Shopper's Stop Limited - Securities and Exchange Board of India

Company Year ended Audited by
SSL
31 March 2004
31 March 2003
31 March 2002
Deloitte Haskins and Sells
31 March 2001
31 March 2000
Arthur Andersen & Associates
31 March 2004
31 March 2003
Deloitte Haskins and Sells
Upasna
31 March 2002
31 March 2001
Arthur Andersen & Associates
31 March 2000 Ford, Rhodes, Parks & Co.
Crossword
31 March 2004
31 March 2003
31 March 2002
Deloitte Haskins and Sells
31 March 2001
31 March 2000
31 March 2004
Arthur Andersen & Associates
SSSIL
31 March 2003
31 March 2002
Dixit Dattatray & Associates
31 March 2001 Ford, Rhodes, Parks & Co.
SSDot
com
31 March 2004
31 March 2003
31 March 2002
31 March, 2001
Dixit Dattatray & Associates
Ford, Rhodes, Parks & Co.
(b) Annexures I (a) to I (e), II (a) to II (e) and III (a) to III (e) are prepared in accordance with the
requirements of Part II B of Schedule II to “the Act” and paragraph 6.18 of Chapter VI of "the
Guidelines".
(c) The financial information in Annexures I (a) to I (e) and II (a) to II (e) has been incorporated after
making relevant adjustments in accordance with the requirements of paragraph 6.18.7 (b) of
Chapter VI of the Guidelines [see note 7 in Annexures III (a) ], except for the following:
(iii) Attention is invited to note 8 in Annexure III (a): The operations of Upasna, a 100%
subsidiary of SSL are entirely dependent on SSL and SSL is committed to provide the
necessary level of financial support to Upasna to enable it to operate and pay its debts, if
required. We are informed that management plans to enhance Upasna’s role in the
distribution and logistics operations of group companies and it will therefore be able to
repay SSL’s dues in the near future. Of the Rs 40 million outstanding at 31 March 2004,
Rs.25 million had been advanced by SSL to meet certain disputed liabilities which have
been paid by Upasna under protest and SSL has correspondingly included this amount
under contingent liabilities, [see note 2 in Annexure I (c)]. In respect of the balance of Rs.
15 million, since the impact of non-recovery, if any, cannot be quantified the Summary
Statements [Annexures I (a) and II (a)] have not been adjusted. This item has been the
subject matter of an audit qualification in the annual financial statements of SSL.
(iv) Attention is invited to note 6 in Annexure III (c): Pursuant to the acquisition of its present
business during the financial year ended 31st March 2000, Crossword acquired certain
intangible assets, namely, goodwill, trademarks and copyrights. These assets were
recorded at a gross book value of Rs. 143 million and are amortised over a 20 year period.
We are informed that Crossword is planning significant increase in its operations and
management believes that future economic benefits from these assets will be realized over
several years. Since the impact, if any, of not realizing the benefits of these assets in future
periods cannot be quantified the Summary Statements [Annexures I (c) and II (c)] have not
been adjusted. This item has been the subject matter of an audit qualification in the annual
financial statements of Crossword.
(d) We confirm that the Company has not paid any dividends for any financial years since its
inception.
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