The Bombay Presidency Golf Club Ltd. · Rooms & Banquets Kiran Korgaonkar Convenor - Bar (Permit Room) Gym/Swimming Pool & Snooker Room Shashank Sandu Convenor - Communication / HR

rd93 Annual Report2018 - 2019

rd93 Annual Report

2018 - 2019

The Bombay Presidency Golf Club Ltd.(Estd.1927)

General Committee 2018-19

Col. R. S. Sekhon (Retd)Secretary & CEO

Atul LaulConvenor - Senior Golf /

Morning Golf

Ganesh Upadrasta RaoConvenor - Repairs &

Maintenance

Brijinder SinghPresident

Kuldeep Singh SandhuCaptain

G. BalachandranHon. Treasurer

Hemesh PatelConvenor - Security /

Housekeeping /Rooms & Banquets

Kiran KorgaonkarConvenor - Bar (Permit Room)

Gym/Swimming Pool & Snooker Room

Shashank SanduConvenor - Communication /

HR & Legal

Stephen AmbroseConvenor - Junior Golf /

Caddies & PRO

Subhash RamchandranConvenor - Tournaments /

Rules & Handicapping

Vikas AroraConvenor - Events / Gym /

Swimming Pool & Snooker Room

The Bombay Presidency Golf Club Limited (Est. 1927)

OFFICE BEARERS AND THE GENERAL COMMITTEE FOR THE YEAR 2018-2019

President - Mr. Brijinder Singh

Captain - Mr. Kuldeep Singh Sandhu

Hon. Treasurer - Mr. G. Balachandran

G.C. Members - Mr. Atul Laul

Mr. Ganesh Upadrasta Rao

Mr. Hemesh Patel

Mr. Kiran Korgaonkar

Mr. Shashank Sandu

Mr. Stephen Ambrose

Mr. Subhash Ramchandran

Mr. Vikas Arora

Secretary & CEO : Col. R. S. Sekhon (Retd)

Auditors : M/s Anand Shenoy & Associates Chartered Accountants

Registered Office : Dr. Choithram Gidwani Road,

Chembur, Mumbai – 400 074.

Tel.Nos. : 022 - 50965000, 022 - 25205874,

022 - 25200875

: [email protected] Email id

: www.bpgc-golf.com Website

Annual Report 2018 - 2019

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The Bombay Presidency Golf Club Limited (Est.1927)

The Bombay Presidency Golf Club LimitedCIN : U92410MH1927NPL001307

Registered Office :Dr. Choithram Gidwani Road, Chembur, Mumbai - 400074

Website : www.bpgc-golf.com Tel: (022)-5096 5000

NOTICE

rdNOTICE of the 93 Annual General Meeting of THE BOMBAY PRESIDENCY GOLF CLUB LIMITED will be held on Saturday, th28 September, 2019 at 17.30 hrs at the Registered Office of the Club at Dr. Choithram Gidwani Road, Chembur, Mumbai -

400074 to transact the following business :

ORDINARY BUSINESS :st1. To receive, consider and adopt the Audited Balance Sheet of the Club as at 31 March, 2019 and the Income and

Expenditure Account and Cash Flow Statement for the financial year ended on that date along with the Notes &

Schedules thereto and the Reports of the Directors and the Auditors thereon.

2. To consider the appointment by election of a Committee Member, in place of Mr. Atul Sham Laul (DIN: 07958958),

who retires by rotation at this Annual General Meeting in pursuance of Article 27 of the Articles of Association of the

Club.

3. To consider the appointment by election of a Committee Member, in place of Mr. Stephen Ambrose (DIN:

06430986), who retires by rotation at this Annual General Meeting in pursuance of Article 27 of the Articles of

Association of the Club.

4. To consider the appointment by election of a Committee Member, in place of Mr. Shashank Bhaskar Sandu (DIN:

00678098), who retires by rotation at this Annual General Meeting in pursuance of Article 27 of the Articles of


5. To consider the appointment by election of a Committee Member, in place of Mr. Hemesh Navnit Patel (DIN:

00943814), who retires by rotation at this Annual General Meetingin pursuance of Article 27 of the Articles of


6. To consider the appointment by election of a Committee Member, in place of Mr. Ganeshrao Narsimharao

Upadrasta (Din: 07975757), who retires by rotation at this Annual General Meeting.

7. To ratify the appointment of Statutory Auditors for the Financial Year 2019-20 and to fix their remuneration

in this regard :

“RESOLVED THAT pursuant to the provisions of Sections 139, 142 and all other applicable provisions, if any, of

the Companies Act, 2013, and, the provisions for the Companies (Audit and Auditors) Rules 2014, as amended

from time to time, the Company hereby ratifies the appointment of M/s Anand Shenoy & Associates, Chartered

Accountants, Mumbai (Firm Registration No. 100382W) as Statutory Auditors of the Club, to hold office from

conclusion of this Annual General Meeting till the conclusion of the Annual General Meeting held in the year 2020-

21 to examine and Audit the Accounts of the Club at Remuneration of Rs. 2,50,000/- (Rupees Two Lakhs Fifty

Thousand only) apart from Goods & Service Tax and re-imbursement of out-of- pocket and Actual Traveling

Expenses incurred by them for the purpose of Audit.”

By Order of the General Committee

The Bombay Presidency Golf Club Ltd

Place : MumbaithDate : 6 August, 2019 Brijinder Singh

President

DIN: 00791428

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NOTES :

1. Only “A” Members are permitted to attend and vote at the Annual General Meeting.

2. Members intending to ask questions regarding the Annual Accounts and other matters connected with the Club thactivities should submit their queries in writing to the President, latest by 18 September, 2019.

3. Election:

a) In pursuance to the Articles of Association of the Club, all appointments (including re-appointment of retiring General Committee Members and Office Bearers) are required to be undertaken by means of election at the Annual General

ndMeeting. Accordingly, the General Committee has decided in its Meeting held on 2 August, 2019 to undertake the appointment of Committee Members retiring by rotation in terms of Section 152 of the Companies Act, 2013 and,

thretiring by rotation in terms of Article 27 of the Articles of Association of the Club by means of election on 28 September, 2019 (date of AGM) and undertake their appointments as Ordinary Business.

b) The members are required to note, that as per the articles of association of the Club and the Bye-Laws adopted there ndon and pursuant to the General Committee decision in the meeting held on 2 August 2019, only those members who

are eligible to be appointed as Committee Members may be appointed as Office Bearers. (President, Captain, Treasurer). The tenure of the office bearers will be for a period of two years from the date of the AGM in which they are appointed and shall retire by rotation at the end of their tenure of two years. The Club may receive any nominations from the members proposing themselves/other members for the position of Office Bearer/Committee Members. Appointment of such committee members/Office Bearer shall be as Committee members liable to retire by rotation at the end of every two years.

c) Any member(s), other than the retiring Committee Members, who intend(s) to propose himself/ herself or any other member, who otherwise is eligible to be appointed to the Committee as a Committee Member, is requested to submit the proposal, pursuant to Section 160 of the Companies Act, 2013, at least 14 days prior to the date of the Annual General Meeting at the Registered Office of the Club, along with the deposit of Rs. 1 Lakh which may be refundable as

thper the decision of Committee Meeting dated 8 August, 2015. In such eventuality, four (4) members will be elected out of the total candidates i.e. members retiring by rotation and opting for re-appointment and one (1) additional nomination/s received as per this Clause. The Five (5) members who get maximum votes shall be declared elected.

d) Details of Election by Ballot: The Schedule of election will be as under:th Receipt of Nomination Forms : Upto 5:00 p.m. on Saturday, 7 September, 2019.

th Withdrawal of Nomination : By 5:00 p.m. on Saturday, 14 September, 2019.th Display of Final List of Nominations : 6:00 p.m. on Saturday, 14 September, 2019 onwards.

th Elections will remain open between : 9:00 a.m. to 5:00 p.m. on Saturday, 28 September, 2019. Manner of election and form of voting will be displayed on the Notice Board of the Club.

e) Eligibility

a. For Contestants:1. Only Resident “A” Members with 5 (Five) years of continuous standing.2. The Member will have to procure a “DIN” (Director Identification Number) prior to the Annual General Meeting in

accordance with the provisions of Companies Act, 2013.3. The Member should not be disqualified from being a Committee Member U/s 164 of the Companies Act,

2013.b. For Proposer & Seconder: Only Resident “A” Members with 5 (Five) years of continuous standing.c. For Voter: Only “A” Members are eligible to vote provided that :-

i. they are not Absentee Members.ii. they are not defaulters due to non-payment of bills till July, 2019.iii. they have paid entrance fee in full.

(Members are requested to produce their Identity Cards before casting their vote)

4. Members are requested to note that the Map to the AGM Venue and Attendance Slip are attached herewith in terms of Secretarial Standard I (SS-1) applicable to the Club.

5. The additional information pertaining to the Committee Members seeking re-appointment in this AGM, as required under Secretarial Standard-2 are stated in Point 19 of the Committee Report for the Financial Year 2018-19.

By Order of the General Committee The Bombay Presidency Golf Club LtdPlace : Mumbai

thDate : 6 August, 2019 Brijinder Singh President DIN: 00791428


The Bombay Presidency Golf Club Limited.(Established 1927)

ANNUAL REPORT TO THE CLUB MEMBERSDear Members,

rdIt is indeed a pleasure to welcome you to the 93 Annual General Meeting of our Club and to present the Annual Report and stAudited Accounts along with the Reports of the Auditors' and the General Committee for the year ended 31 March, 2019.

Your Committee has worked untiringly over the last one year as a cohesive unit. We have been able to improve the overall discipline both on and off the course. A lot still remains to be done. The committee has received tremendous support and appreciation from the Club members and we thank them for the same. Constructive ideas and suggestions were received and implemented. Listed are some of the areas in which your committee worked to the advantage of the Club and its members.

1. CORPORATE GOVERNANCE :

It gives me immense pleasure to inform you that :

a) Your committee has ensured that our AOA (Articles of Association) are aligned with the new companies' act 2013.

b) In line with Corporate Governance, you committee has taken another initiative, of ensuring a qualified company secretary being present at all General Committee meetings, and proceedings of each meeting are duly minuted as per companies act.

c) Further all our regulatory filings are being done on time as per corporate governance standards, and your committee's endeavour is to make our club a good corporate citizen.

2. COURSE RESTORATION :

Phase III – After the successful completion of Phase I and Phase II of the course the final leg of restoration Phase III th th th th thwas taken up. This phase included the 10 , 16 and 18 holes and some left over work on the 13 and 15 . Here it is

important to make a mention of the effort put in by our Captain. He personally travelled to Kutch to ensure the right grade of sand was supplied and successfully further negotiated prices thereby resulting in savings of over 50 lacs to our Club.

The project has been completed in time and within the approved budget.

th thDrainage and improvements in the roughs adjoining the fairways from 11 to 15 will be taken up at the end of this playing season. This is a relatively small job and will not create any major disruption or closure of any holes. The budget for this work has already been sanctioned by the General Body.

The investment made in Phase I and II has vastly improved the playing experience and stood up to the rigours of Mumbai monsoons. It has justified the decision of our Club Members to sand the fairways and improve the drainage. It is imperative that the general body adopts a (Standard Operating Procedure) SOP for yearly maintenance of the course. Such an SOP has been obtained by our Captain from our consultant for proper upkeep of the course. The General Committee will shortly propose the SOP for adoption by the general body.

3. LANDSCAPING & BEAUTIFICATION :

Continuous upkeep of the landscaping and an ongoing program of planting new trees and saplings to improve the aesthetics while keeping in mind the needs of a golf course is a challenging job which the Captain has successfully implemented.

4. MUMBAI'S FIRST FLOOD LIT GOLF TOURNAMENT :

BPGC successfully held the first Night Golf Tournament. Using flood lights and Tracer Balls we successfully conducted a night golf tournament over 9 holes. We had over 60 participants playing on a weekday and enjoying the experience of night golf. The successful conduct of the tournament has brought in enquiries and sponsors for many such editions. We look forward to providing our members with many such events.

5. SEWERAGE TREATMENT PLANT (STP) :

After some hiccups the first phase of the STP unit is nearing completion. We are hoping to get a good supply of treated water from this plant. Once the monsoons are over we will get a clearer picture on the working and benefits of installing the plant. From a sanctioned total budget of Rs. 1.90 Crores about Rs.56 lacs has been used so far to set up the unit.

thPhase II and a similar plant alongside the 12 will be put up once we are satisfied with the working of this plant.

6. MUMBAI GOLF LEAGUE :

Your committee conducted a GOLF EXTRAVGANZA coined “MGL” or the Mumbai Golf League. 200 golfers in 8 teams participated in a 3 day Match Play tournament. Starting with the Auction Night and interspersed with the Sun downer Party and then the Grand Finale, the club members were treated to one of the most attended golf tournament.


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Competition was fierce and the KING OF SWINGS finished worthy winners. Every member walked away a winner with gifts and prizes galore. We were supported by very willing sponsors and the whole event was a Win-Win for all. Nobody was out of pocket.

The tournament was conducted most ably and impartially by the MGL Governing Council which put up a flawless tournament appreciated by all. The Second edition is slated for the second week of December 2019.

7. JUNIOR GOLF DEVELOPMENT PROGRAM :

Over 50 juniors are currently enrolled and benefitting from the BPGC Junior programme. Initiated with a long term view of producing champions the programme has a complete 360 degrees approach.

Besides the on course work, there are Classroom sessions where the kids are being taught the science behind the sport, rules, etiquette, playing strategy, correct practice techniques, exercises to develop self-belief etc. They watch motivational videos and also stories of different sportsmen.

The improved scores in the BPGC Junior Tournaments being conducted reflect the improvement across the board.

The kids also get to speak to leading professional golfers during tournaments conducted at BPGC. A few more value learning and developmental opportunities are on the anvil and we look forward to complete and qualify players emerging from BPGC.

In fact, one of the most heartening sights during the monsoons has been the number of juniors showing up and hitting balls. Braving the rain and wet conditions, they have been practicing and playing on the course, displaying an enhanced sense of commitment to improve and get better.

8. TOURNAMENTS : The Captain and the Tournament committee had their hands full as they had to manage a packed calendar in a

curtailed season. However the tournaments were conducted generally in time and without much disruption.

Allocation of slots for the sponsored tournaments was done as per a lot system thereby ensuring maximum club members got to play and was appreciated by a lot of our members and was accepted as fair.

9. DISCIPLINE :

The overall discipline both On and Off the course was well received. Proof of this is in the fact that we did not have to censure any members and did not have the need to call upon the disciplinary committee for their services. Effective implementation of Discipline resulted in an improved climate of discipline. The committee thanks the members for co-operating and adhering to the steps being initiated for better management and discipline. The Parking issue will be tackled soon and members are requested to co-operate to help make it a success.

10. CATERING :

We have appointed a new F&B Manager who comes with over 15 years of experience. His primary responsibility will be to ensure our outsourced catering partners deliver high quality food and maintain proper hygiene in the kitchen and restaurants. He will ensure the impartial service is provided to all members and ensure that the dining experience of the members is a pleasurable one. The members are requested to co-operate with the staff and show patience and restraint. Incidences of members losing their cool and taking matters in their hands does not help our cause.

11. HANDLING ISSUE OF DOGS ON THE COURSE :

We have taken some measures to manage issue of Dogs on course. We have made barricades around both Mid Way Huts to ensure dogs stay out while members are having snacks. We solicit continued support of members to not feed dogs on the course. We are also working on providing a shelter (enclosure) on course for Dogs where enough food shall be provided to Dogs so that they stay inside such enclosures during day time. We hope we succeed in this experiment and achieve objective of dogs not roaming around and / or spoil the course bunkers etc.

12. WEEKDAY FOOT FALLS :

Your committee has been making efforts in increasing footfalls in the club on week days. Several week day Fun tournaments were organized (especially Seniors) where participation was exceedingly well. We also have made efforts to have more week day events, promotions and activities to increase members' presence on course. During the year ahead, we plan to increase week day activities even more and look forward to more members and families on course on week days as well.

13. FINANCE :

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Particulars2018-19

(Rs. In Lakhs)

2017-18

(Rs. In Lakhs)

Total Revenue 1,959.02 2,567.76

Total Expenses 2,638.21 2,376.33

Excess of Income over Expenditure / (Expenditure over

income) before depreciation, taxation & prior preiod expenses(679.19) 191.43

During the year there was a deficit of Rs. 8.60 Crores as compared to the previous year i.e Rs. 2.57 lakhs.

In the previous year, the Club collected additional levy of Rs. 2.31 Crores to fund the course upgradation but in the current financial year the Club has not collected any levy to fund the course upgradation. Further, there has been decrease in Gain on Mutual fund by Rs.3.49 Crores and increase of Rs.1.82 Crores in course upgradation expenses compare to previous year.

stThe investable funds of the club have increased from Rs. 88.57 Crores as on 31 March, 2018 to Rs. 91.09 Crores as ston 31 March, 2019.There was no change in the business of the Club during the Financial Year 2018-19.

14. OBITUARY :

It is with deep regret that we have to record here the passing away of some of our members since the last A.G.M. The following will be missed:

15. GENERAL COMMITTEE MEMBERS :

During the period of this Report, there were changes in the composition of the Committee members of the Club. The Committee Members as on the date of this Report are as follows:

During the year under review, the following ceased to be Committee Member on account of their tenure coming to an end or on account of their resignation :


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Sr. No. Member Name Membership No.1 Shri. Singapuri Natwar S-3792 Shri. Pesi Kotwalla K-1033 Shri. Ahuja Vinod A-784 Smt. Fyzee Rati LAM-0415 Shri. Gupta C L G-586 Smt. Gupta Lata LAM-0547 Shri. Bradu Ratanlal B-1858 Shri. Tipnis Nitesh T-1249 Smt. Kapoor Krishna LAM-00310 Shri. Sahney Trilochan Singh S-11411 Shri. Patel Chandrakant P-7312 Shri. Bhatia Madan B-20313 Shri. Madnani Manu M-202

Name of Committee Member DINDate of

Appointment

Date of Appointment at

current designationCurrent Designation

Shri. Brijinder Singh 00791428 29/09/2018 29/09/2018 President

Shri. Kuldeep Singh Sandhu 07621968 24/09/2016 24/09/2018 Golf Captain

Shri. G Balachandran 00414122 29/09/2018 29/09/2018 Honorary Treasurer

Shri. Atul Laul 07958958 23/09/2017 23/09/2017 Committee Member

Shri. Hemesh Patel 00943814 29/09/2018 29/09/2018 Committee Member

Shri. Kiran Korgaonkar 08277922 29/09/2018 29/09/2018 Committee Member

Shri. Stephen Ambrose 06430986 23/09/2017 23/09/2017 Committee Member

Shri. Shashank Sandu 00678098 29/09/2018 29/09/2018 Committee Member

Shri. Subhash Ramchandran 01953533 29/09/2018 29/09/2018 Committee Member

Shri. Vikas Arora 08262957 29/09/2018 29/09/2018 Committee Member

Less : Depreciation 160.57 187.23

Less : Prior Period Expenses 21.18 6.77

Less : Tax Expenses - -

Surplus (Deficit) transferred to Surplus Account (860.94) (2.57)

Name of the Committee Member DIN Date of Cessation Designation

Shri. Ganeshrao Upadrasta 07975757 28/05/2019 Committee Member

Shri. Ratan Bali 06426847 13/04/2018 Committee Member

Shri. Venkata Subramanian Rajan 00059146 29/09/2018 Committee Member

Shri. Ashish Chemburkar 00064036 29/09/2018 Committee Member

Shri. Hari Narayan 01459666 29/09/2018 Committee Member

Shri. Kuldeep Singh Sandhu 07621968 29/09/2018 Committee Member

16. ATTENDANCE AT THE GENERAL COMMITTEE MEETINGS AND BALLOT COMMITTEE MEETINGS DURING THE FINANCIAL YEAR 01.04.2018 – 31.03.2019:

Total Meetings conducted: GC : 28 Ballot : 4

The time gap between two Meetings was in confirmation with the requirement of the Companies Act, 2013.

ATTENDANCE AT THE MEETINGS DURING THE YEAR 01.04.2018-31.03.2019

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Sr. No. Dates of GC Meetings Dates of Ballot Meetings

1 13th April,2018 24th May, 2018

2 27th April, 2018 5th July, 2018

3 11th May, 2018 30th August, 2018

4 16th May,2018 27th December, 2018

5 25th May, 2018

6 8th June, 2018

7 23rd June, 2018

8 13th July, 2018

9 27th July, 2018

10 1st August, 2018

11 10th August, 2018


13 21st August,2018

14 23rd August, 2018


16 14th September,2018

17 29th September,2018

18 16th October,2018

19 2nd November, 2018

20 17th November, 2018

21 7th December, 2018

22 27th December, 2018

23 11th January, 2019

24 24th January,2019

25 8th February, 2019

26 1st March, 2019

27 6th March, 2019

28 22nd March, 2019


NameNo. Of G.C Meeting

Attended

No. Of Ballot Meetings

Attended

Shri. Brijinder Singh 12 1

Shri. Kuldeep Singh Sandhu 21 4

Shri. G. Balachandran 10 1

Shri. Atul Laul 17 2

Shri. Ganeshrao Upadrasta 16 2

Shri. Hemesh Patel 11 1

Shri. Kiran Korgaonkar 11 1

Shri. Stephen Ambrose 15 4

Shri. Shashank Sandu 10 1

Shri. Subhash Ramchandran 6 -

Shri. Vikas Arora 9 -

Shri. V. S. Rajan (Retired on 29.09.2018) 15 3

Shri. Ashish Chemburkar (Retired on 29.09.2018) 15 3

Shri. Hari Narayan (Retired on 29.09.2018) 16 2

Shri. Parthive Sanghrajka 00319803 29/09/2018 Committee Member

Shri. Sanjeev Vaz 03412556 29/09/2018 Committee Member

Shri. Uday Gandoak 03547368 29/09/2018 Committee Member

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17. AUDIT COMMITTEE MEMBERS :

In accordance with the Articles of Association of the Club the General Committee has constituted and appointed an independent Audit Committee.

The Audit Committee has been constituted under the provisions, lf the Articles of Association of the Club and its Bye Laws and has its terms of reference set accordingly. The Club is not required to constitute an Audit Committee under the provisions of the Companies Act, 2013. The composition of the Audit Committee as on the date of this report is as follows:

The Committee shall hold office till the conclusion of the ensuing Annual General Meeting.

The GC records their thanks and appreciation for the time spent and guidance provided by the Audit Committee.

18. ATTENDANCE AT THE AUDIT COMMITTEE MEETING DURING THE FINANCIAL YEAR 01.04.2018-31.03.2019 :th th thThe Audit Committee Meetings were held on 09 August, 2018, 12 November, 2018 and 14 February, 2019.

Total Meetings conducted: 3

19. COMMITTEE MEMBERS :

As per Clause 27 of the Articles of Association of the Club, out of the 8 Committee Members, 50% Committee Members are liable to retire by rotation i.e. 4 Members, the details of the Committee Members liable to retire by rotation is as follows:

1. Shri. Atul Laul2. Shri. Stephen Ambrose3. Shri. Shashank Sandu4. Shri. Hemesh Patel

th Further, as per the Clause 27, the vacancy of Shri. Ganeshrao Upadrasta (Din: 07975757), who has resigned on 28 May, 2019 and who was liable to retire by rotation at this Annual General Meeting, is required to be filled at this Annual General Meeting. The GC records their thanks and appreciation for the time spent and guidance provided by the aforesaid members during their tenure.

th Elections will be held on 28 September, 2019 for the Five (5) vacancies in the General Committee. The details of the election are stated in notes to Annual General Meeting notice.

Shri. Rabinder Nigam (N-49) has been appointed as Returning Officer for this Election.

(Note: As per the Companies Act,2013 and applicable rules thereunder the Club is not required to appoint Key Managerial Personnel.)

20. MEMBERS :stThe total number of Members of the Club as on 31 March, 2019 was 3384. There was an increase of 41 Members

stfrom the total number of Members as on 31 March, 2018. stThe total members as on 31 March, 2019 in various categories were as under :

Name No. of Audit Committee Meeting Attended

Shri. Suresh Talwar 3

Shri. S. K. Mitra 3

Shri. Bharat Raut 1

Shri. Ranga Iyer 2

Shri.Rohit Amin(Cessation on 29.09.2018) 1

Name of Committee Member Date of Appointment Designation

Shri. Suresh Talwar 12th Oct 2018 Chairman

Shri. S. K. Mitra 12th Oct 2018 Committee Member

Shri. Bharat Raut 12th Oct 2018 Committee Member

Shri. Ranga Iyer 12th Oct 2018 Committee Member

Shri. Sanjeev Vaz (Retired on 29.09.2018) 15 3

Shri. Parthive Sanghrajka(Retired on 29.09.2018) 15 3

Shri. Uday Gandoak (Retired on 29.09.2018) 16 3

Category Name As on 31st March, 2019

Ordinary Members 988

B Members 1882

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21. RELATED PARTY TRANSACTIONS :

The details of transaction entered into with the Related Parties referred to in sub-section (1) of section 188 of the Companies Act, 2013 are annexed as Annexure-II (in the form AOC-2) to this report.

22. EXTRA – ORDINARY GENERAL MEETING AND ANNUAL GENERAL MEETING DURING THE FINANCIAL YEAR :

thDuring the financial year 2018-2019, the Club held 2 Extra –Ordinary General Meetings on 28 April, 2018 andth nd8 September, 2018 respectively which were well attended by the members. The Club had its 92 Annual General

thMeeting on 29 September, 2018 respectively.

23. DIRECTORS RESPONSIBILITY STATEMENT :

As required under section 134(5) of the Companies Act 2013, your General Committee, based on the representations received from the management, confirms that :

(a) In the preparation of Annual Accounts, the applicable accounting standards (issued by the Institute of Chartered Accountants of India) have been followed and there has been no material departure;

(b) The Committee has selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent, so as to give a true and fair view of the state of affairs of the Club at the end of the financial Year 2018-2019 and of the Income & Expenditure Accounts of the Club for that period;

(c) The Committee has taken proper and sufficient care to the best of their knowledge and ability for the maintenance of adequate accounting records, in accordance with the provision of the Companies Act 2013 for safeguarding the assets of the Club and for preventing and detecting fraud and other irregularities;

(d) The Committee has prepared the annual accounts on an ongoing concern basis; and(e) The Committee has devised proper systems to ensure compliance with the provisions of all applicable laws and

that such systems were adequate and operating effectively.

24. ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH RESPECT TO FINANCIAL STATEMENTS :

The General Committee inter alia reviews the internal policies and procedures of the Club in respect to the financial statements to ensure that there is an orderly and efficient detection of frauds and errors, if any. Further, internal policies and procedures are in place to determine the accuracy and completeness of the accounting records and there is a system in place for preparation of reliable financial information.

25. RISK POLICY :

The Club has well defined risk policy which is regularly reviewed and formulated based on the recommendations of the General Committee of the Club. There are no risk identified by the General Committee, which, in the opinion of the Committee may threaten the existence of the Club.

26. PUBLIC DEPOSITS :

Your Club has neither invited nor accepted/renewed any "Deposit" from public within the meaning of the term "Deposits" under the Companies (Acceptance of Deposits) Rules, 2014 made under Chapter V read with Section 73 and 76 of the Companies Act, 2013 as amended from time to time.

27. TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNINGS & OUTGO :


Life Members 75

Lady Members 23

Honorary Members 21

Commuted for Life 49

Corporate Members 46

Short Term Members 74

Junior Members 17

Service Members 64

Lady Associate Members 95

Temporary Members 50

Total : 3384

(A) Technology absorption:

(i) The efforts made towards technology absorption;

(ii) The benefits derived like product improvement, cost reduction,

product development or import substitution;

(iii) In case of imported technology (imported during the last three

years reckoned from the beginning of the financial year)-

Not Applicable

28. AUDITORS :ndThe Club had in its 92 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 nd ththe 92 AGM till the conclusion of the 96 AGM.

As per Clause 53 of the Articles of Association of the Club, the Statutory Auditors of the Club are required to be appointed every year at the Annual General Meeting of the Club.

However, in pursuance to the provision of section 139 of the Companies Act, 2013, every Statutory Auditor for Companies registered under the Companies Act 2013 would be required to be appointed for a period of 5 financial Years, and such requirement shall be subject to the ratification of the appointment of the Statutory Auditors at every AGM.

Accordingly, the General Committee proposes the ratification of appointment of M/s. Anand Shenoy & Associates, Chartered Accountants, Mumbai (Firm No. 100382W) as the Statutory Auditors of the Club from the conclusion of the

rd93 Annual General Meeting till the conclusion of the next Annual General Meeting on a remuneration of Rs.2,50,000/- per year plus applicable taxes, to the Members.

29. COMMENTS IN THE AUDITORS' REPORT : The comments in the Auditors' Report on the audited financial of the Club for the Financial Year 2018-2019 being self-explanatory, there is no requirement for any specific clarification in connection with the same.

30. MATERIAL CHANGES / COMMITMENTS, AFFECTING THE FINANCIAL POSITION OF THE CLUB HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT :

There were no material changes / commitments affecting the financial position of the Club having occurred between the end of the financial year to which the financial Statement relate and the date of this report.

31. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND CLUB'S OPERATIONS IN FUTURE :

No such orders impacting the going concern status of the Club were passed by any Regulators / Courts / Tribunals during the current financial year.

32. ALTERATIONS IN THE ARTICLE OF ASSOCIATION:thThe Club members in the Extra Ordinary General Meeting ( 01/2019-2020 ) held on 11 May, 2019 passed a Special

resolution for adoption of restated Articles of Association taking into consideration all the mandatory provisions of Companies Act, 2013.

Thus, the same has been filed and registered with the Registrar of Companies, Maharashtra, Mumbai.

33. CORPORATE SOCIAL RESPONSIBILITY :

Since the Club does not meet the requirements as specified under Section 135(1) of the Companies Act, 2013, the provisions of Corporate Social Responsibility (CSR) are not applicable to the Club. Accordingly, the Annexure as required under Companies (Corporate Social Responsibility) Rules, 2014 is not required to be attached to this Report.

34. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS :

The Club has not made any loan or given any guarantees or made any investments in the securities of any Company/ Body Corporate during the financial year under the review.

10


(a) The details of technology imported;

(b) The year of import;

(c) Whether the technology been fully absorbed;

(d) If not fully absorbed, areas where absorption has not taken

place, and the reasons thereof; and

(iv)The expenditure incurred on Research and Development.

(B) Foreign Exchange Earnings and Outgo: Amount in INR

Foreign Exchange Earnings NIL

Foreign Exchange Outgo:

1. Fixed Assets 21,63,344

2. Spare Parts of Machinery 1,47,297

3. Technical Support 30,98,841

4. Other 1,53,807

Not Applicable

11

The Non-Current and current Investments made by the Club are as follows :

35. OTHER DISCLOSURES :

(a) Details of Frauds reported by the Statutory Auditors U/s 143 (12) of the Companies Act, 2013 during the Financial Year.

There are no frauds reported by the Statutory Auditors, requiring intimation U/s 143(12) of the Companies Act, 2013, for the Company.

(b) The Company was not required to maintain Cost records as specified by the Central Government u/s 148(1) and hence no records were maintained.

st (c) The total number of permanent employees as on 31 March 2019 was 107.

(d) Since the Club does not have any Share Capital, there are no disclosures required to be stated in respect of any shares or securities.

36. COMPLIANCE WITH THE PROVISIONS OF SECRETARIAL STANDARDS ISSUED BY ICSI :

The Committee Members hereby declare the Compliance of the Provisions of Secretarial Standards-1 (“General Committee Meetings”) and Secretarial Standards-2 (“General Meetings”) issued by ICSI and notified by the MCA under section 118(10) of the Companies Act, 2013, for all the General Committee Meetings of the Company held during the Financial Year 2018-19.

37. DISCLOSURE ON EMPLOYEES :

There are no employees drawing remuneration in excess of Rs. 8,50,000 per month or Rs. 1,02,00,000 per annum. The details of the remuneration paid to the General Committee Members are stated in the Form MGT-9 annexed to this Report.

38. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2011 :

There were no complaints received by the Company under The Sexual Harassment of Women at Workplace (Prevention, Prohibition, and Redressal) Act, 2011 during the year under review.

39. ACKNOWLEDGMENTS :

The management would like to thank all the employees of the Club for rendering their valuable services to the Club and is grateful to you for your continued support and advice.

The Managing Committee and I also thank you all for giving us this opportunity to serve you and this esteemed Club. We all are proud of our Club as it stands today.

Wishing you all a happy golfing season ahead!!

For and on behalf of General Committee,

THE BOMBAY PRESIDENCY GOLF CLUB LIMITED

Place: Mumbai Brijinder SinghthDate: 6 August, 2019 President

DIN: 00791428


Sr. No. Particulars Amount

1 Non-Current Investments

(a) Investment in Debentures and Bonds Rs. 2,50,00,000

(b) Investments in Mutual Funds Rs. 64,07,92,800

2 Current Investments

(a) Investments in Mutual Funds Rs. 20,70,00,000

12


ANNEXURE - IFORM NO. MGT 9

EXTRACT OF ANNUAL RETURNAs on financial year ended on 31.03.2019

Pursuant to Section 92 (3) of the Companies Act, 2013 and Rule 12(1) of the Company (Management & Administration) Rules, 2014

I. REGISTRATION & OTHER DETAILS:

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)

III. PARTICULARS OF HOLDING, SUBSIDIARY & ASSOCIATE COMPANIES

IV. SHAREHOLDING PATTERN (EQUITY SHARE CAPITAL BREAK-UP AS PERCENTAGE OF TOTAL EQUITY:

V. IN DEBTEDNESS – IN DEBTEDNESS OF THE CLUB INCLUDING INTEREST OUTSTANDING / ACCRUED BUT NOT DUE FOR PAYMENT:

stThe Club does not have any debts or borrowing as on 31 March, 2019 and hence, no disclosures have been made in this regard.

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

Address of the Registered office & contact detailsDr. Choithram Gidwani Road, Chembur, Mumbai-

400074

Whether listed company No

Name, Address &contact details of the Registrar & Transfer

Agent, if any.NA

Sr.

No.

Name and Description of main products /

services

NIC Code of the

Product/service

% to total turnover of

the company

1Providing facilities for playing Golf to members of

the Club92411 100

Sr. NoName & Address of the

CompanyCIN/GLN

HOLDING/

SUBSIDIARY/

ASSOCIATE

% OF

SHARES

HELD

APPLICABLE

SECTION

NA

Sr. Particular Applicability

(a) Category-wise shareholding

(b) Shareholding of Promoters

(c) Change in Shareholding of Promoters

(d)

Shareholding Pattern of top 10 Shareholders (other

than Directors, Promoters & Holders of GDRs &

ADRs )

(e)Shareholding of Directors and Key Managerial

Personnel

The Club being a Company limited by

guarantee and not having Share Capital this

Section is not applicable to the Club

13

VI. REMUNERATION OF DIRECTORS & KEY MANAGERIAL PERSONNEL:

VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES :

For and on behalf of General Committee THE BOMBAY PRESIDENCY GOLF CLUB LTD

Brijinder SinghPlace: Mumbai President

thDate : 6 August, 2019 DIN: 00791428

Sr. No. Particulars Applicability

(a)Remuneration to Managing Director, Whole-time

Directors and / or Manager

(b) Remuneration to other Directors

(c)

Remuneration to Key Managerial Personnel other

than Managing Director / Manager / Whole-time

Director

Not Applicable

This Section does not apply to the Club since all

the Members of the General Committee of the

Club work on honorary basis.

TypeSection of the

Companies Act

Brief

Description

Details of Penalty

/ Punishment/

Compounding

fees imposed

Authority [RD /

NCLT/ COURT]

Appeal made,

if any (give

Details)

Penalty

Punishment

Compounding

Penalty

Punishment

Compounding

Penalty

Punishment

Compounding

A. COMPANY – Not Applicable

B. DIRECTORS – Not Applicable

C. OTHER OFFICERS IN DEFAULT – Not Applicable


14


Annexure –II to the Directors Report for Financial Year 2018-19

Form No. AOC-2

(Pursuant to Clause (h) of Sub-Section (3) of Section 134 of the Act and Rule 8(2) of

the Companies (Accounts) Rules, 2014)

Form for disclosure of particulars of contracts/arrangements entered into by the company with related parties referred to in Sub-

Section (1) of Section 188 of the Companies Act, 2013 including certain arm's length transactions under third proviso thereto.

For and on behalf of General Committee THE BOMBAY PRESIDENCY GOLF CLUB LTD

Brijinder SinghPlace: Mumbai President

thDate : 6 August, 2019 DIN: 00791428

1

(a) Name(s) of the related party and nature of relationship

(b) Nature of contracts/ arrangements/ transactions

(c) Duration of the contracts/ arrangements/ transactions

(d)Salient Terms of the contracts or arrangements or transactions including the

value, if any

(e) Justification for entering into such contracts or arrangements or transactions

(f) Dates of approval by the Board

(g) Amount paid as advance if any

(h)Date on which the special resolution was passed in General Meeting as required

under the first proviso to Section 188

2

(a) Name(s) of the related party and nature of relationship

(b) Nature of contracts/arrangements/transactions

(c) Durations of the contracts/ arrangements/transactions

(d)Salient Terms of the contracts or arrangements or transactions including the

value, if any

(e) Date(s) of approval by the Board, if any

(f) Amount paid as advance, if any

Details of material contracts or arrangement or transactions at arm’s length basis

NOT APPLICABLE

NOT APPLICABLE

Details of contracts or arrangements or transactions not at arm’s length basis

15

S No TOURNAMENT WINNER RUNNER-UP

1 SHEILA MANCHANDA CUP TRISH BOSE HARISH PANDEYA

2 MONTHLY MEDAL (OCT) R RAMKRISHNAN SAHIL SINGH

3 RAHIMTOOLA CUPASHOK SOOD & MUHRRAHAM

DURSUNMANISH DUTT & SATISH SINGH

4 MONTHLY MEDAL (NOV) DHIMAN BOSE CHAITNYA PATEL

5 LESLIE SAWHNEY TROPHY SATISH SINGH GURINDER BHURJEE

BEST GROSS - AVNISH KUMAR

6 S S CHALLENGE SHIELD ARJUN SINGH AVNISH KUMAR

7 S S HANDICAP CUP TANMAY KRISHNA KAUSHAL SHAH

8 MONTHLY MEDAL (DEC) TRISH BOSE GAUTAM BALAKRISHNAN

9 X'MAST STABLEFORD ALPANA SHAH HEMANG DHARAMSHI

10 DR DUGAL CUP CAPT. A. S. MANN DHRUV GUPTA

11 MONTHLY MEDAL (JAN) AVNISH KUMAR ARJUN SINGH

12 MONTHLY MEDAL (FEB) HARJIT SINGH JASH PAREKH

13 CLUB CHALLENGE CUP HEMESH PATEL RAM KEWALRAMANANI

14 C K PATEL MEMORIAL CUP RAJIV KAUL & CHETAN DOSHI EVANKA SHAH & KAUSHAL SHAH

15 GOLD MEDAL ARJUN SINGH TARUN BALI

16 CAPTAIN PRIZE NOT PLAYED NOT PLAYED

17 INDEPENDENCE DAY TROPHY NOT PLAYED NOT PLAYED

18 ANNUAL FOURBALL RATISH BALAN & SUDHIR ANANDG BALACHANDRAN & MANDAR

GADKARI

19 MONTHLY MEDAL (MARCH) HEMESH PATEL UDAY GANDOAK

21 ANNUAL FOURSOME NOT PLAYED NOT PLAYED

22 REPUBLIC DAY TROPHY AMIT NIGAM KAUSHAL THACKERSEY

23 SEWREE SALVER NOT PLAYED NOT PLAYED

24 PRESIDENTS PUTTER NOT PLAYED NOT PLAYED

25 WILLINGDON CUP NOT PLAYED NOT PLAYED

26 ANDY SHARMA MEMORIAL CUP TARUN BALI & KABIR

KEWALRAMANI

G BALACHANDRAN & MANDAR

GADKARI

27 MERCHANTS CUP PULRAJ LOGICON - B

NISHNA PATEL V CHANDRAMOULI

SANJEEV VAZ MANDAR GADKARI

RONAV PATEL SURESH BALASUBRAMANIAM

28 R K PITAMBER MEMORIAL TROPHY SILVER DIV : JITENDRA GHUGAL ARDHEA GAWDE

BRONZE DIV : KAMLESH THAKUR CHARANDEEP SINGH

29 PRAKASH VERMA M TROPHY NOT PLAYED NOT PLAYED

COMPETITION RESULTS - 2018-19

BEST NETT - WINNER - SANJEEV VAZ

BEST GROSS - WINNER - ARJUN SINGH

BEST NETT - KAUSHAL SHAH

BEST GROSS - NOT PLAYED

BEST NETT - UDAY GANDOAK


16


Sr. No. Name of Tournament Winner Runner-up

1 SENIORS STABLEFORD MOHAN THADANI MANI SUBRAMANIAM

2 SENIORS SINGLE MEDAL ROUND AJAY UPADHYAY MAHENDRA PURI

3 SENIORS BOGEY K MURARI SHAILENDRA MATOLIA

4 SENIORS SINGLE BOGEY K MURARI S DHAMODHARAN

5 SENIORS SINGLE STABLEFORD NOT PLAYED NOT PLAYED

6 SENIORS DOUBLE MONTY SURINDER SINGH & RAJEEV

MENONC JAYARAMAN & S RENGARAJAN

7 SENIORS SINGLE MATCHPLAY NOT PLAYED NOT PLAYED

8 SENIORS DOUBLE MATCHPLAY NOT PLAYED NOT PLAYED

9SUPER SENIORS SINGLES

MATCHPLAYNOT PLAYED NOT PLAYED

RESULT FOR THE SENIORS TOURNAMENTS - 2018 - 19

The Tournament calendar for the year 2018-19 has not been completed owing to the Course upgradation work.

That work is undertaken by the Club pursuant to the resolution passed by the members at the Extra Ordinary thGeneral Meeting of the members of the Club that was held on 28 April, 2018.

Consequently, the Annual Day of the Club will now be held in the month of December 2019 by which time, all the

tournaments are expected to be completed.

The Golfer of the year & Senior Golfer of the year 2018 will be announced thereafter.

2002,2003

Amit Nigam

2002,2003

2010

2006

Dilip Sharma

2006

20112011

Murad Talib

2011,2012,2013,20142011,2012,2013,2014

Capt. B. R. Kapoor

GOLFERS OF THE YEAR

SENIORS CATEGORY

Gagan Verma

200020001999,2001,2004,2005,20071999,2001,2004,2005,2007

Capt. A. S. Mann

Nakul Bakshi

1995,2009,2012,2013,2014,2016

1995,2009,2012,2013,2014,2016

Uday Gandoak

20152015

20152015

Dhiman Bose

17


20162016

Ravi Sanghrajka

20162016

Capt. Surinder Singh

2010

Nikhil Singh

20172017

Ronav Patel

20172017

Rakesh Chaumal

18


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 st31 March 2019, the Statement of Income and Expenditure Account and the Cash Flow Statement for the year then ended, and notes to the

financial statements, including a summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Companies Act, 2013 in the manner so required and give a true and fair view in conformity with the accounting

stprinciples generally accepted in India, in the case of the Balance Sheet, of the State of Affairs of the Club as at 31 March, 2019, and in the case of the Statement of Income and Expenditure, its Excess of Expenditure over Income and its Cash Flows for the year ended on that date. Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other Information

The Club's Management is responsible for the other information. The other information comprises the information included in the annual report, but does not include the financial statements and our auditor's report thereon. The annual report is expected to be made available to us after the date of this auditor's report.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

The Club's Management is responsible for the matters stated in section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance, and cash flows of the Club in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules 2014.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Club and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies ; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Management is responsible for assessing the Club's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Club's Management are also responsible for overseeing the Club's financial reporting process.

Auditor's Responsibilities for the Audit of the Financial Statements.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Ÿ Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

19

Ÿ Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls.

Ÿ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

Ÿ Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Club to cease to continue as a going concern.

Ÿ Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2016 (“the Order”), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the 'Annexure A' a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by Section 143(3) of the Act, we report that:

(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the

purposes of our audit.

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

(c) The Balance Sheet, the Statement of Income and Expenditure and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

(d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

(e) On the basis of the written representations received from members of the General Committee as on 31st March, 2019 taken on record by the General Committee, none of the members of the General Committee is disqualified as on 31st March, 2019 from being appointed as members of the General Committee in terms of Section 164(2) of the Act.

(f) in our opinion, we are not required to report on the matters specified in clause (i) of subsection (3) of Section 143 of the Companies Act thas the Club is covered under the exception contained in the Ministry of Company Affairs Notification No. G S R 464 ( E ) issued on 5

thJune 2015 and as amended on 13 June 2017.

(g) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i. The Club has disclosed the impact of pending litigations on its financial position in its financial statements as on March 31,2019 – Refer Note 25 on Contingent Liability to the financial statements;

ii. There are no material foreseeable losses for which the club is to make a provision under applicable law or accounting standard

iii. In respect of delay in transferring amounts to Investor Education and Protection Fund, the said clause is not applicable to the Company.

For ANAND SHENOY & ASSOCIATES CHARTERED ACCOUNTANTS F.R.No100382W

ANAND P. SHENOY PARTNER M.No.040777Place : Mumbai

thDated :6 August, 2019


20


ANNEXURE- A

TO INDEPENDENT AUDITORS' REPORT

(Referred to in Paragraph 1 on 'Report on Other Legal and Regulatory Requirements' of our Independent Opinion of even date.)

In terms of the information and explanations sought by us and given by the Company and the books and records

examined by us in the normal course of audit and to the best of our knowledge and belief, we report the following :

i. In respect of Fixed Assets :

(a) The Club is maintaining proper records showing full particulars, including quantitative details and the

situation of fixed assets.

(b) The fixed assets have been physically verified by the management during the year at reasonable

intervals, which in our opinion, is reasonable having regard to the size of the Club and the nature of its

assets. As explained to us, no material discrepancies were noticed as compared to the book records,

on such physical verification.

(c) The title deeds of all the immovable properties of the Club shown under the Fixed Assets are held in the

name of the Club.

ii. The inventories of the Club have been physically verified by the Management at reasonable intervals. In our

opinion, the frequency of such verification is reasonable and the discrepancies noticed at the time of

verification were not material.

iii. The Club has not granted any loans, secured or unsecured, to companies, firms, LLPs or other parties

covered in the register maintained u/s 189 of the Companies Act and consequently, the paragraphs iii(a),

iii(b) and iii(c) of the Order are not applicable.

iv. The Club has not given any loans / investments / guarantees to which the provisions of Sec 185 or 186 of the

Act apply.

v. The Club has not accepted any deposits to which the provisions of S 73 to 76 or any other relevant

provisions of the Act and the rules framed there under and the directions issued by RBI are applicable.

Hence paragraph 3 (v) of CARO is not applicable to the Club. vi. The provisions of Clause 3(vi) of the Order are not applicable to the Club, as the Club is not covered by the

Companies (Cost Records and Audit) Rules.

vii. In respect of Undisputed Statutory Dues :

a. According to the information and explanations given to us and according to the records, the Club has

been regular in depositing undisputed statutory dues, including Provident Fund, Income Tax,

Employee's State Insurance, Sales Tax, Goods and Service tax, and any other statutory dues with

appropriate authorities during the year. As per the information and explanations given to us and in our

opinion, the statutes relating to Investors Education and Protection Fund, Custom Duty, Excise Duty,

and Cess are not applicable to the Club. According to the information and explanations given to us, no stundisputed amounts payable in respect of the aforesaid dues were outstanding as at 31 March, 2019

for a period of more than six months from the date of they becoming payable.

b. According to the information and explanations given to us and the examination of the records of the

Club and in our opinion, there are no disputed Custom tax, Wealth tax, Excise duty, Cess and Goods

and Service tax (GST) dues except Income tax liability as follows :

21

viii. The Club has no loans from any Financial Institution, Bank, Government or dues to debenture holders and

therefore Clause 3 (viii) is not applicable to the Club.

ix. The Club has not raised any moneys by way of IPO / FPO and term loans during the year. Hence, Clause

3(ix) of the Order is therefore not applicable to the Club.

x. To the best of our knowledge and belief and according to the information and explanations given to us, no

fraud by the Club and no fraud on the Club by its officers / employees has been noticed or reported during

the year.

xi. The provisions of Sec 197 wrt Managerial Remuneration does not apply to the Club. Hence para 3(xi) of the order is not applicable to the Club.

xii. The Club is not a Nidhi Co. and therefor Clause 3(xii) of the order is not applicable to the Club.

xiii. In our opinion, all the Related Party Transactions entered into by the Company during the year are in

compliance with the Provisions of Sec 177 and 188 of the Act and the related applicable details thereof have

been disclosed in the Financial Statement as required by the Accounting Standards and the Act.

xiv. The Club has not made any preferential allotment / private placement of shares during the year and hence

Clause 3(xiv) of the Order is not applicable to the Club.

xv. The Club has not entered into any non-cash transactions with the Directors / persons connected with him as

stipulated u/s 192 of the Act and hence, Clause 3(xv) of the Order is not applicable to the Club.

xvi. In our opinion, the Club is not required to be registered u/s 45-IA of the Reserve Bank of India Act, 1934.

For ANAND SHENOY & ASSOCIATES CHARTERED ACCOUNTANTS F.R.N. 100382W

ANAND P. SHENOY PARTNER M.No. 040777Place : Mumbai

thDated :6 August, 2019


Year Relating to

Assessment YearsAmt Demanded Remarks

AY 2007-08 30,83,568/-Appeal Pending before ITAT. Out of this Rs. 20,00,000/-

has been paid till date

AY 2007-08 37,67,811/-Penalty Levied u/s. 271(1)(c), Appeal Pending before

CIT(A)

AY 2008-09 15,77,780/-Appeal Pending before CIT (A). Against this Rs.

20,00,000/- has been paid till date

AY 2016-17 22,21,760/- Appeal Pending before CIT(A)

AY 2017-18 44,16,190/-Rectification application pending before assessing

officer

Total 15,067,109/-

22


As at As at

Rupees 31-Mar-19 31-Mar-18

I EQUITY AND LIABILITIES

(1)

a Share Capital - -

b Reserves and Surplus 2 96,96,64,845 97,22,09,028

c Money received against share warrants - -

96,96,64,845 97,22,09,028

(2) - -

(3) Non-Current Liabilities

a. Long-term borrowings - -

b. Deferred tax liabilities (Net) - -

c. Other Long term liabilities 3 9,47,76,208 9,61,85,015

d. Long term provisions - -

9,47,76,208 9,61,85,015

(4) Current Liabilities

a. Short-term borrowings - -

b. Trade payables 4 69,50,554 1,10,17,553

c. Other current liabilities 5 5,74,86,374 5,90,63,488

d. Short-term provisions 6 1,21,54,574 1,06,95,458

7,65,91,501 8,07,76,499

Total 1,14,10,32,554 1,14,91,70,541

II ASSETS

(1) Non-current assets

a. Fixed assets

i Tangible assets 7 14,83,59,451 15,70,91,731

ii. Intangible assets 3,89,901 2,10,034

iii. Capital work-in-progress 54,11,985 81,900

iv. Intangible assets under development

15,41,61,337 15,73,83,665

b. Non-current investments 8 66,57,92,800 61,57,92,800

c. Deferred tax assets (net)

d. Long term loans and advances 9 33,81,704 42,59,645

e. Other non-current assets 10 80,14,475 1,66,33,815

67,71,88,979 63,66,86,260

(2) Current assets

a. Current investments 11 20,70,00,000 23,00,00,000

b. Inventories 12 1,44,94,771 2,92,17,092

c. Trade receivables 13 1,07,97,443 1,25,65,765

d. Cash and Cash Equivalents 14 3,81,17,142 3,99,59,705

e. Short-term loans and advances 15 3,35,05,212 3,20,02,737

f. Other current assets 16 57,67,670 1,13,55,317

30,96,82,238 35,51,00,616

Total 1,14,10,32,554 1,14,91,70,541

SIGNIFICANT ACCOUNTING POLICIES 1

25

In terms of our report attached

For ANAND SHENOY AND ASSOCIATES By the Order of the General Committee

Chartered Accountants For The Bombay Presidency Golf Club Ltd

Firm Regn No. 100382W

Sd/- Sd/- Sd/- Sd/-

Anand P. Shenoy Brijinder Singh Kuldeep Singh Sandhu G. Balachandran

Partner (President) (Captain) (Hon. Treasurer)

M. No. 040777

Date: 6th August, 2019 Date: 6th August, 2019

Place: Mumbai Place: Mumbai

THE ACCOMPANYING NOTES ARE AN INTERGRAL PART

OF FINANCIAL STATEMENTS

Balance Sheet as at 31st March, 2019


Note

No.Particulars

Member's Funds

Share application money pending allotment

23

NoteFor the Year ended

on

For the Year

ended on

No. 31st March, 2019 31st March, 2018

I. Revenue from operations 17 14,69,54,590 16,86,19,966

II. Other Income 18 4,89,46,912 8,81,56,466

III. Total Revenue (I +II) 19,59,01,502 25,67,76,432

IV. Expenses:

Direct Operational Expenses 19 6,35,50,259 6,16,59,388

Employee benefit expense 20 5,92,75,117 5,77,73,445

Administrative Expenses 21 2,50,91,094 2,11,54,485

Course maintenance expenses 22 9,47,20,653 7,64,85,250

Depreciation and amortization expense 7 1,60,57,051 1,87,23,067

Other expenses 23 2,11,83,584 2,05,61,105

Total Expenses 27,98,77,757 25,63,56,740

V. Excess of Income over expenditure /

(Expenditure over Income) before taxation and

Prior Period Expenses (III - IV)

(8,39,76,256) 4,19,692

Prior Period Expenses 24 21,17,927 6,76,747

VI. Excess of Income over expenditure /

(Expenditure over Income) before taxation (8,60,94,183) (2,57,055)

VII. Tax expense:

Income Tax Provision for the year - -

- -

VIII. Surplus/(Deficit) transferred to Surplus Account (8,60,94,183) (2,57,055)

SIGNIFICANT ACCOUNTING POLICIES 1

THE ACCOMPANYING NOTES ARE AN INTERGRAL

PART OF FINANCIAL STATEMENTS 25

In terms of our report attached


Chartered Accounts For The Bombay Presidency Golf Club Ltd.


Sd/- Sd/- Sd/- Sd/-

Anand P. Shenoy Brijinder Singh Kuldeep Singh Sandhu G. Balachandran

Partner (President) (Captain) (Hon. Treasurer)

M. No. 040777

Date: 6th August, 2019 Date: 6

th August, 2019


Particulars


Rupees

Income and Expenditure Account for Year ended on 31st March, 2019


24


NOTES FORMING PART OF FINANCIAL STATEMENTS

NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES :

1. BASIS OF PREPARATION

The Financial Statements have been prepared in accordance with generally accepted accounting principles in

India under the historical cost convention and on the basis of going concern concept with revenues recognised

and expenses accounted for on an Accrual basis, including committed obligations, in compliance with all

material aspect of the Accounting Standard notified under Section 133 of the Companies Act, 2013 read

together with para 7 of the Companies (Accounts) Rules 2014. The accounting policies have been consistently

applied by the Club.

All assets and liabilities have been classified as current and non-current as per the Club's normal operating

cycle which has been ascertained by the Club as Twelve months.

2. REVENUE RECOGNITION

The Club is engaged in providing to its Members, Golfing, Clubbing and other allied facilities / amenities at its

Golf Course, and in the Club house on payment of various dues like Entrance Fees – which may be payable

upfront or in instalment, Annual Subscription Fees and other activity specific dues.

Revenue from Services are recognized as they are rendered based on defined milestones / arrangement with the concerned parties and recognized net of GST.

ENTRANCE FEES : Entrance Fees as and when received from members are accounted as under :

SUBSCRIPTION FEES FROM MEMBERS: Subscription fee dues from members are recognized as income

on accrual basis. Bills are issued to members either on Annual Basis or Half Yearly basis, based on the

category of the members.

AMENITIES INCOME: Amenities Income includes Sales of Food and Beverages etc., Hall & Room Rentals,

etc. and are recognized when services are rendered.

ACTIVITIES, EVENTS & TOURNAMENT INCOME: This income earned on the conduct of various Activities

including conduct of Tournaments, Competition, Coaching, Annual Day, etc. These incomes are recognized

when the activities and events are conducted.

Receipt of Entrance Fees from Accounted as under

a

Ordinary Members, Junior Members, Temporary

Members (awaiting confirmation), B Members,

Members Children

Credited to General Reserves in the year of receipt

Amount equal to the amount paid by Ordinary member is

credited to General Reserves

Balance amount credited to Revenue Account

c Corporate membersAmortized to Revenue Account over the tenure of

Membership on pro-rata basis

d Short Term MembersAmortized to Revenue Account over the tenure of

Membership on pro-rata basis

e Service MembersCredited to Revenue Account in the year of admittance of the

member

f Service Members (Ordinary)Credited to General Reserves in the year of Confirmation of

Membership

b Life Members

25

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.

stFor Depreciation accounting, the Carrying Amount of all the assets as on 1 April, 2014 (date from which Sch-II

is applicable) is depreciated over the remaining useful life of the asset.

5. IMPAIRMENT OF ASSETS

The carrying amounts of assets are reviewed at each Balance Sheet date if there is any indication of

impairment based on internal / external factors. An asset is treated as impaired when the carrying cost of the

assets exceeds its recoverable value.

An Impairment loss, if any, is charged to the Statement of Income & Expenditure in the year in which an asset is

identified as impaired.

Reversal of impairment loss recognised in the prior years is recorded when there is an indication that

impairment losses recognised for the assets no longer exists or have decreased and the asset is reflected at

the recoverable amount.

6. INVESTMENTS

Investments which are readily realisable and intended to be held for not more than one year from the date on

which such investments are made, are classified as current investments. All other investments are classified

as long-term investment.

Long-Term Investments are recorded at the cost of acquisition and related expenses such as brokerage fees

and duties. Provision is made for permanent diminution, if any, in the value of such investments

Current Investments are valued at lower cost and net realisable value.


26


7. INVENTORIES

The Inventories on the last day of the accounting period are valued at cost or net realizable value, whichever is

less.

The Cost of inventories comprises of all cost of purchase, and other cost incurred in bringing them to their

respective present location and condition.

8. RETIREMENT & OTHER EMPLOYEE BENEFITS

Provident Fund & ESIC :

The Club has contributed to the Government Provident Fund Scheme and ESIC Scheme, contributions to

which is charged to revenue during the year.

Gratuity Dues :

The company has scheme of Gratuity Fund towards retirement benefits.

The Gratuity benefits are administered by Trusts through the Group Schemes of Life Insurance Corporation

of India.

The Company's contribution paid towards the Group Gratuity Scheme is charged to Income & Expenditure

Account on the basis of actuarial valuation provided by the Life Insurance Corporation of India.

Leave Encashment Policy :

Management Staff: Privilege leave is allowed to be accumulated up to 60 days and no encashment is

allowed.

Union Staff: Privilege leave is allowed to be accumulated up to 60 days and no encashment is allowed.

No liability arises and no provision is to be made and the same is being accounted for on payment basis.

9. TAXATION

Current Tax :

The provision for Current Tax is determined in accordance with the provisions of Income Tax Act 1961

prevailing for the relevant assessment year and as applicable to a non-profit making organisation.

Deferred Tax :

Deferred Tax expenses and benefits is recognized on timing difference, being the difference between the

taxable income and accounting income that originate in one period and capable of reversal in one or more

subsequent period. Deferred tax assets and liabilities are measured using the tax rates and laws that are

enacted or subsequently enacted as on Balance sheet date.

Deferred tax asset in respect of unabsorbed depreciation and carry forward of losses are recognized only

to the extent there is a virtual certainty that sufficient taxable income will be available to realize these

assets. All other deferred tax assets are recognized only to the extent there is a reasonable certainty that

sufficient future taxable income will be available to realize these assets.

10. CONTINGENT LIABILITIES AND PROVISIONS

Contingent Liabilities: Contingent Liabilities are possible but not probable obligations as on Balance Sheet

date, based on the available evidence. Contingent Liabilities are disclosed by way of Notes to Accounts.

Contingent Assets : Contingent Assets are neither recognized nor disclosed in the financial statements

Provisions: Provisions are recognized where there is a present obligation as a result of past events, and it is

probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable

estimate can be made. Provisions are not discounted to its present value and are determined based on best

estimate required to settle the obligation at the Balance Sheet Date.

27

11. CASH FLOW STATEMENT

Cash Flows are reported using the indirect method, whereby, net surplus before tax is adjusted for the effects

of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or

payments and items of income or expenses associated with investing or financing cash flows. The cash flows

from operating, investing and financing activities of the Club are segregated.

12. CONTINGENCIES AND EVENTS OCCURING AFTER THE BALANCE SHEET DATE

Material events occurring after Balance Sheet Date are taken into cognizance.


28


NOTE 2 - RESERVES AND SURPLUS As at 31st March, 2019 As at 31st March, 2018

Capital Reserves:

As per last Balance Sheet 45,71,026 45,71,026

Additions during the year

45,71,026 45,71,026

General Reserves :

As per last Balance Sheet 1,38,80,40,265 1,29,15,40,265

Add: Entrance Fees Recd from members during

the year.8,35,50,000 9,65,00,000

1,47,15,90,265 1,38,80,40,265

Surplus:

As per last Balance Sheet (42,04,02,263) (42,01,45,208)

Add: Surlus / (deficit) for the period (8,60,94,183) (2,57,055)

(50,64,96,446) (42,04,02,263)

Total 96,96,64,845 97,22,09,028


NOTE 3 - OTHER LONG TERM LIABILITIES As at 31st March, 2019 As at 31st March, 2018

Retention money 3,78,356 1,94,904

Security deposit from members and others 2,39,60,018 2,28,05,425

Advance Green Fees from American Express 64,10,958 -

Advance membership fees (Corporate) 5,84,81,976 6,01,39,786

Deposit for membership 55,44,900 1,30,44,900

Total 9,47,76,208 9,61,85,015

NOTE 4 - TRADE PAYABLES As at 31st March, 2019 As at 31st March, 2018

Trade payables 69,50,554 1,10,17,553

Total 69,50,554 1,10,17,553

NOTE 5 - OTHER CURRENT LIABILITIES As at 31st March, 2019 As at 31st March, 2018

Income received in advance 2,55,48,463 2,04,83,328

Sundry Creditors for Services 91,94,490 46,44,364

Other Payables (Includes member awating Ballot) 2,27,43,420 3,39,35,795

Total 5,74,86,374 5,90,63,488

NOTE 6 - SHORT-TERM PROVISIONS As at 31st March, 2019 As at 31st March, 2018

Other Payables 1,05,33,638 72,22,697

Duties & taxes Payables 16,20,936 34,72,761

Total 1,21,54,574 1,06,95,458


29

30


NOTE 8 - NON CURRENT INVESTMENT As at 31st March, 2019 As at 31st March, 2018

Investments in Debentures or Bonds 2,50,00,000 2,50,00,000

Investments in Mutual funds 64,07,92,800 59,07,92,800

Total 66,57,92,800 61,57,92,800

NOTE 9 - LONG TERM LOANS AND ADVANCES As at 31st March, 2019 As at 31st March, 2018

(Unsecured, Considered Good unless otherwise stated)

Security deposits : Considered Good 16,96,359 16,96,359

Less: Provision for Doubtful security deposits - -

16,96,359 16,96,359

16,85,345 25,63,286

Less: Provision for Doubtful Advances and Loans - -

16,85,345 25,63,286

Total 33,81,704 42,59,645

Other Loans and Advances : Considered Good

Notes : The details regarding the quoted investments are as follows:

ParticularsBasis of

ValuationQuantity

Mkt Value as on 31st

March, 2019

Investments in Debentures or Bonds

IIFCL Tax Free Bonds (10 Years) Cost 2,50,000 2,50,00,000

Investments in Mutual funds

B1335Y Aditya Birla Sunlife Fixed Term Plan series OL

(1148 Days) Growth DirectNAV 64,41,400 7,41,72,077

UTI Fixed Term Income Fund Series XXVII - X (1118 days)

Direct Growth PlanNAV 1,00,00,000 10,94,17,000

Reliance Fixed Horizon Fund - XXXIII - Series 10- Direct

Growth PlanNAV 51,37,880 5,88,59,039

ICICI Prudential Fixed Maturity Plan Series- 82-1141) Days

Plan Y Direct Plan CumulativeNAV 65,00,000 7,04,99,650

IDFC Fixed Term Plan Series 149 Direct Plan Growth NAV 65,00,000 7,00,57,650

Reliance Fixed Horizon Fund - XXXV - Series 6- Direct

Growth PlanNAV 95,00,000 10,43,31,850

Frankin India Fixed Maturity Plan series 2 - Plan B-Direct

GrowthNAV 2,00,00,000 21,84,86,000

73,08,23,266 Total

NOTE 10 - OTHER NON CURRENT ASSET As at 31st March, 2019 As at 31st March, 2018

Entrance Fees receivable in Installment 80,14,475 1,66,33,815

Total 80,14,475 1,66,33,815

NOTE 11 - CURRENT INVESTMENT As at 31st March, 2019 As at 31st March, 2018

CURRENT INVESTMENTS - Quoted

Investments in Mutual funds 20,70,00,000 23,00,00,000

Total 20,70,00,000 23,00,00,000

Notes : Details regarding the quoted investments are as follows:

Particulars Basis of Valuation Units QuantityMkt Value as on 31st

March, 2019

Investments in Mutual funds

UTI Fixed Term Income Fund Series XXV - VIII NAV 80,00,000 9,44,55,200

ICICI Prudential Liquid Fund - Direct Plan Growth NAV 2,85,959 7,90,43,719

IDFC Corporate Bond Fund Regular Plan Growth NAV 46,57,618 5,93,02,196

23,28,01,115 Total

31

NOTE 12 - INVENTORIES As at 31st March, 2019 As at 31st March, 2018

Stock-in- trade (Permit Room / Club Ties) 74,96,827 62,54,414

Others (Course Material) 69,97,944 2,29,62,678

Total 1,44,94,771 2,92,17,092

NOTE 13 - TRADE RECEIVABLES As at 31st March, 2019 As at 31st March, 2018

Unsecured, Considered Good - unless otherwise stated

Debts due for a period exceeding six months

Member 79,81,148 1,18,89,618

MGL 8,39,694 -

Other 19,76,601 6,76,147

Total 1,07,97,443 1,25,65,765

NOTE 15 - SHORT TERM LOANS AND ADVANCES As at 31st March, 2019 As at 31st March, 2018

Others

Advance tax & other taxes receivable 3,35,05,212 3,20,02,737

Total 3,35,05,212 3,20,02,737

NOTE 16 - OTHER CURRENT ASSETS As at 31st March, 2019 As at 31st March, 2018

Sundry Creditors Having debit balance 8,57,690 64,19,212

Prepaid expenses 45,43,236 49,36,105

Medical Insurance - Employee Recovery 3,66,744 -

Total 57,67,670 1,13,55,317


NOTE 14 - CASH AND CASH EQUIVALENTS As at 31st March, 2019 As at 31st March, 2018

Balances with banks :

Deposits maturing within 3 Months 2,09,95,107 4,39,329

Deposits maturing after 3 Months within 12 months 14,56,162 16,25,897

Deposits maturing after 12 months - -

Balance with Scheduled / Nationalized

Banks in SB a/c 1,49,14,222 3,74,38,377

Cash on hand 7,51,651 4,56,102

Total 3,81,17,142 3,99,59,705

32


NOTE 17 - REVENUE FROM OPERATIONSFor the Year ended on

31st March, 2019

For the Year ended on

31st March, 2018

Receipts From Members 4,77,42,519 7,26,01,885

Entrance Fees 3,33,98,426 3,54,21,484

Tournament, Competition & Coaching Receipts 1,61,46,718 1,00,00,141

Activities & Events Income 35,95,751 33,81,745

Amenities Income 4,60,71,175 4,72,14,711

Total 14,69,54,590 16,86,19,966


Notes forming part of Income & Expenditure Account for the year ending 31st March, 2019

NOTE 18 - OTHER INCOMEFor the Year ended on

31st March, 2019


31st March, 2018

Interest Income from current investments 45,87,568 53,54,344

Sale of Scrap 1,81,957 2,62,102

Gain on redemption of Investments in Mutual Funds 3,37,67,345 6,86,60,327

Non-Operating Income (net of expenses directly

attributable to such income)1,01,00,709 1,37,67,241

Prior Period Income 3,09,333 1,12,452

Total 4,89,46,912 8,81,56,466

33

NOTE 19 - DIRECT OPERATIONAL EXPENSESFor the Year ended on

31st March, 2019


31st March, 2018

COST OF AMENITIES TO MEMBERS

Permit Room / Bar

Opening Stock 60,40,645 96,54,986

Add : Purchases 2,27,94,515 2,14,71,736

2,88,35,160 3,11,26,722

Less : Discount Received 30,26,238 47,58,457

Less : Closing Stock 72,83,058 60,40,645

(a) 1,85,25,864 2,03,27,620

Club Ties, T Shirts, Golf Balls, Car Stickers

Opening Stock 2,13,769 2,17,579

Add : Purchases - -

2,13,769 2,17,579

Less : Closing Stock 2,13,769 2,13,769

(b) - 3,810

Expenses on Amenities

Billiards Room Expenses - -

Cable TV Charges 2,70,672 1,15,500

Room Expenses 8,43,361 9,59,384

House Keeping Charges 66,94,194 78,81,186

Washing Chgs. 8,26,628 7,94,011

Catering Expenses 2,88,910 6,06,219

(c) 89,23,765 1,03,56,300

TOTAL [ a + b + c ] 2,74,49,629 3,06,87,730

TOURNAMENT, COMPETITION & COACHING EXPENSES

Ladies Section Competition Expenses 2,05,010 37,896

Inter Club Tournament Expenses 4,79,921 12,86,123

Senior Golf Tournament 1,94,253 1,82,448

Ladies Tournament Expenses 5,10,636 5,69,379

Tournament Expenses 64,81,388 12,18,864

Junior Coaching Expenses 38,28,209 33,15,539

1,16,99,417 66,10,249

ACTIVITIES AND EVENTS EXPENSES

Annual Day & Housie Expenses 27,76,329 32,76,589

Christmas Party Expenses 1,80,950 3,33,338

Caddies Welfare Expenses 9,76,101 13,88,112

New Year Celebration Expenses 18,07,257 21,06,152

Ballot Committee Meeting Expenses 1,14,632 1,70,634

Event expenses 12,39,233 8,89,172

Ganpati Festival Exps 1,60,000 1,60,000

Swimming Coaching Expenses 1,95,590 1,75,500

Diwali Festival Expenses 2,27,320 2,79,350

76,77,412 87,78,847

ELECTRICITY CHARGES & FUEL CHARGES 1,67,23,801 1,55,82,562

Total 6,35,50,259 6,16,59,388


34


NOTE 20 - EMPLOYEE BENEFIT EXPENSESFor the Year ended on

31st March, 2019


31st March, 2018

Salaries and wages 5,19,81,845 5,13,11,509

Contribution to provident and other funds 55,67,753 52,61,692

Staff welfare expenses 17,25,519 12,00,244

Total 5,92,75,117 5,77,73,445

NOTE 21 - ADMINISTRATIVE EXPENSESFor the Year ended on

31st March, 2019


31st March, 2018

Retainership Charges 2,81,693 2,63,133

Bank Charges on Credit Cards 5,96,543 8,53,262

Books & Periodicals 59,810 1,01,357

Conference & Business Meeting Exp. 47,749 80,504

Web Site Expenses 2,70,728 1,18,315

Club Expenses 6,55,819 7,07,050

Conveyance 1,20,638 1,56,229

Charges on Electronic Coupon - 4,670

Auditors Remuneration 21(a) 3,98,750 3,17,985

Legal and Professional Charges 8,58,389 12,23,865

Consultancy Charges 63,08,232 34,91,266

Licence fees 26,17,330 22,91,992

Postage & Courier Expenses 3,77,957 3,27,408

Telephone Expenses 3,11,808 4,19,367

Printing & Stationery 12,38,925 15,61,308

Security Charges 97,90,175 80,62,623

Bad Debts - 3,07,135

Water & Sewage Expenses 1,89,350 1,92,235

Profession Tax 2,500 2,500

Medical Expenses 1,35,193 67,137

Valet Parking Expenses 3,81,200 3,56,000

Loss on Sale of Asset 1,88,837 -

Election Expenses - 97,500

SWACCH BHARAT @ 0.5% - 76,204

Other Expenss 2,59,467 75,440

Total 2,50,91,094 2,11,54,485

NOTE 21A - ADMINISTRATIVE EXPENSES INCLUDE

Audit fees 2,50,000 2,50,000

Other services 1,03,750 30,000

Income Tax Matters 45,000 20,000

Out of Pocket Expenses - 17,985

Total 3,98,750 3,17,985

PAYMENT TO AUDITORS (NET OF GST)


31st March, 2019


31st March, 2018

35

NOTE 22 - COURSE MAINTENANCE EXPENSESFor the Year ended on

31st March, 2019


31st March, 2018

Opening Stock a 2,29,62,678 54,32,401

Add : Course Maintenance

Fertilizers 30,21,268 24,66,516

Fuel Expenses 22,21,630 20,77,593

Landscaping 3,23,824 19,88,285

Labour Expenses 29,41,579 32,03,668

Coir Mat 49,04,550 51,38,811

Other Expenses 8,26,585 4,78,208

Pesticides 10,40,848 5,69,737

Repairs & Maintenance Expenses 1,10,31,876 1,07,83,280

Sand Expenses 3,09,74,418 1,93,35,030

Technical Expenses 15,71,755 28,23,800

CM-Drainage & Pine 12,72,580 32,02,704

Driving Mats Expenses 9,92,300 16,33,088

Course Fairway Improvement Expenses 1,42,47,639 3,88,51,622

CM - Metal 33,85,067 14,47,060

Course Fairway Improvement - Bunker - 16,125

b 7,87,55,919 9,40,15,527

Total Expenses a + b 10,17,18,597 9,94,47,928

Less : Closing Stock

Green Dept. 69,97,944 2,29,62,678

Total 9,47,20,653 7,64,85,250

NOTE 23 - OTHER EXPENSESFor the Year ended on

31st March, 2019


31st March, 2018

Repairs and maintenance -

- Buildings 11,84,180 12,44,861

- Machinery 15,58,579 9,98,463

- Others 1,11,85,486 1,12,26,356

Insurance 4,78,334 3,30,334

Rates & Taxes (excluding taxes on income) 65,27,658 64,88,608

Miscellaneous expenses 2,49,347 2,72,483

Total 2,11,83,584 2,05,61,105

NOTE 24 - PRIOR PERIOD EXPENSESFor the Year ended on

31st March, 2019


31st March, 2018

Others 21,17,927 6,76,747

Total 21,17,927 6,76,747


36


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 :

The Club has filed appeal before appropriate authorities. As per the advice from the counsel, the Club is confident that the appeals will be decided in favour of the Club and the Club will not have to pay the above disputed tax.

o LIC Group Gratuity Scheme Contributions : - The Clubs Gratuity benefits are being administered by Trusts through Group Schemes of LIC of India. - The company's contribution paid towards the Group Gratuity Scheme is charged to Income & Expenditure Account on

the basis of actuarial valuation provided by the Life Insurance Corporation of India.

2. The Club was in occupation of 6 tenements which were used as staff quarters, situated at Plot bearing CTS No. 27 – A (Part), located at Vadavli village, Taluka – Chembur, Choitram Gidwani Road, Mumbai – 400 071. The said plot is under re-development by the present Land Lord / Developer, and the club has been offered ownership premises against surrender of the rights of the said 6 tenements. Pending the completion of the building under development, the Land Lord / Developer has offered alternate leased accommodation to the staff members and has agreed to reimburse the deposit and lease rent paid by the Club.

3. In the opinion of the management of the Club, the Current Assets, Loans & Advances have a realizable value in the ordinary course of activities equal to the amount at which they are stated in the Balance Sheet.

4. The Balances in respect of amounts receivable from and payable to certain parties/ members, are subject to Confirmation & reconciliation thereof from respective parties/ members.

5. Out of the creditors mentioned above, there are no creditors, being MSME to which the company owes any sum for more than 30 days.

6. In absence of Assessable Income liable to Income Tax, no provision for Income Tax has been made in accounts for the year. Further, due to absence of material timing difference for deferred tax working, no provision has been made for Deferred Tax dues.

7. The Previous year figure has been re-grouped and / or re-arranged whenever necessary

8. REFERENCES : The reference to the word “the Company” and “Management” in the accounts and the report of the Auditors is meant to cover the word “The Club” and “The Members of the General Committee” respectively and the Accounts have been compiled as per the Schedule VI to the Companies Act, 2013.

Year Relating to Assessment Years Amt Demanded Remarks

AY 2007-08 30,83,568/-Appeal Pending before ITAT. Out of this Rs.


AY 2007-08 37,67,811/-Penalty Levied u/s. 271(1)(c), Appeal Pending before

CIT(A)

AY 2008-09 15,77,780/-Appeal Pending before CIT (A) Out of this Rs.


AY 2016-17 22,21,760/- Appeal Pending before CIT(A)

AY 2017-18 44,16,190/-Rectification application pending before Assessing

officer

Total 1,50,67,109/-

37

PARTICULARS

Rupees Rupees Rupees Rupees

A CASH FLOW FROM OPERATING ACTIVITIES

Excess of Income over expenditure / (Expenditure over

Income) before taxation (8,60,94,183) (2,57,055)

Adjustment for:

Depreciation/Amortisation/Diminution 1,60,57,051 1,87,23,067

Profit/loss on sale of fixed assets (6,443) -

Profit/(loss) on sale of investments (3,37,67,345) (6,86,60,328)

Interest income (45,87,568) (53,54,344)

Dividend Income - -

Operating profit before Working Capital changes (10,83,98,488) (5,55,48,660)

Adjustments for changes in Working capital

Assets

Long term Loans and advances 8,77,941 6,93,940

Other non-current assets 86,19,340 1,43,73,411

Inventories 1,47,22,321 (1,39,12,126)

Trade Receivables 17,68,322 (60,98,442)

Short term Loans and advances (15,02,475) (16,35,370)

Other current assets 55,87,647 3,00,73,096 (28,90,488) (94,69,075)

Liabilities

Other long term liabilities (14,08,807) (44,79,768)

Trade Payables (40,66,999) 24,28,999

Other current liabilities (15,77,114) 18,95,568

Short term Provisions 14,59,116 (55,93,804) 60,78,265 59,23,065

2,44,79,292 (35,46,011)

Cash generated from operations (8,39,19,196) (5,90,94,671)

Income taxes paid (including fringe benefit tax) - -

Net Cash from Operating activities (8,39,19,196) (5,90,94,671)

B CASH FLOW FROM INVESTING ACTIVITIES

Fixed Assets: - -

Purchase (1,44,24,519) (46,73,516)

Sale 15,96,240 -

Investments: - -

Purchase (20,70,00,000) (12,23,30,965)

Interest Received 45,87,568 53,54,344

Sale 21,37,67,345 6,86,60,328

Dividend Received - -

Net Cash from/used in investing activities (14,73,366) (5,29,89,810)

C CASH FLOW FROM FINANCING ACTIVITIES

Entrance Fees Received 8,35,50,000 9,65,00,000

Repayment of Short term borrowings - -

Interest paid - 8,35,50,000 - 9,65,00,000

Net Cash from/used in financing activities (18,42,562) (1,55,84,481)

D NET INCREASE / (DECREASE) IN CASH

AND CASH EQUIVALENTS

Cash and Cash Equivalents (Opening balance) 3,99,59,704 5,55,44,186

Cash and Cash Equivalents (Closing balance) 3,81,17,142 3,99,59,705

(18,42,562) (1,55,84,481)

As per our report attached to the Balance Sheet


Chartered Accountants For The Bombay Presidency Golf Club Ltd.


Sd/-

Brijinder Singh

Sd/- (President)

ANAND P. SHENOY

PARTNER Sd/-

M. No. 040777 G. Balachandran

(Hon Treasurer)

Date: 6th August, 2018 Date: 6th August, 2019


Kuldeep Singh Sandhu

(Captain)


Cash Flow Statement for the year ended 31st March, 2019

Year ended 31st

March, 2019 Year ended 31st

March, 2018

Sd/-


38


City Name of Club City Name of Club

Ahmedabad Kensville Golf & Country Club Kashmir Kashmir Golf Club

Gulmohar Greens – Golf Country

ClubKodaikanal Kodai Kanal Golf 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

(Infantry Institute Golf Club)Madras Madras Gymkhana 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

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

RECIPROCAL CLUBS

INDIA

OVERSEAS

39

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

ARRANGEMENT THROUGH APEXLYNX


40


NOTES

41

RECOGNITIONS


MGL - 1 - Team Owners & Icons

MGL - 1 - Winners

MGL - 1 HIGHLIGHTS

MGL - 1 HIGHLIGHTS

Documents

The Bombay Presidency Golf Club Ltd. · Rooms & Banquets Kiran Korgaonkar Convenor - Bar (Permit Room) Gym/Swimming Pool & Snooker Room Shashank Sandu Convenor - Communication / HR