SALVEX GLOBAL MARKETPLACE

An AttemptSynopsis of the Learning experience

4/17/2015

The document entails details of the learning experience during the Internship at Salvex Global Marketplace, Finance Dept.

INTERNSHIP REPORT

ContentsAbstract:......................................................................................................................................................2

Company Background..................................................................................................................................3

Value Delivery..............................................................................................................................................4

Organizational Hierarchy.............................................................................................................................6

Work Term Description...............................................................................................................................7

Evaluation of Experience...........................................................................................................................12

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Abstract:The Internship at Finance Department was a versatile experience encompassing various

learning oriented experiences that put me into having more exposure of how the professionals

in finance work. It equipped me with information of the sequential steps taken to verify the

authenticity of the data and mastered me with tests necessary to employ before the data goes

out to the clients.

The second in line is the attainment of inventory audit data from the audit inspectors and its

digital transcription to prepare for the valuation. My familiarity with Oracle tools and

environment was substantially enhanced through various exercises along-side the command

over MS-Excel tool.

This experience remained unique in its own way since it not only embarked me with

professionalism in Finance but also enlightened me to deal with certain undesirable chores that

would hardly be of any significance to my career – yet a requirement for being an optimist

intern.

Certainly, the internship helped me develop myself into working efficiently and effectively

towards meeting the given deadlines and organize myself for working in a professional

environment.

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Company BackgroundSalvex is an asset recovery firm which was founded by the Wilson family after getting

substantial experience of dealing in salvage goods. Currently, the CEO of Salvex is Charles

Wilson. It operates with an objective to provide the potential buyers and sellers with a valuable

experience by transforming the execution of their transaction through its statistics-backed

trade tools and succinct platform for trade.

The company has established a strong portfolio in providing services to

manufacturing concerns and services providers, by helping them primarily in resolving

bankruptcy issues, insurance claims, liens, asset recovery and mishandled cargos. The team

ensures best possible recovery rates for these clients. In addition, Salvex also has a clear edge

when it comes to providing technology enabled services. It has its very own database that

enables matching up the potential buyers and sellers to conclude a deal. This allows timely

transaction, beneficial for both the parties to the contract. Capitalizing upon the established

network built around the world throughout all these years of operations, Salvex has now

started offering inspection and surveyor services.

Moreover, fascinated by the use of technology embedded tools, Salvex has

categorized the market place into three components as per the market needs. Enterprise

Software component provides ease to the seller in settling down their sale of damaged and

depreciated assets. It handles all the asset recovery and claims for many different companies

amongst which include insurance and transportation businesses. Second in line is the online

auctions component on the website for swift and prompt deals. The bidders place a bid which

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remains valid until they are outbid, for which they receive a notification. This allows the parties

to quickly expedite their sales. The last component – Commercial Classified -is specially

designated for the trade of sophisticated commercial goods, which are otherwise difficult to

sale in no time.

Value DeliveryThe company offers services categorized into these classes

Asset Recovery in a box: The Company provides this service using enterprise software

having all the requisite tools, global access to markets and an insightful collection of

database to help track down locations and buyers with the demand for the offering being

made. This service is offered to corporate clients only in an effort to help restructure the

client’s traditional procurement department into an efficient asset recovery department

that manages the sale/purchase of surplus and/or almost-depreciated assets.

Salvage Appraisals: Through extensive experience in commercial sales and a wide-

network of surveyors and inspector globally, Salvex provides reasonable assessment of

assets’ value aligned with current pricing trends and historical records gathered from its

very own database.

Transportation and Storage: The management truly recognizes all the associated needs

of its clients and does not leave a table unturned to bridge the gaps between the buyers

and the sellers. Aligned with its very objective, the company established logistical

support services to cater to the needs of bidders and askers. Where unavailable, it

recommends other reputed logistics support services providers.

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Salvage Recovery: These services include inventory audits, removal of faulty assets and

machinery, supply of heavy-duty removal equipment and allocating some space in the

warehouse to place the equipment until the deal is finalized.

Research and Product Placement: It is the most viable service Salvex’s either side clients

avail to keep growing. With the help of this research, the team markets the product on

certain specialty and high traffic sites that likely attract the customers to whom the

product is offered, with a special focus on providing value to the buyers by organizing the

sales in the close-by area to avoid higher transportation cost and to sellers by making

their product visibility enhanced.

Theft Recovery: Every item sold or purchased is vulnerable to the threat of theft. The

theft recovery service is launched in an attempt to capitalize upon the wide access and

presence across various industries. So, the information of the product stolen is

immediately made available to all the peers in network. If any of these peers receive an

offer to purchase that product, they would contact Salvex to inform about the culprit.

Hence, this super active tool helps Salvex play a role of a socially responsible corporate

citizen.

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Organizational HierarchyDepartment-Specific (Finance Department)

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Salvex Global Marketplace

Corporate Governanc

e Committee

Board of Directors

President & CEO

Deputy CEOChief Financial Office

Audit Controller Financial ControllerFinance Manager

Interns (ME)

Audit Committee

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Work Term DescriptionFinance Dept. at Salvex is primarily responsible to prepare and create financial

accounts, keep and maintain financial records, prepare and plan internal financial information,

analyze current financial performance using industry specific financial ratios, make payments

and disburse employees’ wages & salaries. Although it was an asset recovery firm, I was

entrusted duties pertaining to the role of a “Financial Research Analyst” who is made to work

on numerous different projects.

Financial ProjectionsThis project required collecting information on all the revenue accounts before reconciling

them to come up with a specific figure for contribution to the company’s quarterly profit and

loss account. A group of interns was formed, each with a task to collect information on different

accounts of the Income Statement. Continuous guidance coupled with extensive reporting each

day made the very first phase a success. After formation of the Income statement, the financial

controller authorized it to be used for analysis.

Next, the task was to collect financial information in the previous quarters with the

purpose of making financial forecasting and projections. The financial forecast was produced

after analyzing the trends in income flows and adjusted for any changes in the non-recurring

gains and losses. For this purpose, I was provided with leisure to make certain assumptions.

Spreadsheet tool was readily used after a brief training on the use of certain excel-embedded

financial and statistical functions, primarily used for forecasting. After a review of projections, I

had been instructed to compile data and present my analysis with charts and graphs tools in

Excel. Through an unusual approval from financial controller after days of struggle and

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inconvenience, I was allowed access to the company’s data terminal for extracting information

for the purpose of compiling my analysis.

Partnership FeasibilityThe second task I was made to work on revolves around composite research. It desired of me to

collect information on the cost of offering the customers’ products at different specialty sites,

and figure out the no. of items to be sold each day to reach a break-even point based on the

average number of potential buyers clicking the offering. For this purpose, a team of five

interns was formed with each assigned five specialty sites to collect data for, primarily focused

on cost per click and the no. of visitors categorized as per their needs. This data was then

combined in an excel sheet and made ready for Break-even analysis. The no. of customers in

each category was made an independent variable and cost for availing the website was made a

dependent variable. The relationship b/w the two variables was obtained using a regression

tool and the break even analysis were modeled in excel using the Excel Solver function. This

project was very intriguing and a complete new learning opportunity in terms of interest

research, market trends, break-even analysis and the use of Excel Tools.

Inventory Audit Assistance

Due to significant amount of orders piling up with the surveyors and inspectors, the Finance

department was requested to provide any additional resource that can help the in-time

completion of these piled up inspection jobs. After the approval from the relevant authority in

Finance, I along with a four member team, of whom were all interns except one, was tasked

with the job to provide the required assistance in preparing for the audit. The Audit manager

amalgamated with us five members team led by an audit supervisor, in order to get each job

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done in a day or two. However, extensive checks often confronted us and abstained us from

meeting all the deadlines in due time, most of the cases which I, along with my team, dealt with

were finished in time. Additionally, there was a day session of training before the execution of

jobs for all the four members borrowed from the finance department. This training was

intended to provide us with the revision of audit steps, a quicker overview of the check list

before conducting an audit and an insightful commentary on what the inspectors consider a

bullish attempt to overstate the value of inventory. This entire exercise pertained to Salvage

Appraisal services that the company provides.

When moving for our first off-field assignment, my finance manager honored me and other

participants from Finance in an attempt to elevate our confidence by sending us a treat of

complements and appraisals. I was specifically assigned the task to go around the entire

warehousing facility and document the no of item categories ready to be audited. It usually

takes me some 3-4 hours to get done with it. Though the clients were asked not to employ the

inventory for a couple of days until it’s completely audited, I was made responsible to ensure

no such event takes place. The primary task I was designated each day was to plug-in the

relevant data in to the company’s inventory audit tool outsourced from a third-party service

provider – Oracle. For this, I had to populate the all the data into the relevant categories, their

ratings measured on a scale of 5 by professional inspectors and the details of any unusual items

in the inventory. This software tool in linked with the company’s database that has details of all

the past transactions that Salvex helped managed. The software aligns the populated data with

the description of historical data, sets an estimated value for the items and browses certain

websites’ databases to generate a reasonable quote from historical experiences and the

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current market trends. This quote is then automatically referred to the clients who seek to

purchase those items in inventory. This simple but vital exercise was an important off-field

learning experience that enlightened in me the importance of paying attention to every single

detail.

Rating Rationale

Of the many experiences at Finance, I owe this project the praise that could belong to no other

project for its high technicalities, finest financial vocabulary, intensive calculations and

thorough proof reading. It has been certainly the most of the learning experiences I gathered

during my internship at Finance. Though may not be of great help to the coordinator of this

project, I was entrusted the task to check for any arithmetic inaccuracy of the calculated ratios

and figure out the mistakes, if any, in the quoted figures. This rating rationale is drafted by the

authority that evaluates the performance of all the Salvage-dealing businesses on certain

matrices and compiles them into assigning an overall rating compared to different industry

participants.

I have had an in-depth study of Salvex’s accounts for the project. In turn, this exercise equipped

me with many things I couldn’t learn during my academic career. Ratio analysis to such an

extent will be of get help to me for my future in Finance.

Data Casting

The finance department comes across numerous reports, regulatory and otherwise. Under the

supervision of my manager, I was made responsible to cast data in various reports and certainly

all of their versions for arithmetic accuracy, and proof read the material for any mistake. This

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exercise was good for me to bear with any undesirable chore and do at least something helpful

and productive for the department.

Precisely, the overall internship experience throughout was also focused to inculcate the spirit

of working together in a team and understand the phenomenal impacts of teamwork synergy.

Therefore, after the task for the day gets completed, each other member in a team is made to

support and coordinate activities of the person lagging behind. Though out the internship, the

aim was to improvise the sense of responsibility, management of work load pressure and the

astonishing effects of synergy.

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Evaluation of ExperienceWorking as an intern at Salvex Inc., has been a great experience for me as I not only

learnt the organization culture and the importance of working in a team, but also the ability to

deal with undesirable tasks made obligations. I realized that each of the employees working in

the organization had a collaborative approach towards his work. The discipline and calmness at

Salvex has been mainly due to delegation of work in a manner that a win-win situation is

created. I’m thankful to be made a part of an organization that fosters talent and allows for

even the new entrants to build upon their competencies. My line manager has been my mentor

throughout besides multiple other seniors who helped me through all the difficulties and incite

in me the desire to peruse a career in an entrepreneurial start-up.

Furthermore, the internship exposed me to certain challenges where I completely

lost heart and felt deteriorated with my performance and knowledge in finance. However, I was

never de-motivated or sidelined from the group. In fact, my manager-co-mentor puts in me the

necessary confidence to rise to any challenge and prove my worth. I remember when there had

been a critical regulatory reporting requirement (Rating Rationale) when my mentor rose to the

occasion and led a team from front to get the work done in time. Most importantly, he chose

me as the only intern to be a part of his team and appointed me for finding out the underlying

figures from annual accounts that generate certain readings of ratios. This exposed me to a

challenging situation and taught me to keep control of nerves in times of difficulties.

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Along with this, I learnt many more things including professional financial vocabulary

used in report writing, research tools undertaken in my analysis, timely management of

commitments and adherence to code of conduct in a workplace.

With me concluding the report and putting an end to the joyful learning experience of my

professional career, I embark upon appreciating the valued experience acquired from this

internship and hope that my contribution to the company and the department in particular,

remains a source of value. However, I would consider making few thoughtful recommendations

that can help further enhance the learning experience of interns. It includes

Provision for interns to avail some (if not many) learning sessions (especially those of

soft skills.)

Make interns do even more learning-oriented heterogeneous jobs.

Make for interns the in time availability of the necessary equipment to perform their job

studiously and with motivation. It may involve equipment like PC or an access to the

company’s server with rights to files he has to work on. It may even involve ancillaries

that are required for the job he has been called for. Since interns hardly have a say in

any company and knows no one very well, it becomes extremely difficult to get the

equipment installed before any task can be performed.

To some extent, these recommendations may reflect some unprofessional desires of me,

However, I owe to express myself for any suggestions in this section of the document and

appreciate my seniors for this kind gesture. I remain thankful to everyone who has helped me

learn a treasure of new things in this endeavor.

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