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Girish & Associates

Yeswanthpura, Bengaluru, Karnataka

| GST  29ABQPG4371B1ZN

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We are a Bengaluru based team of qualified CMA professionals, passionate and committed to delivering a range of professional solutions. Our solutions are tailored to match each client’s needs within the overall statutory framework applicable, across different industry verticals, in the most efficient & cost-effective manner. The principal objective of this website is to publish current information which is considered useful and relevant in the fields of audit, taxation, corporate and business laws.+ Read More

Nature of Business

Service Provider

Legal Status of Firm

Individual - Proprietor

GST Number

29ABQPG4371B1ZN

Statutory Auditing Services
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We offer Statutory audit services across all industries covered under the new cost audit orders issued by the MCA since, June 2011. The statutory audit of Cost Accounting Records and books is carried out to ascertain its conformity with the applicable Cost Accounting Standards (CAS) issued by the by Institute of Cost Accountants of India, The Generally Accepted Cost accounting Principles GACAP and the requirements of the Companies Act, 1956 in this regard.Our Audit services are geared to transcend the statutory requirements and aid the management decision making process in relation to costing and pricing. This is virtually an Internal Audit assisting in identifying revenue leaks or sub-optimal employment resources. Some of the areas where our audits have been beneficial to the Management(s) are

Cost optimization

Wastage Reduction

Logical identification of Cost Drivers

Understanding the cost impact of various overheads on products & profitability

Indentifying deficiencies in the cost recording system

Transfer Pricing Assessments

Product Re-pricing

Product Mix Decisions

Performance Appraisal

Revised Cost Audit Mechanism

The Ministry of corporate affairs has initiated radical changes in the mechanism of Cost Accounting and Cost Audit. The revised mechanism marks a clear departure from the erstwhile rule based mechanism to a principle based mechanism. As part of this paradigm shift, among others, the Ministry has

Superseded 44 Cost Accounting Records and notified The Companies (Cost Accounting Records) Rules, 2011 and The Companies Cost Accounting Records (6 Industry specific (IS)) Rules. [Please refer CARR 2011, Compliance for more details] (link to the page)

Superseded The Cost Audit Report Rules, 2001 and replaced it with The Companies (Cost Audit Report) Rules, 2011 in exercise of the powers conferred by clause (b) of sub-section (1) of section 642 read with sub-section (4) of section 233B, and sub-section (1) of section 227 of the Companies Act, 1956.

The Companies (Cost Audit Report) Rules, 2011

As part of the new regime, the practice of issue of individual cost audit orders to the respective companies selected for each product covered under cost accounting record rules has been done away with. No individual Cost Audit Orders will be issued hence forth.

New industry specific Cost Audit Orders, vide F. No. 52/26/CAB-2010 dated 2nd May 2011, 3rd May, 2011, 30th June, 2011, 24th January, 2012, 6th November, 2012 subject to certain conditions of Net Worth/ Turnover of companies to which any of the Uniform or Industry Specific Cost Accounting Records Rules apply have been issued.

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Compliance Service
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Compliance Service

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We provide compliance report certification services as mandated by The Companies (Cost Accounting Records) Rules, 2011. The provisions relating to maintenance of Cost Accounting Records and Compliance Report thereon as required by the said rules are summarized belowIn exercise of powers conferred by section 642(1) read with section 209(1) (d) of the Companies Act, 1956, the Central Government has notified Cost Accounting Record Rules for the maintenance of cost records relating to the utilization of materials, labour and other items of cost, in the manner as prescribed, by specified class of companies engaged in production, processing manufacturing or mining operations of the prescribed products/activities. The aforesaid Cost records Rules 2011 were notified in suppression of all the existing 44 CARRs, as summarized below

G.S.R. No. 429(E) dated 3rd June, 2011 – The Companies (Cost Accounting Records) Rules, 2011 issued in supersession of 36 cost accounting records rulesG.S.R. No. 869(E) dated 7th December 2011 – The Companies Cost Accounting Records (6 Industry specific (IS) listed below) Rules 2011, issued in supersession of 8 cost accounting records rules

Telecommunication Industry

Petroleum Industry

Electricity Industry

Sugar Industry

Fertilizer Industry

Pharmaceutical Industry

Class of Companies

The cost accounting records rules are applicable to all companies where:

The aggregate value of net worth as on the last date of the immediately preceding financial year exceeds five crore of rupees; or

The aggregate value of the turnover made by the company from sale or supply of all products or activities during the immediately preceding financial year exceeds twenty crore of rupees; or

the company’s equity or debt securities are listed or are in the process of listing on any stock exchange, whether in India or outside India.

CARR 2011, Compliance Report

Every company to which the Common CARR or any of the IS CARR applies is required to submit a compliance report, in respect of each of its financial year commencing on or after the 1st day of April, 2011, duly certified by a cost accountant, along with the Annexure to the Central Government, in the prescribed form. MCA has issued a circular No. 8/2012 on 10 May 2012 making in mandatory on the part of Cost Auditors and Companies to file Cost Audit Reports and Cost Records Compliance Report in the XBRL format.Every company to which CARR applies shall submit the compliance report referred to in rule 5 of the rules, within 180 days from the close of the company’s financial year to which the compliance report relates.

Any contravention of the provisions of CARR, 2011 will render the company and every officer in default liable for punishment as provided under section 642(2) read with subsections (5) and (7) of section 209 of the Companies Act, 1956.

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Special Investigation Audits
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We offer services in performing Special audits in the following areas as mandated by the Central Board of Excise and Customs (CEBC) or based on specific management requirement.

Special Audit under Section 14A of the Central Excise Act 1944 – (valuation Audit);

Special audit under section 14AA of the Central Excise Act 1944- Special audit in cases where credit of duty availed or utilized is not within the normal limits, etc.

Special audit under section 72A of The Finance Act, 1994, – Service Tax.

Special Audit in certain cases under Section 11 of Customs Act, 1962, The Chief Commissioner of Customs may, for reasons to be recorded in writing, direct a manufacturer to get the accounts of his warehouse, office, stores, godowns, factory, depot, or other establishment audited by a Cost Accountant, nominated by him in this behalf.

Audit of the Accounts of a developer as per directions of The Commissioner of Customs/Central Excise vide Circular No. 52/2002-Customs dated 14th August, 2002;

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Auditing Services
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Auditing Services

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Compliance Audit

Internal Audit

Performance Audit

Energy Audit

Stock Audits

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Regulatory Compliance Service
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Our corporate secretarial cell provides services covering the regulatory aspects pertaining to Company law, FEMA and RBI namely

Incorporation of a company in India which includes obtaining name approval, drafting of Memorandum of Association and Articles of Association, filing of the incorporation forms and coordinating with the authorities for approval etc

Advice and support in complying with the requirements of Company law in holding share holders general body meeting, meeting of board of directors and passing of various resolutions (ordinary and special) etc..

Annual statutory compliances and event based compliances related with Registrar of Companies and Company Law Board including certification and compliance services.

Assistance and advice on the approvals required under, Foreign Exchange Management Act (FEMA) and Reserve Bank of India (RBI) Regulations for a foreign entity/NRI intending to invest in India. This includes preparation and obtaining of necessary approvals from Foreign Investment Promotion Board (FIPB) / RBI where necessary.

Need based due diligence/Litigation documentation and support

Statutory Registrations like PAN/TAN, VAT/Service tax, IE code, Central excise/Customs, PF/ESI and others registrations as may be applicable.

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Performance Project Appraisal Services
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In simple terms this is a system of assessing the performance against a set of predetermined goals at different levels of the organization leading to the performance appraisal of the Organization itself. This is now a legal requirement as well, since the CAR 2011 requires the cost auditor to appraise the performance of the company under various parameters which include, Productivity analysis, Capacity utilization, Market/product profitability analysis, Contribution analysis, Manpower among others, and submit a Performance appraisal report (PAR) to the management. (This is not required to be filed with the MCA or any other government agency).

With its highly experienced team having exposure to costing, Finance and HR domains GHSA can consult with companies in, setting the performance parameters/measurements which will include both financial and non-financial expectations; developing strategies to linking the individual objectives with that of the organization; effectively communicating the performance standards to the divisions, employees, and Companywide.

The logical outcome of a performance appraisal system is a structured and transparent rewards/incentive scheme. We shall enable the company to identify and implement the most relevant or a combination of relevant performance parameters on which the rewards should be based. This will definitely go a long way in determining the acceptability of the performance appraisal system

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Growth Consulting
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Growth Consulting

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Successful Companies generally plan in advance with respect to aspects associated with their next wave of growth. Such planning will require an open mind free from predispositions of the past, to think dispassionately and objectively for the future. An external consultant is ideally suited for such an exercise. GHSA can be a trusted partner in such an exercise and provide the below mentioned growth related services

Business Plan preparation

Feasibility studies

Resource audit

Due diligence for growth funding

Specific Studies for Cost Ascertainment, Cost Management and Price Determination, Fees Fixation etc.

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KPO Services
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KPO Services

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We at GHSA have strong association with the outsourcing domain, having successfully executed many outsourcing assignments in the Finance and Accounting space in the recent past. The benefits of Outsourcing are too well established to be ignored. This is equally true for Cost Accounting and allied processes as well. The Managements of large and mid-sized companies which are covered and CAAR /CAR would be well advised to utilise the services of readily available and flexible domain specialists to address the requirements of the revised rules which are radically different from the erstwhile rules. This is inevitable if they are to preserve their energies to focus on core competencies and address critical business issues.

GHSA adopts a modular approach to providing the Cost Accounting and Compliance services. The client can choose have full spectrum package covering the entire Cost Accounting process or opt for a subset which it deems best suited for outsourcing from the modules listed below.

Costing System Design [One time]

Software Appraisal [One time]

Gap analysis [One time]

Identification of improvements/amendments to the system to meet CAR/CARR requirements [One time]

System Implementation [One time and On-going]

Cost data capture and transaction entry [On-going]

Review and Reporting [On-going]

Year end compliance support, as applicable (CARR/CAR) [Yearly]

Kindly write to us or call us to know more about the Outsourcing options.

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