REPORT ON INSTITUTIONAL TRAINING

AT PRANAV PRECISION
A Report submitted to the Department of Commerce with Accounting and Finance, PSG
College of Arts and Science, (Autonomous) in partial fulfilment of the requirement for the
award of the Degree of Bachelor of Commerce with Accounting and Finance of the
Bharathiar University, Coimbatore.

SUBMITTED BY

PRASANTH S

(19BCF036)

Under the Guidance of

Ms Christina Jayadevi J, M.COM., M.Phil.,

ASSISTANT PROFESSOR

DEPARTMENT OF COMMERCE WITH ACCOUNTING AND FINANCE

PSG COLLEGE OF ARTS AND SCIENCE

An autonomous College – Affiliated to Bharathiar University

Accredited with A grade by NAAC (3rd Cycle)

College with Potential for Excellence

(Status awarded by the UGC)

Star College Status Awarded by DBT – MST

An ISO 9001: 2015 Certified Institution

Coimbatore – 641014.

September 2021
CERTIFICATE
DECLARATION
 DECLARATION
I, PRASANTH.S(19BCF036) hereby declare that the report of INDUSTRIAL
TRAINING is an original record of the training undergone by me at PRANAV
PRECISION during (01.09.2021 to 18.09.2021) submitted to the Department of
Commerce with Accounting and Finance, PSG College of Arts and Science, (Autonomous)
in partial fulfilment of the requirement for the award of the Degree of Bachelor of
Commerce with Accounting and Finance of the Bharathiar University, Coimbatore.

Submitted on: ___________________ ___________________

Signature of the student

______________________ ___________________

Signature of the Guide Head of the Department

Viva voce conducted on: ___________

Examiners: 1. _____________

2. _____________
ACKNOWLEDGMENT
 ACKNOWLEDGMENT
I would like to thank with reverence to the respected Member, Managing Trustee and
President Thiru. L. GOPALAKRISNAN, of PSG College of Arts and Science, to his
extended cooperation to the completed project work allotted to me.

I would like to thank Thiru. Dr. T. KANNAIAN the Secretary, PSG College of Arts and
Science, for his help in the availability of resources needed for our study.

I am greatly indebted to our Principal Dr. R. BRINDHA, M.Sc., M.Phil., Ph.D., for
providing all facilities for carrying out this training.

It is my pleasure to acknowledge sincere and heartfelt gratitude to Dr. R. UMA

MAHESWARI, M.Com., MBA., M. Phil., PGDCA., Ph. D., Head of the Department of
Commerce with Accounting and Finance, for her efforts, sincere help and patient
encouragement.

I would like to place on record a deep sense of gratitude to my guide Ms.Christina

Jeyadevi,J M.Com,M.Phil.,SET.,(Ph.D)Assistant Professor of Commerce with
Accounting and Finance, PSG College of Arts and Science, Coimbatore, for her scholarly
and the immense help rendered to me at each and every stage of my training work and
without her valuable suggestions and constant encouragement throughout the study, this
piece of work would not take this shape.
I sincerely thank the faculty members of Department of Commerce with Accounting and
Finance, for their help and support in completing the training program.

I am delighted to thank Mr. Balakrishnan who extended his valuable contribution in

completing my training. I take this opportunity with pride and pleasure to extend my
heartfelt gratitude and profound thanks to my beloved parents and my friends for their
timely help in all ways possible.

Prasanth S
INDEX
 INDEX

CHAPTER NO. TITLE PAGE NO.

I INTRODUCTION 1

II ORGANIZATIONAL 3
PROFILE

III DEPARTMENTS AND 6

ITS FUNCTIONS

IV SUMMARY OF WORK 20
DONE

V CONCLUSION 24
 CHAPTER-1

INTRODUCTION
 CHAPTER-1

INTRODUCTION

Precision Engineering has long been at the forefront of one industrial revolution after another.
From the very first industrial mills, right the way through to modern-day CNC Milling CNC
Turning services , manufacturers have consistently been the backbone of a wide range of
industries and the green and renewable energy sector is no different.

Precision Engineering is a subdiscipline of software engineering, electonics engineering,

mechanical engineering, optical engineering, and electrical engineering concerned with
designing machines, fixtures, and other structures that have exceptionally low tolerences, are
repeatable , and are stable over time. Just like generating energy through the use of fossil fuels,
precision engineering plays a huge and important role in the production of green and renewable
energy.

Pranav Precision Works is a tooling solution provider, making use of standard equipments and
machineries imported from leading manufacturers. It provides end to end solutions for tool and
mould industry starting from design to component production and capable of supplying
precision tooling to Electronics, Automotives , Electrical Sectors.

Prasanth S

1
 CHAPTER II

ORGANIZATIONAL PROFILE

2
 COMPANY DETAILS

Company name PRANAV PRECISION WORKS

Proprietor Mr. .Balakrishnan

Primary Business type Manufacturer

Year of establishment 2018

Category Manufacturers of all Engineering Components

No.of.employees 80

Location India

Address Site No.4, Idikarai Road,

Periyanaickenpalayam, Coimbatore-641020

Contact 98431 77871

e-mail pranavprecisionworks@gmail.com

Accounting System Ledger Accounts ,Tallying, Auditing

Annual Income 70 to 80 lakhs

3
Capacities:

Accessories, Methods and Methods used for various machining process allows to produce
complex profiles and shapes required for precision tooling industry at an accuracy level of
2 to 5 microns. In order to achieve quality products and the whole machining activities are
carried out in a controlled atmosphere, so that temperature difference doesn’t cause any
deviations in the jobs when measured at customer end.

As a single-service provider, the company specializes in the manufacture and

assembly of custom fabricated metal components and assemblies – with services longing to
“design for manufacturability” and maintenance of compliance certifications, helping to
reduce the customers overhead burdens.

When you are in need of an industry leading manufacturer of specialised contracts,

obviously precision engineering is the solution to overcome these hurdles. The team
specializes in metal fabrications and metalworking to deliver top quality and properly
tailored metalwork solutions.

The company has been tackling difficult-to-solve metalworking challenges with

more and more of materialised techniques to overcome these difficulties with ease. It is also
specialised in designing of Injection Moulds and also one of the noteworthy and trustable
manufacturers of all engineering components.

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ORGANISATIONAL CHART

5
 CHAPTER – III
DEPARTMENTS AND ITS FUNCTONS

6
 CHAPTER III
DEPARTMENTS AND THEIR FUNCTIONS

DEPARTMENTS:
• Designing Department
• Engineering Department
• Production Department
• Quality Control
• Storage
• Accounts Department
• Marketing Department

1) Designing Department:
Designing for Manufacturing and Assembly (DFM or the DFMA) is a critical part of
the product development cycle. It involves optimizing the design of your product for its
manufacturing and assembly process, merging the design requirements of the product with its
production method.

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 Cost Reduction:

Around 70% of the manufacturing costs of a product can be derived from design
decisions like materials and manufacturing method. The remaining 30% of the costs make up
production decisions like process planning and tool selection. Focusing on design optimization
reduces the cost of manufacturing.

Streamlined Production Scale-Up:

The struggle of hardware development comes from scaling from prototype to

production. Considering DFM from the beginning of the product development cycle reduces
redesign work, improves product quality, and speeds up your time to market.

Basics of Effective Design for Manufacturing:

Standardization:

Standardization cuts costs by reducing inventory and scale-up needs. Here are some ways to
think about part standardization:Design parts that can be reused within a product or shared
between product lines.Standardize your hardware within your products to reduce inventory
needs.Make your designs modular to simplify product changes or redesigns.Use standard
components instead of custom-made ones where you can.

Design Simplicity:

Simplifying your design cuts down on the time and inventory needed to make your
product, which correlates to its cost. To simplify your product, you can Minimize assembly
steps and inventory by making multi-functional parts.Use designed-in alignment or quick
8
securing methods like snap fits. Fastening techniques including bolting or gluing take longer to
secure and require more inventory .Test your improved designs quickly with 3D printed
prototypes.

Alignment and Compliance:

Errors in alignment can damage parts or equipment, reducing yield or even causing line
shutdown. Tweak your designs to account for slop, misalignment, and tolerance stack up by
doing any of the following: Resolve assembly issues by analysing how tolerances will stack up
in your assembly.Design integrated part features to help with alignment during assembly. Add
tapers or chamfers to guide components during assembly insertion steps.

Setup Time Reduction:

Reduce setup time by reducing the number of operations required per part, or
simplifying assembly steps with 3D printed fixtures and workflow improvements. Reduce the
number of setups or rotations required per part or assembly.3D print custom work holding to
drop setup time and assist workers with alignment, inspection, and assembly. Assess where your
line could be upgraded with improved tools or workstations.

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Prototypes:

3D printing allows for rapid iteration so you can test out many different designs early
and often. You can cycle through designs of both your parts and their manufacturing and
assembly fixtures to refine the process – make it cheaper, higher yield, and faster.

Tooling:

3D printing your tooling cuts down your production ramp-up time by eliminating lead
time constraints for tooling fabrication – making it simple to produce conformal or ergonomic
tooling that match the contours of the workpiece. Just as with prototyping, you can quickly
iterate through multiple versions of a tool to refine it before implementation on the line.

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End-Use Parts:

3D printing is a viable option for some end-use applications, often due to

specific design requirements that render other manufacturing methods cost-
prohibitive. It comes with its own set of design guidelines, which can vary
depending upon the type of printer used.

2) Engineering Department:

Procurement:

The procurement department serves its internal customers by procuring the

goods and services they need in a timely manner while also maintaining the company's
financial health. They seek and purchase products and services at the best possible price
and value. As such, the purchasing department must understand the complexities of the
operation it supports as well as the markets that provide the goods or services required
to meet its objectives. The duties and responsibilities of a purchasing officer far extend
beyond procuring office furniture and supplies. Today’s procurement staff must also

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 understand complex Network technology equipment, international travel needs,
acquisition of workspaces, and more.

CNC Programmer :

A CNC (computer numerically controlled) Programmer works with machinery

which cuts raw materials into functional items. They are responsible for interpreting
project blueprints, designing programs and setting up machines to produce the
component outlined in the program.

Process Control :

Process control is the ability to monitor and adjust a process to give a desired
output. It is used in industry to maintain quality and improve performance. An example
of a simple process that is controlled is keeping the temperature of a room at a certain
temperature using a heater and a thermostat.

3) Production Department :

CNC Machining :

It is a computerized manufacturing process in which pre-programmed software and

code controls the movement of production equipment. CNC machining controls a range of
complex machinery, such as grinders, lathes, and turning mills, all of which are used to cut,
shape, and create different parts and prototypes

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Conventional Milling :

In conventional milling, the cutter rotates against the direction of the feed while during
climb milling, the cutter rotates with the feed. Conventional milling is the traditional approach
when cutting because the backlash. the play between the lead screw and the nut in the machine
table, is eliminated.

Conventional Turning :

Turning involves rotation of the work piece while the cutting tool moves in a linear motion.
This results in a cylindrical shape. A lathe is the machine of choice for all turning operations.

Like most machining operations, turning is either done manually or automatically. The
downside to manual turning is it requires continuous supervision. Automatic turning does
not. With Computer Numerical Control, or CNC, you program all the movements, speeds, and

13
tooling changes into a computer. These instructions then get sent to the lathe for completion.
CNC allows for consistency and efficiency of high production runs.

Single point cutting tools used in turning come in various shapes. They’re placed at different
angles for a variety of outcomes.

Conventional Grinding :

Conventional grinding takes place in tumbling mills where the ore is introduced into a
horizontal mill where the cylindrical body of the mill is turned by a motor, causing the mill
charge of ore and grinding media to tumble.

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 4) Quality Control in Precision Engineering :

Quality is of paramount importance to T&T Precision and our precision quality

standards form the foundation that our engineering and manufacturing business and reputation
are built on. We build quality into our processes by completing a full inspection of the part prior
to production. Our in-house metrology capabilities include a Mitutoyo CMM.

We follow an in-process inspection schedule during production to ensure that quality

levels are maintained throughout the process. We also mandate a final inspection for all parts
and sign off by company directors before they can be shipped to our customers. Our quality
control is pro-active and we are always striving to better our already stringent system.

Precision tool manufactures requires high end quality assurance which is a part and
parcel of the activity. We got exposed to a well defined Quality system, consisting of in process
and final inspection which ensure 100% inspection for the entire die & mould parts and also
sampling inspection for molded components to meet the customer requirements. In this section
got acquainted with the basic knowledge of Advanced measuring equipments like CMMS,
Profile projectors, Digital height gauges, tool maker's microscope and surface texture measuring
machine.

5) Storage :
The stores department has many functions that include: Inspection and acceptance of
incoming products. Identification and temporary storage. Movement of goods where needed.
His duties and responsibilities are:

(i) To receive the materials from receiving department.

(ii) To maintain proper records of stores.

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(iii) To make arrangement for proper storage of materials and finished goods.

(iv) To issue materials to production departments against proper and authorised requisition.

6) Accounts Department :
An accounting department provides accounting services and financial support to the
organization it belongs to. The department records accounts payable and receivable, inventory,
payroll, fixed assets and all other financial elements. The department's accountants review the
records of each department to determine the company's financial position and any changes
required to run the organization cost-effectively.

Accounts Payable and Receivable

The accounts payable section of an accounting department records goods and services that it
receives and the payments it owes, such as inventory from a supplier or other expenses. The
department records each accounts payable as a liability and accounts receivable as assets. Assets
such as revenue and customers’ obligations pay for goods and services.

Payroll and Monitoring Employees' Time Off:

The payroll function of an accounting department ensures that the organization pays
its employees accurately, including bonuses, commissions and benefits. The department
monitors employees' time off, vacation and sick days. It pays the government taxes as well as
union dues and other withholding from an employee's paycheck. The department reimburses
employees for expenses and makes payments to vendors.

Recording Fixed Assets

In order to function effectively, a company may need machinery, equipment, vehicles

and other fixed assets it uses over several years. The accounting department is responsible for
recording fixed assets on a balance sheet with depreciation. Fixed assets could be intangible –
such as goodwill or a trademark – or tangible – such as machinery. As the company needs an

16
upgrade to remain competitive, its financial statements will determine what the business can
afford.

Inventory Cost Management

A company's inventory is the goods owned for the purpose of sale. Inventory is usually sold
within and over a period of a single year. An accounting department watches the cost of
inventory over a specific period against its revenues to ensure that the cost of raw materials,
labour and overhead do not negatively impact cash flow. The accounting department tries to
find a balance between high inventory levels that satisfy customers but are costly to the company
and low inventory levels that satisfy the company's expenses but may dissatisfy customers.

Revenue

Accounting for revenue is one of the primary basic bookkeeping tasks of an S corporation.
Revenue consists of income generated by the sale of goods or services, rental fees, interest and
investment income, and gains from the sales of assets. It is best to separate revenue by category.
This information can be used to strengthen marketing efforts or help avoid budget shortfalls.

Expenses

Expenses include any bills or fees the company pays out as a result of operational or legal
requirements. Payments made to vendors for goods and services, payroll, taxes and interest paid
on loans are all examples of items to track in this category. If the S corporation uses accounting
software, revenue and expense transactions will appear on a profit or loss statement.

Assets and Liabilities

Assets and liabilities -- such as loans or accrued taxes -- should be tracked separately from
revenue and expenses. When using accounting software, asset and liability information appears
on a balance sheet. The value of an asset is recorded when it is acquired. Typically, the asset’s
value is its purchase price plus any legal fees or acquisition fees paid to secure the title. The
initial price of a liability is recorded. The value of assets are adjusted for depreciation expenses,
and liabilities are adjusted by payments made toward the debt.

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7) Marketing Department :

The marketing department works with internal or external product development teams
to develop new products or improve existing ones. The department analyzes sales of existing
products and identifies gaps in the product range where there may be opportunities for the
company.

Market research – identifying customer needs and wants. It may be through surveys,
interviews, or observations. The team segmented the market, selected target market segments,
developed consumer profiles, and developed the appropriate marketing mix. After the product
is sold, the team also examines whether the product and the efforts made, such as advertising,
are successful or not.

Competitive analysis – observing competitors and identifying their market position and
strategies. It is important to develop responses and design appropriate competitive strategies
and tactics.

Promotion – presenting the company and its products to consumers, building brand
awareness, and strengthening the product and company image. The team selects and manages
the most appropriate promotional mix, whether advertising, sales promotion, or direct selling.

Sales – responsible for making money by selling products or providing services. This
function requires synergy with other business functions to support increased sales. In addition,
the team must also design the right marketing mix, such as designing attractive packaging and
correct pricing.

Marketing information management – managing and integrating marketing

information such as sales targets, sales realization, industry competitors, customer profiles, and
market trends. The data is valuable for developing marketing strategies, making decisions, or
designing the company’s overall strategy. For example, information about sales targets is
important for making production decisions.

Online channel management – manage and maintain online channel pages such as
corporate websites and social media. This is becoming increasingly vital as consumers get more

18
and more online. Companies use online channels to monitor and find out what’s trending, build
good relationships with customers, and even promote products.

Customer relationship management – this responsibility includes studying their target

customers, determining how best to reach and meet their needs, maintaining good relationships
with them, and encouraging them to continue purchasing the product. Since recruiting new
customers is expensive, this responsibility is crucial to keep the money flowing to the company.

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 CHAPTER IV
SUMMARY OF WORK DONE
 CHAPTER IV
SUMMARY OF WORK DONE

DATE WORK DONE

01.09.21 Joined Pranav Precision Works For Internship.

02.09.21 Got Introduced to various departments.

03.09.21 Learned about Basic Designing.

04.09.21 Acquainted with knowledge related to Production.

06.09.21 Gained Information About Prototype.

07.09.21 Got ideas in Material Selection.

08.09.21 Learnt About handling the Work piece.

09.09.21 Learnt Basic in Functions of VMC.

11.09.21 Got An opportunity to run a VMC machine.

13.09.21 Learnt To measure the workpiece Produced from the VMC machine.

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 .
14.09.21
Identification of Materials Stored.

15.09.21 Acquainted with Stock Records.

16.09.21
Gained Knowledge about Marketing.

17.09.21
Prepared Invoice, Sales and Cash Accounts.

18.09.21
Gained Knowledge regarding Quality Control & Got certified.

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 CHAPTER V
CONCLUSION
 CHAPTER V
CONCLUSION

It was a wonderful learning experience during my internship at PRANAV

PRECISION. I gained a lot of insight regarding almost every aspect and was given exposure
in almost all the departments and their functions .Also got acquainted with how to adjust myself
in the work environment and to deal with people at work. Got to know on how to apply what
we learned in classes to actual practice . The warm welcome from all the employees is truly
appreciatable , sharing their experience and piece of wisdom that they have got during their
journey of work. Overall it helped me to evaluate myself under these conditions.

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