ROLEX RINGS PVT. LTd

INTRODUCTION
As per the University, we are required to undergo for the project work in
any one organization. According to this semester I have prepared my project work on
ROLEX RINGS PVT. LTD on various departments.
To study and prepare this report I had gone for 45 days to this unit and
during my training I learned and found different things.
ROLEX RINGS PVT. LTD produces various sizes of casting products.
During my training I got a lot of information on casting.
1

HISTORY & DEVELOPMENT
ROLEX RINGS PVT. LTD was incorporated in 1992 for manufacturing
brass & copper rods. Due to fluctuating market of raw materials this business diversified
in 1997 and company started to manufacture sand castings.
ROLEX RINGS PVT. LTD was established by a team of qualified and
experienced metallurgical and mechanical engineers. ROLEX RINGS PVT. LTD
specialized in the production of Precision Investment Castings of ferrous and non-ferrous
metal, alloys and super alloys of the finest quality.
The firm determination to be 'the best' through total dedication to and
adherence to the fairmost business ethics brought to us ideal work force, a force which
can be easily identified as experts for all sand mixing. This has led ROLEX RINGS
PVT. LTD becoming an innovative leader in the field of Precision Investment Castings.
The Precision Investment Castings by lost sand process presents modern
designers with the most flexible metal forming technique available and is the most cost
effective way of designing and manufacturing components for a wide range of
manufacturing sector.
2

COMPANY’S OBJECTIVES
The objectives of the company are as follows:-
· To supply quality castings to customers within time.
· Maintain customer satisfaction by providing better services.
· To maintain growth and long term profitability.
3

COMPANY PROFILE
NAME OF THE FIRM:-
ROLEX RINGS PVT. LTD
YEAR OF CORPORATION:-
08/01/1992
DATE OF COMMENCEMENT:-
17/09/1992
REGISTERED OFFICE ADDRESS:-
2/5 , Amrut Commercial Center,
Sardar Nagar Main Road ,
Rajkot-360 001.
Gujarat(INDIA)
FACTORY ADDRESS:-
25/28, Galaxy Industrial Estate,
17 Kms. Rajkot-Gondal Road,
Village : Shapar-360 002.
Dist. – Rajkot
Gujarat(INDIA)
PHONE NO:-
+91-2827-252051
+91-2827-252052
+91-2827-252053
FAX NO.:- +91-2827-252054
4

E-MAIL:- : info@intricastindia.com
AUDITORS:-
H.B.Kalaria & Associates
Chartered Accountants
203/204, Alaap A,
Limda Chowk,
Rajkot.
5

BANKERS:-
IDBI Bank Ltd.
Shivdarshan,
Near Kathiwar Gymkhana
Rajkot.
AREA OCCUPIED:-
18318.60 sq. mts.
NO. OF WORKERS:-
250 - 300
WORKING HOURS:-
16 Hours
NO. OF SHIFTS:-
2 Shifts
WEEKLY OFF:-
Friday
WORKING DAYS:-
300 Days
ACCOUNTING YEAR:-
1ST April – 31ST March
BUILT UP AREA:-
2377.31 sq. mts.
6

REGISTRAR & SHARE TRANSFER AGENT:-
Intime Spectrum Registry Pvt. Ltd.
211, Sudarshan Complex,
Near Mithakhali Under Bridge,
Navrangpura,
Ahmedabad – 380009.
7

SCRIPT CODE AT BSE:-
517372
ASSOCIATE GROUP COMPANIES:-
Company: - INTOLCAST PRIVATE LIMITED
Product: - Steel and Alloy Steel Investment Castings
Company: - INTRICAST PRIVATE LIMITED
Product: - Wax Investment Castings
Company: - INMECH ENGINEERING PRIVATE LIMITED
Product: - Ball for Ball Valves
8

BOARD OF DIRECTORS
NAMES DESIGNATION
Amrutlal J. Kalaria Chairman Cum Non-Executive Director
& Finance Manager
Dhiraj D. Pambhar Wholetime Director Cum Production
Manager
Raman D. Sabhaya Director
Dilip M. Dudhagara Director Cum Marketing Manager
Madhubhai S. Patolia Director
Bharat M. Choksi Director
Mahendra K. Sheth Director
Keshavlal H. Patolia Director
Bhupat O. Jadav Independent Director
Bharat M. Sanghavi Independent Director
Yogendra C. Anarkat Independent Director
9

Gordhan K. Sorathia Independent Director
SIZE & FORM OF UNIT
Each & every company has its own identification. It means that it may be
small scale, medium scale or large scale company. There may be various companies like
company form of organization, partnership firm or sole-proprietorship. In every country,
the government adopts a different policy for measuring size of unit. An industry whose
investment is more than 5 crores comes under large scale unit.
In this case, “ROLEX RINGS PVT. LTD” is a medium scale unit. This
company is a partnership company established under the companies’ act 1956.
10

TIME KEEPING SYSTEM
Time keeping system has been introduced to check up the entry and exit of
the workers and staff members in the organization. So that concern can easily know the
members of workers present during each day. ROLEX RINGS PVT. LTD is having an
organized time keeping system.
FOR OFFICE EMPLOYEES:-
8:30 A.M. TO 12:30 A.M.
2:00 A.M. TO 6:00 P.M.
RECESS TIME:-
12:30 A.M. TO 2:00 P.M.
FOR WORKERS:-
1ST SHIFT 8:30 A.M. TO 12:00 A.M.
1:00 P.M. TO 5:30 P.M.
2ND SHIFT 5:30 P.M. TO 8:00 P.M.
9:00 P.M. TO 1:30 P.M.
RECESS TIME:-
12:00 A.M. TO 1:00 P.M.
8:00 P.M. TO 9:00 P.M.
Besides this the company provides one holiday in a week on Friday and
other public holidays are given to the employees. ROLEX RINGS PVT. LTD has a
punch card system as workers come they have to punch the cards so that the time is
noted. The card has all details of employee. He has to punch the card when he goes out of
the unit, so his going time is also noted.
11

ORGANIZATION STRUCTURE
BOARD OF DIRECTORS
Director Director Vice President Director
Finance Production (Tech.) (Unit Head) Marketing
Account Purchase Asst. Executive
Executive Officer Manager Marketing
(MR)
Personnel Engineer Incharge Incharge Incharge Engineer
Officer Maintenance Moulding melting fettling PPC
Cum Pouring
Supervisor Knockout Fettling
Melting Supervisor Supervisor
Engineer Supervisor
Process Moulding Furnace
Control Operator
Dispatch
Supervisor
12

Asst. Asst. H/T Fettling
Process Supervisor Operator Asst.
Control Moulding
13

PLANT LOCATION
The company’s plant is located at:-
Survey No. 84/p,
17K.M.S. Rajkot – Gondal Road,
Village: Shapar,
Taluka: Kotda Sangani,
District: Rajkot
Gujarat – 360002.
Factors affecting the location are as follows:-
· LAND
The company acquires approximately 18319 sq. mts. from private plotting
as there is no G.I.D.C. in Shapar. Shaper is subsidized area, so power, communication,
service, roads etc. are easily available.
· NEARNESS TO MARKET
Nearness to the market is important for supplying goods to customers in a
minimum period of time adjusting supply according to the changes in a demand and
gaining control over market. Nearness to market reduces the cost of transporting finished
goods to market and enhances taking advantage of favorable price and demand in the
market. The producer’s survival capacity increases when the market is near the center of
production. ROLEX RINGS PVT. LTD is enjoying the facility of nearness to market as
it is located near the market.
14

· TRANSPORTATION FACILITY
Transport facility with a good speed and capacity are needed to establish
contacts in the market and controlling supply according to the changes in demand of
customers.
15

· AVAILABILITY OF LABOURS
The importance of labour has not lessened in spite of mechanization. If the
availability of laborers is not regular man hours and machine hours are lost. ROLEX
RINGS PVT. LTD gets easily laborers from the surrounding areas.
· POWER & GAS
The company gets the power easily. The unit is also made available of water
facility. The company has its own deep well. So, there is no difficulty for the
organization in consuming water and power within the firm.
16

INTRODUCTION
Production is a creation of goods and services. Manufacturing production
is the systematic step by step conversion of raw materials through creation of form utility
and goods. Land, capital, labour and entrepreneur are the factors of production whereas it
includes market research, personal selling, sales promotion, advertisement, publicity and
all other activities relating to distribution.
In broader sense, production management is concerned with co-ordination
of men, machine, material, methods and money in manufacturing goods.
Investment casting is an industrial process which employs in process
control at every point. It uses highly refined online process control methods which are
backed up with laboratory skills.
17

Director
Production
Director
Finance &
Materials
Director
Marketing
Director
Quality
Assurance
Works Manager Administrative
Officer
Marketing
Engineer
Domestic
Quality
Control
Engineer
In-Charge
Production Planning
Chief
Accountant
Marketing-
Engineer-
Export
Management
Representative
In-charge Pattern
shop
Personnel
Officer
Marketing
Clerk
Asst. M.R.
In-charge Moulding
& Pouring
Purchase
Officer
In-charge Melting Excise Officer
In-Charge Fettling Store In-charge
Chief Chemist
Q.C. Engineer
18

PURCHASING POLICY OF RAW MATERIALS
Purchasing gives secondary place to the production requirements and it is
largely based upon price trends in commodity market as a primary factor. The decision of
purchase is not to meet demands of business as such but to gain profit out of probable
market price changes.
The purchasing policy of raw materials is done on following basis by M/S
· QUALITY
· QUANTITY
· PRICE
· TERMS OF DELIVERY
The company buys raw material as per the demand of the customers and in
bulk quantity.
19

RAW MATERIALS USED
Raw materials are the basic requirements for any industry. Raw material is
converted into finished goods after various processes on it. The company main Raw
material is Scrap and Ferro Alloys.
The unit does not find any difficulty in purchasing of alloys as there are
number of alloys mills within Gujarat and also in India. Moreover the company buys
alloys from Ahmedabad.
20

FLOW CHART OF
PRODUCTION PROCESS
Written Order Receipt
Planning
Pattern Preparation
Pattern Activity
Sand Preparation
Core Making Mould Making
22

Closing Of Mould
Melting Process
Pouring Process
Chemical Testing
Knock Out Process
Grinding
Fettling
23

Quality Control Inspection
Heat Treatment
Final Quality Control Check
Dispatch
24

PRODUCTION PROCESS
TECHNOLOGY/PRODUCTION PROCESS
The Company is Manufacturing Stainless Steel, Alloys Steel and Non –
Alloys Steel Castings by process of Sand Castings.
Generally timing for manufacturing depends upon grade, size and
technical condition required by customers. However, on an average for manufacturing of
Carbon Steel Castings it will take 7 to 10 Days and for stainless Steel 15 to 17 days, if
Machining Components required it will add more time for processing.
PRODUCTION PROCESS IN DETAIL
· First of all, Silica and sand are mixed with binders which are dropped by a
continuous mixer in such a way that it covers the pattern well. The remaining space
of the flask is filled with backing sand from a batch mixer.
· The sand is being compacted well over the compaction table.
· The moulds are stripped out from the pattern at stripping station using pneumatic
stripping machine after lapse of stipulated time.
· The stripped moulds are placed on pallet cars which are moving on rails and
moved to coating area.
· Moulds are cleaned with brush and air for loose and then it is coated with mould
paints and dried.
· The cores which are made by core shouting machine are set in the mould cavity to
form the internal surface of the casting.
25

· Top and bottom of moulds are closed with the help of jib crane and the closed
moulds are moved to pouring area and liquid metal is poured after 3 to 4 hours.
Using refractory lined bottom pouring ladle with the help of an over head crane,
heat number punched metal strips are kept in the sprue feeder for identification of
casting.
· Poured moulds are allowed to cool for 2-3 hours and the pallet cars along with the
poured moulds are moved to knockout area. Moulds are knocked out by using
knockout machine and castings are separated from the moulding box.
26

· The sand in and around the castings are removed by pneumatic chipping machine,
heat number are transferred from strip to casting surface by punching, casting are
inspected at this stage and it is called 1st stage inspection.
· Down sprue, flow off and feeders are cut by arc or gas cutting. Castings are shot
blasted using shot blasting machine. Now castings undergo 2nd stage inspection.
· If required, cosmetic welding can be carried out in castings if minor defects are
noticed such as inclusion, crack etc.
· Then the castings are finished by using grinding machines.
· As per the customer requirement castings are heat treated in heat treatment furnace.
· Then castings are finally shot blasted and are inspected. If required by customer,
castings undergo x-ray, ultrasonic test and then it is dispatched.
MANUFACTURING PROCESS
· As per the customer drawing pattern is prepared, it is send for inspection.
· After inspection of pattern, it is assured whether it is clear for production.
· As per the customer’s demand production planning is prepared and according to it
moulds are made.
· As per mouldings, production plan and melting heat plans are prepared.
· After it heat is poured in mouldings.
27

· After that process moulds are broken and scrap or excess metal and other
attachment are removed by knock-out process through knock out machines.
· Then if required castings are given heat treatment.
· Finally it is grinded and mechanized if required and also radiography of casting is
done if required.
28

QUALITY CONTROL
ROLEX RINGS PVT. LTD Company has been widely accepted by its
consumers throughout the company for their smooth performance, low running cost and
nominal maintenance.
The company is committed to continuous improvement in quality of the
products manufactured by the company. Company has full-fledged laboratory and
having a Spectrophotometer for analysis, having Radiographic facilities, Universal
testing machine and Izod Impact Machine etc.
29

QUALITY ASSURANCE
ROLEX RINGS PVT. LTD has achieved ISO 9001:2000 certificate and
has also received various other certificates too. The company has the following under
mention quality policy.
QUALITY POLICY
ROLEX RINGS PVT. LTD is committed to supply quality steel and alloy
steel casings to meet customers need both for domestic and global markets. ROLEX
RINGS PVT. LTD has maintained its market position through continual improvement of
quality management system, process, technology and commitment from dedicated trained
employees and suppliers.
QUALITY OBJECTIVES
The objectives of the company are as follows:-
· The company understands the customer requirement thoroughly.
· It also develops mutually satisfactory relationship with vendors.
· It produces quality product at optimum cost.
· It monitors and controls internal rejection and customer complaints.
· It provides training and upgrading to employees for latest standards and
specification on continuous basis.
· The company also maintains good house keeping.
31

RAW MATERIALS & ITS SOURCES
SR. NO. COMPANY LOCATION
1) Yasin Steel Bhavnagar
2) Alang Auto & Gen.Eng.Pvt Ltd Bhavnagar
3) S.K.Steel & Alloys Mumbai
4) Kanungo Ferromet Pvt Ltd Mumbai
5) Kanungo Steel (India) Mumbai
6) Sandvik Asia Limited Kadi
7) Essel Mining & Industries Pvt Ltd Vapi
8) Kaybee Alloys & Industries Calcutta
9) Shree Nakoda Metal Corporation Ahmedabad
10) C.N.Steel Pvt Ltd Bhavnagar
11) Crystal Alloys Ahmedabad
12) Active Alloys Ahmedabad
13) J.Poonamchand & Sons Mumbai
14) Prayas Steel & Alloys Mumbai
15) Oswal Alloys Pvt Ltd Bangalore
16) R.H.Enterprise Bhavnagar
33

17) Vanish Ispat Tradelink Pvt Ltd Bhavnagar
LAYOUT OF MATERIAL MANAGEMENT
All raw or process materials and consumable process materials are at
minimum level as per defined past consumption or usage data. Whenever material reach
below minimum level, purchase department raise purchase order for the item. As per
purchase order, materials are received from suppliers and stores receive it and prepare grn
for it. Materials are issued on issue slip raised by department from store. Materials are
stored with proper identification by tag or display board. Quality department checks all
the incoming materials and gives report to the store and after its approval from quality
department, material are accepted by store.
34

CURRENT TRENDS
The company is manufacturing sand castings of stainless steel and non-alloys
and alloy steel. The castings are used in valves industries, pump industries,
earthmoving equipment, manufacturing industries, sugar industries, and general
engineering industries. The company’s main products are valves, body, adapters and
pump casings etc.
Today demand of castings is very high and it is increasing potentially. At
present the company has sufficient order booking.
36

INTRODUCTION
If we take the word management, we get the idea about the human
resource management. The word management can be divided in the following way:-
MANAGEMENT – Manage
Men
(Tactfully)
Human Resource Department is an important part of any organization. It
is said that ® “MIND YOUR MEN AND YOUR MEN WILL MIND
EVERYTHING”
For success of any company efficient people are responsible, management
is to get work done through others. An efficient organization is where the human resource
feels a sense of belonging to the organization and works with enthusiasm and interest in
his work.
The social objectives of business can be achieved only through the
efficient utilization of human efforts. Therefore management of man – power assumes
greater importance.
39

Executive Director
Sales Manager (H.R.M.)
Factory Manager (Personnel) H.R.Manager (Personnel)
Assistant (Personnel) Assistant (Personnel)
40

HUMAN RESOURCE PLANNING
An organization’s performance and resulting productivity are directly
proportional to the quantity and quality of its human’s resource. Human resource
planning is the process by which a management determines how an organization should
move from its current manpower position to its desired manpower.
Through planning & management strives to have the right number of
people and the right kind of people at the right place and at the right time.
41

RECRUITMENT & SELECTION SOURCES
RECRUITMENT
À Internal Sources
Whenever any vacancy occurs, somebody from within the organization is
upgraded, transferred, promoted or sometime demoted.
· It improves the morale of employees, for they are assured of the fact that
would be preferred, over outsiders when vacancies occur.
· The employer is in a better position to evaluate those presently employed
then outside candidates. This is because the company maintains a record of the progress,
experienced and service of its employees.
· It promotes loyalty among the employee for it gives them a sense of job
security and opportunity for advancement.
· As the person in the employment of the company are fully aware of, and
well aware, acquainted with its policies, they require little training, and the chances are
that they would stay longer in the employment of the organization than a new outsider.
· It costs less than going outside to recruit.
ROLEX RINGS PVT. LTD is a better alloys casting company, offering
customization design and raw material quality as per the requirement of customer. So for
long run success, the company utilizes internal source for vacancies.
42

À External Sources
· Employment exchange
· Advertisement
· Mostly new young and qualified inexperienced potential employee, for
marketing and production area vacancies are fulfilling by external sources.
43

SELECTION
The selection procedure is concerned with choosing of the candidate who
is fit for the job and rejecting those who are not fit for the job. Therefore sometimes
selection is called a negative process in contrast to positive programme of recruitment. It
has also been defined by other experts as the process of differentiating between
applicants in order to identify those with a greater likelihood of success in a job. After the
candidate is selected, the company gives him the appointment letter which includes when
he has to join the company, his authority, responsibility & accountability towards the
company. The main objective of selection process is to determine whether the applicants
meet the qualification for a specific job and to choose those applicants who are most
likely to perform well in their job. This information is done in number of steps or stages.
ROLEX RINGS PVT. LTD Company selects the employees or workers
through their qualification, experience and talent.
44

TRAINING & DEVELOPMENT
PROGRAMME
À Training
“Training is a short term process utilizing a systematic and organized
procedure by which non-managerial personnel learns technical knowledge skills for a
definite purpose”
In ROLEX RINGS PVT. LTD training is given to staff, workers and sales
force. Continuous training is given to sales force regarding how to sell products, product
knowledge, how to represent company to customers, how to build and maintain relations.
Training is given to workers to how to operate machines, how to work effectively within
given time limit constrains, how to represent company to other companies. The company
provides its workers the training as specified by ISO 9001:2000.
In ROLEX RINGS PVT. LTD senior employees give training to new
employees or junior employees.
AIMS OF TRAINING
· Knowledge of responsibility
· Development of leadership quality
· Knowledge of disciplinary Excellency
· Importance of safety
· Cost control and cost effectiveness
· Specific techniques of development
45

À Development
Development is also done of the employee in ROLEX RINGS PVT. LTD
which is a very good characteristic of the company. In his objective only they say satisfy
employee. For the development they also give chance for higher education which
expenses are given by the company who are interested they can go for higher education.
Training & development is done systematically in ROLEX RINGS PVT. LTD Company.
The company has undertaken employees’ development initiatives, which
have very positive impact on the morale and team spirit of the employees. The company
has continued to give special attention to human resources and industrial relations
development. The company has also adopted appraisal system & performance review
system in some key area. Industrial relations remained cordial throughout the year and
there was no incidence of strike, lock-out etc.
46

JOB DESCRIPTION
Job description is an important document which is basically descriptive in
nature and contains a statement of job analysis. It is a summary of duties, responsibilities,
characteristics of jobs, job title, working conditions and relations to other jobs.
In short job description provides organizational information as well as
functional information. Organizational information includes location in structure,
authority etc while functional information includes what the work it provides to the
workers analyst and supervision with a clear idea of what the work must do to meet the
demands of the jobs.
47

PROMOTION & TRANSFER POLICY
À PROMOTION
By promotion is generally meant the assignment of a position of higher
responsibility to an individual. Promotion can be used as a recruitment source for a
higher position. This would encourage the existing employees, providing them with
motivation and at the same time opening a source of recruitment at the lower end of the
hierarchy for outsiders. An employee from within the organization may be promoted on
two bases that is seniority or merit basis.
An employee may be promoted on the basis of his seniority. This refers to
promoting an employee according to his length of service in the organization which is
counted from the date of his joining the organization.
An employee is considered for promotion on merit basis. This refers to the
merit ratings of an employee throughout the organization records. The merit is reflected
in the annual reports. The ratings of the employees are compared with one another and
the employee with the best rated performance is given a chance to be promoted.
In ROLEX RINGS PVT. LTD the workers are promoted on the basis of
their job evaluation & performance evaluation. Thus, promotion demands better salary,
wages, work, and more responsibility etc. Board Of Directors takes all promotion
decisions. First ask for all reports of the employees from the human resource department
and after that they analyze the reports and make a decision for promotion. Later,
promotion letter is send to the employees, departmental head and the human resource
department.
48

À TRANSFER
A lateral movement not involving a promotion or a demotion is described
as a transfer. A transfer therefore does not involve a material change in responsibility or
compensation. Transfers are utilized to place employees in position where they are likely
to be more effective or in which they get greater job satisfaction.
For successful transfer policies, it is necessary to have proper job
descriptions, job analysis which helps to both transfer and promotion. Besides, excessive
transfer can be reduced by incorporating adequate selection and placement procedures.
There are no specific transfer policies adopted by ROLEX RINGS PVT.
LTD but if required the employees may be transfer from one job to another job in case
the employees is really inefficient in doing his job well. Transfer policy is decided by
Board Of Directors and then all the decisions of transfer are taken.
49

WAGES & SALARY ADMINISTRATION
Of all the problems encountered by the employees, the most pressing and
persistence problems is that of remuneration in the form of wages and salary.
À WAGES
A wage is the remuneration paid for the service of labour in production
periodically to the workers. Wages usually refers to the hourly rate paid to such a group
as production and maintenance employees which is called as “blue collar” workers.
Generally wages are given in two ways:-
Á Hour Wise
Á Production Wise
ROLEX RINGS PVT. LTD adopts the hour wise system of wage payment
to their workers. The efficient workers are paid more incentive which is a motivating
factor for those who are really willing to work. Workers do not get wages on Friday as
they have holiday in the company.
À SALARY
Salary normally refers to the weekly or monthly rates paid to
administrative and professional employees which are called as “white collar” workers.
Salary is given to them as per their experience in their particular field. Wages and salary
are paid to workers as per the government wages and salary administration act. Wages
and salary are paid on monthly basis.
50

FRINGE BENEFITS & SERVICES
Benefits are the rewards, which are paid in monetary and non-monetary
ways. Benefits generally refer to bonus, employee’s insurance scheme, provident fund
facility, medical facility, quarter facility etc. which are given to the employees as a
benefit while working in the firm.
ROLEX RINGS PVT. LTD Company has given the following benefits to
the employees:-
· The unit has taken group insurance of all the employees.
· Medical allowances are paid to all the employees.
· Canteen and water facilities are provided to the workers.
· Unit has given quarters to the workers. In these quarters the employees live
with their family members at free of cost at a reasonable rate.
· The company gives other incentives like transportation facility, house rent
etc. if required cars are also provided to the employees.
51

PERFORMANCE APPRAISAL SYSTEM
Performance appraisal may be understood as an assessment of an
individual performance in a systematic way. The performance is being measured against
such factors as job knowledge, quality and quantity of output, initiative, leadership
abilities etc. thus, it means to maintain the record of performance of candidate.
In the words of FLIPPO “Performance appraisal is a systematic,
periodic and so far as humanly possible and impartial ratings of employees’
excellence in matters pertaining to his present job and to his potentialities for a
better job.”
In ROLEX RINGS PVT. LTD the supervisors always keeps an eye in the
work done by the workers. In this unit, no such performance appraisal is given but when
felt it is given indirectly.
À PAYMENT OF BONUS
In this unit, every year on Diwali 15% of salary is given to employees as
bonus.
À PAYMENT OF OVERTIME
All the employees in this unit are paid for their overtime for extra hours
worked. They are paid for overtime on hour worked basis.
À PROVIDENT FUND SCHEME
Provident Fund is compulsory saving scheme from salary of employees
according to Provident Fund Act. In this unit certain amount is deducted and is deposited
to Provident Fund.
52

GRIEVANCES HANDLING PROCEDURES
Grievance is any discontact or dissatisfaction, whether expressed or not,
whether valid or not, arising out of anything connected with the company, which an
employee thinks, believes, or even feels to be unfair, unjust or inequitable.
Though management tries its level best to take almost care of its
employees, there may sometime arise dissatisfaction among the employees regarding
wages, allowances, condition of work which may ultimately lead grievance. This problem
must be solved before they have any adverse effect on the working of the unit.
In case of ROLEX RINGS PVT. LTD most of the employees are satisfied
and management always tries to satisfy the needs of the employees as quickly as possible.
If any problem arises then related manager will try to solve it. In this company the
relationship between the employers and employees are sound so there are generally no
disputes.
53

TRADE UNIONS
The Indian Trade Union Act 1976 defines “A trade union is combination
of persons, whether temporary or permanent, or primarily for the purpose of
maintaining the relation between the works, employees and employers and for
imposing restrictive condition or conduct of any trade or business.”
There is no problem of strike or go slow process in ROLEX RINGS PVT.
LTD Company. So the ROLEX RINGS PVT. LTD does not face problem of trade union
as there are no conflicts between the workers and the management as well as the
employees are provided with full facilities.
54

PERSONNEL RECORDS
Personnel records means presentation of information in files and
documents, personnel records give all kinds of information of personnel. It is very useful
for promotion, transfer, selection etc. and it is used for long term.
In ROLEX RINGS PVT. LTD it keeps different register like attendance
register, leave register, bio-data register etc. Personnel records are maintained
systematically in a computer programme.
APPLICATION FORM
Contents of application form:
1) Applicant’s name and address.
2) Applicant’s birth date.
3) Applicant’s age.
4) Applicant’s sex
5) Nationality.
6) Father’s name and address.
7) Father’s occupation.
8) Applicant’s education.
9) A place where applicant is working.
10) Name of the working department.
11) Date of joining.
12) Name and address of company.
13) Present salary or wages.
14) Reason certificate of the last attended job.
55

15) Salary or wages expected.
16) Reason for leaving past jobs.
17) Name and address or two reputed persons whom the applicants
knows:-
1)
2)
56

INTRODUCTION
“Finance is the blood of business.” It is universally accepted thing that
behind all the economic activities finance is required. The main purpose of earning
considering this, we can say that money or finance is in the center at the world. Relating
to this point, S.C.KUCCHAL has rightly said, “Money is the pirot around which all
economic activities cluster.”
It is said that business takes money to make money. According to PROF.
KIMBAL, “Financial management includes to get finance, utilizing of finance, and
prepare distributing of finance.”
57

The organizational structure of ROLEX RINGS PVT. LTD for finance
department is as follows:-
Account Officer
Accountants
Clerk
58

CAPITAL STRUCTURE
Capital structure refers to the mix of long term resources of funds, such as
debenture, long term debt, preference share capital, equity share capital, reserves &
surplus. In technical terms this finance mix is called optimum capital structure, because
combination of debt and equity leads to maximum value of firm.
ROLEX RINGS PVT. LTD has arranged borrowing capital, through
multiple financing raising from long term borrowing to short term loans.
The company has only equity share capital. They procure loan from
directors and share holders instead of issuing debenture.
À Equity share capital : - 36, 00,000
À Reserves & surplus : - 5, 79, 08,863
À Unsecured loans : - 27, 30, 669
59

CAPITAL BUDGETING
Capital budgeting can be defined as the decision of the firm to rest or
invest its current assets or funds more efficiently and more effectively in the long term
activities in anticipation of an expected flow of future benefits over a series of years.
Efficient allocation of the capital is one of the most important functions of the financial
management. In the prevailing times this functions involves the firm’s decision to
commit its funds in long term and other profitable activities.
Now, the decision that is to be taken affects the firm largely as the
increased profit depends on it. The company follows the traditional approach that it
adopts the pay back period and rate of return method.
These decisions are taken with utmost care as it tends to influence the
firm’s wealth and its business rank. The major financial decision is taken by the top
management.
60

CAPITALIZATION & STRUCTURE
Capitalization is the determination of the amount of capital required.
Capitalization is the sum total of the shares, securities issued by the company.
“Capitalization is the sum of par value of the stock and bonds
outstanding.”
The term capitalization is valuation of the capital stock and debts. In other
words capitalization means total funds invited from different sources for investment
purpose including earning and a service of the company.
CAPITALIZATION = SHARE CAPITAL + RESERVES AND SURPLUS
+ LOANS
· OVER CAPITALIZATION
In this type the book value is more than the real value. It is found when
capital invested in the unit is more than the earning. This type of situation is undesirable.
· UNDER CAPITALIZATION
In this type the book value is less than the real value. It is found when
capital invested in the unit is less than the earning. This type of situation is desirable.
· FAIR CAPITALIZATION
In this condition both book value and real value are equal. It is received
when investment in the unit and the earning are same. This is a neutral situation.
61

In ROLEX RINGS PVT. LTD Capitalization comprises of equity shares,
reserves and surplus, secured loans along with unsecured loans.
Equity Share Capital : - 36, 00, 000 shares of Rs. 10 each
Reserves & Surplus : - 5, 79, 08, 863
(-) Secured Loans : - 14, 81, 004
(-) Unsecured Loans : - 27, 30, 66
62

PROFIT & LOSS ACCOUNT OF ROLEX RINGS PVT. LTD
FOR THE YEAR ENDING ON 31ST MARCH 2012
PARTICULARS SCHEDUL
E
FOR THE YEAR
ENDED 31ST
MARCH 2006
FOR THE YEAR
ENDED 31ST
MARCH 2005
INCOME
Sales M 20, 07, 36, 371 18, 32,77, 970
Other Income N 29, 38, 885 42, 96, 066
Increase/(Decrease) In Stock
O 67, 62, 752 90, 32, 902
Of Finished Goods & Work-In-
Progress
TOTAL 21, 04, 38, 008 19, 66, 06, 938
EXPENDITURE
Material Consumption P 11, 14, 02, 692 10, 41, 11, 968
Manufacturing Expenses Q 2, 57, 04, 359 2, 22, 28, 778
Employee’s Remuneration &
1, 35, 47, 460 1, 25, 42, 746
Other Benefits
Excise Duty 1, 47, 37, 413 1, 63, 64, 252
Administrative Expenses R 22, 26, 702 20, 57, 677
Selling & Distribution
S 8, 58, 644 8, 49, 286
Expenses
Interest & Finance Charges T 17, 88, 582 18, 67, 357
Loss On Sale Of Fixed Assets --------- 75, 506
Depreciation 18, 04, 598 17, 53, 681
TOTAL 17, 20, 70, 450 16, 18, 51, 251
Profit Before Taxation 3, 83, 67, 558 3, 47, 55, 687
Provision For Taxation: -
Income Tax (Short Provision
For F.Y. 2003 – 04)
Income Tax (Short Provision
For F.Y. 2004 – 05)
Deferred Taxes
Income Tax
0.00
57, 994
(4, 93, 701)
1, 29, 07, 998
92, 157
---------
49, 92, 679
1, 31, 44, 669
63

Fringe Benefit Tax 36, 382 0.00
Profit After Taxation 2, 58, 58, 885 1, 65, 26, 182
64
Balance Brought Forward
From Previous Year
3, 28, 98, 666 1, 63, 65, 095
Prior Year Adjustments 0.00 7, 389
Balance Available For
Appropriation
5, 87, 57, 551 3, 28, 98, 666
Less : - Appropriations
General Reserve --------- ---------
Proposed Dividend 34, ,36, 760 ---------
Dividend Tax 4, 82, 006 ---------
Balance Carried To Balance
Sheet
5, 48, 38, 785 3, 28, 98, 666
Significant Accounting Policies
& Notes On A/C
U --------- ---------

BALANCE SHEET OF ROLEX RINGS PVT. LTD
AS ON 31ST MARCH 2012
PARTICULARS SCHEDUL
E
AS AT 31ST
MARCH 2006
AS AT 31ST
MARCH 2005
SOURCES OF FUNDS
Equity Share Capital A 3, 43, 67, 600 3, 43, 25, 000
Reserves & Surplus B 5, 79 ,08, 863 3, 59, 68, 744
LOANS FUND
Secured Loans C 14, 81, 004 3, 07, 74, 904
Unsecured Loans D 27, 30, 669 40, 98, 669
TOTAL 9, 64, 88, 136 10, 51, 67, 317
APPLICATION FUNDS
× Fixed Assets E
Gross Block 4, 09, 81, 061 3, 94, 62, 700
(-) Depreciation 1, 59, 23, 878 1, 41, 19, 280
Net Block 2, 50, 57, 183 2, 53, 43, 420
× Investments E
Fixed Deposit With Dena Bank 65, 38, 860 30, 59, 438
Fixed Deposit With I.D.B.I. Bank 72, 23, 165 ---------
TOTAL 1, 37, 62, 025 30, 59, 438
CURRENT ASSETS, LOANS &
ADVANCES
F
Inventories 3, 36, 19, 163 2, 33, 33, 573
Sundry Debtors 3, 82, 79, 482 7, 25, 91, 177
Cash & Bank Balance 22, 09, 856 17, 08, 160
Loans & Advances 1, 05, 96, 846 1, 84, 10, 138
TOTAL 8, 47, 05, 347 11, 60, 43, 048
(-) Current Liabilities & Provisions G 2, 23, 06, 394 3, 40, 54, 864
NET CURRENT ASSETS 6, 23, 98, 953 8, 19, 88, 184
MISCELLANEOUS
EXPENDITURE
H --------- ---------
TOTAL 19, 77,06, 297 21, 55, 58, 359
As per our separate report of even date attached
For, H. B. Kalaria & Associates For & Behalf Of BOD
Chartered Accountants ROLEX RINGS PVT. LTD
(H. B. Kalaria) Amrutlal J. Kalaria (Director)
Proprietor Dhiraj D. Pambhar (Director)
Place : - Rajkot Raman D. Sabhaya (Director)
Date : - 30th June, 2006 Madhubhai S. Patolia (Director)
Dilip M. Dudhagara (Director)
65

MANAGEMENT OF FIXED ASSETS
Management of fixed assets means long term capital which affects the
recovering time duration in more than one year. Once the capital is invested in fixed
assets the company cannot convert it into cash in one year or we can say that during the
life time of business. Fixed assets are those assets which are used in the purpose of
earning revenue through it.
Fixed assets include machines, goodwill, patents, land etc. Management of
fixed assets is very important due to its durability and profitability. Management of fixed
asset of ROLEX RINGS PVT. LTD is as under: -
Year 2004 – 05 Year 2005 - 06
Gross Block 3, 94, 62, 700 4, 09, 81, 061
Less: - Depreciation 1, 41, 19, 280 1, 59, 23, 878
Net Block 2, 54, 21, 600 2, 53, 43, 420
· FIXED ASSET RATIO : -
FOR THE CURRENT YEAR = SALES
(2005 – 06) FIXED ASSETS
= 20, 07, 36, 371
2, 50, 57, 183
= 8.011 times
66

FOR THE PREVIOUS YEAR = SALES
(2004 – 05) FIXED ASSETS
= 18, 32, 77, 970
2, 53, 43, 420
= 7.231 times
67

Fixed assets can be divided into two parts that is: -
· TANGIBLE ASSETS: - Building, Plants, Machineries etc.
· INTANGIBLE ASSETS: - Goodwill, Patents etc.
In comparison of the previous year the previous year turnover ratio is
increased in the current year. Last year the ratio was 7.231 times whereas the
current ratio is 8.011 times, which is a good situation. There is a risk in value of
Fixed Assets because of their long life.
68

MANAGEMENT OF WORKING CAPITAL
The term “working capital” is commonly used for requirements of
capital for daily operations of business i.e., for purchase of raw materials, payments for
salaries, wages, advertisements, electricity etc. working capital refers to the funds
invested in current assets that are investments in stock, sundry debtors, cash and other
assets. Working management is concerned with the problems that arise in attempting to
manage the current assets, the current liabilities and inter-relationship that exists between
them. The goals of working capital management are to manage the firm’s current assets
and liabilities in such a way that a satisfactory level of working capital is maintained. The
interaction between current assets and current liabilities is the main theme of working
capital management. Working capital management is that which can be converted into
cash within one year.
There are two concepts of working capital i.e., gross working capital & net
working capital. Gross working capital refers to final investment in current assets. Net
working capital refers to difference between the current assets and current liabilities such
as creditors, other liabilities etc.
NET WORKING CAPITAL = CURRENT ASSETS – CURRENT
LIABILITIES
= 8, 47, 05, 347 - 2, 23, 06, 394
= 6, 23, 98, 953
WORKING CAPITAL TURNOVER RATIO = SALES
TOTAL CURRENT ASSETS
= 20, 07, 36, 371
8, 47, 05, 347
69

RATIO ANALYSIS
A ratio is an arithmetical relationship between two figures. Financial ratio
analysis is a study of ratios between various items or group of items in financial
statement.
· GROSS PROFIT RATIO: -
The gross profit ratio reflects the efficiency with which management
produces both unit of product. This ratio indicates the average speed between the cost of
goods sold and revenue. It shows the percentage by which the selling price can fall and
the percentage by which the cost of goods sold can increase before gross profit can be
nullified.
GROSS PROFIT RATIO = GROSS PROFIT X 100
SALES
FOR THE YEAR 2004 - 05 = 3, 47, 56, 000 X 100
18, 32, 77, 970
= 18.963%
FOR THE YEAR 2005 – 06 = 3, 83, 67, 000 X 100
20, 07, 36, 371
= 19.113%
71

· NET PROFIT RATIO: -
Net profit ratio established a relationship between profit and sales and it
indicates management efficiency in manufacturing, administrating and selling the
product. This is the over-all measure of firm’s ability to turn each rupee sales into net
profit. This ratio indicates the firm’s capacity to which stands adverse economic
condition. The net profit ratio of ROLEX RINGS PVT. LTD is as under: -
NET PROFIT RATIO = NET PROFIT X 100
SALES
FOR THE YEAR 2004-05 = 1, 65, 33, 000 X 100
18, 32, 77, 970
= 9.020%
FOR THE YEAR 2005-06 = 2, 58, 59, 000 X 100
20, 07, 36, 371
= 12.882%
· CURRENT RATIO: -
The current ratio measures the ability of the firm to meet its current
liabilities. The ratio of ROLEX RINGS PVT. LTD is as under:-
CURRENT RATIO = CURRENT ASSETS
CURRENT LIABILITIES
72

FOR THE YEAR 2004-05 = 11, 60, 43, 048
3, 40, 54, 864
= 3.407%
FOR THE YEAR 2005-06 = 8, 47, 05, 347
22306394
= 3.797%
· DEBTORS TURNOVER RATIO: -
The debtor’s turnover ratio indicates number of times on the average that
debtor’s turnover, the more efficient is the management.
DEBTORS TURNOVER RATIO = TOTAL CREDIT SALES
SUNDRY DEBTORS
FOR THE YEAR 2004-05 = 18, 32, 77, 970
7, 25, 91, 177
= 2.524
FOR THE YEAR 2005-06 = 20, 07, 36, 371
3, 82, 79, 482
= 5.243
73

· AVERAGE COLLECTION RATIO: -
The company receives its debt after the average days of making sales.
AVERAGE COLLECTION = DAYS IN YEAR
RATIO DEBTORS TURNOVER
FOR THE YEAR 2004-05 = 365
2.524
= 144.611 DAYS
FOR THE YEAR 2005-06 = 365
5.243
= 69.616 DAYS
74

Schedule Annexed to and forming part of the
Balance Sheet as at 31-03-2012
Assets GROSS BLOCK DEPRECIATION NET BLOCK
As On
01.04.05
Additions Deductions/
Adjustment
Total Up
To
31-03-06
As On
01.04.05
For The
Year
Deductions/
Adjustment
Total Up
To
31-03-06
As On
31-03-06
As On
31-03-05
Land &
Leveling 612101 0.00 0.00 612101 0.00 0.00 0.00 0.00 612101 612101
Building 9554185 0.00 0.00 9554185 2521619 255493 0.00 2777112 6777073 7032565
Plant &
Mach. 26246676 590458 0.00 26837134 9965980 1330525 0.00 11296505 15540629 16280696
Other
Fixed
2785124 463903 0.00 3249027 1497962 191672 0.00 1689634 1559393 1287163
Assets
Vehicles 264614 464000 0.00 728614 133719 26908 0.00 160627 567987 130895
Current
Year 39462700 1518361 0.00 40981061 14119280 1804598 0.00 15923878 25057183 25343420
Previous
Year 37887923 1901006 326230 39462700 12466323 1753681 100724 14119280 25343420 25421600
75

INTRODUCTION
Marketing is a comprehensive term. It is the performance of business
activities that direct flow of goods and services from producers to consumers or users.
This is the old concept of marketing. Marketing must include ascertaining, creating and
satisfying the consumer’s wants and doing it on profit. In other words it is the exchange
of products and services and transaction is to satisfy human needs and wants. It is the
creation and delivery of standards of living to society.
Company produce products and consumers use them. Marketing is the
path through which the goods of company reach to the consumers.
76

ORGANIZATIONAL STRUCTURE
The unit is sending their products at various places like Maharashtra,
Gujarat, Kolkata, Karnataka etc.
Director Marketing
Marketing Engineer-Domestic
Marketing Engineer-Export
Liasioning Officer
Marketing Clerk
77

PRODUCT & MARKETING PLANNING
· PRODUCT PLANNING
Product planning may be defined as to develop a product design to
achieve the set objectives. Product plan involves product line, product mix, packaging,
labeling, product research and improvements. As the product has great importance in the
market planning, product planning occupies major importance in the market. Product
decision is first taken by the marketers and this decision is central to all other marketing
decision such as price, promotion & distribution.
As ROLEX RINGS PVT. LTD is not manufacturing specific products
having its own brand name and it manufactures different industrial products as per
different customer’s drawings. Made products are plan on the basis of demand &
situation of the products as well as price of each of the product. In this firm following
steps are followed: -
À Demand of particular product
À Cost of production
À Price to be quoted
À Quality assurance
Product development means to develop their product and to introduce
some changes in the product. For the product development research is done on new
designs, cuts and different variations.
· MARKETING PLANNING
To achieve objectives set out by marketing, planning activities are carried
out:-
78

· Formulation of strategies
· Marketing plan
· Budget and target
· Rules and regulations
79

MARKET SEGMENTATION
Market segmentation is the group of meaningful buyers. It is the process
of taking the total of heterogeneous market for product and dividing it into several sub
market each of which tends to be homogenous in all significant. The company has
segmented its market state wise.
The two main approach of market segmentation are as follows: -
· PEOPLE ORIENTED APPROACH : -
In this approach the company divides the market on the basis of
customer’s geographic location, demography, socio-economic characteristics and
psychographic characteristics and then the forecast is done on this basis.
· PRODUCT ORIENTED APPROACH : -
In this approach the company takes into account the response of the
customers which are given to the company, then the market segmentation is done on this
basis. This gives the information about product benefits, product usage and brand quality.
ROLEX RINGS PVT. LTD follows product oriented approach for market
segmentation taking into account customer needs and their responses.
80

PRICING POLICY
Price is the only element in marketing mix of a firm that generates
revenue. All else generates only cost, price and sales volume together which decide the
revenue of any business. Pricing decision and policy has direct influence on sales volume
and profit of the business. Pricing is the process or service in monetary terms.
The company is producing a qualitative product which affects the success
of the firm. Pricing of the product is determined after doing market research, survey and
by considering past sales. Competitors price are also considered.
As ROLEX RINGS PVT. LTD is in casting business, the product is
depended on order of customer in terms of shape, size, weight, unit etc. as it receives
customer’s requirement, it designs the product and calculates its cost at every point. At
last final costing is done and quotation along with form is sent to customers.
81

CHANNEL OF DISTRIBUTION
In the field of marketing channels of distribution indicates routes of path,
ways through which goods and services flow or move from producers to customers or
industrial users. It is the distribution network through which a producer puts his product
in hands of actual users. It is a pipeline through which product flow during their journey
to the market. The channel of distribution is a connecting link between the producer and
consumers.
ROLEX RINGS PVT. LTD distribution channel is as follows: -
Dealers
Customers
82

SALES PROMOTION
Sales promotion adds extra value to the product and is important
component of the marketing mix.
“Promotion consists of those activities that are designed to
being a company’s goods and services to the favourable attention of
customer.”
- MASSON & RUTH
Sales promotion covers those marketing activities other than advertising,
publicity and personal selling that stimulates consumer purchasing and dealer
effectiveness. In modern marketing sales promotion is necessary for all kinds of
organization. It is not expenditure but it increases the profit of the organization. Sales
promotion includes activities such as displays, shows, exhibitions, demonstrations and
many other non-routine selling efforts at the point of purchases. Through sales promotion
selling is increased more and more. Sales promotion is important for every marketer.
84

MARKET RESEARCH
Market research is the process of collecting, recording and analyzing the
data about the problem to facilitate the decision making. Market research is a scientific
and rolled process of gathering importance which helps the management to solve the
problem and to keep in touch with competition. It concentrates on the study of product
planning, development, pricing policies, advertising, sales promotion, distribution
structure, market competition etc.
It is concerned with all those factors relating to marketing of goods and
services. Hence, market research is an important aspect of management.
ROLEX RINGS PVT. LTD has research and development laboratories
which are well equipped to carry out the entire development test. Hence, it improves the
quality of the product as they get information from various sources like product workers,
markets etc.
85

ADVERTISEMENT
Advertisement can be defined as mass paid communication of goods,
services or ideas by identified sponsors. It is vital in modern marketing sales of product
and profit can be increased through advertising.
Advertising is an important factor in sales promotion as ads are a cost
effective way to disseminate messages to build brand. Now-a-days it is done through
internet and same is followed in this firm. This firm has already started international
marketing through website. They have valuable international as well as domestic
customers which are as follows: -
1) Advance Valves Pvt. Ltd, Noida
2) Arem Engineers, Mumbai
3) Audco India Limited, Kanchipuram
4) Audco India Ltd. ,Coimbatore
5) JCB India Limited, Faridabad
6) Fischer Xmox Sannmer India Ltd, Chennai
7) GMM Pfaduler Ltd.
8) Habonim Vass Automation Pvt. Ltd., Chennai
9) Jayflow Industries, Mumbai
10) Johnson Pumps(India) Ltd, Ahmedabad
11) Panchal Machinery,Halol
12)Virgo Engineers Ltd., Pune
13)Virgo Valves & Controls, Pune
14)Gestra GMBH, Germany
15)Goodwin International Ltd., U.K.
16)Key Technology, Usa
17)Kitz Corporation Europe, S.A., Spain
18) Toam Imp.& Exp.Ag.Co-Op.Soc.Ltd-Israel
19) Richard Industries, USA
20) Fluild Handling Technology
87

COMPETITORS
The Company is manufacturing Castings by Sand Casting process and in
Gujarat (India); there are 2-3 foundries in same line of production. Our Company has
established good name in quality and that’s why company is quite confident to compete
against competitors. We have a very good and potential customer base, and the position
of the company is also sound. So, the fear of competitors is not affected to the company.
88

ACHIEVEMENTS
ISO 9002 Certificate
PED Certificate
AD 2000 - Merkblatt W 0
Certificate
DNV Approval Certificate
Loyd's Approval Certificate
Engineers India Limited
Certificate
89

SWOT ANALYSIS
· STRENGTHS
À All the Directors of the company are qualified engineers with 20 years
experienced in different fields.
À Directors have bright vision for future undertakings and have the risk
bearing capability.
À The main strength of the company is the best quality of the products
provided to the customers.
À The workers of the company also prove to be a greater strength as they are
very well satisfied.
À The quality control department has very well equipped laboratories for quality
checking and maintenance.
· WEAKNESS
À The only weakness of the company is its management which as a whole
needs to be improved and the efforts for its improvements have already
been started.
· OPPORTUNITIES
À The opportunity of ROLEX RINGS PVT. LTD is that awareness towards
quality products and potentiality of Indian Casting in Foreign Market
90

which will provide them to increase its sales and capture more market
share.
À Globalization is proving to be a bigger opportunity for every industry and
so as for ROLEX RINGS PVT. LTD also.
À European and American foundaries are getting closed which will open
immense opportunity gates for Indian Casting Companies and hence,
ROLEX RINGS PVT. LTD has also many opportunities.
· THREATS
À The foundry industries are dependent upon competition among various
segments of manufacturers within country and from manufacturers of
outside the company. So, increase in competition results to the threat of
the company.
À Fluctuations in foreign exchange is also proved to be a threat to the
company as its business is not limited to only domestic market.
À A fluctuation in raw material rates is also a kind of threat which affects its
working capital.
91

TITLE OF THE STUDY
MARKET RESEARCH ON CUSTOMER SATISFACTION OF RINGS MACHINE
TOOLS” At ROLEX RINGS RINGS, Rajkot. Research was done on this topic to know
customer satisfaction towards different type of products of RINGS machines and other
facilities provided by company to customer. How company can use other media which
increase sales of product and other practical knowledge give to the customer and other
activities are doing so that satisfaction level of the customer can increases.
INTRODUCTION
Knowing more about consumers and about marketing mix generally is the heart of
marketing research. Marketing research is the systematic and intelligent investigation or
study of who, what, where, when, why, And how to find actual and potential buyers.
Marketing research is directly interested in offering sound alternative solution to all
marketing problems relating to exchange of goods and services from producers to
consumers. Beginning and end of marketing management is marketing research. In the
dynamic economy, marketing research acts as the investigation arms of marketing
managers.
Marketing research includes the following function of to be considered:
 Size of the market
92

 Geographic location of consumers
 Demographic description of consumers
 Marketing segmentation
 Analysis of marketing demands
OBJECT OF RESEARCH
Objectives relates to the aim for making the survey of the product. Objectives define the
reasons as to which any action is done. Objective for doing the survey are:
1. To determine the level of consumer satisfaction of Rolex Rings.
2. To know the major problems freed by the existing consumers of Rolex Rings.
3. To determine the factors behind dissatisfactions.
LITRATURE REVIEW
It is true fact that if you are satisfied you recommend to others. Word
of mouth and customer satisfaction play a very important role in determining
market perception about an RINGS machines. It is the market perception that
determines the success of a comp an y and s o i t i s ve r y impor t ant for the
ANY manuf a c tur e r s to me a s ur e the “willingness of existing users of a product
to recommend it to others”. The same is allotting of interest to customers as well
for it helps them make the purchase decision.
The topic customer satisfaction is very important whether it is
consumer goods or industrial goods. So research should be done time to time.
In Rolex Rings RINGS the research of driving consumer satisfied is
done every 6 months. They ask their existing customer about the quality,
what they expect from Rolex Rings in future.
After launching each new product they do survey of satisfaction of
customer.
93

RESEARCH METHODOLOGY
I decided to do the project in two parts. The first part of the project comprises of
the study of RINGS machine tools industry as a whole and the second part deals with
customer satisfaction of the users of Rolex Rings RINGS machines tools. The first part of
the project i.e. descriptive study comprises an overall study of RINGS machines as what
it is, why, with it i.e. an overview of whole RINGS machine industry. The second part of
the project that is related to customer satisfaction about RINGS machines available in
market. Indian machine tools industry has undergone tremendous changes over the years.
The project has been carried out to understand customer satisfaction about machine tools
in the context of their preference. The first part of the project relating the study of RINGS
machine tools is collected through secondary data obtained from internet & books
whereas the second part relating the customer satisfaction is covered using primary data.
94

The Marketing Research Process adopted by me in the present study consists of the
following stages:
Flow chart of Marketing Research Process
 Identifying & Defining Problem:
The study undertaken by me is a study on customer satisfaction about RINGS
machines of Rolex Rings RINGS in Rajkot city.
The main objective behind this particular study is to know that how customers are
satisfied about product of RINGS machines. The study is based on Exploratory Research.
It is undertaken in the initial stage of the research process.
 Planning the Research Design :
Once the problem is identified, the process of research design begins. This is the
crucial stage in research methodology as planning plays very important role in further
proceeding of the study.
95

As the study has to be carried out in Rajkot City, a detailed knowledge had to be
acquiring to gather the information regarding my Project Title.
I had successfully gathered the information which was directly affecting my study
i.e., the major customer prevailing in Rajkot City other than Rolex Rings RINGS total
population, knowledge prevailing in the minds of people, their desire for RINGS
machines.
Here I needed to frame information regarding:
 From where to get information.
 Time allotted for getting information.
 Measurement techniques.
 Cost involved in conducting it.
 Availability of data sources
After gathering the above information, I had framed a design through which I got
sufficient information about my Project Title. But as there was a time constraint, the
sample size was not too large.
 Selecting the Research Method :
The research design method is chosen based on the objectives of the study, the
cost involved in conducting the study, the availability of the data and finally the
importance & urgency of the decisions.
There are four main research methods:
 Secondary Data studies
 Surveys
 Experiments
 Observations
I have chosen mainly the Survey Method for my research work as the information
can only be gathered with the help of Questionnaire. I have conducted survey to get
primary data regarding the services of different RINGS machines users. I got the data
gathered first hand to answer the research question being investigated.
I have prepared a questionnaire related to my study & had circulated to the walk
in units in Rajkot city. The questionnaire contained many important questions.
I have also taken help of Secondary Data Studies in completion of my Project as it
is concerned with the analysis of already existing data that is related to the research topic.
96

1. What made you to purchase Rolex Rings?
Features 14
Price 6
Innovation 8
Past experience 2
Analysis:
From the above mentioned graph we convey that out of so consumers Rolex
Rings product, almost 44% bought that Rolex Rings RINGS as it has got many features
while other one influence of suggestion of friends and relatives which is 20% while
innovation on company has able to influence 28% and 4% did by it because of
advertising and 8% due to their past experience of product.
98

2. How much are you satisfy with the performance of Rolex Rings RINGS?
To great extent 23
To some extent 4
Not much 3
Analysis:
From the above mentioned graph we can say that consumers of ROLEX
RINGS are satisfied to great extent of their existing Rolex Rings as 78% are quite
satisfied while 11% of the customers are satisfied with some extant and 4% not at all
satisfied at all.
99

3. What makes you satisfy with your exiting Rolex Rings?
After sales services 5
Technical support 7
Dealers services 6
Product as whole 12
Analysis:
From above chart we can say that major part of customer are satisfied with
product i.e. RINGS machine tools as whole. After that 22% are satisfied with technical
support. And after sales services and dealer services user satisfied with 16% and 20%
respectively.
100

4. How would you prescribe Rolex Rings RINGS machine tools in matter of
performance?
Excellent 18
Very good 10
Average 2
Analysis:
From above chart the result says that 60% of user found machine tools
Excellent. And 35% found product very good. And only 5% found product as average.
101

5. How much you are satisfied with pricing policies of Qualitative Rolex Rings
RINGS Products?
Satisfied 23
Disappointed 7
Satisfied
disappointed
S1
25
20
15
10
5
0
Series1
Analysis:
From the above given graph, we can say that the 75% Users believes &
satisfied with the quality offered by the Rolex Rings , so they are ready to pay the value
or the price of the products. But 25% are still not satisfied of the price.
102

6. By using which reference you inspired to purchase the Rolex Rings products?
Strong brand image 15
From old buyers 9
Various marketing activity 6
Strong brand image
From old buyers
Various marketing activity
Analysis:
From above result we can say that Rolex Rings enjoying very strong brand image in the
market and also they are getting advantage of mouth to mouth publicity. And as Rolex
Rings doing so many social courses and participate in so many corporate events it’s also
resulted in good sales force.
7. How do you compare your Rolex Rings RINGS brand with other brand?
103

Excellent 24
Same as others 2
Can’t say 4
Analysis:
From the above given graph, we can say that 86% of consumers believes that their
Rolex Rings RINGS is very good, while 6% says poor, and 20% and remaining are in
cant say nature.
104

8. What do you expect from a Rolex Rings RINGS company in whole?
Quality product 23
After sales services 7
Quality product
After sales services
S1
25
20
15
10
5
0
Series1
Analysis:
From the above mentioned graph we can say that 75% of the consumers expect
quality product. While 15% expects after sales services and remaining 10% except
dealer’s services.
9. How would you prescribe Rolex Rings in matter of innovation?
105

Excellent 17
Very good 9
Average 4
Analysis:
As Rolex Rings have separate R&D, they always come out as excellent. 55% think
innovation in product is excellent. 33% think that it’s very good and 15% is rated it as
average.
106

10. Would you like to be with Rolex Rings for new range of verities?
Yes 26
No 4
Analysis:
Above given graph mentioned that 85% of consumers are like to buy
Rolex Rings products and remaining is not buying any other product. 85% is quite
good ratio which is preferred by the consumers of Falcon.
107

Hypothesis: T-test
T-test is used when sample size is not more than 30 and I have sample size of 30 and out
of which all 30 dealers are respond to this question. According to that data hypothesis is
created.
Yes No
26 4
86.67% 13.12%
Ho; customer of Rolex Rings RINGS are satisfied. P=0.1
Ha; Customer of Rolex Rings RINGS are not satisfied. P≠0.1
Table Value= at 5% signification level 1.699
=-12.36
Table Value > Calculated Value Null Hypothesis Ho, Selected.
FUTURE OUTLOOK
108

The company has established growth rate in last three years. Primarily it
was concentrated on cost reduction however, increase in turnover in the domestic as well
as international market are the main motto now. In the same line company has enhanced
its production capacity from 100 tons to 150 tons.
109

CONCLUSION
India is a developing country and it has adopted free economy. So it is an
opportunity for every company to upgrade its technology and other process in order to
stand in modern market, which has neck to neck competition.
For selling of products, the company appoints agents. Transportation
facility is given to the employees. The unit is very clean and follows the strict timings.
This proves the punctuality of the unit. The quality control system undertaken by this unit
ensures the purchase of best and long-lasting products.
I would like to give my whole-heartedly best compliment for each and
every ladder of success which they take for expansion and for achieving bright future.
110

SUGGESTION
The company should maintain its quality of the products in order to
increase its sales.
The technically qualified staff persons are very less, so they should be
employed more to get effective and qualitative production.
The electric power generator should be employed to prevent interruption
in continuous production process for melting furnace, if it is economic.
A more exhaust fans should be required to grasp and exit of smoke
produced in melting furnace or more ventilation should be provided in walls at the place
of melting furnace.
There is restriction in the production of mould and workers walks on the
mould because of shorten in floor space.
111

BIBLIOGRAPHY
· Marketing Management – PHILIP KOTLER
· Financial Management – I. M. PANDEY
PRASANNA CHANDRA
RAVI KAPOOR
· Operation Management – KRAJAWSKI & RITZMAN
· Human Resource Management –
ASWATHAPPA
WWW.INTRICASTINDIA.COM
112

ROLEX RINGS PVT. LTd

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