Internship Report Quetta Serena Hotel

2013
Quetta Serena Hotel Mohammad Abdullah Shah Bukhari
[INTERSHIP REPORT]
Institute of Management Sciences University of Baluchistan Sariab Road Quetta
INTERNSHIP REPORT
Quetta Serena Hotel
Submitted By: Mohammad Abdullah Submitted To: Manager HR Quetta Serena Hotel Enrollment: Mailing Address: Contact No: E37 Abdullah.bukhari.ptv@gmail.com 0345-8167252 MBA (Finance)
Institute of Management Sciences, University of Baluchistan Quetta
TO WHOM IT MAY CONCERN This is certified that Mr. Muhammad Abdullah S/O Mohammad Ali Enrollment. E37 and Registration No.2004/ub-09/a (p) 19954 MBA (Finance) from Institute of Management Sciences University of Baluchistan has completed his internship training in Serena Hotel Quetta branch Zarghoon Road Quetta with effect from 08th May, 2013 to 18th June, 2013. During his training we found him dedicated, hardworking, proficient in his field and obedient to his official staff.
Manager HR Major Hussain Saif
Branch Office: Shahrah-e-Zarghoon, Quetta, Pakistan Tel: (92) 812820073 Fax: (92) 812820070 (http://www.serenahotels.com/serenaquetta/)
ACKNOWLEDGEMENT
Thanks to Almighty Allah, The Creator, most Gracious and Merciful whom we never heard Nay whenever I knocked at His door. He bestowed upon us with potential and ability to sacred wealth of knowledge, which is permanent source of benefit for his humanity and creature. We offer our humblest thanks from the deepest of our heart to the Holy Prophet Hazrat Mohammad (Peace Be upon Him) who is forever, torch of guidance for mankind. I bow my head before almighty Allah with gratitude. I am obliging to the entire staff of Serena who remains helpful during entire my internship. They were good, helpful, supporting, and courteous I have learned a lot practical aspects of management sciences during internship. I am especially thankful to management of Serena hotel who provide me an opportunity to do internship there.
Dedicated To My Beloved To my beloved parents who threw bright patches of light in the dark path of ignorance that I walked in
TABLE OF CONTENTS
SR. # I II III IV V 01 02 03 04 05 06 07 08 09 10 Title Page
CONTENTS
PAGE #
Copy of Internship Letter Acknowledgement Dedication List of Contents Objective of Studying the Organization Executive Summary Overview of Serena Hotels Organizational Structure Functions of the Finance Department My internship program SWOT Analysis Recommendations References Appendices 01 01 02 06 15 20 23 24 24
01. Objectives of the Internship: Passion and innovations drag us from yesterday and drive to tomorrow the era of change. In fact we are rapidly shifting into the new era of human history on this planet having gone from gatherers and hunters to agriculture producers to industrial manufacturers to the current gatherers and users of information. Theories remain Black & White if supported by the colors of practicality. To quench the thirst of practical exposure, I joined the Quetta Serena Hotel and congregated all necessary information by which the dream of the esteemed internship report could come true. Efforts have been made to compile this report in such away that activates its salient features not only for students but also for the layman. At last I must say that this text is designed to stimulate the curiosity about management practices of Quetta Serena Hotel and to raise readers consciousness about the hospitality industry in Pakistan.
02. Executive Summary: Four star hotels play a very important role when ever there is a foreign people comes for festivals, visiting, business tours, etc. It also for the locals to visit and enjoy. Over a period of years, it has now been proved that good environmental hotels can contribute effectively towards the advancement and prosperity of a country as a whole and by improving the hospitality when they come and feel that they are the king. These, from the busy life whenever people feel free themselves they want to take over their stress by going the place where there will be an element of refreshment. Serena hotels has a solid foundation in Pakistan, with a network of 8 branches, Serena Head Office Pakistan Islamabad, Faisalabad Serena, Gilgit Serena, Hunza Baltit Inn,Quetta Serena Hotel, Sawat Serena Hotel, Shinger Fort Pakistan And Kapalu Place Pakistan, .During my internship report, various methods of information collection were adopted, which include interviewing Executives of Serena Hotel, journals, Internet and, more importantly, my own observation. My internship report consists of introduction of study, which includes background of study, purpose of study, scope of study; evaluation of hotels industry history, services provided by Serena Hotels and functions of different department. SWOT analysis and different strategies also done in this report. Serena Hotels is a well reputed hotel in Pakistan. Its equity position is very strong because of its good hospitality. It has a competitive edge due to its more modern and convenience facilities such as, ATM, courier services, exchange currency, Doctors, shopping Centre, Rent a Car, Business etc
Prepared By Mohammad Abdullah Shah Bukhari Institute Of Management Sciences University Of Balochistan Quetta
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03. Overview of the Quetta Serena Hotel: Serena Hotels Type Traded as Industry Founded Headquarters Products Owner(s) Website
Public KN: TPSE Hospitality, Tourism 1970s in Kenya Nairobi, Kenya Hotels, Lodges, and Resorts Tourism Promotion Services www.serenahotels.com
Tourism Promotion Services (Pakistan) Limited was incorporated in Pakistan on 19th March 1969 and is a public limited company (unlisted) registered under the Companies Ordinance, 1984. Serena Group of Hotels is a part of this company. The Aga Khan Fund for Economic Development S.A., Switzerland (AKFED) holds majority of the shareholding i.e. 92%, followed by 6% holding by the Industrial Promotion Services (Pakistan) Limited, another project of AKFED and the remaining 2% by Government of Pakistan through Pakistan Tourism Development Corporation and Ministry of Tourism, Government of Pakistan. The Company owns and manages hotels in Islamabad, Faisalabad, Quetta, Swat, Gilgit and Hunza. The expansion plan of the company includes development of hotels in northern and the southern regions of Pakistan. The company is committed to work hand in hand with the Government of Pakistan in developing tourism in Pakistan. The Corporate Office and the Hotels are being managed by a team of professionals. They are committed to provide full support to their associates for delivering the best possible, efficient and personalized services to their guests. In addition to Pakistan, over 20 Serena Hotels and Inns are being run professionally in Kenya, Tanzania, Zanzibar, Mozambique, Uganda, Afghanistan and Tajikistan. The four-star Nairobi Serena Hotel is the flagship hotel of the group. It features 183 rooms and 7 suites, including 1 state suite. The Maisha Health Club is arguably the best in Afghanistan. Along with several other Serena properties it is a member of the Leading Hotels of the World. The five-star Serena Hotel in Islamabad, Pakistan was designed by renowned Pakistani architect Nayyar Ali Dada and opened in 2002. It features 220 rooms with state-of-the-art facilities, a ballroom for 200 people, three unique restaurants, a shopping mall, and a health club with a swimming pool. The hotel's rooftop banquet and main lawns can accommodate up to 1,000 guests. It is also a member of the Leading Hotels of the World. The Quetta Serena Hotel has 144 rooms all decorated to reflect the vibrant colors of the Baluchi people and culture of Baluchistan. Besides all the living amenities
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through guest rooms, the Hotel also provides conference rooms, health club, business center and the restaurants, which offer Continental, Chinese Pakistani and Bar-BeQue cuisine. In early 2007, Serena took over management of two properties in Rwanda from Southern Sun. These hotels have been renamed the Kigali Serena Hotel and the Lake Kivu Serena Hotel. Serena Hotels took over management of 3 hotels in 2009 namely, Lake Victoria Serena Resort located in Uganda equidistant between Entebbe international airport and Kampala Town. Serena also took over management of Selous Wildlife Lodge and Mivumo River Lodge Located in the Selous Game Reserve in Southern Tanzania. Serena Hotels have announced the building of Lake Elementaita Luxury Tented Camp which should be completed in December 2010. On July 13, 2011, TPS Serena announced a Sh4 billion plan to upgrade the Nairobi Serena hotel as competition intensifies in Kenyas hospitality industry the revamp will see the hotel chain establish a separate wing adjacent to the Nairobi hotel that will have a 300-seat conference Centre, a car park, and 40 new rooms and refurbished public areas. 3.1 Nature of Business The Board of TPS Eastern Africa Limited (TPSEAL/ the Company ) is responsible for the overall management, strategic direction and governance of TPSEAL and its subsidiaries (TPS Group) and is accountable to the shareholders for ensuring that the Company complies with the provisions of the law. To this end, the TPS Group has remained committed to ensuring continuous adherence to the highest standards of corporate governance and business ethics in the interest of the shareholders and other stakeholders at large. The Company has complied with Nairobi Securities Exchange (NSE) Continuing Listing requirements and the Guidelines on Corporate Governance Practices by Public Listed Companies in Kenya issued by the Capital Markets Authority (CMA). In this respect, the directors have committed to ensuring that integrity of internal systems continues to be a key pillar in the enhancement of the Groups financial performance and sustainability.
3.2 Volume, TPS Eastern Africa Ltd. (TPSEA), the Kenyan holding company for a hotels chain has a turnover reported in year 2011 is 5,465,975,000 shs and basic and diluted market price per share is 4.51 shs. With total capital resources of 11,516,544,000 shs.
3.3 Main Offices Serena Properties in Africa Kenya

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Nairobi Serena Serena Beach Hotel Mara Serena Safari Lodge Amboseli Serena Safari Lodge Samburu Serena Safari Lodge Sweet Waters Tented Camp Kilaguni Serena Safari Lodge Serena Mountain Lodge Ol Pejeta House Lake Elementaita Serena Camp Tanzania Zanzibar Serena Hotel Arusha Serena Hotel Ngorongoro Serena Safari Lodge Serengeti Serena Safari Lodge Lake Manyara Serena Safari Lodge Kirawira Serena Camp Mbuzi Mawe Serena Camp Selous Serena Camp Serena Mivumo River Lodge Dar es Salaam Serena Hotel Uganda Kampala Serena Hotel Lake Victoria Serena Resort & Spa Rwanda Kigali Serena Hotel Lake Kivu Serena Hotel Mozambique Polana Serena Hotel Serena Properties in Asia Afghanistan Kabul Serena Hotel Pakistan Faisalabad Serene Hotel Gilgit Serena Hotel Hunza Baltit Inn Islamabad Serena Hotel Quetta Serena Hotel Swat Serena Hotel Shigar Fort Khaplu Palace Tajikistan Khorog Hotel Dushanbe Serena Hotel 3.4 Total staff strength:
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Total staff strength of Quetta Serena Hotel is 250 employees including managers and executives. 3.5 Products & Services: There are diverse varieties of facilities provided by QSH which includes: 144 guest Rooms and Suites Complimentary Airport Shuttle Service Rent-a-car Concierge Multilingual staff Laundry Shop The Executive Floor and Jasmine Floor offer additional facilities for our guests such as private Lounge area, Business Center, Meeting Room and Butler Service. Lyallpur Coffee Shop Fine-dining Restaurant serving Pakistani, Continental cuisine and Hi Tea With live music Xuelian Restaurant with Chinese, Japanese and Thai specialty Cuisines Jharoka, Caf and Ice Cream Parlor The Seasonal Barbeque at the Basant Court featuring traditional provincial Food with live music Lobby Lounge serves tea, coffee and light snacks. Health Club Swimming pool and sun-deck Pool Bar Tennis Court Squash Court Gymnasium Shopping Arcade Baby-sitting, additional beds/cots, childrens meals Conference/Events Centre 24-hour Business Centre WI-FI Internet access Flat screen TV with a variety of Channels 24-hour Forex Room Service, Valet parking, In House Laundry and Dry Cleaning same day service 24-hour doctor on call Power (240V/ 3 pin square- plugs/shaver sockets)
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4. Organizational Structure: BOARD OF DIRECTORS Francis Okomo-Okello Mahmud Jan Mohamed Abdulmalek Virani Ameer Kassim-Lakha Dr. Ramadhani Dau Jack Jacob Kisa Ghislain de Valon* Jean-Louis Vinciguerra* Mseli Abdallah*** * Kabir Hyderally*** Mahmood Pyarali Manji Kungu Gatabaki Guedi Ainache* Ashish Sharma* (Chairman) (Managing Director) (Finance Director)
(Resigned on 14 November 2011) (Alternate Dr. Ramadhani Dau)
(Resigned on 14 June 2011) (Appointed on 12 January 2012) (Alternat Jean-Louis Vinciguerra)
BOARD AUDIT & FINANCE COMMITTEE Ameer Kassim-Lakha Jean-Louis Vinciguerra Mahmood Pyarali Manji (Chairman)
BOARD NOMINATION AND REMUNERATION COMMITTEE Jack Jacob Kisa Dr. Ramadhani Dau Kabir Hyderally Mahmood Pyarali Manji (Chairman)
*French ***Pakistani *** *Tanzanian COMPANY SECRETARY Dominic K. Nganga DIRECTORS AND ADMINISTRATION RINCIPAL OFFICERS Catherine Waruhiu (Mrs) Charles Ogada Killian Lugwe Mark Gathuri Rosemary Mugambi (M/s) Salim Janmohamed Surinder Sandhu Director of Human Resources E.A. Financial Controller E.A. Director of Operations, City Hotels E.A. Director of Operations, Kenya Lodges & Resorts Director of Sales and Marketing E.A. General Manager - TPS (T) and TPS (Z) Chief Engineer E.A.
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TOURISM PROMOTION SERVICES (KENYA) LIMITED [TPS (K)] Daniel Kangu Tuva Mwahunga Herman Mwasaghua Paul Chaulo Henrietta Mwangola (Mrs) Kathurima Mburugu James Odenyo Alphaxard Chege G eneral Manager - Nairobi Serena Hotel G eneral Manager - Serena Beach Hotel and Spa, Mombasa Manager - Amboseli Serena Safari Lodge Manager - Mara Serena Safari Lodge Manager - Kilaguni Serena Safari Lodge Manager - Serena Mountain Lodge Manager - Sweetwaters Tented Camp and Ol Pejeta House Manager - Lake Elmenteita Serena Camp
TOURISM PROMOTION SERVICES (TANZANIA) LIMITED [TPS (T)] Jonathan Cheres Mustafa Mbinga Felix Ogembo Dismas Simba Gerald Macharia Vincent Matei Charles Mbuya Manager - Kirawira Luxury Tented Camp Manager - Lake Manyara Serena Safari Lodge Manager - Serengeti Serena Safari Lodge Manager - Ngorongoro Serena Safari Lodge Manager - Serena Mountain Village Hotel, Arusha Manager - Mbuzi Mawe Tented Camp Manager - Mivumo River Lodge and Selous Luxury Camp
TOURISM PROMOTION SERVICES (ZANZIBAR) LIMITED [TPS (Z)] Daniel Sambai G eneral Manager - Zanzibar Serena Inn
OTHER MANAGED PROPERTIES Anthony Chege Wilfred Shirima Charles Muia Kennedy Were Karim Merali Rahim Azad G eneral Manager - Kampala Serena Hotel, Uganda G eneral Manager - Lake Victoria Serena Resort, Uganda G eneral Manager - Kigali Serena Hotel, Rwanda Manager - Lake Kivu Serena Hotel, Rwanda G eneral Manager - Polana Serena Hotel, Mozambique G eneral Manager - Dar es Salaam Serena Hotel
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4.1 VARIOUS DEPARTMENTS IN QSH At QSH there are seven major departments and each department has its own style of working and at the same time it is connected with the rest of the network. These departments are as follows: Accounts Department Sales & Marketing Department House Keeping Department Human Resource (HR) Department F & B Department Production Department Engineering Department IT department Front Office Department Security Department
ACCOUNTS DEPARTMENT This department is considered as the backbone of the hotel operations. It looks into all the matters related with the finance and cost control. The department is headed by Financial Controller. He has the full authority and control over the department and his decisions in this regard are final with the approval of General Manager. This department is responsible To support other operational departments To maximize hotel profitability To be accurate in bookkeeping system. It should ensure effective Management Information System and implementation of controls & procedures SALES AND MARKETING DEPARTMENT This department plays a vital role in attracting customers and runs promotional campaigns. HOUSE KEEPING DEPARTMENT This department is responsible for establishing and maintaining high standards of cleanliness, for both our external customers (Guests) and internal customers (employees).The scope of the house keeping responsibilities and duties involve the following activities as: Housekeeping control desk Minibar Linen Front of the house Laundry Flower Room Back of the house Uniform
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Pest control Lost & Found
HUMAN RESOURCE DEPARTMENT Human Resource Department is one of the most important parts of the Quetta Serena Hotel back of the house management team. It serves to handle all the matters regarding attracting, retaining and compensating the employees. It overlooks all the matters that help to develop smooth employment relations all over the Hotel to achieve maximum output from the employees. It functions like a bridge in between the workers and management. There is Human Resource Manager who manages the whole department and its functioning along with the assistant HR-Manager and HROfficer. The sub departments or sections HR-Dept looks into are as follows: Time Office Staff Cafeteria Satoon
F & B DEPARTMENT The word F&B stands for Food and Beverages. This department is headed by F&B director. The main duties assigned are: Provision of quality food to the guests Serving and related matters Maintenance of food items
PRODUCTION DEPARTMENT The Food & Beverages department when comprised of the production division involves the kitchen having the specialized production area and wide range of cooking equipment that helps for cooking of different types of meals. The key objectives of F & B ( Kitchen) is to enhance the dining experience of the guests and to create the cuisine which is beyond customer expectations by providing modern creative yet authentic food and maintaining high hygiene standards . It starts from the purchase of food items and ends with the production. Following are the sub departments comes under the Kitchen Butchery Garde Manager Patisserie Bnquets Coffee Shop and Room Service Pakistani, Thai, Chinese Staff Canteen
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Kitchen Stewarding
ENGINEERING DEPARTMENT The Engineering department is responsible for the maintenance of various mechanical sections of the organization and operational readiness of all engineering services. It also strives to achieve declining routine complaints and minimum down time on machineries and equipment. I.T. DEPARTMENT The Information Technology Department is responsible to design such technologies for the Hotel that will work efficiently along with the cost control. They are using opera software and moreover all computers are interconnected. Multimedia and sound system controls in the Events FRONT OFFICE DEPARTMENT Following of the services are offered in the front office of QSH: Reception Reservation Restaurants Concierge Guest relation Business Centre Rent a car
SECURITY DEPARTMENT There have always been security needs whenever services are rendered, but traditionally this has been restricted to pilferage. In modern era service organization have seen increasing sophistication of the security system offset new and unexpected challenges. Some of the functions performed by this department are: Physical safety of guests Safety of guest's belongings Safety of hotel premises from criminal acts Control of Pilferage Control of illegal occupancy of rooms by guests Control of unauthorized use of rooms Parking control
The Quetta Serena Hotel organization has put into effect procedures where the security department is authorized to inspect/search any individual even the Assistant general manager. The General Manager directly controls the security dept.
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MARKETING & COMMUNICATION SETUPS Hotel business mostly depends on public relations. Management try to have positive image in public, so because of this QSH maintains a separate good office of public relations department. This department performs following important functions: Organizing advertising companies Conveying protocol on arrival of VIP's Publishing pamphlets, bulletin Organizing festivals Functions
STRUCTURAL DIMENSIONS OF QSH Following are the major dimensions which are adopted in QSH as: Formalization Specialization Line of Authority Centralization Professionalism
Formalization There is a formalized system of the departmentalization at QSH. The company is divided into formalized departments. These are Front Office Room division House Keeping Engineering Purchase Stewarding Food & Beverages (Kitchen) Food & Beverages (Service) Food & Beverages (Banqueting) Prestige Club Public Relations Sales & Marketing Human Resource Department
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Accounts Information Technology
Specialization All departments have been assigned a specialized division of labor. They are responsible for performing their respective tasks and duties when working together. They share their duties but they are responsible on their own. Line of Authority The hierarchal structure practicing in QSH is Top-Bottom approach. Final authority lays in General Manager or Director Operations that is delegated to the lower level of management.
General Manager/Director Operations Head of the Department Asst. Head of the department Section Head Supervisor
Centralization Being the multinational company it is working under standard operational procedures. Such procedures pre determine the set of activities the individual departments can perform. The General Manager controls the department in the way that no department could involve into such activities that is out of their SOPs. The basic concept of centralization in QSH is to control the activities of the departments in a favorable manner.
MEASURING THE HOTEL BUSINESS PLAN Motivating managers and measuring their performance are key challenges of any organization. Financial results are typically the barometer for managements effectiveness; however, the drivers of financial results are managements performance in the areas of marketing effectiveness, sales, revenue management, sound labor relations, quality assurance systems and financial systems, hygiene and control, amongst other things.
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The Hotel Management Balanced Scorecard measure the Hotels management performance in implementing the four areas of the Business Plan (Marketing, Quality, Staff and Finance). It also recognizes that, at any stage, the four focus areas may not be of equal critical importance to the Hotel, in periods of high, sustainable occupancies, marketing may be of lesser importance than maintaining GUEST service and quality. Each plan has an adjustable weighting factor. The measurement of achieved results against goals set in all four weighted areas constitutes the measurement methodology of the Hotel Management Balanced Scorecard, giving an overall performance score for the Hotel, as a whole, plus scoring each contributing focus area (Marketing, Quality, Staff and Finance). HOTEL REGISTRATION / CHECK IN CARDS Hotel Registration Cards are handed over directly to the guests upon arrival, which has to be filled in complete and presented at the reception desk or at the desk set up for this special purpose to obtain room keys. Hotel expects to receive detailed group naming list one month prior to the arrival date SAFETY REGULATIONS Following are some safety instructions inside the arena of hotel as: Any accident or loss occurred to the exhibitor's personal staff or exhibits will be the exhibitor's own responsibility. Exhibitors will comply with hotel safety regulations specifically in regard to fire proof decoration or protection against electrical malfunction. Any activity threatening fire safety standard or damage to the hotel property will be discouraged. RESTRICTIONS INSIDE THE HOTEL There are following some restrictions inside the building of hotel for security purpose: Display of signs or banner is not allowed within all public areas of the hotel. Consumable, i.e. Food and Beverage items, may not be brought into the hotel. Food and Beverage items cannot be served to the exhibit booths. The exhibitor can only use the area placed at its disposal and cannot be extended to the other public areas of the hotel. The exhibitor undertakes to return the space in its initial condition, any requirement regarding setup or display against the walls must require prior permission from Conventions department. The use of nails, tack, stickers etc. is prohibited. EMPLOYEES ON THE JOB TRAINING In Quetta Serena Hotel (QSH) immense stress is given on the training of the employees. The process of training an employee does not end with probationary period but it continues during the whole service of the employee. The hotel has a training g room which is administrated by the system training manager. The training room is equipped with modern teaching technique such as audio, video, TV, projector. It has sitting capacity of around 20 seats.
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Training classes for each department are arranged regularly and headed by chief executive or a senior member of the department. The schedule of the classes is displayed on the notice board. English classes are also arranging to enhance the spoken capability of the employees. The training classes are also essential for senior executive because annual increment is not based only on job well done but also on learning abilities and enthusiasm to teach others. At the end of training program an exam is conducted to assess the learning of employees. During the training program it is the responsibility of the employees to attend and participate in all classes whether it is about hotel rules and regulation about his job or English classes. It is also important that the employees should participate in the classes and pass his exam. VARIOUS SERVICES FOR GUESTS The guests have access to all kinds of services and facilities so as to make their stay, not only comfortable, but also a memorable one. The QSH is not simply all that. It has every intention of offering its guests services and facilities that they expect of genuine first class hotels, services which have not yet been made available on this scale before in Pakistan. Besides these the following services and facilities are available to our guests: Laundry/Dry Cleaning Jewelry and Gem shops Travel Desk Parking Baby Sitting Authorized Money Changers Airline Offices In-House Doctor Florist Bookstore Business Centre Pharmacy 24 Hour Room Service Car Rental CONSUMER TYPE Service firms have both consumers and organizational customers. The services are analogues in some cases, but different marketing strategies are required for the different type of customers. The QSH has two types of clients: The Regular Corporate Client The General Client
The seventy five percent (75%) of the hotel's business is dependent on the corporate client. Many large organizations have a contract with the hotel and their clients regularly avail the services of the hotel. Seventy percent (70%) of the tourists are regular corporate client of the hotel. They come here and avail the services for the business purposes or for recreation. There is another type of customers that is the
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general clients of the hotel. These customers come here for the recreation. So the hotel has a different marketing strategies for the corporate client and different for the general client. 5. 1 General information TPS Eastern Africa Limited is incorporated in Kenya under the Companies Act as a public limited liability company and is domiciled in Kenya. The address of its registered office is: Williamson House 4th Ngong Avenue PO Box 48690 00100 NAIROBI KENYA. The Companys shares are listed on the Nairobi Securities Exchange. For the Kenya Companies Act reporting purposes, the balance sheet is represented by the statement of financial position and profit or loss by the statement of comprehensive income in these financial statements. 5.2 Summary of significant accounting policies The principal accounting policies adopted in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented, unless otherwise stated. (a) Basis of preparation The financial statements are prepared in compliance with International Financial Reporting Standards (IFRS). The measurement basis applied is the historical cost basis, except where otherwise stated in the accounting policies below. The financial statements are presented in Kenya Shillings (Shs), rounded to the nearest thousands, except where otherwise indicated. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Groups accounting policies. The areas involving a higher degree of judgment or complexity, or where assumptions and estimates are significant to the financial statements.
Changes in accounting policy and disclosures (i) New and amended standards adopted by the Group
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The amendment to IAS 24, Related party disclosures clarifies and simplifies the definition of a related party and removes the requirement for governmentrelated entities to disclose details of all transactions with the government and other government-related entities. The amended definition means that some entities will be required to make additional disclosures, e.g., an entity that is controlled by an individual that is part of the key management personnel of another entity is now required to disclose transactions with that second entity. There has been minimal impact on related party disclosures following adoption of this amendment. The amendments to IFRS 7, Financial Instruments - Disclosures are part of the 2010 Annual Improvements and emphasizes the interaction between quantitative and qualitative disclosures about the nature and extent of risks associated with financial instruments. The amendment has also removed the requirement to disclose the following; Maximum exposure to credit risk if the carrying amount best represents the maximum exposure to credit risk; Fair value of collaterals; and Renegotiated assets that would otherwise be past due but not impaired.
The application of the above amendment has simplified financial risk disclosures made by the Group. Other amendments and interpretations to standards became mandatory for the year beginning 1 January 2011 but had no significant effect on the Groups financial statements. (ii) Standards, amendments and interpretations to existing standards that are not yet effective and have not been early adopted by the Group Numerous new standards, amendments and interpretations to existing standards have been issued but are not yet effective. Below is the list of new standards that are likely to be relevant to the Group. However, the directors are yet to assess the impact on the Groups operations.
Standard beginning on/after IAS 19 IFRS 9 IFRS 13 IAS 19, Employee benefits
Title
Applicable for financial years 1 January 2013 1 January 2015 1 January 2013
Employee benefits Financial instruments Fair value measurement
The impact on the Group will be as follows: to eliminate the corridor approach and recognize all actuarial gains and losses in other comprehensive income as they occur, to immediately recognize all past service costs; and to replace interest cost and expected return on plan assets with a net interest amount that is calculated by applying the discount rate to the net defined benefit liability/(asset). The amendment will not
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have a significant impact on the Group statement of financial position since all actuarial losses are recognized immediately in the income statement. IFRS 9, Financial instruments IFRS 9 was issued in November 2009 and October 2010 and replaces those parts of IAS 39 relating to the classification and measurement of financial instruments. IFRS 9 requires financial assets to be classified into two measurement categories: those measured as at fair value and those measured at amortized cost. The determination is made at initial recognition. The classification depends on the entitys business model for managing its financial instruments and the contractual cash flow characteristics of the instrument. For financial liabilities, the standard retains most of the IAS 39 requirements. The main change is that, in cases where the fair value option is taken for financial liabilities, the part of a fair value change due to an entitys own credit risk is recorded in other comprehensive income rather than in statement of comprehensive income, unless this creates an accounting mismatch. The Group is yet to assess IFRS 9s full impact and intends to adopt IFRS 9 no later than the accounting period beginning on or after 1 January 2015. IFRS 13, Fair value measurement IFRS 13 aims to improve consistency and reduce complexity by providing a precise definition of fair value and a single source of fair value measurement and disclosure requirements for use across all IFRSs. The requirements, which are largely aligned between IFRS and US GAAP, do not extend the use of fair value accounting but provide guidance on how it should be applied where its use is already required or permitted by other standards within IFRS. The Group is yet to assess IFRS 13s full impact. There are no other IFRSs or IFRIC interpretations that are not yet effective that would be expected to have a material impact on the Group.
(b) Consolidation (i) Subsidiaries Subsidiaries are all entities over which the Group has the power to govern the financial and operating policies generally accompanying a shareholding of more than one half of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. The Group also assesses existence of control where it does not have more than 50% of the voting power but is able to govern the financial and operating policies by virtue of de-facto control. De-facto control may arise in
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circumstances where the size of the groups voting rights relative to the size and dispersion of holdings of other shareholders give the group the power to govern the financial and operating policies, etc. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date the control ceases. The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling interest in the acquire on an acquisition- by-acquisition basis, either at fair value or at the non-controlling interests proportionate share of the recognized amounts of acquirers identifiable net assets. If the business combination is achieved in stages, the acquisition date fair value of the acquirers previously held equity interest in the acquiree is premeasured to fair value at the acquisition date through profit or loss. Any contingent consideration to be transferred by the Group is recognized at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is recognized in accordance with IAS 39 either in the income statement or as a change to other comprehensive income. Contingent consideration that is classified as equity is not premeasured, and its subsequent settlement is accounted for within equity. Goodwill is initially measured as the excess of the aggregate of the consideration transferred and the fair value of non-controlling interest over the net identifiable assets acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognized in the income statement. Inter-company transactions, balances and unrealized gains on transactions between Group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Investments in subsidiaries are accounted for at cost less impairment. Cost is adjusted to reflect changes in consideration arising from contingent consideration amendments. Cost also includes direct attributable costs of investment. (ii) Changes in ownership interests in subsidiaries without change of control
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Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions that is, as transactions with the owners in their capacity as owners. The difference between fair value of any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.
(iii) Disposal of subsidiaries When the Group ceases to have control, any retained interest in the entity is premeasured to its fair value at the date when control is lost, with the change in carrying amount recognized in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to the income statement.
(iv) Associates Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for by the equity method of accounting. Under the equity method, the investments are initially recognized at cost, and the carrying amount is increased or decreased to recognize the investors share of the profit or loss of the investee after the date of acquisition. The Groups investment in associates includes goodwill identified on acquisition. If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amounts previously recognized in other comprehensive income is reclassified to the income statement. The Groups share of its associates post-acquisition profits or losses is recognized in the income statement, and its share of post-acquisition movements in other comprehensive income is recognized in other comprehensive income, with a corresponding adjustment to the carrying amount of the investment. When the Groups share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the Group does not recognize further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the associate. The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value and recognizes the amount adjacent to share of profit/ (loss) of an associate in the income statement.
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Profits and losses resulting from upstream and downstream transactions between the group and its associate are recognized in the Groups financial statements only to the extent of unrelated investors interests in the associates. Unrealized losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the Group. Dilution gains and losses arising from investments in associates are recognized in the income statement. 06. My Internship Program: a) Introduction of the Branch where i worked I have worked in the Quetta Serena which is the sub branch of the TPS Nairobi Kenya Comes under the regional office of Islamabad Serena. Located in the city center and spread over six acres, Quetta Serena Hotel is prominently located on Shahrah-eZarghoon in the Cantonment area. The hotel is conveniently accessible from all parts of the country and is linked by air, rail, and road network. It has a character of its own. It has incorporated many stunning architectural and decorative elements of the local Baloch people - famed for their chivalry and martial prowess. Traditional arts and crafts, decorative patterns and other graphic designs found throughout the plush interior of the hotel are an affirmation of pride in the local culture and aesthetic traditions. With stunning mountain views on all sides, the hotel is set amid flower-filled courtyards with fountains and water channels around the fruit orchards. It provides guests with first-class amenities and a world of luxury where the service is warm and gracious. From the doormen to the reception, to the Room Service and everything in between, it promises to make each ones stay a memorable one.
b) Departments in which i worked during my internship & Description of the tasks/projects which were assigned to me during my internship Quetta Serena Hotel Front office: Manager (Mr. Imran) Date: 13/05/2013 Monday to 18/05/2013 Saturday Operator Photocopy operating and code was 987132 room code 3, fax machine operating, opera software catalogue, Operating of fax machine, operating of console, reminding and dialing of extensions transferrin calls and method of dialing, dialing outside calls using line i.e. 9, Front desk cashier Pit 1 , Pit 2 = Reg sheets, Reminder register, vatch card, checks, mini bar bills, billing American express card rate 2.5 rs, normal 1.5 rs, Prestige club machine 1 night free after 900 points, float of cashier outlet
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2000, cashier 35000, remittance envelope, cashier closure method, billing and occupancy, Giddan, lobby, front desk, guest reservation, bell desk, bell boy, Ziarat Cofy Shop, Xuelian, Qila Saifullah house, Makran, gym health club swimming pool, bed tax 40 rs, 16% gst on whole amount i.e. 40+amount, Receptionist Customer dealing, Check in, check outs on opera, greeting to the customer, billing Reservation through opera Remittance envelope Cashier closure and float of 35,000 for front and 2000 for outlet Occupancy checking through opera in term of graph and other in days and percent f3 Operator use of opera f7 Make up sheet Mod chart display Flight schedule Front office duty roster Walk in check in Reports from house keeping Guest profile creation Key charging Fruit basket preparation cp1,cp3,cp5 Checkouts postings Expected and actual arrivals
Quetta Serena Hotel Food and beverages: Manager (Mr. Gulistan) Date: 20/05/2013 Monday to 25/05/2013 Saturday Standard operating procedure Early birds reports Orientation Kitchen cooking Xulian Ziarat coffee shop Banquet management Room Service Stores Quetta Serena Hotel Housekeeping: Acct: Manager (Mr. Zulfiqar Hussain) SOP file study Laundry Messages handling Log book writing
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Room division i.e. K: wing 161-183, H: wing 130-148, G: wing 121-127, F: wing 101-120, J: wing 149-150 First flour executive flour with F,H and K wings sweets out of 141 total rooms President sweet 2, Khojak mini sweet, Deluxe room, Standard room, Twin bed, List, House keeping work plan, House keeping duty roster Uniform handling Brief orientation of rooms Brief visits of floor Housekeeping report 3 times a days morning 10 am, afternoon 4 pm, evening 10 pm Room boy trolley check list Preparation of defect report, room boy report, minibar charging
Quetta Serena Hotel Sales and marketing: Director Sales (Mr. Edwin Das) Date: 27/05/2013 Monday to 01/06/2013 Saturday SOP file study Prestige Club Sale Calls Report writing Borrowers lists Economic report Budget presentation Finance Department: Financial Controller (Mr.
Quetta Serena Hotel Mohammad Athar)
Date: 10/06/2013 Monday to 18/06/2013 Tuesday Preparation of bank reconciliation Contract management Filing, punching and their types Checks management and their justification Duties and responsibilities of all the staff sop Slight overview of Receivables, payable, accounts management and income and night audit Study of sop file, pay slips, checks, invoices, financial statements Approval of reimbursement from head office Bunch preparation Due to scarcity of time Got failed to see some more substantial things like preparation of financial statement, budget and investment mechanism
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7. SWOT Analysis of Quetta Serena Hotel Strengths 1. Contended employees, Hygienic motivation factor 2. Physical, financial, technological, human, resources 3. Employees educated and synchronized with technological sophistication 4. Conducive and motivational work environment 5. Efficient management 6. Learning environment Weaknesses Lake of leadership I.e. direction, decision making and effectiveness Negligence to the innovation Absence of R&D Department Poorly defined jobs with less information to what employees are doing and who they are 5. Pressurized employees rather motivated when it comes to work 6. Lake of effective utilization of all resources 7. Use of conventional marketing techniques 8. Lake of abilities to captivate unionization 9. Excessive administrative expenses 10. Effective delegation of authorities 11. Great distinction among internal and external social culture. Opportunities 1. Serena has a great potential market only the need is to capture it through the alteration in strategies. 2. Leadership should be more oriented and effective towards goals, directions, decision making and effectiveness. 3. Inclination towards innovation 4. Assurance of R&D activities 5. Planning, recruitment, Job description, job specification, employee involvement, compensation, TNA, T&D, appraisal and team building, should be streamlined. 6. No doubt employees are satisfied with their jobs but they should be motivated to work as well and this motivation can be brought through compensation and involvement strategies. 7. Serena has a great potential to generate more business by utilizing utilize resource efficiently 8. Serena has an opportunity to use contemporary marketing techniques such as media awareness campaigns on rates and products and services. 9. Serena can captivate with the unionized employees easily using voluntary separation scheme and through equity, unions are formed because the seek equity in the reward system. 10. Administrative expenses should be curtailed down and should be efficiently utilized if occurring any way. 1. 2. 3. 4.
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11. Serena can bring convenience for employees and for themselves as well by changing dress code. Dress code and uniform should be for only employees those are interacting with guests 12. Materiality and immateriality concept of accounting should be applied on while accounting it can save time and rigorous efforts. 13. Can target middle class witch is majority in Quetta. 14. Serena can start home delivery of food Threats to the Organization 1. Only the administrative expense is the finest threat to the organization Serena should utilize these administrative expenses. Through increasing business. 2. Serena is threatened by its higher prices 3. Terrorism law and order 4. Distinction of culture 5. High employee turnover intention and low salaries 6. There is much lack of co-ordination among its workers 7. Only the niche market is targeted 8. Quetta Serena Hotel is desperately threatened by its strategy 08. Recommendations: I cannot comment in a way that it can be in the case of other organizations. The issue is that Serena is not a non profit organization but working like non profit organization. Always feeded by the head office cannot even meet its expenditures even. According to them they are doing social welfare so there fore I will not suggest them to take austerity measures. People of Quetta are not as hard working in contrast of
their counterparts in Karachi and Lahore and in other cities because jobs are easily available in Quetta therefore people of Quetta do not chose to work hard on fewer salaries. There fore turnover intention is also high in this organization for Serena reward system is the only tool to retain employees. As I indicated the leadership should make strategy to nurture the retention culture and to retain valuable employees.
09. References & Sources Used for Data Collection Tps eastern Africa limited annual report and financial statements 2011 www.serenahotels.com Internship report writing guidelines Career Management Center (CMC), Preston University, Islamabad Financial statement analysis using financial accounting information By Charles H. Gibson Accounting the basis for business decision Robert f. Maigs and William d. Maigs Managerial accounting by Ronald w. Hilton
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10. Annexes/Appendices Table 101: Consolidated Income Statement for the year ended December 31 2011 Vertical Analysis 2010 2011 2010 2011 Shs000 Shs000 %ages %ages Sales 4,480,128 5,465,975 100 % 100 % Other operating income 427,578 271,378 10 % 5% Inventory expensed (874,595 ) (929,234) (20 %) (17 %) Employee benefits expense (1,335,351) (1,576,219) (30 %) (29 %) Other operating expenses (1,589,742) (1,963,175) (35 %) (36 %) Profit before dep, tax and interest 1,108,018 1,268,725 25 % 23 % Depreciation on property, plant and equipment (257,617) (330,834) (6 %) (6 %) Finance income 52,227 59,757 1% 1% Finance costs (210,783) (163,847) (5 %) (3 %) Share of profit of associates 1,088 19,332 0.02 % 0.35 % Profit before income tax 692,933 853,133 15 % 16 % Income tax expense (176,549) (237,242) (4 %) (4 %) Profit for the year (Shs ) 516,384 615,891 12 % 11 % Earnings per share basic and diluted (Shs per share) 3.49 4.51 3.49 4.51 TPS eastern Africa limited annual report and financial statements 2011 Table 102:Consolidated Statement of Financial Position As at 31 December Vertical Analysis 2010 Shs000 Stock holder's equity Share capital Share premium Revaluation reserve Translation reserve Retained earnings Proposed dividends 148,211 3,032,431 2,473,370 (157,883) 1,717,779 185,264 2011 Shs000 148,211 3,032,431 2,404,495 (90,593) 2,262,751 192,674 2010 Shs000 1.24 % 25.43 % 20.74 % (1.32) % 14.41 % 1.55 % 2011 Shs000 1.13 % 23.09 % 18.31 % (0.69) % 17.23 % 1.47 % Horizontal Analysis 2010 2011 %ages %ages 100 % 122 % 100 % 63 % 100 % 106 % 100 % 118 % 100 % 123 % 100 % 115 % 100 % 128 % 100 % 114 % 100 % 78 % 100 % 1,777 % 100 % 123 % 100 % 134 % 100 % 119 % 100 % 129 % Horizontal Analysis 2010 Shs000 100.00 100.00 100.00 100.00 100.00 100.00 % % % % % % 2011 Shs000 100.00 100.00 97.22 57.38 131.73 104.00 % % % % % %
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Sub total 7,399,172 7,949,969 62.06 % 60.54 Non controlling interest 97,213 96,855 0.82 % 0.74 Total equity 7,496,385 8,046,824 62.87 % 61.28 Non-current liabilities Borrowings 1,204,524 1,659,372 10.10 % 12.64 Deferred income tax liability 1,453,428 1,678,659 12.19 % 12.78 Retirement benefit obligations 110,835 131,689 0.93 % 1.00 Total non-current liabilities 2,768,787 3,469,720 23.22 % 26.42 Current liabilities Payables and accrued expenses 1,205,488 1,139,017 10.11 % 8.67 Current income tax 31,720 9,585 0.27 % 0.07 Borrowings 420,757 466,694 3.53 % 3.55 Total current liabilities 1,657,965 1,615,296 13.91 % 12.30 Total equity and liabilities 11,923,137 13,131,840 100.00 % 100.00 Non-current assets Property, plant and equipment 8,248,664 8,829,042 69.18 % 67.23 Intangible assets 1,057,861 1,057,861 8.87 % 8.06 Investment in associates 30,718 687,008 0.26 % 5.23 Available-for-sale financial asset 216,251 1.81 % Deferred income tax asset 33,661 143,000 0.28 % 1.09 Total fix assets 9,587,155 10,716,911 80.41 % 81.61 Current assets Inventories 299,776 375,588 2.51 % 2.86 Receivables and prepayments 986,959 1,636,227 8.28 % 12.46 Cash and cash equivalents 1,049,247 403,114 8.80 % 3.07 Total current assets 2,335,982 2,414,929 19.59 % 18.39 Total Assets 11,923,137 13,131,840 100.00 % 100.00 TPS EASTERN AFRICA LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS 2011
% % % % % % % % % % % % % % % % % % % % % % %
100.00 % 100.00 % 100.00 % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 % % % % % % % % % % % % % % % % % % % %
107.44 % 99.63 % 107.34 % 137.76 115.50 118.82 125.32 94.49 30.22 110.92 97.43 110.14 107.04 100.00 2,236.50 424.82 111.78 125.29 165.78 38.42 103.38 110.14 % % % % % % % % % % % % % % % % % % % %
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Table 103: 1. Liquidity ratios
RATIO ANALYSIS Ratio s 1.50 1.26 24.96 799,6 33 167 138 63
a) Current ratio=Current assets/current liabilities b) Quick ratio / acid test ratio= Current assets -inventory/ current liabilities c) Cash ratio= cash + marketable securities/Current liabilities d) Networking capital= current assets - current liabilities e) Defensive interval= cash + marketable securities +accounts receivables/ projected expenditures * 365 f) Length of operation cycle=avg # of days a/r outstanding + avg # of days inventory in stock g) Length of cash cycle = operating cycle- avg # of days a/p outstanding 2. Activity Ratio a) Inventory turnover ratio=cost of goods sold/ avg inventory b) Average # of days inventory in stock=360/inventory turnover c) Accounts receivable turnover=net sales/avg a/r
% % % shs days days days
time s days time s
12 30 3 108 5 75 0.51 0.52 0.42
d) Average number of days accounts receivables outstanding=360/a/r days turnover time e) Account payable turn over= net sales/ avg a/p. s f) Average # of days accounts payables outstanding=360/a/p. turnover days time g) Fix asset turnover ratio=net sales / avg fix assets s time h) Operating asset turn over ratio=net sales / avg operating assets s time i) Total asset turn over ratio=net sales / avg total assets s 3. Solvency Ratio a) Debt to equity ratio= total debt / total stock holder's equity*100 b) Debt to capital ratio= total debt /total capital*100 c)Time Interest Earn Ratio= EBIT/interest expanse 4. Profitability Ratio a) Gross Margin= gross profit /net sale*100 b) Operating Income to Sale=operating income/net sales*100 c) Margin before Interest & Taxes= EBIT/net sales*100 d) Margin before Taxes=EBT/net sales*100
% % time s
63 44 8
% % % %
23 23 23 0.16
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e) Net Profit Margin, Return on sale ratio=net incom/net sales*100 f) Return on Asset=EBIT/avg total assets *100 g) Return on total asset=net income/avg total assets*100 h) Return on total capital=EBIT/total capital*100 i) Return on equity=EBT/avg stockholder's equity *100 j) Return on equity=net income /avg stockholder's equity*100 k) Return on cs = net income- ps dividend/avg cs. equity*100 5. Investor specific ratios a) Earning per share= net income-ps. dividend/outstanding cs. b) %age of earning retained= net income-all dividend / net income*100 c) Price earning ratio= market price per share/eps*100 d) Dividend payout ratio= dividend per common share/eps *100 e) Dividend Yield= dividend per common share /market price per share *100 f) Book value per share= total stock holder's equity -(ps. equity + ps. dividend in arrears)/ outstanding cs. Degree of financial leverage= EBIT /EBIT-I Degree of operating leverage=DCL / DFL Degree of combine leverage=%age change in EPS/%age change in sales
% % % % % % %
11 10 5 11 11 8 8
shs % % % % shs % % %
4.51 71 346 29 8 54.29 1.15 1.16 1.33
DuPont analysis using return on total asset: return on total assets= net profit margin x total asset turnover % Net income/avg. total assets = net income / net sales x net sales / avg. total assets
4.69
DuPont analysis using return on operating assets: Return on Operating asset = Operating profit margin x Operating asset % turnover Operating income / Avg. Operating assets = operating income/ net sales x net sales / avg operating assets
12.00
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Internship Report Quetta Serena Hotel

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Internship Report Quetta Serena Hotel

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Quetta Serena Hotel Mohammad Abdullah Shah Bukhari

Institute of Management Sciences, University of Baluchistan Quetta

Manager HR Major Hussain Saif

SR. # I II III IV V 01 02 03 04 05 06 07 08 09 10 Title Page

3.3 Main Offices Serena Properties in Africa Kenya

(Resigned on 14 November 2011) (Alternate Dr. Ramadhani Dau)

(Resigned on 14 June 2011) (Appointed on 12 January 2012) (Alternat Jean-Louis Vinciguerra)

Pest control Lost & Found

Accounts Information Technology

Employee benefits Financial instruments Fair value measurement

Quetta Serena Hotel Mohammad Athar)

Table 103: 1. Liquidity ratios

RATIO ANALYSIS Ratio s 1.50 1.26 24.96 799,6 33 167 138 63

% % % shs days days days

time s days time s

12 30 3 108 5 75 0.51 0.52 0.42

4.51 71 346 29 8 54.29 1.15 1.16 1.33

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