gulistan group of companies..final report
TRANSCRIPT
INTERNSHIP FINAL REPORT
GULISTAN GROUP OF COMPANIES PRIVATELIMITED
WALEED LAL BAKHSHTHE HAJVERY UNIVERSITY LAHORE
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DEDICATION
This Report is dedicated to
My Dear Parents
My Honorable Teachers without
&
My beloved Colleagues
My Honorable Teachers without
Whose Guidance this would
Not have been possible
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Internship for 10 weeks
FINAL REPORTON
Gulistan Group of Companies
Pvt Limited
BY
Waleed Lal Bakhsh1447B.COM
The Hajvery University, Lahore
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List of Contents
No. Contents Page Page No
1 Acknowledgment 05
2 Preface 06
3 Introduction 07
4 Identification & Description 09
4 Company Information 12
5 Export Countries 15
6 Market Target 16
7 Description & Nature of the Job 17
8 Important Skills & Ideas Learnt 20
9 Weakest Area of the Company 23
10 Recommendation 24 11 Future Prospect 26
12 Competitors 30
13 Company Ranking against Competitors 35
14 Favorite personality 37
15 Recommended to improve 38
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Acknowledgement
My report will remain incomplete if I do not mention the efforts of those people who helped me in completing this work.
First of all I will thank my ALLAH who enables me to making this project. Second I will thank to my teacher who got me opportunity to work in such a prestigious organization, which is well known in the country. I also tribute to my all teachers who able me to work with experienced persons and enable me to work very efficiently throughout the period of Internship.
The accountant department of GTSM helped me in preparing my internship Ahmed. The program was organized in such a way that sufficient time was given to each department according to its importance. I am really thankful for his co-operation during the internship.
At last, I would like to thank all those persons who helped me in completing this report.
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Preface
Bachelor degree is more practical one compared to other Bachelor degree.
Majority of the studies includes practical work and experience to give students
a closer look of the business work and its requirements. That is the degree
holder can adjust themselves easily in al kinds of businesses and industrial
environments. Final project of planning is a part of that series. It is an integral
part of degree at THE HAJVERY UNIVERSITY LAHORE. It helps students
to understand the practical work and know about working of an organization.
To meet this purpose, I was assigned the below project at Gulistan Group Of
Companies Private Limited . In this short period I have learned a lot about an
organization.
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The first part is the introduction of the Textile Industry. The second part is the
Organization’s view. The third is the Analysis of Industry and the company
while the forth is about Recommendations and conclusion. I hope this report
will provide a clear inside picture of Kohinoor Weaving Mills Limited to its
readers and they will know much more the planning.
Introduction
Gulistan Group of Companies began with the establishment of GulistanTextile Mills in 1966.
Gulistan Group of Companies since then the group has expanded substantially to become one of the largest textile groups in Pakistan with over 6000 employees
Gulistan Group of Companies main focus of this carefully designed expansion has been to add stability to our business obligations and win customer confidence in product quality, reliability and competence.
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This approach towards progress and growth is visible in Gulistan Group's enormous success in all of its undertakings to date.
Gulistan Group of Companies an annual turnover of US$ 140 million.
Gulistan Group of Companies all units are listed company.
Gulistan Group of Companies head office in Lahore & Karachi.
Gulistan Group comprises of:
11 spinning mills producing 60,000 tons of yarn perannum.2 woven fabric mills producing 16.5 million meters of fabric perannum.4 Power generation plants producing 21 megawatts of electricity.
Gulistan Group of Companies are manufacturing (Yarn, Febrics,Apparel , Cotton Clothes, Towels, Bed wear, knitwear, Raw Cotton, etc)
YARN
Gulistan’s 9 spinning mills with 215,000 spindles and 4,200 rotors produce 70,000 tons per year of cotton & blended yarns from 4/1 to 120/1 as well as up to 10-plied yarns. This is complemented by a yarn dyeing plant with a capacity of 3,000 tons per year of a wide variety of mélange and dyed yarns. Gulistan Group has one of the largest and most versatile spinning setup in Pakistan.
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FABRICS
The state of art weaving unit with its 255 air jet and projectile looms have a capacity of weaving 36 million linear meters of high quality greige fabric in widths ranging from 40 inches to 144 inches and thread counts as high as 600 in single,
APPAREL
The state of art weaving unit with its 255 air jet and projectile looms have a capacity of weaving 36 million linear meters of high quality greige fabric in widths ranging from 40 inches to 144 inches and thread counts as high as 600 in single, double and four pick insertions. The weaving product line includes fabrics for garments, home textiles and industrial applications.
HOME TEXTILE
Home Textile products are the latest addition to the group’s product range. A manual fabrication facility is being setup and exports have already begun of top quality yarn dyed sheet sets into the United States.
Identification & Description
ulistan group of companies have seven following units to
produce yarn and fabrics.
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Names of companies
Sales Tax Registration No
Units No ofunits
1. Gulistan Textile Mills LTD 1206520500137 (GTM) 04
2. Gulistan Spinning Mills LTD 1206520500473 (GTSM) 01
3. Gulshan Spinning Mills LTD 1206520500882 (GSM) 03
4. Gulistan Fabrics LTD 1206552050039 (GFL) 01
5. Paramount Spinning Mills LTD 1206520500882 (PSM) 01
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6. Gulistan Power Generation LTD 1200271601064 (GPG) 04
7. Gulistan Weaving Mills LTD 1206520501354 (GWM) 01
1. Gulistan Textile Mills LTD (GTM)
Having four units at different location, machinery production capacity and its employee.
MACHINARYUNITS LOCATION PRODUCTION CAPACITY EMPLOYEE
GTM (1) Bahawalpur 38000 Spindle 2000
GTM (2) Tobba Sultanpur 25000 Spindle 1200
GTM (3) Tobba Sultanpur 1200 Router 400
GTM (4) Ferouzpur 54000 Spandle 2500
2. Gulistan Spinning Mills LTD (GTSM) Having only one unit at this location, machinery production capacity and its employee.
MACHINARYUNITS LOCATION PRODUCTION CAPACITY EMPLOYEE
GTSM (1) Chunian 24000 Spindle 1050
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3. Gulshan Spinning Mills LTD (GSM) Having three units at different location, machinery production capacity and its employee.
MACHINARYUNITS LOCATION PRODUCTION CAPACITY EMPLOYEE
GSM (1) Tobba Sultanpur 1200 Router 400
GSM (2) Chunian 25000 Spindle 1100
GSM (3) Warburton 28000 Spindle 1300
4. Gulistan Fabrics LTD (GFL) Having only one unit at this location, machinery production capacity and its employee.
MACHINARYUNITS LOCATION PRODUCTION CAPACITY EMPLOYEE
GFL (1) Kotri 24000 Router 400
5. Paramount Spinning Mills LTD (PSM) Having only one units at this location, machinery production capacity and its employee capacity
MACHINARYUNITS LOCATION PRODUCTION CAPACITY EMPLOYEE
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PSM (1) Kotri 28000 Spindle 1300
6. Gulistan Power Generation LTD (GPG) Having four units at different location, machinery production capacity and its employee.
MACHINARYUNITS LOCATION PRODUCTION CAPACITY EMPLOYEE
GPG (1) Bahawalpur 10 MW 200
GPG (2) Ferouzpur 10 MW 200
GPG (3) Chunian 10 MW 200
GPG (4) Kotri 10 MW 200
7. Gulistan Weaving Mills LTD (GSWM) Having only one units at this location, machinery production capacity and its employee capacity
MACHINARYUNITS LOCATION PRODUCTION CAPACITY EMPLOYEE
GSWM (1) Ferouzpur 500 Loams 2000
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Company Information
BOARD OF DIRECTORS:
Mr. Abdul Shakoor (Chairman)
Mr. Abdul Shakoor Chairman
Mr.Tanveer Ahmed CEO
Mr. Naseer Ahmed Director
Mr. N. R. Siddiqui Director
Mr. Mohammad Abdullah Director
Mr. Riaz Ahmed Director
Mr. Mohammad Younas Director
MANAGEMENT:
Mr. Tanveer Ahmed Management Director
Mr. Ahmed Maqsood Chief Financial Officer
Mr. Tanveer Ahmed Chief Executive Officer
M/s. Akhtar Javed Legal Advisor
M/s. Sharif & Company Tax Consultant
INTERNAL AUDIT COMMITTEE:
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Mr. Abdul Shakoor
Mr. N. R. Siddiqui
Mr. Riaz Ahmed
COMPANY SECRETARY:
Mr. Zameer Q. Siddiqui
BANKERS:
United Bank Limited
Habib Bank Limited
National Bank Of Pakistan
Royal Bank of Scotland
TRANSPORTATION: REGISTERED OFFICE:
Iranullah 2nd Floor Finlay HouseI,I. Chundrigar Road
AL-Rahim Karachi
Malik Asghar
New Malik REGIONAL OFFICE: 58 Main Gulbaerg
AL-Abbas Lahore SHIPPING LINE:
HUNDAI
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APL
NYK
OOCL
UNIVERSAL
KMTC
AUDTIORS:
M/s. Mushtaq & CompanyCharted AccountantsKarachi
SHARE REGISTERED OFFICE:
M/s. Hameed Majeed Associates (Pvt) Ltd.Karachi ChamberHarsat Mohani RoadKarachiPh. 2424864, 2412754
Countries
Our company is today represented in more than 50 countries all over the world.
Gulistan group of companies provide in these countries (Yarn, Febrics, Apparel,
Cotton Clothes, Towels, Bed wear, knitwear, Raw Cotton, etc). The main
countries are:
o Saudi Arabia
o Dubai
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o Egypt
o Bahrain
o United State America (USA)
o Germany
o United Kingdom (UK)
o Japan
o Hong Kong
o Australia
Targ et Market
In local market, the target customers of GGC are
Upper class and upper middle class of the society House wives for the ho-textile fabrics For garments they are focusing on youngsters and adults
Where as in international market:
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USA European countries Asian countries Foreign youngsters Fashion designers
Distribution ChannelGGC is using only one channel for its distribution whether it is locally or internationally.
2. DESCRIPTION AND NATURE OF THE JOB PERFORMED BY STUDENT.
In this chapter of my internship program, I will discuss in detail the activities
performed by me in GULISTAN GROUP OF COMPANIES (Pvt) Ltd. I have
esteemed desire to work in a good organization to get excellence, practice,
knowledge and skill. So luckily I got internship in GULISTAN GROUP OF
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GGC
AGENT
CONSUMER
COMPANIES head office in Lahore, I spent ten weeks in this organization and
attained a lot of experience.
I joined GULISTAN GROUP OF COMPANIES head office in Lahore on 16
February for my internship training. First day, I reached there at 9’O clock and
reported to Mr. M.Malik the HR MANAGER
Mr. M.Malik. He took interview and tested as well my I.Q level. He gave me brief
introduction about company’s working and its management. He provided me ins
and outs to deal with different task.
Accounts Department
There are seven units in GULISTAN GROUP OF COMPANIES but I was
assigned to do my internship in (GTSM) Accounts department. This department
is basically related to allocate the account of Gulistan Spinning Mill.
The main objective of this department is allocate the sales, purchases , foreign
demand draft , bank reconciliation statements, and all transaction of Gulistan
Group Of Companies.
So employees of this department are basically engineers and commercial
officers. I did my two month intern ship in this department which was a good
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experience for me. I got much information, knowledge & skill about accounts.
MR. Aqib is a General Manager in account department. Mr. Ashraf and Mr. Faisal
Ahmed trained me about the accounts in ten weeks.
In these ten weeks I have got many things from Mr. Faisal Ahmed. Important
ideas and skill being learned. There were a lot some of them are as follows:
SALES TAX PROCEDURE
FOREIGN DEMAND DRAFT (FDD)
BANK RECONCILIATION STATEMENT (BRS)
FINAL ACCOUNT
RECTIFYING OF ERROR
LETTER OF CREDIT (LOC)
ACKNOWLEDGEMENT OF CHEQUE
I have also prepared (Carriage Outward - Streamer Outward – Sales Tax – Purchase Tax – Shipping Bills – clearance Charges) in Refund Claim Preparation System (RCPS).
How to prepare RCPS entries
An account officer in GTSM department Mr. Aqib Ahmed that deals in preparing
and submitting (RCPS) entries told me the procedure as follows:
Flow chart of the (RCPS) entries.
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Important Skills & Ideas Learnt
Being working in Gulistan Textile Mill, I have learnt four major following skills/ideas.
1) Communication Skills
2) Administrative Skills
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PARTY
NAME
PARTY TAX REGISTRATION
QUANTITY
TYPE OF PRODUCT
INVOICE VALUE
TAX PERCENTAGE
TOTAL AMOUNT
INVOICE NO()
3) Team work Skills
4) Basic Ideas
1. Communication Skills
From this experience I have improved my communication skills, in which I
learnt how to communicate with the different people working in an
organization.
I have learnt during my studies these three types of communication as:
TOP TO BOTTOM BOTTOM TO TOP HORIZONTAL COMMUNICATION
During my internship I closely observed all these types of communication. At
each level of communication I observed effectiveness in GULISTAN.
2. Administrative Skills
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From this experience, I have learnt a lot about the situation handling in the
rainy days as well as in the normal days. As well as to administrate the
employees through motivation or through appraisal and close supervision their
work, Organizational behavior helped me in understanding the organizational
structure.
3. Team Work Skills
During my working in the Gulistan group of companies, I have seen a lot of team
work in the office.
Association of the employees with each other, the environment of the office is
very friendly and the employees are very much helpful to each other. Especially
the controller is very cooperative towards the employees.
4. Basic Ideas
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Reading - Locates, understands, and interprets written information in prose and documents including manuals, graphs, and schedules to perform tasks. Learns from text by determining the main idea or essential message.
Writing - Communicates thoughts, ideas, information, and messages in writing. Composes and creates documents such as letters, directions, manuals, reports, proposals, graphs, and flow charts with language, style, organization, and format appropriate to the subject matter, purpose, and audience.
Arithmetic - Performs basic computations using basic numerical concepts, such as whole numbers and percentages, in practical situations. Uses tables, graphs, diagrams, and charts to obtain or convey quantitative information.
Speaking - Organizes ideas and communicates oral messages appropriate to listeners and situations. Participates in conversations, discussions, and group presentations. Speaks clearly.
Listening - Listens carefully and understands and responds to listener feedback. Receives, interprets, and responds to verbal messages and other cues such as body language .
THE WEAKEST AREA OF THE COMPANY
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The performance of textile manufactures was not satisfactory in the year 2006-07 due to the following reasons:
The poor quality of its products also affected the spinning industry.
The rise prime cotton price imported from USA which is an important input producing higher quality of bed wear and fabrics. Made our good less competitive in the international market
Gulistan group of company being low value-added and poor quality are facing stiff competition in the international market.
The machinery of our companies installed in recent years for manufactures of fabrics, yarn and cotton products is relatively inferior, intensive, less productive, and carry higher maintenance cost.
The labour of our company is less productive , and need more skills to produce good products.
Gulistan group of companies are not meeting the requirements of consumers in term of fashion and design.
Gulistan group of companie weakness a lot some of them are as follows:
Poor quality of product
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High cost of production
low value-added
No proper labors training
Lack of skills labors
Less promotion of products
Low employee satisfaction level
Imported costly cotton
Low resale value of product
Inferior machinery
Less productive machinery
RECOMMENDATION
Pakistan textile industries , after liberalization of trade, is facing stiff competition
from China, India, Bangladesh in the international market. For increasing textile
manufactures, Gulistan group of companies has no alternative but to improve the
sale of it product in followings way:
1) Gulistan group of companies should improve the quality of its products.
2) Gulistan group of company should empahasis on value-added products and improve the quality.
3) The machinery of our companies should be improved technology which increase the production of goods.
4) There is an urgent need to set up vocational institute for providing modern technical education to labour in the company.
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5) Gulistan group of companies should meet the requirements of consumers in term of fashion and design.
The specific recommendations for increasing the manufactures are following down:
Improve quality of production. Increase resale value of product. Lower cost of production. Provide the satisfaction to labours Emphasis on value-added products. Providing modern knowledge to labour. Increase promotion of products Provide new technology machinery Increase the marketing of product in foreign Providing modern skills labours Decrease Imported costly cotton.
.
FUTURE PROSPECT
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Gulistan group of companies’ future prospects as mentioned earlier. Our
company is facing very tough competition from our competitors particularly
china, India, Bangladesh. The competitive positive position of our competitors
is better because of their lower cost of doing business on account of various
incentives and subsidies available to them. Recently our our government
provided some relief to textile manufactures of value added product only in
shape of lower interest rates.
Vision Statement
We aim at transforming GGC into a complete textile unit to further explore
International market of very high value products. Our emphasis would be on
product and market diversification value additional and cost effectiveness. We
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intend to fully equip the company to acquire pioneering role in the economic
development of the country.
Mission Statement
The Company should secure and provide a rewarding return on investment to
its shareholders and investor, quality product to its customers, a secured and
environment friendly place of work to its employees and present itself as a
reliable partner to all business associates.
Gulistan Group Of Companies are forth largest exporter in Pakistan.
Gulistan group of companies having largest machinery which produce product.
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Gulistan Group Of Companies produce lower cost of production and requirement of consumers.
New coming project Gujranwala Electric Ltd (GEL). Which will be produced 2500 MW. Which will reduce the electricity cost in company.
Gulistan Group Of Companies now marketing in European countries like Germany, America, Canada etc.
Gulistan Group Of Companies are advertising in international magazines about their selves.
GGC are using latest Toyota air Jet power looms which is the latest technology in the textile industry.
GGC giving competitive goal for achieving.
It has panned to give insantive on completion of venture hiegen factor and motivational factor
GGC now meet the requirement of consumers in term of fashion anddesign.
GGC emphasis on value added products.
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GGC has now improved technology to the manufacturer in the textiles cities like ( Karachi – Lahore – Faisalabad )
Our Textile industries account for about 54.7% of our total export.
GGC has increased the employment opportunities.
TARGET MARKET
In local market, the target customers of GGC are
Upper class and upper middle class of the society
House wives for the ho-textile fabrics For garments they are focusing on youngsters and adults
IMPORTANT FEATURES OF PROMOTION
There are following important features of promotion 1) Quality 2) User friendliness 3) Durability
PROMOTION STRATEGIES ADOPTED BY GGC
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There are following tools of the GGC promotion.
Advertisement and publicity
Billboards
Electronic media
Sale promotion
On line shopping
Newspaper
Magazines
Banners
Exhibition and international conference
Fashion show
COMPETITORS At international level there are number of suppliers from around the globe who are exporting the fabrics to other countries with a high quality and at low price. If we look at Asian countries then there names are mentioned below.
Bangladesh China Vietnam Pakistan India Iran
These countries are providing the fabric to European countries as well as USA and African countries. Bangladesh is the only country who is providing best quality of the fabric and selling it highest sale price which is $3.15 per meter. On other hand, Pakistan is producing poor quality and selling their fabrics $0.92 in
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USA which is the lowest price. The main reason of the poor quality is the lack of investment whether they are foreigners or local. Investors are not interested to invest their capital since Pakistan is facing great difficulties in both government sectors and private sectors.
In local market there are number of units which are competing with each other. There are 10 big giants of the local market of textile industry of Pakistan and fortunately GTSM is one of them. The major competitors of GTSM are
COLONY TEXTILE GULISTAN TEXTILE NISHAT TEXTILE SITARA TEXTILE KTM TEXTILE YUNIS TEXTILE
COLONY TEXTILE MILLS
1. Gross Profit Percentage : 5. Creditors Collection Period:
GP * 100 365 * Av.Creditors SALE Creditor Sale
184534458 * 100 = 27 % 365 * 69711854 = 37 683295299 683295299
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2. Net Profit Percentage :
NP * 100 SALE
51345052 * 100 = 7.51 % 683295299
3. Return On Capital Employed :
Profit After Tex * 100 Equity + Long Term Long
147731452 * 100 = 38 .0 % 384005095
4. Gearig Ratio :
Debt . Debt +Equity
3713215 = 0.32 11451799
GULISTAN TEXTILE MILL
1. Gross Profit Percentage : 5. Creditors Collection Period:
GP * 100 365 * Av.Creditors .
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SALE Creditor Sale 101,958,257 * 100 = 19 % 365 * 72744135 = 49 537087880 537087880
2. Net Profit Percentage :
NP * 100 SALE
7,670,724 * 100 = 1.4 % 537087880
3. Return On Capital Employed :
Profit After Tex * 100 Equity + Long Term Long
4,485,857 * 100 = 1.0 % 425772258
4. Gearig Ratio :
Debt . Debt +Equity
208651998 = 0.44 468395806
NISHAT CHUNIAN LIMITED
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1. Gross Profit Percentage : 5. Creditors Collection Period
GP * 100 365 * Av.Creditors SALE Creditor Sale
283893323 * 100 = 14 % 365 * 372,933,198 = 67 2,003,434,901 2,003,434,901
2. Net Profit Percentage :
NP * 100 SALE
74159165 * 100 = 3.7 % 2003434901
3. Return On Capital Employed :
Profit after Tax * 100 Equity + Long Term Long
54,159,165 * 100 = 1.0 % 5360020077
4. Gearig Ratio :
Debt . Debt +Equity
1,283,153,657 = 0.31 4023511189
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SITARA TEXTILE MILLS
1. Gross Profit Percentage : 5. Creditors Collection Period:
GP * 100 365 * Av.Creditors SALE Creditor Sale
6514823 * 100 = 1.36 % 365 * 115361701 = 8 477504083 115361701
2. Net Profit Percentage :
NP * 100 SALE
58953702 * 100 = 1.34 % 477504083
3. Return On Capital Employed :
Profit after Tex * 100 Equity + Long Term Long
61405417* 100 = 3.00 % 267496990
4. Gearig Ratio :
Debt .
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Debt +Equity
17488331 = 0.08 209656386
COMPANY RANKING AGAINST ITS COMPETITORS
COMPANY NAME
GROSS PROFIT
NET PROFIT
ROCE GEARIG RATIO
CREDITCOLLECTION
1. COLONY TEXTILE MILLS 27%
7.51 %
38.0%
0.32 37
2. GULISTAN SPINNING MILL Ltd
19%
1.4% 1.0% 0.44 49
3. NISHAT CHUNIAN LIMITED 14% 3.7% 1.0% 0.31 67
4. SITARA TEXTILE MILLS 1.36 %
1.34%
3.0% 0.08 08
1. GROSS PROFIT RATIO
2. NET PROFIT RATIO
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3. RETURN ON CAPITAL EMPLOYED
4. GEARING RATIO
5. CREDIT COLLECTION
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MY FAVOURITE PERSONALTY
The person which I personally admire in my office is Mr:
Faisal Ahmed. I Like him, He has very vast knowledge in
Accounting. His personality is a mix of honesty and strength
faith in god. He is kind and a really good friend. Many
people admire people for their thinking and this is the
second reason why I admire him. I admire him not only
because of his personality, and his thinking, but also
because of his lovely ways to communicate with others.
He is most admiring personality due to to his:
Personality. Knowledge in accounting
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Way of communication. Way of dressing. Due to his polite nature.
Finally, if you admire somebody you naturally do so for one
or more reasons. In my life there is a man who changed my
personality, and I do respect and admire him. A unique
personality, an experienced thinker, and his treatment of
others, are the reasons why I admire him.
RECOMMENDED TO IMPROVE THE COMPANY . FOLLOWING AREAS
Financial / Cost management Employee relation & Development Consumer relation & Marketing Product or Service Growth of sale & Responsibility
1. Financial / Cost management
These should be a well established system for correct recording of account transaction. If possible the financial
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like trial balance must be generated daily to analyze all transaction carried out by account department.
2. EMPLOYEE RELATIONS & DEVELOPMENT
In my view point , respected should be given to senior staff. There should be learning environment for new comers to make it a successful organization and provide the packages to employee like handsome salaries; relextibility should apply the MASLOW’S HIERARCHY of needs theory for fulfill the employee needs.
MASLOW’S HIERARCHY of needs theory
Physiological Needs Safety Needs Social Needs Esteem Needs Self-actualization Needs
3. CONSUMER RELATIONS & MARKETING
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Company should have a pleasant personality, good communication skills, convincing power and verbal ability in local language in order to better guide and inspire consumers.
Company should start the marketing in foreign countries like USA, European countries, Asian countries and should be marketing through:
Advertisement & publicity Electronic media Sale promotion News papers Magazines Fashion show
4. PRODUCT OR SERVICES
The higher authorities of the companies should plan the following ways:
Improve quality of production Lower cost of production. Emphasis on value-added products.
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Increase resale value of product. Provide the best service
5. GROWTH OF SALES & PROFITABILITY
The bank should offer incentives to the company employee on their best sales to increase the sales to increase the sale and profits of the company. And should increase resale of product.
Best packages should be offered to consumers for improving the sale of the product and service.
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