Gcsr bank part 2

A
COMPREHENSIVE PROJECT REPORT
ON
“A Study on Financial Performance of selected
Sugar Manufacturing Units in India”
SUBMITTED TO:
Gujarat Technological University
In partial Fulfillment of the Requirement of the award of the
degree of
Master of Business Administration (MBA)
UNDER THE GUIDANCE OF
Prof. Bansi Patel
Assistant Professor – MBA
SJPI – NICM, Gandhinagar.
SUBMITTED BY:
Vaghasiya Pratik - 137690592121
Kathiriya Piyush - 137690592043
[Batch: 2013-15]
Shri. Jairambhai Patel Institute of Business Management &
Computer Applications (NICM-MBA)
MBA PROGRAMME
Affiliated to Gujarat Technological University, Ahmedabad.
2015

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DECLARATION
This Comprehensive Project Titled “A Study on Financial Performance of selected Sugar
Manufacturing Units in India” has been prepared by us under the guidance of Prof. Bansi
Patel for partial fulfillment for Master of Business Administration (MBA) of Gujarat
Technological University. This study has been undertaken by us and the report has not been
submitted in any University / Academic Institute.
Place:Gandhinagar
Date:
Name of the student: Vaghasiya Pratik (137690592121)
Kathiriya Piyush (137690592043)
Signature of the Student:

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CERTIFICATE
This is to certify that Kathiriya Piyush M. (137690592043) and Vaghasiya Pratik R.
(137690592121) student of MBA (2013-2015 batch) at Post Graduate Centre of Gujarat
Technological University – MBA, SJPI has prepared a Comprehensive Project Report on “A
Study on Financial Performance of Selected Sugar Manufacturing Unit in India”. in partial
fulfillment of two years full-time MBA Programme of Gujarat Technological University,
Ahmedabad. This project work has been undertaken under my supervision and found
satisfactory.
Date: ----------------- Prof. Bansi Patel
Place: Gandhinagar Core Faculty – MBA Dept. & Project Guide
Prof. (Dr.) S.O.Junare
Director – Technical Campus
Prof. (Dr.) S.O.Junare
Director – Technical Campus
Shri Jairambhai Patel Institute of Business
Management and Computer Applications (SJPI)
(Formerly known as National Institute of Cooperative Management),
Approved by AICTE, New Delhi and Affiliated with Gujarat University
Opposite Amusement Park, Indroda Circle, Gandhinagar - 382 007
Phone: 079 – 23213043, 37 - 38 - 39 Fax : 079 – 23213036
Web: www.nicm.org.in E mail: director_mbanicm@yahoo.com

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PREFACE
A Comprehensive Project Report is one of the highly effective means of the learning and
acquiring worldwide knowledge. It generates a concerted effort by students to acquire in depth
knowledge on a subject and present the same in systematic manner.
A Comprehensive Project Report is an integral part of the MBA program. The main objective of
the Comprehensive Project Report is to enhance the skill of researcher and gain the valuable
knowledge of management skills that will be useful in the future career building. Hence,
Comprehensive Project Report is the only way out for the students of management to increase
his analytical skill.
This Comprehensive Project Report is based on Sugar Manufacturing Units. We have taken care
to deal with the prescribed topics in sufficient depths and in a very lucid language.

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ACKNOWLEDGEMENT
This project is not one person’s solitary effort. It is our duty as well as privilege to express my
deep sense of gratitude to all those who have been associated with me in this summer project.
First of all, we express my deep gratitude towards Dr. S.O Junare, Director & our project
guide Prof. Bansi Patel, Core Faculty, Shree Jairambahi Patel Institute of Business
management and Computer Applications (NICM) who initiated this study and also helped me
by giving their valuable comments at every stage of my project.
We would also like to thank our friends, family for that help and cooperation throughout the
Project.
Thanking You.
(Vaghasiya Pratik R.)
(Kathiriya Piyush M.)

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INDEX
NO. Particular Page no.
Executive summary 7
1. Introduction 8
1.2 Industry overview 10
2. Literature Review 30
Objective of the Study 38
3. ResearchMethodology 39
3.1 Problem of the Study 40
3.3Research Design 40
3.4 Sources of the data 41
3.5 Scope of the Study 42
3.6 Hypothesis 43
4. Data Analysis and Interpretations 44
5. Findings 91
8. Conclusion 92
9. Bibliography 93
10. Limitations of the Study 93
11. Appendix 95

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EXECUTIVE SUMMARY
Here, we have prepared Comprehensive report on Sugar manufacturing units as a part of MBA
curriculum in Gujarat technological university in the State of Gujarat. In this Comprehensive
project Report Researcher have done an analysis of the Financial Performance of selected
Sugar Manufacturing Units in India.
First of all, Researchers have include introduction, history of all top 10 sugar industries in India,
statement of the companies, SWOT analysis , etc. Also Researchers have done research on
Financial Status of selected Sugar Manufacturing Units on the basis of Z score Model.
Researchers have also performed different analysis to get a clear picture about the companies and
light about the company future in Sugar manufacturing units industries is a learning organization.
In this report we analysis that financial position through EPS, PAT, and ROE.
In this Report uses the Altman’s Z-score model to predict the risk of financial distress of select
sugar manufacturing units as per market Capitalization in India. The results through we easily
know that the liquidity, working capital turnover efficiency and solvency position of the
companies is good or bad. The Z-Score analysis also shows the companies are suffering from
the financial distress and tending towards bankruptcy or not. so that Z Score model through also
data are analysis on Sugar manufacturing Units.
In an era where there is a need for inclusive growth, the sugar industry is amongst the few
industries that have successfully contributed to the rural economy. It has done so by
commercially utilizing the rural resources to meet the large domestic demand for sugar and by
generating surplus energy to meet the increasing energy needs of India. In addition to this, the
industry has become the mainstay of the alcohol industry. The sector supports over 50 million
farmers and their families, and delivers value addition at the farm side. In general, sugarcane
price accounts for approximately 70 percent of the ex-mill sugar price .The sector also have a
significant standing in the global sugar space.

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The Indian domestic sugar market is one of the largest markets in the world, in volume terms.
India is also the second largest sugar producing geography. India remains a key growth driver for
world sugar, growing above the Asian and world consumption growth average. Globally, in most
of the key geographies like Brazil and Thailand, regulations have a significant influence on the
sugar sector. Perishable nature of cane, small farm landholdings and the need to influence
domestic prices; all have been the drivers for regulations. In India, too, sugar is highly regulated.
Since 1993, the regulatory environment has considerably eased, but sugar still continues to be an
essential commodity under the Essential Commodity Act. There are regulations across the entire
value chain land demarcation, sugarcane price, sugarcane procurement, sugar production and
sale of sugar by mills in domestic and international markets.

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WORLD SUGAR INDUSTRY SCENARIO
World Current market situation
The world sugar market has experienced and continues to experience considerable price
volatility. The world indicator price for raw sugar has witnessed a succession of peaks and
downward corrections in 2011 before reaching to a 30-year high of USD 795/tonne in February
2013.The reason for this global price volatility was global sugar deficit in previous two seasons
due to failure of crops because of adverse seasonal condition which resulted in low production of
sugar and due to high demand the prices has risen. World sugar stocks, which had already been
drawn down, fell to their lowest level in 20 years in 2012-13, supporting higher as well as more
volatile market prices. International sugar prices have eased in year 2013, as there was a bumper
crop around the world which has resulted in fall of prices around the globe and the global
balance moves into a larger surplus that allows the start of stock rebuilding.
PresentMarkettrends and prospects:
World sugar prices are projected to decline from historical highs, but prices will remain higher
on an elevated plateau and to average higher in real terms to 2020-21, compared with the past
decade. The margin between raw sugar and white sugar is expected to decline from the high
level in 2013 and then to average above USD 90/tonnes over the projected period, which will be

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due to increased sales of white sugar by traditional sugar exporters and from new destination
refineries in the Middle East and Africa. World sugar prices are expected to follow a wave
pattern over the projected period, the pattern will be quite similar to the past decade, as a result
of a continuation of government policies that intervene in sugar markets in many countries and
production cycles in Asia, particularly in India, that causes large, periodical swings in trade
between imports and exports. As a consequence, world prices are projected to fall in 2012-13 as
production will be at peak in India and production will rise in other countries and additional
exports are placed on (or lower imports are drawn from) the world market. Subsequently, the
cycle in India enters the down phase leading to a shortfall in production and the need for large
imports to meet consumption needs that boost the world price in 2015-16. The upturn in the
cycle then recommences leading to a further drop in world prices in 2017-18 and so on.
 Stock has risen in 2013, in anticipation of production being less than consumption in
coming year as it will be a cyclical years of downfall in production, which ultimately
pushes the prices up.
 As production is low in year 2012and 2013, the prices has increased, the stock has fallen.

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Global Production of sugar:
Sugar crops in many parts of the world are projected to expand in response to rising demand for
sugar and other uses and relatively high market prices. World sugar production is expected to
increase by 50 Mt to reach over 209 Mt in 2020-21. The bulk of the additional sugar production
will come from the developing countries and the main burden of growth will continue to fall on
Brazil. Brazil has expanded production rapidly in the past two decades, but a slowdown in
investment in new mills occurred after the financial crisis of 2008, slowing overall growth in
following years. The recent surge in sugar prices has improved profitability and should trigger
additional investment to come on stream within the decade, with output rising by around 11 Mt
to nearly 50 Mt by 2020-21.
India, the second largest global producer and the world’s leading consumer, is expected to boost
production substantially to 32 Mt of sugar per year, on average, in the coming decade, or some
50% higher than in 2008-10, when production fell sharply. Annual sugar output will continue to
be subject to periodic large swings in response to the longstanding production cycle. Some other
countries of Asia, such as China and Pakistan, are also expected to continue to experience milder
forms of production cycles, which contribute to fluctuations in production and their import
volumes. Outside this group, an expansion drive underway in Thailand is expected to continue as
investment projects currently in the pipeline come on stream, lifting production to around 8.7 Mt
by 2020-21, and maintaining its position as the world’s third largest producer.
In contrast, to the expansion trends in the developing world, the traditional sugar industries in a
number of developed countries are expected to witness static or lower production over the
coming decade. For instance, in the European Union quota based sugar production has declined
with policy reform and is expected to stabilize around 13.4 Mt , with a continuation of existing
production quotas, to equilibrate the domestic market in a context of stable consumption, a fixed
volume of subsidized exports and projected higher imports. Some additional out-of-quota sugar
beet production is expected to arise over the projection period for use in ethanol production and
the chemical industry.

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Production of sugar in the United States is expected to show little growth and to remain well
below the 85% minimum allotment level of the 2008 FCE Act. US producers are expected to
focus on improving their sugar margins by cutting costs and essentially leaving Mexico to fill the
expanding gap between stable production and higher US consumption requirements. Assured
access to higher prices in the slowly growing US market is expected to encourage some further
investment and growth in Mexico’s sugar production to 2020-21.
The sugar industry in Australia, although devastated by flooding and a cyclone in 2010, is
expected to recover in coming years. However, with continuing pressure on land available or
sugarcane production, sugar producers will likely focus on higher productivity, based on farm
consolidation and improved cane varieties and higher sugar yields, rather than cane area
expansion, in lifting output to around 5 Mt in 2020-21. The sugar industry in the Russian
Federation has undergone a transformation in recent years and is projected to continue to expand
production, under the stimulus of high domestic support measures, to reach nearly 5 Mt by 2020-
21.
Global sugar consumption has continued to increase despite the continuing economic difficulties
in many developed countries, compounded by the period of high sugar prices and increased
volatility. This has slowed sugar use at the start of the Outlook period and slower consumption
growth is expected to continue over the longer term as world sugar prices average higher in real
terms. Global consumption is projected to grow at 2.2% p.a. to 2020-21, and down from 2.6%
p.a. in the previous ten years.
The developing countries will continue to experience the strongest growth in sugar consumption,
fuelled by rising incomes and populations, although with considerable variation between
countries. The sugar deficit regions of Asia and the Far East as well as Africa, will be
responsible for most of the expansion in use. In contrast, sugar consumption in many developed
countries, with their mature sugar markets, are expected to show little or no growth. Total
consumption in these countries is expected to increase from 48Mt to nearly 52 Mt over the
projection period. This reflects, among other things, slowing population growth and dietary shifts
that are underway as a result of increasing health awareness and concerns with obesity and
related health issues.

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Global Sugar Trade:
Over the last decade, there have been a number of structural changes affecting the evolution of
trade patterns which will continue to influence international sugar transactions in the coming
period. These include increased concentration in sugar export trade, with a smaller number of
global exporters, and a decline in the volume of white sugar traded internationally. The reform
of the sugar regime in the European Union led to an abrupt decline in white sugar exports, of the
order of 6-7 Mt, as production quotas were progressively reduced below consumption
requirements. As a consequence, the EU has switched from a large net exporter of white sugar to
a large importer of mainly raw sugar for further refining and sale in the domestic market. The
white sugar trade is expected to recover over the coming years. This will occur as more refined
sugar is exported by traditional exporters in response to the high white sugar premium at the start
of the Outlook and as new destination refineries in a number of countries in Africa and the
Middle East progressively come on stream and begin to export increasing quantities of white
sugar to neighboring countries and regional markets.
 In China, tightening government controls on the production and use of artificial
sweeteners, and limited water availability for cane irrigation, moreover increasing
consumption demand along with fast urbanization the China is set to displace EU and US
as largest importer by 2020.
 Increased focus on productivity in Russia and India will relieve them from imports.
World 15 largestsugarproducing countries:

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Source:FOA Secretariat
Sugarcane Production Potential in India:
India likely has significant potential to expand sugarcane production by increasing both planted
area and yield. While India’s area planted to sugarcane, averaging about 4.5 million hectares per
year of primarily irrigated land, is the second largest in the world after Brazil, it accounts for a
relatively small Share of India’s cropped area (about 142 million hectares) and net irrigated area
(about 60 million hectares). Sugarcane, however, is a year-round crop that typically remains in
the field for 3 years, and returns to sugarcane production must be competitive for irrigated land
on which two and in some areas three, crops are taken in one year.

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Sugaryear 2012:
Excessive availability of sugar this year is unlikely to deter Indian exporters to intensify supplies
to global markets and increase realisation this year. Reeling under severe financial stress, Indian
sugar companies are looking for opportunities for higher realisation from overseas markets with
permission from the local government.
The government of India had allowed one mt of exports under open general licence so far. An
increase in India’s exportable surplus and strong production prospects in key Northern
Hemisphere producers will limit the upside on prices. The important questions for the sugar
market in 2012 will be whether cane output in Brazil recovers after a production setback, when
and how much Brazilian cane will be converted into ethanol instead of sugar, and the outlook for
Indian sugar exports.

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INDIAN SUGAR INDUSTRY AT A GLANCE
Indian sugar production has reached 188 lakhs a tonne by end Feb’13 which is a tad below last
year’s output by 0.31%. According to the Indian Sugar Mills Association estimates about 246
lakh tons was produced for the sugar season 2012-13. Indian sugar production is poised to
increase to 29.8 million metric tons in the next year due to an expected increase in sugarcane
production. With a surplus sugar production and strong export demand for 2012/13, India will
continue to be a net exporter of sugar for the second consecutive year, with exports likely to
reach as much as 2.5 million tons. Continued strong demand from bulk consumers will push
sugar consumption to 26.5 million tons.
Sugar production had for a third consecutive year strong growth in 2012/13 after moving through
a downward cycle in 2008/09 and 2009/10. India's total centrifugal sugar production in 2012/13
was 29.75 million metric tons, which includes 435,000 tons of Khandsari sugar. In 2012/13 gaur
production was higher at 4.4 million tons due to firm prices. Sugar production till March-end of
the current 2012-13 sugar year is down 2 per cent at 23.05 million tonne, the Indian Sugar Mills
Association said. In the corresponding last year, sugar output stood at 23.45 million tonnes.
Average recovery or the amount of sugar produced from the cane crushed stood at 10.09 per cent
during the current season, about 0.2 per cent lower than last year.
Maharashtra has produced 7.7 million tonnes of sugar, about 4 per cent lower than last year. In
Uttar Pradesh, sugar output stood at 6.75 million tonnes, marginally higher than corresponding
last year’s 6.67 million tonnes. Karnataka has produced 3.29 million tonnes of sugar till March
2013, about 7 per cent lower than last year. Tamilnadu’s sugar output is down 3 per cent at 1.35
mt. ISMA has estimated that sugar output is 24.6 million tonnes for the 2012-13 seasons,
marginally lower than 26 mt produced in the previous year.
The sugar industry is third largest industry in the country. About 60% of the world sugar
production is made from sugarcane. The sugarcane is crushed in the sugar mill and the juice
extracted by heavy rollers.
The concentrated juice or molasses contains 45% of water. Centrifuge treatment produces
granulated sugar of a grayish hue (brown sugar), however, while sugar is obtained by a refining

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process. In the refineries, the brown sugar is dissolved with various chemicals (sulphuric
anhydride, phosphoric acid) and is filtered with or without bone black depending upon the
desired purity. The filtered syrup evaporates in vacuum until it crystallizes; centrifugation is then
applied until a white crystalline powder is obtained.
Sugarcane is grown in tropical and subtropical zones where certain diseases and pathological
conditions are endemic. These are made worse by poverty and by environmental and working
conditions (temperature up to 40°C and humidity as high as 80%).
In some pates of the factory (as near turbines), noise levels may exceed tolerable limits.
Decomposing organic matter gives off unpleasant odors (suppurated hydrogen). The commonest
injuries are heatstroke, various kinds of dermatitis, conjunctivitis, burns and falls. The incidences
of dental decay are fairly high. Morbidity is in general 50% higher than in other branches of
industry. Tuberculosis, alcoholism and chronic fatigue are characteristic in tropical countries and
these are diseases which are peculiar to the area.
Sugar is made from sugarcane, and was discovered thousands of years ago in New Guinea. And
then the route was traced to India and Southeast Asia. India was the first to begin with the
production of sugar following the process of pressing sugarcane to extract juice and boil it to get
crystals. The government of India in 1950-51 made serious industrial development plans and has
set many targets for production and consumption of sugar. These plans by the government
projected the license and installment capacity for the sugar industry in its Five Year Plans. India
is well known as the original home of sugar and sugarcane.
Indian mythology supports the fact it contains legends showing the origin of sugarcane. Today
India is the second largest producer of sugarcane next to Brazil. Currently there are about 4
million hectares of land under sugarcane with an average yield of 70 tonnes per hectare.
India is the largest producer of sugar including traditional cane sugar sweeteners, Khandsari and
Gur equivalent to 26 million tonnes raw value followed by Brazil in the second place at 18.5
million tonnes. Even in respect of white crystal sugar, India has ranked No.1 position in 7 out of
last 10 years.

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The traditional sweeteners of India like Gur & Khandsari are consumed mostly by the rural
population in the country. In the early 1930's nearly 2/3rd of sugarcane production was used for
the production of alternate sweeteners like Gur & Khandsari. As accordingly because of the
better standard of living and higher incomes, the sweetener demand has shifted to white sugar.
Currently 1/3rd of sugarcane production is used by the Guar & Khandsari sectors.
In the year 1930 there was an advent of modern sugar processing industry in India which was
started with grant of tariff protection to the sugar industry. In the year 1930-31 the number of
sugar mills increased from 30 to 135 and in the year 1935-36 production was increased from
1.20 lakh tonnes to 9.34 lakh tonnes under the dynamic leadership of the private sector. In the
year 1950-51 the era of planning for industrial development began and Government laid down
targets of sugar production and consumption, licensed and installed capacity, sugarcane
production during each of the Five Year Plan periods.
Types of Sugar Industries in India:-
The Sugar industry In India has two sectors including organized and unorganized sector. The
Sugar factories usually belong to the organized sector and those producers who produce
traditional sweeteners fall into unorganized sector. Gaur and Khandsari are the traditional forms
of sweeteners.
Manufacturing Process followed by the Sugar Industry:
 Extracting juice by pressing sugarcane
 Boiling the juice to obtain crystals
 Creating raw sugar by spinning crystals in extractors
 Taking raw sugar to a refinery for the process of filtering and washing to discard
remaining non-sugar elements and hue
 Crystallizing and drying sugar
 Packaging the ready sugar
ABOUT THE INDIAN SUGAR INDUSTRY

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Sugar industry is the second largest agro-based industry in India and contributes significantly to
the socio-economic development of rural population. It supports 50 million farmers and their
families and provides direct employment to over 0.5 million skilled and semi-skilled persons in
sugar mills and integrated industries. The Indian sugar industry plays a leading role in global
sugar market being the world’s second largest producer after Brazil, producing nearly 15 and
25% of global sugar and sugarcane, respectively.
The sugar industry which encompasses 599 operating sugar mills, 309 distilleries and 180
cogeneration plant and numerous pulp, paper and chemical making units is supported by four
leading sugarcane research institutions, twenty-two state sugarcane research stations, world class
sugar machinery manufacturers, suppliers and technical experts.
Currently, the industry produces around 300–350 million tonnes (Mt) cane, 20–22 Mt white
sugar and 6–8 Mt jaggery and khandsari to meet the domestic consumption of sweeteners.
Besides, about 2.7 billion liters of alcohol and 2,300 MW power and many chemicals are also
produced. The industry is able to export around 1,300 MW of power to the grid.
Indian sugar industry is fully capable of meeting demand of potable alcohol as well as 10%
blending in gasoline. Industry is gradually transforming into sugar complexes by producing
sugar, bio-electricity, bio-ethanol, bio-manure and chemicals; these contribute about 1% to the
National GDP. Emerging businesses like fuel ethanol, raw sugar and structural changes in global
market have provided new horizons for the Indian sugar industry.
The sector today has transformational opportunities that would enable it not only to continue to
service the largest domestic markets but has also emerged as a significant carbon credit and
green power producer and has the potential to support an ethanol blending programmed of E10
and beyond.

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Geographical distribution: - Utter Pradesh, Maharashtra, Karnataka, Gujarat, Tamil Nadu, and
Andhra Pradesh
Output per annum:-India is the largest consumer of sugar and consumers around 16 million
tonnes of sugar per annum.
Market Capitalization: - Total turnover of Rs.500 billion per annum.
About major Companies in the Industries:-
1) EID Parry
2) Shree Renuka
3) Balrampur Chini
4) Bajaj Hind
5) Triveni Engg
6) Andhra Sugar
7) Dhampur Sugar
8) KCP Sugar
9) Ponni Sugars(E)
10) Dalmia Sugar
Researchers selected above the top 10 companies on the basis of Market Capitalization of Sugar
Companies in India.

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1) EID Parry:-
Parry represents the enterprise, the pioneering zeal and the strategic
vision to strike new paths, break boundaries and leave a legacy.
Started in 1788, the many business ventures of the company were
the first of its kind in the country, demonstrating industry leadership and the courage to be
different.
First Sugar Company in India to manufacture sugar in 1842 and among the earliest sugar
manufacturers in the world. First sugar manufacturer to start a distillery in India in 1843 as part
of de-risking strategies. The Company’s fully automated, standalone distillery in Sivaganga
started in 2009 is the first of its kind in the country with zero emission, zero effluent and captive
power generation capability.
First sugar manufacturer in India to initiate farmer-centric model of business as early as 1845.
First and only sugar manufacturer in India, with a dedicated R&D wing and cane breeding
programme. The Company’s many innovative programmes in sugarcane cultivation methods
have set industry benchmarks in yield and recovery.
2) Shree Renuka:-
In an age-old & traditionally run cyclical sugar industry in
India,ShreeRenuka Sugars has always strived to do things differently
by rewriting rules & reinventing paradigms. Starting with just one
sugar mill in Karnataka in 1998, the Company has grown to become

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the largest sugar company in India operating seven integrated sugar mills & two world class
port-based refineries. The Company has expanded its footprint to Brazil operating four integrated
sugar mills. Enhancing shareholder value through innovation led growth has been the core
philosophy. The team at Shree Renuka Sugars constantly strives towards making the Company
one of the top three integrated sugar & ethanol companies in the world by harnessing strengths &
realizing synergies through global presence.
A global agribusiness and bio-energy corporation. The Company is one of the largest sugar
producers in the world, the leading manufacturer of sugar in India, and one of the largest sugar
refiners in the world. The company has its Corporate office in Mumbai (Maharashtra, India) and
Head Office in Belgaum (Karnataka, India).
Shree Renuka Sugars operates eleven mills globally (four in Centre-South Brazil and seven in
India) with integrated ethanol and power co-generation capacity. The company also has two
large port based sugar refineries in India.
3) Balrampur Chini:-
Balrampur Chini Mills Limited (“BCML”) was
incorporated in 1975 under the Companies Act as a
wholly-owned subsidiary company of Balrampur
Sugar Company Limited (Name changed to Balrampur Commercial Enterprises Limited)
("BCEL”). By an indenture of conveyance dated 21 February 1976 , BCEL transferred to BCML
the land, building and other assets and the entire staff of its Balrampur Sugar Factory with effect
from 1 July 1975 . BCML ceased to be a subsidiary of BCEL with effect from 25th June, 1979
and its shares were listed on the Calcutta Stock Exchange (CSE) in 1979. The Balrampur Mill
started with a crushing capacity of 800 TCD (Metric Tonnes crushed per day) in 1975 and has
since been expanded to its present capacity of 12,000 TCD.

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4) Bajaj Hind:-
Bajaj Hindustan Limited (BHL) was incorporated
on 23rd November, 1931 under the name - The
Hindustan Sugar Mills Limited – on the initiative of Jamnalal Bajaj - a businessman, confidante,
disciple and adopted son of Mahatma Gandhi. He sought Gandhiji's blessings in this new
venture, which, apart from being a sound commercial proposition would also meet a national
need. Till then, there were barely thirty sugar factories in the country.
The site selected for the first plant was at Golagokarannath, district Lakhimpur Kheri in the Terai
region of Uttar Pradesh (UP), an area rich in sugar cane. The original capacity of the factory was
400 tons of cane crushed per day (TCD). Subsequently, this capacity was increased in stages and
is currently 13,000 TCD. In 1967, a new Company - Sharda Sugar & Industries Limited - was
established as a subsidiary of Hindustan Sugar Mills Limited.
5)Triveni Engg.:-
Triveni Engineering & Industries Ltd is a focused, growing corporation
having core competencies in the areas of sugar and engineering. The
company is among the three largest sugar manufacturers in India, and
the market leader in its engineering business comprising steam turbines,
high speed gears, gearboxes and water treatment solutions.
The company has four subsidiaries namely, Triveni Retail Ventures Ltd, Upper Bari Generation
Ltd, Triveni Engineering Ltd and Triveni Energy Ltd. The company has three business Sugar and
Allied Businesses, Engineering Businesses, and other. Sugar and Allied Businesses includes
Sugar, Co-generation and Distillery operations.
6) Andhra Sugar:-
Andhra Sugars is engaged in manufacturing and marketing of sugar.
Incorporated in 1947, the company also has business interest in area of
organic and inorganic chemicals, edible and non-edible vegetable oils

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and non-conventional power generation. The Andhra Pradesh-based company has
manufacturing facilities located at Tanuku, Kovvur, Guntur, Taduvai, Saggonda and Bhimadole.
Andhra Sugars is primarily focused on manufacturing of sugar and chemicals with power
generation.
Andhra Sugars has associate companies namely Sree Akkamamba Textiles manufacturing
various grades of cotton yarn, polyster cotton blended yarn and viscose cotton blended yarn; and
Andhra Petrochemicals produces Oxo-Alcohols
7) Dhampur Sugar:-
Dhampur Sugar Mills was established in 1933, and
began it’s operations in a small town called
Dhampur located in the state of Uttar Pradesh,
India , with a sugar mill having a crushing capacity of 300 tonnes of cane per day.
Lala Ram Narain ji [1880 – 1943], founder of the Dhampur Group, took on the task of
supporting his entire family at a very young age and shouldered his responsibilities with fortitude
and confidence. During this period he worked with a forest contractor but the craving to press
forward and accomplish, burnt deep within his heart. He soon spotted an opportunity in supply of
wooden sleepers, for laying new railway tracks and boldly struck out on his own. His
determination defied logistics and laid the foundations of the Dhampur Group.
8) KCP Sugar:-
Late Sri V. Ramakrishna promoted the Company The K.C.P.Ltd on
03.07.1941. It had over the years grown multi-fold with multi-product
activities. In the light of its large operation, the Management of The
K.C.P.Limited decided to hive off Sugar, Distillery, Environment and Workshop operations
under the Management of K.C.P.Sugar and Industries Corporation Limited (KSICL), Chennai.
Hence then, the company witnessed steady growth. The Company is engaged in the manufacture
and marketing of wide range of products that can be broadly classified under three groups, viz.,
(1) Sugar (2) Bio-products (3) Engineering unit for manufacture of solid liquid separation

26
equipments through its subsidizing. The catering to the needs of many process industries
contributing to sustains pollution free environment.
9) Ponni Sugar:-
Ponni Sugars (Erode) Ltd was incorporated in 1996, it is an offspring
of Ponni Sugars and Chemicals (PSCL) under a Demerger Scheme
sanctioned by the High Court of Madras on September 10, 2001. In
terms of the scheme, the company took over the business of Erode
Undertaking with concurrent transfer of major part of stakeholders
interest in PSCL to the company. Ponni Sugars is the brainchild of late S Viswanathan, a
renowned industrialist of the South. The Erode sugar mill was set up with 1250 TCD capacity in
1984 in a record time of 12 months. It achieved full capacity crushing during the very first year
of its commercial operation that enabled declaration of a maiden dividend of 10% in that very
first year, a record in the annals of sugar industry. It was a trendsetter in mobilizing surplus cane
during its infancy stage from neighboring sugar mills and extending crushing season to well
above industry average. Its capacity was expanded to 2500 TCD in 1994.
10) Dalmia Sugar:-
Sugar business was made in mid-Nineties and first unit of
2500 TCD was set up at Village Ramgarh in Sitapur district of
U.P. in 1994. During 2006-07, company embarked on a major
growth path by setting up two Greenfield plants at Jawaharpur
(Dist. Sitapur, U.P.) and Nigohi (Dist. Shahjahanpur, U.P.) and expanding existing facilities at
Ramgarh unit. The total cane crushing capacity of the company is now 22500 TCD which makes
us one of the leading sugar producers in the country. We are now a fully integrated player with
79 MW of cogeneration capacity & a distillery of 80 KLPD. We also have facilities for
processing of raw sugar.
Due to this emphasis on world class systems, we produce sugar of high quality which has found
wide acceptance in markets in U.P. & eastern India and institutional buyers such as Pepsi, Coke,
Britannia, Bharati Wal-Mart, Parle etc. who have stringent quality norms.

31
1.Dr. G. Malyadri,Associate Professor, B. Sudheer Kumar,Assistant Professor Dept of
MBA,Sreenivasa Institute of Technology and Management Studies (SITAMS), Andhra
Pradesh, INDIA.
Indian sugar industry is highly stragmented with organize and un organized players. The
unorganized players mainly produce gaur and Khandsari, the fess refined forms sugar. The sector
has a number of transformational opportunities. These opportunities have remained largely
untapped. The industry has the potential to cater to the large and growing domestic sugar
consumption and emerge as a significant carbon credit and power producer. Further, the industry
can improve its cost competitiveness through higher farm productivity and by managing the
domestic production variation through international trade with a focus on countries in the Indian
Ocean. Thus, transformed sector would be less cyclical with greater alignment between sugar
cane and sugar prices, and will have stable diversified sources of revenue.
2. P.Chellaswamy and S.V.Revathi
Sugar industry is the largest agro-based industry located in the rural India. About 45 million
sugarcane farmers, their dependents and a large mass of agricultural labors are involved in
sugarcane cultivation, harvesting and ancillary activities, and constituting 7.5 per cent of the
rural population. Beside these, about 0.5 million skilled and semi-skilled workers, mostly from
the rural areas are engaged in the sugar industry. The sugar industry in India has been a focal
point for socio-economic development in the rural areas by mobilizing rural resources,
generating employment and higher income, transport and communication facilities.
Further, many sugar factories have established schools, colleges, medical centers and hospitals
for the benefit of the rural population. Some of the sugar factories have also diversified into
byproduct based industries and have invested and put up distilleries, organic chemical plants,
paper and board factories and cogeneration plants. The industry generates its own replenish able
biomass and uses it as fuel without depending on fossil fuel. The sugar industry’s contribution to
the Indian economy is, therefore, enormous. There are 553 installed sugar mills in the country
with a production capacity of 180 lakhs MTs of sugar.

32
3. M. Balasubramanian Assitant Professor in commerce (SFC), Jamal Mohamed College,
Triuchirappalli.
Tamilnadu-Indian sugar industry, second largest agro-based processing industry after the cotton
textiles industry in country, has a lion's share in accelerating industrialization process and
bringing socio-economic changes in under developed rural areas. Sugar industry covers around
7.5% of total rural population and provides employment to 5 lakh rural people. About 4.5 crores
farmers are engaged in sugarcane cultivation in India. Sugar mills (cooperative, private, and
public) have been instrumental in initiating a number of entrepreneurial activities in rural India.
Present paper is an attempt as to review progress of sugar industry in India, understand its
problems and challenges in context of ongoing liberalization process.
Indian sugar industry can be a global leader provided it comes out of the vicious cycle of
shortage and surplus of sugarcane, lower sugarcane yield, and lower sugar recovery, ever
increasing production costs and mounting losses. It needs quality management at all levels of
activity to enhance productivity and production. Attention is required on cost minimization and
undertaking by product processing activities.
4. An Economic Analysis Sarbapriya Ray
Dept. of Commerce, Shyampur Siddheswari Mahavidyalaya,
This paper attempts to measure the economic performance of Indian sugar industry in terms of
capacity utilization measured econometrically at aggregate level over a period from 1979-80 to
2008-09. In this study, Optimal output is defined as the minimum point on the firm’s short run
average total cost curve and the rate of capacity utilization is merely ratio of its actual output to
capacity output level. Under Choice theoretic framework, the results suggest that a significant
variation in the capacity utilization rates over years within same industry was found. There has
been diminishing capacity utilization growth rate in this industry during post reform period. The
impact of liberalization on economic capacity utilization of Indian sugar industry is noticed to
have significant negative impact.
5. Sugar Ltd Sivagangai Unit. Prof. Mr. Nidhyananth
Ms.C.Aarthi: Tamil Nadu, India

33
Sakthi Sugars Limited was established in the year 1961, with commercial production of Sugar
commencing in the year 1964 at its Sakthinagar Sugar plant. Today it has in its fold four Sugar
plant three of them in Tamil Nadu located at Sakthinagar, Sivaganga and Modakurichi and one
plant in Orissa at Dhenkanal. With the aggregate capacity of 19,000 Tonnes of cane Crush per
Day (TCD), Sakthi Sugars Limited is one of the largest producers of Sugar in the country.
Expanding its industrial presence, Sakthi Sugars Limited diversified into manufacturing of
Industrial Alcohol in the year 1972 at Sakthinagar, Tamil Nadu and at Dhenkanal, Orissa in the
year 1996. Sakthi Sugars Limited is one of the important members of the Sakthi Group
contributing a large share of revenue to the group's turnover. In its pursuit for business
excellence, the Sakthi Group, ever since its inception has been staunchly inclined towards
fulfilling its social commitments.
6. Kadapa (Dist), Andhra Pradesh, India.
Financial Distress is a situation where a firm's operating cash flows are insufficient to satisfy
current obligations and the firm is forced to take corrective actions. A firm in financial distress
may also face bankruptcy or liquidation to meet its liabilities. Financial Distress may be caused
by losses and dividend reduction. This paper uses the Altman's Z-score model to predict the risk
of financial distress of select sugar manufacturing units in Andhra Pradesh, India. The results
clearly indicate that the liquidity, working capital turnover efficiency and solvency position of
the companies is not good. The Z-Score analysis also shows the companies are suffering from
the financial distress and tending towards bankruptcy.
7. Dr. M. Prakash
V. Vasugi
The financial analysis is the process of identifying the financial strength and weakness of the
firm by establishing relationship between the items of balance sheet and the profit and loss
account. The study throws light on various efficiency utilizing its aspects and the overall
financial performance of the company. The objective of the study includes the liquidity,
profitability and activity position of the company. Both primary and secondary sources of data
were used is the study and for analysis mainly secondary data has been used. Based on the
financial analysis suitable suggestions were given by the researcher for a better financial
performance of the company.

34
8. S P Singh
Performance assessment of the sugar industry and setting targets for the relatively inefficient
mills to improve their efficiency and productivity is crucial, as the interests of various
stakeholders are largely dependent on its performance. This paper, therefore, attempts to assess
the performance of the sugar mills of Uttar Pradesh, the largest sugarcane producing state
of India. Data envelopment analysis models have been applied on the input-output data of 36
sugar mills for the period 1996-97 to 2002-03. The paper finds that during the period, the
average overall technical efficiency (OTE) in the sugar mills of the State has been 93 per cent.
This implies that an average mill can make radial reduction in all its inputs by 7 per cent without
detriment to its output levels. The OTE shows a cyclical pattern mainly due to fluctuations in the
scale efficiency. The performance of the mills is found to vary significantly across sector, plant
Size and region. The private sector mills achieve the highest efficiency scores, followed by the
cooperative sector. It has also been observed that the mills with bigger plant size attain relatively
higher efficiency scores. Moreover, the mills located in the WR are found better performer as
Compared to their counterparts of other regions. Labour and energy inputs are found highly
underutilized in almost all the inefficient mills. Targets set for relatively inefficient mills suggest
that on average, these mills can become as efficient as the mills in their reference set, if they
could adjust their operation to the associated target point determined by the efficient mills that
define their reference set.
9. Dr. K. Sivaraman1, Dr. S. Kadirvelu2
Indian sugar industry is the second largest agro based processing industry after the cotton textile
industry in the country. India is the second major sugar producing country in the world. Sugar
industry occupies an important place among organized industries in India.
This industry has been instrumental in resource mobilization, employment generation, income
generation and creating social infrastructure in rural areas1. Indeed, sugar industry has facilitated
and accelerated the pace of rural industrialization. At present, there are 553 registered sugar
factories having capital investment of Rs.50, 000 crores and annual production capacity of 180
lakh metric tones2. The annual turnover of the industry is to the tune of Rs.25, 000 crores.

35
The central and state governments reserve annually Rs.2, 500 crores as excise duty, purchase tax,
and cess from sugar industry3. More than 4.50 crores farmers are engaged in sugarcane
cultivation and about 5 lakh rural people have been in direct employment in the industry. Sugar
industry has brought about the socio-economic changes in rural India by way of facilitating
entrepreneurial activities such as dairies, poultries, fruits and vegetables processing, and
providing educational, health and credit facilities.

36
RATIONALE & RESEARCH OBJECTIVES
INTRODUCTION
The research is find out financial performance of the sugar industries for the past five years. A
sincere attempt has been made include all the aspect relating to the study. for their purpose
analysis of financial performance of the company has been published financial performance and
all aspect the researcher should be included in the reports.
The financial analysis is the process of identifying the financial strength and weakness of the
firm by establishing relationship between the items of balance sheet and the profit and loss
account. The study throws light on various efficiency utilizing its aspects and the overall
financial performance of the companies. The objectives of our research is to find out the
liquidity, profitability and activity position of the companies. The secondary data required for
analysis the performance of selected sugar industries. Based on the financial analysis suitable
suggestions are given by the researcher far a better financial performance of the company.
Here Researchers topic is “A Study on Financial Status of selected Sugar Manufacturing Units in
India”
It’s through companies can knowing that there requirement of the liquidity, Working capital,
their financial distress etc. and its through management can take decision about the financial
maintenance and also how much capital are kept as short term finance as well as long term
finance it is helpful to companies.
Here researchers has selected top 10 sugar Companies in India on the basis of market
capitalization.
 Financial Distress is a situation where a firm’s operating cash flows are insufficient to
satisfy current obligations and the firm is forced to take corrective actions. A firm in
financial distress may also face bankruptcy or liquidation to meet its liabilities. Financial
Distress may be caused by losses and dividend reduction.

37
 This Report uses the Altman’s Z-score model to predict the risk of financial distress of
select sugar manufacturing units as per market Capitalization in India. The results
through us easily know that the liquidity, working capital turnover efficiency and
solvency position of the companies is good or bad. The Z-Score analysis also shows the
companies are suffering from the financial distress and tending towards bankruptcy.
 Tight cash situation is one in which a business, household, or individual cannot pay the
owed amounts on the due date. If prolonged, this situation can force the owing entity into
bankruptcy or forced liquidation. It is compounded by the fact that banks and other
financial institutions refuse to lend to those in serious distress.
 When a firm is under financial distress, the situation frequently sharply reduces its market
value, suppliers of goods and services usually insist on COD terms, and large customers
may cancel their orders in anticipation of not getting deliveries on time. Financial distress
is a stage before bankruptcy where a company’s creditors are paid with significant
difficulty or not being paid. While a company can avoid moving from financial distress to
bankruptcy, it can be very difficult. Often financial distress is indicated by additional
costs, such as fees paid to lawyers or the costs of extra interest for late payments.
 The Z-score Formula
Z-Score = 1.2x1 + 1.4X2 + 3.3X3 + 0.6X4 + 1.0X5
 Where……
X1= Working Capital/Total Assets
X2 = Retained Earnings/Total Assets
X3 = Earnings before Interest & Tax/Total Assets
X4 =Total Equity/Total Liabilities
X5 = Sales/Total Assets
 < 1.21 lead to bankruptcy
 1.21 to 2.99 poor financial performances
 >2.99 good financial performance.

38
STATEMENT OF THE PROBLEM
The statement of problem is “A study on Financial Status of selected Sugar Manufacturing
Companies in India.
OBJETIVES OF THE STUDY
1) To study the efficiency of cash and inventory management of the company
2) To measure the overall financial position of the organization with the help of ratio analysis.
3) To study the process of sugar industry.
4) To analyze the Growth and Trend of select sugar companies in India.
5) To Analysis the Liquidity position of selected sugar manufacturing units in India.
6) To Analysis the Financial performance of selected sugar manufacturing units in India
Through with Altman’s Z-Score model.

40
Generally, the research methodology is the process of colleting the data with the proper finding
form different areas of the company as well as the data available externally, which helps the
researcher to make an analysis. As the researcher when collects the data would have to decide
which sort of a data are required for preparing the study, accordingly the method used should be
with the necessary effective measures. Generally, the data that were collected was published
available in:
 Books, magazines and newspapers
 Reports and statements from internet websites
 Reports prepared by researchers in different fields
 Various publications
 By discussing with the peoples
Likewise,
Thus, the data that was collected had essential information of previous year’s financial
statements and related websites that was useful.
RESEARCH DESIGN:-
Research design is the plan, structure & strategy of investigation conceived so as to obtain
answers to questions & to control variance. The definition consists of three important terms plan,
structure & strategy. The plan is an outline of the research scheme on which the research is to
work. The structure of the research is a more specific outline or the scheme and the strategy
shows how the research will be carried out specifying the methods to be used in the collection
and analysis of data.
RESEARCH TYPE
In the Research type there are three type of research
1. Exploratory research
2. Descriptive research
3. Causative research
Here Researchers uses the Descriptive research design. A descriptive study adopted because
detailed information is required for the study.

41
DATA COLLECTION METHOD
There are two types Of Data Collection Method:-
 Primary Method
 Secondary Method
Researchers are using secondary data collection method for this research.
The Secondary Data
Secondary data are already someone fined early time and from that data new researcher ready to
refer that secondary data after they continue with their study and find out something new from
that data. Which is very useful to present conditions of company, company can sometime
implement better solution which is fined by researcher.
1. Annual report of the companies.
2. Published Journals and Books
3. Internet and other secondary sources
On the context of the topic researchers have use secondary data and done the Z score model.
SOURCES OF DATA
-Annual reports of the selected sugar industries.
- Magazines and Journal
-Websites of related companies
-Books
Population: - All Sugar manufacturing companies in India.
Sample size - For the Research purpose, Researchers are selecting Top 10 sugars
manufacturing Units based on its market capitalization.
Sampling Method:-
Researchers have used Convenience Sampling method for this research.
Data Analysis using:-
-- Z score model
-- ANOVA

42
SCOPE OF THE STUDY
The research study covers the study of Indian sugar industry. The study looks into the
competition patterns of both the products globally as well as regionally. The study also covers
the duty structure of both the products in prospective markets.
The research study puts special emphasis on the financial position and seasonal cycles of sugar
production and pricing.

43
HYPOTHESIS
H0 1 There is no significant differences between working capital to total assets among the
selected sugar manufacturing units in India.
H0 2 There is no significant differences between retain earning to total assets among the selected
sugar manufacturing units in India.
H0 3 There is no significant differences between EBIT to total assets among the selected sugar
manufacturing units in India.
H0 4 There is no significant differences between Market value of equity to total assets among the
selected sugar manufacturing units in India.
H0 5 There is no significant differences between sales to total assets among the selected sugar
manufacturing units in India.
H0 6 There is no significant differences between mean EPS of the selected sugar manufacturing
units in India.
H0 7 There is no significant differences between mean PAT of the selected sugar manufacturing
units in India.
H0 8 There is no significant differences between mean ROE of the selected sugar manufacturing
units in India.

45
BALANCE SHEET
1. EID PARRY:
in Rs. Cr.
Mar '14 Mar '13 Mar '12 Mar '11 Mar '10
Sources Of Funds
Total Share Capital 17.58 17.58 17.37 17.32 17.27
Equity Share Capital 17.58 17.58 17.37 17.32 17.27
Share Application
Money
0.00 0.00 0.00 0.00 0.00
Preference Share
Capital
0.00 0.00 0.00 0.00 0.00
Reserves 1,261.84 1,329.30 1,194.86 1,127.42 1,073.39
Net worth 1,279.42 1,346.88 1,212.23 1,144.74 1,090.66
Secured Loans 1,285.80 1,126.78 422.07 456.80 486.63
Unsecured Loans 500.53 596.31 367.28 196.69 88.61
Total Debt 1,786.33 1,723.09 789.35 653.49 575.24
Total Liabilities 3,065.75 3,069.97 2,001.58 1,798.23 1,665.90
Application Of Funds
Gross Block 2,382.58 2,003.43 1,306.83 1,266.60 1,229.05
Less: Revaluation
Reserves
0.00 0.00 5.40 5.54 5.68
Less: Accum.
Depreciation
901.22 773.66 541.84 483.70 412.65
Net Block 1,481.36 1,229.77 759.59 777.36 810.72
Capital Work in
Progress
48.89 62.01 63.97 32.50 35.78
Investments 544.78 871.10 682.78 434.14 682.82
Inventories 1,049.66 782.53 255.43 190.46 190.59
Sundry Debtors 247.39 215.44 229.99 129.10 117.10
Cash and Bank
Balance
63.22 16.92 24.72 7.55 7.69
Total Current Assets 1,360.27 1,014.89 510.14 327.11 315.38
Loans and Advances 393.91 456.75 731.60 479.89 212.14
Fixed Deposits 0.00 0.00 9.85 41.85 66.34
Total CA, Loans & 1,754.18 1,471.64 1,251.59 848.85 593.86

46
Advances
Deferred Credit 0.00 0.00 0.00 0.00 0.00
Current Liabilities 752.31 554.24 432.96 287.37 406.18
Provisions 11.15 10.31 323.39 7.25 51.10
Total CL & Provisions 763.46 564.55 756.35 294.62 457.28
Net Current Assets 990.72 907.09 495.24 554.23 136.58
Miscellaneous
Expenses
0.00 0.00 0.00 0.00 0.00
Total Assets 3,065.75 3,069.97 2,001.58 1,798.23 1,665.90
Contingent Liabilities 319.26 231.08 168.37 100.24 54.39
Book Value (Rs) 72.78 76.63 69.80 66.09 126.29

47
2. SHREE RENUKA:
In Rs. Cr.
Sources Of Funds
Equity Share
Capital
67.13 67.13 67.13 67.04 31.69
Share Application
Money
0.00 0.00 0.00 0.00 20.59
Preference Share
Capital
0.00 0.00 0.00 0.00 0.00
Reserves 1,268.56 1,725.86 1,713.37 1,712.45 1,211.92
Net worth 1,335.69 1,792.99 1,780.50 1,779.49 1,264.20
Secured Loans 3,231.67 1,929.80 3,553.04 1,692.22 1,257.99
Unsecured Loans 144.03 56.82 432.83 23.64 41.53
Total Debt 3,375.70 1,986.62 3,985.87 1,715.86 1,299.52
Mar '14 Mar '13 Mar '12 Sep '10 Sep '09
Gross Block 3,390.69 3,266.97 3,057.50 1,802.50 1,406.62
Less: Revaluation
Reserves
0.00 0.00 0.00 0.00 0.00
Less: Accum.
Depreciation
694.85 531.87 374.45 231.45 149.76
Net Block 2,695.84 2,735.10 2,683.05 1,571.05 1,256.86
Capital Work in
Progress
24.37 27.04 120.48 410.46 242.31
Investments 2,013.96 2,012.89 2,013.49 1,639.28 105.99
Inventories 1,003.39 2,058.84 1,719.16 1,135.95 1,002.32
Sundry Debtors 248.13 173.51 176.51 315.94 104.27
Cash and Bank
Balance
70.97 91.47 10.39 4.42 7.06
Total Current Assets 1,322.49 2,323.82 1,906.06 1,456.31 1,113.65
Fixed Deposits 0.00 0.00 0.00 19.05 203.22

48
Total CA, Loans &
Advances
1,922.95 3,208.40 2,725.00 2,230.59 2,070.73
Deferred Credit 0.00 0.00 0.00 0.00 0.00
Current Liabilities 1,942.19 4,160.69 1,772.83 2,136.36 1,013.44
Provisions 3.53 43.11 2.82 229.66 100.41
Total CL & Provisions 1,945.72 4,203.80 1,775.65 2,366.02 1,113.85
Net Current Assets -22.77 -995.40 949.35 -135.43 956.88
Miscellaneous
Expenses
0.00 0.00 0.00 9.98 1.67
Total Assets 4,711.40 3,779.63 5,766.37 3,495.34 2,563.71
Contingent Liabilities 2,368.44 2,019.00 2,095.42 1,224.68 389.00
Book Value (Rs) 19.90 26.71 26.52 26.54 39.24

49
3. BALRAMPUR CHINI:
In Rs. Cr.
Sources Of Funds
Share Application Money 0.00 0.00 0.00 0.00 0.00
Preference Share Capital 0.00 0.00 0.00 0.00 0.00
Reserves 1,194.03 1,298.62 1,193.68 1,263.55 1,149.39
Net worth 1,218.51 1,323.05 1,218.11 1,289.18 1,175.07
Secured Loans 1,348.00 1,486.60 1,422.37 1,706.69 972.03
Unsecured Loans 0.00 0.00 293.51 300.00 0.00
Total Debt 1,348.00 1,486.60 1,715.88 2,006.69 972.03
Gross Block 2,660.95 2,525.23 2,511.25 2,500.60 2,374.50
Less: Revaluation Reserves 0.00 0.00 0.00 0.18 0.18
Less: Accum. Depreciation 1,138.58 1,004.10 898.76 790.67 604.40
Net Block 1,522.37 1,521.13 1,612.49 1,709.75 1,769.92
Capital Work in Progress 0.30 5.11 0.43 6.45 7.61
Investments 40.87 43.23 44.25 128.61 126.57
Inventories 2,092.29 1,886.57 1,997.79 1,491.31 343.43
Sundry Debtors 64.06 181.38 146.96 89.74 17.10
Cash and Bank Balance 143.44 191.19 11.47 29.11 31.67
Total Current Assets 2,299.79 2,259.14 2,156.22 1,610.16 392.20
Fixed Deposits 0.00 0.00 0.00 3.12 1.30
Total CA, Loans & Advances 2,593.65 2,656.73 2,551.37 2,143.39 859.71
Deferred Credit 0.00 0.00 0.00 0.00 0.00
Current Liabilities 1,585.30 1,346.98 1,261.38 524.25 417.12
Provisions 5.38 69.58 13.17 168.08 200.12
Total CL & Provisions 1,590.68 1,416.56 1,274.55 692.33 617.24
Net Current Assets 1,002.97 1,240.17 1,276.82 1,451.06 242.47
Miscellaneous Expenses 0.00 0.00 0.00 0.00 0.53

50
Total Assets 2,566.51 2,809.64 2,933.99 3,295.87 2,147.10
Book Value (Rs) 49.77 54.15 49.86 50.30 45.77
4. Bajaj Hind:
in Rs. Cr.
BALANCE SHEET Mar '14 Mar '13 Mar '12 Mar '11 Mar '10
Shareholders’ Funds
Share capital 63.94 63.94 22.84 19.14 17.69
Reserves and surplus 2,495.30 4,030.34 3,117.07 3,117.82 2,275.98
Sub Total 2,559.24 4,094.28 3,139.91 3,136.96 2,293.67
Non-current liabilities
Long-term borrowings 2,509.57 1,500.69 2,239.74 2,788.60 1,538.00
Other long-term
liabilities 179.40 - - - -
Deferred tax liabilities
(net) - - 87.74 83.43 108.04
Long-term provisions 41.36 31.84 26.86 173.26 169.36
Sub Total 2,730.33 1,532.53 2,354.34 3,045.29 1,815.40
Current liabilities
Short-term borrowings 3,076.14 3,286.30 1,424.33 2,328.24 1,179.51
Trade payables 2,815.92 236.40 284.82 410.64 210.91
Other current liabilities 1,337.04 1,034.96 2,574.89 1,732.60 829.76
Short-term provision 9.74 12.83 14.84 18.72 18.06
Sub Total 7,238.84 4,570.49 4,298.88 4,490.20 2,238.24
Total 12,528.41 10,197.30 9,793.13 10,672.45 6,347.31
ASSETS
Non-current assets
Fixed assets
Tangible assets 4,986.71 5,419.50 5,389.12 5,478.74 2,630.96
Intangible assets 0.13 0.35 0.52 1.17 1.54
Capital work-in-progress 8.14 7.40 24.29 85.12 118.40
Non-current investments 2,431.05 1,600.36 1,343.79 1,113.34 549.06
Long-term loans and
advances 60.57 92.11 74.87 93.44 73.16

51
Other non-current assets 1.40 1.68 1.32 - -
Sub Total 7,488.00 7,121.40 6,833.91 6,771.81 3,373.12
Current assets
Current investments - - 0.05 0.05 0.05
Inventories 2,673.50 558.24 467.82 1,921.36 800.45
Trade receivables 225.48 192.02 248.20 163.10 28.57
Cash and bank balances 128.24 180.30 583.77 479.20 112.35
Short-term loans and
advances 1,491.11 1,735.82 1,227.26 1,013.03 1,748.72
Other current assets 522.08 409.52 432.12 323.90 284.05
Sub Total 5,040.41 3,075.90 2,959.22 3,900.64 2,974.19
Total 12,528.41 10,197.30 9,793.13 10,672.45 6,347.31

52
5) TRIVENI:
In Rs. Cr.
Reserves 782.57 935.81 989.96 948.95 880.66
Net worth 808.36 961.60 1,015.75 974.74 906.45
Secured Loans 1,001.14 786.19 754.14 850.98 758.75
Unsecured Loans 12.26 70.21 71.74 83.18 75.05
Total Debt 1,013.40 856.40 825.88 934.16 833.80
Gross Block 1,654.77 1,616.59 1,583.50 1,687.51 1,634.87
Less: Accum. Depreciation 704.43 597.03 511.40 452.32 370.17
Net Block 950.34 1,019.56 1,056.21 1,218.98 1,248.16
Investments 38.13 41.03 11.03 11.17 26.98
Inventories 1,402.06 538.30 393.57 491.16 458.12
Sundry Debtors 228.07 209.65 192.45 278.97 242.53
Total Current Assets 1,644.05 758.44 597.13 784.05 716.30
Fixed Deposits 0.00 0.00 4.42 5.16 11.67
Total CA, Loans &
Advances
1,998.29 1,222.44 1,136.46 1,275.36 1,188.51
Deferred Credit 0.00 0.00 0.00 0.00 0.00
Current Liabilities 1,085.88 414.60 321.92 542.37 646.37
Provisions 80.92 57.76 57.45 76.56 97.27
Total CL & Provisions 1,166.80 472.36 379.37 618.93 743.64

53
Total Assets 1,821.78 1,818.02 1,841.63 1,908.90 1,740.24
Book Value (Rs) 31.34 37.29 39.39 37.80 35.15
1) ANDHRA:
In Rs. Cr.
Mar'14 Mar '13 Mar '12 Mar '11 Mar '10
Reserves 536.52 497.34 441.10 369.42 350.22
Net worth 563.63 524.45 468.21 396.53 377.33
Secured Loans 91.94 50.57 130.32 149.06 68.21
Unsecured Loans 137.28 147.21 134.37 159.22 141.96
Total Debt 229.22 197.78 264.69 308.28 210.17
Total Liabilities 792.85 722.23 732.90 704.81 587.50
Gross Block 901.66 888.06 841.11 800.33 743.35
Net Block 466.94 494.64 487.16 483.51 445.72
Investments 103.06 78.04 74.72 75.22 74.09
Inventories 358.46 289.06 301.41 250.25 131.16
Sundry Debtors 91.00 90.94 90.52 52.44 44.20
Total Current Assets 472.02 405.89 414.31 323.61 186.73
Fixed Deposits 0.00 0.00 0.00 1.87 2.49
Total CA, Loans &
Advances
615.74 531.59 535.36 439.10 301.83
Deferred Credit 0.00 0.00 0.00 0.00 0.00
Provisions 134.42 123.38 119.72 90.84 85.22

54
Total Assets 792.86 722.23 732.90 704.81 587.49
Book Value (Rs) 207.93 193.47 172.73 146.28 139.20
2) DHAMPUR:
In Rs. Cr.
Sources Of Funds
Reserves 363.99 403.84 422.52 446.11 437.01
Net worth 446.88 487.20 485.33 508.92 499.46
Secured Loans 1,158.29 1,273.41 857.58 818.53 700.45
Unsecured Loans 51.85 23.33 22.70 77.26 31.69
Total Debt 1,210.14 1,296.74 880.28 895.79 732.14
Mar '14 Mar '13 Mar '12 Mar '11 Sep '09
Gross Block 1,726.22 1,642.74 1,446.76 1,371.52 1,270.62
Net Block 1,085.95 1,073.01 984.98 976.30 958.74
Investments 11.55 11.58 8.99 45.46 27.78
Inventories 1,224.34 1,311.26 710.23 667.29 419.58
Sundry Debtors 110.25 144.06 216.27 85.22 89.30
Total Current Assets 1,349.52 1,468.19 939.71 764.21 519.06
Fixed Deposits 0.00 0.00 0.00 11.07 26.86
Total CA, Loans &
Advances
1,425.82 1,552.88 1,015.04 973.44 655.70

55
Deferred Credit 0.00 0.00 0.00 0.00 0.00
Current Liabilities 1,042.96 829.06 645.00 583.70 430.51
Provisions 30.37 43.89 33.23 24.53 23.69
Total CL & Provisions 1,073.33 872.95 678.23 608.23 454.20
Total Assets 1,657.02 1,783.94 1,365.61 1,404.71 1,231.60
Book Value (Rs) 73.63 84.93 88.39 92.77 92.93
3) KCP:
In Rs. Cr.
Sources Of Funds
Reserves 224.28 207.89 182.40 165.19 159.26
Net worth 235.62 219.23 193.74 176.53 170.60
Secured Loans 51.62 10.32 0.00 7.25 15.08
Unsecured Loans 35.59 38.05 107.26 39.29 27.31
Total Debt 87.21 48.37 107.26 46.54 42.39
Gross Block 234.16 233.98 231.97 229.16 224.43
Net Block 105.14 115.21 120.46 129.20 135.24
Investments 34.36 33.82 35.71 25.38 18.96
Inventories 280.74 217.05 227.94 210.08 110.98
Sundry Debtors 20.67 21.57 12.39 11.48 5.06

56
Fixed Deposits 0.00 0.00 0.00 1.61 0.81
Total CA, Loans & Advances 333.67 266.84 265.47 251.00 155.72
Deferred Credit 0.00 0.00 0.00 0.00 0.00
Provisions 18.81 21.17 12.48 9.27 13.66
Total Assets 322.82 267.59 301.01 223.08 212.99
Book Value (Rs) 20.78 19.33 17.09 15.57 15.05
4) PONNISUGARS:
In Rs. Cr.
Sources Of Funds
Reserves 115.16 120.54 102.94 87.65 71.04
Net worth 123.76 129.14 111.54 96.25 79.64
Secured Loans 81.40 80.31 48.28 16.45 34.30
Unsecured Loans 0.00 0.00 0.00 0.00 0.00
Total Debt 81.40 80.31 48.28 16.45 34.30
Gross Block 175.75 172.78 73.05 71.68 70.95
Net Block 133.39 133.09 44.17 45.21 47.03
Investments 20.79 20.79 20.79 8.29 8.29
Inventories 72.14 73.83 46.94 66.58 89.69
Sundry Debtors 11.56 16.89 11.85 3.52 12.27

57
Fixed Deposits 0.00 0.00 0.00 0.00 1.14
Total CA, Loans & Advances 97.25 108.60 79.10 93.65 124.35
Deferred Credit 0.00 0.00 0.00 0.00 0.00
Provisions 12.10 9.32 11.65 2.00 20.35
Total Assets 205.16 209.45 159.82 112.70 113.95
Book Value (Rs) 143.93 150.19 129.72 111.94 92.62
5) DALMIA:
In Rs. Cr.
Sources Of Funds
Reserves 444.52 441.00 423.81 418.18 1,307.60
Net worth 460.71 457.19 440.00 434.37 1,323.79
Secured Loans 683.81 691.12 640.30 453.79 2,740.20
Unsecured Loans 66.00 64.00 50.00 205.00 110.21
Total Debt 749.81 755.12 690.30 658.79 2,850.41
Gross Block 1,252.04 1,075.80 952.34 932.55 3,373.62
Less: Revaluation
Reserves
0.00 0.00 0.00 5.10 53.86
Less: Accum.
Depreciation
484.73 440.45 378.34 336.60 789.45
Net Block 767.31 635.35 574.00 590.85 2,530.31

58
Investments 77.93 60.49 41.14 38.65 800.98
Inventories 629.31 720.00 583.74 493.24 707.40
Sundry Debtors 18.18 70.46 76.22 20.48 213.82
Total Current Assets 695.18 817.30 736.54 555.68 1,110.96
Fixed Deposits 0.00 0.00 0.00 12.91 21.11
Total CA, Loans &
Advances
857.81 956.21 858.61 696.04 1,389.58
Deferred Credit 0.00 0.00 0.00 0.00 0.00
Provisions 4.84 6.90 3.91 4.91 15.34
Total Assets 1,210.52 1,212.31 1,130.30 1,093.17 4,174.19
Book Value (Rs) 56.92 56.49 54.36 53.67 163.55

59
1. EID PARRY
Year W.C./T.A R.E./T.A. EBIT/T.A. EQ/T.A. SA/T.A. Z Score
2010 0.08 0.427 0.124 0.65 0.69 2.17
2011 0.31 0.195 0.022 0.63 0.7 1.78
2012 0.25 0.205 0.048 0.61 0.77 1.73
2013 0.29 0.197 0.076 0.44 0.65 1.78
2014 0.32 0.088 0.033 0.42 0.58 1.44
 Financial Status of EID Parry Sugar Manufacturing Units-Z Score Model
 The Last five year data through analysis that all the year z score is more than 1.21 so it is
not leading in bankruptcy in any year.
 All the last five year score is between the more than 1.21 and less than 2.99 so it is
indicative of poor financial performance of the company.
 Thus, The EID Parry’s indicative poor financial performance during the study period
2010-2014.
 < 1.21 lead to bankruptcy
 1.21 to 2.99 poor financial performances
 >2.99 good financial performance
2) SHREE RENUKA
2010 0.3732 0.03 0.146 0.49 0.87 2.17
2011 -0.039 0.022 0.185 0.51 1.57 2.43
2012 0.155 0.01 0.0128 0.31 1.1 1.64
2013 -0.263 0.012 0.158 0.47 1.69 2.18
2014 -0.005 0 0.029 0.28 1.38 1.45

60
 Financial Status of Shree Renuka Sugar Manufacturing Units-Z Score Model
In the year of 2010 z score is less than the 1.21 so it lead bankruptcy. But next all the years
more than 1.21 so that improve the financial performance of the company.
During the year 2011 to 2014 score is between 1.21 to 2.99 so it indicative the poor financial
performance the company.
Renuka Sugar industry’s financial performance in 2010 was bad but after all years it improve
and become poor financial performance.
3) BALARAM PUR SUGAR
 Financial Status of Balrampur Chini Manufacturing Units-Z Score Model
 In all the year of 2010 to 2014 score is more than the 1.21 so it not lead to bankruptcy.
 During the last 5 year score is analyses between 1.21 to 2.99 so it indicative the poor
financial performance the company.
 Thus, The indicative Balrampur company poor financial performance during the study
period 2010-2014.
2010 0.11 0.029 0.21 0.55 0.8 1.99
2011 0.44 0.027 0.16 0.39 0.88 2.2
2012 0.44 0.034 0.081 0.41 0.78 1.86
2013 0.44 0.025 0.149 0.47 0.16 1.49
2014 0.39 0.038 0.083 0.44 1.04 2.28

61
4) BAJAJ HINDUSTAN
 Financial Status of Bajaj Hind Sugar Manufacturing Units-Z Score Model
 In the year 2010 score was above the 1.21 and so is not bankruptcy in the financial
performance.
 The year 2011 to 2014 score is less than 1.21 so is lead to bankruptcy in the financial
performance of the company.
 Mostly the score is less than the 1.21 so their financial performance indicative poor
financial performance.
5) TRIVENI
2010 0.25 0.049 0.25 0.52 1.09 2.58
2011 0.34 0.031 0.12 0.51 1.17 2.31
2012 0.41 0.035 0.09 0.56 0.92 2.08
2013 0.41 0 0.097 0.53 1.02 2.14
2014 0.46 0 0.035 0.44 1.73 3.19
Year W.C./T.A R.E./T.A. EBIT/T.A. E.Q/T.A. SA/T.A. Z Score
2010 0.38 0.022 0.069 0.42 0.298 1.26
2011 0.23 0.014 0.053 0.36 0.33 1.01
2012 0.19 -0.13 0.097 0.38 0.59 1.17
2013 0.21 0 0.051 0.46 0.48 1.17
2014 0.088 0 -0.0095 0.31 0.82 0.78

62
 Financial Status of Triveni Sugar Manufacturing Units-Z Score Model
 Triveni sugar ltd. All the last five years score is more than the 1.21 so it indicative that
not lead to bankruptcy but all the year more than 1.21 and less than 2.99 so is indicative
poor financial performance.
 Thus Its through said that triveni sugar ltd. have poor financial performance.
6) ANDHRA SUGAR
2010 0.053 0.18 0.25 0.64 0.98 2.49
2011 0.2 0.174 0.14 0.56 0.71 1.98
2012 0.22 0.198 0.25 0.64 1.033 2.77
2013 0.2 0.02 0.25 0.72 1.15 1.14
2014 0.258 0.176 0.16 0.71 0.92 2.42
 Financial Status of Andhra Sugar Manufacturing Units-Z Score Model
 The Andhra sugar ltd. In the year of 2010 to 2012 score is more than 1.21 but less than
the 2.99 it indicative the poor financial performance not lead bankruptcy
 In the year 2013 z score less than the 1.21 so it is lead to bankruptcy but again in the year
2014 increase the score till 2.42 so it good and improve the financial performance the
company.

63
7) DHAMPUR SUGER
2010 0.18 0.06 0.09 0.4 0.54 1.58
2011 0.26 0.22 0.14 0.36 0.67 1.96
2012 0.25 0.055 0.14 0.35 1.69 2.72
2013 0.38 0.037 0.11 0.26 0.86 1.87
2014 0.21 0 -0.18 0.25 0.89 0.68
 Financial Status of Dhampur Sugar Manufacturing Units-Z Score Model
 Dhampur sugar company in the year 2010 to 2013 z score is more than the 1.21 so is is
not lead to bankruptcy but again the year 2014 below till 0.68 so that is indicative the
bankruptcy in the recent year.
 Thus dhampur sugar ltd. have poor financial performance.
8) KCP SUGER
2010 0.27 0.256 0.212 0.8 1.16 3.01
2011 0.298 0.26 0.09 0.79 0.87 2.35
2012 0.47 0.25 0.14 0.64 1.08 2.81
2013 0.44 0.37 0.25 0.81 1.55 3.89
2014 0.54 0.34 0.13 0.73 1.05 3.03

64
 Financial Status of KCP Sugar Manufacturing Units-Z Score Model
 KCP Sugar ltd. In the year 2010 z score is greater than the 2.99 so that it is indicative
good financial performance. But again in the year 2011 and 2012 it is decrease 2.35 and
2.81 respectively so is derive poor financial performance.
 In the year 2013 and 2014 it is increase the 2.99 so that indicative good financial
performance and improve the performance.
 KCP Sugar Ltd. have good financial performance.
9) PONNI SUGAR
2010 0.51 0.82 0.65 0.7 2.14 6.44
2011 0.39 0.5 0.14 0.6 2.41 4.37
2012 0.066 0.56 0.2 0.69 1.69 3.61
2013 0.26 0.45 0.13 0.61 1.01 2.73
2014 0.25 0 0.021 0.6 0.82 1.55
 Financial Status of Ponni Sugar Manufacturing Units-Z Score Model
 Ponnni sugar industry In the year of 2010 to 2013 z score is more than the 2.99 so that it
indicative the good financial performance of the company.
 But After the Year 2013 and 2014 is decrease still 2.73 and 1.55 respectively so that it is
less than the 2.99 thus it is not good for the company and is indicatives poor financial
performance the company.

65
10) DALMIA SUGER
2010 0.14 0.021 0.11 0.32 0.51 1.06
2011 0.42 0.041 0.061 0.4 0.61 1.60
2012 0.45 0.088 0.056 0.39 0.63 1.70
2013 0.41 0.076 0.13 0.37 0.82 2.06
2014 0.29 0.082 0.089 0.38 0.98 1.95
 Financial Status of Dalmia Sugar Manufacturing Units-Z Score Model
 In the year of 2010 score is less than the 1.21 so it lead to bankruptcy but after the year
2011 to 2014 it is increase so it is good for the company.
 The last Four year 2011 to 2014 z score is greater than the 1.21 but less the 2.99 so it is
indicative the poor financial performance of the company.
< 1.21 lead to bankruptcy
1.21 to 2.99 poor financial performances
>2.99 good financial performance

66
AVERAGE
 Here, Above table of the Average of the Z score through analysis that Ponni Sugar
Industry and KCP Sugar industry have more than the 2.99 Score so that it companies
Financial Performance is good.
 Bajaj Sugar industry has less than 1.21 Z score so that it may lead to bankruptcy.
Company Name Average Of Z score
EID 1.78
Renuka 1.97
Balrampur 1.96
Bajaj 1.07
Triveni 2.46
Andhra 2.16
Dhampur 1.76
KCP 3.01
Ponni 3.74
Dalmia 1.67

67
RATIO ANALYSIS
EPS
Year 2010 2011 2012 2013 2014 Average
EID 23.77 4.58 7.91 18.87 1.51 11.328
Renuka 4.53 6.12 1.25 0.77 -6.94 1.146
Balrampur 8.82 6.42 0.27 6.63 0.15 4.458
Bajaj -18.25 0.18 -4.49 -6.42 -0.76 -5.948
Triveni 6.58 3.52 0.51 -2.59 -5.92 0.42
Andhra 24.63 13.36 34.46 27.61 20.12 24.036
Dhampur 10.6 1.53 5.54 3.9 -13.22 1.67
KCP 2.09 1.04 2.33 3.42 2.44 2.264
Ponni 42.86 21.64 20.69 22.23 -5.56 20.372
Dalmia 16.92 0.38 0.11 2.27 0.37 4.01
Ha There is significant differences between mean EPS of the selected sugar manufacturing units
in India.
H0 There is no significant differences between mean EPS of the selected sugar manufacturing
units in India.
α = 0.05
11.33
1.46
4.46
-5.95
0.42
24.04
1.67 2.26
20.37
4.01
-10
-5
0
5
10
15
20
25
30
EPS

68
EPS:-
ANOVA
Source of
Variation
SS df MS F P-value F crit
Between
Groups
3976.627 9 441.8474 6.276714 1.73E-05 2.124029
Within
Groups
2815.788 40 70.3947
Total 6792.415 49
INTERPRETATION
F critical Value 2.12<6.27
The above table shows that critical value 2.124029 Which is less than the calculated value is
6.276714.Hence we reject the null hypothesis and conclude that There is significant differences
between mean EPS of the selected sugar manufacturing units in India.

69
PAT
Year 2010 2011 2012 2013 2014 Average
EID 205.28 79.26 137.32 331.71 26.53 156.02
Renuka 143.51 410.05 84.05 51.84 -466.09 44.672
Balrampur 226.51 164.41 6.62 162.03 3.64 112.642
Bajaj -6.57 0.66 -25.12 -75.75 -8.93 -23.142
Triveni 169.78 90.84 13.06 -66.71 -152.78 10.838
Andhra 66.76 36.21 93.42 74.85 54.54 65.156
Dhampur 56.19 8.68 28.54 22.76 -75.37 8.16
KCP 23.74 11.43 26.42 38.76 27.66 25.602
Ponni 36.85 18.61 17.79 19.11 -4.78 17.516
Dalmia 136.99 3.1 0.9 18.35 3.03 32.474
Ha There is significant differences between mean PAT of the selected sugar manufacturing units
in India.
H0 There is no significant differences between mean PAT of the selected sugar manufacturing
units in India.
α =0.05
156.02
44.672
112.642
-23.14
10.838
65.156
8.15
25.602 17.516
32.474
-40
-20
0
20
40
60
80
100
120
140
160
180
PAT

70
PAT:-
ANOVA
Source of
Variation
Between
Groups
128816.8 9 14312.98 0.956762 0.488963 2.124029
Within
Groups
598392.7 40 14959.82
Total 727209.5 49
INTERPRETATION
F critical Value 2.12 > 0.95
The above table shows that critical value 2.124029 which is greater than the calculated value is
0.956762.Hence we accept the null hypothesis and conclude that there are no significant
differences between mean PAT of the selected sugar manufacturing units in India.

71
ROE
Year 2010 2011 2012 2013 2014 Average
EID 18.82 6.92 11.32 24.62 2.07 12.75
Renuka 11.55 23.17 4.72 2.89 -34.89 1.488
Balrampur 19.28 12.75 0.54 12.24 0.29 9.02
Bajaj 381.75 0.39 -50.42 -28.13 -2.81 60.156
Triveni 18.75 9.31 1.28 -6.93 -18.89 0.704
Andhra 17.69 9.13 19.75 14.27 9.67 14.102
Dhampur 11.41 1.64 5.92 4.59 -17.95 1.122
KCP 13.91 6.7 1.63 17.68 11.74 10.332
Ponni 46.27 19.33 15.94 14.79 -3.86 18.494
Dalmia 10.34 0.71 0.2 4.01 0.65 3.182
Ha There is significant differences between mean ROE of the selected sugar manufacturing units
in India.
H0 There is no significant differences between mean ROE of the selected sugar manufacturing
units in India.
α = 0.05
12.75
1.488
9.02
60.156
0.704
14.102
1.122
10.332
18.494
3.1820
10
20
30
40
50
60
70
ROE

72
ROE:-
ANOVA
Source of
Variation
Between
Groups
13995.62 9 1555.069 0.455855 0.895104 2.124029
Within
Groups
136453 40 3411.325
Total 150448.6 49
INTERPRETATION
F critical Value 2.12> 0.45
The above table shows that critical value 2.124029 which is greater than the calculated value is
0.455855. Hence we accept the null hypothesis and conclude that there are no significant
differences between mean ROE of the selected sugar manufacturing units in India.

73
Current
Company 2014 2013 2012 2011 2010 Avg.
EID PARRY 0.95 0.94 0.94 1.54 3.08 1.49
SHREE RENUKA 0.38 0.59 0.64 1 2.1 0.94
BALRAMPUR CHINI 1.08 0.99 1.1 1.06 2.26 1.35
BAJAJ HIND 0.7 0.67 0.69 2.09 3.49 1.50
TRIVENI 1.02 1.2 1.26 2.58 1.67 1.54
ANDHRA 1.78 1.78 1.46 1.27 1.57 1.57
DHAMPUR 0.82 0.87 0.9 0.85 1.41 0.97
KCP 1.89 1.7 1.53 1.48 2.35 1.79
PONNI 1.24 1.03 1.09 1.78 2.1 1.44
DALMIA 1.26 1.12 1.33 1.44 2.48 1.52
1.49
0.94
1.35 1.5 1.54 1.57
0.97
1.79
1.44 1.52
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
2
Current Ratio

74
Debt Equity Ratio
Company 2014 2013 2012 2011 2010 Avg.
EID PARRY 1.55 1.37 0.73 0.57 0.53 0.95
SHREE RENUKA 2.92 1.46 2.24 0.97 1.05 1.72
BALRAMPUR CHINI 1.25 1.33 1.63 1.55 0.83 1.31
BAJAJ HIND 2.46 1.4 1.66 1.78 1.35 1.73
TRIVENI 1.48 1.08 0.81 0.96 0.92 1.05
ANDHRA 0.5 0.46 0.57 0.61 0.56 0.54
DHAMPUR 3.27 3.09 2.04 1.76 1.47 2.32
KCP 0.37 0.22 0.55 0.57 0.25 0.38
PONNI 0.67 0.64 0.45 0.17 0.43 0.47
DALMIA 1.78 1.74 1.63 1.52 2.15 1.76
0.95
1.72
1.31
1.73
1.05
0.54
2.32
0.38 0.47
1.76
0
0.5
1
1.5
2
2.5

75
CASH FLOWS STATEMENTS
1) EID PARRY:
Particulars Mar 2014 Mar 2013 Mar 2012 Mar 2011 Mar 2010
Profit Before Tax -311 3,610.70 1,360.70 674 2,474.60
Adjustment 1,563.90 -978.9 -10.5 -438.1 -85.4
Depreciation 973.1 1,078.70 739.7 737 693.3
Interest Expenses 1,961.60 1,366.80 644.3 481.7 385.7
Profit/Loss on sale of Fixed Assets -237.1 -18 -34.4 -34.4 -15.2
Profit/Loss on sale of Investments 0 0 0 -221.4 -79.9
Dividend Received -799.2 -3,218.20 -1,256.10 -1,143.10 -1,001.70
Interest Income -431.7 -334.7 -224.7 -168.9 -77.2
Diminution in the value / Write off
of Investments
0 90 0 0 6.8
Provision & Written Off -49.9 -41 -15.8 -66.2 0
Bad debts irrecoverable written off 140.8 94.2 135.2 3.5 0
Other Adjustments 6.3 3.3 1.3 -29.5 2.8
Changes In working Capital 236.1 -3,542.00 -1,347.90 -1,235.70 205.9
Trade & Other receivables -470 -45 -1,357.70 -55 -240
Inventories -765.9 -4,020.10 -649.7 1.3 -413.7
Loans & Advances 1,025.00 -532.2 0 0 0
Trade & Other payables 829.6 710.8 659.5 -1,182.00 859.6
Cash Flow after changes in
Working Capital
1,489.00 -910.2 2.3 -999.8 2,595.10
Tax Paid -31.7 -17.8 -72.1 -84.2 -343.5
Cash From Operating Activities 1,457.30 -928 -69.8 -1,084.00 2,251.60
Cash Flow from Investing
Activities
1,402.80 -1,905.80 -833.3 1,377.00 -1,257.80
Purchase of Fixed Assets 0 0 -737.1 -386.2 -445.1
Sale of Fixed Assets 251 40 59.2 40.8 22.9
Purchase of Investment -290.6 -3,013.00 0 -1.4 -1,399.10
Sale of Investments 0 0 5 3,923.00 167.5
Investment in Subsidiaries 0 0 -1,531.40 -1,213.40 -580.6
Dividend Income 799.2 3,218.20 1,256.10 1,143.10 1,001.70
Interest Income 509.1 -202.5 231.8 178.8 64.4
Loans & advances given to
subsidiaries / partnership firms etc.
-789.4 -637.5 -522 -2,552.60 -89.5
Advances for capital expenditure -1,554.80 -1,320.90 0 0 0
Other Investment Activities 2,478.30 9.9 405.1 244.9 0
Cash from Financing Activates -2,615.70 2,610.80 1,113.10 -294.3 -1,025.90

76
Increase / (Decrease) in Loan Funds 400 3,150.00 2,323.30 1,081.10 -664
Proceeds from Long Term
Borrowings
3,422.10 2,759.20 1,000.00 1,087.70 1,363.50
Repayment of Long Term
Borrowings
-2,089.90 -1,380.20 -1,075.10 -1,700.00 -502.5
Proceeds from Issue of Equity
Share Capital
1.7 19 36.6 37 37.9
Equity Dividend Paid 0 -1,037.20 -694.7 -691.9 -1,062.80
Interest Paid -1,712.60 -1,398.70 -542.9 -422.2 -370.8
Changes in working capital
borrowings
-2,637.00 498.7 65.9 314 172.8
Net Cash Inflow / Outflow 244.4 -223 210 -1.3 -32.1
Opening Cash & Cash
Equivalents
114.4 311 101 102.3 109
Cash & Cash Equivalent on
Amalgamation / Take over / Merger
33.1 26.4 0 0 0
Closing Cash & Cash Equivalent 391.9 114.4 311 101 76.9
2 SHREE RENUKA:
Profit Before Tax -6,208.03 758.52 1,350.53 5,606.45 2,176.47
Adjustment 7,837.47 5,347.31 6,088.57 733.07 1,653.35
Depreciation 1,656.36 1,592.02 1,457.07 815.45 624.64
Interest Expenses 3,182.04 3,670.98 3,698.72 824.59 883.93
Profit/Loss on sale of Fixed
Assets
2.7 -9.15 5.97 -2.53 -0.61
Profit/Loss on sale of
Investments
0 0 1.96 -28.2 0
Dividend Received -346.03 -8.86 -6.97 -55.78 0
Effect of Exchange Rate Change 3,316.84 77.12 893.92 -750.91 0
Net Prior Year Adjustments 0 0 0 -69.55 -0.7
Taxes Paid 0 0 0 0 155.08
Other Adjustments 25.56 25.2 37.9 0 -8.99
Changes In working Capital -7,406.15 16,781.94 -
13,541.55
8,123.32 -5,649.98
Trade & Other receivables 1,522.07 -601.08 -615.17 -1,046.60 -4,113.67
Inventories 10,554.45 -3,396.77 -5,832.11 -1,301.07 -8,154.13
Trade & Other payables -19,482.67 20,779.79 -7,094.27 10,470.99 6,617.82
Working Capital
-5,776.71 22,887.77 -6,102.45 14,462.84 -1,820.16

77
Tax Paid 126.33 -60.42 -655.63 -1,397.15 -305.42
Cash From Operating
Activities
-5,650.38 22,827.35 -6,758.08 13,065.69 -2,125.58
Activities
-169.39 -680.51 -
12,477.82
-20,571.49 -3,111.09
Purchase of Fixed Assets -529.97 -779.49 -8,760.01 -5,365.92 -3,585.26
Sale of Fixed Assets 25.32 86.92 19.28 45.3 19.39
Investments
0 0 0 28.2 0
Purchase of Investment -12.77 -0.1 -3,746.84 -15,334.85 0
Sale of Investments 2 3.3 2.78 0 445.79
Dividend Income 346.03 8.86 6.97 55.78 0
Other Investment Activities 0 0 0 0 8.99
Cash from Financing Activities 5,363.00 -21,332.83 19,105.10 5,626.76 7,205.64
Borrowings
4,447.16 1,328.15 12,134.67 4,527.32 3,053.46
Borrowings
-6,101.06 -4,609.49 -5,744.96 -855.46 -1,200.53
Short Term Loans 0 0 0 485.23 1,113.67
Share Capital
0 0 27.71 1,873.17 5,178.16
Equity Dividend Paid -334.09 -0.41 -1,334.13 -316.9 -55.19
Interest Paid -3,138.39 -3,598.99 -3,393.89 -837.51 -883.93
Changes in working capital
borrowings
13,980.90 -14,390.25 18,343.21 0 0
Other Financial Activities -3,491.52 -61.84 -927.51 750.91 0
Net Cash Inflow / Outflow -456.77 814.01 -130.8 -1,879.04 1,968.97
Opening Cash & Cash
Equivalents
881.49 67.48 234.71 2,102.83 133.86
Amalgamation / Take over /
Merger
0 0 0 10.92 0
Closing Cash & Cash
Equivalent
424.72 881.49 103.91 234.71 2,102.83

78
3 BALRAMPUR CHINI:
0
Profit Before Tax 126.74 2,105.56 77.8 2,255.01 2,496.08
Adjustment 2,305.80 2,194.22 2,461.44 3,345.77 2,205.65
Depreciation 1,094.50 1,082.57 1,107.81 1,681.10 1,079.44
Interest Expenses 1,178.43 1,438.67 1,474.11 1,486.45 969.42
Profit/Loss on sale of Fixed Assets 56.01 15.23 18.72 180.45 64.82
Profit/Loss on sale of Investments 0.3 -1.41 0 0 -4.18
Dividend Received 0 0 -8.36 0 0
Interest Income -51.41 -173.97 -151.45 -95.88 0
Diminution in the value / Write off
of Investments
0 0 0 28.33 0
Effect of Exchange Rate Change 52.77 45.72 89.55 -1.11 1.48
Provision & Written Off -66.01 -214.73 -71.07 -7.27 -9.32
Bad debts irrecoverable written off 0 0 0 40.42 0
Provision for doubtful debts &
advances
39.29 -0.24 -0.14 1.48 0.6
Misc. Expenses written off 0 0 0 0 12.48
Other Adjustments 1.93 2.39 2.26 31.81 90.91
Changes In working Capital 2,082.63 1,678.15 -408.51 -11,568.82 2,116.93
Trade & Other receivables 1,173.18 -343.98 -570.82 -742.94 426.8
Inventories -1,779.00 1,112.19 -5,064.85 -11,201.42 2,129.61
Trade & Other payables 2,816.32 937.75 5,270.67 -193.49 -439.47
Working Capital
4,515.17 5,977.93 2,130.74 -5,968.04 6,818.65
Tax Paid 108.36 -424.42 -180.39 -218.89 -401
Cash From Operating Activities 4,623.53 5,553.51 1,950.34 -6,186.93 6,417.65
Activities
-635.75 -76.09 -554.06 -1,266.28 -231.38
Purchase of Fixed Assets -771.48 -244.83 -151.32 -604.93 -109.01
Purchase of Investment -0.07 -0.11 -406.42 -22.68 -0.27
Sale of Investments 23.43 0.01 0 0 13.78
Investment in Subsidiaries 0 15.69 0 -0.75 0
Dividend Income 0 0 8.36 0 0
Interest Income 43.4 146.9 172.33 57.16 110.58
Increase/ Decrease in Loans 55 20.6 -247.6 -735 -275

79
Loans & advances given to
subsidiaries / partnership firms etc.
-0.7 0.48 -0.59 -12.91 0
Other Investment Activities 1.44 -28.5 15.24 -17.99 0.67
Cash from Financing Activates -4,469.19 -3,705.53 -2,833.52 7,448.24 -4,987.10
Increase / (Decrease) in Loan
Funds
0 0 0 0 -3,299.00
proceeds from Long Term
Borrowings
4,116.20 0 4,000.00 0 557.02
Borrowings
-2,734.34 -2,685.99 -3,623.69 -2,575.49 -1,046.85
Short Term Loans -4,108.77 389.82 -687.97 12,657.07 0
Share Capital
0 0 0 131.62 54.84
Buy Back of Equity Shares Capital 0 0 -770.16 -326.6 0
Equity Dividend Paid -489.68 0 -183.24 -775.34 -149.48
Interest Paid -1,169.38 -1,409.36 -1,508.54 -1,523.80 -1,103.63
Income tax on dividend paid -83.22 0 -29.73 -131.77 0
Other Financial Activities 0 0 -30.19 -7.47 0
Net Cash Inflow / Outflow -481.41 1,771.89 -1,437.23 -4.97 1,199.17
Opening Cash & Cash
Equivalents
1,862.07 90.18 1,527.41 1,527.13 328.01
Amalgamation / Take over / Merger
4.77 0 0 5.25 0
Closing Cash & Cash Equivalent 1,385.42 1,862.07 90.18 1,527.41 1,527.18
4 BAJAJ HIND:
Particulars Mar 2014 Mar2013 Mar 2012 Mar 2011 Mar 2010
Profit Before Tax -15,080.60 -3,213.20 189.4 550.4 2,060.00
Adjustment 14,555.10 8,820.80 8,463.10 5,235.50 3,064.30
Depreciation 5,317.20 3,488.20 3,309.10 2,574.40 2,022.10
Interest Expenses 11,275.00 6,612.80 6,411.20 4,152.00 2,950.60
Assets
-151.4 17.6 -14 -1.5 12.6
Investments
-262.8 -0.4 0 -166.1 0
Dividend Received 0 -12.2 -6.1 -35.9 -4.7
Interest Income -1,789.30 -1,248.70 -1,251.70 -1,138.60 -1,079.80
Effect of Exchange Rate
Change
184 -36.5 14.6 -140 -836.5
Other Adjustments -17.6 0 0 -8.8 0
Changes In working Capital 11,200.30 - 10,157.00 - -2,932.30

80
10,089.20 11,524.10
Trade & Other receivables -707.1 -187.7 -284.4 487.4 -2,068.70
Inventories -21,152.60 -318.8 14,535.40 -
12,093.80
-1,632.10
Trade & Other payables 33,060.00 -9,582.70 -4,094.00 82.3 768.5
Working Capital
10,674.80 -4,481.60 18,809.50 -5,738.20 2,192.00
Tax Paid 21.6 -193.9 -476.4 -402.5 -130.4
Cash From Operating
Activities
10,696.40 -4,675.50 18,333.10 -6,140.70 2,061.60
Activities
-4,834.20 -
11,053.10
-4,338.70 -3,486.40 -631.4
Purchase of Fixed Assets -392.2 -818.2 -525.8 -2,196.70 -608.1
Sale of Fixed Assets 197.7 13 136.9 26.9 55.4
Purchase of Investment -2,803.00 -3,720.00 -2,551.00 -
47,005.00
-6,501.30
Sale of Investments 759.2 3,320.90 246.5 45,128.30 5,892.80
Dividend Income 0 12.2 6.1 35.9 4.7
Interest Income 1,783.80 1,346.10 1,149.40 1,138.60 1,079.80
Increase/ Decrease in Loans -5,051.10 -7,987.10 -2,540.80 -614.4 -554.7
Other Investment Activities 671.4 -3,220.00 -260 0 0
Cash from Financing
Activities
-6,386.10 11,680.90 -
12,967.30
13,233.50 -703.9
Increase / (Decrease) in Loan
Funds
0 0 0 16,741.80 -4,662.10
Borrowings
19,724.20 1,558.80 16,083.10 0 0
Borrowings
-11,955.90 -
15,697.60
-
13,408.40
0 0
Short Term Loans -2,629.50 18,328.00 -9,039.00 0 0
Share Capital
0 14,797.50 0 567 7,231.80
Buy Back of Equity Shares
Capital
0 0 0 0 0
Equity Dividend Paid -70.4 -281.8 -184.8 -155.8 -98.3
Interest Paid -11,454.50 -6,952.80 -6,103.90 -3,919.50 -3,165.60
Expenses on issue of shares 0 -71.2 -314.3 0 -198.7
Other Financial Activities 0 0 0 0 0
Net Cash Inflow / Outflow -523.9 -4,047.70 1,027.10 3,606.40 726.3
Opening Cash & Cash
Equivalents
1,781.60 5,819.10 4,792.00 1,123.50 397.2
Merger
0 10.2 0 62.1 0

81
Closing Cash & Cash
Equivalent
1,257.70 1,781.60 5,819.10 4,792.00 1,123.50
5 TRIVENI:
Particulars
Mar 2014 Mar2013 Mar 2012 Mar 2011 Mar 2010
Profit Before Tax -1,673.74 -878.25 81.69 1,173.16 2,429.47
Adjustment 2,525.70 1,997.27 1,699.86 1,268.49 1,761.16
Depreciation 1,187.83 815.46 814.26 838.71 757.76
Interest Expenses 1,852.32 1,233.36 948.06 850.39 1,158.76
Assets 10.63 7.23 -39.37 0.35 -1.53
Investments 0 -0.04 0 -439.56 -171.08
Dividend Received -74.98 -49.31 -0.24 -6.59 -0.28
Interest Income -11.98 -9.49 -23.75 -45.38 -34.96
Diminution in the value / Write
off of Investments 0.03 0.05 0.89 0 0
Provision & Written Off 0 0 0 57.56 0
Misc. Expenses written off 0 0 0 13.01 6.17
Other Adjustments -438.16 0 0 0 46.27
Changes In working Capital -563.87 -1,238.09 40.25 -1,936.18 1,512.43
Trade & Other receivables -498.84 -200.2 159.15 -581.03 -550.85
Inventories -8,638.79 -1,445.51 133.99 -330.4 816.64
Loans & Advances 1,098.89 477.71 -598.76 0 0
Trade & Other payables 7,474.88 -70.09 345.86 -1,024.75 1,246.64
Working Capital 288.08 -119.08 1,821.80 505.47 5,703.06
Tax Paid -56.78 -34.91 -137.3 -480.3 -322.97
Cash From Operating
Activities 231.31 -153.99 1,684.49 25.17 5,380.09
Activities 140.42 -503.52 -291.42 58.29 -517.98
Purchase of Fixed Assets -420.48 -271.16 -366.01 -674.78 -615.84
Purchase of Investment -3.06 -300.62 0 -2,356.74 -455.1
Sale of Investments 471.16 0 0 2,955.00 472.48
Investment in Subsidiaries -1 0.54 0 -0.5 0
Dividend Income 74.98 49.31 0.24 6.59 0.28
Interest Income 10.61 11.2 23.82 92.65 73.97
Cash from Financing Activities -395.97 652.25 -1,365.20 -171.59 -4,771.42

82
Borrowings 2,412.60 1,960.60 1,612.22 0 0
Borrowings -2,561.61 -1,301.50 -1,673.61 -1,113.61 -285.26
Short Term Loans 1,677.41 1,306.98 -244.98 -15.9 -139.06
Redemption of Preference
Shares Capital 0 0 0 -0.11 -0.13
Equity Dividend Paid -26.01 -51.53 -90.39 -331.7 -272.98
Interest Paid -1,894.46 -1,253.93 -953.44 -841.18 -1,155.30
Net inc/dec in cash / Export
credit facilities and other short
term loans 0 0 0 2,130.91 -2,918.69
Income tax on dividend paid -4.18 -8.37 -14.99 0 0
Net Cash Inflow / Outflow -24.24 -5.25 27.88 -88.13 90.69
Opening Cash & Cash
Equivalents 92.52 97.77 149.45 237.58 146.89
Merger 0 0 -79.56 0 0
Closing Cash & Cash
Equivalent 68.28 92.52 97.77 149.45 237.58
6 ANDHRA:
Particulars Mar 2014 Mar 2013 Mar 2012 Mar 2011
Mar 20
10
Profit Before Tax 762.25 1,193.71 1,378.41 515.87 999.11
Adjustment 569.04 532.21 515.5 575.77 534.42
Depreciation 432.59 411.93 393.24 380.48 349.07
Impairment 0.29 0.06 1.93 43.58 0
Interest Expenses 197.77 193.05 197.19 188.31 208.63
Assets -3.3 -5.96 -2.54 -1.65 -2.76
Investments -5.22 0.35 -0.5 0 0
Dividend Received -29.77 -37.11 -44.6 -24.84 -21.23
Interest Income -23.82 -30.48 -29.73 -10.11 0
Changes In working Capital -461.02 193.08 -946.21 -1,059.94 574.95
Trade & Other receivables -0.57 -4.19 -380.85 -107.09 125.19
Inventories -694.01 123.47 -511.64 -1,190.91 647.12
Loans & Advances 14.62 96.62 -3.9 0 0
Trade & Other payables 260.09 -90.73 -71.13 174.74 -197.36

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