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Open Access
Financing of fruit and vegetable processing industry in Thrissur district
(Department of Rural Banking and Financial Management, College of Co-operation, Banking and Management, Vellanikkara, 2004) Bindumol, R; KAU; Padmini, E V K
The study entitled “Financing of Fruit and Vegetable Processing Industry in Thrissur District” was conducted with the following objectives: 1) to examine the extent and pattern of institutional finance to the fruit and vegetable processing units and 2) to identify the factors influencing the repayment behaviour of the selected units. The study was conducted among ten fruit and vegetable processing units out of the 32 units in Thrissur District for a period of five years from 1998 to 2002 using mainly primary data collected with a pre-tested structured schedule. Secondary data were also used from the books and accounts of the units and banks. The study revealed that a substantial percent of the sample units are tiny or small which are organized in the form of sole proprietorship. Majority of the sample firms were established after 1960 because of the increased demand for processed products that too by Christian entrepreneurs. Even though all the units are registered as per the norms of Food Products Order, 1955, majority of the units in fruits and vegetable processing industry in Kerala are outside the purview of Factories Act, 1948. The study also revealed that most of the small-scale units were started with a low fixed capital investment. The share of owned funds in the total capital at the time of establishment was high compared to borrowings, as the units were small and started by the entrepreneurs with sound financial status. The units mainly depend on Public Sector Commercial Banks for their working capital. Study also revealed that the major problem faced by the units is the inadequacy of working capital during the season. More than 50 percent of the working capital requirement of the units is financed by the public sector commercial banks and the rest are met with their own funds. The share of fixed capital in the total capital is higher when compared with working capital. The large-scale units are capital intensive as the share of fixed capital is more. The analysis of the financing pattern revealed that the highest share of finance was from borrowed funds. Building, plant and machinery contribute major share of the fixed capital while the stock of raw materials occupy highest share in working capital. The lower share of sundry debtors of the units denotes that credit sale is less in the industry. The analysis of the cost structure revealed that all the major cost items like cost of fresh fruits, fruit juice concentrates, chemicals and cost of other inputs have increased during the study period. The share of vegetable cost is high in units producing only pickles. The percentage increase in sales is less compared to cost, which adversely affected the profit of the units. The value added of the industry has increased by 27 percent during the study period. The industry depends heavily on local market for the sales of their product, as their promotional activities and marketing are not adequate. To supplement the analysis with the absolute values, ratios are worked out classified into three categories namely structural ratios, activity ratios and financial ratios. Structural ratios reassured the earlier arguments. Activity ratios and profitability ratios established that the dependence on debt is minimum and institutional finance has nothing to do only little. The potential for institutional finance depends on to what extent the industry can diversify and also to what extent the banking agencies can come forward to provide financial assistance for venture financing.
Open Access
Comparative analysis of the cottage and factory sub sectors of the co-operative sectors in the handloom industry of Kerala
(Department of Rural Marketing Management, College of Co-operatrion and Banking, Mannuthy, 1988) Toney, Joseph; KAU; Suresh, K A
The study on ‘A Comparative Analysis of the Factory and Cottage sub sectors of the co – operative Sector in the Handloom Industry of Kerala’ has been carried out to examine the structural differences, operational costs and profit margin and working conditions of weavers under both the categories. Five industrial societies and five primary societies which constituted 20% of the working societies of Cannanore district were selected for the study. Hundred weaver members were interviewed for the purpose of the study. The primary societies were organized on a production cum sales pattern while the industrial societies were similar to the handloom factories where production was centralised. The everage membership in primary societies was considerably high. The share of female members in total membership was also found to be high among primaries. The socio economic characteristics of weavers showed that more people were associated with weaving in primary societies than industrial societies. In the case of other variables like literacy, family size, age, caste, income, marital status, occupational mobility and territorial mobility, considerable difference was not noticed. The number of average looms and active looms covered were high among primary societies. But the average production per member was found to be high among the industrial societies. The factor productivity analysis showed that both the primary and industrial societies were found to the highly labour intensive. The analysis of the cost structure revealed that raw materials and wages constituted more than 70% of total costs. The sub sectoral analysis showed that cost structure was more or less similar. The cost –volume-profit analysis reflected the negative margin safety and it was found that break-even point of sales was above the actual sales. The working conditions revealed that the average wage received by the workers in the industrial societies by the workers in the industrial societies was considerably higher. The preference for higher counts of yarn was high in industrial societies. Health problems were wide spread among the weavers. Majority of weavers felt that they were pursuing a job of low status. Eighty percent of the weavers joined co-operatives either for better remuneration or for protection against exploitation. Thus, we have found that through industrial and primary societies were basically co-operative institutions with lot of similarities, the striking structural difference was found in their production organisation.
Open Access
Impact of micro finance through self- help groups in Malappuram District
(Department of Co- operative Management, College of Co- operation, Banking and Management, Vellanikkara, 2002) Reji, E M; KAU; Renjith kumar, E G
Micro finance is about provisioning of thrift, credit and other financial services and products of very small amounts to the poor for enhancing them to raise their income levels and to improve their living standards. The present study entitled "Impact of Micro finance through self-help groups in Malappuram district" was undertaken with an objective of (i) to assess the socio-economic impact of self- help groups on beneficiaries and (ii) to identify thc factors that• determine the effective functioning of self-help groups. Primary data collected with the help of a structured schedule from 200 sample households in 30 SHG's functioning in 11 Grama Panchayats in Nilambur block of Malappuram district formed the basis for the study. The impact of the programme was assessed by comparing the pre-SHG and post-SHG situations. Group effectiveness index was computed for each group for identifying the factors determining the effective functioning of the groups. The economic impact of SHGs on beneficiaries could be visible III terms of increased savings habit, increased accessibility to credit, increased contribution to household income, acquisition of household assets, increased control over financial resources, and increased income and employment generation. The study revealed that SHGs places a lot of emphasis in developing savings habit among the . members. It is also worth to note that SHGs have emerged as the major sources of credit for its members. As much as 93 percent of them had availed credit from the group. The number of respondents who availed ii bank credit also increased from 2.5 percent in the pre-SHG period to 24 percent in the post SHG period. An examination of number of sources of household income in the pre- and post-SHG period showed an increase in number of sources of income for many of the households. The number of households reporting only single source of Income declined from 57.5 percent to 32 percent in the post SHG period, whereas the number of households reporting two and three sources increased from 27.5 percent and 11 percent to 44.5 percent and 19.5 percent respectively. Members acquired a wide variety of assets with the help of programme loan. Fourty nine percent of members acquired income generation assets including livestock, sewing machine and other work related implements. The respondent's control over household financial resources is reflected from their involvement in decision making with respect to savings, credit and income generation activities. The study revealed that the involvement of the members in SHG significantly contributed their ability to control these financial resources. It was also observed that as many as 35.5 percent of the respondents had constructed new latrine, repaired their house (9 percent), constructed new house (8.5 percent). As many as 47 percent of the respondents had started their own income generation activities. It is significant to note that majority of the respondents being housewives are able to make use of their idle time more productively and thereby supplementing their household income. The social impact of the programme was visible in terms of the members' increased role in household decision making increased self-confidence, increased ability to deal with adversities and their ill involvement in community activities. The members generally reported a higher level of involvement in their household decisions which IS reflected from their role in common household decisions such as purchase of food items, household investments, children's education, marnage etc. The study also indicated that involvement in SHGs significantly improved their level of self-confidence, which is reflected from their contribution to household, contribution to community and their free interaction with others. It is particular to note that the association of the members with SHGs equiped them to deal with certain types of adversities. In addition the group activities also helped in developing a greater sense of solidarity, closeness and will to shoulder responsibilities among the group members. The group effectiveness index showed high values indicating the effective functioning of the groups. The relationship between the various components with group effectiveness index revealed that all the components except understanding of scheme objectives and transparency exhibited strong and significant relationship with group effectiveness. The regression analysis carried out for the purpose of identifying the most influencing factors showed that group interaction, autonomy, equity, accountability and transparency mostly influenced the group effectiveness. The findings of the study revealed that the SHG as institutional arrangement could positively contribute to the social and economic dev.elopment of the poor.
Open Access
Forecasting volatility of the indian stock market
(Department of Rural Banking and Finance Management, College of Co-operation, Banking and Management, Vellanikkara, 2009) Khadilkar Guruprasad, Hari; KAU; Molly, Joseph
The present study on ‘forecasting volatility of the Indian stock market’ was conducted with the main objectives of examining the volatility behaviour of the Indian stock market, to forecast the sector- wise volatility of the Indian stock market and to identify the most efficient volatility forecasting model among the different models used. For the study the biggest stock market in India in terms of total turnover and volume of transactions, ie, National Stock Exchange was selected. For analyzing the volatility behaviour of the Indian stock market as a whole, S&P CNX Nifty index was taken. Five companies representing five different sectors were selected for forecasting sector – wise volatility. The study used secondary data on daily close prices of individual stocks from November 1994 to October 2008, and for Nifty, daily close values, from November 1995 to October 2008 from the website of National Stock Exchange, www.nseindia.com. The study revealed presence of strong volatility in the Indian stock market. The histogram drawn for the volatility of all samples showed that the distribution of volatility was not normal. There was positive skewness and all the distribution of volatility was leptokurtic. This proved the presence of high peak values (squared returns) in the sample data, exposing the evidence of volatility clustering and the possibility for prediction of future volatility. While analysing sector -wise volatility, the diversified sector represented by Reliance Industries Limited showed the highest volatility compared to that of Nifty and the other sectors. In other words, Reliance is the most volatile stock among the samples selected for the study. Reliance and Infosys had good predictability of volatility in the stock market. The best identified model for forecasting the volatility of stock markets is the EWMA. Then comes AR (1) followed by MA (3), RWM and HMM. Random walk model was found suitable for the prediction of volatility of two sectors - IT (Infosys) and engineering heavy (BHEL) only. But the MAPE values of these were high. Historic mean model could not predict the volatility in the stock market with precision, for the index as well as for any of the five companies. Out of three, six, nine and twelve monthly moving averages taken for predicting the volatility three months moving average was found most suitable for all the samples. Prediction of volatility using the most efficient model of EWMA identified indicated decreasing trend of volatility for the next six months, except for Infosys. The confidence limits for the Nifty and the stocks of five companies based on volatility for the sample period found that for Infosys the distribution of volatilities for the out of sample period are coming within the prefixed UCL and LCL and it ensures that the volatility is under control and predictable with high degree of precision. The ever increasing market segments, advancement of technology, widening market reach and multi dimensions of stock market provide ample scope for further research in this area to the advantage of the investors and other market participants.
Open Access
Indebtedness of farmers in mullankolly panchayath of Wayanad district
(Department of Rural Banking and Finance managementCollege of Co-operation,Banking &Management, Vellanikkara, 2010) Nataraja Subramanian, S; KAU; Padmini, E.V.K
The study entitled “Indebtedness of Farmers in Mullankolly Panchayat of Wayanad District” was conducted with the following objectives: (1).To assess the extent and magnitude of indebtedness of farmers in Mullankolly Panchayat of Wayanad district. (2).To identify the reasons for the indebtedness of the farmers. Both primary and secondary data were used for the study. Primary data was collected from 90 farmers of Mullankolly Panchayat through conducting a survey by administering a pre-structured schedule. Farmers were classified into small, medium and large. The list of farmers was collected from three banks (i.e. Canara Bank, Co-operative Bank and North Malabara Gramin Bank) of the Panchayat. The sample size included 90 respondents i.e., 30 borrowers from each bank at random, of which 20 were defaulters and five were non-defaulters or prompt payers. Twenty officials (including secretaries and BoDs) from each bank were also interviewed to collect information on the effectiveness of the loan recovery system of the banks. Secondary data on selected performance indicators of the banks which were collected from books and accounts and annual reports of the above three banks were also used for the study. Statistical tools like Average Annual Growth Rate (AAGR), simple averages, percentages, simple growth rate, chi-square test, efficiency index, priority index and bi-variate tables were used for the analysis. The analysis of the overdue amount of the selected banks revealed that during the reference period, Co-operative Bank of Mullankolly Panchayat (Co.BMP) had the highest amount of overdues. Profits of all banks eroded due to provisioning for accumulated overdues. Ca.BMP has shown the best performance in terms of lower overdues and higher profits when compared to the other banks. There has been an increase in the demand for agricultural loans as well as non-agricultural loans in all the banks, especially the scheme loans and non-farm loans respectively. Along with the increase in demand, the contribution of the overdues of non-agricultural loans to the overdues was also increasing tremendously in the case of Co.BMP and NMGBMP, whereas the contribution of the overdues of agricultural loans to the overdues was in creasing tremendously in the case of Ca.BMP. The overdues above four years were growing tremendously over the years for Co.BMP and NMGBMP whereas Ca.BMP has the highest amount of overdues in the age group of indebtedness of 1 to 2 years. The study found that in non defaulters’ case majority of the borrowers belong to monthly income group of more than Rs.10000 category (56.7%). In low, medium and high defaulters case, majority of the farmers belong to income group of below Rs.5000 i.e. 50 percent, 57.1 percent and 60 percent respectively. This may be due to the reason that majority of the farmer defaulters belong to farming community. Their major source of income is agriculture and agriculture has become a loss making proposition in the area year by year because of the price fluctuations in the market for their produce. The reasons for growing volume of indebtedness were multifarious in nature. The defaulters were of the view that inadequate income, fixation of unrealistic dues, lack of access to consumption loans, diversion of income, misutilisation of loans, ill health of borrowers and family members, faith in loan waiver policy and defective loan policies resulted in non-repayment of the loan amount. Since the loan repayment mechanism of these banks were not linked to the salary deduction scheme, it led to greater chances of willful default. Those borrowers who received adequate income had a tendency for conspicuous consumption which added to the magnitude of willful default. Misutilisation of loan amount was least in Ca.BMP, which indicates the presence of effective supervision and monitoring mechanism in the bank. From the inter-bank comparison on the effectiveness of the present loan recovery management system, it was found that Ca.BMP showed an outstanding performance in this regard, whereas NMGBMP revealed to be the least efficient bank. According to the officials and employees of three banks, the reasons for poor recovery included poor member relations, lack of modern management techniques and absence of Management Information System, lack of staff training programme, lack of infrastructural facilities, inadequate quality of work environment and ineffective legal machinery for recovering dues from the borrowers. As a remedial measure to minimise overdues, legal machinery has to be made effective and legal action should be imposed on defaulters promptly. The suggestion shows that the analysing credit worthiness of the borrowers is the important thing from bankers’ point of view. They were of the opinion that coercive action against willful defaulters would be an essential element for a better recovery system. Formation of special recovery cell has also been emphasised. Identification of the beneficiaries by the bank field level functionaries, incentives for prompt repayment, formation of special recovery cell using the existing staff and Board of Directors are the other suggestions suggested by the three bank officials. The banks must therefore perceive that prolonged existence of this disease is not beneficial to the organisation and a strong mechanism to check this menace has to be created.
Open Access
Rapid multiplication of kasthuri turmeric (Curcuma aromatica Salisb.) through minisett technique and nursery management
(College of Agriculture, Vellayani, 2015) Aswathy, T S; KAU; Jessykutty, P C
The study entitled “Rapid multiplication of kasthuri turmeric (Curcuma aromatica Salisb.) through minisett technique and nursery management” was carried out with an objective to standardize minisett method of macro propagation and nursery techniques for rapid mass multiplication of kasthuri turmeric. The investigation was taken up as different experiments to find out the best pre-sprouting treatment for the minisetts, best media for the pro-tray seedlings and finally the optimum age at transplanting of these seedlings and their field evaluation. In the 1st experiment, rhizome bits with two node (S1 - approximate weight 5g) and three node (S2- approximate weight 7g) was prepared and it was subjected to different pretreatments with chemicals/growth regulators such as Benzyl adenine (BA – 25 ppm, 50 ppm and 100 ppm for 24 hrs. ), Ethrel (125 ppm for 30 mts and 250 ppm for 15 mts) , Potassium nitrate( KNO3 - 0.2 % for 30 mts) and Urea (5g L-1 for 30 mts) with an absolute control (no pre-soaking treatment) to find out the best sprouting treatment. It was observed that better sprouting (72.50 %) was noticed in 3 node rhizome bits than in 2 node bits (64.13 %). Among the pre-treatments, soaking rhizome bits in benzyl adenine 100 ppm for 24 hrs. recorded the highest sprouting (95.60 %). The pre-treatment using 0.2% KNO3 (45.80 %) gave the lowest sprouting which was on par with control (54.00 %) In the 2nd experiment, the best media combinations for pro-tray seedlings as well as the optimum age at transplanting were assessed. The results revealed that out of the three nursery mixture combinations, growth parameters such as rooting percent, plant height, number of leaves, number of roots, and root length were significantly superior in M2 (Vermicompost + Coirpith + Trichoderma) compared to M1(Cowdung + Coirpith + Trichoderma) media. In M3 (Coirpith + Neemcake + Trichoderma) decaying of the sprouted bits were noticed. To find out the optimum age at transplanting ,the field experiment was laid out in split plot design with 3 different sowing dates (D1 -30th, D2 -45th and D3 -60th DAS) of both 2 node (S1) and three node (S2) seedlings from M1 and M2 media combination (S1M1, S1M2. S2M1 and S2M2 ) with five replication. Plants raised by conventional method i.e., planting of rhizome with 15 g size was the control. The results revealed that minisett seedlings established better in the field and their morphological characters, physiological parameters and ultimately yield were higher than that of conventional method of rhizome planting. The seedlings of 3 node rhizome bits planted in M2 (Vermicompost + Coir pith + Trichoderma) media transplanted 60 DAS (s2m2d3) recorded significantly superior performance with regard to plant height, number of leaves, number and length of roots, physiological parameters viz., Net assimilation rate, Crop growth rate, Leaf area index and biochemical characters such as oleoresin and non-volatile ether extract content than seedlings transplanted 30 DAS. Regarding fresh rhizome yield, 3 node rhizome bits planted in M2 (Vermicompost + Coir pith + Trichoderma) media transplanted 60 DAS (s2m2d3) recorded the highest value (15.98 t ha -1) which was higher than control (15.33 t ha -1). In the cost benefit analysis, 3 node rhizome bits planted in M2 (Vermicompost + Coir pith + Trichoderma) media transplanted 60 (d3s2m2) (3.29) and 45 (d2s2m2) (3.23) DAS recorded higher B:C ratio compared to control (2.98). Findings from the present study reveal that pre-sprouting treatments with benzyl adenine 100 ppm enhances sprouting of two node and three node rhizome bits of kasthuri turmeric thereby reducing the quantity of the costly seed rhizome. Thus raising of pro-tray seedlings using three node bits in vermicompost and Trichoderma enriched coir pith mixture has good potential for obtaining sturdy, uniform and healthy seedlings. Maintaining such seedlings in the nursery for a period of not less than 30 days and transplanting such seedlings at 45-60 DAS in the main field ultimately leads to higher yield and 50% saving of seed material.

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