Pros
Good learning experience for freshers. Nobody cares about what you are doing in late hours. You can do your private jobs. Prepare designs, make drawings and you can plot autoCAD drawings at desired sheet sizes. Or you can browse internet, download / watch movies, sleep. Just fill in the time & project in the timesheet appropriately. The late hours will be considered as your sincerity and it will reflect in your 'appraisal / increments'.
Cons
No HR Department. No HR Manual / Rules. All at few peoples mercy /will. Politics and partiality... You must know how to ..... your boss. Late working hours. Nobody cares about if its required somebody to stayback for the project. You should be there, thats it. This happens on weekends too. Even you survived all the above, you will get your 1st years performance bonus in the middle of the 3rd year. Calculations is depends on how you 'show' not on how you 'work / perform'. No job guarantee for a straight forward person. If they have no projects you will be fired. When they have new projects, they will hire new ones. Tips: 1) Come early and leave after your boss. It will add to your performance bonus in the 3rd year.