Pak Elektron Ltd. (Pel). Internship Report to Hr Dept. 03

PAK ELEKTRON LIMITED

INTERNSHIP REPORT.

SUBMITTED BY: MUHAMMAD FAIZAN

SUBMITTED TO: H.R DEPARTMENT (PEL)

INTERNSHIP AREA: FINANCE & ACCOUNTING Dept.

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COMSATS Institute of Information Technology, Lahore


EXECUTIVE SUMMARY

Pak Elektron Limited (PEL) was incorporated in Pakistan on March 03, 1956 as a public

limited company under the companies Act, 1984 (replaced by companies’ ordinance 1984).

Registered office of the company is situated at 17 Aziz Avenue, canal bank Gulberg_ V Lahore. The

company is currently listed on all three stock exchange of Pakistan. The principal activity of the

company is manufacturing and sales of electrical capital goods and domestic appliances. These

activities are organized under following divisions.

During my internship the improvements which I observed during my internship are also the

part of this report. The financial position and the strategies of the companies are the part of my

learning and the improvements and the current flow system is the part of this report.

My evaluation of the internship process is also part of this organization. The suggestions to

improve the system, the ideas which can be helpful for the organization are also part of the report.

Every one wishes to work with known, valuable and standardized organization. There are given

some reasons to join PEL are given in the end of the report.

The culture /process and product of the company was also part of observation, comments and

ideas about the company is also part of in the report. How this internship have a link with my

qualification, what I have studied and how my study helped me to learn the process and flow of work

in the organization. The overall view of my internship and the feedback is present in the

organization.

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LEARNING’S DURING INTERNSHIP:During my internship I worked in FINANCE & ACCOUNTS departments. In finance

department I analyzed financial position of company, sales, earning per share, profit, liabilities and

assets of the company. Further in

Finance department I worked in different sections of finance department.

Logistics section:

This section is relevant to the material.

Here I came to know the procedure and tasks of the material section.

daily check on production

controlling the production plan for the future

control on orders in hand

What is the documentation in this section and working of the work?

Corporate finance:

Corporate finance section is the main part of the finance department.

Leasing

Guarantee

Loan

Here learned about the leasing, machinery leasing and vehicle leasing etc.

Worked about bank guarantee, why it need to get the bank’s guarantee?

What is the process of guarantee?

Budgeting:

The learning in this section was to prepare the budget for all the different sections and the

departments

Allocation of budgets for different departments.

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Treasury :

The learning in this section was based on the different tasks of the section.

This section directly relates to the cash and cash affairs

Inflow and outflow of cash was the basic work of this section..

Collection

Payments

This section deals with

Bank dealing

Fund payments/collection

Updating banks

Foreign payments

Export transactions

Pre-shipment:

The learning in this section was the different steps of the work

Tender

Bidding

Acceptance

Purchase order

Inspection

Learned about the work, how to perform etc.

Flow of work in the finance department.

Accounts department:

In accounts department we worked in different section of the

Costing

Inventory

Payable3



Payrolls

Taxes

In this department we worked on

Payment and collection of funds

Prepare voters

Invoices

How to control inventory

How to calculate salaries, bonuses, and funds?

Allocation of expenses, reimbursement of expenses to employees.

AREAS OF IMPROVEMENTS:It was a great experience to work in PEL. I got there experience for my professional field.

Here I found every thing so impressive, mannered, regular, and learning.

In my observation in this so mannered company still need some improvements which can

increase the productivity, goodwill and the loyalty of employees. The increase in theses field will

result the worth of organization.

When I analyzed the annual report of the company I came to know the low financial

position, lot of loans which causes the low growth of the company and low profit

margin.

More the area where it needs to improve that is

Company is in over trading condition

Here need to improve the “gradually decreasing share price”.

Financial charges must decrease.

Administration improvements:

There is no differentiation between the employees through their post, designation etc.

Here must be identity in sitting of E1, E2, and E3.

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Here need to improve the training system of internees.

Improvements required in their training system, sitting places in department and their

duration in the company

The timings of duty of internees should less then the employees.

Internees must be given a lecture about the working in any specific section.

Mess also requires improvement in quality as well as quantity.

SUGGESTIONS TO IMPROVE PROCESSES/ PRODUCT AND CULTURE

PAK ELEKTRON LTD is company which has a standard in the companies of Pakistan. PEL

has disciplined and ethical groups of employees.

There is a better portfolio of the company. Have I disciplined and mannered way of working.

But in some areas need to improve some things which are beneficial to the company.

Process :

Organization portrays the scene of centralized culture.

In organization is lack of employee empowerment. There should be direct communication between

manager and the employee who doing some work.

Huge documentation is used in organization.

Culture :

Lack of female staff shows the gender discrimination in organization.

Female internees must be given a separate room for prayer.

There should be the valuable identity of the company in performing the social responsibilities like

charity, helping poor students.

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PEL should be known as environmental friendly organization.

Product :

Company should have a visible competitive edge on competitors about products and services.

Quality of products needs more improvements

The shape and the designing of the products should attractive.

Low cost products as compared to competitors must be prepared.

There is much lack of advertisement of POWER DIVISION products.

There should be given the packages in different appliances products.

EVALUATION OF INTERNSHIP PROGRAM

Internship is based on two steps first study and then practical work.

Study: which internee done before he comes in organization

Practical work: the basic aim of internee to join the organization

Practical work involves

Overview of work

Documentation of work

Practical work

Internship at PEL:

Here in internship at PEL it was based just on

Overview of work

Documentation of work and the flow of work.

But there is lack about to train the internee through practical work.

There is a gap between the internees and the employees. And this gap causes the lack of

practice or work for internees. We could not do as much as practical work here.6



We got the knowledge about the departments and different sections in departments about

their responsibilities, their tasks and their functions.

We got, what document is in use in which work.

We worked in account and finance department. Here the learning was

Financial position of company

Their process of financing

Software of account which is in use in organization.

Learned about their compensation and facility

Learned about leasing, budgeting, corporate finance, deals with banks.

Strategies about financing.In accounts

Expense management

Inventory control.

Payable and receivable funds process.

LINK BETWEEN QUALIFICATION AND INTERNSHIP PROGRAM

My qualification is MBA-Finance. And I worked in finance department and accounts

departments. This is totally relevant to my qualification.

Qualification:

During my finance study I learned

How to prepare financial strategy for any business?

How to prepare the journal, ledgers, profit and loss statement and the balance sheets?

How to prepare budget for any special job?

The process of costing.

The system of payrolls

The process of cash inflow and out flow.

Etc etc

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Internship :

During my internship I also worked on these points also

Here I knew what the process to perform all these works is.

There is a huge difference between the theory and the practical work of finance.

during internship we practice

How to prepare invoice or any financial document?

Practical examples of financial conditions of company.

Letter of credit procedure.

Payroll system.

How to manage expenses?

How to prepare budget?

Which strategy is suitable for which condition?

PEL AS A FUTURE EMPLOYER

Every one wishes to work in known, standard and valuable firm. And it would be a great

experience and wish to work in PAK ELEKTRON LTD .there is some reasons to be employee in

PEL.

Pak Electrons Limited is known for its continuous research and development and transfer of

technology from abroad.

There is strong position of the company which appeals the graduates to work with PEL.

There are chances to work in PEL because there most departments in the company.

In the many departments of the company there are chances to have many vacancies in the company.

There are some reasons to join PEL

There is a strong portfolio of the company which attracts the people.

There are chances to learn more and more because advanced system are in use in PEL.

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Most advanced software of accounts is in use in PEL.

There are more chances to learn and be up to date.

A strong package and compensation is a reason to be a part of PEL.

Facilities and the reimbursement of expenses is also attractive part to be part of PEL.

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TABLE OF CONTENT

LEARNING’S DURING INTERNSHIP...............................................................................................................................2

AREAS OF IMPROVEMENTS..........................................................................................................................................4

SUGGESTIONS TO IMPROVE PROCESSES/ PRODUCT AND CULTURE............................................................5

LINK BETWEEN QUALIFICATION AND INTERNSHIP PROGRAM.....................................................................7

PEL AS A FUTURE EMPLOYER......................................................................................................................8

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Pak Elektron Ltd. (Pel). Internship Report to Hr Dept. 03

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