Chapter 1:

INTRODUCTION:

Milin Majithia & Associates, established in the year 1997, is a leading chartered
accountancy firm in Mumbai metro region, located at utmost prime & conveniently
accessible location at rendering wide range of comprehensive professional services
which inter alia, includes Auditing, Income Tax, GST, company law compliance,
Financial / Investment consultancy, Accounting and Allied services by energetic,
committed and competent team of professionals consisting of both qualified & semi
qualified members headed by CA. Milin Majithia having more than 20 years of
experience in practice. The team is in regular interaction with various professional
and industrial forums which enables the firm to keep pace with contemporary
developments and to meet the dynamic needs of its clients and business environment.

With a vast experience & exposure of providing a wide range of services spanning
over more than two decades we have created a niche for professional excellence. We
strongly lay our foundation in providing quality, efficient, professional, and cost-
efficient services to our clients in a most transparent and ethical manner. Our
personalized & customized service approach to our esteemed clients has become a
hallmark of our Firm.

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SWOT Analysis

Strengths
 Long standing clients
 Quality staff
 Excellent Business Ethics
 Supportive management
 Cooperative environment
 Name basis with large percentage of clients
 Good Relationships with Tax officers
 Flexible work environment
 Controlled growth
 Organization gives opportunity for career path

Weaknesses

 Due to lack of audit staff only 2-3 audits can be carried at a time

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  No Company Website
 More emphasis on business Taxation Services rather than audit
 Limited knowledge of markets
 Shared office, no separate departments in the office
 Dependability of staff
 Work force
 Strict Policy for absenteeism among employees causing dissatisfaction

Opportunities

 Create an interactive web-site

 Firm can get more audit services from clients if proper marketing techniques
are applied
 Add additional high quality audit and tax services to drive additionalbusiness
 New more efficient staff
 Consolidation of offices
 Better Computer equipment and accounting soft wares for staff
 Hire 1 or 2 audit staff

Threats

 Competition hiring staff

 Day by day increasing Competition in taxation and audit markets
 Turnover of customers to other firm’s
 Loss of audit clients due to lack of audit team members
 Firm might be outdated due to lack of technology and employee’s
technological orientation

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Work activities of Chartered Accountant:

The role of a chartered accountant can cover many aspects of financial work,
including:

 continuous management of financial systems and budgets

 undertaking financial audits
 Providing financial advice.

In public practice, typical work activities include:

 liaising with clients and providing financial information and advice

 performing tests to check financial information and systems
 advising clients on tax planning and tax issues associated with activities
 maintaining accounting records and preparing accounts and management
information for small businesses
 advising clients on areas of business improvement
 detecting and preventing fraud

In commerce and industry, typical work activities involve:

 liaising with internal and external auditors

 preparing financial statements
 preparing financial management reports
 advising on tax and treasury issues

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Product/Service line:

Chartered Accountant firms render various types of services to their clients.

According to the types and nature of the clients. The nature of service also differs
from firm to firm, which includes corporate services, feasibility report, professional
consultancy etc. The firm is dealing with;
 Auditing
 Taxation
 Professional consultancy
 Corporate services.

Auditing:

CA firms provide the services of auditing to their clients. According to the companies
ordinance 1984 all the public and private limited companies are required that
Chartered Accountant must sign their accounts. The welfare organization and NGO’s
are also required to get their accounts audited by the Chartered Accountant firm. CA
firms audit the accounts of their and check all the major books along with subsidiary
books and vouchers with supporting evidence. After this process then they express
their opinion upon the accuracy or inaccuracy of the accounts. They write an audit
report and also mention the various transactions, which are not duly verified. They
also write audit report to the management in which they express any weakness of the
management how to control these weaknesses. They are rendering for such services
charges some fees.

Types of Audits conducted

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  Statutory Audit of Companies
 Tax Audit under Section 44AB of the Income Tax Act, 1961.
 Audit under other sections of the Income Tax Act, 1961 such as 80HHC, 80-
IA, etc.  Concurrent Audits.
 Revenue Audit of Banks.
 Branch Audits of Banks.
 Audit of PF Trusts, Charitable Trusts, Schools, etc.
 Audit of Co-operative Societies.
 Information System Audit
 Internal Audits

Taxation:

The CA firm provides tax services to their clients. Some firms are specially deals in
tax. The client who needs the services regarding to tax pay fee for such services and
the auditor gives him a very useful service by the tax returns.

Professional Consultancy:

CA firm also provide the professional consultancy services to their clients. When
appointed as consultants, they valuate sick units for the purpose of privatization.
Evaluate the reports and bid documents in respect of the sick projects prepared for the
Privatization Commission Government of Pakistan. CA firm s also provides the
professional assistance in the establishment or the organization

Corporate Services:

 Incorporation of company
 Consultancy on Company Law matters.

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  Planning for Mergers, Acquisitions, De-mergers, and Corporate re-
organizations.
 Filing of annual returns and various forms, documents.
 Clause 49 review for compliance with fiscal, corporate and tax laws
 Secretarial Matters including share transfers
 Maintenance of Statutory records
 Consultancy on Public/Rights/Bonus Issue of shares.
 Change of Name, Objects, Registered Office, etc.

Our Major Clients:

 Safe Refrigeration
 Safe A & T Technology Private Limited
 Aditee Info Tech
 Ameebika Enterprises
 Aditee Enterprises
 Thakkar Family HUF
 Kapadia and Co.

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Brief profile of Milin Majithia & Associates (Chartered Accountants)

Name Accountant Milin Majithia & Associates (Chatered

Accountant)

Year of establish 1997

Owner Milin Majithia

Manager Anand Yadav

Address Building no. 1 , Mulji Nagar, Borivali

(W), 400066

Telephone 022-28697118

Mobile +91-9821090071

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Area of Service Auditing

Taxation

Professional Consultancy

Corporate Service

Chapter 2:

STATEMENTS AND OBJECTIVES:

Mission:

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“Our Vision is to cater multi-disciplinary professional services globally by partnering
as key enablers in our client’s growth & consistently delivering values”

Vision:

“To not just meet but exceed client expectations consistently by imbibing Teamwork,
Professionalism, Personalized Service & Specialization. Our young and dynamic
professional team work with a mission to create new benchmarks in service delivery
at professional assignments”

Objective of the Study:

I choose to work with Milin Majithia & Associates. During this internship I have
learnt many new skills. Before internship I have only theoretical knowledge about
work in organisation but now I have practical some practical experience of working in
organisation. Now I have knowledge about the organisation’s working environment
and how organisations work and achieve their goals and objectives. This internship
has to gives me the understanding of business and also about the elements of strategic
thinking, planning and implementation, and how these things are applied in a real
world organisation environment. Following are the objectives that I have in my mind
before working as an internee.

 To improve communication skills.

 To analyse the business situation.
 To establish high standard in professionalism.
 To learn more than the theoretical knowledge.
 To learn book keeping practices of different companies.
 To apply the theoretical knowledge in actual organisation.
 To compare practical aspects with theoretical aspects.
 To make quick decision in real situation.
 To learn how to promote and to conduct research in business area.

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  To promote my personal knowledge and professional preparation for future.
To properly integrate my theoretical knowledge and practical work.
 To plan for the future of oneself and learn how to adjust in an organisation.
 To know how to present your recommendations in front of your boss.
 To get knowledge of opportunities and threats while entering into an
organisation.
 To get exposure to do a work in an organisation and also known about
organisational behaviour, ethical rules and regulations

Chapter 3:

MY ROLE IN THE ORGANISATION DURING THE

INTERNSHIP:

 JOB DESCRIPTION –

I have tried my best to enhance my abilities and apply the knowledge

that I gained during the studies. On my first day at firm, company in-
charge Mr. Anand Yadav gave me training session about computerized accounting in
tally software and also shared his practical experience with me and gave me some
techniques of this process. He also guided me that how to prepare GST return and
filing data in income tax return preparation software.

Different task that I performed during my internship:

o Vouching

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 o Preparing books of accounts in tally
o Voucher Entry
o Preparing Data in Excel Sheet
o Preparing Partnership Deed
o Intangible Assets
o Prepare Projected and other Balance Sheet
o Auditing
o Taxation
o Theoretical learning of different type of Taxation and GST
o Maintenance of accounts/ book keeping.

Software used during internship:

o MS office
o Tally software

OVERVIEW OF VOUCHING

Vouching is a technical term which refers to the inspection of

documentary evidence supporting and substantiating a transaction, by
an auditor. It is the practice followed in an audit, with the objective of
establishing the authenticity of the transactions recorded in the primary
books of account. It essentially consists of verifying a transaction
recorded in the books of account with the relevant documentary and the
authority on the basis of which the entry has been made; also
confirming that the authority on the basis of which the entry has been
made; also confirming that the amount mentioned in the voucher has
been posted to an appropriate account which would disclose the nature
of the transaction on its inclusion in the final statements in account.

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PREPARATION ON BOOKS ON TALLY

Following are the books that were made in tally:

 VOUCHER ENTRY: -

Tally provides flexibility, to use predefined voucher types, comprising of accounting

and inventory voucher types to record various business transactions. It also allows
you to use Keyboard Shortcut Keys as well as mouse operations during voucher entry.

To create a new Voucher Type,

Go to Gateway of Tally > Accounts Info. > Voucher Type > Create
o Enter the Voucher name
o Specify the Type of voucher
o Specify the Method of numbering
o Activate or deactivate the other functions as required.

 BOOKS AND REGISTERS:

Tally provides you capability to generate various books and registers

for any specific period viz., month, date, and year and as on date. In
Tally, once voucher entry is made, the transactions are automatically &
immediately in the Day Book and other Books of Accounts without any
additional effort. Tally allows you to maintain and generate all primary
books of accounts and registers like:
o Cash Book
o Bank Book
o Purchase Register
o Sales Register
o Journal Register

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 o Debit Note Register
o Credit Note Register
o General Ledger

OVERVIEW OF TALLY ERP 9

 JOURNAL ENTRY

Journal Vouchers are used to adjust the debit and credit amounts
without involving the cash or bank accounts. Hence, they are referred to as adjustment
entries.

 CREATING A JOURNAL ENTRY :-

Journal entries are usually used for finalization of accounts. To pass

a Journal Voucher,

Go to Gateway of Tally > Accounting Vouchers

Click on F7: Journal on the Button Bar or press F7.
For example, there may be entries made for interest accrued or interest due. If you
have to receive Interest from a party, the same can be entered using Journal Voucher.
1. Debit the Party.
2. Credit the Interest Receivable Account the Journal entry is displayed as
shown.

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SPECIAL KEYS FOR VOUCHER NARRATION FIELD:

ALT+R: Recalls the Last narration saved for the first ledger in the
voucher, irrespective of the voucher type.
CTRL+R: Recalls the Last narration saved for a specific voucher
type, irrespective of the ledger.

Allowing Cash Accounts in Journals:

Journals are adjustment entries, which do not involve Cash account and
Bank account. However, in exceptional cases where the user would like
to account Journal entries involving Cash/Bank Account, Tally.ERP 9
has the flexibility of passing such entries by enabling the option under
F12 configuration.
To enable Cash Accounts in Journal voucher,
Set Allow Cash Accounts in Journals to Yes in F12: Configure
(Voucher Entry Configuration).

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To pass a Journal voucher with Cash/Bank Ledger,
1. Go to Gateway of Tally > Accounting Vouchers > Select F7:
Journal
2. Press the spacebar at the Debit or Credit field.
The Journal Voucher Screen with Cash/Bank Ledger selection will appear as shown:

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To pass a Journal voucher with Cash/Bank Ledger,
1. Go to Gateway of Tally > Accounting Vouchers > Select F7:
Journal
2. Press the spacebar at the Debit or Credit field.
The Journal Voucher Screen with Cash/Bank Ledger selection will
appear as shown:

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  DEBIT NOTE ENTRY
Debit Note is a document issued to a party stating that you are debiting their Account
in your Books of Accounts for the stated reason or vice versa. It is commonly used in
case of Purchase Returns, Escalation/De-escalation in price, any other expenses
incurred by you on behalf of the party etc.
Debit Note can be entered in voucher or Invoice mode.
You need to enable the feature in F11: Accounting or Inventory
features.
 To use it in Voucher mode you need to enable the feature in F11:
Accounting Features - Use Debit / Credit Notes.
 To make the entry in Invoice mode enable the option F11:
Accounting Features - Use invoice mode for Debit Notes.
To go to Debit Note Entry Screen,

Go to Gateway of Tally > Accounting Vouchers

 Click on Ctrl+F9: Debit Note on the Button Bar or press CtrI+F9.
You can toggle between voucher and Invoice mode by clicking
Ctrl+V. Pass an entry for the goods purchased returned to Supplier
A:

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SPECIAL KEYS FOR VOUCHER NARRATION FIELD:

1. ALT+R: Recalls the Last narration saved for the first ledger in the voucher,
irrespective of the voucher type.
2. CTRL+R: Recalls the Last narration saved for a specific voucher type, irrespective
of the ledger.

 Credit Note Entry

Credit Note is a document issued to a party stating that you are crediting their
Account in your Books of Accounts for the stated reason or vice versa. It is
commonly used in case of Sales Returns.

A Credit Note can be entered in voucher or Invoice mode. You need to enable the
feature in Fll: Accounting or Inventory features.
 To use it in Voucher mode you need to enable the feature in F11:

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 Accounting Features - Use Debit / Credit Notes.
 To make the entry in Invoice mode enable the option F11:
Accounting Features - Use invoice mode for Debit Notes.

To go to Credit Note Entry Screen:

Go to Gateway of Tally > Accounting Vouchers
1.Click on Ctrl F8: Credit Note on the Button Bar or press Ctrl+F8. You can
toggle between voucher and Invoice mode by clicking Ctrl+V. Pass an entry for
goods sold returned from Customer A:

SPECIAL KEYS FOR VOUCHER NARRATION FIELD:

1. ALT+R: Recalls the Last narration saved for the first ledger in the
voucher, irrespective of the voucher type.

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2. CTRL+R: Recalls the Last narration saved for a specific
voucher type, irrespective of the ledger.

OVERVIEW OF AUDITING

An auditor is someone who prepares and examines financial records.

They ensure that financial records are accurate and that taxes are paid
properly and on time. They assess financial operations and work to help
ensure that an organization runs efficiently.

In this area, we were done different type of work such as matches the
balances of transactions from software information with our tally
voucher entries information. We check different financial records of
companies any analyse that and identify the mistakes then give some
suggestions to them.

An audit is a systematic and independent examination of books,

accounts, statutory records, documents and vouchers of an organization
to ascertain how far the financial statements as well as non-financial
disclosures present a true and fair view of the concern. It also attempts
to ensure that the books of accounts are properly maintained by the
concern as required by law. Auditing has become such a ubiquitous phenomenon in
the corporate and the public sector that academics
started identifying an Audit Society. The auditor perceives and
recognizes the prepositions before them for examination, obtains
evidence, evaluates the same and formulates an opinion on the basis of
his judgement which is communicated through their audit report.

Any subject matter may be audited. Auditing is a safeguard measure

since ancient times. Audits provide third party assurance to various
stakeholders that the subject matter is free from material that the subject
matter is free from material misstatement. The term is most frequently

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applied to a legal person. Other areas which are commonly audited
include: secretarial and compliance audit, internal controls, quality
management, project management, water management and energy
conversion.

AUDITING STANDARDS
Audit planning includes deciding on the overall audit strategy and
developing an audit plan.

Auditing Standard No. 9 from the PCAOB describes an external

auditor's responsibility and the requirements for planning an audit.
According to standard No. 9, an audit plan is expected to describe the
planned nature, extent, and timing of the procedures for risk
assessment and the tests to be done on the controls and substantive
procedures, along with a description of other audit procedures planned to ensure the
audit meets PCAOB standards.

For internal auditing, the Institute of Internal Auditors provides

guidance for audit planning. Planning starts with determining the
scope and objectives of the audit.

Internal auditors need to understand the business, operations, and unique

characteristics of the department/unit being audited and to
develop an audit plan that defines the procedures needed to do an
efficient and effective audit.

OVERVIEW ON GST

 What is GST?

GST is an Indirect Tax which has replaced many Indirect Taxes in

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India. The Goods and Service Tax Act was passed in the Parliament on
29th March 2017. The Act came into effect on 1st July 2017; Goods &
Services Tax Law in India is a comprehensive, multi-stage, destination-
based tax that is levied on every value addition.
In simple words, Goods and Service Tax (GST) is an indirect tax levied
on the supply of goods and services. This law has replaced many
indirect tax laws that previously existed in India.
GST is one indirect tax for the entire country.
So, before Goods and Service Tax, the pattern of tax levy was as
follows:

Under the GST regime, the tax is levied at every point of sale. In the
case of intra-state sales, Central GST and State GST are charged. Inter-
state sales are chargeable to Integrated GST.
Now let us try to understand the definition of Goods and Service Tax
"GST is a comprehensive, multi-stage, destination-based tax that is

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levied on every value addition."

Multi-stage

There are multiple change-of-hands an item goes through along its

supply chain: from manufacture to final sale to the consumer.

Let us consider the following case:

 Purchase of raw materials
 Production or manufacture
 Warehousing of finished goods
 Sale to wholesaler
 Sale of the product to the retailer
 Sale to the end consumer

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VALUE ADDITION

The manufacturer who makes biscuits buys flour, sugar and other
material. The value of the inputs increases when the sugar and flour are
mixed and baked into biscuits.
The manufacturer then sells the biscuits to the warehousing agent who
packs large quantities of biscuits and labels it. That is another addition
of value after which the warehouse sells it to the retailer.
The retailer packages the biscuits in smaller quantities and invests in
the marketing of the biscuits thus increasing its value.
GST is levied on these value additions i.e. the monetary value added at
each stage to achieve the final sale to the end customer.

Destination Based

Consider goods manufactured in Maharashtra and are sold to the final

consumer in Karnataka. Since Goods & Service Tax is levied at the
point of consumption. So, the entire tax revenue will go to Karnataka
and not Maharashtra.

 ADVANTAGES OF GST

GST has mainly removed the Cascading effect on the sale of goods
and services. Removal of cascading effect has impacted the cost of

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goods. Since the GST regime eliminates the tax on tax, the cost of
goods decreases. GST is also mainly technologically driven. All
activities like registration, return filing, application for refund and
response to notice needs to be done online on the GST Portal; this
accelerates the processes.

 Components of GST

There are 3 taxes applicable under this system: CGST, SGST & IGST.
• CGST: Collected by the Central Government on an intra-state sale
(Eg: transaction happening within Maharashtra)
• SGST: Collected by the State Government on an intra-state
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sale (Eg: transaction happening within Maharashtra)
• IGST: Collected by the Central Government for inter-state sale
(Eg: Maharashtra to Tamil Nadu)

Description of process followed to accomplished the assigned

task in the organization

 Tally Entries
Following process are followed for accomplishment this task:
 Firstly, we review all records of vouchers carefully, that no any
 vouchers had any queries related to adjustments.
 Then, we make a separate folder for that work.
 Then, we create a company in Tally software by that company name
 and started doing entries.
 Receipts & Payment entries are posted carefully as it carries some
 contra entries also.
 Then after completing entries posting recheck the data by Balance
 sheet, Trial balances & Day book.
 Any queries related to this work communicated to our external
 mentor.

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  Auditing

These steps were followed by us in auditing:

 Build an audit strategy.
 Verify that all outgoing checks were properly signed, accounted for
 and posted to the correct accounts.
 Ensure that all deposits were properly posted.
 Review all financial statements.
 Ensure compliance with all state and federal requirements.
 Review all treasurers' reports.
 Complete the financial review worksheet.
 Suggest improvements to internal controls.
 Determine your audit opinion.
 Submit all documents to companies.

BEHAVIOURAL LEARNING FROM THE ORGANIZATION

 COMMUNICATION

Good communication consists of many other different sub-skills, from

suitable patterns of body language and eye contact with the ability to
write clear and accurate reports. Accurate listening and the ability to
follow instructions are especially important but are often ignored or
taken for granted. Many people simply do not pay close attention to
what others say or write and do not ask follow-up questions to check
their understanding. As a result, individuals act on their own inaccurate
assumptions and create inefficiencies and frustrations at work. Communication
training will help them overcome these challenges.

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  GOAL SETTING AND PLANNING

Anybody can wish for something to happen, but to accomplish anything

one must plan which surprisingly few people know how to do. Planning
requires setting concrete goals, identifying workable action steps, and
making a commitment to see the plan through.

Even setting the primary goal can be difficult when multiple issues are
competing for attention. Effective planning requires arranging
problems by importance and delegation. It is impossible to do
everything at once, but if one focuses on the most important tasks and
ask for help, then can accomplish a lot.

 SELF-IMPROVEMENT

Life in the workplace should not enforce stagnation; there should be a

constant need or desire for improvement. Satisfaction leads to a
perception of repetition, which is the essential of a job perceived as
unchallenging. Employees should improve to avoid both the frustration
of inexperience and contentment with their work.
People always have room to grow, and advance behavioural skills are always
welcomed. At the upper end, one can give your workers the tools and mindset to aim
for improvement by observing their behaviour, work habits, and production. Self-
improvement training will help provide feedback and criticisms that they can use to
benefit their next assignments. An essential part of promoting improvement is to
communicate to the employees that failure.

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  EMPATHY

Being an empathetic individual comes naturally to some, but is less

natural to others. Behaving with empathy means more than feeling bad
for someone who's sad or sharing in someone else's joy. It means being
able to step into someone else's world to understand not just what their
point of view is, but also why they have that point of view.
Empathy is a behavioural skill that can help one not only keep their own
peace of mind but can also help one to grow in your career because
empathetic people tend to put others at ease.

 CONFLICT RESOLUTION

At points of imbalance and friction, the employees must be able to

confront the tension between them and resolve whatever disagreement
arises. This is a twig of communication, though it is a distinct skill that
can be hard to develop due to hesitation and the intimate nature of the
workplace.
The bad habit to breed is ignoring these conflicts to the point that they
grow and spread like wild-fire, damaging relationships and the
productivity of both individuals and the team. Instead, employers
should remain aware of potential conflicts and be active in entering and
facilitating these more emotional interactions, and over time, help their
workers see the bigger picture when they harbour uncertainties.

5 BEST PRACTICES OBSERVED IN THE ORGANIZATION

 There is no racism on the basis of any caste, creed, color or gender. Everyone
is treated same thus making it easy to co-ordinate with each other and to share
views and ideas with each other. The mentors as well as the colleagues are
always ready to sort out any problem that the interns could not resolve on their
own.

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  Everyone is disciplined and dedicated towards their job, thus provides
motivation to do our jobs perfectly and to learn and grab as much as we can.
The perfect competitive environment always motivates us to excel in our job
responsibility and to perform better than we are performing
 The working environment is lenient in the organization. Neither the employees
are overburdened by the work given. Neither they nor the proprietor force
them to work for extra time. All the work/targets are completed by the
employees in the provided time frame.
 The employees are always energetic and ready to do work; they don't waste
their time. They always strive for excellence with effectiveness and efficiency
in their work. Even if the proprietor is not at the office they don't skip work
hours.
 The proprietor is really good at customer handling, he is always too humble
towards the clients even though if the clients are in bad mood or tempered, he
never loses his temper and handles them greet fully. He never abuses his
employees even if they make silly mistakes, and corrects their mistakes by
smiling and sarcastically commenting on it so the employees don’t feel down
and eventually improve themselves.

SUGGESTIONS AND RECOMMENDATIONS

Though the organization is really good at everything and everything is

well maintained and managed. But still there are some chances of
improvement whether it is a human being or any organization till there are
improvements and chances to develop and grow, the organization must improve itself
at its best. In my opinion some of the suggestion/recommendations are:
 They have good opportunity to introduce the ISO standards training program
which no other firm is giving to customer.
 Try to adopt new technologies that their competitors are not using.
 Make a network that allows its customers to negotiate with them easily.
 In comparison with their competitors, Milin Majithia & Associates has an
edge in making an accurate and error free report.
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 The local economy continues to be strong and we believe our typical clients
will continue to flourish.
 The company has mostly professional educated human resources, which are
the biggest threat for their competitors.
 The infrastructure and working condition reviews can improve the working
efficiency of the trainees. Audit and Assurance is the tough job. Some
motivational meetings and mentoring exercises would bring good feel among
employees for their work. Time to time financial bonuses or performance
incentives will energize the staff.
 The trainees are not offered extra financial or any other incentive for the extra
work or over time. This causes some sort of abstractions which immediately
need to be overcome by the management.

 The firm, to be more competitive in future, still has room for improvement in
Information Technology. As firm don't have any of its website to attract
customer and their timely feedback as most of the good firms have their own
web and well organized.

 Firm also lacks in marketing perspective as it does not any marketer to market
and introduce their business, firm is getting business only on personal relations
of the partners and other firm personnel. So if firm wants to improve its
business volume it needs a professional marketer as many other big firms
adopted and have complete marketing department.

 The employees are provided less salary than the government has asked to
provide in minimum wage act, therefore the employees must be provided at
least the minimum salary. It is 6 days working in the organization; most of the
organizations are using 5 days working schedules so that employees don't feel
exhausted and their efficiency increases. So the organization must provide at
least one-day leave to the employees to rest and freshen up.

 Most of the computers and laptops in which the work was done were old and
because of that we were unable to carry out our tasks properly. The

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organization must have proper systems so that the work load can be handled
efficiently.

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 Chapter 4:

CHALLENGES:

 They have a small staff with limited skill set in many areas.
 Less number of staff members.
 Developments in technology are changing this market. Milin Majithia &
Associates needs to adopt new technology and adapt to the changed market
realities.
 Change in government policies and procedures may act as threat for company.
 A small change in focus of large competitor might wipe out any market
position achieved.
 Milin Majithia & Associates has many competitors.
 Under certain circumstances stiff competition can threaten the margins and
hence the survival of the firm.

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