FORM 2

THE PATENTS ACT 1970
(39 OF 1970)

&

THE PATENTS RULES  2003

COMPLETE SPECIFICATION
(See SECTION 10  RULE 13)
1. TITLE OF THE INVENTION:
eGovern
2. APPLICANTS

NAME: PENTA CONSULTING PVT LTD.

NATIONALITY: REGISTERED COMPANY

ADDRESS: PENTA CONSULTING PVT LTD. 1131  SHUKRAWAR
PETH  PUNE- 411002  MAHARASHTRA  INDIA
3. PREAMBLE TO THE DESCRIPTION
PROVISIONAL

N/A COMPLETE
The following Specification particularly describes the nature of this invention and the manner in which it is to be performed:
 
4.TECHNICAL FIELD

This invention is in the field of a suite of products and services which provide the tools for good governance in business  companies  NGO’s  etc.

‘eGovern’ is a suite of online tools which include eComply  eConsolidate  eTransit and others which provide guidance and assistance through a comprehensive set of well documented processes with a robust technology edge.
5. BACKGROUND

Good governance in business and not for profit organisations is a necessity. To assist this endeavour  eGovern has created a suite of products and services which help in good governance and compliance.

Financial Reporting : In 2005  the vast majority of EU listed companies and in many other countries made the switch to International Financial Reporting Standards (IFRS). The good news: investors are now able to understand and compare financial statements from companies around the world. Result: lower cost capital more efficiently allocated. The not-so-good news: it""s been a challenge getting through the IFRS conversion process and initial reporting period. Conversion to IFRS is much more than a technical accounting issue. IFRS may significantly affect any number of a company`s day-to-day operations or even impact the reported profitability of the business itself. The main reason why most companies want to adopt IFRS is to enable the domestic & global investor community & other stakeholders to understand and benchmark their financial statements on a globally accepted standard of financial reporting. The only way to make a valid claim is to apply all the standards as issued by the IASB and make the compliance representation required by IAS 1. Hence  while convergence is good  adoption & transition is necessary to be truly able to harvest the benefits of the change. eTransit helps make the transition correct  complete and auditable.

Financial consolidation of results of multiple entities or operating units is a necessity with business organisations and can be a time consuming  costly and difficult task. When these reporting units are in different countries  additional complication of foreign exchange difference has to be accounted for. When there is minority interest in any of the entities  this has also to be separately reported. With time and accuracy being of critical importance  the use of technology to address this area to get fast  accurate and complete reporting solution was imperative. eConsolidate provides the tools to accomplish financial consolidation effectively.

Proper and full Compliance is a business necessity  whether it is Regulatory  Audit or in Processes. Good corporate governance also dictates a focus on proper compliance to avoid the risk of default  penalty  or in extreme case  business closure.

Compliance is frequently complex  time consuming and costly. Errors in compliance too can result in major losses and problems to an entity. eComply provides the tools for good compliance.

6. SUMMARY

That is why Penta Consulting Pvt Ltd has introduced eGovern  a suite of products and services which provide the tools for good governance in business  companies and not for profit organisations.

With the growing expansion of business across geographical boundaries and increasing use of technology to bridge this expanse effectively  eGovern harnesses the positives of cloud based platforms and knowledge repositories for providing the tools of effective good governance. Use of 128 bit encryption adds the security layer to the transmissions of data.

‘eGovern’ is a suite of online tools which include eComply  eConsolidate  eTransit and others which provide guidance and assistance through a comprehensive set of well documented processes with a robust technology edge. It enables the sharing  review and processing of data within a closed user group of company users and between them and consultants in a secure 128 bit encrypted environment.

With user access controls  delegation of work  alarms  etc and ready access to related laws  templates  forms  makes the application convenient to use and monitor.

Being a SaaS model  users need not make huge investments in all the technology for their limited use. Being on the cloud platform  users are freed from the constraints of time and geography and can access and process data from anywhere anytime. The hierarchy of the suite is given below. It will grow to include more areas.

eTransit

The genesis of eTransit is in the global movement of financial reporting to common international standards. IFRS (International Financial Reporting Standards) is now being followed in over 100 countries worldwide and the USA is expected to move to this new reporting standard in 2014-15. India was expected to converge to IFRS in 2011 but has moved this timeline further into the future.

Penta Consulting has always advocated the use of technology for better reporting and control systems and as aid to proactive decision making. With eTransit  we are addressing the transition to IFRS from Indian Accounting Standards. This can be also designed to suit the transition from US GAAP to IFRS.

A recent survey by a global business consulting and internal audit firm reveals that most organizations in the US  spend in the range of $100 000 to $1 million annually on SOX compliance-related activities and about 50 % of organizations handle their SOX compliance efforts internally; this statistic is relatively consistent regardless of company size and lastly organizations are increasingly looking to IT solutions to improve the effectiveness and efficiency of their compliance efforts.

Among the top three strategies respondents plan to employ in 2011 and beyond:

1. Increasing the number of automated controls
2. Using continuous monitoring techniques
3. Decreasing the number of manual controls

Technology and cloud computing offers several advantages which these companies seek and is seen as the preferred platform for such services.

‘eTransit’ is an assisted  online IFRS transition and reporting solution providing IFRS guidance and assistance through a comprehensive set of well documented processes with a robust technology edge. It enables the sharing  review and processing of data within a closed user group of company users and between them and consultants in a secure 128 bit encrypted environment. With user access controls  delegation of work  alarms  etc. and ready access to related laws  templates  forms  makes the application convenient to use and monitor.

Being a SaaS model  users need not make huge investments in all the technology for their limited use. Being on the cloud platform  users are freed from the constraints of time and geography and can access and process data from anywhere anytime. A flowchart of the workflow under this application is given below:-

Review phase Transition phase Reporting phase

1) The first step is to review company’s data in current GAAP.
2) The second step is to identify applicable IFRS.
3) The third step is to apply relevant IFRS.
4) The fourth step is to add policies.
5) The fifth step is to add disclosures.
6) The sixth step is to adjust entries.
7) The seventh step leads to the IFRS adjusted Trial Balance.
8) The eighth step leads to the IFRS reporting formats.
9) The ninth step ends with the IFRS compliant financial reports.
The first 2 steps are Review phase  steps 3- 6 are Transition phase and steps 7- 9 are Reporting phase.

The eTransitis IFRS transition application for step by step transition and reporting in IFRS compliant format.

eConsolidate

Financial consolidation of results of multiple entities or operating units is a necessity with business organisations and can be a time consuming  costly and difficult task. When these reporting units are in different countries  additional complication of foreign exchange difference has to be accounted for. When there is minority interest in any of the entities  this has also to be separately reported. With time and accuracy being of critical importance  the use of technology to address this area to get fast  accurate and complete reporting solution was imperative.

Penta Consulting has been advocating the use of technology and automated processes for financial consolidation and this application is a result of our experience of working with various entities.

eConsolidate is an automated  online financial consolidation and reporting solution providing financial consolidation through a comprehensive set of well documented processes with a robust technology edge. It enables the sharing  review and processing of data within a closed user group of company users and between them and consultants in a secure 128 bit encrypted environment. With user access controls  delegation of work  alarms  etc makes the application convenient to use and monitor.

Provision for foreign exchange conversions  reporting templates  policies  disclosures  etc. make it complete and comprehensive. Being on a SaaS model  users can pay for only what they use. Being on the cloud platform  users are freed from the constraints of time and geography and can access and process data from anywhere anytime.

Basic data input Consolidation Engine Final reports

The eConsolidate consists of Basic data input  Consolidation Engine and Final report.

The Basic data input consists of Unit levels as follows:-
a) Unit 1- Trial Balance
b) Unit 2– Trial Balance
c) Company Data

The Consolidation Engine is an inter unit adjustments  Minority interest computation and consolidation. It has following steps:
1) The first step is to choose law to be complied with.
2) The second step is to identify procedure to be performed.
3) The third step is to determine priority  risk  penalty  difficulty and criticality.
4) The fourth step is to assign tasks  allocate timelines.
5) The fifth step is to categorise tasks  mandatory  recommended and local.
6) The sixth step is to follow procedure steps  assign tasks  formats  check legal provisions  given in the procedure.
7) The seventh step is to attach documents  filled forms  payment challans  etc.
8) The eighth step is to complete compliance.

eComply

Compliance whether it is Regulatory  Audit or Process  is a business necessity. Good corporate governance also dictates a focus on proper compliance to avoid the risk of default  penalty  or in extreme case  business closure.

Proper  full and correct compliance is frequently complex  time consuming and costly. Errors in compliance too can result in major losses and problems to an entity. To ensure full and proper compliance with regulatory requirements  audit and critical processes  use of well documented and comprehensive process steps  appropriate use of technology is mandated.

eComply is an online compliance solution providing regulatory  risk  and process compliance plus corporate governance guidance and assistance through a comprehensive set of well documented processes with a robust technology edge. It enables the sharing  review and processing of data within a closed user group of company users and between them and consultants in a secure 128 bit encrypted environment.

With user access controls  delegation of work  alarms  etc and ready access to related laws  templates  and forms makes the application convenient to use and monitor.

Being a SaaS model  users can pay for only what they need and use. Being on the cloud  users are freed from the constraints of time and geography and can access and process data from anywhere  anytime. Users remain in control of their own data.

The process flow chart of this application is as below-

1) The first step is to choose compliance to be fulfilled.
2) The second step is to identify procedure to be performed.
3) The third step is to determine priority  risk  penalty  difficulty and criticality.
4) The fourth step is to assign tasks  allocate timelines.
5) The fifth step is to categorise tasks  mandatory  recommended and local.
6) The sixth step is to follow procedure steps  assign tasks  formats  check legal provisions  given in the procedure.
7) The seventh step is to attach documents  filled forms  payment challans  etc.
8) The eighth step is to complete compliance.
The first 3 steps are Review phase  steps 3- 7 are Compliance phase and steps 8 are Reporting phase.

7. I claim:

1. ‘eGovern’ is a suite of online tools which include eComply  eConsolidate  eTransit which provide guidance and assistance through a comprehensive set of well documented processes with a robust technology edge  enables the sharing  review and processing of data within a closed user group of company users and between them and consultants in a secure 128 bit encrypted environment  with user access controls  delegation of work  alarms  etc and ready access to related laws  templates  forms  makes the application convenient to use and monitor and being a SaaS model  users need not make huge investments in all the technology for their limited use  being on the cloud platform  users are freed from the constraints of time and geography and can access and process data from anywhere anytime  the hierarchy of the suite is given below:-

2. The ‘eTransit’ is an assisted  online IFRS transition and reporting solution providing IFRS guidance and assistance through a comprehensive set of well documented processes with a robust technology edge  IFRS transition application for step by step transition and reporting in IFRS compliant format.

3. A flowchart of the workflow under this application is given below.

Review phase Transition phase Reporting phase

4. The eConsolidate is an automated  online financial consolidation and reporting solution providing financial consolidation through a comprehensive set of well documented processes with a robust technology edge. It enables the sharing  review and processing of data within a closed user group of company users and between them and consultants in a secure environment with user access controls  delegation of work  alarms  etc. makes the application convenient to use and monitor.

5. A flowchart of the workflow under this application is given below:

Basic data input Consolidation Engine Final reports

6. The eComply is an online regulatory compliance solution providing risk  compliance and corporate governance guidance and assistance through a comprehensive set of well documented processes with a robust technology edge  is the regulatory compliance application for step by step  procedure wise compliance  with easy to access forms  templates  relevant sections  dashboards  etc.

7. A flowchart of the workflow under this application is given below:

Mr. Subhash Bathe
(Director)
For Penta Consulting Pvt. Ltd.

To
The Controller of Patents 
The Patent Office 
At Mumbai - 400 037
 
8. ABSTRACT OF THE INVENTION

eGovern  a suite of products and services which provide the tools for good governance in business and companies.

‘eGovern’ is a suite of online tools which include eComply  eConsolidate  eTransit and others which provide guidance and assistance through a comprehensive set of well documented processes with a robust technology edge.

Mr. Subhash Bathe
(Director)
For Penta Consulting Pvt Ltd.