60th - wirc-icai.org Report 2011.pdf · Annual Report Western India ... Special Term Life Insurance Scheme: ... a leading Insurance Company “Aegon Religare” to provide term life

Annual Report

Western India Regional Council of The Institute of Chartered Accountants of India

60th

PAGE 2 60th Annual Report 2010-11

NOTICE

NOTICE is hereby given that the Sixtieth Annual General Meeting of the Western India Regional Council of The Institute of Chartered Accountants of India, will be held on Friday, 1st July, 2011 at 10.00 a.m. at J.S. Lodha Auditorium of WIRC, ICAI Bhawan, 27, Cuffe Parade, Colaba, Mumbai-400 005 to transact the following business :—

1) To receive the Sixtieth Annual Report of the Western India Regional Council of ICAI.

2) To receive the Audited Accounts of the Western India Regional Council of ICAI for the year ended 31st March, 2011 and

3) To transact any other business with the permission of the Chair.

BY ORDER OF THE WESTERN INDIA REGIONAL COUNCIL OF ICAI

CA Shardul Shah Secretary

Dated : 24th May, 2011

Notes :

1. Attention of the members is invited to Regulations No. 150 of the Chartered Accountants Regulations, 1988 which entitles a member to move a resolution provided a draft of the resolution is received by the Secretary of the Regional Council at the office of the Regional Council at least 28 days before the date of the meeting. However, the Regulation empowers the Chairman of the Meeting to admit a resolution in respect of which a shorter notice of not less than 7 days is given.

2. Members requiring any further information/details should send the written request to the Secretary, Western India Regional Council of ICAI by 17th June, 2011. Annual Report and Audited Accounts are hosted on WIRC website at http://www.wirc-icai.org. Hard copy shall be supplied on request received in writing or by e-mail addressed to the Secretary, Western India Regional Council. The e-mail should be sent at [email protected] .

60Th ANNuAl REpORT 2010-2011

The Western India Regional Council of The Institute of Chartered Accountants of India is pleased to present its 60th Annual Report for the period between 1st June, 2010 and 31st May, 2011 and the audited accounts for the year ended on 31st March, 2011.

I. NewTeamofOfficebearers

Regional Council elected new team of Office Bearers who assumed office on 22nd February, 2011. The list of members of all the Regional Council and its office bearers is contained in Annexure “A”.

II. Formation of Committees of Regional Council and their meetings

The Regional Council constituted various committees as detailed in Annexure B. The details of attendance of members at the meetings of the Regional Council and its committees are set out in Annexure ‘C’.

III. MembershipofWesternRegion

The total membership of the Western Region as on date stood at 59,192 including 3441 members enrolled since last report.

Western IndIa regIonal CounCIl of the InstItute of Chartered aCCountants of IndIa

IV. NumberofAwardsfortheYear

The Western Region was awarded following awards by ICAI:

• Best Regional Council Award – WIRC jointly with NIRC

• Best Students Association Award – WICASA

• Highly Commendable Performance Large Branch Category – Baroda and Nagpur Branch of WIRC jointly with Ludhiana Branch of NIRC and Jaipur Branch of CIRC

• Highly Commendable Performance Medium Branch Category – Aurangabad and Rajkot Branch of WIRC and Guwahati Branch of EIRC

• Best Branch of Students Association Shield – Baroda and Nagpur Branch of WICASA

V. ImportantMilestones

Some of the Important Milestones achieved during the last year are:

• WIRC as knowledge partner of the Co-operative Department

• Preparation of Co-operative Audit Panel entrusted to WIRC – Landmark achievement, first in India

• WIRC Reference Manual 2010 has been appreciated by CBDT with regard to its contents especially in respect to Direct Taxes.

• WIRC has come out with Electronic Magazine on Indirect Taxes which covers Indirect Taxes laws such as VAT laws pertaining to the Western Region (MVAT, GVAT & Goa VAT), centralized laws like Service Tax, Excise & Sales Tax.

• Live webcasting of Public Meeting on Finance Bill 2010.

• WIRC organized & hosted Joint Regional Conference at Goa jointly with CIRC, SIRC and NIRC.

• 25th WIRC Regional Conference was hosted by WIRC, in November, 2010, which was attended by more than 900 members. It was inaugurated by Shri Chhagan Bhujbal, Cabinet Minister, State of Maharashtra.

• WIRC jointly with the Pune Branch of WIRC of ICAI and Pimpri Chinchwad Branch of WIRC of ICAI organized a unique Sub-Regional Conference at Pune titled as “E – Chartered Accountant”

• Members of ITAT Mumbai graced the programme on Mock Tribunal organized by WIRC which was inaugurated by ITAT President CA. R. A. Easwar.

• WIRC has taken aggressive initiative to encourage its members to practice in Gujarat Vat law.

• Organised extensive IFRS programmes

• Organised Intensive Study courses on various topics such as MVAT, Gujarat VAT, Service Tax, Corporate Governance, Internal Audit, FEMA, DTAA, Permanent Establishment, International Taxation, Excise & Customs, Company Law, etc.

• Launched Advance Course on Co-operative Bank Audit which is appreciated by Co-operative Department in Maharashtra.

• First time organised Public Meeting on Investor Awareness in Vernacular Languages.

• Conducted two Mock Tests for the CPT students across the region, during the year.

PAGE 360th Annual Report 2010-11

• Conducted revisionary classes for CA Students of CPT/IPCC/ Final examination.

• New branch was opened at Latur.

• ICAI Bhawan at Cuffe Parade was renovated during the year.

• New building of Pune Branch became operational during the year.

1) Convocation

WIRC has organised convocation ceremonies twice during the year for giving away certificates of membership and certificates of practice to new members which was attended by around 1500 Chartered Accountants.

2) International Study Tour

Two international study tours were organised during the year. One to South Africa was organised by WIRC. Another tour to Thailand, Malaysia & Singapore organized by Baroda Branch of WIRC.

3) CABF: Collection of Life membership contribution from the members was 36,38,600 with the addition of 1472 members during the said period. The Voluntary Contribution through CPE programmes was to the tune of Rs.8,98,380/-

4) WIRC Group Insurance Scheme: WIRC Group Insurance Scheme continued during the year till July 2010. However, since August, 2010, the Life Insurance Corporation has stopped accepting the premium under the scheme. Hence, w.e.f August, 2010, no premium was collected from the members under this scheme.

5) MembersWelfareActivities:

Executive Health Check-up: Special arrangement for Executive Health Check-up for members, spouses, children & parents at a concessional rate was made with Kokilaben Dhirubhai Ambani Hospital, Andheri (W), Mumbai. Health check up arrangement with Bombay Hospital has been revived and similar arrangement with Suvarna Hospital has been continued.

Special Term Life Insurance Scheme: In terms of the members’ welfare initiatives, WIRC has tied up with a leading Insurance Company “Aegon Religare” to provide term life insurance scheme for CAs and their family members. The broad features of this insurance scheme are high sum assured at low cost, online registration at the click of the mouse, sitting in the comfort of your home and free pre-insured medical check up at member’s residence.

Special Mobile Scheme for CAs and Students: As part of WIRC’s ongoing efforts in reaching out to CA members and students special mobile scheme was finalized with Reliance Communication Ltd. to offer:

• Blackberry hand sets

• Net connect schemes with special tariffs

• Talk plans exclusively for Chartered Accountants and CA students

7) ResearchPublications: WIRC issued six publications during the year:

Bank Branch Audit – 3850 copies

WIRC Reference Manual 2010-2011 (with CD) – 7,500 copies

Union Budget 2011 – 4,750 copies

Buying the Dream Home – Steps & Precautions – 5000 copies

ERP Explorer – A Practical Guide to ERP – 2000 Copies

Section 14 A – Intricacies & Controversies – 2000 copies

8) Website: In view of the burgeoning web based transactions, during the year WIRC undertook the task of revamping its website, adding various new features such as webcasting of events, online event registration, Electronic Magazine on Indirect Taxes, down loadable material of seminars, separate page for Study Circles and Branches with uploading facilities, RSS feeds ad new those members registering for the same. With these revamped features, WIRC website has registered hits above one crore during the last 6 to 8 months and is now rated in the top one lakh website in India.

9) Corporatesocialresponsibility

As a part of Corporate Social responsibility, some branches and study circles under a Research Project on “ Use of Professional skills of Chartered Accountants in upliftment of the downtrodden in the society” and working model for the same were also presented by them. Award was instituted for the best research project and also for presenting the best working model.

Fifth Mile Sur Mera Tumhara, an evening of togetherness, was organised at St. Andrews College on 1st July, 2010 which was attended by over 2000 members and their families. In this programme WIRC also felicitated CA. Piyush Goyal for being elected as Rajya Sabha M.P.

Initiated blood donation drives within the region, which was well participated by members and students from the Region and were conducted at various public places, colleges and hostels to promote the social side of CAs and CA students and also to bring awareness to the various facets associated with Blood Donation. The donors were also given certificates of appreciation.

Encouraged various Branches & study circles for Tree Plantation programmes.

Several Cultural programmes for students were organised during the year.

Cricket match with CIT and other government departments were held throughout the region

Inter-Firm Cricket Tournament was held during the year

Sport Activities – Indoor sports tournament was organised for members.

Celebrated various cultural activities across the region for helping members come together.


Organized career counselling programms specifically in colleges having students from weaker sections of the Society.

Publ ic meet ings organised in Mumbai on “Redevelopment and Conveyance for the benefit of the members of Co-operative Housing Society.”

VI. CertificatecoursesconductedbyICAIandhostedbyWIRC

WIRC hosted the following certificate courses conducted by ICAI at Mumbai.

• Certificate course on IFRS

• Certificate course on Valuation

• Certificate course on Arbitration

• Certificate course on International Taxation

• Certificate course on Forex and Treasury Management

• Certificate Course on Master in Business Finance.

VII. Continuing professional Educational programmes

• During the period more than 1200 programmes were organised in which over 4,00,000 CPE hours were generated. The programmes organized by the Regional Council continued to receive overwhelming response from the members and students.

• A record number of Lecture meetings were organised during the year and all such meetings witnessed attendance to the full capacity.

• A number of seminars, workshop and study courses were held during the period covering diverse areas of professional interest. A summary of the important programmes is given in Annexure “D”. During the year all educational programmes have been granted CPE credit and all the programmes prescribed under the training calendar or CPE calendar have been conducted.

• All the areas of coverage suggested by CPE calendar were covered.

• Organised WIRC Regional Conference, wherein 900 members from all over the region participated. The said Conference was inaugurated by Shri. Chhagan Bhujbal, Minister of Public Works & Tourism, State of Maharashtra.

• Joint Regional Conference of WIRC, SIRC, NIRC & CIRC held from 13th to 15th August, 2010 at Goa. Members from 11 states across India registered for this conference.

• Maharashtra Mega CPE Conference at Aurangabad held on 26th & 27th November, 2010, which was inaugurated by Shri Satish Chavan, MLC

• Swarnim Gujarat Mega CPE Conference held on 3rd & 4th July, 2010 at Surat, which was inaugurated by Shri Jaswant Singh, IRS

• Conducted 12 National Conferences across the region at Mumbai, Goa, Ahmedabad & Nagpur.

• Organised special industry specific programmes on industries such as Construction, Hotel & Tourism Industry, Life Insurance Industry, Media and Entertainment Industry, Mutual Funds and PMS.

• Organised several intensive courses on Service Tax, MVAT, Gujarat VAT, Internal Audit, Company Law, FEMA, DTAA,

Permanent Establishment, International Taxation, Excise & Customs, etc.

• Co-hosted International Banking and Finance Conference jointly with Indian Merchants Chamber.

• Conducted a series of lecture meetings on Union Budget. Including Public Meeting on Budget by CA. Bansi Mehta Past President ICAI, which was attended by more than 3,500 members.

• Organised Direct Taxes Refresher Course, the most sought after event which was attended by more than 900 members and students, which is the highest ever number of attendance.

• Organised series of seminars/ workshops on Bank Branch Audit for members across the region. Special background material was also printed.

• Special programmes on Audit of Co-operative Societies in Maharashtra and Gujarat were conducted.

ActivitiesatbranchesjointlywithWIRC

• Pune Branch of WIRC and Pimpri Chinchwad Branch of WIRC had organised Sub Regional Conference on 3rd & 4th December, 2010, (The theme of this sub-regional conference was E-Chartered Accountant. The conference was inaugurated by CA. Arun Gujrathi, MLC).

• Vasai Branch of WIRC has Sub Regional Conference on 4th & 5th December, 2010 & Rajkot Branch of WIRC had organised Sub Regional Conference on 18th & 19th December, 2010.

• Maharashtra Mega CPE Conference at Aurangabad held on 26th & 27th November, 2010, it was inaugurate by Shri Satish Chavan, MLC.

• Swarnim Gujarat Mega CPE Conference held on 3rd & 4th July, 2010 at Surat, which was inaugurated by Shri Jaswant Singh, IRS.

• Intensive Course on GVAT & CST held on 10th June, 2010 at Ahmedabad, which was inaugurated by Shri Saurabh Patel, Minister of State for Finance, Energy and Petrochemical, Gujarat.

• Regional Tax Convention held on 19th December, 2010 at Jalgaon, which was inaugurated by Shri Sureshdada Jain, MLA.

• Workshop on Company Law Settlement Scheme & Easy Exit Scheme held on 18th July, 2010 at Aurangabad.

• Nagpur Branch of WIRC organized National convention for CA students on 18th & 19th December, 2010 inaugurated by Justice Daga

• Baroda Branch of WIRC organized Students Regional Conference on 9th & 10th July, 2010.

• National Conference on Direct Tax 2010 held on 4th & 5th December, 2010 at Ahmedabad, which was inaugurated by Hon’bel Justice Shri D. A. Mehta.

• All Maharashtra Tax Convention held on 7th May, 2011 at Nagpur.

• National Workshop on Direct Tax at Goa.

VIII. CPEStudyCirclesofWIRC

1) The Western Region has 66 Study Circles/Chapters. These study circles meet regularly to discuss subject of professional


interest. The programmes of the Study Circles were regularly published in the WIRC Newsletter to encourage members to participate in the Study Circle programmes.

2) The Study Circles continued to organise programmes as per the guidelines issued by the Continuing Professional Education Committee.

3) The Best Study Circle was awarded to J.B. Nagar Study Circle in the large Study Circle category, Andheri-West in the small category in Mumbai and Ellisbridge Study Circle in the large category, Pune City Study Circle in the small category, in outstation Mumbai.

Borivali (Central) in the large Study Circle category, Matunga in the small Study Circle category in Mumbai were awarded the Highly Commendable Study Circle Award.

Pune West in the large category and Ashram Road study circles in the small category were awarded the Highly Commendable Study Circle Award from outstation..

IX. BranchesofWIRC

1. The Western India Regional Council has 27 Branches spread across the States of Maharashtra, Gujarat, Goa and the Union Territories of Daman, Diu and Nagar Haveli.

2. New branch at Latur started functioning during the year.

3. The names of the Office Bearers of the branches are given in Annexure “B”. The list of Regional Council members nominated as Ex-officio members of the Branches is also given in the same Annexure.

4. An orientation programme for newly elected branch Managing Committee members of the branches was also organised on 14th March, 2011 at Lonawala.

5. The meetings of all Chairmen and Secretary of branches were held on 15th March, 2011 at ICAI Bhawan, Mumbai to discuss issues concerning functioning of the Branches. The President of the ICAI, CA G. Ramaswamy and Vice President of the ICAI CA Jaydeep Shah addressed the meeting held at Mumbai.

6. Baroda & Nagpur Branches Branch of WIRC in the large category branches, Aurangabad & Goa Branch in the medium category and Jamnagar in the small branches category were the best branches of the Western Region.

Vasai Branch of WIRC in the large category, Rajkot Branch in the medium category and Jalgaon branch in the small category were awarded Highly Commendable Branches in the Western Region.

7. Branches have been regularly organizing programmes in line with Continuing Professional Education Guidelines.

X. Students Activities

Crash Courses: For the benefit of students at large, WIRC organized, jointly with BCAS, crash courses for IPCC and Final CA Students for May and November, 2010 examinations between January and March 2010 and from July to September 2010 respectively. Approximately 200 students participated and attended the programme at both events.

Educational programme: WIRC organised more than 30 lecture meetings/seminars relevant towards the CA course and seminars on topics unrelated to the CA course such as Stress

Management, Practical Aspects for preparing examination, mind programming for self development, etc. The topics of Costing and Direct Taxes by CA Dani Khandelwal and Dr. Girish Ahuja saw attendance at large of students where reached in excess of 225 for all the days of the programmes and the same received excellent feedback.

Crash Course and Classroom Training: WIRC also initiated the Crash Course for Classroom Training for CPT Students which also received strong attendance and excellent feedback. Revisionary classes for CPT students for June and December, 2010 examinations were also held where students attended in large numbers.

CpT Mock Test: WIRC conducted Two Mock tests for the CPT students across the Region, during the year. These tests were conducted on the same day at the same time throughout the Region.

National Conference: WIRC also hosted the National Conference for CA Students held at Mumbai on 3rd & 4th December, 2010 with a theme of “Unleashing the Change” which was attended by more than 400 students. The Conference was inaugurated by Shri Henry Richard, ROC, Mumbai (Maharashtra).

Regional andSub-RegionalConference: The Students Regional Conference was held at Baroda in July, 2010 which has seen attendance an and participation from students from the region in excess of 500, which was inaugurated by CA Amarjit Chopra, President ICAI and CA G. Ramaswamy, Vice President ICAI. The Sub Regional Conferences at Vasai which had an attendance in excess of 350 and in Jamnagar in December, 2010 where too students in excess of 250 attended the programme.

Special Student Offers & Initiatives: WIRC also pioneered in launching special and exclusive offers on Blackberry for CA students with Reliance Communications Limited where handsets talk plans were provided to them at great discounts as compared to market prices. WIRC also pioneered in launching such similar special and exclusive offers for High Speed Broadband connections using USB modems with Reliance Communications Limited for students of the Region

FelicitationandNewMembersMeets: The New members meet and Felicitation of Rank Holders from the Region was conducted twice during the year in the presence of Past Presidents of ICAI, CA Arvind Dalal, CA Kamlesh Vikamsey and Past Chairman of WIRC CA. V. C. Darak, CA Prafulla Chhajed.

Quiz&ElocutionCompetition: The Students Regional Quiz and Elocution Competition was held in Mumbai which was participated from students from various cities in the region

Industry visits: Industry visit for CA students were conducted a Goa, Baroda, Nagpur, Jamnagar and Surat with visits to Pharmaceutical and other companies such as Piramal Glass, Philips, Hotel Surya Palace, Reliance One Store, Candico Limited, Gold Star Battery, GSFC, Essar Steel and Sumul Dairy.

CampusPlacement: WIRC: WIRC hosted the Campus Placement programme for 3 days in Mumbai, which was well attended by large number of recruiters including prominent companies and also by several CA firms.


Cultural Events:

• Cricket Tournaments: WIRC hosted the WICASA Cricket Champions League at Mumbai for four days from 20th to 22nd January, 2010 which had participation of 16 teams representing various firms from Mumbai

• Foundation Day Celebrations: The Foundation Day Celebrations on 1st July, 2010 has strong participation from students of the region in all areas of participation and who made 5th Mile Sur Mera Tumhara a grand success.

• Sports Meet: Indoor Sports Meet and “Spellathon” were also conducted at Nagpur for CA Students.

• Picnic: Outdoor Learning and Recreation Tour was conducted for Students in Pune.

Social Activities:

• Blood Donation Drives: Blood Donation drives were conducted various colleagues and hostels in the region to promote the social side of CA students and to bring awareness to the concept of Blood Donation in the Region

• Festival Meets: “Diwali Sammelan” was held at Baroda which was attended by around 100 students. The programme was specially organized to promote networking and relationship building amongst CA Students in the Region.

• Social Meets: Art of Living programmes were held at Nagpur to encourage students to live a balanced life and to help them balance work, educational and social spheres of their lives

XI. Career Counselling:

• Numbers of Career Counselling Programmes were conducted especially for students from economically and socially backward background to create awareness among them about the professional course available to them at affordable cost.

• More than 45 Career Counselling programmes were conducted as a part of the Foundation Day Celebrations to promote and create awareness of the CA Course in various commerce colleges in the region

XII. Libraries:

Impetus to increase in Membership and collection of Books: The WIRC Library and Reading Room was shifted to a more centralized and accessible location in Mumbai as a result of which stock of more copies of books relevant to students are maintained. On account of this, a student registration during the year has surpassed the total registrations at the beginning of the year. Book lending facilities and reading room facilities were encouraged and used by more students during the year on account of such initiative.

Upgradation: Upgradation activities were undertaken at the Reading Room at RVG Hostel at Mumbai to provide for more students who can use the facilities during examination days.

The Reference Library at Aaykar Bhawan was renovated

XIII)Reporting&Administration

a) Regular feedback to ICAI on Exposure Drafts and other matters including Pre and Post Budget memorandum.

b) Regular reporting and interaction with the President, Vice President and Council members.

XIV) Representations:

State Governments:

• Representation made to Shri Harshavardhan Patil, Minister for Co-operation, Maharashtra State, as regards increase in fees for Co-operative Audits, requirement of lodging FIR under Co-operative Act and other amendments in Co-operative Act.

• Representation was made to Shri Sudhir Goyal, Principal Secretary, Ministry of Co-operation, Maharashtra for suggesting reforms in procedure of allotment of Co-operative Audits.

• WIRC delegation met Shri Vajubhai Vala, Finance Minister (Cabinet Rank), Gujarat and gave him representation as regards giving exclusive rights to CAs for conducting VAT audit in Gujarat.

• Representation was also made to Shri Saurabh Patel, Minister for State, Finance, State of Gujarat for exclusive VAT audit rights to CAs in Gujarat.

• WIRC office bearers had a meeting with Shri Digambar Kamath, Chief Minister of Goa, and highlighted him role and opportunities to CAs in audit of State Government Departments.

Sales Tax Department of State Government:

• Representation was made to Sales Tax department of Maharashtra as regards administrative matters, refunds, etc.

• In Gujarat, WIRC made representation to the Sales Tax department as regards allotment of exclusive rights to CAs for conducting VAT audit.

Income Tax Department – Administrative Offices in Maharashtra, Gujarat & Goa.

• Representations were made by WIRC to Income Tax department offices in the region on administrative issues.

Service Tax Department – Administrative Offices in Maharashtra, Gujarat & Goa.

• Representation on the issues relating to migration to new ACES system, difficulties faced in registration and the issues in e-filing of service tax returns. Threadbare discussions were held with Commissioner of Service Tax, Mumbai as regards facilitating easy migration to ACES, to assess.

• Representation was made to Service Tax department as regards difficulties faced by CAs who were desirous of getting registered as ‘Certified Facilitation Centrer’ (CFC) with CBEC.

• Representations were made to Service Tax departments in Mumbai and Goa as regards administrative matters.

Registrar of Companies – Administrative offices in Maharashtra, Gujarat and Goa.


• Representations were made as regards administrative matters and difficulties faced in Company Law Settlement Scheme and Easy Exit Scheme to Registrar Companies, in Maharashtra, Gujarat and Goa.

Regional Director and Official Liquidator

• Interactive meeting was organised in WIRC with Regional Director, Official Liquidator and ROC to discuss various issues relating to MCA – 21 as regards uploading documents, registration of Companies and LLPs, speeding up process of liquidation.

Company Law Board, Mumbai

• WIRC delegation under the leadership of Central Council Member met Company Law Board, Chairman in Mumbai and CLB member in Mumbai and made representations as regards administrative matters and also highlighted the professional work which can be out by CAs (such as valuation, etc.) in relation to CLB proceedings.

XV. MembersinIndustry

Seminars & Conference on Technical Topics

• National Conference on construction Industry was organised in Mumbai addressing the concerns of construction industry in aspects of Taxation and Accounting, documentation/Drafting Concerns, Rules relating to FSI, Funding, among others.

• WIRC Conference for Members in Industry was organised in Baroda to topics of current relevance.

• Various other seminars were also organised on topics relevant to industry members where top faculties from the Industry addressed the members. Subjects at such seminars included such as Finance/Private Equity, IFRS, DTC, GST, Mergers & Acquisitions, Corporate Governance, Portfolio Management Services, Regulatory aspects of Life Insurance and XBRL

• Industry specific seminars/conferences for industries such as Hotel & Tourism, Media & Entertainment, Portfolio Management & Mutual Fund, Insurance, banks & NBFC, Shipping & Airline Industry were also organised.

Workshops on Management – for Young Members in Industry

• In addition to technical topics workshops were also conducted on Management related topics for the benefit of young members. Workshop on Managerial skills and techniques was instant success and there is demand to organise workshop for longer duration. WIRC has launched a unique workshop on ‘Corporate Presentation Skills’ jointly with a reputed Management Institute in Mumbai.

Orientation Programmes and Campus Placement

• Orientation Programmes were conducted in Mumbai & Pune for young members for facing placement interviews effectively and encourage them to undertake the real benefit of Campus placements.

CFO Meet

• WIRC had organised CEO & CFO Meet in Pune to discuss “Accounting Standards Road Map in India and Marching Ahead the Global Way”. This meet has very good participation from Industry.

XVI. Editorial Board

a) The Editorial Board’s continuous special efforts to revamp the mouthpiece of WIRC; i.e., the monthly Newsletter by publishing it in four colours with an international look and style.

b) The Newsletter contained regular updates on various laws, regulations, etc. The Bulletin Board was regularly updated with useful information. The Newsletter was invariably mailed on the prescheduled dates; i.e., 11th & 12th of every month.

XVII.PublicRelations

• Investor awareness programmes were organised at the behest of Ministry of Company Affairs at almost all the branches as well as in Mumbai. Dignitaries from regulators like ROC, SEBI.

• To mark the Foundation Day of the Institute, a unique Investor Awareness programmes were organised on the topic “Understanding the Financial Statements and being Informed Investor” in vernacular languages Hindi, Marathi and Gujarati.

• A public meeting was organised for people staying in co-operative housing societies on “Deemed Conveyance” on the occasion of CA Foundation Day.

• WIRC came out with 3 publications for the benefit of public at large. The first Publication was on “Understanding the Financial Statements” which was published in the hands of Shri R. Bandhopadhyay, Secretary, Ministry of Company Affairs. The second publication was on “Buy your Dream Home – Steps and Precautions.” And third “Publication as on implications and understanding of the Budget 2010”.

• Interactive Meeting with Service Tax Commissioner held on 8th October, 2010.

• Inteactive meet with Mr. Raymond Yip, Assistant Executive Director of Hong Kong Trade Development Council held on 27th July, 2010.

• Interactive Meeting with Secretary Company Affairs held on 29th October, 2010.

• Held M.L. D’Souza Cricket Tournament at Mumbai in February, 2011 in which senior income tax officers participated.

• WIRC made continuous efforts to improve public relations with government authorities, trade associations, etc.

• Various Politicians, important personalities, government officials were invited as Chief Guest at various functions organised by WIRC, its branches and Study Circles.

XVIII. Information Technology

• Live Webcasting of key programmes benefiting members from across the reason and outside reason

• The initiation and full-fledged integration of the website for online.

• WIRC also pioneered the concept of EZINE (Electronic Magazine) on Indirect Taxes

• Hosts the Newsletter, Bulletin Board, Law and Tax Updates and all other matters relevant to the members in the region

• RSS feed subscription facility made available during the year.

• Access provided to branches and study circles to upload events directly.


ANNEXuRE“A” :REGIONALCOuNCILMEMBERS

OFFICER BEARERSCA. Shriniwas Y. Joshi ChairmanCA. Bhailal Patel Vice ChairmanCA. Shardul Shah SecretaryCA. Julfesh Shah Treasurer

MEMBERSCA. Anil Bhandari CA. Ashok JainCA. Chandrakant Pawar CA. Dhiraj KhandelwalCA. Dilip Apte CA. Dinesh GandhiCA. Durgesh Kabra CA. Jay ChhairaCA. Makarand Joshi CA. Mangesh KinareCA. Nandkishore Hegde CA. Neel MajithiaCA. Parag Raval CA. Rajesh ShahCA. Sanjeev Lalan CA. Shruti ShahCA. Sunil Patodia CA. Vishnu Agarwal

EX-OFFICIO MEMBERSCA. Jaydeep Shah, CA. Atul Bheda

CA. Bhavna Doshi

CA. Dhinal Shah

CA. Jayant Gokhale

CA. Mahesh Sarda

CA. Nilesh Vikamsey

CA. Pankaj Jain

CA. Rajkumar Adukia

CA. Sanjeev Maheshwari

CA. Shivaji Zaware

Smt. Usha Narayanan

• Branches provided facility to upload electronic version of newsletter on the website.

• Regular updates received from ROC uploaded on the website from time to time.

• CPE Data given on website

• Effective use of e-mail and SMS alert for dissemination of programme information.

XIX. WesternIndiaCharteredAccountantsEducationalTrust

During the year CA. Shiriniwas Joshi, CA Shardul Shah, CA Durgesh Kabra, CA. Govind Goyal, CA M.M. Chaturvedi, Shri Dewan Kapil Wadhwan and Shri Dewan Rakesh Kumar Wadhwan were nominated as Trustees of Western India Chartered Accountants Educational Trust which is managing the Dewan Kuldip Singh CA Students Hostel at Vasai, near Mumbai. Renovation of CA Students Hostel at Vasai completed.

XX. Mayor’s Fund

CA. Shriniwas Joshi, Chairman of WIRC was nominated as ex-officio Treasurer of the Mayor’s Fund, Mumbai, with effect from 23rd February, 2011.

XXI. Felicitation of president and Vice president of ICAI

President and Vice President were felicitated at the Members Meet at Mumbai on 15th March, 2011. This function was attended by galaxy of Past Presidents of our Institute and Past Chairmen of our Region. Various branches also organised similar functions on various occasions.

XXII. Acknowledgements

We wish to place on record our sincere appreciation and gratitude to the following persons who have made it possible to conduct various activities of the Regional Council:

• Chairman, Faculties, co-co-ordinators and members at various seminars, conferences, Refresher and other courses and lecture meetings for sparing their valuable time for the cause of the profession.

• Co-opted members of various committees of WIRC.

• All participants at various seminars for their presence as well as their suggestions for further improvement of programmes.

• The various contributors to the Newsletter for making it very informative and interesting.

• Mr. Rajesh Bhagat of M/s. Finesse Graphics & Prints Pvt. Ltd., for their timely printing of Newsletter.

• M/s. General Data (P) Ltd. Website maintenance service provider.

• Statutory Auditors of the Regional Council M/s. Chokshi & Chokshi Co, the internal auditors M/s D. K. Surana, Chartered Accountants and the Auditors of various branches for their guidance and assistance.

• Various professionals and other organisations for their co-operation and assistance in organising programmes.

• Advertisers in the Newsletter and other publications.

• Contributors to the WIRC Reference Manual 2010-2011 and various other publications of WIRC.

• The Press and Media for their support.

• All the officers and staff members of WIRC and Mumbai Decentralised Office of the Institute for their continued dedicated efforts and hard work throughout the year.

Sd/- Sd/- CA. Shriniwas Joshi CA. Bhailal patel Chairman Vice-Chairman

Sd/- Sd/- CA. Shardul Shah CA. Julfesh Shah Secretary Treasurer

Place: Mumbai

Date :


Annexure “B” : FormAtion oF Committees And suB-Groups oF reGionAl CounCil And their meetinGs

NON-STANDING COMMITTEES Accounting standards Banking, insurance & Branch Capacity Bldg. Co-op. society for local Bodies pension Co-ordination (Gujarat)

Co-op. society Corp, Allied laws Cpe editorial exposure maharashtra and Corp Governance drafts

STANdINGCOMMITTEES

Chairman

Convenor

Office Bearers

regional Councilmembers

Central CouncilMembers (Ex-Officio)

Co-opted members

Chairman

Convenor

Office Bearers



Co-opted members

Chairman

Convenor

Office Bearers



Co-opted members

CA. Vishnu Agarwal CA. Shardul Shah CA. Bhailal Patel CA. Jay Chhaira CA. Rajesh Shah

CA. Ashok Jain CA. Bhailal Patel CA. Julfesh Shah CA. Dhiraj Khandelwal CA. Parag Raval

CA. Julfesh Shah CA. Shriniwas Joshi CA. Shriniwas Joshi CA. Shriniwas Joshi CA. Shriniwas Joshi CA. Shardul Shah CA. Julfesh Shah CA. Bhailal patel

CA. Dilip Apte CA. Ashok Jain CA. Dinesh Gandhi CA. Dinesh Gandhi CA. Julfesh ShahCA. Nandkishor Hegde CA. C.V. Pawar CA. Jay Chhaira CA. Durgesh Kabra CA. Shardul ShahCA. Rajesh Shah CA. Dilip Apte CA. Makarand Joshi CA. Vishnu Agarwal CA. Jay ChhairaCA. Sunil Patodia CA. Rajesh Shah

CA. Jayant Gokhale CA. Rajkumar Adukia CA. Sanjeev Maheshwari CA. Dhinal Shah

CA Anil Kothari CA Pradeep Kumar Kabra CA Nandkishore Malani CA Prakash Chopda CA Samir ParikhCA Devang Jimulia CA Divyesh Sodha CA Ravindra Nerlekar CA B. D. Kulkarni (Wangikar) CA Kailash ShahCA Kamlesh Shah CA Abhay Kamat CA Santosh Jadhav CA Niranjan Joshi CA Rajiv MardiaCA Hardik Chokshi CA Parag Hangekar CA Shrenik Shah CA Sanjay Shah CA Niranjan Dharamshi

CA. Dinesh Gandhi CA. Parag Rawal CA. Mangesh Kinare CA. Shriniwas Joshi CA. Ashok Jain

CA. Sanjeev Lalan CA. C V Pawar CA. C V Pawar CA. Shardul Shah CA. N. C. Hegde

CA. Shriniwas Joshi CA. Shriniwas Joshi CA. Shriniwas Joshi CA. Julfesh Shah CA. Bhailal PatelCA. Julfesh Shah CA. Bhailal Patel CA. Julfesh Shah

CA. Durgesh Kabra CA. Anil Bhandari CA. Dhiraj Khandelwal CA. Anil Bhandari CA. C.V. PawarCA. Makarand Joshi CA. Dilip Apte CA. Durgesh Kabra CA. Mangesh Kinare CA. Parag RawalCA. Sunil Patodia CA. Durgesh Kabra CA. N. C. Hegde CA. Neel Majithia CA. Sanjeev Lalan CA. Shruti Shah CA. Shardul Shah CA. Sanjeev Lalan CA. Shiwaji Zaware CA. Usha Narayanan CA. Bhavna Doshi

CA Suresh C. Kataria CA.Hitesh Prasad CA Ritesh Champak CA Nimesh vora CA Khushroo PanthakyCA Vijay Anpat CA. Ravindra Chinchwadkar CA Ram N. Mundra CA Sheetal Shah CA Sandeep GhelaniCA Sanjay Narke CA. Manjiree Jaitly CA Vikas Maideo CA Salil Lodha CA Pratik JainCA Shashikant Kale CA. Anil Patwardhan CA Kishor Joshi CA Dinesh Sampat CA Gopal Agarwal

executive professional student public relations Career Counselling development

CA. Shriniwas Joshi CA. Makarand Joshi CA. Neel Majithia CA. Sunil Patodia CA. Durgesh Kabra

CA. Shardul Shah CA. Mangesh Kinare CA. Shruti Shah CA. Anil Bhandari CA. Dinesh Gandhi

CA. Bhailal Patel CA. Shriniwas Joshi CA. Shriniwas Joshi CA. Shriniwas Joshi CA. Shriniwas JoshiCA. Julfesh Shah CA. Bhailal Patel CA. Julfesh Shah CA. Bhailal Patel CA. Julfesh Shah

CA. Durgesh Kabra CA. Nandkishore Hegde CA. Makarand Joshi CA. Neel Majithia CA. Dhiraj KhandelwalCA. Rajesh Shah CA. Dinesh Gandhi CA. Rajesh Shah CA. Dhiraj Khandelwal CA. Makarand JoshiCA. Sanjeev Lalan CA. Durgesh Kabra CA. Sunil Patodia CA. Parag Rawal CA. Shruti Shah

CA. Dhinal Shah CA. Nilesh Vikamsey CA. Shiwaji Zaware CA. Pankaj Jain

CA Sandeep K. C. Jain CA Eknath Patil CA Sudha G. Bhushan CA Ratan Mundra CA Ashok Manghnani CA Hersh S. Jani CA Subhash Saraf CA Shirish Kirloskar CA Manoj Alimchandani CA Tekchand Gupta CA Rutvik Sanghvi CA Mahesh Madkholkar CA Ramesha Shetty CA Atul Doshi CA Arun V. Deherkar CA Dinesh Garg


Fmip GmCs Grievances hostel iFrs Co-ordination implementation

information technology internal Audit library management Accounting members in industry

pub Fin & Govt Accounting research study Circle Co-ord. taxation WiCAsA

Chairman

Convenor

Office Bearers



Co-opted members

Chairman

Convenor

Office Bearers



Co-opted members

Chairman

Convenor

Office Bearers



Co-opted members

CA. Julfesh Shah CA. Sanjeev Lalan CA. Parag Rawal CA. Durgesh Kabra CA. Dilip Apte

CA. Sunil Patodia CA. Dilip Apte CA. N. C. Hegde CA. Sunil Patodia CA. Mangesh Kinare

CA. Shriniwas Joshi CA. Bhailal Patel CA. Bhailal Patel CA. Shardul Shah CA. Shriniwas JoshiCA. Bhailal Patel CA. Julfesh Shah CA. Shardul Shah

CA. Ashok Jain CA. C. V. Pawar CA. Ashok Jain CA. Anil Bhandari CA. Anil BhandariCA. Makarand Joshi CA. Mangesh Kinare CA. C. V. Pawar CA. Mangesh Kinare CA. Parag RavalCA. Parag Rawal CA. Rajesh Shah CA. Makarand Joshi CA. Neel Majithia CA. Durgesh Kabra CA. Vishnu Agarwal CA. Vishnu Agarwal

CA. Rajkumar Adukia CA. Atul Bheda CA. Jayant Gokhale CA Nitin Doshi CA Vishal Shah CA Nishant CA Dharmendra Prajapati CA Chintan PatelCA Milind Patel CA Santosh Palsule CA Sandeep Devidan CA Sanjay Agarwal CA Manish ShethCA Bhavik Mehta CA Sanjay goyal CA Anand Kabra CA Ashwin Gala CA Rajan KamatCA Nitesh R. Agarwal CA Rishabh R. Adukia CA Vinod Jain CA Dayaram Paliwal CA Yagnesh Desai

CA. Neel Majithia CA. Dhiraj Khandelwal CA. Vishnu Agarwal CA. Dilip Apte CA. Anil Bhandari

CA. Shruti Shah CA. Dilip Apte CA. Shardul Shah CA. Makarand Joshi CA. Dilip Apte

CA. Shriniwas Joshi CA. Bhailal Patel CA. Shriniwas Joshi CA. Shriniwas Joshi CA. Shriniwas JoshiCA. Shardul Shah CA. Julfesh Shah CA. Bhailal Patel CA. Bhailal PatelCA. Julfesh Shah CA. Anil Bhandari CA. Ashok Jain CA. Parag Rawal CA. Durgesh Kabra

CA. Anil Bhandari CA. C.V. Pawar CA. Jay Chhaira CA. Rajesh Shah CA. Sanjeev LalanCA. Vishnu Agarwal CA. Shruti Shah CA. Neel Majithia CA. Sanjeev Lalan CA. Sunil Patodia CA. Rajesh Shah

CA. Atul Bheda CA. Sanjeev Maheshwari CA. Nilesh Vikamsey CA. Pankaj Jain

CA Rinkle Jain CA Mehul Seth CA Jitendra Khandelwal CA Sanjay Dongre CA Joykrishna DaliaCA Paresh Mehta CA Nitin Alshi CA Govind Laddha CA Sachin Kore CA Aayush ModiCA Gautam Verlekar CA Jyotindra Raval CA Anil Thakrar CA Sunil Nuwal CA Sanjay SinghviCA Punita Bansal CA Abhishek Nagori CA Vipim Maheshwari CA Anthony Rajshekhar CA Sanjeev Kamat

CA. C. V. Pawar CA. N. C. Hegde CA. Shruti Shah CA. Sanjeev Lalan CA. Neel Majithia

CA. Vishnu Agarwal CA. Jay Chhaira CA. Dinesh Gandhi CA. Mangesh Kinare

CA. Bhailal Patel CA. S.Y.Joshi CA. Bhailal Patel CA. S.Y.JoshiCA. Julfesh Shah CA. Shardul Shah CA. Shardul Shah CA. Shardul Shah

CA. Ashok Jain CA. Dhiraj Khandelwal CA. Dhiraj Khandelwal CA. Dinesh Gandhi CA. Jay ChhairaCA. Jay Chhaira CA. Sunil Patodia CA. Mangesh Kinare CA. Nandkishor Hegde CA. Shruti ShahCA. Sanjeev Lalan CA. Vishnu Agarwal CA. Neel Majithia CA. Rajesh Shah

CA. Bhavna Doshi CA. Mahesh Sarda CA Jay H. Chotalia CA Sudhir Baheti CA Mandar Lele CA Ajitkumar ShahCA Jitendra Jain CA Mitishkumar Modi CA Ankit Kapadia CA K. G. BudhrajaCA Mahendra Parte CA Mayur Makadia CA Vishal Shah CA Nileshkumar VelaniCA Sanjeev Jain CA Khushal Surti CA Ramesh Jain CA Rahul Parikh


Gandhidham CA. Shruti ShahGoa CA. Shardul ShahJalgaon CA. Makarand JoshiJamnagar CA. Neel MajithiaKolhapur CA. Mangesh KinareLatur CA. Sanjeev LalanNagpur CA. Julfesh Shah CA. Makarand JoshiNashik CA. C. V. PawarNavi Mumbai CA. Shardul Shah

list oF reGionAl CounCil memBers nominAted As ex-oFFiCio memBers oF BrAnChes

Ahmedabad CA. Bhailal Patel CA. Parag RavalAhmednagar CA. Sanjeev LalanAkola CA. Vishnu AgarwalAmravati CA. Ashok JainAnand CA. Sunil PatodiaAurangabad CA. Durgesh KabraBaroda CA. Rajesh ShahBharuch CA. Rajesh ShahBhavnagar CA. Parag Rawal

Pimpri Chinchwad CA. Dinesh GandhiPune CA. Dinesh GandhiRajkot CA. Shruti ShahSangli CA. Mangesh KinareSolapur CA. Dhiraj KhandelwalSurat CA. Jay ChhairaThane CA. Dilip ApteVapi CA. N. C. HegdeVasai CA. Anil Bhandari

Branch Chairman Vice-Chairman secretary treasurer

Ahmedabad CA. Devang Doctor CA. Sanjay R. Shah CA. P. H. Khandelwal CA. Subodh KediaAhmednagar CA. V. V. Marda CA. Sanjay G Deshmukh CA. Ajay A. Mutha CA. Milind M. Jangada Akola CA. Prafulla Sanghvi CA. Rajendra Gupta CA. Sanjay Kotak CA. Sanjay KotakAmravati CA. Nilesh B. Lathiya CA. Sanjay Lakhotia CA. Vijay Jadhao CA. Vishnukant R. SoniAnand CA. Roopin Patel CA. Brijesh Shah CA. Ravi Shah CA. Jinesh ShahAurangabad CA. Rahul P. Lohade CA. Nikhil Gramle CA. G. K. Bagga CA. Vijay RathiBaroda CA. Manilal Parsiya CA. Pradeep Agrawal CA. Ashish Parikh CA. Nayan KothariBharuch CA. Niraj A. Surti CA. Rahuldeo Patel CA. Prasit Parekh CA. Dipti ThakorBhavnagar CA. Manoj Ganatra CA. Jayesh Mehta CA. Rajesh P. Langaliya CA. Piyush V.DoshiGandhidham CA. Mitesh Dharamsi CA. Narendra Dhalani CA. Sanjay Mehta CA. Shailesh ChhotaniGoa CA. R. P. Hegde CA. V. Prabhudesai CA. Anup S. Borkar CA. Navin DaivajnaJalgaon CA. Kantilal Badale CA. Tejas Kawdiya CA. Parikshit Bhadade CA. Jayesh LalwaniJamnagar CA. Ankur Doshi CA. Govind M. Sonecha CA. Chetan L Agarwal CA. Umesh C RavaniKolhapur CA. Girish V. Mulye CA. Anil Jadhav CA. Shirang Kulkarni CA. Satish DakareLatur CA. Sanjay Agarwal CA. T.R.Bora CA. H.S.Kocheta CA. Vijaykumar BhandariNagpur CA. Satish Sarda CA. Abhijit Kelkar CA. Swapnil Agarwal CA. Ashwini AgarwalNashik CA. Kishor M. Birari CA. Sanjeev S. Mutha CA. Vikram M. Kulkarni CA. Brijesh SuranaNavi Mumbai CA. Shankar H. Teckchandani CA. Narendra Mangal CA. Sreekumar Nair CA. Sameer GavliPimpri Chinchwad CA. Vinod B. Inamdar CA. Suniiel R. Karbhari CA. Baban S. Dangale CA. Manojkumar B. AgarwalPune CA. V. Kulkarni CA. Sanjay Pawar CA. Rekha Dhamankar CA. S S. InamdarRajkot CA. D. K. Patel CA. Sharad Anada CA. Sumit Shingala CA. Chetan S. GajeraSangli CA. Rajendra B. Kothari CA. Ajitsinh D. Hajare CA. Shreyansh CA. Shreyansh T. ShahSolapur CA. Pandurang Mantri CA. B. S. Birasdar CA. A. B. Shankur CA. R. A. ShahSurat CA. Hari S. Tosniwal CA. H. B. Bhutwala CA. Nishith Mehta CA. D. TamakuwalaThane CA. Madhukar Chavan CA. S. Sarangdhar CA. Navin Dedhia CA. Rajendra ChaplotVapi CA. Jignesh Vasani CA. Giriraj B. Laddha CA. Hitesh Patel CA. Prakash ChordiaVasai CA. Unmesh J Narvekar CA. Shweta Jain CA. Ramanand Gupta CA. Kishordas Vaishnav

oFFiCe BeArers oF BrAnChes (2010-11)


AnnexuRe “D” : PRogRAmmes foR membeRs In InDusTRy

10

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CA C. V

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CA Dhira

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CA Dili

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CA Din

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CA Durg

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CA Jay

Chhaira

CA Julfe

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CA Mak

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d Josh

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CA Man

gesh

Kin

are

CA N. C

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CA Nee

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CA Par

ag R

aval

CA Raj

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CA San

jeev

Lal

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CA Shar

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CA Shru

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CA Shrin

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CA Sunil

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CA Vishnu A

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Standing Committee Non Standing Committee Regional Council

ANNEXURE "C" : ATTENDANCE RECORD OF ELECTED MEMBERS 2010-11

1. 12-Jun “WIRC Conference for Members in Industry CA Ganesh Ramurty, ICAI Bhawan, 119 (organised by WirC of iCAi at Baroda) CA. Khushroo Panthaky, Baroda Panel Discussion on the Role of Audit Mumbai, Committee & Corporate Governance CA. Vardhan Dharkar, CFO, KEC International Ltd., CA Kaushik Patel, Ahmedabad How Direct Tax Code will affect Corporate India CA. Hitesh Gajaria, Challenges on Implementation of GST CA. Bhavna Doshi, Issues on Transition to IFRS CA Akeel Master,

2 4 & 5 Dec “Mega CPE Event on Construction Industry CA. Deepak Thakker Hotel Satkar, 285 Issues under MVAT Act relating to Pokharana Builders & Developers Road No - 2 , Thane (W)

“Mega CPE Event on Construction Industry CA. Hetan Patel Hotel Satkar, Private Equity Funding & Pokharana Foreign Direct Investment” Road No - 2 , Thane (W)

“Mega CPE Event on Construction Industry Solicitor Praveen Veera Hotel Satkar, Documentation & Legal aspects relating to Pokharana immovable properties transactions” Road No - 2 , Thane (W)

s.no. date subject speakers place no.of participants


“Mega CPE Event on Construction Industry CA. Tarun Ghia Hotel Satkar, Accounting, Taxation related legal aspects in Pokharana Road Real Estate Industries” No-2 , Thane (W)

Mega CPE Event on Construction Industry Ms. Ravati Kasture Hotel Satkar, Credit Rating Methodologies for Pokharana Road Construction Industry “ No-2 , Thane (W)

Mega CPE Event on Construction Industry Ms. G Reeta Hotel Satkar, Financing for Construction Project” Pokharana Road No-2 , Thane (W)

3 19-Mar-10 Conference on Hotel & Tourism Industry Eminent Speakers Hotel Sahara Star, 65 Direct Tax aspects of Hotel and tourism near Domestic industry, Provision of the Income-tax Act, Airport, Exemptions, deductions, TDS and DTAA, Vile Parle (E), Service Tax, VAT etc., Governing Laws Mumbai and provisions for setting up of Hotel & Tourism Industry in India, Financial Norms-venture Capital Funds-Equity- projectfinance,AuditingFunctionandRisk Management in the Hotel & Tourism Industry

4 18-Dec-10 “Seminar on Regulatory Aspects & Issues in Shri Rajnish Rangari J. S. Lodha 219 Financial Services Industry Auditorium, Issues in Listing & Compliance under SEBI” ICAI Bhwan, WIRC, Mumbai

5 23-Dec-10 Seminar on Management Techniques and Managerial Skills CA. Gurunandan Savnal Hotel J. W. 70 Strategic Decisions Making & Marriott, Juhu, Managing Creativity, Mumbai Motivational Technical Performance Management & Effective Time Management Principles and Importance of Effective Corporate Communication and Presentations

6 25-Dec-10 Full Day Seminar on IFRS for Banks & NBFCs IntroductionofIFRS•StepstakenbyRBIand CA.ChiragDoshi DirectI-Plex, 150 MCA•Majordifferencesbetweenindian OldNagardas GAAPandIFRSwithspecificemphasis Road,Opp. on Banking Industry Wilsons Pens Technical Session II Near Subway, Financial Instruments with Case studies CA. Chirag Doshi Andheri (E), Technical Session III Mumbai Financial Instruments with case studies Shri Charanjit Attra Technical Session IV Basel Norms and IFRS, Practical Issues under IFRS Implementation and Chhallenges likely to be faced by Banking Industry Shri Charanjit Attra

7 27-Nov-2010 Full Day Seminar on Life Insurance Industry Special Address & Chief Guest CA. S. Jayasimhan, J. S. Lodha 210 Chairman, IRDA Auditorium,



Industry Perspective of recent Regulatory Mr. Gopalkrishnan, ICAI Bhawan, Changes - Challenges and Opportunities CFO, Aegon Religare Cuffe Parade Life Insurance Co. Audit of Investments Concurrent, Audit of Investment Function CA. Viraj Londe Audit of Premium, Commission & Re-insurance CA. Pradeep Sahajanwala Internal Audit of Life Insurance Co-Challenges CA. Prasanna Bharatan

8 21-Aug-2010 Full Day Conference on Portfolio Shri S. A. Narayan, Hotel Orchid, 80 Management Services Kotak Bank, Group Vile Parle (E), Head-Commercial Mumbai Banking & Finance Shri Nilesh Shah, Envision Capital, Shri Mrugank Paranjpe, MD-Deutsche Bank CA. Keyur Shah CA. Milind Ranade CA. Sanjay Panse

9 21-Aug-10 & National Conference on Construction Shri Conrad D’Souza Hotel Kohinoor 131 22-Aug-10 Industry -Perspective on how the construction Sr. General Manager Continental, industry is faring and is likely to perform in Andheri-E thenext3to5years,withspecificemphasis on real estate prices

10 3-Sept-10 Interactive Meet on Private Equity Overview of Private Equity in India CA. Rakesh Sony, Hotel. J. W. 47 Motilal Oswal, PE Advisors Marriott, Juhu Private Equity Investment, CA. Nimesh Salot, Tara Road, Fund Raising Process Director, Ladderup Juhu, Mumbai Corporate Advisory Key Terms/Clause of Various Documents Eminent Speaker Post Investment - Value Addition by PE Funds Shri Ben Mathias ED- New Enterprises Associates

11 23-Jan-10 Practical Workshop on XBRL Eminent Faculties Hotel Sahara Star, 50 XBRL-An Introduction * Adoption Across Opp. Domestic the World Airport, Mumbai Demo:XBRL Report Creation, Communication & Use Understanding XBRL Taxonomy & Instance Architecture XBRL Taxonomies - Overview (Indian GAP, IFRS, US GAAP) XBRL in Action - Case Study XBRL Extentions and Dimensions - An Introduction Implementing XBRL Based Projects - A Domain Expert’s View

12 19-Jun-10 Case-Study-Banking CA. Smita Gune Mayur Hall, 75 3 Case-Study-Software - CA. Jyotin Mehta All India Local Internal Audit Self Government Institute , Juhu Lane, Andheri (West)



ThE INSTITuTE OF ChARTERED ACCOuNTANTS OF INDIA WESTERNINdIAREGIONALCOuNCIL(WIRC)

REpORT OF ThE AuDITORS TO ThE hEAD OFFICE

1. We have audited the accompanying Balance Sheet of the Western India Regional Council (WIRC) of the Institute of Chartered Accountants of India (ICAI) as on 31st March 2011 and related Income and Expenditure Account for the year ended on that date annexed thereto. Preparation and fair presentation of these financial statements are the responsibility of WIRC’s Management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An Audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. Without qualifying our opinion, we draw attention to Para A(5) & (11) of Schedule ‘M’ to the financial statements relating to provision for retirement benefits, income –tax & other direct taxes applicable, if any, being made at the Head Office.

4. We report that:

a) We have obtained all the information and explanation which to the best of our knowledge and belief, were necessary for the purpose of our audit;

b) In our opinion, proper books of accounts are maintained in conformity with requirement of the Chartered Accountants Act, 1949 so far as it 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.

5. In our opinion, the Balance Sheet and Income and Expenditure Account dealt with by this report comply with the applicable Accounting Standards;

6. In our opinion and to the best of our information and according to the explanations given to us, read with Para 3 above, the financial statement together with the schedules attached and read with the Significant Accounting Policies and Notes to Accounts, give a true and fair view, in conformity with the accounting principles generally accepted in India;

a) In the case of Balance Sheet, of State of Affairs of the WIRC as at 31st March, 2011; and

b) In the case of Income and Expenditure Account, of the surplus of the WIRC for year ended on that date.

FORCHOKSHI&CHOKSHIChartered AccountantsFirm Registration. No. 101872W

Sd/-(Vineet Saxena)PartnerMembership No. 100770

Place: MumbaiDate: 28-04-2011

13 10-Jul-10 “Shipping and Airline Companies CA. Rajesh Athavale Mayur Hall, 75 Dependant and Independent CA. Vishal Gada All India Local Personal Services - FEMA Self Government Institute , Juhu Lane, Andheri (West)

14 21-Jun-10 Case-Study-Manufacturing CA.C N Rushi Mayur Hall, 74 3 Case-Study-Retail - Internal Audit CA. Satish Shenoy All India Local Self Government Institute , Juhu Lane, Andheri (West)

15 17-Jun ””CFO Meet””- Programme focussed on CA Anil Patwardhan Seasons Hotel, 49 Members in Industry CA Balsubramanium New DP Road, how are we implementing IFRS our company? Sanewadi, group discussion- issues before Aundh, Pune members in industry”



pArtiCulArs Group headings 01.04.2010 to 01.04.09 to (Wherever 31.03.2011 31.03.2010 Applicable) Amount (rs.) Amount (rs.) inCome 1. GrAnts: a. Revenue Grant 6,700,000 5,623,526 b. Branch Administration Grant 241,000 230,500 c. Share of Membership Fees 4,082,000 3,752,290 d. Public Relations Grant 50,000 50,000 e. Statutory Audit Fees Grant 23,000 22,500 f. Ad hoc Grant - Renovation - 456,140 g. Diamond Jubilee Grant - 500,000 sub total 11,096,000 10,634,956 2. Income from Seminars / Conferences. 48,289,459 23,349,919 3. Income from Gen Mgt & Comm Skills 10,451,000 10,328,000 4. Commission Received on Sale of Publications 2,408,831 1,747,374 5. Advertisement Income 1,469,900 1,266,850 6. Sponsorship Income (Net) 66,000 - 7. Interest 1,386,985 1,720,103 8. Other Income 13 887,713 291,038 9. Branch Orientation Grant 760,389 684,339 sub total 65,720,277 39,387,624 total 76,816,277 50,022,580 expenditure : 1. Salaries & Staff Expenses 1 5,552,781 4,443,323 2. Printing & Stationery 2 208,013 489,454 3. Newsletters Expenses 3 3,343,055 4,749,618 4. Postage, Courier & Telephone 4 404,059 569,273 5. Rent, Rates & Taxes 5 1,774,856 1,497,191 6. Repairs & Maintenance 6 436,379 469,203 7. Travel - Members / Meetings, etc. 7 1,974,775 1,742,450 8. Magazines & Periodicals 8 123,654 67,846 9. Library Maintenance 9 60,000 60,000 10. Programmes & Events 10 360,923 587,868 11. Other Expenses 11 2,773,317 3,983,428 12. Public Relations Expenses 12 198,152 183,110 13. Courses/Conferences/Seminars, etc. 40,420,576 23,159,100 14. Gen Mgt & Comm. Skills Exp 9,389,452 9,039,485 15. Website Maintenance Charges 122,315 257,735 16. Audit Fees 49,636 49,636 17. Commission Paid for Sale of Publication 139,150 46,962 18. Complimentary Distribution of W.I.R.C. Publications 114,277 445,29419 Renovation Expenses - 456,140 20. Depreciation 955,450 1,028,309 21. Loss on Sale of Fixed Assets 14,057 - 22. Branch Orientation 760,389 672,473 23. Scrap of Obsolete WIRC Publications 179,947 24. Write Off/Back 210,726 60,756 sub total 69,565,939 54,058,654 Gross Surplus (+)/(Gross Deficit) 7,250,337 (4,036,074) sub total 7,250,337 (4,036,074)25. Prior Period Expenses (Net) 298,963 977,825 Net Surplus/(Net Deficit) 6,951,374 (5,013,899)26. Amount transferred to : a) General Reserve - - b) WIRC Diamond Jubilee Fund 1,500,000 sub total 1,500,000 - Balance Carried to Balance sheet 5,451,374 (5,013,899)

the institute oF ChArtered ACCountAnts oF indiA Western indiA reGionAl CounCil

BAlAnCe sheet As At 31st mArCh, 2011

pArtiCulArs sChedule As At As At 31.03.2011 31.03.2010 rs. rs.

the institute oF ChArtered ACCountAnts oF indiAWestern indiA reGionAl CounCil

inCome & expenditure ACCount For the YeAr ended 31st mArCh, 2011

sourCe oF Funds : 1. Capital Reserve (A) 103,022 103,022 2. General Reserve (B) 11,939,185 6,487,811 3. Other Reserve (C) 2,353,447 2,353,447 4. Earmarked Funds (D) 15,383,912 12,985,518 5. Current Liabilities (E) 11,325,749 7,689,115 6. inter unit Balances: a) DecentralisedOffice,Mumbai 2,134,570 2,012,542 b) WICASA 212,269 869,502 7. Central Council Accounts: a) Capital Grant Account 14,542,564 14,290,300 b) ICAI Publication Stock (Contra) 4,602,058 6,268,145 c) ICAI Publication-Sale Payable - 20,505 total 62,596,776 53,079,907 AppliCAtion oF Funds : 1. Fixed Assets (F) 2,796,787 3,243,271 2. Earmarked Investments (G) 14,056,717 13,043,523 3. Other Investments (H) 20,971,911 13,507,068 4. Current Assets (I) 2,797,239 2,024,332 5. Advances & Prepayments (J) 299,138 310,471 6. Deposits (K) 401,293 398,179 7. Cash & Bank Balances (L) 7,305,927 1,307,899 8. inter unit Balances: a) Branch Current Accounts (Net) 114,596 355,329 b) WICASA - - 9. Central Council Accounts: a) ICAI Publication Stock (Contra) 4,602,058 6,268,145 b) ICAI Current Account Receivable (Net) 9,221,524 12,621,690 c) ICAI Publication — Sale Receivable 29,587 - total 62,596,776 53,079,907

Subject to our report of even date For Chokshi & Chokshi Chartered AccountantsFRN : 101872W Sd/- Sd/- CA. Vineet saxena shri Koshy John Partner Deputy Secretary Membership No. 100770 Sd/- Sd/- Sd/- Sd/- CA. shriniwas Joshi CA. Bhailal patel CA. shardul shah CA. Julfesh shah Chairman Vice Chairman Secretary TreasurerPLACE : MUMBAI Date: 28th April, 2011

Notes forming part of Accounts (M)

Subject to our report of even date For Chokshi and Chokshi Chartered Accountants FRN : 101872W

Sd/- Sd/- CA. Vineet saxena shri Koshy John Partner Deputy Secretary Membership No. 100770

Sd/- Sd/- Sd/- Sd/- CA. shriniwas Joshi CA. Bhailal patel CA. shardul shah CA. Julfesh shah Chairman Vice Chairman Secretary Treasurer

PLACE : MUMBAI Date: 28th April, 2011


sChedule ‘A’ – CApitAl reserVe

pArtiCulArs As At As At

31.03.2011 31.03.2010

Building Fund

Balance as per last year Account 103,022 103,022

total 103,022 103,022

sChedule ‘B’ — GenerAl reserVe

pArtiCulArs As At As At 31.03.2011 31.03.2010

Balance as per last year Account 6,487,811 11,501,710

Add: a) Surplus/(Deficit)Transferredfrom 5,451,374 (5,013,899) income & Expenditure Account 11,939,185 6,487,811 less: a) Transferred to Research Publication Reserve - - b) Transferred to Research Fund - - c) Transferred to Diamond Jublliee Fund - - total 11,939,185 6,487,811

sChedule ‘C’ — other reserVes


a) research publication reserve :

Balance as per last year Account 2,353,447 2,353,447

Add : Transferred from General Reserve -

total 2,353,447 2,353,447

sChedule ‘d’ — eArmArKed Funds


a) Auditor Arun Atmaram prize Fund Balance as per last year Account 46,469 43,789 Add : Income of Interest (Accrued but not due) 3,240 2,680 Less: Prizes issued - - Closing Balance 49,709 46,469 b) research Fund Balance as per last year Account 2,727,644 2,559,633 Add: Interest accrued 176,779 228,646 Less: Adjustment - 60,634 Add:Transfer from General Reserve - - Closing Balance 2,904,423 2,727,644 c) prize Fund Balance as per last year Account 1,024,765 945,426 Add: Income accrued 69,989 79,339 Closing Balance 1,094,754 1,024,765 d) infrastructure development and Facility management Fund Balance as per last year Account 7,389,101 6,808,476 Less: Adjustments - 55,577 Add: Interest accrued 512,276 636,202 Closing Balance 7,901,377 7,389,101 e) diamond Jubilee Celebration Fund Balance as per last year Account 1,797,539 2,895,480 Add: Transferred from Income & Expenditure Account - - Add: Interest accrued 136,110 106,286 Add: Transferred from General Reserve - - Less: Adjustments - 7,993 Less: Utilised towards Diamond Jubilee Celebrations - 1,196,234 Closing Balance 1,933,649 1,797,539 f) WirC diamond Jubilee Fund Balance as per last year Account - - Add: Transferred from I/E Account 1,500,000 - Closing Balance 1,500,000 - total 15,383,912 12,985,518

sChedule ‘e’ — Current liABilities


1) Seminar Fees Received in Advance 371,650 227,650 2) Newsletter/Website Advertisement Received in Advance 78,600 29,700 3) G M C S Course Fees recd in Advance 3,621,000 2,254,500 4) Sundry Creditors & Provisions 5,544,311 3,527,030 5) Library Deposits 308,492 204,992 6) Other Liabilities 237,761 - 7) Payable to Study Circles 7,191 91,694 8) TDS Payable 305,080 210,228 9) WIRC Insurance Scheme - 302,892 10) Amount Payable to RC members - 4,940 11) Disaster Relief Fund 26,000 26,000 12) Refund from LIC for Group Insurance Scheme 162,526 126,575 13) Chairman’s Fund 126,233 124,338 14) Unclaimed Cheques (2008-09, 2009-10) 536,905 558,575 total 11,325,749 7,689,115


sChedule ‘G’ — eArmArKed inVestments


a) Auditor Arun Atmaram prize Fund Balance as per last year account 46,196 43,516 Add: Interest accrued 3,240 2,680 Less: Prizes issued during the year Closing Balance 49,436 46,196 b) research Fund b72 2,693,537 2,324,684 Add: Additions 40,927 215,741 Add: Interest accrued 169,959 213,746 Less : Adjustment for Excess Provision of Interest Last year - 60,634 Closing Balance 2,904,423 2,693,537 c) prize Fund Balance as per last year account 1,016,114 936,834 Add : Additions 8,671 Add: Interest Accrued 69,969 79,279 Closing Balance 1,094,754 1,016,114 d) infrastructure development & Facility management Fund Balance as per last year Account 7,308,599 6,746,505 Add : Additions 87,792 Less : Adjustment for Excess Provision of Interest Last year 55,577 Add: Interest Accrued 504,986 617,672 Closing Balance 7,901,377 7,308,599 e) diamond Jubilee Celebration Fund Balance as per last year Account 1,979,077 891,413 Add: Additions - 1,000,000 Add: Interest Accrued 127,650 95,656 Less : Adjustment for Excess Provision of Interest Last year 7,993 Closing Balance 2,106,727 1,979,077

total 14,056,717 13,043,523

sChedule ‘h’ — other inVestments


Fixed deposits : a) Deposits with Banks Fixed Deposits 13,507,068 23,258,784 Add: Additions 10,300,000 1,175,000 Add: Interest Accrued & Reinvested 164,843 984,086 Less : Withdrawals 3,000,000 11,910,802 total 20,971,911 13,507,068

sChe

dule

‘F’ –

Fix

ed A

sset

s

(r

upee

s)

Gro

ss B

loCK

de

preC

iAti

on

net

Blo

CK

sr.

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ts de

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st as

at

Addit

ions

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ions

Cost

as at

up

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ar

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t up

to

WdV

W

dV

no.

ra

te (%

) 1.

04.20

10

dur

ing

dur

ing

31.03

.2011

31

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10

31-03

-2011

31

.03.20

11

31.03

.2010

the p

eriod

th

e per

iod 1

F

URNI

TURE

& F

IXTU

RES

10

%

4,30

4,487

42

,000

-

4,34

6,487

2,

685,5

17

162,5

94

-

2,84

8,111

1,

498,3

77

1,61

8,971

2

OFF

ICE

EQUI

PMEN

TS

15%

1,

316,2

71

-

8,23

1 1,

308,0

40

724,0

93

87,59

2 -

81

1,685

49

6,354

59

2,177

3

ELE

CTRI

C IN

STAL

LATI

ONS

& FI

TTIN

GS

10%

29

5,807

18

,000

7,45

1 30

6,356

22

1,820

6,

954

-

228,7

74

77,58

1 73

,986

4

AIR

- CO

NDIT

IONE

RS

15%

1,

422,3

53

-

-

1,42

2,353

68

7,027

11

0,299

-

79

7,326

62

5,027

73

5,326

5

COM

PUTE

RS

60%

1,

268,9

82

62,25

0 -

1,

331,2

32

1,11

6,355

11

5,429

-

1,

231,7

84

99,44

8 15

2,627

6

LIBR

ARY

BOOK

S

100%

5,

306,9

02

402,3

98

-

5,70

9,300

5,

306,9

02

402,3

98

-

5,70

9,300

-

-

7

SOF

TWAR

E

33.33

%

174,9

55

-

-

174,9

55

104,7

71

70,18

4 -

17

4,955

-

70

,184

to

tal

14

,089,7

57

524,6

48

15,68

2 14

,598,7

23

10,84

6,486

95

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-

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6,787

3,

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P

revio

us Y

ear fi

gure

s

(2

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10)

12

,753,4

70

1,40

9,221

72

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14,08

9,757

9,

829,7

55

1,02

8,309

11

,578

10,84

6,486

3,

243,2

71

2,92

3,715


sCHeDuLe “m” noTes foRmIng PART of

ACCounTs foR THe yeAR enDeD 31-3-2011

sChedule ‘i’ : Current Assets


1. stoCK

i) WIRC Publication Stock (incl Ref. Manual 2010-11) 274,739 449,907

ii Stock of WIRC Reference Manual 2009-10 3,400

iii) Stock of Mementoes & Stationery 78,786 96,536

2. reCeiVABles

i) Interest on Investments 2,399,946 1,402,806

ii) Receivables from Participants for seminar fees 7,500 8,070

iii) IST Tour Receivable - 2,000

iv) Sundry Debtors 32,867 61,012

v) Student Fees Receivable (GMCS) - 4,000

total 2,797,239 2,024,332

sChedule ‘J’ — AdVAnCes And prepAYments


1. Prepaid Expenses 299,138 245,415 2. Advances - 65,056

total 299,138 310,471

sChedule ‘K’ — deposits


Deposit with B.E.S.T 255,686 255,686

Deposit with GPO MUMBAI (NEWSLETTER) 87,060 63,060

Deposit with Halls Auditorium (Grouping) 58,547 79,433

total 401,293 398,179

sChedule ‘l’ — CAsh & BAnK BAlAnCe


Cash in hand 4,938 26,253 Cheques in hand 48,806 318,528 Balance in Bank Accounts in Schedule Banks 7,252,183 963,118 total 7,305,927 1,307,899

A) SIGNIFICANTACCOuNTINGPOLICIES1. Accounting Convention : The accounts are drawn up on accrual basis using

historical cost convention.2. Revenue Recognition : Income from Grants is accounted for on accrual basis

as per the revenue budgets approved by the Head Office. Income and expenditure in respect of joint seminars, programmes, workshops, conferences, etc. with other Institutions is accounted on the basis of share of income and expenditure mutually agreed upon.

3. AllocationofNewsletterprintingexpenses: Expenses on printing of news relating to any,

Conference, Seminar, Workshop or any other event in newsletter are allocated to concerned programmes, on the basis of the actual space utilized in the Newsletter at the advertisement rates.

4. Income from Interest :(a) Interest on fixed deposits with banks is

accounted for at the rates applicable to each such deposit.

(b) Income from earmarked investments of specific funds is credited to the respective fund account.

5. Termination/RetirementBenefits: Provision for gratuity and leave encashment liability is

made at Head Office.6. FixedAssets/depreciation:

i) Fixed Assets are stated at their original costs.a. Depreciation on additions is provided on pro-

rata basis.b. Library books are depreciated @ 100% in the

year of purchase.c. Fixed Assets, other than software and library

books are depreciated on the written down value method at following rates:Air-conditioner and office equipment 15%Electrical Installations 10%Furniture & Fixtures 10%Computers 60%

d. Depreciation on software is provided @ 33.33% on straight line method.

7. ImpairmentofAssets:a. The carrying amounts of assets are reviewed

at each Balance Sheet date if there is any indication of impairment based on internal/external factors. An impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is higher of asset’s net selling price and value in use. In assessing the value in use, the estimated future cash flows are discounted to their present value at the weighted cost of capital.


b. After impairment, depreciation is provided on the revised carrying amount of the assets over its remaining useful life.

8. Investments : Investments are stated at cost, including cost of

acquisition and accrued interest thereon.9. Current Assets :

i) Stocks of stationery, mementos and publications are valued at cost, except publications which are annual in nature and which are written off in the year of publication.

ii) Current Asset stocks of Head Office are accounted at transfer price.

10. provisions : A provision is recognized when an enterprise has

a present obligation as a result of past events. It is probable that on outflow of resources will be required to settle the obligation in respect of which, a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on best estimates required to settle the obligations at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates.

11. ProvisionforIncome-tax: Provision for Income-tax and other direct taxes,

applicable if any, is made at Head Office.12. unclaimed Cheques : Unclaimed cheques for more than three years are

transferred to Miscellaneous Income account on annual basis.

B) OThER NOTES1. Contingent Liabilities: Nil (As on 31-3-2011 : Nil)2. Capital Commitment : Nil (As on 31-3-2011 – Nil)3. Individual break of fixed assets purchased prior to

01.04.1994 is not available and are therefore not individually identified in the Fixed Assets Register regularly maintained. The W.D.V. of all such assets as on 31.03.2011 is Rs. 2,02,084/-.

4. Publication stock of the ICAI has been shown after reconciling actual stock received from Head Office with the quarterly consignment ledger sent by the Head Office and sales figure of this stock as generated by the bar coding software.

5. ICAI Publication Stock (Contra) under Balance Sheet includes obsolete/outdated stock of Rs. 31,16,775/-.

6. Expenses directly attributable to the activities of Seminar and Publications are charged to these heads of expenditure and indirect expenditure on these activities is charged to functional heads of expenditure.

7. TDS on interest on investments is accounted for at the time of deduction of TDS by the deductor.

8. WIRC operates in the Western Region and there is only one reportable segment i.e. furtherance to the profession of Chartered Accountancy.

9. Disclosure of Prior Period Income and Expenses. As at As at

31.03.2011 31.3.2010 a) Prior Period Income 1,62,902 2,41,247 b) Prior Period Expense (4,61,865) (12,19,072) c) Prior Period (Net) (2,98,963) (9,77,825)

10. WIRC Diamond Jubilee Fund is created on 31st March, 2011 with amount of Rs. 15,00,000/- transferred from current year’s surplus.

11. Previous period/year’s figures have been regrouped and rearranged wherever necessary to make them comparable.

Sd/-Shri Koshy John

Deputy Secretary Sd/- Sd/- Sd/- Sd/-

CA. Shriniwas Joshi CA. Bhailal patel CA. Shardul Shah CA. Julfesh Shah

Chairman Vice Chairman Secretary Treasurer

PLACE : MUMBAI Date : 28th April, 2011.

Western India Regional Council of The Institute of Chartered Accountants of India, ICAI Bhawan, 27, Cuffe Parade, P.B. No. 6081, Colaba, Mumbai 400 005 and printed by Finesse Graphics & Prints Pvt. Ltd., Tel. : 24961605

If undelivered, please return to:

ICAI Bhawan, 27, Cuffe Parade, P.B. No. 6081, Colaba Mumbai 400 005

To

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