ISBN 974-598-005-6

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Financial Economics of Agricultural Co-operatives

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115

116

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 1
Marvin AiSchaars. Cooperatives. Principles and Practices. Madison : University
of Wisconsin-Extension. 1980. p- 36.

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 1
I b i d . , p-128

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2 8 EC 583
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 186 7.4 110 4.9

80 3.2 100 4.5

330 13.1 264 11.8

208 a.3 188 8.5

18 0.7 16 0.7

a22 32.7 678 30.4

714 28.4 714 32.0

738 29.5 568 25.5

212 fM 250 11.2

24 0.9 20 0 . 9

1,688 67.3 1,552 69.6

2,510 100.0 2,230 100.0

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 76 3.0 84 3.8

268 10.7 206 9.2

418 16.6 440 19.7

22 0.9 20 0.9

784 31.2 750 33.6

260 lb.4 200 8.9

1,044 41.6 950 42.5

720 28.7 648 29.0

444 17.7 390 17.6

176 7.0 150 6.7

126 5.0 92 4.2

1,466 58.4 1,280 57.2

2,510 100.0 2,230 100.0

3 2 EC 583
 1,314 100.0 1,000 100.0

1,028 78.2 768 76.8

286 21.8 232 23.2

46 3.6 '40 4.0

240 18.2 192 19.2

120 9.1 102 10.2

120 9.1 90 9.0

32 2.4 22 2.2

152 11.5 112 11.2

26 2.0 20 2.0

126 9.5 92 9.2

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34 EC 503
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 lk;l"l%i; 31 ih=W 2531 1kX 2532

(Mia~:&u1M)
v
31 ihwla! lh&!
2532 2531 +luau1;u %lEJa-

186 110 76 69

80 100 -20 -20

330 264 66 25

208 188 20 10.6

18 16 2 12.5

822 678 144 21.2

714 714 0. 0

738 568 170 30

212 250 -3% -15.2

24 20 4 20

1,688 1,552 136 8.7

2,510 2,230 280 12.6

76 84 -8 -9.5

36 EC 583
 268 206 62 30

418 440 -22 -5

22 20 2 10

784 750 34 4.5

260 200 60 30

1,044 950 94 9.9

720 648 72 11.1

444 399 54 13.8

176 150 26 17.3

126 92 34 36.9

1,466 1,280 j 186 14.5

2,510 2,230 280 12.6

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 560, 4 00 160 40.0
t

434 350 84 24.0

320 250 70 28.0

1,314 1,000 314 31.4

504 360 144 40.0

348 272 76 27.9

176 136 40 29.4

1,028 768 260 33.8

286 232 54 23.2

14 10 4 40.0

14 16 -2 -12.5

18 14 4 28.6

46 40 6 15.0

120 102 18 17.6

166 142 24 16.9

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40 EC 583
 2. ~Fl'7lhI-I~& (Debt ratios)

3. &vmhrm&~~s (Profitibility ratios)

4. ttl~ld~Ufl~lU+J~~~~ (Coverage ratios)

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 822,000
z = 1.05
784,000

42 EC 583
 = 822,000 - 208,000
784,000

zz 0.78

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 hm~ulud w&l - Days in Yeas
--_
z-
~~‘jlinlcbw~~l~tluuaJ~nwu Receivable ‘I’urnover

__--Days in Year
- - - -
Annual Credit Sales

4 4 E C SE3
 1,028,OOO
= = 4.9 = 5
208,000

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46. EC 583
 z M¶%5Z'%Xll3 (Long, term debt)
~~5ldaunu~uiar'jun~~u5a~ =
nl5%Wl~hp5:~m~ (Total Capitalization)

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 2) n?~~~M?&WmIl~ (Net profit margin)

nji

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a. B5i$?unaiu;ni~sr~m”wn”rlrr7seJl?u (Profitability in Relation to

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(Interest Coverage Ratio)

2,000,000
560,000

= 3.57 llil

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2,000,000
4,000,000

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 1. Operating Leverage

2. Financial Leverage

5.1 Operating Leverage

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5 4 E C 583
 S = vc + Fc . . . . . ..-............................................ (1)

s = =mlhrmvmGlun” i miafl
vc =
5ifmflXa~tisiaMia~
Fc = mhm&ia~U3~
Vc + Fc z 5iUj7~53U7inniSw~Rau~i 7 Mix4
.

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 P(X) - Vc(X) = Fc
x (P-Vc) = Fc

X Fc
= P-vc . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

56 EC 583
 x .=
Fc
P-VC

,
P = 51n1hG1 = 2 0 0 UIM

20,000
x =
200-l 00

,’

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 .
,
.

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 20,000
= 300-100

= 100

6 4 EC 583
 Fc
elnp7 x =
P-vc
x : hmnisw~~ bu ~~~uyu

Fc.. = &yl~~ = 30,000 UIM

p ZY s1n1%& = 200 lJ1M

vc =

x =: -30,000 -
200-100

=. 300

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 20,000
x = 200-50

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82l EC 583
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 1
Theo, Haimann and William G, Scott, Management in the Modern Organization,
2 nd Ed., (Gostom:Houghton Mifflin), 1970.

'Harold, Koontz and Cyril, O'Donnell, Principles of Management:An Analysis

Of Uanagerial Functions, jrd Ed., (New York:McGraw-Hill Book Co.), 1964.
3
Edwin E. Flippo, Management :A Behaviorial Approach, 2 nd E d . , Boston :Allyn
and Bacon, 1970.

4
Don, Hellriegel and John n:Ir., Slocum, Management:A Contingency Approach,

(Massachusetts:Addisioq Wesley), 1974.

8 6 EC 583
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7-6 %~I~~~?;JPJ~~~~uIM (Budgeting Procedure) .

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 90,000 18,000 20%

9 8 EC 583
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 .\ ‘

50% M;alJJStulN 500 UIM &lh ~U~~t~ltu~1~l;7J5J~lUPIa~ 2531 b'iln"U 1,500 UIM

102 EC 583
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 16,500 'UIM

2,000 Ulll

2,100 UIM

8,100 U-WI

26,500 UIM 28,240 UIM

540 u1n

1,725 UIW

1,500 UIM 1

1,200 UIM

1,080 UIM

792 UIM

go0 u1n

2,640 UIW

1.720 UIM

9,670 U-M 11,697 u7n

36,170 i!in 39,69’? uin

. 104 EC 583
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EC 583 109
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112 EC 583
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and policy, 5th. ed., Englewood

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118 EC 583
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Y
 .

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Abrahamsen, Martin A,, Cooperative Business Enterprises New York : MC

Graw-Hill, 1976.

Bradley, Joseph F. Administrative Financial Managements, Third edition

Hinsdale, Illinois : The Drydes Press, 1974.

Flippo, Edwin B. Management : A B haviorial Approach. Second edition.

Boston: Allyn and Bacon, 1970.

Griffin, Nelda et al, Cooperative Financing and Taxation. (Cooperative Infor-

mation Report I, Section 9) Agricultural Cooperative Service, U.S.

Departm,ent of Agriculture, February 1981.

Haimann, Theo, and Scott, William G. Management in the Modern Organi-

zation Second edition. Boston: Houghton Mifflin, 1970.

Hellriegel, Don and Slocum, John W. Jr. Management : A Contingency

Approach Massachusetts: Addison-Wesley, 1974.

Jenson, IM.C., and C.W. Smith Jr., The Modern Theory of Coporate Finance,

New York : McGraw-Hill Book Co., 1984.

Koontz, Harold and O’Donnell, Cyril. Principles of Management : An

Analysis of Managerial Functions. Third edition. New York : MC

Graw Hill Book Co., 1964.

Maddock, Wallace J. “Guidelines for Cooperatives in Developing Economics”.

Financing Cooperatives in Developing Countries Madison : The

University of Wisconsin, 1969.

Rasmussen, A.E., Financial Management in Cooperative Enterprises. Sas-

katoon, Saskatchewan : Cooperative College of Canada, 1975.

122 EC 583
Schaars, Marvin A., Cooperatives, Principles and Practices. Madison : The

University of Wisconsin, 1980.

Van Horn, James C. Financial Management and Policy. Fifth edition.

Englewood Cliffs : Prentice Hall, Inc., 1980.

Weston, J.F. and E.F. Brighan, Managerial Finance. Seventh Edition. Illinois:

The Drydes Press, 1981.

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