60th Annual Report & Audited Accounts ne agm report.pdf“Behind every successful Business Decision, there is always A CMA” 60 Annual Report & Audited Accounts for the year ended
Post on 10-Mar-2020
2 Views
Preview:
Transcript
“Behind every successful Business Decision, there is always A CMA”
60 Annual Report & Audited Accounts
for the year ended 31 March, 2019
th
st
The Institute of Cost Accountants of India (Statutory body under an Act of Parliament)
Southern India Regional Council ‘CMA BHAWAN’, 4, Montieth Lane, Egmore, Chennai – 600 008 Telephone: 044 – 28554443, 28554326, Email: sirc@icmai.in
Website: www.icmai.in/www.sircoficmai.in
NINETEENTH SOUTHERN INDIA REGIONAL COUNCIL -2018-2019
1 60th Annual Report & Audited Accounts
Chairman Suresh R. GunjalliVice Chairperson Jyothi SatishSecretary Sankar P. PanickerTreasurer K. Suryanarayanan Members Dr. A. Mayil Murugan
Dr. V. Murali K. Sanyasi RaoAnegundi Y H A.R.V. Badrinath
D. Zitendra Rao
Council Members Dr. P.V.S. Jagan Mohan Rao, President – SAFA H.Padmanabhan
Dr. I. Ashok P. Raju Iyer S. Papa Rao
Bankers Bank of BarodaEgmore, Chennai – 600 008 Indian Overseas BankEgmore, Chennai – 600 008
Central Bank of India Egmore, Chennai – 600 008
Auditors M/s Gopalaiyer and Subramanian, Chartered Accountants, Chennai – 600 017
Internal Auditors G. Sukumar & Co., Cost Accountants, Chennai – 600 002
CMA
SOUTHERN INDIA REGIONAL COUNCIL THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
2 60th Annual Report & Audited Accounts
NOTICEthNOTICE is hereby given that the 60 Annual General Meeting of the
Members of the Southern India Regional Council of The Institute of Cost th
Accountants of India will be held on Sunday the 30 June, 2019 at 6.30
p.m. at SIRC of ICAI Premises, “CMA Bhawan”, No.4, Montieth Lane,
Egmore, Chennai – 600 008 to transact the following business:
1. To Receive the Annual Report of the Regional Council for the year 2018 – 2019.
st2. To Adopt the Accounts for the period ended 31 March, 2019.
3. To Appoint Auditors for the year 2019– 2020 and fix remuneration.
4. To Transact any other business as may be brought before the Meeting with the
permission of the Chairman.
CHAIRMAN
Date: 19th May 2019,
4, Montieth Lane,
Egmore,
Chennai – 600 008
Note: Members who require clarification in respect of any matter connected
with the Annual Report/ Audited Accounts are requested to send their queries
so as to reach SIRC at least five days in advance to the date of meeting.
SOUTHERN INDIA REGIONAL COUNCIL THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
3 60th Annual Report & Audited Accounts
SIXTIETH ANNUAL REPORT
The Southern India Regional Council of the Institute of Cost Accountants of India have great
pleasure in presenting to the members the 60th Annual Report together with Audited
Accounts for the year ended 31st March, 2019.
The Regional Council at its 1st Meeting held on 29th July, 2018 elected the Chairman, Office
Bearers and constituted a sub-committee.
ICAI PRESIDENT & VICE PRESIDENT: CMA Amit Anand Apte was elected as President and CMA
Balwinder Singh as Vice President of the Institute of Cost Accountants of India for the year
2018-19.
PRESIDENT – SAFA: CMA Dr. P.V.S. Jagan Mohan Rao has been elected as President of South
Asian Federation of Accountants (SAFA) for the year 2019.
2. MEETINGS: The Regional Council during the year met 6 times.
Table showing the attendance of Regional Council /Council Members for the Regional
Council Meetings held at SIRC for the year 2018-19.
1. COUNCIL: The Council and the Office Bearers for the year were as follows:
Regional Council Members
CMA
Suresh R. Gunjalli
Jyothi Satish
Sankar P. Panicker
K. Suryanarayanan
Dr. A. Mayil Murugan
Dr. V. Murali
K. Sanyasi Rao
Anegundi Y H
A.R.V.Badrinath
D. Zitendra Rao
Chairman
Vice Chairperson
Secretary
Treasurer
Member
Member
Member
Member
Member
Member
Council Members
CMA
Dr. P.V.S. Jagan Mohan Rao, President - SAFA
H. Padmanabhan
Dr. I. Ashok
P. Raju Iyer
S. Papa Rao
SOUTHERN INDIA REGIONAL COUNCIL THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
4 60th Annual Report & Audited Accounts
SL.NO NAME OF COUNCIL MEMBERS TOTAL NO. OF RC MEETINGS HELD TOTAL NO. OF RC MEETINGS ATTENDED
1 CMA SURESH R GUNJALLI 6 6
2 CMA JYOTHI SATISH 6 6
3 CMA SANKAR P PANICKER 6 5
4 CMA K. SURYANARAYANAN 6 5
5 CMA Dr. A. MAYIL MURUGAN 6 4
6 CMA Dr.V. MURALI 6 5
7 CMA K. SANYASI RAO 6 6
8 CMA ANEGUNDI Y.H. 6 5
9 CMA A.R.V. BADRINATH 6 1
10 CMA D. ZITENDRA RAO 6 3
11 CMA H. PADMANABHAN 6 6
12 CMA Dr. I. ASHOK 6 5
13 CMA P. RAJU IYER 6 5
14 CMA Dr.P.V.S. JAGAN MOHAN RAO 6 4
15 CMA S. PAPA RAO 6 4
3. FINANCIAL HIGHLIGHTS: It is gratifying for the Council to report the all-round improvements achieved during the current year.
(Rs. In Lakhs) 2018 - 19
INCOME 482EXPENDITURE 263 GROSS SURPLUS 219 REGIONAL COUNCIL FUND 1677
4. PERFORMANCE HIGHLIGHTS:
4.1 Students
a) STUDENTS REGISTRATION (ENTIRE SOUTHERN REGION) 2017-18 2018-19
Foundation 5,462 8,961 Intermediate 7,478 10,117
b) STUDENTS ENROLMENT (AT SIRC, CHENNAI) (i) Oral Coaching Foundation 592 1,148 Intermediate 1,071 1,475 Final 129 222
SOUTHERN INDIA REGIONAL COUNCIL THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
5 60th Annual Report & Audited Accounts
c) (ii) Postal Coaching (ENTIRE SOUTHERN REGION) Foundation 1,287 1,931 Intermediate 2,037 2,475 Final 289 411
d) 1st Rank Achievers:
Sl. No. Name Regn. No. Level Term Rank 1 Romitha V 02181031335 INTER DEC 2018 I
e) CAMPUS PLACEMENT (AT SIRC, CHENNAI)
i) No. of Corporates Participated 17 21 ii) No. of Candidates Attended 300 420 iii) No. of Candidates Short listed 230 340
f) Career Counselling Programme:SIRC organised Career Counselling Programmes as per details given below:
Sl. No. Date Venue 1 26-07-18 J.H.A. Agarsen College, Madhavaram, Chennai. 2 06-08-18 Sri Kanyaka Parameswari Arts & Science College for Women, Parrys, Chennai. 3 09-08-18 CTTE College for Women, Perambur, Chennai. 4 10-09-18 Kumara Rani Meena Muthiah College of Arts and Science, Adyar, Chennai. 5 11-09-18 Ramakrishna Mission Vivekananda College, Mylapore, Chennai. 6 14-09-18 Nazareth College of Arts & Science, Avadi, Chennai. 7 19-09-18 Women’s Christian College, Nungambakkam, Chennai. 8 04-10-18 Sree Narayana Mission Hr. Sec. School, West Mambalam, Chennai. 9 08-10-18 Sree Muthukumaraswamy College, Kodungaiyur, Chennai. 10 29-10-18 P.S. Hr. Sec. School, Mylapore, Chennai. 11 30-10-18 Anjuham Hr. Sec. School, West Mambalam, Chennai.
5. Opening of New CMA Chapters:
During the year 2018-19, Headquarters approved to form a New CMA Chapter in the
following places:
1. Bellary (Karnataka) 2. Hosur (Tamil Nadu)
6. Major Events:
6.1 Kerala State Cost Convention – 2018:
Under the guidance of ICAI – SIRC, Cochin Chapter of Cost Accountants organised the 3rd
KSCC (Kerala State Cost Convention) 2018 on 26th April, 2018 at Gokulam Park Hotel and
Convention Centre, Kaloor, Cochin, Ernakulam. The Theme of the Convention was ‘Scaling
Up of Businesses, CMAs as Key Enablers’.
SOUTHERN INDIA REGIONAL COUNCIL THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
6 60th Annual Report & Audited Accounts
6.2 Academicians’ Meet:Visakhapatnam Chapter of Cost Accountants has organised an ‘Academicians’ Meet’ at its premises on 21st July 2018. There was a participation of around 17 lecturers from various colleges. The participated Lecturers and Professors were briefed about the CMA Profession & Opportunities that are available for CMA qualified professionals within India and abroad. The participants have assured that they will propagate our CMA Course among their student fraternity.
6.3 Golden Jubilee Celebration of Cochin Chapter: Cochin Chapter celebrated its Golden Jubilee Celebration on 11th November, 2018 at Ernakulam. During the Inaugural ceremony, Secretary, SIRC of ICAI welcomed the gathering. Cochin Chapter Chairman, delivered the Chairman’s message. CMA Amit Anand Apte, President, ICAI inaugurated the function. The Chairman – SIRC and Council Members – ICAI were felicitated during the function. Secretary, Cochin Chapter proposed vote of thanks.As part of the Golden Jubilee Celebrations, a One day Seminar was organised on the topic ‘Engaging with the Changing Global Economy and Role of CMAs’ with four technical sessions which were handled by eminent speakers.
6.4 Regional CMA Convention 2018:The Institute of Cost Accountants of India – SIRC organised the Regional CMA Convention – 2018 on 23rd and 24th November, 2018 at Bengaluru, hosted by Bengaluru Chapter of Cost Accountants, Bengaluru. The Theme of the Convention was ‘Business Growth through Proactive Thinking & Strategic Leadership’. Chairman – SIRC welcomed the delegates while Chairman, Bengaluru Chapter briefed on overview of the event. Shri Sudhakar S. Shetty, President – FKCCI was the Chief Guest while CMA C.B. Ananthakrishnan, Director – FINANCE, HAL was the Guest of Honour. Dr. R. Vaidyanathan, Retd. Professor of Finance, IIM - Bengaluru rendered Key Note Address. Around 400 delegates comprising of Accounting Professionals, Practicing Members, CEOs, CFOs from Private and Public Sector Organisations throughout India participated. The Technical Sessions were handled by Eminent Personalities from Industry, Academics and Practicing field. A Souvenir was also released by Shri Govinda Karajola, Ex-Minister & Dy. Oppn. Leader – Govt. of Karnataka during the Valedictory Session, who was the Chief Guest of that Session.As part of the Convention, a Cultural Programme was organised by the Chapter at Kuvempu Kalakshetra, BEL, Bengaluru. Many of the CMA Members participated in the Cultural Event along with their family, during which competitions like Spell Bee, Singing and Dancing were held. Prizes were distributed to all the Children who have participated in the competitions.During the Valedictory Session, Chairman – SIRC rendered Welcome Address while Vice Chairman, Bengaluru Chapter and Co-Chairman Technical Committee, RCC – 2018 summed up the proceedings of the entire technical sessions handled by eminent speakers in their respective areas. CMA Amit Anand Apte, President – Institute of Cost Accountants of India rendered Presidential Address. The Chief Guest of the Valedictory Session was Shri Govinda Karajola, Ex-Minister & Dy. Oppn. Leader – Govt. of Karnataka who rendered Valedictory Address. Secretary, Bengaluru Chapter proposed vote of thanks.
SOUTHERN INDIA REGIONAL COUNCIL THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
7 60th Annual Report & Audited Accounts
6.5 13th S. Ganapathisubramanian Memorial Lecture: On 6th January, 2019, Ganapathisubramanian Memorial Fund Committee organised 13th S. Ganapathisubramanian Memorial Lecture at E Hotel, Chennai – 600 002. Dr. T.V. Subramanian, Management Consultant, Professor Emeritus, IFMR University was the Guest Speaker who addressed on ‘Excellence in Services Supply Chain’ which was well received by all the participants. Chairman and Regional Council Members – SIRC and other CMA Dignitaries also addressed the participants.
6.6 ICAI Global Student’s Summit 2K19: The Institute of Cost Accountants of India, for the first time organised Global Student’s Summit 2K19 on the Theme ‘CMAs – Today’s Student, Tomorrow’s Executive’ on 6th and 7th February, 2019 at Thrissur, Kerala. To commemorate this, Competitions such as Quiz, Elocution & Paper Presentations (preliminary round) were conducted on 19th January, 2019 at the Premises of SIRC of ICAI, Egmore, Chennai – 8, for the students of Foundation, Intermediate and Final. All the Preliminary Round selected candidates have participated in the two days ICAI Global Student’s Summit 2K19 held at Thrissur. At the Global Summit 2K19, the two days event witnessed participation of more than 1300 students across the globe which exhibited the talents of the student fraternity in the form of participation in Business Quiz, Paper Presentation and Elocution Competition. The Summit witnessed more than 100 items of cultural events in addition to Motivational Address by renowned International Speaker and Youth Development Programme (Future CMAs Session). The Summit was graced by President – ICAI , President – SAFA , Chairman – SIRC, Secretary – SIRC, Managing Committee Members of Thrissur with their august presence throughout the event/s. A Souvenir was also released during the Valedictory Session. The Chairman, ICAI Global Student’s Summit, 2K19, ICAI during the Valedictory Session thanked the Council Members, Regional Council Members and Chapter Management Committee Members, Members of the Profession, Well Wishers and Officials of the Institute, Region and Chapters, most importantly the student volunteers who actively involved in the event for success of the Global Student’s Summit 2K19.
6.7 Kerala State Cost Convention - 2019:Cochin Chapter of Cost Accountants in association with TCM Group of CII conducted 4th Kerala State Cost Convention on 13th February, 2019 at Ernakulam. The Theme of the Convention was ‘Cost Competitiveness - Concept To Being System Driven’. CMA A.N. Raman, Former President – SAFA and Practicing Cost Accountant, Chennai inaugurated the Convention. The Technical Sessions were handled by CMA P.Thiruvengadam, Former Director, Deloitte Touche Tohmatsu Limited, Bangalore, CMA Abhay Kulkarni, CFO, Godrej & Boyce Mfg. Co. Ltd (Electricals and Electronics Division), Mumbai, CMA Asim Kumar Mukhopadhyay, Vice-President(Business Planning), Corporate Finance, Tata Motors Ltd., Mumbai. Around 80 delegates participated in the Convention.
SOUTHERN INDIA REGIONAL COUNCIL THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
8 60th Annual Report & Audited Accounts
6.9 Seminar by Visakhapatnam Chapter: Visakhapatnam Chapter of Cost Accountants organised a seminar on “ Intricacies in Ind AS & GST Audit , Annual Return - A Practical Perspective” on 10th March 2019 at Hotel Ambica Sea Green, Visakhapatnam. The Seminar was attended by Council Members – ICAI, Chairman – SIRC of ICAI, Regional Council Member – SIRC, Managing Committee Members of Visakhapatnam Chapter and Senior Members of CMA Profession. The Technical Sessions were handled by Experts in the field of ‘GST’. Around 63 delegates participated in this Seminar. On the same day evening, at the same Venue a Practitioners’ Meet on ‘Opportunities & Challenges – An Interactive Session’ was also held. 35 CMA Members attended this Meet.
6.10 Golden Jubilee Celebration – Coimbatore Chapter: Coimbatore Chapter has celebrated its Golden Jubilee on Saturday, 16th March,2019 at Hotel Rathna Residency, VH Road, Coimbatore. The Celebration was inaugurated by CMA Amit Anand Apte, President of the Institute and Sri.V.Lakshminarayanasamy, President of The Indian Chamber of Commerce and Industry, Coimbatore was the Chief Guest. Past Chairmen and Chair Person of the Chapter were felicitated, on the occasion, recognising their service in development of the profession in this Region. The celebration was concluded with a dance programme.
6.11 Karnataka State CMA Convention:Bengaluru Chapter of Cost Accountants organised Karnataka State CMA Convention on 16th March, 2019 at Bengaluru. The Theme of the Convention was ‘Role of Professionals in Era of Reform and Perform’. The Convention was inaugurated by Dr. Ashok Kumar Mishra, Member (Technical) NCLT, Bengaluru Bench, Chief Guest. CMA Suraj Prakash, Director – Finance was Guest of Honour. Key Note address was rendered by Smt. Dona Ghosh, ITS -Deputy DGFT. The Technical Sessions were handled by eminent speakers specialised in ‘GST’, ‘Indirect Tax’ and ‘Company Law Tribunal’. Vote of Thanks was proposed by Chairman of Bengaluru Chapter. More than 150 CMA Members participated in this Mega Event.
6.8 National Regional Council & Chapter’s Meet, 2019: The Regional Council & Chapters’ Coordination Committee of the Institute organised the National Regional Council & Chapter’s Meet at Hotel Regenta Central Herald, Mysuru on 16th & 17th February, 2019. The motto behind conducting the Meet is to interact with the Regional Council & Chapter’s Representatives, resolve the issues being faced by them & to implement the implementable ideas shared by them. CMA Amit Anand Apte, President, ICAI along with dignitaries from Council of the Institute, Regional Council, Chapters & the Institute Officials attended the Meet. Based on the Evaluation Report submitted by the Chapters, the following Chapters under SIRC were selected as ‘Best Chapter’ under different categories shown against their name
Name of Chapter CategoryHyderabad AThrissur CNellore D
SOUTHERN INDIA REGIONAL COUNCIL THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
9 60th Annual Report & Audited Accounts
6.12 Programmes conducted at Chapter Level – Category-wise:
Pro
f. D
ev. M
ee
t
Pra
ctic
ing
Me
mb
ers
/M
em
be
rs’ M
ee
t
Stu
dy
Circ
le
Me
etin
g
Se
min
ar/
Wo
rksh
op
/Tr
ain
ing
P
rog
ram
Join
t Pro
gra
m
HQ
Dire
ctive
Pro
gra
m
Op
en
ing
of
Ne
w
CM
A S
up
po
rt C
en
tre
/Sa
telli
te C
en
tre
Ca
ree
r C
ou
nse
llin
g
Chapter Name
Bengaluru 19 8 6 12 2 4 12
Coimbatore 10 2 6 21
Erode 16 6 5
Hyderabad 9 20 6 3 5 16
Kottayam
11 10
Madurai 4 4 2 7
Mangalore 1
Salem 1 2 5 1 2
Mysore 2 5 2 2 32
Nellai Pearl City 2
Nellore 6 2 3 157
Palakkad 2
Pondicherry 3 1 2
Ranipet Vellore 1 2 1
Tiruchirappalli 1 40
Thrissur 3 1 3 7
Trivandrum 7 1 1 1 4 3
Ukkunagaram 3 2 5 1
Vijayawada 6 3 4
Visakhapatnam 9 2 1 1 4 9
Cochin
8 2 2 1 2
1
(Karunagapally,
Kollam Dist.)
141 Angamaly,
Cochin
SOUTHERN INDIA REGIONAL COUNCIL THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
10 60th Annual Report & Audited Accounts
7. Professional Development Activities:
PD/Study Circle/Discussion Meeting held at SIRC:
7.1 PD Meeting:1. On ‘Cost Audit in the Context of GST’, (Part – I), it was addressed by CMA S. Subhashini, Practicing Cost Accountant & Independent Director, Chennai on 18-05-18.
2. On ‘Cost Audit in the Context of GST’, (Part – II), it was addressed by CMA S. Subhashini, Practicing Cost Accountant & Independent Director, Chennai on 25-05-18.
3. Interactive Session on ‘Cost Accounting Standards’, it was addressed by Chairman, Cost Accounting Standards Board, ICAI, Kolkata on 24-05-18.
4. On ‘GST Amendment Bill – 2018 and its impact on Industry’ , it was addressed by CA Shankara Narayanan V, Practicing Chartered Accountant, Chennai at Chennai on 25-08-18.
5. On ‘Recent Amendments and Developments in Company Law’, it was addressed by CMAi N. Palaniappan, Company Secy. & Sr. Manager – Finance, Blue Dart Aviation Ltd., Chennai, at Chennai on 01-09-18.
6. On ‘Digital Competency for the Accounting Practice’, it was addressed by CAR. Vittal Raj, Partner, Kumar & Raj, Chartered Accountants – Chennai, at Chennai on 04-09-18.
7. On ‘Registered Valuer – New Opportunity for CMAs’, it was addressed by Treasurer, WIRC of ICAI at Chennai on 06-09-18.
8. On ‘GST – Annual Return’, it was addressed by CMA Saravana Prabhu M, Tax Consultant, Chennai at Chennai on 12-09-18.
9. On ‘Recent Amendments under Direct Tax’, it was addressed by CA R. Bupathy, Former President, Institute of Chartered Accountants of India, at Chennai on 18-09-18.
10. On ‘Value Innovation for CMA and Finance Professionals’, it was addressed by Shri R.R. Prasad, Corporate Trainer and Management Consultant – Chennai, at Chennai on 25-09-18.
11. On ‘Integrated Reporting – A New Era in Corporate Reporting’, it was addressed by CMA A.N. Raman, Former President – SAFA and Practicing Cost Accountant – Chennai, at Chennai on 12-10-18.
12. On ‘Consulting Opportunities 3.0 for CMAs’, it was addressed by CMA Dr. V. Gopalan, Management Consultant - Chennai, at Chennai on 28-12-18.
13. On ‘Annual Return under GST’, it was addressed by CMA S. Subhashini, Practicing Cost Accountant – Chennai, at Chennai on 29-12-18.
SOUTHERN INDIA REGIONAL COUNCIL THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
11 60th Annual Report & Audited Accounts
7.2 Study Circle/Discussion Meeting:
1. Study Circle Meeting was held to discuss on ‘Discussion On Cost Audit Report 2017-2018’at Chennai on 01-06-18.
2. Study Circle Meeting was held to discuss on ‘Depreciation and Amortisation under Ind AS with a Cost Audit Focus’ ( Part I), at Chennai on 08-06-18
3. Study Circle Meeting was held to discuss on ‘Depreciation and Amortisation under Ind AS with a Cost Audit Focus (Part II), at Chennai on 14-06-18
4. Study Circle Meeting was held to discuss on ‘Ind AS 109 - Financial Instruments’, at Chennai on 15-06-18
5. Study Circle Meeting was held to discuss on ‘Ind AS 19 – Employee Benefits’, at Chennai on 22-06-18
6. Study Circle Meeting was held to discuss on ‘Practical Approach to Cost Audit’, at Chennai on 29-06-18
7. Study Circle Meeting was held to discuss on ‘Revenue Recognition under Ind AS – Ind AS 18 & 115’ at Chennai on 06-07-18.
8. Study Circle Meeting was held to discuss on ‘Transfer Pricing Methods’ at Chennai on 13-07-18.
9. Study Circle Meeting was held to discuss on ‘Borrowing Costs under Ind AS’ at Chennai on 20-07-18.
10. Discussion Meeting was held to discuss on ‘Current Developments in Cost Audit and Way Forward’ at Chennai on 21-07-18.
11. Study Circle Meeting was held to discuss on ‘Related Party Transactions – Compliance Aspects’ at Chennai on 27-07-18.
12. Study Circle Meeting was held to discuss on ‘Auditing in the ERP Environment’ at Chennai on 03-08-18.
13. Discussion Meeting was held to discuss on ‘The Draft Companies (Cost Records & Audit) Amendment Rules 2018’ at Chennai on 09-08-18.
14. Study Circle Meeting was held to discuss on ‘Preparation and Presentation of Project Feasibility Reports’ at Chennai on 24-08-18.
15. Study Circle Meeting was held to discuss on ‘Annual Return and Proposed Simplified Returns Under GST – A Critical Analysis’ at Chennai on 31-08-18.
SOUTHERN INDIA REGIONAL COUNCIL THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
12 60th Annual Report & Audited Accounts
16. Study Circle Meeting was held to discuss on ‘Idea – An Analytics Tool for Cost Decisions’ at Chennai on 07-09-18.
17. Study Circle Meeting was held to discuss on ‘Accounting for Leases under Ind AS 17 and 116’ at Chennai on 14-09-18.
18. Study Circle Meeting was held to discuss on ‘Auditors Perspective of Internal Controls in the context of Changing Environment’ at Chennai on 21-09-18.
19. Study Circle Meeting was held to discuss on ‘SAP CO Module’ at Chennai on 28-09-18.
20. Study Circle Meeting was held to discuss on ‘Cost Management in Health Care Industry’ at Chennai on 26-10-18.
21. Study Circle Meeting was held to discuss on ‘Rethinking for Results through Analytics and Optimisation Models’ at Chennai on 09-11-18.
22. Study Circle Meeting was held to discuss on ‘Basics of Business Valuation’ at Chennai on 16-11-18.
23. Study Circle Meeting was held to discuss on ‘Cost Management in Auto Ancillaries’ at Chennai on 30-11-18.
24. Study Circle Meeting was held to discuss on ‘Costing for Casting Operations’ at Chennai on 07-12-18.
25. Study Circle Meeting was held to discuss on ‘Industry 4.0 – Challenges and Opportunities for CMA Profession’ at Chennai on 14-12-18.
26. Study Circle Meeting was held to discuss on ‘Contemporary Role of CFO’ at Chennai on 21-12-18.
27. Study Circle Meeting was held to discuss on ‘Cost Management in Textile Industry Part I – Introduction’ at Chennai on 04-01-19.
28. Study Circle Meeting was held to discuss on ‘Digitalisation: Industry Readiness and Practitioners Engagement’ at Chennai on 11-01-19.
29. Discussion Meeting was held to discuss on ‘Exposure Draft of FAQs on Standards on Cost Auditing’ at Chennai on 18-01-19.
30. Study Circle Meeting was held to discuss on ‘Recent Developments in Electricity Industry and the Role of Cost Accountants’ at Chennai on 25-01-19.
31. Discussion Meeting was held to discuss on ‘ Exposure Draft of FAQs on Standards on Cost Auditing (Contd.)’ at Chennai on 01-02-19.
SOUTHERN INDIA REGIONAL COUNCIL THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
13 60th Annual Report & Audited Accounts
32. Discussion Meeting was held to discuss on ‘Interim Budget – 2019-20’ at Chennai on 01-02-19.
33. Study Circle Meeting was held to discuss on ‘Cost Management in Textile Industry – Spinning’ at Chennai on 08-02-19.
34. Study Circle Meeting was held to discuss on ‘Cost Management in Textile Industry in Spinning/Weaving’ at Chennai on 15-02-19.
35. Study Circle Meeting was held to discuss on ‘Cost Management in Textile Industry in Spinning/Weaving (Contd.)’ at Chennai on 22-02-19.
36. Study Circle Meeting was held to discuss on ‘German Costing System’ at Chennai on 01-03-19.
37. Study Circle Meeting was held to discuss on ‘Block Chain Technology & its Implications’ at Chennai on 08-03-19.
38. Study Circle Meeting was held to discuss on ‘Derivatives in Forex Management’ at Chennai on 15-03-19.
39. Study Circle Meeting was held to discuss on ‘Valuation of Intellectual Property Rights – with a Case Study’ at Chennai on 22-03-19.
8. Seminars/Training Programmes/Workshops:
1. Three Day GST Conclave was organised by SIRC on 5th, 6th & 7th October 2018 at Chennai.
2. SIRC of ICAI in tune with Banking and Insurance Committee – ICAI organised a Seminar on the topic ‘Role of CMA in Insolvency and Bankruptcy Code’ on 26th November, 2018.
3. Banking & Insurance Committee & SIRC of ICAI jointly organised Insurance Seminar on ‘Insurance and Sustainability’ & ‘Health Insurance – Affordable Health Care’ on 27th December, 2018.
4. SIRC of ICAI in association with Trivandrum Chapter organised ‘GST Conclave’ at Biverah Hotel & Suits, Trivandrum on 18th and 19th January, 2019.
5. SIRC of ICAI in association with Pondicherry Chapter oganised ‘GST Conclave’ at Hotel Atithi, Puducherry on 9th February, 2019.
6. Half-a-Day Seminar on GST was addressed by CMA M. Saravana Prabhu and Mrs. H. Saradha, Senior Consultants – Indirect Taxes, Chennai held at Chennai on 23-02-19.
SOUTHERN INDIA REGIONAL COUNCIL THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
14 60th Annual Report & Audited Accounts
9. Certificate Courses offered by ICAI:
9.1 Certificate Course on GST (HQ Programme):The Institute of Cost Accountants of India, Tax Research Department along with the Board of Advanced Studies has conducted the ‘Certificate Course on GST’ for the year 2018-19 at SIRC as detailed below:.Batch No. Date No. of students 2 23-06-18 - 02-09-18 73 3 08-12-18 - 24-02-19 29
9.2 ICMAI Registered Valuers Organisation (RVO):ICMAI – RVO has conducted the following Programmes at SIRC of ICAI for the year 2018-19 which are detailed below:
Batch No. Date Subject No. of Students 1 16-07-18 - 22-07-18 Land & Building 12
Batch No. Date Subject No. of Students 1 16-07-18 - 22-07-18 Plant & Machinery 9
Batch No. Date Subject No. of Students 2 02-07-18 - 08-07-18 Securities or Financial Assets 9 3 06-08-18 - 12-08-18 -do- 10 4 24-09-18 - 30-09-18 -do- 11 5 07-01-19 - 13-01-19 -do- 22 6 18-02-19 - 24-02-19 -do- 24
9.3 IPA ICAI Educational Course on ‘Insolvency Professionals’:The 5th Batch of Pre Registration Educational Course on ‘Insolvency Professionals’ was organised at SIRC of ICAI Premises, Egmore, Chennai – 600 008 from 6th August to 12th August 2018, jointly by Indian Institute of Insolvency Professionals of ICAI (IIPI), ICSI Institute of Insolvency Professionals (ICSI IIP) and Insolvency Professional Agency of Cost Accountants of India (IPA ICAI). Total number of participants for this programme was 40.
10. Programmes as directed by ICAI – HQ:
10.1 International Women’s Day: As per the directives of the Institute, SIRC of ICAI celebrated International Women’s Day – 2K19 on 9th March, 2019 at its premises. A sizeable number of CMA Members with their family participated in this event. During the event, Smt. Renuka Mohan Rao, Independent Woman Director, M/s Jumbo Bags Limited, President – Institution of Business Management and
SOUTHERN INDIA REGIONAL COUNCIL THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
15 60th Annual Report & Audited Accounts
General Manager – Indian Overseas Bank (Retd.) was the Chief Guest who addressed on the strength of multi-tasking by woman and benefit of accepting the situations as such to reduce the stress. Guest of Honour, Mrs. Chitra Sivakumar, Woman Entrepreneur, Managing Partner – TimeLinks (Titan Franchise), Partner – Prabha Associates, Automobile – Manufacturing/Retailing Consultants and Member – Keiretsu Forum (The global Angele Investor Network) talked about work life balance while maintaining the equilibrium. Another Guest of Honour Mrs. Vijayalakshmi from Dept. of Management Studies (Organisational Behaviour and Human Development), Indian Institute of Technology – Madras (IIT, Madras) spoke on Generating Positivity, Happiness and Work, Workplace Emotions, Emotional Balance etc., All lectures presented by the dignitaries were well received by the participants. As part of the Celebrations, Talent Shows, Quiz Programmes, Poetry recitation, Tambola etc. were also conducted. Members appreciated the take away in learning and interacting with each other in a different environment.
10.2 Observance of International Yoga Day:As per the directives received from HQ, International Yoga Day was observed at SIRC of ICAI on 21st June, 2018. CMA M. Umapathy, Practicing Cost Accountant, Chennai addressed the members on the benefits of Yoga. He also performed a Practical Session on Yoga, in which Senior Members of the profession, Regional Council Members and Staff of SIRC took part.
10.3 Blood Donation Camp to celebrate Independence Day:As per the directives received from President – ICAI, SIRC of ICAI arranged a Blood Donation Camp on 18th August, 2018 at its Premises from 10.00 a.m. to 1.30 p.m. The Camp was organised under the auspices of Rotary Central TTK – VHS, Blood Bank, Taramani, Chennai – 600 113. CMA Members, Students and Staff of SIRC numbering around 70 donated their blood for the noble cause.
10.4 Campaign on ‘Swachta Hi Sewa 2018 (SHS)’ from 15th September, 2018 to 2nd October, 2018:As per the directives of the Ministry of Corporate Affairs, New Delhi, on the eve of 150th birth year celebration of Mahatma Gandhi, SIRC of ICAI organised a Campaign on ‘Swachta Hi Sewa 2018 (SHS)’ at its premises on Friday the 28th September, 2018 from 8.00 a.m. to 9.00 a.m, during which cleaning of the Premises of the Institute, cleaning a part of our lane where our Institute is located and visiting nearby houses and companies to create awareness on cleanliness by distributing pamphlets, among our citizens were performed by Chairman – SIRC, Vice Chairperson – SIRC, Staff Members and Students.
10.5 Observance of “Constitution Day” - Pledge taking ceremony: As per the directives received from HQ, Constitution Day was observed at SIRC of ICAI on 26th November, 2018, during which Preamble of the Constitution was read among the Staff Members of SIRC.
SOUTHERN INDIA REGIONAL COUNCIL THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
16 60th Annual Report & Audited Accounts
10.6 Celebration of Corporate Laws Day:As part of the Corporate Laws Day observed by our Institute, a special Professional Development Meet was organised by the SIRC of ICAI on 4th January, 2019. The topic of the Meet, ‘ Independent Directors and Women Directors’ which was addressed by Vice Chairperson, SIRC of ICAI.
10.7 Cost Auditing and Assurance Standards Board (CAASB) Meeting:Cost Auditing and Assurance Standards Board (CAASB) of the Institute conducted its 37th meeting on 28th January 2019 at SIRC of ICAI Premises, Chennai, during which interaction of SIRC practicing members with the Members of the Board on the Exposure Draft of FAQs was held. 10.8 QRB Interaction Meet with Leading Practicing Members:The Quality Review Board of The Institute of Cost Accountants of India conducted its 28th Meeting at SIRC of ICAI Premises on 15th February, 2019. As one of the points in the Agenda, an Interaction between the QRB Members and Senior Practicing Cost Accountants in Chennai took place for taking feedback on peer review concept and exchange of ideas for improvement in quality of audit and reporting.
11. Investor Awareness Programme: Series of ‘Investor Awareness Programmes’ were organised by a few Chapters under Southern Region during 2018-19 as directed by MCA, Govt. of India, are detailed below:Mangalore Chapter of Cost Accountants has conducted nine Investor Awareness Programmes during the period October 2018 to March 2019 while Thrissur Chapter has organised one Investor Awareness Programme jointly with Institute of Company Secretaries of India and Institute of Chartered Accountants of India – Thrissur Branch on 29th March, 2019.
12. Coaching Activities:
12.1 National Student Convocation:The National Student Convocation was held on 10th July, 2018 at Science City Auditorium, Kolkata. The Chief Guest was Shri Sovandeb Chattopadhyay, Hon'ble Minister of Power & Non-Conventional Energy, Government of West Bengal.
The following Rank Holders from Southern Region were honoured during the Convocation.
Sl. No. Name Regn. No. Level & Rank 1 Lakshmi Prasanna J 02161001082 INTER DEC 2016 I 2 Revathi K 02161003907 INTER 2016 JUNE 2017 I 3 Mohan Kumar N 02131011796 FINAL 2016 DEC 2016 I 4 Saikrishnan R 02151000223 FINAL 2016 JUNE 2017 I
Syllabus Term 2016
SOUTHERN INDIA REGIONAL COUNCIL THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
17 60th Annual Report & Audited Accounts
12.2 Oral Coaching Inauguration Programme: SIRC of ICAI organised Oral Coaching Inauguration Programme on 15th August, 2018 at 11.00 a.m. The Chief Guest of the event was Tmt. Pooja Kulkarni, IAS, Addl. Secretary, Finance Dept., Govt. of Tamil Nadu, who is also a Cost and Management Accountant. The Chief Guest in her thought provoking address highlighted that nowadays, there are more opportunities for the Cost and Management Accountants throughout India and abroad and also in the field of practicing, GST, IBC etc. While concluding remarks, she stated that it was very happy to note that Institute is updating the Syllabus of our CMA Course at regular intervals and the goal of each and every student should be to develop our Nation.
Another Oral Coaching Inauguration Programme was organised by SIRC of ICAI at its premises on 10th February, 2019. Chairman – SIRC, Vice Chairperson – SIRC, Chairman – Students’ Facilities Committee – SIRC and a Council Member – ICAI addressed during the Inaugural Session. Students with their parents in large number participated in the event. As part of the Programme, Senior Oral Coaching Faculty Members were honoured and prizes also distributed to Award Winners & Rank Holders by CMA Dignitaries from the Regional Council.
12.3 Students’ Seminar – Meet the Mentor:Visakhapatnam Chapter of Cost Accountants organised a Students’ Seminar titled ‘Meet the Mentor’ on 25th August 2018 at its premises. CMA V.V.V. Phani Kumar who was the Guest Speaker explained the students about CMA Course and how to present their answers in the CMA Examinations, which was well received by the students participated in the event.
12.4 CAT ROCC Meeting:Trivandrum Chapter of Cost Accountants organised an Interactive session with CAT ROCC (Southern Region) on the theme "Building Career Through Accounting Skills - CAT" at its premises on 17th January 2019. This session was attended by Chairman – CAT Committee, ICAI, Council Member – ICAI, Chairman – SIRC, Managing Committee Members – Trivandrum Chapter, Officials of CAT Directorate , ICAI and CAT Coordinator – SIRC.
13. Students’ Activities by Chapters:
13.1 COSMA FEST -2018:Coimbatore Chapter conducted an Inter Collegiate Students’ Event titled “COSMA FEST 2018” (A Festival of Cost and Management Students),on Saturday, 11th August, 2018 at Convention Hall of PSG Institute of Management which purports to exhibit the inner talents of students. The function was inaugurated by Sri.V.Krishna Kumar, President of SIEMA, Coimbatore. A large number of students attended the function. Competitive events viz., Paper Presentation, Block ‘N’ Tackle, Short Film, Ad Zap and Business Quiz were conducted. Students from various Colleges in and around Coimbatore participated in the events enthusiastically. Students of PSG College of Arts & Science won the overall Championship.
SOUTHERN INDIA REGIONAL COUNCIL THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
18 60th Annual Report & Audited Accounts
The Prizes to the student winners were distributed by Dr. T.G. Vijaya, Director I/C, PSG Institute of Management, the Chief Guest for the Valedictory function. The function ended with cultural events by students.
13.2 State Level Students and Members Meet:Vijayawada Chapter of Cost Accountants organised a State Level Students and Members Meet on 2nd February, 2019 at Vijayawada. Around 1200 students from various colleges in and around Vijayawada and from the nearby districts participated actively in this Mega Students’ Meet. As part of the meet, various programmes like Quiz Contests, Balance Sheet Analysis, Fastest Finger First – Game and Dance Competition were conducted for the participants. President & Vice President of the Institute, Council Members, Chairman – SIRC and Regional Council Members of SIRC along with Representatives from Chapters of Godavari, Hyderabad, Nellore and Visakhapatnam graced the occasion as ‘Guests’ and ‘Special Invitees’ with their august presence. The CMA Dignitaries during their address, briefed on ‘CMA Course Curriculum’, ‘Job Opportunities provided by renowned Public Sector & Private Sector Organisations and MNCs with good pay packages’ and the ‘need to complete the course well within the time span’. At the end, Prizes were distributed to the students who performed well in the Competitions held and Special Prizes were given by Chairman, Vijayawada Chapter.
13.3 State Level Convention for Students ‘ CMA Prabhanjanotsav’:Hyderabad Chapter of Cost Accountants organised State Level Convention for Students titled “CMA Prabhanjanotsav” on 15th February, 2019 at Visvesvaraya Bhavan, Khairatabad, Hyderabad. The Convention was graced by President- The Institute of Cost Accountants of India, Council Members – ICAI, Chairman and Regional Council Member – SIRC. Students received Merit Awards in the Awards Ceremony for their performance in the examinations conducted by the Institute in the Months of December 2017 and June 2018. The winners of the preliminary rounds showcased their talents in the Convention with over 1200 spectators. Around 900 students have participated in the preliminary rounds at CMA Bhavan on 12th February, 2019. It was a successful event which not only brought out the talents of the students but also the organisational skills of the students.
13.4 Students’ Fest: Pragathi – 2K19:Cochin Chapter of Cost Accountants has organised a Students’ Fest titled ‘Pragathi – 2K19’ on 6th March, 2019 at SNSS Auditorium, Mamangalam. Cochin. Chairman – Cochin Chapter formally inaugurated the Programme. Chapter’s Managing Committee Members graced the event. Many events to showcase the hidden talents of our CMA Students were conducted. Secretary, SIRC of ICAI & Chairman, Coaching Committee – Cochin Chapter were felicitated in this grand event which was attended by a good number of students.
SOUTHERN INDIA REGIONAL COUNCIL THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
19 60th Annual Report & Audited Accounts
14. Placement Services:
a) SIRC of ICAI has been arranging placement of students who have completedIntermediate and Final Examinations of the Institute since 1997. Under this programme necessary database is being updated regularly. The candidates’ details are forwarded to various corporates on their request and many students are being recruited through this procedure.
b) The 14th Campus Placement Programme for CMA Final passed candidates was organised by the Institute at its Southern Region Premises on 8th, 9th & 10th October, 2018. 14 Corporates and around 256 candidates took part in this mega event out of which, 220 candidates were shortlisted/selected by the Corporates participated in the event. Corporates such as Neyveli Lignite Corporation, L & T, ITC Limited, Nestle, Saint Gobain, Vedanta, TVS Motors, Alstom, RSM Astute, H – Garb Infomatrix Pvt Ltd., participated in this Batch. Pre Placement Orientation Programme was also held in Chennai from 5th September to 16th September 2018 to enhance the necessary employability skills of candidates to face the interview with confidence enabling them to grab the opportunities from MNCs, Public & Private Sector organisations with good pay package.
c) Other Campus Placement events held in the Southern Region: Thrissur Chapter:
The Institute of Cost Accountants of India-Thrissur Chapter organised a Campus placement for the recruitment of Junior Executive – Cost Accountant for The Catholic Syrian Bank Ltd on 2nd August 2018 at Thrissur Chapter. 25 qualified Cost Accountants attended the interview and 9 candidates have been shortlisted.
Extended Campus Placement Events:
1. Bengaluru Chapter:Institute of Cost Accountants of India has organised extended Campus Placement Programme at Bengaluru Chapter on 26th and 27th October, 2018. During this programme, M/s Bharat Earth Movers Ltd., (BEML) selected 10 candidates with pay package of Rs.7.5 lacs (approx.) per annum and M/s Quest Global Engg. Services Pvt. Ltd., selected 2 candidates with pay package of Rs. 5.0 lacs (approx.) per annum. Again our Institute has organised Winter Campus Placement Programme on 1st and 15th February, 2019 at Bengaluru Chapter of Cost Accountants. During this event, M/s Tech Mahindra, Bengaluru selected 7 candidates with a pay package of Rs.7.5 lacs (approx.) per annum and Cargill Business Services conducted their placement process and they are yet to reveal their result.
SOUTHERN INDIA REGIONAL COUNCIL THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
20 60th Annual Report & Audited Accounts
2. Hyderabad Chapter:Institute of Cost Accountants of India has organised Extended Campus Placement at Hyderabad Chapter of Cost Accountants on 26th October, 2018 for M/s Automotive Manufactures Pvt. Ltd., Out of 36 candidates, 6 candidates were finally selected, in which only 3 had joined for a Pay package of Rs. 4 lakhs per annum.
15. Library: ICAI – SIRC added books worth Rs.75,269/- to the Library for facilitating the knowledge updation of members and students.
16. Events after 1st April, 2019:a) Campus Placement Programme (Dec 2018 Batch):The Campus Placement Programme for December 2018 CMA Final Batch candidates was held at SIRC Premises on 8th and 9th April, 2019 in which around 250 candidates have participated. Seven Corporates have participated in this drive which selected/shortlisted 200 candidates. Pre-placement Orientation Programme was conducted for the candidates to equip with necessary employability skills such as ‘Communication Skills’, ‘Leadership Skills’, ‘Personality Development Skills’, ‘Group Discussion Techniques’, ‘Mock Interview Sessions’ from 9th March to 20th March, 2019 at Chennai, Bengaluru, Hyderabad & Vijayawada.
17. Acknowledgements: The Southern India Regional Council place on record its sincere thanks to:• The President & Vice President, Council Members, especially those from Southern
Region, all Departments of ICAI – HQ, & Chapters.• Members of Southern Region for their whole hearted cooperation, guidance and
support extended for various activities. • The Central Government and State Government Ministers, Officers and staff for their
support.• Industries and Bankers who have been evincing keen interest in our profession.• Speakers at our various Professional Development Programmes, Meets/Seminars/ Worshop etc, • Faculty members for their dedicated service to the Students Community. • Endowment Donors for instituting awards for encouraging students to achieve
excellence in the Institute Examinations. • All the Corporates for their participation in the Campus Placement conducted by
the Institute.• All the Sponsorers for their benevolent sponsorship for making the Regional CMA
Convention a grand success. • The media and all other well wishers for promoting the image of the profession. • The dedicated staff members of SIRC of ICAI for their cooperation in conducting
various activities in a smooth manner.
Place: ChennaiDate: 19th May, 2019
SOUTHERN INDIA REGIONAL COUNCIL THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
21 60th Annual Report & Audited Accounts
GOPALAIYER AND SUBRAMANIAN
Chartered AccountantsVaigai Apartments, F-6, Second Floor, # 20/38, Viswanathapuram Main Road, Kodambakkam, Chennai - 600 024
Phone: 044 42057722 E-mail: gscheindia@gmail.com
INDEPENDENT AUDITOR’S REPORT
To the Members of Southern India Regional Council of the Institute of Cost Accountants of India
Report on the Financial Statements
OpinionWe have audited the accompanying financial statements of Southern India Regional Council of the Institute of Cost Accountants of India (SIRC), which comprise the Balance Sheet as at March 31,2019, the Income & Expenditure Account, Cash flow Statement for the year then ended, and notes to the financial statement, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as “Financial Statements”).
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements for the year ended March 31, 2019 are prepared in all material respects in accordance with The Cost and Works Accountants Act, 1959 and give a true and fair view in conformity with the accounting principles generally accepted in India:
(a) In the case of the Balance Sheet, of the state of affairs of the Institute as at March 31, 2019;
(b) In the case of the Income & Expenditure Account, of the excess of Income over Expenditure for the year ended on that date; and
c) In the case of Cash Flow Statement, of the cash flows for the year ended on that date.
Basis for our opinionWe conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our Report. We are independent of SIRC in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
SOUTHERN INDIA REGIONAL COUNCIL THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
22 60th Annual Report & Audited Accounts
Key Audit Matters
Key Audit Matters are those matters that, in our professional judgement, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.
Sl No Key Audit Matter Auditors Response 1 Accuracy of recognition of Coaching
Grant: Coaching grant comprise two grants; one for oral coaching and other for postal Coaching
Revenue in respect of the above is recognised as and when the student is enrolled.
We have evaluated SIRC’s process of recognition
of Coaching grant Grant is measured and accounted based on the list sent by the Head Quarters on monthly basis and number of students enrolled for Foundation,
Intermediate and Final courses in postal scheme as well as oral scheme, SIRC validates the number of students enrol led for coaching and claims for difference if any.
We have fully verified accounting of coaching grant and found the same is in order
2 Accuracy of revenue recognition in respect of interest income:
Income from interest is recognised on accrual basis
We have evaluated the process of recognising interest.
Interest is accounted based on rate of interest specified in the fixed deposit and interest certificates received from various banks. We have fully verified the accounting of interest
income and found the same is in order
3 Accounting in respect of Coaching expenses
Coaching expenses comprise primarily of Honorarium to faculty andComputer training expenses. The same is accounted on accrual basis
We have evaluated the process of accounting of coaching expenses
Honorarium to faculty members is based on number of classes taken by the respective faculties. Honorarium is quantified based on number of classes on monthly basis and the same is paid after deduction of tax at source.
Computer training expenses comprise of rent payable for the Centre and faculty remuneration. Faculty remuneration is based on number of classes on batch basis and the same is paid after
deduction of tax at source. Rent is based on per student basis and the same is paid after deduction of appropriate tax at source We have ful ly verified the accounting of coaching
expenses and found the same is in order
1
SOUTHERN INDIA REGIONAL COUNCIL THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
23 60th Annual Report & Audited Accounts
Management’s Responsibility for the Financial Statements
SIRC Management is responsible for the preparation of these financial statements in accordance with the Cost and Works Accountants Act, 1959 that give a true and fair view of the financial position, financial performance and cash flows of SIRC in accordance with the accounting principles generally accepted in India, including the Accounting Standards issued by the Institute of Chartered Accountants of India.
This responsibility also includes maintenance of adequate accounting records for safeguarding of the assets of the Institute and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgements and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, 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.
In preparing the financial statements, management is responsible for assessing the SIRC’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate or to cease operations, or has no realistic alternative but to do so.
Management are also responsible for overseeing the company’s financial reporting process
Auditor’s Responsibility for the audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Sl N o Key Aud it Ma tter Auditor s Resp onse 4 Acc ounting of Esta b lishme nt
Exp enses : Estab lishme nt e xpe nses co mprise of Sa laries, E mploy er’s
Cont ributio n to PF, E mploy er’s co ntribut ion to L IC in respe ct of Le ave En cashme nt and G ratuity, Le ave e ncashm ent and Medic al
expense s. SIRC ac co unts the sam e in acc rua l basis.
We have e valuated the proc ess o f acc ount ing
of Establishm ent expense s Sa larie s, co nt ribut ion to PF, me dical expense s an d Leave enc ash men t are paid by Head Quarters and th e sam e is ad juste d against the
Grant payable by He ad Q uarte rs to SIRC. Emplo yer ’s c ont ributio n to LIC in respe ct of Le ave En cashme nt and G ratuity f und is base d on statem ent re ce ive d from LIC base d o n
ac tuaria l va luat ion. We have fully ve rifie d the acc ount ing o f Estab lishme nt expe nses and found th e sam e is in o rder
Auditors ResponseKey Audit Matter
SOUTHERN INDIA REGIONAL COUNCIL THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
24 60th Annual Report & Audited Accounts
As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the SIRC’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the SIRC to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial statements.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
SOUTHERN INDIA REGIONAL COUNCIL THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
25 60th Annual Report & Audited Accounts
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Regulatory Requirements
Further, we state that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose our audit;
b) In our opinion proper books of account as required by The Cost and Works Accountants Act, 1959 have been kept by the SIRC so far as appears from our examination of those books.
c) The SIRC’s Balance Sheet, Statement of Income and Expenditure, and Statement of Cash Flow dealt with by this Report are in agreement with the books of account.
d) In our opinion, the Balance Sheet and Income and Expenditure Account comply with relevant accounting standards issued by the Institute of Chartered Accountants of India and guidelines issued by the Institute of Cost Accountants of India.
For Gopalaiyer and SubramanianChartered Accountants Firm’s Registration Number: 000960S
Sd/-K.K.A.RamanujanPartner
Place: Chennai Membership No: 209498Date: 19-05-2019 Place of Signature: Chennai
SOUTHERN INDIA REGIONAL COUNCIL THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
26 60th Annual Report & Audited Accounts
THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
SOUTHERN INDIA REGIONAL COUNCIL
BALANCE SHEET AS AT 31ST MARCH 2019
Significant Accounting Policies and Notes on Accounts 23The schedules referred to above form an integral part of the financial statement.
CMA SURESH R GUNJALLI CMA JYOTHI SATISH as per our report of even dateCHAIRMAN VICE-CHAIRPERSON for GOPALAIYER AND SUBRAMANIAN
CHARTERED ACCOUNTANTS
CMA SANKAR P PANICKER CMA.SURYANARAYANAN K K.K.A.RAMANUJANSECRETARY TREASURER PARTNER
PLACE: CHENNAIDATE : 19.05.2019
AS AT AS AT AS AT AS AT
Particulars SCH 31-03-2019 31-03-2019 31-03-2018 31-03-2018
Rs. Rs. Rs. Rs.
SOURCES OF FUNDS :
Regional Council Fund 1 167,679,089 145,738,364
Building Development Fund 2 164,197 153,599
Endowment / Memorial Funds 3 703,637 702,290
Total 168,546,923 146,594,253
APPLICATION OF FUNDS :
Fixed Assets 4
Gross Block (A) 10,961,005 10,888,564
Less: Accumulated Depreciation (B) 8,123,606 7,692,261
Net Fixed assets (A-B) 2,837,399 3,196,303
Long Term Loans and Advances 5 338,875 329,128
Current Assets 6
Inventories 67,550 19,075
Sundry Debtors 3,134,897 612,899
Cash & Bank 748,557 1,014,903
Fixed Deposits 156,847,582 137,196,558
Accrued Interest 5,798,334 5,100,646
Short term Loans and advances 7 174,089 172,201
Total Current Assets 166,771,009 144,116,282
Less: Current Liabilities & Provisions 8 1,400,360 1,047,460
Net Current Assets 165,370,649 143,068,822
Total 168,546,923 146,594,253
SOUTHERN INDIA REGIONAL COUNCIL THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
27 60th Annual Report & Audited Accounts
THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
SOUTHERN INDIA REGIONAL COUNCIL
INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31ST MARCH 2019
Significant Accounting Policies and Notes on Accounts 23The schedules referred to above form an integral part of the financial statement.
CMA SURESH R GUNJALLI CMA JYOTHI SATISH as per our report of even dateCHAIRMAN VICE-CHAIRPERSON for GOPALAIYER AND SUBRAMANIAN
CHARTERED ACCOUNTANTS
CMA SANKAR P PANICKER CMA.SURYANARAYANAN K K.K.A.RAMANUJANSECRETARY TREASURER PARTNER
PLACE: CHENNAIDATE : 19.05.2019
sch
INCOME :
Tuition Fees & Others 9 34,878,200 25,661,000
CEP, Training Income 10 1,180,300 737,806
Interest Income 11 9,969,509 9,114,650
Grant Received from H.Q 12 1,261,290 1,268,514
Sale of Publications & Prospectus 605,000 460,250
Other Income 13 293,895 80,199
TOTAL INCOME (A) 48,188,194 37,322,419
EXPENDITURE :
Establishment Expenses 14 12,442,386 11,463,420
Office Expenses 15 3,678,293 3,979,673
CEP, Training Expenses 16 517,526 859,879
Coaching Expenses 17 5,128,010 4,369,838
Statutory Audit Fee 18 75,000 75,000
Council & Committee Meeting Expenses 19 1,257,757 1,049,763
Professional Development Expenses 20 2,249,357 3,346,690
Cost of Publications & Prospectus sold 21 423,500 322,475
Depreciation 22 498,440 520,035
TOTAL EXPENDITURE ( B ) 26,270,269 25,986,773
Net Surplus transferred to Regional Council Fund 21,917,925 11,335,646
PARTICULARS Current Year
31st March 2019
Rs.
Previous Year
31st March 2018
Rs.
Pravakar Mohanty Dr. H. R. SubramanyaB.M.Sharma Pravakar MohantyB.M.Sharma Pravakar MohantyChandra Wadhwa Dhananjay V. JoshiChandra Wadhwa Dhananjay V. Joshi
SOUTHERN INDIA REGIONAL COUNCIL THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
28 60th Annual Report & Audited Accounts
THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
SOUTHERN INDIA REGIONAL COUNCIL
SCHEDULE TO BALANCE SHEET AS AT 31ST MARCH 2019
Schedule : 1
REGIONAL COUNCIL FUND
Balance as per last account 145,738,364 134,375,518
Add: i) Unclaimed Library Deposits 22,800 27,200
ii) Net Surplus for the year transferred from Income & Expenditure A/c 21,917,925 11,335,646
Balance 167,679,089 145,738,364
Schedule : 2
Building Development Fund
Balance as per last account 153,599 143,846
Add: Interest earned on Investment of Fund for the year 10,598 9,753
Balance 164,197 153,599
Schedule : 3
Miscellaneous Prize & Other Funds
Balance as per last account 702,290 702,590
Add: Interest earned on Investment of Fund for the year 48,457 47,636
Less: Cost of Prizes/ Expenses 47,110 47,936
Balance 703,637 702,290
Schedule : 4
Fixed Assets :
Furniture & Fittings:
Gross Block 2,769,296 2,739,194
Less: Accumulated Depreciation 1,939,895 1,864,965
Net Block 829,401 874,229
Library Books:
Gross Block 1,438,371 1,363,102
Less: Accumulated Depreciation 1,356,824 1,311,477
Net Block 81,547 51,625
Generator & Office Equipments:
Gross Block 4,846,151 4,879,081
Less: Accumulated Depreciation 2,962,489 2,679,947
Net Block 1,883,662 2,199,134
Cycles :
Gross Block 3,682 3,682
Less: Accumulated Depreciation 3,682 3,682
Net Block - -
As at
31st March 2019
Rs.
As at
31st March
2018
Rs.PARTICULARS
SOUTHERN INDIA REGIONAL COUNCIL THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
SOUTHERN INDIA REGIONAL COUNCIL
SCHEDULE TO BALANCE SHEET AS AT 31ST MARCH 2019
Total Fixed Assets
Gross Block 10,961,005 10,888,564
Less: Accumulated Depreciation 8,123,606 7,692,261
Net Block 2,837,399 3,196,303
Computers including Software
Gross Block 1,903,505 1,903,505
Less: Accumulated Depreciation 1,860,716 1,832,190
Net Block 42,789 71,315
PARTICULARS
As at
31st March
2019
Rs.
As at
31st March
2018
Rs.
Schedule : 5
Long Term Loans and Advances
EB deposit 331,657 321,910
Telephone Deposit 7,218 7,218
Total Long Term Loans and Advances 338,875 329,128
Schedule : 6
Current Assets:
Closing Stock
Prospectus stock (at Cost) 67,550 19,075
SUNDRY DEBTORS ( OTHERS)
- HQ (Net) 3,134,897 387,399
- The Institute of Cost Accountants of India (DELHI ) - 215,500
- Others - 10,000
Cash and Bank Balances :
Cash - in - hand 9,898 25,771
Balances with Scheduled Banks :
On Current Account 738,659 989,132
Fixed Deposits :
Fixed Deposit with Nationalised Bank 156,847,582 137,196,558
Accrued Interest on FDRs 5,798,334 5,100,646
Total Current Assets 166,596,920 143,944,081
Schedule : 7
Short term Loans and advances
Prepaid Expenses 155,527 172,201
Other Advances 18,562 -
Total Short Term Loans and Advances 174,089 172,201
Schedule : 8
Current Liabilities & Provisions
Library Deposit 76,000 68,000
Sundry Creditors ( Other than Current A/c )
Other Liabilities 200,000 -
TDS Payable 82,332 38,617
Provisions 1,042,028 940,843
Total Current Liabilities & Provisions 1,400,360 1,047,460
B.M.Sharma Pravakar MohantyChandra Wadhwa Dhananjay V. Joshi
29 60th Annual Report & Audited Accounts
SOUTHERN INDIA REGIONAL COUNCIL THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
30 60th Annual Report & Audited Accounts
THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
SOUTHERN INDIA REGIONAL COUNCIL
Schedule to Income & Expenditure Account as on 31st March 2019
INCOME :
Schedule : 9
Tuition Fees & OthersTuition Fees
- Oral Coaching Grant 27,430,000 19,203,750
- ( INCL. OF GD / BC , Industrial Orientation Training &
Computer training grant)
- Postal Coaching Grant 7,448,200 6,457,250
Total 34,878,200 25,661,000
Schedule : 10
CEP Training IncomeCEP Income - Regional Council 1,180,300 139,788
Regional Cost Convention - 598,018
Total 1,180,300 737,806
Schedule : 11
Interest IncomeInterest on Fixed Deposit 9,969,509 9,114,650
Total 9,969,509 9,114,650
Schedule : 12
Grant Received from H.QT A Grant 500,000 427,481
Students facilities & Career Councelling Grant 300,000 510,000
Repairs & Maintenance Grant 461,290 331,033
Total 1,261,290 1,268,514
Schedule : 13
Other IncomeSundry/Misc. Income 268,810 68,199
Guest Room Service Charges 24,000 2,000
Profit on sale of fixed assets 1,085 -
Library Subscription - 10,000
Total 293,895 80,199
Total Income (A) (Schedule 9-13) 47,583,194 36,862,169
PARTICULARSCurrent Year
31st March 2019
Rs.
Previous Year
31st March 2018
Rs.
SOUTHERN INDIA REGIONAL COUNCIL THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
31 60th Annual Report & Audited Accounts
THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
SOUTHERN INDIA REGIONAL COUNCIL
Schedule to Income & Expenditure Account as on 31st March 2019
EXPENDITURE :
Schedule : 14
Establishment ExpensesSalaries & Allowances 9,124,066 9,570,678
Employer's Contribution to Employees' Gratuity Fund 1,789,095 350,850
Employer's Contribution to Employees' Provident Fund 875,549 925,535
Employer's Contribution to Employees' Leave Encashment Fund 271,476 315,106
Leave Encashment 196,988 61,543
Medical Expenses 185,212 239,708
Total 12,442,386 11,463,420
Schedule 15
Office ExpensesTravelling & Conveyance 73,206 160,728
Printing & Stationery ( including Xerox Charges) 94,467 166,699
Postage Charges 22,997 20,677
Telephone Expenses 62,789 81,905
Electricity Charges 1,012,490 917,979
Fuel expenses for Generator 47,020 33,450
Rates & Taxes 399,029 177,173
Repairs & Maintenance 693,714 1,142,142
Generator Maintenance 28,987 30,738
Internal Audit Fee 75,000 88,500
Bank Charges 4,254 7,457
Computer Maintenance & Stationery Expenses 172,348 188,615
Books & Periodicals 13,826 15,444
Watch & Ward Expenses 553,295 515,854
Administrative Charges 424,871 432,312
Total 3,678,293 3,979,673
Schedule 16
CEP Training ExpensesCEP Expenses - Regional Council 517,526 266,066
Regional Cost Convention - 593,813
Total 517,526 859,879
Schedule 17
Coaching ExpensesHonorarium to Faculty etc. - Oral 3,266,700 2,639,900
PARTICULARSCurrent Year
31st March 2019
Rs.
Previous Year
31st March 2018
Rs.
SOUTHERN INDIA REGIONAL COUNCIL THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
32 60th Annual Report & Audited Accounts
THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
SOUTHERN INDIA REGIONAL COUNCIL
SCHEDULE TO INCOME & EXPENDITURE ACCOUNT AS ON 31ST MARCH 2019
Schedule 17
Coaching ExpensesHonorarium to Faculty etc. - Oral 3,266,700 2,639,900
Postal Coaching Exps 53,131 71,502
Oral Coaching, Faculty & Academicians Meet Expenses 309,008 493,952
GD/BC Training Expenses 204,217 244,422
Industry Oriented Training Expenses 328,804 71,562
Computer Training Expenses 966,150 848,500
Total 5,128,010 4,369,838
Schedule 18
Statutory Audit Fee 75,000 75,000
Total 75,000 75,000
Schedule 19
Council & Committee Meeting Expenses- TA & DA for the Council Members 1,192,389 739,074
- Annual General Meeting of Regional Council 65,368 310,689
Total 1,257,757 1,049,763
Schedule 20
Professional Development ExpensesFood & Hospitality 364,951 1,482,214
Printing,Photo/Video,Communication 800,497 749,762
Travel & Conveyance 969,588 447,119
Advertisement - 126,891
Momento,Honororium,Rental charges 114,321 441,299
Miscellaneous - 99,405
Total 2,249,357 3,346,690
Schedule 21
Cost of Prospectus Sold
Opening Stock of Prospectus & Publications 19,075 10,975
Add: Purchase of Prospectus 471,975 330,575
491,050 341,550
Less: Closing Stock of Prospectus 67,550 19,075
Cost of Prospectus Sold 423,500 322,475
Schedule 22
Depreciation :Furniture & Fittings 92,156 68,592
Library Books 45,347 33,818
Generator & Office Equipments 332,411 370,082
Computers Including Software 28,526 47,543
Total 498,440 520,035
PARTICULARSCurrent Year
31st March 2019
Rs.
Previous Year31st March 2018
Rs.
Total Expenditure (B) (Schedule 14-22) 26,270,269 25,986,773
SOUTHERN INDIA REGIONAL COUNCIL THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
33 60th Annual Report & Audited Accounts
THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
SOUTHERN INDIA REGIONAL COUNCIL
SCHEDULE - 23ACCOUNTING POLICIES & NOTES ON ACCOUNTS
I. ACCOUNTING POLICIES
1. Basis for preparation of Financial Statements:The Financial Statements are prepared under the historical cost convention, the Generally Accepted Accounting Principles (GAAP) in India , the applicable Accounting Standards, the relevant provisions of the Cost and Works Accountants Act, 1959, as amended and are on accrual basis unless otherwise stated.
2. Revenue RecognitionThe Institute recognizes significant items of income on the following basis:-
a) Tuition and other FeesRevenue in respect of Postal and Oral Tuition Fees are recognized as and when the student is enrolled.
b) Commission on Sale of Publication is recognised on completion of salec) Revenue from Programme and Research Fee is recognized as and when such
activitiy is undertakend) Income from interest for the year due on Deposits with Banks is recognized on
accrual basis taking into account the amount outstanding and the applicable rate.e) Grants from HQ are recognised on receipt of confirmation from Head Quarters.f) All other incomes are recognised on receipt basis
3. Fixed AssetsFixed assets are stated at cost less accumulated depreciation. Cost comprises the purchase price and any cost, attributable to bringing the asset to its working condition for its intended use. Assets under creation are shown as capital work-in-progress.
4. Depreciation/Amortization:Depreciation on Fixed Assets is provided on written down value method as per rates prescribed in Income Tax Act,1961
5. Investments:Investments in Fixed Deposits are stated at cost.
6. InventoryMaterials procured from Head Office and others are valued at Cost or Net Realizable Value, which is lower.
SOUTHERN INDIA REGIONAL COUNCIL THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
34 60th Annual Report & Audited Accounts
THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
SOUTHERN INDIA REGIONAL COUNCIL
7. Employee BenefitContributions to Provident Fund, Family Pension Fund and Deposit Linked Insurance are accounted for on accrual basis and the liability in respect of Gratuity and Leave Encashment is recognised on the basis of yearly premium paid to LIC on the basis of actuarial valuation.
8. Prior Period Income / ExpenditurePrior period items which arise in the current period as a result of errors or omissions in the preparations of financial statements in one or more prior periods are separately disclosed in the Income & Expenditure Account.
9. All other accounting policies are consistent with the generally accepted policies.
II. NOTES ON ACCOUNTS1. Fixed deposits to the tune of Rs.8,67,834/- (PY - Rs.8,55,889) have been earmarked towards closing balances of Endowment/Memorial Funds, Building Development Fund etc.,2. The Annual Accounts for the Financial year 2018-19 with the previous year has been prepared in the format prescribed by the Head Quarters. 3.Library Deposit remaining unclaimed beyond 3 years amounting to Rs.22,800/- (PY- Rs.27,200/-) for the card nos. from 12260 to 12320 has been transferred to Regional Council Fund. In the event of any refund arising in future, it will be paid from the fund. 4. Previous year figures have been regrouped wherever necessary.
CMA SURESH R GUNJALLI CMA JYOTHI SATISH as per our report of even dateCHAIRMAN VICE-CHAIRPERSON for GOPALAIYER AND SUBRAMANIAN
CHARTERED ACCOUNTANTS
CMA SANKAR P PANICKER CMA.SURYANARAYANAN K K.K.A.RAMANUJANSECRETARY TREASURER PARTNER
PLACE: CHENNAIDATE : 19.05.2019
SOUTHERN INDIA REGIONAL COUNCIL THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
35 60th Annual Report & Audited Accounts
THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
SOUTHERN INDIA REGIONAL COUNCIL
CASH FLOW STATEMENT FOR THE FINANCIAL YEAR 2018-19
For the year ended
31st March 2019
For the year ended
31st March 2018
Rs. Rs.
A) CASH FLOW FROM / (USED IN) OPERATING ACTIVITIES
a. Net Surplus/(Deficit) before taxation and appropriations 21,917,925 11,335,646
b. Adjustments to Surplus/(Deficit):
Add: Adjustments for depreciation and amortisation expenses 498,440 520,035
Less: Interest Income (9,969,509) (9,114,650)
Less: Profit on sale of Old Fixed Assets (1,085) -
Total adjustments to Surplus/(Deficit) Sub-Total (b) (9,472,154) (8,594,615)
c. Operating profit before Working capital changes (a + b) 12,445,771 2,741,031
d. Adjustments for working capital
Adjustments for decrease/ (increase) in inventories (48,475) (8,100)
Adjustments for decrease/ (increase) in receivables (2,521,998) (370,219)
Adjustments for decrease/ (increase) in Short term Loans and Advances (1,888) (10,955)
Adjustments for decrease/ (increase) in Long term Loans and Advances (9,747) (41,123)
Adjustments for increase/ (decrease) in provis ions 375,700 (546,405)
Adjustments for increase/ (decrease) in earmarked funds 11,945 9,453
Total adjustments for working capital Sub-Total (d) (2,194,463) (967,349)
e. Net cash flow from/ (used in) operating activities (c + d) 10,251,308 1,773,682
B) CASH FLOW FROM/(USED IN) INVESTING ACTIVITIES :
Proceeds from sa les of tangible assets 1,085 34,500
Purchase of tangible assets (139,536) (1,072,026)
Interest received 9,271,821 9,427,927
Amount invested in Fixed depos i ts (19,651,024) (15,806,834)
f. Net cash flow from/ (used in) investing activities (10,517,654) (7,416,433)
C) CASH FLOW FROM/ (USED IN) FINANCING ACTIVITIES:
g. Net cash flow from/ (used in) financing activities - -
Net increase/(decrease) in Cash and Cash Equivalents (e + f + g) (266,346) (5,642,751)
Reconciliation of Cash and Cash Equivalents
Cash and Cash Equiva lents at beginning of the period 1,014,903 6,657,654
Cash and Cash Equiva lents at end of the period 748,557 1,014,903
Net increase/(decrease) in Cash and Cash Equivalents (266,346) (5,642,751)
Particulars
SOUTHERN INDIA REGIONAL COUNCIL THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
36 60th Annual Report & Audited Accounts
CHAPTERS UNDER SOUTHERN REGION FOR THE YEAR 2018-199. Hyderabad Chapter of Cost Accountants
1-2-56/44A STREET NO. 5
HIMAYATNAGAR HYDERABAD 500 029
Tel.: 040 27635937
Email: Hyderabad@icmai.in
10. Kottayam Chapter of Cost Accountants
RELIABLE BUILDINGS, BEHIND: MAMMEN MAPPILA
HALL, K.K. ROAD, KOTTAYAM – 686 001
Tel.: 0481 2563237
Email: kottayam@icmai.in
11. Madurai Chapter of Cost Accountants
6 NORTH VADAMBOKKI STREET
MADURAI 625 001
Tel.: 0452 2343920
Email: madurai@icmai.in
12. Mangalore Chapter of Cost Accountants
S.D.M COLLEGE BUILDING
MAHATMA GANDHI ROAD
MANGALORE 575 003
Tel.: 0824 2448079
Email: mangalore@icmai.in
13. Salem Chapter of Cost Accountants
ACCESS POINT BUILDING,
5/324 THIRUGNANA SAMBANTHAR ST
STATE BANK COLONY, JUNCTION MAIN ROAD,
SALEM – 636 004
Mob.: 09952233660
Email: mettur_salem@icmai.in
14. Mysore Chapter of Cost Accountants
1420 7TH CROSS
KRISHNA MURTHYPURAM MYSORE 570 004
Tel.: 0821 2331083
Email: mysore@icmai.in
15. Nellai-Pearl City Chapter of Cost Accountants
38 – A ANGUVILAS BUILDING
V.K. ROAD, TIRUNELVELI JN. 627 001
Tel.: 09442989400
Email: nellai@icmai.in
1.Bengaluru Chapter of Cost Accountants
81 MALLIKARJUNA TEMPLE STREET BASAVANAGUDI.
BANGALORE 560 004
Tel.: 080 26507082
Email: Bangalore@icmai.in
2. Bellary Chapter of Cost Accountants
SSA GOVT. FIRST GRADE DEGREE COLLEGE
BELLARY – 583 101 Karnataka.
Email: drjeelanbasha@yahoo.co.in
3. Bhadravathi-Shimoga Chapter of Cost Acctts
C/o. Company Secretary, VISVESVARAYA
IRON & STEEL LTD., BHADRAVATHI,
SHIMOGA DIST. KARNATAKA - 577301
Email: bhadravati@icmai.in
4. Cochin Chapter of Cost Accountants
TR/64/795 CMA BHAVAN JUDGES’ AVENUE
KALOOR, COCHIN 682 017
Tel.: 0484 2403536
Email: Cochin@icmai.in
5. Coimbatore Chapter of Cost Accountants
NO.13-14 THIRD FLOOR, SFI APARTMENT,
SATHYAMOORTHY ROAD.
RAMNAGAR, COIMBATORE - 641 009
Tel.: 0422 2236470
Email: Coimbatore@icmai.in
6. Erode Chapter of Cost Accountants
SECOND FLOOR, 32, PRAKASAM STREET,
ERODE - 638 001
Mob.: 09442533085
Email: erode@icmai.in
7. Godavari Chapter of Cost Accountants
46-7-16, 2nd FLOOR, NEAR DANAVAIPETA PARK
DANAVAIPETA, RAJAHMUNDRY 533 101
Tel.: 08832441901
Email: Godavari@icmai.in
8. Hosur Chapter of Cost Accountants
R.S.COMPLEX, 51-8, DENKANIKOTTA ROAD,
SHANTHI NAGAR, HOSUR- 635109
Mob.: 09443243620
Email: hosur@icmai.in
SOUTHERN INDIA REGIONAL COUNCIL THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
37 60th Annual Report & Audited Accounts
CHAPTERS UNDER SOUTHERN REGION FOR THE YEAR 2018-1923. Trivandrum Chapter of Cost Accountants
CMA BHAWAN, TC. 22/87 JAWAHAR LANE
VELLAYAMBALAM TRIVANDRUM 695 010
Tel.: 0471 2723579
Email: Trivandrum@icmai.in
24. Ukkunagaram Chapter of Cost Accountants
CMA BHAVAN, SECTOR -6
UKKUNAGARAM
VISAKHAPATNAM - 530 032
Tel.: 0891 2581387
Email: ukkunagaram@icmai.in
25. Vijayawada Chapter of Cost Accountants
58-6-14, KARANAM GARI STREET
MAHATHMA GANDHI ROAD PATAMATA
VIJAYAWADA – 520 010
Tel.: 0866 2470514
Email: Vijayawada@icmai.in
26. Visakhapatnam Chapter of Cost Accountants
CMA BHAWAN D.No.49-38-14/4(1)
OPP: PORT STADIUM NH 5
AKKAYYAPALAM VISAKHAPATNAM – 530 016
Tel.: 0891 2549728
Email: Visakhapatnam@icmai.in
16. Nellore Chapter of Cost Accountants
18-1-24 OLD POST OFFICE ROAD
WAHABPET, NELLORE 524 003
Tel.: 0861 2309692
Email: Nellore@icmai.in
17. Neyveli Chapter of Cost Accountants
SRI AUROBINDO VIDYALAYA
BLOCK 19,NEYVELI 607803
Mob.: 09443045080
Email: neyveli@icmai.in
18. Palakkad Chapter of Cost Accountants
187 (4) SEKHARIPURAM, KALPATHY
PALAKKAD 678 003
Tel.: 0491 2576097
Email: palakkad@icmai.in
19. Pondicherry Chapter of Cost Accountants
NO.16, FIRST FLOOR 3RD CROSS
ANNA NAGAR, PUDUCHERRY 605 005
Mob.: 9994196866
Email: Pondicherry@icmai.in
20. Ranipet Vellore Chapter of Cost
Accountants
No.16, BHARATHI NAGAR 3RD MAIN ROAD
(OPP. BALAJI THEATRE) KATPADI
VELLORE – 632 007
Tel.: 0416 2247256
Email: ranipet@icmai.in
21. Tiruchirappalli Chapter of Cost Accountants
No. 48 BHARATHIDASAN SALAI, CONTONMENT,
TIRUCHIRAPPALLI - 620 001
Tel.: 0431 246662
Email: tiruchirappalli@icmai.in
22. Thrissur Chapter of Cost Accountants
CMA BHAVAN
TC-37/1879/1, KOTTAPPURAM ROAD
THRISSUR - 680 004
Tel.: 0487 2385440
Email: thrissur@icmai.in
SOUTHERN INDIA REGIONAL COUNCIL THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
top related