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SUBMITTED TO: DARIEL PERAIRA
EXECUTIVE SUMMARY Throughout the course of Strategic Marketing Management. it has made sure to churnout offerings that are best in line with consumer tastes. Ahmed Foods. Spice industry all over the world can bereferred to as a subset of the food industry.Shan Foods was founded in 1981 in a single room as Shan Masala. Later. Shan Foods has capitalized on the changingmarket trends and consumer tastes and through product trials. Shan Foods and National Foods both are theleaders in branded packed spice category each holding 40% share in 2006. The spice industry of Pakistan annually grows at a ratethat is above 50%. Spices stand at prominent positions inPakistani imports and exports. It has presence in 60 countries today anddeals in six broad categories of offerings. For an organization. the essence of strategy andits application has been emphasized. it went on to become Shan Foods. while otherprominent players include Chef s Pride. Within this industry. 80% market share is with unbranded loose spicesand the rest with branded packed spices.. Habib Foods and Zaiqa Foods.With fourteen departments and state of the art technology and customer focusedmarketing strategies and campaigns. It maintains global presenceprimarily through exports and follows more than one growth strategy simultaneously. Shan Foods has become synonymous with authentictraditional cuisine of good quality and taste . due to itspopularity. not only it s immediate andcompetitive. but also macro environment is important as it needs to survive and sustainitself whilst operating in these environments.
The winning team of the final and the 3 runners-up teams were awarded with cash-prizes by the founder and Chairman of Shan Foods. ³Providing opportunities for healthy recreation and sports is an integral part of Shan Foods¶ culture. Mr. such exercises also strengthen the bonds between our employees´. working hard to win the pool matches. . We want our valued employees to remain fit and active. to reach the semi finals and the final match.HISTORY: Shan Foods Private Limited. a leading food products company in Pakistan organized the Shan Interdepartmental Cricket Tournament at the DHA stadium in Karachi. These exciting matches were attended by a large crowd of spectators where the employees of Shan foods and their families had a great time watching and applauding the performance of their dear friends and family members. so they can gain vitality and productivity at work too. Besides enhancing our competitive spirits. The chairman of Shan Foods inaugurated the tournament and said. Sikandar Sultan. Sixteen teams belonging to different functional departments of Shan Foods participated in this exciting competition. Shan Foods has a tradition of arranging such healthy recreational activities regularly and this tournament was a part of its annual cricketing engagements.
y y y HOW CREDIT IS EVALUATED: The Credit Department establishes limits for all active customers. one which is worthy of providing input into the overall strategy of the firm. Decision making becomes a logical function based on pre-determined parameters. Hire an internal auditor.AUDIT PROCEDURES FOR INTERNAL USE: y Establish internal controls. based on changing levels of credit worthiness. Audit policies outline the specific procedures owners use to conduct internal audits. By writing down what is expected. y y CREDIT POLICY FOR ACCOUNT RECEIVABLES: There are at least four reasons to have a written credit policy. Second. it is obvious that a reasoned and structured approach to credit management is necessary. This allows the department to be an important resource to upper management. Finally. All limits are subject to revision. the arms of your company (whether marketing. output from different accounting function and how managers supervise individuals in each department. Internal controls are a common audit procedure that ensures employees cannot abuse a company's processes. The department receives referrals of all orders that would place an account over its limit. Third. Create an audit policy. and credit personnel may release additional orders if higher credit is justified. Business owners and managers can use these controls to create a check-and-balance system. This individual can help review the company's processes and find areas needing internal controls or auditing procedures. These include reviewing employee performance. y First. or finance) will realize that they have a common set of goals. Larger organization may have the resources to hire a full-time internal auditor for their accounting department. With outstanding receivables often being a firm's major asset. HOW CREDIT IS HANDLED: . The department reviews larger limits on a periodic basis. the responsibility of managing receivables is a serious undertaking. This simplifies the decision process and yields a sense of fairness that will only improve customer relations. a policy assures a degree of consistency among departments. Internal auditors typically have the responsibility for implementing and enforcing audit procedures and policies. Internal controls are specific safeguard that protect information or operations. it provides for a consistent approach among customers. production. It involves limiting bad debts and improving cash flow. it can provide some recognition of the credit department as a separate entity.
In such cases. we are geared to encompass your entire accounts receivable process . assignments to creditors. reviewed for credit worthiness by the Credit Manager. the credit department may withhold further shipments. They have a homogeneous product line with consistent set of terms. Partnering with the worldwide leader in receivables management outsourcing allows you to take control of your receivables processes and obtain overall excellence in their performance. The Credit department provides collection engaging customers in the name of the client on current and past due accounts receivable. Sales personnel will be advised of particular problems. and all credit worthy customers are expected to pay within this period. Collection servicing can be in the form of written demands and/or telephone calls and may be for a prescribed period of time or through final resolution or placement with a third party. They are to be requested by the Marketing Manager. their policy may be relatively simple. the accounts will be referred to collection agencies or attorneys. Any exceptions must be based on competitive practices and generate a satisfactory return on investment. Unlike traditional third party collections. with . the Credit Department files proofs of claim. Terms of sale have been established by management as ______________. TERMS OF SALE: It is important to have no confusion about when bills are due. this is not a difficult problem. MANAGING THE ACCOUNT RECEIVABLES: Cash flow is the lifeblood of business and the performance of your receivables cycle holds the key to maximizing your cash flow.from initial invoicing and customer contact to collections and bad debt recovery. credit personnel will visit customers. The Credit Department determines if an account is not collectable by the above means. Shaan foods collection Arm (ARM . and customers that do not respond to our normal collection activities. and approved in writing by the President. Thus. In the case of bankruptcies. In some cases. receivable management outsourcing.The department is responsible for performing collection activity. Form letters and/or statements may be supplemented with telephone collection calls. The department represents our company with creditor committees and coordinates with attorneys. It starts out as a customer service function. If appropriate payment arrangements cannot be made. Uncollectable accounts usually include bankruptcies. For some businesses.Account Receivables Management) is dedicated to organizations seeking to engage their non or late paying customers with a greater focus upon the long term customer relationship.
often an invoice. Field audits were conducted at 205 taxation offices. The exchange price is the amount due from a debtor (a customer or a borrower). encourage payment and forecast potential problems. They were processed by computers in accordance with a generalpurpose program called NHELP. goods.000 Accounts receivable 1. VERIFYING AND RECORDING THE BAD DEBTS: In most receivables transactions. The expense in year 3 is recorded as follows: Bad debt expense 1. "a list of the amount of credit reserve for bad debts".502 questionnaires on the amount of credit reserve for bad debts. All are handled in the client s name in a customer-oriented manner. or services . Analyses were made based on these lists and charts.000 Verification of adequacy of credit reserve for bad debts provided in the Corporation Tax Law: This is aimed at examining if the amount of credit reserve for bad debts approved by the Corporation Tax Law reflects the actual conditions of private enterprises.calls and letters to verify satisfaction. were filled out. These questionnaires were used to make out "a list of loss from bad debts" showing the extent and amounts of them by the size of capital and by the type of industry. Based on corporation tax returns and other documents presented to the taxation offices. the amount to be recognized is the exchange price between the two parties. "a histogram for loss from bad debts" among others. 15. . It is generally evidenced by some type of business document. Receivables are claims held against customers and others for money.