Professional Documents
Culture Documents
INTERNSHIP REPORT
INTRODUCTION
Master is the trendsetting leader in sanitary fittings, wall and floor tiles and bathroom accessories. The constant quest for perfection at Master spreads over more than three decades. These decades have witnessed unprecedented growth in terms of brand equity, market leadership, product innovation, human resource development, training and application of reliable management systems. The combination has really worked.
Master today, is not only the market leader in Pakistan but is also well positioned to match the quality and service standards of the world leaders in its categories of business.
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MISSION
The ceramic tiles industry is a major force for the improvement of quality of life across the world. Master aims to be the worlds leading manufacturer of best quality ceramic tiles and pledges to provide its customers with latest designs, varieties and innovative products in line with the internationally changing trends. Through achievement of our aim we will enhance the wealth and well being of our stakeholders, employees and communities, whom we serve and in which we operate
Objectives of organization
Master Industry is pursuing to their long term goals through identifying and considering short term objectives. Their corporate objectives are as follows:
To study of capital structure planning and policy.
To study the process by which an organization formulates its objectives, deploys its resources and strives to attain such objectives.
In 1995, at a time when the market was flooded with imported wall tiles as the only quality option, as they called it, Master once again took the lead. Based on the worlds top of the line Italian technology, Master launched its range of double fast fired wall tiles. Far superior in quality and aesthetic values than imported ones, Master tiles took the market by storm and forced the imported tiles out of this market.
Owing to their world class quality, Master tiles were such a tremendous hit in the market, to meet the increasing demands, production capacities had to be tripled in the year 2000. In the same year, Master added up worlds best plant and acquired best recipes for in house production of tiles raw materials including frits and colours.
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Masters Ceramic Granite/Porcelain is stronger than natural granite, better in resistance as compared to marble and leaves both of them behind in aesthetics and gloss. Being completely homogenous, this compact product of extra ordinary physical and chemical properties vitrifies completely. It equals the technical strength, configuration, design quality and spread of color and size range by top Italian, Brazilian and Spanish manufacturers.
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Business Model
Master, Quality Management System (Q.M.S) is aimed, planned, developed and implemented to bring excellence in our products and services. Master believes that quality adds value and Master has determined to serve our valuable customers with highest quality products in order to provide best value for their money. Continuous improvement in various management areas based on the principles of good corporate governance, compliance with related legislation, regulations and code of conduct are central to our quality policy. Equipped with most sophisticated plant and machinery based on future technologies from the worlds top six Italian companies, Master Granite production facility is so advance, unique and innovative, it allows highest levels of manufacturing achievable today in the ceramic industry.
Ranging from gigantic continuous feeding mills to use of robotics for material handling, the facility is based on futuristic state of the art systems. This facilitates production of a product so sound technically and aesthetically, it is being experienced for the first time by the world.
It all beings with damp grinding of clays and other raw materials, the process are carried out in the first of its kind Continuous Ball Mills. Raw material is fed into these mills at one end to get slip from the other. The slip is separately treated in accordance with the end product requirement. The process continues either to produce Le Porcelain range or Granite. Quality of the end product at Master, However, is even better than these top world companies. This is primarily because of our access to better quality raw materials here in Pakistan. Secondly, Master lucky to install a combination of all the latest Italian technologies, being put to work together for the first time anywhere in the world.
Master Ceramic Granite Tiles are completely homogenized which means that the color, the texture and the veins run throughout the thickness of the body, just like natural stone. Unlike what is available in the market in the name of granite, the colors, designs and textures of ceramic granite are not superficial. A gift of years of research and the latest in Italian technology, our ceramic granite is so close to the natural granite stone that it is hard to make out the difference.
No Stain: Completely chemical resistant and easy to clean due to extremely compact superior surface.
Scratch Resistance: Solid and compact body of the tiles provides them complete protection against scratches.
Zero % Absorption: Thanks to complete absence of pores throughout the tile thickness, zero percent absorption factor promises ease of maintenance with maximum hygiene.
Business Volume
2008 2009
TOTAL ASSETS
2630590695
2771444540
TOTAL LIABILITIES
1631534000
1995403000
NET ASSETS
999056659
776041540
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Number of employees
I have worked in Master industry Head office. Three business lines are working under this head office. First Master Tiles & ceramics and second is Master sanitary fittings and third is Master poly plastic.
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Sr.no 1 2 3 4 5 6 7 8 9 10 11
Abrasive Staff Color Staff Mono Staff Tiles Staff Grinding Worker Grinding Staff Mono Workers Tiles Workers Frit Workers Abrasive Workers Sialkot Showroom TOTAL
Departments
Employees
2 7 81 137 169 19 307 517 31 36 43 1349
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Categories
Staff management personal Market personal Labors Total
Employees
47 59 272 378
1 2 3
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Product Lines
Master industry has various product lines such as; 1. Master Ceramic & Tiles 2. Master Sanitary Fittings 3. Master Poly Plastic 4. Master Baby Master (Dippers) 5. Master Ball Point
2. Wall Tiles 8*8 Matt & Glossy 8*10 Glossy 8*12 Glossy & Semi matt
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1. Bath Mixers 2. Wash Basin Mixers 3. Wall Sink Mixers 4. Showers, Shower rod, T-Arm and Wastes 5. Bottle Trap and Diverter 6. Bib Cocks and Stop Cocks 7. Complete Sets 8. Economy Compete sets
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Organizational Organogram
BOARD OF DIRECTORS
CEO
Sales Manager
IT MANAGER
Manager Administration
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Management structure
Management structure of Master industry head office Chief Executive Officer Sheikh Mehmood Iqbal
Auditors ILYAS SAEED & CO Chartered Accountants G M Finance Ghazanfar Mehmood Ahmed (F C A)
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CRITICAL ANALYSIS
Practical work is not as same as bookish knowledge. Bookish knowledge provides us an edge to work better in practical environment. During my internship I learnt that customer is always right. Main focus should be on observing customers. You definitely learn a lot from your customers and can have a chance to improve your products and product qualities in accordance with the needs of the customers. It is very crucial to face people having different perceptions and to improve their confidence. During the internship I felt that there is a bridge between educational and professional life. The things that we have read, the observer has now implemented practically. We must show our skills and tasks that we have performed during our educational duration. It is very helpful for us and shows us the new ways to explore our valuable potentials.
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FINANCIAL ANAYLAYSIS
Financial analysis is very good method to check the company performance and position and probability and other by using different financial analysis methods. There are three financial analysis methods. I did financial analysis for previous four years because MASTER provided me only latest four years data in the shape of balance sheet and income statement. 1. RATIO ANALYSIS 2. HORIZONTAL ANALYSIS 3. VERTICAL ANALYSIS
Ratio analysis
A tool used by individuals to conduct a quantitative analysis of information in a company's financial statements. Ratios are calculated from current year numbers and are then compared to previous years, other companies, the industry, or even the economy to judge the performance of the company. Ratio analysis is predominately used by proponents of fundamental analysis.
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Formula:
Gross profit *100 / Sales
Interpretation It shows the ability of the firm to meet its operating expenses. Normally higher the Gross Profit is favorable for the organization. Gross profit in year 2006 is less as compared to and is higher in 2008. Overall it is satisfactory.
Formula:
Net Profit *100 / Sales Years 2006 2007 2008 2009 Net Profit -132399376 36732122 83452916 108428559 Sales 911397870 1068232571 1158489421 1578535476 Net Profit Ratio -14.52706665 3.438588468 7.203597589 6.868933936
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Interpretation
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Gross profit and net profit both have the same declining trend. In 2006, the theoretical Net Profit is less but after that there seems an increasing trend.
3. Return on Investment
Formula:
Net Profit *100 / Capital Employed
Interpretation Return on Investment shows how much all the resources of organization are contributing towards profit. This ratio was also less in 2006 but went on increase in 2007, 2008 and 2009.
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Liquidity Ratios
1. Current Ratio: Formula:
Current Assets / Current Liabilities Current Assets 2006 2007 2008 2009 492781012 723792132 771114543 860626305 Current Liabilities 865698811 879549137 865689624 933395100
Years
Interpretation
Current ratio was decreased in 2006. But after that it went in increasing upto2009. It shows that the position of the company is satisfactory to meet its short term liabilities.
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In 2007 and 2009 it is increased and decreased in 2006 and 2008. It means Master Industry can meet its short term liabilities efficiently.
Formula:
Long Term Debt / Equity + Long Term Debt Equity+Long Term Debt 1285954219 1487424975 1579026090 1543793900 Capital Gearing Ratio 0.635660708 0.685010231 0.703283148 0.696511529
Interpretation Capital gearing ratio is increased up till 2008 but in 2009 it is decreased. Overall thew position of the company is satisfactory.
Formula:
Sales / Fixed Assets
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Years 2006 2007 2008 2009 Sales 911397870 1068232571 1158489421 1578535476 Fixed Assets 1694131874 1623257996 1549895068 1896906283 Fixed Assets Turnover 0.537973392 0.658079353 0.747463131 0.832163133
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Interpretation
Fixed assets turn over ratios shows how fixed assets of the company are contributing for generating sales. An improving trend in this ratio shows better position of the company. The position of the company is satisfactory and there is no threat to their survival.
Formula
Sales / Total Assets
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Operating Ratio:
1. Operating Ratio: Formula:
Cost of Goods Sold + Operating Expenses *100/ Net Sales
Interpretation: This ratio is directly linked with the sale of the organization. This ratio was high in 2006 but decreased in 2007, 2008 and 2009.
Formula:
Operating Profit *100/ Net Sales Years 2006 2007 2008 2009 Net Sales 911397870 1068232571 1158489421 1578535476 Operating Profit 3687942 181362205 230057964 255283307 Operating Profit Ratio 0.404646765 16.97778273 19.85844323 16.17216153
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Interpretation:
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Operating profit ratio depicts the operating profit after deducting selling and admin expenses. An increasing trend in the operating profit ratio is favorable. In 2006 it was low. In 2008 it is higher and satisfactory in 2007 and 2008.
Efficiency Ratios
1. Inventory Turn Over: Formula:
Cost of Sales / Average Inventory Years 2006 2007 2008 2009 Cost of Sales 843650401 821993686 867376231 1242226125 Average Inventory 139768991.5 156252832.5 217017832 261561421.5 Inventory Turnover Ratio 6.036034116 5.260664225 3.996797051 4.749271196
Interpretation It shows that how efficiently an organization manages its inventory. This ratio is continuously decreasing but in 2009 it is showing increasing trend. 2. Inventory Turnover Days:
Formula:
Average Inventory *360/ Cost of Goods Sold
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Interpretation The lesser the days the favorable will be the position. This ratio in year 2006 and 2007 is increased and then increased in 2008 by 22 days but after that it is again showing decreasing trend in 2009.
Leverage Ratio
1. Debt to Equity: Formula:
Total Debt / Equity Years 2006 2007 2008 2009 Total Debt 1683129380 1898450462 1976192064 2008665350 Equity 400000000 400000000 400000000 400000000 Leverage Ratio 4.20782345 4.746126155 4.94048016 5.021663375
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Interpretation: Debt / Equity ratio is improving due to increase in retained earnings. This ratio is satisfactory. 2. Debt to Total Assets:
Formula:
Total Debt / Total Assets
Interpretation
This ratio depicts that how much the portion of debt is there as compared to the assets. This ratio shows us that weather the organization has enough assets to cover its debt. This ratio was highest in 2007.
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Horizontal analysis
A procedure in fundamental analysis in which an analyst compares ratios or line items in a company's financial statements over a certain period of time. The analyst will use his or her discretion when choosing a particular timeline; however, the decision is often based on the investing time horizon under consideration. A change of Rs. 1 million in sales is not as drastic as a change of Rs. 1 million in net income, which is computed after deducting expenses. Horizontal analyses show the comparison among the different years, assuming a year as base year. By assuming a base year we make comparison of three or five year or on demand. Due to this comparison it becomes easy to understand the yearly analyses of any firm or organization for future planning.
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MASTER TILES AND CERAMIC INDUSTRIES LIMITED BALANCESHEET AS ON DECEMBER 31 Rs.(000) 2006 2007 ASSETS Fixed Capital Expenditure Tangible Fixed Assets Capital Work in Progress Deferred Cost Long Term Loans & Advances TOTAL Fixed Assets Current Assets Store & Spares Stock-in-Trade Trade Debts Advances, deposits & prepayments Cash and Bank Balances TOTAL CURRENT ASSETS GRAND TOTAL 1694131 _ 13009 28563 1735703 1623257 1549895 1896906 102950 291831 _ 11150 10312 8333 14040 7437 5578 1751397 1859475 1910817 Rs.(000) 2008 2009
45052 723790
41437 771112
41437 874809
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2006
EQUITIES AND LIABILITIES
2007
2008
2009
500000
500000
500000
500000
400000
400000
400000
400000
Issued, Subscribed & Paid Up Capital 5000000 Shares of Rs. 100/- each
100000
100000
100000
100000
Un-appropriated Profit
45355
76741
154398
262779
Current Liabilities
Creditors, accrued & Other Liabilities 289792 305225 328996 444591
289792
305225
328996
444591
GRAND TOTAL
1082000
1333415
1631534
1995403
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Horizontal analysis shows increasing in balance sheets. I have using the year is base for calculating the rate of growth of the company. In balance sheet Liabilities portion the increase in un-appropriated profit after 2006 is increasing with rapid rate. Assets portion of balance sheet all the factors increase. The horizontal analysis shows the endearment in balance sheets and as well as rate of growth.
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MASTER SANITARY FITTINGS INDUSTRIES LIMITED GUJRANWALA TRADING AND PROFIT & LOSS ACCOUNT AS ON DECEMBER 31
Rs.(000) 2006 Rs.(000) 2007 Rs.(000) 2008 Rs.(000) 2009
Sales-net
911397
1068232
1158489
1578535
Cost of Sales
843650
821993
867376
1242226
67747
246238
291113
336309
OPERATING EXPENSES:
Administration Expenses
35794
38328
38017
50566
Selling Expenses
28265
26548
23037
30459
OPRATING PROFIT:
3688
181362
230059
255284
Other Income
2467
2683
963
6942
Total
6155
184045
231022
262226
Financial Charges
133805
145379
143176
145761
1933
4392
5823
2212
(127650)
36733
83454
108430
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Taxation
4748
5346
5795
48
(132399
277755
31385
45355
77657
76741
108380
154398
45355
76741
154398
262779
Interpretation Horizontal analysis shows increment in balance sheets. I have using the year is base for calculating the growth of the company. There is a continuous increase in accumulated profit with rapid rate. Rate of increase in sale is low as cost of sale but gross profit is high except 2007 as preceding years taking 2006 as base year. The horizontal analysis shows the endearment in balance sheets and as well as rate of growth.
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Vertical analysis
Vertical analysis is the procedure of preparing and presenting common size statements. Common size statement is one that shows the items appearing on it in percentage form as well as in rupees form. Each item is stated as a percentage of some total of which that item is a part. Key financial changes and trends can be highlighted by the use of common size statements
The resulting statement of percentage is called a common size statement. The current assets and current liabilities are given only in total, because ratio analysis studies some of their components very carefully. Vertical analysis is useful for comparing the importance of certain components in the operation of the business. It is also useful for pointing out important changes in the components from one year to the next then comparative common-size statement are presented.
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MASTER SANITARY FITTINGS INDUSTRIES LIMITED GUJRANWALA TRADING AND PROFIT & LOSS ACCOUNT AS ON DECEMBER 31
Rs.(000) 2006 Rs.(000) 2007 Rs.(000) 2008 Rs.(000) 2009
Sales-net
911397
1068232
1158489
1578535
Cost of Sales
843650
821993
867376
1242226
67747
246238
291113
336309
OPERATING EXPENSES:
Administration Expenses
35794
38328
38017
50566
Selling Expenses
28265
26548
23037
30459
OPRATING PROFIT:
3688
181362
230059
255284
Other Income
2467
2683
963
6942
Total
6155
184045
231022
262226
Financial Charges
133805
145379
143176
145761
1933
4392
5823
2212
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Net Profit before taxation (127650) 36733 83454 108430
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Taxation
4748
5346
5795
48
(132399)
277755
31385
45355
77657
76741
108380
154398
45355
76741
154398
262779
Interpretation I did vertical analysis of Income Statements of Master industry. The net sales are increasing trend. The Gross profit also increasing from previous years. The operating profits also increasing as well as the net profit increasing from previous years. In the vertical analysis all calculations calculated on net sales.
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MARKETING STRATEGY
Master has old marketing strategies. There are some problems in their strategies as it is not been using the modern standards but through their strategies company making more and more profit. Marketing strategy of master industry is based upon their strong dealership network. Company has lot of advantages through this dealership network. Dealers finalized company new product. Dealers helped in the upgrading of existing products. Company enjoying a good repute in the mind of customers and has been emerged as a brand in the mind of the customers so the customers also inquire about any new addition in the variety. Other marketing strategies such as: Know about the customers demand. Packing of the product is also according to standard. Providing better benefits to the dealers. Well experienced marketing team. Well oriented Supplies. Good knowledge about market conditions well.
The MASTER operates through a well oriented network of a number of distributors/dealers. The company has two types of delivery systems.
1. 2.
INTERNSHIP REPORT Direct delivery system In the direct delivery system direct sales to retailers.
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Manufacturer
Retailer s
Customers
Indirect delivery system In the indirect delivery system, Company using the distribution network.
Manufacturer
Distributor
Retailer s
Customers
Customers Rights Protection Policy Customers Rights Protection Policy (CRPP), it is basically a scheme started under the marketing department. It is prevailing in the market since 2004. According to this scheme they made some rules to sell their products assuring a win situation between the dealer and the customer. The slogan of this policy was assuring the dealers handsome profit without exploiting the customer. They set the floor price of their product and they restricted their dealers not to sell the product below that so that their profit can be ensured. And also setting the floor price so that no dealer can sells the product above that price.
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International
China Spain UAE Italy
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Master is also very efficient in poly plastic. They are making high quality plastic items in very distinctive designs and at affordable and competitive prices.
showrooms within the country and also outside the boundaries of countries. Company is looking for expansion in business by opening new showrooms in Sindh and NWFP where they have no dealer. A special dealership scheme is announced in Punjab for new as well as existing dealers. This scheme includes monitory rewards for the dealers who meet the targets. In accordance with instructions of Management of Master Industry Sale Department has opened a showroom in Afghanistan. By opening a showroom in Afghanistan in comings days it would be easy to go beyond the boundaries of Arab countries also. The company is about to open new horizons by planning to open new showrooms in Maddle East. In future, the company is working on installing for Plastic Foundry and at the same time Company is also installing another manufacturing unit of automatic plant with complete range of sanitary items. The drawback of manufacturer is that there is no availability of skilled labor in the country to run as same capacity as required to get the maximum production.
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Short-falls
During my internship I observed that there are some loop holes in all departments that should be improved with a view to provide valuable services resulting into the self enhancement of their employees. I observe that in accounts department there are not clearly delegated responsibilities to the employees. In this department people are not dead sure about their work. It creates some problems in accounts departments. As far as in sales department very view employees working in the department through this problem employees bearing lot of problems.
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WEEKLY PROGRESS REPORT From: 26-07-2012 To: 31-07-12 Week No.: - 1 Description
I gave interview to G.M of Master industry. He asked me some Questions about my Qualification. He shared with me profile of master industry. I took a start with intensive courage and learning.
Profile Review:
Mon
Establishment: It was established in 1982 in Gujranwala. Sheikh Muhammad Tuffail was the owner of the company. There are many dealers in Gujranwala, Islamabad, Faisalabad, Multan, Karachi, Lahore, and other major city of Pakistan.
Introduction of directors of the company was given to me Monday. Company has three Board of directors named as, Sheikh Mahmood Iqbal, Sheikh Muhammad Asghar, and Sheikh Muhammad Akbar. Company has different Management members and names of members are Mr.
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Ghanzanfar mehmood (G.M of Master Tiles and Ceramics, FCA), Kashif Ashfaq (Poly plastic G.M , C A), Amir basher, Iftikhar Ahmed (Department Manager) , ferhat Ali Akhtar (Production department manager), Atif Iqbal (Sales Manager), Atif Riza Malik (Manager Advertisement) and Manager). Ammad Latif Upal (Project
On Tuesday Mr. Nawaz gave me some tasks. He told me about the inventory control System. He gave me a file and told me to find the different documents
Tue
related to inventory in the Stock room and as well as when out from the Stock room. I separated these documents and then compared with computer generated lists.
Wed
I continued previous work due to month end activities. I visited Master Tiles and Ceramics Industry to see the production and to confirm
Thu
that stocks are available physically in the stock room and matched with the Books of stock. From this day I started my job in Tax Department, I collected the receipts and
Fri
payments of directors for tax Purpose. In this procedure I collected some supports from Accounts department related to receipts and payments.
Sat
It was the last day of this week and I worked in same department as on Friday.
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Second week report:WEEKLY PROGRESS REPORT From: 02-08-2012 To: 07-08-2012 Week No.: - 2 Description
involved in collection of tax receipts and payments . I continued my previous work and it was my last day on this task. I have
Tue
found Proximately 500-600 supports in a particular day. These supports were related to Tax year-2011. I started my work in accounts department and prepared different entries.
Wed
These entries were related to payments voucher. I continued my work in accounts department. I came to know about sales
Thu
voucher and how to make entries electronically. I worked with sales tax department. I learned about what procedure a company has achieved for sales tax rebate. If companys exports are greater than imports then government will provide the rebate to the particular
Fri
company. It is a good action from government because it will motivate companies to launch more and more exports. I came to know the procedure involved in online submitting of returns of sales tax. It was the last day of this week. I visited the production area of master sanitary fittings. I enjoyed the production of sanitary fittings products. I
Sat
learned about the recording of production of finished goods by electronically and manually. I did some work in production department.
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WEEKLY PROGRESS REPORT From: 09-08-2012 To: 14-08-2012 Week No.: - 3 Description
I worked with income tax department. Mr. Kashif gave me the book to read income tax section 231. This section is related to deduction of advance income tax. In this section, if a Cheque amount Greater then Rs.25000/- the bank will deduct the Advance income tax in the favor of beneficiary. Mr. kashif said me, collecting these Certificates from our banks of our Accounts. These certificates collected from Gujranwala banks branch.
Step -1
I collected the details of deduction of advance income tax on Cheques of every bank of company from account department.
Step - 2
The next step company developed authority latter in the favor of me. Company gave
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me authority letter to collect the certificates of deduction of advance income tax from banks.
Step 3
I collected the certificates from three different banks I collected the certificates from four different banks. I collected the certificates from three different banks On this day the weather was not good, so I worked in office. I collected the supports of Purchase voucher of a month related year 2008. These are 350-400
Wed
Thu
Fri
Vouchers. These vouchers were attached in a file and provided to Mr. Rashid, he managed the all vouchers of every type in accounts department. Holiday,
Sat
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Fourth week report:WEEKLY PROGRESS REPORT From: 16-08-2012 To: 21-08-2012 Week No.: - 4 Description
On this day I collected some authority letters from accounts department for
Mon
taking advance Income Tax deduction certificates from banks. Today I collected five certificates from different banks. On this day I collected some authority letters of Master Sanitary Fittings Bank accounts from Accounts department for taking Advance income Tax Deduction
Tue
certificates from different bank branches. I enjoyed doing this work because that is very interesting work. I negotiated with banks on the deduction amount. On this day I collected more Authority letters from accounts department for giving Advance income tax deduction certificates from different banks
Wed
branches. That is very confidential work. Im very thankful to Mr. Kashif who assigned me that task. It was the last day on taking Certificates from banks. Today I collected six
Thu
certificates from different banks. Today when I reached the office Mr. Kashif and Mr. Nawaz appreciated my work. Im very happy today. On this day I have started my work with good spirit. Today Mr. Amir gave me some tasks. He said me please help to Mr. Rashidd who has handled all type
Fri
of vouchers. Mr. Rashid gave me Purchase Vouchers for the month of October, 2008. There are 300 vouchers. Firstly I received these 300 manual purchase
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vouchers and then found computer generated voucher slips and then matched these vouchers in between. Its very interesting work
It was last day of this week. I continued my previous work. I continued my work in Accounts department. In this day Mr. Rashid gave me Purchase
Sat
voucher for the month of December, 2008. In this day I worked on 350 vouchers.
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Fifth week report:WEEKLY PROGRESS REPORT From: 23-08-2012 To: 28-08-2012 Week No.: - 5 Description
On this day Mr. Kashif told me Audit committee coming after 3-4 months for audit purpose. He rotated me to sales department and to help Mr. Umer who is head of Sales
Mon
department. In this department I verified the sales documents compared with computer generated sales documents. I verified 400 entries related to the month of February, 2010. On this day Mr. Umer gave me the Sales documents files for the month of march, 2010.
Tue
I verified the Sales manual entries with the computer generated entries files. Today I verified 376 entries of sales. On this day Mr. Umer gave me manual sales documents for the month of April, 2010. But at this time the computer generated files were not ready. Mr. umer told me I think our
Wed
Software very easy to use. You can easily use this software. He told me the procedure of giving Computer generated slips from computer. I understand everything of company software. Then I took print out of sales slips of related month. I verified 300 entries. On this day Mr. Umer gave me another task in sales department. He told me today we will work on Sales tax return. Firstly we found the Sales tax return from Accounts department. Then found the total sales related to the particular month by using the
Thu
company software. Then verified the Sales amounts of related month as well sales tax. That is very confidential work. But I very thank full to Mr. Umer who has gave me that type of knowledge.
Fri
On this day Mr. Nawaz gave me a very important task. I think that task very secret on an
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Organization but I very thankful to Mr. Nawaz who assigned me this task. He told me you prepared salary sheets. In this day I started our work from employees. I went to sanitary fittings factory and took employees cards. In this day I finalized which number of employees has overtime.
It was last day of this week I again started our work on making salary sheets. Today I
Sat
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On this day I rejoined my internship after completion of taught component held in university. Today my first work was I met to every person who has related my department. I told to Mr. Nawaz can I help you in your any work. He asked me about my accomplishments up till now. He asked me to start work from making salary sheets. I went to Admin department of sanitary fittings and took cards of employees. I again started my work from making salary sheets. I checked the working days of employees.
Mon
Total salary = Gross salary (Basic salary + House rent + Utility allowance + Attendance allowance + over time + other allowances) salary + Short term loan + EOB). I was using this formula for making salary sheets as per instructions. I prepared 20% salary sheets on this day. On this day I again started my work from making salary sheets. Today I prepared
Tue
Deductions (Against
25% - 30% salary sheets. I got more knowledge in this regard and increased my learning.
Wed
On this day I covered remaining work of salary sheets. I took prints of salary sheets.
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I gave these salary sheets to Mr. Nawaz. He checked these sheets and pointed out my small mistakes and also encouraged to me. On this day I told to Mr. Nawaz sir I want to work in IMPORT & EXPORT department. Im very thankful to Mr.Nawaz he gave me permission to explore a move to Import & export department. I met to Mr. Shahbaz who is head of this department.
Thu
Today Mr. Shahbaz told me about the procedure of export. I came to know about the documents required for export and types of exports. I learnt the procedure of opening LC (letter of Credit) and documentation involved in opening LC. He shared with me some past export documents related to Afghanistan. On this day I started my work in Import & export department. Mr. Shahbaz was doing work on some export orders related to Afghanistan. I said to Mr. Shahbaz can I helped you in your work. He smiled and said yes sure why not. Company is trading with Afghanistan on advance basis. Firstly I verified TT (Advance amount received from party or not). Export form. Certificate of origin collected from chamber.
Fri
Attached insurance documents if any. If Export on partially basis. Then required invoices, packaging and other documents. Then sent those details to importer party. In the E-form SBP must be involved. E-form has 4 copies. Original sent to Custom and duplicate sent to bank and triplicate sent to importer and fourth copy in the custody of exporter. It was last day of this week as well as last day of my internship. I again started my work in Export and import department. I came to know the process of imports. Today
Sat
Mr. shahbaz shared with me import procedure. I learned a lot from Export and import department. Today I completed my work in this department and I said thanks to Mr.
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Shahbaz and he also said to me nice to meet you. He was very happy from me. Im very thankful to Mr. shahbaz who gave me knowledge about Export & Import procedure. I returned to my office and very happy. I went to account office and saw the work of Mr. Barkaat who was doing the work of accounts department. At that time he made new cash memo paper on MS excel. During the making he faced some problem and said to me awais can you solve this problem. I said yes sir why not. Other member of department said he cannot solve the problem. But I solved that problem and every member of department clapped for me. I was very happy today. And Mr. Barkaat said to me GIFT University is very good and teachers are very intelligent. I was very happy when these words listen. I said yes sir. Today my last day in Master Industry Head office. I met to everybody who has given me knowledge. Salaam to Master Industry.
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Accomplishments
My attainments from this internship program me to be confident and practical oriented feelings are achieved. During my internship at Master Industry I got the experience of being interacted with the employees. I have achieved the real job exposure and learn how to accomplish the needs of your job at the platform of tough competition. This internship program gave me an opportunity to relate my bookish knowledge with the practical and real world implications. Through this internship I definitely polished my communication, analytical and interpersonal skills. I also got the exposure that how to deal with people while deciding your business activities.
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Strategies of marketing department are successful in market. But finance department have some improvement. During my internship I faced some problems in finance department. Overall Master Industry has bright future. Master has big market share locally as well as internationally.
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ANNEXURE
ABBREVIATIONS
Customers Rights Protection Policy Company Chief Executive Officer General Manager Fellow Chartered Accountant Information Technology