1. During the year, eight Westside stores, two Sisley stores and one Fashion Yatra Store were opened taking the
total number of Westside stores to 36 and the total number of stores under various formats to 42.

2 (a) Proceeds of Rs. 93.62 crores received from the Preferential issue of Equity Shares to Tata Sons Ltd and Tata Investment Corporation Ltd in December 2006, have been fully utilised towards objects of the issue.

(b) Out of the Right Issue (July 2007) proceeds of Rs. 157.41 crores, Rs.67.85 crores have been utilised towards objects of the issue and pending utilisation, the balance unutilised amount is invested mainly in Mutual Funds.

3. The main business of the Company is retailing. All other activities of the Company are incidental to the main business. Accordingly, there are no separate reportable segments in terms of the Accounting Standard - 17 on “Segment Reporting” issued by ICAI.

4. As approved by the Shareholders, the Company has transferred its Star Bazaar business, as a going concern, to its
100% Subsidiary, Trent Hypermarket Ltd with effect from August 01, 2008. Accordingly, the results for the year ended March 31, 2009 are not comparable with the corresponding previous year.

5. The stand-alone and consolidated results of the Company have been Impacted by the general economic backdrop and also due to the incubation of the hypermarket business (now in Trent Hypermarket Ltd.). The losses incurred by the hypermarket business are broadly in line with the business plan of the Company.

6. The Board of Directors has recommended a Dividend of Rs.5.50 Per Equity Share aggregating to Rs.12.57 Crores including dividend tax in respect of the year ended March 31, 2009.

7. The Board of Directors, in its meeting held on June 17, 2009, has approved a scheme of amalgamation of Satnam Developers and Finance Private Ltd (100% subsidiary) and Satnam Realtors Private Ltd (a joint venture in which Satnam Developers and Finance Private Ltd holds 50% shares) with the Company with effect from April 01, 2009 subject to requisite approvals.

8. Previous period’s figures have been regrouped wherever necessary.

9. The above Audited Financial Results were reviewed by the Audit Committee and thereafter taken on record by the Board of Directors of the Company at its meeting held on June 17, 2009.

F K Kavarana
Chairman