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Annual Report-2014-2015

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The convocation of the Seventeenth batch of the Postgraduate Program was held on 4 April 2015. Anupama Prakash (Second) and Ms. The Indian Institute of Management Kozhikode Gold Medal for Best All-round Performance was awarded to Ms. Awarded Prakriti Sharma. After the final examination of the first year, the students who belonged to the 18th Group of the Postgraduate Program continued for their summer internship.

Proceedings of the Twenty Fifth Annual Conference Production and Operations Management Society (POM May 2014, Atlanta, USA. Proceedings of the Twenty Fifth Annual Conference Production and Operations Management Society (POM May 2014, Atlanta, USA). Paper entitled "The fit between Miles & Typology snow and the business model: Implications for firm performance” accepted for presentation at the 2015 Strategic Management Society Special Conference, Santiago, Chile.

Nikunj Agarwal and M ​​P Sebastian, “Strategies of Wireless Infrastructure Deployment for Healthcare,” 7th International Conference on Pervasive Technologies Associated with Supportive Environments (PETRA’14), ACM Publishing, May Island of Rhodes, Greece. 12% offers in the vertical clearly shows the reputation of IIM Kozhikode and its students in the industry.

BATCH PROFILE: CLASS OF 2013-15 Women to the Fore

International Exchange Evening Day

Business Environment Course & Field Visits

International Visitors

R Radhakrishna Pillai, Professor, attended the 'International Conference on Research and Sustainable Business' organized by Dept. Mohammed Shahid Abdulla, assistant professor, attended the 'Gartner Symposium ITxpo 2014' organized by Gartner Inc. in October in Goa. G Venkat Raman, assistant professor, attended the 7th All India Conference of China Studies (AICCS) organized by Institute of Chinese Studies (ICS) and Banaras Hindu University (BHU) in November at BHU, Varanasi, Uttar Pradesh, where he a paper titled.

PN Ram Kumar, Assistant Professor, participated in the 18th Annual International Conference of the Society of Operations Management (SOM) organized by IIT Roorkee in December where he presented a paper titled 'On the amenability and suitability of Ant Colony Algorithms for the Convoy Movement Problem' . G Anand, Associate Professor, attended the '18th Annual International Conference of the Society of Operations Management (SOM 2014)' at IIT Roorkee in December where he presented a paper named 'Hospital Leanness Index - a Fuzzy Assessment Method for Hospitals Implementing Lean Thinking ' . T N Krishnan, Associate Professor, attended the 12th AIMS International Conference on Management jointly organized by AIMS International and Indian Institute of Management Kozhikode (IIMK) at IIM Kozhikode during 2-5 January 2015.

Pankaj Kumar Baag, Visiting Assistant Professor, participated in the 12th AIMS International Conference on Management organized jointly by AIMS International and Indian Institute of Management Kozhikode (IIMK) at IIM Kozhikode during January where he presented a paper titled 'Indian Bank's performance and Policies & Principles of Financial Inclusion'. Sumit Mitra, Associate Professor, participated in the Third International Conference on 'Creativity and Innovations at Grassroots (ICCIG 3)' organized by IIM Ahmedabad in January where he presented a paper titled 'Challenges of Grassroots Innovation: Designing effective organizations for weaver community '. Sthanu R Nair, Associate Professor, participated in the International Conference on 'Economic Reforms, Growth and Sustainable Development: Role of Changing Institutions' in February at Central University of Kerala, Kasaragod.

Rachappa Shette, Assistant Professor, participated in the international conference on 'Implications of IFRS on Corporate Reporting Practices' at Osmania University, Hyderabad in March. Anand, Associate Professor, attended the 25th Annual Conference on Production and Operations Management Society (POM 2014) organized by POMS, USA in May in Atlanta, USA where he presented a paper titled. Omkumar Krishnan, Associate Professor, participated in the 5th International Conference on Destination Branding and Marketing, organized by the Institute of Tourism Studies, Macau, China in December where he presented a paper titled 'Marketing Barrier free Tourism in India: Destination Branding for the Disabled ' .

Satish Krishnan, visiting assistant professor, participated in the Organization and Society in Information Systems (OASIS) workshop held in conjunction with the International Federation for Information Processing (IFIP) 2014 conference in December, where he presented a paper entitled 'E-Government Payoffs: Insights from a global perspective'. Anjan Kumar Swain, Associate Professor, attended 'ICBPM 2015: XIII International Conference on Business Process Management' in London, UK in February. Thangamani, Associate Professor, attended the International Conference on Advances in Business Management and IT, organized by the International Institute of Engineers & Research on March 21 in Hong Kong.

P N Ram Kumar, Assistant Professor, attended the International Conference on Technology and Business Management (ICTBM-15) organized by the American University in the Emirates in March in Dubai, UAE. Anjan Kumar Swain, Associate Professor, attended the International Conference on Business and Economic Development (ICBED) in New York, USA, in March.

Separate Audit Report on the Accounts of IIMK for the Year Ended 31 March 2015

  • Balance Sheet I. Source of Fund
    • Application of Funds
  • Income and Expenditure Account I) Income
  • Expenditure
  • General
  • Grant-in-aid
  • Management Letter
    • Adequacy of Internal Audit System
    • Adequacy of Internal Control System
    • System of Physical Verification of Assets
    • System of Physical Verification of inventory
    • Regularity in payment of statutory dues

So the incorrect posting of the interest in IIMK's accounts resulted in overestimation of the current year's expenditure with a corresponding underestimation of the CPF's general reserve. ii) Administrative and general expenses – Rs. This is overstated by Rs. 0.12 lakh on account of the amount given to KSEB for the civil works to be done to improve the connected load of the existing electrical connection. The valuation of inventory is therefore contrary to the guidelines laid down in Accounting Standard 2. iv) The following items were not submitted for audit .. a) Form No. 26 AS, issued by the Income Tax Department for the current year and previous years to inform about the tax deduction, that is available to IIMK.

Due to non-production of form no. 26 AS audit could not determine the total amount of the tax credit and the corresponding unaccounted income in IIMK's books for the current year and previous years. ÉÉ̹ÉEò |ÉÊiÉ´ÉänxÉ | ANNUAL REPORT 2014-15 b) Accounts of IIMK and Contributory Provident Fund Trust were maintained in Tally. Deficiencies not included in the audit report were brought to the notice of the Director, Indian Institute of Management, Kozhikode through a management letter issued separately for remedial/remedial action.

In so far as it relates to the Balance Sheet of the Indian Institute of Management, Kozhikode as on March 31, 2015; and. In so far as it relates to the surplus income and expenditure account for the year then ended. This BG was revoked to recover the amount due to poor performance of the contractor.

In view of the above, we request that the revision inquiry be dismissed. This is overstated by 1.50 lakhs due to double accounting of income received from MDP SP 85. Double accounting of the same income resulted in corresponding overstatement of various debtors.

In many cases, the deduction was not in the nature of a tax deduction, as there was no accounting reflected in the institution's 26AS statement. The valuation of inventory is therefore against the guidelines laid down in Accounting Standard 2. Due to the degradation of the Tally backup data, the soft copy was not available during the audit.

Indian Institute of Management Kozhikode

ANNUAL STATEMENTS OF ACCOUNTS 2014-2015

BALANCE SHEET AS AT 31-03-2015

INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31-03-2015

SCHEDULES FORMING PART OF CONSOLIDATED BALANCE SHEET AS ON 31-03-2015

GENERAL FUND/CORPUS A. Corpus Fund

SCHEDULES FORMING PART OF BALANCE SHEET AS ON 31-03-2015

DESIGNATED/EARMARKED FUNDS

SCHEDULES FORMING PART OF BALANCE SHEET AS AT 31-03-2015

RESTRICTED FUNDS

  • PROVISIONS
  • NON DEPRECIABLE ASSETS 1. LAND
    • BUILDING
  • PROJECT DEPRECIABLE ASSETS: -
    • COMPUTER/PERIPHERALS 606 - 606 60% 602 0.03 604 0.02 0.04

Description Costs/valuation Additions Adjustments Cost/valuation rate Per In addition Adjustments Total up to Pr. Per at

FIXED ASSETS

INVESTMENTS INVESTMENTS- Short term funds

SCHEDULES FORMING PART OF INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31-03-2015

  • CURRENT ASSETS
  • LOANS, ADVANCES ETC
  • ACADEMIC RECEIPTS A. ACADEMIC—PGP Tuition Fees
    • EXAMINATIONS—(PGP)
    • Others fees- (PGP)
    • FPM Incomes
    • Others
  • Staff Payments & Benefits
  • ACADEMIC EXPENSES
  • ADMINISTRATIVE AND GENERAL EXPENSES
  • ADMINISTRATIVE AND GENERAL EXPENSES-Contd
  • TRANSPORTAION EXPENSES 1. Vehicles(Owned by Educational Institution)
  • REPAIRS & MAINTENANCE
  • FINANCE COSTS

Legal and professional expenses 3.50 2.50 Advertising and public information (General For and on behalf of the Board of Governors of the Institute.

CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH 2015

SCHEDULES FORMING PART OF THE ACCOUNTS FOR THE PERIOD ENDED 31 MARCH 2015

SIGNIFICANT ACCOUNTING POLICIES

  • ACCOUNTING CONVENTION
  • REVENUE RECOGNITION AND CHANGE IN THE ACCOUNTING POLICY
  • EXPENSES
  • DEPRECIATION
  • GOVERNMENT GRANTS / SUBSIDIES
  • CORPUS FUND
  • DEPRECIATION FUND
  • PENSION FUND
  • Significant events during the year
  • FOREIGN CURRENCY TRANSACTIONS
  • RETIREMENT BENEFITS

The funds used for the acquisition of funds are shown under Capital (fixed assets) in the corresponding overview 4 of the balance sheet. These assets are included in fixed assets with the appropriate capital fund credit (fixed assets - project) in Annex 4 to the balance sheet. Fixed assets received in the form of non-monetary support (except for the Corpus fund) are capitalized according to the values ​​stated at the time of receipt and the corresponding capital fund credit.

The government of Kerala has committed to make the land available to the Institute free of charge for the first few years. Grants related to specific acquired assets are shown as a reduction in the cost of related assets. There is no transfer to the depreciation fund during the current year because the balance in the depreciation fund with interest is sufficient in relation to the total accrued depreciation.

An amount of Rs received as insurance claim has been credited to the suspense account as the final bills for lost assets have not been received from contractors. Transactions in foreign currency are booked at the exchange rate in effect on the day of the transaction. Corresponding figures for the previous year have been regrouped/rearranged where necessary to make them comparable with the current year.

CONTINGENT LIABILITIES AND NOTES ON ACCOUNTS 1. CONTINGENT LIABILITIES

  • FOREIGN CURRENCY TRANSACTIONS
  • TAXATION
  • Schedules 1 to 21 are annexed to and form an integral part of the Balance Sheet as at 31-03-2015 and the Income and Expenditure Account for the year ended on that day

The institute is exempt from income tax in accordance with § 10 (23 C) (iii ab) of the Income – Tax Act 1961, and therefore no provision for income tax has been made in the accounts. However provision has been made for CAT income for Rs.1.5 crores in the accounts .6. LIC policy towards gratuity liability is not reflected in the books of accounts as per Accounting Standard 15.

References

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