Professional Documents
Culture Documents
Choudhary Medicine Company Vehari: Marketing Practices (Banking &finance) at
Choudhary Medicine Company Vehari: Marketing Practices (Banking &finance) at
MarketingiPracticesi(Bankingi&Finance)
At
ChoudharyiMedicineiCompanyiVeharii(LTD)
AiSUMMERiINTERNSHIPiREPORT
Submittediinipartialifulfillmentiforitheiawardiofitheidegree
Of
MASTERiOFiBUSINESSiADMINISTRATIONi(3.5iYear’s)
By
ABDULiQUDDOOS
2017-AG-4395
SubmissioniDate:
17-09-2020
Underitheiguidanceiof
Mr.iNasiriAliManageriC
houdharyiMedicine
UNIVERSITYiOFiAGRICULTUREiFAISALABADiSUBiCAMPUSiBUREWALA.i
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Banking & Finance MBA (3.5year’s) Choudhary Medicine
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Banking & Finance MBA (3.5year’s) Choudhary Medicine
DECLARATION
Iiherebyideclareithatithisiisimyioriginaliworkimadeipersonallyiandiwithimyibrainiduringiinterns
hip.iAndiihasiineveriibeeniisubmittediitoiianyiinstitutioniiofiihigherilearningiforianyiaward.iii
Signature………………………………i Date……………………………..
NAME:iABDULiQUDDOOS.iiiiiiiiiiiiiiiiiiiiiii
REG.iNO:i2017-AG-4395
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Banking & Finance MBA (3.5year’s) Choudhary Medicine
APPROVAL
Thisicertifyithatithisifieldireportiwasidoneiunderimyisupervisioniandinowiisireadyiforisubmissio
niasipartialifulfillmentiofitheirequirementiforitheiawardiofiMBAi(3.5iYear’s)iofiUniversityiOfi
AgricultureiFaisalabadiSubiCampusiBurewalaiVehari.
Signature………………………………i Date……………………………..
MR.iNASIRiALI
(FIELDiSUPERVISOR)
Signature………………………………i Date……………………………..
MR.iMASOODiAHMADiKHAN
(UNIVERSITYiSUPERVISOR)
Signature………………………………i Date……………………………..
MS.iSABAiNASIR
(UNIVERSITYiSUPERVISOR)
Signature………………………………i Date……………………………..
MR.iABDULiREHMAN
(UNIVERSITYiSUPERVISOR)
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Banking & Finance MBA (3.5year’s) Choudhary Medicine
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Banking & Finance MBA (3.5year’s) Choudhary Medicine
ACKNOWLEDGEMENT
Iiwishitoiregisterimyiheartfeltigratitudeitoitheifollowingiforitheiriconstructiveicontributionsiandi
assistanceiinihavingithisireporticomplete.
Sincereiappreciationitoitheistaffiofitheifinanceidepartmenti(Accountsisection)iMr.iNasiriAliiMr.
iAliiRazaiandiMr.iTariqiforiitheiguidance,iencouragementiandisupportigivenithroughoutiimyiitr
ainingiandiimayiitheiiAlmightyiiGodiirewardiithemiabundantly.
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Banking & Finance MBA (3.5year’s) Choudhary Medicine
TABLEiOFiCONTENTS
DECLARATION ............................................................................................................................................... ii
APPROVAL .................................................................................................................................................... iii
iINTERSHIPiLETTERi………………………………………………………………………………………………………………………………..iiv
ACKNOWLEDGEMENT ................................................................................................................................... v
EXECUTIVEiSUMMARY ............................................................................................................................... viii
CHAPTERiONE:iINTRODUCTION .................................................................................................................... 9
1.0iIntroduction........................................................................................................................................ 9
1.1iiiiObjectivesiofitheiInternship ......................................................................................................... 10
1.2iScopeiofiInternship .......................................................................................................................... 11
1.3.0iCompanyiProfile ............................................................................................................................ 11
CHAPTERiTWO:iMANAGEMENTiOFiTHEiPRACTICUMiEXERCISE .............................................................. 16
2.0iIntroduction...................................................................................................................................... 16
2.1iTheiRoleiofitheFinanceiDepartment ............................................................................................... 16
2.2iReportingiandiInductionibyitheiCompany. ..................................................................................... 16
2.3iTheiDepartmentitoiWhichiIiAssignediatitheiWorkiPlace............................................................... 17
2.3.0iCategoryiofitheidepartment ..................................................................................................... 17
2.3.1iDutiesiofitheiFinanceidepartment: .......................................................................................... 17
2.3.2iTheititleiofitheiheadiofitheiFinanceidepartment .................................................................... 17
2.3.3iTheiresponsibilitiesithatiIiwasiassigned: ................................................................................. 17
2.3.4iOfficesithatiIihaveiworkediwithiandiwhatitheyido ................................................................. 18
2.3.5iRelationshipiwithiotheriofficersiiniexecuting.......................................................................... 18
2.3.6iSupplyiRouti…… ............................................................................................................................. 19
2.3.7iSupplyiDays ................................................................................................................................... 19
2.3.8iSoftwareiuse.................................................................................................................................. 20
2.3.8iOutstandingiInvoices .................................................................................................................... 21
2.4iTheiRoleiofitheiSiteiSupervisor ....................................................................................................... 21
2.5iTheiRoleiofitheiUniversityiSupervisor............................................................................................. 22
CHAPTERiTHREE:iFINDINGSiANDiOBSERVATIONS ...................................................................................... 23
3.0iIntroduction...................................................................................................................................... 23
3.1iKnowledgeiandiSkillsiAcquired ....................................................................................................... 23
3.2iPersonaliContributionitoitheiCompany .......................................................................................... 24
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Banking & Finance MBA (3.5year’s) Choudhary Medicine
3.3iChallengesiNoticediDuringiInternshipiThatiAreiAffecting; ............................................................ 24
CHAPTERiFOUR:iCONCLUSIONSiANDiRECOMMENDATIONS...................................................................... 26
4.0iIntroduction...................................................................................................................................... 26
4.1iManagementiofiInternshipiatiWorkiPlace...................................................................................... 26
4.2iCommentioniFindings ...................................................................................................................... 26
4.3iRecommendations ........................................................................................................................... 26
4.4iAssessmentiofiInternshipiExperienceiiniCompany......................................................................... 27
4.5iConclusion ........................................................................................................................................ 27
REFERENCES ................................................................................................................................................ 28
APPENDICES ................................................................................................................................................ 29
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Banking & Finance MBA (3.5year’s) Choudhary Medicine
EXECUTIVEiSUMMARY
Thisiinternshipireporticontainsifourichaptersiinitheifollowingiorder:iinformationiaboutitheiComp
any,iManagementiofitheiinternshipiexercise,iandiFindings/Observationsiduringiinternship,iConc
lusions,iRecommendationsiandiwayiforwardiofitheiinternshipiattachment.
TheiCompanyiwasisuitableiforiinternshipiattachmentibecauseiitihasitrainediandiqualifiediperson
neliadditionally,itheyiareisoiinteractiveiandiwillingitoibeiconsulted.
Iilearntitheifollowingiskillsiduringifieldiattachment:ienteringicustomibills,ienteringiPAYEicomp
utations,ienteringilocaliandiforeignipurchaseibillsiinicomputerisystemiusingiERPi(EnterpriseiRe
sourceiProgram),ipreparationiofipartyireconciliationistatements,iandifilingiofivariousiimportanti
documentsisystematicallyiinitheirirespectiveifilesi
TheigovernmentishouldimaintainirestrictionionitheiimportationiofiMedicineiintoitheicountryiini
orderiforitheiMedicineilocallyiproduceditoibeifullyiconsumedihenceifacilitatingitheidevelopmen
tiofitheiMedicineiCompanyiiniVehari.
Itiisiadvisableithatistudentsiwhoiwillicarryioutifutureifieldiattachmentishouldibeiwillingiandiinte
resteditoilearnimoreitoienhanceitheiripreparationiofitheirirespectiveicareer.
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Banking & Finance MBA (3.5year’s) Choudhary Medicine
CHAPTERiNO.1:I INTRODUCTION
1.0iIntroduction
TheiinternshipireportwasimadeiafterihavingiinternshipiwithiMedicineiCompanyiofiVehariipartic
ularlyiiniFinanceiDepartmentsifromi06/07/2020itoi15/08/2020.
Thisichaptericontainsitheifollowingibackgroundiofiinternship;ibackgroundiofitheiCompany;iloca
tion;imission;igenderiinitheCompany;iCompanyistructure;iandiotherimainiactivitiesicarriediouti
byitheCompany.
TheipharmaceuticaliindustryiiniPakistanihasigrowniduringitheipastirecentidecades.iAtitheitimeio
fitheiindependenceiofiPakistaniini1947,ithereiwereifewiproductioniunitsiinitheicountry.iCurrentl
yiPakistanihasimoreithani800ilargeivolumeipharmaceuticaliformulationiunits,iincludingithoseio
peratedibyi25imultinationalsipresentiinitheicountry.iAlmostiallitheirawimaterialsiusediinimaking
iofimedicineiareisourcedifromiabroad.iAbouti50ipercentiofithemiareiimportedifromiIndia.
TheiPakistaniPharmaceuticaliIndustryimeetsiaroundi90%iofitheicountry'sidemandiofifinishedido
sageiformsiandi4%iofiActiveiingredients.iSpecializedifinishedidosageiformsisuchiasisoftigelatin
icapsules,iparenteralifatiemulsionsiandiMetered-
doseiinhalersicontinueitoibeiimported.iThereiareionlyiaifewibulkidrugiActiveiingredientiproduc
ersiandiPakistanimainlyidependsioniimportsiofibulkidrugsiforiitsiformulationineedsiresultingiini
frequentidrugishortages.iPoliticalidisturbancesiandiallegationsiofiunder-
invoicingiadditoitheiuncertaintyiofiimportsiandiclashesiwithitheicustomsianditaxiauthoritiesiarei
common.
TheiNationalidharmaiindustryihasishownigrowthioveritheiyears,iparticularlyioveritheilastidecad
e.iTheiindustryiisitryingitoiupgradeiitselfianditodayitheimajorityiindustryiisifollowingilocaliGoo
diManufacturingiPracticesi(GMP)ilaws,iwithiaifewiiniaccordanceiwithiinternationaliguidance.iC
urrentlyitheiindustryihasitheicapacityitoimanufactureiaivarietyiofitraditionaliproductsirangingifr
omisimpleipillsitoicapsules,iointmentsiandisyrups.
Allihumanibeingsiareibornifreeiandiequaliinidignityiandirights.iTheyiareiendowediwithireasoniandiconsc
ienceiandishouldiactitowardsioneianotheriiniaispiritiofibrotherhood
Pakistanitakesiprideiinihavingireputableiandiefficientiiniworkingipharmaceuticalicompaniesiwhi
chihaveibeeniservingitoisaveimillionsiofilivesialliarounditheiyear.iWithieveryipassingidayiandia
dvancementiiniresearchiwithirespectitoihealth,idifferenticompositionsiofimedicinesiareirollingio
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Banking & Finance MBA (3.5year’s) Choudhary Medicine
utiofitheseicompaniesiandidoctorsiareialsoibeingimadeifamiliariwithitheiresearchiasiwelliasithei
solutionsiinitheiformiofimedicinesitoitreatinumerousidiseases.
TheihealthcareideliveryisystemiofiPakistaniisicomplexibecauseiitiincludesihealthcareisubsystem
sibyifederaligovernmentsiandiprovincialigovernmentsicompetingiwithiformaliandiinformalipriva
teisectorihealthcareisystems.iHealthcareiisideliveredimainlyithroughiverticallyimanagedidisease-
specificimechanisms.iTheidifferentiinstitutionsithatiareiresponsibleiforithisiinclude:iprovincialia
ndidistrictihealthidepartments,iparastataliorganizations,isocialisecurityiinstitutions,inon-
governmentaliorganizationsi(NGOs)iandiprivateisector.iTheicountry'sihealthisectoriisialsoimark
edibyiurban-
ruralidisparitiesiinihealthcareideliveryiandianiimbalanceiinitheihealthiworkforce,iwithiinsufficie
ntihealthimanagers,inurses,iparamedicsiandiskilledibirthiattendantsiinitheiperipheraliareas.iPakis
tan'sigrossinationaliincomeipericapitaiini2013iwasi$5,041ianditheitotaliexpenditureionihealthipe
ricapitaiini2014iwasi$129,iconstitutingi2.6%iofitheicountries.
Cancericare
CanceriinformationioniPakistaniApproximatelyioneiinieveryi9iPakistaniiwomeniisilikelyitoisuff
erifromibreasticanceriwhichiisioneiofitheihighestiincidenceiratesiiniAsia.iMajoricancericentersii
niPakistaniincludeitheiShaukatiKhanumiMemorialiCanceriHospitaliandiResearchiCenteriiniKara
chi,iLahoreiandiPeshawar,iAgaiKhaniUniversityiHospitaliiniKarachiianditheiNationaliInstituteio
fiBloodiDiseasesi(NIBD)iiniKarachi.
1.1iiiiObjectivesioftheiInternship
• Gainiearlyiunderstandingiandiappreciationiofitheipracticalilifeireal-
lifeisituationichallengesiassociatediwithiapplicationiofitheitheoreticaliknowledgeiacquire
d.
• Developiexpectediprofessionaliself-
awareness,iinternalizationioficareerijobirequirementsiandiexperience.
• Developiandiacquireicriticaliskillsineededitoiproactivelyiobserveiandianalyzeiproblems/c
hallengesiencounterediwhileiexecutingicareeridutiesiandiresponsibilitiesiatiwork.
• StudentigainiknowledgeiaboutipracticaliaspectsiofifunctioningiofiaCompanyionitheidom
esticiandiforeignimarketsiwithiaispecialiemphasisionifinance/iaccountingimanagementiin
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Banking & Finance MBA (3.5year’s) Choudhary Medicine
ipubliciadministration,iprivateisector,inon-governmentaliCompany’s,iself-
employmentiandiother.i
• Studentiknowledgeiaboutiperformingispecificitasksiandidevelopsiproblemiidentificationi
andiproblem-solvingiskillsiinifinanceimanagementi/accounting.
1.2iScopeiofiInternship
1.2.1iContentiScopei
Thisiinternshipiaimediatiprovidingitheistudentsiwithinecessaryiknowledgeiandiskilliinilineiwithi
hisifieldiofiaccountingiandifinance,itheiinterniintendeditoiprovideiquickiresponseitoitheipublicia
ndiasiwellimarketitheiactivitiesiofitheiCompany.iThisienablesitheistudentitoigenerateipracticalis
killsifromitheirespondentsiinitheivariousidirectorateiandidepartmentioficompany.
1.2.2iDurationiScope
Theiinterniintendeditoiutilizeitheitimeiallocateditoihimiinipracticeiaccountingiconceptsiasiwellia
sitransferringitheoryiintoipractical,iReconcilingibankistatements,iclient’sibrief,iwritingimonthlyi
financialireports.iTherefore,ithesesiwereiexecutediinitheiperiodiofi06thiJulyitoi15stiAugustiasiiti
wasiallocatedibyitheicompany.
1.2.3iGeographicaliScope
TheicompanyiisilocatediatiLoweriVehariiwithivariousiRetailioutletsiiniEastern,iNorth,iandiwest
ernipartsiofitheicountry.
1.3.0iCompanyiProfile
1.3.1iBackgroundiofitheiCompanyiofiInternshipi
ChoudharyiMedicineiCompanyiofiVehariiwasiestablishediini2019ibyitheiVehari.iItiwasiformall
yiknowniasiChoudharyiMedicineiCompany.iiItiwasitheifirstiMedicineiCompanyitobeiestablishe
diinitheiwholeiofiEastiAsia.
Withivisioniandienergy,iheislowlyiexpandediititoiaifastichainiofiginneriesicreatediMedicineipla
ntationsiandistartediseveraliCompanyMedicineibeingioneiofithem.
TheiCompanycontinuediuntil2019duringithisfatefuliyearitheigovernmentiofiVehariiexpropriatedi
VehariiMedicineiCompanyianditookicontroliofitheicompanyiandirenamediitiChoudharyiMedicin
eiCompanyiVehari.
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Banking & Finance MBA (3.5year’s) Choudhary Medicine
Unfortunately,iproductionistartedifallingifromi50,000ito90,000iperiannumibyitheiyeari2019.
AfteriPresidentiDr.iRrifiAlviiregimeitheinewiGovernmentiofiPakistan.iHeilivediupitoitheiexpect
ationiofitheicompany.iTheigovernmentihandedioveritheiassetiofiVehariiMedicineiFactoryiiniMa
rchi1947iandiainewijointiventureiwasiborniwhichiisichristenediasiCMCViwithiequityiparticipati
onibyitheigovernmentiandioneiMehtaigroup.
CMCVi(ChoudharyiMedicineiCompanyiVehari)ihadiaitaskiofidevelopingitheilocalskillsianditrai
ningitheiVehariimanagerialistaffiasiaimajorityiofisenioristaffiiihadileftitheicountry.iTheiCompan
yihasibravedialliadversitiesiandiisinowilookingiforwarditoiaigoodiandiaibrightifuture.
i1.3.2iLocation
CMCVi(ChoudharyiMedicineiCompanyiVehari)iisilocatediiniJanhaiRoadinearitheipoliceistatio
niVehari.
1.3.3iMission
TheimissioniofiiiCMCViisitoiproduceihighiqualityiMedicineiiniVehariitoisatisfyiitsiCustomersia
ndiprovideifairireturnionicapitaliemployedithroughidedicatediemployeesianditeamiwork.i
1.3.4iGenderiinitheiCompany
Theicompanyihasioveri200iemployees;iFigurei1.1iillustratesithati10%iareifemalesiwhilei90%iar
eimales.iTheifemaleiemployeesihandleiclericaliandiplantationiharvestiwhileimaleiemployeesidoi
menialitasksii
FIGUREi1.1iSHOWINGiEMPLOYEESiBYiSEX
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Banking & Finance MBA (3.5year’s) Choudhary Medicine
1.3.5iCompanyiStructure
TheiManagingiDirectoriheadsitheicompany.iTheiChiefiExecutiveioverseesitheidayitodayiactiviti
esithroughi1iGeneraliManagersiofiPlantation,iAdministration,iMaterial,iTransportiandiFinance.i
Theicompanyioveri200employees.iTheifunctionaliareasiofitheiCompanyiareiasifollows;
HumaniResourceiDepartmentidealsiwithirecruitment,iwelfare,itraining,iethics,iretirementiandi
iidismissaliofiemployees.
CentraliWorkshopiisiresponsibleiforimaintenanceiofiallicompanyivehiclesiandiprovisioniofifu.
FinanceiDepartmentiisiresponsibleiforifinancialimanagementiofiiitheicompany.
SalesiandimarketingiDepartmentiisiresponsibleiforimarketingiiitheiiicompanyiproductsiinithei
localiandiinternationalimarket.
AuditiDepartmentiensuresithatiiitheicompanyipoliciesiareiimplementediandiallithingsiareidone
iinitheirightimannerithroughiverifications,iresearchiandiiiprocedures.
Thereiareiotheridepartmentsilikeioutigrowers,iadministrationiandiinformationitechnology.
TheiCompanyichartiisipresentedibyifigurei1.2
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Banking & Finance MBA (3.5year’s) Choudhary Medicine
iFIGUREi1.2:iCOMPANYiSTRUCTURE
ManagingiDirectori(MD)
Regional
Directori(RD)
Chief
Executivei(CE)
Company
Secretaries ISOiMgr.
Purchasesi(I CROi(payroll
mportsi&iL Humanireso Rout GroupiAudit ).iAccounts.i
ocal),iDispo urce. Transport i&iCentrali Costingi&iCa
sal Audit shiOffice
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Banking & Finance MBA (3.5year’s) Choudhary Medicine
1.3.iClients/StakeholdersiofitheiCompany
Aistakeholdericouldibeianiindividualioriaigroupiofipeopleiwhoiareiinterestediinitheibusiness;ith
eipeopleiwhoiareistakeholdersicanibeiaffectedibyitheibusinessiactivities.iThereiareiinternaliandi
externalistakeholders;
Owners.iOwnersiareitheipeopleiwhoiareiinterestediinitheibusinessiandifocusedioriinterestediini
makingitheiprofitifromitheistakeholders.iTheicompanyicurrentlyiisiownedibyitheigovernmentiwi
thieachiowningi51%iandi49%irespectively.
Employees.iEmployeesioriworkersiareitheipeopleiwhoiareiworkingiforitheibusinessiandiareiinte
restediiniearningitheihighiwagesisuchiasimachineioperators,icuttersianditransporters.
Customers.iCustomersiareitheipeopleiwhoiareireadyitoibuyitheibusinessiproducts,icustomersiex
pectitoibuyitheibestiqualityifromithatibusinessibutiatireasonableiprices.iExampleioficustomersiin
clude;iGSKistarienterprises,iBlochiMedicineicompany,iPrachaiMedicine,iAliiBabaiMedicineiCo
mpany.
Supplier.iiSuppliersiareitheipeopleiwhoiareiwillingitoigiveitheiriproductsitoitheibusinessiandiw
antitheibusinessitoibuyitheiriproductsianditheyiinclude;iGSKistarienterprises,iBlochiMedicineic
ompany,iPrachaiMedicine,iAliiBabaiMedicineiCompany.
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Banking & Finance MBA (3.5year’s) Choudhary Medicine
2.0iIntroduction
ThisichapteridetailsitheiscopeiofioperationsiofitheiFinanceiDepartmentibyibringingioutiroleiofit
heiDepartmentiandispecificallyiwillifocusionitheiroleiofitheiFinanceidepartment,idetailsitheiCo
mpanyiofitheiinternshipiexerciseirightifromitheiinductioniexerciseitoitheifarewellimeetingiafterit
heipracticumiandispecifiesitheirolesiofibothitheisiteisupervisorianditheisessionisupervisor.
2.1iTheiRoleioftheFinanceiDepartment
TheiFinanceidepartmentishall-
❖ ManageialliFinanceiactivitiesiofitheicompanyiexceptiadjudicationiandiawardioficontracts;
❖ SupportitheifunctioningiofitheiFinanceicommittee
❖ ImplementitheidecisionsiofitheiFinanceicommittee
❖ CheckiandipaymentiVouchersioficompanyiclients
❖ PrepareiPaymentidocuments
❖ Prepareipurchaseivouchersiandianyiothericontractidocument
2.2iReportingiandiInductionibytheiCompany.
Iireportedioni05th-June-
i2019itoitheireceptioniwhereitheiInterneeiManageriMr.iNasiriAliiaddressedimeiandiotheriinterns
.iHisiaddressiwasidirecteditowardsienlighteningiallitheiinternsionitheiselectionicriteriaithatiwasi
employediforiselectingisuccessfuliinterns,itheiacceptableidressingicode,icodeioficonductiwherei
atiallitimesiallimembersiofitheiCMCViareiexpecteditoibeipresentableieveniwheninotiatiworkian
diatiallitimesiholdiaihighiimpeccableistandardicharacter-wise.
IiwasialsoienlightenediaboutitheipossibilityiofibeingiretainedionceiIiperformediprofoundlyibesti
sinceiMedicineiCompanyiVehariilimitedicompanyiseeksitoiachieveitheibestioutiofime.
Theiotheriissueiofifocusiwasitheiprocedureifollowediinitheistoresitoimanageiandicontrolitransact
ionsiwhichiisimainlyidoneithroughitheiERP10isoftwareithatienhancesitheicoordinationiofiAccou
ntsiactivitiesiiniallitheicompaniesiunderiSCUOLibothiinitheiheadquartersianditheioutsideibureau
s.i
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Banking & Finance MBA (3.5year’s) Choudhary Medicine
2.3iTheiDepartmentitoiWhichiIiAssignediatitheiWorkiPlace
2.3.0iCategoryiofitheidepartment
TheidepartmentiIiwasiaisigneditoitheifinanceidepartmentispecificallyiunderifinanceiuniticalledi
Accounts.
2.3.1iDutiesiofitheiFinanceidepartment:
TheiFinanceidepartmentiatiMedicineiCompanyiVehariilimitedicompanyihasimandateitoicarryiou
titheifollowingiduties;
• ReceiptiofiallitheistockiitemsisuppliediMedicineiCompanyiVehariilimitedicompanyifollo
wingiacceptanceiofitheistockiitemsiuponitheiriconformityiwithitheispecificationsiasispeci
fiediinitheipurchaseiorderianditheipurchaseicontract.
• ToiprepareiperiodicireportionitheistoresioperationsitoibeipresenteditoitheiChiefiExecutiv
eiOfficer.
• Itiisimandateditoimanageiallirequisitionsiforistockiitemsibyitheiuseridepartmentsiandiiss
uesiwhileiutilizingitheistockicontrolipoliciesiiniorderitoileverageivalueiforimoneyiandiim
proveioniproductivity.
• Theyiareialsoimandateditoiensureithatiproperidocumentationiregardingisaleiofiscrapiitem
siisigeneratediforiexampleiTaxiinvoice.
• Carryioutisupplierireconciliationiiniorderitoisortioutithoseiparticularisupplieriinvoicesifor
iwhichipaymentiagainstithemihasinotibeeniaffectediandiisilongioverdue.
• Theyiareialsoiresponsibleiforimaintainingiaiproperiofficeilayout,icodingisystemiandiallo
cationiofispaceitoieveryiofficeiitemiforiefficientioperationsiforiexampleiorderipicking.
2.3.2iTheititleiofitheiheadiofitheiFinanceidepartment
TheititleiofitheiheadiofifinanceiisiG.MiFinance.
2.3.3iTheiresponsibilitiesithatiIiwasiassigned:
▪ ReconcilingiofibankistatementsitoibringithemiiniagreementiwithitheibankibooksiofiMedi
cineiCompanyiVehariilimited.i
▪ Preparation,igenerationiandipostingiofiTaxiinvoicesirelatingitoiPayee,iWithholdingitaxia
ndiexciseitax
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Banking & Finance MBA (3.5year’s) Choudhary Medicine
▪ Carryingioutisupplierireconciliationiiniorderitoifilterioutithoseisupplieriinvoicesiforiwhic
hipaymentihasinotibeenieffectediagainst.
▪ Dataientryiforibothidaysiworkediiniaiweekiandiovertimeiforiemployeesiofitheicompany.i
▪ Reviewingienteredidataiforiidentificationiofianyidataientryierrorsiforiexampleiwrongitrea
tment.
2.3.4iOfficesithatiIihaveiworkediwithiandiwhatitheyido
1. Accounts;ithisimanagesialliAccountingiactivitiesiiniMedicineiCompanyiVehariiLimitedi
company
2. Payrollidepartment;ithisiofficeiisiresponsibleiforiprocessingiofiemployeeisalariesiinclu
dingiadvanceipayments,igratuityiandiendioficontractifee/payment
3. Theihumaniresourceioffice;iisiresponsibleiforihumaniresourceiplanningiandiensuringith
atiallitheihumaniresourceirequirementsiofiCMCV.
4. Procurement;ithisimanagesiallipurchasingiactivitiesiiniCMCVicompany
5. Salesiandimarketingidepartment,ithisimanagesitheisalesiandimarketingiactivitiesiofiC
MCV.
2.3.5iRelationshipiwithiotheriofficersiiniexecuting
TheyiwereisupportiveiandiencouragedimeitoiaskiasimanyiquestionsiasiIicouldiaboutitheisubjecti
ofiFinanceimanagementiiniorderitoienhanceimyilearningiexperienceiandiiniaddition,iIiwasiassur
edithatieveryimemberiofitheiAccountistaffiwouldibeigladitoigiveiairesponseitoimyiiiquestions.
Iihaditoiaccorditheseiofficersiwithirespectibecauseieachiofithemiwasimyiimmediateisupervisoria
ndiwasitaskeditoiassessimyiperformanceimainlyiinitermsiofidressingiandibehavioriandiattitudeit
oiwordsiworkiforiexampleitheistoresistaff.
Theyiwereifriendlyiandisupportiveitoitheiextentithatithereiwasinoisignificantilineidelineatingime
iasianiinterniandithemiasiCMCVistaffiasitheyiensureithatiIifeltiatihomeiatiall-
timeispecificallyibyiassuringimeithatibyitheifactithatiIiwasidoingimyipracticumiatiMedicineiCo
mpanyiVehariiLimitedicompany,iIiwasiaimemberiofitheiCMCVifamilyiforitheiwholeiofimyiinte
rnshipiperiod.
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Banking & Finance MBA (3.5year’s) Choudhary Medicine
2.3.6iSupplyiRout
Monday
Malsi
Burewala Khnawal
Thursday Wednesday
2.3.7iSupplyiDays
WeihaveigoingitoitheiTibbaiSultaniPurioniSunday.iWeihaveigivenitheimedicineitoianyimedical
istoresiandicollectitheipaymentionitheiplaceiandithenibackitoihome.
➢ NextiMondayiweihaveigoingitoitheiMalsi.iWeihaveigivenitheimedicineitoianyimedicalist
oresiandicollectitheipaymentionitheiplaceiandithenibackitoihome.
➢ NextiTuesdayiweihaveigoingitoitheiLoudan.iWeihaveigivenitheimedicineitoianyimedicali
storesiandicollectitheipaymentionitheiplaceiandithenibackitoihome.
➢ WeihaveigoingitoitheiKhnawalaioniWednesday.iWeihaveigivenitheimedicineitoianyimedi
calistoresiandicollectitheipaymentionitheiplaceiandithenibackitoihome.
➢ NextiThursdayiweihaveigoingitoitheiBurewala.iWeihaveigivenitheimedicineitoianyimedic
alistoresiandicollectitheipaymentionitheiplaceiandithenibackitoihome.
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Banking & Finance MBA (3.5year’s) Choudhary Medicine
2.3.8Softwareiuse
Overialliusingitheisoftwareipharmaceuticalisoftwareitheyicaniadditheimedicineiitemsianditheicr
eateitheimedicalistoreibilliseeitheipictureiwithiexample.
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Banking & Finance MBA (3.5year’s) Choudhary Medicine
2.3.8OutstandingiInvoices
2.4iTheiRoleioftheiSiteiSupervisor
Theisiteisupervisoriamongiotheridutiesiperformsitheifollowingirole;
• Orientingimeiatitheibeginningiofitheipracticumibyitakingimeithroughitheipoliciesiandipr
oceduresiofitheistoresioperations,igoalsiandiobjectiveiofiCMCV
• Toiassigniworkitasksitoiinternsiandiforeiseeitheiperformanceiofithisitasksibyiinternsibyig
uidingiinitimeisiwhereiaichallengeiisimet.
• Verifyingiandipostingienteredidataionireceiptsiandiissuesiofistockiitems.
• Assessingimyiperformanceifromitimeitoitimeiduringitheiinternshipiperiodiwithiconsultati
oniwithitheiuniversityisupervisor.
• Toicompleteiaifinalievaluationiformiatitheiendiofitheiinternship.
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Banking & Finance MBA (3.5year’s) Choudhary Medicine
• Discussiandidevelopiaischeduleiandiworkiplansiwithitheistudents.
2.5iTheiRoleioftheiUniversityiSupervisor
• Toiprepareitheiinternimentallyiforitheipracticalifieldiexperienceiandiiniadditioniclearithei
highiexpectationsiandiillusionsithatimayibeipossessedibyitheistudent.
• Toiassessitheiperformanceiofitheiinterniduringitheientireiinternshipiexercise.
• TheiuniversityisupervisoriactsiasiaicoordinatoribetweenitheiuniversityianditheisightiCom
panyiforitheipracticum.
• Assessingitheiinternshipienvironmentionitheigroundsiwhetheriitiisiavailingitheistudentiw
ithiandiobjectiveilearningiopportunityiforieasyibridgingiofitheigapibetweenitheoryiandipr
actice.
• Toireceiveiandimarkistudentireports.
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Banking & Finance MBA (3.5year’s) Choudhary Medicine
CHAPTERiNO.3:I FINDINGSiANDiOBSERVATIONS
3.0iIntroduction
Thisichaptericontainsilessons;iexperiences;inewiknowledgeiandiskilligained;imostiinterestingiex
periencesi
3.1iKnowledgeiandiSkillsiAcquired
3.1.1iKnowledgei
Iiacquirediknowledgeiofidoingitheifollowing;
• IihaveimasteredihowitoiuseiERPisoftwareiforiAccountsioperationsiofimaintainingistockic
ards,isupplierireconciliationiamongiothers.
• IihaveigainediknowledgeionihowiAccountsioperationsiareicarriedioutiiniaiprofit-
makingicompany.iAdditionally,iIihaveigainediimmenseiknowledgeionitheiacceptableicod
eioficonductiandidressingicodeiinianiofficeienvironmentiiniorderitoibeipresentableiandino
titoioffendianyicolleagues.
• Iihaveigainediknowledgeionihawibidievaluationiisimanagediandiexecutediiniaiprofit-
makingicompanyiwhereitheifocusiisionireducingibureaucracyiwhileileveragingibenefititoi
theicompany.
3.1.2iiiSkillsi
iiiiiiiIilearntitheifollowingiskillsiduring:i
• ComputeriskillsioniMicrosoftipackagesiofiexcel,iword,iinternetiskillsitheioperationsiofith
eidifferentiapplicationsiwithiniMicrosoftiERPiandiiniadditionihowitoioperateiotherioffice
iequipmentilikeiphotocopyingimachinesiamongiothers.
• Relationshipwise,iIihaveigainediinterpersonaliskillsithatihaveienhanceitheicompletioniofi
myipracticum.
• IniallitheitasksiIiperformediuponicompletioniIihaditoireportionitheifinalioutputihenceiav
ailingimeiwithitheiplatformiofidevelopingimyiReportingiskills.
• Duringitheicourseiofitheiexercise,iIiwasiableitoitakeiaccuratelyiethicalidecisionsi
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Banking & Finance MBA (3.5year’s) Choudhary Medicine
• ArrangementiandiFilingiofitaxesilikeiVAT;iWithholdingiTaxiandiiiPAYEibasedioniBilli
paymentinumberi(BPs)iandiatitheiendiIilearntifilingiskills.
3.1.3iHowiIiIntenditoiUtilizeiWhatiIiHaveiLearntiforiMyiProfessionaliDevelopment.
Iiwasibetteripreparediforitheisinceitheifollowingicourseiunitsiwereirelateditoitheifieldiofiworkin
amely;ifoundationiofifinance,iprinciplesiofimanagement,iinformationitechnology,ibusinessicom
municationiskills,ibusinessilawiandicompanyilaw.iTheseicourseiUnitsihelpedimeiinieasingimyi
workiforiexampleiinicarryingioutiPartyireconciliationistatements,iBalanceisalaryipayableiaccoun
ts,iandiPassingipurchaseibills.iThisiwillihelpimeitoifavorablyicompeteionitheilaborimarketiinithe
icountryidueitoidifferentiskillsiandiknowledgeiacquiredifromiinternshipiandithisiwillihelpimeitoi
developimyiprofessionalimore.
3.2iPersonaliContributionitotheiCompany
iiiiiIiwasiableitoiincreaseionitheiefficiencyiandieffectivenessiinitheiexecutionioficompanyiworki
asiwelliasimeetingitheirequiredideadlineiiniareasiofimakingisalaryireports,imakingipayrolliandit
axiprocess.iThisicameiwheniIiserveitoiincreaseionitheimanpoweriavailableitheiAccountsiUnit.
3.3iChallengesiNoticediDuringiInternshipiThatiAreiAffecting;
3.3.1iTheiCompany
• Lackiofienoughiworkingispaceiinimostidepartmentsiwhichihindersiemployeesiiniperform
ingiwellicertainiactivities.
• CompetitionifromiotheriMedicineiproducingicompaniesisuchiasiBlochMedicine,iAliiBab
a Medicine.
• Theipasswordsigivenitoitheiaccountsistaffiareigivenirestrictivelyiwhichirestrictsitheiriwo
rk.
• Fraudicommittedibyiuntrustworthyiemployeesilikeirecordingiwrongifiguresiintentionally.
3.3.2iTheiWorkers:
• Lowisalariesitoicausaliworkersisuchiasicleaner,icutteriandisecurityiproviders
• Pooriaccommodationicharacterizediofioldibuilding.
• PoorifeedingiofiworkersimainlyiworkersiofitheiorganisationifeedioniPoshoiandiBeans.
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Banking & Finance MBA (3.5year’s) Choudhary Medicine
• Languageibarrieriisialsoianotheriproblemifacingitheiaccountsidueimanyitribesiinitheicom
pany.
3.3.3iTheiInternee:
• TheitimeiperiodiforiwhichiIiwasiaccepteditoidoitheipracticumiatiCMCViwasiquiteishorti
(6iweeks)iforimeitoibeiableitoiunderstandiallitheiprocesses,iproceduresionioperationsiofi
theiAccountsifunctioni
• Iialsoiencounterediconstantichallengingicircumstancesimainlyiduringidataientry;ithereiw
asinoistandardiformatiofiEnteringitransactionivouchers.
• Someiofitheidoorsitoisomeiofficesihadisecurityicontroliinstallationsithatirequirediswipin
giaisecurityiaccessicardiforitheidoorsitoiopeniandiyetiasianiinterniIiwasinotiissuediwithit
hisiaccessicard
• Languageibarrierisinceitheicompanyiisimultinational
• Iialsoifacediaiproblemiofigettingiwhereitoicarryioutithisiexercise.
• Sometimesithereiisinetworkifailureiwhichiresultsiinipendingiofimyiassignments.
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Banking & Finance MBA (3.5year’s) Choudhary Medicine
CHAPTERiNO.4:I CONCLUSIONSiANDiRECOMMENDATIONS
4.0iIntroduction
Thisichaptericontainsimanagementiofiinternshipiatiworkiplace,icommentionitheifindings,iassess
ment,irecommendationsiandiconclusion.
4.1iManagementiofiInternshipiatiWorkiPlace
CMCVireceivesiandimanagesistudentsiofiinternshipiattachmentiasiCompany’siemployees.iIiwas
ireceivediatiCMCVievenithoughiIihadinotiyetigivenithemimyiinternshipiplacementiletter.iInithei
dueicourseiIiwasientitleditoigeneraliwelfareiasistaffimember.
TheistaffimembersiinitheiFinanceidepartmentiwereiequallyimyisupervisorsibutitheiAccountsihea
dialongiwithitheihumaniresourceimanageriwereimyioverallisupervisors.i
Theiofficialireportingitimeiforitheicompanyistaffiisi8:00iamianditheiofficialireportingitimeiforit
heiinternsiwasialsoitheisameianditheiofficialitimeiforisigningioutiforitheicompanyistaffiisi5:30ip
miwhileitheiinternsiofficiallyiwereialloweditoisignioutianyitimeifromi5:00ipm.
4.2iCommentioniFindings
Iilearntitheifollowingiskillsiduringienteringilocaliandiforeignipurchaseibillsiinicomputerisystemi
usingiERP,ipreparationiofipartyireconciliationistatements,iandifilingiofitaxesilikeiVAT,iWithhol
dingiTax,iandiiiPAYE.iHowever,iIifacedisomeichallengeiwhileiperformingitasksiatitheistation,i
Languageibarrierisinceitheicompanyiisimultinational,iSometimesithereiiisinetworkiifailureiiwhic
hiiresultsiiiniipendingiiofiimyiiassignments.
4.3iRecommendations
4.3.1iRecommendationsiSuggestediforitheiImprovementiofiCMCV.
• Constantiiicommunicationiiitoisuppliersiforireconciliationiofistatementsiofiaccounts.
• Delayiofiinvoicesiinitheisystemishouldibeiovercomeibyiregulariupdatingiofiiitheisystem.
• CMCVitoiacquireiaistandiibyigeneratorieveniforitheiicompanyiitoiiproduceiienoughiipo
weriiniiorderiitoiisolveiitheiiproblemiiofiipowericuts.
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Banking & Finance MBA (3.5year’s) Choudhary Medicine
4.3.2iRecommendationsiSuggestediforitheiImprovementiofitheiFutureiInternshipibyiU
niversityiOfiAgricultureiFaisalabadiSubiCampusiBurewalaiVehari.
• Theiiuniversityishouldiiprovideiiadequateiicomputerizediiaccountingiiandiiauditipackage
siiiniiitsicurriculumisoithatiistudentsiiareifullyiipreparediiforiitheiworkidemandsi.
• Asianiintern,iIiwouldilikeitoirecommendithatitheiuniversityishouldilayioutiguidelinesifor
iourifieldisupervisorsionitheiareasiofiinterestiitifeelsithatiaistudenticaniacquireienoughipr
acticaliskills.
• IiwouldiadviseitheiUniversityiitoiallowsithisiactivityi(internship)itoitakeiplaceitwiceiinit
heilearningiyearsiofitheistudentsibecauseitwoimonthsiareinotienoughiforiaistudentitoihav
eipracticaliunderstandingieachiandieverythingiconductedibyitheiCompany.
4.4iAssessmentiofiInternshipiExperienceiiniCompany
Inimyifieldiattachment,iIifoundioutithatipracticaliskillsicannotibeiacquiredibyijustireadingitextb
ooksiandiattendingilecturesionlyibutioneineedsifieldiattachmentitoiskills,iknowledgeiandiexperie
nceirealilifeiofiworkisuchiasiBankistatementireconciliationiskill,ifilling,iRecording,iPrintingiand
iphotocopyingiandicomputeriskillsilikeirunningidifferenticomputerisoftwareiapplicationie.g.iiER
P10,iPayrollimaster,iMs.iExceliandiMs.iWord.
4.5iConclusion
AlliiniallitheiinternshipipracticumiIiconductediatiMedicineiCompanyiVehariilimitediCompanyia
vailedimeiwithitheitools,ipeople,iprocessesiwithiwhichiIiwasiableitoipracticallyiunderstanditheili
nkibetweeniwhatiIilearnediinischooliwithinitheiscopeiofiAccountingiandifinanceispecificallyiinit
heiareasiofiAccounting,iproceduralimanuals,istockicontrolipoliciesirelatingitoiinspection,iverific
ation,iBankireconciliation,iDrawingiaccountability,iPayrolliprocessing,istockitakingiandirecordi
keepingiparticularlyimaintenanceiofitheiPaymentivouchers,ipurchaseibillsiandiaboveiallimainten
anceiofiethicalicodeioficonductiwhileiexecutingitheidifferentitaskiandiwhileiwithiemphasisionih
owitoirelateiwithiotheriemployeesiinianiCompany.
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Banking & Finance MBA (3.5year’s) Choudhary Medicine
REFERENCES
FrankiWoodi(1996)iBusinessiAccountingiii1,i7thiedition,iPitmaniPublishingiCompany
Karachii(1999)iFundamentaliAccountingiforiBusinessiPracticaliEmphasis
AliiBabaiLahorei(2005)iFinanceiDecisionsianditheiBusinessiPublishingiGroupiLahore
CompanyiBrochures.
CompanyiChart.
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Banking & Finance MBA (3.5year’s) Choudhary Medicine
APPENDICES
Appendixi1:iAcceptanceiletter
Appendixi2:iRecommendationiletter
29