Few words about us
The Firm S.N. Karani & Co. was founded in 1982 to provide professional expertise and services, in the fields of Auditing and Accounting. Subsequently, a decade later, the Firm, reoriented its approach to meet the challenges of an ever evolving and complex world of business, dependent on information, knowledge and technology.
Though young in age, compared to leaders in the profession, our Firm has achieved recognition and respect for the commitment to quality and services, not only in India but also internationally.
Established initially as an Auditing Firm, the need to expand the nature of professional services, arose due to the pressing needs of the clients which required the Firm to strengthen its accounting knowledge and skills with insights, inputs and contribution of many professional disciplines, so as to provide under one roof an effective solution to clients' requirements.
We provide a full suit of services which includes Advisory, Assurance, Tax and Outsourcing services to various entities in the Domestic and International markets.
Our team comprises of highly experienced and qualified people which includes Chartered Accountants, Company Secretary and others providing multi functional services across sectors.
We provide a single window for various professional services which includes Advisory, Assurance, Tax – Direct and Indirect, Outsourcing of payroll and accounting services to business corporate and clients all over the world, to their total satisfaction.
We are appointed as Statutory Auditors to the Company. Additionally, we are also responsible for ensuring that all the compliances under the Indian tax laws (filing of income-tax returns, representing the Company before Revenue authorities for income-tax assessments, tax withholding requirements, etc), are strictly adhered to by the Indian subsidiary. We also advise the Indian subsidiary on the implications under the Indian Corporate laws and are also assisting it in complying with the corporate law requirements. We also process the entire payroll of the Indian subsidiary to ensure that all the requirements of the tax and other allied laws are duly met by the Company.
The outsourcing of these non-core functions has assisted the Company to focus on core areas of business, besides optimizing their operating costs to a large extent.
• Assistance in the preparation of a declaration of solvency.
• Preparation and placement of advertisements in the Official Gazette.
• Assistance in the Realization of assets of the Company.
• Preparation of the list of creditors.
• Audit of the accounting records to determine the amount payable by the contributors to meet the liabilities of the creditors.
• Liaising with the contributors, which included sending notices to them to determine the amount due to the Company by them, collecting the amounts from them, and settling the liabilities of the creditors.
• Preparation of the annual financial statements and assistance in convening of the shareholder meetings.
• Providing assistance to the official Liquidator in the financial matters concerned with the transaction.
• Assistance in the Compliance of the procedures under the Indian Corporate Laws in connection with the winding up of the Company.
• Assistance in complying with the procedures under the Income-tax laws such as intimating the tax authorities, representing the Company, etc.
Our scope of services included assisting in the preparation of the Scheme of Amalgamation, compliance of the corporate law procedures in this respect. Additionally, we were also responsible for providing assistance in the liquidation proceedings of the merged corporate entity. We also assisted in the preparation of the legal documentation in connection with the transaction. We performed the above services in coordination with the legal experts engaged by the Company.
The services our Firm provided in this connection was as follows:
• Identification of the Indian joint-venture partners for the Asian Company.
• Assistance in representing the Asian Company in negotiations with the joint-venture partner.
• Assistance in the preparation of the joint-venture agreement and other related documentation in conformity with the Indian commercial and income-tax laws.
• Incorporation of the Indian Joint Venture Company under the Indian Corporate laws for the Joint Venture.
• Advice on the exchange control implications under the Indian foreign exchange laws on the foreign investment in the joint-venture company.
• Processing of various approvals required from the exchange control authorities for setting up of the business presence in India.
Values and Best Practices
The Firm follows the Best Practices Standards of the International Federation of Accountants (IFAC) and the Code Of Ethics as laid-out by the Institute of Chartered Accountants of India (ICAI), governed by the provisions of the Chartered Accountants Act, 1949. The Firm recognizes that the objective of the Accountancy profession is to work to the highest standards of professionalism, to attain the highest levels of performance and generally to meet the public interest requirements.
These objectives require four basic needs to be met - Crediblity, Professionalism, Quality of Service and Confidence.
In order to achieve the objectives of the Accountancy profession, professional accountants have to observe a number of pre-requisites or fundamental principles. The fundamental principles are :
A professional accountant should be straightforward and honest in performing professional services.
A professional accountant should be fair and should not allow prejudice or bias, conflict of interest or influence of others to override objectivity.
+Professional Competence and Due Care
A professional accountant should perform professional services with due care,competence and diligence and has a continuing duty to maintain professional knowledge and skill at a level required to ensure that a client or employer receives the advantage of competent professional service based on up-to-date developments in practice, legislation and techniques.
A professional accountant should respect the confidentiality of information acquired during the course of performing professional services and should not use or disclose any such information without proper and specific authority or unless there is a legal or professional right or duty to disclose.
+ Professional Behaviour
A professional accountant should act in a manner consistent with the good reputation of the profession and refrain from any conduct, which might bring discredit to the profession.
+ Technical Standards
A professional accountant should carry out professional services in accordance with the relevant technical and professional standards. Professional accountants have a duty to carry out with care and skill, the instructions of the client or employer in so far as they are compatible with the requirements of integrity, objectivity and in the case of professional accountants in public practice, independence. In addition they should conform with the technical and professional standards promulgated by the Institute of Chartered Accountants of India.
When in public practice an accountant should both be, and appear to be, free of any interest which might be regarded, whatever its actual effect, as being incompatible with integrity and objectivity.
Mr. Sarosh Karani
Sarosh Karani, a Chartered Accountant, started his career in 1976, teaching accounting and the allied fields of costing, taxation and auditing at Emcoms, then associated with the Institute of Cost and Works Accountant of India. In 1982, when teaching at a college affiliated with the Bombay University, conceptualized the move to Public Accounting and founded the Firm in 1982.
Sarosh provides auditing and tax services to the manufacturing, newspaper and leisure industry and the service sector. He specializes in the incorporation of companies, amalgamations, mergers and acquisitions, assists and counsels on the liquidation of Companies and advices on the establishment of businesses in India.
Sarosh is a graduate from Bombay University and is a member of the Institute of Chartered Accountants of India. He has lectured for over a decade, on various subjects in the accounting and tax fields.
Mr. Krunal N. Karani
Mr. Krunal N. Karani, born in 1991, is an Associate Member of The Institute of Chartered Accountants of India. He has been associated with M/s. S. N. Karani & Co. since his internship, and has to his credit, considerable experience in the field of Accountancy, MIS, Audit, Taxation,Company Law Matters, Financial Services, etc. He is a first-class commerce graduate from Mumbai University, having done his graduation from Narsee Monjee College of Commerce and Economics in the year 2012. He has also successfully completed D.I.S.A. (ICAI) in the year 2016. He presently handles assignments relating to statutory audits of corporates, tax audits, statutory bank branch audits, routine tax compliances, representational services before taxation authorities, audits of leading newspapers as per Audit Bureau of Circulation’s Guidelines, etc.