FUNCTIONAL STUDY ON EKKI WATER TECHNOLOGIES

By
ACKSHAY K E
Reg. No 71762252003
Of

Coimbatore Institute of Technology

(Government Aided Autonomous Institution affiliated to Anna University,
ChennaiApproved by AICTE, New Delhi)
Coimbatore-641014

UNDER THE SUPERVISION OF

Dr. John Rudolph Raj
Visiting Professor

INTERNSHIP REPORT

Submitted to the
Department of Management Studies

In partial fulfillment of the requirements for the award of degree of

MASTER OF BUSINESS ADMINISTRATION

Of
ANNA UNIVERSITY, CHENNAI

OCTOBER, 2023
 BONAFIDE CERTIFICATE

Certified that this report titled FUNCTIONAL STUDY ON EKKI WATER

TECHNOLOGIES is the Bonafide work of Mr. ACKSHAY. K. E who
underwent the internship under my supervision. Certified further, that to the best
of my knowledge the work reported herein does not form a part of any other
report or dissertation on the basis of which a degree or award was conferred on
an earlier occasion to this or any other candidate.

Signature of the Supervisor Signature of the HOD

Submitted for the Viva-Voce held on

Signature of the Examiner(s)

Place: Coimbatore
Date:

I
JOINING LETTER

II
WEEKLY REPORT 1

III
WEEKLY REPORT 2

IV
WEEKLY REPORT 3

V
WEEKLY REPORT 4

VI
INDUSTRY FEEDBACK FORM

VII
COMPLETION CERTIFICATE

VIII
 DECLARATION

I Mr. ACKSHAY. K. E hereby declare that this report titled

“FUNCTIONAL STUDY ON “ EKKI WATER TECHNOLOGIES ”
submitted to the Department of Management Studies, Coimbatore Institute of
Technology, Coimbatore, in partial fulfillment of the requirements for the
award of the Degree of Master of Business Administration of Anna
University, Chennai is a record of internship under went by me during the
year 2023 under the supervision and guidance of Dr. JOHN RUDOLPH
RAJ, VISITING PROFESSOR, Coimbatore Institute of Technology,
Coimbatore and it has not formed the basis for the award of any Degree /
Diploma / Associate ship / Fellowship or other similar title to any candidate of
any University.

Signature of the Candidate

ACKSHAY K E
71762252003

IX
ABSTRACT

This is the internship report based on the one-month internship program that I had
successfully completed in EKKI WATER TECHNOLOGIES under
Mr. K. S. GOPALAKRISHNAN , Production Manager in EKKI WATER
TECHNOLOGIES as a requirement of my MBA program on Department of
Management Studies, Coimbatore Institute of Technology. In this internship report
you get to read my experiences. Interestingly I experienced both onsite and offsite
experience in the company. You will find information about the company, where it is
located and what services they provided. I have to explain my personal experience in
EKKI. I have put my experiences, works that have been completed and observation of
the internship in EKKI WATER TECHNOLOGIES an Borewell pump and motor
manufacturing industry. Before drawing any conclusion based on this report it may be
noted that the report has been prepared in very short time and there is lack in data. But
still this report may be useful for designing any further study to evaluate the overall
environment and internship provided by EKKI WATER TECHNOLOGIES.

X
ACKNOWLEDGMENT

It is my proud privilege to release the feelings of my gratitude in several person who

helped me directly and indirectly to complete my internship. During this internship I
learned a lot about financial activities of the industry. I avail this opportunity to
express my profound sense of sincere and deep gratitude to many people who are
responsible for the knowledge and experience. I have gained during the project work.
I am grateful to Dr. M. Senthil, HEAD OF THE DEPARTMENT. COIMBATORE
INSTITUTE OF TECHNOLOGY, COIMBATORE for providing me an
opportunity to carry put the Master of Business Administration course in this College.
I sincerely acknowledge my gratitude to Mr. PRATAP BALASUBRAMIANAN,
HUMAN RESOURCES OF EKKI WATER TECHNOLOGIES, COIMBATORE
For giving an opportunity to do the project. I express my profound sense of gratitude
to Mr. K.S. GOPALAKRISHNAN, PRODCTION MANAGER, EKKI WATER
TECHNOLOGIES. For his valuable guidance and support through the internship.

XI
 TABLE OF CONTENTS

CHAPTER CONTENT PAGE NO

1 Industry Analysis 1
2 Company profile 4
3 Organization Structure 9
4 Departments in the Organization 10
5 Humble Beginning 18
6 Learning outcome 20
7 Observations 42
8 Snapshots 44
9 Conclusion 47
 LIST OF FIGURES

FIGURE NAME OF THE FIGURE Page

no no
2.1 CEO OF THE ORGANIZATION 6
4.1 GLOBAL PUMP MARKET BASED ON SECTOR 11
ALLOCATION
4.2 MARKET GROWTH RATE FOR DOMESTIC PUMPS 11
6.1 TECHNOLOGY 27

6.2 INNOVATION 27
6.3 PEOPLE 28
6.4 PROCESS 28
6.5 BUSINESS PROCESS 30
8.1 BOREHOLE SUBMERSIBLE 44
8.2 SUBMERSIBLE 44
8.3 OPENWELL SUBMERSIBLE 44
8.4 WASTE WATER PUMPS 45
8.5 CENTRIFUGAL PUMP 45
8.6 JET PUMPS 45
8.7 HORIZONTAL MULTISTAGE PUMPS 46
8.8 PRESSURE BOOSTING SYSTEMS 46
8.9 SELF PRIMING MOTORS 46
8.10 PANEL BOARDS 46
 CHAPTER 1

1. INDUSTRY ANALYSIS

1.1 INTRODUCTION:

Before the introduction of pumps people use the manpower to drain out water from
well , to make things easier and to increase the productivity things were invented , In
1911, 18-year-old Armais Arutunoff organized the Russian Electrical Dynamo of
Arutunoff Co. in Ekaterinoslav, Russia, and invented the first electric motor that
would operate in water. During World War I, Arutunoff combined his motor with a
drill. It had limited use to drill horizontal holes between trenches so that explosives
could be pushed through. In 1916, he redesigned a centrifugal pump to be coupled to
his motor for dewatering mines and ships. In 1919, he immigrated to Berlin and
changed the name of his company to REDA. In 1923, he immigrated to the United
States and began looking for backers for his equipment. Initially, he approached
Westinghouse but was turned down because their engineers thought it would not work
because it was impossible under the laws of electronics.

In 1926, at the American Petroleum Institute (API) conference in Los Angeles, two
parties joined together to start the ESP industry. Just before this conference, Arutunoff
had joined forces with Samual VanWert, a sucker-rod salesman who saw the potential
of the new device. Together, they initiated a prototype test in a Baldwin Hills oil well.
The second party involved Clyde Alexander, a vice president of a 9-year-old
Bartlesville, Oklahoma, oil company—Phillips Oil Co. He was at the conference to
look for ways of lifting oil from wells that also required producing large amounts of
water. Arutunoff and Phillips signed a contract to field test the concept in the El
Dorado field near Burns, Kansas. After a successful test, Bart Mfg. was organized. On
15 March 1930, Phillips sold his rights to Charley Brown, a Bart stockholder and
executive in Marland Oil Co., and Arutunoff. This was the birth of REDA Pump Co.
In 1969, REDA merged with TRW Inc., and in 1987, it was sold to Camco Intl.,
which merged with Schlumberger in 1998.

1
In 1957, a second company was established. This product line started at the Byron
Jackson Pump facility in Vernon, California. Byron Jackson was a division of Borg
Warner Corp. In 1959, the oilfield product line of Byron Jackson Pump was moved to
Tulsa and quickly became known as a "BJ" pump. In 1979, it became Centrilift Inc., a
subsidiary of Borg Warner Corp., and was moved to Claremore, Oklahoma, in 1980.
Just after the relocation in 1980, Centrilift was sold to Hughes Tool Co. Then, in
1987, Hughes Tool and Baker International merged to become Baker Hughes Inc.

In 1962, Goulds Pump Oil Field Submergible Division approached Franklin Electric
to find a better motor for their oilfield-pump product. By 1967, they had designed a
new product and had formed a joint venture company, Oil Dynamics Inc. (ODI). In
1997, ODI was sold to Baker Hughes Inc., and its product line was merged into
Centrilift’s.

The story behind the third company becomes a little more convoluted. In 1965,
Hydrodynamics was formed as a part of Peerless Pump to develop an oilfield
submersible product. After limited financial success, it was sold to FMC Corp. and
renamed Oiline. In 1976, it was sold again, this time to Kobe, and became Kobe
Oiline. Kobe was sold to Trico in 1983, but the Kobe Oiline product was spun off to
Baker International, and it became Bakerlift Systems. Trico had also just purchased
the Standard Pump water-well line from REDA. A side branch to this tree starts with
the emergence of Western Technologies in 1978. It was sold to Dresser Industries and
renamed WesTech in 1982. Then, in 1985, it was sold to Bakerlift Systems. When
Baker International and Hughes merged in 1987, the US operation of Bakerlift was
divested and sold to Trico, but Baker Hughes retained the international segment of the
Bakerlift business. Trico’s product line was made up of equipment from Kobe Oiline,
Standard Pump, WesTech, and Bakerlift Systems. It was renamed Trico Sub Services.
On another side branch, ESP Inc. was formed in 1983. Wood Group purchased it in
1990. Then, in 1992, Trico Sub Services was purchased by Wood Group and was
merged into ESP Inc.

2
1.2 GROWTH OF PUMPS AND MOTOR INDUSTRY IN INDIA

Market research analysts at have predicted that the pumps market in India will grow
steadily during the predicted period and will post a CAGR of almost 10% by 2020.
Owing to increased consumption, the pump manufacturers have been concentrating
only on the needs of the domestic market, mainly to the agriculture and building
services industries. The influence of linearization, privatization, and globalization of
the Indian pump market have compelled manufacturers to export their products to
foreign countries where the demand for pumps in high in industries such as oil and
gas, steel, and mining. Currently, the US and Germany are the revenue contributors to
the market. Factors such as the rising demand for oil and the increased investments in
water and wastewater treatment activities will have a huge impact on pump exports in
India, which will drive the demand for the market during the predicted period.

The pumps market in India will witness the emergence of intelligent pump systems
and micro disc pump technology in the next few years. Intelligent pump systems can
control and regulate the flow or pressure of the fluid, can adjust to process changes,
and also have a fault tolerant design, which will induce several manufacturers to adopt
these pumps as they reduce the total cost of ownership without compromising
performance parameters. Also, the micro disc pump technology will help
manufacturers develop small-size and energy-efficient disc pumps that can be used in
medical applications such as wound therapy and blood pressure measurement.

3
 CHAPTER 2

2. COMPANY PROFILE
EKKI Water Technologies, water pumps and motor manufacturing company
Coimbatore

2.1 ORIGIN AND ESTABLISHMENT OF THE INDUSTRY

The EKKI Group is one among India’s advanced pumping technologies

Manufacturers that produces pumps and systems under the EKKI and DECCAN
Brands. The privately held family-owned firm shoulders transportation of water in an
efficient and sustainable way for agricultural, building services, industrial and public
utilities markets., Established in 1981 this family business produces a wide range of
pumps from its 4 world-class production centers.. Internationally EKKI is establishing
its global presence. It has several distribution partnerships and manufacturing
collaborations with Technology leaders and Global Distributors. Today EKKI’s
products are sold in more than 20 Countries.The EKKI Group has an International
Joint Venture Alliance with HOMA Pumpenfabrik GmbH of Germany, the world
leader in waste-water pumps.

2.2 HISTORY OF THE INDUSTRY

Ekki groups formerly known as Deccan Pumps was founded by Mr. K.K. Veluchamy,
Mr. M.S. Sundaram and Mr. P. Arumugam int the year 1981, They aspired to make a
difference to the toiling farmers by manufacturing pumps which would ease the
irrigation process., Their dream became real in 1982. The three partners established a
partnership firm with a modest capital of 90,000 INR (1350$) with every member
contributing 30,000 INR (450$) each. Submersible pumps for the agricultural markets
under the brand name “Deccan” were the first pumps to be manufactured and sold
from a small workshop with 9 workers., in the year 1983 they Introduced a unique
style of its own in winding, ‘a closed system’ instead of ‘open winding’ in
submersibles, in the year 1984 they created milestone by Designed and Developed
125mm Dia borehole pumps this was the first of its kind in India. In 1986 Deccan

4
Pumps was the first in South India to get BIS certification for bore well pumps IS
8034. They also made the world’s first vertical open well submersible pump, in 1990
Deccan Enterprises a trading firm was launched with the specific goal of distributing,
along with pumps, systems and accessories. The firm becomes India’s largest
distributor for Finolex Cables., in the year 1995 Mr.M.S.Sundaram, one of the
founders passed away and Mr.K.K.Veluchamy and Mr.P.Arumugam assume 100%
ownership of the group. during the same year they were First manufacturer in the
world to produce double stage Jet pumps to be used without control valves , in the
year 1996 A new company, “DECCAN PUMPS PRIVATE LIMITED” with a new
production facility and state of the art CNC machines was setup. , in the year 2000 To
have global standards, the company got certified as an ISO company. Exports started
to Middle East countries., in the year 2003 as a part of CSR activity the organization
settled up a home for senior citizens named as Darbari elders’ home, in 2002 Deccan
pumps private limited expands its phase 2 production facility exclusive for open well
submersibles. In 2012 post to another shareholders Mr. K.K. Veluchamy, death, Mr.
P. Arumugam determined to carry the company with its tradition of innovations and
achievements. He along with Mr. K.K. Veluchamy’s legal heirs continued to run the
company intact during the ensuing days. In 2009 the organization Obtained 5 star
rating for “DECCAN” brand pumps from Bureau of Energy efficiency.in 2013 EKKI
PUMPS, a new state of the art facility to produce high performance bore hole
submersible pump the organization was renamed as Ekki pumps EKKI PUMPS, a
new state of the art facility to produce high performance bore hole submersible pump
was also set up , in 2013 they decided to EKKI redefines its branding strategy with
the corporate master brand as EKKI holding two product brands Deccan & EKKI.,
they also Obtained 5 star rating for “EKKI” brand pumps from Bureau of Energy
efficiency. , in 2015 Mr. Kanishka Arumugam the next-gen member is inducted
within the Group. And been appointed as the CEO of the organization, in 2016 they
Started the journey 5S and lean manufacturing excellence activities within the group.
In 2018, EKKI Signs an International Joint Venture alliance with Homa
Pumpenfabrik GmbH of Germany, a world leader in waste-water pumps. This is the
first ever Indo-German Alliance in the field of waste water pumps.

5
2.3 ABOUT CEO

FIGURE 2.1 CEO OF THE ORGANIZATION

Kanishka Arumugam, the Second-Gen member of the EKKI Water Technology group
is the CEO of EKKI Water Technologies; he is the Chief Executive of Indo German
alliance EKKI HOMA Pvt Ltd. He is credited in setting up India’s first International
JV in the wastewater sector. Kanishka Arumugam, currently pursuing his MBA from
the Oxford University (UK) with a focus on Sustainability holds a Masters degree
from the Warwick Manufacturing Group (WMG) at the University of Warwick (UK).
He is an (Hons) Engineering graduate from Sheffield (UK) with a Certificate of
Higher Education from the University of Leeds (UK). He is an alumnus of the
Stanford University’s SIGM program (USA).Before joining EKKI, he interned at
Xylem Water Solutions (Italy), the world’s largest producer of water technologies,
Forbes Marshall (India), a leader in process efficiency and energy conservation
technologies and Rentropsche Vermögensverwaltung (Germany) a private investment
firm.He has travelled to more than 50 Countries. As a next-gen member of the family
business, he works closely in areas of Internationalization, Technology Management,
Strategy and Business development.He serves as a trustee of the Darbari Elders’
Home and Info Institute of Engineering. Kanishka is also an executive member of the
Confederation of Indian Industries (CII) and Family Business Network (FBN) of
Switzerland. He is the Chairman for the NxG Committee, CII FBN India and member
of NxG Leadership Team, FBN International, He is the youngest Indian to hold this
prestigious position.

6
2.4 VISION OF THE ORGANIZATION
provide access to clean water in an efficient and sustainable way for agricultural,
building services, industrial and public utilities markets.

VISION EXPLAINED
The vision of the organization explains that they want everyone to have access to the
water with the help of their pumps for agriculture and building services in a
sustainable way

2.5 MISSION OF THE ORGANIZATION

Conquer the Coimbatore market and stand out highlighted from theier competitor
brands

2.6 Purpose
EKKI aims to provide exceptional pumping technologies. Our core purpose is to help
draw, transport and control fluids which primarily include water with its leading-edge
pumps, systems, solutions & applications knowledge using the most intelligent and
sustainable techniques possible.

2.7 COMPETITORS
EKKI water technologies is a player in the water pumps and motor technology with
their presence in the market more than 40+ years, The company has a product
portfolio of more than 1000 water pumps and motor systems and has 2+ million
installations all over the world.

Major competitors for water pumps and motors in the space are

CRI pumps – most preferred brand and the third largest in India
Texmo Industries – a unit of Aqua sub Engineering and the second largest India
Aqua sub Engineering – 1st largest in the water pump industry in India

7
2.8 PRODUCTS AND SERVICE OFFERED
EKKI aims to provide exceptional pumping technologies. Our core purpose is to help
draw, transport and control fluids which primarily include water with its leading-edge
pumps, systems, solutions & applications knowledge using the most intelligent and
sustainable techniques possible

2.9 EASE OF MAINTENANCE

• Maximized Uptime
• Machine Longevity
• Superior Quality
• Improved Productivity
• Low Maintenance Cost

8
 CHAPTER 3

3. ORGANIZATIONS STRUCTURE:
The organization has Business religion and corporate function structure. They are
operating in many countries like (India, Saudi Arabia, USA, Europe), The corporate
function has different departments Operation, Technology, Corporate strategy and
planning, Finance and IT, HR and R&D.

3.1 CONTRIBUTION TO THE SOCIETY

CORPORATE SOCIAL RESPONSIBILITY

EKKI understand and appreciates the need to forge deep and meaningful bonds within
and outside the community for mutual growth and development holding true to our
aspiration “Always better”, They aim to bring a positive impact on society.

❖ The Marwa houses :

The Marwa House, under the CSR activity is a hostel built for the welfare of
the shop floor employees.

❖ Darbari Elders Home

Division supports his long-term friend and mentor of the group, Professor M.
K. Natarajan for setting up a home for senior citizens. “Darbari Elders Home”,
a non-profit oriented establishment.

9
 CHAPTER 4

4.1 DEPARTMENTS IN THE ORGANIZATION

❖ Accounting department

❖ R&D department
❖ HR department (Employment, Administration, Corporate)

❖ Plant and maintenance department

❖ Assembly department

❖ Machine shop

❖ Mechanic center
❖ Packing section
❖ Painting section
❖ Commercial department (Invoice transport)

❖ Manufacturing Engineering
❖ Store (Warehouse, multistore i.e., Finished goods, raw material)

❖ Quality control department

❖ Marketing

❖ Foundry (molding the material)

❖ Customer care

❖ Learning and development

❖ Health care department

4.1.1 UNDERSTANDING THE WATER PUMP AND MOTOR

INDUSTRY
A Motor pump is a mechanical device, used to move the liquids/gases from one place
to another by using mechanical action. The working principle of the water pump is, it
converts the motor’s energy from mechanical to fluid flow. These are classified into
various types based on the technique they use for supplying the liquid like direct,
gravity and displacement.
10
A pump operates by using a mechanism like rotary or reciprocating and they consume
energy for performing mechanical work to move the liquid. Pumps use several energy
sources for their operations like manual, wind power, electricity, engines, etc. These
are available in many shapes based on its application like medical to large industries.

There different mechanical pumps available in the market to serve in an extensive

range of applications like water pumping from wells, filtering of the aquarium, pond,
in industries like automobile, energy, medical, etc.

FIGURE 4.1 GLOBAL PUMP MARKET BASED ON SECTOR ALLOCATION

4.1.2 MARKET SIZE

The global water pump market size reached a value of approximately USD 64.9
billion in 2022. The market is projected to grow at a CAGR of 4.40% between 2023
and 2028, reaching a value of USD 84.03 billion by 2028.

FIGURE 4.2 MARKET GROWTH RATE FOR DOMESTIC PUMPS

11
4.1.3 AFTERMARKET/ RECURRING REVENUE
The biggest positive for the industry is the aftermarket revenue it generates. For every
dollar of equipment sold, aftermarket generates 1.2 USD across the next 10 years in
aftermarket sales. In addition to the same, the aftermarket parts gross margins are
almost 2-3x of the original equipment. Recurring revenue is anywhere from 30-50
percent of total revenue. The aftermarket growth is outpacing the growth in units in
India due to a higher installed base. As the installed base increases in India and in
other countries, the certainty of recurring revenue is almost given. The nature of the
industry thus is a factor of
1. New Installations.
2. After Market revenue from the installed base.

4.1.4 INDIGENOUS TECHNOLOGY, FOCUS ON QUALITY AND R&D

EKKI has built its own indigenous technology for Pumps and Motors which
competes and fares strongly against the deep pockets of multi-national brands. In
addition to the same, the company offers the longest warranty of any company in the
world and at the cheapest price. The focus on quality and indigenous technology has
helped EKKI build a strong brand in India and overseas. EKKI is a global brand and
the company has R&D capabilities to innovate in order to stay relevant

4.1.5 GLOBAL PLAYER

The company is also aggressive in its growth plans in-organically. The company has
acquired 1 pump and motor companies around the world in the past decade, entering
the markets. Below is the revenue mix from different geographically (FY 21) –
India - 52%
Americas - 24%
Europe - 9%
Australia - 7.5%
Others - 7.5%

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4.1.6 POTENTIAL WEAKNESSES
Competitive intensity
While capital cost for setting up a manufacturing unit is not high due to the assembly
nature of operations, technology plays a major role and acts as an entry barrier. Most
large domestic players are subsidiaries of established international companies or have
technical collaborations with global players which makes the pump and motor
industry tougher to thrive

4.2 CERTIFICATION
The organization has certifications namely
1.ISO 9000 for quality standards
2.IEEE for efficiency standards

4.3 SWOT ANALYSIS

Using SWOT for Strategic Planning at Ekki water technologies
Over the years the nature of the strategic planning has changed in the Misc. Capital
Goods. managers utilize SWOT not only for short term planning but also for long
term strategic planning. It will provide the managers with a better understanding of
market, organization, and competitors.

Using SWOT for Performance Improvements

In the short-term SWOT is an effective tool to improve business processes, part of
business, or both together. SWOT helps Ekki water technologies managers to identify
areas of weakness in operations in the organization. Managing and eliminating these
weaknesses can drive future growth of Ekki water technologies.

Using SWOT analysis for Venture Feasibility, New Project Viability & New
Product Launch
Project management and feasibility analysis have become more specialized. SWOT
analysis can still help managers at Ekki water technologies to work out the pros and
cons of new project, initial viability and macro environment development.
13
4.3.1STRENGTHS:
strengths are the firm's capabilities and resources that it can use to design, develop,
and sustain competitive advantage in the marketplace

• Talent management at ekki water technologies and skill development of the

employees - human resources are integral to the success of ekki water technologies in
misc. Capital goods industry.

• Diverse revenue models - over the years ekki water technologies has ventured into
various businesses outside the capital goods sector. This has enabled the company do
develop a diversified revenue stream beyond capital goods sector and misc. Capital
goods segment.

• Track record of innovation - even though most players in the capital goods strive to
innovate, ekki water technologies has successful record at consumer driven
innovation.

• High margins compare to misc. Capital goods industry's competitors - even though
ekki water technologies is facing downward pressure on profitability, compare to
competitors it is still racking in higher profit margins.

• Market leadership position - ekki water technologies has a strong market leadership
position in the misc. Capital goods industry. It has helped the company to rapidly
scale new products successes.

• First mover advantage in the increasingly crowded market place. The new products
are rapidly increasing ekki water technologies market

• Share in the misc. Capital goods industry.

14
4.3.2 WEAKNESSES:
Weaknesses of Ekki water technologies can either be absence of strengths or
resources of capabilities that are required but at present the organization doesn't have.
Leaders have to be certain if the weakness is present because of lack of strategic
planning or as a result of strategic choice

• Extra cost of building new supply chain and logistics network - Internet and
Artificial Intelligence has significantly altered the business model in the Capital
Goods industry and given the decreasing significance of the dealer network ekki water
technologies has to build a new robust supply chain network. That can be extremely
expensive.

• Declining per unit revenue for ekki water technologies - competitiveness in the
Misc. Capital Goods industry is putting downward pressure on the profitability. A
starting guide to manage this situation for company name is – objectively assessing
the present value propositions of the various products.

• Gross Margins and Operating Margins which could be improved and going forward
may put pressure on the ekki water technologies financial statement.

• Low investments into ekki water technology’s customer-oriented services - This can
lead to competitors gaining advantage in near future. ekki water technologies needs to
increase investment into research and development especially in customer services-
oriented applications.

• Declining market share of ekki water technologies with increasing revenues - the
Misc. Capital Goods industry is growing faster than the company. In such a scenario
ekki water technologies has to carefully analyze the various trends within the Capital
Goods sector and figure out what it needs to do to drive future growth.

• Loyalty among suppliers is low - Given the history of ekki water technologies
coming up with new innovations to drive down prices in the supply chain.
15
4.3.3 OPPORTUNITIES:
Opportunities are potential areas where the firm can identify potential for - growth,
profits, and market share.
• Lower inflation rate - The low inflation rate bring more stability in the market,
enable credit at lower interest rate to the customers of ekki water technologies. This
will increase the consumption of ekki water technologies products.

• Trend of customers migrating to higher end products - It represents great

opportunity for ekki water technologies, as the firm has strong brand recognition in
the premium segment, customers have experience with excellent customer services
provided by ekki water technologies brands in the lower segment. It can be a win-win
for the company and provides an opportunity to increase the profitability.

• Rapid Expansion of Economy As the US economy is improving faster than any

other developed economy, it will provide ekki water technologies an opportunity to
expand into the US market. ekki water technologies already have know-how to
operate into the competitive US market.

• Lowering of the cost of new product launches through third party retail partners and
dedicated social network. ekki water technologies can use the emerging trend to start
small before scaling up after initial success of a new product.

• Accelerated technological innovations and advances are improving industrial

productivity, allowing suppliers to manufacture vast array of products and services.
This can help ekki water technologies to significantly venture into adjacent products.

• Local Collaboration - Tie-up with local players can also provide opportunities of
growth for the ekki water technologies in international markets. The local players
have local expertise while ekki water technologies can bring global processes and
execution expertise on table.

16
4.3.4 THREATS:
Threats are factors that can be potential dangers to the firm's business models because
of changes in macro-economic factors and changing consumer perceptions. Threats
can be managed but not controlled.

• Saturation in urban market and stagnation in the rural markets - For ekki water
technologies this trend is an ongoing challenge in the Misc. Capital Goods segment.
One of the reasons is that the adoption of products is slow in rural market. Secondly it
is more costly for ekki water technologies to serve the rural customers than urban
customers given the vast distances and lack of infrastructure.

• Commoditization of the product segment - The biggest challenge for ekki water
technologies and other players in the industry is the increasing commoditization of the
products in Capital Goods industry.

• Shortage of skilled human resources - Given the high turnover of employees and
increasing dependence on innovative solution, company name can face skilled human
resources challenges in the near future.
• Competitors catching up with the product development - Even though at present the
ekki water technologies is still leader in product innovation in the Misc. Capital
Goods segment. It is facing stiff challenges from international and local competitors.

• Distrust of institutions and increasing threat of legal actions for ekki water
technologies - As the WTO regulations and laws are difficult to enforce in various
markets. Legal procedures have become expensive and long drawn process. It can
lead to less investment into emerging markets by ekki water technologies thus
resulting in slower growth. • Growing technological expertise of local players in the
export market - One of the biggest threat of tie-up with the local players in the export
market for ekki water technologies is threat of losing IPR. The intellectual property
rights framework is not very strong in emerging markets especially in China.

17
 CHAPTER 5

Humble beginning
Ekki groups formerly known as Deccan Pumps was founded by Mr. K.K. Veluchamy,
Mr. M.S. Sundaram and Mr. P. Arumugam int the year 1981, They aspired to make a
difference to the toiling farmers by manufacturing pumps which would ease the
irrigation process.,. Submersible pumps for the agricultural markets under the brand
name “Deccan” were the first pumps to be manufactured and sold from a small
workshop with 9 workers., in the year 1983 they Introduced a unique style of its own
in winding, ‘a closed system’ instead of ‘open winding’ in submersibles, in the year
1984 they created milestone by Designed and Developed 125mm Dia borehole pumps
this was the first of its kind in India. In 1986 Deccan Pumps was the first in South
India to get BIS certification for bore well pumps IS 8034. They also made the
world’s first vertical open well submersible pump, in 1990 Deccan Enterprises a
trading firm was launched with the specific goal of distributing, along with pumps,
systems and accessories. The firm becomes India’s largest distributor for Finolex
Cables., in the year 1995 Mr.M.S.Sundaram, one of the founders passed away and
Mr.K.K.Veluchamy and Mr.P.Arumugam assume 100% ownership of the group. ,
during the same year they were First manufacturer in the world to produce double
stage Jet pumps to be used without control valves , in the year 1996 A new company,
“DECCAN PUMPS PRIVATE LIMITED” with a new production facility and state of
the art CNC machines was setup. , in the year 2000 To have global standards, the
company got certified as an ISO company. Exports started to Middle East countries,
in 2002 Deccan pumps private limited expands its phase 2 production facility
exclusive for open well submersibles. In 2012 post to another shareholders Mr. K.K.
Veluchamy, death, Mr. P. Arumugam determined to carry the company with its
tradition of innovations and achievements. In 2009 the organization Obtained 5 star
rating for “DECCAN” brand pumps from Bureau of Energy efficiency.in 2013 the
organization was renamed as Ekki pumps EKKI PUMPS, a new state of the art
facility to produce high performance bore hole submersible pump was also set up , in
2013 they decided to EKKI redefines its branding strategy with the corporate master
brand as EKKI holding two product brands Deccan & EKKI.,
18
they also Obtained 5 star rating for “EKKI” brand pumps from Bureau of Energy
efficiency. , in 2015
Mr. Kanishka Arumugam the next-gen member is inducted within the Group. And
been appointed as the CEO of the organization, in 2016 they Started the journey 5S
and lean manufacturing excellence activities within the group. In 2018, EKKI Signs
an International Joint Venture alliance with Homa Pumpenfabrik GmbH of Germany,
a world leader in waste-water pumps. This is the first ever Indo-German Alliance in
the field of waste water pumps.

5.1 Growing market

All these global players are also key competitors of EKKI in the Indian Pump &
motor market which was pegged at around $2 billion in 2020 and it is projected to
advance at a CAGR of 6.2 per cent during 2025–30. The growing real-estate &
Agriculture sector in India is expected to drive the demand for pumps & motors.
Additionally, the manufacturing sector in India is also gaining some momentum

19
 CHAPTER 6

6.1 Standalone Balance Sheet?

It is a balance sheet where the holding company does not show any financial report of
its subsidiary and associate companies. These reports or balance sheets only contain
financial information about the holding company and reflect the position of the
holding company only. Sometimes a standalone balance sheet can be misleading
because it can contain information about interest and dividend amounts received by
the company. However, it also includes debts taken by it but does not contain any
information if its subsidiary companies are indebted

6.1.2 Consolidated Balance Sheet?

The consolidated balance sheet is a balance sheet presented in the combined format.
In simple terms, the consolidated balance sheet is the company’s balance sheet that
has also added financial reports of its subsidiary and associate companies. It is
designed to show the entire group of companies owned by the parent company itself

6.2 FINANCE AND ACCOUNTING DIFFERENCE

FINANCE MEANING
The system that includes the circulation of money, the granting of credit, the making
of investments, and the provision of banking facilities.

ACCOUNTING MEANING
Accounting is the science of recording and classifying business transactions and
events, primarily of a financial character, and the art of making significant summaries,
analyses and interpretations of those transactions and events and communicating the
results to the persons who must take decisions or form judgement.

20
MANAGEMENT MEANING
Management (or managing) is the administration of an organization. Management
includes the activities of setting the strategy of an organization and coordinating the
efforts of its employees (or of volunteers) to accomplish its objectives through the
application of available resources, such as financial, natural, technological, and
human resources. “Run the business” and “Change the business” are two concepts
that are used in management to differentiate between the continued delivery of goods
or services and adapting of goods or services to meet the changing needs of customers
- see trend. The term "management" may also refer to those people who manage an
organization

6.2.1TYPES OF ACCOUNTING

1.Financial Accounting
This accounting is also termed as financial reporting as it is the procedure of
generating financial information for internal as well as external use in the form of
financial statements. The financial statements of every company reflect its past
performance and present situation according to accounting standards specified by the
authority. The process of financial accounting involves certain accounting
conventions and rules and regulations which are supposed to implement by the
accountant of the company in preparation of financial statements.

2.Management Accounting
This accounting is majorly focused on the management of the company. It is primarily
made for internal use by the management of an organization and provided information
shall be more detailed than the information needed for the external use. This
accounting helps in enabling effective control and the fulfilment of the strategies
made for the development of the company. Generally, this accounting includes
forecasting and budgeting of the projects for better results and profit maximization in
the company with the effective utilization of resources available in the company. It
also includes the report of past performance and its result.

21
3.Public Accounting
It is also known as Government accounting and it refers to the accounting which is
used in the public sector at large.. Public accounting ensures the financial structure of
the government as well as public sector companies with the budgeted system provided
under some money constraints. This accounting shows the financial position of the
public sector companies and shows the comparative analysis of past performance with
the current performance.

4.Tax Accounting
This is the type of accounting that is related to the matters of taxation. It is governed
by the jurisdiction of tax laws and prescribed rules and regulations. The taxation rules
are varying from the GAAP rules to support the differences. Tax accountants are
generally prepared the financial statements according to rescribed accounting
regulations concerning taxation laws. The information from this accounting is
beneficial for the tax professionals to analyze the tax planning and estimate the tax
liability of the entities with tax implications added thereon.

5.Forensic Accounting
It is a different kind of accounting which is related to some investigation techniques.
These professionals are known as the Sherlock Holmes of the accounting world. They
use an authentic way of accounting by investigation and auditing in cases of litigation
or accounting fraud or disputes related to laws and regulations. The accountants of
forensic accounting considered experts in matters involving litigations or financial
frauds.

6.Project Accounting
Project Accounting is an important constituent of project management. Accounting of
these projects is done through the accounting system in which there is a track of the
financial progress of a project via frequent financial reporting. It is a specialized
branch of accounting and it provides a competitive edge to the projects of the
company. For project-oriented business it the must accounting system.

22
7.Social Accounting
It is also called as Sustainability and Corporate Social Responsibility Reporting. It is
the process of analysing the implication of ecological and social environment factors
that are related to the company. It is the form of reporting in which environmental
reports are prepared to be accompanying the annual accounting reports of the
companies. It refers to the process of accounting which deals with corporate social
responsibility and other environmental factors that are constituting the company and
evaluation of external environment factors that are necessary to report to keep the
track record of the changes with the past reports. However, this accounting is new in
the business era but is considered to be implemented for good corporate governance.

8.Internal Auditing
Those in the internal auditing field are concerned with the examination of a
company's systems and transactions to spot control weaknesses, fraud, waste, and
mismanagement, and the reporting of these findings to management. The career track
progresses from various internal auditor positions to the manager of internal.

6.2.2 TYPE OF FINANCE

6.2.3
1.Debt Finance:
Basically, the cash which you acquire to maintain or run your business is known as
debt finance. Debt finance does not provide ownership control to the moneylender;
the borrower must repay the principal amount along with the agreed upon interest
rate. Mostly, the interest rate is determined based on the loan amount, duration, the
purpose for borrowing the specific type of finance and inflation rate.
Debt finance can be classified into three types:
• Short-term
• Medium-term and
• Long-term

23
2.Equity Finance:
Equity finance is a classic way of raising capital for businesses by issues or offering
shares of the company. This is one of the major differences in equity finance from
debt finance. This finance is generally applied for seed funding for start-ups and new
businesses. Well-known companies apply this finance to raise additional capital for
the expansion of their business. Equity finance is generally raised by issues or
offering equity shares of the business. Basically, each share is an owner’s unit for that
specific company.
The other types of finance are discussed below:

3.Public Finance:
Public finance deals with the study of the state’s expenditure and income. It considers
only the government’s finances. The scope of public finance includes the fund’s
collection and its allocation among different sectors of state activities that are
considered as essential functions or duties of the government.
Public finance can be classified into three types:
• Public Expenditure
• Public Revenues
• Public Debt

4.Personal Finance:
Personal finance denotes the application of finance’s principles to the monetary
decisions of a family or an individual. It includes the ways in which families or
individuals get, budget, spend and save monetary resources over a period, considering
different future life events and financial risks. Financial position is focused on
understanding the available personal resources by examining the household cash
flows and net worth. Net worth is an individual’s balance sheet, derived by summing
up all assets under that individual’s control, minus the household’s all liabilities at a
time.

24
5.Corporate Finance:
Corporate finance includes financial activities pertaining to running a corporation. It
is a department or division which oversees the financial functions of a company. The
primary concern of corporate finance is the maximization of shareholder value
through short-term and long-term financial planning and different strategies’
implementation.

6.Private Finance:
Private finance denotes an alternative method of corporate finance helping a company
raise fund to avoid monetary problems with a limited time frame. Basically, this
method helps a company which is not listed on a securities exchange or is incapable
to obtain finance on such markets. A private financial plan can also be suitable for a
nonprofit organization.

6.2.4 TYPES OF MANAGEMENT

1.Strategic Management
Strategic management looks at an organization's overall strategy formation and
execution with the goal of growing and sustaining competitive advantage. Strategic
management is an executive function that may report to the owners of a firm.

2.Sales Management
Management of sales territories, teams or accounts.

3.Marketing Management
Management of marketing strategies, products, brands and promotions.

4.Public Relations
Managing communications between an organization and the public.

25
5.Operations Management
The management of production of goods and services. Operations management is a
broad field that describes everything from manufacturing management to retail
management.

6.Supply Chain Management

Managing the process of moving a product or service from supplier to customer.

7.Procurement Management
Managing the acquisition of goods and services from external sources.

8.Financial & Accounting Management

Managing financial and accounting processes and teams.

9.Human Resources Management

Responsible for attracting, hiring, training, compensating, rewarding and managing
the performance of employees. Human resources place a key role in forming and
overseeing an organization's culture.

10.Information Technology
Management Managing information technology teams and processes.

11.R&D Management
The management of research & development processes and teams.

26
6.3 KEYS TO SUCCESS
FIGURE 6.1 TECHNOLOGY

6.3.1 TECHNOLOGY
EKKI’s vision is to develop a comprehensive range of products that excels quality
standards, have the lowest lifecycle costs for customers and provides innovative
solutions that cater to market needs. Based on customer-oriented lifecycle analyses,
we are committed to consistently renewing our new product development process.
Our forte lies in building strong capabilities in Pump and motor technology

FIGURE 6.2 INNOVATION

6.3.2 INNOVATION
Innovation is a continuous journey towards product excellence. EKKI, keeping in line
with its commitment to be “Always Better” , has adopted innovation as the key
differentiator since the early days of its inception. Identifying and developing
futuristic technologies for product excellence through our “State of the Future Art”
initiative. Acquiring and nurturing technology driven talent.

27
 FIGURE 6.3 PEOPLE

6.3.3 PEOPLE
Our technology division is spearheaded by a team of proficient engineers and
specialists who are experts in diverse subsystem domains and have niche technical
skills. We work in an environment that encourages collaboration and creative
problem-solving. Mechanical and electrical engineering teams with training in
advanced design tools, analysis and simulation software, and testing tools.

FIGURE 6.4 PROCESS

6.3.4 PROCESS
The EKKI Management and Marketing Organization (PMMO) stands as the core
for all product design, innovation and development strategies. We seamlessly
integrate and align our technology division’s product development and innovation
projects with the company’s business goals for success.

6.3 EXPLANATION

Capital Budgeting
Capital budgeting is the process a business undertakes to evaluate potential major
projects or investments. Construction of a new plant or a big investment in an outside
venture are examples of projects that would require capital budgeting before they are
28
approved or rejected. As part of capital budgeting, a company might assess a
prospective project's lifetime cash inflows and outflows to determine whether the
potential returns that would be generated meet a sufficient target benchmark. The
capital budgeting process is also known as investment appraisal.

Sourcing:
Sourcing, as we know, is the search for a supplier or service provider to get the
materials or services. It finds a supplier or a service provider for the business to
operate. We can regard sourcing as the beginning of the supply chain. Sourcing does
not just mean finding materials because it needs to follow the requirements of the
company. Once they try sourcing substandard materials, the productivity of the
company will be affected resulting in losses

Requisition:
A requisition refers to the process of formally requesting a service or item, typically
using a purchase requisition form or another standardized document. The requisition
process is a standardized way of keeping track of and accounting for allrequisitions
made within a business.

6.1.1What is Purchase Order

A purchase order, or PO, is an official document issued by a buyer committing to pay
the sellerfor the sale of specific products or services to be delivered in the future. The
advantage to the buyer is the ability to place an order without immediate payment.
From the seller’s perspective,a PO is a way to offer buyers credit without risk, since
the buyer is obligated to pay once the products or services have been delivered. Each
PO has a unique number associated with it that helps both buyer and seller track
delivery and payment. A blanket PO is a commitment to buyproducts or services on
an ongoing basis, until a certain maximum is reached

29
MATERIAL INWARD
Material inwards is stocking going to the warehouse, increase stock quantities at
warehouse

ASSET INWARD/OUTWARD

BUSINESS PROCESS
FIGURE 6.5 BUSINESS PROCESS

Order to Cash

BUSINESS
Procure to Pay
PROCESS

Acquire to
Hire to Retire
Retire

Idea to
Development

6.4.2 What is a secretary?

A secretary is an administrative professional who plays an integral role in business
and other organizational environments. Secretaries are typically the individuals who
maintain and organize office tasks, implement procedures and carry out additional
administrative duties, depending on the nature of their employment. For instance, the
administrative tasks a secretary is responsible for can differ between industries such
as law, private company sectors and government entities.

However, a secretary may be responsible for several common duties that can include:

• Working in a receptionist capacity to greet clients, customers and visitors

• Answering and directing phone calls
• Organizing documents and paperwork and maintaining a filing system

30
• Assisting supervisors and staff with company projects and tasks While these
responsibilities are oftentimes required of secretarial work, the essential duties a
secretary may perform in their job can include more administrative tasks, depending
on where they work.

1.Answering and directing phone calls

Secretaries may be responsible for answering office phone lines and directing each
call to the appropriate individual. Oftentimes, secretaries are the individuals that
handle solicitation calls, client calls and taking messages. For instance, a legal
secretary may regularly take calls from clients regarding casework or other
information, and they need to be able to direct each client call to the appropriate
attorney, as well as taking and distributing other messages and correspondences. A
secretary may also need to have expertise in differentiating between urgent and less
important communication.

2.Organizing and distributing messages

another essential task secretaries may commonly perform is organizing and
distributing memos, notes, messages and other written communications. Additionally,
secretaries may have exceptional communication and analytical skills to take on
communication tasks like these. For example, an executive secretary who works for a
CEO of a large technology corporation might be expected to organize and disseminate
various messages or memos to bring only the most urgent communications to their
CEO. An urgent message might relate to a change in a client's contract, and the
executive secretary needs to be capable of quick and efficient communication as they
pass messages along.
3.Maintaining company schedules
Secretaries are also commonly in charge of maintaining the schedules and agendas of
professionals in their companies. For instance, a secretary for a large marketing firm
might organize team schedules for each of the company's departments as well as the
executives' agendas by setting appointments with clients, vendors and shareholders.
Secretaries may also be the individuals that keep staff on track with reminders and
alerts for upcoming conferences or meetings.
31
4.Organizing documents and files Keeping
documents, records and files organized is another important task that secretaries can
be expected to perform. For instance, a medical secretary may commonly take charge
of maintaining a filing system for patient medical records, expense reports for medical
supplies and medications, procedural documentation and other important documents.
Oftentimes, a company's documents, files and other records are stored within a
computer database, and secretaries may frequently be expected to have the technical
skills necessary to use these types of filing systems.

5.Greeting business clients and guests

Secretaries may also take on receptionist duties in addition to their administrative
responsibilities. For example, an executive assistant may act as a receptionist to greet
clients who arrive for conferences or meetings and might be the individual who helps
visitors get settled, brings refreshments, takes notes during meetings with clients, and
generally works to maintain the professionalism and overall brand image of their
company when greeting and directing visitors.

6.Documenting financial information

Another highly essential task that secretaries may take on is the documentation of
expenses, earnings and other financial information. For instance, a secretary at a sales
corporation might be responsible for documenting the revenue and sales numbers
from the sales team's reports as well as the company's expenses and costs of
operation. The secretary might then use spreadsheet software to organize financial
data into specific financial reports for the company's CEO to analyze

7.Maintaining and ordering office supplies

Secretaries may also be the individuals responsible for keeping inventory records and
maintaining office supplies. The secretary may also be responsible for putting in
orders for supplies that are running out. For example, an office administrator might
make a monthly spreadsheet to keep a running record of the number of supplies like
32
copy paper, toner, pens, filing folders and other supplies to keep track of which
supplies are needed and which supplies are sufficiently stocked.

8.Organizing and conducting meetings

Along with scheduling meetings and conferences, secretaries may also take on the
responsibility of organizing and conducting meetings. For instance, an executive
secretary for a CEO of a retail corporation might organize a meeting with clothing
designers, fashion brands or other professionals in the industry. Then, the secretary
may conduct the meeting by discussing the important points of the conference and
taking notes for the CEO and other decision-makers at the company. Secretaries can
be a vital team member in performing these types of tasks, as executives, directors
and other high-level professionals may sometimes be unavailable in similar
circumstances.

9.Assisting executives with project tasks

Sometimes a secretary can be invaluable in assisting their supervisors with
completing small tasks as part of larger projects. For example, a secretary for a lead
marketing director might assist by organizing reports, printing documents or
preparing a presentation. Because of the range in tasks a secretary might perform, this
type of professional must possess a wide range of soft and hard skills to succeed in the
role.

10.Supervising staff and new employees

Secretaries might also be the mentors who work with staff when implementing
procedures and when training new employees. Because of their knowledge and
experience with their companies, many secretaries help lead staff and new hires in
developing their skills, following company protocol and learning about the overall
company environment. As an example, a legal secretary might take on mentoring a
newly hired paralegal and show them how to use the firm's computer and filing
systems, how to organize casework and documents according to policy and the
methods staff uses to complete tasks and handle clients.
33
11.Coordinating with other organizations
Secretaries also work to coordinate and form relationships with other businesses and
organizations. For instance, a secretary for an engineering firm might be the liaison
that connects with contractors, designers and other engineering organizations to set up
conferences, purchase resources or form business partnership

34
12.Implementing administrative procedures
Secretaries might also play a role in developing and implementing company policies and
various administrative procedures. For example, a medical secretary may develop a
procedure for documenting patient treatment plans that includes following a set of steps
to document medical information in a database. The secretary might then implement this
new procedure by training nurses and staff on how to carry out the directives of the
policy. Because secretaries can take on a variety of different tasks and responsibilities, it
can be crucial for secretaries to possess a wide range of skills like administrative skills,
communication skills, customer service skills, technical skills, analytical and problem-
solving skills. Secretaries may also rely on leadership skills to organize and direct office
staff and procedures.

6.5 What is an Internal Audit?

An internal audit is an independent appraisal of a certain activity or department within an
organization. It brings a systematic approach to evaluate and improve the functioning of
an organization’s internal controls, management of risk, and governance processes.
Internal auditors are employees of the organization. The internal audit function maintains
its independence within the organization by reporting to the audit committee of the board
of directors. They should have access to data and resources across the organization to
carry out their audit plan. The audit plan is approved by the audit committee and carried
out by the internal audit function. The audit plan should be based upon risk. Internal audit
reports are for management and the board of directors of the organization and are
generally not shared outside of the organization. An exception to this may include vendor
audits and joint venture audits, for example. Internal audits seek to continuously improve
the organization’s operations and mitigate risk. In some cases, an organization may
outsource its internal audit function and, when this occurs, it should function no
differently than if carried out by employees.

35
6.5.1 What Do Internal Auditors Focus On?
In accordance with the International Standards for the Professional Practice of Internal
Auditing, an internal audit evaluates the adequacy and effectiveness of the internal
controls over the governance, operations, and information systems that are in place by the
organization to meet the following:
• Achievement of the organization’s strategic objectives;
• Reliability and integrity of financial and operational information;
• Effectiveness and efficiency of operations and programs;
• Safeguarding of assets; and
• Compliance with laws, regulations, policies, procedures, and contracts.

6.6 What is an External Audit?

An easy way to think of an external audit is that an external audit is performed by
auditors external to the organization for independence. This is done so as to be shared
with interested parties external to the organization. An external audit is an examination
performed under specific regulations or guidelines that includes an opinion on the results
of the examination. The opinion given is either an unqualified opinion, meaning that
there were no material exceptions, or a qualified opinion, meaning that an exception was
noted. An external audit is conducted primarily for users outside of the organization. A
financial statement audit is what immediately comes to mind as an example of an external
audit as it is widely performed for public entities. This type of external audit report is
provided to investors, lenders, and other interested parties. Other types of external audits
include system and organization control (SOC) audits. This type of audit report is
provided to current and prospective customers of the organization. There are also Health
Insurance Portability and Accountability Act (HIPAA), HITRUST, FedRAMP, PCI DSS,
and ISO 27001 audits, etc., that are performed by external auditors and for which reports
are generated that are shared with users outside of the organization. An organization
executes a contract with an external audit firm for the purpose of conducting an external
audit. The external auditors are required to be independent of the organization for which
they are conducting the audit.
36
They should have access to data and resources across the organization to achieve the
requirements of the audit, otherwise, any scope limitation may result in qualifying the
opinion. In some cases, the external audit may rely upon the work of the internal audit
rather than performing all of the work themselves. In so doing, the external audit
performs steps to determine the independence and quality of work performed by the
internal audit function to substantiate their reliance upon the work performed

6.7 EXtensible Business Reporting Language (XBRL)

What Is eXtensible Business Reporting Language? XBRL or eXtensible Business
Reporting Language is a software standard that was developed to improve the way in
which financial data is communicated, making it easier to compile and share this data.
Notably, eXtensible Business Reporting Language is an implementation of XML
(extensible markup language), which is a specification that is used for organizing and
defining data online. XBRL uses tags to identify each piece of financial data, which then
allows it to be used programmatically by an XBRL-compatible program. XBRL allows
for easy transmission of data between businesses.

6.7.1 Purchase Bill

The Purchase Bill is the customer's receipt for the thing he has purchased. A bill is a
document that specifies the amount of money that must be paid to fulfil an order. The
vendor refers to this bill as a Sales Bill because he is selling the product, whereas the
consumer refers to it as a Purchase Bill since he is buying something from the vendor.
Money to be credited is shown on the sales bill, while money to be credited is shown on
the purchase bill. A purchase bill comprises information such as a unique reference
number, the date of the bill, product details, the name and full contact information of the
individual involved, the amount of taxes due if any, and much more. The purchase bill
indicates the sum that both the buyer and the seller have agreed to.

37
6.7.2 ITBR
ITBR stands for income tax board of reviews ITBR mostly used in an acronym
Accounting in Category Business that means Invoices To Be Received

6.8 TREASURY FUNCTION

6.8.1 TREASURER
Maintains stewardship for financial assets and debt including overall leadership of the
cash management, debt management and investment management functions of the
organization and its affiliated entities. Ensures the maintenance of corporate liquidity and
financial stability. Develops and manages strategies, operations, policies and budgets
relating to treasury activities. Directs development and revision of financial policies for
capital structure, working capital, treasury operations, foreign exchange interest rate risk
management, and insurance risk management. Directs capital markets, borrowing,
investing, foreign exchange, treasury operations, financial risk management and
corporate finance initiatives. Supervises the maintenance of internal controls designed to
safeguard corporate assets and the integrity of its fiscal systems.
Position reports to: Chief Executive Officer, President

Position(s) supervised: Vice President Finance, Controller, Treasurer, Investor

Relations, Vice President, Director of FP&A, Internal Audit Director, Tax Director, Risk
Management Director, and Procurement. Administrative oversight may include the head
of Information Technology, Human Resources.

Primary functions and responsibilities:

• Accounting, Financial Controls and Financial Reporting
o Directs preparation of fiscal records and financial plans, policies, and reports.
o Ensures compliance with GAAP, SEC, FASB, SOX and other regulatory requirements.
o Directs oversight of audits, works closely with the Board Audit Committee.
38
o Financial operations and consolidation of subsidiaries.
• Strategic, Financial and Operational Planning o Participates in the development of the
corporation's plans and programs.

o Develops and communicates financial vision and strategy.

o Directs preparation of annual operating and business fiscal plans (budgets).
o Develops financial forecasts and monitors financial health, monitoring guardrails
around financial commitments.
o Works with the business to optimize business performance and planning.
o Provides strategic financial input and leadership on decision making issues affecting the
organization (i.e., evaluation of potential alliances acquisitions and/or mergers and
pension funds and investments).
o Evaluates capital expenditures, investment activities and portfolio management.
o Ensures timely and accurate business/financial reports and plans; presents them to the
Partners across all business units to increase financial transparency in management
reporting and business line performance.

• Treasury and Tax

o Manages treasury function, including meeting short and long-term funding needs. o
Determines appropriate capital structure.
o Initiates and oversees execution of all capital market transactions.
o Manages tax function

• Risk Management

o Understands how regulatory reform will impact the business and helps ensure the
business is best positioned to respond.
o Manages aspects of risk through accounting, audit, planning and treasury functions
39
• External Financial Relations

o Manages investor relations function

o Serves as company’s representative to financial/investment community and
shareholders. o Manages banking and investment banking relationships
o Manages A/R, A/P relationships with third party vendors and customers
o Oversees and delivers recommendations to Board and Board committees regarding
financials, audit matters, investments, and strategic initiatives and direction.

6.8.2 ASSISTANT TREASURER

Assists the Treasury area within the institution with cash management, collateral
management, funding and liquidity, investment analysis and other financial affairs.
Manages and executes treasury functions including bank relationship management,
foreign exchange operations, cash management, cash and treasury operations. Supervises
borrowing and investing. Assists in meeting overall treasury department’s policies and
regulatory requirements. Responsible for the day-to-day operational aspects of the
treasury department.

Position reports to: Treasurer

Position(s) supervised: Cash Manager, Assistant Cash Manager, Financial Analyst,

Director of Treasury, Treasury Manager, Senior Treasury Analyst

Alternative title(s): Deputy Treasurer, International Treasurer

Primary functions and responsibilities:

• Oversees daily management of cash and debt.
• Oversees cash flow forecasting.
• Establishes fixed income investment positions.
• Reviews preparation of cash flow projections.
40
• Manages financial risk as it relates to treasury operations.

• Analyzes and recommends potential alternative financing structures and explains/shows

their impact on EPS, balance sheet, tax effects and financial ratios. • Manages and
negotiates bank and brokerage relationships.
• Develops and implements cash management operational strategies.
• Assesses foreign exchange risk and implements hedge programs and strategies.
• Implements hedge strategies.
• Provides detailed consolidated cash flow projections.
• Oversees interest rate risk management.
• Assists in the development of bank relationships.
• Manages investment of excess funds.
• Supports investor relations.
• Coordinates electronic booking functions.
• Monitors and prepares loan covenant compliance.
• Reviews monthly interest expense and accruals.
• Reviews monthly journal entries and accruals.
• Supports M&A activity related to treasury functions, including finance modeling, due
diligence and treasury integration.
• Ensures proper controls are in place for regulatory requirements
• Oversees all back office support for in-house banking, netting, and pooling.
• Assists with insurance coverages, real estate management or specialized financing as
needed.
• Assists with reporting for the board and external financial institutions

6.8.3 CASH MANAGER

Manages and monitors daily cash management transactions, reports cash operation
activities and executes borrowing/investment transactions. Ensures liquidity and prepares
cash flow projections. Additional responsibilities include assisting in the development of
bank relationships, determination of short-term cash to be invested, and anticipation of
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short-term borrowing needs. Responsible for liquidity management, including in-house
banking and providing payments factory support, as applicable.

Position reports to: Assistant Treasurer, Treasurer, Director of Treasury

Position(s) supervised: Assistant Cash Manager

Alternative title(s): Finance Manager, Senior Treasury Manager, Domestic or Global

Cash Manager

Primary functions and responsibilities:

• Performs daily corporate cash management and forecasting activities.
• Monitors and manages company’s daily cash position.
• Forecasts daily cash requirements.
• Handles daily liquidity management.
• Determines daily cash balances available for investment.
• Manages, maintains and administers bank relationships and reports ¬bank information
• Recommends and implements improvements to current cash management processes.
• Perform transactions and resolve errors.
• Anticipates short-term borrowing needs and communicates them to proper personnel.
• Conducts borrowing and investing activities.
• Manages working capital.
• Gathers, interprets, and prepares cash flow projections.
• Ensures adequate liquidity.
• Executes funds movement and investment transactions.
• Appropriately invests excess cash balances and administers short-terms investments.
• Resolves foreign exchange (FX) currency issues in terms of settlement of delivery. •
Implements cash management systems and trains staff on those systems.
• Coordinates collateral programs and risk management controls.
• Posts and files cash receipts.
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 CHAPTER 7
OBSERVATIONS
• Gone through the company profile and structure of the company
• Basics about GST and also go through the annual report of the company
• Functions of accounting and finance
• Learned about the treasury activities of the company
• Basics of secretarial department
• Learned about how to validate the GL and HR ledger of the employees loan using MS
Excel
• Learned about how to tally the Trial balance, balance sheet and Profit and loss account
of the company accounts
• Approval process for the employees who is going to resign his/her job and VLOOKUP
CONCEPT
• Learned about the functions of debtors department
• Learned about the concept of export bill regularization and export incentives.
• Basics about Bank Realization Certificate (BRC) and Letter of Credit (LC)
• Hedging and Debt management
• To finance professionals through the development of interpersonal and teamwork skills
• Learned internal and external financial reporting procedure used by the company.

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 CHAPTER 8

SNAPSHOTS
FIGURE 8.1 BOREHOLE SUBMERSIBLE

FIGURE 8.2 SUBMERSIBLE

FIGURE 8.3 OPENWELL SUBMERSIBLE

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FIGURE 8.4 WASTE WATER PUMPS

FIGURE 8.5 CENTRIFUGAL PUMP

FIGURE 8.6 JET PUMPS

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FIGURE 8.7 HORIZONTAL MULTISTAGE PUMPS

FIGURE 8.8 PRESSURE BOOSTING SYSTEMS

FIGURE 8.9 SELF PRIMING MOTORS

FIGURE 8.10 PANEL BOARDS

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 CHAPTER 9
CONCLUSION
From the study of the company, I understood the functions and features of the company.
This company is improving their quality, goodwill, market value and they are providing
jobs for many people. I had a huge network with professionals in the accounting field.
This internship helps to sharpen my skills and also very useful for me in future to face the
challenges in the working environment. On the whole, this internship was a useful
experience. The internship was also good to find out what my strengths and weakness
are. It has given me new insights and motivation to pursue my career in finance field. I
have the opportunity to learn and gain the real time experience in accounting department.
I gained insights into the working environment and I understand the culture of the firm
and I had a chance to work with huge network with professionals in the accounting field.
I learnt to adapt myself according to the organizational environment, team work, time
management in the organization. This intern has been an excellent and rewarding
experience for me.

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