M.com Business Project 2014
description
Transcript of M.com Business Project 2014
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Business Project on Manufacturing of
For the requirements of Master of Commerce degree
Company Name: Leather House Sialkot
A Business Project Report Submitted
In Fulfillment of the Requirements
For the course
M.Com Session 2013
Ali Raza (Group Leader)
Maha Shabeer
Qamar Zaman
Hafiza Saba Safdar
Sidra Munawar
Instructor: Mam Naila Badar
Business Project on Manufacturing of Leather Products
For the requirements of Master of Commerce degree
Leather House Sialkot Pvt Ltd
Page 2
A Business Project Report Submitted
In Fulfillment of the Requirements
For the course MGT-410
M.Com Session 2013 (Morning)
Ali Raza (Group Leader) 12014954-020
r 12014954-059
Qamar Zaman 12014954-042
Saba Safdar 12014954-033
Sidra Munawar 12014954-013
Instructor: Mam Naila Badar (Faculty of Commerce & Accountacy)
A Business Project Report Submitted
In Fulfillment of the Requirements
(Morning)
020
059
042
033
013
Faculty of Commerce & Accountacy)
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Business Project on Manufacturing of Leather Products
For the requirements of Master of Commerce degree
Company Name: Leather House Sialkot Pvt Ltd
Page 3
DETAILED CONTENTS OF BUSINESS PROJECT
1. Executive Summary:
The opportunity
Problems to solve or need to be filled
Description of the business model
The Target Market
The Management Team
Brief Summary of Financial Projections
Description of What the Business Needs
The amount of capital needed and what the capital will be used for, if the plan is
going to a potential investor
Exit strategy for investors (if the plan is going to investors)
2. The Business:
A. The Opportunity
Problem to solve or need to be filled
How the proposed business solves the problem or fills the need
Brief company history or background
Company mission and objectives
B. Competitive Advantage
Description of the business model
How the business will create a sustainable competitive advantage
Current Status and Requirements
Description of where the business stands today
Description of what the business needs to move forward
3. Management Team:
A. Management Team
Management experience
Management ability
Technical expertise
B. Board of Directors
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Business Project on Manufacturing of Leather Products
For the requirements of Master of Commerce degree
Company Name: Leather House Sialkot Pvt Ltd
Page 4
Number of directors
Composition of the board
C. Board of Advisors
Number of advisors
Composition of advisory board
How the advisory board will be used
D. Key Professional Service Providers
Law firm
Accounting firm
Business consultants
4. Company Structure, Intellectual Property and Ownership:
A. Organizational Structure
Organizational chart
Description of the organizational structure
B. Legal Structure
Legal form of organization
Ownership structure of the business
C. Intellectual Property
Patents, trade marks and copyrights applied for or approved
5. Industry Analysis:
A. Industry Description
Industry trends
Industry size
Industry attractiveness (growing, mature or decline)
Profit potential B. Target Market
Description of target market
C. Competitive Position with Target Market
Competitor analysis
6. Marketing Plan
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Business Project on Manufacturing of Leather Products
For the requirements of Master of Commerce degree
Company Name: Leather House Sialkot Pvt Ltd
Page 5
A. Matrix ( BCG, Product competitive grid)
B. PEST, SWOT & TOWS Analysis
C. Porter's Model
D. Competitive Grid
E. Product Feasibility and strategy
Product strategy
Concept testing
Usability testing
F. Pricing Strategy
G. Channels of Distribution
H. Promotions and Advertising
I. Marketing Material Required
Flex (3*5)
Standee (5*2)
Brochures
Visiting cards
Newspaper or magazine ad
Website
Any other marketing material
6. Operations Plan:
A. Method of Production or Service Delivery
B. Availability of Qualified Labor Pool
C. Business Partnerships
Types of business partnerships
Purposes of business partnerships
D. Quality Control
E. Customer Support
Customer support strategies
Customer support obligations
7. Financial Plan:
A. Capital Requirement for the Next Three Five years
Sources and uses of funds B. Overview of Financial Projection
Explanation of how financial projections are prepared (assumption sheet)
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Business Project on Manufacturing of Leather Products
For the requirements of Master of Commerce degree
Company Name: Leather House Sialkot Pvt Ltd
Page 6
C. Income Statements
D. Cash Flow Projections
E. Balance Sheets
F. Payback and Exit strategy
8. Critical Risk Factors:
A. Management Risks
B. Marketing Risks
C. Operating Risks
D. Financial Risks
10. Appendix (separate file)
A. Supporting Documents
Resume of founder and key employees
Pictures of product prototypes
Other documents as appropriate
Legal documentation
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Business Project on Manufacturing of Leather Products
For the requirements of Master of Commerce degree
Company Name: Leather House Sialkot Pvt Ltd
Page 7
DEDICATION
At first dedicating this work to Almighty ALLAH, without his mercy and
sympathy we were not able to accomplish this work Almighty ALLAH gave us
power and confidence to done our business project and also HOLY PROPHET
HAZARAT MUHAMMAD (Peace be upon him) who is a light for humanity. We
also dedicate this report to my parents, and honorable teachers and all my
friends for being with us and helping us in each and every difficulty which I faced
in this Project completion and all those who helped us, trained and polished our
abilities at University of the Gujrat.
ACKNOWLEDGEMENT
First of all we thanks to my Almighty ALLAH who gave us power and
confidence to complete of business project and HOLY PROPHET HAZARAT
MUHAMMAD (Peace be upon him) who is a light for humanity.
We are also highly thankful to the cooperation of Mam Naila Badar
(Faculty of commerce & Accouncy) Mam Sadia Bawer (Faculty of commerce &
Accouncy) and Mr. Bilal Ahmad (Faculty of commerce & Accouncy). I am very
thankful to my entire sincere group fellow to whom I had ever remembered for
their continued encouragement moral support as well as substantial cooperation
during my critical moments.
I am also thankful to Mam Naila Badar and whole staff of our department
of University of Gujrat for the brilliant and marvelous guidance, assistance and
inspiration.
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Business Project on Manufacturing of Leather Products
For the requirements of Master of Commerce degree
Company Name: Leather House Sialkot Pvt Ltd
Page 8
EXECUTIVE SUMMARY:
Leather has become a modern accessory in day to day life. Everybody uses it in
some form or the other due to which it is always in demand for comfort, sports and
fashion. Leather house constitutes a variety of products starting from belts, jackets,
purses, luggage and bags, musical instruments, garment tags, gift items, etc. A career in
leather technology is a lucrative option in Pakistan. There are mainly three areas of work
in this industry: designing, manufacturing and marketing. This industry is mainly
centered in Karachi, Sialkot and Lahore. Government of Pakistan aslo want to become
the leather sector as model sector in Strategic Trade Policy Frame Work 201215 with a
view to enhance its growth. The leather industry has potential to grow up to $3 billion in
next three years which is stagnant at $1 billion for last many years. To seeing these
possitive and enlightend future of this industry we are going to work and start this project
of completion of our study in University of Gujrat. In this report we defined the
feasibility of our project, opportunity and critical success factors of the business. Here we
also given the complete financial, marketing and production plan of the business.
Our purpose to work on this project is to start the leather products business in
Paksitan for export purpose because leather sector is the second export earning sector of
Pakistan. And our business can create the job opportunities for the population of Pakistan
and can contribute to Pakistans national income.
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Business Project on Manufacturing of Leather Products
For the requirements of Master of Commerce degree
Company Name: Leather House Sialkot Pvt Ltd
Page 9
THE OPPORTUNITY:
The opportunity for us is to make the low cost leather products from the by-
products of the leather factories in Sialkot like belts, purses, bags garments tags etc in
starting. But after that we want to enter in the international market for exporting the
leather products especially leather garments in international market like Europ, Korea,
German, USA, UK and Italy. Because many factories in Sialkot ignore small orders and
customers in local as well as in international market. And they waste their material that
we can use for belts, purses, bags and footwear etc etc. And in Sialkot we can utilize
better the labor engage in leather garments manufacturing through motivation and
training and development. We observe that labor is not happy from their employers and
so their productivity is less as should be. So we can increase their effectiveness and
efficiency through proper training and development.
PROBLEM TO SOLVE OR NEED TO BE FILLED:
Many local customers who wants to leather products from high quatlity of leather
we will serve them on periority basis. In starting days we will buy the small pieces of
leaher from factories and will make the small leather products like belts, purses, bags and
footwear. After that we shall try to integrate with some tanneries and international buyers
to produce leather garments for export purpose. And there are many expert workers of
leather garments also available in Sialkot in less expensive wages. We will hire them and
focus on their proper training and development. Through proper trained employees we
can get the better services and make the better living standard of employees. Because its
no doubt human resources can bring the superb change in business.
DESCRIPTION OF BUSINESS MODEL:
A business model is the strategy that a company uses to generate revenue from
its product or service offering to people. We will focus on Research and development,
Human resources and electronic commerce, highly advertising as well as low priced
quality products to customer. We will be closely to customers needs and expectation and
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Business Project on Manufacturing of Leather Products
For the requirements of Master of Commerce degree
Company Name: Leather House Sialkot Pvt Ltd
Page 10
will try to make the product as customer demanding. Because our business is fashion
oriented and every time we have to observe the customer. So we will be closely to
customers needs and through fullfilling their needs we will generate revenue. And
second one is huamn resources through proper training and development and motivation
we can improve the effectiveness and efficiency of the labot which will increase our
productivity which can contribute handsome share in our profits. Third one is electronic
commerce becuase now the world gonig to global and people try to buy the online rather
than window shopping. So through online selling to customer we can serve directly to
customer in better and quickly way. So electronic commerce will also contribute
handsome increase in sales volume in bother local and international market. The
advertising has became popular with the growth of TV and internet where the TV stations
earned revenue indirectly from people looking to promote services to the audience they
attracted. We will offer advertising to access the tartgeted consumers through TV and
Internet.
However, this business model is increasingly difficult to justify if it is our main
revenue stream. For a start, the landscape is extremely competitive and advertisers are
spoilt for choice. Building brand awareness and translating that into site visits is a very
difficult and costly challenge but we will try to make the best efforts for our brand
awareness.
We will try to know about different types of leather, but also try to know about
fashion trends. Visit garment trade shows to see what the latest trends. Constantly we will
try to observe the product, cost and manufacturing methods. As in other sectors of the
leather industry, we will specialize within one particular area of the leather garment
industry, as this will keep our production costs down and make us highly experienced in
our area.
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Business Project on Manufacturing of Leather Products
For the requirements of Master of Commerce degree
Company Name: Leather House Sialkot Pvt Ltd
Page 11
THE TARGET MARKET:
We will target more than one segment from the market segmentation we do for targeting.
American market is the main market for Pakistani leather apparel and clothing so we will
target the American market.
Canada and Russia also have an average temperature of 5 or -6 C are the coldest
countries in the world and people of Russia and Canada also have huge demand of leather
garments.
Ziarat, Kashmir and Hazara are famous for its extreme climate with very cold winters in
Paksitan so we will target these areas also.
Heavyweight clothing is needed for the winter in Europ, German, Korea and Russia so
we can target them.
Traditional Russian men like to leather garments as compared to others and have
attachments to leather garments.
Russia being cold country has huge demand for leather products.
Russians like dress that are very stylishly so we have the best workers that can make
every type of style so we can target them easily.
There are different classes in Russia with different buying power then we would be
targeting upper middle class.
THE MANAGEMENT TEAM:
Five Inspired Leaders:
Our highly experienced Senior Management team is building a new kind of AAA Leather
business that will give our leather customers the best value from finished leather.
ALI RAZA MALIK (Chief Executive Officer)
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Business Project on Manufacturing of Leather Products
For the requirements of Master of Commerce degree
Company Name: Leather House Sialkot Pvt Ltd
Page 12
As the leader of our team and a prominent expert in the leather garments business,
Ali knows firsthand that supplying the correct grade and quality of leather garments to
our customers. For long term serviving in the market goods quality leather production is
essential to building long term relationships with customers and will help position. His
extensive insights and knowhow come from over 3 years of proven leather industry
experience and continouse study of leather industry.
Specialties of Ali Raza
Effect Team Management Skills
Effect Time Management Skills
Good Administrator
Stress Management
Self Management
Pro-active and good initiator
Possess capability to work effectively under pressure, meet deadlines and adapt to
changes.
MAHA SHABIR (Chief marketing officer)
In the field of marketing, MAHA SHABIR has distinguished himself on many
levels of marketing. She is an innovative thought of marketing leader, a new graduated
from University of Gujrat, well-traveled speaker, social activist, and trusted consultant.
MAHA SHABIR has secured standing as one of the great business thinkers of our team.
Specialties of Maha Shabir
Marketing Management
B2B Marketing
International Marketing
Distribution Channels
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Business Project on Manufacturing of Leather Products
For the requirements of Master of Commerce degree
Company Name: Leather House Sialkot Pvt Ltd
Page 13
International Business
Innovation and Creativity
QAMAR ZAMAN (Chief Operating Officer)
Technology) Persons with hands on experience in Leather goods manufacturing,
quality, PPC and can meet production target & time schedule. And have good technical
and analytical skill, communication and organisational skill. He is detlail oriented and
enthusiastic.
Specialties of Qamar Zaman
Qamar Zaman can pay full attention to what other people are saying, taking time
to understand the points being made, asking questions as appropriate, and not
interrupting at inappropriate times.
Using logic and reasoning to identify the strengths and weaknesses of alternative
solutions, conclusions or approaches to problems.
Motivating, developing, and directing people as they work, identifying the best
people for the job.
Talking to others to convey information effectively.
Considering the relative costs and benefits of potential actions to choose the most
appropriate one.
Monitoring/Assessing performance of yourself, other individuals, or organizations
to make improvements or take corrective action.
Managing one's own time and the time of others.
Identifying complex problems and reviewing related information to develop and
evaluate options and implement solutions.
Adjusting actions in relation to others' actions.
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Business Project on Manufacturing of Leather Products
For the requirements of Master of Commerce degree
Company Name: Leather House Sialkot Pvt Ltd
Page 14
SIDRA MUNAWAR (Corporate Development and Chief Legal Officer)
She leads our company for legal, public policy, communications, corporate
development/mergers and acquisitions, and product quality operations.
SABA SAFDAR (Management team/executive Management)
Saba safdar have the highest level of organizational mangement who have the
day-to-day responsibilities of managning our company. She hold specific powers
conferred them with and by authority of the board of directors and top management. She
has the most difficult reponsibility of makin teams and focusing on targets of the
company.
Specialities of Saba Safdar:
Managing their functional area and the resources allocated to them.
Attract and retain great people.
Communicate effectively so that everyone in their unit understands the company's
vision, mission, values, and plan; how their job relates to the plan, and the results
expected of them.
Being a role model she can work as an innovation, teamwork, and problem-
solving.
Protect and build a company culture that supports growth.
BRIEF SUMMARY OF FINANCIAL PROJECTIONS:
In starting of our business we are going to acquire needed funds from our own
family sources and friends. But after starting the business we can acquire funds from
different options like banks, institutions etc. But when we will go to international market
for export purpose we can issue shares of the compay for increasing our capital. And for
purchase of raw material many banks provide the laon against customer order only which
can meet our financial needs. Another option is also available for our team which is
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Business Project on Manufacturing of Leather Products
For the requirements of Master of Commerce degree
Company Name: Leather House Sialkot Pvt Ltd
Page 15
Prime Minister (Nawaz Sharifs) loan scheme without any hight interest rate which is
opportunity for us.
DESCRIPTIONS OF WHAT THE BUSINESS NEEDS:
We need to maintain consistent growth of 20 per cent and that can be done by the
government taking certain steps and entrepreneurs adding value to products. The
availability of leather is a major cause of concern for the company and will be a major
factor which will decide the growth of our company. We don't have organised animal
farming in Pakistan. As a result, there is acute shortage of raw material. So we request
some policy interventions to increase the supply of raw material in the domestic market
either by increasing the export duty or banning the export of raw material.Further, the
state and Central government should introduce investor-friendly policies. The leather
industry comes under the Red Category - polluting industries - and there should be not
any fear among the industrial community. The state government should set up necessary
infrastructure like effluent treatment plants for treating pollutants and provide us a
subsidy for setting up treatment plabts for in house wastes. Since Pakistan has a very low
share of the global market, the industry needs to create new capacities and production
centres of value-added leather products. In addition, the industry needs to explore new
markets for exports besides China, Russia, Italy and the United States.
THE AMMOUNT OF CAPITAL NEEDED AND WHAT THE CAPITAL WILL
BE USED FOR, IF THE PLAN IS GOING TO A POTENTIAL INVESTOR:
We initial capital requirement is 10 Million Pak Ruppees for starting the business
of leather. And this initial capital will be spend on legal and economic farmalities of the
company. And we will use it for setting the first chain of machines for production in the
factory. And after that we will raise our capital through issueing shares in the name of
company.
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Business Project on Manufacturing of Leather Products
For the requirements of Master of Commerce degree
Company Name: Leather House Sialkot Pvt Ltd
Page 16
EXIT STRATEGY FOR INVESTORS:
Business internationaly and procedure will be follow that is given in the
partnership act 1932. And our idea is to convert our investment into shares whether we
are in partnership. And company will be listed in stock exchange so any investor can sale
and purchase of our companys share in stock exchange of the Pakistan easily.
THE BUSINESS:
THE OPPORTUNITY
The opportunity for us is to make the low cost leather products from the by-
products of the leather factories in Sialkot like belts, purses, bags garments tags etc in
starting. But after that we want to enter in the international market for exporting the
leather products especially leather garments in international market like Europ, Korea,
German, USA, UK and Italy. Because many factories in Sialkot ignore small orders and
customers in local as well as in international market. And they waste their material that
we can use for belts, purses, bags and footwear etc etc. And in Sialkot we can utilize
better the labor engage in leather garments manufacturing through motivation and
training and development. We observe that labor is not happy from their employers and
so their productivity is less as should be. So we can increase their effectiveness and
efficiency through proper training and development.
PROBLEM TO SOLVE OR NEED TO BE FILLED:
Many local customers who wants to leather products from high quatlity of leather
we will serve them on periority basis. In starting days we will buy the small pieces of
leaher from factories and will make the small leather products like belts, purses, bags and
footwear. After that we shall try to integrate with some tanneries and international buyers
to produce leather garments for export purpose. And there are many expert workers of
leather garments also available in Sialkot in less expensive wages. We will hire them and
focus on their proper training and development. Through proper trained employees we
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Business Project on Manufacturing of Leather Products
For the requirements of Master of Commerce degree
Company Name: Leather House Sialkot Pvt Ltd
Page 17
can get the better services and make the better living standard of employees. Because its
no doubt human resources can bring the superb change in business.
BRIEF COMPANY HOSTORY OR BACKROUND:
Leather industry, including leather products, is the second largest export earning
sector after textiles1in Pakistan. Currently, this sector is contributing around $ 874
million 2a year but has the potential to multiply volume of exports with the
improvement of quality and diversification in different range of products, specially
garments and footwear. Leather garments and footwear is a joboriented sector providing
employment to a very large segment of the society besides earning foreign exchange for
the country.The leather industry consists of six sub-sectors namely, Tanning, Leather,
Footwear, Leather, Garments, Leather Gloves, Leather Shoe Uppers, and Leather Goods.
The Tanning industry plays a vital role in the progress of these sub-sectors by
providing the basic material i.e. leather. Today, Pakistan is among the leading
countries in the production of Leather Garments and Gloves. The leather and leather
made-ups industry plays a significant role in the economy of Pakistan and its share in
GDP is 4%3. The leather finishing and made ups industries represent an important
sector in Pakistan, contributing almost more than half a billion US dollars4in foreign
exchange earnings to the national exchequer. Export of leather and leather items was
$1.22 billion in 2007-08, $959 million in 2008-09 and $867 million in 2009-105.
These figures show that in the year 2009-10 exports have declined to 30 per cent
of what Pakistan was exporting in the year 2007-08 which is an alarming
situation. Exports of 2010-11 have shown an upward trend but this was mainly due to
higher prices of leather in the international market while in quantitative terms the
increase was negligible. 1.5 million animals were perished in 2010 floods and 95,523
animals were exported from July 2010 to March 2011. This resulted in an acute shortage
and increased prices of mutton from Rs270 to Rs450 and
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Business Project on Manufacturing of Leather Products
For the requirements of Master of Commerce degree
Company Name: Leather House Sialkot Pvt Ltd
Page 18
beef from Rs154 to Rs350 per kg from 2010-11 to 2011-12. The Ministry of Commerce
has always been in favor of exporting value added products like meat, its products and
finished leather goods. The export of live animals affects local meat and leatherindustry
negatively. Therefore, the government is in the process of establishing Halal Food
Certification System in Pakistan. This will help Pakistan to enter in the $600
billion6 international market.
At the time of independence there were only a few tanneries producing sole
leather at a small scale. In the early days of independence some tanneries were
established in Karachi. In 1950's some were established in Lahore and adjoining
areas. The industry has flourished rapidly since then.During 1950s well-equipped
tanneries were set up at Karachi and Lahore, while during 60s and 70s more units were
established at Hyderabad , Kasur, Sialkot, Multan, Sahiwal and Gujranwala. Starting with
the production of picked and vegetable tanned hides and skins, the tanneries,
today are producing not only wet blue and crust but also fully finished leather. The scope
of this project is limited to analyze the Pakistan leather and footwear sector against India
by using trade data of 2010 as trade figures of the post liberalization period are not
available. The report is aimed to identify new challenges and opportunities that would be
faced by Pakistan as a result of trade liberalization between the two countries. This
report is based primarily on desk research. Due to time, resource and budgetary
constraints detailed interaction with stakeholders was not possible so the analysis done in
this report is more focused on statistical data analysis rather than direct input and
feedback from the relevant stakeholders. Sialkot is known, as export city of Pakistan. It is
well known city of the world due to export of leather, sports and surgical products in the
global market. The products of the Sialkot admired by the people of the world. Leather
industry of Pakistan which is the second in rank in contributing the foreign exchange in
the country. And due to decline in the textile industry it is coming to number first. And
Sialkot is producing high quality of leather products in the world. Sialkot manufacturing
and exporting the following products in the leather field that are leather garments, leather
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Business Project on Manufacturing of Leather Products
For the requirements of Master of Commerce degree
Company Name: Leather House Sialkot Pvt Ltd
Page 19
gloves, leather bags leather shoes and leather working gloves. The company has
employed enormous efforts in updating its facilities with the latest technologies meeting
international standards and customer satisfaction.
COMPANY MISSION AND OBJECTIVES:
Nature of the Organization:
AAA leather is the leather manufacturing and exporting of leather products
company in Pakistan. In these days company is the major contributor of revenue to
government of Pakistan in the head of leather garments exporting. The major activities of
company is to manufacture the leather garments and their export to US, Europe and
Germany.
Vision:
Leather we do it better
Mission:
To improve the quality of products up to customer satisfaction level, to satisfy
the customer by taking quarterly feedback from them and improve the quality of work by
providing monthly training to workers.
Objective:
The objective of company to use latest technology in its manufacturing process
and give proper satisfaction to the entire customers and new customers and expands his
business in the whole world.
Competative Advantage:
Description of business model:
Leather has become a modern accessory in day to day life. Everybody uses it in
some form or the other due to which it is always in demand for comfort, sports and
fashion. So we are going to start the manufacturing unit of the leather products and for
the purpose of exporting it to USA, German, Italy, France and Korea for creating new job
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Business Project on Manufacturing of Leather Products
For the requirements of Master of Commerce degree
Company Name: Leather House Sialkot Pvt Ltd
Page 20
opportunities for the population of Pakistan and for increasing the exports of Pakistan.
Our source of Finance will be probably 10 percent from our own resources and 90
percent from loans in starting stage.
HOW THYE BUSINESS WILL CREATE A SUSTAINABLE COMPETITIVE
ADVANTAGES:
We are attaining sustained competitive advantage through following sources:
SUPERIOR PRODUCT OR CUSTOMER SUPPORT
Our ability to provide superior product at an affordable rate backed by a strong
customer support system.
LOW PRICING
Our low prices as compared to other big brands in the international market will be
our competitive advantage in Pakistan.
HIGHLY TRAINED AND MOTIVATED LABOUT FORCE:
In our local ragion our labour force is highly trained and motivated. So our
turnover is also low as compared to other firms because we are spending dollars for the
proper training and development of the labour force.
CURRENT STATUS AND REQUIREMENTS:
The countrys Large Scale Manufacturing (LSM) has registered positive growth
of 1.85 percent during the July-Sep first quarter of the current Fiscal year 2013 over the
corresponding period of the last 2012. The manufacturing items witnessed growth during
the first quarter over the same periodof last year included leather products (5.56%).
Pakistans share in the world leather market remains low (at around 3%), but is none the
less considered a major exporter of leather products. There is therefore considerable room
for export expansion for us.
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Business Project on Manufacturing of Leather Products
For the requirements of Master of Commerce degree
Company Name: Leather House Sialkot Pvt Ltd
Page 21
Tanned leather industry is facing continuous decline in the exports of finished
leather, which stood at $401.890 million during July 2011 to May 2012, as against the
export during the same period of previous financial year of $422.722 million, depicting a
decline by 4.93 percent so the need is to again restore its position in the international
market. Availability of quality raw hide is a consistent threat due to smuggled and
exported produce so the government of Pakistan should take serious actions to stop the
smugling of hide to other countries. Owing to increased competition from China and
India, the industry has had to reduce prices so we also have to produce low priced
products. Duty draw back at import stage is only given at 1% where as in India, China
and Bangladesh it is more that 5%.
DESCRIPTION OF WHERE THE BUSINESS STANDS TODAY:
Leather industry, is the second largest export earning sector after textiles.
Currently, this sector is contributing around $800 million a year but has the potential to
multiply volume of exports with the improvement of quality and diversification
indifferent range of products, specially garments and footwear.Basically, it is a job-
oriented sector providing employment to a very large segment of thesociety besides
earning foreign exchange for the country.The leather finishing and made ups industries
represent an important sector in Pakistan,contributing almost more than half a billion US
dollars in foreign exchange earnings to thenational exchequer. Today, Pakistanis among
the leading countries in the production of Leather Garments and Gloves. The leather and
leather made-ups industry plays a significant role in the economy of Pakistan and its
share in GDP is 4%. Ten years ago, itwas the fifth most important export industry in the
manufacturing sector, and now it is thesecond. Employees currently working in this field
in Pakistan also not satisfy from their jobs.
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Business Project on Manufacturing of Leather Products
For the requirements of Master of Commerce degree
Company Name: Leather House Sialkot Pvt Ltd
Page 22
DESCRIPTION OF WHAT THE BUSINESS NEEDS TO MOVE FORWARD:
There are some needs that can move forward the leather products manufacturing
business like we should develop a proper trained and well motivated labour force in our
industry. And Government of Pakistan should also take some serious actions to stop the
smulling of raw mterial of leather industry. And we should make available the supply of
energy without any interuption like gas and electricity. So we can produce low priced
products for sustained competitive advantage in the local and international market.
MANAGEMENT TEAM:
MR ALI RAZA Chief Exceutive
MISS MAHA Chief Marketing Officer
QMAR ZAMAN Chief Operating Officer
MISS SIDRA Corporate Development
MISS SABA Managing Director
We are all good friends in the university and we started a business of leather and
want to prove our self in the lather industry. We have noticed that there is a need for the
solving the problem of the females and males that they have to face in the selection of
their outfits and accessories. Although there are many lather garments and fashion house
who are working in but most of them are not fulfill the requirements of the customers.
Sometimes ladies have to compromise in her dresses when they dont get what they want.
Sometimes they get good quality but designing are not good and designing are good but
stuff and stitching are not good. Leather mask is a single place where males and females
can get outfits according to her choices and personality with accessories.
Management experience:
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The leather industry is extensive and deciding on the type of business you want
can be challenging. There are options in the tannery, garment, footwear, upholstery and
exotic leather sectors, but as a new business we need to find a specialized area within
these sectors, as we initial startup capital may not be substantial. Consider starting as a
specialized manufacturer or export broker. By specializing in many area, we lower your
initial startup investment and won't require large manufacturing facilities, but instead can
start production right from your home garage.
Tannery
If we have experience in the leather tanning process, consider the tannery
business. However, we should specialize within this industry, too. Produce and sell only
hides that are appropriate for garments, shoes, upholstery, finished shoe leather, leather
lining, and upholstery or motorcycle leather. By specializing in a certain tanning process,
you become more experienced and your product acquires a better quality. Some foreign
companies consider American leather more expensive than leather from other countries,
but it is still favored because of its high quality. Determine the type of tannery you want
to become by visiting foreign garment finishing companies and analyzing their needs.
Research world leather trading practices, compare price and quality of hides in other
countries and analyze their needs. Fill this need when we see an opportunity, if we
believe we can offer a better leather quality at a comparable price.
Garment Industry
To start a leather garment export business, we not only need to know about
different types of leather, but also about fashion trends. Visit garment trade shows to see
what the latest trends are. Representatives of foreign garment manufacturing companies
often go to these shows too. Analyze their product, cost and manufacturing methods.
Bear in mind that you may not be able to compete when it comes to cost, but you can
certainly compete by offering quality-made leather garments. As in other sectors of the
leather industry, you should specialize within one particular area of the leather garment
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industry, as this will keep us production costs down and make you highly experienced in
our area.
Export Agent
we are familiar with the import and business process of certain foreign countries,
we may want to become an export agent.. In this type of leather export business, we visit
foreign leather manufacturers, distributors, or large garment companies and offer your
services as a broker. The agent finds the needed garment, tanning hides or upholstery
leather at the quality and price the purchasing company needs and charges a commission
for brokering the final negotiation. As an agent we need to check with the U.S. Customs
and Border Protection department in your area to ensure the product can be exported and
to fill out a Notice of Intent to Export form. We also need to become familiar with the
import requirements of the foreign country and ensure that the product meets the
regulations before shipping out of the country.
Management ability:
Being a manager for lather business requires specific skills and abilities. A
manager is in charge of the workplace and its daily operation which often includes a
number of employees. To effectively manage a business, a manager often wears many
hats and needs to be able to plan and implement policies and procedures quickly.
Preparing yourself with the proper skills will ensure that you are ready to take leadership
in a work environment.
Running a lather business in today's economy -- where the Great Recession has
leveled the playing field for so many companies -- requires more than just forward-
thinking owners and managers working tirelessly to keep the ship afloat. Company
owners who master crucial management and leadership skills better position themselves
to realize full value out of key employees and to steer business into the black.
Organizational Skills
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A manager should possess strong organizational skills. The ability to streamline
office procedures, create systems for a smoother work flow and the ability to structure the
work environment for optimum performance are all skills necessary for the effective
management of an office or business environment.
Leadership
A manager should have strong leadership abilty that include performing in the
way you want your employees to perform and the ability to take charge of any situation
that arises. Strong communication skills go along with leadership skills. The ability to
communicate with your employees decisively is essential to the leadership role.
Creative
Creativity is a skill an effective manager should posses. For an office and a group
of people to work well together, changes need to occur at times that will take into
consideration the work needs of various employees. A manager should be aware of the
areas of the work environment that need tweaking and have the ability to create policies
and procedures to address those needs.
Listening Skills
Listening skills go hand in hand with communication skills. Communication is a
two-way street that involves speaking and listening. Not only should you speak to your
employees regularly, you should be able to listen as well. Ask for employee input.
Conduct a monthly meeting to discuss office issues and to field complaints or concerns.
Continued Education
A manager should consider continuing education to keep up on the latest
technology in the work place, changes in the way the company works, business courses
and even courses in dealing with people professionally. The more education you have,
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the higher rate of pay your skills and abilities will command and the more effective you
will be at your job.
Conflict Management
The ability to intercede when employees have issues with one another and to
mediate are skills a manager will likely find useful in the workplace. Conflict
management not only involves the all-important communication skills, but the ability to
be open minded and fair when interceding in office issues.
Understand Team Dynamics
This is the first step to helping your employees become highly effective workers.
Strive for balance in skill sets, personalities and viewpoints. And don't be afraid to shake
things up once in a while. A little uncertainty can show you which employees thrive
during tough times, and which ones don't.
Develop Key Employees
This management skill plays off the team concept. You can increase the overall
strength of your team by giving responsible workers additional duties and training, either
through mentoring or by providing access to higher education. The more your employees
know about and understand your business, the better they can contribute to its bottom
line.
Delegate and Motivate
These skills can be as important to your company as its fiscal health. A strong
business is more than just a team of talented workers. Trusting vital functions to proven
managers frees up your time and allows those employees to grow along with your
business. Also, provide feedback on their performance through quarterly or semi-annual
reviews. You not only can track their progress more effectively, but you can get a feel if
they are truly interested in contributing to the team.
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Make Informed Decisions
Of course you want to act quickly, but never hesitate to seek the advice of your
managers or other key employees, even if it involves cutting payroll, reducing hours,
acquiring a competitor or seeking financing to stay in business.
Technical expertise
Export manger:
Batchcosting and inventory control
Sale manger
G.M production
Leather pattern maker and stitchers
Pattern master
Leather fashion garments pattern master
Production manager for special chemical
Leather crafts man for hand bags and wallets
Fashion designer
Quality control
Senior manager production and control
Retail operational manager
Leather technician
Manager QA/ Manager QL/ Manager compliance
BOARD OF DIRECTORS
Numbers of directors:
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Mr Ali Raza Chief exceutive
Miss maha Chief marketing officer
Qmar zaman Chief Operating Officer
Miss sidra Corporate Development
Miss saba Managing director
ALI RAZA MALIK (Chief Executive Officer)
As the leader of our team and a prominent expert in the leather garments business,
Ali knows firsthand that supplying the correct grade and quality of leather garments to
our customers. For long term serviving in the market goods quality leather production is
essential to building long term relationships with customers and will help position. His
extensive insights and knowhow come from over 3 years of proven leather industry
experience and continouse study of leather industry.
chief executive
Chief marketing officer
Chief marketing officer
managing director
Chief Operating Officer
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Specialties of Ali Raza
Effect Team Management Skills
Effect Time Management Skills
Good Administrator
Stress Management
Self Management
Pro-active and good initiator
Possess capability to work effectively under pressure, meet deadlines and adapt to
changes.
MAHA SHABIR (Chief marketing officer)
In the field of marketing, MAHA SHABIR has distinguished himself on many
levels of marketing. She is an innovative thought of marketing leader, a new graduated
from University of Gujrat, well-traveled speaker, social activist, and trusted consultant.
MAHA SHABIR has secured standing as one of the great business thinkers of our team.
Specialties of MahaShabir
o Marketing Management
o B2B Marketing
o International Marketing
o Distribution Channels
o International Business
o Innovation and Creativity
QAMAR ZAMAN (Chief Operating Officer)
Qamar Zaman is an experienced Production Manager in garments manufacturing.
(Leather Technology) Persons with hands on experience in Leather goods manufacturing,
quality, PPC and can meet production target & time schedule. And have good technical
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and analytical skill, communication and organisational skill. He is detlail oriented and
enthusiastic.
Specialties of Qamar Zaman
Qamar Zaman can pay full attention to what other people are saying, taking time to
understand the points being made, asking questions as appropriate, and not interrupting at
inappropriate times.
Considering the relative costs and benefits of potential actions to choose the most
appropriate one.
Using logic and reasoning to identify the strengths and weaknesses of alternative
solutions, conclusions or approaches to problems.
Motivating, developing, and directing people as they work, identifying the best
people for the job.
Monitoring/Assessing performance of yourself, other individuals, or organizations
to make improvements or take corrective action.
Adjusting actions in relation to others' actions.
Managing one's own time and the time of others.
Identifying complex problems and reviewing related information to develop and
evaluate options and implement solutions.
Talking to others to convey information effectively.
SIDRA MUNAWAR (Corporate Development and Chief Legal Officer)
Sidra Munawar serves as senior vice president, corporate development and chief
legal officer. She leads our company for legal, public policy, communications, corporate
development/mergers and acquisitions, and product quality operations.
SABA SAFDAR (management team/executive management)
Saba safdar have the highest level of organizational mangement who have the
day-to-day responsibilities of managning our company. She hold specific powers
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conferred them with and by authority of the board of directors and top management. She
has the most difficult reponsibility of makin teams and focusing on targets of the
company.
Specialities of Saba Safdar:
Managing their functional area and the resources allocated to them.
Attract and retain great people.
Communicate effectively so that everyone in their unit understands the company's
vision, mission, values, and plan; how their job relates to the plan, and the results
expected of them.
Being a role model she can work as an innovation, teamwork, and problem-
solving.
Protect and build a company culture that supports growth.
Composition of board
Mr Ali chair man
Qmar zaman vice chairman
Miss sidra non exceutive
Miss maha non exceutive
Miss saba managing director
Audit committee
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Miss sidra non exceutive
Miss maha non exceutive
Miss saba managing director
Chief Financial Officer
Mr ali raza
Company Secretary
Qmar zaman
Auditors
Miss saba
Miss maha
Specialization in accounts
Legal Advisors
Miss Sidra
Miss Maha
Miss Saba
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Miss sidra
Principal/Registered Office
Registrars and Share Registration Office
BOARD OF ADVISORY
Composition board of advisory
Purpose of the initiative
Advisory Board is designed to provide strategic guidance to the leadership of the
Telecommunication Development Bureau. The Advisory Board helps ensure that the
initiative remains true to its mission. The Advisory Board will play a special role during
the initial period following the launch of the Smart Sustainable Development Model
initiative in helping to promote and provide strategic direction for its development and
implementation.
The overall purpose of advisory board:
Harness the potential in socio-economic development and use the same
technologies for saving lives in times of emergencies.
Link rural telecommunications development to both disaster risk reduction and
management efforts.
Make optimal use of scarce and high cost resources such as satellite systems by
putting in use unused satellite capacity.
Create ecosystems where investments made for deploying telecom infrastructures
for economic development are also used for disaster response for public safety.
Ensure deployment of robust and resilient communication networks that continues
to provide services in the immediate aftermath of disasters.
Avoid duplication in efforts by development partners (governments, private
sector, Inter-governmental Organizations, etc.) focusing on either development
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only or disaster management only without taking into account the other. This
reduces costs of infrastructure investments for s particularly in rural communities.
2. Advisory Board Members
Each year the Advisory Board will hold not more than two physical meetings at
venues to be discussed and agreed to by the Board. Two teleconferences will be held to
review progress, address strategic questions, and plan for the coming year. The Advisory
Board may also hold one or more additional conference calls at other times of the year as
particular issues arise. Advisory Members are expected to join at least one of these calls
per year.
Advisory board members responsibilities include:
Promote for social and economic development as well as for emergency
communications and better disaster management.
Identify strategic partnerships around a particular BDT project that furthers the
aims of the leather industry.
Analyze cross cutting issues, such as policy development, legislation, taxation,
financing mechanisms, network deployment costs, sustainability of the networks
that may be impeding the reach of ICTs and services to all layers of the societies.
Encourage the adoption of policies, legislative and regulatory frameworks that
facilitate and promote the sustainable development through ICTs.
Propose and approve the creation of working groups and/or thematic committees
that contribute to the implementation of the objectives of this initiative to include
preparation of reports and projects.
Act as a goodwill ambassador promoting programs and projects designed to
achieve greater coverage of telecommunication services.
Identify potential remedies and innovative solutions through crowdsourcing and
collaboration.
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Composition of the Board and Term of Membership
The Advisory Board shall be composed of eminent personalities from diverse
backgrounds to provide a mix of expertise necessary. The functions of the members will
be on a pro bono basis, for a two-year term with the possibility of renewal for a second
two-year term. The Chairmanship of the Board will be on a pro bono basis, for a two-year
term. The Director of the Telecommunication Development Bureau (BDT) of ITU will
hold the vice-chairmanship in order to ensure continuity. The BDT will provide the
Secretariat for the Board. The first meeting of the Advisory Board will be in Geneva,
Switzerland.
4. Terms and Selection
Members of the Advisory Board serve in their individual capacity. At the second
physical annual meeting of the Board, the Advisory Board, with support from the
Director of the Telecommunication Development Bureau in his official capacity, will
review the composition of the Advisory Board and make recommendations for additions
or modifications. At that meeting new members will be appointed to the Advisory Board
as necessary.
How the advisory board will be used:
One of the grey areas in running a Community Benefit Organization is the
appropriate role for advisory boards. In addition to the question, What should our
advisory board do? we often hear at least some (if not all) of the following laments:
Our advisory board is disengaged
They dont do anything (and/or We dont ask them to do anything)
Their meetings are dull - updates on this or that, with no call to action
They dont meet - we never see them
There is no process for recruiting, and no expectations once they are on board
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Building and Sustaining Your Group of Advisors
To build and sustain a strong group of advisors / advocates will require 4 simple steps
Step 1: Know what you need advisors / ambassadors / advocates to accomplish
Step 2: Determine whether or not (or how often) you want your advisors to
meet
Step 3: Create job descriptions / lists of expectations
Step 4: Create a list of candidates for each type of task, recruit them, and let
them get to work!
High-Potential Advisor Roles
The highest potential for a group of advisors / ambassadors / advocates is to
provide engaged support for your work in the community.
The logical first step in building your team is therefore to know what kinds of
support you need. Here are just some of the tasks your organization may need
community support to accomplish:
Engagement & communication / ambassadors for the mission
Advocacy for public policy
Speaking gigs (both getting engagements & doing the actual speaking)
Raising money
Advising on programs / helping with organizational planning
Having high profile names associated with the organization for credibility
Providing pro bono work to assist with other staff-driven needs
If you can engage community members to help with all those tasks, your
organization will be able to accomplish considerably more, and your mission will be
stronger throughout the community.
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Meeting:
The assumption that an advisory group needs to have regular meetings is just that
an assumption. If what you need is individuals who will get work done, sometimes that
requires convening together, and sometimes it does not.
A task such as including a heavy-hitters name on your letterhead or having her make a
few well-placed phone calls - that clearly does not require that your heavy-hitter attend
meetings. Other tasks, such as advising on new programs, may absolutely require
meetings. In that case, let those individuals determine how often they need to meet,
based on the tasks at hand.
Then if you feel it would be helpful to bring ALL your advisors and advocates and
ambassadors together once a year to energize and inspire each other, it will be with a
very different expectation than the need for quarterly meetings simply because you
assume the group has to meet.
YourExpectations
Once you have a list of tasks and at least some idea of whether and/or how often
individuals will need to meet to accomplish those tasks, you can create a brief job
description for each of those roles.
The job description could be as simple as, We need 10 well-connected people
who can make phone calls when an issue comes before the legislature. Or it could be as
complex as, We need several strategic thinkers to help us plan a new program from
research to implementation with all the details spelled out.
The more clearly you can delineate your expectations for each job, the more likely
you will be to find great supporters for those roles... and the more likely the job will get
done!
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For example, you may note whether membership in the group will be ongoing or
whether you will ask only for a fixed time commitment. We know you have limited
time. Woul
d you be willing to commit to helping us with fundraising for a year?
You can note whether there will be regularly scheduled meetings to attend. Or
whether advisors are expected to donate cash to the organization. Whatever your
expectations, list them so you can be clear with prospective advisors right from the st
Recruit!
With a list of tasks and a list of expectations (including expectations about meetings),
you can now recruit specifically for those jobs.
And with that, you will have a group of advisors / ambassadors / advocates specifically
working on each of the tasks you have listed.
The Biggest Problem with Advisory Boards
If you already have an advisory board, you are probably thinking, This is all well and
good if youre just starting out. But we already have our Advisory Board. They are
already disengaged. They barely attend our quarterly meetings, and when they do attend,
they dont do anything but sit there and listen to staff reports. They dont volunteer.
They dont do anything!
If that is you, let me be clear:
All the symptoms Advisory Boards have, including but certainly not limited to
those in the opening paragraph of this article, are rooted in the notion that your
group of advisors and ambassadors and advocates is, in fact, a board.
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That group is not a board.
And the most powerful step you can take to address your Advisory Board
problems is to stop calling it a board.
By calling this loosely fashioned group of supporters a board, we create a whole
slew of expectations that simply cannot be met.
Your board members may have expectations that they have some sort of
authority (which, of course, they do not). Or they may know they do not have authority,
but believe that as a board, they should be doing something board-like.
Minutes?Meetings? Those mis-read expectations breed additional expectations, which
eventually become the list of symptoms that began this article.
Calling it a board creates expectations for the organizations staff as well. Staff
expects that there should be processes for orientation and nomination. That there should
be term limits, policies. And yes, that there should be meetings. This then leads to
attempts to fix all those perceived board problems. If we have to have meetings, for
example, we need to know what to do at the meetings - perhaps a report from each of the
programs? And again, a spiral leading to a spiral, all because you called it a board.
Call them teams, councils, committees, groups. Call them nothing. Call them Task
Forces for this or that. Call them Our Advisors or Our Dream Team. Call them
anything but a board.
Once you have stopped thinking of those individuals as a singular board, a world
of opportunity will open up. You will find your organization recruiting individual talents
for specific tasks. And you will have begun engaging a group of committed advisors,
ambassadors and advocates who are energized to kick butt on behalf of your mission
Its powers do not extend to direct and mandatory regulation, being supervisory
and advisory only, but it can make recommendations at its discretion, appealing if necessary
to the General Court; and it has had great influence and excellent results.
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The council, like the minor advisory councils which have been from early times called
together for the guidance of particular churches on occasions of special difficulty, is each
time dissolved at its adjournment.
Its existence dates from 1867, but its authority was very limited, chieflyadvisory, until 1895.
System was consolidated by the Educational Unification Act of 1904, in conformity with
which the university regents have become a legislative body, subordinate to the state
legislature, for determining the general educational policy of the state, and a commissioner
of education acts as the chief executive, advisory and supervisory,.
A governor-general holds the superior administrative and executive authority, and is assisted
by a council of five members, partly of a legislative and partly of an advisory character, but
with no share in the executive work of the government
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Company Name: Leather House Sialkot Pvt Ltd
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Page 45
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Full-Service Legal Firm in Pakistan
Phone +9251 111 HKN LAW
HASSAN KAUNAIN NAFEES is a Firm of Legal Practitioners and Advisers providing a
complete range of legal services in a manner most conducive and beneficial to Client
interests. Drawing upon dicerse professional experience, advocates at HKN have the
requisite blend of academic preparation, technical...
INTERNATIONAL LEGAL CONSULTANTS
Islamabad, Pakistan
Full-Service Law Firm in Islamabad, Pakistan
Phone +92 51 2212844
International Legal Consultants is a Pakistan-based full-service law company with
multiple areas of expertise and particular emphasis, strengths and specialist capabilities in
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a number of legal sectors.; The Companys combination of expertise, skill, experience,
resourcefulness, professionalism.
JOSH AND MAK, LLP
Islamabad, Pakistan
Islamabad, Pakistan Energy and Corporate Lawyers
Phone +92 344 5155929
At Josh &Mak we are committed to providing pragmatic and value-enhancing in-house
and web-based legal services. Working directly with people in the energy and corporate
sector has given us an insight, which is critical when structuring deals, assessing risk or
resolving disputes.
KAZMI & ASSOCIATES
Islamabad, Pakistan
Civil, Employment, Industrial and Immigration Lawyers in Islamabad, Pakistan
Phone +92 51 2803110
At Kazmi& Associates, we take pride in the fact that ours is one of the most renowned
law firm formed with the objective of keeping in tune with changing times and realities in
the field of law. The partners and associates of the Firm possess a background so varied
and, at the same time, expertise...
KAZMIZ ADVOCATES & CORPORATE CONSULTANTS
Islamabad, Pakistan
Islamabad, Pakistan Corporate Law Firm
Phone +92 51 2854458
Kazmiz Advocates & Corporate Consultants is a full service law firm. However, mostly
we deal with corporate and commercial matters. We welcome your query related to any
legal field. We are pleased to present the law office of Kazmiz Advocates & Corporate
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Consultants, based at Islamabad.
KHAN & Associates
Islamabad, Pakistan
Business and Finance Law Firm in Pakistan
Phone +92 51 2655100
Khan & Associates, with offices in Lahore and Islamabad, was founded in recognition of
the continued liberalization and deregulation of Pakistans economy by successive
governments. Free market reforms that started in the 1990s led to an unprecedented
expansion in all segments of the economy, which...
KHAN & Khan
Islamabad, Pakistan
Banking & Finance, Telecom, Energy, Commercial & Corporate Law Firm in
Pakistan
Phone +92 51 2505608
Khan & Khan, a full service law firm, by specializing in areas of international corporate,
banking, finance, milti0national corporate, double taxation, intellectual property,
employee benefits, franchising, real estate, income tax, sale tax, federal excise, custom,
immigration, trusts/real estats
KHAN Law Associates
Islamabad, Pakistan
Islamabad, Pakistan Litigation, Corporate, Tax, Immigration, Gamily and Intellectual
Property Law
Phone +92 51 2611854
Khan Law Associates is a law firm which believes that clients concerns are our
concerns; and our clients priorities are our priorities. We develop the culture that
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emphasizes open communication. As true professional we are not hesitant to try the
untried to improve our practice.
KUNDI &Kundi
Islamabad, Pakistan
Civil, Constitutional and Criminal Law Firm in Islamabad, Pakistan
Phone +92 51 2112436
At Kundi&Kundi we know that success is not contingent upon the lawyer but on the
commitment and integrity he shows in his work. It is this undeniable truth that forms the
basis of our mission: Success through Professionalism. Kundi&Kundi prides itself in
knowing its clients.
LEGAL Forum
Islamabad, Pakistan
Complete Legal Solutions Under One Roof
Phone 92 322 5074730
Legal Forum Law Firm handles corporate, tax, banking, immigration, labour and
services, WTO, and all kinds of civil / criminal legal cases.
ACCOUNTING FIRMS
Although usually identified as single companies, each one of the Big 4 Accounting Firms
is actually a network of independent corporations who have entered into agreements with
one another to set quality standards and share a common name.
1. Deloitte LLP
Deloitte Accounting FirmDeloitte LLP
30 Rockefeller Plaza
New York, NY 10112
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Phone: (212) 489-1600
Fax: (212) 489-1687
PRICEWATERHOUSECOOPERS
PricewaterhousecoopersPwC, LLP
300 Madison Avenue
New York, NY 10017
Phone: (646) 471-4000
Fax: (646) 471-4444
PWC (PricewaterhouseCoopers) is ranked as the number two accounting firm in the
United States. The company founded by Samuel Lowell Price began in London 1849.
The company grew over the years, merging with Holyland and Waterhouse, then a final
merger game in 1998 when Price Waterhouse and Coopers & Lybrand came together to
create PricewaterhouseCoopers.
The firm went on to shorten its brand name to PwC in 2010, however
PricewaterhouseCoopers remains as the full legal name of the organization and is the
name that is used by PwC firms to sign company audits.
PwC Training Opportunities
PricewcoopersLike Deloitte, PwC has seminars and training programs for its current and
prospective employees.
ERNST & Young
Ey firmEY LLP
5 Times Square
New York, NY 10036-6530
Phone: (212) 773-3000
Fax: (212) 773-6350
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Ernst & Young is rated number three out of the top 100 accounting firms in the United
States. The firm was formed by the merger of two companies, Arthur Young & company
and Ernst & Ernst. Interestingly enough Arthur Young and Alwen Ernst never met in life.
Their companies merged in 1989 to form Ernst & Young, long after the two had passed
away. Both men opened their original firms with their brothers, and passed away within
days of each other.The company is one consistently voted as one of the best employers to
work for by Fortune Magazine. They hire many of their entry-level employees through
universities where they have programs.
KPMG
Kpmg firmKPMG LLP
345 Park Avenue
New York, NY 10154-0102
Phone: (212) 758-9700
Fax: (212) 758-9819
KPMG is the number four firm of the big four with more than 670 offices located in over
150 countries. The firm was originally established in 1911 when William Barclay Peat &
co. merged with Marwick Mitchell & Co. to form Peat Marwick.
In 1987 the firm merged with KMG to form what is now known as KPMG. The firm
changed their name a few times over the years but ultimately decided to stick with
KPMG.
The firm has been consistently voted as one of the best places to work by DiversityInc
Magazine and currently holds the number 23 spot on the list.
This means it hosts a very culturally diverse work environment and works with
companies that are not yet as successful by hiring them for services and goods. KPMG
offers three main services. These include audits, advisory services, and taxes. However,
these three services can be broken down in many sub-services making KPMG a full-
service firms
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ACCOUNTING PROCEDURE:
Generally, accounting procedures cover such topics as how to record financial data,
summarize financial data, prepare financial statements, and routine accounting matters.
Standards are not directly established by governments, but rather by private sector
organizations in which the financial profession sets the standards. In the United States,
financial reporting is regulated by the Federal Accounting Standards Advisory Board
(FASAB).
The International Accounting Standards Committee (IASC) was developed as an
independent private-sector organization to encourage uniformity in accounting principles
used on a global level. Standardized accounting procedures are important to ensure that
financial reports are comparable from country to country. Comparability is critical in the
modern global market.
Basic assumptions underlying accounting procedures include the economic entity, going
concern, monetary unit, and periodicity. Economic entity refers to the capability of
separating the company, its owners, and other companies. In essence, the company is an
identifiable unit that can be held accountable for its actions.
The going concern concept has to do with the assumption that the company will continue
to exist. Monetary unit refers to the fact that there is an accepted form of measurement of
the value of the company and its profits. Periodicity implies that the activities of a
business can be measured by specific time periods, whether that is a year, a quarter, or a
month.
Four basic accounting principles are generally used to record business transactions: