I am a Supervisor in this work- shop which assembles control panels. Krishna , a worker in the shop inspects panels for quality checks after assembly. The quality checker reported to me that Krishna inspects two or three panels at a time and claims double or triple set-up time. I feel this is cheating. I have told him about this several times.
Few days ago when it was brought to my notice again, I became wild and wanted to settle the issue. I called the union on the issue, which Krishna did not like.
I knew that union would certainly defend the worker even though they are wrong. But I wanted to make it clear to both Krishna as well as to union that I would not tolerate the practice any more and if he continues further, I would recommend to have Krishna penalized or fired.
He thinks he is a great singer. I have come to know that he works with some local music band in the city after works.
I don’t mind, but when his outside interest starts affecting his efficiency at work, I have to control him. That is why I keep monitoring his work closely.
I know Krishna since long and believe he can do a good job. But in recent months his attitude towards me as well as to work has changed. He instigates others to leave the work and join him for washing hands few minutes before the lunch siren.
I also think he is harboring some ill feeling against me. Reason, I do not know. I feel he purposely creates trouble at the work place.
I have told him several times to mend his ways. But he does not seem to bother. I think Krishna is mentally deficient as no amount of counseling brings him to senses.
He has asked me for a transfer. But I did not respond because I was damn angry at that time. Otherwise I would have agreed for his transfer.
I think it would be good to talk to him again. There may be something bothering him in his personal life. I shall give him a chance to think through.
I shall make one more attempt to counsel him. If he improves, it is well and good, otherwise I shall ask my Boss for his dismissal.
I am a worker in this workshop. My job is to inspect control panels assembled in the workshop.
According to existing practice, I am allowed a certain ‘Set-Up’ time to take the panels from the rack, carry them over to the test bench, place them properly in position and then inspect them for quality checks.
For the sake of convenience and to save time, I sometime manage to carry two or three panels at a time and carry out inspection together. In the past also we have done that.
Mr. Mohan, the Supervisor feels this is improper and amounts to cheating the company. Once or twice he came to the test bench and told me about this.
One day he called union representative to intervene. In presence of the union, he charged me about following a dishonest practice and threatened to take action against me.
I maintained that inspecting more than one panel at a time was not wrong as per approved procedure. Union representative also argued that according to the contract, employees are entitled to use methods to save time and speed-up process as long as quality standards are not sacrificed. On being confronted Mohan had to back out.
Ever since then Mohan is cut-up with me and is bent upon making my life miserable. One day he even called me ‘Bastered’.
I have noticed he has become like this after his promotion as Supervisor. Earlier he was also a worker like me. After his promotion he has lost his friendly touch and is not able to manage shop floor workers like me. Further after his marriage he has changed a lot. I don’t know, if there is any connection with the change.
I also notice that he is partial to thefemale employees working in my group. He acts more decently to them than to male emp.
My fellow workers enjoy my singing at work. But my learned supervisor feels I am disturbing others and hamper productivity. I don’t care , because singing is my second source of income after the work.
Occasionally when I leave a little early for washing my hand before lunch, some other workers also accompany me to washroom. Mohan feels I am instigating them to do so.
He thinks I am the trouble creator at the shop floor and therefore keeps watching me with suspicion all the time.
I feel very uncomfortable here and therefore asked him for my transfer. But he is not responding.
As long as I am forced to continue here, I am also going to behave like this.
A few years ago, I had an opportunity to interview an undergraduate stenographer, then employed as P.A. to a Technical Director. His ambition was to become a company Secretary in a reputed organization. His salary expectation was around Rs. 20,000per month at age of 35 years.
I found during the discussion that:
1. His financial position was average.
2. He was staying with his married brother who had three children & only two rooms.
3. He had his parents, who were regularly sent financial assistance; and
4. his work of typing & attending to the Director was exhausting him.
On the other side:
1. He was very hard working,
2. His office timings were such that he could not take advantage of evening college facilities.
3. He had a senior officer who was not only enlightened, but also encouraging.
Within two years he graduated with economics & commerce followed by a law degree in another three years. He purposely specialized in general subjects like Economics Accounts & law, so that he could take up an administrative job as he was not satisfied with his secretarial work. He found that he did not have enough opportunities in the organization to come up in life as a successful man. He reluctantly left the organization took up the post of an Assistant in the Pharmaceutical Company, where he is now a manager.
Questions to discuss:
1.What was wrong with the steno or the organization?
2. Suggest the best possible the company could have done?
Ehtisham Rabbani who is vice president of product strategy & marketing for LG Mobile Phones said in Indian words "Fashion is so important because it helps convey individual personalities. Similarly, we believe mobile phones have the same ability and have become a fashion accessory within their own right. We are very excited to partner with Christian Siriano and look forward to seeing his unique accessory inspired by the LG Lotus on the runway at Fashion Week. " These are the business talk but I am now going to tell you the features and technology background for this newly launched product.
Key pad is awesome buddy and so much looks like laptop keypad, 2 megapixel camera , nice camcorder, Bluetooth stereo, a microSD memory slot with capacity of up to 12 GB and music player with external controls.
Christian Siriano words for this design are “The scarf I designed for the new LG Lotus is fabulous. It has a pocket for another accessory I can’t live or work without — my phone! I designed the scarf’s little pocket for the Lotus’ square shape. I love it! You should too.”
This beautiful model is available in two colors, namely textured purple and satin black. Well, according to business talks this model will hit the market by October.
The Marketing Concept
The marketing concept, based on central tenets crystallized in the mid-1950s, challenges
the three business orientations we just discussed.18 The marketing concept
holds that the key to achieving organizational goals consists of the company being
more effective than its competitors in creating, delivering, and communicating customer
value to its chosen target markets.
Theodore Levitt of Harvard drew a perceptive contrast between the selling and marketing
concepts: “Selling focuses on the needs of the seller; marketing on the needs of the
buyer. Selling is preoccupied with the seller’s need to convert his product into cash; marketing
with the idea of satisfying the needs of the customer by means of the product and
the whole cluster of things associated with creating, delivering and finally consuming it.”19
The marketing concept rests on four pillars: target market, customer needs, integrated
marketing, and profitability. The selling concept takes an inside-out perspective. It
starts with the factory, focuses on existing products, and calls for heavy selling and promoting
to produce profitable sales. The marketing concept takes an outside-in perspective.
It starts with a well-defined market, focuses on customer needs, coordinates
activities that affect customers, and produces profits by satisfying customers.
Target Market
Companies do best when they choose their target market(s) carefully and prepare tailored
marketing programs. For example, when cosmetics giant Estee Lauder recognized
the increased buying power of minority groups, its Prescriptives subsidiary launched an
“All Skins” line offering 115 foundation shades for different skin tones. Prescriptives
credits All Skins for a 45 percent sales increase since this product line was launched.
Customer Needs
A company can carefully define its target market yet fail to correctly understand the
customers’ needs. Clearly, understanding customer needs and wants is not always simple.
Some customers have needs of which they are not fully conscious; some cannot
articulate these needs or use words that require some interpretation. We can distinguish
among five types of needs: (1) stated needs, (2) real needs, (3) unstated needs,
(4) delight needs, and (5) secret needs.
Responding only to the stated need may shortchange the customer. For example,
if a customer enters a hardware store and asks for a sealant to seal glass window
panes, she is stating a solution, not a need. If the salesperson suggests that tape would
provide a better solution, the customer may appreciate that the salesperson met her
need and not her stated solution.
A distinction needs to be drawn between responsive marketing, anticipative marketing,
and creative marketing. A responsive marketer finds a stated need and fills it, while an
anticipative marketer looks ahead to the needs that customers may have in the near
future. In contrast, a creative marketer discovers and produces solutions that customers
did not ask for, but to which they enthusiastically respond. Sony exemplifies a creative
marketer because it has introduced many successful new products that customers never
asked for or even thought were possible: Walkmans, VCRs, and so on. Sony goes beyond
customer-led marketing: It is a market-driving firm, not just a market-driven firm. Akio
Morita, its founder, proclaimed that he doesn’t serve markets; he creates markets
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A Project Report on the Topic “Sales and Distribution of Financial Product”
Private sector is one of the fastest growing sectors in the country. After the Liberalization the Private industry still holds vast opportunities for young and experienced professionals. On the life insurance side public sector life insurance Corporation of India is, of course, the largest player with a history of over 50 years. After Privatization, the PSU has been making efforts to improve efficiency and customer services. Among the private life insurance player Reliance life insurance is the key player.
Reliance money - Anil Dhirubhai Ambani Group offers most dynamic web based trading environment to its customers .The Reliance Money stock trading websites uses special security features 'Security Token', which makes you online trading experience more secure without complexity. Reliance ADG provide the vast opportunities to the new aspirants of the business administration. The financial Sector is full of competition even if there are a lot of opportunities to the job in Reliance Money and It is the platform to go on the highest peak in the life of any coming one. Reliance Money is a single window that provide the multisystem facilities of the financial Products. There are many companies in the market which are providing the financial product like insurance, demat account services, mutual funds, general insurance, Portfolio management services(PMS), wealth management, gold coins, Money changing , Money Transfer, and the others.
Hence Reliance Money provide many financial product on the single window. Reliance money deals with the product and Investment options are available in...
Equity (Stock) Trading
Derivatives Trading Special feature is available first time to track your positions online, in real time.
Forex Trading
Commodity Trading
IPO's
Mutual Funds
Insurance
This project has been a great learning experience for me, at the same time it gave me enough scope to implement my analytical ability.
The first part gives an insight about the Demat Account, Life Insurance, General Insurance and mutual funds and theirs various aspects. It is purely based on whatever I learned at Reliance Money. One can have a brief knowledge about mutual funds and all its basics through the project. Other than that the real servings come when one moves ahead. Some of the most interesting questions regarding these products have been covered. Some of them are:
· Why has it become one of the largest financial intermediaries?
· How investors do chose between funds and these products?
Most popular stocks among fund managers, most lucrative sectors for fund managers, a special report on Systematic Investment Plan, does fund performance persists and the topping of all the servings in the form of portfolio analysis tool and its application.
All the topics have been covered in a very systematic way. The language has been kept simple so that even a layman could understand.
All the quarries of the customer asked by them, had been solved with the support of the seniors in the organization. The problems of the customer were being recorded for the purpose of the research and development.
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INCOME EXEMPT FROM TAX
Income Exempt from tax under sec10:
1.Agricultural Income [Sec 10(1)]
2.Receipts by a member from Hindu undivided family [Sec 10(2)]
3.Share of profits from Partnership firm [Sec 10 (2A)]
4.Leave Travel concession in India [Sec10 (5)]
5.Gratuity [Sec10 (10)]
6.Commuted Pension and Leave salary [Sec10 ((10A),(10AA)]
7.Retenchment compensation [Sec10 (10B)]
8.Compensation at the time of voluntary retirement [Sec 10(10C)]
9.Payment/Bonus under Life Insurance Policy [Sec10 (10D)]
10.Payment from Provident fund [Sec10 (11), (12)]
11.Payment from approved superannuation fund [Sec 10(13)]
12. House Rent Allowance [Sec 10(13A)]
13.Educational scholarship [Sec10 (16)]
14.Daily allowance of members of parliament [Sec 10(17)
15.Awards [Sec10 (17A)]
CLUBBING OF INCOME
As a general rule an assessee is taxed in respect of his own income.
In some cases, however, the Income Tax Act deviates from this principle and the assessee is taxed in respect of income, which belongs to some other persons.
These cases are as follows:
Transfer of income without transfer of asset- when income there from is regarded as that of transferor [Sec 60]
Sec 60 is applicable if the following conditions are satisfied.
1. The taxpayer owns an asset.
2. The ownership of asset is not transferred by him
3. The income from the asset is transferred to any person.
4. The above transfer may be revocable or not.
If the above conditions are satisfied
The income from the asset would be taxable in the hands of the transferor.
Example: X owns 4000 debentures of A Ltd. of Rs.100 each carrying 14% interest per annum.
On April 1, 2004 he transfers interest income to his friend Y without transferring the ownership of these debentures.
Although during 2004 –05 interest of Rs 56,000 is received by Y, it is taxable in the hands of X as he has transferred income without transferring ownership of asset.
REVOCABLE TRANSFER OF ASSET- WHEN INCOME THEREFROM IS REGRDED AS THAT OF TRANSERFOR.
Under Sec 61, if an asset is transferred under “revocable transfer”, income from such asset is taxable in the hands of the transferor.
The transfer for this purpose includes any settlement, trust, agreement or arrangement.
WHEN AN INDIVIDUAL IS ASSESSABLE IN RESPECT OF INCOME OF SPOUSE [SEC 64 (1)(ii)]
The sec 64(1)(ii) is applicable if the following conditions are satisfied.
1.Taxpayer is an individual.
2.He/she has substantial interest in a concern.
3.Spouse of the taxpayer (i.e., husband or wife of the taxpayer) is employed in the above-mentioned concern.
4.Spouse is employed in the concern without any technical or professional knowledge or experience.
If above conditions are satisfied, then the salary income of the spouse will be taxable in the hands of the taxpayer.
Example: X has substantial interest in A Ltd. and Mrs. X is employed by A Ltd, without any technical or professional qualification to justify the remuneration.
In this case the salary income of Mrs. X shall
be taxable in the hands of X
WHEN AN INDIVIDUAL IS ASSESSABLE IN RESPECT OF INCOME FROM ASSETS TRANSFERRED TO SPOUSE [SEC 64(1)(iv)]
The following conditions should be satisfied:
1.The taxpayer is an individual.
2. He/she has transferred an asset (other than house
property)
3.The asset is transferred to his /her spouse.
4.The transfer is direct or indirect
5.The asset transferred otherwise than
(a) for adequate consideration, or
(b) in connection with an agreement to
live apart.
6. The asset may be held by the transferee- spouse in
the same form or in different form.
If the above conditions are satisfied, any income from such asset shall be deemed to be the income of the taxpayer who has transferred the asset.
Example: X transfers 100 debentures of IFCI to his wife
without any consideration.
Interest income from these debentures will be
included in the income of X.
AN INDIVIDUAL IS ASSESSABLE IN RESPECT OF INCOME FROM ASSETS TRANSFERRED TO SON’S WIFE [SEC64(1)(vi)]
AN INDIVIDUAL IS ASSESSABLE IN RESPECT OF INCOME FROM ASSETS TRANSFERRED TO A PERSON FOR THE BENEFIT OF SPOUSE [SEC64 (1)(vii)]
AN INDIVIDUAL IS ASSESSABLE IN RESPECT OF INCOME FROM ASSETS TRANSFERRED TO A PERSON FOR THE BENEFIT OF SON’S WIFE [SEC 64(1)(viii)]
WHEN AN INDIVIDUAL IS ASSESSABLE IN RESPECT OF INCOME OF HIS MINOR CHILD [SEC64 (1A)]
All income, which arises or accrues to the minor child, shall be clubbed in the income of the parent.
Clubbing in the hands of father or mother:
The income of minor will be included in the income of that parent whose income [excluding the income includible under sec 64(1A)] is greater.
Where however, the marriage of the parents does not subsist, the income of the minor will be included in the income of that parent who maintains the minor child in the relevant previous year.
When clubbing is not attracted:
In the cases given below, clubbing provisions of sec 64(1A)
are not applicable –
1. Income of minor child (from all sources) suffering
from any disability of the nature specified under sec
80U.
2. Income of minor child on account of any manual
work.
3. Income of minor child on account of any activity
involving application of his skill, talent or specialized
knowledge and experience.
Exemption under sec 10(32):
In case the income of an individual includes the income of the minor child in terms of sec 64(1A), such individual is entitled to exemption of Rs.1500 or the income so included, whichever is less in respect of each minor child.
IPO AND THEIR SUCCESS AND GROWTH
When a business entity needs money the general course of action that it follows is that it goes to the bank. However banks may not be ready to provide huge finance for a long time especially if the returns are not fixed. The best way to raise money is through offer of shares. The securities which the companies issue for the first time to the public and other financial institutions either after incorporation or on conversion from private to public company is called “INITIAL PUBLIC OFFER” or “IPO”. Raising equity gives boost to economical development of the country.
Raising money through IPO is a very complex process. It requires analysis and implementation of various commercial laws applicable to IPO-Prospectus. These laws are Companies Act, Income Tax Act, FEMA, Securities Contract Act and SEBI Guidelines on“Disclosure and Investor Protection Therefore to understand this complex subject, I decided to undertake studies by this Project Report.
Apart of this I analysis the growth of the recent IPO in the indian market and response of the people. I also analysis that what benefit company and investor can get throug an IPO.
Objective Of The Study
The The basic objective of my study on IPO is mainly as under-
To analyze IPO and their growth and success in India.
To study and incorporate the legal requirements of an IPO SEBI Norms and Guidelines
To study Various aspects of IPO like cost, Involvement of intermediaries, pricing of an IPO.
To study benefit of IPO to company
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TYPE ……………......Public
FOUNDED ………….Palo Alto, California (1939)
HEADQUARTERS....Palo Alto, California,USA
INDUSTRY…………..Computer systems
.…………Computer peripherals
………….Computer software
………….Consulting
…………..I T services
PEOPLE……..……….Bill Hewlett, Cofounder
……….David Packard, Cofounder
……….Mark v Hurd,Chairman CEO and President
COUNTRIES ………...More than 170
RANKING…………...No. 14 (FORTUNE 500, 2007)
REVENUE …………………..$ 104.3 billion USD (2007)
NET INCOME……..................$ 7.3 billion USD (2007)
EMPLOYEES………...............156000 (2007)
SLOGAN………………......…Invent
GOAL………………. …….....To be the world's leading IT company
CORPORATE OBJECTIVES...Customer loyalty
…Profit
…Market leadership
…Growth
…Employee commitment
…Leadership capability
…Global citizenship
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