PERFORMANCE OPTIMIZATION

Management Information System

The Management Information System (MIS) is a system to support the decision making function in the organization. The difference lies in defining the elements of the MIS. However, in today’s world MIS a computerized business processing system generating information for the people in the organization to meet the information needs decision making to achieve the corporate objective of the organization.
In any organization, small or big, a major portion of the time goes in data collection, processing, documenting it to the people. Hence, a major portion of the overheads goes into this kind of unproductive work in the organization. Every individual in an organization is continuously looking for some information which is needed to perform his/her task. Hence, the information is people-oriented and it varies with the nature of the people in the organization.

Role Of Management Information System (MIS)

The role of the MIS in an organization can be compared to the role of heart in the body. The information is the blood and MIS is the heart. In the body the heart plays the role of supplying pure blood to all the elements of the body including the brain. The heart works faster and supplies more blood when needed. It regulates and controls the incoming impure blood, processes it and sends it to the destination in the quantity needed. It fulfils the needs of blood supply to human body in normal course and also in crisis.
The MIS plays exactly the same role in the organization. The system ensures that an appropriate data is collected from the various sources, processed, and sent further to all the needy destinations. The system is expected to fulfil the information needs of an individual, a group of individuals, the management functionaries: the managers and the top management.
The MIS satisfies the diverse needs through a variety of systems such as Query Systems, Analysis Systems, Modelling Systems and Decision Support Systems the MIS helps in Strategic Planning, Management Control, Operational Control and Transaction Processing
The MIS plays the role of information generation, communication, problem identification and helps in the process of decision making. The MIS, therefore, plays a vital role in the management, administration and operations of an organization.

Business Process Re-Engineering

Business process re-engineering (BPR) began as a private sector technique to help organizations fundamentally rethink how they do their work in order to dramatically improve customer service, cut operational costs, and become world-class competitors. A key stimulus for re-engineering has been the continuing development and deployment of sophisticated information systems and networks. Leading organizations are becoming bolder in using this technology to support innovative business processes, rather than refining current ways of doing work.
Business process re-engineering is a business management strategy, Business Process Reengineering involves the radical redesign of core business processes to achieve dramatic improvements in productivity, cycle times and quality, customer service, cut operational costs, and become world-class competitors. A key stimulus for re-engineering has been the continuing development and deployment of sophisticated information systems and networks. Leading organizations are becoming bolder in using this technology to support innovative business processes, rather than refining current ways of doing work.
Business Process Re-engineering (BPR) is basically the fundamental re-thinking and radical re-design, made to an organization’s existing resources. It is more than just business improvising. For successful execution of the BPR project, Consultant follows a comprehensive & proven methodology that has six phases.

How Business Process Reengineering Works:

Business Process Reengineering is a dramatic change initiative that contains five major steps. Managers should:
• Refocus company values on customer needs
• Redesign core processes, often using information technology to enable improvements
• Reorganize a business into cross-functional teams with end-to-end responsibility for a process
• Rethink basic organizational and people issues
• Improve business processes across the organization
For successful execution of the BPR project, Consultant follows a comprehensive & proven methodology that has six phases.
• Identify key business processes that need improving and automating
• Identify key people and communications necessary in each process flow
• Map “as is” and “to be” process flows
• Develop a strategic plan to implement the new process flow
• Implement the developed strategy
• Optimize and improve the process once implemented

Ishtar Traders and Consultants LLP Offers?

We work directly with management to quickly stabilize performance by developing and implementing a strategic plan that addresses the immediate challenges an organization is facing. We also advise management on the restructuring and turnaround process and financial and operational issues, helping an organization restore confidence in its lenders, creditors and investors.
Our hands-on industrial experience helps us analyse any business process in its totality, and not in isolation. We bring to the table an external, objective and unbiased view so as to enable all to “think out of the box”. We strive to create a fresh approach to a given process. Our Business Process Re-engineering Service works cooperatively with you to identify, develop, and implement strategic operational improvements with maximum benefits in resource-management, service quality, scalability, and competitive positioning. Our Business Process Re-engineering Service includes:
• Manage cash and working capital
• Model cash flow
• Evaluate viability of operations
• Prepare liquidation analyses
• Identify and analyse assumptions, business plan forecasts and projections
• Assess feasibility of business plans
• Analyse reorganization plans and alternatives
• Assist in the development of exit strategies
• Assist with debt restructuring
• Negotiate with creditors
• Administer crisis cash management
• Perform interim management responsibilities
• Identify issues affecting profitability
• Develop turnaround plan and implementation
• Assist in the preservation of tax attributes,
• NOLs, insolvency and bankruptcy issues and tax compliance.

CFO Management

The issues of handling business expansion or growth were eventually faced by all successful small business at the time of their establishment. Business expansion is that stage of a company’s life which is full of both opportunities and risks. On one hand, business growth often carries with it a corresponding increment in financial fortunes for owners and employees alike.
Growth causes a variety of changes like managerial, legal, and financial changes. Growth means that market share will expand, calling for new strategies for dealing with larger competitors. Growth also means that additional capital will be needed, creating new obligations for shareholders, investors, and institutional lenders. Hence, growth brings with it variety of changes in the structure, requirements, and objectives of company.

ROLES OF CFO

• EARLY START – UP PHASE: – This is the preliminary phase where a CFO takes charge of your internal processes and internal controls. He understands the way your business works and provides you valuable service in arrangement of cash by offering banking and lending services. He also fine tunes your business by providing financial strategy services. CFO also helps in improving your processes which in turn improves your working culture and helps to make optimum utilization of your resources.
• GROWTH PHASE: – Growth is the most important driver that requires SME’s and companies to work in an efficient and effective manner. We will provide you guidance to grow in the right directions with optimum arrangement of funds & by providing you services such as profit maximization, expense reduction. We shall provide your assistance in allocating your resources in effective & efficient manner, identifying your areas of improvement and help you improving the same. CFO shall also advice in taking decisions regarding mergers and acquisitions.
• TURNAROUND PHASE: – Start-up phase represents evolution in the role of CFO, and turnaround phase is a revolution. The CFO has to undergo in depth verification to make vital decisions. The CFO has great challenges as they have to focus on making modifications where businesses are failing to produce acceptable returns. He also helps in restructuring of debts of the company and providing working capital assistance.

CFO SERVICES MERITS

As a CFO of a large company you may face challenges of executing various assignments that require not just another consultant, but someone who can understand your pains and can execute various projects, with leadership skills.
• SAVE ON THE INFRASTRUCTURE COST: – Infrastructure costs in India form substantial part of the total operating cost of an organisation. Since the accounting and finance teams would be working from NMA’s location, the Company would be able to save substantial overheads. We would also be able to save our burden of changing or maintaining infrastructure.
• SAVE ON THE BONUS / OTHER COMPULSORY LABOUR COSTS: – Your Company would be able to save the compulsory labour costs, be it in the nature of bonus or other social security benefits.
• SAVE ON THE EMPLOYEE TURNOVER: – The team involved in finance functions would be managed by NMA, helping you save on the attrition related costs and avoid any loss of work.
• CONCENTRATE MORE ON YOUR CORE BUSINESS: – Your organization will be free to concentrate on the core business. By outsourcing all your non-core functions, your employees can be put to optimal productive use leading to increased efficiency and growth rate in your core business.
• GET ACCESS TO SPECIALIZED SERVICES: – ISHTAR TRADERS AND CONSULTANTS LLP teams specialize in managing finance functions with limited intervention from organization’s side.
• FINANCIAL TOOLS INVOLVE METHODS IN WHICH TO: – Improve the timeliness and accuracy of your financial statements, and Maximize profits, cash flow, and working capital. Armed with this type of information regularly, imagine what your growth possibilities could be.

Ishtar Traders and Consultants LLP Offers?

We have been CFOs for several Indian and Foreign companies. Our clients include Japanese, American, Canadian and Australian Companies that have engaged our services for entering India.
We have rendered the full suite of services to these companies from Incorporation to registration services to Payroll processing, Accounting and Reporting. Why are our services in demand? Factors include timely and professional services that are helping the company to save costs.
Imagine one of the key prospects of your business being handled by an experienced Chief Financial Officer for a fraction of the cost of a full-time employee. Our outsourced CFO services can be hired on a part time basis, but the skill-sets we bring to the table are the equivalent of you hiring a highly experienced in-house CFO. You can depend on your Outsourced CFO to provide you with the financial tools you need for effective management of your business.
Ishtar Traders and Consultants LLP offers support services to CFO’s of large companies, which permits them to focus on bigger and more strategic concerns. Our Outsourced CFO controllership services assist new foreign small and medium size corporate in planning and organising their finance and other resources efficiently at best affordable prices of Finance Manager. Some of our services include:
• We provide assistance to MNC, coming to India in strategic planning and management of their affairs as temporary CFO/CEO India during initial set up as per requirement.
• Complete establishment with all legal compliances and all level recruitments as per client’s requirement, one year’s initial special set up services including contracts/agreements with venders as per requirement of client.
• We assist foreign corporate in CEO/CFO/Directors/ Sr. Top executive search and recruitments
• Our Outsourced CFO consulting services assist CFO/CEO/Directors abroad in all their planning and management functions and will keep in touch with clients regularly on daily, weekly basis as per requirement, we manage and deal with Banks and Financial Institutions in India on behalf of clients.
• Cash flow planning, fund flow planning, banking, etc.
• Budgeting, Profitability planning and analysis.
• Implementation of and maintenance of a good management accounting and reporting system
• Treasury Management, including investment of surplus funds.
• Complete handling of accounting and statutory needs.
• Assistance in the preparation of Business Plans, Project Reports, etc.
• Complete handling of direct and indirect taxation.
• Assistance in choosing the right transfer pricing model and the related issues
• Co-ordination with the external statutory auditors
• Assistance in handling critical issues related to tax and statutory compliance
• Periodical reporting in the customers’ internal formats including on SAP platform
• Developing and maintaining relationships with investors and other stakeholders.
• Maintaining reporting relationship with the CEO / global CFO
• Our services are found to be very effective by many companies, in which the critical finance function is handled by one of the promoters / Directors. By handling this critical function, we enable our customers and especially the promoters/directors save significant time and energy, which can be better utilized in their businesses.
• We strive to be our customers’ Chief Profit Officers (‘CPOs’), while discharging our function as their Chief Financial Officers (‘CFOs’)
• Financial arrangement and management as CFO.
• Authorised signatories facilities can be rendered to facilitate clients business in India.
• Strategic growth plan and assistance in implementation for desired results.
• Assistance in getting senior professionals – Full time/part time CFO/CEO in India.
• Assists International accounting Firms / financial consultants /project consultants, Bankers as CFO/CEO in India on behalf of their clients in India.
• Assistance in External commercial borrowings (ECB) from foreign Bankers/Financial Institutions/Private sources.
• Foreign Investors looking for financial / Technical joint-ventures in India in IT and Non IT corporate may write for joint-ventures, partner
• Search, Due diligence,
• Sarbanes Oxley Act (SOX) consultants ,compliances, documentation for American corporate in India

ENGAGEMENT MODEL

VIRTUAL CFO

As an entrepreneur, in order to manage your growing business, you require a strategic partner to lead & manage fund raising, financial reporting, budgeting, monitoring cash flows, contract negotiations, implementing systems & controls, compliances, BOD & Investor reporting and to strengthen your finance & accounting team.
ISHTAR TRADERS AND CONSULTANTS LLP offers Virtual CFO services, wherein, similar to a full-time CFO, ISHTAR TRADERS AND CONSULTANTS LLP acts as your company’s CFO, except for not being your full-time employee. He may not be on-site, but is always available. In certain situations, ISHTAR TRADERS AND CONSULTANTS LLP carries your company’s visiting card, as an integral team member, when interacting with your clients, vendors and bankers.
Depending on the size and the growth stage of your company, we provide a flexible engagement model, enabling you to increase/decrease engagement levels, thereby giving you the opportunity of having the best CFO talent assisting you on the basis of your requirements. Our on-going Virtual CFO retainer engagements can be as low as 2 hours a week and can go as high as 35 hours a week. This flexible engagement model also helps you to keep your CFO costs variable and low.
We must state that all our CFO’s have rich work expertise and in most cases they act as good mentors to our client companies.

INTERIM CFO

Many a times, companies need someone to instantaneously takeover the responsibilities as their CFO. This could happen in either of the following situations:-
• The current CFO has suddenly quit Or
• The current CFO is sick and will be on a long leave Or
• The company requires a senior professional, with CFO expertise, to handle a specific project such as implementing a new ERP System or negotiating with lenders & investors.
In such a scenario, you could either engage a head-hunting firm and spend loads of cash, as search fees and signing bonuses to the new candidate, and still wait at least for about 3 months (on an average) until the new recruit starts working for your company and not do anything until then or Engage a CFO from ISHTAR TRADERS AND CONSULTANTS LLP team, as your Interim CFO.

SPECIAL PURPOSE CFO

• Due to multiple on-going projects Or
• Unavailability of adequate CFO time Or
• Limitation in management bandwidth, it becomes tough for companies to implement special projects. Our Special Purpose CFO steps-in and works with your existing senior management team, including your CFO, in executing these special projects with excellence.

WORK METHODOLOGY:-

• Assessment of assignment in terms of understanding brief, scope and time that will be required.
• Arriving at clear cut deliverables.
• Proposal detailing, deliverables, scope of work, proposed schedule, time frame, assumptions, critical factors and quotation for assignment.
• Contract / Sign off.
• Weekly / Periodic reviews with client.
• Preparing periodic reports.
• Submission of draft report / basic work completion.
• Review with client.
• Fine tuning analysis and conclusion.
• Submission of report.

Fixed Asset Register Related Services

In India, it is crucial for Companies to manage Fixed Asset Register’s consists of certain mandatory information. Often, Companies which are multi-location and working on legacy work platforms are required to incorporate this Register into the new ERP platform to which they are shifted. The challenge then is to provide reconciliation with the Books of Accounts, supported by tagging of all Fixed Assets and its proper recording. Further due to following reason Fixed Assets register are needed in the organisation.
• Corporate governance requirements (SOX, GAAP, IFRS, CLAUSE 49, CORPORATE GOVERNANCE etc.).
• Inaccurate depreciation calculations.
• Lack of an audit trail and overall security.
• Inability to link ‘parent/child’ assets or conduct asset splits, batch disposals, etc.
• Access to multi-currency, multi-lingual or multi-book capabilities.
• Unable to meet historical reporting and forecasting requirements.
• Wasted time on tedious tasks such as data entry.
• Lack of confidence in data integrity.
A fixed asset register is an accounting tool used to store and regulate an organization’s list of fixed assets (e.g. computer and office equipment, vehicles, land, buildings, etc.), which typically consists of items held for the purpose of production of goods or performing services, not used for the purpose of sale. Quite simple, a fixed asset register is a detailed list of fixed assets.
In the absence of an updated Fixed Assets Register, it is tough for any company to keep check over the FA. If FA Register is not updated frequently for the addition and deletion during the year, it alert about the weak internal control over the FA’s and does not present the true and fair picture of FA in the Balance Sheet. Further, it may result into reporting by Statutory or Internal Auditor in their report.
Fixed asset management is an accounting process used to track fixed assets for the need of financial accounting (depreciation). Many companies also elect to track the whereabouts, quantity, condition and maintenance records relating to fixed assets for tax and insurance purposes.
From a purely operational standpoint, having a correct asset register that shows location, condition and the responsible contact can help to ensure that assets are available and usable when needed. But how a business uses its assets also has multiple effects on the entity’s finances, through the very tangible costs of heightened insurance premiums, property taxes and unused depreciation. These areas cannot be effectively addressed without a specialist fixed asset management solution. Organizations that are using inconvenient spread-sheets to manage an ever-growing asset register constantly struggle to address a variety of issues surrounding the accountability and traceability of their asset base.

What Ishtar Traders and Consultants LLP Offers?

Ishtar Traders and Consultants LLP provide total Solutions under one roof to its clients in relation to fixed asset management. We provide following services in this regard:
• Updating existing FA Register and review of capitalization as per the provisions of AS-10 of ICAI.
• Asset Verification and Tagging Services
• Preparation of FA Register, regular updating on half yearly basis and review of capitalization as per the provisions of AS-10 of ICAI.
• Reconciliation of FA Register with the physical verification results.
• Physical verification of FA (only if FA registers is not being maintained by us).
• Compilation of discarded and/or obsolete items list
• Fixed Asset Inventory and Reconciliation Services – FAIR
• Compliance Repository Maintenance
• Fixed Assets Audits
• Depreciation Calculation and Accounting.

Stock Market Operations Related Services

Stock exchanges in India have a long history exceeding 175 years. These institutions have witnessed extreme change in their ownership and governance structure over the period of time, from a purely closed club of trading members to full demutualization, and from an organization resembling more a self-regulatory organization to a SEBI regulated entity. To serve the overarching goal of market development, financial inclusion, transparency, developing and operating efficient and risk free trading system, continuous modifications have been made from time to time in the management and functioning of the stock exchanges. Along with stock exchanges, other institutions (depositories and clearing corporations) which are as much an essential part of the market infrastructure, for achieving the above motives also developed. These institutions (i.e., stock exchanges, depositories and clearing corporations) are systemically necessary for the country’s financial development and serve as the infrastructure important for the securities market. These institutions are collectively referred to as Market Infrastructure Institutions (MIIs).
For the smooth functioning of these MIIs, government has issued different Acts. SEBI has also specified various regulations from time to time for such purpose, which is time to time changed as to respond to the changes in the requirements of the market and in keeping with financial and technological advancement world over. Development is a continuous process and each modification brings a new challenge. The case of MII’s has been no different.
There are different risks that companies are exposed to and when you invest in equity, your returns are affected by these risks. These are
• Business risks i.e. the risks concerned with the prosperity of a business and the demand for its products
• Financial risks like the skill with which a company’s funds are managed to assure that it has an optimum level of debt, equity, reserves, etc.
• Industry risk like changes in technology, regulations, fashions, etc., also have an impact on the performance of an industry
• Management risks like the level of corporate governance, management skills and vision
• Political, economic and exchange rate risks i.e. these factors affect a company but are outside its control
• Market risks i.e. the risk that the market will collapse, or that you have invested at the peak, which determine your returns on your equity investment.

What Ishtar Traders and Consultants LLP Offers?

Ishtar Traders and Consultants LLP work closely for BSE Limited, National Stock Exchange, Delhi, Mumbai, Ahmedabad & Uttar Pradesh and other regional Stock Exchanges. We work for many groups listed with BSE Limited and offer various services catering specific needs. We provide the Stock market services under the following categories.
• Conduct of Internal Audit of operations of the Depository Participants, at intervals of less than three months and furnish a copy of the internal audit report to National Securities Depositories Limited (NSDL).
• Concurrent Audit in case of De-mat Account opening, Control and Verification of Delivery Instruction Slips.
• Conduct of Internal Audit of operations of the Depository Participants at such intervals as may be prescribed by CDS from time to time and furnish a copy of the internal audit report to Central Depository Services (India) Limited (CDS).
• Certificate of Net worth to be submitted to Bombay Stock Exchange Limited by all active members comprising representative members of Cash segment, Limited Trading members & Trading and/or Clearing members of the Derivatives segment of the Bombay Stock Exchange.
• Certificate to National Stock Exchange Limited on;
o Details of directors/proprietor in format C-3 as per Annexure 4.3 of Annual Return submitted by Trading Member to the Stock Exchange.
o Details of shareholding pattern/sharing pattern of corporates in format C-6 as per Annexure 4.4(a) of Annual Return submitted by Trading Member to the Stock Exchange.
o Details of shareholding pattern/sharing pattern of firms in format C-6 as per Annexure 4.4(b) of Annual Return submitted by Trading Member to the Stock Exchange.  
o Details of Dominant group of corporates in format C-7 as per Annexure 4.5(a) of Annual Return submitted by Trading Member to the Stock Exchange.
o Details of Dominant group of firms in format C-7 as per Annexure 4.5(b) of Annual Return submitted by Trading Member to the Stock Exchange.
o Undertaking from Relative of Persons constituting Dominant Promoter Group in format C–8 as per Annexure 4.6(a) of Annual Return submitted by Trading Member to the Stock Exchange.
o Undertaking from Corporates supporting Dominant Promoter Group in format C–8 as per Annexure 4.6(b) of Annual Return submitted by Trading Member to the Stock Exchange.
• Inspection of books of accounts and other documents of members of stock exchange of The Ahmedabad Share and Stock Brokers Association, Mumbai, Delhi, Ahmedabad & Uttar Pradesh Stock Exchange Association Ltd., Kanpur.
• Certification to the effect that RTA and/or In-house Share transfer facility of Listed Companies have issued all certificates within one month of the lodgements for transfer, sub-division, consolidation, renewal, exchange or endorsement of calls/ allotment monies, to The Stock Exchange, Mumbai, Delhi, Pune Stock Exchange, The Calcutta Stock Exchange, Uttar Pradesh Stock Exchange Association Limited (Kanpur).
• Verification and authentication of the declarations of the Managing Director of a Company to the Stock Exchange, when listed securities are forfeited or delisted voluntarily.
• Consultancy for Business Analysis and Expansion of Existing Stock Market Operations for Brokers and Trading Houses – We have extensive hands-on experience of different stock market operations and excellent command on Technical Analysis as well as Fundamental Analysis skills. We provide our professional consultancy to Brokers and Trading Houses for induction and training in alpha-seeking strategies such as Arbitrage and Pairs-trading. We have a proven track-record of trading derivatives/ options, volatility trading and hedging, market trend following and analysing charts and derivatives data of NSE futures and options market.

PF, ESI & Other

Employee Provident Fund Scheme

The Employees’ Provident Fund Organisation, India, is one of the largest provident fund institutions in the world in terms of members and amount of financial transactions that it has been carrying on. Employees’ Provident Fund Scheme takes care of following demands of the members:
• Medical Care
• Housing
• Retirement
• Family obligation
• Education of Children
• Financing of Insurance Polices

CONTRIBUTION UNDER PROVIDENT FUND:

As per amendment-dated 22.9.1997 in the Act, both the employees and employer contribute to the fund at the rate of 12% of the basic wages, dearness allowance and retaining allowance, if any, payable to employees per month.
The applicant is assigned a social security number by filling an application. The Provident Fund registration points on delinquent reporting, underreporting, or non-reporting of workforce size. If the work force size exceeds 20, then Provident Fund registration becomes mandatory.
The employer is required to provide relevant information to the concerned regional Provident Fund Organization (EPFO) in specified manner for allotment of Establishment Code Number. No registration is to be made for the employees. Nevertheless all eligible employees are needed to become members of the Fund and individual account number is allotted by the employer in specified manner.
As per an internal circular, if application is complete in all respect, then the code number is to be allotted within 3 days from the date of submission. However, in many cases applicants have received the intimation letter with the code number in 12 to 15 days. An online application facility is not provided so far.

EMPLOYEES’ STATE INSURANCE (ESI)

The enactment of Employees’ State Insurance Act, 1948 anticipate an integrated need based on social insurance scheme that would protect the interest of workers in crises such as sickness, maternity, temporary or permanent physical disablement, and death due to employment injury leading to loss of wages or earning capacity. The Act also guarantees to render fairly good medical care to workers and their immediate dependants.
The Act was originally applicable to those non-seasonal factories using power and employing 20 or more persons; but it is now applicable to all non-seasonal power using factories employing 10 or more persons and all non-power using factories employing 20 or more persons.
The existing wage-limit for coverage under the Act, is Rs.10,000/- per month (with effect from 1.10.2006).

CONTRIBUTION UNDER ESI

E.S.I. Scheme being contributory in nature, all the employees in the factories or establishments to which the Act applies shall be insured in a manner provided by the Act .The contribution payable to the Corporation in respect of an employee shall include employer’s contribution and employee’s contribution at a prescribed rate. Revisions in rates are made from time to time. Currently, the employee’s contribution rate is 0.75% of the wages and that of employer’s is 3.75% of the wages paid/payable in respect of the employees in every wage period. Employees in receipt of a daily average wage up to Rs.50/- are granted exemption from payment of contribution. However employers will not get such exemptions from their contribution in respect of these employees.
Registration is the process through which every employer/factory and every employee employed for wages are analysed for the purpose of the medical insurance scheme and their individual records are set up for them.
As per the Employees’ State Insurance (General), Form 01 is the form needed to be submitted by Employer for registration. The Employer Code Number will be issued within 3 days to a week. Within next two days, an “intimation letter” containing the Code Number is sent by post to the employer.
 
After the employer’s registration, the Employee’s individual insurance is to be made which is a separate process. The Employer is accountable for submitting the required Declaration Form and employees are responsible for providing correct information to the employer. The employee temporary cards (ESI Cards) are issued on the spot by the local offices in many places. The temporary cards remain valid for 13 weeks from the date of appointment of the employees. It takes about 4 to 5 weeks to get a permanent ESI card. The identity cards will be delivered to the insured persons directly by the ESI Corporation rather than through the employers to assure that all the insured persons receive their identity cards to enable them to receive cash and medical benefit.
The ESI Act applies to all establishments employing 10 or more persons. The ESI Act provides for sickness benefits, medical relief, maternity benefits for women workers, compensation for fatal and other employment injuries, etc. For becoming eligible for this Act, an employee should receive wages up to Rs. 10,000 per month.

ESI REGISTRATION REQUIREMENTS CHECK LIST

• Cancelled Cheque and Copy of Bank Statements
• List of Employees ( Date of joining, Place of Duty, Salary )
• Month wise List of Number of Employees from the date of Start
• Copy of PAN Card of Firm/Company and Owners
• Residence Proof ( Voter Card/ Passport/ Ration Card/ Driving Licence)
• Proof of Registration of Establishment
• Partnership deed and Copy of Registration
• List of Clients
• Copies of Work Orders/ Agreements ( Minimum Two )
• Copies of Attendance/ Wage Sheet for the Month of Coverage
• Memorandum of Association/ Articles of Association
• Date of Application if Applied Earlier.

LABOUR / HUMAN RESOURCE LAW

The Indian law in relation to Human Resources (HR) is only combination of Central and State laws which made it more complicated. Diverse laws govern the different prospects of HR such as employment, compensation, harassment, safety at workplace, termination, corrective action, policies, procedures, benefits administration and records maintenance. A large number of requirements are required to be regularly fulfilled by employers under these laws on a monthly, quarterly or annual basis.

SOME OF THE PROMINENT HR-RELATED LAWS IN INDIA ARE:

LAWS RELATED TO INDUSTRIAL RELATIONS:

• Industrial Disputes Act, 1947
• Industrial Employment (Standing Orders) Act, 1946
• Trade Unions Act, 1926
• Minimum Wages Act, 1948
• Payment of Bonus Act, 1965
• Payment of Wages Act, 1936

LAWS RELATED TO WORKING HOURS, CONDITIONS OF SERVICE AND EMPLOYMENT:

• Contract Labour (Regulation & Abolition) Act, 1970
• Factories Act, 1948
• Inter-State Migrant Workmen (Regulation of Employment and Conditions of Service) Act, 1979
• Sales Promotion Employees (Conditions of Service) Act, 1976
• Shops & Establishment Act

LAWS RELATED TO EQUALITY AND EMPOWERMENT OF WOMEN:

• Equal Remuneration Act, 1976
• Maternity Benefit Act, 1961

LAWS RELATED TO SOCIAL SECURITY:

• Employees’ State Insurance Act, 1948
• Employees’ Provident Fund & Miscellaneous Provisions Act, 1952
• Payment of Gratuity Act, 1972
• Workmen’s Compensation Act, 1923

LAWS RELATED TO DEPRIVED AND DISADVANTAGED SECTIONS OF THE SOCIETY:

LAWS RELATED TO INDUSTRIAL RELATIONS:

• Bonded Labour System (Abolition) Act, 1976
• Child Labour (Prohibition & Regulation) Act, 1986

BESIDES THE ABOVE HR SPECIFIC LAWS, THE RELATIONSHIP OF AN EMPLOYER AND EMPLOYEE ALSO GOVERNED BY FOLLOWING GENERAL LAWS:

• Indian Contracts Act, 1872
• Intellectual Property laws
• Specific Relief Act, 1963
• Law of Torts
• Arbitration & Conciliation Act, 1996.

While these HR-specific laws are highly complex and typical to comprehend by many, the onus is on the employer to understand them and ensure compliance with the provisions specified therein. Consequences of non-compliance are stiff. If the employer is failed to comply with the statutory requirements can result in fines, penalties, and in the most extreme cases, imprisonment for the Directors and/or the officer-in-charge of the Company. It hence augurs well for any business entity to be aware of the various HR-related laws and regularly comply with all the requirements.
We understand the complexities included in these HR-related laws and the difficulties faced by companies in fulfilling with them. We, thus, offer a wide range of services to our clients that cover different aspects of HR in a company, including.
• Drafting all HR-related documents such as job offer letter, appointment letter, transfer letter, appraisal letter, and leave.
• Advising on the various compliances required to be fulfilled under applicable laws
• Drafting employee-related agreements such as confidentiality, non-disclosure and non-solicitation agreements.
• Providing advice and opinion on complex HR-related issues faced by the company from time to time.
• Handling employee-related disputes arising out of termination, voluntary resignation, non-payment of dues, etc.
• Re-drafting HR documents as deemed important and assuring that the company becomes legally-Compliant

What Ishtar Traders and Consultants LLP Offers?

We provide services in the areas of PF; ESI & Other labour law related Consultancy Services. We honour ourselves on a practical, ethical and professional approach to all PF, ESI & Other Consultancy Services. We aims at to work in the best interests of our client, giving best advice, avoiding conflicts of interests and acting with honesty & integrity at all times with the profession & tax authority with consideration of ethical code of conduct.

PROVIDENT FUND WORKS

New Company Registration

• Filing of necessary papers and obtaining PF registration code number for new establishment within specified time as per Act.
• Form 5A (Return of ownership)
• Form 9 (Revised)
• Submission of Specimen Signature

Monthly Process

• Preparation of monthly Challan for EPF & deposited into bank within prescribed time as per Act.
• Prepare Monthly Return :
o Form 12A (Revised)
o Form -5 (New Joinees)
o Form-10 (Resigned)
• Preparation of Form- 7(IF)
• PF Eligibility Register
• Maintenance of all statutory registers needed by the PF authorities.
• Preparation of Monthly PF Ledger.
• Nomination & Declaration Forms in Form No. 2 (Revised) of the new employees
• Declaration form in Form- 11(Revised)
• Attend PF inspector for inspection of records, appearing before the associated authorities on behalf of the employer in 7-A proceedings under EPF Act
• All assessment & inspection from EPF department, when needed.
• Information regarding any amendment/changes in the act will be informed instantaneously.

Annual Process

• Form No. 3-A (Monthly Contribution of the employees)
• Form No. 6-A (Annual Return)
• Bank Reconciliation
• “DBF” Database File in soft copy
• Assist in issuance of Annual PF A/c slips.

PF Withdrawals & Transfers

• Receipt of forms (19 & 10-C) after 60 days of leaving of the employee making settlement.
• Receipt of PF transfer forms (Form 13) from new appointees and sending them to RPFC/Ex-Employers trust for getting the fund transferred through the associated RPFC office.
• Taking care the process of PF withdrawals and Transfer within specified time as per Act.
• Verification of papers to assure that same are within the norms as specified under the rules.
• Acknowledging the transferred received.

Monthly Process & Annual Process

• Preparation of ESI Contributions, Challan every month time as per Act. and procuring the Code Number
• Preparation & Submission of Return of contribution every half yearly & annually. Form No. 01-A (Annual Return), Form No. 3 (Regulation 14), Form No. 5(Regulation 26, Half-yearly Return), Form No. 7(ESI Regulation No.32).

Employee State Insurance Corporation (ESIC) Works

New Company Registration

• Filing of necessary papers and obtaining ESI registration code number for new establishment within specified time as per Act & procuring the code number.
• To interact with ESI Branch office authorities to obtain ESI Cards to the Contributors.
• Submission of Accident Reports, in the event of risk occurred.
• Obtaining Permanent Identity Card (PIC) from the ESI Branch office.
• To help the Members in case of changes in the family, Loss of identity cards, etc.,
• To advise the Employees in case of sickness, disablement, Maternity, etc.,
• Guiding the management in labour oriented payments / Accounts / Lawful matters, and assisting at the time of ESI inspections
• Correspondence/Liaison with ESI Department.
• Information regarding any amendment/changes in the act will be informed immediately.
• Maintain Individual Employees Record
• Registration under the ESIC Act.
• Maintain 32 No. Register, Accident Register.
• Maintain/submit the D.F. of New Employee.
• Maintain/submit the accident report.
• Maintain/submit the accident report .Dealing with the Inspector for ESI Inspection.
• Also does any other work regarding ESIC.

BONUS ACT

• Maintain the Bonus Sheet / Register as per Law.
• Any other work in this regard.

FACTORY ACT, 1948.

• Register under the Factory Act.
• Maintain the register regarding Factory Act.
• Maintain / submit Annual Return / Half yearly return.
• Obligation for Factory Act.

LABOUR WELFARE FUND

• Maintain / Submit the Labour Welfare Challan & Form No. A.
• Any other work regarding labour welfare.

OTHER LABOUR / HUMAN RESOURCE LAWS RELATED TO INDUSTRIAL RELATIONS COMPLIANCE:

• Industrial Disputes Act, 1947
• Industrial Employment (Standing Orders) Act, 1946
• Trade Unions Act, 1926
• Minimum Wages Act, 1948
• Payment of Wages Act, 1936

LAWS RELATED TO WORKING HOURS, CONDITIONS OF SERVICE AND EMPLOYMENT COMPLIANCE:

• Contract Labour (Regulation & Abolition) Act, 1970
• Inter-State Migrant Workmen (Regulation of Employment and Conditions of Service) Act, 1979
• Sales Promotion Employees (Conditions of Service) Act, 1976
• Shops & Establishment Act

LAWS RELATED TO EQUALITY AND EMPOWERMENT OF WOMEN COMPLIANCE:

• Equal Remuneration Act, 1976
• Maternity Benefit Act, 1961

LAWS RELATED TO SOCIAL SECURITY COMPLIANCE:

• Employees’ State Insurance Act, 1948
• Employees’ Provident Fund & Miscellaneous Provisions Act, 1952
• Payment of Gratuity Act, 1972
• Workmen’s Compensation Act, 1923

LAWS RELATED TO DEPRIVED AND DISADVANTAGED SECTIONS OF THE SOCIETY COMPLIANCE:

• Bonded Labour System (Abolition) Act, 1976
• Child Labour (Prohibition & Regulation) Act, 1986

HR SPECIFIC LAWS, THE RELATIONSHIP OF AN EMPLOYER AND EMPLOYEE ALSO GOVERN BY FOLLOWING LAWS COMPLIANCE:

• Indian Contracts Act, 1872
• Intellectual Property laws
• Specific Relief Act, 1963
• Law of Torts
• Arbitration & Conciliation Act, 1996.
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