Dead Presidents! - India Equity Research: Aug 15, 2008

Friday, August 15, 2008

The Indian media and entertainment sector is likely to grow to US$200bn industry by 2015 from US$12bn currently. Attracted by such growth, global media and entertainment companies such as The Walt Disney Company, The Warner Group, Viacom, Inc., Sony Pictures Entertainment, Inc., The Financial Times and the Dow Jones & Co. have entered the market by either acquiring a stake or partnering with an Indian counterparts.

Last month, News Corporation, the world's largest media conglomerate by market capitalization, announced it would invest more than US$100mn to launch six new television channels in India over the next year. The potential for growth in India’s print media is underscored by its low penetration rate of 38%. The market grew by 15% in 2007 to US$3.7bn from US$3.2bn the previous year.

The sector is expected to grow at compound annual growth rate (CAGR) for 2008 through 2012 at 13% for newspapers and 15% for magazines. The comparative estimated CAGR internationally (for 2007 through 2011) is 2.1% for newspapers and 3.1% for magazines. The slower pace of growth in the mature markets is expected to attract other global media companies to the fast growing Indian market by acquiring stakes of as much as 26%, the maximum foreign ownership permitted in an Indian entity.

Mecom Group Plc, one of the leading media groups of Europe that has 300 titles publishing 30 million copies a week with presence in five countries of Europe - Netherlands, Denmark, Norway, Germany and Poland is wilting under the prevailing downward pressure on advertising volumes and price – could see a brighter side by making an India entry.

The group revenue growth for Mecom in the year 2007 was more or less flat registering a growth of only 3% to £1,352mn (US$2,685.5mn) from £1,319mn (US$2,621mn) the previous year. The situation was compounded with the surge in the Euro that has inflated the level of Mecom’s net debt to around £600mn (US$1,191mn) from £524mn (US$1,041mn) at the end of calendar year 2007.

The current recessionary trends in the economies in Europe, the commodity price inflation and the consequent softening of the consumer demand seem to be taking its toll on the media sector. The reduced consumer spending has forced some of the key industries that until recently were keen advertisers including automotive, personal care, entertainment and media, real estate, pharmaceuticals, food and soft drinks, among others to cut down on their advertising budgets.

For instance, The Experian National Retail FootFall Index for the U.K. fell by 2.6% year-on-year in June 2008, the fifth monthly drop this year. Out-of-town retail destinations experienced much larger drops in visitors, down 5.8% compared to a 1.5% fall in town centres. Retail sales in Europe slumped to 48.2 in March 2008 from 52.4 a month earlier, on gauge scale, used for measuring retail sales, on account of eroding consumer confidence in all the European countries, as per the Bloomberg purchasing managers index.

These pressure points are expected to have a telling effect on the balance sheets of Mecom. For example, Mecom in Denmark, has the largest real estate section with the national title Berlingske Tidende. In 2006, it generated revenue of about £15.8mn (US$31.5mn). Since last year, however, Mecom has lost about 30% volume. In a bit do retain customers, it has dropped prices 25% across the board. That percentage drop in volume and price translates to a revenue loss of £2.1mn (US$4.2mn). Annualized for 2008, it could result in losses of up to £5.8mn (US$11.5mn).

With the prevailing downward pressure on advertising volumes and price across other categories as well, it will be a challenge for Mecom to register growth in the year 2008. Mecom’s revenues from operations in Denmark had shown a marginal fall in revenue in 2007 at £353mn (US$701mn) from £356mn (US$707mn) the previous year. To cushion the effect of the slow down in Mecom’s operations in the respective countries and to reduce its debt, the management could consider selling its Norwegian division, Edda Media, one of Mecom's fastest-growing businesses for which it has received a bid of about £375mn (US$744mn) from an unnamed bidder.

In contrast, in 2007, it grew 2% in the Netherlands, 5% in Poland and 7% in Norway and Germany. The eroding value and reduced profitability of the company is reflected in its shares that are trading at less then 80% level compared with a year ago. The management, therefore, has to make decisions such as selling its business units such as Edda Media or enter emerging markets like India, which offer significant growth opportunities

India to corner 20% of global WiMAX market by 2012

The WiMAX Forum projects that more than 27.5mn Indians will be WiMAX users by 2012. Additional data from this recent WiMAX Forum study estimates that about 70% of the forecasted WiMAX subscribers by 2012 will utilize mobile and portable WiMAX devices to access broadband Internet services. India is clearly making the commitment and taking the steps to ensure wireless broadband services are a reality that enables operators to meet the needs of India's diverse and growing population," said Ron Resnick, president of the WiMAX Forum. The forum expects to certify the first 3.5 GHz WiMAX products by the end of 2008 and views 700 MHz as a strong contender for mobile Internet services, especially in India's low-density rural areas.

Weekly Stock Ideas - Aug 15 2008

Buy Aban Offshore

Buy Lupin

Buy Sesa Goa

Buy GAIL

Buy APIL

Weekly Newsletter - Aug 14 2008

The market is likely to come under some more pressure early on Monday after inflation jumped to 12.44% in the week ended August 2 as against 12.01% in the previous week. This was much higher than consensus expectations of 12.1-12.2%. As a result, the sentiment is expected to take a beating amid nagging concerns of further monetary tightening measures. Lack of positive announcement on the Participatory Notes (PN) issue seemed to spook the market on Friday, with the Sensex and the Nifty falling 2.4% and 2.2%, respectively. Overall, we expect the undertone to turn slightly weak again amid renewed concerns over rising inflation and slowing economic growth. However, we do not rule out a rebound if global markets remain stable and crude oil doesn't resume its advance. On the flip side, any fresh weakness in global equities will add to the pressure on local markets. Action in the F&O segment might pick up as 39 new scrips will be available for trading from August 21, and we will have an expiry a week later.

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FM asks PSBs not to hike home loan rates

Finance Minister P. Chidambaram asked public sector banks not to increase interest rates on home loans up to Rs3mn (both old and new) and lend more to consumers even as the Reserve Bank of India (RBI) is trying to moderate credit growth to contain inflation. The Finance Minister also asked the state-owned banks to increase disbursement of auto loans as well as personal loans, including education loans by keeping interest rates affordable, according to reports. Most public sector banks have increased their benchmark primary lending rate (PLR) by 75 to 100 basis points, but agreed not to raise interest rates on existing home loans, auto loans and education loans.

Industrial output dips again in June

Growth in industrial output slipped again in June from last year, as rising raw material and energy costs coupled with hardening interest rates hit consumer as well as corporate demand. However, industrial growth improved from the six-year low hit in May. The index of industrial production (IIP) stood at 269.1 in June as against 255.3 in the same month a year ago, translating into a year-on-year growth rate of 5.4% in industrial production versus 8.9% in June 2007. The reading for June was in line with market expectations. Meanwhile, the Government revised the industrial production figure for May to 4.1% from the preliminary estimate of 3.8%. Manufacturing growth in June was 5.9% compared to 9.7% in the corresponding month a year earlier. Mining sector growth stood at 2.9% in June as against 1.5% in the same month last year. Electricity growth was 2.6% versus 6.8% in June 2007. On a cumulative basis, the industrial output growth halved to 5.2% during April-June 2008-09 from 10.3% in the corresponding period of last year.

Bonanza for Govt Employees

The Union Cabinet gave its approval for the implementation of the Sixth Central Pay Commission recommendations, awarding an average pay hike of 21% for Central Government employees. The Cabinet broadly accepted the recommendations of the Sixth Central Pay Commission with some modification. The new system of four Pay Bands with 20 Grade Pays recommended by the commission has been accepted with minor changes. The revised pay scales will come into force from January 2006 while the revised rates of allowances will be effective from September. The Government will adhere to FY09 budget targets, barring off-budget liabilities, Finance Minister P. Chidambaram said. The Centre has no plan to borrow more from the markets to pay for the higher salaries, expenditure secretary Sushma Nath said. Provision for the pay increase had been made in the budget for the year 2008-09, she said. FY09 Railway Budget will be impacted by Rs64.14bn, while the impact on general budget will be Rs157.17bn.

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Inflation shoots up to 16-year peak

India's inflation climbed to a 16-year high in the early part of this month mainly due to rising food and fuel prices, stoking fresh concerns about a possible tightening of monetary policy over the next few months. Annual inflation, based on the Wholesale Price Index (WPI), rose to 12.44% in the week ended August 2 from 12.01% in the previous week, the Commerce & Industry Ministry said on Thursday. The figure was much higher than consensus estimate of 12.15-12.25%. The annual rate of inflation stood at 4.39% in the comparable period last year. Meanwhile, the Government revised the annual inflation rate for the week ended June 20 to 11.66% from a provisional forecast of 11.05% while the WPI for the same period stood at 236.5 compared to 235.2 earlier.

Indian media and entertainment sector to grow to US$200bn

SEBI eases fund raising for India Inc

The Securities and Exchange Board of India (SEBI) announced that it had decided to cut the timeline for Rights Issues, to enable companies to raise funds much faster from their shareholders than earlier. The Rights Issues can now be completed in 43 days as against 109 days earlier. SEBI is also undertaking a review of the entire Rights Issue process so as to curtail the time taken to complete the offerings. "This will reduce the market risk faced by investors and issuers and will ensure faster turnaround of money for investors," SEBI Chairman C.B. Bhave said during a media conference in Mumbai after a Board meeting.

The regulator also revised the pricing norms for qualified institutional placement (QIP) and preferential allotment to qualified institutional buyers (QIBs). The floor price for QIP will now be based on the 2-week average with the relevant date being the day on which the board meets to take the decision to open the QIP. The floor price is currently based on the higher of the average of the weekly high and low of the closing prices of the shares during the 2 weeks or 6 months preceding the relevant date. "In the current market volatility it will not be practically possible to sell shares as per the current pricing formula," Bhave said.

On the issue of Participatory Notes (PN), Bhave said that the regulator did discuss the issue and considered the data for the past 10 months, but decided to maintain a status quo on the matter. "Based on the data available with us, the board did discuss PNs, as decided earlier, but no decision has been taken," the SEBI chairman said while adding that the issue would be reviewed at a later stage.

Among other decisions approved at Wednesday’s meeting were carrying out amendments to submission and publication of financial results, besides procedural changes relating to scheme-wise annual report for mutual funds.

PM's economy panel cuts GDP growth target

The Prime Minister's Economic Advisory Council (EAC) said it was pruning its GDP growth projection for the year 2008-09 while proposing more monetary tightening to bring down inflation from a 13-year high. India's economy is expected to grow by 7.7% in the fiscal year ending March 2009, while inflation can be lowered to 8-9% during the same period through tighter monetary stance, the EAC said.

The high-level panel, headed by former RBI Governor C. Rangarajan, expects India's agriculture sector to grow at 2% in FY09 while manufacturing and services sectors are forecast to expand by 7.5% and 9.6%, respectively. The announcement comes two weeks after the Reserve Bank of India (RBI) trimmed its GDP growth forecast for the current fiscal year, from 8-8.5% to 8%, and raised the inflation target for the year to 7% from 5-5.5%.

In its economic outlook for FY09, the Prime Minister's panel said an adverse global economic environment was expected to lower growth in India, widen the current account deficit and pressure the fiscal situation through widening subsidy bills. The EAC sees savings rate at 34.5% of GDP in FY09 whereas the investment rate has been pegged at 37.5%. Capital inflows in the current financial year are expected to touch US$70bn, the Prime Minister's panel said.

The panel said fiscal deficit for FY09 would overshoot the annual target while revenue deficit would persist. It added that serious fiscal risks were arising from growing off-budget liabilities estimated at 5% of GDP. The mounting subsidies are adding to the pressure on Government finances, the EAC said, adding that fuel prices need to be raised regularly to curb fiscal deficit. The current account gap is estimated at 3.2% of GDP.

Shoppers Stop - Annual Report - 2007-2008

SHOPPER'S STOP LIMITED

ANNUAL REPORT 2007-2008

DIRECTOR'S REPORT

Dear Members,

Your Directors lire pleased to present the Eleventh Annual Report on the business and operations of the Company together with the Audited Statements of Accounts for the year ended March 31, 2008.

Financial Performance: (Rs. in millions) Year ended Year ended Particulars 31 March, 31 March, 2008 2007

Retail Sales (Net of taxes) 11345.69 8463.05 Other Operating Income 168.30 145.03Other Income 88.44 132.55Total Revenues 11602.43 8740.63Profit before Depreciation & Tax 537.91 743.40Less: Depreciation 392.14 256.27Profit before Tax 145.17 487.13Less: Provision for Tax 75.50 225.18Profit after Tax 69.61 261.95Add/(Less): Balance brought forward from 484.56 296.83previous year Proposed Dividend (incl. Dividend Distribution 61.17 61.12Tax) Transfer to General Reserve 3.48 13.10 Balance carried forward 489.58 484.56

Performance Review:

Your Company has opened five department stores i.e., one at Noida, one at Kolkata and three at New Delhi during the year, taking its chain of department stores to 27 stores spread across India. The revenue has touched Rs.11,602 million (previous year Rs.8,741 million), registering a growth of 330/0 on y-o-y basis, whereas cash profit stood at Rs. 538 million and net profit at Rs.70 million against Rs. 743 million and Rs.262 million respectively last year.

Dividend:

Your directors are pleased to recommend a dividend of Rs.1.50 (previous year Rs.1.50) per equity share of Rs.10 each.

The dividend once approved by the members in the ensuing Annual General Meeting will be paid out of the profits of the Company for the year and will sum up to a total of Rs. 61.17 million, including dividend distribution tax, as compared to Rs. 61.12 million in the previous year.

AWARDS AND RECOGNITION:

Your Company has been conferred with the following awards and recognitions during the year under review: * 'Retail Destination of the Year' at the Image Fashion Forum; * 'Most Admired Retailer of the Year' for technology applications at Image Retail Award, 2007;

* 'Advertisement Campaign of the year' CMAI APEX Awards; * 'Departmental Store of the year' at Star Retailer Award.

Further, Mr. B.S. Nagesh, Customer Care Associate 8 Managing Director of Company has been inducted in the 'World Retail Hall of Fame' along with your company winning 'the Emerging Market Retailer of the Year Award0, at World Retail Congress, Barcelona, Spain.

Status on utilization of IPO proceeds:

As you are aware, your Company had made its initial public offerings (IPO) through 100% book building process in the year 2005 and raised Rs.1653.16 million by issuing 6,946,033 Equity Shares of Rs.10 at a price of Rs. 238 per share inter-alia with the 'Object of the Issue' for setting of 11 new stores, renovating and expanding some of our existing stores.

As there was considerable delay in delivery of certain store premises which were forming part of the 'Object of the Issue', the Company has modified the aforesaid 'Object of the Issue' with the approval of members at the last Annual General Meeting. Further, the renovation of Andheri store as envisaged was also replaced with renovation of Malad store.

Out of the Rs. 1,653.16 million so raised, Rs. 1,578.50 million were utilized towards the objects of the IPO. The unutilized balance have been utilized in temporarily reducing exposure to working capital borrowings.

Share Capital:

During the year under review, the paid up equity share capital of the Company has increased by Rs. 0.35 million on account of allotment of equity shares pursuant to exercise of stock options under various ESOP Schemes.

The Company has filed draft Letter of Offer with Securities & Exchange Board of India (SEBI) for issue of equity shares and detachable warrants thereto for raising a sum upto Rs. 5000 million by way of Right Issue to its existing equity shareholders.

Credit Rating:

Fitch Ratings India Private Limited has continued its rating of 'F1 +(ind)' [F one plus ind] for short term debt/commercial paper programme which is now increased to Rs. 800 million, indicating highest credit quality with strongest capacity for timely payment of financial commitments.

We have also got rated by CRISIL for short term and long term borrowings for a sum of Rs.500 million each. For short term, CRISIL has assigned us a rating of P1+ whereas for long term, a rating of A+ has been assigned.

Finance:

Your Company continues with various initiatives for bringing down the cost of borrowings which includes application of new dynamic short term instruments so as to have an increase in cash flow, reducing interest cost and improving working capital management.

Employhes Stock Option Plan:

Your Company has formulated and designed Employees Stock Option Plan Schemes (ESOP Schemes) for its employees. During the year under review, the Company has allotted 35,096 Equity Shares of Rs.10 each under the said ESOP Schemes.

Under Employees Stock Option Plan Scheme V (ESOP 2005), during the year under review, the Company has granted 400,000 Stock Options and 20,000 Stock Options on August 23, 2007 and January 28, 2008 respectively to the specified employees.

Since Sock options issued under ESOP Scheme I and II have been fully vested and exercised by the employees, the schemes are already over. ESOP Scheme III, IV and V are in force and their vesting is scheduled in due course of time.

The particulars of Employees Stock Option Plan (ESOP) Schemes, as required by SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999, as amended, are appended herewith and forms part of this Report.

Since, substantial portion of earlier 10,00,000 options approved by members under Employee Stock Option Plan V ('ESOP 2005') has been exhausted, it is proposed to seek your approval at the forthcoming Annual General Meeting, for grant of further 10,00,000 Employee Stock Options (ESOPs) to the employees of the Company and its subsidiaries under Employee Stock Option Scheme 2008 ('ESOP 2008').

Fixed Deposits:

During the year under review, the Company has not accepted any deposit under Section 58A of the Companies Act, 1956, read with Companies (Acceptance of Deposits) Rules, 1975. No amount of principal or interest was outstanding as on the Balance Sheet date.

Subsidiary Companies:

As required under section 212 of the Companies Act, 1956, the Audited Balance Sheet and Profit 8 Loss Account along with respective Reports of the Board of Directors' and Auditors' thereon of the following subsidiary companies for the year ended March 31, 2008 are attached

a) Crossword Bookstores Ltd.;b) Upasna Trading Ltd.c) Shoppers Stop.Com (India) Ltd.d) Shopper's Stop Services (India) Ltd.e) Gateway Multichannel Retail (India) Ltd.

In compliance with Clause 32 of the Listing Agreement, and Accounting Standard AS 21, prescribed by the Institute of Chartered Accountants )f India, audited consolidated financial statements forms part of this Annual Report.

Human Resources:

As an organisation we are committed towards achieving exponential growth in our quest to become the leader in the department store category, delivering higher levels of sensory experience touching the hearts and minds of our consumers, stakeholders and employees.

In continuation of our belief that people are the primary source of sustainable competitive advantage, your Company has worked continuously towards ensuring that its people practices are in line with being an employer of choice.

As on date of the Balance Sheet, the Company had a total of 3,754 Customer Care Associates.

Auditors:

Your Company's Statutory Auditors, Deloitte Haskins & Sells, Chartered Accountants, Mumbai, retire at the conclusion of the forthcoming Annual General Meeting. Deloitte Haskins & Sells have sought the re-appointment and have confirmed that their re-appointment, if made, shall be within the limits laid down under Section 224(1 B) of the Companies Act, 1956.

The Audit Committee and the Board of Directors recommends the re-appointment of Deloitte Haskins 8 Sells, Chartered Accountants, as the Statutory Auditors of the Company.

Directors:

In accordance with the provision of the Companies Act, 1956 and Articles of Association of the Company, Mr. B.S. Nagesh and Mr. Shahzaad Dalal, Directors of the Company, retire by rotation at the ensuing Annual General Meeting and being eligible, offer themselves for re-appointment.

Mr. Govind Shrikhande, who has been appointed as an Executive Director and CEO of the Company for a period of 3 years w.e.f. July 29, 2006; is proposed to be re-appointed as an Executive Director and CEO of the Company for further period of three years w.e.f. July 29, 2009; subject to necessary approval of the Shareholders of the Company.

Mr. Nirvik Singh, was appointed as an Additional Director on the Board of your Company with effect from 16 June, 2008. The Company has received a notice in writing from a member of the Company under Section 257 of the Companies Act, 1956 signifying his intention to propose tie appointment of Mr. Nirvik Singh, as a Director of the Company.

A brief resume, expertise and details of other directorship and committee membership thereof of these directors are given in the explanatory statement annexed to the Notice convening the Eleventh Annual General Meeting.

Corporate Governance:

The Company has been pro-active in following the principles and practices of good Corporate Governance. The Company has taken adequate; steps to ensure that the conditions of Corporate Governance as stipulated in clause 49 of the listing agreement with the Stock Exchanges are complied with.

A separate section on Corporate Governance and Auditors Certificate is annexed hereto and forms part of this Report.

Compliance with the Code of Conduct:

The Company had evolved and adopted a Code of Conduct for its Board of Directors and its managerial personnels based on the principles of good corporate governance and best management practices. The declaration of compliance with the Code of Conduct has been received from all Board Members and the managerial personnels. The Code is available on the website of the Company.

A certificate in this effect from Mr. Govind Shrikhande, Executive Director and Chief Executive Officer forms part of this Report.

Conservation of Energy, Technology absorption and Foreign Exchange earnings It outgo:

The particulars regarding foreign exchange earnings and expenditure are annexed hereto and forms part of this report. The other particulars relating to conservation of energy and technology absorption stipulated in the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 are not applicable to the Company.

Particulars of Employees:

Information on particulars of employees' remuneration as per Section 217(2A) of the Companies Act, 1956, read with Companies (Particulars of Employees) Rules 1975 forms part of this report. However, as per provisions of Section 219(1)(b)(iv) of the Companies Act, 1956, the report and accounts are being sent to all shareholders of the Company, excluding the Statement of Particulars of Employees, which is available for inspection at the Registered office of the Company during working hours. Any shareholder interested in such particulars may inspect the same.

Directors' Responsibility Statement:

Pursuant to Section 217(2AA) of the Companies Act, 1956, the Board of Directors confirm that:

1. In the preparation of Annual Accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

2. They have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2008 and of the profit of the Company for the year ended on that date;

3. They have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; and

4. They have prepared the annual accounts on a 'going concern' basis.

Auditors Report:

The Board has duly examined the Statutory Auditors report to accounts and the clarifications, wherever necessary, have been included in the Notes to Accounts, section of Annual Report.

Acknowledgement:

Your Directors express their warm appreciation to all the employees of the Company for their diligence and contribution.

Your Directors acknowledge with sincere gratitude the co-operation and assistance extended by customers, business partners, associates, banks & financial institutions, suppliers, solicitors, advisors and all well wishers for their continuous guidance and support.

And to you our shareholders, we are deeply grateful for the confidence and faith that you have always placed in us.

For and on behalf of the Board of Directors

Place: Mumbai Chandru L. RahejaDated: 16th June, 2008 Chairman

Foreign Exchange Earnings and Outgo:

The Company earns foreign Exchange on sale of its merchandise to its customers. Foreign Exchange outgo during the year included purchase of computer software and purchase of merchandise, professional fees etc.

(All amounts in millions of Indian Rupees)

Foreign Exchange Earnings Rs.493.73Foreign Exchange Outgo Rs.376.31

Information required to be disclosed under SEBI (ESOS and ESPS) Guidelines, 1999 as on March 31, 2008:

Description ESOP III

Options Granted 155,640

Date of Grant 01.05.2004

The pricing formula Rs.150%

Description ESOP IV Options Granted 122,340 Date of Grant 01.02.2005 The pricing formula Rs.240%

Description ESOP V-1 Options Granted 100,151 Date of Grant 28.12.2005 The pricing formula The options granted to eligible employees are granted at the average of the daily closing price of Equity Shares of the Company at BSE during the period of 6 months immediately preceding the date on which the options were granted. The Options were granted at an exercise price of Rs.384/-

Description ESOP V-2 Options Granted 232,056 Date of Grant 29.07.2006 The pricing formula The options granted to eligible employees are granted at the average of the daily closing price of Equity Shares of the Company at BSE during the period of 6 months immediately preceding the date on which the options were granted. The Options were granted at an exercise price of Rs.540/-

Description ESOP V-3 Options Granted 145,000 Date of Grant 29.07.2006 The pricing formula The options granted to eligible employees are granted at the average of the daily closing price of Equity Shares of the Company at BSE during the period of 6 months immediately preceding the date on which the options were granted. The options were granted at an exercise price of Rs.540/-

Description ESOP V-4 Options Granted 13,381 Date of Grant 28.10.2006 The pricing formula The options granted to eligible employees are granted at the closing price of the Equity Shares of the Company at BSE on working day immediately preceding the date of grant. The options were granted at an exercise price of Rs.595/-

Description ESOP V-5 Options Granted 400,000 Date of Grant 23.08.2007 The pricing formula The options granted to eligible employees are granted at the closing price of Equity shares of the Company at BSE on working day immediately preceding the date of grant. The options were granted at an exercise price of Rs.485/-

Description ESOP V-6 Options Granted 20,000 Date of Grant 28.01.2008 The pricing formula The options granted to eligible employee are granted at the closing price of Equity shares of the Company at BSE on working day immediately preceding the date of grant. The options were granted at an exercise price of Rs.423/-

Description A B C D E F G H

Options vested 113517 52812 41568 60896 - 4014 - -

Options 88096 36045 16781 - - - - -exercised andtotal number of equity Shares arising as a result of exercise of Options

Options 42123 40872 32894 41202 - - - -lapsed/ CancelledVariation of terms of options

Money 13214400 8650800 6443904 - - - - -by exerciseof options

Total number 25421 45423 50476 190854 145000 13381 400000 20000of Options in force

Options granted to Senior Managerial personnels:

B.S. Nagesh 22560 13980 11353 24168 50000 - - -

Govind 9230 7270 5306 12279 45000 - 100000 -Shrikhande

C.B. Navalkar 7140 4470 3469 6702 25000 - 40000 -

Harsimrar - - - - - 6724 20000 -Singh

Kumar - - - - - - - 20000Sitaraman

Arun Gupta - - - - - - 20000 -

Vivek Mathur - 2310 1302 3130 - - 20000 -Description

Options granted to any employee during the year amounting to 5% or more of options granted during the year:

B.S. Nagesh 22560 13980 11353 24168 50000 - - -

Govind 9230 7270 5306 12279 45000 - 100000 -Shrikhande

C.B. Navalkar - - - - 25000 - 40000 -

Arun Gupta - - - - - - 20000 -

Harsimran - - - - - - 20000 -Singh

Vivek Mathur - - - - - - 20000 -

S. Ranganathan - - - - - - 20000 -

Salil Nair - - - - 25000 - 40000 -

Kumar - - - - - - - 20000Sitaraman

Options - - - - - - - -granted to any employeeequal to orexceeding 1%of the issued capital of the company at the time of grant

Diluted The Diluted EPS of the Company calculated after Earning Per considering the effect of potential equity shares Share (EPS) arising on account of exercise of options is Rs.2.00 pursuant to per share. issue of shares on exercise of option calculated in accordance with (AS) 20 Earnings Per Share

Where the Had the Company followed fair value method for accounting Company has the stock option, compensation expenses would have been calculated higher by Rs.48.02 million. Consequently Profit after tax the employee would have been lower by Rs.48.02 million and the basic compensation EPS of the Company would have been Rs.0.63 per share cost using the (lower by Rs.1.37 per share) and the diluted EPS would intrinsic value have been Rs. 0.63 per share (lower by Rs.1.37 per share). of the stock option, the difference between employee compensation cost so computed and the employeecompensation cost that shallhave been recognised if it had used the fair valueof the option,shall be disclosed. The impact of this difference on profits andon EPS of the Company shallalso be disclosed.

Weightage Weighted average exercise price - Exercise Price is less average than market price - Nil, Exercise Price is more than exercise market price - Nil, Exercise Price is equal to market prices and price - Rs. 425.95. Weighted average fair value - Exercise weighted price is less than market price - Nil, Exercise price is average greater than market price - Nil, Exercise price is equal fair value to market price - Rs.146.32. of the options shall be disclosed separately for options whose exercise price either equals or is less than the market Price of the stock.

A description The estimated fair value of ESOP V granted during the year of the method is Rs.146.32. This was calculated by applying Black and Scholes Option Pricing Model. The Model inputs were the significant share price at the grant date of Rs.406.29, exercise price assumption of Rs.425.95 expected volatility of 37.98%, no expected used during dividends, expected life of 3.60 years and risk free rate the year to of 7.37%. Since the Company is newly listed it does not estimate the have sufficient information on historical volatility for fair values the longest period for which the trading activity is of options. available have been considered.

A = ESOP III B = ESOP IV C = ESOP V-1 D = ESOP V-2 E = ESOP V-3 F = ESOP V-4 G = ESOP V-5 H = ESOP V-6

Management Discussion and Analysis Report:

Growing Opportunity in India for Organized Retailing:

The size of the Indian retail industry was pegged at USD 300 bn in 2006, accounting for nearly 390/0 of GDP and almost 62% of private final consumption expenditure (PFCE). The 2007 Asia-Pacific Wealth Report, released by Merrill Lynch and Capgemini, says that India has recorded the world's second-fastest growth in the number of high networth individuals at 20.5 percent, making it a lucrative luxury.

The retail landscape in India is gradually evolving and likely to reach a size of USD 453 bn by FYI 1, Over the last decade, the share of modern retail has been gradually improving from below 1% in 1999 to 4.1% currently. The growth has been more rapid 2004 onwards. Growth in consumption, coupled with the growing prosperity of the new age consumers, is driving this acceptance of modern retail.

Despite rising share of organized retail in India, its penetration is miniscule in comparison with the penetration in developed economies which stands at 75-85% and at 20-40% in other emerging markets. In Thailand, there has been an explosion in the growth of organised retail, with over 40% of the trade moving to modern formats within 10 years. The easy entry of foreign retailers and geographic concentration of the retail industry has facilitated this growth. In Poland, where modern retail has captured 20% of the market in the past nine yEars, easy access to real estate, a level playing field between modern and traditional retailers, and early entry for foreign retailers contributed to the growth.

In the backdrop of low penetration, favourable demographics, steady economic growth, easy availability of credit, and large scale real estate developments, the modern retail sector is poised to grow robustly at a 42% CAGR over FY07-11, to reach a size of USD 70 bn; its shale in total retail is likely to improve from 4.1% currently to 15% by FYI 1. This growth is mainly on the back of changing customer aspirations and improving retail real estate infrastructure in the country. The growth could be even higher, if the Indian consumers have to leap-rog evolution cycles, as they did for the mobile phones in the past.

India Most Attractive Retail Destination:

India has been rated as the most attractive retail destination in the world by AT Kearney for the third year in a row; the company's annual Global Retail Development Index (GRDI) ranks 30 emerging countries, selected from a universe of 185 countries, on a 100 point scale (based on country risk, population size, and wealth) to find out the relative attractiveness of these markets.

Retailing in India is currently at an inflexion point. The main factor announcing the significance for the retailers is the current optimal stage of readiness for retail and the entry of retailers into India. AT Kearney classifies retail markets worldwide and their study shows that retail market;; progress through four stages as they evolve from an emerging to a mature market, usually over 5-10 years. These stages are opening, peaking, declining, and closing. India is currently very attractively placed in the peaking stage.

Key Asian economies like Vietnam and India are peaking (developing quickly and ready for modern retail, while China has just tipped into the declining phase (big and growing, but with tighter space for the new entrants. India, in 2007, is what China was in 2003. This means that th a next 3-4 years are best for foreign retailers and other Indian corporates to enter the Indian retail fray; it is also the perfect time for the existing players to expand operations in a big way.

Strong growth in PFCE (Private Final Consumption Expenditure) and shift in favour of discretionary spend set to drive retail spend:

Over FY02-05 PFCE (accounting for close to 60% of GDP) has seen an average growth of over 8.5% compared with an 8% average GDP growth in the same period. Further, PFCE is expected to grow at a CAGR of 9.2% over the next 5-6 years on the back of strong economic growth and a stable savings rates. The share of PFCE to GDP in India (62%) is similar to countries like Japan (57%) and the US (70%) as against China that derives only 40% from PFCE. This high share of PFCE is good for India, as the growing income levels are likely to drive consumption, which in turn, will fuel business opportunities, leading to GDP expansion eventually.

An analysts of the break-up of PFCE reveals a shift in the consumption pattern of the consumers. The share of necessities in the consumption basket is gradually falling whereas spend on other discretionary products like apparel, recreation and entertainment, and personal care is slowly growing share. This is an indicator of the improvement in the lifestyle of the population, and is likely to drive the growth of retail spend in discretionary avenues like beauty, health care, catering services, and entertainment.

Metres and tier I towns account for the lion's share of modern retail:

The too eight cities like Mumbai, Chennai, Delhi, Kolkata, Pune, Ahmedabad, Hyderabad, and Bengaluru account for a large part of the moderi retail in the country and are expected to contribute almost 85-90% to the total modern retail, going forward. This explains the focus of all the major retailers to establish their presence in the best catchments in these prime locations. The share of modern retail in these top eight cities is much above the country average, at about 14-16%. Going forward as the competition intensifies, the tier II and tier III cities, and towns are poised to form a significant part of the growth plans of most retailers.

Retail Growth Drivers for Modern Retail in India:

Indian retail is witnessing a confluence of several favourable factors such as steady economic growth, favourable demographics, easy availability of credit, investments in infrastructure creation, and supply of real estate and malls. This, coupled with low penetration, create 3 a base for the next big leap of growth for the modern retailing industry.

Growing young & working population:

The median age of the Indian population is around 24 years, making it one of the youngest countries in the world compared with the US, China, and Japan with median ages of 35, 30, and 41 years, respectively. India also has the largest share of the working population globally, with increasing economic prosperity and greater number of jobs in the service sector, especially in IT/ITES. This young population spend;, generously on lifestyle products without any guilt of indulgence.

Increase in urban population:

In India, urban population accounts for close to 30% of the population, and further is expected to increase in future. The higher level of urbanisation is going to bring growth in modern retail, as both income level and accessibility improves. Additionally, increasing urbanisation leads to development outside the top tier cities and development in infrastructure.

Increase in working women:

The number of working women, as a percentage of the total female population, has risen from -12% in 1961 to close to 25% in 2005. This hrs resulted in growing disposable income, which in turn, leads to increasing retail spend. The rising income level of the female population has opened a whole new genre of retailing formats and products, catering exclusively to women.

Growing Nuclear families:

The average size of Indian households has fallen to 5.36 in 2001 from 5.57 in 1991 and is expected to reduce further to 5.02 by 2011. The consumption pattern of a nuclear household is very different from that of a joint family. In a nuclear set up, the demands of children and time crunch of a working woman dominate the shopping pattern. With this kind of a set up, the concept of weekend outings and eating out has become very popular.

Sensitivity towards Experience & informed buying:

Over the years, consumer awareness about quality and price of products/services has increased due to increasing level of literacy in the country and growing exposure to the developed nations via satellite television or overseas work experience. There is a logical shift to buying from modern retail chains with established corporate backgrounds and pronounced accountability.

Brand consciousness:

Nowadays, Indians are more confident and optimistic of their future, and therefore, do not mind saving less and spending more on retail goods and services. This explains why savings and investments constituted only 4% of the Indian consumer's wallet in 2003, down from 14% in 1999. The Indian consumers are seen spending more and more on discretionary heads than the necessities. In the last 4-5 years, the Indian markets have witnessed a strong shift towards branded products. Indian consumers have now begun to believe that branded goods signify better quality and offer greater value for money, and are not just for the elite class. This shift in perception of branded goods has before the highest in the case of apparel. Most of the leading world brands like Levis, Pepe, Lee, Arrow, Espirit, Nike, Reebok, Hugo Boss, Fay Ban, and Parker are now available in India; brands like Louis Vittion and others are flocking to India to set shops. Currently, global brands in many segments like fast food, cosmetics, office stationary, and accessories are flocking into the country to pamper Indian consumers.

Growing usage of credit cards:

The Indian consumers are gradually accepting plastic money. Indians spend just 1% of their total purchases through credit cards, while the Koreans make one-fifth of their total purchases through credit cards. The world average hovers around 9%0. From a mere 3.2 mn in 2000, tie number of credit cards has grown to 22.6 mn in 2007. This increase boosts retail spend, as it enables impulse buying and big ticket purchases.

Easy availability of loans:

To capture the growing consumption, banks and lending institutions have designed and customized loans to suit the requirements of consumers. Personal loans have become the order of the day and the competition in the space has only made it better for the consumer. Attractive rates and convenient repayment options have put a lot of money in the hands of people, which is driving consumption.

Real Estate Development Facilitating Growth by Providing Access to Quality Retail Space:

Real estate availability is a key factor influencing the choice of the right location. Real estate costs for the Indian modern retailers are 8-20% of sales compared with 3-4% for retailers in other countries. Choice of the right real estate is crucial for the success of modern retail, as there are significant strategic and financial implications involved. This is the key reason for the mad rush among retailers to get the best location in the same catchment or city.

In the next 4-5 years, the country will have over 1,000 hypermarkets and 3,000 supermarkets. Real estate players have already announced big plans for development of close to 300-600 malls and shopping complexes all over the country. However, of the 100 mn sq. ft. that is expected to be developed by 2009, close to 50% is concentrated in the metros and tier I cities. This will result in clustered spaces, all fighting for the same catchments; consequently, the untapped markets, though ready, will not have the requisite space.

According to a study done by Cushman b Wakefield, the country's smaller towns and cities would catch up with the 'mall culture' prevalent in urban centers with the benefits of economic development that has already created a booming consuming class. According to the report, roughly 300 mn sq. ft. of additional retail space would be generated for retail development by 2011, of which, close to 50% will be met by shopping malls. Of the new mall space coming up, 35-40% will be in smaller towns and cities.

This will be in line with the retail market growth trickling down the tier I and II cities across the country. According to Knight Frank, the emerging avenues for retail are cities such as Chandigarh, Ludhiana, Lucknow, and Goa, where the retail real estate is in the developing stages currently.

Growing retailer interest in space development to gain control over best locations:

Given the crucial role of location in the success of retail operations, a large number of retailers are setting up subsidiaries or group companies to develop retail space. This gives the retailers the twin advantages of having greater control over the delivery schedules (to plan roll-outs more efficiently) and gaining better access to key locations.

Change in Urban Land Ceiling Act and development of mill lands to augur positive:

The Urban Land Ceiling Act (ULCA) prohibited landowners from developing more than 500 sq. mt of land without the necessary approvals from the state government; also, the developer was necessitated to share some land parcel with the government. This led to holding of tang without any development, causing shortage of land for commercial usage, thereby increasing rentals. However, this Act was recently repealed to promote industrialisation. In June 2005, GoI cleared the SEZ Act to promote industrialisation and develop more cities. Though currently it is a topic of intense debate among various stakeholders, the Act would go a long way in developing real estate and modern retail in future. Lastly, development of mill lands, like that of the National Textile Corporation, has ensured availability of suitable locations for modern retail. All these factors augur well for the sector.

Existing Scenario and Outlook - Key Trends in Modern Retail moving into third gear:

Retail in India is currently evolving and is gradually moving from the second gear of development to the third. The retailers in the country are currently looking at establishing themselves in this high-growth space as early as possible to ensure that they capture as much market share in terms of retail space and consumer spend.

Aggressive expansion plans - Inflow of USD 25 bn over next five years:

If the expansion in the past has been fast-paced, the future has much more in store. Players have set out plans to invest close to USD 25 bn over the next four years. The opportunity in the sector has brought into the arena many large domestic corporations and global retailing companies.

Foreign brands keen on partnering:

Many foreign brands are now tying up with leading Indian retailers either as joint ventures, or exclusive franchisees to set shops in India. They are keen to enter market in the right way, to tap the swelling middle as well as luxury classes in the country. Going forward, a large part of the middle class is expected to move upwards into the rich segment. Currently, industry estimates peg the number of high net worth individuals with financial assets, outside fixed assets, of USD 1 mn and above at 83,000. The luxury segment in India is worth USD 444 mn and is growing at well above 30-35%. Another data point available is that the number of luxury households in India is 1.6 mn currently, which is expected to cross 3 mn by 2010.

Control over prime retailing space:

Spiraling real estate prices and thus increasing rentals are hampering the profitability of many retailers. The recent introduction of service tax on rentals have further increased the occupation cost of retailers as most of them are not in a position to set off the input service tax fully.

In order to have better control on retail space, many retailers enter into Long Term Leases (ranging from 10 to 25 years). Many are tying up with the developers to ensure access to the best retailing locations at reasonable rentals. Many companies have set up group companies or subsidiaries to develop quality retail space delivery within predetermined timelines. The ability of retailer to have better control over the retail space is the key variable that can impact profitability and growth plans of the retailers.

Emergence of multiple modern retailing formats providing different value proposition & capturing maximum share of consumers wallet.

Nowadays, consumers prefer value convenience and a wide variety of offerings, coupled with a pleasant shopping experience, which the traditional retailing format has failed to meet. This has created an opportunity for modern retailing formats to emerge and plug the existing gaps. A number of these have sprung up, each offering a distinct value proposition to the consumer.

In the past, Indian consumers have shown their ability to leapfrog cycles of market evolution and the same can be expected in the retail space too. This trend is evident from analysis of the retail market evolution in other Asian countries. In the current rapid retail growth scenario, retailers do not have too much of time to establish, consolidate, and then mature which is pushing them to capture as many segments as possible with multiple formats.

The history of development of retail industry across the world indicates that in the opening and peaking stage of retail development, the retail space is dominated by supermarkets and hypermarkets. These typically account for 75-80% of all formats, in line with the rush to set up hypermarkets witnessed in the Indian scenario. The leading Indian retailers have extended their businesses into the hypermarkets space to capture the retail opportunity from the swelling middle class.

Modern retailing began in India through players catering to the lifestyle segment via various department stores that largely focused on branded apparel merchandise. Going forward, we see these departmental stores (mainly restricted to the metros currently) increasingly trickling down to the smaller cities.

Specialty stores are fast catching the fancy of Indian retailers. Such a format caters to specific merchandise and focuses on a single category, offering a large range of selection within a single merchandise category. These stores enjoy strong customer loyalty with interesting loyalty programmes. A recent trend in the segment is the development of specialty malls like Gurgaon's Gold Souk and Bengaluru's EVA mall.

Most of the leading retailers are now aiming at well diversified presence across the consumption basket. The recent addition by leading players is in the form of catalogue retailing. Through this a large share of the consumer wallet is targeted. This strategy of Indian retailers gives them the flexibility to cater to a broad-based buying basket of the consumer and also manage competition better in the near term.

Your ccmpany, in its endeavor to increase its share of the consumer wallet,has launched an array of formats.

The latest format that your company has launched is called Arcelia. This concept retails high end cosmetics, perfumes, leather products and footwear for discerning women. Combining the offering of shopping plus entertainment Arcelia also conducts regular spas and make over sessions which attract more footfalls and increases sales.

Joint Ventures:

In July, 2007, we executed a series of agreements for launching a new format of retailing through shelf-edge point of sale material, indicating that the product lines are available in the Catalogue and internet retailing. Under the agreements, our subsidiary, Gateway Multichannel Retail (India) Limited which is a 51:49 joint venture between Shopper's Stop Limited 8 Hypercity Retail (India) Ltd., is to operate the stores with services from Home Retail Group (India) Limited a wholly owned company of Home Retail Group plc. The agreements also provide for the use of the trademarks of Argos and Hypercity by Gateway Multichannel Retail (India) Limited.

Nuance Group (India) Pvt. Ltd. which is a 50:50 joint venture Company of Shopper's Stop Limited and The Nuance Group AG, has during the year under review opened 4 outlets at Hyderabad international airport. i

Strengths:

* First Citizens: Our First citizen members have been a driving force behind the growth of the Company. Your company had over 10,13,000 First Citizen members as on 31st March, 2008. Your company believes that it's First Citizens will continue to drive it's growth by increased average expenditure in our stores which will be aided by targetted promotional activities.

* Strong focus on Systems & Processes: We have a strong focus on systems and processes. We have been able to capture our learnings over the years and use them to create Standard Operating Procedures ('SOPS') for each of our activities, right from planning and setting up of, new stores to their day to day operations. Our SOPS are available on our Intranet, which helps our employees to access them whenever required helping us achieve consistency in our decision making process across the chain. We also have a Manual of Authority, outlining the framework of financial and legal decision making authority at all levels in our Company, right up to the Customer Care Associate & MD and the Customer Care Associate & CEO.

* Strong distribution and logistics network and supply chain: We have created a strong distribution and logistics network, with our four Distribution Centers covering more than 300,000 square feet handling over 400,000 SKUs per year, and working 247.

* Enhancing our human capital : We periodically assess our CCAs across all levels through assessment centers to identify competency gaps and use development inputs (i.e. training, job rotation etc.) to bridge them. We benchmark our compensation and benefits through consultants, with the best in the industry to pay our associates accordingly.

* Strong understanding of the real estate business: We benefit from our Promoters' association with the real estate business and their relationships with developers, which have helped us acquire preferred properties at competitive rates.

* Shopping Experience : Your Company pioneered the departmental store format in the Indian market when the Indian consumer was deprived of choice. Customers were drawn by the shopping experience. This is the differentiation that your Company continues to bank on. Price is not essentially a differentiator for your Company, shopping experience is. Your Company imparts special training to its employees to ensure that service is not compromised on. With continued focus on service your Company's stores continue to post increasing footfalls and conversion rates despite the mushrooming of shopping malls, hypermarkets and specialty stores.

* Management Strength : Your Company has a strong and well-established management team, headed by B.S. Nagesh, Managing Director. We believe that the CEOs of each business under the guidance of the MD will be the key to successful execution and expansion, and strong business growth.

Risks and Concerns:

* Execution : We believe the key risk to our growth is execution risk. Your Company has a strong execution team and we believe it has the capability to execute varied retail formats.

* Employee retention : Modern retail is a new industry in India, which is only now gaining growth momentum because of the entry of new companies. Competition for reasonably experienced personnel has led to poaching between retailers. Your Company has lost some management personnel in the past year and has tried to stem the rise of attrition at the front end. Your Company believes that this problem will persist until the industry reaches a steady growth phase. '

* Delay in store delivery : Majority of the new stores planned are in malls and any delays in the construction of the malls will delay your company's retail expansion plan.

* High retail lease rentals: Rent is one of the largest components in a retail business' fixed costs, and the case is no different for your Ccmpany. Strong economic growth in the past three years in India has led to a boom in real estate prices and with it, an increase in re-:ail rentals.

* Store renovations: In it's constant attempt to deliver 'Nothing, But the Best' to it's customers your Company needs to renovate it's older stores. These renovations have a substantial impact on cash flows. Renovated stores also go through a gestation cycle before th3y ramp up to original performance levels.

* Government levies : Retail is currently not viewed as an industry in India. Hence there are certain levies on the business which are proving to be a very large burden as there are no modes for the industry to recover or pass on these levies. Chief amongst these levies is Service Tax on lease rentals,

Opportunities:

* Geographical reach: Your company continues to increase its Pan-India footprint. The Company has plans to increase the number of departmental stores to 41 in the next 3 years. In addition the company will also continue to expand its various other formats.

* Hypercity - An entry into mixed retail: Your Company has entered the hypermarket segment, which is a high growth segment by acquiring a 19% stake in Hypercity. We believe that the scope for hypermarkets in India is immense. The store run by Hypercity has shown very impressive performance in the year gone by.

* Format diversification: Your Company, in it's constant endeavor to capture wallet share, has diversified into multiple formats viz. HomeStop which retails hard and soft furnishings, Crossword for books, music and stationery, airport retailing by tying up with The Naance Group AG of Switzerland, and F&B formats comprising Brio and Desi Cafe, and Arcelia, which retails high end non apparel arid accessories for ladies.

* Preferred partner for foreign players: Your Company believes that by virtue of it's presence across all lifestyle categories in the departmental format, it's strong brand value and it's presence in the books and music segment, it is best placed to bring in international brands into the country, there by enriching the product bouquet for it's customers and in turn increasing opportunities to product diversification and profit enhancement.

Threats:

* Threat of new entrants : With India becoming an attractive retail market and the gradual increase in foreign participation in the sector, your Company expects many new entrants thus sharpening competition.

* Competitive rivalry in the industry : There is intense rivalry among leading national retailers for new locations and quality real estate.

* Economic slowdown : Retail is the 'last mile' and the impact of economic slowdown will be see a direct manifestation in lowered consumer spend.

Customer Entry:

The opening of new stores coupled with attractive advertising enabled the Company to attract higher number of customers in new as well as existing stores. Retailers measure entry as footfalls, which is the number of people entering the stores. This is computed through manual count in all stores during trading hours.

Conversion Ratio:

Conversion is the ratio of the number of transactions (Cash Memo) versus the total customer entry into the stores. Tracking conversion helps the retailer understand the productivity of his front-end store employees and the attractiveness of the Merchandise and services. Consequent to recent stores being part of malls, the customer entry has increased but the conversion ratio has dropped. However in absolute numbers customers converted have shown growth in 2 years.

Sales:

Gross Sales both at chain level and for Like-to-Like stores showed an improvement as compared to last year. The growth was 34% in gross retail turnover. The sales per sq. ft. have been computed on built-up area.

Apparel:

The Apparel contribution to total sales of the company was 58.6% in 2007-08 as compared to 58.9% in 2006-07. There has been growth in Non-Apparel segment which has resulted in Non-Apparel sales percentage growing. This is primarily due to customer buying life style products.

Non-Apparel:

This category includes Cosmetics, Personal Accessories, Jewellery, Leather goods, Home Wares, Electronics, Books and Music. These lifestyle products have high aspiration value, and as the consuming class increases, there will be a big surge in the demand for this category. The Non-Apparel contribution to total sales of the Company was 41.40% in 2007-08.

Private Label & Private Brands:

Your Company aims to provide a differentiated and unique offering to the customer through its own private labels as well as through exclusive private brands. The contribution of private label has decreased to 20.1% of sales from 20.6% last year and private label sales have increased by 28%. The exclusive licensing arrangement with Austin Reed UK to retail men's 8 women's wear has posted a healthy growth. As a part of its strategy to provide a wide range of merchandise to customers, your Company aims to fill in the gaps in the national hand offering through its private labels & exclusive arrangements with private & international brands.

Average Selling Price (ASP):

Average Selling Price is the Gross Retail Sales divided by the number of units sold. Tracking ASP helps the retailer to align the offering as per the customer segment as well as improve the productivity of the floor

space.

Transaction Size (Rs.):

Transaction size represents the amount spent by each customer on his buying. This is computed by the total sales divided by the number of cash memos.

Merchandise Purchase:

Your company's ability to present on the shelves correct merchandise assortments in the right mix, style, colour & fashion is one of its most critical success factors. A team of Buyers & Merchandisers continuously ensure that the pricing strategy and value proposition are completely in tune with the customers' expectations. We regularly monitor sales trends to optimize inventory levels.

Our well established systems and processes in Buying B Merchandising B Logistics enables us to efficiently manage the flow of inventory to stores, provide prompt replenishments and manage pricing.

Your company believes in a broad distribution of risk with no high dependency on any single supplier and has a diversified supplier base. Suppliers are selected after evaluation based on fairly stringent parameters which ensure the quality & reliability of supply. Alternate distribution channels for inventory have also been put in place as a contingency, should the need arise.

Supplier Risks:

Our broadly varied offering necessitates alliances with a large number of suppliers from various business sectors. In order to mitigate the risk involved, we enter into arrangements with vendors in various business formats such as Outrights Buy/Sale or return, Consignment & Concessionaire/Conducting arrangement.

Shrinkage:

Shrinkage in the retail business is defined as the loss in inventory through a combination of shop lifting, pilferage, and errors in documentation and transaction processing that go unnoticed. Vile have focus on inventory control and have set up a separate department called profit enhancement, which not only monitors Shrinkage on a regular basis but also looks at various factors that could lead to Shrinkage at stores and distribution centers. The Profit enhancement department, Store Operations along with the Supply Chain team have worked together and monitored the Shrinkage level on a month on month basis which has resulted in the Shrinkage percentage being controlled at 0.47% of the Turnover and our endeavour will always be to lower this ratio through proper monitoring and continuously reviewing Inventory management processes and systems.

Sustaining high Gross Margin:

The gross margin has shown improvement over last 4 years and has increased to 32.0% from 31.4% as compared to the last year. The Company believes that an increasing share of revenue from private labels, improved sales mix with higher contribution from lifestyle products (i.e. watches, leather, jewellery, perfumes and cosmetics), higher proportion of bought merchandise and shrinkage control have helped improve gross margins. Vendor management as also sourcing ability has improved with scale and would accrue more economies and high ar gross margins going forward.

Operating Profit:

Operating Profit has decreased by 17% to Rs.650 mn from Rs. 787 ran in the previous year. The Operating Profit Margin has degrown to 5.5% from 8.9% due to five new stores opened during the year, introduction of new formats of business and provision for service tax on lease rentals.

Interest:

Interest cost has increased from Rs. 44.0 mn to Rs.112.35 mn. The increase is primarily due to increase in borrowings in the current financial year. Also interest income decreased from Rs. 91 million to Rs. 69 million due to utilisation of IPO funds during the year.

Net Profit:

The Net Profit of the company amounted to Rs. 69.67 mn, which is a decrease by 73% over the last year due to reduction in operating margins and increase in interest and depreciation charges.

Dividend:

The Company has proposed a dividend of 15% amounting to Rs. 61.17 mn (Including Corporate Dividend Tax).

Inventory:

The inventory as at the end of the current year is Rs. 1,699 mn as against Rs.1,152 mn last year. Inventory holding period is 112 days during the current fiscal against 97 days last year. The inventory has been valued at lower of cost and net realisable value.

Liquidity:

The growth of the company has been financed largely through cash generated from operations and IPO proceeds. The cash generated from operations was Rs. 341.52 mn (excluding payment of long term lease deposit of Rs. 199.66 mn) and cash flow from financing activities was Rs. 430.83 mn.

Productivity/Operating efficiency parameters:

We look at our Gross Margin with reference to our Space, Inventory and Labour to monitor our efficiency with the help of 3 indicators i.e. Gross Margin on Inventory (GMROF) and Gross Margin Return on Floor Space (GMROF) and Gross Margin Return on Labour (GMROL). GMROL helps to optimize inventory levels, GMROF helps to maximize the cash margins and GMROL helps to increase labour productivity.

Partner Satisfaction Index (PSI):

The performance of any company depends on the association and relationship it builds with various vendors partners over a period of tire. And to evaluate this satisfaction and expectation, your company has appointed CSMM (Customer Satisfaction Measurement and Management) a part of IMRB (Indian Marketing and Research Bureau) to do an impartial evaluation of our relationship with various stakeholders. This helps your organization understand the expectations of various business partners, current strengths and concern areas thereby help set a clear roadmap for improvement and better performance. This was the fourth year of such evaluation. Our PSI scares for the four years are as below:

Year 2004 2005 2006 2007

Scores 4.03 3.98 3.80 4.00

Partnership for Progress:

Partnership for Progress (PFP) is a vendor meet which your company conducts annually. During this event, your company gets and gives opportunity to the top retail vendors / brands to discuss and strengthen the association apart from exploring various business possibilities with each other. The summit also becomes a platform for your company as well as its partners to share their experiences with each other in the last one year. Your company also invites well known international and national speakers to share learning and experience which is closely related to Retail, Brand, Customer, Logistics, etc.

Your company also recognizes the performance of top partners who are rewarded with 'SHOPPERS STOP PINNACLE AWARDS' during th s summit.

This is a two days of outbound activity with more than 110 vendor partners attending the summit.

Human Resources:

The Indian retail industry is growing by leaps and bounds and is poised for an unprecedented growth. Your Company is gearing up to the rice the growth wave and we believe that our people will fuel this exponential growth in the future.

We continue to increasingly focus on internal growth and development of our associates, cutting across levels and functions, through focused developmental efforts and growth opportunities. For the year under review, we have provided 66 hours of training per associate and 320 hours of international training. We have been able to employ innovative strategies to attract talent from other industries as well as from renowned educational institutions. 104 associates have participated in the Company's growth through ESOPs.

Your Company has a well-established system of competency mapping and assessment centre deployment that ensures a fair and transparent vehicle for providing growth opportunities to its associates. In the last financial year, 35 assessment centres were conducted covering 360 associates across various levels.

We have been able to successfully deploy initiatives to enhance associate satisfaction levels, which are reflected in the increase in our Associate Satisfaction scores for the fourth consecutive year in a row.

ASI or Associate Satisfaction Index computed through an annual online survey for all our associates, tracks the satisfaction levels of associates on various work experience, identifies the current drivers of employee loyalty, tracks improvement over last year and identifies the current key strengths and weaknesses to take necessary action.

Our ASI scores for five years are as below:

Year 2004 2005 2006 2007 2008

Overall Loyalty Index 4.00 4.03 4.11 4.05 4.01

Overall Loyalty index is a tool to measure Employee Experiences, which impact employee attitudes which in turn leads to employee loyalty resulting in business enhancing employee behaviours.

Marketing:

Party On, our theme for the December promotion helped the brand create an exclusive position in the market at a time when everyone else concentrates on Christmas and Santa Claus. The 'Party On' promotion was created from a customer insight that most people associate the word 'party time' very closely to the month of December. Creating a 'party spirit' at the store through live bands, Disc Jockeys playing at the stores, bartending classes and Salsa dancing workshops leant a very festive spirit at the stores.

Retaining the positioning of 'Shopping. And beyond', the brand campaign reinforced the fashion leader imagery of the brand. However, this time the brand campaign focused on the insight that 'consumers don't just buy products, there are emotions attached to these'. The campaign explores the feelings and creates a stronger emotional connect with the consumer.

Further, we also had local festivals across regions. Some major local festivals that we conducted were the 'Shoppers' Stop Sananda Pujor Bazar' -festival in Kolkata during the Durga Puja season, Akshay Trithiya and Onam in South and Sankranthi and Dhanteras in North.

Customer Satisfaction:

At Shoppers Stop we strive to provide our customers with the best overall experience of shopping with us. To measure the customer experience we conduct customer satisfaction surveys to evaluated a range of parameters including merchandise range and quality, store environment, staff, transaction efficiency, loyalty programme, schemes and promotions to name a few and undertake improvements in various areas.

We also include select competition stores in our surveys in order to measure experience in our stores as compared to competition.

Overall Customer satisfaction Index:

August 2004 63 January 2005 61 August 2005 63 January 2006 60 August 2006 63 November 2007 63

Your Company has pioneered India's first retail loyalty program - 'First Citizens'. The First Citizens base grew from 781,000 to 10,13,000 over customers in this year. During the current year, the First Citizens contributed 65% of the Company's annual sales. The First Citizen programme has 3 tiers - Classic Moments (entry level, Silver Edge and Golden Glow. Members fall into the various tiers on the basis of their spends with us.

First Citizens also earn differential reward basis on their current tier of membership. First Citizens receive:

* Reward points on all their spends. Reward points can be redeemed for a wide variety of merchandise at your Company.

* Exclusive schemes, benefits and promotions.

* Extended and exclusive shopping hours - specially during the festive season, Special previews before the sale periods.

* Invitations to exclusive events - both in-store as well as those organised outside the stores.

* Home delivery of altered merchandise.

* Exclusive First Citizens lounge at select stores to relax after hectic shopping.

First Citizens always stay updated with all details pertaining to their membership as well as the best of offers and privileges available, through a unique service launched last year - First Citizens First Through this service First Citizens get all the information that they want on Heir mobile phones simply by sending an SMS.

In the coming year your Company proposes to announce some ground breaking programs for it's First Citizens which will not only enhance from: end sales but will also strengthen customer loyalty for the company.

Co-branded Credit/Debit card programme with Citibank:

Your Company in association with Citibank has offered its First Citizens an option to add on a credit card to their existing loyalty cards.

This enables First Citizens to add on a credit line to their purchases. They also have the added advantage of being able to choose from amongst various attractive financing options, cash back schemes, EMI schemes etc. for buying at your Company's stores. For customers who are averse to credit, there is an option of activating a debit card. As on 31 March, 2008, the number of members in the co-branded care programme crossed 2,30,000.

Risk Management and Internal Control:

Effective governance consists of competent management; implementation of standard policies and processes; maintenance of an appropriate audit program with internal control environment effective risk monitoring and management information systems.

The Company has an integrated approach for management of risk and has formulated the framework for regulatory and risk management, standardizing the definition of internal controls.

It also provides a framework for risk management and regulatory compliance, which requires risk assessments and related policies, a control-based environment and activities, information and communication procedures, and a monitoring mechanism for the control environment.

The Company has a sound system of Internal Controls for financial reporting of various transactions, efficiency of operations and compliance with relevant laws and regulations commensurate with its size and nature of business. The Company has a well-defined system of management reporting and periodic review of businesses to ensure timely decision-making.

There internal control procedures ensure the following:

* Efficient use and protection of resources.

* Compliance with policies, procedures and statutes.

* Accuracy and promptness of financial reports.

The management information system (MIS) forms an integral part of the Company's control mechanism. All operating parameters are monitored and controlled, with material deviations from the annual planning and budgeting and business outlook including capital expenditure reported to the Board on quarterly basis.

Reports of internal auditors are reviewed by the Audit Committee, and corrective measures are carried out towards further improvement in systems and procedures and compliance with Internal Control System. The board also recognizes the work of the auditors as an independent check on the information received from the management on the operations and performance of the company.

Technology Initiatives:

Point of Sale (PoS) system upgrade:

We have upgraded the Point of Sale application across the chain to the latest version of JDA's WinDSS application.

Credit Card processing system (Plutus):

We lave deployed Plutus a software that integrates with the PoS system so that cashiering transactions can be done much faster which reduces the customer wait time. The application also reduces the data transfer costs.

E-learning System (Learning Zone):

Shoppers ')top has deployed Learning Zone, its own E-learning portal. This application is expected to drastically reduce time required to train employees across all functions of the organisation.

B2B Application:

Shoppers atop has implemented the next generation B2B portal for its partners and vendors. Through this portal, partners can not only get access to relevant information like inventory, sales figures, etc., the application also allows SSL and its partners access to data from each others' systems through an EDI format.

Disaster Recovery Plan (DRP):

Shoppers Stop as part of its initiative towards ensuring business continuity in all circumstances has created a Disaster Recovery (DR) site in a separate sesmic zone outside Mumbai. Data from our core ERP is being replicated in the DR site. This would help the business to recover with minimal impact, should some disaster strike the primary data centre. The data thus replicated has also been tested for accuracy by business users.

Mailing System:

We have upgraded our mailing system to Exchange 2007 and deployed Microsoft Live Communications Server 2007. This move is expected to give the organisation the latest technologies while reducing the cost of communicating.

Corporate Governance:

Your Company has taken steps to ensure that the Corporate Governance guidelines are adopted and fully complied with. The detailed Corporate Governance Report is attached with this report.

Outlook of the Company:

Our vision is 'To be a global retailer in India and maintain our No. 1 position in the Department Store Category'.

Our Mission is to provide the customer with 'Nothing but the Best' in terms of Products and Services.

It will be our constant endeavour to continuously improve the benefits and offerings to our loyal customers -First Citizens, thereby taking the programme to new heights.

We will work towards making this Company the Best Place to Work, Shop, Trade & Invest in.

We commit ourselves in delivering higher level of sensory experience, touching the Heart and Mind of our Consumers.

We shall deliver this Experience through Fashionable Merchandise, Great Store Layout and Ambience, Associates focused on Service, and Unmatched Events.

Cautionary Statement:

The statement made in this section describes the Company's objectives, projections, expectations and estimations which may be 'forward looking statements' within the meaning of applicable securities laws and regulations. The annual results can differ materially from those expressed or implied, depending on the economic and climatic conditions, Government policies and other incidental factors which are beyond the control of the Company.

Govt allows pvt PFs to invest 15% funds in stock markets

Nearly a fortnight after ending the monopoly of SBI in managing EPF accounts, the government today allowed private provident, pension and gratuity funds to invest up to 15 per cent of their corpus in stock markets, a step seen as a financial sector reform.

Besides, norms regarding investment in securities have also been relaxed.

Under the revised investment pattern, these can invest up to 15 per cent of investable funds in shares of companies on which derivatives are available in the Bombay Stock Exchange or National Stock Exchange, said a Finance Ministry notification.

Guidelines, which would be applicable with effect from April 1, 2009, have been issued following public feedback on draft proposals released last year.

A senior finance ministry official had earlier said that government would impress upon the Employees Provident Fund, which has a corpus of over Rs 2,40,000 crore, to follow these investment guidelines.

Earlier on July 30, the government allowed private players HSBC, Reliance Capital and ICICI Prudential to manage the incremental funds of EPFO, subscribed by over four crore employees, thus ending the monopoly of state-run State Bank of India.

Government has also allowed private funds to invest up to 55 per cent of their money in central and state government securities and gilt mutual funds.

Private funds operated to provide social security to employees can now invest in term deposit receipts of not less than one year duration issued by scheduled commercial banks subject to specified financial criteria.

A new category of instruments such as rupee bonds of multilateral funding agencies, money market instruments have been provided under the revised investment pattern.

Besides, funds have been provided a flexible ceiling for various category of instruments instead of fixed investment ceiling as at present.

Post Session Commentary - Aug 14 2008

Domestic market ended the day with heavy losses as witnessed a sharp fall during the trading session on the back of sustained selling activity over the counters. Market opened on weak note tracking unfavorable cues from global markets and further continued to lose ground ahead of inflation data for the weak ended 2nd August 2008, due to be released today evening. Due to some buying, domestic markets made a partial recovery after mid session. But this recovery was not sustained and market continued to meltdown till the end of session. Due to the heavy selling during the final trading hours, market closed in deep red. It was a bad day for the market as BSE Sensex ended below 15,000 level and NSE Nifty ended below 4,450 mark. From the sectoral front, most of the indices underperformed and among that Reality index closed with deep cut of more around 8%. Along with that Bank stocks lost more than 5%. Capital Goods, Oil & Gas, Power and Auto stocks also witnessed heavy selling from these baskets. However, IT index was in limelight as it was able to gain the market favor. The market breadth was negative as 811 stocks closed in green while 1849 stocks closed in red and 70 stocks remained unchanged.

SEBI meeting was scheduled yesterday (13th August 2008) to review the regulatory framework governing P-notes. SEBI has brought down the timeline for rights issue of shares. Rights issues could now be completed in just 43 days after filing, instead of the existing 109 days.

The BSE Sensex closed lower by 368.94 points at 14,724.18 and NSE Nifty ended down by 98.35 points at 4,430.70. The BSE Mid Caps and Small Caps closed with losses of 105.95 points and 119.33 points at 5,823.42 and 7,110.44 respectively. The BSE Sensex touched intraday high of 15,033.28 and intraday low of 14,686.66.

Lossers from the BSE are DLF Ltd (8.66%), JP Associates (7.74%), Reliance Infra (7.72%), SBI (6.24%), ICICI Bank Ltd (5.25%), HDFC (5.21%), L&T Ltd (4.84%), BHEL (4.47%) and Reliance Com Ltd (3.75%).

The BSE Capital Goods index dropped by 468.22 points to close at 12,138.72. Lossers are Elecon Eng C (7.12%), Punj Lloyd (6.93%), Gammon Ind (6.31%), Crompton Greaves (4.89%), L&T Ltd (4.84%), BHEL (4.47%) and Alstom Proje (3.44%).

The BSE Reality index ended lower by 447.30 points at 5,163.53. Major lossers are Indiabull Real (13.89%), DLF Ltd (8.66%), Housing Development (7.54%), Unitech Ltd (26.82%), Akruti City (5.14%) and Anant Raj Indus (5.04%).

The BSE Bank index closed lower by 368.44 points at 6,902.96. Lossers are Canara Bank (8.37%), PNB (6.91%), Kotak bank (6.28%), SBI (6.24%), Bank of Baroda (6.14%), Union Bank (6.03%) and Bank of India (5.34%).

The BSE Oil & Gas index ended down by 241.94 points at 10,197.05. As HPCL (6.44%), Reliance Nat Res (6.29%), Essar Oil Ltd (2.82%), Relaince (2.80%), IOC (2.64%) and BPCL (2.08%) closed in negative territory.

The BSE Power lost 81.21 points to close at 2,648.63. As Reliance Infra (7.72%), Crompton Greaves (4.89%), GMR Infra (4.63%), BHEL (4.47%), R Power (4.17%) and Lanco Infra (3.80%) closed in negative territory.

The BSE IT index gained 83.00 points to close at 3,896.96. Major gainers are Mphasis Ltd (5.49%), Infosys Tech (3.95%), HCL Tech (2.50%), Satyam Computer (1.39%), I-Flex (1.28%) and Patni Computer (1.15%).

BSE Bulk Deals to Watch - Aug 14 2008

Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
14/8/2008 532831 ABHI CORP LT NISHA SUMAN JAIN B 107457 44.53
14/8/2008 531223 ANJANI SYNTH NARENDRA VALLBHJI BAHUVA B 89877 48.97
14/8/2008 590059 BIHAR TUBES JAGAN TUBES LIMITED B 48410 179.59
14/8/2008 590059 BIHAR TUBES MANOJ GUPTA B 65000 183.81
14/8/2008 531682 CAT TECHNOL PRABHUDAS LILLADHER PVT. LTD. B 223573 7.56
14/8/2008 531682 CAT TECHNOL S V ENTERPRISES B 673924 7.56
14/8/2008 531682 CAT TECHNOL PRABHUDAS LILLADHER PVT. LTD. S 223573 7.61
14/8/2008 531682 CAT TECHNOL S V ENTERPRISES S 673924 2.13
14/8/2008 532443 CERA SANITRY DEUTSCHE INTERNATIONAL TRUST CORP MAURITIUS LTD AC MINIVET FDI AC S 35384 134.64
14/8/2008 512018 CNI RES LTD ACME CRAFT PVT LTD S 153727 5.00
14/8/2008 532889 K.P.R. MILL KOTAK SECURITIES LTD B 1700000 99.00
14/8/2008 532889 K.P.R. MILL KOTAK MAHINDRA BANK LTD S 1700000 99.00
14/8/2008 531602 KOFF BR PICT LAXMI CAP BROKING PVT LTD B 80964 22.90
14/8/2008 531602 KOFF BR PICT DEEPAL CORPORATION B 101396 22.96
14/8/2008 531602 KOFF BR PICT HITESH MALUKCHAND SHAH B 25000 22.25
14/8/2008 531602 KOFF BR PICT LAXMI CAP BROKING PVT LTD S 132670 22.01
14/8/2008 531602 KOFF BR PICT DEEPAL CORPORATION S 59850 22.12
14/8/2008 531528 MAARS SOFTWR S V ENTERPRISES B 1643721 4.11
14/8/2008 531528 MAARS SOFTWR S V ENTERPRISES S 1643721 4.00
14/8/2008 533010 OCTAV INVES MANSUKH STOCK BROKERS LTD B 119358 90.49
14/8/2008 533010 OCTAV INVES MANSUKH SECURITIES AND FINANCE LTD B 59037 90.85
14/8/2008 533010 OCTAV INVES STANDARD SECURITIES AND INVST INTER LTD B 29508 90.48
14/8/2008 533010 OCTAV INVES MEENAL NITISH THAKUR B 130120 92.27
14/8/2008 533010 OCTAV INVES YUVAK SHARE TRADING PVT LTD B 84052 95.27
14/8/2008 533010 OCTAV INVES MANSUKH STOCK BROKERS LTD S 119358 90.69
14/8/2008 533010 OCTAV INVES MANSUKH SECURITIES AND FINANCE LTD S 59037 90.99
14/8/2008 533010 OCTAV INVES STANDARD SECURITIES AND INVST INTER LTD S 29508 90.74
14/8/2008 533010 OCTAV INVES MEENAL NITISH THAKUR S 130120 92.08
14/8/2008 533010 OCTAV INVES YUVAK SHARE TRADING PVT LTD S 50079 91.71
14/8/2008 532884 REFEX REFRIG NITIN DHARAMSHI GORATELA S 88629 280.05
14/8/2008 526407 RIT PRO IND SHREE ATAM VALLABH POLY PLSTI S 91582 118.21
14/8/2008 505590 SCENARIO MED SMP SECUTITES LIMITED B 2000 127.45
14/8/2008 532886 SEL MANUF HARDIK M MITHANI B 141205 385.66
14/8/2008 532886 SEL MANUF MARWADI SHARES AND FINANCE LIMITED B 81277 388.75
14/8/2008 532886 SEL MANUF SPJSTOCK B 213861 390.53
14/8/2008 532886 SEL MANUF B K SHAH CO B 81832 388.38
14/8/2008 532886 SEL MANUF HARDIK M MITHANI S 141205 384.05
14/8/2008 532886 SEL MANUF MARWADI SHARES AND FINANCE LIMITED S 81277 387.15
14/8/2008 532886 SEL MANUF SPJSTOCK S 213861 389.70
14/8/2008 532886 SEL MANUF B K SHAH CO S 81832 388.80
14/8/2008 526049 SHRILAKSHMI PRARTHANA TARUNKUMAR BRAHMBHATT B 89000 108.71
14/8/2008 532348 SUBEX LTD KAUSHIK SHAH SHARES SEC PL B 258336 107.17
14/8/2008 532348 SUBEX LTD KAUSHIK SHAH SHARES SEC PL S 258336 107.34
14/8/2008 506146 VISAGAR POL VHM IMPEX PRIVATE LTD S 5700 62.55
14/8/2008 533011 VISHAL INFO MARWADI SHARES AND FINANCE LIMITED B 180029 251.09
14/8/2008 533011 VISHAL INFO MANSUKH SECURITIES AND FINANCE LTD B 53706 250.32
14/8/2008 533011 VISHAL INFO H.J.SECURITIES P.LTD. B 414307 253.89
14/8/2008 533011 VISHAL INFO MEENAL NITISH THAKUR B 79769 252.68
14/8/2008 533011 VISHAL INFO MARWADI SHARES AND FINANCE LIMITED S 180029 250.23
14/8/2008 533011 VISHAL INFO MANSUKH SECURITIES AND FINANCE LTD S 53706 250.14
14/8/2008 533011 VISHAL INFO H.J.SECURITIES P.LTD. S 414307 254.24
14/8/2008 533011 VISHAL INFO MEENAL NITISH THAKUR S 79769 249.67
14/8/2008 533011 VISHAL INFO YUVAK SHARE TRADING PVT LTD S 57669 252.90

NSE Bulk Deals to Watch - Aug 14 2008

Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
14-AUG-2008,CERA,Cera Sanitaryware Limited,DAULAT FINANCIAL SERVICES PVT LTD,BUY,40000,130.21,-
14-AUG-2008,MANALU,Man Aluminium Limited,J.J.INVESTMENT PROP.-JYOTI MEHTA,BUY,25000,27.65,-
14-AUG-2008,OCTAV,Octav Investments Limited,AMBIT SECURITIES BROKING PVT. LTD.,BUY,15695,89.63,-
14-AUG-2008,OCTAV,Octav Investments Limited,ANKITA VISHAL SHAH,BUY,25807,89.37,-
14-AUG-2008,OCTAV,Octav Investments Limited,ASIT C MEHTA INVESTMENT INTERRMEDIATES LTD,BUY,190694,92.80,-
14-AUG-2008,OCTAV,Octav Investments Limited,CPR CAPITAL SERVICES LTD.,BUY,34758,91.07,-
14-AUG-2008,OCTAV,Octav Investments Limited,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,BUY,35859,93.19,-
14-AUG-2008,OCTAV,Octav Investments Limited,MANSUKH SECURITIES & FINANCE LTD,BUY,155464,90.63,-
14-AUG-2008,OCTAV,Octav Investments Limited,MBL & COMPANY LTD.,BUY,20856,91.87,-
14-AUG-2008,OCTAV,Octav Investments Limited,NIKUNJ K SHAH,BUY,29128,91.40,-
14-AUG-2008,OCTAV,Octav Investments Limited,OPG SECURITIES PVT. LTD.,BUY,34207,91.53,-
14-AUG-2008,OCTAV,Octav Investments Limited,PRAGATI PAPER MILLS LTD,BUY,17059,89.37,-
14-AUG-2008,OCTAV,Octav Investments Limited,PRASHANT JAYANTILAL PATEL,BUY,59438,92.42,-
14-AUG-2008,OCTAV,Octav Investments Limited,PRASHANT SURAJMAL KALANTRI,BUY,16100,89.94,-
14-AUG-2008,OCTAV,Octav Investments Limited,R.M. SHARE TRADING PVT LTD,BUY,42811,90.82,-
14-AUG-2008,OCTAV,Octav Investments Limited,RAHUL DOSHI,BUY,16069,94.02,-
14-AUG-2008,OCTAV,Octav Investments Limited,SHRI BRIJ SECURITIES PVT.LTD.,BUY,35302,90.88,-
14-AUG-2008,OCTAV,Octav Investments Limited,SHYAM SUNDER GUPTA,BUY,67291,92.39,-
14-AUG-2008,OCTAV,Octav Investments Limited,STANDARD SECURITIES & INVESTMENT INTERMEDIATES LIMITED,BUY,35667,90.61,-
14-AUG-2008,OCTAV,Octav Investments Limited,SUMITA SAXENA,BUY,40931,92.24,-
14-AUG-2008,OCTAV,Octav Investments Limited,TRANSGLOBAL SECURITIES LTD.,BUY,55206,91.22,-
14-AUG-2008,OCTAV,Octav Investments Limited,YUVAK SHARE TRADING PVT LTD,BUY,85832,91.22,-
14-AUG-2008,SASKEN,Sasken Commu Techno Ltd,GOLDMAN SACHS INVESTMENTS MAURITIUS I LTD,BUY,178071,154.25,-
14-AUG-2008,SELMCL,SEL Manufacturing Company,B K SHAH CO KETAN BHAILAL SHAH,BUY,104991,387.08,-
14-AUG-2008,SELMCL,SEL Manufacturing Company,HARDIK M MITHANI,BUY,196538,388.83,-
14-AUG-2008,SELMCL,SEL Manufacturing Company,MARWADI SHARES AND FINANCE LIMITED,BUY,88831,384.64,-
14-AUG-2008,SUBEX,Subex Limited,ADROIT FINANCIAL SERVICES PVT LTD,BUY,194537,108.09,-
14-AUG-2008,SUBEX,Subex Limited,AMBIT SECURITIES BROKING PVT. LTD.,BUY,195072,108.79,-
14-AUG-2008,SUBEX,Subex Limited,ASIT C MEHTA INVESTMENT INTERRMEDIATES LTD,BUY,326661,107.63,-
14-AUG-2008,SUBEX,Subex Limited,FIN BRAINS SECURITIES (INDIA) LTD.,BUY,248024,108.57,-
14-AUG-2008,SUBEX,Subex Limited,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,BUY,419507,107.90,-
14-AUG-2008,SUBEX,Subex Limited,MBL & COMPANY LTD.,BUY,196008,109.69,-
14-AUG-2008,SUBEX,Subex Limited,NAMAN SECURITIES & FINANCE PVT LTD,BUY,215643,109.56,-
14-AUG-2008,SUBEX,Subex Limited,TRANSGLOBAL SECURITIES LTD.,BUY,278558,108.05,-
14-AUG-2008,VITLINFO,Vishal Information Techno,AMBIT SECURITIES BROKING PVT. LTD.,BUY,88668,250.70,-
14-AUG-2008,VITLINFO,Vishal Information Techno,ARJUN MATTA,BUY,85931,250.35,-
14-AUG-2008,VITLINFO,Vishal Information Techno,ASIT C MEHTA INVESTMENT INTERRMEDIATES LTD,BUY,94257,250.82,-
14-AUG-2008,VITLINFO,Vishal Information Techno,B K SHAH CO KETAN BHAILAL SHAH,BUY,62985,252.81,-
14-AUG-2008,VITLINFO,Vishal Information Techno,CHOKHANI SECURITIES LTD,BUY,170985,250.32,-
14-AUG-2008,VITLINFO,Vishal Information Techno,CPR CAPITAL SERVICES LTD.,BUY,130504,250.72,-
14-AUG-2008,VITLINFO,Vishal Information Techno,DINESH MUNJAL,BUY,178555,251.12,-
14-AUG-2008,VITLINFO,Vishal Information Techno,FIN BRAINS SECURITIES (INDIA) LTD.,BUY,172913,251.00,-
14-AUG-2008,VITLINFO,Vishal Information Techno,G RAMAKRISHNA,BUY,250086,248.93,-
14-AUG-2008,VITLINFO,Vishal Information Techno,HARBUX SINGH SIDHU,BUY,384453,250.52,-
14-AUG-2008,VITLINFO,Vishal Information Techno,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,BUY,74516,250.56,-
14-AUG-2008,VITLINFO,Vishal Information Techno,KHANDWALA TRADELINK CO,BUY,59388,252.59,-
14-AUG-2008,VITLINFO,Vishal Information Techno,MANIPUT INVESTMENTS PVT LTD,BUY,116159,252.26,-
14-AUG-2008,VITLINFO,Vishal Information Techno,MANSUKH SECURITIES & FINANCE LTD,BUY,62233,250.62,-
14-AUG-2008,VITLINFO,Vishal Information Techno,MARWADI SHARES AND FINANCE LIMITED,BUY,205755,250.76,-
14-AUG-2008,VITLINFO,Vishal Information Techno,MBL & COMPANY LTD.,BUY,61132,249.92,-
14-AUG-2008,VITLINFO,Vishal Information Techno,NEPTUNE FINCOT PVT LTD,BUY,165643,251.29,-
14-AUG-2008,VITLINFO,Vishal Information Techno,PRASHANT JAYANTILAL PATEL,BUY,141129,252.62,-
14-AUG-2008,VITLINFO,Vishal Information Techno,R APPALA RAJU,BUY,160000,249.37,-
14-AUG-2008,VITLINFO,Vishal Information Techno,R.M. SHARE TRADING PVT LTD,BUY,389989,251.10,-
14-AUG-2008,VITLINFO,Vishal Information Techno,SMC GLOBAL SECURITIES LTD.,BUY,171526,250.76,-
14-AUG-2008,VITLINFO,Vishal Information Techno,TRANSGLOBAL SECURITIES LTD.,BUY,105134,250.46,-
14-AUG-2008,VITLINFO,Vishal Information Techno,YUVAK SHARE TRADING PVT LTD,BUY,112764,253.52,-
14-AUG-2008,CERA,Cera Sanitaryware Limited,DEUTSCHE INTERNATIONAL TRUST CORP.(MAURITIUS)LTD A/C MINIVET,SELL,39616,130.22,-
14-AUG-2008,MANALU,Man Aluminium Limited,THE BANK OF NEWYORK - GDR,SELL,146552,27.75,-
14-AUG-2008,OCTAV,Octav Investments Limited,AMBIT SECURITIES BROKING PVT. LTD.,SELL,15695,89.61,-
14-AUG-2008,OCTAV,Octav Investments Limited,ANKITA VISHAL SHAH,SELL,20807,89.00,-
14-AUG-2008,OCTAV,Octav Investments Limited,ASIT C MEHTA INVESTMENT INTERRMEDIATES LTD,SELL,190694,92.27,-
14-AUG-2008,OCTAV,Octav Investments Limited,CPR CAPITAL SERVICES LTD.,SELL,34758,91.32,-
14-AUG-2008,OCTAV,Octav Investments Limited,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,SELL,35859,93.01,-
14-AUG-2008,OCTAV,Octav Investments Limited,MANSUKH SECURITIES & FINANCE LTD,SELL,157260,90.87,-
14-AUG-2008,OCTAV,Octav Investments Limited,MBL & COMPANY LTD.,SELL,20856,92.10,-
14-AUG-2008,OCTAV,Octav Investments Limited,NIKUNJ K SHAH,SELL,29128,91.73,-
14-AUG-2008,OCTAV,Octav Investments Limited,OPG SECURITIES PVT. LTD.,SELL,34207,91.70,-
14-AUG-2008,OCTAV,Octav Investments Limited,PRAGATI PAPER MILLS LTD,SELL,17059,89.94,-
14-AUG-2008,OCTAV,Octav Investments Limited,PRASHANT JAYANTILAL PATEL,SELL,59438,92.63,-
14-AUG-2008,OCTAV,Octav Investments Limited,PRASHANT SURAJMAL KALANTRI,SELL,16100,90.10,-
14-AUG-2008,OCTAV,Octav Investments Limited,R.M. SHARE TRADING PVT LTD,SELL,42811,90.86,-
14-AUG-2008,OCTAV,Octav Investments Limited,RAHUL DOSHI,SELL,15030,93.01,-
14-AUG-2008,OCTAV,Octav Investments Limited,SHRI BRIJ SECURITIES PVT.LTD.,SELL,35302,90.91,-
14-AUG-2008,OCTAV,Octav Investments Limited,SHYAM SUNDER GUPTA,SELL,67291,91.48,-
14-AUG-2008,OCTAV,Octav Investments Limited,STANDARD SECURITIES & INVESTMENT INTERMEDIATES LIMITED,SELL,35667,90.46,-
14-AUG-2008,OCTAV,Octav Investments Limited,SUMITA SAXENA,SELL,40931,92.53,-
14-AUG-2008,OCTAV,Octav Investments Limited,TRANSGLOBAL SECURITIES LTD.,SELL,55206,91.22,-
14-AUG-2008,OCTAV,Octav Investments Limited,YUVAK SHARE TRADING PVT LTD,SELL,85832,91.38,-
14-AUG-2008,SELMCL,SEL Manufacturing Company,B K SHAH CO KETAN BHAILAL SHAH,SELL,102330,387.85,-
14-AUG-2008,SELMCL,SEL Manufacturing Company,HARDIK M MITHANI,SELL,196538,382.81,-
14-AUG-2008,SELMCL,SEL Manufacturing Company,MARWADI SHARES AND FINANCE LIMITED,SELL,88461,385.08,-
14-AUG-2008,SUBEX,Subex Limited,ADROIT FINANCIAL SERVICES PVT LTD,SELL,194537,108.14,-
14-AUG-2008,SUBEX,Subex Limited,AMBIT SECURITIES BROKING PVT. LTD.,SELL,195072,109.02,-
14-AUG-2008,SUBEX,Subex Limited,ASIT C MEHTA INVESTMENT INTERRMEDIATES LTD,SELL,326661,107.54,-
14-AUG-2008,SUBEX,Subex Limited,FIN BRAINS SECURITIES (INDIA) LTD.,SELL,248024,108.72,-
14-AUG-2008,SUBEX,Subex Limited,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,SELL,419507,107.90,-
14-AUG-2008,SUBEX,Subex Limited,MBL & COMPANY LTD.,SELL,196008,109.78,-
14-AUG-2008,SUBEX,Subex Limited,NAMAN SECURITIES & FINANCE PVT LTD,SELL,200403,108.84,-
14-AUG-2008,SUBEX,Subex Limited,THE MASTER TRUST BANK OF JAPAN LTD A/C NOMURA INDIA INVEST,SELL,221240,107.53,-
14-AUG-2008,SUBEX,Subex Limited,TRANSGLOBAL SECURITIES LTD.,SELL,278558,108.32,-
14-AUG-2008,VITLINFO,Vishal Information Techno,AMBIT SECURITIES BROKING PVT. LTD.,SELL,88668,250.99,-
14-AUG-2008,VITLINFO,Vishal Information Techno,ARJUN MATTA,SELL,85931,248.87,-
14-AUG-2008,VITLINFO,Vishal Information Techno,ASIT C MEHTA INVESTMENT INTERRMEDIATES LTD,SELL,94257,251.37,-
14-AUG-2008,VITLINFO,Vishal Information Techno,B K SHAH CO KETAN BHAILAL SHAH,SELL,62985,252.34,-
14-AUG-2008,VITLINFO,Vishal Information Techno,CHOKHANI SECURITIES LTD,SELL,170985,249.55,-
14-AUG-2008,VITLINFO,Vishal Information Techno,CPR CAPITAL SERVICES LTD.,SELL,130504,250.74,-
14-AUG-2008,VITLINFO,Vishal Information Techno,DINESH MUNJAL,SELL,180180,250.95,-
14-AUG-2008,VITLINFO,Vishal Information Techno,FIN BRAINS SECURITIES (INDIA) LTD.,SELL,172913,251.29,-
14-AUG-2008,VITLINFO,Vishal Information Techno,G RAMAKRISHNA,SELL,250086,248.72,-
14-AUG-2008,VITLINFO,Vishal Information Techno,HARBUX SINGH SIDHU,SELL,387453,251.10,-
14-AUG-2008,VITLINFO,Vishal Information Techno,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,SELL,75516,250.46,-
14-AUG-2008,VITLINFO,Vishal Information Techno,KHANDWALA TRADELINK CO,SELL,56888,252.84,-
14-AUG-2008,VITLINFO,Vishal Information Techno,MANIPUT INVESTMENTS PVT LTD,SELL,116159,252.61,-
14-AUG-2008,VITLINFO,Vishal Information Techno,MANSUKH SECURITIES & FINANCE LTD,SELL,62233,250.98,-
14-AUG-2008,VITLINFO,Vishal Information Techno,MARWADI SHARES AND FINANCE LIMITED,SELL,205755,251.16,-
14-AUG-2008,VITLINFO,Vishal Information Techno,MBL & COMPANY LTD.,SELL,61132,250.38,-
14-AUG-2008,VITLINFO,Vishal Information Techno,NEPTUNE FINCOT PVT LTD,SELL,165643,251.14,-
14-AUG-2008,VITLINFO,Vishal Information Techno,PRASHANT JAYANTILAL PATEL,SELL,141129,252.93,-
14-AUG-2008,VITLINFO,Vishal Information Techno,R APPALA RAJU,SELL,160000,250.65,-
14-AUG-2008,VITLINFO,Vishal Information Techno,R.M. SHARE TRADING PVT LTD,SELL,389989,251.27,-
14-AUG-2008,VITLINFO,Vishal Information Techno,SMC GLOBAL SECURITIES LTD.,SELL,171526,250.64,-
14-AUG-2008,VITLINFO,Vishal Information Techno,TRANSGLOBAL SECURITIES LTD.,SELL,105134,250.69,-
14-AUG-2008,VITLINFO,Vishal Information Techno,YUVAK SHARE TRADING PVT LTD,SELL,118951,253.82,-

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