The Bombay Presidency Golf Club Ltd. (Estd.1927)
93rdrd Annual Report 2018 - 2019 General Committee 2018-19
Brijinder Singh President
Kuldeep Singh Sandhu G. Balachandran Atul Laul Captain Hon. Treasurer Convenor - Senior Golf / Morning Golf
Ganesh Upadrasta Rao Hemesh Patel Kiran Korgaonkar Shashank Sandu Convenor - Repairs & Convenor - Security / Convenor - Bar (Permit Room) Convenor - Communication / Maintenance Housekeeping / Gym/Swimming Pool & HR & Legal Rooms & Banquets Snooker Room
Stephen Ambrose Subhash Ramchandran Vikas Arora Col. R. S. Sekhon (Retd) Convenor - Junior Golf / Convenor - Tournaments / Convenor - Events / Gym / Secretary & CEO Caddies & PRO Rules & Handicapping Swimming Pool & Snooker Room Annual Report 2018 - 2019
The Bombay Presidency Golf Club Limited (Est. 1927)
OFFICE BEARERS AND THE GENERAL COMMITTEE FOR THE YEAR 2018-2019
President - Mr. Brijinder Singh
Captain - Mr. Kuldeep Singh Sandhu
Hon. Treasurer - Mr. G. Balachandran
G.C. Members - Mr. Atul Laul
Mr. Ganesh Upadrasta Rao
Mr. Hemesh Patel
Mr. Kiran Korgaonkar Mr. Shashank Sandu Mr. Stephen Ambrose Mr. Subhash Ramchandran Mr. Vikas Arora
Secretary & CEO : Col. R. S. Sekhon (Retd)
Auditors : M/s Anand Shenoy & Associates Chartered Accountants
Registered Office : Dr. Choithram Gidwani Road, Chembur, Mumbai – 400 074. Tel.Nos. : 022 - 50965000, 022 - 25205874, 022 - 25200875 Email id : [email protected] Website : www.bpgc-golf.com
1 The Bombay Presidency Golf Club Limited (Est.1927)
The Bombay Presidency Golf Club Limited CIN : U92410MH1927NPL001307 Registered Office :Dr. Choithram Gidwani Road, Chembur, Mumbai - 400074 Website : www.bpgc-golf.com Tel: (022)-5096 5000
NOTICE
NOTICE of the 93rd Annual General Meeting of THE BOMBAY PRESIDENCY GOLF CLUB LIMITED will be held on Saturday, 28th September, 2019 at 17.30 hrs at the Registered Office of the Club at Dr. Choithram Gidwani Road, Chembur, Mumbai - 400074 to transact the following business :
ORDINARY BUSINESS : 1. To receive, consider and adopt the Audited Balance Sheet of the Club as at 31st March, 2019 and the Income and Expenditure Account and Cash Flow Statement for the financial year ended on that date along with the Notes & Schedules thereto and the Reports of the Directors and the Auditors thereon. 2. To consider the appointment by election of a Committee Member, in place of Mr. Atul Sham Laul (DIN: 07958958), who retires by rotation at this Annual General Meeting in pursuance of Article 27 of the Articles of Association of the Club. 3. To consider the appointment by election of a Committee Member, in place of Mr. Stephen Ambrose (DIN: 06430986), who retires by rotation at this Annual General Meeting in pursuance of Article 27 of the Articles of Association of the Club. 4. To consider the appointment by election of a Committee Member, in place of Mr. Shashank Bhaskar Sandu (DIN: 00678098), who retires by rotation at this Annual General Meeting in pursuance of Article 27 of the Articles of Association of the Club. 5. To consider the appointment by election of a Committee Member, in place of Mr. Hemesh Navnit Patel (DIN: 00943814), who retires by rotation at this Annual General Meetingin pursuance of Article 27 of the Articles of Association of the Club. 6. To consider the appointment by election of a Committee Member, in place of Mr. Ganeshrao Narsimharao Upadrasta (Din: 07975757), who retires by rotation at this Annual General Meeting. 7. To ratify the appointment of Statutory Auditors for the Financial Year 2019-20 and to fix their remuneration in this regard :
“RESOLVED THAT pursuant to the provisions of Sections 139, 142 and all other applicable provisions, if any, of the Companies Act, 2013, and, the provisions for the Companies (Audit and Auditors) Rules 2014, as amended from time to time, the Company hereby ratifies the appointment of M/s Anand Shenoy & Associates, Chartered Accountants, Mumbai (Firm Registration No. 100382W) as Statutory Auditors of the Club, to hold office from conclusion of this Annual General Meeting till the conclusion of the Annual General Meeting held in the year 2020- 21 to examine and Audit the Accounts of the Club at Remuneration of Rs. 2,50,000/- (Rupees Two Lakhs Fifty Thousand only) apart from Goods & Service Tax and re-imbursement of out-of- pocket and Actual Traveling Expenses incurred by them for the purpose of Audit.” By Order of the General Committee The Bombay Presidency Golf Club Ltd Place : Mumbai Date : 6th August, 2019 Brijinder Singh President DIN: 00791428
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NOTES : 1. Only “A” Members are permitted to attend and vote at the Annual General Meeting. 2. Members intending to ask questions regarding the Annual Accounts and other matters connected with the Club activities should submit their queries in writing to the President, latest by 18th September, 2019. 3. Election: a) In pursuance to the Articles of Association of the Club, all appointments (including re-appointment of retiring General Committee Members and Office Bearers) are required to be undertaken by means of election at the Annual General Meeting. Accordingly, the General Committee has decided in its Meeting held on 2nd August, 2019 to undertake the appointment of Committee Members retiring by rotation in terms of Section 152 of the Companies Act, 2013 and, retiring by rotation in terms of Article 27 of the Articles of Association of the Club by means of election on 28th September, 2019 (date of AGM) and undertake their appointments as Ordinary Business. b) The members are required to note, that as per the articles of association of the Club and the Bye-Laws adopted there on and pursuant to the General Committee decision in the meeting held on 2nd August 2019, only those members who are eligible to be appointed as Committee Members may be appointed as Office Bearers. (President, Captain, Treasurer). The tenure of the office bearers will be for a period of two years from the date of the AGM in which they are appointed and shall retire by rotation at the end of their tenure of two years. The Club may receive any nominations from the members proposing themselves/other members for the position of Office Bearer/Committee Members. Appointment of such committee members/Office Bearer shall be as Committee members liable to retire by rotation at the end of every two years. c) Any member(s), other than the retiring Committee Members, who intend(s) to propose himself/ herself or any other member, who otherwise is eligible to be appointed to the Committee as a Committee Member, is requested to submit the proposal, pursuant to Section 160 of the Companies Act, 2013, at least 14 days prior to the date of the Annual General Meeting at the Registered Office of the Club, along with the deposit of Rs. 1 Lakh which may be refundable as per the decision of Committee Meeting dated 8th August, 2015. In such eventuality, four (4) members will be elected out of the total candidates i.e. members retiring by rotation and opting for re-appointment and one (1) additional nomination/s received as per this Clause. The Five (5) members who get maximum votes shall be declared elected. d) Details of Election by Ballot: The Schedule of election will be as under: Receipt of Nomination Forms : Upto 5:00 p.m. on Saturday, 7th September, 2019. Withdrawal of Nomination : By 5:00 p.m. on Saturday, 14th September, 2019. Display of Final List of Nominations : 6:00 p.m. on Saturday, 14th September, 2019 onwards. Elections will remain open between : 9:00 a.m. to 5:00 p.m. on Saturday, 28th September, 2019. Manner of election and form of voting will be displayed on the Notice Board of the Club. e) Eligibility a. For Contestants: 1. Only Resident “A” Members with 5 (Five) years of continuous standing. 2. The Member will have to procure a “DIN” (Director Identification Number) prior to the Annual General Meeting in accordance with the provisions of Companies Act, 2013. 3. The Member should not be disqualified from being a Committee Member U/s 164 of the Companies Act, 2013. b. For Proposer & Seconder: Only Resident “A” Members with 5 (Five) years of continuous standing. c. For Voter: Only “A” Members are eligible to vote provided that :- i. they are not Absentee Members. ii. they are not defaulters due to non-payment of bills till July, 2019. iii. they have paid entrance fee in full. (Members are requested to produce their Identity Cards before casting their vote) 4. Members are requested to note that the Map to the AGM Venue and Attendance Slip are attached herewith in terms of Secretarial Standard I (SS-1) applicable to the Club.
5. The additional information pertaining to the Committee Members seeking re-appointment in this AGM, as required under Secretarial Standard-2 are stated in Point 19 of the Committee Report for the Financial Year 2018-19.
By Order of the General Committee The Bombay Presidency Golf Club Ltd Place : Mumbai Date : 6th August, 2019 Brijinder Singh President DIN: 00791428
3 The Bombay Presidency Golf Club Limited (Est.1927)
The Bombay Presidency Golf Club Limited. (Established 1927)
ANNUAL REPORT TO THE CLUB MEMBERS Dear Members, It is indeed a pleasure to welcome you to the 93rd Annual General Meeting of our Club and to present the Annual Report and Audited Accounts along with the Reports of the Auditors' and the General Committee for the year ended 31st March, 2019. Your Committee has worked untiringly over the last one year as a cohesive unit. We have been able to improve the overall discipline both on and off the course. A lot still remains to be done. The committee has received tremendous support and appreciation from the Club members and we thank them for the same. Constructive ideas and suggestions were received and implemented. Listed are some of the areas in which your committee worked to the advantage of the Club and its members. 1. CORPORATE GOVERNANCE : It gives me immense pleasure to inform you that : a) Your committee has ensured that our AOA (Articles of Association) are aligned with the new companies' act 2013. b) In line with Corporate Governance, you committee has taken another initiative, of ensuring a qualified company secretary being present at all General Committee meetings, and proceedings of each meeting are duly minuted as per companies act. c) Further all our regulatory filings are being done on time as per corporate governance standards, and your committee's endeavour is to make our club a good corporate citizen. 2. COURSE RESTORATION : Phase III – After the successful completion of Phase I and Phase II of the course the final leg of restoration Phase III was taken up. This phase included the 10th , 16 th and 18th holes and some left over work on the 13th and 15th . Here it is important to make a mention of the effort put in by our Captain. He personally travelled to Kutch to ensure the right grade of sand was supplied and successfully further negotiated prices thereby resulting in savings of over 50 lacs to our Club. The project has been completed in time and within the approved budget. Drainage and improvements in the roughs adjoining the fairways from 11th to 15th will be taken up at the end of this playing season. This is a relatively small job and will not create any major disruption or closure of any holes. The budget for this work has already been sanctioned by the General Body. The investment made in Phase I and II has vastly improved the playing experience and stood up to the rigours of Mumbai monsoons. It has justified the decision of our Club Members to sand the fairways and improve the drainage. It is imperative that the general body adopts a (Standard Operating Procedure) SOP for yearly maintenance of the course. Such an SOP has been obtained by our Captain from our consultant for proper upkeep of the course. The General Committee will shortly propose the SOP for adoption by the general body. 3. LANDSCAPING & BEAUTIFICATION : Continuous upkeep of the landscaping and an ongoing program of planting new trees and saplings to improve the aesthetics while keeping in mind the needs of a golf course is a challenging job which the Captain has successfully implemented. 4. MUMBAI'S FIRST FLOOD LIT GOLF TOURNAMENT : BPGC successfully held the first Night Golf Tournament. Using flood lights and Tracer Balls we successfully conducted a night golf tournament over 9 holes. We had over 60 participants playing on a weekday and enjoying the experience of night golf. The successful conduct of the tournament has brought in enquiries and sponsors for many such editions. We look forward to providing our members with many such events. 5. SEWERAGE TREATMENT PLANT (STP) : After some hiccups the first phase of the STP unit is nearing completion. We are hoping to get a good supply of treated water from this plant. Once the monsoons are over we will get a clearer picture on the working and benefits of installing the plant. From a sanctioned total budget of Rs. 1.90 Crores about Rs.56 lacs has been used so far to set up the unit. Phase II and a similar plant alongside the 12th will be put up once we are satisfied with the working of this plant. 6. MUMBAI GOLF LEAGUE : Your committee conducted a GOLF EXTRAVGANZA coined “MGL” or the Mumbai Golf League. 200 golfers in 8 teams participated in a 3 day Match Play tournament. Starting with the Auction Night and interspersed with the Sun downer Party and then the Grand Finale, the club members were treated to one of the most attended golf tournament.
4 Annual Report 2018 - 2019
Competition was fierce and the KING OF SWINGS finished worthy winners. Every member walked away a winner with gifts and prizes galore. We were supported by very willing sponsors and the whole event was a Win-Win for all. Nobody was out of pocket. The tournament was conducted most ably and impartially by the MGL Governing Council which put up a flawless tournament appreciated by all. The Second edition is slated for the second week of December 2019. 7. JUNIOR GOLF DEVELOPMENT PROGRAM : Over 50 juniors are currently enrolled and benefitting from the BPGC Junior programme. Initiated with a long term view of producing champions the programme has a complete 360 degrees approach. Besides the on course work, there are Classroom sessions where the kids are being taught the science behind the sport, rules, etiquette, playing strategy, correct practice techniques, exercises to develop self-belief etc. They watch motivational videos and also stories of different sportsmen. The improved scores in the BPGC Junior Tournaments being conducted reflect the improvement across the board. The kids also get to speak to leading professional golfers during tournaments conducted at BPGC. A few more value learning and developmental opportunities are on the anvil and we look forward to complete and qualify players emerging from BPGC. In fact, one of the most heartening sights during the monsoons has been the number of juniors showing up and hitting balls. Braving the rain and wet conditions, they have been practicing and playing on the course, displaying an enhanced sense of commitment to improve and get better. 8. TOURNAMENTS :
The Captain and the Tournament committee had their hands full as they had to manage a packed calendar in a curtailed season. However the tournaments were conducted generally in time and without much disruption. Allocation of slots for the sponsored tournaments was done as per a lot system thereby ensuring maximum club members got to play and was appreciated by a lot of our members and was accepted as fair. 9. DISCIPLINE : The overall discipline both On and Off the course was well received. Proof of this is in the fact that we did not have to censure any members and did not have the need to call upon the disciplinary committee for their services. Effective implementation of Discipline resulted in an improved climate of discipline. The committee thanks the members for co- operating and adhering to the steps being initiated for better management and discipline. The Parking issue will be tackled soon and members are requested to co-operate to help make it a success.
10. CATERING : We have appointed a new F&B Manager who comes with over 15 years of experience. His primary responsibility will be to ensure our outsourced catering partners deliver high quality food and maintain proper hygiene in the kitchen and restaurants. He will ensure the impartial service is provided to all members and ensure that the dining experience of the members is a pleasurable one. The members are requested to co-operate with the staff and show patience and restraint. Incidences of members losing their cool and taking matters in their hands does not help our cause. 11. HANDLING ISSUE OF DOGS ON THE COURSE : We have taken some measures to manage issue of Dogs on course. We have made barricades around both Mid Way Huts to ensure dogs stay out while members are having snacks. We solicit continued support of members to not feed dogs on the course. We are also working on providing a shelter (enclosure) on course for Dogs where enough food shall be provided to Dogs so that they stay inside such enclosures during day time. We hope we succeed in this experiment and achieve objective of dogs not roaming around and / or spoil the course bunkers etc. 12. WEEKDAY FOOT FALLS : Your committee has been making efforts in increasing footfalls in the club on week days. Several week day Fun tournaments were organized (especially Seniors) where participation was exceedingly well. We also have made efforts to have more week day events, promotions and activities to increase members' presence on course. During the year ahead, we plan to increase week day activities even more and look forward to more members and families on course on week days as well. 13. FINANCE :
2018-19 2017-18 Particulars (Rs. In Lakhs) (Rs. In Lakhs) Total Revenue 1,959.02 2,567.76 Total Expenses 2,638.21 2,376.33 Excess of Income over Expenditure / (Expenditure over (679.19) 191.43 income) before depreciation, taxation & prior preiod expenses 5 The Bombay Presidency Golf Club Limited (Est.1927)
Less : Depreciation 160.57 187.23 Less : Prior Period Expenses 21.18 6.77 Less : Tax Expenses - - Surplus (Deficit) transferred to Surplus Account (860.94) (2.57) During the year there was a deficit of Rs. 8.60 Crores as compared to the previous year i.e Rs. 2.57 lakhs. In the previous year, the Club collected additional levy of Rs. 2.31 Crores to fund the course upgradation but in the current financial year the Club has not collected any levy to fund the course upgradation. Further, there has been decrease in Gain on Mutual fund by Rs.3.49 Crores and increase of Rs.1.82 Crores in course upgradation expenses compare to previous year. The investable funds of the club have increased from Rs. 88.57 Crores as on 31st March, 2018 to Rs. 91.09 Crores as on 31st March, 2019.There was no change in the business of the Club during the Financial Year 2018-19. 14. OBITUARY : It is with deep regret that we have to record here the passing away of some of our members since the last A.G.M. The following will be missed: Sr. No. Member Name Membership No. 1 Shri. Singapuri Natwar S-379 2 Shri. Pesi Kotwalla K-103 3 Shri. Ahuja Vinod A-78 4 Smt. Fyzee Rati LAM-041 5 Shri. Gupta C L G-58 6 Smt. Gupta Lata LAM-054 7 Shri. Bradu Ratanlal B-185 8 Shri. Tipnis Nitesh T-124 9 Smt. Kapoor Krishna LAM-003 10 Shri. Sahney Trilochan Singh S-114 11 Shri. Patel Chandrakant P-73 12 Shri. Bhatia Madan B-203 13 Shri. Madnani Manu M-202 15. GENERAL COMMITTEE MEMBERS : During the period of this Report, there were changes in the composition of the Committee members of the Club. The Committee Members as on the date of this Report are as follows: Date of Date of Appointment at Name of Committee Member DIN Current Designation Appointment current designation Shri. Brijinder Singh 00791428 29/09/2018 29/09/2018 President Shri. Kuldeep Singh Sandhu 07621968 24/09/2016 24/09/2018 Golf Captain Shri. G Balachandran 00414122 29/09/2018 29/09/2018 Honorary Treasurer Shri. Atul Laul 07958958 23/09/2017 23/09/2017 Committee Member Shri. Hemesh Patel 00943814 29/09/2018 29/09/2018 Committee Member Shri. Kiran Korgaonkar 08277922 29/09/2018 29/09/2018 Committee Member Shri. Stephen Ambrose 06430986 23/09/2017 23/09/2017 Committee Member Shri. Shashank Sandu 00678098 29/09/2018 29/09/2018 Committee Member Shri. Subhash Ramchandran 01953533 29/09/2018 29/09/2018 Committee Member Shri. Vikas Arora 08262957 29/09/2018 29/09/2018 Committee Member During the year under review, the following ceased to be Committee Member on account of their tenure coming to an end or on account of their resignation : Name of the Committee Member DIN Date of Cessation Designation Shri. Ganeshrao Upadrasta 07975757 28/05/2019 Committee Member Shri. Ratan Bali 06426847 13/04/2018 Committee Member Shri. Venkata Subramanian Rajan 00059146 29/09/2018 Committee Member Shri. Ashish Chemburkar 00064036 29/09/2018 Committee Member Shri. Hari Narayan 01459666 29/09/2018 Committee Member Shri. Kuldeep Singh Sandhu 07621968 29/09/2018 Committee Member 6 Annual Report 2018 - 2019
Shri. Parthive Sanghrajka 00319803 29/09/2018 Committee Member Shri. Sanjeev Vaz 03412556 29/09/2018 Committee Member Shri. Uday Gandoak 03547368 29/09/2018 Committee Member 16. ATTENDANCE AT THE GENERAL COMMITTEE MEETINGS AND BALLOT COMMITTEE MEETINGS DURING THE FINANCIAL YEAR 01.04.2018 – 31.03.2019: Total Meetings conducted: GC : 28 Ballot : 4
Sr. No. Dates of GC Meetings Dates of Ballot Meetings 1 13th April,2018 24th May, 2018 2 27th April, 2018 5th July, 2018 3 11th May, 2018 30th August, 2018 4 16th May,2018 27th December, 2018 5 25th May, 2018 6 8th June, 2018 7 23rd June, 2018 8 13th July, 2018 9 27th July, 2018 10 1st August, 2018 11 10th August, 2018 12 17th August, 2018 13 21st August,2018 14 23rd August, 2018 15 30th August, 2018 16 14th September,2018 17 29th September,2018 18 16th October,2018 19 2nd November, 2018 20 17th November, 2018 21 7th December, 2018 22 27th December, 2018 23 11th January, 2019 24 24th January,2019 25 8th February, 2019 26 1st March, 2019 27 6th March, 2019 28 22nd March, 2019 The time gap between two Meetings was in confirmation with the requirement of the Companies Act, 2013. ATTENDANCE AT THE MEETINGS DURING THE YEAR 01.04.2018-31.03.2019
No. Of G.C Meeting No. Of Ballot Meetings Name Attended Attended Shri. Brijinder Singh 12 1 Shri. Kuldeep Singh Sandhu 21 4 Shri. G. Balachandran 10 1 Shri. Atul Laul 17 2 Shri. Ganeshrao Upadrasta 16 2 Shri. Hemesh Patel 11 1 Shri. Kiran Korgaonkar 11 1 Shri. Stephen Ambrose 15 4 Shri. Shashank Sandu 10 1 Shri. Subhash Ramchandran 6 - Shri. Vikas Arora 9 - Shri. V. S. Rajan (Retired on 29.09.2018) 15 3 Shri. Ashish Chemburkar (Retired on 29.09.2018) 15 3 Shri. Hari Narayan (Retired on 29.09.2018) 16 2 7 The Bombay Presidency Golf Club Limited (Est.1927)
Shri. Sanjeev Vaz (Retired on 29.09.2018) 15 3 Shri. Parthive Sanghrajka(Retired on 29.09.2018) 15 3 Shri. Uday Gandoak (Retired on 29.09.2018) 16 3 17. AUDIT COMMITTEE MEMBERS : In accordance with the Articles of Association of the Club the General Committee has constituted and appointed an independent Audit Committee. The Audit Committee has been constituted under the provisions, lf the Articles of Association of the Club and its Bye Laws and has its terms of reference set accordingly. The Club is not required to constitute an Audit Committee under the provisions of the Companies Act, 2013. The composition of the Audit Committee as on the date of this report is as follows:
Name of Committee Member Date of Appointment Designation Shri. Suresh Talwar 12th Oct 2018 Chairman Shri. S. K. Mitra 12th Oct 2018 Committee Member Shri. Bharat Raut 12th Oct 2018 Committee Member Shri. Ranga Iyer 12th Oct 2018 Committee Member The Committee shall hold office till the conclusion of the ensuing Annual General Meeting. The GC records their thanks and appreciation for the time spent and guidance provided by the Audit Committee. 18. ATTENDANCE AT THE AUDIT COMMITTEE MEETING DURING THE FINANCIAL YEAR 01.04.2018-31.03.2019 : The Audit Committee Meetings were held on 09th August, 2018, 12th November, 2018 and 14th February, 2019. Total Meetings conducted: 3 Name No. of Audit Committee Meeting Attended Shri. Suresh Talwar 3 Shri. S. K. Mitra 3 Shri. Bharat Raut 1 Shri. Ranga Iyer 2 Shri.Rohit Amin(Cessation on 29.09.2018) 1 19. COMMITTEE MEMBERS : As per Clause 27 of the Articles of Association of the Club, out of the 8 Committee Members, 50% Committee Members are liable to retire by rotation i.e. 4 Members, the details of the Committee Members liable to retire by rotation is as follows: 1. Shri. Atul Laul 2. Shri. Stephen Ambrose 3. Shri. Shashank Sandu 4. Shri. Hemesh Patel Further, as per the Clause 27, the vacancy of Shri. Ganeshrao Upadrasta (Din: 07975757), who has resigned on 28th May, 2019 and who was liable to retire by rotation at this Annual General Meeting, is required to be filled at this Annual General Meeting. The GC records their thanks and appreciation for the time spent and guidance provided by the aforesaid members during their tenure. Elections will be held on 28th September, 2019 for the Five (5) vacancies in the General Committee. The details of the election are stated in notes to Annual General Meeting notice. Shri. Rabinder Nigam (N-49) has been appointed as Returning Officer for this Election. (Note: As per the Companies Act,2013 and applicable rules thereunder the Club is not required to appoint Key Managerial Personnel.) 20. MEMBERS : The total number of Members of the Club as on 31st March, 2019 was 3384. There was an increase of 41 Members from the total number of Members as on 31st March, 2018. The total members as on 31st March, 2019 in various categories were as under : Category Name As on 31st March, 2019 Ordinary Members 988 B Members 1882 8 Annual Report 2018 - 2019
Life Members 75 Lady Members 23 Honorary Members 21 Commuted for Life 49 Corporate Members 46 Short Term Members 74 Junior Members 17 Service Members 64 Lady Associate Members 95 Temporary Members 50 Total : 3384 21. RELATED PARTY TRANSACTIONS : The details of transaction entered into with the Related Parties referred to in sub-section (1) of section 188 of the Companies Act, 2013 are annexed as Annexure-II (in the form AOC-2) to this report. 22. EXTRA – ORDINARY GENERAL MEETING AND ANNUAL GENERAL MEETING DURING THE FINANCIAL YEAR : During the financial year 2018-2019, the Club held 2 Extra –Ordinary General Meetings on 28th April, 2018 and 8th September, 2018 respectively which were well attended by the members. The Club had its 92nd Annual General Meeting on 29th September, 2018 respectively. 23. DIRECTORS RESPONSIBILITY STATEMENT : As required under section 134(5) of the Companies Act 2013, your General Committee, based on the representations received from the management, confirms that : (a) In the preparation of Annual Accounts, the applicable accounting standards (issued by the Institute of Chartered Accountants of India) have been followed and there has been no material departure; (b) The Committee has selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent, so as to give a true and fair view of the state of affairs of the Club at the end of the financial Year 2018-2019 and of the Income & Expenditure Accounts of the Club for that period; (c) The Committee has taken proper and sufficient care to the best of their knowledge and ability for the maintenance of adequate accounting records, in accordance with the provision of the Companies Act 2013 for safeguarding the assets of the Club and for preventing and detecting fraud and other irregularities; (d) The Committee has prepared the annual accounts on an ongoing concern basis; and (e) The Committee has devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively. 24. ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH RESPECT TO FINANCIAL STATEMENTS : The General Committee inter alia reviews the internal policies and procedures of the Club in respect to the financial statements to ensure that there is an orderly and efficient detection of frauds and errors, if any. Further, internal policies and procedures are in place to determine the accuracy and completeness of the accounting records and there is a system in place for preparation of reliable financial information. 25. RISK POLICY : The Club has well defined risk policy which is regularly reviewed and formulated based on the recommendations of the General Committee of the Club. There are no risk identified by the General Committee, which, in the opinion of the Committee may threaten the existence of the Club. 26. PUBLIC DEPOSITS : Your Club has neither invited nor accepted/renewed any "Deposit" from public within the meaning of the term "Deposits" under the Companies (Acceptance of Deposits) Rules, 2014 made under Chapter V read with Section 73 and 76 of the Companies Act, 2013 as amended from time to time. 27. TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNINGS & OUTGO : (A) Technology absorption: (i) The efforts made towards technology absorption; (ii) The benefits derived like product improvement, cost reduction, product development or import substitution; Not Applicable (iii) In case of imported technology (imported during the last three years reckoned from the beginning of the financial year)- 9 The Bombay Presidency Golf Club Limited (Est.1927)
(a) The details of technology imported; (b) The year of import; (c) Whether the technology been fully absorbed; Not Applicable (d) If not fully absorbed, areas where absorption has not taken place, and the reasons thereof; and (iv)The expenditure incurred on Research and Development. (B) Foreign Exchange Earnings and Outgo: Amount in INR Foreign Exchange Earnings NIL Foreign Exchange Outgo: 1. Fixed Assets 21,63,344 2. Spare Parts of Machinery 1,47,297 3. Technical Support 30,98,841 4. Other 1,53,807 28. AUDITORS : The Club had in its 92nd Annual General Meeting, appointed M/s. Anand Shenoy & Associates, Chartered Accountants, Mumbai (Firm No. 100382W) to hold office as the Statutory Auditors of the Club from the conclusion of the 92nd AGM till the conclusion of the 96th AGM. As per Clause 53 of the Articles of Association of the Club, the Statutory Auditors of the Club are required to be appointed every year at the Annual General Meeting of the Club. However, in pursuance to the provision of section 139 of the Companies Act, 2013, every Statutory Auditor for Companies registered under the Companies Act 2013 would be required to be appointed for a period of 5 financial Years, and such requirement shall be subject to the ratification of the appointment of the Statutory Auditors at every AGM. Accordingly, the General Committee proposes the ratification of appointment of M/s. Anand Shenoy & Associates, Chartered Accountants, Mumbai (Firm No. 100382W) as the Statutory Auditors of the Club from the conclusion of the 93rd Annual General Meeting till the conclusion of the next Annual General Meeting on a remuneration of Rs.2,50,000/- per year plus applicable taxes, to the Members. 29. COMMENTS IN THE AUDITORS' REPORT :
The comments in the Auditors' Report on the audited financial of the Club for the Financial Year 2018-2019 being self- explanatory, there is no requirement for any specific clarification in connection with the same.
30. MATERIAL CHANGES / COMMITMENTS, AFFECTING THE FINANCIAL POSITION OF THE CLUB HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT : There were no material changes / commitments affecting the financial position of the Club having occurred between the end of the financial year to which the financial Statement relate and the date of this report. 31. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND CLUB'S OPERATIONS IN FUTURE : No such orders impacting the going concern status of the Club were passed by any Regulators / Courts / Tribunals during the current financial year. 32. ALTERATIONS IN THE ARTICLE OF ASSOCIATION: The Club members in the Extra Ordinary General Meeting ( 01/2019-2020 ) held on 11th May, 2019 passed a Special resolution for adoption of restated Articles of Association taking into consideration all the mandatory provisions of Companies Act, 2013. Thus, the same has been filed and registered with the Registrar of Companies, Maharashtra, Mumbai. 33. CORPORATE SOCIAL RESPONSIBILITY : Since the Club does not meet the requirements as specified under Section 135(1) of the Companies Act, 2013, the provisions of Corporate Social Responsibility (CSR) are not applicable to the Club. Accordingly, the Annexure as required under Companies (Corporate Social Responsibility) Rules, 2014 is not required to be attached to this Report. 34. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS : The Club has not made any loan or given any guarantees or made any investments in the securities of any Company/ Body Corporate during the financial year under the review. 10 Annual Report 2018 - 2019
The Non-Current and current Investments made by the Club are as follows : Sr. No. Particulars Amount 1 Non-Current Investments (a) Investment in Debentures and Bonds Rs. 2,50,00,000 (b) Investments in Mutual Funds Rs. 64,07,92,800 2 Current Investments (a) Investments in Mutual Funds Rs. 20,70,00,000
35. OTHER DISCLOSURES : (a) Details of Frauds reported by the Statutory Auditors U/s 143 (12) of the Companies Act, 2013 during the Financial Year. There are no frauds reported by the Statutory Auditors, requiring intimation U/s 143(12) of the Companies Act, 2013, for the Company. (b) The Company was not required to maintain Cost records as specified by the Central Government u/s 148(1) and hence no records were maintained. (c) The total number of permanent employees as on 31st March 2019 was 107. (d) Since the Club does not have any Share Capital, there are no disclosures required to be stated in respect of any shares or securities. 36. COMPLIANCE WITH THE PROVISIONS OF SECRETARIAL STANDARDS ISSUED BY ICSI : The Committee Members hereby declare the Compliance of the Provisions of Secretarial Standards-1 (“General Committee Meetings”) and Secretarial Standards-2 (“General Meetings”) issued by ICSI and notified by the MCA under section 118(10) of the Companies Act, 2013, for all the General Committee Meetings of the Company held during the Financial Year 2018-19. 37. DISCLOSURE ON EMPLOYEES : There are no employees drawing remuneration in excess of Rs. 8,50,000 per month or Rs. 1,02,00,000 per annum. The details of the remuneration paid to the General Committee Members are stated in the Form MGT-9 annexed to this Report. 38. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2011 : There were no complaints received by the Company under The Sexual Harassment of Women at Workplace (Prevention, Prohibition, and Redressal) Act, 2011 during the year under review. 39. ACKNOWLEDGMENTS : The management would like to thank all the employees of the Club for rendering their valuable services to the Club and is grateful to you for your continued support and advice. The Managing Committee and I also thank you all for giving us this opportunity to serve you and this esteemed Club. We all are proud of our Club as it stands today. Wishing you all a happy golfing season ahead!!
For and on behalf of General Committee, THE BOMBAY PRESIDENCY GOLF CLUB LIMITED
Place: Mumbai Brijinder Singh Date: 6th August, 2019 President DIN: 00791428
11 The Bombay Presidency Golf Club Limited (Est.1927)
ANNEXURE - I FORM NO. MGT 9 EXTRACT OF ANNUAL RETURN As on financial year ended on 31.03.2019 Pursuant to Section 92 (3) of the Companies Act, 2013 and Rule 12(1) of the Company (Management & Administration) Rules, 2014
I. REGISTRATION & OTHER DETAILS: CIN U92410MH1927NPL001307 Registration Date 23.03.1927 Name of the Company The Bombay Presidency Golf Club Limited Details of Category and Sub-category of the company Company limited by Guarantee Dr. Choithram Gidwani Road, Chembur, Mumbai- Address of the Registered office & contact details 400074 Whether listed company No Name, Address &contact details of the Registrar & Transfer NA Agent, if any.
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY (All the business activities contributing 10 % or more of the total turnover of the company shall be stated)
Sr. Name and Description of main products / NIC Code of the % to total turnover of No. services Product/service the company Providing facilities for playing Golf to members of 1 92411 100 the Club
III. PARTICULARS OF HOLDING, SUBSIDIARY & ASSOCIATE COMPANIES
HOLDING/ % OF Name & Address of the APPLICABLE Sr. No CIN/GLN SUBSIDIARY/ SHARES Company SECTION ASSOCIATE HELD
NA
IV. SHAREHOLDING PATTERN (EQUITY SHARE CAPITAL BREAK-UP AS PERCENTAGE OF TOTAL EQUITY:
Sr. Particular Applicability (a) Category-wise shareholding (b) Shareholding of Promoters (c) Change in Shareholding of Promoters The Club being a Company limited by Shareholding Pattern of top 10 Shareholders (other guarantee and not having Share Capital this (d) than Directors, Promoters & Holders of GDRs & Section is not applicable to the Club ADRs ) Shareholding of Directors and Key Managerial (e) Personnel
V. IN DEBTEDNESS – IN DEBTEDNESS OF THE CLUB INCLUDING INTEREST OUTSTANDING / ACCRUED BUT NOT DUE FOR PAYMENT:
The Club does not have any debts or borrowing as on 31st March, 2019 and hence, no disclosures have been made in this regard.
12 Annual Report 2018 - 2019
VI. REMUNERATION OF DIRECTORS & KEY MANAGERIAL PERSONNEL:
Sr. No. Particulars Applicability
Remuneration to Managing Director, Whole-time (a) Directors and / or Manager This Section does not apply to the Club since all the Members of the General Committee of the (b) Remuneration to other Directors Club work on honorary basis.
Remuneration to Key Managerial Personnel other (c) than Managing Director / Manager / Whole-time Not Applicable Director
VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES :
Details of Penalty Appeal made, Section of the Brief / Punishment/ Authority [RD / Type if any (give Companies Act Description Compounding NCLT/ COURT] Details) fees imposed
A. COMPANY – Not Applicable Penalty Punishment Compounding B. DIRECTORS – Not Applicable Penalty Punishment Compounding C. OTHER OFFICERS IN DEFAULT – Not Applicable Penalty Punishment Compounding
For and on behalf of General Committee THE BOMBAY PRESIDENCY GOLF CLUB LTD
Brijinder Singh Place: Mumbai President Date : 6th August, 2019 DIN: 00791428
13 The Bombay Presidency Golf Club Limited (Est.1927)
Annexure –II to the Directors Report for Financial Year 2018-19 Form No. AOC-2
(Pursuant to Clause (h) of Sub-Section (3) of Section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014)
Form for disclosure of particulars of contracts/arrangements entered into by the company with related parties referred to in Sub- Section (1) of Section 188 of the Companies Act, 2013 including certain arm's length transactions under third proviso thereto.
1 Details of contracts or arrangements or transactions not at arm’s length basis
(a) Name(s) of the related party and nature of relationship (b) Nature of contracts/ arrangements/ transactions (c) Duration of the contracts/ arrangements/ transactions Salient Terms of the contracts or arrangements or transactions including the (d) value, if any
(e) Justification for entering into such contracts or arrangements or transactions NOT APPLICABLE
(f) Dates of approval by the Board (g) Amount paid as advance if any Date on which the special resolution was passed in General Meeting as required (h) under the first proviso to Section 188
2 Details of material contracts or arrangement or transactions at arm’s length basis (a) Name(s) of the related party and nature of relationship (b) Nature of contracts/arrangements/transactions (c) Durations of the contracts/ arrangements/transactions Salient Terms of the contracts or arrangements or transactions including the NOT APPLICABLE (d) value, if any (e) Date(s) of approval by the Board, if any (f) Amount paid as advance, if any
For and on behalf of General Committee THE BOMBAY PRESIDENCY GOLF CLUB LTD
Brijinder Singh Place: Mumbai President Date : 6th August, 2019 DIN: 00791428
14 Annual Report 2018 - 2019
COMPETITION RESULTS - 2018-19 S No TOURNAMENT WINNER RUNNER-UP 1 SHEILA MANCHANDA CUP TRISH BOSE HARISH PANDEYA 2 MONTHLY MEDAL (OCT) R RAMKRISHNAN SAHIL SINGH ASHOK SOOD & MUHRRAHAM 3 RAHIMTOOLA CUP MANISH DUTT & SATISH SINGH DURSUN 4 MONTHLY MEDAL (NOV) DHIMAN BOSE CHAITNYA PATEL 5 LESLIE SAWHNEY TROPHY SATISH SINGH GURINDER BHURJEE BEST GROSS - AVNISH KUMAR 6 S S CHALLENGE SHIELD ARJUN SINGH AVNISH KUMAR 7 S S HANDICAP CUP TANMAY KRISHNA KAUSHAL SHAH 8 MONTHLY MEDAL (DEC) TRISH BOSE GAUTAM BALAKRISHNAN 9 X'MAST STABLEFORD ALPANA SHAH HEMANG DHARAMSHI 10 DR DUGAL CUP CAPT. A. S. MANN DHRUV GUPTA 11 MONTHLY MEDAL (JAN) AVNISH KUMAR ARJUN SINGH 12 MONTHLY MEDAL (FEB) HARJIT SINGH JASH PAREKH 13 CLUB CHALLENGE CUP HEMESH PATEL RAM KEWALRAMANANI
14 C K PATEL MEMORIAL CUP RAJIV KAUL & CHETAN DOSHI EVANKA SHAH & KAUSHAL SHAH
15 GOLD MEDAL ARJUN SINGH TARUN BALI BEST NETT - UDAY GANDOAK 16 CAPTAIN PRIZE NOT PLAYED NOT PLAYED BEST GROSS - NOT PLAYED 17 INDEPENDENCE DAY TROPHY NOT PLAYED NOT PLAYED G BALACHANDRAN & MANDAR 18 ANNUAL FOURBALL RATISH BALAN & SUDHIR ANAND GADKARI 19 MONTHLY MEDAL (MARCH) HEMESH PATEL UDAY GANDOAK 21 ANNUAL FOURSOME NOT PLAYED NOT PLAYED 22 REPUBLIC DAY TROPHY AMIT NIGAM KAUSHAL THACKERSEY BEST NETT - KAUSHAL SHAH 23 SEWREE SALVER NOT PLAYED NOT PLAYED 24 PRESIDENTS PUTTER NOT PLAYED NOT PLAYED 25 WILLINGDON CUP NOT PLAYED NOT PLAYED TARUN BALI & KABIR G BALACHANDRAN & MANDAR 26 ANDY SHARMA MEMORIAL CUP KEWALRAMANI GADKARI 27 MERCHANTS CUP PULRAJ LOGICON - B NISHNA PATEL V CHANDRAMOULI SANJEEV VAZ MANDAR GADKARI RONAV PATEL SURESH BALASUBRAMANIAM BEST NETT - WINNER - SANJEEV VAZ BEST GROSS - WINNER - ARJUN SINGH 28 R K PITAMBER MEMORIAL TROPHY SILVER DIV : JITENDRA GHUGAL ARDHEA GAWDE BRONZE DIV : KAMLESH THAKUR CHARANDEEP SINGH 29 PRAKASH VERMA M TROPHY NOT PLAYED NOT PLAYED
15 The Bombay Presidency Golf Club Limited (Est.1927)
RESULT FOR THE SENIORS TOURNAMENTS - 2018 - 19 Sr. No. Name of Tournament Winner Runner-up 1 SENIORS STABLEFORD MOHAN THADANI MANI SUBRAMANIAM 2 SENIORS SINGLE MEDAL ROUND AJAY UPADHYAY MAHENDRA PURI 3 SENIORS BOGEY K MURARI SHAILENDRA MATOLIA 4 SENIORS SINGLE BOGEY K MURARI S DHAMODHARAN 5 SENIORS SINGLE STABLEFORD NOT PLAYED NOT PLAYED SURINDER SINGH & RAJEEV 6 SENIORS DOUBLE MONTY C JAYARAMAN & S RENGARAJAN MENON 7 SENIORS SINGLE MATCHPLAY NOT PLAYED NOT PLAYED 8 SENIORS DOUBLE MATCHPLAY NOT PLAYED NOT PLAYED SUPER SENIORS SINGLES 9 NOT PLAYED NOT PLAYED MATCHPLAY
The Tournament calendar for the year 2018-19 has not been completed owing to the Course upgradation work. That work is undertaken by the Club pursuant to the resolution passed by the members at the Extra Ordinary General Meeting of the members of the Club that was held on 28th April, 2018.
Consequently, the Annual Day of the Club will now be held in the month of December 2019 by which time, all the tournaments are expected to be completed.
The Golfer of the year & Senior Golfer of the year 2018 will be announced thereafter.
16 Annual Report 2018 - 2019 GOLFERS OF THE YEAR
Ronav Patel 2017
Nakul Bakshi Uday Gandoak Nikhil Singh Murad Talib 1995,2009,2012,2013, 2015 2010 2011 2014,2016
Capt. A. S. Mann Dilip Sharma Amit Nigam Gagan Verma
1999,2001,2004,2005,20071999,2001,2004,2005,2007 2006 2002,2003 2000 SENIORS CATEGORY
Rakesh Chaumal 2017
Ravi Sanghrajka Capt. Surinder Singh Dhiman Bose Capt. B. R. Kapoor 2016 2016 2015 2011,2012,2013,2014 17 The Bombay Presidency Golf Club Limited (Est.1927)
INDEPENDENT AUDITOR’S REPORT
To the Members of The Bombay Presidency Golf Club Limited Report on the Audit of the Financial Statements
Opinion We have audited the financial statements of The Bombay Presidency Golf Club Limited (“the Club”), which comprise the balance sheet as at 31st March 2019, the Statement of Income and Expenditure Account and the Cash Flow Statement for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Companies Act, 2013 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, in the case of the Balance Sheet, of the State of Affairs of the Club as at 31st March, 2019, and in the case of the Statement of Income and Expenditure, its Excess of Expenditure over Income and its Cash Flows for the year ended on that date.
Basis for Opinion We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other Information The Club's Management is responsible for the other information. The other information comprises the information included in the annual report, but does not include the financial statements and our auditor's report thereon. The annual report is expected to be made available to us after the date of this auditor's report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.
Responsibilities of Management and Those Charged with Governance for the Financial Statements The Club's Management is responsible for the matters stated in section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance, and cash flows of the Club in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Club and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies ; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Management is responsible for assessing the Club's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. The Club's Management are also responsible for overseeing the Club's financial reporting process.
Auditor's Responsibilities for the Audit of the Financial Statements. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
Ÿ Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. 18 Annual Report 2018 - 2019
Ÿ Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls.
Ÿ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
Ÿ Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Club to cease to continue as a going concern.
Ÿ Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor's Report) Order, 2016 (“the Order”), issued by the Central Government of India in terms of sub- section (11) of section 143 of the Companies Act, 2013, we give in the 'Annexure A' a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable. 2. As required by Section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit. (b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books. (c) The Balance Sheet, the Statement of Income and Expenditure and the Cash Flow Statement dealt with by this Report are in agreement with the books of account. (d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. (e) On the basis of the written representations received from members of the General Committee as on 31st March, 2019 taken on record by the General Committee, none of the members of the General Committee is disqualified as on 31st March, 2019 from being appointed as members of the General Committee in terms of Section 164(2) of the Act. (f) in our opinion, we are not required to report on the matters specified in clause (i) of subsection (3) of Section 143 of the Companies Act as the Club is covered under the exception contained in the Ministry of Company Affairs Notification No. G S R 464 ( E ) issued on 5th June 2015 and as amended on 13th June 2017. (g) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us: i. The Club has disclosed the impact of pending litigations on its financial position in its financial statements as on March 31,2019 – Refer Note 25 on Contingent Liability to the financial statements; ii. There are no material foreseeable losses for which the club is to make a provision under applicable law or accounting standard iii. In respect of delay in transferring amounts to Investor Education and Protection Fund, the said clause is not applicable to the Company.
For ANAND SHENOY & ASSOCIATES CHARTERED ACCOUNTANTS F.R.No100382W
ANAND P. SHENOY PARTNER M.No.040777 Place : Mumbai Dated :6th August, 2019
19 The Bombay Presidency Golf Club Limited (Est.1927)
ANNEXURE- A TO INDEPENDENT AUDITORS' REPORT
(Referred to in Paragraph 1 on 'Report on Other Legal and Regulatory Requirements' of our Independent Opinion of even date.)
In terms of the information and explanations sought by us and given by the Company and the books and records examined by us in the normal course of audit and to the best of our knowledge and belief, we report the following : i. In respect of Fixed Assets :
(a) The Club is maintaining proper records showing full particulars, including quantitative details and the situation of fixed assets.
(b) The fixed assets have been physically verified by the management during the year at reasonable intervals, which in our opinion, is reasonable having regard to the size of the Club and the nature of its assets. As explained to us, no material discrepancies were noticed as compared to the book records, on such physical verification.
(c) The title deeds of all the immovable properties of the Club shown under the Fixed Assets are held in the name of the Club. ii. The inventories of the Club have been physically verified by the Management at reasonable intervals. In our opinion, the frequency of such verification is reasonable and the discrepancies noticed at the time of verification were not material.
iii. The Club has not granted any loans, secured or unsecured, to companies, firms, LLPs or other parties covered in the register maintained u/s 189 of the Companies Act and consequently, the paragraphs iii(a), iii(b) and iii(c) of the Order are not applicable. iv. The Club has not given any loans / investments / guarantees to which the provisions of Sec 185 or 186 of the Act apply. v. The Club has not accepted any deposits to which the provisions of S 73 to 76 or any other relevant provisions of the Act and the rules framed there under and the directions issued by RBI are applicable. Hence paragraph 3 (v) of CARO is not applicable to the Club. vi. The provisions of Clause 3(vi) of the Order are not applicable to the Club, as the Club is not covered by the Companies (Cost Records and Audit) Rules. vii. In respect of Undisputed Statutory Dues :
a. According to the information and explanations given to us and according to the records, the Club has been regular in depositing undisputed statutory dues, including Provident Fund, Income Tax, Employee's State Insurance, Sales Tax, Goods and Service tax, and any other statutory dues with appropriate authorities during the year. As per the information and explanations given to us and in our opinion, the statutes relating to Investors Education and Protection Fund, Custom Duty, Excise Duty, and Cess are not applicable to the Club. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March, 2019 for a period of more than six months from the date of they becoming payable.
b. According to the information and explanations given to us and the examination of the records of the Club and in our opinion, there are no disputed Custom tax, Wealth tax, Excise duty, Cess and Goods and Service tax (GST) dues except Income tax liability as follows :
20 Annual Report 2018 - 2019
Year Relating to Amt Demanded Remarks Assessment Years Appeal Pending before ITAT. Out of this Rs. 20,00,000/- AY 2007-08 30,83,568/- has been paid till date
Penalty Levied u/s. 271(1)(c), Appeal Pending before AY 2007-08 37,67,811/- CIT(A)
Appeal Pending before CIT (A). Against this Rs. AY 2008-09 15,77,780/- 20,00,000/- has been paid till date
AY 2016-17 22,21,760/- Appeal Pending before CIT(A)
Rectification application pending before assessing AY 2017-18 44,16,190/- officer Total 15,067,109/- viii. The Club has no loans from any Financial Institution, Bank, Government or dues to debenture holders and therefore Clause 3 (viii) is not applicable to the Club. ix. The Club has not raised any moneys by way of IPO / FPO and term loans during the year. Hence, Clause 3(ix) of the Order is therefore not applicable to the Club. x. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud by the Club and no fraud on the Club by its officers / employees has been noticed or reported during the year. xi. The provisions of Sec 197 wrt Managerial Remuneration does not apply to the Club. Hence para 3(xi) of the order is not applicable to the Club. xii. The Club is not a Nidhi Co. and therefor Clause 3(xii) of the order is not applicable to the Club. xiii. In our opinion, all the Related Party Transactions entered into by the Company during the year are in compliance with the Provisions of Sec 177 and 188 of the Act and the related applicable details thereof have been disclosed in the Financial Statement as required by the Accounting Standards and the Act. xiv. The Club has not made any preferential allotment / private placement of shares during the year and hence Clause 3(xiv) of the Order is not applicable to the Club. xv. The Club has not entered into any non-cash transactions with the Directors / persons connected with him as stipulated u/s 192 of the Act and hence, Clause 3(xv) of the Order is not applicable to the Club. xvi. In our opinion, the Club is not required to be registered u/s 45-IA of the Reserve Bank of India Act, 1934.
For ANAND SHENOY & ASSOCIATES CHARTERED ACCOUNTANTS F.R.N. 100382W
ANAND P. SHENOY PARTNER M.No. 040777 Place : Mumbai Dated :6th August, 2019
21 The Bombay Presidency Golf Club Limited (Est.1927)
THE BOMBAY PRESIDENCY GOLF CLUB LIMITED Balance Sheet as at 31st March, 2019 Note As at As a t Particulars No. Rupees 31-Mar-19 31-Mar-18 I EQUITY AND LIABILITIES (1) Member's Funds a Share Capital - - b Reserves and Surplus 2 96,96,64,845 97,22,09,028 c Money received against share warrants - - 96,96,64,845 97,22,09,028 (2) Share application money pending allotment - - (3) Non-Current Liabilities a. Long-term borrowings - - b. Deferred tax liabilities (Net) - - c. Other Long term liabilities 3 9,47,76,208 9,61,85,015 d. Long term provisions - - 9,47,76,208 9,61,85,015 (4) Current Liabilities a. Short-term borrowings - - b. Trade payables 4 69,50,554 1,10,17,553 c. Other current liabilities 5 5,74,86,374 5,90,63,488 d. Short-term provisions 6 1,21,54,574 1,06,95,458 7,65,91,501 8,07,76,499 Total 1,14,10,32,554 1,14,91,70,541 II ASSETS (1) Non-current assets a. Fixed assets i Tangible assets 7 14,83,59,451 15,70,91,731 ii. Intangible assets 3,89,901 2,10,034 iii. Capital work-in-progress 54,11,985 81,900 iv. Intangible assets under development 15,41,61,337 15,73,83,665 b. Non-current investments 8 66,57,92,800 61,57,92,800 c. Deferred tax assets (net) d. Long term loans and advances 9 33,81,704 42,59,645 e. Other non-current assets 10 80,14,475 1,66,33,815 67,71,88,979 63,66,86,260 (2) Curre nt a sse ts a. Current investments 11 20,70,00,000 23,00,00,000 b. Inventories 12 1,44,94,771 2,92,17,092 c. Trade receivables 13 1,07,97,443 1,25,65,765 d. Cash and Cash Equivalents 14 3,81,17,142 3,99,59,705 e. Short-term loans and advances 15 3,35,05,212 3,20,02,737 f. Other current assets 16 57,67,670 1,13,55,317 30,96,82,238 35,51,00,616 Total 1,14,10,32,554 1,14,91,70,541 SIGNIFICANT ACCOUNTING POLICIES 1 THE ACCOMPANYING NOTES ARE AN INTERGRAL PART 25 OF FINANCIAL STATEMENTS In terms of our report attached For ANAND SHENOY AND ASSOCIATES By the Order of the General Committee Chartered Accountants For The Bombay Presidency Golf Club Ltd Firm Regn No. 100382W Sd/- Sd/- Sd/- Sd/- Anand P. Shenoy Brijinder Singh Kuldeep Singh Sandhu G. Balachandran Partner (President) (Captain) (Hon. Treasurer) M. No. 040777 Date: 6th August, 2019 Date: 6th August, 2019 Place: Mumbai Place: Mumbai
22 Annual Report 2018 - 2019
THE BOMBAY PRESIDENCY GOLF CLUB LIMITED Income and Expenditure Account for Year ended on 31st March, 2019 For the Year ended For the Year Note Particulars Rupees on ended on No. 31st March, 2019 31st March, 2018
I. Revenue from operations 17 14,69,54,590 16,86,19,966
II. Other Income 18 4,89,46,912 8,81,56,466
III. Total Revenue (I +II) 19,59,01,502 25,67,76,432
IV. Expenses: Direct Operational Expenses 19 6,35,50,259 6,16,59,388 Employee benefit expense 20 5,92,75,117 5,77,73,445 Administrative Expenses 21 2,50,91,094 2,11,54,485 Course maintenance expenses 22 9,47,20,653 7,64,85,250 Depreciation and amortization expense 7 1,60,57,051 1,87,23,067 Other expenses 23 2,11,83,584 2,05,61,105 Total Expenses 27,98,77,757 25,63,56,740
V. Excess of Income over expenditure / (8,39,76,256) 4,19,692 (Expenditure over Income) before taxation and Prior Period Expenses (III - IV)
Prior Period Expenses 24 21,17,927 6,76,747
VI. Excess of Income over expenditure / (8,60,94,183) (2,57,055) (Expenditure over Income) before taxation
VII. Tax expense: Income Tax Provision for the year - - - -
VIII. Surplus/(Deficit) transferred to Surplus Account (8,60,94,183) (2,57,055) SIGNIFICANT ACCOUNTING POLICIES 1 THE ACCOMPANYING NOTES ARE AN INTERGRAL PART OF FINANCIAL STATEMENTS 25 In terms of our report attached For ANAND SHENOY AND ASSOCIATES By the Order of the General Committee Chartered Accounts For The Bombay Presidency Golf Club Ltd. Firm Regn No. 100382W
Sd/- Sd/- Sd/- Sd/- Anand P. Shenoy Brijinder Singh Kuldeep Singh Sandhu G. Balachandran Partner (President) (Captain) (Hon. Treasurer) M. No. 040777 Date: 6th August, 2019 Date: 6th August, 2019 Place: Mumbai Place: Mumbai
23 The Bombay Presidency Golf Club Limited (Est.1927)
NOTES FORMING PART OF FINANCIAL STATEMENTS
NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES :
1. BASIS OF PREPARATION The Financial Statements have been prepared in accordance with generally accepted accounting principles in India under the historical cost convention and on the basis of going concern concept with revenues recognised and expenses accounted for on an Accrual basis, including committed obligations, in compliance with all material aspect of the Accounting Standard notified under Section 133 of the Companies Act, 2013 read together with para 7 of the Companies (Accounts) Rules 2014. The accounting policies have been consistently applied by the Club. All assets and liabilities have been classified as current and non-current as per the Club's normal operating cycle which has been ascertained by the Club as Twelve months. 2. REVENUE RECOGNITION The Club is engaged in providing to its Members, Golfing, Clubbing and other allied facilities / amenities at its Golf Course, and in the Club house on payment of various dues like Entrance Fees – which may be payable upfront or in instalment, Annual Subscription Fees and other activity specific dues. Revenue from Services are recognized as they are rendered based on defined milestones / arrangement with the concerned parties and recognized net of GST. ENTRANCE FEES : Entrance Fees as and when received from members are accounted as under :
Receipt of Entrance Fees from Accounted as under
Ordinary Members, Junior Members, Temporary a Members (awaiting confirmation), B Members, Credited to General Reserves in the year of receipt Members Children Amount equal to the amount paid by Ordinary member is b Life Members credited to General Reserves Balance amount credited to Revenue Account Amortized to Revenue Account over the tenure of c Corporate members Membership on pro-rata basis
Amortized to Revenue Account over the tenure of d Short Term Members Membership on pro-rata basis
Credited to Revenue Account in the year of admittance of the e Service Members member
Credited to General Reserves in the year of Confirmation of f Service Members (Ordinary) Membership
SUBSCRIPTION FEES FROM MEMBERS: Subscription fee dues from members are recognized as income on accrual basis. Bills are issued to members either on Annual Basis or Half Yearly basis, based on the category of the members. AMENITIES INCOME: Amenities Income includes Sales of Food and Beverages etc., Hall & Room Rentals, etc. and are recognized when services are rendered. ACTIVITIES, EVENTS & TOURNAMENT INCOME: This income earned on the conduct of various Activities including conduct of Tournaments, Competition, Coaching, Annual Day, etc. These incomes are recognized when the activities and events are conducted.
24 Annual Report 2018 - 2019
INTEREST INCOME: Interest income from Investments is recognized on a time proportion basis taking into account the amount outstanding and applicable interest rate. DIVIDEND INCOME: Dividend Income on Investments is accounted for when the right to receive the payment is established. CAPITAL GAINS OR LOSSES: Capital Gains / Losses from Investments are accounted for only on redemption / sale basis only.
3. FIXED ASSETS Fixed Assets are stated at cost of acquisition or construction less accumulated depreciation and impairment loss, if any. Cost comprises the purchase price and any other attributable costs of bringing the assets to its working condition for its intended use. Expenditure for Additions and Improvements are Capitalised and expenditure for maintenance, repairs and restoration are charged to the Income and Expenditure account. When assets are sold or discarded, their cost and accumulated depreciation is removed from the account and any gain or loss, resulting from their disposal is reflected in the Income and Expenditure account.
4. DEPRECIATION Depreciation on All Fixed Assets (both tangible and intangible) except Buildings are provided for on Written Down Value basis based on the Useful Life of the Assets as detailed / specified in the Schedule II of the Companies Act, 2013. In the case of Buildings, the Depreciation has been provided on Straight Line Method basis based on the Useful life of the Assets as detailed / specified in Schedule II of the Companies Act, 2013. Depreciation on additions /deletions to the assets during the year is provided on pro-rata basis of date of addition / deletion. For Depreciation accounting, the Carrying Amount of all the assets as on 1st April, 2014 (date from which Sch-II is applicable) is depreciated over the remaining useful life of the asset.
5. IMPAIRMENT OF ASSETS The carrying amounts of assets are reviewed at each Balance Sheet date if there is any indication of impairment based on internal / external factors. An asset is treated as impaired when the carrying cost of the assets exceeds its recoverable value. An Impairment loss, if any, is charged to the Statement of Income & Expenditure in the year in which an asset is identified as impaired. Reversal of impairment loss recognised in the prior years is recorded when there is an indication that impairment losses recognised for the assets no longer exists or have decreased and the asset is reflected at the recoverable amount.
6. INVESTMENTS Investments which are readily realisable and intended to be held for not more than one year from the date on which such investments are made, are classified as current investments. All other investments are classified as long-term investment. Long-Term Investments are recorded at the cost of acquisition and related expenses such as brokerage fees and duties. Provision is made for permanent diminution, if any, in the value of such investments Current Investments are valued at lower cost and net realisable value.
25 The Bombay Presidency Golf Club Limited (Est.1927)
7. INVENTORIES The Inventories on the last day of the accounting period are valued at cost or net realizable value, whichever is less. The Cost of inventories comprises of all cost of purchase, and other cost incurred in bringing them to their respective present location and condition.
8. RETIREMENT & OTHER EMPLOYEE BENEFITS Provident Fund & ESIC : The Club has contributed to the Government Provident Fund Scheme and ESIC Scheme, contributions to which is charged to revenue during the year. Gratuity Dues : The company has scheme of Gratuity Fund towards retirement benefits. The Gratuity benefits are administered by Trusts through the Group Schemes of Life Insurance Corporation of India. The Company's contribution paid towards the Group Gratuity Scheme is charged to Income & Expenditure Account on the basis of actuarial valuation provided by the Life Insurance Corporation of India. Leave Encashment Policy : Management Staff: Privilege leave is allowed to be accumulated up to 60 days and no encashment is allowed. Union Staff: Privilege leave is allowed to be accumulated up to 60 days and no encashment is allowed. No liability arises and no provision is to be made and the same is being accounted for on payment basis.
9. TAXATION Current Tax : The provision for Current Tax is determined in accordance with the provisions of Income Tax Act 1961 prevailing for the relevant assessment year and as applicable to a non-profit making organisation. Deferred Tax : Deferred Tax expenses and benefits is recognized on timing difference, being the difference between the taxable income and accounting income that originate in one period and capable of reversal in one or more subsequent period. Deferred tax assets and liabilities are measured using the tax rates and laws that are enacted or subsequently enacted as on Balance sheet date. Deferred tax asset in respect of unabsorbed depreciation and carry forward of losses are recognized only to the extent there is a virtual certainty that sufficient taxable income will be available to realize these assets. All other deferred tax assets are recognized only to the extent there is a reasonable certainty that sufficient future taxable income will be available to realize these assets.
10. CONTINGENT LIABILITIES AND PROVISIONS Contingent Liabilities: Contingent Liabilities are possible but not probable obligations as on Balance Sheet date, based on the available evidence. Contingent Liabilities are disclosed by way of Notes to Accounts.
Contingent Assets : Contingent Assets are neither recognized nor disclosed in the financial statements Provisions: Provisions are recognized where there is a present obligation as a result of past events, and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on best estimate required to settle the obligation at the Balance Sheet Date. 26 Annual Report 2018 - 2019
11. CASH FLOW STATEMENT Cash Flows are reported using the indirect method, whereby, net surplus before tax is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and items of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Club are segregated.
12. CONTINGENCIES AND EVENTS OCCURING AFTER THE BALANCE SHEET DATE Material events occurring after Balance Sheet Date are taken into cognizance.
27 The Bombay Presidency Golf Club Limited (Est.1927)
THE BOMBAY PRESIDENCY GOLF CLUB LIMITED
NOTE 2 - RESERVES AND SURPLUS As at 31st March, 2019 As at 31st March, 2018
Capital Reserves: As per last Balance Sheet 45,71,026 45,71,026 Additions during the year 45,71,026 45,71,026 General Reserves : As per last Balance Sheet 1,38,80,40,265 1,29,15,40,265 Add: Entrance Fees Recd from members during 8,35,50,000 9,65,00,000 the year. 1,47,15,90,265 1,38,80,40,265 Surplus: As per last Balance Sheet (42,04,02,263) (42,01,45,208) Add: Surlus / (deficit) for the period (8,60,94,183) (2,57,055) (50,64,96,446) (42,04,02,263)
Total 96,96,64,845 97,22,09,028
NOTE 3 - OTHER LONG TERM LIABILITIES As at 31st March, 2019 As a t 31st March, 2018
Retention money 3,78,356 1,94,904 Security deposit from members and others 2,39,60,018 2,28,05,425 Advance Green Fees from American Express 64,10,958 - Advance membership fees (Corporate) 5,84,81,976 6,01,39,786 Deposit for membership 55,44,900 1,30,44,900 Total 9,47,76,208 9,61,85,015
NOTE 4 - TRADE PAYABLES As at 31st March, 2019 As at 31st March, 2018
Trade payables 69,50,554 1,10,17,553
Total 69,50,554 1,10,17,553
NOTE 5 - OTHER CURRENT LIABILITIES As at 31st March, 2019 As at 31st March, 2018
Income received in advance 2,55,48,463 2,04,83,328 Sundry Creditors for Services 91,94,490 46,44,364 Other Payables (Includes member awating Ballot) 2,27,43,420 3,39,35,795
Total 5,74,86,374 5,90,63,488
NOTE 6 - SHORT-TERM PROVISIONS As at 31st March, 2019 As at 31st March, 2018
Other Payables 1,05,33,638 72,22,697 Duties & taxes Payables 16,20,936 34,72,761 Total 1,21,54,574 1,06,95,458
28 Annual Report 2018 - 2019
29 The Bombay Presidency Golf Club Limited (Est.1927)
NOTE 8 - NON CURRENT INVESTMENT As at 31st March, 2019 As at 31st March, 2018 Investments in Debentures or Bonds 2,50,00,000 2,50,00,000 Investments in Mutual funds 64,07,92,800 59,07,92,800 Total 66,57,92,800 61,57,92,800 Notes : The details regarding the quoted investments are as follows: Ba sis of Mkt Value as on 31st Particulars Quantity Valuation March, 2019 Investments in Debentures or Bonds IIFCL Tax Free Bonds (10 Years) Cost 2,50,000 2,50,00,000 Investments in Mutual funds B1335Y Aditya Birla Sunlife Fixed Term Plan series OL NAV 64,41,400 7,41,72,077 (1148 Days) Growth Direct UTI Fixed Term Income Fund Series XXVII - X (1118 days) NAV 1,00,00,000 10,94,17,000 Direct Growth Plan Reliance Fixed Horizon Fund - XXXIII - Series 10- Direct NAV 51,37,880 5,88,59,039 Growth Plan ICICI Prudential Fixed Maturity Plan Series- 82-1141) Days NAV 65,00,000 7,04,99,650 Plan Y Direct Plan Cumulative IDFC Fixed Term Plan Series 149 Direct Plan Growth NAV 65,00,000 7,00,57,650 Reliance Fixed Horizon Fund - XXXV - Series 6- Direct NAV 95,00,000 10,43,31,850 Growth Plan Frankin India Fixed Maturity Plan series 2 - Plan B-Direct NAV 2,00,00,000 21,84,86,000 Growth Total 73,08,23,266
NOTE 9 - LONG TERM LOANS AND ADVANCES As at 31st March, 2019 As at 31st March, 2018 (Unsecured, Considered Good unless otherwise stated) Security deposits : Considered Good 16,96,359 16,96,359 Less: Provision for Doubtful security deposits - - 16,96,359 16,96,359 Other Loans and Advances : Considered Good 16,85,345 25,63,286 Less: Provision for Doubtful Advances and Loans - - 16,85,345 25,63,286 Total 33,81,704 42,59,645
NOTE 10 - OTHER NON CURRENT ASSET As at 31st March, 2019 As at 31st March, 2018 Entrance Fees receivable in Installment 80,14,475 1,66,33,815 Total 80,14,475 1,66,33,815
NOTE 11 - CURRENT INVESTMENT As at 31st March, 2019 As at 31st March, 2018 CURRENT INVESTMENTS - Quoted Investments in Mutual funds 20,70,00,000 23,00,00,000 Total 20,70,00,000 23,00,00,000 Notes : Details regarding the quoted investments are as follows: Mkt Value as on 31st Particulars Basis of Valuation Units Quantity March, 2019 Investments in Mutual funds
UTI Fixed Term Income Fund Series XXV - VIII NAV 80,00,000 9,44,55,200
ICICI Prudential Liquid Fund - Direct Plan Growth NAV 2,85,959 7,90,43,719
IDFC Corporate Bond Fund Regular Plan Growth NAV 46,57,618 5,93,02,196
Total 23,28,01,115
30 Annual Report 2018 - 2019
NOTE 12 - INVENTORIES As at 31st March, 2019 As at 31st March, 2018
Stock-in- trade (Permit Room / Club Ties) 74,96,827 62,54,414 Others (Course Material) 69,97,944 2,29,62,678
Total 1,44,94,771 2,92,17,092
NOTE 13 - TRADE RECEIVABLES As at 31st March, 2019 As at 31st March, 2018 Unsecured, Considered Good - unless otherwise stated Debts due for a period exceeding six months Member 79,81,148 1,18,89,618 MGL 8,39,694 - Other 19,76,601 6,76,147 Total 1,07,97,443 1,25,65,765
NOTE 14 - CASH AND CASH EQUIVALENTS As at 31st March, 2019 As at 31st March, 2018
Balances with banks : Deposits maturing within 3 Months 2,09,95,107 4,39,329 Deposits maturing after 3 Months within 12 months 14,56,162 16,25,897 Deposits maturing after 12 months - - Balance with Scheduled / Nationalized 1,49,14,222 3,74,38,377 Banks in SB a/c
Cash on hand 7,51,651 4,56,102
Total 3,81,17,142 3,99,59,705
NOTE 15 - SHORT TERM LOANS AND ADVANCES As at 31st March, 2019 As at 31st March, 2018
Others Advance tax & other taxes receivable 3,35,05,212 3,20,02,737 Total 3,35,05,212 3,20,02,737
NOTE 16 - OTHER CURRENT ASSETS As at 31st March, 2019 As at 31st March, 2018
Sundry Creditors Having debit balance 8,57,690 64,19,212 Prepaid expenses 45,43,236 49,36,105 Medical Insurance - Employee Recovery 3,66,744 - Total 57,67,670 1,13,55,317
31 The Bombay Presidency Golf Club Limited (Est.1927)
THE BOMBAY PRESIDENCY GOLF CLUB LIMITED Notes forming part of Income & Expenditure Account for the year ending 31st March, 2019
For the Year ended on For the Year ended on NOTE 17 - REVENUE FROM OPERATIONS 31st March, 2019 31st March, 2018
Receipts From Members 4,77,42,519 7,26,01,885
Entrance Fees 3,33,98,426 3,54,21,484
Tournament, Competition & Coaching Receipts 1,61,46,718 1,00,00,141
Activities & Events Income 35,95,751 33,81,745
Amenities Income 4,60,71,175 4,72,14,711
Total 14,69,54,590 16,86,19,966
For the Year ended on For the Year ended on NOTE 18 - OTHER INCOME 31st March, 2019 31st March, 2018
Interest Income from current investments 45,87,568 53,54,344
Sale of Scrap 1,81,957 2,62,102
Gain on redemption of Investments in Mutual Funds 3,37,67,345 6,86,60,327
Non-Operating Income (net of expenses directly 1,01,00,709 1,37,67,241 attributable to such income)
Prior Period Income 3,09,333 1,12,452
Total 4,89,46,912 8,81,56,466
32 Annual Report 2018 - 2019
For the Year ended on For the Year ended on NOTE 19 - DIRECT OPERATIONAL EXPENSES 31st March, 2019 31st March, 2018
COST OF AMENITIES TO MEMBERS
Permit Room / Bar Opening Stock 60,40,645 96,54,986 Add : Purchases 2,27,94,515 2,14,71,736 2,88,35,160 3,11,26,722 Less : Discount Received 30,26,238 47,58,457 Less : Closing Stock 72,83,058 60,40,645 (a) 1,85,25,864 2,03,27,620 Club Ties, T Shirts, Golf Balls, Car Stickers Opening Stock 2,13,769 2,17,579 Add : Purchases - - 2,13,769 2,17,579 Less : Closing Stock 2,13,769 2,13,769 (b) - 3,810
Expenses on Amenities Billiards Room Expenses - - Cable TV Charges 2,70,672 1,15,500 Room Expenses 8,43,361 9,59,384 House Keeping Charges 66,94,194 78,81,186 Washing Chgs. 8,26,628 7,94,011 Catering Expenses 2,88,910 6,06,219 (c) 89,23,765 1,03,56,300
TOTAL [ a + b + c ] 2,74,49,629 3,06,87,730
TOURNAMENT, COMPETITION & COACHING EXPENSES Ladies Section Competition Expenses 2,05,010 37,896 Inter Club Tournament Expenses 4,79,921 12,86,123 Senior Golf Tournament 1,94,253 1,82,448 Ladies Tournament Expenses 5,10,636 5,69,379 Tournament Expenses 64,81,388 12,18,864 Junior Coaching Expenses 38,28,209 33,15,539 1,16,99,417 66,10,249
ACTIVITIES AND EVENTS EXPENSES Annual Day & Housie Expenses 27,76,329 32,76,589 Christmas Party Expenses 1,80,950 3,33,338 Caddies Welfare Expenses 9,76,101 13,88,112 New Year Celebration Expenses 18,07,257 21,06,152 Ballot Committee Meeting Expenses 1,14,632 1,70,634 Event expenses 12,39,233 8,89,172 Ganpati Festival Exps 1,60,000 1,60,000 Swimming Coaching Expenses 1,95,590 1,75,500 Diwali Festival Expenses 2,27,320 2,79,350 76,77,412 87,78,847
ELECTRICITY CHARGES & FUEL CHARGES 1,67,23,801 1,55,82,562
Total 6,35,50,259 6,16,59,388
33 The Bombay Presidency Golf Club Limited (Est.1927)
For the Year ended on For the Year ended on NOTE 20 - EMPLOYEE BENEFIT EXPENSES 31st March, 2019 31st March, 2018 Salaries and wages 5,19,81,845 5,13,11,509 Contribution to provident and other funds 55,67,753 52,61,692 Staff welfare expenses 17,25,519 12,00,244 Total 5,92,75,117 5,77,73,445
For the Year ended on For the Year ended on NOTE 21 - ADMINISTRATIVE EXPENSES 31st March, 2019 31st March, 2018 Retainership Charges 2,81,693 2,63,133 Bank Charges on Credit Cards 5,96,543 8,53,262 Books & Periodicals 59,810 1,01,357 Conference & Business Meeting Exp. 47,749 80,504 Web Site Expenses 2,70,728 1,18,315 Club Expenses 6,55,819 7,07,050 Conveyance 1,20,638 1,56,229 Charges on Electronic Coupon - 4,670 Auditors Remuneration 21(a) 3,98,750 3,17,985 Legal and Professional Charges 8,58,389 12,23,865 Consultancy Charges 63,08,232 34,91,266 Licence fees 26,17,330 22,91,992 Postage & Courier Expenses 3,77,957 3,27,408 Telephone Expenses 3,11,808 4,19,367 Printing & Stationery 12,38,925 15,61,308 Security Charges 97,90,175 80,62,623 Bad Debts - 3,07,135 Water & Sewage Expenses 1,89,350 1,92,235 Profession Tax 2,500 2,500 Medical Expenses 1,35,193 67,137 Valet Parking Expenses 3,81,200 3,56,000 Loss on Sale of Asset 1,88,837 - Election Expenses - 97,500 SWACCH BHARAT @ 0.5% - 76,204 Other Expenss 2,59,467 75,440 Total 2,50,91,094 2,11,54,485
NOTE 21A - ADMINISTRATIVE EXPENSES INCLUDE For the Year ended on For the Year ended on st st PAYMENT TO AUDITORS (NET OF GST) 31 March, 2019 31 March, 2018 Audit fees 2,50,000 2,50,000 Other services 1,03,750 30,000 Income Tax Matters 45,000 20,000 Out of Pocket Expenses - 17,985 Total 3,98,750 3,17,985
34 Annual Report 2018 - 2019
For the Year ended on For the Year ended on NOTE 22 - COURSE MAINTENANCE EXPENSES 31st March, 2019 31st March, 2018 Opening Stock a 2,29,62,678 54,32,401 Add : Course Maintenance Fertilizers 30,21,268 24,66,516 Fuel Expenses 22,21,630 20,77,593 Landscaping 3,23,824 19,88,285 Labour Expenses 29,41,579 32,03,668 Coir Mat 49,04,550 51,38,811 Other Expenses 8,26,585 4,78,208 Pesticides 10,40,848 5,69,737 Repairs & Maintenance Expenses 1,10,31,876 1,07,83,280 Sand Expenses 3,09,74,418 1,93,35,030 Technical Expenses 15,71,755 28,23,800 CM-Drainage & Pine 12,72,580 32,02,704 Driving Mats Expenses 9,92,300 16,33,088 Course Fairway Improvement Expenses 1,42,47,639 3,88,51,622 CM - Metal 33,85,067 14,47,060 Course Fairway Improvement - Bunker - 16,125 b 7,87,55,919 9,40,15,527 Total Expenses a + b 10,17,18,597 9,94,47,928 Le ss : Closing Stock Green Dept. 69,97,944 2,29,62,678 Total 9,47,20,653 7,64,85,250
For the Year ended on For the Year ended on NOTE 23 - OTHER EXPENSES 31st March, 2019 31st March, 2018 Repairs and maintenance - - Buildings 11,84,180 12,44,861 - Machinery 15,58,579 9,98,463 - Others 1,11,85,486 1,12,26,356 Insurance 4,78,334 3,30,334 Rates & Taxes (excluding taxes on income) 65,27,658 64,88,608 Miscellaneous expenses 2,49,347 2,72,483 Total 2,11,83,584 2,05,61,105
For the Year ended on For the Year ended on NOTE 24 - PRIOR PERIOD EXPENSES 31st March, 2019 31st March, 2018
Others 21,17,927 6,76,747
Total 21,17,927 6,76,747
35 The Bombay Presidency Golf Club Limited (Est.1927)
NOTE 25: NOTES ON ACCOUNTS
1. CONTINGENT LIABILITY Claims against the Club but not acknowledged as debts towards.
Collectors NA Tax Dues: The Club has informed the Collector that the Club has made the entire payment of Rs. 4,19,23,265/- under protest against their demand of N.A.Tax and now awaiting for final disposal of the appeal in the High Court.
Income Tax Liability for Assessment Dues as per the tax advisor of the Club :
Year Relating to Assessment Years Amt Demanded Remarks Appeal Pending before ITAT. Out of this Rs. AY 2007-08 30,83,568/- 20,00,000/- has been paid till date
Penalty Levied u/s. 271(1)(c), Appeal Pending before AY 2007-08 37,67,811/- CIT(A)
Appeal Pending before CIT (A) Out of this Rs. AY 2008-09 15,77,780/- 20,00,000/- has been paid till date
AY 2016-17 22,21,760/- Appeal Pending before CIT(A)
Rectification application pending before Assessing AY 2017-18 44,16,190/- officer
Total 1,50,67,109/-
The Club has filed appeal before appropriate authorities. As per the advice from the counsel, the Club is confident that the appeals will be decided in favour of the Club and the Club will not have to pay the above disputed tax.
o LIC Group Gratuity Scheme Contributions : - The Clubs Gratuity benefits are being administered by Trusts through Group Schemes of LIC of India. - The company's contribution paid towards the Group Gratuity Scheme is charged to Income & Expenditure Account on the basis of actuarial valuation provided by the Life Insurance Corporation of India. 2. The Club was in occupation of 6 tenements which were used as staff quarters, situated at Plot bearing CTS No. 27 – A (Part), located at Vadavli village, Taluka – Chembur, Choitram Gidwani Road, Mumbai – 400 071. The said plot is under re- development by the present Land Lord / Developer, and the club has been offered ownership premises against surrender of the rights of the said 6 tenements. Pending the completion of the building under development, the Land Lord / Developer has offered alternate leased accommodation to the staff members and has agreed to reimburse the deposit and lease rent paid by the Club. 3. In the opinion of the management of the Club, the Current Assets, Loans & Advances have a realizable value in the ordinary course of activities equal to the amount at which they are stated in the Balance Sheet. 4. The Balances in respect of amounts receivable from and payable to certain parties/ members, are subject to Confirmation & reconciliation thereof from respective parties/ members. 5. Out of the creditors mentioned above, there are no creditors, being MSME to which the company owes any sum for more than 30 days. 6. In absence of Assessable Income liable to Income Tax, no provision for Income Tax has been made in accounts for the year. Further, due to absence of material timing difference for deferred tax working, no provision has been made for Deferred Tax dues. 7. The Previous year figure has been re-grouped and / or re-arranged whenever necessary 8. REFERENCES : The reference to the word “the Company” and “Management” in the accounts and the report of the Auditors is meant to cover the word “The Club” and “The Members of the General Committee” respectively and the Accounts have been compiled as per the Schedule VI to the Companies Act, 2013.
36 Annual Report 2018 - 2019
THE BOMBAY PRESIDENCY GOLF CLUB LIMITED Cash Flow Statement for the year ended 31st March, 2019
PARTICULARS Year ended 31st March, 2019 Year ended 31st March, 2018 Rupees Rupees Rupees Rupees A CASH FLOW FROM OPERATING ACTIVITIES Excess of Income over expenditure / (Expenditure over Income) before taxation (8,60,94,183) (2,57,055) Adjustment for: Depreciation/Amortisation/Diminution 1,60,57,051 1,87,23,067 Profit/loss on sale of fixed assets (6,443) - Profit/(loss) on sale of investments (3,37,67,345) (6,86,60,328) Interest income (45,87,568) (53,54,344) Dividend Income - - Operating profit before Working Capital changes (10,83,98,488) (5,55,48,660) Adjustments for changes in Working capital Assets Long term Loans and advances 8,77,941 6,93,940 Other non-current assets 86,19,340 1,43,73,411 Inventories 1,47,22,321 (1,39,12,126) Trade Receivables 17,68,322 (60,98,442) Short term Loans and advances (15,02,475) (16,35,370) Other current assets 55,87,647 3,00,73,096 (28,90,488) (94,69,075) Liabilities Other long term liabilities (14,08,807) (44,79,768) Trade Payables (40,66,999) 24,28,999 Other current liabilities (15,77,114) 18,95,568 Short term Provisions 14,59,116 (55,93,804) 60,78,265 59,23,065 2,44,79,292 (35,46,011) Cash generated from operations (8,39,19,196) (5,90,94,671) Income taxes paid (including fringe benefit tax) - - Net Cash from Operating activities (8,39,19,196) (5,90,94,671) B CASH FLOW FROM INVESTING ACTIVITIES Fixed Assets: - - Purchase (1,44,24,519) (46,73,516) Sale 15,96,240 - Investments: - - Purchase (20,70,00,000) (12,23,30,965) Interest Received 45,87,568 53,54,344 Sale 21,37,67,345 6,86,60,328 Dividend Received - - Net Cash from/used in investing activities (14,73,366) (5,29,89,810) C CASH FLOW FROM FINANCING ACTIVITIES Entrance Fees Received 8,35,50,000 9,65,00,000 Repayment of Short term borrowings - - Interest paid - 8,35,50,000 - 9,65,00,000 Net Cash from/used in financing activities (18,42,562) (1,55,84,481) D NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS Cash and Cash Equivalents (Opening balance) 3,99,59,704 5,55,44,186 Cash and Cash Equivalents (Closing balance) 3,81,17,142 3,99,59,705 (18,42,562) (1,55,84,481) As per our report attached to the Balance Sheet For ANAND SHENOY AND ASSOCIATES By the Order of the General Committee Chartered Accountants For The Bombay Presidency Golf Club Ltd. Firm Regn No. 100382W Sd/- Sd/- Brijinder Singh Kuldeep Singh Sandhu Sd/- (President) (Captain) ANAND P. SHENOY PARTNER Sd/- M. No. 040777 G. Balachandran (Hon Treasurer)
Date: 6th August, 2018 Date: 6th August, 2019 Place: Mumbai Place: Mumbai
37 The Bombay Presidency Golf Club Limited (Est.1927)
RECIPROCAL CLUBS INDIA City Name of Club City Name of Club Ahmedabad Kensville Golf & Country Club Kashmir Kashmir Golf Club Gulmohar Greens – Golf Country Kodaikanal Kodai Kanal Golf Club Club Bangalore Karnataka Golf Association Kolkatta Royal Calcutta Golf Club Bangalore Golf Club Tollygunge Club Limited Eagleton - The Golf Resort Lucknow Lucknow Golf Club Belgaum The Belgaum Golf Association Madikeri Mercara Downs Golf Club Environment Park & Trig Area Madras Madras Gymkhana Club (Infantry Institute Golf Club) Bhubaneshwar Bhubaneshwar Golf Club Mhow (MP) Army Golf Node (Dsoi) Chandigarh Chandigarh Golf Club Munar High Range Club Chennai Tamilnadu Golf Federation Mysore Coorg Golf Links Chikmagalur Chikmagalur Golf Club Jayachamaraja Wadiyar Golf Club Coimbatore The Coimbatore Golf Club Nilgiris Ootacamund Gymkhana Club Darjeeling The Darjeeling Club Ltd Wellington Gymkhana Club Gurgaon Golden Greens Golf & Resort Ltd. Noida Noida Golf Course Society Haryana Classic Golf Resort Patna Patna Golf Club Panchkula Golf Club Pune Poona Club Golf Course Hyderabad Hyderabad Golf Association Royal Connaught Boat Club Jaipur The Rambagh Golf Club Trivendrum The Trivandrum Golf Club Jodhpur Sardar Club Udaipur Eklingarh Greens Golf Course Karnataka Mercara Downs Golf Club Vadodara Eme School Golf Club Chikmagalur Golf Club Vishakhapatnam East Point Golf Club OVERSEAS Country / City Name of Club Country / City Name of Club Australia Windaroo Golf Club Ltd Nottinghum The Nottinghum Club Chicago University Club of Chicago Kenya Eldoret Club Hong Kong Discovery Bay Golf Club Nanyuki SPO NSC RTS Club Lotus Hill Royal Nairobi Golf Club Indonesia Bali National Golf Club Port Dickson Royal Palms Spring Golf Club Jagorawi Golf & Country Club Singapore Kappel Club Malaysia Ayer Kerob Country Club Sri Lanka Royal Colombo Golf Club Royal Perak Golf Club Herhad Tanzania Mosi Club Malaysia Kelab Rehman Putra Dar Es Salaam Gym Club Mombassa Mombasa Golf Club Yorkshire Woodsome Hall Golf Club
38 Annual Report 2018 - 2019
ARRANGEMENT THROUGH APEXLYNX Country Name of the Club Country / City
Abu Dhabi Abu Dhabi Golf Club Abu Dhabi
China Mission Hills Golf Club & Resort* Shenzen
Shanghai International Golf & Holiday Resort
Dubai Dubai Creek & Yacht Golf Club
The Emirates Golf Club - Faldo Course
Oman Al Mouj Muscat
Malaysia Kota Permai Golf & Country Club
Saujana Golf & Country Club
Indonesia Padang Golf Modern Jakarta
Singapore Raffles Country Club Palm Course Raffles Country Club Lake Course Jurong Country Club Thailand Bangkok Golf Club Bangkok Lam Luk Ka Country Club Muang Kaew Golf Club Suwan Golf & Country Club Windsor Park & Golf Club Chiang Mai Highland Golf Club & Resort Chiang Mai Summit Green Valley Chiang Mai Country Club Black Mountain Golf Club Hua Hin
Springfield Golf & Country Club The Majestic Creek Golf Club Burapha Golf Club Pattaya Laem Chabang International Golf & Country Club Siam Country Club (Old Course) Blue Canyon Golf Club - Canyon Course Phuket Blue Canyon Golf Club - Lakes Course Laguna Phuket Country Club Loch Palm Golf Club
39 The Bombay Presidency Golf Club Limited (Est.1927)
NOTES
40 Annual Report 2018 - 2019
RECOGNITIONS
41
MGL - 1 - Team Owners & Icons
MGL - 1 - Winners MGL - 1 HIGHLIGHTS MGL - 1 HIGHLIGHTS