PIA Summer Internship 2013 Table of Contents

PIA Summer Internship 2013

Table of Contents Executive summary ....................................................................................................................................... 3

Profile of the Industry:- ................................................................................................................................. 4

Introduction .................................................................................................................................................. 5

Vision:- .................................................................................................................................................... 6

Mission:- ................................................................................................................................................... 6

Orientation in PIA.......................................................................................................................................... 7

History of PIA:- .............................................................................................................................................. 9

Birth of a Nation, Birth of an airline:- ....................................................................................................... 9

A new national airline for Pakistan (PIAC 10th 1955 January 1955) ........................................................ 9

Achievements:- ........................................................................................................................................... 10

Safety & Quality Certifications .................................................................................................................... 11

IOSA:- .................................................................................................................................................... 11

EASA ........................................................................................................................................................ 12

Quality Management System (ISO 9001:2008) Certifications ................................................................ 12

Industrial Swot analysis............................................................................................................................... 13

Strength .................................................................................................................................................. 13

Weakness ................................................................................................................................................ 13

Opportunities .......................................................................................................................................... 13

Threats .................................................................................................................................................... 13

SWOT ANALYSIS:- .................................................................................................................................. 14

Strengths: .................................................................................................................................................... 14

Weaknesses: ................................................................................................................................................ 15

Opportunities: ............................................................................................................................................. 15

Threats: ....................................................................................................................................................... 15

Number of planes and their destination ..................................................................................................... 16

Overview of the PIA town office Lahore finance department .................................................................... 19

Nature of working of Finance department ................................................................................................. 20


Working in Finance department ................................................................................................................. 20

Revenue Department Structure .................................................................................................................. 20

AWB ............................................................................................................................................................ 23

MCO (Miscellaneous Charges Order) ...................................................................................................... 24

Audit Coupon .......................................................................................................................................... 24

Automation & Reconciliation:- ................................................................................................................... 25

Payments................................................................................................................................................. 26

Process .................................................................................................................................................... 26

UBL accounts:- ............................................................................................................................................ 28

DISBURSEMENT:- ........................................................................................................................................ 30

Payroll ......................................................................................................................................................... 31

Refund ......................................................................................................................................................... 32

Credit control:- ............................................................................................................................................ 32

For example ............................................................................................................................................ 33

Agency ......................................................................................................................................................... 33

Project ......................................................................................................................................................... 35

Vertical & Horizontal analysis ................................................................................................................. 35

Equity and Liability sides’ analysis .......................................................................................................... 36

Vertical Analysis of last 4 year income statement ...................................................................................... 37

Horizontal analysis ...................................................................................................................................... 38

Equity and Liabilities ............................................................................................................................... 39

Income Statement .................................................................................................................................. 40

Conclusion ................................................................................................................................................... 41

Limitations and problems:- ............................................................................ Error! Bookmark not defined.

.................................................................................................................................................................... 42

Suggestions & Recommendation: ............................................................................................................... 43

References .................................................................................................................................................. 46


Executive summary

akistan international is the largest airline of the country and the need of the nation

as it carries the flag of the nation in the whole world. In past PIA was the first

choice not only of the domestic passengers but also for the European passengers.

But in last decade it has face the worst crises.

In my six weeks of internship program I learnt many things regarding practical work andthe

official environment of PIAC. PIA expended its network with great pace in the early years and it

rendering services to more than 80 destinations. The main head of the whole organization is in

Karachi.

In my six week I worked in every unit of Finance department of the PIA town office Lahore and

try my best to learn the practical work of each unit. PIA is a very big organization and the work

is very much segregated and complex in the department. The use of Sabre and Cossap 3 make

the work much easier for the organization. In my six weeks I also learn some applications of

Cossap 3 like the collection, payment, refund and stock keeping in the system.

In the end I have also done the project assigned from the supervisor. I did vertical and horizontal

analysis of the PIA’s financial statements of the last 4 years and also give some comments

regarding my analysis.

I also observed many problems in the organization and in the end gave some recommendation to

improve the performance of the organization.

P


Profile of the Industry:- Airline industry is one of the most revenue generated

industry of Pakistan. It has a few competitors only four well established industries are

operational in Pakistan. Among these four PIAC is the largest organization in airline industry of

the Pakistan. Total airlines in the industry

PIAC

Air Blue

Shaheen Air

Indus Air

Emirates

PIAC has the most influencing infrastructure in this industry

But it is pity that except PIAC every company is generating

More than 140% profit with a small scale plan and resources. From a rough analysis if a plane

has capacity of 100 passengers and 90 passengers travel through those planes than

approximately fair of 35 passengers will is the net profit of that flight.


Introduction

Air Line Industry holds a great importance in the economy of a country. It is essential to

have air communication for maintaining and improving relations with other countries and

promoting the domestic industry by providing safe and timely export facility to them. Keeping in

view all these means, it was necessary to develop quick and speedy means of communication.

Today Pakistan maintains a sizeable international route network, in addition to its services closer

to home, with a modern and expanding fleet.

Governments of Pakistan owned more than 90% shares and remaining shares have been

floated to Karachi stock exchange (KSC). Its primary bases are

Jinnah International Airport, Karachi,

AllamaIqbal International Airport, Lahore

Benazir Bhutto International Airport, Islamabad

The airline also has secondary bases, including

Peshawar International Airport,

Faisalabad International Airport,

Quetta International Airport and

Multan International Airport,

Through these primary bases PIA connects the metropolitan cities with the main bases, the

Middle East and the Far East. PIA is more than just an airline. PIA is not just an airline it has

multiple Business unit list below

CARGO

SPEEDEX

FLIGHT Kitchen

PIA training center

Planet aria


Vision:-

PIA's vision is to be a world class airline exceeding customer expectations through

dedicated employees, committed to excellence.

Mission:-

Employee teams will contribute towards making PIA a global airline of choice:

Offering quality customer services and innovative products

Participating in global alliances

Using state-of-the-art technologies

Ensuring cost-effective measures in procurement and operations


Orientation in PIA:-

The brief introduction and some important facts about the organization were given in a

small orientation by MR. Saleem-Ul-Huq the Deputy General Manager HR. The brief

introduction had been done under his supervision and some informative notes were provided by

senior HR. Officer Mr. Amir and Miss. Rabia. He told that round about 350 to 400 employees

working in PIA Town Office and rest of them nearly 400 working in PIA Airport.

There are 732 employees in Finance department and total number of employees in PIA is

16697. There are 10 departments in PIA named as.

Department

No. of Employees

1. HRM And ADMIN staff 1566

2. FINANCE 732 3. CORPORATE PLANNING 2441 4. MARKETING 2055 5. FLIGHT OPERATIONS 841 6. ENGINEERING AND MAINTENANCE 4141 7. PROCURMENT AND LOGISTICS 352 8. PRECISOIN ENGINEERING COMPLEX 577

9. CORPORATE SAFETY 120

10. SECTT. 3872

Total 16697


The hierarchy of PIA organization is divided in eleven categories shown as below

Managing Director

Deputy MD

Chairman

Directors

General Managers

DEPUTY GM

SR. OFFICER

MANAGER

ASST. MANAGER

OFFICERS

STAFF


History of PIA:-

After a short period of independence, Government of the Pakistan decided in 1951 that it

needed a national flag carrier airline; the government of the Pakistan accordingly established

Pakistan International Airlines (PIA) to fulfill this need.

Birth of a Nation, Birth of an airline:-

In June 1946, when Pakistan were in prospect, Mr. Mohammad Ali Jinnahthe founder of

the coming nation and Mr. M.A Ispahani a leading industrialistfocus to establish a national

airline on priority basis. With his unique vision and foresight, Mr. Jinnah knew that with the

formation of the two wings of Pakistanthe need of an efficient transport was fulfilled by the

name of Orient Airways.

A new national airline for Pakistan (PIAC 10th 1955

January 1955)

Orient Airways was a privately held company with limited capital and resources. It could

not be expected to grow and expand its independent. It was then that the government of Pakistan

decided to form a state-owned airline and invited Orient Airways to merge with it. The result of

the merger was the birth of a new airline, by regulation, PIAC 10th 1955 January 1955.

It was the journey through which small air lines become the national airline for the Islamic

republic of Pakistan. It history include hundreds of worthy event some majors are as follows

In 1955 it also marked the inauguration of the fledgling airline's first scheduled

international service to the glittering, dazzling capital city, London, via Cairo and

Rome.

In 1956, orders for two Super Constellation and five Viscounts, delivered in 1959

were made. At this point, PIA is a small fleet of Convair, Viscounts, Super

Constellation and consists of DC-3 had.

In 1959 Air Commodore Khan was appointed by the Government of Pakistan only as

Managing Director of PIA. His visionary leadership put the PIA on top and within a


short span of 6 years, won the stature and status of one of the world on the front line

support. In aviation, this period is often referred to as the "golden years” of the PIA.

In March 1960, PIA has started its first Boeing 707 jet service on the London-

Karachi-Dacca, Route, which is later to be very successful.

In 1961 the airline took on the mammoth task of initiating a cross-Atlantic service

from Karachi to New York. At that point, PIA orders for new aircraft more, the

Fokker F-27, Boeing and Sikorsky placed 720Bs included.

In 1964 PIA achieved another historic first seen as a major milestone in the eventful

history of the airline. On 29 April 1964, a Boeing 720B, PIA earned the distinction of

being the first airline from a non-communist country in the People's Republic of

China to fly.

In 1966 to link a system of feeder services, eight new points in West Pakistan was

introduced.

Achievements:- There is an old saying that

“Every major achievement is almost always preceded by years of toil, hard work, failure, stress,

tests of character, determination, sleepless nights... All of which help form the network of roots

that can then support real accomplishments.”

The history of PIA is also full of such achievements. In the business a term “First moving

advantage” is usually voiced. PIA is the organization which had achieved such goals in past as

narrated below

PIA was the first airline from an Asian land country and the first airline from a Muslim

country to fly the Super Constellation.

The first Asian airline to operate a jet aircraft.

The first Asian airline to be granted maintenance approval by the US Federal Aviation

Administration (FAA) and the Air Registration Board, predecessor of the British Civil

Aviation Authority (CAA).


The first non-communist airline to fly to the People's Republic of China, and to operate a

service between Asia and Europe via Moscow.

The first airline in Asia to induct the new technology Boeing 737-300 aircraft.

An IBM 1401, the first computer in Pakistan, was installed in PIA.

The first airline to introduce a second route to People's Republic of China over the

mighty Karakoram’s mountains.

The first airline in South Asia to introduce auto-ticketing facility.

The first airline in the world to fly to Tashkent, capital of the newly independent state of

Uzbekistan.

First airline in the world to start Air Safari with jet aircraft.

First Asian airline to start flights to Oslo, the beautiful capital city of Norway.

First airline in the world to induct Boeing 777-200LR, the world's longest range

commercial airliner.

First airline in South Asia to offer the facility of seat reservation through mobile phone.

All above mentioned successes are decades old but in near past PIA has also achieved some

distinguish as

Safety & Quality Certifications

IOSA:-

IATA Operational Safety Audit (IOSA) is basic requirement to retain airline’s IATA

membership. PIA is among the few developing country airlines which are compliant to IATA

Operational Safety Audit (IOSA) requirements and standards since 2005. The standards body for

IOSA is based in Montreal, Canada. A typical IOSA Certification Audit is based on a check list

comprising of +950 IATA Standards and Recommended Practices. Each IOSA certification audit

has two years validity and an airline must pass through a series of periodic recertification

audits by IATA approved Audit Organization to retain its IATA membership.

PIA is successfully maintaining its IOSA certification and the current IOSA Registry is valid

up to 24th

June, 2015. IOSA registration demonstrates PIA’s renewed commitment to meeting

the highest international operational safety standards in critical areas which include:


Organization & Management System

Flight Operations

Operational Control and Flight Dispatch

Aircraft Engineering & Maintenance

Cabin Operations

Ground Handling Operations

Cargo Operations

Security Management

EASA

EASA (European Aviation Safety Agency) is the centerpiece of European Union’s strategy for

aviation safety, promoting highest standards of safety and environmental protection within the

aviation industry. PIA holds this certificate since 2007.

Quality Management System (ISO 9001:2008) Certifications

At PIA, Customer Focus and Continual Improvement is embedded in the heart of each and every

employee, right from the top to the bottom most cadre. To achieve this aim of enhancing its

customer satisfaction, PIA has undertaken a number of pioneering initiatives throughout its

history. Through them it has achieved quality management system certificate.

PIA achieved the initial ISO certification in the year 2006, and since then it is successfully

maintaining all the certifications through regular independent management systems audits by

accredited audit organizations.


Industrial Swot analysis There are 32 sectors means 32 industries registered on Karachi stock exchange. Each sector has

its own opportunities and strengths regarding their own characteristics. Recent era is the period

of cement sector almost each company is exporting its product to the Asian as well as Middle

East countries. Following is the bird eye view of the Pakistan’s industries Swot analysis.

Strength

Airline industry has no close substitute

It is the most revenue generating industry of the economy

New air buses has reduced the cost up to 49% so the revenue has increased 40%

Weakness

It required a very high investment that is not possible for every economy.

In case of any damage or crash very high loss is to be faced of both human and capitals

Many times terrorist used to hijack the planes to put undue influence on their targeted

countries

Opportunities

There are very few competitors in this industry so still great space to be covered and

revenue to be generated

New technologies are reducing cost of travelling still a lot of work is required on the

cheapest design of the planes

With the passage of time the living standard of the people is increasing so tourism and

world travelling will increase

Threats

It is very difficult to get cleared from country to country defense ministry to start new

destinations


It is very difficult for Asian countries to get clearance certificate from UK, USA and

Canada due to their narrow rules

SWOT ANALYSIS:-

SWOT analysis is the combination of two separate analyses.

One is internal analysis better known as value chain analysis plus external analysis better known

as PEST analysis. From internal analysis strengths and weakness of the company are identified

and from external analysis opportunities and threats of the company as well as of the industry are

calculated. Following is the list of companies in the airline industry of Pakistan

Pakistan International Airline

Air Blue

Air Indus

Shaheen Air

Strengths:

PIAC is a very big organization its biggest strength is its infrastructure which is spread in all over the

country. Due to this PIAC not only provide travelling facility to the customers but also provide

engineering facility and catering facility to the rest of the air companies.

PIAC has discount schemes for students and other government official therefore all of

them prefer it.

PIAC also provides direct networks flights to all domestic and many international

destinations.

They arrange passengers treatment service specially for group travel to ensure:

Separate checking counter for them

Unique Luggage group tagging for identification

Senior PIAC administrators welcome to the passenger at the airport


Weaknesses:

Miss Management of the resources at the top level

Time arrival or take off of the flights

Communication gap between administration and customers

Poor facilities at airports

Excess employees

Opportunities:

Greatest opportunity is the increased population and trend of the people for travelling

through airlines

Market is not saturated so they just need to increase the air craft to cover the market

Threats:

Continues improvement of the competitors

Introduction of Indus airline in the market

Threats of terrorism is the biggest problem for any industry in pakistan


Number of planes and their destination In 2010 there were 42 operational planes in the

PIAC. In the mid of 2011 there were 32 planes that were taking part in the operations of the

PIAC. But currently PIAC has only 16 working planes. The detail of planes is as follows

Type Total Routes

Airbus A310-300

3

long, medium and short haul (East / South / West Asia, Europe, domestic)

ATR 42-500 2 short haul (West Asia, domestic)

Boeing 737-300 3

short haul (South / West Asia, domestic)

Boeing 747-200 1

short and medium haul (Saudi Arabia, domestic)

Boeing 747-300 2

short and medium haul (Saudi Arabia, domestic)

Boeing 777-200ER

2 long and medium haul (Europe, Saudi Arabia, domestic)

Boeing 777-200LR

2 short and ultra-long haul (North America, Saudi Arabia, UK, domestic)

Boeing 777-300ER

1 long and medium haul (Saudi Arabia, UK, USA, domestic)

Total 16

Among these airplanes Air bus A310-300 and Boeing 777-200ER are the most revenue

generating planes of the organization. The competitors of PIAC especially Air Blue has only 4

planes and they are earning more revenue from Middle East due to their performance as

compared to PIAC. From last 5 years customers has preferred other than PIAC flights for Middle

East travelling due to the punctuality and quality of their performance.


Two years before 41% of the total aircraft were approved by the whole Europe and USA states

for travelling now on 19% of the planes has these certificates. The following chart it will show

that no specific plane is available for complete need. Airbus 310 is the need of the economy but

PIAC coves only 19% of its need from this air craft as rest of them has been grounded for

maintained.

Following is the view of 2010

19%

12%

19% 6%

12%

13%

13% 6%

2013

Airbus A310-300 ATR 42-500 Boeing 737-300 Boeing 747-200

Boeing 747-300 Boeing 777-200ER Boeing 777-200LR Boeing 777-300ER

29%

14%

17%

5%

14%

9%

5%

7%

2010

Airbus A310-300 ATR 42-500 Boeing 737-300 Boeing 747-200

Boeing 747-300 Boeing 777-200ER Boeing 777-200LR Boeing 777-300ER


In 2010 29% need was fulfilled through the Air bus. Such planes gives 200% times more revenue than

the others planes but each year number of these planes are reducing and in result cost of operation is

tremendously increased in the last decade.

This graph shows a tremendous increase in the cost of operations of the PIAC. One major reason

is the increase in the oil prices at international level but according to the critics and auditor a

major reason of this is mismanagement of the resources.

1 2 3 4 5 6 7 8 9 10 11

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

76% 81% 82% 83% 82% 85% 88% 88% 89% 91% 93%

Comparison of Cost of operation

years CoO


Overview of the PIA town office Lahore finance department

The whole department is under the supervision of Finance manager Mr.Shahid Hassan

Zaiddi followed by four assistant finance managers. Below is the simple hierarchy

The whole finance department is sub divided in 7 units listed below

1. Revenue

2. Agency/Cargo

3. Disbursement

4. Refund

5. Payroll

6. Automation

7. Credit control

Each unit is controlled by their in-charge and the in-charge is the responsible person for that

specific unit.

Finance Manager

Mr.Shahid Hassan Zaidi

Asst. Manager

Ms. Nagina Saad

Asst. Manager

Mr.Atif Butt

Asst. Manager

Mr. Shaheen

Senior Asst. Manager

Mr.Shahid Zamam


Nature of working of Finance department This finance department works exclusively on the instructions of the head office. As far

my experience this department performs the actions of only accounting as it record, re-arrange

and represent the transactions related to this station. On the 7th

of each month the complete

reports of all their activities are transferred to head office both in soft and hard form.

Working in Finance department The internship was started with a brief introduction from Mr. SaleemUlHaq. Then all the

Finance interne were taken to our supervisor Ms. NaginaSaadafter a brief introduction she sent

us to the Revenue department.

Revenue Department Structure

The whole revenue department is controlled by four employees. Their name and duty is shown

below

R1 = revenue from tickets

R 2 = revenue from cargo

R 3 = cargo carriage shipment (international)

R 4 = miscellaneous revenue

Mr. Azaz

In-Charge

Mr. Sadiq

R1 + Stock control

Mr. Arshad Sindhu

R-2

Mr. Raja Riaz

R4 & SAR

Misc. Staff

Cash Counter


Mr.Azaz looks after all the revenue department as well as checks all the slips posting, credit card

entries and foreign currencies payments. There has been couple of discussions with Mr. Azaz

and he told the reasons of the segregation of Finance department in so many units, the purpose of

doing their work in a specific manner, all because to make the system more and more efficient to

control it in the best way. Pax sale is the major source of revenue for PIA. The graphical

presentation of revenue generating unit of PIA is shown as follow

Besides this I also came to know that PIA is the market leader in the domestic Air line industry.

It holds more than 70% market share in the country.

Pax Cargo Engineering Others

Series1 89% 5% 1% 5%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Pe

rce

nta

ge o

f R

eve

nu

e

Revenue from Each unit of PIA

76%

24%

Domestic Market Share

PIA

Others Carries


In the international market PIA is losing its value from last 5 years. In 2005 PIA held the 39%

market share in the world of air line industry but it losing its status since 2006.

The current position of PIA is clearly shown in below chart

Besides this overall revenue generation of PIA is also important. A graph below shows the

current position

Europe and US/Canada are the concerns areas as revenue from these sectors are decreasing. Uk

was the premier route for PIA but there been some issue in this route too. Besides all these facts

we also learn some about software used by the PIA.5% Asia is excluding Pakistan.

PIA Others Carries

Series1 33% 67%

0%

10%

20%

30%

40%

50%

60%

70%

80%

Pe

rce

nta

ge o

f Sh

are

International Market Share

48%

8%

19%

20%

5%

Geographical segmentation of Revenue

Pakistan US/Canada Europe Middle East Asia


Sabre software used by the ticketing staff of the PIA. It was often used for C20 a daily report of

complete sale of an agent. Mr. Sadiqsenior accountant teaches us to use sabre and to take prints

of some important information regarding SAR by using some specific commands.

In this section stock is also issued the most frequent issued document was airway bill (AWB)

AWB:-

Those are issued for shipments of cargo to their agents. Everything is mentioned, in this

document, like consignees name and address and account number. Agent number his detailed

and account number. This document is used by different agencies for their consignments.

Besides this cash receipts and excess baggage ticket (EBT) are also issued by this unit.In our

working we make the reports of both domestic and international ticket and after completing our

part the whole bulk was courier to the head office. During this work some uncommon procedure

were also experience like audit coupon and MCO.


MCO (Miscellaneous Charges Order)

It is Miscellaneous Charges Order that is valid for one year from the date of issue and will be

void if mutilated. Another condition for the ticket to become void if the value exceeds from US

$750.

Audit Coupon

It is simply a ticket but the manual ticket. The number of audit coupons were very few in the

reports as it is not used abundantly.

These MCO’s and Auto Coupons are separated from the sales summary report. Their numbers

are assigned to them in a series given at the bottom of the MCO and left side at the bottom of

Auto coupon.


Automation & Reconciliation:- This unit is operated by Mr.Yasir Aslam and Ms. Nagina Saad.

Department Hierarchy

This unit is the most important unit of the whole department. The main server is controlled and

run in this unit. Everything related to Cossap is attached with this unit and if unit suffer any

problem regarding Cossap3 Automation looks after these issues. Even if any upgrading is

required in the system, head office send this in a floppy with some defined command, this unit

perform this in the main server and all linked system are automatically received this upgrading in

their respective unit.

In the beginning of the work in this unitMr. Yasir gave me the bird eye view of whole system till

“R8” and working of “R9” the reconciliation reports of all linked reports.

PIA town office Lahore has 2 main banking operations

I. Payments

II. Collections

Ms. NaginaSaad

In-Charge

Mr. YasirAslam

Assistant


Payments:-

All payments are done through HBL WAPDA house branch. There are two accounts in

HBL one is collection account in this account money are transferred from Head office account

and other is IMPREST.

Process:-

Firstly money is transferred in HBL collection account head office. Then this money is

transferred in the IMPREST account and all payments are done from this account only. From the

flow it is easy to understand this process

For reconciliation firstly I collected the monthly bank statement of HBL accounts then all the

payments cheques were entered in the COSSAP 3.In COSSAP 3 a specific portion is defined for

this operation.

Funds From

Head Office

HBL

Collection A/C

W

HBL

Imprest A/C

Funds

Manager

Supervision

Transferring

funds

Payments of the

whole station


Following is the brief process of entering imprest account data in system

Once the system is started a login ID and password is entered

Login ID: R1B

Password: xxxxx

Once we are in the system a page with 16 options is displayed. This page is the main page of the

server and it contains the following

Main page of COSSAP 3

1. STATION MASTER DATA MODULE

2. DIRECT PAX SALE MODULE

3. DIRECT CGO SALE MODULE

4. DIRECT REFUNDS MODULE

5. DIRECT PAX AGENT SALES/REFUND MODULE

6. CARGO AGENT SALE/REFUND MODULE

7. CREDIT CONTROL MODULE

8. BANKING CONTROL MODULE

9. MISCE TRANSACTION MODULE

10. DISBURSEMENT MODULE

11. REVENUE/ACCOUNT, BLE DOCUMENT CONTROL MODULE

12. DAOS PRICING MODULE

13. MARKETING/MIS MODULE

14. STATION GENERAL LEDGER MODULE

15. SYSTEM ADMINISTRATION MODULE

16. STAFF BANK MODULE

For HBL account reconciliation option 10 is selected

Option 10 (DISBURSEMENT MODULE)


Then it opened a new page with new 13 options then option 6 is selected

Option 6(BANKING MODULE OF IMPREST ACCOUNT)

It open in new page with 4 more option is displayed. On this page option 2 is selected

Option 2(PRESENTED/UNPRESENTED CHEQUE APPLICATION)

It further open in a new page with 4 more option now again option 2 is selected

Option 2(ENTER DATE OF PRESENTED CHEQUES)

It opens a page with multiple portions in this page the amount of cheque is entered with their

respected date. The whole data of complete month is entered in this way and in the end it is

reconciled. It is a very complex work and takes a complete week to fulfill it. Once the both cash

book and pass book are matched the final reports are mailed to head office.

UBL accounts:- This account is basically the collection account of the station. All the revenue

earned is collected in the UBL account. Following is the flow of the funds in UBL account

UBL

Airport Branch

UBL

Gulburg Branch

Compile

Revenue

Transfer to

Head Office

Sup

ervision

of Fu

nd

s Man

ager

Collection of

Air port

Collection of

LBO & Agents


From the flow it is clearly shown that each day collection is sent to head office on daily basis.

And each day a reasonable amount of fund is sent to station from head office to meet its daily

expenses.

The bank statements of whole months are taken on station as PIA has direct access to the

account. The prints of the statements are taken on the station and after this the same procedure as

describes above is repeated. In UBL account there is some more complication as it is matched in

system against the posted data of all the sections. For collection account again COSSAP is used.

Firstly main page (as shown above) is opened then option 8 is selected for collection account.

Option 8 = BANKING CONTROL MODULE

On selecting this it open a new page contains 9 more option then selecting option 3

Option 3 = BANK RECONCILIATION APPLICATION (COLLECTION A/C)

This option opens a page where amount is entered and it is matched with the deposited slip

amount, serial number and date. On many occasion the procedure of banking is different for

depositing a same sum of many to handle this a function key F3 is selected to go back and the

option 8 is selected

Option 8 = GAIN/LOSS ON CREDIT

On this option serial number is entered and then amount is matched with the deposit slips total

amount. By doing this for complete month a summary is prepared in the end after reconciliation

of the collection account.

All the printed reports are signed by sir Yasir, Ms. Nagina and the Finance Manager Sir Shahid

Hassan Zaiddi. Once summaries are completed then they are sent to the head office.


DISBURSEMENT:-

This unit is responsible for the all the payments related the station other

than the refund and payroll. PIA is a very big organization therefore it has very great number of

dealers, vendors and contractors to whom the payment is obligatory. This unit comprise of four

peoples.

Their position and hierarchy is shown in below

Functions performed in the unit:-

Four major kind of functions are done by this unit

1. Hotels bills

2. Hospitals bills

3. Chemist fee

4. Internal payments

Sir Shaheenis the assistant finance manager by designation and also the responsible person of the

whole unit. There is some segregation with respect to work in this unit.

Sir Shaheen handles the 35 vendors all their payment structure, date, check and balance is look

after by him.

Mr. Shaheen

In-charge

Mr. Attique Mr. Waqas Ms. Afifa


Sir Attique looks after the small firms and medical stores payments.

Sir Waqas also deals with the medical stores payment.

Mam Afifa handles the major contractor of PIA the PERCONTINENTAL HOTEL payments.

If amount of payment exceeds 500,000 then firstly its approval is taken from head office. Once

the approval is received cheque is issued to the concern party. A very important work that is also

performed in this unit that is budgeting. As I said this unit is independent from reconciliation

reports therefore this unit itself makes the budget and sends it to the head office.

The reports of this unit are called D-15.

Payroll:-

It is an independent unit who report to Finance Manager Sir Shahid Hassan Zaidi. The

in-charge of the unit is Sir QariRazzaq. This unit is basically comprise of three persons. Their

hierarchy is shown below

This unit performs the following operations

Pay’s Cheque

Pay’s Structure

Promotion Case

Provident funds & Loans


This unit also works directly on the directions of the Head office. If any query arise, loan to

sanction, Promotional Pay problem a mail is send to Head office and on their approval the desire

action is taken.

In this unit there is no specific segregation of the work. The nature of their work demand a

mutual work environment every person knows how to perform his/her colleague duty in case of

need.

Refund(R6):-

This unit is responsible for the payment of those tickets which are not used by the

customers and them wishes to take the refund of their ticket. This unit is controlled by the two

persons including one In-charge. The structure of this unit is shown as follow

This unit is segregate in two worksone related to pax and other related to agency

Mr.Shahid Ali handles all the refunds issue of the agencies and Mr.Javaid handles all the pax for

their refund issue.This unit has its own printing machine and all the refund payment is done

through Cheque of imprest account (HBL account)

Credit control:- This unit is run solely by Miss Gazala. This unit is basically handles all the

rebated transactions. Due to contracts with many National bodies PIA provide Rebate to the

employees of Military, Air force, Pak Navy, Police and many others. This special discount is

given to the employee from their respective organization not to the organization. Therefore PIA

has to collect the full expense some from the passenger and rest from his/her organization

Mr Shahid Ali

In-Charge

Mr Javaid

Assistant


through an invoice. Miss Gazala organizes and issues that specific invoice to the organization.

Similarly on the case of agent default a credit invoice is issued for the settlement of PIA’s

accounts.

For example

A military person travel from Lahore to Karachi and the total expense of this

voyage is 10,000 rupees. After some standard documentation that person will get the ticket only

by paying 50% of the total expense. Then Miss Gazala will issue an invoice of the remaining

amount to the Military office and collect the remaining balance of that ticket.

Agency:-

This is the most revenue generating unit of the whole department. It deals with

International Air Transport Association (IATA) agents. This unit is run by 7 persons each

performing a specific duty in unit.

Agency Unit hierarchy

MrAtif Butt &MsNaginaSaad overall look the whole work of the agency and prepare its reports

in the end.

Ms. Saima

Ms. Huma

Mr. Usman

Mr. Nasir

Mr. Tahir Qaddri


Following works are practiced in this unit

1. Receiving sales reports of agents

2. Prepare ledgers, checking and handling the issues related guarantees of agents

3. Providing refund to agents on demand

4. Book keeping of all the agencies data

The work of Agency is to deal with International Airline Transportation Association’s

agents(IATA Agents). There are total 235 agents. Mr. Nasir deals with 120 agents and rest of

them are handled by Ms. Huma. Each agent has to deposit 7 Million guaranteesin Bank as per

PIA policy. The process of billing settlement is operated through software of the organization

that creates the link between agents and PIA. All types of payments are done through Deutsche

Bank. This bank is linked with PIA and agents through BSP software. If agent is unable to pay the

required sum of amount the recovery is made through BSP software. The agency unit will issue

the Agent Debit memo in which all the information is written regarding agents. If in case of any

payment that is given to agent then Agent credit memo will be issued to the agent and the

amount from PIA account will be transferred to the agent’s account. Similarly Mr.Tahir deals

with the sale reports of the cargo of all the agents. Cossap3 is used to record and to do all

necessary calculations.


Project

Vertical & Horizontal analysis

Vertical analysis of last 4 year Balance Sheet

2009 2010 2011 2012

ASSETS All values in Percentage

NON CURRENT ASSETS

Property , plant and equipment 85.00 80.25 81.20 79.88

Intangibles 1.41 1.57 1.65 1.68

Long-term Investments 0.05 0.08 0.05 0.05

Receivables from Centre Hotel 0.31 0.36 0.38 0.38

Long-term loans and advances 0.01 0.01 0.01 0.01

Long-term deposits and prepayments 2.52 5.17 5.15 3.13

CURRENT ASSETS

Stores and Spare parts 1.95 2.13 2.16 2.13

Trade debts 4.04 4.78 4.96 5.21

Short-term loans and advances 1.06 0.25 0.18 1.07

Trade deposits and prepayments 0.81 0.87 0.72 0.63

Other receivables 0.49 0.79 1.35 0.27

Short-term investments 0.07 0.47 0.33 0.05

Taxation-net 0.03 0.05 0.05 3.28

Cash and bank balances 2.27 3.25 1.80 14.87

Total Assets 100.00 100.00 100.00 100.00


Equity and Liability sides’ analysis

Equity & Liabilities

Share capital 11.27384724 14.15033315 15.98272 14.961759

Reserves -34.1739298 -45.2004693 -59.6558 -71.8557

Non-controlling interest 0.368410909 0.653935565 0.6005555 1.0024009

Surplus on revaluation of fixed assets-net

20.44184273 11.56153175 12.692239 Nill

NON CURRENT LIABILITIES

Long-term financing 19.5160377 16.16118766 24.787273 14.618962

Term finance and Sukuk certificates

9.487862763 9.583969978 6.0675339 2.2843335

Liabilities against assets subject to finance lease

29.69600967 29.51268334 26.296574 19.914003

Long-term deposits 0.177230595 0.210975168 0.247028 0.2780106

Deferred Liabilities 8.865758818 13.33031433 13.560624 9.5213108

CURRENT LIABILITIES

Trade and other Payables including provisions

14.73048331 17.48953577 25.732987 53.482138

Accrued interest/mark-up/profit 0.893754472 1.699780425 2.6251414 3.98

Tax payable 0.423676614 0.900486197 0.5958518 28.755863

Short-term borrowings 11.61370592 12.44304521 14.328535 3.5269997

Current maturities of:-

Long-term financing 2.738908311 11.60024527 6.2850274 10.804767

Term finance &Sukuk Certificates 0.002479434 1.172127574 4.81159 7.8998427

Advance rent 0.001688146 Nill 0.0024391 0.0025115


3.942233148 4.73031796 5.0370028 4.8219182

Total Equity & Liabilities 100 100 100 100


Vertical Analysis of last 4 year income statement

2009 2010 2011 2012

All values in %

REVENUE – net 100 100 100 100

COST OF SERVICES

Aircraft fuel -38 -30 -49 -49

Others -46 -53 -46 -47

GROSS PROFIT 16 17 5 4

Distribution costs -5 -6 -5 -6

Administrative expenses -8 -7 -9 -10

Other provisions and adjustments -1 -1 -1 -1

Exchange loss – net -2 -7 -3 -5

Other operating income 2 1 0 3

LOSS FROM OPERATIONS 2 -3 -13 -16

Finance costs -8 -9 -8 -10

Share of loss from associated company 0 0 0 0

LOSS BEFORE TAXATION -6 -12 -21 -25

Taxation -11 7 1 -1

LOSS FOR THE YEAR -17 -5 -20 -26

Above 3 tables shows the vertical analysis of the PIAC financial statement of past 4 years (from

2009 to 2012). Vertical analysis is the key to examine the efficiency of a company in past years.

The fixed assets are continuously decreasing and long term deposits are increasing that clearly

shows some sort of mismanagement at the top level. In short term liability portion short term

debts and prepayment has increased about 100% from past years. Similarly in income statement


cost of services, administration cost and finance cost has increased. It clearly depicts the

inefficiency in utilization of the available sources and mismanagement in planning.

Horizontal analysis Of last 4 years balance sheet taking 2008 year as base year

ASSETS 2008 2009 2010 2011 2012

NON CURRENT ASSETS

Property , plant and equipment 100 111.22 92.62 92.65 97.37075

Intangibles 100 105.76 104 108.33 115.453

Long-term Investments 100 66.355 100.6 61.41 75.87

Receivables from Centre Hotel 100 106.71 108.73 114 123.56

Long-term loans and advances 100 157.9 184.91 201.95 164.065

Long-term deposits and prepayments 100 100.51 181.87 179.35 123.76

CURRENT ASSETS

Stores and Spare parts 100 106.73 102.9 103.49 105.89

Trade debts 100 134.64 140.5 144.35 175.98

Short-term loans and advances 100 158.58 33.106 23.88 125.87

Trade deposits and prepayments 100 99.079 94.022 77.31 70.87

Other receivables 100 61.814 88.566 149.26 300.76

Short-term investments 100 147.03 864.91 607.01 588.86

Taxation-net 100 21.94 25.802 29.1 35.98

Cash and bank balances 100 115.55 146.01 79.8 156.8

Total Assets 100 111.25 98.141 97.01 103.67


Equity and Liabilities

EQUITY AND LIABILITIES 2008 2009 2010 2011 2012

Share capital 100 108.66 120.31 134.34 134.34

Reserves 100 103.5 120.75 157.55 168.87

Non-controlling interest 100 102.26 160.11 145.32 175.89

Surplus on revaluation of fixed assets-net

100 148.14 73.91 80.21 97.98

NON CURRENT LIABILITIES

Long-term financing 100 117.06 85.509 129.65 70.7

Term finance and Sukuk certificates 100 157.61 140.44 87.89 32.67


100 94.212 82.591 72.74 60.87

Long-term deposits 100 121.22 127.29 147.33 156.87

Advance rent 100 Nill Nill 138.58 Nill

Deferred Liabilities 100 112.52 149.24 150.03 165.09

CURRENT LIABILITIES

Trade and other Payables including provisions

100 102.48 107.33 156.11 166.87

Accrued interest/mark-up/profit 100 125.08 209.84 320.37 360.65

Tax payable 100 3717.54 6969.6 4559 2001.1

Short-term borrowings 100 78.62 74.311 84.53 145.98

Current maturities of:-

Long-term financing 100 100.1182 374.03 200.33 378.98

Term finance &Sukuk Certificates 100

Advance rent 100 105.63 Nill 133.09 131.87


100 112 118.54 124 125

Total Equity & Liabilities 100 111.25 98.14 97.01 103.67


Income Statement

Years 2008 2009 2010 2011 2012

All values in percentage

Revenue-net 100 104.4691 118.7212 128.9809 124.765

Cost of Services

Aircraft Fuel 100 68.41608 97.49783 137.3161 136.45

Others 100 115.2522 114.4083 124.5383 125.87

Gross Profit 100 300.1755 319.8022 99.4397 89.34

Distribution costs 100 115.338 117.7871 128.6459 135.89

Administrative expenses 100 131.8022 169.7822 187.7901 192.22

Other provisions and adjustments-net

100 33.97171 39.99037 36.12158 38.33

Exchange loss-net 100 27.82613 8.672504 17.4975 25.876

Other operating income 100 73.92432 302.0169 69.33887 360.87

Profit/(Loss) from Operations 100 10.01714 6.48426 53.68904 59.342

Finance costs 100 106.398 106.597 116.1782 121.34

Share of loss from associated company

100 109.068 122.4181 198.9924 181.87

Loss before taxation 100 32.03436 19.21799 67.96487 98.23

Taxation 100 226.6093 -379.394 28.47634 22.2

Loss for the year 100 14.40695 55.33 71.54232 81.234

Horizontal analysis tells the trend of a company. From the above mention figures it is clear that

the trend of the PIA is downward from all these four years. Every year increase in the cost of

service is much more than the increase in the revenue. Besides these distribution cost,

administration cost, finance cost and other operating expenses are continuously increasing with


an alarming pace. This analysis clearly depicts the poor trend of the company. Due to those

trends loss per year is increasing especially from last 2 years it has jumped to the horrible level.

Conclusion Working in a corporate world was a great experience. Its provides opportunity to

understand the overall working of finance in the organization as well as gives chance to

understand the relation between bookish knowledge and practical works.

In PIAC finance department is a very big unit only in Lahore office 40 persons are working in

the finance departments. Each and every one is highly educated and trained for his job

specification. Many loop holes were also observed in the working of the unit. The use of

COSSAP 3 for accounting and finance really make it easy for the employees to do their job on

time. In 6 weeks I learned a lot of things and realize that there is a huge difference between the

bookish knowledge and practical working environment.


Limitations and problems

In the period of 6 weeks I learnt and understand many

things besides this I also underline many problems in

the organization

There is no concept of punctuality and regularity in the organization

No specific job is defined with respect to the specific qualification

Each department is has too much employees

There is a cold war between each department every department thinks he is the most important

department of the company

Too much allowance and benefits are assigned to each employee

Highly centralized structure is also a problem in decision making

Cossap 3 is now obsolete a new and advance software should be used

The software should be online

Training room is very old and require proper construction

It department is not doing and up to date work


Suggestions and Recommendations In my 6 week of internship I learnt many things and observed many loop holes in the

organization. These loops holes exist both at station level as well as to a particular department. I

have recommended some suggestion few are general and some are specific to the Finance

department.

A bit flexible organizational structure:-

Justification

The overall structure of PIA is highly centralized, being a student of management and

business administration, I have learned from latest management theories and case studies that

such structure is not good for a revenue generating organization. Such structure has following

problems

Too much delay in decision making

Obstacles in new ideas & creativities

Due to centralized structure no station can take any decision as they are not allowed to do so.

Therefore each decision too much time in business time is money and due to centralized

structure a lot of money is wasted.

My suggestion is not to completely decentralize the structure but make it a bit flexible that each

station can take those decisions which do not affect the revenue of the organization like decision

of internee and etc.

There are too much qualified people in Lahore station Chartered accountant, MBA finance from

UK but no one do any creative work everyone just follows the predetermined rules as no one is

said to do so this all can be change by making some change in the organization structure.


Performance base Incentive program:-

Justification

There is no incentive base program in the whole organization. To keep the high motivation

level of the employee’s performance base incentive programs are very fruitful. From the

discussion I came to know that in 2005-07 a performance base program was introduced and there

were very fruitful results of this program. Besides monetary incentive following programs should

also introduced

o Employee of the station

o Employee of the year

o Employee of the month

o Employee of the department

Monthly Inter-department meeting

Justification

An organization is place where people work together for a common purpose. In

organization inter-departments meeting should be arranged on monthly basis. In this way each

department will realize the problem facing by the other department. In this way a close and

strong bond will build among the employees.

In my internship period I realized that each department thinks that he is the most important unit

in the organization. This kind of attitude causes a cold war among the employees everyone tries

to beat the other in the result whole organization suffers. There should be no completion between

the departments. There should be a constructive competition in each department. An employee of

finance should try to perform better than his finance’s colleague similarly marketing employee


should try to perform better than his colleague. In this way productivity of each department will

increase and in result whole organization performance will be increased.

COSSAP– III should be web based (online) in order to save precious time in transferring

of data.

Proper computer training should be provided to the employees of the company

accordingly.

Government Corporation should be made independent under a new division of aviation

in the ministry of communication.

There should be clear distribution of work and only qualified person should be appointed

on jobs.

There should be proper downsizing/rightsizing in PIAC

There should be improve service standards and that should be quality oriented

There should be more advertisement in print & electronic media

With respect to finance department

SAP should be introduced for accounting purpose

Justification

COSSAP3 is good software but the version used by the PIA is not according to the modern

needs. Instead of this SAP application should be adapted as their applications are specifically for

accounting purpose. In COSSAP 3 if a random page print is required then all the rest of pages

print has to take. For only Page number 300 rest of 299 page print has to be taken due to

incapacity of existing system.


Zero cancelation charges:-

Justification

Unfortunately from the last couple of years many time passengers deprived of their

flight due to some technical problem or some other issue of the PIA management and

when that person came for refund 250 rupees are subtracted for cancelation charges.

Such persons lose their flight due to the negligence of the PIA so there should be no

cancelation charges. On the other hand management should apologies for the

inconvenience and make a better offer for the future to retain them for future.

Refund facilities should be provided on airport:-

The refund unit is controlled by on two people in the station but this is not quite

convenient for the customers. There is no refund facility on the airport such facility

should be provided on the airport.

Post assigned to specific qualification:-

In the department there are different people with

different qualification. Some are B.com, MBA, M.com, ACCA, ACMA, CA. But their duty is

not defined as to their qualification. Due to this they cannot perform their job up to the

mark. Each post in the department should be allocated to the persons who are fit for

the job.

References


Annual report 2012

www.Piac.com

And From the following respectable employees

Appendix

2012 2011

------------ Rupees in '000 ----------

http://www.piac.com/


---

ASSETS

NON CURRENT ASSETS

Fixed assets

- Property, plant and equipment 153,662,065 146,214,419

- Intangibles 3,238,045 2,973,990

156,900,110 149,188,409

Long-term investments 94,394 86,088

Receivable in respect of Centre Hotel 734,496 679,487

Long-term loans 12,009 15,407

Long-term deposits and prepayments 6,020,026 9,278,981

163,761,035 159,248,372

CURRENT ASSETS

Stores and spares 4,096,403 3,895,832

Trade debts - net 10,014,544 8,936,690

Short-term loans and advances 2,054,153 329,433

Trade deposits and prepayments 1,204,634 1,305,268

Other receivables 4,300,365 2,423,473

Short-term investments 517,767 594,749

Taxation 102,102 93,680

Cash and bank balances 6,303,877 3,239,943

28,593,845 20,819,068

TOTAL ASSETS 192,354,880 180,067,440

2012 2011

------------ Rupees in '000 -------------


EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES

Share capital 28,779,674 28,779,674

Reserves (138,217,947) (107,420,680

)

(109,438,273) (78,641,006)

Advance against equity from Government of Pakistan (GoP) 1,928,167 -

Attributable to the Holding company's shareholders (107,510,106) (78,641,006)

Non-controlling interest 1,385,606 1,081,405

TOTAL EQUITY (106,124,500) (77,559,601)

SURPLUS ON REVALUATION OF PROPERTY, PLANT

AND EQUIPMENT - NET OF TAX 26,213,286 22,854,589

NON-CURRENT LIABILITIES

Long-term financing 28,120,287 44,633,808

Term finance and sukuk certificates 4,394,027 10,925,653

Liabilities against assets subject to finance lease 38,305,557 47,351,568

Long-term deposits 534,767 444,817

Advance rent - 4,831

Deferred taxation 18,314,706 15,189,571

Deferred liabilities 13,206,159 9,228,697

102,875,503 127,778,945

CURRENT LIABILITIES

Trade and other payables 55,313,306 46,336,731

Accrued interest 6,784,356 4,727,025

Provision for taxation 679,144 1,072,935

Short-term borrowings 61,354,530 25,801,027

Current maturities of:

- Long-term financing 20,783,496 11,317,288

- Term finance and sukuk certificates 15,195,733 8,664,107

- Advance rent 4,831 4,392

- Liabilities against assets subject to finance lease 9,275,195 9,070,002

169,390,591 106,993,507

TOTAL LIABILITIES 272,266,094 234,772,452

TOTAL EQUITY AND LIABILITIES 192,354,880 180,067,440

Profit and loss account

2012 2011


------------ Rupees in '000 ------------

REVENUE - net 124,777,545 127,476,192

COST OF SERVICES

Aircraft fuel (61,157,291) (62,965,435)

Others (59,045,386) (58,692,933)

(120,202,677) (121,658,368)

GROSS PROFIT 4,574,868 5,817,824

Distribution costs (7,630,949) (6,830,850)

Administrative expenses (12,298,168) (11,009,338)

Other provisions and adjustments (698,310) (652,950)

Exchange loss - net (6,703,945) (4,220,191)

Other operating income 3,327,619 525,563

(24,003,753) (22,187,766)

LOSS FROM OPERATIONS (19,428,885) (16,369,942)

Finance costs (12,169,934) (10,487,413)

Share of loss from associated company (637) (790)

LOSS BEFORE TAXATION (31,599,456) (26,858,145)

Taxation (768,817) 934,790

LOSS FOR THE YEAR (32,368,273) (25,923,355)

Attributable to: Equity holders of the Holding company (32,401,413) (25,970,801)

Non-controlling interest 33,140 47,446

(32,368,273) (25,923,355)

2012 2011

-----------Rupees in '000------


-----

CASH FLOWS FROM OPERATING ACTIVITIES Cash generated from operations 904,742 9,631,070

Profit on bank deposits received 51,399 45,997

Finance costs paid (10,112,603) (8,856,552)

Taxes paid (1,197,159) (1,210,031)

Staff retirement benefits paid (617,559) (467,188)

Long-term deposits and prepayments - net 773,850 462,344

Net cash used in operating activities (10,197,330) (394,360)

CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant and equipment (7,947,165) (4,131,561)

Proceeds from sale of operating fixed assets 79,359 10,791

Purchase of intangibles (158,077) (137,437)

Payments against long-term loans 3,398 (1,300)

Proceeds from sale of short-term investments 216,879 712,168

Net cash used in investing activities (7,805,606) (3,547,339)

CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of share capital - 3,004,726

Proceeds from advance against equity from GoP 1,928,167 -

Repayment of long-term financing (8,504,428) (11,304,415)

Proceeds from long-term financing 500,000 15,339,317

Redemption of term finance certificates - (2,560)

(Payment) / receipt of advance rent (4,391) 9,223

Proceeds from long-term deposits 89,950 60,524

Payment of dividend to non-controlling interest (29,983) (29,980)

Repayment of obligations under finance lease - net (8,251,697) (8,548,597)

Net cash used in financing activities (14,272,382) (1,471,762)

Decrease in cash and cash equivalents (32,275,318) (5,413,461)

Cash and cash equivalents at the beginning of the year (22,561,084) (17,110,312)

Effects of exchange rate changes on cash and cash equivalents (214,251) (37,311)

Cash and cash equivalents at the end of the year (55,050,653) (22,561,084)

CASH AND CASH EQUIVALENTS Cash and bank balances 6,303,877 3,239,943

Short-term borrowings (61,354,530) (25,801,027)

(55,050,653) (22,561,084)

PIA Summer Internship 2013 Table of Contents

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