ANNUAL REPORT 2016-17 - ICSI - The Institute of … REPORT 2016-17 | 3 Dear Professional Colleagues, On behalf of the Northern India Regional Council of The Institute of Company Secretaries

National Best Regional Council (2004, 2007, 2008, 2009, 2010, 2011, 2013, 2014 & 2015)

ANNUAL REPORT 2016-17

36th ANNUAL GENERAL MEETING

OF THE MEMBERS OF NIRC-ICSI29.07.2017 | 4.00 PM | Le-Meridien, Janpath, New Delhi

ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi-110005Tel.: 011-49343000, 25722662 | Email : [email protected]

2 | ANNUAL REPORT 2016-17

Statutory Auditors : M/s. Mittal & Mittal Associates, Chartered Accountants, New Delhi

Internal Auditors : M/s Pawan Chagti & Associates , Chartered Accountants, New Delhi & M/s. Mukun Vivek & Co, Company Secretaries, New Delhi

Bankers : Syndicate Bank; Canara Bank; ICICI Bank, Axis Bank

ICSI Headquarters : ICSI House, 22, Institutional Area Lodi Road, New Delhi-110 003 Tel.: 011-45341000 - Email: [email protected]; Website: www.icsi.edu

NIRC Office : 4, Prasad Nagar, Institutional Area, New Delhi-110 005 Tel. : 011-49343000, 25722662 Email : [email protected]

NORTHERN INDIA REGIONAL COUNCIL

Shri M P ShahRegional Director (North), MCAJoin Secretary, DIPP

Chapters : Agra, Ajmer, Allahabad, Alwar, Amritsar, Bareilly, Bhilwara, Bikaner, Chandigarh, Dehradun, Faridabad,Ghaziabad, Gurgaon, Jaipur, Jalandhar, Jammu, Jodhpur, Kanpur, Karnal-Panipat, Kota, Lucknow,Ludhiana, Meerut, Modinagar, Noida, Shimla, Sonepat, Srinagar, Udaipur, Varanasi & Yamuna Nagar

ANNUAL REPORT 2016-17 | 3

Dear Professional Colleagues,On behalf of the Northern India Regional Council of The Institute of Company Secretaries of India (NIRC- ICSI), I am glad to welcome you all to the 36th Annual General Meeting of NIRC- ICSI and present before you the Annual Report of your Council along with the Audited Annual Accounts and the Performance Report of the Northern India Regional Council for the period ended 31st March, 2017.

At the outset, I thank you very much for the tremendous support and the faith shown by all of you in your Regional Council and NIRO.

“It’s the action, not the fruit of the action, that’s important. You have to do the right thing. It may not be in your power, may not be in your time, that there’ll be any fruit. But that doesn’t mean you stop doing the right thing. You may never know what results come from your action. But if you do nothing, there will be no result.”

-Mahatma Gandhi

NIRC continued to be one of the most important Regional Council of ICSI. The activities at NIRC viz various training programs for students, Professional Development Programs etc. have increased manifold & at the same time NIRC is maintaining the quality of the training and professional development programs. NIRC’s inherent strength is wholehearted support of its students, members and all the speakers and faculties, who are partnering with NIRC in achieving its targets and spread the volume of its activities to entire Northern Region.

Friends, as rightly said by Steve Jobs “If you are working on something that you really care about, you don’t have to be pushed. The Vision pulls you.” As the prime role and responsibility of NIRC, as bestowed under the Institute regulations, is to take initiatives and conduct programs for capacity building of members and students and also to advise the Central Council of the Institute on all the matters referred to NIRC by the Central Council. We, at NIRC, firmly believes in “Empowerment Through

Knowledge” and NIRC is focused in its approach and is regularly organising various quality Professional Development Programs and training programs for members and students respectively and forward suggestions to central council as and when desired. In line of the same NIRC has organized various capacity building programmes/Master Classes for the members on Goods & Services Tax(GST), National Company Law Tribunal (NCLT), and Insolvency & Bankruptcy Code (IBC). Large number of members attended these programmes and has taken the benefit of listening to rich deliberations of the learned speakers invited in these programmes.

Friends your NIRC is committed to regularly organize these quality professional development programmes on the various contemporary topics and we request you to kindly give your suggestions on the themes and sub themes for the same.

The students are the backbone of any profession. The same is true in our case also. Accordingly with an intent to build capacity of our students and make them competent, your NIRC is very regularly organising various quality training progammes, Oral Tuition Classes for the students. NIRC is committed to provide best services to the students undergoing Oral Tuition classes, training programs and also students availing the facilities of the library & reading room at NIRC.

Friends, success doesn’t come from what you do occasionally, it comes from what you do consistently. Here, I am delighted to share that due to vibrancy and commitment in the activities of NIRC, every year your NIRC is able to bag the Best Regional Council Award of the Institute for the last so many years. I am happy to share that once again NIRC was adjudged as the National Best Regional Council-2015 in 44th National Convention of the Company Secretaries.

Employment Opportunities and Challenges: NIRC is regularly holding dedicated Campus Placement for all MSOP batches. The students are benefited by facing the real life interview. The large number of companies, PCS firms, Law firms, PSUs and other recruiters have participated in the same. ICSI-NIRC also conducted a Mega Placement Drive -2017 on

Chairman’s Message


27th May 2017 . It is heartening to mention here that Mega placement Drive turned out to be a fruitful endeavour and was very well appreciated.

Visits to Chapters of NIRC

For the Co-ordination with and Development of Chapters of NIRC, various visits to chapters were made for the purpose of understanding the problems and difficulties, if any, being faced by the chapters and assuring them NIRC’s full support. We at NIRC have also formed a Chapter Development Committee which is interacting with the chapters, following up with Chapters about Compliances, etc.

Steps towards Digital NIRC

To match with the idea of our Hon’ble Prime Minister of India, Shri Narendra Modi on Digital India and its revolution, your NIRC has adopted following new methods:

1. Fully operational ATM at NIRC which is for the exclusive use of our members, students and staff of the NIRC of the ICSI.

2. With a view to provide facility of receiving fee at door step of members and students, various fee of the programmes are being received through PAYTM.

Strengthening of Infrastructure

Friends, a good infrastructure and basic amenities are the prime requirements to serve the members/students and other stakeholders of the Institute. It is in this direction, the Regional Council has been making constant efforts in strengthening infrastructure at its Northern India Regional Council Office and its Chapters by acquiring own premises and all facilities such as library, class room, computers and other assets items for the benefit of members and students.

It has been always a dream for all of us to have well equipped chapters so that they can cater to the need of all the stakeholders locally. Acting in this direction, the Institute has acquired land from HSIIDC, Govt. of Haryana, measuring 1567.5 sq.mt (Opposite IICA) in Sector -2, IMT Manesar, for new office premises for its Gurgaon Chapter and the Bhoomi Pujan for which will be held in July/August, 2017. We at NIRC are committed to provide all possible support needed by the chapters in providing best of the services to various stakeholders.

Also the Building of Udaipur Chapter has been constructed and very soon it would be dedicated to the members and students for their use.

Women Empowerment InitiativesNIRC very recently launched a crash course for those female members who have been out of touch in the profession due to various personal reasons to bring back to them to the mainstream of profession. The crash Course was organised from 1st May 2017 to 19th May 2017 and was attended by large number of female members and the crash course was appreciated by one and all in content and delivery. We will continue to organise such crash course in future as well.

NIRC also organised International Women day on 8th March 2017 at New Delhi in which many female company secretaries were felicitated for their achievements as Company secretary. The programme was attended by large number of female company secretaries.

New Training programmes /Initiatives at NIRC

Debating Society – a platform for honing the leadership skill and communication skill of our studentsI am pleased to inform you that NIRC is in process of constituting a Debating Society which aims to debate topical motions and to hone the communication and leadership skills of the students of the Institute in the manner as constituted in various colleges like reputed colleges St. Stephens, SRCC, Hindu etc. This will provide a friendly environment as well as challenging opinions, which will be useful in day to day life, irrespective of course. Debating is a great way to improve their argumental skills, ability to communicate more effectively with others, whilst becoming a more confident public speaker.

Further, your NIRC is focused in its approach towards capacity building of the students and young members of the profession. In this direction, your NIRC is planning to organise various training programmes mainly focusing on the personality development and grooming of the students and young members of the Institute which will enable them to face the various challenges thrown by the corporate world.

Looking ForwardNIRC is growing on strong foundation laid by the past leaders and the efforts of its members, who have spent their precious time and made efforts to bring NIRC and ICSI to this level. At NIRC, it will be our endeavour to bring honour to this high office and to further enhance the prestige of the Institute & the profession. I am having a very strong & vibrant team at NIRC working very closely with me & taking care of various committees assigned to them.

On behalf of the Council and on my own behalf, I thank all our members, Students, Guest Speakers and faculties for academic and professional development programs, Central Council of ICSI, Secretariat of ICSI, Chief Guest and Guest of Honours to the various programs for their continued support and encouragement. I take this opportunity to thank my colleagues on the Council for their valuable support and guidance. I would also like to thank all the employees of NIRC, for their dedication and continued contribution.

Looking forward for your feedback and suggestions.

With Best Wishes,Yours Sincerely,

CS DHANANJAY SHUKLAChairman, NIRC- ICSIMobile: 9873347280

Email: [email protected]


CONTENTS PAGE NO(S)

Notice of Annual General Meeting 6

Report of the Council 7Programs / Meetings organised by NIRC during 2016 – 17 16

Auditors’ Report 22

Balance Sheet 23

Income & Expenditure Statement 24

Cash Flow Statement 25

Note(s) to Accounts 26

About the NIRC of ICSI 38


NOTICE OF ANNUAL GENERAL MEETING

Notice is hereby given that the 36th Annual General Meeting of the members of The Institute of Company Secretaries of India (ICSI) in the Northern Region, forming part of Northern India Regional Council (NIRC), will be held on Saturday, the 29th day of July, 2017 at 4.00 P.M. at Hotel Le-Meridien (Sovereign Hall), Janpath, New Delhi-110 001, to transact the following business(s):

1. To receive, consider and adopt Audited Balance Sheet as at 31st March, 2017, the Income and Expenditure account for the year ended on that date, Report of the Regional Council and Auditors’ thereon.

2. To appoint Statutory Auditors to hold office from the conclusion of this Annual General Meeting until conclusion of the next Annual General Meeting and to fix their remuneration.

By order of the Northern India Regional Council of ICSI

(CS RAJEEV BHAMBRI) Secretary

Place: New Delhi Dated : 11th July, 2017

Note(s):

1. The members are requested to send their queries on financial accounts and/or functioning of NIRC through email at [email protected] or by any other mode, atleast three days in advance, so that answers may be made available at the meeting.

2. Members are requested to update the changes in their address (es), e-mail IDs, contact details and other particulars at [email protected] for enabling NIRC to disseminate information about activities and programs.

3. In order to promote the Green Initiative, the ICSI vide its letter dated 21.10.2011 has directed all its Regional Councils to send the Annual Report to the members through electronic mode. Accordingly, NIRC is sending Annual Report for the year 2016-17 through e-mail. Members may also view/download Annual Report from the child portal of NIRC ICSI (www.icsi.edu/niro). Copies of the Annual Report will also be available at the venue of the AGM i.e. on 29th July, 2017.

4. Members interested to receive the printed version of Annual Report should send their request atleast 4 days prior to the date of the AGM. The printed version of the Annual Report shall be dispatched on receipt of such request.


REPORT OF THE NORTHERN INDIA REGIONAL COUNCILOF THE INSTITUTE OF COMPANY SECRETARIES OF INDIADear Members,

The Northern India Regional Council of The Institute of Company Secretaries of India is pleased to present its 36th (Thirty Sixth) Annual Report and Audited Annual Accounts for the year ended March 31, 2017:

FINANCIAL RESULTS:The working results for the year under report are as under:

(Amount in Rs.)

Particulars 2016-17 2015-16Total Income 36,122,931 36,565,257Total Expenditure 29,822,083 28,524,672Excess of Income over Expenditure 6,300,848 8,040,585

STATUS OF MEMBERSHIP:

The status of members, Associate Members, Fellow Members and Members in practice from the Northern Region consisting of States of Himachal Pradesh, Jammu & Kashmir, Haryana, Punjab, Rajasthan, Uttarakhand, Uttar Pradesh, National Capital Territory of Delhi and Union Territory of Chandigarh are as follows:

Particulars 2016-17(As on 31st March,

2017)

2015-16(As on 31st March,

2016)Total number of members 16,622 14,286Associate Members 13,648 11,509Fellow Members 2,974 2,777Members in Practice 3,308 2,749

STATUS OF STUDENTS REGISTRATION:The status of registered students for Foundation, Executive and Professional Course are as under:

Course(s) 2016-17(As on 31st March,

2017)

2015-16(As on 31st March,

2016)Foundation Course 15,129 20,683Executive/Professional Program 1,07,410 1,19,774Total number of Registered Students 1,22,539 1,40,457

ACTIVITIES OF THE NORTHERN INDIA REGIONAL COUNCIL:Northern India Regional Council is one of the four Regional Councils which organizes professional development and continuing education programs for members, Oral Coaching Classes & Training and Development Programs for students.

The NIRC with a view to build the professional capacity of the members continued to organise various professional development programs like Seminars, Workshops, State Conferences, Talks, Study Session Meetings, Meetings


of Practising Company Secretaries and also other social programs such as family get together and new year eve celebration, etc.

The NIRC with a view to provide the best of the training and other facilities for the students arranged oral coaching, refresher courses, provided facilities of library and reading room and organized various training programs viz. Management Skill Orientation Programs etc.

NEW INITIATIVES TAKEN DURING THE YEAR 2016-171) Digitization of NIRC library and creation of more space for reading room;

2) NIRC Initiated petition with Hon’ble High Court of Delhi for resolving the parking issue in front of the NIRC building;

3) Installation of ATM at NIRO premises for exclusive use of members and students

4) Recording of full day programs and uploading the same on YouTube, the link, were circulated to all the members across, along with the presentation;

5) Biometric attendance in Professional Development programs including MSOP’s

6) Suggestions in the review of CS Syllabus

7) Financial Assistance Scheme for EWS students in OT Classes

8) Study sessions for students on fortnightly basis focusing majorly on the soft skills;

9) 1st Weekend Management Skills Orientation Program (WE-MSOP) of India organised by NIRC from 26th November, 2016 to 15th January, 2017;

10) Started PCS Helpline on fortnightly basis to resolve the queries of members telephonically;

11) Online payment gateway made fully operational to accept all kinds of fees from members & students;

12) Agreement with the PAYTM to receive fees for the various programs from students and members;

13) Contributed Rs. 100/- to CSBF for each & every member who has become the member of Corporate Membership Scheme;

14) E-Student Newsletter on Bi-monthly basis;

15) On the recommendation of NIRC, New Study Circle at Aerocity “New Udaan Bhawan Study Circle for Members of The Institute of Company Secretaries of India” has been constituted;

16) Three new examination centres at Aligarh, Muzaffarnagar and Jhunjhunu opened on the recommendation of NIRC;

17) NIRC organized Two Research Paper Competitions in a year;

18) NIRC organized Faculty Induction Program with an intent to groom the OT faculties with latest teaching techniques;


19) Motivational workshop for NIRO Staff & Regional Council Members and decided to further continue this endeavor on quarterly basis;

Details of the Programs & Competitions organised by the NIRC for the year under report are given in Annexure ‘A’ to this report.

In another shift from routine, NIRC-ICSI organized various social/cultural programs for members like participation in the Airtel Delhi Half Marathon, Cultural Evening, New Year Celebration, Two-day Capacity Building Conference for members & their families at Om Shanti Retreat Centre (ORC), Distt Gurgaon apart from organizing professional development programs. Members thoroughly enjoyed these events. It surely created a perfect bonding in the families of members and brought them together to make a large, strong & vibrant NIRC Family.

CAMPUS PLACEMENT/FAIRS/HR CONCLAVE AT NIRC:Campus placements/Fairs/HR Conclaves organized by NIRC-ICSI turned out to be a fruitful endeavour and were very well appreciated. More such Campus Placements are being planned out to provide ample opportunities for training & jobs to the students/newly admitted members. During the year, NIRC-ICSI organized the following campus placements for students & newly admitted members especially for MSOP participants for helping them in finding out the suitable job:

a) Record 9 dedicated Campus Placements were organized during the year for all MSOP Participants. Many companies /Company Secretaries in Practice participated in the dedicated campus placements to hire the fresher Company Secretaries. The very idea behind this hand- holding exercise was to motivate fresher’s at the starting stage of profession itself and boost up their confidence to next level.

b) 5 Campus Placements were organized for trainees in which many companies participated and lots of students got training from said initiative.

c) During the year, NIRC organized a HR Conclave on the theme “Changing Role of HR and Company Secretary” at New Delhi. In the HR Conclave, CEO/HR Heads were called to showcase the CS profession and make them aware of the true potential of the Company Secretary as a multifaceted professional. They were apprised of the various services being offered by the Company Secretaries. This will surely bring the HR community & CS community closer.

INFRASTRUCTURE AT NIRC AND CHAPTERS:For any organization to provide value added services and perform upto the expectations of various stakeholders, basic infrastructure is very essential. During the year, the following steps have been taken towards improvement of infrastructure

At NIRC1. Digital Library: The library of NIRC was being operated manually and it only had the manual system for

managing the books. Now your NIRC of the ICSI, with intent to provide the best of the services to its students and members made its library digitized. All records of library w.r.t books, members, data etc are being maintained digitally.

2. ATM: During the year, your NIRC has installed an ATM at ICSI-NIRC Building which is for the exclusive use of our members, students and staff of the NIRC of the ICSI.

At Chaptersa) Allotment of land for Gurgaon Chapter Building


A plot of land measuring 1567.5 sq. mtr., Institutional Plot No. 3 (Opposite IICA) , Sector-2, IMT Manesar by HSIIDC has been allotted to Gurgaon Chapter of NIRC-ICSI on 22nd February 2017. Very soon the construction of the building of the Gurgaon chapter will start and after completion of the same, the members and students will be served with best of the facilities.

b) Building at Udaipur

The state of the Art building of the Udaipur Chapter has been constructed and very soon it would be dedicated to the members and students for their use.

SUPPORT TO COMPANY SECRETARIES BENEVOLENT FUND (CSBF) Membership of the Company Secretaries Benevolent Fund is a noble cause. It is corpus from which Institute

provides immediate financial support to the family of the deceased members who are in dire need of financial help. In order to promote and strengthen the Company Secretaries Benevolent Fund, NIRC has taken the following initiatives during the year 2016-17:

a) Contributed Rs.9,50,300/- to CSBF from the funds of NIRC.

b) Contributed Rs.93,900/- (Rs. 100/- on each registration for Corporate Membership Scheme for the year 2016-17) to CSBF from the funds of NIRC

c) Appeal for becoming members of CSBF is regularly been made in NIRC-ICSI Newsletter, MSOPs and other professional development programs.

d) Put stall/counter of CSBF at all the Professional Development Programs.

e) Displayed CSBF banner at all the Professional Development Programs.

f ) Displayed the logo of CSBF at the backdrop of every seminar.

During the year, NIRC celebrated two dedicated CSBF week. More than 500 members have become members of the CSBF during the year from NIRC, which is the highest in all times.

1 (ONE) FULL MONTH LONG FOUNDATION DAY CELEBRATIONS IN JULY, 2016The month of July, 2016 was full of activities organized by NIRC-ICSI as NIRC celebrated its 45th Foundation Day Month Long Celebrations. This year your Regional Council celebrated the Foundation month of NIRC i.e July 2016 as Students’ month. At NIRC- ICSI, we have dedicated the whole Foundation month to the Students to strengthen the foundation of the profession and at the same time to build the future of the students. As a part of these celebrations, during the Foundation Month, your NIRC-ICSI has organised various activities/programs for students at various levels, apart from various other training programs between 1st July and 31st July, 2016.

Apart from Students Programs, on 30th July, 2016 one day seminar was conducted on the topic “Goods & Services Tax” (GST). CS Upender Gupta Commissioner, GST, Central Board of Excise and Customs (CBEC) was the Chief Guest. CS Bimal Jain, CA Gaurav Gupta and CA Virender Chauhan were the guest speakers. On 31st July, 2016 Regional Students’ Conference was organised on the theme “Empower – Emerge – Excel” at Air force Auditorium. Mr. Vijay Batra, Internationally Acclaimed Inspirational and Motivational Trainer was the Guest Speaker for the conference. A large number of students have participants in this mega conference.

On the same day, the 45th Foundation Day of NIRC was celebrated by organizing Cultural Evening which was dedicated to CSBF. Large number of members and their families joined the program and enjoyed, which was


followed by Dinner.

ORAL COACHING CLASSES (Exemplary OT Classes through Creative & Effective Learning)The NIRC is regularly organising the oral coaching/refresher classes for the benefit of students at all stages i.e. Foundation, Executive and Professional Programs at very reasonable charges. Students from across the Northern states are coming to NIRC for taking the classes. In order to maintain the transparency and the quality of faculties, NIRC has constituted a panel of renowned academicians for selecting a pool of faculties for taking oral coaching classes at NIRC.

During the year, NIRC provided financial assistance for the students under Economically Weaker Section (EWS) scheme for bonafide registered students of ICSI, who intended to register for Oral tuitions classes (OTC) conducted by NIRC.

CORPORATE MEMBERSHIP SCHEMEThe Corporate Membership Scheme of NIRC is becoming very popular day by day and is very well appreciated & accepted by the members. During the year under report, the response to this scheme was very encouraging. NIRC had organised number of high quality professional development programs.

During the year, your NIRC of the ICSI had introduced two new variants to the existing Corporate Membership Schemes of NIRC i.e.:

• Apart from regular programs being organized by the NIRC of the ICSI at New Delhi, we have covered all Chapters of NIRC of the ICSI under the said scheme and all programs organized by such Chapters were made available free of cost to members of this particular scheme. More than 16 Professional Development Programs organised by Kanpur, Gurgaon, Ghaziabad, Bareilly Sonepat, Noida, Karnal-Panipat, Chandigarh, Ludhiana, Jaipur, Varanasi and Agra Chapters were supported through this scheme.

With intent to support the young members of the profession who have received memberships on or after 01-01-2014, your NIRC of the ICSI during the year, started of the first time “YUVA Corporate Membership Scheme” in which regular programs were organized in the Auditorium of NIRC of the ICSI for Young (“YUVA”) members of our profession. More than 14 programs were organised under this scheme.

The total number of Corporate Members registered is as under:

Year(s) 2016-17 2015-16Number of Members 976 1051

STUDY SESSIONS/STUDY CIRCLEDuring the year under report, Study Sessions were organised for professional development of members. Further, it is heartening to note that New Udaan Bhawan Study Circle has been constituted after the approval of the HQ under the new guidelines for Study Circles. The Moradabad Study Circle constituted after the approval of the HQ in 2015 has conducted its first meeting during last year.

TWO DAY PCS INDUCTION PROGRAMDuring the year under report, NIRC-ICSI has taken the lead and organized PCS Induction Program to educate the new entrants to the practice of the profession about the basic infrastructural requirements and the registrations required in the initial phase of their career.

ICSI-CONVOCATIONConvocation is a special occasion in the life of every member. It marks the culmination of a phase of learning.


Convocation in the Northern Region was organized on 18th June, 2016 and 6th January, 2017 at New Delhi.

Approx. 2500 newly admitted members from Northern Region participated in these events. It was a great encouraging experience for all the newly admitted members. The press & media also covered the event elaborately. The smile on faces of all our newly inducted members & proud feeling on the faces of the parents was the biggest reward.

AWARENESS PROGRAMS & BRAND BUIDINGIn order to give publicity about the profession in the print media/electronic media, press conferences were organized all over Northern Region during the year and also with the same objective, NIRC participated in the Airtel Delhi Half Marathon & got excellent coverage by print & electronic media.

NIRC came out with Annual Compliance Planner- 2017 which was given free of cost to Corporate Members of NIRC of the year 2016-17 and which is for quick reference for the members, as it covers various provisions and compliances w.r.t. to various laws.

NIRC has also organized Investor Awareness programs under the ageis of Ministry of Corporate Affairs for the benefit of public at large. All these programs were appreciated by the participants.

BEST REGIONAL COUNCIL AWARD FOR THE YEAR 2015 Northern India Regional Council (NIRC) was adjudged as the National Best Regional Council-2015. The award was presented in Closing Plenary of 44th National Convention of Company Secretaries on 19th November, 2016 by Smt. Smriti Zubin Irani, Hon’ble Minister for Textiles and Shri Vinai Kumar Saxena, Chairman Khadi and Village Industries Commission, Chief Guest and Guest of Honour respectively.

CORPORATE SOCIAL RESPONSIBILITYNIRC is concerned and committed to support the social cause. The NIRC has taken the following initiatives towards the same:• Organized Blood donation camp• Go Green Initiatives-Environment Friendly measures:

In this direction NIRC has taken following new initiatives:• Presentation of green plants for welcoming the guests/guest speakers• Sending presentations and youtube link immediately after the program of the various Professional

Development Programs uploaded on NIRO portal.• Plantation of Sapling in ICSI- NIRC Building• Switching off the lights during the lunch hours etc.

REGIONAL COUNCIL AND EXECUTIVE COMMITTEE MEETINGS:The Regional Council had 4 (Four) meetings during the year on 17-18.5.2016, 29.8.2016, 12.12.2016 and 31.1.2017. During the year, 08 (Eight) Executive Committee Meetings were held on 15.4.2016, 26.5.2016, 25.6.2016, 23.7.2016, 15.9.2016, 21.10.2016, 11.12.2016 and 18.2.2017, the attendance of Regional Council Members in various meetings of Regional Council/Executive Committee, 2016-17 is as under:


RECORD OF ATTENDANCE OF REGIONAL COUNCIL MEMBERS IN VARIOUS MEETINGS OF REGIONAL COUNCIL/EXECUTIVE COMMITTEE, 2016-17Name Regional Council Meetings

attended during the year out of the total 4 (four) Meetings held

Executive Committee Meetings attended during the year out of

the total 08 (Eight) Meetings heldCS Dhananjay Shukla 4 8CS Pradeep Debnath

4 8

CS Rajeev Bhambri 4 4CS Nitesh Kumar Sinha 3 5 CS Amit Gupta 4 *CS Avtaar Singh 2 *CS Deepak Arora 4 2(Special Invitee)CS Manish Aggarwal 4 *CS Manish Gupta 4 8CS Monika Kohli 4 *CS NPS Chawla 4 *CS Saurabh Kalia 4 *CS Rajiv Bajaj 2 *CS Ranjeet Kumar Pandey 4 *CS Satwinder Singh 4 *CS Shyam Agrawal - *CS Vineet K. Chaudhary 2 *CS Ravinder (Co-opted) 1 *

*Not members of Executive Committee

FUNCTIONAL COMMITTEESNIRC nominated the following Regional Council Members as Chairmen of the various committees for the purpose of carrying out the functions entrusted to the Regional Council by the Institute w.e.f. 19.1.2017, the details of which are as under:S. No. Committee Name Chairman/Chairperson1. • Students Assistance Committee

• Chief Editor, NIRC-ICSI Newsletter CS Dhananjay Shukla

2. • Chapters Development Committee • Training & Educational Facilities Committee

CS Pradeep Debnath

3. • Professional Development and Programs Coordination Committee CS Rajeev Bhambri 4. • MSOP Committee CS Nitesh Sinha 5. • Young Members Empowerment Committee

• Research & Publication CommitteeCS Manish Gupta

6. • Corporate Law Committee CS NPS Chawla 7. • Oral Tuition & Library Committee CS Amit Gupta 8. • IT Committee CS Avtaar Sngh 9. • Practising Company Secretaries Committee

• Editor, NIRC-ICSI NewsletterCS Deepak Arora

10. • CS Benevolent Fund Committee CS Manish Aggarwal 11. • Women Empowerment Committee

• Career Awareness CommitteeCS Monika Kohli

12. • Study Session Committee CS Saurabh Kalia


STANDING COMMITTEESList of Standing Committees of NIRC for 2017

1 Executive Committee CS Dhananjay Shukla2. Finance Committee CS Nitesh Kumar Sinha

WOMEN EMPOWERMENT INITIATIVES • This year we had constituted the Women Empowerment Committee (“WEC”) with intent to empower

and enhance capabilities our female Company Secretaries and to instil self confidence among our female Company Secretaries that they are already empowered and if they are determine, they can achieve epitome of success.

• Dedicated Monthly programs were organized specially for capacity building our female Company Secretaries.

• Your NIRC also organized 1st Regional Conference for Women on 3rd December, 2016 in which work & life balance issues were passionately discussed and also celebrated International Women’s Day Celebration on 8th March, 2017.

Your NIRC is very focused for working towards empowerment of the female members of the profession and to ensure the same is planning to organise more and more programmes for them.

FUTURE OUTLOOK OF THE COUNCIL:The main area of work for Northern India Regional Council (NIRC) is building the capacities of members & the students. NIRC is focused & committed in its approach and is very regularly organizing various quality Professional Development Programs and training programs for members & students respectively and will continue to organize the same with full zeal & enthusiasm.

NIRC will plough back its surplus in taking various measures for building the capacities of members & students and in the development of infrastructure. Although the surplus of NIRC has declined due to a reduction in new student registrations, change in student training programs, NIRC has, inter-alia, planned the following actions to increase surplus and surpass earlier standards:• Intense focus on increasing the number of students in oral coaching classes.• Increase in the number of student enrolments by aggressively conducting career awareness programmes.• By joining hands with various other associations for sponsoring and contributing to the activities of NIRC.• Bringing out with NIRC publications.

Your Council is ready to work breathlessly with full enthusiasm in the following spheres:• Securing recognitions for the members in various unexplored areas.• Carrying out extensive research and publication activities covering various economic spheres• Making representations to the Council in connection with matter of professional & business interest and

offering suggestions for raising the standard and status of the profession.

• Developing Soft Skills apart from the academic knowledge of the members & the students.• Providing basic infrastructure in all the Chapters of the Northern Region• Organizing placement camps for the members & students of the institute.• The Regional Council will continue to organize more & more Research Paper competitions for its members.• The Regional Council is committed to bring out more advanced and informative material similar to the

planner for the benefit of members etc.


ACKNOWLEDGEMENTSThe Regional Council places on record its appreciation and sense of gratitude to the officers of the Central/State Governments and Bank/Financial Institutions, particularly the Ministry of Corporate Affairs, RBI, SEBI, NSE, BSE, DSE, Regional Director and Registrars of Companies in North India, CBEC, VAT, Services Tax Departments, Labour Commissioners, and all other government departments for their continued guidance/support patronage and participation in the professional development activities of the Regional Council during the year. We also express our sincere gratitude to the faculty members, speakers and sponsors of the various programs organized by the Regional Council during the year.

The Regional Council also places its gratitude to the President, Vice-President, Central Council Members, Past Presidents, Secretary and other officials of the ICSI, Past Chairmen of NIRC, the office bearers and members of the Managing Committee of the Chapters of the NIRC, the faculty members of the Oral Coaching Classes, PDPs, EDPs, Academic Programs and MSOPs, the members and students from the Northern Region who have immensely contributed for the success of NIRC activities.

The Regional Council also places on record its deep appreciation to the officials of NIRC at all levels for the contribution made by them for implementing the decisions of the Regional Council during the period under review.

For and on behalf of NIRC of the ICSI

Place : New Delhi (DHANANJAY SHUKLA)Date : 11th July, 2017 Chairman


ANNEXURE ‘A’

PROGRAMS/MEETINGS ORGANISED BY NIRC DURING 2016-17NIRC-ICSI organized the following major programs for the members during the year under Report:

Date Program Chief Guest/Speaker15.04.2016 Program on Corporate

Governance - Business Ethics & Culture Changes

Key Note Speaker: CS Ashok Haldia, CEO & Managing Director, PTC India Financial Services Ltd.

Guest Speakers: CS Rajiv Bajaj, Council Member-ICSI; CS (Dr.) S K Gupta, Vice President – Internal Audit and Company Secretary, Spentex Industries Ltd. and CS B Murli, Senior Vice President – Legal & Company Secretary, Nestle India Limited

23.04.2016 UP State Conference on

“CS - Spectrum of Opportunities”

Chieg Guest - Mr. Ruvit Kumar, Deputy ROC, Kanpur,

Guest Speakers: CS Ranjeet Pandey, CS Pavan Kumar Vijay and CS Bimal Jain

24.04.2016 Seminar on NCLT-Emerging Scope of Judiciary organised by Allahabad Chapter

Key Note Speaker: CS Rajender Kumar (Asst. Official Liquidator)

14.05.2016 Seminar on “Securities Law - Changing Landscape, Opportunities Galore”

Chief Guest :

Shri Ashishkumar Chauhan, Managing Director & CEO, Bombay Stock Exchange;

Guest Speakers:

Shri Prasanta Mahapatra, General Manager, Corporate Finance Department, SEBI; Shri Neeraj Kulshrestha, Chief of Business Operations, Bombay Stock Exchange and Shri B Renganathan, Senior Vice-President, Edelweiss Group, Mumbai

20-21.05.2016 Regional Residential Conference (Host: Bareilly Chapter) on “CS - Precision & Performance”

Chief Guest:

Shri Harbhajan Singh Cheema, MLA, Kashipur

Guests of Honour:

Shri Sarfaraz Ahmad Ansari, Managing Director, Marya Day Agro Foods Pvt. Ltd. and CS (Dr.) Shyam Agrawal, Vice-President-ICSI

Guest Speakers:

CS Nesar Ahmad, Past President-ICSI; CS Ranjeet Pandey, Council Member-ICSI; CS Deepak Kukreja, Past Chairman-NIRC-ICSI and Mr. Suneel Keswani, Corporate Trainer

25.6.2016 One day seminar on NCLT - Changing Contours of Corporate Litigation

Key-note Speaker:

Shri A S Chandiok, Senior Advocate;

Guest Speakers:Mr. H.L. Tiku, Senior Advocate; CS Satwinder Singh (Council Member, ICSI),

Partner, Vaish Associates; Mr. Krishnendu Datta, Advocate and CS Nesar Ahmad, Past President-ICSI


Date Program Chief Guest/Speaker9.07.2016 Haryana State Conference

(Host: Yamunanagar, Sonepat & Karnal-Panipat Chapters and Co-Host: Chandigarh Chapter) on Recent Legislative Changes and Professional Opportunities

Key-note Speaker:

Shri Anupam Malik

Addl. Labour Commissioner, Haryana

Guest Speakers: CS Satwinder Singh, Council Member-ICSI and CS Ranjeet Pandey, Council Member-ICSI

23.07.2016 Rajasthan State Conference (Host: Jaipur Chapter and Co-Host: Alwar, Ajmer and Kota Chapters) on

New Era of Opportunities for Company Secretaries

Chief Guest: Shri D C Jain, IPS, Additional Director General Police (Vigilance) Police Headquarters, Jaipur

Guests of Honour: CS Sanjay Kumar Gupta, Registrar of Companies, Jaipur(Rajasthan) and CS (Dr.) Shyam Agrawal, Vice-President-ICSI

Guest Speakers: CS Rajiv Bajaj, Council Member-ICSI; CS Praveen Mahajan, Advocate; CS NPS Chawla, Immediate Past Chairman-NIRC; and CS (Dr.) Sanjiv Agarwal, Past Chairman, NIRC

30.07.2016 One day Seminar on Goods & Services Tax (GST)

Chief Guest: CS Upender Gupta, Commissioner, GST,

Central Board of Excise and Customs (CBEC); Guest Speakers: CS Bimal Jain, CA Gaurav Gupta and CA Virender Chauhan

31.07.2016 Cultural Evening (dedicated to CSBF) for Members and their families followed by

Dinner

Presentation by SAM Group and Members of ICSI

20.08.2016 Seminar on Delegated Legislation : Changes & Impact (Recent Amendment to Rules under Companies Act, 2013 & NCLT & NCLAT Rules, 2016)

Guest Speakers: CS Vinod Jain, Past Central Council Member - ICAI; CS Ranjeet Pandey, (Council Member-ICSI), and CS (Dr.) K.S. Ravichandran, Practising Company Secretary Coimbatore & Chennai

09.09.2016 Seminar jointly with Varanasi Chapter of NIRC on on Judicial Forum - NCLT & NCLAT & GST

Chief Guest & Key-note Address: CS Nesar Ahmad, Past President - ICSI

Guest of Honour: Prof. Asha Ram Tripathi, Head and Dean, Faculty of Commerce, BHU, Varanasi

Guest Speakers: CS Ranjeet Pandey, Council Member-ICSI; CS Amit Gupta, Regional Council Member-NIRC and CA Tushar Garg


Date Program Chief Guest/Speaker10.09.2016 Full Day Program jointly

with Chandigarh Chapter of NIRC on NCLT – Prepare to Excel

Chief Guest: Shri D K Singh, Official Liquidator (Chandigarh), Ministry of Corporate Affairs, Attached to High Court of Punjab & Haryana

Key-note Speaker: CS Satwinder Singh, Council Member-ICSI

Guest Speakers: CS NPS Chawla, Immediate Past Chairman-NIRC; Adv. Anand Chibber; CS Praveen Mahajan, Advocate; Shri O.P. Goel, Sr.Advocate, CS Anil Aggarwal & CS Atul Sood

17.09.2016 Seminar on

Regulatory Compliance, Audit And Diligence

Guest Speakers: CS (Dr.) S Chandrasekaran, PCS, Managing Partner, Chandrasekaran Associates, New Delhi; CS Sidheshwar Bhalla Director, Deloitte Haskins & Sells LLP; CS S. Sudhakar, VP (Corporate Secretarial), Reliance Industries Ltd and CS Ravi Chhabra, Partner, Ask Us Legal, Advocates & Solicitors

01.10.2016 Punjab State Conference (Host: Ludhiana Chapter; Co-Host : Jalandhar and Amritsar Chapters) on CS - A Corporate Strategist

Guest Speakers:

CS Pavan Kumar Vijay and CS Nesar Ahmad, Past Presidents-ICSI; CS Satwinder Singh & CS Rajiv Bajaj, Council Members-ICSI

04.10.2016 Celebration of CS Day – Panel Discussion among the Past Presidents-ICSI and Motivational Talk

Panelists:

CS (Dr.) G B Rao, CS O P Dani, CS Virender Ganda, CS Pavan Kumar Vijay and CS Nesar Ahmad, Past Presidents-ICSI (Moderator: CS Ranjeet Pandey)

Motivational Talk by:

CS (Dr.) Pawan G. Agrawal, An International Motivational Speaker, Author, Educationist, Business Consultant and Successful Entrepreneur

22.10.2016 Seminar on Cross Border Trade & Investment – Exchange Regulations

Chief Guest: Shri Tarun Singh, General Manager, Reserve Bank of India, FED

Guest of Honour: Shri Ishtiyaque Ahmed, Director, DIPP

Guest Speakers: CS Atul Mittal,Director Deloitte Haskin & Sells; Shri Sunil Kumar, Director, Ernst & Young LLP and CS T R Ramamurthy, Company Secretary in Practice

05-06.11.2016 Two Day PCS Regional Conference on the theme “PCS - Empower, Emerge & Excel”(Host: Agra Chapter)

Mr. Vijay Jhalani, Government Nominee, Central Council Member, ICSI; CS Ranjeet Pandey, Council Members-ICSI, CS Ashish Garg Council Members-ICSI; CS Atul Mehta,(Past President, ICSI); CS Pankaj Jain, Partner, VEDA LEGAL; Shri Brijesh Verma; and CS Adesh Tandon, CS in Practice, Kanpur

12.11.2016 Seminar on the theme Corporate Fraud – Litigation and Reporting

Guest speakers: CS U K Chaudhary, Past President-ICSI & Senior Advocate; CS G P Madaan, (Past Chairman--NIRC-ICSI), CS M Sathya Kumar, KPMG Chennai


Date Program Chief Guest/Speaker03.12.2016 1st Regional Conference

for Women on the theme “Women in Leadership Roles Challenges and Success Mantras”

Chief Guest: Ms. Jyoti Jindgar, Advisor, Competition Commission of India

Key-note Speaker:

CS Divya Tandon, Company Secretary, Powergrid Corpn of India Ltd.

Special Address by:CS Dinesh Chandra Arora, Secretary-ICSI

Guest Speakers: CS (Dr.) S K Gupta, Head- Group Internal Audit & Company Secretary, Spentex Industries Limited, New Delhi; Saadhvi Deepika Bharti; Tarot Reader Soonia and Ms. Deepa Bhatia Chirayath,Leader, Entity Governance & Compliance (Tax & Regulatory), PricewaterhouseCoopers Private Limited, Chennai

17.12.2016 Seminar on Insolvency and Bankruptcy Code-2016 Jointly organised with Insolvency and Bankruptcy Board of India (IBBI)

Chief Guest: CS (Dr.) M S Sahoo, Chairperson, Insolvency and Bankruptcy Board of India (IBBI)

Guest Speakers: CS Nesar Ahmad (Past President-ICSI),; CS Pavan Kumar Vijay (Past President-ICSI),; CS (Dr). Akhil Prasad, Country Head Legal, Boeing International Corp India; Shri Sanjeev Pandey, Dy. General Manager, Insolvency and Bankruptcy Board of India; CS Satwinder Singh (Council Member-ICSI), , CS N K Jain, Former Secretary & CEO-ICSI and CS Alka Kapoor, CEO of ICSI - IPA

11.1.2017 Sensitization Workshop on CSR – A Road Ahead jointly with Ministry of Corporate Affairs, Government of India

Guest Speakers: Shri N K Bhola, Regional Director(North)

Ministry of Corporate Affairs, Government of India; CS Rajendra Chopra, Sr. Vice President and Company Secretary, Bharti Airtel Limited; Shri Ranjit Singh, Maruti Suzuki India Ltd.; Shri C P Bhatia, Rural Electrification Corporation Ltd.; CS NK Jain, Former Secretary & CEO, ICSI; Dr. Asha Mittal, ONFC; CS D Bandopadhyay, Registrar of Companies, NCT of Delhi & Haryana; CS Puneet Duggal, Registrar of Companies, Kanpur and CS Seema Rath, Joint Director(CSR),Ministry of Corporate Affairs, Govt. of India

14.1.2017 Seminar on Rise-n Shine-Keeping Pace in the Marathon of Life

Guest Speakers: HG Gaur Gopal Das ji, Disciple of HH Radhanath Swami. Based in ISKCON Chowpatty, Mumbai and CS (Dr.) Pawan G. Agrawal, An International Motivational Speaker, Author, Educationist, Business Consultant and Successful Entrepreneur

11.2.2017 One Day Seminar on Corporate Restructuring – Role of Company Secretary Under New Regime

Guest Speakers: CS Harish K Vaid(Past Vice-President-ICSI),; CS Satwinder Singh (Council Member-- ICSI), and Mr. Nitin Savara, Partner, & Mr. Avanish Rungta, Senior Manager, Ernst & Young

11.2.2017 Oath Taking Ceremony and Interaction with Newly Elected President & Vice-President of ICSI

Chief Guest: Shri Arjun Ram Meghwal, Hon’ble Union Minister of State, Ministry of Finance and Ministry of Corporate Affairs

Interaction with: CS (Dr.) Shyam Agrawal, President and CS Makarand Lele, Vice-President-ICSI


Date Program Chief Guest/Speaker8.3.2017 ICSI-NIRC Seminar on

International Women’s Day on the theme CS Women: Empowered & Empowering….!

Guest of Honours: CS Saroj Hirawat; CS Tasneem Shariff and CS Monika Jaggia

Guest Speakers : Ms. Shazia Ilmi, Spokesperson, BJP,CS Manoj Kapoor, Director, Kapgrow Corporate Advisory Services; CS Vijaya Sampath, Senior Partner, Lakshmikumaran & Sridharan; Saadhvi Deepika Bharti; Shri Vipul Srivastava, Advocate and Dr. Roop Singh, Senior Faculty, Brahma Kumaris

18-19.3. 2017 Two day Residential Conference on "Capacity Building through Value based life" at Om Shanti Retreat Centre, Gurgaon

Senior Faculties of ORC

25.3.2017 One day Seminar on the theme Issue of Securities – Various Modes of Funding

Guest Speakers: CS Pavan Kumar Vijay (Past President-ICSI); CS Mohini Varshneya, AVP, Corporate Professionals Capital Pvt. Ltd. and CS Geetika Anand,

AVP, Company Secretary and Compliance Officer, Aditya Birla Fashion and Retail Limited, Mumbai

NIRC-ICSI also organized the following programs for the members during the year under report:• Program on Union Budget • Meetings of Company Secretaries in Practice/Study Sessions on relevant topics• Participation in Airtel Delhi Half Marathon for brand building• Joint Programs with Ministry of MSME, Government of India; PHD Chamber of Commerce on GST; Insolvency

& Bankruptcy Board of India and Ministry of Corporate Affairs, Government of India • 15 days specialized classes on NCLT & NCLAT and 05 days Master Classes on GST & Insolvency & Bankruptcy

Code • 05 days Capacity Building Sessions on Companies Act, 2013• 17 PCS Help lines • Celebrated special days like PCS Day, CS Day, Uday Diwas • 2 Days PCS Orientation Program

NIRC-ICSI also organized the following Workshops under the YUVA Corporate Membership Scheme for the members during the year under report:02.4.2016 - Workshop on “How to be an NCLT Practitioner?”30.4.2016 - Workshop on Practical aspects of Handling Board Meetings & General Meetings (Covering SS-I & SS-2)7.5.2016 - Workshop on Labour Laws - Compliances & Procedures 28.5-2016 - Workshop on Unexplored Power of Microsoft Excel2.7.2016 - Workshop on Pre-certification of Forms and Annual Return (Filling & Filing)16.7.2016 - Workshop on Insolvency and Bankruptcy Code, 20166.8.2016 - Workshop on NCLT/NCLAT Rules, 2016 24.9.2016 - Workshop on GST - Impact & Preparedness15.10.2016 - Workshop on Annual Filing – Concepts & Techniques19.11.2016 - Workshop on Valuation – Approaches & Method10.12.2016 – Workshop on Related Party Transactions – Compliance’s & Taxation (Transfer Pricing)7.1.2017 - Workshop on Merger and Amalgamation18.2.2017 – Workshop on NBFC


TRAINING AND DEVELOPMENT PROGRAMS FOR STUDENTS:The students of ICSI are backbone and future of the profession. The efficient and effective nurturing of each and every student is on high priority of your Regional Council. In order to achieve this objective, during the year, NIRC organized various qualitative training and other development programs for benefit of the students. The details of said programs are as under:

Program Number of programs organized during the year

Number of students participated during the year

Professional Development Programs (PDP) 22 1831Executive Development Programs (EDP) 10 77215 days Academic Programs:• 2 days Induction • 3 days e-Governance• 5 days Skill Development • 5 days Entrepreneurship Development

332-

23317377-

Management Skills Orientation Programs (MSOP) including one Week-end MSOP

29 1313

MSOP is always a prime program of NIRC of ICSI. The MSOPs held at NIRC have always been appreciated by most of the professionals and is considered as one of the best MSOPs across India. During the year NIRC organized record number of 29 MSOPs at NIRC including one first time organized Weekend Management Skills Orientation Program (WE-MSOP).

NIRC-ICSI also organized the following programs for the students during the year under report:• 14th All India Students Moot Court Competition - Regional Level• Mega Regional Students’ Conference on “Empower – Emerge – Excel” • 16th All India Company Law Quiz – Regional Level• 15th All India Elocution Competition – National Level• Study Sessions for students


To The Members of NIRC of the ICSI Report on the Financial Statements:We have audited the standalone financial statements of NORTHERN INDIA REGIONAL COUNCIL OF THE INSTITUTE OF COMPANY SECRETARIES OF INDIA, New Delhi which comprise the Balance Sheet as at 31st March 2017 and the statement of Income and Expenditure, Cash Flow and a summary of the significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements:

The NIRC of the ICSI are responsible for the preparation of these financial statements that give a true and fair view of the financial position and financial performance of NIRC of the ICSI in accordance with the accounting principles generally accepted in India and formulated by the ICSI. This responsibility also includes maintenance of adequate accounting records in accordance with the applicable provisions for safeguarding the assets of the NIRC of the ICSI and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments 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 & error.

Auditor’s Responsibility:

Our responsibility is to express an opinion on these financial statements based on our audit.

1. We have conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement(s). An audit includes examining, on test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall presentation of the financial statements and the report of Internal Auditor. Based on above, we believe that our audit provides a reasonable basis of our opinion.

We conducted our audit in accordance with the Standards on Auditing. Those Standards require that we comply with 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 the disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the

auditor considers internal financial control relevant to the NIRC of the ICSI preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the NIRC of the ICSI, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

2. Further, 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 our audit.

b) In our opinion proper books of accounts as required by law & ICSI have been kept by the ‘Regional Council’ so far as it appears from our examination of books & records.

c) The Balance Sheet and the Income and Expenditure Account are in agreement with the books of accounts presented before us.

d) In our opinion Income and Expenditure Account and Balance Sheet comply with the accounting guidelines, as adopted by the Institute.

OPINION:

In our opinion and to the best of our information and according to the explanations given to us, the said Balance Sheet and the Income and Expenditure Account read together with the Schedule & Notes thereon give a true and fair view.

1. In so far as it relates to the Balance Sheet of the State of Affairs of the ‘NIRC of the ICSI’ as at 31st March, 2017 and

2. In so far as it relates to the Income & Expenditure account of the Excess of Income over the Expenditure of the ‘NIRC of the ICSI’ for the year ended on that date.

3. In so far as it relates to the Cash Flow Statement of Cash Flow of the ‘NIRC of the ICSI’ for the year ended on that date.

4. The ‘NIRC of the ICSI’ has provided requisite disclosures in its financial statements as to holdings as well as dealings in specified bank notes during the period from 08/11/2016 to 30/12/2016 these are in accordance with the books of the account maintained by the ‘NIRC of the ICSI’.

For MITTAL & MITTAL ASSOCIATES CHARTERED ACCOUNTANTS

Firm Regn No. 014511N

sd/-(CA. MUKESH MITTAL)

Membership No: 092534Partner

Place: New Delhi Date: 31/05/2017

INDEPENDENT AUDITORS’ REPORTMITTAL & MITTAL ASSOCIATES, CHARTERED ACCOUNTANTS


NIRC OF THE ICSIBALANCE SHEET AS AT 31st MARCH, 2017

(Amount in Rs.) Particulars Note No. As at

31st March 2017As at

31st March 2016 I. SOURCES AND LIABILITIES (1) Reserves & Surplus (a) Reserve & Surplus 1 112,205,387 106,957,739 (b) Earmarked Funds 2 SUB-TOTAL (1) 112,205,387 106,957,739 (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 4,595,400 3,319,820 (c) Other Current Liabilities 4 7,843,356 11,355,717 (d) Short term Provisions 5 172,250 185,610 SUB-TOTAL (3) 12,611,006 14,861,147 TOTAL (1+2+3) 124,816,393 121,818,886 II. ASSETS (1) Non-current Assets (a) Fixed Assets 6 (i) Tangible Assets 10,137,223 11,377,604 (ii) Intangible Asssets 21,333 - (iii) Capital Work in Progress (iv) Intangible Assets under development SUB-TOTAL (a) 10,158,556 11,377,604 (b) Non-current Investments 7 58,435,624 16,206,893 (c ) Long Term Loan and Advances (d) Other Non-Current Assets SUB-TOTAL (1) 68,594,180 27,584,497 (2) (i) NIRC Contribution to HQ Building 22,469,247 22,469,247 (ii) NIRC Contribution to Bhilwara Chapter Building 2,000,000 2,000,000 (iii) Udaipur Chapter - Land 157,500 157,500 (iv) Faridabad Chapter - Building 1,163,292 1,163,292 SUB-TOTAL (2) 25,790,039 25,790,039 (3) Current Assets (a) Current Investments 8 19,321,547 51,486,388 (b) Inventories 9 17,920 17,871 (c) Sundry Debtors 10 - 286,079 (d) Cash and Cash Equivalents 11 2,746,790 2,942,931 (e) Short terms Loans and Advances 12 147,969 23,338 (f ) Other current Assets 13 8,197,948 13,687,743 SUB-TOTAL (2) 30,432,174 68,444,350 TOTAL (1) + (2) 124,816,393 121,818,886 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. For and on Behalf of Regional Council

For MITTAL & MITTAL ASSOCIATES sd/- sd/- sd/- CHARTERED ACCOUNTANTS Alka Arora Dhananjay Shukla Pradeep Kumar Debnath

Vice Chairman FRN : 014511N Regional Director Chairman

sd/- sd/- sd/-CA. Mukesh Mittal Rajeev Bhambri Nitesh SinhaM. No. 092534 Secretary Treasurer(Partner)Place : New DelhiDate : 31.05.2017


NIRC OF THE ICSI INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31st MARCH, 2017

(Amount in Rs. )

PARTICULARS Note No. For the year ended 31st March 2017 31st March 2016

INCOME Income from Activities 14 28,947,716 25,960,986 Interest on Investments 6,469,829 7,310,099 Other Income 15 705,386 3,294,172

TOTAL INCOME 36,122,931 36,565,257 EXPENDITURE Employee Benefit Expense 16 362,500 346,452 Oral Education Expense 2,840,185 2,490,103 Travelling and Conveyance Expense 17 54,636 108,611 Programmes / Seminars Expense 18 17,769,543 16,720,998 Career Awareness and Promotion Expense 21,759 43,119 Depreciation & Amortization 1,448,049 1,302,964 Other Expenses 19 7,325,411 7,512,425

TOTAL EXPENDITURE 29,822,083 28,524,672 Surplus before extraordinary & exceptional items 6,300,848 8,040,585 Add / Less : Extra Ordinary Items Add / Less : Exceptional Items Surplus on Disposal of Assets Loss on sale /Disposal /write-off of Assets Prior period expenses (net) Surplus after extra ordinary & exceptional items Appropriation to Funds / Reserves : (i) (ii) (iii)

TOTAL APPROPRIATIONS - - Balance transferred to General Reserve 6,300,848 8,040,585

TOTAL 6,300,848 8,040,585 ACCOUNTING POLICIES AND OTHER NOTES TO THE ACCOUNTS

20

Notes referred to above form an integral part of the Income & Expenditure A/cAs per our report of even date. For and on Behalf of Regional Council





For and on Behalf of Regional Council




NIRC OF THE ICSICASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH, 2017 (AS PER AS 3 REVISED)

Amount in Rs.

Particulars 2016 - 2017 2015 - 2016A. Cash flow from Operating ActivitiesSurplus as per Income & expenditure account before allocations

6,300,848 8,040,585

Add:- Depreciation 1,448,049 7,748,897 1,302,964 9,343,549Cash Flow form operation after non- cash expenses Adjustments

7,748,897 9,343,549

Less:- interest on investments -6,469,829 -6,469,829 -7,310,099 -7,310,0991,279,068 2,033,450

Adjustment for working capital ChangesIncrease / decrease in current Assets and Current liabilitiesDecrease/(Increase) in inventories -49 11,536Decrease/(Increase) in Sundry Debtors 286,079 -80,853Decrease/(Increase) in Loan and advances & other current Assets

5,365,164 -2,165,811

Increase /Decrease/Sale of Bonds / FDRs (Current Assets) 32,164,841 14,945,429Decrease/ Increase in Current Liabilities -2,250,141 35,565,894 2,303,922 15,014,223Net Cash generated from Operating Activities [A] 36,844,962 17,047,673B. Cash flow from Investing ActivitiesIncrease/Sale of Bonds/FDRs (Non -Current Investments) -42,228,731 -14,221,400Purchase of Fixed Assets -229,001 -4,940,058Interest on investments/Fixed Deposits 6,469,829 7,310,099Payment to Chapter for Building/ Faridabad /Bhilwara - -1,163,292Net Cash used in investing Activities [B] -35,987,903 -13,014,651C. Cash flow from Financing ActivitiesIncrease in General Reserve - Refer Note 1 of B/ Sheet -1,053,200 -1,053,200 -2,027,973 -2,027,973Net Cash Generated from Financing Activities [C] -1,053,200 -2,027,973Net Increase in Cash & Cash Equivalents [A+B+C] -196,141 2,005,049Cash and Cash equivalent at the beginning of the year 2,942,931 937,882Cash and Cash equivalent at the end of the year 2,746,790 2,942,931

Note: 1. The above cash Flow Statement has been derived using the indirect method prescribed in AS 32. Increase or decrease in reserve is a per Guidelines


Note - 1 RESERVES & SURPLUS

(Amount in Rs. ) PARTICULARS As at

31st March 2017 As at

31st March 2016 (1) GENERAL RESERVE As per last Balance Sheet 84,435,547 78,422,935 Add : (i) Donations (ii) Transfer from any Specific /Other Reserve (iii) Additions during the year (mention specific source) Less : (i) Transfer to Specific / Other Reserves (ii) Utilisation (mention specific purpose/nature) (iii) Amount transferred to Company Secretaries Benevolent

Fund-1,053,200 -2,027,973

Sub-Total (1) : 83,382,347 76,394,962 (2) OTHER THAN GENERAL RESERVES, IF ANY (2A) BUILDING RESERVE As per last Balance Sheet 22,469,247 22,469,247 Add : Interest Add : Donations Add : Transfer from Reserves Add : Transfer from I&E Account Less : Utilisation / transfer (mention specific purpose/nature)

Sub-Total (2A) : 22,469,247 22,469,247 (2B) LIBRARY RESERVE As per last Balance Sheet Add : Interest Add : Donations Add : Transfer from Reserves Less : Utilisation / transfer (mention specific purpose/nature)

Sub-Total (2B) : - - (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) OTHER RESERVE As per last Balance Sheet 52,945 52,945 Add : Interest Add : Transfer from Reserves Add : Transfer from I&E Account Less : Utilisation / transfer (mention specific purpose/nature)

Sub-Total (2D) : 52,945 52,945 TOTAL (2) : 22,522,192 22,522,192

(3) SURPLUS (Excess of Income over Expenditure transferred from I&E A/c)

6,300,848 8,040,585

(4) CONTRIBUTION TO /FROM TOWARDS LAND & BLDG / OTHER ASSETS Add : Contribution (Liabilities) Less : Contribution (Assets)

TOTAL (4) : - - Total : (1)+(2) +(3)+(4) : 112,205,387 106,957,739


Note - 2 EARMARKED FUND (Amount in Rs. )

PARTICULARS INFRASTRUCTURE FUND

ENDOWMENT FOR PRIZE AWARD FUND

TOTAL AMOUNT

2016-17 2015-16 2016-17 2015-16 2016-17 2015-16 As per last Balance Sheet Add: Contribution during the year Add: Transfer from Gen Reserve

Add: Receipts during the year Add: Interest allocation

Sub-Total : - - - - Less: Transfer to GR on utilisation Less: Utilised during the year Balance as at the close of the year

- - - - - -

NOTE - 3 SUNDRY CREDITORS(Amount in Rs. )

PARTICULARS As at 31st March 2017

As at 31st March 2016

Sundry Creditors - Payable for services from Professionals / Faculty 1,134,500 342,583 - Payable for services from Vendors 2,319,870 2,068,230 - Payable to ICSI - 159,500 - Investor EPF Payable to MCA 926,078 472,914 - For Others(TDS Payable) 214,952 276,593

Total : 4,595,400 3,319,820

NOTE - 4 OTHER CURRENT LIABILITIES

(Amount in Rs. )



Other Current Liabilities (i) Fee received in advance from Members 1,543,409 4,400,984 (ii) Fee received in advance from Students 5,336,650 6,001,900 (iii) Security Deposits 963,297 952,833

Total : 7,843,356 11,355,717

NOTE - 5 SHORT TERM PROVISIONS

(Amount in Rs. )



(i) Expense Payable 172,250 185,610 (ii) Provision for expenses

Total : 172,250 185,610


NO

TE -

6 FI

XED

ASS

ETS

(Am

ount

in R

s. )

S.

No.

Item

sRa

te o

f De

prec

iatio

nGr

oss B

lock

Depr

ecia

tion

/ Im

pairm

ent

Net B

lock

Cost

Ad

ditio

ns

Adju

stm

ent/

Tran

sfer/S

ale

Tota

l cos

t as

on

31.0

3.20

17

Tota

l as

on

01.0

4.20

16

For t

he

Year

Ad

just

men

t/Tr

ansfe

r/To

tal

as o

n 31

.03.

2017

as o

n 31

.03.

2017

as o

n 31

.03.

2016

as o

n 01

.04.

2016

Sale

(i)Ta

ngib

le A

sset

sFu

rnitu

re &

Fixt

ures

10%

9,87

1,019

24

,200

- 9,

895,2

19

1,93

7,475

79

5,202

-

2,73

2,677

7,

162,5

42

7,93

3,544

Co

mm

unica

tion

Equi

pmen

t15

% 67

7,844

8,

313

- 68

6,157

27

6,428

60

,360

- 33

6,788

34

9,369

40

1,416

Co

olin

g Eq

uipm

ent

15%

2,15

4,034

12

1,750

-

2,27

5,784

68

1,086

22

6,000

-

907,0

86

1,36

8,698

1,

472,9

48

Elect

ical E

quip

men

t15

% 2,

255,7

33

27,45

0 -

2,28

3,183

1,

107,9

06

174,0

69

- 1,

281,9

75

1,00

1,208

1,

147,8

27

Othe

r Equ

ipm

ent

15%

35,74

4 -

35,74

4 26

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1,37

1 -

27,97

6 7,

768

9,13

9 Co

mpu

ters

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% 1,

624,9

46

- 1,

624,9

46

1,21

2,216

16

5,092

-

1,37

7,308

24

7,638

41

2,730

Lib

rary

Boo

ks10

0% 66

2,289

15

,288

- 67

7,577

66

2,289

15

,288

- 67

7,577

-

- C

urre

nt Ye

ar To

tal (

i) 17

,281

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19

7,00

1 -

17,4

78,6

10

5,90

4,00

5 1,

437,

382

- 7,

341,

387

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37,2

23

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77,6

04

Prev

ious

Year

Tota

l (i)

12,3

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51

4,94

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8 17

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4,

601,

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1,30

2,96

4 5,

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Ass

ets

ERP S

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1/3

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10,66

7 10

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21,33

3 -

Cur

rent

Year

Tota

l (ii)

-

32,00

0 -

32,00

0 -

10,66

7 -

10,66

7 21

,333

- Pr

evio

us Ye

ar To

tal (

ii)

- -

- -

- -

- -

- -

Cur

rent

Year

Tota

l (i+

ii)

17,2

81,6

09

229,

001

- 17

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5,

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005

1,44

8,04

9 -

7,35

2,05

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11

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Pr

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i+ii)

12

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4,

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601,

041

1,30

2,96

4 -

5,90

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5 11

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7,

740,

510


NOTE - 7 NON CURRENT INVESTMENTS

(Amount in Rs. )

PARTICULARS AS ON 01.04.2016

ADDITIONS DELETIONS AS ON31.03.2017

I INVESTMENT IN GOVT. SECURITIES 01.12.2022 7,705,000 7,705,000 08.11.2022 2,312,000 2,312,000 12.09.2022 5,712,000 5,712,000 12.11.2022 7,511,000 7,511,000 18.06.2022 1,850,000 1,850,000 30.08.2022 5,000,000 5,000,000

SUB-TOTAL(I) : - 30,090,000 - 30,090,000 II INVESTMENT IN DEBENTURES / BONDS

SUB-TOTAL(II) : - - - - III INVESTMNET IN MUTUAL FUNDS

SUB-TOTAL(III) : - - - - IV OTHER NON-CURRENT INVESTMENTS(A) Fixed Deposits in Banks

Fixed Deposits in Syndicate Bank-East Patel Nagar

-

30.12.17 12,000 12,000 - Fixed Deposits in Canara Bank-East Patel Nagar

-

19.04.2017 2,790,918 2,790,918 - 04.05.2017 6,078,615 6,078,615 - 17.05.2017 1,696,877 1,696,877 - 08.06.2017 3,371,483 3,371,483 - 12.06.2017 2,257,000 2,257,000 - 05.09.2018 9,019,062 9,019,062 05.09.2018 9,663,281 9,663,281 05.09.2018 9,663,281 9,663,281

SUB-TOTAL (IV-A) : 16,206,893 28,345,624 16,206,893 28,345,624 (B) Fixed Deposits with institutions other than

Banks SUB-TOTAL (IV-B) : - - - -

(C) Others (Specify nature)SUB-TOTAL (IV-C) : - - - -

TOTAL IV : 16,206,893 28,345,624 16,206,893 28,345,624 TOTAL (I+II+III+IV) : 16,206,893 58,435,624 16,206,893 58,435,624


NOTE - 8 CURRENT INVESTMENTS (Amount in Rs. )

PARTICULARS AS ON 01.04.2016

ADDITIONS DELETIONS AS ON31.03.2017

I INVESTMNET IN GOVT. SECURITIES 5.06.2016 1,200,000 1,200,000 - 16.08.2016 3,000,000 3,000,000 - 27.10.2016 1,500,000 1,500,000 - 25.11.2016 5,000,000 5,000,000 -

SUB-TOTAL(I) : 10,700,000 - 10,700,000 - II INVESTMENT IN DEBENTURES / BONDS

SUB-TOTAL(II) : - - - - III INVESTMNET IN MUTUAL FUNDS

SUB-TOTAL(III) : - - - - IV OTHER CURRENT INVESTMENTS(A) Fixed Deposits in Banks

Fixed Deposits in Syndicate Bank-East Patel Nagar30.12.2017 12,000 12,000 31.12.2017 3,000 3,000 Fixed Deposits in Canara Bank-Lodi road 10.04.2017 4,000,000 4,000,000 - 31.08.2016 5,000,000 5,000,000 - 18.10.2017 1,037,218 1,037,218 - 18.10.2017 1,037,218 1,037,218 - 18.10.2017 1,037,218 1,037,218 18.10.2017 1,037,218 1,037,218 18.10.2017 1,037,218 1,037,218 Fixed Deposits in Canara Bank-East Patel Nagar Branch

-

02.11.2016 6,574,344 6,574,344 - 27.02.2017 8,595,015 8,595,015 - 27.02.2017 8,595,015 8,595,015 - 27.02.2017 8,022,014 8,022,014 - 19.04.2017 2,790,918 2,790,918 04.05.2017 6,078,615 6,078,615 17.05.2017 1,696,877 1,696,877 08.06.2017 3,371,483 3,371,483 12.06.2017 2,257,000 2,257,000

SUB-TOTAL (IV-A) : 40,786,388 21,395,983 42,860,824 19,321,547 (B) Fixed Deposits with institutions other than

Banks SUB-TOTAL (IV-B) : - - - -

(C) Others (Specify nature) TOTAL IV : 40,786,388 21,395,983 42,860,824 19,321,547

TOTAL (I+II+III+IV) : 51,486,388 21,395,983 53,560,824 19,321,547


NOTE - 9 INVENTORIES

(Amount in Rs. )



Stock Items 17,920 17,871 Total : 17,920 17,871

NOTE - 10 SUNDRY DEBTORS

(Amount in Rs. )



Sundry Debtors outstanding for more than six months Secured, considered good Unsecured, considered good Doubtful Less : Provision for Bad and Doubtful advance

SUB-TOTAL (a) - - Others Sundry Debtors Secured , considered good External(Vendors) - 286,079 Unsecured , considered good Doubtful Less : Provision for Bad and Doubtful advance

SUB-TOTAL (b) - 286,079 Total : - 286,079

NOTE - 11 CASH AND CASH EQUIVALENTS (Amount in Rs. )



Balances with Bank (Including linked term deposits) 2,744,684 2,914,431 Cash in hand 2,106 28,500

Total : 2,746,790 2,942,931

NOTE - 12 SHORT TERM LOANS AND ADVANCES

(Amount in Rs. )



SHORT TERM LOANS AND ADVANCES Secured, considered good -Service Tax Input 147,969 23,338

Total : 147,969 23,338


NOTE - 13 OTHER CURRENT ASSETS

(Amount in Rs. )



OTHER CURRENT ASSETS Accrued Interest on Current Investments 2,104,081 3,704,415 Accrued Interest on Non-Current Investments/ Bonds 1,293,608 6,270,795 Recoverable from Parties / Vendors/Imprest (with break up) 10,342 - Internal-HQ 4,581,525 3,551,959 Internal-Chapters 208,392 160,574

Total : 8,197,948 13,687,743

Note -14 INCOME FROM ACTIVITIES

(Amount in Rs. )

PARTICULARS For the year ended 31st March 2017 31st March 2016

Income from Students Other Fees : - Library Annual Subscription 230,850 230,850 412,830 412,830 Programmes / Seminars From Members - Corporate Membership Fees/ Sponsorship

9,125,486 8,810,375

- Programme Fee receipt during the year 2,094,832 11,220,318 2,582,491 11,392,866 From Students - Oral Education 5,799,565 7,552,250 - Students Training Programmes 11,395,171 6,479,120 - Others 301,812 17,496,548 123,920 14,155,290

Total : 28,947,716 25,960,986

Note -15 OTHER INCOME(Amount in Rs. )


Investor Awarness Programmes 646,836 1,287,126 Provision no longer required, written-back - 22,881 Discount on sale of publication 8,461 19,845 Best Regional Council Award 50,000 50,000 Grants received from Headquarters - 1,914,320 Misc Income 89

705,386 3,294,172 Total : 705,386 3,294,172


Note -16 EMPLOYEE BENEFIT EXPENSE

(Amount in Rs. )


Salaries and Allowances a) Over Time (Staff) 12,467 Staff Welfare a) Staff Walfare Expenses 362,500 333,985

TOTAL 362,500 346,452

Note -17 TRAVELLING AND CONVEYANCE EXPENSE

(Amount in Rs. )


Travelling Expenses (Staff) 37,438 Conveyance Expenses 54,636 71,173

TOTAL 54,636 108,611

Note -18 PROGRAMMES / SEMINAR EXPENSES

(Amount in Rs. )


Programmes / Seminars of Members a) Seminars 8,920,599 9,676,487 b) Other Programmes 2,550,256 2,236,261 c) Admn. Expenses 20,000 45,800

11,490,855 11,958,548 Programmes / Seminars of Students a) Students Training Programmes 6,173,286 4,691,571 b) Other Programmes 105,402 70,879 6,278,688 4,762,450

TOTAL 17,769,543 16,720,998

Note - 19 OTHER EXPENSES

(Amount in Rs. )


Stationery 244,967 203,203 Newsletter 1,435,632 1,175,689 Legal and Professional Services - 2,700 Electricity and Water 2,126,249 2,146,828 Communication Expense - Telephone / Fax 175,499 195,997 - Courier / Postage 14,434 6,910 Repairs and Maintenance 242,789 158,127



Office Expenses 1,793,439 1,652,038 Newspapers and Periodicals 7,825 14,368 Meeting expenses 364,417 312,899 Bank Charges 13,806 12,452 Student Scholarship and Awards 8,517 - Auditors Remuneration (including Service Tax) - Statutory Audit Fees 76,500 52,777 - Internal Audit Fees 83,000 75,481 - Compliance Audit Fees 72,705 72,285 - Surveillance Audit Fees 16,100 63,853 Investor Awarness Programmes 649,532 1,292,488 Advertisement & Publicity - 10,429 Misc. Expenses - 63,901

TOTAL 7,325,411 7,512,425

NOTE - 20 ACCOUNTING POLICIES AND NOTES TO ACCOUNTS

(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 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. Fees from students and interest on Flexi / SB Account are accounted for on cash basis unless otherwise stated

c. 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.

d. Receipt of money for specific sponsored Programes is recognized 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.

c. Investment has been classified as current investments if they are maturing within one year of the date of balance sheet and non-current investments if they are maturing later than one year of the date of balance sheet.

5. Fixed Assets / Depreciation and Amortization

a. ICSI-NIRC Building is capitalized in the books of HQ-ICSI. The contribution being 60% of the Building Cost made by NIRC is shown as “Contribution to ICSI-NIRC Building” in assets side and corresponding amount is shown as “Building Reserve” in the Liability side. Apart from 60% of the Building cost, an amount of Rs. 1,70,49,731/- incurred by NIRC after capitalizing on renovation of ICSI-NIRC Building has been transferred and shown as per above arrangements. Therefore, the total contribution of NIRC is arrived to Rs. 2,24,69,247/.

b. Part / Full funding of assets by HQ-ICSI is shown under “ICSI Fixed Assets – Reserve” in the liability side and corresponding entry is shown under “Fixed Assets” in the Assets side.

c. Fixed Assets excluding Land are stated at historical cost less depreciation.

d. Freehold land is stated at cost. Leasehold land is stated at the amount of premium paid for acquiring the lease rights. The premium paid on leasehold land is amortized over the period of lease.

e. 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 :

Item %Buildings 5Furniture and Fixtures 10Lifts/Air Conditioners/Other Equipments 15Vehicles 20Computers / Mobile Phones 40Library Books 100

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

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

f. 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. However there is no impairment during the year.

7. Inventories

Inventories of Consumables, Publications, Study Materials, etc. are valued at lower of cost or net realizable value. The cost is determined on FIFO basis.

8. Foreign Currency Transactions

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

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

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

9. Employee Benefits

The salary and other employee’s related expenses / benefits are borne and booked at the HQ-ICSI.

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.

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

1. Contingent Liability Nil

2. The balances of HO, Various Chapters and Creditors are subject to confirmation.


3. Transactions in Respect of Specified Banks Notes

Particulars SBN’s Other Denomination Notes TotalClosing Cash in Hand as on 08.11.2016

50,000/- 1,739/- 51,739/-

(+) Permitted Receipts Nil 15,53,384/- 15,53,384/-(-) Permitted Payments Nil 91,050/- 91,050/-(-) Amount Deposited in Banks 50,000/- 14,20,384/- 14,70,384/-Closing Cash in Hand as on 30.12.2016

Nil 43,689/- 43,689/-

4. As per Oral Coaching Guidelines of the Institute and requirement under AS-18, financial transactions occurred during the year between the Regional Office and employees or office bearers of Managing Committee / Regional Council or they relative / partners etc. is to be disclosed. Accordingly there was no payment made during the year under report.

5. The Performa for the presentation of the Financial Statements have been prescribed by HO. As such the previous year figures have been regrouped / rearrange wherever necessary. Thus the same are not comparable to the earlier published results.

As per our report of even date. For and on Behalf of Regional Council





The Northern India Regional Council (NIRC) is one of the Four Regional Councils of the Institute of Company Secretaries of India (ICSI). It assumes importance as it is based in the capital of the Country where ICSI also has its Headquarters. The NIRC-ICSI represents the States of Himachal Pradesh, Jammu & Kashmir, Haryana, Punjab, Rajasthan, Uttrakhand, Uttar Pradesh, National Capital Territory of Delhi and Union Territory of Chandigarh. Having 31 Chapters situated at Agra, Ajmer, Allahabad, Alwar, Amritsar, Bareilly, Bhilwara, Bikaner, Chandigarh, Dehradun, Faridabad, Ghaziabad, Gurgaon, Jaipur, Jalandhar, Jammu, Jodhpur, Kanpur, Karnal-Panipat, Kota, Lucknow, Ludhiana, Meerut, Modinagar, Noida, Shimla, Sonepat, Srinagar, Udaipur, Varanasi and Yamuna Nagar having more than 16,000 members on the rolls and 1,40,000 students spread over different parts of the Region. The functions of NIRC-ICSI are as under:

• Arranges and provides oral coaching and training enabling students to qualify as Company Secretaries.

• Has the facility of library and reading rooms for the use of the members and registered students.

• Recommends books useful for candidates intending to appear for Foundation, Executive and Professional Examinations of the Institute.

• Awards prizes to students securing the highest marks in the Region in various Examinations conducted by the Institute.

• Explores training facilities for the students and assists in securing suitable employment for qualified Company Secretaries.

• Makes representations to the ICSI in connection with matters of professional interest and offers suggestions for raising the standard and status of the profession.

• Organizes Study Sessions for the benefit of registered students and members within the Region.

• Brings out Monthly Newsletter and Publications for the benefit of Members.

• Provides facilities for contact amongst members and registered students of the Institute in the Northern Region by meetings, arrangements of talks and lectures and for acquiring and dissemination of useful information in connection with the profession of Company Secretaries.

• Organises workshop studies, symposia, talks, seminars and other meetings on topics of current interest to Company Secretaries.

• Convening Regional Conference/State Conferences for members & Practicing Company Secretaries annually in different parts of the Region.

• Recommends formation of Chapters in areas of importance in the Region where sufficient members and registered students are available and evince interest in such formation.

• Carries out research work on topics suggested by the ICSI.

NIRC in Media

Glimpses

Documents

ANNUAL REPORT 2016-17 - ICSI - The Institute of … REPORT 2016-17 | 3 Dear Professional Colleagues, On behalf of the Northern India Regional Council of The Institute of Company Secretaries