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Annexure-VIII

UNIVERSITY GRANTS COMMISSION

WESTERN REGIONAL OFFICE

GANESHKHING, PUNE – 411 007

Final Report of the work done on the Project

U.G.C Minor Research Project F.No.23-099/12(WRO), Dated. 19

th June 2020

Work Done : 05-02-2013 to 31-03-2014

1. NAME & ADDRESS OF THE PRINCIPAL INVESTIGATOR

Name: Dr.Hansaben Patel

Sex: Female

Category: GENERAL

Qualification: M.Com., Ph.D.

Designation: Associate Professor

Address: Shree M.P.Shah Commerce College, Surendranagar Gujarat

India.

2. NAME & ADDRESS OF THE INSTITUTE

Name: Shree M.P.Shah Commerce College, Surendranagar

Address: Shree M.P.Shah Commerce College,

Opp. M.M.Shah B.Ed. College, Bus Stand Road Wadhawan,

Surendranagar - 363001

Gujarat India.

3. UGC APPROVAL NO. & DATE: F.NO.23-98/12(WRO)05\02\2013

4. DATE OF IMLEMETATION: 05-02-2013

5. TENURE OF THE PROJECT: 05-02-2013 to 31-03-2014

6. TOTAL GRANT ALLOCATED: Rs. 70,000/-

7. TOTAL GRANT RECEIVED: Rs. 52,500/-

8. FINAL EXPENDITURE: Rs. 52,804/-

9. TITLE OF THE PROJECT:

“A Study of Working And Financial Performance of Milk Cooperative

Societies” (With Reference To Wadhwan Tehsil Of Surendranagar District

In Gujarat)

10. OBJECTIVES OF THE PROJECT:

To know development of cooperative societies in rural area is

low or not

To know administrative of cooperative societies in rural area is

so sufficient or not.

To evaluate the profitability trends of selected milk cooperative

societies of Wadhwan tehsil of Surendranagar District in

Gujarat

To review the liquidity trends of selected milk cooperative


Gujarat

To compare the relationship of profitability and liquidity.

To find out the financial position of selected milk cooperative


Gujarat

11. WHETHERE OBJECTIVES WERE ACHIEVED:

The following recommendations are given to improve the financial performance of

selected district dairy co-operatives in Gujarat and also to make efficient for achieving

the goals which they have been set up.

1. It was found that the performance of DEDADARA MILK COOPRETAIVE

SOCIETY in milk procurement is better than all other selected district dairy

cooperatives. Therefore, the researcher suggests that to the management of all

dairies the distance between members farm and collection point should be increased

Panchayat Dairies in every villages to collect the milk from the members.

2. The researcher has found that the total deposits show lowest fold growth 1.83 in

DUDHAREJ MILK COOPRETAIVE SOCIETY. The researcher recommends that

this dairy should opening a large number of distribution parlors and primary milk

producers’ co-operatives society.

3. It was observed that reserve funds show lowest fold growth 0.99 in DEDADARA

MILK COOPRETAIVE SOCIETY. The researcher recommends that the dairy

should reduce expenses for purchase of fixed assets and reduce bonuses.

4. In the present scenario of new economic policy of liberalization, privatization and

globalization, co-operative dairies have to be alert against competition from

corporate level private dairies within India and outside India. Those dairy unions

having lowest sales should improve their marketing strategy to increase sales.

5. During the research study, the researcher came to know that total investment show

lowest fold growth 1.48 in BHADRESI MILK COOPRETAIVE SOCIETY.

Therefore, the researcher recommends that the dairy must invest in more profitable

schemes.

6. It was observed that cash and bank balance show lowest fold growth

2.86 in TUVA MILK COOPRETAIVE SOCIETY. Therefore, the researcher

recommends that the dairy must deposited more money with bank.

7. It was found that total assets show lowest fold growth 1.34 in BHADRESI MILK

COOPRETAIVE SOCIETY. The researcher strongly recommends that the dairy

must increase cash balance, long term investment and stock.

8. During the research study, the researcher came to know that total income of

BHADRESI MILK COOPRETAIVE SOCIETY, GOMTA MILK COOPRETAIVE

SOCIETY and VADLA MILK COOPRETAIVE SOCIETY dairy were weak. The

researcher, therefore, strongly recommends that the management of these dairy

should make sufficient efforts to increase its income and profit.

9. It was observed that total expenditure of PRANGHATH MILK COOPRETAIVE

SOCIETY and DEDADARA MILK COOPRETAIVE SOCIETY were too high.

The Researcher, therefore, strongly suggests that these dairies should try to control

its expenses to increase its profit margin.

10. During the research study, the researcher has observed that net profit to sales ratio

of TUVA MILK COOPRETAIVE SOCIETY was low. The researcher, therefore,

strongly recommends that the management of this dairy should make sufficient

efforts to increase its net profit.

11. It was observed the current ratio of DEDADARA MILK COOPRETAIVE

SOCIETY was highest with 2.13 times during the study period whereas other

dairies are the lowest to the standards norms of current ratio is 2:1. Thus the

DEDADARA MILK COOPRETAIVE SOCIETY indicating its better position of

paying off short term debts compare to other dairies co-operatives so it is advisable

to all dairies except DEDADARA MILK COOPRETAIVE SOCIETY to increase

the working capital including cash and bank balance as well as sundry debtors.

12. The dairies should review its policy and constant improvement of their productivity

and competitiveness in a fast and changing global economy to increase net profit

ratio.

13. The researcher has found that the financial performance of DEDADARA MILK

COOPRETAIVE SOCIETY and BHADRESI MILK COOPRETAIVE SOCIETY

was poor. Therefore, the researcher suggests that the dairies must increase its sales

income and decrease its expenses for better performance.

14. The average ROE was below 1 %. Majority of selected dairy co-operatives have a

ROE less than average. Co-operative dairy is dependent upon its farmer members. It

is indispensable to pay maximum possible price to these farmers otherwise, they

may start selling their output to other privately owned dairies, which will further

intensify the competition and have an adverse effect on ROE.

15. The ROCE of dairy co-operatives was below 1%. The dairies should try improving

their operating profit (EBIT) by reducing operating cost. To survive and sustain in

this competitive market it is very essential to earn a reasonable ROCE.

16. Every dairy union should try to increase the procurement of milk by increasing their

members because every dairy union has to incur some fixed cost. By increasing the

milk procurement, the fixed cost will spread over larger quantity of production and

the per unit cost will reduced.

17. All dairy co-operatives should implement new techniques of financial management

for the better performance in future.

18. All dairy co-operatives should organize maximum seminar for awareness about the

beneficial business of milk.

19. The top management should review periodically accounts of the dairy and take

suitable steps before the situations get out the control.

20. There is a need to develop uniform financial reporting principles for all dairy co-

operatives, so as to make inter-firm comparison easy and feasible.

12. ACHIEVEMENTS FROM THE PROJECT:

Researcher find out following achievements from the project during the period of study

2010-11 to 2012-13.

Co-operative dairy industry plays very important role in the economic development of

rural population of the country. They are expected to perform efficiently both physically and

financially. Any inefficiency on it parts will weaken the co-operative dairying in the state and

adversely affect the efforts towards the emancipation of living conditions of rural masses. In

the time of competition, private dairies are entering in to level playing field. The production of

milk is being increased day by day but the demands do not increase in that proportion of milk

and its products. In these circumstances, it is necessary to keep the dairy industry alive. In the

dairy industry competition has already begun during the global era. To save the dairy industry,

it is extremely necessary to make proper financial planning. The private dairies with limited

staff, limited expenditure and modern technology are providing its products at low price and

high quality to the customers. Under these circumstances, it is inevitable to have lower

production cost, quality improvement, better marketing and control over expenditure to survive

co-operative units operating under cooperative structure. The present study has been conducted

to assess the functioning and financial analysis of co-operative dairy industry of Gujarat state.

Researcher achieved that fact development of the cooperative societies in rural area is low.

Researcher find out administrative of cooperative societies in rural area is no sufficient

13. SUMMARY OF THE FINDINGS:

The present study was undertaken on the topic of “A Study of Working and financial

performance of milk Cooperative societies” (with reference to Wadhwan tehsil of

Surendranagar District in Gujarat) for the purpose of investigation. Under this type of

investigation, the various aspects of dairy operations relating to the financial resources,

profitability, income & expenditure etc. of district dairy co-operatives were studied in

detail for the period of 2010-11 to 2012-13. The results of this study have been discussed

along with appropriate recommendations in the following.

The selected Surendranagar district dairy co-operatives are situated in Gujarat State. The

major findings have been summarized as below. There are 15 dairy co-operatives

registered in GCMMF Gujarat state.

1. The fold growth rate of milk collection is 2.38 in Dedadara milk cooperative , 1.69

in NAGARA M.C.S , 2.15 in DUDHAREJ MILK COOPRETAIVE SOCIETY,

2.02 in VADLA MILK COOPRETAIVE SOCIETY, 2.29 in PRANGHATH MILK

COOPRETAIVE SOCIETY, 1.53 in GOMTA MILK COOPRETAIVE SOCIETY

and 1.83 in BHADRESI MILK COOPRETAIVE SOCIETY during the period of

2011-12 to 2013 – 14. The performance of DEDADARA MILK COOPRETAIVE

SOCIETY in milk procurement is better than all other selected district dairy

cooperatives because the fold growth of DEDADARA MILK COOPRETAIVE

SOCIETY Dairy is higher to compare with other selected district dairy

cooperatives.

2. The comparative picture of the share capital shows increasing trend during the study

period. The highest fold growth of share capital was 4.37 in DUDHAREJ MILK

COOPRETAIVE SOCIETY because earning per share was high whereas lowest

0.99 in VADLA MILK COOPRETAIVE SOCIETY during the period from 2010-

11 to 2012-13.

1. Comparatively, the reserve fund shows increasing trend during the study period.

The highest fold growth of reserve fund was 18.01 in DUDHAREJ MILK

COOPRETAIVE SOCIETY whereas lowest 0.86 in DEDADARA MILK

COOPRETAIVE SOCIETY because the dairy set up purchase of fixed assets, pays

bonuses. As per reserve fund, DUDHAREJ MILK COOPRETAIVE SOCIETY is

better than other selected district dairy co-operative during the period from 2010-11

to 2012-13.

2. It was observed that the total deposits shows increasing trend during the study

period. The highest fold growth of total deposits were 29.32 in DEDADARA MILK

COOPRETAIVE SOCIETY because of opening a large number of Parlors and lay

outs and increasing the sales of DEDADARA MILK COOPRETAIVE SOCIETY

products. Whereas lowest 1.83 in DUDHAREJ MILK COOPRETAIVE SOCIETY

during the period from 2010-11 to 2012-13.

3. It was observed that the total sales shows increasing trend during the study period.

The highest fold growth of total sales were 5.78 in DEDADARA MILK

COOPRETAIVE SOCIETY because of opening a large number of Parlors and lay

outs. Whereas lowest 2.28 in BHADRESI MILK COOPRETAIVE SOCIETY

during the period from 2010-11 to 2012-13.

4. Comparatively, the total investments shows increasing trend during the study

period. The highest fold growth of total investments were 2.86 in PRANGHATH

MILK COOPRETAIVE SOCIETY whereas lowest 1.48 in BHADRESI MILK

COOPRETAIVE SOCIETY during the period from 2010-11 to 2012-13.

5. The comparative picture of the cash and bank balance shows increasing trend

during the study period. The highest fold growth of cash and bank balance was

22.69 in DUDHAREJ MILK COOPRETAIVE SOCIETY whereas lowest 2.86 in

TUVA MILK COOPRETAIVE SOCIETY during the period from 2010-11 to

2012-13.

6. Comparatively, the total assets show increasing trend during the study period. The

highest fold growth of total assets was 8.16 in DUDHAREJ MILK

COOPRETAIVE SOCIETY whereas lowest 1.34 in BHADRESI MILK


7. The comparative picture of the total income shows increasing trend during the

study period. The highest fold growth of total income was

8.25 in PRANGHATH MILK COOPRETAIVE SOCIETY whereas lowest 2.08 in

BHADRESI MILK COOPRETAIVE SOCIETY during the period from 2010-11 to

2012-13. The main reasons were revised pay scale and lowering down the rate of

interest charged on advances.

8. Comparatively, the total expenditure shows increasing trend during the study

period. The highest fold growth of total expenditure was 8.24 in PRANGHATH

MILK COOPRETAIVE SOCIETY due to interest paid on deposits and contribution

towards provident fund. Whereas lowest 2.07 in BHADRESI MILK

COOPRETAIVE SOCIETY during the period from 2010-11 to 2012-13. It is good

sign for BHADRESI MILK COOPRETAIVE SOCIETY Dairy.

9. It was observed that the net profit shows increasing trend during the study period.

The highest fold growth of net profit was 7.03 in PRANGHATH MILK

COOPRETAIVE SOCIETY whereas lowest 2.72 in DEDADARA MILK


10. Comparative study clearly shows that total deposits, net sales, total investment, total

income, net profit, performance of all selected district dairy co-operatives are better

accept the BHADRESI MILK COOPRETAIVE SOCIETY dairy during the study

period.

11. PRANGHATH MILK COOPRETAIVE SOCIETY, DUDHAREJ MILK

COOPRETAIVE SOCIETY and DEDADARA MILK COOPRETAIVE SOCIETY

are better amongst selected district dairy co-operatives as per share capital, deposits,

sales, total income and net profit.

12. It was also observed that BHADRESI MILK COOPRETAIVE SOCIETY dairy is

poor as per sales, total investment, total Income, and Net Profit. It disclosed

decreasing trend in all variances.

13. It was observed that the average GP ratio only two dairy cooperatives that are

DUDHAREJ MILK COOPRETAIVE SOCIETY 9.32%, and GOMTA MILK

COOPRETAIVE SOCIETY 11.09% was above average, while average GP ratio of

DEDADARA MILK COOPRETAIVE SOCIETY 4.10%, TUVA MILK

COOPRETAIVE SOCIETY 3.49%, VADLA MILK COOPRETAIVE SOCIETY

1.86%, PRANGHATH MILK COOPRETAIVE SOCIETY 4.91% and BHADRESI

MILK COOPRETAIVE SOCIETY 2.50% was below average because of the cost

of production of the firm is relatively low. A relatively low gross margin is

definitely a danger signal, warranting a careful and detailed analysis of factor

responsible for it, like, high cost of production, high cost of raw material and low

selling price.

14. The average net profit ratio was 0.42% during study period, highest net profit ratio

of BHADRESI MILK COOPRETAIVE SOCIETY 0.64% while lowest was of

TUVA MILK COOPRETAIVE SOCIETY 0.23%. It was analyzed that only three

union out of seven had a favorable net profit ratio, VADLA MILK

COOPRETAIVE SOCIETY 0.47%, PRANGHATH MILK COOPRETAIVE

SOCIETY 0.43% BHADRESI MILK COOPRETAIVE SOCIETY 0.69% because

of A high net profit margin would ensure adequate return to the owners as well as

enable a firm to withstand adverse economic condition, when selling price is

declining and cost of production was rising. A low net profit margin has the

opposite implications.

15. The average ROCE ratio was 013% during study period, the highest ROCE ratio

was of TUVA MILK COOPRETAIVE SOCIETY 0.25% while lowest of GOMTA

MILK COOPRETAIVE SOCIETY 0.07%. It was analysed that only two daries out

of seven had a ROCE above average that is TUVA MILK COOPRETAIVE

SOCIETY 0.25%, BHADRESI MILK COOPRETAIVE SOCIETY 0.18%, while

the DEDADARA MILK COOPRETAIVE SOCIETY 0.11%, DUDHAREJ MILK

COOPRETAIVE SOCIETY 0.13%, VADLA MILK COOPRETAIVE SOCIETY

0.09%, PRANGHATH MILK COOPRETAIVE SOCIETY 0.12% and GOMTA

MILK COOPRETAIVE SOCIETY 0.07% are below average ROCE.

16. The average ROE during study period was 0.05%. The highest ROE of VADLA

MILK COOPRETAIVE SOCIETY was 0.09% and the lowest of DEDADARA

MILK COOPRETAIVE SOCIETY, PRANGHATH MILK COOPRETAIVE

SOCIETY, and GOMTA MILK COOPRETAIVE SOCIETY was 0.04%. The EAT

of VADLA MILK COOPRETAIVE SOCIETY are comparatively high than other

dairies because of its higher post tax earning the ROE was comparatively high.

Three Dairies out of seven that DEDADARA MILK COOPRETAIVE SOCIETY

0.04%, PRANGHATH MILK COOPRETAIVE SOCIETY 0.04%, and GOMTA

MILK COOPRETAIVE SOCIETY 0.04%, had a ROE below industry average,

while the rest four dairies that is TUVA MILK COOPRETAIVE SOCIETY 0.06%,

DUDHAREJ MILK COOPRETAIVE SOCIETY 0.06%, VADLA MILK

COOPRETAIVE SOCIETY 0.09% and BHADRESI MILK COOPRETAIVE

SOCIETY 0.06% was higher than the industry average.

17. The average Current Ratio during study period was 1.48:1. The highest Current

Ratio of DEDADARA MILK COOPRETAIVE SOCIETY was 2.13:1 and the

lowest of GOMTA MILK COOPRETAIVE SOCIETY 0.98:1, Four Dairies out of

seven that TUVA MILK COOPRETAIVE SOCIETY 1.04:1, DUDHAREJ MILK

COOPRETAIVE SOCIETY 1.17:1, VADLA MILK COOPRETAIVE SOCIETY

1.22:1 and GOMTA MILK COOPRETAIVE SOCIETY 0.98:1, had a Current Ratio

below to the average, while the rest three daries that is DEDADARA MILK

COOPRETAIVE SOCIETY 2.13:1, PRANGHATH MILK COOPRETAIVE

SOCIETY 2.08:1,and BHADRESI MILK COOPRETAIVE SOCIETY 1.75:1 was

higher than the industry average.

18. The average Liquidity ratio during study period was 1.02:1. The highest Liquidity

ratio of DUDHAREJ MILK COOPRETAIVE SOCIETY was 1.13:1 and the lowest

of TUVA MILK COOPRETAIVE SOCIETY 0.70:1, Three Dairies out of Seven

that TUVA MILK COOPRETAIVE SOCIETY 0.70:1, VADLA MILK

COOPRETAIVE SOCIETY 0.99:1 and GOMTA MILK COOPRETAIVE

SOCIETY 1.02:1, had a Liquidity ratio below to the average, while the rest four

daries that is DEDADARA MILK COOPRETAIVE SOCIETY 1.09:1,

DUDHAREJ MILK COOPRETAIVE SOCIETY 1.13:1, PRANGHATH MILK

COOPRETAIVE SOCIETY 1.09:1,and BHADRESI MILK COOPRETAIVE

SOCIETY 1.09:1was higher than the to the average.

19. The average Debt – Equity ratio during study period was 1.19%. The highest Debt –

Equity ratio of DEDADARA MILK COOPRETAIVE SOCIETY was 1.59% and

the lowest of VADLA MILK COOPRETAIVE SOCIETY 1.03%, Only one dairy

out of seven that DEDADARA MILK COOPRETAIVE SOCIETY 1.59% had a

Debt – Equity ratio above to the average, while the rest six daries that is TUVA

MILK COOPRETAIVE SOCIETY 1.17%, DUDHAREJ MILK COOPRETAIVE

SOCIETY 1.15%, VADLA MILK COOPRETAIVE SOCIETY 1.03% ,

PRANGHATH MILK COOPRETAIVE SOCIETY 1.14%, GOMTA MILK

COOPRETAIVE SOCIETY 1.14%, and BHADRESI MILK COOPRETAIVE

SOCIETY 1.11% was lower than the to the average. So, the performance of all

daries are better except DEDADARA MILK COOPRETAIVE SOCIETY during

the reference period from 2004-05 to 2013-

14 because every year they decrease the debt proportion in the comparison with the

past years. It is good sign for dairy.

20. The average Total Debt ratio during study period was 0.83%. The highest Debt –

Equity ratio of GOMTA MILK COOPRETAIVE SOCIETY was 0.86% and the

lowest of VADLA MILK COOPRETAIVE SOCIETY and PRANGHATH MILK

COOPRETAIVE SOCIETY 0.78%, Five dairy out of seven that DEDADARA

MILK COOPRETAIVE SOCIETY 0.84%, TUVA MILK COOPRETAIVE

SOCIETY 0.84%, DUDHAREJ MILK COOPRETAIVE SOCIETY 0.85%,

GOMTA MILK COOPRETAIVE SOCIETY 0.86%, BHADRESI MILK

COOPRETAIVE SOCIETY 0.84, had a Total Debt ratio above to the average,

while the rest two dairies that is VADLA MILK COOPRETAIVE SOCIETY

0.78%, PRANGHATH MILK COOPRETAIVE SOCIETY 0.78%, was lower than

the to the average.

21. The average inventory turnover ratio during study period was 24.96 times. The

highest inventory turnover ratio of GOMTA MILK COOPRETAIVE SOCIETY

was 56.64 times and the lowest of DEDADARA MILK COOPRETAIVE

SOCIETY 12.22 times, Only two dairy out of seven that DUDHAREJ MILK

COOPRETAIVE SOCIETY 33.15 times, GOMTA MILK COOPRETAIVE

SOCIETY 56.64 times had an inventory turnover ratio above to the average, while

the rest five daries that is DEDADARA MILK COOPRETAIVE SOCIETY 12.22

times, TUVA MILK COOPRETAIVE SOCIETY 22.89 times, VADLA MILK

COOPRETAIVE SOCIETY 15.73 times, PRANGHATH MILK COOPRETAIVE

SOCIETY 17.23 times and BHADRESI MILK COOPRETAIVE SOCIETY 17.04

times was lower than to the average.

22. The average debtor turnover ratio during study period was 25.39 times. The highest

debtor turnover ratio of GOMTA MILK COOPRETAIVE SOCIETY was 35.03

times and the lowest of DEDADARA MILK COOPRETAIVE SOCIETY 15.29

times, Only three dairy out of seven that TUVA MILK COOPRETAIVE SOCIETY

28.20 times, DUDHAREJ MILK COOPRETAIVE SOCIETY 32.04 times,

GOMTA MILK COOPRETAIVE SOCIETY 35.03 times had an inventory turnover

ratio above to the average, while the rest four dairies that is DEDADARA MILK

COOPRETAIVE SOCIETY 15.29 times, VADLA MILK COOPRETAIVE

SOCIETY 17.18 times, PRANGHATH MILK COOPRETAIVE SOCIETY 24.98

times and BHADRESI MILK COOPRETAIVE SOCIETY 25.04 times was lower

than to the average.

23. As per ANOVA test, P-value is 0.000 < 0.05. Therefore, null hypothesis is rejected.

It can be said that there is significant difference between the total income of

selected district dairy co-operatives during the period from 2010-11 to 2012-13.


It can be said that there is significant difference between the total expenditure of



It can be said that there is significant difference between the net profit of selected

district dairy co-operatives during the period from 2010-11 to 2012-13.


It can be said that there is significant difference between total assets of selected

district dairy co-operatives during the period from 2010-11 to 2012-13.


It can be said that there is significant difference between the net profit ratio of


28. As per ratio analysis, performance of operating efficiency and overall profitability

in BHADRESI MILK COOPRETAIVE SOCIETY, PRANGHATH MILK

COOPRETAIVE SOCIETY and DEDADARA MILK COOPRETAIVE SOCIETY

are quite good amongst selected district dairy co-operative. The Highest return on

capital employed ratio and return on equity noted in TUVA MILK

COOPRETAIVE SOCIETY. Highest fluctuations found in GOMTA MILK

COOPRETAIVE SOCIETY and VADLA MILK COOPRETAIVE SOCIETY.

14. CONTRIBUTION OF THE SOCIETY

From the project following contribution of the society:

1. Milk Co-operatives societies in the district of Surendranagar in Gujarat state are important

roll to build economy.

2. Milk Co-operatives societies in the district of Surendranagar gave employment to middle

class people in rural area.

3. In other countries dairy industries have attempted to reach lower income consumers by

variation of compositional quality or packaging and distribution methods or blending milk

in vegetable ingredients in formula foods for vulnerable groups. For instance, pricing of

products rich in butter fat or in more luxury packaging above cost level so as to enable sales

of high protein milk products at a somewhat a reduced price has been widely practiced in

developing countries. These policies need to be brought in Indian Dairy scenario.

4. The researcher has compared fifteen selected milk co-operatives societies in district of

surendranagar in terms of financial performance. PRANGHATH MILK COOPRETAIVE

SOCIETY, DUDHAREJ MILK COOPRETAIVE SOCIETY and DEDADARA MILK

COOPRETAIVE SOCIETY are better amongst selected district dairy co-operatives as per

share capital, deposits, total investment, sales, total income and net profit. A comparative

picture shows that PRANGHATH MILK COOPRETAIVE SOCIETY dairy have registered

tremendous financial performance in relation to other selected dairy co-operatives during the

period from 2010-11 to 2012-13. It was also observed that BHADRESI MILK

COOPRETAIVE SOCIETY dairy is poor as per sales, total investment, total income and net

profit so, this dairy must improve its funds, deposits and income and reduce their expenses

for better performance. Management strategy and policy of the dairy took major role in

enhancement of financial performance.

15. WHETHER ANY PH.D. ENOLLED/PRODUCED:

……………………..NIL…………………………

16. NO. OF PUBLICATIONS OUT THE PROJECT:

………………………….NIL………………………..

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