S.K. Bhattachariya & Co. 4,KIRAN SANKAR ROY ROAD, “R A J A C H A M B E R S” KOLKATA- 700 001 PHONE:2248-2560 FAX : 2248-7589 CHARTERED ACCOUNTANTS Ref : 207/SK/RAA/AUD/EMP/2011-2012 DT. 23.12.2011 To, The Chief, Corporation & Financial Institution Division, Royal Audit Authority, Post Box No. -191 Thimpu Bhutan Kind Attention : Mr. Karma Tenzin. Sub : Empanelment for Awarding Audit & other assignments. Dear Sir, While we are thankful and appreciate visiting our office yesterday on 22nd December,2011, holding valuable discussion with us. We have the pleasure to submit the details enclosed herewith as per proforma given in your Information/Fact Sheet and necessary documents as sought by you while visiting our office. In this connection, we like to mention that our firm is already empanelled with your Royal Audit Authority vide letter reference RAA/Empanel-SA-Corp/2002/1546 dated 17.06.2002. We feel it worth mentioning that we are kind enough for the job of statutory audit of your Kuensel Corporation Ltd., being entrusted to us for the year 2010 as well as 2011. In view of what has been stated above, we would humbly request you to consider the matter of continuance of Empanelment most favourably and thus fulfill our long cherished desire of being associated with your nice country which we earnestly strive for. Awaiting your favourable consideration and thanking you, With regards, Yours truly, Enclo.: 1) Information/Fact Sheet. 2) Certificate of Practice of Partners 3) Confirmation letter of constitution of firm ICAI 4) Firms Profile. 5) Firms Balance Sheet and Profit & Loss Account for 2 years. 6) Peer Review Certificate from ICAI. 7) ABC Empanelment letter. S. Bhattachariya (Partner) Information/Fact Sheet (New Firms for Empanelment and others) Name of the Firm: S.K. Bhattachariya & Co. Address: Year of Establishment: Raja Chambers, 4, Kiran Sankar Roy Road, Kolkata-700 001. 01.07.1949 Telephone No: : 033-2248-2560 Fax No : 033-2248-7589 Empanelment C&AG: Others: Tax PAN: Practice Certificates: Confirmation letter of constitution of Firm from the ICAI: Firm Profile: B/Sheets (2yrs): Email Address: Contact person: skbcal@rediffmail.com S. Bhattachariya, F.C.A. Consultancy Works 051 Enclosed AAVFS1189B Enclosed Enclosed Enclosed Enclosed Constitution of Firm Partnership: Proprietorship: Management: Tax: Acts: IT: Accounting Manuals: Other Manuals: Project Appraisals: Capital Reconstruction: Revival Schemes: Others: CIRCULATION AUDIT BANK STOCK VALUATION General Information Staff Strength Partners: Chartered: Cost Acct.: Non-Acct.: Others: (incl. article clerk) Support: Total 6 1 2 5 12 7 33 Size of Firm Size of Office Affiliation with Int. Firms Capability to conduct (Please tick) Financial Audit: Proprietary Audit: Management Audit: Fraud Investigation: Evaluation of Internal Controls: CIRCULATION AUDIT : To be completed by RAA only. General Impressions (meetings) Descriptive Remarks by member of the Audit Committee of the RAA: Name of the Member: Recommended/Not recommended for empanelment Remarks by Chairman (Audit Committee) Remarks by Hon’ble Auditor General of Bhutan Note: Separate sheet(s) are attached. Small/Medium/large Small/Medium/Large Yes/No Other information: Ongoing disciplinary action Poor/Good/Very Good FIRM’S PROFILE 1. NAME OF THE FIRM M/S. S.K. BHATTACHARIYA & CO. CHARTERED ACCOUNTANTS. 2. ADDRESS WITH TEL.NO. & E-MAIL 4, KIRON SANKAR ROY ROAD, “R A J A C H A M B E R S” K O L K A T A - 700 001 TEL : 2248-2560 FAX : 2248-7589 E-MAIL : skbcal@rediffmail.com 3. DATE OF ESTABLISHMENT 4. NAME & QUALIFICATIONS OF 5. 1ST JULY, 1949. Name Qualification Designation THE FULL TIME CHARTERED 1. SHRI S. BHATTACHARIYA, F.C.A PARTNER ACCOUNTANTS 2. SHRI M. N. TAPASWI, F.C.A PARTNER 3. SHRI S. K. KUNDU, F.C.A PARTNER 4. SHRI S. S. GHOSH, F.C.A PARTNER 5. SHRI S. K. MUKHERJEE F.C.A PARTNER 6. SHRI S.K. GUPTA ROY F.C.A PARTNER 7. SHRI R.K. BANERJEE F.C.A ,DISA Q. ASTT 1) COST ACCOUNTANTS : 02 2) MANAGERS : 05 3) AUDIT SUPPORT PERSONS : 19 STAFF STRENGTH (ICWA) (including article clerks) 6. PRACTICE PROFILE : 1) 2) 3) 4) 5) 6) 7) 8) 9) 10) 11) 12) 13) 14) 15) 16) STATUTORY AUDIT. INTERNAL AUDIT. CONCURRENT AUDIT. REVENUE AUDIT. ACCOUNTING. TAXATION & TAX PLANNING. BUSINESS RESTRUCTURING. RISK MANAGEMENT SERVICES PROJECT EVALUATION & MONITORING. MANAGEMENT CONSULTANCY. CORPORATE FINANCE SERVICES. COMPANY LAW MATTERS. STOCK AUDIT. PROJECT APPRAISAL. CIRCULATION AUDIT. AUDIT OF BANKS AND FINANCIAL INSTITUTIONS. OUR BRIEF PROFILE Was set up by Late Mr. Sudhir Kumar Bhattachariya, F.C.A., who was in practice for about 57 years, way back as in 1945, firm of chartered accountants S.K. Bhattachariya & Co., with the object of rendering a comprehensive range of professional services in audit & accounting, tax planning, management consultancy, company law matters and related assurance & business advisory services. The firm is one of the oldest & leading firms of chartered Accountants providing a wide range of professional services to an ever increasing and widening clients in industry, trade, finance, operating in the private and public sectors in India. The firm excelled with its honesty, integrity, excellence, uncompromising attitude, utter devotion, total commitment and involvement. The remarkable growth over a period of years since its emergence, has been possible singularly to the success attained by it in various sphere of activities on a continuous basis. Our experienced and efficient partner team and professional staff with client dedication, commitment to professional excellence & devotion have taken upon themselves to perform a duty bring the highest level of care & diligence in their day-to-day functioning, with professional responsibility, and client confidentiality as their key strengths. Our firm has also developed a network with other professionals like Law, Insurance, Statistics, with business insight, knowledge and industry skills in the domain of banking, trade, corporate finance, industry, circulation etc. for supporting effective decision making. PARTNER,S PROFILE S. Bhattachariya, B.Com (Hons.), F. C. A. Qualified as a Chartered Accountant and became member of the Institute in the year 1983. He has joined this firm as a partner in the year 1985. He is well conversant with various types of audit during his long career, he has conducted Statutory audit of various P. S. U. S’ including Central Statutory Audit of various Banks, He has also conducted Statutory and Internal Audit of Private Sector Companies. Apart from the above he has adequate knowledge in Circulation Audit and Management Consultancy. He is a Technical Reviewer with the Financial Reporting Review Board of the Institute of Chartered Accountants of India. M. N. Tapaswi, B. Com, LLB, F.C.A Qualified as a Chartered Accountant and became member of the Institute since 1981. He joined this firm as a partner in the year 1985. During his long tenure in the field of Accountancy and because of is Law Degree, he has acquired vast experience in the field of Income Tax & Company Law matter. Apart from above, he is well commensurate with Internal Audit of various Public & Private Sector Companies & Banks. S. K. Kundu. B.Sc.(Hons.), F. C. A. Qualified as a Chartered Accountant and became member of the Institute in the year 1988. He joined this firm in the year 1994 as a full time partner. Previously he was with this firm for 2 years from 1990. He is well commensurate with Project Finance & Appraisal, Management Consultancy and has wide experience in the field of various types of audit such as Statutory, Internal, Concurrent, Verification, Investigation and Circulation Audit etc. During the last seventeen years he has dealt with major P. S. U. S’ and Banks. S. S. Ghosh, B. Com, FCA. He has passed the final examination of the Institute of Chartered Accountants of India in 1957. Retired as a Executive Director of Life Insurance Corporation of India, after having very wide experience in Finance Audit, Investment, EDP system. He has served as a nominated Director of LICI in the Board of several Companies / Organizations. After retirement from LICI, he served as the managing Director of Peerless Developers Ltd. He was a member in the ‘CPE’ Committee of the Central Council of the Institute of Chartered Accountants of India, for the year 1992-93. He joined this firm in the year 2002 as a full time partner. He is specialized in Management Services and pursuing the practice of Management Consultancy apart from various types of Audit. S. K. Gupta Roy, B. Com, F. C. A. CMA (London) Qualified as a Chartered Accountant and became member of the Institute in the year 1973. He has worked with several organizations after becoming Chartered Accountant like Price Waterhouse & Co., GEC India Ltd., Mohini Mills Ltd. and held the position of FA & CAO of Westinghouse Saxby Farmer Ltd. a public sector undertaking. He joined this firm as a partner in the year 2010. prior to joining this firm has worked as a full time Qualified Assistant from the year 2004. During the last seven years in this firm he has handled various types of audits. He has been an examiner of the Institute of Chartered Accountants of India since 1995 in the subjects of Cost Accounting and Financial Management. He is also associated as a tutor with the Institute of Cost work Accountants of India in Advanced Financial Management. S. K. Mukherjee, B. Com. F.C.A He is a fellow member of the Institute of Chartered Accountants of India. In 1975, as a qualified accountant joined Western Coalfields Ltd. and he has earned unique experience of over 35 years in numerous areas of different types of accounts in both Public and Private Sector Industries. In his capacity as Accounts Executive to Head of Finance & Accounts during his tenure in Companies like Instrumentation Ltd. CG-Elsag Bailey Ltd. He has held the position of Vice-President in ABB Ltd. up to 2010. Ho joined this firm in the year 2010 as a partner. He has advanced skills in leading team-members in Finance, Accounts, Fund Management, Working Capital, Capital Expenditure & Cash Flow Management including Auditing, Commercial and Taxation matters. OUR SERVICE PROFILE 1. AUDIT & ACCOUNTING : Equipped with the most modern and scientific auditing systems & techniques, we are committed to provide both construction and cost effective services. The function of our audit division is flexible enough to ensure that a team with a perfect blend of skills is allocated to every client, regardless of the size of our client’s business or the nature of his business operation in industry or trade or a manufacturing concern. We are well placed to give helpful advice on operation of his accounting system, Internal control, management information, financial control etc., our aim being to ensure that our advice are not only professionally sound but also commercially achievable and realistic. Our staff is in position to make valuable recommendation to assist the client in : * * * * * * * * * * * * * 2. Strengthening internal control system, financial or otherwise. Improving the accounting procedure. Planning on taxes. Detection of fraud. Evaluation of inventory and other current assets. Evaluation of management systems and procedures. Studies on the viability of a proposed venture. Special examination to detect fraud and to determine the extent of fraud which has already been committed. Financial evaluation of contractual arrangements. Interim reporting including monthly or quarterly profit or loss accounts, together with significant data as at end of these periods, for example statements on current assets, liabilities, orders in hand. Determination of the most efficient and economical accounting system applicable to the particular business, including best use of mechanical and electronic devices. Cost accounting, including standard cost. Assisting management in the interpretation of financial data and rendering advice in connection with pending decisions. TAXATION : A significant part of our success must have been owing to the effective taxation advice are provided to the clients in both corporate and other sector as also to individuals. Our qualified Tax specialists are quite capable to acting in close co-operation with the clients before a final decision is taken, planning taxation matters in a way which suits the purpose of the clients. In as much as, taxes are based wholly or in part of accounting data and preparation of I.T. returns in particular is an essential part of accounting and financial function, taxation and advisory services is now complementary to all auditing function. We render tax advisory, services including preparation, submission, follow up where necessary keeping close liaison with the concerned I.T. authorities for any tax problems, attending before the I.T. authorities in regard to I.T. cases etc. Briefly, these are : * * * * * * To minimize tax liability within the provisions of the law. To avoid risk of penalty imposition owing to erroneous, case, filing of return or otherwise. To review clients I.T. Returns. To prepare I.T. Returns. To represent clients in dealing with tax authorities. To prepare protest appeals and claims for refund. * To assist clients in tax planning. * To advise clients on the tax implications of proposed contracts of financial transactions. * To act as general advisor on tax matters. * Tax planning for minimizing taxes. * To undertake tax audit to identify ways and means for better business tax planning. * To avoid or minimize costly litigation. * Clients compliance with legal obligation. 3. FINANCIAL PLANNING : Financial planning concerns itself with the estimating, forecasting and planning financial results for a given period, ascertained funding requirements and ensuring cash management with maximum effectiveness, determining the feasibility of further capital investment proposals, initiating cost reduction programme to contain certain costs in specified areas of activity. Viewed briefly, these are : * * * * * * * * * * * * To determine the volume of assets a concern should acquire and maintain. To determine the composition of assets in terms of kinds. To determine the manner in which the funds required shall be financed. Financial analysis and projections. Fore casting or Budgeting. Cash planning and funding. Funds management. Capital expenditure on projects. Profitability analysis and cost accounting. Management information system. Credit management. Cost reduction. 4. MANAGEMENT CONSULTANCY : With a wholly objective approach, proper experience of solving relevant problems, experience in various fields, ability to undertake assignments for which company’s own managers can not be spared, we provide a comprehensive range of consultancy service to the clients in areas of finance, planning, recruitment, administrative, systems. Management services, are in brief, as under : * Development of long range plans. * Major investment/dis-investment decisions. * Management audits. * System analysis. * Manpower planning and deployment of staff for optimum utilization. * Executive recruitment. * Internal control system. * Project monitoring systems. * Market forecasting/analysis. * Market profitability analysis. * Market planning. 5. PROJECT DEVELOPMENT: Project development services cover the range of activities under taken by the firm to assist in the planning, development and implementation of new industrial projects and enterprises. Specific services may be analyzed as follows : * * * * * * * * 6. CORPORATE PLANNING : Corporate planning has come to play a vital role in the present industrial set up. The areas covered in our services are : * * * * * 7. Project identification and formation. Preparation of product profiles. Project feasibility studies. Location studies. Licensing and registration with Government. Financing and re-financing strategy. Joint venture arrangements. Project presentation of Govt. agencies, investors and financing instructions. Identification of commercial objectives. Comparative study of other competitions. Strategy for achieving the targets. Estimate and plan of financial results for a given financial period. Merger and amalgamation. COMPANY SECRETARIAL SERVICES : The secretarial services include, interalia the following : * Incorporation of companies. * Preparation of prospectus and statement in lieu of prospectus. * Management of public issue of shares, convertible and non-convertible debentures. * Filing at various statutory returns. * Company law matters in general. 8. PROJECT APPRAISALS ANDAPPROVALS : Our firm provide advisory assistance to clients on matter such as finance, working capital funds, term loans from banks and other financial institutions, acceptance of deposits, issue of shares. The principal areas are : * * * limits. Preparation of loan application. Arrangement of T/L from banks and financial institution for new projects/expansion/diversification. Arrangement of working capit6al finance including enhancement of existing 9. STOCK AUDIT/APPRAISAL AUDITS : We have carried out successfully sundry jobs relating to stock audit assignment to us by the financing bank from time to time. Appraisals for working out finance requirement of concerns proposed to be financed by the banks, are also handled by us in a realistic and meaningful way. 10. OUR ACHIEVEMENTS : We are committed to excel in everything we do. Since we have the expertise, experience, dedication, devotion of highest order, we have achieved highest ethical and professional standards. In recognition of our all round professional competence and performance over the years, we are on the list of empanelled audits of the following Govt. bodies, semi Govt. bodies and financial institution : * * * * * * 11. Comptroller and Auditor General of India for undertaking audits of various public sector undertakings. Reserve Bank of India - For undertaking statutory audits of nationalized banks and Regional Rural Banks, to act as Central Auditor of Nationalized Banks, special audit from Central Office. Private sector for undertaking various audit jobs in various trading, industrial, manufacturing, construction, servicing, transport, travel & tourism concerns. Register, Hon’ble High Court, Calcutta - For preparation of Auditors’s Report on behalf of official liquidator. Audit Bureau of Circulation : For certifying Circulation figures of Publishing House of Daily/Weekly Newspapers, and weekly/Monthly Journals and Magazines. Insurance Regulatory Development Authority of India for undertaking Statutory & other audit of Insurance Companies. INDUSTRY EXPERTISE : A) Oil & Gas : Upstream & Downstream sectors we have through the years built up our knowledge of the business processes, the business environmental issues effectly the Oil & Gas sector both in the Upstream & Downstream of the industry’s value chains and obviously the related accounting and financial issues. We have for your information involved in a major cross border assignment the issue of GDR for Indian Oil Corporation. B) Circulation Audit : We are one of the few Audit Firms in India who is empanelled with Audit Bureau of Circulation (ABC) for more than 15 (fifteen) years and carrying out/certifying Circulation Figures of Publishing Houses of Daily/Weekly Newspapers and Weekly/Monthly Journals and Magazines. 12. PROPOSED FEE ARRANGEMENTS : Our objectives are always to discharge our obligations strictly in conformity with the terms of appointment and to provide the exact service asked for within the specific time schedule. Particular attention is directed to understand client’s business, and the environment in which client operates and specialized knowledge required by an engagement is appropriately brought into use. For the aforesaid effort, although our remuneration is largely dependent on the extent, nature, specific requirement etc. of a work and it is indicative and determined by the levels of effort and the grounds of staff involved. 13. ACKNOWLEDGEMENT : We value what we strive to attain and achieve. We strive to maintain independence, integrity strict confidentiality and a sense of understanding of our client’s aspirations in all our professional dealings. We are grateful to you for the opportunity offered and look forward to clarify any issue that you may seek. EXPERIENCE/SPECIALIZATION OF THE FIRM (IN BRIEF) I. AUDITING : SL. INDUSTRY NO ENTITY 1 FORESTRY W.B. FOREST DEVELOPMENT CORP. LTD. 2 OIL & GAS A) 3. STEEL 4. 5. FERTILISER MINING 6. INSURANCE 7. 8. TELECOM ENGINEERI NG OIL INDIA LTD.(OIL) -DO-DO-DO-DO-DOPRIVATE LTD. PUBLIC LTD. CO. PSU PRIVATE CO. -DO-DOPSU STATUTORY AUDIT STATUTORY AUDIT INTERNAL AUDIT -DOSTATUTORY AUDIT -DO- PRIVATE CO. -DO- -DO- PUBLIC LIMITED PSU BANK -DO- D) INSTRUMENTATION LTD. TEA TRADING CORP. LTD. DEVENPORT & CO. 1938 (P) LTD. 10. TOURISM/ TRAVEL TRANSPORT A) B) A) ROX RULAR (P) LTD. TRIDENT TRAVEL (P) LTD. CALCUTTA TRAMWAYS CO. (1974) LTD. B) RELOGISTICS (INDIA) LTD. A) B) BRIDGE & ROOF COMPANY (INDIA) LTD. HINDUSTAN STEEL CONST. LTD.(BSCL) BANKING A) PUNJAB & SIND BANK 14. SOFTWARE B) STATE BANK OF PATIALA C) DENA BANK D) ALLAHABAD BANK E) INDIAN OVERSEAS BANK F) UNITED BANK OF INDIA G) CENTRAL BANK OF INDIA H) UNION BANK OF INDIA I) VIJAYA BANK J) ORIENTAL BANK OF COMMERCE K) BANK OF BARODA L) CANARA BANK M) STATE BANK OF INDIA O) UNITED COMMERCIAL BANK IXIA TECHNOLOGIES PVT. LTD. 15. AGROBASED 13. STATUTORY AUDIT & MANAGEMENT AUDIT STATUTORY AUDIT. SPECIAL AUDIT. INTERNAL AUDIT SPECIAL AUDIT -DO-DO-DOINTERNAL AUDIT STATUTORY AUDIT INTERNAL AUDIT STATUTORY AUDIT B) UNITED INDIA INSURANCE CO. LTD C) NEW INDIA ASSURANCE CO. LTD. BHARAT SANCHAR NIGAM LTD.(BSNL) A) COAL INDIA LTD. B) BHARAT OPTHALMIC LTD. C) SOLEX FASTNERS PVT. LTD. A) B) CONSTRUCTION STATUTORY AUDIT. -DO-DO-DO-DO-DO-DO- TEA 12. TYPE OF AUDIT B) INDIAN OIL CORP. LTD.(IOCL) C) PREMIER OIL D) RELIACE INDUSTIES LTD.(RIL) E) OIL NATURAL GAS CORP.(ONGC) A) STEEL AUTHORITY OF INDIA (SAIL) B) BOKARO STEEL LTD.(BSL) HINDUSTAN FERTILISER CORP. LTD.(HFCL) A) BHARAT COKING COAL LTD.(BCCL) B) EASTERN COALFIELDS LTD.(ECL) C) CENTRALO COALFIELDS LTD.(CCL) A) LIFE INSURANCE CORP. OF INDIA(LICI) 9. 11. PRIVATE/ PUBLIC LTD. PUBLIC LIMITED -DO- MONGLUTON RUBBER PLANTATION (P) LTD. -DO-DO-DO-DO- -DO-DO-DO-DO-DO-DO-DO-DO-DO-DO-DO-DO-DOPRIVATE CO. PRIVATE CO. INTERNAL AUDIT STATUTORY AUDIT -DO-DO-DO-DO- -DO- CENTRAL STATUTORY AUDIT -DO-DO-DOCONCURRENT AUDIT -DO-DO-DO-DO-DO-DO-DOVERIFICATION AUDIT STATUTORY AUDIT INTERNAL AUDIT STATUTORY AUDIT 16. PAPER JHARGRAM PAPER MILLS LTD. -DO- -DO- 17. SERVICES A) BABBAGE BUSINESS SERVICES (P) LTD. -DO- -DO- B) -DO- INTERNAL AUDIT TRUST -DO-DO-DO- STATUTORY AUDIT -DO-DO-DO- -DO- -DO- -DO- -DO- -DO- -DO- A) INSPECTORATE & GRIFFITH (INDIA) PVT. LTD. GOURI BHATTACHARJEE TRUST BHOLAGIRI CHARITABLE TRUST DR. MONI BISWAS CHILD CARE UNIT BRIDGE & ROOF PROVIDENT FUND TRUST ANANDA BAZAR PATRIKA PROVIDENT FUND TRUST MACHINE TOOLS INDIA LTD. PROVIDENT FUND CAREWS PHARMACEUTICALS LTD. PROVIDENT FUND THE AAJ PRIVATE LTD. B) C) D) E) F) G) H) I) J) K) L) M) N) O) P) Q) R) JUGASANKHA THE SONAR CACHAR THE FRONTIER SUN JANASADHARAN ASOMIYA KHABAR THE HIMALAYA DARPAN THE SHILLONG TIMES DHARITRI ODISSA BHASKAR THE ENERGY ERA THE OILFIELD TIMES HINDUSTHAN,PATNA & RANCHI EDT. THE DAINIK PURBODAYA. AJIR DAINIK BATORI AAJKER FARIYAD JANAKANTHA TRIPURA DARPAN A) B) C) D) E) F) G) H) I) J) K) L) M) N) O) P) Q) ANANT FILTER & EQUIPMENTS (P) LTD. ASIATIC BOARD MILLS PVT. LTD. JHARGRAM SYNDICATE PVT. LTD. KDP MICROPOINT PVT. LTD. SAHA SERVICE CENTRE SUMAN ENTERPRISE MITRA SERVICE CENTRE K.K. ENTERPRISE MINAKSHI ENTERPRISE DRUG DREAMLAND SIGNET ENTERPRISE SREE DURGA TEXTILES ROOP ROY CYCLE MART HILLOCKS & BAY TRADING COMPANY FILMIN NATIONAL COTEX INDIA ALLIED SECURITY SERVICES -DO-DO-DO-DO-DO-DO-DO-DO-DO-DO-DO-DO-DO-DO-DO-DO-DOPRIVATE CO./ PARTNERS HIP CIRCULATION AUDIT: AUDIT BUREAU OF CIRCULATION -DO-DO-DO-DO-DO-DO-DO-DO-DO-DO-DO-DO-DO-DO-DO-DO-DOGROUP CONSULTANTS INCLUDES ACCOUNTING PREPARATION OF ACCCCOUNTING MANUAL TAXATION COMPANY LAW MATTER COSTING FUND MANAGEMENT BUDGETING & OTHER ALLIED SERVICES 18. TRUSTS/ NGOs A) B) C) D) E) F) G) 19. 20. MEDIA OTHERS -DO- -DO-