Bombay Swadeshi Stores Limited Unlisted Shares

Annual Report: 2024

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Year: 2024

Annual Report Summary

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.

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