…your partner for perfect executionvrkconsultancy.com/inc/vrkintroduction.pdfexcise planning,...

…Your partner for perfect execution…Your partner for perfect execution

1. About Us

2. Our Core Services

3. Our USP, Value Proposition

4. Our Management Team – Your Partner for Perfect Execution

5. Our Services

6. Contact Us

Contents

Private & Confidential

The Journey so far..

• Venkat and Rangaa, Chartered Accountants Established in 1984.

• The Advisory and consulting practices originally a division of Venkat and Rangaa Chartered Accountants, was carved out as a separate Consultancy Services in 2016

• Registered Office located in Chennai, India and serving clients across India, USA and Middle East.

• Structured to excel at servicing the needs of our clients through methods and processes, tools and techniques, values with utmost ethical, integrity, professional and independence standards and practices.

• Comprise of qualified and experienced Chartered Accountants (FCAs, ACAs, CPAs) , MBAs, CMA’s, CISA, CS along with Graduates in the field of Finance, Legal, Information and Systems, law and Commerce.

• Tax Advisory and planning

• VAT, Excise Tax, GST Implementations

• Governance / Compliance / Reporting

• Direct Taxes (US, GCC and Other International),

• Transfer Pricing

Tax Consulting

• IFRS

• US GAAP

• Local GAAPs (SOCPA, IND AS etc.)

• Conversion Implementations

Business Advisory

• Feasibility Studies and Risk Assessment

• Capital and Debt structuring

• Business Reformation

• M&A

Compliance, Implementation and Financial

Reporting

Functional Support

• IT & ERP Application Consulting

• Transaction Services

About us


Core Services

Accounting, Financial Reporting and Compliance: Shared Services and Back Office, EIS/MIS Accounting, Financial Reporting and Compliance: Shared Services and Back Office, EIS/MIS

VAT, Excise Tax and other Indirect and Direct Taxes (Corporate / International / VAT / Excise Planning, Advisory, Compliance and Reporting Services)VAT, Excise Tax and other Indirect and Direct Taxes (Corporate / International / VAT / Excise Planning, Advisory, Compliance and Reporting Services)

IFRS, US GAAP, Local GAAP - (Functional, Tools, Advisory and Implementation)IFRS, US GAAP, Local GAAP - (Functional, Tools, Advisory and Implementation)

Business Analytics, M&A and Due DiligenceBusiness Analytics, M&A and Due Diligence

Business Reformation (Transformation plus Right Re-structuring)Business Reformation (Transformation plus Right Re-structuring)

Compliance and Risk Management (Functional, Predictive and Prescriptive Analytics, Monitoring & Mitigations, Technical, Policies, Development and Support)Compliance and Risk Management (Functional, Predictive and Prescriptive Analytics, Monitoring & Mitigations, Technical, Policies, Development and Support)


Value for the moneyValue for the money

Our Value Proposition

Customized to the organization needsCustomized to the organization needs

Complete end-end ownershipComplete end-end ownership

Best practices implementationBest practices implementation

Experienced team for consulting and assistanceExperienced team for consulting and assistance

Modular approach for project managementModular approach for project management

2

3

Planning

Preparation

Implementation

1

4 Compliance

Our project implementation approach

Kick of Meetings

Discussions with key staff

Product / business vertical focussed work shops

Indepth study of organsiaion Process, Accounting, Key Transactions Controls, Policies, Systems, and procedures which impacts organisation • Asssesment report• Recommend Best

practices

Support for implementation of approved strategy. • Commercial Terms

and Conditions• Transactions• process • ERP Functional

requirement• Optional

Configuration and / or Custoimization System

• Documents

Dedicated account manager during the review period• Policies &

Procedures• Internal Controls • Control and

Documentation Reviews

• Risk Management• Training

UsersContinuous improvements

• Outsourcing Options

• Internal Audits• Preparation review

tax returns

Our top clients

http://www.woodmansllc.com/index.html

Our Management Team

CA Kanth is our Managing Director who provide cross functional vertical Project leadership. Having Led many successfulimplementations of mega projects in the global arena as he brings in significant operational and technology related experience bymanaging multiple vendors, consultants and employees to achieve client objectives. In addition, Kanth provides resources management,governance, transactions support, structuring (management, legal and tax), compliances and systems to ensure overall delivery of allprojects.• Functional Expertise: Business Reformation (Transformation of Business Process and Systems alignment with innovation), Taxes - Direct

Taxes Corporate, Individual, Transfer Pricing and Indirect taxes such as VAT, Excise Tax (International & US tax planning, compliances

and reporting), (Operational Turnaround, M&A and Due-diligence, Business Structuring (Legal, Tax, and Reporting), Business Solutions

(Compliance, Risk, IT, US GAAP, SOCPA and IFRS Technical Finance Reporting and Accounting solutions, Offshoring / Shared

Services Advisory.

• Industry Expertise: 30+ years: Telecom, Technology, Energy, Oil and Gas, Utilities, Trading, Travel, Tourism and Hospitality,

Construction, Advertising, Media, Publicity, PR, Consumer, Manufacturing, Health Care, Real Estate. Kanth had a very successful career

with Big 4s (Deloite and pwc) and Executive and Senior leadership management positions with Global MNCs like IPG, NRG Energy,

AT&T, Lucent Technologies.• Currently heading up a major tax advisory and management consulting entity with HQ is Dubai, UAE to clients across Middle East, designed and successfully

delivering various VAT implementation and Compliance projects across UAE and KSA, IFRS implementation and conversion projects and design framework and

built teams to execute implementations for various verticals. During his career, Kanth involved in many strategic buy and sell side investments and divestments

deals on aggregate of 20+ billion dollars across US, Europe and Middle East. Recently structured and integrated Finance, Tax, Compliances and Reporting of

60+ Entities with multi divisions across 14 countries in MENA region for McCann WG, IPG with Systems, Taxes, Risk Management, EIS and MIS per US GAAP.

• At NRG, executed the management's vision on restructuring and achieved major divestment of its International businesses with entities in Germany, Australia

and Brazil. Pooled these proceeds to fund various alternate energy investments. At Lucent Technologies provided strategic support to the commercial and

finance teams on winning and executing multi-billion dollar global projects for the build out of some of the world’s top Telecom Networks.

• Led Regional roles on the AT&T/Lucent/NCR divestitures across Middle East and Africa. Multi million dollar tax and cost savings on many tax and business

structuring solutions. He was the project lead for the project accounting, quote to cash and record to report with US GAAP implementation with Oracle ERP,

EIS and MIS for International entities of AT&T and Lucent Technologies.

CA Kanth is our Managing Director who provide cross functional vertical Project leadership. Having Led many successfulimplementations of mega projects in the global arena as he brings in significant operational and technology related experience bymanaging multiple vendors, consultants and employees to achieve client objectives. In addition, Kanth provides resources management,governance, transactions support, structuring (management, legal and tax), compliances and systems to ensure overall delivery of allprojects.• Functional Expertise: Business Reformation (Transformation of Business Process and Systems alignment with innovation), Taxes - Direct

Taxes Corporate, Individual, Transfer Pricing and Indirect taxes such as VAT, Excise Tax (International & US tax planning, compliances

and reporting), (Operational Turnaround, M&A and Due-diligence, Business Structuring (Legal, Tax, and Reporting), Business Solutions

(Compliance, Risk, IT, US GAAP, SOCPA and IFRS Technical Finance Reporting and Accounting solutions, Offshoring / Shared

Services Advisory.

• Industry Expertise: 30+ years: Telecom, Technology, Energy, Oil and Gas, Utilities, Trading, Travel, Tourism and Hospitality,

Construction, Advertising, Media, Publicity, PR, Consumer, Manufacturing, Health Care, Real Estate. Kanth had a very successful career

with Big 4s (Deloite and pwc) and Executive and Senior leadership management positions with Global MNCs like IPG, NRG Energy,

AT&T, Lucent Technologies.• Currently heading up a major tax advisory and management consulting entity with HQ is Dubai, UAE to clients across Middle East, designed and successfully

delivering various VAT implementation and Compliance projects across UAE and KSA, IFRS implementation and conversion projects and design framework and

built teams to execute implementations for various verticals. During his career, Kanth involved in many strategic buy and sell side investments and divestments

deals on aggregate of 20+ billion dollars across US, Europe and Middle East. Recently structured and integrated Finance, Tax, Compliances and Reporting of

60+ Entities with multi divisions across 14 countries in MENA region for McCann WG, IPG with Systems, Taxes, Risk Management, EIS and MIS per US GAAP.

• At NRG, executed the management's vision on restructuring and achieved major divestment of its International businesses with entities in Germany, Australia

and Brazil. Pooled these proceeds to fund various alternate energy investments. At Lucent Technologies provided strategic support to the commercial and

finance teams on winning and executing multi-billion dollar global projects for the build out of some of the world’s top Telecom Networks.

• Led Regional roles on the AT&T/Lucent/NCR divestitures across Middle East and Africa. Multi million dollar tax and cost savings on many tax and business

structuring solutions. He was the project lead for the project accounting, quote to cash and record to report with US GAAP implementation with Oracle ERP,

EIS and MIS for International entities of AT&T and Lucent Technologies.

Fellow Member of

Institute of Chartered

Accountants of India

International

Associate Member of

AICPA

Member of Institute

of Internal Auditors

Bachelor of Laws

Bachelor of

Commerce

US Citizen

UAE Resident

Global Traveler

Fellow Member of

Institute of Chartered

Accountants of India

International

Associate Member of

AICPA

Member of Institute

of Internal Auditors

Bachelor of Laws

Bachelor of

Commerce

US Citizen

UAE Resident

Global Traveler

Hirudayakanth RadhakrishnanHirudayakanth Radhakrishnan “Kanth”

….. Your partner for perfect execution

Our Management Team

Seshadri RengaswamySeshadri Rengaswamy “Sesh”

CA Seshadri is our Jt. Managing Director who provide center of excellence and functional projectleadership for Financial and Accounting Advisory Services, Due diligences, Investigations and corporatecompliance services. As SME on IFRS and Local GAAP reporting advising global clients in mitigating andsolving complex reporting and disclosure issues. Seshadri manages the overall project program/timelinesand ensure quality and project delivery at best to our clients.

• Functional Expertise: Thorough IND AS/ SOCPA / IFRS Technical Finance Reporting and Accounting expertise whovalue add in terms of finding the gaps on the existing policies and processes and design the best-fit specificcustomized controls to ensure sustainable IND/AS IFRS complied reporting is placed across the organization. As wellas suggest necessary adjustments and corrective actions required to fix and errors or imbalances on accounting.

• Industry Experience: 28+years: Big 4 Professional (E&Y), Oil and Gas, Banks, Private Equity & Investment Co., RealEstate, Hospitality and Leisure.

Worked with E&Y for ten years and was designated as the Office Technical Executive on IFRS Reporting and Compliances and Glob worked asExecutive Director Finance at Istithmar World investment arm of Dubai World a global conglomerate.

Headed the Finance Functions at the highest level and managed multi billion dollars of investments for a major Dubai government ownedholding company.

CA Seshadri is our Jt. Managing Director who provide center of excellence and functional projectleadership for Financial and Accounting Advisory Services, Due diligences, Investigations and corporatecompliance services. As SME on IFRS and Local GAAP reporting advising global clients in mitigating andsolving complex reporting and disclosure issues. Seshadri manages the overall project program/timelinesand ensure quality and project delivery at best to our clients.

• Functional Expertise: Thorough IND AS/ SOCPA / IFRS Technical Finance Reporting and Accounting expertise whovalue add in terms of finding the gaps on the existing policies and processes and design the best-fit specificcustomized controls to ensure sustainable IND/AS IFRS complied reporting is placed across the organization. As wellas suggest necessary adjustments and corrective actions required to fix and errors or imbalances on accounting.

• Industry Experience: 28+years: Big 4 Professional (E&Y), Oil and Gas, Banks, Private Equity & Investment Co., RealEstate, Hospitality and Leisure.

Worked with E&Y for ten years and was designated as the Office Technical Executive on IFRS Reporting and Compliances and Glob worked asExecutive Director Finance at Istithmar World investment arm of Dubai World a global conglomerate.

Headed the Finance Functions at the highest level and managed multi billion dollars of investments for a major Dubai government ownedholding company.

Fellow Member of

Institute of

Chartered

Accountants of

India

Certified Internal

Auditor.

Bachelor of

Commerce

Indian Citizen

Global Traveler

Fellow Member of

Institute of

Chartered

Accountants of

India

Certified Internal

Auditor.

Bachelor of

Commerce

Indian Citizen

Global Traveler


Our Management Team

MBA in Finance

Masters in

Commerce

PMP Certified

Six Sigma Green

Belt

ISO 9001/2008

Lead Auditor

trained

Indian Citizen

UAE Resident

Global Traveler

MBA in Finance

Masters in

Commerce

PMP Certified

Six Sigma Green

Belt

ISO 9001/2008

Lead Auditor

trained

Indian Citizen

UAE Resident

Global Traveler

George ThomasGeorge Thomas “George”


George Thomas is a certified process and project management expert with over 2 decades of experiencein government and citizen services consulting. A management graduate in finance, George has contributedin various capacities of multinational organizations in the areas of Travel & Hospitality Industry, BPOoperations, project management, change management & process re-engineering.

• Functional Expertise: Over two decades of experience in the services industry and cross functional expertise inFinance, operations and Project Management. International work exposure across countries in Asia, Africa, Europeand the Middle East. Domain expertise in transformation programs, restructuring and change management specially inambiguous and evolving business situations.

• Experience: Co-founder of Antar, a boutique consulting firm headquartered in Dubai with the mission to provideclear, simple and effective solutions to its customers. Antar is a 'Blue Ocean' business model based on the mantrato "manage what you consult, consult what you can manage”. 20+years industry experience in Travel sector(SOTC- Kuoni), Outsourcing (VFS Group) and Pharmaceuticals (JB).

In his last stint as the Senior Vice President, Operations, VFS Tasheel, George headed the PMO in executing the visa process outsourcingproject across 32 countries on behalf of Ministry of Foreign Affairs, Kingdom of Saudi Arabia.

Was responsible for setting up Finance functions of VFS Global group during the initial phase of the organisation and later on took charge ofFinance Team spread across Asia, Europe and Africa. Implemented of SAP and SSC (Shared Service Centre) for the Group.

Conceptualised and Implemented award winning DMS solution for VFS Group. VFS Global won award under the category of "Enterprisesdriving Growth and Excellence through IT"at EDGE 2010 by 'Information Week'.

George Thomas is a certified process and project management expert with over 2 decades of experiencein government and citizen services consulting. A management graduate in finance, George has contributedin various capacities of multinational organizations in the areas of Travel & Hospitality Industry, BPOoperations, project management, change management & process re-engineering.

• Functional Expertise: Over two decades of experience in the services industry and cross functional expertise inFinance, operations and Project Management. International work exposure across countries in Asia, Africa, Europeand the Middle East. Domain expertise in transformation programs, restructuring and change management specially inambiguous and evolving business situations.

• Experience: Co-founder of Antar, a boutique consulting firm headquartered in Dubai with the mission to provideclear, simple and effective solutions to its customers. Antar is a 'Blue Ocean' business model based on the mantrato "manage what you consult, consult what you can manage”. 20+years industry experience in Travel sector(SOTC- Kuoni), Outsourcing (VFS Group) and Pharmaceuticals (JB).

In his last stint as the Senior Vice President, Operations, VFS Tasheel, George headed the PMO in executing the visa process outsourcingproject across 32 countries on behalf of Ministry of Foreign Affairs, Kingdom of Saudi Arabia.

Was responsible for setting up Finance functions of VFS Global group during the initial phase of the organisation and later on took charge ofFinance Team spread across Asia, Europe and Africa. Implemented of SAP and SSC (Shared Service Centre) for the Group.

Conceptualised and Implemented award winning DMS solution for VFS Group. VFS Global won award under the category of "Enterprisesdriving Growth and Excellence through IT"at EDGE 2010 by 'Information Week'.

1. About Venkat and Rangaa (VR)




5. Our Services – VAT implementation

6. Contact Us

Contents


Important information

• Major Tax Reform with strict laws and

regulations

• VAT application across UAE and GCC

from January 1, 2018

• Mandatory registration if supply chain

over AED 375,000, Voluntary above

AED 187,500 and quarterly returns

• Almost all other businesses subject to

VAT at 5% and some items have Zero

% but Services in a designated zone,

Hotels in UAE, will not fall under zero

tax or exempt category

• A revolution needed in Financial and TaxPlanning, Compliances and Reporting

• Penalties strict imposition for Non-Compliances (registration, filing, delays,short, documentation, evasion)

Compliance

Impact

• Supply Chain Management and ImpactStudy

• ERP / Business Systems ChangeManagement

Control Impact

• Document Management planning

• Readiness for assessment and TaxDepartment Audits and/or Inspections

Business

Impact

1

2

3

Impact of VAT for your organization


When supply shall be taxedWhen supply shall be taxed

Place of supplyPlace of supply

Applicability 5% / 0% / Exempt ratesApplicability 5% / 0% / Exempt rates

Transition requirements Transition requirements

Invoice / Record keeping rulesInvoice / Record keeping rules

Ready for assessment and inspectionsReady for assessment and inspections

And more…. And more….

How to manage GCC transactions How to manage GCC transactions

Reverse charging mechanism Reverse charging mechanism

Imports/Exports from/to outside GCCImports/Exports from/to outside GCC

Commercial readiness / preparationCommercial readiness / preparation Off shore / On shore / re-exportOff shore / On shore / re-export

Impact of VAT for your organization


Communique with key clients, vendors and staff on VAT impact on supply chain and pricingCommunique with key clients, vendors and staff on VAT impact on supply chain and pricing

Ensure all Existing contracts, new contracts, PO, Invoices are with clear VAT clauses with languages that VAT will be levied and recovered in addition to the sale pricesEnsure all Existing contracts, new contracts, PO, Invoices are with clear VAT clauses with languages that VAT will be levied and recovered in addition to the sale prices

Follow on announcements and communications on VAT rules and regulations Follow on announcements and communications on VAT rules and regulations

Prepare and provide VAT policies, guidelines, checklists, manuals to ensure robust compliance with VAT laws, regulations and obligations. Prepare and provide VAT policies, guidelines, checklists, manuals to ensure robust compliance with VAT laws, regulations and obligations.

VAT training to operations, finance, sales, procurement, legal, IT, HR and brief Senior Management.VAT training to operations, finance, sales, procurement, legal, IT, HR and brief Senior Management.

Assess What systems are being used, if VAT patch is available and what vendor support will there be? To be checkedAssess What systems are being used, if VAT patch is available and what vendor support will there be? To be checked

Prepare, induct VAT to your Business applications (ERP and operational systems) to ensure all VAT requirements are met including system configurations, updating masters, coding, tax rates etc. Prepare, induct VAT to your Business applications (ERP and operational systems) to ensure all VAT requirements are met including system configurations, updating masters, coding, tax rates etc.

Seek to mitigate overall tax impact and Strategic VAT planning and cashflow managementSeek to mitigate overall tax impact and Strategic VAT planning and cashflow management

Assist in VAT returns and filing to FTA Assist in VAT returns and filing to FTA

Adhere to VAT rules and regulations, compliance and reporting requirements. Register, Prepare, review and file VAT returns on time Adhere to VAT rules and regulations, compliance and reporting requirements. Register, Prepare, review and file VAT returns on time

Our VAT Implementation approach

1. About Venkat and Rangaa (VR)




5. Our Services – IFRS implementation

6. Contact Us

Contents


16

IFRS Integrated Solution

With Compliance

Reporting Portal

Functional SME Indian Global

Professionals (CA, CPA, CMA, CISA, CWA, MBA, IIT)

IFRS, US GAAP and Local GAAP SME with BIG 4 Plus

Industry Experience

Understanding Global and Specialized in

Middle East, India, USA Working Environment

Methodology and Framework to Covert Core

Services Data to IFRS Compliance

and Reporting

Design and Implement

IFRS Compliance and Adjustment Tool

IFRS Revenue Recognition

IFRS 9 Tool with Risk Management and Monitoring Tool

IFRS Implementation – Our approach


Based on Venkat and Rangaa Shared Services Framework and the Key Drivers, a bespoke

approach will be developed for our Clients and will entail a five (5) phased approach

Due Diligence & Planning

Analyse & Assess

Current State, Test/Roll back

Design Future State, Plug ins and IFRS Tool Kit

Transition, Training, UAT and Change management

Phase 1

Phase 2

Phase 3

Phase 4

Migrate / Integrate

& Stabilize. Phase 5

Mobilize and Perform Due Diligence of the Current Reporting,

Systems Architecture, User Requirements and draw a detailed

roadmap with time plans for full project delivery.

Evaluate, Assess and reconfirm Current State and run test and

sample reports including roll back periods

Design conceptual Future State based on activities undertaken

in Phase 1 and Phase 2 build specific customized tools with

manuals`

Develop a detailed migration Road Map and secure buy-in from

stakeholders, Develop change management, UAT and training

Project Manage the migration and roll-out of Migration/Integration

of IFRS Reporting Compliance in line with Future State Service

Delivery Model, Completion and Delivery of Tools, Monitoring and

sustainable servicing

Overview of Implementation Phases

Venkat & Rangaa Consultancy Services

117, Business Time, Al Abbas Building 2, Khaled Bin Waleed Street, Bur Dubai, Dubai, UAE

UAE | KSA | INDIA | USA

+971 50 7094972

[email protected]