Shoppers Stop Ltd — Audit Report / Information 2019

May 16, 2019

SEC/018/2019-20

May 16, 2019

BSE Limited	National Stock Exchange of India Limited
Phiroze Jeejeebhoy Towers,	Exchange Plaza,
Dalal Street, Fort,	Bandra-Kurla Complex, Bandra (East),
Mumbai 400 001	Mumbai 400 051.
Stock Code : 532638	Stock Symbol : SHOPERSTOP

Dear Sirs,

Sub: Update on Auditors Report- Financial Results for the quarter and year ended March 31,2019

We refer to the letter no. SEC/014/2019-20 dated April 30, 2019 under which the Standalone & Consolidated Audited Financial Results for the quarter and year ended March 31 , 2019, duly approved by the Board of Directors of the Company at its meeting held on April30, 2019 were submitted with you. Along with said Financial Results, the Auditors' Report (Standalone & Consolidated) for the year ended March 31 , 2019 were also submitted.

In this regard, please take note that we have observed two typographical errors in the dates referred in Auditors' Report - Standalone Financial Results. The Auditors' have corrected the said error (highlighted) and issued the Report on the Standalone Financial Results. The same is enclosed herewith. Please take the same on records.

We regret for the error and inconvenience caused in this regard.

Thanking you,

Yours truly, F(S')oppers Stop Limited.

\ I )'vv4r'· Bharat Sanghavi Company Secretary

Encl : aa

29 Senapati Bapat Marg Tel : +91 2268198000

Auditor's Report on Quarterly Financial Results and Year to Date Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

To Board of Directors of Shoppers Stop Limited

• I. We have audited the accompanying statement of quarterly standalone lnd AS financial results of Shoppers Stop Limited ('the Company') for the quarter ended March 31, 2019 and for the year ended March 31, 2019 ('the Statement'), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('the Regulation'), read with SEBI Circular No. CIR/CFD/F AC/62/2016 dated July 5, 2016 ('the Circular'). The standalone lnd AS financial results for the quarter ended March 31, 2019 and year ended March 31, 2019 have been prepared on the basis of the standalone lnd AS financial results for the nine-month period ended December 31, 2018, the audited annual standalone lnd AS financial statements as at and for the year ended March 31, 2019, and the relevant requirements of the Regulation and the Circular, which are the responsibility of the Company's management and have been approved by the Board of Directors of the Company. Our responsibility is to express an opinion on these standalone finan cial results based on our review of the standalone lnd AS financial results for the nine-month period ended December 31, 2018 which was prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard (lnd AS) 34 Interim Financial Reporting, specified under Section 133 of the Companies Act 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India; our audit of the annual standalone lnd AS financial statements as at and for the year ended March 31, 2019; and the relevant requirements of the Regulation and the Circular.
• 1. We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial results are free of material misstatement(s). An audit includes examining, on a test basis, evidence supporting the amounts disclosed as financial results. An audit also includes assessing the accounting principles used and significant estimates made by management. We believe that our audit provides a reasonable basis for our opinion.
• 1. In our opinion and to the best of our information and according t o the explanations given to us, these quarterly standalone lnd AS financial results as well as the year to date results:
  • i. are presented in accordance with the requirements of the Regulation read with the Circular, in this regard; and
  • ii. give a true and fair view of the net profit including other comprehensive income and other financial information for the quarter ended March 31, 2019 and for the year ended March 31, 2019 .

"' C& 0 LLP Shoppers Stop Limited Charter d couta s

• ..J . We draw attent ion to Note 2 to the financial results regarding non provision of retrospective levy of service tax for the period from June 01, 2007 to March 31, 2010 on renting of immovable properties given for commercial use, aggregating to Rs. 1,659.56 lacs pending fina l disposal of the appeal filed before the Supreme Court. Our opinion is not modified in the respect of this matter.
• 1. Further, read with paragraph 1 above, we report that the figures for the quarter ended March 31, 2019 represent the derived figures between the audited figures in respect of the financial year ended March 31, 2019 and the published year-to-date figures up to December 31, 2018, being the date of the end of the third quarter of the current financial year, which were ·subjected to a limited review as stated in paragraph 1 above, as required under the Regulation and the Circular.

'g Senapati Bapat Marq • +91 22 6819 8000

Auditor's Report on Consolidated Year to Date Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

To Board of Directors of Shoppers Stop Limited,

• 1. We have audited the accompanying statement of consolidated lnd AS financial results of Shoppers Stop Limited ('the Company') comprising its subsidiaries (together, 'the Group'), for the year ended March 31, 2019 ('the Statement'), attached herewith, being submitted by the Company pursuant t o the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('the Regulation'), read with SEBI Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016 ('the Circular'). The consolidated lnd AS financial results for the year ended March 31, 2019 have been prepared on the basis the audited annual consolidated lnd AS financial statements as at and for the year ended March 31, 2019, and the relevant requirements of the Regulation and the Circular, which are the responsibility of the Company's management and have been approved by the Board of Directors of the Company. Our responsibility is to express an opinion on these consolidated lnd AS financial results based on our audit of the annual consolidated lnd AS financial statements as at and for the year ended March 31, 2019; and the relevant requirements of the Regulation and the Circular.
• 1. We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial results are free of material misstatement(s). An audit includes examining, on a test basis, evidence supporting the amounts disclosed as financial results. An audit also includes assessing the accounting principles used and significant estimates made by management. We believe that our audit provides a reasonable basis for our opinion.
• 1. In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of other auditors on separate financial statements and the other financial information of subsidiaries, these consolidated lnd AS financial results for the year:
  • i. includes the results of the following entities: Subsidiaries- Crossword Bookstores Limited, Gateway Multichannel Retail (India) Limited, Shopper's Stop Services (India) Limited, Shopper's Stop.com (India) Limited, and Upasna Trading Limited
  • ii. are presented in accordance with the requirements of the Regulation read with the Circular, in this regard; and
  • iii. give a true and fair view of the consolidated net profit, other comprehensive income and other financ ial information for the year ended March 3 1, 2019.
• 1. We did not audit the f inancial statements and other financial information, in respect of 3 subsidiaries, whose lnd AS statements include total assets of Rs 198.60 lacs as at March 31, 2019, and total revenues of Rs Nil for the year ended on that date. These lnd AS financial statements and other financial information have been audited by other auditors, which financial statements, other financial information and auditor's reports have been furnished to us by the management. Our opinion, in so far as it relates to the affairs of such subsidiaries, is based solely on the report of other auditors. Our opinion is not modified/qualified in respect of this matter.

1. We draw attention to Note 2 to the financial results regarding non provision of retrospective levy of service tax for the period from June 01, 2007 to March 31, 2010 on renting of immovable properties given for commercial use, aggregating to Rs. 2,010.90 lacs pending final disposal of the appeal filed before the Supreme Court. Our opinion is not modified in the respect of this matter

For S R B C & CO LLP

P r Par ner Membership No.: 36738 Mumbai; April 30, 2019