The Orient Craft Ltd Export House - Free Essay Example

Sample details Pages: 8 Words: 2318 Downloads: 1 Date added: 2017/06/26 Category Business Essay Type Narrative essay Did you like this example? Orient Craft Limited a four star Export House was established in 1978 and is one of the leading manufacturing and exporting houses of India. It has a turnover of around 16 billion. It is dealing with European buyers like GAP, Tommy Hilfiger, FCUK, Ralph Lauren, NEXT, and US Armani Exchange and DKNY among others. Don’t waste time! Our writers will create an original "The Orient Craft Ltd Export House" essay for you Create order Over these years Orient Craft has earned a great success for which many have rewarded it reputed national as well as International organizations associations. The major exports comprise dresses, skirts, shirts/t-shirts, mens shirts, jackets, kids wear, rompers. ÂÂ  The company also has a specialized home furnished division where in all soft furnishing products are manufactured and exported to some of the most prominent brands such as William, Sonoma, Donna Karen, ELM Street and Marks and Spencer. Orient Craft, one of Indias largest garment exporters, has acquired a Levis plant in Spain for 25 million. Orient Craft, has also entered into a joint venture with Germany based S.Oliver for its foray into front-end fashion retailing. It has launched their exclusive S.Oliver brand stores in National Capital Region Delhi and Mumbai and invested 15 million to set up them. At present, Orient Craft has 20 production units spread across India. The company importing all raw materials, trims free of duty from any part of the world. The company has in house lab testing for garments, fabrics, and trims. The labs are well equipped to test for all parameters including color fastness to light. Orient Craft` has several in house latest computerized embroidery machines, washing plants and dry-cleaning units. About Orient craft have multi divisional structure because they support function services and number of different product line. Orient craft also flow the matrix structure because company one department is related to another and every person have two boss to report about their work. Below this it show how they use matrix structure because how their activities are related to each other in order to perform their duties GARMENT MANUFACTURING ACTIVITIES Orient craft flow the production structure because they support function services and number of different product line. All the activities of Orient Craft are built around the needs and demands of the buyer and organized in such a way to produce profit. The company goes through a series of steps in developing products from the design state to a finished garment style. Following flowchart gives a simplified overview of the major steps in producing a garment. The detailed discussion of these steps as executed in Orient Craft Limited. PRODUCT DEVELOPMENT STAGE There are two stages here- Predevelopment stage (before the order is placed) Post development stage (after the order is placed) Pre development At this stage Concept development based on the buyers needs and ideas developed, a well-targeted product is selected in the first meeting. The design may be completely original, or selected from styles developed in past. Once the ideas of the buyers have taken birth in the merchandisers mind, an initial cost estimate for the style is made. Now the first patterns are made which may be modified later during the fit process. Initial patterns are normally done manually. Using these patterns prototype garments (first samples) are made and reviewed. The buyer sits together with the merchandiser to finalize the looks, eliminate some styles and order for final development samples with more specific instructions. These samples are then reviewed for cost, production feasibility, styling, sourcing for production, fabric requirements and availability, and profit potential. The decision is made at this point whether the garment will be accepted as a part of the new line and the final order is p laced. Post development Once the final selections from the line have been designated for production, the next steps of pre-assembly occurs. The styling and the fit are perfected for the final garment. Making the production pattern A highly skilled pattern master makes the production pattern for the garment in one size and a fit sample is developed for the buyers approval for fit. Pattern grading After the basic pattern is perfected and approved by the buyer, grading instructions are received to produce patterns for that garment in all the sizes. This is called size set. It is again sent for buyers approval and the finalized sealed sample becomes the pre-production sample. No design changes will be incorporated after this. Marker making The next step after grading is marker making. The marker is made according to the ratio of Orders. The marker is a long paper diagram that shows the placement of all of the various pattern pieces for all the sizes produced as they should be laid in order to cut the cloth economically and in appropriate grain line. Ordering of production fabrics and supplies By this time the fabric team will have already be in touch with textile mills and vendors of Trims, buttons, zippers, and other components. Up to this point the company had ordered only enough to make the samples. But once the purchase order and the quality approval for the fabric from the buyer are received, the final order is placed with the vendors based on sales orders. Final arrangements for production are made Production, planning and controls and Methods engineering are now brought into the picture to prepare the production floor for the new style. Final specifications are developed Specifications are brief written descriptions or guidelines for how the garment should be Produced and standards for the finished item. This includes standards for materials used, how Assembly should occur, and details for what is expected in the garment. Final costing Although a quick pre-costing occurred early in the predevelopment stage, a final costing occurs in the post-development stage before production begins. This is detailed costing to provide an accurate picture of what actual costs are going to be and to find ways to minimize costs wherever possible. PRODUCT SOURCING AND PRODUCTION Markers, production instructions and specifications are developed and sent to the cutting room. Cutting occurs with the marker providing the cutting plan. A cut order is sent to the cutting room to determine the quantity of garments to be cut in various sizes. Layers of fabric are rolled out on long tables, marker is fixed on top of the layered fabric and then the cutter uses electrically powered portable knives and follows lines on the marker to cut through fabric layered several inches deep. The cut parts of the garment are then collected, identified, and passed along for the sewing Operation. At Orient Craft, progressive bundle system is followed i.e. workers sew one part of the garment in an assembly line manner. Workers are paid according to the number of pieces they produce. After the assembly the garments are inspected in a separate inspection department to ensure that the garments meet the quality standards expected by the buyer. After inspection, workers finish th e pieces by trimming the loose threads and prepare it for Pressing. Garment comes into finishing department where they are pressed to give a pleasing appearance to customers who will view finished items. Now the garments are ticketed where price tags and other hangtags may be attached. SHIPPING Once the garments are off the finishing line they are now ready to be packed and dispatched Whenever and wherever the buyer demands in the most cost-effective manner. Garments are Shipped to the buyers warehouses in different countries, usually in cartons. Thus we see how many steps are involved in getting a garment on the sales floor and how many people have contributed in important ways to produce and deliver the garment. There are many decisions and activities are part of the apparel development and production process. Each step is important in producing the merchandise that will ultimately satisfy the buyers customers and the Orient Craft strives to do his best in achieving it. FABRIC SOURCING Orient Craft maintains its own in-house centralized fabric store, which caters to the needs of Units spread in Gurgaon and surrounding areas. Fabric storehouse is the actual area where the fabric for production is received or dispatched for processing. Besides storage the Fabric store department is also responsible for the inspection of the goods received by it. Fabric sourcing department is basically engaged in determining how and where its merchandise i.e. fabric will be obtained. It works in co-ordination with the merchandising department and Looks after the delivery of the required goods within the scheduled time and cost. A fabric Sourcer must have knowledge about all varieties of fabrics in order to execute their functions Effectively. Once the merchandiser receives the Purchase Order, the fabric sourcer gets to know the delivery schedule of the raw materials needed to meet the requirements of the Production schedule. Then before seeking the suppliers for fabric, he stu dies the specifications of the goods that have to be ordered. These specs include tolerance limits for all the parameters of the raw material, construction, esthetics, durability, utility and processing performance. The merchandiser receives these specs from the buyer and hands-over them to the fabric sourcing department for procurement of the fabric accordingly. Fabric sourcer also sources for trim fabrics and other specialty fabrics. Once the fabric sourcer knows what he must get and when it is due, he prepares a list of suppliers National or international who can furnish the required quality and quantity, when and where needed at the desired price. He presents his requirements and specs to the vendors and finalizes the supplier on basis of the consistency of raw material supplied, on-time delivery and competitive prices. Knit fabric is also imported from countries like Taiwan, Hong Kong, China and Singapore. The factory may send the yarn from the store to the fabricators fo r fabric production, buy Greige fabric for dyeing or directly order the processed fabric to the vendors. The fabric sourcer has the responsibility to get the ordered fabric approved from the buyer before issuing it to bulk production. Correct shade match, GSM, color fastness, washing behavior etc. are some of the most important properties that are looked for in the fabric. When the fabric is procured, it needs to be dyed in the same shade as required by the buyer. Here fabric source approaches dyeing units for its dyeing program. First it gets Lab Dips of the fabric in the required color shade from the dyeing unit. These swatches are sent for buyers approval for nearest match. Then only the dyeing unit is given a go ahead for dyeing the goods in the approved shade. Fabric source department has a track of all the information about the goods available in its store. Order Tracking System installed in the store keeps their databases updated with the latest arrival and dispatch of goo ds from the store. These databases inform them about how much fabric is in-house, how much has been issued, what fabric is available in the store etc. People from the department keep in regular touch with the fabric and trims vendors for their latest offerings. They visit other countries; meet the suppliers and source out most up to date varieties of fabrics and trims, which they can offer to their buyers in future. FABRIC ISSUE The fabric store issues the fabric to the cutting department on reproduction of the job card. The job card contains information regarding style no, color, buyers name, and quantity to be issued and issued for which production unit. The fabric department then issues the fabric according to the details furnished in the job card. Orient Craft has fabric library updated with the new fabrics coming in store to help the buyer to choose desired fabric for his upcoming collection. A huge range of assorted fabrics is available in the fabric library. The list includes: Dyed Printed Embroidered Crinkle (using twisted yarn) Jacquard Flat-back Drop needle Semi-dull Enzyme wash Bio wash ORGANIZATION structure So after telling how company work is performed we can say it is multi structure organization because it deals all over the world so it have different culture environment so they can deal easily around the world. Even I describe how each department is related to other department, which is related to the organization. All this information show that it is necessary for this company to flow the matrix structure because if the company dont have proper communication among each other it will be hard for them to work together. This company also has vice president for deferent department so to do this they flow product division structure. Then they have different teams for research and development Organization culture This company is flexible for everyone because orient craft have to deal with the international buyer for their product so they have to keep the company culture fixable so that they can deal with any kind of situation easily. Such as employees dont have a pressure of work all the time if they are done work they dont have to take so much of the stress, they are not forced to wear just the formal dress, they even can were their casual dresses. Even this company provides a different culture environment, so that every work is perform as a team work and whatever work is allotted to this team they consider their work as a mission statement because these big export houses have to maintain their reputation in the market to make their name bigger in global market, that how people can know them as one good export house. These mission statement make the buyers satisfaction for future because then they can know the company potential that they can work good, so they can trust them for future. Conclusion Orient craft is a one of the successful export house in India. All this success belong to the workers and their efforts because they made this name big because of their managements skills . This success made orient craft to spread all over the world because of their efforts and ability

The Implications Of Religion During The Victorian Era

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My Favorite Heroes Free Essays

My Favorite Heroes There are a lot of people who I admire most; some of them are In history, some are my family member who passed away years ago, and some of them are political leaders from history and in the present. I have a lot of reasons why I admire them because they are my favorite heroes, who Inspire me greatly. Among those people, one of my favorite heroes Is general Among San who was Burmese revolutionary leader and negotiated with British Empire for Bursa’s Independence, fought for freedom of Burma from British colony and was founder of Burmese Army In Burma. We will write a custom essay sample on My Favorite Heroes or any similar topic only for you Order Now He was assassinated by his enemy In 1947. The reason why I admire him Is because he got freedom from British colony from British country. He sacrificed his life for my country and all the people of Burma. Because of him, Burma received independence in 1947 at the same year of his assassination. He is not only my true hero but he is also a national hero of Burma. I really respect him and love him from the bottom of my heart, present and he is my greatest hero who was in history. My second favorite hero is Among San Sue Sky who is Burmese opposition politician, hairpieces of National League for Democracy in Burma and daughter of general Among San. I have several reasons to say why she is my hero. She is also like her father general Among San who wanted to sacrifice himself to Burmese people. She gives all of her energy and time for fighting democracy for Burma. Moreover, her party, National League for Democracy won general election of Burma in 1990, but unfortunately, Burmese Military Government took over the power of the country and detained her into house arrest for 21 years in Yankton. However, she was never upset about the under failure and fought for democracy for Burma in nonviolent ways. She inspires by the greatest India hero Amah Dam Gandhi who fought for freedom of India in nonviolent ways. She was release from house arrest in 2010. She has an open mind and good personality. She always put first priority to her people and country. For example, during house arrested, she was not allowed to go oversea. At that time her husband Michael suffered from final stage of cancer and wanted to see her before he died, unfortunately, Burmese government did not allow him to visit her at Rangoon, but they gave an option to her to leave the country for good or to still house arrest In Rangoon. At that time she neglected her feeling and pain and gave herself first priority for Burmese people to fight freedom and democracy for Burma. That Is why she won the Noble Peace Prize In 1991 and other several awards by oversea leaders and other nongovernmental organizations around the world. She Is true hero for Burma because she negotiates with even her enemy and forgives them for the sake of Burmese people. In conclusion, both of them are my favorite and national heroes In history and In the present. By Antenatal 8 April,2013 There are a lot of people who I admire most; some of them are in history, some are because they are my favorite heroes, who inspire me greatly. Among those people, one of my favorite heroes is general Among San who was independence, fought for freedom of Burma from British colony and was founder of Burmese Army in Burma. He was assassinated by his enemy in 1947. The reason why I admire him is because he got freedom from British colony from British country. He but they gave an option to her to leave the country for good or to still house arrest in priority for Burmese people to fight freedom and democracy for Burma. That is why she won the Noble Peace Prize in 1991 and other several awards by oversea leaders and other nongovernmental organizations around the world. She is true hero for In conclusion, both of them are my favorite and national heroes in history and in How to cite My Favorite Heroes, Papers

Effectiveness to Financial Accountabilities-Samples for Students

Question: Discuss about the Accounting Theory. Answer: Introduction Accountancy is science where financial transactions are recorded in a methodological manner for efficient business status. Therefore, accounting theory is a logical explanation under some guided principles that creates a framework on how accounting can be evaluated and enables development of new procedures and practices. Accounting systems are guided by these accounting theories with application of accounting knowledge and skills. In real life each and every one must have his or her own financial strategies to achieve utility satisfaction. The government plays a big role when it comes to economic growth and development as it creates the foundation of the currency flow in the economy.(Shahrokhi, 2008) accounting starts from one individual for a reasonable financial status. Individuals mostly operates with banks by depositing their savings and also acquiring loans for investment whereby accounting plays a major role by ensuring a reliable and quality accounting information to meet a credible financial status. Government evaluations and operations tend to rely heavily on accounting strategies to make decisions to stabilize their economy. (King, Beattie, Cristescu and Weetman, 2001)They set financial accounting standards boards to deal with allocation of finances and also having firms to carry out auditing and financial managements with respect to accounting theories and principles on the government revenues and e xpenditures. The government creates a platform by introducing some basic education to produce accountants with sufficient practical experience equipping them with adequate theoretical knowledge for a solid and sound reasoning when it comes financial matters in the economy. The federal government in Australia is an example of a governing institution with strategies to reform their budget. Some of economic theories focuses on; Usefulness, Qualitative characteristics/interpretational theory, assumptions/accounting structure theory Banks operates with objectives to achieve accountable services. (Watts, 1974) They are guided by accounting principles thus coming up with accounting objectives which include; Maintenance of the cash through the cash book and finding out the cash balance on any specific time in order to monitor each and every transaction in the bank, Providing some extra journals for recording non cash day to day operations for accuracy by including all expenses be it minor or major is accounted for, Having credible ledgers to account and find out the required amounts of expenses and incomes or losses and gain or payables and receivables to a have a stand on which level the bank is operating coming up with total capital at any reference cheek list in order to make sure the auditing is in a solid manner, Have cost of production calculations to have critical records between the inputs and the outputs, Assist the management panel with accounting relevant data, ratios, and report to make future predictio ns of the bank behaviour to the economy, To make clarifications about the arithmetical accuracy of the books of accounts The banks got skilled and critical knowledge accountant who are capable of achieving the above accounting objectives by providing consistent, relevant, comparable and reliable accounting information under a conceptual management framework. (Ijiri, 1968) The federal government of Australia had to perform a clear accountability on their expenditures and revenues, being guided by accounting principles so as to set a budget that is capable to increase economic development in the country. In each and every accounting strategy used the results may produce a surplus or a deficit. The government had some deficits hence they had to lay down a wise decision making on how to acquire or gain the revenue. One of the major source the government uses to acquire its revenue is through collection of taxes. Their quality characteristics and critical assumptions on their accounting strategies on how to fill the lop they introduced a levy tax to banks whereby the banks which were affected had to react b ack as their aims to achieve their accounting objectives was interfered to. A request by the bank to the government lower tax imposition and also the unhappy mood by (Mr Morrison) shows clearly that after the levy was injected to the banks their accounting would not be consistent hence relying on accounting principles on how to maintain under such environments. The federal government using precise accounting perspectives on the budget they came up with a decision to levy the banks. This was because the banks got very strong financial means or strategies to adjust when faced by a particular financial constraint. The tax revenue would pass through evaluated financial strategies following the operation of the budget in order to fulfil the required project developments and to maintain the wellbeing of each and every individual in the country.(Levy, Micco and Panizza, 2004.) Some of the issues the bank might come across include; Input of critical accounting skills on which means they should use to maintain their financial status. Some of the ways they come up with is by passing cost to the customers either by lowering the interest rates to the depositors or by increasing the interest rates of the borrowers, Also the banks which tend to behave badly to extra financial impost, the government comes up with a strategy by introducing a penalty to eas ily meet the budget projects, The banks embark itself with a competence managerial accounting workforce to usher in new ideas on how to attract customers to raise funds, The government having accountability on how the banks operate, due to competitions they are capable of predicting that the bank will source excellent means to keep its financial services to the customers friendly The government come across some issues whereby it has to address to the community concerns about the bank behaviour under well accounted arithmetic records. It also has a broader package by also playing part in sourcing government revenue with an aim of fulfilling big new promises in the budget.(Panetta, 2009) the federal government actions have affected several stakeholders such as customers who their concern is to deposit their savings for future use and borrowing loans to make investments. Due to introduction of the levy tax the initial interest on borrowing will increases to raise the funds or reduce the initial depositing rates to encourage more customers to save (Deegan, 2013). Creditors are also the stake holders who area affected by this action , creditors are organizations which fund the banks under well clearly stated financial strategies thus being forced to fund the bank with more finances to encourage the customers borrow more loans and a return with high interest they a re capable to raise the funds. The government as a stakeholder aims at providing regulations and well enabled environment to operate their business, it have to change its financial management on the banks and create means to which the bank can acquire more customers. The banks will tend to set the accounting strategies the government have used to inject a big tax to the specific banks, the banks will try to maintain its capital by using other means to raise the funds. It will come up with precise accounting measures to maintain its official standard of operation. The accounting structure theory or the classical assumption theory is one of key the theory that have motivated the banks to adhere to the action.( Hyo-Chan, 2010) The theory operate under periodicity, economic entity, monetary unit and the going concern. The periodicity will enable the banks to know its financial status on a monthly or annually basis. When it comes to economic entity we understand that activities of a business are separate from the actions of the owner thus the bank work hard to meet its objectives. Monetary unit drives the bank to dominate the financial statements in some sort of relevant numerical currency in the business. Finally the going concern motivates the bank by providing prepared financial statements assuming that the business will continue on without dissolution or threat of bankruptcy. Accountants who have adequate theoretical knowledge and sufficient practical experience manifesting accounting characteristics theory triggered the federal government to make that decision. It involves a wide usage of accepted accounting principles, logical and confirmed hypothesis. The company will have to change the pattern of accounting practices for necessary modulation and modification. Proper theoretical knowledge must be practiced in order to emerge out examinations, analysis and constant observation of decision Banks are financial institutional that make loans and receive deposits providing financial services such as currency exchange, deposit boxes and wealth management in an economy. Due to budget announcement the banks are forced to be systematic employing descriptive, evaluative and communicative theories whereby they are required to take ea ch and every transaction count that is carried out in order to have a crucial conclusion on how to stabilize the tax levy in the country. Referring to (Deegan, 2013) examples of accounting theories include; Positive accounting theory that states the contractual view of the firm bringing in appropriate accounting transactions on the real world events while normative accounting theory gives recommendation on what need to be done, Positive accounting theory enables the firm predictions on which accounting policies needed in their firms and reactions on proposed new accounting standards. Referring to the positive theory the banks tend to rely on the best accounting policies with acknowledgement to cost minimization. Descriptive theory explaining the causes and effects of day to day life. It assists us to forecast how event are treated in accounting from the study of explanations of what has been happening at a particular event. Communicative accounting theory which provide exact forecast of events giving us capability of future forecast of events. Evaluative accounting theory guides us to identify quality and quantity of any event by measuring the qualitative and quantity of the event conce rned. Inductive accounting theory examines and analyses the happenings of the past events basing on repeated experiments and inform us that similar events in future will result in similar consequences. Deductive accounting theory prepared by the method of deduction showing the future way of behaviour regarding the happening of any special phenomenon. Involving accounting strategic theories, implementation and development of accounting information provides legitimacy in generalised perceptions where the firms entail appropriate proper and desirable actions in their systems. Therefore, descriptive becomes the best theory to rely on as it describes the effects of decision made by the government to levy tax to the banks. The bank can be able to make forecast on how the event are treated in accounting be it in the long run or short run. Reference Geiger, M.A. and Ogilby, S.M., 2000. The first course in accounting: students perceptions and their effect on the decision to major in accounting.Journal of Accounting Education,18(2), pp.63-78. Shahrokhi, M., 2008. E-finance: status, innovations, resources and future challenges.Managerial Finance,34(6), pp.365-398. King, N., Beattie, A., Cristescu, A.M. and Weetman, P., 2001. Developing accounting and audit in a transition economy: the Romanian experience.European Accounting Review,10(1), pp.149-171. Watts, R., 1974.Accounting objectives. University of Rochester, Graduate School of Management. Ijiri, Y., 1968. On budgeting principles and budget-auditing standards.The Accounting Review,43(4), pp.662-667. Levy-Yeyati, E.L., Micco, A. and Panizza, U., 2004. Should the government be in the banking business? The role of state-owned and development banks. Panetta, F., Faeh, T., Grande, G., Ho, C., King, M., Levy, A., Signoretti, F.M., Taboga, M. and Zaghini, A., 2009.An assessment of financial sector rescue programmes(No. 47). Bank of Italy, Economic Research and International Relations Area. Hyo-Chan, J., 2010. Global Financial Regulation and Korea's Financial Industry: The Introduction of Bank Levies.SERI Quarterly,3(4), p.23. Deegan, C., 2013.Financial accounting theory. McGraw-Hill Education Australia.