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Strictly Confidential and to be furnished on request only – Updated till August 2014
[Since 1985]
G. R.
K
U M
A R & Co
G.R.KUMAR & Co LLP Chartered Accountants [Successors to M/s G.R.KUMAR & Co.] Visakhapatnam | Hyderabad | Chennai | Mumbai
Visit us at : www.grk.in
LLP
G.R.Kumar & Co. LLP [Successors to Partnership Firm M/s G.R.KUMAR & Co. – since 1985]
Chartered Accountants
About Us
M/s G.R.KUMAR & Co. LLP (GRK), Chartered Accountants [successors to Partnership Firm M/s G.R.KUMAR & Co]
is a firm of Chartered Accountants with about 29 years’ professional standing and was established in 1985. GRK was
evolved as a result of merger of several practices some of which have been in operation since even 1977. It is empanelled
as a Category-I CA Firm with ICAI / CAG / RBI for conducting audit of PSUs / Banks.
Partners
29
Experience in Yrs.
37
27
10
FCA
FCA
FCA, DISA
FCA
Professional Qualifications
Mr. G.R. Kumar
Mr. B. Venkateswaralu
Mr. N. Satyanarayana
Mr. S. Suresh Kumar
Name
Mr N.S.S.H.Bhaskar FCA, ACMA 17
29 FCA Mr. M.N. Ranganathan
Mr. M.Krishna Mohan ACA, DISA 5
Status
Designated Partner
Designated Partner
Designated Partner
Ove
rview
G.R.Kumar & Co. LLP [Successors to Partnership Firm M/s G.R.KUMAR & Co. – since 1985]
Chartered Accountants
Mr. G.Prabhakar Sastry MA, LLB, MBA
Mr. U.Prakash FCMA
Mr. Manoj Parekh ACS
Indirect Tax Advisory
Project Funding/Costing
Corporate Law Advisory
Other Human Capital Operating Staff 63
Support Staff 11
Principal Consultants / Functionaries
Name / Qualifications/Past experience Line of service
Mr. S.C.Choudary IRS, Retd Commissioner-Customs
Indirect Tax Advisory
Mr. K.Ramamurty Retd Suptd. Central Excise Indirect Tax Advisory
Mr. S.Kameswara Rao Retd. Suptd. Central Excise Indirect Tax Advisory
Mr Y.Narasimha Murthy ACA, CMA
Mr. N.V.T.D.Prasad Retd.Dy.Commissioner (Central Excise) Indirect Tax Advisory
Mr K. Rajaram Mohan Dev FCA, ACMA Portfolio/Investment Valuation & US-GAAP
Mr.C.Vajralingam B.Com, ACMA Costing/Audit
Team
Mr Sambit Mohapatra ACA
Audit & Assurance / Direct Tax
Mr V.Krishnamurthy B.Sc, MFM Corporate Advisory
Audit & Assurance
Mr M. Jaya Shankar FCA, CFA, FRM
Portfolio/Investment Valuation & US-GAAP
Mr. K.Sudhakar Retd Asst Commissioner, Central Excise Indirect Tax Advisory
G.R.Kumar & Co. LLP [Successors to Partnership Firm M/s G.R.KUMAR & Co. – since 1985]
Chartered Accountants
Our Presence
Mumbai Visakhapatnam Hyderabad
Chennai
Pre
sen
ce
Note : In places where we do not have our own offices, GRK operates through network of CA Firms
G.R.Kumar & Co. LLP [Successors to Partnership Firm M/s G.R.KUMAR & Co. – since 1985]
Chartered Accountants
Our Mission
“To help our staff excel and through them offer the best possible
service to clients and help them excel”
Missio
n
G.R.Kumar & Co. LLP [Successors to Partnership Firm M/s G.R.KUMAR & Co. – since 1985]
Chartered Accountants
Client Service Philosophy
Ascertain our client needs and even exceed their expectations
Keep abreast with latest developments and update clients about them
Keep a perfect communication line on with clients to enhance client’s
perception of the value and quality of our service
Broaden and strengthen client relationships to facilitate better
communication and foster client loyalty
Plan meticulously and execute the client service program in such a way that
commitments are met, potential problems anticipated and pitfalls avoided
Ascertain client’s assessment of our performance and suitably change our
approach
Clie
nt Se
rvice Stan
dard
s
G.R.Kumar & Co. LLP [Successors to Partnership Firm M/s G.R.KUMAR & Co. – since 1985]
Chartered Accountants
Service Offerings
Service
Offe
rings
Definition : Internal
Audit & Risk-based
Internal Audit
Internal Audit is an independent
management function, which
involves a continuous and critical
appraisal of the functioning of an
entity with a view to suggest
improvements thereto and add
value to and strengthen the overall
governance mechanism of the
entity, including the entity’s
strategic risk management and
internal control system” - Preface
to ICAI Standards on Internal
Audit.
Risk Based Internal Audit
(RBIA) is not different from
Internal Audit – it is represents
internal auditing using risk-based
methodology. Audit tests and
techniques under RBIA focus on
ensuring effectiveness of controls
which treat risks.
G.R.KUMAR & Co. LLP [Successors to Partnership Firm M/s G.R.KUMAR & Co. – since 1985]
Chartered Accountants
Risk-b
ased
Intern
al Au
dit
G.R.KUMAR & Co. LLP [Successors to Partnership Firm M/s G.R.KUMAR & Co. – since 1985]
Chartered Accountants
NOTE : “Indirect Taxation” includes : Central Excise, Service Tax, Customs, VAT, Foreign Trade Policy (FTP) / SEZ / EOU benefits etc.
G.R.KUMAR & Co. LLP [Successors to Partnership Firm M/s G.R.KUMAR & Co. – since 1985]
Chartered Accountants
• Business /process oriented
• Value creation
• Real time detection
• Preventive-oriented
• Time and cost efficient
• Use of latest techniques (CAATs)
• Cause and effect of risks
• Measures to control potential threats
• Heightened senior management participation
• Reviewing risks
• Compliance Oriented
• Productivity / Value Addition
• Irregular coverage
• Transaction-focused
• Over cautious and bureaucratic
• Passive detection
• Covers only routine areas
• Critical approach
• Manual checking
• Excess coverage – time consuming
• Reviewing controls
Risk-Based Internal Audit
Traditional Audit
Comparatives : Traditional Audit vs Risk-based Internal Audit
G.R.KUMAR & Co. LLP [Successors to Partnership Firm M/s G.R.KUMAR & Co. – since 1985]
Chartered Accountants
Internal Audit as mandated by
• Sarbanes Oakley Act of 2002 (“SOX” Audit)
• Clause 49 of SEBI Listing Agreement
• Companies (Auditors’ Report) Order 2003
• The Institute of Internal Auditors (IIA) – Professional Practice Framework.
• Efficacy of Internal Controls as per COSO framework – Ref ICAI Dec 2007 “Guide to Internal Controls over Financial Reporting”
• New Companies Act 2013 – Mandatory Internal Audit u/s sec 138 & enhanced responsibilities of Management/ Directors/Auditors.
Shortcomings on traditional Internal Audit and “Expectation Gap”
• Presently, Internal Audit is being viewed as “beneficial but not necessarily essential” which is attributable to “expectation gap” between Auditors’ Deliverables and Management’s Expectations.
• Today, business environment throws new challenges and risks and focus on internal controls alone does not give assurance that all significant risks are within acceptable levels.
• Essentially compliance oriented, transaction-centric, passive detection, covers only routine areas and excessive coverage (which is time-consuming)
Need for Internal Audit
G.R.KUMAR & Co. LLP [Successors to Partnership Firm M/s G.R.KUMAR & Co. – since 1985]
Chartered Accountants
CLASSIFICATION OF RISKS / CONTROLS : “COSO”
• Human factors strikes, lockouts, accidents, negligence, dishonesty etc.
• Technological factors Technological obsolescence, changes in production techniques etc.
• Physical factors fire in factory, damages to stock etc.
Internal Risks
• Economic factors price fluctuations, changes in customer preferences, inflation etc.
• Natural factors natural calamities viz earthquakes, flood, cyclone etc.
• Political factors changes in Government resulting in changes in policy & regulations, violence etc.
External Risks
• Controllable : insurance cover to minimize losses, forecasting of risks and mitigating steps
• Uncontrollable : Recessionary economy, new competitors & predatory pricing, new technology etc.
Business risks
• Efficiency and effectiveness of operations : For e.g. Company does not meet strategic objectives, poor product quality etc.
• Financial Reporting : e.g. Absence of key financial controls lead to material errors in financial statements
• Compliance with laws and regulations : e.g. company violates flagrantly environmental laws
Risk categories by COSO (Committee of Sponsoring Organizations of the Treadway Commission)
CO
SO
G.R.KUMAR & Co. LLP [Successors to Partnership Firm M/s G.R.KUMAR & Co. – since 1985]
Chartered Accountants
G.R.Kumar & Co. LLP [Successors to Partnership Firm M/s G.R.KUMAR & Co. – since 1985]
Chartered Accountants
Tax advisory services in respect of: Tax incentives, tax holidays and
benefits Double Taxation Avoidance Treaty
issues Comprehensive worldwide tax
incidence review and optimisation
Tax and exchange control advice for Non-Resident investments in India and for Indian business entities setting operations and having investments abroad.
Designing efficient compensation structures for employees.
International and Indian Taxation
Advisory Services
Compliance Services
Preparation and filing of tax returns in India
Preparation and filing of Appeals
Attending to assessment, appellate and other proceedings in India
Obtaining tax clearance certificates for payments to non-residents
Opinions on DTAA, Transfer pricing, etc.
Compliance Services
Dire
ct Taxes
G.R.Kumar & Co. LLP [Successors to Partnership Firm M/s G.R.KUMAR & Co. – since 1985]
Chartered Accountants
Indirect Taxes (Central Excise, Customs, Service Tax, VAT/CST, SEZ/EOU & FTP)
Tax Incidence Analysis
Structuring Business Models – setting up of new projects, branches / depots.
Structuring transactions
Opinions on applicability of tax, classification of products etc.
Optimisation of tax liability / refunds
Advisory on ERP interface requirements from tax angle
Advice on accounting-related issues / disclosures, ICAI accounting standards etc.
Advisory
Rendering opinions on specific issues
Filing replies to show cause notices / filing appeals etc.
Assessments
Appearing before quasi-judicial / judicial authorities viz. Commissioner, CESTAT, High Court etc.
Search / DRI Cases & clandestine clearance cases
Litigation & Representation
Conducting comprehensive audit of indirect taxes
Compliance audit for EOUs / SEZs
Compliance audits for EXIM matters
Mock Inspections / Search / Surveys
Audit
Registrations & Amendments to Registration Certificates
Providing assistance in filing periodic returns
Providing assistance in maintenance of statutory records and accounting related matters
Providing latest updates
Corporate Training programs
Compliance
Ind
irect Taxe
s
G.R.Kumar & Co. LLP [Successors to Partnership Firm M/s G.R.KUMAR & Co. – since 1985]
Chartered Accountants
Project Advisory & Funding
Ascertaining the financial needs and structuring
Preparation of Detailed Project Report (DPR), industry survey, coordination with
banks
Preparatory work relating to equity private placements, SEBI guidelines, prospectus,
information memorandum, other legal compliances etc.
Other advisory services for debt syndication, swapping and restructuring, one-time-
settlement cases etc.
Ad
visory
G.R.Kumar & Co. LLP [Successors to Partnership Firm M/s G.R.KUMAR & Co. – since 1985]
Chartered Accountants
Corporate Advisory and Structuring
Structuring Inbound and Outbound Investments & FEMA / FCRA - related issues
Assisting in drafting commercial agreements
Filing of returns, maintenance of statutory records and rendering opinions
Assisting in obtaining requisite approvals & complying with conditions Advising in structuring business operations
Company law, secretarial and SEBI advisory and compliance services
G.R.Kumar & Co. LLP [Successors to Partnership Firm M/s G.R.KUMAR & Co. – since 1985]
Chartered Accountants
Giving opinion on whether the financial statements give a “True and Fair” view.
Issuing reports as per requirements of various Indian Laws Companies Act, 1956
Income Tax Act, 1961
Issuing reports as per requirements of US GAAP International Financial Reporting Standards (IFRS) Special Audits
Certification as per requirements of various other statutes.
Attestation Services
Atte
station
G.R.Kumar & Co. LLP [Successors to Partnership Firm M/s G.R.KUMAR & Co. – since 1985]
Chartered Accountants
Other Audits / Special Assignments
Concurrent audits
System audits
Special investigative and fraud audits
Due diligence studies in cases of M&A / takeovers / amalgamations
Audits of 100% EOUs / SEZ units to ascertain availment of benefits and special compliance and regulatory requirements
Audits relating to Stock / Fixed Assets verification
Oth
er Se
rvices
G.R.Kumar & Co. LLP [Successors to Partnership Firm M/s G.R.KUMAR & Co. – since 1985]
Chartered Accountants
Statement of Ethical Practices
We recognise the vital role that clear and effective communication plays in sustaining
business relationships and safeguarding public confidence.
Business integrity is a key standard for the selection and retention of those who
represent and work with us.
We aim to deliver client satisfaction by developing and maintaining mutually profitable and
lasting relationships with clients, offering value in terms of price.
While our focus is primarily economic, yet we take proper account of social and
environmental considerations and also recognise that many of our activities
will be subject to regulation.
Ethical P
ractices
G.R.Kumar & Co. LLP [Successors to Partnership Firm M/s G.R.KUMAR & Co. – since 1985]
Chartered Accountants
Our Offices
The Firm’s Head Office as well as Branch offices are centrally located at each place and are
functioning with state-of-the-art equipment, well-equipped library, software, PCs, fax, printers,
LAN, Wi-Fi, broadband and telephones.
Office
s
G.R.Kumar & Co. LLP [Successors to Partnership Firm M/s G.R.KUMAR & Co. – since 1985]
Chartered Accountants
Contact us
Co
ntact A
dd
ress
9 Merrylife Apts., Doctors Colony, Peda Waltair, VISAKHAPATNAM – 530 017 AP Tel : +91 891 2755223 / 2793300 | Fax : +91 891 2762009 | E-mail : [email protected]
6-3-856/16, [Opp HOTEL GREEN PARK, Near Nivaj Public School], 2nd Sub-lane, Ameerpet, HYDERABAD – 500 016 TS Tel : +91 40 4020 7564 | Tel/Fax : +91 40 2335 4692 | E-mail : [email protected]
Door No.8/1, Sriram Nagar, South Street, Alwarpet, CHENNAI – 600 018 TN Tel / Fax : +91 44 4201 4285 | E-mail : [email protected]
407/408, 4th Floor, ‘B’ Wing, Raikar Chambers, Near Jain Temple, Govandi (E), MUMBAI–400 088 MH Tel : +91 22 2555 0068 / 69 / 70 | Fax : +91 22 2555 0071 | E-mail : [email protected]
G.R.KUMAR & Co LLP Chartered Accountants Visakhapatnam | Chennai | Hyderabad | Mumbai
Since 1985