Just to close my question on store count, I went through old con-call recordings (which are not available on company website for some reason) and collected the below information:
| Q4FY19 CC | FY19AR | Q1FY20 CC | Q3FY20 CC | FY2020AR | FY2021AR | FY2022AR | ||
|---|---|---|---|---|---|---|---|---|
| small/offline | 156 | 153 | 159 | 164 | 225 | |||
| large/online | 44 | 53 | 50 | 56 | 123 | (Assuming 225 is correct count for small/offline stores) | ||
| factory shops | 7 | |||||||
| 200 | 206 | 209 | 227 | 222 | 276 | 348 |
It seems to me that Mirza International jumbled up store-count related information in three consecutive annual reports (FY20, 21 and 22), which is surprising, but appears to be an inadvertent error.
Also, when I was trying to reconcile these numbers, I noticed that there were no lease liability payments recorded in Red Tape Limited’s FY23 cash flow statement (part of recently released newspaper advertisement). That obviously doesn’t look accurate. To be fair, the relevant lease liability entries seem to have been passed in income statement (part of depreciation and interest)
I am not sure what to make of these observations (should they be seen as sign of loose controls/reporting standards?)
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