The Firm and its partners have varied experience across a wide cross-section of Clients including high Net Worth individuals, large Multinational Corporations, large NGO’s receiving International Donations, large Indian Public Sector Banks and Public Sector Undertakings, Foreign Banks and a Multitude of other clients. The Firm is on the panel of the Reserve Bank of India for appointment as Central Statutory Auditor of large Public Sector Banks.
The Firm is also on the panel of Comptroller Auditor & General of India (CAG) for Appointment as Central Statutory Auditor of large Public Sector Undertakings.
Audit Related Services
The Firm and its Partners have experience in both Statutory Audits as well as Internal Audits including Tax Audits. The Firm has been conducting Internal Audit of Organisations like Mother Dairy where the Audit is on a continuous basis following the concept of Pre-Audit before release of any payments.
The Firm has more than 40 years experience in conducting Statutory Audit, Concurrent Audit, Revenue Audit, Stock Audit and Central Statutory Audit of various Public Sector Bank, Private Sector Banks and Multinational Banks having their branches in India. The firm has been appointed as Central Statutory Auditor of Bank of India, Dena Bank and Union Bank of India by the Reserve Bank of India. The Firm has conducted Concurrent Audit of very large Branches of Foreign Banks and Large Public Sector Banks like UFJ Bank, Bank of India, Corporation Bank, Punjab National Bank, Canara Bank, Central Bank of India and Indian Overseas Bank etc.
The Firm conducts the Internal Audit of World Wide Fund for Nature (WWF) wherein large International Donations are involved. The firm has also conducted the Internal Audit of Hospital Services and Consultancy Corporation (HSCC).
The Firm has been Central Statutory Auditor of Mahanagar Telephone Nigam Ltd (MTNL), a very large Public Sector Undertaking appointed by the CAG.
The Firm is the Statutory Auditor of Bhopal Memorial Hospital located at Bhopal
As far as the Management related services are concerned, the firm was instrumental in setting-up the Internal Control System and Internal Audit Systems for Hotel Radisson, Kathmandu, Nepal.
The firm has also set-up the Accounting Manual and Management Information Systems for Dabon International which was a Joint Venture Company between Dabur’s (a large Indian Corporation)and L’Bon (A large French Corporation)
Tax Advisory and Compliance Services
The firm also has a large number of Foreign Multinational Corporations as Clients who are in Manufacturing, Banking and other areas. The Firm is well versed with various International Tax Treaties and Avoidance of Double Taxation Agreements between India and other Countries. The Firm and its Partners are aware of cross-border transactions and their impact on taxation in India. The Firm is also handling tax related cases of its clients in relation to the newly introduced provisions under the Indian Income Tax Act with regard to Transfer Pricing of Transactions involving International Transactions between Multinational Corporations and their subsidiaries or their Branch Offices in India.
Corporate Regulatory Law Services
Having been in the professional field for the last more than 50 years, the firm has gained experience in various aspects of the profession including “Due Diligence” for various clients as well as Investigations and Forensic Accounting, Mergers and Acquisitions has been another area in which the Firm is well versed having formulated schemes for amalgamations and mergers for its Corporate Clients.
Valuation of Shares for the purposes of acquiring Majority Interest in a Corporate has also been a part of the of Professional Services rendered by the Firm.
The Firm’s close association with Corporate Clients has also provided an opportunity to the Firm to advise its client on the financial impact of business decisions and the consequent impact on Shareholder’s Wealth. Feasibility Report and Project Financing is another area where the firm has carried out assignments for its client in obtaining loans from the Financial Institutions.
Foreign Exchange Law and Foreign Investment Approvals
Having Multinational Corporate Clients with investments in Indian subsidiaries and Indian Branch Offices and other Foreign clients including Foreign NGO’s, the firm has the necessary expertise in matters relating to Foreign Exchange Law and Foreign Investment approvals by the Reserve Bank of India and other Government Authorities including Foreign Investment Promotion Board. (FIPB)
The Firm has helped a number of its clients to establish their Liaison Offices, Branch Offices or Project Offices in India. The Firm has also helped a number of its Foreign clients in obtaining approvals from the Reserve Bank of India and Government Authorities for Foreign Investments in Indian Joint Ventures or Indian subsidiaries.
In fact the Firm has published its own hand -book which provides Information on Entry Into India by Foreign Corporates or Foreign Nationals The Hand -Book assimilates the provisions of various laws applicable for Foreign Investments.
Company Law Related Services
Over the years, the company has gained expertise in Formation and Incorporation of Companies and Registration of Liaison /Branch /Project Offices of Foreign Companies with the Registrar of Companies. Over the years the company has represented many Indian and Foreign Corporates before Company Law Board involving various regulatory matters.
The Company has also provided Secretarial services in relation to Company Law matters by preparing and maintaining Minutes of Board of Directors Meetings, Minutes of General Body Meeting, Minutes of Annual General Meeting and preparation and filing of various Statutory documents as required under the Indian Companies Act, 1956.
The Company has also carried out inspections on behalf of its clients at the office of Registrar of Companies while doing “Due Diligence” for its Clients.
The Firm, through its Partner, Mr. V.K.Verma, has conducted Arbitration Proceedings on behalf of Multinational Corporations since Mr. V.K Verma is a Life Member of Arbitration Council of India.
Business Process Outsourcing Services
The Firm has recently entered into the area of Business Process Outsourcing and back-office related services. It has provided back-office Accounting services to some of its International Clients. The Firm and its Partners are well aware of US GAAP and UK GAAP Regulations which instills confidence in its International clients that the services being provided by the Firm would be of International Standards and would meet the expectation of the Client.
Pay Roll Processing is an integral part of the back-office process which the firm has recently undertaken for its client.
Information Systems Audit
Information Systems Audit is a Greenfield area into which the Firm has recently entered into. With more and more computerization of Systems and Data in the Organization, the safety and security of the Information Systems consisting of Computer Systems, the Data within the System and the back-up procedures are gaining prime importance and are becoming the Focus areas of the higher echelons of the Management System. Crashes and Data Loss could cripple any organsiation.
Mr. Pradeep Verma, Partner, is a qualified Information Systems Auditor having cleared the Worldwide exam conducted by Information Systems Audit and Control Association (ISACA) of the USA and the Information System Audit (ISA) Exam conducted by the Institute of Chartered Accountants of India (ICAI) for its members. He is registered with both the organization, namely, ISACA and ICAI and qualified to conduct Information Systems Audit and issue Reports on such Audit. Mr. Ramesh Chandra Hasija, Partner, is also qualified to carry out Information System Audit, having cleared the exam conducted by ICAI and is registered with ICAI.