PIX Transmissions is a leading manufacturer of rubber V-belts based in India.
While all manufacturing takes place in India, the company also has subsidiaries in the UK, Germany, and the UAE. The UK subsidiary was created in 1999, where they had a joint venture with one of their customers, which demerged in 2013.
Clemence Hoar Cummings was there during the association with the previous company and assisted with the demerger and since then has been working closely with PIX Transmissions.
Karan Sethi joined the company in 2009 and looks after the finance and accounting side of the business. As part of his role, he oversees cash flow planning, annual audit requirements, regulatory compliance, and risk management, among others. Due to this, he works very closely alongside Clemence Hoar Cummings as they help him with his accountancy requirements for PIX’s European subsidiaries.
“I think what I find with an auditor is that you don’t usually change things very often,” says Karan. “You try and develop years of trust and transparency because this business is based on the comfort factor. With Clemence Hoar Cummings, I have this. I know that I can be very candid with them in terms of seeking advice. If I want to pick their brain on a particular matter, just having them at the end of a phone call or an email just makes that very easy.”
For PIX Transmissions, Clemence Hoar Cummings primarily performs the company’s annual audit, however, they will also provide financial and taxation advice when required.
“Although their main job for us is on an annual basis, it is very rare that we only speak once a year,” says Karan.
Karan, who is based in the Mumbai office, came over to the UK on his first post-Covid trip in September 2022, and his first port of call was to the Clemence Hoar Cummings office in Romford.
“I had a constructive face-to-face meeting with them,” says Karan. “We sat down and discussed what our plans were for the rest of the year, and it was really interesting to share how we navigated our business through the pandemic.”
Karan feels that Clemence Hoar Cummings is not just their accountant, but an extension of their UK operations.
“We rely on Clemence Hoar Cummings very heavily in terms of making sure we comply with all the UK rules and regulations, especially since the Directors are based abroad. Anything to do with HM Revenue & Customs (HMRC) is handled by them. We have a small team of about five in our UK office, but I would definitely consider the team at Clemence Hoar Cummings as part of that.
“I would recommend Clemence Hoar Cummings to other businesses because the directors and partners are very hands-on. When firms get too large, they try and make you coordinate with the juniors; the partners and directors rarely get involved, but with Clemence Hoar Cummings it is different.
“When I first joined the company, I worked closely with Lee at Clemence Hoar Cummings. He was an associate then but has moved up the ranks and now he’s a director. So it is nice to know that someone who is giving you advice has the business and technical know-how to guide you through any issues you come across.”
For Karan, the relationship with Clemence Hoar Cummings has gone from strength to strength, and he feels that this will continue well into the future.
“We’ve had a long association with them,” he says. “They have a lot of time for us and vice-versa. Our relationship is very good and both companies and the people that work for them have grown working with each other, which is also very important.”