ISO 9001 -2015
Andhra Chamber of Commerce (INCORPORATED UNDER SECTION 8 OF THE COMPANIES ACT) "Velagapudi Ramakrishna Bldg.", 23, Third Cross Street, West C.I.T. Nagar, Nandanam, P.B.No.3368, Chennai-600 035 Phone : 044-24315277 / 78, Email: [email protected] / [email protected] Web : www.andhrachamber.com
To
All Members.
Dear Sir/s:
The Ninety first Annual General Meeting of the Andhra Chamber of Commerce will be held at 4.30 P.M. on Wednesday, September 25, 2019 at the Registered office of the Chamber, "Velagapudi Ramakrishna Bldg.", 23, Third Cross Street, West C.I.T Nagar, Nandanam, Chennai-600 035 to transact the following business:
AGENDA
1. Address by Dr. V.L. Indira Dutt, President
2. Adoption of the Annual Report of the Chamber for 2018-2019
3. Adoption of Audited Statement of Accounts of the Chamber for the year ending March 31, 2019
4. Election of the following Office Bearers:
(i) President
(ii) Two Vice-Presidents
(iii) Four Committee Members from among Affiliated Bodies
(iv) Ten Committee Members from among Members
(v) Appointment of Auditors and fixation of their remuneration.
In the event of a contest, the election of office bearers will be held by ballot at the Registered office of the Chamber on Thursday, September 26, 2019 between 11 A.M. and 5 P.M.
SECUNDERABAD OFFICE: "T.G. Venkatesh Bhavan", R-6Q2&603, Chenoy Trade Centre, VI Floor, 116,Park Lane,P.8.No.1716, Secunderabad-500 003 (IS) PHONE: 040-27840844 Email: [email protected] VISAKHAPATNAM OFFICE: Door No. 43-19-30, Venkataraju Nagar, Dondaparthy, Near TSN Colony, Visakhapatnam-53Q016(A.P.) PHONE: 0891-2792220, Email: [email protected] VIJAYAWADA OFFICE: Siddhartha Hotel Management College Premises, Pinnameneni Poly Clinic Road, Technical Nagar, Vijayawada - 520 010 (A.P), PHONE:0866-2472500, Email:[email protected] The Members who retire are: Dr. V.L. Indira Dutt, President Shri A. Krishna Balaji, Vizag Shri C- Nagendra Prasad, Vice- President Shri S.R- Sundaram Shri Ch. Venkateswara Rao, Vice-President Shri S.B. Prabhakar Rao Dr. G.V. Chalapathi Dr. V.L Dutt Shri Navin B. Rathore Shri P.S. Bhashyam Shri SA Azeez Shri V. Sethuram Shri G. Sankaran Shri K. Sankarakrishnan Shri IM. Siva Prasad Shri P.S. Kumar Dr. M.K. Muthuvelu Dr. J. Venkataramana SmL Ramavenugopal Shri C. Venkatachalam
* Shri M Chakravarthy Shri S.S. Rajsekar
* Shri A. Mallesh Rao Shri Sailesh R. Mehta
* Shri A. Ramesh Prasad, Hyderabad Shri Baboolal P. Rathore Smt. Sree Laxmi Vani, Hyderabad Shri G. Sudhakar Shri Umra Singh, Hyderabad Shri K.B. Narasimha Prasad Shri R.R. Padmanabhan Shri Kailashmull Dugar ShriG. Ramachandran Shri V. Upendran Shri M. Shekar Shri D.S. Balachandra Babu ShriV.B.S.S.Koteswara Rao, Hyderabad * Shri K.S. Chakravarthy Shri V.S Prasanth Kumar * Shri M. Raghavendra Rao, Vizag Smt. Rashmi Mohindra * Shri M. Rajaiah, Vijayawada Nomination forms for the above offices shall be in the prescribed form which can be had from the Registered office of the Chamber and shall be duly signed by the candidate and proposed and seconded by two other Members of the Chamber and sent to the Registered office of the Chamber so as to reach on or before 5 P.M. on Tuesday, September 17, 2019.
The nomination papers will be scrutinised at the Registered office of the Chamber at 5.15 P.M. on the last date for receipt of valid nominations and a list of valid nominations will be put up on the Notice Board of the Chamber immediately after the scrutiny is over.
Appointment of Auditors --The retiring Auditors are Vedam & Co., Chennai.
Please Note: In terms of Section 167(1|(b) of the Companies Act, 2013 who absents himself from all the Board Meetings held during the period of 12 months with or without seeking leave of the Board shall vacate the office immediately. The list of Executive Committee Members who have not attended the Committee Meetings (at least one meeting) preceding 12 months mentioned star mark (*) against their names in the above list. (By Order of the Executive Committee)
Office of the Andhra Chamber of Commerce, "Velagapudi Ramakrishna Bldg.", 23, Third Cross Street, West C.I.T. Nagar, Nandanam, Chennai-600 035 (R. Vija/alakshmT) Secretary General Septembers, 2019. ANNUAL REPORT
OF THE
ANDHRA CHAMBER OF COMMERCE
FOR THE YEAR
2018-2019 CONTENTS Page No.
Report of the Executive Committee for the year 2018-2019 1 Annual General Meeting 1 Election of Office Bearers 1 Membership 1 Hon. Members 2 Condolence 2 Felicitations 2 Executive Committee 3 ISO 9001-2015 Certification for the Chamber 4 Conferences, Seminars and or other Programmes organised by the Chamber - Chennai Office 4 — Secunderabad Office 6 - Visakhapatnam Office 6 ~ Vijayawada Office 6 Consultative Committee of City Chambers of Commerce 7 Affiliation 7 Sub-Committees and Industry/Trade Panels 7 Visits and Meetings 8 Publications of the Chamber 10 Library 10 Free Consultancy Service 10 Submission of Memoranda 12 Andhra Chamber of Commerce Business Incubator 12 Andhra Chamber of Commerce Women Business Forum 12 80G Exemption 12 Internal Financial Control and Adequacy 12 Acknowledgment 12 Representatives of the Chamber on Public Bodies 13 Secunderabad Advisory Committee 2018-2019 14 Visakhapatnam Advisory Committee 2018-2019 15 Vijayawada Advisory Committee 2018-2019 15 Executive Committee 2018-2019 16 Presidents- Past and Present 17 Audited Statement of Accounts for the year 2018-2019 18 ANDHRA CHAMBER OF COMMERCE CHENNAI
REPORT OF THE EXECUTIVE COMMITTEE FOR THE YEAR 2018-2019
The Executive Committee of the Andhra Chamber of Commerce have pleasure in placing before the General Body of Members of the Chamber the Annual Report for the year 2018-2019 together with the Audited Statement of Accounts for the same period- While doing so the Executive Committee presents a short resume of the activities of the Chamber during the year under review.
ANNUAL GENERAL MEETING
The Ninetieth Annual General Meeting of the Chamber was held on Thursday, September 27, 2018 at the Registered office of the Chamber, "Velagapudi Ramakrishna Bldg.", 23, Third Cross Street, West C.I.T. Nagar, Nandanam, Chennai-600 035. Dr. V.L. Indira Dutt, President delivered the Presidential Address. Shri C. Nagendra Prasad, Vice-President proposed the vote of thanks.
ELECTION OF OFFICE BEARERS
Dr. V.L. Indira Dutt, Managing Director of The K.C.P. Ltd., Chennai, was unanimously re-elected as President of the Chamber, Shri C. Nagendra Prasad, Chairman of Travel Express Limited, Chennai. Shri Ch. Venkateswara Rao, Chennai were unanimously re-elected as Vice-Presidents.
Dr. G V. Chalapathi of Laminated Packaging Manufacturers Association, Chennai, Shri Navin B Rathore, Vice-President, The Madras Kirana Merchants Assn., Chennai were elected as Members of the Executive Committee to represent Affiliated Bodies.
Shri V.V. Sampathkumar of V.V.S. Kumar & Co., Chennai, Shri S. Subbusundaram, Chennai, Shri G. Nageswara Rao, Managing Director of R.R. Minerals Export P. Ltd.. Chennai, Shri S.B. Goenka, Director of 3F Industries Ltd., Chennai, Shri V. Murali, Chennai, Shri K.N. Suresh Babu, Managing Director of Suresh N' Suresh Exports P. Ltd., Chennai, Shri K.V. Sundararn, Chennai, Smt. Asha Rammohan, Chennai, Smt. Jayashree Manradiar, Chennai, Shri P. Chiranjeevulu, Secunderabad were elected as Members of the Executive Committee.
At the first Meeting of the Executive Committee held on October 4, 2018 Dr. M.K. Muthuvelu, Chennai was unanimously re-elected as Treasurer of the Chamber
Dr. J.A.S. Giri, Chairman of Sangfroid Industries Limited, Hyderabad , Shri D. Prasanna Kumar, Visakhapatnam and Shri M. Rajaiah, Managing Director of Hotel Gateway, Vijayawada were unanimously elected as Chairmen of the Secunderabad, Visakhapatnam and Vijayawada Advisory Committees respectively.
Dr. V.L. Dutt, Shri P.S. Bhashyam, Shri V. Sethuram, Shri K. Sankaraknshnan, Shri P.S. Kumar, Dr. J. Venkataramana, Shri C. Venkatachalam, Shri S.S. Rajsekar Shri Sailesh R. Mehta, Shri Baboolal P. Rathore, G. Sudhakar, Shri K.B. Narasimha Prasad, Shri Kailashmull Dugar, Shri V. Upendran and Shri D.S. Balachandra Babu former Presidents were coopted as Members of the Executive Committee as per the provisions of the Articles of Association of the Chamber.
Shri R.R. Padmanabhan, Chennai, Shri G. Ramachandran, Shri M. Shekar, Chennai, Shri V.B.S.S. Koteswara Rao, Hyderabad were coopted as Members of the Executive Committee for 2018-2019 under 'Experts Category"
Shri V.S. Prasanth Kumar, Chennai, Smt. Rashrni Mohindra, Chennai Shri A. Krishna Balaji, Visakhapatnam were elected as Members of the Executive Committee for 2018-2019 under "Un-represented Industry/Trade Category".
Shri S.R. Sundaram, Chennai and Shri S.B. Prabhakar Rao were elected as Members of the Executive Committee for 2018-2019 under "General Category".
MEMBERSHIP The year 2018-2019 commenced with a Membership of 1579 as on April 1, 2018. During the year 158 Members ceased to be Members while 119 were admitted as Members. As on March 31, 2019 the Membership stood at 1540. HON. MEMBERS Hon'ble Shri Edappadi K. Palaniswami, Chief Minister of Tamil Nadu, H.E. Shri Banwarilal Purohit, Governor of Tamil Nadu, Hon'ble Shri K. Chandrashekar Rao, Chief Minister of Telangana and Shri N. Chandrababu Naidu, Chief Minister of Andhra Pradesh continued to be the Honorary Members of the Chamber during the year.
CONDOLENCE
Dr. M. Karunanidhi, former Chief Minister of Tamil Nadu on August 7, 2018.
Shri Atal Bihari Vajpayee, former Prime Minister of India on August 16, 2018.
Dr. M.V.V.S. Murthi, President, GITAM University, Visakhapatnam & former Chairman of Visakhapatnam Advisory Committee of Andhra Chamber of Commerce on October 1, 2018.
Shri K. Srinivasamurthy, Advocate, Labour Law Consultant and Hon.Adviser of the Chamber on Labour Law Matters on October 31, 2018.
FELICITATIONS
The Executive Committee felicitated and congratulated the following Members during the year:
Dr. V.L. Indira Dutt, Managing Director of the KCP Limited and President of Andhra Chamber of Commerce on her conferment of Doctorate - Honoris Causa by the Saveetha University Chennai on May 21, 2018.
Shri G.Sudhakar, former President of the Chamber, Founder & Chairman of Bliss Group of Companies on his being honoured by Hon'ble Shri Subhash Desai, Minister for Industries & Mining, Government of Maharashtra and presenting a Citation and Memento to Shri G.Sudhakar, recognising his services as the Chairman of the Plastics Export Promotion Council for 2013-14 and 2014-15.
Shri Subbu Sundaram, Proprietor, Annam Associates and Member of the Executive Committee of the Chamber on the happy occasion of performing Kumbhabhishakam of Sri Kasi Viswanathaswamy Temple in Varanasi. It is a great achievement for a person who was able to succeed the great task of performing Kumbhabhishakam of Sri Kasi Viswanathaswamy temple after long gap of 238 years
Shri M.A. Adithyaa S/o Shri M K. Anand, E.G. Member - a 20 year old student of Electronics and Instrumentation Engineering from Madras Institute of Technology on his winning the Silver medal at the International Championship - Asian Rubic Cube Championship Competition held at Taiwan on August 19, 2018. He has also broke the national record as well for the seventh time in the speed cubing competition.
Shri Ch Venkateswara Rao, Managing Director, VGA Home Promoters Pvt. Ltd. & Vice-President of the Chamber on his election as the Governor of Vasavi Club International District V502A for the year 2019.
CA. Shri D. Prasanna Kumar, Chairman, Visakhapatnam Advisory Committee, ACC on his election as the Central Council Member of the Institute of Chartered Accountants of India, Southern India Regional Council, Visakhapatnam region for the year 2018-19.
Dr. Vinod Surana, Surana & Surana International Attorneys, Members of the Chamber on his being elected from Tamil Nadu to the National Managing Committee of ASSOCHAM for the years 2019 & 2020
Smt. Kavitha Dutt Chitturi, JMD of The KCP Limited & Life Member of the Chamber on her election as the Chairman of FICCIT.N. State Council for the year 2018-19.
Dr. V. Murali, Member, Executive Committee on his election as the Member of the Central Council of the Institute of Cost Accounts of India, Southern India Region and on also on his conferment of Doctorate - Honoris Casa.
Dr. V.L. Indira Dutt, Managing Director, The KCP Limited and President of Andhra Chamber of Commerce on her being awarded -- the prestigious award by the Rotary Club - "For the sake of Honour Award" by the Rotary Club of Mid-Town on January 21, 2019. EXECUTIVE COMMITTEE The Executive Committee of the Chamber met six times during the year under review.
The number of Meetings attended by each Member of the Executive Committee is given below The figures in bracket indicate the number of Meetings held during the year after election or cooption of the Member/s concerned.
No. of No. of Meetings Meetings Attended held
Dr. V.L. Indira Dutt 6 (6) ShriC. Nagendra Prasad 4 (6) Shri Ch. Venkateswara Rao 4 (6) Dr. G.V. Chalapathi 2 (6) Shri Naveen B. Rathore 3 (6) Shri S.A. Azeez 0 (3) Shri G. Sankaran 0 (3) Shri N. Siva Prasad 3 (6) Dr. M.K. Muthuvelu 5 (6} Smt. Ramavenugopal 2 (6) Shri M. Chakravarthy 0 (6) Shri A. Mallesh Rao 0 (6) Shri A. Ramesh Prasad, Hyderabad 0 (6) Smt. Sree Laxmi Vani, Hyderabad 1 (6) Shri Umra Singh, Hyderabad 1 (6) Shri S. Narasimhan 3 (6) Shri B. Gautham 5 (6) Shri K.S. Chakravarthy 0 (6) Dr. J.A.S. Giri, Hyderabad 1 {6} Shri M. Raghavendra Rao, Vizag 0 (6) Shri M. Rajaiah, Vijayawada 0 (6) Shri M.V. Ananthakrishna 1 (6) Shri M.K. Anand 2 (6) Shri V.V. Sampathkumar 1 (6) Shri V. Murali 1 (4) Shri S. Subbusundaram 2 (6) Shri K.V. Sundaram 1 (4) Shri G. Nageswara Rao 1 (6) Shri S.B. Goenka 4 (6} Shri K.N Suresh Babu 2 (6) Shri P. Chiranjeevulu, Secbad 2 (6) Smt. Asha Rammohan 3 (6) Smt. Jayashree Manradiar 1 (6} Dr. V.L. Dutt 0 (6) Shri P.S. Bhashyam 0 (6) Shri V. Sethuram 0 {6} Shri K. Sankarakrishnan 2 (6) Dr. J. Venkataramana 0 (6) Shri P.S. Kumar 6 (6) Shri C. Venkatachalam 0 (6) Shri S.S. Rajsekar 0 (6) Shri Sailesh R. Mehta 3 (6) Shri Baboolal P. Rathore 1 (6) Shri G. Sudhakar 4 (6) Shri K.B. Narasimha Prasad 2 (6) ShriV. Upendran 0 (6) Shri Kailashmull Dugar 2 (6) Shri D.S. Balachandra Babu 1 (6) Shri R.R. Padmanabhan 3 (6) Shri G, Ramachandran 3 (6) Shri M. Sekhar 2 (6) Shri V.B.S.S. Koteswara Rao, Hyd 1 (6) Shri V.S. Prasanth Kumar 1 (6) Smt. Rashmi Mohindra 3 (6) Shri A. Krishna Balaji, Vizag 1 (6) Shri S.R. Sundaram 1 (6) Shri S.B. Prabhakar Rao 2 (6)
ISO 9001-2015 CERTIFICATION FOR THE CHAMBER
The Chamber had obtained ISO Certification from TUV South Asia P. Ltd, Mumbai for the year 2012 As per the ISO norms the Chamber had upgraded the ISO Standards from 9001-2008 to 9001-2015 successfully during the year 2018-2019
CONFERENCES, SEMINARS AND OR OTHER PROGRAMMES ORGANISED BY
CHENNAI OFFICE:
A Presentation on "Capital raising for SMEs through BSE" organised by the Chamber with the support of Bombay Stock Exchange Limited was held on April 12, 2018 at E-Hotel, Chennai Guest Speaker Shri C. Gurunathan, Associate Manager - Business Development, BSE Limited.
Audio visual Presentation Meeting on "Lessons of Management from Thirukkural" organised on April 25, 2018 - Guest Speaker: Shri Milton Rajasekar, Corporate Trainer.
Andhra Chamber of Commerce Members -Visit to Defence Expo on April 13, 2018.
11th J.V. Somayajulu Memorial Lecture on "REVIVAL OF MANUFACTURING SECTOR IN INDIA - WAY FORWARD" was held on Wednesday, May 9, 2018 at 6.30 P.M. Venue: Engage Hall, E. Hotel, Express Avenue, Chennai. Chief Guest: Shri B. Santhanam, Managing Director, Saint-Gobain India P. Ltd. - Glass Business, Chennai.
An Interactive Session on Benefit of Authorised Economic Operator (AEO) on May 18, 2018 at the Chamber's Meeting Hall. Chief Guest : Shri P.K. Behra, IRS, Commissioner of Customs, Guest of Honour Shri S. Nataraja, President of the Chennai Customs Brokers Association, Speaker Shri M Rarnesh, IRS, Deputy Commissioner of Customs and Dr. P.G. Prabhakaran, IRS, Asst. Commissioner of Customs-
Audio visual Presentation Meeting on "Business is People" organised on May 30, 2018 - Guest Speaker: Mr. P. Veeraraghavan, Corporate Trainer.
Lecture on "Role of Civil Society in a Democracy" on May 25, 2018 at The Rain Tree Hotel, Nandanam. Chief Guest Hon'ble Justice Shri Jasti Chelameswar, Judge, Supreme Court of India
Audio visual Presentation Meeting on "Design for Innovation" organised on June 27, 2018- Guest Speaker: Shri Subramaniam Ponnusamy, Corporate Trainer.
A Two-day Workshop on Advanced Solar PV Technologies and Vendors Meet - 2018 on June 21 & 22, 2018 at 1C & SR Hall, IIT Madras, Guindy, Chennai. Chief Guest: Hon'ble Shri Banwarilal Purohit, Governor of Tamil Nadu.
Audio visual Presentation Meeting on "Paradise Regained: AIMLA enables Strategic Profitability for the Technopreneur" organised on July 30, 2018 at MMA Management Center, Chennai - Guest Speaker: Prof. Bala V. Balachandran.
An "Interactive Session on New Companies Act - Amendments thereto" on August 2. 2018 at Chennai. Chief Guest: - Shri M.R. Bhat. Regional Director (South), Ministry of Corporate Affairs, Government of India, Guest of Honour: Shri A.S. Ponraj, Registrar of Companies, Tamil Nadu, Ministry of Corporate Affairs, Government of India, Co-ordinator: Shri G. Ramachandran, Chairman, Company Law Sub-Committee of the Chamber. Audio visual Presentation Meeting on "Future of Work" organised on August 29, 2018 - Guest Speaker: Shri V. Pattabhi Ram, Senior Corporate Trainer.
Seminar on "GST - ITC Compliance Verification and Claims Validation" was organized by the Chamber on Saturday, September 1, 2018 at "Southern Crown Hall", Hotel CRT Grand, Pondy Bazaar T. Nagar, Chennai - 600 017. Chief Guest : Shri C.P. Rao, IRS, Principal Chief Commissioner of GST and Central Excise, Speakers: Shri R. Subramianian, FCA, Shri T,R. Srinivasan, FCA, Shri Gopalakrishna Raju, FCA, Shri Saravana Prabhu, FCA and Shri Vijayanand, FCA. Coordinator: Shri V.V. Sampathkumar, Chairman, Indirect Taxes Sub- Committee, ACC
Audio visual Presentation Meeting on "The Good Boss" organised on September 26, 2018 - Guest Speaker: Shri P. Veeraraghavan, Senior Corporate Trainer.
Meeting on "Indo - Japan Relations - Way to look forward" organised by the Chamber was held at 4 PM on Friday, October 12; 2018. Mr. Tomio Isogai, former Managing Director of Sharp Corporation, Japan was the Chief Guest.
A 24 Member -Delegation from Andhra Chamber of Commerce visited the SRICITY - Special Economic ZoneatTadaon October 12, 2018.
A Presentation on Dynamics of Indian Financial Markets organised by Andhra Chamber of Commerce with the support of BSE Limited was held on December 7, 2018 at E-Hotel, Royapattah, Chennai. -- Guest speaker: Shri Purushottam Saraf, Product Head, Business Development, BSE Limited.
Audio visual Presentation Meeting on "Importance of Market Research" organised on December 26, 2018 - Guest Speaker: Mr R. Pasupathy, Corporate Trainer.
Audio visual Presentation Meeting on "MINDFULNESS" on January 30, 2019 - Guest Speaker: SHRI SURESH VIJENDRAN, Senior Corporate Trainer. A presentation on ''Strategic Cost Management and Government Schemes for SMEs" organised by the Chamber with the support of Institute of Cost Accountants of India SIRC at Chennai was held on February 7, 2019 at the Chamber's Conference Hall, 'Velagapudi Ramakrishna Bldg., West CIT Nagar, Nandanarn, Chennai - 600 035. - CMA P. Raju Iyer, Chairman, PD & CPD Committee, ICAI and CMA Gopal Krishna Raju. were the Guest Speakers.
An interactive session on Envisioning India 2030 jointly organised by Andhra Chamber of Commerce and FICCI T.N. State Council was held on February 21. 2019 at the Chamber's Conference Hall, Velagapudi Ramakrishna Bldg, Chennai. Dr. Ajay Chhibber, Chief Economic Adviser of FICCI was the Guest Speaker.
A Presentation on 'Collateral Free Funding Opportunities for Importers, Exporters and Contractors" organised by Andhra Chamber of Commerce was held on February 22, 2019 at the Chamber's Conference Hall, Chennai Shri S. Senthil Kumar, Vice-Chairman, Euro Exim Bank Ltd was the Guest Speaker
Audio visual Presentation Meeting on "Financial Market in India" organised on February 27, 2019 - Guest Speaker: Dr. KM. Somasundaram, Senior Corporate Trainer.
Visit of Sri Lanka Business Delegation from National Chamber of Exporters, Colombo to Chennai. - one to one Business Meetings with our Members organised by Andhra Chamber of Commerce was held on March 1, 2019 at "Enrich Hall", E. Hotel, Via Pattulos Road, Gate No 1, Royapettah, Chennai - 600014 Chief Guests H.E. Mr, Vadivel Krishnamurthy, Deputy High Commissioner of Sri Lanka in South India, Mr. Yasantha De Silva, Minister (Commercial), Deputy High Commission of Sri Lanka and Business Delegates team from Sri Lanka.
A presentation on 'Emerging Technologies 2 Transform your Business" was organised by the Chamber on March 20, 2019. Guest Speakers: Shri Bharath Devanathan, G.M. Emerging Technologies, HTC Global Ltd. and Shri Sivaram Athmakuri, Tech Consultant & Certified PMP, Co-ordintor: Shri M.K. Anand, Chairman, Information Technology, Computerisation and Telecom Sub-Committee, ACC. A Workshop on Risk Analysis & Industrial Risk Assessment was organised by the Chamber on March 23, 2019. Chief Guest : Shri N. Sivaramakrishnan, former Director, GE Power India Ltd. (Alstom India Ltd.), Guest Speakers: Shri V. Narasimhan, Shri A.K. Srikantan, Co-ordinator: Dr. M.K. Muthuvelu, Chairman, Power, Alternate Power, Renewable Energy & Fuel and Risk Management Sub-Committee, ACC Audio visual Presentation Meeting on "Blockchain : What it is and What it means for Businesses" organised on March 27, 2019 - Guest Speaker Shri G. Praveen Kumar CEO, Franc Technologies
SECUNDERABAD OFFICE:
The Secunderabad office of the Chamber functioned with Dr J.A.S. Giri; as the Chairman of the Secunderabad Advisory Committee
An Interactive Session on New Companies Act 2013 and Amendments thereto" at Monday, August 20, 2018 at Secunderabad. Chief Guest: Shri M.P. Shah, Regional Director (South East Region), Guest of Honour: Shri R.C. Mishra, Registrar of Companies, T.S & A. P., Ministry of Corporate Affairs, Government of India, Hyderabad, Co-ordinator: Shri G. Ramachandran, Practicing Company Secretary.
A Presentation on FUTURE OF E-MOBILITY FOR SMES at Hyderabad organized by Andhra Chamber of Commerce with the support of TANSTIA FNF service and Friedrich Naumann Foundation for Freedom was held on Saturday, November 24, 2018 at Hotel Mercure KCP Hyderabad. - Shri Simon Seivaraj, Senior Director, JLL India, Chennai was the Guest Speaker.
An Interactive Session on "Exploring Business Opportunities through Foreign Trade Agreements and Social Media" organised by the Telangana Chapter of the Andhra Chamber of Commerce was held on Wednesday, February 20, 2019 at Hotel Mercure Hyderabad KCP. Hyderabad. -- Shri S.B S. Reddy, ITS, Additional Director General of Foreign Trade, Ministry of Commerce & Industry, Government of India, Hyderabad was the Chief Guest.
VISAKHAPATNAM OFFICE:
The Visakhapatnam office of the Chamber functioned with Shri M. Raghavendra Rao, as the Chairman of the Visakhapatnam Advisory Committee till August 26, 2018. Shri D. Prasanna Kumar was elected as the Chairman of the Visakhapatnam Advisory Committee from August 27, 2018.
A Presentation on Future of E-Mobility for SMES at Visakhapatnam organized by Andhra Chamber of Commerce with the support of TANSTIA FNF service and Friedrich Naumann Foundation for Freedom was held on Friday, November 23, 2018 at Hotel Daspalla, Suryabagh, Visakhapatnam -- Prof. Dr. N. Srinivas, Professor of Environmental Studies, Director, Centre for Climate Change & Disaster Management, GITAM University was the Guest Speaker.
Presentation on "STRATEGIC COST MANAGEMENT AND GOVERNMENT SCHEMES FOR SMES" at 11.30 A.M on Monday, March 11, 2019 at Vedika Hall", Hotel Daspalla, Suryabagh, Visakhapatnam - 530 020 (A.P). A joint programme with SIRC of ICAI. Chief Guests: CMA Suresh R.Gunajalli Chairman, SIRC CMA K. Sanyasi Rao, Past Chairman, SIRC CMA PVN Madhav, Chairman, Visakhapatnam Chapter, CMA Subhankar Gupta, Chairman, Ukkunagaram Chapter, Speakers: CMA P. Raju Iyer, Chairman PD & CPD Committee, CMAGopala Krishna Raju, Senior Consultant.
ViJAYAWADA OFFICE:
The Vijayawada office of the Chamber functioned with Shri M. Rajaiah, as the Chairman of the Vijayawada Advisory Committee.
A Programme on A.P Capital Present & Future Plans at 5 P.M, Monday, August 13, 2018. Venue: Taj Gate Way Hotel, MG Road, Vijayawada - 520 010(A.P) Chief Guest: Dr. Sreedhar Cherukuri, IAS., Commissioner, Capital Region Development Authority (CRDA), Government of Andhra Pradesh
A seminar on "Andhra Pradesh - Major tourist Destination" organised by Andhra Chamber of Commerce, Vijayawada was held on October 29, 2018 at Hotel Gate Way, Vijayawada. Chief Guest Prof. V. Jayarami Reddy, Chairman, Andhra Pradesh Tourism Development Board, Special Guests: Shri Mukesh Kumar Meena, IAS, Secretary to Government of Andhra Pradesh - Tourism and Culture Department, Shri Himanshu Shukla, IAS, CEO & MD, APTA & APTDC. CONSULTATIVE COMMITTEE OF CITY CHAMBER OF COMMERCE
The Chamber continued to be a Member of the Consultative Committee of City Chambers of Commerce along with Hindustan, Madras, National, Southern India and Tamil Chambers of Commerce
CCCCC organised a meeting to felicitate Shri Rashesh Shah, President, FICCI on Wednesday, May 9, 2018 at Hotel Taj Coromandel, Chennai.
AFFILIATION The Chamber continued to be the Affiliated Member of the following Organisations during the year:
Federation of Indian Chambers of Commerce & Industry, New Delhi I.C.C. India, New Delhi All India Organisation of Employers, New Delhi Federation of Indian Micro and Small & Medium Enterprises, New Delhi
The Chamber continued to be an Associate Member of the India Trade Promotion Organisation, New Delhi and Council for Fair Business Practices, Mumbai
SUB-COMMITTEES AND INDUSTRY/TRADE PANELS The Sub-Committees and Industry/Trade Panels of the Chamber for the year 2018-2019 were reconstituted with the following as Chairmen and Co-Chairmen of the Sub-Committees and Industry/Trade Panels.
CHAIRMEN AND CO-CHAIRMEN OF SUB-COMMITTEES AND INDUSTRY/TRADE PANELS FOR 2018-2019
Sub-Committees Chairman Co-Chairman
1. Agriculture & Rural Shri D.S. Balachandra Babu Development 2. Banking & Finance Shri Kailashmull Dugar Shri M. Shekar 3. Company Law Shri G. Ramachandran Shri R. Deenadayalu 4 Direct Taxes Shri N. Siva Prasad Shri H.B Bhaskar Shenoy 5. Foreign Trade Shri R.R. Padmanabhan Shri Sailesh R. Mehta 6. Internal Trade Shri Baboolal P. Rathore 7. Labour & Management Shri S. Ravindran Shri M. Suresh 8. Port Affairs, Shipping, Shri S. Narasimhan Logistics, Warehousing & Transport 9. Power, Alternative Power, ShriM.K. Muthuvelu Srin M. V Anantoakrishna Renewable Energy & Fuel and Risk Management 10. Indirect Taxes Shri V.V. Sampathkumar Shri J. Murali 11. Travel & Tourism Shri C. Nagendra Prasad Smt. Rathi Nilakantan 12. Information Technology, Shri M K. Anand Computerisation & Telecom 13. Startup Business, Smt Rama Venugopal Shri B. Gautham Entrepreneurship & Business Incubator 14. Quality Systems & Shri G. Sudhakar Smt. Rama Venugopal Productivity Committee 15.Skill Development Shri R.R. Padmanabhan Shri M.K. Anand Sub-Committee 16. Press Relations Sub-Committee Shri B. Gautham Shri V.S. Prasanth Kumar Industry & Trade Panels Chairman Co-Chairman
1. Major Industries Shri P. Vijaya Bhaskar Reddy Dr. J.A.S. Giri 2. MSME Dr. D.V.V. Sree Lakshmi Vani 3. Mining & Mineral Industries Shri V. Prabhakar Reddy 4. Handloom Industry & Trade Shri S. Thangaraj
VISITS AND MEETINGS
During the year under review the following dignitaries were the Guests of Honour at the functions organised by the Chamber and or jointly with sister Chambers of Commerce or met with by representatives of the Chamber at meetings organised by them.
Shri C Gurunathan, Associate Manager - Business Development, BSE Limited. Shri Milton Rajasekar, Corporate Trainer, Chennai Shri B. Santhanam, Managing Director, Saint-Gobain India P. Ltd Mr. P. Veeraraghavan, Corporate Trainer, Chennai Shri P.K Behra, IRS, Commissioner of Customs, Chennai Shri S. Nataraja, President of the Chennai Customs Brokers Association, Chennai Shri M. Ramesh, IRS, Deputy Commissioner of Customs, Chennai Dr. P.G. Prabhakaran, IRS, Asst. Commissioner of Customs, Chennai Hon'ble Justice Shri J. Chelameswar, Judge, Supreme Court of India, New Delhi Shri Rashesh Shah, President, FICCI, New Delhi Shri Subramaniam Ponnusamy, Corporate Trainer, Chennai Dr Sreedhar Cherukuri, IAS., Commissioner, Capital Region Development Authority (CRDA), Government of Andhra Pradesh, Shri A. Raguram, Director, Cares Renewables Pvt Ltd Shri S. Sivagnanam, Additional Industrial Adviser, MSME-Dl, Chennai Dr. R.Velraj, Director, Institute of Energy Studies, Anna University Shri J.P: Sam Prasad, Managing Director, Hild Energy Private Limited H.E. Shri Banwarilal Purohit, Governor of Tamil Nadu. Shri S.Sivaharsh, Director, Cares Renewables Pvt Ltd. Shri Rohit Kumar, Head of Indian Sub-Continent, REC (India) Pvt Ltd. Shri Vishanth Venkatesh, Adani Solar Shri Ramesh Subarao, G.M. Indian Sub-Continent Operation Shri Venatesh, Technical Head, India Solar Edge Technologies (India) Pvt Ltd Shri S.Santhosh Kumar, Business Leader-Renewables Energy, Lapp India Pvt Ltd Shri S.S haji, Manager South, Dehn India Shri Venkat Mukundrajan -Strategic account Manager -Sales APAC, Enphase Shri Venkatesh, Technical Head, India Solar Edge Technologies (India) Pvt Ltd. Shri Arun Chaturvedi, Sales Director. Indian Sub-Continent, Alpha Technologies Ltd. Shri G.Lakshmi Narasimhan, CEO, Kripya Technologies (India)Private Limited Shri Varun Bhatt, Alpha Technologies Limited Shri R. Ananthakrishnan, Technical Director, Kripya Technologies (India) Pvt Ltd Shri Dilip Kumar, CEO, Inspire CE Pvt, Ltd. Shri Deva P. Seetharam, CEO, Data Glen Technologies Pvt Ltd Shri Bhoovarahan Tirumalai, CEO, Aspiration Energy Pvt Ltd. Shri V. Pattabhi Ram, Senior Corporate Trainer Prof. Bala V. Balachandran, Founder, Dean & Chairman, Great Lakes Institute of Management, Chennai Shri C.P. Rao, IRS, Principal Chief Commissioner of GST and Central Excise, Chennai Shri R. Subramianian, FCA, Chennai Shri T.R. Srinivasan, FCA, Chennai Shri Gopalakrishna Raju, FCA, Chennai Shri Saravana Prabhu, FCA Chennai Shri Vijayanand, FCA, Chennai Shri P. Veeraraghavan, Senior Corporate Trainer Shri M.R. Bhat, Regional Director (South), Ministry of Corporate Affairs, Government of India Shri A.S. Ponraj, Registrar of Companies, Tamil Nadu, Ministry of Corporate Affairs, Government of India Shri M.P. Shah, Regional Director (South East Region), Ministry of Corporate Affairs, Government of India, Hyderabad Shri R.C. Mishra, Registrar of Companies, T.S & A. P., Ministry of Corporate Affairs, Government of India, Hyderabad Mr. Tomio Isogai, former Managing Director of Sharp Corporation Japan Prof. Dr. N. Srinivas, Professor of Environmental Studies, Director, Centre for Climate Change & Disaster Management, GITAM University Shri Purushottam Saraf, Product Head, Business Development, BSE Limited Shri R. Pasupathy, Corporate Trainer Shri Suresh Vijendran, Senior Corporate Trainer CMA P. Raju Iyer, Chairman, PD & CPD Committee, ICAI, Chennai Dr. Ajay Chhibber, Chief Economic Adviser of F1CCI, New Delhi Shri S. Senthil Kumar, Vice-Chairman, Euro Exim Bank Ltd Dr. K.N. Somasundaram, Senior Corporate Trainer H.E. Mr. Vadivel Krishnamurthy, Deputy High Commissioner of Sri Lanka in South India Mr. Yasantha De Silva, Minister (Commercial), Deputy High Commission of Sri Lanka Shri Bharath Devanathan, G.M. Emerging Technologies, HTC Global Ltd. Shri Sivaram Athmakuri, Tech Consultant & Certified PMP Shri N. Sivaramakrishnan, former Director, GE Power India Ltd (Alstom India Ltd.), Shri G. Praveen Kumar, CEO, Franc Technologies. Shri Simon Selvaraj, Senior Director JLL India, Chennai Shri S.B.S. Reddy, ITS, Additional Director General of Foreign Trade, Ministry of Commerce & Industry, Government of India, Hyderabad CMA Suresh R. Gunajalli Chairman, SIRC CMA K. Sanyasi Rao, Past Chairman, SIRC CMA PVN Madhav, Chairman, Visakhapatnam Chapter, CMA Subhankar Gupta, Chairman, Ukkunagaram Chapter Prof. V. Jayarami Reddy, Chairman, Andhra Pradesh Tourism Development Board. Shri Mukesh Kumar Meena, IAS, Secretary to Government of Andhra Pradesh - Tourism and Culture Department. Shri Himanshu Shukla, IAS, CEO & MD, APTA & APTDC. 10
PUBLICATIONS OF THE CHAMBER The Chamber continued to publish the following publication during the year for the information and guidance of Members and Member Bodies:
Information Bulletin (E-version - Monthly & Printed version -- Bi-Monthly) is in its 7151 year of publication which carried all the important Tax Laws, Labour Laws, Corporate Laws in addition to Foreign Trade - Export Import, Service Tax, T.N. VAT, A.P. VAT, Business Opportunities etc. from time to time.
The Executive Committee take this opportunity of placing on record their sincere thanks to the Ministries and Departments of the Government of India, Government of Andhra Pradesh and Government of Tamilnadu and other official and non-official agencies for their cooperation and assistance by way of timely supply of Government Orders, Notifications, Public Notices, Trade Notices, Press releases etc. and to the Members of the Chamber and Advertisers for their support
LIBRARY
During the year under review 22 Books were added to the Library. The Journals and Periodicals section received over 27 titles including those subscribed and or received on complimentary or exchange basis. The Library and Reading Room facilities were availed of by many Members and Member Bodies during the year.
FREE CONSULTANCY SERVICE The Free Consultancy Service on Labour, GST, Direct Taxes, Customs & Central Excise. Export & Import Trade, Banking & Finance, Patents, Trade Marks & Intellectual Property Rights Issues, Company Law matters & Constitutional & Civil Laws, Technical Standards Inspection & Testing (DGS&D) and Startups - Business Consultancy continued at Chennai and Secunderabad offices of the Chamber during the year.
The Panel of Hon. Advisers was reconstituted during the year with the following as Hon. Advisers: Hon. Advisers at Chennai: Goods & Service Tax: Shri V.V. Sampathkumar, B.Sc., F.CA, DISA (ICA) Shri V.V. Ramesh, B.Com., M.L.
Labour Laws: Shri T.S Gopalan, B.A.B.L., Advocate & Notary Shri S. Ravindran, B.A.B.L., Advocate & Notary
Direct Taxes:
Shri S. Sathyanarayanan, B.Com, B.L., ACA, ACMA, ACS., Advocate
Customs &GST:
Shri N. Ramaswamy, B.Com., F.C.A.,
Export & Import Trade:
Shri R.R. Padmanabhan, M.B.A., B.L. Exim Consultant
Banking & Finance: Shri A.V. Rajagopalan, M.A., (Eco), M.A. (Stat) BGL Former General Manager (Retd) and Ex. Management Consultant of Indian Bank & M/s. Lakshmivilas Bank Ltd.
Patents, Trade Marks & Intellectual Property Right Issues:
Shri Manoj Pillai, M.L., (India) LLM, (UK) DALM Advocate 11
Company Law Matters. Constitutional & Civil Lines: Shri G. Ramachandran, B.Com., A.C.S., Practicing Company Secretary Shri R. Deenadayulu, B.Com., ACS , Practicing Company Secretary
Technical Standards Inspection & Testing fPGS&D)
Shri G.S. Raghupathi, Asst. Director (Retd), Quality Assurance, DGS&D
Startups - Business Consultancy
Shri M.K Anand, B.Sc, M.A, MBA, Smt. Ramavenugopal, M.A.
Hon. Advisers at Secunderabad Office
Direct Taxes / Income Tax / Company Law / A.P. VAT
Shri S.S.R. Koteswara Rao, F.C.A., Shri P. Chiranjeevulu, M.Com., LLB Shri P. Yakaiah, FCA Labour:
Smt. V Uma Devi, Advocate Shri Raman Kumar Heda, ACA
Goods & Service Tax:
Shri Y.L. Narasimha Rao, M.Com., Shri R. Vijayakumar, B.Com, LLB Shri Lemesh Kumar Goel, FCA
Foreign Trade:
Shri N. Parthasarathy, Exim Consultant Shri V.B.S.S. Koteswara Rao, Exim Consultant
Company Law Matters:
Shri Abhiramula Moksha Kalyanram, ACA, ACS, LL.B Shri P, Chiranjeevulu, M.Com., LLB
Hon. Advisers at Visakhpatnam Office:
Shri R. Ananda Murthy B.A.B.L., Hon. Adviser on A.P VAT Shri G. Prabhakara Sastry, B.Com., B.L., Hon. Adviser on Customs and GST Shri K.K.V.T. Ramakrishna, Advocate & Consultant on Income Tax. Shri V. Deveswara Rao. Advocate & Consultant on Labour Laws.
Hon. Advisers at Vijayawada Office:
Shri P. Lakshmna Rao, Chartered Accountant on Direct Taxes Shri M.V.IM. Rama Chandra Rao on Indirect Taxes 12
SUBMISSION OF MEMORANDA
A Pre-Budget Memorandum on Direct Taxes and Indirect Taxes was sent on November 22, 2018 addressed to Hon'ble Shri Arun Jaitley, Union Minister for Finance, Government of India for consideration of the Government of India.
ANDHRA CHAMBER OF COMMERCE BUSINESS INCUBATOR
In alignment with the Startup momentum in the country, Chamber has set up a Business Incubator to promote and nurture Entrepreneur-ship by encouraging new gen entrepreneurs to set up businesses under the guidance of Chamber's Business Incubator.
ANDHRA CHAMBER OF COMMERCE WOMEN BUSINESS FORUM
The Chamber constitutes Andhra Chamber of Commerce Women Business Forum (ACCWBF) to encourage women to work towards community, culture and collaborate and coach to create women entrepreneurs.
80G EXEMPTION The Executive Committee of the Chamber have the pleasure in informing all the Members and Member Bodies about that the Chamber is continuing to enjoy the 80G exemption granted by the Director of Income Tax (Exemption) by virtue of an amendment made in the Central Budget for 2009-2010- Accordingly all the donations received by the Chamber during the year 2017-2018 are exempt under Section BOG of the Income Tax Act.
INTERNAL FINANCIAL CONTROL AND ADEQUACY
The Board has adopted policies and procedures for ensuring the orderly and efficient conduct of its business, including adherence to Company's policies, safeguarding of its assets, prevention and detection of frauds and errors, the accuracy and completeness of the accounting records and the timely preparation of reliable financial disclosures.
ACKNOWLEDGEMENT / The Executive Committee of the Chamber take this opportunity to thank Shri L Vijayaraghavan, FCA, Chartered Accountant & Partner, M/s. Vedam & Co., Chennai, Auditors for the valuable service rendered, the Press and other Media for the coverage given to the activities of the Chamber and the General Body of Members for their support and cooperation.
The Executive Committee take this opportunity of placing on record their appreciation for the excellent service rendered by Smt R. Vijayalakshmi, Secretary General, Shri P Nandagopal, Secretary, Shri O Srinivas, Joint Secretary, Shri N. Ravikumar, Joint Secretary, Shri N. Raja Rao, Joint Secretary, Shri K. Balasubramanyam, Deputy Secretary, Shri G. Ramanjaneyulu, Deputy Secretary, Shri V. Thrinadha Rao, Deputy Secretary, Shri G. Dayanand, Assistant Secretary and staff members of the Andhra Chamber of Commerce.
Sd/-
Office of the V.L. INDIRA DUTT Andhra Chamber of Commerce, PRESIDENT "Velagapudi Ramakrishna Building", 23, Third Cross Street, West C.I.T Nagar, Sd/- Nandanam, Chennai-600 035 R. VIJAYALAKSHMI SECRETARY GENERAL Dated: September 5, 2019 13
REPRESENTATIVES OF THE CHAMBER ON PUBLIC BODIES
Chennai Customs Advisory Committee (Air Port)
Shri R.R, Padmanabhan, Chennai
Shri K.B. Narasimha Prasad, Chennai -- Alternate Nominee
Regional Central Excise Advisory Committee Chennai-l Commissionerate for Organised Sector
Shri C. Ramesh Kumar of Indian Commerce & Industries P. Ltd. Chennai, (Block Years 2017 &2018)
ShriT.G. Srinivasan of Tablets (India) Ltd., (Block Years 2017 & 2018)
Executive Committee of the Federation of Indian Chambers of Commerce & industry, New Delhi
Dr. V.L. Dutt, former President
Executive Committee of the ICC India (International Chamber of Commerce):
Shri V. Murali, F.C.A., Partner, Victor Grace & Co . Chennai
Shri V.B.S.S. Koteswara Rao, CEO of Global Exim Sources Hyderabad
Consultative Committee of City Chambers of Commerce, Chennai
Dr. V.L. Indira Dutt, President
Tamil Nadu State Council of FICCI
Dr. V.L. Indira Dutt, President 14
SECUNDERABAD ADVISORY COMMITTEE 2018-2019
Chairman : Dr. J. A.S.Giri, Chairman of Sangfroid Industries Ltd., Hyderabad
Members Shri S.S.R. Koteswara Rao, Partner, Brahmayya & Company Shri A. Ramesh Prasad, Managing Director of Prasad Productions Pvt. Ltd.. Shri Y. Nayudamma, Managing Director of Phytochem India Ltd., Ms. Saraswati Gurbani, Partner of Diyaash Jewels LLP MR. K. Anil Kumar, Chairman & Managing Director of KPC Projects Ltd Shri V.B.S.S. Koteswara Rao CEO of Global Exim Sources, Hyderabad. Shri S.Sambasiva Rao, Executive Director of My Home Industries Ltd., Shri Abhiramula Moksha Kalyanram, Consultant on Indirect Taxes Shri U. Patanjali Rao, Managing Director of Upadrasta Dairy Specialities Ltd., Shri Ashven Datla, Managing Director of IMCL Wintech India Limited Shri Kesava Rao Kodali, Chairman of SEKO BEC Pvt. Ltd, Dr. D.V.V. Sree Laxmi Vani, Proprietor, Venkata Shree Sai Industries, Hyderabad Shri Nagarjun Gowra, Managing Director of Gowra Aerospace Technologies Pvt. Ltd, Shri G.V.K. Naidu, Managing Director of Sam Agritech Ltd., Shri M. Nageswara Rao Gupta, Managing Director of Suraksha Pharma Pvt. Ltd., Hyderabad Mrs. Prem Lata Meena, Managing Partner of Royal Sons Impex Smt Umra Singh Sirohi, Managing Director of AGS Impex India P. Ltd, Hyderabad Shri Ankineedu Maganti, Director of Soma Enterprise Ltd., Shri P. Achuta Ramayya, Joint Managing Director of Andhra Sugars Ltd., Tanuku
Hon. Advisers Shri P. Chiranjeevulu, Company Law Matters and Direct Taxes Shri Y. Sambasiva Rao, Sales Tax & VAT Shri T. Krishna Kumar Mencn, Kripa Exim Consultants, Customs, Central Excise & Service Tax Shri Baalu Radha Krishna, Customs, Central Excise & Service Tax Shri N. Pardhasaradhi, Kripa Exim Consultants, Foreign Trade Smt Uma Devi, Advocate, Labour Law Matters
Deputy Secretary : Shri G. Ramanjaneyulu 15
Visakhapatnam Advisory Committee for 2018-2019
Chairman Shri D. Prasanna Kumar, F.C.A., Visakhapatnam
Members Shri M. Raghavendra Rao, Managing Director, Daspalla Hotel Limited, Visakhapatnam Mr. Nand Gopal Bangur, Director of Dozco (India) Pvt. Ltd., Shri A-V. Monish Row, President of the Vizagapatnam Chamber of Commerce & Industry Shri Vijay Pradhan, Proprietor of Ujval Marketing Services Shri V.V.S.R.C. Murthy, National Aluminium Company Ltd., Shri D.V. Balajikumar, Partner of Hotel Vishnu Residency Shri U. Shekar, Manager of A.VR. Storage Tank Terminals Pvt.Ltd., Shri Sunil Kumar, Director of EISAI Pharmacetucals and Mfg. Pvt. Ltd., Shri K.V. Prasad, Managing Director of Sandhya Marine Ltd., Shri A. Krishna Balaji, Managing Partner of Lalitha Metals
Hon. Advisers Shri G. Prabhakara Sastry Shri K.K.V.T. Ramakrishna Shri R. Ananda Murthy Shri V. Deveswara Rao
Deputy Secretary Shri V. Thrinadha Rao
Vijavawada Advisory Committee for 2018-2019
Chairman Shri M. Rajaiah, Managing Director of Hotel Taj Gateway, Vijayawada
Members Shri Paiadagu Lakshmana Rao, Chartered Accountant, Vijayawada
Shri Koneru Satyanarayana of K.L.University, Vijayawada Shri Y. Harish Chandra Prasad, Founder & Chief Mentor of Malaxmi Infra Venture (India) Pvt. Ltd., Shri N Lalitha Prasad, Tax Practitioner of Brahmayya &Co., Vijayawada
Shri Md. Usman, Managing Director, Luckey Mission Automotives Pvt Ltd..
Shri Chitturi Nagendrakumar, Managing Partner of Circas Lakshrni Millstores
Shri Valluru Venkata Basavaiah, Proprietor of Shoreview Hospitality Pvt. Ltd., Shri Velagapudi Sambasiva Rao, Chairman & Managing Director of SHA Frames
Shri Gaddipati Satyanarayana, Investment Advisors, Vijayawada
Shri T. Raghava Prasad, Kristna Engineering Works Vijayawada
Shri Siva Koteswara Rao Bodepudi, Profit Shoe Company Pvt. Ltd., Vijayawada
Joint Secretary N. Raja Rao 16 ANDHRA CHAMBER OF COMMERCE
"Velagapudi Ramakrishna Bldg." "T.G. Venkatesan Bhavan" Door No. 43-19-30, Siddrtartha Hotel Management 23, Third Cross Street, 602 & 603 Chenoy Trade Centre, Venkataraju Nagar, College Premises West C.IT. Nagar, 116. Park Lane, Dondaparthy, Pinnameneni Poly Clmc Road. P.B.No.3368. P.B.No.1716, Near TSN Colony, Technical Nagar, Nandanarn, Chennai-600 035 Secunderabad-500 003 (T.S.) Visakhapatnam-530 016 (A.P. Vijayawada-520 D10 (A.P }
EXECUTIVE COMMITTEE, 2018-2019
President Dr. V.L. Indira Dutt Vice-Presidents Shri C. Nagendra Prasad ShriCh. Venkateswara Rao Treasurer Dr. M.K Muthuvelu
COMMITTEE MEMBERS: [a] Affiliated Bodies: Dr. G.V. Chalapathi of Laminated Packaging Mfgrs Assn., Chennai Shri Navin B. Rathoreof The Madras Kirana Merchants Assn., Chennai Shri S.A. Azeez, President of The South India Iron & Hardware Merchants Association, Chennai Shri G. Sankaran, President, Tamilnadu, Pondy Plastic Association, Chennai
[b] Members: Shri N. Siva Prasad Shri S. Narasimhan Shri G. Nageswara Rao Shri M. Chakravarthy Shri B. Gautham Shri S. Subbusundaram Shri A. Ramesh Prasad Shri K.S. Chakravarthy Shri V.V. Sampathkumar Smt. D.V.V. Sree Laxmi Vani Dr. J.A.S Giri ShriS.B. Goenka Smt. Umra Singh Sirohi Shri M. Raghavendra Rao Dr. V. Murali Shri A. Mallesh Rao Shri M. Rajaiah Shri P. Chiranjeevulu, Smt. Rama Venugopal Shri M.V. Anantha Krishna Shri K.N. Suresh Babu Shri M.K. Anand Shri K.V. Sundararn Smt. Asha Ratnmohan Smt. Jayashree Manradiar
[c] Co-opted: Past-Presidents: Dr V.L, Dutt Dr. J. Venkataramana Shri G. Sudhakar Shri P.S Bhashyam Shri C. Venkatachalam Shri K.B. Narasimha Prasad ShriV. Sethuram Shri S.S. Rajsekar Shri Kailashmull Dugar Shri K. Sankarakrishnan Shri Sailesh R Mehta Shri V. Upendran Shri P.S. Kumar Shri Baboolal P. Rathore Shri D.S. Balachandra Babu
[d] Co-opted - Experts Shri R.R. Padmanabhan Shri G. Ramachandran Shri M. Shekar Shri V.B.S.S. Koteswara Rao [e] Co-opted - Un-represented Industry/Trade: Shri V.S. Prasanth Kumar Smt. Rashmi Mohindra Shri A. Krishna Balaji
[f] Co-opted - General: Shri S.R. Sundaram Shri S.B. Prabhakar Rao
Secretary General : Smt. R. Vijayalakshmi Auditors: Vedam & Co., Chennai 17
ANDHRA CHAMBER OF COMMERCE PRESIDENTS - PAST AND PRESENT
* Shri Kommireddi Suryanarayanamurthi Naidu (1928, 1929) *Shri NarayandasGirdhardas (1930, 1935 to 1943) *ShriP.T Kumaraswami Chetty (1931 to 1934) * Shri C Seshachalam (1944 to 1946) *ShriN. Rama Rao (1947) *ShriGuntur Narasimha Rao (1948 to 1950) * Shri T.V. Ethirajulu Chetty (1951) * Shri P. Suryanarayana (1952, 1953) * Shri J V. Somayajulu (1954, 1955) * Shri V. Venugopal (1956-1957) *Shri V. Emberumanar Chetty (1958 to 1960) * Shri S. Venkatarangam (1961) * Shri Jayantilal P. Sanghrajka (1962, 1963) * Shri P. Brahmayya (1964, 1965) * Shri V.G.S.V. Prasad (1966 to 1968) * Shri Rasiktal M. Metha (1969, 1970) 'Shri Y. Venkanna Chowdary (1971, 1972} * Shri T.S. Krishnamurthi (1973, 1974) Shri V.R. Bakthavatsalam (1975, 1976) Dr. V.LDutt, (1977, 1978} *Shri P. BhojaShetty(1979, 1980) *Shri J.K. Bhuwalka(1981, 1982) *Shri L.V. Ramaiah (1983) Shri V. Ravindranath (1984) *ShriS. Nandagopal(1985, 1986) ShriP.S. Bhashyam(1987) * Shri V. Mohan Rao (1988-89) Shri V. Sethuram (1989-90) * Shri S. Mohan Das (1990-91) * Shri K.V. Govinda Rao (1991-92) * Shri D. Parthasarathy Reddy (1992-93) * Shri Harbhagwandas P. Arora (1993-94) Shri K. Sankarakrishnan (1994-95) Shri P.S. Kumar (1995-96) Dr. J. Venkataramana (1996-97/1997-98) Shri S. Seetharamaiah (1998-99, 1999-2000} * Shri A. Bhawarlal Nahar (2000-2001) * Shri Y. Sambhu Prasad (2001-2002 - upto February 4, 2002) Shri C. Venkatachalam (2001-2002 - from February 10, 2002 & & 2002-2003) Shri S.S. Rajsekar (2003-2004 & 2004-2005) Shri Sailesh R. Mehta (2005-2006) Shri Baboolal P. Rathore (2006-2007) Shri G. Sudhakar (2007-2008) Shri K.B. Narasimhaprasad (2008-2009) ShriV. Upendran (2009-2010) Shri Kailashmull Dugar (2010-2011) Shri D.S. Balachandra Babu (2011-2012) Dr V.L. Indira Dutt (From September 28, 2012)
Since deceased ANDHRA CHAMBER OF COMMERCE
AUDITED STATEMENT OF ACCOUNTS
FOR THE YEAR
April 2018-March 2019 ANDHRA CHAMBER OF COMMERCE [Incorporated under Section 8 of the Companies Act 2013]
BALANCE SHEET
Amount in INR Particulars Notes As at As at March 31, 2019 March 31, 2018
1. EQUITY AND LIABILITIES (1) Shareholders'* Funds (a) Reserves and Surplus 3 32,669,333 29,431,699
(2) Andhra Chamber Somayajulu Memorial Endowment Fund 4 741,891 768,737
(3) Non-Current Liabilities (a) Other long term liabilities 5 612,000 1,264,800
(4) Current Liabilities (a) Other current liabilities 6 1,117,066 827,683
Total 35,140,340 32,292,919
II. ASSETS (!) Non - Current Assets: fa) Fixed Assets (i) Tangible Assets 7 8,004,411 8,717,412 (b) Long-term loans and advances 8 2,660,453 2,372,612 10,664,864 11,090,024 (2) Current Assets: (a) Cash and Cash equivalents 9 19,496,696 20,445.294 (b) Short-term loans and advances 10 1,034,382 442,601 (c) Other Current assets 11 3,944,398 315,000 24,475,476 21,202,895
Total 35,140,340 32,292,919
Summary of significant Accounting policies - Refer Note 2 to the Financial statements.
The accompanying notes are an integral part of the Financial statements. As per our report of even date
For VEDAM& COMPANY For and on behalf of Chartered Accountants Andhra Chamber of Commerce FRN : 004573S
Sd/- L. Vijayaraghavan Sd/- Sd/- sd/- Partner President Treasurer Secretary General Mem. No. 027371
Place : Chennai Date : September 5, 2019 ANDHRA CHAMBER OF COMMERCE [Incorporated under Section 8 of the Companies Act 2013]
STATEMENT OF INCOME AND EXPENDITURE
Amount in INR Particulars Notes Year ended Year ended March 31, 2G19 March 31, 2018 INCOME 1. Revenue through Chamber 12 4,767,500 2,163,000 II. Other Income 13 10,835,098 10,472,118 III. Total Income 15,602,598 12,635,118
IV. EXPENSES Expenditure on Chamber activities 14 1,176,339 2,386,632 Employees Benefits 15 6,598,687 5,817,876 Depreciation / amortization 16 1,393,598 1,340,402 Other Expenses 17 3,686,291 2,399,167 Total Expenses 12,854,915 11,944,077
Surplus / (Deficit) before exceptional and extraordinary V. items and Tax (IH-IV) 2,747,683 691,042 VI. Exceptional and Extraordinary Items - - VII Surplus / (Deficit) before tax (V-VI) 2,747,683 691,042 VIII Tax Expense - IX Surplus / (Deficit) for the year [VII - VIII) 2,747,683 691,042
Summary of significant Accounting policies - Refer Note 2 to the Financial statements.
The accompanying notes are an integral part of the Financial statements. As per our report of even date
For VEDAM & COMPANY For and on behalf of Chartered Accountants Andhra Chamber of Commerce FRN :004573S
Sd/- L. Vijayaraghavan Sd/- Sd/- 5dA Partner President Treasurer Secretary General Mem. No. 027371
Place : Chennai Date : September 5, 2019 ANDHRA CHAMBER OF COMMERCE [Incorporated under Section 8 of the Companies Act 2013]
Notes forming part of the Financial statement
3 Reserve & Surplus Particulars As at As at March 31, 2019 March 31, 2018 Building Reserve 12,536,443 12,536,442 Corpus Fund 3.1 5,367,271 5,367,271 Entrance Fee 3.2 1,470,350 1,145,350 Life Membership Reserve 3.3 3,445,950 3,280,950 Excess of Income over Expenditure 3.4 9,849,369 7,101,686 Total 32,669,383 29,431,699
Andhra Chamber Somayajulu Memorial Endowment Fund Particulars As at As at March 31, 2019 March 31, 2018 Opening balance as per last Balance Sheet 768,737 722,593 Add: Addition during the year Add: Interest received during the year 49,561 46,144 818,298 768,737 Less: Expenses incurred during the year 76,407 741,891 768,737
5 Other Long term Liabilities Particulars As at As at March 31, 2019 March 31, 2018 Rental Deposit received 612,000 1,264,800 Total 612,000 1,264,800
Other Current Liabilities Particulars As at As at March 31, 2019 March 31, 2018 Advance Subscription 88,725 55,625 Deposit for Membership 60,549 88,049 Advance Certificate of Origin 224,713 192,012 Provision for Taxation 363,713 360,534 Audit Fee Payable 30,000 29,500 TDS Payable 1,228 - Bills Payable 329,025 87,350 Outstanding Expenses 19,113 14,613 Total 1,117,066 827,683
Long term Loans and Advances Particulars As at As at March 31, 2019 March 31, 2018 Electricity Deposit 169,885 169,885 Salary Advance 40,000 28,000 Rental Deposit for Visakhapatnam Office 105,000 105,000 Balance with Govf. Authorities: (i)TDS Receivables 1,233,454 957,613 (ii) Income Tax Paid under Protest 1,112,114 1,112,114 Total 2,660,453 2,372,612 9 Cash and Cash equivalent Particulars As at As at March 31, 2019 March 31, 2018 Cash in hand 9.1 71,629 45,994 Bank Accounts (Current / Savings A/c.) 9.2 449,686 571,119 Bank Accounts (FDs Maturing 3 Months) 9.3 4,450,000 5,450,000 Bank Accounts (Fixed Deposits - Others) 9.4 14,525,381 14,378,181 Total 19,496,696 20,445,294
10 Short-Term Loans and Advances Particulars As at As at March 31, 2019 March 31, 2018 IDS Receivables 323,952 275,841 Bills Receivabies 149,266 166,760 ITC - GST 561,164 Total 1,034,382 442,601
11 Other Current Assets Particulars As at As at March 31, 2019 March 31, 2018 Subscsription due from Members 890,100 315,000 Advances to Equipment & BIdg. Maintenance 3,054,298 Total 3,944,398 315,000
12 Revenue through Chamber
Particulars Year ended Year ended March 31, 2019 March 31, 2018 Subscription Income 4,767,500 2,163,000 Total 4,767,500 2,163,000
13 Other Income
Particulars Year ended Year ended March 31, 2019 March 31, 2018 Issue of Certificate of Origin 7,232,788 7,167,105 Information Bulletin 112,600 - Miscellaneous Income 86,851 79,560 Rental Income 1,931,997 1,940,121 Interest Income 1,376,445 1,240,332 ACCBI - Incubation Fee 1,696 45,000 Seminar Income 92,721 - Total 10,835,098 10,472,118
14 Expenditures on Chamber Activities Particulars Year ended Year ended March 31, 2019 March 31, 2018 Chamber's Anniversary Celebration 4,007 1,039,556 Subscription to other Bodies 65,960 53,150 ISO 9001-2008 Certification 66,545 - Seminar Expenses - 189,117 Irrecoverable Subscription 778,000 450,010 ACC Business Incubator Expenses 261,827 654,799 Total 1,176,339 2,386,632 15 Employees Benefit
Particulars Year ended Year ended March 31, 2019 March 31, 2018 P.F. Contribution to Secretary 82,824 67,392 P.P. Contribution to other Staff 322,286 232,401 Salary Allowance and Bonus to other Staff 4,990,726 4,675,401 Salary Allowance and Bonus to Secretary 864,848 715,982 Andhra Chamber Employees Group Gratuity 153,700 126,700 Staff Welfare 184,303 - Total 6,598,687 5,817,876
16 Depreciation / Amortization
Particulars Year ended Year ended March 31, 2019 March 31, 2018 Depreciation - (Refer note 7} 13,93,598.00 13,40,402.00 Total 13,93,598.00 13,40,402.00
17 Other Expenses Particulars Year ended Year ended March 31, 2019 March 31, 2018 Electricity 265,183 235,429 Journals & Periodicals 94,625 74,624 Postage 198,249 168,731 Printing 474,486 264,804 Property Tax 180,294 139,764 Reception Expenses 48,801 19,391 Rent 233,776 220,368 Repairs & Maintenance 17.1 1,464,143 517,333 Stationery 43,286 32,278 Sundry Expenses 167,107 163,779 Telephones 103,944 120,560 Conveyance & Travelling Expenses 99,915 196,923 Building Insurance 8,650 6,532 Compliance Expenses 9,860 16,040 Audit Fees 30,000 29,500 Professional Fees 196,680 178,350 Web Designing Expenses 11,800 10,000 Bank Charges 1,292 4,761 CC Camera Expenses 54,200 - Total 3,686,291 2,399,167 ANDHRA CHAMBER OF COMMERCE [Incorporated under Section 8 of the Companies Act 2013]
Sub Notes forming part of Balance Sheet and Income and Expenditure
Particulars March 31, 2019 March 31, 2018 3,1 Corpus Fund
Opening balance as per last Balance Sheet 5,367,271 5,367,271 Add: Additions during the year 5,367,271 5,367,271 3.2 Entrance Fees
Opening balance as per last Balance Sheet 1,145,350 924,350 Add: Additions during the year 325,000 221,000 1,470,350 1,145,350 3.3 Life Membership Reserve Opening balance as per last Balance Sheet 3,280,950 2,850,950 Add: Additions during the year 165,000 430,000 3,445,950 3,280,950 3.4 Excess of Income over Expenditure
Opening balance as per last Balance Sheet 7,101,686 6,410,644 Add: Excess of Income over Expenditure forthe year 2,747,683 691,042 9,849,369 7,101,686
9.1 Cash and Cash Equivalents Cash in hand Cash at Chennai Office 39,114 14,357 Cash at Secunderabad Office 10,259 11,759 Cash at Visakhapatnam Office 16,660 14,629 Cash at Vijayawada Office 5,596 5,249 71,629 45,994 9.2 Bank Accounts - (Current / Savings A/cs.) Indian Bank [Chennai] 46,424 128,338 Indian Bank [Vijayawada] 7,345 5,675 Andhra Bank 252,081 161,011 Kotak Mahindra Bank [Chennai] 41,856 22,558 Kotak Mahindra Bank (Secunderabad) 46,391 119,803 Kotak Mahindra Bank (Visakhapatnam) 38,233 116,378 Andhra Bank 9,430 9,430 Andhra Bank 2,252 2,252 Indian Bank [FCRA] 5,675 5,675 449,686 571,119 9.3 Bank Accounts (FD's Maturing 3 months) City Union Bank 150,000 1,000,000 Kotak Mahindra Bank 700,000 700,000 Karur Vysya Bank 1,500,000 800,000 Lakshmi Vilas Bank 1,200,000 1,200,000 Indian Bank 200,000 200,000 Tamilnad Mercantile Bank 700,000 1,550,000 4,450,000 5,450,000 9.4 Bank Accounts (Fixed Deposits - Others) Andhra Bank - 800,000 City Union Bank 3,875,000 2,575,000 Karur Vysya Bank 2,450,000 3,150,000 Tamilnad Mercantile Bank 1,073,849 1,073,849 Lakshmi Vilas Bank 5,050,000 4,050,000 Indian Bank 700,000 700,000 Karur Vysya Bank - [Rental Deposit] - 652,800 Lakshmi Vilas Bank - [Rental Deposit) 612,000 612,000 Lakshmi Vilas Bank - [ASMEF] 764,532 764,532 14,525,381 14,378,181 17.1 Repairs & Maintenance Electrical Fittings 291,073 41,065 Water supply fittings 21,128 16,908 Cycles 1,250 480 Building 960,984 336,816 Computers 50,223 60,926 Lift 31,800 35,137 Furniture & Fixtures 90,506 7,536 Air conditioner 17,179 18,465 1,464,143 517,333 ANDHRA CHAMBER OF COMMERCE [Incorporated under Section 8 of the Companies Act 2013]
7. Fixed Assets & Depreciation as on 31st March 2019
SI. PARTICULARS GROSS BLOCK DEPRECIATION NET BLOCK No. At Cost Additions At Cost Upto 31. 3.2018 Rate for the year Upto 31. 3.201 9 31.03.2019 31.03.2018 31.3.2018 31.3.2019
1 Building 1,93,44,916.55 1,93,44,916.55 1,19,19,743.55 5 9,67,246.00 1,28,86,989.55 64,57,927.00 74,25,173.00 2 MAC & AC Library 6,58,906 78 9,904.00 6,68,810.78 5,31,575.78 5 33,386.00 5,64,961.78 1,03,849.00 1,27,331.00 3 Computer 4,24,325.00 4,24,325.00 1,19,508.00 20 84,865.00 2,04,373.00 2,19,952.00 3,04,817.00 4 Fire Extinguisher 26,355.00 26,355.00 21,084.00 20 5,271.00 26,355.00 0.00 5,271.00 5 Electrical Fittings 3,78,071.00 41,013.00 4,19,084.00 1,48,796.00 20 79,715.00 2,28,511.00 1,90,573.00 2,29,275.00 6 Furniture & Fixtures 3,47,691 00 4,68,730.00 8,16,421.00 68,950.00 15 87,308.00 1,56,258.00 6,60,163.00 2,78,741.00 7 LCD Projector 55,342.00 55,342.00 11,603.00 20 11,068.00 22,671.00 32,671,00 43,739.00 9 Cycle 9,855.00 9,855.00 1,971.00 20 1,971.00 3,942.00 5,913.00 7,884.00 10 CC Camera 35,985.00 28,122.00 64,107.00 30,999.00 20 10,00900 41,008.00 23,099.00 4,986.00 12 Bio Matric System 9,560.00 9,560.00 1,912.00 20 1,912.00 3,824.00 5,736.00 7,648.00 13 Air Conditioners 4,87,819.00 1,32,828.00 6,20,647.00 2,05,272.00 20 1,10,847.00 3,16,119.00 3,04,528.00 2,82,547.00 TOTAL 2,17,78,826.33 6,80,597.00 2,24,59,423.33 1,30,61,414,33 13,93,598.00 1,44,55,012.33 80,04,411.00 87,17,412.00 ANDHRA CHAMBER OF COMMERCE
[Incorporated under Section 8 of the Companies Act 2013]
NOTES ON ACCOUNTS
1. GENERAL INFORMATION :
Andhra Chamber of Commerce is a voluntary organization registered under the Companies Act as non profit making body. The principle objects of Chamber are the promotion and protection of Industry and Trade in India in general and in the states of Andhra Pradesh, Telangana and Tamilnadu in particular.
The Chamber with the assistance of a panel of Hon. Advisers and Consultants who are experts in their respective fields, provides free consultancy service to the members on GST, Labour, Direct Taxes, Customs, Foreign Trade (Export & Import), Patents, Trademarks and Intellectual Property Rights Issues, Company Law, Banking & Finance, Technical Standards, Inspection & Testing and Startups - Business Consultancy. To update the knowledge and skill of the Members and their Executives the Chamber organises periodically Training Programmes Seminars, Workshops, Symposia and Executive Development Programmes on various Tax matters and topics of interest to the trade and industry.
Apart from the above, the Chamber publish Information Bulletin (Monthly) which covers News on Chamber activities, information on Tax Laws, Labour Laws, Corporate Laws in addition to Foreign Trade - Export Import, Service Tax, T.N. VAT, A.P. VAT GST, Business Opportunities etc. The publication is sent to all Members free of charge.
2. SIGNIFICANT ACCOUNTING POLICIES:
2.1 Basis of Preparation: -
These financial statements have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP') to comply with the Accounting Standards specified under Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014 and the relevant provisions of the Companies Act, 2013. The Accounts are prepared on the basis of going concern concept. ANDHRA CHAMBER OF COMMERCE
[Incorporated under Section 8 of the Companies Act 2013]
2.2Fixed assets:
Fixed assets are stated at cost, less accumulated depreciation / amortization. Costs include all expenses incurred to bring the assets to its present location and condition
Gains or losses arising from retirement or disposal of fixed assets are recognized in the Profit & Loss account.
2.3 Depreciation:
Depreciation on Fixed Assets has been provided under Straight Line Method consistently and there is no change in the basis as compared to that of the previous year.
2.4 Revenue recognition:
i. Income through Information Bulletin (Monthly), issue of certificate of origin and Interest on Bank Deposits are recognized on accrual basis.
ii. Subscription through members is recognized on accrual basis.
2.5 Income Tax:
The Chamber is registered under section 12A of the Income Tax Act as a Trust and eligible for exemption U/s 11 of the Income Tax Act. a) Assessment year 2009-10 - The Income Tax Officer (ITO) has made an assessment and raised a demand of Rs. 7,70,1777-. The Chamber has filed an appeal before ITAT against the Order of CIT(A). Against the demand of Rs. 7,70,177/- the Chamber has paid Rs. 2,87,OOO/-.
ITAT has passed the order for allowing the exemption U7s 11 (vide its order dated 06.07.2016) and in the matter of depreciation disallowance, the ITAT has directed the Assessing officer to verify the records. After verification of the records, the ITO (Exemptions) passed order on 29.09.2016 and determined refund of Rs.3,83,9607- However, the above refund was adjusted against the demand of AY 12-13. ANDHRA CHAMBER OF COMMERCE
[Incorporated under Section 8 of the Companies Act 2013]
b) Assessment year 2012-13 - The Income Tax Officer (ITO) has made an assessment and raised a demand of Rs. 10,92,722/-. The Chamber has filed an appeal before the Commissioner of Income Tax [Appeals] against the aforesaid order. Against the demand of Rs. 10,92,7227- the Chamber has paid Rs. 5,50,000/- during the previous year.
The CIT(A) passed order allowing exemption U/s 11 and Depreciation claim U/s 32 of the Income tax act (vide its order dated 31.12.2016) and determined refund of Rs.6,43,480/- However, the above refund was adjusted against the demand for the AY 14-15.
c) Assessment year 2014-15 - ITO has made an assessment and raised demand of Rs.10,44,7607- disallowing the exemption U/s11 and Depreciation claim U/ 32. The company filed appeal with CIT(A).
The CIT(A) has passed an order vide ITA No. 204/16-17/CIT(A)-17, dated 8.4.2019 confirming the exemptions u/s 11 and depreciation allowance under section 32 of the IT. Act. d) The Chamber has got orders in all appeals made so far, it is in the process of preparing and submitting a detailed letter for refund of amount claimed in the returns filed, as well as the amount paid while preferring appeals together with interest as applicable.
2.6 Provisions, Contingent Liability and Contingent Assets
Provision involving degree of estimation in measurement is recognized when there is a present obligation as a result of past event and it is probable that there will be an outflow of resources.
Contingent liabilities are disclosed by way of Notes to accounts. Provisions are made if those become probable that an outflow of future economic benefits will be required for an item previously dealt with as a contingent liability. ANDHRA CHAMBER OF COMMERCE
[Incorporated under Section 8 of the Companies Act 2013]
2.7 Other Notes a) Contingent Liabilities: The Management is of the opinion that there are no contingent liabilities other than those present in normal course of the business. b) There is a capital commitment of Rs. 1,81,2987- towards purchase of Video Conferencing Equipment to be installed in the first floor meeting hall, where already an advance of Rs. 1,81,2987- has been paid towards 50% of the cost. c) An advance of Rs. 28,73,0007- has been paid towards major renovation of the office Building at Chennai. Since work completed till 31.3.2019 could not be ascertained, capital work in progress is not arrived at.
There is a capital commitment of Rs. 12,76,7357- towards this contract. d) Auditor Remuneration 31.03.2019 31.03.2018 Audit Fees 30,0007- 29,5007-
Figures for the previous year have been re-grouped 7 re-arranged, wherever necessary to conform to current year's presentation.
As per our report of even date For and on behalf of
ForVedam & Company Andhra Chamber of Commerce Chartered Accountants FRN : 004573S
Sd/- Sd7- Sd7- Sd7- L. Vijayaraghavan President Treasurer Secretary General Partner Mem No. 027371
Place : Chennai Date : Septembers, 2019 PO Ph :044-28472252 v-rv-'- Mob : 9442116888 CHARTERED ACCOUNTANTS A5-B5, JJ Terrace, New No.26,Old No.14, Judge Jambulingam Road, Dr.R.K Salai, Mylapore, Chennai 600 004. Email: [email protected]
AUDITOR'S REPORT
To, The members of Andhra Chamber of Commerce
Report on the Standalone Financial Statements We have audited the accompanying standalone financial statements of M/s. Andhra Chamber of Commerce ("the Company"), which comprise the Balance sheet as at 31st March 2019 and the statement of Income and Expenditure for the year ended 31st March 2019, and a summary of significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements The Company's Board of Directors is responsible for the matters in section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under Section133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2015. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the 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 internal financial control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have taken in to account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under and the Order issued under section 143(11) of the Act.
Patie 1 of 3 VEDAv t-L-r^'Mv| «& \*\s.CO MobPh .044284722 944211688582 CHARTERED ACCOUNTANTS A5-B5, JJ Terrace, New No.26,Old No.14, Judge Jambulingam Road, Dr.R.K Salai, Mylapore, Chennai 600 004. Email: vedamcompany@yahoo,co.in
We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the standalone financial statements are free from material mis- statement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the standalone financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the standalone financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the standalone financial statements that give true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Company's Directors, as well as evaluating the overall presentation of the standalone 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 standalone financial statements.
Opinion In our opinion and to the best of our information and according to the explanations given to us, the standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India of the state of affairs of the company as at March 31, 2019 and its total comprehensive Income for the year ended on that date;
Report on Other Legal and Regulatory Requirements
As required by section 143(3) of the Act, we report 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 purposes of our audit. b) In our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books. c) The Balance Sheet and Income and Expenditure account dealt with by this Report are in agreement with the books of account.
Page 2 of3 \M & CO Ph ;044'28472252 V V t-L-'^IVI « ^^- Mob : 94421 16888 CHARTERED ACCOUNTANTS
A5-B5, JJ Terrace, New No.26,Old No.14T Judge Jambulingam Road, Dr.R.K Salai, Mylapore, Chennai 600 004. Email : [email protected]
d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act.
e) On the basis of written representations received from the directors as on 31 March 2019, taken on record by the Board of Directors, none of the directors is dis-qualified as on 31st March 2019, from being appointed as a director in terms of Section 164(2) of the Act.
f) In our opinion, the company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2019, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting.
g) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to explanations given to us:
i. The Company has disclosed the impact of litigations on its financial position in its Standalone financial statements - Refer Note 2.5 to the Financial statements. ii. The Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses. iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the company.
For Vedam & company Chartered Accountants Firm Registration No: 004573S
L. Vijayaraghavan Partner Mem No. 027371
Date : September 5, 2019
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