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CA NIRAV CHIMANLAL SANGHAVI ICAI Membership Number - 122809 Category: CA Professional Achiever Sub Category: Engineering & Capital Goods sector Category:

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Presentation on theme: "CA NIRAV CHIMANLAL SANGHAVI ICAI Membership Number - 122809 Category: CA Professional Achiever Sub Category: Engineering & Capital Goods sector Category:"— Presentation transcript:

1 CA NIRAV CHIMANLAL SANGHAVI ICAI Membership Number Category: CA Professional Achiever Sub Category: Engineering & Capital Goods sector Category: CA Professional Achiever Sub Category: Engineering & Capital Goods sector Manager (Finance & Accounts) Hydrocarbon IC (Vertical) Larsen & Toubro Limited

2 Turnover (Sales) of the Company: Turnover (Sales) of the Company: Rs. 64,960 Crores Rs. 64,960 Crores Net worth of the Company: Net worth of the Company: Rs. 29,387 Crores Rs. 29,387 Crores Market Capitalization of the Organization: Market Capitalization of the Organization: Mar 12 - Rs. 80,031 Crores Mar 12 - Rs. 80,031 Crores Sep 12 - Rs. 98,010 Crores Sep 12 - Rs. 98,010 Crores

3 KEY ROLE IN THE ORGANIZATION Responsible for compliance with new requirement of Cost Accounting Record Rules (CARR) & Cost Audit regulations issued by MCA u/s. 209(1)(d). Responsible for compliance with new requirement of Cost Accounting Record Rules (CARR) & Cost Audit regulations issued by MCA u/s. 209(1)(d). Financial Accounts – responsible for Consolidation of accounts including S&A Companies compliant with Revised schedule VI. Financial Accounts – responsible for Consolidation of accounts including S&A Companies compliant with Revised schedule VI. Handling Tax Audit & Transfer Pricing(TP) Handling Tax Audit & Transfer Pricing(TP) Responsible for SAP implementation for S&A Company – a JV with SapuraCrest - Malaysia Responsible for SAP implementation for S&A Company – a JV with SapuraCrest - Malaysia Accounting of 4 Subsidiary Companies Accounting of 4 Subsidiary Companies Others – XBRL, IGAAP conversion of foreign S&A, etc. Others – XBRL, IGAAP conversion of foreign S&A, etc.

4 MAJOR ACHIEVEMENTS Successful implementation of SAP ECC 6.0 for L&T-SapuraCrest JV. Successful implementation of SAP ECC 6.0 for L&T-SapuraCrest JV. Was first to complete audit and upload of XBRL financial of 8 S&A Companies of our division as per new requirement of MCA. Was first to complete audit and upload of XBRL financial of 8 S&A Companies of our division as per new requirement of MCA. Timely compilation of data for TP Audit for the A.Y , (international transaction value with 8 S&A Cos. – Rs. 236 crores) including brief note summarising the transactions and justification for ALP well appreciated by Auditors. Timely compilation of data for TP Audit for the A.Y , (international transaction value with 8 S&A Cos. – Rs. 236 crores) including brief note summarising the transactions and justification for ALP well appreciated by Auditors. Details of TP Assessment for A.Y provided and assessment completed with out any additions to income (total international transaction value – Rs. 63 crores). Details of TP Assessment for A.Y provided and assessment completed with out any additions to income (total international transaction value – Rs. 63 crores). Details for TP Assessment for A.Y provided for timely completion of assessment (total international transaction value – Rs. 130 crores). Details for TP Assessment for A.Y provided for timely completion of assessment (total international transaction value – Rs. 130 crores). Ensuring timely completion and input to Corporate of quarterly / annual financial accounts for IC as a whole (incl. S&A Companies). Ensuring timely completion and input to Corporate of quarterly / annual financial accounts for IC as a whole (incl. S&A Companies). Professional development by attending 2 days seminar on CARR & cost audit and 9 Saturdays extensive study course on transfer pricing by BCA. Cont…. Professional development by attending 2 days seminar on CARR & cost audit and 9 Saturdays extensive study course on transfer pricing by BCA. Cont….

5 MAJOR ACHIEVEMENTS – Cost Accounting Record Rules Took the lead in CARR implementation & identified concepts, formats applicable to L&T - Hydrocarbon IC. Took the lead in CARR implementation & identified concepts, formats applicable to L&T - Hydrocarbon IC. Effectively managed through extensive coordination with Cost Auditors & Corporate costing team as there are two different software platforms viz. SAP & EIP within the group and coordination with multiple locations viz. Mumbai, Baroda, Chennai & Surat and ensured timely compliance. Effectively managed through extensive coordination with Cost Auditors & Corporate costing team as there are two different software platforms viz. SAP & EIP within the group and coordination with multiple locations viz. Mumbai, Baroda, Chennai & Surat and ensured timely compliance. Developed excel based mapping of SAP GLs to Hyperion (consolidation software L&T) and further to cost heads in Abridged cost statement. Developed excel based mapping of SAP GLs to Hyperion (consolidation software L&T) and further to cost heads in Abridged cost statement. Calculation of recovery rates based on cause & effect relationship & benefits received Calculation of recovery rates based on cause & effect relationship & benefits received Taking advantage of SAP relationship between WBS & Cost centers and their assignment to profit center to get product / project wise cost statements. Taking advantage of SAP relationship between WBS & Cost centers and their assignment to profit center to get product / project wise cost statements. Analysis of reconciliation items between cost & financial accounts into: Analysis of reconciliation items between cost & financial accounts into: –difference in accounting principles, –inefficiency, –external factors e.g. Forex and arranging for process improvements. and arranging for process improvements.


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