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September 29, 2008

Kreston recruits Nepalese professional services firm

Kreston International has admitted its first member firm in Nepal. 

R Agrawal & Associates has two partners and 28 staff and specialises in audit, tax, management consultancy and corporate advisory services.


Managing partner Rajesh Agrawal said the firm joined Kreston to better serve a growing stable of clients in the international non-government organisation (NGO) sector.

The international affiliation is also part of the firm’s preparation for the further globalisation of Nepal, which Agrawal expects to occur from 2010 onwards.

The firm works across the real estate, hydropower, textiles, health, education and telecommunications sectors and plans to provide M&A services to the financial services sector in the near future.

“In time there will be lots of mergers in Nepal and no one at present does mergers of the financial services. Also, in the future we plan to learn other services like life insurance and actuarial valuations,” Agrawal explained.

According to Agrawal, the practice is a top 20 firm in Nepal, despite only being established in 2006. It generated fee income of about $100,000 in its most recent financial year.

“In future we are expecting somewhere beyond 60 percent growth for the firm. We are doing tremendously well in marketing our services to the market and we have been getting a good response from it so far,” Agrawal said.

Agrawal said that despite unfavourable economic conditions in the country, the firm is not difficult to manage at present.

“As well as working with clients outside of Nepal in the United Arab Emirates, Singapore and India, there are lots of public entities, private sector businesses and lots of other industries who need our financial help, support and consulting within the market,” he explained.

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