SVKM’s Narsee Monjee College of Commerce and Economics (Autonomous)

Submitted to Department of Commerce

2023-24
BUSINESS AND ENTREPRENEURSHIP
FYBCOM
Semester – I

Group Number: 7
Assignment Title: SWOT Of Nair and Nelliyatt Company From Finance Industries

Submitted by:
Sr. Name SAP Number Roll Number Signature
No. / Div.
1 Patel Ishan Sanjay 45611230341 C075
2 Nair Navya Sameer 45611230426 C077
3 Mhapne Vedant Prasad 45611230326 C078
4 Mishra Shaill Kumar 45611230665 C081
5 Sheth Jinay Milan 45611230166 C082
6 Shah Shrey Himanshu 45611230215 C083
7 Dodiya Vidhi Mahesh 45611230358 C084
8 Soni Divyansh Prahlad 45611230551 C086
9 Sukhija Shivam Amit 45611230475 C087

Teacher In-charge: Ms Iqra Khatri

 Introduction/Summary Of The Business

Nair and Nelliyatt Chartered Accountants is one of the leading audit firms in Dubai and the
UAE. Established by a team of qualified and experienced accounting professionals in 2012,
who offer one-stop financial accounting and auditing solutions that are in line with the
strategic and business needs of our clients.
They enjoy a wide client base which is a mix of large corporates as well as SMEs. Our years
of experience in handling business challenges of local and international clients, makes us
competent to provide the best accounting services in Dubai, UAE in a range of business
verticals.

SWOT Matrix

SWOT analysis is a strategic planning tool that helps assess the internal strengths and
weaknesses as well as external opportunities and threats of a business or organization. Based
on the information provided, here's a SWOT analysis prepared for Nair and Nelliyatt firm
that offers audit, accounting, VAT consultancy, due diligence, and AML compliance services
in the UAE.

Strengths:

1.Diverse Service Portfolio: The firm offers a wide range of services, including audit,
accounting, VAT consultancy, due diligence, and AML compliance. This diversity allows you
to serve a variety of client needs, which can lead to increased revenue streams and client
loyalty.

2. Reputation and Key Clients: The firm has been in operation for over 8 years and has
established a client base that includes reputable companies like Jazeera Airways, Audemars
Piguet, and Flex e card DMCC. These high-profile clients can enhance your credibility and
attract more clients in the future.

3. Regulatory Expertise: With the changing regulatory landscape in the UAE, firm's focus
on staying updated with changes from the Ministry of Economy and participating in
professional forums demonstrates a strong commitment to staying compliant with evolving
laws and regulations.
4. Client Engagement: Proactive approach of sending clients updates on regulatory changes
and directly offering consultancy services to clients affected by these changes demonstrates a
high level of client engagement and customer service.

5. Software Expertise: Proficiency in software like TALLY, Quickbooks, and Microsoft

Excel for accounting and auditing services enables efficient and accurate financial reporting
and analysis.

6. Continuous Communication: The practices emphasis on maintaining communication

with clients beyond the service completion is a valuable differentiator, building long-term
relationships and client trust.

Weaknesses:

1. Dependency on Key Clients: Relying on a few key clients can be risky. If they lose any of
them, it could significantly impact the firm’s revenue and stability.

2. Regulatory Complexity: The increasing regulatory environment in the UAE, while an

opportunity, also poses a challenge as it adds complexity and potential risk to the services
provided.

3. Software Compatibility: Handling customized software for some clients may require
additional effort and resources to ensure seamless integration with their own systems.

Opportunities:

1. Growing Regulatory Environment: The strengthening regulatory framework in the UAE

offers significant growth potential as more businesses seek compliance services. The
introduction of corporate tax laws will likely increase demand for their services.

2. Market Expansion: As the demand for compliance services grows, there may be
opportunities to expand into new markets or regions within the UAE.

3. Digital Presence: Increased social media presence and informative website can attract new
clients interested in their expertise and insight. Expanding the range of topics covered, such
as fintech and tax laws, can attract a wider audience.
Threats:

1. Competition: The growing importance of compliance services can attract more players to
the market, increasing competition and potentially pressuring prices.

2. Changing Client Needs: As the regulatory landscape evolves, their clients needs may
change. Adapting to these changing requirements and staying ahead of the curve is essential
to maintain client satisfaction.

3. Regulatory Risks: The complexity of regulatory frameworks increases the risk of

compliance errors, which can lead to legal consequences and reputational damage.

4. Technology Changes: Continuous changes in software and technology may require

ongoing investments in training and technology upgrades to remain competitive and efficient.

Conclusion
In conclusion, the firm has a strong foundation with a diverse service portfolio, key clients,
and a commitment to staying compliant with evolving regulations. However, it should be
cautious of dependencies, regulatory complexity, and competitive threats while seizing
opportunities in the growing regulatory environment and expanding its digital presence.
 List Of Questions Asked

Q1. What services does your CA firm offer, and can you provide an overview of your areas of
expertise?
Ans. We mainly offer audit, accounting and VAT consultancy services. In addition to these
services, we offer due diligence and AML compliance services.

Q2. How long has your firm been in operation, and can you share some key achievements or
notable clients you've worked with?
Ans. Our firm has been in operation for over 8 years now and some of our key clients
include Jazeera Airways, Audemars Piguet, FLex e card DMCC (subsidiary of EML payment
solutions, a listed company in Australia).

Q3. How do you stay updated on the latest tax laws and regulations, and how do you ensure
your clients remain in compliance?
Ans. We closely follow the news and updates offered by the Ministry of Economy and also
participate in professional forums that discuss such changes.
The clients are sent an email with a summary of such changes and updates and those clients
to whom the regulations specifically apply are contacted directly and offered consultancy
services.

Q4. What software or technology tools do you use for accounting and financial analysis?
Ans. We mainly use TALLY and Quickbooks software for accounting services. Some clients
may use customised software that is suited for their specific business. The audit reports are
prepared using Microsoft Excel.

Q5. Are there any standards,policies or legistlation changing that might negatively impact
you?
Ans. The UAE previously did not have a very strong regulatory environment and there were
no stringent measures in place to ensure compliance. However over the last 5 years, the
situation has changed and multiple regulations and laws have been introduced like the VAT
law and off late the corporate tax laws (effective from financial year starting on or after
1.6.2023). These laws and regulations have positively impacted our profession as the
increasing need for compliance is ensuring that more businesses follow proper book keeping
and conduct regular audits.
Q6. What is the edge you have over your competitors?
Ans. The success of a professional practice lies in gaining the confidence of clients by
ensuring that they receive valuable advice that will improve their business operations and
ensure compliance with all the regulatory requirements. We ensure continuous
communication with the client even after completion of the service which gives us an edge
over other firms of similar standing.

Q7. What external threats or risks do you anticipate, such as regulatory changes or market
competition?
Ans. For an audit professional practice, additional regulatory requirements always mean
more importance for our services and profession. This also means that a CA would be
undertaking a greater degree of risk each time a document is signed due to the complexity of
the regulatory framework.

Q8. How do economic conditions, such as inflation or economic growth, impact your clients
and services?
Ans. No, economic conditions such as inflation or economic growth does not affect our
clients and services.

Q9. Could you elucidate the firm's approach to ongoing innovation and adaptation of services
to remain competitive in the marketplace?
Ans. We have increased our social media presence and always keep our official website up
to date by offering information and general advice about recent developments in the world of
business in the UAE. Our website offers articles about various topics ranging from VAT and
corporate tax to more recent fintech related topics such as bitcoin.

Q10. What are the primary Key Result Areas (KRAs) or performance metrics that the firm
uses to assess the effectiveness and productivity of its staff and services?
Ans. The performance of each staff member is measured based on the following factors:-
a. Time taken for completion of the assignment.
b. The quality of the observations made about various aspects of the business.
c. The ability to effectively communicate ideas to the client and the efficiency with which
information required is collected.
d. The ability to solve problems identified during the course of the assignment.