37 ICSI - SIRC ANNUAL REPORT OF...CA Chinnasamy Ganesan, Chennai CS Sriram P, Chennai CS Seema Rath...
Transcript of 37 ICSI - SIRC ANNUAL REPORT OF...CA Chinnasamy Ganesan, Chennai CS Sriram P, Chennai CS Seema Rath...
‘ICSI - SIRC House’, No. 9, Wheat Crofts Road,
Nungambakkam, Chennai - 600 034.
Phone : 044 - 28279898, 28268685
E-mail : [email protected]
2016 - 2017
th
37 ANNUAL REPORT OFICSI - SIRC
th
37 ANNUAL REPORT OFICSI - SIRC
"To be a global leader in promoting
Good Corporate Governance"
"To develop high calibre
professionals facilitating good
Corporate Governance"
ICSI Motto
ICSI VISION ICSI MISSION
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 AuditorsK GOPAL RAO & CO
Chartered Accountants
New No. 21, Old No. 9/1,
Moosa Street,
T Nagar, Chennai 600 017
Bankers
Chairman
Vice-Chairman & Treasurer
CS Ganapathi G.M.
Secretary
CS Ramakrishna Gupta R.
CS Mohan Kumar A.
COUNCIL MEMBERS
Elected : Central Council
Co-opted
Joint Secretary
Sarah Arokiaswamy (Ms.)
th37 Annual Report of Southern India Regional Council of the ICSI - 2016-2017
37th Annual Report of ICSI - SIRC 2016-2017
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M/s. Ford Rhodes Parks & Co. LLPChartered Accountants E1 & E2, Sakthi Towers - 3, Sixth Floor,766, Anna Salai, Chennai 600 002.
Elected: Regional Council
CS Sivakumar P
CS Nagendra D Rao
CS Shastry P.S.
CS Dhanapal S
CS Ahalada Rao V.
CS Gopalakrishna Hegde
CS Ramasubramaniam C.
ICICI Bank Ltd.
Chennai 600 034
HDFC Bank Ltd.
Chennai 600 010
UCO BANK
Chennai 600 034
Shri S B Gautam
Shri S. Krishnan, IAS
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By order of the Regional CouncilPlace : Chennai
Date : 09.05.2017
NOTICE
NOTICE IS HEREBY GIVEN that the 37th Annual General Meeting of the Members of
ICSI under the jurisdiction of the Southern India Regional Council of the Institute of Company
Secretaries of India will be held at its Southern India Regional Office (SIRO) at Dr. A.C. Muthiah
Conference Hall, ICSI-SIRC House, No.9 Wheat Crofts Road, Nungambakkam, Chennai 600 034
on Monday, the 31st July 2017 at 6.00 p.m. to transact the following business:
1) To receive, consider and adopt the audited accounts for the Financial Year ended
31st March 2017 together with the Report of the Regional Council and 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 financial year 2017-18.
Please make it convenient to attend the meeting.
CS MOHAN KUMAR A
Secretary
ICSI-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
37th Annual Report of ICSI - SIRC 2016-2017
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THE INSTITUTE OF COMPANY SECRETARIES OF INDIA
SOUTHERN INDIA REGIONAL COUNCIL
ICSI-SIRC House, No.9 Wheat Crofts Road, Nungambakkam, Chennai 600 034
th st 37 Annual Report of the Regional Council for the year ended 31 March, 2017
To The Members of ICSI Southern India Regional CouncilInstitute of Company Secretaries of IndiaChennai
Dear Members,
We have great pleasure in presenting the 37th 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 1.4.2016 to 31.3.2017.
The ICSI-SIRC during the year under review organized a number of Professional Development
Programs to build the capacity of members to venture into new areas of practice as well as for members
in employment. 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. We have detailed hereunder some salient features pertaining to growth and
development of the profession in Southern Region and also programmes and activities held during the
period under review.
1] Members Strength – Southern Region
As on 31.3.2017, out of total membership of 8104 in the Southern Region 1666 were Fellow
Members and 6438 were Associate Members. There were 1711 members possessing Certificate of
Practice in the Region. There are 3504 CSBF Members in Southern Region as on 31.3.2017.
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:
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2
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Study Circle Meeting
Full Day Seminar
Half Day Seminar
Special Programmes
41st Regional Conference
Joint Seminars
Two Day Workshop
ICSI National Programmes
Continuing Education Programmes
10th Regional PCS Conference
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9
13
1
6
7
8
9
10
3
1
1
6
1
Sl.No.
Particulars of the programme Number ofprogrammes
Sl.No.
Particulars of the programme Number ofprogrammes
37th Annual Report of ICSI - SIRC 2016-2017
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a] 41st Southern India Regional Conference of Company Secretaries:
The 41st Regional Conference of SIRC was held on 14-15, October 2016 at Ramada Cochin Resorts, Kochi. The Chief Guest Dr. K N Raghavan IRS, Commissioner of Customs, Kochi, Kerala inaugurated the 41st Regional Conferences of Company Secretaries on the theme “CS-Rewarding Avenues- Reaping benefits:Growing by Leaps and Bounds”. CS Nagendra D Rao, Immediate Past Chairman and CS Sivadasan A, Past Chairman, ICSI-SIRC were felicitated for their contribution to the profession. Commemorating the 41st Regional Conference a souvenir was released by the Chief Guest at the inaugural session. Hon'ble Justice Jayasankaran Nambiar A K, High Court of Kerala was the Chief Guest at the Valedictory session and delivered the Valedictory address. Special Address was delivered by Dr. T M Thomas Isaac, Hon'ble Minister of Finance, Government of Kerala at the valedictory session. The Conference was attended by 365 delegates. The theme of the Conference was discussed in six technical sessions. Eminent speakers addressed at various technical sessions.
b] 10th Southern India Regional Conference of Practising Company Secretaries:
ICSI-SIRC organized 10th Southern India Regional Conference of Practising Company Secretaries on 5-6, August 2016 at Hotel Heritage, Madurai. The Inaugural address was delivered by Prof. S. Subbiah, Vice-Chancellor, Alagappa University, Madurai. Special address was delivered by CS Dr. Shyam Agrawal, Vice President, The ICSI. The theme of the Conference was discussed in five technical sessions. Eminent speakers addressed various technical sessions. The Conference was attended by 110 delegates. The Valedictory Address was delivered by Hon'ble Dr. Justice S. Vimala, Madras High Court.
37th Annual Report of ICSI - SIRC 2016-2017
b] Joint Programmes
SL. No.
DATE/ VENUE TOPICDetails of the CHIEF GUEST / SPEAKERS
10-11 December 2016ICSI-SIRC House, Chennai
16.12.2016Hotel Deccan Plaza, Chennai
1.
2.
3.
ICSI-CCGRT and ICSI-SIRC jointly organised Research symposium on The Companies Act, 2013 – Decoding unsolved Mysteries and impact of Amendment Bill 2016
ICSI-NSE joint Workshop on Secretarial Audit
Mentors1. CS Ramakrishna Gupta (Hyd.)2. CS Thirupal Gorige (Blore)3. CS Jitender Ahlawat ( Delhi)4. CS Krish Narayanan (Chennai)5. CS Rengarajan (Chennai)6. CS V. Karthick ( Blore)
24.03.2017ICAI Bhawan, Chennai
Joint Workshop on CorporateSocial Responsibilities with ICAI
Chief Guest:Shri. S B GautamRegional Director, Ministry of Corporate Affairs (SR)
CA Chinnasamy Ganesan, Chennai
CS Sriram P, Chennai
CS Seema RathDeputy Director, Ministry of Corporate Affairs, New Delhi.
CS Dr. Ravi BManaging Partner, B Ravi & Associates,Company Secretaries, Chennai
CS Eshwar S, Practising Company Secretary, Chennai
During the period under review, ICSI-SIRC organized 3 Joint Programmes for Members as follows:
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SL. No.
DATE/ VENUE TOPICDetails of the CHIEF GUEST / SPEAKERS
16.04.2016ICSI-SIRC House
27.05.2016ICSI-SIRC House
15.06.2016ICSI-SIRC House
1.
2.
3.
Programme on Whirlwind Plenary on Evangelizing the International Corporate Governance Day
Peer ReviewersTraining Programme
Special Programme on ICSI PCS Day Celebrations
Chief Guest:
Padma Shri. Dr. K Raghavendra Rao,
Managing Director,
Orchid Pharma Ltd, Chennai
Guest of Honour:
CS Sundara Rajan M S
Former CMD, Indian Bank
CS Pradeep Ramakrishnan
Deputy General Manager, SEBI, Mumbai
CS Raju Iyer P
Council Member, ICAI, Chennai
Shri K Ravi
Advocate, Chennai
Talk Show
CS Arvind R
Company Secretary, Dr. Agrawal's Health
Care Ltd, Chennai
CS Sudhir Babu C
Practising Company Secretary, Hyderabad
CS V. Sreedharan,
Practicing Company Secretary, Bangalore
CS S. Eshwar,
Practicing Company Secretary, Chennai
CS Babu Sankarasubramaniam V
Practising Company Secretary, Chennai
CS Dr. Ravi B
Practising Company Secretary, Chennai
c] Special Programmes
37th Annual Report of ICSI - SIRC 2016-2017
During the period under review, the following joint programmes were held:
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SL. No.
DATE/ VENUE TOPICDetails of the CHIEF GUEST / SPEAKERS
21.06.2016ICSI-SIRC House
25.06.2016ICSI-SIRC House
31.07.2016ICSI-SIRC House
15.08.2016ICSI-SIRC House
25.10.2016ICSI-SIRC House
26.01.2017ICSI-SIRC House
04.02.2017ICSI-SIRC House
4.
5.
6.
7.
8.
9.
10.
International Yoga Day Celebrations
ICSI Capital Market on Transcending Horizons –Capital Market Way
Foundation Day Programme & Seminar
IndependenceDay Celebrations
Interaction Meeting with CS Sahoo MS, Chairperson of the Insolvency and Bankruptcy Board of India
Republic Day Celebrations and Programme on Ethics in Governance
Programme on UnionBudget 2017
CS Vidya SubramanianPractising Company Secretary Chennai
CS Dr. Gopalan VChartered Accountants, Gopalan & Associates,Janhar Management Consultancy P Ltd.
CA Srinivasan T RChartered AccountantG. Sekar Associates, Chennai
CS Pradeep RamakrishnanDeputy General Manager, SEBIMumbai
CS Rajendran SPractising Company Secretary, Chennai
CS Rajesh RAdvocate, Chennai
Shri S T PerumalWing Commander – Airforce(Retd), Chennai
CS Sahoo MSChairperson of the Insolvency and Bankruptcy Board of India
Shri. Sundararajan M SFormer Chairman & Managing Director, Indian Bank, Chennai
C A Banusekar TChartered Accountant, Chennai
CS Sriram BPartner, Ernst & Young, Chennai
Shri. Srinivasan IRSAssistant Commissioner of Service Tax,Chennai
37th Annual Report of ICSI - SIRC 2016-2017
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37th Annual Report of ICSI - SIRC 2016-2017
SL. No.
DATE/ VENUE TOPICDetails of the CHIEF GUEST / SPEAKERS
08.03.2017ICSI-SIRC House
25.03.2017& 26.03.2017Hotel Deccan Plaza, Chennai
28.03.2017ICSI-SIRC House, Chennai
11.
12.
13.
International Women's Day Celebrations
Tamilnadu State Conference ofCompany Secretaries for the Theme: “For things to change, We must Change” – CS the Game Changer
Program on "Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act 2013 on Tuesday, the 28th March 2017 at ICSI-SIRC
Chief Guest:Mrs. Hemalatha RajanDirector, Ma Foi Group
CS Ovia RPractising Company Secretary & Social Activist, Chennai
Dr. JananiDirector, Rexpride Training & Development, Chennai
Shri. Nilesh SharmaPartner, Dhir&Dhir AssociatesNew Delhi
CS Sriram PProwis Corporate Services, Chennai
Shri P H Arvindh PandianSenior Advocate, Chennai
CS Vijay Kumar M PChief Financial Officer Sify Technologies Limited, Chennai
CS Satyanarayanan SAdvocate, Chennai
Shri. Satish Kumar RAdvocate, Chennai
CS Shiv Shankar V NCorporate Lawyer, Chennai
Shri Vishal KediaFounder & Director, Complykaro Services Pvt Ltd.
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3] Investor Awareness Programmes
[An initiative under the aegis of Ministry of Corporate Affairs, Govt of India]
The Regional Council conducted 11 Investor Awareness Programmes during the period under review in
Chennai as well as in surrounding areas.
4] Corporate Membership
During the period under review 109 Members enrolled under the Corporate Membership Scheme for
2016-2017.
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 84 requests from corporate organizations and had sponsored 172 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
Campus Placement Programmes were organized by the ICSI– SIRC on 09.07.2016, 24.09.2016, 07.03.2017
and 24.03.2017 at ICSI – SIRC House, Chennai, during the period under review.
7] CS Acceleration Centre
In a bid to encourage the budding Practising Company Secretaries (PCS) for their initial Start Up and Stand
Up ventures, President, ICSI, CS Mamta Binani inaugurated the first-of-its kind CS Acceleration Centre
(CSAC) within the Institute of Company Secretaries of India premises at ICSI – SIRC House, Chennai on 8th
June 2016.
8] Nostalgia on CS Profession by CS Subbaraman T.P., Former Secretary, The ICSI
In order to show case the history of the Institute to the members, it was felt that the events and activities
which impacted genesis and growth of the profession could be chronicled in the form of a write up to be
published in SIRC e-newsletter. In order to give shape to our idea, CS Sivakumar P, Imm. Past Chairman,
ICSI-SIRC, CS Ramasubramaniam C, Council Member, ICSI have requested Shri T P Subbaraman, former
Secretary & Executive Director, the ICSI, who was one of those members who had closely associated with the
birth of the Institute and its growth during its nascent period, to contribute a series of write up on the subject
and he had readily agreed to our request for publishing from February 2016 to December 2016. Ten pieces of
his recollections right from formation of Institute of Company Secretaries in 1957 ending with conversion of the
Institute as a statutory body, from 1959-60 were published in the SIRC e-newsletter.
9] Students' Activities
I] Classroom Teaching
Classroom teaching continue to attract 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
37th Annual Report of ICSI - SIRC 2016-2017
standard examination procedures and practices. 745 students attended the Classroom teaching and the
stage wise break up is as follows:
Foundation Programme 206
Executive Programme 405
Executive Programme (Full time) 50 (Module-I and Module-II)
Professional Programme (week-end) 84
The Regional Council continues to extend complete exemption of tuition fee to SC/ST candidates and 30
students benefited under this scheme during the year under review.
II] Crash Course
The Regional Council organized four Crash Courses on the following subjects for the June and December 2016 sessions during the period under review.
v Advanced Tax Laws and Practice
v Financial, Treasury and Forex Management
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37th Annual Report of ICSI - SIRC 2016-2017
Session
June 2016
June 2016
December 2016
December 2016
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
32
26
25
22
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 Programme from 2nd May, 2016 to 9th May, 2016 and the total enrolment for the same was 43 students. Another set of Model Examination was held from 26th November, 2016 to 3rd December, 2016. The total enrolment for the same was 124 students.
IV] Professional Development Programmes for students:
The Regional Council conducted 11 Professional Development Programmes for students during the period under review.
V] 15 days Academic Programme
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Sl.No.
2 days Induction program
2 days Induction program
3 days e-governance program
3 days e-governance program
5 days skill development program
Name of the program
15th and 16th September 2016
6th and 7th march 2017
14th July to 16th July 2016
28th September to 30th September 2016
24th October to 28th October 2016
Date
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16
14
52
45
No. of Studentsparticipated
VI] Management Skills Orientation Programmes:
The Regional Council conducted 4 [FOUR] Management Skills Orientation Programmes during the period under review and 184 Students participated. Continuous feedback is obtained from the participants to ensure quality academic inputs and support extended to the participants of the MSOP.
VII] 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 review, 46 companies and 60 Practising Company Secretaries 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.
VIII] Performance of the students
Students of the Region continued to demonstrate their academic brilliance by winning various Regional Prize Awards as follows:
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37th Annual Report of ICSI - SIRC 2016-2017
Executive Programme : December 2015
Name of the Winner
Ms. Nupur Birmiwal
Ms. Nupur Birmiwal
Mr. Ajay Kaushik(Co-Winner)
Mr. Asoori Varshith Asoori Varshith (Co-Winner)
Criteria Name of the Prize Award
Sirubalakkadu Sambamoorthy Srinivasan Memorial Prize Award
Puttaparthi Janardhanaiah Memorial Award
Sri Chakra's Cash Award
Sri Chakra's Cash Award
Awarded to a candidate who passes in all papers of the Executive Programme Examination at first attempt, in one sitting, without claiming exemption in any subject and obtaining the highest marks in Southern Region.
Awarded to a lady candidate who passes in all papers of Executive Programme Examination at first attempt, in one sitting, without claiming exemption in any subject and obtaining highest marks in Southern Region
Awarded to a candidate who passes in all papers of the Executive Programme Examination, at first attempt, in one sitting, without claiming exemption in any subject and obtaining the second highest marks in Southern Region.
Awarded to a candidate who passes in all papers of the Executive Programme Examination, at first attempt, in one sitting, without claiming exemption in any subject and obtaining the second highest marks in Southern Region.
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37th Annual Report of ICSI - SIRC 2016-2017
Name of the Winner
Ms. Astha Bansal
Ms. Sneha Holla Karamballi
Ms. Renuka Devi Bommisetti
Mr. Balaji
Criteria Name of the Prize Award
Late G. Sundara Rajan Endowment Award
SIRC – V Kumar Memorial Prize Award
Late Shri K. Hariharan Endowment Award
Huklamakki Manjunatha Hegde Memorial Award
Awarded to a candidate who passes in all papers of the Executive Programme Examination, at first attempt, in one sitting, without claiming exemption in any subject and obtaining the highest marks in Capital Markets and Securities Laws in Southern Region.
Awarded to a candidate who passes in all papers of the Executive Programme Examination, at first attempt, in one sitting, without claiming exemption in any subject and obtaining the highest marks in Tax Laws and Practice in Southern Region.
Awarded to a candidate who passes in all papers of the Executive Programme Examination, at first attempt, in one sitting, without claiming exemption in any subject and obtaining the highest marks in Company Law in Southern Region.
Awarded to a candidate who passes in all papers of the Executive Programme Examination, at first attempt, in one sitting, without claiming exemption in any subject and obtaining the highest marks in Company Accounts and Audit ing Practices in Southern Region.
Professional Programme: December 2015
Name of the Winner
Mr.Padakanti Srikanth
Mr.Padakanti Srikanth
Criteria Name of the Prize Award
Sirubalakkadu Sambamoorthy Srinivasan Memorial Prize Award
Sirubalakkadu Sambamoorthy Srinivasan Memorial Prize Award
Awarded to a candidate who passes in all papers of the Professional Programme Examination, at first attempt, in one sitting, without claiming exemption in any subject and obtaining the highest marks taking into account the performance of all such successful candidates under old as well as new syllabi from examination centres in Southern Region.
Awarded to a candidate who passes in all papers of the Professional Programme Examination, at first attempt, in one sitting, without claiming exemption in any subjectand obtaining the highest marks taking into account the performance of all such successful candidates under old as well as new syllabi from examination centres in Southern Region.
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37th Annual Report of ICSI - SIRC 2016-2017
Name of the Winner
Mr.Padakanti Srikanth
Mr.Padakanti Srikanth (Co-Winner)
Mr.Naga Venkata Sai Sru Sivakoti
Mr.Naga Venkata Sai Sru Sivakoti
Mr.Naga Venkata Sai Sru Sivakoti
Criteria Name of the Prize Award
Smt. Nagamma Memorial Award
SIRC Prize Award
Sri Chakra's Cash Award
SIRC Mrs. Pankajam Rengachari Prize Award
Late Anand Tamirisa Memorial Award
Awarded to a candidate who passes in all papers of the Professional Programme Examination, at first attempt, in one sitting, without claiming exemption in any subjectand obtaining the highest marks taking into account the performance of all such successful candidates under old as well as new syllabi from examination centres in Southern Region.
Awarded to a candidate who passes in all papers of the Professional Programme Examination, at first attempt , in one sitting, without claiming exemption in any subject and obtaining the highest marks in Corporate Restructuring, Valuation and Insolvency in Southern Region.
Awarded to a candidate who passes in all papers of the Professional Programme Examination, at first attempt, in one sitting, without claiming exemption in any subjectand obtaining the second highest marks taking into account the performance of all such successful candidates under old as well as new syllabi from examination centres in Southern Region.
Awarded to a candidate who passes in all papers of the Professional Programme Examination, at first attempt, in one sitting, without claiming exemption in any subject and obtaining the highest marks in Advanced Company Law and Practice in Southern Region.
Awarded to a candidate who passes in all papers of the Professional Programme Examination, at first attempt, in one sitting, without claiming exemption in any subjectand obtaining the second highest marks taking into account the performance of all such successful male candidates in Southern Region.
IX] Institution of New Prize Award
The Regional Council expresses its thanks for the benevolent support received from the donor :
Rs.1,00,000/- by Mrs. Lakshmi Chandramowli, w/o Late CS V Chandramowli a Prize Award was
instituted under the name “V. Chandramowli Memorial Award” - Cash Prize of Rs.5001/-This award will
be given effective from June, 2017 session of examination onwards for 20 sessions of CS Examinations
to a candidate who passes in all groups of the Professional Programme Examination, at first attempt,
in one sitting, without claiming exemption in any subject and obtaining the highest marks in “Secretarial
Audit, Compliance Management and Due Diligence" paper, taking into account the performance of
all successful candidates from examination centers within the Southern Region.
10] 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 organized a Press Meet on 8.6.2016. During the year under review, more
than 46 articles / press notes on the activities and announcements were published in various
newspapers / weeklies.
11] Career Awareness Programmes
The Regional Council continues to organize qualitative Career Awareness Programmes in various
educational institutions. 463 Career Awareness Programmes were conducted during the period under
review by the Officials from The ICSI, ICSI Counsellors and CS brand ambassadors. ICSI-SIRC also
participated in 10 Career Education Expo apart from 1 Career Awareness week to disseminate the
information about the course.
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37th Annual Report of ICSI - SIRC 2016-2017
Name of the Winner
Ms. Radhika Radhkrishnan C R(Co-Winner)
Ms. Swetha S
Criteria Name of the Prize Award
SIRC Prize Award
SIRC Late Sudha Rani Memorial Award
Awarded to a candidate who passes in all papers of the Professional Programme Examination, at first attempt , in one sitting, without claiming exemption in any subject and obtaining the highest marks in Corporate Restructuring, Valuation and Insolvency paper under new syllabus taking into account the performance of all such successful candidates under old as well as new syllabi in Southern Region.
Awarded to a lady candidate who Passes in all papers of the Professional Programme Examination, at first attempt, in one sitting, without claiming exemption in any subject and is a topper taking into account the performance of al successful Lady candidates from Southern Region
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ICSI-SIRC appointed ICSI Counsellors and informed them to take part in pan India drive 'UDAAN: WE FUEL YOUR GROWTH', in July 2016 and conducted more number of Career Awareness programmes in Schools/Colleges by Officials of SIRC and ICSI Counsellors.
12] One Day Seminar on Companies Act, 2013 –Heralding New Era of Corporate Governance jointly organized by The ICSI – SIRC with the University of Madras, Chennai
In order to understand The Companies Act, 2013 in a comprehensive manner and to understand its ramifications in larger context, one day seminar was organized jointly by the Institute of Company Secretaries of India and the Department of Commerce, University of Madras on 7th April 2016 at University of Madras, Chepauk, Chennai. More than 200 faculty members from commerce, Corporate Secretaryship and Management from various Colleges and Universities participated in the Seminar. Inaugural address was delivered by CS Sivakumar P, Imm. Past Chairman, ICSI-SIRC; key note address was delivered by Dr.S. Karunanidhi, Former Registrar, University of Madras; Professor & Head, Department of Psychology, University of Madras and the Valedictory address by Mr.P.Murari, IAS [Retd.], Advisor to President, FICCI & Former Secretary to President of India, Chennai. Eminent speakers addressed various technical sessions.
13] Setting up of ICSI Study Centres
The Institute of Company Secretaries of India has made various endeavors to reach out and develop support systems for its stakeholders. As a continuation of this exercise, the ICSI Study Centre Scheme was launched on the 2nd October, 2015. The purpose of ICSI Study Centre is to create synergy between the university education and professional education and to enhance the quality of education imparted to the ICSI students. The study centres are operated and managed by the Department of Commerce having relevance to CS course of the recognized University and Colleges on self-sustainable basis. During the period under review, ICSI-SIRC, Chennai signed agreements with the following institutions for setting up ICSI Study Centre:
14] Institution of ICSI Signature Award
The ICSI has instituted 'ICSI Signature Award Scheme' under which, a gold medal by the name of "ICSI Signature Award" will be awarded to the Topper in the University/IIT/IIM Commerce Examinations. The Signature Award along with a certificate will be distributed annually in the Convocation of the University/Institution or any other appropriate function. The top three students of the Universities /Institute will be eligible for full waiver of Registration Fee for ICSI Executive Programme Stage. The ICSI has signed agreement for institution of ICSI Signature Award with the following institutions during the year under review.
1. Adikavi Nannaya University, Rajahmundry (AP)
2. Andhra University, Visakhapatnam (AP)
3. Indian Institute of Management, Tiruchirappalli (TN)
4. Alagappa University, Karaikudi (TN)
37th Annual Report of ICSI - SIRC 2016-2017
Name of the Institution
Shrimathi Devkunvar Nanalal Bhatt Vaishnav College for Women, Shanthi Nagar, Chromepet, Chennai
Dharmamurthi Rao Bahadur Calavala Cunnan Chetty's Hindu College, Pattabhiram, Chennai
Bharathidasan Government College for Women (Autonomous), Puducherry
National College, Tiruchirapalli
Marudhar Kesari Jain College for Women, Vaniyambadi, Vellore Dist.
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15] Appointment of ICSI Counsellors
ICSI main objective is to appoint ICSI Counsellors in each district of India even in the region/area where
ICSI Regional Councils and Chapters are located, for conducting Career Awareness Programmes
across India which will aid in increasing the Awareness about the CS Course, Professional opportunities
and training requirements. During the period under review, ICSI-SIRC has appointed 12 Counsellors.
16] Students' Strength
The Regional Council as well as Chapters at Amaravati, Bengaluru, Calicut, Coimbatore, Hyderabad,
Kochi, Madurai, Mangalore, Mysore, Salem, Palakkad, Thrissur, Thiruvananthapuram and
Visakhapatnam have done registrations. Details of Students strength in the southern region are
furnished as under:
17] Regional Council Affairs
A] Regional Council Meetings
The Regional Council met six times during the period under review and the meetings were held on
24.4.2016; 21.5.2016; 5.8.2016; 14.10.2016; 10.12.2016 and 25.2.2017. The attendance for these
meetings are given hereunder:
37th Annual Report of ICSI - SIRC 2016-2017
REGION
SIRC
SIRC
SIRC
SIRC
SIRC
SIRC
SIRC
SIRC
SIRC
SIRC
SIRC
SIRC
SIRC
SIRC
SIRC
CHAPTER
AMARAVATHI
BANGALORE
CALICUT/ KOZHIKODE
CHENNAI
COIMBATORE
HYDERABAD
KOCHI
MADURAI
MANGALORE
MYSORE
PALAKKAD
SALEM
THIRUVANANTHAPURAM
THRISSUR
VISAKHAPATNAM
TOTAL
FOUNDATION
1
823
30
2695
239
179
77
133
163
148
56
40
46
59
50
4739
EXECUTIVE
116
1781
100
4846
411
1037
208
141
277
227
94
74
158
134
211
9815
17
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
12
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
Gautam S B *
Krishnan S, IAS *
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
5
4
6
3
5
-
1
* Co-opted Member
The following sub-committee meetings were held during the period under review:
Name of the Committee
Finance & Accounts
Placement & Training
Classroom Teaching
Professional Development
Date
21.5.2016; 25.2.2017
4.6.2016
4.6.2016
4.6.2016
18] Chaptersi) Professional Development Activities of Chapters
All Chapters under Southern Region have made their best efforts to conduct various programs for the benefits of members and students during the year under review. The details of information pertaining to activities undertaken by the chapters from during the year under review are as under:
Chapters
Amaravati
Bangalore
Calicut
Coimbatore
Hyderabad
Kochi
Madurai
Mangalore
Mysore
Palakkad
Salem
Thiruvananthapuram
Thrissur
Visakhapatnam
SCM
-
17
--
2
2
12
--
--
5
3
3
--
2
2
SPL.
-
12
2
11
15
4
3
--
6
4
6
3
2
12
PDP
06
28
7
8
15
8
4
4
8
7
10
8
1
14
SM
01
46
1
15
18
3
3
--
4
2
2
3
2
15
CAP
34
37
20
69
105
85
30
120
27
11
14
38
25
78
IAP
-
--
--
--
4
--
2
--
--
0
5
--
--
1
NS
01
7
--
--
4
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
37th Annual Report of ICSI - SIRC 2016-2017
18
ii) Class Room Teaching
The Chapters in the southern region conduct Class Room Teaching for the benefit of students of
Foundation, Executive programmes and in some Chapters for the professional programmes as well.
iii) Library
Library facilities are available at Amaravati, Bengaluru, Hyderabad, Calicut, Coimbatore, Cochin,
Madurai, Mangalore, Mysore, Palakkad, Thiruvanthapuram, Visakhapatnam, Thrissur and Salem
Chapters.
Iv) Coordination with the Chapters
During the period under review, SIRO had regular interactions with Chapters under Southern Region.
Monitoring of Chapter activities were done at periodical review meetings with the respective chapters.
SIRO Monitoring Cell was setup under the guidance of Ms. Sarah Arokiaswamy, Joint Secretary, ICSI-
SIRO to review chapter activities. Meeting with Chapter Chairmen were done at regular intervals by the
Chairman of SIRC.
v) Internal Audit of the Chapters
The Quarterly Internal Audit Reports were received from A+, B and C Grade Chapters and half yearly
Internal Audit Report in respect of grade D chapters.
19] Library & Information Services:
Additions to the Library
During the period under review, 103 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.
20] Finance and Accounts
During the year under review the Regional Council spent i) Rs.2,84,233/- towards purchase of Fixed
Assets out of the Capital Budget of Rs.13,67,019/- allocated for the FY 2016-17 and ii) Rs.12,00,134/-
towards toilets renovation out of the Infrastructure Fund.
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] Financial Position
As per the audited accounts which is annexed, the Reserves & Surplus for the year 2016-2017 stood at
Rs.3,62,96,807/-. The Income over expenditure for the year under review was Rs.36,38,451/-.
III] Internal Audit
Quarterly Internal Audit reports were placed before the Regional Council for its reivew and record.
37th Annual Report of ICSI - SIRC 2016-2017
19
21) Acknowledgements
The Regional Council expresses its thanks to CS Mamta Binani, immediate Past President, ICSI. It also places on record, the help and guidance received from CS Dr Shyam Agrawal, President, The ICSI and CS Makarand M Lele, Vice-President, The ICSI, CS Dinesh Chandra Arora, Secretary,The ICSI; CS Ahalada Rao V, CS Gopalakrishna Hegde and CS Ramasubramaniam C, Council Members elected from the Southern Region and Other Members of the Central Council for their encouragement, support and guidance.
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 S B Gautam, Regional Director, Ministry of Corporate Affairs, Southern Region, Chennai; 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/NCLT, Officers of the Regional Director [MCA]; Registrar of Companies, Official Liquidator, for their continued support. The Regional Council expresses its gratitude to all donors [CS Nagendra D Rao, CS K Rajagopal and CS Ganapathi G M] 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 Sivakumar P, Immediate Past Chairman, ICSI-SIRC for the excellent work carried out in organizing various development programmes during the major portion of the year 2016-2017.
37th Annual Report of ICSI - SIRC 2016-2017
Date : Chennai
Place : 9.5.2017
For and on behalf ofSOUTHERN INDIA REGIONAL COUNCIL
THE INSTITUTE OF COMPANY SECRETARIES OF INDIA
CS GANAPATHI G.M.CHAIRMAN
20
INDEPENDENT AUDITORS’ REPORT
To The Southern India Regional Council (SIRC) The Institute of Company Secretaries of India (ICSI)
Report on the Financial Statements
We have audited the accompanying Financial Statements of SIRC OF ICSI, which comprise the Balance sheet as at 31st March, 2017, the Income and Expenditure Account for the year ended as on that date and a summary of significant accounting policies and other explanatory information
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 and financial performance of 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.
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 ...
37th Annual Report of ICSI - SIRC 2016-2017
21
An audit also includes evaluating the appropriateness of the 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 audit opinion on the financial statements.
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.
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 applicable Accounting Standards issued by the Institute of Chartered Accountants of India.
Opinion
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 the Company Secretaries of India, the state of affairs as at 31st March,2017, and
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 31st March, 2017.
FORD RHODES PARKS & CO. LLP CHARTERED ACCOUNTANTS
Chartered Accountants
RAMASWAMY SUBRAMANIAN
Partner
Membership No.016059
Place : Chennai
Dated : 09.05.2017
As per our report of even date.
For - FORD RHODES PARKS & CO. LLPChartered Accountants ICAI Registration No.: 102860W / W100089
37th Annual Report of ICSI - SIRC 2016-2017
22
For and on behalf of ICSI - SIRC
Chartered Accountants
RAMASWAMY SUBRAMANIAN
Partner
CS MOHAN KUMAR A
CS GANAPATHY G M CS RAMAKRISHNA GUPTA RMembership No.016059 CHAIRMAN VICE CHAIRMAN & TREASURER
SECRETARY
Place : Chennai
Dated : 09.05.2017
SARAH AROKIASWAMYJOINT SECRETARY
For - FORD RHODES PARKS & CO. LLPChartered Accountants ICAI Registration No.: 102860W / W100089
37th Annual Report of ICSI - SIRC 2016-2017
(Amount in Rs.)
PARTICULARS NOTE
NO.
As at 31st March
2017
As at 31st March
2016
I. SOURCES AND LIABILITIES
(1) Reserves & Surplus
(a) Reserve & Surplus 1 34,856,755 30,598,534
(b) Earmarked Funds 2 1,440,052 2,418,320
SUB-TOTAL (1) 36,296,807 33,016,854
(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 3 349,329 377,623
(c) Other Current Liabilities 4 982,557 1,384,240
(d ) Short term Provisions 5 162,774 80,794
SUB-TOTAL (3) 1,494,660 1,842,657
TOTAL (1+2+3) 37,791,467 34,859,511
II. ASSETS
(1) Non-current Assets
(a) Fixed Assets 6
(i) Tangible Assets 1,926,417 1,672,056 (ii) Intangible Asssets - 22,967
(iii) Capital Work in Progress - -
(iv) Intangible Assets under development - -
SUB-TOTAL (a) 1,926,417 1,695,023
(b) Non-current Investments 7 22,689,857 1,696,302
(c ) Long Term Loan and Advances (Other Deposits) 66,360 66,360
(d) Other Non-Current Assets - -
SUB-TOTAL (1) 24,682,634 3,457,685
(2) Current Assets
(a) Current Investments 8 8,625,198 26,178,164
(b) Inventories 9 50,501 67,494
(c ) Sundry Debtors 10 33,274 403,681
(d) Cash and Cash Equivalents 11 1,605,471 2,161,807
(e) Short terms Loans and Advances 12 - -
(f) Other current Assets 13 2,794,389 2,590,680
SUB-TOTAL (2) 13,108,833 31,401,826
TOTAL (1) + (2) 37,791,467 34,859,511
ACCOUNTING POLICIES AND OTHER NOTES TO THE ACCOUNTS 20
Notes referred to above form an integral part of the Balance Sheet. As per our report of even date.
SOUTHERN INDIA REGIONAL COUNCIL OF THE INSTITUTE OF COMPANY SECRETARIES OF INDIA
BALANCE SHEET AS AT 31ST MARCH 2017
23
37th Annual Report of ICSI - SIRC 2016-2017
( Amount in Rs. )
PARTICULARS Note No.
31st Mar 2017 31st Mar 2016
INCOME
Income from Activities 14 12,311,591 9,653,340
Interest on Investments 2,013,018 2,045,243
Other Income 15 707,385 632,961
TOTAL INCOME 15,031,994 12,331,544
EXPENDITURE
Employee Benefit Expense 16 55,339 63,500
Oral Education Expense 2,360,686 1,605,637
Travelling and Conveyance Expense 17 1,122,697 596,440
Programmes / Seminars Expense 18 5,284,496 3,637,096
Career Awareness and Promotion Expense - 25,000
Depreciation & Amortization 596,979 459,876
Other Expenses 19 1,500,557 1,835,556
TOTAL EXPENDITURE 10,920,754 8,223,105
Surplus before extra ordinary & exceptional items 4,111,239 4,108,439
Add / Less : Extra Ordinary Items -
Add / Less : Exceptional Items( transferred from Infrastructure fund) -
Surplus on Disposal of Assets 546 -
Loss on sale / Disposal / write-off of Assets 44,028 19,505
Prior period expenses (net) 429,306 49,701
Surplus after extra ordinary & exceptional items 3,638,451 4,039,233
Appropriation to Funds / Reserves : -
(i) Endowment Prize Award Reserves - -
TOTAL APPROPRIATIONS - -
Balance transferred to General Reserve 3,638,451 4,039,233
TOTAL 3,638,451 4,039,233
ACCOUNTING POLICIES AND OTHER NOTES TO THE ACCOUNTS20
SOUTHERN INDIA REGIONAL COUNCIL OF THE INSTITUTE OF COMPANY SECRETARIES OF INDIA
INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31ST MARCH 2017
For the year ended
For and on behalf of ICSI - SIRC
Chartered Accountants
RAMASWAMY SUBRAMANIAN
Partner
CS MOHAN KUMAR A
CS GANAPATHY G M CS RAMAKRISHNA GUPTA RMembership No.016059
Place : Chennai
Dated : 09.05.2017
SARAH AROKIASWAMYJOINT SECRETARY
For - FORD RHODES PARKS & CO. LLPChartered Accountants ICAI Registration No.: 102860W / W100089
CHAIRMAN VICE CHAIRMAN & TREASURER
SECRETARY
24
SOUTHERN INDIA REGIONAL COUNCIL OF
THE INSTITUTE OF COMPANY SECRETARIES OF INDIA
RESERVES & SURPLUS NOTE 1
37th Annual Report of ICSI - SIRC 2016-2017
(Amount in Rs. )
As at 31st
PARTICULARS March 2017
As at 31st March 2016
(1) GENERAL RESERVE
As per last Balance Sheet# 29,093,664 25,054,431
Add :
(i) Donations - -
(ii) Transfer from any Specific / Other Reserve - -
(iii) Additions during the year
Less :
i) Transfer to Specific / Other Reserves - -
ii) Utilisation
Contribution made to HQ/chapters for land, building and assets -
40th Regional conference held on 9-10 June 2015 Suplus 60% Share to Bengaluru Chapter 118,581
Sub-Total (1) 28,975,083 25,054,431
(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 301,874 274,667
Add: Interest 21,399 22,207
Add : Donations 45,001 5,000
Add : Transfer from Reserves -
Less : Utilisation / transfer (mention specific purpose/nature) -
Sub-Total (2B) 368,274 301,874
PARTICULARSA As s at at 31st 31st
March 2016 March 2017
25
SOUTHERN INDIA REGIONAL COUNCIL OF
THE INSTITUTE OF COMPANY SECRETARIES OF INDIA
RESERVES & SURPLUSNOTE 1
# General reserve opening balance includes previous year surplus
(Excess of Income over expenditure Account Rs. 40,39,233/-)
37th Annual Report of ICSI - SIRC 2016-2017
(2C) INFRASTRUCTURE RESERVE
As per last Balance Sheet
Add: Interest
Add : Donations
Add : Transfer from Reserves
Add : Transfer from I&E Account
Less : Utilisation / transfer (mention specific purpose/nature)
Sub-Total (2C)
(2D) MANAGEMENT SKILLS ORIENTATION PROGRAMME FUND RESERVE
As per last Balance Sheet 399,298 369,584
Add: Interest 31,791 29,714
Add : Donations
Add : Transfer from Reserves
Add : Transfer from I&E Account
Less : Utilisation / transfer (mention specific purpose/nature)
Sub-Total (2D) 431,089 399,298
(2E) ORAL COACHING FUND RESERVE ACCOUNT
As per last Balance Sheet 724,931 764,931
Add: Interest 51,798 41,657
Add : Donations -
Add : Transfer from Reserves -
Add: Transfer from I & E (i.e. Students programme fee) 12,974
Less : Utilisation / transfer (mention specific purpose/nature) 94,631
Sub-Total (2E) 776,729 724,931
Total (2) 8,461,879 8,311,890(3) SURPLUS i.e. EXCESS OF INCOME OVER EXPENDITURE TRANSFERRED FROM I & E
ACCOUNT 3,638,451 4,039,233
(4) CONTRIBUTION TO /FROM TOWARDS LAND & BLDG / OTHER ASSETS
Add: Contribution (Liabilities)
Contribution from HQ for Library Project -
Contribution from HQ for Assets 667,128 78,767
Less : Contribution (Assets)
Contribution made to HQ on Land & Builiding 6,885,787 6,885,787
Total (4) (6,218,659) (6,807,020)
Total : (1)+(2) +(3) +(4) 34,856,755 30,598,534
26
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37th Annual Report of ICSI - SIRC 2016-2017
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(e) L
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SHRI
K
HARI
HARA
N PR
IZE
AWAR
D RE
SERV
E
(f) SI
RC P
RIZE
AWAR
D FU
ND
RESE
RVE
Open
ing B
alan
ce
54,8
44
27
,744
26,4
43
28
,849
77,2
39
62
,446
Addi
tion
duri
ng th
e yea
r-
-
-
-
-
Add:
Inte
rest
Ear
ned/
Accr
ued
in re
spec
t of
earm
arke
d Fi
xed
Depo
sit
4,25
7
1,70
0
1,69
8
1,70
2
4,27
2
4,25
7
Add:
Am
ount
tran
sfer
from
Inco
me &
Expe
nditu
re A
/c
Tota
l59
,101
29,4
44
28
,142
30,5
51
81
,510
66,7
03
Less
: Am
ount
util
ised
dur
ing t
he ye
ar3,
150
1,
002
1,
003
1,
002
2,
502
2,
502
Net T
otal
55,9
51
28
,442
27,1
39
29
,549
79,0
08
64
,201
-
SO
UT
HE
RN
IN
DIA
RE
GIO
NA
L C
OU
NC
IL O
F
TH
E I
NS
TIT
UT
E O
F C
OM
PA
NY
SE
CR
ET
AR
IES
OF I
ND
IA
37th Annual Report of ICSI - SIRC 2016-2017
PART
ICUL
ARS
(a) S
IRC
SILV
ER
MED
AL F
UND
RESE
RVE
(b) S
IRC-
V
KUM
AR
MEM
ORIA
L PR
IZE
AWAR
D FU
ND
RESE
RVE
(C) S
IRC-
MRS
PANK
AJAM
RENG
ACHA
RI
PRIZ
E AW
ARD
FUND
RES
ERVE
(d) G
SUND
ARAR
AJAN
ENDO
WM
ENT
AWAR
D RE
SERV
E
(e) L
ATE
SHRI
K
HARI
HARA
N PR
IZE
AWAR
D RE
SERV
E
(f) SI
RC P
RIZE
AWAR
D FU
ND
RESE
RVE
(g)
SIRU
BALA
KKAD
U
SAM
BAM
OORT
HY
SRIN
IVAS
AN
MEM
ORIA
L PR
IZE
AWAR
D RE
SERV
E
(h) H
UKLA
MAK
KI
MAN
JUNA
THA
HEGD
E M
EMOR
IAL
AWAR
D RE
SERV
E
(i) SR
I CHA
KRA'
S
CASH
AW
ARD
FUND
RES
ERVE
(j) SM
T
NAGA
MM
A
MEM
ORIA
L PR
IZE
AWAR
D FU
ND
RESE
RVE
(k) P
utta
part
hi
Jana
rdha
naia
h
Mem
oria
l Aw
ard
PRIZ
E AW
ARD
FUND
RES
ERVE
(l) T
amiri
sa
Anan
d Pr
ize
Awar
d Fu
nd
rese
rve
(m) L
ate S
udha
Rani
Mem
oria
l
Fund
Res
erve
(n) L
ate V
Chan
dram
owli
Mem
oria
l Aw
ard
Rese
rve
Tota
l
Open
ing
Bala
nce
55,9
51
28
,442
27,1
39
29
,549
79,0
08
64
,201
142,
291
62
,890
125,
865
62
,382
57
,121
56
,690
54
,264
-
845,
791
Addi
tion
duri
ng th
e ye
ar-
-
-
-
-
-
-
-
-
-
-
-
10
0,00
0
100,
000
Add:
Inte
rest
Ear
ned/
Accr
ued
in re
spec
t of
earm
arke
d F
ixed
Dep
osit
2,91
0
1,
145
1,14
8
1,
069
3,07
4
2,
927
6,49
9
3,
670
5,62
0
3,
596
2,91
4
2,
563
3,
038
45
2
40,6
25
Add:
Am
ount
tran
sfer
from
Inco
me
&
Expe
nditu
re A
/c-
--
--
--
--
-
-
Tota
l58
,861
29,5
87
28
,287
30,6
18
82
,082
67,1
28
14
8,79
0
66,5
60
13
1,48
5
65,9
78
60,0
35
59,2
53
57,3
02
10
0,45
2
986,
416
Les
s: A
mou
nt u
tilis
ed d
urin
g th
e ye
ar5,
355
1,50
4
1,
503
1,50
3
3,
753
3,75
4
7,
506
3,75
3
9,
007
3,75
3
2,
502
1,25
1
1,25
1
-
46,3
95
Net T
otal
53,5
06
28
,083
26,7
84
29
,115
78,3
29
63
,374
141,
284
62
,807
122,
478
62
,225
57
,533
58
,002
56
,051
100,
452
94
0,02
1
28
SOUTHERN INDIA REGIONAL COUNCIL OF
THE INSTITUTE OF COMPANY SECRETARIES OF INDIA
37th Annual Report of ICSI - SIRC 2016-2017
NOTE - 3
SUNDRY CREDITORS (Amount in Rs.)
PARTICULARSAs at 31st March
2017As at 31st March
2016
Sundry Creditors
- For Goods & Services 180,050 377,623
- Others 169,279 -
Total 349,329 377,623
NOTE - 4
OTHER CURRENT LIABILITIES (Amount in Rs.)
PARTICULARSAs at 31st March
2017As at 31st March
2016
Other Current Liabilities -
(i) Fees received in advance from Members 433,909 683,843
(ii) Fees received in advance from Students 369,290 535,558
(iii) Security Deposits - -
(iv) Other Current Liabilities -
- Property Tax - -
- TDS (Yearwise) 90,498 33,940
- Service Tax - 1,014
- Professional Tax - -
- Sales Proceeds of HQ Publications - -
- Advance from HQ - 12,250
- Advance from Chapter 88,860 9,112
- Others - 108,523
Total : 982,557 1,384,240
NOTE - 5
SHORT TERM PROVISIONS (Amount in Rs.)
PARTICULARS As at 31st March
2017 As at 31st March
2016
(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 162,774 5,992
Total 162,774 80,794
29
SO
UT
HE
RN
IN
DIA
RE
GIO
NA
L C
OU
NC
IL O
F
TH
E I
NS
TIT
UT
E O
F C
OM
PA
NY
SE
CR
ET
AR
IES
OF I
ND
IA
37th Annual Report of ICSI - SIRC 2016-2017
Gros
s Blo
ckNe
t Blo
ck
Cost
Ad
just
men
t/To
tal c
ost
Tota
l Fo
r the
Ad
just
men
t/To
tal
as o
n
as o
n
as o
n
Tran
sfer
/Sal
eas
on
as
on
Ye
ar
Tran
sfer
/as
on
31
.3.2
017
31.3
.201
6
1.4.
2016
31.3
.201
71.
4.20
16Sa
le31
.3.2
017
(i)Ta
ngib
le A
sset
s
Fur
nitu
re &
Fix
ture
s1,
765,
603
322,
479
5,25
0
2,08
2,83
2
1,05
0,71
1
14
4,57
8
2,
693
1,
192,
596
890,
236
71
4,89
2
C
ompu
ter P
erip
hera
ls54
3,73
0
280,
396
5,25
0
818,
876
411,
719
25
0,72
4
4,
796
65
7,64
7
161,
229
13
2,01
0
C
oolin
g Equ
ipm
ent
757,
938
31
,450
19
,690
76
9,69
8
21
8,49
7
84,8
47
11
,281
292,
063
47
7,63
5
539,
440
E
lect
rical
Equ
ipm
ent
95,9
65
-
-
95,9
65
69
,353
3,99
1
-
73
,344
22
,621
26
,612
Com
mun
icatio
n Eq
uipm
ent
449,
722
22
7,09
2
96
,752
58
0,06
2
19
0,62
1
68,9
35
54
,190
205,
366
37
4,69
6
259,
101
Lib
rary
Boo
ks21
9,14
4
2,10
0
-
22
1,24
4
21
9,14
4
2,10
0
-
22
1,24
4
-
-
Curr
ent Y
ear T
otal
(i)
3,
832,
102
86
3,51
7
12
6,94
2
4,
568,
677
2,16
0,04
5
55
5,17
5
72
,960
2,64
2,26
0
1,92
6,41
7
1,67
2,05
6
Prev
ious
Year
Tota
l
3,22
8,56
6
68
4,58
6
81
,050
3,
832,
102
1,
879,
284
342,
305
61,5
45
2,
160,
045
1,67
2,05
6
1,
349,
282
(ii)
Inta
ngib
le A
sset
s
Sof
twar
e31
5,69
5
18,8
37
334,
532
292,
728
41
,804
-
33
4,53
2
-
22,9
67
Curr
ent Y
ear T
otal
(ii)
315,
695
18,8
37
-
334,
532
29
2,72
8
41,8
04
-
334,
532
-
22,9
67
Prev
ious
Year
Tota
l
315,
695
-
-
315,
695
17
5,15
7
11
7,57
1
-
292,
728
22,9
67
14
0,53
8
Curr
ent Y
ear T
otal
(i+i
i)
4,14
7,79
7
882,
354
126,
942
4,90
3,20
9
2,
452,
773
596,
979
72,9
60
2,
976,
792
1,
926,
417
1,
695,
023
Prev
ious
Year
Tot
al
3,54
4,26
1
68
4,58
6
81
,050
4,
147,
797
2,
054,
441
459,
876
61,5
45
2,
452,
773
1,69
5,02
3
1,
489,
820
Item
s
Depr
ecia
tion
/ Im
pair
men
t
Addi
tions
Not
e : A
s pe
r IC
SI H
Q in
stru
ctio
ns, C
ontr
ibut
ion
from
HQ
tow
ards
Atte
ndan
ce P
unch
ing
Mac
hine
Rs.
2953
2/- p
rocu
red
on 0
3.11
.201
1 fo
r SIR
C a
nd C
ompu
ters
5no
s. R
s.17
2000
/- p
rocu
red
on 2
5.02
.201
3 fo
r SIR
C, t
aken
into
ICS
I-S
IRC
boo
ks o
f acc
ount
s du
ring
the
FY
201
6-17
, acc
ordi
ngly
the
valu
e of
sai
d as
sets
are
sho
wn
unde
r Add
ition
s an
d th
eir r
elat
ed D
epre
ciat
ion
amou
ntin
g to
INR
168
442/
- has
be
en a
ccou
nted
dur
ing
the
FY
201
6-17
.
30
SOUTHERN INDIA REGIONAL COUNCIL OF
THE INSTITUTE OF COMPANY SECRETARIES OF INDIA NOTE - 7
NON CURRENT INVESTMENTS
37th Annual Report of ICSI - SIRC 2016-2017
AS ON AS ON
01.04.2016 31.3.2017
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
6,939,361 - 8,635,663
(iii) CBI - 14,054,194 - 14,054,194
(iv) UCO - - -
-
1,696,302 20,993,555 - 22,689,857
(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) 1,696,302 20,993,555 - 22,689,857
TOTAL(I+II+III+IV) 1,696,302 20,993,555 - 22,689,857
ADDITIONS DELETIONSPARTICULARS
SUB-TOTAL(I)
SUB-TOTAL(II)
SUB-TOTAL(III)
SUB-TOTAL(IV-A)
SUB-TOTAL(IV-B)
SUB-TOTAL(IV-C)
Amount in (Rs.)
31
SOUTHERN INDIA REGIONAL COUNCIL OF
THE INSTITUTE OF COMPANY SECRETARIES OF INDIA
37th Annual Report of ICSI - SIRC 2016-2017
AS ON AS ON
01.04.2016 31.3.2017
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 8,559,950 3,418,391 8,559,950 3,418,391
(v) Indian Bank 11,312,039 - 11,312,039 -
(vi) IOB 6,306,175 - 6,306,175 -
(vii) Canara Bank - 5,206,807 5,206,807
(viii) CBI - - - - 26,178,164 8,625,198 26,178,164 8,625,198
(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) - - -
- - - -
26,178,164 8,625,198 26,178,164 8,625,198
26,178,164 8,625,198 26,178,164 8,625,198
SUB-TOTAL(II)
SUB-TOTAL(III)
SUB-TOTAL(IV-A)
SUB-TOTAL(IV-B)
SUB-TOTAL(IV-C )
TOTAL IV :
PARTICULARS ADDITIONS DELETIONS
SUB-TOTAL(I)
TOTAL (I+II+III+IV) :
CURRENT INVESTMENTS NOTE - 8
Amount in (Rs.)
32
SOUTHERN INDIA REGIONAL COUNCIL OF
THE INSTITUTE OF COMPANY SECRETARIES OF INDIA
37th Annual Report of ICSI - SIRC 2016-2017
NOTE - 9
INVENTORIES (Amount in Rs.)
PARTICULARSAs at 31st
March 2017
As at 31st March
2016
Publications (RO / Chapters own) - -
Consumables, Stores & Others (RO / Chap own) 50,501 67,494
Total 50,501 67,494
NOTE - 10
SUNDRY DEBTORS (Amount in Rs.)
PARTICULARSAs at 31st
March 2017
As at 31st March
2016
a) Sundry Debtors outstanding for more than six months
Secured , considered good - - Unsecured , considered good 33,274 403,681
Doubtful - Less : Provision for Bad and Doubtful debtors - -
SUB-TOTAL (a) 33,274 403,681
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) 33,274 403,681
NOTE - 1
CASH AND CASH EQUIVALENT S (Amount in Rs.)
PARTICULARSAs at 31st
March 2017As at 31st March
2016
Balances with Bank (including linked term deposits) 1,605,471 2,161,807
Cheques / Drafts / Postal Orders / Stamps / Franking units in hand
/stamp - -
Cash in hand - -
Total 1,605,471 2,161,807
33
SOUTHERN INDIA REGIONAL COUNCIL OF
THE INSTITUTE OF COMPANY SECRETARIES OF INDIA
37th Annual Report of ICSI - SIRC 2016-2017
NOTE - 12
SHORT TERM LOANS AND ADVANCES (Amount in Rs. )
PARTICULARSAs at 31st
March 2017
As at 31st March
2016
SHORT TERM LOANS AND ADVANCES
Secured , considered good
Unsecured , considered good
Contribution made to HQ on Land & Builiding - -
Chapters - -
Advance for expenses - -
Prepaid expenses - -
Doubtful - -
Less : Provision for Bad and Doubtful advance - -
Total - -
NOTE - 13
OTHER CURRENT ASSETS (Amount in Rs.)
PARTICULARSAs at 31st
March 2017
As at 31st March
2016
OTHER CURRENT ASSETS
Accrued Interst on investments (Bank Deposits) 1,519,063 1,503,693
Accrued Interst on Non-Current Investments
Prepaid Expenses 28,467 28,535
Security Deposit -
CENVAT Credit - 1,014
Recoverable from Parties / Vendors (with break up)
Recoverable from Headquarter (with break up)
- TDS 21,762 19,822
- Reimbursement (with break up) 913,727
EXAMINATON EXPS 10,240
16.12.16 NSE Seminar 14,432
Campus Interview Exps 1,615
Career Awerness Prg-HQ 172,950
CCD-CCM-Expn 303,852
CCD-Study Center & SA Expn. 16,611
CCD-TRAVEL & STAY 6,529 CCD_CSAC_Expn. 21,243
DUE FROM HQ-2Day Inducation Prg. Faculty Honoraraium 4,000
DUE FROM HQ-CSAC Internet Charges Feb & Mar 2017 2,298
Education Expo Expn_CCD 505,124
Recoverable from Chapters (with break up)
Bengaluru chapter - (Service Tax March'2017) 152,560
Kochi chapter - (Service Tax March'2017) 13,643 123,889
Total : 2,794,389 2,590,680
34
SOUTHERN INDIA REGIONAL COUNCIL OF
THE INSTITUTE OF COMPANY SECRETARIES OF INDIA
37th Annual Report of ICSI - SIRC 2016-2017
Note -14
Incom from Activities (Amount in Rs.)
- Income from Students - Oral Education Fee 4,490,810 - 3,714,684 Other Fees
Library Annual Subscription 32,100 34,300 Library Fine - 275
Library Reading Room Fee 78,582 110,682 75,703 110,278
Sale of Publications (RC /Chap own) - -
(IV) Programmes / Seminars
From Members 5,620,548 4,176,472
From Students
- Oral Education - -
- Students Training Programmes 2,089,551 1,651,906
- Others - -
TOTAL 12,311,591 9,653,340
PARTICULARS31st Mar 2016
For the year endedFor the year ended
31st Mar 2017
NOTE -15
Other Income (Amount in Rs.)
PARTICULARS
for the year
ended 31st
March 2017
for the year
ended 31st
March 2016
Subscription and Advertisement to Newsletter 90,000
Interest on Investments/Bank balance - - Innvestor Awarness Programmes - -
Provision for expenses no longer required, written-back 1,200 1,780
Donations - General - -
Rent 5,250 12,250
Grants received from HQ 534,320 512,210
Unpaid Security Deposits / EMD / Retention Money/ Stale Cheques - -
Miscellaneous 31,599 32,389
Royalty for oral coaching - -
Commission from Publications 45,016 49,120
Prior Period Income ( net) - -
TOTAL 707,385 607,749
35
SOUTHERN INDIA REGIONAL COUNCIL OF
THE INSTITUTE OF COMPANY SECRETARIES OF INDIA
37th Annual Report of ICSI - SIRC 2016-2017
Note -16
EMPLOYEE BENEFIT EXPENSE (Amount in Rs.)
31st March 2017 31st March 2016
Salaries and Allowances 15,250 15,962
Staff Welfare 40,089 47,538
ICSI Employees Benevolent Fund - -
ICSI Employees Medical Hospitalisation Fund - -
Less : Allocation to RC/C & Scientific Research Activities - -
TOTAL 55,339 63,500
Note -17
TRAVELLING AND CONVEYANCE EXPENSE (Amount in Rs.)
31st March 2017 31st March 2016
Travelling Expenses 1,116,179 575,008
Conveyance Expenses 6,518 21,432
TOTAL 1,122,697 596,440
Note -18
PROGRAMMES / SEMINAR EXPENSES (Amount in Rs.)
31st March 2017 31st March 2016
Programmes / Seminars of Members 4,084,997 2,426,723
Programmes / Seminars of Students
a) Students Training Programmes 1,144,297 1,094,112
b) Other Programmes 55,202 116,261
TOTAL 5,284,496 3,637,096
PARTICULARS
PARTICULARS
PARTICULARS
For the year ended
For the year ended
For the year ended
36
SOUTHERN INDIA REGIONAL COUNCIL OF
THE INSTITUTE OF COMPANY SECRETARIES OF INDIA
37th Annual Report of ICSI - SIRC 2016-2017
Note - 19
OTHER EXPENSES (Amount in Rs.)
Stationery 119,529 126,088
Newsletter Printing Charges 21,237 -
Legal and Professional Services 103,500 32,175
Rent, Rates and Taxes - -
Electricity and Water 156,816 131,424
Communication Expense
- Telephone / Fa x 86,526 83,363
- Courier / Postage 37,216 123,742 26,063 109,426
Insurance -
Repairs and Maintenance
- Buildings 97,392 4,595 -
- Computer 2,850 2,385
- Other Assets 229,671 276,513 -
- Vehicles - 329,913 - 283,493
Office Expenses 434,913 408,235
Newspapers and Periodicals 5,155 5,098
Meeting expenses 77,559 112,480
Computerisation (Data Processing) - -
Prior-period expenses - -
Packing and Despatch - -
Loss on Sale/ Disposal/Write-off of Assets - -
Loss/Write-off of Stocks - -
Bank Charges 1,693 2,103
Student Scholarship and Awards - -
Auditors Remuneration (including Service Tax) - -
- Statutory Audit Fees 69,000 68,700 -
- Internal Audit Fees 57,500 126,500 45,800 114,500
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
Contributions: -
ICSI Student Education Fund Trust - -
C S Benevolent Fund Trust - -
Contribution(CMRF/PMRF) - 500,000
TOTAL 1,500,557 - 1,835,556
PARTICULARS31st Mar 2016
For the year ended
31st Mar 2017
(A) ACCOUNTING POLICIES
1. Basis of Preparation of Financial Statements
The 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 as per instructions by ICSI-Central office and are on accrual basis unless otherwise stated.
2. Uses of Estimates
The 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 Recognition
a. Fees received from Members are accounted for on cash basis. However, fees received in advance are carried over as a liability.
b. Fee from students is recognized on cash basis.
c. Examination fee is recognized on the basis of conduct of examination.
d. 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.
e. 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.
f. 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. Investments
a. 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 Amortization
a. Fixed Assets excluding Land are stated at historical cost less depreciation.
b. 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 :
37
NOTE 20ACCOUNTING POLICIES AND NOTES TO ACCOUNTS 2016-17
SOUTHERN INDIA REGIONAL COUNCIL OF THE INSTITUTE OF COMPANY SECRETARIES OF INDIA
37th Annual Report of ICSI - SIRC 2016-2017
Item %
Buildings 5Furniture and Fixtures 10Lifts/Air Conditioners/Other Equipments 15Vehicles 20Computers / Mobile Phones 40
c. Depreciation on additions to Fixed assets is provided on pro-rata basis. No depreciation is charged in the year of sale.
d. Fixed Assets costing ̀ 5,000 or less are fully depreciated.
e. Library books are depreciated at the rate of 100% in the year of purchase.
f. 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 year end 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.
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 Fundsa. 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.
38
37th Annual Report of ICSI - SIRC 2016-2017
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 NIL
2. Prior Period Income / Expenditure
3. Capital Commitments - NIL
4. Other Commitments - NIL
5. Donation in kind - NIL
6. Related Party Transactions - NIL
7. Specified Bank Notes (SBNs) means Bank Notes of denomination of Rs.500/- and Rs.1000/- which ceased to be the legal tender w.e.f. from 8th November 2016 mentioned below:
39
37th Annual Report of ICSI - SIRC 2016-2017
Particulars Specified Bank Notes
(SBNs)*
Other denomination
Notes
Total
Closing cash in hand as on 08.11.2016 NIL NIL NIL(+) Permitted receipts NIL NIL NIL(-) Permitted payments NIL NIL NIL(-) Amount deposited in banks NIL NIL NILClosing cash in hand as on 30.12.2016 NIL NIL NIL
Sl. No.
Particulars Amount Remarks
1 KrishKalyanCess on Statutory Auditors Fee for the year 2015-16
300-00 Expenditure
2 Travelling expenses in respect of One-day Seminar Speaker’s held on 28.09.2013
25325-00 Expenditure
3 Claim receivable from NISM, has been written off as decided in 161st meeting of ICSI-SIRC held on 05.08.2016 at Madurai
403681-00 Expenditure
Previousfigures have been re-grouped or re-arranged wherever necessary.
For and on behalf of ICSI - SIRC
Chartered Accountants
RAMASWAMY SUBRAMANIAN
Partner
CS MOHAN KUMAR A
CS GANAPATHY G M CS RAMAKRISHNA GUPTA RMembership No.016059
Place : Chennai
Dated : 09.05.2017
SARAH AROKIASWAMYJOINT SECRETARY
For - FORD RHODES PARKS & CO. LLPChartered Accountants ICAI Registration No.: 102860W / W100089
CHAIRMAN VICE CHAIRMAN & TREASURER
SECRETARY