Final Project on Precision Castings (pvt) Ltd

Acknowledgements
W
e, Ali Nawaz, Khadija Shabir, Stephen Chu & Syed Salman Haider have accomplished the task of completing the Project Proposal for an individual business of running our own investment casting company with the name “Precision Castings (pvt) Ltd.” This was the course requirement of the Entrepreneurship, for this we are thankful to our respected professor Aitzaz Khurshid who gave us the proper guidance in regard of this project and we would also like to thank Mr. Muhammad Nawaz Ul Haq, father of Mr. Ali Nawaz, who proved to be great help in the accomplishing of our goal, he provided us with lot of informative material about investment casting business which proved to be a lot of help in this project.















Ali Nawaz Khadija Shabir Stephen Chu Syed Salman Haider
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1. Executive Summary
The Precision Castings (pvt) Ltd advantage is its people and its strong commitment to service, quality, and innovation. Our commitment begins with using the best available equipment, materials, people, processes, and technology to manufacture your investment casting components. Our goal is to produce on time, cost effective, precision investment cast parts that offer you greater opportunities to improve your product design, your cost, and part performance.

Utilizing the investment casting process, Precision Castings (pvt) Ltd will cast a full range of shapes and configurations, from simple to complex shapes. We have the capability to cast configurations once unachievable by conventional manufacturing methods such as machining and fabrication. Configurations that may require close tolerances, contours, or intricate cores. Our investment casting process produces components to tight tolerances (+ or - .005 inch per inch) with typical as cast surfaces of 125 micro inches and in a wide variety of sizes. Over 150 different alloys are poured such as nickel base, cobalt base, brass, bronze, aluminum, stainless steel, low alloy, tool steels, non galling alloys and PPT hardening stainless steels. Our very board alloy selection helps you to select the alloy that is best suited for your application and will enhance your part performance.

Precision Castings is dedicated to supplying you with excellent service and quality. Starting with your initial design through to your final product, Precision Castings will work with you to meet, if not exceed, your requirements for service, quality, cost, and on time delivery. Precision Castings Corporation offers a broad range of creative design and cost effective advantages over products that can be manufactured from traditional processes such as machining, die casting, forging, powdered metal, stamping, permanent mold, welding, and assembly. Come and explore with our sales and design engineers the Precision Castings Advantage.






2. Introduction to Investment Casting
Investment casting, also called lost-wax casting, is one of the oldest known metal-forming techniques. From 5,000 years ago, when beeswax formed the pattern, to today’s high-technology waxes, refractory materials and specialist alloys, the castings allow the production of components with accuracy, repeatability, versatility and integrity in a variety of metals and high-performance alloys. Lost foam casting is a modern form of investment casting that eliminates certain steps in the process.

The process is generally used for small castings, but has produced complete aircraft door frames, steel castings of up to 300 kg and aluminum castings of up to 30 kg. It is generally more expensive per unit than die casting or sand casting but with lower equipment cost. It can produce complicated shapes that would be difficult or impossible with die casting, yet like that process require little surface finishing and only minor machining.
Investment casting is used in the aerospace and power generation industries to produce single-crystal turbine blades, which have more creep resistance than equiaxed castings. It is also widely used by firearms manufacturers to fabricate firearm receivers, triggers, hammers, and other precision parts at low cost. Other industries that use standard investment-cast parts include military, medical, commercial and automotive.
Investment casting offers high production rates, particularly for small or highly complex components and extremely good surface finish (CT4-CT6 class accuracy and Ra1.6-6.3 surface roughness) with very little machining. The drawbacks include the specialized equipment, costly refractories and binders, many operations to make a mould, and occasional minute defects.


3. History of Investment Casting
Investment casting dates back thousands of years. Its earliest use was for idols, ornaments and jewellery, using natural beeswax for patterns, clay for the moulds and manually operated bellows for stoking furnaces. Examples have been found in Pakistan's Harappan Civilisation (2000 BC-2500 BC) idols, Egypt's tombs of Tutankhamun (1333 – 1324 BC), in Mesopotamia, Mexico, and the Benin civilization in Africa where the process produced detailed artwork of copper, bronze and gold.

The earliest known text that describes the investment casting process (Schedula Diversarum Artium) was written around 1100 A.D. by Theophilus Presbyter, a monk who described various manufacturing processes, including the recipe for parchment. This book was used by sculptor and goldsmith Benvenuto Cellini (1500 - 1571), who detailed in his autobiography the investment casting process he used for the Perseus and the Head of Medusa sculpture that stands in the Loggia dei Lanzi in Florence, Italy.

The process came into use as a industrial process in the late 19th century, when dentists began using it to make crowns and inlays, as described by Dr. D. Philbrook of Council Bluffs, Iowa in 1897. Its use was accelerated by Dr. William H. Taggart of Chicago, whose 1907 paper described his development of a technique. He also formulated a wax pattern compound of excellent properties, developed an investment material, and invented an air-pressure casting machine.
In the 1940s, World War II increased the demand for precision net shape manufacturing and specialized alloys that could not be shaped by traditional methods, or that required too much machining. Industry turned to investment casting. After the war, its use spread to many commercial and industrial applications that used complex metal parts. For example, Sturm, Ruger, founded in 1949, based much of its manufacturing on the then newly-adopted technology, rising to dominance in the firearms manufacturing world through the elimination of labor-intensive machining of firearms as had been common practice in the firearms industry.

Modern investment casting techniques stem from the development in the United Kingdom of a shell process using wax patterns known as the Investment X Process. This method resolved the problem of wax removal by enveloping a completed and dried shell in a vapor degreaser. The vapor permeated the shell to dissolve and melt the wax. This process has been evolved over years into the current process of melting out the virgin wax in an autoclave or FlashFire Dewax System.

4. Company Overview
This business plan is created to introduce the process of “Investment Casting” in the casting industry of Pakistan, a state of the art castings solution for the first time in Pakistan.
The company will be situated in the industrial area of Katar Band, Thokar Niaz Baig, Multan road to cater the castings need.
In the coming few years’ business will not only focus on increasing the production capacity but expects to enhance the operations.
The Company will deploy the latest machines and their continual improvements in quality for producing patterns from complex tooling in an unbelievable range of configurations.
In future our thoroughness will be in employing the lost wax process for intricate designs. We will manufacture prototype casting from rubber molds, machined waxes and epoxy tooling made from a master. Generally, we could pour almost any alloy into the mould for any complex construction of casting.
From the moment you will become our client you notch top on our list of priorities. If you will have something you need fast, and you will have a sketch, drawing, CAD file or sample (with our prior consent)... send it to us. We'll give you a quotation and have the metal parts in your hands faster than we can deliver! In other words, we are not only sticklers for on-time deliveries but also bench a 24-hour lead time in giving a quotation.
5. Logo
Typically, a logo's design is for immediate recognition, inspiring trust, admiration, loyalty and an implied superiority. The logo is one aspect of a company's commercial brand, or economic entity, and its shapes, colors, fonts, and images usually are different from others in a similar market. Logos are also used to identify organizations and other non-commercial entities. So the logo of our company will be:

6. Slogan
A slogan is a memorable motto or phrase used in a political, commercial, religious and other context as a repetitive expression of an idea or purpose.
Slogans vary from the written and the visual to the chanted and the vulgar. Often their simple rhetorical nature leaves little room for detail, and as such they serve perhaps more as a social expression of unified purpose, rather than a projection for an intended audience.
The word "slogan" comes from sluagh-ghairm (pronounced slua-gherum), which is Gaelic for "battle cry".
Our company slogan will be:

7. Mission Statement
“To be the partner of first choice for customers and suppliers, ensuring sustained leadership position in the markets where we compete, delivering long-term business value through a high performance culture, innovation, ethics and responsible care”

8. Vision Statement
“Our company will endeavor to maintain an environment, which encourages employee integrity, creativity and personal growth; rewards high performance; ensures high level of client satisfaction”


9. Why Investment Casting?
Precision Castings (pvt) Ltd has chosen to utilize, develop, and enhance the investment casting process because of its many advantages in efficiently producing complex metal components, including:

Design flexibility

Investment casting produces near-net-shape configurations, offering designers and engineer’s freedom of design in a wide range of alloys. The process is capable of producing precise detail and dimensional accuracy in parts weighing many pounds or just a few ounces.
Wide choice of alloys

More than 120 ferrous and nonferrous metals are routinely can cast.
Elimination of tooling setup

By offering near-net-shape configuration, fixturing costs are substantially reduced or eliminated.
Reduction of production costs

Costly machining operations are reduced and often eliminated. No capital equipment investment is needed to produce parts in-house.
Reduction of assembly operations

Several parts can be made as one casting, reducing handling, assembly and inspection costs.
Reproduction of fine details

Splines, holes, bosses, lettering, serrations and even some threads can be cast
10. Process Comparison Chart


Process Tool
Cost Unit
Cost Metal
Options Design
Freedom Volume
Capabil. Draft
Req'd Tolerance
Control Size
Range Surface
Finish Wall
Min. Normal
Delivery
Investment
Cast Avg. High Most Most All No Avg. Avg. Avg. Small* Avg.
Die Cast High Low Few Least High Yes Avg. Avg. Avg. Avg. Avg.
Forging High Avg. Avg. Least High Yes Poor Avg. Poor Large Long
Permanent
Mold Avg. Avg. Avg. Avg. All Yes Avg. Avg. Avg. Large Avg.
Plaster
Mold Low High Few Avg. Low Yes Avg. Avg. Avg. Large Short
Powder
Metal Avg. Low Avg. Least High No Best Small Best Small Avg.
Resin Shell
Mold Avg. Avg. Avg. Avg. All Yes Avg. Avg. Poor Large Avg.
Sand Cast Low Avg. Most Avg. All Yes Poor Large Poor Large Short





11. Marketing Plan
A marketing plan outlines the specific actions intend to carry out to interest potential customers and clients in our product and persuade them to buy the product.
Our marketing plan will include:


MARKET ANALYSIS
Market Research
Market Segmentation
Sales Forecast
Business Focus

COMPETITIVE ADVANTAGE

COMPARISON WITH OTHER CASTINGS

MARKETING MIX
Product
Price
Promotion
Placement

TARGET MARKET

SWOT ANALYSIS



12. Marketing Analysis
The goal of a marketing analysis is to determine the attractiveness of a market and to understand its evolving opportunities and threats as they relate to the strengths and weaknesses of the company.
Dimensions of a market analysis:
Market Research
Market Segmentation
Sales Forecast
Business Focus
12.1 Market Research
Market research is the process of systematically gathering, recording and analyzing data and information about customers, competitors and the market. Our marketing research includes both primary data and the secondary data.

Primary Data
Initially we will start our business only with the manufacturing of automobile spare parts so that’s why we have only gathered the primary data related about the current automobile sector situation and growth in Pakistan.

Despite increase in the production of cars in market is increasing day by day. The production of cars has registered an increase of 130841 units as compared to last year’s figure 127738(2.4%). Production of buses also increased to 758 from 625 (21.3%) in July – April 2006 – 07 whereas LCV’s grew by 17.04%, Tractors 11.4%, buses 21.2% and motorcycles 12.3% during the same period.
At the moment there are 47 units producing motor cycles all over the country with an installed capacity of 1648000. 5 new units will start production of motor cycles in the upcoming year.
Formulation of New Automobile Policy in order to expand capacity and provide conducive environment to auto sector has also been assigned. The auto policy envisages an investment of Rs. 250 billion in the next five years and make achievable 0.5 million cars per annum.
The automobile industry of Pakistan can achieve sustained growth, as there is a growing demand from local consumers along with potential to export in foreign markets. The future of this “Industry of Industries” can be quite promising for the overall economy provided that there is a balance between production levels of vendors and assemblers, stable policies, continuity of governmental policies and assistance in financing investment and taxation.

Secondary Data
We have extracted data from internet through various government, trade, and business websites. From those websites, we came to know that, the demands of automobile spare parts are increasing day by day.

Spare parts available to the customers in the local markets are not of the high quality. Consumers of automobile spare parts in Pakistan are quantity conscious not the quality conscious, so to solve this problem or threat we will bring the high quality parts with the minimum possible price. And we will try our level best to change the mind and demand of local customers by giving them high quality spare parts with comparatively lower prices.


12.2 Market Segmentation
The purpose for segmenting a market is to allow your marketing/sales program to focus on the subset of prospects that are "most likely" to purchase our offering. If done properly this will help to insure the highest return for our marketing/sales expenditures. Depending on whether we are selling our offering to individual consumers or a business, there are definite differences in what you will consider when defining market segments.


Single Segmentation Strategy
We will use single segmentation as our marketing strategy.

Benefit Variables
As most of the cars in Pakistan are imported and there parts are not easily available in the local market and even if they are available they are to much expensive, we will provide the same quality with a reasonable cost as compared to other manufacturing companies of automobiles.
More and more cars are increasing day by day so the people will need more automobile parts with high quality at the low price.

12.3 Sales Forecasting
Sales forecasting is the process of organizing and analyzing information in a way that makes it possible to estimate what your sales will be. We are using build up process in forecasting our sales.
Buildup Process
More and more cars are increasing day by day, the people will need more automobile parts with high quality, we don’t have any direct competitor in the manufacturing of spare parts but we do have competitors who are importing spare parts from china and Taiwan, that’s why we are assuming that we will be able to capture a good market share in the minimum possible time.

Predicting Variable
Indirect Forecasting
There is no actual estimate to forecast sales as we are new into business we are using indirect sales forecasting methods.
12.4 Business Focus
Our initial focus will be on Automobiles Industry Hardware Parts (Cars, Motorbikes, Trucks, and Tractors).






13. Competitive Advantage
Investment casting is an advanced metal forming process used to produce metal parts in high quality, functionality.
Investment casting is a highly versatile casting process.
The components that can be produced using investment casting can incorporate intricate contours, and in most cases the components are cast near net shape, so requiring little or no rework once cast.
We can manufacture repeatable production of net shape components, from a variety of different metals and high performance alloys.
Investment casting combine with modern production knowledge and technologies, it can be applied to produce parts of varying degrees of complexity, in virtually any volume and for the broadest possible spectrum of applications.
Comparing Investment casting to alternative processes which require extensive welding or machining, an investment cast component can often dramatically reduce overall part production costs.
For many challenging part applications, investment casting offers a proven and cost-effective metal forming solution.


14. Comparison with Other Castings
WHEN COMPARED TO... INVESTMENT CASTING YIELDS...
DIE CASTINGS • A broader selection of available alloys
• Superior part strength
• Less costly tooling
• The ability to produce more complex designs
MACHINED FORGINGS • No draft requirements
• Elimination of virtually all machining
• The ability to use stronger materials
MACHINED COMPONENTS • Improved strength-to-part weight
• The ability to produce complex shapes that are virtually impossible to machine
• Shorter lead times on complicated high volume runs
• Reduced labor and less material waste
MULTI-PIECE BRAZED OR WELDED ASSEMBLIES • Single piece part production
• No need for machining, welding, brazing or polishing
• Reduced time and material requirements
• Better final part quality and appearance
SAND CASTINGS • Improved surface finishes
• Utilization of a wider range of alloys
• Reduced need for secondary operations
• More precise part tolerances
• The ability to produce smaller and more complex parts
POWERED METAL COMPONENTS • Lower tooling costs and reduced tool wear
• Shorter lead times and greater design freedom
• Improved part strength and ductility
• Utilization of a broader selection of alloys

15. Marketing Mix
The marketing mix is probably the most famous marketing term. Its elements are the basic, tactical components of a marketing plan. Also known as the Four P's, the marketing mix elements are price, place, product, and promotion.
Product
The name of the company is PCL (Precision Castings (pvt) Ltd) as the name can easily tell, “What we are offering” so that is why we decided to go for this name. Our initial focus is on automobile parts manufacturing. As our target is to satisfied customers so determining that our slogan is:
“Where quality matters”
Our range of manufacturing products is as follows:

























Promotional Plan
Our promotional plan will include.
Salesperson
The primary function of professional sales is to generate and close leads, educate prospects, fill needs and satisfy wants of consumers appropriately, and therefore turn prospective customers into actual ones.
Business profile
A business profile is a marketing document designed to catch the attention of and inform potential purchasers about our products.
Website
T.V Commercials on CNBC and Business Plus.
Advertisements on Business Magazines like LCCI Magazine and in Business Recorder.

Distribution Plan
As we are manufacturers, we deal directly with:
Distributors
Automobile Companies locally
Pricing Plan
Pricing of our products vary from object to object.
Placement Plan
Our placement will be at Katar Bund, Thokar Niaz Baig, Multan Road, Lahore.

16. Target Market
In the start of our business we will only focus on Automobiles Industry Hardware Parts (Cars, Motorbikes, Trucks and Tractors) but in the future we will serve the flowing markets as well:
1. Aerospace Industry Hardware Parts
2. Hardware Tools (Rench, Screw Drivers, Drills etc)
3. Surgical Goods (Mouth Speculum etc)
4. Textile Industry’s Hardware Parts. (Knitting Machine Needles etc)
5. Arms & Ammunitions (Guns, Pistols, Missile Shells, Tank Parts etc )
6. Sports Goods (Golf Club Head)
7. General Engineering
8. Dairy Equipments
9. Process Engineering





17. SWOT Analysis
We have also conducted SWOT analysis as to analyze ourselves.
Strengths
Through the process of Investment Casting, the automobile parts are of high quality and functionality.
The costs of manufacturing parts through Investment Casting are Reasonable as compared to imported manufacturing parts.
Investment Casting is a Versatile Casting Process as it can manufacture any kind of part.
This process is a new technology in Pakistan.
When once the product is cast it will require little or no rework.
We can manufacture repeatable production of net shape components.
Investment Casting reduce overall part production costs
There are no manufacturers of automobile parts of this process in the country so we are having monopoly in the business.
We are providing 5 years warranty to our distributors and automobile companies.

Weaknesses
It is a time consuming process.
We have to import the raw material of Investment Casting.
Investment Casting is not the appropriate process for every metal part requirement.
Opportunities
There is a huge market for us as there are no manufacturers of automobile parts through Investment Casting.
Demand is increasing as number of cars increasing.
We have many fields for the expansion of our business.

Threats
Chinese products are a major threat to us because they are manufacturing at a very cheap cost but the quality is very poor .
Psychology of customers because some customers will go for quantity not quality.
New Entrants into manufacturing of process casting.















18. Organizational Plan
The Organizational Plan gives our reader an insight into who is behind the company and whether or not we know our strengths and weaknesses. We can have the best Marketing Plan and Operations Plan, but if we cannot execute the plans, we're dead in the water.

Our organizational plan is consist of the following:

Our Principles
Philosophy & Culture
Benefits & Compensations
Organizational Structure
Task & Responsibilities
Departments
Hierarchy Chart
The Process
The Process Flow Diagram
Technology
Machinery
Raw Materials

19. Our Principles
As a company and as individuals, we will pledge ourselves to practice of these principles and our code of conduct in all our affairs.

We will embrace responsibility.

We will be responsible for our actions and their effect upon ourselves and all others with whom we will come into contact.
We will act in good faith, honestly and fairly.

Our decisions and actions will consider all points of view and will based on the best and most complete information and analysis available. We will deal in truth and have no need for excuses. All our transactions, personal and commercial, yield will be a just balance between what will be offered and what will be received.
We will honor the law.

In all matters, we will comply with the laws and regulations of the countries, states or provinces, and localities in which PCL will operate. This commitment is absolute; there will be no room for compromise.
We will nurture achievement.

The company will seek and recruit only the best talent available for every job. It will provide training, education, and the freedom to practice skills, apply knowledge, and implement new ideas. It will offer equal opportunity and fair compensation for all in an environment that encourages initiative, recognizes effort regardless of outcome, fosters teamwork, and rewards success.

We will deliver quality and value.

PCL will strive to exceed expectations. Its products, services, rapid-response capability, in-depth market knowledge, and competitive pricing will set ever-rising standards of quality and value for the markets we will serve. We will dedicate the company to a constant pursuit of excellence.
We will respect the earth.

The company will serve as a good steward of the space and resources it will be privileged to use. It will design and continuously enhances operations to fulfill government requirements; to ensure the good health and safety of all persons, creatures, ecosystems, and communities it touches; and to maximize conservation of natural resources.
We will advance technology.

Technical innovation--the aggressive development of better processes, systems, equipment, and ways of working—will be an essential and constant element of all company endeavors. A regular program of reinvestment enables PCL's workforce to take this challenge as the starting point for every task, objective, and goal set by the company.

We will be good citizens.

Through financial support and the participation of our people in government and civic and charitable organizations, we will promote and contribute to the general welfare of the global society and the communities in which we live and work.
We will guard our integrity.

We will affirm our leadership through vigilant adherence to these principles, ever -mindful that they will be the basic elements of personal, professional, and commercial growth and achievement.


20. Philosophy & Culture
“We believe in an empowered workforce with the imagination and determination to challenge the status quo in order to bring new solutions and value to our customers and new opportunities and growth to the company.”

Precision Castings will work with a strong code of conduct and core values that reinforce our overall culture. We will actively pursue manufacturing improvement and learn manufacturing techniques to improve customer satisfaction and productivity.
Our company will seek to balance the needs of customers, employees, and shareholders alike. We will encourage our technical experts to take the lead in rapidly developing and applying solutions for customer challenges. As we will focus on employees we will be developing Human Resource systems that activate employee interests and desires for technical and management track careers.
Our Employee Relations Philosophy

We recognize that its employees are its most valuable asset. The Company also recognizes the individual dignity and worth of each employee. It is the Company's desire and intent that each employee be treated as an intelligent, adult human being, with fairness and respect. The management of our company will:
Conduct the affairs of the company at all times in accordance with the highest ethical and moral standards.
Maintain a climate in which all employees can develop their skills and abilities to the maximum degree and prepare themselves for greater responsibility.
Provide an atmosphere where employee and management can discuss their mutual concerns with openness, and honesty.
Keep employees informed about the factors in the Company's business which concern them.
Make fairness, courtesy and consideration a habit in all day-to-day relationships.
Let each employee know how he/she is doing on the job.
Provide a sound, well-balanced program of employee benefits.
Maintain an equitable wage structure which considers both general economic factors and the Company's competitive position.
Attain the highest standards of safety and cleanliness.
Work Environment

We are striving to create a work environment where total support is given to those individuals who make the product.
Equal Employment Opportunity and Affirmative Action Policy

Precision Castings insures equal employment opportunity to all employees and qualified job applicants by prohibiting discrimination in employment because of race, color, national origin, religion, status as a Vietnam-era veteran, disability, sex or age, except where disability, sex or age is a bona fide occupational job qualification. The company promotes a spirit of equal employment opportunity through a continuing program of affirmative action.
Persons are recruited, hired, terminated, and promoted in all job classifications without regard to race, color, national origin, religion, status as a Vietnam-era veteran, disability, sex or age, except where disability, sex or age is a bona fide occupational job qualification.
Employment decisions are made to further the principle of equal employment opportunity.
Promotional decisions are in accordance with the principles of equal opportunity by imposing only valid requirements for promotional opportunities.
All other personnel actions are administered without regard to race, status as a Vietnam-era veteran, disability, sex or age, except where disability, sex or age is a bona fide occupational qualification. These actions include compensation, benefits, transfers, layoffs, return from layoffs, company sponsored training, education, tuition assistance and social/recreational programs.
Employees of different sexes in the same job classification or performing the same work shall not be paid different rates, except for earned merit, red circled amounts, and/or seniority increases.

21. Benefits & Compensations
“Our vision is one where the Precision Castings employee experience is rewarding and recognized as one of the most prestigious companies to work for within the industry”

Benefits

Precision Castings is proud to offer a comprehensive and competitive employee benefits package at an affordable cost. To support this, Precision Castings will pay the majority of the cost for your coverage. We offer the following benefits:
Health and Dental Insurance
Disability Insurance
Life Insurance
Reimbursement Accounts
401(k) Plan/Pension Plan
Work-Life Benefits
Other Benefits




Health & Dental Insurance

Medical Coverage

You will choose a level of coverage and cost by electing to participate in either a Health Maintenance Organization (HMO) or Point-of-Service (POS). All medical plans offer comprehensive care including coverage for hospitalization, surgery, doctors' visits, prescription drugs, mental health and substance abuse care.

Dental Coverage

Preventative and diagnostic services are covered at 100%. Basic Restorative services are covered at 80%, and Major Restorative services at 50%, to a maximum of 10,000.00/year per person.


Disability Insurance

Hospital Pay

Under this plan, you may receive up to 192 hours (24 days) pay per calendar year when you are confined to a hospital for 24 hours or more due to illness or injury.


Short Term Disability

You are automatically enrolled, at no cost, in the basic short-term disability (STD) Plan and may receive benefits if you are absent from work for up to 26 consecutive weeks due to a non work-related illness or injury or pregrancy for six consecutive days or more. Following a five-day waiting period, the Company pays up to 60% of your base pay for up to 26 consecutive weeks of your approved disability.

Long Term Disability

You are automatically enrolled, at no cost, in the Long-Term Disability (LTD) coverage. It provides income replacement when an illness or injury keeps you out of work for more than 26 weeks. You will be paid 60% of your basic monthly earnings, up to a maximum of 50,000.00/month. Benefits begin when your STD benefits are exhausted, provided you prequalify as totally disabled.

Life Insurance

Basic Life Insurance

Precision Castings provides, at no cost to you, basic life insurance in the amount of 1,000,000.00.


Supplemental Life Insurance

If eligible, you can buy additional life insurance equal to three times your annual base salary.


Universal Life Insurance for you and your Dependents

Universal life insurance is a type of life insurance where a portion of the premium is used to pay expenses and the cost of insurance, and the balance of the premium goes into the policy's cash accumulation value. The interest earned on this accumulation is tax-deferred and the premium doesn't increase as you grow older.
Accidental Death and Dismemberment

Precision Castings provides, at no cost to you, basic AD&D insurance in the amount of 1,000,000.00


Supplemental Accidental Death and Dismemberment

If eligible, you can buy an additional 1,000,000.00 of AD&D insurance.

Optional AD&D Insurance
You can choose optional AD&D insurance coverage up to 10 times your annual salary, up to 5,000,000.00 for you and your family. Your dependents' coverage will be a percentage of the amount you choose for yourself.


Business Travel Accident Insurance

This company-paid plan provides you with accidental death and dismemberment coverage for injuries caused by a covered accident while you travel on company business. Regular commuting to and from work is included.

Reimbursement Accounts

Health Care Reimbursement Account

A Health Care Reimbursement Account helps you pay for eligible health care expenses such as co-payments and other services (including vision care, orthodontia, prescription drugs) that you or your spouse's medical and dental plans do not cover or cover only in part. Through payroll deduction, you may set aside on a pre-tax basis up to 2,000.00 per year in such an account.


Dependent Care Reimbursement Account

A Dependent Care Reimbursement Account helps you pay for eligible dependent care expenses using pre-tax dollars. Examples of eligible expenses include most forms of child care up to the age of 13, as well as certain forms of adult care necessary in order for you and your spouse, if married, to work or go to school full time. Through payroll deductions, you may set aside on a pre-tax basis up to 50,000.00 per year if single and 25,000.00 if married and filing separate returns.



401(k) Plan/Pension Plan

Retirement Savings Plan/401(k)

The Precision Castings Retirement Savings Plan is a 401(k) savings plan that allows you to save up to 15% of your pay on a pre-tax basis (subject to Federal limits). Precision Castings matches 25% of your contribution up to the first 6% (SUSPENDED). The plan offers 10 investment funds in which you may invest your contributions. We also accept rollover contributions from other qualified plans such as from a former employer's plan.


Pension Plan

The Pension Plan for the Employees of Precision Castings is designed to provide you with income during your retirement years. This benefit is contributory and you gain rights to this benefit (become vested) once you have successfully completed five years of service with the Company.


Work - Life Benefits

Vacation
You are eligible to begin earning vacation days starting on your date of hire. You will be advanced your annual vacation on the first of the year. Vacation runs from Jan 1 to Dec 31. There is a 6-month waiting period for new hires.

Years of Service Vacation Days
Advanced on January 1
0 - 4 10
5 - 14* 15
15 - 24* 20
25 or more* 25


*In addition to the above, in certain years only, a bonus of 5 days of vacation will be allotted. These years are year 10, 20, 30, 35 and 40.


Holidays

Precision Castings will provide an average of 10 holidays per year. Commonly observed holidays include, New Years Day, Memorial Day, Independence Day, Labor Day, Eid Ul Adha & Eid Ul Fitr.

Leaves of Absence

We offer several types of leaves of absence, including medical, jury duty, military, personal, and family leaves. Precision Castings conforms to the Family and Medical Leave Act (FMLA).


Other Benefits

Employee Assistance Program

The Employee Assistance Program (EAP) entitles you and your household members to confidential counseling and assistance on personal or work-related issues such as family & marital problems, drug & alcohol abuse, stress management, financial difficulties, health problems and emotional stress.

Educational Assistance Program

Precision casting will help you to continue your education by reimbursing tuition and selected fees for approved courses or degree programs.

Precision Casting's Scholarship Program

Provides cash awards to deserving students who are children of eligible Precision Castings employees. Awards may be used for costs associated with undergraduate programs, including tuition, room and board, and books.


22. Organizational Structure
Precision castings (pvt) ltd is conducting its business as a sole proprietor firm. Its Chief Executive Officer will be the final authority over the firms profit or loss and conduction of operations but the firm will be govern by the hired General Manager who is reportable to the CEO of the firm. Due to vast number of operations and dependence upon the quantity of the orders of the parts we have split our organization into eight major departments, the production is further divided into five sub-departments and the total number of employees in the company will be
23. Departments
Our company will consist of the 8 major and 5 sub-departments. Every department from Production to Information Technology has its own importance on its own place.
Major Department Sub-Departments
Procurement
Accounts
Production Die Making
Waxing
Slurry
Casting
Cutting & Sand Blasting
Sales & Promotion
Quality Assurance
Dispatching
Information Technology
Human Resource