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DRBM Corporate Consulting Pvt. Ltd.
Corpage India Advisors Pvt. Ltd.
In Association with
Vithal Deshmukh & Associates
Chartered Accountants
And
RBK & Associates
Company Secretaries
Service Proposal for
Producer Companies
Preface
The concept of Producer Companies was introduced in 2002 by incorporating a
new Part IXA (section 581A to 581ZT) into the Companies Act, 1956 (“the Act”)
based on the recommendations of an expert committee led by an economist, Y.
K. Alagh.
Aim of the Committee was to -
• frame a legislation that would enable incorporation of cooperatives as
companies and conversion of existing cooperatives into companies;
• ensure the unique elements of cooperative business with a regulatory
framework similar to that of companies.
A producer company is basically a body corporate registered as Producer
Company under Companies Act, 1956 and shall carry on or relate to any of
following activities classified broadly:-
(a) production, harvesting, processing, procurement, grading, pooling,
handling, marketing, selling, export of *primary produce of the
Members or import of goods or services for their benefit :
(b) rendering technical services, consultancy services, training, education,
research and development and all other activities for the promotion of
the interests of its Members;
(c) generation, transmission and distribution of power, revitalization of
land and water resources, their use, conservation and communications
relatable to primary produce;
(d) promoting mutual assistance, welfare measures, financial services,
insurance of producers or their primary produce;
*Primary produce has been defined as a produce of farmers arising from agriculture including animal
husbandry, horticulture, floriculture, pisciculture, viticulture, forestry, forest products, re-vegetation, bee
raising and farming plantation products: produce of persons engaged in hand-loom, handicraft and other
cottage industries: by - products of such products; and products arising out of ancillary industries.
Registration
(a) In a Producer Company, only persons engaged in an activity connected
with, or related to, primary produce can participate in the ownership.
The members have necessarily to be primary producers.
(b) These companies shall be termed as “Companies with Limited Liability”
and the liability of the members will be limited to the amount, if any,
unpaid on the shares.
(c) The name of the company shall end with the words "Producer
Company Limited"
(d) On registration, the producer company shall become as if it is a private
limited company for the purpose of application of law and
administration of the company (however it shall comply with the
specific provisions of part IXA).
(e) The maximum number of 50 (200 as per Companies Act ’13) members
is not applicable to these companies.
Management:
• Every producer company is to have at least five and not more than 15
directors.
• A full time chief executive should be appointed by the board and shall be
entrusted with substantial powers of management as the board may
determine.
Benefit to Members:
• Members will initially receive only such value for the produce or products
pooled and supplied as the directors may determine. The withheld amount
may be disbursed later either in cash or in kind or by allotment of equity
shares.
• Members will be eligible to receive bonus shares.
• There is a provision is for the distribution of patronage bonus (akin to
dividend) after the annual accounts are approved — patronage bonus
means payment out of surplus income to members in proportion to their
respective patronage (not shareholding).
DRBM Corporate Consulting Pvt. Ltd.
---------------------------------------------------
Who We Are
We are a group of expert professionals from different fields including Chartered
Accountants, Company Secretaries, Cost & Management Accountants, Banking
Experts, Chartered Engineers, Valuers, Lawyers, and Retired Dignitaries from
Indian Administration Services etc.
DRBM Consulting is a network of professional firms and companies being
represented by DRBM Corporate Consulting Pvt. Ltd. For Producer Companies,
we can render following post-incorporation services:
• Auditing
• Taxation
• Banking & Finance
• Subsidies & Government Incentives
• Business Start-up and Project Management Consulting
� Auditing
We at DRBM, comprise reputed CA firms and senior Chartered Accountants. We
combine a multi-disciplinary approach with deep insight of the business model
and tools and techniques that ensures delivery of high quality audit & assurance
services.
We have developed resilient working methodologies which have assisted us to
design our approach towards conducting special types of audits like audit for
Producer Companies.
We provide following types of Auditing & Assurance Services to Producer
Companies:
� Statutory Audits under the Companies Act, 1956 / 2013
� Tax Audit under the Income Tax Act, 1961
� VAT Audit under the Maharashtra Value Added Tax Act, 2002
� Internal Audits
� Specialised Management Audits
� Secretarial Audits
� System Audits
� Stock Audits
� Taxation
Taxation has been viewed as a depriving charge on the profits. But we foresee it
as an item of cost and try to manage it in an efficient way so as to achieve
optimum profitability.
We provide following types of Taxation Services to Producer Companies:
� Obtaining Licenses, Registrations and Tax Clearances
� Tax Audits under Income Tax Act
� Tax Planning and Management Consultancy
� Filing of Annual Income Tax Returns
� Calculation, Preparation and Filing of Quarterly e-TDS Statements
� International Taxation and Transfer Pricing
� Tax Representations and attending assessments
� Filing and attending appellate proceedings
� Certifications required under various tax laws
� Banking & Finance
Finance is well known as the Back Bone of the Business. Organizations finance
their business operations by way of re-investing cash flows, sale of equity or by
raising funds from banks and financial institutions.
We, at DRBM, have enormous experience in the field of Banking and Finance. We
have strong network connections with Nationalized Banks, Co-op. Banks and
other Financial Institutions.
We provide following types of Banking & Finance Services:
� Preparation of Detailed Project Report and CMA data
� Project Appraisal and Conducting Feasibility Studies
� Calculating Cost of capital and taking Capital Budgeting decisions
� Consultancy for Raising Funds from Banks and Financial Institutions
� Liaison with the Bank Officials
� Availing subsidies under different schemes of the government
� Assessing and Assisting for various alternate sources of funding
� Consulting for Government Incentives and Subsidies
Government has always been a partner in your business’s growth. Under various
schemes of the Government, different benefits have been offered to business
ventures. Consulting for availing such incentives is indeed an intricate exercise
considering the complexities of the present day’s business models and corporate
structures.
We at DRBM, apply developed methodologies, standards and approaches to
derive the true value of a business. We have a strong team of experts having
worked at different implementing agencies of the government who know nitty-
gritties of government schemes. Our team also includes legal and technical
experts who take care of other formalities.
We provide following types of Consulting Services:
� Assessing eligibility under Government Incentives Schemes
� Preparation of Project Reports, Information Memoranda
� Initial Documentation, Credit Appraisal Reports
� Placing Application of the Implementing Authorities
� Liaison with Government Authorities
� Obtaining Eligibility Certificates
� Periodical Filing of Follow-up Reports
� Follow-up, assistance for sanction and disbursement of subsidies
DRBM Corporate Consulting Pvt. Ltd.
Contact us at
_______________________________________________________________________________
Aurangabad
Registered Office:
First Floor, Tapan Down Town,
Adalat Road, Aurangabad – 431001
�: +91-240-2333282, 2328968
�: +91-240-2328968
_________________________________________________________________________________
Pune
Branch Office:
F. No. 315, Bldng No. 22,
Lokmanya Nagar,
LBS Road, Pune – 411030
�: +91-9423781746,
9823679386
PAR Advisory Services Pvt. Ltd.
F. No. 31, A Wing,
Pushpanagari Appts.,
Rambaug Colony,
Paud Road, Pune – 411038
�: +91-9890056846
Corpage India Advisors Pvt. Ltd.
6, ‘Chintamani’,
Above Ajinkyatara Co-Op. Bank,
Shivtirtha Nagar, Paud Road,
Pune – 411038
�: +91-20-65000300
_________________________________________________________________________________
Mumbai
Branch Office:
Shop No. 1, Shingre Chawl,
Azad Road, Andheri (East),
Mumbai – 400093
�: +91-22-26875900, 9702012725
�: +91-22-26875700
_________________________________________________________________________________
Write us on – [email protected] / [email protected] / [email protected]
Visit us on – www.drbm.in / Facebook / Linkedin
Partner / Member Firms:
© 2014 DRBM Corporate Consulting Pvt. Ltd.
This write-up / compilation is only for the informative purpose. The views represented in this document are
opinions of the author and based on the information gathered from external sources. Users are requested to
confirm correctness and contact DRBM Corporate Consulting Pvt. Ltd. for specific advice. This write-up is meant
for private circulation only. No part of this write-up may be copied / reproduced in any manner whatsoever
without prior consent of DRBM Corporate Consulting Pvt. Ltd.