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TRANSCRIPT
ANNUAL REPORT
OF THE
ANDHRA CHAMBER OF COMMERCE
FOR THE YEAR
2018-2019
C O N T E N T S 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 COMMERCECHENNAI
REPORT OF THE EXECUTIVE COMMITTEEFOR THE YEAR 2018-2019
The Executive Committee of the Andhra Chamber of Commerce have pleasure in placing before theGeneral Body of Members of the Chamber the Annual Report for the year 2018-2019 together with the AuditedStatement of Accounts for the same period. While doing so the Executive Committee presents a short resume ofthe 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 theRegistered 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 NagendraPrasad, 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 asPresident of the Chamber, Shri C. Nagendra Prasad, Chairman of Travel Express Limited, Chennai, Shri ChVenkateswara 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 ExecutiveCommittee 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 3FIndustries Ltd., Chennai, Shri V. Murali, Chennai, Shri K.N Suresh Babu. Managing Director of Suresh 'N' SureshExports P. Ltd., Chennai, Shri K.V. Sundaram, Chennai, Smt. Asha Rammohan, Chennai, Smt. JayashreeManradiar, 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, Chennaiwas 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 electedas Chairmen of the Secunderabad, Visakhapatnam and Vijayawada Advisory Committees respectively.
Dr. V.L. Dutt, Shri P.S. Bhashyam, Shri V. Sethuram, Shri K. Sankarakrishnan, 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. BalachandraBabu former Presidents were coopted as Members of the Executive Committee as per the provisions of theArticles 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 "ExpertsCategory".
Shri V.S. Prasanth Kumar, Chennai, Smt. Rashmi Mohindra, Chennai Shri A. Krishna Balaji,Visakhapatnam were elected as Members of the Executive Committee for 2018-2019 under "Un-representedIndustry / Trade Category".
Shri S.R. Sundaram, Chennai and Shri S.B. Prabhakar Rao were elected as Members of the ExecutiveCommittee 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 158Members ceased to be Members while 119 were admitted as Members. As on March 31, 2019 the Membershipstood at 1540.
2
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 theChamber 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 VisakhapatnamAdvisory Committee of Andhra Chamber of Commerce on October 1, 2018.
Shri K. Srinivasamurthy, Advocate, Labour Law Consultant and Hon.Adviser of the Chamber on LabourLaw 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 ofCommerce 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 Companieson his being honoured by Hon'ble Shri Subhash Desai, Minister for Industries & Mining, Government ofMaharashtra and presenting a Citation and Memento to Shri G.Sudhakar, recognising his services as theChairman 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 theChamber on the happy occasion of performing Kumbhabhishakam of Sri Kasi Viswanathaswamy Temple inVaranasi. It is a great achievement for a person who was able to succeed the great task of performingKumbhabhishakam of Sri Kasi Viswanathaswamy temple after long gap of 238 years
Shri M.A. Adithyaa S/o Shri M.K. Anand, E.C Member - a 20 year old student of Electronics andInstrumentation Engineering from Madras Institute of Technology on his winning the Silver medal at theInternational Championship - Asian Rubic Cube Championship Competition held at Taiwan on August 19, 2018He 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 theChamber 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 theCentral 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 electedfrom 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 theChairman of FICCI T.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 theInstitute of Cost Accounts of India, Southern India Region and on also on his conferment of Doctorate - HonorisCasa
Dr. V.L. Indira Dutt, Managing Director, The KCP Limited and President of Andhra Chamber of Commerceon her being awarded -- the prestigious award by the Rotary Club - "For the sake of Honour Award" by the RotaryClub 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. Thefigures in bracket indicate the number of Meetings held during the year after election or cooption of the Member/sconcerned.
No. of No. ofMeetings MeetingsAttended held
Dr. V.L. Indira Dutt 6 (6)Shri C. Nagendra Prasad 4 (6)Shri Ch. Venkateswara Rao 4 (6)Dr. G.V. Chalapathi (6)Shri Naveen B. Rathore (6)Shri S.A. Azeez 0 (3)Shri G. Sankaran 0 (3)Shri N Siva Prasad 3 (6)Dr. M.K. Muthuvelu (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 (6)Shri S. Narasimhan 3 (6)Shri B. Gautham 5 (6)Shri K.S. Chakravarthy 0 (6)Dr. J.A.S. Giri, Hyderabad (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)ShriV. Murali (4)Shri S. Subbusundaram 2 (6)Shri K.V. Sundaram (4)Shri G. Nageswara Rao (6)Shri S.B. Goenka (6)Shri K.N. Suresh Babu (6)Shri P. Chiranjeevulu, Secbad (6)Smt. Asha Rammohan (6)Smt. Jayashree Manradiar (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 (6)Shri Baboolal P. Rathore 0 (6)Shri G. Sudhakar 4 (6)Shri K.B. Narasimha Prasad 2 (6)Shri V. 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. Asper the ISO norms the Chamber had upgraded the ISO Standards from 9001-2008 to 9001-2015 successfullyduring 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 ofBombay Stock Exchange Limited was held on April 12, 2018 at E-Hotel, Chennai. Guest Speaker: Shri CGurunathan, 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 - WAYFORWARD" 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 theChamber'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. Ramesh, IRS, DeputyCommissioner 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- GuestSpeaker: 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 ofTamil Nadu.
Audio visual Presentation Meeting on "Paradise Regained: AIMLA enables Strategic Profitability for theTechnopreneur" 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, Governmentof 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 onSaturday, 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 SaravanaPrabhu, 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 - GuestSpeaker: Shri P. Veeraraghavan, Senior Corporate Trainer.
Meeting on "Indo - Japan Relations - Way to look forward" organised by the Chamber was held at 4 PMon Friday, October 12, 2018. Mr. Tomio Isogai, former Managing Director of Sharp Corporation, Japan was theChief Guest.
A 24 Member -Delegation from Andhra Chamber of Commerce visited the SRICITY - Special EconomicZone at Tada on October 12, 2018.
A Presentation on Dynamics of Indian Financial Markets organised by Andhra Chamber of Commerce withthe 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: SHRISURESH VIJENDRAN, Senior Corporate Trainer
A presentation on "Strategic Cost Management and Government Schemes for SMEs" organised by theChamber with the support of Institute of Cost Accountants of India SIRC at Chennai was held on February 7, 2019at the Chamber's Conference Hall, 'Velagapudi Ramakrishna Bldg., West CIT Nagar, Nandanam, Chennai - 600035. -- CMA P. Raju Iyer, Chairman, PD & CPD Committee, ICAI and CMA Gopal Krishna Raju, were the GuestSpeakers.
An interactive session on Envisioning India 2030 jointly organised by Andhra Chamber of Commerce andFICCI T.N. State Council was held on February 21, 2019 at the Chamber's Conference Hall, VelagapudiRamakrishna 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 - GuestSpeaker: Dr. K.N. Somasundaram, Senior Corporate Trainer.
Visit of Sri Lanka Business Delegation from National Chamber of Exporters, Colombo to Chennai. -- one toone 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 Sn 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 onMarch 20, 2019. Guest Speakers: Shri Bharath Devanathan, G.M. Emerging Technologies, HTC Global Ltd andShri Sivaram Athmakuri, Tech Consultant & Certified PMP, Co-ordintor : Shri M.K. Anand, Chairman, InformationTechnology, 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.), GuestSpeakers: Shri V. Narasimhan, Shri A.K. Srikantan, Co-ordinator: Dr. M.K. Muthuvelu, Chairman, Power, AlternatePower, Renewable Energy & Fuel and Risk Management Sub-Committee, ACC.
Audio visual Presentation Meeting on "Blockcham : 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 theSecunderabad 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 ofCommerce with the support of TANSTIA FNF service and Friedrich Naumann Foundation for Freedom was held onSaturday, November 24, 2018 at Hotel Mercure KCP Hyderabad -- Shri Simon Selvaraj, Senior Director, JLLIndia. Chennai was the Guest Speaker.
An Interactive Session on "Exploring Business Opportunities through Foreign Trade Agreements andSocial Media" organised by the Telangana Chapter of the Andhra Chamber of Commerce was held onWednesday, 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, Hyderabadwas the Chief Guest.
VISAKHAPATNAM OFFICE:
The Visakhapatnam office of the Chamber functioned with Shri M. Raghavendra Rao, as the Chairman ofthe Visakhapatnam Advisory Committee till August 26, 2018. Shri D. Prasanna Kumar was elected as theChairman of the Visakhapatnam Advisory Committee from August 27, 2018.
A Presentation on Future of E-Mobility for SMES at Visakhapatnam organized by Andhra Chamber ofCommerce with the support of TANSTIA FNF service and Friedrich Naumann Foundation for Freedom was held onFriday, November 23, 2018 at Hotel Daspalla, Suryabagh, Visakhapatnam -- Prof Dr. N. Srinivas, Professor ofEnvironmental Studies, Director, Centre for Climate Change & Disaster Management, GITAM University was theGuest Speaker.
Presentation on "STRATEGIC COST MANAGEMENT AND GOVERNMENT SCHEMES FOR SMES" at11.30 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 SubhankarGupta, Chairman, Ukkunagaram Chapter, Speakers: CMA P. Raju Iyer, Chairman PD & CPD Committee,CMA Gopala Krishna Raju, Senior Consultant
VIJAYAWADA OFFICE:
The Vijayawada office of the Chamber functioned with Shri M. Rajaiah, as the Chairman of the VijayawadaAdvisory Committee.
A Programme on A.P Capital Present & Future Plans at 5 P.M, Monday, August 13, 2018. Venue: TajGate Way Hotel, MG Road, Vijayawada - 520 010(A.P) Chief Guest: Dr. Sreedhar Cherukun, 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 Commercealong 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 Delhiand 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 werereconstituted 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 PANELSFOR 2018-2019
Sub-Committees
1. Agriculture & RuralDevelopment
2. Banking & Finance3. Company Law4 Direct Taxes5. Foreign Trade6. Internal Trade7. Labour & Management8. Port Affairs, Shipping,
Logistics, Warehousing& Transport
9. Power, Alternative Power,Renewable Energy &Fuel and Risk Management
10. Indirect Taxes11. Travel & Tourism12. Information Technology ,
Computerisation &Telecom
13. Startup Business,Entrepreneurship &Business Incubator
14. Quality Systems &Productivity Committee
15.Skill DevelopmentSub-Committee
16. Press Relations Sub-Committee
Chairman
Shri D.S. Balachandra Babu
Shri Kailashmull DugarShri G. RamachandranShri N. Siva PrasadShri R.R. PadmanabhanShri Baboolal P. RathoreShri S. RavindranShri S. Narasimhan
Shri M.K. Muthuvelu
Shri V.V. SampathkumarShri C. Nagendra PrasadShri M.K. Anand
Smt. Rama Venugopal
Shri G. Sudhakar
Shri R.R. Padmanabhan
Shri B. Gautham
Co-Chairman
Shri M. ShekarShri R. DeenadayaluShri H.B. Bhaskar ShenoyShri Sailesh R. Mehta
Shri M. Suresh
Shri M.V. Ananthakrishna
Shri J. MuraliSmt. Rathi Nilakantan
Shri B. Gautham
Smt. Rama Venugopal
Shri M.K. Anand
Shri V.S. Prasanth Kumar
Industry & Trade Panels Chairman Co-Chairman
1. Major Industries2. MSME3. Mining & Mineral Industries
4. Handloom Industry & Trade
Shri P. Vijaya Bhaskar ReddyDr. D.V.V. Sree Lakshmi VaniShri V. Prabhakar Reddy
Shri S. Thangaraj
Dr. J.A.S. Giri
VISITS AND MEETINGS
During the year under review the following dignitaries were the Guests of Honour at the functionsorganised by the Chamber and or jointly with sister Chambers of Commerce or met with by representatives of theChamber 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 ofAndhra Pradesh,
Shri A. Raguram, Director, Cares Renewables Pvt Ltd
Shri S. Sivagnanam, Additional Industrial Adviser, MSME-DI, 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 & DisasterManagement, 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 FICCI, 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 andguidance of Members and Member Bodies:
Information Bulletin (E-version - Monthly & Printed version -- Bi-Monthly) is in its 71st year of publicationwhich carried all the important Tax Laws, Labour Laws. Corporate Laws in addition to Foreign Trade - ExportImport, 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 Ministriesand Departments of the Government of India, Government of Andhra Pradesh and Government of Tamilnadu andother official and non-official agencies for their cooperation and assistance by way of timely supply of GovernmentOrders, Notifications, Public Notices, Trade Notices, Press releases etc. and to the Members of the Chamber andAdvertisers for their support.
LIBRARY
During the year under review 22 Books were added to the Library. The Journals and Periodicals sectionreceived 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 theyear.
FREE CONSULTANCY SERVICE
The Free Consultancy Service on Labour, GST, Direct Taxes, Customs & Central Excise, Export & ImportTrade, Banking & Finance, Patents, Trade Marks & Intellectual Property Rights Issues, Company Law matters &Constitutional & Civil Laws, Technical Standards Inspection & Testing (DGS&D) and Startups - BusinessConsultancy 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.C.A., DISA (ICA)Shn V.V. Ramesh, B.Com., M.L.
Labour Laws:
Shri T.S. Gopalan, B.A.B.L., Advocate & NotaryShri 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) BGLFormer 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 SecretaryShri R. Deenadayulu, B.Com., ACS., Practicing Company Secretary
Technical Standards Inspection & Testing (DGS&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., LLBShri P. Yakaiah, FCA
Labour:
Smt. V. Uma Devi, AdvocateShri Raman Kumar Heda, ACA
Goods & Service Tax:
Shri Y.L. Narasimha Rao, M.Com.,Shri R. Vijayakumar, B.Com, LL.BShri Lemesh Kumar Goel, FCA
Foreign Trade:
Shri N. Parthasarathy, Exim ConsultantShri V.B.S.S. Koteswara Rao, Exim Consultant
Company Law Matters:
Shri Abhiramula Moksha Kalyanram, ACA, ACS, LL.BShri 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.N. 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, 2018addressed to Hon'ble Shri Arun Jaitley, Union Minister for Finance, Government of India for consideration of theGovernment of India.
ANDHRA CHAMBER OF COMMERCE BUSINESS INCUBATOR
In alignment with the Startup momentum in the country, Chamber has set up a Business Incubator topromote and nurture Entrepreneurship by encouraging new gen entrepreneurs to set up businesses under theguidance of Chamber's Business Incubator.
ANDHRA CHAMBER OF COMMERCE WOMEN BUSINESS FORUM
The Chamber constitutes Andhra Chamber of Commerce Women Business Forum (ACCWBF) to encouragewomen 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 MemberBodies 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 donationsreceived by the Chamber during the year 2017-2018 are exempt under Section 80G 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 itsbusiness, including adherence to Company's policies, safeguarding of its assets, prevention and detection offrauds and errors, the accuracy and completeness of the accounting records and the timely preparation of reliablefinancial 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, thePress and other Media for the coverage given to the activities of the Chamber and the General Body of Membersfor their support and cooperation.
The Executive Committee take this opportunity of placing on record their appreciation for the excellentservice rendered by Smt. R. Vijayalakshmi, Secretary General, Shri P. Nandagopal, Secretary, Shri O. Srmivas,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.
Office of the V.L. INDIRA DUTTAndhra Chamber of Commerce, PRESIDENT"Velagapudi Ramakrishna Building",23, Third Cross Street, West C.I. T. Nagar, / \, Chennai-600 035 ^ - t tVxJ^
R. VUVWALAKSHMTSECRETARY GENERAL
Dated: Septembers, 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 Commerces 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
Chairman
Members
Hon. Advisers
Deputy Secretary
14
SECUNDERABAD ADVISORY COMMITTEE 2018-2019
: Dr. J. A.S.Giri, Chairman of Sangfroid Industries Ltd., Hyderabad
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 NCL Wmtech India Limited
Shri Kesava Rao Kodali, Chairman of SEKO EEC 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 ACS 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
Shri P. Chiranjeevulu, Company Law Matters and Direct Taxes
Shri Y. Sambasiva Rao, Sales Tax & VAT
Shri T. Krishna Kumar Menon, 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
: Shri G. Ramanjaneyulu
15
Chairman
Members
Hon. Advisers
Deputy Secretary
Visakhapatnam Advisory Committee for 2018-2019
Shri D. Prasanna Kumar, F.C.A., Visakhapatnam
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.V.R. 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
Shri G. Prabhakara Sastry
Shri K.K.V.T. Ramakrishna
Shri R. Ananda Murthy
Shri V. Deveswara Rao
Shri V. Thrinadha Rao
Chairman
Members
Joint Secretary
Vijayawada Advisory Committee for 2018-2019
Shri M. Rajaiah, Managing Director of Hotel Taj Gateway, Vijayawada
Shri Paladagu 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 Lakshmi 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
N. Raja Rao
16
ANDHRA CHAMBER OF COMMERCE
"Velagapudi Ramakrishna Bldg."23, Third Cross Street.West C.I.T. Nagar.P. B. No. 3368,Nandanam, Chennai-600 035
"T.G. Venkatesan Bhavan"602 & 603 Chenoy Trade Centre,
116, Park Lane,P.B.No.1716,
Secunderabad-500 003 (T.S.)
Door No. 43-19-30,Venkataraju Nagar,
Dondaparthy,NearTSN Colony,
Visakhapatnam-530 016 (A.P.)
Siddhartha Hotel ManagementCollege Premises,
Pinnameneni Poly Clinc Road,Technical Nagar.
Vijayawada-520 010 (A.P.)
EXECUTIVE COMMITTEE, 2018-2019
PresidentVice-Presidents :
Treasurer
Dr. V.L. Indira DuttShri C. Nagendra PrasadShri Ch. Venkateswara RaoDr. M.K. Muthuvelu
[a] Affiliated Bodies:
COMMITTEE MEMBERS:
Dr. G.V. Chalapathi of Laminated Packaging Mfgrs. Assn., ChennaiShri Navin B. Rathore of The Madras Kirana Merchants Assn., ChennaiShri S.A. Azeez, President of The South India Iron & Hardware Merchants Association,ChennaiShri G. Sankaran, President, Tamilnadu, Pondy Plastic Association, Chennai
[b] Members:
Shri N. Siva PrasadShri M. ChakravarthyShri A. Ramesh PrasadSmt. D.V.V. Sree Laxmi VaniSmt. Umra Singh SirohiShri A. Mallesh RaoSmt. Rama Venugopal
Shri S. NarasimhanShri B. GauthamShri K.S. ChakravarthyDr. J.A.S. GiriShri M. Raghavendra RaoShri M. RajaiahShri M.V. Anantha KrishnaShri M.K. Anand
Shri G. Nageswara RaoShri S. SubbusundaramShri V.V. SampathkumarShri S.B GoenkaDr. V. MuraliShri P. Chiranjeevulu,Shri K.N. Suresh BabuShri K.V. SundaramSmt. Asha RammohanSmt. Jayashree Manradiar
[c] Co-opted: Past-Presidents:
Dr. V.L. DuttShri P.S. BhashyamShri V SethuramShri K. SankarakrishnanShri P.S. Kumar
Dr J VenkataramanaShri C. VenkatachalamShri S.S. RajsekarShri Sailesh R. MehtaShri Baboolal P. Rathore
Shri G. SudhakarShri K.B. Narasimha PrasadShri Kailashmull DugarShri V. UpendranShri D.S. Balachandra Babu
[d] Co-opted - Experts
Shri R.R. PadmanabhanShri V.B.S.S. Koteswara Rao
Shri G. Ramachandran
[e] Co-opted - Un-represented Industry/Trade:
Shri V.S. Prasanth Kumar Smt. Rashmi Mohindra
Shri M. Shekar
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 COMMERCEPRESIDENTS -- PAST AND PRESENT
* Shri Kommireddi Suryanarayanamurthi Naidu (1928, 1929)* Shri Narayandas Girdhardas (1930, 1935 to 1943)* Shri P.T. Kumaraswami Chetty (1931 to 1934)
* Shri C. Seshachalam (1944 to 1946)*Shri N. Rama Rao (1947)* Shri Guntur Narasimha Rao (1948 to 1950)*ShriT.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 Rasiklal M. Metha (1969, 1970)* Shri Y. Venkanna Chowdary (1971, 1972)* Shri T.S. Krishnamurthi (1973, 1974)
Shri V.R. Bakthavatsalam (1975, 1976)Dr. V.L. Dutt, (1977, 1978)
* Shri P. Bhoja Shetty (1979, 1980)* Shri J.K. Bhuwalka (1981, 1982)*Shri L.V. Ramaiah (1983)
Shri V. Ravindranath (1984)* Shri S Nandagopal (1985, 1986)
Shri P.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
VI DAM & CO ph °4428472252VtL/**m °* V*W« Mob: 9442116888CHARTERED 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 ofAndhra Chamber of Commerce
Report on the Standalone Financial StatementsWe have audited the accompanying standalone financial statements of M/s. AndhraChamber 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 explanatoryinformation.
Management's Responsibility for the Financial StatementsThe Company's Board of Directors is responsible for the matters in section 134(5) of theCompanies Act, 2013 ("the Act") with respect to the preparation of these standalonefinancial statements that give a true and fair view of the financial position, financialperformance in accordance with the accounting principles generally accepted in India,including the Indian Accounting Standards (Ind AS) specified under Section133 of theAct, read with Rule 7 of the Companies (Accounts) Rules, 2015. This responsibility alsoincludes the maintenance of adequate accounting records in accordance with theprovision of the Act for safeguarding of the assets of the Company and for preventingand detecting the frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent;and design, implementation and maintenance of internal financial control, that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords, relevant to the preparation and presentation of the standalone financialstatements that give a true and fair view and are free from material misstatement,whether due to fraud or error.
Auditor's ResponsibilityOur responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken in to account the provisions of the Act, theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made there under and theOrder issued under section 143(11) of the Act.
VEDAM & CO ph 04428472252Vl-L^jni *X V.W. Mob: 9442116888CHARTERED 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]
We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance aboutwhether the standalone financial statements are free from material mis-statement.
An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the standalone financial statements. The procedures selecteddepend on the auditor's judgment, including the assessment of the risks of materialmisstatement of the standalone financial statements, whether due to fraud or error. Inmaking those risk assessments, the auditor considers internal financial control relevantto the Company's preparation of the standalone financial statements that give true andfair view in order to design audit procedures that are appropriate in the circumstances.An audit also includes evaluating the appropriateness of accounting policies used andthe reasonableness of the accounting estimates made by Company's Directors, as wellas evaluating the overall presentation of the standalone financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide 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 givento us, the standalone financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the company as at March31, 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 bestof 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 theCompany so far as appears from our examination of those books.
c) The Balance Sheet and Income and Expenditure account dealt with__by this Reportare in agreement with the books of account. ~
ANDHRA CHAMBER OF COMMERCE[Incorporated under Section 8 of the Companies Act 2013]
BALANCE SHEET
Amount in INR
1.
II.
Particulars
EQUITY AND LIABILITIES
(1) Shareholders's Funds
(a) Reserves and Surplus
(2) Andhra Chamber Somayajulu Memorial
Endowment Fund
(3) Non-Current Liabilities
(a) Other long term liabilities
(4) Current Liabilities
(a) Other current liabilities
Total
ASSETS
(1) Non - Current Assets:
(a) Fixed Assets
(i) Tangible Assets
(b) Long-term loans and advances
(2) Current Assets:
(a) Cash and Cash equivalents
(b) Short-term loans and advances
(c) Other Current assets
Total
Notes
3
4
5
6
7
8
9
10
11
As at
March 31, 2019
32,669,383
741,891
612,000
1,117,066
35,140,340
8,004,411
2,660,453
10,664,864
19,496,696
1,034,382
3,944,398
24,475,476
35,140,340
As at
March 31, 2018
29,431,699
768,737
1,264,800
827,683
32,292,919
8,717,412
2,372,612
11,090,024
20,445,294
442,601
315,000
21,202,895
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
Chartered Accountants
FRN : 004573S
For and on behalf of
Andhra Chamber of Commerce
L. Vijayaraghavan
Partner
Mem. No. 027371
Place : Chennai
Date : Septembers, 2019
President 'retary General
ANDHRA CHAMBER OF COMMERCE[Incorporated under Section 8 of the Companies Act 2013]
STATEMENT OF INCOME AND EXPENDITURE
Amount in INR
1.I I .III.
IV.
V.
VI.
VII
VIII
IX
Particulars
INCOME
Revenue through Chamber
Other Income
Total Income
EXPENSES
Expenditure on Chamber activities
Employees Benefits
Depreciation / amortization
Other Expenses
Total Expenses
Surplus / (Deficit) before exceptional and extraordinary
items and Tax (III-IV)
Exceptional and Extraordinary Items
Surplus / (Deficit) before tax (V-VI)
Tax Expense
Surplus / (Deficit) for the year (VII - VIII)
Notes
12
13
14
15
16
17
Year ended
March 31, 2019
4,767,500
10,835,098
15,602,598
1,176,339
6,598,687
1,393,598
3,686,291
12,854,915
2,747,683
2,747,683
2,747,683
Year ended
March 31, 2018
2,163,000
10,472,118
12,635,118
2,386,632
5,817,876
1,340,402
2,399,167
11,944,077
691,042
691,042
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
Chartered Accountants
FRN : 004573S
For and on behalf of
Andhra Chamber of Commerce
L. Vijayaraghavan
Partner
Mem. No. 027371
Place : Chennai
Date : Septembers, 2019
President surer"WvHU^»
Setre1$ry\Gener
ANDHRA CHAMBER OF COMMERCE[Incorporated under Section 8 of the Companies Act 2013]
Notes forming part of the Financial statement
3 Reserve & Surplus
Particulars
Building Reserve
Corpus Fund
Entrance Fee
Life Membership Reserve
Excess of Income over Expenditure
Total
3.1
3.2
3.3
3.4
As at
March 31, 2019
12,536,443
5,367,271
1,470,350
3,445,950
9,849,369
32,669,383
As at
March 31, 2018
12,536,442
5,367,271
1,145,350
3,280,950
7,101,686
29,431,699
Andhra Chamber Somayajulu Memorial Endowment Fund
Particulars
Opening balance as per last Balance Sheet
Add: Addition during the year
Add: Interest received during the year
Less: Expenses incurred during the year
As at
March 31, 2019
768,737
49,561
818,298
76,407
741,891
As at
March 31, 2018
722,593
46,144
768,737
768,737
Other Long term Liabilities
Particulars
Rental Deposit received
Total
As at
March 31, 2019
612,000
612,000
As at
March 31, 2018
1,264,800
1,264,800
6 Other Current Liabilities
Particulars
Advance Subscription
Deposit for Membership
Advance Certificate of Origin
Provision for Taxation
Audit Fee Payable
TDS Payable
Bills Payable
Outstanding Expenses
Total
As at
March 31, 2019
88,725
60,549
224,713
363,713
30,000
1,228
329,025
19,113
1,117,066
As at
March 31, 2018
55,625
88,049
192,012
360,534
29,500
-
87,350
14,613
827,683
Long term Loans and Advances
Particulars
Electricity Deposit
Salary Advance
Rental Deposit for Visakhapatnam Office
Bo/once with Govt. Authorities: ,"-"~s*5S,
(i) TDS Receivables /L*$-&d
(ii) Income Tax Paid under Protest /^ToU-^0*^
Total i : **»?\a
H
As at
March 31, 2019
169,885
40,000
105,000
1,233,454
1,112,114
2,660,453
As at
March 31, 2018
169,885
28,000
105,000
957,613
1,112,114
2,372,612
9 Cash and Cash equivalent
Particulars
Cash in hand
Bank Accounts (Current / Savings A/c.)
Bank Accounts (FDs Maturing 3 Months)
Bank Accounts (Fixed Deposits - Others)
Total
9.1
9.2
9.3
9.4
As at
March 31, 2019
71,629
449,686
4,450,000
14,525,381
19,496,696
As at
March 31, 2018
45,994
571,119
5,450,000
14,378,181
20,445,294
10 Short-Term Loans and Advances
Particulars
IDS Receivables
Bills Receivables
ITC - GST
Total
As at
March 31, 2019
323,952
149,266
561,164
1,034,382
As at
March 31, 2018
275,841
166,760
442,601
11 Other Current Assets
Particulars
Subscsription due from Members
Advances to Equipment & BIdg. Maintenance
Total
As at
March 31, 2019
890,100
3,054,298
3,944,398
As at
March 31, 2018
315,000
315,000
12 Revenue through Chamber
Particulars
Subscription Income
Total
Year ended
March 31, 2019
4,767,500
4,767,500
Year ended
March 31, 2018
2,163,000
2,163,000
13 Other Income
Particulars
Issue of Certificate of Origin
Information Bulletin
Miscellaneous Income
Rental Income
Interest Income
ACCBI - Incubation Fee
Seminar Income
Total
Year ended
March 31, 2019
7,232,788
112,600
86,851
1,931,997
1,376,445
1,696
92,721
10,835,098
Year ended
March 31, 2018
7,167,105
-
79,560
1,940,121
1,240,332
45,000
-
10,472,118
14 Expenditures on Chamber Activities
Particulars
Chamber's Anniversary Celebration
Subscription to other Bodies
ISO 9001-2008 Certification/ N> -
Seminar Expenses
Irrecoverable Subscription
ACC Business Incubator Expenses '} r>\l \"'V>X
^VA*
1!-17
Year ended
March 31, 2019
4,007
65,960
66,545
-
778,000
261,827
1,176,339
Year ended
March 31, 2018
1,039,556
53,150
189,117
450,010
654,799
2,386,632
15 Employees Benefit
Particulars
P.F, Contribution to Secretary
P.P. Contribution to other Staff
Salary Allowance and Bonus to other Staff
Salary Allowance and Bonus to Secretary
Andhra Chamber Employees Group Gratuity
Staff Welfare
Total
Year ended
March 31, 2019
82,824
322,286
4,990,726
864,848
153,700
184,303
6,598,687
Year ended
March 31, 2018
67,392
232,401
4,675,401
715,982
126,700
5,817,876
16 Depreciation / Amortization
Particulars
Depreciation - (Refer note 7)
Total
Year ended
March 31, 2019
13,93,598.00
13,93,598.00
Year ended
March 31, 2018
13,40,402.00
13,40,402.00
17 Other Expenses
Particulars
Electricity
Journals & Periodicals
Postage
Printing
Property Tax
Reception Expenses
Rent
Repairs & Maintenance
Stationery
Sundry Expenses
Telephones
Conveyance & Travelling Expenses
Building Insurance
Compliance Expenses
Audit Fees
Professional Fees
Web Designing Expenses
Bank Charges
CC Camera Expenses
Total
17.1
Year ended
March 31, 2019
265,183
94,625
198,249
474,486
180,294
48,801
233,776
1,464,143
43,286
167,107
103,944
99,915
8,650
9,860
30,000
196,680
11,800
1,292
54,200
3,686,291
Year ended
March 31, 2018
235,429
74,624
168,731
264,804
139,764
19,391
220,368
517,333
32,278
163,779
120,560
196,923
6,532
16,040
29,500
178,350
10,000
4,761
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
Corpus Fund
Opening balance as per last Balance Sheet
Add: Additions during the year
Entrance Fees
Opening balance as per last Balance Sheet
Add: Additions during the year
Life Membership Reserve
Opening balance as per last Balance Sheet
Add: Additions during the year
Excess of Income over Expenditure
Opening balance as per last Balance Sheet
Add: Excess of Income over Expenditure for the year
March 31, 2019
5,367,271
5,367,271
1,145,350
325,000
1,470,350
3,280,950
165,000
3,445,950
7,101,686
2,747,683
9,849,369
March 31, 2018
5,367,271
5,367,271
924,350
221,000
1,145,350
2,850,950
430,000
3,280,950
6,410,644
691,042
7,101,686
3.1
3.2
3.3
3.4
Cash and Cash Equivalents
Cash in hand
Cash at Chennai Office
Cash at Secunderabad Office
Cash at Visakhapatnam Office
Cash at Vijayawada Office
Bank Accounts - (Current / Savings A/cs.)
Indian Bank [Chennai]
Indian Bank [Vijayawada]
Andhra Bank
Kotak Mahindra Bank [Chennai]
Kotak Mahindra Bank (Secunderabad)
Kotak Mahindra Bank (Visakhapatnam)
Andhra Bank
Andhra Bank
Indian Bank [FCRA]
Bank Accounts (FD's Maturing 3 months)
City Union Bank
Kotak Mahindra Bank
Karur Vysya Bank
Lakshmi Vilas Bank
Indian Bank
Tamilnad Mercantile Bank
<',;R1
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39,114
10,259
16,660
5,596
71,629
46,424
7,345
252,081
41,856
46,391
38,233
9,430
2,252
5,675
449,686
150,000
700,000
1,500,000
1,200,000
200,000
V 700,000
RjjT 4,450,000
w
14,357
11,759
14,629
5,249
45,994
128,338
5,675
161,011
22,558
119,803
116,378
9,430
2,252
5,675
571,119
1,000,000
700,000
800,000
1,200,000
200,000
1,550,000
5,450,000
9.1
9.2
9.3
9.4 Bank Accounts (Fixed Deposits - Others)
Andhra Bank
City Union Bank
Karur Vysya Bank
Tamilnad Mercantile Bank
Lakshmi Vilas Bank
Indian Bank
Karur Vysya Bank - [Rental Deposit]
Lakshmi Vilas Bank - [Rental Deposit]
Lakshmi Vilas Bank - [ASMEF]
Repairs & Maintenance
Electrical Fittings
Water supply fittings
Cycles
Building
Computers
Lift
Furniture & Fixtures
Air conditioner
-
3,875,000
2,450,000
1,073,849
5,050,000
700,000
-
612,000
764,532
14,525,381
291,073
21,128
1,250
960,984
50,223
31,800
90,506
17,179
1,464,143
800,000
2,575,000
3,150,000
1,073,849
4,050,000
700,000
652,800
612,000
764,532
14,378,181
41,065
16,908
480
336,816
60,926
35,137
7,536
18,465
517,333
17.1
ANDHRA CHAMBER OF COMMERCE[Incorporated under Section 8 of the Companies Act 2013]
7. Fixed Assets & Depreciation as on 31st March 2019
SI.
No.
1
2
34
5679
1012
13
PARTICULARS
Building
NAG & AC Library
Computer
Fire Extinguisher
Electrical Fittings
Furniture & Fixtures
LCD Projector
Cycle
CC Camera
Bio Matric System
Air Conditioners
TOTAL
GROSS BLOCK
At Cost
31.3.2018
1,93,44,916.55
6,58,906.78
4,24,325.00
26,355.00
3,78,071 00
3,47,691 00
55,342.00
9,855.00
35,985.00
9,560.00
4,87,819.00
2,17,78,826,33
Additions
9,904.00
41,013.00
4,68,730.00
28,122.00
1,32,828.00
6,80,597.00
At Cost
31.3.2019
1,93,44,916.55
6,68,810.78
4,24,325.00
26,355.00
4,19,084.00
8,16,421.00
55,342.00
9,855.00
64,107.00
9,560.00
6,20,647.00
2,24,59,423.33
DEPRECIATION
Upto 31. 3.2018
1,19,19,743.55
5,31,575.78
1,19,508.00
21,084.00
1,48,796.00
68,950.00
11,603.00
1,971.00
30,999.00
1,912.00
2,05,272.00
1,30,61,414.33
Rate
5520
2020152020202020
for the year
9,67,246.00
33,386.00
84,865.00
5,271.00
79,715.00
87,308.00
11,068.00
1,971.00
10,009.00
1,912.00
1,10,847.00
13,93,598.00
Upto 31. 3.201 9
1,28,86,989.55
5,64,961.78
2,04,373.00
26,355.00
2,28,511.00
1,56,258.00
22,671.00
3,942.00
41,008.00
3,824.00
3,16,119.00
1,44,55,012.33
NET BLOCK
31.03.2019
64,57,927.00
1,03,849.00
2,19,952.00
0.00
1,90,573.00
6,60,163.00
32,671.00
5,913.00
23,099.00
5,736.00
3,04,528.00
80,04,411.00
31.03.2018
74,25,173.00
1,27,331.00
3,04,817.00
5,271.00
2,29,275.00
2,78,741.00
43,739.00
7,884.00
4,986.00
7,648.00
2,82,547.00
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 theCompanies Act as non profit making body. The principle objects of Chamber are thepromotion and protection of Industry and Trade in India in general and in the statesof Andhra Pradesh, Telangana and Tamilnadu in particular.
The Chamber with the assistance of a panel of Hon. Advisers and Consultants whoare experts in their respective fields, provides free consultancy service to themembers 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 theirExecutives the Chamber organises periodically Training Programmes Seminars,Workshops, Symposia and Executive Development Programmes on various Taxmatters and topics of interest to the trade and industry.
Apart from the above, the Chamber publish Information Bulletin (Monthly) whichcovers 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 Membersfree of charge.
2. SIGNIFICANT ACCOUNTING POLICIES:
2.1 Basis of Preparation: -
These financial statements have been prepared in accordance with the GenerallyAccepted Accounting Principles in India ('Indian GAAP') to comply with theAccounting Standards specified under Section 133 of the Companies Act, 2013, readwith Rule 7 of the Companies (Accounts) Rules, 2014 and the relevant provisions ofthe Companies Act, 2013. The Accounts are prepared on the basis of going concernconcept.
ANDHRA CHAMBER OF COMMERCE[Incorporated under Section 8 of the Companies Act 2013]
2.2 Fixed assets:
Fixed assets are stated at cost, less accumulated depreciation / amortization. Costsinclude 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 inthe Profit & Loss account.
2.3 Depreciation:
Depreciation on Fixed Assets has been provided under Straight Line Methodconsistently and there is no change in the basis as compared to that of the previousyear.
2.4 Revenue recognition:
i. Income through Information Bulletin (Monthly), issue of certificate of origin andInterest 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 andeligible for exemption U/s 11 of the Income Tax Act.
a) Assessment year 2009-10 - The Income Tax Officer (ITO) has made anassessment and raised a demand of Rs. 7,70,1777-. The Chamber has filedan appeal before ITAT against the Order of CIT(A). Against the demand of Rs.7,70,1777- the Chamber has paid Rs. 2,87,0007-.
ITAT has passed the order for allowing the exemption U/s 11 (vide its orderdated 06.07.2016) and in the matter of depreciation disallowance, the ITAThas directed the Assessing officer to verify the records. After verification of therecords, the ITO (Exemptions) passed order on 29.09.2016 and determinedrefund of Rs.3,83,960/- However, the above refund was adjusted against thedemand 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 anassessment and raised a demand of Rs. 10,92,722/-. The Chamber has filedan appeal before the Commissioner of Income Tax [Appeals] against theaforesaid order. Against the demand of Rs. 10,92,7227- the Chamber has paidRs. 5,50,0007- during the previous year.
The CIT(A) passed order allowing exemption U/s 11 and Depreciation claimU/s 32 of the Income tax act (vide its order dated 31.12.2016) and determinedrefund of Rs.6,43,4807- However, the above refund was adjusted against thedemand for the AY 14-15.
c) Assessment year 2014-15 - ITO has made an assessment and raiseddemand of Rs.10,44,7607- disallowing the exemption U/s11 and Depreciationclaim 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, dated8.4.2019 confirming the exemptions u/s 11 and depreciation allowance undersection 32 of the IT. Act.
d) The Chamber has got orders in all appeals made so far, it is in the process ofpreparing and submitting a detailed letter for refund of amount claimed in thereturns filed, as well as the amount paid while preferring appeals together withinterest as applicable.
2.6 Provisions, Contingent Liability and Contingent Assets
Provision involving degree of estimation in measurement is recognized whenthere is a present obligation as a result of past event and it is probable thatthere will be an outflow of resources.
Contingent liabilities are disclosed by way of Notes to accounts. Provisionsare made if those become probable that an outflow of future economicbenefits will be required for an item previously dealt with as a contingentliability.
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 nocontingent 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 VideoConferencing Equipment to be installed in the first floor meeting hall, wherealready an advance of Rs. 1,81,298/- has been paid towards 50% of the cost.
c) An advance of Rs. 28,73,0007- has been paid towards major renovation of theoffice Building at Chennai. Since work completed till 31.3.2019 could not beascertained, capital work in progress is not arrived at.
There is a capital commitment of Rs. 12,76,7357- towards this contract.
d) Auditor RemunerationAudit Fees
31.03.2019 31.03.201830,0007- 29,5007-
Figures for the previous year have been re-grouped 7 re-arranged, wherevernecessary to conform to current year's presentation.
As per our report of even date
For Vedam & CompanyChartered AccountantsFRN : 004573S
L. VijayaraghavanPartnerMem No. 027371
For and on behalf of
Andhra Chamber of Commerce
President sureS- Secret&ryGeneral
Place : ChennaiDate : September 5, 2019