OVERHEAD COST STRUCTURE ANALYSIS OF OIL REFINERIES 7.1 Introduction 7.2 Overheads 7.2.1 Classification of overhead 7.3 Total cost analysis 7.4 Direct overhead to total cost of sampled units 7.5 Indirect overhead to total cost of sampled units 7.6 Indirect overhead of BPCL 7.6.1 Production overhead of BPCL 7.6.2 Administrative overhead of BPCL 7.6.3 Selling and distribution, R&D, and other overhead of BPCL 7.7 Indirect overhead of HPCL 7.7.1 Production overhead of HPCL 7.7.2 Administrative overhead of HPCL 7.7.3 Selling and distribution, R & D, and other overhead of HPCL 295
7.8 Indirect overhead of IOC 7.8.1 Production overhead of IOC 7.8.2 Administrative overhead of IOC 7.8.3 Selling and distribution, R & D, and other overhead of IOC 7.9 Indirect overhead of MRPL 7.9.1 Production overhead analysis of MRPL 7.9.2 Administrative overhead analysis of MRPL 7.9.3 Selling and distribution, R & D, and other overhead of MRPL 7.10 Indirect overhead of NRL 7.10.1 Production overhead of NRL 7.10.2 Administrative overhead of NRL 7.10.3 Selling and distribution, R & D, and other overhead of NRL 7.11 Indirect overhead of CPCL 7.11.1 Production overhead of CPCL 7.11.2 Administrative overhead analysis of CPCL 7.11.3 Selling and distribution, R & D, and other overhead of CPCL 296
7.1 Introduction This section deals with non-financial performance with reference to overhead Cost-structure. So let as start with cost generally cost means difference between total sales and total profit figure. The cost is reflected to both the centre profit centre and revenue centre. The management need to proper accounting of cost to take specific decision CIMA defines cost accounting as the establishment of budgets, standard costs and actual cost of operation, processes, activities or products, or products, and the analysis of variances, profitability or the social use of funds. Cost accounting accounts for the costs of a product, a service or an operation. It is concerned with actual cost incurred and the estimation of future costs. Cost accounting is a conscious and rational procedure by accountants for accumulating cost and relating such costs to specific products or departments for effective management action. Cost accounting establishes budgets, standard costs and actual costs. Cost accounting is a set of procedures used in refining raw data in to usable information for management decision making, for ascertainment of cost of production and services and its profitability. Cost accounting is a management information system which analyses for managerial decision making. Total cost segregated in to two portions (1) direct expense (2) indirect overhead. This chapter deals with overhead. So now understand about overheads. 7.2 Overheads Overheads are the indirect costs which cannot be allocated to any specific job. Process because they are not capable of being identified with any specific job or process. Overheads include cost of indirect material, indirect labor, indirect expe nses which cannot be conveniently charged to any job, process cost unit etc for example, costs like rent, rates, administration and supervision, depreciation, maintenance, selling and directly attributed to cost antis produced the costing treatment of overheads deals with methods where by these indirect expenses can be related to cost units. CIMA defined overhead cost as the total costs of indirect materials, indirect materials, indirect job our and indirect expenses overhead is the cost of materials, 297
labour and expenses which cannot be economically identified with specific saleable cost unit. 7.2.1 Classification of overhead Classification is the process of arranging items in to groups according to their degree of similarity. CIMA defines classification as the arrangement of items in logical groups having regard their nature (subjective classification) or the purpose to be fulfilled (objective classification). Accurate classification of all items is a prerequisite to any form of cost analysis and control system.the classification system must meet the objective of all the system which may use the classification. The classification of overheads is shown in following figure:- Classification of overheads Element wise Classification Function wise Classification Behavior wise Classification Indirect materials Indirect labour Indirect expenses Production overhead Administration overhead Selling overhead Distribution overhead Research and development overhead Fixed overhead Semi-variable overhead Variable overhead Element wise classification- The Element wise classification of overheads consist of cost of indirect material, indirect labour and indirect expenses. A) Indirect materials The costs incurred on materiel used to further the manufacturing process which cannot be traced into the end product and the material required in the production process but not necessarily built into the product are called indirect materiel. For example cutting oil used in cutting 298
surface, threads and buttons used in stitching clothes, lubricates used maintenance of plant and machinery, cotton waste used in canning the machinery etc. are considered as indirect materials. Sometimes indirect materials like coat, fuel used in kilns etc. are considered as part of the prime cost and some material which are considered in small quantities in the end product like gums and threads used in binding the books even though forming part of direct material cost,but is considered not worth analyzing to cost units and may be categorized as indirect material cost. (B)Indirect labour The cost Indirect labour consist of all salaries and wages paid to the staff for the purpose of carrying tasks incidental goods or services, which will not form part of salaries and wages paid in working directly upon the product. For example, salaries and wages paid to store keepers, watch and ward, supervise, time keepers, quality control, managers, clerical staff, salesmen s etc. these Indirect labour costs cannot be identified with any particular job process, cost unit or cost center. (c)indirect expenses Indirect expense are those which are incurred by the organization in carrying out their total business activities and cannot be conveniently allocated job process, cost unit or cost center. Rent, rates, taxes, insurance, lighting, telephone, postage and telegrams, depreciation etc. are the examples of indirect expense. Indirect costs cannot be allocated which can be apportioned to cost centers or cost units. These costs are also called common costs and are not traceable to any plant, department, and operation or to any individual find product.the Indirect costs cannot be directly allocated to cost units or cost centers and have to be absorbed or recovered in cost units Functional classification-based on function, the overhead can be classified into 1.production overhead 2.administration overhead 3.selling overhead 4.distribution overhead 5.resarch and development overheads. (A)Production overhead The Production overhead is inclusive of all indirect materials, indirect labour and indirect expenses concerned with manufacturing activity which starts with supply of materials and ends with primary packing of the production overhead is also called manufacturing overhead, works overhead 299
and factory overhead. Costs which can be classified as production overheads include the following: - Factory rent, rates, lighting and heating. - Insurance of plant and Machinery, factory buildings, furniture and equipment. - Repairs and maintenance of plant and Machinery, factory premises. - Salaries, wages and incentives to indirect workers and staff like factory watch and ward, office boys, Time keepers, store keepers, factory clerical staff, maintenance staff, tool room operators etc. - Idle time wages - Fire protection service - Carriage inwards - Depreciation of plant and machinery, factory buildings and other assets - Cost of estimation department, drawing office, quality control department etc. - Remuneration paid to directors and other higher officials concerned with production and factory management - Consumable stores and material of little value - Factory administration cost like printing and stationery, postage and telegrams, telephone, computer department cost. (B)Administration overhead- The administration overhead is incurred for carrying the administrative function of the organization i.e., cost of policy formulation and its implementation to attain the objectives of the organization. The administration overhead costs may include the following: - Office rent, rates and taxes - Office lighting, seating and cleaning. - Depreciation, insurance, repairs and maintenance of office buildings, furniture, equipment and fittings - Salaries of administrative staff. - Printing and stationery, postage and telegrams, telephones etc. - Accounts and secretariat costs. - Audit and legal fees. - Bank charges. - Salaries to office staff. 300
- Director s remuneration and sitting fees. (C) Selling overhead The selling overhead refers to the cost of selling function i.e. the cost of activities relating to Create and stimulates demand for company s Products and to secure orders. The selling overhead includes the following: - Salaries, commissions and traveling expenses to sales staff - Remuneration of sales director - Administration and upkeep of sales office and showrooms - Advertising and publicity expenses - Cost of catalogues, price lists and samples - Depreciation, insurance, repairs, maintenance of sales office and showrooms - Bad debts and cost incurred for collection of bad debts (D) Distribution overhead The distribution overhead will be incurred on goods made available to the customers. These costs include the cost of maintaining and creating demand for the product, making the goods available in the hands of customer. - Carriage and freight outwards - Packing and delivery charges - Depreciation, insurance maintenance and maintenance of delivery vehicles - Rent, depreciation, deprecation, insurance and maintenance of distribution outlets - Administration cost of ducts, new distribution outlets - Wages of packers, drivers and delivery boys etc, (E) Research and development overhead Reach overhead is the cost of searching for new products, new manufacturing processes or equipment. The development over head is the cost of putting research result on commercial basis. Some of the cost relating to research and development overhead is given below: - Cost of raw materials used in research - Salaries and wages of R and D staff - Subscriptions to books and journals - Subscriptions to research associations - Cost of test conducted and trails runs - Depreciation, insurance, repairs and maintenance of building and research equipment, plant etc. 301
- Up- keep and maintenance of R and D office - Travelling cost for surveys etc. Behavior wise classification- Based on the behavior, overhead can be classified into.1. Fixed, Variable and Semi-variable of semi- fixed overhead. (A) Fixed overhead Fixed overhead consist of items of expanse which will not vary with output but remain constant. For example, rent, rates, insurance, salaries are fixed in nature irrespective of the level of capacity utilized or units produced. (B) Variable overhead Variable overhead costs are those which vary in direct proportion to the volume of output. For example, power consumption, consumption of indirect materials and indirect labour etc. There is linear relationship between volume and variable overhead. They are constant per unit. (C) Semi-variable overhead Some overhead neither perfectly variable nor absolutely fixed in relation to changes in volume. The change in same direction as volume but not in direct proportion thereto. For example, in telephone charge, the rental element is fixed cost whereas charges for calls made are a variable cost. 7.3 Total cost analysis Earlier discuss in previous section total cost is reflected to both the center profit center and revenue centre. Total cost of selected units has shows in following table: Table 7.3 Total cost of sampled units Companies BPCL HPCL IOC MRPL NRL CPCL Average Years 2007-08 109078 107108 241008 31157.5 7715 31395.42 87910.32 2008-09 134153 123109 303466 36022.9 8006 25181.95 104989.81 2009-10 126085 110412 327697 31220.5 7520 25181.91 104686.07 2010-11 152933 135920 263566 38270.5 7917 32906.91 105252.24 2011-12 211791 178142 426523 52797.5 13144 41021.51 153903.17 Mean 146808 130938.2 312452 37893.78 8860.4 31137.54 111348.32 SD 39602.56 28738.11 72144.71 8883.60 2401.97 6554.17 26387.52 CV (%) 26.98 21.95 23.09 23.44 27.11 21.05 23.94 Table 7.3 indicates total cost of selected units. The total of BPCL was Rs.1, 09,078 crores in the year 2007-08 which was increase twice in the year 2011-12 up to 302
Rs.2,11,791 crores. In HPCL total cost was Rs.1, 07,108 cores in the year 2007-08 and it was increased in next year 2008-09 up to Rs.1, 23,109 crores compare to previous year but last two year it was increased and reached to Rs.1,78,142 crores on the year 2011-12.Thw average total cost of IOC was Rs3,12,452 crores it was highest due to virtue of size. The total cost of IOC was decline approximately 20% compared to previous year but once again it is increase up to Rs.4,26,523 crores in the year 2011-12. The total in MRPL was Rs.31157.5 cores in the year 2007-08 and it is increase continuously throughout the study period up Rs.52797.5 crores in the year 2011-12(Excluding the year 2009-10). The highest total cost of MRPL was Rs.13144 crores in the year 200910. Total cost of CPCL was Rs.331395.4 crores in the year 2007-08 which was decline for year 2008-09 and 2009-10 as well. Instant of decline the cost, company increase loss in the year 2008-09, due to decline in revenue from the operation. CV of BPCL was 26.98% and for NRL 27.11% which was higher than industry CV. 7.4 Direct overhead to total cost of sampled units Table 7.4 Direct overhead to total cost of sampled units Companies BPCL HPCL IOC MRPL NRL CPCL Average Years 2007-08 96.04 95.49 94.92 97.35 96.25 90.63 95.11 2008-09 93.64 95.68 92.38 96.13 95.43 94.01 94.55 2009-10 94.06 95.08 94.41 96.78 94.70 94.64 94.95 2010-11 94.40 95.39 92.22 97.26 94.27 95.95 94.92 2011-12 95.15 95.05 93.48 96.56 95.11 96.25 95.26 Mean 94.66 95.34 93.48 96.82 95.15 94.29 94.96 SD 0.95 0.27 1.20 0.50 0.76 2.25 0.99 CV (%) 1.00 0.28 1.28 0.52 0.79 2.38 1.05 (In %) Table 7.4 shows contribution of direct overhead to total cost of selected units. In BPCL direct overhead contribution to total cost was 96.04 %in the year 2007-08 which was decline in next year but once again increased for last three year of study period. In HPCL CV was only 0.28% that suggested that the consistency in direct overhead. The direct overhead total cost in IOC was 94.92% in 2007-08 which was decline in the year 2008-09 up to 92.38%. The overall mixture movements regard to this ratio and CV was also 1.20%. In MRPL highest contribution was 97.35% in the 303
year 2007-08 and lowest contribution was 96.13% in the year 2008-09. The direct overhead to total cost contribution on NRL was 96.25% in the year 2007-08 which was decline up to 94.27% in the year 2010-11. However in last year it was increased. The CPCL was varying between 90.63% to 96.25% regard to indirect overhead to total cost. The industry mean was 94.96%, the MRPL and NRL only two unit means was higher than industry mean. 7.5 Indirect overhead to total cost of sampled units Table 7.5 Indirect overhead to total cost Companies BPCL HPCL IOC MRPL NRL CPCL Average Years 2007-08 3.96 4.51 5.08 2.65 3.75 9.37 4.89 2008-09 6.36 4.32 7.62 3.87 4.57 5.99 5.45 2009-10 5.94 4.92 5.59 3.22 5.30 5.36 5.05 2010-11 5.60 4.61 7.78 2.74 5.73 4.05 5.08 2011-12 4.85 4.95 6.52 3.44 4.89 3.75 4.74 Mean 5.34 4.66 6.52 3.18 4.85 5.71 5.04 SD 0.95 0.27 1.20 0.50 0.76 2.25 0.99 CV (%) 17.79 5.82 18.40 15.84 15.59 39.41 18.81 (In %) Table 7.5 Indicate that the percentage of indirect overhead to total cost. The indirect overhead to total cost was 3.96 for BPCL in the year 2007-08. The average contribution in BPCL was 5.34%, The HPCL has consistence regard to indirect overhead to total cost because only 5.82%. In IOC ratio are show mixture trend under study period. Indirect overhead contribution to total cost in MRPL was varies between 2.65% to 3.87%. The individual sample mean was 4.85%, 5.71% for NRL and CPCL respectively. 7.6 Indirect overhead of BPCL Indirect cost which cannot be allocated to any specific job process because they are not capable of being indentified with any specific job or process. To overcome the difficulties in ascertainments of units cost and profitability proper classification and codification is done for ease of recording, collection and control of cost data. Earlier discuss same like as classification has done in many ways. I.e. Element wise, function wise, and behavior wise. For effective analysis of cost 304
function wise classifications is more suitable. Based on the functions the overhead can be classified in to. 1. Production overhead 2. Administrative overhead 3. Selling overhead 4. Distribution overhead 5. Research and development overhead. Let us start with production overhead. The production overhead analysis of BPCL is given below: 7.6.1 Production overhead of BPCL Components 2007-08 Table 7.6.1 Production overhead of BPCL 2008-09 2009-10 2010-11 2011-12 Total Rs. % Power and Fuel 62 67 237 476 716 15589 33.17 Rent 139 122 157 226 192 836 17.80 Repairs and maintenance: Building 25 24 27 32 40 148 3.15 Repairs and maintenance: Machinery 230 347 385 410 490 1862 39.65 Repairs and maintenance: Others 93 90 82 95 106 466 9.92 Excise Duty on Inventory differential -204-10.49 217 63-239 -173-3.69 Total 345 639.51 1105 1302 1305 4697 100.00 Table 7.6.1 shows production overhead of BPCL. The BPCL was consumed Rs. 62 crores power and fuel in the year 2007-08. The consumption of power and fuel was increase entire study period up to Rs. 716 crores in the year 2011-12. The rent expenses was Rs. 139 crores in the year 2007-08 which was decreased in the year 2008-09 up to Rs. 122 crores. The mix trend was prevails under study period for consumption of rent. The company has paid Rs.24 crores repairs and maintenance about building in the year 2008-09 which was lower under study period. The higher maintenance about building was Rs. 40 crores in the year 2011-12. The total machinery repairs and maintenance expenses was Rs. 1862 crores. The other repairs and maintenance expenses was Rs. 93 crores in the year 2007-08 which was decreased on next two year after that last two year of study period that was increased 305
up to Rs. 106 crores in the year 2011-12. The excise duty on inventory differential was negative under study period because of higher provision in previous year, Components wise analysis reveals that the 39.64 % contribution made by the machinery repairs and maintenances which was higher from other contribution. Similar like power and fuel contribution was 33.17 % in total production overhead. From the year wise analysis, in the year 2008-09 production overhead was increased approximately 100% from the privies year after than continuously increased under study period. 7.6.2 Administrative overhead of BPCL Table 7.6.2 Administrative overhead of BPCL Components 2007-2008- 2009-2010- 2011- Total 08 09 10 11 12 Rs. % Charges paid to other oil companies 63 98 123 109 157 550 2.15 Contribution to gratuity fund 10 211 101 25 25 372 1.45 Contribution to other funds 11 10 18 851 149 1039 4.05 Contribution to provident fund 60 65 100 94 100 419 1.63 Depreciation and amortization 1098 1076 1655 1242 1885 6956 27.13 Insurance 26 26 32 28 42 154 0.60 Interest 673 2166 1011 1101 1799 6750 26.33 Remuneration to auditors 0.23 0.28 0.37 27 39 66.88 0.26 Telephone, Telex, Cables, Postage etc. 25 26 22 24 25 122 0.48 Utilities 104 128 140 131 151 654 2.55 Voluntary Retirement Scheme 0 0 0 0 94 94 0.37 Welfare expenses 204 572 317 326 210 1629 6.35 Salaries and wages 1012 1026 1606 1507 1682 6833 26.65 Total 3286.23 5404.28 5125.37 5465 6358 25638.9 100.00 Table 7.6.2 exhibits that the administrative overhead of BPCL. The BPCL was paid Rs.63 crores for charges paid to other oil companies which was increased up to Rs.123 crores in the year 2009-10. The charges paid to other oil company was decline up to Rs.109 crores in the year 2010-11 which was increase in last year of study period. In BPCL contribution to gratuity fund was Rs.10 crores in the year 2007-08 306
which was rapidly increase in next year up to Rs.211 but after that it was decline in next three year of study period. The contribution to other funds was Rs.851 crores which was higher under study period. Depreciation and amortization of BPCL was Rs.1098 crores in the year 2007-08 which was fluctuate under study period. The BPCL was paid Rs. 26 crores insurance expenses in the year 2007-08 which was lower one and Rs.42 crores in the year 2011-12 which was higher one. Initially three year company paid little remuneration to auditors but after that company paid Rs. 27 crores and Rs.39 crores remuneration to auditors for the year 2010-11 and 2011-12 respectively. The BPCL was paid Rs.22 crores to Rs.26 crores for telephone, telex, cable and postage expenses. For BPCL a utility expenses was varies between Rs.104 crores to Rs.151 crores under study period. The company incurred Rs.94 crores expenses for voluntary retirement scheme in the only one year 2011-12. In BPCL mix trend was prevails about welfare expenses under study period. The company was paid Rs.102 crores for salaries and wages which was increase up Rs.1006 crores in the year 2009-10. Percentage of individual components to total administrative overhead shows that the approximately 80% contribution by three components I.e. Depreciation and amortizations, salaries and interest. 7.6.3 Selling and distribution, R & D, and other overhead of BPCL Table 7.6.3 Selling & Distribution, R & D, and other overhead of BPCL 307 Components 2007-2008- 2009-2010- 2011- Total 08 09 10 11 12 Rs. % Charities and donations 0 0.02 0 0 0 0.02 0.00 Foreign Exchange fluctuations (net) 0 1303 31 0 1420 2754 31.20 Loss on sale of current Investments 109 515 187 221 141 1173 13.29 Loss on sale/write off of fixed assets 1.01 1.77 8 0 0 10.78 0.12 Other expenses 649 569 1072 652 889 3831 43.40 Provi. for doubtful debts and advances 0 4.17 0 73 3.63 80.8 0.92 Provision towards diminution in value of investments -193-30.02-150 829 22 477.98 5.41 Travelling and conveyance 118 110 113 9 116 466 5.28 Write off of Bad debts 4.35 12.19 0 6 11.63 34.17 0.39 Total 688.36 2485.13 1261 1790 2603.26 8827.75 100.00
Table 7.6.3 shows the selling and distribution, R& D, and other overhead analysis of BPCL. It can be seen from the table company was paid only Rs.00.2 crores expenses for charities and donation, in the year 2008-09. The company has no incurred foreign exchange fluctuation for the year 2007-08 and 2010-11, but in the year 2008-09 and 2011-12 FEF was Rs.1303 crores and Rs, 1420 crores respectively. The loss on sale of current investment was Rs.515 crores in the year 2008-09 which was higher under study period. For BPCL negligible loss or write of fixed assets for initially two year but after that in the year 2009-10 it was Rs.8 crores. No loss on sale of fixed assets for last two year of study period. The company made Rs.73 crores provision for doubtful debts and advances in the year 2010-11. The negative value was there for provision towards diminution in value of investment for initially three year of study period, but after that in the year 2010-11 it was Rs.829 crores. The travelling and conveyance expense was varies between Rs.110 crores to Rs.118 crores under study period excluding the year 2010-11. In the year 2011-11 it was only Rs.9 crores. Write of total bad-debt was Rs.34.17 crores. The higher selling and distribution, R & D and other overhead was incurred in the year 2011-12 that was Rs.2603.26 crores and excluding other expenses higher contribution made By FEF that was up to 31.20% to total selling and distribution expenses. 7.7 Indirect overhead of HPCL 7.7.1 Production overhead of HPCL Table 7.7.1 Production overhead of HPCL Components 2007-2008- 2009-2010- 2011- Total 08 09 10 11 12 Rs. % Electricity and water 174 173 226 276 403 1252 20.49 Excise Duty on Inventory differential 391-182 337 285-400 431 7.05 Power and Fuel 17 19 248 340 518 1142 18.69 Rent 108 126 137 142 158 671 10.98 Repairs and maintenance: Building 17 19 38 28 34 136 2.23 Repairs and maintenance: Machinery 29 28 425 505 508 1495 24.47 Repairs and maintenance: Others 283 345 96 116 143 983 16.09 Total 1019 528 1507 1692 1364 6110 100.00 308
Table 7.7.1 shows production overhead of HPCL. The electricity and water expenses was Rs.174 crores in the year 2007-08 which was increased up to Rs.403 crores in the year 2011-12. The excise duty on inventory differential was negative in the year 2008-09 and 2011-12, due to higher provision in previous year. The power and fuel expenses were Rs.17 crores and Rs.19 crores in the year 2007-08 and 2008-09 respectively. After that power and fuel expenses were rapidly increase in the last three year of study period. For HPCL rent was increased in upward trend under study period. The repairs and maintenance about building was Rs. 17 crores in the year 2007-08 which was increase up to Rs.38 crores in the year 2009-10 after that it was decreased up to Rs.28 crores in the year 2010-11. The repairs and maintenance to other expenses was varies between Rs.96 crores and Rs.345 crores under study period. In the total production overhead, 24.47% contribution by the machinery repairs and maintenance expenses, 20.49% contribution by the electricity and water and 18.69% contribution by power and fuel to total production overhead. 7.7.2 Administrative overhead of HPCL Table 7.7.2 Administrative overhead of HPCL Components 2007-2008- 2009-2010- 2011- Total 08 09 10 11 12 Rs. % Security charges 42 58 67 75 85 327 1.56 Contribution to gratuity fund 35 86 143 435 61 760 3.63 Contribution to P.F. 44 47 77 76 77 321 1.53 Depreciation and amortization 851 981 1164 1406 1712 6114 29.23 Exploration Expenses 17 71 255 93 96 532 2.54 Insurance 21 17 21 25 31 115 0.55 Interest 766 2083 904 2139 5892 28.17 Salaries and wages 632 830 1143 1281 1096 4982 23.82 Telephone, Telex, Cables, Postage etc. 9 10 11 12 13 55 0.26 Welfare expenses 159 175 253 884 349 1820 8.70 Total 2576 4358 4038 4287 5659 20918 100.00 Table 7.7.2 exhibits administrative overhead analysis of HPCL for the year 2007-08 to 2011-12. The security charges expenses was increase through study period. The gratuity fund was Rs. 35 cores it was increase up to Rs.86 crores in the year 2008-09. The contribution to gratuity fund was Rs. 435 crores in the year 2010-11. The contribution to provident fund was Rs. 44 crores in the year 2007-08 which 309
was increased up to Rs. 77 crores in the year 2009-10 and 2011-12. In the year 2007-08 HPCL was writing of depreciation and amortization up to Rs. 851 crores in the year 2007-08 it was increased up to Rs.1712 crores in the year 2011-12.The exploration expenses was Rs. 255 crores in the year 2009-10 which was highest under study period. The company was incurred insurance expenses between Rs. 17 crores to Rs.31 crores under study period. The HPCL was incurred interest expenses up to Rs.766 crores in the year 2007-08 it was increase suddenly up to Rs.2083 crores. There were no interest expenses in the year 2010-11. The HPCL was paid Rs.632 crores as a salaries and wages which was increased till the 2010-11 up to Rs.1281 crores. However in the year 2011-12 it was decreased up to 1096 crores. Telephone, telex, cable, postage etc was Rs. 9 crores in the year 2007-08 it was increase up to Rs.13 in the year 2011-12. The welfare expanses were increase continuously for first four year of the study period but at last year it was decreased approximately 120%. 7.7.3 Selling and distribution, R & D, and other overhead of HPCL Table 7.7.3 Selling & Distribution, R & D, and other overhead of HPCL Components 2007-2008- 2009-2010- 2011- Total 08 09 10 11 12 Rs. % Advertisement and publicity 100 84 104 93 83 464 12.80 Consultancy and technical services 22 29 0 0 30 81 2.24 Charities and donations 19 14 15 20 27 95 2.62 Foreign Exchange fluctuations (net) 483 0 0 0 1035 1518 41.89 Loss on sale of current Investments 160 0 57 235 96 548 15.12 Loss on sale/write off of fixed assets 50 5.78 0 14 10 79.78 2.20 Provi. for doubtful debts and advances -5 8 20 36 5 64 1.77 Provision towards diminution in value of investments 62.42-75 -703-238 -4.28-957.86-26.43 Travelling and conveyance 95 97 97 114 123 526 14.51 Write off of Bad 0.08 0.2 2 4 0.19 6.47 0.18 Other expenses 248 266 291 2.75 394 1201.75 33.16 Total 1234.5 428.98-117 280.75 1798.91 3626.14 100.00 310
Table 7.7.3 shows the selling and distribution, R& D, and other overhead analysis of HPCL. The advertisement and publicity expenses was Rs.100 crores in the year 2007-08 which was decreased up to Rs.84 crores in the year 2008-09 but once again it was increase up to Rs. 104 crores in the year 2009-10. The overall mix trend was under study period. The consultancy and technical services was Rs. 22 crores, Rs.29 crores and Rs.30 crores for the year 2007-08, 2007-08 and 2011-12 respectively. The company has transfer Rs.19 crores as a charities and donations in the year 2007-08 it was decreased up to Rs. 15 crores in the year 2009-10. The charities and donation expenses was Rs.27 cores in the year 2007-08 and Rs. 1035 crores in the year 2011-12. The loss on sale of current investment Rs. 235 crores in the year 2010-11 which was higher under study period. The loss on sale or write off fixed assets was no Rs. 50 crores in the year 2007-08. There was loss on fixed assets in the 2009-10For last two year loss in fixed assets was Rs. 14 crores and Rs.10 crores respectively. The provision for doubtful debts and advances was fluctuating between Rs. 20 crores to Rs.36 crores. The provision towards diminution in value of investment was Rs. 62.42 crores in the year 2007-08 and remaining last four year it was negative. Travelling and conveyance expenses was Rs. 95 crores in the 2007-08 it was increase up to Rs. 123 crores in the year 2011-12. The total expenses about write off bad-debts, stores and spare and other was Rs. 6.47 crores for HPCL. 7.8 Indirect overhead of IOC 7.8.1 Production overhead of IOC Table 7.8.1 Production overhead of IOC Components 2007-2008- 2009-2010- 2011- Total 08 09 10 11 12 Rs. % Electricity and water 141 151 178 156 199 825 4.78 Power and Fuel 358 447 981 1880 3801 7467 43.26 Rent 368 378 238 272 348 1604 9.29 Repairs and maintenance: Building 123 110 124 138 148 643 3.73 Repairs and maintenance: Machinery 838 836 1195 1245 1466 5580 32.33 Repairs and maintenance: Others 63 89 80 86 101 419 2.43 Throughout processing, royalty 24 38 255 356 49 722 4.18 Total 1915 2049 3051 4133 6112 17260 100.00 311
Table 7.8.1 shows production overhead of IOC. For IOC electricity and water expenses were. 141 cores in the year 2007-08 it was increase up to Rs. 178 crores in the year 2009-10 but in the year 2010-11 it was decreased up to Rs.156 crores. In the last year 2011-12 it was Rs.199 crores. The power and fuel expenses was Rs. 358 crores in the year 2007-08 which was increase up to Rs.3801 crores in year 2011-12. The rent expense was varies between Rs.272 crores to Rs.378 crores under study period. The repairs and maintenance expenses about building was Rs.123 crores in the year 2007-08 it was decreased up to Rs.110 crores in the year 2008-09, after that it was increases in remaining three year up to Rs.148 crores. The repairs and maintenance expenses about machinery was Rs.838 crores in the year 2007-08, Rs.836 crores in the year 2008-09 Rs.1195 crores in the year 2009-10, Rs.1241 crores in the year 2010-11 and Rs 1466 crores in the year 2011-12. The total repairs and maintenance expenses about other were Rs.419 crores under study period. The IOC has paid total Rs.722 Crores royalty throughout processing under study period. It is reveals from the year wise total, the total production overhead analysis was increase continuously reveals that the 43.26% contribution also by the power and fuel and up to 32.33% contribution by the repairs and maintenances of machinery. 7.8.2 Administrative overhead of IOC Table 7.8.2 exhibits the administrative overhead of IOC. In administrative overhead. IOC has been paid Rs.42 crores bank charges in the year 2007-08 it was increase up to Rs.69 crores in the year 2008-09 but once again it was decreased up to Rs.46 cores in the year 2009-10. The total bank charges were Rs.241 crores under study period. The printing and stationery charges was varies between Rs,. 23 Crores to Rs.31 crores. The contribution to gratuity fund was Rs. 17 crores and Rs. 6 crores for year 2009-10 and 2010-11 respectively. The contribution to provided fund was Rs. 585 crores in the year 2007-08 it was increased up to Rs.1626 crores in the year 2010-11.However in the year 2011-12 it was only Rs. 715 crores. A total depreciation and amortization expense was Rs. 18231 crores throughout study period and also they shows upward trend under study period. The higher exploration cost Rs. 333 crores in the year 2009-10 and lower exploration was Rs.172 crores under study period. The handling expenses was Rs.124 crores in the year 2007-08 and Rs.214 cores in the year 2011-12. The company has paid total insurance premium Rs. 332 crores under study period. The company has paid approximately Rs. 1.36 crores to 1.91 crores as 312
remunerations to auditors. The salaries and wages expenses was Rs. 1846 crores in the year 2007-08 it was increased approximately 110% in the next year. The mix movement for salaries and wages under study period. The IOC has security forces charges continuously increased and communication expenses was fluctuate between Rs39 crores to Rs.48 crores. The voluntary retirement expenses was Rs.19 crores in the year 2007-08, 1.73 crores in the year 2008-9 and 2.03 crores in the year 2011-2. In IOC total welfare expenses was Rs. 4143 crores under study period. Looking to the percentage wise contribution 28.95 % contribution by depreciation and amortization. 24.27% by the interest and 25.41% by the salaries and wages. Table 7.8.2 Administrative overhead of IOC Components 2007-2008- 2009-2010- 2011- Total 08 09 10 11 12 Rs. % Bank Charges 42 69 46 32 52 241 0.38 Printing &Stationery 23 24 25 26 31 129 0.20 Contribution to gratuity 0 0 17 6 0 23 0.04 Contribution to P.F. 585 1175 1466 1626 715 5567 8.84 Depreciation & amortization 2709 2881 3227 4547 4867 18231 28.95 Exploration cost 207 172 333 139 180 1031 1.64 Handling Exp. 124 125 165 138 214 766 1.22 Insurance 68 55 45 71 93 332 0.53 Interest 1547 3952 1526 2670 5590 15285 24.27 Remuneration to auditors 1.5 1.36 1.45 1.5 1.91 7.72 0.01 Salaries and wages 1846 3839 2836 3916 3564 16001 25.41 Security Force Fees 115 182 199 223 252 971 1.54 Telephone, Telex, Cables, Postage etc. 44 39 44 43 48 218 0.35 Voluntary Retirement Scheme 19 1.73 0 0 2.03 22.76 0.04 Welfare expenses 463 673 1421 888 698 4143 6.58 Total 7793.5 13189.1 11351.5 14326.5 16307.9 62968.48 100.00 313
7.8.3 Selling and distribution, R & D, and other overhead of IOC Table 7.8.3 Selling & Distribution, R & D, and other overhead of IOC Components 2007-2008- 2009-2010- 2011- Total 08 09 10 11 12 Rs. % Amortization of Premium on Forward Contracts 237 135 132 134 89 727 3.34 Expenses for enabling facilities 4 16 42 0.07 24 86.07 0.39 Expenses on CSR activities 0 0 0 0 76 76 0.35 MTM loss on interest rate swap 0 0 0 0 110 110 0.50 Provision for probable contingencies 31 26 42 43 93 235 1.08 Commodity Hedging loss 84 7 48 0 328 467 2.14 Foreign Exchange fluctuations (net) 0 4014 0 0 2769 6783 31.12 Inventory carrying cost 50 57 0 0 0 107 0.49 Loss on sale of current Investments 378 1945 646 356 110 3435 15.76 Loss on sale/write off of fixed assets 31 58 193.22 59.02 1.8 343.04 1.57 Provision for Diminution on Receivable from Trust 75 0 0 0 0 75 0.34 Provision for doubtful debts and advances 330 43 99 209 57.4 738.4 3.39 Provision towards diminution in value of investments 291 670 1499 79 418 2957 13.57 Sales Promotion exp 306 288 448 374 489 1905 8.74 Technical Assistance Fees 129 7.05 14 37 22 209.05 0.96 Travelling and conveyance 216 255 261 304 350 1386 6.36 Write off of Bad debts & others 16 11 5.01 6.57 48 86.58 0.40 Other expenses 361 363 471 454 423 2072 9.51 Total 2539 7895.05 3900.23 2055.66 5408.2 21798.14 100.00 314
Table 7.8.3 shows the selling and distribution, R& D, and other overhead of IOC. The IOC was paid premium in forward contract Rs.237 crores in the year 2007-08 it was decreased up to Rs.89 crores in the year 2011-12. The expenses for enables facilities were Rs.4 crores in the year 2009-10. The IOC was paid Rs. 76 crores on CSR activities for the only year 2011-12. Interest rate swap made a provision in the probable contingencies of Rs.31 crores in the year 2007-08, Rs.26 crores in the year 2008-09, Rs.42 crores in the year 2009-10, Rs.43 crores in the year 2010-11 and Rs.93 crores in the year2011-12.. The company has an incurred Rs.93 crores commodity hedging loss. The FEF was Rs.4014 crores in the year 2008-09 and Rs.2769 crores in the year 2011-12.The inventory carrying cost was Rs. 50 crores in the year 2007-08 and Rs.57 crores in the year 2008-09. No inventory carrying cost for last three year 2008-09. No inventory carrying cost for last three year. The company has incurred Rs. 3435 total cost on sale of current investment under study period. The loss or write off fixed assets was Rs. 192.22 which was higher and Rs.1.8 crores which was lower one under study period. The provision for diminution on receivable from thrust was Rs.75 crores in the year 2007-08. The provision for doubtful debts and advances was Rs.330 crores in the year 2007-08 it was decreased in next year up to Rs.43 crores. The sales promotion expense was not stable under study period. The technical assistance fees were varies between Rs.70.05 crores to Rs.129 crores under study period. The travelling and conveyance expenses were increased throughout study period. The total bad-debts written expenses were Rs.86.58 crores under study period. The selling and distribution research and development and other overhead expenses of IOC were Rs.7895.05 crores, in the year 2008-09, and Rs.5408.02 crores in the year 2011-12. 7.9 Indirect overhead of MRPL 7.9.1 Production overhead analysis of MRPL Table 7.9.1 reveals production overhead analysis of MRPL. The excise duty on inventory differential was Rs.9.28 crores in the year 2007-08 it was negative in the year 2008-09 and in the year 2011-12 it was Rs.160.60 crores. The power and fuel consumption expenses were varies between Rs.3.8 crores to Rs.12.91 crores. The company was paid Rs.39.73 crores as total rent during the study period. The building repairs and maintenance was Rs.86.2 crores in the year 2009-10 which was higher 315
one. The repairs and maintenance expenses of machinery was Rs. 48.5 crores in the year 2007-08 which was increase up to Rs.79.05 crores in the year 2011-12 other than building and machinery. The total repairs and maintenance expenses was Rs. 284.22 crores between 2007-08 to 2011-12. The higher production overhead was Rs.306 crores in the year 2009-10. Percentage wise contribution to total production reveals that the, 34.44% by the machinery and maintenance, 30.19% by the other repairs and maintenance and 14.64% repairs and maintenance and 14.64% by the excise duty on inventory differential. Components 2007-08 Excise Duty on Inventory Table 7.9.1 Production overhead of MRPL 2008-09 2009-10 2010-11 2011-12 Total Rs. % - 35.45 15.1-11.8 160.61 137.74 14.63 differential 9.28 Power and Fuel 3.8 12.91 10.4 12.02 11.97 51.1 5.43 Rent 13.09 9.05 5.5 6.3 5.79 39.73 4.22 Repairs and maintenance: Building 3.4 1.97 86.2 9.4 3.5 104.47 11.10 Repairs and maintenance: Machinery 48.5 58 65.9 72.8 79.05 324.25 34.44 Repairs and maintenance: Others 12.33 9.7 122.9 121.9 17.39 284.22 30.19 Total 90.4 56.18 306 210.62 278.31 941.51 100.00 7.9.2 Administrative overhead analysis of MRPL Table 7.9.2 Administrative overhead of MRPL Components 2007-2008- 2009-2010- 2011- Total 08 09 10 11 12 Rs. % Provision for nonmoving inventory loss 3.09 0.94 0.3 0.04 0 4.37 0.13 Contribution to provident fund 5.19 8.1 8.4 16.7 29.5 67.89 1.98 Depreciation and amortization 377.8 382.3 396 391 433.87 1980.97 57.78 Insurance 4.97 9.6 9.9 7.5 9.16 41.13 1.20 Interest 147.5 143.5 115 104 206.7 716.7 20.90 Remuneration to auditors 9.28 0.05 0.05 0.08 0.08 9.54 0.28 Salaries and wages 115 98.87 77.5 165 123.5 579.87 16.91 Welfare expenses 4.38 6.06 6.9 3.01 7.68 28.03 0.82 Total 667.21 649.42 614.05 687.33 810.49 3428.5 100.00 316
Table 7.9.2 shows that the administrative overhead analysis of MRPL. The total provision for non-moving inventory loss was Rs.4.37 crores under study period. The contribution to provident fund was Rs. 5.19 crores in the year 2007-08 it was increase up to Rs.29.5 crores in the year 2011-12. In MRPL depreciation and amortization was Rs. 377.8 crores in the year 2007-08 which was increases up to Rs. 433.87 crores in the year 2011-12. The insurance expenses of MRPL was varies between Rs. 4.97 crores to Rs. 9.9 crores under study period. The interest expenses was Rs. 147.5 crores in the year 2007-08 which decline up to Rs. 104 cores in the Rs.206.7 crores. The company has paid Rs.9.28 crores remuneration to auditors in the year 2007-08 and remaining four year it was negligible. The salaries and wages expenses of MRPL were vary between Rs. 77.5 crores to Rs.165 crores with the total of Rs, 579.87 crores under study period. The total welfare expenses were Rs.28.03 under study period. Year-wise total reveals that the administrative overhead decline for initially three year of study period but after that they increase up to Rs.810.49 crores in year 2011-12. The contribution of depreciation and amortization to total administrative overhead was Rs.57.78% under study period. 7.9.3 Selling and distribution, R & D, and other overhead of MRPL Table 7.9.3 Selling & Distribution, R & D, and other overhead of MRPL Components 2007-2008- 2009-2010- 2011- Total 08 09 10 11 12 Rs. % Foreign Exchange fluctuations (net) 0 610.5 0 0 648.2 1258.7 73.14 Loss on sale/write off of fixed assets 0.019 0.44 0.97 73 1.14 75.569 4.39 Provision for doubtful debts and advances 3.15 17.81 17.56 10.65 0.17 49.34 2.87 Other expenses 63.95 58.92 67.43 68.27 78.7 337.27 19.60 Total 67.119 687.67 85.96 151.92 728.21 1720.88 100.00 Table 7.9.3 represent selling and distribution, research and development and other overhead of MRPL. The foreign exchange fluctuation was Rs. 610.5 crores in the year 2008-09 and Rs. 648.2 crores in the year 2011-12. The loss on sale write off of fixed assets was Rs. 019 crores in the year 2007-08 it was increased up to 0.97 crores in the year2009-10, after that it was increased suddenly up Rs. 73 crores in the 317
year 2010-11. The company has made total Rs. 49.34 crores for provision for doubtful debts and advance. The other expenses were Rs. 68.27 crores in the year 2010-11 which was lowest one. In total selling and distribution, R & D and other overhead 73.14% contribution by the foreign exchange fluctuations. 7.10 Indirect overhead of NRL 7.10.1 Production overhead of NRL Components 2007-08 Table 7.10.1 Production overhead of NRL 2008-09 2009-10 2010-11 2011-12 Total Rs. % Excise Duty on Inventory differential -4.861-2.66 17-19.4-4.96-14.88-3.54 Power and Fuel 1.43 0.03 0.03 2.11 130 133.6 31.76 Rent 4.02 5.61 5.46 4.52 4.51 24.12 5.73 Repairs and maintenance: Building 0.29 0.28 0.45 0.33 0.33 1.68 0.40 Repairs and maintenance: Machinery 13 36 20 41 34 144 34.23 Repairs and maintenance: Others 0.2 31 29 28 44 132.2 31.42 Total 14.079 70.26 71.94 56.56 207.88 420.72 100.00 Table 7.10.1 shows production overhead of NRL. The excise duty on inventory differential was negative under study period excluding the year 2009-10. The power and fuel was Rs. 1.43 crores in the year 2007-08 after that it was decreased up to Rs. 0.03 and stable for next year. The power and fuel expenses were Rs. 130 crores in the year 2011-12. The company was paid Rs. 24.12 crores rent under study period. The repairs and maintenance expenses of building was Rs.029 crores in the year 2007-08 it was decline in next year up to Rs.0.28 crores and once again increase up to Rs.0.45 crores in the year 2009-10. The machinery repairs and maintenance was varies between Rs.13 crores to Rs. 41 crores under study period. Other repairs and maintenance was Rs. 0.2 crores in the year 2007-08 it was increased suddenly up to Rs. 31 crores in the year 2008-09. In the last year it was Rs. 44 crores. The total production overhead was Rs. 14.079 crores in the year 2007-08 it was increase up to Rs.71.94 crores in the year 2009-10. The total production was Rs.56.56 crores in the 318
year 2010-11 and Rs.207.88 crores in the year 2011-12. In.the total production overhead 34.23% contribution by the machinery repairs and maintenance. 7.10.2 Administrative overhead of NRL Table 7.10.2 Administrative overhead of NRL Components 2007-2008- 2009-2010- 2011- Total 08 09 10 11 12 Rs. % Contribution to gratuity fund 0.15 4.37 0.58 5.28 7.61 17.99 1.20 Contribution to provident fund 3.06 3.37 6.13 8.01 33.81 54.38 3.62 Depreciation and amortization 158 148 154 170 174 804 53.51 Exploration Expenses 0.61 2.02 2.38 3.36 3.37 11.74 0.78 Facility hire charges 1.91 0.96 0.4 3.03 7.5 13.8 0.92 Insurance 4.73 4.07 4.5 5.12 5.19 23.61 1.57 Interest 23.24 21.43 5.14 29 39 117.81 7.84 Remuneration to auditors 0.05 0.03 0.04 0.06 0.06 0.24 0.02 Salaries and wages 40 68 82 108.77 73 371.77 24.74 Telephone, Telex, Cables, Postage etc. 0.83 0.9 0.88 0.51 0.6 3.72 0.25 Welfare expenses 10 11.36 16 16 30 83.36 5.55 Total 242.58 264.51 272.05 349.14 374.14 1502.42 100.00 Table 7.10.2 represents administrative overhead analysis of NRL. The gratuity fund was Rs.0.15 crores which was lower one the year 2007-08 and Rs. 7.61 which was higher one in the year 2011-12. The contribution to provident fund continually increases throughout study period and it was increases suddenly in the year last year up to Rs. 33.81 crores from the Rs. 8.01 crores. Total depreciation was Rs. 804 crores under study period. In total administrative overhead 53.51% contribution by the depreciation and amortization expenses. The exploration expenses increased under study period and reach to Rs. 3.37 crores in the year 2011-12. The facility hire chares was Rs. 1.91 crores in the year 2007-08 which decline for next two year up to Rs. 0.40 crores in the year 2009-10 but once again it was increased up to Rs. 5.19 crores in the year 2011-12.The initially three year insurance premium expenses were decline but after that it was increased for last two year of study period. The NRLwas paid Rs. 23.61 crores total insurance premium under study period. The interest expenses was 319
Rs. 23.24 crores in the year 2007-08, Rs. 21.43 crores in the year 2008-09, Rs. 5.14 crores in the year 2009-10.In the year 2010-11 interest expenses suddenly increase up to Rs. 29 crores and Rs. 39 crores in the year 2011-12. In total administrative overhead only 0.025% remunerations paid to auditors under study period. The salary and wages expenses was Rs. 40 crores in the year 2007-08 it was increased up to Rs. 108.77 crores in the year 2010-11 but in the year 2011-12 salaries and wages was decline up to Rs. 73 crores. The total telephone, telex, cable, postage expenses was Rs. 3.72 crores under study period and contribution to administrative expenses was 0.25% by all these communication expenses. The welfare expense was increase from Rs. 10 crores to Rs. 30 crores in the year 2007-08 to 2011-12. In total administrative overhead 53.51% contribution by the depreciation and amortization, 24.74% contribution by salaries and wages and 7.84% contribution by interest. 7.10.3 Selling and distribution, R & D, and other overhead of NRL Table 7.10.3 Selling & Distribution, R & D, and other overhead of NRL Components 2007-2008- 2009-2010- 2011- Total 08 09 10 11 12 Rs. % Provision for stores 0 0 13.56 0 0 13.56 5.96 Charities and donations 3.71 4.23 5.42 5.18 7.05 25.59 11.26 Foreign Exchange fluctuations (net) 0 0 0 0 0.79 0.79 0.35 Loss on sale/write off of fixed assets 0.05 0.06 0.39 17.74 7.2 25.44 11.19 Provision for doubtful debts and advances 0 0 0 0.46 4 4.46 1.96 Provision/(Reversal) towards diminution in value of investments 1.35-3.86 0 0.48 0.01-2.02-0.89 Travelling and conveyance 10 10.94 9.86 10.52 12.65 53.97 23.74 Write off of Bad debts. Store & Spares and others 0 0 0 0 0.47 0.47 0.21 Other expenses 17.28 19.49 25.48 13.85 29 105.1 46.23 Total 32.39 30.86 54.71 48.23 61.17 227.36 100.00 320
Table 7.10.3 represent selling and distribution, research and development and other overhead of NRL. The provision for stores was Rs. 13.56 crores in the only one year 2009-10. The charities and donations was Rs. 3.71 crores in the year 2007-08 after that it was increased up to Rs. 4.23 crores in year 2008-09, once again increase up to Rs. 5.42 crores but in the year 2010-11 decreased little up to Rs. 5.18 crores and once again increased up to Rs. 7.05 crores in the year 2011-12.The foreign exchange fluctuations was Rs.0.79 crores in the year 2011-12. The loss on sale or write off fixed assets was Rs. 0.05 in the year 2007-08 it was increase up to Rs. 17.74 crores in the year 2010-11 but at last year it was decline up to Rs. 7.2 crores. The provision for doubtful debts and advances was Rs. 0.46 crores and Rs. 4 crores for the year 2010-11 and 2011-12 respectively. The travelling and conveyance overhead was Rs. 10 crores in the year 2007-08 it was increased up to Rs. 10.94 in the year 2008-09 but next year it was decline up to Rs.9.86 crores. The bad debts write off, stores and spares and other was Rs. 0.47 crores in the year 2011-12. The total selling and distribution overhead expenses were Rs. 105.1 crores under study period. Percentage wise analysis shows that the 46.23% contribution by other expenses, 23.74% contribution by travelling and conveyance, 11.26% contribution by charities and donation and 11.19% by the loss on sale or write off fixed assets. 7.11 Indirect overhead of CPCL 7.11.1 Production overhead of CPCL Table 7.11.1 Production overhead of CPCL Components 2007-2008- 2009-2010- 2011- Total 08 09 10 11 12 Rs. % Processing fees 6.93 2.84 0 0 0 9.77 0.89 Electricity and water 0.72 0.64 0.57 0.8 1.74 4.47 0.41 Excise Duty on Inventory differential 64.16 0 0 0 0 64.16 5.83 Power and Fuel 110 44.45 41.85 37.42 37.95 271.67 24.68 Rent 22.54 17.44 10.54 10.12 11.2 71.84 6.53 Repairs and maintenance: Building 5.87 5.61 5.11 2.67 1.96 21.22 1.93 Maintenance: Machinery 122.67 110.08 136.74 99.11 113.45 582.05 52.88 Maintenance: Others 7.28 6.78 13.99 26.18 21.32 75.55 6.86 Total 340.17 187.84 208.8 176.3 187.62 1100.73 100.00 321