TATA AIG LIFE INSURANCE

Company profile

LIFE INSURANCE:

Life insurance is a contract providing for payment of a sum of money to the person assured or failing him to the person entitled to receive the same on happening of certain event uncertainty of death is inherent in human life. It is this risk, which give raise to necessity for some form of protection against the financial losses arising from death. Insurance substitutes this uncertainty by certainty.

THE OBJECTIVES OF INSURANCE IS TO PROVIDE:

q Family protection and / or

q Provision for old age

WHY LIFE INSURANCE?

Life insurance cover is essential for it provide the following benefits:

q A lump sum payment to the nominees in the time of the death of the policy holder

q A regular payment to the nominee in the time of the death of the policy holder

q Tax benefits, as premiums paid reduce the liability of tax

q Relieves economic hardship in the family on the uneventful death of the sole income holder

q Inculcate the habit of saving

NEED FOR LIFE INSURANCE:

Life insurance has come a long way from the earlier days when it was originally conceived as a risk-covering medium for short periods of time, covering temporary risk situations such as sea voyages. As life insurance become more established, it was realized what a useful tool it was for a number of situations, including.

A. TEMPORARY NEEDS/THREATS

The original purpose of life insurance remains an important element, namely providing for replacement of income on death etc.

B. REGULAR SAVINGS: Providing for one’s family and oneself, as medium to long-term exercise (through a series of regular payment of premiums). This has become more relevant in recent times as people seek financial independence for their family.

C. INVESTMENTS: Put simply the building up of savings while safeguarding it from the ravages of inflation. Unlike regular saving products, investment products are traditionally lump sum investments, where the individual makes a one off payment.

D. RETIREMENT: Provision for later years becomes increasingly necessary, especially in a changing cultural and social environment. One can buy a suitable insurance policy, which will provide periodical payments in one’s old age.

HISTORY AND PRESENT STATUS OF INSURANCE MARKET IN INDIA

The business of life insurance in India in its existing form started in India in the year 1818 with the establishment of Oriental Life Insurance Company in Calcutta.

The insurance sector in India has come a full circle from being an open competitive market to nationalization and back to a liberalized market again. Tracing the development in Indian insurance sector reveals the 360-degree turn witnessed over a period of almost two centuries.

Insurance is a federal subject in India and has history dating back till 1818. Life and general insurance in India is still a nascent sector with huge potential for various global players with the life insurance premiums accounting to 2.5% of the country's GDP while general insurance premiums to 0.65% of India's GDP. The Insurance sector in India has gone through a number of phases and changes, particularly in the recent years when the Govt. of India in 1999 opened up the insurance sector by allowing private companies to solicit insurance and also allowing FDI up to 26%. Ever since, the Indian insurance sector is considered as a booming market with every other global insurance company wanting to have a lion's share. Currently, the largest life insurance company in India is still owned by the government

Who’s going with whom? (International Collaboration)

INDIAN COMPANY	FOREIGN PARTNER
Kotak Mahindra	Chubb
Tata Group	AIG
Sundram Finance	Winterthur
Sanmar Group	GIO of Australia
Spic	MetLife
ILFS	Cigna
BAJAJ AUTO	Allianz AG
20th century	Canada Life
Vyasa Bank	ING
Cholmandalam	Axa
SBI	Alliance capital
HDFC	Standard Life
ICICI	Prudential
Hindustan Times	Commercial Union
IDBI	Principal
Max India	New York

THE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY

Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in Parliament in December 1999. The IRDA since its incorporation as a statutory body in April 2000 has fastidiously stuck to its schedule of framing regulations and registering the private sector insurance companies. The other decisions taken to provide the supporting systems to the insurance sector particularly in the life insurance companies was the launch of the IRDA’s online service for issue and renewal of licenses to agents.

The approval of institutions for imparting training to agents has also ensured that the insurance companies would have a trained workforce of insurance agents in place to sell their products, which are expected to be introduced by early next year.

Since being set up as an independent statutory body the IRDA has put in a framework of globally compatible regulations. In the private sector 12 life insurance and 6 general insurance companies have been registered.

Government control and regulations: The insurance business in many countries comes under some degree of government regulation. Insurance is complex, takes in money for something not delivered at the time of sale, and is poorly understood by many consumers. Regulation assures that insurers deal fairly with clients and can actually pay out on all valid claims.

TATA AIG Life Insurance Company Limited is a joint venture between Tata Group and American International Group, Inc. (AIG). Tata Group is one of the oldest and leading business groups of India. Tata Group has had a long association with India's insurance sector having been the largest insurance company in India prior to the nationalization of insurance. The Late Sir Dorab Tata, was the founder Chairman of New India Assurance Co. Ltd., a group company incorporated way back in 1919.

American International Group, Inc is the leading U.S. based international insurance and financial services organization and the largest underwriter of commercial and industrial insurance in the United States. AIG has one of the most extensive life insurance networks in the world.

“Most Companies sell goods & services ….

At TATA AIG Life we sell Peace of Mind”

TATA AIG Life Insurance Company Limited (TATA AIG Life) is a joint venture company, formed by the Tata Group and American International Group, Inc. (AIG). TATA AIG Life combines the Tata Group’s pre-eminent leadership position in India and AIG’s global presence as the world’s leading international insurance and financial services organization. The Tata Group holds 74 per cent stake in the insurance venture with AIG holding the balance 26 percent. TATA AIG Life provides insurance solutions to individuals and corporate. TATA AIG Life Insurance Company was licensed to operate in India on February 12, 2001 and started operations on April 1, 2001

Management
Trevor Bull–Managing Director

Mr. Trevor Bull joined TATA AIG Life as Managing Director in January 2006. Prior to this, Trevor was Senior Vice President and General Manager at American International Assurance in Korea. Trevor has over 28 years of experience in the life insurance industry and has spent considerable time working in Japan and Britain. His experience covers an array of skills at various authority levels including Director, Regional Executive, Senior Line Management and Project Management. Additionally, Trevor has acquired keen insights into Unit Linked, conventional life and health insurance/ reinsurance and all major products & distribution channels.

A proud father of two boys and one girl, he aligns his hobbies with theirs and connects with them through a game of tennis or football regularly. Developing and implementing superior risk management and investment strategies.

AIG

American International Group, Inc. (AIG), a world leader in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed on the New York Stock Exchange, as well as the Operations in more than 130 countries and jurisdictions. Approximately 92,000 employees worldwide

THE TATA GROUP

Over 2,60,000 employees

India’s largest forex earner serving India for 123 years. A family of over 90 diversified companies accounting for 1.9% of India’s GDP and trusted by over 3m shareholders.

The Tata Group is one of India's largest and most respected business conglomerates, with revenues in 2007-08 of $55 billion or Rs221,320 crore (not including Corus financials), the equivalent of about 3.2 per cent of the country's GDP, and a market capitalization of $65.16 billion as on May 22, 2008. Tata companies together employ some 289,500 people. The Tata Group has operations in more than 80 countries across six continents, and its companies export products and services to 85 countries.

Tata is a rapidly growing business group based in India with significant international operations. Revenues in 2007-08 (un-audited) are estimated in excess of $55 billion (around Rs231,000 crore), of which 65 per cent was from business outside India. The Group employs around 350,000 people worldwide. The Tata name has been respected in India for 140 years for its adherence to strong values and business ethics.

The business operations of the Tata Group currently encompass seven business sectors: Communications and Information Technology, Engineering, Materials, Services, Energy, Consumer Products and Chemicals. The Group's 27 publicly listed enterprises have a combined market capitalization of $57.61 billion as on June 19, 2008, among the highest among Indian business houses, and a shareholder base of 2.9 million. The major companies in the Group include Tata Steel, Tata Motors. TATA Consultancy Services (TCS), Tata Power, Tata Chemicals, Tata Tea, Indian Hotels and Tata Communications.

The Group’s major companies are beginning to be counted globally. Tata Steel became the sixth largest steel maker in the world after the acquisition of Corus. Tata Motors is amongst the top five commercial vehicle manufacturers in the world and has recently completed the acquisition of Jaguar and Land Rover. TCS is one of the leading global software businesses, with delivery centers in the US, UK, Hungary, Brazil, Uruguay and China, other than India. Tata Tea is the second largest branded tea company in the world, through its UK based subsidiary Tetley. Tata Chemicals is the world’s second largest manufacturer of soda ash. Tata Communications is one of the world’s largest wholesale voice carriers.

In tandem with the increasing international footprint of its companies, the Group is also gaining international recognition. Brand Finance, a UK based consultancy firm, recently valued the Tata brand at US$ 11.4 billion and ranked it 57th amongst the Top 100 brands in the world. Business week ranked the Group sixth amongst the ‘World’s Most Innovative Companies’ and the Reputation Institute, USA recently rated it as the ‘World’s sixth Most Reputed Firm.’

Founded by Jamsetji Tata in 1868, the Tata Group’s early years were inspired by the spirit of nationalism. The Tata Group pioneered a number of industries of national importance in India: steel, power, hospitality and airlines. In more recent times, the Tata Group’s pioneering spirit has been showcased by companies like Tata Consultancy Services, India’s first software company, which pioneered the international delivery model, and Tata Motors which made India’s first indigenously developed car, the Indica, in 1998 and recently unveiled the world’s least cost car, the Tata Nano, for commercial launch by end of 2008.

The Tata Group has always believed in returning wealth to the society it serves. Two-thirds of the equity of Tata Sons, the Tata Group’s promoter company, is held by philanthropic trusts which have created national institutions in science and technology, medical research, social studies and the performing arts. The trusts also provide aid and assistance to NGOs in the areas of education, healthcare and livelihoods. Tata companies also extend social welfare activities to communities around their industrial units. The combined development-related expenditure of the trusts and the companies amounts to around 4 per cent of the Group’s net profits.

Going forward, the Group is focusing on new technologies and innovation to drive its business in India and internationally. The Nano car is one example, as is the Eka supercomputer, currently ranked the world’s fourth fastest, developed by one of its companies. The Group aims to build a series of world class, world scale businesses in select sectors. Anchored in India and wedded to its traditional values and strong ethics, the Group is building a multinational business which will achieve growth through excellence and innovation, while balancing the interests of its shareholders. Its employees and wider society.

Values and Purpose

· Integrity

· Talent Development

· Business Acumen

· Direction Setting

· Customer Focus

· Service Excellence

· Change Leadership

· Working Across Boundaries

Purpose

At the Tata Group our purpose is to improve the quality of life of the communities we serve. We do this through leadership in sectors of national economic significance, to which the Group brings a unique set of capabilities. This requires us to grow aggressively in focused areas of business.

Our heritage of returning to society what we earn evokes trust among consumers. Employees, shareholders and the community. This heritage is being continuously enriched by the formalization of the high standards of behavior expected from employees and companies.

The Tata name is a unique asset representing leadership with trust. Leveraging this asset to enhance Group synergy and becoming globally competitive is the route to sustained growth and long-term success.

Five core values

The Tata Group has always sought to be a value-driven organization. These values continue to direct the Group's growth and businesses. The five core Tata values underpinning the way we do business are: Integrity: We must conduct our business fairly, with honesty and transparency. Everything we do must stand the test of public scrutiny.

Understanding: We must be caring, show respect, compassion and humanity for our colleagues and customers around the world, and always work for the benefit of the communities we serve.

Excellence: We must constantly strive to achieve the highest possible standards in our day-to-day work and in the quality of the goods and services we provide.

Unity: We must work cohesively with our colleagues across the Group and with our customers and partners around the world, building strong relationships based on tolerance, understanding and mutual cooperation.

Responsibility: We must continue to be responsible, sensitive to the countries, communities and environments in which we work, always ensuring that what comes from the people goes back to the people many times over.

Marketing Strategies of TATA-AIG:

1) To become 1 billion company in 2009.

2) Working with 5 modules.

* Agency

* UM (Unit Manager module)

* Bank Assurance

* Alternate Channels

* Rural Marketing

3) Invest assure flexi low cost, low charges, low allocation charges, low admin charges.

4) AST team strong support to sales in concern of training, recruitment, joint field work.

5) Opening another 300 branches in all over India

Tata Group Management

The Tata Group is headed by Group chairman Ratan Tata. The Group Corporate Centre (GCC) is the top decision-making body of the Tata Group. Each company has its own management

TATAS in business

The Tata Group's business activities are conducted through 98 companies operating in seven business sectors. It has a presence in six continents and holds leadership positions in many industry segments, among them tea, software, automobiles, energy and hospitality. In 2006-07, Group revenues stood at $28.8 billion or Rs129,994 crore (not including Corus financials)

A saga of vision, commitment and fortitude

As much an institution as it is a business conglomerate, the Tata Group is unique in more ways than one. Established by Jamsetji Tata in the second half of the 19th century, the Group has grown into one of India's biggest and most respected business organizations, thanks in no small part to its entrepreneurial vision, its commitment to ideals that put people before profits, and its fortitude in the face of adversity.

The Tata Business Leadership Award

The Tata Business Leadership Award (TBLA), initiated in 2004, is an annual business school event organized by the Tata Group. It offers students from select business schools a unique opportunity to compete with the brightest and display their business acumen.

The award underlines the commitment of the Tata Group towards promoting and encouraging future leaders. It is also an Endeavour to create awareness among management students of the Tata brand.

The students (in teams of three to four) are given a strategic problem or situation relevant to the Group. They have to make a presentation to senior managers in the Group and defend their case study. The defense is evaluated on parameters such as creativity, clarity, relevance and business value.

Preliminary rounds are held on campus and chaired by a panel consisting of a cross section of senior Tata managers. The final defense presentation, held at the Tata Management Training Centre in Pune, is seen by Tata leaders and others

The winning team gets the coveted TBLA rolling trophy and a host of other prizes.

TBLA 2008

National winners: IIM Calcutta (Amit Mehta, Puneet Gandhi, Puneet Jain, Ritesh Saxena)

First runner-up: SP Jain Mumbai (Ashish Upadhyay, Raghava Attinuru, Swagata Basak, Sunrita Bhowmik Saha)

Second runner-up: IIM Bangalore (Amlan Chaudhuri, Neetu Chitkara, Parvej Kumar Ravesh, Rahul Arya)

TBLA 2008 in-house winners

National winners: Tata Chemicals (Amitabh Tapadar, Anand Sinha, Madhur Vaghela, Mohammed Altaf S)

First runner-up: HVTL (Heavy Vehicles Transmission Ltd), Jamshedpur (P. Sant Prasad, Sabas Fernando, Sanjay Kumar Singh, Soumik Chatterjee)

Second runner-up: TCS, USA (Prabhat Kumar Asthana, Vikrant Neogi, Devendra Kumar Singh)

TBLA 2007

National winners: IIM, Lucknow (Alok Bhagaria, Sidharth Bansal, Pratik Shukla, Rahul Khaparde)

First runner-up: IIM, Bangalore

Second runner-up: FMS, Delhi

TBLA 2006

National winners: FMS, Delhi (Abhijit Shetty, Manuj Ahri, Vidisha Mehta, Aditya SV)

First runner-up: IIM, Bangalore (Sameer Shetty, Vaibhav Jambhekar, Apurv Parashar, Hemang Mehta)

Second runner- up: SP Jain, Mumbai (Rajeev Singh, Nikesh Samaiya, Gopalakrishnan K, Kapil Lodha)

TBLA 2005

National winners: IIM Lucknow (Tarandeep Singh Ghai, Kunal Arya Shreshta, Ashutosh Bhandari, Saurabh Khandelwal)

First runner-up: FMS, Delhi (Abhijeet Shetty, Mohit Ralhan, Amit Gupta, Curie Balgir)

Second runner-up: IIM Calcutta (H. V. Vinayak, Madhusudan Sharma, Kunal Kumar, Ashish Verma)

TBLA 2004

National winner: SP Jain Mumbai (Ravi Kumar, Anahita Ichaporia, Nilesh Kumar, Asif Shamim)

First runner-up: IIM Ahmedabad (Anish Saraf, Ashish Keyal, R. N. Gautam, Rahul Verma)

Second runner-up: XLRI, Jamshedpur (Diwakar Loshali, Purnima Kumar, Surabhi Loshali, Ritesh Bhardwaj)

Kailash Transformers Pvt Ltd

COMPANY PROFILE

The Kailash Transformers Pvt. Limited was started on 1997 in out street of Gulbarga on a 10 acres of land. It was founded by Mr.Galangappa Patil. Since then it is the only company the north region of Karnataka which produces distribution transformer and supplies all over Karnataka.

The company offers a professional range of high grade products with different ranges of oil immersed distribution transformer having output starting from 400V to 430V.

The manufacturing faculty spreaded about 10 acres equipped with sophisticated modern winding machines and instruments staffed over 300 employees.

Offering in house metal fabrication faculty a fully qualified and experienced team backed by the latest technique use. In computer – aided design.

Kailash transformer provides itself on providing the most efficient and flexible distribution transformer.

Individual customer specification can be met on non – standard basics.

INDUSTRY PROFILE

The industry profile is a series of standardized economic analysis lowering the various sectors of the economy with human resources issues as the local point. A profile look as the ways economic conditions and general trends in research and development and technology effects. The labour force in the industry.

The Distribution transformers have many and varied applications, some of which include ground and pole mounted transformers for rural electrification projects, power distribution to industrial commercial and housing developments.

Construction across the whole range is based on a core of interleaved, rolled, grain oriented steel laminations, securely held between top and bottom clamps, by means of clamping bolts and tie rods. This serves a dual purpose of securing the windings in place, and of transferring the load from the bottom to the top clamps when the core and winding are lifted.

The transformer windings are designed to meet mechanical, thermal, and electrical requirements. Windings are wound with paper covered, copper wire. The core and windings are then baked in an oven to drive out any moisture and varnish vacuum and replaced in the oven until the varnish has baked hard.

INTRODUCTION:

The transformer principle was demonstrated in 1831 by Michael Faraday, although he used it only to demonstrate the principle of electromagnetic induction and did not foresee its practical uses.

Transformer:

A transformer is a device that transfers electrical energy from one circuit to another through a shared magnetic field. A changing current in the first circuit ( the primary) creates a changing magnetic field, in turn, this magnetic field induces a voltage in the second circuit (the secondary). By adding a load to the secondary circuit, one can make current flow in it, thus transferring energy from one circuit to the other.

A key application of transformers is to reduce the current before transmitting electrical energy over long distances through wires. By transforming electrical power to a high – voltage, low – current form for transmission and back again afterwards, the transformer allows electricity to be transmitted more efficiently, enabling the economic transmission of power over long distances. Consequently, transformers have shaped the electricity supply industry, permitting generation to be located remotely from points of demand. All but a fraction of the world’s electrical power has passed through a series of transformers by the time it reaches the consumer.

Transformers are some of the most efficient electrical 'machines',^[3] with some large units able to transfer 99.75% of their input power to their output.^[4] Transformers come in a range of sizes from a thumbnail-sized coupling transformer hidden inside a stage microphone to huge gigavolt-ampere-rated units used to interconnect portions of national power grids. All operate with the same basic principles, though a variety of designs exist to perform specialized roles throughout home and industry.

HOW DOES A TRANSFORMER WORK

A transformer is an electrical device that takes electricity of one voltage and changes it into another voltage

Basically, a transformer changes electricity from high to low voltage using two properties of electricity. In an electric circuit, there is magnetism around it. Second, whenever a magnetic field changes.

If there's another wire close to an electric current that is changing strength, the current of electricity will also flow into that other wire as the magnetism changes.

A transformer takes in electricity at a higher voltage and lets it run through lots of coils wound around an iron core. Because the current is alternating, the magnetism in the core is also alternating. Also around the core is an output wire with fewer coils. The magnetism changing back and forth makes a current in the wire. Having fewer coils means less voltage. So the voltage is "stepped-down."

In order for your home or a store to use the electricity, it has to be at a lower voltage than on the long-distance lines. So, the electricity is "stepped-down to a lower level using a transformer. This lower voltage electricity is put into the local electric wires at a substation. The substation breaks the larger amount of power down into smaller pieces at lower voltage. It then is stepped down again and again.

Some of the electrical appliances in your home use the 220-240 volts. These are things like a water heater, stove and oven, or air conditioner. They have very special connections and plugs. Other devices, like your TV or computer only use one-half of the electricity -- 110-120 volts.

Some businesses use higher voltage power to run big machines. So, they don't need to have the voltage reduced as much.

The power range of transfer how many and varied application sum of which include ground and pole mounted transformer for rural electrification projects, power distribution to industrialist, commercial and housing developments.

COMPANY POLICY:

To produce and delivery quality distribution transformer as per customers requirement with an aim to enhance customer satisfaction.

Continual improvement in quality safety and environment performance.

Compliance of all applicable legal and other requirements.

It will achieve this by:-

Improvement in quality of raw material input.

Technological innovations

Reduction of level of risk by improving working conditions.

Total involvement of employees through participative management.

Objectives of the Company:-

To become best energy conservation company.

To improve effectiveness and environment.

To improve safety and hygiene.

To improve employees morale.

To improve process and quality control.

Develop still up gradiation program for employees.

About Kailash Transformer:

Kailash transformer has provided direct and indirect employment to more than 300 people of the surrounding area.

Kailash transformer has made favourable impact on the socio economics of the region.

Kailash transformer gives utmost priority for the employees well being and appropriate recognition is given for any significant contribution made by any employee.

The HR plans are derived from company’s policy and it is the aim of Human Resource Management to see that the employees discharge their jobs effectively.

The company believe in attracting, retaining nourishing and unfolding of quality of human resources.

The company generates a participate culture and management style, which creates good in – house working conditions and job satisfaction to all employees.

VISION

Kilash Transformer Pvt. Ltd., will be the trade association of choice through which the electrical industry develops and promotes positions on standards and government regulations and through which members acquire information on industry and market economics.

Product excellence, hard work and continuous self improvement to encourage individual utility and creativity and build effective teams. To contribute for the advancement and development of the nation and improve human life and to become market leader by addition continuously new capacities incorporation state of art technology to produce quality transformer at least cost to the full satisfaction of customers and to enter into related fields and maintain core competencies.

MISSION

Kailash Transformer Pvt Ltd., mission is to promote the competitiveness of its member companies by providing quality services that will impact positively on standards, government regulations and market economics.

Kailash Transformer Pvt Ltd., in continuous pursuit for excellent distribution transformer quality and customer satisfaction are committed to achieve optimum production, sales and distribution of products with improved technology, less manpower and cost reduction processes.

In pursuing its mission, Kailash will:

Be a leader in developing standards and in advocating technical positions that are in the best interests of the industry and the users of its products.

Be the advocate of the industry to ensure that legislation and government regulations, both federal and state, pertaining to members products and operations are consistent with industry needs.

Collect, analyze and disseminate industry and market data.

Promote safety in the design, manufacture and use of electrical products.

Conduct educational forums in support of its core functions.

Represents the industry’s interests in new and developing technologies.

GOAL

To become a global player in the wound component industry by exceeding the expectation of customers.

FUNCTIONAL AREAS

HUMAN RESOURCE DEPARTMENT

Personal management is concerned with the human resource of the enterprise. Before we define personnel management. It is appropriate to understand the meaning of the term is used in the broadest since as the human factor is the enterprise. It is not merely restricted to the operative workers.

Personnel management may be defined as that area of management that deal with planning organizing, directing and controlling the functions of procuring, developing and utilizing the work force in the enterprise to help in the achievement of its objectives.

FUNCTIONS OF HUMAN RESOURCE DEPARTMENT:

1) Recruitment and selection.

2) Training and development

3) Performance Appraisal

4) Employee consoling apprenticeship

5) Solving labour disputes

6) Workless participation in management

A) Recruitment and selection:

Recruitment will be done on the basis of availability of posts by giving opportunity to the qualified experienced candidates. Availability of posts is depends on the requirement within the department.

It is very desirable in many jobs that claim about experience and statement about qualification or thoroughly checked and that applicants feelingly complete a health question year.

If there is a vacancy, it is to be filled by nearly recruited employee. Potent vacancies occur either through someone leaving the organization or as result of company expansion. Vacancies caused by real imagined.

Most employers deal with an advertising agency to help with drafting advertisement and placing them suitable media.

Choosing the appropriate medium for advertisement is important.

B) Selection:

Selection will be done at the interview after complete verification of applicant, if selected the salary offered, grade, trainee or probationer or direct employment.

Interview will be carried out by individuals (e.g., supervisor or departmental manager), by panels of interviewers or in the form of sequential interviews by different experts and can vary from a five minute ‘chat’ to a process of several days.

PLACEMENT:

Depending on clear vacancies in the concerned departments, on the bass of sanction strength the candidates selected on the basis of qualification, are placed with proper designation in the respective department initially on probation of one year. Fresher are taken on stipend basis per month.

Test conducted for trainees (oral and written)

Medical examination

Verification of certificates and reference

Induction

EMPLOYEE DEVELOPMENT AND MOTIVATION:

Our company policies

Aim of HR management

Our effective policy for proper man power planning and career development:-

o Selection

o Induction

o Job Profile

o Performance Appraisal

o Training and development

o Upgradation of employees with additional responsibility.

Acisdilar is sent to all the departments, A induction schedule is prepared for personnel development giving different period of exposures in different depts..

Training and Development:

The company organizes training programmes, on need basis regularly for fresher and existing employees. The type of training is as under:-

On the job training for all categories of employees

Learning new techniques through internal training by external agencies.

Refreshers training and training for promotions in the organization.

Remedial training and general training in safety, discipline, culture, rules and regulations of the company, statutory matter and procedure.

1. Internship training

2. External training

Developing employees for internal promotion

Constructing training and development programs for individuals and groups

Succession planning

In team building constructing a project team having key skill, knowledge and experience bases.

Employee surveys, where you wish to compare an ideal situation, with the situation perceived by employees.

Performance Planning:

It is done from the level of Asst. General managers and above quarterly. Major tasks and key result areas are identified and written at the beginning of the quarter for each person. At the end of every quarter achievement marks are given against the targets set earlier.

COMPANIES WELFARE MEASURES:

To support on excellent work climate for employee satisfaction. They take care of our employees in many ways as under:-

Ø Guest – house facility

Ø Workers Recreation club

Ø Bus Facilities

Ø Uniform

Ø Safety shoes

Ø Occupational Health Centre

DATA ON HOUSING FACILITIES:

Quarters has been provided for essential staff. The quarters is situated within dairy premises, comprising of garden with good sanitary conditions, with all infrastructure facilities.

PERFORMANCE APPRAISAL METHODS FOLLOWED:

The performance of the job entrusted in various sections is being reviewed once in 6 months confidentially. The performance is appraised based on the judgment on the following issues.

Ø Contribution rendered to organization

Ø Taking qualitative making pertaining to general matters.

Ø Working hard with devotion to the organization.

Ø Concentration on the entrusted job and interest in rendering service to the organization.

Ø Expatriation in terms of technical requirements with regard to organization.

Ø Capacity in giving decision.

Ø Taking responsibilities, decision making

Ø Speedy disposal of work entrusted

Ø Honesty and sincerity to organization

Ø Dependence

Ø Conduct and character

Based on the above information the performance on the job will be viewed and by giving general report as good or fair or average.

WAGE STRUCTURE AND INCENTIVE SCHEME

Pay scale is fixed in accordance with the employee experience and his work. Comprising of Basic +D.A. and other incentives, such as

a) If employee will work more than 8 hours, Over Time allowances (Single wage) will be given to the subordinate staff.

b) If employees comes on holidays and weekly holidays they will be give OT allowance (Single wages)

c) Every year uniform will be given to the employees.

FINANCE DEPARTMENT

MANAGING OF FINANCE:

Financial management unlike other management of business is related to both company as on operating unit and to interest of owners. The organization may be of any size, the financial decision. Certain accounting policies are needed to be followed for day to day financial operation and also in order to maintain the market share value.

The function of the finance department include:

a) Maintaining a system of financial control governing the allocation and use of funds.

b) Carry out special studies with a view to reduce costs, improve efficiency and profitability.

c) Develop the best plans to be obtain the external funds needed.

d) See the financial results of all operation, report the facts to management and make recommendations concerning future operation.

e) In order to meet the target, if determines the financial resources required to meet the corporation operating and capital expenditure programe.

f) Seeing to the long term budget the financial department would prepare a cash flow statement which indicate cash flow i.e., inflow and out flow of cash during the year.

g) Forecast how much of these of there requirement would be met by internal generation of funds by the corporation and will have to be obtained.

h) Stores Account: Finance and A/c department responsible for maintenance of adequate system of stores A/c.

REPORTING

1. Summary of cash flow for the quarter.

2. Resources employer

3. Capital expenditure incurred during quarter compared with sanctioned amount, budget estimated etc reports are submitted to the management.

The finance and accounts department of head office is divided into sections

1. Bills and banking

2. Establishment

3. Management Information system and finance concurrence

4. Assets account

5. Provident fund and recruitment benefit

6. Budget and finance

7. Book keeping and compilation

Fixed Assets

a) The quantitative details and situation of the fixed assets and other details are maintained properly.

b) We were informed that no material discrepancies were noticed on such verification as compared to the book record.

c) As verified from the records the disposal of assets during the year were not substantial so as to have an impact on the operations of the company or effect its going concern

INVENTORIES

a) The company has maintained proper records for inventories. The discrepancies noticed on verification of stores and spares between physical stocks and books records were not significant and properly dealt with in the books of accounts of the company.

b) This inventories are stored in a systematical manner and maintained with regular and timely supply of materials. The receiption and inspection of material storing and issuing and consumption of materials, record keeping are systematically organized in the industry.

c) Inventory Control:

The industry has maintain systematic control over the material so as to maintain a regularly and timely supply of materials at the same time avoiding over strucking. The procedures and activities are:-

1. Issuing as per requirements

2. Keeping record on consumption of material

3. systematic overall record keeping

Valuation of fixed assets:

a) All fixed assets are valued at landed cost plus incidental expenses incurred in connection

b) Interest paid on loans borrowed for acquisition of fixed assets is capitalized till the date of putting the assets into commercial use.

DEPRECIATION:

The company is providing depreciation on assets on straight line method at the rates prescribed to the company act 1956 except factory building.

Valve of inventories

a. Raw materials are valued at cost

b. Work in progress is valved at lower of cost or net realizable value.

c. Consumable stores are valued at cost.

Contingent liability

Contingent liabilities are not provided for in the accounts unless there is a reasonable incidence of crystallization of liabilities. However these liabilities are disclosed by way of notes to the accounts.