OMEGA INDUSTREIS launch a brand which name is Road Prince

ROAD PRINCE

INTRODUCTION:

We have started our Business in 2004. And our Business is going well and we are trying hard work to run this perfectly. We are looking for good business relationship with international buyer and seller.

We are introducing our self as one of the leading manufacturer of Aluminum Die casting parts. We also are leading assembler of motorcycle and auto rickshaw by a brand name of ROAD PRINCE. The director of this company is the Mr. Shahid Nasim.

Personal Information:

The no. of total employees is 50 to 130people. And the market which they focus is eastern Asia. Which they sell their products. And their total annual sale volume is below US$ 1 Million.

Marketing Product/ Services:

The company manufacturing scooters, Motorcycles, and Tricycles. They also make the parts of the motorcycles and their assembling process.

Product Details & Features:

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RP-70

 RP 70 is the No. 1 choice in motorcycles. In addition to its established superiority in terms of durability and fuel economy, the RP 70 is presented with special features.

The new attractively designed RP 70 is right there at the top, with its aerodynamic shape, super Economic-power, a smoke-free 4-Stroke engine and the special  12-volt CDI technology. The new eye-catching graphics, front and rear mud-flaps, comfortable seat and the new utility box have made RP 70 an ideal combination of elegance and durability. Because of its high resale value, RP 70 is an asset in your life. It’s excellent petrol average makes it greatly economical, and its easily available spare parts and trained mechanics ensure trouble-free companionship

Key Features:

 Big and Comfortable Seats New Beautiful Graphics Super Economic Power, 4-Stroke Engine Strong Side Cover with Lock Petrol Tank with 9 Liter Capacity New Mud Flap

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New Utility Box Strong Side Cover with Lock

RP 110

RP is the ideal combination of speed power full engine. Its speed can make him good product in the market.

Key Features:

Strong Footrest Fuel Guage Indicator Multi Reflector Head Light Winning Style Econo Power 4-Stroke Engine Double Cradle Strong Tubular Frame Strong Suspension Wider Tyre & Strong Road Grip Crankcase Emission Control System Bigger Brake Drum with Non-Asbestos Brake Shoe Element Air Cleaner (Foam Type) Utility Box

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RP-200 Auto Rickshaw

RP 110 motorcycle rickshaw

Different Product price List:

Model PriceRP-70 35000

RP – 7O CC 38500

RP-200 Auto Rickshaw 135000

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RP 110 60000

Our slogan:

“EVERY GROUND IS YOUR”

Vision:

Our mission was to provide a good quality vehicle in economical rates.

Mission:

A dynamic growth oriented company through market leadership , excellence in quality and service and maximizing export, ensuring attractive return to equity holders, rewarding associates according to their ability and performance , fostering a network of engineers and researchers ensuing unique contribution to the development of the industry, customer satisfaction and protection of the environment by producing emission friendly green products as a good corporate citizen fulfilling its social responsibilities in all respects.

ORGANIZATION HIERARCHEY

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Board of Directors

Management Committee

Team System & TechnologyTeam Human ResourceTeam Executive Committee

Team Audit Committee

chairman

The decision comes from chairman of the company and board of director say that the decision is correct and then they injected in organization by respective committee. The board of director is believed that their company governance is going well. The company is managed and supervised responsibly and proper internal controls and risk management policy. The system is applying efficient and effective operations of the company to protect the assets of the company. Its should also compliance proper financial reporting and laws and regulations in according with international financial reporting standards. As a part of group corporate strategy it has five committees at group level to guide the management in various key areas of the company’s operations ranging from Human Resource, Information Technology, Audit , Environment Safety and health.

Following is summary of role and responsibilities of each committee;

TEAM EXECUTIVE COMMITTEE:

This is responsible for setting overall corporate objectives and strategies, identifying opportunities, monitoring group business strategies & plans and developing its group members as leaders of their respective fields.

TEAM HUMAN RESOURCE COMMITTEE:

It determines the compensation package for the management staff. The committee has also responsibility to create and maintain conducive work environment that instills trust and ensures respect fair treatment, development opportunities & grooming and make succession plan for all employees.

TEAM SYSTEMS AND TECHNOLOGY COMMITTEE:

The group system and The Group system and Technology committee is responsible to provide an insight towards the various technological aspects of information systems. The objective of the committee is to introduce leading edge technology and IT initiative to automate information delivery and accessibility of data for enhancement of time and cost efficiency.

TEAM AUDIT COMMITTEE:

This is most prime committee of board, which reviews financial, and internal reporting process, the system of internal controls, management of risk and the

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internal and external audit processes. It also proposes the appointment of external auditors to the shareholders and is directly responsible for their approval and oversights of their work. An independent Internal Audit function reports to the committee regarding risks and internal controls across organization. The audit committee reviews reports from external auditors on any accounting matters than might be regarded as critical. The audit committee meets three times a year and review quarterly, half year and annual financial statements besides internal audit plan, material audit findings and recommendations of internal auditor.

MANAGEMENT COMMITTEE

It acts at the operating level in an advisory capacity to CEO. It provides recommendations relating to the business and other corporate affairs. The committee has responsibility for reviewing and forwarding long-terms plans, capital and expense budget development and stewardship of business plans. It is also responsible for maintaining healthy environment within and outside the company through its environment friendly products.

MANGEMENT LIFE CYCLE:

PLANNING:

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Transportations Purpose

Two Wheeler Road Transportation

Strategy

Better quality at economical rates

Objective

Output different models for different customers.

Programs

Deliver on time and return defected product on time

entertained.

Rules

SWOT

STRENGHTS WEAKNESSES OPPORTUNITIES THREAD

Strengths:

skill full and qualified staff Financial Strong People Trusted Products ISO Certified Customer Care Customized products Availability of Spare parts Best delivery system (Transportations) Reliable price of product

Weaknesses:

Political instability Increasing Prices of Oil

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Opportunities:

Technology upgrading

Threats:

Strong competition from competitors in near future Instability of Government High rate of Taxation

Quality Policy:

Commitment to provide high quality motorcycles & parts Maintain and continuously improve quality Training of manpower and acquisition of latest technology Safe, clean and healthy environment Market leadership and prosperity for all

Strategic Goals:

Customers:

Our customer is the reason and the source of our business. It is our joint aim with our dealers to ensure that our customers enjoy the highest level of satisfaction from use of Road prince Motorcycles.

Quality:

To ensure that our products and services meet the set standards of excellence.

Local Manufacturing:

To be the industry leader in indigenization of motorcycles parts.

Technology:

To develop and maintain distinct business advantages through continuous induction of improved hard and soft technologies.

Employees:

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To enhance and continuously up-date each member’s capabilities and education and to provide an environment which encourages practical expression of the individuals potential in goal directed team efforts and compensate them attractively according to their abilities and performance.

Corporate Citizens:

To comply with all government laws and regulation, to maintain high standard of ethics in all operation and to act as a responsible members of the community

Hierarchy of Accounts & Finance Department

Explanation of Account & Finance Hierarchy:

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Chief Finance Officer (CFO)

Manager Accounts & Finance

Asst Manager Accounts

Account Officer (Payable)

Account Officer (Receivable)

Account Officer (General Transaction)

The following hierarchy shows the account and finance department. The first person which controls the whole account and finance department is the Chief Finance Officer (CFO). The second designation is the Manager Accounts & Finance. The third person is the Asst Manager Accounts. After the Asst Manager they control the following officer like Account Officer (Payable), Account Officer (Receivable) and the third officer is the Account Office (General Transaction).The Account Office perform their duty like like payable which sell the goods on credit basis and the account officer of receivable maintain the debtor account. And the last officers who maintain General Transaction like journals, ledger and some other transaction.Asst manager Accounts control the following account officer such as Account officer (payable) and some of the above officer. And this officer can submit daily work to the Asst manager which checks the work and then final work send to the CFO. One important thing is that Account officer (payable) and other Account officer give the report to Asst Manager Account after 3 months. They not check the transaction daily. Because they have no time to check the daily work.

Hierarchy of internal control and check

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Internal check and Control:

The Account Manager tells me that internal check and internal and internal control are two different functions. Internal control system is the whole system of the company. Which control the company activities and regulation. And internal check is to check the daily works of the employees.Internal control is necessary part of the company. So the above internal control and internal check hierarchy is related for account and finance department. The senior Account Officer controls the internal control and internal check system. The two junior account officers check the employee’s daily work and submit the report to senior account officer. Different employees perform a different duty which is assign to their senior account officer. The record the daily cost which is

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Junior Account Officer

Record the transaction according to accounting

standard

Daily cost record related to the unit manufacturing

Record the unit which is prepared for sale

Junior Account Officer

Maintain the employee’s salary register

Inspection the finished goods and how much unit they

manufactured

Check the material quality

Purchased new machinery and their repair cost record

Maintain the workers’ absents register

Transportation cost

Senior Account Officer

related to the unit manufacturing. They check how much material they use in one unit. They check the material price and record in their register. After the work in progress they check how much unit they are manufactured today. Which is prepared for sale. The other employee’s record the transaction according to accounting standard. They check the material quality and if they feel that material is not according to standard they return the material.Some check inspection the machinery repair cost and how much machinery they purchased. After the unit manufactured they send the different units to different workshop. They also check the transportation cost which is incurred during delivered the finished unit to workshops. So the procedure is so complex but they give us useful output which is necessary during making a good and reliable decision.

The omega industries (Road prince) have build an Internal control system which is the whole system of the company which aim to ensure that:

laws and regulations are complied with; the instructions and directional guidelines fixed by Executive Management

or the Management Board are applied; the company’s internal processes are functioning correctly, particularly those implicating the security of its assets; financial information is reliable

Internal Control function: Internal control in omega industries ( Road prince) can perform three different function and these three function is Dectective , Corrective , and last one is Preventive function. Detective controls are designed to find out and discover the different errors or irregularities which may have occurred and thus, can affect the organization’s ability to achieve its objectives.Corrective controls then work to try and fix the problem which may have arisen. This involves problem solving and lateral thinking. Preventative controls on the other hand, are what most organizations aim to exhibit and use at all times. This aimed at preventing any errors or irregularities from occurring which may have negative effects on the organization.

Internal Control Objectives:

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The omega industries (Road Prince) have the following objectives. This control is aimed at preventing any errors or irregularities from occurring which may have negative effects on the organization.

These are the following objectives: Accuracy of financial Statements Validity of transactions Timeliness and completeness in processing transactions Compliance with applicable regulations and company policy

Components of Internal Control Structure: In addition, an internal control structure ensures that the organization remains compliant with any laws or other legal regulations that police the industry.

The Mega Corporation Frame recognizes five essential components to this system:

1) Control Environment

2) Risk Assessment

3) Control Activities

4) Information and Communication

5) Monitoring

1) Control Environment: The control environment, also called the internal control environment, referred to value that the senior management team of a business attaches to the importance of the audit and risk management function to the firm.

2) Risk Assessment: The component of risk assessment is the actions taken by a business to determine any situations that may pose legal or financial risk to the firm. Commission.

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Likewise, an accountant may audit the financial records of the business to ensure that all accounting practices are sound.

3) Control Activities:

The control activities component describes every policy, procedure and best practice a small business puts into place to minimize risk. For example, the firm’s senior management may mandate that an external accountant review the organization’s books on an annual basis to ensure that the internal accounting team is performing effectively. Likewise, a business may create a policy stating that all outgoing correspondence must be reviewed by the legal department before delivery

4) Information and Communication:

Information and communication are the methods used to train the employee population of the control activities. A business may implement this component in a variety of ways.

5) Monitoring:

The monitoring component of the internal control structure describes a small business’ practices of self-auditing its risk management systems, ensuring that all employees are compliant with the internal policies. This may be carried out through a few ways. An internal compliance department may be created specifically to audit the organization. Internal check:

Internal check is to check the work of the account department day to day and to ensure that all the entries and records are correct and accurate. Internal check duties can be perform by senior accountant and someone. If they see any errors and frauds which they can eliminate them and forward the daily work to the senior accountant.

Internal audit system in Omega industries (Road Prince):

When I ask the account manager when you conduct internal audit system in your company which system you follow and after they give me the answer that when we

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conduct internal audit system these can be perform by company employees not the outsider person.The manager gives me some useful information that the company has an auditor which is only work for the company not for the outsider. And he is the employee of the company.

Hierarchy of Internal audit system

Explanation of the above internal control system:

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CFO

Assets and repair cost

Manager Account & finance

Asst Manager Account

Asst Manager Account

Asst Manager Account

Statements/voucher

Bank transaction

Income/expenses

Sales and purchases

Director/CEO

Journals entry and ledger

Check the material

When they conduct the internal audit system in their company they follow the follow method which I can tell you above. And when the internal audit is completed the final report which is gives to the director or the CEO of the company. The purpose of the internal audit is to check the errors and problem and after the internal audit they highlight the problems which are finish. The CFO is the person which leads the whole team of internal audit team. And manager Account & finance is to check the report which he received from the Asst Manager Account. And Asst Manager Account is to receive the work which their employees check and then Asst Manager finalized the report and gives it to the Manager Account and Finance. Internal audit team mark /ticking the main head of the statement. In this step ticking indicates the placing of the mark against an entry in the book to denote that it has been examined by the auditor for some purpose to ensure the consistency most of the goods the auditor use tick chart. They check that heading are written in right place and in right statementThe second step is casting in this step the internal audit team check the arithmetical accuracy. Casting refers the checking of addition of books account and financial statements. The job is generally done by the junior members of the staff. They check that machinery amount is 20000 which is written correct in the balance sheet. So the errors and frauds can easily be deducted and eliminate them. . The third step is calling – over. In this step the internal audit team compare the entries in both of books. The fourth step is vouching. In this step the internal audit team check the bills which the company received during the 6 month transaction. The act of vouching consists of checking the documentary documents evidence (invoices, cash memos, bills, receipts, vouchers, minutes, and some other document. They check that amount of the machinery is correct written in the bill. The fifth ste p is verification. In this step the team check the assets appear in the balance sheet. For example a company purchased a machinery for RS.100000. The check that land is fixed assets which is also mention in the balance sheet.For this purpose, he should satisfy himself on the following points:

To check that each assets and liability is correctly valued and correctly write in the balance sheet.

To indentified that these assets are the property of the business. The assets are exist at the date of the balance sheet.

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They conduct the internal audit after 6 months. This is the important part of the company.

External audit system in Omega industries (Road Prince):

When I ask the account manager when you conduct External audit system in your company which system you follow and after they give me the answer that when we conduct external audit system these can be perform by outside audit firm.

The Nasir Jamil co is the outsider audit firms which audit the company of omega industries (Road Prince). Before the audit the done some work which I can explain just below I think that’s the external audit system which follow the company.

A team of high caliber professionals, under the legendary supervision of Muhammad Nasir Jamil Khan-ACA, committed to provide high standard of professional and result oriented services in the fields of Financial Consultancy, Taxation, Audit, Accounts/Book Keeping, Corporate and Management Consultancy and Global Offshore Financial Services.

We are determined to develop a group of highly skilled, young, energetic and professional managers who can create and add value based on delivery and sustainability with a difference towards all spheres of the business as well as to the society and the profession it.

Note:

(1) The number of people in external audit team depend upon the nature of the business.(2) If the company capacity is large then external audit team must contain 10 to 12 person.(3) If the company capacity Is not so large then external audit team must contain 6 to 9 person.(4) These are also information given by a person of the external audit team.(5) The final report should be given within reasonable time not give accurate time.

External Audit Hierarchy

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Charter Accountant

COMPARISON BETWEEN COMPANY SYSTEM AND MAKE YOUR SYSTEM

Sr.No Company Your system1) They make account and finance department

both.We make only account department.

2) The company name is omega industries and brand name is road prince.

No name of the company.

3) Total employee’s works in industry/company is 50 to 130 people.

We cannot explain how much employee’s works in our company.

4) Company manufacturing motor cycles. Our company has no product to mention in our report.5) The hierarchy of account and finance

department is so strong.The hierarchy of our company is not so strong.

6) Minimum employee work in account and finance department.

Maximum employee work in account department.

7) Account and finance department is control by CFO.

Our company account department is control account officer/account manager.

8) Company has only one assistant manager account.

Our company has two junior assistant accounts.

9) Company assistant manager accounts control three departments.

Our company two junior assistant account control several departments.

10) The cost of the account and finance department is low.

Our company account department cost is so high.

11) The company conduct the internal audit procedure after 6 month.

Our company conduct the internal audit procedure after 4 to 5 month.

12) The company has vision, mission and one important thing is the slogan.

Our company has no slogan.

13) The company present the internal audit report in extra ordinary meeting.

Our company present the report to account manager and after they give the report to the chief executive

officer.14) The account and finance department make

some future planning to increase the capital of the company.

Our company has no planning how to improve our account department accuracy.

15) Company focus on two things one is internal control and other is internal check. But on other

Our company is only focus internal check. They check only daily work and not make proper report about the

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Account and Finance department related documents check should be kept IAS

Production department and related cost should be check

Human Resources Department to proper check

Marketing Department check the advertisement cost and daily product promotion

hand the company checks daily work of the employee and give report to the senior account

officer.

performance of the employee.

16) The auditor remuneration is decided in annual general meeting. Company appoints the

external audit firm.

Our company conduct no external audit.

17) The company annual sale is just near 2.5 million.

Our company is not so reliable sale.

18) The final audit report is present in AGM. --------------

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