ANALYSIS OF MACHINE HOUR RATE IN THE SUPREME

INDUSTRIES LIMITED

Project Report
Submitted by
GOMATHIVALLI.K
REG No: 12381018

In Partial Fulfillment of the Degree of MASTER OF BUSINESS

ADMINISTRATION in BANKING TECHNOLOGY

Under the guidance of

Dr.S.SUDALAI MUTHU
Reader
Department of Banking Technology
School of Management
Pondicherry University
Pondicherry- 605014
(May 2013 to July 2013)

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 BONAFIDE CERTIFICATE

This is to certify that this Project Report is the bonafide work of Ms.GOMATHIVALLI.K,
Reg.No.12381018, who carried out the project entitled Analysis of Machine Hour Rate in the

Supreme Industries Limited, Pondicherry under our supervision from May 2013 to July
2013.

Internal Guide Head of the Department

Dr.S.SUDALAI MUTHU Dr.K.ChandraSekharaRao

Reader Professor & Head,
Department of Banking Technology, Department of Banking Technology,
Pondicherry University. Pondicherry University.

Submitted for Viva voce Examination held on_____________________

Internal Examiner External Examiner

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 DECLARATION

I, GOMATHIVALLI.K hereby declare that the project work entitled Analysis of Machine

Hour Rate in the Supreme Industries Limited, is a genuine work done by me and submitted
to the Department of Banking Technology, Pondicherry University in partial fulfillment of the
requirements for the award of Master of Business Administration in Banking Technology and is
a record of original work done by me under the supervision of Dr.S.SUDALAI MUTHU,
Reader, Department of Banking Technology, Pondicherry University and
Mr.R.RATHNASAMY, Manager-Finance & Accounts, Pondicherry. The above mentioned
project has not been copied or plagiarized from any other content/source and the used texts have
been cited in the reference section, wherever possible. This project report has not been submitted
to any institution/University before.

Date: GOMATHIVALLI.K
Place: Pondicherry MBA (Banking Technology)

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 ACKNOWLEDGEMENT

This project report is not just a one man effort, rather has been supported by a generous set
of people up to fruition. To begin with, I thank the Almighty for awarding me with the capability
to undertake this task and take it to completion.

I would like to express my sincerest gratitude and thanks to my Research Guide

Dr.S.SUDALAI MUTHU, Reader, Department of Banking Technology, for his undaunted support
and guidance. I would also like to thank Mr.R.RATHNASAMY, Manager-Finance & Accounts,
Pondicherry for extending his support in the successful completion of the project.

I would like to express my thanks to the faculty members and staffs of the Department of
Banking Technology whose sincere efforts is helping the Department and its students to progress
and numerous projects like this to get completed every year.

GOMATHIVALLI.K

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CHAPTER PAGE
CONTENTS
NO NO

LIST OF TABLES 7

LIST OF CHARTS 7

1 INTRODUCTION 8

1.1 Need for the study 8

1.2 Objectives of the study 9

1.3 Advantages of machine hour rate analysis

9

COMPUTATION OF MACHINE HOUR 9

2
RATE

2.1 Steps for computing the machine hour rate 10

2.2 Overheads 10

2.3 Distribution of overheads 12

3 INDUSTRY AND COMPANY PROFILE 17

3.1 About The Supreme Industries Limited 17

3.2 Qualitative Analysis 21

3.3 Product Profile 25

3.4 About Pondicherry plant 28

4 REVIEW OF LITERATURE 28

5
 4.1 Review of Literature 28

5 RESEARCH METHODOLOGY

5.1 Research Design 30

5.2 Data Collection 30

5.3 Research Methodology 31

5.4 Period of study 32

6 DATA ANALYSIS AND INTERPRETATION 33

6.1 Machine hour rate calculation for machine from the period
33-43
of( July 2012 to May 2013)

7 FINDINGS & SUGGESTIONS

7.1 Findings 44

7.2 Suggestions 47

8 CONCLUSION 47

8 BIBLIOGRAPHY 48

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 PAGE
SL.NO TABLE NAME
NO

1 Machine Rate Calculation(July 2012) 33

2 Machine Rate Calculation(Aug 2012) 34

3 Machine Rate Calculation(Sep 2012) 35

4 Machine Rate Calculation(Oct 2012) 36

5 Machine Rate Calculation(Nov 2012) 37

6 Machine Rate Calculation(Dec 2012) 38

7 Machine Rate Calculation(Jan 2013) 39

8 Machine Rate Calculation(Feb 2013) 40

9 Machine Rate Calculation(Mar 2013) 41

10 Machine Rate Calculation(April 2013) 42

11 Machine Rate Calculation(May 2013) 43

PAGE
SL.NO CHART NAME
NO

1 Line chart representing the machine hour rate fluctuations from the period of (Jul 45

12 May 2013)

Bar chart representing the machine hour rate fluctuations from the period of (Jul
2 46
12 May 2013)

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INTRODUCTION

The life and death of most manufacturing concerns depends to a large extent on their cost
systems, how well they perform their duties and how the facts they bring out are made use of. It
is, of course, self-evident, that factories are run for the purpose of earning money, and if they
don't do it, they cannot remain in "business very long. To earn money, the goods which are
produced by the factory must be sold for more than they cost, hence to know the selling price,
the cost must be known. The accuracy with which the selling price is fixed is a direct function of
the accuracy of the costs, except in the case of certain monopolies and patented articles, and even
in the latter cases, to know what the earnings are, the costs must be known. Thus it will be seen
that factory costs are very important, and are among the principal items which must be closely
watched by the management.

The work of the engineer, especiallythe one who is connected with factory work, is constantly
broadening, and embracing more of the field of management. To be sure, there are many who
will confine their work to purely professional lines, but industrial management requiresthe
trained mind of the engineer,applied to management and business problems almost as much as to
technical problems. One ofthe principal things with whichthe engineermust be at least somewhat
familiar is factoryand construction costs.

1.1 NEED FORTHE STUDY

In factories or departments, where production is largely by machinery, this method gives greater
accuracy than any of the other methods. The terminology defines a machine hour rate as a rate
calculated by dividing the budgeted or estimated overhead or labor and overhead cost
attributable to a machine or group of similar machines by the appropriate number of machine
hours. The hours may be the number of hours for which the machine or group is expected to be
operated, the number of hours which would relate to normal working for the factory, or full
capacity. In a highly mechanized cost center, majority of the overhead expenses are incurred on

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account of using the machine, such as, depreciation, power, repairs and maintenance, insurance,
etc. Machine hour rate, therefore, provides the most equitable basis for absorption of overheads
in machine intensive cost centers.

1.2 OBJECTIVES OF THE STUDY

Primary Objective
To analyze the Machine Hour Rate
Secondary Objective
To classify overheads and observe the absorption of overheads
To identify absorption rates and find the cost of production for the future
To compute the costs of overheads and reduce its expenses in upcoming financial years.

1.3 ADVANTAGES OF MACHINE HOUR RATE ANALYSIS

1) It helps to measure the relative efficiency of different machines.

2) It facilitates comparison of cost of operating different machines.
3) It helps to ascertain idle time of machines relating to non-productive time.
4) It is the most desirable scientific method, where the time factor is taken into account.

COMPUTATION OF MACHINE HOUR RATE

The overhead expenses are to be departmentalized first. Then, each machine or a group of
machines within the department shall be treated as a cost centre, and all the items of expenses are
allocated to the machine cost centers on some suitable basis. Machine hour rate is then computed
by dividing the total overhead for the machine cost centre by the anticipated machine hours.

Machine hour rate can be bifurcated into variable or running expenses and standing or fixed
expenses in order to differentiate between expenses being incurred while running the machine
compared to when it remains idle. For example, power, oil, grease and cotton waste, repairs and
maintenance expenses are running or variable, while depreciation, rent and taxes, lighting and
heating, insurance and supervision are included understanding or fixed charges. Lastly, a

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machine hour rate may include the wages of the machine operator and attendance, if they
become part of the complements.

The machine hour rate is then determined by dividing the amount of overhead cost to be
apportioned or absorbed by the number of machine hours.

2.1 Steps for computing the Machine Hour Rate:

The following steps are required for computing the machine hour rate:
Identify the overhead expenses relating to a specific machine or group of machine in order to
require for computing machine hour rate.
Each machine or group of machine treated as a cost centre.
Manufacturing overhead or machine expenses are grouped into two types:
a) Fixed or Standing Charges
b) Variable Machine Expenses.
a) Fixed or Standing Charges : Fixed or Standing Charges which remain constant irrespective of
the use of machine. For example, rent, insurance charges, rates, supervision etc.
b) Variable Machine Expenses : These expenses are variable with use of the machine. For
example, power, depreciation repairs etc.
An hourly rate of fixed or standing charges will be calculated by totaling of fixed charges and
dividing by the number of normal hours worked by machine.
Normal working hours are calculated by adding the cost relating to non-productive time i.e.
normal ideal time for maintenance and setting up etc.
Separate hourly rate for each machine expenses will be calculated.
The total of the standing charges rate and machine expenses rates per hour will give the
machine hour rate.

2.2OVERHEADS

Overhead is the aggregate of indirect material, indirect labor and indirect expenses. It refers to
any cost which is not directly attributable to a cost unit. The term indirect means that which
cannot be allocated, but which can be apportioned to or absorbed by cost centers or cost units.

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Overhead cost is, therefore, a group of expenses, which are not identifiable with the cost unit, but
are incurred generally for the manufacturing and selling activities of the organization and can be
apportioned to and absorbed by the cost units. It is a distinct element of cost, and needs different
treatment in accounting and control compared to direct cost elements. Further. With automation
and introduction of new technology, manufacturing activities are increasingly depending on
machineries rather than human efforts. As a result, overhead expenses are increasing
continuously.

2.2.1 Importance of accounting overheads

Accounting of Overheads is one of the most important & technical aspect of Cost accounting.
From Cost reduction & Cost control point of view, overhead play a great role. So, proper
understanding of computation and accounting of overhead is must.
In a modern unit, overheads could be as high as material cost. That is why proper and effective
accounting and control of overheads is so much needed today. For proper accounting and
effective control, overhead expenses are classified into a number of suitable account heads for
each type of expenditure. Similar expenses are then grouped under a major account head. Such
account headings are given code numbers, which could either be alphabetical or numerical or a
combination of both. However, for the purpose of mechanized accounting or computerization,
numerical coding structure is more useful.

2.3DISTRIBUTION OF OVERHEADS
Step 1 -Classification of Overheads
Step 2 -Collection of Overheads
Step 3 - Allocation of Overheads
Step 4 -Apportionment of Overheads
Step 5 -Re-apportionment of service department
Overheads
Step 6 - Absorption of Overheads

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2.3.1 CLASSIFICATION OF OVERHEADS

The machine rate is usually, but not always, divided into fixed costs, operating costs, and labor
costs. For certain cash flow analyses only items which represent a cash flow are included.
Certain fixed costs, including depreciation and sometimes interest charges, are omitted if they do
not represent a cash payment. For some analyses, labor costs are not included in the machine
rate. Instead, fixed and operating costs are calculated. Labor costs are then added separately. This
is sometimes done in situations where the labor associated with the equipment works a different
number of hours from the equipment.

Overhead, in fact, consists of two parts. One, relating to the product, and the other relating to the
facilities and services maintained for the running of the organization. While the former is
incurred when production is carried on (by way of indirect material labor and expenses), the
latter is incurred even when production is not undertaken. The expenses incurred for maintaining
a factory shed, office building, stores, machine shop, canteen, dispensary, generation room,
boiler, etc. are all included in overheads as such facilities are required to keep the unit in
readiness for production activities. By themselves, these services have no use. Similarly,
expenses incurred for administration of manufacturing and selling and distribution of products
are included in overheads. If selling and distribution are undertaken by the organization, then a
sizeable amount of the expenses enter into overheads, since only a small portion of the expenses
incurred can be identified as direct cost of the product.

Production Fixed Indirect

Overheads Overheads materials

Distribution Variable Indirect

Overheads Overheads Labor

Selling Indirect
Overheads Expenses

Administrative
Overheads

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Fixed Costs

Fixed costs are those which can be predetermined as accumulating with the passage of time,
rather than with the rate of work. They do not stop when the work stops and must be spread over
the hours of work during the year. Commonly included in fixed costs are equipment
depreciation, interest on investment, taxes, and storage, and insurance.

Operating Costs

Operating costs vary directly with the rate of work. These costs include the costs of fuel,
lubricants, tires, equipment maintenance and repairs.

Labor Costs

Labor costs are those costs associated with employing labor including direct wages, food
contributions, transport, and social costs, including payments for health and retirement. The cost
of supervision may also be spread over the labor costs.

2.3.2 COLLECTION OF OVERHEADS

Collection of overheads means the collection ofvarious items of overheads under suitable
accountheading and a unique Standing Order Number (S.O.N.) or Cost Account Number
(C.A.N.).

For proper accounting and effective control, overhead expenses are classified into a number of
suitable account heads for each type of expenditure. Similar expenses are then grouped under a
major account head. Such account headings are given code numbers, which could either be
alphabetical or numerical or a combination of both. However, for the purpose of mechanized
accounting or computerization, numerical coding structure is more useful. For collection of
overhead expenses, it is necessary to relate each item of expense to the cost centre where the
expense has been incurred. Therefore, code numbers should be allotted to cost centers also with
division into major, minor and detail heading. Expense code numbers allotted to factory

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overheads are known as Standing Order Numbers, whereas those allotted to administration,
selling and distribution expenses are termed as Cost Account Numbers. The method of
compilation is, however, same for both types of code numbers. While preparing code structure, it
should be borne in mind that

Each code should be clearly defined, leaving no room for confusion or ambiguity, and
The structure should be flexible enough for inclusion of items in future.

The allocation of code numbers can be done in a number of ways, using alphabetic or numerical
methods. Each organization will have its own method depending on the needs of the accounting
system.

Documents for Collection of Overheads

The main sources from which overhead expenses are collected are as follows (i) Stores
requisition, (ii) Invoices, (iii) Cash book, (iv) Wages analysis, (v) Other registers and reports,
(vi) Journal entries.

Stores requisition. Indirect materials like soap, oil, cotton waste, grease, brushes,
brooms, etc. are issued from stores on the basis of stores requisition notes which are
priced and charged to the cost centre which used them.
Invoices. Invoices for material and services are entered in purchase journal with proper
accounts code and cost centre codes before making payments. Purchase Journal, if
manually maintained, contains separate columns for materials and overhead expenses
along with advance payment and accrued charges.
Cash book. Where cash transactions occur for the procurement of material and services,
cash book is analyzed and indirect expenses are collected under account code and cost
centre code wise.
Wages analysis book. Wages analysis indicates overheads control accounts to which
salaries and wages are to be booked.
Other registers and reports. For collection of depreciation amount, plant or fixed assets
register has to be scrutinized. Similarly, for scrap, waste and spoiled work or idle
facilities, relevant reports have to be referred.

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 Journal entries. Monthly apportionments from payments in advance like insurance and
tax, accruals for unpaid salaries and wages or rent, notional charges for rent, interest, etc.
are all collected from Journal entries. By F

2.3.3ALLOCATION OF OVERHEADS

Overheads are common costs incurred for the benefits of a number of costs centers or cost units.
Therefore, they cannot be identified and allocated directly to a particular unit of output. As such,
they are to be allocated among the units of output of a particular department or a number
ofdepartments or cost centers.

Allocation of overheads is the process of charging overhead costs to a particular department or

cost center. It is the allotment or assignment of an overhead cost to a particular cost unit. If the
overhead cost is associated with a single department or cost center, the whole amount is charged
or distributed among the units of output of that particular department. For example, the whole
amount of repair and maintenance expenses for a machine is charged or allocated to that
department where the machine has been installed.

ITEMS OF
PRODUCTION SERVICE
OVERHEADS
DEPARTMENTS DEPARTMENTS
ALLOCATED
P1 P2 S1 S2
Direct
Materials

Direct Wages
Direct
Expenses

Direct Material
Indirect Wages
TOTAL
OVERHEADS
ALLOCATED

ITEMS OOVINMNDFNERHEADS

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2.3.4 APPORTIONMENT OF OVERHEADS

Distribution of an overhead cost to several departments or cost centers is known as

apportionment of overheads. It is the process of charging or apportioning costs to a number of
cost centers or cost units. If a given cost is common to two or more departments or cost centers,
such cost should be apportioned or divided among these departments on an equitable basis. For
example, the amount of factory rent should be apportioned to all the departments. Similarly, the
amount of remuneration of the general manager should be distributed to the production,
administration and marketing departments as the general manager is associated with all these
departments.

Principles for Apportionment of Overheads

(a) Actual Benefit
(b) Potential Benefit
(c) Ability to pay
(d) Specific Criteria/Survey method

Basis of Apportionment
COMMON ITEMS OF PRODUCTION OVERHEADS BASIS OF APPORTIONMENT
(a) Factory rent, rates & taxes
Floor area occupied
(b) Insurance of factory building

(a) Insurance of Plant & Machinery

Capital Cost of Plant & Machinery
(b) Depreciation of Plant & Machinery

Insured Value of stock

(a) Insurance of Stock
(a) Supervision
No. of workers
(b) Canteen Staff Welfare Expenses

(a) Compensation to Workers Wages

(b) PF Contribution
Value of direct materials
(a) Stores Overheads/keeping expenses
Weight of direct Materials
(a) Material Handling Charges

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2.3.5 ABSORPTION OF OVERHEADS

Charging of overheads to specific product is known as absorption. Overhead absorption is also

known as application of overheads. In other words, absorption refers to charging of overheads of
a department to different cost units in a way that each cost unit bears an appropriate portion of its
share of overheads.

Absorption of overheads is done by using Raw material consumed, wages, prime cost, units
produced, labor hours and machine hours.

Methods of Absorption of Overhead

There are number of methods applicable for computing overhead absorption rate. The
following are the various methods of absorbing Manufacturing Overhead depending upon the
suitable basis selected for the purpose
Direct Material Cost Method
Direct Labor Cost Method
Direct Labor Hours Method
Prime Cost Method
Unit of Output Method
Machine Hour Rate Method

INDUSTRY AND COMPANY PROFILE

3.1 ABOUT THE SUPREME INDUSTRIES LIMITED

Incorporated in 1942 at Wadala, Mumbai, Supreme Industries (SIL) was promoted by
the family of Kantilal K Mody. In 1996, the Taparia family took control of the company through
outright purchase of shares. SIL has been consistently increasing its capacities in the plastics
processing industry. Today it has one of the largest plastic processors in the country, with a
product range catering to both, the industrial and consumer segment. Over the years, it has gone
into almost all segments of plastic products and put up plants at various locations in the country.

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 Supreme industries limited manufactures injection-molded items, extruded items,
industrial moldings, crates, furniture, polyethylene foam and polypropylene foam, PVC pipes
and fittings, multi-layer sheets and products thereof, and multi-layer films. The company's
operations are undertaken from Calcutta in West Bengal, Hosur in Tamil Nadu, Jalgaon and
Kanhe in Maharashtra. The company came out with a rights issue in Jul.'93 to expand and
upgrade its products and plant equipment. Its products are used as components in automobile
parts; in material handling as crates/boxes; and in furniture as tables/chairs. In the refrigeration
industry, they are used as doors/panels, and in the packaging industry for packing edible and
hydrogenated oils. The company bought assets of Litelon Pvt. Ltd. in 1996 and Camphor Allied
Products in 1998 that were manufacturers of protective packaging products. In 2000, it sold its
wholly owned subsidiary Premier Lighting Industries. Supreme Oriented Films and Supreme
Vinyl Films were amalgamated with the Supreme Industries Ltd with the prior approval from the
shareholders. The move is to consolidate the groups plastic packaging business under one
company and also to consolidate its marketing operations.

Supreme Industries Limited is currently Indias leading processors of plastics, offering a wide
and Comprehensive range of plastic products in India.The company operates in various segments
viz. plastics piping systems, protective packaging products, industrial components, material
handling systems, cross laminated polyethylene films & products thereof, furniture and
performance packaging films.

Supreme industries has 21 technologically advanced manufacturing facilities located at various

places spreadacross the country. The company has built-up excellent relationship with its
distributors and is also providing orientation to them, in order to ensure properservice to ultimate
customers.

Manufacturing units in Supreme Group

Supreme Group has 21 manufacturing units in India

1. Derabassi (Punjab)
2. Durgapur (West Bengal)
3. Gadegaon (Maharashtra)

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4. Guwahati (Assam)
5. Halol 1 (Gujarat)
6. Hosur 1(Tamil Nadu)
7. Jalgaon Unit I (Maharashtra)
8. Jalgaon Unit II (Maharashtra)
9. Kanhe (Maharashtra)
10. Kanpur (Uttar Pradesh)
11. Khopoli (Maharashtra)
12. Khushkheda (Rajasthan)
13. Malanpur 1 (Madhya Pradesh)
14. Malanpur 2 (Madhya Pradesh)
15. Noida (Uttar Pradesh)
16. Puducherry (Union Territory)
17. Silvassa (Union Territory)
18. Sriperumbudur (Tamil Nadu)
19. Urse (Maharashtra)
20. Hosur 2(Tamil Nadu)
21. Halol 2(Gujarat)

Board of Directors

B. L. Taparia, Chairman
M. P. Taparia, Managing Director
S. J. Taparia, Executive Director
V. K. Taparia, Executive Director
B. V. Bhargava, Director
H. S. Parikh, Director
N. N. Khandwala, Director
S. R. Taparia, Director
Y. P. Trivedi, Director

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Bankers

Central Bank of India

Axis Bank Ltd.
BNP Paribas
ICICI Bank Ltd.
IDBI Bank Ltd.
Standard Chartered Bank
State Bank of India
Vijaya Bank

Major machineries & its count in Supreme Group

Injection Molding m/c - 125

Extrusion m/c - 20
Thermoforming m/c - 25
Ultrasonic Welding m/c - 4
Sheet rolling m/c - 10

Export countries

Middle East Countries

African Countries
Australia
New Zealand
Sri Lanka
Bangladesh
USA
UK
Singapore

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Major Customers

TELCO
LML Limited
MarutiUdyog
Philips
General Motor India Limited
Videocon
Hindustan Motors
Fiat India Limited
Daewoo Motors Limited
Bajaj Auto
Kinetic Engineering
Kelvinator
Whirlpool
Electrolux
Panasonic
Racold
Amtrex
Carrier

3.2 QUALITATIVE ANALYSIS

The business
Supreme Industries Ltd. processes over 240,000 MT annually across 21 manufacturing
facilities. They have the following business verticals:

Plastic Piping
Consumer Products (plastic furniture)
Packaging Products
Specialty Films
Protective Packaging Products

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 Cross Laminated Films
Industrial Products
Industrial Components (Consumer appliance body manufacturing)
Material handling components (soft drink crates, pallets)

Revenue breakup for FY12 for Supreme Industries is shown below.

Supreme Petrochem, in which SIL has around 30% stake, is the largest single site polystyrene
(PS) producer with a capacity of 272,000 tons per annum for polystyrene, accounting for 2% of
the global capacity and 60% of the domestic installed capacity.

The companys bargaining power with suppliers

Polymers like polyethylene, polystyrene, and polypropylene, and resins are inputs for Supremes
business. Polymer and resin prices are linked to crude oil prices. It does not have too much
flexibility and has to take prices from suppliers. Around 40% of raw materials have to be
imported. Forex fluctuations affect the companys bargaining power with customers.

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Plastic pipes are the biggest segment by revenue for Supreme Industries. Plastic pipes prices are
updated daily based on input price fluctuations. Other product price changes are passed on to
customers with a lag of 2-3 weeks. Supreme Industries seems like a price-setter than a price-
taker.

Cash outstanding from customers seem to be pretty well managed indicating that they have
relative power in the market as compared to customers.

Some of the big listed competitors in plastics are given below. Most do not have exact businesses
like Supreme. They compete in different segments as the case may be.

Time Technoplast material handling equipment

Finolex, Astral Poly, Jain Irrigation Plastic pipes
Nilkamal Plastic furniture, it is the leader in India
Cosmo Films. Max India Films segment

Supreme industries have superior return on net worth ratios as compared to competition.

COMPANY RONW FY11 RONW FY12

Time Technoplast 13% 15%

Astral Polytechnik 22% 21%

Cosmo Films 17% 13%

Nilkamal 15% 15%

Finolex Industries 12% 11%

Supreme Industries 31% 33%
The company is innovative, it works on adding new product lines or service lines

The latest investor presentation (August 2012) talks of the following areas where they want to
develop/ introduce innovative products for new applications

Immediate Focus Area Composites

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 Electro fusion & compression molded fittings for Infrastructure & Gas Distribution
Manhole & underground sewer systems
Second generation Cross Laminated Film Product licensed to the Company by the
Collaborator
Additional system in Plastic pipe Segment for replacing conventional material pipes

The sustainable advantages that the company enjoys

Distribution 2,000 channel partners and over 25,000 retail counters

Ability to absorb new technology and launch new products, on their own or through
technical collaborations and stay at the leading edge.
The Supreme brand name is widely known across India.
Use of patented technology (for which they are paying royalty) in multiple products
In certain segments, the company is trusted enough to co-develop / co-manage products.
e.g. in packaging.

Sector Analysis:
The growth of plastics in the country is usually correlated with GDP growth. Their annual
reports state that plastics consumption growth increases by 1.5 times the GDP growth. But there
are exceptions. In the financial year 2011-12, consumption grew by only 6%. An earlier annual
report for FY04-05 also talks of a 1% growth in plastic consumption in India in what was the
worst year in the history of plastics consumption growth in the country in the last two decades.

On the input side, crude oil prices affect raw material prices putting pressure on margins of
plastics manufacturers in general. Supreme Industries is doing a good job of protecting and
growing margins.

Growth Analysis
Supreme Industries growth plans
The existing capacity is to be enhanced to 630,000 MT by 2015-16.
It will need Rs. 1100 crores of capital expenditure

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 Company intends to enhance the overall contribution of value added products from 29%
to 35%
Company aims to grow to Rs. 6000 crores turnover by 2015-16. This implies a 20%
compounded annual growth rate in revenue. Over FY07-FY12 they grew at 23%. So this
is a fair projection by the company

Risk factors

The risks that this sector faces

Possible regulation in use of plastics in the country and the world

Crude oil price shocks

The specific risks that Supreme Industries faces

Competition is heating up companies like Astral are increasingly getting stronger in

areas like PVC pipes for which they have tie-ups with Lubrizol. They seem to have an
interesting range of products which I could not see on the Supreme website.
There will be a limit to how much they can increase the share of value added products in
total revenue. This increase has helped improve the financial profile of the company till
now. Beyond this it cannot give massive improvement in financials like it has in the past.

3.3 PRODUCT PROFILE

Design and Development of Molds for

Automotive Components

4 wheelers: Radiator grills, interior trim, scuff plates, mudguards, mud flaps, corner bumpers,
bezels, instrument panels, glove boxes and lids, water deflectors, body protectors, etc.
2 wheelers: Handlebar covers, seat trim, mudguards, shields, seat bases, etc.
Electronic Appliance parts

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Washing Machine Base, Balancer Cases, Door Windows, Door Bezels, Lids.

Cabinets for TV's, computers and Audio Systems, Water Heater Exteriors

Air conditioner & Refrigerator components

Front grills, kick plates, chill trays, etc.

Molded Furniture

Garden furniture, mass seating systems, children furniture

Crates

Industrial crates, special purpose & custom-developed crates

PVC Pipe Fittings

Fittings for agricultural, SWV, SWR, ASTM and plumbing pipes

Food Service ware Thermoforming Tools

PRODUCT GROUPS
The product groups of the Company have been recast as follows:

Group Products

Plastics Piping System uPVC Pipes, Injection Molded fittings and handmade fittings,
Polypropylene Random Copolymer pipes and fittings, HDPE Pipe
Systems, CPVC Pipes Systems, LLDPE Tube

and Inspection Chambers and manholes.

Consumer products Furniture

Industrial Products Industrial products, Material handling System and Pallets

Packaging Products Flexible packaging film products, Protective Packaging Products, Cross
Laminated Film products

Composite Products LPG Gas Cylinders, Composite Pipes

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Expansion Plans

New Product Range of Bath Fittings which Company has planned to launch is in its final
stage of readiness and likely to be in market by end of the current quarter.
Augmenting of additional capacities, Automation and installation of balancing equipment
at existing locations in various product segments are progressing as per schedule.

Outlook

During the current year, the Company envisages annual growth in volume and product value of
about 16% and 25% respectively over the previous year.

27
3.4 ABOUT PONDICHERRY PLANT

In 1988, an injection molding unit was established in Pondicherry. Pondicherry II was

commissioned in August 1997.
Started as a plant to manufacture furniture, it currently has five divisions.
Division A -> Furniture
Division B -> Crates
Division C-> Industrial products
Division D -> Whirlpool goods
Division E ->Bathroom fittings & taps (not fully established)

Pondicherry has won the following awards:

Best Delivery Performance Award 2008 from Whirlpool of India Private Ltd.
Best Supplier Quality Award from Samsung.
Best Kaizen Award for 2010 from Whirlpool of India private Ltd.
TPM Excellence Award 2011 from Japan Institute of Plant Maintenance.
Currently Pondicherry plant is the SECOND largest plant in terms of sales turnover. (180 - 200
crores).

4.1 REVIEW OF LITERATURE

Overview

The chapter aims at listing some of the latest notable contributions of other researchers in a
similar field or related field for the purpose of review and analyzing the important techniques
and methods to be implemented. The sources for the literature have been mentioned in the
bibliography. A number of studies have been researched on export performance and export
performance determinants. Brief reviews of the latest research works are as follows.

The dominant method that has been adopted over the last few decades is referred to as a machine
rate calculation (Matthews 1942, Miyata 1980). This calculation is essentially a method of

28
averaging all the fixed and operating costs for a piece of equipment over its entire life span so
that they may be converted to a cost per operating or scheduled hour. The method includes fixed
costs for depreciation, interest, insurance, and taxes and operating costs for fuel and lubricating
oil, water, power consumption, and maintenance and repair. In theory, historical data are to be
used for all of these components and then converted to average costs per hour. In practice,
depreciation is often the only factor that is empirically based, and rules of thumb are often used
to estimate the remaining cost components. As an alternative, surveys of logging equipment
dealers and loggers have been made and published periodically in machine rate form (i.e ,
Plummer 1967-1982; Cubbage 1986; Dorris and Cubbage 1987; Burgess and Cubbage 1989;
Brinker et al. 1989), which are often used by logging analysts.

While these machine rate calculations are widely accepted due to their simplicity and ease of use,
they do have shortcomings. Average machine rate costs estimated for the life of a piece of
equipment may not accurately reflect costs at any given point in time. Fixed costs for equipment
are likely to be greater when the machine is new than when it is old and mostly depreciated.
Conversely, repair and maintenance costs will tend to be less for new equipment than for old
equipment. These may or may not balance each other out at any given point in the life span of
equipment. This presents a particular problem to loggers who may be paid for contract at average
rates. The possibility that On the Average they may be making a profit is of little comfort if, at
the moment, their high equipment costs are forcing them out of business.

Another serious shortcoming of the machine rate approach is that the allocations for interest,
insurance, and taxes are fairly arbitrary and simplistic. Interest costs are estimated as a
percentage of an average annual investment (AAI), which was derived by Matthews(1942).
Machine rates almost always exclude any explicit consideration of the income tax treatment of
equipment investments, and only include a value for property taxes and license fees. Thus, the
machine rate formula is only a before tax computation.

Butler and Dykstra (1981) and Tufts and Mills(1982) discussed these shortcomings of the
machine rate formula and developed explicit models that could be used to calculate accurate
costs on a cash flow basis. In theory, these methods are certainly superior to the standard

29
machine rate. However, they have not been widely adopted by researchers in their published
literature, nor one would expect, by practitioners. Perhaps this lack of adoption partially could be
explained by the complexity of the method, the amount of detailed information required to
perform the calculations, and the constantly changing federal income tax laws regarding
equipment depreciation. Traditional adherence to machine rate approaches is easier. However, a
more theoretically appropriate approach for estimating machine costs would still be worthwhile.

RESEARCH

Research is a process in which the researcher wishes to find out the end result for a given
problem and thus the solution helps in future course of action. The research has been defined as
A careful investigation or enquiry especially through search for new facts in branch of
knowledge

5.1RESEARCH DESIGN

The research design used in this project is Analytical in nature the procedure using, which
researcher has to use facts or information already available, and analyze these to make a critical
evaluation of the performance.

5.2 DATA COLLECTION

Primary Sources

1. Data are collected through personal interviews and discussion with Finance Manager &
executives.

2. Data are collected through personal interviews and discussion with Purchase & Stores
Deputy Manager & executives.

Secondary Sources
1. The data are collected from the reports maintained by the company for the past one year.

30
2. Data are collected from the companys website.
3. Books and journals pertaining to the topic.

5.3 RESEARCH METHODOLOGY

In this project, research has been conducted in four stages

Stage I:-Defining the Problem and Research Objective

a) To sustain the business of any firm in a long run, it is necessary to analyze the cost of
production in efficient manner.
b) Analyze the fixed and variable expenses of the factory with respect to total working hour
of the machine in order to determine the cost of production.

Stage II: - Developing and Collecting the Information

In this stage, efforts were directed towards developing and collecting the data. This
stagecalls for determining the type of information needed and the most efficient way to gather
theinformation. A researcher can get the secondary data or primary or both.

31
This project work depends on the collection of both the primary and secondary information or
data. The data is being collected by visiting the different departments of the Supreme Industries
Limited.

Stage III:-Analyzing the Information

The next step in the research process is to extract pertinent information and findings from the
data. We have attempted to apply techniques in the analytical research system in the hope of
discovering additional information.

Stage IV: - Presenting the findings

The next step in this process is to find out the useful and fruitful information from the dataor the
analytical work done. The researcher should present major findings that are relevantto the major
financial decision facing management. The study is useful when it reduces the amount of
uncertainty facing the financial executive.

5.4 PERIOD OF STUDY

The period of the study at the Supreme Industries Limited, Pondicherry is for 45 days

32
DATA ANALYSIS AND INTERPRETATION

6.1 Machine hour rate calculation for machine from the period of( July 2012 to May 2013)

Machine Rate Calculation(July 12)

Plant A
machine name: IT 1200 A
machine worth : 21677206.03
additional cost inquired for installation: 15000
working life of machine(in hours): 1,000,000-2,000,000 cycles
OR (100-200 YEARS)
diesel used (per hour) 150 liter
Supervisors devote for the machine: 8 8HRS.
Cost of the power per 100 units: 5.50 per unit
power consumed per hour: 1458
Normal working hour of machine: 24 HRS.
Actually worked hour: 22 HRS.
Calculation of overhead costs:
Expenses: Per hour Per month
Fixed Expenses:
Rent & rates 46.8 13479.452
Supervisors salary and labor cost 3721.23 1071715
Insurance 92.8 26728.76
Taxes 42.57 12263
Interest 2631.05 757742.4
Depreciation(machine cost+additional cost 3678.76 1059484.9
-scrap)
Variable Expenses:
Repairs & Maintenance 425.3 306258
Power & fuel 242.4 4190001.54

Total 10880.91 7437673.052

Machine hour rate or predetermined
overhead rate:
operation(1 YEAR)
overhead costs/total no of hours the 494.5868182 11269.20152
machine is in operation

33
Machine Rate Calculation(Aug 2012)

Plant A
machine name: IT 200 A
machine worth : 21677206.03
additional cost inquired for installation: 15000
working life of machine(in hours): 1,000,000-2,000,000 cycles
OR (100-200 YEARS)

DIESAL used (1 HOUR) 150 LITER

Supervisors devote for the machine: 8HRS.
Cost of the power per 100 units: 5.50 per unit
power consumed per hour: 1458
Normal working hour of machine: 24 HRS.
Actually worked hour: 22 HRS.
Calculation of overhead costs:

Expenses: per hour per month

Fixed Expenses:
Rent & rates 18.72 13479.452
Supervisors salary and labor cost 1488 1071715
Insurance 37.1 26728.76
Taxes 17.03 12263
Interest 1052 757742.4
Depreciation(machine cost+additional cost -scrap) 1471 1059484.9
Variable Expenses:
Repairs & Maintenance 342 246279.4
Power and fuel 6697 4822034.51
Total 11122.85 8009727.422

Machine hour rate or predetermined overhead

rate:
operation(1 YEAR)

overhead costs/total no of hours the machine is in 505.5818182 12135.95

operation

34
Machine Rate Calculation(Sep 12)

Plant A

machine name: IT 1200 A

machine worth : 21677206.03
additional cost inquired for installation: 15000
working life of machine(in hours): 1,000,000-2,000,000 cycles
OR (100-200 YEARS)
Diesel used (per hour) 150 LITER

Supervisors devote for the machine: 8 8HRS.

Cost of the power per 100 units: 5.50 per unit
power consumed per hour: 1458
Normal working hour of machine: 224 HRS.
Actually worked hour: 222 HRS.

Calculation of overhead costs:

Expenses: Per hour Per month
Fixed Expenses:
Rent & rates 46.8 13479.452
Supervisors salary and labor cost 3721.23 1071715
Insurance 92.8 26728.76
Taxes 42.57 12263
Interest 2631.05 757742.4
Depreciation(machine cost+additional cost -scrap) 3678.76 1059484.9
Variable Expenses:
Repairs & Maintenance 425.3 306258
Power & fuel 7869.4 5666000
Total 18507.91 8913671.512

Machine hour rate or predetermined overhead rate:

operation(1 YEAR)
overhead costs/total no of hours the machine is in 841.2686364 13505.56212
operation

35
Machine Rate Calculation(Oct 12)

Plant A
machine name: IT 1200 A
machine worth : 21677206.03
additional cost inquired for installation: 15000
working life of machine(in hours): 1,000,000-2,000,000 cycles
OR (100-200 YEARS)
diesel used (per hour) 150 liter

Supervisors devote for the machine: 8 HRS.

Cost of the power per 100 units: 5.50 per unit
power consumed per hour: 1458
Normal working hour of machine: 24 HRS.
Actually worked hour: 22 HRS.
Calculation of overhead costs:
Expenses: Per hour Per month
Fixed Expenses:
Rent & rates 46.8 13479.452
Supervisors salary and labor cost 3721.23 1071715
Insurance 92.8 26728.76
Taxes 42.57 12263
Interest 2631.05 757742.4
Depreciation(machine cost+additional 3678.76 1059484.9
cost -scrap)
Variable Expenses:
Repairs & Maintenance 425.3 306258
Power & fuel 6866 4943999.61

Total 17504.51 8191671.122

Machine hour rate or predetermined overhead rate:

operation(1 YEAR)
overhead costs/total no of hours the 795.6363636 12411.62273
machine is in operation

36
Machine Rate Calculation(Nov 12)

Plant A

machine name: IT 1200 A

machine worth : 21677206.03
additional cost inquired for installation: 15000
working life of machine(in hours): 1,000,000-2,000,000 cycles
OR (100-200 YEARS)
diesel used (per hour) 150 liter

Supervisors devote for the machine: 8 HRS.

Cost of the power per 100 units: 5.50 per unit
power consumed per hour: 1458
Normal working hour of machine: 24 HRS
Actually worked hour: 22 HRS.

Calculation of overhead costs:

Expenses: Per hour Per month
Fixed Expenses:
Rent & rates 46.8 13479.452
Supervisors salary and labor cost 3721.23 1071715
Insurance 92.8 26728.76
Taxes 42.57 12263
Interest 2631.05 757742.4
Depreciation(machine cost+additional cost -scrap) 3678.76 1059484.9
Variable Expenses:
Repairs & Maintenance 425.3 306258
Power & fuel 6941 4998000

17579.51 8245671.512

Machine hour rate or predetermined overhead rate:

operation(1 YEAR)
overhead costs/total no of hours the machine is in 799.0454545 12493.44091
operation

37
Machine Rate Calculation(dec12)

Plant A
machine name: IT 1200 A
machine worth : 21677206.03
additional cost inquired for installation: 15000
working life of machine(in hours): 1,000,000-2,000,000 cycles
OR (100-200 YEARS)
DIESAL used (per hour) 150 LITER

Supervisors devote for the machine: 8 HRS.

Cost of the power per 100 units: 5.50 per unit
power consumed per hour: 1458
Normal working hour of machine: 24 HRS.
Actually worked hour: 22 HRS.
Calculation of overhead costs:
Expenses: Per hour Per month
Fixed Expenses:
Rent & rates 46.8 13479.452
Supervisors salary and labor cost 3721.23 1071715
Insurance 92.8 26728.76
Taxes 42.57 12263
Interest 2631.05 757742.4
Depreciation(machine cost+additional cost - 3678.76 1059484.9
scrap)
Variable Expenses:
Repairs & Maintenance 425.3 306258
Power & fuel 7954 5725127

Total 18592.51 8972798.512

Machine hour rate or predetermined overhead rate:
operation(1 YEAR)
overhead costs/total no of hours the machine is 845.0909091 13595.14848
in operation

38
Machine Rate Calculation(Jan 13)

Plant A

machine name: IT 1200 A

machine worth : 21677206.03
additional cost inquired for installation: 15000
working life of machine(in hours): 1,000,000-2,000,000 cycles
OR (100-200 YEARS)
diesel used (per hour) 150 liter
Supervisors devote for the machine: 8 HRS.
Cost of the power per 100 units: 5.50 per unit
power consumed per hour: 1458
Normal working hour of machine: 24 HRS.
Actually worked hour: 22 HRS.

Calculation of overhead costs:

Expenses: Per hour Per month
Fixed Expenses:
Rent & rates 46.8 13479.452
Supervisors salary and labor cost 3721.23 1071715
Insurance 92.8 26728.76
Taxes 42.57 12263
Interest 2631.05 757742.4
Depreciation(machine cost+additional cost - 3678.76 1059484.9
scrap)
Variable Expenses:
Repairs & Maintenance 425.3 306258
Power & fuel 6612 4761092

Total 17250.51 8008763.512

Machine hour rate or predetermined overhead rate:

operation(1 YEAR)
overhead costs/total no of hours the machine 784.0909091 12134.48939
is in operation

39
Machine Rate Calculation(Feb 2013)

Plant A

machine name: IT 1200 A

machine worth : 21677206.03
additional cost inquired for installation: 15000
working life of machine(in hours): 1,000,000-2,000,000
cycles
OR (100-200
YEARS)
DIESAL used (per hour) 150 LITER

Supervisors devote for the machine: 8 HRS.

Cost of the power per 100 units: 5.50 per unit
power consumed per hour: 1458
Normal working hour of machine: 24 HRS.
Actually worked hour: 22 HRS.

Calculation of overhead costs:

Expenses: Per hour Per month
Fixed Expenses:
Rent & rates 46.8 13479.452
Supervisors salary and labor cost 3721.23 1071715
Insurance 92.8 26728.76
Taxes 42.57 12263
Interest 2631.05 757742.4
Depreciation(machine cost+additional cost - 3678.76 1059484.9
scrap)
Variable Expenses:
Repairs & Maintenance 425.3 306258
Power & fuel 6926 4986999

Total 17564.51 8234670.512

Machine hour rate or predetermined

overhead rate:
operation(1 YEAR)
overhead costs/total no of hours the machine 798.3636364 12476.77273
is in operation

40
Machine Rate Calculation(Mar 2013)

Plant A

machine name: IT 1200 A

machine worth : 21677206.03
additional cost inquired for installation: 15000
working life of machine(in hours): 1,000,000-2,000,000 cycles
OR (100-200 YEARS)
DIESAL used (per hour) 150 LITER

Supervisors devote for the machine: 8 HRS.

Cost of the power per 100 units: 5.50 per unit
power consumed per hour: 1458
Normal working hour of machine: 24 HRS.
Actually worked hour: 22 HRS.

Calculation of overhead costs:

Expenses: Per hour Per month
Fixed Expenses:
Rent & rates 46.8 13479.452
Supervisors salary and labor cost 3721.23 1071715
Insurance 92.8 26728.76
Taxes 42.57 12263
Interest 2631.05 757742.4
Depreciation(machine cost+additional cost - 3678.76 1059484.9
scrap)
Variable Expenses:
Repairs & Maintenance 425.3 306258
Power & fuel 14511 5224002

25149.51 8471673.512

Machine hour rate or predetermined overhead

rate:
operation(1 YEAR)
overhead costs/total no of hours the machine is 1143.136364 12835.86818
in operation

41
Machine Rate Calculation(Apr 2013)

Plant A

machine name: IT 1200 A

machine worth : 21677206.03
additional cost inquired for installation: 15000
working life of machine(in hours): 1,000,000-2,000,000 cycles
OR (100-200 YEARS)
DIESAL used (per hour) 150 LITER

Supervisors devote for the machine: 8 HRS.

Cost of the power per 100 units: 5.50 per unit
power consumed per hour: 1458
Normal working hour of machine: 24 HRS.
Actually worked hour: 22 HRS.

Calculation of overhead costs:

Expenses: Per hour Per month
Fixed Expenses:
Rent & rates 46.8 13479.452
Supervisors salary and labor cost 3721.23 1071715
Insurance 92.8 26728.76
Taxes 42.57 12263
Interest 2631.05 757742.4
Depreciation(machine cost+additional cost -scrap) 3678.76 1059484.9
Variable Expenses:
Repairs & Maintenance 425.3 306258
Power & fuel 6926 4987889

17564.51 8235560.512

Machine hour rate or predetermined overhead rate:

operation(1 YEAR)
overhead costs/total no of hours the machine is in 798.3636364 12478.12121
operation

42
Machine Rate Calculation(may 2013)

Plant A
machine name: IT 1200 A
machine worth : 21677206.03
additional cost inquired for installation: 15000
working life of machine(in hours): 1,000,000-2,000,000 cycles
OR (100-200 YEARS)
DIESAL used (per hour) 150 LITER

Supervisors devote for the machine: 8 HRS.

Cost of the power per 100 units: 5.50 per unit
power consumed per hour: 1458
Normal working hour of machine: 24 HRS.
Actually worked hour: 22 HRS.

Calculation of overhead costs:

Expenses: Per hour Per month
Fixed Expenses:
Rent & rates 46.8 13479.452
Supervisors salary and labor cost 3721.23 1071715
Insurance 92.8 26728.76
Taxes 42.57 12263
Interest 2631.05 757742.4
Depreciation(machine cost+additional 3678.76 1059484.9
cost -scrap)
Variable Expenses:
Repairs & Maintenance 425.3 306258
Power & fuel 12544.44 9031999.04
23182.95 12279670.55
Machine hour rate or predetermined
overhead rate:
operation(1 YEAR)
overhead costs/total no of hours the 1053.727273 18605.56061
machine is in operation

43
FINDINGS

It is observed that the the actual overhead costs incurred will in all probability differ from the

Overheads absorbed into the cost units.

From (Jul 12 Aug 12 ) Under absorbed

From(Aug12 - Sep 12) - Under absorbed

From(Sep 12- Oct 12) - Over absorbed

From(Oct 12- Nov 12) - Under absorbed

From(Nov 12- Dec 12) - Under absorbed

From(Dec 12- Jan 12) - Over absorbed

From(Jan 13- Feb 13) - Under absorbed

From(Feb 13- Mar 13) - Under absorbed

From(Mar 13- Apr 13) - Over absorbed

From(Apr 13- May 13) - Under absorbed

Month Machine Hour Rate

Jul-12 494

Aug-12 505

Sep-12 841

Oct-12 795

Nov-12 799

44
 Dec-12 845

Jan-13 784

Feb-13 798

Mar-13 1143

Apr-13 798

May-13 1053

Machine hour rate fluctuations from the period of (Jul 12 May 2013)

mhr
1400
1200
1000
800
600
mhr
400
200
0

45
Machine hour rate fluctuations from the period of (Jul 12 May 2013)

mhr
1400
1200
1000
800
600
mhr
400
200
0

46
SUGGESTIONS

Above findings shows that the overheads absorbed is not consistent. It is over absorbed in the
months of (Sep 12- Oct 12), (Dec 12- Jan 13), (Mar 13- Apr 13).
And it is under absorbed in the months of (Jul 12- Aug 12), (Aug 12 - Sep 12), (Oct 12- Nov
12), (Nov 12- Dec 12), (Jan13 Feb 13), (Feb 13- Mar 13), (Apr 13- May 13).
We can infer that the actual overheads are greater than the overheads absorbed in most of the
months. (i.e.) it is under absorbed. The reason is that the firm doesnt properly estimate/budget
the future cost of production or may it be due to the following reasons.
Inefficient usage of machine
Improper Price Fixation
Improper cost control

CONCLUSION

Overheads are one of the factors which determine the firms profit. If they could properly account
and estimate/budget it for the upcoming financial year or upcoming accounting period of month,
the firm can enhance the profit with effective cost control, cost of production and efficient price
fixation of the product.

47
BIBLIOGRAPHY

1.)http://education.svtuition.org/2010/09/how-to-calculate-machine-hour-rate.html

http://www.fao.org/docrep/t0579e/t0579e05.htm

2.)Machine hour rate computation

http://www.preservearticles.com/2011092313987/steps-for-computation-of-machine-hour-rate.html

3.)calculation of machine hour rate

http://www.caclubindia.com/forum/machine-hour-rate-calculation-178373.asp#.Uh-NAtLDBqU

4.)Concept of machine hour rate

http://accountlearning.blogspot.in/2010/07/machine-hour-rate-method-of-providing.html

5.) A text book of cost accountancy, Vikas publishing Pvt. Ltd. By M.N.Arora

6.)Cost Accounting book, Book syndicate publications, by N.K. Prasad & A.K. Prasad

48
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