25 Reasons to celebrate - Flipbook_1

Directors' Report
Shoppers Stop Ltd.
Timezone: Timezone Entertainment Private Ltd.; is engaged in the business of operating Family Entertainment Centers (FEC) under
the “Timezone” brand. There are 26 FECs which are set up and operated at leading shopping malls by Timezone. The revenue during
the year under review was ` 59.07 crores (Previous year ` 55.54 crores), registering a growth of 6% y-o-y basis. Timezone has
incurred the loss of ` (1.85) crores against previous year’s profit of ` 1.23 crores.
Nuance Group: The Nuance Group AG and the Company have formed a Joint Venture called Nuance Group (India) Pvt. Ltd., to
operate the Duty Free stores at International Airports in India. During the year under review, sales growth on Like to Like basis is 16%,
mainly resulting from growth in passengers vs last year. It has delivered profit after tax of ` 7.2 crore. It is a part of the Company’s
policy and practice to constantly monitor its investments. Pursuant to this policy, during the year under review, the Company made a
provision for impairment to an extent of ` 23.81 crores, towards diminution in value of investment, in Nuance Group (India) Pvt. Ltd;
a Joint Venture Company.
The other subsidiaries of the Company viz; Upasna Trading Ltd; Shopper’s Stop Services (India) Ltd.; Shopper’s Stop.com (India) Ltd.;
and Gateway Multichannel Retail (India) Ltd.; either have insignificant or no operations during the year under review.
During the year under review, no company has become or ceased to be a subsidiaries, joint venture entity or associate company.
The financial statements along with the report of Directors and Auditors thereon of the above mentioned subsidiary companies
are kept open for inspection by the members at the Registered Office of the Company. These statements are also available on the
website of the Company www.shoppersstop.com.
7. Consolidated Financial Statements
The Consolidated Financial Statements have been prepared by the Company in accordance with the applicable Accounting Standards
issued by the Institute of Chartered Accountants of India. These Statements, together with Auditors’ Report thereon form part of the
Annual Report.
The statement containing the salient features of a company’s subsidiaries and joint venture companies under Section 129 of the
Companies Act, 2013, in the prescribed form is attached to the Financial Statements.
8. Employees Stock Option Plan
The Company has granted 3,275 Employee Stock Options at a grant price of ` 404/- per option under ESOP Scheme 2008 to an
employee of the Subsidiary Company. The Nomination and Remuneration & Corporate Governance Committee of the Company,
inter-alia, administers and monitors the Employees Stop Option Scheme in accordance with the SEBI Guidelines.
During the year under review, the Company has allotted 94,141 equity shares of ` 5/- each on exercise of vested options by certain
employees of the Company and its subsidiary Companies under the ESOP Scheme 2008.
The particulars as required to be disclosed pursuant to the Securities and Exchange Board of India (Share Based Employee Benefits)
Regulations, 2014 and its disclosure requirements is annexed herewith as Annexure I. The same is also uploaded on the website of
the Company at www.shoppersstop.com.
The Company has received a certificate from its Auditors, that the scheme has been implemented in accordance with SEBI Guidelines
and resolution passed by the Shareholders of the Company. The said Certificate would be placed at the ensuing Annual General
Meeting of the Company.
9. Human Resources
The Company continues to introspect and strengthen its core competencies by redefining its Values and Vision. People
development continues to be a key focus area and to have a sustained learning environment, the employees are being coached and
empowered to coach others. Reaffirming a strong belief in inclusion and equality and a zero tolerance on harassment, customised
workshops and focused discussions are being conducted. To create a leadership pipeline across the system, assessments are
being conducted to have fair and transparent performance evaluation. Taking new initiatives to further align its Human Resource
policies to meet the growing needs of its business continues to be a constant endeavour. Special designed training modules for
the frontline employees are being delivered from time to time to meet the training needs of the employees. Infusion of technology
Annual Report 2015-16 | 34