INDUSTRY PROFILE

MEANING OF FASTENERS AND TYPES

A fastener is a broad term for nut, bolds & screws. It is an alternate of welding and riveting. Fasteners can be classifying broadly in to two categories:

Put simply, anything, which joins together two things, is a fastener- aboard and collection term for nuts, bolts and screws-, which keeps separate assemblies of any engineering system together in a predetermined position. Fasteners are one of the joining methods, the other notable being welding and riveting.

Fasteners can be broadly classified into two categories depending upon their tensile strength, Mild Steel (MS) fasteners and High Tensile (HT) fasteners are used across abroad spectrum, mostly in general applications, they are produced by the SSI and unorganised sector, using later and by rolling.

On the other hand, HT fasteners, which are relatively technology intensive, are manufactured by a few units in the organized sector via the Cold Harding (a form of forging) process HT fasteners can be classified into standard ( available of the shelf) and specialized (made to a specific design).

Fasteners have two types of heads: hexagonal and socket heads. Socket head screws (also known as Allen Screws or grub screws by machines) are used mainly for industrial application in textiles, machine tools, pumps etc. and also in erecting transmission towers.

The hexagonal type is predominately used in automobiles and in general engineering. Specialized fasteners are used for specific applications and are generally tailor-made. Manufacturers of specialized fasteners have to follow a prescribed design to make a fastener.

The Indian Fasteners Industry is dominated by eight major players who account for nearly 70% of the total turnover of the industry and 95% of the organized sector. Basically engaged in servicing the automobile industry, a most logical extension for the companies of fasteners industry is the manufacture of small auto engine components like radiator caps, precision gears, couples etc. the manufacture of various non-standard small components related to one industry helps a company to give a boost to its operating margin by altering its product mix. The companies who are able to cogenerate those small components along with their main product are the ones, which enjoys higher margins in this industry.

USES
Mile steel fasteners are used in general application & produced by the SSI & unorganized sector. On the other trend (HT) fasteners that are relatively technology advance, are manufactured by organized sector. In India fasteners are used in textiles, machine tools, pumps automobiles & general engineering largest consumer 50% HT fasteners.

EXPORT OPPORTUNITY
The concept of outsourcing fasteners is under going a sea change globally. Auto giants around the world have identified countries to buy a particular component depending upon technology and cost. Arun Sharma, president PFL explains India has very good scope in this of globalize purchase and many auto giants are looking at India as a sourcing lease. Quality is an important factor in export but not the only criterion; what is more important is timely deliveries and after sales service through there is a vast potential to export fasteners to DEMs abroad, it has not been exploited due to difficulties in setting up service points near each of the DEM manufacture. Hence the domestic producer foray abroad is limited to the replacement market. To the successful in exports, Indian companies dont require foreign technical collaboration, as a fastener is not a very hi-tech item. What is required is a foreign tie up for marketing and after sales service. This is evident from the fact that recently the market leader, Sundaram fastener tied up with kamax were Rudolf Kellies, Germany for marketing. As India prepares to join the international economic mainstream, there will be many such tie-ups.

COMPANY PROFILE
LAKSHMI PRECISION SCREWS LTD. Is a symbol of technical Perfection. LPS ( Founded in March, 1972) is one of the leading manufacturers and suppliers of High Tensile Fasteners such as Bolts, Screws, Nuts and Aviation, Heavy & Light Machinery, railway. similar parts for Automobile,

More important is the fact that LPS today brings to its work over three decades of hard core experience in the field. The present poduct list of LPS is very vast. All the bi company like Hero Honda, Maruti, Escorts, Eicher, Kelvinator, Tata, Bajaj, LML, HMT. Every one use and recommends of LPS label.

LPS: A company where performance is proof. Which understand his customer & give assurance that we will do our best to make our products safe and reliable for our customers assembly line.

VISION OF LPS
MOTTO: TARGET: PLAN: FUNCTION: PEOPLE: Total customer satisfaction & market leadership. Annual growth of 30% with Exports contributing upto 50% of the sales. To continuously upgrade process technology & develop new products. System oriented approach. The driving force behind it.

MISSION

Continue to retain market leadership in Indian marketplace and establish LPS as a Global brand by creating value for customer through Technology, Quality, Cost Competitiveness and Innovation.

Be recognized by our customers as their best and preferred supplier of fasteners and components.

Exceeding customer expectations and striving for excellence.

OUTLINE OF THE COMPANY

1) Name of the Company 2) Founded on 3) Head Office & Factory : : : LAKSHMI RECISION SCREWS LTD. March 10, 1972 46/1, Mile Stone Rohtak - 124001 Haryana (India) 4) Chairman & Managing Director : Lalit Kumar Jain 879 Mill. INR (March 2001) ($19 Million) 834 Mill. INR (March 2001) ($18 Million)

5) Total Assets

7) Annual Sales

8) Employees

Production 372 55%

Office 90 14%

QC 48 8%

R&D 60 10%

Others 54 9%

Total 624 100%

9. Factory (Unit : m x m) TOTAL

SECTION w.e.f. LAND BUILDING PLANT I 1972-73 19,000 16,000

PLANTS PLANT II 1993-94 44,000 23,000

63,000 39,000

INTRODUCTION TO THE PROJECT

Organization is nothing but a group of people whose activities have been planned & coordinated organization objectives. An organization that exists to produce & services has a good chance to service & prosper it. It consists of right people. The vast majority of people work to support themselves & their families. But people work for many other reasons other than economic security e.g. many also work to keep busy & feel useful, to create & achieve something. They want to gain recognition & achiever status or to test & stretch their capabilities. To meet these multifarious needs, people & organization join forces. The biggest challenge to an the manager is to make all employees contribute to the success of the organization in an ethical & socially responsible way. The society well-being, to a large extend depends on its organization particularly business organization. It is the business organization which makes goods & service available, provided job, generate wealth & land stability & security to the people. To assist employees in achieving their personal goals, at least in so for as these goals enhance the individuals contribution to the organization. Personal objective of employees must be met if workers leave the organization is to be maintained retained & motivated. Otherwise, employee performance & satisfaction may decline & employee may leave the organization. Human resource is the important factor of the organization. If this factor is not satisfied or not work properly then organization cannot achieve their target. For that purpose employees are of ten asked to supply LPS information about the content of job, given their familiarity with it. An organization expects accurate information about the job as well as organization also concerned about the employees reaction to having their jobs analyzed. In order to prevent employee dis -satisfaction uncertainty & anxiety, organization should communicate the reason for conducting the job analysis & keep the employee informed about Job satisfaction process. Employees are the most valuable assets of an organization there should be a conscious effort to realize goals by satisfying needs and aspiration of employees. Organization must meet their goals by which employees feel satisfied in their work lines due to the key strength of the company determined by the human power of the organization. Basically two types of functions performed by HR Manager these are operative & managerial both functions are helpful to get the Job satisfaction working in the company.

FUNCTION OF HRM

Operation Functions

Managerial Functions

JOB SATISFACTION

Wages Nature of work Promotion Chances Supervision Work Group Working Conditions

Job satisfaction surveys are a LPS tool to a measure and benchmark the satisfaction of employees. Local and productive employees are any businesss most LPS asset, yet few take time to measure their employees satisfaction. Even fewer track how this measure moves over time.

High Job satisfaction levels can reduce employee turnover. Dissatisfied employees tend to perform below their capabilities, result in high turnover of staff and leave their jobs relatively quickly and are not very likely to recommend the company as an employer.

Job satisfaction research give employees a voice and also allow the pinpointing of problematic areas leading to the raising of staff satisfaction levels, developing and reviewing of staff management and optimizing corporate communication.

Issues covered include the current workplace situation, management styles/attitudes, internal communications, workplace atmosphere, corporate culture/vision and image.

Job satisfaction research encompasses many different research techniques but the measurement of satisfaction is only the first step to improving Job satisfaction.

Employee Satisfaction is influenced by:

Research done by various researcher shows that satisfied, motivated employees will create higher customer satisfaction and in turn positively influence organizational performance. Noticing this trend, many organizations are investing in measuring and quantifying employees opinions and attitudes by incorporating Employee s Satisfaction Surveys into their existing HR and organizational processes. By establishing frequent and consistent employee feedback processes, enterprises can retain and develop their most LPS asset: employees.