internship report

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INTERNATIONAL INSTITUTE OF PLANNING & MANAGEMENT

[MUMBAI]

INTERNSHIP REPORT

ON

ALTERNATE BRAND SOLUTIONS LTD

SUBMITTED

BY

TUSHAR B. BHOSALE(Batch: SS/PGP/08-10)

FROM

1ST

JANUARY, 2009

TO

15TH

FEBRUARY, 2009

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PREFACE

The purpose of this report is to explain what I did and learned during my internship period with the Alternate Brand Solutions Ltd in the Finance & Business Accounting. The report focuses primarily on the assignments handled, working environment, successes and short comings that the intern did encounter when handling various tasks assigned to him by the supervisor.

Because the various parts of the report reflect the intern’s shortcomings, successes, observations and comments, it would be imperative that the recommendations are also given. Therefore the report gives a number of comments and recommendations on the internship programme.

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TABLE OF CONTENTS

PREFACE........................................................................................................................................... .. 2

TABLE OF CONTENTS ... ....................................................................................................... . 3

CHAPTER ONE ... ............................................................................................................................. 5

1.0 INTRODUCTION................................................................................................................. . 5

1.1 Company Background & Company structure... ............................................................... 5

1. 1. 0 LEARNING... ..................................................................................................................... .10

1.1.0 Account Receivable & Payable ....................................................................................... 10

1.1.1 General Ledger Process ... ............................................................................................... . 11

1.1.2 MIS ................................................................................................................................. 11

1.1.3 Payment process ............................................................................................................... 12

1.1.4 Systems Application & Product (SAP) ........................................................................... 14

1.2.0 DUTIES & RESPONSIBILITIES.................................................................................... . 16

1.2.0 Vendor Payments ............................................................................................................ 16

1.2.1 Invoicing and Receipts.................................................................................................... 17

1.2.2 Assisting in generation of Daily/ Weekly reports ......................................................... 17

1.2.3 Record Keeping............................................................................................................... 17

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CHAPTER TWO... ........................................................................................................................... .. 18

2.0 Work Experiences... ................................................................................................................ 18

2.1 The Impact of My Work ....................................................................................................... .. 18

2.2 Success & Short Comings ... ................................................................................................. .. 19

CHAPTER THREE........................................................................................................................... . 20

3.0 INTERNSHIP AS A LEARNING PROCESS... ................................................................... . 20

3.1 My Expectations ... ................................................................................................................ .. 20

3.2 Benefits of the Program......................................................................................................... 20

CHAPTER FOUR... ........................................................................................................................... . 21

3.0 OBSERVATION & CONCLUSION... ................................................................................. .21

3.1 Observations... ....................................................................................................................... .. 21

3.2 Conclusion... .......................................................................................................................... 21

3.3 Recommendations ................................................................................................................. .. 21

APPENDIX...............................................................................................................................................22

DECLARATION.......................................................................................................................................23

ACKNOWLEDGEMENT.........................................................................................................................24

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CHAPTER ONE

1.0 INTRODUCTION

As an intern with Times Of India Group Company, I was working in Alternate Brand Solutions Ltd (ABSL) subsidiary company of Times Of India Group Company. I was worked under the supervision of Mr.Rakesh Indulker who is the group manager–Finance of Alternate Brand Solutions Ltd. ENIL recently hived off its Event management business 360 Degree Entertainment from Times Innovative Media Limited (TIM) to a wholly owned subsidiary ABSL (Alternate Brand Solutions Ltd.) the company has managed many big ticket Events in this segment.

1.1 COMPANY BACKGROUND:

Entertainment network India ltd is a leading city-centric media Company and is listed on the BSE and NSE. Incorporated in June, 1999, ENIL operates FM radio broadcasting stations through the brand Radio Mirchi in 32 Indian cities and is headquartered in Mumbai. ENIL has a wholly owned subsidiary, Times Innovative Media Limited, through which it operates its out-of-home media brand Times OOH and experiential marketing brand 360 Degree Experience. Its promoter, Bennett, Coleman & Co. Limited (BCCL), is the flagship company of The Times Group, which has a heritage of over 150 years and is one of India's leading media groups.

Entertainment Network India ltd operates in three segments, viz. FM (Radio Business) OOH (Out of Home Media), & 360 Degree ( Event Management Business)

RADIO BUSINESS:

i) ENIL is the largest private FM Radio operator in the country in terms of number of operational stations and revenue. Enil operates FM radio broadcasting stations through the brand Radio Mirchi in 32 Indian cities. It is the only company with private FM radio stations in all four metropolitan cities of Delhi, Mumbai, Chennai and Kolkota. It is also the only private FM radio broadcaster in the cities of Ahmedabad, Indore and pune.

ii) ENIL has retained its market leadership with approximately 49% share of private FM radio industry. The company has operationalised all its 32 licenses in the current year & hence all the costs associated with it are completed, which implies higher margins in the coming years in the radio business.

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iii) The major cost involved in the radio business is the license fees & the initial set up cost. Most of the costs in the radio business are fixed except for the license fee which is on a revenue sharing model. As per the phase II license norms all the operators have to pay a license fee which is 4% of its gross revenues or 10% of the OTEF (one time entry fee) whichever is higher. The other costs are however fixed in nature.

iv) One of the major cost components is the Royalty paid to the music companies. The Company pays royalty to PPL, an industry organization, and various music companies (such as SCIL) that are not a part of PPL. In addition, for each sound recording from Phonographic Performance Limited (PPL), they also pay royalty to The Indian Performing Right Society (IPRS), a collective society that represents artists. They pay royalty on a per needle hour basis, which is based on the duration of sound recordings of the licensor that they broadcast. ENIL pays royalties to PPL at rates that have currently sound recordings at all their radio stations at an average cost per needle hour of Rs.661. Similarly, they pay SCIL for sound recordings at the three radio stations of Mumbai, Delhi and Kolkata, at needle hour rates that vary between Rs.300 and Rs.1,200 depending upon the time of the day the sound recording is broadcast pursuant to a Copyright Board order.

OOH (Out of Home Media):

Times OOH owned by Times Innovative Media Limited (TIM), a Times of India group Company, is India's leading player in Out of Home category. Times OOH has a wide set of assets across the key Metros in India that provides a broad range of platforms across a variety of verticals-

- Transport: Mumbai and Delhi Domestic and International Airports, Delhi Metro, Kolkota Metro, - Billboards such as Patel Bridge in Mumbai; Billboards in Pune; - Street Furniture such as Mumbai Bus Queue Shelters, - LED Screens in airports and malls to name a few.

v) Times OOH gives a range of products and solutions to reach out to discerning audiences. In the out-of-home media business, the company markets the space on various out-of- home media sites to advertisers and advertising agencies. The company is also the marketing agent of space on six metro railway stations around central Delhi, which were recently licensed by the Delhi Metro Railway Corporation to TIML

vi) In an environment when out-of-home sites in India were predominantly owned or operated by small, local players and are typically, directly marketed by them to advertisers and advertising agencies, Times OOH stands out as a marked contrast. Its success stems from its ability to provide geographic flexibility of the highest order to the advertiser. Coupled with innovations that allow this medium to be used for mass segments as well as niche segments, Times OOH managed to bring to life OOH advertising's inherent benefits of freshness, freedom and scale.

vii) Recognizing the strong long term potential of the Out of Home media business and the attendant capital requirements, ENIL recently approved capital rising up to Rs.500.

viii) Core through a mix of Debt & Equity.

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EVENT MANAGEMENT BUSINESS:

ENIL recently hived off its Event management business 360 Degree Entertainment from TIM to a wholly owned subsidiary ABSL (Alternate Brand Solutions Ltd.) the company has managed many big ticket Events in this segment. The company has a huge clientele base of corporates in this business due to its association with the Times group & due to the advent of Mirchi Activation i.e. cross sellingof radio & Events business advertisements.

Live entertainment industry –The live entertainment industry (also known as the "events management industry’) comprises a wide gamut of on-the-ground events that include corporate events felicitations and contests, festivals and personal events. Over the years, live entertainment business in India has grown into a Rs. 11 billion industry. The industry has just begun to gather steam, as events increasingly become a part of large corporates and advertisers' marketing plans. Live entertainment is a huge source of revenue for the global Media and Entertainment industry. Live entertainment sometimes also called event management- is growing at a fast and steady rate. The number of corporate awards, television, films, and sports events are increasing rapidly, helping the sector grow at a fast rate.

Size and Growth of Live Entertainment Industry in India

- Current size: Rs.1100 crore - Projected size by 2010: Rs.1800 crore

Various types of live entertainment events are:

- Award shows

· Celebrity appearances

· Music concerts

· Variety entertainment shows

· Fashion shows/beauty contests

· Branded Events (promotion and management of brands)

· Televised Events (Events specially created for television channels)

The revenue streams for the live entertainment sector are:

· Sponsorship receipts

· Ticket sales

· Advertising revenues

· Licensing / assignment of Intellectual Property Rights of television, music,video and internet.

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The major challenge faced by the segment is the unorganized nature of most event management companies,

which continues to hinder the growth of this segment.

360 Degree Entertainment - - - Focus on Owned Events rather then ManagedEvents to improve Margins going forward.

In the Event Management business of the company, ENIL plans to lay more emphasis on owned events rather than managed events. This will give the company a platform to get big ticket events under their brand & that intern will improve the overall profitability of the business. We see the Event management business of the company growing at a CAGR of 40% for the period FY2008-2012. The operating margins for this business are expected to be in the range of 20% for the same period.

360 Degree Entertainment:

ENIL recently hived off its Event management business 360 Degree Entertainment from TIM to a wholly

owned subsidiary ABSL (Alternate Brand Solutions Ltd.) On the Event management business front the

company plans to Focus on “owned” rather than “managed” events. The company also wants to focus more

on life style & Fashion shows.

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Company structure

Publishing Division

� The Times of India

� The Economic Times

� Navbharat Times

� Maharashtra Times

Bennett Coleman & Co

Times Internet

� indiatimes.com

Times Global Private

TreatiesBroadcasting

� News Channel –Times Now

� Sandhya Times� Vijay Times

Entertainment & Retail

� Times Music

� Mopix Animation

� Times Wellness

� Times Multimedia

Times Business Solutions

Times Infotainment

Media

TIML Global

Entertainment

Network (India)

� Wallet365.com

Mirchi Movies

Zoom Entertainment

Network

� Ent. Channel – Zoom

World Wide Media

(JV with BBC)

� Femina

� Filmfare

� Timesjobs.com

� SimplyMarry.com

� Magicbricks.com

TIM Times OOH

� Radio Mirchi

ABSL360Degrees

� Top Gear

� Grazia

� Other

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1.1.0 Learning’s

1.1.0 Account Receivable & Payables

Accounts receivable :

Accounts receivable (A/R) is one of a series of accounting transactions dealing with the billing of customers who owe money to a person, Alternate Brand Solutions Ltd for goods and services that have been provided to the customer. In most business entities this is typically done by generating an invoice and mailing or electronically delivering it to the customer, who in turn must pay it within an established timeframe calledcredit or payment terms.

An example of a common payment term is Net 30, meaning payment is due in the amount of the invoice 30 days from the date of invoice. Other common payment terms include Net 45 and Net 60 but could in reality be for any time period agreed upon by the vendor and the customer. This is same with ABSL.

While booking a receivable is accomplished by a simple accounting transaction, the process of maintaining and collecting payments on the accounts receivable subsidiary account balances can be a full time proposition. Depending on the industry in practice, accounts receivable payments can be received up to 10 - 15 days after the due date has been reached. These types of payment practices are sometimes developed by industry standards, corporate policy, or because of the financial condition of the client.

On a company's balance sheet, accounts receivable is the amount that customers owe to that company. Sometimes called trade receivables, they are classified as current assets assuming that they are due within one year. To record a journal entry for a sale on account, one must debit a receivable and credit a revenue account. When the customer pays off their accounts, one debits cash and credits the receivable in the journal entry. The ending balance on the trial balance sheet for accounts receivable is always debit.

Business organizations which have become too large to perform such tasks by hand .ABSL are using SAP (accounting software) on a computer to perform this task.

Accounts payable:

Accounts payable is a file or account that contains money that a person or company owes to suppliers, but hasn't paid yet (a form of debt). When you receive an invoice you add it to the file, and then you remove it when you pay. Thus, the A/P is a form of credit that suppliers offer to their purchasers by allowing them to pay for a product or service after it has already been received.

There is usually a much broader range of services in the A/P file, and ABSL are use accounting software to track the flow of money into this liability account when they receive invoices and out of it when they make payments. Increasingly, large firms are using specialized Accounts Payable Automation to automate the paper and manual elements of processing an organization's invoices.

Commonly, a supplier will ship a product, issue an invoice, and collect payment later, which creates a cash conversion cycle, a period of time during which the supplier has already paid for raw materials but hasn't been paid in return by the final customer.

When the invoice arrives it is matched to the packing slip and purchase order, and if all is in order, the invoice is paid. This is referred to as the three-way match.

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1.1.1 General Ledger Process: The general ledger is the core of ABSL company’s financial records. These constitute the central “books” of ABSL system, and every transaction flows through the general ledger. These records remain as a permanent track of the history of all financial transactions since day one of the life of ABSL Company.

Subledgers and the General LedgerABSL accounting system will have a number of subsidiary ledgers (called subledgers) for items such as cash, accounts receivable, and accounts payable. All the entries that are entered (called posted) to these subledgers will transact through the general ledger account. For example, when a credit sale posted in the account receivable subledger turns into cash due to a payment, the transaction will be posted to the general ledger and the two (cash and accounts receivable) subledgers as well.

There are times when items will go directly to the general ledger without any subledger posting. These are primarily capital financial transactions that have no operational subledgers. These may include items such as capital contributions, loan proceeds, loan repayments (principal), and proceeds from sale of assets. These items will be linked to your balance sheet but not to your profit and loss statement.

1.1.2 MIS (Monthly Information Status/Statement)

MIS report actually means, it is a report conducts day to days transaction details of a company whether it is small or big. It covers day to day receipts, payments, any contra, sales; purchase etc. any transaction depending upon on the company. It is monthly submitted to the head of the unit. It is like a monthly performance report. A financial statement that measures a company's financial performance over a specific accounting period. Financial performance is assessed by giving a summary of how the business incurred its revenues and expenses - due to both operating and non-operating activities. It also shows the net profit or loss incurred over a specific accounting period, typically over a fiscal quarter or year.

Also known as the "profit and loss statement" or "statement of revenue and expense".

ABSL use an income statement to track revenues and expenses so that ABSL can determine the operating performance of there business over a period of time. ABSL are using these statements to find out what areas of their business are over budget or under budget. Specific items that are causing unexpected expenditures can be pinpointed, such as phone, fax, mail, or supply expenses. Income statements can also track dramatic increases in product returns or cost of goods sold as a percentage of sales. They also can be used to determine income tax liability.

It is very important to format an income statement so that it is appropriate to the business being conducted.

Different type of monthly report as follows:- Eventwise Cost & Revenue- Revenue & DVC- Outstanding Receivables & Collections- Profit and Loss Statement- Cummulative Billings Report- Clientwise Breakup Revenue- Sector Analysis- Value Analysis

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1.1.3 Payment Process

In ABSL, Payment process made from different type (as per requirement).Most probably ABSL prefer

payment through system. But sometime vendor need urgent payment that time they prefer manual payment process.

Following are different types of Payment process with there respective code & effect.

Process Code Effect Code

Payment Process through system

For Booking Expenses FV-60 Exp…………….Dr KR

Vendor ………...Cr

For Advance to Vendor F-47 Vendor ………...Dr KA

Bank a/c ……….Cr

Payment Process Manually (Chq/DD)

1)100% Paid with original Invoice

i) For booking Expenses FV-60 Exp…………….Dr KR

Vendor ………...Cr

ii) For Payment entry F-53 Vendor ………...Dr

Bank a/c ……….Cr KZ

iii) For attach manual Chq/DD FCH5

2) For Advance Payment F-48 Vendor ………...Dr

Bank a/c ……….Cr KZ

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Process Code Effect Code

Advance Adjustment

100% Advance Settlement

i) Book Expenses 100% FV60 Expenses……….Dr

Vendor ……….....Cr KR

ii) Knock off advance with

KR document 100% F-44

Advance Settlement & Remaining

Payment Process System

i) Book Expenses 100% FV60 Expenses……….Dr

Vendor ……….....Cr KR

ii) Knock off advance with

KR document 50% F-44

iii) Change Business Place F-04

Advance Settlement & Remaining

Payment Process Manually (CHQ/DD)

i) Book Expenses 100% FV60 Expenses……….Dr

Vendor ……….....Cr KR

ii) Knock off advance with

KR document 50% F-44

iii) For Payment Entry F-53

iv) For attach Manual Chq/DD FCH5

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1.1.4 Systems Application & Product (SAP)

Enterprise structure:

Enterprise structure is nothing but Organizational unit structure, which is used to structure Business functions and Reporting. Organizational units are used in mapping the physical organization of a company on to the SAP system. There are two types of structures. External structures: They are used for external reporting purposes. Ex: Company code Internal Structure: They are used for Internal reporting purposes. ex: Business area, Controlling area.

Document type in SAP terminology:

Document type is nothing but two character alphabetical key which is used to classify Accounting documents and is used to distinguish Business transactions. And it controls Document storage by storing the documents belonging to the same document type together. Ex: SA, KA, KR, KZ, DR, DZ etc...

Creating vendor master records:

1. First we need to define Vendor account groups and Number ranges. 2. Assign number ranges to Vendor account groups. 3. Define Reconciliation account for Vendors 4. Then we create a Vendor master using the transaction code XK01.

In the creation of vendor master record, we have to specify To which account group that Vendor belongs to. And we have to give the address and Basic Information about that Vendor. We have to give reconciliation account for that Vendor.

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Create Vendor

Process

Reconciliation account in SAP:

Reconciliation Account is nothing but a G/L account, to which the Transactions posted in Subsidiary legers are posted automatically.

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1.2.0 Duties and Responsibilities

- Vendor Payments- Invoicing and Receipts- Assisting in generation of Daily/ Weekly reports- Record Keeping

Vendor Payments:

Vendor - IThe SAP R/3 accounts payable manages the accounting data of all of a company’s vendors.A vendor is company’s business partner who has outstanding payables for received goods or services.Key areas of accounts payable are:– Integration of information– Payment procedures

Vendor – IIVendor master record processingThe basic data object is the vendor master record, and contains the link to the general ledger, information on each vendor and the purchasing and accounting functions in the R/3 systemThe master record consist of:– Company code data

Vendor – IIIVendor master record processingGeneral data– Basic information such as company address, phone, etcCompany code data– Individual account information concerning the vendor– The smallest org. unit for which a set of accounts can be drawn up for reporting purposesPurchasing organization data– Information on request for quotation, purchase orders and invoice verification

Vendor – IVVendor master record processingA new master record is made for each individual account groupTwo types exist:– Internal: Created by the system itself– External: Determined by the userAll information for master records is entered through a customized UIA master record must be created in order to process transactions

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Vendor – VVendor invoice processingInvolves data entryInvoices may or may not have a vendor master recordIf an invoice arrives from a vendor without a master record, it must be created before invoice data can be entered.

Vendor – VIDown payment releaseThe payment program generates down payments to vendorsThe first step is to generate a request for down payment and a due date, stored as a documentThe system automatically creates the actual down payment, and pays the invoice amountThe system also reports the amounts accurately in a balance sheet.

Vendor – VIIAutomatic paymentAutomatic payment is carried out in three steps:– Create payment proposalBased on specifications in the customer master record– Process payment proposalEditing, processing, triggering of payment– Post payment documentsGeneration of payments with matching documents. Payable items are cleared and linked to the payments

Vendor – VIIIManual paymentAn additional option for processing paymentsThe following information must always be entered manually:– The general ledger account number for the bank– The payment amount– Any charges/fee– The document number

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CHAPTER TWO

2.0 Work Experiences

When I first arrived, it was unclear to me exactly what my duties were to be. This was because my terms of reference didn’t indicate exactly what I was to work on. Through my senior supervisor Mr.Rakesh Indulker, my immediate supervisor Mr.Devendra Pednekar and other colleagues within ABSL, I was able to quickly understand what my work involved and to what extend I was to do it. The following were some of the motivations that made my work easier and enjoyable:

Working as team with the rest of Alternate Brand Solutions Ltd (ABSL) contributors was something that I truly treasured then since it was through them that I found it more enjoyable.

Working on projects that I believed would eventually provide a clear understanding on the daily operation of ABSL. This gave me the morale to work even harder in order to meet deadlines.

Being given a chance to learn and use System Applications & Product (SAP).

Working in ABSL was good work experience for me.

2.1 The Impact of My Work

Most of the task that I did work on focused more on account receivable & payable, MIS. Accounts receivableis one of a series of accounting transactions dealing with the billing of customers who owe money to a person, company or organization for goods and services that have been provided to the customer & Accounts payableis a file or account that contains money that a person or company owes to suppliers, but hasn't paid yet (a form of debt). MIS report actually means, it is a report conducts day to days transaction details of a company whether it is small or big. It covers day to day receipts, payments, any contra, sales; purchase etc. any transaction depending upon on the company. It is monthly submitted to the head of the unit. It is like a monthly performance report.Though my contribution might have been small compared to what the entire team contributed.

2.2 Successes and Short Comings

Successes There were many successes, both on my side and on the organization side. Personally the following is what I succeeded on:

First, to me it was a success having been given a chance to handle work on system & application.

I wasn’t familiar with SAP software then but now I can confidently use it with ease. It is one of the software that really makes finance one of the most enjoyable fields to deal with

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The ABSL largely succeeded a lot through my skills, competence and the overall output of my work because;

I used to hand in my assignments in time. Therefore enabling ABSL to meet deadlines

Short Comings There weren’t many short comings since as an intern I was given a lot of support by my supervisor and other fellow staff. Therefore the major short comings that I did face were:

Time was limited and therefore I had to leave pre-maturely before the complete products of my effort were finalised.

In terms of cultural differences I must say that nobody should expect it as easy to integrate in a different culture. But the difficulty was not based on the way I was welcomed here, it was that I needed some time to feel comfortable with my new environment.

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CHAPTER THREE

3.0 INTERNSHIP AS A LEARNING PROCESS

While the work I performed during this period was particularly glamorous and equally thrilling, I feel that this internship period exposed me to experiences which have significantly altered my perception of finance & Business Accounting.

3.1 My Expectations

My expectation was exceeded. I have not only gained the knowledge from the ABSL but also benefited from vast experience and knowledge of the Financial & Business Accounting.I had originally intended to join Times Of India Group as a way to participate directly in financial Accounting. What this meant is that I wished to participate largely in the SAP based company. I am worked with ABSL for 45 days. ENIL recently hived off its Event management business 360 Degree Entertainment from TIM to a wholly owned subsidiary ABSL (Alternate Brand Solutions Ltd.) the company has managed many big ticket Events in this segment. The company has a huge clientele base of corporates in this business due to its association with the Times group. I can proudly now say that I learned a lot from.

3.2 Benefits of the Program

In retrospective, I can say that I benefited from the internship programme than I thought I would in a number of ways:

Having a rare opportunity to use the knowledge and skills that I had acquired back at the college to provide in Accounts.

Career-wise, the internship programme undoubtedly enriched my curriculum vitae (CV). Also, having gotten a chance to interact with most staff, I have had an insight on how to shape my career towards a humanitarian job in the near future.

The internship programme gave me a chance not only to work with Times of India Group but also a chance to learn from the best financial analyst & manager experts. This would reflect much onto my experience.

Working with people from different fields was a rare chance that you can’t easily get from any other organization in financial sector. Therefore to me this was another opportunity to make friends and share ideas.

To conclude, I can state that my internship at the ABSL was a rewarding experience and provided me with some new perspectives that I did not come across during my studies back at the college. I also have to stress that my colleagues at the ABSL contributed greatly to making my stay there a very enjoyable one. Particularly, working together with Mr.Rakesh Indulker & Mr.Devendra Pednekarwas a true pleasure and his faith in my abilities was a real source of motivation to date.

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CHAPTER FOUR

3.0 OBSERVATION AND CONCLUSION

3.1 Observations

During the forty five days, I realized that it takes many steps (even in a smaller company) to achieve a vision. This was ascertained by a number of observations:

I did observe that teamwork played quite a huge role in attaining most of the Companies. It was equally important as the ability to work independent. But the goal must be to find a way to combine it in the right way.

Most of the Times of India Group employees especially those within the ABSL & ENIL (of course because I worked with them) are committed to their work. Most of them would come to work early, leave late in the evenings and a time come to work during the weekends in order for them to meet their deadlines. This is something that I feel few employees in any given organization would do.

Interns are given the much needed supervisory support that goes beyond work related issues. This is so given the fact that a supervisor would once in a while spend at least part of his/her private time to talk with an intern over issues that touches on personal life. This was very encouraging.

Even with the aforementioned positive observations, honestly I think that Times of India Group staff does need frequent common group activity/activities that would bring them together once in a while.This will eventually result in a stronger bond amongst them. I did observe that the lack of these activities affects stronger teamwork play.

3.2 Conclusion

In conclusion, I have to attest both of my supervisors (Mr.Rakesh Indulker who was my senior supervisor and Mr.Devendra Pednekar who was my immediate supervisor) at ABSL for the good job. I really appreciate the way I have been guided through this internship programme with ABSL, beginning from the opportunity to take the time I needed to refresh and expand my knowledge in several issues concerning finance & monthly reports, over a somehow protected period where I could discover and learn to value my new working environment, and finally earned the confidence to deal with assignments myself. It is through them that I did enjoy my work everyday.

3.3 Recommendations

I recommend that ABSL should once in a while organize a team building exercises to its staff in order to bring them closer. This would give staff time to re-examine what they have achieved so far, share personal experiences and ideas, learn to be together and appreciate the importance of team work at work.

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APPENDIX

TERMS OF REFERENCE FOR INTERNSHIP Tushar Balasaheb Bhosale

Organisation Alternate Brand Solutions LtdDivision FinanceProposed beginning 01 January 2009And end 15 February, 2009Name of Supervisor Mr.Rakesh IndulkerTitle Group Head-FinanceOffice Alternate Brand Solutions Ltd

Trade Gardens, Ground Floor, Kamala Mills Compound, SenapatiBapat Marg, Lower Parel (West), Mumbai - 400 013. Tel: +91 22 6753 6983; Fax: +91 22 6753 6900.

Background: The ABSL is focus on event management business. The company plans

to focus on “owned” rather than “managed” events. The company

also wants to focus more on life style & Fashion shows.

Terms of Reference

Under the supervision of the Finance Manager the intern will carry out the following tasks as part of the learning process: -

1. Vendor Payments;

2. Invoicing and Receipts;

3. Assisting in generation of Daily/ Weekly reports.

4. Record Keeping

5. Monthly Information Status/Statement.

Duration: 45 Days

Name of Supervisor: Mr.Rakesh Indulker Name of Intern: Tushar Bhosale

Signature.................................... Signature................................

Date.................................... Date................................

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DECLARATION

I Tushar Bhosale, student of International Institute of Planning and Management, Mumbai, hereby declared that I have completed the project on Study of Finance Department Functions at Alternate Brand Solutions Ltd as a trainee.

The information submitted by me is true and original and to the best of my knowledge.

PLACE:

DATED:

Signature of student:

(TUSHAR B. BHOSALE)

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ACKNOWLEDGEMENT

I got the opportunity to do a challenging training in Finance Department with Alternate Brand Solutions Ltd during 1st January, 2009 to 15th February, 2009 and I would like to thank Mr.Saurav Banerjee (Sr. Vice President-Finance) & Mr.Sanjay Dwivedi (Jr. Vice President-Finance) for giving me this opportunity.

At the outset I would like to thank Mr.Rakesh Indulker (Group Head-Finance) & Mr.Devendra Pednekar (Finance Manager) at Alternate Brand Solutions Ltd. It was my proud privilege to be trained by them, as I have gained valuable guidance & cooperation from them, throughout the Internship.

In the end I would like to thank all the employees of Alternate Brand Solutions Ltd in cooperating and guiding me throughout my training period.

Tushar Bhosale