Karnavati Club Limited

Karnavati Club Limited

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Annual Report 2019-20

OFFICE BEARERS:

1. Shri Naginbhai G. Patel

President

2. Shri Jayesh H. Modi

Vice President

3. Shri Nimesh D. Patel

Vice President

4. Shri Satish S. Shah

Vice President

5. Shri Ketan B. Patel

Hon. Secretary

6. Shri Ajaybhai B. Thakkar

Hon. Jt. Secretary

7. Dr. Ashish J. Desai

Hon. Jt. Secretary

BOARD OF DIRECTORS

8. Shri Ajaybhai H. Patel

9. Shri Amrish J. Patel

10. Shri Bhavesh C. Vaghasia

11. Shri Bhavesh K. Patel

12. Shri Dhaval M. Barot

13. Shri Girishbhai P. Dani

14. Shri Hasmukh G. Shah (Gafabhai)

15. Shri Jayantilal M. Jakasania

16. Shri Kinnar G. Shah

17. Shri Manoj R. Patel

18. Shri Manoj T. Patel

19. Shri Niki A. Patel

20. Shri Nilesh R. Desai

21. Shri Paresh N. Patel

22. Shri Paresh N. Talati

23. Shri Rajesh N. Gandhi

24. Shri Rajiv K. Patel

25. Shri Rakesh M. Patel

26. Shri Ronak R. Jobaliya

27. Dr. Sanjay R. Gandhi

28. Shri Sharad G. Patel

29. Ms. Silva V. Patel

30. Shri Vijay H. Mehta

31. Shri Viral G. Patel

CO-OPTED DIRECTORS

32. Shri Ashishkumar C. Amin

33. Shri Jagdishchandra B. Patel

34. Shri Mitesh C. Patel

35. Shri Prashant J. Shah

36. Shri Trilokbhai R. Parikh

REGISTERED OFFICE:KARNAVATI CLUB LIMITED

CIN: U92410GJ1989GAP012192Regd. Office: Gandhi Nagar- Sarkhej Highway, Near Mahmadpura, Ahmedabad – 380058 (Gujarat-INDIA)

Email: [email protected], [email protected], Website: www.karnavaticlub.comMobile:- 9913906060, 9924286060, 9924086060 • Room Reception Mob. No: 9904986060, 9904936060.

BANKERS

HDFC BANK LIMITEDIscon Park, Jodhpur Cross Roads,Ahmedabad.

BANK OF BARODAIscon Circle BranchAmbawadi BranchAhmedabad

CONSULTING COMPANY SECRETARYM.C. Gupta & Co.Company SecretaryAhmedabad.

AUDITORS

Statutory Auditors M/s. DGSM & Co.

Chartered Accountants

Ahmedabad.

Internal Autidtors Ingit Modi & Associates

Chartered Accountants

Ahmedabad.

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NOTICE

NOTICE is hereby given that the 31st (Thirty-First) Annual General Meeting of the Members of the Company

will be held through Video Conferencing (“VC”) on Saturday, the 19th day of December, 2020 at 4.00 p.m. to

transact the following business:

ORDINARY BUSINESS:

1 To receive, consider and adopt the audited financial statements of the Company for the financial year ended

31st March, 2020 and the reports of the Board of Directors and the Auditors thereon.

2 To appoint through election 11 Directors at the ensuing Annual General Meeting in place of the following

Directors, who are liable to retire by rotation at the 31st Annual General Meeting:

SPECIAL BUSINESS:

3 To consider and if thought fit to pass with or without modification, the following resolution as Ordinary

Resolution:

“RESOLVED THAT pursuant to section 181 and other applicable provisions, if any, of the Companies Act,

2013 and the Rules made thereunder, the members of the Company do accord their post facto approval for

the contribution of Rs. 1,25,00,000/- (Rupees One Crore Twenty - Five Lakhs only) to each of PM CARES

FUND and to Chief Minister Relief Fund made by the Board of Directors of the Company during March, 2020

to help the Government to combat the COVID-19 Pandemic and the aggregate contribution of Rs.

2,50,00,000/- (Rupees Two Crore fifty Lakhs only) so made is hereby confirmed and ratified.”

Sr. No Name of Directors (from Notice)

1. Mr. Amrish J. Patel (DIN: 01866121)

2. Mr. Bhavesh K. Patel (DIN: 03124723)

3 Mr. Dhaval M. Barot (DIN: 07466154)

4. Mr. Jayesh H. Modi (DIN: 06757393)

5. Mr. Ketan B. Patel (DIN: 02484211)

6. Mr. Manoj R. Patel (DIN: 01920438)

7. Mr. Niki A. Patel (DIN: 01479396)

8. Mr. Nilesh R. Desai (DIN: 00414747)

9. Mr. Nimesh D. Patel ( DIN: 00185400)

10. Ms. Silva V. Patel (DIN: 01749782)

11. Mr. Vijay H. Mehta (DIN: 00819931)

Karnavati Club LimitedAnnual Report 2019-20

4 To consider and if thought fit to pass with or without modification, the following resolution as Special

Resolution:

“RESOLVED THAT pursuant to Section 14 and other applicable provisions of the Companies Act, 2013 read

with Companies (Incorporation) rules, 2014, as amended from time to time, the Article 3 of the Articles of

Association of the Company be altered by deleting the same and substituting in place and instead thereof,

the following as new Article 3:

3. The number of members having Voting Rights, with which the company proposes to be registered is

15,000 (Fifteen Thousand only) but the Board of Directors may, from time to time, whenever the company

or the business of the company requires it, register an increase of members. The Ordinary members, Life

Members and Institutional members alone shall be counted as Members of the club.

5 To consider and if thought fit to pass with or without modification, the following resolution as Special

Resolution:

“RESOLVED THAT pursuant to Section 14 and other applicable provisions of the Companies Act, 2013 read

with Companies (Incorporation) rules, 2014, as amended from time to time, a new Article 24A be inserted

after the exiting Article 24 of the Articles of Association of the Company, with Heading, as under:

KCR CLUB MEMBERSHIP

24A. (i) The Board of Directors of the Company may open membership for Karnavati Club Resort (KCR), a

new Unit of Karnavati Club Limited proposed to be developed at Mulasana Village, Near

Ahmedabad. The maximum number of KCR members shall be 5,000.

(ii) Members of KCR shall be allowed to use the “KCR Club properties and facilities” only and not of

Karnavati Club Limited (KCL).

(iii) The Board of Directors may admit the following classes of KCR members:

(a) Ordinary Members

(b) Institutional Members

(c) Service Members

(d) Playing Members

There may be such other classes of members as may be determined by Board of Directors from time to time.

(iv) Board of Directors shall have the powers to frame bye-laws regarding entrance fees, annual

subscriptions, application forms for the above-mentioned and other types of KCR membership,

which may be payable in instalments as decided and notified by the Board of Directors.

(v) The Entrance fee from the KCR Club members shall be non-refundable. Such KCR Club

membership shall be for a limited period upto 31st December, 2045 or for maximum 25 years,

whichever is earlier.

(vi) KCR Club Members” shall not have any voting right at General Meetings and shall not be allowed to

participate and attend the General Meetings and not eligible to become director of the Karnavati

Club Limited.

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(vii) KCR shall not have a separate Board of Directors. KCR being a separate unit, the management of

KCR shall vest with the Board of Directors of KCL.

(viii) The members of KCL by virtue of its Articles of Association are having complete right over all the

assets of KCL and KCR on its liquidation / dissolution. Whereas the KCR Club Members will not

have any right to participate in distribution of the property of KCR or KCL, in the event of dissolution

of the company.

(ix) The KCR Club membership shall be transferable after 5 years from the date of admission of such

member at a transfer fee as may be decided by the Board of Directors from time to time. A

transferee shall enjoy the transferred membership for the remaining term of concerned Club

membership.

(x) The Board of Directors shall have the powers to frame bye-laws regarding entrance fees, annual

subscriptions, application forms, Affidavits, Nomination Forms etc. for KCR Club membership.

(xi) The provisions of Article 22, 23 and 24 shall be mutatis and mutandis applicable to KCR Club

Members also.

By Order of Board of Directors,

Naginbhai G Patel

President

DIN:00361230

Registered Office:

Gandhinagar- Sarkhej Highway,

Nr. Mahmadpura, Ahmedabad -380 058

Date: 20th November, 2020

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NOTES:

1. The Statement as required under section 102 of the Companies Act, 2013 is annexed to the Notice.

2. Since 11 directors are retiring in 31st Annual General Meeting, voting is being conducted through single

poll process.

3. Every member shall compulsorily cast their votes either through remote e-voting or e-voting process

during AGM, otherwise the votes cast shall be invalid.

4. Considering the extra-ordinary circumstances caused by COVID-19 and in the light of the social distancing

norms, the Ministry of Corporate Affairs (“MCA”) has vide its circulars dated April 8th , 2020, April 13th ,

2020 and May 5th , 2020 permitted the holding of Annual General Meeting of a company through VC

/OAVM. In compliance with the provisions of the Act & MCA circulars, the Thirty First General Meeting of

the Company (“AGM”) is being held through VC / OAVM. The procedure for joining the AGM through

VC/OAVM is mentioned in this Notice.

THE PROCEDURE FOR JOINING THE AGM THROUGH VC/OAVM IS MENTIONED IN THIS NOTICE:

5. Since the AGM is being held through VC / OAVM, physical attendance of Members has been dispensed

with and the attendance sheet/registers are therefore, not annexed to this Notice.

6. Members shall have the option to vote electronically (“e-voting”) either before the AGM (“remote e-voting”)

or during the AGM. In compliance with the provisions of Section 108 of the Act and Rule 20 of the

Companies (Management and Administration) Rules, 2014 and any amendments thereto, Secretarial

Standard on General Meetings (“SS-2”) and MCA Circulars.

7. The Company has engaged the services of Central Depository Services (India) Limited (“CDSL”) as the

Authorised Agency to provide remote e-voting facility (i.e. the facility of casting votes by a Member by using

an electronic voting system from a place other than the venue of a General Meeting).Necessary

arrangements have been made by the Company with CDSL to facilitate remote e-voting prior AGM and e-

voting during the AGM.

8. The cut-off date for the purpose of e-voting during the AGM (including remote e-voting) is Saturday, 12th

December, 2020. A person whose name is recorded in the Register of Members at the close of business

hours on Saturday, 12th December, 2020 up to 5. 00 p.m. shall be entitled to avail the facility of voting

through Remote E-voting. However, those members who have not updated their e-mail id details to the

club as on Saturday, 12th December, 2020 up to 5.00 p.m. will not be eligible for remote e-voting. We

request all the members to update their email id details to [email protected] by Saturday, 12th

December, 2020 up to 5 p.m. to take the advantage of remote e-voting.

9. CDSL shall communicate the procedure of remote e-voting along with log in/password details to the

shareholders eligible for remote e-voting through email before commencement of remote e-voting.

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10. The e-voting period begins on Wednesday, 16th December, 2020 at 9.00 a.m. and ends on Friday, 18th

December, 2020 up to 5.00 p.m. The e-voting module shall be disabled for voting thereafter.

11. The members can choose any one mode either remote e-voting or e-voting during the AGM through

VC/OAVM of voting for exercising their right to vote for all the resolutions.

12. Members participating through video conferencing shall be reckoned for the purpose of the quorum under

section 103 of the Companies Act, 2013.

13. Members who would like to express their views or ask questions during the AGM may register themselves

as a speaker by sending their request from their registered email address mentioning their name,

membership number, mobile number along with their queries at [email protected] not later than

Saturday,12th December, 2020 in order that full information may be given. Those Members who have

registered themselves to interact during AGM will be allowed to express their views / ask questions during

the AGM. The Company reserves the right to restrict the number of speakers depending on the availability

of time for the AGM.

14. The Company has appointed Mr. Mahesh Chand Gupta (Company Secretary) who in the opinion of the

Company is a duly qualified person, as scrutinizer who will collate the electronic voting process in a fair and

transparent manner. The scrutinizer shall, immediately after the conclusion of e-voting during the AGM,

first block the votes cast through e-voting, thereafter unblock the votes cast through remote e-voting and

make, not later than 48 hours of conclusion of the AGM, a consolidated scrutinizer’s report of the total

votes cast in favour or against, if any, to the Chairperson of the Company or any other person authorized by

him, who shall countersign the same.

15. The results declared along with the scrutinizer’s report, will be hosted on the website of the Club at

www.karnavaticlub.com and on the website of CDSL after the result is declared by the Company.

16. Since the AGM will be held through VC / OAVM, the route map is not annexed to the Notice.

INSTRUCTIONS / PROCEDURE FOR REMOTE E-VOTING:

You are requested to follow necessary instructions as under:

1. The Remote E-voting period begins on Wednesday, 16th December, 2020 at 9.00 a.m. and ends on

Friday, 18th December, 2020 at 5.00 p.m. the Remote E-Voting module shall be disabled for voting

thereafter. The members who have casted their vote by remote e-voting may also attend the AGM through

Video Conferencing (VC) / Other Audio Visual Means (OAVM) but shall not be entitled to cast their vote

again. The members who have not casted the vote by remote e-voting may attend the meeting through

Video Conferencing (VC) / Other Audio Visual Means (OAVM) and shall be eligible to vote through E-

Voting system available during the AGM.

2. Pursuant to Articles of Association of the Club, Ordinary members, any one nominee of institutional

members and Life members are entitled to vote at AGM and to take part in elections. In case both the

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nominees are taking part in remote e-voting then one vote will be treated as invalid

3. Please do not share your USER NAME & PASSWARD to any one, Karnavati Club Limited or Central

Depository Services (India) Limited. (CDSL) will not be responsible for any kind of misuse.

4. The Members should log on to the e-voting website: www.evotingindia.com.

a. Click on “Shareholders / Members”.

b. Now enter your USER ID as: (received in your registered email id)

c. Enter the Characters as displayed and Click on “Login”.

d. Enter your PASSWORD as: (received in your registered email id)

e. After entering these details appropriately, click on “SUBMIT” tab.

f. Click on the EVSN name as: “Karnavati Club Limited.”

g. On the voting page, you will see “RESOLUTION DESCRIPTION” / CANDIDATES NAME and against the

same option “YES/NO” for voting. Select the “YES or NO” as desired. The option “YES” implies that you

assent to the Resolution and option “NO” implies that you dissent to the Resolution.

h. Every member shall compulsorily cast 11 votes against the CANDIDATES NAME through remote e-

voting or e-voting at the AGM otherwise the votes casted shall be invalid.

i. Click on the “RESOLUTIONS FILE LINK” if you wish to view the entire Resolution details.

j. After selecting the resolution that you have decided to vote, click on “SUBMIT”. A confirmation box will be

displayed. If you wish to confirm your vote, click on “OK”, else to change your vote, click on “CANCEL”

and accordingly modify your vote.

k. Once you “CONFIRM” your vote on the resolution, you will not be allowed to modify your vote.

l. You can also take printout of the voting done by you and click on “CLICK HERE TO PRINT” option on the

Voting page.

PROCESS / INSTRUCTIONS FOR MEMBERS TO ATTEND THE ANNUAL GENERAL MEETING

THROUGH VEDIO CONFRENCING (VC) / OTHER AUDIO VISUAL MEANS (OAVM):

1. Members will be provided with a facility to attend the Annual General Meeting through video conferencing

VC/ other audio visual means OAVM only by the agency CDSL e-Voting system. Members may access the

same using Remote voting credentials. The link for VC/OAVM will be available in Members login where the

EVSN of KARNAVATI CLUB LIMITED will be displayed.

2. The members can join the AGM through the VC/OAVM mode 15 minutes before the scheduled time of the

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commencement of the Meeting by following the procedure given below. The facility of participation at the

AGM through VC/OAVM will be made available for 1000 members or total number of members of the club

whichever is less on first come first served basis.

3. Members are requested to download and install a Cisco WebEx application in Laptop / Mobile / Computer

well in advance for joining the AGM:

For Android (Google Play Store): https://play.google.com/store/apps/details?id=com.cisco.webex.meetings

For iPhone (Apple App Store): https://apps.apple.com/us/app/cisco-webex-meetings/id298844386

For Computer System: https://www.webex.com/downloads.html - download and run "WebEx Meetings"

4. Members are encouraged to join the Meeting through Laptops / IPads for better experience.

5. Further members will be required to allow Camera and use Internet with a good speed to avoid any

disturbance during the meeting.

6. Please note that Participants Connecting from Mobile Devices or Tablets or through Laptop connecting via

Mobile Hotspot may experience Audio/Video loss due to Fluctuation in their respective network. It is

therefore recommended to use Stable Wi-Fi or LAN Connection to mitigate any kind of aforesaid glitches.

7. Those members who have registered themselves as a speaker will only be allowed to express their

views/ask questions during the meeting.

INSTRUCTIONS FOR E-VOTING DURING THE AGM ARE AS UNDER:-

1. The procedure for e-Voting on the day of the AGM is same as the instructions mentioned above for Remote

E-Voting.

2. Only those Members, who are present in the AGM through VC/OAVM facility and have not casted their vote

on the Resolutions through Remote E-Voting and are otherwise not barred from doing so, shall be eligible to

vote through E-Voting system available during the AGM.

3. If any Votes are cast by the members through the E-Voting available during the AGM and if the same

Members have not participated in the meeting through VC/OAVM facility, then the votes cast by such

members shall be considered invalid as the facility of E-Voting during the meeting is available only to the

members attending the meeting through VC/OAVM.

4. Members who have voted through Remote e-Voting will be eligible to attend the AGM through VC/OAVM.

However, they will not be eligible to vote at the AGM.

5. If you have any queries or issues regarding attending AGM & e-Voting from the e-Voting System, you may

write an email to [email protected] or contact Mr. Nitin Kunder (022- 23058738 ) or Mr.

Mehboob Lakhani (022-23058543) or Mr. Rakesh Dalvi (022-23058542) or Mr. Maulik Patel (Asst. Manager)

( +91 9909985007) or at Karnavati Club Limited on Email: [email protected]

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IN EXERCISE OF THE POWERS OF THE BOARD OF DIRECTORS OF THE CLUB CONTAINED IN ITS

ARTICLES OF ASSOCIATION READ WITH SECTION 108 OF THE ACT AND RULE 20 OF THE

COMPANIES (MANAGEMENT AND ADMINISTRATION) RULES, 2014 THE FOLLOWING ELECTION

RULES ARE PRESCRIBED FOR SMOOTH AND TRANSPERANT ELECTION OF THE DIRECTORS AT

THE 31ST ANNUAL GENERAL MEETING. THE BOARD OF DIRECTORS MAY ALTER/MODIFY THE

RULES FROM TIME TO TIME AS MAY BE DEEMED FIT AND PROPER.

THE RULES AND REGULATIONS FOR THE ELECTIONS

1. No person not being a retiring Director shall be eligible for election as a Director at any General Meeting

unless he has notified to the Hon. Secretary at Registered Office of the Club, not less than 14 days before the

date fixed for the meeting, as required by the provisions of the Companies Act, 2013 his intention to stand for

election by a notice in writing signed by the member intending to stand and by two other members as his

proposer and seconder along with a deposit of Rs.1,00,000/- which be refunded to such member if he

succeeds in getting elected as a Director or gets more than twenty-five per cent of total valid votes cast. The

names of the person so notifying their intention to stand for election shall be placed on the notice board of the

club.

2. The nominee of the Institutional Member shall be eligible to be elected as a Director, but his membership, if

elected, will be considered only as personal and on his nomination being cancelled or altered by the

Institutional Member or on the Institutional ceasing to be a member, he shall cease to be a Director. He shall

not be eligible to become President, Vice President, Hon. Secretary, and Hon. Jt. Secretary.

3. The Candidate is required to furnish Director Identification Number and declaration that he is not disqualified

to become a Director as required under the provision of section 152(4) of the Companies Act, 2013.

4. The Candidate is required to submit completely filled Form DIR-2 (consent to act as Director) as prescribed

under the Companies Act, 2013 (including rules thereof) along with the candidature for election of Director.

5. The Candidate is required to furnish declaration as required under the provisions of section 164 of the

Companies Act, 2013 read with rule 14(1) of Companies (Appointment and Qualification of Directors) Rules,

2014.

6. The provisions of section 164 of the Companies Act, 2013 relating to the disqualification of appointment of

Director are read as under:

(1) A person shall not be eligible for appointment as a Director of a Company, if:

a) he is of unsound mind and stands so declared by a competent court;

b) he is an undischarged insolvent;

c) he has applied to be adjudicated as an insolvent and his application is pending;

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d) he has been convicted by a court of any offence, whether involving moral turpitude or otherwise, and

sentenced in respect thereof to imprisonment for not less than six months and a period of five years

has not elapsed from the date of expiry of the sentence:

e) Provided that if a person has been convicted of any offence and sentenced in respect thereof to

imprisonment for a period of seven years or more, he shall not be eligible to be appointed as a Director

in any company;

f) an order disqualifying him for appointment as a Director has been passed by a Court or Tribunal and

the order is in force;

g) he has not paid any calls in respect of any shares of the company held by him, whether alone or jointly

with others, and six months have elapsed from the last day fixed for the payment of the call;

h) he has been convicted of the offence dealing with related party transactions under section 188 at any

time during the last preceding five years; or

i) he has not complied with sub-section (3) of section 152.

(2) No person who is or has been a Director of a company which—

a) has not filed financial statements or annual returns for any continuous period of three financial years;

or

b) has failed to repay the deposits accepted by it or pay interest thereon or to redeem any debentures on

the due date or pay interest due thereon or pay any dividend declared and such failure to pay or

redeem continues for one year or more, shall be eligible to be re- appointed as a Director of that

company or appointed in other company for a period of five years from the date on which the said

company fails to do so.

7. Schedule for election of Directors at the 31st Annual General Meeting:

Date of issuing Nomination Form Thursday, 26th November, 2020 to

Thursday, 3rd December, 2020

(11.00 a.m. to 2.00 p.m.)

Due date for submission of Nomination Form Friday, 4th December, 2020

(up to 5.00 p.m.)

Due Date for Withdrawal of Nomination Form Friday, 11th December, 2020

(up to 5.00 p.m.)

Cut-off date of membership for remote Saturday,12th December, 2020

e-voting/e-voting during AGM

E-Voting shall be available From Wednesday, 16th December, 2020 (9.00 a.m.) to

Friday, 18th December, 2020 (5.00 p.m.)

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8. The names of all the persons who are contesting the elections for directorship will be placed on the notice

board/website of the club.

9. If the number of candidates at the election is the same for which the elections are being held, then no

election will be conducted and such candidates will be declared by the Chairman of the General Meeting to

have been duly elected. If the number of candidates is more than the number of seats for which the

elections are to be held, voting shall be by remote E-voting & E-voting during AGM. In the event of there

being less nomination than the seats on the Board, the same shall be filled by nomination by the Board of

Directors, after it is constituted.

10. Before the commencement of voting, the Chairman shall appoint Scrutinizer(s) in accordance with Section

108 of the Companies Act, 2013 and rules thereof. The Chairman shall be entitled to give directions

instructions etc. to the Scrutinizers, in relation to the scrutiny votes etc. The Scrutinizers will be entitled to

take the assistance of the Chairman and subject to his directions, if any, the assistance of the member of

the Club and or the staff of the Club to assist them in preparing statements, report etc. and votes cast.

11. The scrutinizers will be entitled to take the assistance of the member of the Club and/or the staff of the Club

or employed/deployed any outsider(s) whether individual(s) or professional/ experts firm or corporate(s),

with or without remuneration, to assist them in, preparing statements

ELECTION PROCEDURE:

12. Result of elected 11 Directors shall be declared by the Chairman immediately after counting of the votes.

13. The Scrutinizer(s) shall be the sole judge of validity of any vote tendered by a member. Any contestant shall

not be entitled to decide about validity of the votes tendered or any dispute relating thereto. The decision of

Scrutinizers in relation to the validity of the votes cast, the eligibility of the member to cast his vote and other

matters arising out of in relation to the voting shall be final and binding on all concerned. The list of

members of the Club as at the commencement of the meeting shall be taken as final for the purpose of

determining the members who are entitled to vote.

14. The Scrutinizers shall be the sole judge of any objection relating to the election as well as to the

qualification or disqualification of candidates, the right of members to vote at the election, or otherwise, the

validity or otherwise of the votes, the validity of the nomination form or letters of consent submitted for the

election and all other matters related to or touching or in connection with the election or e-voting during a

General Meeting.

15. The Chairman shall be entitled, to give such directions, instructions etc. as he may deem fit in order to

ascertain that the elections and/or voting are properly conducted, and appoint the Staff / Officers to assist

him in conducting the elections smoothly.

16. The declaration by the Chairman of the meeting of the results of the e-voting shall be final and binding on all

concerned and shall not be challenged. The provisions of Arbitration and Conciliation Act shall not apply in

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the matter of the decision of the chairman for declaration of the result of the poll.

17. Canvassing will not be done in any manner by any person in the Club building and near Lawn portion of the

Club premises.

18. The candidate(s) willing to contest the election for directorship will be issued one form for the purpose on

request duly signed by him. However, the Chairman may consider the request for additional forms required

by the candidate(s).

19. A Proposer/Seconder of the candidates cannot propose or second for more than 11 candidates, i.e. total

number of seats, if it is found otherwise, all such forms will be treated as rejected.

20. The Ordinary members, Life members and any one nominee of an Institutional member shall be entitled to

vote at General Meetings and to take part in election process.

21. The Temporary Members, Non-Resident Members, Honorary, Gymkhana, Service and spouse Members

and junior member are not entitled to receive notice of, or to attend or to vote at any General Meeting of the

Company nor shall they be entitled to be a Director or member of any Sub-Committee thereof nor shall they

be entitled to hold the post of President, or Vice-President or Hon. Secretary or Hon. Jt. Secretary of the

Company. In all other respects subject to the provisions of these Articles or any Bye-Laws for the time

being in force, Temporary, Non-Resident, Honorary, Gymkhana and Service Members shall be subject to

the same duties and liabilities and shall enjoy the same rights and privileges as Ordinary Members

22. The decision of Chairman of the meeting in respect of the eligibility of the candidates to contest election as

a member of the Board of Directors eligibility of any members of the club to affairs as voting rights at the

meeting, procedure of the e-voting process and the result of the poll shall be final and binding on all the

persons concerned.

23. A copy of the rules and regulations for election shall be placed on the Notice Board of the club.


Naginbhai G Patel

President

DIN:00361230

Registered Office:




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EXPLANATORY STATEMENT

Statement pursuant to Section 102 of the Companies Act, 2013.

ITEM NO. 3

Under Section 181 of the Companies Act, 2013, the Board of Directors of the Company may contribute to each

charitable and other fund, provided that prior permission of the Members is required for such contributions

during a financial year if it exceeds five percent of its average net profits for the three immediately preceding

financial years. The approval of the Members is being sought pursuant to Section 181 of the Act for having

contributed Rs. 1.25 crores each to PM Care Fund and to Chief Minister Relief Fund, to help the Governments

to combat spread of COVID-19 Pandemic, as resolved by the Board of Directors through a Circular Resolution.

The same being a social obligation of the Club, the Board had taken a decision to make the contribution without

prior approval of the members in general meeting and the amount was in excess of the ceiling laid down under

the aforesaid section.

None of the Director and Key Managerial Personnel of the Company or their relatives may be deemed to be

concerned or interested, financially or otherwise, in the resolution set out at item no. 3 of the accompanying

notice.

The Board commends passing of the resolutions set out at item no. 3 of the accompanying Notice for your

approval by way of Ordinary Resolution.

ITEM NO. 4

Article 3 of the Articles of Association permits the Board of Directors to admit upto 14,000 members and the

Club is nearing its maximum strength. The Board of Directors of the Company at its meeting held on Friday,

20th November, 2020, subject to approval of the members in general meeting by way of Special Resolution

decided to alter the Article 3 of the Articles of Association of the Company to increase the maximum strength

having Voting Rights to 15,000. This would enable the Club to admit new members as when decided.



notice.


approval by way of Special Resolution.

ITEM NO. 5

The Board of Directors of Karnavati Club Limited (KCL) had decided and accordingly purchased a huge piece

of land admeasuring approximately 3 Lakhs Sq. Yard for new unit of the club named as Karnavati Club Resort

(KCR). The T. P. plotting is finalized and the Club has received the possession of the Final Plot. The architect

had been appointed to design the new club and the new Club Resort plans are under preparation for the first

13


phase and the construction is expected to be completed (phase wise) within the next 5 years’ time.

A KCR Club member shall pay an Entrance fee, as may be decided by the Board of Directors from time to time,

which shall be non- refundable and the Membership shall be for a fixed period upto 31st December, 2045 or 25

years, whichever is earlier. The KCR Club membership card would be issued only on receipt of entire entrance

fee amount as prevailing and agreed upon for such admission.

As the exiting Articles of Association does not contain the provisions relating to such Club membership, the

Articles of Association are proposed to be suitably amended to enable the management to launch the new Club

Membership for Karnavati Club Resort.

A copy of the existing Articles of Association of the Company is available for inspection by any member at the

Registered office of the Club during normal business hours on any working day.



notice.


approval by way of Special Resolution.


Naginbhai G Patel

President

DIN:00361230

Registered Office:




14


KARNAVATI CLUB LIMITED

CIN: U92410GJ1989GAP012192

Regd. Office: Gandhi Nagar- Sarkhej Highway, Near Mahmadpura,

Ahmedabad – 380058 (Gujarat-INDIA)

Email: [email protected], [email protected], Website: www.karnavaticlub.com

Mobile:- 9913906060, 9924286060, 9924086060

DIRECTORS’ REPORT

Dear Members,

It is a great pleasure to present before you the performance report of the Club along with the 31st Annual Report

of the Club and the Audited Statement of Accounts for the 12 months period from 1st April, 2019 to the period

ended on 31st March, 2020.

Karnavati Club is guided by an eminent Board of successful and experienced businessmen and professionals,

whose expertise and inputs have taken it to greater heights over the years. The management team has not only

expanded and extended the range of activities and facilities but has also ensured continuity and progress at

every stage. The combined enthusiasm and dynamism have resulted in better services, higher satisfaction and

enhanced reputation for the Club. The tradition goes on.

Karnavati Club Management has set an example of humanity and generosity during COVID-19 pandemic, by

way of donating, distribution of food packets but also taking care of their Members as well as staff working since

years.

Karnavati Club Management take lot of pride and joy to inform all the Members that Karnavati Club has

purchased 120 Vigha land Nr. Mulasana, Situated at an elevated place Near Ahmedabad and values in an

expanse of over 120 Vigha of lush greenery, Karnavati Club and Resort will be undoubtedly one of the best Club

with World Class Standards across India. It is a great pleasure to inform you that on 1st December 2019, we had

arranged a great gala function for our respected Members as soon as we got the possession of the land of

Karnavati Club and Resort, Mulasana.

This new Club will give emphasis to the nature in its original form, introducing its buildings and facilities

delicately, preserving every possible inch of Mother Nature’s infinite variety. Because it values ‘Family

Concept’, Our Club will create the right environment for a family and will give the true meaning of ‘Clubbing’ by

offering Biggest Theme park for Children which will be the center of attraction and list of Probable Facilities like:-

A. Facilities outside the Premises.

1. Compound wall, Gate & Security cabin 2. Landscaping & Gardening

3. Fountain & statue. 4. Internal road & Electric Pole.

5. Car parking- Two & Four wheel vehicles. 6. Solar System on terrace.

7. Electric substation & Generator. 8. Under ground Water tank (1) Drinking (2) Fire

15


9. C.C.T.V Camera System 10. Overhead tanks on each building.

11. Rain water harvesting system, percolation well & 12. Signage & Scroll board.

Sewerage Treatment Plant (STP)

13. Disc for T.V. channel 14. Bore wells

B. Facilities inside the Premises.

(a) Sport and fitness:

1. Badminton courts 2. Basketball courts

3. Football Ground 4. Table Tennis

5. Tennis courts 6. Volleyball courts

7. Multipurpose sports ground 8. Net Cricket

9. Squash courts 10. Billiards and pool room

11. Board games 12. Bridge and card room

13. Indoor Games 14. Aerobic / yoga hall

15. Gymnasium 16. Cycling track

17. Jogging Track 18. Sports Café

19. Cricket Ground cum open air theater

(b) Accommodation

1. Residential rooms 2. Doctors room

3. Mothers room 4. Sick / Rest room

(c) Spa and saloon with international standards

(d) Banquet Hall

(e) Party Lawns

(f) Theme Restaurants, Multi cuisine Restaurant and 24 hours Cafeteria

(g) Recreational:

1. Ample Interactive spaces 2. Family sit out

3. Members lounge 4. Swimming pool

5. Infinity Pool with ancillary activity 6. Waive pool in Children Park

7. Zen garden 8. Day care center

9. Children’s play area: with world class facilities 10. Toddlers play area

and of international standards

11. Toddlers pool 12. Movie Theater

13. T.V. rooms 14. Music / karaoke room

15. Discotheque 16. Library / digital library

16


17. Virtual and video games 18. Gaming zone

19. Rain forest area 20. Laser show on screen and on water fountain

21. A.T.M. 22. Shopping Mal

(h) Water body

(I) Hillocks

And many more to go……

Our existing Karnavati Club Members will enjoy their new phase of life with an environment that elicits new

thoughts amid underlying warmth & comfort. A contiguous space that offers the best of corporate tools &

recreational conveniences.

Last, but not the least, we want to make your life enjoyable by adding more conveniences. This is why we have

dedicated children-friendly activities to keep the tiny tots as well as the youngsters busy and Senior Citizens, as

you explore all that the various activities, experiences and facilities the Club has to offer.

Karnavati Club and Resort Progress Report:

1. Appointment of an Architect: Meinhardt EPCM (India) Private Limited, is an architectural firm, with

more than 65 years of engineering experience which delivers award-winning architectural solutions

for projects around the world including China, Indonesia, Malaysia, Middle East, Pakistan, Philippines

and Singapore.

2. Foundation stone laying ceremony on 15th August 2020 at Karnavati Club and Resort, Mulasana.

3. Appointment of various Agencies for

[1] Civil Work for Underground Tank With Associated MEP Works, Retaining Wall With Compound

Wall And Gate, Site Office, Dismantling Of Existing Compound Wall, Peripheral Water Supply

System And All Related MEP Works,

[2] Earth Filling And Other Related Works,

[3] Landscaping, Tree Plantation And Maintenance Works And Other Allied Works Of Drip Irrigation &

MEP Works

[4] Short-Listing of Project Management Consultants (PMC) through Tenders.

4. Finalization of Master plan

17


During the year under review, the revenue from operations has been lower at Rs. 1051.83 Lakhs as compared

to Rs. 1378.98 Lakhs, during the previous year. The other Income has been higher at Rs. 1704.11 Lakhs as

compared to Rs. 1532.11 Lakhs during the previous year. The Company has an excess of expenditure over

Income by Rs. 162.36 Lakhs as compared to excess of income over expenditure of Rs. 470.91 Lakhs, during

the previous year, mainly due to higher repair and maintenance expenses and a donation of Rs 2.50 crores to

PM Cares Fund and CM Relief Fund, as part of its social obligation to help the authorities to combat the

Pandemic COVID-19.

IMPLEMENTATION OF IND-AS

The Company has transitioned basis of accounting from Indian generally accepted accounting principles

("GAAP") to Ind AS. The accounting policies have been applied in preparing the financial statements for the

year ended 31 March 2020. The comparative information presented in three financial statements for the year

ended 31 March 2019 and in the preparation of an opening Ind AS balance sheet as at 1 April 2018 (The

transition date).

In preparing opening Ind AS balance sheet, the Company has adjusted amounts reported in financial

statements prepared in accordance with IGAAP. On transition, the Company did not revise estimates

previously made under IGAAP except where required by Ind AS.

MEMBERSHIP:

Life membership in all categories was closed from 1st July,1999.

The present entrance fees for various categories are as under:

Ordinary : Rs. 25,00,000/-

Institutional (Ordinary) : Rs. 50,00,000/- (2 nominees)

Transfer Membership : Rs. 2,00,000/-

18

(Rs. In Lakhs)

Items 2019-2020 2018-2019

Capital Reserves 44806.35 30144.78

Fixed Assets

(Gross Block) 21393.31 8433.48

Revenue from Operations 1051.83 1378.98

Other Income 1704.11 1532.11

Expenditure (Without Depreciation) 2559.11 1845.82

Depreciation 447.35 474.30

Exceptional Items 2.93 0

Tax Provision : Income tax 0 48.31

: Deferred tax (91.09) 71.75

Excess of Income over expenditure during the period [+/(-)] (162.36) 470.91


FINANCIAL SUMMARY /HIGHLIGHTS

The activities of the Club are briefly reflected as under:

Blood relation Transfer : Rs. 25,000/-

Members’ Children : Rs. 12,50,000/-

Spouse : Rs. 1,500/-

(before 04/03/2016)

NRI Ordinary : US$ 35,000

Note: Government Taxes extra, as applicable.

Spouse of a deceased member (died on or after 4th March, 2016) is eligible for Ordinary membership of

the Club. The existing Article of Association, as amended, provides that the spouse of a deceased member

(died prior to 4th March, 2016) gets Spouse membership and also Ordinary Membership entitlement to

more than one child.

CHANGE IN THE NATURE OF BUSINESS:

During the year under review, there was no change in the nature of business of the Club.

EXTRACT OF THE ANNUAL RETURN:

The Extract of Annual Return, pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the

Companies (Management and Administration) Rules, 2014 as on the financial year ended on 31st March, 2020

is annexed to the Director’s Report and forms a part of this Report.

MEETINGS:

During the financial 2019-20, Six (6) Board Meetings were convened and held and the interval between none of

the meetings of the Board exceeded the prescribed time limit of 120 days as provided under the Companies

Act, 2013.

DIRECTORS:

Following Members were appointed as Additional Directors under Co-option, with effect from 14th December

2019 to hold office upto the date of the ensuing Annual General Meeting:

1. Shri Ashish C. Amin (DIN: 07468153),

2. Shri Jagdishbhai B. Patel(DIN: 00376555) ,

3. Shri Mitesh C. Patel (DIN: 01934233),

4. Shri Prashant J. Shah (DIN: 01553478)

5. Shri Trilokbhai R. Parikh (DIN: 00372943)

The following Directors are due for retire by rotation of Directors at ensuing Annual General Meeting and the

retiring positions shall be filled up through election process:

19


1. Shri. Amrish J. Patel (DIN: 01866121)

2. Shri Bhavesh K. Patel (DIN: 03124723)

3. Shri Dhaval M. Barot (DIN: 07466154)

4. Shri Jayesh H. Modi (DIN: 06757393)

5. Shri Ketan B. Patel (DIN: 02484211)

6. Shri Manoj R. Patel (DIN: 01920438)

7. Shri Niki A. Patel (DIN: 01479396)

8. Shri Nilesh Desai (DIN: 00414747)

9. Shri Nimesh D. Patel ( DIN: 00185400)

10. Ms. Silvaben V. Patel (DIN: 01749782)

11. Shri Vijay H. Mehta (DIN: 00819931)

The program for filing nominations for Election as Directors of the company is being announced along with

issuance of the notice of the meeting.

DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to Section 134(5) of the Companies Act, 2013, the Directors confirm that:

1) In the preparation of the annual accounts, the applicable Accounting Standards have been followed.

2) Appropriate accounting policies have been selected and applied consistently and have 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

Company as at 31st March, 2020 and of the excess of expenditure over income of the Company for the

period 1st April 2019 to 31st March, 2020;

3) Proper and sufficient care has been taken for the maintenance of adequate accounting records in

accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company

and for preventing and detecting fraud and other irregularities.

4) The Annual Accounts have been prepared on a going concern basis.

5) The Directors had devised proper systems to ensure compliance with the provisions of all applicable law

and that such systems were adequate and operating efficiently.

ACTIVITIES & FACILITIES:

The unprecedented COVID-19 pandemic spreaded rapidly across Nations and Country and then after country

was under lockdown, making about billions of people globally remain at home to save their lives. Karnavati Club

Ltd was also completely lockdown form 24th March 2020 till the month of July 2020.

Karnavati Club Ltd followed all the guidelines as per SOP issued by Government of India from time to time, and

the Club Management allowed their Members to use the Club activities and other Facilities with strict

implications of Guidelines i.e., Mask Compulsory, Hand Sanitizers, social distancing and detailed guidelines

20


were emailed to Club Members and also uploaded on the website.

The following facilities and amenities were commenced from time to time at our Club:

1. Gym – from 24.08.2020 with prior slot booking

2. Yoga – (Online) from 24.08.2020

3. Side Walk Café - from 24.08.2020

4. Tennis Court - from 26.08.2020

5. Badminton Court and Squash Court - from 28.08.2020

6. Pan Parlour – from 01.09.2020

7. Billiard Room, Library and Reading Room – from 08.09.2020

8. Jogging Track – from 09.09.2020

STATUTORY AUDITORS

M/s. DGSM & Co., Chartered Accountants, Ahmedabad were appointed as STATUTORY AUDITORS for

period of 5 years from 30th Annual General Meeting of the Company till the conclusion of the 35th Annual

General Meeting of the Company.

EXPLANATION ON REMARKS IN AUDITOR’S REPORT PURSUANT TO SECTION 134(3)(f)(i) OF THE

COMPANIES ACT. 2013

Notes Forming Part of Accounts in the Auditor’s Report of M/s. DGSM & Co., Chartered Accountants are self-

explanatory. The Statutory Auditors of the Company remarks/qualified Note no. 40 A (1) of notes forming part of

accounts of the Financial Statements is self -explanatory. About uncertain future liability that may arise in the

matter of Golden Glory Hall constructed in the Land admeasuring 10013 Sq. Mtrs. The Hon’ble High Court of

Gujarat vide its order dated 11.05.2018, dismissed R/Special Civil Application No. 9503 of 2007, with Civil

Application No. 1 of 2007 with R/Special Application No. 8294 of 2007 with R/Writ Petition (PIL) No. 158 of 2012

on 11th May, 2018 due to devoid of merit, as the respondent state has already taken a decision to regularize the

possession of the Club on Golden Glory hall Land for which Rs. 20 crores have already deposited by the Club

with the State Government. The land for Golden Glory Hall is subject to decision by the state and subject matter

of petition in Special Civil Application No. 4890 of 2014, pending before the Hon. High Court of Gujarat.

With regard to the constructed Sport Complex, the Sport Complex was constructed without getting the plans

approved by the concerned authorities. As such, said Sport Complex had been sealed by the Ahmedabad

Municipal Corporation. The Club is taking necessary permission/approval to regularize the same.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

The Club has not given any loans and guarantees. However, during the year, the surplus balance has been

invested in debt funds. The total investment as on 31st March, 2020 was Rs. 3485.00 Lakhs ( Fair value Rs.

4905.63 Lakhs).

21


RELATED PARTY TRANSACTIONS:

The detailed particulars of Contracts or Arrangements with Related Parties, pursuant to clause (h) of sub-

section (3) of section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014 as on the financial

year ended on 31st March, 2020 is annexed to the Director’s Report and forms a part of this Report.

FUND TRANSFER TO RESERVE:

The Membership fees amounting to Rs. 146.61 Crore received during the year is transferred to Capital

Reserves. As on 31st March, 2020, the outstanding balance of Capital Reserves is Rs. 448.06 Crore.

The excess of Expenditure over Income of Rs. 1.62 Crore is transferred to Income and Expenditure Account. As

on 31st March, 2020, the outstanding balance of Net loss is Rs. 20.42 Crore. Thus, the net balance of reserves

and surplus is Rs. 427.64 Crores.

CORPORATE SOCIAL RESPONSIBILITY:

The net worth of the Club is less than Rs. 500 crores, the turnover of the Club is less than Rs. 1,000 crores and

the net profit of the company is less then Rs. 5 crores. Hence the club is not liable to develop and implement

policy on corporate social responsibility.

SAFETY OF WOMEN EMPLOYEE:

As per the requirement of The Sexual Harassment Policy for women at workplace (Prevention, Prohibition &

Redressal) Act, 2013 and rules are made accordingly. The Club has women employee in the organization but till

date there has been no instance raised by any women employee

MATERIAL CHANGES AND COMMITMENTS:

There were no material changes and commitments which is affecting the financial position of the company

which has occurred between the end of the financial year of the company to which the financial statements

relate and the date of the report.

PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND

FOREIGN EXCHANGE EARNINGS AND OUTGO

The Club is not engaged in any manufacturing activity and hence the particulars regarding technology

absorption and foreign exchange earnings and outgo are nil.

The Club has installed a Wind Mill Farm at Amrapur, Patan, Gujarat and installed Roof Top Solar panels system

in the Club premises for energy conversation. The production of the electricity has reduced major expense of

the Club.

BUSINESS RISK MANAGEMENT:

The Company is at risk with regard to the Land admeasuring 10013 sq. mtrs out of the total land of 43659.51 sq.

22


mtrs which is vested in the State Government which is required to be regularized by the State Government. Ad-

interim relief is granted by the Hon’ble Gujarat High Court by passing of order dated 20.02.2013 in response to

the Special Civil Application filed (1969/2013). The Hon’ble Gujarat High Court vide order dated 05.12.2013

has directed to the State Government for regularization of land. Accordingly, the State Government has valued

the said land at Rs. 1,01,600/- per sq. mtr. which shall be calculated at 2.5 times, which comes to Rs.

254,33,02,000/-. The Hon’ble High Court of Gujarat vide its order dated 11.05.2018, dismissed R/Special Civil

Application No. 9503 of 2007, with Civil Application No. 1 of 2007 with R/Special Application No. 8294 of 2007

with R/Writ Petition (PIL) No. 158 of 2012 on 11th May, 2018 due to devoid of merit, as the respondent state has

already taken a decision to regularize the possession of the Club on Golden Glory hall Land for which Rs. 20

crores have already deposited by the Club with the State Government. The land for Golden Glory Hall is

subject to decision by the state and subject matter of petition in Special Civil Application No. 4890 of 2014. The

Hon. High Court of Gujarat vide its Order Dated 25th April, 2019 in R/Special Civil Application 4890/2014 has

disposed of the said application giving liberty to the Company to make appropriate representation to the State

Government, in the matter.

It is difficult to ascertain the amount that would require to be paid by the Company or the status of the land as the

matter is sub-judice. However, the Company is at risk so far as the land admeasuring 10,013 sq. mtrs is

concerned.

The Company has constructed Sport Complex at the cost of Rs. 4,17,13,732/-. The said Sport Complex was

constructed without getting the plans approved by the concerned authorities. As such, said Sport Complex had

been sealed by the Ahmedabad Municipal Corporation.

PARTICULARS OF EMPLOYEES UNDER RULE 5(2) OF THE COMPANIES (APPOINTMENT &

REMUNERATION OF MANAGERIAL PERSONAL) RULES, 2014

There was no employee, who was in receipt of remuneration exceeding Rs. 1,02,00,000/- per annum or Rs.

8,50,000/- per month, if employed for part of the year.

DEPOSITS:

The Company has not accepted any Deposits from the public falling within the ambit of section 73 of the

Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014.

INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY:

The Club has appointed M/s. Ingit Modi & Co., Chartered Accountants, and Ahmedabad as the Internal Auditor

of the Company/Club, who is carrying out the Internal Audit of the Club on a monthly basis. The Internal Auditor

kee

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS or TRIBUNALS:

STATUS OF VARIOUS MATTERS OF KARNAVATI CLUB LTD. PENDING BEFORE THE VARIOUS TRIAL COURT, HON’BLE HIGH COURT, CIVIL COURT AND DISTRICT COURT AT MIRZAPUR

23


Sr. NAME OF CASE NO PARTIES LIST OF STATUS No COURT NAME THE MATTER 1 City Civil Court

Pending in Civil

Board

Department

Civil Suit

No.2591/2008

West Zone

Plaintiff : Karnavati

Club Ltd. Versus

Defendant 1:

Ahmedabad

Municipal

Corporation

Defendant 2: The

Town Development

Officer New

Suit By Club Challenging

Notices Notice Issued

Under Section 260 Of The

Bpmc Act For Alleged

Illegal Construction Near

The Swimming Pool Area.

Hearing On

Injunction

Application

Pending

REMARKS

STATUS OF VARIOUS MATTERS PENDING BEFORE THE HON’BLE HIGH COURT OF GUJARAT

SR. NAME OF CASE NO, YEAR PRAYER OF THE CASE STATUS NO. COURT AND NAME OF THE PARTY

1 HON.’BLE MS. JUSTICE BELA M.

TRIVEDI

SCA/1969/2013

Karnavati Club v/s State of Gujarat

Challenging and setting aside the valuation of Rs. 76 crores (approx) determined and the State Government for regularizing the construction and possession of the land. Honourable court diverted to re determine the valuation. (to be heard with mentioned matter).

Pending

2 HON.’BLE MR. JUSTICE A.

Y. KOGJE

SCA/11963/2015

Karnavati Sports & Recreation Club Ltd. vs.

AMC & Ors.

Challenging and setting aside the order dt. 17.7.2015 to pull down the Sports Complex within 3 days situated at Rev. Survey No.756/4 of allotted F.P. No.772 and to declare all actions of Respondents under Section 260 of the Gujarat Provincial Municipal Corporation Act, 1949 as bad in law and without authority.

Pending

APPRECIATION

I would like to put on record my appreciation and gratitude to all Members of the Club for their whole-hearted support, cooperation and confidence reposed by them in the Club Management. The progress of the Club would not have been possible without their valuable cooperation.

For and on Behalf of the Board of Directors

Naginbhai G Patel

President

DIN:00361230

Registered Office:





ANNEXURE TO DIRECTORS’ REPORTI. EXTRACT OF ANNUAL RETURN (AS ON THE FINANCIAL YEAR ENDED ON 31st MARCH, 2020)

(MGT-9)

Pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies (Management and Administration) Rules, 2014, the extract of the Annual Return is as under:

I. REGISTRATION AND OTHER DETAILS:

Sr. Name and Description of NIC Code of the % to total turnover of

No. main products/services Product/service the company

1 Club & Association Service 00440322 100 %

II. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES

All the business activities contributing 10 % or more of the total turnover of the Company/Club shall be stated: -

III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES

All the business activities contributing 10 % or more of the total turnover of the Company/Club shall be stated: -

Sr. Name And Address Of The Company/club

cin/gln holding/ subsidiary/ % of shares ApplicableSection no held

associate

NONE

iCIN

Registration Date

Address of the Registered office& contact details

Whether listed company

Name , Address & contact detailsof the Registrar & Transfer Agent, if any.

Name of the Company/Club

Category/Sub-category of the Company/Club

ii

iii

iv

v

vi

vii

U92410GJ1989GAP012192

03/05/1989

KARNAVATI CLUB LIMITED

Company/Club Limited by Guarantee/ Guarantee and association

Gandhinagar-Sarkhej Highway, Near Mahmadpura, Ahmedabad - 380058 (Gujarat-INDIA), Tel. 079-26926060, 26929090, 26926013, Fax.079-26929748Email:[email protected], Website: www.karnavaticlub.com

No

None

i :

:

:

:

:

:

:

25


IV. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES

The Club is a Public Company/Club, limited by guarantee. Hence, the requirement for furnishing the details relating to (i) Category-wise Share Holding, (ii) Shareholding of Promoters, (iii) Change in Promoters’ Shareholding (please specify, if there is no change), (iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs) (v) Shareholding of Directors and Key Managerial Personnel is not applicable to the Company/Club and as such not given.

Secured Unsecured Deposits Total Loans Loans Indebtedness

excluding

deposits

Indebtedness at the beginning of the financial year

i) Principal Amount

ii) Interest due but not paid

iii) Interest accrued but not due NIL

Total (i+ii+iii) NIL

Change in Indebtedness

during the financial year

· Addition

· Reduction NIL

Net Change NIL

Indebtedness at the end of the financial year

i) Principal Amount



Total (i+ii+iii)

Change in Indebtedness during the financial year

· Addition

· Reduction NIL

Net Change NIL


26


i) Principal Amount




V. INDEBTEDNESS

Indebtedness of the Company/Club including interest outstanding/accrued but not due for payment


excluding

deposits


excluding

deposits


i) Principal Amount




Indebtedness at the beginning of the financial year

Change in Indebtedness

during the financial year

· Addition

· Reduction NIL

Net Change NIL


i) Principal Amount



Total (i+ii+iii)


27


Change in Indebtedness during the financial year

· Addition

· Reduction NIL

Net Change NIL


i) Principal Amount





excluding

deposits

Sl. Particulars of Remuneration Name of MD/WTD/ Manager Total no. Amount

1

2 Stock Option

3 Sweat Equity

4 Commission

- as % of profit

- others, specify?

5 Others, please specify

Total (A)

Ceiling as per the Act

VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

A. Remuneration to Managing Director, Whole-time Directors and/or Manager:

Gross salary

(a) Salary as per provisions contained in section 17(1) of the Income-tax Act, 1961

(b) Value of perquisites u/s 17(2) Income-tax Act, 1961

(c) Profits in lieu of salary under section 17(3) Income-tax Act, 1961

There is no Managing Director, Whole-time Directors

and/or Manager. However, The, Office Bearers of the

Club i.e. President, Vice President, Hon. Secretary and

Hon. Jt. Secretary jointly manages the affairs of the

Club. They are not drawing any remuneration.


28


Sr. Particulars of Remuneration Name of Directors Total No. Amount

3. None of the Directors are paid setting fees / commission.

Total (1)

4.

Total (2)

Total (B)=(1+2)

Total Managerial Remuneration

Overall Ceiling as per the Act

Independent Directors • Fee for attending board/committee

meetings • Commission • Others, please specify

Other Non-Executive Directors • Fee for attending board / committee

meetings

B. Remuneration to other Directors:

Sr. Particulars of Key Managerial Personnel No. Remuneration

CEO Company CFO Total Secretary 1

2 Stock Option

3 Sweat Equity

4 Commission - as % of profit - others, specify?

5 Others, please

specify

Total

C. Remuneration to Key Managerial Personnel Other than MD/Manager/WTD

Gross salary

(a) Salary as per provisions contained in section 17(1) of the Income-tax Act, 1961

(b) Value of perquisites u/s 17(2) Income-tax Act, 1961

(c) Profits in lieu of salary under section 17(3) Income-tax Act, 1961


29


Type Section of Brief Details of Penalty/ Authority Appeal the Companies Description Punishment/ [RD / NCLT made, Act Compounding / COURT] if any (give fees imposed Details)

A . COMPANY

Penalty

Punishment NIL NIL NIL NIL NIL

Compounding B. DIRECTORS

Penalty


Compounding C. OTHER OFFICERS IN DEFAULT

Penalty


Compounding

VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES:


Naginbhai G Patel

President

DIN:00361230

Date: 20th November, 2020Place: Ahmedabad


30


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/Club with Related Parties referred to in sub section (1) of section 188 of the Companies Act, 2013 including certain arms’ length transaction under third proviso thereto.

1. Details of contracts or arrangements or transactions not at Arm’s length basis: NIL

SL. No. Particulars Details

1 Name (s) of the related party & nature of relationship NIL

2 Nature of contracts/arrangements/transaction NIL

3 Duration of the contracts/arrangements/transaction NIL

4 Salient terms of the contracts or arrangements or transaction including NIL

the value, if any

5 Justification for entering into such contracts or arrangements or transactions’ NIL

6 Date of approval by the Board NIL

7 Amount paid as advances, if any NIL

8 Date on which the special resolution was passed in General meeting NIL

as required under first proviso to section 188

2. Details of contracts or arrangements or transactions at Arm’s length basis:

Name (s) of the related

party & nature of relationship

Nature of contracts/arrangements/tran

saction

Duration of the

contracts/arrangements/tran

saction

Salient terms of the

contracts or arrangements or transaction including the value, if any

Date of approval by the Board

Amount paid as advances, if any (Rs.)

ParticularsSL.No.


Naginbhai G Patel

President

DIN:00361230



31


INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF KARNAVATI CLUB LIMITED

Report on the Audit of the Ind AS Financial Statements

Opinion

We have audited the Ind AS financial statements of Karnavati Club Limited (“the Company”), which comprise

the balance sheet as at 31 March 2020, and the statement of profit and loss (including other comprehensive

income), statement of changes in equity and statement of cash flows for the year then ended, and notes to the

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

information (herein after referred to as “Ind AS financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind

AS financial statements give the information required by the Companies Act, 2013 (“Act”) in the manner so

required and give a true and fair view in conformity with the accounting principles generally accepted in India, of

the state of affairs of the Company as at 31 March 2020, and loss and other comprehensive income, changes in

equity 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 Act. Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit

of the Standalone 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 Ind AS financial statements under the provisions of the

Act 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.

Emphasis of Matter

We draw your attention to Note 40 A (1) of the financial statements which describes the uncertainty regarding

the outcome of the litigation with respect to land and building. As per the Management, the impact on the

financial position of the Company will not be significant. Our opinion is not modified in respect of this matter.

Other Information

The Company’s management and Board of Directors are responsible for the other information. The other

information comprises the information included in the Company’s annual report, but does not include the

financial statements and our auditors’ report thereon.

Our opinion on the Ind AS 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 Ind AS financial statements, our responsibility is to read the other information

and, in doing so, consider whether the other information is materially inconsistent with the Ind AS financial

statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on

32


the work we have performed, we conclude that there is a material misstatement of this other information, we are

required to report that fact. We have nothing to report in this regard.

Management's Responsibility for the Ind AS Financial Statements

The Company’s management and Board of Directors are responsible for the matters stated in section 134(5) of

the Act with respect to the preparation of these Ind AS financial statements that give a true and fair view of the

state of affairs, loss and other comprehensive income, changes in equity and cash flows of the Company in

accordance with the accounting principles generally accepted in India, including the Indian Accounting

Standards (Ind AS) specified under section 133 of the Act. This responsibility also includes maintenance of

adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the

Company 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 Ind AS financial statements that give a true and fair view and are free from material

misstatement, whether due to fraud or error.

In preparing the Ind AS financial statements, management and Board of Directors are responsible for

assessing the Company’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 management either intends to liquidate

the Company or to cease operations, or has no realistic alternative but to do so.

Board of Directors is also responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the Ind AS 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 Ind AS financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional

skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Ind AS 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.

• 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 Act, we are also

responsible for expressing our opinion on whether the company has adequate internal financial

controls with reference to Ind AS financial statements in place and the operating effectiveness of

such controls.

33


• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting

estimates and related disclosures made by management.

• 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 Ind AS 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 Company

to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Ind AS financial statements,

including the disclosures, and whether the Ind AS 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 relationship 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 (Auditors’ Report) Order, 2016 (“the Order”) issued by the Central

Government in terms of section 143 (11) of the Act, we give in the “Annexure A” a statement on the

matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

(A) 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 profit and loss (including other comprehensive income),

the statement of changes in equity and the statement of cash flows dealt with by this Report

are in agreement with the books of account.

d) In our opinion, the aforesaid Ind AS financial statements comply with the specified under

section 133 of the Act.

e) On the basis of the written representations received from the directors as on 31 March 2020

and taken on record by the Board of Directors, none of the directors is disqualified as on 31

March 2020 from being appointed as a director in terms of Section 164(2) of the Act.

f) With respect to the adequacy of the internal financial controls with reference to Ind AS

financial statements of the Company and the operating effectiveness of such controls, refer

34


For, D G S M & Co, Chartered Accountants

Firm's Registration No.: 101606W

Devesh ShahPartner

Membership No.: 036830 ICAI UDIN: 20036830AAAAET6698


to our separate Report in “Annexure B”.

(B) With respect to the other matters to be included in the Auditors’ 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 Company has disclosed the impact of pending litigations as at 31 March 2020 on its

financial position in its Ind AS financial statements – Refer Note – 40 A (1) to the Ind AS

financial statements.

ii) The Company did not have any long – term contracts including derivative contracts for which

there were any material foreseeable losses. – Refer Note – 45 to the Ind AS financial

statements.

iii) There were no amounts which were required to be transferred to the Investor Education and

Protection Fund by the Company.

(C) With respect to the matter to be included in the Auditors’ Report under section 197(16):

With respect to the other matters to be included in the Auditor’s Report in accordance with the requirements of

section 197(16) of the Act, as amended, in our opinion and to the best of our information and according to the

explanations given to us, the said clause is not applicable as no remuneration has been paid by the Company to

its directors during the year.

35


ANNEXURE- A TO THE INDEPENDENT AUDITORS’ REPORT

(Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)

1. (a) The Company is in process of updating the fixed asset register.

(b) As per information and explanations given to us, the management of the Company has carried out physical verification of Fixed Assets at the end of the period.

(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company except for those mentioned in note 40 A (1) of notes to accounts.

2. As informed to us, physical verification of inventory of sports goods has been conducted at reasonable time intervals by the management and no material discrepancies were noticed on such physical verification.

3. According to the information and explanations provided to us by the management, the Company has not granted any loans, secured or unsecured to Companies, Firms, Limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Companies Act, 2013.

4. According to the information and explanation provided to us by the management, no such transactions have been undertaken during the year. Hence, the provisions of section 185 and 186 of the Companies Act, 2013 regarding loans, investment, guarantees and securities are not applicable to the Company.

5. According to the information and explanations provided to us by the management, the Company has not accepted any deposits from the public. Hence the provisions of section 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under are not applicable.

6. According to the information and explanation given to us the maintenance of cost records has not been prescribed under sub-section (1) of Section 148 of the Companies Act, 2013.

7. In respect of statutory dues

a) According to the information and explanations given to us, the Company is generally regular in depositing undisputed statutory dues, including provident fund, employees state insurance, income tax, sales tax, custom duty, excise duty, service tax , value added tax, goods and service tax, cess and other material statutory dues with the appropriate authorities.

According to the information and explanation given to us, no undisputed amounts payable in respect of aforesaid dues were outstanding as on 31 March 2020 for a period of more than six months from the date of become payable.

b) According to the information and explanations given to us, there are no undisputed dues of excise duty, sales tax, value added tax, goods and service tax, cess and custom duty which have not been deposited. The particulars of Income Tax and Service Tax which has not been deposited by the Company on account of dispute are as follows.

36


Sr. Name of Statute and Amount (Rs.) under Period to which Forum where dispute is Pending No. Nature of Dues dispute and not paid amount relates 1 Income Tax Act,1961 2,93,50,680 F.Y. 05-06 Honorable High Court of Gujarat

2 Income Tax Act,1961 3,23,49,829 F.Y. 11-12 Honorable High Court of Gujarat

3 Income Tax Act,1961 3,81,44,870 F.Y. 14-15 Commissioner(Appeals)

4 Finance Act, 1994 2,49,15,921 F.Y.2005-06 Appellate Tribunal

Service Tax TO F.Y. 2009-10

5 Finance Act,1994 14,47,000 F.Y 2010-11 Commissioner(Appeals)

Service Tax

6 Finance Act,1994 28,17,769 F.Y 2015-16 Appellate Tribunal

Service Tax

37

Note:

a) It is informed that no other dues except as specified above is under dispute and unpaid.

b) The company has opened the separate bank account for the disputed liability of FBT with Vijaya Bank Rs.14,98,566 (P.Y. Rs.14,12,894).

8. The Company does not have any loans or borrowings from financial institution, banks, government or dues to debenture holders during the year. Hence, this clause is not applicable.

9. According to information & explanation given to us, the Company has not raised any moneys by way of initial public offer or further public offer. Hence this clause is not applicable.

10. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of material fraud by the Company or on the Company by its officers or employees, notice or reported during the year, nor have we been informed of any such case by the Management.

11. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not paid/provided any managerial remuneration during the year so the provisions of section 197 read with Schedule V to the Act is not applicable.

12. The Company is not a Nidhi company and hence reporting under clause (xii) of Paragraph 3 of the Order is not applicable.

13. The Company has entered into transactions with related parties in compliance with the provisions of Section 188 of the Act. The details of such related party transactions have been disclosed in the Ind AS financial statements as required under Indian Accounting Standard (Ind AS) 24, Related Party Disclosures specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. Further, the Company is not required to constitute an Audit Committee under Section 177 of the Act, and accordingly, to this extent, the provisions of Clause 3(xiii) of the Order are not applicable to the Company.

14. The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debenture during the year under review. Hence requirement of this clause is not applicable.

15. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him. Hence requirement of this clause is not applicable.

16. In our opinion and according to information and explanations provided to us, the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act 1934.




Devesh ShahPartner



ANNEXURE – B TO THE INDEPENDENT AUDITORS’ REPORT

Referred to in Paragraph 2(f) under the heading of “Report on Other Legal and Regulatory Requirements” of our report of even date

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

We have audited the internal financial controls over financial reporting of Karnavati Club Limited (“the Company”) as of 31 March 2020 in conjunction with our audit of the Ind AS financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company's internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation

38


of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 March 2020, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

39



Devesh ShahPartner




ASSETS Non-Current Assets Property, Plant and Equipment 4.1 1,62,78,92,446 37,03,45,017 31,19,39,956 Capital Work-In-Progress 4.3 10,17,480 - 83,98,000 Intangible Assets 4.2 9,44,253 6,705 18,198 Financial Assets (I) Non Current Investments 5 2,43,40,000 2,43,40,000 2,43,40,000 (ii) Non Current Loans 6 54,75,213 49,99,213 49,38,963 1,65,96,69,392 39,96,90,935 34,96,35,117 Current Assets Inventories 8 18,125 18,125 19,281 Financial Assets (i) Current Investments 9 49,05,63,337 49,39,56,357 46,79,79,205 (ii) Trade receivables 10 4,28,05,930 4,69,15,424 5,40,29,328 (iii) Cash and cash equivalents 11 31,87,96,066 24,72,46,419 99,71,19,967 (iv) Bank balances other than (iii) above 12 1,86,41,53,672 2,30,14,14,355 1,03,51,434 (v) Current Loans 13 14,000 - - (vi) Other Current financial Assets 14 10,26,168 4,89,57,925 7,71,911 Current Tax Assets (Net) 15 7,42,28,607 6,74,66,767 5,94,88,682 Other Current Assets 16 25,08,91,347 34,44,14,176 36,21,42,724 3,04,24,97,252 3,55,03,89,548 1,95,19,02,532 Total Assets 4,70,21,66,644 3,95,00,80,483 2,30,15,37,649 EQUITY AND LIABILITIES Equity Equity Share Capital 17 - - - Other Equity 18 4,27,64,62,907 2,82,64,42,754 2,01,81,72,479 4,27,63,62,907 2,82,64,42,754 2,01,81,72,479 Non-Current Liabilities Financial Liablities (i) Other Non Current Financial Liabilities 19 4,74,340 5,74,340 10,25,550 Non Current Provisions 20 15,25,605 - - Deferred Tax Liabilities (Net) 7 3,87,80,349 4,78,28,735 4,06,53,424 4,07,80,294 4,84,03,075 4,16,78,974 Current Liabilities Financial Liablities (i) Trade Payables 21 - Dues to Micro, Small & Medium Enterprises - - - - Dues to Others 2,12,53,574 98,17,924 1,42,81,867 (ii) Other Current Financial Liabilities 22 3,70,76,027 71,53,31,799 7,38,74,143 Other Current Liabilities 23 32,10,58,224 34,51,97,728 15,33,48,927 Current Provisions 24 7,48,416 - 1,25,000 Current Tax Liabilities (Net) 25 48,87,203 48,87,203 56,258 38,50,23,444 1,07,52,34,654 24,16,86,195 Total Equity and Liabilities 4,70,21,66,644 3,95,00,80,483 2,30,15,37,649

Balance Sheet as at 31-Mar-2020

CIN: U92410GJ1989GAP012192

Particulars Note No. as at 31-Mar-2019 as at 1-April-2018

In ` (Rupees)

40

as at 31-Mar-2020

For, DGSM & Co

For and On behalf of the Board of Directors of Karnavati Club Limited

Chartered AccountantsFirm's Registration Number: 101606W President Shri Naginbhai G. Patel

Vice President Shri Jayesh H. Modi

CA. Devesh Shah Hon. Secretary Shri Ketan B. Patel

Partner Membership Number: 36830 Place: Ahmedabad Date: 20th November, 2020

Place: Ahmedabad Date: 20th November, 2020

00361230

Din.No.

0675739302484211

The notes referred above are an integral part of these financial statements.

In terms of our report attached


Income

Revenue from Operations 26 10,51,83,120 13,78,97,578

Other Income 27 17,04,10,771 15,32,11,476

Total Income 27,55,93,891 29,11,09,054

Expenses

Cost of Services 28 3,67,14,566 4,41,35,047

Employee Benefits Expense 29 2,15,26,208 1,89,65,338

Depreciation and Amortisation Expenses 4.1 and 4.2 4,47,34,617 4,74,30,979

Other Expenses 30 19,76,70,431 12,14,80,659

Total Expenses 30,06,45,822 23,20,12,023

(Loss)/Profit before Tax (2,50,51,931) 5,90,97,031

Tax Expense: 31

Current Tax (Net) - 48,30,945

Deferred Tax (Net) (91,08,785) 71,75,311

Total A (91,08,785) 1,20,06,256 (Loss)/Profit for the year (1,59,43,146) 4,70,90,775 Other Comprehensive Income/(loss) Items that will not be reclassified to profit or loss (2,32,303) - Remeasurement of defined benefit plans, net of tax Income tax relating to the items that will not be reclassifiedto profit or loss (60,399) - Other Comprehensive Income/(loss), net of tax Total B (2,92,702) - Total Comprehensive Income/(loss) for the year Total (A+B) (1,62,35,848) 4,70,90,775

Statement of Profit and Loss for the year ended 31 March 2020

CIN: U92410GJ1989GAP012192

Particulars Note No. For the year ended31st March, 2020

In ` (Rupees)

41

For the year ended31st March, 2019

For, DGSM & Co







00361230

Din.No.

0675739302484211




Statement of changes in equity for the year ended 31st March, 2020CIN: U92410GJ1989GAP012192

Particulars No. of Shares

(Amount in `)

Total

A. Equity Share Capital

*The Company is limited by guarantee, hence, there is no equity share capital which has been issued by the Company to its members.

B. Other Equity

For the year ended 31st March, 2020 (Amount in `)

Particulars

Reserves and Surplus Other

ComprehensiveIncome Total

Other Equity

Capital Reserve Retainedearnings

Remeasurementof the net Defined

Benefit Plans

Balance as at 1st April, 2019 3,014,478,718 (188,035,964) - 2,826,442,754

(Loss) for the year 1,466,156,000 (15,943,146) -

Other Comprehensive income (net of tax) - - (292,702)

Total Comprehensive Income for the year 1,466,156,000 (15,943,146) (292,702) 1,449,920,152

Balance as at 31st March, 2020 4,480,634,718 (203,979,110) (292,702) 4,276,362,907

Balance as at 1st April, 2017 - -

Changes in equity share capital during the year :

Shares issued during the year - -

Balance as at 31st March, 2018 - -


Shares issued during the year - -



Shares issued during the year



42


For, DGSM & Co







00361230

Din.No.

0675739302484211

Balance as at 1st April, 2018 2,253,299,218 (235,126,739) - 2,018,172,479

Profit for the year - 47,090,775 -

Entrance Fees received 761,179,500 -

Movement in other comprehensive income - for the year

Total Comprehensive Income for the year 761,179,500 47,090,775 - 808,270,275

Balance as at 31st March, 2019 3,014,478,718 (188,035,964) - 2,826,442,754

Statement of changes in equity for the year ended 31st March, 2019

For the year ended 31st March, 2019

1 Corporate information

Karnavati Club Limited (‘the Company’), is a limited Company by guarantee domiciled in India and

incorporated in May 1989 under the provisions of Indian Companies Act, 1956. The Company is formed to

provide services, its vocational services to the members which includes Sports and other lessuire activities.

2 Significant accounting policies

2.1 Statement of compliance

The Financial Statements of the Company have been prepared in accordance with Indian Accounting

Standards (Ind AS) notified under section 133 of the Companies Act, 2013, read with the Companies

(Indian Accounting Standards) Rules, 2015 amended from time to time and other accounting principles

generally accepted in India.

These Financial Statements are the first Financial Statements prepared in accordance with Indian

Accounting Standards (Ind AS). For all periods upto and including the year ended March 31, 2020, the

Company reported its Financial statements in accordance with the accounting standards notified under

the section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts)

Rules, 2014 (hereinafter referred to as ‘IGAAP’). The Financial Statements for the year ended March 31,

2019 and the opening Balance Sheet as at April 1, 2018 have been restated in accordance with Ind AS for

comparative information. Reconciliations and explanations of the effect of the transition from IGAAP to Ind

AS on the Company's Balance Sheet, Statement of Profit and Loss and Statement of Cash Flows are

provided in note 4.

Functional and Presentation Currency

These financial statements are presented in Indian rupees, which is the functional currency of the parent

Company. All financial information presented in Indian rupees, except otherwise indicated.

The Financial Statements have been prepared on a going concern basis under the historical cost

convention except for Investments in mutual funds and certain financial assets and liabilities that are

measured at fair values whereas net defined benefit (asset)/ liability are valued at fair value of plan assets

less defined benefit obligation at the end of each reporting period, as explained in the accounting policies

below.

Measurement of fair values

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly

transaction between market participants at the measurement date, regardless of whether that price is

directly observable or estimated using another valuation technique. In estimating the fair value of an asset

or a liability, the Company takes into account the characteristics of the asset or liability if market

participants would take those characteristics into account when pricing the asset or liability at the

measurement date.


43


Notes to financial statements as at and for the year ended on 31st March, 2020

For financial reporting purposes, fair value measurements are categorised into Level 1, 2, or 3 based on

the degree to which the inputs to the fair value measurements are observable and the significance of the

inputs to the fair value measurement in its entirety, which are described as follows:

• Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the

entity can access at the measurement date;

• Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the

asset or liability, either directly or indirectly; and

• Level 3 inputs for the asset or liability that are not based on observable market data.

The preparation of the Financial Statements in conformity with Ind AS requires the Management to make

estimates and assumptions considered in the reported amounts of assets and liabilities (including

contingent liabilities) and the reported income and expenses during the year. The Management believes

that the estimates used in preparation of the Financial Statements are prudent and reasonable. Future

results could differ due to these estimates and the differences between the actual results and the

estimates are recognised in the periods in which the results are known/ materialize. Estimates and

underlying assumptions are reviewed on an ongoing basis.

Information about critical judgments in applying accounting policies, as well as estimates and assumptions

that have the most significant effect to the carrying amounts of assets and liabilities within the next financial

year, are included in the accounting policies.

- Measurement of defined benefit obligations

- Measurement and likelihood of occurrence of provisions and contingencies

- Recognition of deferred taxes

- Useful lives of property, plant, equipment and Intangibles

- Impairment of financial assets

2.2 Summary of significant accounting policies

A Property, plant and equipment

i. Recognition and measurement

Property, plant and equipment are stated at acquisition cost less accumulated depreciation and

accumulated impairment losses, if any. All costs, including borrowing costs incurred up to the date the

asset is ready for its intended use, is capitalised along with respective asset.

Cost of an item of property, plant and equipment comprises its purchase price, including import duties and

non-refundable purchase taxes, after deducting trade discounts and rebates, any directly attributable cost

of bringing the item to its working condition for its intended use. The cost of a self-constructed item of

property, plant and equipment comprises the cost of materials and direct labor, any other costs directly

attributable to bringing the item to working condition for its intended use, and estimated costs of

dismantling and removing the item and restoring the site on which it is located.


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The Company has elected to continue with the carrying value of all its property, plant and equipment as

recognized in the financial statements as at the date of transition to Ind AS, measured as per the previous

GAAP and use that as the deemed cost as at the transition date pursuant to the exemption under Ind AS

101.

Looking to the nature of the activity of the Company being club, the management is consistently

considering normal replacements and renovations as ‘Revenue Expenses’ unless there is an addition /

extension to the existing fixed assets.

If significant parts of an item of property, plant and equipment have different useful lives, then they are

accounted for as separate items (major components) of property, plant and equipment.

ii. Subsequent measurement

Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated

with the expenditure will flow to the Company.

iii. Depreciation

Depreciation is recognised so as to expense the cost of assets (other than freehold land and properties

under construction) less their residual values over their useful lives, using the Written Down Value method.

The useful life of property, plant and equipment is considered based on life prescribed in Schedule II to the

Companies Act, 2013,depreciation is provided based on the useful life of each such component based on

technical assessment, if materially different from that of the main asset.

iv. Derecognition

An item of property, plant and equipment is derecognised upon disposal or when no future economic

benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal

or retirement of an item of property, plant and equipment is determined as the difference between the sales

proceeds and the carrying amount of the asset and is recognised in statement of profit and loss.

Considering the nature of club activities, the cost of any item to be Derecognized is certified by an expert (

Management expert/External expert).

B Intangible assets

i. Recognition and measurement

Intangible assets acquired separately are carried at cost less accumulated amortisation and any

accumulated impairment losses.

The Company has elected to continue with the carrying value of all its intangible assets as recognized in

the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use

that as the deemed cost as at the transition date pursuant to the exemption under Ind AS 101.

ii. Amortisation

Amortisation is recognised on a Written Down Value basis over their estimated useful lives. Estimated

useful life of the Computer Software is 3 years.


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iii. Derecognition

An intangible asset is derecognised on disposal, or when no future economic benefits are expected from

use or disposal. Gains or losses arising from derecognition are recognised in statement of profit and loss.

C Capital Work in Progress

Expenditure related to and incurred during implementation of capital projects to get the assets ready for

intended use is included under “Capital Work in Progress”. The same is allocated to the respective items of

property plant and equipment on completion of construction/ erection of the capital project/ property plant

and equipment.

D Financial Instruments

Trade receivables and debt securities issued are initially recognised when they originated. All other

financial assets and financial liabilities are recognised when the Company becomes a party to the

contractual provisions of the instruments.

A financial asset and financial liability is initially measured at fair value. Transaction costs that are directly

attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets

and financial liabilities at fair value through profit and loss) are added to or deducted from the fair value of

the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly

attributable to the acquisition of financial assets or financial liabilities at fair value through profit and loss

are recognised immediately in statement of profit and loss.

E Financial assets

(I) Initial recognition and measurement

All financial assets, except investment in subsidiaries and joint ventures are recognised initially at fair

value.

(II) Subsequent measurement

For purposes of subsequent measurement, financial assets are classified based on assessment of

business model in which it is held. This assessment is done for portfolio of the financial assets. The

relevant categories are as below:

(i) At amortised cost

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not

quoted in an active market and which are not classified as financial assets at fair value through profit and

loss or for-sale fair value through profit and loss. Subsequently, these are measured at amortized cost

using the effective interest method less any impairment losses. These include trade receivables, finance

receivables, balances with banks, short-term deposits with banks, other financial assets and investments

with fixed or determinable payments. These assets are held for the purpose of collecting contractual cash

flows which represent solely payment of principal and interest.

(ii) At fair value through Other comprehensive income (FVOCI)


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A financial asset is measured at FVOCI if it meets both of the following conditions and is not designated as

at FVTPL:

• the asset is held within a business model whose objective is achieved by both collecting contractual cash

flows and selling financial assets; and

• the contractual terms of the financial asset give rise on specified dates to cash flows that are solely

payments of principal and interest on the principal amount outstanding.

At present the Company does not have any assets that are classified as Fair value through other

comprehensive income (FVOCI)

(iii) At fair value through profit and loss (FVTPL)

Financial assets which are not measured at amortised cost and are held for trading are measured at

FVTPL. Fair value changes related to such financial assets including derivative contracts are recognised

in the statement of profit and loss.

Business Model Assessment

The Company makes an assessment of the objectives of the business model in which a financial asset is

held because it best reflects the way business is managed and information is provided to management.

The assessment of business model comprises the stated policies and objectives of the financial assets,

management strategy for holding the financial assets, the risk that affects the performance etc. Further

management also evaluates whether the contractual cash flows are solely payment of principal and

interest considering the contractual terms of the instrument.

Derecognition of financial assets

The Company derecognises a financial asset when the contractual rights to the cash flows from the

financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which

substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the

Company neither transfers nor retains substantially all of the risks and rewards of ownership and does not

retain control of the financial asset.

On derecognition of a financial asset in its entirety, the difference between the asset’s carrying amount and

the sum of the consideration received and receivable and the cumulative gain or loss that had been

recognised in other comprehensive income and accumulated in equity is recognised in statement of profit

and loss if such gain or loss would have otherwise been recognised in statement of profit and loss on

disposal of that financial asset.

Impairment of Financial assets

The Company applies the expected credit loss model for recognising impairment loss on financial assets

measured at amortised cost, trade receivables and other contractual rights to receive cash or other

financial asset.


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Expected credit losses rate the weighted average of credit losses with the respective risks of default

occurring as the weights. Credit loss is the difference between all contractual cash flows that are due to the

Company in accordance with the contract and all the cash flows that the Company expects to receive (i.e.

all cash shortfalls), discounted at the original effective interest rate. The Company estimates cash flows by

considering all contractual terms of the financial instrument through the expected life of that financial

instrument.

When making the assessment of whether there has been a significant increase in credit risk since initial

recognition, the Company uses the change in the risk of a default occurring over the expected life of the

financial instrument instead of the change in the amount of expected credit losses. To make that

assessment, the Company compares the risk of a default occurring on the financial instrument as at the

reporting date with the risk of a default occurring on the financial instrument as at the date of initial

recognition and considers reasonable recognition and considers reasonable and supportable information,

that is available without undue cost or effort, that is indicative of significant increases in credit risk since

initial recognition.

For trade receivables or any contractual right to receive cash or another financial asset that result from

transactions that are expedient as permitted under Ind AS 109. Expected credit loss allowance on trade

receivables is computed based on a provision matrix which takes into account historical credit loss

experience and adjusted for forward looking information. At every reporting date, the historical observed

default rates are updated and changes in the forward-looking estimates are analysed.

Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying

amount of the assets.

F Financial liabilities and equity instruments

Classification as debt or equity

Debt and equity instruments issued by the Company are classified as either financial liabilities or as equity

in accordance with the substance of the contractual arrangements and the definitions of a financial liability

and an equity instrument.

Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of an entity after

deducting all of its liabilities. Equity instruments issued by the Company are recognised at the proceeds

(Entrance Fees) received, net of direct issue costs.Consistently, Management has considered Entrance

fees in equity.

The Company has elected to continue with the carrying value of all its equity investments as recognized in

the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use

that as the deemed cost as at the transition date pursuant to the exemption under Ind AS 101.

Financial liabilities

All financial liabilities are measured at amortised cost using the effective interest method or at FVTPL.


48


Financial liabilities at amortised cost

Financial liabilities that are not held-for-trading and are not designated as at FVTPL are measured at

amortised cost at the end of subsequent accounting periods. The carrying amounts of financial liabilities

that are subsequently measured at amortised cost are determined based on the effective interest method.

Interest expense that is not capitalised as part of costs of an asset is included in the 'Finance costs' line

item.

The effective interest method is a method of calculating the amortised cost of a financial liability and of

allocating interest expense over the relevant period. The effective interest rate is the rate that exactly

discounts estimated future cash payments (including all fees and points paid or received that form an

integral part of the effective interest rate, transaction costs and other premiums or discounts) through the

expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on

initial recognition.

Trade and other payables are recognised at the transaction cost, which is its fair value, and subsequently

measured at amortised cost.

Financial liabilities at FVTPL

A financial liability may be designated as at FVTPL upon initial recognition if:

• such designation eliminates or significantly reduces a measurement or recognition inconsistency that

would otherwise arise;

• the financial liability whose performance is evaluated on a fair value basis, in accordance with the

Company's documented risk management;

Fair value changes related to such financial liabilities are recognised in the statement of profit and loss.

Derecognition of financial liabilities

The Company derecognises financial liabilities when, and only when, the Company’s obligations are

discharged, cancelled or have expired. An exchange between with a lender of debt instruments with

substantially different terms is accounted for as an extinguishment of the original financial liability and the

recognition of a new financial liability. Similarly, a substantial modification of the terms of an existing

financial liability is accounted for as an extinguishment of the original financial liability and the recognition

of a new financial liability. The difference between the carrying amount of the financial liability

derecognised and the consideration paid and payable is recognised in statement of profit and loss.

Derivative Financial Instruments

Initial recognition and subsequent measurement

Derivatives, If any are initially measured at fair value. Subsequent to initial recognition, derivatives are

measured at fair value, and changes therein are generally recognised in statement of profit and loss as

Foreign Exchange (Gain) / Loss except those relating to borrowings, which are separately classified under

Finance Cost. Derivatives are carried as financial assets when the fair value is positive and as financial

liabilities when the fair value is negative


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G Inventories

Inventories which comprise consumables, stores and spares are carried at the lower of the cost and net

realisable value after providing for obsolescence and other losses where considered necessary. Cost of

Inventories comprises all cost of purchase including all non refundable duties and other cost incurred in

bringing inventories to their present location and condition. In determining the cost, weighted average cost

method is used.

H Current and non-current classification

The Company presents assets and liabilities in the balance sheet based on current/ non-current

classification. An asset is treated as current when it is:

• Expected to be realised or intended to be sold or consumed in normal operating cycle or

• Held primarily for the purpose of trading or

• Expected to be realised within twelve months after the reporting period, or

• Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least

twelve months after the reporting period

All other assets are classified as non-current.

A liability is current when:

• It is expected to be settled in normal operating cycle or

• It is held primarily for the purpose of trading or

• It is due to be settled within twelve months after the reporting period, or

• There is no unconditional right to defer the settlement of the liability for at least twelve months after the

reporting period

The Company classifies all other liabilities as non-current.

Deferred tax assets and liabilities are classified as non-current assets and liabilities respectively.

The operating cycle is the time between the acquisition of assets for processing and their realisation in

cash and cash equivalents. The Company has identified twelve months as its operating cycle.

I Functional currency

These financial statements are presented in Indian Rupees (INR), which is also the Company’s functional

currency. All amounts have been rounded-off to the nearest Rupees, unless otherwise indicated.

Foreign currencies

Transactions in foreign currencies are initially recorded by the Company at its functional currency spot

rates at the date the transaction first qualifies for recognition.

Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency

spot rates of exchange at the reporting date.

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using

the exchange rates at the dates of the initial transactions.


50


Exchange differences are recognized in the statement of profit and loss except exchange differences on

foreign currency borrowings relating to assets under construction for future productive use, which are

included in the cost of those assets when they are regarded as an adjustment to interest costs on those

foreign currency borrowings.

J Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company

and the revenue can be reliably measured, regardless of when the payment is being made. Revenue is

measured at the fair value of the consideration received or receivable, taking into account contractually

defined terms of payment and excluding taxes or duties collected on behalf of the government.

Rooms, Food and Beverage & Banquets

Revenue is recognized at the transaction price that is allocated to the performance obligation. Revenue

includes room revenue, food and beverage sale and banquet services which is recognized once the rooms

are occupied, food and beverages are sold and banquet services have been provided as per the contract

with the customer.

Space and shop rentals

Rentals basically consists of rental revenue earned from letting of spaces for retails and office at the

properties. These contracts for rental are generally of short term in nature. Revenue is recognized in the

period in which services are being rendered.

Other allied services

"In relation to laundry income, communication income, health club income, airport transfers income and

other allied services, the revenue has been recognized by refrences to the time of service

rendered.Various expenses like Electricity expenses, Massage expense, AMC tax, Repair & Maintenance

Expenses, are shown in the statement of profit and loss after netting off the reimbursement received

towards the said expenses from contrators."

Membership fees

Membership fees income majorly consists of membership fees received from the members as various

fees like GYM, Swimming and other sports. Income is earned when the customer enrols for such

programs. In respect of performance obligation satisfied over a period of time, revenue is recognized at the

allocated transaction price on a time-proportion basis.Entrance fees from members are treated as capital

receipt and taken to the capital reserve except for entrance fees from service members which is

recognised as revenue.

Members' Fund

The Club is registered as a Company Limited By Guarantee and accordingly, it does not have any Share

Capital. Shareholders’ / Members’ Funds consist of the following:Capital Reserve – Entrance fees


51


received from members at the time of their admission is taken to capital reserve.Surplus/Deficit – Any

excess or deficit of income over expenditure from operations of the club is accumulated under this head.

K Contract Balances

Contract assets A contract assets is the right to consideration in exchange for goods and services

transferred to the customers. If the Company performs by transfering goods and services to a customer

before the customer pays consideration or before payment is due, a contract assets is recognized for the

earned consideration that is conditional.

Trade Receivables A receivable represents the Company's right to an amount of consideration that is

unconditional (i.e., only the passage of the time is required before payment of the consideration is due).

Contract Liabilities A contract liability is the obligation to transfer goods and services to a customer for

which the Company has received the consideration (or an amount of consideration is due) from the

customer. If a customer pays consideration before the Company transfers goods and services to the

customer, a contract liability is recognized when the payment is made or the payment is due (whichever is

earlier). Contract liabilities are recognized as revenue when the Company performs under the contract.

Refund Liability

A refund liability is the obligation to refund some or all of the consideration received (or receivable) from the

customer and is measured at the amount the company ultimately expects it will have to return to the

customer. The Company updates its estimates of refund liabilities (and the corresponding changes in the

transaction price) at the end of each reporting period. Refer to the above accounting policy on variable

consideration.

L Borrowing costs

Borrowing costs are interest and other costs incurred in connection with the borrowing of funds. Borrowing

costs directly attributable to the acquisition, construction or production of qualifying assets, which are

assets that necessarily take a substantial period of time to get ready for their intended use or sale, are

added to the cost of those assets, until such time as the assets are substantially ready for their intended

use or sale. Interest income earned on the temporary investment of specific borrowings pending their

expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation.

All other borrowing costs are recognised in statement of profit and loss in the period in which they are

incurred.

M Employee benefits

i) Defined benefit plans:

The Company operates a defined benefit gratuity plan in India, which requires contributions to be made to

a separately administered fund. The cost of providing benefits under the defined benefit plan is determined

using the projected unit credit method.


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Re-measurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding

amounts included in net interest on the net defined benefit liability and the return on plan assets (excluding

amounts included in net interest on the net defined benefit liability), are recognised immediately in the

balance sheet with a corresponding debit or credit to retained earnings through OCI in the period in which

they occur. Re-measurements are not reclassified to profit and loss in subsequent periods.

Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The

Company recognises the following changes in the net defined benefit obligation as an expense in the

statement of profit and loss:

- Service costs comprising current service costs, past-service costs, gains and losses on curtailments and

non routine settlements; and

- Net interest expense or income

ii) Defined contribution plan:

Retirement benefit in the form of Provident Fund is a defined contribution scheme. The Company has no

obligation, other than the contribution payable to the provident fund. The Company recognizes

contribution payable to the provident fund to the Statement of Profit and Loss for the period in which the

contributions to the respective funds accrue.

iii) Compensated Absences:

Compensated Absences of any employee is paid during the year and hence, no accrual is made

recognised in the financial statements.

iv) Short term employee benefits:

Short-term employee benefit obligations are recognised at an undiscounted amount in the Statement of

Profit and Loss for the year in which the related services are received.

N Taxation

Tax on Income comprises current and deferred tax. It is recognised in statement of profit and loss except to

the extent that it relates to a business combination, or items recognised directly in equity or in other

comprehensive income.

Current tax

Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year

and any adjustment to the tax payable or receivable in respect of previous years. The amount of current tax

reflects the best estimate of the tax amount expected to be paid or received after considering the

uncertainty, if any, related to income taxes. It is measured using tax rates (and tax laws) enacted or

substantively enacted by the reporting date.Current tax assets and current tax liabilities are offset only if

there is a legally enforceable right to set off the recognised amounts, and it is intended to realise the asset

and settle the liability on a net basis or simultaneously.


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MAT

Minimum Alternate Tax paid in a year is charged to statement of profit and loss as current tax for the year.

The deferred tax assets is recognized for MAT credit available only to the extent that it is probable that the

concerned Company will pay normal income tax during the specified period, i.e., the period for which the

MAT credit is allowed to be carried forward. In the year in which the Company regonizes MAT credit as an

assets, it is created by the way of credit to statement of profit and loss and shown as part of deferred tax

assets. The Company reviews the "MAT credit entitlement" asset at each reporting date and writes down

the assets to the extent that it is no longer probable that it will pay normal tax during the specified period.

Deferred tax

Deferred tax is recognized for the future tax consequences of deductible temporary differences between

the carrying values of assets and liabilities and their respective tax bases at the reporting date, using the

tax rates and laws that are enacted or substantively enacted as on reporting date. The measurement of

deferred tax reflects the tax consequences that would follow from the manner in which the Company

expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. Deferred

tax is also recognised in respect of carried forward tax losses and tax credits subject to the assessment of

reasonable certainty of recovery.

Deferred tax relating to items recognized outside the statement of profit and loss is recognized outside with

the underlying items i.e. either in the statement of other comprehensive income or directly in equity as

relevant.

O Provisions, Contingent Liabilities and Contingent Assets

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of

a past event, it is probable that an outflow of resources embodying economic benefits will be required to

settle the obligation and a reliable estimate can be made of the amount of the obligation. The amount

recognised as a provision is the best estimate of the consideration required to settle the present obligation

at the end of the reporting period, taking into account the risks and uncertainties surrounding the

obligation. Provisions are determined by discounting the expected future cash flows (representing the best

estimate of the expenditure required to settle the present obligation at the balance sheet date) at a pre-tax

rate that reflects current market assessments of the time value of money and the risks specific to the

liability. When the Company expects some or all of a provision to be reimbursed, for example, under an

insurance contract, the reimbursement is recognised as a separate asset, but only when the

reimbursement is virtually certain. The expense relating to a provision is presented in the statement of

profit and loss net of any reimbursement.The unwinding of the discount is recognised as finance cost.

Expected future operating losses are not provided for.

Contingent liabilities are not recognised but are disclosed in the notes. Contingent assets are not

recognised but are disclosed in the notes where an inflow of economic benefits is probable.

P Impairment of non-financial assets

At the end of each reporting period, the Company reviews the carrying amounts of non-financial assets,


54


other than inventories and deferred tax assets to determine whether there is any indication that those

assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset

is estimated in order to determine the extent of the impairment loss (if any). When it is not possible to

estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount

of the cash-generating unit to which the asset belongs. Each CGU represents the smallest Company of

assets that generates cash inflows that are largely independent of the cash inflows of other assets or

CGUs. When a reasonable and consistent basis of allocation can be identified, corporate assets are also

allocated to individual cash-generating units, or otherwise they are allocated to the smallest Company of

cash-generating units for which a reasonable and consistent allocation basis can be identified.

Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in

use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that

reflects current market assessments of the time value of money and the risks specific to the asset or CGU

for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying

amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. An impairment

loss is recognised immediately in statement of profit and loss. Impairment loss recognised in respect of a

CGU is allocated to reduce the carrying amounts of the other assets of the CGU (or Company of CGUs) on

a pro rata basis.

Assets (other than goodwill) for which impairment loss has been recognised in prior periods, the Company

reviews at each reporting date whether there is any indication that the loss has decreased or no longer

exists. When an impairment loss subsequently reverses, the carrying amount of the asset (or a cash-

generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased

carrying amount does not exceed the carrying amount that would have been determined had no

impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an

impairment loss is recognised immediately in statement of profit and loss.

Considering the nature of club activities, the cost of any item to be impaired is certified by an expert (

Management expert/External expert).

Q Cash and Cash Equivalents

Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term

deposits with an original maturity of three months or less, which are subject to an insignificant risk of

changes in value.Cash and cash equivalents for the purpose of Statement of Cash Flow comprise cash

and cheques in hand, bank balances, demand deposits with banks where the original maturity is three

months or less.

R Recent Indian Accounting Standards(Ind AS) Ministry of Corporate Affairs('MCA') notifies new Standards

or Amendments to existing standards.There are no such notification which would have been applicable

from 1st April,2020.


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3 First-time adoption of Ind-AS

For the purpose of reporting as set out in notes 2.2, the Company has transitioned basis of accounting from

Indian generally accepted accounting principles ("GAAP") to Ind AS. The accounting policies set out in

note 2.2 have been applied in preparing the financial statements for the year ended 31 March 2020 the

comparative information presented in three financial statements for the year ended 31 March 2019 and in

the preparation of an opening Ind AS balance sheet as at 1 April 2018 (The transition date).

In preparing opening Ind AS balance sheet, the Company has adjusted amounts reported in financial

statements prepared in accordance with IGAAP. On transition, the Company did not revise estimates

previously made under IGAAP except where required by Ind AS.

I) Reconciliation of Equity reported

Particulars

Equity reported under IGAAP 2,731,701,382 1,942,062,852

Summary of Ind AS Adjustments:-

"Revenue RecognitionMeasurement of Revenue" 1 (2,155,834) (2,017,825)

Fair Valuation of Mutual Funds Investments 3 96,897,207 78,127,452

Total Ind AS adjustments 94,741,372 76,109,627

Equity reported under Ind AS 2,826,442,754 2,018,172,479

(Amount in `)

Footnotereference

As at 31 March2019

As at 1st April2018

Particulars

Net Profit reported under IGAAP 28,459,030

Summary of Ind AS Adjustments:-

Revenue Recognition- Measurement of Revenue 1 (170,096)

Fair Valuation of Mutual Funds 3 25,977,152

Deferred Tax impact on above (7,175,311)

Total Ins AS adjustments 18,631,745

Equity reported under Ind AS 47,090,775

Footnotereference

As at 31 March2019

ii) Reconciliation of Total Comprehensive Income

iii) Reconciliation of Statement of Cash Flows

There were no material differences between the Statement of Cash Flows presented under Ind AS and under

IGAAP.


56


Notes to the reconciliation

1. Revenue Recognition- Measurement of Revenue

Under Ind AS revenue is required to be measured at the fair value of consideration received or receviable.

Further, under IndAS, rebates and cash discounts expected to be offered in subsequent periods are required to

be factored in and a correspoinding reduction from revenue is considered.

The Club receives Membership fees, Rent & Management Charges from contracts and Other Income same are

recognized upfront as per the previous GAAP. The said amounts shall now be recognized as per the fullfilment

of a performance obligation over the period of time.

2. Trade and other Receivables

Under previous GAAP, the Company has created provisions for impairement of recivables only in respect of

specific amounts for incurred losses. Under IndAS, impairement allowance has been determined based on

Expected Credit Loss (ECL) Model. Considering the business model of the Company no such loss has been

experienced in previous year.

3. Fair valuation of Mutual Funds Investments (Refer Note - 27)

Under previous GAAP, Mutual Funds Investments were carried at cost. Under Ind AS Mutual Funds

Investments are fair valued at the period end and resulting in Fair value gain or loss is tranfered to Statement of

Profit and loss.

4. Fair Valuation of non-current Security deposits

Under previous GAAP, Security deposits are carried at the book values. Under Ind AS, non-cancellable

deposits (Other than statutory in nature) are required to be measured at their fair values at inception using an

appropriate discounting rate. However, since the amounts are not material, no impact has been considered

while preparing Financial Statements.

The estimates used by the Company to present these amounts in accordance with Ind AS reflect conditions as

at 31st March, 2020.

iv) Classification and measurement of financial assets :

The Company has assessed classification and measurement of financial assets on the basis of facts and

circumstances that exist as on transition date.

v) Impairment of financial assets

The Company has applied impairment requirements of Ind AS 109 retrospectively; however, as permitted by

Ind AS 101, it has used reasonable and supportable information that is available without undue cost or effort to

determine the credit risk at the date that financial instruments were initially recognised in order to compare it

with the credit risk at the transition date.

vi) Derecognisation of financial assets and financial liabilities

The Company has applied the derecognisation requirements of financial assets and financial liabilities

prospectively for transactions occurring on or after transition date.


57


No

te :

4.1

Pro

pert

y, P

lan

t &

Eq

uip

men

t

Sr.

G

ross B

lock

Dep

recia

tio

n

N

et

Blo

ck

No

. A

SS

ET

S

Ad

dti

on

D

ed

ucti

on

D

ed

uc

tio

n

1st

Ap

ril

2019

Du

rin

g t

he

Du

rin

g t

he

Du

rin

g t

he

Year

Year

Y

ea

r

A.

Tan

gib

le A

ssets

In `

(R

up

ee

s)

31st

Marc

h2020

Ad

dti

on

D

uri

ng

th

e

Year

1st

Ap

ril

2019

31

st

Ma

rch

20

20

31

st

Ma

rch

20

20

31

st

Ma

rch

20

19

1

Lan

d &

Develo

pm

en

t*

10,3

41,5

85

1,2

93,1

25,8

40

-

1,3

03,4

67,4

25

-

-

-

1,3

03

,46

7,4

25

1

0,3

41

,58

5

2

Bu

ild

ing

3

18,6

49,0

98

-

-

318,6

49,0

98

168,5

74,2

66

11,7

27,2

62

- 1

80

,30

1,5

29

1

38

,34

7,5

69

1

50

,07

4,8

32

3

Ro

ad

4

,182,2

15

-

-

4,1

82,2

15

4,1

17,3

69

34,1

80

-

4,1

51

,54

9

30

,66

6

64

,84

6

4

Tu

bew

ell &

Bo

re

4,4

10,1

74

1,4

44,3

50

-

5

,854,5

24

3,8

13,6

50

693,5

84

-

4,5

07

,23

4

1,3

47

,29

0

59

6,5

24

5

Ele

ctr

ic In

sta

llati

on

an

d F

itti

ng

s

69,6

80,1

03

343,5

00

-

7

0,0

23,6

03

62,4

74,1

02

2,0

84,1

18

-

64

,55

8,2

20

5

,46

5,3

83

7

,20

6,0

01

6

Sw

imm

ing

Po

ol E

qu

ipm

en

t 5

,961,9

58

-

-

5,9

61,9

58

4,6

98,3

74

262,7

01

-

4,9

61

,07

5

1,0

00

,88

3

1,2

63

,58

4

7

Eq

uip

men

ts (

Gard

en

, S

po

rts,

84,9

66,6

09

3,9

28,7

16

199,3

38

88,6

95,9

87

56,0

95,9

68

6,0

51,4

68

17

1,9

59

6

1,9

75

,47

7

26

,72

0,5

10

2

8,8

70

,64

1

Kit

ch

en

, G

en

era

l, H

ealt

h C

lub

)

8

Air

Co

nd

itio

ners

5

5,7

95,6

82

1,9

02,2

72

163,6

76

57,5

34,2

78

41,9

56,5

19

2,9

03,5

87

122

,05

0

44

,73

8,0

56

1

2,7

96

,22

2

13

,83

9,1

63

9

E.P

.B.A

.X

1,2

48,8

40

-

-

1,2

48,8

40

907,6

37

64,0

15

-

97

1,6

51

2

77

,18

9

34

1,2

03

10

Fu

rnit

ure

,Fix

ture

s a

nd

Fit

tin

gs

44,6

44,8

13

578,9

81

7,0

43,9

67

38,1

79,8

27

35,7

60,8

37

2,9

69,8

61

6,6

91

,76

9

32

,03

8,9

29

6

,14

0,8

98

8

,88

3,9

76

11

Liv

e S

tock

134,5

00

-

1

34,5

00

-

-

-

-

-

-

13

4,5

00

12

Resid

en

tial R

oo

ms, F

urn

itu

res,

62,6

29,7

82

967,6

69

-

6

3,5

97,4

51

58,8

62,2

12

1,4

63,3

97

-

60

,32

5,6

09

3

,27

1,8

42

3

,76

7,5

70

Fix

ture

s a

nd

Fit

tin

gs

13

Veh

icle

s

120,2

86

-

-

120,2

86

86,0

07

8,8

75

-

94

,88

1

25

,40

5

34

,27

9

14

Co

mp

ute

rs

4,3

51,7

31

117,2

18

-

4

,468,9

49

3,8

90,6

01

316,3

15

-

4,2

06

,91

6

26

2,0

32

4

61

,13

0

15

Bu

ild

ing

Sp

ort

s C

om

ple

x

52,5

77,0

49

-

-

52,5

77,0

49

9,3

66,2

98

2,1

04,3

64

-

11

,47

0,6

62

4

1,1

06

,38

7

43

,21

0,7

51

16

Ele

c In

st

& F

itti

ng

s S

po

rts C

om

ple

x

8,2

97,0

86

-

-

8,2

97,0

86

5,7

16,7

29

668,0

54

-

6,3

84

,78

3

1,9

12

,30

3

2,5

80

,35

7

17

Air

Co

nd

itio

ne

r-S

po

rts C

om

ple

x

5,9

55,8

66

-

-

5,9

55,8

66

3,2

63,4

66

487,3

25

-

3,7

50

,79

0

2,2

05

,07

6

2,6

92

,40

0

18

Eq

uip

men

ts-S

po

rts C

om

ple

x

689,9

09

-

2

63,9

50

425,9

59

365,7

68

58,6

70

250

,75

3

17

3,6

85

2

52

,27

4

32

4,1

41

19

Resid

en

tial R

oo

m-S

po

rts C

om

ple

x

105,7

43

-

-

105,7

43

82,0

94

7,3

86

-

89

,47

9

16

,26

4

23

,64

9

20

Fu

rnit

ure

,Fix

ture

s a

nd

Fit

tin

gs

4,7

93,9

70

-

-

4,7

93,9

70

3,6

43,3

64

359,3

34

-

4,0

02

,69

8

79

1,2

72

1

,15

0,6

06

21

Eq

uip

men

ts(S

ola

r P

ow

er

Pla

nts

) 8

,398,0

00

-

-

8,3

98,0

00

1,4

78,6

89

880,8

28

-

2,3

59

,51

8

6,0

38

,48

2

6,9

19

,311

22

Win

d M

ill

95,3

45,5

98

-

-

95,3

45,5

98

7,7

81,6

30

11,1

46,8

93

-

18

,92

8,5

23

7

6,4

17

,07

5

87

,56

3,9

68

Cu

rren

t Y

ear

To

tal

843,2

80,5

97 1

,302,4

08,5

46

7,8

05,4

31

2,1

37,8

83,7

12

472,9

35,5

80

44,2

92,2

16

7,2

36

,53

0

50

9,9

91

,26

6

1,6

27

,89

2,4

47

3

70

,34

5,0

17

Pre

vio

us Y

ear

740,8

28,4

21

106,8

20,2

32

4,3

68,0

55

843,2

80,5

97

428,8

88,4

65

47,4

19,4

86

3,3

72

,37

0

47

2,9

35

,58

0

37

0,3

45

,01

7

311

,93

9,9

56

No

te 4

.2 In

tan

gib

le A

ssets

1

On

lin

e P

ort

al

67,5

00

-

-

67,5

00

60,7

95

4,2

34

-

65

,03

0

2,4

70

6

,70

5

2

Serv

er

Lic

en

ce

-

1,3

79,9

50

-

1

,379,9

50

-

4

38,1

67

-

43

8,1

67

9

41

,78

3

-

Cu

rren

t Y

ear

To

tal

67,5

00

1,3

79,9

50

-

1

,447,4

50

60,7

95

442,4

02

-

50

3,1

97

9

44

,25

3

6,7

05

Pre

vio

us Y

ear

67,5

00

-

-

67,5

00

49,3

02

11,4

93

-

60

,79

5

6,7

05

1

8,1

98

No

te 4

.3 C

ap

ital W

ork

In

Pro

gre

ss

1

Co

mp

ute

r so

ftw

are

-

600,0

00

-

6

00,0

00

-

-

-

-

60

0,0

00

-

2

Kera

la S

pa c

en

ter

Air

Co

nd

itio

ne

r(A

.C +

In

sta

llati

on

)

Kera

la s

pa a

rea

-

217,4

80

-

2

17,4

80

-

-

-

-

21

7,4

80

-

3

Arc

hit

ect

Fees

(N

ew

Lan

d)

-

200,0

00

2

00,0

00

20

0,0

00

Cu

rren

t Y

ear

To

tal

-

1,0

17,4

80

-

1

,017,4

80

-

-

-

-

1,0

17

,48

0

-

Pre

vio

us Y

ear

-

-

-

-

-

-

-

-

-

-

*Titl

e d

eeds

of th

e p

ropert

ies

are

held

in n

am

e o

f th

e C

om

pany,

exc

ept

for

those

mentio

ned in

Note

40 A

(1).


58


No

te :

4.1

Pro

pert

y, P

lan

t &

Eq

uip

men

t

Sr.

G

ross B

lock

Dep

recia

tio

n

N

et

Blo

ck

No

. A

SS

ET

S

Ad

dti

on

D

ed

ucti

on

D

ed

uc

tio

n

1st

Ap

ril

2018

Du

rin

g t

he

Du

rin

g t

he

Du

rin

g t

he

Year

Year

Y

ea

r

A.

Tan

gib

le A

ssets

In `

(R

up

ee

s)

31st

Marc

h2019

Ad

dti

on

D

uri

ng

th

e

Year

1st

Ap

ril

2018

31

st

Ma

rch

20

19

31

st

Ma

rch

20

19

31

st

Ma

rch

20

18

1

Lan

d &

Develo

pm

en

t 1

0,3

41,5

85

-

-

10,3

41,5

85

-

-

-

10

,34

1,5

85

1

0,3

41

,58

5

2

Bu

ild

ing

3

18,6

49,0

98

-

-

318,6

49,0

98

155,8

31,7

53

12,7

42,5

14

- 1

68

,57

4,2

66

1

50

,07

4,8

32

1

62

,81

7,3

45

3

Ro

ad

4

,182,2

15

-

-

4,1

82,2

15

4,0

45,0

91

72,2

78

-

4,1

17

,36

9

64

,84

6

13

7,1

24

4

Tu

bew

ell &

Bo

re

4,4

10,1

74

-

-

4,4

10,1

74

3,3

17,8

03

495,8

47

-

3,8

13

,65

0

59

6,5

24

1

,09

2,3

71

5

Ele

ctr

ic In

sta

llati

on

an

d F

itti

ng

s

69,6

80,1

03

-

-

69,6

80,1

03

59,6

22,4

14

2,8

51,6

88

-

62

,47

4,1

02

7

,20

6,0

01

1

0,0

57

,68

9

6

Sw

imm

ing

Po

ol E

qu

ipm

en

t 5

,961,9

58

-

-

5,9

61,9

58

4,3

65,8

48

332,5

26

-

4,6

98

,37

4

1,2

63

,58

4

1,5

96

,11

0

7

Eq

uip

men

ts (

Gard

en

, S

po

rts,

85,9

05,9

54

372,6

30

1,3

11,9

75

84,9

66,6

09

49,8

82,9

83

6,9

15,7

28

70

2,7

43

5

6,0

95

,96

8

28

,87

0,6

41

3

6,0

22

,97

1

Kit

ch

en

, G

en

era

l, H

ealt

h C

lub

)

-

-

8

Air

Co

nd

itio

ne

rs

56,9

75,5

01

1,2

79,1

82

2,4

59,0

00

55,7

95,6

82

40,5

80,9

14

3,4

75,0

80

2,0

99

,47

4

41

,95

6,5

19

1

3,8

39

,16

3

16

,39

4,5

87

9

E.P

.B.A

.X

1,2

48,8

40

-

-

1,2

48,8

40

828,6

94

78,9

43

-

90

7,6

37

3

41

,20

3

42

0,1

46

10

Fu

rnit

ure

,Fix

ture

s a

nd

Fit

tin

gs

44,4

74,8

92

767,0

01

597,0

80

44,6

44,8

13

32,1

59,8

59

4,1

71,1

31

57

0,1

53

3

5,7

60

,83

7

8,8

83

,97

6

12

,31

5,0

33

11

Resid

en

tial R

oo

ms, F

urn

itu

res,

62,2

44,5

11

385,2

71

-

6

2,6

29,7

82

56,8

62,0

71

2,0

00,1

41

-

58

,86

2,2

12

3

,76

7,5

70

5

,38

2,4

40

Fix

ture

s a

nd

Fit

tin

gs

12

Veh

icle

s

120,2

86

-

-

120,2

86

74,0

31

11,9

75

-

86

,00

7

34

,27

9

46

,25

5

13

Co

mp

ute

rs

4,0

79,1

81

272,5

50

-

4

,351,7

31

3,1

92,7

29

697,8

72

-

3,8

90

,60

1

46

1,1

30

8

86

,45

2

14

Liv

e S

tock

134,5

00

-

-

134,5

00

-

-

-

-

13

4,5

00

1

34

,50

0

15

Bu

ild

ing

Sp

ort

s C

om

ple

x

52,5

77,0

49

-

-

52,5

77,0

49

7,1

54,2

06

2,2

12,0

92

-

9,3

66

,29

8

43

,21

0,7

51

4

5,4

22

,84

3

16

Ele

c In

st

& F

itti

ng

s S

po

rts C

om

ple

x

8,2

97,0

86

-

-

8,2

97,0

86

4,8

15,2

92

901,4

36

-

5,7

16

,72

9

2,5

80

,35

7

3,4

81

,79

4

17

Air

Co

nd

itio

ner-

Sp

ort

s C

om

ple

x

5,9

55,8

66

-

-

5,9

55,8

66

2,6

68,4

42

595,0

24

-

3,2

63

,46

6

2,6

92

,40

0

3,2

87

,42

4

18

Eq

uip

men

ts-S

po

rts C

om

ple

x

689,9

09

-

-

689,9

09

294,1

33

71,6

36

-

36

5,7

68

3

24

,14

1

39

5,7

76

19

Resid

en

tial R

oo

m-S

po

rts C

om

ple

x

105,7

43

-

-

105,7

43

71,3

54

10,7

40

-

82

,09

4

23

,64

9

34

,38

9

20

Fu

rnit

ure

,Fix

ture

s a

nd

Fit

tin

gs

4,7

93,9

70

-

-

4,7

93,9

70

3,1

20,8

48

522,5

16

-

3,6

43

,36

4

1,1

50

,60

6

1,6

73

,12

2

21

Eq

uip

men

ts(S

ola

r P

ow

er

Pla

nts

) -

8,3

98,0

00

-

8

,398,0

00

-

1

,478,6

89

-

1,4

78

,68

9

6,9

19

,311

-

22

Win

d M

ill

-

95,3

45,5

98

-

9

5,3

45,5

98

-

7

,781,6

30

-

7,7

81

,63

0

87

,56

3,9

68

-

Cu

rren

t Y

ear

To

tal

740,8

28,4

21

106,8

20,2

32

4,3

68,0

55

843,2

80,5

97

428,8

88,4

65

47,4

19,4

86

3,3

72

,37

0

47

2,9

35

,58

0

37

0,3

45

,01

7

311

,93

9,9

56

Pre

vio

us Y

ear

724,5

62,0

00

63,8

05,7

06 4

7,5

39,2

85

740,8

28,4

21

424,9

71,3

43

43,9

20,8

85

40,0

03

,76

3

42

8,8

88

,46

5

311

,93

9,9

56

2

99

,59

0,6

57

No

te 4

.2 In

tan

gib

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59


Particulars

1) Unquoted

Investments in Bonds (Amortized Cost)

8.12% Rural Electrification Corporation Bonds 16,840,000 16,840,000 16,840,000

Rural Electrification Corporation Bonds 7,500,000 7,500,000 7,500,000

Total 24,340,000 24,340,000 24,340,000

Aggregate value of unquoted investments

- Cost 24,340,000 24,340,000 24,340,000

- Market value 24,340,000 24,340,000 24,340,000

As at 31 March2019

As at 31 March2020

As at 1st April2018

5 Non - Current Investments (Amount in `)

Particulars

(Unsecured, Considered Goods)

Loans to employees 1,217,950 741,950 726,700

Security Deposits 4,257,263 4,257,263 4,212,263

Total 5,475,213 4,999,213 4,938,963

As at 31 March2019

As at 31 March2020

As at 1st April2018

6 Non-Current Loans (Amount in `)

Particulars

Deferred Tax Liabilities

Fair value of Mutual Funds 36,936,468 48,559,150 41,351,753

Difference between book base and tax base of property, 2,314,329 -

plant & equipment

Gross deferred tax liabilities (a) 39,250,797 48,559,150 41,351,753

Deferred Tax Assets

Provision for Employee benefits 470,448 - -

Revenue recognition (on account of Ind AS 115) - 730,415 698,329

Unabsorbed depreciation - - -

Difference between book base and tax base of property, - - -

plant & equipment

Gross Deferred Tax Assets (b) 470,448 730,415 698,329

Net Deferred Tax Asset/ (Liabilities) Total (b-a) (38,780,349) (47,828,735) (40,653,424)

As at 31 March2019

As at 31 March2020

As at 1st April2018

7 Deferred Tax Assets/(Liabilities) (net) (Amount in `)


60


Particulars

Tax effect of items constituting deferred tax liabilities:

Difference between book base and tax base of property, - 2,314,329 - 2,314,329

plant & equipment

Fair valuation of Mutual Funds 48,559,150 (11,622,682) - 36,936,468

Total 48,559,150 (9,308,353) - 39,250,797

Tax effect of items constituting deferred tax assets :

Employee benefit - 530,847 (60399) 470,448

Tax losses - - - -

Revenue Recognition 730,415 (730,415) -


plant & equipment

Total 730,415 (199,569) (60399) 470,448

Net Deferred Tax Asset/(Liability) (47,828,735) 9,108,785 (60399) (38,780,349)

(a) Movement in deferred tax asset (net) for the Financial Year 2019-20 (Amount in `)

Opening Balanceas at

1st April, 2019

Recognised inprofit and Loss

Recognisedin OCI

Closing balanceas at

31st March, 2020

Tax effect of items constituting deferred tax liability:


plant & equipment

Fair valuation of Mutual Funds 41,351,753 7,207,397 - 48,559,150

Total 41,351,753 7,207,397 - 48,559,150

Tax effect of items constituting deferred tax asset:

Revenue Recognition 698,329 32,087 730,415

Difference between book base and tax base of property, - -

plant & equipment

Total 698,328.90 32,087 - 730,415

Net Deferred Tax (Liability) / Asset (40,653,424) (7,175,311) - (47,828,735)

The Company is providing vocational and lessuire services and has life members using such facilities, pursuant to this management is reasonably certain that the carried forward losses and unabsorbed depreciation will be utilized.

Particulars

(b) Movement in deferred tax assets (net) for the Financial Year 2018-19 (Amount in `)

Opening Balanceas at

1st April, 2019

Recognised inprofit and Loss

Recognisedin OCI

Closing balanceas at

31st March, 2020


61


Particulars

(a) Unused Tax Credit

Unused Tax Credit 4,830,945 4,830,945 -

4,830,945 4,830,945 -

Out of which unused tax credit will expire as per below table

Assessment Year Amount

2032-2033 4,830,945

(b) Unused Tax Losses

Unused tax losses (revenue in nature) 927,000 927,000 927,000

927,000 927,000 927,000

Out of which unused tax losses will expire as per below table

Assessment Year Amount

2023-2024 927,000

Indefinite Period 311,473,961

Total 312,400,961

No deferred tax asset has been recognised on the above unutilised tax losses as there is no reasonable certainty that sufficient taxable profit will be available in the future against which they can be utilised by the Group.

As at 31 March2019

As at 31 March2020

As at 1st April2018

Unused tax losses and tax credits: Unused tax losses and unused tax credits for which no deferred tax assets have been recognisedare attributable to the following :

(Amount in `)

Particulars

Stores and spare parts 18,125 18,125 19,281

Total 18,125 18,125 19,281

As at 31 March2019

As at 31 March2020

As at 1st April2018

8 Inventories(At lower of Cost or Net Realisable Value) (Amount in `)

Note: (i) For charges created Refer Note 19.


62


Particulars

Measured at Fair Value through Profit and Loss

Investment in Mutual Funds (Unquoted)

Kotak Mutual Fund 203,139,932 188,262,537 176,993,437

(Units: 9254413.146 ,Market Value: 188262536.86)

BNP Paribus Mutual Fund 20,897,066 21,514,347 20,496,683

(Units: 1478517.146 ,Market Value: 21514346.55 )

DSP Blackrock Mutual Fund 49,372,527 47,431,393 48,325,741

(Units: 1690000.767 ,Market Value: 47431392.86)

ICICI Prudential Mutual Fund 37,478,254 34,239,633 31,992,433

(Units: 1723312.422, Market Value: 34239632.86 )

Reliance Mutual Find 179,675,558 202,508,448 190,170,910

(Units: 7855802.500 ,Market Value: 202508448.01 )

Total 490,563,337 493,956,357 467,979,205

Note:

- Aggregate value of unquoted investments 348,500,000 348,500,000 348,500,000

- Excess of carrying cost over fair value (net) of current 142,063,337 145,456,357 119,479,205

investments as adjusted above

- Fair value of Unquoted investment 490,563,337 493,956,357 467,979,205

As at 31 March2019

As at 31 March2020

As at 1st April2018

9 Current Investments (Amount in `)

Particulars

Unsecured

- Considered good

From Others 25,295,300 34,681,602 44,861,146

From Members 17,510,630 12,233,822 9,168,182

Total 42,805,930 46,915,424 54,029,328

As at 31 March2019

As at 31 March2020

As at 1st April2018

10 Trade Receivables (Amount in `)

Note :(i) The Trade Receivables are from the club members and there is no significant credit risk that is involved.

Particulars

Balances with banks

In current accounts

In saving bank accounts 318,570,183 246,931,525 996,907,167

Cash in Hand 225,883 314,894 212,800

Total 318,796,066 247,246,419 997,119,967

As at 31 March2019

As at 31 March2020

As at 1st April2018

11 Cash and Cash equivalents (Amount in `)


63


Particulars

Balances held in bank

In Fixed Deposits 2,196,474 2,300,013,350 -

Bank Deposit maturing within 12 months 1,861,957,198 1,401,005 10,351,434

Total 1,864,153,672 2,301,414,355 10,351,434

As at 31 March2019

As at 31 March2020

As at 1st April2018

12 Bank balance (other than Cash and Cash equivalents) (Amount in `)

Particulars

(Unsecured, Considered Good)

Loans to employees 14,000 - -

Total 14,000 - -

As at 31 March2019

As at 31 March2020

As at 1st April2018

13 Current Loans (Amount in `)

Particulars


Interest accrued but not received 1,026,168 48,957,925 771,911

Total 1,026,168 48,957,925 771,911

As at 31 March2019

As at 31 March2020

As at 1st April2018

14 Other Current Financial Assets (Amount in `)

Particulars

Fringe Benefit Tax 34,399 34,399 34,399

Advance Tax 74,194,208 67,432,368 59,454,283

Total 74,228,607 67,466,767 59,488,682

As at 31 March2019

As at 31 March2020

As at 1st April2018

15 Current Tax Assets (net) (Amount in `)

Particulars


Capital Advance - - 153,847,247

Advances other than Capital Advances

Advance to vendors 7,514,147 504,114 372,686

Prepaid Expenses 1,215,846 1,125,393 1,021,807

Balances with Government Authorities 239,813,802 342,120,298 206,845,019

GST/ Service Tax/ Land Deposit)

Others 2,347,552 664,371 55,965

Total 250,891,347 344,414,176 362,142,724

As at 31 March2019

As at 31 March2020

As at 1st April2018

16 Other Current Assets (Amount in `)


64


Particulars

Authorised Share Capital - - -

Total - - -

Issued, Subscribed and fully paid-up equity shares - - -

Total - - -

As at 31 March2019

As at 31 March2020

As at 1st April2018

17 Equity Share Capital (Amount in `)

The Company is limited by Guarantee and hence there is no share capital

Particulars

Retained Earnings:

Capital Reserve 3,014,478,718 2,253,299,218 1,914,843,218

Opening Balance at beginning of the year

Add : Entrance Fees received during the period 1,466,156,000 761,179,500 338,456,000

Closing Balance at end of the year 4,480,634,718 3,014,478,718 2,253,299,218

Total other comprehensive income

Opening Balance at beginning of the year - - -

Add:

- Net Defined Benefits (292,702) - -

Closing Balance at end of the year (292,702) - -

Surplus

Opening Balance at beginning of the year (188,035,964) (235,126,739) (301,834,558)

Excess of Expenditure over Income during the period (15,943,146) 47,090,775 66,707,819

Closing Balance (203,979,110) (188,035,964) (235,126,739)

Total 4,276,362,907 2,826,442,754 2,018,172,479

As at 31 March2019

As at 31 March2020

As at 1st April2018

18 B. Other Equity (Amount in `)

Particulars

Security Deposits 474,340 574,340 1,025,550

Total 474,340 574,340 1,025,550

As at 31 March2019

As at 31 March2020

As at 1st April2018

19 Other Non current Financial Liabilities (Amount in `)

Particulars

Gratuity (Refer note 37) 1,525,605 - -

Total 1,525,605 - -

As at 31 March2019

As at 31 March2020

As at 1st April2018

20 Non - Current Provisions (Amount in `)


65


Particulars

- total outstanding dues of micro enterprises and small enterprises - - -

- total outstanding dues of creditors other than micro enterprises 21,253,574 9,817,924 14,281,867

and small enterprises

Total 21,253,574 9,817,924 14,281,867

As at 31 March2019

As at 31 March2020

As at 1st April2018

21 Trade Payables (Amount in `)

MSME Note:-

The information regarding Micro Enterprises and Small Enterprises has been determined to the extent such parties have been identified on the basis of information available with the Company.

The Company has not received any intimation from “Suppliers” regarding the status under the Micro, Small and Medium Enterprise Development Act, 2006 and hence, disclosures if any relating to amounts paid as at year end together with interest paid / payable as required under the said Act have not been given.

Particulars

Advance From Members/Customers

- Towards Various Services 13,426,203 10,387,940 13,844,106

- Towards Entrance fees 12,401,500 694,151,836 45,389,000

- Towards Booking & Service Membership 10,602,710 10,167,776 13,995,513

Employee Benefits Payable (Salary, Bonus and etc) 645,615 624,247 645,524

Total 37,076,027 715,331,799 73,874,143

As at 31 March2019

As at 31 March2020

As at 1st April2018

22 Other Current Financial Liabilities (Amount in `)

Particulars

Nomination Fees Payable - - 5,500

Service Tax Refund (Refer note 46) 283,226,439 283,226,439 144,769,620

Statutory Dues Payables 37,831,785 61,971,289 8,573,807

Total 321,058,224 345,197,728 153,348,927

As at 31 March2019

As at 31 March2020

As at 1st April2018

23 Other Current Liabilities (Amount in `)

Particulars

Gratuity (Refer note 37) 748,416 - -

Provision for Compensated Absences - - 125,000

Total 748,416 - 125,000

As at 31 March2019

As at 31 March2020

As at 1st April2018

24 Current Provisions (Amount in `)


66


Particulars

Minimum Alternative Tax 4,830,945 4,830,945 56,258

Frienge Benefit Tax 56,258 56,258 -

Total 4,887,203 4,887,203 56,258

As at 31 March2019

As at 31 March2020

As at 1st April2018

25 Current Tax Liabilties (net) (Amount in `)

Particulars

Revenue from Operations

Revenue from Sports Activities 7,045,072 9,705,306

Revenue from Entertainment Activities and Other Member Activities 13,763,194 16,973,725

Revenue from Guest Rooms 27,181,005 35,938,777

Annual Subscription Fees 22,339,565 19,612,257

Renting and Contractual Income 27,002,830 50,811,663

Miscellaneous Income 2,707,471 2,672,993

Penalty Income 1,021,943 1,153,680

Renewable Energy Credits 4,122,040 1,029,176

105,183,120 137,897,578



26 Revenue from Operations (Amount in `)

Particulars

Interest Income on Financial Assets carried at cost

a) Interest from Fixed Deposit 163,080,404 64,335,846

b) Interest on Saving bank account 8,669,401 52,994,216

Other Interest

a) Interest on Income Tax Refund - 529,834

b) Interest on Advance given for Purchase of New Land - 7,333,229

c) Interest from staff Loan 52,078 39,291

Interest Income on Financial Assets carried through FVTPL

Gain from remeasurement of Mutual Funds (3,393,020) 25,977,152

Interest from Bonds 2,001,908 2,001,908

Total 170,410,771 153,211,476



27 Other Income (Amount in `)

Particulars

a) Expenses for Sports Activities 9,979,332 9,379,533

b) Entertainment Programme Expenses 17,465,526 26,107,776

c) Mini Home Theatre Expenses 2,371,707 2,186,480

d) Housie Expenses 361,361 103,758

e) Expenses for Entertainment and Other Activities 6,536,640 6,357,500

Total 36,714,566 44,135,047



28 Cost of service (Amount in `)


67


Particulars

Salaries, Wages and Bonus 16,502,777 16,537,375

Contribution to Provident and Other Funds 2,144,763 2,183,390

Gratuity (Refer note - 37) 2,041,718 -

Staff Welfare Expenses 836,950 244,573

Total 21,526,208 18,965,338



29 Employee Benefits Expenses (Amount in `)

Particulars

Stationery and Printing Expenses 1,547,364 1,530,743

Telephone Expenses 2,572,290 2,203,597

Office Expenses 4,245,833 2,612,495

Other Expenes 2,591,151 1,831,648

Swimming Pool Expenses 7,054,182 5,569,859

Cleaning and Maintenance Expenses 6,302,554 5,949,027

Repairs and Maintenance Expenses 31,043,188 19,108,933

Residential Room / Rest Maintenance Expenses 72,966,232 31,963,218

Residential Room & Restaurant Management Charges - -

Other Expenses 1,954,668 1,878,795

Windmill Technical Contractor Expense 300,000 166,666

Windmill Trasmission Expense 3,471,952 2,029,075

Donation Expense 25,000,000 -

Security Expenses 11,109,028 10,425,713

Power & Fuel 6,688,323 18,640,309

Rates & Taxes 6,583,273 9,963,520

Miscellaneous Expense 1,088,835 688,798

Insurance Expenses 1,110,546 1,003,367

Legal & Consultancy Expenses 7,243,985 5,175,875

Payment to Auditor (Refer Note - 38) 207,000 160,000

Prior Period Items 1,697,615 36,000

Land Development Expenses 2,756,210 -

Loss On Asset sold/discarded 136,202 543,021

Total 197,670,431 121,480,659



30 Other Expenses (Amount in `)

The major components of income tax expense for the year ended 31 March 2020 and 31 March 2019 are:


68


Particulars

Current Tax:

Current Income Tax Charge - 4,830,945

Adjustment of tax relating to earlier periods -

Total (a) 4,830,945

Deferred Tax

In respect of current year origination and reversal of temporary differences (9,108,785) 7,175,311

Total (b) (9,108,785) 7,175,311

Total (a+b) (9,108,785) 12,006,256

OCI section

Deferred tax related to items recognised in OCI during in the year: (60,399) -



31 Income Tax Expense : (Amount in `)

Particulars

Accounting Profit/(loss) before tax (25,051,931) 59,097,031

Income tax using the Company's domestic tax rate @ 26%

(As at 31st March 2019 33.39%)

Tax Effect of :

Change in Tax Rate (11,256,356) 1,810,075.08

Reversal of Tax of earlier years (730,415) 32,087

Minimum Alternate Tax credit not recognised 4,830,945

Employee Benefit 530,847 -

Property, Plant & Equipment 3,080,728 -

Mutual Fund (1,132,726) 7,207,397

Income tax recognised in profit and loss at effective rate (9,108,785) 12,006,256

Total Tax Income/Expense for the year (9,108,785) 12,006,256



32 Contingent Liabilities and Commitments ( to the extent not provided for) :

(i) Contingent Liabilities :

a) Impact Fees levied by relevant authorities for the Building have been paid ad-hoc amounting to

Rs.2,500,000 which is capitalized by adding to the building. The final order regarding the matter has

still not been received from the authorities and accordingly, future liability for the same cannot be

determined.

b) The Company, as stated in Note ‘40 A (1)’ is required to pay regularization fees to the State

Government which is not determined till date. The matter is subjudiced with the High Court and cannot

be quantified.


69


c) The Company, as stated in Note 40 A (2.1)’ has preferred an appeal with the Collector’s Office against

the Mamlatdar’s Office order imposing a penalty amounting to Rs. 854,112/- on the non payment of

entertainment tax dues.

d) The Company is involved in various appeals and litigations against the Tax Authorities with respect to

Income Tax, Service Tax and Company Law Matters which are pending at various forums for disposal.

The details are as under:

Sr Name of Statuteand Nature of Dues

Amount(Rs.)under disputeand not paid

Period towhich amount

relates

Forum wheredispute is Pending

1 Income Tax Act,1961, 29,350,680 F.Y. 2005-06 Honorable High Court Of Gujarat

2 Income Tax Act,1961, 32,349,829 F.Y. 2011-12 Honorable High Court Of Gujarat

3 Income Tax Act,1961 38,144,870 F.Y. 2014-15 Commissioner(Appeals)

4 Finance Act, 1994 Service Tax 24,915,921 F.Y.2005-06 Appellate Tribunal

TO F.Y. 2009-10

5 Finance Act, 1994 Service Tax 2,817,769 F.Y. 2015-16 Appellate Tribunal

6 Finance Act, 1994 Service Tax 1,447,000 F.Y 2010-11 Commissioner(Appeals)

Note:

a) There are no other dues except as specified above under dispute and unpaid.

b) The Company has opened the separate bank account for the disputed liability of FBT with Vijaya Bank

Rs.14,98.566 (P.Y. 14,12,894 ).

33 Financial Instruments, Financial Risk and Capital Management :

The Company’s risk management activities are subject to the management direction and control under the

framework of Risk Management Policy as approved by the Board of Directors of the Company. The

Management ensures appropriate risk governance framework for the Company through appropriate

policies and procedures and these risks are identified, measured and managed in accordance with the

Company’s policies and risk.

The Company’s financial liabilities comprise mainly of trade and other payables and other current liability.

The Company’s financial assets comprise mainly of investments, cash and cash equivalents, other

balances with banks, loans, trade receivables and other receivables.

The Company has exposure to the following risks arising from financial instruments:

(A) - Market risk

(B) - Credit risk ;

(C) - Liquidity risk


70


(A) Market Risk:

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because

of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and

commodity risk.

i) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate

because of changes in market interest rates. The Company’s exposure to the risk of changes in market

interest rates relates primarily to the Company’s instrument in bank deposits. The interest rates for the

tenure of fixed deposits are fixed. However, with countinous decrease in the return of fixed deposits, the

income earned on such deposits may change in future based on interest rates.

The sensitivity analysis have been carried out based on the exposure to interest rates at the end of the

reporting period.

ii) Foreign Currency Risk:

Foreign Currency risk is the risk that the fair value or future cash flow of an exposure will fluctuate because

of changes in foreign exchange rate.

As the Company do not have any outstanding receivable or payable in foreign currency, this risk is not

applicable to Company.

iii) Commodity Risk:

The Company is affected by price volatility of certain comodities. Its operating activities require the

ongoing purchase or countinuous supply of comodities. Therefore, the Company monitors its purchases

closely to optimize the prizes.

iv) Price risk:

The Company's exposure to price risk in the investment in mutual funds and classified in the balance sheet

as fair value through profit or loss. Management monitors the prices closely to mitigate its impact on profit

and cash flows. Since these investments are insignificant, the exposure to equity price changes is minimal.

(B) Credit Risk:

Trade Receivable:

Total receivables of the Company are from member of the club.Trade receivables are generally due for

lesser than one year, accordingly in relation to these dues, the Company does not foresee any Credit

Risk.The Company does not have significant credit risk exposure to single counter party. Concentration of

credit risk no any party does not exceed 6% of gross monetory assets at any point of time during the year.

Particulars 31st March,2020 31st March, 2019

+1% -1% +1% -1%

Impact on Profit before tax 16,30,804 (1,630,804) 643,358 (643,358)

1,630,804 (1,630,804) 643,358 (643,358)


71


Other Financial Assets:

This comprises mainly of Security deposits and Interest accrued but not received. Credit risk arising from

these financial assets is limited.

(C) Liquidity Risk:

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with

its financial liabilities that are settled by delivering cash or another financial asset. The Company monitors

its risk of shortage of funds using cash flow forecasting models. These models consider the maturity of its

financial investments, committed funding and projected cash flows from operations. The Company’s

objective is to provide financial resources to meet its business objectives in a timely, cost effective and

reliable manner and to manage its capital structure.

The Company generates sufficient cash flows from operations to maintain a healthy working capital

balance.

Maturity profile of financial liabilities:

The table below provides details regarding contractual maturities of financial liabilities at the reporting date

based on contractual undiscounted payments

Particulars

As at 31st March, 2020

- Less Than 1 Year 20,381,065 34,164,703

- 1 to 5 Year 872,509 1,355,879

- More than 5 Year 12,000

Total 21,253,574 35,532,582

As at 31st March, 2019

- Less Than 1 Year 9,008,079 712,753,087

- 1 to 5 Year 809,845 1,123,227

- More than 5 Year - 12,000

Total 9,817,924 713,888,314

As at 1st April, 2018

- Less Than 1 Year 13,961,313 74,605,064

- 1 to 5 Year 320,554 282,629

- More than 5 Year - 12,000

Total 14,281,867 74,899,693

Trade Payable Other Financial

Liabilities

(Amount in `)

Capital Management

The Company’s objectives for managing capital is to safeguard continuity and healthy capital ratios in order to

support its business and provide adequate return to members through continuing growth. The Company’s

overall strategy remains unchanged from previous year.

The Company sets the amount of capital required on the basis of annual business and long-term operating

plans which include capital and other strategic investments. Such Capital is funded through member's

contribution.


72


The funding requirements are met through internal accruals, income generated from its investments and

entrance fees received.

No changes were made in the objectives, policies or processes for managing capital during the years ended as

at 31st March, 2020 and as at 31st March, 2019.

Particulars

Net debt (total debt less cash and cash equivalents) (A)

Total capital (B)

Total capital and net debt C=(A+B) NIL

Gearing ratio (A/C)

There is no debt in the company.



For the year ended1st April, 2018

34 Fair Value Measurement :

a) The carrying value of financial instruments by categories as of 31st March, 2020 is as follows :

Particulars

Financial Assets

Cash and cash equivalents - 318,796,066 318,796,066

Balance with Banks - 1,864,153,672 1,864,153,672

Investments - 24,340,000 24,340,000

Investment in Mutual Funds 490,563,337 - 490,563,337

Trade Receivables - 42,805,930 42,805,930

Non Current loan - 5,475,213 5,475,213

Current Loan - 14,000 14,000

Other Financial assets - 1,026,168 1,026,168

Total 490,563,337 2,256,611,048 2,747,174,385

Financial Liabilities

Trade Payables - 21,253,574 21,253,574

Other Financial Liabilities - 35,058,242 35,058,242

Total - 56,311,816 56,311,816

(Amount in `)

FVTPL Amortised Cost Total

b) The carrying value of financial instruments by categories as of 31st March, 2019 is as follows :

Particulars

Financial Assets


Balance with Banks - 2,301,414,355 2,301,414,355

Investments - 24,340,000 24,340,000


Non Current loan - 4,999,213 4,999,213

Invesment in Mutual Fund 493,956,357 - 493,956,357

Other Financial assets - 48,957,925 48,957,925

Total 493,956,357 2,673,004,871 3,166,961,228


Trade Payables - 9,817,964 9,817,964


Total - 723,131,938 723,131,938

(Amount in `)



73


c) The carrying value of financial instruments by categories as of 1st April, 2018 is as follows :

Particulars

Financial Assets


Balance with Banks - 10,351,434 10,351,434

Investments - 24,340,000 24,340,000


Non Current Loan - 4,938,963.00 4,938,963.00

Invesment in Mutual Fund 467,979,205 - 467,979,205

Other Financial assets - 771,911 771,911

Total 467,979,205 1,088,835,409 1,556,814,614


Trade Payables - 14,281,907 14,281,907


Total - 85,439,856 85,439,856

(Amount in `)


Fair Value Hirarchy: -

The table below analysis financial instruments at fair value, by valuation method. The different levels have been

identified as follows:

Level 1: - Quoted prices in active markets for identified assets or liabilities.

Level 2: - Inputs other than qouted prices included with level 1 that are observable for the assets or liability,

other directly (i.e.as prices) or indirectly (i.e. derived from prices.)

Level 3: - Inputs for the assets or lliabilities that are not based on observable market data (underrated inputs)

Mutual Funds (2020) - 490,563,337 -

Mutual Funds (2019) - 493,956,357 -

Mutual Funds (2018) - 467,979,205 -

Financials Level - 1 Level - 2 Level - 3

Note:

The Fair values of investments in Mutual Fund units is based on the Net Asset Value(NAV) as stated by issuers

of these mutual find units in the published statements as at the balance sheet date. NAV presents the price at

which the issuer will issue further units of mutual fund and at the price at which issuers will redeem such units

from the investors.

35 Pursuant to the Indian Accounting Standard (Ind AS- 33) – Earnings per Share, the disclosure is as

under:

Disclosure requirements of Ind AS -33 "Earning per share" regarding disclosure and calculation of EPS are not

applicable since, the Company is limited by guarantee and holds no equity share capital.


74


36 Related party transactions

a. List of related parties and relationship

The Management has identified the following entities and individuals as related parties of the Company for

the year ended 31st March, 2020 for the purpose of reporting as per Ind AS 24 - Related Party Disclosure

which are as under:-

i) List of Directors (Office Bearers):

Sr. Name of Office Bearers Designation

1 Naginbhai G. Patel President(w.e.f 14th December, 2019)

2 Jayeshbhai H. Modi Vice President(w.e.f 14th December, 2019)

3 Nimesh D. Patel Vice President

4 Satish S. Shah Vice President(w.e.f 14th December, 2019)

5 Ketan B. Patel Hon. Secretary(w.e.f 14th December, 2019)

6 Ajay B. Thakkar Hon. Jt. Secretary(w.e.f 14th December, 2019)

7 Dr. Ashish J. Desai Hon. Jt. Secretary(w.e.f 14th December, 2019)

Sr. Name of the other Directors Designation

1 Naginbhai G. Patel President(w.e.f 14th December, 2019)

2 Jayeshbhai H. Modi Vice President(w.e.f 14th December, 2019)

3 Nimesh D. Patel Vice President

4 Satish S. Shah Vice President(w.e.f 14th December, 2019)

5 Ketan B. Patel Hon. Secretary(w.e.f 14th December, 2019)

6 Ajay B. Thakkar Hon. Jt. Secretary(w.e.f 14th December, 2019)

7 Dr. Ashish J. Desai Hon. Jt. Secretary(w.e.f 14th December, 2019)

8 Ajaybhai H. Patel Director

9 Amrish J. Patel Director

10 Bhavesh C. Vaghasiya Director

11 Bhavesh K. Patel Director

12 Dhaval M. Barot Director

13 Girish P. Dani Director

14 Hasmukh G. Shah Director

15 Jayantilal M. Jakasania Director

16 Kinnar G. Shah Director

17 Manoj R. Patel Director

18 Manojkumar T. Patel Director

19 Niki A. Patel Director

20 Nilesh R. Desai Director

21 Paresh N. Patel Director

22 Paresh N. Talati Director

23 Rajesh N. Gandhi Director

24 Rajiv K. Patel Director

25 Rakesh M. Patel Director

26 Ronak R. Jobaliya Director

ii) List of other directors:


75


Sr. Name of the other Directors Designation

27 Dr. Sanjay R. Gandhi Director

28 Sharadkumar G. Patel Director

29 Silva V. Patel Director

30 Vijay H. Mehta Director

31 Viral G. Patel Director

32 Ashishkumar C. Amin Co- Opted Director

33 Jagdishchandra B. Patel Co-Opted Director(w.e.f 14th December, 2019)

34 Miteshbhai C. Patel Co- Opted Director

35 Prashant J. shah Co-Opted Director(w.e.f 14th December, 2019)

36 Trilokbhai R. Parikh Co-Opted Director(w.e.f 14th December, 2019)

37 Anil K. Patel Additional Director(Till 14th December, 2019)

38 Ashish C. Amin Director(Till 14th December, 2019)

39 Hitendra B. Patel Director(Till 14th December, 2019)

40 Jagdishchandra B. Patel Additional Director(Till 14th December, 2019)

41 Prashant J. Shah Director(Till 14th December, 2019)

42 Shaishav K. Shah Co opted Director(Till 14th December, 2019)

43 Trilokbhai R. Parikh Additional Director(Till 14th December, 2019)

iii) List of Related Parties where director’s are interested:

Sr. Name of Interested Director Name of Related Party

1 Naginbhai G. Patel Gallops Enterprise Limited

Astron Technologies Private Limited

N G Realty Private Limited

Gallops Realty Private Limited

Gallops City Private Limited

Ashwa Infra-Con Private Limited

Gallops Infra-Con Private Limited

N G Patel Finlease Pvt Ltd

Gallops Infrastructure Limited

N G Infotech India Private Limited

2 Jayesh H. Modi Karnavati Club Limited

3 Nimesh D. Patel Maruti Infrastructure Limited

Sun Multilink Private Limited


4 Satish S Shah Aaf-3989-Strategic Investors Llp

Indo Colchem Limited

The Rang Udhyog Private Limited

Clairvoyance Chemtech Private Limited

Clairvoyance Industries Private Limited


5 Ketan B. Patel Swami Vivekanand Agricultural Products Market Private Limited

Gujarat Institute Of Housing And Estate Developers- Credai


6 Ajay B. Thakkar Karnavati Club Limited

7 Dr. Ashish J. Desai Shaival Reality Limited

Multiple Entertainment Private Limited


76



Acarya Realty Private Limited

Niche Realty Private Limited

Olive International Education Foundation


Pradhin Limited

8 Ajaybhai H. Patel Dev Buildcon Private Limited

Devraj Infrastructures Limited

Rajpath Club Limited


9 Amrish J. Patel Anant Aircon Private Limited

Gujarat Institute Of Housing And Estate Developers- Credai

Confederation Of Real Estate Developers Association Of

India -Gujarat


10 Bhavesh C. Vaghasiya Karnavati Club Limited

Aae-5586-Shaligram Infotech Llp

Aaf-5657-Kore Films Llp

Aat-4284-Skyfield Projects Llp

11 Bhavesh K. Patel Karnavati Club Limited

Kinjal Organics Private Limited

Aaq-4931-Kinjal Dyechem Llp

12 Dhaval M. Barot Pradhin Limited


13 Girishbhai P. Dani Karnavati Club Limited

14 Hasmukh G. Shah Karnavati Club Limited

15 Jayantilal M. Jakasania Akta Metal Powder Pvt Ltd

Backbone Infrastructure Private Limited

Vogue Infratech Private Limited

Backbone Projects Limited


16 Kinnar G. Shah Karnavati Club Limited

17 Manoj R. Patel Achal Construction Company Private Limited

Thc Impact Ventures Private Limited


Aaa-5522 - Excel Procon Llp

Aah-5269 - Excel Infraspace Llp

Aao-0697 - Excel Life Infra Llp

18 Manoj T. Patel Karnavati Club Limited

19 Niki A. Patel N N Patel Hotels Private Limited


20 Nilesh R. Desai Metroglobal Limited

Metrochem Industries Limited

Metrochem Capital Trust Limited

Sahajanand Laser Technology Limited

Shubh Labh Insurance Broking Private Limited

Sanblue Tradelink Private Limited

Shri Subhlabh Auto Services Private Limited



77



Aaa-9251-Shubh Labh Casting Llp

Aaa-9251-Shubh Labh Casting Llp

21 Paresh N. Patel Aryan Organisers Private Limited


Aag-7812 -Shaival Comcon Llp

Aaq-4889-Pnh Hotel Llp

Aat-0971-I Get Techno Llp

22 Paresh N. Talati Tithal Apartments Private Limited

Divyaratna Complex Private Limited

Matrix Estates Private Limited

Cubic Infrastructure & Developers Private Limited

Skylon Hotels Private Limited


Aad-6238 -Matrix Estates Llp

23 Rajesh N. Gandhi Karnavati Club Limited

24 Rajiv K. Patel Radhika Lifestyle Private Limited

Amarnath Construction Private Limited

Amarnath Projects Private Limited


Aad-1576 -Radhika Lifestyle Llp

Aad-2759 -Amarnath Projects Llp

Aad-4166 -Amarnath Construction Llp

Aam-9679 -Amarnath Logistic Llp

25 Rakesh M. Patel Karnavati Club Limited

26 Ronak R. Jobaliya Parshwnath Pigments Limited

Parshw Membrane Filteration Solutions Private Limited

Parshw Infotech Private Limited


Parshwanath Dyechem Industries Private Limited

27 Dr. Sanjay R. Gandhi Karnavati Club Limited

Jayanti Projects Limited

28 Sharad G. Patel Karnavati Club Limited

D B Ginning Private Limited

Bharat Bio Gas Energy Limited

Varniraj Buildcon Private Limited

Vishwa Patidar Kendra

Aaa-1786-Ahmedabad East Infrastructure Llp

Aaa-6616-Fsr Infracon Llp

Aab-5551-Ornet Transformers Llp

Aab-7275-Canaan Infraventures Llp

Aac-3603-Maruti & Ornet Infrabuild Llp

Aaj-9334-Status Buildcon Llp

Aam-2486-Status Buildcon Llp

Aam-8074-Krishaditya Dream Homes Llp

Aaq-4462-Flip It Arcade Center Llp

29 Silva V. Patel Vishavamurty Farms Private Limited

Bhadar Farms Private Limited

Ganga Vihar Farm Private Limited

Kanyakumari Farms Private Limited


78



Popular Infrabuild Private Limited

Shanti Estates And Investments Pvt Ltd

Virendra Estates And Investments Pvt Ltd


30 Vijay H. Mehta Shree Surgovind Realtors Limited


31 Viral G. Patel Karnavati Club Limited

32 Ashish C. Amin Karnavati Club Limited

33 Jagdishbhai B. Patel Devraj Infrastructures Limited

Rajpath Club Limited


Aac-8264 - Avichal Projects Llp

34 Mitesh C. Patel Karnavati Club Limited

35 Prashant J. Shah Nirman Procon Private Limited


Aaa-6188 -Taiyo Solar System Integrator Llp

36 Trilokbhai R. Parikh India Renal Foundation

Gulmohar Greens-Golf And Country Club Limited


iii) List of Related Parties where director’s are interested:

Sr Related Party Description of Transaction 31st March, 2020 31st March, 2019

SHAIVAL REALITY LIMITED

GULMOHAR GREENS GOLF AND COUNTRY CLUB LIMITED

RAJPATH CLUB LIMITED

Ashish Jashwantbhai Desai is interested in this company

Trilokbhai R Parikh is interested in this company

Ajaybhai H Patel is interested in this company

Receipt of annual fees against corporate membership.

Contribution Received for Cricket Tournament

Room booking

1

2

3

162,840

41,300

30,444

141,450

41,300

-

Note: Transactions of the directors undertaken as members of the club such as usage of club facilities and

payment of annual subscription fees have not been reported over here as the said transactions have been

undertaken as “a member of the club” in the ordinary course of activities of the club. Moreover, such facilities are

available exclusively to the members of the club.


79


37 As per Indian Accounting standard 19 "Employee Benefits", the disclosure as defined in the

accounting standard are given below.

The status of gratuity plan as required under Ind AS-19 :

The Company operates a defined benefit plan (the Gratuity plan) covering eligible employees, which

provides a lump sum payment to vested employees at retirement, death, incapacitation or termination of

employment, of an amount based on the respective employee’s salary and the tenure of employment.

Particulars

As at31 March

2019

As at31 March

2020

As at1st April

2018

(Amount in `) The status of gratuity plan as required under Ind AS-19 :

i. Reconciliation of Opening and Closing Balances of Defined Benefit Obligation

1. Present Value of Defined Benefit Obligations at the beginning of the Year 5,748,958 5,439,269 4,648,857

2. Current Service Cost 379,889 369,852 336,796

3. Interest Cost 447,844 435,142 371,909

4. Benefit paid - (375,740) -

5. Re-measurement (or Actuarial) (gain) / loss (189,365) (119,565) 81,707

6. Present Value of Defined Benefits Obligation at the end of the Year 6,766,056 5,748,958 5,439,269

ii. Reconciliation of Opening and Closing Balances of the Fair value of Plan Assets

1. Fair Value of Plan assets at the beginning of the Year 4,207,231 3,560,660 2,982,050

2. Investment Income 327,743 284,853 263,270

3. Contributions 772,876 315,341

4. Benefit paid - (375,740) -

5. Return on Plan Asset, Excluding Interest Income (42,938) (35,419) -

6. Fair Value of Plan assets at the end of the Year 4,492,037 4,207,231 3,560,660

iii. Reconciliation of the Present value of defined benefit obligation andFair value of plan assets

1. Present Value of Defined Benefit Obligations at the end of the Year 6,766,056 5,748,958 5,439,269

2. Fair Value of Plan assets at the end of the Year 4,492,037 4,207,231 3,560,660

3. Net Asset / (Liability) recognized in balance sheet as at the end of the year (2,274,019) (1,541,727) (1,878,609)

iv. Gratuity Cost for the Year

1. Current service cost 379,889 369,852 336,796

2 Interest cost 447,844 435,142 371,909

3. Investment Income (327,743) (284,853) -

4. Actuarial Gain / (Loss) - - -

5. Past service cost-vested benefit recognised during the year - - -

6. Net Gratuity cost 499,990 520,141 708,705


80


Particulars

As at31 March

2019

As at31 March

2020

As at1st April

2018

(Amount in `)

v. Other Comprehensive income

1. Actuarial (gains) / losses 189,365 (119,565) -

2. Change in demographic assumptions - - -

3. Change in financial assumptions - - -

4. experience variance (i.e. Actual experiences assumptions) - - -

- - -

5. Others - - -

6. Return on plan assets, excluding amount recognised in net interest expense 42,938 35,419 -

7. Re-measurement (or Actuarial) (gain)/loss arising because of change in - - -

effect of asset ceiling

8. Components of defined benefit costs recognised in other comprehensive - - -

income / CWIP

vi. Actuarial Assumptions

Discount Rate (per annum) 6.89% 7.79% 8.00%

Annual Increase in Salary Cost 7.00% 7.00% 7.00%

Mortality Rate Indian Assured Indian Assured Indian Assured Lives Mortality Lives Mortality Lives Mortality (2006-08) (2006-08) (2006-08)

Attrition Rate 1% 1% 1%

* The Company has recognised the provision for gratuity during the year ended 31st March,2020, Pursuant to

requirement of Ind AS - 19 "Employee Benefits".

vii. Sensitivity Analysis

Significant actuarial assumptions for the determination of the defined benefit obligation are discount rate,

expected salary increase and mortality. The sensitivity analysis below have been determined based on

reasonably possible changes of the assumptions occurring at the end of the reporting period, while holding all

other assumptions constant. The results of sensitivity analysis is given below:

Defined Benefit Obligation (Base) 6,766,056 5,748,958

As on 31st March 2020Amounts (Rs)


Discount Rate (- / + 1%)

(% change compared to base due to sensitivity (714661) 835263 (610,225) 713,822

Salary Growth Rate (- / + 1%)

(% change compared to base due to sensitivity) (720212) 825987 (619,745) 712,321

Employee Turnover Rate (- / + 1%)

(% change compared to base due to sensitivity) (8267) 9100 (47,104) 41,749

Particulars

Particulars



Decrease DecreaseIncrease Increase


81


viii. Asset Liability Matching Strategies The Company has purchased insurance policy, which is basically a year-on-year cash accumulation plan

in which the interest rate is declared on yearly basis and is guaranteed for a period of one year. The insurance Company, as part of the policy rules, makes payment of all gratuity outgoes happening during the year (subject to sufficiency of funds under the policy). The policy, thus, mitigates the liquidity risk. However, being a cash accumulation plan, the duration of assets is shorter compared to the duration of liabilities. Thus, the Company is exposed to movement in interest rate (in particular, the significant fall in interest rates, which should result in an increase in liability without corresponding increase in the asset).

ix. Effect of Plan on Entity's Future Cash Flows a) Funding arrangements and Funding Policy

The Company has purchased an insurance policy to provide for payment of gratuity to the employees. Every year, the Insurance Company carries out a funding valuation based on the latest employee data provided by the Company. Any deficit in the assets arising as a result of such valuation is funded by the Company.

b) Expected Contribution during the next annual reporting period The Company's best estimate of Contribution during the next year is Rs. 7,48,416.

c) Maturity Profile of Defined Benefit Obligation Weighted average duration (based on discounted cash flows) - 13 years

(a) Expected cash flows over the next (valued on undiscounted basis): Amount (Rs.) 1 year 157,201 2 to 5 years 675,237 6 to 10 years 3,504,147 More than 10 years 12,470,723 xi. The Company has defined benefit plans for Gratuity to eligible employees, the contributions for which are

made to Life Insurance Corporation of India who invests the funds as per Insurance Regulatory Development Authority guidelines.

The discount rate is based on the prevailing market yields of Government of India's securities as at the balance sheet date for the estimated term of the obligations.

The expected contributions for Defined Benefit Plan for the next financial year will be in line with FY 2018-19.

The liability for compensated absences as at the year ended 31st March, 2020 is Rs. NIL (as at 31st March, 2019 Rs. NIL).

38 Payment to auditors:

For Audit Fees 125,000 125,000

For Income Tax 31,000 NIL

For Tax Audit Fees 35,000 35,000

For Service Tax Matters NIL NIL

For other Matters NIL NIL

For Out of pocket Expenses 16,000 NIL

Total ( Net off Taxes) 207,000 160,000

Particulars 31 March 2020 31 March 2019


82


39 Events occuring after balance sheet date

The Company evaluates events and transactions that occur subsequent to the balance sheet date but prior to approval of the financial statements to determine the necessity for recognition and/or reporting of any of these events and transactions in the financial statements. As of , there are no subsequent events to be recognized or reported that are not already disclosed.

40 Other notes

A.

1 The land admeasuring 10,013 sq. meters out of the total land of 43,659.51 sq. meters (P.Y. 48,253.99 sq. meters) is vested in the State of Gujarat which is required to be regularized by the State Government. Regularisation price of Rs. 517,722,165 ascertained by the State Government is set aside by Honourable Gujarat High Court with the direction to ascertain the same after considering representation by the Company. Subsequently the district valuation committee has fixed the price for regularization of the land at Rs. 67,500 per sq. meter which comes to total of Rs.764,505,000 subject to approval of the Council of the Ministers. However, Ad-interim relief is granted by the Honourable Gujarat High Court by passing order dated 20/02/2013 in response to the Special Civil Application filed (1969/2013).

Pending the aforesaid Special Civil Application No. 1969/2013, the Honourable High Court of Gujarat by order dated 05/12/2013 directed the State Government to take appropriate decision afresh for the determination of the regularization of land. Accordingly, the State Government has valued the said land at Rs.101,600 per sq. meter which shall be calculated at 2.5 times which comes to Rs.2,543,302,000. The said decision was once again challenged by the Company in the Honourable High Court of Gujarat being Special Civil Application No. 4890/2014. The Honourable High Court of Gujarat has stayed the aforesaid decision. In the absence of ascertainment of regularization price, the same could not be quantified and entered in the Books of Account. As per the direction given by the Honourable High Court of Gujarat, prior to the current period, the Company has already deposited amount of Rs. 20 crores with the Registry of the Honourable High Court of Gujarat. On the captioned land the Company has constructed:

A. A building known as “Golden Glory Hall”, however; the same is allowed to be used by the club under the direction of the Honourable High Court of Gujarat and,

B. A Sports Complex which has been sealed by the Municipal Corporation since then.

In the event of State Government taking possession of the captioned Land, the Company would be required to surrender Land, Building and Fixed Assets constructed on it amounting to Rs. 647,946 (Land), Rs. 78,817,887 (Golden Glory) and Rs. 72,419,623 (Sports Complex) and it would require appropriate treatment in the books of accounts

2 Prior period Adjustments:

Out of the total Expenditure & Income, following Expenses are pertaining to prior period.

(A) Stationary /Printing ,Computer Exps NIL 36,000

(B) Payment for coaching of activity 7,080 NIL

(C) Reversal of GST 858,230 NIL

(D) Repair and maintanance URD 832,305 NIL

Total 1,697,615 36,000

Prior Period Expense 31 March 2020 31 March 2019

(Amount in `)


83


2.1 During the year 2016-17, the Club had received a notice from Mamlatdar’s Office demanding entertainment tax amounting to Rs. 5,69,408 for the period January 1, 2000 to July 14, 2016 along with interest payable at the rate of 24% and 18% for the period January 1, 2000 to March 31, 2007 and April 1, 2007 to July 14, 2016 respectively and penalty amounting to Rs. 8,54,112 being payable at 1.5 times the amount of entertainment tax payable.

The club has paid entertainment tax amounting to Rs. 5,54,500 and interest amounting to Rs. 8,36,747 against the said demand and have preferred an appeal with the Collector’s Office against the said demand raised by Mamlatdar’s office. The Company has not received any communication during the year under consideration.

In addendum to the aforesaid notice, the Club had during the preceding previous year received a letter from the Mamlatdar’s Office demanding an amount of Rs. 4,65,384 upto the period June 30, 2017. From the aforesaid demand, the club had as per its calculation and assessment, paid an amount of Rs. 3,54,410 of which amount of Rs. 2,79,220 attributable to the year 2016-17 had been reported as prior period expenditure during F.Y. 2017-18.

No further order has been received from the department during the year under consideration.

B. Payment to staff Includes

C. During the Current financial year, the club had made a donation of Rs.1,25,00,000 to PM CARES Fund and Rs.1,25,00,000 to Chief minister relief fund towards COVID-19 Pandemic.

D. During the year, land admeasuring 4594.48 sq. metres comprising of survey number 744/3, 745, 746/1, 746/2/1, 746/2/2, 755/1, 755/4-8, 756/1/1 to 3, 758, 756/2 to 6, 758/1+2+3/2 +4 from the total land admeasuring 48,253.99 sq. metres belonging to the Club has been acquired by the Ahmedabad Municipal Corporation under the TP Scheme No. 204 vide government resolution no. GH/V/195 of 2012/TPS-112009-3238-L, dated 28/09/2012. In absence of any compensation and avaibility of records with respect to the cost of such land, the Club has written off the average cost of such land from the total value of land on prorata basis.

E. Estimation uncertainty relating to COVID-I9 outbreak

The Company has considered internal and certain external sources of information including credit reports, economic forecasts and industry reports up to the date of approval of the financial statements in determining the impact on various elements of its financial statements. The Company has used the principles of prudence in applying judgements, estimates and assumptions including sensitivity analysis and based on the current estimates, the Company expects to fully recover the carrying amount of trade receivables including contract assets, others assets and investments. The eventual outcome of impact of the global health pandemic may be different from those estimated as on the date of approval of these financial statements.

Management is reviewing the situation on periodic basis and appropriate financial impact if any, shall be taken in the books of accounts.

a) Salary and Wages 16,502,777 16,537,376

b) Contribution to ESI, PF, Gratuity and Leave Encashment 2,144,763 2,183,390

c) Staff Welfare 836,950 244,573

Total 19,484,490 18,965,339

Partiulars of Payment 31 March 2020 31 March 2019

(Amount in `)


84


41 Segment Reporting

(a) Analysis by Business Segment

Segment Revenue and Expenses

Segment Revenue and Expenses are the operating revenue and expenses reported in the Company's Statement of Income and Expenditure that are directly attributable to a segment and the relevant portion of such revenue and expenditure that can be allocated on a reasonable basis to a segment.

Segment Assets and Liability

Segment assets include all operating assets used by a segment and consist principally of operating receivables, inventories and property, plant and equipment, net of allowances and provosions. Capital Expenditure includes the total cost incurred to acquire property, plant and equipment directly attributal to the segment. Segment liability includes all operating liabilities and consist principally of trade payables and accrued expenses.

The Company operates in single segment i.e. Member services, Hence no Segment reporting is required.

42 Tansition to IND AS

Certain Indian GAAP Figures have been reclassified to confirm Ind AS Presentation for the purpose of reporting set out in Note 2.2, We have transitioned our basis of accounting from Indian Generally Accepted Accounting Principles ('IGAAP') to Ind AS. Refer Note 3 for Equity and Profit Reconciliation.Ind AS 101 requires an entity to reconcile equity, total comprehensive income and cash flows for prior period. The following table represents such reconciliation.

Reconciliation between previous GAAP and Ind AS

(1) Reconciliation of equity as at 1st April, 2018

Particulars Note Amountas perIGAAP

Effect ontransitionto Ind AS

Reclassas per Ind

AS principles

Reclassification of Indian GAAP to Ind AS

(Amount in `)

ASSETS

Non-current assets

Property, plant and equipment 311,939,956 - 311,939,956

Capital work-in-progress 8,398,000 - 8,398,000

Intangible assets 18,198 - 18,198

Financial assets - - -

Non Current Investments 24,340,000 - 24,340,000

Non Current Loans 4,938,963 - 4,938,963

Other Non Current finacial Assets - - -

Deferred income tax assets ( net) - - -

Other non-current assets - -

- -


85




Reclassas per Ind

AS principles


(Amount in `)

Current assets

Inventories 19,281 - 19,281


Current Investments 3 348,500,000 119,479,205 467,979,205

Trade receivables 54,029,327 - 54,029,327

Cash and cash equivalents 1,007,471,402 (10,351,435) 997,119,967

Bank balances other than (iii) above - 10,351,435 10,351,435

Current Loans 420,553,634 (59,454,283) 361,099,351

Other Current financial Assets - 771,911 771,911

Current Tax Assets (Net) - 59,454,283 59,454,283

Other current assets 1,849,683 (771,911) 1,077,772

Non-current assets classified as held for sale - - -

Total Assets 2,182,058,444 119,479,205 2,301,537,649

EQUITY AND LIABILITIES

Equity

Equity Share capital - - -

Other Equity 1,942,062,852 76,109,627 2,018,172,479

Non-current liabilities

Financial liablities - Other financial liabilities - 1,025,550 1,025,550

Non Current Provisions - - -

Deferred tax liabilities (Net) - 40,653,424 40,653,424

Other non-current liabilities 1,025,550 (1,025,550) -

Current liabilities

Financial liablities

Trade payables

-To Micro and Small Enterprise - - -

-To Others 12,683,505 1,598,362 14,281,867

Other current financial liabilities 223,861,353 (149,987,210) 73,874,143

Other current liabilities - 153,348,928 153,348,928

Current Provisions 2,425,184 (2,300,184) 125,000

Current Tax Liabilities (Net) - 56,258 56,258

Total Equity and Liabilities 2,182,058,444 119,479,205 2,301,537,649


86




Reclassas per Ind

AS principles


(Amount in `)

ASSETS

Non-current assets

Property, plant and equipment 370,345,017 - 370,345,017

Capital work-in-progress - - -

Intangible assets 6,705 - 6,705


Non Current Investments 24,340,000 - 24,340,000

Non Current Loans 4,999,213 - 4,999,213

Other Non Current finacial Assets - - -

Deferred income tax assets (Net) - - -

Other non-current assets - -

- -

Current assets

Inventories 18,125 - 18,125


Current Investments 3 348,500,000 145,456,357 493,956,357

Trade receivables 46,915,425 - 46,915,425

Cash and cash equivalents 2,548,660,774 (2,301,414,355) 247,246,419

Bank balances other than (iii) above - 2,301,414,355 2,301,414,355

Current Loans 410,091,179 (67,432,368) 342,658,811

Other Current financial Assets - 48,957,925 48,957,925

Current Tax Assets (Net) - 67,432,368 67,432,368

Other current assets 50,747,688 (48,957,925) 1,789,763

Non-current assets classified as held for sale - - -

Total Assets 3,804,624,126 145,456,357 3,950,080,483

EQUITY AND LIABILITIES

Equity

Equity Share capital - - -

Other Equity 2,731,701,382 94,741,372 2,826,442,754

Non-current liabilities

Financial liablities - Other financial liabilities - 574,340 574,340

Non Current Provisions - - -

Deferred tax liabilities (Net) - 47,828,735 47,828,735

Other non-current liabilities 574,340 (574,340) -

Current liabilities

Financial liablities

Trade payables

-To Micro and Small Enterprise - - -

-To Others 8,548,424 1,269,500 9,817,924

Other current financial liabilities 1,057,018,990 (341,687,191) 715,331,799

Other current liabilities - 345,197,728 345,197,728

Current Provisions 6,780,990 (6,780,990) -

Current Tax Liabilities (Net) - 4,887,203 4,887,203

Total Equity and Liabilities 3,804,624,126 145,456,357 3,950,080,483

(2) Reconciliation of equity as at 31 March, 2019


87


43 Tansition to IND AS

Reconciliation between previous GAAP and Ind AS

Reconciliation of Profit or Loss for the year ended 31 March 2019



Reclassas per Ind

AS principles

(Amount in `)

1.a. Net Sales from Operations (Net of excise duty) 62,787,904 (170,096) 62,617,808

1.b. Other Operating Income 75,279,770 - 75,279,770

1. Total Income from operations (net) [1.a. + 1.b.] 138,067,674 (170,096) 137,897,578

2. Expenses [sum of (a) to (g)] 231,469,002 - 231,469,002

a) Cost of materials consumed - - -

b) Purchases of stock-in-trade - - -

c) Changes in inventories of finished goods, work-in- - - -

progress and stock-in-trade

d) Employee benefits expense 18,965,338 - 18,965,338

e) Depreciation and amortisation expense 47,430,979 - 47,430,979

f) Advertising & Promotions - - -

g) Other expenses 165,072,685 - 165,072,685

3. Profit from operations before other income, finance (93,401,328) - (93,571,424)

costs and exceptional items (1-2)

4. Other income 127,234,324 25,977,152 153,211,476

5. Profit from ordinary activities before finance costs and 33,832,996 - 59,640,052

exceptional items (3+4)

6. Finance costs - - -

7. Profit from ordinary activities after finance costs but 33,832,996 - 59,640,052

before exceptional items (5-6)

8. Exceptional Items - net credit/ (charge) (543,021) - (543,021)

9. Profit from Ordinary Activities Before Tax (7+8) 33,289,975 59,097,031

10. Tax expense (4,830,945) (7,175,311) (12,006,256)

11. Net Profit from Ordinary Activities After Tax (9-10) 28,459,030 18,631,745 47,090,775

12. Extraordinary Items - -

13. Net Profit for the period (11+12) 28,459,030 18,631,745 47,090,775

44 Ind As 115 - Revenue from Contract with Customers

The Company has adopted Ind AS 115 "Revenue from contracts with customers" with effect from 1st April, 2018, which is a transition date to Ind AS as well forthe Company.Ind AS 115 establishes principles for reporting information about nature, timing and uncertainity of revenue and cash flows arising from contracts withcustomers and replaces Ind AS 18 Revenue & Ind AS 11 Construction Contracts.

Trade receivables 42,805,930 46,915,424

Contract assets - -

Contract liabilities - -

Advances from customer/member 35,058,242 713,313,974


Assetes and liabilities related to contract with customers

(Amount in `)


88


Revenue as per contracted price 275,593,891 291,109,054

Adjustments - -

Sales return - -

Discounts - -

Rebates/refunds - -

Significant financing components - -

Extended warranties - -

Loyalty points - -

Revenue from contract with customers 275,593,891 291,109,054


Reconciliation the amount of revenue recognised in the statement of profit and loss with the contracted price

(Amount in `)

45 There are no long term Contracts (including derivative contracts) which are outstanding at the year end.

46 The company has received Service Tax refund of Rs. 28,32,26,439 on the principle of mutuality. The Supreme Court of India had given its judgment vide order no. C.A. No.4184 of 2009 dated 03/10/2019, in favor of the company. The refund amount as shown under the current liabilities, which is received with respect to collection of Service Tax from members from F.Y. 2005-06 to F.Y. 2017-18 with respect to various services provided to the members including Entrance Fee. Now the company is in the process of calculating member wise refund amount. This calculation is a lengthy process due to 12 financial years involved, various number of services provided to the members, change in accounting software and calculation was affected due to lockdown during COVID-19 pandemic. Till the amount is refunded to the members, the said amount is shown under the head “Current Liabilities.

47 Approval of financial statements

The financial statements were approved for issue by the board of directors on 20th November, 2020

48 The previous years figuires have been regrouped / reclassified wherever necessary to confirm to current year's presentation.


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For, DGSM & Co







00361230

Din.No.

0675739302484211



Cashflow Statement for the year ended on March 31, 2020CIN: U92410GJ1989GAP012192

PARTICULARS

(A) Cash flow from operating activities

Profit/(Loss) before tax : (2,50,51,931) 5,90,97,031

Adjustment for:

Interest Income

Interest from Deposits (17,17,49,805) (11,73,30,062)

Interest from Bonds (20,01,908) (20,01,908)

Interest on Advance given for Purchase of New Land - (73,33,229)

Interest on Staff Loan (52,078) (39,291)

Interest on income tax refund - (5,29,834)

Gain on Fair Valuation of Mutual Funds 33,93,020 (2,59,77,152)

Depreciation and amortisation expenses for the year 4,47,34,617 4,74,30,979

Items recognized in OCI (2,32,303) -

Operating Loss before working capital changes (15,09,60,389) (4,66,83,466)

Working Capital Adjustments:

(Increase) / Decrease in Assets

Non Current Loans (4,76,000) (60,250)

Current Loans (14,000) -

Inventories - 1,156

Trade Receivables 41,09,494 71,05,496

Other Current Assets 9,35,22,829 1,77,28,548

Other Current Financial Assets 4,79,31,757 (4,81,86,014)

Increase / (Decrease) in Liabilities

Non - Current Provisions 15,25,605 -

Trade Payables 1,14,35,650 (44,63,943)

Current Provisions 7,48,416 (1,25,000)

Other Current Liabilities (2,41,39,504) 19,18,48,801

Other Non Current Financial Liabilities (1,00,000) (4,51,210)

Other Current Financial Liabilities (67,82,55,772) 63,94,39,830

(54,37,11,525) 80,28,37,415

Cash generated from operations (69,46,71,913) 75,61,53,949

Less : Income Tax Paid (Net of Refunds) (67,61,840) 19,11,211

Net cash generated from operating activities (A) (70,14,33,753) 75,80,65,160

(B) Cash flow from investing activities

Expenditure on construction and acquisition of Property, Plant (1,30,42,37,074) (10,47,59,776)

and Equipment

Bank Balances not considered as part of Cash & Cash Equivalents (net) 43,72,60,684 (2,29,10,62,921)

Interest received 17,18,01,883 12,47,02,582

Income from Bonds 20,01,908 20,01,908

Net cash (used in) from investing activities (B) (69,31,72,600) (2,26,91,18,207)


90




(Amount in `)

President Shri Naginbhai G. PatelVice President Shri Jayesh H. Modi Hon. Secretary Shri Ketan B. Patel


00361230

Din.No.

0675739302484211


In terms of our report attached For, DGSM & Co Chartered AccountantsFirm's Registration Number: 101606W CA. Devesh Shah Partner

Membership Number: 36830

Place: Ahmedabad



91


Cashflow Statement for the year ended on March 31, 2020CIN: U92410GJ1989GAP012192

PARTICULARS

(C) Cash flow from financing activities

Entrance fees received 1,46,61,56,000 76,11,79,500

Net cash generated from financing activities (C) 1,46,61,56,000 76,11,79,500

Net increase in cash and cash equivalents (A)+(B)+(C) 7,15,49,647 (74,98,73,547)

Cash and cash equivalents at the beginning of the year 24,72,46,419 99,71,19,967

Cash and cash equivalents at the end of the year 31,87,96,066 24,72,46,419

Notes to Cash flow Statement :

1. Reconciliation of Cash and cash equivalents with the Balance Sheet:

Cash and cash equivalents as per Balance Sheet (Refer Note 11) 31,87,96,066 24,72,46,419

2. As per the amendment in "Ind AS 7 Statement of Cash flows : Disclosure of changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes. This amendment has become effective from 1st April, 2017 and the required disclosure is made below. There is no other impact on the financial statements due to this amendment.



PARTICULARS As at31st March, 2020

Changes in fair values(Including Exchange

Rate Difference)

Cash FlowsAs at1st April, 2019

Non - Current borrowings * NIL

Current borrowings*

* There are no amounts which have been borrowed by the Company during the period

3 The Cash Flow Statement has been prepared under the 'Indirect Method' set out in IND AS 7 'Cash Flow Statement'.

(Amount in `)


Karnavati Club Limited Affiliated club list

NAME & ADDRESS OF AFFILIATED CLUBS NAME & ADDRESS OF AFFILIATED CLUBS

BIHARBANKIPORE CLUB LTD. : "A LEGACY OF THE PATLIPUTRA" Bankipore Club Ltd., Judges Court Road, Patna - 800001 (BIHAR) INDIA. Phone No. : 0612-3202572,2677109, 2677409 Mail id : [email protected] Website : www.bankiporeclub.com CHHATTISGARHVIP’S CLUBShankar Nagar, Khamardih, VIP Estate, Raipur,Chhattisgarh – 492007 Tel.: 0771-2282001/2282002E-mail:- [email protected] Website: www.vipsclub.in DELHITHE NATIONAL SPORTS CLUB OF INDIAMathura Road, Opp Pragati Maidan Gate 3, New Delhi, Delhi 110001Phone: 011-2338 6261GUJARATPRESIDENCY CLUBBaroda Presidency Sports Club, Next to Podar World School, Sherkhi, VADODARA, GUJARAT 391330Tel: 0265 6567575, 8866067575, 9099989575Email: [email protected] Website: http://www.presidencyclubs.com SUNCITY CLUB & RESORTEffluent Canal Project Rd,Gotri - Sherkhi road, VADODARA, GUJARAT 391330Tel: 0265 6888881/2/3/4, 08141414567Email: [email protected], [email protected] Website: http://www.suncityclub.in/ THE MAHARAJA PRATAPSINH CORONATION GYMKHANAJawaharlal Nehru Road, VADODARA-390 001Ph.No.0265-2433536,2433989 Fax:-2413819Email: [email protected], [email protected] Website: www.poloclubofbaroda.orgRADISSON HOTEL KANDLARajvee Complex,Airport, Road,Galpadar,Gandhidham, GujaratPhone:02836-666666 Fax:02836-666667Email : [email protected], [email protected] Web Site: www.radisson.com/kutchinnTHE GRAND BHAGWATIMagdalla Circle, Dumas Road, Surat, Gujarat,INDIAPhone: 0261- 230 9000, 08980001054 / 98E-mail: [email protected], [email protected] Website: www.thegrandbhagwati.com/surat JAMMU & KASHMIRAMAR SINGH CLUB JAMMUBIkram Chowk, Sanjay Nagar, Gujarbasti, Jammu,

Jammu and Kashmir 180006Phone : 0191- 2456291, 2433085E-mail: [email protected] Website: http://www.amarsinghclub.com/ JAMMU CLUBM.A.M. Sports Complex,JAMMU-180001 Phone : 0191-2582213 / 2548437Fax : 0191-2547061Email: [email protected], [email protected] Website: http://www.jammuclub.in/JHARKHANDRANCHI GYMKHANA CLUBBooty More, Usha Martin Academy, NH 23 & HB Rd, Jaiprakash Nagar, Deepatoli, Ranchi (Jharkhand) 834009Ph: 0651-2275667, 3291390, 2275668 Fax- 0651-2275693M: 9798291390, 7654102705E-mail : [email protected] Website: www.ranchigymkhana.comKARNATAKABEST CLUB(Off Bangalore – Mysore Express Highway) BEMLLayout, Rajarajeshwari Nagar, BENGALURU-560098Ph.No.-080-28613211/3334 / 28613027Fax: 080-28613027Email: [email protected] [email protected] Website: www.bestclubbangalore.comBRIGADE HOSPITALITY SERVICES LIMITED29th Floor, World Trade Center,Brigade Gateway Campus,26/1 Dr.Rajkumar Road,Malleswaram West,BENGALURU-560055Phone : +91-80-4043 8000, +91-9972305352;Email : [email protected] Website: www.brigadehospitality.comCENTURY CLUB1,Sheshadri Road, BENGALURU -560001Phone: 080-22214121/2221/5122, 22214123/ Fax :080-22278879E-mail:- [email protected] Website: http://www.centuryclub.in/THE CLUBMysore Road, Nayandahalli, BENGALURU - 560039, Karnataka, India Phone :080-28600665/768 /769 Fax-28600770Mobile: +91 – 9845830506, 9845379572, 9845513100E-mail:- [email protected] Website: http://www.theclubbangalore.com MANGLORE CLUBMangalore Club, Near Morgansgate, Jeppu, Mangalore - 575001 KarnatakaPhone : +91 824 2414146, +91 824 2414148


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Mobile: +91 9243211297E-mail: [email protected] [email protected] Website: www.mangaloreclub.com THE BANGLORE CITY INSTITUTENo. 8, Pampa Maha Kavi Road,Opp. Makkala Koota,BENGALURU – 560 004Phone :080-22423324, 26678472 Guest room : 080-26604972, E-mail: [email protected] [email protected] Website: http://www.nammabci.in THE COSMOPOLITAN CLUBDr.S.Radhakrishnan Avenue, Chamarajapuram,MAYSORE-570 005Phone :0821-2423881/2422355Email: [email protected] Website: www.cosmomysore.comMADHYA PRADESHINDORE TENNIS CLUB7,Race Course Road,INDORE-452003 (MP)Phone:0731-40066055 / 4069454 Fax-4069454E-mail : [email protected] Website: http://www.indoretennisclub.com THE YESHWANT CLUB Race Course Road, Indore - 452003, M.P., IndiaTel.: 2549522-23-24, 2544534 Fax: (0731) 2548248E-mail: [email protected] [email protected] E-mail_Rooms: [email protected] Website: www.yeshwantclub.in JIWAJI CLUBMahadji Park Road, LashkarGWALIOR-474009 (MP)Phone.No.-0751-2324110,2636212Email: [email protected] Website: http://jiwajiclub.in/index.php MAHARASHTRATHE ANDHERI RECREATION CLUBDadabhai Road, Andheri(W)MUMBAI-400058Phone:022-26239891 / 93,E-mail:- [email protected] GOLDEN SWAN COUNTRY CLUBOff. Phokhran Road No.1 Yeoor Hills,Thane (W),MUMBAI-400602Phone : 022-25856515/ 4078Mobile : 9757129000 / 9757203000E-mail: [email protected] [email protected] Website: http://www.goldenswan.com THE ACRES CLUB411-B,Hemu Kalanimarg,CHEMBUR,MUMBAI-400071Phone :022-25222731, Fax:022-25230886Email: [email protected] Web: www.theacresclub.com ROYAL BOMBAY YACHT CLUBCHHATRAPATI SHIVAJI MAHARAJ MARG

APOLLO BUNDER MUMBAI -400001Phone:022-22021880/22022039, Fax:022-22021014E-mail: [email protected] Website: https://www.rbyc.co.in THE NATIONAL SPORTS CLUB OF INDIALala Lajpatrai Marg, Lotus Colony, Worli, Mumbai,Maharashtra 400018Phone:- 022-24938813/16/19/27/ 71108000 24940073Fax :- 91-22-24940073Email:- [email protected], [email protected], [email protected] Website: http://www.nscimumbai.com/ GARWARE CLUB HOUSEWankhede Stadium,Charchgate,Mumbai-400020Tel : 022 4332 33 00/33, 2285 44 44/2281 27 2Email : [email protected] Website : www.garwareclub.com GCC THE FAMILY CLUBOff. Mira Bhayander Road, Mira Road (E),Thane, Maharashtra, India. 401107.Phone: 91-22-28110822, 022-28114044 Email: [email protected] Web: http://gcchotelandclub.comPANCARD CLUB LTDBaner Hills, Baner Village,Pune - 411 045, Maharashtra, IndiaPhone :020-66035108,66035000E-mail: [email protected] Web Site: www.panoramicworld.bizRESIDENCY CLUBGeneral A.K Vaidya Marg, PUNE – 411001Phone : 020-71002345/26362222 Fax :020-26361129E-mail : [email protected] Website : http://residencyclub.co.inDECCAN GYMKHANASurvey No.759/1, Gr.Floor, Club Housing Building,PUNE-411004Phone.No.020-25675994,25670218Email: [email protected] Website: www.deccangymkhana.org THE CORINTHIANS RESORT & CLUB PUNENyati County, NIBM Annexe,South Pune Mohamadwadi: Pune- 411060Tel: +91-020-26952218 / +91-020-26952222Reservations Mobile No: +91-96577 11662Email: [email protected] Website: http://www.thecorinthianspune.com THE EASTERN SPORTS CLUB72 A East, Wardhaman Nagar, Near Radha Krisna Hospital, NAGPUR-440 008Phone :0712-2680454, 9373101229, 9226116627Website: www.esclub.inA. S. CLUB6 k.m. Stone,Tapadia Estates,At Post Walagaon,AURANGABAD-02Phone :0240-2554771-4, Fax:0240-2554775,


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Mobile: +(91)-9373703799, 9422203799Email: [email protected] Website: www.asclub-hotel.com ORISSABHUBANESHWAR CLUB LTDRajpath, Unit VI,BHUBANESHWAR-751001- OrissaPhone: (0674) 2392211, 2391654, 2392277E-mail : [email protected] [email protected] Website: www.bbsrclub.com RAJASTHANAJMER CLUBCivil Lines,AJMER-305001, RAJASTHANPhone : 0145-2627003; 2624303Mob. No. 7737520220 (Rajendra Prasad Mathur)Email: [email protected] Website: http://ajmerclub.co.in/ JODHPUR GYMKHANA Near Mini Market, Shikargarh,JODHPUR-342 011Phone:0291-2511390/ 2511489 Mobile: +91 93514 80216Email: [email protected] Web: www.jodhpurgymkhana.com UMED CLUBOld Public Park. Nr.Gausala Ground ,JODHPUR -342006(Tel)0291-2511010,2619999,2629999 Fax-2512024E-mail:- [email protected] [email protected] Web.www.umedclub.comDISTRICT CLUB PALINear Bunglow Civil Lines, Pali - Marwar (Rajasthan)Phone : +91-2932-250822, +91-2932-220832E-mail: [email protected] Website : www.districtclub.in ASHOK CLUBOpp. Secretariat, Bhagwandas Road,JAIPUR-302005Phone:0141- 2385090, 5135213 Fax:- 0141-2385213E-mail: [email protected] Website:- www.ashokclub.com JAIPUR CLUB LIMITEDJacob Road, Civil Lines, Near Ajmer Road Flyover, Opp. PWD Office, Ganpati Nagar, Jaipur, Rajasthan 302006Phone: 0141-5101688 / 5101689, 5101691Fax: 0141-5101690Email:- [email protected] Website: www.jaipurclub.inJAISAL CLUBJethwai Road, JAISALMER-345001Phone: 02992-255555,254999,9829023610Fax:0291-2435349,02992-254999Email: [email protected] Web Site: www.jaisalclub.com

EMERALD GARDEN CLUB LTD712/1,Rampura Road, Jaisinghpura (Bhakrota), Opp. Ajmer Road, JAIPUR, RAJASTHAN, INDIA PinCode - 302026Tel: Tel. 7737555509, 7737555512, 8233055513, 8233055514Mobile Number- 9950144448Email: [email protected]: www.emeraldgardenclub.com FIELD CLUBFatehpura Circle, Saheli Marg, Fatehpura Road, Near Amboonuta Police Station,UDAIPUR-313 001Phone : 0294-2560105 , 2416199 Fax : 0294-2421312E-mail:- [email protected] Website: http://fieldclubindia.com/ BIKANER HERITAGE CLUBLalgarh complexNear hotel Sagar, BIKANER-RAJASTHAN Phone: 09828384183, 098250-64121Email: bikanerheritageclub@yahoo.comwww.bikanerheritageclub.comTAMILNADUTHE PRESIDENCY CLUB“Fairlawns:,51-Ethiraj Salai,Chennai-600 008,TAMILNADUPhone No.044-28226881/42146805 Fax:44-28281332Email: [email protected] Website: www.thepresidency.comJENNEYS RESIDENCY2/2, Avinashi Rd, Opp CIT, Coimbatore, Tamil Nadu 641014.Phone: +91 422 433 5777Phone: 9894088337,9894055385, 9894503120Email: [email protected] Website: http://jenneyresidency.in/ CELEBRITY CORPORATE CLUBNo.3, City Centre Plaza, 4th Floor,Anna Salai,Chennai - 600 002. TAMILNADUPhone : 044 - 28587979 / 28587799 / 28585599 , 7200399958Email: [email protected] Website: www.celebritycorporateclub.comCOSMOPOLITAN CLUBNo.63 ANNA SALAI, CHENNAI 600 002Phone : 28584353, 354, 355, 28413853,354,355, 28525141, 28525836.Email : [email protected] Website: https://www.cosmopolitanclubchennai.com/ UTTAR PRADESHOUDH GYMKHANA CLUBKaiserbag,LUKNOW-226001Phone: 0522-2202013 / 4107060E-mail:- [email protected] Website: www.ogc.org.in CITY CLUB84 / 79,G.T.Road, KANPUR-208003Phone: 8079442235 E-mail: [email protected] Website: http://citiclub.co.in/


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WEST BENGALHINDUSTAN CLUB LTD4 / 1 Sarat Bose Road,KOLKATA-700020Phone: 033-40175555 / 5512 / 5540 / 5549FAX: 033-2486-2037E-mail: [email protected] [email protected] Website: http://hindusthanclub.com/IBIZA THE CLUBMerlin GreensDiamond Harbour Road24 Parganas (South) KOLKATA-743 503Phone : 033 6655 5555 Mobile: 91 98368 01455E-mail : [email protected] Website: www.resortibiza.comPRINCETON CLUB26, Prince Anwar Shah Road.Kolkata-700 033Phone- 033 6644 4444 Mobile - 9836793533Email Id: [email protected] Website :www.princeton.in

INTERNATIONAL AFFILIATED CLUBSAUSTRALIATHE NAVAL, MILITARY & AIR FORCE CLUB 111 Hutt Street Adelaide SA 5000.(South Australia)Phone: (08) 8223 2422Fax: (08) 8232 3082Email: [email protected] Website: http://www.navmil.org/NORTH QUEENSLAND CLUB146-160 Denham Street,TownsvilleQld.P.O. Box,913 Townsville 4810 AUSTRALIAPhone : 071-47712250 / 47713314Email id: [email protected] Website: www.northqueenslandclub.com.au/ BANGLADESHCHITTAGONG SENIOR’S CLUB LIMITED128,Jamal Khan Road, CHITTAGONG, BANGLADESHTelephone: +88-031-619512-13, 612996, 2853577 Fax: +88-031-619125Email: [email protected]:www.seniorsclubbd.com EAST AFRICANAIROBI GYMKHANAP.O.Box 40895,00100,NAIROBI, KENYAPhone: +254727531458, +254 733401340Email: - [email protected] Website: www.nairobigymkhana.com RIFT VALLEY SPORTS CLUBClub Road off Kenyatta Avenue, Nakuru KENYA Phone: +254 717 333 799Email: [email protected]

Website: http://rvsc.co.ke/ HONG KONGUNITED SERVICES RECREATION CLUB LTD1,Gascoigne Road, King’s Park, KNOWLOON, HONGKONGTel: 3966 8600, Fax: 2724 0949 Email: [email protected] Website: http://www.usrc.org.hk/ MALAYSIA KULIM CLUB1239, Lorong Serindit 2/2, Kota Kenari,09000 Kulim Kedah, MALAYSIATel : +60 4-490 6054 Fax-4914414 (Res.4914414)E-mail: [email protected] Website: http://www.kulimclub.org/ROYAL SUNGEI UJONG CLUB2A, Jalan Dato' Kelana Maamor, Negeri Sembilan, 70700 Seremban, MalaysiaPhone : +6067630104E-mail : [email protected] Website : www.rsuc.my LOWER PERAK CLUBJalan Denai Intan, Bandar Baru Teluk Intan, 36000 Teluk Intan, Perak, MALAYSIA Phone : +605-621 1995, +605-621 1955, 621 1995Email: [email protected] Website: http://lowerperakclub.com/ KETAB YACHT SANDAKAN(SANDAKAN YACHT CLUB) Jalan Buli Sim Sim, 90000 Sandakan, Sabah, MALAYSIA (EAST)Phone : +60 89-212 518UKROYAL SCOTS CLUB29 - 31 Abercromby PlaceEdinburgh EH3 6QE Scotland UKTel : +44 (0) 131 556 4270Fax : +44 (0) 131 558 3769Email: [email protected] Website: https://www.royalscotsclub.com/ CITY UNIVERSITY CLUB 50 Comhill,LONDON, EC-3V3PDPhone :020-76268571 ,Fax :020-76268572E-mail: [email protected] Website: cityuniversityclub.co.uk


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