Mar 31, 2015
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
earnings.
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
recoverable.
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.
145,899/-).
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.
Mar 31, 2014
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.
Mar 31, 2013
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. Contingent Liabilities:
i. Service Tax liability of Rs 145,899/- (Previous year Rs 145,899/-).
3. The Company considers its entire operations under single segment
''Retailing''. The Company''s operations are only in India.
4. Earning per share has been computed with reference to profit after
tax of Rs 1,518,951 (Previous year Rs 668,114/-) and weighted average
number of equity shares 49,40,000 shares (Previous year 49,40,000)
There is no diluted earning per share as there are no dilutive
potential equity shares.
5. The Company has, on prudence not recognised Deferred Tax Assets Rs
5,618,578/- (Previous year X 5,830,052/-) 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.
6. 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. Cifco 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.
Related party relationship is as identified by the Company and relied
on by the Auditors.
7. Earning in Foreign Exchange:
i. FOB value of exports of goods NIL I- (Previous year NIL/-).
ii. Receipts on account of sale of merchandise Rs 31,404,496/-
(Previous year Rs 38,553,870/-).
8. CIF Value of Imports : Goods Rs NIL/- (Previous year Rs NIL/-).
9. Expenditure in Foreign Currency:
Other Expenses Rs 161,344/- (Previous year Rs 268,248/-).
10. Previous year''s figures have been regrouped / re-arranged /
reclassified wherever necessary.
Mar 31, 2012
1 Company Background
The Company was incorporated in 1905. The Company is in the 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 and fixed assets of
the firm and unconditional and irrevocable personal Gurantee of
Managing Director of the company.
2.2 Other 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 Trade Payables are subject to confirmations.
Adjustments, if any, will be made on receipts of the confirmations.
3.3 Includes Rs. NIL/ - (Previous year Rs 15,911,868/-) due to subsidiary
Bombay Store Retail Company Limited
4.1 Advance towards premises includes payment made to Grishroa
Constructions & Trading Co. Pvt. Ltd. [Refer note 27]
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 Rs. 6,450,645/ - (Previous year Rs.
5,508,240/-) 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. 8,601,268/ - (Previous
year Rs. NIL/-)
6.2Balance of Loans & Advances are subject to confirmations.
Adjustments, if any, will be made on receipts of the confirmations.
6.3Advances recoverable in kind includes Rs. 2,439,576/ - (Previous year
Rs. 2,207,325/-) 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.
7. Contingent Liabilities:
i. Counter guarantees to Banks Rs. NIL/ - (Previous year Rs. 6,156,048/-).
ii. Service Tax liability of Rs. 145,899/ - (Previous year Rs. NIL/-).
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. 668,114 (Previous year Rs. 2,615,951/-) and weighted average
number of equity shares 49,40,000 shares (Previous year 49,40,000)
There is no diluted earning per share as there are no dilutive
potential equity shares.
7. The Company has, on prudence not recognised Deferred Tax Assets Rs.
5,830,052/ - (Previous year Rs. 20,248,520/-) 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.
8. 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. B. C. Dalai - Relative
Mrs. Aditi Dalai - Relative
III) Other Parties / Enterprises where control / significant influence
exists.
Gateway International Pvt. Ltd. Grishma Constructions & Trading
Co. Pvt. Ltd.
Cifco Limited ASDA Trading Company Pvt. Ltd.
Western Press Pvt. Ltd. M/s. Lemon Tree
Related party relationship is as identified by the Company and relied
on by the Auditors.
9. In respect of previous years, the Company had applied to the
Central Government seeking exemption from furnishing quantitative
information which was rejected on 15th April, 2005. The Company had
also received a show cause notice for violation under section 211. The
Company is pursuing the matters with the authorities and is hopeful of
resolving the issue in view of the circular no 2/2011 dt 8.2.2011
issued by Ministry of Corporate Affairs granting exemption from
furnishing quantitative information
10. Earning in Foreign Exchange:
i. FOB value of exports of goods NIL / - (Previous year NIL/-).
ii. Receipts on account of sale of merchandise Rs. 38,553,870/ -
(Previous year Rs. 42,967,410/-).
11. CIF Value of Imports : Goods Rs. NIL/ - (Previous year Rs. NIL/-).
12. Expenditure in Foreign Currency:
Other Expenses Rs. 268,248/- (Previous yearRs. 1,444,501/-).
13. The Revised Schedule VI has become effective from 1 April, 2011
for the preparation of financial statements. This has significantly
impacted the disclosure and presentation made in the financial
statements. Previous year's figures have been regrouped / re-arranged /
reclassified wherever necessary.
Mar 31, 2010
1. Contingent Liabilities:
Counter guarantees to Banks Rs.61,56,048/- (Previous year
Rs.61,56,048/-).
2. In the absence of any intimation from vendors regarding the status
of their registration under the "Micro, Small and Medi Enterprises
Development Act, 2006", the Company is unable to comply with the
disclosures required to be made under said Act.
3. Balance of Sundry Debtors, Sundry Creditors and Loans & Advances
are subject to confirmations. Adjustments, if any, be made on receipts
of the confirmations.
4. A) Advances recoverable in kind includes Rs.46,23,298/- (Previous
year Rs.44,65,793/-) dues from various parties for which recoveries are
not forthcoming, which are considered good as the Company is of the
view that these ar recoverable.
B) Sundry Debtors includes Rs.9,55,501/- (Previous year Rs.9,55,501/-)
due from the customers for which no provisio is considered necessary as
the Company is of the view that the same are recoverable.
B. The Company has been advised that computation of net profits for the
purpose of Directors remuneration under section 349 of the Companies
Act, 1956 need not be enumerated since no commission has been paid to
Directors / Managing Director. Fixed monthly remuneration has been paid
to the Managing Director as per Schedule XIII of the Companies Act,
1956.
5. The Company considers its entire operations under single segment
Retailing. The Companys operations are only in India.
6. Earning per share has been computed with reference to profit after
tax of Rs.4,04,941/- (Previous year Rs.2,88,450/-) and weighted average
number of equity shares 49,40,000 shares (Previous year 49,40,000).
There is no diluted earning per share as there are no dilutive
potential equity shares.
7. 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 - Managing Director
Mr. Satyen Dalai - Relative Mr. B. C. Dalai - Relative
Mrs. Aditi Dalai - Relative
iii) Other Parties / Enterprises where control / significant influence
exists.
Gateway International Pvt. Ltd. Grishma Constructions & Trading Co.
Pvt. Ltd.
Cifco Limited Pongal Trading Company Ltd.
Western Press Pvt. Ltd. ASDA Trading Company Pvt. Ltd.
M/s. Lemon Tree
Related party relationship is as identified by the Company and relied
on by the Auditors
8. In view of heterogeneous nature of numerous items traded in by the
Company and non uniform units of measurements for items purchased and
sold, it is not practicable to provide the quantitative details
described in Sub Clause (b) of Clause (ii) of Para 3 of Par II of the
Schedule VI to the Companies Act, 1956. The Companys application to
the Central Government seeking exemption from furnishing quantitative
information was rejected on 15th April, 2005. The Company has also
received show cause notice for violation under section 211. The Company
is pursuing the matters with the authorities and is hopeful of
resolving the issue.
9. Insurance expenses includes a sum of Rs.0.60 lacs (Previous year
Rs.0.60 Lacs) being premium paid under taken on Keyman Insurance on the
life of its Managing Director
10. During the year the Company had closed its Bangalore Store due to
termination of the lease of its leasehold premises. As a result the
Company had to dispose off substantial part of its assets. The loss on
this account of Rs. 63,46,602/- has been considered in the accounts for
the year.
11. Earning in Foreign Currency:
A. FOB value of exports of goods NIL /- (Previous year Rs.NIL/-).
B. Receipts of Foreign Currency Rs. 4,61,43,509/- (Previous year
Rs.5,54,61,265/-).
12. CIF Value of Imports : Goods Rs. NIL/- (Previous year Rs. NIL/-).
13. Expenditure in Foreign Currency:
Traveling & Other Expenses Rs.5,500/ (Previous year Rs.4,11,496).
14. Previous years figures have been regrouped / re-arranged /
reclassified wherever necessary.
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