This Issue - Icwai

The 

Management Accountant 

Official Organ of the Institute of Cost and Works Accountants of India established in year 1944 

(Founder member of IFAC, SAFA and CAPA) 

Volume 46 � No. 9 � September 2011 

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EDITORIAL 

PRESIDENT’S COMMUNIQUE 

Cover Article 

Risk Management in Hospitality Industry—Role 

of CMAs by P.K. Sinha & Sanchari Sinha 

Hospitality Industry, Hospitality Management 

and Role of CMA to develop them 

by Ashoke Kumar Bothra 

Role of CMAs towards Hospitality Management 

in Hospitality Industry by Swapan Kumar Roy 

Multidimensional Role of CMAs in Effective 

Hospitality Management by Sachindra GR 

Role of CMAs in adapting Contemporary 

Techniques in Hospitality Management 

by P. Lakshmi 

Managerial Accounting in the Hospitality Industry— 

An Overview by Sujit Kr. Roy & Pallab Pyne 

CMAs in Hospitality Management by Vinay Tandon 

Cost Accounting 

Application of Activity Based Costing for Health 

Care Industries by P. Saravanan & N. Sivasankaran 

Integrating Target Costing with Supply Chain 

Management : A Strategic Perspective 

by Rajat Gera & Barnali Chaklader 

Project Management 

Preparing the Basis of Estimate for a Project 

by Subir Chakrabarty 

Capital Market 

ETF : In Indian Market 

by Madhavi Lokhande & Shruti Manisha 

Income Tax 

Tax Titbits by S. Rajaratnam 

C O N T E N T S 

Inside 

This Issue 

IDEALS 

THE INSTITUTE STANDS FOR 

❏ to develop the Cost and Management Accountancy profession ❏ to develop the body of members and properly 

equip them for functions ❏ to ensure sound professional ethics ❏ to keep abreast of new developments. 

The contents of this journal are the copyright of The Institute of Cost and Works Accountants of India, whose 

permission is necessary for reproduction in whole or in part. 

The Management Accountant |September 2011 727 

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Financial Accounting 

Impairment in IFRS—A Process of Evaluating 

Business by Shantonu Moitra 

Financial Management 

Industrial Sickness in India : Magnitude and 

Intensity by Dilip Kumar Datta 

Economic Matters 

Black Money in parallel existence with legitimate 

economy by V. Gopalan 

Indirect Taxation 

Taking the horse to the water : Refunds run thin 

at the tax credit trough by P. Ravindran 

Merger and Acquisition 

International Merger and Acquisition : An Overview 

on the Cultural Clash 

by S. M. Salamat Ullah Bhuiyan, Mohammed 

Shahedul Quader & Shanto Banik 

Legal Education 

Legal Education in India—How far the Second 

Generation Reforms will meet the Global 

Challenges by K P C Rao 

ICWAI News 

Admission to Membership 

ICWAI News 

Best Cost Management Practices Adopted 

For Attention of Practising Members 

Guidelines for Payment of Membership Fee at 

Reduced Rate 

Management Development Programmes 2011-12 

Exam Notification

ICWAI ICWAI UPDATES 

UPDATES 

PRESIDENT 

M. Gopalakrishnan 

email : president@icwai.org 

VICE PRESIDENT 

Rakesh Singh 

email : vicepresident@icwai.org 

COUNCIL MEMBERS 

Amit Anand Apte, A. Om Prakash, 

Aruna Vilas Soman, A.S. Durga Prasad, 

Dr. Sanjiban Bandyopadhyaya, Hari Krishan Goel, 

Manas Kumar Thakur, P.V.S. Jagan Mohan Rao, 

Pramodkumar Vithaldasji Bhattad, Sanjay Gupta, 

S.R. Bhargave, Suresh Chandra Mohanty, 

T.C.A. Srinivasa Prasad 

Senior Director (Examinations) 

Chandana Bose 

exam.cb@icwai.org 

Senior Director 

(Administration & Finance) 

R N Pal 

fna.rnpal@icwai.org 

Director (Technical) 

J. P. Singh 

technical.jps@icwai.org 

Director (Studies) 

Arnab Chakraborty 

studies.arnab@icwai.org 

Director (CAT), (Training & Placement) 

L. Gurumurthy 

cat.gurumurthy@icwai.org 

Director (PD) 

J. K. Budhiraja 

pd.budhiraja@icwai.org 

Director (CEP) 

D. Chandru 

cep.chandru@icwai.org 

Director (Discipline, Membership & Legal) & Joint Secretary 

Kaushik Banerjee 

membership.kb@icwai.org 

Director (Advanced Studies) 

Dr. Alok Pandey 

advstudies.alok@icwai.org 

Director (F & A) 

S. R. Saha 

fna.saha@icwai.org 

Sr. Additional Director (Admin) 

S. C. Gupta 

admin.gupta@icwai.org 

EDITOR 

Rajendra Bose 

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competencies drawn from the integration of 

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VISION STATEMENT 

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and professionals for the financial 

leadership of enterprises globally.’’ 

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and do not necessarily represent the views 

and should not attributed to ICWAI. 

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728 The Management Accountant |September 2011

Indian travel 

and tourism sector 

is the third 

largest foreign 

exchange 

earner 

EDITORIAL 

EDITORIAL 

People, since time immemorial, have always looked for opportunities to get out of their monotonous and mundane 

life for seeking leisure. In earlier days, when life was not very complex and relatively hassle free, people had 

some free time at their disposal to indulge in leisurely pursuits – be it dining outside or travelling to see places 

of interest. Today, with life style becoming increasingly complex, need is felt all the more to take a break from 

hectic schedule and fly to some exotic destination or go on a cruise on a pleasure voyage where the cruise/ 

voyage itself and the amenities in the ship are a part of fabulous holidaying. This is what is called as ‘Hospitality’ 

which, according to Oxford dictionary means “the reception and entertainment of guests, visitors or strangers 

with liberality and goodwill”. One must remember that hospitality is not merely confined to eating outside 

(restaurants/eating joints) or travelling (railway/airline/ship) or lodging (hotel) but it encompasses all such 

activities/fields as theme parks, clubs, resorts, casinos, all recreational markets, stadiums, amphitheatres etc. 

‘Hospitality’ is the corner stone of such activities which, in the western world, is associated with etiquette and 

entertainment. 

The hospitality industry is one of the most exciting and challenging industry with enormous growth potential. 

It is a multi billion industry worldwide and India is not lagging far too behind if foreign exchange earnings are 

an indicator as Indian travel and tourism sector is the third largest foreign exchange earner accounting for 

almost 6% of the GDP. It also makes a direct contribution to economy with significant linkages to agriculture, 

horticulture, handicrafts and construction. The hospitality industry went into a tail spin during 2007-08; thanks 

to the sub- prime crisis in US which left a scar on the economy of some of the most powerful nations though it 

had not impacted India to a major extent. The Indian tourism industry is now witnessing exponential growth 

and it has outperformed the global tourism industry in terms of growth in the volume of international tourists 

as well as in terms of revenue. The key driver for this growth in Indian tourism industry has been a fast 

growing economy for the last 2-3 years. Despite lagging in the basic infrastructure that supports the tourism 

industry; Indian tourism sector has been showing an impressive double digit growth. The government, of late, 

having fully realized the potential that this sector offers, has been investing in infrastructure such as transport 

and accommodation with a view to sustaining this growth. 

The hotel industry alone comprises a major chunk of the tourism industry. Historically viewed as an industry 

providing a luxury service valuable to the economy only as a foreign exchange earner, the industry today 

contributes directly to employment and indirectly facilitates tourism and commerce. Prior to the 1980’s, the 

Indian hotel industry was a slow growing industry displaying very sluggish growth rate consisting primarily of 

relatively static single hotel companies. However, the Asiad held in New Delhi in 1982, the world cup cricket 

(Reliance cup) held in India in 1987 and the subsequent partial liberalization of the Indian economy generated 

tourism interest in India with significant benefits accruing to the hotel and tourism sector in terms of improved 

demand patterns. With liberalization of the Indian economy in the early nineties, more foreign tourists started 

visiting India and this euphoria of the nineties continued unabated in the last decade which prompted new 

entrants and international chains to chalk out ambitious capacity additions, especially in the metropolitan cities. 

The government has allowed FDI up to 100% under the automatic route in townships, housing, built-up 

infrastructure and construction-development projects (which would include, but not be restricted to, housing, 

commercial premises, hotels, resorts, hospitals, educational institutions, recreational facilities, city and regional 

level infrastructure). However, most of these efforts were directed towards the business travellers and the 

foreign clientele. The urban Indian today, with high disposable income and frequent travel abroad for business 

or pleasure has been the order of the day. With the advent of IT/ITES/BPO/KPO’s, the traffic to India has 

increased by leaps and bounds which has given further impetus to the growth of tourism industry. 

CMA’s by virtue of their analytical skills and strong conceptual knowledge on subjects like Management 

Accounting, Operations Research etc can play a significant role in this sector not merely by application of 

traditional techniques of Cost Accounting like Zero Base Budgeting, Activity Based Costing, Cost Volume Profit 

analysis, Standard Costing, Inventory Management, Just In Time etc but also by application of OR techniques 

like Linear Programming, Queuing Theory, Simulation etc. They are the ones who evaluate operational efficiency 

and effectiveness of service management, identify accountability for variance analysis and help in strategic decision 

making. Typically, the CMA’s decision making in the hospitality sector can be: 

● The hotel swimming pool currently closes at 10.00 P.M. Would we sell more if the bar near the swimming pool 

remains open 24x7 ? They will also have to employ additional manpower to take care of the guests during the 

night time. 

● Would it be prudent to acquire land very near to the sea for building a resort or to take a bigger land at a place 

little away from the sea shore. 

● Will it pay to introduce an additional flight with no Business class to a certain destination or to reserve 20% of 

the seats for Business class and operate one single flight in a day? 

The above are some of the key issues which would require the expert opinion of CMA’s who can establish 

guidelines and benchmarks for long term profitability and viability of the organization. The present issue contains 

a number of interesting articles on this subject which I am sure, the readers will find useful and enriching. 

Editorial 

Editorial 

Editorial 

Editorial 

Editorial 

The Management Accountant |September 2011 729

M. Gopalakrishnan, President 

PRESIDENT’S PRESIDENT’S COMMUNIQUÉ 

COMMUNIQUÉ 

We must become the change we want to see. 

—Mahatma Gandhi 

Dear Professional Colleagues, 

Progress of any nation depends on the way the country’s governance aligns with the 

social and economic environment, with the capability to support each other. The 

systems established by good practices of the past, reinforced by legislative support 

enables the three to function complementing each other. Deviations from the set norms 

are capable of affecting the nation’s fabric including the common public in a myriad 

ways. Professionals like us, help the Government to flag any deviation from the norms 

and extend help in retuning the system in areas where we have domain specialization. 

Making the country’s governance system robust is an issue, which has been a key 

area of concern for the Government in the recent past. This issue has been addressed 

in many areas like Corporate Law administration, through the introduction of egovernance. 

It is necessary for extending it to all the key areas, affecting the trade, 

commerce and public, so that the physical interface, frequent follow up visits, deliberate 

delays, file pile and unnecessary litigation are avoided. As a profession professing 

managing costs, we have been strongly advocating e-governance as a major means 

by which the Governments can showcase their strong will on this matter to the public. 

Shri Amit Mitra, the Finance Minister of West Bengal, has made a silent revolution in 

his landmark State Finance Bill, 2011, presented to the State Legislature of West Bengal, 

through various bold administrative measures, by going the IT way and avoiding the 

avenues for delays and the resulting consequences. It is a showcase model which can 

be emulated by various authorities, who have not yet started adopting it. 

We need to look at other areas requiring improvement also. On this aspect, we must 

focus on basic necessities like water, sanitation, power, education and health. In 

addition, the recent reports point out that economy may not grow at the expected 

rates of more than 8.5% p.a. This requires tightening of belt and judicious application 

of scarce national resources. On this aspect, I am sure the members of ICWAI will 

provide the leadership to control the monster of inflation and other issues plaguing 

the purportedly slowing national economy, with their focused approach towards 

resource consumption. 

We know that ICWAI community has always been on the forefront in providing their 

services to the nation with sincerity and dedication. I urge my professional colleagues 

to reinforce the confidence reposed in them by public and corporates at large about 

the reliability of their work and skills 

As a knowledge management institution, I complement all our faculties on the occasion 

of Teacher’s Day, for the dedication with which they have been serving the profession, 

in shaping the future cost and management accountants. The major increase in the 

intake to the course, showcases the value added role they play in building the future 

of the profession. 

Events and meetings during the month 

In the month of August, 2011 myself and Vice President concentrated on meeting 

various dignitaries who play a key role in domestic and international arena, in shaping 

not only the country’s economy but also laying down a new path for nations to follow. 

We met Shri. V. Krishnamurthy, Chairman, National Manufacturing Competitiveness 

Council (NMCC) and Dr. M Govind Rao, Member, Economic Advisory Council to 

Prime Minister and Director, NIPFP respectively at New Delhi on 3rd August, 2011 to 

discuss the various key issues relating to the profession. We also met Dr C. Rangarajan, 

Chairman Economic Advisory Council of the Prime Minister and appraised him of 

the services rendered by the Institute . We appraised him of the various professional 

activities of the Institute. He evinced keen interest on the Management Accounting 

Guidelines published by the Institute. 


PRESIDENT’S PRESIDENT’S COMMUNIQUÉ 

COMMUNIQUÉ 

Ms. Jessica Fries, Director, The Prince’s Accounting for 

Sustainability Project, London and Secretary, International 

Integrated Reporting Committee (IIRC) visited New Delhi. 

ICWAI team consisting of Mr. Rakesh Singh, Vice President; 

Mr. Sanjay Gupta, Chairman, WTO and International 

Committee; Mr. A N Raman, President, SAFA; Mr. Sudhir 

Sharma, Joint Director (Technical) and myself discussed 

the various issues concerning our position with respect to 

Integrated Reporting on 9th August, 2011. Next day Ms. Fries 

met senior officers in Ministry of Corporate Affairs (MCA) 

alongwith the ICWAI delegation led by me. 

Name Change of the institute is receiving the utmost 

attention of the Council of ICWAI. To continue the strategy 

for the future, the members of the Council held a special 

Meeting on 12th August, 2011 at New Delhi participated by 

some of the past presidents of the Institute also. The meeting 

passed an unanimous resolution to intensify the work for 

the change of name from ICWAI to to ICMAI. A delegation 

of Council members of the Institute met Dr. M. Veerappa 

Moily, Hon’ble Union Minister of Corporate Affairs and 

apprised him of the sentiments of lakhs of students and 

members of the ICWAI on the issue. 

I am pleased to inform ICWAI has submitted its Action 

Plan to IFAC and become the first CMA institute in the 

SAFA member bodies in the region to do so. The response 

of ICWAI is hosted on the website of the IFAC. The IFAC 

also commended the dedication and efforts with which the 

Institute has come out with the final document 

Myself along with the Vice President visited Ahmedabad 

for inaugurating the new Chapter building built with state 

of the art modern facilities for class rooms, conference room 

etc. I commend the chapter for creating such an excellent 

facility, which will be a role model for other chapters to 

follow. The chapter also organized a seminar on the new 

cost audit record rules and notifications. 

I had the proud privilege of hoisting the National Flag at 

our Institute Headquarters at Kolkata on the Independence 

Day. It was followed by an interactive meeting at EIRC. 

Smaller chapters are doing excellent work in strengthening 

the infrastructure of the Institute. I was happy to participate 

in the ceremony for laying the Foundation Stone of Thrissur 

Chapter on 17th August, 2011. 

Hyderabad Chapter organized a Seminar on New Cost 

Accounting Records and notifications which was attended 

by large number of delegates from the Industry and practice. 

The chapter also organized a meet with the CFO’s from 

large corporates which was well attended. It gave an 

opportunity to interact on professional issues and also to 

express our views on the benefits of the new rules vis-a-vis 

the old . We are planning to have many more such meets at 

different places and network with the top brass of the 

corporates which will provide us an opportunity to 

understand the challenges being faced by them and proper 

guidance where required from the Institute. 

On 23rd August, 2011 myself and Vice President, ICWAI 

shared ICWAI views on the status of progress on Investor 

Awareness Programmes in a joint meeting at Ministry of 

Corporate Affairs presided over by Secretary, MCA with 

other Partner Institutes. I request my fellow members and 

officials at Regional Councils, Chapters and ROCCs of 

ICWAI to organize maximum programmes at small centers 

throughout the country. This is also an opportunity to let 

the public know of the work by ICWAI for a common social 

cause. 

Launching of Co-branded Credit card by PNB & ICWAI 

I am happy to share with you that our Institute has entered 

into a MOU with Punjab National Bank (PNB) during May 

2011 in the matter of introducing a co-branded credit card 

for members of the Institute. This Co-Branded Credit Card 

was launched at a colourful function organized by PNB 

on 24th August 2011 at Bengal Club, Kolkata which 

was presided over by Shri K.R. Kamath, CMD PNB 

and Shri Satish Kaushik, Circle Head, PNB. I was joined 

by my colleagues in the Central Council Dr. Sanjiban 

Bandyopadhyaya, Shri T.C.A. Srinivasa Prasad and Shri 

Manas Kumar Thakur for the event. Shri R.N. Pal, Sr. 

Director (F & A) and other senior officials of the Institute 

were also present at this function. 

Cost Accounting Standards Board 

The Cost Accounting Standards Board Secretariat has 

prepared a revised Guidance Note on Cost Accounting 

Standard -4 (CAS-4). This note has been exposed for the 

public comments. The proposed Exposure Draft shall be 

modified in light of comments received before being issued 

in the final form. I request all of you to please submit your 

views/comments/suggestions on the same latest by 

October 10, 2011 to the CASB Secretariat. I also request the 

members to send their views on the Generally Accepted 

Cost Accounting Principles, which has been already 

exposed for public comments. 

Professional Development Activities 

Constitution of National Task Force on CARR & CAR 

I am glad to inform the members that the Institute has 

constituted a National Task Force (NTF) for actively 

pursuing the matters related to new notifications issued by 

the Cost Audit Branch, Ministry of Corporate Affairs 

relating to modified procedure of appointment of cost 

auditor, Cost Accounting Records Rules and Cost Audit 

Report Rules. The NTF consists of Past Presidents of ICWAI, 

many of whom were part of the Expert Group and it would 

deliberate upon all the recently issued orders/notifications. 

The mandate of NTF is to provide an action plan to 

the Council to ensure that the intent & objects of the 

notifications are clearly propagated. To address the queries 

relating to said notifications, the NTF constituted a 


PRESIDENT’S PRESIDENT’S PRESIDENT’S COMMUNIQUÉ 

COMMUNIQUÉ 

COMMUNIQUÉ 

“Technical Cell” and the Institute has invited through 

its website queries from members on The Companies 

(Cost Accounting Records) Rules, 2011 (CARR) & The 

Companies (Cost Audit Report) Rules, 2011 (CAR). The 

queries in this may be directly addressed to Shri J.K. 

Budhiraja, Director (Professional Development) at email: 

pd.budhiraja@icwai.org. The queries received from 

members and industry will be addressed by the Institute 

by an updated Frequently Asked Questions (FAQ) through 

its website. I request respondents to the email groups not 

to provide any new interpretation on CARR & CAR other 

than that provided by the Institute in FAQs as it may lead 

to wrong interpretation of the notifications. 

Further, for imparting proper training and to upgrade the 

technical skills of our members in the industry and inpractice, 

the Institute Head Quarters in association with 

Regional Councils/ Chapters and local trade associations and 

chambers of commerce is going to conduct joint seminars/ 

workshops on CARR & CAR soon. Many seminars and 

workshops are being held regularly and I also request them 

to organize study circle meetings also. I urge all Regional 

Councils/Chapters to conduct joint programmes and send 

the proposed list of such programmes to the Professional 

Development Directorate. Such programmes will also be 

available through webinars in future. 

Directorate of Advance Studies 

The Advance Studies Directorate has been working on the 

operational modalities and technicalities related to the post 

qualification courses announced for the members. The 

Directorate proposes to launch these programs by October, 

2011. All the three courses are designed as per the industry 

requirements. The directorate is also exploring the 

possibility of designing a course delivery mechanism jointly 

with reputed management institutions, based on the domain 

specialization of such institutions. 

CEP Directorate 

Programmes held during the month of August, 2011 

are as follows : 

1. Programme on Management of Taxation-Service Tax, 

VAT, Excise & Customs, TDS and Proposed GST & 

DTC held during 3-5 August, 2011 at Kolkata. 

2. Certificate course for three months duration (4 July – 

23 Sept., 2011) on the topic Finance, Accounting, 

Costing, 

Project and Contract Management, is being run at our 

office for Indian Navy. 

3. A programme on Finance and Accounts, 8-12 august, 

2011 for NHAI at Jaipur. 

4. Two programmes held at Madurai ‘Advance Tax, TDS 

& Tax Planning and Finance for Jr. Finance and AOs 

and Non Executives (Fin)’ during 9-12 August, 2011. 

5. A Seminar on Cost Accounting Standards held at 

Chennai on 12th August, 2011. 

6. Seminar on Proposed DTC and GST held at New Delhi 

during 18 & 19 August, 2011. 

7. 2nd batch of IFRS Certificate course held at Hyderabad 

during 24-28 August, 2011. 

8. A programme on Contract Management held on 29th 

August, 2011 for Lanco Power, Gurgaon. 

The Institute with Ministry of Corporate Affairs organized 

three programmes on XBRL at Delhi on 24th August, 2011, 

at Kolkata on 26th August, 2011 and at Chennai on 30th 

August, 2011. The same programmes are being held at 

Bangalore on 3rd September, 2011, at Hyderabad on 6th 

September, 2011. The program at Hyderabad would be 

webcast and Regional councils and Chapters across will be 

relaying this for the benefit of members .We propose to 

have National Seminar on XBRL during the first week of 

October, 2011 at Chennai . 

Proposals for organising programmes were submitted to : 

● M/o Railways for International programme 

● Indian Air Force for one month course. 

● Delhi Jal Board 

● ONGC for IFRS Programme 

Examination Results 

The results of the Institute examinations held in June 2011 

have been declared and I congratulate the successful 

candidates who have passed. I urge the others to work hard 

for better results in the ensuing examination. I also 

congratulate the rank holders in the examination. 

My best wishes to members and their families for the 

festivities of Akshaya Teej, Ganesh Chaturthi, onset of 

Navratris in the month of September, 2011. 

With regards, 

(M Gopalakrishnan) 

President, ICWAI 

2nd September, 2011 


COVER COVER ARTICLE 

ARTICLE 

Hospitality Industry : An Insight 

Overview 

● The Indian hotel industry was estimated at USD 

17 billion at the end of 2010. Of the total revenue, 

nearly 70% is contributed by the unorganized sector 

and the remaining 30% comes from the organized 

sector. The hotel industry is estimated to grow at a 

CAGR of around 15% over the next five years. 

● The share of hotel and restaurant sector in the 

overall economy is still below 2%. For the last five 

years the total contribution of the hospitality sector 

has remained stagnant. Although the overall share 

increased from 1.46% in 2004-05 to 1.69% in 2007-08, 

after the phase of economic meltdown in US the total 

share again decreased to 1.45% in 2009-10. 

● According to Economic Survey of 2010-11 the 

average annual growth rate of hotel and restaurant 

sector has been 8.8% for the period 2005-06 to 2009– 

10. However, last two years have not been quite 

pleasant for the sector as growth faltered badly. 

● Till five years ago, the sector was registering a 

growth of around 15% but slowdown in the economy 

has affected the growth prospects of the sector badly 

and the growth rate has dropped to single digit level. 

● The sector registered negative growth (–3.41%) 

in 2008–09 over the year 2007–08, which was due to 

adverse global economic conditions in this year. But 

the sector is back in the positive growth territory and 

clocked a growth of 2.2% in 2009-10. 

Annual growth rate (%) 

Segment 2005-06 2006-07 2007-08 2008-09 2009-10 

Hotels & 

Restaurants 17.5 14.4 13.1 –3.4 2.2 

Source : Economic Survey 2010-11 

Sector Status 

● Several studies have highlighted the demandsupply 

gap in hotel rooms in India. Majority have 

estimated a gap of 1,50,000 hotel rooms. A greater 

need is being felt in the mid-market and budget hotels 

segment in which a shortfall of around 1,00,000 rooms 

Risk Management in Hospitality 

Industry—Role of CMAs 

P.K. Sinha* 

Sanchari Sinha** 

is estimated. Since the construction of hotels is capital 

intensive with a long gestation period, the government 

is making efforts to stimulate investments in this 

sector and speed up the approval process to attract 

private sector investments. 

● It is estimated that the room demand in the 

premium segment hotels in 10 major cities in India 

increased by around 5% since the past year. The room 

demand in India is expected to grow by approximately 

10% over the next five years. 

● According to the statistics by World Travel and 

Tourism Council, India ranks 18th in business travel 

and will be among the top 5 in this decade. With such 

growth, sources estimate, demand is going to exceed 

supply by at least 100% in coming years. 

Number of Hotels — 2010 

Hotel categories No. of Hotels No. of Rooms 

5 star deluxe/5 star 165 43,965 

4 Star 770 13,420 

3 Star 505 30,100 

2 Star 495 22,950 

1 Star 260 10,900 

Heritage 70 4,200 

Uncategorized 7,078 — 

Total 

Source: FHRAI 

8,707 1,32,885 

● Although organized sector contributes only onethird 

of revenue of the overall revenue of the industry, 

several well known hotel chains have lined up 

aggressive expansion plans for India. 

● The foremost contribution of the organized hotel 

industry comes from 5 star hotels. Despite a dip in 

* M.Com, LLB, ACA, FICWA, ACIS (London), ACS, Post 

Graduate in Management Accounting (ICA) and Ph.D. 

in Management; Director, Zeal Institute of Management 

& Computer Applications, Pune. 

** MBA, Symbiosis (Pune), an M.Sc.(Econ) U.K.; 

Research Associate in an International Consulting Firm 

in Pune 


the year 2009, average growth rate of 8% augurs well 

for the hotel industry. 

● Currently, the industry is adding about 60,000 

quality rooms which are in different stages of planning 

and development and should be ready by 2012. 

● An upward trend in the growth of the overall 

hotel sector is expected in the next few years, whereby 

the industry is expected to grow to USD 36 billion by 

2018. 

Operating performance 

● The hotel industry in India is recovering from 

the blows it suffered in 2008, first due to financial 

meltdown in America in September and later due to 

terrorist attack on the two 5-Star hotels—Taj and 

Oberoi in Mumbai. 

● The onset of the global economic slowdown had 

a greater impact on the profitability of the sector 

determined by the occupancy rate. The occupancy rate 

came down from 69% in 2007-08 to 60% in 2008-09. It 

was hovering above 71% before the incidents. Average 

room rates (ARRs) saw a marginal decline of about 

2% during that time. As the occupancy rates were 

badly hit, overall revenue per room (RevPAR) fell by 

14% in 2008-09. 

● The swine flu outbreak in 2009 further eroded 

the profitability. ARRs fell 25% and ORs plunged to 

53% in the first half of 2009-10. By then, hotels were 

doling out generous discounts in a bid to fill up their 

rooms even as RevPARs declined by 30-40%. 

Nationwide performance 

Year Occupancy % change Average %change Revenue %change 

Rate Room Rate Room 

2005-06 71.5 3.6 Rs 5,444 26.6 Rs 3,892 31.2 

2006-07 71.4 –0.1 Rs 7,071 29.9 Rs 5,049 29.7 

2007-08 68.8 –3.6 Rs 7,989 13.0 Rs 5,496 8.9 

2008-09 60.3 –12.4 Rs 7,837 –1.9 Rs 4,726 –14.0 

2009-10 65.0 7.8 Rs 6,426 –18.0 Rs 4,177 –11.6 

2010-11 68.0 4.6 Rs 6,800 5.8 Rs 4,624 10.7 

Source : HVS 


ARTICLE 

● After 3% decline in 2009, foreign tourist arrivals 

(FTAs) to India saw a heartening 9.3% increase during 

2010. The inflows of tourists continued in 2010-11. As 

a result, ARRs have increased by 10-15% in the past 

one year. The RevPAR increased to Rs 4,624 but still 

is way short of the revenue clocked by hotels in the 

year prior to the crisis. 

● Of the 60,000 rooms that are due for opening by 

2015, Pune, Chennai, Bangalore and Delhi are likely 

to see maximum increase in supply. 

Financials 

● In 2011-12 demand revival and occupancy rates 

will result in higher profits for the hospitality sector : 

Revenues Net Profit E V/E B I D T A 

(Rs crore) (Rs crore) (X) 

FY’ FY’ FY’ FY’ FY’ FY’ FY’ FY’ FY’ 

10 11E 12# 10 11E 12E 10 11E 12E 

Indian Hotels 2457 2985 3633 –137 86 274 23 18 12 

EIH 845 1144 1363 66 69 161 27 20 15 

Taj GVK Hotels 228 266 315 26 45 59 13 8 6 

Hotel Leelaventure 430 540 769 41 56 81 35 22 14 

Source: Bloomberg 

Hotels — classification 

Presently there are 1,593 classified hotels with a 

capacity of 95,087 rooms in the country. The hotel 

sector comprises various forms of accommodation — 

star category hotels, heritage category hotels, 

timeshare resorts, apartment hotels, guest houses, and 

bed and breakfast establishments. Based on this the 

hotels in India are classified into the following 

segments : 

I. Star rated hotels (5 Star and Star Deluxe) 

● Mainly situated in the business districts of metro 

cities and cater to business travelers and foreign 

tourists. 

● Considered to be very expensive and account 

for about 30% of the industry. 

● Star hotels are further classified into six categories : 

Five Star Deluxe, Five Star, Four Star, Three Star, 

Two Star & One Star 

(a) Five Star Deluxe & Five Star : These are restricted 

to the four metros and some major cities like 

Bangalore and Hyderabad. The customers of these 

hotels are mostly foreign business and leisure 

travelers, senior business executives and top 

government officials. 

(b) Three Star & Four Star : These are located in all 

major cities as well as tourist destinations. Their 

customer group ranges from mid-level business 

executives to leisure travelers. 

(c) One Star & Two Star : These are located in 

major cities as well as in small cities and other tourist 

destinations. Their customers usually include the 

domestic tourists. 

● Major players in this segment are Taj, Welcome 

Group, EIH and Oberoi. Apart from Indian players 

some of the international hotels also have their 


presence in this segment. These include, Best Western, 

Choice hotels, Bass Hotels, Park Plaza and Carlson 

Hospitality. 

● Room supply in the 5-Star segment has grown at 

5% CAGR over the past decade while the 3 and 4 Star 

categories have grown at 6% and 8% CAGR, 

respectively, during the same period. 

II. Heritage hotels 

● Characterized by less capital expenditure and 

greater affordability and include running hotels in 

palaces, castles, forts, hunting lodges, etc. 

● Further classified as Heritage Classic (hotels built 

between 1920 and 1935), Heritage Grand (hotels built 

prior to 1920) and Heritage (hotels built between 1935 

and 1950). 

III. Budget hotels 

● Cater mainly to domestic travelers who favor 

reasonably priced accommodations with limited 

luxury. 

● Characterized by special seasonal offers and good 

services. 

IV. Unclassified hotels 

● Low-priced motels spread throughout the 

country. 

● A low-pricing policy is their only selling point. 

● This segment accounts for about 19% of the 

industry. 

V. Resorts and Clubs 

● Located at the outskirts of city—could be from 

premium to budget category. 

VI. Restaurants 

● Food chains and outlets set up in India. They are 

usually by international chains like Dominos, 

Espresso, Pizza Hut and McDonalds. 

Key players 

Company 

Indian Hotels 

ITC Welcomgroup 

EIH 

Carlson 

Inter Continental 

Source : IBEF 


ARTICLE 

Type of properties 

Luxury, mid-segment 

and budget 

Luxury, budget and 

heritage hotels 

Business hotels, leisure 

hotels and cruises 

Luxury, business hotels, 

economy and cruises 

Luxury, mid-segment 

and business hotels 

Brands 

Taj, Gateway, Vivanta and 

Ginger 

ITC Hotel—Luxury 

Collection, Welcom Hotel 

—Sheraton, Fortune and 

WelcomHeritage 

Oberoi and Trident 

Radisson Hotels and 

Resorts, Park Plaza, 

Country Inns & Suites, 

Park Inn 

Inter Continental, Crowne 

Plaza, Holiday Inn, Holiday 

Inn Express, Hotel 

● In the Indian hospitality industry the major 

players are Indian Hotels, EIH, ITC hotels, Hotel Leela 

Ventures, Bharat Hotels and Asian Hotels, ITDC and 

Orient Hotels Ltd. 

● The booming industry has attracted many 

international players as well. A number of global 

players are already well established in India. These 

include Hilton, Shangri-La, Radisson, Mariott, 

Meridian, Sheraton, Hyatt, Holiday Inn, Inter 

Continental and Crown Plaza. 

● The country has been flooded by some of the 

world’s leading hotel brands. New brands such as 

Amanda, Satinwoods, Banana Tree, Hampton Inns, 

Scandium by Hilt and Mandarin Oriental are planning 

to enter the Indian hospitality industry in joint 

ventures with domestic hotel majors. 

International Hotel Brands 

Brand No. of hotels Target date 

Carlson 50 2012 

Four Seasons 6 2012-13 

Starwood 15 2012 

Hyatt 10 2012-13 

Marriott 24 2012 

Wyndham 50 2011 

Hilton 75 2015 

Intercontinental 41 2012 

Fairmont Raffles 15 2012-13 

Accor 44 2012 

Source : Business Standard 

Latest trends 

Investment in smaller cities 

● Rising business and leisure travel to smaller cities 

such as Udaipur, Thiruvananthapuram, Bhubaneswar, 

Pune, Kochi and Chandigarh have increased 

demand for quality hotel rooms in these cities. 

Hospitality chains are expected to increase their 

presence in smaller cities to leverage this opportunity. 

There are plans for a suitable project mix (more 

budget/business hotels compared to luxury hotels) 

for these cities. For instance, Carlson has announced 

its plans to set-up mid-segment hotels in Tier II and 

Tier III cities. 

Diversification into new segments 

● Many hospitality chains that were earlier focused 

only on the luxury segment are now diversifying into 

new product segments, such as budget hotels and 

serviced apartments, in order to reduce risks. 

● IHCL has already launched budget hotels in 

India, while Accor has announced plans to introduce 

its budget hotel brand, Formule1, in the country. 



ARTICLE 

● Hotel chains are diversifying into niche segments 

such as medicities, wildlife lodges and spas to 

establish additional revenue generation streams. 

These segments also help hotel chains retain 

customers and provide them with value added 

services. For instance, IHCL operates wildlife lodges 

under the brand Taj Safari, a JV between IHCL and 

Beyond, an Africa-based safari and ecotourism 

company. ITC-Welcomgroup and IHCL operates spas 

at some of their luxury properties. 

Regulations & Taxation 

● In the Hotel Industry Sector, Foreign Direct 

Investment (FDI) has been permitted up to 100% 

under the automatic route. For foreign technology 

agreements, automatic approval is granted if : 

1. Up to 3% of the capital cost of the project is 

proposed to be paid for technical consultancy 

services. 

2. Up to 3% of the net turnover is payable for 

franchising and marketing/publicity fees. 

3. Up to 10% of gross operating profit is payable 

for management fees including incentives fees. 

Tax Holiday 

● A deduction of an amount equal to 100% of the 

profit and gain for the first 5 consecutive years to an 

undertaking deriving profits from the business of a 

hotel or from the business of building, owning and 

operating a convention centre, in specified areas, if 

such hotel/convention centre is constructed and has 

started or starts functioning before July 31, 2010. 

● A deduction of an amount equal to 100% of the 

profit and gain for the first 5 consecutive years to an 

undertaking derived profit from the business of a hotel 

located in the specified district having a World 

Heritage Site—if such a hotel is constructed and has 

started functioning before March 31, 2013. 

Challenges—Opportunities for Growth 

The following table highlights the challenges to the 

hospitality sector in India, which will serve as 

opportunities for growth : 

Source: Critical Issues Facing Indian Hospitality, An HVS 

White Paper, HVS Hospitality Services, January 2009 

Hospitality Industry : Risks & Risk Management 

Strategies—Role of CMAs 

● Hospitality industry, which depends entirely on 

the services it offers, should be able to identify and 

manage its risks effectively. 

● There are many functions in the hotel industry 

which involve use of chemicals and hazardous 

materials (dry cleaning, LPG and HSD storage, plating 

and polishing). Food contamination and environmental 

releases are some of the other hazards 

associated with hotel operations. 

● While control of physical risks is important, 

liability with respect to services provided should not 

be overlooked. Considering that a large number of 

guests are from overseas, there is an urgent need to 

look at liability from all angles and adequate control 

measures need to be taken. 

● A risk spectrum highlighting key risks associated 

with hotel operations is depicted in the following 

figure : 

Source : Cholamandalam MS Risk Services, Risk 

Assessment—Hotel Industry, The CMSRSL Approach 

● Lack of understanding, coupled with inadequate 

basic management controls over key business risks 

has been the root cause of many failures that have 

been witnessed in the past in hotel operations. Thus, 

effective risk management is critical to the hospitality 

industry. 

● Risk assessments, increasingly used by international 

as well as large industrial operations, involves 

timely identification of significant risk and its 

evaluation to determine the type and level of control 

that should be established to result in an acceptable 

level of risk to the business. 

● Hazards should be identified. This identification 

process yields a large number of risk events. In order 

to prioritize the action in dealing with significant risks, 

a consistent method is required to evaluate each one. 

● The consequence, likelihood and exposure of 

each hazard are arrived at using a systematic 

approach. This will help to determine the relative 

importance of hazard and focus on significant risks. 



ARTICLE 

For combining consequence, likelihood and exposure 

of hazard, CMAs help companies by designing risk 

calculators. 

● The risk calculator allows comparison of several 

types of risks on the same scale including individual, 

societal, economic, health, and environmental risks. 

● CMAs help organizations in developing a privacy 

strategy which should be at the top of every chief 

executive’s risk agenda. The four major benefits from 

this privacy strategy are : 

— One way for a company to separate itself from 

competition 

— Can mitigate risk, be it brand, reputation, 

customer trust, litigation, or compliance 

— Help ensure that the privacy processes and 

practices are cost-effective 

— Desirable, if for no other reason than to protect 

a company’s own intellectual capital and 

customer lists. 

● A successful, well-executed strategy can bring 

about increased customer comfort and, ultimately, 

higher revenue. 

● Successful organizations take calculated risks to 

achieve their objectives. They weigh opportunities 

against threats and act decisively. In other words, risk 

management can become a strategic competitive 

advantage to help hospitality organizations shift their 

focus from crisis response and compliance to 

evaluating risks in business strategies proactively. 

● CMAs recommend some of the following critical 

success factors in a hospitality organization’s risk 

management program : 

— Need to create a risk-aware culture throughout 

the organization 

— Establish risk management objectives that are 

measurable and establish accountability 

— Establish an infrastructure for risk management 

— Empower business areas/departments to be 

responsible for managing risk in accordance 

with the organization’s risk management 

approach—reward risk optimization initiatives 

— Communicate commitment to risk optimization 

by the board and its committees 

— Communicate and train management and staff 

in risk identification and avoidance techniques 

— Continually identify and fill gaps in the risk 

management process. 

● Hotel guests demand high quality goods and 

services at competitive prices. While investors expect 

outstanding performance and growth from their 

stocks this puts heavy pressure on hotel owners, 

boards, and management, who can no longer rely on 

old, established strategies and practices. They need 

to do a better job of taking and managing risks both 

at the property level and at the enterprise level. Risk 

management is so important that CMAs suggest to 

invest in a structured technology-enabled approach 

to risk optimization. 

● CMAs believe that risks can only be managed 

and optimized if they are identified. Today’s business 

environment demands it. 

Need for ‘Business Interruption Insurance’ 

● The hospitality industry is more vulnerable to 

economic fluctuations when compared to other 

industries as there are various risks involved in 

running a hospitality business. However, as with any 

other industry, the risk of losses from unforeseen 

events such as hurricanes, earthquakes, flooding, fire, 

etc., clearly remains. 

● It is thus very important for hospitality 

operations to take reasonable steps to protect their 

property, employees and financial circumstances. 

Many businesses in this industry are aware of such 

widespread losses and would never consider opening 

a business without buying property and liability 

insurance policies. But many of them, particularly 

small businesses, fail to think about how they would 

manage if any interruption occurs to their business 

for many days. 

● Suppose an unforeseen event such as fire or flood 

makes the business place temporarily unusable, 

relocates the business or shuts it down for a while. A 

regular commercial property insurance policy covers 

only the physical damage to one’s business. What 

about the profits which could have been earned 

during this period? How would one pay rent, 

employees’ salaries and other important payments 

while one’s business is being rebuilt? This would 

definitely result in substantial financial loss. 

● Many businesses without the ‘Business Income 

Coverage’ shut down their business operations after 

their business is completely shuttered due to some 

unforeseen event. ‘Business Income Coverage’ covers 

the loss of income and helps a business return to the 

financial position as it was in prior to the disaster. 

● CMAs suggest that a business in the hospitality 

industry should understand the importance of 

‘Business Interruption Insurance’ and should go for 

this insurance. 



ARTICLE 

● Business owners from hospitality industry 

should be aware of some of the critical aspects of 

‘Business Interruption Insurance’. Given below are 

some critical aspects of hotel ‘Business Interruption’ 

coverage and its usefulness for businesses in the 

hospitality sector : 

Business interruption period : The business 

interruption period is the length of period for which 

benefits are payable under an insurance policy. This 

period is the most critical part of quantifying the 

business interruption loss. It covers a business from 

loss of income for a specified period till the damaged 

business property is repaired or reopened. Some 

hotels—being aware of the losses that may persist even 

after repairs are done—opt for “extended period of 

indemnity”. As, it may take some time for the hotel 

to regain bookings and rebuild market share. 

Loss of room revenues : The business in the 

hospitality or the lodging industry may suffer financial 

performance as two of its main functions—occupancy 

percentage and average daily rate (ADR)—may get 

affected. In simpler terms, a hotel damaged by a 

hurricane or fire or stuck in a deep local recession 

will not be able to generate any revenue because of 

closed rooms, especially in case of hotels and lodges. 

‘Business Interruption Insurance’ compensates for lost 

income due to loss of rooms. It covers the profits one 

would have earned, based on one’s financial records. 

Other lost revenues : Revenues from food and 

beverage, conferences, golf, spa, etc. can constitute a 

significant portion of a hotel’s income. When a 

business is interrupted, not only revenues through 

rooms are affected, some or all of these sources 

of income are typically interrupted. ‘Business 

Interruption Insurance’ covers all the profits that 

would have been earned. 

Ordinary payroll : Even if the business activities 

are temporarily stalled, operating expenses, and other 

costs such as rent, electricity bill, taxes, interest 

payable on bank loans, payroll costs etc., cannot be 

ignored. The business still needs to retain some 

employees such as accountants, front office executives 

etc. The business owner needs to pay salaries to them. 

In this kind of situation ‘Business Interruption 

Insurance’ is very helpful as ordinary payroll coverage 

is a common endorsement in many policies. 

Extra expenses : Business interruption policies 

generally allow an insured hotel to claim extra 

expenses incurred during the period of indemnity. It 

reimburses for reasonable expenses that allow the 

business to continue operation while the property is 

being rebuilt. Some policies also cover the extra costs 

required for moving the business to a different 

(temporary) location. 

Conclusion 

● Hospitality industry is one of the major service 

sectors and employers across many economies in the 

world. 

● India—known globally as the land of hospitality—is 

today in the defining stages of the business 

of hospitality. The Indian Hospitality Industry is one 

of the fastest growing sectors of the Indian economy. 

Riding on economic growth and rising income levels 

that India has witnessed in recent years, the sector 

has emerged as one of the key sectors driving the 

country’s economy. 

● There are, however, many risks involved in 

running hospitality business and CMAs advice 

business owners to be aware of these in order to assess 

their insurance needs. CMAs suggest organizations 

to invest in a structured technology enabled approach 

to risk optimization. 

● A well-thought out risk strategy by hotel owners 

or operators can make a significant difference at the 

most crucial times. 

● ‘Business Interruption Insurance’ is one of the 

most important insurance policy that helps in 

minimizing the adverse consequences of some 

unwanted events for businesses in the hospitality 

industry. Business owners from the hospitality 

industry should be aware of some of the critical 

aspects of ‘Business Interruption Insurance’ for 

putting them in practice. 

References 

■ Cholamandalam MS Risk Services, Risk Assessment 

—Hotel Industry, The CMSRSL Approach. 

■ Critical Issues Facing Indian Hospitality, An HVS White 

Paper, HVS Hospitality Services, January 2009. 

■ Hospitality Industry—An Insight, India Biznews, June 

13, 2011. 

■ Risk Management Strategies for the Hospitality Industry, 

Leonard Queiroz, KPMG, July 17, 2001. 

■ The top 10 risks for business—A sector-wide view of 

the risks facing business across the globe, Ernst & Young. 

■ Global Hospitality Insights—A publication for the 

hospitality industry, Top thoughts for 2011, Ernst & 

Young. 



ARTICLE 

Hospitality Industry, Hospitality Management 

and Role of CMA to develop them 

Hospitality is the act of entertaining, providing 

comfortable facilities to guests, visitors, 

customers or any other associated person at 

hotels, motels, resorts, clubs, restaurants, tourist 

places, business places, airports, railway station, bus 

terminus, shopping malls, amusement parks, theatre 

halls etc. 

Hospitality is now considered to be a first growing 

industry. Hospitality management has to ensure better 

services in the following areas. 

● Accommodations 

● Food and beverage 

● Organising events 

● Organising games and sports 

● Organising cultural functions 

● Tourism services 

● Information required by visitors. 

● Hospitality industry has the manyfold potential 

to contribute to the economy by — 

● Contribution to GDP 

● Employment generation 

● Foreign exchange earning 

● Earning of tax revenues 

The World Tourism Organisation (UNWTO) 

forecasts that the international tourism will grow at 

the average annual rate of 4% [ Source - Long term 

prospects : Tourism 2020 Vision ,World Tourism]. 

Many countries have attempted to build their 

international tourism industry because of its potential 

to contribute to the national economy through foreign 

exchange earnings. A strong association between 

international tourism development and economic 

performance is hence generally assumed and has been 

found in Taiwan. Research studies reported that the 

tourism industry was one of major contributors to 

Taiwan’s economic growth. Chen et al. (2009), Kim et 

al. (2006) and Jang and Chen (2008) revealed that the 

tourism sector has contributed more than the 

agriculture sector to the gross domestic product 

(GDP) in Taiwan. According to the World Travel and 

Tourism Council (2009), the aggregate tourism 

earnings accounted for 3.46% and 3.34% of Taiwan’s 

GDP in 2007 and 2008, respectively. The World 

Economic Forum (2009) indicated that Taiwan’s 

foreign exchange earning from tourism was US$5.1 

Ashoke Kumar Bothra* 

billion in 2007 and represented 1.34% of the GDP, 

which is higher than the corresponding figures in the 

US, Canada, Germany, Japan, South Korea and 

China.Kirn et al. (2006) and Chen and Chiou-Wei 

(2009) further showed that international tourism 

development in Taiwan could promote economic 

growth. [Source- International Journal of Hospitality 

Management 30(2011) ] 

The growth and development of Hospitality 

industry vis-a-vis tourism is intensely dependent on 

the advancement and the guiding principles of 

Hospitality management. Tourism industry in 

repercussion helps to grow — 

● Hotel industry 

● Air, water and land transports 

● Tourism services 

● Tourist places 

● The domestic and foreign markets of local arts 

and crafts 

The challenges lying in the growth of tourism is 

concerned with huge capital deployment and overall 

development of infrastructure, which needs a long 

term goal. The economic challenges become 

commercially viable and acceptable when the same 

is globally competitive by introducing a wide range 

of measures to improve operational efficiency. CMAs 

have a very big role here. They are capable to apply a 

number of Cost and management techniques such as, 

● Just-In-Time 

● Inventory Management 

● Budgeting 

● Cost-Volume-Profit Analysis 

● Linear Programming 

● Queuing theory 

● Risk Management 

● Activity Based Costing 

Just-in-time — This concept is useful in hospitality 

industry at the time of organising big events, like a 

conference, a meet on festival, a concert, sports and 

games etc. If the different activities are well planned in 

advance and the requirements of different inputs are 

arrangec in systematic way one can minimise the 

carrying cost and wastage and thereby saving ir input 

cost. 

* FICWA, Practising Cost Accountant 



ARTICLE 

Inventory management — Analysing different 

goods according to their requirement and value and 

application of perpetual inventory control can help 

in reducing the carrying cost and wastage of 

inventory. As the hospitality industry is seasonal in a 

number of cases, so studying the flow of demand and 

lean consumption of goods, helps to control unwanted 

cost. Improvement in the quality of output, can be 

done by inspection, testing, reviewing the process 

from time to time. 

Budgeting — This is a very common and easy tool 

to improve efficiency and helps in pricing decision. 

In case of hospitality industry event management 

budget with reasonable accuracy can be a pricing tool 

in future. 

Cost-Volume Profit Analysis — Also known as 

Break Even Analysis to find capacity at which the 

enterprise has neither profit nor loss. CVP analysis 

helps the management to take decision in different 

situation whether it is a loss making or a growing 

enterprise. During the period of global recession, 

which is still supposed to be continuing, almost all 

the airline companies are unable to meet their cost. 

CVP is useful tool in pricing, capacity expansion and 

survival decision. 

Linear Programming — Pricing is market-driven, 

not cost based in hotel industry. When a hotel chain 

is to set its prices, it starts with comprehensive market 

research. Based on the data, the correct price for each 

marketplace and each category of room is determined 

with the help of linear programming. If there is a major 

shift in a market, then the prices will adjust for that. 

However, if there is a major shift in a demand curve, 

then a shift of price may have no effect. It may actually 

leave more money on the table. For example, if an 

airline goes on strike, a significant shift in the demand 

curve would result. Under such conditions, increasing 

the rate would have beneficial result. If there is an 

opportunity to go after a new targeted market with a 

specific offer, enabling the chain to capture a greater 

market share, then lowering the rate serves its 

purpose. Generally, however, lowering rates across 

the board is not a preferred pricing strategy. 

Queuing theory — In restaurants and bars in the 

situation of queuing may cause to dissatisfaction of 

customers resulting business loss. To handle queuing 

problem, data on footfall of the number of customers 

and their wants with time are collected and studied. 

Data may be collected on different parameters like 

customers with family, officials, tourist and verities 

in their choice. Seasonal change in the pattern of 

customers visit, seasonal impact on variation in 

number of customers, can be analysed with the help 

of statistical tools. 

Risk management — One of the root causes why 

the hospitality industry is so less developed is that 

the huge risks associated with it. The risk may be — 

● Change in government policy 

● Change in foreign policy 

● Attack or threat of terrorism 

● Strike by Airlines 

● Spread of epidemic 

● Economic recession 

● Fire and natural calamities 

Most of risk factors are external and therefore 

impossible to contain with or managed by human 

effort. However we can minimise and avoid risk by 

systematic planning and decision making. Risk 

management is based on following principle — 

● Acceptance of risk if the benefit is more than 

risk cost 

● Avoid unnecessary risk 

● Take risk decision at the right level and right 

time 

● Manage the risk by planning. 

Trade off between risk and return - Risk and return 

are positively correlated .Higher the risk, higher is 

the return. Risk/return trade off is the balancing act 

between risk and return. The important point here is 

that to ascertain the cost of accepted risk level; and if 

the return is higher than the cost of accepted risk level 

the same is beneficial. At the time of recession tourist 

service provider allows high discount to the customer 

in anticipation of higher demand. So there is a cost of 

allowing discount in one hand and some extra revenue 

generated on the other. If the revenue generated is 

more, it is beneficial to the service provider. Another 

long term benefit derived by the service provider is 

the growth in market share which may be a strategic 

advantage in the long run. 

Activity Based Costing — Implementation of ABC 

methodology is not easy but it is a very effective 

managerial tool. Tourism industry is in fact a 

combination of a number of activities those can be 

identified, such as — 

● Air transport 

● Land Transport 

● Water Transport 

● Pick up facility to the tourist 

● Lodging facility 

● Food and Beverages 

● Camping 

● Supporting transport 

● Travel agency function 


● Guide Providing 

● Entertainment facility 

● Cultural activity 

● Recreational activity 

● Games and sports activity 

● Sight seeing facility 


ARTICLE 

● Drop facility to Airport, etc. 

ABC is applicable throughout financing, accounting, 

costing, pricing, budgeting and beyond them. 

The benefits of ABC can be summarised below — 

● Better Management 

● Budgeting, performance measurement 

● Calculating costs more accurately 

● Ensuring activity specific profitability 

● Evaluating and justifying investments in new 

area 

All the Regional Directors, 

All the Registrar of Companies/Official Upuidators 

All shareholders 

● Improving service quality via better system 

design 

● Increasing competitiveness or coping with more 

competition 

● Managing costs 

● Providing behavioural incentives by creating 

cost consciousness among employees 

● Responding to an increase in overheads 

● Responding to increased pressure from 

regulating agencies. 

Finally, one must say that when the national 

economy is under the grip of inflation and the global 

economy, specifically the US and European economy 

are still struggling with recession and put a question 

mark on growth, hospitality industry with better 

measures of hospitality management can bring the 

global economic activities in the path of growth. ❐ 

No. HQ/MCA/Digitised/AR/2009 

Government of India 

Ministry of Corporate Affairs 

Circular No. : 57/2011 

5th Floor, ‘‘A’’ Wing, Shastri Bhawan, 

Dr. R. P. Road, New Delhi-110001 

Dated : 28.07.2011 

Sub : Filing of Balance Sheet and Profit and Loss Account in extensible 

Business Reporting Language (XBRL) mode. 

Sir, 

The Para 3 of the Circular No. 37/2011 dated 07.06.2011 may be read as under : 

‘‘All companies falling in Phase-I class of companies (excluding exempted class) are permitted to file 

their financial statements without any additional fee up to 30.11.2011 or within 60 days of their due date, 

whichever is later.’’ 

Further, in supersession of Para 2 (i) of Ministry’s Circular No. 43/2011 dated 07.07.2011, it is informed 

that the verification and certification of the XBRL document of financial statements on the e-forms would 

continue to be done by authorized signatory of the company as well as professional like Chartered Accountant 

or Company Secretary or Cost Accountant in whole time practice. 

This issue with approval of Competent Authority. 

Yours faithfully, 

(J. N. Tikku) 

Joint Director 



ARTICLE 

Role of CMAs towards Hospitality Management 

in Hospitality Industry 

Swapan Kumar Roy* 

Indian tourism and hospitality sector has reached 

new heights today. Hospitality industry is closely 

linked with travel and tourism industries. The 

boom in the tourism industry has resulted in the 

immense growth of hotel industry in India. It is 

attracting tourists from across the world. Domestic 

tourists also get attracted. All these act as a vehicle 

for establishing a relation with other countries. 

Cultural development takes place. The country’s 

economy is developed. The industry employs millions 

of people. In recent years, the Government of India 

has been putting emphasis to boost the hotel industry 

in India. It widens the business opportunity and 

increases the foreign and domestic tourism. 

Objectives of the Study 

The objectives of the study are : 

1. To discuss about the conceptual aspects of the 

terms ‘Hospitality’, ‘Hospitality Industry’, and 

‘Hospitality Management’; 

2. To discuss the objectives of hospitality 

management in the context of hospitality 

industry; 

3. To throw light on the contribution of the 

hospitality industry for the development of a 

nation like India; 

4. To ascertain the role of CMAs towards 

hospitality management in hospitality industry. 

Methodology 

The discussion is entirely based on secondary data. 

Different books, journals, websites related to the topic 

have been consulted. The collected information/data 

have been used in tune with the topic “Role of CMAs 

towards Hospitality Management in Hospitality 

Industry”. 

Hospitality : Meaning 

Hospitality means “Cordial reception”. It also 

means “ kindness in welcoming guests or strangers”. 

Hospitality is the relationship between guest and host 

or a pleasant liaison between the guest and the host 

or the act or practice of being hospitable. The term 

encompasses the reception and entertainment of 

guests, visitors or strangers, resorts, membership 

clubs, conventions, special events and other services 

for travelers and tourists. The Sanskrit adage “Atithi 

Devo Bhava” (or guest is god) is the mantra of 

hospitality in India. 

About Hospitality Industry 

This industry consists of broad category of fields 

within the service industry that includes lodging, 

restaurants, event planning, theme parks, transportation, 

cruise line and additional fields within the 

tourism industry. It is a several billion-dollar industry 

that mostly depends on the availability of leisure time 

and disposable income. A hospitality unit consists of 

multiple groups such as facility maintenance, direct 

operations, management, marketing and human 

resources. 

Defining Hospitality Management 

Hospitality management is the academic study of 

the running of hotels, restaurants and travel and 

tourism-related business. It may be defined as “a 

range of occupations and professional practices 

associated with the administration of hotels, resorts 

and other lodging”. “A broad field in the hospitality 

industry that includes the organization of restaurants, 

lodging facilities and entertainment venues” is also 

called hospitality management. In other words, 

“Hospitality management is the study and practice 

of effectively running a business relating to tourism”. 

In essence, hospitality management is an essential tool 

that helps to enrich the knowledge, skill and other 

allied matters of the job seekers in hotel industry for 

effectively running a business related to tourism. 

Hospitality Management : Objectives 

Hospitality management aims at providing an 

educational foundation for a range of administrative 

and management careers in the hospitality industry. It 

develops the ability to think logically—how the time, 

energy and materials are optimally utilized. It provides 

skills to manage in a computerized environment and 

* M.Com., Ph.D., Assistant Professor in Commerce, 

Bethuadahari College, Bethuadahari, Nadia 



ARTICLE 

a rapidly changing IT environment and its effects in the 

hospitality environment. Hospitality management also 

helps to acquire skill for future management roles of 

various types of hospitality units. Skills and personal 

qualities of general importance and applicability in all 

aspects of working life are developed through the study 

of such type of management. 

Hospitality Industry : Its contribution to the 

nation 

As stated earlier, hospitality industry is closely 

linked with tourism industry. The tourism industry 

is booming with the rapid industrial growth and 

promotion of tourism. The growth and development 

of tourism industry results in the expansion of 

hospitality industry. Hospitality and tourism industry 

play a vital role in the overall economic growth of the 

country. It provides huge employment opportu-nities. 

It has become possible through its linkage with other 

sectors of the economy. 

According to the Department of Industrial Policy 

and Promotion, the hotel and tourism industry’s 

contribution to the Indian economy by way of foreign 

direct investments (FDI) inflows were pegged at 

US$2.35 billion from April 2000 to February 2011. The 

domestic hospitality sector is expected to see 

investments of over US$11 billion by 2012, with 40 

international brands making their presence in the 

country in the next few years. In Indian context, the 

hospitality industry contributed only 2% of GDP in 

2003-04. It is projected to grow at a rate of 8.8% by 2016, 

which would place India as the second-fastest growing 

tourism market in the world. The travel and tourism 

sector is the second highest foreign exchange earner for 

India. This sector has created 11 million jobs and has 

the potential to create another 37 million jobs (estimated 

by the NSSO, Ministry of Tourism) of 120 million 

projected requirements by 2020. India is visited by a 

huge number of tourists from all over the world. 

Arrivals from regions/country have been shown in 

Table 1 : 

Table 1 : International tourists arrival to India 

during the period 2004-2006 

Arrivals from countries 2004 2005 2006 

USA 5,26,120 6,11,165 6,96,739 

UK 5,55,907 6,51,803 7,34,240 

CANADA 1,35,884 1,57,643 1,76,567 

GERMANY 1,16,679 1,20,243 1,56,808 

FRANCE 1,31,824 1,52,258 1,75,345 

(contd.) 

(contd.) 

AUSTRALIA 81,608 96,258 1,09,867 

ITALY 65,561 67,642 79,978 

JAPAN 96,851 1,03,082 1,19,292 

MALAYSIA 84,390 96,276 1,07,286 

SINGAPORE 60,710 68,666 82,574 

NEPAL 51,534 77,024 91,552 

SRI LANKA 1,28,711 1,36,400 1,54,813 

NETHERLANDS 51,211 52,755 58,611 

CHINA 34,100 44,897 62,330 

SOUTH KOREA 47,835 49,895 7,05,407 

Source : Ministry of Tourism, Government of India 

The above table shows the increasing trend of 

arrivals of international tourists to India. The more 

and more influx of foreign tourists helps augment 

foreign exchange money of our country. This results 

in making our country economically healthy. 

During the period 2004 to 2006, the total numbers of 

foreign tourists to India have been depicted in Table-2. 

Table 2 : Total foreign tourists coming to India 

(2004-2006) 

Year Number of Foreign tourists 

to India 

2004 34,57,477 

2005 39,18,610 

2006 44,47,167 

Source : www.itopc.org 

The above table manifests the increasing trend of 

foreign tourists to India during the period 2004 to 2006. 

Indians too prefer to travel at different places, 

particularly Kerala, Goa, Delhi, Rajasthan, Tamil Nadu, 

Andhra Pradesh, Gujarat, Himachal Pradesh, Jammu and 

Kashmir, Uttarakhand, Orissa, Karnataka, West Bengal, 

Madhya Pradesh and Maharashtra. Tourism statistics of 

different important States from the viewpoint of domestic 

tourists are depicted in Table 3. 

Table 3 : Domestic Tourists in India (2004-2006) 

Name of the States Domestic Tourists (in number) 

2004 2005 2006 

Kerala 58,72,182 59,46,423 6,27,1724 

Goa 20,85,729 19,65,343 20,98,654 

Delhi 18,66,552 20,61,782 22,37,130 

Rajasthan 1,60,33,896 1,87,87,298 2,34,83,287 

Tamil Nadu 4,22,79,838 4,32,13,228 5,83,40,008 

Andhra Pradesh 8,94,40,272 9,35,29,554 11,17,15,376 

(contd.) 


(contd.) 


ARTICLE 

Gujarat 77,48,371 9,45,7486 1,19,36,957 

Himachal Pradesh 63,45,069 69,36,840 76,71,902 

Jammu & Kashmir 68,81,473 72,39,481 76,46,274 

Uttar Prudish 8,83,71,247 9,54,40,947 10,55,49,478 

Uttarakhand 1,17,20,570 1,42,15,570 1,66,66,525 

Orissa 41,25,536 46,32,976 52,39,896 

Karnataka 2,71,94,178 3,04,70,316 3,61,95,907 

West Bengal 1,23,80,389 1,35,66,911 1,58,08,371 

Madhya Pradesh 86,19,486 70,90,952 1,10,62,640 

Maharashtra 1,33,92,212 1,43,29,667 1,68,80,348 

Source : State/Union Tourism Departments 

The above table exhibits the fluctuating trend of 

domestic tourists. 

Most of the foreign tourists prefer to stay in such 

hotels where standards of facilities and services are 

available. The Ministry of Tourism has formulated a 

voluntary scheme for classification of operational 

hotels. They are : (a) Star Category Hotels (i.e. 5 Star 

Deluxe, 5 Star, 4 Star, 2 Star and 1 Star) and (b) 

Heritage Category Hotels (i.e. Heritage Grand, 

Heritage Classic and Heritage Basic). 

Most of the 5 Star hotels in India generally belong 

to the reputed Indian hotel groups like the Oberoi 

Group, the ITC group, Taj Group, the Welcome Group 

and many others. All these groups have a chain of 

hotels spread across the different cities in India like 

Mumbai, Kolkata, Bangalore, New Delhi, Agra, 

Varanasi, Hyderabad, and Lucknow etc. 

All these hotels require trained staff for the 

departments of food and beverage, housekeeping, 

accounting, marketing, recreation, computer 

applications, financial management, engineering, 

maintenance, security, fire fighting and public 

relations. So many people having knowledge, skill and 

competency get employment opportunity in 

hospitality industry and earn lucrative pay package. 

The people having knowledge of administration and 

coordination may perform their duties in a proper 

way, which may help to grow and develop the 

industry. 

Government’s initiatives 

The Government of India announced in 2002 a 

New Tourism Policy to give boost to the tourism 

sector. The policy is built around the 7-S Mantra of 

Swaagat (welcome), Soochanaa (infor-mation), 

Suvidhaa (facilitation), Surakshaa (security), Sahyog 

(cooperation), Sanrachnaa (infrastructure) and Safaai 

(cleanliness). 

In order to stimulate the domestic and 

international investments in this sector, the 

government has permitted 100% FDI in the automatic 

route—allowing full FDI into all construction 

development projects including construction of hotels 

and resorts, infrastructure etc. A five-year tax holiday 

has been given to the organizations that set up hotels, 

resorts, and convention centers. The Government of 

India has been taking initiative to promote and 

develop Hospitality and Tourist—both in terms of 

physical infrastructure and services—by paying 

attention on uplifting physical products as well as 

manpower. 

Role of CMAs 

The success of each and every organization 

depends upon a skilled, dedicated and committed 

workforce. It also depends on the quality of 

information made available to the management. So 

the hospitality industry needs some staff having 

analytical and judgment skills. The CMAs possess 

such qualities. They can assess different kinds of 

situations and suggest the right kind of cost 

prescriptions. The CMAs have the capability of acting 

as Managing Director, Finance Director, Financial 

Controller, Chief Accountant, Cost controller, 

Marketing Manager, and Chief Internal Auditor. 

The professional expertise of the CMAs aids in 

stabilizing budget and standards, evaluating 

operating efficiency and effectiveness of service 

management, formulating the profit planning 

program, guiding the managerial decisions and 

identifying accountability for cost and profit variance. 

They act as tax consultants as well as advisors in 

company matters also. So the contribution of the 

CMAs in order to attain the business objectives cannot 

be gainsaid. ❐ 

References 

■ www.incredibleindia.org 

■ www.dnb.co.in 

■ www.way2k.com 

■ www.iloveindia.com 

■ www.itopc.org 

■ www.business.mapsofindia.com 

■ www.cci.in 

■ www.tourism.gov.in 

■ www.indiahospitalitycongress.net 

■ www.hospitalityindia.com 



ARTICLE 

Multidimensional Role of CMAs in Effective 

Hospitality Management 

Most of the people think of the hospitality 

industry, they usually think of hotels and 

restaurants. However, the true meaning of 

hospitality is much broader in scope. According to 

the Oxford English Dictionary, hospitality means “the 

reception and entertainment of guests, visitors or 

strangers with liberality and goodwill.” The word 

hospitality is derived from hospice, the term for a 

medieval house of rest for travelers and pilgrims. 

Hospice - a word that is clearly related to hospital - 

also referred to an early form of what we now call a 

nursing home. Hospitality, then, not only includes 

hotels and restaurants but also refers to other kinds 

of institutions that offer shelter, food, or both to people 

away from their homes. We can also expand this 

definition, as many people have, to include those 

institutions that provide other types of services to 

people away from home. This might include private 

clubs, casinos, resorts, attractions, and so on. 

In India the tourism and hospitality industries are 

witnessing a period of exponential growth. The world 

leading travel and tourism journal “Condre Nast 

traveler” ranked India as the top travel destination in 

the world for 2007as against fourth position in2006, 

for which hospitality industry having a lion share. The 

year 2010 also marked the eighth consecutive year 

during which India has witnessed double digit growth 

in foreign tourist arrival. Along with the rise in the 

foreign tourist arrival foreign exchange earnings have 

witnessed an unbeatable growth in recent years. 

Tourism now becomes a significant industry in India, 

contributing around5.9 percent of the gross Domestic 

Product (GDP) and providing employment about 

41.8 million people. As per the World Travel and 

Tourism Council the tourism industry in India is 

likely to generate US$121.4billion by 2015 and 

Hospitality sector has the potential to earn US$ 24 

billion in foreign exchange by 2015. Additionally India 

is also likely to become a major hub for medical 

tourism with revenue from the industry estimated to 

grow US$ 2.2 billion by 2012 according to 

Confederation of India Industry. 

It is very relevant to mention here that according 

to a report by Mafoi Management Consultants, the 

number of required hotel rooms is around 240,000, 

Sachindra G R* 

the current availability is just 90,000 rooms - leaving 

a shortfall of 150,000 rooms to be provided. India’s 

hospitality sector is expected to see an estimated US$ 

11.41 billion in the next two years, and around 40 

international hotel brands by 2011. Moreover, the 

sector is expected to provide over 400,000 jobs. 

It is estimated that the hospitality sector is likely 

to see a further US$11.41 billion investment over the 

next two years. It is estimated that India will be the 

4th fastest growing nation in the Travel and Tourism 

sector over the next ten years. The number of medical 

tourists is expected to reach 1.3 million by 2013. 

Foreign Tourist Arrivals (FTAs) in India during 2010 

touched 5.58 million with a growth rate of 9.3% as 

compared to a growth rate of 3.3% during 2009. 

According to the World Travel and Tourism 

Council (WTTC) 2011 report, India is expected to 

attract 6,179,000 international tourist (overnight 

visitor) arrivals in 2011, generating US$ 15.05 billion 

(INR678.6bn) in visitor exports (foreign visitor 

spending, including spending on transportation). The 

direct contribution of Travel & Tourism to GDP is 

expected to be US$ 34.8 billion (INR1, 570.5bn) in 2011 

which is about 1.9 per cent of the country’s GDP. This 

reflects that the hospitality industry in India will have 

to gear up to cater to such high demand. Companies 

in India are investing their capital and industry reports 

predict that the capital investment in India, in the 

travel and tourism sector will grow at the rate of 8.8 

per cent between 2010 and 2020. 

Mandarin Oriental Group, which owns world’s 

most luxurious hotels, resorts and residences, will be 

adding 16 new properties in India in the next five 

years. Another company in India that is Small Luxury 

Hotels of the World (SLH), a marketing firm of luxury 

hotels, is expecting to expand their foothold in India. 

Currently, SLH has 13 hotels in India and hopes to 

add 10 more hotels by the end of 2011. 

Several global hospitality majors such as Hilton, 

Accor, Marriott International, Bergguen Hotels, 

Cabana Hotels and Inter Continental Hotels group 

* M.Com., NET/JRF, Lecturer, Dept., of Post Graduate 

Studies and Research in commerce, Kuvempu University 

Shankaraghatta. 



ARTICLE 

have already made investment plans in India in recent 

years. A number of cities have blossomed with 

suburban”Silicon Valley” type Special Economic 

Zones (SEZs). This is mostly driven due to strong 

growth in IT, BPO segments, increase in foreign 

travelers, emphasized focus on tourism by government, 

affordable airlines fares, etc. Bangalore, 

Hyderabad, Chennai, Gorgon, Pune and the outer 

edge of Mumbai are the areas attracting international 

investment and as expected, are the cities with the 

largest development pipelines. Combined, these cities 

account for 89 of the 161 projects in the pipeline and 

16,734 guestrooms, which is 68% of the rooms in 

India’s total pipeline 

Hospitality segment, just like many other segments 

in India is booming at an unprecedented pace. India 

faces a huge challenge of being “under roomed” while 

the economy is growing rapidly. This provides for a 

huge opportunity for hospitality industry. A lot of 

large real estate developers are also investing into this 

business to bridge the demand-supply gap and 

leverage the opportunity. 

What is evident from the above is that the 

hospitality sector has grown rapidly in the last decade 

and is ready to take off from here at a very high speed. 

Even though India having very high growth 

potentiality and equip with all other requirements in 

hospitality industry, yet has such a low percentage in 

terms of sector contribution to GDP. Therefore it needs 

the help of specialized professionals to fulfill the needs 

of the industry as a whole and hotels and restaurants 

in particular. In India till now hospitality has been 

seen as a much traditionally unique business and was 

dealt with the people who have required qualification. 

Professionals like CMAs and CAs have not shown a 

interest to join this sector so for. By witnessing the 

future growth potentiality of this sector, they are 

showing keen interest to get into this sector. Of course 

CMAs are more equipped to handle nuke and corner 

of this sector, because of their expertise and 

knowledge. 

For the purpose of identifying the pragmatic 

position of Cost and Management Accountants in 

hospitality industry one has to touch upon at least 

three broad areas like — 

01. Food service 

02. Lodging 

03. Traveling 

Cost and management accountant have knowledge 

and expertise to act all the three types of involvements. 

We can discuss this unique role in the following 

paragraphs. 

In the segment of food service 

Cost and management accountant with the 

expertise in quality improvement and cost reduction 

and strong background in analytical skill can help the 

food service segment witha. 

Fixing the reasonable and scientific price for 

food and beverages at hotels and restaurants. 

b. Analyzing and forecasting the short and long 

term demand for the products 

c. Reducing the overall cost by implementing the 

modern operational techniques. 

d. Maintaining the standard by Continuous 

improvement in quality of food and beverages 

e. Maintaining the minimum quality of inputs 

used for preparing food and beverages by prepurchase 

assessment of the inputs 

f. Completely avoiding the uncertain inconveniences 

in day to day affairs 

In the segment of Lodging 

a. Effective management of the rooms in lodges in 

such a way that rooms should not be vacant or over 

crowded. 

b. Effective management of luxury taxes in such a 

way that that should not be burden neither to the 

customers nor to the lodging houses. 

c. Allotment of rooms in such a way that expectations 

and availability should be perfectly matched. 

d. Reducing the overall cost of activities by 

effectively pre - planning the future course of action. 

e. Making proper arrangements for providing 

overall quality service to the esteemed customers. 

In the segment ofTravelling 

a. Preparations of relevant cost and financial 

reports and submit to the management for taking key 

decision and also giving valuable advices in decision 

making. 

b. Effective planning and management of the taxes 

in such a way that total taxable income of the travelling 

agencies will be minimum. 

c. Adaption and preparations of cost accounts as 

per new methods like Activity Based Costing, 

Balanced Score Card, Target Costing, value chain 

analysis, benchmarking etc., 

d. Recommend and implement the new methods 

like unit costing, process costing, job costing, for 

calculating cost per kilo meter and cost per passenger 

kilometer which will help to fix the charges 

scientifically. 

Conclusions 

We have seen from the above that, the hospitality 



ARTICLE 

sector is struggling to grow up but definitely it has a 

dazzling future. There is substantial prospective for 

hospitality to make a great contribution to economic 

development and for wellbeing of the foreign and 

domestic tourists in India. As the matter fact experts 

in this field argues that hospitality industry lagging 

behind other industries, in the service sector due to 

global economic slowdown. Still it has a huge market 

potentiality and in the very recent years it is slowly 

coming out of those hard hits. Nowadays different 

kinds of advanced studies and research activities are 

going in the institutions of higher learning to help the 

industrialists to capitalize the market potentialities. 

Only thing is that the Government has to take 

measures to promote the tourism industry, which will 

definitely fulfill the desires and aspirations of almost 

all the stakeholders of hospitality industry. CMAs can 

work independently for applying analytical, technical, 

managerial, accounting and auditing skills in many 

areas of cost and management control. Thus CMAs 

can serve the hospitality industry and lend a hand to 

grow further and add more meaning to the phrase 

incredible India. ❐ 

References 

ANNOUNCEMENT 

■ Clayton W. Barrows Tom Powers(2001)” Introduction 

to Hospitality Industry” John Wiley & Sons, Inc., 

Hoboken, New Jersey. 7 th edition. 

■ J. Madegowda(2002) “Management Accounting”, 

Himalaya Publishing House, New Delhi, first 

edition. 

■ OdysseasPavlatos and IoannisPaggios, “Management 

accounting practices in the Greek hospitality industry”, 

Emerald Insight publisher. 

■ Emmanuel, C. Otley, D., Merchant, K. (1990), “Accounting 

for Management Control”, Chapman and Hill, 

London. 

■ Luther, R. and Longden, S. (2001), “Management 

accounting in companies adapting to structural change 

and volatility in transition economies: a South African 

study”, Management Accounting Research, 

■ Kaplan, R. and Atkinson, A. (1998), “Advanced 

Management Accounting”, Pearson Education, 

■ Horngren, C.T., Bhimani, A., Datar, S.M. and Foster, 

G. (2002), “Management and Cost Accounting, Financial 

Times”—Prentice-Hall, London. 

The Management Accountant — October, 2011 will be a special issue on 

‘BEHAVIOURAL FINANCE’. Articles, views and opinions on the topic are 

solicited from readers along with their passport size photographs to make 

it a special issue to read and preserve. Those interested may send in their 

write-ups by e-mail to rnj.sumita @icwai.org, followed by hard copy to the 

Research & Journal Department, 12 Sudder Street, Kolkata-700016 to reach 

by 15 th September, 2011. 

ANNOUNCEMENT 

The Management Accountant — November, 2011 will be a special issue on 

‘CMAs IN SERVICE SECTOR’. Articles, views and opinions on the topic 

are solicited from readers along with their passport size photographs to make 

it a special issue to read and preserve. Those interested may send in their 

write-ups by e-mail to rnj.sumita @icwai.org, followed by hard copy to the 

Research & Journal Department, 12 Sudder Street, Kolkata-700016 to reach 

by 15 th October, 2011. 



ARTICLE 

Role of CMAs in adapting Contemporary 

Techniques in Hospitality Management 

The role of Management Accountants has 

emerged to become one of the most essential 

factors globally. But in the hospitality industry 

it has not achieved the same scale of applications as 

in other fields. 

Considering the intense industry-wide competition 

where customers persistently demand the best deals, 

for management and employees in the hotel industry 

it becomes a question of thorough knowledge and 

understanding of all elements of the business, 

including how it should continuously change in 

accordance with societal changes and changes in 

customers’ preferences. 

Traditional thinking needs to be expanded to 

embrace inter-organizational issues in respect to 

knowledge stocks and flows within organizational 

networks. From a management accountant’s strategic 

perspective based on static versus dynamic views, this 

paper frames some of the techniques required in the 

hospitality sector at an industry, inter-and intraorganizational 

level. 

The following are the questions that will be 

addressed in this paper : 

Why is the hospitality industry important and 

what are the challenges and opportunities for a 

management accountant? 

What strategic perspectives pertaining to traditional 

and contemporary views on knowledge 

development need to be employed by CMAs in the 

hospitality management? 

Importance of and challenges in the hospitality 

industry 

The hospitality industry is characterized by its 

outputs of service products, which primarily satisfy the 

demand for accommodation, food and beverage. For 

the achievement of the final service products, 

hospitality companies collaborate with a variety of 

service industries (i.e. convention agencies, online 

travel agencies, tour operators, carriers, entertainment, 

shopping and local sightseeing agencies) 

in which some compete and others collaborate with 

each other. One common characteristic of hospitality 

* M. Com, AICWA (PhD) 

P. Lakshmi* 

companies with these service providers is especially 

dominant: their service processes are becoming 

knowledge-based or knowledge-intensive due to 

the great influence and use of information and 

communication technology. The tourism and 

hospitality industry requires the largest usage of 

information technology (IT). 

Moreover, the industry is knowledge-intensive as 

a result of the nature of the service product, where 

the service delivery occurs as a result of interaction 

between customers and employees and where it is 

required that employees are knowledgeable of 

customers’ needs in order to achieve customer satisfaction. 

Relationship between employee satisfaction and 

customer satisfaction has a significant impact on a 

hospitality company’s financial performance and 

involves analysis of four major relationships : 

1. Direct relationship between customer satisfaction 

and financial performance; 

2. Direct relationship between employee satisfaction 

and financial performance; 

3. Direct relationship between customer satisfaction 

and employee satisfaction; and 

4. Indirect relationship between employee satisfaction 

and financial performance. 

While customer satisfaction has positive significant 

impact on financial performance, employee 

satisfaction has no direct significant impact on 

financial performance. Instead, there is an indirect 

relationship between employee satisfaction and 

financial performance, which is mediated by customer 

satisfaction. 

Online Interpersonal Influence 

Interpersonal influence ranks as the most 

important information source when a consumer is 

making a purchase decision. This influence may be 

especially important in the hospitality and tourism 

industry, whose intangible products are difficult to 

evaluate prior to their consumption. When it becomes 

digital, the large scale, anonymous, ephemeral nature 



ARTICLE 

of the Internet induces new ways of capturing, 

analyzing, interpreting, and managing information 

online. Online interpersonal influence is a potentially 

cost-effective means for marketing hospitality and 

tourism. 

A good example of consumers sharing their 

hospitality and tourism opinions is the website 

tripadvisor.com— the largest site for unbiased travel 

reviews which gives the real story about hotels, 

attractions and restaurants around the world. It 

is updated every minute and every day by real 

travelers. 

Expected outcomes from the dissemination of 

online interpersonal influence 

Unsurprisingly, the overarching conclusion is that 

favorable influence increases the probability of 

purchase, while negative influence has the opposite 

effect. Interpersonal influence impacts not only the 

receiver’s perceived value of a company’s products, 

but also their loyalty intentions. Interpersonal 

influence flows not only from opinion leaders to 

followers, but also spreads as a result of relationships 

among followers. Marketers hoping to harness these 

relationships can seek amplification of initial 

marketing efforts. This can be accomplished through 

advertising and other promotion techniques that get 

consumers talking about brands. 

Strategies by CMAs for managing online 

interpersonal influence 

The unique properties and environment of the 

Internet necessitate a new view of the dynamics of 

online influence, and new strategies to be adapted 

by a management accountant for managing them. 

These can be classified into two major categories: 

informational, and revenue generating. From an 

informational perspective, procedures need to be 

established that allow hospitality and tourism 

marketers to harvest discussion and feedback created 

online. 

Harvested information about the property and 

destination can then be used to accomplish such tasks 

as: enhancing visitor satisfaction through product 

improvement; solving visitor problems; discovering 

what visitors say about their experiences; analyzing 

competitive strategies; and monitoring company 

reputation/image. 

Of no less importance is the need to manage online 

influence for purposes of revenue generation. These 

efforts could be directed toward spreading good 

opinions about the property and destination—helping 

potential visitors seeking information by providing 

reinforcing images and opinions. 

Opportunities for CMAs by enabling switching 

from traditional to contemporary management 

accounting practices 

Only traditional management accounting techniques 

such as absorption costing, standard costing, 

traditional budgets, CVP analysis and profit-based 

performance measures that focus on concerns internal 

to the organization are practiced widely. The application 

of more recent management accounting tools, such 

as activity based costing (ABC) , balanced score card 

(BSC), target costing, value chain analysis and 

benchmarking—that affect the whole process of 

manage-ment accounting (planning, controlling, 

decision making, and performance evaluation)— 

will make the hospitality management shift the 

focus of a CMA from a “simple” or “naive” role of cost 

determination and financial control to a “sophisticated” 

role of creating value through improved deployment 

of resources. 

Conclusion 

Very little is yet known about contemporary 

management accounting techniques in Hospitality 

enterprises and, especially, in hotels. Overall, traditional 

management accounting techniques (e.g. 

budgeting practices, profitability measures, product 

profitability analysis, customer profitability analysis, 

absorption costing and nonfinancial measures for 

performance evaluation) are more widely adapted 

than recently developed tools. 

Traditional management accounting is very much 

alive and well. But there is a need to place greater 

emphasis on more recently developed techniques in the 

future by CMAs, particularly activity based costing 

techniques (activity based costing, activity based 

budgeting, and activity based management), balanced 

scorecard and benchmarking etc. in order to enhance 

the value addition to the services rendered and achieve 

global excellence. ❐ 



ARTICLE 

Introduction 

Home is an invention of our forebears that 

emancipated them from the compulsive 

nomadic life. But hotel is a home away from 

home needed by people in their sojourn. Its history is 

coeval with the history of travelling. The everincreasing 

importance of hotels in our life has given 

birth to a fully-grown industry in the early nineteenth 

century which is known as the hospitality industry. 

The economic significance of this industry can be 

appreciated from the fact that this industry provides 

employment to about 200 million people or 8 percent 

of the world employment – making it one in every 

twelve jobs. In financial terms, the size of the industry 

is $463 billion or 11 percent of the world gross product 

(Wood and Brotherton, 2008). Notwithstanding the 

economic significance, the term “hospitality industry” 

remains ill-defined and one source widely differs from 

another as to the meaning and ambit of this industry. 

Besides, most literature on hospitality management 

has bypassed the definition of the term. Indeed, the 

diversity of the industry is so great that it is difficult 

to develop a simple definition of hospitality. In some 

university curriculum hospitality and tourism 

management are placed under the same rubric. 

However, there is no reason to believe that ‘travel and 

tourism industry’ and ‘hospitality industry’ mean the 

same thing. Travel and tourism industry refers to all 

business that caters to the needs of the travelling 

public; the hospitality industry, on the other hand, 

refers to the organisations that provide lodging or 

accommodations and food services for people when 

they are away from their homes. 

A close look at the hospitality industry 

Oldest hotel : Savoy Hotel in London; opened in 

1889, part of its structure can be traced to the age of 

Chaucer (14th century). 

US domination : Eighty percent of the world’s top 

hotels are owned by the US companies: Cendant 

Corporation (US: 6,455 hotels & 5,41,313 rooms); 

Choice: (US: 4,392 hotels & 3,50,351 rooms); Best 

Western (US: 40,65 hotels & 3,07,737 rooms); Accor 

(France: 3,488 hotels & 3,89,437 rooms); Six Continent 

(UK: 3,096 hotels & 4,90,531 rooms); Marriot (US: 

2,099 hotels &3,90,469 rooms); Hilton (US: 1,895 

Managerial Accounting in the 

Hospitality Industry— An Overview 

Sujit Kumar Roy* 

Pallab Pyne** 

hotels & 3,17,823 rooms); Starwood (US: 738 & 

2,27,042 rooms); Carlson Hospitality (US: 716 hotels 

& 1,29,234 rooms); Hyatt (US: 201 & 86,711 rooms). 

World’s largest hotel: Till date, the 5,500-room 

Izamilovo in Moscow is the largest hotel. Waldorf- 

Astoria, Manhattan, has 1,852 rooms, but it comes 

within the grand luxe category. The smallest one 

could be a single-room guest facility in part of the 

owner’s house where some foodservices are also 

provided. 

Location : The location of hotels has always been 

related to the transportation available. The first 

colonial post offices were established in 1710 and the 

inns and hotels multiplied and improved along the 

postal roads. Railroads had an enormous influence 

on hotel development. From 1860 to 1920, most large 

hotels were built near railway stations. The invention 

of automobiles in the early 1920s triggered off a boom 

in the hotel industry and many inns and motels were 

constructed along highway routes. 

Touristy snippets (all figures for 2000) : United States 

remains the top tourism spender—in dollar terms, 65 

billion. With earnings of $65 billion or 18 percent of 

world spending, USA remains the top tourism earner. 

In terms of tourist arrivals France occupies top 

position—claiming some 76 million visitors and 11 

percent of international tourist arrivals. 

Great tour operator: A Melbourne-born clergy and 

a temperance activist, Thomas Cook, is considered 

to be the pioneer amongst the tour operators. In 1841 

he chartered a special train to carry passengers from 

Leicester to Loughborough for a temperance 

meeting. The success of the guided excursion led to 

the formation of a travel agency bearing his moniker. 

Thomas Cook organized personally conducted tours 

throughout Europe and procured travelling and 

hotel accommodations for tourists making 

independent trips. 

Source : (1) Encyclopaedia Americana (2006); (2) 

World Travel and Tourism Council (www. wttc.org). 

* Associate Professor of Accountancy, Goenka College 

of Commerce & Business Administration, Kolkata 

700 012 

** Assistant Professor, Institute of Business Management 

and Research, Kolkata 



ARTICLE 

Origin of hospitality industry 

India, home to the most ancient civilization of the 

world, has regarded hospitality in its very own style 

—“Athithi debo bhava—guests are like gods”. 

Emanating from this ancient Sanskrit adage is the 

bounded duty of every householder that required him 

to meet the need of the travelling people with food 

and shelter. Clearly, the origin of the word hospitality 

—in its present connotation of providing shelter and 

food for money—cannot be traced to India. Neither 

do we have any credible evidence that the Greeks of 

the ancient age had any hotels or inns; instead, the 

travellers enjoyed the hospitality of private homes. 

The history of hotels being inextricably linked to the 

history of travel, we come across evidence that in the 

Hebrew village of Judea, travellers camped in the open 

spaces – much like the Bedouins of today, while for 

the affluent among the travellers, brothels could be a 

comfortable alternative. However, a perusal of the 

etymology in the Oxford English Dictionary (OED) 

shows that ‘hostel’, ‘hotel’ and hospitality have some 

common etymology > ‘hospice’, which is a house of 

rest and entertainment for the pilgrims, travellers, or 

strangers. The OED further shows that such facilities 

were in existence at least from the eleventh century, 

the period which marks the culmination of the Dark 

Age and upheaval that prevailed in Europe for about 

500 years after the fall of the Roman Empire. This 

period also marks the beginning of the Crusade when 

Knights Hospitalers created shelters and hospices for 

the Crusaders and the pilgrims to the Holy Land. 

Different types of hotels and diversity of services 

Hotel industry is known for its diversity and 

multifarious services. As with their types — which 

range from hotels to motels and boatels, and even 

treetop hotels — the services provided also vary from 

one segment to another of the industry. A small hotel 

is known as an inn. Hotels located near highways, 

providing parking space for the guests’ automobiles, 

are called motels (motor hotels). Hotels providing 

cheap accommodation with minimal services are 

known as hostels. 

Hotels are generally grouped into three main 

categories : 

● Commercial hotels : Such hotels mainly cater to 

business clients and usually provide room service, coffeeshop, 

dining room, cocktail lounge, laundry and valet 

service as well as access to computers and fax services. 

Commercial hotels, also called transient hotels, are 

usually located within city boundaries and caters to 

people travelling for business or pleasure. Motor hotels 

or motels cater to the same group of people, but are often 

situated near or along major highways. 

● Resort hotels : Usually located at the sea or in 

the mountains, resort hotels are the planned 

destination of the vacationers. They may offer any 

form of entertainment to keep their guests happy and 

busy. 

● Economy hotels : They provide a limited service 

and are known for clean rooms at low prices meeting 

just the basic needs of travellers. 

● Airport hotels : The other types of hotels include 

Airport hotels and Casino hotels. Airport Hotels are 

located near airports and are a conveniently located 

to provide any level of service from just a clean room 

to room service and they may provide bus or luxury 

transportation services to the airlines. Casino Hotels 

are often quite luxurious. Their main purpose is in 

support of the gambling operation. Casino hotels 

often offer top name entertainment and excellent 

restaurants. 

● Conference centres : With the overarching 

influence of globalization, yet another segment of the 

hotel industry—the Conference Centres—are gaining 

popularity among the business people. Conference 

Centres are designed to specifically provide meeting 

space for large groups; they provide all services and 

equipment necessary to handle conventions. 

Conventions constitute the most important source 

of income for some hotels and motels. In the USA, for 

example, it is estimated that some 10 million people 

attend conventions each year. Conventions are also a 

steady source of income both from sleeping 

accommodations and from meeting rooms, which are 

used for conferences and lectures. Dining facilities are 

the source of additional revenue through the sale of 

food and beverages. Local residents also use the 

catering services, meeting rooms, and ballrooms for 

social functions and business meetings. 

People stay at hotels for a variety of reasons. 

According to one source (Encyclopaedia Americana, 

2006) in the United States, 23 percent of lodging 

customers comprise people who attend conference; 

business travellers comprise 22 percent; 32 percent 

comprise the vacationers and 32 percent use hotels 

for other reasons. 1 percent of the customers stay at 

hotel while moving to a new job or residence. 

People who travel outside their homes not only 

require accommodation in the hotels, but they also 

need a wide variety of services: food and beverage 

services; entertainment and miscellaneous personal 

services. According to the nature of service provided 

hotels are categorized as full service hotels to bed and 

breakfast (B & B) hotels. Most standard hotel services 

include: foodservices, bars and lounges, healthcare, 

recreation and leisure services, sports and recreation 



ARTICLE 

foodservices, private clubs, casinos, meeting 

management, exhibition (trade show) management 

and special event management. 

Accounting in the hospitality industry 

Given the kind of service and products dealt in by 

the hospitality industry, the accounting needs of the 

industry appear to be quite special. As ever, an 

accountant of a typical hotel plays his traditional role 

—recording financial transaction, preparing and 

interpreting financial statements, and providing 

management with necessary information for timely 

actions. He keeps track of the revenues and expenses 

of the food and beverage department. The food and 

beverage department provides the foodservices, but 

the accounting department is responsible for collecting 

revenues. In short, the accounting function permeates 

in the day-to-day operations of the hotel industry. It 

is responsible for collecting and reporting most of a 

hotel’s operational and financial statistics. 

But suppose, if one hotel operator states that his 

gross profit from operations is 70 percent, what will 

it exactly mean to another operator, and for that 

matter, to the users of accounting information by and 

large? How does the industry deal with its revenue 

streams from rooms, restaurants, conference and 

banqueting services, leisure facilities, etc. and how 

does it match the expenses in relation to these 

revenues? In short, what is the Generally Accepted 

Accounting Principles (GAAP) for hotel industry? 

Accountancy profession needs GAAP or a 

benchmark against which to compare its own 

performance over time or the performance of others 

vis-à-vis its own. The key in making comparisons — 

whether they are against budgets, results of prior 

periods or results of other businesses — is that all 

figures should be comparable on a consistent basis. 

Moreover, the credibility of the accounting profession 

greatly depends on the consensus among its users. It 

was, however, not before 1932 that the New York 

Stock Exchange focussed on the need for some kind 

of “accepted accounting principles”. By 1938, the 

Great Depression (1929-1939) in the USA and related 

developments in the field of accounting led to the 

coinage of the term “Generally Accepted Accounting 

Principles”. But it was not before 1965 that Paul Grady 

published his “An Inventory of Generally Accepted 

Accounting Principles in the United States”. 

In juxtaposition to this development in the 

accounting history, probably unbeknownst to many 

of us and, of course, much ahead of the mainstream 

accountants, the hospitality industry in the United 

States made its foray into a common accounting 

solution for its members. In 1926, the Hotel 

Association of New York City published the first 

edition of its accounting manual “The Uniform System 

of Accounts for Lodging Industry” (USALI), which is 

a wellspring of guidelines for preparing accounting 

standards and reporting practices that reflect 

terminology and activity unique to the hospitality 

industry. With seventy years of history and experience 

and ten editions (Educational Institute of AH&LA 

2006) behind it, this venerated source of hotel 

accounting manual is being widely followed by the 

major US hotel chains around the world. Some leading 

practitioners of this system are Holiday Inn, Marriott, 

Copthorne, InterContinental, Sheraton, Hyatt and 

Whitbread. Those using a slightly amended version 

are Forte and Hilton. Those using their own method 

are believed to be Mount Charlotte, De Vere and 

Jarvis. This means that virtually all of the main hotel 

companies in the UK and the USA use the Uniform 

System as the basis of their accounting and reporting 

system (Chin and Braney : 1995). 

How USALI works? 

First of all, USALI sets forth detail recommendations 

on how particular transactions should be dealt 

with in accounting terms. In its content, USALI is a 

highly departmentalized system of accounting with 

firm moorings on Departmental Income Statement. 

Functionally, hotel accounting can be broken down 

to two core segments: Operating and Overhead. The 

operating segment is the revenue producing 

departments and includes rooms, food, and beverage, 

telecommunications and similar operations. The 

overhead departments are administrative and general 

functions, data processing, human resources, 

transportation, marketing, guest entertainment, 

energy costs, and property operations and 

maintenance. Taken together, USALI can produce up 

to thirty departmental statements (Popowich, Taylor, 

and Sydor, 1997). USALI then integrates all these 

departmental statements into a summary statement 

of income (or simply, Income Statement). The 

Summary Income Statement consists of three parts: 

(a) The upper part relates to the departmental 

operations. It captures revenues from the relevant 

departments and from the net revenues of each 

department it then deducts departmental costs, 

departmental wages, related expenses and other 

departmental expenses in order to arrive at the 

departmental income or loss. 

(b) The second part of the summary statement 

of income then lists the “Undistributed Operating 

Expenses”. The total of these expenses are deducted 

from the total departmental income to arrive at income 

before fixed charges. The available surplus at this stage 


is known as “Income after Undistributed Operating 

Expenses” (vide Ninth Edition of USALI). 

(c) Finally, at the third part of the income 

statement, fixed charges such as rent, taxes, insurance, 

interest, depreciation and amortization charges are 

deducted in order to arrive at “Income before Incometaxes”. 

As usual, the net income is the amount 

available after income tax obligations. 

It may be mentioned here that, in most cases, 

undistributed operating expenses, combined with 

management fees, rent, property taxes, and insurance 

comprise the major portion of total expenses for the 

period. It is further pointed that hotels have a high 

proportion of fixed costs and that about three-quarters 

of the total costs are fixed and uncontrollable (Kotas, 

1982, 1997) 

Exhibit # 1 : USALI Operating Income Statement 

Revenue 

Rooms X 

Food and Beverage X 

Other Operating Departments X 

Rentals and other Income X 

Total Revenue (A) XX 

Departmental Expenses 


ARTICLE 

Rooms (X) 

Food and Beverage (X) 

Other Operating Departments (X) 

Total Departmental Expenses (B) (XX) 

Total Departmental Income (A – B = C) X 

Undistributed Operating Expenses 

Administrative and General (X) 

Sales and Marketing (X) 

Property Operations and Maintenance (X) 

Utilities (X) 

Total Undistributed Expenses (D) (XX) 

Gross Operating Profit (C – D = E) X 

Managemnt Fees (F) (X) 

Income before Fixed Charges (E – F = G) X 

Fixed Charges 

Rent (X) 

Property and Other Taxes (X) 

Insurance (X) 

Total Fixed Charges (H) (XX) 

Net Operating Income ( G – H = I) 

Less : Replacement Reserve (J) (X) 

Adjusted Net Operating Income (I – J = K) XXX 

Source : USALI 10th Revised Edition, 2006 

USALI and GAAP 

There is no reason to believe that USALI is a 

universally accepted method of accounting for the 

hospitality industry. There are many countries where 

USALI is not followed or the published Annual Reports 

does not contain reference to the USALI, e.g. the Annual 

Reports of the Taj Hotel Groups. One particular reason 

for not following USALI in India is that, under the 

Indian Companies Act, 1956, the form and content of 

the Income Statement and the Balance Sheet are rather 

prescriptive and sector neutral. However, the strength 

of USALI lies in the fact that the income statement 

prepared under this method is highly adaptable to the 

accounting requirements under the GAAP and 

Companies Act. Indeed, the purpose of USALI is not 

to replace but to supplement GAAP. Besides, as a result 

of continuous updating of USALI, it is now more 

aligned to the GAAP than ever. 

Some changes made in the 9th and 10th Editions 

of USALI leading to greater convergence with GAAP 

are as below : 

(a) Preopening expenses : Preopening expenses 

include expenditures for intangible costs incurred 

prior to the opening of a hotel property that will 

benefit the property in future years. Examples include 

the grand-opening party, advertising, and training. 

Historically, those expenditures have been recorded 

as preopening expenses and reported as an “other 

asset” on the balance sheet. Those costs were then 

amortized over an intermediate period, such as three 

to five years. But to align it with the International 

Accounting Standards/national GAAP, those 

expenditures cannot be recognized as assets; they are 

now required to be recorded as expenses immediately. 

(b) China and glassware : In the past the uniform 

system recommended that those items be recorded 

as “property and equipment” and be written off over 

their useful life. Now, these items are required to be 

expensed when placed into use. 



ARTICLE 

(c) Banquet service gratuities : Historically, 

gratuities received for banquet services have remained 

a contentious subject and has been subjected to 

heterogeneous treatments. A common approach has 

been to record gratuities received as a payable and 

then reduce that payable as the gratuities were paid 

to employees. That practice, however, results in no 

income being shown from gratuities received and no 

labour expense related to the gratuities passed on to 

employees. This practice also resulted in an 

understatement of both revenues and expenses. 

USALI now requires that gratuities be recognized as 

both a revenue and labour expense. 

(d) Barter transaction : Barter transactions are 

those which hotel organisations use directly from the 

parties/associates in lieu of service to be provided in 

future, e.g. advertising service provided by a company 

for which accommodation service is to be provided 

in future. This being an executor contract, the earlier 

versions of USALI did not recognise it in their books 

of account. Now, in order to provide more complete 

information, USALI recommends recording an asset 

and a liability at the time of barter transaction. 

Subsequently, when services are provided by the hotel 

organisations, revenues are recorded and charged to 

the barter liability. On the other hand, expenses are 

offset against barter asset account when the service is 

received. 

Cost and Managerial Accounting in Hospitality 

Industry 

Since large hotel chains are in the corporate sector, 

the need for well-developed financial reporting 

system has always been felt in the hospitality industry. 

However, hospitality organisations renders diverse 

services—rooms, restaurants, conference and 

banqueting, leisure facilities and so on, each having 

its own revenue streams and staffing and other cost 

structures. Therefore, hospitality managers must also 

know how resources are used and there must be an 

information system to help them understand and 

evaluate short-term and long-term courses of action. 

Without an effective management accounting system, 

managers will not know how the different parts of 

their organisation are performing. 

But, does USALI provide management with such 

information system? If not, how does the hospitality 

industry fulfil its information need for timely, relevant 

managerial decisions? Given the fact that a 

sophisticated understanding of the firm’s cost 

structure goes a long way in reaping sustainable 

competitive advantage in terms of cost leadership, 

every organisation worth its salt would ideally seek 

to align its accounting and cost and management 

accounting system so as to fulfil the aforementioned 

goals, which, according to Kaplan and Cooper (1998: 

p. 2), boils down to : 

(a) valuation of inventory and measurement of the 

cost of goods sold for financial reporting; 

(b) estimation of the cost of activities, products, 

services, and customers; and 

(c) provision of economic feedbacks to managers 

and operators about process efficiency. 

Kaplan and Cooper (1998), however, found that 

the accounting system of most organisations is not 

geared to the aforesaid needs. Indeed, the 

inadequacies of the traditional accounting system are 

so great that Kaplan and Cooper (1998) built up the 

whole logic behind their magnum opus, Cost and Effect, 

to the idea that, “One cost system is not enough”. They 

argue, “In the past, many companies attempted to 

meet these three different functions with a single 

costing system. In an environment of limited product 

Exhibit # 2 : Four Stage Model of Cost management System Design 

System Aspects Stage I Systems Stage II Systems Stage III Systems Stage IV Systems 

Broken Financial 

Reporting Driven 

Specialized Integrated 

Data Quality Many errors. No surprise Shared data base Fully linked database 

Large variances Meets audit standards Stand-alone systems 

Informal linkages 

and systems 

External Financial Inadequate Tailored to financial Stage II system * ? -Financial 

Reporting reporting needs maintained reporting systems 

Product/ Inadequate Inaccurate Hidden Several stand-alone *?-Integrated 

Customer costs costs and Profits ABC systems ABM system 

Organisational Inadequate Limited feedback Several stand-alone *?-Operational and 

and Strategic Delayed feedback performance measu- strategic performance 

Control rement systems measurement systems 

* ? = all the three are integrated 



ARTICLE 

and process variety—where excellence in manufacturing 

process was not critical for success—a single 

costing system might have sufficed” (p. 2). But clearly, 

this is no longer possible now because, Kaplan and 

Cooper (1998: p.1) argues, changes in business since 

the mid-1970s triggered by global competition and 

technological innovations have led to the striking 

innovations in the use of financial and non-financial 

information in organisations. Organisations, therefore, 

in a bid to find their own niche, must undertake 

journey through the four sequential stages illustrated 

by Kaplan and Cooper (1998 : p. 12). 

In relation to the four-stage model of cost system 

design, an analysis of the USALI would reveal that it 

is apparently a disciplined approach to producing a 

clear, usable information for performance evaluation 

of the different areas of hospitality business (Quigley 

and Angwin, 2011), but a deeper analysis would reveal 

that so far as the information need of the management 

is concerned, at best it represents a transition from 

Stage I to Stage II in the cost management system design 

suggested by Kaplan and Cooper. 

For instance, De Franco (1997) has found that allmost 

all the hotels use traditional budgets for planning 

annual operations, controlling of costs, and for 

coordinating activities of various parts of the hotels. 

About half of the companies use zero-base budgets, 

while a few use flexible budgets (Schidgall et al, 1996). 

Most USALI users make use of traditional, profitability 

measures for performance evaluation, e.g. 

● Average Room Rate = Rooms Revenue divided 

by Rooms Occupied 

● Average Food Check = Total Food Revenue 

divided by Number of Covers (i.e. guests served in 

the food operation during the period). 

In order to have a proper check on the inventory 

of rooms and their utilizations, USAL has recently 

started using a new indicator called RevPar (which 

stands for revenue per available room). RevPar is 

calculated as Room revenue divided by total rooms 

available. USALI uses the entire inventory of rooms 

as a denominator (including those not ready for use) 

to indicate whether the inventory of rooms is being 

managed properly. In a recent survey by Pavlots 

et al. (2007) have found that a majority of the hotel 

organizations have been using traditional cost 

accounting system like absorption costing and costvolume-profit 

(CVP) analysis, with quite a few using 

standard cost accounting system. 

Hospitality organisations are basically service 

organisations. However, notwithstanding the 

observation of Kaplan and Cooper (1998 : P. 231) that 

service companies are ideal candidates for activity- 

based costing, the results of many surveys, however, 

indicate that the use of activity-based costing in the 

hotel organisations is very few and far between. 

As a service industry, hospitality industry has a 

high proportion of fixed costs, with approximately 

three-quarters of the total cost of hotels being 

uncontrollable (Kotas, 1997). The room department 

has a fixed cost of 15-20% in relation to its sales 

volumes, while food and beverage operations entail 

relatively high fixed costs in the form of kitchen and 

restaurant wages. This means that allocation of costs 

can have a significant impact on determining the 

financial performance. The merits of activity-based 

costing over the traditional cost accounting method 

has been extolled, amongst others, by Kaplan and 

Cooper (1998) and Shank and Govindarajan (1993). 

But unfortunately, with all the glaring defects of 

improper and misleading cost allocation of traditional 

cost accounting system, activity-based costing plays 

second fiddle in the hospitality organisations. The 

consequence of such action is well demonstrated by 

Tsai et al (2010) who have recently studied the 

advantage of using ABC of a country inn in Taiwan. 

The study gives better insight into the customer costs 

for each market segment in order to offer more 

accurate cost information for innkeepers to make 

better managerial decision. Also, this study compares 

the ABC with the traditional costing method, and 

concludes that the ABC method is a more suitable 

and appropriate tool than traditional accounting 

method in a country inn. 

Exhibit # 3. Comparing ABC with Traditional 

Accounting 

N.T. Dollars 

Cost 

Traditional accounting 

allocation : 

Lodging 

Product 

Hot-Spring Dining 

Overhead 99,640 597,842 1,693,885 

(Assigning by direct labor hours) (240hr) (1440hr) (4080hr) 

Direct Labor 30,000 180,000 623,000 

Direct Materials 61,137 116,843 1,032,498 

Outside laundry 33,000 

Hot-spring water 

Total cost on traditional 

5,049 

accounting basis 223,777 899,734 3,349,383 

Mean number of customers 1,440 56,750 33,240 

Unit cost per customer 155.4 15.85 100.76 

Unit cost per customer in ABC 306.21 31.64 67.28 



ARTICLE 

Conclusion 

The need for a system of cost and managerial 

information in the hospitality industry can hardly be 

exaggerated. Without an effective management 

accounting system many hospitality operators will not 

even know how well or worse the different parts of 

their business are performing. In this context, it needs 

to be reiterated that accounting is not an end in itself, 

but a means to achieving certain goals. Accounting 

tools and techniques must, therefore, be considered 

in terms of the role they intend to play in the schema 

of things laid down by those who are at the helm of 

affairs of the business. 

Over the last fifty years accountants have amassed 

enough techniques in their toolbox : ABC, Balances 

Attention Members 

Scorecard and Lifecycle Costing, in addition to the 

traditional tools to keep up with the demands. In fact, 

since early 1980s, the field of management accounting 

has unfolded itself in its full breadth. But the problem, 

as Rene Descartes once pointed out, is that, “to be 

possessed by a vigorous mind is not enough; the prime 

requisite is rightly to apply it”. This equally applies 

to the accounting problems of hospitality industry. 

Accounting techniques that are not useful for some 

purpose may be extremely useful for others. The task 

that lies ahead of the accountants in the hospitality 

industry, therefore, is to analyse the value chain in 

the hospitality industry to provide it the necessary 

signal. In the process, activity-based costing is a 

transitory goal, not an end in itself. ❐ 

Institute invites queries from members on The Companies (Cost Accounting 

Records) Rules, 2011 (CARR) & The Companies (Cost Audit Report) 

Rules, 2011 (CAR) 

National Task Force on CARR and CAR constituted by the Council, in its 1st Meeting held 

on 25th August 2011, has established a “Technical Cell” at ICWAI, to go into all the queries 

and seek clarifications from the Cost Audit Branch (CAB), Ministry of Corporate Affairs 

and provide the same on receipt of official clarification from CAB by way of updated 

FAQs through the Institute website : http://www.icwai.org 

Members may send the queries in this regard through email to Shri J. K. Budhiraja, Director 

(Professional Development) and Secretary to the National Task Force on CARR & CAR at 

pd.budhiraja@icwai.org or by post at the following address : 

Shri J. K. Budhiraja 

Shri J. K. Budhiraja 

Director (Professional Development) 

& Secretary to National 

Task Force on CARR & CAR 

The Institute of Cost and Works Accountants of India 

”ICWAI Bhawan”, 3, Institutional Area, 

Lodhi Road, New Delhi- 110003 

It is also requested that the respondents to the email groups do not provide any new 

interpretation other than that provided by the Institute in FAQs as it will lead to wrong 

interpretation of the notifications. 



ARTICLE 

Throughout the world people travel with 

different objectives such as business, conventions, 

participation in sports, recreation, 

relaxation—both at plains as well as in mountain 

resorts—or may be in night clubs, or to get to know 

different cultures, art, folklore, architecture, painting 

and religion. The two basic needs for a traveler all 

the time are shelter and food—which brings the Hotel 

industry to this front. 

Hospitality management is the academic study of 

the running of hotels, restaurants, and travel and 

tourism-related business. The hotel industry, which 

is an integral part of the tourism sector, provides a 

large percentage of the total employment in the 

tourism industry. A hotel needs the services of trained 

staff to provide professional services to national and 

international clients. The hotel and catering industry 

has been one of the fastest growing industries in the 

world in past 50 years. India’s hotel industry is 

thriving due to an increase in business opportunities 

and foreign and domestic tourism. 

Hotel business provides lodging, food, protection 

of luggage, different types of comforts and luxuries, 

services and facilities of entertainment to their clients 

under one roof. A hotel business can either be in the 

form of One Star to Five Star with deluxe amenities. 

Not only this, it can be either in the form of sole 

proprietorship or a partnership or a private limited 

or a public limited company. 

Like other business and industrial establishments, 

hotels too are commercial entities. A number of 

financial transactions take place : 

● from purchase of raw materials to conversion 

it into finished product for sale; 

● purchases of finished goods for sale in their 

original forms; 

● purchases of consumable articles; and 

● purchases of capital items from the suppliers, 

and sell of accommodations, meals, drinks and 

services to its clients. 

It is not possible that the owner or the employees 

remember all such transactions. So it is essential to keep 

a written record of all the transactions in appropriate 

books and records which may help in calculating the 

profit earned or the loss incurred during a particular 

CMAs in Hospitality Management 

Vinay Tandon* 

the establishment. It employs Managers, House 

Assistants, Receptionists, Stewards, Labours, Clerks 

and other staff to whom salary is to be paid. Having 

regard to their nature of business, there are certain 

accounting aspects which are tailor-made to this 

industry. 

Hotels maintain a number of registers, summary 

sheets and accounting books (vary according to the 

size and requirement of the hotel) for the purpose of 

providing a complete picture of the financial 

transactions. Hotels maintain their accounts in 

columnar to tabular form. Data of each head of 

income, expenditure, purchase and sales of each day 

are analysed for costing, control, forecasting and other 

managerial work by a CMA and it forms an integral 

part in hospitality management. 

Income Accounting 

In hotel industry two types of business—namely 

manufacturer and retailer—take place and products 

pass through many hands. Therefore, the problem of 

controlling is very vital. The accounts department is 

generally headed by a Financial Controller who may 

be assisted by an Assistant Financial Controller 

(depends on the hotels) who is/are supported by 

Credit Manager-cum-Income Accountant, Food & 

Beverages Controller, Head Cashier and Accountant 

for general accounting functions. In hotels the credit 

is allowed to all clients except a few who appear to be 

of doubtful nature and bring no luggage with them. 

Personal accounts of clients are opened immediately 

as soon as they arrive and occupy rooms in the hotel 

because their departure is always uncertain. A hotel 

has many departments—so cash is collected and credit 

is allowed at many points. 

The Credit Manager-cum-Income Accountant is 

responsible for proper recording of all income 

transactions into City Ledger such as Ledger of 

Individuals, Ledger for Offenders, Ledger for Credit 

Card Holders, Ledger for Travel Agencies, Ledger 

for Government Departments, etc. 

The Food & Beverages department deals with 

costing of daily consumption, preparation of monthly 

Food & Beverages reports, recommending selling 

prices of various items at Food & Beverages outlets, 

maintenance of a proper stores kardex/ledger for 

period of time and disclosing the financial position of * B.SC, PGDCA, PGDBA, FICWA, MIIA (USA) 



ARTICLE 

Food & Beverages items, taking physical inventory 

of Food & Beverages stores consisting of nonperishable 

items, cold storage consisting of perishable 

items, kitchens, bars, etc. 

The objective of income accounting is to ensure 

that the transactions have been correctly recorded 

without revenue leakage and they give sufficient data 

for MIS reports. 

The income of a hotel can be classified into the 

following three categories : 

(i) Room Revenue : Total Room revenue during the 

day is based upon the report of Night Clerk working 

in the Front Office which contains details of every room 

occupied along with room tariff as posted in individual 

folios and/or Green report of the guests. It is very 

important for every hotel to monitor its occupancy rate 

and revenue rate on a continuous basis. Following are 

some of the indicators adopted by various hotels in 

determining the performance. These ratios—when 

viewed in the context of corresponding figures of 

previous accounting periods or that of similar other 

hotels—reflect the marketing policies : 

(a) Operating ratios (capacity utilization) 

Room occupancy rate = 

Total number of room nights occupied * 100 

Total number of room nights available 

Bed occupancy rate = 

Total number of in-house guests * 100 

Total number of guests 

Restaurant occupancy rate = Total Meals served/ 

Restaurant seating capacity 

(b) Operating ratios (average prices) 

Average rate per room = Room Sales/Total 

number of room nights occupied 

Average rate per guest = Room Sales/Total 

number of in-house guests 

Average charges per guest = 

Total revenue from in-house guests 

Total number of in-house guests 

Cost per meal = Total Restaurant sales/Total Meals 

served 

(c) Accounting Profitability ratio 

Operating ratio = (Operating profit *100)/ 

Operating Assets 

Gross Profit Ratio = (Gross Profit * 100)/Total Sales 

Net Profit Ratio = (Net Profit * 100) * Total Sales 

(d) Accounting Liquid Ratio 

Current ratio = Current Assets / Current Liabilities 

Stock Turnover = Cost of Sales/Average inventory 

at cost 

Debtors Turnover = Debtors/Credit sales. 

(ii) Food & Beverages Sales : Here the sales can be 

of two types, namely, (a) Banquet Sales, and 

(b) Other sales. For a banquet, a person has to take 

booking in advance. At the time of booking, several set 

of functional prospectus are prepared which records 

expected number of guests, guaranteed number of 

guests, mode of payment, menu to be served, type of 

linen to be used and other terms and conditions. A copy 

of the functional prospectus is circulated to all 

concerned departments. The Income department 

maintains a Daily Banquet Register to ensure that all 

functions are properly billed. After the banquet is over, 

a check is raised for actual number of guests or 

guaranteed number of guests, whichever is higher. This 

area offers considerable scope of revenue leakage. 

Therefore, it is important to employ proper 

administrative and accounting controls at this point. 

Since determination of figure of actual number of guests 

is very difficult, the easiest method of controlling could 

be to make plate count as the uniform basis of charge 

as plates are issued from kitchen stewarding stores, 

proper record of plates issued to the banquet hall and 

the receipt of unutilized plates should be properly kept. 

A person from Food & Beverages department should 

be present at every banquet to supervise laying down 

of the plates. The accounting control in this area would 

be to determine the cost percentage of a banquet and 

its comparison with standard cost percentage. 

The procedure for recording Other Sales (i.e., 

non-banquet Food & Beverages sales) is similar to that of 

Food & Beverages sales. First, raising of a check, its 

recording by cashier in the summary sheet and subsequent 

recording in Night Clerk’s white report. Here too there are 

certain operational ratios which help in understanding of 

operational effectiveness of the hotel : 

Capacity Utilization ratio = Meals served/Total capacity 

Average per check = Total Sales/Number of Checks 

Average per cover = Total Sales/Number of persons 

These averages can be compared with standards 

laid down, if any, and, in case of a falling trend, reasons 

are to be traced and corrective actions taken thereof. 

(iii) Miscellaneous Income : This part covers 

various other incomes such as laundry income, 

telephone income, parking income, income by way of 

letting out a banquet hall etc. A summary sheet is 

prepared which records receipt no. and the amount 

received—as normally these are cash sales except for 

those relating to in-house guests of the hotel. 

Finally, all type of sales are recorded in the Green 

Report prepared by the Night Clerks as the Green 

report is a summary of the day regarding sales at 

different outlets, both cash and credit sales, and 



ARTICLE 

amount to be transferred to the City Ledger and 

amount yet to be transferred to the City Ledger. The 

figure of Room revenue comes from Night Clerk’s 

Report and that of Food & Beverages income comes 

from White Report of the Night Clerk, and that 

relating to miscellaneous income from summary 

sheets of Miscellaneous Income. 

Management of credit transactions 

Proper accounting of all credit sales along with 

proper monitoring is the part of credit management. 

As far as in-house guests are concerned, their folio is 

transferred to Credit department for entry in City 

Ledger only when they have checked out. The amount 

due from such guests usually appears in Green Report 

of Night Clerk. At the end of the month, amount due 

from in-house guest who are yet to check out would 

be incorporated in the General Ledger on the basis of 

the Green Report of the last day of the previous month 

and its details be prepared by the Front Office/Night 

Clerk. Since different folios are maintained for various 

types of customers such as Credit Card Agencies, 

Travel Agencies, Airlines, Corporate Clients, Staff and 

others, there is a master folio which is also prepared 

—it is simply a summary of all the folios taken 

together and is prepared on daily basis. 

Management of cash transactions 

Cash at restaurants and bars is collected by the 

cashiers deputed at those outlets. The amount so 

collected is reported as cash sales in the Cashier 

summary sheets which comes to the Night Clerk who 

checks and total the same. Apart from this, cash is 

also collected at the front office from the guests of the 

hotel for which an imprest is maintained at the front 

office to meet such requirements of the foreign guests. 

Front office Cash Report is also prepared on a daily 

basis, and the cash so collected, along with the said 

report, comes to the back office on a daily basis. The 

money so collected in the form of Foreign Exchange 

cannot be utilized in any way and are to be deposited 

by an authorized person by the Reserve Bank of India. 

Consumption Analysis 

Consumption analysis is carried out of Food & 

Beverages department. As the inventory records of 

Food & Beverages are maintained by this department, 

every Food & Beverage material requisition comes to 

this department. The material requisition slip bears 

the name of the outlet to which materials are to be 

issued. Thus the inventory records are updated 

automatically. For costing purposes, there are separate 

cost centres. Total food consumption as well as 

beverage consumption for all outlets are computed 

separately. Thereafter, food cost percentage and 

beverage cost percentage are computed as : 

Food cost % = (Food consumption *100)/Food sales 

Beverage cost % = (Beverage consumption *100)/ 

Beverage sales. 

These percentages are then compared with 

standard food and beverage cost percentage. The days 

when food cost percentage and beverage cost 

percentage are high are analyzed and reasons sorted 

out for the same. Similarly at the end of the month, 

food cost percentage and beverage cost percentage 

are computed. For the monthly figures, due account 

is taken of inventory in kitchen/bars & restaurants, 

both at the beginning as well at the end of the month, 

by the process of physical verification of various items. 

Likewise, another important cost control technique 

is determination of actual consumption of food and 

beverages and its comparison with that of the 

standard consumption determined earlier. For any 

abnormal variations, reasons are to be sorted out and 

necessary steps to be taken so that the same can be 

avoided, as far as possible, in future. 

Since all the items which are served in the 

restaurants have got standard recipes, the computer 

can be programmed in such a way that at the end of 

the day it can give details of physical quantity sold 

for all the items forming part of the menu. On the 

basis of the quantity sold and standard menus, 

standard quantity of raw materials consumed can be 

evaluated which should be compared with actual 

consumption of raw materials. If this difference is 

abnormal, reasons for the same must be sorted out. 

CMAs are better placed compared to other 

professionals in hospitality management. 

CMAs can play vital role to 

● Act as chief financial controller of the institution; 

● To get the records maintained as desired by the 

industry; 

● Employ proper administrative and accounting 

controls to limit the revenue leakage; 

● Establish cost guidelines and benchmarks to 

assist in analyzing variances at different levels; 

● Make most efficient use of all the available 

information for revenue budget and monitoring; 

● Develop tools for analysis and decision making 

at every stage of operation; 

● Constantly improve the process to monitor time 

spent on non-value added tasks; 

● Act as a guide to all those involved in the 

process at every stage of operation; 

● Assess cost-benefit analysis at various time 

intervals; 

As discussed earlier, CMAs play a crucial role at 

each stage in the institution to ensure the long term 

viability and constant profitability of the business. ❐ 


COST COST COST ACCOUNTING 

ACCOUNTING 

A 

major challenge for the continued viability 

of hospitals is the development of relevant 

and accurate cost information based on which 

strategic, pricing and management decisions can be 

made. In India, health care financing is increasingly 

getting more complex with the rapid advances in the 

medical technology in the last one decade. This had 

led the hospitals with high percentage of fixed costs, 

owing to buying of advanced medical equipments and 

setting up of laboratories. Hospitals need to shift their 

focus from treating illness of individual patients to 

managing the overall health status of the enrolled 

patients throughout the continuum of care (Ralph and 

Ramsey, 1994). 

In the light of the prevailing and future health care 

trends, a hospital’s cost accounting system should 

serve three purposes: 

(a) promoting cost efficiency without compromising 

the service quality 

(b) allow the hospitals to maximise its resources 

through product and service line management 

(c) highlight the opportunities for continuous 

improvement of the hospital’s operations. 

In order to achieve the above, cost efficiency, 

product and service line management and continuous 

improvement hospital needs to consider implementing 

Activity Based Costing (ABC) system. 

Activity Based Costing 

Activity Based Costing—popularly known as ABC 

represents an opportunity to detail indirect costs for 

specific activities. It is an extremely valuable tool in 

financial decision making process, especially in the 

health care segments. The ABC is an approach to 

determine the costs of products (patients) or product 

lines (groups of similar patients). This method of 

costing improves the accuracy of determining the 

costs by more accurately assigning overhead costs on 

a cause-and-effect basis. This method of costing is 

useful for health care industries as they accurately 

determine the cost drivers of each element of a 

particular procedure. 

Activity is the process or procedures that cause 

work to be performed within an organisation. An 

Application of Activity Based Costing 

for Health Care Industries 

P. Saravanan* 

N. Sivasankaran** 

activity represents unique combination of inputs (i.e. 

people, technology, materials) brought together to 

produce outputs (i.e. products or services). For 

instance, in the hospital setting, surgical procedures 

performed in operation theatres (OT) represent 

activities. The inputs are medical personnel (surgeons, 

anaesthesiologists, nurses) or technology (patient 

monitoring equipment, life supporting systems) and 

surgical supplies (latex gloves, gauze pads, and 

bandages) are combined for the successful patient 

outcomes. 

To ensure how well is the activity being performed 

we need to do an activity analysis in terms of total 

cost, time, or quality. In other words, activity analysis 

helps the hospital to identify value-added versus nonvalue 

added activities. So from that information, the 

hospital can simplify, improve or eliminate activities 

and processes. 

Continuous improvement is possible by means of 

identifying the factors that drive costs. A cost driver 

is any event that causes a change in the total cost of 

an activity. Cost driver by their very nature indicate 

where action or change is required for further 

improvement. 

What ABC Can Do for Hospitals? 

As documented earlier, ABC would help hospitals 

in the promotion of cost-efficient operations and in 

the management of product and service lines. If a 

hospital’s cost estimates are too high or too low, it 

risks making incorrect and, perhaps, disastrous 

business decisions. By providing more accurate costs, 

ABC system improves the decision made regarding 

case mix, procedure utilisation and pricing. This 

system also identifies the activities that need 

improvement. To improve the management of any 

activity successfully, the hospitals must understand 

the activity’s resource consumption, outputs and 

quality of performance. From support and sustaining 

activities (i.e. meal preparation, facilities management) 

* Assistant Professor, Indian Institute of Management, 

Shillong 

**Associate Professor, Indian Institute of Management, 

Shillong 


COST COST ACCOUNTING 

ACCOUNTING 

to primary activities (i.e. complex procedure, nursing 

care, laboratory tests)—ABC would provide these 

information to hospitals. Used in these entire manner, 

ABC goes beyond acting as an accounting system to 

serving as a strategic management tool (Cooper and 

Kaplan 1990). 

Application of ABC for a Hospital’s Radiology 

Department 

Today’s hospital radiology department often 

encompasses, in addition to traditional in-patient and 

out-patient diagnostic X-ray imaging, advanced 

procedures such as nuclear medicine, computerassisted 

tomographic (CAT) scanning, and magnetic 

resonance imaging. Within this operating environment, 

the ability to effectively schedule procedures is 

crucial to maximizing the use of high-price equipment, 

elaborately configured facilities, and highly trained 

personnel. To enhance or optimize operations in the 

radiology department, one can perform an activity 

analysis. 

According to Baptist (1987), there are variety of, 

reasons why improved costing procedures like ABC 

are needed for ancillary departments such as 

radiology. The traditional use of cost-to-charge ratios 

to determine procedure cost and profitability has 

proved to be inaccurate. There has been very little 

relationship between procedure costs to charges in 

the past. In-accurate cost basis makes it nearly 

impossible to establish competitive procedure prices. 

In today’s re-imbursement environment, it is critical 

that a hospital’s procedure price be accurately related 

to its cost. Accurate cost information helps hospitals 

to achieve greater efficiency and productivity in these 

ancillary departments. 

Establishing ABC System in Radiology Department 

(a) Activity Identification and Design : A basic 

premise of cost allocation in ABC is to allocate the 

costs according to the activity that caused those costs 

to be incurred. This process gives an accurate measure 

of the consumption of financial resources. The first 

step is to list the various groups of activities that make 

up the procedure. This is known as activity design or 

cost drivers and the same is depicted in Exhibit 1 and 

let us use this as a starting point to accumulate 

information about the costs involved with the 

procedure. 

(b) Allocation of costs to activities : In health care 

there is no conscious way of allocating costs, and costs 

and many times costs are allocated as indirect costs 

without looking at the cause-and-effect relationship. 

The activity cost details (as given in Exhibit B) 

identifies the cost driver for each activity, the volume 

of cost driver for one ultrasound, the cost per unit of 

the cost driver and the total cost per procedure. In 

order to compute total costs per procedure we need 

to use time, number of patients engaged, and rooms 

are the factors used for the various cost drivers. 

(c) Computation of total cost per procedure : Cost 

is identified by looking at purchase of materials, pay 

roll and other expenses data. In the activity cost detail 

(Exhibit 2), the cost per unit is the aggregated detail 

of cost information pertaining to one unit of the cost 

driver factor. For instance, for the activity like 

provision of care and testing in the laboratory, this 

includes educating the patient for the exam. So, cost 

driver for the activity is the labour time, which we 

can cost by the factors of minutes. The cost per unit— 

the labour cost (cost driver) per minute (cost factor). 

Like this, all costs are added to identify the total cost 

per procedure. 

(d) Fixed cost consideration : Fixed costs included 

in the overhead are spread to the ultrasound 

procedures. The fixed cost would remain whether we 

would perform ultrasound or not. It is appropriate to 

include these costs accurately in the cost detail. For 

instance, we assumed that a doctor can see 

approximately XX patients per day with one clinical 

support staff. Hence, we are considering the labour 

time of the receptionists, billing and occupancy costs 

as fixed cost only. 

Conclusion 

To conclude—whether hospital administrators and 

department managers classify their methods and 

techniques as ABC or not does not matter. What is 

important is that they recognize and understand that 

the principles of ABC (i.e. activity analysis, cost 

drivers) should be embraced for what they can 

provide namely, improved cost efficiency, enhanced 

product line management, and increase opportunities 

for continuous improvement. Used in these ways, 

ABC goes beyond just a costing system to being a 

strategic management tool. ❐ 

References 

■ Baptist, A. J. A General Approach to Costing Procedures 

in Ancillary Departments. Topics in Health Care 

Financing, 13, No.4 (1987) : 32-47 

■ Cooper and Kaplan, Cost and Effect : Using Integrate 

Cost Systems to Drive Profitability and Performance 

(1990) 

■ Ralph,H. and Ramsey. I. V. Activity Based Costing 

for Hospital. Hospital Health and Service Administration, 

39, (1994) : 385-396 


Appointment 

fixed 

Bill is generated 

and money is collected 

Procudure Flow 

Appointment Fixation 

Patient check in 

Provision of care & testing 

in lab 

Patient check-out 

Film process time 

Report writing 

Billing and administration 

COST COST COST ACCOUNTING 

ACCOUNTING 

Exhibit 1 

Activity Design 

Entry of 

Provision of care 

→ patient → Check-in → and testing in → Check-out 

the laboratory 

Process 

report 

Process film 

Exhibit 2 

Indicative Activity Cost Detail 

Cost Driver Volume of Cost 

Driver 

Labour time/ 

receptionist XX minutes 

Labour time/ 

receptionist XX minutes 

Ultrasound 

technician time 

Doctors’ time* 

Materials** 

Equipment 

Labour time/ 

receptionist 

Ultrasound 

technician time 

Physician/ 

radiologist time 

Labour time/ 

Bill clerk 

XX minutes 

XX minutes 

Procedure 

Life of equipment 

XX years 

XX minutes 

XX minutes 

Time XX 

minutes 

XX minutes 

* Physician time is needed approximately for every patient’s expressed minutes 

** Materials during procedure include linen, condom (for covering probe), gel, printer paper and film 

At The Helm of the Affairs 

Congratulations 

Check-out 

Cost Per 

Unit 

→ 

Patient exits 

Shri P K Bajpai, an Associate Member of the Institute, has been 

appointed as Director (Finance) of Bharat Heavy Electricals Ltd 

(BHEL). Prior to this, he has been heading company’s Financial Services Division 

as Executive Director. 

762 The Management Accountant |September 2011 

XX 

XX 

XX 

XX 

XX 

XX 

XX 

XX 

XX 

XX 

Total Cost 

Per Procedure 

→ → → → 

Cost/ 

Procedure 

XX 

XX 

XX 

XX 

XX 

XX 

XX 

XX 

XX 

XX 

XX

Target Cost 


ACCOUNTING 

ACCOUNTING 

The long term financial success of any business 

depends on whether its prices exceed its costs 

by enough to finance growth, provide for 

reinvestment, and yield a satisfactory return to its 

stakeholders. As competition increases, and supply 

exceeds demand, market forces influence prices 

significantly more. To achieve a sufficient margin over 

its costs, a company must manage those costs relative 

to the prices the market allows or the price the firm sets 

to achieve certain market penetration objectives. The 

problem that firms face is that the prices are set by the 

market forces and the shareholders decide profits. 

Therefore firms have no other option but to set the cost 

and have to achieve that cost. In the context of these 

characteristics, the practice of target costing has 

evolved. 

Target costing is a fundamentally different way to 

look at the relationship of prices and costs. The basic 

target equation of “Price—Profit Margin = Cost” 

means that prices are driven and set either by 

competitive market forces or by the firm as it 

aggressively lowers its prices to increase market 

penetration; that profit margins are established such 

that the firm can make money; and that allowable 

costs are derived from price and margin. This method 

was pioneered by Toyota in the 1960s to achieve high 

quality and desirable features at a competitive price. 

Target costing is a design approach in which a 

company designs a product to achieve a desired profit 

while satisfying the customers expectations for quality 

and product features. The target costing (TC) practice 

(genka-kikaku in Japanese) seeks to bridge the gap 

between the cost determined through market research 

(i.e., what the customer is willing to pay) and the cost 

at which the firm can supply its product, given the 

firm’s technology and the state of its accumulated 

knowledge, without compromising its profitability. 

The balancing of costs, features and quality takes place 

throughout the design, manufacturing, sale and 

service though it target costing has the strongest 

influence during the design phase as the cost 

consequences of manufacturing method and features 

selected are mostly determined during the design 

phase of the product. 

Integrating Target Costing with 

Supply Chain Management : A 

Strategic Perspective 

Rajat Gera* 

Barnali Chaklader** 

The Target Costing approach is illustrated in 

Equation I. 

The allowable cost is the total product cost which 

the firm has to achieve and is dictated by consumer 

willingness to pay and market competition. 

(Target Cost) = (Selling Price) — (Profit Margin) 

Equation I 

The desired profit margin is driven by corporate 

strategic profit planning. In reality, the allowable cost 

might not be achievable in the short run, and the target 

cost is revised upward. The target cost estimate is first 

determined based on the best estimate of the future 

product’s costs and compared with the target cost, 

and the gap constitutes the subject of the costreduction 

program. The excess of the estimated cost 

over the target cost is reduced by management tools 

like value engineering. For example, the current cost 

estimates of the final product may be INR 100,000 

while the target cost determined through market 

research and strategic analysis may be INR 80,000 

which leads to a target cost reduction of Rs 20,000 ie 

20%. The same is achieved by decomposing the gap 

into cost reduction targets for various business 

functions. Each function then redesigns its component 

of the product or re-engineers the manufacturing and/ 

or logistics process (i.e., JIT = just-in-time) to achieve 

the desired target cost estimate. The redesigning 

process is called value engineering, which is basically 

concerned with looking for alternatives to designing 

product with the same or greater level of quality/ 

functionality while reducing the cost. The process 

undergoes numerous iterations before the final 

product can be produced within the targeted cost. 

Supply Chain Management (SCM) : is a logistics 

network which consists of suppliers, manufacturing 

centers, warehouses, distribution centers and retail 

outlets as well as raw materials, work-in-process 

inventory and finished goods that flow between the 

facilities. SCM is also defined as a set of approaches 

utilized to efficiently integrate suppliers, manufac- 

* Associate Professor (Marketing), Institute of Management 

Technology, Ghaziabad 

** Associate Professor (Finance and Accounting), Institute 

of Management Technology, Ghaziabad 



ACCOUNTING 

ACCOUNTING 

turers, warehouses and stores so that merchandise is 

produced and distributed at the right quantities, to 

the right locations, and at the right time, in order to 

minimize system-wide costs while satisfying service 

level requirements. According to the Council of 

Supply Chain Management Professionals (CSCMP), 

supply chain management encompasses the planning 

and management of all activities involved in sourcing, 

procurement, conversion, and logistics management. 

It also includes the crucial components of coordination 

and collaboration with channel partners, which can 

be suppliers, intermediaries, third-party service 

providers, and customers. In essence, supply chain 

management integrates supply and demand 

management within and across companies. 

Supply Chain Management (SCM) and Target 

Cost : An integration 

The management decides whether increased 

functionalities are to be provided at the same cost or 

same functionalities are to be provided at a reduced 

cost. If the firm has positioned itself as a cost leader, 

then the firm will have to focus on attaining target 

cost. But if the firm has positioned itself as a 

differentiator, then it will focus more on functionalities 

than on cost. Once target cost is decided, then it cannot 

be achieved without incorporating it in each step of 

supply) chain. As can be seen that all supply chain 

management have three components: suppliers, 

producers and customers. As the various components 

of supply chain are integrated, increase of costs of a 

portion of the chain will increase costs of other 

components too and, as a result, overall cost of the 

product/service will increase. Therefore, cost 

management must be done in all the components of 

the supply chain and, it must be ensured that cost 

management is done—and also value is added—in 

each activity of the chain. Thus SCM takes into account 

every facility that has an impact on cost and ensures 

that the product conforms to customer requirements. 

The objective of SCM is to be efficient and cost 

effective across the entire system—taking into account 

total system-wide costs from transportation and 

distribution to inventories of raw materials, work in 

process, and finished goods. SCM strategies are directly 

affected by the development chain which is defined as 

the set of activities and processes associated with new 

product introduction. It includes decision on product 

design, i.e., product architecture, what to make 

internally and what to outsource, supplier selection, 

early supplier involvement and strategic partnerships. 

Thus decisions taken during the development chain 

would impact the supply chain and the characteristics 

of the supply chain would impact product design 

strategy and thus the development chain. 

Though SCM and development chain are closely 

linked and affect each other, organization structures 

limit the scope for an integrated approach. For 

example. Vice President (VP) of engineering would 

be responsible for the development chain, VP of 

manufacturing for the production chain, and VP of 

supply chain or logistics for the fulfillment of customer 

demand, leading to a misalignment of product design 

and supply chain strategies as there would be 

conflicting objectives and trade-offs which would not 

be resolved. The VP for a manufacturer of a car model 

might not wish to increase the production run in times 

of excess demand putting a strain on dealers who 

would face increased waiting times and stock outs 

leading to cancellations and/or poor word of mouth 

publicity affecting the VP of supply chain’s 

performance. Similarly, while designing a new car 

model, the development team may reduce certain 

features to reduce product cost requiring without 

taking into account its impact on the logistics or supply 

chain leading to higher costs of transportation or 

storage. The same approach also overlooks 

opportunities for cost reduction in the supply chain 

which may give the design team more flexibility in 

meeting their cost targets. A decision may be taken 

whether to outsource a particular part or to 

manufacture it in house. 

Thus, integrating the supply chain, the development 

chain and the production chain while practicing 

target costing would be much more effective in 

meeting the company’s strategic objectives. Coordination 

is extremely important here. Therefore, 

while target costing may serve as a solution when 

developing new products, minimizing costs through 

the optimal use of all resources along the entire supply 

chain would be a better strategy. The current practice 

involves use of Target costing to reduce costs by 

involving suppliers and manufacturers as contributors 

to the design process, thereby focusing the entire chain 

toward the overarching goal of eliminating costly 

waste, excess, and unevenness. The supply chain 

partners can also consider costs of reclamation and 

disposal of products after their useful life in a total, 

closed-loop life cycle costing model. 

Thus, adoption of target costing approach across 

the supply chain would involve selecting the most 

appropriate product development and process 

technologies, minimizing the complexities of productlines, 

eliminating cost overruns, limiting design 

problems and delivering the lowest priced highest 

valued product to the final customer. Other trends 

prevalent in the industry include value engineering, 

parts standardization, and a sharing of knowledge 

along the supply chain. 


To take the example of People’s car—Tata Nano 

in which Cost and waste was driven out of supply 

chains by reducing inventory, eliminating waiting 

times and delays, increasing utilization of warehouse 

and trucks, optimizing location of warehouses and 

plants, drawing up the optimum transportation 

network, utilizing backhauls etc. Reducing inventory 

reduced the working capital cost, warehousing costs 

and obsolescence costs. To reduce inventory, demand 

fluctuation was reduced, reliability of inventory 

replenishment was increased, supply chain length was 

reduced. 

Reducing supply chain times reduced inventory 

and increased responsiveness. To eliminate waiting 

times and delays the complete supply chain process 

was mapped. For this a lead time map was used. 

Delays like waiting for loading or unloading and 

waiting for documents was minimized. Transit time 

was reduced. Truck utilization was improved by using 

truck optimization software. Similarly, warehouse 

space was utilized more efficiently by increasing 

storage height—by increasing the rack heights or 

having a mezzanine. 

On a strategic level, Supply Chain Network 

Design-locating plants, contract manufacturers, 

Distribution Centres and warehouses—all are 

important because 70% of the cost of a supply chain 

is fixed at the design stage. So Tata Nano has created 

a breakthrough in car manufacture by reducing the 

cost of a car significantly by strategically managing 

cost at each level of supply chain. 

Conclusion 

It is known that strategic cost management contains 

supply chain analysis, strategic positioning analysis 

and cost driver analysis. By evaluating each of these, 

management will be able to better manage and 

understand costs. Supply chain analysis manages the 

flow of information and products from earliest supplier 

to the ultimate consumer. Strategic positioning analysis 

analyses the value proposition of the company, i.e., cost 

leadership and product differen-tiation. Cost driver 

analysis decides what processes or transactions create 

costs in the supply chain. After deciding on the strategic 

positioning, the firm can integrate cost driver analysis 

along with supply chain analysis to achieve sustainable 

competitive advantage. ❐ 

THE INSTITUTE OF COST AND WORKS ACCOUNTANTS OF INDIA 

12, Sudder Street, Kolkata - 700 016 

NOTIFICATION 

Cancellation of Registration under Regulation 25(1) of CWA Act, 1959 

Registration Numbers Cancelled 

For December-2011 Examination 

UPTO 

ERS/002802, NRS/004400 (except 4033, 4047, 4049-4105), 4695-4700 

SRS/009075, WRS/006806, RSW/077893, RAF/005855 

RE-REGISTRATION 

The students whose Registration Numbers have been cancelled (inclusive of the students registered upto 

30th June 2004) as above but desire to take the Institute’s Examination in December-2011 must apply for 

DE-NOVO Registration and on being Registered DE-NOVO, Exemption from individual subject(s) at 

Intermediate/Final Examination of the Institute secured under their former Registration, if any, will be 

treated as per prevalent Rules. 

For DE-NOVO Registration, a candidate shall have to apply to Director of Studies in prescribed Form 

(which can be had either from the Institute’s H.Q. at Kolkata or from the concerned Regional Offices on 

payment of Rs. 5/-) along with a remittance of Rs. 2000/- only as Registration Fee through Demand Draft 

drawn in favour of THE ICWA OF INDIA, payable at Kolkata. 

Date : 21st June, 2011 


ACCOUNTING 

ARNAB CHAKRABORTY 

DIRECTOR OF STUDIES 


PROJECT PROJECT MANAGEMENT 

MANAGEMENT 

Preparing the Basis of Estimate for a Project 

On the Monday morning meeting Subimol’s 

boss, the Project Manager, commented—”Do 

you remember the estimate you prepared for 

me a few months ago? Well the project is way over 

budget.” Subimol’s immediate reaction is one of 

anguish as his estimates are always carefully prepared 

and contain appropriate details, supported by history, 

and accompanied by a well-documented basis of 

estimate. 

Later on Subimol discovered that instead of being 

months old, the estimate in question was actually 

prepared over a year before the meeting; and with a 

little effort he located all of the documentation that 

was saved in a project estimate file. Everything is 

there, including all of the technical documents, 

applicable project plans and schedules, and, of course, 

the basis of estimate. A meeting was conducted to 

review the basis of estimate and to reconcile the 

estimate with the project’s actual execution and costs. 

It was found that scope has changed and different 

drawings were used for construction, alternate 

subcontractors were employed, and the quotation for 

a major equipment significantly differed from that 

used in the estimate. All of this had been well 

documented in the basis of estimate, but had been 

ignored or deviated during project execution. 

Keeping in mind that projects vary in scope, time, 

value, complexity, intent, and nature, this article 

describes the content and major sections of a basis of 

estimate. 

First let us discuss the cost estimating process in 

brief. There are three main parts to the cost estimating 

process. The first part of the cost estimating process 

is called Project Definition. In this part, the estimator 

clarifies the reason for the estimate, defines 

expectations, and elaborates the project that will be 

estimated. A Work Breakdown Structure (WBS) and 

technical description are obtained. These items help 

define the project and form the basis for the estimate. 

These steps may be revisited as new information is 

obtained during the estimating process. Second part 

of the cost estimating process, the Cost Methodology, 

includes tasks that create the approach and framework 

for the estimate. Developing the ground rules and 

assumptions will be the most revisited task in this 

part of the process. As methodologies are selected and 

the data is gathered, the ground rules and assumptions, 

methodologies, and even the cost model may 

Subir Chakrabarty* 

be refined if found necessary. Third part of the cost 

estimating process, the Estimate, has tasks that 

include the actual conduct, presentation, and 

maintenance of the cost estimate. These tasks are 

important and critical for a complete estimate. 

Basis of Estimate is a method of documenting the 

critical aspects of a project cost estimate for the 

purpose of reducing project cost risk. A basis of 

estimate should be sufficiently complete such that cost 

estimating professionals can use the documentation 

by itself. A well-written basis of estimate will achieve 

those goals by clearly stating the purpose of the 

estimate being prepared, the project scope, pricing 

basis, allowances, assumptions, exclusions, cost risks 

and opportunities, and any deviations from standard 

practices. It is also a documented record of pertinent 

conversations that have occurred and agreements that 

have been made between the estimator and other 

members of the project team. The basis of estimate 

conveys to the owner and members of the project team 

that the estimator understands the problem, the 

proposed solution, and cost of that particular solution. 

There may be multiple solutions to the problem in 

which case the estimator must understand each and 

every alternative and the resulting costs. . 

The contents of the basis of estimate shall be 

established by the estimator and approved by Project 

Manager. Based on the requirement for a major 

feasibility study, the basis of estimate may include 

the following: (i) capital cost definition, (ii) scope/ 

battery limits, (iii) estimate base date, (iv) accuracy 

requirement, (v) estimating responsibilities, (vi) 

estimate work breakdown structure and cost coding 

system, (vii) electronic system(s) used to compile the 

estimate, (viii) estimating methodology including 

overall philosophy, schedule basis, source documentation, 

contracting plan, mining, mechanical 

equipment, structural steelwork, plate work and 

liners, piping, insulation, refractory, and electrical, 

(ix) control & instrumentation, (x) civil works, (xi) 

building, (xi) corrosion (e.g. cathodic) protection, (xii) 

transport, (xiii) preliminary and general costs , (xiv) 

contractors’ camp, (xv) installation & commissioning, 

(xvi) current assets (consumable and insurance stores), 

(xvii) project insurance, (xviii) project management 

* BE (M), Gr (OR), FICWA, MFM Faculty of Bhavan’s 

Institute of Management Science, Salt Lake 



MANAGEMENT 

and engineering, procurement & construction 

management costs, (xix) first fills & reagents, (xx) 

technical investigations, (xxi) taxes, duties and 

surcharges, (xxii) fees and royalties, (xxiii) land 

acquisition, (xxiv) owner pre-production and other 

costs, (xxv) escalation, (xxvi) foreign currency, (xxvii) 

allowances, (xxviii) accuracy assessment, (xxix) 

contingency calculation, (xxx) estimate summary, 

(xxxi) cash flow forecast, (xxxii) exclusions, (xxxiii) 

assumptions, and (xxxiv) comparison with earlier 

estimates about similar projects. 

As the project estimate is being developed, all 

potential cost risks should be recorded. During the 

preparation of a project estimate, the estimator may 

encounter a number of items that could present 

potential cost risk to the project. The list of cost risks 

may include such things as unquoted equipment, 

unidentified engineering or construction resources, 

potential labor issues (such as looming strikes or 

shortage of qualified labor), unknown site conditions, 

etc. All of these risks should be clearly identified 

within the basis of estimate to ensure that’all project 

team members are made aware of their existence. 

Documentation is a key element in good estimating 

practice. The estimate file should be a well-organized, 

easy to follow history from the first estimate at the 

beginning of the planning phase through preparation 

of the final estimate. The basis of estimate document 

contains recommended organization, topics and 

format. Each estimate should track changes from the 

previous estimate, updating the scope, assumptions, 

quantity and price calculations, and risks from the 

previous estimate. At each update the differences 

between the previous estimate and the current 

estimate should be highlighted. This contributes to 

transparency and accountability in estimating and 

promotes the consistency between estimates. 

Several techniques can be employed to ensure 

good documentation. It is recommended that 

estimating be specifically scheduled in the project 

management plan for each phase of the project. This 

ensures that adequate time and resources are allotted 

for performing the estimate. A specific schedule 

should be developed for each estimate. As part of the 

estimate review process, someone external to the 

project team should perform a review of the estimate 

file. This external review will help ensure that the 

estimator has clearly recorded the assumptions and 

decisions made in the estimating process. 

A well prepared basis of estimate will (i) document 

the overall project scope, (ii) document the items that 

are excluded from the project scope, (iii) document 

the key project assumptions, (iv) communicate the 

estimator’s knowledge of the project by demonstrating 

an understanding of scope and schedule as it 

relates to cost, (v) alert the project team to potential 

cost risks and opportunities, (vi) provide a record of 

key communications made during estimate 

preparation, (vii) provide a record of all documents 

used to prepare the estimate, (viii) act as a source of 

support during dispute resolutions and for bid 

analysis, (ix) establish the initial baseline for scope, 

quantities and cost for use in cost trend evaluation 

throughout the project, (x) provide the historical 

relationships between estimates throughout the 

project lifecycle, (xi) facilitate the review and 

validation of the cost estimate. 

The following sections should be included in the 

basis of estimate document : 

i. Project objective and overview: This initial 

section provides a brief and concise description of the 

project. We may include all the following project 

information within that description - the purpose, the 

physical location, the position of the project within 

the organizational structure, the sponsors of the 

project, and the expected start and finish dates. 

ii. Project scope description : This section should 

be organized to correspond with the project’s work 

breakdown structure (WBS). A brief description of 

the scope of work should be provided for the major 

segments of the project. We should select the major 

WBS items that will apply to the estimate to be 

prepared and list for each the WBS number, task/ 

item title, period of performance, and detailed 

description including related trades. 

iii. Estimate base sources : The base sources i.e. 

the design basis, planning basis, and cost basis are 

the referenced documentation that forms the 

foundation for the estimate. For short items, we may 

copy the information to the BOE. For larger items, 

we should provide references to documents. The 

listing against each item may include its name, brief 

description, and document number. We should also 

mention the primary estimating methodology that will 

be used to prepare the cost estimate. 

iv. Design basis : In this section, the estimator will 

identify the types and status of engineering and design 

deliverables that were provided to prepare the 

estimate including any design basis assumptions. We 

should record the items that will be used to form the 

estimate e.g. drawings, requirements, operational 

concept documents, specifications, equipment and 

tools, and the deliverables. 

v. Planning basis : This section documents the 

project management, engineering, design, procurement, 

fabrication, and construction approaches to the 



MANAGEMENT 

project. The contracting and resource strategies 

should be identified, as well as any assumptions that 

were made with regard to the workweek schedule 

(hours worked per day, days worked per week, shifts 

worked per day, night/day work, etc.) and planned 

use of overtime. Any assumptions made regarding 

constructability, modularization, use of specialized 

construction equipment should also be noted here. 

vi. Cost basis : This section describes the methods 

and sources used to determine the cost for each listed 

item e.g. pricing source and methodology for all 

contracting agency costs (project management, 

engineering, design, etc.); mobilization costs and 

percentage used; tax rates as applicable; escalation 

indices used, and the method of calculation; allowance 

development and basis; location factors used and the 

basis for these factors; influence of local market 

conditions; and any other pricing factors or external 

influences that may have a significant impact on 

project cost. The cost methods typically used are 

catalogue price, vendor’s quotation, parametric 

estimate, detailed breakdown of time, labour, 

materials & other heads, analogy estimate, and 

“engineering judgment”. 

The project cost estimating techniques that are 

commonly used are (a) analogous estimation, 

(b) resource cost rates estimation, and (c) bottom-up 

estimation. 

Analogous Estimation: In this type of estimation, 

estiihates from a closed project are used to determine 

the estimates for the new project. The accuracy of 

analogous estimates is dependent on the similarities 

between the two projects. 

Resource Cost Rates Estimating: Resources are 

required in every project. By applying the resource 

cost rates to the estimate activity resources process, 

we can determine the total cost for the resources on a 

project. This type of estimation is often used in 

projects. 

Bottom-up Estimating : In the bottom-up 

estimation technique, we aggregate individual 

estimates for each task in the work breakdown 

structure (WBS) up till the summary node on the WBS. 

We then perform this calculation for all activities. 

Bottom-up estimation is fairly accurate and is possibly 

the most often used estimation technique for deriving 

the cost estimates. 

vii. Allowances : This section describes any other 

costs that have not been detailed in the body of the 

estimate, such as lump sum allowances for specific 

areas of the scope or any other factored costs not 

described elsewhere in the estimate basis. Allowance 

funds are typically meant to cover a variety of possible 

events and problems that have been identified but not 

specifically quantified. They can also be used to 

account for a lack of project definitions during the 

preparation of planning estimates. Typical allowances 

include intentional overbuying to make-up 

contingencies, expected advances for equipment, 

technology or process that is over specified for 

predicted changes. 

viii. Assumptions : Any assumptions made by the 

estimator but not documented elsewhere in the 

estimate basis should be included in this section. This 

ma/ include raw materials costs such as petrol, diesel, 

cement, steel, etc. This should also include the effect 

of job site conditions on labor rates and productivity, 

and material/equipment costs; crew/equipment 

compositions for major items of work that are 

considered “cost drivers” to the overall estimate and 

how these composition assumptions translate into unit 

rates; sequence-of-work assumptions that may not be 

obvious in the accompanying project schedule; traffic 

management assumptions; and work calendar 

assumptions, to include whether certain work must 

be performed at night or on weekends and why this 

is the case. Small assumptions can change into major 

assumptions throughout the life of a project. 

Therefore, it is best to document all assumptions. 

ix. Exclusions : In this section, the estimator should 

document al! potential items of cost that a reviewer 

might associate with the project, but for which no costs 

have been included in the estimate. Removal of 

hazardous wastes etc. is an example of this. Where a 

third party is providing materials or other scope items 

to the contractor this should be noted. 

x. Exceptions : In this section the estimator should 

identify any anomalies or variances to the contracting 

agency’s standard estimating practices. The estimator 

should document any significant deviations from the 

project and/or engineering deliverables normally 

required for the applicable level of estimate. 

xi. Threats and opportunities : In this section any 

areas of the estimate containing significant risks 

(threats or opportunities) should be identified. If a 

formal risk analysis study has been prepared then it 

should be included. In particular, this section should 

identify those cost elements that have been identified 

with high or very high risk (threat or opportunity) 

values. The risk analysis report should be provided 

as an attachment to the basis of estimate. 

xii. Estimate quality assurance : Since estimate 

reviews are the means for testing the quality of the 

estimate, this section of the basis of estimate should 

identify all estimate reviews that have taken place to 

date and any additional reviews that are scheduled 


PROJECT PROJECT PROJECT MANAGEMENT 

MANAGEMENT 

to take place. All review comments or analysis should 

be included as an attachment to the basis of estimate. 

xiii. Reconciliation : This section should provide 

an overview of the major differences between the 

current estimate and the last published estimate 

prepared for this project. Identify the cost impacts due 

to scope changes, pricing updates, labor productivity 

adjustments, estimate refinement, etc. Also provide 

a reconciliation of all reviews preformed and how they 

were incorporated into the estimate. A more detailed 

reconciliation or cost trending report can be provided 

as an additional attachment if necessary. 

xiv. Benchmarking : This section should document 

any comparisons of overall estimate metrics, ratios, 

and factors with similar projects, historical data, and 

industry data. Projects used in the benchmark 

comparisons should be similar in process type and 

overall value. If significant variations of the estimated 

project costs versus the benchmarks exist, those 

inconsistencies should be identified and commented 

upon. A more detailed benchmark analysis report may 

be included as an attachment to the basis of estimate. 

xv. Estimating team : In this final section, all 

members of the estimating team should be identified 

and their roles and responsibilities defined. 

xvi. Attachments : Several supporting documents 

will generally be included with the basis of estimate - 

(1) estimate deliverables checklist to support 

preparation of the estimate in accordance with its 

associated estimate classification, and to document 

whether certain deliverables were in fact available 

during preparation of the estimate; (2) reference 

documents e.g. the drawings, manuals, texts, notes, 

specifications, and other references used in developing 

the estimate; (3) schedule documents e.g. design and 

construction schedule, including working days, shift 

assumptions, key milestones and critical path 

activities, and (4) include any other attachments that 

may be necessary or required e.g. reconciliation 

report, benchmarking report, risk analysis report, 

escalation calculations, etc. 

Estimates are prepared at various stages of a 

project. While a more detailed estimate will generally 

require a more detailed basis of estimate; this is not 

always the case. A conceptual estimate will probably 

be based on a limited amount of scope definition but 

it may require a more detailed basis of estimate. It’s 

not uncommon for a basis of estimate for a conceptual 

estimate to be more thorough than one prepared for 

a more detailed estimate because there are often more 

assumptions made at the conceptual stage of a project 

that require greater documentation. Conversely, there 

may be times when the project definition is so 

complete or simplistic that a basis of estimate does 

not require a great amount of detail. In the latter case, 

a three or four page document may be sufficient to 

convey the basis of estimate. Other factors that may 

affect the level of detail in a basis of estimate are the 

projects work breakdown structure, consideration for 

new technologies, contracting strategy, etc. The basis 

of estimate should contain a concise level of detail to 

fully support the review of the estimate by those that 

have not been a part of the preparation of the estimate. 

The basis of estimate provides a definition of the scope 

of the project as estimated, and should establish the 

basis for change management subsequent to 

publication of the estimate. ❐ 

References 

■ Documentation Guidance for FAA Cost Estimates, 

January 2003, US Federal Aviation, Administration 

(Investment Cost Analysis Branch, ASD-410). 

■ Estimating Techniques and Tools for Project Managers, 

September 2004, Keane. 

■ Preparing a Basis of Estimate by Todd W. Pickett, 2005 

AACE International Transactions, EST. 10. 


Introduction 

CAPITAL CAPITAL MARKET 

MARKET 

Since time immemorial, an investment option has 

been most discussed. When the world was 

exploded with many investment options, Indian 

market is still lagging far behind. The option available 

in Indian investment market is very less as compared 

to other foreign markets. In other financial countries, 

Investment Banking and Asset Management 

companies have catered many options to the investors. 

In the mist of debt instrument there are many 

securities linked instrument which has come lately. 

One among the other options which need to be 

explored and should be an integral part of the 

investments is the Exchange Traded Fund (ETF). 

In India, most investors opt for shares, which are 

ownership interest in a corporation, or financial asset 

which can be traded on stock exchanges like NSE, BSE 

etc. and can be traded through the brokerage firm, as 

one of the major options. According to Wikipedia—BSE 

is “the equity market capitalization of the companies 

listed on the BSE was US$1.63 trillion as of December 

2010, making it the 4th largest stock exchange in Asia 

and the 8th largest in the world. The BSE has the largest 

number of listed companies in the world.” 

Objective 

The objective of this paper is to introduce ETF 

along with understanding the composition of an ETF 

with couple of examples and to explore the 

opportunity of the untapped market of ETF in India. 

Exchange Traded Fund is security with basket of 

stocks that tracks an index, a commodity or a basket 

of assets like an index fund, but trades like a stock on 

an exchange. ETFs are traded on the net asset value 

(NAV value) of the underlying stocks they represent. 

It can be traded on the real time. 

Literature Review 

In 1893, when the first closed-end fund was started 

in Belgium no one knew that their will be a massive 

change in a century’s time. 

Closed-end fund is an investment option with a 

limited number of shares. As there are no new shares 

issued once the fund is launched reason being there 

is normally no redemption of shares until the fund is 

liquidated. 

Time changed; in 100 years of time closed end fund 

evolved to exchange traded fund and the first fund 

was launched in 1993. 

ETF : In Indian Market 

Madhavi Lokhande* 

Shruti Manisha ** 

History of Exchange Traded Fund 

The Origination of the Investment Company Concept 

1893 First closed-end fund is started in Belgium 

1924 First open-end mutual funds are established 

in Boston 

1961 First tax-free unit investment trust is offered 

1976 First retail index fund is introduced 

1993 First exchange-traded fund shares are issued 

Sources : Investment Company Institute, Closed-End 

Fund Association 

Table 1 

The first ETF was launched in 1993 by State Street 

Global Advisors with SPDR. In Indian market the 

presence of ETF is limited to only Gold ETF which was 

launched in India in 2007 which tracks the price of gold. 

According to the ETF Landscape Global Handbook 

from Blackrock Q1 2010 “ETF possess characteristics 

that make them an alternative to futures and portfolio 

of shares for investors who are seeking to gain or 

reduce country, regional, sector and style as well as 

fixed income and commodity exposure.” 

Commonly traded Index ETFs can be subcategorized 

in the following way : 

1. Broad Based Equity Index shares : These ETFs 

replicates any particular index like NASDAQ 

composite index, S&P 500, as well as large/mid or 

small cap indices. 

2. Sector/Industry Equity Index shares : These ETFs 

track indices that are centric to sectors like consumer 

goods, energy, financial service, technology, etc. 

3. Global/International Equity Index Shares : These 

ETFs track indices which are focused on a specific 

county or region. 

4. Bond Index Shares : These ETFs tracks US 

Treasury Bond and corporate indices. 

5. Currency Index Shares : This type of ETFs 

replicated the movement of any particular currency 

like Dollar, Yen etc. 

6. Bullion/Commodity Index Shares : These ETFs 

are used to invest in bullions and so they track the 

* Professor, Welingkar Institute of Management Development 

& Research, Bangalore. 

** Asst. Manager, Welingkar Institute of Management 

Development & Research, Bangalore. 



MARKET 

movements of bullions. Gold ETF is one of the 

examples for it. 

According to one of the articles ‘‘by IBD staff in 

INVESTOR’S BUSINESS DAILY, Liquidity, transparency, 

low expenses, breadth of offerings and 

favorable tax treatment have helped fuel ETF growth. 

ETFs are available that invest in stocks, bonds, 

commodities and currencies — even market volatility. 

Some are leveraged, geared to move two or three 

times as much as their underlying index. Some are 

set to move inversely to their index.” 

Understanding the creation of ETFs : 

Definitions 

a. Authorized Participant 

Authorized participants (AP) are the entity chosen 

by ETF sponsor to undertake the responsibility of 

obtaining the underlying assets needed to create an 

ETF. These are mostly large institutional organizations 

such as market-makers and specialists. 

They play a critical role in the construction of an 

ETF’s creation unit. After acquiring the underlying 

stocks for the creation of ETF, the AP will often need 

to transfer the shares to the custodian. Also, AP only 

can create or redeem the shares of the ETFs. 

b. Creation Unit 

It is a set of shares/securities that make up one 

unit of a fund held by the trust that underlies an 

Exchange Traded Fund (ETF). One creation unit is 

the denomination of underlying assets that can be 

redeemed for a certain number of ETF shares. 

Creation units can vary in size; with most 

containing between 25,000 and 600,000 ETF shares 

each. The use of creation units in the construction of 

ETF shares is critical because they allow for the 

representation of the underlying assets—the ETF 

shares, which represent a tiny chunk of a creation 

share—to be traded intra-day. The ability to trade 

ETFs on an exchange gives them a significant 

advantage over comparable investment vehicles, such 

as mutual funds. 

c. Net Asset Value 

It is ETFs per share value. 

It is calculated by dividing the total value of all 

the securities in its portfolio, less any liabilities, by 

the number of fund shares outstanding. 

d. ETF Sponsor 

ETF sponsors are the companies or financial 

institutions which create and administers an ETF. 

e. Creation Process of the ETF 

● The creation process with filing of a plan with 

Securities and Exchange Commission (SEC) to create 

an ETF by ETF sponsor or Manager. (In India, the filing 

of the plan would typically will be with Securities 

Exchange Board of India (SEBI). 

● After the plan is approved by SEC, sponsors 

form an agreement with an AP—who are typically 

the market maker, specialist or large Institutional 

Investor—who is able to create or redeem the ETF 

shares. 

● AP then borrows shares of stock and places them 

in a trust to form creation units of the ETF. 

● The trust provides shares of the ETF that 

represent legal claims on the shares held in the ETF. 

The transaction is an in-kind trade where securities 

are traded for securities, which means no tax 

implications, since there was no cash changing hands. 

● Finally, the AP receives the ETF shares, and the 

shares are then sold to the public as stocks in the open 

market. (Refer Figs. 1 & 2) 

Step One 

A fund sponsor sets an 

investment objective 

(e.g., create an ETF that 

tracks the S & P 500 

index) and develops the 

list of the basket 

securities that can be 

exchanged for ETF 

shares. 

FUND COMPANY 

Step Four 

In return for the basket 

of securities, the fund 

sponsor provides the 

participating entities 

with a ‘‘creation unit,’’ 

which can contain 

thousands of individual 

ETF shares. 

Step Two 

The fund sponsor forms 

participation agreements 

with entities that want to 

become creation unit 

holders (e.g., securities 

firm or institutional 

adviser). 

CREATION UNIT 

HOLDER 

Fig. 1 

Creation Process 

Source : www.ici.org/pdf/bro g2etf p.pdf 

Fig. 2 

Step Three 

The participating companies 

assemble a basket 

of securities that contains 

shares of every company 

listed on the S&P 500 

based on their relative 

weighting and deposit 

the basket of securities 

with the fund sponsor. 

RETAIL INVESTORS 

The Management Accountant |September 2011 771 

→ → 

Step Five 

The creation unit holder 

can either hold the ETF 

shares or sell all or part 

of them. 

→ 

Step Six 

Retail investors can 

purchase the individual 

ETF shares through a 

broker-dealer.


MARKET 

f. Redemption Process 

There are a few ways of redemption of ETF 

shares : 

● For redemption of ETF, investors may sell shares 

on the open market—the more common option for 

investors. 

● The second option is to hoard enough ETF shares 

to form a creation unit and then exchange the creation 

unit for an underlying security—the option more 

generally associated with institutional investors 

because of the large volume of shares required. 

● When investors redeem, the creation unit is no 

more and the securities are handed over to the 

redeemer. 

How do ETFs generate returns for investors? 

ETFs, as earlier mentioned, are like stocks and are 

traded like a stock. So the price of an ETF share 

depends on the forces of supply and demand in the 

market and on the performance of the underlying 

index. 

In order to understand ETFs better we tried to give 

a brief about couple of ETFs traded in different 

exchanges and are a replica of Indian index. 

Methodology 

The methodology used for was to study the 

difference of mutual fund and ETFs. This will help 

passive investor to make the investment decisions. 

Also, a comparative analysis of ETF and shares will 

help us know how well are ETFs for active investors. 

During the study a sample of two ETF iShares S&P 

India Nifty 50 Index Fund and PowerShares India 

Portfolio ETF is also taken to understand the 

composition of ETFs. The samples taken are the ETFs 

traded in US market but are fund based in Indian 

Index. 

Analysis 

Precisely, ETFs are like mutual fund which trades 

like a stock. It can be used for speculative trading like 

short selling and trading on margin. It has low expense 

ratio. Just like a stock it can be traded through 

brokerage firm. A commission charge is incurred in 

each trading. It gives the opportunity to an investor 

to diversify its portfolio. 

In mutual fund, whose pool of money is invested 

by the fund manager is based on the goals of the funds. 

The trading of the different positions is done throughout 

the year but the information is published quarterly 

i.e. the fund is not transparent but ETFs mention the 

details like the sector they have invested and the 

equity they are holding—this information is available 

at all times. 

Second major differencde between mutual fund 

and ETFs are that MF can be valued at that day’s 

closing price so it cannot be traded throughout the 

day unlike ETFs which are constantly valued on their 

underlying holdings and are traded on the real time 

basis. The last major difference between them is the 

annual fee charges. MF tends to charge tentatively 

between 1-2% but ETF’s annual charges may be as 

low as 0.1%. 

Comparative analysis of Shares, ETFs and 

traditional managed fund shows that Exchange traded 

Funds has the benefit of a stock and a traditional 

managed both : 

● It has high level of diversification which is 

lacking if an investment is done in shares and 

is dependable on the type of securities in case 

of traditional funds. 

● It can be traded on intra-day pricing like a 

share, unlike a traditional fund which is traded 

on the market close value. 

● Liquidity is comparatively high as compared 

to shares and funds. 

● The ETFs information is very transparent. At 

any given point of time an investor can know 

all the related information of the ETFs from the 

sectors it has invested into to the shares it is 

holding. 

● It can be used in short selling and limit order 

just like a share. 

Diversification 

of investment 

Pricing 

Liquidity 

Transparency 


Fee 

Short-selling 

(of investment) 

Limit order 

Share 

Low—Individual 

securities 

Continuous intraday 

pricing 

Varies 

n/a 

Varies, but multiple 

trades may increase 

transaction costs 

Yes 

Yes 

ETF 

High—Basket of 

securities 

Continuous intraday 

pricing 

Comparatively 

higher 

Fund holdings disclosed 

as often as 

daily 

Comparatively 

lower due to fewer 

trades and index 

style investing 

Yes 

Yes 

Traditional Managed 

Fund 

Depends on different 

funds—Basket of 

securities 

Daily quote after 

market close 

Varies between daily, 

monthly, and quarterly 

Varies 

Varies, but active 

funds generally incur 

higher management 

costs 

No 

No 

Source : http://sq.ishares.com/about ishares/structure 

ishares.htm 

Table 2 

The snapshot of difference between shares, ETFs 

and traditional managed funds are shown is Table 2. 

In Indian context, around 80% Indians who invest their 

money are from middle class and are risk averse. They 

want a high rate of return from less risk. ETFs fit the


MARKET 

bill because of its diversification it is a less risky 

proposition to invest and it has a quality of the stock. 

To understand the composition of the ETF we have 

taken two ETFs. 

iShares S & P India Nifty 50 Index Fund 

It is the fund issued by iShares. It seeks investment 

results corresponding to price and the yield 

performance, before expense and fees, of S&P CNX 

Nifty Index. 

It is traded in NASDAQ. The inception day of the 

fund is 18th November 2009. It has a total of 51 holdings 

and the NAV value as on 5th May 2011 was $28.25 

and the total Share outstanding is 7,650,000 

A detailed overview in terms of its holding and 

the sector allocation is mentioned below : 

With the help of Fig. 3, we can understand the top 

holding of iShares S&P India Nifty 50 Index Fund. The 

fund has invested in almost all the good companies or 

the companies which are referred to as blue chip 

companies. These companies have less risk involved. 

Top Holdings of iShares S & P India 

Nifty 50 Index Fund 

Source : As per the information gathered from the source http:// 

us.ishares.com/product info/fund/overview/INDY.htm. 

Fig. : 3 

iShares S & P India Nifty 50 Index Fund (INDY) 

—Fund —Index 

Base Currency of Fund : USD 

Performance is calculated cumulatively based on the start 

date indicated above. The default start date is the fund 

inception date. 

Source : http://us.ishares.com/product info/fund/overview/ 

INDY.htm 

Fig. 4 

Sector Distribution of the Fund as of 5 th May 2011 

Computers—software 

Automobiles—4 Wheelers 

Finance—Houisng 

Others/Undefined 

Source : As per the information gathered from the source http:// 

us.ishares.com/product info/fund/overview/INDY.htm 

Fig. 5 

Referring to Fig. 5, we can infer that the fund has 

invested mostly in Banks and Automobile Sector 

which is the growing industry/sector in India. 

As we see from the allocation, the fund has 

invested in growing sector like banks, computersoftware 

and its top holdings include shares like 

Infosys and Reliance—giving the benefit of the all the 

good stock with lesser risk. 

One of the other examples is Power Shares India 

Portfolio ETF. 

PowerShares India Portfolio ETF 

This fund is issued by Powershares. It is based on 

Indus India Index. It invests almost 90% of its total 

assets in securities that comprise the Index and ADRs 

based on the securities on the index. It replicates the 

Indian equity markets as a whole. It has a group of 50 

Indian stocks selected from the list of largest listed 

companies listed on National Stock exchange and 

Bombay Stock exchange. 

This ETF is traded in almost all US stock markets. 

The inception date of the fund is 3/5/2008. Its NAV 

value and share outstanding as on 5/10/2011 is 23.7MM. 

Top Fund Holding of Power Shares India Portfolio ETF 

Source : As per the information gathered from the source 

http://www.invescopowershares.com/products/overview. 

aspx?ticker=PIN#perfchart 

Fig. 6 



MARKET 

From Fig. 6 the top holding of the funds, Power 

Shares India Portfolio ETF, are the profitable 

companies’ shares. 

Source : http://www.invescoposwershares.com/products/ 

overview.aspx?ticker=PIN#perfchart 

Fig. 7 

The major concentration of this fund is Energy 

Sector. India being an emerging economy, one of the 

fastest growting sectors along with banks and 

automobile industry is the energy sector. 

Source : http://www.invescopowershares/com/products/ 

overview.aspx?ticker=PIN#perfchart 

Fig. 8 

As the above figure compares the movement of 

few indexes along with the ETFs, it clearly indicates 

that the movement of the fund Powershares India 

Portfolio ETF is almost the same as Sensex, S & P 500 

Index, Indus India Index and MSCI India Index. 

Conclusion 

Worldwide, there are 2,557 ETFs with 5802 listing 

and assets of USD 1,367.4bn from 140 providers on 48 

exchanges around the world according to BlackRock’s 

latest report. The growth of an ETF has been 

Source : BlackRock ETF Landscape 2010 

Fig. 9 

tremendous since it was first launched in 1993. This 

number is a significant increase from just 130 ETFs in 

2002. 

In India, first gold ETF was launched by 

Benchmark Asset Management Fund in 2007. Since 

then there were several companies which issued 

variety of gold funds focused on ETF market. India 

has eight gold ETFs currently listed with a total 

collection of more than 11 tonnes, nearly double 

compared to last year. 

According to recently released report by BlackRock 

ETF Landscape, ETFs have grown by 33.2%, compounded 

annually, globally in the past 10 years and 

26.1% in the past five years. But India ETFs have not 

taken off well till date. Accoding to Association of 

Mutual Funds of India (AMfi) ETFs comprise 0.3% 

of total industry assets whereas in US it is 9% of 

mutual fund Industry. As the commission in ETFs is 

comparatively low as compared to shares and mutual 

funds, probably that can be cited as major reason of 

ETF being not very common in India. 

With continuous reforms by SEBI in order to 

protect retail investors and to give further investment 

avenues, hopefully, Indian market will see a flood of 

ETFs pouring in near future. 

India is one of the fastest emerging economies 

which have seen continuous reforms in stock market 

by its regulator Securities Exchange Board of India 

(SEBI) giving Indian market a new horizon of investment 

avenues. Hopefully, we might see some reforms 

for the betterment of the retail investors by SEBI. ❐ 

Referred sites 

■ iShares S&P India Nifty 50 Index Fund (May 10, 2011). 

Retrieved on May 10, 2011 from http://us.ishares.com/ 

product_info/fund/overview/INDY.htm 

■ Powershares India Portfolio (May 10, 2011). Retrieved 

on May 10, 2011 from http://www.invescopowershares. 

com/products/overview.aspx?ticker=PIN#perfchart 

■ Closed-end fund. (n. d.) Retrieved May 18, 2011 from 

http://en.wikipedia.org/wiki/Closed-end_fund 

■ James E. McWhinney, (n.d.) An Inside Look At ETF 

Construction. Retrieved on May 18, 2011 from http:// 

www.investopedia.com/articles/mutualfund/05/ 

062705.asp 

■ Tom Lydon. December 3rd 2010. Retrieved on May 

18, 2011 from http://www.etftrends.com/2009/12/etfcreation-redemption-process-explained/ 

■ 1ST QUARTER ETF/ETP INDUSTRY REPORT FROM 

BLACKROCK. (n.d). Retrieved on May 18, 2011 from 

http://pr-usa.net/index.php?option=com_content& 

task=view&id=707876&ltemid=31 


INCOME INCOME TAX 

TAX 

Amalgamation—Whether tax avoidance? 

Amalgamation is a procedure, which is a legitimate 

means of reorganisation of business 

recognised under company law and subject 

to conditions under the income-tax law. The 

Authority for Advance Ruling ruled that amalgamation 

could not be treated as tax avoidance in Star 

Television Entertainment In re (2010) 321 ITR 1 (AAR). 

However, where it was inferred that the objective 

was solely for avoidance of tax, approval was denied 

by the Court in Wood Polymer Limited In re [1977] 

109 ITR 177 (Guj), a decision endorsed by the Supreme 

Court in McDowell and Co. Ltd. vs CTO [1985] 154 

ITR 148 (SC). 

Revenue continues to entertain the suspicion that 

amalgamations or demergers and generally all 

reorganisations are intended to avoid tax as is evident 

from a recent decision of the Delhi High Court in 

M/s Vodafone Essar Limited in Company Petition 

No. 334/2009 dated 29th March 2011 on a scheme of 

arrangement constituting a merger between Vodafone 

Essar Group Companies. The Income-tax Department 

rather unusually impleaded itself before the High 

Court to resist approval. Apart from objections raised 

by the Regional Director, the Income-tax Department 

filed a formal petition again to the scheme before the 

High Court on the ground that the taxable profits 

would get reduced lowering the tax burden on the 

transferor, adversely affecting revenue. It would 

enable the transferee company to claim deductions 

as an infrastructure provider, so as to affect the revenue 

further. There was a give-away by some companies 

constituting gifts. It was even suggested that transferor 

companies may be so affected by fall in their net worth 

reducing their capacity to meet existing as well as 

contingent liabilities so as to be against public 

interest. The High Court found that objections of 

revenue were not relevant for considering an 

arrangement under Section 391 of the Companies Act, 

1956. In a case, where the shareholders of all the 

companies have given their consent with no member 

objecting to the same, the allegation that the proposed 

Tax Titbits 

S. Rajaratnam* 

scheme is confiscatory could not also be lightly 

entertained. 

The High Court observed “according to my mind 

the Income-tax Department is also not in any sort of 

loco parentis to the shareholders of the transferor 

companies ... nor are they the guardians of their 

interests.” At the same time, it has been recorded by 

the High Court that the petitioners have fairly admitted 

that any question of tax liability is within the purview 

of Income-tax Department and that neither party 

sought a ruling from the Court on the tax implications. 

It was added that “It is agreed that the Scheme may 

be sanctioned whilst relegating the parties to the 

appropriate fora to determine the tax liability, if any, 

that may arise. No action which may be violative of 

a statute is being legitimised by approval of the Scheme, 

and the income-tax authorities are free to move against 

any of the parties concerned, in case they are of the 

belief, that there has been any impermissible evasion 

of payment of tax by the petitioners”. 

It would appear that there is little left for the 

Assessing Officer except to follow the law, which grants 

exemption for approved amalgamation. Even so, it is 

not unlikely that more will be read into the judgement 

to question amalgamations themselves on grounds of 

tax avoidance giving rise to litigation, a matter which 

requires to be guarded against. 

Health hazards of a professional 

Certain perquisites by way of medical assistance 

are exempt in the hands of the employees under 

Section 17(2) and some deductions are allowed for 

contribution to health insurance policy under Section 

80D and cost of medical treatment of self and 

dependants for specified illnesses under Section 80DD 

and 80DDB. Higher exemption limit is available for 

the disabled under Section 80U. There is still a large 

area of medical expenditure, which do not fall within 

the limited jurisdiction allowing reliefs. 

A professional guitarist had to undergo operation 

on his finger to enable him to play the guitar with his 

* Advocate & Tax Consultant, Chennai 


INCOME INCOME TAX 

TAX 

skill. It was argued that the treatment had a dual 

purpose, not only for saving his finger, but also for 

retaining his professional income. But it was still 

not found deductible, since a dual purpose by itself 

cannot justify expenditure in an English decision in 

Prince vs Mapp (Inspector of Taxes) (1971) 79 ITR 671 

(ChD). A similar view was also taken in Bowden vs 

Russell and Russell (1965) 42 TC 301. 

The law, whether an illness, which affects a 

professional, should not be deductible had arisen in 

an interesting case of an eminent lawyer, who had to 

undergo a coronary by-pass operation incurring a 

cost of Rs.1.75 lakhs which he claimed as a deduction. 

In an elaborate discussion, the High Court in Shanti 

Bhushan vs CIT (2011) 336 ITR 26 (Del) found with 

reference to the English decision in Norman vs Golder 

(Inspector of Taxes) (1945) 13 ITR (EC) 21 (CA), that a 

human body is not a plant and that any damage to 

the body cannot be allowed like repairs for any plant 

and machinery. He has, no doubt, used his body, but 

it was not as a tool. Deduction was, therefore, found 

inadmissible. On behalf of the assessee, the decision 

in Mehboob Productions Pvt. Ltd. vs CIT (1977) 106 

ITR 758 (Bom) was relied upon. But the High Court 

distinguished this case as it related to a claim for 

deduction of such expenses incurred by a firm on a 

director, when he was on an assignment on firm’s 

business to attend a prize giving ceremony on behalf 

of the firm for a film produced by the firm, so as to be 

deductible in the hands of employer. 

NOTIFICATION 

In fact, even where the body is used as a tool as in 

the case of an athlete or a sports person, a model, a 

dancer or a sex worker, such deduction could not be 

admissible, though it would cause greater hardship 

for those who suffer injury or loss of fitness and 

health over years of exercise of their profession. 

In fact, the High Court did refer to the case of a 

cricketer, guitarist, jockey or a vocalist who used their 

bodies as a tool. A lawyer cannot claim parity with 

them. 

It may be pointed out that the compensation 

received for an injury in an accident, for example, 

would not be taxable, so that revenue on parity of 

reasoning would not allow the expenses on such 

injuries or to the health except to the limited extent 

provided in the statute. It is true that the assessee 

would not have been put to this loss if his illness was 

covered by an insurance or he had taken free treatment 

from a Government hospital. The law probably can be 

more humane, so as to bring the taxpayers—who 

are unfortunate to meet with a serious illness like 

heart attack or cancer—requiring expensive treatment 

and those who do not have to face such health 

hazards. 

Words of wisdom 

‘It is by the goodness of God that in our country 

(U.S.) we have those three unspeakably precious 

things : freedom of speech, freedom of conscience, 

and the prudence never to practice either of them.’ ❐ 

DO No. HQ/ 60/ 2005-Computerisation 

As you are aware companies are required to file their Balance Sheet and Annual Return to ROC within 30 and 60 days 

respectively from the date of placing it in the Annual General Meeting. The companies that follow the standard FY 

ending up to March each year are required to convene the AGM by September of that year. However, most of the 

companies do not utilize the 30 and 60 days allowed for filing their documents but instead, keep waiting up to last date 

to file their Balance Sheet and Annual Return. The avoidable delay in filing thus creates an artificial rush and results in 

heavy filing on the last dates of October and November each year. Moreover, these documents being of large size take 

a long time to upload. This makes it difficult for others to file their documents on-line. 

In order to avoid heavy rush on the system due to filing of electronic forms and attachments which are of significantly 

large size (2MB or more), it is proposed to educate corporate and professionals so that companies can spread out their 

annual filings over a suitable period of time rather than rushing in on the last 2-3 days every month during peak filing 

season. Ministry requires your active assistance/co-operation in propagating this educational campaign. 

I, therefore, request you to kindly publish the enclosed notice from Ministry in your periodic publications immediately 

and also put up a pop up message, ticker or similar prominent message on your websites for the next few months so that 

a message can reach to companies to comfortably file their Balance Sheets and Annual Returns in time without having 

to pay penal fees. 

With best regards, 

Yours sincerely, 

(Avinash K Srivastava) 

Jt. Secretary, Ministry of Corporate Affairs 


FINANCIAL FINANCIAL ACCOUNTING 

ACCOUNTING 

Impairment in IFRS—A Process of 

Evaluating Business Shantonu Moitra* 

The True and Fair representation of a business is 

to be reflected in the Financial Statements and 

all the accounting jargon, regulations, standards 

are an effort to ensure proper reflection of state of 

affairs of the business in the Financial Statements. 

Impairment is an interesting set of test and adjustment 

effecting the Assets of the Company. The reason for 

this is that Assets which are carried in the books of 

the Company, generally at the book value and the 

book value in some cases may not representative of 

the value of the Asset in the market, in such cases the 

test and adjustment for impairment in the accounts 

brings the books of the company more representative 

of the market conditions. The question is also there 

why there is need for accounting of impairment of an 

asset when we have already a system of depreciation 

in place which takes care of the depletion in value of 

the asset due to wear tear obsolescence usage etc. The 

logic is that depreciation is a planned process of 

writing down a asset ,whereas impairment is a process 

which takes care of the changes in post-acquisition of 

the asset in an effort to ensure that assets are not 

carried in the books of account at a value which is 

excess of it’s recoverable amount. The impact of 

rapidly changing economic, regulatory, and 

technological forces on asset value is a critical issue 

for business today. Thus impairment of an Asset is 

an important accounting tool process and test which 

enables us to adjust the value of an asset on a regular 

basis to make accounting more true and fair, reliable 

and transparent. 

IAS 36 deals with impairment of all tangible and 

intangible assets unless covered by other IFRS 

● Impairment of Assets 

● Issued in June 1998 

● Revised in March 2004 

● Recent amendment : by IFRS 3 revised in 

January 2008. 

When Impairment has to be tested 

Impairment testing is time intensive and includes : 

● the identification of impairment indicators; 

● assessing or reassessing the cashflows; 

● determining the discount rates; 

● testing the reasonableness of the assumptions; 

and 

● benchmarking the assumptions with the market. 

Companies should plan ahead. Market capitalisation 

below net asset value is an impairment trigger, 

and calculations of recoverable amount are required. 

If the market capitalisation is lower than a value-inuse 

calculation, then the VIU assumptions may need 

challenging, as the cashflow projections might not be 

as expected by the market, and the reasons for this 

must be determined. 

Whenever there are enough indications or events 

confirming impairment loss of an asset that particular 

asset needs to be tested for impairment and 

adjustments need to be carried out in the books of 

account. 

Assets are generally subject to an impairment 

review only if there are indicators of impairment. 

IAS 36, Impairment of Assets, lists examples of 

circumstances that would trigger an impairment 

review : 

External sources 

a. market value declines 

b. negative changes in technology, markets, 

economy, or laws 

c. increases in market interest rates 

d. company share price is below book value. 

Internal sources 

a. obsolescence or physical damage 

b. asset is part of a restructuring or held for 

disposal 

c. worse economic performance than expected 

However, in the case of undermentioned assets the 

process has to be carried out on annual basis whether 

there is any indication of impairment or not. 

● intangible assets with indefinite useful lives 

● intangible assets not yet available for use 

● goodwill acquired in a business combination. 

The process of impairment test may not be carried 

out at the year end but has to be carried out same time 

once a year. Thus different assets or cash generating 

units can be tested for impairment at different times 

during a year. Intangible assets recognized during the 

year need to be tested for impairment at the close of the 

year. 

* B.Com(H), M. Com, AICWA, CS, MBA CIA(IIA) 


What is Impairment 

IAS 36 impairment is a process of continuous 

revaluation of assets to account for any loss or gain in 

the value of an asset where carrying amount of an 

asset in the books of account is greater than its 

recoverable amount. 

Impairment When 

= Carrying Amount of Asset > than recoverable 

amount and impairment loss taken in books of 

account. 

Recoverable Amount for individual Asset or Cash 

GeneratingUnit = Greater of 

▲ 


ACCOUNTING 

ACCOUNTING 

▲ 

Value in Use Fair Value less Cost to Sell 

The rationale behind taking the higher of the Value 

in use or Fair Value less cost to sell is likely the 

economic value of the asset. An making rational 

choices would sell an Asset if the Fair Value less Cost 

to Sell is more than Value in Use and would continue 

to use the asset if Value in use if greater than Fair 

Value less cost to sell.The economic value of the Asset 

is meaning fully represented with reference to higher 

of the above since the entity will either dispose or use 

the asset based on what appears highest and best in 

use. 

Impairment Test on Whom 

INDIVIDUAL ASSETS/CASH GENERATING 

UNITS(CGU)—The recoverable is calculated for 

individual Assets. However, if the Asset does not 

generate cash inflows that is largely independent of 

those from other Assets the recoverable is calculated 

for the Cash Generating Unit to which the Asset 

belongs. 

Cash Generating Units is the smallest identifiable 

group of assets that generate cash inflows that are 

largely independent of the cash inflows from other 

assets or group of Assets. 

Value in Use 

Value in Use = PV of future Cash Flows expected 

from the Asset or CGU. As PV is to be calculated we 

have two variables 1) Discount Rate 2) Cash Flows. 

Cash Flow represents the future cash flows the entity 

expects from the Asset/CGU and expectation about 

possible variations in the amount and timing of the 

cash flows. It should represent — 

1. Management’s best estimate of the set of 

economic conditions of the asset over its life. 

2. Should be based on management assets of 

current Budget,Cash flows, forecasts approved by 

the management, any action like restructuring where 

final decision is pending with the management should 

not be factored in estimating the cash flows. 

3. Should exclude borrowing costs, income tax 

receipts or payments etc. 

4. IAS 36 required that the previous estimates needs 

to be compared with the actual cash flows as part of 

establishing the reasonableness of the estimates/ 

assumptions. 

Discount Rate—Normally the PreTax discount rate 

is representative of the time value of money and risks 

associated with the asset for which the future cash 

flows have not been adjusted. 

A Present Value can be calculated either by 

‘Traditional’ or “Expected Cash Flow” Methodology. 

Under Traditional method a single set of Cash flows and 

a commensurate discount rate is used and the discount 

rate also factoring in the Risk. The Expected Cash Flows 

different Probabilities are assigned to different 

expected cash flows in different scenarios and the PV is 

calculated on the expected outcomes based on the 

probabilities and expected cash flows. As also 

indicated in IAS36, Expected Cash Flows, in many cases 

gives a more effective tool than the Traditional method. 

The calculation of the Value is subject to variables 

and is not standardised which may lead lack of 

congruity of the financial statement—the primary 

objective of any standard.This means that companies, 

though applying the same standards, may not be 

calculating the valuation approaches or discount rate 

in the same way. For example, Probabilities assigned 

for different scenarios in calculating the Expected 

Cash Flow may be different in two different comparable 

companies leading to different standards of 

impairment test being adopted by the companies.This 

needs attention and a process needs to be standardised 

and valuation standards established. International 

Valuation Standards Council (IVSC) develops and 

maintains the standards for reporting the valuation 

and disclosure of valuations. Valuation Standards 

exist in many countries but an effort is urgently 

required for converging the valuation standards 

similar to that of IFRS. 

However, in the present day scenario, the 

Management, for calculating the value in use, needs 

to integrate its decision making process into other 

business processes and should not keep an isolated 

exercise only for arriving at the impairment. 

Fair Value less Cost to Sell 

Amount obtainable from sale of asset in an Arms 

Length transaction between knowledgeable and 

willing parties less cost to sell — 

1. The Best evidence of Fair Value is a price in a 



ACCOUNTING 

binding agreement at an arm’s length transaction less 

cost to sell. 

2. If no binding agreement exists then the estimate. 

should be based on Asset Prices in an active market 

less cost of disposal. 

3. If both are not available it is based on the Best 

Estimate available on what will be the realisations 

from the asset at the end of the reporting period less 

cost to sell. 

4. If market price is not available then Discounted 

Cash Flow can be used for calculating the Fair value. 

Treatment of Impairment Loss in Accounts 

1. For non-revalued assets 

* impairment loss is recognized in profit or loss. 

2. For revalued assets 

* impairment loss is recognized in other 

comprehensive incomes reducing the revaluation 

surplus for that Asset.If the Impairment Loss exceeds 

the Revaluation Surplus the remaining loss is 

recognised as an expense in the Profit & Loss Account. 

3. Carrying amount is reduced to recoverable amount 

* recoverable amount becomes new carrying amount. 

* depreciation will be adjusted based on new 

carrying amount. 

However, the Standard does not give any direction 

whether the Impairment is to be credited to the Asset 

A/c directly or added to Accumulated Depreciation 

or Treated as a depreciation in Balance Sheet 

separately depicted and reduced from asset there. 

For assets carried at historical cost, impairment 

losses are recognised as an expense immediately in 

profit or loss. If the impaired asset is a revalued asset 

under IAS 16 or IAS 38, the impairment loss is treated 

as a revaluation decrease and recognised directly in 

other comprehensive incomes reducing the revaluation 

surplus for that asset. To the extent the impairment loss 

exceeds the revaluation surplus it is charged in PL. 

Corporate Assets 

Corporate Assets indicate Head Quarters Building, 

Equipments which do not generate any Cash 

Flows by itself but needs to be tested for impairment 

as per IAS 36, otherwise these Assets will not be tested 

for impairment and also give a way out to companies 

to bypass the impairment testing. IAS 36 requires 

that the Corporate Assets need to allocated to the Cash 

Generating Units to which it is most closely associated. 

The most logical approach seems to allocate 

Corporate Assets on the basis of some objective 

criteria like Turnover, Unit Cash flow etc. 

Impairment of Goodwill 

Goodwill can primarily take two forms: purchased 

goodwill and internally-generated goodwill. Under 

IFRS 3 and, IFRS 10, internally-generated goodwill 

cannot be capitalised. Goodwill as per IAS 36 is to 

be tested for impairment once in a year whether 

impairment indicators exist or not. 

Goodwill of the acquirer is allocated to the CGU 

or group of CGU which is effected by the synergies of 

the acquisition—whether the assets and liabilities 

acquired are transferred or allocated to that CGU/ 

Group of CGU or not. The Goodwill to be allocated 

for impairment Testing to a CGU or a Group of CGU 

but the Group of CGU cannot be larger than 

“operating Segments” as defined inIFRS8 . If goodwill 

has not been allocated to individual CGUs, as is often 

the case, but is monitored at a higher level, a twostage 

impairment test is required. 

Firstly, impairment testing is performed at 

individual CGU level, comparing individual CGU 

recoverable amounts with the assets that have been 

directly allocated to the CGU (for example, a retail 

store for a retailer). Any impairment identified at this 

level is allocated to the fixed assets being tested. 

Secondly, the recoverable amount of the group of 

CGUs to which goodwill relates is compared with all 

of the assets of those CGUs plus the goodwill. At this 

second stage, any impairment is charged against 

goodwill until that is exhausted. 

When a CGU, or group of CGUs, to which goodwill 

is allocated is tested for impairment, any impairment 

loss is allocated first to reduce the carrying amount of 

the goodwill. The remaining loss (if any) is then 

allocated to other assets of the CGU pro rata on the basis 

of the carrying amount of each asset in the CGU. 

However, in this process, the carrying amount of an 

asset will never be reduced below the higher of its 

individual recoverable amount and zero. 

Example for Goodwill Impairment 

ABC takes over 80% of XYZ Ltd on 1 May 2009 

Price paid by ABC Rs. 200,000 

Net Assets of XYZ is Rs. 150,000 

80% of Assets Rs.120,000 for which price paid is 

Rs. 200,000 ie Rs. 80,000 has been paid for Goodwill. 

ABC allocates Rs 100,000 Goodwill to XYZ Ltd and 

balance is allocated to other CGU having synergistic 

benefit from the takeover. 

On March 31, 2010, ABC Tests Goodwill for 

Impairment as required by Standards. 

The Recoverable value of XYZ as on 31, 2010, was 

Rs 90,000 and its Net Assets excluding Goodwill was 

Rs 130,000. 

Carrying Amount as on 31 March 100,000 + 130,000 

= 230,000. Notional Goodwill for unrecognised 


FINANCIAL FINANCIAL FINANCIAL ACCOUNTING 

ACCOUNTING 

Minority Interest= 20/80 ¥ Rs. 100,000 = Rs. 25,000 

Total Carrying Value = Rs 255,000 (A) 

Recoverable Amount = 90,000 (B) 

Impairment Loss = Rs. 165,000 (A-B) 

Loss to be Adjusted in the following order 

1. Notional Goodwill Rs. 25,000 being adjustment 

no entry in accounts 

2. Goodwill Rs. 100,000 written through PL 

3. Assets Rs. 40000 Written-off through PL 

Reversal of Impairment Loss under IFRS 

Reversal of Impairment Loss booked in earlier 

years can be reversed under IFRS for other than 

Goodwill. It is important to note that reversal of 

impairment loss of an asset, other than goodwill, need 

to be recognized only to the extent which in no case is 

in excess of its original pre-impaired value less 

subsequent depreciation. Thus while reversing 

impairment loss the first step should be to establish 

the pre-impaired value of the asset less subsequent 

depreciation. Second step should be to calculate the 

difference between the value calculated as per step 

first and the carrying amount of the asset. Finally 

impairment loss can be reversed to the extent of value 

difference as calculated under step second. In the case 

of reversal of impairment loss of cash generating 

assets the reversal is done on prorata basis with the 

carrying amount of the assets, excluding goodwill. In 

the case of goodwill reversal of impairment loss is 

not allowed. Illustration 

Asset Purchased on 2008-09 for a value of 

Rs. 200,000 Life 10 yrs. Asset as on 31 March 2010 

value Rs. 200,000 Accumulated depreciation 40,000, 

Net Book Value Rs. 160,000. As on 31 March 2010 

Impairment Indicators exists and the Asset needs to 

be tested for impairment. The recoverable value is Rs. 

140,000. The carrying Amount is Rs. 160,000 means 

that the Assets is impaired and impairment loss of 

Rs. 200,00 needs to be taken into account and Asset 

written down to Rs. 140,000. 

Gross Value Rs. 200,000 

Accumulated Depreciation Rs. 40,000 

Impairment Rs. 20,000 

Net Asset Value Rs. 140,000 

As on 31 March 2011 the Asset has a Gross Value 

Rs. 200,000 Accumulated Depreciation Rs. 40, 000 + 

14,000/8 Current Yr 10-11 Depreciation, (Depreciation 

for remaining life and new book value after 

impairment) = Rs. 57,500, impairment Rs. 20,000, Net 

Book value Rs. 122,500. Say impairment indicators 

exist and it needs to be tested again for impairment 

and the recoverable value comes to Rs. 150,000. 

Now question is how much of Impairment loss can 

be reversed. In the first step we have to calculate the 

Book value on 31 March 2011 had impairment not 

been made 

A) Asset Value Rs. 200,000 

B) Accumulated Depreciation Rs. 40,000 as on 31 

March 2010 

C) Current Yr Depreciation Rs. 20,000 

Net Book Value Rs. 140,000 (A – B – C)and this is 

the Maximum book Value to which the asset can be 

written up. 

31 March 2010 31 March 2011 

Cost of Machine 200,000 Cost of Machine 200,000 

Accumulated Depreciation 40,000 Accumulated Depreciation 57,500 

Impairment 20,000 Depreciation Charged to PL 17,500 

Net Book Value 140,000 Impairment written back 2,500 

Net book value 140,000 

Total Amount Charged to PL AC Net Effect in PL net of Depreciation 

Rs. 40000 Impairment Rs. 20000 and Impairment Rs. 17500 – 2500 = 

current yr depreciation Rs. 20000 Rs. 15000 Dr 

The FASB in the U.S. does not allow upward 

revaluation of fixed assets to reflect fair market values 

although it is compulsory to account for impairment 

in fixed assets (downward revaluation of fixed assets) 

as per FASB Statement No. 144, Accounting for the 

Impairment or Disposal of Long-Lived Assets. 

The United Kingdom, Australia, and India allow 

upward revaluation in the values of fixed assets to 

bring them in consonance with fair market values. 

However, the law requires disclosure of the basis of 

revaluation, amount of revaluation made to each class 

of assets (for a specified period after the financial year 

in which revaluation is made), and other information. 

The standard specifically prohibits the reversal of 

impairments to goodwill. 

IFRS and US GAAP 

Accounting for impairment of assets is one area 

where there are significant differences between GAAP 

and IFRS 

US GAAP IFRS 

Impairment of Long 

Assets 

Two-step approach requires 

recoverability test 

be performed : Step one, 

requires a company to 

estimate future undiscounted 

cash flows expected 

from the use of 

that asset and its eventual 

disposition (carrying 

amount of the asset is 

compared to the sum of 

future undiscounted 

cash flows generated 

through use and eventual 

disposition). If it is 

One-step approach 

requires that impairment 

testing be performed 

if impairment 

indicators exist 

(contd.) 


(contd.) 

Impairment Loss 

calculation 

Allocation of goodwill 

Method of determining 

impairment—goodwill 

Impairment loss calculation 

— goodwill 

Impairment loss calculation—indefinitelived 

intangible assets 

Reversal of loss 


ACCOUNTING 

US GAAP 

determined that the asset 

is not recoverable, impairment 

testing must be 

performed 

The amount by which 

the carrying amount of 

the asset exceeds its fair 

value, as calculated in 

accordance with ASC 

820 (formerly FAS 157). 

Goodwill is allocated to 

a reporting unit, which 

is an operating segment 

or one level below an 

operating segment 

(component). 

Requires a recoverability 

first at the reporting 

unit level. If the 

carrying amount of the 

reporting unit exceeds 

its fair value, then 

impairment testing 

must be performed. 



goodwill exceeds the 

implied fair value of the 

goodwill within its 

reporting unit. 


the carrying value of the 

asset exceeds its fair 

value. 

Not permitted 

IFRS 



the asset exceeds its 

recoverable amount; 

recoverable amount is 

the higher of : (1) fair 

value less costs to sell, 

and (2) value in use 

Goodwill is allocated to 

a cash-generating unit 

(CGU) or group of CGUs 

which represents the 

lowest level within the 

entity at which the 

goodwill is monitored 

for internal management 

purposes and cannot be 

larger than an operating 

segment as defined 

in IFRS 8 Operating 

Segments. 

One-step approach requires 

that an impairment 

test be done at the 

cash generating unit 

(CGU) level by comparing 

the CGU’s 

carrying amount, including 

goodwill, with its 

recoverable amount. 

Impairment loss on the 

CGU is allocated first to 

reduce goodwill to zero, 

then, the carrying 

amount of other assets in 

the CGU are reduced pro 

rata, based on the carrying 

amount of each asset. 


carrying value of the 

asset exceeds its recoverable 

amount. 

Not permitted for 

goodwill. Other longlived 

assets must be 

reviewed annually for 

reversal indicators. If 

appropriate, loss may 

be reversed up to the 

newly estimated recoverable 

amount, not to 

exceed the initial carrying 

amount adjusted 

for depreciation. 

Impairment loss under IFRS and US GAAP 

● Cost Rs 6,000,000 ● Accumulated depreciation 

Rs. 3,000,000 ● Expected future cash flows (discounted) 

Rs. 2,800,000 ● Expected future cash flows (undiscounted) 

Rs. 3,100,000. Fair value less costs to sell Rs. 2,400,000. 

Under IFRS, impairment loss of Rs 200,000 is 

recognized for (carrying value of Rs 3,000,000 minus 

discounted future cash flows of Rs 2,800,000. 

Under US GAAP, no impairment loss is recognized 

—(since the carrying amount of Rs 3,000,000 is less than 

the sum of the undiscounted cash flows of Rs. 3,100,000. 

Few issues for Management 

From the above discussion it is fairly clear that 

Impairment testing and its requirements under IFRS 

is a management’s task and not solely an accountants 

job.The Management systems needs to be synchronised 

and adapted for all the issues of impairment 

and for all the issues emanating from impairment. 

Impairment is a process of evaluating the business 

itself—hence involvement of Senior Management is a 

must firstly for assessing impairment and evaluating 

its strategic dimensions. 

Scenario Relevance 

Large Indian companies could report a sharp fall 

in the valuation of their assets as new accounting 

norms prompt these firms to reassess the fair value 

of their units, a mandatory condition under globalised 

reporting standards. Adoption of the International 

Financial Reporting Standards (IFRS), a modern 

accounting system that Indian companies have to 

migrate to from next year, could see local firms 

publicly admit to any erosion in the value of their 

subsidiaries or other assets — like Vodafone that 

recently shaved off $3.2 billion (about Rs 14,600 crore) 

from its Indian unit due to adverse market conditions. 

Impairment of Assets for Consolidated Accounts for 

Tata Chemicals is Rs 119.22Cr in 08-09 and Rs 34.90 

Cr in 09-10 as per Annual Report—a variance of more 

than 300%. Impairment for Fixed Assets for Dabur 

India Ltd Rs 2.58Cr 09-10 and Rs. 1.59Cr for 09-10. In 

2005-06 Hindalco had written off Rs. 336.29 million 

as per AS 28 as impairment of different Assets. The 

above figures has been given to emphasise that 

impairment is an important component in assessing 

the business and has strategic implications. An 

accountant merely records it but the figures of 

impairment are emanated from decisions taken at the 

strategic level for the company as a whole. A wrong 

acquisition, a new product in the category with new 

technological dimensions are some of them. Again, 

market when in a downturn or recession, will lead to 

increase in reported impairment figures of corporates 

which, in turn, will affect the bottomline, in addition 

to the decrease in sales or market size affecting the 

bottomline. Impairment is a subject which needs 

attention of Highest levels of Management as it is— 

in one way —Evaluation of the Business itself. ❐ 

Reference 

■ Annual Reports of Tata Chemicals,Dabur India,Hindalco 

■ /EzineArticles.com/?expert=Matthew_DeMark. 


Introduction 

FINANCIAL FINANCIAL MANAGEMENT 

MANAGEMENT 

Industrial Sickness in India : Magnitude and 

Intensity 

Growing incidence of industrial sickness in the 

small, medium and large scale sectors has 

become the cause of considerable concern for 

all quarters. Incidence of industrial sickness is no 

doubt a global phenomenon. But then, can our country 

accept such a situation? Developed country’s economy 

has the resilience to absorb the economic imbalance 

brought about by the closure of industrial units. The 

problem of industrial sickness has, however, adverse 

repercussion on the economy of our country as it can 

neither afford unemployment nor loss of production 

by keeping the capital assets idle. With opening up 

of Indian economy in the global market, Indian 

industries have been finding it very difficult 

to compete under the changed environment. 

Globalization—which is the centrepiece of process of 

change in the 1990s followed by liberalization and 

privatization—led the Indian industries to much 

better interdependence in the world economy. 

Process of globalisation has provided tremendous 

opportunities to the Indian industries with respect to 

trade, inflow of foreign investment, technology, skills, 

and market access. On the other hand, however, it 

has pushed Indian industries to greater risk of being 

marginalized as they may not be able to integrate fully 

into the global economy and enjoy its benefits. In such 

a situation, one needs to assess the actual magnitude 

and economic impact of sickness in Indian manufacturing 

industries. 

Objective 

The aim of this paper is to present a comprehensive 

assessment of actual magnitude of industrial 

sickness on the basis of official data available from 

the Reserve Bank of India (RBI) and the Board for 

Industrial and Financial Reconstruction (BIFR). Statewise 

and industry-wise distribution of industrial 

Dilip Kumar Datta* 

sickness as reflected from the BIFR data has also been 

described in this paper, besides constructing an index 

of intensity of sickness for making a comparative 

analysis. 

Magnitude of Industrial Sickness 

According to the Reserve Bank of India, the total 

number of sick industrial units in this country was 

24,550 in 1980-81. By the end of 2002-03, the number 

of sick units has increased to 1,71,376; thus, over a 

period of twentytwo years, the number of sick 

industrial units has increased, on year-on-year basis, 

by 12.49% per year; the compound growth rate is 

calculated to be about 9.23% (Table 1). During this 

period, the total amount of blocked bank credit (WPI 

adjusted) increased from Rs. 1,809 crores to 

Rs. 8,418.30 crores. Table 1 indicates that the real (WPI 

adjusted) non-performing bank credit blocked by the 

sick units increased at a rate of 7.90% per year (the 

compound growth rate is 7.24%), which is higher than 

the average growth rate of the GDP of this country 

during this period. In terms of numbers, the smallscale 

industrial (SSI) units account for 98.79% of the 

sick industrial units. Out of 1,71,376 sick industrial 

units, number of SSI units had been as high as 1,67,980 

in 2002-03. In terms of growth also, the number of 

sick SSI units outperformed the Non-SSI units. Over 

the last two decades, the number of sick SSI units, 

increased at the rate of 12.86% on year-on-year basis; 

the Non-SSI units on the other hand, increased only 

at the rate of 4.27% per year. The other noteworthy 

feature is that the fluctuation in the number of sick 

SSI units had been much higher than that of the Non- 

SSI units—a fact reflected in a higher value of 

coefficient of variation in the time series data on the 

number of SSI units, as reported in Table 1. 

* M. Tech, MBA, Ph.D., Director & CEO, Sayantan 

Consultants Pvt. Ltd., Kolkata 



MANAGEMENT 

Table 1 : Number and Amount of Outstanding Bank Credit (in Rs. Cr.) to the SSI, Non-SSI and Total Sick 

Units in India 

Year Number Bank Credit Blocked (WPI Adjusted) 

SSI Non-SSI Total SSI Non-SSI Total Non- 

SSI/Total 

1980-81 23,149 1,401 24,550 306 1503 1809 0.8308 

1981-82 25,342 1,416 26,758 359 1666 2025 0.8227 

1982-83 58,551 1,622 60,173 542.42 1,921.83 2,464.25 0.7799 

1983-84 78,363 1,747 80,110 646.28 2,102.84 2,749.11 0.7649 

1984-85 92,384 1,832 94,216 745.21 2,297.25 3,042.46 0.7551 

1985-86 1,17,783 1,823 1,19,606 854.07 2,551.83 3,405.90 0.7492 

1986-87 1,58,226 1,712 1,59,938 1,162.21 3,161.74 4,323.95 0.7312 

1987-88 2,17,436 1,915 2,19,351 1,379.69 3,447.67 4,827.35 0.7142 

1988-89 1,86,441 2,181 1,88,622 1,454.74 4,176.73 5,631.47 0.7417 

1989-90 2,18,828 2,269 2,21,097 1,464.66 4179.6 5,644.25 0.7405 

1990-91 2,21,472 2,337 2,23,809 1,528.21 4,365.54 5,893.75 0.7407 

1991-92 2,45,575 2,349 2,47,924 1,492.14 4,058.05 5,550.19 0.7312 

1992-93 2,38,176 2,524 2,40,700 1,505.45 4,237.63 5,743.08 0.7379 

1993-94 2,56,452 2,500 2,58,952 1,485.22 4,041.72 5,,526.93 0.7313 

1994-95 2,68,815 2,391 2,71,206 1,272.41 3,655.92 4,928.34 0.7418 

1995-96 2,62,376 2,374 2,64,750 1,235.19 3,327.41 5,462.6 0.7293 

1996-97 2,35,032 2,368 2,37,400 1,145.04 3,228.99 4,374.03 0.7382 

1997-98 2,21,536 2,476 2,24,012 1,171.95 3,593.44 4,765.4 0.7541 

1998-99 3,06,221 2,792 3,09,013 1,237.18 4,345.39 5,582.57 0.7784 

1999-2000 3,04,235 3,164 3,07,399 1,279.93 5,290.12 6,570.06 0.8052 

2000-01 2,49,630 3,317 2,52,947 1,167.77 5,512.94 6,680.7 0.8252 

2001-02 1,77,336 3,261 1,80,597 1,205.64 5,315.38 6,521.02 0.8151 

2002-03 1,67,980 3,396 1,71,376 1,379.75 7,038.54 8,418.3 0.8361 

Average of 

percentage growth 12.86 4.27 12.49 7.98 7.77 7.90 0.05 

(y-o-y) 

Annual 

compound growth rate 9.43 4.11 9.23 7.09 7.27 7.24 0.03 

Coefficient of variation 45.00 25.42 44.67 32.92 36.53 34.13 5.01 

Source: Reserve Bank of India, Report on Currency and Finance of various years and Government of India, Economic 

Survey of various years 

Fig. 1 : Trends in Outstanding Bank Credit (WPI 

Adjusted) Blocked in SSI and Non-SSI Sick Units 

Source : Table 1 

If the economic consequence of sickness in SSI units 

is measured in terms of the non-performing bank 

credit blocked by the sick industrial units, one should, 

however, note that the negative contribution of the 

SSI units in this regard is much lower than that of the 

large and medium scale units. The amount of bank 

credit that remained non-performing in sick SSI units 

was Rs. 306 crores in 1980-81 whereas the amount 

that remained blocked by the non-SSI units was 

Rs. 1,503 crores in 1980-81. Over the period, the share 

of the non-SSI units did not decline significantly; on 

an average, the share of the non-SSI units in non- 



MANAGEMENT 

performing bank credit had been 76.5%. The 

fluctuation in the time series data on outstanding bank 

credit in both the sectors had been almost the same 

(Table 1). It appears that over the last two decades 

the scenario as regards the trend of the distribution 

of non-performing bank credit in these two sectors 

might have maintained a systematic pattern. Fig. 1 

and Fig. 2 capture this reality. It shows that there was, 

of course, a systematic pattern, but the pattern was 

somewhat a rising share of the sick non-SSI units in 

the bank credit blocked by all the sick industrial units; 

the share of the SSI units were however, falling during 

the same period. This was evident from the linear 

trend fitted to the data which indicated that the share 

of the SSI units have fallen to some extent (p-coefficient 

being almost zero but has a negative sign) and that of 

non-SSI units have shown an increasing trend (Pcoefficient 

being 0.019) over time during the entire 

period. 

Fig. 2 : Trends in Outstanding Bank Credit (WPI 

Adjusted) Block Per Unit of SSI and Non-SSI Sick 

Units 

Source : Table 1 

The same truth is captured if we normalise the data 

and consider bank credit blocked per unit of SSI, non- 

SSI and total sick units. The average percentage 

growth per unit of sick SSI units for the entire period 

was about (–) 0.73% per year and, on the other hand, 

the average percentage growth per unit of the non- 

SSI units was about 3.47% per year. The bank credit 

blocked per unit of non-SSI unit had been 81.27 times 

higher than that of SSI units in 1980-81. By the end of 

2002-2003, the ratio has increased to 252.76. 

Zonewise Distribution of Industrial Sickness as 

Reflected from the BIFR Data 

Considering now the zonewise distribution of the 

sick Non-SSI industrial units, as given in Table 2, we 

observe that the number of cases registered with the 

Board for Industrial and Financial Reconstruction 

(BIFR) had been 5,689 as on 6.08.2010. As the data 

indicates, the southern and the western zones account 

for the higher percentage of the units registered under 

the BIFR; these two zones account for as high as 63% 

of the total cases registered with the BIFR. The 

percentage of sick units in the eastern zone is only 

eleven. This, however, blurs the fact that the intensity 

of sickness (ratio of accumulated losses to networth) 

as measured in Table 2 is the highest in eastern zone 

(2.02). Again, in terms of the number of workers 

involved per unit of sick industrial units, the eastern 

zone tops the list with 1,534 workers per unit of sick 

companies. Based on these observations, one may 

conclude that the severity of the problem is most 

pronounced in the eastern zone of the country, 

although this is not reflected in the number of cases 

registered with the BIFR. 

Table 2 : Zonewise Distribution of Sick 

Industrial Companies (Non-SSI) 

Zone No. of Net Accumulated Intensity No. of No. of 

cases worth losses of workers workers/ 

regostered Rs. (Cr.) Rs. (Cr.) sickness unit 

Western 2,036 29,770.39 60,189.25 2.02 66,4748 326 

Southern 1,534 12,980.64 26,592.52 2.05 55,8399 364 

Northern 1,503 19,429.82 35,677.97 1.84 43,2462 288 

Eastern 616 14,582.91 29,729.02 2.04 94,4814 1,534 

Total 5,689 76,763.76 1,52,188.76 1.98 2,60,0423 457 

(All India) 

Source : BIFR website: www.bifr.nic.in. Figures are as on 

06.08.2010. 

Industrywise Distribution of Industrial Sickness 

as Reflected from the BIFR Data 

Considering the industrywise distribution of the 

non-SSI sick industrial units as given in Table 3, we 

observe that the industry with the highest intensity of 

sickness is the jute industry (705). The industry with the 

highest number of cases registered is the textile industry 

(957). In terms of the number of workers involved per 

unit of sick industrial units, jute industry tops the list 

with 2,829 workers per unit of sick companies. 

Table 3 : Industrywise Distribution of Sick 

Industrial Companies (Non-SSI) 

Industry No. of Net worth Accumu- Intensity No. of No. of 

regis- (Rs. Cr.) losses of workers workers/ 

tered Rs. (Cr.) Sickness unit 

Textiles 957 8,846 19,065 2.16 6,61,967 692 

Metallurgical 847 13,128 26,954 2.05 2,25,624 266 

Paper & Pulp 285 1,397 2,441 1.75 69,494 244 

Chemicals 367 4,995 8,824 1.77 72,271 197 

Engineering 16 196 1,049 5.35 36,999 2312 

Electrical 232 3,540 7,169 2.03 67,782 292 

equipment 

Cement and 83 1,966 2,812 1.43 26,212 316 

Gypsum 

(contd.) 



MANAGEMENT 

(contd.) 

Industry No. of Net worth Accumu. Intensity No. of No. of 

regis- (Rs. Cr.) losses of workers workers/ 

tered Rs. (Cr.) Sickness unit 

Vegetable Oils & 

Vanaspati 

269 1,737 4872 2.80 36,652 136 

Electronics 82 548 1029 1.88 13,921 170 

Food Processing 231 1877 2851 1.52 59,133 256 

Drugs 176 3003 6743 2.25 37,524 213 

Transport 79 733 1497 2.04 38,533 488 

Jute 53 125 878 7.02 1,49,924 2829 

Glass & Ceramics 109 980 3745 3.82 41,427 380 

Sugar 54 808 1163 1.44 38559 714 

Rubber Goods 87 558 1025 1.84 15216 175 

Leather & 

Leather Goods 

56 983 1753 1.78 12051 215 

Fertilizers 47 3293 8484 2.58 20862 444 

Timber Products 20 62 161 2.61 4008 200 

Miscellaneous 1097 16790 26627 1.59 845070 770 

Total 5,147 65,565 1,29,144 24,73,229 481 

Source : BIFR website www.bifr.nic.in. (visited on 

15.06.2011). Figures are as on 31.12.2004 

Economic Impact of Sickness in Various Regions 

Table 4 explores the reality of the economic impact 

of sickness in various regions of the country. The 

indicator here is the distribution of blocked bank 

credit due to industrial sickness in various regions of 

the country. As one can observe from Table 4, the 

highest percentage of blocked bank credit was in the 

southern zone; this was followed by the northern 

zone. Compared to these two zones, the responsibility 

of the eastern zone appears to be different. In fact, the 

percentage of non performing bank credit blocked by 

the Non-SSI units in the eastern zone appears to be 

the lowest (15.9%). The units in the southern zone 

and western zone together account for as high as 

62.03% of the bank credit blocked by the Non-SSI 

units. The economic consequence of such a 

phenomenon can be discussed in terms of the ratio of 

the non-performing bank credit with the Net Domestic 

Product (NDP). 

Note: (i) Figures are as on end of March 1998. 

(ii) NDP is the sum of SDPs of the states in a zone. 

(iii) In case of zonal data the comparable 

information has been collected by adding the values 

of the State Domestic Product at current prices for 

the provinces in the concerned regions in 1997-98. 

As we observe from column 7 of Table 4, the funds 

blocked by sick units which could have been used 

otherwise for expanding the output base of a region, 

had been the highest in the southern zone. As ratio to 

NDP, it was 1.15% in that region. In the other zones, 

the ratio varied from 0.82 to 0.85%. One thus 

understands that the macroeconomic impact of nonperforming 

bank credit was most intense in the 

southern zone. In other three zones, the fund blocked 

by the sick units in an unproductive way, as a 

percentage to NDP, is found to be lower than that in 

the southern zone. 

Conclusion 

During the period from 1980-81 to 2002-03 (i.e., 

the first ten years when strict regulatory regime was 

being gradually replaced by deregulatory measures 

followed by first ten years of New Industrial Policy 

and economic reformatory regime), total number of 

sick industrial units in India increased by about seven 

times. During this period, total amount of bank credit 

blocked (WPI adjusted) increased by about five times. 

In terms of numbers and growth, the number of sick 

SSI units outperformed the Non-SSI units. However, 

in terms of non-performing bank credit blocked by 

Table 4 : Zonewise Distribution of Bank Credit to Sick Industrial Companies 

Region Bank credit to Distribution Bank credit Distribution NDP (6) = (1)/ (5) (7) = (3)/(5) 

sick units of bank to the non- of bank (Rs. crores) (%) (%) 

(in Rs. crores) credit SSI sick units credit to 

(Rs. crores) non-SSI 

sick units 

(1) (2) (3) (4) (5) (6) (7) 

North 3,426.97 21.85 2,472.00 20.90 3,01,885 1.14 0.82 

South 5,025.14 32.05 3,910.00 33.07 3,39,955 1.48 1.15 

East 2,528.54 16.12 1,879.58 15.90 2,28,911 1.10 0.82 

West 4,700.57 29.98 3,563.00 30.13 4,18,637 1.12 0.85 

Total 15,681.22 100.00 11,824.58 100.00 12,89,388 1.22 0.92 

Source : Reserve Bank of India, Report on Currency and Finance of various years and Government of India, Economic 

Survey of various years. 

(contd. to page 787) 


ECONOMIC ECONOMIC MATTERS 

MATTERS 

Black Money in parallel existence with 

legitimate economy 

V. Gopalan* 

As stated in the editorial of a national 

newspaper recently, since the time of 

Dadabhai Naoroji (1880s), Indians have 

always been captivated by the idea that our national 

wealth is slowly being drained abroad. It is therefore 

the Supreme Court’s decision to set up a Special 

Investigation Team to ensure the return of money 

stashed abroad is widely welcomed. 

Black money is generated by the desire to evade 

taxes and hide assets disproportionate to known 

sources of income. Black money, after all, refers to 

the sum total of unaccounted income, and not just 

the funds spirited away to Switzerland, Lichtenstein, 

or some other foreign safe haven. 

As reported in media many times, the property 

transactions to a major extent add to the national stock 

of unaccounted money. It is by the buyers and sellers 

colluding in under-reporting the true value of the 

transaction. Major part of sale price is paid in cash, 

depriving the state of capital gains tax and stamp duty. 

The cash received is often recycled back into the 

property market, where the returns are extremely 

high. 

Black money, also described as tainted money, has 

presence everywhere and is posing a great threat to 

the stability of real economy. Black economy, if not 

tackled in time, will ruin the country’s economy. Black 

money in economic terms means ‘unrecorded gains’. 

In other words, it is income which has escaped 

taxation. The black-money has now assumed vast 

dimensions and menacing proportions. 

The causes of Black-money are : 

1. Unrealistically high rates of taxes; 

2. Complicated tax-laws in a country that a 

layman fails to understand it; 

3. Numerous controls, licenses and other governmental 

regulations in a country; 

4. Political activities such as elections where huge 

money to is be spent; 

5. Illegal activities like smuggling, drug-peddling; 

6. Deterioration in the moral and civic standards 

of the people. 

It is common that large amounts of black-money 

are generated through the sale of fixed assets and 

scrap; or firms sell licenses at cash premiums; or over 

or under invoices of transactions; or large scale 

smuggling of precious items etc. 

Since money generated out of black money is 

re-invested in such activities as hoarding and 

smuggling, it fetches still higher returns. Once blackmoney 

is converted into black wealth it is very difficult 

to track it down. 

The genesis of black money can be attributed to 

several factors. However, the most widespread cause 

of black money is associated with World War II (1939- 

1945). The supply of industrial goods to the Allies was 

cut during the War from their traditional suppliers, 

leading to a severe shortage of vital necessities. This 

prompted the British Government to indulge in 

excessive inflationary finance tactics for its war efforts, 

leading to a sharp rise in the prices of commodities. 

Tax rates on higher incomes and excess profits were 

also raised, prompting many to resort to black 

marketing and tax evasive measures. 

People made huge profits by dealing in items in 

short supply giving rise to a psychology that more 

money could be made from shortages than from 

production and expansion of business. The government 

has been unable to prevent the administrative 

powers from amassing wealth in black money by 

misusing the controls and regulations still in place 

today. Price controls in the absence of an adequate 

system of distribution and an effective arrangement 

for increasing supplies can potentially generate huge 

amounts of black money. The licensing system 

* FCA, AICWA, ACS, Director, Janhar Management 

Consultancy Pvt. Ltd., Chennai 


equires a large number of inspectors to execute 

various formalities and where controls cannot be 

implemented, one sees a lot of harassment and black 

money generation. 

As Indian tax system has a wide range of tax laws 

in place for segments such as income tax, sales tax, 

service tax, customs duty, stamp duties, excise duty 

etc. the controls have been very difficult, thus 

providing adequate scope for corruption. Adding to 

this, high levels of tax rates have prompted 

businessmen to evade taxes at any possible situation. 

As stated in Financial Literacy Agenda for Mass 

Empowerment, a healthy economy thrives, to a large 

extent, on the money that comes to that country’s 

government as tax revenue. The floating of black 

money causes great losses to the country’s exchequer. 

The following are some of the other ways in which 

black money can affect a country’s economic and 

social progress : Black money in an economy tends to 

cripple the free flow of a country’s resources in the 

right direction. It also widens the income gap. Salaried 

individuals, especially those in the lower rung of the 

(contd. from page 785) 

ECONOMIC ECONOMIC MATTERS 

MATTERS 

the sick industrial units, non-SSI units outperformed 

the SSI units. We observe that while the southern and 

the western zone account for the higher percentage 

(63 per cent) of the total cases registered with the BIFR, 

intensity of sickness is the highest in the eastern zone. 

In terms of the number of workers involved per unit 

of sick industrial units, the eastern zone tops the list. 

Amongst the industry groups, while the jute industry 

is having the highest intensity of sickness, textile 

industry tops the list in respect of number of units 

registered with BIFR. One may thus conclude from 

the trend of growing sickness that various measures 

adopted by our Central Government for tackling the 

problem of industrial sickness has not been effective 

in controlling the situation. It may be due to lack of 

any robust quantitative indicator of industrial sickness 

in our country. 

BIFR defines a manufacturing unit as sick when 

its accumulated losses in any financial year exceed its 

net worth. This definition given in the SICA can at 

corporate ladder, do not see their incomes rising 

unlike those in the higher echelons as it can be safely 

assumed that the latter group has huge sources of 

unaccounted income. The presence of unaccounted 

money acts as a block on the right assessment of a 

country’s progress. 

The assessment of a country’s progress is 

dependent on the accurate calculation of the savingsto-income 

ratio and sector-wise composition of 

national income. Black money is usually parked in 

so-called safe tax havens overseas, which is a huge 

drain on the national exchequer. This way, a country 

also unwittingly becomes a ‘de facto’ lender of capital 

to more advanced and wealthier nations. Finally, black 

money needs ‘muscle power’ for its protection and 

proliferation as well as accounting experts, liaison 

officers who negotiate between black money operators 

and political leaders, threatening to corrupt the entire 

social and political fabric of a country. 

India will be on top of the world if and when it 

becomes a ‘black money’ free economy. It is difficult 

but possible—only if the Indians decide to end this 

menace! ❐ 

best identify industrial companies as sick only at their 

terminal stage, when, in most of the cases, they are 

beyond redemption. This study of growing incidence 

of industrial sickness may motivate for further study 

to trace sickness of an industrial company at a much 

earlier stage, when the unit was morbid, on the basis 

of a few well-defined financial indicators. ❐ 

References 

■ Reserve Bank of India (November, 2006), Report on 

Trend and Progress of Banking in India 2005-06, Table 

111.29. 

■ World Bank Report (1989) and World Bank Report 

(1991), Vol. 1. 

■ Government of India, Economic Survey (various years), 

New Delhi. 

■ Reserve Bank of India, Report on Currency and Finance, 

Vols. 1 and 2 (various years). website —\v\vw.rbi.org.in 

(2001), Handbook of Statistics on Indian Economy. 

■ Government of India, The Sick Industrial Companies 

(Special Provisions) Act, 1985. 


INDIRECT INDIRECT TAXATION 

TAXATION 

Taking the horse to the water : Refunds run 

thin at the tax credit trough 

P. Ravindran* 

It is well known that the defining idiom of any 

Value Added Tax is the provision of input tax 

credits. It is equally axiomatic that it is not enough 

that tax credits are just provided for. What counts is 

the extent of the tax credits allowed. In an earlier 

issue of Management Accountant we analyzed the 

comparative features of tax credits between CENVAT 

credit and VAT credit. We also saw that these two 

tax input systems crucially vary in several important 

aspects and noted that such divergences tend to 

impact negatively on the time value of tax credit 

money. It was also hoped that such undesirable 

diversity in input tax credit systems will be a thing of 

the past when the anticipated Goods and Services Tax 

(GST) actually arrives on the scene. In this article let 

us examine the provisions in the Central Excise/ 

Service tax Credit law regarding the way accumulated 

and unutilized input tax credits are dealt with. 

Factors inducing input tax credit build-up : 

The aggregation and accumulation of input tax 

credits without corresponding exhaustion against 

output tax could arise due to any or all of the following 

factors : 

● Mismatch between input and output tax rates. 

● Pile-up of unsold inventory. 

● Absence of just-in-time production practices. 

● Preponderance of high-tax import content in 

the raw material. 

● Unit operation as a cost centre in the corporate 

group hierarchy rather than as a profit centre. 

● Additional and unanticipated purchasing and 

warehousing needs and requirements. 

● Competitive pressures forcing down the price 

of the final product. 

● The huge investment in capital stock used for 

business, especially Greenfield projects. 

● Distress sales. 

Tax credit refund as a governing philosophy of 

value-added tax system 

The fundamental feature of the Value Added Tax 

System is that unutilized credit should be returned 

or refunded. The VAT System is a multi-point levy 

of tax with the benefit of set-off for the tax paid up to 

the previous stages. Since the levy of tax is essentially 

on the value addition, the negative net difference 

between credit available for adjustment and credit 

actually offset signifies excess tax held by the tax 

administration. The question of what to do with this 

excess tax credit naturally arises. Neither the 

MODVAT Credit Rules nor the successor CENVAT 

Credit Rules answers this question in any convincing 

manner. The Tax Policy behind such aggregationcum-accumulation 

of input tax credits is opaque and 

does not lead to clear understanding. In the context 

of CENVAT Credit Rules, 2004, if there is any 

provision in the statute giving a flavour of tax credit 

refund, it is to be seen in the Rule 5 of the CENVAT 

Credit Rules. This Rule provides for the refund of 

CENVAT credit in respect of : 

(a) Input or input service used in or in relation to 

the manufacture of final product which is cleared for 

export under bond or letter of undertaking. 

(b) Input or input service used for providing output 

service which has been exported without payment of 

service tax, subject to safeguards, conditions and 

limitations, set out in the Appendix to this notification. 

One of the conditions in the Appendix vide S.No.5 

states that the refund of unutilized input service tax 

credit will be restricted to the extent of the ratio of 

export turnover to the total turnover for the given 

period to which the claim relates. The methodology 

relating to Condition No. 5 is given under an 

Explanatory Clause as : 

(1) “Export turnover” shall mean the sum of total 

value of final products and output services exported 

during the given period in respect of which the 

exporter claims the facility of refund under this rule. 

(2) “Total turnover” means the sum total of the 

value of — 

(a) all output services and exempted services 

provided, including value of services exported; 

(b) all excisable and non-excisable goods cleared, 

including the value of goods exported; 

(c) The value of bought out goods sold during the 

given period. 

For other conditions, the Appendix to the 

Notification may kindly be referred to. Thus it can be 

seen that this refund provision is a limited one and 

does not guarantee fullest refund for inputs/input 

services used in export use in view of the formula 

restricting the refund to the proportionate export 

value in the turnover of the business. 

An important and positive provision in the refund 

arrangement under CENVAT Rule No.5 is that there 

is no requirement to link the inputs and the input 

services sequentially to the export of merchandise or 

the export of services, as the case may be. The period 

* B.Sc, PGDM (GERMANY), M.L., (PhD), Advocate— 

Indirect Taxes & IPRs 


INDIRECT INDIRECT TAXATION 

TAXATION 

of the refund claim is the period of export of the goods 

or the services. All that is required in respect of inputs 

and input services is that they should have been used 

in or in relation to the manufacture of the export 

merchandise and, in the case of service exporters, such 

inputs or input services should have been used for 

providing the export service. The logical and proper 

inference from this scheme is that refund is granted 

even if the input or input services concerned might 

have been received and utilized prior to the period in 

which the exports of merchandise or services, as the 

case may be, have taken place. 

In the backdrop of the refund provisions granted 

under Rule 5 of CENVAT Credit Rules, 2004, the 

Government has put in place parallel refund provisions 

for service exporters, vide Notifications 41/2007 dated 

6.10.2007 (since superseded) and 17/2009 dated 

7.7.2009 as amended. These parallel refund provisions 

available to service exporters, while appearing to be 

more liberal than what is seen under CENVAT Rule 5, 

actually confine the refund to a restricted range of input 

services. There is no refund of service tax paid on input 

services beyond the eighteen services provided for. 

Service exporters whose only business is export will 

potentially consume a much wider range of input 

services than the 18 ordained for refund. Thus, this 

parallel benefit under Notification 41/2007 read with 

17/2009 does not go far enough in living up to the 

widely recognized principle of tax jurisprudence that 

only merchandise and services should be exported and 

not the input taxes on goods and services. 

There is another problem seen in the above two 

Notifications 41/2007 and 17/2009. Quite unlike the 

CENVAT Rule 5, which does not demand or slip in 

through subaltern means any proportionate or 

sequential linkage between the inputs and input 

services on the one hand, and the exported goods and 

services on the other, the above Notifications demand 

as a requirement of the Refund Application Form that 

the details of refund claim for inputs and input 

services should be filed separately for each shipping 

bill. The condition has the effect of demanding oneto-one 

correlation between the inputs/input services 

and the exported goods/services. The difficulties in 

meeting this condition will be obvious. Many of the 

inputs or input services could be used for export 

production or export service over a considerable 

length of time. The shipping bill details will likely 

get repeated several times in several refund claims. 

The Department rejects such repeat shipping bill 

claims for no fault of the exporting industry. 

Therefore, there is a sore need for a central and 

integrated provision for refund of input tax credits in 

export and other situations. Multiplicity of refund 

mechanisms in CENVAT Credit Rule 5 and in stand 

alone notifications, such as 41/2007 and 17/2009, with 

subtle differences leads to unhelpful interpretations by 

the tax administration resulting in denial of potential 

huge claims. It is high time that the tax administration 

reforms the refund provisions relating to the input tax 

credits in the Central Excise and Service Tax arenas. 

In this context, it cannot be missed that the 

CENVAT Credit Rules have no provision for refund 

of unutilized/accumulated input tax credits in 

situations other than for export. Such wasteful 

accumulation of tax credit money remitted to the 

Department presents an unedifying picture of 

unwanted additional costs adding to the woes of the 

business and industry. The need of the hour is the 

fastest turn-around in the usage of tax credit and the 

uninterrupted inflow and outflow of input tax credits. 

This will considerably enhance the tax competitiveness 

of Indian Industry and Business. For this to 

prevail, the government needs to put in place a specific 

provision refunding input tax credits which have been 

aggregated and accumulated without neutralization 

through adjustment against the output taxes. It 

appears that the government has not made up its mind 

regarding this aspect of tax credit policy. That the 

government is not in principle opposed to granting 

refund of unutilized input tax credits in situations 

other than export is evidenced by the fact that the 

CENVAT Credit Rules do not show any specific bar 

against refund of unutilized input tax credits other 

than for exports. Several judicial decisions, both of 

the High Courts and the Tribunals, have pointed to 

this fact and favoured refund of unutilized input tax 

credits. After all, the State VAT Acts have a universal 

provision for such refunds. The Department of 

Central Excise and Service Tax cannot be unaware of 

the divergence between the CENVAT and the VAT 

Credit systems in this regard. The leading case 

favoring Cenvat Credit Refund in situations other than 

export is UNION OF INDIA vs SLOVAK TRADING 

CO PVT LTD. — 2006 (201) E.L.T. 559 (Kar.) The 

Supreme Court has maintained the above decision of 

the High Court vide Union of India v. Slovak India 

Trading Co. Pvt. Ltd. — 2008 (223) E.L.T. A170 (S.C.). 

Conclusion 

The integration of procedures governing refund of 

unutilized or other types of tax credit, whether for 

export or otherwise, into a single statutory code will go 

a long way in reforming the tax credit system to suit the 

needs of the Indian Industry and Business. The cause 

of increasing the tax credit efficiency is important and 

will actually add to the price competitiveness of the 

Indian products and services within the country as well 

as in the global markets. As an urgent prerequisite, 

anticipating such an integrated code, the government 

should introduce specific provisions in the tax credit 

laws providing for refund of unutilized and accumulated 

input tax credits, bringing the CENVAT and VAT 

Credits on par for business competitiveness. 

We keep our fingers crossed on this. ❐ 


International Merger and Acquisition : An Overview 

on the Cultural Clash 

Introduction 

MERGER MERGER AND AND ACQUISITION 

ACQUISITION 

In the last two decades, international mergers and 

acquisitions (M&A) have been a popular choice 

of overseas market entry (Kiessling and Richey, 

2005). M & A are not confined in a particular country, 

rather it is widely pervasive. China participated in the 

venture from 1978 (Kleinburg, 1990), with the rise of 

free trade agreements and economic growth in South 

East Asia. More recently, Indian companies are 

beginning to launch overseas takeover significantly 

(Financial Times, 1st July 2007). M&A allow companies 

to achieve greater market power, overcome barriers 

to entry, enter new markets quickly, and to acquire 

new knowledge along with resources (Vermeulen and 

Barkema, 2001). It is to be mentioned here that M&A 

are not necessarily the only way of expanding business 

or of entering new markets. There are also other modes 

of entry into international market like joint ventures or 

strategic alliances. 

International market entry through M&A has also 

some demerits. M&A require additional costs 

(premium and advisory cost) for acquiring firms 

(Moeller, 2007). Admittedly, the success rate of M&A 

is relatively very low (Quah and Young, 2005). The 

evidence suggests that the intended benefits of 

acquisition are often not realized (Pablo, 1994). The 

acquiring firm exhibits poor performance in terms of 

both accounting and stock market based measures. 

Failure of M&A 

Mergers and Acquisitions seem to appeal more 

business than pure organic growth. In spite of heavy 

risk, M & A are preferred to increase profitability and 

market share. According to Cartwright and Cooper 

(1993), only half of all mergers and acquisitions met 

initial expectations. Ravenscraft and Scherer (1989) 

found that the profitability of acquired firms declined 

after acquisition. Moreover, most of the acquired firms 

are later divested or sold off for their unsatisfactory 

S. M. Salamat Ullah Bhuiyan* 

Mohammed Shahedul Quader** 

Shanto Banik*** 

performance (recent example include divestments 

within the automotive industry by Daimler and Ford, 

2006/07). 

The failure of M & A can be attributed to a number 

of factors. These attributes include : a) over inflated 

purchase price, b) strategical mismatching, c) poor 

financial management and incompetence and d) 

failure to achieve projected earning ratio (Cartwright 

and Cooper, 1992). 

Bettis and Prahalad (1995) identified motivational 

problems in M & A. They also identified that 

technology, rules, procedures, conventions, beliefs, 

culture, and knowledge of acquired firm differ from 

those of the acquiring firm. There are also the 

problems associated with planning and managing the 

integration process (Haspeslagh and Jemison, 1991). 

There are differences in organizational culture and 

management style and these factors lead to failure of 

the newly formed company (Vermeulen and Barkema, 

2001; Quah and Young, 2005). In case of M&A, 

differences in corporate culture have also been 

identified (Weber et al, 1996). The effects of cultural 

clash can decrease the commitment and cooperation 

of acquired employees (Buono et al, 1985). As a 

consequence, shareholders’ value of buying the firm 

is dropped (Chatterjee et al, 1992), and the performance 

of acquired firm is poor (Very et al, 1997; 

Weber, 1996). 

Cultural Clash in M & A 

Cultural clash is one of the vital elements that 

* Professor, Department of Marketing Studies & International 

Marketing, University of Chittagong, 

Chittagong, Bangladesh 

** Assistant Professor, Department of Marketing Studies 

& International Marketing University of Chittagong, 


*** Lecturer, Department of Marketing Studies & International 

Marketing, University of Chittagong, 



MERGER MERGER AND AND ACQUISITION 

ACQUISITION 

hinder the marriage of acquired and acquiring firm. 

So, most of the M & As could not reach the period of 

honeymoon. The success factors anticipated at the 

inception mostly go to the dogs. In the M&A, 

cherished goals are found to be difficult to reach. 

The most dreadful reasons inhabiting the M & A 

are outlined : below : 

Organizational Culture 

Culture is the software of human mind. It 

encompasses the beliefs, assumptions and values 

shared by the members of an organization. There are 

a number of groups and subgroups in the 

organization. Each group holds distinct attributes with 

its membership (Hogg and Terry, 2000), and 

individual’s identity is derived from that membership 

(Kramer, 1991). In M & A, individuals are found to 

loss their identity—it creates rivalry. 

Organizational cultures affect an individual’s 

commitment, satisfaction, and longevity within a 

group (O’Reilly et al, 1991). This culture also 

determines the roles of conduct, leadership styles, 

administrative procedures, rituals, and customs 

within the organization. Moreover, there might be 

psychological bonds within the group and these bonds 

are not easy to break (Larsson and Lubatkin ,2001). 

M & A will cut a sorry figure if the organizational 

culture is not properly addressed and comprehended. 

National Culture 

The national culture may cause tension during the 

integration process of two firms. The two firms of two 

countries appear to be compatible in organizational 

cultures. But the culture of one nation may differ from 

that of another. The geography, climate, economy, 

political system, racial mix, language, and educational 

system of a country may influence its nation (Very 

et al, 1997). As a consequence, organizations will 

rarely reach the depth and richness of socially shared 

understanding. 

Acculturation 

Berry (1980) finds that acculturation may change 

as result of contact between two different cultural 

groups. In case of M & A, acculturation process is 

essential. There are many individual groups along 

with different subcultures within these networks. The 

process of acculturation may vary between 

individuals and subgroups within an organization 

(Seo and Hill, 2005). The greater the cultural gap 

between the acquired and the acquiring firms, the 

lower the process of adaptation on the part of 

executives (Hambrick and Cannella, 1993). Therefore, 

poor acculturation is a significant reason for the failure 

of M&A. 

Social Identity 

Social identity of an individual is derived from his 

or her membership in group (Kramer, 1991). In the 

M&A, this identity was ignored and forced the 

executives to adapt the new organizational identities. 

Consequently, the employees of an organization react 

to the forced adaptation. These lead to serious 

organizational conflicts and disbeliefs at the 

leadership of the company. Social identity problem 

may create conflict between high status employees 

and low status employees, senior managers and junior 

managers, and the like. It is to be mentioned here that 

two blades of scissors are necessary for cutting cloth. 

Similarly, harmony of social identity in between firms 

is also essential. Due to the dearth of homogeneous 

social identity, M&A cannot succeed. 

Acculturation Perspective 

There are four modes of acculturation : deculturation, 

assimilation, separation and integration (Berry, 

1980). Deculturation occurs when the members of an 

organization do not retain their old culture or replace 

it with a new one. In case of assimilation, the members 

of an organization adopt the culture of another. 

According to separation, members of both organizations 

retain the original cultural identity. Integration 

ensures some degree of changes in the culture of both 

the organizations. The modes of acculturation may 

create cultural clash in communicating, planning, 

managerial authority, commitment, monitoring and 

teamwork (Marks and Mirvis, 1992). Inevitably, 

acculturation perspective is responsible for acculturation 

stress. It causes low morale, absenteeism, low 

turnover and decreased productivity in the 

organization (Cartwright and Cooper, 1993b). 

Effect of Cultural Clash in M&A 

Cultural clash fuels the fire of discontent in merger 

and acquisition. As a consequence, a number of pitfalls 

and bottlenecks creep in. Most of these hindrances are 

very difficult to overcome. However, the effects of 

cultural clash caused by M & A are identified as : 

General Problems 

The cultural clash between organizations creates 

some difficulties in communication, commitment, 

integration and resource sharing (Brock, 2005). 

Communication problems may result from language 

differences. Limited managerial and employee 

commitment may originate from pressure (Hambrick 

and Cannella, 1993, Haspeslagh and Jemison, 1991). 

Structural preferences complicate integration (Brock, 

2005). The sharing of resources is limited when skills 

and resources are not sufficiently pooled between two 

merging companies. 


MERGER MERGER AND AND AND ACQUISITION 

ACQUISITION 

Top Management Problems of Culture Clash 

Researches reveal that managers and executives 

in the acquired team often experience stress, distrust, 

and annoyance in working with the acquiring team 

(Weber and Schweiger, 1992). On the other hand, the 

acquired management team often develops negative 

attitudes towards the acquiring organization. The 

overall result of these observations is a reduction in 

the commitment of the managers of the acquired firm 

to the process of integration (Weber and Schweiger, 

1992). Moreover, it may shirk responsibilities, lower 

job commitment and stimulates voluntary turnover 

(Lubatkin et al, 1999). 

Remedial actions to resolve Cultural Clash 

Researchers conducted research on the postperformance 

of M & A. Mostly they identified flop 

factors rather than success factors. By analyzing the 

performance of firms after M & A, researchers 

suggested some measures in order to resolve cultural 

clash in between the firms. The recommendations put 

forward in order to minimize or eliminate the 

conflicting situations are : 

Common Identity 

It is important to assess the extent of attachment of 

employees to their identities. Consequently, necessary 

measures could be undertaken to make the new 

identities more attractive (Terry and O’Brien, 2001). As 

such, single group identity could be formed by 

stimulating interaction between the groups (Seo and 

Hill, 2005). It will reduce in-group or out-group biases 

(Gaertner et al, 1990). New identity may be helpful for 

the articulation of a new vision and the creation of 

common goals (Buono and Bowditch,1989). Identical 

decisions may play a role in shaping a new corporate 

identity (Seo and Hill, 2005). The crosscutting 

categorization schemes reduce intergroup biases 

and tension since the breaking of old categorization lead 

to informal interactions. It promotes a better 

understanding among the former out-group members 

(Haunschild et al, 1994; Seo and Hill, 2005). 

Autonomy 

Weber et al (1996) suggests that most of the 

problems in M&A could be dissolved by allowing the 

acquired firm a high degree of autonomy. The 

preservation of relative standing may foster the 

adaptation to a new identity. On the other hand, 

autonomy may make the acquiring firm more 

culturally attractive. Autonomy may be granted to 

the acquired firm as long as it functions appropriately. 

Achieving Acculturation 

In case of M & A, acculturation is not always 

necessary. However, integration required to achieve 

the goals of the acquisition may demand acculturation. 

The degree of acculturation may differ from firm to 

firm. Most of the clashes could be avoided when two 

organizations agree on the preferred mode of 

acculturation. Acculturation brings friendliness by 

removing hostility (Nahavandi and Malekzadeh, 

1988). 

Pre-merger Factors and Assessment 

The pre-merger cultural attributes play an important 

role in determining acculturation (Cartwright and 

Coopers, 1992, 1993a, 1993b). Thus it is clear that postmerger 

acculturation is highly determined by premerger 

cultural attributes. Therefore, both pre and 

post-merger factors are important in determining the 

performance after the M&A. 

Merger Relatedness 

Merger relatedness entails higher expectations of 

synergies and its results in an increased integration 

of human resources (Salter and Weinhold,1979). 

Merger relatedness should be minimized in order to 

increase post-merger performance when M & A are 

unrelated (Larsson and Lubatkin, 2001). In case of 

related M & A, operational synergies may be higher 

(Larsson and Lubatkin, 2001). Therefore, merger 

relatedness can have either a positive or a negative 

effect. These effects should be analyzed according to 

the specific types of synergies expected to be attained. 

Social Controls 

Acculturation in M & A may be achieved by social 

controls like joint socialization or shared experiences 

(Larsson and Lubatkin, 2001). The beliefs and values 

of an organization could be better achieved by placing 

attention on social control (Bartlett and Ghoshal ,1995). 

The chances of clashes could be reduced through 

learning and joint problem solving initiatives between 

the executives of both the firms (Larsson and 

Lubatkin, 2001; Weber and Schweiger, 1992). If the 

hierarchical control could be avoided one firm would 

consider the other as a partner (Ghoshal and Nohria, 

1989). 

Conclusion 

The analysis on the cultural clash in M & A clearly 

reveals that utmost care and sound assessment are 

essential for the purpose of integration. It also spells 

out that each firm has a unique set of variables 

different from others. For the purpose of synergy and 

the resolution of conflict, the variables must carefully 

be evaluated. Structural assessment is essential to 

make an educated guess. Factors like common 

identity, autonomy, acculturation, relatedness and 

social controls may offer significant insights in order 

to meet the cherished goal and to resolve the cultural 

conflict. ❐ 


LEGAL LEGAL EDUCATION 

EDUCATION 

Legal Education in India—How far the 

Second Generation Reforms will meet the 

Global Challenges 

Since the Vedic times, dispensation of justice has 

been considered a sacred ‘Dharma’. Such 

dispenser of Justice, the King or any of his 

nominee, used to be one considered infallible—the 

integrity personified. 

The Regulation Act, 1772, recognized for the first 

time the legal profession in India. Thereafter, it was 

codified in Bengal Regulation VII of 1793, prescribing 

the scales of fee to be charged by the Vakils. It was 

further modified by the Legal Practitioners Act, 1846, 

as a subject to regulate both the Vakils and Barristers. 

The Legal Practitioners Act, 1853 and 1879, made 

suitable amendments. The Bar Council Act, 1926, was 

passed to unify the Bar in India and to give the legal 

profession measured autonomy in its affairs wherein 

the State Bar Councils and the High Courts were 

authorised to regulate the admission and the conduct 

of the Advocates practicing in the Courts. 

Rule of law became a fundamental doctrine for 

governance of country with the adoption of the 

Constitution in the post-independence era. Consequently 

arose the need to streamline the legal education 

in the country and, finally, the Advocates Act, 1961, 

replaced the pre-existing laws and gave autonomy to 

the Bar Council of India and the Bar Councils of the 

States. Under the Act, one of the many functions of the 

Bar Council of India is to promote legal education and 

lay down standards of such education in consultation 

with the Universities imparting such education, and the 

Bar Councils of the States. It is also required to maintain 

high standards in legal profession and discipline the 

Advocates. 

Section 7 (1) (h) requires the BCI to “consult the 

universities for the purpose of laying down these 

standards of legal education”. Section 7(1) (i) of the 

Act enables the BCI to grant recognition to universities 

whose law degrees shall be sufficient qualification for 

enrolment as an advocate. The BCI may, for this 

purpose, visit and inspect the universities concerned 

whose degrees in law may be recognized for the 

purpose of enrolment of law graduates as lawyers. 

Similar power is conferred by Section 6(1) (gg) of the 

Act on the State Bar Councils in regard to inspection. 

Section A of Part IV of the Rules made by the BCI 

deals with the five years’ course, Section B deals with 

the three years’ course and Section C deals with 

inspection. However, in practice, it may not be 

* LLB, FCS, FICWA 

K P C Rao* 

possible for the BCI to consult each and every 

University and there is no manner prescribed in the 

Advocates Act, 1961, for rendering effective 

consultation in this regard. 

Today, legal education has to meet not only the 

requirements of the Bar and the new needs of trade, 

commerce and industry but also the requirements of 

globalization. New subjects with international 

dimensions have come into legal education. There is 

also an enormous need for non-practising law 

graduates in trade and commerce. It is also necessary 

to allow engineers, Company Secretaries, Chartered 

Accountants, scientists and doctors to qualify in law 

for non-practising purposes. Indeed, it is gratifying 

that some Indian Institute of Technology (“IIT”) 

institutions have recently started several courses in 

law. The Open University system must also be 

allowed to cater to legal education. The Bar Council 

of India may, of course, still deal with the minimum 

standards of legal education for the purposes of entry 

into the Bar but there is a need to have a new regulatory 

mechanism that will cater to the aforementioned 

present and future needs of the country. 

Paradigm shift in conceptual thanking 

India currently faces the major challenges in the 

field of providing legal education to respond to global 

challenges. Although India has emerged as a leading 

global hub for the knowledge based service industry 

for the past decade, it still needs a revolution to meet 

and respond to global challenges in providing 

services—particularly by the lawyers, whether in 

litigation or non-litigation side. 

At present, professional legal education is being 

imparted by 913 colleges recognised by the Bar 

Council of India and 14 National Law Universities/ 

Schools established under the State Acts. The Bar 

Council of India, under the Advocates Act, 1961, has 

made rules to regulate legal education but the 

standard of legal education does not meet the present 

day requirements of the legal profession. The matter 

relating to the legal education has been examined by 

the Law Commission of India in its 184th Report on 

Legal Education and Professional Training and 

Proposals for Amendments to the Advocates Act, 

1961, and the UGC Act, 1956 (2002). Earlier, Supreme 



EDUCATION 

Court of India has already made some observations 

in this regard in cases like Salem Advocates 

Bar Association vs Union of India and V. Sudeer 

vs Bar Council of India. In the recent past, the 

National Knowledge Commission has made certain 

recommendations in its report—particularly in the 

area of research in legal education. 

The suggestions/recommendations made by these 

bodies are briefly discussed hereunder : 

(a) The Law Commission’s Recommendations 

The Law Commission in its 184th Report, (2002), 

(Para 5.16) has pointed out that there are revolutionary 

changes which have come into legal education by 

reason of developments in information, communication, 

transport technologies, intellectual property, 

corporate law, cyber law, human rights, ADR, 

international business, comparative taxation laws, 

space laws, environmental laws etc. and that “The 

very nature of law, legal institutions and law practice 

are in the midst of a paradigm shift”. 

The aim of transnational legal education is not to 

create individuals who can ‘practice’ law in a number 

of jurisdictions. Although graduates of such a 

program may well wish to do so, such ability should 

not be seen as an objective in itself, but merely as an 

incidental result. The aim of any new program should 

be to create lawyers who are comfortable and skilled 

in ‘dealing’ with the differing legal systems and 

cultures that make up our global community while 

remaining strong in one’s own national legal system. 

Our lawyers must be trained to specialize in 

international trade practices, comparative law, conflict 

of laws, international human rights law, environmental 

law, gender justice, space law, biomedical law, 

bio-ethics, international advocacy etc. They must also 

acquire a general knowledge of American, French, 

German, Chinese and Japanese law. For example, in 

South Korea, in the last 10 years, the curriculum has 

been expanded to include not only the above subjects, 

but also International Business, International 

Contracts, International Civil Procedure and laws of 

England, America, France and Germany. 

Globalization does not merely mean addition or 

inclusion of new subjects in the curriculum as stated 

above. While that is, no doubt, an important matter, 

the broader issue is to prepare the legal profession to 

handle the challenges of globalization and 

internationalization This obviously goes far beyond 

preparing graduates only for practice at the Bar or 

for the subordinate judiciary. 

(b) Observations made by Supreme Court 

In Salem Advocates Bar Association vs Union of India 2 

The Supreme Court observed that training of 

‘Alternative Dispute Resolution’ system should be 

given to law students, lawyers and judges, in view of 

the recent amendments to the Code of Civil Procedure, 

1908 (Sec.89). 

In V. Sudeer vs Bar Council of India, the apex court 

observed that a law graduate shall get training from 

an Advocates having 10 years’ experience in the Bar, 

and should also qualify Bar examination, before 

allowing him to be enrolled as an Advocate. 

(c) The National Knowledge Commission’s 

Recommendations (October 2007) 

The National Knowledge Commission, while 

deliberating on issues related to knowledge concepts, 

not only recognizes legal education as an important 

constituent of professional education but also 

endorsed the view that the vision of legal education 

is to provide justice-oriented education essential to 

the realization of values enshrined in the Constitution 

of India. In keeping with this vision, legal education 

must aim at preparing legal professionals who will 

play decisive leadership roles, not only as advocates 

practising in courts, but also as academics, legislators, 

judges, policy-makers, public officials, civil society 

activists as well as legal counsel in the private sector, 

maintaining the highest standards of professional 

ethics and a spirit of public service. Legal education 

should also prepare professionals equipped to meet 

the new challenges and dimensions of internationalization, 

where the nature and organization of law and 

legal practice are undergoing a paradigm shift. 

Further, there is need for original and path-breaking 

legal research to create new legal knowledge and ideas 

that will help meet these challenges in a manner 

responsive to the needs of the country and the ideals 

and goals of our Constitution. 

As part of a consultative process, the National 

Knowledge Commission constituted a working group 

of experts, including distinguished members of the 

Bar, the bench and academia under the chairmanship 

of Justice M. Jagannadha Rao to suggest necessary 

measures to improve the quality of legal education in 

India. After due consultations with stakeholders, the 

Commission has identified a few key reform proposals 

to bring about a qualitative transformation in 

legal education essential to meet present and future 

needs and made the following recommendations : 

A New Standing Committee for Legal Education- 

Regulatory Reform 

The National Knowledge Commission recommend 

the setting up of a new regulatory mechanism under 

the Independent Regulatory Authority for Higher 

Education (IRAHE), vested with powers to deal with 

all aspects of legal education and whose decisions are 

binding on the institutions teaching law and on the 

union and state governments. 

Prioritize Quality and Develop a Rating System 

The development of an independent Rating System 



EDUCATION 

based on a set of agreed criteria to assess the standard 

of all institutions teaching law—as a mechanism to 

ensure consistent academic quality throughout the 

country. 

Curriculum Development 

The development of contemporary curriculum, 

which is integrated with other disciplines and also 

ensures regular feedback from stakeholders. 

Autonomy may be granted to universities, national 

law schools (NLSUs) and other law schools to decide 

the core and optional courses to be offered. 

Examination System 

Revising the prevailing examination systems and 

suggest the development of evaluation methods that 

test critical reasoning by encouraging essential 

analytical, writing and communication skills. The 

end-semester examination should be problemoriented, 

combining theoretical and problem-oriented 

approaches rather than merely test memory. Project 

papers, project and subject viva, along with an endsemester 

examination to be considered as pedagogic 

methods imperative for improving quality. 

Measures to attract and retain talented faculty 

To attract and retain talented faculty, the Commission 

recommended better incentives, including 

improving remuneration and service conditions. 

Developing a Research Tradition in law schools 

and universities 

The Commission has emphasized that the need for 

creating a tradition of research in law schools and 

universities is imperative, if India has to transform 

itself from being only a consumer of available legal 

knowledge to being a leading producer in the world 

of new legal knowledge and ideas. 

Centers for Advanced Legal Studies and 

Research (CALSAR) 

The Commission also stated that there is need to 

set up four autonomous, well networked Centers for 

Advanced Legal Studies and Research (CALSAR), one 

in each region, to carry out cutting edge research on 

various aspects of law and also serve as a think-tank 

for advising the government in national and 

international fora. 

Financing of legal education 

It is for law schools and universities to decide the 

level of fees, but as a norm, fees should meet at least 

20% of the total expenditure in universities. This 

should be subject to two conditions : first, needy 

students should be provided with a fee waiver plus 

scholarships to meet their costs; second, universities 

should not be penalized by the UGC for the resources 

raised from higher fees through matching deductions 

from their grants-in aid. 

Dimensions of Internationalization 

Building world class law schools today will require 

creatively responding to the growing international 

dimensions of legal education and of the legal 

profession, where it is becoming increasingly 

necessary to incorporate international and comparative 

perspectives, along with necessary understanding 

of domestic law. Suggested initiatives to promote such 

international perspectives include building collaborations 

and partnerships with noted foreign universities 

for award of joint/dual degrees; finding ways of 

evolving transnational curricula to be taught jointly 

by a global faculty through video conferencing and 

internet modes; as well as creating international 

faculty, international courses, and international 

exchange opportunities among students. 

Technology for dissemination of Legal Knowledge 

For maximum dissemination of legal knowledge, 

the commission recommended that all information 

available in the Indian Law Institute (“ILI”), Supreme 

Court Library, Indian Society for International Law 

(“ISIL”) as well as those of all law schools, universities 

and public institutions in the country, be networked 

and digitized. Such networking is in addition to the 

need for adequate infrastructure such as computers, 

law journals, legal databases and excellent libraries 

in the institutions teaching law. 

(d) The Vision Statement 2010-2012 of the Bar 

Council of India, (June 2010) 

The Vision Statement recognised the need to 

address various issues as well as the several different 

constituents of the legal profession in India and 

identified some areas such as — 

1. Inadequate quality of legal education and 

infrastructure, and 

2. Lack of relevant skills training to meet with the 

ever-changing demands of the modern world, 

as two of the issues affecting the image of the 

legal profession in India. 

One of the steps identified in the Vision Statement 

towards resolving these issues is creating clear quality 

standards for legal education and a common entry 

level standard for entering law schools across the 

country. In furtherance of the objective of improving 

the standards of legal education and the modernisation 

of the legal profession in the country stated in 

the Vision Statement, the Bar Council of India intends 

to implement a series of measures this year, which 

law schools across India must put in place by the 

Academic Year 2011-2012. 

As the things stands now, the issue as to passing 

the All-India Bar Examination which is mandatory 

for commencement of practice as advocate in court, 

has been challenged in writ petitions in nine High 

Courts, including Madras, Bombay, Punjab and 

Haryana, and Gujarat; and the matter came up before 

the apex court during 1 st week of August 2010. The 



EDUCATION 

BCI said that all these pending writ petitions involved 

the same/substantially the same question of law and 

were pending adjudication. It would be in the interest 

of justice that the petitions were transferred to the 

Supreme Court. 

However, a three-judge Bench of Chief Justice of 

India S.H. Kapadia and Justices K.S. Radhakrishnan 

and Swatanter Kumar told the BCI counsel that it 

would be desirable if the petitions were heard by one 

High Court. Accordingly, the counsel said it would 

be better if the matter was heard in the Delhi High 

Court. 

While dismissing the case 4 the Apex Court 

observed that a six-month waiting period to attain 

the license to practice was not unreasonable and 

remarked “Let the legal reforms begin somewhere’’. 

The Bench issued a notice and directed the matter to 

be listed for further hearing. 

Second Generation Reforms : National Consultation 

In the National Consultation, various issues 

relating to legal education were discussed, e.g., the 

objects of legal education, the priorities in legal 

education reform, the roles and responsibilities in this 

regard of the Government, Bar Council of India, 

Universities and Management of Law Colleges; what 

makes a system of legal education world class in 

competitive excellence and what is the agenda for 

educationists, jurists, judges and advocates for 

directing the system towards revival and rejuvenation; 

given the changes in the role of law-trained 

persons, it was also examined how can legal 

pedagogy teaching methods respond to the changing 

demands, assessed how far they fulfill the demands 

of knowledge, skills, attitudes and ethics required for 

legally trained persons. 

Due to unprecedented and fast changes in the 

society and economy, the law curriculum lags behind 

and is not sufficiently reflective of the knowledge and 

skills required of legally trained persons. Curriculum 

development is a continuing process for which 

teachers have the primary responsibility. The issues 

as to how does the curriculum reflect itself in syllabi 

and teaching plans will be the highlight of this 

Consultation for improving standard of legal 

education in the country. 

In order to be able to effectively implement the 

reforms in legal education in India, law teaching must 

focus on developing students’ critical and analytical 

abilities through classroom exercises and training 

designed for the said purpose. In order to develop a 

framework to bring about these changes, it has been 

considered worth to examine the experiences of law 

teachers in other jurisdictions and to identify the scope 

for implementing effective teaching and training 

methods employed successfully elsewhere. 

One of the neglected areas of legal education in 

the country is postgraduate studies in law and 

research. This has resulted in poor quality research 

output and dearth of quality law teachers to serve 

the ever-expanding legal education sector. 

Professionalism demands learning at work or 

learning by doing under professional supervision and 

to keep abreast with professional developments. Most 

of the Law Colleges/Law Schools at present are not 

adequately equipped for the tasks involved. Recently, 

the Directorate of Legal Education, established by the 

Bar Council of India, has the challenge to organize, 

supervise and deliver continuing legal education to a 

million legal professionals, growing by ten per cent 

every year. Taking lessons from the Bar of other 

developed countries, we will consider the ways and 

means by which such partnership can be established, 

and can be made functional to the advantage of 

practicing professionals as well as of the Law 

Colleges/Law Schools. 

The legal profession is not a business, rather, it is 

a profession requiring certain standards and etiquette 

to be followed by its members The fundamental aim 

of legal ethics is to maintain the honour and dignity 

of the profession, to secure a spirit of friendly 

cooperation between the Bench and the Bar in the 

promotion of the highest standards of administration 

of justice. It includes standards of conduct both of 

the members of the profession and the judiciary. The 

Bar Council of India has laid down certain standards 

of conduct and etiquette of the members of the Bar. It 

will be discussed in this Consultation what it means 

to be a member of the legal profession and also reevaluate 

the ethical standards with a view to 

enhancing the level of service provided by the legal 

profession to the community at large. 

The role of law schools in social transformation— 

particularly of the disadvantaged sections envisaged 

by the Indian Constitution—will be another major 

highlight of this Consultation for purpose of inclusive 

growth. It will be examined how can law schools 

contribute towards law reform for the marginalized 

and discriminated sections of society, and what is 

the role of law schools in legal aid services and 

administration of justice; and also to make law schools 

partners in social transformation, social justice and 

inclusive development. 

Students in the National Law Schools, upon 

graduation, prefer to opt for a career in major 

corporate law firms in contrast to a career in litigation 

or the Government. At the same time, the demand 

for corporate lawyers in light of India’s globalizing 

economy is increasing at a rapid pace. The issues for 

consideration in this Consultation are why do students 

from National Law Schools seem to prefer careers in 

corporate law firms; how can the legal education 



EDUCATION 

system cater to the emerging needs of the new 

economy. We will also examine how to organize 

training and education for alternate dispute resolution 

systems, especially arbitration. 

A large number of legal education providers in 

India are privately administered law colleges. While 

National Law Schools and Government Law Colleges 

cater to the needs of a few in terms of legal education, 

the needs of the many are still met by the private 

sector. If legal education is to be improved, it is 

essential to maintain, monitor and promote standards 

in education throughout the range of legal education 

institutions in various parts of the country, including 

private law colleges. The quality of legal education 

provided in these institutions differs widely from 

institution to institution, and there is a need to ensure 

that certain minimum standards are maintained by 

all such law colleges, at the same time encouraging 

the best to compete with the State-funded institutions. 

After the consultations at ‘National Consultation 

for Second Generation Reforms in Legal Education’ 

on May 1 and 2, 2010 at Vigyan Bhavan, New Delhi, 

Dr . M. Veerappa Moily presented Vision Statement 

for Second Generation Reform in Legal Education. The 

vision statement highlighted : 

The first generation of reforms established the 

National Law Schools and demonstrated that India 

too can have institutions that impart an affordable 

and world class legal education. The second 

generation of reforms shall focus on the three pillars 

of Expansion, Inclusion, & Excellence. These reforms 

shall be an investment in the Indian lawyer and in the 

Indian student of law. 

Expansion 

Expansion will focus on a multi-disciplinary 

approach encouraged across the board to enable 

more students to access affordable and quality legal 

education. An efficient justice system plays a vital role 

in our economic development. Reducing pendencies 

alone can add about 2% to our GDP and it is our legal 

education system that will provide the manpower to 

fuel this required efficiency : 

1. Establish four national level institutions at the 

regional level as Centres of Excellence focussed 

on research and upgradation of faculty skills— 

these may be called Institutes of Advanced 

Legal Studies & Research 

2. There will be a National Law University established 

in every state as a school of excellence 

3. Each of the 913 existing law schools to be 

evaluated by an empowered committee and 

classified as per standards and needs for the 

purpose of upgrading such colleges and 

creating and providing opportunities to the 

students 

4. PPP model for law schools with specialised 

focus to be encouraged 

5. Autonomous colleges that will meet demanding 

accreditation standards to be encouraged 

6. Continuing learning centres to be established 

in collaboration with the Bar Council’s 

Directorate of Legal Education. 

Inclusion 

Inclusion will focus on creating a system by which 

a first generation lawyer from a backward and 

poverty- stricken class can rub shoulders with the best 

of the best at the national level : 

1. Establish a National Law Library that can also 

be accessed by all citizens online. Law libraries will 

also be established in every district of the country. 

The Ministry will establish an online legal e-learning 

network where citizens can access lectures and classes 

on legal subjects in real-time. 

2. To create an overall framework of inclusive 

participation in opportunities, including internships 

in courts and like bodies for students and legal 

professionals, so that there is upward mobility for 

every legal professional to be able to access 

professional opportunities at the High Courts and 

Supreme Court. 

3. Scholarships and fellowships to be made 

available for women and students from economically 

and socially weaker sections in order for them to 

access various opportunities for a legal education and 

a professional career. 

Excellence 

Excellence will focus on identifying and nurturing 

talent by providing every opportunity to every 

individual wishing to be a student of law : 

1. An opportunity for students to specialize in 

various aspects of the law during their education itself 

in order to create a pool of talent based on domain 

expertise and core competence. 

2. A continuous focus on social responsibility and 

a strong professional ethic during every step of the 

educational process. Every practitioner should have 

an unfailing commitment to the integrity and working 

of the legal system and reinvigorate the oversight 

mechanism for professional misconduct in order for 

it to take swift action, including debarring those that 

violate professional ethics and standards. 

3. An online continuous career development and 

monitoring program to be established founded on a 

national database of all legal practitioners in the 

country. This will be a robust tracking system by 

which talent can be identified and lauded. The 

database will track domain expertise and professional 

development for lawyers and will publicly recognize 

excellence as well as detect inefficiencies. This system 



EDUCATION 

will be the basis for identifying lawyers for various 

roles and appointments including law officers and 

judges. 

4. The Indian Law Institute to refocus on its core 

mission to promote research in law as well as conduct 

postgraduate specialist courses in various fields of law 

by recruiting faculty of global standard. 

5. The Delivery of Justice and Law Reform Trust 

of India—in collaboration with the bar, the bench and 

leading business schools in India—will develop 

courses for court administrators and managers. 

6. We will develop a system to create a cadre of 

paralegals in various sectors of legal practise who may 

then serve as legal secretaries and strengthen legal 

aid and literacy programs. 

A comprehensive strategy that encapsulates both 

“Top to Bottom” and “Bottom to Top” approaches 

will see lawyers at all levels participating in continuing 

legal education programs. We will demonstrate that 

the Indian legal and justice system is efficient, 

responsive, globally competitive, quick and orderly, 

with judges and lawyers who can rise up to global 

challenges and the future needs of the country. 

The way forward 

As early as 1917, when serious initiatives were 

taken to reform legal education at the Yale Law School, 

it was noted that the purpose of the law school should 

be “the study of law and its evolution—historically, 

comparatively, analytically, and critically—with the 

purpose of directing its development in the future, 

improving its administration and on perfecting its 

methods of legislation”. 

The central question we need to ask ourselves in 

India is whether our law schools are fulfilling this 

responsibility adequately, and if not, what we need 

to do, so that we are able to address the fundamental 

issues concerning legal education that were raised 

over 90 years ago in the United States. Legal education 

reforms in India should go along with the 

encouragement of global philanthropic initiatives, so 

that resources are available to maintain international 

standards to impart quality education and conduct 

impact-oriented research. 

Barring Foreign Law Firms from practsing in India 

as was held in Lawyers Collective vs Bar Council of 

India and others by the Bombay High Court is not a 

solution, as the judgment will be having its own 

ramifications in the global sphere for the legal 

practitioners from India who want to take up legal 

practice outside India. It is now imminent for the 

Central Government/Bar Council to legislate and 

frame appropriate rules in consultation with all the 

stakeholders, with regard to entry of foreign law firms 

in India and to arrive at a judicious decision to put to 

rest the threat being posed by the foreign law firms. 

Instead of wasting of time and energies on whether 

legal education in India is to be liberated from the 

dominant control of the Bar Councils or over 

superseding of regulatory bodies (it is immaterial 

whether it is Law Ministry’s domain or HRD 

Ministry’s) under a proposed super-regulatory 

authority as suggested by the National Knowledge 

Commission and the Yashpal Committee, let us 

concentrate our focus and energies to convert the new 

challenges into opportunities in the global arena. 

Issues to be addressed to meet the Global 

challenges 

1. Curriculum and teaching 

The new and emerging law schools cannot afford 

to limit their focus to teaching and research on issues 

relating to Indian law. In fact, the appetite of Indian law 

students for understanding international and 

comparative law has significantly increased over the 

years, given their participation in international moot 

competitions that range from issues such as maritime 

law to humanitarian law to dispute resolution. The 

most challenging task is to strike a proper balance to 

ensure that students are taught a fair mix of courses that 

give them knowledge and training in Indian law, but, 

at the same time, prepare them for facing the challenges 

of globalisation, whereby domestic legal mechanisms 

interact with both international and foreign legal 

systems. This interaction is going to deepen in the years 

to come and our law schools must prepare themselves 

to face this challenge posed by globalisation. 

2. Knowledge and faculty research 

Hiring of good faculty has been a challenge in law 

schools in India and abroad. There is a need to have a 

global focus in hiring faculty for Indian law schools. 

Of course success will depend on the school’s ability 

to provide the right kind of intellectual environment 

and financial and other incentives for Indian or foreign 

scholars to teach and pursue research in India and to 

contribute to its growth story. 

Globalisation of legal research has become a 

universal trend. Legal scholars working in a particular 

country or researching on the law and legal systems 

of that country do not limit their research to that 

country or its neighbours. With the development of 

web-based research and other online research tools 

and databases, there has been a remarkable 

transformation in the development of comparative 

and international law research. It is important for 

global law schools to have or provide access to legal 

material from jurisdictions all over the world. These 

need to be constantly updated to keep up with the 

changing dimensions of law in all societies. There is 



EDUCATION 

also a need to promote global exchanges, including 

bilateral and multilateral exchange of faculty and 

students, with a view to aid global knowledge relating 

to law and legal institutions. All this needs huge 

resources. It is not possible for the governments of 

developing countries, such as India, to support them 

through public funding. Concrete steps need to be 

taken to encourage global philanthropic initiatives. 

3. Programmes and international experience 

Indian law schools need to consider innovation 

when it comes to the degree programmes offered by 

them. Introduction of uniform syllabi coupled with 

practical aspects such as moot courts etc. on par with 

the international standards to meet the challenge of 

providing the highest quality legal education in the 

demanding and competitive international environment 

of the 21st century. 

4. Interaction and collaborations 

The law schools of the future ought to provide 

academic space for engaging in teaching and cutting 

edge research on issues of global significance. The 

institutions ought to constantly reinvent themselves 

for facing the challenges of globalisation through 

exchange and collaboration programmes. This has 

different implications for faculty, students, and for 

the development of teaching and research programmes. 

In this regard, it is important to note that token 

arrangements of collaboration may not be helpful to 

the institutions involved. There is a need to develop 

a shared understanding of the nature of exchange and 

collaborative programmes being established for them 

to be effective and beneficial for all the parties 

concerned. 

5. Philanthropy and non-profit initiatives 

Legal education in India needs reforms that would 

support the establishment of global law schools 

combining the best traditions of public educational 

institutions with the needed flexibility, freedom, and 

autonomy enjoyed by private initiatives—all within 

the public good framework of a non-profit endeavour. 

In this context, there is a need to actively seek and 

encourage philanthropic initiatives in the field of legal 

education. The system of creating endowments—both 

individual and corporate—has to be significantly 

promoted. For this, the initiatives ought to come from 

private individuals and institutions ready and willing 

to support the establishment of global educational 

institutions with the highest standards in teaching and 

research for the purpose of creating and disseminating 

knowledge. 

Reform of legal education in India requires global 

philanthropic initiatives that can help the country build 

the educational institutions of the future. Such law 

schools in India will be able to attract the best of faculty 

from India and the world. They will also be able to create 

world class infrastructure to attract the best students 

from everywhere, create internationally reputed 

research centres and promote research activities that 

are beneficial to the country and the international 

community, and enhance the ability to bring together 

brilliant minds to solve the problems of humanity. The 

future of legal education in India should be linked to 

the promotion of global philanthropic initiatives for it 

to be sustainable. The deterioration in standards in the 

quality of faculty in law schools in India and the paucity 

of research output have to be addressed with sincerity. 

There is a need to create endowments of the kind that 

reputed law schools of the world have managed to do 

with a view to involve public-spirited private individuals 

and corporations to support the development of 

law schools. 

6. Infrastructure and resources in law schools 

If Indian law schools have to meet the demands of 

the changing global society, the training we impart to 

our law students ought to be thoroughly re-examined. 

Our law schools need infrastructure and resources 

comparable to global universities, particularly when 

access to such universities is available to both our 

faculty and students. Our law schools have to seek a 

dramatic transformation in providing infrastructure 

and resources to our faculty and students. 

Library facilities in our law schools need to be 

substantially upgraded, for which huge resources 

have to be mobilised. The annual budget (including 

for library staff) for the law library at the Harvard 

Law School is $14 million (around Rs. 70 crore) and 

that of the Yale Law School is over $6 million (around 

Rs. 30 crore). Inevitably, the resources that are needed 

to reach international standards for providing global 

infrastructure for our law schools have to be raised 

through library endowments and private donations. 

Though it may not be possible for us to improve 

the situation and give overnight solutions in this 

regard, let us take the clue from a statement of 

Dr. Radhakrishnan, the then President of India, who 

observed over a half a century ago that “Our colleges 

of law do not hold a place of high esteem either at 

home or abroad, nor has law become an area of 

profound scholarship and enlightened research “ and 

introspect ourselves whether there is any change in 

our legal education system till then and put our 

collective wisdom and efforts to bring in the required 

corrections in the existing system, so that Indian legal 

education can face the global challenges and will ac 

hieve the uphill task in rewriting this statement of Dr. 

Radhakrishnan. ❐ 


ICWAI ICWAI NEWS 

NEWS 

The Institute of Cost and 

Works Accountants of India 

Advancement to Fellowship 

Date of Advancement : 21st 

February 2011 

M/5276 

Shri Sunith Kumar Ray 

BSC, LLB, FICWA 

Qr. No. D/49, Vikash Kunj, 

Northern Coalfields Ltd., 

Singrauli 486 889 

M/5367 

Shri Gautam Ray 

MCOM, FICWA 

Flat No. 203, 149 South End 

Gardens, Garia, 

Kolkata 700 084 

M/9423 

Shri Ashok Kumar Verma 

MCOM, FICWA 

Sr. General Manager, 

Synergy Telecommunications, 

A-1, Phase-1, 

Industrial Area, Mohali 

M/11142 

Shri Prasad Venkataramana 

Chundi 

BE, FICWA 

Sr. Vice President - Business 

Commercial, Navi Mumbai 

SEZ (P) Ltd., Plot - 56, 

Sec - 15, CBD Belapur, 

Navi Mumbai 400 614 

M/11190 

Shri P. S. Nagarajan 

BSC, FICWA 

Senior Manager - Finance, 

Electronics Division, Bharat 

Heavy Electricals Limited, 

Mysore Road, 

Bangalore 560 026 

M/11402 

Shri Prosenjit Das 

BSC, BCOM, FICWA 

3, Sarat Palli (Near T.B. 

Hospital), Boral Main Road, 

Garia, Kolkata 700084 

M/15251 

Shri R. Chandran 

BBA, MCOM, FICWA 

Dy. Manager (Accounts), 

Tamilnadu State Transport 

Corpn. (Madurai) Ltd., Bye- 

Pass Road, Madurai 625 010 

Admission to Membership 

M/15607 

Shri Srinivasa Rao Kannepalli 

BCOM(HONS), FICWA 

Manager (Finance), Bharat 

Heavy Plate & Veesels Ltd., 

Visakhapatnam 530 012 

M/15936 

Shri Sanjay K. Mathur 

BSC, FICWA 

D-68, Shastri Nagar, 

Jodhpur 342 003 

M/16072 

Shri Rajeev Gupta 

BCOM, MBA, FICWA 

Chief Executive, Abhishek 

Industries Ltd., E-212, 

Kitchlu Nagar, 

Ludhiana 141 001 

M/16154 

Dr. Joy Joseph Puthussery 

MCOM, PHD, FICWA 

Associate Professor, Bharata 

Mata College, Dept. of 

Commerce, 

Thrikkakkara 682 021 

M/16790 

Shri Anapindi Appala 

Narasimha Murty 

MSC, FICWA 

Sr. Audit Officer (Commercial), 

O/o. The A.G. (Comml. 

& Receipt Audit), Commercial 

Audit Wing, Saifabad, 

Hyderabad 500 004 

M/18070 

Shri R. Srinivasan 

MCOM, FCS, CMA(USA), 

FICWA 

“Sonuvilla”, 60, 3rd Main, 

Doddakalasandra, (Behind 

Government School), Kanakapura 

Main Road, 


M/18474 

Shri Yogesh Dattatraya Mase 

BE(MECH), MTECH, ACS, 

FICWA 

Sr. Manager-Corp. Finance 

& Co. Secretary, Lear 

Automotive India Pvt. Ltd., 

Plot No. E25-27, Bhosari 

MIDC, Pune 

M/18574 

Shri Pawan Kumar Parihar 

MCOM, FICWA 

Parihar, Pawan & Associates, 

S-9, 1st Floor, Civil 

Lines Corner, 22, Godown 

Hawa Sarak, Jaipur 302006 

M/18788 

Shri Pinaki Chakrabarty 

BSC, FICWA 

Dy. General Manager (F & 

A), Reliance Cementation 

Pvt. Ltd., Gajanan Niwas, 

Dinanath Nagar, Lalguda 

Road, Wani 445304 

M/19146 

Shri Biren Chandrakant Shah 

MCOM, FICWA 

Manager, G.N.F.C. Limited, 

Accounts Dept., 

Narmada Nagar 392 015 

M/19604 

Shri Posham Nageswar Rao 

MCOM, LLB, FICWA 

Sr. Audit Officer (Reports), 

Commercial Audit Wing, 

O/o. The A.G. (Comml. & 

Receipt Audit), Saifabad, 


M/21000 

Shri Sanjay Bhikchand 

Mundade 

BCOM, FICWA 

Director Commercial & 

CFO (Board Member), 

Skoda Auto India Pvt. Ltd., 

Plot No. A-1/1, Shendra 

Five Star Indl. Area, MIDC, 

Aurangabad 431 210 

M/21114 

Ms. Geetha Krishnan 

MCOM, MPHIL, FICWA 

Sr. Asst. Professor, Commerce 

(Evening), Ethiraj 

College for Women, Ethiraj 

Salai, Chennai 600008 

M/22314 

Shri Arvindkumar Ramabhai 

Patel 

MCOM, FICWA 

Manager (Finance), 

G.N.F.C. Ltd., 


M/22413 

Shri Neeraj Aarora 

BCOM(HONS), LLB, FICWA 

Flat No. 105, Sunehri Bagh 

Apt. Sector 13, Rohini, 

Delhi 110 085 

M/22648 

Shri Debasish Biswal 

BSC, FICWA 

Chief Manager Accounts, 

ACC Ltd., FICO Building, 

2nd Floor, L. B. S. Marg, 

Thane (West) 400 604 

M/23607 

Shri Kaustav Roy Chowdhury 

BCOM(HONS), ACA, 

CMA(USA), FICWA 

74, Ibrahimpur Road, Jadavpur, 

Kolkata 700032 

M/23615 

Shri Dilip Narsinghpura 

BSC, FICWA 

Sr. Officer Accounts, Gujarat 

Narmada Valley Fertilizer Co. 

Ltd., Finance & Accounts 

Dept., Narmada Nagar 392 015 

M/23932 

Shri Poornakar Shetty 

BBM, FICWA 

Deputy Manager - Controlling, 

Bosch Limited, Hosur 

Road, Adugudi, 


M/24137 

Shri Kaushik Kumar Rasiklal 

Maheta 

MCOM, FICWA 

Manager, G.N.F.C. Ltd., 

Finance Dept., 


M/24226 

Shri Inderjyot Singh 


Lead Consultant, Saksoft 

Ltd., B-35/36, Sector 80, 

Phase-II, Noida 201305 

M/24507 

Shri Akhilesh Kumar 

Shrivastava 

BSC(HONS), LLB, ACS, 

FICWA 

3, Fern Place, Near Bejon Setu, 

Ballygunge, Kolkata 700 019 



NEWS 

M/24578 

Shri Ramma Sikka 

BCOM(HONS), MBA, 

FICWA 

House No. C 302, Gem Regency, 

Nirguna Mandir Layout, 

1st Block, Koramangala, 


M/24595 

Shri Ranjeet Kumar Agrawal 

BCOM, FICWA 

R.K. Agrawal & Co., Ganga 

Enterprises, H. B. Road, At & 

P.O. Kokar, Ranchi 834 001 

M/25303 

Shri Arindam Banerjee 


Lecturer (Senior Grade), 

United Institute of Management, 

UPSIDC, Naini, 

Allahabad 211 010 

M/25404 

Mrs. Ujjwala Rajendra 

Bagade 

BCOM, AICWA 

U.R. Bagade & Co., 2/28, 

Nityanand Nagar No. IV, 

Near Post Office, Andheri 

(E), Mumbai 400 069 

M/25465 

Dr. Sanjeev Sharma 

MCOM, MPHIL, PHD, 

FICWA 

Associate Professor, Post 

Graduate Dept. of Commerce 

& Business Management, 

Hindu College, 

Amritsar 143 001 



Admission to Associateship 

Date of Admission : 21st 

February 2011 

M/30377 

Shri R. Srinivasan 

MCOM, AICWA 

Risk Manager - SME Banking, 

Standard Chartered 

Bank, 19, Rajaji Salai, 

Chennai 600 001 

M/30378 

Shri Indraneel Gollapudi 

MCOM, LLB, AICWA 

Sr. Manager - Finance & 

Accounts, Apex Knowledge 

Technology Pvt. Ltd., 

Plot No. 270/Q, Santoshi 

Nilayam, Road No. 10C, 

Jubilee Hills, 


M/30379 

Shri Mohd. Israr Hassan 

MCOM, AICWA 

Dy. Finance Manager, O/o 

The Sub-Area Manager 

(SAM) Nowrozabad, Johilla 

Area / SECL., Dist - Umaria 

Nowrozabad 484 555 

M/30380 

Shri Muntha Suresh Babu 

BCOM, AICWA 

Manager - Costing Gloster 

Cables Ltd., 5 - 3 - 372, 

R.P. Road, 

Secunderabad 500 003 

M/30381 

Shri Prabhat Kumar Sahoo 

AICWA 

C/o. ICFAI National College, 

AT - BB/9, Civil Township, 

Rourkela DIST - Sundergarh, 

Rourkela 769 004 

M/30382 

Ms Priyanka Harshavardhan 

Shah 

MCOM, AICWA 

12/13, Laxman Niwas, 

Opp : Central Rly. Playground, 

Dr. Ambedkar Road, 

Parel, Mumbai 400 012 

M/30383 

Ms Jaspreet Kaur 

MCOM, MBA(FIN), AICWA 

Accountant, District Education 

Officer (Secondary), 

Patiala, Patiala 147 001 

M/30384 

Ms G. V. Sujatha 

MCOM, AICWA 

No. 2095, “Swagathan”, 1st 

Floor, IV Main, Royal 

County, J. P. Nagar 8th Phase, 

Near Jamby Savari Dinne, 


M/30385 

Shri Ganesh Parshuram 

Sawant, BCOM, AICWA 

51/A/1002, Neelkamal C H 

S., Samta Nagar, Kandivali 

(East), Mumbai 400101 

M/30386 

Shri Sanjeev Gupta 

MCOM, ACS, AICWA 

Associate Group Head Costal 

Gujarat Power Ltd., 

Tunda-Vand Road, Mundra, 

Kutch 370 435 

M/30387 

Ms P. Pavithra 

BCOM, MBA, AICWA 

Sr. Financial Analyst, Ford 

Business Services Centre, 

No. 143, Dr. M.G.R. Road, 

(Veeranam Salai North) 

Perungudi, Chennai 600 096 

M/30388 

Shri Kalyanasundaram 

Natarajan 


Controller, Eaton Technologies, 

Cluster - C, Wing-1, 

MIDC EON Free Zone, 

Plot - 1, Survey - 77, Kharadi, 

Pune 411 014 

M/30389 

Shri Ramesh Kumar B 

BCOM, AICWA 

Process Officer, Steria 

(India) Ltd., G - 2, IT Park, 

Siruseri, Egathur Village, 

Kelambakkam, Chengalpattu 

-TQ., 

Kanchipuram 603 103 

M/30390 

Shri Kandukuri Bhanu Prasad 

MCOM, AICWA 

Kokkanti Cross, PO - Balasamudram, 

MD : Tanakallu, 

TQ : Kadisi DIST - Anantapuram, 

Anantapur 515 571 

M/30391 

Shri Santanu Bhattacharjee 

MCOM, AICWA 

D. G. M. - Funds, M/s. T I 

L Limited, 1, Taratolla Road, 

Garden Reach, 


M/30392 

Miss Sabeena Cherukuttikal 

Majeed 

BCOM, AICWA 

Sr. MIS Officer, Asianet 

Sattelite Ltd., 2A, IInd Floor, 

Leela Infopark, Technopark, 

Thiruvananthapuram 

M/30393 

Shri Sujit Ghosh 

AICWA 

19, Saradamoni Path, Kallol 

Co-operative, City Centre, 

Durgapur 713 216 

M/30394 

Shri Nunna Veera Venkata 

Krishna Rao 

Door No. 4-2-1/B, Thadi 

Thota Lane, Kummari Street, 

Peddapuram, Dist - East 

Godavari, 

Peddapuram 533 437 

M/30395 

Shri Sivareddy Krishna 

Reddy 

BCOM, AICWA 

Asst. Manager - Costing Rain 

Commodities Ltd., Sreepuram, 

Boincheruvupally (V), 

Peapully (M), Dist - Kurnoor 

Kurnool 518 220 

M/30396 

Shri Chapalli Kishore Kumar 

Reddy 

BCOM, AICWA 

Executive - Grade 1, Indian 

Immunologicals Ltd., Road 

No. 44, Jubilee Hills, 


M/30397 

Shri Nandha Gopal 

Damodaran 

BCOM, AICWA 

Finance Controller, Keller 

Ground Engineering India 

Pvt. Ltd., “Economist 

House”, S - 15, First Cross St., 

Industrial Estate, Guindy, 


M/30398 

Shri Jayamohan G.S. 

BCOM, AICWA 

“ Gayathri “, Melaranoor, 

PO - Karamana, Thiruvananthapuram 

695 002 



NEWS 

M/30399 

Shri S Surya Narayanan 

BCOM, AICWA 

S - 11, Deccon Flats, No. 28, 

LIC Colony, East Tambaram, 


M/30400 

Ms Sadhana Satyanarayanji 

Soni 

MCOM, AICWA 

Officer - Costing, Yeshshree 

Press Comps Pvt. Ltd., 

R - 41/42, MIDC, Waluj, 


M/30401 

Shri Anil Kumar Chanda 

BCOM, AICWA 

Assistant Finance Manager, 

ITC Limited, ABD - ILTD., 

Anaparti, Dist - East Godavari, 

Anaparti 533 342 

M/30402 

Shri Manoj Kumar U. K. 

BSC, AICWA 

Senior Manager The Federal 

Bank Ltd., Corporate Office, 

SME & AB Department, 

Aluva, Dist - Ernakulam 

Aluva 683 101 

M/30403 

Shri Shital Prasad Padhy 

BCOM(HONS), AICWA 

Sr. Manager (Fin. & 

Accounts) Neelachal Ispat 

Nigam Ltd., Kalinga Nagar 

Industrial Complex, Duburi, 

Dist - Jajpur, Duburi 755 026 

M/30404 

Shri Virendra Heda 

BCOM, AICWA 

Accounts Officer Bharat 

Heavy Electricals Ltd., Fin. 

& Accounts Dept., Admn. 

Building, BHEL Jhansi, 

Jhansi 284 129 

M/30405 

Ms Nadimpalli Deepika 

BCOM, AICWA 

Officer (Accounts), M/s. N 

C C L., 41, Nagarjuna Hills, 

Panjagutta, 


M/30406 

Shri Monimoy Chakrabarti, 

MCOM, AICWA 

Selection Grade Lecturer 

Coochbehar College, No. 2, 

Kalighat Road, PO + DIST - 

Coochbehar 

Cooch Behar 736 101 

M/30407 

Shri Dashrath Ratanlal Jaroli 

MCOM, AICWA 

B - 1, Akash Ganga Complex, 

Near Panchwati Bus-Stop, 

Panchwati, 

Vadodara 390 016 

M/30408 

Shri Manoja Kumar Kar 


Manager (F & A), Neelachal 

Ispat Nigam Ltd., Kalinga 

Nagar Industrial Complex, 

At/Po. Duburi, Dist - Jajpur, 

Duburi 755 026 

M/30409 

Shri Man Bahadur Mourya, 

BCOM, AICWA 

Asst. Commercial Manager 

ABDOS Labtech Pvt. Ltd., 13 

A, Government Place (East), 

2nd Floor, Kolkata 700 069 

M/30410 

Shri Palivela Ayyappa Swamy 

MCOM, AICWA 

Sr. Accountant, ORACLE 

India Pvt. Ltd., Mantri Commerce 

Building, Bannerghatta 

Road, 


M/30411 

Ms Asha Varghese 

BCOM, AICWA 

Analyst M/s. A C S., II Floor, 

Vismaya Building, INFO 

Park, PO - Kakkanad, 

Kochi 682 030 

M/30412 

Shri Sabu Joseph 

BSC, CPA, CMA(USA), 

AICWA 

50, Paddock Way, Holland, 

Pennsylvania, U.S.A., Pin - 

18966, Pennsylvania 18966 

M/30413 

Shri Netresh Dattatraya 

Kalkar 

MCOM, AICWA 

Executive - Finance, M/s. 

Matrix Laboratories Limited, 

F - 4, F - 12, M I D C., 

Malegaon, Sinnar, 

Nasik 422 113 

M/30414 

Shri Prajeesh Prabhakaran 

BCOM, AICWA 

Finance & Accounts Officer, 

O N G C., Srikona, Silchar, 

Silchar 788 026 

M/30415 

Shri Surendra Singh Pawar 

MCOM, AICWA 

Accounts Officer - Internal 

Audit, B.H.E.L., Internal 

Audit Dept., Admn. Building, 

Jhansi 284129 

M/30416 

Shri Sugata Roy 


51A/26, Bamacharan Roy 

Road, Behala Manton, 


M/30417 

Shri Gagan Virmani 

MCOM, AICWA 

Cost Executive FCI., Dept. 

of Food & Public Distribution, 

Consumer Affairs, 

Krishi Bhawan, Near 

Raiysiana Road, 

New Delhi 110 001 

M/30418 

Mrs Rachana Dixit 

MCOM, AICWA 

Flat No. 302, Sudhashree 

Appartment, 83, Rahte 

Colony, Javahar Darda 

Marg, Nagpur 440 012 

M/30419 

Shri Sudhir Ranjan Panigrahi 

BA(HONS), AICWA 

C/o. T.R. Chemicals Limited 

Subhash Chowk, 

Rajgangpur, Dist - Sundargarh, 

Rajgangpur 770 017 

M/30420 

Shri Babaji Popat Kanse, BSC, 

AICWA 

Manager - Controlling TKES 

India Pvt. Ltd., Vill - 

Wadivarhe, Taluka - Igatpuri 

Dist - Nashik, Nasik 422 403 

M/30421 

Shri Sriram Suryarao 

Ayyagari 


Flat No. 202, “ Priyanka 

Residency “, Manik Sai Enclave, 

Sainikpuri, 


M/30422 

Shri Mirza Irfan Beg 

BCOM, AICWA 

Near Sunday Market, A.C.C. 

Kymore, Dist - Katni, 

Kymore 483 880 

M/30423 

Shri Manohar Bathina 

AICWA 

Financial Analyst, M/s. 

Capital I. Q., Meenakshi 

Building, Hitech City, 

Kodapur, Hyderabad 500 081 

M/30424 

Shri Jaya Raghuram 

Babbepalli 

BCOM, AICWA 

Manager (Finance & 

Accounts), Zuari Industries 

Limited, Jai Kissan Bhawan, 

Zuari Nagar, Goa 403 726 

M/30425 

Shri Naveen Kumar Bejugam 

MBA, AICWA 

LAC/Senior Associate, 

Gen-pact, Cyber Gateway, 

Mad-hapur, 


M/30426 

Ms Pooja Chaurasia 


Assistant Manager (Finance) 

IRCON International Ltd., 

4th Floor, Palika Bhawan, Sec 

- XIII, R K Puram 




NEWS 

M/30427 

Shri Manas Kumar 

Chattopadhyay 

BE., AICWA 

Chief Manager (MIS), Simplex 

Infrastructures Ltd., 

12/1, Nelli Sengupta Sarani, 


M/30428 

Shri Diptabhanu Dash 

BCOM, AICWA 

At - Manapur, Po - Kotian, 

Via - Kaduapada, Dist - 

Jagatsinghpur, 

Jagatsinghpur 754 106 

M/30429 

Shri G Hariharan 

BCOM, AICWA 

Manager - Internal Audit 

Ashok Leyland Ltd., Internal 

Audit Department - 

Ennore, Chennai 600 057 

M/30430 

Shri Sulfikkar Chithuparambil 

Hussain 

BCOM, AICWA 

Cost Accountant, FCI OEN 

Connectors Ltd., Mul 

Division, Thiruvaniyoor, 

Puthencruze 682 308 

M/30431 

Shri Pallapothu Rama Kumar 

MCOM, AICWA 

Sr. Executive Satyam Computer 

Services Ltd., SSU 

Finance, Plot-22 To 25 & 27 

To 34 Hi-Tech City, Madhapur, 


M/30432 

Shri Nune Vijay Kumar 

BCOM, AICWA 

Near RTC Bus Stand, Venu 

Gopal Nagar, 


M/30433 

Shri Karthikeyan V 

MCOM, AICWA 

No. 16, Sundaramurthy 

Street, Gnana Murthy 

Nagar, Near Iner Flour Mill, 


M/30434 

Shri Raghavender Reddy 

Kandadi 

BCOM, AICWA 

Director Dakshah EBIZ 

Consulting Pvt. Ltd., No. 

1-2-597/1, SLV Bhavan, 

Lower Tank Bund Road, 

Domalguda, 


M/30435 

Shri Raghava Rao Sudheendra 

Kumar 

BCOM, FCS, AICWA 

Co. Secretary & Sr. Manager 

(Accounts), IFCI Financial 

Services Ltd., 142, Mahatma 

Gandhi Road, Nungambakkam, 


M/30436 

Shri Izhar Khan 

MCOM, AICWA 

Sr. Accounts Officer, Jaiprakash 

Associates Ltd., 

Jaypee Ayodhya Grinding 

Operation, PO - Vidyut 

Nagar, Nr. NTPC, Tanda 

Ambedkar Nagar 224 238 

M/30437 

Shri Yogendra Kumar 

MCOM, AICWA 

Dev Nagar, Sonda Road, Gali 

No. 2, Nishu Provision Store, 

Modinagar, 

Ghaziabad 201 204 

M/30438 

Shri Surya Narayan Mishra 

MCOM LLB, AICWA 

Financial Consultant, Sarva 

Sikhya Abhiyan, Kendrapara, 

Kendrapara 754 211 

M/30439 

Shri Ganesh 

M, MCOM, AICWA 


Business Services Centre Pvt. 

Ltd., RMZ Millenia, No. 143, 

Dr. MGR Road, Perungudi, 


M/30440 

Shri Manojkumar Sampatrav 

More 

MCOM, AICWA 

Officer Essar Projects (India) 

Ltd., Nirman Building, Surat 

Hazira Road, Surat 394 270 

M/30441 

Shri N Ram Mohan 

MA, AICWA 

Br. Manager-Grade II 

Officer, Catholic Syrian 

Bank, Panamarathupatty 

Branch, Salem 636 204 

M/30442 

Shri Shiva Kumar Natarajan 

BSC, FCA, CPA (COLO- 

RADO), AICWA 

215, Moffett Park Drive, 

Sunnyvale, California, USA 

California 94089 

M/30443 

Shri C Surendran Nair 

BSC, AICWA 

Asst. Manager (Accounts), 

Larsen & Toubro Ltd., ECC 

Divn., TLT Works, 158B, 

Sector - III Pithampur, Dhar - 

Dist, Pithampur 454 774 

M/30444 

Shri Hari Narayan Pal 


C/o. M/s ITD Cementation 

India Ltd., 5, B N Sarkar 

Sarani, Chowringhee 

Approch “ANAR CHAM- 

BER”, Kolkata 700 072 

M/30445 

Shri Piyush Harjibhai Patel 

BSC, AICWA 

Dy. Manager (Accounts) 

National Dairy Dev. Board, 

P.O. Box No. 40, Near 

Jagnath Mahadev, 

ANAND 388 001 

M/30446 

Shri Ramakrishna Reddy 

Pulicherla 

BCOM, AICWA 

Asst. Manager (Accounts & 

Finance) M/s. Vasishta Constructions 

Pvt. Ltd., Plot No. 

23, Rao & Raju Colony, Road 

No. 02, Banjara Hills, 


M/30447 

Shri Subhasis Pal 

BE, AICWA 

Dy. Manager (Maint) Hindustan 

Cables Ltd., UPSIDC 

Naini, Allahabad 211 010 

M/30448 

Shri Durgesh Kumar Panday 

BA, AICWA 

Corporal Indian Air Force, 

Logistic Section, HQM (1U) 

Air Force, Vayusena Nagar, 

Nagpur 440 007 

M/30449 

Shri Vasantha Krishnappa 

Poojari 

BCOM, AICWA 

A/4, Neelmani CHS., Thakurwadi, 

Dombivli West 

Dombivli (West) 421 202 

M/30450 

Shri Pallapu Ramarao 

MBA, AICWA 

4 - 32- 41/80, Plot No. 86, 

Kamala Prasanna Nagar, 

Allwyn Colony, Kukatpally, 


M/30451 

Ms Dhanya S 

BCOM, AICWA 


Business Services Centre Pvt. 

Ltd., RMZ Millenia, 1B, 143 

Dr. MGR Road, North 

Veeranam Salai, Prungudi, 


M/30452 

Shri Ravindra Vijay Shinde 

BCOM, AICWA 

1/7, Sai Sadan, Sai Baba 

Road, Parel (Lal Baug), 

Mumbai 400 012 

M/30453 

Shri Selvakumar D 

BCOM, ACS, AICWA 

Sr. Manager - Finance, 

Polaris Software Lab Ltd., 244 

Anna Salai, Chennai 600 006 

M/30454 

Ms Shatarupa Dutta 

ACS, AICWA 

Sr. Specialist/Team Manager 

- MI, RMZ Millenia, Campus 

- 4A, 143, Dr. M G :R Road, 

Kandan Chavadi, Perungudi, 




NEWS 

M/30455 

Shri Ajay Kumar Dubey 


Manager Accounts & Finance, 

M/s. V & S Infratech Ltd., 

702, Mercantile House, 

15 K. G. Marg, 


M/30456 

Ms Anuradha Sarang Ketkar 

MCOM, AICWA 

4/11, Meghana Co-op Hsg. 

Society, Near Alankar Police 

Station, Karvenagar, 

Pune 411 052 

M/30457 

Shri Muktipudi Pavan Kumar 

MBA, AICWA 

H. No. 17-6-8/A, Poornanandam 

Pet, Krishna 

District, Vijayawada 520 003 

M/30458 

Shri Essa Khan 

BCOM, AICWA 

Head Commercial - Operations, 

Madura Fashion & 

Lifestyle, Plot No. 5B, 

Regent Gateway, Doddanakundi 

Village, KIADB 

Industrial Area, ITPL Road, 


M/30459 

Shri R Kasiraman 

BSC, CPA(US), AICWA 

Finance Procedures Controller, 

Emirates Airlines, Po 

Box 686, Group Financial 

Accounting & Reporting, 

5th Floor, E G H Q., 

Opp : T 3, Dubai 

M/30460 

Shri Mukunda R. G. 

BCOM, AICWA 

“Gokula “, No. 156, IInd 

Cross, Near Vishal Medicals, 

Vidyaranyapura Post 


M/30461 

Shri C Shree Ram 

BCOM, AICWA 

Officer (Credit) UCO Bank, 

Zonal Office, 51, Mahavir 

Marg, BMC Chowk, Opp : 

Apeejay College of Fine 

Arts, Jalandhar 144 001 

M/30462 

Shri Raghvendra Singh 

Sengar 

MCOM, AICWA 

Asst. Manager (Accounts), 

Larsen & Toubro Ltd., 12/4, 

Mathura Road, Sarai Khwaza 

Chowk, Faridabad 121 003 

M/30463 

Ms Uma Sharma 

BCOM, AICWA 

1187/7, Nai Walan, Karol 

Bagh, New Delhi 110 005 

M/30464 

Shri Malay Shaileshbhai 

Vaishnav 

AICWA 

Dy. Manager - Treasury, 

ESSEL Propack Ltd., 10th 

Floor, Timex Tower, Kamala 

City, Senapati Bapat Marg, 

Lower Parel, Mumbai 400 013 

M/30465 

Shri Keshava Murthy Y 

BCOM, AICWA 

Zonal Accounts - Head, 

Sharp Business Systems (I) 

Ltd., No. 17, Palace Road, 

High Grounds, 


M/30466 

Ms Surbhi Gupta 


493 - B, Bikram Bihar, G. T. 

Road, Bunglow No. 60, 

Shibpur, Howrah 711 102 

M/30467 

Shri Sapan Kumar Ghosh 


21, Nandalal Mitra Lane, 


M/30468 

Shri Rahul Kumar 


3/54 Rajendra Chhatra 

Bhawan, 34 A, Ratu Sarkar 

Lane, Kolkata 700 073 

M/30469 

Shri Kunal 

MCOM, AICWA 

C/o. Sri Awadh Kishore, 

Devi Mandap Road, Near 

Rainbow Paper Convertor, 

Jhumri Telaiya, 

Koderma 825 409 

M/30470 

Shri Kumar Deepak 

BCOM, AICWA 

7F/1C, Tangra 2nd Lane, 


M/30471 

Shri Sashikanta Malik 

BCOM, AICWA 

Accountant, National Highway 

Authority of India 

Project Implemantion Units, 

21, Teachers Colony, Gurunanak 

Nagar Road 

Vijayawada 520 008 

M/30472 

Shri Bodhisattwa Mukherjee 

AICWA 

79A, S C Chatterjee Street, 

PO - Konnagar, DIST - 

Hooghly, Konnagar 712 235 

M/30473 

Shri Kartik Pal 

BCOM, AICWA 

Cost Accountant C/o. A. C. 

Dutta & Co., 10, K. S. Roy 

Road, 2nd Floor, 


M/30474 

Shri Manish Kumar Roy 

BCOM, AICWA 

3/10, Azadgarh, PO - 

Regent Park, Tollygunge, 


M/30475 

Shri Shishir 


C/o. B. P. Singh, Flat No. 

403, Sushama Apartment, 

Rajendra Nagar, Road 

No. 10, Patna 800 016 

M/30476 

Shri Swadeep Shorav 


C/o. Polyplas Associates, 

F - 418, Vasant Vihar, 


M/30477 

Shri Sudhanshu Shekhar 


S/o. Nirmal Prasad Singh, 

At/Po. Israin Kala, Via - Shri 

Nagar, Dist-Madhepura, 

Madhepura 852 112 

M/30478 

Shri Ajit Kumar Singh 


586, Ramkrishna Pally, Taki 

Road, Barasat, 


M/30479 

Shri Abdul Khadeer 

MCOM, AICWA 

Assistant Manager - Finance, 

PIAGGIO Vehicles Private 

Ltd., E-2 & E-1, MIDC, 

Katphal Road, MIDC 

Baramati, Baramati 413 133 

M/30480 

Shri Arramala Hari Krishna 

Rao 

BCOM, AICWA 

H.No. 10-1-758, Veer Nagar, 

Khairatabad, 


M/30481 

Shri Pradipta Bhattacharyya 

BSC(HONS), AICWA 

Assistant Manager 

(Acc-ounts), Durgapur 

Cement Works, Unit of 

Birla Corporation Ltd., Near 

D.S.P. SLAG Bank, 


M/30482 

Shri Krishnendu Banerjee 

BSC(HONS), MBA, AICWA 

Manager - Accounts & 

Finance CD Equifinance Pvt. 

Ltd., 37, Shakespeare Sarani, 


M/30483 

Shri Rakesh Barnwal 


Accounts Officer, BHEL Site 

Office, Santaldih TPS, 

Santaldih, Dist - Puruliya 

Santaldih 723 146 

M/30484 

Shri Indranil Chakraborty 


Group Controller Costing, 

MIS, Mezzan Holding Co., 

P.O. Box Safat 13002 Kuwait 

Safat 13002 



NEWS 

M/30485 

Shri T. S. Gokulakrishnan 

MCOM, AICWA 

Jr. Officer, Gr. - II The 

Tamilnadu Industrial 

Investment Corpn. Ltd., 

692, MHU Complex, Anna 

Salai, Nandanam, 


M/30486 

Shri Satpal Gupta 

MCOM, AICWA 

Assistant Manager, Ernst & 

Young Pvt. Ltd., Golf View 

Corporate Tower - B, 

Sector - 42, Sector Road, 

Gurgaon 122 002 

M/30487 

Shri Mithlesh Kumar 

BCOM, AICWA 

Sr. Manager - Finance, 

Piaggio Vehicles Private 

Ltd., E-2 & F-1, MIDC, 

Katphal Road, MIDC, 

Baramati, Baramati 413 133 

M/30488 

Shri Patil Shantaram 

Prataprao 

MCOM, AICWA 

Accounts Officer, O/o. Chief 

General Manager (Gen, 

O & M) “SHAKTIGAD”, 

M.S.P.G.C. Ltd., B.T.P.S. 

Colony, At/Po. Deepnagar, 

Bhusawar, Jalgaon 425 307 

M/30489 

Shri Samujjwal Paul 


C/o. Piywood Corner, S.N. 

Ganguly Road, O.C.C. 

Ranchi 834 001 

M/30490 

Shri Sunkara Prasad 

MCOM, AICWA 

Dy. Manager - Finance 

M/s Pharmazell (Vizag) Pvt. 

Ltd., Plot No. 115, Ramky 

Pharma City (I) Ltd., 

Parawada, 


M/30491 

Shri Vijay Pandurangrao 

Rathod 

BE, AICWA 

Executive Engineer, 

C/o. C G M., K T P S., Koradi, 

TQ : Kamptee, 


M/30492 

Shri Rajasekar R 

MCOM, MPHIL, AICWA 

3 / 33, Minnam Palli, 

PO - Minnam Palli, Karur, 

Karur 639 116 

M/30493 

Mrs Srividya Swaminathan 

BCOM, ACA, AICWA 

Finance Head, ISHA Foundation, 

15, Govindasamy 

Naidu Layout, Singanallur, 

Coimbatore 641 005 

M/30494 

Shri Amit Sabharwal 

BCOM, LLB, AICWA 

Accounts Officer, 

M/s. Bharat Sanchar Nigam 

Ltd., Room No. 110, Ist Floor, 

Telephone Exchg. Bldg., 

Monimajra, 

Chandigarh 160 101 

M/30495 

Shri V Ajit 

BCOM, AICWA 

Asst. Manager - Marketing 

Finance, M/s. M R F Ltd., 

Marketing Dept., No. 114, 

Greams Road, 


M/30496 

Shri Naiknavare Vishal Vishnu 

MCOM, AICWA 

Parnakuti Housing Society, 

Block No. 8/A, Yerawada, 

Pune 411 006 

M/30497 

Shri Suresha B 

BCOM, MBA(FIN.), AICWA 

No. 44, 5th “B” Cross, 

Channel Road, Cholur Palya, 

Magadi Road, 


M/30498 

Shri Suresh Kumar 

MCOM, AICWA 

Flat No. 1209A, Mahagun 

Mosiac, Phase - II, Vaishali 

Sector - IV 


M/30499 

Shri Sumon Kundu 

BCOM, AICWA 

Officer (F & A), FHC - 224, 

(BHEL), Shubharun, 

Farakka, PO - Nabarun, 

Dist - Murshidabad 

Nabarun-Farakka 742 236 

M/30500 

Shri J Nagarajan 

BSC, AICWA 

Management Accountant, 

Balan Natural Food (P) Ltd., 

Singarupa Village, Vidhyaranyapura, 


M/30501 

Ms Tanuja Balkrishna Sambre 

BCOM, AICWA 

44/390 Gokhale Nagar, 

Near P. M. C. School, 

Pune 411 016 

M/30502 

Shri Binay Kumar Singh 

BCOM, AICWA 

Asst. Accounts Officer, 

Power Finance Corpn. Ltd., 

Urjanidhi Bldg., 

1, Barakhamba Lane, 

Cannaught Place, 


M/30503 

Ms Bharati Subhash Bhosale 

BCOM, AICWA 

Flat No. 4, Bhakti Bhavan 

Apartment, Behind Hotel 

Surya Indira Nagar, 

Nasik 422 009 

M/30504 

Shri Subash Mittal 


903, Tower - 8, Par View 

Residency, Sector - 3, Palam 

Vihar, Gurgaon, 


M/30505 

Shri Mahadevan Narayanan 


Officer - Fin. & Accounts, 

Renault Nissan Automotive 

(I) Pvt. Ltd., P. No. 1, Sipcot 

Industrial Estate, Orgadam, 

P.O. - Mattur, 

Kanchipuram 602 105 

M/30506 

Shri Naveen R 

MCOM, AICWA 

Sr. Officer - Costing, M/s 

Hatsun Agro Product Ltd., 

No. 277/2, Desur Village, 

Belgaum 590 014 

M/30507 

Shri Harihar Subramani 

Dhandapani 


Assistant Manager - 

Accounts M/s. Sundaram- 

Clayton Ltd., 29, Haddows 

Road, Nungambakkam, 


M/30508 

Shri Rakesh Sharma 

ME(MECH), AICWA 

Sr. Manager - Marketing, 

M/s. MECON Limited, 

Marketing Section, Doranda, 


M/30509 

Shri Priyanath Behera 

BCOM, AICWA 

C/o. Patitapaban Mohapatra 

Plot No. 730 / 722, Tankapani 

Road, Bhubaneswar 751 014 

M/30510 

Shri E Devaraj 

MCOM, FCA, AICWA 

2A, Kondasamy Naidu 

Layout, Masakalipalayam 

Road, Peelamedu, 


M/30511 

Shri Gautham Gopalan 

BCOM, AICWA 

Process Executive Tata 

Consultancy Services Ltd., 

6th Floor, Empire Plaza, LBS 

Marg, Vikhroli (West), 



M/30512 

Ms Latha K 

BCOM, AICWA 

Associate Manager Tata 

Elxsi Ltd., ITPB Road, 

Whitefield, 


M/30513 

Ms Jeeru Karuna 

BCOM, AICWA 

Flat no. 203, Sri Raghavendra 

Towers, Opp. 

Bommak Function Hall, 

Hema Nagar, Zippore, 


M/30514 

Shri Venkatraman Subramaniam 

Muralidar 


Manager - Finance Danfoss 

Industries Pvt. Ltd., No. 296, 

Old Mahabalipuram Road, 

Sholinganallur, 


M/30515 

Shri Sreejith Naraniyat 


Manager (Fin) & Company 

Secretary Noratel (I) Power 

Components Pvt. Ltd., 

NILA, Technopark, 

Thiruvananthapuram 695 581 

M/30516 

Shri Ranganathan Narasimhan 

BCOM, AICWA 

Flat No. 2, Door No. 3, 

Meeraj Apartments, Sam 

Enclave, Baroda 2nd Street, 

West Mambalam, 


M/30517 

Ms Anitha Rani S 

MCOM, AICWA 

Accounts Executive Strides 

Arcolab Ltd., Strides House, 

Bile Kahalli, Bannerghatta 

Road, Bangalore 560 076 

M/30518 

Shri Sakthivel G 

BBA, ACS, AICWA 

Dy. Manager - Works 

Accounting TAFE Ltd. - 

Madurai Operations 

10/205, Kalladipatti - PO., 

Dindigul Dist., 

Kalladipatti 624 201 


NEWS 

M/30519 

Shri Raju Kumar Shaw 

BCOM, AICWA 

Fathepur, Behind Guru Kripa 

Marriage Hall, PO - Sitarampur, 

DIST - Burdwan, 

Sitarampur 713 359 

M/30520 

Shri Santosh Kumar Tanti 


Accounts Officer Kishanganga 

HE Project, NHPC 

Complex, Ward No. 5, Bagh, 

Bandipora, Bandipora 193 502 

M/30521 

Shri Viswanathan Thiagarajan 

BSC, ACA, AICWA 

Regional Tax Manager - 

Middle East Standard Chartered 

Bank, Dubai International 

Financial Centre 

(DIFC) Building One, 6th 

Floor, PO Box 999, Dubai 

M/30522 

Ms Mansi Arora 


Road No. 7, House No. 1, 

Jai Dev Park, Punjabi Bagh, 


M/30523 

Shri Prosenjit Bhattacharyya 

BCOM, AICWA 

Accounts Officer, M/s. Goyal 

MG Gases Pvt. Ltd., C/o. 

SAIL-ISP., Road No. 01, 

PO - Chhotodighari, 

Burnpur 713 326 

M/30524 

Shri Chakraworty Bansal 


A-95, II Floor, Madhuban, 

(Near Preet Vihar), 

Delhi 110 092 

M/30525 

Shri Vipul Dhawan 


KC - 38C, Ashok Vihar, 

Phase - I, New Delhi 110 052 

M/30526 

Mrs Usha Ramani Danturti 

BA, AICWA 

Flat No. 1003, Tower - 9, 

Orchid Petals Apartments, 

Sector - 49, Sohna Road, 


M/30527 

Shri Mathew George 

BCOM, AICWA 

Kurisingal House, Chakkalakkal 

Road, Perumanoor - 

PO., Cochin, Dist - Ernakulam, 

Cochin 682 015 

M/30528 

Shri Dipesh B Khatri 

AICWA 

Department Manager, 

C/o. M/s. Allied Enterprise 

LLC PO Box 30069, Dubai, 

U A E., Dubai 

M/30529 

Shri H N Mahesha 

MCOM, AICWA 

C/o. L D Naganna Complex, 

Chowdeshwari Temple 

Road, Doddaballapur, 


M/30530 

Shri Binoy Krishna Misra 

MCOM, AICWA 

Sr. Executive, IDEA Cellular 

Ltd., F. Fort Building, 

Kachari Basti, Ulubari, 

Guwahati 781 007 

M/30531 

Ms Anindita Mandal 


Sr. Manager (F & A) Dist., 

W B S E Distribution Co. 

Ltd, Vidyut Bhavan, 

D J Block, Salt Lake Karunamoyee, 


M/30532 

Shri Surender Kumar Rathi 

BCOM, AICWA 

118, Rajpur Khurd, 

(Primary School Road), 

Near Chatturpur Templa, 


M/30533 

Shri P N Bharath Raj 

MCOM, AICWA 

Asst. Manager - Accounts, 

Larsen & Toubro Ltd., ECC 

Division, Accounts Dept., 

AOB, Monnt, Poonamallee 

Road, Manapakkam 


M/30534 

Shri Srinivas Arvety 

Lakshmikantha Guptha 


Supervisor, M/s. CITCO 

Fund Services 10 Changi 

Business Park Central 2, 

01-02, Hamsapoint @ CBP., 

Singapore 486 030 

M/30535 

Shri Chandra Shekar 

BCOM, MBA(FIN), AICWA 

LCA PG (BC), HAL PB NO. 

1788, Vimanapura Post, 


M/30536 

Shri Parmanand Swaroop 

MCOM, AICWA 

Qtr. No. II/IV, (BHEL Guest 

House) Near Station Club, 

DVC Colony, Bokaro 

Thermal, Bokaro 829 107 

M/30537 

Shri Ravi S 

BCOM, AICWA 

Accountant, South Western 

Railway, O/o Sr. Divisional 

Finance Manager D R M 

Office Complex, 


M/30538 

Ms V Subalakshmi 

MSC, MCA, AICWA 

Asst. Audit Officer, M/s. Post 

& Telecomunication Audit 

Office III Floor, Panagal 

Building No. 1, Jeenis Road, 

Saidapet, Chennai 600 015 

M/30539 

Shri Sanjeev Kumar Thakur 


C/o. Hari Chand (Ex. 

Pradhan), H. No. 1071, Fateh 

House, Mahipalpur, 


M/30540 

Shri Susanta Kumar Gouda 


At - Sitaram Nagar, PO - 

Semijiguda, Dist - Koraput, 

Koraput 764 036 


M/30541 

Shri Puneet Pandey 

BCOM, AICWA 

A M / F & A, M/s. IRCON 

International Ltd., 743, 

Sunder Vihar, Civil Lines, 

Jhansi 284 001 

M/30542 

Shri Madhu Remmerce 

BCOM, AICWA 

Analyst, M/s Cognizant 

DLF Bldg., Block-1, 

Plot - 129 to 132, APHB 

Colony, Gachibouli, 


M/30543 

Shri Chinmaya Kumar Rout 


At - Orissa Spinning Mills 

Colony, PO - Rajgangpur, 

Dist - Sundergarh, 

Sundergarh 770 017 

M/30544 

Shri Aneesh G. 

BCOM, AICWA 

Manager - Credit, M/s. 

Dhanlaxmi Bank, Zonal 

Office - Kerala, Punkunnam, 

Thrissur 680 002 

M/30545 

Shri Varun Gupta 

MCOM, AICWA 

Accounts Officer, M/s. N H 

P C Ltd., Ward No. 5, Bagh, 

Bandipora, Kashmir 

Srinagar 193 502 

M/30546 

Shri Jayaprakash Meher 

MCOM, AICWA 

Asst. Manager (Finance), 

N.E.E. Supply Co. of Orissa 

Ltd., Corporate Office, 

Januganj, Balasore 756 019 

M/30547 

Shri Markanda Charan 

Patra 


Sr. Financial Analyst, Scope 

International Pvt. Ltd., 

Seat No. 307, FSSC, 

Asia 4th Floor, No. 1, 

Haddows Road, 



NEWS 

M/30548 

Shri Sanjay Sharma 

BSC, AICWA 

A 5/401, Sidhart Nagar, 

Khatau Mill Compound, 

Opp : Bhor Ind. Area, 

Boriwali (East), 


M/30549 

Ms Akshima Sadana 

BCOM, AICWA 

Commercial Manager, 

M/s. Doval Closures Pvt. 

Ltd., F - 24, UPSIDC., Industrial 

Estate, Selaqui, 

Dehra Dun 248 197 

M/30550 

Ms Harini Sugantharaman 

BCOM, AICWA 

2542, Chainbridge Road Apt 

104, Vienna VA-22181, U S A 

Vienna VA - 22181 22181 

M/30551 

Shri Nilachala Tripathy 

BCOM, AICWA 

Asst. Manager (F & A), 

M/s. W E S Co. of Orrisa Ltd., 

Sambalpur Electrical Division, 

W E S C O., Ainthapali, 

Ainthapali 768 004 

M/30552 

Shri Suresh Kumar Behera 

BSC, AICWA 

Outsourcing Financial 

Personnel M/s. GRIDCO 

Limited, Finance Wing Building, 

Janpath, Bhoi Nagar, 

Bhubaneswar 751 022 

M/30553 

Miss Santosini Mishra 


Asst. Manager - Finance 

M/s. Rengali Hydro Electricity 

Project, Senior General 

Manager, At - Rengali Dam 

Site, Rengali, Angul 

M/30554 

Shri Anant Suresh Modak 

BCOM, AICWA 

203, Ravikiran Palace, Near 

Anand Society, Hanuman 

Nagar, Mumbra, Dist - Thane 

Thane 400 612 

M/30555 

Ms Suchitra Babu Nayak 

BCOM, AICWA 

Sr. Executive M/s. Lupin 

Limited, Laxmi Tower, 2nd 

Floor, B - Wing, Bandra 

Kurla Complex, Bandra (E), 


M/30556 

Shri Padma Kumar N 

BSC, AICWA 

Asst. Finance Officer, O/o 

The Chierf Engineer (HRM), 

Cash Section, V. Bhavanam, 

KSEB., Pattom, Thiruvananthapuram 

695 004 

M/30557 

Shri Shah Rohan Amrut 

MCOM, AICWA 

11/A, First Floor, Postal 

Colony, Chembur (E), Nr. 

Maa Hospital 


M/30558 

Mrs Jasmeet Sahni 

BCOM, AICWA 

Old 89/A, New 1538, 

Narmada Road, Gorakhpur, 

Jabalpur 482 001 

M/30559 

Shri Aditya Shyam Umarji 

BCOM, AICWA 

Accounts Manager M/s. 

New Multifab Engineers 

Pvt. Ltd., 225, Gala Complex, 

D. Dayal Upadhaya 

Marg, Mulund (W), 


M/30560 

Shri Manikandan Venkataraman 

BBA, AICWA 

Sr. Business Consultant, 

M/s. Path Solutions, Office 

No. 21, Bahrain Tower, PO 

Box 2568, Manama, Bahrain 

Manama 2568 

M/30561 

Shri Hitendra Baliram Velekar 

BCOM, AICWA 

Krishna Co-op. Housing 

Society Ltd., Sahyadrigad, 

Sector-27 A, Room No. 111, 

Nidgi, Pradhikaran, 

Pune 411 044 

M/30562 

Shri Mayank Khare 

MCOM, AICWA 

C - 2071/1, Indira Nagar, 

Lucknow 0 

M/30563 

Miss N. Sathya 

AICWA 

“Pon Thiruvengadam “, 2-A, 

West Cross Lane, Vaduga 

Kaval Kooda Street, 

Madurai 625 001 

M/30564 

Shri Sunil Bhandari 

MCOM, AICWA 

117/B, “Sultan Sadan”, 

Laxmi Nagar, Paota, 

Jodhpur, Jodhpur 342 010 

M/30565 

Ms K S Rekha 

BCOM, AICWA 

Manager M/s. Bharat Electronics 

Limited, Jalahalli, 


M/30566 

Ms Seema P S 

BSC, AICWA 

Dy. Manager M/s. State Bank 

of Travancore, Thumpamon 

Branch, Pathanamthitta 

Pathanamthitta 689 502 

M/30567 

Shri Sunil Kumar Satapathy 

BCOM, AICWA 

Manager - Finance & 

Costing, M/s. Aliza International 

(P) Ltd., 28, Governor 

House Chowk, Rajpath, 

Unit - VI, Ganganagar, 


M/30568 

Shri Tajender Pal Singh 


C/o. Happy Coaching Institute, 

Opp : G. H. College 

Phatak, Sambalpur 0 

M/30569 

Shri Sanjay Aggarwal 

BCOM, AICWA 

Asst. Audit Officer, 

O/o. Principal Accountant 

General (Audit) Plot No. 5, 

Sector-33, Chandigarh 160 020 



NEWS 

M/30570 

Shri Sadasivani Venkata 

Ananda Giri Patnaik 

BSC(HONS), MBA, AICWA 

Sr. Research Associate 

M/s. Capital I.Q., HI - TECH 

City, Kondapur, 


M/30571 

Ms. Shimpi 

BCOM, AICWA 

Asst. Manager (MIS + 

Finance) M/s. Styx Back 

Office Services Pvt. Ltd., 

4th Floor, Vatika Atrium, 

Sector - 53, Gurgaon 

M/30572 

Shri Deepak Vijan 

BCOM, MSC, MCA, AICWA 

House No. 24, Model Town, 

Near Samrala Road, 

Khanna, Khanna 141 401 

M/30573 

Shri Saroj Kumar Sahoo 

AICWA 

10/B, Fakir Haldar Lane, 

Kalighat, Kolkata 700 026 

M/30574 

Shri Anandamoy Lahiri 

BCOM (HONS), MBA(FIN), 

AICWA 

71, Baroda Avenue, Garia, 

Baishnabghata, Kolkata 0 

M/30575 

Shri Santosh Kumar Moharana 

BCOM (HONS), AICWA 

A G - D -26/8, Baisakhi 

Abasan, Salt Lake, 


M/30576 

Shri Manish Kumar Gupta 

BCOM, AICWA 

Flat - 1, Ground Floor, 

Vaishali Apartments 539, 

M G Road, Haridevpur, 


M/30577 

Shri Saumya Srivastava 

BCOM, AICWA 

M/s. Price Waterhouse Coopers, 

10th Floor, Tower - A, 

DLF IT Park, Rajarhat, 


M/30578 

Shri Ashish Kumar Pandey 

AICWA 

R. N. - 14, G.B.P.C. Bhawan, 

35 - Belgachia Road, 


M/30579 

Shri Tapas Mandal 

BCOM, AICWA 

Sr. Accounts Officer, M/s. 

Phoenix - Hitech (P) Ltd., 

20, B.T. Road, Kolkata 700 002 

M/30580 

Shri Ranjan Kumar Pradhan 

BCOM, AICWA 

C/o. Ganesh Chandra Das, 

23, Karunamoyee Lane, 

Haridevpur, Kolkata 700 082 

M/30581 

Shri Arup Kumar Ghosh 


Jashoda Apartment, Flat No. 

10 (9), 2nd Floor, Sree Nagar 

Main Road, (Nr. Makali 

Builders), Panchasayar, 

Garia, Kolkata 700 094 

M/30582 

Shri Arpan Kumar Kasera 

BCOM(HOND), AICWA 

Sukhdeo Nagar, Ratu Road, 

Near Tulsiyan House, 


M/30583 

Shri Vikas Bansal 

BCOM, AICWA 

705, A - 4, WN - 3, Mehrauli, 

New Delhi 110030 

M/30584 

Shri Jadhav Rajendra Narayan 

MCOM, AICWA 

AT/PO. Gundegaon, Tal : 

Ahmednagar, Dist - Ahmednagar, 

Ahmednagar 414 101 

M/30585 

Shri Gaikwad Prashant 

Ravindra 

BCOM, AICWA 

Building No. 09, Room No. 401, 

Kokan Kinara SRA CHS., 

Kokan Nagar, Jogeshwari (E), 


M/30586 

Shri Tejinder Pal Singh 

BCOM, AICWA 

Manager (Accounts), Acctts. 

& Fin. Deptt., Punjab 

Information & Commu. 

Tech. Corpn. Ltd., 5th & 6th 

Floor, Udyog Bhawan, 

18-Himalaya Marg, 

Sector - 17, 


M/30587 

Shri Rajeev Ranjan Kumar 


House No. 4910, DLF Phase 

- IV, Gurgaon 122 002 

M/30588 

Shri Manoj Kumar 


59A/1, Charu Chandra 

Place (East), Ground Floor, 


M/30589 

Shri Vikash Kumar 


59A/1, Charu Chandra 

Place (East), Ground Floor, 


M/30590 

Ms Rashmi Mahadevappa 

BSC(COMP.), AICWA 

General Ledger Accountant, 

M/s. Oracle India Pvt. Ltd., 

Commerce @ Montri, No. 

12/1 & 2, NS Palya Level 2, 

4-8, Bannerghatta Rd., 


M/30591 

Shri Manoranjan Panigrahi 


Manager (Finance), M/s. 

Tata Refractories Ltd., At/ 

Po. Gomadera, Belpahar, 

Dist - Jharsuguda, 

Jharsuguda 768 218 

M/30592 

Shri Ramachandran Unni 

K.P. 

BCOM, AICWA 

Jr. Executive Accounts, 

AL-Hassan Engg. Co. 

S.A.O.G., Post Box No. 1948 

Ruwi, Muscat, Sultanate of 

Oman. Ruwi 112 

M/30593 

Shri Mallikharjuna Rao H 

BCOM, MBA 

Asst. Manager - Finance, 

M/s. ITC Ltd., ABD No. 31, 

S. D. Road, Secunderabad, 





on the Basis of MOU with 

IMA, USA 

Date of Admission : 1st 

March 2011 

C/30594 

Ms. Jagruti Nilesh Samani 

BCOM, CMA(USA), AICWA 

C/o. Khimji Ramdas LLC, 

P.O. Box 19, P.C. 100, 

Muscat, Sultanate of Oman 

C/30595 

Mr. Ashok Manik Yadav 


L-904, Trillium, Magarpatta 

City, Pune 411 028 

C/30596 

Mr. Mohammed I. Huzaifa 


Financial Analyst - MIS, 

Mohamed Yousuf Naghi 

Motors, Credit Sales Division 

- AQSAT, Madinah 

Road, P.O. Box 12149, 

Jeddah, Saudi Arabia 21473 

C/30597 

Mr. Gaurav Ajmani 

LLB, CMA(USA), AICWA 

C/o. Dhirendra Chaturvedi, 

C-4/34, East of Kailash, 


C/30598 

Mrs. Jacxy Ouseph Chalissery 


P.B. No. 35852, Rashidiya, 

Dubai, U.A.E. 

C/30599 

Mr. Manoj Gopi 


Manager-Finance, Telecommunication 

Regulatory 

Authority, P.O. Box 26662, 

Abu Dhabi, U.A.E. 



NEWS 

C/30600 

Mr. Samir Vasant Budholkar 

MCOM, CMA(USA), AICWA 

Emaar Properties P.J.S.C., 

Emaar Business Park, Bldg 

# 3, 5th Floor, P.O. Box 9440, 

Dubai, U.A.E. 




Date of Advancement : 2nd 

May 2011 

M/3369 

Shri Thirunellayi Lakshmanan 

Sangameswaran 

BA, FICWA 

27, Deepanagar, Bogadi 

Village, Mysore 570 006 

M/7173 

Shri Arunkumar Dinubhai 

Chandarana 


D-213, Samarth Complex, 

Behind J.B. Khot School, 

Near Sai Baba Nagar, 

Borivali (West), 


M/7323 

Shri Virendra Chandrakant 

Bhatt 

BCOM, LLB, ACS, FICWA 

Chief Manager, G.N.F.C. 

Ltd., Finance & A/cs. Dept., 

Corporate Office, 


M/9587 

Shri Nishfal Chander Bansal 

BCOM, FICWA 

Flat No. 507, Navshakti 

Apartment, GH-13, 

Sector-46, Faridabad 121 003 

M/11475 

Ms. Sulochana Muralidharan 

MCOM, FCA, FICWA 

Addl. General Manager 

(Finance), NTPC Bhawan, 

Scope Complex, Core - 6, 

4th Floor, 7, Institutional 

Area, Lodi Road, 


M/12222 

Shri Sib Sankar Chakraborty 

BCOM, FICWA 

Haridradanga, Dharmatala 

Road, Chandannagore 712 136 

M/13610 

Shri Shekhar Pathak 

BCOM, FICWA 

S. Pathak & Associates, 

Subhonita Apartment, Flat 

3D, 3rd Floor, 181, Nagendra 

Nath Road, Kolkata 700 028 

M/14104 

Shri Subrata Chaudhuri 


Sr. Finance Manager, Indian 

Oil Corpn. Ltd. (AOD), 

Digboi Refinery, 

Digboi 786 171 

M/14281 

Shri Govindray Narasinha 

Shanbhag 

BCOM, FICWA 

C-312, Poonam Gardens 

Housing Society, Near State 

Bank Nagar Society, Bibwewadi, 

Pune 411 037 

M/15376 

Ms. S. Rajyalakshmi 

BCOM, FICWA 

Sr. Manager (F & A), Tata 

Communications Ltd., 226, 

Red Hills Road, Kallikuppam, 

Ambattur, 


M/15931 

Shri Mahesh Goyal 

BCOM, FICWA 

37, Glenelg Court, Wattle 

Grove, NSW 2173 

NSW 2173, Australia 

M/16603 

Shri Venkataramanan 

Sudarshan 

BCOM(HONS), FCA, FCS, 

FICWA 

General Manager (F&A) & 

Company Secretary, Blue 

Star Infotech Ltd., 4th Floor, 

Band Box House, Dr. Annie 

Besant Road, Worli, 


M/17009 

Shri Krishna Gopal Agarwal 

BCOM, FICWA 

Sr. Manager (F&A), SAIL, 

Bhilai Steel Plant, Room No. 

110, Ispat Bhawan, 

Bhilai 490 001 

M/17154 

Shri Nitin Manohar Kale 

BCOM, LLB, FICWA 

42, Behind Ram Mandir, 

Swawlambi Nagar, 


M/17336 

Shri Purushottam Lal 

Audichya 


Sr. Manager, Finance Dept., 

Gujarat Narmada Valley 

Fert. Co. Ltd., P.O. Narmada 

Nagar, Bharuch 392 015 

M/17658 

Shri Kaustuv Kumar Ghosh 

BCOM (HONS), ACA, FICWA 

4/1, Orient Row, Park 

Circus, Kolkata 700 017 

M/18173 

Shri Lakshmi Narayana 

Nagarajan 

BSC, ACA, FICWA 

Senior Accountant, 

Al Geemi & Partners Cont. 

Co. LLC, P.O. Box 2877, 

Abu Dhabi 

M/18740 

Shri Pankaj Wadhwa 

BCOM(HONS), MFC, FICWA 

General Manager (Treasury), 

Chambal Fertilisers 

& Chemicals Ltd., Corporate 

One, 5, Commercial 

Centre, Jasola, 


M/18842 

Shri Prasanta Sarkar 

MCOM, FICWA 

Sr. Internal Audit Manager, 

Indian Oil Corporation Ltd., 

Assam Oil Division, 

Digboi 786 171 

M/19822 

Shri Nitin Kumar Dhumash 

BCOM, FICWA 

Anurag, 158, Shastri Nagar, 

Main Sector, 

Bhilwara 311 001 

M/19976 

Mrs. Jayanthi Hari 


Old No. 12, New No. 4, II 

Street, North Gopalapuram, 


M/23265 

Shri Damodara Mishra 


Dy. Manager (Finance), 

E.H.T. (O&M) Circle, Jeypore, 

Orissa Power Transmission 

Corporation Ltd., 

Jaypore 764 001 

M/23666 

Shri S. G. Sivanandaraj 

MCOM, FICWA 

Assistant Manager (Accounts), 

Tamil Nadu State 

Transport Corpn. (Madurai) 

Ltd., Bye-Pass Road, 


M/24093 

Shri K. K. V. L. Sreeram 

Chidambaram 

BCOM, FICWA 

Flat No. “FH”, 1st Floor, 1st 

Block, Jains Sasvat Apts., 1st 

Main Road, Andal Nagar, 

Adambakkam, 


M/24244 

Shri Gour Bandhu Gupta 

BSC, FICWA 

Gour & Associates, 286/A, 

Sripally, Near Allahabad 

Bank, (S.B. Gorai Road 

Branch), Asansol 713 304 

M/24338 

Ms. Mou Banerjee 

BSC, FICWA 

Mou Banerjee & Co., 

Baikuntha Apartment, 

Ground Floor, Gopalpur, 

G.T. Road (W), 

Asansol 713 304 


M/24718 

Shri Avijit Dev 

BSC, FICWA 

Kailash Apartment, Hill 

Side Colony, Maligaon Gate 

No. 1, P.O. Maligaon, 


M/25065 

Shri Nagaraja V. 

MCOM, FICWA 

Sr. Manager - Finance, The 

Mysore Paper Mills Ltd., 

No. 16/4, Ali Asker Road, 


M/25215 

Shri Kodamanchili Lakshmi 

Prasad 

MCOM, MPHIL, MBA, 

FICWA 

Sr. Accounts Officer, NTPC 

Limited, Koldam HPP., 

Barmana 174 013 




Date of Admission : 2nd 

May 2011 


NEWS 

M/30601 

Shri S Gautham 

BCOM, AICWA 

Accounts Officer, M/s. Sir 

Kanakadurga Automobiles 

Ltd., D. No. 40-01-48, 

M. G. Road, 


M/30602 

Shri Anil Ravindra Sakpal 

MCOM, AICWA 

Neelkanth Park, Flat No. 

403, Plot No. 78, Sector - 18, 

Kamothe, Navi Mumbai 

M/30603 

Ms. Neha Narendra Bhagwat 

BCOM, AICWA 

C/o. R. Nanabhoy & Co., 

Jer Mansion, 70, August 

Kranti Marg, 


M/30604 

Shri Sheetal Anant Tawade 

MCOM, AICWA 

BJD Nanabhoy & Co., Jer 

Mansion, 70, August Kranti 

Marg, Grant Road, 


M/30605 

Ms Vijaya Shivaji Pawshe 

BCOM, AICWA 

Jer Mansion, 70, August 

Kranti Marg, Grant Road 

(W), Mumbai 400 036 

M/30606 

Mrs Premalata Sundaram 

PHD - ECONOMICS (USA), 

AICWA 

212 Oakknoll Terrace, 

Anderson, SC 29625, United 

States of America, 

Anderson (USA) 29625 

M/30607 

Shri R Khaleel Ahmed 

BCOM, AICWA 

Accounts Officer, M/s. 

Bharat Heavy Electricals Ltd., 

Ramachandra Puram, 


M/30608 

Shri Chillale Mylar Anand 

Kumar 

BCOM, AICWA 

Sr. Finance Executive, M/s. 

Molex India Pvt. Ltd., Plot - 

6(A), Sadarmangala Indl. 

Area, Kadugodi, 


M/30609 

Shri Prasannanjaneya Vara 

Prasad Sreeram 

BCOM, AICWA 

Sr. Consultant, M/s. IBM 

India Pvt. Ltd., Mind Space, 

Madhapur, Hyderabad 

M/30610 

Shri Ambrish Kumar Kudesia 

BSC, MA, LLB, AICWA 

Executive - Finance C/o. 

Hindusthan Steel Works 

Construction Ltd., 

5/1 Commissiarate Road, 

Hastings, Kolkata 700 022 

M/30611 

Mrs Indu Yadav 

MCOM, AICWA 


M/s. Bharat Heavy Electricals 

Ltd., Block-VI, 

Western Wing, First Floor, 

BHEL., Bhopal 462 023 

M/30612 

Shri Ajay Kumar Mishra 

BCOM, AICWA 

401, K K Tower, Abhudaya 

Co-operative Bank, G D 

Ambekar Road, (Tank Rod) 

Parel, Mumbai 400 012 

M/30613 

Shri George Joseph 

BCOM, AICWA 

Executive - Costing, Lucas 

TVS Ltd., Costing Dept., 

M.T.H. Road, Padi, 


M/30614 

Ms. Alamuri Sharada 

BSC, AICWA 

Assistant Cost Accountant, 

Evonik Degussa Australia 

Pty. Ltd., 30, Commercial 

Drive, Dandenong South, 

Victoria 3175 

M/30615 

Shri Vivek Saxena 


Asstt. Manager - Accounts, 

M/s. Dalmia Chini Mills, 

Unit-Nigohi, Shahjahanpur, 

Shahjahanpur 242 407 

M/30616 

Shri Mariappan M 

BCOM, AICWA 

Sr. Process Associate, M/s. 

Ajuba Solution India (P) 

Ltd., ASV Suntech IT Park, 

3rd Floor, 148, Omroggiyam 

Thoraipakkam, 


M/30617 

Shri Milind Manohar Surve 

BCOM, AICWA 

1/5, Sai Sadan Chawl, Shree 

Sai Baba Marg, Parel/ 

Lalbaug, Mumbai 400 012 

M/30618 

Shri Ashish Kailash Agarwal 

BCOM, AICWA 

2- 401, Rivera Towers, Adajan 

Road, Near Sardar Bridge, 

Opp : Swami Narayan 

Temple, Surat 395 009 

M/30619 

Shri Chandra Ramesh 

BCOM, FCA, ACS, AICWA 

Managing Director, M/s. 

IFCI Financial Services Ltd., 

“Continental Chambers”, 3rd 

Floor, 142, Mahatma Gandhi 

Road, Nungambakkam, 


M/30620 

Shri Rajeeb Lochan Mishra 

BCOM, AICWA 


BEML Ltd., Equipment 

Division, Mysore Complex, 

Mysore 570 018 

M/30621 

Ms Reena Walia 


Sr. Executive, M/s. Kamal 

Kumar Jhunjhun Wala & Co., 

Office No. 30, C - Block, DDA 

Market, Yojana Vihar, 

Delhi 110 092 

M/30622 

Shri Ganesh Balaram Patil 

BCOM, AICWA 

Stenographer - II, M/s. 

Jawaharlal Nehru Port Trust, 

Revenue CT Section, Finance 

Department, Nhava Sheva, 


M/30623 

Shri Ravi Babu 

BCOM, AICWA 

Manager - Accounts, Strides 

Arcolab Limited, Strides 

House, Opp. IIMB, Bilekahalli, 

Bannerghatta Road, 


M/30624 

Shri Ram Janam Kumar 


D - 62, Dayanand Block, Street 

No. 2, Shakarpur, 




NEWS 

M/30625 

Shri Sudhir Kumar Misra 

MCOM, AICWA 

Chief Manager - Management 

Assurance Services 

M/s. CMI FPE Ltd., Mehta 

House - 64, Road No. 13, 

MIDC., Andheri (East), 


M/30626 

Shri Vishal Narula 

BCOM, CFA, AICWA 

Group Management 

Accountant M/s. Mohebi 

Logistics, Jebel Ali, Dubai, 

U.A.E., Pin - 8005 

Dubai 8005 

M/30627 

Shri Srinivasa Rao Palla 

MCOM, AICWA 

Management Trainee M/s. 

National Housing Bank, 

Core - 5 A, 4th Floor, Indian 

Habital Centre, Lodhi Road, 


M/30628 

Shri R. D. Ashwin Kumar 

BCOM, AICWA 

Cost Accountant, M/s. 

Renault Nissan Automotive 

(I) Pvt. Ltd., Plot No, 1 A, 

SIPCOT Industrial Park, 

Oragadam, PO - Mattur, 

TK - Sriperumpudur, 

Sriperumbudur 602 105 

M/30629 

Shri Kalpesh Chandrakant 

Damania 

BCOM, AICWA 

Sr. Executive - Costing, 

M/s. IPCA Laboratories 

Ltd., Corporate House, Plot 

- 142 A/B, Kandivli Industrial 

Estate, Kandivli (W), 


M/30630 

Shri Peddababu Pinninty 

BCOM, AICWA 

Plot No. 44/45, 202, Venkateswara 

Homes, Mythri 

Nagar Phase - 3, Madinaguda, 


M/30631 

Ms Pooja Dua 

BCOM, AICWA 

H. No. 964/6, Partap Chowk, 

Punjabi Ram Lila Wali Gali, 

Rohtak, Rohtak 124 001 

M/30632 

Shri Hitesh Jain 

MCOM, AICWA 

Sr. Executive, M/s. Vodafone 

Essar Shared Services Ltd., 

Vodafone House, Building - 

B, Corporate Road, Prahlad 

Nagar, Ahmedabad 380 051 

M/30633 

Shri Satyaban Rout 


H. No. 282/1, Saidulazab, 

M. B. Road, 


M/30634 

Miss Rohini Venkiteswaran 

BCOM, AICWA 

No. 12, 3rd Phase, Maharani 

Avenue, Vadavalli, 


M/30635 

Shri Gannavarapu Rajasekharam 

Achary 

MCOM, AICWA 

Team Leader, TCS Office, 

GR Tech Park, Dhara Bldg., 

Mahadevapura, White Field, 

Near ITPL., 


M/30636 

Shri G Ananthachari 

AICWA 

No. 9/4, Maduradinari, 

39th Street, Nanganallur, 

Chennai 0 

M/30637 

Shri Rajendra Daulatrao Adsul 

MSC, AICWA 

Sales Tax Officer Class - 1, 

O/o Dy. Commr. of Sales 

Tax, BA-17, E-11, 4th Flr., 

Business Audit Div-III, Sales 

Tax Office, Mazgaon, 


M/30638 

Shri Satyanarayana Bandlamudi 

BCOM, AICWA 

Lead Consultant M/s. 

Attune Consulting India 

Pvt. Ltd., # 53/2, Mid Ford 

Gardens Road, Near Richmond 

Road, 


M/30639 

Shri G. Raja Ram Bhoopathy 

BCOM,MBA, AICWA 

33, Min Nagar Second Street, 

Melakaram Village, 

Tenkasi - PO., 

Tirunelveli 627 818 

M/30640 

SHRI S Balaji 

MCOM, AICWA 

Sr. Executive Officer - Accounts, 

M/s. Chemplast 

Sanmar Limited, No. 9, 

Cathedral Road, 


M/30641 

Shri Kamalaker Chaubey 

AICWA 

Project Consultant, M/s. IFS 

Solutions India Pvt. Ltd., 

3rd Floor, Tower-A, Logix 

Cyber Park, C - 28 - 29, 

Sector - 62, Noida 201 301 

M/30642 

Ms Chitra Lekha V.B.V.R. 

MBA, MCA, MPHIL, ACS, 

AICWA 

Flat No. 502, A - Block, 5th 

Floor, Landmark Residency, 

Madinaguda, PO - Miyapur, 


M/30643 

Shri Vimal Prakash Dubey 

BSC, LLB, FCS, AICWA 

602, Dayashreeji, Near R.B.I. 

Quarters, Gokuldham, 

Goregaon (E), 


M/30644 

Ms Aparna K Dalal 

MCOM, AICWA 

Flat No. 5, Tulsi Garden, 

S. No. 67/1B/23, Plot No. 

26, Vidya Nagar, 

Pune 411 032 

M/30645 

Shri Uday Laxmandas Devi 

BCOM, AICWA 

Sr. Manager M/s. Bank of 

Maharashtra, Treasury & 

International Bkg. Div, 

Apeejay House, 130, Dr. V B 

Gandhi Marg, Fort 


M/30646 

Shri Vinai Gupta 

BCOM, AICWA 

D-139, NDDB Residential 

Complex, Anand, 

ANAND 388001 

M/30647 

Shri Akhil Gupta 

BCOM, AICWA 

Behind Bhuteshwar College, 

Madho Vatika, Saharanpur, 

Saharanpur 247 001 

M/30648 

Shri Ganesh Ramakrishnan 

Iyer, BCOM, AICWA 

RMC Readymix India, (A 

Divn. of Prism Cement Ltd.) 

Windsor, 7th Floor, CST 

Road, Santacruz (East), 


M/30649 

Ms Shikha Jain 

MCOM, AICWA 


Bharat Heavy Electricals Limited, 

Finance & Accounts 

Department, B.H.E.L., 

Bhopal 462 022 

M/30650 

Ms Swati Rakesh Kaple 

BCOM, AICWA 


Finance M/s. Unique Automation 

Pvt. Ltd., M-003, 

Akshay Regency, 

44, Gokulpeth, 


M/30651 

Shri R Rajesh Kumar 

BCOM, AICWA 

B-4, Mayura Appartment, 

IInd Cross, Anna Nagar, 

Peelamedu, 




NEWS 

M/30652 

Shri J Muthu Kumar 

MCOM, BL, MBA, AICWA 

10, Vannan Thurai Street, 

Adyar, Chennai 600 020 

M/30653 

Shri Sundeep Kumar 

BCOM, AICWA 

Sr. Executive Finance M/s. 

Delphi Automotive Systems 

(P) Ltd., Plot No. 3, 

Sector - 41, Greater Noida 

M/30654 

Shri Krishnan V 

BSC, MBA, AICWA 

20C/B1, First Floor, 4th 

Street, Sivapriya Apartments, 

M C Road, Rajappa 

Nagar, Thanjavur 613 007 

M/30655 

Shri Pushpak Vinodrai 

Padariya 

BCOM, AICWA 

Manager M/s. Aventis 

Pharma Ltd., 3501, 3502 -15, 

GIDC Estate, 

Ankleshwar 393 002 

M/30656 

Shri Abhimanyu Nayak 

BCOM, AICWA 

21/2, Gariahat Road (West), 

Kolkata 700068 

M/30657 

Shri Rajesh K. P. 

BCOM, AICWA 

Financial Analyst Zamil 

Steel Industries, P.O. Box - 

877, Dammam, Kingdom of 

Saudi Arabia, Dammam 

M/30658 

Shri Kishan Kanhaiya 

Rungta 

MCOM, AICWA 

Opposite Murarka Textiles, 

Gandhi Chowk, Upper 

Bazar, Ranchi 834 001 

M/30659 

Shri Md. Shakilur Rahman 

BCOM, AICWA 

Phool Bagan, Rahmatganj, 

B. Polytechnic, 

Dhanbad 828 130 

M/30660 

Shri Balaji Rangasawmy 


DGM - F & A., M/s. L & T 

IDPL Limited, P.B.Box No. 

979, Mount Poonamallee 

Road, Manapakkam, 


M/30661 

Shri Manohar Lingareddy 

BSC, AICWA 

Po+Vill - Pidathapolur, 

Muthukur - Md., Nellore - 

Dist., Nellore 524 346 

M/30662 

Shri M Balaji Rajan 

MCOM, MPHIL, MBA, ACS, 

AICWA 

M. Balaji Rajan & Associates, 

No. 18, Sivan Koil Tank 

Street, Villivakkam, 


M/30663 

Shri Kasimreddy Madhava 

Reddy 

BCOM, AICWA 

3-57/ML/303, Mouvas Lake 

View Apartment, RTC 

Colony, Madinagunn, 


M/30664 

Ms Benjenki Vishnu Vandana 

Reddy 

MCOM, AICWA 

C/o. M/s. Genpact, Uppal 

Industrial Estate, Hyderabad 

M/30665 

Shri Kamlesh Kumar Singh 


Management Accountants, 

C/o. Ramanandan Singh, 

V+Po. Dohar, Via - Chainwa, 

Dist-Chapra, Chapra 841 204 

M/30666 

Ms Amrita Swain 

BCOM, AICWA 

Jr. Accountant, M/s. Southern 

Electricity Supply Co. of 

Orissa, Bed-1, Southco, Court 

Peta, Berhampur 760 004 

M/30667 

Shri Indra Sharma 

BCOM, AICWA 

Asst. Audit Officer (Com) 

O/o. The PR Accountant 

General (Audit) Assam 

Maidamgaon, Beltola, 


M/30668 

Shri Jani Miya Shaik 

BCOM, AICWA 

Assistant Manager - Finance 

M/s. ITC Limited, Agri 

Business Divn., 31, Sarojini 

Devi Road, Secunderabad 

M/30669 

Shri Jeetendra Tandon 


C/o. M/s. Apollo Tyres 

Ltd., Plot No. 7, Sector - 32, 

Institutional Area, 


M/30670 

Shri Vijayaraghavan K 

MCOM, AICWA 

Manager - Canara Bank DIT 

Wing, Head Office 

(Annexe), Naveen Complex 

No. 14, M G Road, 


M/30671 

Shri Shiv Kumar Verma 

MCOM, AICWA 

House No. 321, Gali No. 

R-12, Guru Teg Bahadur 

Nagar, Lalheri Road, 

Khanna, Ludhiana 141 401 

M/30672 

Shri Avinash G. 


Management Trainee (Fin 

& Acctts.) M/s. B.E.M.L. 

Limited Fin. Dept., Mktg. 

Divn., (H.Qrts.), Unity 

Bldg., 5th Floor, S R Nagar, 


M/30673 

Shri Amit Basu 

BCOM(HONS), MBA,AICWA 

Assistant Manager - 

Accounts, M/s. Phillips 

Carbon Black Ltd., 27, R.N. 

Mukherjee Road, 


M/30674 

Shri Raja Banerjee 


Executive – Finance, M/s. 

Integrated Coal Mining Ltd., 

6, Church Lane, 1st Floor, 


M/30675 

Shri Ganesh Dattatraya 

Bapaye 

BCOM, AICWA 

Sr. Manager (Credit), M/s. 

Canara Bank Prime Corporate 

Branch, 11, M G Road, 

Red Cross Bldg.,Pune 411 001 

M/30676 

Miss Geetu Chopra 

BCOM, AICWA 

Cost Trainee SCO - 57, Sector 

- 20 C, IInd Floor, 


M/30677 

Shri Prakash Chandra, 


Audit Assistant G - 54 C, 

Shakarpur, Delhi 110 092 

M/30678 

Shri Subrata Dutta 

BCOM(HONS), MBA, AICWA 

BJ - 297, Sector - II, Salt Lake 

City, Kolkata 700 091 

M/30679 

Shri Sankar Datta 


Asstt. Manager (Acctts. 

& Admn.) M/s. EMTICI 

Engineering Ltd., (An Elecon 

Engg. Group of Companies) 

68, Sarat Bose Road, 1st Floor, 

Kolkata 0 

M/30680 

Shri Malhar Ashwinbhai 

Dalwadi 


Cost Accountants, A G 

Dalwadi & Co., 403, Ashirwad 

Complex, B/H. Saradar 

Patel Seva Samaj, 

Nr. Mithakhali Six Roads, 

Ahmedabad 380 006 


M/30681 

Shri Kharayati Lal Goyal 


Regional Provident Fund 

Commissioner EPFO., 

Bhavisyanidhi Bhavan, 

HUDCO Vishala, 

14, Bhikaji Cama Place, 



NEWS 

M/30682 

Shri Sudam Lal Gupta 

BCOM, AICWA 

Corporal (CPL), C/O - Fire 

Section, 412 Air Force 

Station, Race Course, 


M/30683 

Shri Binod Kumar Jha 

BA, AICWA 

Dy. Manager M/s. Sakata 

INX India Ltd., Sector-33, 

D-17, Infocity Phase-II, 


M/30684 

Shri Siva Kumar Krishnan 


Director M/s. Chanti 

Finance Limited Portland 

House, Bressenden Place, 

London, SWIE5RS, London 

M/30685 

Shri Manoj Kumar 


Dy. Manager (F) O/o. The 

G.M. Renukaji Dam Project, 

HPPCL., Dadahu, 

Dist - Sirmour, 

Dadahu 173 022 

M/30686 

Ms Divya Yogesh Lakhani 

MCOM, AICWA 

C/o. Dr. Vikhe Patil Foundations, 

Pravara Centre for 

Mgt. Research & Dev., 

Near Patrakar Nagar, Off 

Senapati Bapat Road, 

Pune 411 016 

M/30687 

Shri Pradip Kumar Mawandia 


F - 303, Sangath Platina, 

Motera, Sabarmati, 


M/30688 

Shri Milda Mathew 

BCOM, AICWA 

Manager (F & A) M/s. The 

Plantation Corporation of 

Kerala Ltd., Kottayam 

Kottayam 686 004 

M/30689 

Shri A. R. Ramakrishnan 

BCOM, AICWA 

Plot Nos. 10 & 11, Door No. 

177/26, Sowdeswari Amman 

Kovil St., INTUC Colony, 


M/30690 

Shri Suresh Babu Kotu 

BCOM, AICWA 

Vice President M/s. Integrated 

Enterprises (I) Ltd., 

2nd Floor, Kencers Towers 

No. 1, Ramakrishna Street, 

T. Nagar, Chennai 600 017 

M/30691 

Shri Satyendra Shukla 

BCOM(HONS), ACS, AICWA 

Analyst, M/s. Accenture 

Services Pvt. Ltd., SEZ, 

Ground to 7th Floor, DLF 

Silokhera, Bldg. - B 1, 

Sector - 30, Gurgaon 122 001 

M/30692 

Shri Sabari Ganesh S.P.G. 

BCOM, AICWA 

System Analyst (ERP), M/s. 

Hexaware Technoligies, 

51/3, G N Chetty Road, 

T. Nagar, Chennai 600 017 

M/30693 

Shri Vikas Srivastav 


Manager - Accounts, M/s. 

Payal Commercial Co. Ltd., 

Chatterjee International Centre, 

33. J C Nehru Road, 11th 

Fl., 9A, Kolkata 700 071 

M/30694 

SHRI V. Rama Lingeswara 

Sridhar 

BCOM, AICWA 

Plot No. 11, LIC Colony, 

PO - Gollapudi, 


M/30695 

Ms Arti Tiwari 

MCOM, AICWA 

A - 68, B.H.E.L. Township, 

Industrial Area, Jagdishpur 

Jagdishpur 227 817 

M/30696 

Shri Sanjay Kumar Thakur 


Manager (Accounts), TRF 

Limited 11, Station Road, 

Burmamines, 

Jamshedpur 831 007 

M/30697 

Shri Rohit Hiten Trivedi 

MCOM, AICWA 

Sr. Software Engineer, 

M/s. Larsen & Toubro 

Infotech Ltd., Plot No. 200, 

TTC Electronic Zone, Shil 

Mahape Road, 


M/30698 

Shri A Vijayan 

BSC, AICWA 

42, Anna Street, Meenambal 

Puram, Madurai 625 002 

M/30699 

Shri Prashant Murlidhar 

Mundhe 

MCOM, AICWA 

Manager - Finance M/s. Tata 

Johnson Controls Automotive 

Ltd., 301, 3rd Floor, 

Panchshil Tech Park, 

S. No. 19/20, Hinjewadi, 

Tal : Mulshi, Pune 411 057 

M/30700 

Shri Joydeep Dutta 

BCOM(HONS), ACA, AICWA 

Dy. Manager (Accounts), 

M/s. Simplex Projects Ltd., 

19, Nellie Sengupta Sarani, 


M/30701 

Shri Sunil O. A. 

MCOM, AICWA 

Sr. Accountant, M/s. Hexxa 

Flexible Packaging LLC, Al 

Jazeera Al Hamra Industrial 

Area, R. A. K., U.A.E., 

M/30702 

Ms Neha Agarwal 

BCOM, AICWA 

Okil Baug Enclave, Block - D, 

Flat No. 404, Cuttack Road, 

Laxmisagar, 


M/30703 

Shri Sudhansu Barik 

BCOM, AICWA 

At - Kheras Belapokhari, 

Po/Dist - Jagatsinghpur, 

Jagatsinghpur 754 103 

M/30704 

Shri Bidyut Jyoti Buragohain 

BCOM, AICWA 

K. K. Path, (Near Jorhat 

Medical College), Jail Road, 

Jorhat 785 001 

M/30705 

Shri Lakshminarayan Srinath 

Pai 

BCOM, AICWA 

Asst. Manager - Controlling, 

M/s. BOSCH Ltd., P B No. 

64, Plot No. 75, M I D C, 

Satpur, Nasik 422 007 

M/30706 

Shri R. M. Venkatesh 

BCOM, AICWA 

Executive - Finance & 

Accounts, M/s. Bahwan Exel 

LLC, PO - 350, PC - 114, 

HI - AL - MINA, Sultanate 

of Oman, Muscat 

M/30707 

Shri Deepak Kumar Agarwal 


Accounts Executive M/s. 

Soham Shipping Pvt. Ltd., 

23A, N.S. Road, Fortuna 

Tower, 6th Floor, Room No. 2, 


M/30708 

Ms Archana 



M/s. B H E L., Finance 

& Accounts Dept., 

R. C. Puram, 



M/30709 

Shri Bharat Bomb 

BCOM, AICWA 

143, Krishnapura, Near St. 

Paul School, Udaipur, 

Udaipur 313 001 

M/30710 

Ms Pooja Bomb 

MCOM, AICWA 

143, Krishnapura, Near St. 

Pauls School, Udaipur, 

Udaipur 313 001 

M/30711 

Shri Aditya Gupta 

AICWA 

Assistant Audit Officer, 

M/s. Indian Audit & 

Accounts Dept., O/o. Pr. 

DCA & Ex-Officio MAB-I, 

Kolkata, No.1, Council 

House Street, 


M/30712 

Shri Siddhartha Halder 

BCOM(HONS), MBA(FIN), 

AICWA 

Manager - Finance & Accounts, 

M/s. Beeyu Overseas 

Ltd., Beeyu House, 64A, 

Ballygunge Circular Road, 


M/30713 

Ms Doshi Heenabahen 

Hasmukhlal 

AICWA 

82 / I - “H” Colony, Near 

Nehrunagar Cross Road, 

Ambawadi, 

Ahmedabad 0 

M/30714 

Shri Prem Shekhar Jha 


S/o. S. P. Jha Indra Nagar, 

Behind I.T.I. College, ITKI 

Road, Hehal, 


M/30715 

Shri Amit Kumar 

BCOM, AICWA 

Finance Executive, 

M/s. Canara Bank , Husani 

Bazar, Chandansi, 

Moradabad 202 412 


NEWS 

M/30716 

Shri Saurabh Sadanand 

Karambelkar 

MCOM, AICWA 

Dy. Manager M/s. Mahindra 

& Mahindra Ltd., 80 / 89, 

MIDC Satpur Plant I, 

Nasik 422 007 

M/30717 

Shri Uday Kumar 


Jr. Manager (F & A) M/s. Steel 

Authority of India Ltd., R. No. 

324-A, Admn. Building, Ispat 

Bhawan, BSl/SAIL., 

Bokaro Steel City 827 001 

M/30718 

Shri Harshikesh Kumar 


C/o. Sr A O (Cash), O/o. EE 

(Civil), 5th Floor, Civil 

Division, Telephone Bhawan, 

B S N L., “R” Block, 

Patna 800 001 

M/30719 

Shri Anil Sakharam Korpe 

BCOM, AICWA 

General Manager - Accounts, 

M/s. Melstar Information 

Technologies Ltd., Melstar 

House - G 4, M I D C Cross 

Road “A”, Andheri (East) 


M/30720 

Shri Sandeep Kumar Agarwal 

MCOM, AICWA 

MIS Executive, M/s. Mexus 

Education Pvt. Ltd., Muktanand 

Marg, Chala, Vapi 396 191 

M/30721 

Shri Sabith Makreri 

BCOM, AICWA 

“Vaichithra“, PO - Kuthiravattom, 

Calicut 

Calicut 673 016 

M/30722 

Shri Rajiv Malhotra 

BCOM, AICWA 

Assistant Manager Finance, 

M/s. Pepsico India Holdings 

(P) Ltd., Vill - Channo, 

Dist - Sangrur 

Sangrur 148 026 

M/30723 

Shri Amsuri Surya 

Ramachandra Murty 

MCOM, AICWA 

9-1-93, Saradabhavati, 

Behind Sangeet Theatre, 

S. D. Road, 


M/30724 

Shri Raghavendra Nayak 

BBM, AICWA 


Bharat Electronics Limited, 

Corporate Office, Outer 

Ring Road, Nagawara, 


M/30725 

Shri Padmanabhan G 


Vice President M/s. 

Reliance Communications 

Ltd., No. 12, Bannerghatta 


M/30726 

Shri Yogesh Kumar P 

MCOM, AICWA 

Assistant Vice President, 

M/s. Sagacious Financial 

Services Ltd., New No. 10, 

Jagadeeswaran Street, 

T. Nagar, 


M/30727 

Shri Pankaj Poddar 

BCOM, AICWA 

24, Camac Street, (Abanindra 

Nath Thakur Sarani ), Poddar 

House, Kolkata 700 016 

M/30728 

Mrs Savitha Shankar M S 

BCOM, AICWA 

Assistant Manager M/s. 

Bharat Electronics Ltd., 

Corporate Office, Outer Ring 


M/30729 

Ms Rajni Sandhu 

MCOM, AICWA 

1969, Katra Sahib Singh, 

Patiala, Patiala 147001 

M/30730 

Shri Ravindra Kumar Singh 


34 A, Ratu Sarkar Lane, 

4th Floor, Kolkata, 


M/30731 

SHRI Subodh Kumar Verma 

MCOM, AICWA 

A 301, “Mann Sarovar Apartment”., 

S. No. 21/16+2, 

Sukhsagar Nagar, Katraj, 

Pune 411 046 

M/30732 

Shri Nandakumar Puthenmadom 

Narayana Pillai 

BCOM, AICWA 

Officer (Materials) M/s. Nitta 

Gelatin India Ltd., PB No. 

4262, 54/1446, SBT Avenue, 

Panampilly Nagar, 


M/30733 

Shri Arindam Bose 


Assistant Manager M/s. Tata 

Consultancy Services Ltd., 

10th Floor, Air India Building, 

Nariman Point, 


M/30734 

Ms Rituparna Majumdar 


Dy. Manager M/s. Mahindra 

& Mahindra Ltd., Automotive 

Sector, Akurli Road, 

Kandivli (E), 


M/30735 

Ms Divya Baweja 

MCOM, MBA, AICWA 

Sr. Officer M/s. Thomon 

Press (I) Ltd., 18/35, Near 

Ajronda Chowk, Faridabad 

M/30736 

Shri Ashish Vijaykumar Bang 

MCOM, AICWA 

Flat No. 2, Navaditya Co-op. 

Hsg. Soc., B/H. Sai Khedkar 

Hospital, Kamathwade, 

Nasik 422008 



NEWS 

M/30737 

Shri Mrutyunjay Behera 

BA(HONS), AICWA 

At/Po. Adhuan, Via - 

Basudevpur, Dist - Bhadrak, 

Bhadrak 756 125 

M/30738 

Shri T.R. Sathish Chandran 

MCOM, AICWA 

Asst. Audit Officer O/o. 

Principal Director of Comm. 

Audit & Ex-Officio Member, 

Audit Board, Indian Oil 

Bhavan, II Level, No. 139, 

M G Road, Chennai 0 

M/30739 

Shri Abhishek Deb Roy 


208, Kemps Avenue, Pai 

Layout, Old Madras Road, 


M/30740 

Shri S Ambujam Dasarathy 

MCOM, AICWA 

No. 16, Thirumurugan Salai, 

A - 3, Monisha Sairam Flats, 

Chitpakkam, 


M/30741 

Shri Suhas Chandrakant 

Gosavi 

MCOM, AICWA 

42/327, Laxminagar, Near 

Ganesh Mandir, Parvati, 

Pune 411 009 

M/30742 

Shri K Abdul Kader Mohideen 

BE(MECH), AICWA 

Production Supervisor 

M/s. ADMA - OPCO., 

P.O. Box 303, Abu Dhabi, 

U A E., Abu Dhabi 303 

M/30743 

Shri Sathyan Ramdas 

Neerattil 

BCOM, AICWA 

Asst. Project Manager 

(FICO) M/s. Systech 

Integrators, Ozone Manay 

Tech Park, 56/18, Hosur, 


M/30744 

Shri Rajesh Rangaramanujam 

BCOM, AICWA 

Stenographer, M/s. Indian 

Oil Corporation Ltd. 

(Marketing Divn.), 

139, Nungambakkam High 

Road, Chennai 600 034 

M/30745 

Shri J Jason Rajkumar 

BCOM, MBM, AICWA 

O/o. Principal Director of 

Commercial Audit, 139, M G 

Road, Nungambakkam, IOC 

Bhavan, II Level, 

Chennai 0 

M/30746 

Shri Honey Singh 

BCOM, AICWA 

53/1, Chander Nagar, Alambagh, 

Lucknow 226 005 

M/30747 

SHRI V Sankar 

MCOM, AICWA 

Jr. Officer - Gr. II M/s. The 

T.N. Industrial Investment 

Corpn., No. 692, Anna Salai, 

Nandanam, Chennai 600 035 

M/30748 

Shri Sathyanarayanan V 

MSC, MCA, AICWA 

C/o. T Renganathan, F 2, Sri 

Bala Lakshmi Flats, No. 1 D 

West Apayavalanjan Street, 

Srirangam, TRICHY 620 006 

M/30749 

Shri K Srinivasa Ayyappa 

MCOM, AICWA 

S/o. K Saibabu Gupta D. No. 

42-24-39, Block No. 72, New 

Azit Singh Nagar, 


M/30750 

Shri J Kaushik Sitharam 


Flat-P, 3rd Floor, Saradambal 

Flats, 36 Krupasanbari Street, 

West Mambalam, 


M/30751 

Shri Jay Ajit Chhaira, 


14, Picnic Park Society, BHD, 

Navyug College, Rander 

Road, Surat 395 009 

M/30752 

Shri Deepak T. N. 


Cost Accountant (Costing 

Dept.) M/s. Vaidyaratnam 

Oushadhasala, Ollur, 

Thaikkattussery, Thrissur, 


M/30753 

Shri Debasis Gupta 

BCOM(HONS), MBA(FIN), 

AICWA 

Flat-3A, 9B/2A Gobindapur 

Road, Lake Gardens, 


M/30754 

Shri Raghu Ram Kota 

BBM, ACS, AICWA 

G 1, Prasanna Sai Apartments, 

1/1, Chandramouli 

Nagar, Guntur, 

Guntur 522 007 

M/30755 

Ms Harshika Mehta 

BCOM, AICWA 

P - 96 A, Vijay Vihar, Uttam 

Nagar, New Delhi 110 059 

M/30756 

Shri Sudhakrishna Maiti 

MCOM, AICWA 

A/401, Belasheshe, Shantiban 

Complex, 7, Umakanta 

Sen Lane, Kolkata 700 030 

M/30757 

Shri Shashikant Mishra 

BCOM, AICWA 

Flat - 7, House No. 3, 

Gali - 1, Sewa Sadan Block, 

Mandawali, Fazalpur, 

Delhi 110 092 

M/30758 

Ms Amrita Pradhan 

BCOM, AICWA 

C/o. Purnalata Mishra, 

Plot No. 35, Saheed Nagar, 


M/30759 

Shri Rajesh Kumar Ray 


HMG Ambassador, 5th 

Floor, 137 Residency Road, 


M/30760 

Shri Ranjit Kumar Samal 


At - Chalgarh, PO - Ghantapada, 

VIA - Dera Colliery, 

DIST - Angul, Angul 759 103 

M/30761 

Ms Sudha Sharma 

BCOM, AICWA 

M/s. A Mathus & Company, 

DA - 94 D, Hari Nagar, 


M/30762 

Shri Sunil Kumar Verma 


Dy. Manager (Costing) M/s. 

New Holland Fiat (India) Pvt. 

Ltd., Plot No. 03, Udyog 

Kendra, Greater Noida, 

Greater Noida 201 306 

M/30763 

Shri V Balaji Mohan 

AICWA 

Asst. Manager Accounts 

(Costing) M/s. Al - Hassan 

Engg. Co., (SAOG), P.O. Box 

1948, Postal Code - 112 Ruwi, 

Muscat, Sultanate of Oman, 

Ruwi 

M/30764 

Shri Jagat Jyoti Biswaranjan 

Nayak 

MBA(FIN), AICWA 

C/o. U N Nayak, Plot No. 

754 / 760 (5), Jayadev Vihar, 


M/30765 

Shri Manas Ranjan Nayak 

BCOM, AICWA 

C/o. S C Parida, Plot No. 194, 

Saheed Nagar, 


M/30766 

Shri Khiradri Bihari Panigrahi 


Manager M/s. Hindustan 

Construction, 106 7B, Sahid 

Nagar, Bhubaneswar 


M/30767 

Ms Suchismita Parida 

MCOM, AICWA 

C/o. S C Parida, Plot No. 

194, Saheed Nagar, 


M/30768 

Ms Sangita Roy 

MCOM, AICWA 

C/o. Ashis Roy, 84, Sarkarhat 

Lane, PO - Sarsuna, 


M/30769 

Shri Chellan Vinod Subramaniyam 

BCOM, AICWA 

B - 504, Mauli Chhaya CHS., 

Kurar Village, Kokni Pada, 

Malad (E), Mumbai 400 097 

M/30770 

Ms Shreelata Vijayan 

MBA(FIN), AICWA 

Dy. Manager (F & A), 

M/s. Nuclear Power 

Corporation of India Ltd., 

P.O. Kudankulam, Radhapuram-Taluk, 

Tirunelveli - 

Dist., Tirunelveli 627 106 

M/30771 

Ms Neha Gupta 

MCOM, AICWA 

J - 168, Shivalik Nagar, B H 

E L., Ranipur, Haridwar, 

Haridwar 

M/30772 

Shri M Santhosh Kumar 

MCOM, AICWA 

Executive, M/s. Wipro 

BPO., Elcot SEZ., Survey No. 

602/3, Sozhanganallur, 


M/30773 

Shri Amanullah Khan 

MCOM, AICWA 

F3, ‘C‘ Block, Brindavan Apartments, 

Chikoti Gardens, Begumpet, 


M/30774 

Shri Nirmal Singh Kushwah 

MSC, AICWA 

Sr. Non-Commissioned 

Officer, C/o. 902 ATSRU, AF, 

Air Force Academy, Dundigal, 

Hyderabad 500043 


NEWS 

M/30775 

Shri Katkar Maruti Kakasaheb 

MCOM, AICWA 

Narmada Bldg., Flat No. T-9, 

Shree Morya Gosavi Raj Park 

Society, Sr. No. 294/4/5, 

Keshavnagar, Chinchwadgaon, 

Pune 411 033 

M/30776 

Shri Amit Vijay Karia, 

BCOM, LLB, ACS, AICWA 

8, Goshiba Garden, Opp. Old 

R.T.O., Tilakwadi, 

Nasik 422002 

M/30777 

Shri Amitava Saha 

MCOM, AICWA 

G M (Finance) Cost & 

Budget, M/s. Bharat Coking 

Coal Ltd., Koyla Bhawan, 

Koyla Nagar, P.O. Koyla 

Nagar Township, 

Koyla Nagar 826 005 

M/30778 

Shri Ajay Kumar Singh 

BCOM,AICWA 

BP-70, Patel Nagar, New 

Mohal, Mughalsarat, 

Chandauli 232 101 

M/30779 

Shri R Sarath Babu 

MBA, AICWA 

4/676 - 2, Mahalakshmi 

Nagar 2nd Street, K. Pudur, 

Madurai, Madurai 625 007 

M/30780 

Shri Apurba Ranjan Sahoo 

BCOM, AICWA 

C/o. A.K. Senapati, Plot No. 

403, Nuasahi, Nayapalli, 


M/30781 

Shri Gopakumar M., 

MCOM,AICWA 

Sreekrishna Vilasom 

Dist: Kollam Punalur, 

Karavaloor 0 

M/30782 

Shri Anshul Gupta 

BCOM, AICWA 

Dy. Manager (Fin), M/s. 

THDC Ltd., Vishnugad 

Pipalkoti Hyd. Electric 

Project, Vill - Siyasen, 

Dist - Chamoli, Pipalkoti, 

Chamoli 246 472 

M/30783 

Dr. Devesh Prakash 

BCOM, PHD., MFC, AICWA 

Vice President M/s. Credit 

Suisse, Plot - 31, MIDC 

Phase - III, Rajiv Gandhi 

Infotech Park, Hinjewadi, 

Pune 411 027 

M/30784 

Shri Sunil Kumar 


Accounts Assistant, 

M/s. Bihar State Co-op. 

Milk fed Ltd., Accounts 

Section, Ranchi Dairy, HEC 

Sector - III, Dhurwa, 


M/30785 

Shri M.V.R.L. Subrahmanyeswara 

Rao 

ACS, AICWA 

Plot No. 7, PSE Colony, 

New Bowenpally, 


M/30786 

Shri Praveen Jaiswal 

MCOM, AICWA 

S/o. Shri Om Prakash 

Jaiswal Vill : Lawan Dist + 

Teh : Dausa, Dausa 303 004 

M/30787 

Shri Surinder Vashishtha 


House No. 1247, Sector 7, 

Urban Estate, 

Kurukshetra 136 118 

M/30788 

Shri L. Lakshmi Narasimhan 

BCOM,AICWA 

L & T Infrastructure Development 

Projects Ltd. 


Systems P. B. NO. 979, 

Mount Poonamallee Road 

Manapakkam 


M/30789 

Shri Vishant Chandrakant 

Bandekar 

BCOM, AICWA 

A-301, Anusaya CHS, Plot 

No. 206, Charkop, Sector 4, 

Kandivali (West), 


M/30790 

Shri J. Balasubramanian 

BCOM, ACA, MBA, AICWA 

6/9A, TV Colony, Andalpuram, 


M/30791 

Shri Patitapaban Dash 


Accountant M/s. Bureau of 

Indian Standards, Plot - 4708, 

Jagannath Bhawan, 

At - Gajapati Nagar, 

PO-Sainik School 





on the basis of MOU with 

IMA, USA 

Date of Admission : 14th 

June 2011 

C/30792 

Mr. Vijendra Lal Kalapassery 

Anandan 


Valentine Maritime (Gulf) 

LLC, P.O. Box 45877, Mussafah 

Cornich Road, In 

between 5th & 6th Roundabout, 


C/30793 

Mrs. Jyoti Satyen Chokshi 


Finance Manager, Jotun 

Power Coatings U.A.E. 

(LLC), Al Quoz Industrial 

Area, P.O. Box 51033, 

Dubai, U.A.E. 

C/30794 

Ms. Ranjita Mohan 


Dubai International Capital 

LLC, Leve 13, East Wing, The 

Gate, DIFC, Shk. Zayed Road, 

P.O. Box 72888, 

Dubai, U.A.E. 

C/30795 

Mr. Rajeev Ranjan 

BCOM, ACA, CMA(USA), 

AICWA 

Al Hamra Construction Co. 

LLC, P.O. Box 30019, 

Ras Al Khaimah, UAE 



NEWS 

C/30796 

Ms. Supriya D. Pradhan 

BCOM, ACA, CMA(USA), 

AICWA 

C/407, “Siddhi”, Kalyan 

Complex, Yari Road, Versova, 


C/30797 

Mr. Jayakrishnan Kaimveettil 

Nair 

BA, CMA(USA), AICWA 

C/o. Belchina Group, P.O. 

Box 45311, Dubai, U.A.E. 

C/30798 

Mr. Salim Umar Desai 

BCOM, CMA(USA), CFM, 

AICWA 

Al Razzi Holding Co. KSC, 

17th Floor, Al Khorafi 

Tower, Near Kuwait 

Church, P.O. Box 29003, 

Safat 13151, Kuwait 

C/30799 

Mr. Murali Krishna K. 

BCOM, MBA, CMA(USA), 

AICWA 

Limitless LLC, P.O Box 

261919, Dubai, U.A.E. 

C/30800 

Mr. Rahul P. Babla 


Emirates Aluminium Ltd., 

Finance Department, P.O. 

Box 111023, Abu Dhabi, 

U.A.E. 

C/30801 

Mr. Thomas James Moolayil 


Finance Manager, Al Ahli 

Hospital, P.O. Box 6401, 

Doha, Qatar 

C/30802 

Mr. Mohammed Fasiullah 

Masood 

MBA(FIN), CMA(USA), 

AICWA 

#47 Thornclifee Park Dr, 

Suite # 1016, Toronto, ON- 

M4H 1J5, Canada 

C/30803 

Mr. Siddarth Pareek, MSC, 

CMA(USA), AICWA 

C-668, Sushant Lok, Phase I, 


C/30804 

Mr. Nadar Kumaravel 

Venekatachalam 


Asstt. Accounts Manager, 

Larsen & Toubro Ltd., P.O. 

Box 30803, Green Emirates 

Bldg., Block “A”, Floor No. 

22, Flat No. 2201, Electra St. 


C/30805 

Mr. Joji Joseph 


Finance Department, Gulf 

Scientific Corporation, P.O. 

Box 17010, Jebel Ali, 

Dubai, U.A.E. 

C/30806 

Mr. Syed Ali Intiqab 


Assistant Senior Accountant, 

Nibras Al Arabia Ltd. Co., 

3rd Floor, Eshbelia Center, 

Malek Abdullah Road, P.O. 

Box 11007, Jeddah, K.S.A. 




Date of Advancement : 24th 

June 2011 

M/5590 

Shri Surajit Dasgupta, 


Dy. General Manager 

(Finance), Indian Oil Corporation 

Ltd., P.O. Haldia Oil 

Refinery, Haldia 721 606 

M/6583 

Shri Rabisankar Bhattacharjee 

BSC(HONS), FICWA 

Head - Accounts, Oil India 

Limited, Duliajan 786602 

M/6734 

Shri Athirajala Suryanarayan 

BCOM, ACA, FICWA 

H-16, Central Avenue, 

Korattur, Chennai 600 080 

M/8179 

Shri Bhaskar Chakraborty 

BSC, FICWA 

81/2, G C Ghosh Road, 2nd 

Floor, Kolkata 700048 

M/8698 

Shri Arun Kumar Mehta 

BSC, MA(ECO), MCOM, 

FICWA 

2nd Floor, 22/49-50, 

West Patel Nagar, 


M/9453 

Shri Subhash Chakrabarti 

BCOM, FICWA 

House No. 4C, Sector - 2, 

Reliance Greens, Motikhavdi,Digvijaygram 

361 140 

M/10023 

Shri Mahesh Chandra Joshi 

BSC, MA(ECON), MBA, 

FICWA 

Flat No. F1822, Maple Leaf 

Apartments, Raheja Vihar, 

Chandivali Farm Road, 

Andheri East, 


M/10064 

Shri V. Nandagopal 

BE, FICWA 

Executive Director (F & A), 

Steel Authority of India Ltd., 

Rourkela Steel Plant, 

Administration Building, 


M/11824 

Shri S. Nagendra Kumar 

BSC, MBA, FICWA 

Flat No. 304, Sai Vishnu 

Apartments, 2-2-1136/4, 

New Nallakunta, 


M/11894 

Shri Kishore Chandra Mishra 

BCOM, FICWA 

B - 19, PPL Housing Colony, 

(In Front of Bharat Petrol 

Pump, Khandagiri), P.O. 

Aiginia, Bhubaneswar 751 019 

M/12923 

Shri Arun Kalita 

BCOM, FICWA 

Chief Manager (F&A), Oil 

India Ltd., 4, India Exchange 

Place, Kolkata 700001 

M/12940 

Shri K.G. Murali 

BCOM, ACA, ACS, FICWA 

402, “Supralina”, 4th Floor, 

11th Road, Chembur, 


M/13324 

Shri Viresh Dayal Mathur 


Deputy Manager, National 

Insurance Co. Ltd., 56, Jai 

Plaza, Rajpur Road, 

Dehra Dun 248 001 

M/13504 

Shri Jayanta Das 


24B, Peary Mohan Roy Road, 

3rd Floor, Kolkata 700 027 

M/13915 

Shri Milind Dattatraya Alshi 

MCOM, MBA, FICWA 

Plot No. 202, Abhyankar 

Nagar, Near Nutan Bharat 

School, Nagpur 440 010 

M/14086 

Shri Supriyo Samaddar 

BCOM, FICWA 

104/D, Hariram Apartment, 

Kanke Road, Ranchi 834 008 

M/14394 

Shri Ashok Kumar Arora 


Sr. Manager (F & A), IFFCO, 

“ IFFCO SADAN “ C-1, Distt. 

Centre, Saket Place, Saket 


M/15972 

Shri Atanu Chatterjee 


Deputy General Manager 

(Accounts), Tamluk Ghatal 

Central Co-op. Bank Ltd., 

Tamluk 721 636 

M/16906 

Shri Kamlesh Kumar Shukla 

BA, FICWA 

General Manager (Finance & 

Taxation), D.D. Industries 

Limited, F-1/9, Okhla Industrial 

Area, Phase I, 



M/17013 

Shri Atul Kumar Gupta 

BCOM(HONS), FCA, FICWA 

3812/5, Kanhiya Nagar, 

Tri Nagar, Delhi 110 035 

M/17977 

Shri Prabhakar Rao Kotapati 

MCOM, ACA, FICWA 

Flat No. 402, Sai Krupa 

Residency, Sri Balaji 

Swarnapuri Colony, Behind : 

Don Bosco School, Mothi 

Nagar, Hyderabad 500 018 

M/18538 

Shri Pramod Agrawal 

BCOM(HONS), LLB, FICWA 

Flat No. 425, Sector 15, 

Vasundhara, 


M/18679 

Shri Raman Kumar Jha 

BCOM, FICWA 

Assistant Manager 

(Finance), North Eastern 

Electric Power Corpn. Ltd., 

Brookland Compound, 

Lower New Colony, 

Shillong 793 003 

M/19186 

Shri Debjit Patra 


H. No. 150, Sector 21C, 

Faridabad 121 001 


NEWS 

M/20075 

Shri Jaydip Bhattacharyya 


A.J.S. & Associates, 55B, S.P. 

Mukherjee Road, 1st Floor, 

Near Hazra Crossing, 


M/20201 

Shri Chaitanya Kumar Ray 

BCOM, FICWA 

Ray, Nayak & Associates, 

Cost Accountants, 22. NAC 

Market Complex, 

Pattamundai 754 215 

M/20655 

Shri Srinivasa Rao Korada 


203, Lalitha Manor, VIP Road, 

Balaji Nagar, Siripuram, 


M/20794 

Shri Sanjay K. Tikare 

BCOM, FICWA 

IInd Cross, Gandhi Nagar, 

Ambika Upstair, Near Sai 

Mandir, Dharwad 580 004 

M/22577 

Shri Smruti Ranjan Swain 

BA, FICWA 

Plot No. 666, Jharpara, Jail 

Road, Bhubaneswar 770 042 

M/22817 

Shri Shreeram Prasad Gupta 


Flat-602, EMP-65, Sector-I, 

Evershine Millennium Paradise, 

Thakur Village, Kandivali 

(E), Mumbai 400 101 

M/23206 

Shri Ajay Kumar 

BCOM(HONS), MBA, FICWA 

Sr. Finance Officer (IA), 

N.T.P.C. Ltd., NRHQ, TC/ 

33/V-1, Vibhuti Khand, 

Gomti Nagar, 


M/23394 

Shri Tapan Badkul 

MCOM, FICWA 

Tapan Badkul & Associates, 

Chamber No. 107, Mohit 

Chambers,1st Floor, Plot No. 

1515, Chanchalabai College 

Road, Wright Town, 

Jabalpur 482 002 

M/23735 

Shri George Joseph 


George Joseph & Co. Anugraha-Puthenpurayil, 

Near 

Caris Bhavan, Athirampuzha, 

Kottayam 686 563 

M/23911 

Shri Santanu Majumder 


Sr. Accounts Officer (Cost), 

Finance & Accounts Department, 

Oil India Limited, 

Duliajan 786 602 

M/24003 

Shri Srinivas Beeravelli 

MCOM, FICWA 

Executive (Fin. & Accts.) Gr. 

I, Brahmos Aerospace Pvt. 

Ltd., Brahmos Complex, 

Adj. to DRDL Rear Gate, 

Kanchanbagh, 


M/24017 

Ms. B. Padmapriya 

BCOM, FICWA 

B-34, Alkapuri, 

Bhopal 462 024 

M/24176 

Shri Sanjiban Ghosh 

MCOM, FICWA 

Sanjiban & Co., 1st Floor, 

Anila Mansion, Phusbunglow, 

P.O. Bhaga, 

Dhanbad 828 301 

M/24425 

Dr. Pramod Kumar Sharma 

BSC, MCOM, PHD, FICWA 

B-14, Ashok Nagar Market, 


M/24496 

Shri Ranjeet Kumar Pandey 


Accounts Officer, NHPC 

Limited, DP - 3, Sector V, 

Salt Lake, Kolkata 700 091 

M/24581 

Shri Abhijit Das 

MCOM, FICWA 

Manager (F&A), Oil India 

Limited, F&A Dept., 

Duliajan 786 602 

M/24634 

Shri Krishna Reddy Palaparthy 

BCOM, FICWA 

Plot No. 440, HMT Hills, 

Kukatpally, Near Ramalayam 

Temple, 


M/24775 

Shri Raju P.T. 

MSC, MCA, FICWA 

Krishnalayam, V K B Road, 

Ettumanoor 686 631 

M/24907 

Shri Ujwalkumar Prabhudayal 

Loya 

BCOM, FICWA 

62, Hindustan Colony, 

Wardha Road, 


M/25020 

Shri Yoginder Maheshwari 

BCOM, FICWA 

B-221, Harshvardhan Street 

No. 2, North Ghonda, 

Delhi 110 053 

M/25114 

Dr. Rama Krishna Rao 

Chebolu 

MCOM, MPHIL, PHD, 

FICWA 

R.K. Rao & Associates, 

Powell Street, (Near Venkateswara 

Temple), 

Berhampur 760 002 

M/25129 

Shri Tajuddin Sabir Shaikh 

BCOM, ACA, FICWA 

Flat No. 15, Parmar Garden, 

Wanowrie, Pune 411 040 

M/25146 

Shri Subhash Chand 

Chowdhury 

MCOM, FICWA 

27, Taxila Appartments, IIT 

Campus, Hauz Khas, 


M/25157 

Shri Gururaja Hebbar 

BCOM, FICWA 

#522/51, “Gokula”, 9th 

Cross, Bhubaneshwari 

Nagar, BSK 3rd Stage, 


M/25331 

Shri Manoj Kumar Singh 


Qrt. No. CD - 359 / II, 

Sector - 2, HEC Colony, 

Dhurwa, Ranchi 834 004 

M/25609 

Shri Subhash Chand Sharma 

MCOM, FICWA 

H. No. 807/2, Sector-4/C, 

Gandhinagar 382 006 



NEWS 

M/25702 

Shri Rakesh Kumar Sharma 

BCOM, MA, FICWA 

H. No. 1471(MIG), Sector- 

32, Backside Vardhman, 

Chandigarh Road, 






June 2011 

M/30807 

Ms Aruna Bist 


Accounts Officer Satake 

India Engineering Pvt. Ltd., 

4th Floor, Tower-1, HB Twin 

Tower, A 2,3,4, Netaji 

Subhash Place, 


M/30808 

Shri Saurav Shhukla 

BCOM, AICWA 

Company Secretary & 

Finance Manager Altran 

Technoligies India, M-01, 1st 

Floor, Prestige Sterling 

Square, Madras Bank Road, 

Off Lavelle Road, 


M/30809 

Ms. Geetha Kamatchi P. 

MCOM, AICWA 

No. 36, Vasu Nagar P.O. 

Ponniammanmedu 


M/30810 

Shri Sreenivasan Ramakrishnan 

BSC, AICWA 

Assignment Management 

Consultant JBS & Associates 

No. 285, Ground Floor, 

17th “E” Main, 5th Block, 

Koramangala, 


M/30811 

Shri Avinash Kumar Pandey 

BCOM, AICWA 

F - 1, First Floor, Plot No. 73, 

Sector - 2A, Vaishali, 


M/30812 

Ms Devashree Pradeep 

Vijayakar, MCOM, AICWA 

69, Nani Niwas, Dixit Road, 

Vile Parle (East), 


M/30813 

Shri Shailendra Giri 

AICWA 

Bajaj Energy Pvt Ltd., 

Sector - 3, Noida 

M/30814 

Shri Ashish Dey 


J-85, 2nd Floor Sriniwaspuri 


M/30815 

Shri N Visvanathan 


11/3, Varakkuttai Pudur, 

Pasur Post, Dist - Erode 

Erode 638 154 

M/30816 

Shri K. Shanmuganathan 

BCOM, FCA, AICWA 

19/37, West Circular Road 

Mandaveli, Chennai 600028 

M/30817 

Shri Parikhit Behera 

BCOM, AICWA 

At - Badapadar, PO - Manibandha, 

Via - Pichukuli, 

Dist - Khorda, 

Manibandha 752 064 

M/30818 

Shri Sharad Patangi 

BCOM, AICWA 

10, Pannalal Basak Lane 3rd 

Floor, Flat No. 301 Liluah 

Howrah 711 204 

M/30819 

Shri Manoranjan Parida 

BCOM, AICWA 

Accounts Executive Ardee 

Business Services Pvt. Ltd., 

Unit-I, B-30, Industrial Estate, 

Kalunga, Rourkela, 

Dist - Sundargarh, 


M/30820 

Shri Basanta Kumar Behera 

BCOM, AICWA 

C/o. Rabindra Behera At - 

IGIT, Sarang Campus Q. 

No. D/11, Sarang 

M/30821 

Shri Sushil Kumar Agarwal 

MCOM, AICWA 

478, G T Road (South), 

Shibpur, Howrah 

Howrah 711 102 

M/30822 

Shri Krishna Adepu 

MBA(FIN.), AICWA 

Sr. Lead Financial Analyst 

M/s. Capital IQ Information 

Systems (I) Pvt. Ltd., Subsidiary 

of the McGraw-Hill 

Co. - USA, Opp : ICICI Bank, 

Hitech City, Kondapur, 


M/30823 

Shri Rajan Arora 

BCOM, AICWA 

Accounts Officer M/s. B S 

N L., Telephone Exchange 

Building, Bharat Nagar 

Chowk, Ludhiana 141 001 

M/30824 

Shri Srinivas S Ayyagari 

MCOM, MBA(FIN.), MA, 

AICWA 

Deputy Manager - Accounts, 

M/s. Vodafone Essar South 

Ltd., 6th Floor, Varun Towers 

II, Begumpet, 


M/30825 

Shri Bijoy Kumar Agarwal 

BCOM (H), AICWA 

M/s. Bijoy Om & Associates, 

Chartered Accountant, 403, 

Shanti Sadan, 4th Floor, A. T. 

Road, Guwahati 781001 

M/30826 

Shri Manish Baxla 

BCOM, AICWA 

Jr. Manager (F & A), M/s. 

Steel Authority of India Ltd., 

5th Floor, Luv Kush Tower, 

Exhibition Road, 

Patna 800 001 

M/30827 

Shri D Prem Babu 



Indo-Jordan Chemicals Co. 

Ltd., P.O. Box 254, Free Zone 

Eshidiya, Maan, Jordan, 

Maan 

M/30828 

Shri Malhar Behera 

BCOM, AICWA 

Qrs. No. A - 151, Sector - 18, 

Rourkela, Dist - Sundargarh, 


M/30829 

Shri Santosh Kumar Baswa 

MCOM, AICWA 

D. No. 6/52, D.A.E. Colony, 


M/30830 

Shri Ajay Kumar Bansal 

BA, AICWA 

Assistant Manager, M/s. N 

D P L N D P L House, KCH 

2nd Floor, Hudson Line, 

Kingsway Kamp, 

Delhi 110 009 

M/30831 

Shri Mahendar Rao Balguri 


Jr. Data Analyst, M/s. Capital 

IQ Information System (I) 

Pvt. Ltd., Subsidiary of the 

McGraw-Hill Companies- 

USA Opp : ICICI Bank, 

Hi-tech City, Kondapur, 


M/30832 

Shri K Harinath Babu 

BSC, ACA, AICWA 

Manager - VGKBC., Vesteon 

Tech. Service Centre, Office 

Level-3, Bldg. “Fortius”, 

Olympia Technoligy Park, 

No. 1, SIDCO Indl. Estate, 

Guindy 600 032 

M/30833 

Shri Balaji G 

BCOM, AICWA 

Management Accountant 

M/s. Logica Pvt. Ltd., 

Divyasree Technopolis, 124- 

125, Yemur - P.O., Off Airport 




NEWS 

M/30834 

Shri Vipul Bhardwaj 


Asst. Manager - Finance & 

Accounts MARC House, 

C - 394, Sushant Lok - I, 


M/30835 

Shri Satish Krishnan B 

BCOM, BL, AICWA 

250, 2nd Floor, 4th Street, 

Gandhi Puram, 


M/30836 

Shri Bipad Bhanjan Chakrabarty 

MCOM, AICWA 

Senior Manager M/s. Union 

Bank of India, Regional 

Office, 225C, A J C Bose 

Road, Kolkata 700 020 

M/30837 

Shri Ninad Harishchandra 

Chapetkar 


Sr. Officer - Cost Controlling, 

M/s. Vishay Components 

India (P) Ltd., Loni 

Kalbhor, Nr. Loni Railway 

Station, Pune 412 201 

M/30838 

Ms Manisha Doliya 


Sr. A. O. M/s. Power Grid 

Corporation of India Ltd., 

Plot - 2, Sector - 29, 


M/30839 

Shri Gabriel D souza 

BCOM, CMA(US), AICWA 

Sr. Accounts Manager M/s. 

AL Bandar International 

House for Trading Olaya, 

Riyadh, Kingdom of Saudi 

Arabia, P.O. Box 91861 

Riyadh 91861 

M/30840 

Shri Arup Kashinath Darunte 

BE, AICWA 

Asst. Engineer M/s. Maharashtra 

State Power Gen. Co. 

Ltd., O/O Chief Engineer 

(Gen. P & P) Prakashgad, 

3rd Floor, Bandra (E), 


M/30841 

Shri Puneet Kumar Dwivedi 

BCOM, AICWA 

Asst. Manager - Accounts, 

M/s. Fiat India Automobile 

Ltd., B - 19, MIDC., Ranjanagaon, 

Tal - Shirur, 

Pune 412 210 

M/30842 

Shri Kamalesh Kumar 

Ekambaram 

BCOM, AICWA 

Head - Finance, M/s. Slam 

Clothing Pvt. Ltd., No. 56-61, 

Dhanalakshmi Nagar, Mangadu 

Road, Moulivakkam, 

Porur, Chennai 600 116 

M/30843 

Shri Shaikh Mohmedkasif 

Farid 

MCOM, AICWA 

Sr. Executive - Finance M/s. 

ACC Ltd., Admn. Building, 

Finance Department, Wadi 

Cement Works, Wadi, 

Gulbarga 585 225 

M/30844 

Ms. Poorva Goyal 


Accounts Officer, Instrumentation 

Limited, Jhalawar 

Road, Kota 324005 

M/30845 

Shri Rajeshkumar Vijaykumar 

Goud 

BCOM, CMA, AICWA 

Manager - Taxation M/s. 

Skoda Auto India Pvt. Ltd., 

A - 1/1, Five Star Industrial 

Ares, MIDC, Shendra, 


M/30846 

Shri Naveen Kumar Gupta 


C/o. M/s. ANG Industries 

Ltd., 90, Okhla Industrial 

Estate, Phase - III, 


M/30847 

Shri Srikanth Gadepalli 

BCOM, AICWA 

D. No. 57-27-3/1, Bhavani 

Gardens, 

Visakhapatnam 530007 

M/30848 

Shri Pravathi Nathan G 

BE, AICWA 

Plot No. 36, Door No. 6B, 

Gokul Nagar 2nd Street, 

Madambakkam Road, 

Rajakilpakkam, 


M/30849 

Mrs. Vandana Haridas 


Sr. Executive - Grade I, Shri 

Kailash Logistics Ltd., 52/ 

3054-55, Palliyil Lane, 


M/30850 

Shri Anjay Kumar Jha 

MCOM, AICWA 


Audit, M/s. Subhash Prasad 

& Co., 15, Hare Street, 

Ground Floor, 


M/30851 

Ms. Sanjana Jena 


Executive Trainee - 2010, 

M/s. NTPC Ltd., NTPC, 

Talcher Kaniha, TSTPS, 

Deepsikha, Dist - Angul 

Deepshikha 759 147 

M/30852 

Shri Harish Kumar Joshi 

BCOM, AICWA 

Costing Officer, M/s. Batra 

Enterprise, M K Road, 

Nr. A. S. Sr. School Ground, 

Khanna, Dist - Ludhiana, 


M/30853 

Shri J Jayaprakash 

MCOM, AICWA 

Asst. Manager - Project 

Control M/s. FLSmidth 

Private Limited FLSmidth 

House, No. 34, Egatoor, 

Kelambakkam, Old Mahabalipuram 

Road, 


M/30854 

Shri Jitendra Jagannath 

Jawalekar 

BCOM, AICWA 

Head - Accounts & Finance 

M/s. Soktas India Pvt. Ltd., 

Plot No. T-8, Five Star MIDC., 

Kagal Hatkanangale, Kasaba 

Sangaon, Kolhapur 416 217 

M/30855 

Shri Arvind Jagannath Kamble 

AICWA 

Sr. Accounts Executive M/s. 

Golden Swan Leisure Clubs 

Pvt. Ltd., 76, Regency Park, 

7th Road, Nr. Khar Subway, 

Santacruz (E), 


M/30856 

Shri Nabin Kumar 


C/o. Rahul Singh, 89, 

Shantigarh Colony, 2nd 

Floor, Tollygunge, 


M/30857 

Ms Pulibandla Aruna Kumari 

BCOM, AICWA 

Manager - Costing & MIS M/ 

s. Heritage Foods (I) Limited, 

6-3-541/C, Panjagutta, 


M/30858 

Ms Ramya Kosuri 

AICWA 

D/o. K. Rajeswar 40-1/1-12 

“Vijaya Krishna”, Lakshminagar, 

Mogalrajapuram, 


M/30859 

Ms Akalpita Anil Kavathekar 

MCOM, AICWA 

86/798, Gokhale Nagar, Near 

Virbajiprabhu Vidyalaya, 

Pune 411 016 

M/30860 

Shri Adi Narayana Prabhu 

Kurella 

MCOM, AICWA 

Accounts Officer M/s. Indian 

Oil Corporation Ltd., IOCL, 

Visakha Terminal, Malkapuram,Visakhapatnam 

530 011 



NEWS 

M/30861 

Shri Mahendra Kunku 

MBA (FINANCE & IT), AICWA 

Dy. Manager (Fin. & Acctts.) 

Nuclear Power Corporation 

of India Ltd., Kaiga Generating 

Station, Kaiga, 

Dist - Uttara Kannada 

Kaiga 581 400 

M/30862 

Shri Sudhir Krishna Kanchan 


Vice President - Finance 

Strides Arcolab Ltd., Strides 

House, Opp IIMB., Bilekahalli, 

Bannerghatta Road, 


M/30863 

Shri Purushottama Reddy 

Kovvuri, MCOM, AICWA 

15-21-1 / HIG - 4 Individual, 

Balaji Nagar, Kukatpally, 


M/30864 

Shri Sarat Kumar Katakam 

BCOM, AICWA 

Costing Executive, Nestle 

India Ltd., Jacaranpa Marg- 

M Block, DLF City Phase -II, 


M/30865 

Shri Kailash Arjun Kalyani 

MCOM, MBA, MPHIL, AICWA 

321, “YASHODA” Bank 

Colony, Yadav Nagar, 


M/30866 

Shri Sheik Meerasa K. 

AICWA 

16 - B, Sun Flats, I Avenue, 

Metro Nagar, Alapakkam, 

Porur, Chennai 600 116 

M/30867 

Shri Saroj Kumar Khandei 

AICWA 

Accountant Avian Overseas 

Pvt. Ltd., P - 129, Block - G, 

New Alipore, Kolkata 700 053 

M/30868 

Shri Mihir Kothari 

AICWA 

B/B3, Nawlakha Apartments, 

Bharat Mata Path, J L 

Bajaj Marg, C-Scheme, 

Jaipur 302 001 

M/30869 

Shri Pratap Kumar Khuntia 


Sr. Accountant, NHDC Ltd., 

Omkareswar Power Station, 

Urja Vihar, Siddhwarkut, 

Dist - Khandwa, 

Khandwa 450 554 

M/30870 

Ms. Ashwini Ashok Kale 

MCOM, AICWA 

“Suvarna Deep” Pendse 

Nager DEVENDRA CO-OP. 

SOCIETY DOMBIVLI - 

EAST 

Dombivli (East) 421 201 

M/30871 

Shri Aditya Srikrishna 

khanzode 

BCOM, AICWA 

Type - 3B, Build No. 63/566, 

RCF Colony, Chembur, 


M/30872 

Shri Jitendra Kumar 

Lakhmani 

BCOM, AICWA 

E / 83, Harihar Nagar, Near 

Lord Meher College, Indira 

Nagar, Lucknow 226 016 

M/30873 

Shri Avijit Mitra 

AICWA 

46/1, Sarada Chatterjee Lane, 

Kadamtala, Howrah 711 101 

M/30874 

Shri G. Manikandan 

BCOM, AICWA 

116, 5th Cross Street, Balaji 

Nagar, Kolathur, 


M/30875 

Shri Manikandan I. 

MCOM, MPHIL, ACA, 

AICWA 

Deputy Manager - Finance, 

Vodafone Essar Cellular Ltd., 

Angel‘s Arcade, South Kalamassery, 

Cochin 682022 

M/30876 

Shri Anand Madathil 

BCOM, AICWA 

H. No. 23/1437A, P. Gangadharan 

Road, Opp. V.J. Paul 

Hall, Palluruthy, 


M/30877 

Shri Anil Devichand Mutha 

MCOM, LLB, ACA, AICWA 

Whole-time Director, 

Joindre Capital Services 

Limited, Room No. 1, 

Botawala Building, 2nd 

Floor, 11/13, Horniman 

Circle, Fort, Mumbai 400 023 

M/30878 

Shri Dheeraj Kumar Madaan 

AICWA 

2N-7 (II) B.P., Near 2-3 

Chowk, Shanidev Mandir, 

NIT, Faridabad 121 001 

M/30879 

Shri Himadri Sekhar Moitra 

BSC, AICWA 

Sr. Manager Finance, 

Mahanadi Coalfields Ltd., 

Jagruti Vihar, P.O. Burla, 

Sambalpur 768 020 

M/30880 

Shri Nikunjkumar Kantilal 

Mistry 

MCOM, AICWA 

B-134, Radhakrishana Park, 

Near Akota Garden, Akota, 


M/30881 

Shri Boddapati Satya Joshi 

Muralidhar 

BCOM, AICWA 

Manager - Finance, Geodesic 

Techniques Private Limited, 

No. 31, H.M. Eleganza, 

03 Floor, Museum Road, 


M/30882 

Ms. Preeti Nautiyal 

BCOM, AICWA 

F-745/A, Ganesh Nagar - II, 

Shakarpur, Delhi 110 092 

M/30883 

Shri Ravi Kumar Nagaraj Rao 

BCOM, AICWA 

Manager-Finance, Thomson 

Corporation International 

Pvt. Ltd., #15, Pinnacle, 

Bahai‘s Bhavan Road, (Formerly 

Commissariat Road), 


M/30884 

Ms. Delshad Bahadur Nava 

BCOM, AICWA 

Manager-Finance, Godrej & 

Boyce Mfg. Co. Ltd., Plant 

11, 3rd Floor, Appliances 

(Finance), Vikhroli, 


M/30885 

Shri Kshirod Kumar Nayak 

BSC, AICWA 

Sr. Accounts Officer, IFFCO., 

Paradeep Unit, F & A Dept., 

New Admn. Bldg., 

Paradeep 754 142 

M/30886 

Shri Kapil Chandra Nath 

MCOM, AICWA 

MIG-II, Plot No. 5/13, BDA, 

Chandrasekharapur, 


M/30887 

Shri Koteshwar Pashikanti 

MBA, AICWA 

H. No. 16-1-330, S.R.R. Thota, 

Kareemabad Road, 

Warangal 506 002 

M/30888 

Shri Moni Kumar Patnaik 


G-4, H. No. 48/46, Rainbow 

Residency, Papaiah Yadav 

Nagar, Behind IDPL Colony, 

Chintal, Balnagar, 


M/30889 

Shri Hemant Kumar Kothari 


156, Mahendra Bhattacharya 

Road, 3rd Floor, Room No. 

301 & 302, Howrah 711 104 

M/30890 

Shri Shaik Habeeb Pasha 


Jr. Accounts Officer, O/o. 

Chief General Manager, 

BSNL, A.P. Telecom Circle, 

Door Sanchar Bhavan, 

ABIDS, Hyderabad 500 001 

M/30891 

Shri Pravat Kumar Panda 

MCOM, ACA, AICWA 

Senior Auditor, Ernst & Young, 

P.O. Box 140, 12th Floor, 

Shereton Tower, Manama 


M/30892 

Miss Teena K. P. 

BCOM, AICWA 

W/o. Ninish Varghese C., 

Chiriyan Kandath House, 

PO - Elthuruth, 


M/30893 

Ms. S. Poornima 

BCOM, AICWA 

No. 2, Thondamuthus Perivu 

Road, Bommanampalayam, 

Bharathiar University Post, 


M/30894 

Shri Lalit Prabhakar 

BCOM(HONS), LLB, ACS, 

AICWA 

1033, Vikas Kunj, Vikar Puri, 


M/30895 

Shri Nettem Prasad 

BCOM, AICWA 

Door No. 10-6-136, Behind 

Old SBI., PO - Uravakonda, 

Dist - Ananthapur, 


M/30896 

Shri Rajnarayan Padhi 

MCOM (FIN), AICWA 

Jr. Manager (F & A) JSW Steel 

Ltd., Vijaynagar Works, H R 

Building, 1st Floor, F & A Dept., 

Toranagallu, Bellary 583 275 

M/30897 

Shri Ramesh P. 

MCOM, AICWA 

New No.-37, Old No.-17 

Varadierstreet Seven Wells 

Post Chennai, Chennai 0 

M/30898 

Shri S. V. Arun Prakash 

BCOM, AICWA 

C - 5, Nelson, 115, Nelson 

Manickam Road, Amanjikarai, 


M/30899 

Shri Niranjan Panda 


C/o. Iswar Chandra Panda 

At - Puran Pradhan, 

PO.- Sisilo, Dist.- Khurda 

Sisilo 752 100 

M/30900 

Shri Rajesh Prasad 

AICWA 

15, Sreepally, D P Nagar, 

Belgharia, Kolkata 700 056 


NEWS 

M/30901 

Shri Subir Kumar Roy 

BCOM, AICWA 

Accounts Officer, Refugee 

Handicrafts, 54/1/1, Hazra 

Road, Near Ballygunge 

Phari, Kolkata 700 019 

M/30902 

Ms. Vijaya P. Revankar 

BBA, AICWA 

Accounts Officer Parle 

Products Pvt. Ltd., Tumkur 

Road, 15 Km Stone NH4, 


M/30903 

Mr. Louis D‘Souza 

BCOM, AICWA 

SAP Support Consultant 

Khimji Ramdas Co. LLC PO 

Box 19, PC - 100 Muscat, 

Sultanate of Oman, Muscat 

M/30904 

Shri Amit Murarilal Sureka 


5/A - 303, Panchratna Co-op 

Society, Moolji Nagar, 

Borivali (West), 


M/30905 

Shri Mohammed Shiyafath 

BCOM, AICWA 

Manas - 34/953, Chulliode 

Road, P.O. Civil Station, 


M/30906 

Shri Nandini S. 

BCOM, AICWA 

Accounts Assistant CPG BPO 

(I) Pvt Ltd., No. 6A, 6th Floor, 

Chitrapur Commercial Complex, 

8th Main, 15th Cross, 

Malleshwaram, 


M/30907 

Shri Subhasish Sahoo 

BCOM, AICWA 

Plot No. 246, Matru Nilaya, 

Parakarana Sahi, Old Town, 


M/30908 

Shri G Sudhakar 

MCOM, AICWA 

Sr. Officer - Finance & Accounts, 

V - Guard Industries 

Limited, K G Chavadi, 

Palakkad Main Road, 


M/30909 

Shri Rajendra Kumar Shukla 

MA, AICWA 

82/16, Gandhi Gram, 

PO - Harjendra Nagar, 

Kanpur 208 007 

M/30910 

Shri Kumar Subramanian 

MCOM, AICWA 

Dy. General Manager - Costing 

& Accounts, Unichem 

Laboratories Ltd., Unichem 

Bhavan, Prabhat Estate, S.V. 

Road, Jogeshwari (W), 


M/30911 

Shri Sunil Kumar Singh 

BCOM, AICWA 

A - 47, Nehru Vihar, Near 

Timarpur, Delhi 110054 

M/30912 

Ms Bharathi S 

BCOM, AICWA 

C.C.C.OP - C., Bharat 

Electronics Limited, ST. 

No. 213183, Finance/T & 

BS., Bel, Jalahalli Post 


M/30913 

Shri Shanmugam K 

BCOM, AICWA 

9-65, Devangapuram Street 

Sathyavedu,Chittoor - Dist 

A.P., Bangalore 560 048 

M/30914 

Shri Venugopal 

Sreenivasan 

MCOM, MBA, LLB, ACS, 

AICWA 

“ KANTHI “, tc 31/984 (1), 

Puthen Road, Palkulangara 

- PO., Trivandrum 695 024 

M/30915 

Shri Bharatkumar Shivabhai 

Savani 

AICWA 

143, Ravi Park Society, 

OPP. Nalanda School, 

Satyanarayan Road, 

Varuchha, Surat 395 006 

M/30916 

Shri Amit Kumar Singhal 

AICWA 

Amit General Store, New 

Mandi Behal, Teh : Loharu, 

Dist - Bhiwani, 

Bhiwani 127 028 

M/30917 

Ms Aarti Sahaswani 

BCOM, AICWA 

Assistant Accounts Officer, 

Rajiv Gandhi Cancer Instt. & 

Research Centre, Sector - V, 

Rohini, New Delhi 110 085 

M/30918 

Shri Arindam Sadhukhan 

MCOM, AICWA 

Divisional Accountant, 

Damodar Valley Corporation, 

GOMO - I, 31/1, Andul 

Road, Howrah 711109 

M/30919 

Shri Shaju O V 

BCOM, AICWA 

Odattil (H), PO - Kodakara, 

Thrissur, Thrissur 680 684 

M/30920 

Shri Ashok Sharma 


Sr. Officer - Cost & 

Accounts, B & A Packaging 

India Ltd., 113, Park Street, 

Poddar Point, 9th Floor, 


M/30921 

Shri Sudhir Babumal Singhi 

BCOM, AICWA 

Chief Financial Officer, 

Aurobindo Pharma Ltd., 

Plot No. 2, Maitri Vihar, 

Ameerpet, 


M/30922 

Shri Virendra Tumane 

BCOM, AICWA 

Assistant Accounts Officer, 

Electronics Corpn. of India 

Ltd., Pay-roll Section, SMD 

Building, Hyderabad 500 062 

M/30923 

Shri Vijay Kumar Tiwari 


A-73, Street No. 6, Vinod 

Nagar West, Delhi 


M/30924 

Shri Muneer K V 

BCOM, AICWA 

“Jumsh“ Kayakkali Thazham, 

Parambil - PO., Parambil 

Bazar, Calicut 673 012 



NEWS 

M/30925 

Shri Vipin Kumar Verma 

MCOM, AICWA 

47-C Rajeev Nagar Lal 

Bangla, Kanpur, U P 


M/30926 

Shri Ninish Varghese C 

BCOM, AICWA 

Chiriyan Kandath House, 

PO. Elthuruth, 


M/30927 

Ms Prasanna S 

BCOM, AICWA 

Plot No. 170, Door No. 6B, 

Ashtalakshmi Nagar, 6th 

Street, Alapakkam, 


M/30928 

Shri Ambadas 

Laxminarayan Balla 

BCOM, AICWA 

Flat No. 21, Shree Apartment, 

Geeta Nagar, Near INIT 

College, Solapur 413 005 

M/30929 

Shri Girish Kumar Agarwal 


301-B, Ganpati Tower, 

Nirmala School Road, Station 

Area, Kota 324 002 

M/30930 

Shri Gyan Prakash 

AICWA 

Qrt No. 519, Sector - III/B, 

Bokaro Steel City, 

Bokaro Steel City 827 003 

M/30931 

Shri Rahul Anand 

AICWA 

293, Ram Nagar, Krishna 

Nagar, Delhi 110 051 

M/30932 


Vishwakarma 

MCOM, AICWA 

SA - 14, NAPS Township, 

Narora, Bulandshahr 202 389 

M/30933 

Shri Biswajit Sinha 

BCOM, AICWA 

Sr. Commercial Officer Tata 

Projects Limited, Plot No. 

D-1, MIDC., Umred 


M/30934 

Shri Ashish Lalit Gupta 

BCOM, AICWA 

Accounts Officer M/s. Bharat 

Insecticides Ltd., 

308, Apollo Square, 

Opp : Narayan Kothi, 

Indore 452 003 

M/30935 

Shri Manish Kumar Sinha 

BCOM, AICWA 

C - Type Quarter, Near Jain 

Mandir, Babu Line, At/Po. 

Parasia Dist - Chindwara 

Parasia 480 441 

M/30936 

Shri Simardeep Singh Ahuja 


Office Manager (Fin & Accounts) 

Competition Commission 

of India, 14, B-Wing, 

HUDCO Vishala, Bhikaji Cama 

Place, New Delhi 110 066 

M/30937 

Shri Dilip Narayan Shahane 

BCOM, AICWA 

8, Neelesh Apartments, 426/ 

6, Gokhale Road, Model 

Colony, Pune 411 016 

M/30938 

Shri Anil Kumar Jain 


Partner S. Kawdiya & Associates, 

106, Tilak Nagar Extension, 

Near Jain Temple, 

Indore 452 018 

M/30939 

Miss Rashmi 

MCOM, AICWA 

RZ 441/405, Street No. 14, 

Shiv Puri West, Sagar Pur, 


M/30940 

Shri Anoop Mohandas 

BCOM, AICWA 

C - 8/4, HMT Quarters, HMT 

Colony, PO - Kalamassery, 

Ernakulam, Cochin, 

Ernakulam 683 503 

M/30941 

Ms Ritu Dhingra 

BCOM, AICWA 

479, Raja Park, Street No. 4, 

Vasishtha Marg, 


M/30942 

Shri Neti Prapulla Venkatesh 

BCOM, AICWA 

Assistant Manager - Accounts, 

Tata Coffee Ltd., S.F. No. 906, 

Vaigaidam-Periyakulam Road, 

Jayamangalam, Dist - Theni, 

Jayamangalam 625 603 

M/30943 

Shri Vatsalya Sharma 

BCOM, AICWA 

C - 92, Dashrath Puri, Palam 

Dabri Road, 


M/30944 

Shri Mehulkumar Rameshchandra 

Shah 

MBA, AICWA 

2, Deepsagar Apartment, 

Station Road, Udvada (R.S) 

Udvada(R.S.) 396 185 

M/30945 

Ms B Amudha 

BCOM, AICWA 

17/8, Madhullamkollai 

Agraharam, West Chinthamani, 

Tiruchirapalli 620 002 

M/30946 

Shri Jagjeet Singh 

MCOM, AICWA 

Assistant Manager International 

Hotel Group (IHG) 

11th Floor, Bldg. No. 10, 

Tower - C, DLF Cyber City, 

DLF Phase-II, 


M/30947 

Ms Ambily C R 

MBA, AICWA 

Kulathil Veedu, Kurumandal, 

Paravur, Kollam, 

Kollam 691 301 

M/30948 

Dr. Jeelan Basha V 

MCOM, MPHIL, PH.D, 

Asst. Professor in Commerce 

Govt. First Grade 

Collage (Degree College) 

Mariya-mana Halli - PO., 

Hospet, Dist - Bellary, 

Bellary 583 222 

M/30949 

Shri Nirmalya Khan 

BCOM, AICWA 

Flat-2A, Amity Apartments, 

32, Club Road, Chetpet, 

Egmore, Chennai 600 031 

M/30950 

Shri Babul Bhadra 

AICWA 

C/o. B K Sarmah Flat No. 6D, 

Moupia Apartment, Ganesh 

Mandir Path, New Guwahati, 


M/30951 

Shri Samujjal Sarmah 

AICWA 

C/o. B K Sarmah Flat No. 6 

D, Moupia Apartment, 

Ganesh Mandir Path, 

New Guwahati, Noonmati, 


M/30952 

Shri Sakharam Sadashiv 

Koleshwar 

BSC(HONS), BE, AICWA 

Flat No. A1 /A1702, Ginger 

Siddhivinayak Society, 

Pimple Saudagar, Aundh, 

Pune 411 027 

M/30953 

Miss Priyanka Bhatt 


House No. 738, Sector - 4, R. 

K. Puram, New Delhi 110 022 

M/30954 

Ms Archita Banerjee 

MCOM, AICWA 

B - 36, Raju Park, Khanpur 

Deoli Road, 


M/30955 

Shri Saibal Ganguly 

AICWA 

Dy. Manager (Finance) 

Eicher Tractors, Itarana Road, 

Alwar 301 001 

M/30956 


BCOM, AICWA 

Asst. Manager - Acctts, Fin, 

& Controlling Paul Worth 

India Pvt. Ltd., The Mira 

Corporate Suites, Block - F 1, 

First Floor, 1-2 Old Ishwar 


M/30957 

Ms Mani Kumari 

BCOM, AICWA 

1848/138, Shanti Nagar, 

Tri Nagar, New Delhi 110 035 


M/30958 

Ms Susmita Das 

AICWA 

Clerk/Cashier Union Bank of 

India Dharamtolla Branch, 

Union Bank Building, 

5, Chowringhee Place, 


M/30959 

Shri Muktinath Lala 


Flat No. 4B, Shivam Apartment, 

5, Vivekananda 

Sarani, Charakdanga, P.O. 

Italgacha, Kolkata 700 079 

M/30960 

Shri S. Sakthimani 

BSC, ACS, AICWA 

324-B, Sector-9, Ukkunagaram, 


M/30961 

Shri Rakesh Shankar S. 

MCOM, MBA, MA, AICWA 

Plot No. 1944, I Floor, 5th 

Cross Street, Vasantha 

Colony, Anna Nagar West, 


M/30962 

Shri Radhashyam Satapathy 

AICWA 

H-137, Adharshila, Near 

Saint Xavier School, BHEL, 

Piplani, Bhopal 462 021 

M/30963 

Shri Rahul Diwakar Kale 

MBA, AICWA 

Plot No. 12, N-7, L-2 Sector, 

Chaitanya Nagar Hsg. 

Soc., CIDCO, 


M/30964 

Shri Md. Mahidul Islam 


Barsul East, Barsul, 

Burdwan 713 124 


NEWS 

M/30965 

Dr. Neena Gupta 

PHD, AICWA 

117/L/474, Naveen Nagar, 

Kakadeo, Kanpur 208 025 

M/30966 

Shri Sanju Edappattu Varkey 

MCOM, AICWA 

Executive - Finance CIMAC 

FZCO., Plot No. TP 010110, 

P.O. Box 61314 Techno Park, 

Jebel Ali, Dubai, U A E., 

Dubai 

M/30967 

Shri M. Mahesh Kumar 

BBA, AICWA 

Accounts Officer, Bharat 

Heavy Electricals Limited, 

Trichy, Tiruchirapalli 620 014 

M/30968 

Shri Praveen Dada 

MCOM, AICWA 

C/o. Shri Leela Dhar Dada 

House No. 358 Housing 

Board Colony Near Sabzi 

Mandi, Sonepat 131 001 

M/30969 

Shri Sudesh Yadav 

BCOM (H), AICWA 

29/21, Gali No.2 Raj Nagar, 

Near D A V Hish School 

Khandsa Road 


M/30970 

Shri Yandrapalli Srihari Rao 

MCOM, AICWA 

Plot No. 308 Bhadradri 

Towers Vivekananda Nagar, 

Kukat Pally, 


M/30971 

Shri Sukumar Rath 

BCOM(H), LLB, AICWA 

Senior Officer (Internal Audit) 

Tata Sponge Iron Limited 

At/P.O. Joda 

Keonjhar 758 034 

M/30972 

Ms. Pinki Goel 

MCOM, AICWA 

# 3, Ram Leela Gound Colony 

Ragho Majra, Patiala 147 001 

M/30973 

Shri M. Venkatesan 

MCOM, AICWA 

No. 9-A Gangai Amman Koil 

Street Jafferkhanpet 


M/30974 

Shri Raj Kumar Garg 

BCOM, MBA (FIN), AICWA 

Deputy Manager HDFC 

Bank Ltd 1228-29/4, 

Dharampur Bazar 

Patiala 147 001 

M/30975 

Shri Anil Ajay Kumar 

MCOM, AICWA 

Assistant Manager Capital 

IQ Information Systems 

(India) Pvt Ltd Hitech City, 

Kondapur, Hyderabad 500 081 

M/30976 

Shri Nadendla Rangaiah 

BSC, AICWA 

Manager Capital IQ Information 

Systems India (P) Ltd 

(Subsidiary or the Mc Graw 

Hill Company, USA) Opp. 

ICICI Bank, Hitech City, 

Kondapur, Hyderabad 500 081 

M/30977 

Ms. Medathati Jyothirmai 

BCOM, AICWA 

Team Leader Capital IQ Information 

Systems India (P) 

Ltd (Subsidiary the McGraw 

Hill Companies, USA) 

Hitech City, Kondapur 


M/30978 

Shri Kuncha Raja Gopal 

BCOM, AICWA 

Flat No. 105, B - Block Amrutha 

Enclave Road No.14 Banjara 

Hills, Hyderabad 500 034 

M/30979 

Shri T. S. Sriprakash 

MCOM, AICWA 

T3, 4th Floor, Ruby Manor 

Apartments 108/205 A, 

Velachery Main Road Camp 

Road Junction Selaiyur 


M/30980 

Shri Srikanth Reddy 

Sangireddy 

AICWA 

H. No. 2-43/C, Srirama 

Colony, Guttala Begumpet, 

Madhapur, Madhapur, 


M/30981 

Shri Priyabrata Sahoo 

BCOM(HONS), LLB, 

AICWA 

Cost Accountant Pokarna 

Limited, (Apparel Divn.) 

Apparal Export Park, 

Gundlapochampalli, 

Medchal Mandal, R R Dist., 

Medchal 500 014 

M/30982 

Shri Deepak Sharma 

BA, AICWA 

Sr. Non Commissioned 

Officer Indian Airforce 

Accounts Section, College of 

Air Warfare, 2 SP Road, 


M/30983 

Shri Jyoti Ranjan Barik 

BCOM, AICWA 

Jr. Accountant W E S C O., 

O/o. Sub Division No. V, 

Rourkela Electricity Divn, 

Uditnagar, Rourkela 769 012 

M/30984 

Shri Aparup Sarkar 


18/12/A, Raja Raj Ballav 

Street, Kolkata 700 003 

M/30985 

Shri Sandip Kumar Pattanaik 


At / Po. Tentulipada, 

Via - Kanakpur, Dist - 

Jagatsinghpur 

Tentulipada 754 136 

M/30986 

Shri Lakshminarayanan 

Mohan 

BCOM, AICWA 

Flat - 1D, “Lakshmi” Apartments, 

29, First Seaward 

Road, Valmikinagar, Tiruvanmiyur, 


M/30987 

Shri Saiful Islam V 


Pankol House, PO - Mattathur, 

Dist - Malappuram, 

Malappuram 676 528 

M/30988 

Shri Ajay Raghunath Damle 

BE, MIE, AICWA 

Financial Analyst Cummins 

India Ltd., Dahanukar 

Colony, Kothrud 

Pune 411 038 

M/30989 

Ms Latha M T 

AICWA 

No. 2062, 7th Cross, Kumaraswamy 

Layout, IInd Stage, 




NEWS 

M/30990 

Ms Kalpana Venkatesh Naidu 


DGM - Corp Finance & IT 

Systems Larsen & Toubro 

Ltd., L & T House, N. M. 

Marg, Ballard Estate, 


M/30991 

Shri Pawan Kumar 

BCOM, AICWA 

Manager Reliance Industries 

Ltd., U G Floor, Gopal Das 

Bhawan, Barakhamba Road, 

Connaught Place, 


M/30992 

Shri Gaurav Kalra 


WZ - 26B, IInd Floor, Street 

No. 4, Ramgarh Colony, 

Near Moti Nagar, 


M/30993 

Shri Arindam Goswami 


14A, Vasant Vihar, Mahaveer 

Nagar, Near Jagannath 

Enclave, Near Purena, 

Raipur 492 001 

M/30994 

Shri Anil Kumar Nutalapati 

AICWA 

Financial Analyst & Cost 

Accountant M/s. Poly 

Products LLC P.O. Box 2561, 

PC : 112, Ruwi, Sultanate of 

Oman, Ruwi 

M/30995 

Shri Hansraj Singh 

BCOM, AICWA 

Flat No. B-231, Street No. 21, 

Baljeet Vihar, Nithari Extn. 

Nangloi, Delhi 110 086 

M/30996 

Shri Ruchika Aggarwal 


C - 58, Vijay Rattan Vihar, 

Sector - 15, Part - II, 


M/30997 

Shri Sanooj N. Sulthan 

AICWA 

Finance Controller - Cum - 

CEO., AL Sahara Insurance 

Brokers, PO Box No. 121934, 

Dubai, United Arab Emirates, 

Dubai 121 934 

M/30998 

Shri Sunil Gupta 

AICWA 

47 B, Jhang C G H S Ltd., Plot 

No. 40, Sector - 13 Rohini, 

Delhi 110 085 

M/30999 


AICWA 

H.No. 663 Sector - 10, 


M/31000 

Shri A Rangaprasad 

BSC, AICWA 

No. 7/5, Nambi Nagar First 

Street, Poonamallee, 


M/31001 

Shri Mantrala Pradeep Kumar 


Jr. Manager Dr. Reddys Laboratories 

Ltd., FTO - 3, Survey 

No. 41, Bachupally, 

Dist - Rangareddy, 

Bachupally 500 090 

M/31002 

Shri Sahil Gupta 

BCOM(HONS), CFA, AICWA 

Accounting Manager Expeditors 

International (I) Pvt. 

Ltd., Chimes, 5th Floor, 61, 

Sector - 44, Gurgaon 122 003 

M/31003 

Shri Jaya R D P Hanuman 

Valiveti 

AICWA 

Flat No. 201, Srees Residency, 

Plot No. 93, Aruna Society, 

Jaya Nagar, 

Kukatpally, 


M/31004 



Dy Manager (F & A) MMTC 

Ltd., Core - 1, Scope Complex, 

7, Institutional Area, 

Lodhi Road, 

New Delhi 110003 

M/31005 

Shri Vidya Charan Shukla 


Sr. Manager (Accounts) J K 

Sugar Limited, Sindhauli 

Road, Meerganj, 

Bareilly 243 504 

M/31006 

Shri Chacko A Alunkal 

BCOM, AICWA 

Cost Accountant Oceaneering 

International Dubai LLC 

Post Box No. 115215, AL 

Mousa Tower - 2, Sheikh 

Zayed Road, Dubai, U A E 

Dubai 115 215 

M/31007 

Shri Asvin Chaman Sutarsandhiya 

BCOM, AICWA 

98, Gopinath Row House, 

Opp : Hari Om Mills, Ved 

Road, Surat 395 004 

M/31008 

Shri Alok Kumar 

MBA, AICWA 

S/o. Shiv Nath Katiyar Asik 

Bag, Bilhaur, Kanpur 209 202 

M/31009 

Shri Anjan Saha 


C/o. Ashim Kumar Dey 

D - 65, Baghajatin Palli, 


M/31010 

Shri Subhajit Mukhopadhyay 


12, Eastern Park, Baghajatin, 


M/31011 

Shri Ajith Kumar A 


TC 23/1028 (1), BNRA - 23, 

Thycaud - P.O., 

Trivandrum 695 014 

M/31012 

Shri Prashant Kumar 


Accounts Officer Powergrid 

Corporation of India Ltd., 5th 

Floor, Vuda Bhavan, L & T 

Circle, Kareli Baug, VIP Road, 


M/31013 

Shri Murali Mohan B C 

BCOM, AICWA 

No. 15, IV Main, Subbanna 

Garden, Vijayanagar, 


M/31014 

Shri S Suresh Kumar 

MCOM, AICWA 

56, Kothukkarar Thottam, 

Opp to C N College, Periyasemur, 

Erode 638 004 

M/31015 

Ms Poonam Gauba 

BCOM, AICWA 

36 / 4, Marla Model Town, 


M/31016 

Shri Yatendra Kumar Sharma 

BCOM, AICWA 

C - 61, M - 7, Vaishno Apartment, 

Shalimar Garden, 

Sahibabad, Ghaziabad 201 005 

M/31017 

Shri Abhishek Nareshbhai Patel 

MCOM, AICWA 

A/91, Shrinath Residency 

Adalaj, Gandhinagar 382 421 

M/31018 

Mr. Nash Thomas 

MCOM, AICWA 

Madukkanakyzhiyil House 

P.O. Kadammanitta Pathanamthitta, 

Pathanamthitta 689 649 

M/31019 

Ms. Sangeetha R. 

BCOM, MFM, AICWA 

37/10, Everest Colony Pari 

Salai Mugappair East 


M/31020 

Shri Sankar Narayanan 

BCOM, AICWA 

Financial Analyst UST 

Global Pvt. Ltd., 721, Nila 

Technopark Campus, 

Trivandrum 695 581 

M/31021 

Shri Kozhikode Bharatharajan 

Jayarajan 

AICWA 

“Sreesadan“, Puthiyara Post, 


M/31022 

Shri Patel Priyank Shankar-bhai 

MCOM, AICWA 

Jr. Associate Credit Analysis 

& Research Ltd., 

32, Titanium, Prahaladnagar 

Corporate Road, Satellite, 


M/31023 

Shri Sushil Kumar 


Assistant Manager (Taxation) 

HPCL - Mittal Energy 

Limited, Plot No. 17, 

Sector - 16A, Film City, 

Noida 201 301 

M/31024 

Ms. Pawan Kumari 

MCOM, AICWA 

F1/30, DDA Flats Sultan 

Puri, New Delhi 110 086 






July 2011 

M/3539 

Shri Biman Kumar Tat 

BCOM, FICWA 

62/3-A, Ichapur Road, 

Kadamtala, Howrah 711 101 

M/6251 

Shri Debasish Basu 

BSC, MBA(FIN), FICWA 

161/12, G.T. Road, 

Baidyabati 712 222 

M/6598 

Shri Sujit Chattopadhyay 

BSC, FICWA 

Flat - 4A, 29/1/1, Raja 

Subodh Mullick Road, 

P.O. Jadavpur, 


M/7074 

Shri Niladri Dutta, 

BSC, FICWA 

N. Dutta & Co., 

112-A, Salimpur Road, 



NEWS 

M/7193 

Shri Jagdish Chand Khanna 

BA, AICWA 

J.C. Khanna & Co., E-270, 

Sarita Vihar, 


M/8825 

Shri Krishna Kumar 

Ganeriwala 

BCOM(HONS), LLB, FCS, FICWA 

4C, Devadwar, 34, Ballygunge 

Circular Road, 


M/10436 

Shri Shiv Ram Rao 

BCOM, FICWA 

General Manager, 

VBL Innovations Pvt. Ltd., 

#81-82, 7th Main, Phase III, 

Peenya Indl. Area, 


M/12969 

Shri Joginder Singh 

BCOM, FICWA 

3/56, IInd Floor, Subhash 


M/13103 

Shri Vinay Tandon 

BSC, FICWA 

38, Shiv Thakur Lane, 

P.O. Kalakar Street, 


M/13783 

Shri Kousik Gupta 


78, Gour Road, 

Mokdumpur 732 103 

M/14926 

Shri Amar Jeet Singh 

MCOM, FICWA 

B-146, Street No. 2, Majlis Park, 

Azad Pur, Delhi 110 033 

M/16418 

Shri Pavan Kumar Gupta 

MCOM, FICWA 

Ganpati Paradise, Flat No. 

511, A-11, Central Spine, 

Vidhyadhar Nagar, 


M/16519 

Shri Rajeev Mittal 

BCOM, FICWA 

C/o. Anil Mittal, C-145, 

Sushant Lok - Ph I, Gurgaon 

M/16945 

Shri Ghulam Jeelani Tak 

MCOM, FICWA 

Assistant Administrative 

Officer, L.I.C. of India, 

Mehandi Kadal, 

Anantnag 192 101 

M/18204 

Shri Pradeep Sud 

BCOM, FICWA 

Pradeep Sud & Co., 

194, DDA Flats, Sector - 23, 

Phase-I, Dwarka, 


M/18410 

Shri Lokesh Kumar Upadhyay 


C/o. Gyanesh Upadhyay, 

House No. 303, Gali No. 6, 

B-16, Balmiki Marg, 

Raja Park, Jaipur 

M/18441 

Shri Vikas Gupta 


Sr. Accounts Officer, 

Haryana Power General 

Corp. Ltd., C-7, 

Urja Bhawan, Sec. 6, 

Panchkula 134 101 

M/18661 

Shri Manmohan Daga 


Flat No. 2F, Block 2, Space 

Town Housing Complex, 

V.I.P. Road, Kolkata 700 052 

M/19516 

Shri Madan Mohan Sahu 

MCOM, FICWA 

M. M. Sahu & Co., C/o. Shri 

Guru Charan Khatua, 

Pareswar Sahi, College 

Squre, Cuttack 753 003 

M/19645 

Shri Ashis Banerjee 

MCOM, FICWA 

A. Banerjee & Associates, 

Kalitala Road, Near Nabagram 

Electric Office (Old), 

Bara Bahera 712 246 

M/20372 

Shri Pallab Bhattacharya 

B.COM(HONS), FICWA37, 

Gobindo Bose Lane, 


M/21607 

Shri Atul Gupta 


Atul Gupta & Associates, 

I-41, Sector-9, Noida 201 301 

M/21916 

Shri Sanjay Kumar Choudhary 

BSC, FICWA 

S. K. Choudhary & Associates, 

HIG-18-D, Adarshnagar, 

Sonari, Jamshedpur 831 011 

M/22121 

Shri Suresh Rachappa 

Gunjalli 

BCOM, LLB, FICWA 

# 295, 1st Floor, 10th Main, 

4th Block, Rajajinagar, 


M/22903 

Shri Sandeep Kumar Saxena 


Sandeep Kumar Saxena & 

Co., 417/275, Niwaz Ganj, 

Chowk, Lucknow 226 003 

M/23221 

Shri Subash Chandra Sahoo 


S.C. Sahoo & Associates, Plot No. 

1295, Mahanadi Vihar, P.O. Naya 

Bazar, Cuttack 753 004 

M/23764 

Ms. Sunitha Devi Korlapati 

MCOM, FICWA 

Qrt. No. MC-8, Opp. to 

CMPF Office, 

Kothagudem 507 101 

M/24462 

Shri Pankaj Khatri 

BCOM, FICWA 

Sureka Eastate, Mahanth 

Shiwala, Mirzapur 231 001 

M/24463 

Shri Suresh Tiwari 

BCOM, FICWA 

S/o. Shri Rama Shankar 

Tiwari, Badi Mata Imli 

Mahadev, Post : Dhundhi 

Katra, Mirzapur 231 001 

M/24518 

Shri Rajaram Madhav 

Walavalkar 

BCOM, FICWA 

Manager : Business Excellence, 

Total Oil India Pvt. 

Ltd., 3rd Floor, The Leela 

Galleria, Andheri-Kurla 

Road, Andheri (E), 


M/24700 

Shri Sudhir Kumar Verma, 

MCOM,AICWA 

120/550, Shivaji Nagar, 


M/25452 

Shri Sabyasachi Roy 


S. Roy & Associates, C/o. Smt. 

S. Das, Plot No. 212(A), 

Souvagyanagar, SBI Colony, 


M/25611 

Shri Om Prakash Sutar 


Manager (F & A), Narora 

Atomic Power Station, 

NPCIL, P.O. NAPP Township, 

Narora 202 389 

M/25712 

Shri Hiropam Das 

MCOM, FICWA 

Das & Associates, Bolpur 

Super Market, Block A, Stall 

No. 47, Bolpur 731 204 



NEWS 

M/25740 

Shri Bibhash Choudhary 

BCOM(HONS), ACA, 

MBA, FICWA 


Indian Oil Corporation Ltd. 

(Marketing Divn.), Kolkata 

Aviation Fuel Station, 

NSCBI Airport, 





on the Basis of MOU with 

IMA, USA 


July 2011 

C/31025 

Mr. Rajesh Talreja 


Post Box No. 10213, 

Dubai, U.A.E. 

C/31026 

Mr. Germias Reetha Evgene 


F-314, Al Ghuwais Bldg., 

P.O. Box 237845, Damascus 

Street, Dubai, U.A.E. 

C/31027 

Mr. Vijay Tekwani 


SecuTronic FZE, LIU-15, 

Dubai Silicon Oasis, 

P.O. Box 341090, 

Dubai, U.A.E. 

C/31028 

Mr. Shaik Naseer Pasha 


C/o. Tamimi Group of 

Companies, P.O. Box 230, 

Al Khobar, K.S.A. 





July 2011 

M/31029 

Shri Anupam Kumar Singh 


Dy. Manager (F & A) M/s. 

Meghahatuburu Iron Ore 

Mines, Dist-Singhbhum (W), 

Meghahatuburu 833 223 

M/31030 

Shri Anindya Banerjee 

BCOM, AICWA 

Sr. Accountant M/s. Drakt 

International Industrial 

Plaza, D.H. Road, Joka, 


M/31031 

Shri Mahendra Kumar B 

Varma 

BCOM, AICWA 

Plant Accounting Manager, 

M/s. National Oilwell Varco, 

Dreco Middle East PB 61490, 

JAFZ South, Jabel Ali, Dubai, 

U A E., Dubai 61490 

M/31032 

Ms Aswathi Hari 

BCOM, AICWA 

501, Sidartha Residency, 

Huda Colony, Chandanagar, 


M/31033 

Shri Johans Mathew 

BCOM, AICWA 

Sr. Cost Officer M/s. Conurgnt 

Value Engineering LLC 

AL Quoz, Dubai, UAE 

Dubai 1769 

M/31034 

Shri D. Babu 

MCOM, AICWA 

Dy. Manager - Coching/ 

Accounts, Mahindra & 

Mahindra Ltd., Mahindra 

Research Valley, Mahindra 

World City, Plot - 41/1, Anjur 

Po., Chengalpattu 

Chengalpatty 603 204 

M/31035 

Shri Mahesh Kumar 

MCOM, AICWA 

D - 367 - A, Lane No. 13, Hardev 

Puri, East of Loni Road, 

Shahdara, Delhi 110 093 

M/31036 

Shri Amit Sharma 


WZ - 1103, Rani Bagh, Shakur 

Basti, New Delhi 110 034 

M/31037 

Shri Angim Kashyap Bezboruah 

MA, AICWA 

H. No. 403, Kripa Apartment, 

Samagam Path, Near Hatigaon 

Chariali, Po - Hatigaon, 

Dist- Kamrup, Kamrup 781 038 

M/31038 

Shri Ganesan 

Balasubramanian 


Director M/s. Pelican 

Wealth Managers Pvt. Ltd., 

“Jaishree”, 346, Ambujammal 

Street, Alwarpet, 


M/31039 

Shri Sandesh Shamsunderji 

Dudhani 

BCOM, AICWA 

Main Road, Badnapur, 

Dist - Jalna, 

Jalna 431 202 

M/31040 

Shri Arup Kumar Lahiri 

BCOM, AICWA 

47, Badri Das Temple Street, 


M/31041 

Shri Vilas Arun Naik 

MCOM, AICWA 

48/C, Inamdar Madi, G.G. 

Naik Road, Anjur, Thane 

Thane 421 302 

M/31042 

Shri Damanpreet Singh 

BCOM, AICWA 

# 161 - C, Hakiman Street, 

Near Punjab National Bank, 

Nabha, Dist - Patiala, 

Patiala 147 201 

M/31043 

Shri Rajaganesh S 

BA, ACA, AICWA 

Manager - Accounts, M/s. 

Schneider Electric (I) Pvt. 

Ltd., S-5, 2nd Floor, 

Padmanabha Airview 

Apts., 591, Ravi Prakash 

Nagar, Konena Agrahara, 


M/31044 

Shri Pushpinder Singh 

BCOM, AICWA 

# 534 Shiv Puri Colony, 

Near 66 K V Grid, Nabha, Dist 

- Patiala, Patiala 147 201 

M/31045 

Shri Nagrathna S Kamble 

BCOM, AICWA 

Sr. Accounts Officer M/s. 

RMC Readymix (I) Ltd., 

Office No. 208, S. No. 84, 

Vaibhav Commercial Complex, 

2nd Floor, 

Pune 411 028 

M/31046 

Shri Sandeep Kumar Pandey 

MCOM, AICWA 

Asstt. Manager - Accounts, 

M/s. RFCL Limited, A - 3, 

Okhla Industrial Area, 

Phase - I, Okhla, 


M/31047 

Shri Ravindra Hirendra Rane 

MCOM, AICWA 

Sr. Manager—Accounts & 

Finance, M/s. Everest Kanto 

Cylinder Ltd., 204, Raheja 

Centre, 2nd Floor, Free Press 

Journal Marg, 214 Nariman 

Point, Mumbai 400 021 

M/31048 

Shri Inderpal Singh Gujral 


Manager—Transitions, 

M/s. Intercontinental Hotel 

Group, 11th Floor, Bldg. No. 

10, Block - C, DLF Cyber City, 

Phase-II, Gurgaon 122 002 

M/31049 

Shri Dhirendra 

Premnarayan Mishra 

MCOM, AICWA 

2/210, Sai Dwarka Bldg., 

Dr. B. A. Road, Chinchpokli- 

East, Mumbai 400 012 

M/31050 

Shri Ahamed Azgar Shaik 

BCOM, AICWA 

Manager - Project Finance 

M/s. NSL Nagapatnam 

Power & Infratech Pvt. Ltd., 

# 8-2-684/2/A, 4th Floor, 

Road No. 12, Banjara Hills, 


M/31051 

Ms Babita 



Power Grid Corporation of 

India, B-9, Qutub Institutional 

Area, Katwaria Sarai, 


M/31052 

Shri Rajiv Mundhra 

BCOM, AICWA 

Regional Finance Manager 

M/s. Crown Agents (India) 

Pvt. Ltd., 615 - 616, International 

Trade Tower, Nehru 

Place, New Delhi 110 019 


M/31053 

Shri Nitin Agarwal 


4570 - 72, Rasta Purani 

Kotwali Ka, 2nd Crossing, 

Johri Bazar, Jaipur 302 003 

M/31054 

Shri Ashish Agarwal 


“Anirush Appartment“, 306, 

Jyotish Roy Road, 3rd Floor, 

Flat No. 11, Near Hindustan 

Sweets, Kolkata 700 053 

M/31055 

Shri Sanjay Agarwal 


Service Planning Analyst, M/ 

s. Linde Global Support Services 

Pvt. Ltd., Oxyzen House, 

2nd Floor, P - 43, Taratala Road, 


M/31056 

Ms Smita Rani Biswal 

BCOM, AICWA 

C/o. Usha Rani Biswal, 

A1 - Rajendra Nagar, 

PO.- Madhupatna, 

Cuttack 753 010 


NEWS 

M/31057 

Shri Vivek Wasant 

Shrirangbhattalwar 

BSC, MA, LLB, AICWA 

Officer “C” Accounts, 

National Centre for Cell 

Science, NCCS Complex, 

Ganesh Khand, Pune 411 007 

M/31058 

Shri Samir Harivadan Bhatt 

BCOM, AICWA 

B-303, Waghani Vihar CHS 

Ltd., Modi Patel Cross Road, 

Bhayandar West, Thane, 


M/31059 

Shri Vishnu Bahadur 


186, Purba Sinthee Road, 

Dum Dum, Kolkata 700 030 

M/31060 

Shri Debdulal Chattopadhyay 


Manager—Fin & Acctts., Director 

H.R. - W.B.S.D.C.L., Transmission 

Project H.Q., Vidyut 

Bhavan 10th Fl., A - Block, Salt 

Lake City, Sec - II, 


M/31061 

Shri Mabusa Maktum Daudi 

AICWA 

Sr. No. 59 Sainagar, Near 

Shankar Mandir, Kondhawa, 

“BK”, Pune 411 048 

M/31062 

Shri Jagan Dharmalingam 

BSC, MCOM, AICWA 

New - 2, Old - 9, Mettu Street, 

Thiruvanmiyur, 


M/31063 

Shri Paban De 

MCOM, AICWA 

Vill - Habibpur, Po - Jamdara, 

Ps. - Dhaniakhali, 

Via - Tarakeshwar, 

Dist - Hooghly, 

Tarakeshwar 712 410 

M/31064 

Shri Gopal Goenka 


Clubtown Residency, 

57/3, M M Feeder Road, 

Block - 2, Flat - 3A, 


M/31065 

Shri Soumya Ghosh 

MCOM, AICWA 

29, Pageya Mahal Road, 

Po - Nutanganj, 

Dist - Burdwan, 

Nutanganj 713 102 

M/31066 

Ms Seema Menon Kottakkat 

BCOM, AICWA 

Finance Department, 

Brightpoint Middle East F2E, 

Post Box - 54704, Dubai, U A 

E., Dubai 54704 

M/31067 

Shri Vijay Kumar 


809 - B, Pocket - 2, Paschim 

Puri, New Delhi 110 063 

M/31068 

Shri Gopal Kumar 

AICWA 

13, Baishnab Para Road, 

Garifa, Dist - 24 Parganas (N), 

Garifa 743 166 

M/31069 

Ms Kandala Venkata Naga 

Lavanya 

B.TECH., AICWA 

8-3-976/29, Salivahana 

Nagar, Sreenagar Colony - 

PO., Hyderabad 500 073 

M/31070 

Ms Vidhi Mehta 

BCOM(HONS), CFA, AICWA 

78/2C, Sultan Alam Road, 


M/31071 

Ms Shruti Mishra 

MCOM, AICWA 

883, Jessore Road, 


M/31072 

Shri Mukesh Kumar Machra 


3/58, SFS, Agarwal Farm, 

Mansarovar, Jaipur, 


M/31073 

Shri Mallik Mantha 

BCOM, AICWA 

103, 104, Pavani Estate, Himayatnagar, 

(Beside TTD), 


M/31074 

Ms Charu Malhotra 


Finance Manager British 

Council Division, 

17, Kasturba Gandhi Marg, 


M/31075 

Shri Padmakumar Yadakkenedungal 

Achuthan 

BA, AICWA 

Finance Manager M/s. 

Sevana Trades & Services 

Pvt. Ltd., 34/1793, III Floor, 

Mathewsons Square, High 

School Junction, Edappally, 

Ernakulam 682 024 

M/31076 

Shri Robin Kumar Poddar 


2B, Grant Lane, 4th Floor, 

Room No. 63, 


M/31077 

Shri Sudipta Pal 

MCOM, AICWA 

62/4, Central Road, Saheb 

Bagan, Shyamnagar, Dist - 24 

PGS (N), 

Shyamnagar 743 127 

M/31078 

Ms Madhu Chanda Panda 

MCOM, AICWA 

CH - 62, Co-operative Hsg. 

Complex, Behind C.S.Pur 

Telephone Exchange, Post - 

KIIT., Bhubaneswar 751 024 

M/31079 

Ms Gunjan Sarkar 


51, East Sinthee Bye Lane, 


M/31080 

Shri Chandra Prakash Swami 

MCOM, AICWA 

Plot No. B - 20, Mangal Vihar 

Colony, Murlipura, 


M/31081 

Shri Aloke Saha 


C/o. Krittibas Mandal, 

40/E, B C Chatterjee Street, 

Belgharia, Kolkata 700 056 

M/31082 

Shri Manoj Kumar Sankhyan 

BCOM, AICWA 

S/o. Gopal Dass, Vill - Soi 

(Kalar), Po & Teh. - Ghumarwin, 

Dist - Bilaspur, 

Ghumarwin 174 021 

M/31083 

Shri Soumen Sinha 


A-10/404, Kalyani, 

Po. Kalyani, Dist - Nadia, 

Kalyani 741 235 

M/31084 

Shri Babu K 

BCOM, AICWA 

Financial Analyst (Sr. ) 

M/s. AccentureServices Pvt. 

Ltd., IBC Knowledge Park, 

4/1, Bannerghatta Road, 




NEWS 

M/31085 

Shri Rajnish Arvind Khale 

BE., MBA, AICWA 

403, Jai Ganaraj CHS Ltd., 

Ramchandranagar - 1, 

Smt. N. C. Dighe Road, 

Thane (West) 400 604 

M/31086 

Shri Harsh Satish Udeshi 


“Aster Regency”, 

13A, Balaram Bose 2nd Lane, 

Ground Floor, Bhawanipore, 


M/31087 

Shri Anindya Aditya 


Anamika, Flat No. A - 11, 

396, Prince Anwar Shah 


M/31088 

Shri Arghya Bhattacharya 


103, Bidhanpark, B - Block, 

Barasat, Kolkata 700 124 

M/31089 

Ms Bhavani Balasubramanian 

BCOM, MFA, AICWA 

No. 1519, E - Block, A.E.C.S. 

Layout, Kundalahalli, 


M/31090 

Ms Neena Bishnoi 


Asst. Manager - Taxation, 

C & C Constructions Ltd., 

Plot No. 70, Sector - 32, 


M/31091 

Shri Ashish Bajpai 

BCOM, AICWA 

Factory F & C Head (M-4), 

M/s. Voltas Ltd., Plot No. 2 

To 5, Sector-8, 11E Pant 

Nagar, Rudrapur, Dist- U.S. 

Nagar, Pantnagar 263 153 

M/31092 

Shri Amit Kumar Chakrabarti 


D-7, G. M. Complex, West 

Chirimiri, Dt. Korea, 

Chirimiri 497 773 

M/31093 

Ms Pinky Deb 

BCOM, AICWA 

C/o. S. K. Deb House No. 32, 

Nilachal Path, 

Po. - Odalbakra, Lalganesh, 


M/31094 

Shri Ranjan Das 


Senior Manager Garden Reach 

Shipbuilders & Engineers Ltd 

43/46, Garden Reach Road, 


M/31095 

Shri Amitesh Das 

AICWA 

Service Manager - Finance 

M/s. Aon Hewitt Hewitt Associates 

(I) Pvt. Ltd., Hewitt 

Tower, Sector-42, DLF City, 


M/31096 

Shri Jitendrakumar Gandhi 

MCOM, ACA, LLB, AICWA 

Flat No. 102-103, “A” Wing, 

Highway Park E-4 CHS., 

Thakur Complex, Western 

Express Highway, Kandivli 

(E), Mumbai 400 101 

M/31097 

Shri Rajab Ali Gazi 


C/o. Swapan Barui, 1114/2, R. 

N. Tagore Road, Bediapara, 

Dum Dum, Kolkata 700 077 

M/31098 

Ms Smita Gupta 

MCOM, AICWA 

105, Barkat Nagar, Tonk 

Phatak, Jaipur 302 015 

M/31099 

Ms K Sarina Chouta Harish 

BCOM, FCS, AICWA 

Manager - HR & Company 

Secretary, M/s. Meritor HVS 

(India) Ltd., 36, Hootagalli Industrial 

Area, Off Hunsur Road, 

Mysore 570 018 

M/31100 

Shri Lohitanand 

Mallikaarjuna Jeer 

BCOM, AICWA 

No. 15, Kailasa, 1st Main, 6th 

Cross, Sakamma Layout, 

B.Narayanapura, Doorvaninagar 

Post, Bangalore 560 016 

M/31101 

Ms Sarika Jain 

MCOM, AICWA 

6/1, Netai Charan Dutta Lane, 

3rd Floor, Howrah 711 101 

M/31102 

Shri Vijay Madhukarrao 

Joshi 

BE., AICWA 

Chief General Manager - 

Chandrapur, O/o. C G M., 

CSTPS., Urjanagar, 

Chandrapura 

M/31103 

Shri Abhijeet S Jain 


# 26 - B, 10th Cross, Pipeline 

Road, Vijayanagar, 


M/31104 

Shri Mukund Kumar Jha 


C/B2, 3rd Floor, Pabitra 

Garden City, Kabardanga 

More, South 24 Parganas, 


M/31105 

Shri Ravindranadh Kandala 

MBA, AICWA 

Finance Controller BARR + 

WRAY FZE., P.O. Box 

341246, Dubai, UAE., Dubai 

341 246 

M/31106 

Ms Ratna Kumari 


Assistant Manager Garden 

Reach Shipbuilders & Engg. 

Ltd 43/46, Garden Reach 


M/31107 

Ms Soujanya Karasant 

BCOM, AICWA 

Financial Analyst IBM 

Global Process Services Pvt. 

Ltd., D1, Manyata Embassy 

Business Park, Outer Ring 

Road, Nagavara, 


M/31108 

Shri Vishal Mehta 


Branch Manager ICFAI Flexi 

Education, IFEN, 5th Floor, 

Indu Yash-II Complex, 

186, Dharampeth Extn., 

Nr. Ramnagar Sq., 


M/31109 

Shri G S Moorthy 

AICWA 

Resident Manager Commercial, 

Nouvfu Medicament (P) 

Ltd., 720, Anna Salai, 

Nandanam, Chennai 600 035 

M/31110 

Shri Lulu Mohapatra 

MCOM, AICWA 

At - Krusnapada, 

Po - Adampur, Dist - Jajpur, 

Jajpur 755 009 

M/31111 

Shri M P Murugan 

AICWA 

Manager - Finance & 

Accounts, M/s. Suguna 

Poultry Farm Ltd., 154/3, 154 

LMR Shopping Arcade, 

Salem Road, 

Namakkal 637 001 

M/31112 

Shri Diptajit Mukherjee, 


35, Shibapada Pal Pally, 

Nowdapara, Ariadaha, 


M/31113 

Shri Panchu Gopal Mondal 

BCOM, AICWA 

Executive - Accounts, M/s. 

Bonds Toilet Products (Pvt) 

Ltd., 542, Anandapur, E.M. 

By-Pass, Kolkata 700 107 

M/31114 

Shri Sujit Kumar Nayak 

BCOM, AICWA 

Assistant Manager - Finance, 

M/s. Sun Knowledge (P) 

Ltd., GN - 34/2, Ashram 

Building, Sector-V, Salt Lake, 


M/31115 

Shri Suman Nath 


Bharat Housing, Shyam 

Nagar, P.O. Shyam Nagar, 

DIST - 24 Parganas (N), 


M/31116 

Ms Rajarshi Pal 

BCOM, AICWA 

Flat No. 8C, Block-I, 

Westwind, 78, Raja S. C. 

Mullick Road, 




NEWS 

M/31117 

Ms Sudatta Puri 

BCOM, AICWA 

C/o. Golak Chandra Jena, 

At - Maruti Nagar, 

Po - Sarvodaya Nagar, 

Puri 752 002 

M/31118 

Ms Prachi Parasramka 


691, Block-“O”, 

New Alipore, Kolkata 700 053 

M/31119 

Shri Abhinash Pansari 


Jaybharat Building, ABSS 

Road, Po + Dist - Bolangir, 

Bolangir 767 001 

M/31120 

Shri Radhe Shyam Roy 

MCOM, AICWA 

D - 16/182, Sector - 3, Rohini, 

Delhi 110085 

M/31121 

Shri Bhaskar Raja Rao 

MCOM, AICWA 

No. 321, 10th Main, I Block, 

IV Stage, WCR, Manjunathnagar, 


M/31122 

Shri Satyam Ram 


C - 54, Sanali Park, Bansdroni, 


M/31123 

Shri Kishor Rungta 


Director Finance, M/s. 

Hindustan Cables Ltd., 

9, Elgin Road, 


M/31124 

Shri Sunny Raj 

MCOM, AICWA 

C/o. Om Parkash Garg, 

MCF - 257, Block-C, 22 Feet 

Road, S.G.M. Nagar, 


M/31125 

Shri Manas Ranjan Sahoo 

MCOM, AICWA 


Bharat Heavy Electricals 

Ltd., Heavy Equipment Repair 

Plant, Tarna, Shivpur, 

Varanasi 221 003 

M/31126 

Shri Nishant Kumar Singh 


Rajendra Chhatra Bhawan, 

34A , Ratu Sarkar Lane, Room 

No. 62, Kolkata 700 073 

M/31127 

Ms Debosmita Sengupta 

BBA(HONS), AICWA 

45, Sitaram Ghosh Street, 


M/31128 

Ms Sapna 

BCOM, AICWA 

Cost Trainee Balwinder 

Associates, S.C.O. - 57, 

Sector - 20C, 


M/31129 

Ms Ankita Singh 

BCOM, AICWA 

A-14, TRF Colony, Harhargottu, 

Murli Garden, 

Jamshedpur 831 002 

M/31130 

Shri Kshitij Ashokkumar Shah 

AICWA 

47/B, Prabhat Society, 

Nr. Roozwelt School, 

Waghodia Road, 


M/31131 

Shri Ravikant Kumar Singh 

BCOM, AICWA 

S/o. Jay Kumar Singh, 

Vill - Patila, Po - Semoura, 

Dist - Garhwa, Semoura 

(Jharkhand) 822 120 

M/31132 

Shri Surendra Kumar Shukla 

BSC, AICWA 

Qrt. No. C/19, G. M. 

Complex, SECL. Colony, 

Malviya Nagar, Po - West 

Chirimiri Colliery 

Dist - Korea, 

West Chirimiri 497 773 

M/31133 

Shri Alok Bag 


Vill - Kayrapur, P.O. Shyam 

Nagar, Dist - 24 Parganas (N), 

PS - Jagaddal, 


M/31134 

Shri Sachin Chhaparia 

AICWA 

62, Ratan Sarkar Garden 

Street, 2nd Floor, 


M/31135 

Ms Sharmistha Chowdhury 

MCOM, AICWA 

4 - Lenin Nagar, PO - Garulia, 

DIST - 24Parganas (N), 

Garulia 743 133 

M/31136 

Shri Tarak Nath Dutta 


Noapara, B C Roy Road, 

PO.- Shyam Nagar, 

Dist - North 24 Parganas, 


M/31137 

Ms Lakshmi Gurung 

MCOM, LLB, FCS, AICWA 

Partner, LG Corp Law, 

1/6, Vikram Vihar, Lajpat 


M/31138 

Ms Geeta Goyal 

BCOM, AICWA 

Badarpur New Delhi, 

Nehru Market House No. 

96, 97, 


M/31139 

Shri Subhrajit Ghosh 

MCOM, AICWA 

Assistant Manager - Commercial, 

McNally Bharat 

Engg. Co. Ltd., Ecospace 

Campus 2B 11F/12 (Old Plot 

No. AAII/B1K3), New Town, 

Rajarhat, Kolkata 700 156 

M/31140 

Ms Nabanita Ghosh 

MCOM, AICWA 

“ Balaji Nivas “, 2156, 

Bhavani Street, 

Ramamurthy Nagar, 


M/31141 

Shri Hari Govindan P 

BCOM, AICWA 

No. 5, Flat No. A 3, Mettu 

Street, Velacherry, 


M/31142 

Shri Vipan Jain 


Accounts Officer, NHPC 

Limited, NHPC Office Complex, 

Sector - 33, 


M/31143 

Shri Vinay Jain 

BCOM, AICWA 

80, Joy Narayan Santra Lane, 

Opp : Sarat Sadan, Howrah 

Maidan, Howrah 711 101 

M/31144 

Shri Sushil Kumar Jha 


Manager M/s. Jindal Steel & 

Power Ltd., Audit Cell, 

Kharsia Road, 

Raigarh 496 001 

M/31145 

Shri Satya Prakash Keshri 

MCOM, AICWA 

Sec. Head, M/s. Asahi India 

Glass Ltd., AIS Industrial 

Estate, Plot No. B, Latherdeva 

Hoon, 

Manglaur, Jhabrera Road, 

Roorkee 247 667 

M/31146 

Shri Abhijit Kundu 


Gurdaha Nutan Pally, 

PO - Shyam Nagar, Dist - 24 

Parganas (N), 


M/31147 

Ms Rachna Tomar 


A - 275, Govindpuram, 


M/31148 

Shri Devang B Thaker 


55 Canning Street, Mehta 

Building, B - Block, 4th Floor, 


M/31149 

Shri Laxminarayan G 

Toshniwal 

AICWA 

Flat No. 7 & 8, Krishna Residency 

- B, Behind Girnar 

Hotel, Adalat Road, 



M/31150 

Shri Amit H M Verma 

BCOM, AICWA 

Petty Officer (POELAR), 

Chukar III Sqdn/INS 

Abimanyu, Naval Base 

Karanja, Uran City, 

Dist - Raigad, 

Raigad 400 704 

M/31151 

Shri Ramu Yalavarthi 


D. No. 226/2RT, Near 

Ramalayam, Saidabad 

Colony, Saidabad, 


M/31152 

Shri Aswartha Narayana 

Reddy B 

MCOM, AICWA 

1 - 3503-1, Govinda 

Nilayam, Raghavendra 

Colony, 

Yemmiganur, Kurnool 

Kurnool 518 360 

M/31153 

Shri Boidi Suresh 

BCOM, AICWA 

Asst. Executive, M/s. 

Al - Hassan Engineering Co. 

S.A.O.G., P.O. Box - 1948, 

P.C. 112, Ruwi, Sultanate of 

Oman, Ruwi 

M/31154 

Shri Srinivas Sattiraju 

BCOM, AICWA 

2-3-647/ 1 / 59 Prem Nagar, 

Amberpet, Near Ali Cafe 

“X” Road, 


M/31155 

Shri Srinivas Ponakanti 

BCOM, AICWA 

Plot No. 188/2, Jawahar 

Nagar Colony, Moula - Ali, 


M/31156 

Shri Amit Kumar Barman 

MCOM, AICWA 

Sr. Manager (F&A), SAIL - 

Durgapur Steel Plant, SAIL 

House, 1st Floor, 

50, Chowringhee Road, 



NEWS 

M/31157 

Ms Tania Chakraborty 


M A M C Township, 

B2 - 98/2, V K Nagar, 

Durgapur, Dist - Burdwan, 


M/31158 

Shri Sandip Mukherjee 


Qtr. No. DD - 8/B, DVC, 

DTPS Colony, (3rd Unit 

Colony), Near Welfare 

Centre, Durgapur, Dist - 

Burdwan, Durgapur 713 207 

M/31159 

Shri Prasenjit Basu 

BSC, AICWA 

15, Lakshmi Bai Path, SAIL 

Cooperative, City Centre, 


M/31160 

Shri Sandip Das 


4/24, Matangini Hazra 

Bithi, SAIL Co-operative 

Complex, City Centre, 

Durgapur, Dist - Burdwan, 

Durgapur 0 

M/31161 

Shri Jatakia Dhiren Bhupatrai 

BCOM, AICWA 

Associate General Manager- 

Accounts M/s. Bayer 

Cropscience Ltd., Bayer 

House, Central Avenue, 

Hiranandani Gardens, 

Powai, Mumbai 400 076 

M/31162 

Shri Aman Preet 

AICWA 

C/o. Suresh Sharma 18/358 

- Lodhi Colony, 


M/31163 

Shri Rajesh Jiandram Ramchandani 

BCOM, AICWA 

Proprietor M/s. Delta 

Consultancy Services, 

14, Mohan Plaza, Ground 

Floor, Nr. Podar School, 

Khadakpada, Wayle Nagar, 

Kalyan (West) 421 301 

M/31164 

Shri Chinmay Shrikant 

Joshi 

AICWA 

Joshi Bunglow, Behind 

Daya Smriti, HALL, V. S. 

Road, Virar East, 

Virar East 401 305 

M/31165 

Miss Shraddha Ravindra 

Shingi 

MCOM, AICWA 

408, Chintamani Bldg., 

Sujay Garden Society, 

Mukund Nagar, 

Pune 411 037 

M/31166 

Shri Harsh Kishore Bhatia 

BCOM, AICWA 

1072/73, A-Wing, Clover 

Regency, Ramji Ashar 

Lane, Ghatkopar East, 


M/31167 

Shri Dinesh Babu G. 

MBA, AICWA 

Manager - Financial Analyst, 

Indian Overseas Bank, 

5th Floor, Maker Tower ‘E‘ 

Wing, Cuffe Parade, 


M/31168 

Shri Ameet 

Chandramohan Vinchoo 

BCOM, AICWA 

Manager Accounts, M/s. 

Larsen & Toubro Ltd., 

PGM Group, Gate No. 1, 

Powai Campus, Saki Vihar 

Road, Powai, 


M/31169 

Ms Pallavi Sampat 

Gaikwad 

AICWA 

C/11, Trilok Apartment, 

Mayekarwadi, Virar West, 

Virar-West 401 303 

M/31170 

Ms Dipti Ramniklal Shah 

MCOM, AICWA 

11, Pragnya Apartment, 

Akurli Road, Kandivli (E), 


M/31171 

Shri Ajay Kumar Gupta 


Flat No. 201, Maitri Arcade, 

Plot No. 12/13, Sector - 20, 

Kamothe, 


M/31172 

Shri Amit Kheshtri 


House No. 1370, 1st Floor, 

Sector 15, Part II, 


M/31173 

Shri Rajesh Vasdev 

AICWA 

Asstt. Financial Controller, 

Oceaneering International 

Dubai LLC, P.O. Box 115215, 

Dubai 

M/31174 

Shri Narender Bhardwaj 

BCOM, AICWA 

B - 2403, Gali No.- 8, 25 Feet 

Road, S.G.M. Nagar, 

N.H. - IV, N.I.T. Faridabad, 


M/31175 

Ms. Dimple Thomas 

AICWA 

D - 102, Sheetal Sangeet, 

Sheetal Nagar, Mira Road 

(East), Meera Road (E) 401107 

M/31176 

Shri Rajesh Taneja 


E - 212, Shastki Nagar, 


M/31177 

Shri Umesh Chandra Agarwal 


233, Aminabad Road, Ganeshganj, 


M/31178 

Shri Ajay K. Agarwal 


D.G.M. (Finance), Bharat 

Electronics Ltd., 405, Industrial 

Area, Phase I, 

Panchkula 134 113 

M/31179 

Ms Anuradha G 

BCOM, AICWA 

Asstt. Manager (F & A) 

M/s. Bharat Electronics Ltd., 

Nandambakkam, P.B. 981, 




NEWS 

CO-BRANDED CREDIT CARD FACILITY : ICWAI join hands with PNB 

The Institute has entered into MOU with Punjab National Bank (PNB) in the matter of introducing 

a Co-branded Credit Card for our members with hologram of ICWAI and PNB. Only members of 

the Institute are entitled to make applications for this credit card. Members will have to obtain the 

prescribed application form from any of the branches of PNB and attach the following self attested 

documents along with their application forms : 

1. Copy of Passport, or 

2. Copy of Voter ID, or 

Any one 

3. Copy of Driving License 

AND 

1. Copy of PAN card 

2. Copy of IT Return 

3. Two passport size photographs 

4. Copy of membership card of the Institute 

Members are requested to take advantage of this facility. 

REQUEST FOR COMMENTS 

The Cost Accounting Standards Board Secretariat has prepared a revised Guidance Note on CAS- 

4. It has been decided to expose the same for the public comments. The proposed Exposure Draft 

may be modified in light of comments received before being issued in the final form. 

Please submit your views / comments / suggestions on the draft, preferably by email, latest by 

October 10, 2011. 

Comments should be addressed to : 

The Secretary, 

Cost Accounting Standards Board, 

The Institute of Cost and Works Accountants of India, 

ICWAI Bhawan, 3 rd Floor, 

3, Lodi Road, Institutional Area, 

New Delhi – 110003 

Emailed responses should be sent to: casb@icwai.org 

Copies of this exposure draft may be downloaded from the ICWAI website at http://www.icwai.org 


Electronic filing of service tax return made mandatory for all assessees with effect 

from 01-10-2011. 

The relevant notification given below : 

NOTIFICATION NO 43/2011 ST., Dated : August 25, 2011 

G.S.R. 642 (E).- In exercise of the powers conferred by sub-section (1) read with sub-section (2) of section 94 of the 

Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the Service 

Tax Rules, 1994, namely : 

1. (1) These rules may be called the Service Tax (Fourth Amendment) Rules, 2011. 

(2) They shall come into force on the 1st day of October, 2011.2. 

2. In the Service Tax Rules, 1994, in rule 7, — 

(a) in sub-rule (2), the proviso shall be omitted; 

(b) after sub-rule (2) as so amended, the following sub-rule shall be inserted, namely :- 

(3) Every assessee shall submit the half-yearly return electronically 

F. No. 137/99/2011 Service Tax 

(Deepankar Aron) 

Director (Service Tax) 

Note.- The principal rules were notified vide notification No. 2/1994 Service Tax dated the 28th June 1994, published 

in the Gazette of India, Extraordinary, Part II, section 3, Sub-section (i), vide number G.S.R. 546(E), dated the 28th 

June, 1994 and were last amended by notification No. 35/2011 - Service Tax, dated the 25th April, 2011, vide number 

G.S.R. 343 (E), dated the 25th April, 2011. 

You said it, we did it !!! 

Dear Sir, 

Recently our Institute had given awards to various corporate business houses for excellence in cost management. 

This is very positive step in recognizing importance of cost management in the companies. 

However, our students and members are may not be aware of the cost management practices implemented by these 

award winner companies due to which they won this prestigious award. 

I request you to check the feasibility of discussing such award winning cost management practices implemented by 

these companies in our journal “The Management Accountant” to help members and students to update their knowledge, 

gain ideas for cost management and also help them replicate such good practices in their organisations. 

I think this will also help members and students 

To do value addition to the company they are working. 

To earn and establish reputation for brand CMA 

To recognize distinctive space for CMA in corporate culture 

Thanking you in advance for your kind consideration of this suggestion 

Regards 


NEWS 

CMA Prashant Dahivalkar 

M : 28526 

Dear Member, 

We thank you for providing your valuable inputs. We look forward to receiving more of such inputs from our dear 

members. 

Editor - ‘The Management Accountant’ 



NEWS 

Best Cost Management Practices Adopted 

Our esteemed readers are perhaps aware that “ICWAI 8 th National award for Excellence in Cost 

Management – 2010” was organized at Vigyan Bhawan, New Delhi on 18 th July 2011 to recognize the qualitative 

cost management practices adopted by the industry. The award has successfully propagated the potentials of 

the tools and techniques of cost and management accountancy in the challenging global economic environment 

which is fiercely competitive and ever changing. 

ICWAI 8th National Awards for Excellence in Cost Management 2010 

(Awards Recipients) 

Category I : Private-Manufacturing : Organisation (Large) 

1. LG Electronics India Pvt. Ltd. First 

2 HV Axles Limited Second 

3 Amara Raja Batteries Ltd. Third 

Category II : Private-Manufacturing : Organisation (Medium) 

4 WABCO - TVS (India) Ltd. First 

5 PME Power Solutions (India) Ltd. Second 

Category III : Private-Manufacturing : Units (Large) 

6 Shree Cement Ltd. 

Unit : Beawar First 

Category IV : Private-Manufacturing : Units (Medium) 

7 Greaves Cotton Limited, 

Light Engines Unit-II First 

Category V : Private-Manufacturing : (Small) 

8 Jenburkt Pharmaceuticals Ltd First 

Category VI : Public Manufacturing : Organisation (Large) 

9 National Fertilizers Limited First 

10 Steel Authority of India Ltd. Second 

Category VII : Public Manufacturing : Organisation (Medium) 

11 Gujarat Alkalies and Chemicals Ltd. First 

Category VIII : Public-Manufacturing : Unit (Large) 

12 Bharat Heavy Electricals Limited, 

Unit : Tiruchirappalli First 

13 Oil and Natural Gas Corporation Limited, 

Unit : Ankleshwar Second 

14 Bharat Heavy Electricals Limited 

Unit : Boiler Auxiliaries Plant, Ranipet Third 

Category IX : Public-Manufacturing : Unit (Medium) 

15 GAIL (India) Ltd, Unit : KG Basin, Rajahmundry First 

16 GAIL (India) Ltd, Unit : Vizag-Secundrabad Second 

17 Bharat Heavy Electricals Limited, Unit : Jhansi Third 

Category X : Private-Service Sector (Large) 

18 ICICI Prudential Life Insurance Company Limited First 

19 BSES Yamuna Power Limited Second 

Caterogy XI : Private-Service Sector (Medium) 

20 Yamuna Power and Infrastructure Limited First 

21 B. E. Billimoria & Co. Limited Second 

Category XII : Public-Service Sector (Large) 

22 Engineers India Limited First 

23 Paschim Gujarat Vij Company Ltd. Second 

Category XIII : Public-Service Sector (Medium) 

24 RITES Limited First 

25 Transmission Corporation of Andhra Pradesh Limited Second 



NEWS 

In the category of Private – Manufacturing Organization (Large) LG Electronics India Pvt. Ltd bagged the 

first prize. LG practices a Cost Management system which challenges to achieve optimum cost structure and 

control. Some of the initiatives taken are briefly highlighted below: 

● Budgetary Control System 

● Cost Variance Analysis 

● Inter Plant Cost Comparison 

● Product wise and Model wise profitability monitoring 

● Global Benchmarking 

● Cost Innovation Drives 

● Research & Development 

● Costing Systems 

● Global ERP (Networking all 80 subsidiaries of the LGE, Korea) 

In the category of Public Manufacturing Organization, (Large) National Fertilizers Ltd bagged the first 

prize. NFL has been benchmarking its cost with that of designed norms of the plant and machinery previous 

best efficiencies achieved as well as cost standards as per the industry norms. NFL, has in place an elaborate 

Management Information System to monitor the performance of each manufacturing unit in terms of 

production, productivity and profitability which includes assessment of product wise profitability, claims 

outstanding with ageing, expenditure on Repairs & Maintenance of plant, cost sheets of various products 

with variance analysis as compared to budget. They have also identified the key areas of cost reduction and 

cost control where the thrust areas are energy consumption and conservation, capacity utilization and reduction 

in operating expenditure and optimizing the product mix to maximize profitability. 

In the category of Private – Manufacturing Organization (Medium) WABCO-TVS (India) Ltd bagged the 

first prize. WABCO-TVS (India) Ltd follows cost management practices in their various departments like; 

Sales, Finance, IT & General Management. Cost centre planning is given due importance in the organization 

and the expenses are tracked to the cost centre level. For cost reduction, effective management of costs is 

being followed keeping the ultimate target of customer satisfaction. The company is enjoying a very high 

market share in the industry, adopting various cost reduction measure. 

In the category of Public Manufacturing Organization (Medium) Gujarat Alkalies and Chemicals Ltd 

was awarded the first prize. Gujarat Alkalies and Chemicals Ltd., the largest producer of caustic soda in India 

has taken rigorous measures to improve the Cost Management and reporting processes to achieve the increased 

quality, accountability, audit ability, efficiency and ultimately, regulatory compliance and governance for 

better production, productivity and profitability. The organization believes that the increased scrutiny of the 

financial and cost records as a key internal control process, provides assurance over the internal controls to 

govern the entire gamut of Cost Management process. Harmonized system of maintenance of cost records 

maintains the authenticity with anti-dumping cost verification and audit process, as a valuable enabler to the 

company. 

The details of cost management practices followed by other companies will be discussed in subsequent 

issues. 

NOTIFICATION 

The Examination Committee of the Council of ICWAI at its 278th meeting decided to open new examination 

center at (a) Nellore (Center code 229) 

While selling the existing Examination Application forms the Chapters and Regions are requested to inform 

the students accordingly. 

C Bose 

Sr. Director-Examinations 





NEWS 

For Attention of Practising Members 

Procedure for Change of Professional Address & Other Particulars 

Practising members are requested to check their status from the option Members -> Login (by giving your 

user name and password) from the website www.icwai.org and inform the Institute with respect to their 

professional address and other particulars as reflected therein. 

In case of any change in the professional address and other particulars, the same is to be intimated by 

furnishing a duly filled in and signed Professional Development Information Form given below to : 

Shri Vivek Agarwal 

Deputy Director 


12, Sudder Street, Kolkata – 700 016. 

The signed intimation may also be sent by fax to no. 033-22521723. 

Otherwise, a scanned file of the duly filled in and signed Professional Development Information Form 

may be sent by attachment to e-mail address: membership.vivek@icwai.org . 

PROFESSIONAL DEVELOPMENT INFORMATION FORM 

For ICWAI Members in Practice 

Please return this Form duly filled in and signed to : 


Deputy Director 


12, Sudder Street 

Kolkata – 700 016. 

for inclusion in the “List of Members Holding Certificate of Practice.” 

Date……………….. 

Name .………………………………………………………………………………......................... 

…………………………………………………………………............................................. 

Qualification …………………………………………………………………............................................. 

Professional …………………………………………………………………............................................. 

Address …………………………………………………………………............................................. 

…………………………………………………………………............................................. 

…………………………………………………………………............................................. 

Telephone 

Number(s) Office : ………………………………………….……………………………....................... 

Residence : ………………………………………………………………………................. 

Mobile : ………………......………………………………………………............................ 

Fax Number ………………………………………………………………………………………............... 

E-mail Address .......................……………………………………………………………………………….. 

(Signature of Member) 

Membership No ………..….. 


FOR ATTENTION OF MEMBERS 

PROCEDURE FOR CHANGE OF ADDRESS & OTHER PARTICULARS 

Members are requested to check their status from the option Members -> Login (by giving your user 

name and password) from the website www.icwai.org and inform the Institute with respect to the following: 

1. 

2. 

3. 


NEWS 

In case of any change in the professional address 

and other particulars, the same is to be intimated 

through a signed hard copy preferably in the 

format (Format “A” – Please see Annexure I) 

given below to : 

If the journal mailing address is desired to be 

changed as per the professional address, the 

intimation in (Format “A”—Please see Annexure I) 

is also to be made to : 

In case of any change in the journal mailing address 

only, the same is to be intimated through a signed 

hard copy or by e-mail preferably in the format 

(Format “B” — Please see Annexure I) given 

below to : 


Deputy Director (Membership) 



Kolkata – 700 016. 

The signed intimation may also be sent by fax to 

no. 033-22521723. 

Otherwise, a scanned file of the signed intimation 

may be sent to e-mail address : 

membership.vivek@icwai.org 


Deputy Director (Membership) 



Kolkata – 700 016. 

The signed intimation may also be sent by fax 

to no. 033-22521723.Otherwise, a scanned file of the 

signed intimation may be sent to e-mail address : 

membership.vivek@icwai.org 

Shri Arpan Banerjee 

Assistant Director (S) (Journal) 



Kolkata – 700 016.e-mail: rnj.arpan@icwai.org 


Format ‘‘A’’ 

IN BLOCK LETTERS 

ANNEXURE I 

CHANGE OF ADDRESS & OTHER PARTICULARS IN THE LIST OF MEMBERS 

NAME IN FULL : 

MEMBERSHIP NO. : 

QUALIFICATION : 

ADDRESS : 

CITY : 

STATE 

PIN CODE : 

PHONE NO. (OFFICE) 

PHONE NO. (RESIDENCE) : 

PHONE NO. (MOBILE) : 

E-MAIL : 

SIGNATURE OF MEMBER : 

NOTE : PLEASE INDICATE N.A., IF ANY OF THE COLUMNS IS NOT APPLICABLE. 

IN BLOCK LETTERS 


NEWS 

FORMAT ‘‘B’’ 

CHANGE OF ADDRESS IN THE JOURNAL MAILING LIST 

NAME IN FULL : 

MEMBERSHIP NO. : 

QUALIFICATION : 

ADDRESS : 

CITY : 

STATE 

PIN CODE : 

SIGNATURE OF MEMBER : 

NOTE : PLEASE INDICATE N.A., IF ANY OF THE COLUMNS IS NOT APPLICABLE. 

DATE : 

DATE : 



NEWS 

Guidelines for Payment of Membership Fee at Reduced Rate 

Eligibility : 

A member of the Institute may obtain approval for payment of membership fee at a reduced rate by making 

an application to the Secretary in plain paper declaring that : 

1. His age is 60 years or above. 

2. He is not engaged in any gainful employment or not in practice. 

Evidence : 

The member concerned is required to produce evidence to the satisfaction of the Institute of his age and 

retirement. 

Fees : 

Upon approval from the Institute to pay membership fee at reduced rate, the member concerned shall pay a 

reduced annual membership fee as under : 

Associate Member : One fourth of annual membership fee, i.e. Rs. 125/-. 

Fellow Member : One fourth of annual membership fee, i.e. Rs. 250/-. 

Members who have attained 60 years of age or above may send a signed application in plain paper to the 

Secretary, The Institute of Cost and Works Accountants of India, 12, Sudder Street, Kolkata – 700 016 with 

the following declarations in terms of Regulation 7(4) of the Cost and Works Accountants Regulations, 1959 

to the effect that they : 

1. Have attained the age of 60 years or above; 

2. Are not engaged in any gainful employment or not in practice. 

The following clarifications are given in this context : 

1. If a member is engaged in any occupation during a part of a financial year (i.e. 1st April of a year to 31st March of the next year) by way of employment, practice or any other manner, he will be required to pay full 

amount of membership fee pertaining to that financial year. 

2. A member desirous of paying membership fee at reduced rate with retrospective effect shall be permitted 

to do so subject to fulfillment of other conditions in terms of Regulation 7(4) of the Cost and Works Accountants 

Regulations, 1959. If the name of a member is removed from the Register of Members for non-payment of 

fees but otherwise fulfils the conditions in terms of Regulation 7(4) of the Cost and Works Accountants 

Regulations, 1959, he shall also be permitted to pay membership fee at reduced rate with retrospective 

effect, but will have to pay additional fee of Rs.500/- for restoration and submit appropriate form in terms of 

Regulation 17 of the Cost and Works Accountants Regulations, 1959. 

For Attention of Members & Applicants 

The following application forms have been revised by the Council : 

1. Form of Application for Admission as Associate/Fellow Member. 

2. Form of Application for the Issue or Renewal of a Certificate of Practice. 

3. Form of Application for Particulars of Offices and Firms. 

4. Form of Application for Restoration to Membership of The Institute of Cost And Works Accountants 

of India. 

The members and applicants concerned are requested to visit our website www.icwai.org and download 

the aforesaid forms from the link: http://www.members.icwai.org/members/members-forms.asp. 


Dates 

06 - 09 

06 - 09 

21 - 25 

22nd 

23rd 

18 - 21 

18 - 21 

02 - 06 

15 - 18 

15 - 18 

15 - 25 

13 - 16 

13 - 16 

22nd 

23rd 

03 - 06 

03 - 06 

5th 

6th 

17 - 20 

17 - 20 

09 - 10 

21 - 24 

21 - 24 

23 - 24 


NEWS 

MANAGEMENT DEVELOPMENT PROGRAMMES 2011-12 


(Set up under an Act of Parliament) 

Management Development Programmes 2011-12 

Topic 

September, 2011 

Internal Auditing for Effective Management Control 

Recent Trends in Financial Management including IFRS 

and new Schedule VI of Companies Act. 

Certificate Course on IFRS and Converged Indian 

Accounting Standards 

Proposed DTC 

Proposed GST 

October, 2011 

Contract Management 

Corporate Tax-Planning, Compliance and Management 

November, 2011 

Certificate Course on IFRS and Converged Indian 

Accounting Standards 

Advance Tax, TDS & Tax Planning 



International Programme on ‘Emerging Trends in 

Financial Management. 

December, 2011 

Finance for Jr. Finance and Accounts Officers and Non- 

Executives (F & A) 

Management of Taxation – Service Tax, VAT, Excise & 

Customs, TDS and Proposed GST & DTC 

Proposed DTC 

Proposed GST 

January, 2012 

Internal Auditing for Effective Management Control 



Proposed DTC 

Proposed GST 

Strategic Financial Management 

Advance Tax, TDS & Tax Planning 

February, 2012 

Valuation Management 

Corporate Tax–Planning, Compliance and Management 

Strategic Cost Management 

Financial Risk Management 

Note : * Rs. 7000/- if any nomination is for both the programmes together. 

Venue 

Port Blair 

Port Blair 

Bangalore 

Chennai 

Chennai 

Status & Fee (Rs.) 

Residential 

Non-Residential 

25,000 

4,000* 

4,000* 

25,000 

15,000 

15,000 

4,000* 

4,000* 

4,000* 

4,000* 

35,000 

35,000 

33,000 

33,000 

33,000 

33,000 

2,50,000 

33,000 

33,000 

33,000 

33,000 

33,000 

33,000 


Goa 

Goa 

Kolkata 

Hyderabad 

Hyderabad 

Singapore 

Kualalumpur 

& Bangkok 

Shirdi 

Shirdi 

Kolkata 

Kolkata 

Mahabaleshwar 

Mahabaleshwar 

Hyderabad 

Hyderabad 

Agra 

Agra 

New Delhi 

Bhubaneshwar 

Bhubaneshwar 

New Delhi 

15,000 

15,000 

33,000 

33,000


NEWS 

For Non-Residential Programmes — Fee includes course fee, course material, lunch, tea/ coffee etc. 

For Residential Programmes — Fee includes course fee, course material, accommodation on Single Room basis, all 

meals and visits. The charges for accompanying spouse would be Rs. 1000/- (Rupees one thousand only) towards 

accommodation, all meals and visits for all the three days excluding International programmes. 

CEP Credit Hours — [For 1 Day Prog. – 4 Hours] [For 2 Days Prog. – 6 Hours] [For 3 Days more Prog. – 10 Hours] 

For Kind Information 

❐ For outstation programmes the participants are requested to get the confirmation from the Institute before proceeding 

to the venue. If any participant reaches the venue for the postponed/cancelled programme without getting the 

confirmation from the Institute, the Institute will not be held responsible for the same. The cancellation/postponement of 

the programme, if any, will be intimated to only those organizations whose nominations have been received by the Institute 

on time. 

❐ For residential programmes normally the first day check-in at 12.00 noon and last day check-out at 12.00 noon. 

❐ For International programmes, Faculty will be from the respective countries apart from the Indian Faculty. 

❐ The Payment of the Fee is to be made by Cheque / DD in favour of ‘The Institute of Cost and Works Accountants of 

India’ payable at New Delhi. 

❐ Details for ECS Payment: State Bank of India (60321), Andhra Association Building, Institutional Area, Lodhi Road, 

New Delhi -110003 Current A/c No.: 30678404793 MICRCode : 110002493 IFSCCode : SBIN0060321 

For further details and Registration please contact : 

Shri D. Chandru, Director (CEP) 


ICWAI Bhawan, 3 Institutional Area, Lodhi Road, New Delhi - 110 003 

Phones : 011-24622156-57-58, 24618645 (D) 011-24643273 (M) 09818601200 

Tele-Fax : 011-43583642/24622156/24618645 

E-mail : mdp@icwai.org, cep.chandru@icwai.org Website : www.mdp.icwai.org, www.icwai.org 

President 

Shri M. Gopalakrishnan 

For Attention of Members 

Payment for Annual Membership Fee for 2011-2012 

The Annual Membership Fee for 2011-2012 for all Associate and Fellow Members of the Institute has 

become due and payable on 1 st April, 2011 at the following rates: 

Associate Annual Membership Fee : Rs.500/- (Rs. 125/- for members entitled to pay at reduced rate) 

Fellow Annual Membership Fee : Rs.1000/- (Rs.250/- for members entitled to pay at reduced rate) 

All members are requested to pay their respective membership fees along with arrears, if any, immediately 

and not later than 30th September, 2011. 

The fees may be paid by Cash/Demand Draft/Cheque at the Headquarters/Regional Council offices/ 

Chapters of the Institute. The Demand Draft/Cheque should be drawn in favour of “The ICWA of India” and 

payable at Kolkata. In case of outstation cheque Rs. 30/- is to be added towards Bank Charges. 

NOTE : MEMBERS SHOULD ENSURE TO INDICATE THEIR NAME AND MEMBERSHIP NO. ON THE REVERSE OF 

CHEQUE/DEMAND DRAFT TO BE DRAWN IN FAVOUR OF “THE ICWA OF INDIA” PAYABLE AT KOLKATA IN 

CASE PAYMENT IS RENDERED BY CHEQUE/DEMAND DRAFT, IT SHOULD ALSO BE ENSURED NOT TO 

ENCLOSE ANY OTHER INTIMATION ETC. ALONG WITH THE REMITTANCE OF MEMBERSHIP FEE. 



NEWS 


(Established by an Act of Parliament) 

Examination Time Table & Programme – December 2011 

Certificate In Accounting Technicians (CAT) 

Day & Date Time Foundation Course (Entry Level) Part - I 

Wednesday, 14 th December 2011 02.00 P.M. to 05.00 P.M. Organisation and Management Fundamentals 

Thursday, 15 th December 2011 02.00 P.M. to 05.00 P.M. Accounting 

Friday, 16 th December 2011 02.00 P.M. to 05.00 P.M. Economics and Business Fundamentals 

Saturday, 17 th December 2011 02.00 P.M. to 05.00 P.M. Business Mathematics and Statistics Fundamentals 

Day & Date Time Competency Level Part - II 

Saturday, 10 th December 2011 09.30 A.M. to 12.30 P.M. Financial Accounting 

Monday, 12 th December 2011 09.30 A.M. to 12.30 P.M. Applied Statutory Compliance 

Inland Centres 

Examination Fees 

Foundation Course (Entry Level) Part – 1 ` 730/- 

Competency Level Part – II ` 730/- 

1. Application Forms for CAT Examination can be down loaded from Institute’s website www.icwai.org 

and filed online also. 

2. Last date of receipt of Examination Application Forms without late fee is 10 th October, 2011 and with late 

fee of ` 100/- is 20 th October, 2011. 

3. Examination Fees to be paid through Bank Draft of requisite fees drawn in favour of “ICWAI A/C CAT” 

payable at New Delhi. 

4. Students will send their Examination Application Forms along with the fees to Directorate of CAT at 

“ICWAI Bhawan”, 3, Institutional Area, Lodi Road, New Delhi – 110003. 

5. Examination Centres : Agartala, Ahmedabad, Akurdi, Allahabad, Alwar (Rajasthan), Asansol, 

Aurangabad, Bangalore, Baroda, Berhampur (Ganjam), Bhilai, Bhopal, Bhubaneswar, Bilaspur, Bokaro, 

Calicut, Chandigarh, Chennai, Coimbatore, Cuttack, Dehradun, Delhi, Dhanbad, Durgapur, Ernakulam, 

Faridabad, Ghaziabad, Guwahati, Hardwar, Howrah, Hyderabad, Indore, Jaipur, Jabalpur, Jalandhar, 

Jammu, Jamshedpur, Jodhpur, Kalyan, Kannur, Kanpur, Kolhapur, Kolkata, Kota, Kottayam, Lucknow, 

Ludhiana, Madurai, Mangalore, Mumbai, Mysore, Nagpur, Naihati, Nasik, Nellore, Neyveli, Noida, 

Panaji (Goa), Patiala, Patna, Pondicherry, Pune, Rajahmundry, Ranchi, Raigarh(Chattisgarh), Rourkela, 

Salem, Shillong, Solapur, Surat, Sahajahanpur, Thrissur, Tiruchirapalli, Tirunelveli, Trivandrum, Udaipur, 

Vapi, Vashi, Vellore, Vijayawada, Vindhyanagar, and Waltair. 

6. A candidate who is fulfilling all conditions will only be allowed to appear for examination. 

7. Probable date of publication of result : Foundation Course (Entry Level) Part – I is 1st February, 2012 and 

Competency Level Part – II is 20th February, 2012. 

C. Bose 

Sr. Director (Examination) 



NEWS 


(Established by An Act of Parliament) 

Examination Time Table & Programme – December 2011 

Programme for Syllabus 2008 

Day, Date & Time Intermediate Final Foundation 

09.30 A.M. to 12.30 P.M. 02.00 P.M. to 05.00 P.M. 02.00 P.M. to 05.00 P.M. 

Saturday Financial Accounting Capital Market Analysis 

10 th December, 2011 & Corporate Laws 

Sunday Financial Management & 

11 th December, 2011 International Finance 

Monday Commercial and Industrial Management Accounting– 

12 th December, 2011 Laws & Auditing Strategic Management 

Tuesday Applied Direct Taxation Indirect & Direct– 

13 th December, 2011 Tax Management 

Wednesday Cost & Management Management Accounting– Organisation and 

14 th December, 2011 Accounting Enterprise Performance Management Fundamentals 

Management 

Thursday Advanced Financial Accounting 

15 th December, 2011 Accounting & Reporting 

Friday Operation Management Cost Audit & Economics and Business 

16 th December, 2011 and Information Systems Operational Audit Fundamentals 

Saturday Applied Indirect Taxation Business Valuation Business Mathematics and 

17 th December, 2011 Management Statistics Fundamentals 

Programme for Management Accountancy — December 2011 Examination 

Saturday Saturday Sunday Sunday Monday 

10 th December, 2011 10th December, 2011 11th December, 2011 11th December, 2011 12th December 2011 

09.30 A.M. to 12.30 P.M. 02.00 P.M. to 05.00 P.M. 09.30 A.M. to 12.30 P.M. 02.00 P.M. to 05.00 P.M. 09.30 A.M. to 12.30 P.M. 

Management Advanced Management Industrial Relations & Marketing Organisation Economic Planning 

Accouuntancy Techniques Personnel Management & Methods & Development 

Examination Fees 

Group (s) Final Intermediate Foundation Course Management Accountancy 

Examination Examination Examination Examination 

One Group (Inland Centres) ` 1250/- ` 1000/- ` 1000/- Per Group ` 2500/- 

(Overseas Centres) US $ 100 US $ 90 US $ 60 

Two Groups (Inland Centres) ` 2250/- Rs. 1600/- 

(Overseas Centres) US $ 100 US $ 90 

1. (a) Application Forms for Foundation Course, Intermediate and Final Examinations are available from Institute’s Headquarters at 12, Sudder 

Street, Kolkata, Regional Councils and Chapters of the Institute on payment of ` 50/- per form. In case of overseas candidates, forms are available 

at Institute’s Headquarters only on payment of US $ 10 per form. 

(b) Students can also download the Examination Form from ICWAI Website at www.icwai.org. In case of downloaded form ` 50/- should be 

added extra towards the cost of the form. 

(c) Students can also submit the form online. 

2. Last date for receipt of Examination Application Forms without late fees is 10th October, 2011 and with late fees of ` 300/- is 20th October, 2011. 

3. Examination fees to be paid through Bank Demand Draft of requisite fees drawn in favour of the Institute and payable at Kolkata. 

4. Students may submit their Examination Application Forms along with the fees at ICWAI, 12 Sudder Street, Kolkata – 700016 or Regional Offices or 

Chapter Offices. Any query can be sent to Sr. Director (Examination) at H.Q. 

5. Finance Act 2010, involving Assessment Year 2011-2012 will be applicable for the subjects Applied Direct Taxation (Intermediate), Applied Indirect Taxation 

(Intermediate) and Indirect & Direct – Tax Management (Final) for the purpose of December 2011 term of Examination under Revised Syllabus 2008. 

6. Examination Centres: Agartala, Ahmedabad, Akurdi, Allahabad, Asansol, Aurangabad, Bangalore, Baroda, Berhampur(Ganjam), Bhilai, Bhopal, 

Bhubaneswar, Bilaspur, Bokaro, Calicut, Chandigarh, Chennai, Coimbatore, Cuttack, Dehradun, Delhi, Dhanbad, Durgapur, Ernakulam, Faridabad, 

Ghaziabad, Guwahati, Hardwar, Howrah, Hyderabad, Indore, Jaipur, Jabbalpur, Jalandhar, Jammu, Jamshedpur, Jodhpur, Kalyan, Kannur, Kanpur, 

Kolhapur, Kolkata, Kota, Kottayam, Lucknow, Ludhiana, Madurai, Mangalore, Mumbai, Mysore, Nagpur, Naihati, Nasik, Nellore, Neyveli, Noida, 

Panaji (Goa), Patiala, Patna, Pondicherry, Pune, Rajahmundry, Ranchi, Rourkela, Salem, Shillong, Solapur, Surat, Thrissur, Tiruchirapalli, Tirunelveli, 

Trivandrum, Udaipur, Vapi, Vashi, Vellore, Vijayawada, Vindhyanagar, Waltair and Overseas Centres at Dubai and Muscat. 

7. A candidate who is completing all conditions will only be allowed to appear for examination. 

8. Probable date of publication of result : Foundation – 1st February 2012 and Inter & Final – 20th February 2012. 

C. Bose 

Sr. Director (Examinations) 



NEWS 


12, Sudder Street, Kolkata - 700 016 

website : www.icwai.org. e-mail :exam.cb@icwai.org 

Date : ........................... 

Application for Inclusion in the panel of Examiners, Paper-Setters, Moderators and Head-Examiners in the 

following Proforma in the following address to : 

Chairman, Examination Committee, The ICWA of India, 12, Sudder Street, Kolkata - 700016 

Name in Full .................................................................................................................... Date of Birth ...................................... 

Address with Pincode No ............................................................................................................................................................. 

......................................................................................................................................................................................... 

Telephone No. ............................................................... Mobile ...................................................................................... 

e-mail ................................................................................................................................................................................. 

Permanent Account No. (PAN No) : .......................................................................................................................................... 

Qualifications : Academic .......................................................................................................................................................... 

Professional ...................................................................................................................................................... 

Distinction, if any .......................................................................................................................................................................... 

Subject in which specialized ............................................................................................................................................................. 

If Member of ICWAI : Membership No. ........................................................... Associate/Fellow ............................................ 

Present Position held ......................................................................................................................... Period ................................. 

Teaching Experience if any give details :- (*) 

Name of the College/University/Institute Subject Years of Experience 

Terms served as an Examiner in ICWAI and the Subject .......................................................................................................... 

......................................................................................................................................................................................................... 

If acted as a Paper Setter, Moderator, Head-Examiner or Examiner elsewhere : 

Duration Subject Name of the 

University/Institution 

As a Paper Setter 

As a Moderator 

As a Head-Examiner 

As a Examiner 

Book Published, if any .................................................................................................................................................................. 

Preference for appointment as Paper Setter or Head-Examiner or Examiner : ........................................................................ 

Subject Preference ** ..................................................................................................................................................................... 

Any Other Relevant Information (Whether able to do the above job in Hindi Medium) ......................................................... 

............................................................................................................................................................................................................ 

Signature of the Applicant 

** Foundation : Organisation and Management Fundamentals Accounting, Economics & Business Fundamentals, Business Mathematics & Statistics Fundamentals 

Inter — Group I : Financial Accounting, Commercial & Industrial Laws and Auditing, Applied Direct Taxation. 

Inter — Group II : Cost & Management Accounting, Operation Management and Information Systems, Applied Indirect Taxation 

Final — Group III :Capital Market Analysis & Corporate Laws, Financial Management & International Finance, Management Accounting — Strategic 

Management, Indirect & Direct — Tax Management 

Final — Group IV :Management Accounting — Enterprise Performance Management, Advanced Financial Accounting & Reporting, Cost Audit & 

Operational Audit, Business Valuation Management. 

Management Accountancy : Management Accountancy, Advanced Management Techniques, Industrial Relations & Personnel Management, Marketing 

Organisation & Methods, Economic Planning & Development. 

(*) Extra sheet may be added if space is inadequate

This Issue - Icwai

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