36 ANNUAL REPORT OF ICSI - SIRC · 766, Anna Salai, Chennai 600 002. CS Nagendra D Rao CS Shastry...

‘ICSI - SIRC House’, No. 9, Wheat Crofts Road,

Nungambakkam, Chennai - 600 034.

Phone : 044 - 28279898, 28268685

E-mail : [email protected]

2015 - 2016

th

36 ANNUAL REPORT OFICSI - SIRC

th

36 ANNUAL REPORT OFICSI - SIRC

Office“ICSI-SIRC HOUSE”

No.9 Wheat Crofts Road

Nungambakkam

Chennai 600 034

Phones : 28279898, 28268685

E-Mail : [email protected]

Central Office‘ICSI HOUSE’,

22 Institutional Area

Lodi Road, New Delhi 110 003

Phones : 45341000 / 41504444

Fax : 011-24626727

E-Mail : [email protected]

Web : www.icsi.edu

Auditors

Internal AuditorsDEVARAJ & NARAYANAN

Chartered Accountants

S-6, Kala Flats

New No. 8, Kalvivaru Street

Mylapore, Chennai - 600 004

Bankers

Chairman

Vice-Chairman

CS Sivakumar P.

Secretary

CS Ganapathi G.M.

Treasurer

CS Ramakrishna Gupta R.

CS Mohan Kumar A.

Elected : Regional Council Members

Elected : Central Council Members

Co-opted

Joint Secretary

Sarah Arokiaswamy (Ms.)

th36 Annual Report of Southern India Regional Council of the ICSI - 2015-2016

36th Annual Report of ICSI - SIRC 2015-2016

2

M/s. Ford Rhodes Parks & Co. LLPChartered Accountants E1 & E2, Sakthi Towers - 3, Sixth Floor,766, Anna Salai, Chennai 600 002.

CS Nagendra D Rao

CS Shastry P.S.

CS Dhanapal S.

CS Ahalada Rao V.

CS Gopalakrishna Hegde

CS Ramasubramaniam C.

* Upto 26.10.2015** w.e.f. 15.03.2016*** w.e.f. 09.02.2016

ICICI Bank Ltd.

Chennai 600 034

HDFC Bank Ltd.

Chennai 600 010

UCO BANK

Chennai 600 034

Shri Bansal B.K.*

Shri S. Krishnan, IAS **

Shri S B Gautam ***

3

By order of the Regional CouncilPlace : Chennai

Date : 21.05.2016

NOTICE

NOTICE IS HEREBY GIVEN that the 36th Annual General Meeting of the Members of

the Southern India Regional Council of the Institute of Company Secretaries of India will be held at

Dr. A.C. Muthiah Conference Hall, ICSI-SIRC House, No.9 Wheat Crofts Road, Nungambakkam,

Chennai 600034 on Thursday, the 7th July, 2016 at 6.00 pm to transact the following business:

1) To receive, consider and adopt the Report of the Regional Council and the Audited

Accounts for the financial year 2015-16 together with Auditor's Report thereon.

2) To appoint M/s. Ford Rhodes Parks & Co. LLP, Chartered Accountants, Chennai as

Auditors and to fix remuneration for the Auditors.

Please make it convenient to attend the meeting.

CS RAMAKRISHNA GUPTA R

Secretary

SIRC : ‘ICSI-SIRC House’, No. 9, Wheat Crofts Road, Nungambakkam, Chennai - 600 034.Phone : (044)-28279898, 28268685 ; E-mail : [email protected]

Head Office : ‘ICSI House’, 22, Institutional Area, Lodi Road, New Delhi 110 003.Phone : (011)-4534 1000 / 4150 4444 ; E-mail : [email protected] ; Website : www.icsi.edu


4

THE INSTITUTE OF COMPANY SECRETARIES OF INDIA

SOUTHERN INDIA REGIONAL COUNCIL

ICSI-SIRC House, No.9 Wheat Crofts Road, Nungambakkam, Chennai 600 034

th st36 Annual Report of the Regional Council for the year ended 31 March, 2016

To all the Members in the Southern Region

Dear Members,

We have great pleasure in presenting the 36th Report of the Southern India Regional Council of

The Institute of Company Secretaries of India together with the audited accounts for the financial year

from 1.4.2015 to 31.3.2016.

The ICSI-SIRC during the year under review organized a number of Professional Development

Programmes to build the capacity of members to venture into new areas of practice as well as for

members in employment on the Companies Act, 2013. The Regional Council focused its attention on

the development of students by giving them valuable academic inputs and organizing programmes to

enable them to clear the examinations with confidence. All these were possible due to the unstinted

help and co-operation from the members, wise counsel from the Ministry of Corporate Affairs,

Government of India, President, The ICSI; Vice-President, The ICSI; Members of Central Council

and Regional Council, The ICSI, and The ICSI HQ. We have detailed hereunder some salient features

pertaining to growth and development of the Regional Council and also programmes and activities held

during the period under review.

1] Members Strength – Southern Region

As on 31.3.2016, out of total membership of 7507 in the Southern Region, 1571 were Fellow

Members and 5936 were Associate Members. There were 1532 members possessing Certificate of

Practice in the Region.

2] Members Activities

Professional Development Programmes

During the period under review, a number of Professional Development Programmes were

organized as per the details given hereunder:

1

2

3

4

5

Study Circle Meetings

Full Day Seminars

Half Day Seminars

Special Programmes

40th Regional Conference

23

3

11

8

1

6

7

8

9

10

Joint Seminars

Two Day Workshops

ICSI National Programmes

Video Discussion Programmes

Continuing Education Programmes

3

1

7

8

15

Sl.No.

Particulars of the programme Number ofprogrammes

Sl.No.

Particulars of the programme Number ofprogrammes


31.10.20153. Joint Seminar on Competition Law Compliances by Enterprises

Chief Guest:Shri Sudhir MitalMember, Competition Commission of India, New Delhi.Speakers:Shri. Sukesh MishraDirector (Law), Anti Division, CCIAdv. P Gopinath MenonPartner of Menon & Pai, Advocates, Kochi

35

5

a] 40th Regional Conference

The 40th Regional Conference of ICSI-SIRC on the theme “Meeting the Challenges – Setting

the Standards” was held at The Capitol Hotel, Bangalore. The Conference was inaugurated by

Mr. N. Sivasailam, IAS, Additional Chief Secretary to Govt. Public Enterprises Department, Govt. of

Karnataka. Mr. Suresh Senapathy, Board Member of Wipro Enterprises Pvt. Ltd. & Wipro GE Health

Care Ltd., Bangalore delivered the key note address. CS Mamta Binani, Vice- President, The ICSI

delivered the Special address. CS Gopalakrishna Hegde, Central Council Member, The ICSI and CS

Ahalada Rao V., Central Council Member, The ICSI also spoke on the occasion. The theme of the

Conference was discussed in four technical sessions. Dr. CS B. Ravi, Past Chairman, ICSI - SIRC,

Practising Company Secretary, Chennai; CS K. Sethuraman, Chief Compliance Officer and Group

Company Secretary, Reliance Industries Ltd., Mumbai; CS R. Sridhar, Partner, LeapRidge Advisors

LLP, Chennai; Shri P.K. Nagpal, Executive Director, Security Exchange Board of India, Mumbai;

Dr. V.R. Narasimhan, Chief – Regulations, NSE, Mumbai; Shri Sandip Ghose, Director, National

Institute of Securities Markets (NiSM) Shri B.N. Sahoo, General Manager, SEBI; CS Parvatheesam K,

Company Secretary, Tata Steel; Ms. Harini Balaji, DGM, SEBI; CS Savithri Parekh, Chief Legal &

Secretarial, Pidilite Industries Ltd.; CS Shailashri Bhaskar, Practising Company Secretary, (Former

DGM, SEBI) and Mr. Jayanth Jash, Chief General Manager, SEBI were the Speakers at various

technical sessions. His Holiness Sri Sri Sri Veereshananda Saraswathi Swamiji, Ramakrishna

Vivekananda Ashram, Tumkur delivered the Valedictory address.

b] Joint Programmes

SL. No.

DATE/ VENUE TOPICDetails of the CHIEF GUEST / SPEAKERS

NO. OF MEMBERS ATTENDED

25.04.2015Hotel Savera, Chennai

09.05.2015 Bangalore Chapter

1.

2.

Joint Interactive Session on 'Companies Act 2013 - the New Governance Mandate' in association with SICCI & FICCI

Full Day Seminar on “Insider Trading, Takeover Code & New Clause 49”

Jointly organized by ICSI-SIRCand ICSI-Bangalore Chapter

Jointly organized by ICSI-SIRC,ICSI -Kochi Chapter,CCI, Kochi Chamber of Commerce& Industry and ICAI

Key Note Speaker - Mr. Amardeep Singh Bhatia, IASJoint Secretary, Ministry of Corporate Affairs, Government of India

Mr. Aditya AnandVice-President, M&A Advisory & Corporate Finance Solutions Group JMFISL., MumbaiCS Savithri Parekh,Chief Legal & Secretarial,Pidilite Industries Ltd., Mumbai CS Pradeep R,Assistant General ManagerSouthern Regional Office, SEBI, Chennai

120

70


6


SL. No.



28.05.2015Hotel Le Royal Meridien, Chennai

1. National Seminar on“Capital Markets”

Inaugural Session

CS Ramasubramaniam C

Council Member, The ICSI &

Programme Director

Introduction of Theme & Address by

CS Makarand Lele

Council Member, The ICSI &

Chairman, Financial Services Committee

Special Address by

CS Mamta Binani

Vice-President, The ICSI

Presidential Address by

CS Atul H Mehta

President, The ICSI

Inaugural Address by Chief Guest

Shri S Krishnan,

IAS, Principal Secretary,

Planning & Development,

Govt. of Tamilnadu

Vote of Thanks and Concluding Remarks

CS Nagendra D Rao

Chairman, ICSI - SIRC &

Programme Coordinator

Technical Session I

Topic: Investor Protection and

Rebuilding Investor Confidence

Mr. Shyam Shekar

President, Tamilnadu Investor Association,

Chennai

150

c] Special Programmes

7

SL. No.



11.07.2015ICSI-SIRC House





2.

3.

4.

6.

5.

President, The ICSI meeting with Members

Independence Day Celebrations

Programme on “Prime Ministers Startup India Concept-Role of Professional & Republic Day Celebrations”

Meeting to Felicitate the Regional Director [South], MCA and Interaction on 18.2.2016 at 6 pm at ICSI-SIRC House, Chennai

Discussion Meeting on “Company Law Committee Report”

CS Atul H MehtaPresident, The ICSI

Sqn. Ldr. Dr. P Ramani

Shri Raguram KDirector KPMG Chennai

CS Sivakumar, Chairman, ICSI-SIRCCS Ramasubramaniam C, CCM, ICSICS Mohan Kumar A, Treasurer, ICSI-SIRC

Shri. S.B. GautamRegional Director (SR)Ministry of Corporate Affairs Chennai

CS Bhasker SubramanianHead – Client Solutions – Infosys(Handling MCA Website Process)

Technical Session IITopic: Role of Company Secretary in Capital Markets – Public Issue and Collective Investment Scheme

CS Pradeep RamakrishnanAssistant General ManagerSecurities Exchange Board of IndiaSouthern India Regional Office, Chennai

Technical Session IIITopic: Microfinance- Growth Engine for Tiny Industry

CA Gopal Krishna Raju(Regional Council Member, SIRC of ICAI), Partner: Taxation & Assurance, M/s. K.Gopal Rao & Co. Chartered Accountants, Chennai

Technical Session IVTopic: Company Secretary as Custodian of Governance in Capital Markets (covering Listing Obligations Debt Regulations, Insider Trading, Takeover, SME Certification) etc.

Shri V S SundaresanChief General Manager, Securities & Exchange Board of India, Mumbai

33

51

51

70


8

SL. No.





7.

8.

Programme on “Union Budget – 2016”

Special Programme on Women's Day Celebrations

Shri. K VaitheeswaranAdvocate & Tax Consultant, Chennai

Shri. M R VenkateshChartered Accountant, Chennai

Shri Sivam SubramanianDirector, Price Waterhouse & Co. LLP, Chennai

CS Bhavani BalasubramanianPartner, Deloitte Haskins & Sells, Chennai

CS Jalaja GSenior Vice President – Management Audit & Company Secretary, E I D Parry (India) Ltd, Chennai

CS Ovia RPracticing Company SecretaryChennai

CS Gayathri ChandrasekarPracticing Company SecretaryChennai

CS Sanka IndraniCompany Secretary, Chennai

163

163


9

3] Investor Awareness Programmes

[An initiative under the aegis of Ministry of Corporate Affairs, Govt of India]

The Regional Council conducted 26 Investor Awareness Programmes during the period under review in

Chennai as well as in surrounding areas.

4] Corporate Membership

During the period under review, 103 Members enrolled under the Corporate Membership scheme for

2015-2016.

5] Placement

The Regional Council gives utmost importance in helping the members and students to find suitable

employment under Employment Service Scheme. During the period under review, the Regional Council has

received 68 requests from corporate organizations and had sponsored 169 members. This apart, some of

the Corporates/Practising Company Secretaries have also placed their requests on the notice board of the

Regional Council.

6] Campus Placement

Two Campus Placement Programmes were organized by the ICSI – SIRC on 19.09.2015, 19.01.2016 and

05.03.2016 at ICSI – SIRC House, Chennai, during the period under review.

7] Students' Activities

I] Classroom Teaching

Classroom teaching continue to attract quite good number of students. Periodical feedback is obtained from

the students, so as to ensure the quality of academic inputs. The tests under the Classroom teaching are

being held under examination conditions with the help of external invigilators so as to conform with the

standard examination procedures and practices. 858 students attended the Classroom teaching and the

stage wise break up is as follows:

Foundation Programme 147

Executive Programme 442

Executive Programme (week-end) 117

and

Professional Programme (week-end) 75

Professional Programme (subjectwise) 77

The Regional Council continues to extend complete exemption of tuition fee to SC/ST candidates and 27

students benefited under this scheme during the year under review


10

II] Crash Course

The Regional Council organized four Crash Courses on the following subjects for the June and December 2015 sessions during the period under review.

v Advanced Tax Laws and Practice

v Financial, Treasury and Forex Management

III] Model Examination

In order to equip the students to face the main examination of Company Secretaries with confidence, the Regional Council conducted the Model Examination. During the year under review Model Examinations were held for the Foundation, Executive and Professional Programmes from May 5, 2015 to May 12, 2015 and the total enrolment for the same was 60 students. Another set of Model Examination was held from November 27, 2015 to December 4, 2015 The total enrolment for the same was 60 students.

IV) 15 days Academic Programme

15 days Academic program is applicable to every student who is successfully completing Executive Program (whether already undergoing training or not) of ICSI, on or after 25th August, 2015. ICSI-SIRC has conducted the following programmes.

i) 2 days Induction held on 9th and 10th September, 2015, 16th and 17th October, 2015, 4th and 5th March, 2016. Total number of students attended for these 2 days Induction were 54.

ii) 3 days e-Governance held on 7th November, 2015 to 9th November, 2015. 20 Students attended the programme.

iii) 5 days Skill Development held on 25th , 27th ,28th , 29th and 30th January,2016. 12 Students attended the programme.

[V] Management Skills Orientation Programmes:

The Regional Council has conducted 5 [FIVE] Management Skills Orientation Programmes during the period under review and 224 Students participated. Continuous feedback is obtained from the participants to ensure quality academic inputs and support extended to the participants of the MSOP.

VI] Monitoring of Training

The training requirement prescribed by the Institute for the students is an integral part of the Company Secretaryship course and is being monitored by the Regional Council closely. As a part of this, the students are being counselled in respect of various training programmes of the institute. During the period under report, 55 companies and 66 PCS for management and practical training from Southern region have been recognized and registered by the Institute for the training programmes. Efforts are on to enlist more companies for training purposes.

Session

June 2015

June 2015

December 2015

December 2015

Subject

Advanced Tax Laws and Practice

Financial, Treasury and Forex Management

Advanced Tax Laws and Practice

Financial, Treasury and Forex Management

No. of students attended

43

41

25

14


11

VII] Performance of the students

Students of the Region continued to demonstrate their academic brilliance by winning various Regional Prize Awards

Professional Programme: December 2014

Executive Programme: December 2014

Professional Programme: June 2015

Executive Programme: June 2015

Shri Balaji N

Shri Balaji N

Shri Balaji N

Ms. Raksha Bhansali

Ms. Raksha Bhansali

Ms.Akshaya Prakash L

Ms. Shilpa K Murthy

Mr. Padakanti Srikanth

Mr. Padakanti Srikanth

Mr. Amjad C

Ms, Seema V Murthy

Ms. Mirudhulaa V.S.

Mr. Jayesh Khatri

Mr. Jayesh Khatri

Mr. Jayesh Khatri

Mr. Jayesh Khatri

Ms. Kushbu Vijayvargi

Ms. Kushbu Vijayvargi

Mr. Shravan Raghuram Rao

Mr. Shravan Raghuram Rao

Mr. Matta Akshay Kumar

Mr. Ramani NVS

Mr. Matta Akshay Kumar

(Co-Winner)

Mr. Ramani NVS

(Co-Winner)

Mr. Ganesh S

Ms. Priya Manikandan

SIRC Silver Medal

Sirubalakkadu Sambamoorthy Srinivasan Memorial Prize Award

SMT. Nagamma Memorial Prize Award

Sri Chakra's Cash Award

SIRC – Mrs. Pankajam Rengachari Prize Award

SIRC Prize Award



SIRC – V. Kumar Memorial Prize Award

Late G. Sundararajan Endowment Award

Late Shri K. Hariharan Endowment Award

Huklamakki Manjunatha Hegde Memorial Award

SIRC Silver Medal


SIRC – Mrs. Pankajam Rengachari Prize Award

SMT. Nagamma Memorial Prize Award


SIRC Prize Award


Late Shri K. Hariharan Endowment Award


Late G. Sundararajan Endowment Award



Huklamakki Manjunatha Hegde Memorial Award

Puttaparthi Janardhanaiah Memorial Award


12

VIII] Institution of New Prize Award

The Regional Council expresses its thanks for the benevolent support received form the donors :

Rs. 50,000/- by Ms. T.S. Rama Devi, mother-in-law of Late Sudha Rani Tamirisa a Prize Award was

instituted under the name - “Late Sudha Rani Tamirisa Memorial Award”. This award will be given

effective from June 2016 examination to a candidate who passes in all papers of the Professional

Programme Examination in first attempt, in one sitting, without claiming any exemption in any subject

and obtained the highest marks taking into account the performance of all such successful male

candidates from the examination centres situated in the Southern Region.

8] Publicity and Media

Focused attention was given to media and publicity campaign with an objective to disseminate the

activities/programmes of the Regional Council to the public at large. During the year under review, with

close interface with the Press, culminated with the organizing of 3 press meets. During the year under

review more than 90 Write ups/articles/press notes on the activities and announcements were published

in various newspapers/weeklies.

9] Accredited Centres

Presently, there are four active Accredited Centres in the Region and they are i) Anna Adarsh College

for Women, Chennai; ii) Sri BhagwanMahaveer Jain College, Bengaluru; iii) Kristu Jayanti College,

Bengaluru and iv) Christ College, Bengaluru. (Anna Adarsh College, Chennai is conducting Oral

Coaching Classes for Foundation Programme only).

10] Career Awareness Programmes

The Regional Council continues to organize qualitative Career Awareness Programmes in various

educational institutions. 120 Career Awareness Programmes were conducted during the period under

review by the ICSI Counsellors, CS Members and Officials from The ICSI. ICSI-SIRC also participated

in 4 Career Education Expo apart from 1 Career Awareness week to disseminate the information about

the course.

Efforts are being taken to set up ICSI Study Centres in places where the Regional Council or Chapter is

not available and for the institution of ICSI Signature Award for the topper in the Bachelor's Degree

examinations in Commerce conducted by the Central, State Universities and specialized

programmes/papers of Indian Institutes of Management (IIM) & Indian Institutes of Technology (IIT) in

India.

11] Students' Strength

The Regional Council as well as Chapters at Bengaluru, Calicut, Coimbatore, Hyderabad, Kochi,

Madurai, Mangalore, Mysore, Salem, Thiruvananthapuram and Visakhapatnam have done spot

registrations. Details of Students strength in the southern region are furnished as under:


13

Particulars

CHENNAI-RO

BANGALORE

CALICUT

COIMBATORE

HYDERABAD

KOCHI

MADURAI

MANGALORE

MYSORE

SALEM

T'PURAM

THRISSUR

VISAKHAPATNAM

Total

Executive

4679

1900

112

388

1414

236

184

255

220

87

179

138

290

10082

Total

6507

3048

146

616

1905

307

336

427

352

111

247

209

337

14548

Foundation

1828

1148

34

228

491

71

152

172

132

24

68

71

47

4466

12] Regional Council Affairs

Infrastructure Facilities and Capital Expenditure

During the year under review, many infrastructure facilities and new office equipments were purchased.

13] Meetings of the Regional Council

A] Regional Council Meetings

The Regional Council met four times during the period under review and the meetings were held on

16.05.2015; 12.08.2015; 10.12.2015 and 23.01.2016. The attendance for these meetings are given

hereunder:

Cushioned Chairs 7 nos. for Staff

Publication display boxes

Monitors 2 nos.

ACs 13 nos. (forDr.ACM -4nos., LVB -4nos.; Lib -2nos.;

Class Room 1 -2nos.; Class Room 2 -1no.) + installation charges

Voice Recorder – 1 no. for RCMs

Telephone instruments 2nos.

LCD Projector for Class Room 2 – 1no.

LCD Projector for Dr.ACM hall additional – 1no.

Collar mike for MSOP, Seminars & other programmes use

Library Books

23,800

15,000

11,130

4,98,620

6,190

1,660

47,461

46,050

5,800

28,875

Particulars Amount (Rs.)

6,84,586TOTAL


14

S.No. Name of the Regional Council MemberNo. of

Meeting held

No. of Meetingsattended

1

2

3

4

5

6

7

8

9

10

11

Sivakumar P.

Ganapathi G.M

Ramakrishna Gupta R.

Mohan Kumar A

Ramasubramaniam C.

Ahalada Rao V.

Gopalakrishna Hegde

Nagendra D Rao

Shastry P.S.

Dhanapal S

Bansal B.K. *

4

4

4

4

4

4

4

4

4

4

4

4

4

4

4

3

3

4

4

4

2

0

* Co-opted Member

The following sub-committee meetings were held during the period under review:

Name of the Committee

Library

Company Secretaries Benevolent Fund Committee

Finance & Accounts

Date

31.7.2015

31.7.2015

23.1.2016

14] Chaptersi) Professional Development Activities of Chapters

The details of information pertaining to activities undertaken by the chapters from 01.04.2015 to 31.03.2016 are as under:

Chapters

Amaravati*

Bangalore

Calicut

Coimbatore

Hyderabad

Kochi

Madurai

Mangalore

Mysore

Palakkad *

Salem

Thiruvananthapuram

Thrissur

Visakhapatnam

SCM

-

8

0

4

17

2

-

2

-

-

16

0

1

1

SPL.

1

4

2

12

28

4

01

-

6

1

5

1

2

3

PDP

-

41

5

11

36

10

11

1

6

-

6

6

4

6

SM

-

61

1

20

21

-

02

6

4

1

3

7

5

16

CAP

-

29

3

30

105

3

23

48

52

-

12

7

4

39

IAP

-

-

-

4

10

-

2

-

-

-

3

-

-

-

NS

-

4

-

-

2

1

-

-

-

-

-

1

-

1

Note : SCM- Study Circle Meeting; SPL – Special Meeting; PDP – Professional Development Programmes; SM-Students Meeting; CAP – Career Awareness Programmes; IAP-Investor Awareness Programmes NS – National Seminars* from January to March 2016 [inaugurated on 13.1.2016 & 28.2.2016 respectively].


15

ii) Class Room Teaching

The Chapters in the southern region conduct Class Room Teaching for the benefit of Foundation, Executive programmes and in some Chapters for the professional programmes as well.

iii) Library

Library facilities are available at Bengaluru, Hyderabad, Calicut, Coimbatore, Cochin, Madurai, Mangalore, Mysore, Thiruvanthapuram, Visakhapatnam, Thrissur and Salem Chapters.

Iv) Coordination with the Chapters

Effective Coordination with the Chapters has been made during the year under review.All the chapters enthusiastically pursued the activities and the set targets.

It was a matter of great learning and interaction when the top echelons of The ICSI viz. CS Mamta Binani, President; CS Ramasubramaniam C. and CS Ahalada Rao V, Council Members,The ICSI along with various Head of the Departments of ICSI visited Chennai on 19th February 2016 and met the Chairman, ICSI-SIRC and Chapter Chairmen of the Southern Region.

v) Internal Audit of the Chapters

The Quarterly Internal Audit Reports received from A, B and C Grade Chapters and half yearly Internal Audit Reports in respect of D grade chapters are sent to the Internal Audit Department of the HQ.

vi) Inauguration of ICSI – Amaravati and Palakkad Chapters

As per the decision of the HQ, the ICSI-Amaravati was inaugurated on 13th January 2016 and the ICSI-Palakkad Chapter was reopened on 28th February 2016.

15] Library & Information Services:

I] Additions to the Library

During the period under review, 114 Books were added to the library and the same have been kept in the reference section of the library. Apart from procurement of books from the booksellers, the Regional Council has received books as “Complimentary Copies” from leading publishers.

II] Journals and Periodicals

Following journals/newsletters are being received at SIRC library

v Monthly Newsletter from Hindustan Chamber

v M & A Critique

v Finapolis

16] Finance and Accounts

I] Quarterly Review of Accounts

The Accounts of the Regional Council is being reviewed on quarterly basis with reference to budget and actuals. The Financial Performance of the Regional Council is being analyzed on the basis of key parameters.

II] Contribution

During the year under review, the ICSI – SIRC contributed a sum of Rs.5 Lakhs to CMRF for unprecedented floods which created havoc in Chennai and surroundings.


16

III] Financial Position

As per the audited accounts which is annexed, the Reserves & Surplus for the year 2015-2016 stood at Rs.3,30,16,854/-. The Income over expenditure for the year under review was Rs.40,39,233/-.

IV] Internal Audit

So far, the Regional Council has reviewed four Internal Audit Reports during the year 2015-2016.

17) ACKNOWLEDGEMENTS

The Regional Council expresses its thanks to CS Atul H Mehta, Immediate Past President, The ICSI. It also places on record, the help and guidance received from CS Mamta Binani, President, The ICSI and CS (Dr.) Shyam Agrawal, Vice-President, The ICSI and CS Ahalada Rao V., CS Gopalakrishna Hegde and CS Ramasubramaniam C., Members elected from the Southern Region and Other Members of the Central Council and The ICSI HQ for their help and cooperation.

The Regional Council places on record its appreciation for the valuable services rendered and the commitment displayed by the Officials of SIRO led by Ms. Sarah Arokiaswamy, Joint Secretary. It also places on record its thanks to the Officers and Staff of ICSI, Headquarters

The Regional Council is also happy to place on record the valuable suggestions and guidance given by Shri B.K. Bansal, Former Regional Director, Ministry of Corporate Affairs, Southern Region; Shri S B Gautam, Regional Director, Ministry of Corporate Affairs, Southern Region, Chennai and Shri S Krishnan, IAS, Principal Secretary to Government, Planning and Development Department, Government of Tamilnadu, Secretariat, Chennai. The Regional Council expresses its sincere thanks to the senior officials of the Ministry of Corporate Affairs, Government of India; Company Law Board; Officers of the Regional Director [MCA]; Registrar of Companies, Official Liquidator, SEBI, Madras Stock Exchange Limited, National Stock Exchange Limited, FICCI, Hindustan Chamber of Commerce, ICSI-CCGRT, Press and TV for their continued support. The Regional Council expresses its gratitude to all donors who have been kind and magnanimous in donating to the SIRC.

The Regional Council also expresses its appreciation to the Corporates for their support to the professional developmental activities undertaken by the Regional Council during the year under review. The Regional Council places on record its appreciation to CS Nagendra D Rao, Immediate Past Chairman, ICSI-SIRC for the excellent work carried out in organizing various development programmes during the major portion of the year 2015-2016.

Date : Chennai For and on behalf ofPlace: 21.5.2016 SOUTHERN INDIA REGIONAL COUNCIL OF THE INSTITUTE OF COMPANY SECRETARIES OF INDIA

CS SIVAKUMAR P CHAIRMAN


17

INDEPENDENT AUDITORS’ REPORT

Independent Auditor's Report To the Southern India Regional Council (SIRC) of the Institute of Company Secretaries of India (ICSI)

Report on the Financial Statements We have audited the attached Balance Sheet of SIRC OF ICSI as at 31st March 2016 and the Income and Expenditure Account annexed thereto for the year ended as on that date. The above said financial statements are the responsibility of the SIRC of ICSI. Our responsibility is to express an opinion on these financial statements based on our audit.

Management's Responsibility for the Financial Statements

SIRC's management is responsible for the preparation of the financial statements that give a true and fair view of the financial position, financial performance of the SIRC of ICSI and in accordance with the generally accepted Accounting Principles in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's responsibility

Our responsibility is to express an opinion on the financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with the ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatements of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the SIRC's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis, for our audit opinion on the financial statements.


FORD RHODES PARKS & CO. LLP CHARTERED ACCOUNTANTS

Shakthi Towers III El & E2, Sixth Floor, 766, Anna Salai, Chennai - 600 002. Tamil Nadu, India

Phone : 28514498 / 42029940 E-mail : [email protected] [email protected] Website: www.fordrhodesparks.com

Ford, Rhodes, Parks & Co., a partnership firm with Registration No : BA 61078 converted into Ford Rhodes Parks & Co. LLP with LLP Registration No : AAE-4990 with effect from August 04, 2015

Also at : BENGALURU * KOLKATA * MUMBAI

.... 2 ...

18

Emphasis on matter:-

During our audit we have been informed by the Management that Employee Cost of SIRC of ICSI including salary, bonus and gratuity relating to permanent employees have been accounted at and paid from Head office and no expense or provision for the said cost has been accounted in the books of SIRC of ICSI.

Opinion

We report that:-

a. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of the audit.

b. In our opinion, proper books of accounts have been kept by the SIRC of ICSI, so far as it appears from our examination of those books.

c. The Balance Sheet and Income & Expenditure Account, dealt with by this Report are in agreement with the books of accounts.

d. In our opinion, the Balance Sheet and Income & Expenditure Account comply with the Accounting Standards issued by the Institute of Chartered Accountants of India.

In our opinion and to the best of our information and according to the explanations given to us, the financial statements and the Notes to Accounts thereon give a true and fair view in conformity with the accounting principles generally accepted in India.

I. In the case of the Balance Sheet of the Southern India Regional Council of Institute of company secretaries of India, the state of affairs as at 31st March. 2016.

II. In the case of Income and expenditure account, of Southern India Regional Council of Institute of company secretaries of India, of its surplus (Excess of Income over Expenditure) for the year ended as on 31St March 2016.


FORD RHODES PARKS & CO. LLP CHARTERED ACCOUNTANTS


RAMASWAMY SUBRAMANIAN

Partner

Membership No.016059

Place : Chennai

Dated : 21.05.2016

As per our report of even date.

For - FORD RHODES PARKS & CO. LLPChartered Accountants ICAI Registration No.: 102860W / W100089

19

SOUTHERN INDIA REGIONAL COUNCIL OFTHE INSTITUTE OF COMPANY SECRETARIES OF INDIA

BALANCE SHEET AS AT 31.3.2016

PARTICULARS NOTE

NO.

As at 31s t M arch

2016

As at 31st March

2015

I. SOURCES AND LIABILITIES

(1) Reserves & Surplus

(a) Reserve & Surplus 1 30,598,534 26,542,380

(b) Earmarked Funds 2 2,418,320 2,174,074

SUB-TOTAL (1) 33,016,854 28,716,454 (2) Non- Current Liabilities

(a) Long Term Borrowings - -

(b) Long Term Liabilities - -

(c) Long Term Provisions - -

SUB-TOTAL (2) - - (3) Current Liabilities

(a) Short Term Borrowings - -

- -

(b) Sundry Creditors 3 377,623 166,857

(c) Other Current Liabilities 4 1,384,240 822,633

(d ) Short term Provisions 5 80,794 -

SUB-TOTAL (3) 1,842,657 989,490

TOTAL (1+2+3) 34,859,511 29,705,944

II. ASSETS

(1) Non-current Assets

(a) Fixed Assets 6

(i) Tangible Assets 1,672,056 1,349,282

(ii) Intangible Asssets 22,967 140,538

(iii) Capital Work in Progress - -

(iv) Intangible Assets under development - -

SUB-TOTAL (a) 1,695,023 1,489,820

(b) Non-current Investments 7 1,696,302 40,000

(c ) Long Term Loan and Advances (Other Deposits) 66,360 67,710

(d) Other Non-Current Assets - -

SUB-TOTAL (1) 3,457,685 1,597,530

(2) Current Assets

(a) Current Investments 8 26,178,164 24,465,842

(b) Inventories 9 67,494 29,122

(c ) Sundry Debtors 10 403,681 23,631

(d) Cash and Cash Equivalents 11 2,161,807 1,839,716

(e) Short terms Loans and Advances 12 - -

(f) Other current Assets 13 2,590,680 1,750,103

SUB-TOTAL (2) 31,401,826 28,108,414

TOTAL (1) + (2) 34,859,511 29,705,944

ACCOUNTING POLICIES AND OTHER NOTES TO THE ACCOUNTS 20

Notes referred to above form an integral part of the Balance Sheet.


For and on behalf of ICSI - SIRC



Partner CS SIVAKUMAR P

CS MOHAN KUMAR A

CS GANAPATHY G M CS RAMAKRISHNA GUPTA RMembership No.016059 VICE CHAIRMAN SECRETARYCHAIRMAN

TREASURER

Place : Chennai

Dated : 21.05.2016

SARAH AROKIASWAMYJOINT SECRETARY


As per our report of even date

20

SOUTHERN INDIA REGIONAL COUNCIL OF


stINCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2016

PARTICULARS Note No.

31st Mar 2016 31st March 2015

INCOME

Income from Activities 14 9,653,340 9,031,439

Interest on Investments - -

Other Income 15 2,678,204 2,961,062

TOTAL INCOME 12,331,544 11,992,501

EXPENDITURE

Employee Benefit Expense 16 63,500 93,863

Oral Eduction Expense 1,605,637 1,558,998

Travelling and Conveyance Expense 17 596,440 998,959

Programmes / Seminars Expense 18 3,637,096 4,193,337

Career Awareness and Promotion Expense 25,000 5,560

Depreciation & Amortization 459,876 462,958

Other Expenses 19 1,835,556 2,688,503

TOTAL EXPENDITURE 8,223,105 10,002,178

Surplus before extra ordinary & exceptional items 4,108,439 1,990,323

Add / Less : Extra Ordinary Items - -

Add / Less : Exceptional Items( transferred from Infrastructure fund) - 103,190

Surplus on Disposal of Assets - 40,147

Loss on sale / Disposal / write-off of Assets 19,505 65,051

Prior period expenses (net) 49,701 -

Surplus after extra ordinary & exceptional items 4,039,233 2,068,609

Appropriation to Funds / Reserves : - -

(i) Endowment Prize Award Reserves - 40,000

TOTAL APPROPRIATIONS - 40,000

Balance transferred to General Reserve 4,039,233 2,028,609

TOTAL 4,039,233 2,028,609

ACCOUNTING POLICIES AND OTHER NOTES TO THE ACCOUNTS20

Notes referred to above form an integral part of the Income & Expenditure a/c.

As per our report of even date annexed.

For the year ended






CS MOHAN KUMAR A


TREASURER

Place : Chennai

Dated : 21.05.2016



21



RESERVES & SURPLUS NOTE 1

As at 31st PARTICULARSMarch 2016

As at 31st March

2015

(1) GENERAL RESERVE

As per last Balance Sheet# 18,247,411 27,333,451

Add :

(i) Donations - -

(ii) Transfer from any Specific / Other Reserve - -

(iii) Additions during the year

Contribution from HQ for Assets) - 78,766

Transfer of account of closure of Puducherry& Palakkad Chapter - 302,427

Less :

i) Transfer to Specific / Other Reserves - -

- -

-

- -

- -

-

-

- -

-

- -

-

- -

- -

-

-

- -

-

ii) Utilisation

settlement of dues of Puducherry & Palakkad Chapter - 44,048

Contribution made to HQ/chapters for land, building and assets

Sub-Total (1) 18,247,411 27,670,596

(2) OTHER THAN GENERAL RESERVES, IF ANY

(2A) BUILDING RESERVE

As per last Balance Sheet 6,885,787 6,885,787

Add : Interest

Add : Donations

Add : Transfer from Reserves

Add : Transfer from I&E Account

Less : Utilisation / transfer (mention specific purpose/nature)

Sub-Total (2A) 6,885,787 6,885,787

(2B) LIBRARY RESERVE

As per last Balance Sheet 274,667 251,474

Add: Interest 22,207 23,193

Add : Donations 5,000 -

Add : Transfer from Reserves - -

Less : Utilisation / transfer (mention specific purpose/nature) - -

Sub-Total (2B) 301,874 274,667

(2C) INFRASTRUCTURE RESERVE

As per last Balance Sheet

Add: Interest

Add : Donations




Sub-Total (2C)


Sub-Total (2C)

(2D) MANAGEMENT SKILLS ORIENTATION PROGRAMME FUND RESERVE



Add : Donations




Sub-Total (2D) 399,298 369,584

(2E) ORAL COACHING FUND RESERVE ACCOUNT



Add : Donations - -

Add : Transfer from Reserves - -

Add: Transfer from I & E (i.e. Students programme fee) 12,974 140,591

Less : Utilisation / transfer (mention specific purpose/nature) 94,631 -

Sub-Total (2E) 724,931 764,931

Total (2) 8,311,890 8,294,969

(3) SURPLUS i.e. EXCESS OF INCOME OVER EXPENDITURE TRANSFERRED FROM I

& E ACCOUNT 4,039,233 2,028,609

(4) CONTRIBUTION TO /FROM TOWARDS LAND & BLDG / OTHER ASSETS

Add: Contribution (Liabilities)

Less : Contribution (Assets)

Building and Other Assets - 6,885,787

Contribution to Chapter Assets - 94,757

Contribution to Land/ Building of HQ at Coimbatore - 471,250

Contribution to Land/ Building of HQ at Bangalore - 2,000,000

Contribution to Land/ Building of HQ at Cochin Chapter - 2,000,000

Total (4) - -11,451,794

Total : (1)+(2) +(3) +(4) 30,598,534 26,542,380

As at 31st PARTICULARSMarch 2016

As at 31st March

22



RESERVES & SURPLUS NOTE 1


-

-

-

-

-

-

# General reserve opening balance includes previous year surplus

(Excess of Income and expenditure Account - Rs 20,28,609/-) and net off of contribution made

to H.Q / Chapters towards land and building- Rs 114,51,794/-

23

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25



NOTE - 3

SUNDRY CREDITORS (Amount in Rs.)

PARTICULARS

As at 31st March

2016

As at 31st March

2015

Sundry Creditors

- For Goods & Services 377,623 166,857

- Others - -

Total 377,623 166,857

NOTE - 4

OTHER CURRENT LIABILITIES (Amount in Rs.)

PARTICULARS

As at 31st March

2016

As at 31st March

2015

Other Current Liabilities - -

(i) Fees received in advance from Members 683,843 250,089

(ii) Fees received in advance from Students 535,558 265,482

(iii) Security Deposits - -

(iv) Other Current Liabilities - -

- Property Tax - -

- TDS (Yearwise) 33,940 -

- Service Tax 1,014 -

- Professional Tax - -

- Sales Proceeds of HQ Publications - -

- Advance from HQ 12,250 -

- Advance from Chap 9,112 46,808

- Others 108,523 260,254

Total : 1,384,240 822,633

NOTE - 5

SHORT TERM PROVISIONS (Amount in Rs.)

PARTICULARS As at 31st March

2016 As at 31st March

2015

(i) Expense payable - -

a) Contribution to CSBF 2,480

b)

c)

(ii) Provision for expenses -

a) Electricity 52,857

b) AC repair 19,465

c) Other Expenses 5,992

Total 80,794 -

-

-

-

-

-

-

-


26

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27



NOTE - 7NON CURRENT INVESTMENTS (Amount in Rs. )

AS ON AS ON AS ON

01.04.2015 31.3.2016 31.3.2015

I. INVESTMENT IN GOVT. SECURITIES

(i) - - - - -

(ii) - - - - -

(iii) - - - - -

- - - - -

II. INVESTMENT IN DEBENTURES / BONDS

(i) HUDCO - - - - -

(ii) PFC - - - - -

(iii) REC - - - - -

- - - - -

III INVESTMENT IN MUTUAL FUNDS

(i) - - - - -

(ii) - - - - -

(iii) - - - - - - - - - -

IV OTHER NON-CURRENT INVESTMENTS

(A) Fixed Deposits in Banks - - - - -

(i) PNB - - - - -

(ii) Canara -

1,696,302 - 1,696,302 -

(iii) IDBI - - - - (iv) UCO 40,000 - 40,000

-

40,000

40,000 1,696,302 40,000 1,696,302 40,000

(B) Fixed Deposits with institutions other than Banks

(i) HUDCO - - - - -

(ii) NHB - - - - -

(iii) EXIM Bank - - - - -

(iv) LIC Housing Finance - - - - -

(v) PNB Housing Finance - - - - -

- - - - -

(C ) OTHERS (Specify nature) - - - - -

- - - - -

TOTAL (IV) 40,000 1,696,302 40,000 1,696,302 40,000

TOTAL(I+II+III+IV) 40,000 1,696,302 40,000 1,696,302 40,000

SUB-TOTAL(II)

SUB-TOTAL(III)

SUB-TOTAL(IV-A)

SUB-TOTAL(IV-B)

ADDITIONS DELETIONS

SUB-TOTAL(IV-C)

PARTICULARS

SUB-TOTAL(I)


28



NOTE-8CURRENT INVESTMENTS (Amount in Rs. )

AS ON AS ON

01.04.2015 31.03.2016

I. INVESTMENT IN GOVT. SECURITIES

- - - -

(i) - - - -

(ii) - - - -

(iii) - - - -

- - - -

II. INVESTMENT IN DEBENTURES / BONDS

(i) HUDCO - - - -

(ii) PFC - - - -

(iii) REC - - - -

- - - -

III INVESTMENT IN MUTUAL FUNDS

- - - -

(i) - - - -

(ii) - - - -

(iii) - - - -

- - - -

IV OTHER CURRENT INVESTMENTS

(A) Fixed Deposits in Banks - - - -

(i) PNB - - - -

(ii) Canara - - - -

(iii) SBI - - - -

(iv) UCO Bank 7,811,090 2,474,313 1,725,453 8,559,950

(v) Indian Bank 10,555,552 1,713,234 956,747 11,312,039

(vi) IOB 6,099,200 535,556 328,581 6,306,175

(vii) Canara Bank - - -

(viii) IDBI - - - 24,465,842 4,723,103 3,010,781 26,178,164

(B) Fixed Deposits with institutions other than Banks

(i) HUDCO - - - -

(ii) NHB - - - -

(iii) EXIM Bank - - - -

(iv) LIC Housing Finance - - - -

(v) PNB Housing Finance - - - -

- - - -

(C ) OTHERS (Specify nature) - - - -

- - - -

24,465,842 4,723,103 3,010,781 26,178,164

24,465,842 4,723,103 3,010,781 26,178,164

PARTICULARS ADDITIONS DELETIONS

SUB-TOTAL(I)

SUB-TOTAL(II)

SUB-TOTAL(III)

SUB-TOTAL(IV-A)

SUB-TOTAL(IV-B)

SUB-TOTAL(IV-C )

TOTAL IV :

TOTAL (I+II+III+IV) :


29



NOTE - 9

INVENTORIES (Amount in Rs.)

PARTICULARSAs at 31st March

2016

As at 31st March

2015

Publications (RO / Chapters own) -

-

Consumables, Stores & Others (RO / Chap own) 67,494 29,122

Total 67,494 29,122

NOTE - 10

SUNDRY DEBTORS (Amount in Rs.)


2016

As at 31st March

2015

a) Sundry Debtors outstanding for more than six months

Secured , considered good -

- Unsecured , considered good 403,681 23,631

Doubtful - -

Less : Provision for Bad and Doubtful debtors - -

SUB-TOTAL (a) 403,681 23,631

b) Others sundry debtors

(i) Secured , considered good - -

(ii) Unsecured , considered good - -

(iii) Doubtful - -

Less : Provision for Bad and Doubtful debtors - -

SUB-TOTAL (b) - -

Total(a+b) 403,681 23,631

NOTE - 11

CASH AND CASH EQUIVALENT S (Amount in Rs.)


2016

As at 31st March

2015

Balances with Bank (including linked term deposits) 2,161,807 1,836,292

Cheques / Drafts / Postal Orders / Stamps / Franking units in

hand /stamp - 3,424

Cash in hand - -

Total 2,161,807 1,839,716


30



NOTE - 13OTHER CURRENT ASSETS (Amount in Rs.)


2016

As at 31st March

2015

OTHER CURRENT ASSETS

Accrued Interst on investments (Bank Deposits) 1,503,693 1,313,611

Accrued Interst on Non-Current Investments

Prepaid Expenses 28,535 23,850

Security Deposit - -

-

-

-

-

CENVAT Credit 1,014 67,360

Recoverable from Parties / Vendors (with break up)

Recoverable from Headquarter (with break up)

- TDS 19,822 13,890

- Reimbursement (with break up) 913,727 205,873

Recoverable from RO / Chapters (with break up) 123,889 125,519

Total : 2,590,680 1,750,103

NOTE - 12

SHORT TERM LOANS AND ADVANCES (Amount in Rs. )


2016

As at 31st March

2015

SHORT TERM LOANS AND ADVANCES

Secured , considered good

Unsecured , considered good

Recoverable from HQ -

-

-

-

-

-

Chapters - -

Advance for expenses - -

Prepaid expenses - -

Doubtful -

-

Less : Provision for Bad and Doubtful advance - -

Total - -


31



Note -14

Incom from Activities (Amount in Rs.)

-

Income from Students - Oral Education Fee - 3,714,684 3,504,335 Other Fees

Library Annual Subscription 34,300 40,300 Library Fine 275 1,365 Library Reading Room Fee 75,703 110,278 72,326 113,991

Sale of Publications (RC /Chap own) - - - -

(IV) Programmes / Seminars

From Members 4,176,472 4,047,764

From Students

- Oral Education - -

- Students Training Programmes 1,651,906 1,365,349

- Others - -

TOTAL 9,653,340 9,031,439

PARTICULARS31st Mar 2016 31st March 2015

For the year ended For the year ended

NOTE -15

Other Income (Amount in Rs.)

PARTICULARS

for the year

ended 31st

March 2016

for the year

ended 31st

March 2015

Subscription to Newsletter - -

Interest on Investments/Bank balance 2,070,455 2,045,243 Innvestor Awarness Pro grammes - -

Provision for expenses no longer required, written-back 1,780 -

Donations - General - -

Rent 12,250 20,501

Grants received from HQ 512,210 716,920

Unpaid Security Deposits / EMD / Retention Money/ Stale Cheques - -

Miscellaneous 7,189 15,392

Royalty for oral coaching & Commission from Publications 74,320 98,630

Prior Period Income ( net) - 64,376

TOTAL 2,678,204 2,961,062


32



Note -16

EMPLOYEE BENEFIT EXPENSE (Amount in Rs.)

31st March 2016 31st March 2015

Salaries and Allowances 15,962 45,162

Staff Welfare 47,538 48,701

ICSI Employees Benevolent Fund - -

ICSI Employees Medical Hospitalisation Fund - -

Less : Allocation to RC/C & Scientific Research Activities - -

- -

TOTAL 63,500 93,863

Note -17

TRAVELLING AND CONVEYANCE EXPENS E (Amount in Rs.)


Travelling Expenses 575,008 985,790

Conveyance Expenses 21,432 13,169

- -

TOTAL 596,440 998,959

Note -18

PROGRAMMES / SEMINAR EXPENSES (Amount in Rs.)


Programmes / Seminars of Members 2,426,723 3,176,003

Programmes / Seminars of Students - -

a) Students Training Programmes 1,094,112 871,423

b) Other Programmes 116,261 145,911

TOTAL 3,637,096 4,193,337

PARTICULARSFor the year ended

For the year ended PARTICULARS

PARTICULARSFor the year ended


33



Note - 19

OTHER EXPENSES (Amount in Rs.)

Stationery 126,088 144,167

Newsletter -

Legal and Professional Services 32,175 35,000

Rent, Rates and Taxes - -

Electricity and Water 131,424 124,344

Communication Expense

- Telephone / Fa x 83,363 84,478 -

- Courier / Postage 26,063 109,426 49,417 133,895

Insurance - -

Repairs and Maintenance

- Buildings 4,595 - 71,230 -

- Computer 2,385 37,554 -

- Other Assets 276,513 - 145,353 -

- Vehicles - 283,493 - 254,137

Office Expenses 408,235 386,099

Newspapers and Periodicals 5,098 5,002

Meeting expenses 112,480 256,524

Computerisation (Data Processing) - -

Prior-period expenses - -

Packing and Despatch - -

Loss on Sale/ Disposal/Write-off of Assets - -

Loss/Write-off of Stocks - -

Bank Charges 2,103 3,335

Student Scholarship and Awards - -

Auditors Remuneration (including Service Tax) - -

- Statutory Audit Fees 68,700 - 60,000

- Internal Audit Fees 45,800 114,500 35,000 95,000

Investor Awarness Pro grammes - -

TDS / Income Tax Recoverable written of f - -

Bad Debts - -

Provision for Bad/Doubtful Debts - -

Advances not recoverable (Debit balance) written of f 10,534 1,000

Contributions: -

ICSI Student Education Fund Trust - - -

C S Benevolent Fund Trust - 1,000,000

Contribution(CMRF/PMRF) 500,000 250,000

TOTAL - 1,835,556 - 2,688,503

PARTICULARS31st Mar 2016 31st March 2015

For the year ended


(A) ACCOUNTING POLICIES

1. Basis of Preparation of Financial StatementsThe Financial Statements are drawn up on historical cost basis and have been prepared in

accordance with applicable Accounting Standards issued by the Institute of Chartered Accountants of India and are on accrual basis unless otherwise stated.

2. Uses of EstimatesThe preparation of Financial Statements requires some estimates which affect the reported

amounts of assets and liabilities on the date of Financial Statements and the reported amount of revenues and expenses during the year. Difference between the actual result and estimates are recognized in the period in which results are known/ materialized.

3. Revenue Recognitiona. The Entrance Fee is collected at the time of admission of a person as a Member and is directly

credited to “Capital Reserve”.

b. Fees received from Members are accounted for on cash basis. However, fees received in advance are carried over as a liability.

c. Fee from students is recognized on cash basis.

d. Examination fee is recognized on the basis of conduct of examination.

e. Revenue from sale of publications is recognized at the time of preparing the sale bill, ie. when the property in goods as well as the significant risks and rewards of the property get transferred to buyer.

f. Income from Investments

i) Dividend on investments is recognized on receipt basis.

ii) Income on interest-bearing securities and fixed deposits is recognized on a time proportion basis taking into account the amount outstanding and the rates applicable.

Receipt of money for specific sponsored Programmes is recognised on a systematic basis in the Income & Expenditure Account over the periods necessary to match them with the related costs which they are intended to compensate. Unspent balance of such receipts, if any, is carried to next year.

4. Investmentsa. Long term Investments are carried at cost and diminution in value, other than temporary, is provided

for.b. Current investments are carried at lower of cost or fair value.

5. Fixed Assets / Depreciation and Amortizationa. Fixed Assets excluding Land are stated at historical cost less depreciation. b. Freehold land is stated at cost. Leasehold land is stated at the amount of premium paid for acquiring

the lease rights. The premium paid on leasehold land is amortized over the period of lease.c. Depreciation is provided on the Written Down Value method at the following rates as approved by

the Council, based on the useful life of the respective assets :

34

NOTE 20ACCOUNTING POLICIES AND NOTES TO ACCOUNTS


SOUTHERN INDIA REGIONAL COUNCIL OF THE INSTITUTE OF COMPANY SECRETARIES OF INDIA

d. Depreciation on additions to Fixed assets is provided on pro-rata basis. No depreciation is charged in the year of sale.

e. Fixed Assets costing 5,000 or less are fully depreciated.

f. Library books are depreciated at the rate of 100% in the year of purchase.

g. Intangible Assets (Software) are amortized equally over a period of three years.

6. Impairment of Assets The carrying amounts of assets are reviewed at each Balance Sheet date if there is an indication of

impairment based on internal / external factors. The impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is higher of asset's net selling price or value in use. In assessing the value in use, the estimated future cash flows are discounted to their present value at the weighted cost of capital.

7. Inventories Inventories of Consumables, Publications, Study Materials, etc. are valued at lower of cost or net

realizable value. The cost is determined on FIFO basis.

8. Foreign Currency Transactions

a. Foreign currency transactions are recorded on initial recognition in the reporting currency by applying to the foreign currency amount at the exchange rate prevailing as on the date of transactions.

b. All incomes and expenses are translated at average rate. All monetary assets / liabilities are translated at the yearend rates whereas non-monetary assets are carried at the rate on the date of transaction.

c. All incomes or expenses on account of exchange rate difference are recognized in the Income and Expenditure Account.

9. Employee Benefits (Not applicable for RO / Chapter)

Defined Contribution Plana. Contributions to Provident Fund Trust maintained by the Institute are recognized as expenses.

Defined Benefit Plana. Amount payable/recoverable to/from Gratuity Fund Trust are recognized as liability/assets in the

balance sheet based on the valuation report received from LIC for present obligation of liability at the year end.

b. Contribution to Pension Fund Trust are made based on actuarial valuation and recognized as an expense as per AS-15 (Revised).

c. Provision for leave encashment is made on the basis of actuarial valuation and recognized as an expense as per AS-15 (Revised).

10. Provisions A provision is recognized when an enterprise has a present obligation as a result of past events; it is

probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on best estimate required to settle the obligations at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates.


Item %

Buildings 5Furniture and Fixtures 10Lifts/Air Conditioners/Other Equipments 15Vehicles 20Computers / Mobile Phones 40

35

11. Contribution to Approved Funds Allocation /Contributions to ICSI Students Education Fund Trust, ICSI National Award for Corporate

Governance, ICSI Employees Medical Hospitalization Trust, Company Secretaries Benevolent Fund, ICSI Employees Benevolent Fund, Performance-related Incentive Fund and Infrastructure Fund, Professional Development Fund are made based on the amount as approved by the Council from time to time.

12. Allocations / Transfer to Reserves and Surplus and Earmarked Funds

a. Corpus donation / donation for Building & Other Specific Fund received during the year is directly taken to such Reserve.

b. Income from investment of earmarked funds is allocated at the rate of 8% p.a. to the respective earmarked funds on the average of Opening & Closing balances and the amount utilized there from is debited to such funds.

13. Old outstanding amounts under the heads of 'Earnest Money Deposits, Retention Money, Security Deposits and Stale Cheques'Earnest Money Deposits, Retention Money, Security Deposits and Stale Cheques remaining unpaid

for more than three years after the due date for payment, wherever applicable, is treated as income.

(B) NOTES TO ACCOUNTS(Notes must be given even if the amount / particulars are Nil)

1. Contingent Liability

2. Prior Period Income / Expenditure

[Rs.49,701/- due to ICSI-CCGRT towards expenses incurred on behalf of ICSI-

SIRC for Seminar on 'Enhanced Disclosures under Companies Act, 2013' held

on 12th May, 2014 at Chennai – as claimed by ICSI-CCGRT]

3. Capital Commitments - NIL

4. Other Commitments - NIL

5. Donation in kind - NIL

Related Party Transactions - NIL


As per our report of even date.





CS MOHAN KUMAR A


TREASURER

Place : Chennai

Dated : 21.05.2016



36

36 ANNUAL REPORT OF ICSI - SIRC · 766, Anna Salai, Chennai 600 002. CS Nagendra D Rao CS Shastry...

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