Intern Report
Intern Report
CHENNAI
Submitted to
University Of Kerala, Thiruvanandapuram
In partial fulfillment of the requirement for the award of the
POST GRADUATE DEGREE IN BUSINESS ADMINISTRATION
By
VINOTH KUMAR C.
(General Manager – Foreign Exchange)
&
Ms.GAYATHRI RENJITH
(Assistant Professor- Operations)
Date:
ACKNOWLEDGEMENT
The Successful completion of this dissertation owes to the inspiration and constant
support that I received from various sources. I avail this opportunity to express my sincere
gratitude to all those who helped me directly or indirectly for the completion of this project.
I would like to express my heartfelt gratitude to DR. A. VISWANATHAN, director,
TKM Institute Of Management and Ms.GAYATHRI RENJITH, Assistant professor-
Operations for permitting me to undergo this industrial training at THOMAS COOK (INDIA)
LTD.
I am extremely thankful to Ms.GAYATHRI RENJITH (Faculty guide), for her
meticulous guidance and constant encouragement throughout my internship. I also extend my
thanks to all other faculty members of TKM Institute of Management, kollam, for their help
and encouragement.
Also I am extremely thankful to Mr.VINOTH KUMAR C. ( General Manager –Foreign
Exchange, Thomas Cook (India) Ltd, for his meticulous guidance and constant encouragement
throughout my internship and I want to thank you all workers, supervisors and manager of
THOMAS COOK ( INDIA) Ltd. for the help and co-operation to me during the internship.
I again extend my whole hearted gratitude to all those who directly and indirectly helped
me during the course of the study.
Place:
Date:
CONTENTS
Chapte Page
Title
r No.
1 Introduction 5
2 Background 6
3 Industry Overview 7
4 Company Overview 12
5 Internship Details 16
Bibliography 19
Appendix 20
INTRODUCTION
Thomas Cook (India) Limited offers a range of products and services including Outbound
travel, Inbound travel, Domestic travel, MICE, Corporate Travel Management, Foreign
Exchange, Travel Insurance, Visa & Passport Services and Centre of Learning (travel &
tourism education & training vertical).
INDUSTRY OVERVIEW
Challenges
The hospitality industry is facing several challenges such as shortage of labor and skills, delivering to Gen X
expectations, keeping pace with the global distribution revolution, ensuring consistent branding, measuring
Green House Gas (GHG) emissions and so on.
Given below are some of the ways the hospitality industry has leveraged technology to overcome the
challenges:
Reduced operational and support cost by improving efficiencies through process excellence and
technology excellence
Provided consistent brand experience to customers by ensuring scalable infrastructure, repeatable
processes and integrated systems
Delivered truly differentiated customer experience by creating enterprise frameworks and making use
of smart technology to provide a seamless view of the customer across the value chain and at service-
delivery touch points, including those managed by channel partners.
Simplified infrastructure management and operations by leveraging virtual environment that allow
properties to greatly reduce physical hardware assets on-site
Competition and usage rate
Usage rate or its inverse "vacancy rate" is an important variable for the hospitality industry. Just as a
factory owner would wish a productive asset to be in use as much as possible (as opposed to having to
pay fixed costs while the factory isn't producing), so do restaurants, hotels, and theme parks seek to maximize
the number of customers they "process" in all sectors. This led to formation of services with the aim to increase
usage rate provided by hotel consolidators. Information about required or offered products are brokered on
business networks used by vendors as well as purchasers.
In looking various industries, "barriers to entry" by newcomers and competitive advantages between current
players are very important. Among other things, hospitality industry players find advantage in old classics
(location), initial and ongoing investment support (reflected in the material upkeep of facilities and the luxuries
located therein), and particular themes adopted by the marketing arm of the organization in question (for
example at theme restaurants). Very important is also the characteristics of the personnel working in direct
contact with the customers. The authenticity, professionalism, and actual concern for the happiness and well-
being of the customers that is communicated by successful organizations is a clear competitive advantage.
Hospitality is the business relationship transmission between the visitor, guest, customer, and host. This
includes private dinner parties, hotel chains, restaurants, and casinos. This also includes places like Disneyland.
This industry makes billions each year from disposable income.
The tourism industry is the collection of all the services related to the act of visiting other places for pleasure.
These may include services such as air transportation, accommodation, food provision in restaurants and hotels
and so on. This industry is a major foreign exchange earner in many countries around the world.
Tourism is one of the world's fastest growing industries as well as the major source of foreign exchange earning
and employment for many developing countries. Tourism is vital to the well being of many countries, because
of the income generated by the consumption of goods and services by tourists, the taxes levied on businesses in
the tourism industry and the opportunity for employment and economic advancement by working in the
industry.
According to world tourism organization: -
“Tourists” are defined as “people who travel to and stay in places outside their usual environment for not more
than one consecutive year for leisure, business and other purposes not related to the exercise of an activity
remunerated from within the place visited".
“Tourism” is known as the collective activities and services that facilitate and attract tourists and shaped within
their participation. International Association of Scientific Experts in Tourism defined Tourism in terms of
particular activities selected by choice and undertaken outside the home environment. These service industries
include Transportation services such as airlines, cruise ships, rails, taxis and any other mode of transportation.
Accommodation such as hotel, motel, resort, dorms and any further offers that accommodate people to stay
overnight. Food services namely restaurants, bars, pubs etc. Recreation Entertainment, sports, festival, and
Treatment service such as spas and resorts.
“Tourism industry” is the industry that focuses on the operation and implementation of the above components
of service industries collectively to satisfy need and demand of tourists. In the broader sense, at present tourism
industry is the worlds largest industry, which captures about 4% share of the world’s economy, and classified as
the most employment generating industry of the world. For many countries tourism is the dominant sector for
income by the consumption of goods and services by tourists, the taxes levied on businesses in the tourism
industry, as well as the opportunity for employment in the service industries associated with tourism.
Classification of tourism:
The United Nations classified three forms of tourism 1. Domestic tourism is involves residents of the given
country traveling within the national boundary. 2. Inbound tourism involving non-residents traveling in the
given country and 3. Outbound tourism involving residents of a given country is traveling in another country.
The UN also have categorized tourism by 3 basic forms: Internal tourism, National tourism and International
tourism.
The tourism industry is based on many different components and interrelated parts. For example, transport,
accommodation, attractions, activities, marketing and government regulation. Many businesses span more than
one sector and the impacts in one part of the tourism industry have significant implications for other sectors.
1. those sectors which enable the tourist to travel to and from the destination (for example travel agents,
airlines, bus companies, tour operators and rental car companies)
2. those sectors which are part of the product at the destination (for example, accommodation, facilities
and attractions)
World Tourism Organisation (UNWTO) is the most widely recognised and the leading international
organisation in travel and tourism today. It is a specialised agency of the United Nations. It serves as a
global forum for tourism policy and a practical source of tourism know-how. With its headquarters in
Madrid, Spain the World Tourism Organisation plays a central and decisive role in promoting
development of responsible, sustainable and universally accessible tourism, with the aim of
contributing to economic development, international understanding, peace prosperity and universal
respect for and observance of human rights and fundamental freedoms.
Its membership includes 150 countries and territories and more than 450 affiliate members representing local
governments, tourism associations, educational institutes and private sector companies including airlines, hotels
and tour operators.
Other international organisations which have a specialised interest in tourism include the International Civil
Aviation Organisation (ICAO) which is a specialised agency of the United Nations and is concerned with the
development of international civil aviation, and the International Governmental Maritime Consultative
Organisation (IMCO) which is an inter-governmental organisation concerned with co-operation in sea
transport.
The International Air Transport Association (IATA) is an association of airlines concerned with the
development and regulation of the air transportation industry. Members comprise of approximately
80% of the world’s international airlines.
The major reason for government involvement in tourism is concerned with the welfare of their citizens and the
overall welfare of their country. This relates to areas such as economic stability, protection of natural resources,
national security, public health and employment. Tourism activity can occur in all of these areas so
governments are concerned that it is regulated and directed so as to ensure maximum benefit for the country
and the negative factors are minimised.
Virtually every country in the world has a national body responsible for tourism. It can be part of a ministry, a
constituted part of a government department or an organisation with a separate legal status. Generally the role
of a NTO will be to ensure appropriate development and promotion of a nation as a tourism destination. This
can include the following functions:
research
information and promotion within the country
overseas promotional activities
international relations
development of tourist areas
overall tourism policy and promotion
in supporting key tourism interests in a time of financial crisis
Below the National Tourism Organisations, in most countries, there is often a complex web of organisations
which complement the work of the NTO at the regional and local level. For example, Tourism Dunedin is a
local tourist information service under the national tourism office for New Zealand. Their activities are often a
scaled-down version of the NTO’s work at a regional level; they often implement national policy and pursue
integrated activities with the NTO providing guidance.
Sales
Accommodation
Transport
Activities
Attractions
Ancillary Services
Indirect elements of the Tourism Industry - Often called support sectors. Those parts of the tourism industry
which may not come into direct contact with tourists, but without the rest of the industry could not function.
Infrastructure
Roads
Airports
Communications
Public Toilets
Signs
Manufacturing
Building Industry
Electricity
Water supply
Sewerage and waste disposal
COMPANY PROFILE
THOMAS COOK (INDIA) LTD.
In 1872, he formed a partnership with his son, John A Mason Cook, and renamed the travel agency as Thomas
Cook & Son. They acquired business premises on Fleet Street, London. By this time, Cook had stopped
personal tours and became an agent for foreign or domestic travel. The office also contained a shop which sold
essential travel accessories including guide books, luggage, telescopes and footwear. Thomas saw his venture
as both religious and social service; his son provided the commercial expertise that allowed the company to
expand.
In accordance with his beliefs, he and his wife also ran a small temperance hotel above the office. Their
business model was refined by the introduction of the 'hotel coupon' in 1866. Detachable coupons in a
counterfoil book were issued to the traveller. These were valid for either a restaurant meal or an overnight hotel
stay provided they were on Cook's list.
Conflicts of interest between father and son were resolved when the son persuaded his father, Thomas Cook, to
retire in 1879. He moved back to Leicestershire and lived quietly until his death. The firm's growth was
consolidated by John Mason Cook and his two sons, especially by its involvement with military transport and
postal services for Britain and Egypt during the 1880s, when Cook began organising tours to the Middle East.
By 1888, the company had established offices around the world, including three in Australia and one in
Auckland, New Zealand, and in 1890, the company sold over 3.25 million tickets. John Mason Cook promoted,
and even led, excursions to, for example, the Middle East where he was described as "the second-greatest man
in Egypt".
However, while arranging for the German Emperor Wilhelm II to visit Palestine in 1898, he
contracted dysentery and died the following year.
Thomas Cook (India) Ltd. is one of India’s largest integrated travel & travel related financial services company
with headquarters in Mumbai, India.
Thomas Cook & Son started its Indian operations in Mumbai in 1881 as a branch. It was subsequently
converted into a public limited company, under the name of Thomas Cook (India) Limited in 1979. In 2012,
Thomas Cook (India) Limited was acquired by Fairfax Financial Holdings Limited, a Canadian conglomerate,
through its step-down subsidiary, Fairbridge Capital (Mauritius) Limited, and the promoter equity was diluted
to 75% in June 2013, in keeping with SEBI regulations.
NEW HORIZONS
ACE MIDLAND CAREER CONSULTANTS
EDUCATIONAL OVERSEASE ACADEMY
EMPHATIC RESULT ACADEMY
INDO CONSULTANCY
INTERNATIONAL EDUCATIONAL& TRAINING
LIME LIGHT CONSULTANT SERVICES PVT LTD
IMIP CONSULTANTS
MAP INTERNATIONAL EDUCATIONAL CENTER
360 ABROAD
AIMS EDUCATION CENTER
STUDY ABROAD
STUDY OVERSEASE LTD UK
DELTA EDUCATION CONSULTANCY
HMH EDUCATIONAL CONSULTANCY
NOBLE CONSULTANCY
CAMPUS ABROAD
CAMPUS UK
FLY ABROAD
UNIVERSAL STUDENT SERVICES
GALAXY EDUCATIONAL CONSULTANTS
ALBRIGHT OVERSEASES EDUCATION
NOBBLE CONSULTANCY SERVICES (etc)
HANSA PICTURES
G V FILMS LTD
BALAJI PRODUCE COMPANY
AVM PRODUCTIONS
S J MOVIES
KTK FILMS
MS PRODUCTIONS
PARTHASARATHI PERUMAL PICTURES
ABINAYA CREATIONS (etc)
COMMON TERMINOLOGIES:
Credit sale: it is the sale of foreign exchange done with corporate on credit base
Credit limit: It is the limit in which the foreign currency that can be purchased by the n
corporate .it defers from corporate to corporate in accordance with their turn over and other
parameters like solvency ratio and debt equity ratio etc (Mentioned in CRF-Credit rating Form)
Credit period: it is the period in which the corporate need to pay back the equivalent INR for
the foreign currencies.
Credit Enhancement: Enhancing the credit amount under special circumstances when it
crosses the credit limit.
Code Generation: Generating code for deferent corporate as per their credit limit and credit
period.
Card load: loading foreign currencies to borderless prepaid card.
Card Reload: Reloading the currencies to the existing prepaid card as per the new requests
from the existing customers.
Bill dispatching: Sending the bill of transactions to the concerned corporate either via courier
or mail with required statements and screen short for receiving the payment.
Encashment: purchasing the foreign currencies from the customers and returning them with
equivalent Indian currencies.
INTERNSHIP DETAILS
Each department of foreign exchange performs their own tasks and the three vertices of foreign exchange
perform based on the customer who approaches the company.
Whole sale foreign exchange department mainly handle with banks and hotels etc require bulk amount of
foreign currencies for their operations and some time company purchases currencies from them also. Both sale
and purchase are taking place here.
Corporate is the third vertices of foreign exchange where selling and purchases of foreign currency takes place
with big corporate like IMS HEALTH, MCAFEE ,VODAFOE,IXIA ,AMEDEUS,TCS ,TATA
COMMUNICATION,NVIDIA ,HCL AND AIR INDIA etc .The transactions are taking place under the pre
written documents or agreement where a fixed credit limit and credit period is mentioned .
My internship was started with a briefing about the company and the companies
market by the General Manager of foreign exchange. He gives an overall idea regarding the departments,
working, products& services etc of the company. Then he briefed about the market research that I am going to
conduct on retail sector. The study was on the foreign exchange of Chennai based educational consultancies &
film production agencies. The survey is mainly to know about the agencies who provide travel integrated
services to their customers, to identify the major competitors, to know how to maintain& improve the services
provided by the company& to examine the level of perception among the customers.
I had another opportunity to work with the foreign exchange department at the first
two weeks of my internship. Here, auditing the sales memo and data entry in the excel is my task. Sales are
mainly classified as personal and for office. For a sales memo, there should a A2 form, original request letter
and a copy of passport. I need to check each and every copy of sales memo in the month of January & record it
in a excel sheet. Also I find out the missing documents which are failed to give by the customers along with the
sales memo.
MY MAIN INTERNSHIP DUTIES ARE:
In Retail Department:
The work starts by 10.00 am in the retail department and dispatched nearby 6.00pm. Here my
job was to check the sales memo in the month of January and data entry. The data to be entered in the excel
sheet such as, date, sales/encashment, corporate/individual name, memo number and I have o be find out the
missing documents if any in the fulfillment of a sales memo such as A2 form, authorization letter and a copy
of passport. In this department, I work 8 days and it was an interesting & fast learning process.
After two weeks, I started working on the R& D department by conducting a market research
on Chennai based educational consultancies and film production agencies and their foreign exchange uses. Here
I worked rest of my 14 internship days.
An average week :
Targets& Achievements:
My market research was started by the end of the second week and I
already prepared a list of more than 100 educational consultancies and film production agencies
in Chennai, with this limited time I accomplished my target by collecting information that is
useful for my company through questionnaire. At the end of my internship I submitted a
detailed report regarding my market survey including my findings, suggestions,
recommendation& conclusion. I think that this research will help the company to improve the
current position.
Learning summarization:
Address
Location
Contact person/number
E mail id:
Place:
Date:
Questionnaire for Educational Consultants
Sir,
We are doing a research work in Chennai based Educational Consultants in Retail Sector on foreign
exchange. We request you to kindly spare your valuable time to fill up this questionnaire.
Contact person
Contact number
Designation
Number of branches
Ticket
Accommodation
Foreign exchange
Are you satisfied with the service provider you are currently working with? YES/NO
Place:
Date: