Total Parameter conversion of factory cost cost production Avg Chh. S.D Rajaram C.V Avg Kumbhi S.D C.V Avg Sharad S.D C.V Source : Annual Report of Sugar Factory. Table No. 5.8 shows Avg S.D. and C.V. of High T.C.D. Sugar factories. It is observed that, coefficient of variation of cash conversion cost of Warana sugar factory Seems to be higher (19.57) and Datta Seems to be lower (5.69). It means that more variation is in Warana sugar factory about cash conversion cost. It is not fair indication. Cash Conversion cost includes power cost, Chemi, and consumables, salary, Parking, Repairs and factory over heads. Table No. 5.9 shows coefficient of variation of cash conversion cost of Sharad seems to be higher (16.10) and Kumbhi has lower (11.13). It means that more variation is in Sharad Sugar factory. More variable is not fair indicator, so Warana and Sharad should control to keep minimum variation in cash conversion cost. Table No shows the cash conversion cost of sugar factories. 134
8 Table No. : 5.10 Cash conversion cost of Datta Sugar Factories (Rs. in Lakhs) Chemicals Power Factory Age of the Consumables Salary Pack Exp. Rep.Main. Total Percentage Cost O.H. factory Exp. Rs./MT Rs.MT Total Avg Percentage Source : Financial performance of V.S.I. Poone, and Annual Reports of the Sugar Factories. (Year to ) 135
9 Table No. : 5.11 Cash conversion cost of Jawahar Sugar Factory (Rs. in Lakhs) Chemicals Power Factory Consumables Salary Pack Exp. Rep.Main. Total Percentage Age of the Cost O.H. Exp. Rs./MT Rs.MT factory Total Avg Percentage Source : Financial performance of V.S.I. Poone, and Annual Reports of the Sugar Factories. (Year to ) 136
10 Table No. : 5.12 Cash conversion cost Warana Sugar Factory (Rs. in Lakhs) Chemicals Power Factory Consumables Salary Pack Exp. Rep.Main. Total Percentage Age of the Cost O.H. Exp. Rs./MT Rs.MT factory Total Avg Percentage Source : Financial performance of V.S.I. Poone, and Annual Reports of the Sugar Factories. (Year to ) 137
11 Table No. : 5.13 Cash conversion cost Chh. Rajaram Sugar Factory (Rs. in Lakhs) Chemicals Power Factory Consumables Salary Pack Exp. Rep.Main. Total Percentage Age of the Cost O.H. Exp. Rs./MT Rs.MT factory Total Avg Percentage Source : Financial performance of V.S.I. Poone, and Annual Reports of the Sugar Factories. (Year to ) 138
12 Table No. : 5.14 Cash conversion cost Kumbhi Sugar Factory (Rs. in Lakhs) Chemicals Power Factory Consumables Salary Pack Exp. Rep.Main. Total Percentage Age of the Cost O.H. Exp. Rs./MT Rs.MT factory Total Avg Percentage Source : Financial performance of V.S.I. Poone, and Annual Reports of the Sugar Factories. (Year to ) 139
13 Table No. : 5.15 Cash conversion cost Sharad Sugar Factory (Rs. in Lakhs) Chemicals Power Factory Consumables Salary Pack Exp. Rep.Main. Total Percentage Age of the Cost O.H. Exp. Rs./MT Rs.MT factory Total Avg Percentage Source : Financial performance of V.S.I. Poone, and Annual Reports of the Sugar Factories. (Year to ) 140
14 Table No. : 5.16 Percentage of Elements of Cash Conversion cost of samples sugar factories Chem. Repairs Factory Name Power Salary Packing Con. & Over Total of the Cost Exp. Exp. Exp. Main. Heads Percentage factory % % % % % % Datta Jawahar Warana Chh Rajaram Kumbhi Sharad That table No to 5.15 indicates the percentage of elements of cash conversion cost of sampling sugar factories. Analysis of the percentage in above table it indicates that increase in expenditure on salary in Jawahar and Kumbhi is more. For reduction of cash conversion cost there should be strict control on power consumption, manufacturing expenses, salary and wages, packing expenses, repairs and maintenance and factory overheads. It is to be observed from the cash conversion cost, of which Salary is very important point, More salaries are paid by Jawahar and Kumbhi. It is Vital cost centre in sugar factory. For this factory should control salary expenses and skilled, knowledgeable and experienced labour is required. In factory over head expenses include managerial exp. Factory over heads of Warana is highest as compared to High TCD factories, and lowest is of Datta. In Low TCD. factories, factory over heads of Sharad is highest and lowest is of Kumbhi as compared to low TCD factories. These factories should control overhead expenses. Repairs and maintanance expences is more about Datta and Sharad sugar factories. Table no shows comparison between cost of conversion and cost of production of sugar factories. 141
15 Table No. : 5.17 Comparison of cost of conversion to cost of production Datta (Rs. in Lakhs.) Year Cost of Conversion Cost of Percentage % Cash Conversion + Int. + Depre. Production Total Avg S.D C.V Correlation Coefficient (r) = (-0.095) Table No. : 5.18 Comparison of cost of conversion to cost of production Jawahar (Rs. in Lakhs.) Year Cost of Conversion Cost of Production Percentage % Total Avg S.D C.V Correlation Coefficient (r) = (+0.17) 142
16 Table No. : 5.19 Comparison of cost of conversion to cost of production Warana (Rs. in Lakhs.) Year Cost of Conversion Cost of Production Percentage % Total Avg S.D C.V Correlation Coefficient (r) = (+0.61) Table No. : 5.20 Comparison of cost of conversion to cost of production Kumbhi (Rs. in Lakhs.) Year Cost of Conversion Cost of Production Percentage % Total Avg S.D C.V Correlation Coefficient (r) = ( ) 143
17 Table No. : 5.21 Comparison of cost of conversion to cost of production Chh. Rajaram (Rs. in Lakhs.) Year Cost of Conversion Cost of Production Percentage % Total Avg S.D C.V Correlation Coefficient (r) = (+0.13) Table No. : 5.22 Comparison of cost of conversion to cost of production Sharad (Rs. in Lakhs.) Year Cost of Conversion Cost of Production Percentage % Total Avg S.D C.V Correlation Coefficient (r) = (+0.16) Table No to 5.22 show that the comparison between the cost of conversion and cost of production. In cost of conversion involved only cash conversion cost, Depreciation and interest. Cane Price, Harvesting Exp, Can tax etc. are involved in cost of production. In Avg. percentage of cost of conversion 144
18 is lowest of Warana (25.40) and highest of Jawahar (28.89) about high TCD sugar factories, and lowest Avg. percentage of cost of conversion of Sharad (24.83) and highest cost of conversion of Kumbhi (28.06) about low TCD. Sugar factories. Correlation coefficient of Warana is high (0.61) and low is Datta (-0.095) about high TCD sugar factories. It means correlation between cost of conversion and cost of production is negative. Correlation coefficient of Sharad is high (0.16) and low is Kimbhi (0.0069) about low TCD sugar factories. Correlation between cost of conversion and cost of production of Kumbhi is minimum. Following tables show average cost of production and correlation coefficient of high TCD and low TCD sugar factories. Table No. : 5.23 Average T.C.D. and Average of cost of production of Higher T.C.D. sugar factory. (Rs. in Lakhs) Particulars Datta Jawahar Warana Avg. T.C.D. (Tones) Avg. Cane Cost (Rs.) Avg. Cash Conversion cost Rs Avg. Depreciation Rs Avg. Interest Rs Avg. Cost of conversion Avg. Total cost of production Correlation coefficient Table No. : 5.24 Average T.C.D. and Average cost of production of Lower T.C.D. sugar factory. (Rs. in Lakhs) Particulars Kumbhi Chh. Rajaram Sharad Avg. T.C.D. (Tones) Avg. Cane Cost (Rs.) Avg. Cash Conversion cost Rs Avg. Depreciation Rs Avg. Interest Rs Avg. Cost of conversion Avg. Total cost of production Correlation coefficient
19 Table No shows Average TCD and Average cost of production of high TCD sample sugar factories. Datta has highest average TCD as compared to other factories. The highest average cane cost paid by Warana to its cane farmers and the lowest average cane cost paid by Datta to its farmers. The average cash conversion cost of theses three sugar factories show Warana has highest and Jawahar has lowest. By Considering all points it show that average cost of conversion is highest in Jawahar (652.73) and lowest in Datta (546.39), but higher cost of production in Warana and lower in Datta. The statistical tool correlation coefficient between cost of conversion and cost of production Warana shows higher positive correlation. It shows that as the cost of production increased the average total cost of production. Datta shows negative correlation. It means that the cost of production increases and cost of conversion decreases. Table No shows, Comparision of cost of conversion to cost of production of Datta. In the percentage of cost of conversion to cost of production is only Average percentage of cost of conversion in study period is So it is found that Datta sugar factory has successful to keep minimum cost of conversion. Table No shows Average TCD, Average cane cost Average cash conversion cost, Average cost of conversion and Average cost of production and correlation coefficient of Low TCD sugar factories. Correlation coefficient of Kumbhi is lower as compare to Chh. Rajaram and Sharad. So Kumbhi sugar factory has succeed to maintain minimum cost of conversion. Following tables show Comparison of Cost of conversion of high TCD and Low TCD. Sugar factories. Table No. : 5.25 Average S.D., and C.V. of cost of conversion of High T.C.D. sugar factory Name of the factory Avg. S.D. C.V. Datta Jawahar Warana Table No : shows that S.D. and C.V. of High TCD. sugar factories. considering deta it shows that coefficient of variation of Warana is minimum (14.89) as compare to Datta and Jawahar. It is good indicator. So Warana sugar factory is more consistent than Datta and Jawahar. 146
20 Table No. : 5.26 S.D. and C.V. of cost of conversion of Low TCD sugar factories. Name of the factory Avg. S.D. C.V. Chh. Rajaram Kumbhi Sharad Table No shows that S.D. and C.V. of cost of conversion of Low. TCD sugar factory. Considering deta it shows that coefficient of vatitation of Kumbhi is minimum (15.08) so Kumbhi Sugar factory is more consistent than Chh. Rajaram and Sharad. There is greater variation in the cost of conversion of Datta Jawahar Chh. Rajaram and Sharad. In total cost of conversion salary expenses is important factor. Salary exp. is more than other expenses. The following table shows that salary exp. of Kumbhi and Warana. Hypothesis no. 1 : "Salary and wages of workers are more comparatively to other expenses. Table No. : 5.27 Comparison of salary expenses to other expences of sampling sugar factories. Sr. Chh. Particular Datta Jawahar Warana Kumbhi Sharad No. Rajaram 1) Avg. of power cost ) Avg. of chemi. & consumables 3) Avg. of salary Exp ) Avg. of Packing Exp. 5) Avg. of Repairs and maintenance 6) Avg. of Factory O.H. 7) Avg. of Depreciation 8) Avg. of Interest Source : Annual reports of the sugar factories. 147
21 Table No : shows that, salary expenses of all sampling sugar factories are more than other Expenses. Table No. : 5.28 Salary exp. of Kumbhi and Warana. Year Salary exp. of Kumbhi Rs./MT Salary exp. of Warana Rs./MT Total Avg Table No shows that seven years Average of salary Kumbhi sugar factory and Warana sugar factory, Average of salary exp. of Kumbhi is higher than Warana, So Kumbhi sugar factory should try to keep minimum salary expenses. Table No. : 5.29 Following standard Norms of cost of conversion are given from sugar commissionerate Pune in the year 20 Nov Sr. No. Particular Rs. (Per M. Tonne) 1) Power Exp. 16 2) Insurance 4 3) Repairs and Maintenance 20 4) Factory Overheads 15 5) Chemicals & Consumables 24 6) Interest 60 7) Depreciation 30 8) Management, Salary and Sales expenses 120 9) Packing expenses 30 Total :- 399 Source : Sugar Commissionerate, Maharashtra State, Pune 148
22 Table No. : 5.30 Salary Exp. of Sampling sugar factories. (Rs. /M.T.) Particular Datta Jawahar Warana Chh. Rajaram Kumbhi Sarad Total Avg Source : Annual reports of the sugar factories. Table No shows that salary expenses of Kumbhi are more as compare to Low TCD sugar factories. Sharad sugar factory has successful to keep minimize the salary expenses. All sugar factories salary expenses are more as compare to standard Norm, except Sharad sugar factory. Hypothesis No. 2 "Cost of conversion of sugar factories varied due to efficiency and size of sugar factories." Table No. : 5.31 Avg. cost of conversion of samples sugar factories Sr. No. Name of the sugar factories Avg. Cost of Conversion 1) Datta ) Jawahar ) Warana ) Chh. Rajaram ) Kumbhi ) Sharad Assuming that H 0 is true, the test statistics is x
23 The statistic test is x 2. The calculated value of x 2 is x 2 = > i.e. the calculated value of x 2 > the table value x 2 at 5 % level with 5 d.f. (11.07) Hence we reject H0 and conclude that cost of conversion of sugar factories varies due to not only efficiency and size of sugar factories. Other reasons effects on cost of conversion. Hypothesis 3 : "High TCD sugar factories are more consistent than Low TCD sugar factories." Researcher has selected two factories. One from Low LCD factories and one from High TCD sugar factories, Kumbhi is selected from Low TCD. and Warana is selected from High TCD. Two factories are minimum varianced factories. The condition of two factories are shown in the following table. Table No : Comparison between best two sugar factories. Sr. Kumbhi Warana Particular No. (Low TCD) (High TCD) 1) Means of cost of Conversion (Rs./MT) ) Standard Deviation ) Number of Observations 7 years 7 years The statistic test is 'Z'. The calculated value of Z is Z = < 1.96 The calculated value of Z < the table value of Z. Since the computed value of Z is less than the table value. We cannot reject the null hypothesis at 5 % level and conclude that the High TCD sugar factories are more consistent than Low TCD sugar factories. 150
24 References : 1) Ram Deshmukh, "Fundamental Statistics", Vidya Prakashan, Nagpur; publication year Jun ) Suranjan Saha, "Quantitative Methods", Tata mcgraw - Hill publishing company Limited, New Delhi, Publication year ) G.V. Kumbhojkar, "Business Statistics and Computer Applications", Phadke Prakashan, Kolhapur, year ) Gurunath Nadgonde, "Research Methodology in Social Sciences." Phadke Prakashan, Kolhapur, year ) V. B. Patil, "Research Methodology", Prashant Publications, ) Ajit Narde, "Sugar India", Anekant Prakashan, Jaysingpur, publication year ) Financial performance of V.S.I. Poone, year to ) Annual Reports of sampling sugar factories, year to ) R.T. 8 (C) of sampling sugar factories, (Year to ). 151
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