Annexure-III
S K BHARTIA & CO. 103, Suraj Market
CHARTERED ACCOUNTANTS H.B Road
FANCY BAZAR,
GUWAHATI-781001
AUDITORS
REPORT
We have audited the attached Balance Sheet of Indian Institute of Entrepreneurship, Guwahati as on 31st March 2007 and also the annexed Income and Expenditure Account for the year ended on that date. These financial statements are the responsibility of the Institute’s Management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with the auditing standard 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 from misstatement. An audit includes examining, on 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 management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
We report the following observations :
Serial
No.
Name.
Amount(Rs)
1
Assam Minorities Dev. Fin. Corpn.
6000.00
11
Development Commissioner, Handicraft
600.00
111
DOI and Commerce, Agartalla
191000.00
IV
DOI and Commerce, Kamrup 201200.00
V
IDBI, Guwahati
44400.00
VI
NEC, Shillong
1139498.00
VII
SIDBI
736500.00
VIII
Guwahati University
1500.00
IX
NBCFDC
7667.00
X
DOI and Commerce, Naharlagun
3000.00
XI
PD, DRDA
10000.00
XII
CPWD, Guwahati
42716.00
XIV
NABARD, Dehradun
17500.00
XV
Ministry of SSI,GOI
1636250.00
XVI
Small Farmers Agro Business Consor .
100000.00
XVII
Min of Food Processing, GOI
750000.00
XVIII
NABARD
97500.00
XIX
SPEED
5000.00
XX
SPIU, DHTE, Govt. of Nagaland
546400.00
XXI
GNRC, Guwahati
11000.00
XXII
Assam Ayurvedic Products
10000.00
XXIII
DOI, Meghalaya
202000.00
XXIV
Planning Commission
10926.00
XXV
Director of VAH, Nagaland
35000.00
XXVII
ASDC, OBC
32500.00
XXX
Bhubaneswari Mahila Samiti
3647.00
TOTAL----------- 5841804.00
No provision for any doubtful recovery has been made. Therefore the current assets (Training fee recoverable) has been shown enhanced by the amount not recoverable.
In view of the above facts it is suggested that in future the institute should insist for advance payment of training fees before undertaking any training program.
5.
6. No balance confirmation with debtors, creditors and for loans and advances were made available for our verification and their balances are shown as appearing in the accounts.
7. The tax deducted at source is not deposited timely. Further quarterly E-TDS returns are also not submitted timely. This may result in imposition of interest for delayed payment and penalty for not filing timely returns. Further no TDS was deducted out of consultancy and professional fee paid.
8. The institute has not made any provision for liability under the provisions of the Income Tax Act,1961 towards income tax and fringe benefit liability. The institute could not produce any document showing that the said provisions were not applicable to the institute.
11. The outstanding payment to CPWD as on 31.03.2007 are as under.
A. CPWD (Civil)
a. Construction of fencing works 154016.00
b. Construction of second Hostel Building 24576500.00
c. Construction of Boundary wall 892080.00
TOTAL 25622596.00
B. CPWD (Electr)
a. Instalation of 63 KVA DG Set 522382.00
b. Sound proofing of DG Set 194250.00
TOTAL 716632.00
GRAND TOTAL 26339228.00
The above amount has been shown as advance to CPWD since last year.
On verification it was found that the construction of building and installation of DG set had been competed long back. In fact the institute is charging depreciation on the furniture installed in the said hostel building. By not capitalizing the outstanding amount the value fixed assets has been shown short/less by Rs.26339228/- and the loans and advance has been inflated by the same amount. As a result of which institute has shown lower depreciation as under:-
I. Depreciation @ 10% on civil work Rs. 25622596.00 2562260.00
II. Depreciation on DG set @ 15% on Rs. 716632.00 107495.00
Total Depreciation 2669755.00
This resulted in lower depreciation and expenditure by Rs.2669755.00
12. The institute has made provision for leave encashment Rs.2351129/- which includes Rs.1743480/- short provision in earlier years resulted in higher expenditure during year by the said short provision in earlier years.
13. Bill payable Rs.100583/- to M/s N.E.A.C. is outstanding since last several years towards balance payment of officers qtrs at Geneshguri, Guwahati. The holding numbers are yet to be transferred in the Name of the institute.
14. Advances from Sponsors- Following advances received from sponsors long back are still outstanding.
i. Directorate of Industries, Mizoram. 25000.00 Op. balance
ii. NEC Shillong 400749.00 Op. balance
iii. Dept. of science & Technology 452800.00 Op. balance
iv. Directorate of industries, Nagaland 110000.00 Op. balance
v. Assam Prathamic Siksha 8744.00 Op. Balance
vi. DC, SSI New Delhi 532500.00 Op. balance
vii. Coir Board 817000.00 Op. balance
viii. DC, Handloom 808570.00 Op. balance
Details of programs against above advances could not be furnished to us. Further bills were not raised and /or expenses incurred against above programs were not adjusted. The amount of advance and income will be affected on the basis of actual assessment.
15. Advance payment Rs.50000/- was made to the Indian Institute of Packaging on 09.05.2006. The program was fixed to be held in 2005–06 but now extension sought up to 2007-08.
16. Advance to employees for expenses includes Rs.56000/- misappropriated by Mr. L.C.Gogoi is outstanding since last year. It was stated that services of Mr.Gogoi has been terminated. The expenditure account and advance to employees for expenses will be affected on the basis of recovery to be made from Mr. Gogoi.
17. Loans and Advance made during the year are not adjusted/ recovered timely. Maximum number of adjustment vouchers were passed on 30.03.2007 and 31.03.2007. The impact of delayed adjustment if any could not be ascertained.
18. LTC advance Rs.26200/- outstanding as on 31.03.2007 includes old outstanding as under:-
Date of payment Amount
i. Mr.S.B.Baruah Op.Bal. 13500/-
ii. Mr.W.R.Singh 28.09.2006 4600/-
iii. Mr. B.Das Op.Bal. 8100/-
The amount of expenditure will be increased by the amount of bills against above advances and the amount of the advances will be reduced accordingly.
19. Advance to project member includes old outstanding due as under :-
Name Date of Outstanding Amount
Mr.J.Bhattacharjee Op. Balance 417/-
(not in service)
Mr. Tapan Sarma “ 6730/-
(not in service)
Mr. A.J.Kalita “ 500/-
(not in service) “
Miss Pallavi Borah “ 1000/-
(not in service) “
Mr. Sanjib Barman “ 15000/-
Mr.Ramen Kalita “ 640/-
Mr. Anurag Sarma “ 620/-
Mr. M.K.Bayan “ 1997/-
M/s Society for Ent. Dev. “ 20000/-
Mr. Pankaj Barman “ 500/-
Mr. Babul Dutta “ 6714/-
Mr.Pankaj Kr. Das 18.04.2006 2500/-
(not in service)
Mr. P.C. Philip Op.Balance 500/-
Mr. J.P.Sinha “ 15000/-
Mr.Recta Raj Baishya “ 10218/-
Mr. Satyajit Sarma “ 6596/-
Mr. Poragdhar Borah “ 9461/-
Total 98393/-
The amount of expenditure will be higher by the amount of bill against above advances and amount determined to be not recoverable and the amount of advances will be reduced accordingly.
20. Bill receivable Rs.255647.91 includes all outstanding due as under.
Name Amount Remarks
AAU 1845.00 Opening Balance
KVIC, Guwahati 1250.00 Opening Balance
MM Enterprises, Shillong 31500.00 Opening Balance
DIC, Nagaon 4350.00 Opening Balance
RGVN 892.00 Opening Balance
NECCI 6480.00 Opening Balance
Director DDK,Ghy. 2600.00 Opening Balance
UGC 12008.00 Opening Balance
NEC Tele Medicine Programme 161169.00 Opening Balance
K.R.Kalita 2206.00 Opening Balance
Total…… 224300.91
The old outstanding if found not recoverable should be written off. The expenditure will be increased by the amount found not recoverable and the advances will be reduced by the corresponding amount.
21. Advance to DAVP Rs. 2 lacs . The amount is outstanding since a long time. As explained no bill has been received against the amount paid. As a result the amount of loans and advances has been shown higher by the amount of bill.
22. Recovery of Administrative Expenses from projects as per details given bellow was made and deducted from the Administrative expenses.
BFDC 37194/-
Handloom Cluster 174639/-
Housing Project 62078/-
Cane & Bambo Cluster 150998/-
Diagnostic Study 69579/-
Total…… 494488/-
As a result administrative expenses were shown reduced by Rs.494488/- and expenditure in the respective projects are shown higher by the amount shown above project wise.
23. On verification of the bank reconciliation statements, it was found that the following cheques were deposited with UBI, Lalmati Branch, but cleared by the bank.
Date Cheque No Amount
20.07.2005 025747 7150/-
04.10.2005 555985 213/-
25.11.2005 334719 300/-
09.06.2006 373366 500/-
Steps need to be taken to recover the amount. Income and expenditure will be affected on the basis of recovery to be made. Further following cheque were issued but not yet debited by the bank:
Date Cheque No Amount
12.05.2004 009629 1000/-
21.05.2004 009654 1000/-
29.10.2004 252540 2450/-
10.03.2005 353602 750/-
28.03.2005 353653 7100/-
11.05.2005 353765 3000/-
05.10.2005 354171 5395/-
The validity period of cheques issued expired long back, the same are required to be reversed. The amount of income and expenditure will be affected accordingly.
Subject to the above:-
1) We have obtained all information and explanation, which to the best of our knowledge and belief were necessary for the purpose of our audit;
2) The Balance Sheet and the Income & Expenditure Account dealt with the report are in agreement with the books of accounts;
3) In our opinion and to the best of our information and according to the explanations given to us, the said Balance Sheet and Income & Expenditure Account read together with the Schedules and Notes on Account thereon give a true and fair view in conformity with the accounting principles generally accepted in India;
a) In case of Balance Sheet of the state of affairs of the Institute as at 31st March 2007, and
b) In so far as Income & Expenditure Account, the excess of Expenditure over Income of the Institute for the year ended on that date.
For and on behalf of
Guwahati, S K Bhartia & Co.
28-09-2007
S K Bhatia
Prop.
INDIAN INSTITUTE OF
ENTREPRENEURSHIP
BASISTHA CHARIALI, GUWAHATI-781029
BALANCE
SHEET AS AT 31ST MARCH 2007
|
|
SCH |
|
As
at 31st
March 2007 |
|
As
at 31st
March 2006 |
|
SOURCES
OF FUNDS |
|
|
|
|
|
|
Corpus
Fund |
1 |
|
12761419.00 |
|
12070663.00 |
|
Reserves
& Surplus |
|
|
|
|
|
|
General
Reserve |
2 |
0.00 |
0.00 |
0.00 |
|
|
Capital
Reserve |
3 |
147684776.00 |
147684776.00 |
143584776.00 |
143584776.00 |
|
TOTAL
(Rs) |
|
|
160446195.00 |
|
155655439.00 |
|
APPLICATION
OF FUNDS |
|
|
|
|
|
|
Fixed
Assets |
4 |
|
|
|
|
|
Gross
Block |
|
137131035.45 |
|
126851798.45 |
|
|
Less:
Depreciation |
|
73898485.60 |
|
67017632.60 |
|
|
Net
Block |
|
|
63232549.85 |
|
59834165.85 |
|
|
|
|
|
|
|
|
Current
Assets,Loans |
|
|
|
|
|
|
&
Advances |
|
|
|
|
|
|
(A)
Current Assets |
5 |
35192315.16 |
|
29868509.66 |
|
|
(B)
Loans & Advances |
6 |
26986261.45 |
|
32611890.00 |
|
|
Sub -Total (A) |
|
62178576.61 |
|
62480399.66 |
|
|
|
|
|
|
|
|
|
Less:
Current Liabilities |
|
|
|
|
|
|
&
Provisions |
|
|
|
|
|
|
Current
Liabilities |
7 |
6424108.00 |
|
5819723.00 |
|
|
Provision
for Gratuity |
|
4978298.00 |
|
2544290.00 |
|
|
Provision
for leave encashment |
|
3995428.00 |
|
1714806.00 |
|
|
Sub -Total (B) |
|
15397834.00 |
|
10078819.00 |
|
|
|
|
|
|
|
|
|
Net
Current Assets (A-B) |
|
|
46780742.61 |
|
52401580.66 |
|
|
|
|
|
|
|
|
Excess
of expenditure over |
8 |
|
50432902.54 |
|
43419692.49 |
|
Income |
|
|
|
|
|
|
TOTAL
(Rs) |
|
|
160446195.00 |
|
155655439.00 |
|
Notes on Accounts: Schedule - 11 |
|
|
As
per our separate report of even date attached |
||
(B.Sharma)
(K Ahmed) For S.K.
BHARTIA & CO.
Administrative Officer
Director
Guwahati
(S K Bhartia)
Guwa
INDIAN INSTITUTE OF ENTREPRENEURSHIP
BASISTHA CHARIALI, GUWAHATI – 781029
INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2007
|
|
Year
ended |
Year
ended |
|
|
31st
March, 2007 |
31st
March, 2006 |
|
(A)
INCOME |
|
|
|
Recurring
Grants-in-aid from |
|
|
|
Ministry
of SSI , New Delhi |
5400000.00 |
5200000.00 |
|
Training
Fees |
17543803.00 |
13042586.00 |
|
Research
& Consultancy Fees |
4515420.00 |
2746075.00 |
|
Receipts
from sale of Publications |
24563.00 |
64877.00 |
|
Financial
Assistance from Sponsors for S/W |
680000.00 |
932150.00 |
|
Interest
on Bank Deposits |
300752.00 |
312988.00 |
|
Receipt
against Internal Faculty
Services |
3385500.00 |
3237400.00 |
|
Rent
of Hostel,Class Room, Auditorium |
|
|
|
Conference
Hall and IIE Flats |
539166.00 |
457870.00 |
|
BFDC |
603300.00 |
487200.00 |
|
Jems
& Jewellery |
456000.00 |
418724.00 |
|
Cane
& Bamboo Cluster Dev. Nagaland |
1700000.00 |
1442000.00 |
|
Handloom
Cluster Dev, Imphal |
2241805.00 |
0.00 |
|
STED,
Bongaigaon |
968000.00 |
0.00 |
|
Hosiery
& Wollen Garments |
1962089.00 |
0.00 |
|
PGDME |
905790.00 |
0.00 |
|
Other
Receipts (Schedule-9) |
406437.50 |
197144.51 |
|
TOTAL-A
(Rs) |
41632625.50 |
28539014.51 |
|
(B)
EXPENDITURE |
|
|
|
Salary
& Allowances including backlog provision of earlier year’s Gratuity
& Leave encashment (Rs.3420991/-) |
13142298.06 |
824825915 |
|
Training
Expenses |
11141597.00 |
10249028.00 |
|
Research
& Consultancy Expenses |
3398730.00 |
1853866.00 |
|
Seminar
& Workshop Expenses |
582917.00 |
595023.00 |
|
Publication
Expenses |
70720.00 |
48720.00 |
|
Faculty
Development Expenses |
34967.00 |
38781.00 |
|
Computer
Maintenance |
754644.00 |
691057.00 |
|
Expenses
at Regional Office, Dehradun |
519565.00 |
710071.00 |
|
Expenses
on Cluster Development- Dimapur |
1660980.00 |
901242.00 |
|
BFDC |
409132.00 |
175129.00 |
|
Jems
& Jewellery |
649409.00 |
209368.00 |
|
Hosiery
& Woolen Garments |
682853.00 |
0.00 |
|
Adminstrative
Expenses (Schedule-10) |
5277767.49 |
4260244.00 |
|
PGDME |
871275.00 |
0.00 |
|
Handloom
Cluster Dev, Imphal |
1921024.00 |
0.00 |
|
STED,
Bongaigaon |
563975.00 |
0.00 |
|
Depreciation
|
6963982.00 |
8114956.00 |
|
TOTAL-B
(Rs) |
48645835.55 |
36095744.15 |
|
Excess
of Expenditure over Income (Rs) |
7013210.05 |
7556729.64 |
|
Carried
down |
|
|
|
Total
excess of expenditure over Income |
7013210.05 |
7556729.64 |
|
transferred
to General Reserve |
|
|
|
Notes
on Accounts: Schedule - 11
As per our separate report of even date attached |
||
(B.Sharma) (K Ahmed) For S K BHARTIA & CO.
Administrative Officer Director
Guwahati,
Dated 26 th September, 2007
INDIAN INSTITUTE OF ENTREPRENEURSHIP
BASISTHA
CHARIALI, GUWAHATI – 781029
SCHEDULE ATTACHED TO &
FORMING PART OF THE BALANCE SHEET AS AT 31ST MARCH,2007
|
Schedule |
Particulars |
|
31/03/2007 |
31/03/2006 |
|
|
|
|
(Rs) |
(Rs) |
|
1 |
CORPUS
FUND |
|
|
|
|
|
From
SIDBI |
|
2500000.00 |
2500000.00 |
|
|
From
Govt. of Arunachal Pradesh |
|
500000.00 |
500000.00 |
|
|
From
Govt. of Nagaland |
|
200000.00 |
200000.00 |
|
|
From
Govt.of Assam |
|
500000.00 |
500000.00 |
|
|
From
NSIC New Delhi |
|
500000.00 |
500000.00 |
|
|
Accrued
Interest on Corpus Fund up
to 31.03.2005 |
|
8561419.00 |
7870663.00 |
|
|
|
|
|
|
|
|
|
|
12761419.00 |
12070663.00 |
|
2 |
GENERAL
RESERVE |
|
|
|
|
|
Balance
as per last account |
|
0.00 |
0.00 |
|
|
Less:
Adjusted against Accrued |
|
0.00 |
0.00 |
|
|
Interest
on Corpus fund and Excess of Expenditure over Income |
00 |
0.00 |
|
|
|
|
|
0.00 |
0.00 |
|
3 |
CAPITAL
RESERVE |
|
|
|
|
|
Balance
as per last account |
|
143584776.00 |
131622244.00 |
|
|
Add:
Non-Recurring Grants-in-aid |
|
4100000.00 |
9500000.00 |
|
|
Add:
Capitalization Project Assets For
Hosiery Project |
|
0.00 |
2462532.00 |
|
|
|
|
|
|
|
|
|
|
147684776.00 |
143584776.00 |
|
INDIAN
INSTITUTE OF ENTREPRENEURSHIP BASISTHA
CHARIALI,GUWAHATI-781029
Schedule
: 4 FIXED ASSETS ANNEXED TO
& FORMING PART OF BALANCE SHEET AS AT 31ST MARCH, 2007 |
|
|
|
|||||||||
|
|
|
|
||||||||||
|
|
|
|
||||||||||
|
|
GROSS
BLOCK |
|
|
DEPRECIATION |
|
|
|
NET BLOCK |
|
|||
|
PARTICULARS |
As at |
Additions |
Sold |
As at |
Up to |
Unprovided |
Depreciation |
Depreciation |
Up to |
As at |
As at |
|
|
|
01.04.2006 |
For
the Year |
Disposed |
31.3.2007 |
31.03.2006 |
Depn up to
|
for the
year |
on sold |
31.03.2007 |
31.03.2007 |
31.3.2006 |
|
|
|
|
2006-07 |
2006-07 |
|
|
31.03.06 |
2006-07 |
adjusted |
|
|
|
|
|
Land
Development |
10422447.00 |
0.00 |
|
10422447.00 |
0.00 |
0.00 |
0.00 |
|
0.00 |
10422447.00 |
10422447.00 |
|
|
Office Building |
22746947.00 |
747022.00 |
|
23493969.00 |
11675145.50 |
0.00 |
1181882.00 |
|
12857027.50 |
10636941.50 |
11071801.50 |
|
|
Hostel Building |
13908943.00 |
0.00 |
|
13908943.00 |
5066481.00 |
0.00 |
884246.00 |
|
5950727.00 |
7958216.00 |
8842462.00 |
|
|
Res Quartes for
staffs |
8095294.00 |
0.00 |
|
8095294.00 |
2724710.00 |
0.00 |
268529.00 |
|
2993239.00 |
5102055.00 |
5370584.00 |
|
|
Type V Qtr for
Director |
2481500.00 |
0.00 |
|
2481500.00 |
183011.00 |
0.00 |
114924.00 |
|
297935.00 |
2183565.00 |
2298489.00 |
|
|
Boundary Wall |
488508.00 |
0.00 |
|
488508.00 |
164422.00 |
0.00 |
16204.00 |
|
180626.00 |
307882.00 |
324086.00 |
|
|
Electrical
Installations |
10609569.00 |
0.00 |
|
10609569.00 |
7964741.00 |
0.00 |
264483.00 |
|
8229224.00 |
2380345.00 |
2644828.00 |
|
|
Res.Flats(Ganeshguri) |
8619956.00 |
0.00 |
|
8619956.00 |
3555058.00 |
0.00 |
253245.00 |
|
3808303.00 |
4811653.00 |
5064898.00 |
|
|
Furnitures
& Fixtures(Flats) |
857012.43 |
0.00 |
|
857012.43 |
513616.43 |
0.00 |
34340.00 |
|
547956.43 |
309056.00 |
343396.00 |
|
|
Furnitures
& Fixtures |
2539199.25 |
240400.00 |
85556.00 |
2694043.25 |
1339223.15 |
0.00 |
134393.00 |
83129.00 |
1390487.15 |
1303556.10 |
1199976.10 |
|
|
Office
Equipments |
8968041.05 |
45200.00 |
|
9013241.05 |
4514301.30 |
0.00 |
671451.00 |
|
5185752.30 |
3827488.75 |
4453739.75 |
|
|
Canteen
Equipments |
21336.47 |
800 |
0.00 |
22136.47 |
6808.47 |
0.00 |
2239.00 |
|
9047.47 |
13089.00 |
14528.00 |
|
|
Library Books |
3378365.73 |
191329.00 |
|
3569694.73 |
3202800.73 |
0.00 |
292891.00 |
|
3495691.73 |
74003.00 |
175565.00 |
|
|
Vehicles |
1421741.11 |
0.00 |
|
1421741.11 |
491991.11 |
|
139463.00 |
|
631454.11 |
790287.00 |
929750.00 |
|
|
Hostel Equip.
& Furnit |
1091068.41 |
4559164.00 |
|
5650232.41 |
629896.41 |
|
440060.00 |
|
1069956.41 |
4580276.00 |
461172.00 |
|
|
Computer
Software |
12629641.00 |
0.00 |
|
12629641.00 |
11023039.00 |
|
963961.00 |
|
11987000.00 |
642641.00 |
1606602.00 |
|
|
Computer
Hardware |
12423071.00 |
0.00 |
|
12423071.00 |
12160054.00 |
|
157810.00 |
|
12317864.00 |
105207.00 |
263017.00 |
|
|
Audio Visual
Equip |
14505.00 |
0.00 |
|
14505.00 |
11098.00 |
|
511.00 |
|
11609.00 |
2896.00 |
3407.00 |
|
|
Water Treatment
Plant |
88412.00 |
0.00 |
|
88412.00 |
67607.00 |
|
3121.00 |
|
70728.00 |
17684.00 |
20805.00 |
|
|
Interior
Decoration |
2809964.00 |
0.00 |
|
2809964.00 |
1042677.00 |
|
176729.00 |
|
1219406.00 |
1590558.00 |
1767287.00 |
|
|
Ring Well |
68500.00 |
0.00 |
|
68500.00 |
28043.00 |
|
4046.00 |
|
32089.00 |
36411.00 |
40457.00 |
|
|
CEDP Project
Furniture |
59568.00 |
0.00 |
|
59568.00 |
9978.00 |
|
4959.00 |
|
14937.00 |
44631.00 |
49590.00 |
|
|
CEDP Project
Building |
427549.00 |
0.00 |
|
427549.00 |
61994.00 |
|
36556.00 |
|
98550.00 |
328999.00 |
365555.00 |
|
|
CEDP Project
Electl. Ins |
55359.00 |
0.00 |
|
55359.00 |
11764.00 |
|
4360.00 |
|
16124.00 |
39235.00 |
43595.00 |
|
|
CEDP Project
Equipmen |
2036012.00 |
0.00 |
|
2036012.00 |
521728.50 |
|
227143.00 |
|
748871.50 |
1287140.00 |
1514283.50 |
|
|
Office Equip.
Dehradun |
41300.00 |
128202.00 |
|
169502.00 |
10584.00 |
|
14223.00 |
|
24807.00 |
144695.00 |
30716.00 |
|
|
Furniture at
Dehradun |
106331.00 |
10500.00 |
|
116831.00 |
14777.00 |
|
9680.00 |
|
24457.00 |
92374.00 |
91554.00 |
|
|
Scooter Parking
Shed |
243658.00 |
0.00 |
|
243658.00 |
12183.00 |
0.00 |
23148.00 |
|
35331.00 |
208327.00 |
231475.00 |
|
|
Rock Water Fall |
198000.00 |
0.00 |
|
198000.00 |
9900.00 |
0.00 |
18810.00 |
|
28710.00 |
169290.00 |
188100.00 |
|
|
Project Equip,
Dimapur |
0.00 |
57320.00 |
|
57320.00 |
0.00 |
|
4299.00 |
|
4299.00 |
53021.00 |
|
|
|
Project Equip,
Hosiery |
0.00 |
3712456.00 |
|
3712456.00 |
0.00 |
|
556868.00 |
|
556868.00 |
3155588.00 |
|
|
|
Deep Tube Well |
0.00 |
600000.00 |
|
600000.00 |
0.00 |
|
45000.00 |
|
45000.00 |
555000.00 |
|
|
|
CoCComp.
Handloom, Imphal |
431.50.00 |
|
43150.00 |
|
|
12945.00 |
|
12945.00 |
30205.00 |
|
|
|
|
FurnFurniture,
Handloom, Imphal |
29250.00 |
|
29250.00 |
|
|
1463.00 |
|
1463.00 |
27787.00 |
|
|
|
|
Grand Total
Rs. |
126851798.45 |
10364793.00 |
85556.00 |
137131035.45 |
67017632.60 |
0.00 |
6963982.00 |
83129.00 |
73898485.60 |
63232549.85 |
59834165.85 |
|
|
Previous Year |
122710364.45 |
4195086.00 |
53652.00 |
126851798.45 |
58937676.60 |
0.00 |
8114956.00 |
53652.00 |
67017632.60 |
59834165.85 |
63772687.85 |
|
INDIAN INSTITUTE OF
ENTREPRENEURSHIP
BASISTHA
CHARIALI,GUWAHATI-781029
|
Schedule |
Particulars |
|
31/03/2007 |
31/03/2006 |
|
5 |
CURRENT
ASSETS |
|
(Rs) |
(Rs) |
|
|
Training
Fees Receivable |
|
|
|
|
|
a.
Outstanding for a period exceeding Six Months |
9760635.00 |
|
|
|
|
b.
Outstanding for Six Months |
3089250.00 |
12849885.00 |
8802542.00 |
|
|
Bills
Receivable (Outstanding for a period less than 6 months) |
|
255647.91 |
559020.91 |
|
|
Grant in Aid Receivable fromGOI |
|
2000000.00 |
1200000.00 |
|
|
Security
Deposit |
|
23530.00 |
228530.00 |
|
|
Stock
of Stationery |
|
196328.75 |
62003.75 |
|
|
Fixed
Deposits with Scheduled Banks |
|
18428056.00 |
16829088.00 |
|
|
Fixed
Deposit with NSIC (Corpus Fund) |
|
500000.00 |
500000.00 |
|
|
Interest
Accrued on Fixed Deposits |
|
419817.00 |
76257.00 |
|
|
Balance
in Saving Bank Accounts |
|
514481.50 |
1782341.00 |
|
|
Cash
in hand (As Certified) |
|
2069.00 |
26227.00 |
|
|
Balance
in current account, UBI, Lal |
|
2500.00 |
2500.00 |
|
|
|
|
35192315.16 |
29868509.66 |
|
6 |
LOANS
& ADVANCES |
|
|
|
|
|
Advance
to C P W D |
|
|
25622596.00 |
|
|
Advance
to CPWD (E) |
|
|
716632.00 |
|
|
Advance
to G N Rasul |
|
|
747022.00 |
|
|
Advance
to Design & Development |
|
|
2213126.00 |
|
|
Indian
Institute of Packaging |
|
50000.00 |
0.00 |
|
|
Adv.to Centre for Dev,Peace & Study |
|
0.00 |
60000.00 |
|
|
Advance
to Kusum Hotel & Rest. |
|
0.00 |
1009.00 |
|
|
Advance
to Trister Int. Corporation |
|
0.00 |
2462532.00 |
|
|
Advance
to DAVP |
|
200000.00 |
200000.00 |
|
|
SIET |
|
4000.00 |
0.00 |
|
|
Superintendent
of Taxes |
|
415.00 |
0.00 |
|
|
Total |
|
26593643.00 |
32022917.00 |
|
|
Advance
to Employees for TrgExpenses |
|
145543.45 |
361899.00 |
|
|
Festival
Advance to Employees |
|
16050.00 |
15750.00 |
|
|
Advance
to Project Members |
|
204825.00 |
148080.00 |
|
|
LTC
Advance to Employees |
|
26200.00 |
63244.00 |
|
|
Grand Total |
|
26986261.45 |
32611890.00 |
|
7 |
CURRENT
LIABILITIES |
|
|
|
|
|
Bills
Payable |
|
455078.00 |
196121.00 |
|
|
Audit
Fees Payable |
|
11224.00 |
11224.00 |
|
|
Advance
from Sponsors |
|
5355863.00 |
4874561.00 |
|
|
Security
Deposit Payable |
|
601943.00 |
567162.00 |
|
|
TDS(cont)
Payable |
|
0.00 |
64136.00 |
|
|
TDS(work
contract) Payable |
|
0.00 |
106519.00 |
|
|
Total |
|
6424108.00 |
5819723.00 |
|
8 |
EXCESS
OF EXPENDITURE OVER INCOME |
|
|
|
|
|
Balance Carried forward from Previous year |
|
43419692.49 |
35862962.85 |
|
|
Excess of Expenditure over Income for the year |
|
7013210.05 |
7556729.64 |
|
|
Total |
|
50432902.54 |
43419692.49 |
|
|
Less: adjtd against General Reserve |
|
0.00 |
0.00 |
|
|
Balance
Carried over to next year as Excess of expenditure over Income |
50432902.54 |
43419692.49 |
|
|
|
||||
|
Schedule |
Particulars |
|
31/03/2007 (Rs) |
31/03/2006 (Rs) |
|
9 |
OTHER RECEIPTS |
|
|
|
|
|
Income from Catering Service |
|
114691.00 |
4524.00 |
|
|
License Fees |
|
48738.00 |
55460.00 |
|
|
Electricity Recovery |
|
90513.50 |
51189.75 |
|
|
Income from Guest House |
|
17892.00 |
12085.00 |
|
|
Xerox Charges |
|
2570.00 |
3658.00 |
|
|
Sale of Tender Document |
|
0.00 |
8600.00 |
|
|
Computer Hire Charges |
|
0.00 |
16320.00 |
|
|
Profit on sale of Old Assets |
|
18770.00 |
35000.00 |
|
|
Telephone Charges |
|
168.00 |
1740.00 |
|
|
Miscellaneous Receipts |
|
113095.00 |
8567.76 |
|
|
|
|
406437.50 |
197144.51 |
|
10 |
ADMINISTRATIVE EXPENSES |
|
|
|
|
|
Advertisement & Publicity |
|
78777.00 |
63754.00 |
|
|
Bank Charges |
|
6236.00 |
4812.00 |
|
|
Electricity Charges |
|
948131.00 |
880058.00 |
|
|
Entertainment
Expenses |
|
54429.00 |
62353.00 |
|
|
Fuel & Lubricants |
|
260428.00 |
252190.00 |
|
|
Garden Expenses |
|
54595.00 |
67700.00 |
|
|
Insurance Charges |
|
85031.00 |
81006.00 |
|
|
Internet Expense |
|
0.00 |
8497.00 |
|
|
Local Conveyance |
|
16502.00 |
14718.00 |
|
|
Meeting Expenses |
|
129546.00 |
31969.00 |
|
|
Mess & Canteen Expenses |
|
28834.00 |
36747.00 |
|
|
News Paper & Periodicals |
|
21416.00 |
19104.00 |
|
|
Printing & Stationery |
|
88186.00 |
82278.00 |
|
|
Postage & Telegrams |
|
77784.00 |
35874.00 |
|
|
Recruitment Expenses |
|
61925.00 |
9422.00 |
|
|
Rents, Rates & Taxes |
|
7419.00 |
19396.00 |
|
|
Telephone Charges |
|
374808.00 |
310514.00 |
|
|
Travelling Expenses |
|
259394.00 |
279226.00 |
|
|
Staff Welfare Expenses |
|
153065.00 |
125737.00 |
|
|
Security Service Charges |
|
304276.00 |
215937.00 |
|
|
Audit Fees |
|
11224.00 |
11224.00 |
|
|
Bank Commission & Charges |
|
4725.00 |
3382.00 |
|
|
Website Hosting Fees |
|
0.00 |
2500.00 |
|
|
Laundry Expenses |
|
2733.00 |
2110.00 |
|
|
Other Expenses |
|
12359.49 |
54939.00 |
|
|
Guest House Expenses |
|
25136.00 |
15612.00 |
|
|
Interest on overdraft |
|
2055.00 |
16149.00 |
|
|
Hostel Expenses |
|
313673.00 |
144872.00 |
|
|
AMC of Office Equipments |
|
117536.00 |
202524.00 |
|
|
Cleaning Charges of Office Building |
|
103134.00 |
99285.00 |
|
|
Cleaning Charges of Hostel Building |
|
150800.00 |
126967.00 |
|
|
Cleaning Charges of 2nd Hostel Building |
|
18000.00 |
0.00 |
|
|
Electrical & Plumbing Charges |
|
95280.0-0 |
93331.00 |
|
|
Repairs & Maintenance - Office Bldg. |
|
159166.00 |
105220.00 |
|
|
Repairs & Maintenance - Hostel Bldg. |
|
919472.00 |
1068.00 |
|
|
Repairs & Maintenance - Vehicle |
|
70017.00 |
34528.00 |
|
|
Repairs & Maintenance - Office Eqpt. |
|
294819.00 |
249926.00 |
|
|
Repairs & Maintenance - Furnitures |
|
16151.00 |
3513.00 |
|
|
Repairs & Maintenance - IIE Flat |
|
13306.00 |
1452.00 |
|
|
Repairs & Maintenance of Staff Quarters |
|
156200.00 |
490349.00 |
|
|
Legal Expence |
|
51500.00 |
0.00 |
|
|
|
|
5548068.49 |
4260244.00 |
|
|
Contd. |
|
|
|
|
|
Balance
B/F |
|
5548068.49 |
4260244.00 |
|
|
Add:
Resource Centre at Dimapur |
|
224187.00 |
|
|
|
Total |
|
5772255,49 |
|
|
|
Less ;Recoveryof Admn Exp from Project |
|
|
|
|
|
BFDC |
|
37194.00 |
|
|
|
Handloom
Cluster |
|
174639.00 |
|
|
|
Hossiery
Project |
|
62078.00 |
|
|
|
Cane
& Bamboo Cluster |
|
150998.00 |
|
|
|
Diagnostic
Study |
|
69579.00 |
|
|
|
Total |
|
5277767.49 |
4260244.00 |
Significant Accounting Policies & Notes on Accounts:
A.
Accounting Policies:
1. The Accounts are prepared under historical cost convention and on accrual Basis.
2. Depreciation on Fixed Assets are provided on written down value basis as per Income Tax Rules, 1962.
3. Recurring Grants received are shown in Income & Expenditure Account whereas Non-recurring Grants for Capital Expenditure were shown as `Capital Reserve’ in Balance Sheet.
4. As per the decision of Executive Committee of IIE, there has been a change in accounting policy on Interest accrued on Corpus Fund from financial year 2003-04. The corpus fund interest, which was earlier credited to Income & Expenditure Account, is now being credited to Accrued Interest on Corpus Fund. Interest accrued on Corpus Fund deposits during the year amounting to Rs.690756.00 has been credited to Corpus Fund. This has resulted in decrease in revenue for the year by the corresponding amount.
5. Retirement Benefits : The provisions for retirement benefits against Gratuity and Leave Encashment has been made as per (i) Payment of Gratuity Act, 1972 and (ii) Leave Ruleds applicable to the employees of the Institute. The total of the provisions made for the purpose upto 31.03.2007 are given below:
(a) Provision for Gratuity Rs.49,78,298.00
(b) Provision for Leave Encashment Rs.39,95,428.00
B.
Notes on Accounts:
1. The Payments made to CPWD for construction works may be read as follows:
A.
CPWD(Civil)
(a) Construction of Fencing works Rs. 154016.00
(b) Construction of 2nd. Hostel Bldg &Retaining Wall Rs. 24576500.00
( c)
Construction of Boundary wall
Rs. 892080.00
TOTAL Rs. 25622596.00
B.
CPWD(Elect.)
(d) Installation of 63 KVA DG Set Rs. 522382.00
(e) Sound
Proofing of DG Set
Rs.
194250.00
TOTAL
Rs. 716632.00
GRAND TOTAL Rs. 26339228.00
The above amount has been shown as advance to CPWD.
2. Contingent Liability:
CPWD has submitted a Statement of Expenditure incurred up to September 2002 vide No.58/9/GCD/IIE/2001/2580 dated 23.10.2002 as per which an amount of Rs.679.52 lakhs was incurred for the Construction of IIE Administrative Building, Hostel Building & Staff quarters etc. Against the above amount Govt. of India has approved Rs.647.29 lakhs as per the Revised Estimate for the above work submitted by CPWD and the entire amount was paid to CPWD. Explanations for variation of above expenditure was sought from CPWD along with a request to submit Utilization Certificate in GFR 19 A. But no reply has been received from CPWD so far. In absence of approval of the Govt.of India, the excess amount claimed by CPWD amounting to Rs.31.88 lakhs is not sustainable as per our opinion. Series of correspondences were made with CPWD in this respect during the year but no reply as yet received.
3. Gross Block of assets Rs.13,71,31,035.45 as on 31.03.2007 includes Rs.9,62,546.22 as on 01.04.1994 being written down value of Fixed Assets which were taken over from NISIET.
4. Computer Software an intangible asset is shown under the broad head of fixed assets and is depreciated as per Income Tax Rules, which is accordance with AS-26 (Accounting Standard on Intangible Assets). The cost of operating and maintenance of Software Packages including Web Site hosting expenses is expensed as and when the expenses are incurred.
5. Recurring Grants-in-aid Rs.54.00 lakhs (Rupees Fifty-four lakhs only) is received during the year from Govt. of India, Ministry of SSI have been utilized for the purpose for which it was sanctioned.
6. Interest on Fixed deposits (other than corpus fund) with Banks is accounted for on accrual basis at the rates applicable to such deposits. Interest Accrued on Fixed deposits with Banks amounting to Rs.300752.00 has been credited to Income & Expenditure Account. The total amount of FDRs for deposits other than Corpus Fund stands at Rs.65,89,460.00 which includes interest received through out the year and interest accrued during the year.
7. On reconciliation of transactions of Savings Account No.4239 of UBI, Dehradun branch it is seen that from the Bank Statement for the year 2006-07 that a sum of Rs.95,100/- which has been shown transferred from the account by MT to UBI, Lalmati Branch, Guwahati on 05.12.05 but the UBI, Lalmati Branch had not received the amount during the year 2006-07 and has not been credited in the Account No.4239 by UBI, Dehradun branch. Having confirmation from the UBI, Lalmati Branch to the Institute’s letter No.25/AC/CB/2003-04/6216 dated 22.06.2007, it is seen that UBI Lalmati Branch has not yet received the amount in question from UBI, Dehradun Branch. Hence the closing balance of the SA of UBI, Dehradun Branch calculated at Rs.365388/- as per the Bank Book of the Institute for the Regional Office, Dehradun. No reply from UBI, Dehradun Branch received against our correspondence made with them vide our letter mentioned in the paragraph.
8. Out of Rs.12849885.00 representing Training Fees Receivable as on 31.03.2007 an amount of Rs.97,60,635.00 is outstanding for more than Six Months and balance amount of Rs.30,89,250.00 is 6 months old.
9. In reference to the letter of NSIC that they have kept Rs.500000.00 separately in the Punjab National Bank (Lien of IIE) towards contribution to Corpus fund of the Institute, the Institute requested to transfer the same to IIE. But no reply was received from NSIC in this regard. As such, the same was not taken into account. After the Institute received the amount of Rs.157189.00 vide DD No,449399/03.11.2003 vide letter No. NSIC/F&A/116/03-04 dated 03.11.2003, the same has been accounted in the year 2003-04 and the Institute has requested to NSIC to furnish the modus of operation of the fund kept with them. Further an amount of Rs.46,072.00 has received as interest earned on Rs.500000.00 in 2005-06 has also been accounted for and the amount has been kept in F.D.R.. No interest (on Rs.500000.00) was received from NSIC during the year 2006-07. In this respect the Institute wrote to NSIC, New Delhi vide its letter No.IIE/B (94)/2000/5532 dated 08.03.07 asking payment of interest of the aforesaid deposit of fund.
10. Amount of Corpus Fund kept in Fixed Deposits with UBI, Lalmati Branch and PNB/NSIC, New Delhi amounting to Rs.1,20,70,663.00 includes amount received from Govt. of Nagaland, Govt. of Assam & NSIC, New Delhi towards Corpus Fund along with Accrued Interest up to 31.03.2006. Besides FDRs an amount of Rsa.5,000.00 is in the Savings Account with UBI, Lalmati branch. As on 31.03.07the Corpus Fund along with Accrued Interest amounting to Rs.1,27,61,419.00 has been kept in the following Fixed Deposit Accounts.
|
Name of Bank |
FDR No. |
Face Value |
Accrued Interest upto 31.03.2007 |
Total |
Remark |
|
UBI Lalmati Br. |
664030 |
10295723.00 |
671380.00 |
10967103.00 |
|
|
UBI Lalmati Br. |
664081 |
337054.00 |
15089.00 |
352143.00 |
|
|
UBI Lalmati Br. |
664079 |
698905.00 |
45575.00 |
744480.00 |
|
|
UBI Lalmati Br. |
316913 |
187909.00 |
4784.00 |
192693.00 |
|
|
UBI Lalmati Br. |
S A/c, |
51072.00 |
(-)46072.00 |
5000.00 |
Saving A/C |
|
NSIC/PNB New Delhi |
|
500000.00 |
|
500000.00 |
Mode of Investment not confirmed details given in Point No.9 |
|
Total |
|
12070663.00 |
690756.00 |
12761419.00 |
|
11.
Bills for all training programmes, workshop, studies & consultancies
conducted during the year 2006-07 has been raised to the respective sponsorship
organizations.
Previous year’s figures are regrouped or rearranged wherever necessary.
(B.Sharma)
(K Ahmed)
(S.K.
Bhartia)
Administrative Officer Director Proprietor
Guwahati,
S K Bhartia & Co.
Dated
the 28th September, 2007
Chartered
Accountants