PRAKKASH MUNI & ASSOCIATES Chartered Accountants FIRM PROFILE

Transcription

1 PRAKKASH MUNI & ASSOCIATES Chartered Accountants FIRM PROFILE

2 CONTENTS About Us Introduction Our Vision & Mission Service Philosophy Our Human Infrastructure Range of Services Introduction Statutory Audit Assurance & Risk Management Certification Direct Tax Indirect Tax Management Advisory Services Financial Services Our Team Our Client Profile

3 About Us Introduction Our Vision & Mission Service Philosophy Human Infrastructure 3

4 About Prakkash Muni & Associates Introduction We are a Partnership firm, established in 1979, founded by Shri Prakkash R. Muni. We are a team of positive thinkers. We support innovation and well-reasoned risk taking. We respect time and efforts of others. We deliver in time. We respect right to disagreement. We believe in having a good infrastructure. We nurture fairness, and trust. 4

5 About Prakkash Muni & Associates Our Vision & Mission Delivering Professional Excellence To be a preferred Certified Chartered Accountant, Advisor or consultant to Businesses across Western India and provide utility oriented legal compliance. Ethical & High Quality Performers To commit our ethics, integrity and quality in profession and to back advice with performance 5

6 About Prakkash Muni & Associates Service Philosophy We focus on utility oriented legal compliance. Our behavior and action should talk louder than promises. Quality, depth and breath we provide; should meet client s expectations. We aim to be well-versed with our client s business processes. To provide quality in terms of complying with GAAP, Accounting Standards, IAS, IFRS, Audit Assurance procedures and SPPIA etc. We should adapt to technologies and varied environment. Our Quality orientation is a continuous process. To provide services timely and efficiently. We practice Value for Money concept / theory. We are caring and concerned about Client s well-being. 6

7 About Prakkash Muni & Associates Our Human Infrastructure Prakkash Muni Founder & Partner Partners Fellow Professionals International Membership Hiren Muni Chartered Accountants (8) Trained Professionals (30) KS International Including Partners, we are a team of 8 We have created a strong team of KS International is promoted by UK s Vishal Bhuta CA s with a combined professional expertise of 50+ years across various article trainees & employees to help us deliver excellence in each aspect top 20 Chartered Accounting Firms (currently ranked 19th in U.K), with professional services. of service. 400 people including 53 partners. Our associates are with us for a fairly long time. It again strengthens our skills and hedges risk of man-power turnover of qualified CAs. We competently provide services at a competitive rates. Clients get a continued service without impersonal attitude and beyond a commercial relationship. All our operations are monitored and synchronized from a well equipped office at 303, The Eagle s Flight, Suren Road, Off Andheri Kurla Road, Near Western Express Highway, Andheri - East, Mumbai Note: See Team profiles for personnel biographies. 7

8 RANGE OF SERVICES Introduction Statutory Audit Assurance & Risk Management Certification Direct Tax Indirect Tax Management Advisory Services Financial Services 8

9 Range of our Services Introduction In traditional areas, we provide the following services: Statutory Auditing. Assurance & Risk Management. Taxation. Certification. Financial services. Foreign Exchange Management Act (FEMA). In non-traditional areas, we cover Management Advisory Services which include the following: Budgeting & Budgetary control. Profitability studies. Asset management. System audit. Due Diligence for corporate activities such as Merger & Acquisitions. 9

10 Range of our Services Statutory Audit We perform Statutory Audit for Private, Public and Government Companies under The Companies Act. It primarily includes Tax audit of Companies, Firms and Proprietary concerns under The Income Tax Act and Audit of Charitable Trusts and other associations. Our audit practice is compliant with Standards of Quality Control(SQC) set by the ICAI Our Auditing Involves: Risk Based Audit Programme and Sampling Techniques. Following materiality concept and Reviewing Internal Controls. Primary auditing / cross checking. Compliance with Indian Accounting Standards (AS) International Accounting Standards (IAS), Standard Auditing Practices (SAP). We follow risk based auditing approach. Our sampling, transactions analysis etc. would cover 80% of value and also check effectiveness of internal controls. We emphasize on communication with auditees/clients; whether personally or / and written in formal communications. Use of statistical tools and audit software packages. 10

11 Range of our Services Assurance & Risk Management As Internal Auditors, we draw an audit plan after analysing risks and objectives of the client. We focus on Operational / Process audit and review of existing internal controls/procedures. It has ingredients of an efficiency audit. Our recommendations help in better utilization of existing resources, Cost saving and improved profitability. Comfort to promoters justifies our job. We contribute to developing efficiency and effectiveness thereafter. Our focus is on corporate governance, understanding the organization and its processes, drawing risk based audit plans and Value Addition. We follow Standards on Internal Audit set by ICAI. Our activities are oriented towards awareness, action plan, information and monitoring. Information System (IS) audit also includes Application (software package) review. We have significant experience working as a System auditor to a public limited company and a co-operative bank. We are well versed with SAP, MFG.PRO, Oracle and other ERP packages. Our Information Systems Auditors contribute in exploiting software features and devising a better systems environment. We look into a disaster recovery plan (DRP). 11

12 Range of our Services Certification Issuing certificates required for several statutory or compliance requirements. It includes certification related to bank borrowings, export-import compliance and other regulatory matters. 12

13 Range of our Services Direct Tax Preparation of Returns of Income. Wealth and appeals (where necessary) appearing for assessment and Appellate matters. Domestic & International Transfer Pricing. We advise on Indian Tax Laws. We specialise in tax advice for individuals, partnership firms and companies. We are well versed with taxation of Joint Venture Companies set up in India. We advise Non-resident Indians as well as Foreign/nationals-companies on taxation matters. 13

14 Range of our Services Indirect Tax Our range of Services across Indirect Tax services span across the following: Service Tax: 1. Review under Negative List Regime 2. Verification of the credit availed in input services 3. Verification of the final tax liability of the client 4. Filing of yearly returns Sales Tax [VAT]: 1. Verification of the total set-off eligible against purchases/expenses 2. Verification of the total sales tax liability for the particular period 3. Verification of the final tax liability of the client 4. Filing of monthly/quarterly/ half yearly returns 5. VAT audit Excise and Export-Import related Licenses: 1. Verification/correlation between goods received, (raw materials, stores, capital goods etc), among stores accounts and excise records. 2. Review of input/output statement of each production centre/plant. 3. Verification/correlation between goods received, (finished goods, by-products), among stores accounts and excise records. 4. Business process 1 to 3 as above with relation to duty free imports, advance licenses, CT 2 purchases, EPCG scheme inputs etc for receipt of goods, for exports with relation to dispatches and consumption. 5. Verification of export dispatches on duty paid basis and raising of appropriate rebate claims to central excise authorities. 14

15 Range of our Services Management Advisory Services Have successfully devised and rendered professional services in innovative areas of: Designing system of Periodical Review of Operations / Budgeting. Contribute in implementing Costing structure, Budgetary and Budgeting control. Forecasting Profitability statement, Balance sheet & Cash flow statements; with sensitivity analysis. Assisting in adapting to fast changing business environment. Evaluation of Accounting and Management Information Systems (MIS) for identifying systems weaknesses and advising on corrective measures. Advising on EDP based systems and carrying out a software/application review. Designing, implementation and special review of system controls. Optimization of working capital management. Export & Import functions; Compliance & incentives review. Valuation, Due Diligence and related services in Mergers and Acquisitions. Physical verification of stocks at plants, depots, mines, dock and other locations. Fixed Asset Verification & Maintenance of register. Fixed Assets and depreciation accounting under recently amended the Company s Act Strategizing on entry in India & business start ups. Adoption of Indian fiscal laws. 15

16 Our Team Founder & Partner Other Partners Fellow Chartered Accountants Affiliates 16

17 Team Profiles Team Profiles Prakkash Muni, Founder & Partner Qualifications B.Com from Mumbai University and Passed Chartered Accountancy examination in May, A.C.A., 1977 from Institute of Chartered Accountants of India; F C A. in 1982 Business Consultancy Services (BCS) certification course at Jamnalal Bajaj Institute of Mgmt. Studies (JBIMS), Uni. of Mumbai. In Internal Audit Studies (IAS) certification course at L N Welingkar Institute of Management Development & Research with BCA Society in Professional background Practicing since 1979, involved mainly with statutory audit, internal audit, management services and taxation. Has successfully devised and rendered professional services in innovative areas of : Designing systems with focus on Internal-controls and effective MIS reporting. Advising on Foreign Exchange Risk Management. Acting as a Business consultant; conceptualization as well as implementation. Costing Analysis and Product Strategy. Involved with, product group restructuring and spin-off of units for a large MNC. Retained as consultant to Steel plants, Hotels, Share brokers, Realty developers, transporters and a co-op Bank. Advising on Insurance claims matters. Acting as Arbitrator. Producing well thought out Profit/Loss and Cash Flow forecasts together with projected balance sheets and sensitivity analysis. Key note speaker on Internal Audit and Companies Act,2013 at various professional conferences. 17

18 Team Profiles Team Profiles Hiren Prakash Muni, Partner Qualifications Work Experience B.Com from Mumbai University. Passed Chartered Accountancy examination in May, 2011 from Institute of Chartered Accountants of India. Certified Fraud Examiner (ACFE,USA),April 2014 Experience in Statutory Audit & Assurance Audit of Steel Industry Experience in manufacturing industires like Engineering Filters, Pharmaceutical and Cotton Processing. Also engaged in audit of Hotels, Logistics and Investment Companies. Involved in drafting of SOPs and Due Diligence Vishal Mahendra Bhuta, Partner Qualifications Work Experience B.Com from Mumbai University and Passed Chartered Accountancy examination in June, 2009 from Institute of Chartered Accountants of India. Passed DISA (Diploma in Information System Audit) in June 2012 Having worked with Asit C. Mehta, Investment Banking division and as a research analyst with CRISIL. In his post qualification experience, apart from specialising in audit and assurance of corporate, he has managed diverse engagements of internal audits of various sectors like Steel, Aviation, Education, Banking, Retail and Pharmaceutical. 18

19 Team Profiles Our Chartered Accountants We are proud to have a strong team of retainers / associates. Our associates are with us for a fairly long time. It again strengthens our skills and hedges risk of man-power turnover of qualified CAs. We can control our Overheads. We competently provide services at a competitive rates. Clients get a continued service without impersonal attitude beyond a commercial relationship Sr. Name C.A since Experience With us since 1. Mr. Saomil R. Vora 2009 Statutory audit of listed companies, Pay roll processing, Licenses and export incentives related audit/ certification Mr. Premal Gandhi 2002 Worked with Deloitte Haskins & Sells. Looks after statutory audit and internal audit of limited companies Mr. Vijay Gosalia 1981 Specializes in management services to Small and Medium Enterprises. Also good at auditing

20 Team Profiles Our International Affiliation KS International KS International is promoted by the Chartered accountancy firm Kingston Smith of UK currently ranked 19th in U.K. It has affiliates in about 60 countries, on network of over 150 offices including India. The India desk at Kingston Smith is a One Stop Shop for Indian businesses, offering boutique services in the following areas: Inward Investments from India into the UK Business Structuring Accounting & Audit Tax and Legal Payroll Management & HR Consulting Company Secretarial and Compliance Corporate Finance Mergers & Acquisitions Management and Accounting Due Diligence AIM & Plus Market listing Raising Finance 20

21 THANK YOU 303, The Eagles Flight, Suren Road, Andheri (East), Mumbai Tel.: Fax: