G.S.

Mandal’s
Maharashtra Institute of Technology
Department of Master Business Administration
Aurangabad.

A Project
On
“THE STUDY OF FINANCIAL AND STATERGIC PLANING FOR
GREENLAND – SPICES & WHEAT FLOUR”
By

Vivek Radhakisan Mugdal

MBA (Finance) IV Semester

Roll No: 05

Guided By

Prof. Sayali Pitambare

Assistant Professor, Department of Master of Business
Administration
Maharashtra Institute of Technology, Aurangabad.

Project Report submitted to the

Dr. Babasaheb Ambedkar Marathwada University, Aurangabad
In partial fulfillment of the requirement of MBA IV Semester
degree examinations
2020-21
 DECLARATION

I the undersigned Vivek Radhakisan Mugdal hereby declare that all the
information present in this report is based on my personal observation and any
flaw thereby would be attributed solely to me. I also promise that the
information collected from the sources would only be used for the completion
of my MBA (Finance) IV Semester project.

I hereby declare that this report is submitted by me in the partial fulfillment of

Master of Business Administration IV semester degree examination and is the
genuine work from me.

It has not been submitted prior to any other institute either fully or partially.

(Student Signature)
(Vivek Radhakisan Mugdal)
 G.S. Mandal’s
Maharashtra Institute of Technology
Department of Master Business Administration Aurangabad.

CERTIFICATE

This is certifying that Vivek Radhakisan Mugdal student of MBA IV

Semester has completed his Project on “THE STUDY OF FINANCIAL AND
STATERGIC PLANING FOR GREENLAND – SPICES & WHEAT
FLOUR” as per the requirement of Dr. BABASAHEB AMBEDKAR
MARATHWADA UNIVERSITY, AURANGABAD in the partial fulfillment of
the Master of Business Administration (M.B.A) IV semester degree
examination of 2020-21.

Project Guide Dean & Professor Director

Prof. Sayali Pitambare Dr. Goutam Shah Dr. Santosh Bhosle

 ACKNOWLEDGEMENT

It gives me an immense pleasure to acknowledge all who directly or indirectly

helped me during the Project. My special thanks to Dr.Santosh Bhosle
Principal, Maharashtra Institute of Technology, Aurangabad and Prof. Sayali
Pitambare who directed and guided me throughout in this process of report
making.

My special thanks go to all colleagues, who guided and co-operated me to

accomplish my in Project effectively.

Vivek Radhakisan Mugdal

(MBA IV Semester)
ROLL NO. 05
 INDEX

Chapter No. Chapter Name Page No.

1 Introduction 1
1.1 Introduction 1
1.2 Need for the study 2
1.3 Statement of Problem 2

1.4 Objective of Financial Planning 3

1.5 Scope of Study 3

1.6 Types of financial planning 4
1.7 What is financial planning & analysis 5
1.8 The modern finance function 6
1.9 The bottom line performing FPA 11
1.10 Significance of financial plan 12
1.11 Limitation of financial planning 14
2 Review of Literature 15
2.1 Review of Literature 15
2.2 Technique of CVP analysis 17
2.3 Contribution of Margin concept 17
2.4 Contribution of Margin Ratio 17
2.5 Unit Contribution Margin 18
2.6 Break – Even Analysis 18
2.7 Break – Even Analysis in units 18
2.8 Break – Even Chart 18
2.9 Break – Even Analysis in sales 19
2.10 Assumption in Break – Even Analysis 20
2.11 Advantages of Break – Even Analysis 21
2.12 Disadvantages of Break – Even Analysis 22
3 Sector Profile 23
3.1 Global Spices industry overview 23
3.2 History of Global spice trade 25
3.3 Indian Spice Industry 31
3.4 Market segmentation of spices 36
3.5 Valve addition in spices 38
3.6 Geographical Indication( G.I) of spices 40
4 Company Profile 47
4.1 Who we are 47
4.2 Our History 48
4.3 Vision 48
4.4 Mission 48
4.5 Product Range 49
5 Research Methodology 63
5.1 Data Collection & Analysis 64
5.2 Research Design 65
5.3 Break Even Analysis 66
5.4 Break Even Point 66
5.5 Margin of Safety 67
5.6 Limitations 67
6 Data Analysis & Interpretation 68
6.1 Margin of Safety 71
7 SWOT Analysis 74
8 Conclusion 75
9 Bibliography 76
10 NOC Certificate 77
 List Of Figures
Sr No. Figure Page no.
1 Top Exporters & Share 23
2 History of spice trade 25
3 Contribution to global spice trade 26
4 Spice Production & Share 27
5 Country wise spice import in USA 28
6 Segment of European spice user 28
7 Spice sale in India In 2016 30
8 Sale of Spices in India 2017 30
9 Growth in area & production of spices in India 31
10 Key spices producer in India & key States 32
11 Growth in Export of spices in India 33
12 India’s Export basket trend 34
13 Country wise organic market size 38
14 Trends in organic exports from India 39
15 The key expert destination for export from India 39
16 Break Even Sales 40
17 Margin of Safety 41
18 Coorg Green Cardamom 42
19 Naga Chilli 43
20 Guntur Sannam Chilli 44
21 Byadagi Chilli 45
 1. INTRODUCTION
1.1 Introduction

When a business entrepreneur seriously conceives the idea of setting up an enterprise, he

investigates the commercial possibilities of the idea. Once he is satisfied with the feasibility
of the project he takes various steps to implement the project. The first and foremost step is to
take precise decision as to how much capital would be needed and in what form to run the
business.

This task has to be performed with extreme care and prudence because even a minor mistake
may entail the business in great financial trouble for a long period of time. Financial plan
should, therefore, be crafted in the light of present and prospective requirements of the
business.

No doubt the financial planning is a function of promotion. But it should be remembered that
the financial plan must not only provide for promotional requirements of the business but also
for future developments since financial plan once prepared affects the firm for years to come.

Cost Volume Profit analysis shows the relationship among the various ingredients of profit
planning, namely, unit sale price, variable cost, sales volume, sales mix and the fixed cost.
Cost Volume Profit (CVP) analysis generally defined as a planning tool by which managers
can evaluate the effect of a change(s) in price, volume, variable cost or fixed cost on profit.
Additionally, CVP analysis is the basis for understanding contribution margin pricing, related
short run decisions, target costing and transfer pricing. In the marginal costing varies directly
with the volume of production or output. In net effects, if volume is changed, variable cost
varies as per the changes in volume . In this case, selling price remains fixed, fixed remains
fixed and then there is a change in profit.

Cost Volume Profit analysis is a logical extension of Marginal costing. It is based on the
same principles of classifying the operating expenses into fixed and variable. Now-a-days it
has become a powerful instrument in the hands of policy makers to maximum profits.
Earning of maximum profit is the ultimate goal of almost all business undertaking. The most
important factors influencing the earning of profit is the volume of production. Profit depends
on a large number of factors, most important of which are the cost of manufacturing and the
volume of sales, volume of sales depends upon the volume of production and market factors
which turns in related to cost.

Management has no control over the market. In order to achieve certain level of profitability,
it has to exercise control and management of costs, mainly variable cost. This because fixed
cost is a non-controllable cost. It helps to find out the profitability of a product, department of
division is to have a better product mix for profit planning and to maximize the profit a
concern.

1
1.2 Need For The Study

 The study is carried out to analyse the financial performance.

 The study helps company to identify growth opportunity.

 It can be helpful for the management to apply various financial tools such as Financial
Leverage and Profit Volume Ratio.

 It will be helpful to management for decision making.

1.3 Statement Of Problem

All companies are having their own planning and business strategies but the company who is
having the best, is the most successful company among its competitors. So the company can
get success within its competitors by applying best and effective financial planning and
strategies.

Marked by Greenland –Spices & Wheat Flour it does not meet the varied demands of their
vast segment products in their unique identities and visions and their economic vitality. This
project will certainly help to address the forthcoming issues, by doing the calculative and
appropriate financial planning and using right strategies at right time.

2
1.4 Objectives of Financial Plan:

The principal objectives of the overall financial plan are as follows:

(1) To ensure supply of sufficient funds to the firm so that it may employ its resources up to
the optimal point.

(2) To minimize cost of funds by procuring funds under the most favourable circumstances
commensurate with the risks, owners are willing to assume.

(3) To match costs with risks so as to protect owners against the loss of control of business.

(4) To provide flexibility in the plan so that the financial structure of the company may be
adjusted in the light of changed circumstances.

(5) To keep the financial plan as simple as is consistent with other objectives of the plan.

(6) To study the Cost Volume Profit analysis and its impact on the company.

(7) To find out the break-even-point for the products of the company.

(8) To understand the level of sales needed to achieve a desired profit.

The above objectives serve as standards with which the financial decisions of the company
can be evaluated.

1.1.5 Scope of The Study

This study is performed by using the financial statement of Greenland – Spices & Wheat
Flour . This would be useful for company to take new strategy to compete in the market by
adopting various controlling techniques in the process of manufacturing. This study was
conducted only on overall cost volume profit analysis and not on each and every variables.

This study helps to forecast profit fairly and accurately as it is essential to know the
relationship between profits and costs. This study assists in evaluation of performance for the
purpose of control and also assists in formulating policies by showing the effect of different
price structure on costs and profits. This study predetermines the overhead rates that are
related to a selected volume of production.

3
1.6 Types of Financial Planning

On the basis of duration, financial plan can be categorized as short-term, medium-term and

long-term financial plan.

i. Short-term Financial Plan:

Financial plan prepared for a maximum period of one year is termed as short-term financial

plan. Usually assessment of working capital needs of the enterprise and planning for

financing these requirements are done in short-term financial plan.

Preparation of different types of budgets including sales and cash budgets, proforma income

statement, sources and uses of funds and balance sheet are planning exercises and are part of
short-term financial plan.

ii. Medium-Term Financial Plan:

This plan is prepared for a period of less than five years and incorporates plans for

replacement and maintenance of assets, research and development activities and financing of

increased working capital needs of the enterprise.

iii. Long-Term Financial Plan:

Financial plan prepared for a period of five years or more is designated as long-term financial

plan. This kind of plan is made keeping in view long-term financial objectives of the

enterprise. It incorporates policies and programmes concerning capitalisation, capital

structure, replacement of permanent assets and financing of growth and expansion activities
of the enterprise.

4
1.7 What is financial planning and analysis?

Simply put, Financial planning & analysis (FP&A) is the process of determining how your
company will afford to achieve its vision, strategic goals, and objectives. While accounting is
about looking backwards, FP&A is about looking forward.

In the world of startups, you can tell just how important planning is by looking at some of the
companies with no revenue and huge valuations – much of the company’s value comes from
its projected future earnings. It’s safe to say that no matter the size of your company, you are
going to need to engage in budgeting, forecasting, and analysis that supports major decisions
of its executives.

Building the financial talent you need in a startup or small company is a gradual process. In a
new venture, the FP&A function is often handled by the founders with outsourced assistance.
As the company grows, the controller or CFO will often be in charge of FP&A. And as the
company becomes larger, a full-time FP&A team will most likely be a valuable investment.

FP&A will be an integral part of finance and accounting, whether in-house or outsourced.
The FP&A manager will assist with the preparation of internal and external reports, materials
for the board of directors, monthly financial analysis material and provide ad-hoc planning
and analysis for the organization.

5
1.8 The modern finance function:-

FP&A professionals are in essence storytellers. Using numbers as their language, they
provide insights into the future by connecting the dots, thus unlocking value.

In other words, FP&A is about anticipation – making sure you get answers to questions that
link planning and analysis to choices and strategic business decisions. FP&A answers
strategic questions, ensures good accounting, analyses product profitability, and of course,
it’s used to determine how much money your venture needs, when is it needed, and how long
will it last.

Any size company can benefit from engaging in FP&A activities, even if you have to
outsource them at first.

The “F” in FPA

The “F” in FP&A speaks for itself; the finance function is just part of a broader company
responsibility to plan, acquire, and manage capital to efficiently run the business.

Finance professionals can serve a wide variety of areas within an organization.

6
The “P” in FP&A

Accountants record the historical results, and then the FP&A professionals take this
information and analyze it and explain the historical performance (the “A” in FP&A). Then
they forecast future period results using the insights learned from the analysis (the “P” in
FP&A).

The core of the FP&A role really lies in the ‘planning’ aspect of it, because it not only
involves forecasting how the bottom line will change over time, but also includes
contributing to a solution on how to close the financing gap.

The purpose of financial planning is to indicate the venture’s potential and to present a
timetable for financial viability. The financial plan is basic to the evaluation of project, and it
needs to represent your best estimates of financial requirements.

To make sure the value chain, the cash cycle and the other economic fundamentals make
sense in terms of the business opportunity and overall company strategies, try to get answers
to the following questions:

 What are your gross and operating margins?

 What is your profit potential?
 How durable is the stream of profits?
 What are the variables that go into determining pricing and produce profits?
 What are your fixed, variable and semi-variable costs?
 What assets are used and will be used in the business?
 How many months to break even given your proposed financing?
 How many months to reach positive cash flow?
 When will you run out of cash?
 Can you foresee any significant changes in cash flow as you grow?

Always document all assumptions supporting the pro-forma (projected) numbers and
financials, such as the assumptions made in timing of collections and receivables, terms of

7
payments to vendors, planned salaries and wage increases, anticipated increases in any
operating expenses, seasonality characteristics of the business, and so forth.

Also, in high-growth environments, organizational development is often a key factor,

so don’t forget to include staff assumptions as well. More employees will bring about
more complexity and the need for more financing.
Keep in mind that to estimate cash flow needs, always use cash-based rather than
accrual-based accounting, that is, use real time cash analysis of expected receipts and
disbursements.
And finally, you should update your capitalization table showing ownership and
invested equity based on the external funding requirements needed to drive
transformation and growth.

The “A” in FP&A

The analysis part of FP&A is about understanding the financials of your business, both
quantitatively and qualitatively – sometimes finance is not about money. These are some of
the basic questions you should be asking yourself and that financial analysis can help you
answer:

 How long does it take to get a customer to buy your product?

 How much cash do you need to get to the next milestone?
 How much do we spend on marketing in order to generate the revenues we’re
looking for?
 How long will it take to convert a prospect into a paying customer?

Here are the basic activities involved in financial analysis that you need to know:

Analysis standards :- The analysis needs to cover three years, including current and prior
year income statement and balance sheets, if applicable; and profit and loss forecasts for three
years ahead, including pro forma income statements and balance sheets, and a break-even
chart.

Cash flow analysis. During the start-up years, usually the level of profits will not cover
operating needs financially, and the cash inflows often do not match the actual cash outflows
on short term basis. Detail the amount and timing of expected cash inflows and outflows.

8
Determine the need for and timing for additional financing and indicate peak requirements
for working capital.

Break even chart. A chart showing the level of sales and production that will cover all costs,
including those costs that vary with production, highlighting opportunities to take advantage
of scale costs and those that do not.

Specify assumptions. Along with the schedules, you must specify the assumptions behind
such items as sales levels and growth, collections and payables periods, cash balances, or cost
operations.

Sensitivity analysis. It’s also standard to perform a sensitivity analysis, such as for example
what would be the effect of a 20% reduction in sales from those projected or 20% higher
level of productivity costs, and which could prevent the venture’s sales and profit goals from
being attained.

Also, describe how you will report costs and how often, who will be responsible for the
control of the various cost-elements, and how you will take actions on budget overruns.

And finally, highlight the important conclusions, including but not limited to maximum
amount and timing of cash required, the amount of debt and equity needed, and how fast any
debt can be repaid.

10 of the best FP&A principles to keep in mind

1. A good plan. Easy to understand and simple to execute financial planning often
determines whether a venture will succeed or fail – a good plan is a very powerful
tool. (1) First define the core of the business opportunity and the strategy for
seizing it, (2) then begin to examine financial requirements in terms of -assets
needed and -operating needs, and (3) finally identify the details.

2. Business opportunity always leads and drives the business strategy, which in
turn drives the financial requirements, the sources and deal structures, and the
financial strategy.

9
3. Creativity plays a very important role in financial planning. As an
entrepreneur, you need to look creatively at your venture and consider alternative
ways of launching and financing it.
4. FP&A is continuous cycle, and unless the company ceases to exist, the FP&A
process never stops. The financial life cycle determines the capital available over
time for different types of firms at different stages of development.
5. The financing strategy is ultimately determined by the available alternatives –so
the principle is obvious: ideally, raise money when you do not need it.
6. Cash is King, and cash-flow is Queen, referring to the immense importance of
cash in the overall health of a startup or new business – cash is the lifeblood of a
new venture. Lack of cash management is one of the most cited causes of company
trouble.
7. Building a brain trust of the right mentors, advisors and coaches is one of the
entrepreneur’s most valuable secret weapons, so reach out.
8. Use other people’s resources (OPR), it can be as simple as anyone or anything
available that will help promote your project. Control of resources rather than
ownership of resources is the key to a ‘less is more’ resource strategy.
Bootstrapping is about relying on the minimum possible to proof that you can
bring cash into the business.
9. Spreadsheets (a double-edged sword) are nothing more than pieces of accounting
paper adapted for use with a computer. While computer-based analysis is a great
resource, it’s also a source of problems for entrepreneurs who have the impulse to
get carried away with schedules and calculations before applying facts based on an
understanding of the business.
10. Analysis should be grounded in sound perceptions about an opportunity, if not,
it’s almost always inaccurate. If the business opportunity is not well defined,
‘playing with the numbers’ is just that – playing.

10
1.9 The bottom line – performing FP&A is critical to the success of any
business :-

Entrepreneurs in high-growth companies distinguish themselves with leading entrepreneurial

practices in marketing, finance, management, and planning. But often in a new and emerging
company, the finance function is nothing more than a bookkeeper or an outsourced
accounting firm, and this leads to situations like lack of real cash management.

FP&A is a resource in itself, and it’s quickly becoming a source of competitive advantage for
companies by increasing efficiencies in operations and use of capital, often leading to a huge
potential boost – i.e.higher startup valuations and more access to talent. Good forecasting
means good prediction of future outcomes and a better strategy-setting.

So, either founders learn the language of accounting & finance, or they have someone on the
team who does. But generally speaking, founders will not get very far without a basic
understanding of accounting (the language of business), FP&A (storytelling with numbers),
and management accounting (the performance of operations).

A founder with a good understanding of the finance function will be in a much better position
to drive their venture to success, no question about that.

I hope this article has been a helpful guide to understanding the role of financial planning and
analysis at a startup company, and at any new business for that matter, and how the FP&A
function plays a major role in supporting decisions made by a company’s CEO, CFO, and
executive team.

11
1.10 Significance of Financial Plan:
Financial plan is an intellectual arm of organized growth. It is prologue to tomorrow. It

supplies a powerful tool to management to deal with distance which is uncertain and hazy in

all respects. Effective financial planning enables the management to prevent impending

financial crises emerging out of rapid technological, economic and other changes.

The very complexity and haziness of the future environment make financial planning more

necessary than ever before. Organization, which does not keep a breast of environmental

changes, will underutilize and waste their resources, miss opportunities and will fail to

withstand inexorable events.

Financial planning system leads to better decisions because it focuses on all factors that have

bearing on decision making and insists on identification of myriad of product market options

and their evaluation and selection of the best alternative for achievement of corporate

objective. It provides the criteria for making sound decisions on acquisition of resources and

their commitment.

It aids the management to utilise the resources to the optimal level and avoid wastage. The

more prudent a financial plan is, the less would be the problems of redundance or shortage of

capital in the business. Many business undertakings have failed in the past mainly because of

their defective financial plan.

Faulty financial plan fails to assess the financial requirements of the business correctly with

the result that either the firm encounters the problem of inadequacy or redundance of capital.

Both these situations must be avoided as they adversely affect the profitability of the firm.

Likewise, financial plan acts as guide in deciding about optimal capital structure of the firm.

While determining the composition of funds a finance manager must ensure that the firm

pays minimum cost and incurs less risk. Slight careless on the part of the finance manager is

likely to impair the financial health of the firm for a long period of time.

12
Financial plan also ensures successful production and distribution functions of the firm by

helping avoidance of wastage resulting from complexity of operation. This it seeks to achieve

by providing suitable policies and procedures that make possible a closer coordination

between various functions of the enterprise.

Financial plan serves as a means for communications among all levels of management about

objectives, strategies and policies. Within the parameters of these strategies and major

policies, the lower echelons of management develop the operational plans. In the absence of

such plan, there is every possibility that different levels of management formulate their own

policies and procedures, which would produce confusion and waste.

Financial planning provides an objective basis for measuring performance. Clearly defined

objectives with established targets provide the framework for measurement. An effective

system of financial planning readily identifies areas, units or individuals within the

organization which fail to meet desired goals. To prevent this failure, it is necessary for

management at all levels to control the performance of their subordinates and improve their

performance.

In view of the above it is essential to prepare financial plan for the firm. A prudent plan is one

which is developed in the light of certain cardinal economic and financial principles,

important among them are as under:

13
1.11 Limitations of Financial Plan:
Financial plan suffers from the following limitations:
Financial plan is based on forecasts which are themselves founded on certain assumptions.

Due to uncertainty associated with future, financial plan may not be of considerable use to the

management. This is more true of long-term financial plans because reliability of forecasting

decreases with time.

In contrast, short-term plans are relatively more dependable because predictions about

changes in internal and external conditions during short span of time can be made more

confidently.

However, by improving techniques of forecasting magnitude of risk associated with financial

plan can be minimized. Further, revision of plans periodically, say, every six months would

go a long way in offsetting limitations of financial plan. Preparation of variable budgets is

burning example of variable plans.

In real world [the management adopts an attitude of rigidity about financial plan. They are

reluctant to bring about alternatives in plans in the light of changed situations. This may be

due to several reasons. First, plans relating to capital expenditures involve huge investments

and commitments are made in advance.

Such investments cannot be changed readily. Second, arrangements are also made in advance

for acquisition of raw materials and equipment. Any change in this arrangement may land the

organisation in trouble. Third, psychologically management personnel are loath to any

change in the plan prepared and finalized by them.

Absence of coordination and indecision among management personnel render financial plan

ineffective. For effective planning each business function should be coordinated because this

will ensure consistency of action. Indecision on the part of the management may result in

poor implementation of the financial plan.

14
 2. REVIEW OF LITERATURE
2.1 Review of Literature
A project report on “Financial Planning & Strategy” is specifically designed as per the
industry standards and as part of the submission to MBA project report.

All companies are having their own planning and business strategies but the company who is
having the best, is the most successful company among its competitors. So the company can
get success within its competitors by applying best and effective financial planning and
strategies.

There is a strong MNC’s & Indian companies presence in the Indian care segment market.
The Fast Moving customer goods (FMCG) segment is the fourth largest sector in the
economy with a large market size. This industry essentially comprises small, medium and
large spices & wheat flour products and caters to the everyday need of the population.

The cost-volume-profit (CVP) analysis is a management accounting tool to show the

relationship between these ingredients of profit planning, it is one of the most hallowed, and
yet one of the simplest analytical tool in management accounting.

Cost-volume-profit (CVP) analysis as an important tool that provides the management with
useful information for managerial planning and decision-making. Profit of a business firm is
the results of interaction of many factors.

Such factors influencing the level of profits, the following are considered the key factors:
1. Selling price
2. Volume of sales
3. Variable costs on a per unit basis
4. Total fixed cost and
5. Sales mix

To do an effective job in planning and decision -making, the management must have analyses
which allow reasonably correct predictions of how profit will be affected by a change in any
one of these factors. Also, management needs an understanding of how revenues, costs and
volumes interact in providing profits. All these analysis and information are provided by cost-
volume-profit analysis. Cost-volume-profit analysis is a systematic method of examining the
relationship between selling price, total sales revenue, volume of production, expenses and
profit. This analysis simplifies the real world conditions that a business enterprise is likely to
face. CVP analysis can play an important role by providing the management with information
regarding financial result if a specified level of activity or volume fluctuates, information on
probable effects of changes in selling price and other variables.

15
CVP analysis focuses on prices, revenues, volume, costs, profits and sales mix and on the
inter-relationship between them during the short-run. The short-run is generally considered a
period of one year or less than one year during which the production of a business enterprise
cannot be increased and is limited to the available current operating capacity of the
enterprise. During the short-run, the capacity of the plant and machinery cannot be increased
(this is possible during the long-term only) and therefore, production is limited in terms of
available plant facilities. Similarly, it takes time to reduce the capacity of plant and
machinery and therefore, a business enterprise should operate during the short-run relatively
on a constant quantity of production resources. Besides, no changes in cost and prices data
can be generally made during the short -term as they might have already been determined.
During the short-run, however, some resources like materials and unskilled labour can be
increased at a short notice. Thus during the short-inn, sales volume and short-run profitability
can be the only vital area which may be found uncertain. CVP analysis herein reveals the
effect of changes in sales volume on the level of profits. CVP analysis, in this way, is an
integral part of financial planning and managerial decision-making. In CVP analysis, all
expenses are classified into fixed and variable. Semi-Variable expenses have to be divided
into their fixed and variable elements. Total variable costs are considered to be those costs
that vary as the production volume changes. In a factory, production volume is considered to
be the number of units produced, but in a governmental organization with no assembly
process, the units produced might refer. These steps are important prerequisites to any CVP
analysis and a proper understanding of them is essential for reliable conclusions. Based upon
a knowledge of fixed and variable cost elements and CVP analysis, it is possible to determine
break -even sales volume, to compute the sales needed to generate desired profits and to
supply answers to many questions that arise It the course of management planning and
decision making.

16
2.2 Techniques of Cvp Analysis

CVP analysis uses the following techniques or analyses while answering to many questions
in the area of managerial planning and decision-making:

(1)Contribution Margin Concept

(2)Break-Even Analysis

(3)Profit-Volume (P/V) Analysis

2.3 Contribution Margin Concept

Contribution margin concept indicates the profit potential of a business enterprise and also
highlights the relationship between cost, sales and profit. It is a highly useful technique for
planning and decision making by the management.

Contribution margin is the excess of sales revenue over variable costs and expenses. Under
contribution margin concept, variable costs include all variable costs, i.e. variable production
costs and variable selling and administrative expenses, if any. From the contribution margin,
fixed costs and expenses are deducted giving finally operating income or loss. Contribution
margin is thus used to recover/cover fixed costs. Once the fixed costs are covered, any
remaining contribution margin adds directly to the operating income of the firm.

2.4 Contribution Margin Ratio (C/S ratio or P/V ratio)

The contribution margin can also be expressed in the form of a percentage. The contribution
margin ratio is also known as 'contribution to sales' (C/S) ratio or profit-volume (P/V) ratio.
This ratio denotes the percentage of each sales rupee available to cover the fixed costs and to
provide operating income to a firm. Once the contribution margin is determined, it can be
used to calculate the break -even-point in volume of units or in total sales dollars. When a per
unit contribution margin occurs below a firm's break-even-point, it is a contribution to the
reduction of fixed costs. Therefore, it is logical to divide fixed costs by the contribution
margin to determine how many units must be produced to reach the break - even-point.

The P/V ratio is useful to the management in deciding whether to increase sales volume) For
example, if the P/V ratio of a business enterprise is large and the enterprise is operating at
less than 100% capacity, it will be advantageous tor (he firm to go for increase in sales
volume as net income will go up because of higher sales volume. On the other hand, a firm
with a small P/V ratio will not find profitable to have increase in sales volume much
profitable. Intact, enterprises having a lower PA7 ratio should aim at reducing costs and
expenses before thinking of increasing the sales volume.

The use of P/V ratio in specific analysis is based on the assumption that except sales volume,
other factors such as the unit selling price, percentage of variable cost to sales, amount of

17
fixed costs remain constant. If there are changes in any of these factors, the effect of such
change should be considered in making the analysis involving the P/V ratio).

2.5 Unit Contribution Margin

Unit contribution margin or contribution margin on per unit basis is equally useful as it also
indicates the profit potential of a product or activity. The unit contribution margin is the
money available from sale of each unit to cover fixed costs and provide profits to a firm.

While the P/V ratio is most useful when the increase or decrease in sales volume is measured
in terms of Rupees, the unit contribution margin is most useful when increase or decrease m
sales volume is measured in sales unit (quantities). If a business firm has been able to cover
fixed costs, the net income of the firm will increase by unit contribution margin multiplied by
additional sales units.

2.6 Break-Even Analysis

A break-even analysis is performed to identify the level of operations at which the entity has
covered all costs but has not yet earned any profit. The break-even point identifies the volume
of activity at which total revenues equal total costs. This is an important point to the
management because it represents a minimum acceptable level of operations and it indicates
that profitable operations can only result when the level of activity exceeds the break-even
point.

2.7 Break-even Analysis in Units

Break-even analysis utilizes the contribution margin approach to compute net income, which
splits zests into a fixed and variable classification. The break-even point in units can be
computed by dividing real fixed costs (F) by the contribution margin provided by each unit.

Total fixed costs FC

Break-even in units = =
Contribution margin per unit S – VC

The contribution margin per unit is sales price per unit (S) less variable cost per unit (VC).

2.8 Break-Even Charts

A break-even chart is a graphical representation of the relationships between costs, revenues
and profits. It is developed by plotting the total cost curve and total revenue curve on a piece
of graph paper.

18
2.9 Break-Even Analysis In Sales (Rupees)

The concept of the break-even point does not change when the analysis is performed in sales
rupees. The break -even point merely identifies the amount of sales rupees required to cover
all costs but generates no profit. Equation for Break-even point in Sales Rupees: One method
of computing break-even in sales rupees is to compute break -even in units and multiply the
number of units by the sales price per unit. However, sometimes it may not be convenient or
efficient because of the way the data is given to first compute the break-even point in units.
The break-even point in sales rupees equal to fixed costs divided by the contribution margin
ratio.
Fixed costs
Break-even point in sales Rupees =
Contribution margin ratio

For an amount of desired profit, the following formulae are used:

= Fixed costs + Desired Profit

Contribution Margin Ratio (C/S Ratio)

By definition, the contribution margin ratio is the ratio of the contribution margin to sales.
The contribution margin is the sale price minus variable costs and the ratio is computed by
dividing contribution margin by the sales price.

19
2.10 Assumptions In Break-Even Analysis

1. This is the same as assuming the variable expense per unit is constant. The total fixed
expenses, within a relevant range of volume, do not change as sales volume. The following
are the important assumptions in break-even analysis and break-even charts.
2. The total revenues of the enterprise change in direct proportion to changes in unit sales
volume. This is the same as assuming that the average selling price is constant.
3. All costs are classified as fixed and variables.
4. It is assumed that all other costs, such as mixed costs, can be broken in to fixed and
variable cost elements.
5. The total expenses can be separated into variable expenses and fixed expenses per year.
6. The total variable expenses vary in direct proportion to changes in sales volume changes.
7. For a multi-product firm, the sales mix remain constant for all volume levels under
consideration.
8. Production volume and sales volume are equal; in other words, inventory changes do no
effect profit.
9. Inventory quantities remain unchanged during the year. The number of units in beginning
work-in-progress and finished goods equal to the number of units in these ending inventories.

20
2.11 Advantages Of Break-Even Analysis

1. Break-even analysis provides a useful tool in demonstrating the relationship and

interaction of cost, volume, and profit. If properly utilized, it aids in establishing realistic
profit objectives and operating budgets.
2. It provides management with distinctive insight into the economic characteristics of its
business, not only in terms of the fixed and variable expenses at varying sales volumes, but
also of the break -even relationship and its effect on the firm due to changes in factors likely
to have impact on the profit of a business enterprise.
3. The Manager can advantageously employ 'what if question to determine the anticipated
results from contemplated managerial decisions. The break-even process may involve such
planning questions as plant expansion, equipment modernization, change in product mix or
sales prices and the introduction of new product lines.
4. Management is often confronted with the decision to increase sales volume with an
optimistic view towards enhancing profit. Profit enhancing is a possibility, provided costs are
controlled within prescribed limits. The break-even technique can be an important tool in
establishing expenditure constraints and control by adequate supervision.
5. An important influence on profit is the product sales mix with variable gross margins. The
breakeven chart can highlight problem areas requiring corrective management action.

21
2.12 Disadvantages of Break-Even Analysis

1. Break-even analysis is not a remedy for all problems faced by a business firm. It cannot be
used usefully without a thorough understanding of its concept and limitations.
2. The break-even chart generally reflects a number of estimates and judgments, and the
resultant data developed and their implication can be misleading. For example, measuring
costs and sales volume at a particular output level may be an inaccurate method of
assessment, particularly when the volume approaches the break-even point, which can change
depending on operating circumstances.
3. Usually, the break-even is developed at a point that represents a static position. Changes in
relationship factors should be correctly and logically reflected in a revised chart or a series of
charts. 4. The improper understanding and usage of the charts can lead to inadequate decision
making, inaccurate planning assumptions and possibly detrimental control actions.

22
 3. SECTOR PROFILE

3.1 Global Spices Industry - Overview

Spices are considered the most revered product in the trade of commodities and hence it is
aptly said history of spice trade is the history of trade. The major exporting countries in
global trade of spices are India and China and the major markets for consumption are USA
and Europe. The global imports of spices are growing at an annual average growth rate of 7%
annually. The spice import market is pegged at USD 8 billion in 2016. The global trade of
spices is around USD 12 Billion.

Spices mostly found its origins in the sub-continent with India attracting spice traders from
Europe and East Asia for centuries. In modern times, United States of America and Europe
can be considered as the two biggest markets for spices, herbs and spice products. In terms of
the value of world trade, pepper, cardamom, ginger, turmeric, chilli, cinnamon nutmeg/mace,
Cloves, pimento and vanilla are the most important spice crops from tropical regions and
cumin, coriander, sesame seeds, mustard, sage, bay, oregano thyme and mint are the spices
crops from the non-tropical regions.

The Spices trade has been an important element in the spread of knowledge and culture.
Some historians suggest that the lucrative trade of spices was responsible for many important
developments in seafaring and navigation, and the exploration and discovery of many parts of
the world, including South Africa.

Fig no. 1:- Top Exporters & share of trade in 2016

23
Majority of the spices imported in Europe are through small number of major
traders/importers. Out of total trade, 80%-85% of the spice products are imported in
dried/whole form. Balance 15% are in form crushed/grounded, oleoresins and essential oils.

In Europe, spices and herbs are sourced with importance on origin of spices. Consumers are
used to a specific taste from spices like pepper, vanilla and ginger from a specific origin.
Substitution of spices with synthetic products is increasing, but consumers prefer to use
natural products. The demand for fresh herbs and spices is also increasing in Europe, but
tropical spices is mostly used in dried form as it is imported. High end markets focus more on
quality, taste and color rather than prices. Value added segment is facing stiff competition
from European processors and processors from exporting countries. As new markets are
emerging around the world, European market faces scarcity of supply. This trend is also due
to the stringent food quality standards. However, direct sourcing by European importers is
increasing to ensure the adherence to the strict food quality legislation. The adherence to the
quality standards will ensure food safety and consumers will be willing to pay premium for
safe foods.

In USA, the meat and poultry industry is one of the major consumer of spices as they act as
natural and healthy preservative. Globally, consumers are getting familiar with different
cuisines and are introduced to spices used in them. This has provided further impetus to the
global consumption of spices.

24
3.2 History of Global Spices Trade

Global spice trade was initiated with introduction of pepper across the world, hence it is often
referred to as the “King of Spices”. Similarly, because of its dominance in world market,
Cardamom is often referred as the “Queen of spices” Pepper is the most traded product in the
world because of its aroma and flavor.

Indian religious texts, Rig Veda and Yajurveda have remarks about the use of different type
of spices. Arthashastra written by Kautilya (Chanakya), renowned politician in the court of
Chandragupta Maurya in 3rd century B.C. also mentions about different spices like pepper,
cardamom, ginger, fenugreek, coriander and mustard.

The spice trade was dominated by Europeans and Arabs who have taken the control of the
spice trade in different part of the history.

The modern spice trade was centered in India till 16th century but later other South American
countries and South East Asian countries started developing spice plantations. However,
India till remained the largest exporter and consumer of spices globally.

Fig no. 2:- History of spice trade

25
3.2.1 Global Market Size

The market for spices can be defined for whole, ground, blended, curry mix, oleoresins,
extracts and other value added forms. The total market for spices is estimated USD 12 billion
with India and China being the top exporters. Pepper and chilli trade lead the share of overall
spices trade in the world.

Fig no. 3:- Contribution to global spices trade

India and China are the leading exporters for major categories of spices. Several countries are
developing spice production to compete with traditional geographies like India and China.
East European countries like Russia and Bulgaria have doubled the coriander production in
last 3-4 years. Though India is one of the largest producer and consumer of chillies, China
has been able to capture the major chunk of global market share due to better color value.

26
 Fig no. 4:- Spice production & share

3.2.2 Key markets for global spice trade

USA is the largest importer of spices and is a growing market in the world. Viet Nam, India,
Madagascar, Indonesia, China and Brazil are the top exporters of spices and spices products
to USA. The US domestic market is not traditionally a producing market for herbs or spices.
Climate is one of the factors, as it is not favorable for spice production, other issues like lack
of labor and agriculture infrastructure also hinders the growth of this industry. The American
Spice Trade Association (ASTA) is the pivotal body and is engaged in the development and
representation of the spice industry in the USA. As part of its major objectives, ASTA is
actively engaged in providing clean and safe spices for public use. It also provides inputs for
the advancement of global industry in the interest of its members and entire supply chain. The
table below provides a brief on the import of spices by USA from top suppliers in value
terms.

An increase in immigration from Latin America (mainly Mexico) and Asia has significantly
contributed to the increase in spice market of USA. Secondly, as consumers are travelling
around the world and getting familiar to different culture and their cuisines, the use of spices
has increased at retail level. Online shopping has also increased the ease of access to foreign
ingredients and is a relative new influential factor to complement this growth.

The spice market in Europe can be divided into three segment namely, industrial, the retail
and the catering sector. The popularity of spices can be largely attributed to its natural
ingredients and flavor. European consumers are inclined towards healthy lifestyle and
consumption of health food, hence growth of the Organic spices in European market is going
to be exponential.

27
Fig no. 5:- Country wise spices imports in USA

Fig no. 6:- Segment of European spice user

28
European cuisine consumes different types of spices from different origins. Pepper is the
highest consumed spice in Europe with 27% market share followed by paprika with 19%,
mixtures 10%, spice seed 7%, and nutmeg, mace and cardamom 6%.

In recent years, due to increase in awareness among consumers, there is a steady growth in
the retail sales of organic food. It is expected that the health food segment will grow because
there is a demand for healthy food and natural flavors as substitute for salt, sugar and
artificial products.

The organic spice and herbs market is relatively small but is expected to grow as supermarket
chains start offering a complete product range of organic spices.

3.2.3 Trends in Global food Industry

The recent trends in the global food industry are mentioned below.
Hot sauces: The major reason for the demand of hot sauces is the rising immigrant population
from Asia and Mexico and their influence on local food platter. Fast food chains like Chipotle
(Mexican) in USA has seen a growth of 19% between 2008-13.

Ethical sourcing: The concept of Organic, Fairtrade and Rainforest Alliance are considered
as the growing niche for spices and herbs. This trend is more prevalent in Europe where
buyers are willing to pay a premium for spice brands with these certifications.

Health factor: Spices and diet seasonings are often considered a better alternative to salt and
other food additives. As spices are natural flavoring products, consumers are inclined to use it
for health and safety reasons.

Convenience: The packaging of whole spices, ground spices, spice mixes along with herbs
and spice being packed together has provided the convenience for consumers. The packing is
complemented with information on the relevant recipes mostly found on shelves of the major
supermarket chains in US and Europe.

Experiment with new tastes: The trend for cooking and learning new recipes has renewed,
consumers are willing to experiment with taste and cuisine from different parts of the world
are finding their way into common man’s kitchen complemented with the right spices to
derive authenticity in the dish.

29
3.2.4 Seasonings and Spices market

Seasonings are basically the blend of spices and herbs added to food in order to enhance the
flavor. Major seasonings can be attributed to sauces, dressings and condiments.
Changing life style and urbanization of society, increase in disposable income and growth of
modern retail outlets has led to promising growth in this segment.

The spice and herbs market of India grew by 9 % CAGR in terms of volume and 15 %
CAGR in terms of value from 2011 to 2016. In India, Everest brand is the market leader in
the segment with 13% of market share followed by MDH brand with 12% market share. The
market grew by 16% in 2016 to reach INR 13,000 (approx.) crores. The increase in demand
is also contributed by the urban dwellers who have shifted from unpackaged to packaged
products segment complemented primarily from modern retail outlets.

Fig no. 7:- Spices sale in India 2016

Fig no. 8:- Sale of spices in India 2016

30
3.3 Indian Spices Industry - Overview
India produces 75 of the total 109 varieties listed by the International Organization for
Standardization (ISO) and accounts for half of the global trading of spices.

India has the largest domestic market for spices in the world. It is also the world’s largest
producer and exporter.
“The country accounts for over 20% of the global trade and within the Indian agri export
basket the spices rank 7th in terms of Value contribution”.

• India is known for its spices not only because of the production quantum and diverse range
but also because of their rich aroma, taste and texture.

• The diverse climatic conditions - from tropical to sub-tropical to temperate-almost all spices
grow splendidly in India.

• The area and production of spices has seen a constant increase in the last 5 years.
Spices have also played a very important role in the economy of India.

• The trade in spices is one of the oldest has been one of the most important forms of
commerce. Like the trade of silver and gold, spice trade connected many different
civilizations and helped the growth of global contact.

• Today, Indian spices are the most sought-after globally, given their exquisite aroma, texture,
taste and medicinal value.

Fig no. 9:- Growth in Area & Production of spices in India

31
 Fig no.10:- Key Spices produced in India & key States

3.3.1 Trade

• The global spice trade is of significant importance in the world history as it is claimed to be
the catalyst for many historical events, discoveries, wars and inventions.

The global trade of spices is around USD 12 Billion of which around 20% is contributed
by India. The key exporters of spices include India, China and Vietnam.

• During 2016-17, a total of 9, 47,790 MT of spices and spice products valued INR 17,665
crores (USD 2633 Mn) has been exported from the country as against 8, 43,255 MT valued
INR 16,238 crores (USD 2,483 Mn) in 2015-16 registering an increase of 12% in volume, 9%
in rupee terms and 6% in dollar terms.

32
3.3.2 Key spices producing states in India

India is the largest spice producer in the world and ranks in top three countries in each spice
product category. In terms of production volume, Chilli, Garlic, ginger and turmeric
constitute of 75% of the total spice production. Andhra Pradesh ranks at the top in Chilli
production followed by Telangana and Madhya Pradesh. In case of Garlic, India is the second
largest producer after China. Madhya Pradesh, Rajasthan and Gujarat are the top producing
states in the country.

Ginger production in India is carried out in as many as thirteen states, with Assam, West
Bengal and Karnataka ranked the top producers in 2016-17. The two most popular varieties
of Indian ginger are the Cochin Ginger and Calicut Ginger. It is mostly traded in fresh,
ground, oil and oleoresin form. The Indian spices exports have been able to record strident
gains in volume and value. Spices exports have registered substantial growth during the last
five years, registering an average growth rate (CAGR) of 10% in rupee terms and 5% dollar
terms of value and India commands a formidable position
in the World Spice Trade.

• As compared to the total export target of spices fixed for the period 2016-17, the total
export of Spices has exceeded the target in terms of both volume and value.

• Compared to the target of 8,70,000 MT valued INR 15,725 crores (USD 2419 Mn) for
the financial year 2016-17 the achievement is 109% in terms of volume and 112% in
rupee and 109% dollar terms of value.

Fig no. 11:- Growth in Export of spices in India

33
3.3.3 Spices Export from India

In terms of product wise exports, Chilli, Oils & Oleoresins, Cumin, Turmeric and mint
products are the top spice products in terms of value exported in 2016. India exports majority
of its spices to USA, China, Vietnam, UAE, Indonesia, Malaysia, UK, Sri Lanka and
Germany. Exports of spices has increased at 4.45% CAGR in value terms and 6.87% CAGR
in volume terms between 2012 to 2016. However, India is facing stiff challenge in trade of
some important spice from South East

Asian countries. In 2016, pepper exports fell sharply due price competition from Vietnam and
Indonesia. However, trade of chilli, cumin and value added products like Oleoresins and oils
have shown decent growth.

Fig no. 12:- India’s Export basket trend

34
 Fig no. 12:- India’s Export basket trend

Fig no. 12:- India’s Export basket trend

India is one of the largest exporters of spices and the exports value is expected to touch USD
2.63 billion in 2016-17. India has also proved its dominance in the value added spice
products segment and controls a major stake of the Oleoresin market of the world. The same
has also been complemented by strong demand in India.

35
 3.4 Market Segmentation of Spices

Spices have been traded for centuries now, and the product range has evolved over time with
technological advancement and interventions. The whole spice market can be divided into six
broad categories.

Whole Spices: Spices which are normally dried version of fruit, flower or bark of the tree.
Cloves, cinnamon and cardamom are mostly used as whole spice for preparation of food and
beverages. Whole spices are used by the retail consumers who are engaged in cooking food
at home. One of the major reasons for demand of the whole spices is the low level of
adulteration as it is harder to adulterate the whole spice.

Ground spices: The whole spices can also be grounded into powder and mixed with other
spices before being used in any recipe. Ground spices are easy to cook as it take less time to
flavor the food.

Blended Spices: Spices are also blended based on the cuisine and recipe. This is one of the
emerging categories in the spices market segment for ground spices. Due to exposure of
consumers to different culture and cuisines, blended spices offer a ready to cook solution for
households aspiring to prepare these cuisines.

Seasonings: These are spice mixes used to improve the flavor of food items and is a growing
market poised to reach USD16.6 billion by 2019.

36
 3.4.1 Classification of Spices basis conventional trade

Spices can be classified in different ways. As spices are obtained from different parts of
plant, hence they can be classified based on plant organ. Spices are also classified based on
the botanical families and duration of growth (Annual, biennial, Perennial) and based on
growth habit (herbs, shrubs, trees).

37
 3.5 Value Addition in Spices

Organic Spices in India - Sector overview

Estimated at USD 82 Bn in 2015, the global organic food market has been growing at a
CAGR of around 12% for last 14 years. Europe and North America together generate about
90% of the global organic food sales. India’s organic food sector is estimated at Rs. 2700
crores. The primary driver for organic sector is the exports comprising of about Rs. 2100
crores and an organized domestic market estimated between Rs. 250 to 300 crores.

Fig no. 13:- Country wise organic market size

Globally, 50.9 million hectares of agricultural land is under organic farming, which accounts
for 1.1% of the land under agriculture.
Globally the key organic crops which occupy the maximum area include grassland/grazing
land, cereals, green fodder, oilseeds, protein crops, vegetables, coffee, olives, nuts and cocoa.

India holds the top position in the number of farmers involved in organic agriculture in any
country. The number currently stands at more than 0.5 million India stands amongst the top
10 countries (9th position) with maximum land under organic farming and has witnessed a
significant increase in the organic farmland area between 2014-15.

The latest estimates by APEDA indicate that the total area under organic cultivation in India
including wild area is close to 5.7 million Hectare (2015-16). This includes 26% cultivable
area with 1.49 million Hectare and rest 74% (4.22 million Hectare) forest and wild area for
collection of minor forest produces. The area under certification has been on a constant
increase witnessing a growth of 7% (CAGR) since 2003.

38
 Fig no. 14:- Trends in organic exports from India

Fig no. 15:- The key export destination for export from India

Projections indicate that by 2025, the Indian Organic food business can be worth INR 75,000
crore, a manifold growth from the current level, if the Industry can develop both export &
domestic markets. It is estimated that it will generate INR 12,500 crore income per annum
for farmers, impacting about 5 Mn farming families across about 6 Mn ha. Another 1 Mn
jobs can be created in rural and semi urban areas. India can also earn exchange worth INR
50,000 crores per annum.

39
 3.6 Geographical Indication (GI) of Spices - Traceability as a marketing tool

3.6.1 Malabar Pepper

• Product: Malabar pepper is one of the most widely consumed peppers in the world and is a
variety of pepper that originated as a chance seedling. The area of production of this variety
of pepper includes Malabar region i.e. western ghats of the erstwhile Madras Presidency.

• Malabar Pepper has a sharp, hot and biting taste. It is a warming spice. The said pepper has
a special quality and medicinal characteristic based on unique production technique. These
qualities are also based upon unique agro-climatic conditions on the geographical area.

• Malabar pepper is classified under two grades i.e. garbled and un-garbled. The garbled
variety is black in color and globular with a wrinkled surface. The ungarbled variety has a
wrinkled surface and the color varies from dark brown to black. The plant (piper nigrum) is a
flowering vine and cultivated for its fruit. The fruit, known as a peppercorn when dried, is a
small drupe five millimeters in diameter, dark red when fully mature, containing a single
seed.

Fig no 16:- Malabar Pepper

40
3.6.2 Alleppey Green Cardamom

• Product: Alleppey Green Cardamom is a green variety of Cardamom grown in Alleppey,

Kerala. It has superior sensory qualities and high quality flavor. It is unique in its color, size,
chemical constituents and oil content.

• It is one of the oldest, most popular and sought after Cardamom from India. It has unique
shade of green color, measuring 5-8 mm in diameter, having minimum split, three cornered
capsules. The length of pod is approximately 21 mm.

• It is mostly grown in the long stretch of western ghats within the districts of Tirunelveli,
Dindigul, Coimbatore, Nilgiris, Theni, Idukki, Waynad and Trivendram.

Fig no. 17:- Alleppey Green Cardamom

41
3.6.3 Coorg Green Cardamom

• Product: Coorg Green Cardamom is a green variety of Cardamom grown in Coorg,

Karnataka. The color varies from golden to light green, size 7.5-8 mm. it is round, ribbed and
smooth skin.

Fig no. 18:- Coorg Green Cardamom

4.1.4 Naga Chilli

• Product: Naga Chilli is one of the hottest chilli in the world. It measure from 60 to 85 mm
(2.4 to 3.3 in) in length and 25 to 30 mm (1.0 to 1.2 in) in width with a red, yellow, orange,
or chocolate color.

• The unselected strain of Bhut jolokia is an extremely variable plant as it has wide range
in fruit sizes as well as fruit production per plant. There is potential for developing much
better strains through selection.

Bhut jolokia pods are unique among peppers, with their characteristic shape and very thin
skin.
• The rough fruit plants are taller, with more fragile branches, and the smooth fruit plants
yields more fruit, and is a more compact plant with sturdier branches. It takes about 7–12
days to germinate at 32-38 °C.
• Naga Chilli has found its usage in defense sector as well. In 2009, scientists at India’s
Defense Research and Development Organization (DRDO) announced plans to use the
peppers in hand grenades, as a nonlethal way to flush out terrorists from their hideouts and to
control rioters. It would also be developed into pepper spray as a self-defense and antirape
product.

42
 Fig no. 19:- Naga Chilli

3.6.5 Guntur Sannam Chilli

• Product: Guntur Sannam, grows in the districts of Guntur (Andhra Pradesh), Warangal, and
Khammam (Telangana). The Guntur Sannam pepper belongs to the species Capsicum
annuum. It is a commercial crop used as a condiment and culinary supplement.

• The Guntur Sannam chilli is internationally acclaimed because of its unique characteristics.
The Guntur Sannam chilli is traded as an S4 type chilli. It is mainly used for its pungency.
The extracts i.e. capsaicin from Guntur Sannam Chilli is of good quality which provides hot
qualities to the products. .

• The Guntur Sannam chilli requires a warm and humid climate for its growth, and dry
weather during its period of maturation.

• The crop is well suited for altitude up to 2,100 meters above sea level. Normally, it grows

43
well in black soils of pH value from 6 to 7. It is most suited as a rain-fed crop as it retains
moisture for long period of time.

Fig no. 20:- Guntur Sannam Chilli

44
3.6.6 Byadagi Chilli

• Product: This chilli is grown in Karnataka. It is long and has a thin skin, and when it’s dried
has a crinkly appearance. It is known for its color and pungency and is consumed across
India. It has the highest color value of 1, 50,000- 2, 50,000 CU. It is low pungent and
characterized by wrinkles on the pods and sweet flavor.

• It is best grown in tropical and subtropical region with annual of 500 to 800 mm with
temperature ranging between 20 to 38 degree Celsius.

• It is extensively cultivated in the transition belt of Dharwad, Haveri and Gadag districts of
Karnataka.

Fig no. 21:- Byadagi Chilli

3.6.7 Sikkim Large Cardamom

• Product: It is a native plant of Sikkim, where it has been cultivated since time immemorial.
The crop grows well under the shade of forest trees at altitudes ranging from 1000-2000
meters with a rainfall of 3000-3500 mm per annum.

• Deep and well drained soils with a loamy texture are best suited for cardamom. The soil in
Sikkim is generally rich in organic matter and

45
3.6.8 Mizo Chilli
• Product: Mizo Chilli or Mizoram’s Bird’s eye chilli grown in Mizoram is of superior
quality. Capsicum frutescens fruits are generally smaller and characteristically point to the
sky.

• The bird’s eye chilli is small, but is quite hot (piquant). It measures around 100,000–
225,000 Scoville units, which is at the lower half of the range for the hotter habanero but still
many times more spicy than a jalapeño.

3.6.9 Assam Karbi Anglong Ginger

• Product: the main varieties are Nadia and Aizol. The crop duration is of 9-10 months. The
average annual production of 30,000 tons is grown by about 10,000 farmers. The ginger
grown in Karbi Anglong has low fiber content. Varieties such as Nadia and Aizol, having
high
dry rhizome and high recovery of oleoresin oil, are in demand among domestic buyers and
exporters.
• Karbi Anglong has a total geographical area of 10,343 square kms, which accounts for 13
per cent of Assam’s total geographical area.

3.6.10 Uttrakhand Tejpat

• Product: Tejpata (Botanical name: Cinnamomum tamala Family: Lauraceae) is grown in all
districts of the state barring Udham Singh Nagar and Hardwar districts. It grows mostly in
shady places at the height of 500 metre-2,400 meter.
• It belongs to chemotype known as ‘Cinnamaldehyde’ type, due to which it is best known as
‘Meetha Tejpat’ and is predominantly used in manufacture of ‘chavanprash’, other medicines
and in spice industry. nitrogen, medium in available phosphorus and medium to high in
available potash. The soils have a pH range from 4.5 to 6.0. Even though the crop can be
grown in undulating and steep terrains, land with a more moderate slope is preferred.

46
 4. Company Profile

4.1 Who we are

Giving the Maharashtrian a host of tastes and flavours since the last 2 years, “Greenland
Spices & Wheat Flour” believes that culinary skill requires the proper use of spices & flours
to enhance your meals every time. The purpose of spices as additives is to make food more
appetizing for everyone, especially children. Spices act as a good preservative and are rich in
antioxidant properties.

We procure raw materials from the best fields in India, and quality control checks are
regularly carried out under our personal supervision. The formulae of our spice blends is a
very closely guarded family secret, as any particular derived only after years of meticulous
hard work and research.

The vast range of spices Greenland offers you makes every day bland food more appealing,
nutritious, and interesting. With the introduction of small economy packs, our products have
penetrated into the smallest of Indian centers as well.

Our entrepreneurial journey since all these years remains the same – Catering Maharashtrian
households with unbeaten flavour and enchanting aromas adding the necessary nutritional
value.

47
4.2 Our History

In the span of 2 years, “Greenland Industries” has garnered Maharashtrian Household

acceptance and its own brand equity in the world spice arena. Under its brand name
“Greenland Spices & Wheat Flour”, Greenland Industries has been formulating new flavours
and aromas through its innovative research techniques.

Today, Greenland is synonymous with aromatic fervour and genuine quality. Winner of many
Maharashtrain Taste-Buds”, Greenland is becoming famous in the households across
Maharashtra .

The manufacturing unit located at Waluj Aurangabad, Maharashtra has been actively
supported by our administration office in Aurangabad. Our unique research methodology
helps us understand the latest food and spice preferences, keeping in mind the geographical
location, religion, and traditional cuisines of any particular region.

4.3 VISION

The concept of our mastermind Mr. Radhakisan Mugdal (MD) came up through a simple
objective of making it easier for the housewives to create a distinctive taste in their cooking
by using ready-to-use ground and blend spices. These spices are a mixture of various
homemade spices, which reminds people of the traditional spices during the time of their
ancestors. Greenland has a wide variety of 15+ products range with over 15+ packages.

The vision of Greenland – Spices & Wheat Flour is to manufacture and market food products
on a sustainable basis catering to all segments of the society at affordable prices and increase
the intrinsic value for all stakeholders with the highest Corporate Governance Standards.

4.4 MISSION
Greenland – Spices & Wheat Flour is dedicated to provide the customers with the finest,
high-quality products, hygienically prepared and competitively priced, living up to their
expectations and suppliers for achieving symbiotic relationship.

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 4.5 PRODUCT RANGE

Greenland Spices & Wheat Flour serves 15+ Products ranges of spices & flours.

5.1 Garam Masala:-

Description:
A select blend of 13 spices go into this grand old universal taste enhancer. Being chilli based,
it provides an exotic red gravy to dishes.
It is widely used all over India on account of its being a less pungent garam masala. Fennel,
Tejpatta (Cinnamon leaves) and Trifala imparts a cooling effect to this blend.

Ingredients:-
Coriander seeds, Cumin, Black Pepper, Cassia, Dried Ginger, Fenugreek Leaves, Cardamom
Amomum, Yellow Chillies, Cloves, Nutmeg, Mace.

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 5.2. Kitchen king Masala:-

Description:-
Explore the 'Curry' experience with this classic blend that gives vegetable curries a lordly
taste and a mild, subdued flavour. Being coriander and turmeric based, the blend gives curry
an appetising golden hue. It is the recommended blend to prepare India's much loved
vegetarian dish - Home-bred Cheese in fresh green peas: Mattar Paneer.
Paneer curries and light gravies are enhanced with the fragrance and taste of Greenland
Kitchen King.

Ingredients:-

Anistar, Asafoetida, Bengal Gram, Black Cardamom, Black Gram, Black Pepper, Kasuri Methi,
Cardamom, Cardamom Seeds, Cassia, Chilli, Clove, Common Salt, Coriander, Cumin, Dry
Ginger etc.

50
 5.3 Chhole Masala:-
Description:-
An exquisite blend of 24 pure spices, this is perhaps the most elaborate blend in the
Greenland repertoire. This blend is evenly balanced for taste and flavour and imparts a rare
character to chhole, made from chickpeas.

Ingredients:-

Anistar, Asafoetida, Bengal Gram, Black Cardamom, Black Gram, Black Pepper, Kasuri Methi,
Cardamom, Cardamom Seeds, Cassia, Chilli, Clove, Common Salt, Coriander, Cumin, Dry
Ginger etc.

51
 5.4. Sambhar Masala:-

Description:-
Sambhar is a wonder recipe from the South of India and can be aptly described as a 'designer
health food'. The various dals, vegatables, spices and condiments that go into a typical
Sambhar gives all the nutrients the body needs.
Sambhar can be had with rice as a South Indian does it almost everyday, or with Idlis, Wadas,
Potato Wadas etc. Sambhar, especially with Idlis has gained universal acceptance in India,
and is considered as an excellent diet food.

Ingredients:-
Anistar, Asafoetida, Bengal Gram, Black Cardamom, Black Gram, Black Pepper, Kasuri Methi,
Cardamom, Cardamom Seeds, Cassia, Chilli, Clove, Common Salt, Coriander, Cumin, Dry
Ginger etc.

52
 5.5. Chatpat Masala:-

Description:-
Kanda (Onion) Lasun (Garlic) Masala (Spice Blend) originated from Kolhapur in
Maharashtra and has greatly influenced the local cuisine there. An exemplary taste that would
remind you of a homemade Maharashtrian food.

Ingredients:-Chilli, Garlic, Cumin, Onion, Coriander, Salt, Cotton Seeds Oil, Ginger, Black
Pepper, Turmeric.

53
 6. Meat Masala:-

Description:-
A Pepper-Coriander-Chilli Based Blend That Imparts a Dark Tan And A Hot Taste To Non-
Veg Dishes, Especially Meat. Since Indians Love Their Meat Really Spiced Up, A Fair
Amount Of Flavouring Spices Lend This Blend An Aromatic Chorus.

Ingredients:-

Anistar, Asafoetida, Bengal Gram, Black Cardamom, Black Gram, Black Pepper, Kasuri Methi,
Cardamom, Cardamom Seeds, Cassia, Chilli, Clove, Common Salt, Coriander, Cumin, Dry
Ginger etc.

54
 5.7. Chilli Powder:-

Description:-

A fine-ground chilli powder that is a perfect blend of colour and pungency.

Chilli is a heating spice and comes in a wide variety of shapes, sizes, colours, and degrees of
pungency. Chilli is America's most important contribution to the world of spices, though
today it is one of India's major export attractions.
Indian chilli is grown in Andhra Pradesh, Maharashtra, Karnataka, Madhya Pradesh, Tamil
Nadu and a number of other States. The highly pungent 'Guntur' and the mildly pungent
'Byadgi' chillies are internationally recognised as the finest in quality.

Ingredients:-

Lal Mirch i.e. Guntur & Byadgi.

55
 5.8. Turmeric Powder:-

Description:- A garden-fresh turmeric powder that has a golden-yellow colour. Known for
its high carcumin (colour property) content. It is a popular variety in India, where turmeric is
used as a key colouring agent in 'curries'.
Turmeric has a mild, earthy and woody flavour. It stimulates protein digestion, and is an
excellent blood purifier. The use of turmeric as a colouring agent in food dates back as far as
600 B.C. In medieval Europe, turmeric was known as Indian Saffron.

56
 5.9. Corriender Powder:-

Description:- A perfect blend of garden-fresh aroma and natural green colour. This variety is
widely used to give Indian curries its distinct curry flavour.

Coriander has a flavour which combines lemon and sage, with a sweet-note as undertone. It's
a cooling spice. The Greek and the Romans thought it to be an aphrodisiac. By the third
Century B.C the Romans knew it was an excellent seasoning for food.

Coriander is native to the Mediterranean area. In India, Gujarat, Rajasthan, Andhra Pradesh,
Tamil Nadu and Madhya Pradesh are the major producers.

57
 5.10. Kala Masala:-
Description:
A select blend of 13 spices go into this grand old universal taste enhancer. Being chilli based,
it provides an exotic red gravy to dishes.
It is widely used all over India on account of its being a less pungent garam masala. Fennel,
Tejpatta (Cinnamon leaves) and Trifala imparts a cooling effect to this blend.

Ingredients:-
Coriander seeds, Cumin, Black Pepper, Cassia, Dried Ginger, Fenugreek Leaves, Cardamom
Amomum, Yellow Chillies, Cloves, Nutmeg, Mace.

58
11. Jeera:-

12. Mohari:-

59
 13. Wheat Flour:

A premium quality atta made from the King of Wheat was launched. It is 100% MP Sharbati wheat which
is harvested exclusively in 7 districts of Madhya Pradesh including the the Sehore region.

60
 14. Besan Flour:-

Gram flour or besan is a pulse flour made from a type of ground chickpea called the gram
chickpea. It is a staple ingredient in the cuisine of the Indian subcontinent, including in
Indian, Bangladeshi, Burmese, Nepali, Pakistani, and Sri Lankan cuisines.

61
 15. Dal Bati Atta:-

Dal bati is an Indian dish of dal and bati. It is popular in Rajasthan, Maharashtra’s Khandesh
and Vidarbha region, Gujarat, Uttar Pradesh and Madhya Pradesh. Dal is prepared using
tuvaar dal, chana dal, mung dal, moth dal, or urad dal.

62
 5. RESERCH METHODOLOGY

5.1 RESERCH METHODOLOGY

Research Methodology is a way to systematically analysis the research subject and it may be
understood as a science of study how much research at done scientifically. Research is
common parlance refer to a research for knowledge. According to Redman and Mary,
research is defined as a "systematized effort to gain new knowledge". Research methodology
is a way to systematically solve the problem. It may be understood as science of studying
how research is done scientifically. The advanced learner's dictionary lay down the meaning
of research as a careful investigation of inquiry especially through search for new facts in any
branch of knowledge. Research design is the conceptual structure within which the research
is conducted. A research is the arrangement of conditions for the collection and analysis of
data in a manner that aims to combine the relevance to the research purpose with economy in
procedures. Research constitutes the blue print for the collection. Measurement and analysis
of data. The research design used for this study is analytical and descriptive research design.

63
5.1.1 Data Collection and Analysis

This is the sub population to be studied in order to make an inference to an reference

population. In census, the sample size is equal to the population size. However, in research,
because of time constrain and budget, a representative sample is used. The larger the sample
size the more accurate the finding from the study. Availability of resources sets the upper
limit of the sample size, while the required accuracy sets the lower limit of the sample.
Therefore, an optimum sample size, is an essential component of the sample size.

Need of sample size

Need for sample size Biological data is highly variable crucial element in planning of any
research project economy in terms of personal equipment’s, time & related aspects but not at
the cost of the desired precision, confidence and power.

64
5.2 RESEARCH DESIGN

Research design is the conceptual structure within which research is conducted. It constitutes
the blue print for the collection, measurement and analysis of data .the study aims at narration
of existing facts and figures regarding financial position of the company. So the research
design adopted in the study has been descriptive in nature.

METHOD OF DATA COLLECTION

The data has been collected as below

PRIMARY DATA

The primary data has collected by observation and discussion with the finance department.

SECONDARY DATA

Secondary data are collected from the company websites, journals, newspapers, books and
financial statements.

FINANCIAL TOOLS OF ANALYSIS

1. Break Even Point

2. PV Ratio

3. Margin of Safety

4. Contribution

5. Operating Leverage.

65
5.3 BREAK EVEN ANALYSIS

The Break even analysis indicates at what level cost and revenue an in equilibrium. It is a
simple and easily understandable method of presenting to management the effect of changes
in volume on profit detailed analysis of Break-even data will reveal to management the
alternative decision which reduce or increase cost and which increase sales and income. It is a
device which portrays the effects of ant type of future planning by evaluating alternative
course of action.

5.4 BREAK EVEN POINT(BEP):-

Under this analysis at the Breakeven point profit being zero. Contribution is equal to the
fixed cost. If the actual volume of sales is higher than the breakeven volume, there will be a
profit.

Breakeven sales (in rupees) = Fixed Cost

PV Ratio

MULTIPLE PRODUCTS IN BEP

There are multiple products with different has a direct effect on the fixed cost recovery and
total profits of the firm. Different products have different profits volume ratio because of
selling price and variable cost. The total profit depend to some extent upon the proportion is
the products are sold.

Breakeven Sales = Fixed cost *100

Total Contribution

PROFIT VOLUME RATIO:-

PV Ratio = Sales- Variable Cost *100

Sales

66
5.5 MARGIN OF SAFETY

This is the difference between the sales and the breakeven point. If the distance is relatively
short it indicates that a small drop in production or sales will reduces profit considerably. If
the distance is long it means that the businesses can still making profit even after a serious
drop in production. It is important that there should be a reasonable margin of safety
otherwise reduces the level of production may prove dangerous.

Margin of safety = Sales- Break Even Sales

Margin of safety Ratio = margin of safety *100

Sales

DEGREE OF OPERATING LEVERAGE

Operating leverage is determined by the firm's sales revenue and its earnings before interest
and tax (EBIT). The earnings before interest and taxes are called as operating profit (EBIT).
While financial leverage can be quite significant for the earning available to ordinary
shareholders.

Operating Leverage = Contribution

EBIT

6.4 LIMITATIONS

 For this analysis last two years (2019-21) financial statement alone taken.

 This study is confines only with cost volume profit analysis of Greenland –Spices & Wheat
Flour

 Some data are not given because of confidential.

 Study based only on the secondary data available from annual reports.

67
 6. DATA ANALYSIS AND INTERPRETATION

BREAK EVEN POINT OF MARCH-2020:

Break even sales (in Rupees ) = Fixed Cost

PV Ratio

PV Ratio = Contribution / Sales* 100

Contribution = Sales – Variable Cost

Particulars Rs.

Sales : 504256.5

Fixed cost:

Selling and other expenses : 616313.5

Fixed Cost : 94722.5

Variable Cost:

Consumption of Materials : 376208.45

Variable Cost : 376208.45

Contribution:

Sales : 504256.5

(-) Variable Cost : 376208.45

Contribution : 128048.05

BREAK EVEN SALES

Break even sales = Fixed Cost/ PV Ratio = 94722.5 /25.39 *100

Break Even Sales: 373070.10

68
BREAK EVEN POINT OF MARCH-2021:

Break even sales (in Rupees ) = Fixed Cost

PV Ratio

PV Ratio = Contribution / Sales* 100

Contribution = Sales – Variable Cost

Particulars Rs.

Sales : 716313.5

Fixed cost:

Selling and other expenses : 94722.5

Fixed Cost : 94722.5

Variable Cost:

Consumption of Materials : 457832.55

Variable Cost : 457832.55

Contribution:

Sales : 716313.5

(-) Variable Cost : 457832.55

Contribution : 158480.95

BREAK EVEN SALES

Break even sales = Fixed Cost/ PV Ratio = 94722.5 / 22.12 *100

Break Even Sales: 428221.06

69
 Sr no. Year Break Even Sale
1 2020 373070.10
2 2021 428221.06
Table no. 1.1 Break Even point

INTERPRETATION

 Break Even Point is increasing year by year

 The variable cost is also increasing.
 So the sales volume is increasing.
 Thus the volume of profit is also higher.

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6.1 MARGIN OF SAFETY

MARGIN OF SAFETY MARCH-2020

Margin of safety = Sales – Break Even Sales

= 504256.5-373070.10

= 131186.4

Margin of ratio = Margin of safety *100

Sales

= 131186.4/504256.5*100

Margin of safety of March-2007 is 26.01%

MARGIN OF SAFETY MARCH-2021

Margin of safety = Sales – Break Even Sales

= 716313.5-428221.06

= 288092.44

Margin of ratio = Margin of safety *100

Sales

= 2882092.44/ 716313.5*100

Margin of safety of March-2007 is 40.21%

71
 Sr no. Year Margin of safety(%)
1 2020 26.01
2 2021 40.21
Table no. 1.2 Margin of Safety

INTERPRETATION

i. The analysis on margin of safety identified that there is a slight increase in the year
2021.
ii. The sales level increases and also increases the level of profit.

72
SUGGESTIONS

 The level of breakeven point is increased year by year from the analysis. The
company is not able to manage the breakeven point of the company. So it should take
necessary steps in cost of sales.
 The level of profit volume ratio is in a variable manner, there is increase and decrease
in profit volume ration year by year. So the company should make high sales with
reduced cost to improve profit.
 The fixed costs need to be reduced and cost control techniques can be adopted which
will increase the earnings.
 The company can improve capital turnover in the way of sales at reasonable price.
 The company can take necessary steps to invest certain amount into working capital.
It will very useful to maximize the profit.
 Comparing the current assets and current liabilities there was a increase in the current
asset and also the in current liabilities, the company should manage to improve
current asset and decrease in liability by increasing sales and high profit.

73
 7. SWOT ANALYSIS OF FOOD–PROCESSING INDUSTRY

Strengths
 Abundant availability of raw material

 Priority sector status for agro-processing given by the central Government

 Vast network of manufacturing facilities all over the country

 Vast domestic market

Weaknesses
 Low availability of adequate infrastructural facilities

 Lack of adequate quality control and testing methods as per international standards

 Inefficient supply chain due to a large number of intermediaries

 High requirement of working capital.

 Inadequately developed linkages between R&D labs and industry.

Opportunities
 Large crop and material base offering a vast potential for agro processing activities

 Setting of SEZ/AEZ and food parks for providing added incentive to develop
Greenfield projects

 Rising income levels and changing consumption patterns

 Favourable demographic profile and changing lifestyles

 Integration of development in contemporary technologies such as electronics, material

science, bio-technology etc. offer vast scope for rapid improvement and progress

 Opening of global markets

Threats
 Affordability and cultural preferences of fresh food

 High inventory carrying cost

 High taxation

 High packaging

74
 8. CONCLUSION

The study makes evident that the overall performance of the company with regard to
profitability is average but still, the performance of the company can be maximized
through careful measures of cost control which will enhance the operating efficiency
of the company. The company can reduce their costs, thereby the sales get increase
due to their quality and also the performance will be improved in future. The financial
statements shows a sign of sickness in future, the company has to undergo an
improvements in several areas of management in the near future, the company has to
take some precautions to prevent the sickness, and if the company applies
recommendations of this study towards its management, the company will be back on
to a higher profitable position within short time.

75
 Bibliography
1) Cost Volume Profit Analysis Of Ams Spices And Food Products Pvt. Ltd
2) Case Study of Pravin Masale
3) ITR of Greenland Spices & Wheat Flour
4) Company website https://greenland-masale.business.site/?m=true

76
 G.S.Mandal’s
Maharashtra Institute of Technology, Aurangabad

Department of MBA
MBA IV Semester Project Report Checklist and NOC for MBA IV Semester students
Sr.No Content Attached to
report Y/N
1 Cover page (Project Title, name of the student with roll no, name of YES
the guide, Name and designation of the person of the organization
who has guided you , Name of the university & name of the
institute along with logo)
2 Inner Title Page (Same as cover page) YES
3 Declaration YES
4 Certificate of Guide & Head of the Institute YES

5 Acknowledgement YES

6 Certificate from Industry (if applicable) NO

7 Index YES

8 Introduction YES

9 Objectives of the Study YES

10 Industry Profile YES

11 Company Profile YES

12 Research Methodology YES

13 Data Collection and Analysis YES

14 Summary of Findings YES

15 The SWOT Analysis (if any) YES

16 Conclusion YES

17 Bibliography As per Format YES

18 Appendices/Annexure ( If any) NO
 No Objection Certificate
I have gone through the Summer Training Project report of Mr/Ms Vivek Radhakisan Mugdal
Roll No 05 entitled “THE STUDY OF FINANCIAL AND STATERGIC PLANING
FOR GREENLAND – SPICES & WHEAT FLOUR” Submitted for MBA IV Semester
curriculum. The report is satisfactory and as per the MBA IV Semester Project guidelines. The
student is allowed to appear for final examination viva-voce for MBA IV Semester Project to be
held in Apr/May 2021.

Name and Signature of Guide