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SENSEX NIFTY India | Notes to Account > Trading > Notes to Account from Bombay Swadeshi Stores - BSE: 531276, NSE: N.A

Bombay Swadeshi Stores

BSE: 531276|ISIN: INE595B01027|SECTOR: Trading
, :
VOLUME 32,430
Bombay Swadeshi Stores is not listed on NSE
Mar 14
Notes to Accounts Year End : Mar '15
 1 Company Background
 The Company was incorporated in 1905. The Company is in business of
 retailing of variety of household, gifts, artefacts & other consumable
 products through its stores.
 2. In the absence of any intimation from vendors regarding the status
 of their registration under the Micro, small and Medium Enterprises
 Development Act, 2006, the Company is unable to comply with the
 disclosures required to be made under the said Act.
 3. Balance of Sundry Creditors are subject to confirmations.
 Adjustments, if any, will be made on receipts of the confirmations.
 4. Pursuant to the enactment of companies Act 2013, the company has
 applied the estimated useful lives as specified in Schedule II,except
 in respect of certain assets as disclosed in Accounting Policy on
 Depreciation. The Realighnment of the useful lives have resulted in
 adjustment of Rs.40.33 lacs against the opening balance of retained
 5. Advance towards premises includes payment made to Grishma
 Constructions & Trading Co. Pvt. Ltd.
 6. Balance of Trade Receivables are subject to confirmations.
 Adjustments, if any, will be made on receipts of the confirmations.
 7. Trade Receivable includes Rs. 5,376,992/- (Previous year Rs.
 5,487,988/-) due from the customers for which no provision is
 considered necessary as the Company is of the view that the same are
 8. Above advance includes due from subsidiary company Bombay Store
 Retail Co. Ltd for purchase of merchandise Rs. 24,257,372/- (Previous
 year Rs. 7,767,312/-)
 9. Balance of Loans & Advances are subject to confirmations.
 Adjustments, if any, will be made on receipt of the confirmations.
 10.  Contingent Liabilities:
 i. Service Tax liability of Rs. 145,899/- (Previous year Rs.
 11.  The Company has adopted useful lives of the fixed assets as those
 specified in Schedule II to the Companies Act, 2013 (the Act) effective
 1.4.2014. Accordingly the carrying amount of assets for which the
 useful lives as per the revised estimate are exhausted as of 1.4.2014
 have been recognized in the retained earnings /opening balance of
 profit and loss account as on that date after retaining the residual
 value of the assets. The carrying amount as on 1.4.2014 is depreciated
 over the revised remaining useful life. As the result of these changes
 the depreciation charge for the year is higher by Rs. 427,946/-
 12.  The Company considers its entire operations under single segment
 ''Retailing''. The Company''s operations are only in India.
 13.  Earning per share has been computed with reference to profit after
 tax of Rs. 910,476/- (Previous year Rs.1,599,433 /-) and weighted
 average number of equity shares 4,940,000 shares (Previous year
 4,940,000) There is no diluted earning per share as there are no
 dilutive potential equity shares.
 14.  The Company has, on prudence not recognised Deferred Tax Assets
 Rs. 7,438,700/- (Previous year Rs. 4,183,007/-) mainly representing
 expenses allowable for tax purposes when paid and difference between
 tax and book written down value of fixed assets, due to uncertainty of
 future profits in terms of Accounting Standard 22 (AS-22) for Taxes on
 Income issued by The Institute of Chartered Accountants of India.
 15.  Related Party Disclosures
 A. Relationship
 I)  Subsidiary Company
 Bombay Store Retail Company Limited
 II) Key Management Personnel & Relatives:
 Mr. Milan Dalai - Chairman           Mr. Asim Dalai - Manging Director
 Mr. Satyen Dalai - Relative          Mr. Bhupen C. Dalai - Relative
 Mrs. Rekha Dalai - Relative          Mrs. Aditi Dalai - Relative
 Mrs. Veena Dalai - Relative
 III) Other Parties / Enterprises where control / significant
 influence exists.
 Gateway International Pvt. Ltd.        Grishma Constructions & Trading
                                        Co. Pvt. Ltd.
 First Overseas Capital Limited         Asda Trading Company Pvt. Ltd.
 Western Press Pvt. Ltd.                Milan Investments PvL Ltd.
 Elephant Company Retail Pvt Ltd.       Out Of India Retail PvL Ltd.
 Amalgamated Business Solutions Ltd
 Stanford Securities Pvt. Ltd
 Related party relationship is as identified by the Company and relied
 on by the Auditors.
 16.  Earning in Foreign Exchange:
 i.  FOB value of exports of goods NIL /- (Previous year NIL/-).
 ii.  Receipts on account of sale of merchandise Rs. 27,114,436/-
 (Previous year Rs. 23,851,961-).
 17.  CIF Value of Imports : Goods Rs. NIL/- (Previous year Rs. NIL/-).
 18.  Expenditure in Foreign Currency:
 Other Expenses Rs. 381,591/ - (Previous year Rs. 461,143/-).
 19.  Previous year''s figures have been regrouped / re-arranged /
 reclassified wherever necessary.
Source : Dion Global Solutions Limited
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