SUMMER INTERNSHIP REPORT

ON

ANALYSIS OF ACCOUNTING PRACTICES FOLLOWED BY

AUTHENTIC ENGINEERS, IMT, MANESAR, GURUGRAM

SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMEMT

OF BACHELOR OF COMMERCE (B.COM) PROGRAM OF

SCHOOL OF MANAGEMENT AND LIBERAL STUDIES

THE NORTHCAP UNIVERSITY, GURUGRAM

ACADEMIC SESSION

JULY-DEC 2022

UNDER THE GUIDANCE OF Submitted by

Dr. Akasha Sandhu Vidit Arora

20BCOM17

THE NORTHCAP UNIVERSITY

SEC23A, GURUGRAM-122017, HARYANA, INDIA

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 TABLE OF CONTENTS

S.NO TOPIC PAGE NO.

Declaration from the student 3
Declaration from faculty supervisor 4
Acknowledgment 5
Certificate from the Company 6
Executive Summary 7
1 Introduction 8
1.1 About the Industry 8-10
1.2 About the Company 10-11
1.3 Mission Statement 11
1.4 Vision Statement 11
2 Organisation Structure 12-13
3 SWOT Analysis 14
4 PESTEL Analysis 15-16
5 Key Learnings 17
6 Issues and Challenges faced during Internship 18
7 Recommendation to the firm 19
8 Conclusion 20
9 References 21
Appendices 22

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 DECLARATION FROM THE STUDENT

This is to certify that I Vidit Arora, student of B.com(H), batch 2020-23, The
Northcap University, Gurugram, have worked under the guidance of Dr. Akasha
Sandhu for Summer Internship Program.

This report has the requisite standard for the partial fulfilment of the graduate
degree in B.com hons.

To the best of my knowledge, this report is solely on original research and no

portion of it has ever been copied from another report.

I am aware that School of Management and Liberal Studies has right to revoke
this report in case of non-compliance.

Vidit Arora

20bcom17

Batch 2020-23

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 DECLARATION FROM FACULTY SUPERVISIOR

This is to certify that Mr. Vidit Arora, Enrolment number 20bcom17, a student
of B.com (Hons.), batch 2020-23, The Northcap University, Gurugram, worked
under my guidance and supervision for summer internship program.
The report being submitted incorporates original work and research and is being
submitted as a partial fulfilment for the Graduate Degree in Business
Commerce.

Dr. Akasha Sandhu

(Signature)

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 ACKNOWLEDGMENT

I want to thank The Northcap University, Gurugram for allowing me to do this

internship programme as a part of our academic requirements.

I want to express my gratitude to Mr. Sunil Kumar Chauhan (Manager of

Accounts) who gave me chance to complete my Summer Internship Programme
at Authentic Engineers, IMT Manesar, Gurugram. It was an honour for me
to be a part of the company and I am grateful that they let me join in their
organisation as an intern.

I would also like to thank Dr. Akasha Sandhu, my faculty mentor, for her
excellent advice and assistance through the project. Without her guidance
current work would not have been possible.

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CERTIFICATE FROM COMPANY

6
EXECUTIVE SUMMARY

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Authentic Engineers is a manufacturing company engaged in the production of
automation machine vision system.
I started working with Authentic Engineers in June as an accounting intern. I
assisted Authentic Engineers in their accounting operations during my 5 weeks
internship. During my internship, I was able to put my newfound knowledge
into practise by learning how an organization's accounting processes function
and coordinate their activities to ensure efficient operation at all levels by
ensuring the correct individuals are accessible when they're needed to
accomplish the job. Not only that, but I have also learned more about the
organisational working culture, which encourages employees to give their all to
the organisation.
One of the most fulfilling experiences of my life was this internship. During my
internship, I not only learned more about accounting, but I also developed some
professional relationships. The best part of my internship was obtaining real-
world experience in my chosen field while also learning new things every day. I
had the opportunity to pick up new accounting techniques and abilities as soon
as I started working there.
I also want to acknowledge Mr. Sunil Chauhan, my mentor at Authentic
Engineers, who encouraged me to push my boundaries and learn new things.
From the very first day my company mentor gave me the schedule of the work
which has to be done by me. I gained knowledge of Excel shortcuts, the
company's financial statements, the debit and credit of vouchers, SAP etc.
I was initially hired as an intern, but following my internship, I received an offer
from the company to work there full-time.

CHAPTER-1

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 INTRODUCTION

1.1 About the Industry

Authentic Engineers is a manufacturing company engaged in the production of

automation vision system. The industry in which authentic engineers is engaged
is “Automation Vision System”

Automation vision system is used for the pictorial inspection for a variety of
industry and manufacturing processes.

With the introduction of Automation vision system there is increase in

efficiency of the employees working in this industry moreover it has also
reduced the working time of doing a particular job.

Machine vision is now being used for much more than just visual inspection and
quality control. Robots can perceive in three dimensions, hold components for
one another, and inspect one another's work with the help of intelligent machine
vision. They can even communicate with their human employees to ensure that
they collaborate safely.

New levels of industrial innovation will be fueled by this transition from robots
that can automate simple activities to autonomous machines that can look
beyond what the human eye can see and reason for themselves to optimise
elements over longer periods of time.

These solutions can take the form of conventional print examinations or

inventive visual examinations of complex product problems. By getting in touch
with an EPIC Vision Expert right away, clients are encouraged to experiment
with novel procedures, tools, and methods that exceed the capabilities of
conventional quality control systems in terms of efficiency.

While it may sound like science fiction, smart machine vision is already in use
in factories, warehouses, and shipping centres today, assisting human workers

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by taking care of the tedious tasks so they can concentrate on the crucial
aspects.

Machine vision systems are frequently coupled with deep learning-based

inspection algorithms. These systems are simpler to implement and train for.
Systems for industrial machine vision are also more dependable, strong, and
steady. They are inexpensive but extremely accurate, and they have good
mechanical and temperature stability.

The foundation of smart operations, logistics, and manufacturing is industrial

machine vision. Every stage of the production process may benefit from the
intelligence, analysis, and efficiency that machine vision cameras, embedded
IoT sensors, and industrial PCs can provide.

When used in manufacturing, machine vision can enhance system performance

and product quality, boosting line productivity, cutting labour costs, and
allowing employees to concentrate on higher-value tasks.

With the help of Intel and Nebbiolo Technologies, Audi was able to increase the
number of welds analysed daily, lower labour costs in their factories, and switch
to more proactive monitoring, preventing issues rather than just responding to
them. This was possible thanks to the integration of predictive analytics and
machine learning algorithms into weld inspection and crucial quality-control
processes.

One significant advantage of implementing machine vision in operations is

improvements to worker health and safety. AI-powered computer vision can
make sure that employees are keeping their distance from one another and
wearing the appropriate safety gear. Robots and other devices with machine
vision capabilities can interact with humans and interpret their actions to help
stop accidents before they happen. They can automatically shut down

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equipment or alert the operator if a situation is unsafe, lowering risk for your
employees and your business.

Industrial PCs can also use AI to detect faults and wear indicators prior to
failure by continuously analysing data from cameras, microphones, and sensors
embedded in industrial machinery and equipment. This enables preventive
repairs to be planned in advance, preventing unplanned downtime, and
spreading maintenance costs over time.

AI can identify and track items in video streams to ensure proper use and
storage in asset management and security, alerting management if assets cross a
defined boundary. Security camera systems can develop into proactive security
partners that can manage building access and recognise risky situations.

Data scientists develop specialised neural network models for certain

applications to increase accuracy and speed. In this procedure, known as
supervised training, a computer examines tens of thousands of samples and
finds patterns that are significant, including those that a human might miss.

The various applications of machine vision some of them are as follow:

1) Parts Counting
2) Barcode Scanning
3) Detection of Objects
4) Measurement through robotics
5) Surface Detection

1.2 About the Company

Authentic Engineers is a manufacturing company engaged in the production of
automation vision system. With a strong passion for industrial automation, Mr.
Sunil Lahoti and Mrs. Sangeeta Lahoti founded Authentic Engineers in 1996.
They started out by offering low-cost automation solutions using

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microcontrollers to a variety of industries, including pad printing, automobiles,
and other manufacturing industries.

Their key competency is offering dependable solutions for End of Line Testing
Machines and Vision Inspection Machines, as well as Automation Solutions for
Programmable Logic Controllers (PLC), Data Integration, and Data
Traceability. For decades, they have clients to various automation partners.

In the initial phase, their main motive to provide their services by offering low-
cost automation solutions using micro controllers to a variety of industries,
which includes pad printing, automobiles, and other manufacturing industries.
The ownership of the company is sole proprietorship. The nature of business is
Business to business which means direct dealing from one business to another.

The average employee size of the company is 51-100 employees. The annual
turnover of the company is 2-3 crores. The company anticipates on the need of
the customers and works instantly deliver the demand of the customer, so that
they can achieve each and every goal of the customer in the dynamic or fast
changing business environment.

1.3 Vision Statement

Affordable, Reliable and Sustainable automation for all.
1.4 Mission Statement
The main mission is to enable manufacturing industries and machine
manufactures to realize the full potential of Automation.

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 CHAPTER 2

ORGANIZATION PROFILE

Authentic Engineers is located in IMT Manesar Gurugram, Haryana. The size

of the premises is around 1500 square feet. Engaged in automotive solutions
and machine vision. Solutions for Programmable Logic Controllers (PLC), Data
Integration, and Data Traceability.

Source: Authentic Engineers, IMT Manesar, Gurugram

A hierarchical structure was used for the organization's organisational structure.
A hierarchical organisation is one in which all entities, with the exception of
one, are subject to just one another entity. A company's chain of command,
often extending from senior management and executives to general staff, is
referred to as its hierarchical structure. In companies where there is only one
leader and a continuous line of subordinates reporting to them, this structure is
appropriate. This configuration resembles a hierarchy.

It can aid in establishing definite lines of reporting and authority inside the
company. a better comprehension of the duties and obligations of employees.
An efficient hierarchy holds leaders accountable for their actions and includes

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provisions for the replacement of ineffective leaders with new ones,
occasionally through internal promotion.

The success of the organisation as a whole, including the owners, managers, and
employees, is ultimately served by hierarchy in this way.

Clear guidelines are spelled out for who will report to whom throughout the
internship right from the start. Anyone who needs to get in touch with someone
in a higher position in another department must first get permission from their
mentor or reporting manager, and all correspondence must be done formally via
email.

When it comes to assisting the interns in all types of work, the company mentor
was very effective. The interns were not under any job pressure. The culture
met expectations. Additionally, the interns had the option of coming to work or
not the day before the weekend.

The main rival of Authentic Engineers is Cognex industries, which has a larger
user base and investors from throughout the world.

This company mostly employs engineers with practical engineering

backgrounds, particularly in computer science and electrical engineering. So I
went there to meet new people other from my co-workers. This aided me in my
networking efforts.

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 CHAPTER 3

SWOT Analysis

STRENGTH

 The machine industry is expected to grow 8% CAGR between 2020 and

2024.
 The company is expected to extend its operations to increase the
production, so as to fulfil the demand of customers more smoothly.
 For this, the total assets of the company have increased by 5.8%
 The financial profile of the company is expected to remain healthy.
WEAKNESS
 Company’s pay scale is low as compared to the other companies which
offers more salary to their employees for the same job role.
 There is no proper schedule is circulated for a week, employees get their
work on the same day itself.
OPPORTUNITY
 The machine vision will grow by 10% CAGR and will dominate the
world in terms of industry, which is good sign for Authentic Engineers.
 The company is expanding its operation which leads to more profitability.
 Increase in customer base.
THREATS
 Cognex Industries is one of the leading players in the machine and
automation industry.
 Innovation of new technology will lead to increase in the adaption cost,
which will eventually affect the financials of the company.
 Global market competition is also expected to increase.

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 CHAPTER 4

PESTEL Analysis
Political, Economic, Social, Technological, Environmental and Legal
(PESTEL) Analysis is a management technique that enables a company to
evaluate the key external elements that affect its operation in order to increase
its competitiveness in the market. These six categories represent the foundation
of this paradigm, as shown by the acronym.

Strategic management's environmental scanning component uses a framework

of macro-environmental elements called PESTEL analysis.

1) Political - The business adhered to stringent guidelines provided by the

government.
2) Economical – The company uses the solar power plant which is
economical in nature and moreover it is environment friendly.
3) Social - Low CO2 emissions contribute to a healthy environment, which
will eventually improve social life. Additionally, it offers people new
work opportunities.
4) Technology – Technology is considered as an important. Well, the
company is engaged in automation process only. So, they are aware
about the technological advancements which are happening.
5) Environmental – It includes all the factors keeping in mind our
environment it also includes social governance programme.
6) The examples of environmental concern are as follows:
 Carbon Footprint
 Managing natural resources
 Rise in incidents of extreme weather conditions

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7) Legal – These are the factors which arise due to change in environment
and economy, which on a smaller scale affects the company as a whole.
The examples for the same are:
 Industry Regulation
 Consumer Protection Law
 Intellectual Property Rights
 Compensation Laws

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 CHAPTER 5
KEY LEARNINGS
Job Profile – Accounts and Finance Intern
Duration – 6 weeks
The key learnings from this internship are as follow:
 I learned the about the company’s policies and procedures.
 I learned the about the software or the accounting practices
followed there.
 I got some data entry work; from there I learned some very useful
excel shortcuts.
 I assisted my company mentor in the verification of the documents.
 I also helped in the debit and credit of the vouchers.
 I gained a lot of confidence in talking to people.
 This internship gave me an overview of how things work in a
corporate world.

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 CHAPTER 6

Issues and challenges faced by me during Internship

 The main issue was age gap barrier, everyone in the organisation was
older than me.
 In the initial days managing time was the biggest challenge.
 I faced communication barrier.

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 CHAPTER 7
Recommendation to Firm
 The company should provide internship opportunities more often.
Moreover, there is need of proper work schedule for the employees
updated on daily basis.
 The company should provide work opportunities for the fresh talents also,
as in Authentic Engineer everyone was of higher age group.
 Proper weekly feedback from should be circulated to improve the
organisation culture.

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 CHAPTER 8
Conclusion

Machine Vision system is one of the fastest growing industries with the
technological advancements. Taking use of advancements in automation
technology, machine vision technology has made its way into applications both
inside and outside of factories, expanding into a significant global market.

I was able to use my theoretical knowledge in a practical setting because of this

internship. In addition, I got to interact with some brilliant people who worked
there.

My confidence and communication skills have also improved as a result of this

internship, which will be helpful in the future.

I took charge of my responsibilities and saw to them from beginning to end. I

managed multiple jobs at once and made memorable situations out of trying
ones. I became aware of my ability to perform better under pressure.

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 CHAPTER 9

REFRENCES
 https://www.authenticengineers.in/
 https://www.indiamart.com/authentic-engineers-india-pvt-ltd/

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APPENDICES

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