THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA

GUWAHATI BRANCH OF EASTERN INDIA REGIONAL COUNCIL THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA ICAI BHAWAN, 2 nd By Lane, Manik Nagar, R G Baruah Road, Guwahati-781005, Assam, Ph-2207660 NOTICE Notice is hereby given that the 34 th Annual General Meeting of the Guwahati Branch of the Eastern India Regional Council of The Institute of Chartered Accountants of India will be held on Saturday the 30 th July 2011 at 4.00 PM at Guwahati Branch premises at 2 nd Bye Lane, Manik Nagar, R G Baruah Road, Guwahati to transact the following business: 1. To receive and adopt the 34 th Annual Report of the Managing Committee for the year 2010-2011 (i.e. from 01/07/10 to 30/06/11). 2. To receive and adopt the audited statement of accounts for the year ended on 31 st March 2011. 3. To transact any other business with the permission of the Chair. Date: 07/07/2011 Notes: Sd/- (CA Vikash K Jain ) Hony. Branch Secretary 1. Members are requested to bring the copy of the Annual Report to the Meeting. 2. Members desirous to have any explanation regarding accounts and/or report of the Managing Committee are requested to inform the Branch Secretary in writing at least 48 hours before the meeting.

34TH ANNUAL REPORT OF THE MANAGING COMMITTEE: 2010-2011 GUWAHATI BRANCH OF EASTERN INDIA REGIONAL COUNCIL THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA The Guwahati Branch of Eastern India Regional Council of The Institute of Chartered Accountants of India is in its 34 th year of existence having been formed on 25th December 1977. We are pleased to place before you this report on the branch activities during the period 1 st July 2010 to 30 th June 2011. The highlights of the branch activities during the period are as follows: A. Membership: The branch was formed with membership strength of 74 of which 40 were Guwahati based and the rest from other parts of the state. As per data collected during the preparation of the members directory published in December 2010, the membership strength of the branch was 688. Forty new members have joined the branch since the publication of the directory. The branch thus presently caters to around 730 members. Around 4000 Students (CPT/IPCC/PCC/PE/Final Level) are registered under the branch. Considering the fact that the Branch also Caters to around 75 more members in other states of the North East, total number of members served by the branch stands at around 850. B. Branch Managing Committee The present managing committee of the branch has been elected for the three year term 2010-13. The annual change of guard of the Branch Managing Committee took place at its meeting held on 25th February 2011. CA. Anil Kumar Agarwala, CA. Naveen Garg, CA. Vikash Jain & CA. K P Sarda took over as Branch Chairman, Vice Chairman, Secretary and Treasurer respectively. The constitution of the Managing Committee during the period under report was as follows: POST Upto 25th February 2011 From 25th February 2011 Chairman CA. Bikash Agarwala CA. Anil Kumar Agarwala Vice Chairman CA. Anil Kumar Agarwala CA. Naveen Garg Secretary CA. Naveen Garg CA. Vikash Jain Treasurer CA. Kailash Prasad Sarda CA. Kailash Prasad Sarda Member CA. Balkishan Bansal CA. Balkishan Bansal Member CA. Kaberi Bhuyan CA. Kaberi Bhuyan Member CA. Rakesh Agarwala CA. Rakesh Agarwala Member CA. Vikash Jain CA. Bikash Agarwala Various sub-committees were formed for the smooth functioning of the various activities of the branch. The sub-committees and chairpersons are as follows: Sub-Committee Upto 25th February 2011 From 25th February 2011 CPE Committee CA. Anil Kumar Agarwala CA. Kaberi Bhuyan EICASA, Guwahati Branch CA. Kaberi Bhuyan CA. Rakesh Agarwala Information Technology CA. Vikash Jain CA. Naveen Garg

GUWAHATI BRANCH of EASTERN INDIA REGIONAL COUNCIL of ICAI 34th Annual Report 2010-11 Library & Publication Committee CA. Kaberi Bhuyan CA. Balkishan Bansal E Newsletter CA. Bikash Agarwala CA. Anil Kumar Agarwala Fiscal Law Committee CA. Rakesh Agarwala CA. Bikash Agarwala Land & Building CA. Balkishan Bansal * Building & Asset Management Committee CA. Kaberi Bhuyan * Public Relations and Media CA. Naveen Garg * Committee Post Qualification Course CA. Rakesh Agarwala * Web Site Management CA. Anil Kumar Agarwala * *Not created during this year as per direction of ICAI vide their letter dated December 13, 2010 Meetings of the Managing Committee: The Branch Managing Committee met on 7 occasions during the period under report. The details of the Meetings and the important business conducted therein are as follows: Sl No Date Venue Members Present 1 24/07/2010 Branch Premises 7 2 07/08/2010 Branch Premises 6 3 28/08/2010 Branch Premises 6 4 20/10/2010 Branch Premises 8 5 22/01/2011 Hotel Raj Mahal 6 6 25/02/2011 Branch Premises 8 7 21/05/2011 Branch Premises 6 A list of Member wise attendance at the meetings of the Managing Committee is given below: Name of Member Number of Meetings Attendance % Attendance CA. Anil Kumar Agarwala 7 6 86% CA. Naveen Garg 7 7 100% CA. Vikash Jain 7 7 100% CA. Kailash Prasad Sarda 7 5 71% CA. Balkishan Bansal 7 4 57% CA. Kaberi Bhuyan 7 6 86% CA. Rakesh Agarwala 7 6 86% CA. Bikash Agarwala 7 6 86% The monthly activity report of the branch along with a copy of minutes of MC meeting, were sent regularly to the vice president with copy to RBA and EIRC.

GUWAHATI BRANCH of EASTERN INDIA REGIONAL COUNCIL of ICAI 34th Annual Report 2010-11 C. Meetings of the Members: The Annual General Meeting was held on 24th July 2010 at Guwahati Branch Premises. The meeting approved the annual accounts for the year 2009-10 and also the 33 rd Annual Report of the Managing Committee. Approved Annual Report was mailed to the H. O. & EIRC. D. Awards: 1. National Awards- Our Branch was awarded the Highly Commendable Performance Award in the Medium Sized Branch Category for the period 2010 at the 61st Annual Function of The Institute of Chartered Accountants of India held at New Delhi on 11th of February 2011. The Branch Chairman along with the Secretary, Treasurer, Past Chairmen & other Members of Managing Committee of the Guwahati branch attended the Ceremony and received the award. This is the third consecutive year for which the branch has been given this award. The Students Association of the Guwahati Branch also won the National Award of Best Branch of Students Association in Eastern Region for the year 2010. The EICASA Chairperson CA. Kaberi Bhuyan along with other Office Bearers of the Branch collected the award at the 61st Annual Function. This is also the third consecutive year for which the branch has been given this award. 2. EIRC Award- Guwahati Branch was awarded Second Best Branch of Eastern Region for the year 2010 by the Eastern India Regional Council. CA. Anil Kumar Agarwala, Branch Chairman along with CA. Vikash Jain, Secretary accepted the awards on 26 th June 2011 from President of ICAI at a function organised at Kolkata. E. Publication Stock: Proper record of Publication Stock as per accounting manual has been maintained. Quarterly as well as Half-yearly Stock Statements were sent regularly to the vice president with copy to RBA and EIRC through E-mail. Besides, statements were sent from time to time as required by the BOS. Consolidated Stock Statement as on 31st March 2011 was forwarded to Noida Stores and HO on 7th April 2011. List of physical verification of stock of publication lying with the branch showing quantity as well as invoice value was sent along with half-yearly and annual accounts duly verified by the auditors. List of obsolete stock of publications was prepared on half-yearly basis and sent to BOS. The physical stock was verified each month with stock records by independent internal auditors. F. Activity for Members: a) Seminars/Lecture Meetings/Conferences : a. CPE Conferences: During the year, the branch organized 1 st ever National Conference of 2 days duration with 12 hours of CPE credit on 17 th & 18 th December 2010. The theme of the conference was WINDS OF CHANGE-STRATEGIES FOR THE FUTURE. The conference saw more than 625 participants (of which 488 were CA members and 121 Students) with a total CPE Credit generation of nearly 5800 hours. His Excellency Governor of Bihar Sri Devanand Konwar inaugurated the conference in presence of guest of honour CA. Amarjit Chopra, President, ICAI, CA. G Ramaswamy, Vice President ICAI, Sri R K Garg, CGM, North Eastern Circle, State Bank of India, Sri Ashoke K Dutta, Director IIM Shillong and many other distinguished guests.

GUWAHATI BRANCH of EASTERN INDIA REGIONAL COUNCIL of ICAI 34th Annual Report 2010-11 Attendees among others included CA. Sunil H Talati, Past President, ICAI, CA. Subodh Kumar Agarwal, Central Council Member & Conference Chairman, CA. Abhijit Bandyopadhyay, CA. Sumantra Guha and CA. C S Nanda, Central Council Members; CA. Ashish K Bhatacharyya, Member NACAS; CA. Debashis Mitra and CA. Indraneel Roy Choudhury, Past EIRC Chairman; CA. Pawan Kumar Sharma, Director OIL; CA, Ranjeet Kumar Agarwal Treasurer EIRC; CA. Subhash Saraf, branch coordinator and member EIRC; Sri Subhash Das, IAS, Chairman ASEB; Mr Ariz Ahmed, Secretary to the Chef Minister Assam; Sri G C Yadav, ROC NE Region; CA. B Sekkhizar & Dr Suman Mukerjee. b. Seminars and Study Circle Meets: Four full day seminar were organized during the year with 6 hours of CPE credit each. The detailed particulars of such programs organized by the branch are enclosed herewith in Annexure A 2. c. Lecture Meets and Workshops: Three short duration training programmes cum Lecture Meets were organised during the year with 3 CPE credit hours. The detailed particulars of such programs organized by the branch are enclosed herewith in Annexure A 3. d. Teleconferences: The branch hosted 13 teleconference telecast by CPE Committee, Delhi. The detailed particulars of such programs organized by the branch are enclosed herewith in Annexure A 4. e. Programmes organised by CPE Chapters and Study Circles: Three CPE Chapters were active under the Branch during the year Viz. Tinsukia Chartered Accountants CPE Chapter, Dibrugarh CPE Chapter and Jorhat CPE Chapter. These chapters were actively engaged in organising CPE Meets for members throughout the year. Besides these three chapters, one Study Circle was active at Silchar and one Study Group at Nagaon. Teleconference programmes were regularly held at Jorhat, Nagaon and Dibrugarh. b) Programme/Training /Workshops on Information Technology: a. An 3 hr session on Capacity building through information technology was held on 24th December 2010 at Guwahati b. Free Computer Training Programme for Senior Members also arranged c) Branch Newsletter: The Branch has been publishing E-Newsletter guwahati@icai since March 2008. Issues of the e-newsletter have been posted to the members e-mail ids within regular intervals during the year. The newsletters covered amongst other matters, all relevant information regarding the latest notifications/developments in the fields of Accounting/ Auditing/ Information Technology and other areas of interest to profession and Information for Members and Students covering details of Seminars etc., to be organized. d) Branch Website: The Branch Website was redesigned and updated on regular intervals. The URL of the website is www.icaiguwahati.org.

GUWAHATI BRANCH of EASTERN INDIA REGIONAL COUNCIL of ICAI 34th Annual Report 2010-11 e) Registration on ICAI portals: The branch has made regular appeal to the members throughout the year for active participation in ICAI websites including PDC Portal, ISA Portal, E-Learning Portal etc and for contributing generously to the CA Benevolent fund. Although exact count of members registered is not available with the branch. We estimate that around 300 members are registered. f) Publicizing the Institutes activities through print/electronic media: Most of the activities of the branch were widely covered in the local print media. The National Conference, President s Press Meet, CA Day Celebration and Budget Programme were also covered in the electronic media. Local channels also carried clippings of these programmes in their news. g) Cultural Activities: a. Celebration of Chartered Accountants Day on 1st July 2010: Several programme held throughout the day at the Branch. i. The CA day began with the hoisting of the Institutes flag at the Branch Premises by the Branch Chairman CA. Bikash Agarwala. ii. This was followed by distribution of education material eg. Colouring books, copies etc to the needy students. iii. In the evening, a family Get Together was organized and competitions were held amongst members and their family. A game of Dumb Charade was hosted by CA. Kaberi Bhuyan and CA. K P Sarda. A quiz contest was hosted by CA. Ravi Kumar Patwa which was won by the team of CA. Sunil Sharma and CA. Kaberi Bhuyan. A fancy dress competition was also organized for children present at the get together. Nearly 70 members & students participated in the programme held at Hotel Rajmahal. iv. CA Day was also befittingly celebrated at Jorhat, Tinsukia and Dibrugarh. b. Involving members and their families: Family members were involved in the cultural programme held on CA Day on 1 st July 2010 and in the Musical Dinner Blowin in the Wind hosted on 17 th December 2010 held on the occasion of the National Conference. Members and their family participated in the programmes in large numbers. Similar programmes were also organised by the Tinsukia, Jorhat and Dibrugarh Study Circles. c. Saraswati Puja : The branch also celebrated Saraswati Puja on 17 th Feburary 2011 at Branch premises. Large number of members and students participated in the celebrations. h) Sports Meet: The Guwahati Branch of ICAI organised a tennis ball cricket tournament was organised at Dispur play ground (Janta Bhawan) on 2 nd January 2011 among members of the Guwahati Branch. Around 45 members participated in the event. i) Branch Library: A library containing the publications of the Institute as well as other books of professional interest is being maintained at the Branch. A total of 29 titles were added to the branch library during the year. The complete list of library books was physically

GUWAHATI BRANCH of EASTERN INDIA REGIONAL COUNCIL of ICAI 34th Annual Report 2010-11 verified by the branch internal auditor during the year and reconciled with the branch records. j) Medical health Checkup: A medical health check up camp was arranged on 28th of August 2010 at Hotel Nandan. Dr. Rakesh Periwal and his team checked the diabetes, blood pressure level and others of the CA members and students. G. Students Programmes: a. The Branch is presently serving around 4000 students of CPT, IPCC/PCC/PE/Final level. b. Four Batches of General Management and Communication Skills (GMCS) course meant for newly passed Chartered Accountants and CA Final students were organized. c. EICASA Branch Elections: The Annual General meeting of The Guwahati Branch of the Eastern India Chartered Accountant Students Association, a body of Students undergoing the Chartered Accountancy Course, was held on 25th of July 2010. The members present at the AGM elected its new body consisting of 4 students and 2 nominated CA members. CA. Kaberi Bhuyan the nominee Chairperson and CA. Vikash Jain nominee member holding charge at the beginning of the period under report were replaced on 23 rd February 2010 by CA. Rakesh Agarwal as Chairman & CA. Bikash Agarwala as nominee member by the Guwahati Branch Managing Committee. A list of the elected/nominated members of the committee is given in Annexure B. d. National Award: The Guwahati Branch of EICASA, for the Third Consecutive year won the National Award for Best body of Students Association in Eastern Region for the year 2010. e. Lecture meets: The student s body organised various lecture meets for the benefit of students covering topics such as Tax Audit, Service Tax, MS Word, Excel, Tally & Finance Bill 2009. Speakers were CA. Navin Jain, CA. Amit Patwary, Sri Himanshu Haloi, Sri Sagar Nath, & Sri Ajay Agarwal. f. One Day Interactive Proggramme: Monthly quiz competition on information Technology, skit competition were organised at the Information Technology Centre of the Guwahati branch. CA. Vikash Jain, nominated member of the EICASA Guwahati and Branch MC Member conducted all programmes. Students undergoing IT training participated in the competitions. Prizes were distributed among the winners. g. ICAI Publications: The latest publications of the Institute were made available to the students at the Branch. Prospectus and forms for examinations, course registration etc., were regularly made available to the students. h. Rank Holders at Examination: The Guwahati branch distributed Awards and Appreciation Certificate among all the rank holders from the Branch in PE-II, PCE and Final Examinations of the Institute during the year. i. Industrial Visits: Industrial Visits by One group of students to industrial unit of Akshaya Patra Foundation, Amingaon were arranged during the period. Altogether 22 students participated in the programmes. j. IPCC Orientation programme held: Five batches of 35 hour Orientation Programme for IPCC/ATT students were held at Guwahati during the period under report. k. Annual Quiz & Elocution Contests: The Guwahati Branch of EICASA assisted the Guwahati Branch of EIRC of The Institute of Chartered Accountants Of India in organizing

GUWAHATI BRANCH of EASTERN INDIA REGIONAL COUNCIL of ICAI 34th Annual Report 2010-11 the annual elocution contest for CA students on 20th June 2010. 12 Students participated in Elocution Contest. Miss Priyanka Maheswari emerged winner. The Quiz competition saw enthusiastic participation from students. CA. Anil Kumar Agarwala, Branch Vice Chairman conducted the Quiz which tested the academic preparedness of the participants. The team of Dhiraj Gupta and Victor Saha emerged winners. Winners of Quiz & elocution contest also participated in the regional level contest and performed well. l. Sports Meet Indoor : One One Day indoor Sports meet was organised at the branch premises on 5th December 2010 which turned out to be a grand success among the students, who participated in huge numbers. The Sports competitions held on that day were TT, Chess and Carrom. The event was a huge hit amongst the students, to whom it provided some respite as their exams were just over. m. Sports Meet Outdoor : 8 Students teams participated in the cricket tournament organised on 19th December 2010, which was keenly contested. H. Computer Training: The Information Technology Training Centre of the Branch has been shifted from the rented premises at Panbazar to the Institutes own premises at Maniknagar, Guwahati. A modern well equipped computer center for imparting Compulsory 100 hour Information Technology Training to CA Students is functioning at the branch. During the period under report, IT training was given to 305 CA students. Regular reports of commencement of batches, completion of batches and examination results are being sent to the Institute. Regular statements of Receipts and Payments along with audited accounts are also being sent. I. Public Awareness Program: Investor Awareness program: A 3 hour Investor Awareness meet under the aegis of Investor Education of Protection Fund of The Ministry of Corporate Affairs, Government of India as a part of the initiative undertaken by the ministry during the India Investor Week (12th -17th July 2010) in the Investor Education Year 2010-11 was held at Hotel Rajmahal, Guwahati on 17th of July 2010. Large number of members, students and public at large attended the meet. The speakers were Mr. Pallav Bagaria & Mr. Pramod Jain, both investment consultants. The meet was chaired by the past chairman of the Guwahati branch CA. Devajit Sarma. Career Counseling: One career counseling programme for creating awareness about the CA Course was held On 30th May 2010 at Gauhati Commerce College. More than 150 students participated in programme. J. ICAI BHAWAN, Guwahati: All the functions of the Guwahati Branch are now being carried out from its own premises at Maniknagar. Two floors of the building are presently functional: the first floor being used for administration and the second floor as a students section. The IT Training Centre was recently shifted to the second floor of the branch building. Constant improvement of infrastructure is being done. A 62.5 KVA DG Set was installed at the Branch building and was made operational. An elevator is in the process of being installed and construction of auditorium at third floor of the building is going on.

GUWAHATI BRANCH of EASTERN INDIA REGIONAL COUNCIL of ICAI 34th Annual Report 2010-11 K. State Public Finance Committee Training Programme: Two programmes under the Public Finance Committee were held at Guwahati during the year: L. Souvenir: a) Training for Govt. Employees: The Managing Committee members of the branch attended the inaugural function of the Training Program of the Assam Public Sector Finance Department Employees held from 25 th January 2011 to 29 th January 2011 at Assam Govt. Secretariat. The Branch Chairman CA. Bikash Agarwala represented the Public Finance Committee of the Institute. Branch Vice Chairman CA. Anil Kumar Agarwala was one of the trainers. b) Training for Govt. Officers: The Branch Chairman CA. Bikash Agarwala attended the inaugural function of the Training program of the Assam Public Sector Finance Department Officers held on 8th and 9th February 2011 under the aegis of the Public Finance Committee of ICAI. The Honorable Industry & Power Minister of Assam Sri Pradyut Bordoloi in presence of Central Council Member CA Anuj Goyal inaugurated the training Programme. The Guwahati Branch released a colorful souvenir Parivartan The Winds of Change, edited by the Branch Vice Chairman CA. Anil Kumar Agarwala on the occasion of inauguration of the New Branch Building and the All India Conference held in December 2010. M. President s Felicitation: The president of The Institute of Chartered Accountants of India, CA. Amarjit Chopra and Vice President CA. G Ramaswamy visited the Guwahati Branch on 17-18th December 2010. A felicitation programme was organised on 16th December 2010 at Hotel Rajmahal which was attended by a large number of members of Guwahati Branch along with Central Council & Regional Council members. N. Participation in Other Important Meetings: a. Branch managing committee members along with other senior members of the branch were invited to attend a meet organised by the Income Tax department, Guwahati on occasion of 150 years of Income Tax in India on 24th of July 2010. CA. Sunil Sharma senior member and former vice chairman of the branch addressed the meeting on behalf of the branch. b. The branch chairman and secretary attend the 14th State Level Co-ordination Committee meeting on regulation of NBFCs and UIB hosted by Reserve Bank of India, Guwahati on 24th September 2010. The chairman and secretary suggested measures to curb the activities undertaken by unincorporated bodies in the guise of chain marketing schemes c. The Guwahati Branch chairman CA. Anil Kumar Agarwala accompanied by the Branch Treasurer CA. K P Sarda felicitated CBDT Chairman Mr. Sudhir Chandra at a function organised by the Income Tax Department for the inauguration of the Aaykar Sampark Kendra on 6th April 2011 at Guwahati. d. CA. Sushil Kumar Goyal, Chairman EIRC visited the Guwahati Branch on 11th of June 2011. He praised the activities undertaken by the branch with special praises for the newly constructed building of the branch.

GUWAHATI BRANCH of EASTERN INDIA REGIONAL COUNCIL of ICAI 34th Annual Report 2010-11 e. The Branch Chairman and Branch Secretary of the Guwahati Branch attended the Regional & Branch Orientation and meet with President & Vice president of the Institute held on 26 th June 2011 at Kolkata. O. Accounts and Audit: The audited statements of account of the Branch for the year ended on 31/03/2011 are appended to this report and marked as Annexure C. The audit for the year was conducted by M/s. GKA & Associates, Chartered Accountants, Guwahati, who were appointed by the Eastern India Regional Council for that purpose. The audited accounts were mailed to ICAI, New Delhi and EIRC on 07/04/2011. As per the guidelines of the HO, monthly & quarterly Trial Balances and half yearly audit reports were regularly sent. CA. Pankaj Kumar Bhura carried out the monthly Branch Internal Audit upto April 2011 and CA Anjani Mundra is appointed as Branch Internal Audit from May 2011. Publication Stock Details and accounts were also regularly sent. P. Publicizing the Institutes activities through print/electronic media: Most of the activities of the branch were widely covered in the local print media. The All India Conference, President s Meet with Students, Building inauguration, Sports Meet, CA Day Celebration and CPE Programmes were also covered in the electronic media. Local channels including Doordarshan Guwahati, NE TV, DY 365, News live, News Times Assam also carried clippings of some of these programmes in their news. Q. Acknowledgement: The Managing Committee of the Branch wishes to place on records its appreciation and sincere thanks to all the members and students for their continued support and sincere cooperation in all the activities of the Branch. It also wishes to thank the EIRC Chairman, Branch Co-ordinator, other EIRC members and Central Council members from Eastern Region for providing their valuable guidance and active participation in the activities of the Branch. The Committee also thanks all those members and students who took active part in organizing various programs and activities and also to the various sponsors of the programs, donors for the branch building. The Managing Committee also places on record its appreciation and thanks to the Branch Statutory Auditors and the Internal Auditors for their services. It wishes to thank the regular as well as part time faculty at the IT Centre (including members who have contributed their time and efforts therein) and the staff of the branch. We have tried to serve you in best possible manner with the limited resources at our disposal and with your co-operation and support, shall continue to do so in the future. Thanking you, For and On Behalf of the Managing Committee GUWAHATI BRANCH OF EIRC OF ICAI Guwahati Date: 07/07/2011 Sd/- (CA Vikash K Jain) Hony. Branch Secretary

GUWAHATI BRANCH of EASTERN INDIA REGIONAL COUNCIL of ICAI 34th Annual Report 2010-11 Annexure A: Programmes organised by/under the Guwahati Branch 1. CONFERENCE: A two day long 12 CPE hours ALL INDIA CONFERENCE with the theme CHALLENGING TIMES- EMERGING OPPORTUNITIES was held on 17th & 18th of December, 2010 at Guwahati. Date TOPIC 17/12/2010 Session 1: IFRS AND AS Session 2: CORPORATE LAWS AND FINANCIAL REPORTING 18/12/2010 Session 3: DIRECT TAXES Session 4: FACING THE CHALLENGES OF A DYNAMIC ECONOMY Approved CPE Hours No. of CA Participants Total CPE hours earned 12 488 5856 2. SEMINARS and MEETS: Date TOPIC Approved CPE Hours 24/12/2010 Real Estate Transactions: Taxation Aspects and Capacity Building Initiative No. of CA Participants Total CPE hours earned 6 154 924 25/03/2011 Union Budget 2011 6 141 846 30/04/2011 CORPORATE LAWS 6 126 756 11/06/2011 Service Tax & XBRL 6 115 690 3. STUDY CIRCLE MEETS AND PRACTICAL WORKSHOPS: Date TOPIC Approved No. of CA Total CPE CPE Hours Participants hours earned 17/07/2010 Investor Awareness Program 3 56 168 28/08/2010 Audit Under Assam VAT 3 80 240 23/10/2010 Issues in Setting up New Industries in NE 3 94 282 4. TELECONFERENCES: Sl. No. Date TOPIC No. of Participants Total CPE Hours earned 1 29/12/2010 Roadmap to IFRS 2 25 2 05/01/2011 Introduction to International Taxation 2 32 3 31/01/2011 CPE Teleconference programme on 2 9 4 5 18/02/2011 CPE Teleconference programme on Overview of Auditing Standards 10/03/2011 A clause by clause analysis on Finance Bill 2011 2 12 2 16 6 22/03/2011 Service Tax 2 13

GUWAHATI BRANCH of EASTERN INDIA REGIONAL COUNCIL of ICAI 34th Annual Report 2010-11 7 29/03/2011 CPE Teleconference programme on Bank Audit 2 4 8 15/04/2011 XBRL 2 21 9 29/04/2011 Ethical Standards 2 18 10 13/05/2011 CPE Teleconference programme on IND AS 2 20 11 26/05/2011 Direct Tax Code 2 42 12 10/06/2011 XBRL 2 13 13 23/06/2011 Revised Schedule VI 2 22 Annexure B Elected/Nominated Members of The Eastern India Chartered Accountants Students Association Guwahati Branch as at 30.6.2011 POST Chairman Vice Chairman Secretary Treasurer Member Member Name CA. Rakesh Agarwala Mrs. Neelam Rathi Mr. Navin Sharma Mr. Govind Sharma CA. Bikash Agarwala CA Sagar Nagori

GUWAHATI BRANCH of EASTERN INDIA REGIONAL COUNCIL of ICAI 34th Annual Report 2010-11 ANNEXURE C AUDITED ANNUAL ACCOUNTS 2010-2011

GKA & ASSOCIATES Chartered Accountants S-9, 2 nd Floor, G. S. Tower, Near Himatsingka Petrol Pump, A. T. Road, Guwahati-781 001 Tel: 2607221 (O), Cell: 98640-95542 E-mail ID: gkacs@rediffmail.com GOPAL KUMAR AGARWALLA B.Com (Hons.), A.C.S, F.C.A Membership No. 061069 AUDITORS REPORT 1. We have audited the attached Balance Sheet as at 31 st March, 2011 and the annexed Income and Expenditure Account and Receipts & Payment Account for the Year ended on that date of the Guwahati Branch of Eastern India Regional Council of The Institute of Chartered Accountants of India (Including Land & building Account), from the books of Account, Records, Documents and Vouchers produced before us. These financial statements are the responsibility of the branch. Our responsibility is to express an opinion of these financial statements based on our Audit. 2. We have conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. 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. We have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purpose of the Audit. 4. The Balance Sheet, the Income & Expenditure Account and the Receipts & Payments account dealt with by this report are in agreement with the books of Account as produced before us. 5. In our opinion and to the best of our information and according to the information and explanations given to us, the said statements of accounts read along with the notes on accounts annexed thereto and also subject to our comments/observations in Annexure-A,give a true and fair view a. In the case of the Balance Sheet of Branch, of the state of affairs of the Branch as at 31 st March, 2011; b. In the case of the Balance Sheet of Land & Building Account, of the state of affairs of the Land & Building Account as at 31 st March, 2011; c. In the case of the Income & Expenditure Account of Branch, of the Surplus of the Branch for the Year ended on that date; and d. In the case of the Receipts & Payments Account of Branch, of the Receipts & Payments of the Branch for the Year ended on that date. e. In the case of the Receipts & Payments Account of Land & Building Account, of the Receipts & Payments of the Land & Building Account for the Year ended on that date. For GKA & ASSOCIATES Chartered Accountants (Gopal Kumar Agarwalla) Place: Guwahati Proprietor Date: 04.04.2011 Membership No.- 061069 FRN: 324817E Sd/-

Guwahati Branch of EIRC of The Institute of Chartered Accountants of India DETAILED SCOPE OF AUDIT (Annexure to the Audit Report dated 02.04.2010) Sl. PARTICULARS No. 1 Whether the Collections made by Branch are recorded correctly in the Books of Accounts maintained by the Branch. AUDITORS' OBSERVATIONS Yes, as per the records available. 2 3 4 5 6 7 8 9 10 11 12 Whether all the Bank accounts are reconciled and follow up action taken to recover the outstanding amounts,if any? Whether the expenditure towards Seminar and Conference Yes. All CPE programmes and Seminars are properly accounted for and met out the source generated were fully accounted and expenses were met by way of participation fee and Seminar/CPE Grant released from participation fees / grants /sponsoships. by Head Office. Whether proper budgetary control is exercised both with respect to revenue and capital expenditure. Yes,all bank accounts have been reconciled. Whether Balance of petty cash book reconciles with the Bank Yes, all material expenditure were found to and Cash Balance and all Expenditure are supported by be supported by vouchers. Vouchers? Whether follow up action is being taken to recover the dishonoured cheques/drafts. Whether the assets purchased for the branch are properly As has been explained to us, fixed assets recorded in the asset register and physical verification is register has not been updated since long. carried out. Whether the Capital Items purchased by branch The branch has purchased Capital items out are out of the capital grant released to the branch. of its own fund. Whether the Capital Grant account and Inter-Unit Balances with Regional Council and Central Office are duly reconciled. Yes, All dishnoured cheques were duly recovered. As explained to us, transactions with the Regional Council and the Central Office were duly reconciled. Whether Stock Register of stationary and Publication Stocks Stock Register of Publication Stocks is are properly maintained and physical verification is carried properly maintained and physical verification out. is carried out on monthly basis. Internal Audit of Publication stock is carried on monthly basis. However, no register was maintaind for stationery items. Whether the systems and procedures followed for purchases Yes. Purchases were made as per the are sound and whether purchases have been made based procedure. on the lowest quotations and/or the practices being followed. As explained to us, no budgets were prepared for revenue expenditure. Whether salary and staff payments have been made Yes. according to decisions of the Executive Committee of the Branch. Whether proper inventories have been kept of the publication Yes. Monthly Publication Account audit is received from Central office from time to time and whether carried out by the Interenal Auditors. Publication Account alongwith sale proceeds and stock statement sent to Head Office on quarterly basis. It must also be ensured that AS-2 has been complied with. 13 Whether proper records have been kept of issue of study Yes. Details are maintained. materials, suggested answers, revision test papers etc. sent by Head Office. 14 Whether expenditure on postage, freight and Rent-Rates & Yes, they are. Taxes have been properly accounted for. 15 Whether the Newsletter published by the branch is selfsupporting and proper accounting has been done for Newsletter is issued. No Newsletter is published by the Branch. E ascertaining its actual cost. 16 Whether there are assets which are no longer usable and No asset has been discraded during the discarded. A list of such items with particulars, date of year. acquisition and value should be given. Similarly, a list of obsolete/immovable stock with recommendations should be given.

17 Identification of areas of week controls & to suggest ways & Fixed Asset register & Stationery register means of streamlining the same. Please give an independent should either be maintained or updated. & objective assessment & evaluation of each activity for better management control & financial discipline. 18 19 20 21 Whether the prescribed rate of depreciation have been Yes, depreciation rates prescribed by the followed while charging depreciation on fixed assets of the The Institute of Chartered Accountants of branch. India has been followed. Whether all the revenue grants received and receivable as Yes, accounted for. per the entitlement of the branch are duly accounted for in the books of accounts of the branch. The fund of the branch shall not be applied either directly or No such expenditure was made. indirectly for making any payment to the members of the Managing Committee except to reimburse them any expenses incurred by them in connection with the business of the Managing Committee provided however, that no member of the Managing Committee shall be entitled to claim any traveling or other allowances. Whether Accounting Standards have been complied with Yes, all accounting standards which are applicable on the branch has ben complied with. For, GKA & ASSOCIATES Chartered Accountants Place : Guwahati Date : 04.04.2011 (Gopal Kumar Agarwalla.) (Proprietor) M.No. 061069, FRN-324817E

GUWAHATI BRANCH OF EIRC THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA ICAI BHAWAN, 2nd Bye Lane, Manik Nagar, R G Barua Road, Guwahati-781005 ANNUAL AUDITED ACCOUNTS FOR THE PERIOD ENDED 31.3.2011

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA EASTERN INDIA REGIONAL COUNCIL : GUWAHATI BRANCH ICAI BHAWAN, 2nd By-Lane, Manik Nagar, R G Barua Road, Guwahati-781005 PARTICULARS BALANCE SHEET AS AT 31 MARCH, 2011 SCHE DULE ` ` 31/03/2011 31/03/2010 SOURCES OF FUND Rupees Rupees 1 GENERAL RESERVE Opening Balance 462,160.19 (10,423.81) Add/Less: Surplus as per I/E Account 2,493,171.62 2,739,465.00 less: Transfer To Land & Building Land & Building Account - (2,266,881.00) 2,955,331.81 462,160.19 2 CURRENT LIABILITIES ITT Lab Fees Received in Advance 160,000.00 424,000.00 Coaching/Orientation class fees In Advance 243,000.00 105,000.00 Creditors for Expenses A 80,415.00 104,640.00 3 INTER UNIT BALANCES Capital Grants Received B 1,782,835.00 1,768,975.00 ICAI Publication Payable Account C 33,148.00 75,210.00 Publication Stock Transfer Account (Cr) D 216,435.00 214,370.00 TOTAL 5,471,164.81 3,154,355.19 APPLICATION OF FUNDS ` ` 1 FIXED ASSETS E Gross Block (including ITT Lab Assets) 2,183,856.00 2,012,526.00 Less: Depreciation Block 1,244,857.00 1,010,245.00 Net Block 938,999.00 1,002,281.00 2 OTHER INVESTMENTS FDRs With Bank- (Excluding Accrued Intt) Branch A/c IT Centre 2,000,000.00 863,310.00 2,863,310.00 1,300,000.00 3 CURRENT ASSETS Interest Receivables 13,985.00 74,287.00 Security Deposits- IT Centre - 25,890.00 Other Receivables F 309,632.00 308,836.00 4 CASH & BANK BALANCES G Cash In Hand 593.00 907.00 Cash at Bank 1,045,487.81 99,411.19 5 INTER UNIT BALANCE ICAI Current Account (Dr) H 82,723.00 128,373.00 Publication Stock Transfer Account (Dr) D 216,435.00 214,370.00 TOTAL 5,471,164.81 3,154,355.19 NOTES ON ACCOUNTS In terms of our report of even date For GKA & Associates Chartered Accountants FRN-324817E L For & On Behalf of Guwahati Branch of EIRC of ICAI sd/- sd/- sd/- (GOPAL KUMAR AGARWALLA) (Vikash K Jain) (K P Sarda) Proprietor Hony. Secretary Hony. Treasurer M.No. 061069 Place : Guwahati Date : 04.04.2011

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA EASTERN INDIA REGIONAL COUNCIL : GUWAHATI BRANCH ICAI BHAWAN, 2nd By-Lane, Manik Nagar, R G Barua Road, Guwahati-781005 I. INCOME INCOME & EXPENDITURE ACCOUNT FOR THE PERIOD ENDED 31 MARCH, 2011 ` ` PARTICULARS SCHEDULE 31/03/2011 31/03/2010 A. Grants Received from HO 1 Revenue Grants 268,300.00 265,400.00 2 Branch Administration Grant - - 3 Membership Fee Grant - - 4 Audit Fee Grant - - 5 BOS/Students Grant 375,000.00 150,000.00 6 Diamond Jubilee/Ca day Grant - - 7 AD Hoc Grant - 25,000.00 8 Public relation Grant - - Sub-Total A 643,300.00 440,400.00 B. Other Revenue Receipts 1 Seminar Income CPE Seminar 2,658,445.00 2,323,950.00 Students Seminar - - Other Seminar - 2,658,445.00-2,323,950.00 2 GMCS Course Income 273,000.00 94,500.00 3 Interest on Investments I 78,760.00 101,716.00 4 ITT Lab Income 1,484,000.00 2,112,000.00 5 Other Income - - 6 Provisions No longer Reqd Written Back - - 7 Coaching Class/Orientation Income 798,000.00 963,000.00 8 Commission on Sale of Publications Institute/BOS publications 59,487.00 52,722.00 Exam Forms 53,070.00 112,557.00 45,495.00 98,217.00 Sub-Total B 5,404,762.00 5,693,383.00 C. Prior Period Adjustments (Income) - - TOTAL RECEIPTS (A+B+C) 6,048,062.00 6,133,783.00

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA EASTERN INDIA REGIONAL COUNCIL : GUWAHATI BRANCH ICAI BHAWAN, 2nd By-Lane, Manik Nagar, R G Barua Road, Guwahati-781005 II. EXPENDITURE 1 Salary & Staff Expenses 183,042.00 156,832.00 2 Printing & Stationery & Photocopying 40,360.00 30,396.00 3 Postage,Telephone & Telegram 36,744.00 53,655.00 4 Rent, Rates & Taxes 46,324.00 87,458.00 5 Repairs & Maintanance 11,997.00 25,297.00 6 Conveyance (Staff & Others) 3,572.00 2,367.00 7 Audit Fees 7,170.00 6,030.00 8 Professional Fees -Other Services 18,000.00 18,000.00 9 Seminar Expenses CPE Seminar 1,737,741.88 1,603,425.00 Students Seminar - - Other Seminar - 1,737,741.88-1,603,425.00 10 GMCS Course Expenses 151,028.00 59,649.00 11 ITT Lab Expenses J 649,040.50 585,904.00 12 Other Expenses K 230,693.00 313,221.00 13 Coaching class/orientation Expenses 204,566.00 209,549.00 14 Prior Period Adjustments (Exp) Total Expenditure Excluding Depreciation - 3,320,278.38 3,151,783.00 Depreciation on Fixed Assets E 234,612.00 242,535.00 TOTAL EXPENDITURE III. NET SURPLUS (I-II) PARTICULARS INCOME & EXPENDITURE ACCOUNT FOR THE PERIOD ENDED 31 MARCH, 2011 ` SCHEDULE 31/03/2011 ` 31/03/2010 3,554,890.38 3,394,318.00 2,493,171.62 2,739,465.00 NOTES ON ACCOUNTS In terms of our report of even date For GKA & Associates Chartered Accountants FRN-324817E L For & On Behalf of Guwahati Branch of EIRC of ICAI sd/- sd/- sd/- (Vikash K Jain) (K P Sarda) (GOPAL KUMAR AGARWALLA) Hony. Secretary Hony. Treasurer Proprietor M.No. 061069 Place : Guwahati Date : 04.04.2011

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA EASTERN INDIA REGIONAL COUNCIL : GUWAHATI BRANCH ICAI BHAWAN, 2nd By-Lane, Manik Nagar, R G Barua Road, Guwahati-781005 INCOME & EXPENDITURE ACCOUNT FOR THE PERIOD ENDED 31 MARCH, 2011 INFORMATION TECHNOLOGY CENTRE I. INCOME PARTICULARS SCHED ULE 31/03/2011 31/03/2010 ` ` A. Income From ITT Course Fees @ ` 4000 per student 1,484,000.00 2,112,000.00 Sub-Total A 1,484,000.00 2,112,000.00 B. Other Revenue Receipts 1 Interest on Bank SB A/c 14,128.00 10,763.00 2 Interest on Bank FDR A/c 41,265.00 45,715.00 Sub-Total B 55,393.00 56,478.00 TOTAL RECEIPTS (A+B) 1,539,393.00 2,168,478.00 II. EXPENDITURE 1 Salary & Staff Expenses 193,400.00 196,800.00 2 Printing & Stationery & photocopying 6,699.00 12,191.00 3 Postage,Telephone & Telegram - 14,226.00 4 Rent, Rates & Taxes 221,242.00 259,665.00 5 Repairs & Maintanance 35,420.00 15,165.00 6 Professional Fees -Other Services 48,100.00 71,250.00 7 Other Expenses 144,179.50 16,607.00 Total Expenditure Excluding Depreciation 649,040.50 585,904.00 Depreciation on Fixed Assets E 110,398.00 203,706.00 TOTAL EXPENDITURE III. NET SURPLUS (I-II) 759,438.50 789,610.00 779,954.50 1,378,868.00 NOTES ON ACCOUNTS In terms of our report of even date For GKA & Associates Chartered Accountants FRN-324817E L For & On Behalf of Guwahati Branch of EIRC of ICAI sd/- sd/- sd/- (Vikash K Jain) (K P Sarda) (GOPAL KUMAR AGARWALLA) Hony. Secretary Hony. Treasurer Proprietor M.No. 061069 Place : Guwahati Date : 04.04.2011

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA EASTERN INDIA REGIONAL COUNCIL : GUWAHATI BRANCH ICAI BHAWAN, 2nd By-Lane, Manik Nagar, R G Barua Road, Guwahati-781005 BRANCH OFFICE A/C RECEIPTS & PAYMENTS ACCOUNT FOR THE PERIOD ENDED 31 MARCH, 2011 RECEIPTS ` PAYMENTS ` Opening Balance Remittance to ICAI Cash - CPT Forms 517,725.00 Petty cash in hand 45.00 Publication A/c 275,210.00 Bank of Baroda, Guwahati GMCS Course 39,000.00 SB A/c No 00010100006060 19,330.19 Vijaya Bank, Guwahati Examination Forms 564,005.00 1,395,940.00 SB A/c No 11552 18,300.00 37,675.19 Fixed Deposit Encashed 500,000.00 Payment of Dues & Advances A H Tours & Travels (liability) 25,731.00 Grants Received A H Tours & Travels (advance) 52,100.00 Revenue Grants 268,300.00 Statutory Audit fees 5,515.00 Capital Grant: Library 13,860.00 Other Liabilities 7,202.00 EICASA A/c 375,000.00 657,160.00 Telephone Charges Payable 1,800.00 Claims Reimbursable 2,900.00 95,248.00 Internal Activity Receipts Fixed Assets Coaching Classes - Computer & Laptop 128,525.00 GMCS Course 312,000.00 Projector 28,945.00 Orientation Classes 936,000.00 Library Books 13,860.00 171,330.00 Sponsorships- Members' Directory 59,750.00 CPE Programmes 2,491,253.00 3,799,003.00 Fixed Deposits FDR dt. 28/03/2011 2,000,000.00 2,000,000.00 Interest Internal Activity Payments Interest on Saving A/c 20,144.00 Orientation Classes 204,566.00 Interest on Fixed Deposits 31,795.00 51,939.00 CPE Programmes 1,659,517.88 GMCS Course 151,028.00 2,015,111.88 Realisation of Dues & Advances Branch Publication Orientation Programme 74,078.00 Members' Directory 79,500.00 79,500.00 ISA Classes Dues 55,985.00 Sponsorships 46,700.00 176,763.00 Payment for Expenses Bank Charges 3,028.00 ICAI Publication/ Forms Postage, Telegram & Telephone 36,744.00 CPT Forms 531,000.00 Rents, Rates & Taxes 46,324.00 Publication 296,835.00 Staff Salary 183,042.00 Blazers - Printing & Stationery Examination Forms 599,600.00 1,427,435.00 & photcopying 40,360.00 Professional Fees- Others Other Services 18,000.00 Repairs & Maintenance 11,997.00 - Student Activity Expenses 75,000.00 Conveyance (Staff & others) 3,572.00 CA day celebrations 32,398.00 Sports Meet 41,256.00 Audit Fees 1,655.00 Website Updation 18,145.00 Newspapers & Periodicals 1,013.00 Meeting Expenses 3,108.00 Miscelleneous Exps. 10,245.00 General Meeting Expenses 675.00 526,562.00 Closing Balance Cash - Petty cash in hand 593.00 Bank of Baroda, Guwahati SB A/c No 00010100006060 365,690.31 366,283.31 Total Rs. 6,649,975.19 Total Rs. 6,649,975.19 In terms of our report of even date For GKA & Associates Chartered Accountants FRN-324817E For & On Behalf of Guwahati Branch of EIRC of ICAI sd/- sd/- sd/- (GOPAL KUMAR AGARWALLA) (Vikash K Jain) (K P Sarda) Proprietor Hony. Secretary Hony. Treasurer M.No. 061069 Place : Guwahati Date : 04.04.2011

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA EASTERN INDIA REGIONAL COUNCIL : GUWAHATI BRANCH ICAI BHAWAN, 2nd By-Lane, Manik Nagar, R G Barua Road, Guwahati-781005 INFORMATION TECHNOLOGY CENTRE RECEIPTS & PAYMENTS ACCOUNT FOR THE PERIOD ENDED 31 MARCH, 2011 RECEIPTS ` PAYMENTS ` Opening Balance Fixed Assets Purchased/Installed - Cash - Petty cash in hand 862.00 Investments Bank of Baroda, Guwahati Br Fixed Deposits: Interest Reinvested 63,310.00 SB A/c-00010100006975 61,781.00 62,643.00 Statutory Dues TDS Payments 12,816.00 ITT Course Fees Recd during the period 1,220,000.00 ITT course expenses Salary & Staff Expenses 193,400.00 Bank Interest 14,128.00 Rent, Rates & taxes 221,242.00 Printing, Stationery & Bank Interest: FDR photocopying 6,699.00 Accrued Interest Realised 45,715.00 Professional fees- Current Interest Realised 17,595.00 63,310.00 Other services 48,100.00 Repairs & maintenance 35,420.00 TDS Deductions 11,392.00 Other Expenses Bank Charges 247.50 Security Deposit Release 25,890.00 Miscellaneous Exp 10,944.00 Staff Training Expenses 7,601.00 ICAI Kolkata: Advance Adjusted 7,601.00 Staff Welfare 6,371.00 Audit Expenses 4,500.00 Awards & Incentives 1,950.00 Centre Shifting Expenses 112,566.00 649,040.50 Closing Balance Cash - Petty cash in hand - Bank of Baroda, Guwahati Br SB A/c-00010100006975 679,797.50 679,797.50 Total Rs. 1,404,964.00 Total Rs. 1,404,964.00 In terms of our report of even date For GKA & Associates Chartered Accountants FRN-324817E For & On Behalf of Guwahati Branch of EIRC of ICAI sd/- sd/- sd/- (GOPAL KUMAR AGARWALLA) (Vikash K Jain) (K P Sarda) Proprietor Hony. Secretary Hony. Treasurer M.No. 061069 Place : Guwahati Date : 04.04.2011