G. R. K Co LLP M - G R Kumar & Cogrk.in/wp-content/uploads/2015/04/GRK_Profile.pdfG.R.Kumar & Co. LLP [Successors to Partnership Firm M/s G.R.KUMAR & Co.– since 1985] Chartered Accountants

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



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



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



Our Mission

“To help our staff excel and through them offer the best possible

service to clients and help them excel”

Missio

n



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



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]


Risk-b

ased

Intern

al Au

dit



NOTE : “Indirect Taxation” includes : Central Excise, Service Tax, Customs, VAT, Foreign Trade Policy (FTP) / SEZ / EOU benefits etc.



• 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



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



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





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



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



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



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



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



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



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



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



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

Documents

G. R. K Co LLP M - G R Kumar & Cogrk.in/wp-content/uploads/2015/04/GRK_Profile.pdfG.R.Kumar & Co. LLP [Successors to Partnership Firm M/s G.R.KUMAR & Co.– since 1985] Chartered Accountants