indo - a merican · "to be the principal bilateral chamber committed to the promotion of...

Mumbai • New Delhi • Chennai • Kolkata • Ahmedabad • Bengaluru • Kochi • Hyderabad • Pune • Varanasi

INDO - AMERICAN

CHAMBER OF COMMERC E

47th ANNUAL REPORT

2015 -2016

"To be the principal bilateral Chamber committed to the

promotion of industrial, economic, business and commercial

activities between the United States of America and India."

• To serve the business needs of our members.

• To act as a catalyst in promoting economic growth between the two countries.

• To protect and promote the collective bilateral need and interest of the Indo-US

business community.

• To effectively lobby with the two governments on significant bilateral issues affecting

Indo-US commerce.

MISSION

VISION

•••

•

Table of Contents

01 President’s Message ......................................................................... 2

02 List of IACC Presidents ..................................................................... 7

03 Honorary Members .......................................................................... 9

04 Expert Forums ................................................................................ 10

05 Flagship Events ............................................................................ 11

06 Letter from Prime Minister .......................................................... 16

07 Citations .......................................................................................... 17

08 Executive Council Members / Regional Council Members /

Branch Committee Members ........................................................18

09 Report of the Executive Council for 2015 -2016 ....................... 24

10 Financial Statements

• IndependentAuditorsReport .............................................. 32

• BalanceSheet ........................................................................... 37

• Income&ExpenditureStatement .........................................38

• AccountingPolicies ..................................................................39

• BalanceSheetLiabilitySchedule ...........................................43

• FixedAssetsSchedule ..............................................................45

• BalanceSheetAssetsSchedule .............................................46

• Income&ExpenditureSchedule ...........................................48

• Notes ...........................................................................................50

PRESIDENT’S

MESSAGE

Stronger Indo-US ties can rapidly propel India’s GDP and Per Capita Income.

The Chamber can be a catalyst in accelerating Indo-US economic relations.

The past year has demonstrated that together we can achieve anything.

of Urban Development, Housing & Urban Poverty Alleviation & Information & Broadcasting; Ms. Harsimran Kaur Badal, Union Minister of Food Processing; Mr. P. P. Chaudhary, Minister of State for Law & Justice, Electronics & Information Technology.

Besides, several State Ministers and State Secretaries have also addressed our Conventions/Seminars. These include Mr. Siddaramaiah, Chief Minister Karnataka and Mr. E. S. L. Narsimhan, Governor of Andhra Pradesh / Telangana.

The Governor of Maharashtra, Hon’ble Shri C. Vidyasagar Rao, and Dr. Sudhanshu Trivedi, National Spokesperson of the BJP Government graced our Annual Convention.

the Chamber in achieving its objectives.

We held interactions with a visiting Congressional delegation.

5

7

IACC PresidentIACC Presidents

9

Honorary Members

Gautam AdaniFounder and Chairman of the Adani

Group

Mukesh AmbaniChairman & Managing Director, Reliance Industries Limited (RIL)

Rahul BajajChairman

Bajaj Group

Ashwin DaniNon-Executive Vice Chairman

Asian Paints

Adi GodrejChairman

Godrej Group

Harsh GoenkaChairman

RPG Enterprises

K V KamathChief, New Development Bank

(BRICS countries)

Nimesh KampaniFounder & Chairman

JM Financial Group

Anand MahindraChairman and Managing Director

Mahindra Group

Ambassador Lalit MansinghForeign Secretary of India, 1999–2000

Indian Ambassador to United States, 2001-2004

N. R. Narayana MurthyFounder

Infosys Ltd.

A M NaikGroup Executive Chairman

Larsen & Toubro Limited

Deepak ParekhChairman

HDFC Bank

Subramanian RamadoraiFormer – CEO & MD, TCS

Dilip ShanghviManaging Director

Sun Pharmaceuticals Industries Ltd.

Ratan TataChairman Emeritus Tata Sons

Tata Group

Ambassador Frank G. WisnerUS Ambassador to India

July 1994 to July 1997

10

FExpert orums

SI. Expert Forum Chairman/ Chairperson Designation & Co.

1 Agro & Chemical Expert S. K. Nanda CMD -GSFC ( Gujarat State Fertilizer Corporation)

2 Aviation Jitender Bhargava Former Executive Director -Air India

3 Bilateral Trade Dr. V. Rangaraj Advisor -Aditya Birla

4 Economic Policy Atul Joshi Managing Director & CEO – IndiaRatings& Research Private Limited

5 Energy Preetha Nair President, Innovari India & Asia

6Environment, Pollution & Global Warming Kamal Meattle Chairman & MD of PCM Group of Industries

7 Insurance Prabodh Thakker Chairman – Aon Global Insurance Brokers Pvt. Ltd. & Past President of IMC

8 Media & Entertainment Rajyalakshmi Rao Director – Rewas Ports Limited

9 Repositioning Brand India Deepak Morada Vice President (Corporate Brand Management & Communication)

10 SME Chandrakant Salunkhe Founder, Chairman & MD - Macro Group of Companies & President – SME Chamber of India

11 Smart Cities & Urban Development Dr. Sumit Chowdhury GAIA Smart Cities

12 Travel & Tourism Sunder Advani Chairman & MD -Advani Hotels & Resorts (India) Limited

13 Textiles Suresh Kotak Chairman, Kotak & Co. Ltd.

14 Vocational & Skill Training Asoke Laha Founder, President & CEO -InterraIT Inc.

Flagship Events

11TH Indo US Economic Summit, 14th & 15th

September 2015, New Delhi

From L to R: Mr Lalit Bhasin, Regional President, NIC, IACC; Mr. Arun Jaitley, Hon’ble Finance Minister & Minister of Corporate Affairs, Government of

India; H E Mr. Richard Verma; US Ambassador to India

IACC Annual Convention 2015, Taking Indo US Trade to $ 500 billion, 28th & 29th September 2015, Mumbai

From L to R: Mr Pradeep Ganguly, Executive Vice President, Price George’s County Economic Development Corporation, US; Mr Michael Delaney, Assistant, US Trade Representative for South Asia; Mr Asoke Laha, Past National President, IACC;

Mr Deepak Morada, Sr. Vice President Corporate Brand Management & Communication, L & T India; Mr Nanik Rupani, Chairman, Neutron Electronics

From L to R: Ms Ranjana Khanna, Secretary General, IACC; Ambassador Frank G Wisner, Former US Ambassador to India & Dr. Lalit Kanodia, National President, IACC

Immediate President Asoke Laha & President Dr. Lalit Kanodia with the Congressional Delegation to India

From L to R: Mr. H R Prasad, Past National President IACC, Mr. Suresh Prabhu, Hon’ble Minister for railways, Govt of India,

Mr. Anand Mahindra, Chairman, Mahindra & Mahindra, Mr. Thomas L Vajda, US Counsel General, Mumbai

Interaction with Ambassador Frank G Wisner, Former US

Ambassador to India, 9th January 2016, New Delhi

Congressional Delegation to India,

09th January 2016

11

12

IACC CONCLAVE: VISION 2020, “Increasing US India Trade to $500 Billion”, 29th January 2016, Bengaluru

Smart Cities, The Way Ahead, 11th February, 2016, Chennai

3rd IACC Annual Conference on Corporate Social Responsibility, 11th May 2016, Mumbai

From L to R: Mr John McCaslin, Minister Counselor for Commercial Affairs, U.S. Embassy; Dr. Lalit Kanodia, National President, IACC , Mr K Siddaramaiah, Hon’ble Chief Minister, Government of Karnataka, Mr N R Narayana Murthy,

Chairman Catamaran Ventures & Co-Founder Infosys Technologies , Mr Vasanth Kini, National Executive Vice-President, IACC Mr. N V Srinivasan, Regional President, South India IACC.

IACC office bearers, Speakers, officials from U.S. Consulate Chennai posing for a photo session with Mr. Bruce Andrews, US Deputy Secretary Commerce

From L to R: Mr Subhash Desai, Minister for Industries & Mining, Government of Maharashtra; Ms Rakhi Panda, Regional Director, WIC, IACC; Ms Madhulika Gupta, Regional Vice President, IACC;

Mr Sunder Advani, Regional President, IACC

IACC National Conclave, 03rd & 04th June 2016, Hyderabad

Travel and Tourism as a Means to Achieve

US $500 Billion Trade between India and

USA, New Delhi

12th Indo American Corporate Excellence Awards, 14th July 2016, Mumbai

Interaction with Mr Nitin Gadkari, Hon’ble Minister for Road,

Transport & Highways and Shipping, Government of India,

13th July 2016, Harvard Club New York, USA

From L to R: Mr Akhil Bansal, Dy.CEO, KPMG; Mr Vasanth Kini, Executive Vice President, IACC; Mr N V Srinivasan, Regional President, SIC,IACC; Dr Lalit Kanodia, National President, IACC; Mr Rajnath Singh, Hon’ble Union Minister for Home, Government of India, H.E E S L Narasimhan,

Governor of Andhra Pradesh & Telegana, Mr Michael Mullins, US Consul General Hyderabad

From L to R: Mr Sunder Advani, Regional President, WIC, IACC; H.E Mr Richard Verma, US Ambassador to

India; Dr Lalit Kanodia, IACC National President

Award for Company of the Year- L & T Technology; Award for Business Leaders of the Year (US Company in India)- Whirlpool India Ltd; Award for Business Leader of the Year (Indian Company in US)- Sun Pharmaceuticals; Award for Excellence in Innovation (US Company in India)- EMC Software

& Services Pvt Ltd; Award for Excellence in Innovation (Indian company in US)- Tech Mahindra Ltd; Award for Excellence in CSR (US company in India)- HP Inc India; Award for Excellence in CSR (Indian company in US)- Tech Mahindra Ltd; Award for Green Office Space of the Year (US company in India)-

Tishman Speyer India P Ltd

13

14

India US Partnership Conclave, 19th July, 2016 Chennai

IACC Annual Convention 2016 - Unleashing US-India Economic Synergy, 22ND & 23RD August 2016, Mumbai

From L to R: Mr A Sekhar, Chairman, IACC; Mr C V Sankar, IAS, Additional Chief Secretary (Industries Department, Govt. of Tamil Nadu); Mr Thiru M Sampath, Hon’ble Minister, Department of Industries,

Govt. of Tamil Nadu; Dr Lalit Kanodia, National President, IACC; Mr Phillip A Min, US Consul General , Chennai

From L to R: Mr Nitin Gadkari, Hon’ble Minister for Road, Transport & Highways and Shipping, Government of India; Dr. Lalit Kanodia, National

President, IACC

From L to R: His Excellency Mr Chennamaneni Vidyasagar Rao, Governor of Maharashtra; Ms Rajashree Birla,

Chairperson, Aditya Birla Group, Dr Lalit Kanodia, National President, IACC

From L to R: Mr Vasanth Kini, Executive Vice President, IACC; Mr Sunder Advani; Regional President, WIC, IACC; Mr. H R Prasad, Past National President, IACC; Mr Nikhil Nanda, Managing Director, Escorts Ltd, PwC, Dr. Lalit Kanodia, National President, IACC; Felicitating: Late Mr H P Nanda, Founder Member & Past National President, IACC

Address by Mr Suresh Prabhu, Hon’ble Minister for Railways,

Government of India

Address by Mr Piyush Goyal, Hon’ble Minister for Power, Coal, New and

Renewable Energy and Mines, Government of India

12th Indo-US Economic Summit, 14th & 15th September 2016, New Delhi

IACC Delegation to New York

From L to R: : Address by H.E Mr Richard Verma, US Ambassador to India; Mr Stephen Mathias, Partner at Kochhar & Co; Ms Ranjana Khanna, Secretary General, IACC; Mr Lalit Bhasin, Regional President, IACC; Mr Vasanth Kini, Executive Vice

President, Mr Sanjay Mehta, Regional Vice President, NIC, IACC; Ms Preeti Sinha, Senior President & Global Convenor, YES Institute at YES BANK Ltd.

Address by Mr Venkaiah Naidu, Hon’ble Minister of Urban Development, Housing and Urban Poverty

Alleviation and Information & Broadcasting, Government of India

Address by Harsimrat Kaur Badal, Hon’ble Minister for Food Processing, Government of India

Address by Ms Riva Ganguly Das, Hon`ble Consul General, New York addressing the IACC Delegation to US

15

Citations

17

FY 2015-16

19

Sr. No. SOUTH INDIA COUNCIL

1 Mr. N.V. Srinivasan Regional President NVS & Associates

2 Mr. V. Srinivasan Immediate Past Regional President SJS Enterprises Pvt. Ltd.

3 Mr. Ravi Vishnu Regional Vice -President CSS Technergy Limited

4 Mr. H. E. Abdul Azeez Member A. I. Enterprises

5 Mr. R. Satyanarayana Murthi Member B.K. Ramadhyani & Co.

6 Dr. Prakash Chandran Arackal Member Dhanyas Doctors' Chamber

7 Mr. T.N. Venkatanarayanan Member DivIHN Soft Systems P Ltd

8 Mr. R.B.V.V. Narasimha Raju Member Elico Marketing Pvt. Ltd.

9 Mr. Sanjeev Gulati Member Infnite Computer Solution India

10 Mr. Prahlad Achutharao Member Interpretomics India Pvt. Ltd

11 Mr. Javaji Munirathan Member Javaji M Consulting Pvt. Ltd.

12 Mr. K. Vaitheeswaran Member K. Vaitheeswaran & Company

13 Mr. Vijay Narayan Govind Member Varma & Varma

14 Mr. Kannatt Surendran Co-opted Member Bounty Property Management Pvt. Ltd

15 Mr. Sarbajit Ghose Co-opted Member Laguna Clothing Pvt Ltd

21

22

Sr. No Varanasi Branch Committee

1 Mr. Arun Kumar Agrawal

2 Mr. Vinay Shukla

3 Mr. Alok Kumar Baranwal

4 Mr. Shubrato Kumar Paul

5 Mr. Bharat Kumar Agrawal

6 Mr. R. K. Goel

7 Mrs. Anita Dey

8 Mr. Ravi Patodia

9 Mr. Jai Prakash Mundra

10 Mr. Sahil Garg

11 Mr. Amit Baranwal

12 Mr. Raj Kumar Bothra

13 CA Sudeshna Basu

14 Mr. Badruddin Ansari

15 Mr. Maniessh Maheshwari

Sr. No Pune Branch Committee

1 Mr. Devesh Hingorani

2 Mr. Prashant Pansare

3 Mr. Rajiv Batra

4 Mr. Nitin Chalke

5 Mr. Devendra Deshmukh

6 Ms Rujuta Prakash Jagtap

7 Mr. Juzer Miyajiwala

8 Dr (Ms) Swati Mujumdar

9 Mr. Ninad Panse

10 Mr. Ashutosh Parasnis

11 Roshan Talera

12 Mr Rajesh Wazarkar

Sr. No Kerela Branch Committee

1 Mr. K. Padma Kumar

2 Mr. Jose Thomas

3 Mr. Zacharias Poomkudy

4 Mr. B. Hariharan

5 Mr. O.T. Alexander

6 Mr. Ambarish V. Saraf

7 Mr. P. Narayan

8 Mr. Anil Krishna

9 Mr. P. Ravindranath

10 Mr. Hari Krishnan Nair

11 Mr. P. V. Gangadharan

12 Mr. Sajiv K. Menon

13 Mr. G. Krishna Kumar

Sr. No Gujarat Branch Committee

1 Mr. Samir Shah

2 Mr. Kaushal Mehta

3 Mr. Sudhir Naik

4 Mr. Narendra Patel

5 Mr. Rohit Choksi

6 Mr. Nitin Patel

7 Mr. Prateek Panday

8 Mr. Kirtan Jani

9 Mr. Dinesh Daga

10 Mr. Baiju. J Thakar

11 Mr. Kaushik Patel

12 Mr. S.K Nanda, IAS

Branch Committee Members FY 2015-16

Sr. No Karnataka Branch Committee

1 Mr. Rohan Joshi

2 Mr. Madan Padaki

3 Mr. Prasanth Sakhamuri

4 Mr. Sanjeev Gulati Executive

5 Mr. Javaji Munirathnam

6 Mr. Prahalad Achutharao

7 Mr. Sarbajit Ghose

8 Mr. Sanjay Simha

9 Mr. Santosh Huralikoppi

10 Mr. R. Satyanarayana Murthi

11 Mr. Swami Swaminathan

Sr. No Andhra Pradesh Branch Committee

1 Mr. M. Ramakrishna

2 Mr. R. Govind Hari

3 Mr. Chandrajit Narra

4 Mr. Kambam Ramesh

5 Mr. Aditya Margam

6 Mr. R. Siva Kumar

7 Mr. Gautam Chand Jain

8 Mr. Ajay Agarwal

9 Mr. Sumanth Reddy

10 Mr. B. Srikant

11 Mr. Merla Muralidhar

12 Mr. Joby Mani

Sr. No Tamil Nadu Branch Committee

1 Mr. A. Sekhar

2 Mr. S. Ramaprasad

3 Mr. N. Ramachandran

4 Mr. M. Ponnuswami

5 Mr. Srinivas Acharya

6 Mr. K. Ramasamy

7 Mr. Shamil Bicha

8 Ms. Savitha Kesav Jagadeesan

9 Mr. Sriram Subramanya

10 Mr. S. Abhaya Kumar

11 Mr. M. N. Padmanabhan

12 Mr. A. Sakthivel

23

Record of attendance of EC members from September 29, 2015 to September 21, 2016

27

OFFICE BEARERS Title in IACCMeetings attended upto

21st September, 2016

Dr. Lalit Kanodia President 7

Mr. Vasanth Kini Executive Vice President 7

Mr. Asoke K Laha Immediate Past President 5

MEMBERS

Mr. Annam Dilip Kumar Member 4

Mr. Baljit Sobti Member 5

Mr. C Suresh Reddy Member 3

Ms. Madhulika Gupta Member 6

Mr. Nitin Deshpande Member 2Mr. N.V. Venkatasubramanian Member 3

Mr. Pankaj Bohra Member 2Ms. Poorvi Chothani Member 2Dr. Prasad Medury Member 2Mr. Prashant Krishnan Member 2Ms. Priya Chetty Rajagopal Member 3

Mr. Rajan Vasa Member 2Mr. Raghvendra Ponkshe Member 1Mr. Rajaram Rajkumar Member 4

Mr. Rabindra Srikantan Member 5

Mr. S K Sarkar Member 4

Mr. Sandeep Marwah Member 1Mr. T N Venkatanarayanan Member 6

Mr. Vinay Kumar Member 3

Mr. Purnachandra Rao Member 6

Mr. Atul Sharma Member 1Mr. Vasant Subramanyan Member 2Mr. M Sivaram Member 0Mr. S D Mookherjea Member 1CO-OPTED MEMBERS

Mr. Nanik Rupani Co-opted Member-WIC 5

Mr. Ahsan Khan Co-opted Member-NIC 2Mr. V. Srinivasan Co-opted Member-SIC 6

Mr. S. Chandrasekar Co-opted Member-SIC 2Ms. Heena Gorsia Co-opted Member-EIC 1REGIONAL PRESIDENTS (EX-OFFICIO MEMBERS)

Dr. Lalit Bhasin Regional President- NIC 5

Mr. N V Srinivasan Regional President- SIC 6

Mr. R.N. Ghosal Regional President- EIC 1Mr. Sunder Advani Regional President- WIC 7

34

Place: MumbaiDate : 23rd September 2016

36

We have considered the disclaimer reported above in determining the nature, timing, and extent of audit tests applied

in our audit of the standalone financial statements of the Company, and the disclaimer, subject to the matter qualified

in our main audit report, does not affect our true and fair opinion on the standalone financial statements of the Company.

INDO-AMERICAN CHAMBER OF COMMERCE BALANCE SHEET AS AT 31ST MARCH, 2016

Particulars Notes As at 31st March,

2016 Rupees

As at 31st March,

2015 Rupees

I. RESERVES AND LIABILITIES

Reserves and Surplus 3 9,81,66,221 8,92,60,068

9,81,66,221 8,92,60,068

Non Current Liabilities

Long Term Provisions 4 6,26,301 6,34,855

6,26,301 6,34,855

Current Liabilities

Trade Payables 5 44,32,215 18,96,691

Other Current Liabilities 6 1,32,88,115 78,96,391

Short Term Provisions 7 2,93,244 4,43,549

1,80,13,575 1,02,36,631

Total Equity and Liabilities 11,68,06,098 10,01,31,554

II.ASSETS

Non-Current Assets

Fixed Assets - Tangible 8 47,57,136 52,77,461

Non Current Investments 9 2,12,629 1,90,226

Long Term Loans and Advances 10 88,68,656 64,21,044

Other Non Current Assets 11 6,89,64,944 1,97,21,196

8,28,03,365 3,16,09,927

Current Assets

Trade Receivables 12 1,02,53,973 8,17,543

Cash and Bank Balances 13 2,10,53,506 6,46,17,060

Short Term Loans and Advances 14 4,03,981 5,81,583

Other Current Assets 15 22,91,272 25,05,441

3,40,02,733 6,85,21,627

Total Assets 11,68,06,098 10,01,31,554

See accompanying notes forming part of the financial statements 1-32

As per of our report of even date attached For and on behalf of the Executive Council

For M.P. Chitale & Co.

Chartered Accountants

Ashutosh Pednekar Vasanth Kini

Partner President Executive Vice President

Mumbai: 23rd September,2016 Mumbai: 23rd September,2016

Dr. Lalit Kanodia

37

38

Particulars Notes

As at

31st March, 2016

Rupees

As at

31st March, 2015

Rupees

Revenue:

Revenue from operations 16 8,62,95,740 4,54,87,946

Interest Income 62,30,863 73,28,254

Other Income 17 10,06,585 8,98,910

Total 9,35,33,187 5,37,15,110

Direct Expense

Seminars, symposia and meetings 18 4,05,86,678 1,17,33,618

Total 4,05,86,678 1,17,33,618

Administrative Expenses:

Employee Benefits Expenses 19 2,43,83,947 1,83,87,861

Depreciation 8 9,21,596 14,16,278

Other Administrative Expenses 20 2,26,24,813 2,15,53,704

Total 4,79,30,356 4,13,57,843

-

Excess of Income over Expenditure before tax 50,16,154 6,23,649

Tax Expenses - -

Excess of Income over Expenditure before tax 50,16,154 6,23,649

See accompanying notes forming part of the financial statements 1-32




Ashutosh Pednekar Vasanth Kini


Mumbai: 23rd September,2016 Mumbai: 23rd September,2016

INDO-AMERICAN CHAMBER OF COMMERCE

INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2016

Dr. Lalit Kanodia


(Incorporated under the Companies Act, 1956 on 24th October, 1968)

NOTES ANNEXED TO AND FORMING PART OF THE BALANCE SHEET

AS AT 31ST MARCH, 2016 AND THE INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED ON THAT DATE

1) Significant accounting policies

i) Basis of accounting

The financial statements are prepared under the historical cost convention on an

accrual basis of accounting in accordance with the generally accepted accounting

principles in India (GAAP), Accounting Standards specified in Section 133 of the

Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014. The

financial statements have been prepared on accrual basis under the historical cost

convention. The accounting policies adopted in the preparation of the financial

statements are consistent with those followed in the previous year.

ii) Use of Estimates

The preparation of financial statements is in conformity with Generally Accepted

Accounting Principles; require estimates and assumptions to be made that affect the

reported amounts of assets and liabilities and disclosure of contingent liabilities on the

date of the financial statements and the reported amounts of revenues and expenses

during the reporting period. Actual results could differ from those estimates and

differences between actual results and estimates are recognized in the periods in which

the results are known / materialize.

iii) Fixed assets and depreciation

All fixed assets are stated at cost of acquisition less accumulated depreciation. Cost

includes all expenses related to acquisition and installation of such assets.

Depreciation is provided on Written Down value method, in manner specified in

Schedule II of the Companies Act, 2013 on pro-rata basis.

iv) Impairment of assets

The carrying amount of assets is reviewed at each Balance Sheet date to determine

whether there is any indication of impairment. If any such indication exist, the

recoverable amount of the asset is estimated. An impairment loss is recognised

whenever the carrying amount of an asset or its cash generating units exceeds its

recoverable amount.

39

40






v) Investments

Long term Investments are stated at cost. A provision for diminution is made to

recognise a decline, other than temporary.

Current investments are valued at lower of cost and fair value.

vi) Foreign currency transactions

Transactions in foreign currencies are accounted at the exchange rate prevailing on

the date of the transaction. The assets/liabilities denominated in foreign currencies at

the year-end are re-stated at the closing rates of exchange. Gains or losses arising on

realisation and on re-statement as aforesaid are credited/debited to the income and

expenditure account.

vii) Government grants

Government grants related to specific fixed assets are shown as deduction from the

gross value of the relevant asset in arriving at their book values.

viii) Income recognition

a) Membership subscription The Chamber accounts for membership subscription

when received on a proportionate basis.

b) Income from seminars, symposia, meetings and trade delegations are accounted

for on rendering of the service.

c) Interest Interest on fixed deposits and investments is accounted on a time

proportion basis. d) Membership subscription received from foreign members is booked considering the

calendar year as January to December and any membership received post December is

treated as advance income for the respective reporting period.

ix) Entrance and Patron fees

Entrance fees and Patron membership fees received from members are considered as

and Patron Membership

fees. The accumulated amount is amortized each year on the basis of period of

membership and the impact for the same is taken to the income and expenditure

account.






x) Employee Benefits

(a) Short term employee benefits:

Short term employee benefits are recognised as an expense at the undiscounted

amount in the income and expenditure account of the year in which related service

is rendered.

(b) Long term employee benefits:

a. Defined Contribution Plan:

Provident Fund:

The eligible employees of the Chamber are entitled to receive post

employment benefits in respect of provident fund, in which both

employees and the Chamber make monthly contributions at a specified

The contributions are made

to Employees Provident Fund Organisation which are charged to the

income and expenditure account.

b. Defined Benefit Plan:

1) Gratuity

The Chamber has an obligation towards gratuity, a defined benefit plan

covering eligible employees. The plan provides a lump sum payment to

vested employees at retirement, death while in employment or on

termination of employment of an amount equivalent to 15 days salary

payable for each completed year of service or part thereof in excess of six

months. Vesting occurs upon completion of five years of service. The

Chamber has obtained an insurance policy and makes an annual

contribution. The Company accounts for gratuity benefits payable in future

based on an actuarial valuation carried out at the end of the year. Actuarial

gains and losses are recognised in the income and expenditure account.

41

42






2) Compensated absences

The Chamber provides for encashment of leave or leave with pay subject

to certain rules. The employees are entitled to accumulate leave subject to

certain limits for future encashment/availments. The liability is provided

based on number of days of unutilised leave at each balance sheet date and

is computed on actuarial basis

xi) Leases

Leases where the lessor effectively retains substantially all the risks and benefits of

ownership over the lease term are classified as operating lease. Lease payments for

assets taken on operating lease are recognised as an expense in the Profit and Loss

Account on a straight-line basis over the lease term.

xii) Provisions & Contingent Liabilities

Provisions are recognized when the company has a legal and constructive present

obligation as a result of a past event, for which it is probable that outflow of resources

will be required and a reliable estimate can be made of the amount of the obligation.

Contingent liabilities are disclosed when there is a possible obligation that may result

in an outflow of resources. Contingent assets are neither recognized nor disclosed.

xiii) Taxation

The Chamber contends that its activities continue to fall within the amended definition

the Income-tax Act, 1961

provisions of section 11 of the Act. Accordingly, no provision for tax has been made

in its books of the accounts for the year. Alternatively, the Chamber could also choose

to be governed by the principles of mutuality.

2. The Chamber is incorporated under section 8 of the Companies Act, 2013 having no share

capital. The Chamber is prohibited from distributing surplus to its members.

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21. Earnings in foreign currency

Year ended

31st March, 2016

Rupees

Year ended

31st March, 2015

Rupees

Membership subscription

16,95,747

74,77,919

22. Expenditure in foreign currency

Year ended Year ended

31st March, 201 31st March, 2015

Rupees Rupees

Seminars, symposia and meetings 3,15,718 7,28,064

23.

Year ended Year ended

31st March, 2016 31st March, 2015

Rupees Rupees

Audit fees 2,50,000 2,00,000

Other services 25,000 Nil

Out of pocket expenses Nil Nil

24. Related Party Disclosures as per AS 18

i. Name of the related party and the nature of relationship:

Key Management Personnel Mrs. Ranjana Khanna Secretary

General

b) Transactions with related party:

Nature of Transactions

Year ended 31st

March, 2016

Rupees

Year ended 31st

March, 2015

Rupees

- Mrs. Ranjana Khanna 37,89,998 8,53,549






c) There are no amounts which are provided for as doubtful nor written off or written

back during the year.

25. Accounting for Operating Leases

The Company has operating leases for premises, the leases are renewable on periodic

basis and cancelable in nature.

26. Members Contribution in case of winding up

Each member, while he is a member or within one year afterwards, undertakes to

contribute an amount not exceeding rupees one hundred to the shortfall in the assets of

the Chamber in the event of winding up. Any surplus upon winding up or dissolution of

the Chamber shall be given or transferred to such other Chamber or Association having

objects similar to the objects of the Chamber to be determined by the members of the

Chamber at or before the time of dissolution or in default thereof, by the High Court of

Judicature that has or may acquire jurisdiction in the matter

27. Employee benefits

a) Contribution to defined contribution plan, recognized in the statement of Income

and Expenditure Account for the year is as under:

Year ended

31st March, 2016

Rupees

Year ended

31st March, 2015

Rupees

Employer's contribution to Provident Fund 9,07,876 5,18,338

28. Suppliers/Service providers covered under Micro, Small Medium Enterprises

Development Act, 2006 have not furnished the information regarding filing of necessary

memorandum with the appropriate authority. In view of this, information required to be

disclosed u/s. 22 of the said Act is not given.

51

54






29. The Company is a Small and Medium size Company (SMC) as defined in the general

instructions in respect of Accounting Standards notified under The Companies Act, 2013.

Accordingly, the Company has complied with the Accounting Standards as applicable to

small and medium size Company.

30. The Chamber has a decentralised system of accounting. The general ledger balances are

being reconciled with subsidiary records/information. On completion, appropriate

accounting effect shall be given. Though the impact of this pending reconciliation is

presently not readily ascertainable, the Chamber is of the view that impact on the results

for the year and the net assets will not be significant.

31. Contingent Liabilities and Commitments (To the extent not provided for)

Year ended

31st March, 2016

Rupees

Year ended

31st March, 2015

Rupees

Income Tax 49,76,840 NIL

32. Figures for previous year have been regrouped wherever necessary.




Ashutosh Pednekar Dr. Lalit Kanodia Vasanth Kini


Mumbai: 23rd Sep.,2016 Mumbai: 23rd Sep.,2016

MuMbai

1-C, Vulcan Insurance Building

Veer Nariman Road, Churchgate, Mumbai, Pin: 400 020, India

Tel: 91-22-22821413 / 22836340

Fax: 91-22-22046141

E-mail: [email protected]

Pune branch

303, Amit Samruddhi,

Jungli Maharaj Road,

Pune, Pin: 411 005, India

Tel: 91-20-25537263 / 30227263

Fax: 91-20-30424748


ahMedabad (Gujarat branch)

503, Sears Towers,

Gulbai Tekra, Near Panchwati

Ahmedabad, Pin: 380 006, India

Tel: 91-79-26464352 / 26464372

Fax: 91-79-26464357


West India Council (WIC)

Contact Us:

Head Office

Indo-American Chamber of Commerce

1-C, Vulcan Insurance Building

Veer Nariman Road, Churchgate, Mumbai, Pin: 400 020, India

Tel: 91-22-22821413 / 22836340

Fax: 91-22-22046141


new delhi

4th Floor, PHD House,

4/2 Siri Institutional Area, August Kranti Marg,

New Delhi, Pin: 110 016

Tel: 91-11- 26963387 / 26531965

Fax: 91-11-26531954


chennai (taMil nadu branch)

New No.6, Seethammal Colony

First Crosss Street,

Alwarpet, Chennai 600 018, India

Tel: 91-44-24310506 / 24358391


KolKata

2nd Floor,

Bengal Chamber of Commerce Building,

6, Netaji Subhas Road,

Kolkata, Pin: 700 001, India

Tel: 91-33-22106773 / 65211608


hyderabad

(andhra Pradesh branch)

Suite 501, Model House,

6-3-456/A/1, Punjagutta,

Hyderabad, Pin: 500 082, India

Tel: 91-40-40037217


Varanasi branch

B-37/122, Shri Krishna Complex

Saigal House, Mahnoorganj,

Varanasi, Pin: 221 010, India

Tel: 91-054-22360844


benGaluru (KarnataKa branch)

205, 2nd Floor, HVS Court

21, Cunningham Road

Bengaluru, Pin: 560 052, India

Tel: 91-80-22203366


odisha branch

1st Floor IDCO Tower

Janpath, Bhubaneshwar-751022

Mobile: 9937022228/ 9437018716


Kochi (Kerala branch)

2nd Floor, H.B.48 (Behind Housing Board Building)

Panampilly Nagar,

Cochin-682 036, Kerala, India

Tel: 91-484-2313434


North India Council (NIC)

East India Council (EIC)

South India Council (SIC)

indo - a merican · "to be the principal bilateral chamber committed to the promotion of...

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