Final Report FICO (PVT) LTD

Final
Report
Corporate Internship
Final Report
Organization:
FICO Electric (PVT) Ltd

(6 Weeks Internship)
Internship supervisor:
Muhammad Khurram Faisal Jamal
Submitted to:
Miss Tasneem Akhtar
Submitted by:
Abdul Sami
12223009
GIFT University
Final Report [INTERNSHIP]
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 ALLAHs permission its 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)
GIFT University Gujranwala
Page 2
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.
Page 3
Table Of Content
Serial No
Contents
1.
introduction
2.
Overview of the organization
3.
Organization structure
4.
Marketing strategy
5.
Major competitor of the organization
6.
Major HR policies and practices
7.
Overview of departments
8.
Functions and operations
9.
Responsibilities as a student internee
10.
Conclusion
11.
Recommendation
Page No
Page 4
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
worlds 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
Page 5

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 responsibility
Page 6
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
Page 7
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
1960s 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)
Page 8

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
Page 9

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.
Page 10
Product Line
FICO ELECTRIC (PVT) LTD
Product Range:
Current Transformers (Side Primary & Top primary) RANGE: 11KV20KV

Voltage Transformers (Single Pole & Double Pole) RANGE: 11 KV to
15 KV
Page 11
Organization Structure
Main Offices:
Head Office & Works

055-3255653-4, 3730201-2
info@ficoelectric.com
G. T. Road.
Gujranwala, Punjab - Pakistan
Lahore Office:
042-36301144, 36313675, 38456885
ficolhr@ficoelectric.com
C-2 LDA Flats, Lawrence Road
Lahore, Pakistan
Karachi Office
0364-4045192, 0302-2636768
ficokhi@ficoelectric.com
Page 12
Organization Structure
Hierarchy:
M.Ds Raza Aziz &

Hamid Aziz
G.M Syed M.
Haider
Sale Manager
Hafiz Waqas
Store Incharge
Waqas
First Gate
Entry Incharge
Amjad
Finanace
Manager
Aftab Mughal
Production
Manager
Micheal
Main gate
Incharge
Hamid khan
Assistant
Manager
Waqas Mir
Lab Incharge
Saqib
First Gate
Entry Incharge
Amjad
Cashier
Imran Hanif
Workers
Page 13
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
Page 14
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
Page 15
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 / Aftertax Earnings Per Share
b. Dividend Yield= Annual Dividends Per Share / Current Market Price Per
Share
Page 16
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.
Page 17
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 a
specified 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.
Page 18

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.
Page 19
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.
Page 20
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.
Page 21
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.
Page 22
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
Page 23
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
Page 24

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 bachelors 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???
Page 25

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.
Page 26
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
Page 27

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
Page 28

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.
Page 29
Short-falls
The most of the task contingent with G.M Sayed Haider and the absence of
him lead to the delay of work and also create dependency in work.
The out dated company software also sometimes create flaws in work and
cause problem in smoothly work.
Purchase Department
Sami Ullah Mohsin is the purchase manager of the FICO Electric Company. Three
first line manager work under him. Therefore his task also revolves around him
and finally verified and finished on him. The steps that are taken in different
departments relevant to the purchase discuss below where purchase cycle starts and
ends up
Store Demand procedure
1) Demand generated by the production staff manually and forward to the store
manager.
2) Store manager converts this manual demand into computerized format having
auto generated serial number.
3) Store manager is bound to deliver the copies of computerized store demand to
the following persons
Page 30

General Manager or major directors and purchase manager.
After the approval from management
Copies of Store Demand send to
Purchase manager
Purchase order
Local purchase
Store record
(Sent to party)
Material supply started.
Note. Material reached at gate
If Material
Quality passes
Issue gate pass
Quality fails
Rejected & returned to Supplier
1st gate for quantity confirmation& record keeping
Goods Receipt Memo
Page 31

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.
Page 32
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
Page 33

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
Page 34
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.
Page 35
Particulars of payment made

a. Nature of payment
It is selected from a list. Like mostly fills with Payments of Goods and Services.
b. Payment section code
It is selected from a list. Like mostly fills it with 15302.
c. Date of payment
d. Value / Amount on which tax collected / deducted
e. Rate of tax
Fill it own and usually 3.5% for goods and services while 2% for Transport
Company and 6% for only Service person.
f. Amount of tax collected
It is auto-generated.
Page 36

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
Page 37

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
Page 38

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.
Page 39
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.
Page 40
Duties & Accomplishments of Internee

Responsibilities as a student internee:
I performs task in various departments and also effectively performed basic tasks
in these departments. Its 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
Page 41
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
Page 42
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.
Page 43
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.
Page 44

The internship in such company beneficial for future practical job
experience.
Page 45
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.
Page 46

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.
Page 47

Final Report FICO (PVT) LTD

Diunggah oleh

Informasi Dokumen

Judul Asli

Hak Cipta

Format Tersedia

Bagikan dokumen Ini

Bagikan atau Tanam Dokumen

Opsi Berbagi

Apakah menurut Anda dokumen ini bermanfaat?

Apakah konten ini tidak pantas?

Hak Cipta:

Format Tersedia

Final Report FICO (PVT) LTD

Diunggah oleh

Hak Cipta:

Format Tersedia

Final

FICO Electric (PVT) Ltd

Final Report [INTERNSHIP]

Mohammad Hafiz Waqas

(Accounts and Finance

Mohammad Sami ullah

GIFT University Gujranwala

Final Report [INTERNSHIP]

Accounts and Finance Department

GIFT University Gujranwala

Final Report [INTERNSHIP]

Overview of the organization

Major competitor of the organization

Major HR policies and practices

Functions and operations

Responsibilities as a student internee

GIFT University Gujranwala

Final Report [INTERNSHIP]

Plant and Machinery:

Final Report [INTERNSHIP]

GIFT University Gujranwala

Final Report [INTERNSHIP]

132 KV Disconnected Switch

132 KV Instrument Transformers

GIFT University Gujranwala

Final Report [INTERNSHIP]

Overview of the organization

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

GIFT University Gujranwala

Final Report [INTERNSHIP]

GIFT University Gujranwala

Final Report [INTERNSHIP]

GIFT University Gujranwala

Final Report [INTERNSHIP]

Current Transformers (Side Primary & Top primary) RANGE: 11KV20KV

GIFT University Gujranwala

Final Report [INTERNSHIP]

Head Office & Works

GIFT University Gujranwala

Final Report [INTERNSHIP]

M.Ds Raza Aziz &

GIFT University Gujranwala

Final Report [INTERNSHIP]

Critical analysis of the theoretical concepts relating

Final Report [INTERNSHIP]

2. Leverage (or debt) ratios

= Profit after taxes / Shareholders Equity

GIFT University Gujranwala

Final Report [INTERNSHIP]

GIFT University Gujranwala

Final Report [INTERNSHIP]

Niche Market Strategy

Major competitor of the FICO

GIFT University Gujranwala

Final Report [INTERNSHIP]

Success of different products of FICO in the

Final Report [INTERNSHIP]

GIFT University Gujranwala

Final Report [INTERNSHIP]

HUMAN RESOURCE PARACTICES

INTEGRITY AND HONESTY:

GIFT University Gujranwala

Final Report [INTERNSHIP]