PRAKKASH MUNI & ASSOCIATES Chartered Accountantspmaca.net/Image/P M Associates - May 2014.pdf ·...

PRAKKASH MUNI & ASSOCIATES

Chartered Accountants

FIRM PROFILE

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

Prakkash Muni & Associates, Chartered Accountants

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About Us

Introduction


Service Philosophy

Human Infrastructure


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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.


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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


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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.


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Our Human Infrastructure

Prakkash Muni

Founder & Partner

KS International

KS International is promoted by UK’s

top 20 Chartered Accounting Firms

(currently ranked 19th in U.K), with

400 people including 53 partners.

Hiren Muni Chartered Accountants (8)

Including Partners, we are a team of 8

CA’s with a combined professional

expertise of 50+ years across various

professional services.

Fellow Professionals Partners International Membership

Vishal Bhuta

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 – 400093.

Note: See Team profiles for personnel biographies.

Trained Professionals (30)

We have created a strong team of

article trainees & employees to help

us deliver excellence in each aspect

of service.


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RANGE OF SERVICES

Introduction

Statutory Audit


Certification

Direct Tax

Indirect Tax


Financial Services


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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.


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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.


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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).


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Certification

Issuing certificates required for several statutory or compliance requirements. It includes certification related to bank borrowings,

export-import compliance and other regulatory matters.


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Range o

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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.


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Range o

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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.


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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 2013.

Strategizing on entry in India & business start ups.

Adoption of Indian fiscal laws.


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Our Team

Founder & Partner

Other Partners

Fellow Chartered Accountants

Affiliates


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Team

Profiles


Team Profiles

Prakkash Muni, Founder & Partner

Qualifications

B.Com. 1974 from Mumbai University and Passed Chartered Accountancy examination in May, 1976.

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 1999-00

Internal Audit Studies (IAS) certification course at L N Welingkar Institute of Management Development &

Research with BCA Society in 2002 – 03

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.

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Team

Profiles


Team Profiles

Hiren Prakash Muni, Partner

Qualifications B.Com. 2007 from Mumbai University.

Passed Chartered Accountancy examination in May, 2011 from Institute of Chartered

Accountants of India.

Certified Fraud Examiner (ACFE,USA),April 2014

Work Experience 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 B.Com. 2007 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

Work Experience 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.

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Team

Profiles


Our Chartered Accountants

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

2005

2. Mr. Premal Gandhi 2002 Worked with Deloitte Haskins & Sells. Looks after statutory audit and

internal audit of limited companies

2007

3. Mr. Vijay Gosalia 1981 Specializes in management services to Small and Medium Enterprises.

Also good at auditing.

2009

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

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Team

Profiles


Our International Affiliation

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

KS International

THANK YOU

[email protected]

303, The Eagles Flight , Suren Road, Andheri (East), Mumbai – 400 093. Tel.:022-66300900 Fax: 022-66300990.

www.pmaca.net

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