ORGANIZATION STUDY CUM INTERSHIP

AT
ROYALOAK INCORPORATION PRIVATE LIMITED
BANGALORE
 INTRODUCTION

Done at Royaloak Incorporation Private Limited ,

Bangalore

To gain an organizational Familiarization.

To acquire two months of practical exposure in

the preferred functional department.
 OBJECTIVES

To learn and understand about the business activities

and procedures followed in the Finance Department
of an organization.

To gain knowledge and experience in the different

sub departments of the finance field, as a finance
intern.

To have practical knowledge on the account related

activities and document presentation in the process
sections of the Finance Department.
 INDUSTRY PROFILE

Furniture industry : Non – organized sector

Expected to grow 20% per annum over the next

few years

Report by NSDC – 11.3 million skilled workers by

2022

Projected rapid growth of online furniture market –

Flipkart, Urban Ladder, Amazon
Imports are growing at 50 to 60 percent every
year

Contribution to the Gross Domestic

Product(GDP)

Home Furniture is the largest segment in the

Indian furniture industry
 COMPANY PROFILE

Number one organized distributor & retailer in

India

 International collection of stylish and aesthetic

furniture for home, office and outdoor

Imported from Malaysia, Indonesia, China,

Vietnam, Srilanka, Thaiwan, Thailand, and Turkey

Assures international standard of quality &

excellence

Turnover around 400 crore per year and 500 plus

employees.
Led by Vijay Subramaniam ( Chairman) and Mathan
Subramaniam (Managing Director)

Type : Private
Head Office : Bangalore
Branches : 25

5 Categories of Products

1. Living
2. Bed and Mattresses
3. Dining
4. Home Decor
5. Office and Outdoor
 STRUCTURE OF ORGANIZATION

Chairman/Managing
Director

RMS FMS EMS MKT PMS WMS LMS TMS CCMS HR AMS
 STRENGTHS WEAKNESSES
• Safe custody of the stock in
• No Corporate Social
warehouse, using pallets
Responsibility
• Good work environment
• High employee turnover
• Skill development
• Limited growth
• Work – life balance
S • Low salary for employees
W
THREATS
OPPORTUNITIES
O • Restrictive tax policies
• Import of quality furniture
T reducing imports

• Adoption of latest technology • Bad economic condition

in the industry affecting imports

• Adoption of latest trends and • Inability to receive order from

style patterns of the furniture below – average income
customer
 FINANCE DEPARTMENT

One among the major Department of the company.

Includes 5 process sections:

1. Receivables Department : deals with receipts

2. Payables Department : deals with the payment
related invoices
3. Inventory Department : deals with the stock
verification process
4. Statutory Compliance : deals with tax computations
and filing
5. Treasury Department : deals with the actual
payment to be made to the creditors, service
providers etc..
 KEY LEARNINGS

Receivables Department
3 types of sales verticals :RMS, FMS, EMS

Performs the following duties:

1. Creation of customer data
2. Sales Quotation
3. Customer Payment
4. Sales Order
5. Invoice Prepared by warehouse
6. Delivery of goods
7. Installation of goods
Payables Department
Deals with invoices related to the payments

Performs the following duties:

1.Two types of expenses purchase and services
 purchase related payments - raw materials
are purchased
 service related expenses- marketing ,project,
HR related professional, rent and other
expenses.
2. Receives invoices
3.Crosscheck invoice with purchase order
4.Convert PO into AP invoice
5. Transfer to treasury department
Inventory Department
Responsible for stock verification.
Aims at reducing the variances between the physical
and system stocks.

Performs the following duties:

1. Prepare PV calendar
2. Assigning count team
3. Count and cross verify
4. Preparation of variance report
5. Management Approval
6. Preparation of inventory report
Statutory Compliance
Minimize the risk associated with the non
compliance of statutory requirements.

 Two types of sections : direct and indirect sections

Deals with:
1. Invoices from payables
2. Invoices from warehouse (GST rate, quantity,
place of supply, invoice number, invoice date)
3. HR payroll (PF, PT, ESIC)
Treasury Department

 Deals with the payment to be made to the vendors,

creditors, service providers.
 Maker- Checker- Approval concept

Performs the following duties:

1. AP invoice from payables
2. Making plan for the payment
3. Receives invoice with GST seal from statutory
compliance
4. Entering details in SAP
5. Creation of payment voucher
6. Authorization of payment confirmation
7. Receipt of confirmation mail from the bank
 FINDINGS

 Categorized its branches into Tier 1 and Tier2 , based

on the area occupied where the inventory count is
done.

 Offers incentives to employees of all categories if

achieved 75% or more of the target allotted

 The receivables department has three sales verticals :

RMS, FMS and EMS

 Customer pays to the company using cash, card,

finance or exchange
Purchase order placing includes quotation
request , type of work( item or service), Store
name or department name , preparation of
purchase order and invoices.

Marketing department deals with branding

promotion and advertisements. All the
marketing expenses are deal by finance
partner of the finance department.

35 days is the normal credit period for the

payment
Customer can avail debit card EMI, credit card EMI
to make payments.

Standard operating procedure followed to conduct

the inventory verification process accordingly.

The company Doesn't have any Corporate Social

Responsibilities.

Royaloak Infrastructure pays the rent for all

branches of the company. Woods Impex purchase
goods from vendors
 SUGGESTIONS

Restroom can be provided to the sick employees.

May adopt flexi working policy for the employees.

Can initiate CSR policies like tree plantation.

The company can plan to reduce the working hours for

the employees.
 CONCLUSION

Indian furniture market acts as an attractive market

for the multinational players.

Office segment appears to be more attractive

Customize the product and maintain cost

competitiveness.

Equipped with a bunch of knowledge and well-

experienced employees

Two months exposure helped in acquiring practical

knowledge.
THANKYOU