Entrepreneurship Presentation On:

Deepak Immitation Jewellery Works Pvt. Ltd.

Presented By:

S.Y. BBI

Divya Ahuja Karishma Amkar Akshita Jadhav Veronica Makhija Harshita Shetty Mary Argello

03 05 14 20 34 45

Contents:
What is imitation jewellery? Company profile Profile of Owner Establishment of company Nature of business Location of company Finance Scenario Export and import of the business Challenging phase of the company Management structure and management of company Employees in company Companys Clients Marketing mix Competitors of the company Future plans of the company SWOT Analysis Social responsibilities of the company. Findings Conclusion

What is imitation jewellery?

Jewellery is every womans best friend and yet, whether you agree or not her worst enemy. Why enemy? The answer is simple; the price tag just makes her shun away the thought of owning jewelry. But then this is the case with expensive jewellery set in gold or platinum, embedded with precious stones. After all anything genuine does come with a price tag. While real jewellery may not be affordable, an absolutely wallet friendly option is imitation jewellery.

Imitation Jewelry is made in lead and zinc only. The metal is treated to resemble a more expensive metal such as gold, silver, or platinum. Traditionally, fake stones made from glass or paste were used; however, some imitation jewellery uses real gemstones that are less expensive versions of their precious ones. Usually, the stones used.

At times there is demand for using plating of gold color or silver color on imitation jewelry. Other then this Gold or Silver is never used in imitation jewelry. Stones which are used in imitation jewellery are of glass, plastic, acrylic or reign.

Companys Profile:

DEEPAK IMMITATION JEWELLERY WORKS PVT LTD. is into manufacturing of a wide range of products classified as imitation. Though they have registered themselves as corporate entity in 2006; they are in this business since last 20 years.

Business role: Manufacturer

Year Established: 2006

Brand Name: La Provoke

Website: http://www.hiwtc.com/company/1747435/ & deepak imitation jewellery works pvt ltd

Profile of Owner:

Owners Name: Mr. Deepak Valechha

Age: 47 years

Qualification of Owner: He is B.Com passed.

Marital status: Married

Wifes name: Poonam Valechha

Children: 2 Daughters.

Work Experiences: Worked manufacturing company.

as

an

employee

in

jewellery

Mr. Deepak is 1st Generation Entrepreneur.

Establishment of the Company:

Mr. Deepak Valechha is the owner of the company. He lives in a joint family. They are three brothers. The youngest being Mr. Deepak then Mr. Nicky and the eldest is Mr. Naresh.They owned 4 shops in Mumbai of showpieces and fashion accessories.

Mr. Deepak had wished to start a business in jewellery making. This wish was eventually fulfilled as he started small scale factory with help of his brothers, separately manufacturing showpieces in the year 1994.

In the year 1996 they sold their 2 shops as Mr. Deepak Valechha was in need of finance. This made both the brothers join his business. And then later on year by year, the rest 2 shops were sold.

In 1996-1997 they ventured into fashion world manufacturing fashion accessories along with showpieces.

The owner started his wholesale shop in Mumbai in the year 1998. In the year 2000 two shops in Bandar were started where the company products were sold at retail level.

Nature of Business:

As this company is related to the manufacturing of products which is part of fashion world, the companys nature of business is customer oriented.

The company comes up with new and attractive designs of jewellery, to attract more customers.

The likes and dislikes of the products are known through websites and also through his clients. The information collected is given due importance and the reviews of clients and customers are also considered.

Location of the Company:

Company Address: Plot No. 55A, Collectors Colony, Chembur, Mumbai 400 074.

Location is selected on the basis of easy availability of transport and communication facilities. Cheap and skilled labours are easily available as it is commercial and residential area. Area is surrounded by factories like R.C.F and TATA. Being a commercial area there is sufficient availability of power, fuel and water. There is easy access to materials and supplies. Favorable location can reduce total cost of production as well as cost of marketing and hence profit can be maximized.

Finance:

While starting their business the funds were arranged by taking small amount of loan.

Mr. Deepak also bowered funds from friends and family.

Later on the profits which were earned after selling the four shops in the year 1997 was put into the business.

Scenario:

Past {1994-2006}:
They had a small scale business, where they used to manufacture and sell their products. The products were sold at wholesale and retail price. They had a wholesale shop at Mumbai central and 2 retail shops at Bandra.

Present {2006-2013}:
This enterprise has reached to an international level where they only sell their products at wholesale rate. They have stopped retail business in the year 2011 and have fully concentrated in wholesale business.

Export and Import of the Business:

The imports:
The company started importing its raw materials from the foreign market in the year 2006. The main aim behind importing raw materials was to manufacture quality products. The company imports raw materials from different foreign markets, mainly from China.

The exports:
The company now has reached to an international level wherein the products manufactured by them are sold in foreign market. The exports were started in the year 2008. As the company used to import raw materials from foreign market, it became easy for the company to make contracts with his client.

Challenges of the Company:

The challenge of the company is to compete with his competitors.

The biggest challenge faced by the companies is to cope up with the new innovative products in the market.

Challenging Phase of the Company:

2005-2006: The year 2005 and 2006 was the challenging period for Mr. Deepak as; he had to find quality raw materials from foreign markets.

During 2008: During the year 2008 Mr. Deepak had started exporting his products. This was his challenging period as he had to find clients from foreign market and also had to retain them by gaining their trust.

Management Structure:

The three brothers work as partners and there are employees under them. Mr. Deepak looks after the imports of raw materials and production. The exports are looked after by Mr. Nicky Valechha and the elder brother that is Mr. Naresh Valechha manages the accounts of the company.

Management of the Company:

Management structure of this company is simple; it does not include too many members but sufficient employees.

There is proper delegation of authority. Success of the company is based on its team effort.

There is proper utilization of raw materials and there is no scope of wastage.

There is proper balance in skills and talents of the members.

Employees of the Company:

There are about 11 to 50 number of employees in the company

Mr. Deepak conducts proper selection procedure on the basis of work experience, qualification of the employees. He stresses on the development of the employees. The employees are given proper training. Employees are motivated by giving them incentives, bonus, rewards and appraisals. Employees are not kept on a temporary basis for a longer period of time but are made permanent. They are provided with proper medical facilities in case of need.

Companys Clients:

The company exports its product to its client. The clients of this company are speared all over the word.

Some of the major clients are situated in:

North America, South America, Western Europe, Eastern Europe, Eastern Asia, Southeast Asia and Africa

Marketing Mix:

1)

Product:

They provide with Imitation jewellery and fashion accessories like earings, anklets, necklace, bracelets, hairbands, baby pins, and birthday return gifts for children and also seasonal items such as rakhi, friendship bands and so on.

2)

Pricing:

The product manufactured by this company is given at reasonable prices, which are affordable by common people.

3)

Promotion:

The company products are promoted through websites. The reviews and complaints are handled online. It provides personal as well as impersonal promotion.

4)Placement:
Location is selected on the basis of easy availability of transport and communication facilities.

Competitors of the Company:

As the company is manufacturing fashion accessories there are many competitors in market which proves as challenge for the company.

The two competitors among them are:

I. II.

Aashique Creation { Malad} Mangalmani Jewellers {Kalbadevi}

Future Plans

Of The Company:

The companys future plan is to cover maximum markets all over the world. It aims at spreading his business in domestic as well as international level.

SWOT Analysis:

1) Strength:
a. Family support:
They have a supportive family and their business is being carried on, from generation to generation. There is good understanding among the family members. Funds are easily raised because of family support. Because of this there is Continuity and stability in business.

b. Work experience:
As he had great work experience in jewellery making he gained more confidence and utilized it to his full abilities.

c. Foreign market:
As with his overall experience he ventured into foreign market.

d. Team spirit:
Though the employees are limited i.e.11-50, they work whole heartedly with dedication and are well focused as a team. Overall skills of the members are utilized.

e. Limited liability:

The liability is limited as the risk is shared among the brothers.

f. Reasonable rate:
As these accessories come at reasonable prices, large section of society can easily lay their hands on.

2) Weakness:
a. Business secrets:
Any labour being dismissed can lead to letting out of secrets of their company to the rivals.

b. Totally dependent on labours:

Loss of labour can cause a greater loss to their production and also cause differences in their work.

c. Dependant on importers:
There are chances of raw material getting delayed as they need to be imported.

3) Opportunities:

a. New trends:
It is a growing trend among the youngsters, artificial and fashionable jewellery are mostly preferred other than gold and silver.

b. International level:
As the company has reached to international level, their profits and standard has increased tremendously.

c. It is Small scale business which leads to easy working.

4) Threats:

a) Competition:
As fashion and trends keeps on changing, there are a lot of competitors in the market, which is a threat to the company.

b) Possibilities of family dispute: There may be absence of delegation of authority which leads to conflicts.

c) Dependant on importers: Though it is a weakness, it is also considered as threat for the company. d) If there is a huge loss it may lead to winding up of the company.

Social Responsibilities of the Company:

Though it is a profit oriented business, social responsibilities are also given due importance.

Towards the employees:

As the success of the business is depended on the morale of the employees a due importance is given to them. Social responsibilities towards employees are fulfilled by providing them with proper working conditions, providing them with a positive environment.

Towards society:
He is responsible to fulfill the responsibilities to the interest of the welfare of the society. He gives 1/4th of his income for charity. So the ambitions of the societies are fulfilled through these charities.

Towards customer:
He provides good quality products to its customers and concentrates on improving its quality and productivity. He provides products at reasonable rates. These products are easily available to the customers. He does not cheat his customers and is loyal towards them.

Relation with family And Family Interest Towards The Business

When he commenced his business, he had full support of his families. Good suggestions are given by the family. One of the most prior advantage which he gets is that of getting experience and support from elders in the family.

The next generation has willing started participating in the business and is giving their best in widening up of the business.

Mr. Deepak always balances his time by giving equal importance to his family and profession.

Findings:

Mr. Deepak is punctual and a responsible person.

He has full dedication towards his work.

He is a soft spoken person.

Recommendations:
According to us: Mr. Deepak Valechha should employee more staff.

He should open more branches.

Conclusion:
Though Mr. Deepak is only B.Com passed, he has been able to get his business at that stage where he wished 20 years before. Though this company is at small scale level, it is well established. The company has ample scope for specialized management. This company maintains its reputation by providing good quality products at fair price and by giving fair treatment to its employees.

The company has gained trust of its foreign clients which has eventually helped it to reach at international level.