Bombay Swadeshi Stores Limited Unlisted Shares Annual Reports

Bombay Swadeshi Stores Limited Unlisted Shares

The Bombay Store's 118th Annual Report for 2023-24 highlights the company's financial performance, business operations, and other key corporate information. **Financial Performance:** * The company's revenue from operations grew to ₹8,310.12 lakhs in FY 2023-24, compared to ₹7,014.44 lakhs in the previous year. * Total revenue was ₹8,323.44 lakhs, against ₹7,041.61 lakhs in FY 2022-23. * Profit before tax stood at ₹1,349.95 lakhs, up from ₹1,137.64 lakhs. * Profit after tax increased to ₹992.34 lakhs from ₹879.10 lakhs. * The company did not recommend any dividend for the financial year ended 31st March, 2024, with the intent to conserve resources. **Business and Operations:** * Bombay Swadeshi Stores maintained its leading position in destination merchandise and Indian handicrafts. * The company achieved a turnover of ₹83.10 crore, a significant 18.48% growth. * Two new stores were added in Hyderabad (Sarath City Capital Mall) and Pune (Hinjewadi), expanding the retail footprint to a total of 24 stores as of March 31, 2024. * Investments were made in marketing initiatives, customer experience enhancements, and new product introductions. **Corporate Governance and Compliance:** * The Board of Directors comprises Mrs. Madhu Chandak, Mrs. Manjri Chandak, and Mrs. Jyoti Kabra. * M/s. Banshi Jain & Associates served as the statutory auditors. * The Board met 5 times during the financial year ended March 31, 2024. * The company complied with applicable Secretarial Standards. * The company has complied with provisions relating to the constitution of the Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. **Directors' Report Disclosures:** * All related party transactions were conducted in the ordinary course of business and at arm's length. * No revision of financial statements occurred during the year. * Details of Loans, Guarantees and Investment covered under Section 186 of the Companies Act, 2013, are in the notes to the financial statements. * The company neither accepted fresh deposits nor renewed deposits. * There were no changes in the Share Capital. * The company is not required to maintain cost records under Section 148 of the Companies Act, 2013. **Matters Related to AGM** * The 118th Annual General Meeting (AGM) will be held on September 26, 2024, via video conferencing (VC) or other audio-visual means (OAVM). * Members' physical attendance is dispensed with. * Mrs. Jyoti Varun Kabra retires by rotation and offers herself for re-appointment. * The e-voting period will commence on September 21, 2024, and end on September 25, 2024. * The company has availed the services of Central Depository Services (India) Limited (“CDSL”) for conducting the AGM through VC/OAVM and enabling participation of Members at the meeting thereto and for providing services of remote e-voting and e-voting during the AGM. **Auditors' Report:** * The auditor's report is unmodified, with no qualifications, reservations, adverse remarks, or disclaimers. * The Statutory Auditors have not reported any instances of fraud committed in the Company by its officers or employees under section 143(12) of the Companies Act, 2013. **Other Disclosures:** * Annual Return information is available on the company's website. * Information regarding conservation of energy and technology absorption is not applicable to the company. **Contingent Liabilities:** * The company is contesting a case related to one of its retail stores in MG Road, Pune. The High Court has directed the company to deposit ₹5,50,000 per month. The company has challenged the appellate court order before the High Court of Bombay. **Financial Statement Highlights (from Balance Sheet and Statement of Profit and Loss):** * **Share Capital**: ₹98.80 Lakhs. * **Reserves & Surplus**: ₹1,563.16 Lakhs. * **Long Term Provisions**: ₹95.60 Lakhs. * **Short Term Borrowings**: ₹1,100.00 Lakhs. * **Property, Plant & Equipments and Intangible Assets**: ₹248.01 Lakhs and ₹5.74 Lakhs respectively. * **Inventories**: ₹1,663.15 Lakhs. * **Trade Receivables**: ₹31.66 Lakhs. * **Basic and diluted earning per share**: ₹20.09.

Bombay Swadeshi Stores Limited Unlisted Shares

The Bombay Swadeshi Stores Limited's 117th Annual Report for the financial year 2022-23 provides an overview of the company's performance, business operations, and financial standing. The report includes the Directors' Report, Auditors' Report, Balance Sheet, Statement of Profit and Loss, Cash Flow Statement, and Notes to Financial Statements. **Corporate Information:** The Board of Directors consists of Mrs. Madhu Chandak, Mrs. Manjri Chandak, and Mrs. Jyoti Kabra. M/s. Banshi Jain & Associates are the Statutory Auditors. The Registered Office is located at Western India House, Sir Pherozeshah Mehta Road, Fort, Mumbai. The Corporate Office is located at Hubtown Solaris, Prof NS Phadke Marg, Andheri East, Mumbai. **Notice:** The 117th Annual General Meeting (AGM) will be held on Tuesday, 26th September, 2023 at 11:00 a.m. IST through video conferencing (VC) or other audio-visual means (OAVM). The ordinary business includes receiving and adopting the audited financial statements for the year ended 31st March, 2023, and appointing a Director in place of Mrs. Madhu Chandak, who is retiring by rotation. **Directors’ Report:** Bombay Swadeshi Stores Limited demonstrated strong performance with a revenue of ₹70.14 crore in FY 2023, a 167% growth compared to the previous year. The company maintains 22 stores and has not opened or closed any stores during the year. No dividend is recommended to conserve resources. There was no change in the nature of the business. Bombay Store Retail Company Limited (BSRCL) ceased to be a subsidiary during the financial year. The Board of Directors met 5 times during the financial year. M/s. Banshi Jain & Associates were re-appointed as Statutory Auditors. The total foreign exchange earned during the year was ₹1,035.63 Lakhs. The company has complied with the constitution of the Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. **Financial Performance (₹ in Lakhs):** | Particulars | FY 2022-23 | FY 2021-22 | | :---------------------- | :--------- | :--------- | | Revenue from Operation | 7,014.44 | 2,623.76 | | Other Income | 27.17 | 23.86 | | Total Revenue | 7,041.61 | 2,647.63 | | Expenses | 5,903.97 | 3,321.29 | | Profit/(Loss) before tax| 1,137.64 | (673.66) | | Tax Expense | 258.54 | (163.31) | | Profit/ (Loss) after Tax| 879.10 | (510.35) | **Auditor's Report:** The auditor's report states that the financial statements provide a true and fair view of the company's financial position and performance. The report confirms compliance with accounting standards and the Companies Act, 2013. **Financial Statements:** The balance sheet and statement of profit and loss provide detailed figures for the company's assets, liabilities, equity, revenue, and expenses. Key figures from the Balance Sheet include: Share Capital (₹98.80 Lakhs), Reserves & Surplus (₹570.82 Lakhs), and Total Assets (₹3,257.89 Lakhs). The Cash Flow Statement outlines the cash inflows and outflows from operating, investing, and financing activities.

Bombay Swadeshi Stores Limited Unlisted Shares

The Bombay Swadeshi Stores Limited (BSSL) 116th Annual Report for the financial year 2021-22 covers the standalone and consolidated financial results. **Financial Performance & Operations** * The company's standalone financial performance shows an increase in income from operations from ₹1763.78 lakhs in FY 2020-21 to ₹2623.76 lakhs in FY 2021-22. Other income also increased. However, total expenses exceeded revenue, leading to a profit before tax of negative ₹673.66 lakhs (compared to a loss of ₹1652.26 lakhs the previous year). After accounting for tax expenses, the company reported a loss after tax of ₹510.35 lakhs, an improvement from the loss of ₹1259.78 lakhs in the previous year. * The Board of Directors did not recommend any dividend for the financial year ended 31st March, 2022, due to losses. No amount was transferred to reserves. There was no change in the nature of the business. * The company faced headwinds due to the COVID-19 pandemic, which adversely impacted store operations through lockdowns. Strategic steps were taken to mitigate the impact, including negotiating store rentals and streamlining costs, yielding savings of approximately Rs. 3.3 Crores through measures such as shifting the corporate office and reducing warehouse sizes in Delhi and Mumbai. Three stores in DLF-Saket-Delhi, Vegas Mall-Delhi, and Hyatt Regency Pune were closed due to being non-profitable units. Total number of stores has been reduced from 25 in 2021 to 22 as of March 31st, 2022. * The company launched its e-commerce website during the year. **Subsidiaries, Associates, and Joint Ventures** * The performance and financial position of the subsidiary, Bombay Store Retail Company Limited, is detailed in Annexure I. There were no associate or joint venture companies. Bombay Store Retail Company Limited was acquired on 25/01/2008. It had a loss after taxation of (1.63) Lakhs. **Related Party Transactions** * All contracts/arrangements/transactions with related parties were in the ordinary course of business and on an arm's length basis. There are no transactions required to be reported under section 188(1) of the Companies Act, 2013. **Share Capital & Deposits** * There was no change in the authorized or paid-up share capital. The company neither accepted any fresh deposit nor renewed any deposits during the year. **Board of Directors & Key Managerial Personnel** * Santanu Ghosh resigned as CEO of the Company with effect from 3rd April, 2021. Mrs. Manjri Chandak is liable to retire by rotation and is offering herself for re-appointment. **Board Meetings & Committees** * The Board of Directors met five times during the financial year. The Stakeholders Relationship Committee met once. **Internal Controls & Risk Management** * The company has adequate internal control procedures and a Risk Management Policy. **Director's Responsibility Statement** * The Directors confirm that the applicable accounting standards were followed, accounting policies were consistently applied, reasonable and prudent estimates were made, proper care was taken for maintaining adequate accounting records, the annual accounts were prepared on a going concern basis, and proper systems were devised to ensure compliance with all applicable laws. **Auditors** * The Auditors' Report is unmodified. M/s. Banshi Jain & Associates, Chartered Accountants, are recommended for re-appointment as Statutory Auditors for a further period of 5 years. **Other Disclosures** * The company is not required to furnish information regarding conservation of energy and technology absorption. The total foreign exchange earned during the year was Rs. 269.84 Lakhs, and no foreign exchange was expended. The company has complied with the applicable Secretarial Standards. **Notices & AGM Information** * The 116th Annual General Meeting (AGM) is to be held on Thursday, 29th September, 2022, at 11:00 a.m. IST through video conferencing (VC). Corporate members intending to send their authorized representatives to attend the Meeting through VC/OAVM pursuant to Section 113 of the Companies Act, 2013, are requested to send to the Company a certified copy of the Board Resolution authorizing their representative to attend and vote on their behalf at the Meeting. Members holding shares of the Company as on the cut-off date i.e. Thursday, 22nd September, 2022, shall be entitled to vote at the Annual General Meeting of the Company. The e-voting period will commence on Monday, 26th September, 2022 at 9.00 a.m. and ends on Wednesday, 28th September, 2022 at 5.00 p.m. The Company has appointed Mr. Himanshu S. Kamdar (Membership No.: FCS 5171), M/s. Rathi & Associates, Practicing Company Secretaries, as the Scrutinizer for conducting the scrutiny of the votes cast through remote e-voting and e-voting process at the AGM in a fair and transparent manner. Members desirous of voting through electronic mode may go through the procedure on e-voting detailed hereunder: * Mrs. Manjri Chandak will retire by rotation. Brief profile of Director proposed to be re-appointed, nature of her expertise in specific functional areas, names of companies in which she holds directorships and memberships/ chairmanships of Board Committees, shareholding and relationships between directors inter-se, etc. as stipulated under Secretarial Standard on General Meeting ("SS-2"), is annexed to the Notice of AGM. **Standalone & Consolidated Financial Statements** * The report contains standalone and consolidated balance sheets as of March 31, 2022, statements of profit and loss for the year then ended, and cash flow statements. These statements provide detailed information on the company's assets, liabilities, equity, revenue, expenses, and cash flows. The auditor's reports on the standalone and consolidated financial statements are also included. **Auditor's Report on Internal Financial Controls** * Separate auditor's reports are provided on the internal financial controls over financial reporting for the company and its subsidiary, expressing an opinion on the adequacy and operating effectiveness of such controls. **Details in Notes to Financial Statements:** * Provides company background, capital, and information on long and short-term provisions. Details inventory and account receivable information. * The company had several statutory compliances like income tax, service tax etc. There have been no instances of fraud noticed or reported by the Company. * There are no secured borrowings. * The company has disclosed the impact of pending litigations on financial position. **Other ratios and analysis are as follows:** * Current Ratio : 0.48 * Debt Equity Ratio : (14.34) * Return of Equity : -1117.05% The retail industry had an adverse impact due to COVID-19 and operations were impacted.

Bombay Swadeshi Stores Limited Unlisted Shares

The document is the 115th Annual Report for 2020-21 of Bombay Swadeshi Stores Limited (BSSL). **Corporate Information:** The Board of Directors consists of Mrs. Madhu Chandak, Mrs. Manjri Chandak and Mrs. Jyoti Kabra. The statutory auditors are M/s. Banshi Jain & Associates, Chartered Accountants. HDFC Bank Limited serves as the banker. The registered office is located at Western India House, Sir Pherozeshah Mehta Road, Fort, Mumbai, while the corporate office is at Hubtown Solaris, Prof NS Phadke Marg, Andheri East, Mumbai. **Notice of the 115th Annual General Meeting (AGM):** The 115th AGM will be held on Tuesday, September 28, 2021, at 11:00 a.m. IST through video conferencing (VC) or other audio visual means (OAVM). The ordinary business includes the adoption of standalone and consolidated audited financial statements for the year ended March 31, 2021, along with the reports of the Board of Directors and Auditors. Mrs. Jyoti Varun Kabra, who retires by rotation, is offering herself for re-appointment. Due to the COVID-19 pandemic, physical attendance is dispensed with, and the meeting will be held through VC/OAVM. Members intending to send authorized representatives or raise queries should follow the procedures outlined in the notice. The Register of Members and Share Transfer Books will be closed from September 22, 2021, to September 28, 2021. Members are encouraged to register their email addresses and update their address/bank mandate details with the Company's Registrar and Share Transfer Agent, Link Intime India Private Limited. Detailed instructions for attending the AGM through VC/OAVM and e-voting procedures are provided, including different login methods for individual shareholders holding securities in demat mode with CDSL or NSDL. Member whose names appear in the Register of Members/List of Beneficial Owners as on Tuesday, 21st September, 2021 are entitled to vote on the resolutions set forth in the Notice. **Directors' Report:** The Directors present the 115th Annual Report together with the Audited Financial Statements for the year ended March 31, 2021. The Company's financial results (standalone) show a loss after tax of Rs. (1259.78) Lakhs compared to a profit of Rs. 3.49 Lakhs in the previous year. The financial year 2020-21 was one of the toughest due to the pandemic, but the company focused on serving customers, helping society, and cost-saving measures, including rent negotiations that saved over INR 4.50 Crores. During the lockdown period, training and certification of the store team were conducted. Only one store in DLF Mall Saket-Delhi was opened in FY21, and several non-profitable stores were closed. The total number of stores has reduced from 31 in 2020 to 25 at the end of the day of 31st March-2021. In view of losses, the Board of Directors does not recommend any dividend for the Financial Year ended 31st March, 2021. The Company has not transferred any amount to reserves during the year. There was no change in the nature of business of the Company during the year under review. The Company faced significant headwinds due to COVID-19 Pandemic which impacted the operations of the Company adversely particularly by way of store closures due to lockdown. Details of loans, guarantees and Investment covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the financial statements of the Company. Mr. Santanu Ghosh resigned as CEO of the Company with effect from 3rd April, 2021. As per the provisions of Section 152 of the Companies Act, 2013, Mrs. Jyoti Kabra retires by rotation and being eligible offers herself for re-appointment. The Board of Directors met 5 (five) times during the financial year ended 31st March, 2021. The Stakeholders Relationship Committee of the Company was constituted pursuant to the provisions of Section 178 of the Companies Act, 2013. There are adequate internal control procedures commensurate with the size of the Company. A detailed review of business risks and the Company's plans to mitigate them is assessed and considered by the Board of Directors of the Company. The Directors confirm that the applicable accounting standards have been followed; accounting policies have been applied consistently; proper and sufficient care was taken for maintaining adequate accounting records; the annual accounts have been prepared on a going concern basis; and proper systems have been devised to ensure compliance with all applicable laws. M/s. Banshi Jain & Associates, Chartered Accountants were appointed as Statutory Auditors. The Statutory Auditors have not reported any instances of fraud committed in the Company by its officers or employees. The Company's net worth, turnover and net profits are below the minimum prescribed limits, the provisions of clause (o) of Section 134(3) of the Companies Act, 2013. The total foreign exchange expended during the year was Rs. NIL (previous year Nil) and earned during the year was Rs.52.16 Lakhs (previous year Rs.1246.10 Lakhs). The company has complied with provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. Annexure I details the performance of Bombay Store Retail Company Limited, a subsidiary of Bombay Swadeshi Stores Limited. **Independent Auditor's Report (Standalone & Consolidated):** The independent auditor's reports for both the standalone and consolidated financial statements express an unmodified opinion, indicating that the financial statements present fairly the financial position and results of operations of Bombay Swadeshi Stores Limited. The reports confirm that the audits were conducted in accordance with applicable standards, and that the company has maintained adequate internal financial controls. The Auditor’s Report includes observations and explanatory notes that are self-explanatory and do not call for further explanation or comments from the Board. The auditor also confirms that there were no instances of fraud and includes statements on specified matters according to Companies Act, 2013. **Financial Statements (Standalone & Consolidated):** The report includes detailed standalone and consolidated balance sheets, statements of profit and loss, and cash flow statements as of March 31, 2021, along with notes to the financial statements, providing a comprehensive overview of the company's financial performance and position. These notes include disclosures about share capital, reserves and surplus, long-term and short-term borrowings, trade payables, provisions, contingent liabilities, and other significant accounting policies. Key figures are presented, including revenue from operations, total expenses, profit/loss before and after tax, and earnings per share. The report highlights the impact of the COVID-19 pandemic on the company's operations and the strategic measures taken to mitigate the impact.