A

Summer Internship Project (SIP)

On
Accounts Receivable

Submitted for the partial fulfilment of requirement for the award

of degree

Of
Master of Business Administration
Of
DMS(KUMAUN UNIVERSITY NAINITAAL)
BHIMTAL(UTTARAKHAND)

Session 2020-2022

1
 Supervision By Submitted By
ANTIM KUMAR BARDIYA VINAY JOSHI
Dy. Manager – SBU – F&A(Costing) Roll No.: 201405610051

DECLARATION

I hereby declare that the Summer Internship Project (SIP) entitled “Accounts Receivable”
submitted for the Degree of Master of Business Administration, is my original work and the
Summer Internship Project (SIP) has not formed the basis for the award of any degree,
diploma, associate ship, fellowship or similar other titles. It has not been submitted to any
other University or Institution for the award of any degree or diploma.

2
 CERTIFICATE BY INTERNAL GUIDE

I have the pleasure in certifying that Mr. Vinay Joshi is a student of DMS BHIMTAL
(KUMAUN UNIVERSITY NAINITAAL) of the Master’s Degree in Business
Administration (MBA). His University Roll No. is 201405610051

He has completed his Summer Internship Project (SIP) titled as “Accounts Receivables”
under my guidance.

I certify that this is his original effort & has not been copied from any other source. This
project has also not been submitted in any other university for the purpose of award of any
Degree.

This project fulfils the requirements of the curriculum prescribed by DMS(Kumaun

university nainital) for the said course.

I recommend this Summer Internship Project (SIP) for evaluation & consideration for the
award off Degree to the student.

3
 CERTIFICATE BY COMPANY GUIDE

I have the pleasure in certifying that Mr. Vinay Joshi is a student of DMS BHIMTAL
(KUMAUN UNIVERSITY NAINITAAL) of the Master’s Degree in Business
Administration (MBA). His University Roll No. is 201405610051

He has completed his Summer Internship Project (SIP) titled as “Accounts Receivables”
under my guidance while working with Minda Corporation

I certify that this is his original effort & has not been copied from any other source. This
project has also not been submitted in any other university for the purpose of award of any
Degree.

This project fulfils the requirements of the curriculum prescribed by DMS BHIMTAL, for the
said course.

I recommend this Summer Internship Project (SIP) for evaluation & consideration for the
award of Degree to the student.

Signature :

Name of the Guide : Antim Kumar

Bardiya

4
 ACKNOWLEDGEMENT

I express my sincere thanks to my project guide, Mr. Antim Kumar Bardiya, Designation
Dy Manager Deptt Finance & Accounts(Costing)., for guiding me right from the inception till
the successful completion of the project. I also record my indebtedness to my supervisor, Mr.
Bhagwati Prasad, for his counsel and guidance during the preparation of this Summer
Internship Project(SIP)
I am grateful to Mr. Rajiv Kumar (Finance Head) for giving me an opportunity to learn
from the organization.

I wish to record my sincere thanks to all the members of Finance and Accounts department
(Minda Corporation) for their help and cooperation throughout my internship project.

VINAY JOSHI
Roll No.: 201405610051

5
 EXECUTIVE SUMMARY
If one were to reduce business to the simplest terms, one would probably call it the selling of goods
by one person, and the buying of those same goods by another. Thus, whether we pay cash or run up a
tab while doing business, money has to change hands during the course of a business transaction.
Accounts receivables is one such type of a business transaction. It refers to the way of dealing with
amounts of money that are owed to a business bits customer. On the balance sheet of a company,
accounts receivable refers to the amount of money that a customer owes it. Accounts receivables are
also referred to as trade receivables, which makes the concept a little clearer. As this is a debt related
amount, it appears under the category of current assets on the balance sheet of the company.
An accounts receivables transaction is generally carried out by means of an invoice which is sent to
the customer with the aim of informing him of the duration within which the debt amount must be
paid off. The term within which the debt has to be paid may be thirty days, forty-five days, sixty days,
or even as much as ninety days. However, the duration of the debt depends entirely on the debtor and
the creditor.
Various payment practices may be followed. These practices may be determined by the various
industry standards. They may also be coloured by the financial status of the debtor or affected by the
company's corporate policy.
Larger business organizations usually have to resort to the development of an entire accounts
receivables department to look into the various kinds and amounts of debts that its customers owe it.
A sales ledger is usually used to record transactions that pertain to accounts receivables.
Anyone who is starting out on a new business venture would have to learn about the various kinds of
accounting terms and practices that are carried on within various industries. To get into a business
undertaking without adequate study of the various accounting practices would be committing
professional hara-kiri. Accounts receivables is only one of the many kinds of transactions that prevail
in a business setting.
No matter what noble work you hope to do through your business, ultimately you would want it to be
financially sound. So, you should make sure to find out about the many financial transactions that will
enter into the picture once you start selling your products or services.

6
 TABLE OF CONTENT

Chapter Content Page no.

1 Introduction 8

 HISTORY OF AUTO PARTS SUPPLIERS

2 COMPANY PROFILE 9-29

 BASIC OVERVIEW OF INDUSTRY
 HISTORY OF COMPANY
 VISSION, MISSION AND GOAL
 BOARD OF DIRECTOR & TOP MANAGEMENT

3 OVERVIEW & FUNCTION OF DIFFERENT 30-40

DEPARTMENT

4 Job design and responsibilities handled 41-50

 ACCOUNTS RECEIVABLES
 ACCOUNTS RECEIVABLES PROCESS
 ACCOUNTS PAYABLES PROCESS
5 OUTCOME & KEY LEARNING 51-56

GENERATE MIRO USING SAP

7
 INTRODUCTION

HISTORY OF AUTO PARTS SUPPLIERS

The Indian auto-components industry has experienced healthy growth over the last few years. The
auto-component industry of India has expanded by 18.3 per cent to reach at a level of US$ 51.2
billion in FY 2017-18.

The auto-components industry accounts for 2.3 per cent of India’s Gross Domestic Product (GDP)
and employs as many as 1.5 million people directly and indirectly each. A stable government
framework, increased purchasing power, large domestic market, and an ever-increasing development
in infrastructure have made India a favourable destination for investment.

The Indian auto-components industry can be broadly classified into the organised and unorganised
sectors. The organised sector caters to the Original Equipment Manufacturers (OEMs) and consists of
high-value precision instruments while the unorganised sector comprises low-valued products and
caters mostly to the aftermarket category.

The total value of India’s automotive exports stood at US$ 13.5 billion in 2017-18 as compared US$
10.9 billion in the year 2016-17. This has been driven by strong growth in the domestic market and
increasing globalisation (including exports) of several Indian suppliers. Growth is further expected to
accelerate to 8-10 per cent in FY19 due to pick up in global scenario.

According to the Automotive Component Manufacturers Association of India (ACMA), the Indian
auto-components industry is expected to register a turnover of US$ 100 billion by 2020 backed by
strong exports ranging between US$ 80- US$ 100 billion by 2026.

The Foreign Direct Investment (FDI) inflows into the Indian automotive industry during the period
April 2000 – March 2019 were recorded at US$ 21.38 billion, as per data by the Department for
Promotion of Industry and Internal Trade (DPIIT)).

Some of the recent investments made/planned in the Indian auto components sector are as follows:

 Schaeffler India, the Indian arm of Germany’s automotive and industrial parts maker, is
planning to invest Rs 300 crore (US$ 46.66 million) per annum over FY18-19.
 As of December 2018, German automotive major Continental has planned investments of Rs
180 crore (US$ 25.65 million) for setting up a premium surface materials facility in Pune. The
facility will have an initial capacity of five million square metres and is expected to start
production in 2020.
 In October 2018, IMI Precision Engineering inaugurated its second largest manufacturing
facility in the Asia Pacific region. The company is planning to expand its product and
technical offerings over the course of the next few years.
 As of September 2018, air-compressor manufacturer Elgin Equipment is going to invest Rs
18 crore (US$ 2.56 million) for setting up of a motor production facility in India. The facility
is expected to be commissioned in Q1 FY20.

8
Basic Overview of Industry

Minda Corporation Limited is one of the largest suppliers of Electronic &

Mechanical Security System to 2 wheelers, 3 wheelers and Off-road Vehicles.

It is a diversified company with a product portfolio encompassing from

Mechanical & Electronic Security System and Electronic Controllers for Electric
Vehicles for Auto OEMs across the Globe.

The company exports about 20% of its products to USA, UK, Europe & South East
Asia and ASEAN countries.

It is the only company in India to have its own patented Magnetic Shutters for 2
wheeler application. To enhance the vehicle security, it manufactures Lock Sets
with conventional keys, 2 Track Keys, 4 Track Keys & Snake Biting Keys for 2
Wheeler Applications.

The company designs & manufactures: Immobilizers, Answerback / Vehicle

Locator Detection unit, Low cost remote based immobiliser & Smart Key security
system for 2 wheeled vehicle applications and also has patent for the Immobilizer
application for vehicles operating with drained or no battery condition.

9
HISTORY

YEAR 2017

1. New Customer: BMW Germany for Seat Latch & Fuel cap business for their New
Platform
2. New Customer Bolt Mobility: ESCL system for Electric scooter
3. New Business: Smart Key System for Piaggio – Vespa platform
4. New Business: Key less Fuel cap for Polaris-New platform
5. New Business: ESCL system for Bajaj – Electric
scooter
6. Patent file by Security system for making a total number of 61
7. Patent Granted Total till date- 12 nos.

YEAR 2016

1. Supply of Multi-Function Ignition lock (2 cable) started for HMCL

2. Developed Remote Based Immobilizer with Illumination Ring for TAFE(Tractor)
3. Business Finalized of Lockset for Husqvarna model
4. Patent file by Security system for making a total number of 41
5. Patent Granted Total till date – 8 nos.

YEAR 2015

1. Supplies started to HMSI 4F location (Gujrat)

2. New Customer: Hero MotoCorp and supply of Fuel Tank Cap Started for Scooter
Model
3. New Customer Royal Enfield: Lockset Business finalized for 350cc Motorcycle
4. New Product introduced in the Aftermarket – Bearing, Break Shoe, Glow Plug,
Clutch Plate
5. Patent Filed by Security system for making a total number of 28
6. Patent Granted Total till date – 7 nos.

10
YEAR 2014

1. Supplies initiated to Polaris US

2. VLD Unit with Remote developed & supply initiated to TVS Keyless System for
Ignition Lock
3. Supplies initiated to Polaris US
4. VLD unit with Remote developed & supply started to TVS
5. Keyless system for Ignition Lock & Fuel Tank Cap developed
6. New patent in Magnetic Lock – Push type offered to Suzuki Indonesia
7. Patent Filed by Security system for making a total number of 23

YEAR 2013

1. Introduced foldable key in India with integrated remote to OEMs

2. Patent Filed by Security system for making a total number of 18

YEAR 2012

1. Supply of patented magnetic shutter started to ASEAN

2. One patent filed by security system for making a total number of 13
3. New Plant of security system was set up in Chennai

YEAR 2011

1. Two patents filed for making a total number of 12 for security system & 2 for plastic
interiors
2. SAP Implementation in all Units

YEAR 2010

1. Acquired Electronics ESS Business for Aftermarket from Minda Valeo

2. Production of Interior Plastics in India started
3. Two Patents Filed by Interior Division making a total number of 10
11
 4. Platinum Trophy from ACMA for Technology Excellence was received

YEAR 2009

1. Commencement of Interior Division

2. New Plant set up in Pune
3. Acquired Surface Finishing Business
4. Business of E Bike controllers with TAA from NEC corporation, Japan was started

YEAR 2008

1. Door System business with TAA – Castellon, Spain was started

YEAR 2007

1. Four wheeler division hived off into a separate company company – Minda Valeo
Security System Pvt. Ltd.
2. Company renamed as Minda Corporation Ltd.

YEAR 2006

1. First patent in Mechanical Security Systems filed

YEAR 2005

1. New Plant set up in Pune

YEAR 2004

1. Establishment of Manufacturing Plant in Aurangabad

12
YEAR 2003

1. Capacity increased to 20 Million locks/Annum

2. Major re-layout Completed in a drive towards lean Manufacturing

YEAR 2002

1. Operation Consolidated at single location

2. Supply of Electronic Security System to Two & Four Wheeler OEM’s initiated
3. ISO 14001 certification obtained
4. Inauguration of Exports Division

YEAR 2001

1. Exports of Two Wheeler Locksets to European Manufacturing started

2. Commencement of Electronic Division
3. Joined CII – ACT Cluster Project for Productivity & Quality Improvement

YEAR 1999

1. Q.S 9000 Certification obtained

2. ERP implemented
3. Introduction to RAPID tooling for faster development of parts

YEAR 1997

1. ISO 9001 Certification obtained

2. Capacity increased to 14 million locks/Annum
3. Exports for Mercedes Benz started

13
YEAR 1996

1. Design from concept

2. Development of Solid/Surface Modeling capability

YEAR 1995

1. Joint Venture formed with Huf Hülsbeck & Fürst GmbH & Co. KG

YEAR 1994

1. Introduction to Four Wheeler Lockset

2. Introduction to Auto CAD for product design

YEAR 1989

1. Commercial Production started for Two Wheeler locks

YEAR 1985

1. Commercial Production started for Two Wheeler locks Minda Corporation Ltd.
commences operation under the name of Minda Switch Auto Pvt. Ltd. and started
manufacturing Ignition Switches for Indian Automotive Industry

14
15
16
17
18
19
20
 Vision, Mission & Values

VISION
To be a Dynamic, Innovative and Profitable
Global Automotive Organization for
emerging as the Preferred Supplier and
Employer, to Create Value for all
Stakeholders.

Philosophy of the Vision Statement

Dynamic
As a player, the Group is sensitive to the rapidly changing business environment. The actions

of all Group Companies are and will be geared towards meeting stringent benchmarks and

norms that are required and will be required.

Innovative
As a Group, we have been at the forefront of innovation. We intend to increase our focus on

innovation in products and technologies, organizational structure, and optimizing efficiencies.

We are also committed to change management as a way of life to enable us to meet the

emerging challenges of the Industry.

Profitable
We want to emerge in the global arena as a leading automotive player and realize profitability

in business so as to sustain and enhance our efforts towards emerging as a leader in the

industry.

Global
We are already global and will continue to expand to meet the requirements of global OEMs

and be a significant player globally, in our own domain. In spreading globally, we will not

focus on any specific country or region but take decisions based on our core interests in the

automotive sector.

21
Automotive
We will stick to being a significant player in the automotive domain and emerge as a systems

supplier. We will not deviate from our core sector but will expand to include different

components and systems that align and have synergy with our products and technologies.

Emerge as Preferred Supplier and Employer

We will be focused towards meeting the two essential areas of endeavour: become a preferred

supplier to global OEMs, and also emerge as the preferred employer in our industry. For this,

we plan to undertake several initiatives such as closely monitoring every aspect of our move

to offer world-class products to our ever-increasing clientele. On the employee front, we

intend to continue with our people-sensitive initiatives so as to realize a rich and vibrant

work-culture and also, continue to nurture employees towards greater efficiency, through

training and development. As a Group, we consider that our employees are equal owners and

stakeholders and this group belongs to them all. We will continue to offer participation in the

growth of our group, to all our employees.

Create Value for all Stakeholders

As an organization, we are sensitive towards all stakeholders including our esteemed clients,

our employees and their families, our suppliers and the society within which we operate. Our

core focus is on developing confidence, generating greater thrust towards undertaking active

role in building customer trust and confidence, generating greater returns and conviction for

our investors, undertaking Corporate Social Responsibility for wider interests of the society

and the needs of our suppliers, as well as addressing the holistic needs and concerns of our

employees and their families.

22
 MISSION

Our mission is to be an Automotive System

Solution provider and Build a Brand
recognized by vehicle manufacturers
progressively all over the world.

We are also committed to create and deliver value to our: -

Stakeholders
We will ensure that our enterprise grows aggressively and earns adequate returns.

Customers
We will make customers for lifetime and always strive to exceed their expectations.

Partners
We will develop long term relationships with our partners based on mutual benefit, trust,
support & transparency.

Employees
We will treat our employees as family members and would provide them a safe, healthy,
stimulating and rewarding work environment.

Society
We will always be conscious of our responsibilities towards the society at large and
undertake welfare activities for the community.

23
 VALUES

Commitment to Stakeholders, Passion for Excellence,

Open Communication, Integrity & Fairness, Nurture
Talent, Competency & Willingness, Respect & Humility.

Passion for Excellence

Relentlessly improving and continuously raising the bar in everything we do.

Open Communication
Reasoning, knowledge, experience sharing, confronting fearlessly for the good of the
organization.

Integrity & Fairness

Fair and upright in intention and actions - always complying with conscience.

Nurture Talent, Competency & Willingness

Create challenging opportunities and provide support for development of self and team
members. Encourage experimentation & willingness to accept challenges.

Respect & Humility

Must be Courteous, Compassionate, Caring, Humane and Humble in all our interpersonal
exchanges.

Innovation & Improvement Orientation

Challenge status quo. Demonstrate creativity for improvement and breakthrough.

Partnering
Leverages interdependence, cooperative, readily provides support and assistance to others.

24
Responsibility
Take ownership for the consequences of ones decisions and actions.

Cross Cultural Diversity

Build a vibrant workforce with different ethnicity, cultural orientation with no prejudice due
to sex / caste / creed / colour and to cherish our diversity.

25
 FOUNDER OF MINDA CORPORATION

Late Shri Shadi Lal Minda, doyen of the Minda Group was a
leading industrialist, who was also renowned for his philanthropy.
As founder of the Minda Group, he steered it since 1958 and
helped it emerge as a leading player in the Indian automotive
industry on the sheer merit of uncompromising quality of its range
of automotive parts. He believed and worked through various ways
for his single mission of “Social Change for Nation Building”. In
1987, he founded the Moga Devi Minda Charitable Trust
(MDMCT) and as its founder Chairperson successfully
implemented several social projects including Minda Bal Gram - a children home located in
Delhi, S. L. Minda Seva Kendra Vocational Training Centres for village youth in several
villages of Adampur Block, Haryana, Moga Devi Minda Memorial School a value based, not
for profit, Co-education school situated at Bagla, Hisar and S. L. Minda Memorial Sports
Academy, Bagla, Hisar, Haryana.

Shri Minda was also associated with many social organisations like Agroha Vikas Trust,
Maharaja Agarsain Technical Education Society, Bharat Lok Shiksha Parishad, Antar
Rashtriya Sahyog Parishad, Maharaja Agarsain Charitable Hospital, Aggarwal Welfare Trust,
Tirath Vikas Trust etc.

He believed that service of the society in any form is service of the nation and service of the
needy is service of God.

Discipline, Dedication, Determination, Devotion and Desire were his pillars of life. At Spark
Minda, Ashok Minda Group, we are committed to accomplish his vision through service to
mankind.

26
Ashok Minda (Chairman & Group CEO)
Mr. Ashok Minda brings along an extensive experience of more than 35 years in the
Automation Industry. Under the leadership of Mr. Minda, the group comprise of various
companies in India and abroad. Successful track record of partnering with leading global auto
component companies of US, Germany, Japan, & France. Mr. Minda has also been
instrumental in initiating greenfield projects in Indonesia, Vietnam, Czech, Republic and
Mexico.
Sudhir Kashyap (Executive Director & CEO)
Mr. Kashyap is a Mechanical Engineer and IIM graduate having experience of over 25 years
in the auto component industry. Associated with the group for over 16 years, he has been
instrumental in setting up the first overseas Greenfield project for the group in Indonesia.
Prior to joining the group he has worked with the Anand Group.
Laxman Ramnarayan (Director and Group President Finance)
Mr. Laxman Ramnarayan holds various academic and professional qualifications including
CWA & MBA (Finance). He is having experience of over two decades in finance, merger
and acquisition and private equity. Previously he was associated with Kotak private equity in
Kotak investment bank.

27
Rakesh Chopra (Independent Director)
Mr. Rakesh Chopra is a Charted Accountant (England & Wales) and MBA from Cranfield
University, U.K having rich experience of over 40 years and currently Director of GPR
Enterprises, Kempty Cottages, Bharat Gears, Cleantec Infra, Founder Member and Chairman
of Indraprastha Cancer Society (Rajiv Gandhi Cancer Hospital & Research Center).

Ashok Kumar Jha (Independent Director)

Mr. Ashok Jha, an IAS officer of the 1969 batch, has a 38 years stint in the civil services. Mr.
Jha had held crucial position in India’s State and Central Government apparatus including the
position of the Finance Secretary, Government of India. He is a renowned expert in handling
policy issues of key ministries of the Government dealing with economic issues. Presently, he
is serving on the Board of Setco Automotive, Great Eastern Energy Corporation, Nuiziveed
Seeds & Xpro India etc.
Avinash P. Gandhi (Independent Director)
Mr. Avinash P. Gandhi is a mechanical engineer from the Birla Institute of Technology and
completed management programs at IIMs and Administration Staff College of India. He has
rich experience of over 50 years in various capacities as strategic advisor, director and other
senior managerial positon in leading auto companies. Presently on the Board of Lumax
Industries, Hyundai Motor India Ltd., EV Motors India, Schaeffler India, QRG Enterprises
etc.
Pratima Ram (Independent Director)
Mrs. Pratima Ram holds a Masters degree from University of Virginia, USA and graduated
from Bangalore University. She served as Chief Executive Officers of South Africa
Operation of SBI and also Country Head (U.S.A. Operation) of SBI at New York. She has
also headed Mergers & Acquisitions at SBI Capital Markets.

28
 OVERVIEW AND FUNCTION OF DIFFERENT DEPARTMENTS IN
MINDA CORPORATIION

HUMAN RESOURCE
Human resources or HR is the company department charged with finding, screening,
recruiting, and training job applicants, and administering employee-benefit programs. As
companies reorganize to gain a competitive edge, HR plays a key role in helping companies
deal with a fast-changing environment and the greater demand for quality employees.
FUNCTION OF HR DEPARTMENT
1. Human resource planning

The first function of HR is all about knowing the future needs of the organization. What kind
of people does the organization need, and how many? Knowing this will shape the
recruitment, selection, performance management, learning and development, and all other HR
functions.

Human resources planning is similar to workforce planning. Both focus on where the
organization is today and what it needs to be successful in the future.

2. Recruitment and selection

The second HR function involves attracting people to work for the organization and selecting
the best candidates.

Attracting people usually starts with an employee brand. Being an attractive employer has
plenty of advantages – just as it is the other way around. A good example of the latter is the
tobacco industry which struggles to attract talent due to its tainted reputation.

With a strong employer brand and the right sourcing strategies, you’re already halfway there.
Once candidates apply, selection is an HR instrument to pick the best qualified and highest-
potential candidates. Technological developments in recruitment have gone very fast and as a
result, there are different types of recruitment tools for each part of your recruitment funnel. 

3. Performance management

Performance management is essential in ensuring that workers stay productive and engaged.
Good performance management involves good leadership, clear goal-setting, and open
feedback.

Performance management tools include the (bi)annual performance review, in which the
employee is reviewed by his/her manager. It also includes 360-degree feedback tools in
which peers, managers, subordinates, and sometimes even customers review the employee’s
performance. These kinds of tools can be very helpful in providing feedback.

29
Performance management is also an instrument to close the gap between the workforce you
have today and the one you want to have tomorrow. One of the best ways to build your future
workforce is through learning and development (L&D).

4. Learning and development

Enabling employees to develop the skills they need for the future is an essential responsibility
for HR. This is also related to the first HR function we listed, in which HR bridges the gap
between the workforce today and the workforce needed in the near future.

Traditionally, organizations have a set budget for learning and development. This budget is
then distributed among its employees. In some countries, this fee is mandatory. In the UK, for
example, companies with an annual pay bill of more than £3 million pay a mandatory rate of
0.5% designated for the professional education of their employees.

In other countries, like Belgium and the Netherlands, L&D falls under the employer’s
responsibility to take care of its employees. In a third group of countries, like the US, this is
an almost unregulated territory.

Despite the differences in regulation, almost all employers understand the value of investing
in the (future) skills of their employees. It’s the responsibility of the HR department to lead
these efforts in the right direction.

5. Career planning

The fifth function of HR is career planning, guidance, and development for

employees, together also referred to as career pathing.

Showing employees how their personal ambition can align with the future of the company
helps to engage and retain them. For the organization, there are the benefits of better
succession planning, higher productivity, and a stronger employer brand.

6. Function evaluation

Function evaluation is a more technical role of HR that involves comparing various functions
in terms of qualification, the quality, and availability of workers, job location, working times,
the economic situation, job responsibility, and how much value this job adds to the
organization. The idea behind function evaluation is that similar jobs should be rewarded
similarly.

7. Rewards

Rewarding employees for their work is a function that is impossible to miss. Rewards include
salary but also growth and career opportunities, status, recognition, a good organizational
culture, and a satisfying work-life balance. The total rewards framework shows that rewards
are more than just money. They can also be relational and psychological outcomes. For
example, fantastic colleagues and meaningful work are also rewarding to employees. The
monetary reward of the job consists of financial rewards and other (secondary) benefits.

30
8. Industrial relations

Another function of HR is maintaining and cultivating relationships with labour unions and
other collectives, and their members.

Unionization is still very prevalent in Europe. In 2015, 92% of employees in Iceland were a
member of a union, followed by Sweden (67%), Belgium (55%), Italy (37%), Ireland (27%)
and Canada (27%).

Maintaining good relations with unions will help to spot and resolve potential conflicts
quickly and will also be beneficial in more difficult economic times when layoffs or other
actions are required.

9. Employee participation and communication

According to Dave Ulrich, one of the key roles of HR is to be a credible activist for the
employees. Employees need to be informed and heard on different topics that are relevant to
them. Communication relates to spreading information relevant to employees.

10. Health and safety

HR plays an important role in creating and implementing health and safety regulations.
Making these regulations part of the company culture is one of the main functions of HR.

A famous example is oil company Shell where it is forbidden to walk the stairs without
holding the railing – also in the company’s HQ. This is part of Shell’s ‘Goal Zero’, which
stands for zero accidents. Although holding the railing is much more important on an oil
platform, safety is such a big part of the company culture that safety roles are applied
everywhere.

11. Personal wellbeing

HR has a function in assisting and taking care of employees when they run into personal
problems. Personal wellbeing is about supporting employees when things don’t go as
planned.

12. Administrative responsibilities

The final function of HR is its administrative responsibility. These include personnel

procedures and Human Resource Information Systems.

Personnel procedures involve the handling of promotions, relocations, discipline,

performance improvement, illness, regulations, cultural and racial diversity, unwanted
intimacies, bullying, and so on.

For each of these situations, policies and procedures need to be developed and followed to
successfully comply with the requests or overcome these challenges.

31
FINANCE AND ACCOUNTS
These people count up all the money spent anywhere in the company, and how much money
we have. They give the OK or the red light if any department wants to spend more than its
budget for the month. They calculate how much each piece costs to make, and at what prices
we must sell them for. They read the tax code every year and make sure that when we do our
taxes, we do so in accordance with the law. If there’s any of that reading or counting up they
can’t do, they send the work to large accounting firms.

FUNCTIONS OF FINANCE AND ACCOUNTS DEPARTMENT

1. Treasury management: Accounting and Finance department sets up treasury management

policy to be adopted by all who come in contact with cash or cash equivalent. Included in the
treasury management are things like the level of risk that can be assumed by the firm at any
point in time. The treasury functions are usually managed by the assistant finance manager
while the finance manager or the chief financial officer handles the financial accounting
aspects.
The treasury functions of a company are all the activities performed by a responsible officer
with the aim of implementing treasury policies.

2. Cost control: to an extent, the whole essence of accountancy is to control cost and report
on activities. There would not be an accounting department if it does not actively get
involved in cost saving activities. It is typical of accounting department to be in log ahead
with other department primarily because costs are being cut.

3. Billing and Credit control: accounting and finance department is saddled with the
responsibility of ensuring that customers pay their correct bill on time.

4. Investment appraisal: through the application of capital budgeting technique and

investment appraisal technique, accounting and finance department help businesses pass
every major project through furnace to ensure that it will be worthwhile.

5. Ensuring compliance with relevant laws: the business world that we now live in

32
constantly changes in the bid for us to make things better. The fact that most small businesses
don’t have dedicated lawyers or attorneys in their payroll makes it imperative that the
accounting department will keep tab with relevant business-related laws.

 
6. Handling tax issues: the accounting and finance department of small businesses handles
its tax matters. This includes remitting PAYE to the relevant authority.

 
7. Preparation of financial statements: even though it is legally the responsibility of
directors of a company to prepare the financial statements, the finance and accounting
department is always called upon to prepare the financial statements.

 
8. Safeguarding assets through internal control: accountants and finance professionals play
vital role in helping to protect the assets of a company. This they do by designing and
implementing viable internal controls and management controls.

 
9. Inventory management and control: inventory control and management is within the
purview of the accounting and finance department. No other department is better equipped to
manage and control the inventory of a small business.

 
10. Business advisory function: the accounting and finance department provides business
advisory services to the small and medium sized businesses.

11. Information system assurance: accounting as a profession has over the years grown to
become an information processing profession. This information has to be given some kind of
credibility by the accountant acting as auditors- internal auditors for small businesses.

 
12. Payroll system: payroll system management is very important in the management of
small businesses. Get it wrong and the whole business can crumble.

 
13. Writing accounting policy and procedure manual: accounting policy and procedures
manuals are living documents that directs finance and accounting transactions of the business
as a whole. This manual has to be approved by top management.

 
14. Customer service function: This department deals with both internal and external
customers. Accountants now have customer care duty to perform.

33
 
15. Budgeting and budgetary control: Budgeting and Budgetary control is one of the tools in
the arsenal of businesses used to ensure that things are under control. By default, it is the
function and duty of accounting and finance department to handle budgeting and budgetary
control in a small and medium sized company.

16. Providing information for management: Managers rely mostly on AIS for decision
making. This information comes in various forms and formats.

 
17. Procurement management: There is nothing as good as having an in-house accountant
manage your procurement. The reason for this is because you can be rest assured that you
will be getting the best bargains.

 
18. Asset management function: It is the function of the accounting and finance department
to manage the asset of an organization. At the very basic, they will a comprehensive asset
register.

 
19. Managing cash flow and liquidity issues: No matter how profitable a business is, it will
go burst if it does not have enough liquid cash and cash equivalent. This function cannot be
left for any other department.

 
20. Working capital management: Enterprises can improve its cash flow by simply
managing its working capital properly. This is another area where accountants and finance
professionals prove their worth to their employer.

 
21. Preventing fraud: Accountants have big role to play in preventing fraud in an
organization. Top managements alone cannot win the fight against fraud. All hands must be
on deck and accountants should be at the fore front as we speak the language that business
understands.

 
22. Hiring accounting and finance staff: Recruitment of accounting and finance staff should
not be left for the human resource management department. They might be skilled in hiring,
selecting and documenting stuff, they should not be left alone do hire accountants as they
might miss out on some salient points.

 
23. Facilitating Training of accounting staff: Accounting is a living discipline that requires
her practitioners to keep abreast with the ever-changing accounting world. Periodic training,
workshops or seminars are organised by accounting and finance department to ensure that its
staff members are not rusty.

34
SALES AND PURCHASING
There are surprisingly few of these people, because the parts we make more or less sell themselves.
Although they sometimes go to trade shows, they do almost no formal marketing. Their job is more
following orders through than it is trying to get people to buy, which is why they also do the buying.
Finally, they are the people who read our customer’s plans for the year, and it is based on those goals
that sales goals and initial production schedules are made.

FUNCTIONS OF SALES AND PURCHASING DEPARTMENT

INFORMATION TECHNOLOGY

With the level of technological integration into nearly every facet of life and business, it’s
practically essential for companies, large or small, have an Information Technology, or IT,
department to handle all the technological issues that arise.

Most of us probably don’t know much about the IT department beyond the fact that they’re
the ones who occasionally come by to install new software or fix computer-related problems.
And while those are among IT’s general responsibilities, that’s just the tip of the iceberg. The
truth is the IT department does much of their work behind the scenes, and may be much more
integral to your company’s success than you realize.

FUNCTIONS OF IT DEPARTMENT

Governance: Refers to the implementation of operational parameters for working

units and individuals' use of IT systems, architecture, and networks. In layman’s
terms, they enact the rules about how you and your team can use the company’s
technology and what you can use it for. This is part of the conventional IT security as
well as the data assurance for which the IT department is also responsible.

Infrastructure: Refers to the hardware components, the network, the circuitry and all
other equipment necessary to make an IT system function according to the established
needs and system "size" of the company.

Functionality: Is perhaps the most visible task performed by the IT department, and
therefore what they’re most commonly associated with in many workers’ minds. It
refers to creating and maintaining operational applications; developing, securing, and
storing electronic data that belongs to the organization; and assisting in the use of
software and data management to all functional areas of the organization.

35
PRODUCTION DEPARTMENT
This is the largest department, because it has hundreds of factory workers, and dozens of
team leaders. They do and oversee the work that happens on the factory floor. They keep the
machines running and fix them when they break (unless it’s a problem for an engineer).
FUNCTION OF PRODUCTION DEPARTMENT

1. Selection of Product and Design: Production management first selects the right product
for production. Then it selects the right design for the product. Care must be taken while
selecting the product and design because the survival and success of the company depend on
it. The product must be selected only after detailed evaluation of all the other alternative
products. After selecting the right product, the right design must be selected. The design must
be according to the customers' requirements. It must give the customers maximum value at
the lowest cost. So, production management must use techniques such as value engineering
and value analysis.

2. Selection of Production Process

Production management must select the right production process. They must decide about the
type of technology, machines, material handling system, etc.

3. Selecting Right Production Capacity

Production management must select the right production capacity to match the demand for
the product. This is because more or less capacity will create problems. The production
manager must plan the capacity for both short and long term's production. He must use break-
even analysis for capacity planning.

4. Production Planning

Production management includes production planning. Here, the production manager decides
about the routing and scheduling.

Routing means deciding the path of work and the sequence of operations. The main objective
of routing is to find out the best and most economical sequence of operations to be followed
in the manufacturing process. Routing ensures a smooth flow of work.

Scheduling means to decide when to start and when to complete a particular production
activity.

5. Production Control

Production management also includes production control. The manager has to monitor and
control the production. He has to find out whether the actual production is done as per plans
or not. He has to compare actual production with the plans and finds out the deviations. He
then takes necessary steps to correct these deviations.

6. Quality and Cost Control

36
Production management also includes quality and cost control. Quality and Cost Control are
given a lot of importance in today's competitive world. Customers all over the world want
good-quality products at cheapest prices. To satisfy this demand of consumers, the production
manager must continuously improve the quality of his products. Along with this, he must also
take essential steps to reduce the cost of his products.

7. Inventory Control

Production management also includes inventory control. The production manager must
monitor the level of inventories. There must be neither over stocking nor under stocking of
inventories.

If there is an overstocking, then the working capital will be blocked, and the materials may
be spoiled, wasted or misused.

If there is an understocking, then production will not take place as per schedule, and
deliveries will be affected.

8. Maintenance and Replacement of Machines

Production management ensures proper maintenance and replacement of machines and

equipments. The production manager must have an efficient system for continuous inspection
(routine checks), cleaning, oiling, maintenance and replacement of machines, equipments,
spare parts, etc. This prevents breakdown of machines and avoids production halts.

QUALITY DEPARTMENT
This is the department that ensures that every piece we make is at our standards. They run
tests on all the aluminium that comes in. They test pieces that our suppliers send us. They are
in charge of designing and implementing the system of checks that workers on the factory
floor must run. They are also responsible for maintaining the stock of thousands of callipers,
each capable of micron-level measurement, and keeping all of them properly calibrated. This
department pulls a few pieces from every lot for testing, tests them with some very
sophisticated equipment, and doesn’t let the lot out unless those pieces pass those tests.

The Quality department also has the ISO 9001 officer, who is responsible for reading the
materials from ISO 9001 and making sure that we comply. However, the ISO qualification
has to do with how the whole business is run, not just Quality, which means that often the
officer wants to give directions to the upper management that would otherwise be quite out of
line.

Quality control specialists most commonly work for manufacturing facilities, although
quality control specialists can be found in nearly every industry. Quality control specialists
ensure that the department or process they work with meets minimum quality standards.
Processes vary, depending on the specific process involved. All quality control processes
share some common functions.

37
 FUNCTIONS OF QUALITY DEPARTMENT
Testing: The most basic function of quality control involves testing. Quality control
specialists test the manufacturing process at the beginning, middle and end to ensure
that the production quality remains the same throughout. If the specialist discovers an
issue at any point in the process, she works with the production team to remedy the
issue. Quality control specialists perform quality control tests for services provided as
well, evaluating the quality of a specific service at specified intervals throughout the
time of service. Testing provides quality results as of the date of testing.

Monitoring: Monitoring consists of ongoing testing that the quality control specialist
performs on a regular basis. The specialist repeats the testing and records the results of
each test. After the specialist has performed several tests, he reviews the results and
looks for any trends in quality. If the quality declines, he increases the amount of
testing performed in that area. If the quality maintains or improves, he decreases the
amount of testing performed in that area. The quality control specialist continues to
monitor the trending of the results.

Auditing: Quality control specialists also spend time auditing the quality of a process
which the specialist doesn’t work with. The quality control specialist may be auditing
the work of the regular quality control work performed or auditing the quality of a
process without any current quality control work. When performing the audit, the
quality control specialist reviews the results reported by the regular quality control
workers to determine if they performed the original tests correctly.

Reporting: Periodically, the quality control specialist reports the quality results to
management. A high number of quality problems mean something is wrong with the
process and there may be many unhappy customers for the company. Management
reviews the number of quality problems and where they occur in the process and take
action to address the issue.

DISPATCH
It refers to the control of processes of operation planning, giving operation order and
controlling operations in the manufacturing site. In this case, an operation chart, as shown in
the figure, is consistently used from the operation allocation to its completion, and since it is
stuck into the control board, as the figure depicts, it is also called "SASHITATE (sticking)".
Its purpose is to improve the operability by properly controlling the capacity of delivery date
management. Thus, the order delivery date, stock on hand, allocation of work in process,
operation status of workers and machine/equipment are grasped as needed, and the operation
planning is performed.

38
 FUNCTIONS OF DISPATCH DEPARTMENT
1. Providing for movement of raw materials from stores to the first operation and from one
operation to the next operation till all the operations are carried out.
2. Collecting tools, jigs and fixtures from tool stores and issuing them to the user department
or worker.
3. Issuing job orders authorizing operations in accordance with dates and times as indicated
in schedules or machine loading charts.
4. Issue of drawings, specifications, route cards, material requisitions and tool requisitions to
the user department.
5. Obtaining inspection schedules and issuing them to the inspection section.
6. Internal materials handling and movement of materials to the inspection area after
completing the operation, moving the materials to the next operation center after inspection,
and movement of completed parts to holding stores.
7. Returning jigs and fixtures and tools to stores after use.

39
 THE ACCOUNTS RECEIVABLES
Accounts Receivable (AR) refers to the outstanding invoices a company has, or the money it is owed
from its clients. In your personal life, an example of Accounts Receivable would be buying a ticket to
a concert or sporting event for a friend with the understanding that they will pay you back later.  It’s
essentially an “IOU”. In business, AR represents a line of credit extended by a company, due within a
relatively short timeframe, which could range from a few days to a year.

What are an Accounts Receivable?

 If a company has Receivables, then they’ve made a sale, but have not yet collected the
money from the purchaser. Most companies operate by allowing a portion of their sales to be
on credit, offering their clients the ability to pay after receiving the service.

For example, utility companies typically bill their customers after they have received
electricity. While the utility or energy company waits for its customers to pay their bills, the
unpaid invoices are considered Accounts Receivable.

Most businesses operate by enabling their clients to buy goods in credit.  The cost of sales on
credit is what is referred to as Accounts Receivable. Generally, Accounts Receivable (AR),
are the amount of money owed to the company by buyers for goods and services rendered.
The Receivables should not be confused with Accounts Payable (AP).

While AP is the debt a company owes to its suppliers or vendors, accounts receivable is the
debt of the buyers to the company. Accounts Receivables are important assets to a firm, while
Accounts Payable are liabilities that must be paid in the future by the company. Basically,
firms choose to offer receivables to encourage customers to choose their products over the
competitor’s products.

It is advisable for a company to setup an AR process to determine the customers that have
already paid and identify any payments that are overdue. The process is a simple turn of
events that make the Receivables traceable and manageable.

40
ACCOUNTS RECEIVABLES PROCESS

Purchase Order

Establishing Credit
Practices

Invoicing Customers

Accounting for Accounts

Receivable

Tracking Accounts
Receivable

41
PURCHASE ORDER

A Purchase Order (PO) is a commercial document and first official offer issued by a
buyer to a seller indicating types, quantities, and agreed prices for products or
services. It is used to control the purchasing of product and services from external
suppliers.
Purchase Orders can be an essential part of enterprise resource planning system
orders.

42
ESTABLISHING CREDIT PRACTICES

The company will then decide, based on the creditworthiness of the applicant, as to whether
they will offer goods on credit. The company might choose to offer the credit to individual
customers or other businesses.

Also, the company will establish terms and conditions for credit sales. The document outlines
the client’s obligations and requirements. The firm must ensure that it complies with Federal
laws on credit, such as full disclosure of the credit practices. For example, the company has
to clearly communicate the interest rates for the credit.

The terms and conditions differ for large and small firms.

Large companies may opt to give a customer longer periods of time.

On the flip side, small firms cannot afford to offer goods on credit for longer periods due to
their less cash flow and low capital. How soon the money is collected on this debt from the
client will be a contributing factor in ascertaining the company’s capital needed to run the
business and the cash flow.

43
 INVOICING
CUSTOMERS

An invoice is a
document provided to
the buyer detailing
the products and
services that have
been rendered, the
costs of those
products and
services, as well as
the date payment is
expected.

Each invoice has to

have a unique invoice
number for easy
retrieval.

The customer is then

given the chance to
choose whether they
want to receive
electronic or physical
invoices. Large firms
prefer to send both
the electronic and
paper invoices.

Unlike paper
invoices, electronic
invoices are less
expensive and
convenient. As such, small firms mostly opt to use the mails to deliver the invoices.

The longer a company takes to send an invoice, the longer it takes for the customer to make
payments. The invoice must be sent promptly.

44
ACCOUNTING FOR ACCOUNTS RECEIVABLES
The Collections Officer establishes the due date for payments. After identification of unpaid
debts, the account department makes journal entries to record the sales. The process involves
both accounting for bad debt, or the unpaid debts, as well as identifying early payment
discounts.

AR Officers are the most important personnel involved in developing and implementing the
Accounts Receivable process. Their day-to-day activities typically include overseeing money
owed to the business by its clients.

A typical day for an AR Officer would involve activities such as verification of credits data,
classifying the debts, and making journal entries for the transactions. The AR Officer also
oversees a team of clerks, analysts, and accountants in addition to debt collectors.

Each day the Officer ensures that the team is working in collaboration to ensure success of
the established AR process.

 The account department makes journal entries to record the

sales.
Example-
Bajaj Auto Ltd. A/C Dr. 140385.28
To Sales A/C 109676.00
To CGST Payable 15354.64
To SGST Payable 15354.64
(Being Sales Made to Bajaj Auto Ltd.)

Bank A/C Dr. 140385.28

To Bajaj Auto Ltd. 140385.28
(Being amount received from Bajaj Auto Ltd.)
 The process involves both accounting for bad debt, or the
unpaid debts, as well as identifying early payment discounts.

45
 TRACKING ACCOUNTS RECEIVABLE
This step is performed by an Accounts Receivables (AR) Officer. The Officer keys out a
payment deposited into the bank account of the supplier, feeds it into the AR system, and
then allocates it to an invoice.

The officer also reconciles the AR ledger to be certain that all the payments are accounted for
and properly posted, and then issues monthly statements to clients. The statement provides
details for the customers about the amounts owed as per previously sent invoices.

The tracking process differs in large and small companies.

Smaller companies may not have an advanced system in place to track payments, and may
use manual AR tracking by using tools, such as Excel. In a manual process, companies use
spreadsheets to record when they send the invoices, and when they receive payments. Small
companies also may not have enough staff to appoint an AR Officer, in which the company
may hire a professional accountant to fulfill this function.

Larger companies typically invest in a team of AR Officers to conduct the tracking process,
and they use some form of an accounts tracking software system to help ensure accuracy. The
system helps the AR Officer to be more effective, because it automatically alerts the AR
Officer to which debt is outstanding.

46
The Effect Automation Has on The Accounts Receivable Process

Procurement: The Purchasing department places the order and transmits a copy of the
purchase order (PO) to the AP department. The organization receives the goods or services—
either through the Receiving department or the employee who ordered them—and the vendor
sends the invoice to AP. You can learn more about the entire procure to pay process here.

Invoice Processing: An AP clerk manually keys the invoice data into an accounting
system before physically storing the paper document in a filing cabinet. New supplier
information is entered using the organization’s naming conventions to avoid duplication.
Both new and existing supplier information is checked for accuracy against internal sources,
such as the master vendor file, and external sources, such as the IRS TIN matching service
and the U.S. Treasury Department’s Office of Foreign Control (OFAC) list of organizations
that are banned from business in the United States. You can learn more about electronic
invoicing here.

Invoice Approval: An AP Clerk conducts a three-way match. A three-way match

compares the PO, the receipt, and the invoice to identify any inaccuracies or mismatched
data. An AP Manager prepares and approves paperwork for any exceptions for short delivery,
damaged items, wrong items shipped, or other issues.

Payment: The AP team prepares the payment, either by writing a check or setting up a
transaction via Automated Clearing House (ACH) or electronic funds transfer (EFT). An AP
Manager, Controller, or CFO (depending on the company’s approval process) approves the
payment, authorizing the department to take an early payment discount for a supplier if the
payment is being made within the date range specified in the terms. The payment is sent via
U.S. mail, wire transfer, ACH/EFT, shipping company, or courier.

Vendor Management: The supplier calls the AP department to ask where the payment
stands. An AP Clerk researches the question and determines whether the invoice is still in the
approval process, or the payment is in the mail.

System Upgrades: The information technology (IT) department monitors the company’s
enterprise resource planning (ERP) system and any hardware and software the AP department
is using. The IT team approves and installs new versions of software as needed. The CTO’s
team considers any proposals from AP for new technology and determines how to integrate it
with the company’s legacy systems.

Reporting and Analyzing: The AP department prepares and studies spreadsheets they’ve
built in Excel, or a similar tool, analyzing all transactions, monitoring the department’s
performance and metrics, including days payable outstanding (DPO). The CFO oversees the
organization’s cash flow through conversations with the AP Director. The CEO receives
written and verbal reports from the CFO on the performance of the organization.

47
ACCOUNTS PAYABLES PROCESS

Indent
Material
Vendor Require
Ageing ment
Planning

Vendor Purchase
Bill Pass Payment Requisiti
on

Handling Bank
Vendors Reconciliat
queries ion
Quality Purchase
Check Order

Sending
Payment
Advice to
Vendor

GRN Send To
Vendor

Gate Material
Entry Received

48
Indent: - An internal company document used in the purchasing process to authorize the
requisition of materials prior to initiating a purchase order.

Material Requirement Planning: - Material requirements planning (MRP) is a system

for calculating the materials and components needed to manufacture a product.

Purchase Requisition: - A purchase requisition form is a document used by a

department to request that the purchasing department order materials or merchandise.

Purchase Order: - A purchase order (PO) is a commercial document and first official
offer issued by a buyer to a seller indicating types, quantities, and agreed prices for products
or services.

Send to Vendor: - After the purchase order is prepared then it is sent to vendor for his
approval.

Material Received: - After the approval of both the parties, vendor delivers material at
the plant location.

Gate Entry: - At gate, quantity of material is verified with the help of the invoice number.
GRN: - A goods receipt note (GRN) is created to record the delivery of items from your
suppliers. A GRN is created against an issued purchase order.

Quality Check: - A Quality Check involves a small team of Quality Checkers who checks
the quality of the goods received.

Bill Pass: - In this process GST No., Address, Party Name is verified by the Finance and
Accounts department and the the Miro no. is generated.

Vendor Ageing: - The accounts payable aging report categorizes payables to suppliers
based on time buckets. The report is typically set up with 30-day time buckets, so that each
successive column in the report lists supplier invoices that are: 0 to 30 days old. 31 to 60 days
old. (T-CODE=zven_ageing)

Vendor Payment: - The process of paying vendors is one of the final steps in
Pay cycle. Payment is made on the due date.

Bank Reconciliation: - Bank reconciliation statement is a document that matches the

cash balance on a company’s balance sheet to the corresponding amount on its bank
statement.

Sending Payment Advice to Vendor: - As the name suggest the payment is made to
the vendors.

49
Handling vendors queries: - In case of any query of the vendor all the query is handled
by accounts team.

HOW TO GENERATE MIRO NUMBER?

2. Enter company code that is: - am10

50
51
52
53
54
55
 Department of Management Studies

SUMMER INTERNSHIP ATTENDANCE REPORT

Student Name: VINAY JOSHI Roll. No. 201405610051

Company Name: Minda Corporation
Supervisor Name: Mr. Antim Kumar Bardiya
Training Period: From 7.10.2021 to 17.11.2021
Week 1 Time In Time Out Week 4 Time In Time Out
Thursday 09:00 05:40 Monday 08:55 05:50
Saturday 08:45 05:45 Tuesday 08:50 05:30
Week 2 Wednesday 08:55 06:30
Monday 08:45 05:40 Thursday 09:00 06:30
Tuesday 08:50 05:40 Friday 08:55 05:40
Wednesday 09:00 05:45 Saturday OFF OFF
Thursday A A Week 5
Friday 08:45 06:35 Monday 08:55 05:40
Saturday 08:55 6:00 Tuesday 08:50 05:30
Week 3 Wednesday 09:00 05:30
Monday 08:50 06:15 Thursday 08:45 05:35
Tuesday 08:50 05:30 Friday 08:45 05:45
Wednesday 08:55 05:30 Saturday OFF OFF
Thursday 08:50 06:00 Week 6
Friday 08:45 05:45 Monday 08:50 05:30
Saturday OFF OFF Tuesday 08:55 06:00
Wednesday 008:50 06:00

56
57
 Department of Management Studies

Summer Internship Progress Report

Fortnightly Progress Report

Name of Student: Vinay Joshi Company name: Minda Corporation

Roll. No. 201405610051 Location: Pantnagar
Name of Faculty Mentor: Mr.Bhagwati Name of Company Mentor: Mr. Antim
prasad Kumar Bardiya
Topic of the Project Accounts Receivables
Responsibility for this Project Accounts Receivables
What experiences were particularly I have gained a valuable experience in
rewarding during this report? accounts receivables0
What experiences were particularly No frustration as such
disappointing or frustrating?
Describe other professional opportunities Hope to have these opportunities in next
upcoming weeks
Describe principal tasks accomplished in In last two weeks I have access to
last two weeks and duties to be SAP, learned how to work on SAP.
performed during the upcoming weeks.

Student Signature Company Supervisor Signature

58
 Department of Management Studies

Summer Internship Progress Report

Second Fortnightly Progress Report

Name of Student: Vinay Joshi Company name: Minda Corporation

Roll. No. 201405610051 Location: Pantnagar
Name of Faculty Mentor: Mr. Bhagwati Name of Company Mentor: Mr. Antim
prasad Kumar Bardiya
Topic of the Project Accounts Receivables
Responsibility for this Project Accounts Receivables
What experiences were particularly I have gained a valuable experience in
rewarding during this report? accounts receivables
What experiences were particularly No frustration as such
disappointing or frustrating?
Describe other professional opportunities Our organization had an internal
inventory audit and I was a part of it.
Describe principal tasks accomplished in In last two weeks I have gained a
last two weeks and duties to be knowledge about the inventory audit and
performed during the upcoming weeks. inventory management.

Student Signature Company Supervisor Signature

59
60