The Bombay Presidency Golf Club Ltd. (Estd.1927)
94th Annual Report 2019 - 2020 General Committee 2019-20
Brijinder Singh President
Kuldeep Singh Sandhu G. Balachandran Atul Laul Captain Hon. Treasurer Convenor - Senior Golf / Morning Golf
Hemesh Patel Kiran Korgaonkar Rahul Nigam Shashank Sandu Convenor - Bar (Permit Room)/ Convenor - Gymnasium / Convenor - Tournament / Convenor - Communication / Housekeeping / Swimming Pool & Handicapping HR & Legal Rooms & Banquets Snooker Room
Stephen Ambrose Subhash Ramchandran Vikas Arora Col. R. S. Sekhon (Retd) Convenor - Security / Convenor - Events Convenor - Events / Gym / Secretary & CEO Junior Golf / Swimming Pool & Caddies & PRO Snooker Room Annual Report 2019 - 2020
The Bombay Presidency Golf Club Limited (Est. 1927)
OFFICE BEARERS AND THE GENERAL COMMITTEE FOR THE YEAR 2019-2020
President - Mr. Brijinder Singh
Captain - Mr. Kuldeep Singh Sandhu
Hon. Treasurer - Mr. G. Balachandran
G.C. Members - Mr. Atul Laul
Mr. Hemesh Patel
Mr. Kiran Korgaonkar
Mr. Rahul Nigam 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 94th Annual General Meeting of THE BOMBAY PRESIDENCY GOLF CLUB LIMITED will be held on Saturday, 26th December, 2020 at 17.30 hrs through video-conferencing/other audio visual means to transact the following business : ORDINARY BUSINESS : 1. To receive, consider and adopt the Audited Balance Sheet of the Club as at 31st March, 2020 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 and appointment of Statutory Auditors for the Financial Year 2020-21 and to fix their remuneration in this regard :
“RESOLVED THAT pursuant to the provisions of Section 139 and other applicable provisions ,if any, of the Companies Act, 2013 and Rules framed there under, as amended from time to time, the Club (Company) hereby appoints M/s V. S. Dastur & Co, Chartered Accountants, (Registration No. 102147W) in place of M/s Anand Shenoy & Associates, Chartered Accountants, (Registration No. 100382W), as the Statutory Auditors of the Company to hold office from conclusion of this Annual General Meeting (AGM) till the conclusion of 99th Annual General Meeting to be held in the year 2025 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.”
3. * To elect a President of the General Committee in place of Mr. Brijinder Singh (DIN: 00791428 ) for a period of two years from the conclusion of this Annual General Meeting and who shall ceased to hold the office at the end of their tenure, in pursuance of Article 27 of the Articles of Association of the Club.
4. * To elect a Captain of the General Committee in place Mr. Kuldeep Singh Sandhu (DIN: 07621968), for the period of two year from the conclusion of this Annual General Meeting and who shall ceased to hold the office at the end of their tenure, in pursuance of Article 27 of the Articles of Association of the Club.
5. * To a elect Honorary Treasurer of the General Committee in place of Mr. G. Balachandran (DIN: 00414122) for the period of two year from the conclusion of this Annual General Meeting and who shall ceased to hold the office at the end of their tenure, in pursuance of Article 27 of the Articles of Association of the Club.
6. * To elect not more than Four (4) members to the General Committee in terms of Article 27 of the Articles of Association of the Club as members liable to retire by rotation.
* Kindly refer to the point no. 14 of the Committee (Director) Report to members for clarification.
By Order of the General Committee The Bombay Presidency Golf Club Ltd Place : Mumbai Sd/- Date : 20th November, 2020 Brijinder Singh President DIN: 00791428
2 Annual Report 2019 - 2020
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 23rd December, 2020 on email id [email protected] or [email protected]. 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 20th November, 2020 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 26th December, 2020 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 20th November, 2020 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 i.e. on or before 12th December, 2020 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 and provisions of Section 160 of the Companies Act, 2013. 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, 5th December, 2020. Withdrawal of Nomination : By 5:00 p.m. on Saturday, 12th December, 2020. Display of Final List of Nominations : 6:00 p.m. on Saturday, 12th December, 2020 onwards. Elections / e-voting : Voting by electronic means by the Eligible Members though remote e-voting at 09.00 am on 22nd December, 2020 to 05.00 pm on 25th December, 2020 and e-voting at the AGM on 26th December, 2020 from commencement of the AGM to 06.00 pm.. 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 October, 2020. iii. they have paid entrance fee in full. 4. The additional information pertaining to the Committee Members seeking re-appointment in this AGM, as required under Secretarial Standard-2 are stated in Point 14 of the Committee (Director) Report for the Financial Year 2019-20. By Order of the General Committee The Bombay Presidency Golf Club Ltd
Place : Mumbai Sd/- Date : 20th November, 2020 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 94th 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, 2020. We are certainly in unprecedented times and the impact on many aspects of our life is still uncertain. An AGM provides one of the few opportunities the club members have to question the board, engage directly with management, and hear the views of other members. However, the outbreak of the Coronavirus has caused us to rethink the arrangements for this AGM in light of bans on large gatherings. We are forced to conduct a virtual meeting over Video Channel. Due to the COVID-19 pandemic we started off this season with many new challenges. Keeping our staff and guests safe was and is our first priority. I believe we successfully executed our plans and the CEO and his staff are to be commended for the job they did. It is expected that the course will remain open for play but there may come a time when there will be restrictions on using the clubhouse and locker rooms. However, at present most parts of the clubhouse remain open. Going forward could all members please observe the government's advice about the frequent washing of hands, using disposable tissues and maintaining a safe social distance of two metres. The impact of an extended period of no maintenance operations on golf courses would be devastating to the industry. 1. CORPORATE GOVERNANCE : Working as a team the present committee was able to move forward and complete many projects which had not left the drawing board. The 15th parking area was in such bad shape that the broken tiles had become a threat to car tyres. This project was taken up and completed in 3 months. The far ends of the parking lot was used to construct sheds to park and charge the buggies. This helped in orderly storage and protection from the elements. Another project which was the need of the hour but not attended to till now was the present location of the accounts department. It was a potential hazard for a staff of eight people plus members visiting them from time to time. The basement location had limited escape in case of any untoward incident. We successfully moved the Accounts department to the 3rd Floor . The waterproofing over the Gents dressing room, repairs to the swimming pool, Upgradation of the Gym, Repair and maintenance to the Deck Bar, Change in Upholstery in the two restaurants, Repair and change in layout of the 19th Bar were among the various and many tasks completed in the Pandemic times. The CEO and his team need to be complimented for the execution of these works keeping all safety concerns and SOP's in place. All those involved with these projects are completely safe and about. Your Committee has been in constant talk with unionised workers to arrive at a win win situation. We have been able to work out favourable severance package for our willing workers. We have parted ways with a number of workers at considerable savings to the Club. This was achieved by creating a evaluation and appraisal system to identify surplus and superfluous staff members and workers. As part of good Corporate Governance we had a training program for our G.C. members conducted by the Institute of Directors, on the roles, duties and responsibilities of the Directors. The one regret I have is of not being able to renovate the Gents Dressing Room. Although the online poll conducted to solicit member views clearly was in favour of doing the project there was a sizeable number against it. The objections were mainly related to process and procedure. In hindsight I feel better communication, including zoom meeting and email could have helped. 2. COURSE : The big challenge in these Pandemic times was maintenance of 90 acres of land with Restrictions and shortage of manpower. We were also saddled with unprecedented monsoon. I am happy to report that our course did not close for a single day due to water logging. Our drainage systems worked very well and the General Body decision to sand the course was a wise one. We are reaping the benefits of our prudence. It is important to have minimal turfgrass maintenance and disease management programs so that when we emerged from this novel coronavirus crisis, the golf course should be in acceptable playing condition and ready for play. Mowing Programs for the course had to be tailored as we had limited labour force.In addition to mowing, it was important that irrigation systems be activated to fix any damage and maintenance issues. 4 Annual Report 2019 - 2020
The course is bouncing back and our new young and energetic Golf Superintendent has assured us of peak playing conditions December through April. 3. GOLF COURSE MACHINERY : With the approval of the General Body your committee invested in State of the Art and latest Golf Course Machinery. We changed our Vendor and traded in all our old and used machinery from the old vendor to our new vendor. We were also able to negotiate very special reduced rates. The timing could not have been better as soon after the deal our older vendor has folded up operations. We are now not affected as we had made the switch to the new vendor at the right time.. We have also contracted with the new vendor to train our mechanics so we do not have to enter into an AMC which is savings to us.
4. MUMBAI GOLF LEAGUE :
We held the Second Version of the MGL. This was bigger and better. The number of teams was increased providing for greater participation of members. Those who were left out in the first edition got a chance in this version. We were able to negotiate a contract with a national network channel which broadcast a thirty minute capsule on national TV. The tournament was played in great style and teams fought tooth and nail. MUMBAI UNITED became worthy winners of the second edition. A big thank you to all our sponsors for their help and backing.
5. CADDIES : The Pandemic provided for very testing times for our caddies and all other workers and staff. I am happy and proud to report that your club stood by the caddies and staff right through the pandemic. Over 65 lacs has been disbursed to the Caddies to date. There have also been various members and group of members who have contributed generously to the caddie welfare fund. We have been paying full salary to all our workers and staff right through the lockdown. 6. GENERAL : The golf course reopened on 5th August, 2020 to the relief of members. Footfalls are going up steadily and we have also been able to conduct two tournaments. The Junior Program, Tournaments, Driving Range and most other activities had to be suspended because of the Lockdowns. Everything is getting back on track slowly but surely. 7. ON LINE TEE TIME BOOKING : One of the biggest complaints of our members has been that prime tee times are for the privileged few.
Your committee has bitten the bullet. A long time requirement has been met. We introduced the ON LINE TEE TIME booking system. Now it is a level playing field for all. Every member has an equal opportunity to book any time slot depending on availability. There have been a few hiccups but they have been sorted quickly and correctly. This has been amongst one of the Major achievements of this committee which had been long overdue.
8. FINANCE : 2019-20 2018-19 Particulars (Rs. In Lakhs) (Rs. In Lakhs) Total Revenue 2,019.88 1,959.02 Total Expenses 2,448.91 2,638.21 Excess of Income over Expenditure / (Expenditure over income) (429.03) (679.19) before depreciation, taxation & prior period expenses 5 The Bombay Presidency Golf Club Limited (Est.1927)
Less : Depreciation 154.87 160.57 Less : Prior Period Expenses 0.56 21.18 Less : Tax Expenses - - Surplus (Deficit) transferred to Surplus Account (584.45) (860.94) During the year there was a deficit of Rs. 584.45 Lakhs as compared to the previous year i.e Rs. 860.94 Lakhs. In the previous year and also in the current year, the Club had not collected any additional levy to fund the course upgradation. Further, there has been decrease in Gain on Mutual fund by Rs. 80.71 Lakhs and decrease of Rs. 254.96 Lakhs in course maintenance expenses compared to previous year. There was no change in the business of the Club during the Financial Year 2019-20. 9. 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. Cheri Chandy C-64 2 Shri. Rishi Raj Kapoor K-349 3 Shri. Yoginder Kumar Shankerdass S-54 4 Shri. Gurbux Singh Saigal S-232 5 Shri. Som Prakash Bahl B-125 6 Shri. B S D Swamy S-256 7 Shri. Arvind Wagh W-35 8 Shri. Boman Mirza M-166 9 Shri. Ghanashyam Edekar E-14 10 Shri. Hero Chuganee C-59 11 Smt. Lolly Kamat LAM-032 12 Capt. S. V. Nair N-118 13 Smt. Rajrani Pannalal Sharma S-202 14 Shri. Rashmikant Bhuta B-212 15 Shri. Kashi Prasad Modi M-324 16 Shri. Shivdev Gorowara G-26 17 Shri. Venkatesan Chandramouli V-177 18 Shri. Rahul Sood S-194 19 Shri. Ashok Kate K-426 20 Shri. Manohar Arora A-114
10. 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 28-09-2019 Committee Member Shri Hemesh Patel 00943814 29-09-2018 28-09-2019 Committee Member Shri Kiran Korgaonkar 08277922 29-09-2018 29-09-2018 Committee Member Shri Rohan Nigam 02207979 28-09-2019 28-09-2019 Committee Member Shri Stephen Ambrose 06430986 23-09-2017 28-09-2019 Committee Member Shri Shashank Sandu 00678098 29-09-2018 29-09-2019 Committee Member Shri Subhash Ramchandran 01953533 29-09-2018 29-09-2018 Committee Member Shri Vikas Manohar Arora 08262957 29-09-2018 29-09-2018 Committee Member
6 Annual Report 2019 - 2020
11. ATTENDANCE AT THE GENERAL COMMITTEE MEETINGS AND BALLOT COMMITTEE MEETINGS DURING THE FINANCIAL YEAR 01.04.2019 – 31.03.2020:
Total Meetings conducted: GC : 25 Ballot : 5
Sr. No. Dates of GC Meetings Dates of Ballot Meetings 1 12th April, 2019 10th May, 2019 2 26th April, 2019 2nd August, 2019 3 10th May, 2019 8th November, 2019 4 24th May,2019 28th December, 2019 5 14th June, 2019 27th February, 2020 6 3rd July, 2019 7 8th July, 2019 8 19th July, 2019 9 2nd August, 2019 10 6th August, 2019 11 23rd August, 2019 12 13th September, 2019 13 20th September, 2019 14 28th September, 2019 15 4th October, 2019 16 18th October, 2019 17 9th November, 2019 18 22nd November, 2019 19 20th December, 2019 20 17th January, 2020 21 31st January, 2020 22 14th February, 2020 23 27th February, 2020 24 6th March, 2020 25 13th March, 2020 The time gap between two Meetings was in confirmation with the requirement of the Companies Act, 2013. ATTENDANCE AT THE MEETINGS DURING THE YEAR 01.04.2019-31.03.2020
No. Of G.C Meeting No. Of Ballot Meetings Name Attended Attended Shri Brijinder Singh 22 5 Shri Kuldeep Singh Sandhu 20 4 Shri G. Balachandran 21 5 Shri Atul Laul (Re-Appointed on 28.09.19) 20 2 Shri Hemesh Patel (Re-Appointed on 28.09.19) 19 4 Shri Kiran Korgaokar 23 5 Shri Rohan Nigam (Appointed on 28.09.19) 10 2 Shri Stephen Ambrose (Re-Appointed on 28.09.19) 16 3 Shri Shashank Sandu (Re-Appointed on 28.09.19) 19 4 Shri Subhash Ramchandran 14 4 Shri Vikas Manohar Arora 16 2 Shri Ganeshrao Upadrasta (Resigned on 28.05.19) 4 1
7 The Bombay Presidency Golf Club Limited (Est.1927)
12. 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 of 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 3rd October, 2019 Chairman Shri. S. K. Mitra 3rd October, 2019 Committee Member Shri. Bharat Raut 3rd October, 2019 Committee Member Shri. Ranga Iyer 3rd October, 2019 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. 13. ATTENDANCE AT THE AUDIT COMMITTEE MEETING DURING THE FINANCIAL YEAR 01.04.2019- 31.03.2020 : The Audit Committee Meetings were held on 06th August, 2019, 09th October, 2019, 18th December, 2019, 18th March, 2020.. Total Meetings conducted: 4 Name No. of Audit Committee Meeting Attended Shri. Suresh Talwar, Chairman 4 Shri. S. K. Mitra 3 Shri. Bharat Raut 1 Shri. Ranga Iyer 4 14. COMMITTEE MEMBERS : As per Clause 27 of the Articles of Association of the Club, out of the 8 General Committee Members, 50% General Committee Members are liable to retire by rotation i.e. 4 Members, the details of the General Committee Members liable to retire by rotation is as follows: 1. Shri. Kiran Korgaonkar 2. Shri. Subhash Ramchandran 3. Shri. Vikas Arora 4. Shri. Shashank Sandu The retiring General Committee members are eligible for election to be reappointed as the General Committee member. Further, as per the Clause 27, of the Articles of Association of the Club, the following office bearers shall be re-elected every two years as their term ends at the ensuing Annual General Meeting: 1. President : Shri. Brijinder Singh (DIN: 00791428) 2. Captain : Shri. Kuldeep Singh Sandhu (DIN: 07621968) 3. Hon. Treasurer : Shri. Balachandran Ganapathi (DIN: 00414122) Elections for the above mentioned positions will be held through remote e-voting & e-voting at the Annual General Meeting to be held on 26th December, 2020 along with other resolutions in the manner set out in the Notice convening the said AGM. No member need to physically attend the Annual General Meeting. The details and manner of the election are stated in notes to Annual General Meeting notice. Shri. Rabinder Nigam (N-49) has been appointed as Scrutinizer by the General Committee to scrutinize the e-voting process. (Note: As per the Companies Act,2013 and applicable rules thereunder the Club is not required to appoint Key Managerial Personnel.) 15. MEMBERS : The total number of Members of the Club as on 31st March, 2020 was 3409. There was an increase of 25 Members from the total number of Members as on 31st March, 2019. The total members as on 31st March, 2020 in various categories were as under : 8 Annual Report 2019 - 2020
Category Name As on 31st March, 2020 Ordinary Members 974 B Members 1911 Life Members 75 Lady Members 23 Honorary Members 27 Commuted for Life 49 Corporate Members 38 Short Term Members 75 Junior Members 14 Service Members 56 Lady Associate Members 97 Temporary Members 70 Total : 3409
16. 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. 17. EXTRA – ORDINARY GENERAL MEETING AND ANNUAL GENERAL MEETING DURING THE FINANCIAL YEAR : During the financial year 2019-2020, the Club held 01 Extra-ordinary General Meeting on 11th May, 2019 which was well attended by the members. The Club had its 93rd Annual General Meeting on 29th September, 2019 respectively. The Club also held Extra-ordinary General Meeting of the Club through VC/OAVM and e-voting on 12th November, 2020 to approve the alteration in the Articles of Association. Since the votes in favour of the resolution did not exceed 3/4th of the valid votes cast for the resolution, the resolution did not consider to be passed at the said EGM. 18. 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 judgements 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 2019-2020 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. 19. 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. 20. 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. 21. 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.
9 The Bombay Presidency Golf Club Limited (Est.1927)
22. 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)- (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 - 2. Spare Parts of Machinery - 3. Technical Support 15,22,994 4. Other - 23. AUDITORS : The Club had in its 93rd 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 93rd AGM till the conclusion of the 96th AGM. However, M/s. Anand Shenoy & Associates, Chartered Accountants, Mumbai (Firm No. 100382W) have submitted their unwillingness to continue as the Statutory Auditor of the Club for financial year 2020-2021 and onwards due to the completion of 10 years of service as such and the requirement of the Club as a part of its Corporate Governance. The said resignation shall take effect from the conclusion of the 94th AGM. Accordingly, the General Committee recommends appointment of M/s V. S. Dastur & Co., Chartered Accountants (Firm Registration number 102147W) as the Statutory Auditor of the Club from the Conclusion of 94th AGM to the conclusion of the 99th AGM of the Club to be held for financial year 2024-2025. The proposed Statutory Auditors have confirmed that they meet the criteria of eligibility as stated U/s 141 (3) of the Companies Act, 2013. 24. COMMENTS IN THE AUDITORS' REPORT :
The comments in the Auditors' Report on the audited financial of the Club for the Financial Year 2019-2020 being self- explanatory, there is no requirement for any specific clarification in connection with the same. 25. 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 : The outbreak of Coronavirus (COVID-19) pandemic globally and in India is causing significant disturbance and slowdown of economic activity. The Company has evaluated the impact of this pandemic on its business operations and based on its review and current indicators of future economic conditions. 26. 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. 27. 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. 10 Annual Report 2019 - 2020
28. 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. 29. 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. 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 NIL (b) Investments in Mutual Funds Rs. 57,85,97,596 2 Current Investments (a) Investments in Mutual Funds Rs. 21,57,92,800
30. 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 2020 was 101. (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. 31. 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 2019-20. 32. 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. 33. 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. 34. 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
Sd/- Place: Mumbai Brijinder Singh Date: 20th November, 2020 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 31.03.2020 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, 2020 and hence, no disclosures have been made in this regard.
12 Annual Report 2019 - 2020
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
Sd/- Brijinder Singh Place: Mumbai President Date : 20th November, 2020 DIN: 00791428
13 The Bombay Presidency Golf Club Limited (Est.1927)
Annexure –II to the Directors Report for Financial Year 2019-20 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 provison 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 provison 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
Sd/- Brijinder Singh Place: Mumbai President Date : 20th November, 2020 DIN: 00791428
14 Annual Report 2019 - 2020
COMPETITION RESULTS - 2019-20 S No TOURNAMENT WINNER RUNNER-UP 1 SHEILA MANCHANDA CUP NOT PLAYED NOT PLAYED 2 MONTHLY MEDAL (OCT) NOT PLAYED NOT PLAYED 3 RAHIMTOOLA CUP NOT PLAYED NOT PLAYED 4 MONTHLY MEDAL (NOV) NOT PLAYED NOT PLAYED 5 LESLIE SAWHNEY TROPHY SUDHIR ANAND MANPREET SACHDEV BEST GROSS - SHAURYA SHAH 6 S S CHALLENGE SHIELD AHAAN NATH AVNISH KUMAR 7 S S HANDICAP CUP ARJUN GUPTA SIDDHARTH KAUL 8 MONTHLY MEDAL (DEC) NOT PLAYED NOT PLAYED 9 X'MAST STABLEFORD NOT PLAYED NOT PLAYED 10 DR DUGAL CUP NOT PLAYED NOT PLAYED 11 MONTHLY MEDAL (JAN) NOT PLAYED NOT PLAYED 12 MONTHLY MEDAL (FEB) SHAURYA SHAH NAKUL BAKSHI 13 CLUB CHALLENGE CUP NOT PLAYED NOT PLAYED 14 C K PATEL MEMORIAL CUP NOT PLAYED NOT PLAYED 15 GOLD MEDAL NOT PLAYED NOT PLAYED BEST NETT - NOT PLAYED 16 CAPTAIN PRIZE NOT PLAYED NOT PLAYED BEST GROSS - NOT PLAYED 17 INDEPENDENCE DAY TROPHY NOT COMPLETED NOT COMPLETED 18 ANNUAL FOURBALL NO PLAY - DUE TO COVID NO PLAY - DUE TO COVID 19 MONTHLY MEDAL (MARCH) NO PLAY - DUE TO COVID NO PLAY - DUE TO COVID 20 MONTHLY MEDAL (APRIL) NO PLAY - DUE TO COVID NO PLAY - DUE TO COVID 21 ANNUAL FOURSOME NOT COMPLETED NOT COMPLETED 22 REPUBLIC DAY TROPHY ARJUN SINGH AHAAN NATH BEST NETT - CDR. VARENDU GOSWAMI 23 SEWREE SALVER NOT COMPLETED NOT COMPLETED 24 PRESIDENTS PUTTER NOT COMPLETED NOT COMPLETED 25 WILLINGDON CUP NOT COMPLETED NOT COMPLETED BRIJINDER SINGH & GURINDER 26 ANDY SHARMA MEMORIAL CUP N NARAYAN & AJAY BAHRI BHURJEE 27 MERCHANTS CUP NO PLAY - DUE TO COVID NO PLAY - DUE TO COVID BEST NETT - WINNER - NO PLAY - DUE TO COVID BEST GROSS - WINNER - NO PLAY - DUE TO COVID 28 R K PITAMBER MEMORIAL TROPHY SILVER DIV : NO PLAY - DUE TO COVID BRONZE DIV : NO PLAY - DUE TO COVID 29 PRAKASH VERMA M TROPHY NO PLAY - DUE TO COVID NO PLAY - DUE TO COVID
15 The Bombay Presidency Golf Club Limited (Est.1927)
RESULT FOR THE SENIORS TOURNAMENTS - 2019 - 20 Sr. No. Name of Tournament Winner Runner-up 1 SENIORS STABLEFORD ATUL LAUL INDERPAL SINGH 2 SENIORS SINGLE MEDAL ROUND NOT PLAYED NOT PLAYED 3 SENIORS BOGEY NOT PLAYED NOT PLAYED 4 SENIORS SINGLE BOGEY R RAMAKRISHNAN VINOD KURUP 5 SENIORS SINGLE STABLEFORD NO PLAY - DUE TO COVID NO PLAY - DUE TO COVID
6 SENIORS DOUBLE MONTY NO PLAY - DUE TO COVID NO PLAY - DUE TO COVID
7 SENIORS SINGLE MATCHPLAY NOT COMPLETED - DUE TO COVID 8 SENIORS DOUBLE MATCHPLAY NOT COMPLETED - DUE TO COVID SUPER SENIORS SINGLES 9 NOT COMPLETED - DUE TO COVID MATCHPLAY
Owing to the COVID-19 pandemic most of the tournaments scheduled during the year 2019-20 were not held.
The Golfer of the year & Senior Golfer of the year 2019 will be announced after the tournament 2019-20 were concluded.
16 Annual Report 2019 - 2020 GOLFERS OF THE YEAR
Avnish Kumar
2018
Ronav Patel Nakul Bakshi Uday Gandoak Nikhil Singh 2017 1995,2009,2012,2013, 2015 2010 2014,2016
Murad Talib Capt. A. S. Mann Dilip Sharma Amit Nigam
2011 1999,2001,2004,2005,20071999,2001,2004,2005,2007 2006 2002,2003 SENIORS CATEGORY
Krishna Murari Rakesh Chaumal 2018 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 2020, 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, 2020, 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. ŸOur 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 2019 - 2020
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, 2020 taken on record by the General Committee, none of the members of the General Committee is disqualified as on 31st March, 2020 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 31,2020 – 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
Sd/- ANAND P. SHENOY PARTNER M.No.040777 Place : Mumbai Dated :20th November, 2020
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 & 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, 2020 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 & Service Tax dues except Income tax liability & Entertainment Tax as follows :
20 Annual Report 2019 - 2020
Year Relating to Amt Demanded Remarks Assessment Years
Income Tax Dues
AY 2007-08 37,67,811/- Penalty Levied u/s. 271(1)(c), Appeal Pending before CIT(A)
AY 2016-17 22,21,760/- Appeal Pending before CIT(A)
AY 2017-18 14,01,072/- Appeal Pending before CIT(A)
AY 2018-19 1,07,77,630/- Rectification Application Pending before Assessing Officer
TOTAL 1,81,68,273/-
Entertainment Tax Due
YE 2001 to YE 2017 30,42,270/- Entertainment Dept vide Notice Dated viii. The Club has no loans from any Financial Institution, Bank, Government or dues to debentures holders and therefor clause 3 (viii) is not applicable to the Club. ix. The Club has not raised any money 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 therefore 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
Sd/- ANAND P. SHENOY PARTNER M.No. 040777 Place : Mumbai Dated : 20th November, 2020
21 The Bombay Presidency Golf Club Limited (Est.1927)
THE BOMBAY PRESIDENCY GOLF CLUB LIMITED Balance Sheet as at 31st March, 2020 Note As at As at Particulars No. Rupees 31-Mar-20 31-Mar-19 I EQUITY AND LIABILITIES (1) Member's Funds a Share Capital - - b Reserves and Surplus 2 9 4,83,10,408 9 6,96,64,845 c Money received against share warrants - - 9 4,83,10,408 9 6,96,64,845 (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 8,39,48,232 9,47,76,208 d. Long term provisions - - 8,39,48,232 9,47,76,208 (4) Current Liabilities a. Short-term borrowings - - b. Trade payables 4 40,49,482 69,50,554 c. Other current liabilities 5 6,19,35,954 5,74,86,373 d. Short-term provisions 6 59,08,911 1,21,54,574 7,18,94,346 7,65,91,501 Total 1 ,10,41,52,986 1 ,14,10,32,554 II ASSETS (1) Non-current assets a. Fixed assets i Tangible assets 7 1 4,96,36,935 1 4,83,59,451 ii. Intangible assets 2 ,06,294 3 ,89,901 iii. Capital work-in-progress 60,35,225 54,11,985 iv. Intangible assets under development - - 1 5,58,78,454 1 5,41,61,337 b. Non-current investments 8 5 7,85,97,596 6 6,57,92,800 c. Deferred tax assets (net) - - d. Long term loans and advances 9 21,45,178 33,81,704 e. Other non-current assets 10 86,26,071 80,14,475 5 8,93,68,845 6 7,71,88,979 (2) Current assets a. Current investments 11 2 1,57,92,800 2 0,70,00,000 b. Inventories 12 1,26,09,220 1,44,94,771 c. Trade receivables 13 79,80,884 1,07,97,443 d. Cash and Cash Equivalents 14 1 0,06,02,806 3,81,17,142 e. Short-term loans and advances 15 1,78,77,851 3,35,05,212 f. Other current assets 16 40,42,128 57,67,670 3 5,89,05,688 3 0,96,82,238 Total 1 ,10,41,52,986 1 ,14,10,32,554 SIGNIFICANT ACCOUNTING POLICIES 1 THE ACCOMPANYING NOTES ARE AN INTERGRAL PART OF 25 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 Sd/- Date: 20th November, 2020 Date: 20th November, 2020 Col. R. S. Sekhon Place: Mumbai Place: Mumbai (Secretary & CEO) 22 Annual Report 2019 - 2020
THE BOMBAY PRESIDENCY GOLF CLUB LIMITED Income and Expenditure Account for Year ended on 31st March, 2020 For the Year ended For the Year Note Particulars Rupees on ended on No. 31st March, 2020 31st March, 2019
I. Revenue from operations 17 1 5,58,59,862 14,69,54,590
II. Other Income 18 4,61,27,794 4,89,46,912
III. Total Revenue (I +II) 2 0,19,87,656 19,59,01,502
IV. Expenses: Direct Operational Expenses 19 6,50,47,125 6,35,50,259 Employee benefit expense 20 5,76,46,303 5,92,75,117 Administrative Expenses 21 2,86,61,046 2,50,91,094 Course maintenance expenses 22 6,92,24,331 9,47,20,653 Depreciation and amortization expense 7 1,54,86,629 1,60,57,051 Other expenses 23 2,43,11,882 2,11,83,584 Total Expenses 2 6,03,77,315 27,98,77,757
V. Excess of Income over expenditure / (5,83,89,659) (8,39,76,256) (Expenditure over Income) before taxation and Prior Period Expenses (III - IV)
Prior Period Expenses 24 5 5,677 2 1,17,927
VI. Excess of Income over expenditure / (5,84,45,336) (8,60,94,183) (Expenditure over Income) before taxation
VII. Tax expense: Income Tax Provision for the year - - - -
VIII. Surplus/(Deficit) transferred to Surplus Account (5,84,45,336) (8,60,94,183) 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 Sd/- Date: 20th November, 2020 Date: 20th November, 2020 Col. R. S. Sekhon Place: Mumbai Place: Mumbai (Secretary & CEO)
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 recognised net of Goods & Service Tax. 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: These income earned on the conduct of various Activities including conduct of Tournaments, Competition, Coaching, Annual Day, etc. These income are recognized when the activities and events are conducted.
24 Annual Report 2019 - 2020
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 Depreciationaccounting, 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 it 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 of 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 realisable 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 upto 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 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 realise 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 realise 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 recognised nor disclosed in the financial statements. Provisions: Provisions are recognised 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 2019 - 2020
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 OCCURRING 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, 2020 As at 31st March, 2019
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 1,47,15,90,265 1,38,80,40,265 Add: Entrance Fees Recd from members during 3 ,70,90,900 8 ,35,50,000 the year. 1,50,86,81,165 1,47,15,90,265 Surplus: As per last Balance Sheet ( 50,64,96,447) ( 42,04,02,263) Add: Surlus / (deficit) for the period ( 5,84,45,336) ( 8,60,94,183) ( 56,49,41,783) ( 50,64,96,446)
Total 9 4,83,10,408 9 6,96,64,845
NOTE 3 - OTHER LONG TERM LIABILITIES As at 31st March, 2020 As at 31st March, 2019
Retention money 7,10,531 3,78,356 Security deposit from members and others 2 ,44,19,918 2 ,39,60,018 Advance Green Fees from American Express 30,68,494 64,10,958 Advance membership fees (Corporate) 5 ,05,86,389 5 ,84,81,976 Deposit for membership 51,62,900 55,44,900 Total 8 ,39,48,232 9 ,47,76,208
NOTE 4 - TRADE PAYABLES As at 31st March, 2020 As at 31st March, 2019
Trade payables 40,49,482 69,50,554
Total 40,49,482 69,50,554
NOTE 5 - OTHER CURRENT LIABILITIES As at 31st March, 2020 As at 31st March, 2019
Income received in advance 2,35,69,602 2 ,55,48,463 Sundry Creditors for Services 75,72,279 91,94,490 Other Payables (Includes member awaiting Ballot) 3,07,94,073 2 ,27,43,420
Total 6,19,35,954 5 ,74,86,373
NOTE 6 - SHORT-TERM PROVISIONS As at 31st March, 2020 As at 31st March, 2019
Other Payables 81, 35,539 1, 05,33,638 Duties & taxes Payables (22,26,628) 16,20,936 Total 59, 08,911 1, 21,54,574
28 Annual Report 2019 - 2020
29 The Bombay Presidency Golf Club Limited (Est.1927)
NOTE 8 - NON CURRENT INVESTMENT As at 31st March, 2020 As at 31st March, 2019 Investments in Debentures or Bonds - 2 ,50,00,000 Investments in Mutual funds 57,85,97,596 64,07,92,800 Total 5 7,85,97,596 6 6,57,92,800
NOTE 9 - LONG TERM LOANS AND ADVANCES As at 31st March, 2020 As at 31st March, 2019 (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 4,48,819 16,85,345 Less: Provision for Doubtful Advances and Loans - - 4,48,819 16,85,345 Total 21,45,178 33,81,704
NOTE 10 - OTHER NON CURRENT ASSET As at 31st March, 2020 As at 31st March, 2019 Entrance Fees receivable in Installment 86,26,071 80,14,475 Total 86,26,071 80,14,475
NOTE 11 - CURRENT INVESTMENT As at 31st March, 2020 As at 31st March, 2019 CURRENT INVESTMENTS - Quoted Investments in Mutual funds 21,57,92,800 20,70,00,000 Note 11-A : Market Value of Investments Total 21, 57,92,800 20, 70,00,000
DETAILS OF INVESTMENT HELD BY THE CLUB As at 31st March 2020 As at 31st March, 2019 NOTE 11-A : PARTICULARS Qty Book value Market Value Book value Market Value 8A : NON CURRENT INVESTMENT IIFCL Tax Free Bonds (10 Years) 2,50,000 - - 2,50,00,000 2,50,00,000 ICICI PRUDENTIAL FIXED MATURITY PLAN 65,00,000 6,50,00,000 7,91,86,900 6,50,00,000 7,04,99,650 Franklin India Fixed Maturity Plan-Series 2 Plan B 2,00,00,000 20,00,00,000 23,81,86,000 20,00,00,000 21,84,86,000 Nippon India Fixed Horizon Fund XXXV Series 6 Direc 95,00,000 9,50,00,000 11,38,10,000 - - BHARAT Bond FOF - April 2030 Regular Plan Growth 31,00,000 3,10,00,000 3,22,46,820 - - HDFC BANK PERPETUAL BOND 20 2,04,30,660 2,12,81,973 - - IDFC Banking & PSU Debit Fund -Direct Plan 36,09,085 6,18,51,776 6,48,33,963 - - State Bank of India Perpetual Bond 20 2,03,15,160 2,15,40,000 - - Axis Banking & PSU Debt Fund-Growth (BDGPG)-ISIN 10,700 2,00,00,000 2,04,52,286 - - INF8460K01CB0 IDFC Fixed Term Plan Series 149 Direct Plan -Growth 65,00,000 6,50,00,000 7,48,03,300 6,50,00,000 7,00,57,650 Reliance Fixed Horizon Fund XXXII Series 10-Direct Growth Plan 51,37,880 - - 5,13,78,800 5,88,59,039 B1335Y Aditya Birla Sunlife Fixed Term Plan series OL (1148 Days) 64,41,400 - - 6,44,14,000 7,41,72,077 Growth Direct Reliance Fixed Horizon Fund - XXXV - Series 6 95,00,000 - - 9,50,00,000 10,43,31,850 UTI-Fixed Term Income Fund Series-XXVII -X 1,00,00,000 - - 10,00,00,000 10,94,17,000 Total 57,85,97,596 66,63,41,242 66,57,92,800 73,08,23,266 11A : CURRENT INVESTMENT UTI FIXED TERM INCOME FUND SERIES XXV - VIII 80,00,000 - - 8,00,00,000 9,44,55,200 ICICI Prudential Mutual Fund 2,85,959 - - 7,70,00,000 7,90,43,719 IDFC Corporate Bond Fund 46,57,618 - - 5,00,00,000 5,93,02,196 B1335Y Aditya Birla Sunlife Fixed Term Plan series OL (1148 Days) 64,41,400 6,44,14,000 7,97,70,942 - - Growth Direct UTI Fixed Term Income Fund Series XXV - VIII-X 1,00,00,000 10,00,00,000 11,73,77,000 - - Nippon India Fixed Horizon Fund XXXIII Series 10 Direct Growth Pl 51,37,880 5,13,78,800 6,36,29,561 - - Total 21,57,92,800 26,07,77,503 20,70,00,000 23,28,01,115 14A : BANK FIXED DEPOSIT HDFC Bank FD (less than 3 months) 1,31,22,441 1,31,22,441 2,00,00,000 2,00,00,000 Interest accrued (3-12 months) 33,77,799 33,77,799 9,95,107 9,95,107 HDFC Bak FD - Ladies Section (more than 12 months) 6,62,563 6,62,563 5,40,975 5,40,975 Yes Bank FD (more than 12 months) 15,187 15,187 15,187 15,187 Kotak Mahindra Bank FD (Ladies) (more than 12 mnths) 5,00,000 5,00,000 9,00,000 9,00,000 ICICI Bank FD (more than 12 months) 8,00,00,000 8,00,00,000 - - Total 9,76,77,990 9,76,77,990 2,24,51,269 2,24,51,269 Grand Total 89,20,68,386 1,02,47,96,735 89,52,44,069 98,60,75,650
30 Annual Report 2019 - 2020
NOTE 12 - INVENTORIES As at 31st March, 2020 As at 31st March, 2019
Stock-in- trade (Permit Room / Club Ties) 77, 81,410 74,96,827 Others (Course Material) 48, 27,810 69,97,944
Total 1, 26,09,220 1, 44,94,771
NOTE 13 - TRADE RECEIVABLES As at 31st March, 2020 As at 31st March, 2019 Unsecured, Considered Good - unless otherwise stated Debts due for a period exceeding six months Member 50, 98,355 79,81,148 MGL 7, 86,878 8,39,694 Other 20, 95,651 19,76,601 Total 79, 80,884 1, 07,97,443
NOTE 14 - CASH AND CASH EQUIVALENTS As at 31st March, 2020 As at 31st March, 2019
Balances with banks : Deposits maturing within 3 Months 1 ,31,22,441 2 ,09,95,107 Deposits maturing after 3 Months within 12 months 3 3,77,799 1 4,56,162 Deposits maturing after 12 months 8 ,11,77,750 - Balance with Scheduled / Nationalized 2 3,62,582 1 ,49,14,222 Banks in SB a/c
Cash on hand 5 ,62,234 7 ,51,651
Total 10,06,02,806 3,81,17,142
NOTE 15 - SHORT TERM LOANS AND ADVANCES As at 31st March, 2020 As at 31st March, 2019
Others Advance tax & other taxes receivable 1 ,78,77,851 3 ,35,05,212 Total 1 ,78,77,851 3 ,35,05,212
NOTE 16 - OTHER CURRENT ASSETS As at 31st March, 2020 As at 31st March, 2019
Sundry Creditors Having debit balance 5,05,296 8,57,690 Prepaid expenses 20,83,400 45,43,236 Medical Insurance - Employee Recovery 4,08,432 3,66,744 Pay Order Lying in Hand 10,45,000 - Total 40,42,128 57,67,670
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, 2020
For the Year ended on For the Year ended on NOTE 17 - REVENUE FROM OPERATIONS 31st March, 2020 31st March, 2019
Receipts From Members 6 ,34,71,528 4 ,77,42,519
Entrance Fees 3,74,21,527 3 ,33,98,426
Tournament, Competition & Coaching Receipts 1 ,15,41,077 1 ,61,46,718
Activities & Events Income 3 3,34,854 3 5,95,751
Amenities Income 4 ,00,90,877 4 ,60,71,175
Total 1 5,58,59,862 1 4,69,54,590
For the Year ended on For the Year ended on NOTE 18 - OTHER INCOME 31st March, 2020 31st March, 2019
Interest Income from current investments 1 ,01,39,254 4 5,87,568
Sale of Scrap 1 ,24,582 1 ,81,957
Gain on redemption of Investments in Mutual Funds 2 ,56,96,418 3 ,37,67,345
Non-Operating Income (net of expenses directly 1 ,01,52,344 1 ,01,00,709 attributable to such income)
Prior Period Income 1 5,195 3 ,09,333
Total 4 ,61,27,794 4 ,89,46,912
32 Annual Report 2019 - 2020
For the Year ended on For the Year ended on NOTE 19 - DIRECT OPERATIONAL EXPENSES 31st March, 2020 31st March, 2019
COST OF AMENITIES TO MEMBERS
Permit Room / Bar Opening Stock 7 2,83,058 6 0,40,645 Add : Purchases 2,07,12,764 2,27,94,515 2,79,95,822 2,88,35,160 Less : Discount Received 2 0,39,672 3 0,26,238 Add : Loss by Expired Bar stock 46,824 - Less : Closing Stock 7 5,67,641 7 2,83,058 (a) 1,84,35,333 1,85,25,864 Club Ties, T Shirts, Golf Balls, Car Stickers Opening Stock 2,13,769 2,13,769 Add : Purchases - - 2,13,769 2,13,769 Less : Closing Stock 2,13,769 2,13,769 (b) - -
Expenses on Amenities Billiards Room Expenses - - Cable TV Charges 2,96,980 2,70,672 Room Expenses 5,24,537 8,43,361 House Keeping Charges 6 3,03,189 6 6,94,194 Washing Chgs. 7,89,785 8,26,628 Catering Expenses 4,06,094 2,88,910 (c) 8 3,20,585 8 9,23,765
TOTAL [ a + b + c ] 2,67,55,918 2,74,49,629
TOURNAMENT, COMPETITION & COACHING EXPENSES Ladies Section Competition Expenses 27,256 2,05,010 Inter Club Tournament Expenses 8,07,116 4,79,921 Senior Golf Tournament 3,11,428 1,94,253 Ladies Tournament Expenses 2,07,238 5,10,636 Tournament Expenses 9 6,03,490 6 4,81,388 Junior Coaching Expenses 3 8,06,739 3 8,28,209 1,47,63,267 1,16,99,417
ACTIVITIES AND EVENTS EXPENSES Annual Day & Housie Expenses 2 8,01,731 2 7,76,329 Christmas Party Expenses 1,72,460 1,80,950 Caddies Welfare Expenses 1 4,41,865 9,76,101 New Year Celebration Expenses 1 7,46,568 1 8,07,257 Ballot Committee Meeting Expenses 1,25,680 1,14,632 Event expenses 9,52,724 1 2,39,233 Ganpati Festival Exps 1,60,000 1,60,000 Swimming Coaching Expenses 94,136 1,95,590 Diwali Festival Expenses 1,85,023 2,27,320 7 6,80,187 7 6,77,412
ELECTRICITY CHARGES & FUEL CHARGES 1,58,47,753 1,67,23,801
Total 6,50,47,125 6,35,50,259
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, 2020 31st March, 2019 Salaries and wages 5,15,80,536 5,19,81,845 Contribution to provident and other funds 4 8,99,621 5 5,67,753 Staff welfare expenses 1 1,66,146 1 7,25,519 Total 5,76,46,303 5,92,75,117
For the Year ended on For the Year ended on NOTE 21 - ADMINISTRATIVE EXPENSES 31st March, 2020 31st March, 2019 Retainership Charges 4,93,895 2,81,693 Bank Charges on Credit Cards 7,21,027 5,96,543 Books & Periodicals 71,150 5 9,810 Conference & Business Meeting Exp. 20,334 4 7,749 Web Site Expenses 4,92,243 2,70,728 Club Expenses 5,72,698 6,55,819 Conveyance 1,87,098 1,20,638 Auditors Remuneration 21(a) 3,10,200 3,98,750 Legal and Professional Charges 2 2,38,743 8,58,389 Consultancy Charges 6 5,91,244 63,08,232 Licence fees 2 1,36,450 26,17,330 Postage & Courier Expenses 3,64,607 3,77,957 Telephone Expenses 3,05,083 3,11,808 Printing & Stationery 8,89,045 12,38,925 Security Charges 9 2,26,808 97,90,175 Water & Sewage Expenses 1,81,644 1,89,350 Profession Tax 2 ,500 2 ,500 Medical Expenses 2,09,934 1,35,193 Valet Parking Expenses 3,71,760 3,81,200 Loss on Sale of Asset 2 6,19,907 1,88,837 Other Expenss 6,54,676 2,59,467 Total 2 ,86,61,046 2 ,50,91,094
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, 2020 31 March, 2019 Audit fees 2,50,000 2,50,000
Other services 3 1,200 1,03,750
Income Tax Matters 2 9,000 4 5,000
Out of Pocket Expenses - - Total 3,10,200 3,98,750
34 Annual Report 2019 - 2020
For the Year ended on For the Year ended on NOTE 22 - COURSE MAINTENANCE EXPENSES 31st March, 2020 31st March, 2019 Opening Stock (a) 69,97,944 2 ,29,62,678 Add : Course Maintenance Fertilizers 11,70,881 30,21,268 Fuel Expenses 19,54,954 22,21,630 Landscaping - 3,23,824 Labour Expenses 33,12,933 29,41,579 Coir Mat 11,98,650 49,04,550 Other Expenses 6,64,967 8,26,585 Pesticides 3,03,890 10,40,848 Repairs & Maintenance Expenses 1 ,08,50,554 1 ,10,31,876 Sand Expenses 3 ,56,00,400 3 ,09,74,418 Technical Expenses 14,04,892 15,71,755 Course Maintenance - Drainage & Pine 41,874 12,72,580 Driving Mats Expenses - 9,92,300 Course Fairway Improvement Expenses 85,34,110 1 ,42,47,639 Course Maintenance - Metal 20,16,092 33,85,067 (b) 6 ,70,54,197 7 ,87,55,919 Total Expenses (a + b) 7 ,40,52,141 1 0,17,18,597 Less : Closing Stock Green Dept. 48,27,810 69,97,944 Total 6 ,92,24,331 9 ,47,20,653
For the Year ended on For the Year ended on NOTE 23 - OTHER EXPENSES 31st March, 2020 31st March, 2019 Repairs and maintenance - - Buildings 17,33,300 11,84,180 - Machinery 10,31,414 15,58,579 - Others 1,32,31,118 1 ,11,85,486 Insurance 10,16,304 4,78,334 Rates & Taxes (excluding taxes on income) 65,33,915 65,27,658 Miscellaneous expenses 7 ,65,831 2,49,347 Total 2 ,43,11,882 2 ,11,83,584
For the Year ended on For the Year ended on NOTE 24 - PRIOR PERIOD EXPENSES 31st March, 2020 31st March, 2019
Others 55,677 21,17,927
Total 5 5,677 2 1,17,927
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 AY 2007-08 37,67,811/- Penalty Levied u/s. 271(1)(c), Appeal Pending before CIT(A) AY 2016-17 22,21,760/- Appeal pending before CIT (Appeals) AY 2017-18 14,01,072/- Appeal pending before CIT (Appeals) AY 2018-19 1,07,77,630/- Rectification application pending before Assessing officer Total 1,81,68,273/-
The club has filed appeal before appropriate authorities. 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 Entertainment Tax Dues : - The Club has received demand notice from Entertainment Tax department for Rs. 30,42,270/- for the Years 2001 to Year 2017. The Club appealed against the said demand and the matter is pending with High court. The Club had taken a Pay Order of Rs. 10,45,000/- for depositing the same in the court against the above Demand Notice. However due to the Covid Related Lockdown in the Court, the same could not be deposited with the court and the said Pay Order was Lying in Hand with the Club as on 31-03-2020. The PO Due Date expired and Proceeds were credited back into the Club's Bank Account in June 2020 The club is confident that the appeals will be decided in favour of the club. 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 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 redevelopment 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.
Current Status : The project has been stopped / stalled for the last few years, and the Club has stopped receiving the reimbursement of Rs.5000/- per month per head since January 2019, it is also found that the project has changed hands and currently we understand that new developer is M/s KAMAL ENTERPRISES. 3. In the opinion of the management of the Club, the Current Assets, Loans & Advances have a realisable 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 small-scale industries 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 have been regrouped and / or rearranged 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 2019 - 2020
THE BOMBAY PRESIDENCY GOLF CLUB LIMITED Cash Flow Statement for the year ended 31st March, 2020
PARTICULARS Year ended 31st March, 2020 Year ended 31st March, 2019 Rupees Rupees Rupees Rupees A CASH FLOW FROM OPERATING ACTIVITIES Excess of Incom e over expenditure / (Expenditure over Incom e) before taxation (5,84,45,336) (8,60,94,183) Adjustment for: Depreciation/Am ortisation/Dim inution 1 ,54,86,629 1,60,57,051 Profit/loss on sale of fixed assets 25,77,173 (6,443) Profit/(loss) on sale of investm ents (2,65,71,418) (3,37,67,345) Interest incom e ( 92,64,254) (45,87,568) Dividend Incom e - - Operating profit before Working Capital changes ( 7,62,17,207) ( 10,83,98,488) Adjustments for changes in Working capital Assets Long term Loans and advances 12,36,526 8,77,941 Other non-current assets (6,11,596) 8 6,19,340 Inventories 18,85,551 1,47,22,321 Trade Receivables 28,16,559 1 7,68,322 Short term Loans and advances 1 ,56,27,361 (15,02,475) Other current assets 17,25,542 2,26,79,945 5 5,87,647 3,00,73,096 Liabilities Other long term liabilities (1,08,27,976) (14,08,807) Trade Payables ( 29,01,072) (40,66,999) Other current liabilities 44,49,581 (15,77,114) Short term Provisions ( 62,45,663) ( 1,55,25,131) 1 4,59,116 (55,93,804) 71,54,814 2,44,79,292 Cash generated from operations ( 6,90,62,393) (8,39,19,196) Incom e taxes paid (including fringe benefit tax) - - Net Cash from Operating activities ( 6,90,62,393) (8,39,19,196) B CASH FLOW FROM INVESTING ACTIVITIES Fixed Assets: - - Purchase (2,08,09,547) (1,44,24,519) Sale 10,28,628 1 5,96,240 Investm ents: - - Purchase (15,35,97,596) ( 20,70,00,000) Sale 25,85,71,417 21,37,67,345 Interest Received 92,64,254 4 5,87,568 Dividend Received - - Net Cash from /used in investing activities 9,44,57,157 (14,73,366) C CASH FLOW FROM FINANCING ACTIVITIES Entrance Fees Received 3 ,70,90,900 8,35,50,000 Repaym ent of Short term borrowings - - Interest paid - 3,70,90,900 - 8,35,50,000 Net Cash from /used in financing activities 6,24,85,664 (18,42,562) D NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS Cash and Cash Equivalents (Opening balance) 3,81,17,142 3,99,59,704 Cash and Cash Equivalents (Closing balance) 1 0,06,02,806 3,81,17,142 6,24,85,664 (18,42,562) As per our report attached to the Balance Sheet For ANAND SHENOY AND ASSOCIATES By the Order of the General Com m ittee Chartered Accountants For The Bom bay Presidency Golf Club Ltd. Firm Regn No. 100382W Sd/- Sd/- Brijinder Singh Kuldeep Singh Sandhu Sd/- (President) (Captain) ANAND P. SHENOY PARTNER Sd/- Sd/- M. No. 040777 G. Balachandran Col. R. S. Sekhon (Hon Treasurer) (Secretary & CEO)
Date: 20th Novem ber, 2020 Date: 20th Novem ber, 2020 Place: Mum bai Place: Mum bai 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 2019 - 2020
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 2019 - 2020
RECOGNITIONS
41
MGL - 2 - Team Owners & Icons
MGL - 2 - Winners MGL - 2 HIGHLIGHTS Your friends on the Course. (Photos by Dr. Donald Lobo) MGL - 2 HIGHLIGHTS