(“Formerly known as Bengaluru Central University”)

AN INTERNSHIP REPORT ON
“”
A Dissertation Submitted in partial fulfillment if the requirement for the degree
of
BACHELORE OF VOCATION
IN
ACCOUNTING AND TAXATION
Submitted by
SUPRITH N
Under the Guidance of
Dr. K. SAVITA (Prof.Dept. of Commerce)
BEL FIRST GRADE COLLEGE, Bengaluru – 13

BEL FIRST GRADE COLLEGE

Jalahalli, Bangalore – 560013
 ACKNOWLEDGEMENT

I take this opportunity to thank my college BEL FIRST GRADE COLLEGE,

Bangalore for providing me with an opportunity to carry out this
internship report work.
I express my gratitude to Dr. SEVITHAYA. Principal, BEL FGC, Bangalore
for providing the resources and support without which the completion
of this internship would have been a difficult task.
I extend my sincere thanks to Dr. K SAVITA, Professor and Head,
Department of Commerce, BEL FGC, Bangalore 13, for being a pillar of
support and encouraging me in the face of all adversities.
I would like to acknowledge the thorough guidance and support
extended towards me by Dr. K SAVITA, Assistant Professor, Dept. of
Commerce and Management. BEL FGC and internship coordinators.
Their incessant encouragement and valuable technical support have
been of immense help. Their guidance gave me the environment to
enhance my knowledge and skills and to reach the pinnacle with sheer
determination, dedication and hard work.
I also want to extend my thanks to the entire faculty and support staff
of the Department of Commerce, BEL FGC, Bangalore, who have
encouraged me throughout the course of the Bachelor's Degree.

SUPRITH N (M2022011)

भारत इलेक्ट्रॉनिक्स BHARAT ELECTRONICS LIMITED

VISION, MISSION & OBJECTIVES
Vision
BEL Corporate Office, Bangalore
To be a world-class enterprise in professional electronics.

MISSION
To be a customer focused globally competitive company in defence
electronics and in other

OBJECTIVES
chosen areas of professional electronics, through quality, technology
innovation.
To be a customer focused company providing state-of-the-art products
& solutions at competitive prices, meeting the demands of quality,
delivery & service.
To generate internal resources for profitable growth.
HISTORY OF THE ORGANISATION

In the year 1954, a newly independent India, the need was almost to
develop indigenous industry. The dream of a self-reliant India gave
birth too many Public Sector Undertakings. Bharat Electronics Limited
(BEL) was one such dream, which has come a long way since then with
the far-sighted vision of its pioneers, the dedication and hard work of
its employees, support and faith of its customers and the Government
of India. The Government's clarion call for 'Make in India' resonates
with what BEL has been successfully doing for over 6 decades.

From humble beginning in 1954, when BEL was set up in association

with CSF, France (now, Thales), to manufacture basic communication
equipment, BEL now produces a wide range of state-of-the-art
equipment in fields such as Defence Communication, Radars, Naval
Systems, C41 Systems. Weapon Systems. Homeland Security, Telecom
& Broadcast systems, Electronic Warfare, Tank Electronics, Electro
Optics, Professional Electronics Components and Solar Photovoltaic
Systems, BEL, also provides turnkey system solutions. Civilian products
from BEL include Electronic Voting Machines, Tablets PC, solar-powered
traffic signal system and Access Control Systems.

Starting from a single Unit in Jalahalli, Bangalore, BEL has established its
presence across the country by setting up eight other Units in
Ghaziabad, Pune, Machilipatnam, Panchkula, Kotdwara, Nave Mumbai,
Chennai and Hyderabad. Each Unit has a specific product mix and
customer focus. BEL has also set up a wide network of officers and
service centers countrywide as well as two overseas offices at New York
and Singapore. BEL has been laying great emphasis on Research and
Development right from the early

years. It has also been able to successfully partner as production agency

with many DRDOlabs. Form a meager turnover of Rs.2 lakhs in 1956-57,
BEI. has been grown manifold to

record a turnover of Rs.7, 510 crore (provisional) in 2015-16. BEL is not

only a successfut bosiness story but also an organization which cares
for people and society. Even before the term 'Corporate Social
Responsibility' gained currency, BEL has undertaken innumerable CSR
activities and continues to do them with a lot of passion and
commitment. BEL has set up educational institutions, including a special
school for thementally challenged. It has also set up hospitals, fine arts
clubs and sports facilities. Bharat Electronics Limited is owned by the
Indian Government. The major manufacture of advance electronic
products for the Indian Armed Forces. Bharat Electronics is one of
OPSUS under the Ministry of Defence of India. Also, the government
awarded the company with Nirvana Status.

Bharat Electronics current market capitalization stands @

R$40, 707.87 crore.
BEL has 11 Strategic Business Units.

1. Advance Defence Systems Navy.

2. Missile Systems.
3. Electronic Warfare & Avionics
4. Military Communication.
5. Naval Systems-Sonar & Communications Systems:
6. Military Radars, Export Manufacturing Components.

Naval Systems-Radar & Fire Control Systems. Homeland Security &

Smart City Business. Strategic Communications & Unmanned Systems.
In the BEL there are Products which they manufacture.

Defence -
1. Defence Communication Products.
2. Land-Based Radars.
3. Naval Systems.
4. Weapons Systems.
5. E-Mobility.
6. Homeland Security.

Non Defence -
1. Cyber Security.
2.  Tank & Armored.
In BEL the organization Departments/ Focus Areas:

a. Military Communications.
b. Network Centric Systems
c. Military Radars
d. Weapon Systems
e. Naval Systems.
f. Airborne Electronic Warfare & Avionic Systems.
g. Strategic Communication & Unmanned Systems.
h. Homeland Security & Smart City Business
i. Components.
j. Coastal Surveillance Systems. k. Electronic Voting Machines
k. Solar Products.
l. Traffic Signals works.
Awards and Rewards of BEL Organization.

IETE Corporate Award for Performance in Development of Software

(large Enterprise)- 2021. Two BEL scientists received Young Scientist
awards. BEL won the IEI Industry Excellence Award 2021 from the
Institution of Engineers (India).
Three Governance now Awards for Nation Building, HR Excellence and
Digital Security. Public Relations Council of India (PRCI) Chanakya Award
for good governance for CMD, Mrs Anandi Ramalingam.3

Financial Report
BEL also has a Turnover of Rs.13, 818 crores,
Value of Production is 13,947, and the profit of the year Rs.2, 815
crores.
The Turnover of per Employee is 1.51 and the Net worth of BEL is Rs.
10, 808.
BEL invested in Research and Development worth Rs.873 crores.
Order Received was 53,434; And Profit after Tax is 2.065
It has been an Improvement seeing the last year's Profit after Tax, the
profit last year was Rs. 1, 794 crores and this year is Rs 2, 065 crores.
SWOC ANALYSIS OF BHARAT ELECTRONICS LIMITED.

Strengths
Trainings and development - Bharat electronics has one of the best
training & development program in capital Goods Industry.
Operational resilience strategy of BEL comprises understanding the
underlying the factors in the Aerospace & Defense industry.

Weaknesses
Least 2-3 big opportunities in Defense industry in last five years.
Ability to recruit top talent - BEL is in a position to attract the best
talent available in India. Slow to strategic competitive environment
developments - As BEL is one of the leading players; it takes time to
assess the upcoming competitions. This has led missing out on at

High operating costs - Compare to the competitors, BEL. has high

operating costs. I This can be harder to sustain given the new emerging
competition from nimble players who are using technology to attract
BEL lucrative customers.

Low market penetration in new markets-Outside its home markets of

India, BEL needs to spend more promotional, marketing, and
advertising efforts to penetrate international markets.
Opportunities

Lowering Marketing communication costs.

Leveraging digital technologies.
Challenges Technology disruption because of hacks, piracy etc.
Changes in consumer's behavior post Covid-19. Low interest rates.
Environmental challenges Consumer confidence & its impact on BEL
demand.
Technology acceleration in Forth Industrial Revolution.
 Finance/EM

Bills Payable
Finance/EM
sometimes called vendor invoices.
Procedure of Bills Payable
Purchase Order (PO)
Invoice Entry (MIRO) Payment
Accounts and Payments Goods

Introduction
Payment to vendors and accounting of payment is an important finance
function. SAP facilities
complete history of supplies and payments under a single purchase
order and this ensures tracking down of outstanding supplies and
rejections in outstanding dues at any point of time.
Accounting of goods at the time of receipt (T-code 'MIGO); Material
Inward Goods Order
 Finance/EM
Bills Payable
Finance/EM
sometimes called vendor invoices.
Procedure of Bills Payable
Purchase Order (PO)
Invoice Entry (MIRO) Payment
Accounts and Payments Goods

Introduction
Payment to vendors and accounting of payment is an important finance
function. SAP facilities
complete history of supplies and payments under a single purchase
order and this ensures tracking down of outstanding supplies and
rejections in outstanding dues at any point of time.
1. Accounting of goods at the time of receipt (T-code 'MIGO); Material
Inward Goods Order
Bills payable are physical record of the amount owing for any products
or services that a company buys on credit Bills payable can include
service invoice, phone bills and utility bills. The seller of the goods and
services is referred to as a vendor. Because of that, bills payable are
Payment of Invoices
Checklist for Payment

Warranty, LD, and other documents as per PO payment terms.

Terms of prices, delivery schedule (payment to be scheduled as per
scheduled delivery date. Rejection and advance adjustment to be taken
care at the time of payment.

Payment against delivery/COD payment. Payment against acceptance

(RTGS/ECS)
5. Types of Payments

Miscellaneous Bills
> Advance Payment-Management Sanction
Payment is released as advance for expenditure to be increased. In
case, payment has to be released as advance same is released to the
authorized person/ officer against their staff Advance payment needs
to be monitored regularly till the settlement.
6. Creation of Liability
STEPS

1. Invoice details need to be entered using transaction code.

2. Correct TDS rate to be selected from available option.
3. Document date, amount, business area, account assignment,
narration/text to be entered.
4. Simulate and post the document.

Management sanction is taken by respective department for various

purposes which areBills Receivable

A bill receivable is a document that your customer formally agrees to

pay at some future date The bill receivable document effectively
replaces, for the related amount, the open debt exchanged for the bill.
Bill receivable are often remitted for collection and used to secure short
term funding. Process of Bills Receivable

Customer Order

Sale order

Invoice Д
MGP/AWB

Finance

Л Debtors

Payment

Acknowledgement

Д Accounting
Required document for lodgment of export income 1" Step: Invoice
copy packing invoice airway bill original shipping bill original

2nd step: Updating of the bill details in the excel file

3 step: set of 3

Bank copy

Customer copy
Office copy: Set of all photocopy to be taken

Invoice copy-photocopy

Scan a full set of soft copy

4 step: Fill the details (bills sent to bank in the format (Lodgment of bill)

40- 5 step: File all the set of the above document in a flat file (to be sent
to bank)

In a flat file writing the bill number above the file

Bank Copy Customer copy Office copy.

~17 ~

Invoice copy- original copy Packing invoice- original copy

Airway bill-photocopy Shipping bill original copy

Invoice copy-original 3copy Packing invoice- original 3copies Airway bill-

original & photocopy
Packing invoice-photocopy Airway bill-photocopy Shipping bill-
photocopy
6 ^ (th) step: Write the bill details in the document which has to be
handed over to bank person and send it with concerned person.

7 ^ (th) step: Once we receive the document from bank fill the
lodgment details in the bill details excel & in EBRC consolidated data in
BRC folder.

8 ^ (th) step: Fill all the document in the respective file refers customer
code.

Costing

A costing is an estimate of all the costs involved in a project venture or

a business venture. It is important to ensure that all expenses are
covered and the group fixes a price that ensures a profit. The first and
most important step is to identify all the costs of a business:
production, sales, administrative, overheads, etc.
CONCLUSION

ELECTRONIC WARFARE AND AVIONICS is one of the most important

departments of BEL. It is one important SUB of BEL
Changes in the world market and in technological conditions in the
world economy in the recent past, in particular in the last decade, pose
new challenges to industrialization and the development of a
competitive manufacturing sector.

In many respects the conventional advantage of low labor cost is being

undermined by the increasing importance of competitive characteristics
other than cost of production, notably product/service quality and just-
in-time delivery. To cope with these requirements, greater effort will be
required to develop design, marketing and new organizational and
linkage capabilities, in addition to selectively acquiring new
manufacturing technologies.
Learning Outcomes

By participating in an internships or co-op are to:

> Explore career alternatives prior to graduation.

Integrate theory and practice.

Assess interests and abilities in their field of study.

Learn to appreciate work and its function in the economy.

Develop work habits and attitudes necessary for job success. Develop
communication, interpersonal and other critical skills in the job
interview

process.

Build a record of work experience.

> Acquire employment contacts leading directly to a full-time job

following graduation from college.
Identify, write down, and carry out performance objectives (mutually
agreed upon by the employer, the MCC experiential learning
supervisor, and the student) related to their job assignment.s