Our Industrial Experience
In recent times, another reason for NGO to get a boost is CSR – Corporate Social Responsibility.
The government has taken an initiative whereby putting more trust in the corporates whereby rather than collecting the money by way of taxes and spending it for public good. The government has mandated the corporates to spend a specified sum directly for public welfare. Even the corporates have taken it in good spirit. The NGOs play a significant role in achieving the purpose.
We have experience working with:
- Education (University, Colleges & Schools)
- Other Public Charitable Trusts
There are various reasons for taking out banking and finance from services India.
In banking industry, each of its activity is routed through money only. Thus its has got unique bunch of risks like credit risk which depends upon the fate and integrity of the borrower, reputation risk etc. Thus, it directly affects the economy as a whole.
As a response to this, it is a very closely regulated service sector having a bucketful of rules and regulations.
In this sector we have experience in:
- Public Sector Banks – Con-current audit, revenue audit, statutory audit of a branch of the bank.
- Private Sector Banks – Con-current audit, revenue audit, statutory audit of a branch of the bank.
- State Co-operative Banks – Internal and tax audit of bank as a whole.
- Multi State Co-operative Banks – Con-current audit, revenue audit, statutory audit of a branch of the bank
- Urban Co-operative Banks – Internal and tax audit of bank as a whole.
- Non-Banking Financial Companies – Internal and tax audit of bank as a whole.
India has the second fastest growing services sector with its compound annual growth rate at nine per cent, just below China’s 10.9 per cent, during the last 11-year period from 2001 to 2012, the Economic Survey for 2013-14 said. Russia at 5.4 per cent is a distant third.
Industrial manufacturing is a major growth sector for the Indian economy with diverse companies including those engaged in manufacturing of machinery and equipment, electrical and metal products, cement, building and construction material, rubber and plastic products and automation technology products.
Industrial production has slowed down considerably on account of the slump in the Indian economy. Higher interest rates have increased the cost of capital thus impacting new investments. The industry is in cautious mode with focus on cost control measures and risk management. Wherever possible, manufacturing companies have focussed on export sales to mitigate the impact of domestic slowdown and benefit from the rupee depreciation.
In these challenging times, certain sectors have shown resilience taking proactive measures to sustain growth. Impetus is on new product development and R&D initiatives aimed at improving product portfolio so as to increase margins. Manufacturing segments are also making investments to enter Tier 2 and Tier 3 cities in order to boost sales.
Some of the manufacturing industry sectors that we have worked with are:
- Engineering – other than automobile.
- Automobile Components
Among the world’s top 15 countries in terms of GDP, India ranked 10th in terms of overall GDP and 12th in terms of services GDP in 2012, it said, adding that services share in world GDP was 65.9 per cent but its share in employment was only 44 per cent in 2012.
As per the survey, in India, the growth of services-sector GDP has been higher than that of overall GDP between the period FY2001- FY2014. Services constitute a major portion of India’s GDP with a 57 per cent share in GDP at factor cost (at current prices) in 2013-14, an increase of 6 percentage points over.
We have worked with following service Sectors:
- Information Technology (IT & ITES) – Engaged in development of software.
- Immigration Consultants
- Engineering Consultancy
- Auto Dealers