Final Internship Report (Finance)

(Binding Page)

Submitted by

Tahir Sheheryar
L1F19BBAM0648
Session 2019-2022

Faculty of Management Studies

University of Central Punjab
1 Khayaban-e-Jinnah, Johar Town Lahore, Pakistan

University of Central Punjab

 Final Internship Report (Finance)

Submitted by

Tahir Sheheryar
L1F19BBAM0648
Session 2019-2022

Supervised by
Prof. Saleem Anjum

A report submitted in partial fulfillment of the requirements for the degree of

Bachelors of Business Administration

Faculty of Management Studies

University of Central Punjab

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COPY RIGHTS

© Faculty of Management Studies, UCP

All rights are reserved. No part of the material protected by this copy right notice may be reproduced
or utilized in any form or mean, electronic or mechanical, including photocopying, recording or by
any information storage and retrieval system, without the permission from FMS, UCP

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 NON-PLAGIARISM STATEMENT

By submitting this report, the author declares to have written this report completely by himself,
and not to have used sources or resources other than the ones mentioned. All sources used,
quotes and citations that were literally taken from publications, or that were in close accordance
with the meaning of those publications, are indicated as such.

COPYRIGHT©2020 BY Tahir Sheheryar

Tahir Sheheryar

University of Central Punjab

 CERTIFICATE

Board of examiners, UCP Faculty of Management Studies, University of Central Punjab has
evaluated the report submitted by Mr./Ms. Tahir Sheheryar, Registration No. L1F19BBAM0648
student of UCP Faculty of Management Studies, towards fulfillment of prescribed requirements
for the award of (BBA). The title of his/her report is “Final Internship Report”. Based on the
result of viva voice, the Board of Examiners has accepted his/her internship and recommends that
credit hours be awarded to him/her.

________________________

Internship In-charge

_______________________

Examiners’ Signature

_______________________

(Prof. Dr. Faisal Mustafa)

Dean
Faculty of Management Studies
University of Central Punjab
Lahore

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 DECLARATION

I hereby declare that the report “Final Internship Report” submitted by me in partial

fulfillment of BBA. (Hons.) degree, is my original work and has not been submitted or published

earlier. I declare that I have prepared this report entirely on the basis of my personal effort made

under the sincere guidance of my supervisor. I also solemnly declare that it shall not, in future, be

submitted by me for obtaining any other degree from this or any other university or institution.

Tahir Sheheryar
L1F19BBAM0648

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Chapter 1 ....................................................................................................................................................... 8
Industry Profile: ......................................................................................................................................... 8
Chapter 2: Introduction of Company ............................................................................................................. 9
a. Brief History of company: .................................................................................................................. 9
b. Vision Statement of the Company: .................................................................................................... 9
c. Mission Statement of the Company: ................................................................................................. 9
d. Business Product Lines and Volume .................................................................................................. 9
e. Hierarchy of the Company ...............................................................................................................10
f. Industry & Competitor Analysis including Position in Industry .......................................................10
Chapter 3: Organizational Analysis ..............................................................................................................12
a. Brief Overview of Departments/Functions of the Company ...........................................................12
b. Human Resource Policies of the Company ......................................................................................12
c. Marketing and Sales Strategies of the Company.............................................................................12
d. SWOT Analysis of the Company.......................................................................................................13
e. PESTLE Analysis of the Company .....................................................................................................15
f. Organization efforts towards CSR: ..................................................................................................16
g. Financial Analysis of the Company ..................................................................................................16
Chapter 4: Internee Experience ...................................................................................................................18
a. Brief overview of main business processes: ....................................................................................18
b. Overview of Departmental functions that I worked around: ..........................................................18
i. New discoveries or observations made during internship: .........................................................19
ii. Problems identified: ....................................................................................................................19
iii. Personal account of interactions with others at work place:......................................................20
iv. Specific skills learned: ..................................................................................................................20
v. Most challenging task performed:...............................................................................................20
Chapter 5: Future recommendations ..........................................................................................................22
Chapter 6 .....................................................................................................................................................23
The gaps in classroom learning and the experiential learning at the internship ....................................23

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 Chapter 1

Industry Profile

Fiberglass industry is one of the significant industries in the world and has had much success
as an SME in Pakistan.
It's a necessity in industrial construction, educational institutions, offices, homes and almost
everywhere worldwide. It is then used and formed for making roofs, ice-cream cycles, sun shades,
furniture, packaging, car parts and many other purposes.

Now, Fiberglass is produced using a combination of glass fibers and resin which creates a fiber
reinforced plastic. It is made by adding resin to the glass fibers. Different resins can then be added
to make the product stronger, tougher, and less brittle.
There are some concerns as well about fiberglass production. The process of producing fiberglass
can release hazardous air pollutants and volatile organic compounds. These emissions can have a
negative impact on workers and nearby communities. The primary pollutant at most operations is
styrene, which is present in resins and gel coats. Synthetic resins are made from fossil fuels, which
means that they are not biodegradable. Therefore, they are not friendly to the environment.
However, steps are continuously being taken to minimize the fiberglass production’s impact on
the environment.

In Pakistan, there are many units of fiberglass production industry.

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 Chapter 2: Introduction of Company

a. Brief History of company

Deans Industries was established in 1996, and they started production of fiberglass
reinforced plastic or FRP items that very year. The company has witnessed tremendous
growth since the early 2000s till the mid-2010s. It has served clients like Walls, Omore,
Punjab Sports Board and hundreds of homes and offices in its journey till 2023.
The company expanded its operations and brought new and innovative products suited to
the needs of the local market, especially domestic consumers. In addition, the company
provides various fiberglass solutions to the construction and developing of new projects
across Pakistan.
Although the company is not experiencing its best phase currently but even in this difficult
and unstable economic environment, it has managed to survive and retain jobs.
Deans Industries does not merely focus on building a strong and ever-growing business.
The company also places utmost emphasis on corporate social responsibility, particularly
on the environmental and human capital matters.

b. Vision Statement of the Company

“To have a sustainable competitive edge and continuously grow in order to become a
company that is well-recognized country wide in terms of our quality.”

c. Mission Statement of the Company

• Manufacture and provide high quality cost competitive products.

• Build on more strengths and constantly strive to achieve higher levels of excellence.
• Manufacture products that offer longevity and durability.
• Committed on customer satisfaction.

d. Business Product Lines and Volume

• Industrial FRP Tanks
• Industrial FRP Linings
• Industrial FRP Pipes
• Industrial Parking Sheds
• FRP Corrugated/Non-corrugated sheets
• FRP Commercial Dustbins
• FRP Propeller Fan Blades
• FRP Insulated Milk Delivery Boxes
• FRP Security Cabin Rooms

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 • FRP Stadium Chairs
• Ice-cream tricycles
• Food carts

e. Hierarchy of the Company

• Owner (Mubin Ud Din)
• Administration (Mubin Ud Din)
• Accounts Head (Usman Ud Din)
• Sales manager (Haseeb Ud Din)
• Operations Manager/Labor Supervisor (Usman Ud Din)

And further as shown;

Administration

Accounts Head
Owner
Sales Manager

Production/ Labour
Labourers
Supervisor

f. Industry & Competitor Analysis including Position in Industry

Competitors:
Since Deans Industries covers a large product line, it has various competitors who offer similar
products;
• Lead FRP
• Composite Envisions

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 • New Leo Fiberglass
• A Rehman Fiberglass
• GFRP International
• Husnain Fiberglass
• Monarch Fiberglass
• Olympia Fiberglass
And some more.

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 Chapter 3: Organizational Analysis

a. Brief Overview of Departments/Functions of the Company

Departments
• Administration Department
• Production/Manufacturing Department
• Accounts Department
• Sales Department

b. Human Resource Policies of the Company

Clear information is provided to the employees by the company.

• Career growth is ensured on good performance
• Career development and training policy
• Salary policies
• Time management skills are provided and work by the employees is required timely
• Ethical and effective policies
• Ethical and healthy working environment is ensured
• Training and development of employees
• Nondiscrimination policy
• Remote workers policy
• Employees are treated fairly
• Good performance is always appreciated
• Confidence building of new recruits is a part of the company’s culture
• The goals are clearly communicated to the employees

c. Marketing and Sales Strategies of the Company

Marketing techniques have a significance and effect on any company’s business. Different ways
and ideas can help retain old customers as well as attract new customers. An effective approach of
marketing and sales team can even convert interested people into customers.
Even though Deans Industries have never relied on any conventional or social media marketing,
they have built a strong relationship with their customers. They have never compromised on

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quality which always brings back old customers. Providing the products at best price possible
compared to the competition and market rates is also a way to retain old customers as well as
attract new ones. The primary source of marketing has been word of mouth and some business
references over the years.

(Relationship Marketing Strategy)

In this way, not only the customers will be maintained but also by their reviews, new customers
are also gained.
Any new product in the product line is introduced initially at low price (as compared to the
competitors) so customers are easily attracted.
Product branding strategy is also used by making the product innovate, and of best quality. So,
company's visibility is also increased. Hence, increasing the revenue later on.
Market dominance strategy is also being used as new customers are also acquired and
performing better than the competitors.
For better marketing of the product, product differentiation is also done i.e., making the product
stand out to the target audience.
The company also provide various discounts on large orders.
For the promotion, attractive samples are provided to customers or target audience.

d. SWOT Analysis of the Company

Strengths:
• Early entrant
• Working on complex projects for advanced solutions
• Professional team
• Gained trust of customers
• A good reputation in the industry
• Comparatively higher rate of customer satisfaction
• Public awareness regarding companies’ product
• Successful innovations of new products
• Credence repute
• Trustworthy and timely suppliers of raw materials, machinery, etc.

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Weakness:
• Occasional labor availability issues
• Impact on environment
• Unstable prices of raw materials
• Government restrictions

Strengths Weaknesses
Early Entrant
Labor Availability
Professional Team
Impact on environment
High customer
satisfaction Unstable raw material
prices
Good Reputation

Opportunities Threats
Technology usage Increasing Competition
Investing in new Local distributors'
channels growth
More value-oriented New rules by
techniques Government
Shortage of employees

Opportunities:
• Increments of e-commerce in industry
• Technology revolution in industry
• Invest in new channels for national and international business growth
• Explore the market for more projects

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 • Chance to make different price and cost strategy
• More value-oriented techniques for developing loyal customers

Threats:
• The increasing competition
• Shortage of skilled and talented employees
• Changing perspective of customers
• Local distributors’ growth
• New technologies used by competitors to pluck customers
• New rules and regulations imposed by the Government regarding pollution and
the environmental protection

e. PESTLE Analysis of the Company

Political:
When a new government takes power, they implement new strategies and policies which effects
various organizations in terms of restrictions, subsidies and taxes etc.

Economic:
In Pakistan, people cannot afford a good quality basic education or even learn new techniques of
production due to many economic and social reasons. If these problems are given attention, it
would have a great effect on all kinds of industries in Pakistan including Fiberglass production.

Social:
Changes in the society can also affect the number of sales like during COVID-19 and lockdown
situation. Many on-going projects were paused or permanently terminated for indefinite period
which drastically effected most industries. But they managed to get through that time as different
techniques were adopted so there will be not much loss.

Technological:
People like to buy what is latest and relates most with the technology. In the 21 st century, if any
company wants to become successful or even simply survive, it needs to adopt technology and
make use of it into its products.

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 Legal:
Some competitors which are at lower level, sometimes try to copy the upper-level ones. Some even
adopt a similar name to a much more successful company.

Environmental:
Nowadays, people prefer to opt for more environmentally friendly solutions. Which is why
fiberglass industry has to step up and bring new innovative products with as minimum carbon
footprint as possible.

f. Organization efforts towards CSR

✓ The company is focusing on making a positive difference by minimizing the impacts on

environment and benefiting the society in an appropriate manner.
✓ Company donates and gives to charity all year long, especially in Ramzan.
✓ Company has also collaborated with a few NGOs over the years to donate blood as well.

g. Financial Analysis of the Company

Since Deans Industries is a privately/family-owned enterprise, it does not rely on loans or

external debts. I noticed that the accounts are not maintained with the goal of preparing annual
financial reports. Therefore, I could find any helpful data other than a few sales figures of
estimated profit margins.
Moreover, COVID-19 has impacted almost every industry in the world adversely, the fiberglass
industry has been no exception. Therefore, the profit margins in the recent past have not been as
great as they were in the past. Following are some figures to present a picture of the company’s
performance in the past five years:
Sale =
Profit =

Financial Ratios 2019 2020 2021 2022 2023

a. Solvency Ratios

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Debt ratio 0.56 0.57 0.52 0.51 0.60

Debt-to-equity ratio 1.50 1.51 1.34 1.21 1.71

b. Liquidity Ratios

Quick ratio 1.04 1.03 1.00 1.02 1.01

Current ratio 2.00 2.00 2.06 2.35 2.01

Cash ratio 0.11 0.12 0.09 0.29 0.31

c. Profitability Ratios

Profit Margin 3.5% 5.4% 3.1% 1.3% 2.0%

Gross Margin 15.9% 18.7% 18.5% 18.0% 19.2%

Operating Margin 3% 6.2% 2.4% 3.1% 2.3%

After tax, ROE 5.6% 10.9% 8.1% 0.7% 2.3%

Return on Assets 2.2% 5.3% 3.0% 0.4% 0.3%

d. Price ratio

Dividend Payout Ratio 0.41 0.35 0.60 0.62 0.55

e. Activity Ratios (in days)

Inventory turnover 63 65 70 80 68

Asset Turnover 410 520 468 485 504

Receivables Turnover 46 47 47 48 49

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 Chapter 4: Internee Experience

a. Brief overview of main business processes

As I worked in the Accounts department as in intern, I observed and practiced various processes
and techniques used in the business. The primary purpose of Accounts department is to minimize
expenses and use the available funds most efficiently.

Accounts department is responsible for book keeping, recording of expenses, salaries, purchases,
pricing, tax preparation and future forecasting of payments and more. Planning is done for various
expenditures on raw materials or machinery. I observed efficient financial management. It has a
direct effect on the performance of the company. While maintaining record of expenses, I realized
how little things can impact greatly on the overall performance and projection of the profits of the
business.
This department also keeps a check on payments and ensures they are made timely. Not only for
outgoing payments but incoming payments as well. The salaries of all the employees are also
prepared by this department.
Another important duty of this department is tax management. It is made sure that all work is done
according to the government rules and policies. And if there's any issue related to tax, it has to be
managed and dealt with by the accounts department.
Price quotations for customers as well as comparing prices received from different suppliers is an
essential part of accounts which helps in making important decisions. These decisions relate to
funds allocation and making best use of the available funds. Providing information about the
payback period. The funds availability for the future is also reported. Similarly, detail of the
expenditures is also being noted and reported on daily and weekly basis.

This is what I observed during this time period of my internship at Deans Industries.

b. Overview of Departmental functions that I worked around

Observation of various departmental functions is given below:

First of all, talking about the accounts department, I observed that that each product gets
monitored based on its performance. The company monitors each products’ sales and profits
closely to ensure that there are no irreparable losses. Any product that contributes to losses is either
discontinued or marketed better to increase sales.

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 In the sales department, it’s made clear that the products are reached properly and within time. It
monitors sales channels, the physical ones. It monitors the overall sales of the products, the
delivery process, the safety of products from leaving the production unit till it reaches to the
customer. Keeping a close eye also helps sets targets as to how much sales can be expected in the
coming period and how much will have to be made in order to stay profitable.
Marketing is responsible for designing a marketing strategy. Cards, Mugs, Calendars, Clocks
have been distributed in the past to our customers as gifts and tokens of appreciation for their trust
in our products.
In the Admin/HR department, I observed that management of human resource of the company
is done. It is responsible for recruiting, training, compensating and promoting the employees
according to their performance. Moreover, bonuses are also decided through this department as
well. Strict policies are followed regarding any discrimination or harassment.

i. New discoveries or observations made during internship

During this internship, I observed and discovered a lot which I didn't know before. I was not
much aware of the internal working environment of a company in Pakistan. But when I
witnessed and experienced it up close, it was such an exciting pleasure.
The accounts department has a major role in decision making for the company because it has all
the financial information with which forecast is done, different financial ratios are determined,
inflows and outflows are managed and reported.
So overall it was a great experience to me.

ii. Problems identified

I could not find any glaring problems or red flags while my internship. But of course, no company
is totally perfect. They have strengths and at the same time weaknesses which can be overcome.
For the sake of this report, I would mention that often times the higher management has to deal
with the labor directly. As a good labor-management relationship is necessary and better for good
performance, if there is any lack of that communication it directly effects the performance,
efficiency and profits as well.
Moreover, there was no dedicated person for the training of new employees and interns. It is not
that much of a problem since I was supervised and guided by Mr. Usman. But if a key member of
the team is busy teaching interns, then he is sometimes unable to focus on his primary role.

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iii. Personal account of interactions with others at work place

My experience related to workplace environment and interactions was refreshing. Most of the staff
members I interacted with were very cheerful, friendly and helped me in several tasks. They
answered my inquisitive questions and explained how certain tasks are performed. Their behavior
was very ethical and cooperative. Whenever I faced any difficulty, other workers guided me well
so that I performed my tasks well. They shared their knowledge with me and deliver it in a way
which is easily understandable.

iv. Specific skills learned

I already knew a few skills but those needed polishing in a professional environment while I picked
up some new skills during my internship period.
Financial reporting:
Reporting daily related to accounts summary, by putting all the information in a specific format
and then presenting it. Similarly, detail of the expenditures is also being noted and reported on
daily and weekly basis.
Managing tasks, timely:
Keeping a check on work and payments being made timely. (Payments and Collections)
Budgeting:
Capital budgeting techniques. We have studied about it during the degree but I gained practical
experience through it.
Cash flow management:
Not only the amount of cash is being monitored but also, I was able to learn more about the
forecasts.
Analyzing Risk:
It's done by analyzing financial documents and reports of the company. If I could get more time to
practice this skill, I will become better at risk-management by knowing and practicing more
techniques.

v. Most challenging task performed

Honestly, I did not find this internship or any particular task difficult or prominently tough to
perform. I enjoyed these six weeks thoroughly and loved being in a professional environment

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among mature and ethical people. The only thing that caused me some annoyance at first was the
routine and getting familiar with the environment as well as the people. But as time passed, within
one week of my going there, I learnt to manage time properly and interact in a healthy and
professional way. So, whatever comes as a challenge, turns into a skill later on.

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 Chapter 5: Future recommendations

Although Deans Industries is doing really well considering that COVID-19 created many problems
for the business, there are a few areas where progress can be made. My recommendations for the
company which could aid it in accomplishing its mission are as follows:
Recommendations which I think are:
• First of all, the company’s marketing is almost non-existent. Deans Industries usually relies
on existing customers for repetitive business. They should focus more on marketing its
products to the right kind of potential customers so that more business is gained.
• Deans Industries is hesitant on taking one-off domestic orders as it costs too much and
profit margins are too low. If they could find a way to minimize the cost of such orders,
they can fetch much more business by taking domestic orders which are ultimately going
to their competitors.
• Another way of marketing is testimonials. Company can ask its happy customers to provide
testimonials and those can be made part of the advertising materials to attract new
customers.
• Tapping into new markets, products can never hurt. Investing in newer equipment can
prove to be very fruitful in the longer run.
• I will also recommend some form of recycling or reaching out to a third party for recycling
solutions.
• Reducing wastage during production/manufacturing is a good idea.
• Monitoring while production should be given much importance as it can reduce any
carelessness.
• Deans Industries already has a decent reputation for quality products. Using this goodwill
in marketing to new customers would help them greatly.
• The company should also take part in different expos or exhibitions related to the fiberglass
industry.
• A thorough cost benefit analysis could be done for each product to fully fathom its
profitability.
• Cleanliness around the premises was above average. However, making a checklist and
making staff follow it strictly could result in much better and cleaner space.
• The performance of labors should be assessed and they should be rewarded accordingly.
This creates a motivation for performing better and also builds a good relationship with the
employer.

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 Chapter 6

The gaps in classroom learning and the experiential learning at the internship

There is a quite a difference between classroom learning and experimental learning. However, one
cannot be achieved without the help of the other. A person cannot only rely on bookish knowledge
and hope to achieve continuous success without ever experiencing professional life. Similarly,
working tirelessly without going through a proper academic journey always keeps you at a
disadvantage from your competition in the professional life. Both phases are equally necessary for
sustainable personal and personal growth.
Classroom gives you knowledge and confidence to step outside into the world. When you finally
enter your professional life, you learn that there are many skills you lack to succeed or simply
survive as a working professional. Those skills can be work related, social, mental, emotional or
even company specific. Following are some of my observations:

Learning and Professional life

Classroom learning makes people aware of their aptitude but experimental learning is actually
what paves the way in their professional life.
In classroom learning, basic concepts are explained and students are taught to develop various
skills but no practical utilization of those skills is provided. While in experimental learning,
guidelines are provided as well as practical usage of those skills and how to sharpen them where
necessary.

Practical learning
In classroom learning, we are only taught the theory part. On the other hand, in experimental
learning, there is practical rather than theory.
For example; how meetings are conducted, how targets are set, how targets are achieved and what
obstacles can rise while performing different tasks, how to handle rude or hostile behaviors in the
workplace, how to compose yourself when you fail, how to learn from your mistakes, how to stay
motivated and persistent with your personal as well as professional goals. All these factors exist
in the practical world which we are oblivious to while our academic journey.

Building leadership skills

With the help of experimental learning, we realize where do we stand on the leadership front.
Whether we can stand up to a challenge or not, whether we can develop any leadership skills or

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are we forever going to take orders and follow others. We find many opportunities to polish or
even develop leadership skills during our practical lives.

Class environment vs Work environment

One can find all sorts of people in all walks of life. There are those who help others and pull them
up, and then there are also those who easily get jealous of others and try to bring them down. This
can happen in classrooms as well as multinational companies. While classroom can prepare you
to some extent, your actual leaning begins in the professional life. Any environment is always a
reflection of the people that exist in it. But the effect of negative and positive people intensifies in
a work environment as your livelihood depends on it.

Learning about all departments/sections

During our academic journey, we study various sections of a business from entrepreneurship to
marketing, from finance to supply chain, but only in professional life we get to experience how
these sections really work their magic to make any business successful. While it is imperative to
learn about all the departments of a business, it is equally or more essential to build an
understanding of these departments while working in any company. This helps you communicate
better with others as well as achieve goals faster.

Building Self-confidence
Self confidence is a tricky trait. It is never built overnight. While classroom learning provides a
decent foundation, a person may never be aware of their true potential or achieve higher self-
confidence without ever working in a professional environment. Taking on challenges, achieving
goals, developing new skills, getting praised by others on your performance, being rewarded with
bonuses and increments gradually increase self-esteem which ultimately results in higher self-
confidence.

Time management
Time management is a precious skill which students learn during classroom learning. This further
helps them in their professional life as well. The difference is that earlier a student has to manage
between his/her favorite activities education. Later, in professional life, time becomes more
valuable since you are being paid for it. Your personal activities, social life, hobbies, everything
becomes secondary and often gets neglected due to workload. Learning to manage time is a skill
which one must learn as soon in life as possible so it could help them throughout their lives.

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My Opinion
I think that during classroom learning, practical or experiment-based learning must be included
through which we can learn more, and get more knowledge about our relevant field before stepping
into it. This way, any confusions regarding career options can become clearer and many students
may be able to realize what is best for them much sooner than later. Often times students face
difficulties with building a career in their chosen field. Early practical knowledge and
understanding might help them to try other fields.

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