galaxy project 2
TRANSCRIPT
ANALYSIS OF IMPACT OF RECESSION IN GALAXY MACHINERY PVT LTD
ACKNOWLEDGEMT
I take this opportunity to express my deep sense of
obligation to the management of Galaxy Machinery Pvt Ltd.
It is a great pleasure that, I express my sense of gratitude to
all the officials of Galaxy Machinery, especially Mr.Shreenath
Deshpande (Fin Mgr) for their valuable guidance and constant
encouragement in the preparation and finalization of this project
Report.
I am very grateful to Mr.Sachchidanda Mekkalagi. My
Company’s guide who constantly guided me and inspired me in
completion of this work.
I would like to thank Mr.Ashwinkumar.B principal, SAHE
College, and Belgaum for giving the opportunity to undertake this
project.
I am also grateful to my guide Prof.Pradeep. Sangam for
helping me throughout my project.
Last but not the least, I thank one and all who directly or
indirectly helped me in the various other aspect of this project work.
SAHE, Institute of Management & IT Education, Belgaum1
ANALYSIS OF IMPACT OF RECESSION IN GALAXY MACHINERY PVT LTD
INDEX
SAHE, Institute of Management & IT Education, Belgaum
Sr.no Chapters Page no.
1 Introduction 5
2 Company Profile 10
3 Recession Effects on
company
38
4 Analysis and
Interpretation of Data 51
5 Findings, Suggestions
and Conclusions 63
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ANALYSIS OF IMPACT OF RECESSION IN GALAXY MACHINERY PVT LTD
TABLE OF CONTENTS
SAHE, Institute of Management & IT Education, Belgaum
Sr. no Graph Titles Page
no
1.1 Sales for the year 2004-05 43
1.2 Sales for the year 2005-06 44
1.3 Sales for the year 2006-07 45
1.4 Sales Turnover 46
1.5 Product mix sales 47
1.6 Company Performance 49
1.7 Region wise Sales 2007-08 53
1.8 Region wise Sales 2008-09 55
1.9 Company Expenditures 57
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ANALYSIS OF IMPACT OF RECESSION IN GALAXY MACHINERY PVT LTD
EXECUTIVE SUMMARY
The term “recession” is often used during the times of wide
economic hardship regardless of how long it lasts. The year 2008-09
will have a great impact of the global downfall in Industrial activity.
Generally, the capital goods manufactures are the first, partly to be
affected when the recessionary trend commences, this drop in sales.
A Recession is a “difficult economic condition when an economy
shrinks. It is defined as “a period of general economic decline;
specifically, a decline in gross domestic product” GDP for two or
more consecutive quarters”.
Due to this recession effect on company there is a decline in overall
growth rate during the year and the company did not attempt to export
any machines to overseas customers for these reasons. And therefore
the amount of funds raised during the year is relatively less as
compared to previous year.
The future plan of the company is to develop the centers in company
and research & development activities of Bangalore will be
appropriately equipped to develop the prototype machineries, and
planned to be launch in the market.
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CHAPTER-1
INTRODUCTION
1.1 ABOUT THE TOPIC:
A Recession is a “difficult economic condition when an
economy shrinks. It is defined as “a period of general economic
decline; specifically, a decline in gross domestic product” GDP for
two or more consecutive quarters”.
However the term “recession” is often used during the times of
wide economic hardship regardless of how long it lasts. Company
incorporated in 1991 with an object to design, develop and
manufactures of CNC turning machines in India.
The year 2008-09 will have a great impact of the global
downfall in Industrial activity. Generally, the capital goods
manufactures are the first, partly to be affected when the recessionary
trend commences, this drop in sales.
1.2 OBJECTIVES
1.2.1 A Comprehensive study of impact of recession towards
Galaxy Machinery.
1.2.2 To understand business cycle as they relate to all Company and
its customer and suppliers.
1.2.3 How to protect business during Recession.
1.2.4 Minimize the effects of a Recession on companies.
1.2.5 Suggest methods to make business recession proof.
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1.3 PURPOSE OF STUDY
The study is analyzed to estimate trends in series.
1.3.1 How it is affected
1.3.2 What types of problems faced
1.3.3 To analyze the steps taken to overcome from upswing
1.3.4 To increase branch profit
Moreover, the report found that upswing has affected all
small, medium and large industries and 30% of industries still had
negative margins in the first quarter of the year.
1.4 SCOPE OF THE STUDY
“Makes the company and its location be innovative, exciting and
stimulating by producing brand products”.
The study was aimed to understand and analyze the
objectives of recession and maintaining the company delinquency
level.
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1.5 METHODOLOGY:
1.5.1 Primary data will be collected through-
1. Personal interviews with the concerned departmental and
Utilizing the feedback data for the project report with
Previous years.
2. Questionnaire Method will be carried out
through out the project to understand the Company’s daily
transactions.
3. Observing figures of previous with current year.
1.5.2 Secondary data will be collected through-
1. Internet sources that is through Google Search and visiting
relevant Websites.
2. Books and articles on recession.
All employees are very committed to their work. It has
created its own brand name because of it's quality. The distribution
network is very strong. Quality is the hallmark of the organization.
They are succeeding in manufacturing it's standard of product as well
as satisfying their customer requirements.
They are conducting inspection in each and every process of
production. It is a zero lies, zero brides, and zero tax evasion
company.
Safety campaign is conducted regularly for employees. They
conducted highly ethical Business Standards right from the in a
production of the company to day today operations.
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1.6 RECOMMENDATIONS
In order to maintain good quality in market, the company
needs to be very competitive and should adjust to the changing market
environment.
1.6.1 They should utilize the equipments to maximum extent.
1.6.2 Improvements regarding the price and service.
1.6.3 They should utilize the available resources into their full
extent.
1.6.4 Company website should be developed to provide
Information as well as to have better relations with outside.
1.6.5 They should attract new customers to acquire market share.
1.6.6 They should develop good infrastructure inside the
company.
1.7 LIMITATIONS OF THE PROJECT
1.7.1 The study was limited to a period of 30 days only, so the
Critical Information not collected.
1.7.2 Some information relation to topic is confidential, which
could
Not be disclosed to outside persons. Thus valuable
information
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Could not be obtained.
1.8 CONCLUSIONS
After recommending certain suggestion and steps, it is clear
that machine tool industry is booming due to increase in automotive
industry and the dealers and customers are satisfied with the quality
and price of the product. The organization study was really good
learning experience and challenging its own way.
During the study, I come to know about the functions of
various departments in the organization, organization structure and
how everyone works as a team in order to achieve organization goal.
It helped me in analyzing as well as it was a great practical experience
that every management student is exposed to.
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CHAPTER-2
COMPANY PROFILE
GALAXY MACHINERY PVT LTD:
2.1 BACKGROUNDS AND HISTORY
Company is incorporated in 1991 with an object to design,
develop and manufactures of CNC turning machines in India. Galaxy
Machinery Pvt Ltd having its Registered office at plot no 31, surveys
no 336/1, Udyambag Belgaum-590008, Karnataka state. This is the
first manufacture unit which set up at plot no 22, udyambag, belgaum
and with the dream of having product capacity of about 20 CNC Lathe
machines per month.
The company has started its First Export in 1997 and their
products are well spread in many countries USA, South Africa.
Government of Karnataka through the Meritorious Top Exporter
Award in its category had recognized the company for its export for
2000.Galaxy introduced new MIDAS series of CNC Turning Centers
which are precise and fastest in the country and when the prestigious
awards for the best design of the country successively in 1998 and
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2001. It took nearly 3 years to come out of the teething trouble. It
launches its First product at the National level exhibition, IMTEX’ 95
at Delhi.
2.2 FEATURES
1. Manufacturing the product of required quality and quantity
2. Keeping a cheque on joint venture Support to service
3. Handling the man power in a systematically
4. Providing safe working atmosphere
There are 6 Board of directors of Galaxy Machinery Pvt
Ltd.
1. Elango .s
2. Shri Shreenath Deshpande
3. Shri R. Selviraj
4. R.G. Prabhakar
5. Ananth Huilgol
6. Sachin Shirgaokar
The Indian Machine Tools manufactures a range of products
such as Metal cutting and Metal forming machine tools, both
conventional and computer numerically controlled (CNC). IMTMA
believes that CNC will be the growth a driver for the machine tool
industry.
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2.3 OBJECTIVES OF THE COMPANY
1. To develop the business to whole globe
2. To give better performance and develop healthy business
relations with the outsider.
3. To provide healthy benefits to all employer like incentives,
Medical facilities.
4. To maintain consistency in quality
5. To cater to the customer in an effective manner and to utilize
the facilitations and the convince of a bigger metropolitans
cities.
2.4 EXPORT
The company has started its First Export in 1997 and its
products are well spread in many countries USA, Europe, and South
Africa. The Galaxy Machinery had been recognized for its export by
govt of Karnataka through the Meritorious Top Exporter Award in its
category for 2000.
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The company receives highest export orders for Turning Centers,
Electro discharge machines and Presses witness.
These 4 machines accounted for total export in 2006. In International
competitive field German Manufactures proved as WORLD
CHAMPION in exports in 2006.India ranks 19th in world machine
tools in production.
2.5 VISION STATEMENT:
To become the biggest machinery tool builder globally and to
maintain good relations with the customers by producing quality
machines and to provide better benefits to the employees.
2.6 MISSION STATEMENT:
To utilize leading edge technology and methods to improve
efficiency performance and productivity and to employ people of
integrity who poses senior skills and knowledge.
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2.7 ORGANISATION DESIGN
Present organization structure
Board of Directors
Executive Director
(Shreenath Deshpande)
Senior Manager
Manager
Deputy Manager
Senior commercial officer
(Sachchidananda Mekkalagi)
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2.8 MAJOR MARKETS
India rising demand for machine tools in the context of
currently low production domestic capacities, was not able to sustain
the domestic demand for machine tools.
Thus increased capacity reducing the heavy imports would meet
advantage of reducing low cost. India has a comparative advantage
over competing economies in terms of availability of engineering and
design skills that are either missing in competing countries or are
expensive.
India is rated higher in terms of manufacturing capacity and
availability of quality engineers. This design strength gives the Indian
Machine Tool industry a competitive advantage.
The Indian machine tools industry has had a heavy dependence on
imports over the years. The increasing imports imply that Indian's
domestic production has not kept pace with the growth in demand for
machine tools, indicating a potential for investment in domestic
capacity.
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Key Players In The Machine Tool Industry:
Product categories Players
CNC Lathe Ace Designers
Ltd
Lakshmi Machinery
Ltd
HMT Machinery
Works Ltd
Grinding
Machines
Perished
Machinery
Ltd
Micrometric Grinding
Technology Ltd
Micrometric
Grinding
Technology
Ltd
Grinding
Machines
Parishudh
Machinery
Ltd
Micrometric Grinding
Technology Ltd
Micrometric
Grinding
Technology
Ltd
Matching Canters Bharat Forge Ltd Ace
Manufacturing Ltd
Vertical Turning
Boring
HMT Machinery
Works Ltd
Premier Automobiles
Ltd
HMT Machinery
Works Ltd
Gear Cutting Premier HMT Machinery
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Automobiles Ltd Works Ltd
MARKET SHARE ANALYSIS
Major
Products
Companies Market Share %
Machine
Tools
Kennametal Widia India
HMT Machines Tools
Motor Industries Company
HMT Machine Tools
Automatic
Kobic Extrusion Technique
IFBI Industries
Premier Automobile
Laxmi Machinery Ltd
6.00%
2.11%
1.41%
1.22%
1.22%
0.15%
57%
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Some of the International Players in Machine Tool Industry Are:
1. Yamazaki Mojak Corporation (JAPAN)
2. Unova Incorporation (USA)
3. Trump Group (Germany)
4. Komtsu Automation Incorporation (USA)
2.9 A REVIEW OF CHOICES IN DESIGN
The present organization structure is vertical in shape. It is
used in many companies. Here each Commercial officer should
receive order and submit the report to their respective senior officers.
Then all the Department heads will report to one-person i.e. executive
director.
2.10 CRITICAL REVIEW OF THE STRUCTURE
1 Smooth flow of policies and procedures
2 Higher flow of control over the subordinates
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2.11 BUSINESS LEVEL FUNCTIONS AND PROCESS :
2.11.1 MARKETING DEPARTMENT
The marketing department is under Mr.Elango.S. He is also the
director of the marketing department.
The following is the structure of the marketing department.
EXECUTIVE DIRECTOR
(Elengo. s)
MANAGERS
DEPT. MANAGERS
SENIOR MANAGERS
ENGINEERS
CO-ORDINATORS
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What Do They Market?
They market CNC Machines and other machine
Tools.
4P’S:
1. Product:
Machine tool products.
E.g.: CNC lathe machines, Electro discharge machines, CNC
Turning machines.
2. Price:
Depends upon the cost incurred during manufacturing
Process.
3. Place:
According to the customers demand.
4. Promotion:
Participating in exhibitions.
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2.11.2 DISTRIBUTION CHANNEL
They have their own firm indicating dealers in Aurangabad,
Jameshedpur and Delhi to distribute the product.
I) MAJOR CUSTOMERS:
1. Bharat Forge Ltd
2. Kirloskar Toyoda
3. Polyhedron
4. Hitech Enterprises
II) MAJOR SUPPLIERS:
1. Finance India Ltd
2. Quality Engineers
3. Shanti Iron and Steel
4. Financial Technology
III) TARGET MARKETS:
1. Automobile sector
2. Aerospace
3. Instrumentation
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4. Defense sector
5 Other engineering industries
The esteemed vendors of the company are-
1 Bharat forge ltd
2 Kirloskar
3 Hi-Tech Gears
4 Up asana Engineers
2.12 GALAXY MACHINERY PVT LTD
1. Rate of growth 21% in April- June 2007quarter (1881.00)
sales over Jan - March 2007 quarter (1400.00 sales).
2. This plant to go into 2nd shift production to step up
production volumes and reduce customer waiting period.
The company has achieved a total sales turnover of Rs.
1881.00 lakhs in the year 2005-06 which is 21% more than the
previous year's sales turnover. The company manufactured 83 CNC
Lathe machines during 2005- 06 .The unit has shown a growth of
29.68% over the numbers manufactured in the year 2004-05.During
the year the company has registered an Export sales turnover of Rs.98
lakhs, which is 20% less than previous year.
The reason for this is that U.S.A distributor was passing through some
kind of bad, whether which ultimately resulted in his relinquishing the
distributorship of products in U.S.A. This year company has ventured
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in to a new overseas market by exporting CNC Lathe machines to
Italy.
The foreign exchange earnings of the company are shown below.
* Exports to U.S.A US $ 0.68 lakhs
* Exports to Italy 1. 59 lakhs
2.13 FUNCTIONAL AREA ANALYSIS
The company includes manufacturing process, utilities
and departments, which are controlled by respective heads having
well experience and dynamic persons. The company has established
systems for its smooth operation in all departments.
2.13.1 MANUFACTURING PROCESS AND
UTILITIES:
1) Raw materials and consumables components:
Various components are necessary to make sub
assemblies, which are assembled or fitted for making a machine safe
of the company are bought out which are with special specifications
designs. Most of the components are with special specifications
designs according to the design of the machine.
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2) MANUFACTURING PROCESS:
2.1) Machine tools manufacturing unit mainly Comprises of
Following activities.
1. Designing and Development
2. Components manufacturing from outside.
3 Making sub assemblies
4 Assembling the complete machine and testing to pass all
the
Standards specific tests.
5 Test as per customer's specific requirements if any
2.2) COMPONENTS MANUFACTURING:
The various components are procured from the outside
but the critical components need to be manufactured in house .The
unfinished materials is procured from outside and components of
requisite specifications are manufactured as per drawing and than
approved components are credited to store.
2.3) MANUFACTURING OF COST IRON
COMPONENTS:
First the wooden pattern is made for each component as
per the design and the mol-dias is prepared by using the patterns.
Then the costing is manufactured by pouring the molten metal in to
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the mould .The raw costing is first roof machined and analyzed to the
requirement. Then they are finish machined completely to make them
ready for sub assemblies.
2.4) MANUFACTURING OF STEEL
COMPONENTS:
From the standard shapes of steel, the required bar
brocks are cut and machined as per design. Then the finish machined
are, hit and ground wherever necessary to suit the sub assembly.
2.5) MAKING OF SUB ASSEMBLIES:
The various components procured from the outside and
those manufactured in house are drawn from the stores as per the Bill
of Materials and Assembled, to make sub assemblies such as slides,
Headstocks, Tailstocks spade cartridges etc as per the sub assembly
drawings.
2.6) MAIN ASSEMBLING:
The assemblies and components are than assembled
and the electrical and other fittings including CNC panels are fitted on
the platform to make the machine.
2.7) TESTING:
The standard machines manufactured are than rigorously
tested for quality and smooth performance in the quality control
departments as per the in house standards set and machine built as per
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customer specific requirements are tested as per in house standard as
well as for the specific tests based on the applications.
2.8) PACKING AND FORWARDING:
The machines are properly packed in transport worthy
packing and dispatching through transporters.
2.9) INSTALTATION:
The machines are installed at the customer's end under
supervision of company’s technician's and tested for smooth
functioning at the customers.
2.13.2 UTILITIES, REQUIRMENTS AND
AVAILABLE
1) POWER:
For the proposed project the connected load required is
65 HP and the maximum demand is 65 HP KNA. The company does
not force any difficult in obtaining the required power of connection.
Sufficiency power is available from Karnataka Power Transmission
Corporation Ltd (KPTCL).
2) WATER:
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Water is not required in the process. However the water requirements
for house keeping cleaning and gardening are very merger and will be
available through in house well and City Corporation Water Supply.
2.14 DEPARTMENTS OF THE COMPANY
1. Sales Dept
2. Finance Dept
3. Store Dept
4. Workshop or Service
5. Spare parts Dept
6. Production Dept
The functions of these departments are as follows:
1) SALES:
After the loan process get over the customer makes the
payment to the dealer and collects the machine of his choice along
with all the documents .The machine is delivered to the customer after
detailed pre delivery inspection (PDI). Once the pre inspection is
finished than the machines are installed at the customer's place under
the supervision of company’s technician's and tested for smooth
functioning at the customers place.
2) Finance Department:
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Company maintains mercantile system of bookkeeping and
loan facilities for the purpose of building renovation, machinery
procurement. Budgeting is conducted quarterly, half yearly and
yearly.
2.1) Finance Aspects:
The subordinates are required to report all financial audit
and account related to the account Manager .The Company maintains
mercantile system of book keeping .The General Manager has its
bank Dealings with Canara Bank, ICICI, SBI etc for loan facilities
for purpose like building, renovating, and Machinery procurement, if
any on loan term basis.
The various audit managed by the company is statutory Audit for
registered of company, Tax audit for Income Tax, and Excise audit
for Excise department, Vat audit For sales tax department, ESI
(Employee State Insurance) audit for ESI .The Company has one CA
and one accounts manager to maintain all the transactions and audit.
a) Books Of Accounts Maintain -
1. Purchase Register
2. Sales Register
3. Cash Book
4. Journal Register
5. General Ledger
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b) Documents Maintained -
1. Debit Note
2. Credit Note
3. Purchase Voucher
4. Sales Voucher
5. Cash Voucher
6. Journal Voucher
3) STORES DEPT:
In storage dept separate rocks will be maintained and for
each port 1 bin will be maintained. After the material is received by
the storage department it will be sent to the quality department to
inspect and Check quality and if any damages are then it will be sent
back to the supplier otherwise it will be stored in the stores
department.
4) WORKSHOP OR SERVICE:
Work shop or service department is a place where the
service have been done for the CNC machines .The main function of
this department is to provide service to all models of CNC machines.
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4.1 FUNCTIONS OF WORKSHOP –
4.1.1 FREE DELIVERY:
Every new machine before delivery is subjected to a
detailed check up. Important nuts and bolts are tightened again as per
the recommended torque. The entire electrical are checked and other
aggregated are also done as specified for CNC various models.
4.1.2 SERVICES AND WARRANTY ON MACHINE:
The company agrees to replace any item/aggregate
failed before its expected life due too material defect.
5) SPARE PARTS DEPARTMENT:
All the spare parts have a number. It is codified based on
models such as model 0, 0g, 8i, are grouped and located
systematically. The parts are stocked adequately based on
consumption. The reorder level is fixed for every item. The ABC
analysis, Fast, Slow and Non-moving (FSN) parts analysis is in
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the system.
6) PRODUCTION DEPARTMENT:
The following is the organization chart of General
Manager’s production department.
Executive Director
Managers
Deputy Manager
Senior Engineers
Lead Technicians
Technicians
Trainee Technicians
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Fabrication of machine base, metal guards and interface
cabinet.
M.S. Sheets are first cut in to shapes and prepared for
welding. After welding the pieces are cut in to required shape and
dimensions, they are stress relieved whenever necessary.
1) Manufacture Of Sub Assemblies:
The components are grouped and assembled to form the
sub assemblies during which Matching, seating and fitting are carried
out to have required accuracies and surface contracts.
2) Manufacture Of Interface Hardware:
After procurement of all electrical and electronics
components, they are mounted in to a Cabinet and wired for inter
connection with each other to form the interface hardware panel
which connects the machine and the CNC system.
3) Manufacture Of Final Assembly:
During this stage of machine building all the sub
assemblies, interface hardware cabinet hydraulic, Lubrication and
cater coolant units are put together to build the machine.
4) Job Try Outs:
After the above tests and trial run, the machining tests will
be conducted to confirm the specified metal removal rates, the
capabilities of machining and to the test prices.
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2.15 Budgeting:
Quarterly, Half yearly and Yearly
Preparing BRS: Bank Reconciliation Statement is prepared
in the Tally software.
Accounts Department-
The accounts department at General Manager
maintains the accounts of different departments in a systematic
manner and on continuous basis.
The Department does the following activities,
1. Recording and monitoring
2. Submit report likely Profit and loss account, Balance
sheet
3 Calculation of production cost
4 Bank Dealings
5. Dealing with sales tax and income tax.
2.16 Customer Relation Management:
A separate register is maintained by the company in order
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to solve the problem or any queries of the customer’s .If the problem
is with any specific department than department will hand over the
problem to that specific department. Once the department rectifies the
problem, they will handover to the customer support department and
than this department will take care of the problem.
NOTE 1:
Since the company is small it does not require ERP and
SCM facilities for the present but anyhow the coming year for its in
house use.
NOTE 2:
The following analysis not conducted by organization.
1. Six sigma
2. JIT (Just In Time)
3. Logistics
2.17 Awards And Recognisation:
1. Prestigious CMTI-PMT Award for the best design for
MIDAS 0.
2. Most innovative product display in the economic times in
IMTEX 98, New Delhi.
3. Best design of country Award for the MIDAS 4 in
IMTEX 01 New Delhi.
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2.18 Evaluation of Management:
1. Market reputation on the promoter of company -
Satisfactory
2. Hands on experience of the management personnel
In the industry by qualified personnel
- Promoters is a qualified engineer with
More than 16-17 experiences
3. Ability of the management to bail out the company
In case of crisis - Satisfactory.
4. Organization structure / planning/Labor relations -
Satisfactory.
2.19 Evaluation of Industry:
1. Market situation - Good
2. Competitor of the industry – Hitech Gears
3. Cyclically / seasonality in the industry - NA
2.20 Evaluation of Business Risk:
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ANALYSIS OF IMPACT OF RECESSION IN GALAXY MACHINERY PVT LTD
1. Market share of the company's main products
2. Availability of Raw materials - company supply
Assured
3. Selling and Distribution arrangements - Good
Labor Force:
Every employee of the organization has to follow the rules
and regulations very strictly. There are 46 skilled and efficient
workers and staff. These are assets of the organization.
Workers in the organization are like--
Workshop - 35 workers
Official staff - 11 workers
Workers of the organization have to work for 8 hours
according
To rules.
Recruitment:
Advertisement as well as scrutinizing and interviewing the
candidate make recruitment. Recruitment also made experience of the
worker.
Training:
In this company on the job training method is adopted to train
the workers.
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ANALYSIS OF IMPACT OF RECESSION IN GALAXY MACHINERY PVT LTD
Wages and Salary Administration:
Basic wages given to workers are fixed on the basis of
minimum wages act 1948. And various types of allowances are
provided to the workers as well as to the office staff.
Strength of the company:
1 Sufficient place is there to keep around 72 machines.
2 Well-equipped workshop with all infrastructure facilities.
3 Workshop is well supported by an organized spare parts
division.
4 Established strong and transparent systems in all the
departments.
5 Their is good will in the possess trained, sincere and efficient
manpower to encounter present market condition.
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ANALYSIS OF IMPACT OF RECESSION IN GALAXY MACHINERY PVT LTD
CHAPTER-3
RECESSION EFFECT ON COMPANY
3.1 INTRODUCTION
A Recession is a difficult economic condition when an
economy shrinks. It is defined as -
“A period of general economic decline; specifically, a decline in
gross domestic product GDP for two or more consecutive quarters ".
The company is one amongst the worst hit capital goods
manufacture Industry due to the recession. The year 2007-08
witnessed a lesser growth in the sale of the products manufactured by
company, which probably was an indication of the difficult times to
come. Generally, the second half of the finance year is better as
compared to the first half of the year.
The global economy is going through a very rough weather at
that moment. As a result of decline in overall growth rate during the
accounting year 2007-08, the profit after tax of the year dropped to
20%.
Moreover, the company did not attempt to export any machines to
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ANALYSIS OF IMPACT OF RECESSION IN GALAXY MACHINERY PVT LTD
overseas customers for these reasons. Therefore the year 2007-08 and
2008-09 will have a great impact of the global downfall in industrial
activity.
3.2 Impact Of Recession On Company :
In the year 2006-07, the company has achieved total sales of
Rs.1880.00/- lakhs, which is 21% more than previous year. Unit has
shown a growth of 29.68% over the numbers manufactured in the year
2005-06. During the year the company has register an Export sales
turnover of Rs.90 lakhs, which is 20% less than previous year .The
reason for this, is that U.S.A distributor was passing through some
kind of bad weather, which ultimately resulted in his relinquishing the
distributorship of products in U.S.A.
In the year 2007-08 witnessed a lesser growth in the sale of the
products manufactured by company which probably was an indication
of the difficult times to come .The global economy is going through a
very rough weather at the moment .As this report is being panned
down the clouds of development and the effect of the downward
swing is being witnessed. This is a fact that generally. The capital
goods manufacturer is the first partly to be affected when the
recessionary trend commences. This drop in sales and from last 2-3
years there is no export due to recession.
As May-June 2007 when some of the orders placed by the customers
for supply of machines from its manufacture unit 2 at comibatore
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ANALYSIS OF IMPACT OF RECESSION IN GALAXY MACHINERY PVT LTD
were either canceled or dispatch got delayed. Therefore the year 2008-
09 will have a great impact of the global downfall in industrial
activity.
Generally, the capital goods manufactures are the first, partly to be
affected when the recessionary trend commences, this drop in sales.
For The Year 2008-09
The company is currently passing through a very difficult
period, as the flow of orders has reduced considerably .The total sales
recorded are at Rs. 900/-lakhs which is far below our estimated target.
At the same time the expenses related to employee emoluments have
been revised upwards from down of the current fiscal year .The
company putting all their efforts to achieve better results. Therefore
the company is one amongst the worst hit capital goods manufacture
industry due to the recession. Earlier the company was handling 2
shifts but due to upswing it cut down to1 shift. Generally the second
half of the finance year is better as compared to the first half of the
year. Every year the company provide bonus to all workers including
executive staff. But, in this year the company allowed only minimum
bonus to employees.
3.3 DIVIDEND:
The performance of a company has not grown to the extent
it was expected to grow. May be due to an onslaught of recessionary
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ANALYSIS OF IMPACT OF RECESSION IN GALAXY MACHINERY PVT LTD
trend wondering on the industrial sector. During the year directors
recommended Rs.15/- as the dividend in the year 2007-08. This will
be the full and final dividend payable for the year 2007-08.
3.4 GLOBAL SCENARIO OF RECESSION:
On a global scale, the Machine tool industry is currently in full
swing. The Indian Machine Tools are exported world wide nearly to
51 countries including to prominent ones such as Italy, Canada,
Germany and US. In 2007, company has exported CNC machines
about 60% of its total production.
Subsequently it has increased and at the end of March 2009 it has
reached to 65%. India currently ranks 19th in overall world machine
tool production, while Japan, Switzerland, Italy are ahead in
technology.
The company has 3 units: one (First Unit) in Belgaum manufacturing
CNC TURNING MACHINES, Second unit in Coimbatore for
manufacturing CNC VERTICAL TURRET LATHES, And Third
unit in Bangalore for manufacturing CNC MACHINES CENTRES.
In the international competitive field German Manufactures proved to
the division performers in all displines in 2006 as world champion in
exports.
The Indian Machine Tools are exported world wide nearly to 51
countries including to prominent ones such as Italy, Canada, Germany
and US.
The company puts on record with pride that in 2006 its transactions
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ANALYSIS OF IMPACT OF RECESSION IN GALAXY MACHINERY PVT LTD
crossed 1900.00 lakhs rupees.
The model wise product mix of CNC Lathe machines
manufactured during the year 2007-08 and 2008-09 are given
below –
2007-08 Type of Model 2008-09
12 Model 0 10
25 Model 0g 20
40 Model 8 32
57 Model 8i 45
68 Model 6 50
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ANALYSIS OF IMPACT OF RECESSION IN GALAXY MACHINERY PVT LTD
Sales for the Year 2004-05
Region % Of sales
North 7%
East 14%
West 7%
South 22%
Export 50%
Figure 1.1 sales for the year 2004-05
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ANALYSIS OF IMPACT OF RECESSION IN GALAXY MACHINERY PVT LTD
Interpretation:
In the year 2004-05, 50% of sales include export and 22% of
sales have done to south, 7% of sales to west, 14% of sales to east and
7% sales are done to north side.
Sales for the Year 2005-06
Region % Of
sales
North 10%
East 20%
West 20%
South 30%
Export 20%
Figure 1.2 sales for the year 2005-06
Interpretation:
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ANALYSIS OF IMPACT OF RECESSION IN GALAXY MACHINERY PVT LTD
In the year 2005-06, the export is decreased to 20% and the
sales to northern region is 10%, to east region is 20%, to west side
20%, and to south region it is 30%.
Sales for the Year 2006-07
Region % of
sales
North 4%
East 6%
West 10%
South 50%
Export 30%
Figure 1.3 sales for the year 2006-07
Interpretation:
For the year 2006-07, the north region sales has decreased
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ANALYSIS OF IMPACT OF RECESSION IN GALAXY MACHINERY PVT LTD
to 4%, and east region sales is 6%, west side sales is 10% and 50%
of sales has done to south region and export is 30%.
3.5 Sales Turnover
0
200
400
600
800
1000
1200
1400
1600
1800
2000
Sales in Lacks
1 2 3 4 5Year 2004 to 2008
Sales Performance
Year
Figure 1.4 sales Turnover
Interpretation:
The above table shows that, the sales has increased up to 2005-06,
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ANALYSIS OF IMPACT OF RECESSION IN GALAXY MACHINERY PVT LTD
but after that it started to decrease and in the year 2007-08 it
decreased up to 50% due to upswing (recession).
3.6 Graphical Presentation of Product Mix
Machine
model
2005 2006 2007 2008
Midas 0 60 69 40 30
Midas 0 49 70 45 35
Midas 0 80 60 40 30
Midas 0 70 60 40 20
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ANALYSIS OF IMPACT OF RECESSION IN GALAXY MACHINERY PVT LTD
0
10
20
30
40
50
60
70
80
Sales VolumeM
idas
0
Mid
as 0
Mid
as 0
Mid
as 0
Mid
as 0
g
Mid
as 0
g
Mid
as 0
g
Mid
as 0
g
Mid
as 6
Mid
as 6
Mid
as 6
Mid
as 6
Mid
as 8
i
Mid
as 8
i
Mid
as 8
i
Mid
as 8
i
2005 2006 2007 2008 2005 2006 2007 2008 2005 2006 2007 2008 2005 2006 2007 2008
Year
Product Mix Diagram
Sales
Figure 1.5 Product Mix sales
Interpretation:
The orders are getting cancelled and those customers who wish
to lift the machines can't do so on the stipulated date due to financial
crunch .As a result of this, cash flow of company is very badly hit. In
addition, very shortly taken the repayment of the term loan taken for
construction of factory shed at Belgaum will commence which will be
additional burden on the exchequer of company.
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ANALYSIS OF IMPACT OF RECESSION IN GALAXY MACHINERY PVT LTD
3.7 GROWTH WISE PERFORMANCE:
Following is the company’s performance during recession
period is shown in growth wise.
Year Growth in
%
2006 40%
2007 30%
2008 20%
2009 15%
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ANALYSIS OF IMPACT OF RECESSION IN GALAXY MACHINERY PVT LTD
Figure 1.6 Company Performances
Interpretation:
From the above table we conclude that in the year 2006,
the company’s growth was 40%. And in the year 2007 it decreased to
30% and to 20% in the year 2008. Finally it almost decreased to 15%
in the year 15%.
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ANALYSIS OF IMPACT OF RECESSION IN GALAXY MACHINERY PVT LTD
CHAPTER-4
ANALYSIS AND INTERPRETATION OF DATA
Today, every company is facing a competition in many
ways .In competitive market the consumer or industrial user is the
king and the purchaser who decide what to purchases and what not to
purchase as per his likings, advises from other and his personal
experience.
In case of industrial goods the attitudes of purchaser differ from
that of consumer goods because;
1. The purchased goods are durable
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ANALYSIS OF IMPACT OF RECESSION IN GALAXY MACHINERY PVT LTD
2. The purchased goods are re-used in manufacturing of other goods.
3. There must be benefit following on investment made.
4. In case of industrial equipment and machinery they should be free
From frequent troubles and should have expected life giving
Satisfactory services.
On the basis of data collected, following points obtained-
a) The main important is quality of the service is very good in Galaxy
Machinery Ltd Compared wit other dealers.
b) The labor charges are reasonable.
c) Facilities like delivery, Service and repairs will be provided very
Quickly and promptly.
4.1 Product Mix Sales For The Year 2007-08
QUESTIONS ASKED IN QUESTIONNAIR AND ANALYSIS
MADE ---
1. WHAT IS YOUR AVERAGE SALES OF MACHINES?
Year Models Sales
2005 Midas 0 60
2006 Midas 0 70
2007 Midas 0 45
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ANALYSIS OF IMPACT OF RECESSION IN GALAXY MACHINERY PVT LTD
2008 Midas 0 20
2. Is your sales dept got affected by Recession?
YES.
3. If Yes, than how it is affected?
The sales done during the year is relatively less as compared to
Last 2 years sales report.
Graphical Presentation:
Year Models Sales
2005 Midas 0 60
2006 Midas 0 70
2007 Midas 0 45
2008 Midas 0 20
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ANALYSIS OF IMPACT OF RECESSION IN GALAXY MACHINERY PVT LTD
0
10
20
30
40
50
60
70
80
Sales Volume
Mid
as 0
Mid
as 0
Mid
as 0
Mid
as 0
Mid
as 0
g
Mid
as 0
g
Mid
as 0
g
Mid
as 0
g
Mid
as 6
Mid
as 6
Mid
as 6
Mid
as 6
Mid
as 8
i
Mid
as 8
i
Mid
as 8
i
Mid
as 8
i
2005 2006 2007 2008 2005 2006 2007 2008 2005 2006 2007 2008 2005 2006 2007 2008
Year
Product Mix Diagram
Sales
Figure 1.7 Region wise sales for the year 2007-08
Interpretation:
In the year 2005-06, the company has sold to 60 to 70 machines.
But during the upswing from the year 2006 the company’s sales has
decreased to 20 machines.
4.2 Product Mix Sales For The Year 2008-09:
1. How you expanded your sales?
The company’s sales is not restricted to one side but it covered all
Four sides of the earth.
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ANALYSIS OF IMPACT OF RECESSION IN GALAXY MACHINERY PVT LTD
2. Did you able to do sales in all areas during recession?
YES, but we sold less machines.
Table:
Region % Of
sales
North 4%
East 6%
West 10%
South 50%
Export 30%
Graphical Presentation:
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ANALYSIS OF IMPACT OF RECESSION IN GALAXY MACHINERY PVT LTD
Figure 1.8 Region wise sales
Interpretation:
The company has sold its machines to all 4 regions of the earth. But
only during the period 2008-09 it has sold less no of machines.
4.3 SENSITIVITY ANALYSIS:
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ANALYSIS OF IMPACT OF RECESSION IN GALAXY MACHINERY PVT LTD
Based on the analysis of risk factors the company has
identified following factors, which may affect the profitability of the
projects under consideration.
Factors considered for sensitivity analysis are
1. Sales realization (less by 5%)
2. Manufacturing expenses, which mainly included cost of labor,
repairs and maintains may increase (more by 10%).
3. Raw material cost may increase without increase in sales
realization (more by 5%).
4. Sales quantity may reduce (less by 15%).
The sensitivity analysis statement is given below---
Profitability and cash flow:
The following performance analysis statement are
enclosed,
- Profitability analysis statement
- Balance-sheet analysis statement
- Cash flow analysis system
4.4 Company Expenditures:
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ANALYSIS OF IMPACT OF RECESSION IN GALAXY MACHINERY PVT LTD
1. Did the company is able to earn same profit from last 2 years?
NO,
2. Why the company is not earned it or more profit?
Because from last 3 years the company has got less orders
for manufacturing the machines. So there is less profit and
expenditures increased.
The increase in expenditures is shown in table-
Year Exps in lakhs
2006 500
2007 800
2008 1200
2009 1500
Figure 1.9 Company Expenditures
Interpretation:
Here, It is observed that their is an increase in the
expenditure as compared with the previous year which too has added
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to the burden on companies coffee resulting the bottom line, profit.
Major part of expenditure is due to increase in the costs of certain raw
material especially the items made of steel. The employee related
expenses were also more than previous year basically due to annual
revision in pay scale and more so because company had decided to
recruit large number of trainee employees so that they would be
available to be absorbed in the regular employees once the
construction of the building would be complete.
4.5 MANUFACTURING EXPENSES:
The manufacturing expenses includes
4.5.1. Employment cost of production staff, which is estimated
Considering the cost of labor prevailing in the Belgaum area
And based on the present labor cost of the company.
4.5.2. Labor welfare expenses - 5% of employment Cost.
4.5.3 Manufacturing consumables 1% of raw material Cost.
4.5.4 Machining charges 4, 25,000/- p.m
4.5.5 Freight Rs. 15,000/- per machine
4.5.6 Factory rent increase by 5% every year
4.5.7 Insurance 1% of cost of machines
4.6 ADMINISTRATIVE EXPENSES:
The administrative expenses mainly include administration
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ANALYSIS OF IMPACT OF RECESSION IN GALAXY MACHINERY PVT LTD
salaries and other administrative Expenses. These expenses are
estimated based on past expenses.
1.3 SELLING AND DISTRIBUTION EXPENSES:
1.3.2 Sales promotion expenses - 1.5% of sale
1.3.3 Freight - 0.05%
1.3.4 Packing and forwarding - 0.50%
Vendor Development:
Galaxy has developed a well-knit vendor family and
enjoys the best co-operation from its vendors. The company has more
than 100 dedicated vendors, who like Galaxy believe in quality of
international standards.
REPAYMENT OF TERM LOAN:
Repayment of term loan is proposed in 5 years with 10 half
yearly equal instaments with a moratorium of 6 months. Interest on
term loan is provided at 12% p.a on average outstanding.
4.8 Particulars of consumption of Raw materials and
Components:
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ANALYSIS OF IMPACT OF RECESSION IN GALAXY MACHINERY PVT LTD
Particulars of consumption of Raw materials :
Particulars In
lacks
2006-07 2007-08
CNC
systems
Others
250
400
150
120
100
280
Particulars of consumption of Raw materials ( Imported and
Indigenous ) :
Particulars % 2006 - 07 % 2005 – 06
Imported 300.00 480.00
Indigenous 65.00 90.00
Total 365.00 570.00
Capacities, Production and Turnover:
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ANALYSIS OF IMPACT OF RECESSION IN GALAXY MACHINERY PVT LTD
Product Production Quantity Turnover
Machine tools accessories 70 92,50,000
Metal cutting machines 30 54,00,000
Others 25 42,00,000
1.4 Sources of Funds:
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ANALYSIS OF IMPACT OF RECESSION IN GALAXY MACHINERY PVT LTD
Particulars 2003-04 2004-05 2005-06 2006-07 2007-08
Profit after tax 2000 2050 1900 1700 1000
Ad: Depreciation 500 700 600 450 300
Operational
Surplus
2500 2750 2500 2150 1300
Increase in current
liabilities
250 350 300 200 100
Increase In current
Assets
150 200 250 90 80
Increase in current
liabilies
420 300 280 100 75
Increase in creditors 420 380 420 400 450
Increase in capital
exps
500 550 640 400 320
Increase in working
capital
25 45 40 35 20
Short term capital 80 95 75 50 62
Total 4095 4670 4505 3425 2407
CHAPTER-5
Findings, Conclusions And Limitations
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From this study it is clear that machine tool industry is
booming due to increase in automotive industry and the dealers and
customers are satisfied with the quality and price of the product. The
organization study was really good learning experience and
challenging it's own way.
During the study, I come to know about the functions of
various departments in the organization, organization structure and
how everyone works as a team in order to achive organization goal. It
helped me in analyzing as well as it was a great practical experience
that every management student is exposed to.
5.1 Findings:
1. The amount of funds raised during the year is relatively
less as compared to previous year
2. There is no export from last 3 years
3. It is found that there is an increase in the expenditure as
compared to last year
4. The company has taken nearly about 3 years to come
out off this difficulty
5. The company is one amongst the worst hit capital goods
manufacture industry due to recession
All employees are very committed to their work. It has created
it's own brand name because of it's quality. The distribution network
is very strong. Quality is the hallmark of the organization.
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ANALYSIS OF IMPACT OF RECESSION IN GALAXY MACHINERY PVT LTD
They are succeeding in manufacturing it's standard of product as well
as satisfying their customer requirements.
They are conducting inspection in each and every process of
production. It is a zero lies, zero brides, and zero tax evasion
company. Safety campaign is conducted regularly for employees.
They conducted highly ethical Business Standards right from the in a
production of the company to day today operations.
5.2 Suggestions:
In order to maintain good quality in market, the company needs
to be very competitive and should adjust to the changing market
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ANALYSIS OF IMPACT OF RECESSION IN GALAXY MACHINERY PVT LTD
environment.
1. They should utilize the equipments to maximum extent.
2. Improvements regarding the price and service.
3. They should utilize the available resources into their full extent.
4. Company website should be developed to provide
Information as well as to have better relations with outside.
5. They should attract new customers to acquire market share.
6. They should develop good infrastructure inside the company.
5.3 Limitations Of The Project:
1. The study was limited to a period of 30 days only, so the
critical
Information not collected.
2. Some information relation to topic is confidential, which
could not be disclosed to outside persons. Thus valuable
information could not be obtained.
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