Status of Investor Complaints for the quarter ended March 31, 2009

Complaints Pending at the beginning of the quarter Nil

Complaints Received during the quarter 02

Complaints disposed off during the quarter 02

Complaints unresolved at the end of the quarter Nil

1. The Consolidated Financial results comprise the results of Shopper’s Stop Ltd and its subsidiaries namely Crossword Bookstores Ltd, Upasna Trading Ltd, Shopper’s Stop. Com (India) Ltd, Shopper’s Stop Services (India) Ltd and Gateway
Multichannel Retail (India) Ltd which are consolidated in accordance with Accounting Standard 21 on Consolidation of Financial Statements, the Company´s proportionate share in the results of both Timezone Entertainment Private Ltd, Nuance Group (India) Pvt Ltd (prepared and audited upto December 31, 2008, after making adjustments for significant transactions or other events that occurred between January 2009 till 31 March 2009) which are consolidated in accordance with Accounting Standard 27 on Financial Reporting of Interests in Joint Ventures and the results of Hypercity Retail (India) Limited which is consolidated in accordance with Accounting Standard 23 on Accounting for Investments in Associates.

2. The Company (stand alone) is primarily engaged in the business of retail trade through retail and departmental store facilities, which constitute a single reportable segment.

3. During the quarter ended March 09, the management has taken a strategic decision to close some of its Food & Beverages (F&B) stores. Depreciation for the quarter includes an amount of Rs 616 lacs, being the charge arising as a result of write off of assets in these stores.

4. Pursuant to the amendment of the Cenvat Credit Rules w.e.f. April 01, 2008, as legally advised, the Company has commenced utilizing the accumulated service tax input credit of Rs 175.06 million.

5. Pursuant to the Order of the Delhi High Court on April 18, 2009, which set aside the levy of service tax on rentals of immovable property, the Company has not provided for service tax expense for the year of Rs 990 lacs. The ruling is however, subject to any proceedings/appeal that may be filed by the Government and Orders thereupon.

6. Out of the Rs 16,531 lacs raised by the Company through its Initial Public Offerings (IPO) in April 2005, Rs 16,426 lacs were utilized towards the objects of the IPO. The unutilized balance of IPO proceeds have been utilized in temporarily reducing exposure to working capital borrowings.

7. Figures of the previous period/year have been regrouped / reclassfied wherever necessary.

8. The standalone and consolidated financial results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on April 29, 2009.

B S Nagesh
Customer Care Associate & Managing Director