Weekly Financial 9B Report

Department Priority

1) Perfect Audit Plan for 2010-11

2) Ensure 100% Statutory Compliance
3 ) Monthly Budget Control
4 ) Support to all other Department

Accounts Receivables

Receivables as on date

Due as on date = 41.42 Lacs

Over due as on date = Rs.120.68 Lacs
Not yet Due = Rs.105.41 Lacs
Total Accounts Receivables = 267.51 Lacs

Support from Other Department

# From Materials department Inventory Report

before 5th of every month - Mr . Vinoth
***** Daily basis GRN receipt from stores -vinoth
**** Sundry creditor acccounts reconcilliation - Mr.Palanivelu & Vinoth
**** Tooling purchase order still not received from L and P korea--Mr.chida
***** Weekly production details & Labour hours deails from production and inspect
 Week # 7
L&I Priority 2011 Budget Vs YTD PD1
(Rs. In Lacs)
1) Achieve atleast 6% EBIT in 2011 Budget 2011
2) Maintain all company assets with control
3) Avoid Unbudget Expenses Sales 1,735
4) Achieve sales of USD $1.10 MIO in 2011 to get Operating Income 111
Postive EBIT % on Sales 6%

To meet Budgeted Profit we need to earn 7% from Now on

Accounts Payable Inventory

Age wise Payable as on date Inventory as on Jan-11

0-30 Days = 33.99 Lacs Raw Materials = Rs. 124.66 Lacs

31-60 Days = 51.00Lacs Finished Goods = Rs.50.01 Lacs
61-90 Days = 5.15 Lacs
> 90 days = 102.96 Lacs
Total AP = 193.11 Slow Moving and Non Moving =

Advance Paid to Vendors = 48.11 Lacs Slow Moving = Rs.71.09 Lacs

Non Moving = Rs.6.86 Lacs

Support from Top Management Open issues

To ensure all Internal reports to meet corporate
Reports in time
Closure of cash advance with in 3 days
Closure of Travel advance with in 3 days
Amount to be received from Pullmaflex for the debit
Note : 10 amounting Usd 414 - Mr.Dev and Mr.venkatesan
1) SVB Registeration with customs
2) Legal Notice for Vendor advance more than 6 Months
3) Payment as per PO date
4) New Product Development cost tracking
5) Confirmation for Tooling PO from Pullmaflex
6) Stores Documents need to have in time.
7) Additional business in 2011
8) SMOI - Review
 Report Dated: 14.02.2011

11 Budget Vs YTD PD1

(Rs. In Lacs)
YTD Actual Variance

92 1,643
2 108
3% 7%

need to earn 7% from Now on

Inventory

Open issues

ance more than 6 Months

cost tracking
O from Pullmaflex
have in time.
Department : Finance

HOD : Ganesh Shankar

Open Issues # Particulars Issue Date

1 Internal Audit Issues 27-Feb-10

1 Open Audit Issues with Corporate 1-Dec-09

3 SVB - Registeration with customs 1-May-10

4 Legal Notice to Advance Paid 1-May-10

5 Payment to vendor as Per PO 1-Jul-10

6 Review - Accounts receivable

7 Program wise cost report 14-Jun-10

8 Open & Close Capital Projected

9 Invoice documents not reached to

Customers
Team & Responsible

Vijay - Audit and Accounting (TB)

Bala.V - Accounts Receivable
Saravanan Accounts Payable

Open Issues from Finance Department

Issue details Action Plan Target Date

34 Points - Out of 34 Points we have 31-Jul-10

7 - Major Sent supporting documents
27 - Minor for 17 findings and Balancfe
to be sent

3 Findings Documents sent to Corporate 31-Jul-10

finding for feed back

Not able to clear the consignments Preparing the documents with 2-Jul-10
Advocate

Materials Not received or documents to be submitted to 30-Jun-10

advance not recovered Legal advisior to prepare the Notice

Proper Payment not made Accounts Payable need to be

prepared on weekly basis

In consistent of Payment receipts Accounts receivable need to be

Prepared on weekly basis

all Program need to identified with Program wise cost to be estimated 16-Jun-10
Profit Break up to ensure the profitability of the
bussiness

Open and close capital projects should 2-Dec-10

be prepared and send to corporate

Invoice copy not available for VW POLO Finance should keep in touch with
and Lear Automotive customer to solve this issues
]]'''

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Issues from Finance Department

Revised Date R2 Date Close Date Responsible

11/26.10 Ganesh

30-Nov-10 19-Dec-10 Ganesh

15-Dec-10 31-Dec-10 Ganesh

20-Oct-10 22-Nov-10 Ganesh

17-Dec-10 31-Dec-10 Ganesh/Saravanan

1-Nov-10 15-Dec-10 Bala.V

1-Jan-11 7-Feb-11 Ganesh/New Person

14-Dec-10 Ganesh/Vijay

Ganesh/Bala
 Status Remarks

Ganesh should discuss with HOD to have

clear work sheet

Reviewing by Corporate Internal 1 Finding has been closed and other 2 are pending
Audit team

Interview is scheduling to Hire Executive Issue from Commercial Department

for Indirect Taxation

Legal Notice has been completed

copy sent to commercial.

Accounts payable is preparing Ganesh should submit Action Plan by 13th Dec-2010
on weekly basis to monitor the and work with venkatesh to close
due date

Accounts Receivable is preparing

on weekly basis to monitor the
due date and collections.

Created Project wise Account Ledger in Tally

and will be implemented from 1st of Jan -10

Linga has sent the details and Vijay to make

ensure the bills and ganesh has to verify
before sending to corporate
Department : Finance

HOD : Ganesh Shankar

Open Issues # Particulars Issue Date

1 Sales Order for every Customer Order 22-Nov-10

3 Sales Order 22-Nov-10

4 Delivery Note for Dispatch 22-Nov-10

(From Jan-11 onwards Packing List
will be replaced instead of DC)

1 Inventory Valuation for WIP 22-Nov-10

2 Inventory Report not clear

3 Cost Saving for each Month

4 Pending Purchase Orders 22-Nov-10

5 Slow Moving & Obsolete Inventory

6 Documents to Close Year End 30-Dec-10

1 Inventory Documents 1-Nov-10

2 Vendor Add/or Change Form 1-Nov-10

3 Physical Inventory

4 Loss or Gain on Inventory

5 Reply for Legal Notice received from supplier

1 Data Entry in Tally 1-Nov-10

1 RFQ Data 1-Nov-10

1 Intimation of Sample Shipment

2 Tool Cost from Customers

3 Cost Tracking sheet

1 Data Entry in Tally 1-Nov-10

1-Nov-10

1-Nov-10

1 Quality Data for KPI

1 Rejection to be identified Process

wise

1 Data Entry in Tally 1-Nov-10

1 Open Project Details 1-Nov-10

2 Production Qty 1-Nov-10

3 Capacity Utilization Report 1-Nov-10

4 Fixed Assets Register & Audit 1-Nov-10

1 Documents to be kept for Production 1-Nov-10

1 Payroll Register 1-Nov-10

2 Addition/Deletion of Employees 1-Nov-10

3 Employees files 1-Nov-10

1 Salary Reconcilation 1-Nov-10

Team & Responsible
Vijay -
Bala.V -
New Person
Issue details
Sales Order should be for every
Customer Order and Month end
Pending Order report should be
submitted to Finance
Shipment confirmation for every sales
Order and Pending qty wise and also
further shipment date.
One Copy of Sales Order needs to be retained
with commercial.
To confirm FG receipt in stores and
Movement of FG
WIP Stock has to be valued at cost
Raw Materials issues should have breakup
for Production, Samples, and Rejection
Cost saving are showing Nil in KPI report
and this should calculated and reviewed by HOD
Pending Purchase Order List should be
sent on every month to account closure
Slow Moving & Obsolte Inventory should
be evaluaed and reviewed
Details sent by mail on 16th Dec 2010
Audit and Accounting (TB)
Accounts Receivable
Accounts Payable
Open Issues with Other Dep
Commercial Depart
Requirement
Tally Software
Every Delivery Note must be signed
by Palani & Venkatesh. (one copy
for Logistics othen one for finance)
Every Delivery Note must be signed
by Palani & Venkatesh. (one copy
for Logistics othen one for finance)
Every Delivery Note must be signed
by Vinoth & Venkatesh. (one copy
for stores othen one for finance)
Corporate Reports
if total issues are 100 then Break
be (Production - 80, Samples - 15
Rejection - 5)
 Day to Day Issues for Internal co

Inventory Documents should Maintain Individual file for GRN, issues,

In Seprate file with Proper approval Physicial Inventory, Scrap Sales,

Vendor Add or change form should be Every Vendor Add or change should
Documented to ensure the control in Purchase be approved by commercial Manager

Physical Inventory should be conducted on Variance between Book stock &

Quarterly basis should review by HOD Physical stock should be identified

Stock adjustment during Physical counting

Must be approved by Branch Manager

Program/Engineering Op

Tally Software

All Bill of Materials should be

Enter in to Tally and creating of
FG Part No:
Corporate Reports

should Provide RFQ submitted to customer includes of submitted, rejected,

ontime, pending
Day to Day Issues for Internal co
Intimation of shipment should be
One day in advance for samples & DTA
Sales to prepare the Invoice as per
Leggett requirement

Debit Note sent to PUB for Twin Zone

Tool 30% from VW POLO

for NPD

Quality

Incoming Rejection should be updated in Tally
GP - 12 Transaction should be updated in Tally
Process Rejection should be entered in Tally
Data for Quality KPI should be submitted
before 3rd of every month
Rejection data should be classfied into
process wise to make sure actual cost of Poor
Quality.
Production qty should be entered on daily basis
to ensure actual goods Produced
Open CER Project should be identified and
should submit with Corporate
Production Qty details need to be submitted
before 2nd of everry month
Capacity Utilization report should be submitted
on every Qtr.
Fixed Assets register should be maintained
separately and should conduct audit on every
half yerarly
Voucher should be generated from Tally
Tally Software
Unit 1 Entry not yet done
Transfer of FG & Rejection in FG
To ensure actual rejection in Process
Corporate Reports
Day to Day Issues for Internal co
Right Now for all Process rejection
has been valued only with Materials
but Labour and other Overhead
has not been included since the data
not produced.
Manufacturing
Tally Software
Unit 1 Entry not yet done
Corporate Reports
the report should be reviewed by
Ganesh and approved by Branch Manager
Day to Day Issues for Internal co
with signature from HOD and filed it proper
Place

Human Resource

Tally Software

Corporate Reports

Payroll register should be reviewed by HOD Working days should be reviewed and
and should approve by Branch manager approved by Branch Management

Addition and deletion of employees must be

reviewed on monthly basis

For all employees need to have separate file includes of Payslip, offer letter and AO
with all relevant documents and all other related documents

Day to Day Issues for Internal co

Reasons for increase or decrease of salary

must be identified for each month
Open Issues with Other Department

Commercial Department
Audit Point No Target Date Revised Date Close Date Responsible
Tally Software

ICR Audit Point - 1 30-Nov-10 Venkatesh/Palani

30-Nov-10 20-Dec-10 Venkatesh/Palani

ICR Audit Point - 3 1-Dec-10 15-Dec-10 Vinoth/Venkatesh

Corporate Reports

2-Dec-10 31-Dec-10 Vinoth/Venkatesh

31-Dec-10 Vinoth/Venkatesh

3-Dec-10 31-Dec-10 Venkatesh

2-Dec-10 Venkatesh

ICR Audit Point - 22 3-Dec-10 19-Dec-10 Ganesh/Venkatesh

Venkatesh
Day to Day Issues for Internal control Systems

ICR Audit Point - 13 1-Dec-10 19-Dec-10 Vinoth/Venkatesh

ICR Audit Point - 11 & 12 30-Nov-10 6-Dec-10 Venkatesh

ICR Audit Point - 18 31-Dec-10 31-Dec-10 Vinoth/Venkatesh

ICR Audit Point - 18 31-Dec-10 31-Dec-10 Vinoth/Venkatesh

Program/Engineering Open Issues

Tally Software

ICR Audit Point - 24 2-Dec-10 Chida

Corporate Reports

Every Month 2-Dec-10

Day to Day Issues for Internal control Systems

ICR Audit Point - 1 Chida/Dev

11-Dec-10 12/15/2010 Dev

15-Dec-10 Chida
Chida

Quality
 Tally Software

2-Dec-10 5-Dec-10 Srini/Ravi

2-Dec-10 5-Dec-10 Ravi

2-Dec-10 5-Dec-10 Ravi

Corporate Reports

2-Dec-10 5-Dec-10 Ravi

Day to Day Issues for Internal control Systems

31-Dec-10 Ravi

Manufacturing

Tally Software

1-Dec-10 5-Dec-10 Prince/Linga

Corporate Reports

5-Dec-10 15-Dec-10 15-Dec-10 Vijay/Linga

2-Dec-10 15-Dec-10

3-Jan-11

ICR Audit Point - 27 3-Jan-11 Vijay/Linga

Day to Day Issues for Internal control Systems

PWC Notes on accounts 1-Dec-10 Prince/Linga

 Human Resources

Tally Software

Corporate Reports

ICR Audit Point - 33 1-Dec-10 Gganesh/Ganesh

10-Dec-10 Gganesh/Ganesh

ICR Audit Point - 32 & 34 15-Dec-10 Gganesh

Day to Day Issues for Internal control Systems

30-Nov-10 Ganesh shankar/Gganesh

 Status

Data Entering in Tally and copy available with

Commercial and Finance

Bala.V and Palani are reconciling the data

Venkatesh agreed to Implement

Explanied to Venkatesh and agreed to

work as required by Finance
Explanied to Venkatesh and agreed to
work as required by Finance

Venkatesh agreed to provide from Dec-10

Documents received for Nov-10 but required

on every Month.
Ganesh and Venkatesh need to work to
solve the issues

Venkatesh has agreed to Maintain the

documents and Finance nned to cross verify

Venkatesh has told for all RM suppliers

we have Supplier file for add or change

inventory Report should send to corporate

with Inventory audit tag.

Training Provided to Chida and needs to be

update in Tally and also start to create
BOM from Tally

Chida has agreed to send it from Nov-10

Dev confirmed to get approval before 15th Dec

Quality are updating the data but needs to
be continue to do the entry
Quality are updating the data but needs to
be continue to do the entry
be continue to do the entry

Received for Nov-10 and needs to be

received on every month

Ravi has aked to make programe from Tally

which will be completed by 20th Dec-2010
Ganesh should support to implement the
system.

Manufacturing are updating the data but needs to

be continue to do the entry

Since the Entry from Tally report can be

Generating from Tally
 Remarks

Need to be followed on daily Basis

Required on 2nd of every month

Vijay will conduct Inventory audit and will submit
report to Branch Management.

Ganesh has to provide Training on 1st of Dec-10

Linga will send report and Vijay will compare
with finance records

Vijay will maintain register and Linga should review

and help for proper record.