RAMA’S ANUBHAV

1. RAMA’S ANUBHAV JANUARY 2019

2. INDEX 1. Editorial……………………………..…..…………………………………………………….………..03 Mr. Shyam Makwana 2. CA Topic……………………………………………………………………………………….……..05 Mr. Nitin Champavat 3. ­­­­­­Cost Controlling Mobile Workspace………………..…..…………………………...…07 Mr. Madhu Racharla 4. The Rafale Deal………………………………………………………………………….……….…09 Mr. Dhruv Desai 5.Professionalism in the Workplace…………………………………………………..…..11 Mr. Irbaz Qazi 6.Benefits to form LLP in India for MSME’s …….………….…………………...…...13 Mr. Monil Shah 7.Moments To Celebrate……………….……………………………..………..…………..…14 Ms. Anjali Singh Priya Mishra– Editor, Communicator/ Nammika Giddi - Creative & Art work

3. Editorial transit all too often operates with unforeseen delays and problems. Fortunately, our office realize the challenge of getting to work in time and are not so much focused on when exactly you arrive. Although we are more focused on results than time spent at work, it is still a good idea to arrive at relatively the same time. Know what the average length of your commute is, and give yourself a 30-minute window in which to arrive. Commit to that, and be consistent. Present yourself appropriately. Look around the office and notice what co-workers are wearing. Your attire should be neat and professional, but at the same time comfortable and non-restrictive. Also, be sure that your hair is groomed, your clothes are neat and wrinkle-free, and that your shoes are in good condition. Present yourself as the well put together professional you are. This is a key office etiquette tip! Make solid introductions. First impressions set the tone for a relationship, and an introduction is the perfect chance to make a good one. You never know when you’ll meet someone new, so it’s a good skill to keep in practice. Practice your 30-second introduction and mind your body language. Remember to make eye contact, and use a firm handshake. When you introduce yourself to a new colleague, you are not merely doing so to be polite. You are also learning about them and what they do, and how they may be able to help you (and vice versa). This is another key office etiquette tip. Remember names. People are usually impressed when you take the time to learn their names, so be sure to make it an office etiquette priority. Remember, it’s okay to ask someone to repeat their name in an introduction—in fact, it’s much better than having to ask for their name again a month down the road. Be sure to repeat the name when first introduced. It’s not only courteous, but it will help you remember it for the future. Email as if it were going to be used in a deposition! Remember that anything you send in Firm’s email becomes Dear Professional Colleagues, This is the end of December and it’s the time to bid good bye to one more year of our lives. Merry Christmas to you all and I wish you all a very Happy and Successful New Year in advance. By the time you are reading this editorial, it would be the month of January 2019 – the month of CA Final Results. Best of luck to all those who are waiting for it. I am sure our office will get new Chartered Accountants in this month. Keeping this in mind and in general, in this editorial I would like to discuss on Office Etiquettes which might help us to create good impression on our clients and colleagues. Set a window of time for your arrival. Traffic, particularly in Amchi Mumbai is hugely unpredictable. A 5 Km commute in the suburbs can easily take an hour. Mass

4. Editorial the property of our office. These emails play a fair game where the firm is into bringing clarity state with Client. Also it will show the work you have done. Be careful of what you put down in writing, and always ensure that the tone of your writing is respectful. Share the credit. Share the credit for group work and you’ll look like a team player. Also, this will generate goodwill amongst co-workers that can be reciprocated. Also—it’s the right thing to do. Build relationships. Build unity between yourself and co-workers by sharing your interests and passions. This will connect you on a personal level, building trust with those you work with—this will come in handy down the road when you have to work on a team project. Sharing your interests and passions also articulates who you are as a person, and what’s important to you. Again the above list is not exhaustive and it may vary from person to person, situation to situation and time to time. Some anonymous person has truly said – “I make a distinction between manners and etiquette - manners as the principles, which are eternal and universal, etiquette as the particular rules which are arbitrary and different in different times, different situations, and different cultures.” With Warm Regards Shyam Makwana

5. But Why Only CA? Chartered Accountant (CA), I believe everyone in the country must be aware of these two words and the roles and responsibilities attached to it. Especially after the PM Modi Speech last year on GST Inauguration-cum-CA DAY on 1st July 2017. I still very clearly remember that day when our CA Institute (ICAI) has managed everything and spent big fat amount on this one day, obviously because it was not a usual CA Day Celebration but our beloved PM Modi was to arrive and it was supposed to be a historic moment as the GST Law was also to be introduced. Almost every CA and the ICAI itself would have expected words of praises and flattery (as politicians do) on the event. But this time a whole lot of game was totally different. PM Modi criticizes CAs more and more rather than praising them or appreciating their contribution toward the nation. There were also the words of praises but those were so constipated that it feels more like sympathy rather than praise. (Almost) All the CAs were thinking like What the Hell...?? But one message was very clear through the • small businesses was something really unexpected. Although, we are not against the introduction of NFRA the main question is; "Is it not affecting the Professional Independence?" which was the very purpose behind creating the separate act for establishing the ICAI. Also, NFRA itself will definitely be affected by the political pressures if not now then at later stages but it is for sure. • Recent Supreme Court order: • The CA professionals were already trying to adjust with news of NFRA and various compliances under that. A few days after that a Supreme Court order came out which ruled out as Any act by a chartered accountant that BRING DISREPUTE to the profession, whether or not in • speech of PM Modi that; "Be Prepared, there is a lot to come!" • There is no question about it that our PM is one of the finest and most sincere PM that we could have ever. But my question is WHY ONLY CAs'? Why only we are responsible for every ups and downs with the economy? Why only we are responsible for Big Scams and bank frauds? Why only we need to be corrected? Let's try to find it out but before that some more points need to discuss which really escalates the restrictions on the profession. • Introduction of NFRA: • The introduction of NFRA is also much of a step which has limited the role and power of ICAI to a certain extent. It was although already mentioned in the Companies Act, 2013 itself about the creation of such body. But, limiting the power of ICAI only to

6. But Why Only CA? the professional domain, is open to disciplinary scrutiny and action. Like Seriously...!!! Which means a CA is expected to be accountable and responsible 24x7. Be it personal life or professional life, it just doesn't matter. Okay. Fine...! We are ready to take this too. But again, the question is Why ONLY CAs? Why not any such order for Doctors, Lawyers or other professions? Let's try to establish the Reason: After reading all this, when I really try to console myself and try to establish some reasoning then the very first reason which comes in my mind is that: "We are a good Scapegoat" and be anyone responsible, we are the first one to make accountable for all such acts. The second possible reason is that "There is no unity in our Profession" and perhaps that's why we are quite Vulnerable and we have no other option except to take what is coming. But suppose if that would be the case of Law Professionals or even any other professional, then the rules of the game are totally different. • And it only then comes the third reason and that is; to some extent, ICAI has also been responsible for not proactively taking up the genuine cases involving misconducts against their member and take the required action against them. And it had become the common thinking of members as well that if anything goes wrong the CA won't get trapped and if trapped the mother like ICAI would take care of that. But as I said; this reason comes only after the above two. • Conclusion: • I am not against the implementation of NFRA, I am not against the SC order. I am also not blaming the Govt. for posting us as the Main Villain.! But my concern is; WHY ONLY CA? • CA has always been a very reputed and respected profession and it can't be denied that it has served the whole nation from the very inception of itself. Although, there might be some cases of misconducts or even involving frauds still that does not mean to interrupt the independence of professional body through the political diktat. • At the end; I believe one thing can't be denied by anyone that CAs had always served and always ready to serve the nation with full integrity and their all professional skills. • -Nitin Champavat

7. Cost Controlling Mobile Workspace This topic provides information about the Cost controlling mobile workspace. This workspace lets cost center managers view information about cost center performance anytime and anywhere. This mobile workspace is intended to be used with the Microsoft Dynamics 365 for Unified Operations mobile app. Overview The Cost controlling mobile workspace provides an instant view of the current performance of cost centers by comparing actual costs against the budgeted costs. You can drill down to the status of individual cost elements. For example, an employee receives an invitation to an international conference, but the organization must cover all the travel expenses. The employee asks his manager whether he can attend the conference. The manager opens the Cost controlling mobile workspace on her mobile device to see whether she has budget for the employee to attend the conference. Data security The data in the Cost controlling mobile workspace is secured through user credentials. Cost center managers are allowed to see data only for their own cost center. The access-level security is managed in the Cost accounting module. Cost accountants define the configuration of the Cost controlling mobile workspace in the Cost accounting module. After the workspace is published to the mobile app. Actions, views, The Cost controlling mobile workspace provides the following actions, views. • Actions: o Use Select configuration to select a layout. o Use Select cost object to select the cost centers to filter data on. • Views: Based on the actions that are selected and the configuration in the Cost accounting module, you can view the following information on the cards.

8. Cost Controlling Mobile Workspace The following amounts are shown on every card: Actual, Budget, Variance. • Download and install the Dynamics 365 for Unified Operations mobile app: • For Android phones • For iPhones

9. The Rafale Deal A summary of the Terms & Conditions of the Deal: On 28th August 2007 the Defence Ministry of India accepted the proposal to buy 126 MMRCA fighter jets (Medium multi-role combat aircraft) for the increasing negative relations with the neighbouring countries and to keep India equipped with the latest aviation technologies. Going further on May 2011 2 Aircrafts were shortlisted based on the Price tags and the technologies they had compared to the peers, namely – 1. Eurofighter 2. Rafale. Thereafter Dassault Aviation was finalised and negotiations has started for 126 Rafale fighter Jets as the company quoted the lowest bid with latest technologies. In the agreement, it was finalised that out of 126fighter jets 18aircrafts were to be received on Off the Shelf basis i.e. the aircrafts are manufactured in France and are in ready to fly conditions and the balance 108fighter jets would be manufactured in India by HAL (Hindustan Aeronautics Limited). The manufacturing would be • carried out by HAL, while Dassault Aviation would provide the technology to manufacture the Jets through Transfer of Technology process where 70% work would be done by HAL and the balance 30% work on the aircrafts would be done by Dassault Aviation by signing a Work Share Agreement on March 2014. • The negotiations went on for a very long period of time, during this period the Government of India changed bringing in the Proactive government of BJP led by Shri Narendra Modi. • From here the controversies had started, on 25th March • 2015 the CEO of Dassault Aviation announced that 95% of the paper work had been completed and would release the final term & conditions soon, further on 8thApril2015 the Foreign Ministry of India agreeing with the statement of the CEO of Dassault Aviation said that the Agreement would be released soon. • On 10thApril2015 PM Narendra Modi went to France and issued a Joint statement between India and France, stating that a New Rafale Deal will be finalised and the old deal is called off, without the consent of The Cabinet Ministry of India. The New Rafale Deal stated that India

10. The Rafale Deal would buy 36Fighter Jets in a Fly away condition. Following this 2 new companies were formed – Reliance Defence Ltd. (Anil Ambani's company) on 25thApril2015 and Adani Defence Systems on 28th April 2015. The most highlighting term in this deal was that the deal had a 50% Off-Set Clause, which means that the Supplier of the product is bound to spend 50% of the Cost of the Deal in a company, with the consent of the buyer. The deal was worth Rs 59000/-crore which means Dassault Aviation has to invest Rs 30000/-crore in India under Off-Set Clause. On 3rdOctober2016 Anil Ambani’s Reliance Group came under a Joint venture with Dassault Aviation and further Dassault decided to Invest Rs 21000/-crore in the same Joint Venture as per the Hindu News Report. Then President of France Francois Hollande who was • the President from 2012-2017, on 21stSeptember2018 said that the Modi Government himself choose Anil Ambani as the off-set partner. And further on 21stOctober2018 Dassault Aviation CEO said that they would at least invest Rs800/-crore in Reliance Group. Now what is the truth is not yet revealed, only once the Off Set clause is implemented we can comment on the same. • Pricing of the Rafale Deal: • Old Deal - The Congress Spokesperson claim that initially the cost of one fighter jet ranged from Rs526crore to Rs570crore i.e. Rs54000crore for 126 fighter Jets. This was further revised to Rs90000/-crore which included the cost of Transfer of Technology for the aircrafts manufactured in India i.e. Rs714/-crore for a Single jet. • New Deal – The total cost for only 36fighter Jets on ready to fly conditions is Rs59000/-crore i.e. Rs1638crore for a Single Jet. • This means that the new cost of a Single Jet is almost 2.5times the Initial cost compared to the revised cost of Rs714/-crore for a single jet. And as per the reports if the Jets were to be manufactured in India the cost would have fallen down drastically as lower labour cost and other factors of production are available on lower rates. • On the above facts as per the News Reports and the available sources quite a few things are highlighted which raise many Questions against the Government of PM Narendra Modi. • Thank You. • Dhruv Desai

11. Professionalism in the Workplace Professionalism is defined as an individual's conduct at work. You may wonder if anyone will even notice if you don't demonstrate professional behaviour at work. As long as you do your job well, who cares? It turns out your boss, clients, and co-workers do. They will notice if you lack this quality and it could have severe consequences for your career. you can show your professionalism with the following dos and don’ts, Make It a Priority to Be on Time When you arrive late for work or meetings, it gives your boss and co-workers the impression you don't care about your job and, if it affects them, it's like saying you don't value their time. Show up at least a few minutes before you are supposed to start work and return from your breaks on time. Don't Be a Grump Leave your bad mood at the door when you come to work. We all have days when we aren't feeling our best. Remember not to take it out on your boss, your co-workers, and especially your clients. Dress Appropriately Whether you have to dress up for work, your appearance should always be neat and clean. A wrinkled suit looks no better than a ripped pair of jeans does. Watch Your Mouth Swearing, cursing, or cussing—whatever you call it—has no place in most workplaces. Refrain from using foul language. Offer Assistance to Your Colleagues A true professional is willing to help his or her co-workers when they are overburdened or facing a challenge at work. He or she isn't afraid to share knowledge, opinions, or simply an extra pair of hands. One person's success reflects well on everyone in his or her workplace.

12. Professionalism in the Workplace Try to Stay Positive Negativity is contagious. If you complain incessantly about your workplace, it will bring others down. Your boss certainly will not appreciate a drop-in morale among his or her employees. That does not mean you shouldn't speak up about things you think are wrong. If you see something that should be fixed, give your boss feedback along with a plan for how to make improvements. If you are just complaining for no reason, stop. Don't Hide from Your Mistakes As hard as it may be to do, own your mistakes and then do your best to correct them. Make sure you don't make the same one twice. Never blame others for your errors, even if they deserve it. Instead, set an example so that those who share responsibility for the mistake can step forward and admit their part. Don't Lie Dishonesty always makes you look bad, whether it's lying on your resume or calling in sick when you aren't. A true professional is always upfront. If you are unqualified for a job, • you have two choices. Don't apply for it at all or submit an application that reflects your real skills. If you choose the second option, explain how your other strengths compensate for the missing requirement. As for lying about being sick, if you need a day off, take a personal or vacation day. • Don't Air Your Dirty Laundry • While confiding in a close friend at work is usually okay, sharing too much informationwith the entire office is not. Be judicious about whom you talk to. If you do decide to share something personal with your co-workers, don't do it where clients might overhear you. • - Irbaz Qazi

13. Benefits to form LLP in India for MSME's Let’s first understand in detail important things about LLP. LLP full form is Limited Liability Partnership. LLP is a type of legal entity where some or all partners have limited liability. There are many different types of business entities In India, the main difference between LLP and Traditional Partnership is that one partner is not responsible for another partner misconduct or negligence. LLP combines the limited liability of the company and the flexibility of the Partnership with limited compliance cost. Confused whether your business is suited for LLP or not? So, Which Type of business should choose LLP? LLP is useful for small to large enterprises in general but particularly for service-based Industry or sector involving professionals such as web designers, architects, for example, which doesn’t require equity funding. LLP is one of the easiest forms of registration which can be formed easily as compared to Private Limited Companies which doesn’t require to hold board meetings or record minutes. Since LLP is itself liable for the debts run up while running the business rather than individual partners in the firm, hence LLP is preferred only for profit-making business. However, keep in mind in case you need to raise the funds then registering for LLP is not a good option. Instead Forming Private Limited Company or OPC is preferred. • Benefits of LLP Registration in India • Separate Legal Entity • Continuous Existence • Minimal Compliance • Easy Transfer of Ownership • Owning Property • Easy to Wind Up •  Conclusion • Forming LLP in India is very easy as compared to Private Limited Company. You just have to follow the above-mentioned steps. LLP is suitable for those types of business who are making profit and wants limited liability on them. For example, web designing firms, professional services, architects i.e. mostly service-based businesses. In case you want funding then it is recommended to choose Private Limited Company. • - Monil Shah

14. Moments to Celebrate Mr. Ram Agarwal- 27th Jan Mr. Vishal Mandani- 1st Jan Mr. Kapil Dev- 14th Jan Mr. Irbaz Qazi- 17th Jan Mr. Girish More- 22nd Jan Ms. Khushboo Parmar – 12th Jan Ms. Nikita Houde- 23rd Jan Ms. Roshni Pandey- 19th Jan Mr. Rahul Kandu- 17th Jan Mr. Abhishek Panegal- 16th Jan Ms. Sonal Sonigra- 10th Jan Mr. Satyamedh Nandedkar Mr. Ravi Gupta Ms. Bhagyashree Sawant Mr. Manish Mishra Mr. Vivek Mishra Mrs. Swati Chaturvedi Ms. Jasmin Amlani

15. Thank You and Goodbye Until Next Time Visit us at: www.rama.co.in / www.ramaerp.in Dubai: M-01,Bank Street Building, Next to Citibank, Bur Dubai, P.O. Box: 120349, Dubai, UAE. Ph: +971 4 354 5186 / +971 4 352 9466 Mumbai: Unit 401, Hub Town Viva, Jogeshwari East, Shankarwadi Mumbai - 400060 Contact: +91 22 6223 1063 www.linkedin.com/company/ram-agarwal-&-associates-chartered-accountants www.facebook.com/ramaitllp/