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CAPITAL STRUCTURE IN SUGAR MILLS: (A comparative study of the Cooperative, Government and Private Sector mills)

A capital - intensive industry like sugar mills required a colossal amount of funds for investments and growth. A sugar mill, having determined its investment policy, should plan for its capital structure. Capital structure decision is an important area of financial decision-making that has direct impact on cost of capital, profitability and market value of an enterprise. The objective of this paper is to examine the capital structure pattern of the sugar mills for which purpose three mills have been selected from the Thanjavur District covering all the three sectors, namely, private, government and cooperative. The analysis of the capital structure reveals that private mills alone had a favourable financial leverage. Further it may be concluded that the private mill maintained a reasonable level of debt-equity proportion but the Govt. and coop. mills had an excess dose of debt. Moreover they have relied more on current liabilities for financing long-term needs, which created an extra burden of interest and risk



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Keywords: Ratio Analysis, Sugar Mills, Capital Structure

ISSN: 0973-1598

EISSN: 2321-2012

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