final ibrar report
TRANSCRIPT
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I nternship Report on
INTERNSHIP REPORT ON MALAKAND IIIHYDRO POWER ACCOUNT OFFICE
SUBMITTED BY:
Muhammad Ibrar
Roll No: 2460
M.Com (Accounts)Session (2011-2013)
Government College of Management Sciences
Thana MKDAFFILIATED WITH
University of Malakand
Khyber Pukhtunkhwa
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I nternship Report on
INTERNSHIP REPORT ON MALAKAND III
HYDRO POWER ACCOUNT OFFICE
I nternship report submitted to the Department of Malakand study in
partial Ful f i lment of the requir ements for the Degree of M aster of
Commerce
Government College of Management Sciences
Thana MKDAFFILIATED WITH
University of Malakand
Khyber Pukhtunkhwa
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Dedication
I dedicate my report and work first to my parents, whose prayer is a source of encouragement
and for me at the every step of my career. Second to my supervisor who guide me and provide
helpful information at the right time.
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ACKNOWLEDGEMENTI am very grateful to Almighty Allah, the most merciful and beneficial who gave me encourages
completing this task and made me able to complete the work accessible in the report. I am also
thankful to my parents whose prayers make possible to reach this stage.
I am highly thankful to my instructor who guides me for the completion of this report and
provide helpful information at the right time.
I am also very thankful to the staff of Hydro Tech Pak. (Pvt.) Ltd. who helped and guided me
throughout this whole work.
It was an honour for me to learn and work with, Mr.Masood-Ur-Rahman (Accountant).
Muhammad Ibrar
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EXECUTIVE SUMMARY
The internship program grows the students potential and energetic activity to done the work in
better manner. Student can learn more through internship program to enhance their working
abilities to compete the market, to assume responsibilities, cooperation, team work and hallmarks
of modern management.
I got a chance to join the one of the renowned company of Pakistan Hydro Tech Pak. (Pvt.)
Ltd. to perform my internship. It was a nice opportunity for me to apply my theoretical work
and learn from seniors having years of experience. All the efforts on the way are summarized in
shape of this Internship Report. Internship Report contains the Short History of company,
development in the sector, Organization Hierarchy Chart, and more information about my
relevant field internship experience.
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TABLE OF CONTENT
ACKNOWLEDGEMENT 4
EXECUTIVE SUMMARY 5
CHAPTER 1 7
INTRODUCTION 7
CHAPTER 2 10
DEPARTMENTS OF HYDRO TECH PAK (PVT) LTD 10
CHAPTER 3 12
PRODUCTS LINE 12
CHAPTER 4 14
ACCOUNTING ANALYSIS 14
CHAPTER 5 17
FUNTIONS OF ACCOUNT OFFICE 17
CHAPTER 6 19
SWOT ANALYSIS 19
CHAPTER 7 21
CONCLUSION 21
CHAPTER 8 22
RECOMMENDITIONS 22
REFERENCES 23
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Chapter 1
INTRODUCTION
BACKGROUND
Hydro Tech Pak (Pvt.) Ltd. has highly qualified and well experienced manpower, recruited from
Pakistan WAPDA and Malakand-III HPP construction companies. They are all from various
disciplines like Mechanical, Electrical, Protection, Instrumentation, SCADA, DCS and Civil/
structural, having rich expertise in erection, testing, commissioning, operation and maintenance
of Power Projects.
Having realized the uprising requirements in the field of Design, Engineering, Procurement,
Construction, Supervision, Operations & Maintenance of Hydro Power Stations & Other
Renewable Energy Projects in Pakistan. Hydro Tech Pak (Pvt.) Ltd comprising renowned hydro
power professionals was founded. It is the first ever private company of its kind, established in
Pakistan for production, development of electric power & other allied services related fields of
power production.
All technical & support services being provided to the Client. More than two (200) hundred well
experienced engineers & technical / support staff deployed in the power complex, for smooth,
efficient & round the clock operation & maintenance of the complex. Most effective dealings
with the power purchaser i.e. NTDC/WAPDA for power purchase agreement & energy payment
invoices & NEPRA (for tariff determination & indexation matters & other stake holders, on
behalf of the Client.
Initial term of operation & maintenance contract period being five (05) years which stands
extendible with mutual consent.
History
Water is led from Swat River through Upper Swat Mainline Canal commencing at village
Amandara in the Malakand Agency where head works were constructed in 1914. The whole
irrigation system, finally commissioned in 1918, is called Upper Swat Canal system and was
designed to provide irrigation water to 113, 312 hectares (280,000 acres) of barani wastelands in
the Malakand Agency, Mardan and Peshawar districts. This was made possible by piercing a
tunnel (Named Benton Tunnel) through the Malakand hill range. Taking advantage of the
elevation difference between the hilly and plan area Power Station Jabben (Malakand-I) was
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constructed in 1937 followed by Power Station Dargai (Malakand-II) in 1952. The availability of
additional water created the possibility of producing more electricity. A power generation
scheme was so conceived out of Swabi SCARP as to serve the needs of remodelling of Swabi
SCARP and generates additional power, as well. This scheme was initially prepared by WAPDA
but was taken over later by the provincial government of KPK to generate 81MW of power and a
net saleable energy of 550 million units. This new electricity generation scheme was named
Malakand-III Hydropower Project.
The company has hydel power professionals, carrying years long experience in different
disciplines of energy sector. While acknowledging the company expertise, WAPDA
Management has also been kind enough to allow inland deputation of their engineers and other
support staff, to Hydro Tech Pak (Pvt.) Ltd. More than two (200) hundred well experienced
engineers & technical / support staff deployed in the power complex, for smooth, efficient &
round the clock operation & maintenance of the complex which is now grown up to five (500)
hundred.
Hydro Tech Pak (Pvt) Ltd. has the great contribution in the uprising requirements in the field of
Design, Engineering, Procurement, Construction, Supervision, and Operations & Maintenance of
Hydro Power Stations & Other Renewable Energy Projects in Pakistan. Hydro Tech Pak (Pvt.)
Ltd comprising renowned hydro power professionals was founded. It is the first ever private
company of its kind, established in Pakistan for production, development of electric power &
other allied services related fields of power production.
Vision / Mission, Purpose, Goal and Core Values
Hydro Tech Pak (Pvt) Ltd's vision/mission statement outlines the projected business growth that
the company expects to achieve and the steps it will take to get there. Every company or business
is established with a fundamental set of core values- These are usually the beliefs and passion of
the founder that has flowed through to the business without a lot of conscious effort.
Vision
Being the largest Hydro Power Company in Private sector, we are fully aimed at delivering
sustainable energy by spreading our footprint nationwide, creating new benchmarks in
operational efficiencies, investing in global resources and redefining paradigms.
Core Values
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Hydro Tech Pak (Pvt.) Ltd believes in self-esteem of their customers, suppliers and
employees.
Hydro Tech Pak (Pvt.) Ltd works as a team where every member owns the process with
an entrepreneurial spirit.
Hydro Tech Pak (Pvt.) Ltd works with professional honesty and integrity.
Hydro Tech Pak (Pvt.) Ltd trusts their employees and appreciates their contributions.
Hydro Tech Pak (Pvt.) Ltd strives for continuous improvement to achieve excellence in
all spheres of their activities.
Acts of Success
Empowerment
Empowerment refers to increasing the spiritual, political, social or economic strength of
individuals and communities. It often involves the empowered developing confidence in own
capacities.
Communication
Communication is a process of transferring information from one entity to another.
Transparency
Transparent procedures include open meetings, financial disclosure statements, the freedom of
information legislation, budgetary review, audits, etc.
SynergySynergy is where different entities cooperate advantageously for a final outcome. If used in a
business application it means that teamwork will produce an overall better result than if each
person was working toward the same goal individually.
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Chapter 2
DEPARTMENTS OF HYDRO TECH PAK (PVT) LTD
Accounts Department
This department is managed by Mr. Masood-Ur-Rahman as Accountant. Dealing all the
transactions/matter related to accounts for field office.
Department of Admin & Security
This department is managing by Lt. Col (Retd) Muzaffar Shah, Deputy Plant Manager (Admin &
Security). This department is responsible for the overall malakand-III, Hydro Power Complex
Administration and Security matters.
Department of Civil Engineers
This department is managing by Mr. Waheed Gul (Engineer of the Civil works and land survey).
He is responsible for the civil works under the Malakand-III, Hydro Power Complex and also
visited in other project of the Company.
Department of Electrical & Mechanical works
This department is managing by Engr. Muhammad Ismail Deputy Plant Manager (Protection &
Instrumentation) & Engr. Muhammad Ali Deputy Plant Manager (Control & Mechanical). They
are responsible for the supervision and guidance of their respective work fields.
Comments on the Organization structureThe organization structure is fully tailored according to their work schedule and desire goal. The
organization structure is well hierarchical and the field office is under guidance /supervision of
Plant Manager. There is a clear cut rule law according to organization structure, that to who will
be responsible to whom.
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Organization Chart
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Chapter 3
PRODUCTS LINE (SERVICES)Expertise
These expertises to a number of Clients, to their entire satisfaction, our highly cap able team of
hydro power professionals, mostly WAPDA ex-chief engineers, and most senior engineers very
well know, how to deal with NEPRA for tariff determination & with Power Purchaser either
regional distribution companies or NTDC of WAPDA. We are confidence of delivering useful
services to the Clients in all such fields. In fact, we have already been providing.
Engineering and Services Division
Hydro Tech Pak (Pvt.) Ltd is fully equipped with the expertise for design, project management,
construction supervision, testing, commissioning, operation and maintenance of Power Projects.
Client Services Division
Hydro Tech (Pvt.) Ltd has been providing Clients with highly competent technical manpower
resources, to meet their specific and time bound requirements on long term basis. The testing of
132 KV switchyard equipment at Malakand-III, HPP and overhauling of Reshon (Chetral) Pelton
turbines are also our achievements.
Inventory Services Division
Hydro Tech Pak (Pvt.) Ltd can facilitate the power projects in Pakistan, by arranging / importing
spares / stores at most competitive prices for the smooth, efficient and reliable (O&M), from all
over the world.
Consultancy Services
In addition to operation / maintenance & development of hydro power projects, we have
recently entered into a joint venture with M/s Lahmeyer, leading consultants from Germany, for
working together thereby providing consultancy services for hydro power project, all over
Pakistan. Testing, commissioning, operation & maintenance of 81 MW Malakand-III Hydro
Power Complex. All technical & support services being provided to the Client. More than two
(200) hundred well experienced engineers & technical / support staff deployed in the power
complex, for smooth, efficient & round the clock operation & maintenance of the complex. Most
effective dealings with the power purchaser i.e. NTDC/WAPDA for power purchase agreement
& energy payment invoices & NEPRA (for tariff determination & indexation matters & other
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stake holders, on behalf of the Client. Initial term of operation & maintenance contract period
being five years which stand extendible with mutual consent.
Business volume
The Company Hydro Tech Pak (Pvt) Ltd has awarded the contract for five years term. The total
cost of the contract is Rs.525.00 Millions.
Performance
We have been able to recover the project capital cost of more than five (05) billion Pak rupees, in
thirty (30) months time period of commercial operation. The revenue on account of hydro power
generation is invoiced to the Power Purchaser (NTDC/WAPDA) on monthly basis & payments
timely received on our pursuance.
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Chapter 4
ACCOUNTING ANALYSIS
GovernmentAccounting
Government of every country has to perform variety of functions. It has to defend the countryfrom foreign aggression, maintain Law and Order in the country provide educational and health
facilities to the people and also to finance several development projects. All these objectives
require heavy expenditure. Those are met by imposing taxes on the people of country. It is the
duty of executive government to maintain a record of all its income and expenditure. This
recording of government receipts and expenditures is called government accounting. These are
done by Accounts Offices which are located at all the four provinces of Pakistan called District
Accounts Offices.
Objectives of Accounts Office
Following are the main objectives of district accounts offices. Those are discussed below.
Provide Basic Data for Budgeting
A budget is a proposed work programmed, with estimates of the funds necessary to execute it. A
work programmed is a plan. The process of preparing estimates and organizing them into a
coherent agency budget necessarily involves planning. The budget may, therefore, be said to
represent a plan or a considerable number of plans in different areas of organization functions.
Provide Basic Data for Policy Making
As Accounts office helps in preparing budget for financial year they also provide help in policy
making of the executive. On basis of provided facts and figures the organization decides what is
needed to organizations or departments and what areas are left for preference and what steps
should be taken to improve those areas in the next budget. Due to the budget is a plan itself.
Although plan is another operation but budget gives base to plan.
Undeveloped therefore more financial support would be required to fulfil such requirement then
it would be consulted and organizations would decide to remove such deficiency in the fore
coming budget.
Treasury functions
Organization need to ensure both efficient implementation of their budgets and good
management of their financial resources. Spending departments must be provided with the
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funds needed to implement the budget in a timely manner, and the cost of organization
borrowing must be minimized. Sound management of financial Assets and Liabilities are
also required. Financial management within the organization includes various activities:
formulation of budget preparation; budget execution; management of financial operations;
accounting; and auditing and evaluation. Within this broad financial management function, the
Treasury function is to achieve the set of specific objectives mentioned above. It covers the
following activities:
Cash management;
Management of bank accounts
Financial planning and forecasting of cash flows;
Debt management;
Administration of foreign grants and counterpart funds from international aid.
Financial assets management
Features of Accounting System of Hydro Tech Pak (Pvt.) Ltd
Accounting system of Hydro Tech Pak (Pvt.) Ltd has several features discussed as under.
Cash Book
Accounting system of Hydro Tech Pak (Pvt.) Ltd is based on actual receipts and payments of
cash and not on the basis of accruals of right and obligations. This book is maintained at
Accounts Office.
Single Entry System
Accounting transactions are recorded on single entry system. Now Hydro Tech Pak (Pvt.) Ltd
developing its system to New Accounting Model and doing double entry system with help of
computer software SAP. Now accounting transactions are recording on double entry system.
Basic Accounting Unit
Accounts Officer of Hydro Tech Pak (Pvt.) Ltd are the basic accounting units in organization
these offices perform the dual function of maintaining the accounts and Auditing. Therefore
Accounts Officers are consisting of Audit staff Control of Finance Department of organization.
Closing the Accounts
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Formally accounts of the organizations in Pakistan are closed annually or at the end of each
financial year. But Hydro Tech Pak (Pvt.) Ltds closed its accounts on half yearly and monthly
basis which helps the AOs to constitute annually closing.
Compilation and Consolidation of Accounts
After the basic accounting units have put together the figures of Expenditures and receipts etc. In
different heads of accounts these are sent the accounts and audit department for compilation.
After compilation of accounts these are sent to executive officers.
Certain Assets & Liabilities
The recording of certain Assets and Liabilities as part of modified cash basis of accounting will
help in providing useful information for decision making and for disclosure in the financial
statements. The difference should be noted that using the cash basis of accounting or previous
system of accounting helps in controlling the cash against budget amounts and allows only the
statement of receipts & payments to be generated. The Modified Cash Basis of accounting on the
other hand helps in controlling not only cash but also commitments against budget allowing the
production of statement of Assets and Liabilities and a cash flow statement.
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Chapter 5
FUNCTIONS OF ACCOUNT OFFICE
FunctionsThis is field Account office of Hydro Tech Pak (Pvt). Ltd in Malakand III Hydro Power
Complex, under direct supervision of Director Finance.
Administrators have experience in business dealing with the leading multi-national companies in
Pakistan and being highly disciplined in financial matters, has been entrusted the responsibilities
of Director, Finance in the Company. All financial & accounts matters of the company are
overseen by Director Finance. In field office Accountant are handling all day-to-day transaction
of the field office. Liaising with banks, head office, cash managing, providing short loans to the
office members, preparing financial statements and keep up to date record of all transaction the
relevant transactions.
Data punching means feeding of data collected into the computer daily or weekly. The punch
data daily which include in the account.
First, data of transactions enter on daily basis in the respective ledger books.
Following book of accounts is maintained.
General Ledgers
Bank Books.
Cash Books.
Journal & Adjustment Vouchers etc.
Maintaining of all Expense Registers/Advances-Deposits etc
After debt and credit amount, data are punch according to their account in the computer so that it
could check data easily. After that produced the cash debit vouchers and Cash credit vouchers,
checked and verified of Bank Reconciliation statement with respective book of accounts.
Keeping data of all employees salaries, bonuses and other commission / TA, DA reward in their
respective files. While keep the file up to date for easy payroll preparation.
Guide and process all the data of employees to open an account/registration with EOBI. EOBI is
government organization provide several benefits for registered employees such as follows:
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Under EOBI Scheme, Insured Persons are entitled to avail benefit like, Old-Age Pension (on the
event of retirement). Invalidity Pension (In case of permanent disability).
Old-Age Grant (an Insured Person attained superannuation age, but does not possess the
minimum threshold for pension) Survivor's Pension (in case an Insured Person is expired).
Public dealing means have good behaviour with the public for increasing efficiency and growth.
Our office deals with the staff members and provides information of accounts and others which
relates to the accounts.
Work In Administration Department
Worked on employees personal files and keep it up to date.
Provide / assist admin staff of proper telephone, Fax and photocopies service to other staff
members.
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Chapter 6
SWOT ANALYSIS
Strengths
Manufacturing facilities (Local presence)
Trained and expert staff
Service setup
Market leader
Compliance with international quality standards
Less number of competitors in local market.
Weakness
Takes long time to import material
Prices are too high in todays competitive world
No prices for imported pumps readily available
Negative perception in market
Over head are high (salaries, expenses & row material and energy cost)
Opportunities
Growth potential in new markets
Heavy Budget allotment in Govt. Sector for water supply Schemes
High profit margins in Turbine plants
Threats
Registration of new companies in Govt. Sector
High cost of Local/Imported plants
Lack of knowledge /Skills for imported plants specially submersible
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Hydro Tech Pak (Pvt) Ltd takes some important initiatives to capitalise their strength of trained
and expert staff and remove their threats of lack of knowledge for imported plants by hiring
professional team for research and development department.
Hydro Tech Pak (Pvt) Ltd removes their weakness by purchasing material in the local market in
instead of importing products and they have to offer the product at low prices.
COMPETITORS
WAPDA
OPERATION AN D MAINTENANC (O&M)
AL-FAJAR
M/S HERBIN POWER & ELECTRIC CORPORATION (HPE)
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Chapter 7
CONCLUSION
HYDRO TECH PAK (PVT) LTD is one of the richest companies in the Pakistan with the major
business enterprise. HYDRO TECH PAK (PVT) LTD has a responsibility to our shareholders,
employees, customers and the nation to continually improve the performance of the company
and its business. Doing the works with responsible way will lead the prosperity in the industries
and communities in which it participate, there are plenty of bigger challenges to be face yet, the
way the company is growing to innovation of technology will provide the cutting-edge
technology with less cost in internally and investment.
The competitive improvement gives HYDRO TECH PAK (PVT) LTD confidence that if its
prepared to take the lead in the new world. It can be seen that various strategies are used by
HYDRO TECH PAK (PVT) LTD in order to gain advantages over its competitors. In a
competitive market a company must identify its strengths, weaknesses, opportunities and threats
to strengthen the company and achieve its objectives and target different market.
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Chapter 8
RECOMMENDATIONS
HYDRO TECH PAK (PVT) LTD may develop close contacts with permanent and
contractual employees
HYDRO TECH PAK (PVT) LTD may increase employee satisfaction through
counseling
HYDRO TECH PAK (PVT) LTD may take active part in training session
May increase the profit margin & decrease the discount levels
May demonstrate more professional skills than its competitors
HYDRO TECH PAK (PVT) LTD needs to have more HR professionals in their HR
department.
Needs more efficiency on part of the administration
The HR should work more towards the organizational development
HYDRO TECH PAK (PVT) LTD should give some assignments to the students coming
for internship so that they could have something fruitful to do besides having a taste of
office environment.
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References
HYDRO TECH PAK (PVT) LTD Pakistan 2010, HYDRO TECH PAK (PVT) LTD
Pakistan History,Viewed 8 March 2010,
http://www.Hydro Tech Pak (Pvt) Ltdpak.com/history.htm
HYDRO TECH PAK (PVT) LTD 2010, a World of Difference,Viewed 8 March 2010,
http://www.Hydro Tech Pak (Pvt) Ltd.com/Hydro Tech Pak (Pvt)
Companies and Markets,HYDRO TECH PAK (PVT) LTD Hydel company- Company
Financial and Credit information, Viewed 10 March 2010,
http://www.companiesandmarkets.com/Summary-Company-Financials/Hydro Tech Pak
(Pvt) Ltd -126216.aspx
`Mr.Masood-Ur-Rahman Account Officer HYDRO TECH PAK (PVT) LTD Malakand
http://www.ksbpak.com/history.htmhttp://www.ksbpak.com/history.htmhttp://www.ksb.com/ksb/web/COM/en/company/konzern/1__ueber__uns/1a__KSB__in__Kuerze/ksb__ins__kuerze__en__index__art.htmlhttp://www.companiesandmarkets.com/Summary-Company-Financials/ksb-pumps-company-126216.aspxhttp://www.companiesandmarkets.com/Summary-Company-Financials/ksb-pumps-company-126216.aspxhttp://www.companiesandmarkets.com/Summary-Company-Financials/ksb-pumps-company-126216.aspxhttp://www.companiesandmarkets.com/Summary-Company-Financials/ksb-pumps-company-126216.aspxhttp://www.companiesandmarkets.com/Summary-Company-Financials/ksb-pumps-company-126216.aspxhttp://www.ksb.com/ksb/web/COM/en/company/konzern/1__ueber__uns/1a__KSB__in__Kuerze/ksb__ins__kuerze__en__index__art.htmlhttp://www.ksbpak.com/history.htm