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Bombay Swadeshi Stores
BSE: 531276|ISIN: INE595B01027|SECTOR: Trading
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« Mar 13
Notes to Accounts Year End : Mar '14
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.
 
 2.1 Loans repayable on demand viz Cash Credit facilities are Secured by
 current assets including credit card receivables, fixed assets of the
 company, pledge of Equity Shares of the company held by the Director
 and Associate of the company, key man insurance policy and
 unconditional and irrevocable personal Guarantee of Managing Director
 of the company.
 
 2.2 Other secured loans are secured by hypothecation of vehicles.
 
 3.1 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.
 
 3.2 Balance of Sundry Creditors are subject to confirmations.
 Adjustments, if any, will be made on receipts of the confirmations.
 
 4.1 Advance towards premises includes payment made to Grishma
 Constructions & Trading Co. Pvt. Ltd.
 
 4.20ther Long Term Advances includes Rs. 1,091,186/- (Previous year T
 10,91,186/-) dues from various parties, for which recoveries are not
 forthcoming, which are considered good as the company is of the view
 that these are recoverable.
 
 5.1 Balance of Trade Receivables are subject to confirmations.
 Adjustments, if any, will be made on receipts of the confirmations.
 
 5.2Trade Receivables includes f 5,487,988/- (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
 recoverable.
 
 6.1 Above advance includes due from subsidiary company Bombay Store
 Retail Co. Ltd for purchase of merchandise Rs.77,67,312/- (Previous year
 Rs. 57,82,114/-)
 
 6.2 Balance of Loans & Advances are subject to confirmations.
 Adjustments, if any, will be made on receipts of the confirmations.
 
 6.3 Security & Other deposit includes Rs. 358,816/-(Previous year Rs.
 358,816/-) dues from a party for which revoveries are not forthcoming,
 which are considered good as the company is of the view that these are
 recoverable.
 
 7. Contingent Liabilities:
 
 i. Service Tax liability of Rs. 145,899/- (Previous year Rs.145,899/-).
 
 8. The Company considers its entire operations under single segment
 ''Retailing''. The Company''s operations are only in India.
 
 9. Earning per share has been computed with reference to profit after
 tax of Rs. 1,599,433 (Previous year Rs.1,518,951/-) and weighted average
 number of equity shares 49,40,000 shares (Previous year 4,940,000)
 There is no diluted earning per share as there are no dilutive
 potential equity shares.
 
 10. The Company has, on prudence not recognised Deferred Tax Assets Rs.
 4,183,007/- (Previous year t 5,618,578/-) 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.
 
 11. 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 Pvt. Ltd.
 
 M/s S. Ramdas FOCL (Maldives) Pvt. Ltd.
 
 Elephant Company Retail Pvt Ltd. Out Of India Retail Pvt. Ltd.
 
 Amalgamated Business Solutions Ltd
 
 Related party relationship is as identified by the Company and relied
 on by the Auditors.
 
 12. Earning in Foreign Exchange:
 
 i. FOB value of exports of goods NIL /- (Previous year NIL/-).
 
 ii. Receipts on account of sale of merchandise Rs. 23,851,961/- (Previous
 year Rs. 31,404,496/-).
 
 13. CIF Value of Imports : Goods Rs. NIL/- (Previous year Rs. NIL/-).
 
 14. Expenditure in Foreign Currency:
 
 Other Expenses Rs. 464,163/ - (Previous year Rs. 161,344/-).
 
 15. Previous year''s figures have been regrouped / re-arranged /
 reclassified wherever necessary.
Source : Dion Global Solutions Limited
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