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A study on budgetary control of shimul24,572views

Hemanth CRPatna (321 SlideShares) , Campaign Manager at HCL TechnologiesFollow Following8 26 0 8

Published on Sep 24, 2010

Study on budgetary control of SHIMUL

Study on budgetary control of SHIMUL

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1. “A STUDY ON BUDGETARY CONTROL OF SHIMUL” (A STUDY CONDUCTED AT SHIMOGAMilk UNION LTD., SHIMOGA) A Project report Submitted to the University of Mysore, Mysore. in partialfulfillment of the requirement for the award of the Degree in Master of Business Administration. byASHWINI E. Reg.No.08MB3704 Guide Mr. Harish Kumar. M C HARANAHALLI RAMASWAMYINSTITUTE OF HIGHER EDUCATION, HASSAN 2009102. HARANAHALLI RAMASWAMY INSTITUTE OF HIGHER EDUCATION HASSAN CERTIFICATECertified that, the project entitled “A STUDY ON BUDGETARY CONTROL OF SHIMUL” conducted at“SHIMOGA MILK UNION LTD.,”, SHIMOGA is a bonafide work carried out by Miss.Ashwini E. in partialfulfillment for the award of degree in Master of Business Administration of the University of Mysore, Mysoreduring the year 200910. (Harish Kumar) (Dr.S.R. Jayaram) Guide Principal3. DECLARATION I hereby declare that, this project report entitled “A STUDY ON BUDGETARYCONTROL OF SHIMUL” conducted at Shimoga Milk Union Ltd., Shimoga prepared by me under theguidance of Mr. Harish Kumar, Department of Business Administration, Haranahalli Ramaswamy Institute ofHigher Education, Hassan. In partial fulfillment of the requirement for the award Master of BusinessAdministration. I further declare that this project report is prepared from the information collected from theSHIMOGA MILK UNION LTD., SHIMOGA., and that the same is purely for academic purpose and that thereport has not been submitted to any other institution of higher learning for the award of any degree, diplomaor other similar title. Date: 0752010 Ashwini.E Place: Hassan Reg. No. 07MB37044. ACKNOWLEDGEMENT I, express my deep sense of gratitude and sincere thanks to Mr.PARAMASHIVA, department of head, “SHIMOGA MILK UNION LTD” who gave me an opportunity toconduct this Research Project. I state with great pleasure this report would not have been possible without the

wonderful help from various quarters, the list of which is quite too long. I will take this opportunity to expressmy deep sense of gratitude to Mr. Harish Kumar. M.C. HRIHE, Hassan for his guidance, continuousencouragement and valuable suggestions at every stage of the Project. I would also like to extend my deepsense of gratitude to my parents and all my family members, friends, who have directly or indirectly supportedand helped me in the completion of my project successfully Last, but not the least I would like to extend mythanks to all the unseen hands that have made this project possible. Date: Ashwini E Place: Hassan Reg. No.08MB37045. LIST OF THE TABLES Table No Title of the table Page No 1.6.3 Key activities of Financial 18management 1.6.4 Organizational of the 20 financial department 1.6.5 Financial Management 21 Process1.6.6 Decisions, Return, Risk & 22 trade off 1.7 Procedure for test & 2324 analysis for Milk & Milk products1.8 Summary of last annual 26 report 1.8.2 Extract of Profit/Loss a/c 27 1.8.3 Extract of Trading & 28Manufacturing a/c 2.3.1 Organizational structure 41 2.4 Milk & Milk products price 43 list6. CONTENTS Sl. No Particulars Page. No Executive Summary Chapter – 1 INTRODUCTION 1.1Statement of the Problem 01 1.2 Objective of Study 01 1.3 Scope of the Study 02 1.4 Methodology 02 1.5Limitations of Study 04 Chapter – 2 REVIEW OF LITERATURE 05 28 Chapter – 3 INDUSTRY ANDCOMPANY PROFILE 29 50 Industry Profile 29 36 Company Profile 3740 Organization Structure 41Achievements 4449 SWOT Analysis 50 Chapter – 4 DATA COLLECTION AND 51 64INTREPETATION Chapter – 5 SUMMARY OF FINDINS, SUGGESSIONS 65 – 67 AND CONCLUSIONBIBLIOGRAPHY 687. Budgetary control of SHIMUL Executive Summary “Shimoga Milk Union Limited” is a cooperative sectorundertaking, engaged in the processing of Milk & manufacturing the Milk products, it recently launched threenew variants of Nandini Milk. The Shimoga milk union is located in the central part of Karnataka. Thecorporate office of the union is based at Machenalli, covering three districts of Shimoga, Davangere andChitradurga. The Budgetary Control is playing a vital role in the organization. The role of Budgetary Controlis the essence of a business. The information is the blood and Budgetary Control is the heart. In the body thehart plays the role of supplying pure blood to all the elements of the body including the brain. The BudgetaryControl plays exactly the same role in the organization. The system ensures that an appropriate data iscollected from the various sources, processed and sent further to all the needy destinations. The system isexpected to fulfill information needs of an individual, a group of individual, a group of financial functionaries,the managers and the top management. So the Budgetary Control is very important in modern organizations.Thus, I have been chosen the Budgetary Control as the specific area of the study. Therefore, a study has beentaken up on “A STUDY ON BUDGETARY CONTOL OF SHIMUL”. The study is taken for “Shimoga milkUnion ltd” wherein an attempt has been made to understand the Budgetary Control and a small study has beenunder taken. So as to get an insight into Budgetary control. HRIHE, Hassan Page 78. Budgetary control of SHIMUL 1.1 Problem statement “A STUDY ON BUDGETARY CONTROL” wasconducted through a structured questionnaire so as to • To analyze how Budgetary Control helps the milkunion to select best course of action. • To provide a detailed plan of action for a business over a period oftime. • To coordinate the different units & activities of the organization with a view to utilize the resourcesjudiciously. • To revise the budgets in the light of changed circumstances. • To exercise control and on costthrough comparison of actual results with the budgeted one. • To know the role of BC. The purpose of thestudy is to estimate of receipts and payments of revenue and capital items in future. Hence the study has beenentitled as “A BUDGETARY CONTROL OF SHIMUL”. 1.2 Objectives of the Study • To know the role ofBudgetary Control in SHIMUL. • To analyze how Budgetary Control helps the milk union to select bestcourse factors. • To revise the budgets in the light of changed circumstances. • To exercise control and on costthrough comparison of actual results with the budgeted one. • It shows the relationship between the actualnumber of working hours and the maximum possible number of working hours in a budget period. • Toprovide a detailed plan of action for a business over a period of time. • A Budgetary Control department fulfillthe needs of organizations HRIHE, Hassan Page 89. Budgetary control of SHIMUL 1.3 Scope of the Study This study report will be very handy to SHIMUL interms of understanding the level of the Budgetary Control of SHIMUL. The study conducted on BudgetaryControl of SHIMUL is cover the all financial area of Budgetary Control department including how it collectsinformation’s from other department like production, sales, finance etc How Budgetary Control support thetop level of management to take a good decision, the work of application software “SAMRUDHI”, in thefinancial area of Budgetary Control department. 1.4 Research methodology Need for the study BUGETARYCONTROL is the essence of a business. Therefore, financial planning is of utmost significance to a

businessman. Financial planning is concerned with raising funds and their effective utilization with a view tomaximize the wealth of the company. In spite of good financial plan, the desired may not be achieved if thereis no effective control to ensure its implementation. A budget is an important tool for financial planning andcontrol. The budget represents a set of yardsticks or guidelines for use in controlling internal operations of anorganization. The management through budget can evaluate the performance of every level of theorganization. The discrepancy between planned performance & actual performance is highlighted throughbudgets. The concept therefore is a blend of principles theories and practice of the Budgetary Control givingrise to single product known as Budgetary Control. HRIHE, Hassan Page 910. Budgetary control of SHIMUL METHODOLOGY OF DATA COLLECTION SOURCES OF DATAThere are 2 types of data 1. Secondary data 2. Primary data 1. Secondary data On the other hand it includesthose data which are collected from some earlier research work and used in the study, researcher has presentlyundertaken. Sources of Secondary data Use of internet Annual report of Shimoga Milk Union ltd Standard reference text books KMF website, KMF coorp NDDB.com Data provided by ShimogaMilk Union 2. Primary data Primary data are generated when the researcher employing mail questionnaire,telephone surveys. Personal interviews observation and experiment investigation particular problem at handSources of primary data Personal interview method In this research, researcher has conducted survey inpersonal interview method; this type of survey researcher has met the department head. HRIHE, Hassan Page1011. Budgetary control of SHIMUL Operational Definitions OFFICE AUTOMATION SYSTEM: Officeautomation system includes new hardware and software packages like word processing, spreadsheets etc., itmakes office employees more productive in addition to the attended situation created office automationtechnology and the people that use that technology. Research Design Research Design is the basic framework,which provides guidelines for the rest of the research process. It is map or blueprint according to which theresearch has to be conducted. The Research Design specifies the method of data collection and data analysis.Here the researcher has used exploratory method of research. It includes both open end type of questionnaire.It is helpful in knowing general information about any aspect of the organization. 1.5 Limitations of the StudyDespite of tall the effort to make the analysis more comprehensive and scientific, a study of present kind isbound to have certain limitations. Researcher humbly requests the respondent to submit them at this stage.The present study is an attempt made to understand the management information system of SHIMUL. Thepresent study is an empirical work presented in a descriptive manner. Since the objective of the study may bea kind of analysis. Attempt has been made to provide more comprehensive conceptual analysis. The studycannot replace the managerial judgments in decision making The study is only limited to the availableinformation in the department The study is limited to the financial area of Budgetary Control department.HRIHE, Hassan Page 1112. Budgetary control of SHIMUL Literature of Review 2.1 Budgeting & Budgetary Control: DefinitionFinance is the Life blood of a business. Therefore, financial planning is off almost significance to abusinessman. Financial planning is concerned with raising funds and their effective utilizations with a view tomaximize the wealth of the company. In spite of good financial plan, the desired results may not be achievedif there is no effective control to ensure its implementation. A budget is an important tool for financialplanning and control. The budget represents a set of yardsticks or guidelines for use in controlling internaloperations of an organization. The management, through budget, can evaluate the performance of every levelof the organization. The discrepancy between planned performance & actual performance is highlightedthrough budgets. Budgeting: Definition A budget is a statement, which shows forecasts of the financialactivities of a business to achieve a specific purpose. A budget is basically an estimate of receipts andpayments of revenue and capital items in future. 2.2 Budgetary control: Objectives • To provide a detailedplan of action for a business over a period of time. • To coordinate the different units & activities of theorganization with a view to utilize the resources judiciously. • To revise the budgets in the light of changedcircumstances. • To exercise control and on cost through comparison of actual results with the budgeted one.HRIHE, Hassan Page 1213. Budgetary control of SHIMUL 2.3 Budgetary control: There are 5 types of budgetary control. 1. Masterbudget 2. Financial budget 3. Fixed budget 4. Flexible budget 5. Zerobased budgeting 1. Master budget:Master budget (also known as summary budget or finalized profit plan) combines all the budgets for a periodinto one harmonious unit and thus, it show the overall budget plan. As profit planning is the main objective ofa budget program, it is but natural that all the subsidiary budgets should be coordinated and projected into amaster or summary budget, which should show the final projected results of the plan. The master incorporates

all the subsidiary functional budgets and the budgeted Profit & Loss Account and Balance Sheet. Before thebudget plan is put into operation, the master budget is considered by the top management and revised if theposition of profit disclosed there is not found to be satisfactory. After suitable revision is made, the masterbudget is finally approved and put into action. Another view regards the budgeted Profit and Loss account andthe Balance sheet as the master budget. The Profit and Loss account is built up from the other budgets alreadyset, and no fresh estimates are necessary. The operating profit is obtained by further deduction of the budgetedincome and expenditure items give the budgeted net profit. HRIHE, Hassan Page 1314. Budgetary control of SHIMUL Advantages of a forecast Profit and Loss Account are as follows: 1) Itpresents an overall projected profits position of the concern. 2) It enables the planning and control of theprofits of the business. 3) It enables the investigation of causes for variances. 4) The accuracy of all thebudgets is automatically checked. 2. Financial budget: Financial budget is a summary statement for the futurethat shows the estimated requirements of the cash inflow an outflow. According to Walker, “A financialbudget is a comparison of estimated cash inflows and outflows for particular period i.e. a quarter or year.”According to Guttmann and Dougal, “financial budget is an estimate of cash receipts and disbursements for afuture period of time.” Financial budget may be prepared any of the following three methods: 1. The receiptsand payment method 2. The adjusted profit & loss method 3. The balance sheet method Receipts and paymentmethod: Under receipts and payment method estimate of cash receipts and cash payments is worked outduring the budgeted period. Estimated cash receipts are added to opening cash balance and estimated cashpayments are deducted out of the total. Thus, the closing cash balance is worked out. Estimates regardingsales are indicated by the sales department that also points out the general trend of credit allowed tocustomers. Purchase department makes forecast about the cash and credit purchases and also points out theperiod after which the credit purchases are met. HRIHE, Hassan Page 1415. Budgetary control of SHIMUL Adjusted Profit & Loss Method: Financial budget under this method is alsoknown as cash flow statement. This method is useful for long term planning; therefore under this method cashinflow and outflow are estimated for a year Balance Sheet Method: Under this method the business concernprepares a budgeted balance sheet. Cash and Bank Balance (or overdraft) is computed with this budgetedbalance sheet. Budgeted balance sheet is prepared with all assets items (excluding cash and bank balance) andall liabilities (excluding bank overdraft). 3. Fixed budget: A fixed budget is designed to remain unchangedirrespective of the level of activity. This budget is prepared on the basis of a standard or fixed level of activity.This budget becomes an unrealistic yardstick in case the level of activity actually attained does not conform tothe one assumed for budgeting purposes. Due to the limitations of fixed budgeting, firms whose sales andproduction cannot be accurately estimated have given up the practice of fixed budgeting. 4. Flexible Budget:A budget that is designed to change in accordance with the level of activity attained is called a flexible budget.This budget is prepared after considering the fixed and variable elements of cost and the changes that may beexpected for each item at various levels of operations. Flexible is desirable in the following cases: Sales areunpredictable, e.g., luxury or semiluxury products. The venture is new & it is difficult to foresee thedemand, e.g., fashion products. Where the business is subject to the vagaries of nature, such as soft drinks.HRIHE, Hassan Page 1516. Budgetary control of SHIMUL 5. Zerobased budgeting: The technique of zero base budgeting provides asolution for overcoming the limitations of traditional budgeting by enabling top management to focus onpriorities, key areas and alternatives of action throughout the organization. Some of the problems, which topmanagement has to face are: 1. Programs and activities involving wasteful expenditure are not identified,resulting in avoidable financial and other costs. 2. Inefficiencies of a prior year are carried forward indetermining subsequent year’s levels of performance. 3. Manages are not encouraged to identify and evaluatealternative means of accomplishing the same objectives. 4. Decisionmaking is irrational in the absence ofrigorous analysis of all proposed costs and benefits. 5. Managers tend to inflate their budget requests resultingin more demand for funds than their availability. This results in recycling the entire budgeting process. 2.4Process of zeroBased Budgeting: The following steps are involved in zero based budgeting: Determining theobjectives of budgeting: The objective may be to effect cost reduction in staff overheads or it may be to drop,after careful analysis, projects which do not fit into achievement of the organizations objectives etc. Decidingon scope of application: The extent to which the zero base budgeting is to be introduced has to be decided, i.e.whether it will be introduced in all areas of the organization’s activities or only in a few selected areas on trialbasis. HRIHE, Hassan Page 1617. Budgetary control of SHIMUL Developing decision units: Decision units for which cost benefit analysisis proposed have to be developed so as to arrive at decisions whether they should be allowed to continue or be

dropped. Each decision unit, as far as possible should be independent of other units so that it can be dropped ifthe cost analysis proves to be unfavorable for it. Developing decision packages: A decision package for eachunit should be developed. While developing a decision package, answers to the following questions would bedesirable. i. Is it necessary to perform a particular activity at all? If the answer is in the negative, there is noneed to proceed further. ii. How much has been the actual cost of the activity and what has been the actualbenefit both in tangible as well as intangible forms? iii. What should be the estimated cost of the level ofactivity and the estimated benefit from such activity? iv. Should the activity be performed in the way in whichit is being performed and what should be the cost? v. If the project or activity is dropped, can the unit bereplaced by an outside agency? Advantages of zero based budgeting: 1. It provides the organization with asystematic way to evaluate different operations and programs undertaken. It enables management to allocateresources according to priority of the programs. 2. It ensures that each and every programmed undertaken bymanagers is really essential for the organization, and is being performed in the best possible way. 3. It enablesthe management to approve departmental budgets on the basis of cost benefit analysis. No arbitrary cuts orincreases in budget estimates are made. 4. It links budgets with the corporate objectives. Nothing will beallowed simply because it was being done in the past. An activity may be shelved if it does not help inachieving the goals of the enterprises. HRIHE, Hassan Page 1718. Budgetary control of SHIMUL 5. It helps in identifying areas of wasteful expenditure and, if desired, itcan also be used for suggesting alternatives courses of action. 6. It facilitates the introduction andimplementation of the system of ‘management by objectives’. Thus, it can be used not only for fulfillment ofthe objectives of traditional budgeting, but also for a variety of other purposes. 2.5 BUDGET: A budget is aplan expressed in quantitative, usually monetary term, covering a specific period of time, usually one year. Inother words a budget is a systematic plan for the utilization of manpower and material resources. In a businessorganization, a budget represents an estimate of future costs and revenues. Budgets may be divided into 2basic classes: Capital budget & operating budget Capital budgets are directed towards proposed expendituresfor new projects and often require special financing. Operating budgets are directed towards achieving shortterm operational goals of the organization, for instance, production or profit goals in a business firm.Operating budgets may be subdivided into various departmental of functional budgets. The maincharacteristics of a budget are: 1. It is prepared in advance and is derived from the longterm strategy of theorganization. 2. It relates to future period for which objectives or goals have already been laid down. It isexpressed in quantitative form, physical or monetary units, or both. Different types of budgets are prepared fordifferent purposed e.g, sales Budget, production Budget, administrative Expenses Budget, RawmaterialBudget etc. All these sectional budgets are afterwards integrated into a master budget, which represents anoverall plan of the organization. HRIHE, Hassan Page 1819. Budgetary control of SHIMUL 2.6 Advantages of Budget: A budget helps us in the following ways: 1. Itbrings about efficiency and improvement in the working of the organization. 2. It is a way or motivatingmanagers to achieve the goals set for the units. 3. It serves as a benchmark for controlling ongoingoperations. 4. It helps in developing a team spirit where participation in budgeting is encouraged. 5. It helps inreducing wastage and losses by revealing them in time for corrective action. 6. It serves as a basis forevaluating the performance of managers. 7. It serves as a means of educating the managers. 2.7 ProductionBudget: This budget provides an estimate of the total volume of production distributed productwise withscheduling of operations by days, weeks and months, and a forecast of the inventory of finished products.Generally, the production budget on the sales budget. The responsibility for the overall production budget tieswith works manager and that of with departmental works managers. Production budget may be expressed isphysical or financial terms or both in relation to production. The production budgets attempt to answerquestions like I. What is to be produced? II. When is to be produced? III. How is to be produced? IV. Whereis to be produced? HRIHE, Hassan Page 1920. Budgetary control of SHIMUL The production budget envisages the production program for achieving thesales target. It serves as a basis for preparation of related cost budgets, e.g., materials cost budget, Labour costbudget, etc. it also facilities the preparation of a cash budget. The production budget is prepared after takinginto consideration several factors like Inventory policies, sales requirements, production stability, plantcapacity, availability of materials and Labour, time taken in production process etc. Production costs budgets:Basically, there are 3 elements of costs, namely direct material, direct Labour and overheads. Separate budgetsfor each of there elements has to be prepared. The direct materials budget has 2 components, 1) MaterialsRequirement budget 2) Materials procurement or purchase budget. The former deals with the total quantity ofmaterials required during the budget period, while the latter deals with the materials to be acquired from the

market during the budget period. Materials to be acquired are estimated after taking account the closing andthe opening inventories and the materials from which orders have already been placed. Overhead budget: Theoverheads may relate to factory, general administration, sales and distribution function. Separate budgets may,therefore, be prepared for factory overheads, administrative overheads and selling and distribution overheads.Manufacturing overheads budget: Factory or manufacturing overheads includes the cost of indirect material,indirect Labour and indirect expenses. HRIHE, Hassan Page 2021. Budgetary control of SHIMUL Manufacturing overheads may be classified into: 1. Fixed overheads i.e.,which tend to remain constant irrespective of change in the volume of output. 2. Variables overheads i.e.,which tend to vary with the output, 3. Semivariable overheads i.e., which are partly variable and partly fixed.The manufacturing overhead budget will provide an estimate of these Overheads to be incurred during thebudget period. Fixed manufacturing overheads can be estimated on the basis of past information andknowledge of any changes which may occur during the ensuring budget period Variable. 2.8 BudgetaryControl Rations: Activity ratio: It is a measure of the level of activity attained over a period of time. It isobtained by expressing the number of standard hour’s equivalent to the work produced as a percentage of thebudgeted hours. Mathematically: Standard hours for actual production X 100 Budgeted hours Capacity Ratio:This ratio indicates whether and to what extent budgeted hours of activity are actually utilized. It shows therelationship between the actual number of working hours and the maximum possible number of working hoursin a budget period. Mathematically: Actual hours worked X100 Budgeted hours HRIHE, Hassan Page 2122. Budgetary control of SHIMUL Efficiency Ratio: It indicates the degree of efficiency attained inproduction. It is obtained by expressing the standard hour’s equivalent to the work produced as a percentageof the actual hours spent in producing that work. Mathematically: Standard hours for actual production X 100Actual hours worked 2.9 Meaning of Financial Management: Financial management is broadly concernedwith the acquisition & of funds by a business firm. Its scope may be defined in terms of the followingquestion. • How large should the firm be & how fast should it grow? • What should be the composition of thefirm’s assets? • What should be the mix of the firm’s financing? • How the firm should analyze, plane andcontrol its financial affairs? Importance of Financial Management: Financial Management is indeed the key tosuccessful business operations. Without proper administration and effective utilization of finance. Theimportance of financial management can be ascertained from the study of the following point. 1. Successfulpromotion: Successful promotion of a business concern depends upon efficient financial management. If theplan adopted fails to provide adequate capital to meet the requirements of fixed and working capital andparticularly the latter. 2. Smooth Running: Since finance is required at each stage of the business such aspromotion, incorporation, development, expansion and management of dayto day expenses. HRIHE, HassanPage 2223. Budgetary control of SHIMUL 3. Decision Making: Financial management provides scientific analysis ofall facts and figures through financial tools such as ratio analysis, variances analysis, budgets etc. 4. Solutionto Finance Problem: The efficient of Finance management helps the top management by providing solutionsto the various financial problems faced by it. 5. Measure of performance: Financial management is consideredas a yard stick to measure the performance of the firm. 2.10 Scope and function of financial management: Theapproach to the scope and functions of financial management is divided, in order to have a better exposition,into 2 board categories a) Traditional approach b) Modern approach Traditional approach: The Traditionalapproach which was popular in early stage, limited the role of financial manager to rising and administering offunds needed by the corporate enterprises to meet their financial needs. It deals with the following aspects: I.Arrangement of funds from financial institutions. II. Arrangement of funds through financial institutions likesshare, bonds etc. III. Looking after the legal and accounting relationship between a corporation and its sourceof funds. Modern approach: According to modern approach the firm financial, management provides aconceptual and analytical frame work for financial decision making. The main contents of the modernapproach are as follows: i. What is the total volume of funds an enterprise should commit? ii. What specificassets should an enterprise acquire? iii. How should the funds required be financed? HRIHE, Hassan Page 2324. Budgetary control of SHIMUL The functions of financial management may be classified on the basis ofliquidity, Profitability and management. Liquidity: It is ascertained on the basis of three importantconsiderations. a) Forecasting cash flow: Matching the inflows against cash outflows. b) Raising funds:Financial manager will have to ascertain the sources from which funds may be raised and the time when thesefunds are needed. c) Managing the flow of internal funds. Profitability: While ascerting profitability, thefollowing factors are taken into account. a) Cost control b) Pricing c) Forecasting future profits d) Measuringcost of capital Management: Assets management has assumed an important role in financial management.

a) The management of long term funds. b) The management of short term funds HRIHE, Hassan Page 2425. Budgetary control of SHIMUL 2.11 Key Activities of Financial management: The three board activitiesfinancial management are: a) Financial analysis b) Management of firm’s asset structure c) Management ofthe firm’s financial structure. These activities are related to the balance sheet of the firm: Financial Analysis,Planning & Control Management of Balance Sheet management of The Firm’s Long term financing FixedAssets the firm’s Assets Financial structure structure Short term financing Current Assets HRIHE, HassanPage 2526. Budgetary control of SHIMUL 2.12 Organizational of the Finance Functions Like any functionalmanagement in a firm ‘finance’ is a vital functional organ of the firm. If finance function does not operatewell, the whole organizational activity will be ruined. So inefficient financial management paralyses theactivity of the firm. The finance function can be broadly classified into 2 parts. • Routine financial matters likecustody of cash and bank accounts, collection or loans, payment of cash. • Special financial functions likefinancial planning and budgeting, profit analysis, investment decision. HRIHE, Hassan Page 2627. Budgetary control of SHIMUL The following chart will give an idea about the financial departmentOrganizational of the Financial Department ChiefFinance Officer Treasurer Controller Cash Credit FinancialCash Manager Manager Accounting Accounting Manager Manager Capital Fund Raising Tax Data BudgetingManager Manager Processing Manager Manager Portfolio Internal Auditor Manager HRIHE, Hassan Page 2728. Budgetary control of SHIMUL 2.13 The Financial Management Process Information InformationFinancial Analysis Financial Control Financial Planning Financial Decision Making Information Information1. Financial Analysis: This is preliminary, diagnostic stage and will include a financial analysis and review todetermine the current financial performance and condition of the business. An identifical of any particularfinancial problem, risks, constraints or limitations. An assessment of finance strength, weakness, opportunitiesand threats. 2. Financial Decision Making: Based on the findings of the review stage, financial decisions andchoices will have to be made. HRIHE, Hassan Page 2829. Budgetary control of SHIMUL 3. Financial Planning: The essence of financial planning is to ensure thatthe right amount of funds is available at the right cost for the level of risk involved. 4. Financial Control: Thefinal stage of the process will require throughout the organization. 2.14 Decisions, Return, Risk and TradeOff: The interrelationship between market value, financial decisions, riskreturn and trade off is depicted inthe chart. Finance Manager Maximization of share value Financial Decisions Funds Financing InvestmentDividend Requirement Decision Decision Decision Decision Return Risk Trade Off HRIHE, Hassan Page 2930. Budgetary control of SHIMUL 2.15 Procedure for Test and Analysis for Milk & Milk Products: Thepurpose is to define & document a procedure for tests and analysis conducted for milk & milk products. Theprocedure is explained in the below table HRIHE, Hassan Page 3031. Sl Product Parameter Instrument/Method no Budgetary control of SHIMUL 1 Milk a. Temperature 1.Thermometer 1. Organoleptic Evaluation 2. Sensory Organs 2. clot on boiling test 3. Boiling 3. Acidity 4.Titration 4. Fat 5. Garber/EMT 5. CLR & SNF 6. Lacto meter 6. MBRT 7. Hot Water Bath 7. Phosphates 8.Hot Water Bath 8. SPC 9. Plating 9. Chloroform 10. Plating 2 Cream Temperature Thermometer Fat% Garbermethod Acidity Titration MBRT Ref. Wi (C.3.7) Phosphates Hot Water Bath SPC Plating Chloroform Plating3 Butter Moisture Gravimetric Method Fat Garber method Acidity Titration Yeast and Moulds Plating 4 GheeOrganoleptic test Sensory Organs Moisturey Gravmetric Test FFA Titration BR Index Butyrate RefractometerAdulteration Baudin test RM Value RM Apparatus Polenske Titration 5 Peda Moisture Gravimetric MethodFat% Garber method 6 Curd Physical Characteristics Titration Acidity Plating Coli form Plating Yeast&Moulds 7 Lassi Sweet Fat% Gravimetric Method SNF% Garber method Acidity Titration 8 Lassi KharaFat% Garber method Acidity HRIHE, Hassan Titration Page 31 9 Skim Milk Organoleptic test SensoryOrgans Powder Moisturey Gravmetric Test32. Budgetary control of SHIMUL Test and Analysis of Milk & Milk Products Procedure for Internal QualityAudit: The purpose of this document is to define & document internal quality audit to ensure that OMSconforms to planned requirements and is effectively implemented and maintained. Procedure forMaintenance: The purpose of this document is to define and document a procedure for maintenance of spareparts. Procedure for Critical Product Purchasing: The purpose of this document is to define and document aprocedure for CPC purchasing of required materials periodically. The procedure is limited to purchase ofpacking materials, consumables, veterinary durgs, milk cans. Procedure for Regular Purchasing: The purposeof this document is to define and document a procedure for regular purchasing of required materialsperiodically. The procedure is limited to purchase of items require for Dairy excluding milk & CPC purchaseat Shimoga Milk Union. Procedure of Control of NonConforming Products: The purpose of this document is

to define and document a procedure for control of non conforming product to ensure the product, which doesnot conform to specified requirements is identified and controlled to prevent its unintended use or delivery.HRIHE, Hassan Page 3233. Budgetary control of SHIMUL 2.16 Summary of Last Annual Report Extract of balance sheet Balancesheet of Shimoga Milk Union Ltd As on 3132009 Liabilities Amount Asset Amount Share Capital44029200.00 Fixed asset 325559448.58 Reserves & surplus 38028771.20 Investment 69044986.00 Loans37573970.98 Working capital 119630375.10 Grants 198225.00 Current asset Current liabilities Stock in hand26895931.40 P/L A/c 6513784.72 Sundry debtors 2289252.22 Cash & bank bal 39499267.53 Loans andadvances 50945923.95 Total 221231309.68 total 221231309.68 HRIHE, Hassan Page 3334. Budgetary control of SHIMUL 2.17 Extract of Profit and loss a/c Profit and loss account of Shimoga MilkUnion Ltd As on 3132009 Expenditure Amount Income Amount Staff expenses 48328724.73 Trade profit91207873.65 Administrative expenses 10822722.95 Other income 3386560.35 Transport expenses Interest on6151235.90 investment and 4738854.21 deposits Tax 1579683.00 Grants 930606.00 Milk sales expenses204349015.00 Packing 4614915.00 Interest and bank commission 1817926.45 Profit 6513784.72 Total100263894.21 Total 100263894.72 HRIHE, Hassan Page 3435. Budgetary control of SHIMUL 2.18 Extract of Trading and Manufacturing A/c Trading andmanufacturing account of Shimoga Milk Union Ltd As on 3132009 Particulars Amount Particulars AmountMilk and milk Opening stock 16156452.85 706631645.34 products Milk & milk products Purchase of milk534903008.75 112466857.39 (dairy sales) Fodder and other 106835008.00 Closing stock 26895931.30expend Storage and 3963598.18 transportation exp Processing and manufacturing 37938944.60 expensesPurchase packed 19689548.00 things Trade profit 91207873.65 Total 845994434.03 Total 845994434.03HRIHE, Hassan Page 3536. Budgetary control of SHIMUL 3.1 Industry Profile The concepts of the Budgetary control have evolvedover a period of time comprising many different facts of financial functions. Budgetary control is necessity ofall the organization The initial concept of Budgetary control was to process to data from the organization andpresent it in the form of report at regular intervals. The system was largely capable of handling the data fromcollection to processing. It was more impersonal, requiring each individual to pick and choice the proposeddata and uses it for his requirements. This concept was further modified when a decision was made betweendata and information the information is the product of an analysis of data. This concept is similar to a rawmaterial and finished products. The concepts of Budgetary control gives high regards to the individual and hisability to use the information. A Budgetary control gives information through data analysis. Budgetary controlstudy associates with the above said objectives. It is concerned with collection of data and interpretation ofdata. This Budgetary control study particularly on Shimoga Milk Union limited focuses on mainlyitsOrganizational study & a glance on all of its financial departments. This report hopes to understand thefunctions of Budgetary control of Shimoga Milk Union limited in a real working condition & give realworking experience while study. Industrial Background of the Study The birth of milk industry In India can betraced back in 1965. At that time, the prime minister of India, Lal Bahadur Shastri combined the wisdom &energy of farmers with professional management to successfully capture liquid milk and milk product marketswhile supporting farmer investment with input and services and it give way to N.D.D.B. National DairyDevelopment Board The N.D.D.B was formed to replace exploitation with empowerment, tradition withmodernity, stagnation with growth, transforming dairying into an instrument for the development of India’srural people. N.D.D.B. began its operations with the mission of making dairying a vehicle to a better future forMillion of grassroots milk products. The mission achieved thrust and HRIHE, Hassan Page 3637. Budgetary control of SHIMUL direction with the launching of “operation flood” a program emergence asthe world’s largest milk producing nation. Operation flood’s third phase was completed in 1996 and has to itscredit a number of significant achievements. In June 1974, an integrated project was launched in Karnataka torestructuring & reorganizes the dairy industry on the cooperative principal 7 to lay foundation for a newdirection in dairy development.Work on the first ever, World Bank aided dairy development project wasinitiated in 1975. At the end of September 1984 the World Bank aided project ended and the dairydevelopment activities were extended to cover the entire state except coastal taluks Kannada district & theprocess of dairy development was continued in the second phase from April1984. As on March 2001, India’s96,000 dairy cooperatives integrated through a co operative structure “the Anand pattern” owned by morethan ten million farmers. It procures an average of 16.5 million liters of milk everyday. The milk is processed& marketed by 170 milk producers, cooperative unions which in turn own 15 states co operative milkmarketing federations. Since its inspection, the dairy board has planned and spearheaded India’s dairy

programs by placing dairy development in the hands of milk producers and the professionals they employ tomanage their cooperative allied industries N.D.D.B also promotes other commodity based cooperative alliedindustries and veterinary biological on an national wide basis. Functions of the Unions: DCS are grouped atdistrict level into cooperative milk producer’s unions. The unions organize new DCS, assist DCS with theirmanagement including audit of accounts, supervise, purchase, process & market the liquid milk. Provision ofinput facilities are also organized by the union 7 channelised to the dairy farmers through DCS. The inputfacilities include supply of cattel feed, fodder, AI, Veterinary services, training & know how on scientificanimal husbandry. HRIHE, Hassan Page 3738. Budgetary control of SHIMUL N.D.D.B and 2010 goals: In state Milk federation & the Milk producerscooperative union in consultation with dairy board/NDDB has drawn 2010 goals & strategies as fallows. •Production enhancement • Assuring quality and creating a national framework • Setting realistic goals forstrengthening cooperative business. Origin of the Industry In 1986, British government to meet therequirements of army personnel established military dairy forms. In 1937, first Shimoga Milk Union “Lucknow Milk Products cooperative Union limited” has set up National Dairy Development Board (NDDB) wasestablished on 25 September 1965 under the society’s registration Act 1950. It was a nonprofit makingorganization. Milk: What is Milk? Milk white liquid secreted by the mammary glands of female mammals tonourish their young for a period beginning immediately after birth. Man has used the milk of animals as foodfrom before recorded history began. Now most milk is consumed by humans as a result the cow and milk &milk products have become important articles of commerce. Milk is a mixture of water, fat, protein, sugar andinorganic salts. Major Constituents of Milk are: Water Proteins Lactose Mineral Constituents MinorConstituents Milk comprises of water, fat and solidnotfat (SNF) Milk is nutritionally balanced when fat andSNF are in the right proportions. SNF is made up of proteins, lactose and minerals. Normal cow milk containsabout 4% fat and 8.5% SNF buffalo milk contains about 7% fat and 9% SNF. HRIHE, Hassan Page 3839. Budgetary control of SHIMUL What is Pasteurized Milk? Milk is good nutritive medium for the growthof bacteria. After the milk is drawn, from the udder. It is likely to be contaminated with bacteria duringhanding, transportation, etc, pasteurization is of process which ensures the destruction of pathogenic ordisease causing bacteria and makes the milk safe for human consumption. Loose milk sold in the market isgenerally not pasteurized. Sometimes unpasteurized milk may also be packed in sachets for sale. Consumersneed to ensure that they purchase pasteurized milk only by examining the label on the packet. Importance ofPacked Milk: Fresh milk drawn from a healthy animal contains very few microorganisms, improper handlingsubsequently results in its contamination and spoilage increased acidity of milk, because of the activity ofmicroorganisms, causes the milk to curdle on heating. Milk can remain in a good condition for 24 hours it isproperly handled and pasteurized. Packed milk is procured under hygienic conditions scientifically handled,pasteurized at 720C for 15 seconds to destroy pathogenic organisms and chilled to 40C to restrict the growthof other organisms. Such milk is healthy and can remain good condition for longer period when stored underrefrigerated condition. Packed milk is therefore safe and healthy, and choose only the packed milk of a nameyou can trust. Butter: Yellow to white fatty food obtained from cows milk or cream by churning it toflocculate the fat globules into a solid emulsion that also contains some water, curd milk sugar and inorganicsalts. Butter is highenergy food containing approximately 715 calories per 100 gms and has substantialamount of vitamins A and D but is low in other vitamins. It contains phosphorus but is low in protein. Thecolor of butter is caused by carotene and other fatsoluble pigments contained in the fat. Butter has beenrelished as a spread and as a cooking fat. It is an important edible fat in northern Europe, North Americaoceanic and other places to which Europeans have migrated. HRIHE, Hassan Page 3940. Budgetary control of SHIMUL Ghee: Semifluid butterfat made by the evaporation of water andclarification of butter from the milk of cow buffaloes, goats or sheep. It can be many months and is a stablefood on the Indian subcontinent used for cooking and medicinally and in Hindu religious ceremonies. Peda:Peda refers to the partially dehydrated whole milk product prepared by direct heating milk in a pan withconstant stirring and scrapping till it reaches a semi solid consistency under PFA rules the fat contents in Pedashall not be less than 20% of the dry matter in the finished products. Peda constitutes a base for themanufacture of most Indian milk sweets it has been estimated that nearly 4.5% of our milk production isutilized for Peda making. Milk assembly, its modernized processing into bulk and its products and efficientselling and distribution to urban consumers. The marketing system in the rural areas and the consumers are inurban areas. High efficiency is essential to achieve the goal set for the dairy industry. It is an instrument ofeconomic change. Considerable interest was being shown by farmers in India to affect consistent economicviability in the dairy industry through optimizing organized milk marketing process, such as procurement,

processing and distribution and various independent operations of the dairy plant, to achieve the desiredobjectives. To achieve the above desired objectives and to foster the needs of milk production and itsmarketing in an organization way, the following institutions play important role. They are: Anand patterndairying Operation Flood HRIHE, Hassan Page 4041. Budgetary control of SHIMUL Anand Pattern Dairying: In 1940, the government of India contracted aprivate milk dairy to purchase milk from kariya, one of the 19 districts of Gujarat and supply pasteurizedchilled milk to Bombay. But the milk procurement price was not fixed and milk products continued to receivelow and fluctuating prices. The dairy farmers resented the system but trapped by their own resources. Thesmall dairy farmers, who were engaged only in these trades, went on strike and they formed the primary levelwith cooperative in 1946. The co operative was first attempted by rural producers to reach on their own forthe bulk urban market. This gave birth to AMUL as organizational instrument that serves the rural dairyfunctions both production as well as marketing. AMUL is abbreviation of Anand Milk Union Limited.Operation Flood: One of the ‘aims’ of the dairy development of government of India was to flood India withmilk. One such program is the “operation Flood” designed by national dairy development board (NDDB) tocreate a “vertical flood” of rurally produced milk in India. This has been in operation since 1970. Growth anddevelopment of the Milk Industry: The sale of milk in the form of sachet is estimated to be 36mn MT valuedat Rs 470 billion per year. The market is currently growing at round 4% pa in volume terms. The milk surplusstates in India are Uttar Pradesh, Punjab, Hariyana, Rajasthan, Gujarat, Andrapradesh, Maharastra, Karnatakaand Tamilnadu. The manufacturing of milk products is concentrated in these milk surplus states. The top 6states viz., Uttar Pradesh, Punjab, Madhya Pradesh, Rajasthan, Tamilnadu, and Gujarat together account for58% of National production. Milk products grew by mere 1% pa between 1947 and 1970. Since early 70’sunder operation flood. Production growth increased significantly averaging over 5% per annum. About 75%of milk is consumed at the household level, which is not a part of commercial dairy industry. Loose milk has alarger market in India as it is perceived to be fresh by most consumers in reality however; it poses a higherrisk of adulteration and contamination. HRIHE, Hassan Page 4142. Budgetary control of SHIMUL Although milk production has grown at a fast pace during the last 3decades, milk yield per animal is very low. The main reasons for the low yield are • Lack of use of scientificpractices in rearing cattle • Inadequate availability of fodder in all seasons • Unavailability of veterinary healthservices • Not raring the hybrid cattle Present Status of the Industry: Dairy cooperative network • Includes170 Shimoga Milk Unions • Operates in over 285 districts • Covers nearly 103281 village level societies • Isowned by nearly 11 million farmer members Milk Production: • India’s milk production increase from 21.2million Mt in 1968 to 84.6 million Mt in 200102. • Per capita availability of milk presently is 226gms perday, up from 122gms per day in 19681969. • India’s 4% annual growth of Milk production surpasses the 2%growth in population. • The net increase in availability is around 2% per year HRIHE, Hassan Page 4243. Budgetary control of SHIMUL Study of the Functional Department of the Shimul Industry FinanceDepartment Finance is the lifeblood of any organization finance mainly focuses on wealth maximization itmainly focuses on minimizing the cost and maximizing the cost and maximizing the profit. Auditing Auditingwill be carried on as per cooperative audit department (government of Karnataka) under sec rule 441, once ina year. Monthly Audit: Private chartered accountant will do preauditing once in a month appointed bySHIMOGA MILK UNION LTD and he has to submit a monthly report to the finance department. Records:Records are maintained in ledger as per the standing orders of Shimoga Milk Union. Various accounts anddetails accounts are processed using an excel spreadsheet software and all the details are stored in a computerand hard copies are stored and maintained in the respective files. HRIHE, Hassan Page 4344. Budgetary control of SHIMUL 3.2 COMPANY PROFILE Origin of Shimoga Milk Union: SHIMOGAMILK UNION LTD started its operations on 21st may 1971, with a initial investment of 24.17 lakhs with thecapacity of 10,000 (TLPD) thousands liters per day. SHIMOGA MILK UNION LTD is located inMachennahalli, 12Kms from Shimoga and 6Kms from Bhadravathi. The dairy is located in an elevated placeon Survey No.72 having 25 acres of land. The Shimoga milk Union is located in central part of the state ofKARNATAKA. The corporate office of the union is based at Machenahalli, covering three districts ofShimoga, Davangere and Chitradurga. Growth and Development of Shimoga Milk Union: Shimoga dairy isone of the important dairies in Karnataka in the year 1963, first in city a pilot project scheme was started tosupply milk to consumers of Shimoga and Bhadravathi and provide additional income to the rural farmers ofdistrict. In the initial period, the milk used to be sold in bulk. Dairy came into existence on 21 may 1971, itextended its operations with the help of the Government. In order to expand its business, it startedmanufacturing ghee. Earlier than 1985, it was named as government dairy, because it was control of the

Government. On Feb 1985, the dairy was taken over by KMF and named as Shimoga dairy. In the initialstage, milk was distributed only to Shimoga and Bhadravathi cities only. It was supplying the milk in bottlesand in July 1985. It started supplying milk in polythene bags to the consumers. In August 1985, there was aparadigm shift in the working pattern. Dairy adopted AMUL pattern. A new dairy was established in Jan1991, with a capacity of (ILLKPD) was taken over by SHIMOGA MILK UNION LTD. At the same time thechilling centers of Davanagere, Chitradurga, Honnali and Anandapura was handed over to SHIMOGA MILKUNION LTD. A new Dairy has been established with a capacity of 1.0 Lakhs Liters per day under theOperation Flood II & III with NDDB assistance. The Union has five chilling centers located at Honnali,Anandapura, Chitradurga, Hosadurga, & HRIHE, Hassan Page 4445. Budgetary control of SHIMUL Tadagani with chilling capacity of 0.95 Lakhs Liters per Day. The unionhas a Dairy at Shimoga and a mini dairy at Davangere, processing, packing and selling 25,000 liters per day.The union procures on an average 1.32 Lakhs Kgs. of milk per day and sells 0.93 Lakhs liters per day. Theunion, apart from selling toned milk, also produces Butter, Ghee, Peda, Butter Milk and Curds. Present Statusof the Company: DCS 818 Members 107369 Dairy Procurement of Milk 1, 49,500 LPD Milk Sales 91,194LPD Artificial Insemination Centers 209 Artificial Insemination 679310 Vaccines 421 Fodder in Tones 14201Organization Structure of Shimoga Milk Union Ltd: SHIMOGA MILK UNION LTD functions same as theAMUL organization structure. In this pattern the milk producers themselves control all the functions ofdairying milk production, procurement, processing and marketing, this structure consist of 3 tire systems.First Tire: The basic unit in the Anand pattern is the village milk producers cooperative a voluntaryassociation of milk producers in a village, who wish to market their milk collectively. Those who have apermanent residence and who own a milk animal can become a member by paying a share capital to DCS.Management: The members of society in general meeting elect a managing committee of nine membersdemocratically. The chairperson of the committee retires every year. The managing committee sets the cooperative policies and selects the society staff including a secretary, a milk collector, a Fat Tester, a clerk,inseminator, Accountant and helper to perform the society’s administration depending upon the size of thebusiness. HRIHE, Hassan Page 4546. Budgetary control of SHIMUL Among the managing committee members one will be elected as apresident of DCS for oneyear term that is the administrative head of the DCS. Second Tire: A key element inthe Anand pattern DCS is that all registered village milk societies are members of a DCS milk producersunion that enable them jointly to own a dairy processing factory and a cattle feed plant. Management: Theunion is controlled by Board of Directors consisting of 16 to 17 members of which 12 are democraticallyelected from among the representative of the village societies, the remaining five comprises of ManagingDirector as a member secretary, one or two representative of the federation. There 5 members are not eligiblefor contesting to the post of chairman. The chairman is elected by the board members retire every year byrotation so that each member functions for 3 years, the board employs the Managing Director who makes theappointment of junior staff. A sound code of conduct and the administrators of the union. Third tire: Theunion members of a cooperative milk marketing federation by subscribing to it at least 20,000 each as a sharecapital, the federation is responsible for evolving and implementation of policies on cooperative marketingliquid milk and milk products. Management: The federation board consists mainly of the elected chairman ofall the members of the union and the federations managing director. Each member has voting right. Themembers elect a chairman of the board. The board evaluates the federation’s policies on all its functions.Functions of Shimoga Milk Union Ltd: HRIHE, Hassan Page 4647. Budgetary control of SHIMUL DCS are grouped at district level into cooperative milk producers union.The unions organize new DCS and assist DCS with their management including audit of accounts, Purchases,processing and marketing of liquid Milk. HRIHE, Hassan Page 4748. Budgetary control of SHIMUL 3.3 Organizational structure: Board of Directors President ManagingDirector Administrative Finance Manager MIS Manager Marketing officer officer Dairy DepartmentProcurement Officer Deputy.Mgr Deputy.Mgr Distribution Development Plant Quality division divisionDeputy Mgr Deputy Procuremen Mgr Input t HRIHE, Hassan Page 4849. Budgetary control of SHIMUL 3.4 Profile of the Company: Shimoga Milk Union manufactures thefollowing products: 1. Toned Milk 2. Double toned Milk 3. Standardized Milk 4. Full Cream Milk 5. Ghee 6.Butter Milk 7. Homogenized Milk 8. Peda 9. Curd Shimoga Milk Union Markets the following products 1.Gulab Jamoon Mix 2. Flavoured Milk 3. Mysore pak 4. Panner 5. Badam Powder 6. Good life Milk HRIHE,Hassan Page 4950. Budgetary control of SHIMUL Milk & milk Products Price List: Price List if Nandini Milk & Milk

Products No Products name Kgs/Liters/grams Selling price in (Rs) 1 500 ML 8.50 Toned Milk 1000 ML17.00 2 500 ML 9.00 Double toned milk 1000 ML 18.00 3 500 ML 10.00 Standardized Milk 1000 ML 20.004 500 ML 11.50 Full cream Milk 1000 ML 23.00 5 200 ML 37.00 Ghee 500 ML 82.50 1000 ML 158.00 6Butter Milk 4.50 7 Homogenized Milk 1000 ML 15.00 8 Peda 250 ML 50.00 9 Curd 500ML 8.50 10 GulabJamoon Milk 200 gms 45.50 11 Flavoured Milk 200 ML 13.00 12 Mysore pak 250 gms 55.00 13 Badampowder 200 gms 40.50 HRIHE, Hassan Page 5051. Budgetary control of SHIMUL 3.5 Achievements Mile Stones: 1963 A Pilot project was started to supplymilk to Shimoga and Bhadravathi 1971 Government dairy at Shimoga was started with the capacity of 10,0001985 Opening of KMF P and I wing. 1985 First milk procurement rout was started 1985KMF has takenover the dairy. 1987Registrations of SHIMOGA MILK UNION LTD. 9097NDDB funded for cooperativedevelopment program 1997Grands from Government of India for women and Child development program1999Installation of LNZ distribution system 2005Set upping of 24 ATM parlors and customer grievance cellin Chitradurga and Davanagere 2007Set upping of 3 ATM parlors and 687 dealers 2009In this year 38 newsocieties started, in this bulk milk coolers are adopted for best quality of milk. From each society 220 Kg milkhas proposed to collect. In this year planned to increase the milk by decreasing the amount to produced milklike artificial insemination, fodder and providing 50% of concision to the formal. HRIHE, Hassan Page 5152. Budgetary control of SHIMUL Introduction of New products 1985 Ghee 1988 Peda 1993 StandardMilk 1997 Butter Milk and curds 1999 Lassi 2000 Introduction of tonned milk in 200ml sachet. 2006Toned milk, Homogenized milk, sterilized milk and Full cream milk 2007 Skim milk powder, Cheese,Badam powder, Paneer and Mysore Pak 2009 Burfi, Jamoon, khova, flavored milk and Ice cream. ChillingCenters Dairies Established 1984 Chitradurga 1991 Dairy 1991 Honnali 1991 Anandapura 1999 Tadagani2007 Davangere 2009 Harihara HRIHE, Hassan Page 5253. Budgetary control of SHIMUL 3.6 Mission Statement: Shimoga Milk Union is provide maximum possibleprice for the milk supplied by its members and provide necessary inputs to enhance milk production whileensuring economic viability of the union and is also committed or provide quality milk and milk products toconsumers and emerge as one of the top most Milk Unions of the cooperative dairy industry in the country.Goals by 2008: Organizing 700 functional DCS. Procuring of LKPD of Milk. Marketing of 1.75LLPD of Milk. Introducing concept of clean milk production. Collecting 6 corers as share capitalDistributing 80% of the Income earned from sales to farmers, producers, and members. Increasingprocessing capacity to 1.9 LLPD Reducing Recover Period from 17 days to 7 days Paying Paymentsafter 14days Training staff to enhance QMS Adoption of ISOHACCP Goals by 2009: • Establishment of856 milk dairys. • 10% to 5% increase in selling. • Dividing the milk union into four groups. • To open 38 newsocieties. HRIHE, Hassan Page 5354. Budgetary control of SHIMUL • Planning to insert new bulk milk coolers to get good quality of milk. •Tetra packing and making good milk products. • Giving good price to the farmers. • Planning to preserve220kg of milk. The Main Activities of the Union DCS membership: At the end of March 2008, a Network of818 DCS have been organized and over in 175 Taluks in all three districts of milkshed area and there arearound 107369 members of DCS out of which 50863 are women. Milk Chilling Centers: There are 5 chillingcenters situated at Anandpura with 100 TLPD (Thousand Liters per Day), Chitradurga with 10 TLPD,Hosadurga with 8 TLPD, Tadagani30 TLPD, and the main dairy is situated in Machenahally having acapacity of 40,000 TLPD and processing capacity of 5 LLPD. There are 80 milk procurement routes operatingfrom union and is collecting milk on an average of 3, 50,000 KGPD during the year march08. The Milkprocurement routs are not constant. It keeps on fluctuating according to the availability of milk. AnimalHealth Facilities: There are 7 veterinary routes operating and conducting health camps and attendingemergency cases. Animal Breeding: Artificial Inseminations are being done through AI centers. HRIHE,Hassan Page 5455. Budgetary control of SHIMUL Feed and Fodder Development: Cattle feed and high yielding varieties offodder being supplied to producer along with technical advice. Milk & Milk Products Marketing: Thepasteurized milk being distributed to three districts i.e., Davanagere, Shimoga and Chitradurga through 8parlous, 3 A.T.M parlors, 687 milk dealers. On an average every day 1, 02,000 litter being sold in 65 towns.In addition to milk, milk products like Peda, curds and butter milk are sold in the milk shed area. Shimogamilk Union Ltd Objectives Providing remunerative and assured market for the milk product by the farmers. Providing quality milk to urban consumers. To build village level institutions in cooperative sector to

manage dairy activities. To ensure provision of milk production inputs processing faculties anddissemination. Shimoga milk Union Ltd Quality Objectives: To train our workmen from time to time for

exposure to advance technology for efficient operations. To provide adequate infrastructure facility forimproving the work environment. To set goals/targets at all level to achieve continuous improvement.Shimoga milk Union Quality Policy: SHIMOGA MILK UNION LTD is committed to producers’ welfarethrough customer delight by adopting continuous improvement and ensures pure and hygienic milk and milkproducts. HRIHE, Hassan Page 5556. Budgetary control of SHIMUL New Projects in Shimul 30TLPD new milk chilling center cum packingcenter at Chitradurga Installation of Bulk Coolers of Chilling Centers from 20,000 LPO to 60,000LPD. Network based dairy into system. Expansion of Ice Cream Plant from 5000 Liters, to 15,000 Liters capacityat an outlay of Rs.5.69 crores. Launching of New Milk Products at Nandini Milk Products Unit HRIHE,Hassan Page 5657. Budgetary control of SHIMUL 3.7 SWOT ANALYSIS STRENGTH • Procurement and Input (Net work)• Goodwill • ISO 90012000 certified • Second larger producer • Vast Market WEAK • World tradeorganization standards • Advertisement execution in its early • Early stages of automation of computerizationOPPORTUNITIES • Enter rural market • Exports THREATS • Entry of big players • WTO standards •Government policies HRIHE, Hassan Page 5758. Budgetary control of SHIMUL DATA COLLECTION AND INTERPRETATION SHIMOGA DISTRICTMILK PRODUCER’S SOCIETIES UNION LIMITED Shimoga Dairy, Machenahalli, Nidige Post,SHIMOGA – 577222 20072008, 20082009, & 20092010 Financial year Estimated expenditure SlParticulars 12092007 15092008 10092009 no 20072008 20082009 20092010 Lakhs Lakhs Lakhs 1Opening products of milk products 185.6 66.75 103.29 2 Purchase of milk from milk unions 6366.25 5667.576184.39 3 Milk storage & transportation expenses 577.47 610.38 404.56 4 Transportation expenses (others)22 23 19.5 5 Cattle feeds & development expenses 914.97 1009.04 1294.08 6 Milk processing &manufacturing expenses 550.41 570.83 535.57 7 Employees salary & allowances 559.66 556.45 594.9 8Administrative expenses 72.99 76.5 101.86 9 Taxes & rates & rent 24.5 31.5 32 10 Milk distribution expenses163.3 166.87 165.02 11 Milk & milk products packing charges 230.06 211.25 238.53 12 NDDB loanrepayment with bank commission 86.34 82.5 62 13 Depreciation or asset 45 58 45 14 Cattel animal healthprogram & expenses 26.91 36.82 34.34 income from artificial insemination 15 Program 62.04 56.19 62.73 16Training program expenses 4.3 6.94 23.22 17 Fir staid program expenses 18.74 3.89 26.93 18 Extension offacilities for cooperatives unions 51 55.61 111.73 HRIHE, Hassan Page 5859. Budgetary control of SHIMUL 19 Capital investment & advances quality control 1174.45 376.75 763.15& plant management 20 Expenses (NPCS) 376.5 345.12 324.22 21 National information system 12.8 12.8 1222 Purchase of diesel (contractors vehicles) 135 108 108 23 Staff program expenses 84.51 11.32 49.75 24Savings 20.5 21.07 11.58 Total 11765.3 10165.15 11308.35 4.1 Opening products of milk products 1 Openingproducts of milk products 200 180 160 140 120 1 Opening products of 100 milk products 80 60 40 20 0 LakhsLakhs Lakhs 20072008 20082009 20092010 12092007 15092008 10092009 The above table showsthat opening product of milk in 200708, 200809, 200910 is 190 lacks, 70 lacks and 110 lacks respectively.Opening products of milk 200809 decreased by 118.85 lakhs. Due to the manufacturing inability and themismanagement in the organization. 2009 – 2010 it increased 36.54lakhs due to the management change.HRIHE, Hassan Page 5960. Budgetary control of SHIMUL 4.2 Purchase of milk from milk unions 2 Purchase of milk from milkunions 6600 6400 6200 6000 2 Purchase of milk from 5800 milk unions 5600 5400 5200 Lakhs Lakhs Lakhs20072008 20082009 20092010 12092007 15092008 10092009 The above table shows that purchase ofmilk from milk unions in 200708, 200809, 200910 is 6350, 5670 and 6200 respectively. Purchase of milkfrom milk unions 200809 decreased by 698.5 lakhs and 200910 516.82 lakhs increase.. Due to the financialinability in 200910 it increases due to the financial restructuring. HRIHE, Hassan Page 6061. Budgetary control of SHIMUL 4.3 Milk storage & transportation expenses 3 Milk storage &transportation expenses 700 600 500 400 3 Milk storage & 300 transportation expenses 200 100 0 LakhsLakhs Lakhs 20072008 20082009 20092010 12092007 15092008 10092009 The above table showsthat Milk storage & transportation expenses in 200708, 200809, 200910 is 575, 610 and 400 respectively.Milk storage & transportation expenses 0809 increased 32.91 lakhs and 0910 decreased 205.82lakhs.HRIHE, Hassan Page 6162. Budgetary control of SHIMUL 4.4 Cattle feeds & development expenses 4 Cattle feeds & developmentexpenses 1400 1200 1000 800 4 Cattle feeds & 600 development expenses 400 200 0 Lakhs Lakhs Lakhs20072008 20082009 20092010 12092007 15092008 10092009 The above table shows that cattle feedsand development expenses in 200708,200809,200910 is 900, 1000 and 1300 respectively. Cattle feeds &

development expenses in the year 0809 increased 94.1 lakhs and in 0910 increased 285.04 lakhs. HRIHE,Hassan Page 6263. Budgetary control of SHIMUL 4.5 Milk processing & manufacturing expenses 5 Milk processing &manufacturing expenses 580 570 560 550 5 Milk processing & 540 manufacturing expenses 530 520 510Lakhs Lakhs Lakhs 20072008 20082009 20092010 12092007 15092008 10092009 The above tableshows that milk processing and manufacturing expenses in 200708, 200809, 200910 is 550, 570 and 535respectively. Milk processing & manufacturing expenses in the year 0809 increased 20.42 lakhs and in 0910decreased by 35.26 lakhs. . HRIHE, Hassan Page 6364. Budgetary control of SHIMUL 4.6 Employees salary & allowances 6 Employees salary & allowances 600590 580 570 6 Employees salary & 560 allowances 550 540 530 Lakhs Lakhs Lakhs 20072008 2008200920092010 12092007 15092008 10092009 The above table shows that Employees salary and allowancesin 200708, 200809,200910 is 560, 555 and 595 respectively. Employee’s salary & allowances in the year0809 decreased by 3.21 lakhs and in 0910 increased 38.45 lakhs. . HRIHE, Hassan Page 6465. Budgetary control of SHIMUL 4.7 Administrative expenses 7 Administrative expenses 120 100 80 60 7Administrative expenses 40 20 0 Lakhs Lakhs Lakhs 20072008 20082009 20092010 12092007 15092008 10092009 The above table shows that Administrative expenses in 200708, 200809, 200910 is 75, 79and 110 respectively. Administrative expenses in the year 0809 increased 3.51 lakhs and in 0910 increased25.36 lakhs. HRIHE, Hassan Page 6566. Budgetary control of SHIMUL 4.8 Taxes, Rates & Rents 8 Taxes & rates & rent 35 30 25 20 8 Taxes &rates & rent 15 10 5 0 Lakhs Lakhs Lakhs 20072008 20082009 20092010 12092007 15092008 10092009 The above table shows that tax, rent and rates in 200708, 200809, 200910 is 24, 32 and 33respectively. Taxes, Rates & Rents in the year 0809 increased 7 lakhs and in the year 0910 increased 1.50lakhs HRIHE, Hassan Page 6667. Budgetary control of SHIMUL 4.9 Milk distribution expenses 9 Milk distribution expenses 168 167 166165 9 Milk distribution 164 expenses 163 162 161 Lakhs Lakhs Lakhs 20072008 20082009 20092010 12092007 15092008 10092009 The above table shows that milk distribution expenses in 200708, 200809,200910 is 163.5, 166.8 and 165 respectively. Milk distribution expenses in the year 0809 increased 3.57lakhs and in the year 0910 decreased by 1.85 lakhs. . HRIHE, Hassan Page 6768. Budgetary control of SHIMUL 4.10Milk & milk products packing charges 10 Milk & milk productspacking charges 245 240 235 230 225 10 Milk & milk products 220 packing charges 215 210 205 200 195Lakhs Lakhs Lakhs 20072008 20082009 20092010 12092007 15092008 10092009 The above tableshows that milk and milk product packing charges in 200708, 200809, 200910 is 230, 211 and 237respectively. Milk & milk products packing charges in the year 0809 decreased 18.81 lakhs and in the year0910 increased 27.28 lakhs. HRIHE, Hassan Page 6869. Budgetary control of SHIMUL 4.11 Capital investment & advances quality control & plant management11 Capital investment & advances quality control & plant management 1400 1200 1000 800 11 Capitalinvestment & advances quality control & 600 plant management 400 200 0 Lakhs Lakhs Lakhs 2007200820082009 20092010 12092007 15092008 10092009 The above table shows that capital investment andadvance quality control in 200708, 200809, 200910 is 1190, 390 and 790 respectively. Capital investment& advances quality control & plant management in the year 0809 decreased 797.70 lakhs and in the year 0910 increase 386.40 lakhs. . HRIHE, Hassan Page 6970. Budgetary control of SHIMUL 4.12 Staff program expenses 12 Staff program expenses 90 80 70 60 50 12Staff program 40 expenses 30 20 10 0 Lakhs Lakhs Lakhs 20072008 20082009 20092010 12092007 15092008 10092009 The above table shows that staff program expenses in 200708, 200809, 200910 is85,10 and 50 respectively. Staff program expenses in the year 0809 decrease 73.19 lakhs and in the year 0910 increase 38.43 lakhs. HRIHE, Hassan Page 7071. Budgetary control of SHIMUL 4.13 Grand Total Financial Expenditure Sl no Total 12000 11500 1100010500 Sl no Total 10000 9500 9000 Lakhs Lakhs Lakhs 20072008 20082009 20092010 12092007 15092008 10092009 The above table shows that grand total in 200708, 200809, 200910 is 11700,11000 and11560 respectively. Financial expenditure in the year 0809 decrease 1600.15 lakhs and in the year 0910increase 1143.2 lakhs. HRIHE, Hassan Page 7172. Budgetary control of SHIMUL Findings 5.1 Summary of Findings: As my study conducted on theBudgetary Control of SHIMUL was finding the following points. The department generated the followingtypes of reports • Section wise report • Management report • Board meeting report • NDDB report • Sectionhead meeting report 1. The opening products of milk products 200910 it increased 36.54lakhs compare to the

previous year. 2. Purchase of milk from milk unions 200910 516.82 lakhs increase compare to the previousyear. 3. Milk storage & transportation expenses 200910 decreased 205.82lakhs. 4. Cattle feeds &development expenses in the year 200910 increased 285.04 lakhs. 5. Milk processing & manufacturingexpenses in the year200910 decreased by 35.26 lakhs compare to the previous year. 6. Employees salary &allowances in the year 200910 increased 38.45 lakhs. 7. Administrative expenses in the year 200910increased 25.36 lakhs. 8. Taxes & Rates & rents in the year 200910 increased 1.50 lakhs. 9. Milk distributionexpenses in the year 200910 decreased by 1.85 lakhs. 10. Milk & milk products packing charges in the year200910 increased 27.28 lakhs. 11. Capital investment & advances quality control & plant management in theyear 200910 increase 386.40 lakhs. 12. Staff program expenses in the year 200910 increase 38.43 lakhs.HRIHE, Hassan Page 7273. Budgetary control of SHIMUL 13. Financial expenditure in the year 200910 increase 1143.2 lakhs 5.2Suggestions As the result of study on Budgetary Control of SHIMUL the given the following suggestions Maintain the good management control Always maintain the good working capital in the organization Maintain the good corporate governance Fluctuations are common in every organization but sustain is veryimportant so main the stability Use of knowledge based system like artificial intelligence expert systems Develop own web site for SHIMUL Use SAMRUDHI in societies and chilling center also The processesof indent taking and billing through on line transaction processing system Use of new technologies tomaximize the quality of output HRIHE, Hassan Page 7374. Budgetary control of SHIMUL Conclusion The corporate exposure and learning gives a very goodexposure in terms of understanding the company in details knowing its activities and the specific roles playedby each functional department. It is interesting to note that SHIMOGA MILK UNION is doing well andgrowing phenomenally. Based on the findings and experience the researcher had while conducting the studyon “BUDGETARY CONTROL DEPARTMENT” as a researcher come to the following conclusion. Budgetary Control department works as a back bone of top management Budgetary Control departmentcollected data from each department and convert that data in to information With the support of goodBudgetary Control the management of marketing finance production and personnel become more efficient. The Budgetary Control of SHIMUL relies heavily on the hardware and software capacity of the computer. The Budgetary Control of SHIMUL is purely based on data base and use the database for generatinginformation The Budgetary Control of SHIMUL operates at all level of management hierarachy TheBudgetary Control of SHIMUL makes union seem less by removing all the communication barriers Theman power in Budgetary Control is very less but it achieve more and more SHIMUL has well statureapplication software named SAMRUDHI. It works as a blood of organization HRIHE, Hassan Page 7475. Budgetary control of SHIMUL It has a new project to develop to develop the application softwarenamed FINANCIAL RECEPTION DOCK. The researcher feels of having contributed to the company byconducting the study and providing them with the necessary information. BIBILOGRAPHY [1] S.N.Maheshwari and S.K.Maheshwari, “Accounting for Management”, First Edition, Vikas Publication House PvtLtd, Pg no – 4.34.7 [2] Jawahar Lal, “Cost Accounting”, Third Edition, Tata McGrawHill PublishingCompany Limited, Pg no 775784 and 798807 [3] I.M Pandey, “Financial Management”, Ninth Edition,Vikas Publication House Pvt Ltd pg no – 754758 [4] Websites and Articals KMF website KMF.corp NDDB.com www.google.com Annual report Budgetary Control reports HRIHE, Hassan Page 75

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