final report fico (pvt) ltd

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Corporate InternshipFinal ReportOrganization: FICO Electric (PVT) Ltd

(6 Weeks Internship)

Internship supervisor:

Muhammad Khurram Faisal Jamal

Submitted to:

Miss Tasneem Akhtar

Submitted by:

Abdul Sami 12223009

Final

Report

GIFT University



Final Report [INTERNSHIP]

GIFT University Gujranwala

Acknowledgment

I am starts my internship with the name of ALLAH who is most beneficent and

who born us with the clot of blood and who gives us the ability, talent and potential

to accomplished this task, and also gave me to make a command on this Internship

without ALLAH’s permission it’s impossible. In this way first of all we thanks to

helping and complete this Internship.

Then I thank our parents who pay for our education and our necessities and our

needs, and our more worthy and more respectable supervisor Mr. Khurram Faisal

Jamal Who gave me complete attention during whole internship and thought us

their skills about corporate internship. This is my given task and also keeps helping

in this complete internship, through his valuable support and encouragement which

he has offered. His words of wisdom will always be remembered, and I am

convinced that the information that he has given me would help me all through my

internship.

The management of FICO ELECTRIC Pvt. Ltd supported me a lot. They helped

me every time whenever I needed information or working of departments.

Syed Mohammad Haider (General Manager)

Mohammad Hafiz Waqas (Sales Manager)

Aftab Ahmad (Accounts and Finance

Manager)

Mohammad Sami ullah (Purchase Manager)

Mr. Michal (Production Manager)





EXECUTIVE SUMMARY

I did six weeks of Internship in FICO ELECTRIC Pvt. Ltd. I started my Internship

on 19th August to 28th of September 2014. FICO ELECTRIC is a well know

manufacture of Compressor. FICO ELECTRIC is increasing rapidly in terms of

sales and production.

FICO ELECTRIC Pvt. Ltd consists of total 4 departments. During my Internship I

worked in these departments as mentioned below.

Accounts and Finance Department

Sales Department

Production Department

Purchase Production Department

In my Internship I have mentioned almost every detail that I have came across

during my six week Internship.





Introduction

A brief introduction of FICO ELECTRIC is under:

Technical Staff:

In order to maintain the quality assurance according to the international

standards, the company has hired the services of qualified Engineers, Technical

staff and Skilled Workers.

Plant and Machinery:

Company has installed modern, sophisticated machines, equipments and

instruments to meet all parameters of Electrical and Mechanical areas according to

International Standards. In addition to the above Company have in house facilities

of Casting, Electroplating, and Hot Dip Special Galvanizing at its own works.

Testing Facilities:

Company has privilege on having a well equipped laboratory comprising the

world’s most latest testing instruments to perform all routine & quality control

tests and also all others particulars tests verify and test the standards of its products

in accordance with the international as well as the required standards of our local

valued customers i.e. IEC, ANSI, BS, WAPDA and KESC.

Products Certifications:

FICO ELECTRIC (PVT) LTD is very much enthusiastic to verify the quality

and standard of its products, therefore always keen to get its product certified from





international independent labs like KEMA Holland, HV/SC Rawat, Pakistan, RTL

Faisalabad, and UET Lahore. It also provides customized products within the

specified range.

Following products have been declared qualified when tested in accordance with

IEC, ANSI and other relevant standards.

11KV Current Transformer as per IEC from HV/SC lab Rawat,

Pakistan.

11KV Voltage Transformer as per IEC from HV/SC lab Rawat,

Pakistan.

11KV Current Transformer as per IEC from KEMA Holland.

MISSION STATEMENT

“Vision ensures high-quality, cost efficiency and timely delivery, through

professional structures and innovative business processes, to extend its role as a

model of corporate res ponsibility”





Export Business:

By Virtue of its quality products the company has exported 11KV C.T and V.T to

different countries.

Future Development:

Following items are under active process of developments, tests etc:

1. Porcelain Insulators

2. 132 KV Disconnected Switch

3. 132 KV Instrument Transformers





Overview of the organization

History:

FICO was established in 1952 with name FAIZI INDUSTRIES and was

incorporated as a Private Limited Company in 1985. Since then FICO is involved

in manufacturing of Switchgears, Control Gears, Distribution Protections and

Measuring Equipments.

FICO is associated with the group of companies comprising of M/s Climax

Engineering. Co. Ltd, Faizi Brothers, Aziz Steel Mill and Aziz Electric Co. These

Companies are playing a key role in development of Industrial sector in Pakistan.

FICO made revolutionary developments with its wide range of well-designed and

engineered Distribution, Protection and Measuring Equipments and also meet all

parameters of International Standards. FICO focused its all efforts to produce

highly reliable and quality product to compete relevant competitive products. With

same considerations FICO made contracts of technical collaboration in decades

1960’s with following International Reputable Companies:

1. M/s William Sanders of England (for the manufacture of fuse switches)

2. M/s Otter mail Switchgear (LT Fuse Switches, Changeover, HRC Fuses

and Fuse switches)

3.

M/s English Electric Company of England (for the manufacture of

11KV switchgears)





Within short span FICO was considered as the Name of Guarantee. After

achieving an honorable position in the economy FICO started manufacturing of

Low Voltage & 11 KV Medium Voltage Current Transformers with great zeal and

zest during the year 1985 by their own experience and research. The continuous

struggles and aim to produce best quality product resulted high demand of FICO

make LV & MV Current Transformers.

In 1995 the name of FAIZI INDUSTRIES (PVT) LTD was replaced by FICO

(PVT) LTD and during the year 2002 FICO (PVT) LTD was bifurcated to further

two separate companies, based on nature of its products, with commitments to

make entire efforts for development, improvement and best quality of their

particular products according to International recommended standards:

1.

FICO HI-TECH (PVT.) LIMITED (For Instrument Transformers &

Dropout cutouts etc).

2.

FICO ENGINEERING CO. (PVT.) LIMITED (For LV & MV

Switchboard etc).

3. FICO Industries (For Fuse Switches).

The above three companies have been established and producing their products

with same trade mark FICO but having their own independent Board of Directors.

And now FICO HI-TECH also separated into two companies:

1.

FICO HI-TECH (PVT) LTD

2. FICO ELECTRIC (PVT) LTD





BUSINESS VOLUME

Manufacturer of all kinds of medium voltage dry, oil ring type instrument

transformer. Resin cast insulator and epoxy component. FICO produces

compressors and communication of the FICO particularly with international

clients.

Numbers of employees

There are almost 100 plus numbers of employees in FICO ELECTRIC Gujranwala

and has set up four departments just like Sales department, Accounts department,

production department and purchase department. In sales department there are

more than 4 employees work and in accounts department there are almost 3

employees work or in production department there are almost 6 employees work or

in the purchase department there are almost 5 employees work.





Product Line

FICO ELECTRIC (PVT) LTD

Product Range:

Current Transformers (Side Primary & Top primary) RANGE: 11KV-

20KV

Voltage Transformers (Single Pole & Double Pole) RANGE: 11 KV to

15 KV





Organization Structure

Main Offices:

Head Office & Works

055-3255653-4, 3730201-2

[email protected]

G. T. Road.

Gujranwala, Punjab - Pakistan

Lahore Office:

042-36301144, 36313675, 38456885

[email protected]

C-2 LDA Flats, Lawrence Road

Lahore, Pakistan

Karachi Office

0364-4045192, 0302-2636768

[email protected]

mailto:[email protected]













Organization Structure

Hierarchy:

M.Ds Raza Aziz &

Hamid Aziz

Sale Manager

Hafiz Waqas

First GateEntry Incharge

Amjad

Store InchargeWaqas

Main gateIncharge

Hamid khan

First GateEntry Incharge

Amjad

FinanaceManager

Aftab Mughal

AssistantManager

Waqas Mir

Cashier

Imran Hanif

ProductionManager

Micheal

Lab Incharge

Saqib

Workers

G.M Syed M.Haider





Chain of command

Chain of command in the organization starts from the CEO who is also the owner

of the FICO, the come down to the general manager who is responsible of

smoothly operation of all organization and also answerable to CEO. After GM the

managers are the head of every department come in chain. They are sales Manager,

account Manager, Manager after sale and service. FICO is the combination of

Centralization and decentralization, because major decisions are made by CEO and

structured decisions are taken by each department's Manager and further advantage

from the precious experience is gained.

Critical analysis of the theoretical concepts relating

to practical experiences

Financial Analysis

The company prohibits showing any documents relating to Income Statements and

Balance Sheet. I get information about some ratios that discuss below

Liquidity ratios

Leverage (or debt) ratios

Profitability ratios

Efficiency ratios

Value ratios





1. Liquidity ratios

a.

Current Ratio= Total Current Assets / Total Current Liabilities

b. Quick Ratio = (Total Current Assets - Inventories) / Total Current

Liabilities

2. Leverage (or debt) ratios

a. Debt to Equity Ratio = Total Debt / Total Equity

b.

Debt to Assets Ratio = Total Debt / Total assets

c.

Interest Coverage (or Times Interest Earned) Ratio = Earnings Before

Interest and Taxes / Annual Interest Expense

d. Cash Flow Coverage = Net Cash Flow / Annual Interest Expense

3. Analyzing Profitability

a. Net Profit Margin = Profit after taxes / Sales

b. Return on Assets (ROA) = Profit after taxes / Total Assets

c.

Return on Equity (ROE) = Profit after taxes / Shareholders’ Equity

(book value)

d. Earnings per Common share (EPS) = (Profits after taxes - Preferred

Dividend)/(# of common shares outstanding)

e. Payout Ratio = Cash Dividends / Net Income





4. Analyzing Efficiency

a. Inventory Turnover = Cost of Goods Sold / Average Inventory

b.

Total Assets Turnover = Sales / Average Total Assets

c.

Accounts Receivable Turnover = Annual Credit Sales / Average

Receivables

d. Average Collection period= Average Accounts Receivable / (Total Sales /

365)

e.

Days in Inventory = Days in a year / Inventory turnover

5. Value Ratios

a.

Price To Earnings Ratio (P/E) = Current Market Price Per Share / After-

tax Earnings Per Share

b.

Dividend Yield= Annual Dividends Per Share / Current Market Price Per

Share





Marketing Strategy

Marketing strategy is a process that can allow the organization to focus its

limited resources on the greatest opportunities to increase sales and achieve

a sustainable competitive advantage.

Marketing strategies serve as the basic foundation of marketing plans

designed to fill market needs and reach marketing objectives.

Niche Market Strategy The company targets the Niche Market to put more focus on them instead of

choosing wide range of products and pay heed none of them fully to compete in the

market. The company managers also have a great technical experience and cater

the products in its range.

Major competitor of the FICO

Competitors:

PEL Company & other local and unregistered companies are competitors of the

company. They use same materials but lack of technical experience and quality

products they could not be able to compete well with FICO.





Success of different products of FICO in the

market along with reasons

Success of products:

The company is so old and expertise in Electric field and gain good repute and

standards of quality products. The company also used 99% pure and quality

materials for the products that not only retain the loyal customers but also attracts

the new one. The company also supplies Transformers to PEPCO and competes

with other competitors easily. The company also provides customized products to aspecified range. The materials for manufacturing the Transformers almost same

like its competitor but unique way to manufacture and assemble the parts. It also

targets Niche Market to become leadership of the market as Porter Generic

Strategy to lead the market.

Major HR policies

The company has no Labor union and always likes to settle the problems in

effective way through face to face discussion.

The company also discourages the conflict in the company.

The company communicates in formal way not only inside the company but

also for outside.

The top managers use Autocratic Style of Management and formal rules &

regulation flows inside the company.

The company also uses intranet and company telephone calls to

communicate easily in time.





The permanent workers gain some bonuses from Social Security while all

employees can avail only First aid treatments in case of any accident within

the company.

Each department interlinks with other and information & knowledge usually

freely flow among them.

Job Assessment

In most of the organization it is the duty of HRM to recruit employees, right man

for right job.

FICO has no HRM so, every department manager mostly recruit for employees.

Job Satisfaction:

Employees are satisfied if we analyze Maslow hierarchy physiology, safety, love,

esteem and self actualization. We will see that FICO is giving all this factors to

employees therefore Employees are satisfied.

Sales department:

According to employees they are satisfied because members of sales department

feel they are like a family. They respect each other, can give time to their study

because of relax timing of organization.

Service department:

Employees are satisfied because they are applying their skills.





HUMAN RESOURCE PARACTICES

Policy Manual fico starts with the code of conduct and policies to meet the

employment and wages, leaving the collection, and the formation and evolution of

costs, etc. Policy manual fico is a morale boost and all compensation and

motivational factors included in it.

SECRECY:

No person shall disclose any information relating to the organization during or after

the completion of his / her work he / she has received while in the service of the

Organization.

RESPONBILITY:

All the things fico will be able to withstand the test of scrutiny from the public and

the media, and charity organizers, members and stakeholders, donors and

parliament and the courts.

INTEGRITY AND HONESTY:

This will be the hallmark of all behaviors when dealing with colleagues at fico and

on an equal footing when it comes to individuals / institutions beyond.





LAW, MISSION, POLICIES:

They will not break the law or regulations inconsistent with the charity in

any aspect of his role as a trustee.

It will support the mission and consider their tutor.

Compliance with regulatory policies

CONFLICTS OF INTEREST:

We will always strive to act in the interest of fico.

We will declare no conflict of interest, or any other circumstance which

may be seen by others as a conflict of interest, as soon arise.

It will submit a report to the Governing Council and do what is required

in terms of the potential conflict of interest.

GOAL:

And to recruit qualified employees and retain capable, and put the right people in

the right job, who are willing to contribute their best practices to achieve the goals

of the organization.





POLICY:

We are an equal opportunity employer. General requirement for the job,

qualifications and relevant experience of + individual - within the organization

should hire experienced and qualified in the relevant discipline concerned staff

outside. Will be inducted new employees only on the basis of a personal request

against a specific function within the approved budget for the work of the hand.

EQUAL EMPLOYMENT OPPORTUNITY

Fico provides equal opportunities for employees and job applicants without regard

to race, color, religion or national origin, disability, gender or age. This policy was

followed in the recruitment, hiring, appointment and promotion in all

classifications position.

Will fico to ensure that the personnel actions such as compensation, benefits,

transfers, layoffs, and the return of layoffs, exclusion and cessation; training

programs sponsored by the vision; tuition assistance; social programs and

entertainment; and will manage the use of facilities fico without discrimination.





RECRUITMENT (EMPLOYMENT) PROCEDURE

Each department will prepare a summary of the labor required in accordance with

the volume of work and got the force required and signed by the Chief Executive.

JOB SPECIFICATION

It will prepare a summary report, pointing out that there is a need to human

qualities and experience to do the job that needed to be against the person.

Knowledge, skills and abilities seemed so can be found in the candidate. This

should be the responsibility of the heads of delegation, Chief Executive Officer /

Supervisor or other issue.

SOURCES OF APPLICATIONS

The human resource management trying to maintains the files of active

applications. It can get more applications to work, when necessary by:

Advertising in newspapers

Contacts with universities and professional institutions, etc

Through the Internet and niche sites including institutional site





ANNUAL INCREMENT:

Annual increment shall be granted based on the performance of the employees

through the process of Performance Appraisal. For the grant of increments the

employee must have completed 12 months and have successfully completed

probationary period.

EXTRA INCREMENTS:

Target oriented extra increments can be awarded by the management to deserving

employees those who have obtained excellent remarks from their Departmental

Head by virtue of their excellent performance.

PROMOTION:

The minimum service required for promotion to next grade is:

Workman to Helper = 01 yr

Helper to Supervisor = 01 yr

Supervisor to Assistant = 01 yr

Assistant to Assistant Manager = 01 yr

Assistant Manger to Manager = 01 yr





Manager to Senior Manager = 02yr

Senior Manager to GM = 02 yr

However the management reserves the right to make relaxations for deserving

cases.

The following actions of the employee may lead to demotion:

Indiscipline

Habitual late attendance

Habitual absence without leave

Leaving work without permission

In-efficiency

Misconduct

Irresponsible attitude

Job Description

Most of employees hold bachelor’s degrees especially the employees which are

working at production department and Sales Department.

Some employees doing MBA with their job Question arises Is

MBA degree required???





Answer is probably yes because of Job assignments now take a

view of Job assignments.

Sales Department: Communication skills, market eye.

Accounts department: B.Com required because its related accounts simple

Service department: Auto mechanics required.

Future prospect of the organization

Future prospects:

The company wants to expand its business and takes some initiative programs like

new software develop for accurate and quick response in emergencies that could

also control stock keeping problems as company suffered a huge loss of Proxy

Thinner explosion. It also make helpful to gain Just In Time strategy. The company

also wants to increase its products range to cater more customers. In this way

company also want to buy some imported machinery to meet the customers’ needs.





Overview of the Departments

Internship departments:

Sale Department

Purchase Department

Production Department

Finance Department

Sale Department:

In the sale department Mr. Hafiz Waqas performs the task under the supervision of

G.M Syed M. Haider. He recently joins the FICO Electric Company and is a well

educated person.

Activities and functions:

The sale usually performs such basic tasks that are

Inquiry

Quotation

Purchase order

Work order

Delivery Challan





Dispatch report

Invoice

The first step that is about Inquiry in which the customer company negotiate about

the require products specification and rate. The company usually deals with

general price that is without the discount. Some percentage of price increment also

include in case of price change. It is usually informal way of communication

through telephone calls or mails.

After the match of requirements, the sale department prepares formal document of

Quotation which contains product items, specification, rate, dimension of diagram

and some customize range of parts. It also include general terms and conditions

like discount% and sale tax etc. Acceptance and negotiation on quotation lead to

purchase order from the client company.

The purchase order is that in which customer demands as per his/her need. It also

contains some terms and conditions as it also a formal document. The price used is

discounted that FICO Electric company match before the proceeding the order.

The sales department prepares the Work Order for preceding it to the production

department. This document is used inside the company in formal way. The

production department working on specified requirements and try to accomplish

the task on date committed. When the production department completes the work





and finished goods come to the warehouse the Delivery Challan form prepared by

the production department. This also used document for inside the company and it

sends to the Sale department. It is acknowledgement of finished goods to dispatch

to the clients. It contains serial #, product code, description, Quantity, position #,

article# and boxes

The next document is Dispatch Report. A report prepares by the company along

with distributor receipt about the finished goods. The Distributor original receipt

along report sends to the company and one copy saved by the sale department. The

report also contains some detail information. Schneider Company checks the goods

for inspection and afterward sends Material Receipt Invoice document which lead

to the preparation of Invoice. Other companies such as Siemens and Bilal

switchgear do not fellow these procedures and the sale department prepare

Commercial Invoice as goods dispatch to the customer from the warehouse. The

sale department only formed the Commercial Invoice while the Finance

department prepares Sale Tax Invoice which finally sends to the client company by

the sale department. It contains serial #, product description, quantity, price, value

excludes sale tax, sale tax rate, sale tax, and value includes sale tax. Sale manager

also performs some other tasks also like Sale ledger etc.





General Manager or major directors and purchase manager.

After the approval from management

Copies of Store Demand send to

Purchase manager Local purchase Store record

Purchase order (Sent to party)

Material supply started. Note. Material reached at gate

If Material

Quality passes Quality fails

Issue gate pass Rejected & returned to Supplier

1st

gate for quantity confirmation& record keeping

Goods Receipt Memo





I.G.P Triplicates

G.R.M Duplicate

1.

Purchase department

Bill + I.G.P + G.R.M Audit

Data entries in Purchase register

Approval from management

Forward to account department

The whole task is containing such procedures.

Short-falls

The more intermediaries the more complex and delay the work.

Each and every thing whether it is little or high follows same procedure like

purchasing of one ball point also requires same procedures that is wastage

of time in useless activities.





Production Department:

The manager of production department is Mr. Micheal Younus. He is an

experienced person of Electrical Engineering. He involves in the manufacturing

activities. The procedures that follow during the manufacturing of transformers

are.

First step is to make electrical silicon sheet and then it is nailing on 700 degree

foren heat for 3 hours. After this, it also heats up at the point of 150 degree centi

grade and warmish it at this level. The next step is to cover it with core cotton tape

and insulation paper and then again core cotton tape on it. Then winding C.T/V.T

for Current measurements and also warmish again. Then testing it in Control Lab

and after the approval of C.Lab the step is to core primary winding on it. Then

testing it in C.Lab again and after this manufactures the model/design that is filled

with material like Resin, proxy silicon floor, hardener that make it strong and also

pure it. Then it sends into C.Lab again for final testing. This finished C.T/V.T

sends for tuning and painting that further passed through for terminal marking and

packaging. After it the finished transformers dispatch to the clients according to

their convenient distributor modes. These sorts of activities supervised by Mr.

Micheal that takes place in different departments relating to production like





1. Dispatch department

2. Lab department

3.

Filling section

4.

Lady shop

5. Fitting shop

6. Primary winding

Short-falls

The supervision of more than one departments put burden on Mr. Michael.

In this way he cannot performs task in efficient way.

Accounting & Finance Department

The Manager of Finance Department named Aftab Mughal. The assistant manager

named Waqas Mir and cashier Imran also performs different tasks under the

supervision of Mr. Aftab. Most of the task of different departments ends up in the

finance department. In the finance department various activities are done by Mr.

Aftab. The most important task is about With Holding Income Tax Deduction /

Collection entries of whole year of 2011-12 upload on FBR website. The page

contains such particulars





Income Tax Deduction / Collection Annually

Particulars of persons from whom tax collected / deducted

1. Serial no.

It is auto-generated.

2.

Tax payer ID type

It is selected from a list.

3. CNIC/NTNetc.

Fill it own from the manual report.

4. Taxpayer s Name

It is auto generated due to NTN and fills it own in case of above box filled

of CNIC.

5.

Busines Name

It is also auto generated due to NTN and fills it own in case of above box

filled of CNIC.

6.

Taxpayer s Address

It is also auto generated due to NTN and fills it own in case of above box

filled of CNIC.





g. Options

Tax paid

No Tax

Adjustment made

Particulars of tax paid

Amount of tax deposited

If click tax paid, the box fills automatically.

Date of deposited


CPR no.


Reasons if tax not collected / deducted

Under provision of law


Exemption certificate no.


Exemption certificate date






Exemption certificate authority

Fill it own like usually Commissioner.

This is not frequent work as it only does once in whole year. The finance

manager also prepares the Sale Tax Invoice at the arrival of Commercial Tax from

the Sale Department. It also performs routine tasks which are usually done on

company software such as

Bank Receipt File

Bank Payment File

Cash Receipt File

Cash Payment File

Sale Register

Purchase Register

The bank payments file in which passes Journal Entries of Debit & Credit of

payment to any suppliers. The company usually purchased materials in bulk on

credit base and pays through bank. The whole entries also records on Excel Sheet

named Bank Payment of Each Moth. The Bank Receipt File also contains such

vouchers of Journal Entry System. The company also receipt amount from





customers through different banks. The company also keeps record on Excel Sheet

named Bank Receipt of Each Month and vouchers generated from company

software attach in Bank Receipt File along the photo copy of Bank Cheque.

The company also keeps record of Cash Receipts in the Cash Receipt File like

bank receipt and the voucher of it attach in this file. The cash payment in which

records local purchasing that comes from Purchase department and also attach

I.G.P, G.R.M and Vendors Bill. While Sale Registered and Purchase Registered

prepares on excel sheet. Such sorts of activities are done by Finance department.

Short-falls:

The some activities are repeated in the finance manager which is only

wastage of time like purchase register and sale register etc.

The incomplete information flow from the finance manager also make

hurdle for assistant manager in different tasks.





Critical analysis of the management patterns,

weak areas that need to be improved.

Management patterns

A formal way of communication inside and outside the company that makes

helpful in any flaws and inconvenience.

The company also provides First Aid and some other basic medical facilities

but no compensate to any employees in severe conditions.

A strong database system but out dated that must need to update to quick

response in effective way that will save time and also helpful in better

decision

No empowerment of managers and workers in decision making also effect

the performance of the employees.

Low salary and wages to workers and lack of other bonuses lead to

abseentism and turn over ratio.

Autocratic and Bossy style of management leads to poor performance. This

also increases the communication gap between employees and top

management.

Middle managers are mostly courteous and well educated persons and

usually convey most of the information.





Duties & Accomplishments of Internee

Responsibilities as a student internee:I performs task in various departments and also effectively performed basic tasks

in these departments. It’s not only routine work but also some other tasks that are

not performed frequently. The detail of it gives below

Sale Departments

I performed and prepared such documents

Quotation

Work order

Delivery Challan

Dispatch report

Commercial Invoice

Sale register

Ledger detail





Purchase Department

Purchase order

Inward Gate Pass

Goods Receipt Memo

Audit of I.G.P, G.R.M & Bill

Purchase register

Finance Department:

With Holding Income Tax Deduction / Collection

Bank Receipt File

Bank Payment File

Cash Receipt File

Journal Voucher File

Sale Register

Purchase Register

Reconciliation of With Holding Income Tax

Filled DD, Deposit slips and withdraw the cash





New knowledge:

Mostly tasks and documents are new for me particularly about Income Tax

Deduction / Collection and production department activities.

Internship Experience

I gain diversified experience and knowledge relating to Sale, Purchase and

particularly Finance Departments. This knowledge will help me I running a perfect

business or doing a job. The practical implementation of Double Entry System and

so far auto-generated Ledger, Trial Balance and further Income Statement and

Balance Sheet but they make code / head of every purchase entry. The

communication and procedures are formal in business field and clear chain of

command helps me about who report to whom and task make so easy. I also learn

how each step interlinks with each other make a task easy to perform. I also learn

how to deals with loyal customer and retain them. This will lead to achieve

maximum orders in minimum time in effective way. I learn how such companies

keep records each and every thing even a pen to assess real result and profit by

including small expenses also. I also used the company software and different

codes to purchase material and enter the data.





Conclusion:

The FICO Electric Company is old and reputable in his performance and

excellent products.

It is only one registered company that provides Transformers to PEPCO and

other international companies according to customized needs.

The company also provides some discount up to 20-32% to their loyal

customers to retain them and also attract new customers.

The company is registered and so far it deducts and collects Sale Tax and

Income Tax from customers and suppliers.

This medium size company use computer software to make the task easy and

keeps record for later use that is a good sign for company to grow in its

product line.

The workers could not access to top managers that creates communication

gap and also dissatisfied for any innovation and creative things.

Some lazy procedures also delay the work and cause stock keeping

problems.

The middle managers also well educated and performs every task with

responsibility in efficient way.





The internship in such company beneficial for future practical job

experience.





Recommendations

The top managers should delegate some power to middle manager for

prompt needs.

They should also involve the employees in decision making and also

appreciate innovative and creative ideas.

They should also want to give some bonuses to their employees to improve

their performance and reduce the communication gap.

The company should also to replace new software that meet current needs

and requirements and will play a crucial role in effective decision making.

The company wants to expand the business. So the company should also

advertise its products to inform and attract new customers.




The company should also refrain from repeating same tasks like purchase

register and sale register etc to save time for useful activities and reduce

burden on employees.

The company should also ensure such system in which solicits feedback

from seniors (including the boss), peers and subordinates to enhance

performance.

final report fico (pvt) ltd

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