final ibrar report

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Internship Report on HYDRO TECH PAK (PVT) LTD Account office

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I nternship Report on

INTERNSHIP REPORT ON MALAKAND IIIHYDRO POWER ACCOUNT OFFICE

SUBMITTED BY:

Muhammad Ibrar

Roll No: 2460

M.Com (Accounts)Session (2011-2013)

Government College of Management Sciences

Thana MKDAFFILIATED WITH

University of Malakand

Khyber Pukhtunkhwa


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I nternship Report on

INTERNSHIP REPORT ON MALAKAND III

HYDRO POWER ACCOUNT OFFICE

I nternship report submitted to the Department of Malakand study in

partial Ful f i lment of the requir ements for the Degree of M aster of

Commerce

Government College of Management Sciences

Thana MKDAFFILIATED WITH

University of Malakand

Khyber Pukhtunkhwa


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Dedication

I dedicate my report and work first to my parents, whose prayer is a source of encouragement

and for me at the every step of my career. Second to my supervisor who guide me and provide

helpful information at the right time.


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ACKNOWLEDGEMENTI am very grateful to Almighty Allah, the most merciful and beneficial who gave me encourages

completing this task and made me able to complete the work accessible in the report. I am also

thankful to my parents whose prayers make possible to reach this stage.

I am highly thankful to my instructor who guides me for the completion of this report and

provide helpful information at the right time.

I am also very thankful to the staff of Hydro Tech Pak. (Pvt.) Ltd. who helped and guided me

throughout this whole work.

It was an honour for me to learn and work with, Mr.Masood-Ur-Rahman (Accountant).

Muhammad Ibrar


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EXECUTIVE SUMMARY

The internship program grows the students potential and energetic activity to done the work in

better manner. Student can learn more through internship program to enhance their working

abilities to compete the market, to assume responsibilities, cooperation, team work and hallmarks

of modern management.

I got a chance to join the one of the renowned company of Pakistan Hydro Tech Pak. (Pvt.)

Ltd. to perform my internship. It was a nice opportunity for me to apply my theoretical work

and learn from seniors having years of experience. All the efforts on the way are summarized in

shape of this Internship Report. Internship Report contains the Short History of company,

development in the sector, Organization Hierarchy Chart, and more information about my

relevant field internship experience.


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TABLE OF CONTENT

ACKNOWLEDGEMENT 4

EXECUTIVE SUMMARY 5

CHAPTER 1 7

INTRODUCTION 7

CHAPTER 2 10

DEPARTMENTS OF HYDRO TECH PAK (PVT) LTD 10

CHAPTER 3 12

PRODUCTS LINE 12

CHAPTER 4 14

ACCOUNTING ANALYSIS 14

CHAPTER 5 17

FUNTIONS OF ACCOUNT OFFICE 17

CHAPTER 6 19

SWOT ANALYSIS 19

CHAPTER 7 21

CONCLUSION 21

CHAPTER 8 22

RECOMMENDITIONS 22

REFERENCES 23


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Chapter 1

INTRODUCTION

BACKGROUND

Hydro Tech Pak (Pvt.) Ltd. has highly qualified and well experienced manpower, recruited from

Pakistan WAPDA and Malakand-III HPP construction companies. They are all from various

disciplines like Mechanical, Electrical, Protection, Instrumentation, SCADA, DCS and Civil/

structural, having rich expertise in erection, testing, commissioning, operation and maintenance

of Power Projects.

Having realized the uprising requirements in the field of Design, Engineering, Procurement,

Construction, Supervision, Operations & Maintenance of Hydro Power Stations & Other

Renewable Energy Projects in Pakistan. Hydro Tech Pak (Pvt.) Ltd comprising renowned hydro

power professionals was founded. It is the first ever private company of its kind, established in

Pakistan for production, development of electric power & other allied services related fields of

power production.

All technical & support services being provided to the Client. More than two (200) hundred well

experienced engineers & technical / support staff deployed in the power complex, for smooth,

efficient & round the clock operation & maintenance of the complex. Most effective dealings

with the power purchaser i.e. NTDC/WAPDA for power purchase agreement & energy payment

invoices & NEPRA (for tariff determination & indexation matters & other stake holders, on

behalf of the Client.

Initial term of operation & maintenance contract period being five (05) years which stands

extendible with mutual consent.

History

Water is led from Swat River through Upper Swat Mainline Canal commencing at village

Amandara in the Malakand Agency where head works were constructed in 1914. The whole

irrigation system, finally commissioned in 1918, is called Upper Swat Canal system and was

designed to provide irrigation water to 113, 312 hectares (280,000 acres) of barani wastelands in

the Malakand Agency, Mardan and Peshawar districts. This was made possible by piercing a

tunnel (Named Benton Tunnel) through the Malakand hill range. Taking advantage of the

elevation difference between the hilly and plan area Power Station Jabben (Malakand-I) was


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constructed in 1937 followed by Power Station Dargai (Malakand-II) in 1952. The availability of

additional water created the possibility of producing more electricity. A power generation

scheme was so conceived out of Swabi SCARP as to serve the needs of remodelling of Swabi

SCARP and generates additional power, as well. This scheme was initially prepared by WAPDA

but was taken over later by the provincial government of KPK to generate 81MW of power and a

net saleable energy of 550 million units. This new electricity generation scheme was named

Malakand-III Hydropower Project.

The company has hydel power professionals, carrying years long experience in different

disciplines of energy sector. While acknowledging the company expertise, WAPDA

Management has also been kind enough to allow inland deputation of their engineers and other

support staff, to Hydro Tech Pak (Pvt.) Ltd. More than two (200) hundred well experienced

engineers & technical / support staff deployed in the power complex, for smooth, efficient &

round the clock operation & maintenance of the complex which is now grown up to five (500)

hundred.

Hydro Tech Pak (Pvt) Ltd. has the great contribution in the uprising requirements in the field of

Design, Engineering, Procurement, Construction, Supervision, and Operations & Maintenance of

Hydro Power Stations & Other Renewable Energy Projects in Pakistan. Hydro Tech Pak (Pvt.)

Ltd comprising renowned hydro power professionals was founded. It is the first ever private

company of its kind, established in Pakistan for production, development of electric power &

other allied services related fields of power production.

Vision / Mission, Purpose, Goal and Core Values

Hydro Tech Pak (Pvt) Ltd's vision/mission statement outlines the projected business growth that

the company expects to achieve and the steps it will take to get there. Every company or business

is established with a fundamental set of core values- These are usually the beliefs and passion of

the founder that has flowed through to the business without a lot of conscious effort.

Vision

Being the largest Hydro Power Company in Private sector, we are fully aimed at delivering

sustainable energy by spreading our footprint nationwide, creating new benchmarks in

operational efficiencies, investing in global resources and redefining paradigms.

Core Values


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Hydro Tech Pak (Pvt.) Ltd believes in self-esteem of their customers, suppliers and

employees.

Hydro Tech Pak (Pvt.) Ltd works as a team where every member owns the process with

an entrepreneurial spirit.

Hydro Tech Pak (Pvt.) Ltd works with professional honesty and integrity.

Hydro Tech Pak (Pvt.) Ltd trusts their employees and appreciates their contributions.

Hydro Tech Pak (Pvt.) Ltd strives for continuous improvement to achieve excellence in

all spheres of their activities.

Acts of Success

Empowerment

Empowerment refers to increasing the spiritual, political, social or economic strength of

individuals and communities. It often involves the empowered developing confidence in own

capacities.

Communication

Communication is a process of transferring information from one entity to another.

Transparency

Transparent procedures include open meetings, financial disclosure statements, the freedom of

information legislation, budgetary review, audits, etc.

SynergySynergy is where different entities cooperate advantageously for a final outcome. If used in a

business application it means that teamwork will produce an overall better result than if each

person was working toward the same goal individually.


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Chapter 2

DEPARTMENTS OF HYDRO TECH PAK (PVT) LTD

Accounts Department

This department is managed by Mr. Masood-Ur-Rahman as Accountant. Dealing all the

transactions/matter related to accounts for field office.

Department of Admin & Security

This department is managing by Lt. Col (Retd) Muzaffar Shah, Deputy Plant Manager (Admin &

Security). This department is responsible for the overall malakand-III, Hydro Power Complex

Administration and Security matters.

Department of Civil Engineers

This department is managing by Mr. Waheed Gul (Engineer of the Civil works and land survey).

He is responsible for the civil works under the Malakand-III, Hydro Power Complex and also

visited in other project of the Company.

Department of Electrical & Mechanical works

This department is managing by Engr. Muhammad Ismail Deputy Plant Manager (Protection &

Instrumentation) & Engr. Muhammad Ali Deputy Plant Manager (Control & Mechanical). They

are responsible for the supervision and guidance of their respective work fields.

Comments on the Organization structureThe organization structure is fully tailored according to their work schedule and desire goal. The

organization structure is well hierarchical and the field office is under guidance /supervision of

Plant Manager. There is a clear cut rule law according to organization structure, that to who will

be responsible to whom.


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Organization Chart


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Chapter 3

PRODUCTS LINE (SERVICES)Expertise

These expertises to a number of Clients, to their entire satisfaction, our highly cap able team of

hydro power professionals, mostly WAPDA ex-chief engineers, and most senior engineers very

well know, how to deal with NEPRA for tariff determination & with Power Purchaser either

regional distribution companies or NTDC of WAPDA. We are confidence of delivering useful

services to the Clients in all such fields. In fact, we have already been providing.

Engineering and Services Division

Hydro Tech Pak (Pvt.) Ltd is fully equipped with the expertise for design, project management,

construction supervision, testing, commissioning, operation and maintenance of Power Projects.

Client Services Division

Hydro Tech (Pvt.) Ltd has been providing Clients with highly competent technical manpower

resources, to meet their specific and time bound requirements on long term basis. The testing of

132 KV switchyard equipment at Malakand-III, HPP and overhauling of Reshon (Chetral) Pelton

turbines are also our achievements.

Inventory Services Division

Hydro Tech Pak (Pvt.) Ltd can facilitate the power projects in Pakistan, by arranging / importing

spares / stores at most competitive prices for the smooth, efficient and reliable (O&M), from all

over the world.

Consultancy Services

In addition to operation / maintenance & development of hydro power projects, we have

recently entered into a joint venture with M/s Lahmeyer, leading consultants from Germany, for

working together thereby providing consultancy services for hydro power project, all over

Pakistan. Testing, commissioning, operation & maintenance of 81 MW Malakand-III Hydro

Power Complex. All technical & support services being provided to the Client. More than two

(200) hundred well experienced engineers & technical / support staff deployed in the power

complex, for smooth, efficient & round the clock operation & maintenance of the complex. Most

effective dealings with the power purchaser i.e. NTDC/WAPDA for power purchase agreement

& energy payment invoices & NEPRA (for tariff determination & indexation matters & other


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stake holders, on behalf of the Client. Initial term of operation & maintenance contract period

being five years which stand extendible with mutual consent.

Business volume

The Company Hydro Tech Pak (Pvt) Ltd has awarded the contract for five years term. The total

cost of the contract is Rs.525.00 Millions.

Performance

We have been able to recover the project capital cost of more than five (05) billion Pak rupees, in

thirty (30) months time period of commercial operation. The revenue on account of hydro power

generation is invoiced to the Power Purchaser (NTDC/WAPDA) on monthly basis & payments

timely received on our pursuance.


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Chapter 4

ACCOUNTING ANALYSIS

GovernmentAccounting

Government of every country has to perform variety of functions. It has to defend the countryfrom foreign aggression, maintain Law and Order in the country provide educational and health

facilities to the people and also to finance several development projects. All these objectives

require heavy expenditure. Those are met by imposing taxes on the people of country. It is the

duty of executive government to maintain a record of all its income and expenditure. This

recording of government receipts and expenditures is called government accounting. These are

done by Accounts Offices which are located at all the four provinces of Pakistan called District

Accounts Offices.

Objectives of Accounts Office

Following are the main objectives of district accounts offices. Those are discussed below.

Provide Basic Data for Budgeting

A budget is a proposed work programmed, with estimates of the funds necessary to execute it. A

work programmed is a plan. The process of preparing estimates and organizing them into a

coherent agency budget necessarily involves planning. The budget may, therefore, be said to

represent a plan or a considerable number of plans in different areas of organization functions.

Provide Basic Data for Policy Making

As Accounts office helps in preparing budget for financial year they also provide help in policy

making of the executive. On basis of provided facts and figures the organization decides what is

needed to organizations or departments and what areas are left for preference and what steps

should be taken to improve those areas in the next budget. Due to the budget is a plan itself.

Although plan is another operation but budget gives base to plan.

Undeveloped therefore more financial support would be required to fulfil such requirement then

it would be consulted and organizations would decide to remove such deficiency in the fore

coming budget.

Treasury functions

Organization need to ensure both efficient implementation of their budgets and good

management of their financial resources. Spending departments must be provided with the


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funds needed to implement the budget in a timely manner, and the cost of organization

borrowing must be minimized. Sound management of financial Assets and Liabilities are

also required. Financial management within the organization includes various activities:

formulation of budget preparation; budget execution; management of financial operations;

accounting; and auditing and evaluation. Within this broad financial management function, the

Treasury function is to achieve the set of specific objectives mentioned above. It covers the

following activities:

Cash management;

Management of bank accounts

Financial planning and forecasting of cash flows;

Debt management;

Administration of foreign grants and counterpart funds from international aid.

Financial assets management

Features of Accounting System of Hydro Tech Pak (Pvt.) Ltd

Accounting system of Hydro Tech Pak (Pvt.) Ltd has several features discussed as under.

Cash Book

Accounting system of Hydro Tech Pak (Pvt.) Ltd is based on actual receipts and payments of

cash and not on the basis of accruals of right and obligations. This book is maintained at

Accounts Office.

Single Entry System

Accounting transactions are recorded on single entry system. Now Hydro Tech Pak (Pvt.) Ltd

developing its system to New Accounting Model and doing double entry system with help of

computer software SAP. Now accounting transactions are recording on double entry system.

Basic Accounting Unit

Accounts Officer of Hydro Tech Pak (Pvt.) Ltd are the basic accounting units in organization

these offices perform the dual function of maintaining the accounts and Auditing. Therefore

Accounts Officers are consisting of Audit staff Control of Finance Department of organization.

Closing the Accounts


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Formally accounts of the organizations in Pakistan are closed annually or at the end of each

financial year. But Hydro Tech Pak (Pvt.) Ltds closed its accounts on half yearly and monthly

basis which helps the AOs to constitute annually closing.

Compilation and Consolidation of Accounts

After the basic accounting units have put together the figures of Expenditures and receipts etc. In

different heads of accounts these are sent the accounts and audit department for compilation.

After compilation of accounts these are sent to executive officers.

Certain Assets & Liabilities

The recording of certain Assets and Liabilities as part of modified cash basis of accounting will

help in providing useful information for decision making and for disclosure in the financial

statements. The difference should be noted that using the cash basis of accounting or previous

system of accounting helps in controlling the cash against budget amounts and allows only the

statement of receipts & payments to be generated. The Modified Cash Basis of accounting on the

other hand helps in controlling not only cash but also commitments against budget allowing the

production of statement of Assets and Liabilities and a cash flow statement.


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Chapter 5

FUNCTIONS OF ACCOUNT OFFICE

FunctionsThis is field Account office of Hydro Tech Pak (Pvt). Ltd in Malakand III Hydro Power

Complex, under direct supervision of Director Finance.

Administrators have experience in business dealing with the leading multi-national companies in

Pakistan and being highly disciplined in financial matters, has been entrusted the responsibilities

of Director, Finance in the Company. All financial & accounts matters of the company are

overseen by Director Finance. In field office Accountant are handling all day-to-day transaction

of the field office. Liaising with banks, head office, cash managing, providing short loans to the

office members, preparing financial statements and keep up to date record of all transaction the

relevant transactions.

Data punching means feeding of data collected into the computer daily or weekly. The punch

data daily which include in the account.

First, data of transactions enter on daily basis in the respective ledger books.

Following book of accounts is maintained.

General Ledgers

Bank Books.

Cash Books.

Journal & Adjustment Vouchers etc.

Maintaining of all Expense Registers/Advances-Deposits etc

After debt and credit amount, data are punch according to their account in the computer so that it

could check data easily. After that produced the cash debit vouchers and Cash credit vouchers,

checked and verified of Bank Reconciliation statement with respective book of accounts.

Keeping data of all employees salaries, bonuses and other commission / TA, DA reward in their

respective files. While keep the file up to date for easy payroll preparation.

Guide and process all the data of employees to open an account/registration with EOBI. EOBI is

government organization provide several benefits for registered employees such as follows:


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Under EOBI Scheme, Insured Persons are entitled to avail benefit like, Old-Age Pension (on the

event of retirement). Invalidity Pension (In case of permanent disability).

Old-Age Grant (an Insured Person attained superannuation age, but does not possess the

minimum threshold for pension) Survivor's Pension (in case an Insured Person is expired).

Public dealing means have good behaviour with the public for increasing efficiency and growth.

Our office deals with the staff members and provides information of accounts and others which

relates to the accounts.

Work In Administration Department

Worked on employees personal files and keep it up to date.

Provide / assist admin staff of proper telephone, Fax and photocopies service to other staff

members.


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Chapter 6

SWOT ANALYSIS

Strengths

Manufacturing facilities (Local presence)

Trained and expert staff

Service setup

Market leader

Compliance with international quality standards

Less number of competitors in local market.

Weakness

Takes long time to import material

Prices are too high in todays competitive world

No prices for imported pumps readily available

Negative perception in market

Over head are high (salaries, expenses & row material and energy cost)

Opportunities

Growth potential in new markets

Heavy Budget allotment in Govt. Sector for water supply Schemes

High profit margins in Turbine plants

Threats

Registration of new companies in Govt. Sector

High cost of Local/Imported plants

Lack of knowledge /Skills for imported plants specially submersible


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Hydro Tech Pak (Pvt) Ltd takes some important initiatives to capitalise their strength of trained

and expert staff and remove their threats of lack of knowledge for imported plants by hiring

professional team for research and development department.

Hydro Tech Pak (Pvt) Ltd removes their weakness by purchasing material in the local market in

instead of importing products and they have to offer the product at low prices.

COMPETITORS

WAPDA

OPERATION AN D MAINTENANC (O&M)

AL-FAJAR

M/S HERBIN POWER & ELECTRIC CORPORATION (HPE)


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Chapter 7

CONCLUSION

HYDRO TECH PAK (PVT) LTD is one of the richest companies in the Pakistan with the major

business enterprise. HYDRO TECH PAK (PVT) LTD has a responsibility to our shareholders,

employees, customers and the nation to continually improve the performance of the company

and its business. Doing the works with responsible way will lead the prosperity in the industries

and communities in which it participate, there are plenty of bigger challenges to be face yet, the

way the company is growing to innovation of technology will provide the cutting-edge

technology with less cost in internally and investment.

The competitive improvement gives HYDRO TECH PAK (PVT) LTD confidence that if its

prepared to take the lead in the new world. It can be seen that various strategies are used by

HYDRO TECH PAK (PVT) LTD in order to gain advantages over its competitors. In a

competitive market a company must identify its strengths, weaknesses, opportunities and threats

to strengthen the company and achieve its objectives and target different market.


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Chapter 8

RECOMMENDATIONS

HYDRO TECH PAK (PVT) LTD may develop close contacts with permanent and

contractual employees

HYDRO TECH PAK (PVT) LTD may increase employee satisfaction through

counseling

HYDRO TECH PAK (PVT) LTD may take active part in training session

May increase the profit margin & decrease the discount levels

May demonstrate more professional skills than its competitors

HYDRO TECH PAK (PVT) LTD needs to have more HR professionals in their HR

department.

Needs more efficiency on part of the administration

The HR should work more towards the organizational development

HYDRO TECH PAK (PVT) LTD should give some assignments to the students coming

for internship so that they could have something fruitful to do besides having a taste of

office environment.


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References

HYDRO TECH PAK (PVT) LTD Pakistan 2010, HYDRO TECH PAK (PVT) LTD

Pakistan History,Viewed 8 March 2010,

http://www.Hydro Tech Pak (Pvt) Ltdpak.com/history.htm

HYDRO TECH PAK (PVT) LTD 2010, a World of Difference,Viewed 8 March 2010,

http://www.Hydro Tech Pak (Pvt) Ltd.com/Hydro Tech Pak (Pvt)

Companies and Markets,HYDRO TECH PAK (PVT) LTD Hydel company- Company

Financial and Credit information, Viewed 10 March 2010,

http://www.companiesandmarkets.com/Summary-Company-Financials/Hydro Tech Pak

(Pvt) Ltd -126216.aspx

`Mr.Masood-Ur-Rahman Account Officer HYDRO TECH PAK (PVT) LTD Malakand
http://www.ksbpak.com/history.htmhttp://www.ksbpak.com/history.htmhttp://www.ksb.com/ksb/web/COM/en/company/konzern/1__ueber__uns/1a__KSB__in__Kuerze/ksb__ins__kuerze__en__index__art.htmlhttp://www.companiesandmarkets.com/Summary-Company-Financials/ksb-pumps-company-126216.aspxhttp://www.companiesandmarkets.com/Summary-Company-Financials/ksb-pumps-company-126216.aspxhttp://www.companiesandmarkets.com/Summary-Company-Financials/ksb-pumps-company-126216.aspxhttp://www.companiesandmarkets.com/Summary-Company-Financials/ksb-pumps-company-126216.aspxhttp://www.companiesandmarkets.com/Summary-Company-Financials/ksb-pumps-company-126216.aspxhttp://www.ksb.com/ksb/web/COM/en/company/konzern/1__ueber__uns/1a__KSB__in__Kuerze/ksb__ins__kuerze__en__index__art.htmlhttp://www.ksbpak.com/history.htm

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