# Enduring Quality and Trust

The Listing Department

National Stock Exchange of India Limited
Exchange Plaza,
Bandra Kurla Complex,
Bandra (E), Mumbai-400051
(Symbol - SRSLTD, Series - EQ)

Dear Sir/Ma'm,
Sub: Outcome of Board Meeting

I. Pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)

Regulations, 2015, this is to inform you that the Board of Directors of the Company at its
meeting held today i.e. 14 th February, 2017 has, inter alia, approved the Un-audited Financial
Results for the quarter/nine months ended 31 s t December, 2016.

The Copy of the Un-audited Results along with Limited Review Report is enclosed for your
reference & record.

The Company is also publishing the financial results in the newspapers. A copy of the Press
Release is also attached herewith.

II. Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, resignation of Mr. Praveen Gupta, Independent Director, due to his other
pre-Occupations, has been accepted by the Board w. e. f. 14 th February, 2017.

III. Due to resignation of M r . Praveen Gupta, the Audit Committee has been reconstituted
comprising of the following Directors:
1. Sh. Shiv Mohan Gupta (Chairman)
2. Sh. Jogindar Lai Chhabra (Member)
3. Sh. Lalit Kumar (Member)

The Meeting commenced at 4:00 p.m. and concluded at 7:20 p.m.

Thanking You,

Yours FaithfuHyiij.
ForSRSKfeS&'A

(Navneet
C.O.O. & Company Secretary
S R S LIMITED
Corp. & Regd. Offic|e: SRS Tower, 305 & 307, 3rd Floor, Near Metro Station Mewla Maharajpur, G.T. Road, Faridabad, NCR Delhi - 121003 T 0129-4323100 F 0129-4323195
Ajlmin. Office: SRS Multiplex, Top Floor, City Centre, Sector-12, Faridabad, NCR Delhi - 121007 T 0129-4282801-08 F 0129-4282809-810
;lhi Office: 202, 27 New Delhi House, Barakhamba Road, Connaught Place, New Delhi -110001T 011-41571258-60 F 011-41571269
W www.srsparivar.com E info@srsparivar.com ON L74999HR2000PLC040183
Jewells I Cinemas I Retail I Hospitality I Real Estate 1 Financial Services I Commodities I Health Care I E-Commerce I Education I Mining
 Independent Auditors' Review Report on Review of Interim
Results

The Board of Directors

SRS Limited
SRS Tower
305 4 3 0 7 . 3 r d Floor
Near Metro Station Mewla Maharajpux
G.T. Road. Faridabad - 121 003

/nfroducfton

1. We have roviowed the unaudited financial results of SRS Limited (the 'Company') for the
quartet and nine months ended 31" December. 2016 which are inchidod in tho
accompanying 'Statement of Standalone Unaudited Results for the quarter and nine
months ended 31" December, 2016 together with the notes thereon (the 'Statement'). The
Statement has been prepared by the Company pursuant to Regulation 33 of the Securities
and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations. 201S (the 'Listing Regulations. 2018'). which has been initialled by us for
identification purposes. Tho Statement is the responsibility of the Company's
management and has been approved by the Board of Directors. Further, tho Management
is also responsible to ensure that the accounting policies used in preparation of this
Statement are consistent with those used in the preparation of the Company's opening
unaudited Balance Sheet as at 1" April, 2019 prepared in accordance with the Companies
(Indian Accounting Standards) Rules, 2013 (Ind AS) prescribed under Section 133 of the
Companies ACT, 2013 ajid other recognised accounting practices and policies. Our
responsibility is to issue a report on tho Statement based on our review.

Scope of Review

2. Wo conducted our review in accordance with the Standard on Roviow Engagumont (SRE)
2410. 'Review of Interim Financial Information Performed by the Independent Auditor of
the Entity' issued by the Institute of Chartered Accountants of India. This Standard
requires that we plan and perform the review to obtain moderate assurance as to whether
the Steioment is free of material misstatement.

3. A reviow is limited primarily to inquiries of company's personnol and analytical

procedures applied tofinancialdata and thus provides less assurance than an audit. We
have not performed an audit and accordingly, wo do not oxproaa an audit opinion.

Basis for Qualified Conclusion

I. Foreign Trade Receivables aggregating Rs. 33310 lacs (as on 31" December, 2016) on
account of sale during tho FY 2016-16 and FY 2016-17 in UAE (including Rs.14637 lacs out
of sale to parties from inventories sent through NSEZ unit of the Company located in India
to UAE Branch through Branch Transfer), which aro unsecured, i.e., not backed by any
security. Out of aforesaid Trade receivables, company has received Rs. 161 lacs
subsequent to 31" December. 2016.
 2. Deposit Repayment Reserve Account for the Fixed deposits at the close of FY 2015-16,
required under Section 73(2)(c) of tho Companies Act. 2013 equal to 15% of the deposits
maturing In the FY 2015-18 and FY 2018-17 were found short by Ra.1380 lacs (short
amount as on 31" March, 2018).

We are unable to comment on the financial of above in the Company's results

in the Statement.

Qualified Conclusion

3. Based on our review conducted as above, except for matters stated in the Basis for
Qualified Conclusion in paragraphs 4 and 5 above, nothing has come to our attontion that
causes us to believe that the Statement has not been prepared in all material respects in
accordance with Ind AS and other recognised accounting practices and policies, and has
not disclosed the information required to bo disclosed in terms of Regulation 33 of tho
Listing Regulations, 2015 including the manner in which it is to be disclosed, or thai it
contains any material misstatement.

Emphasis of mutter

4. We draw attention to tho following maUers.

a Cash Credit facilities from consortium of banks, the aggregate outstanding of

which amounts tp Rs. 801 crore a* on 31" December, 2010, are irregular and
classified as MP A in the past mainly due to non-servicing of interest and charges.

b. Nolo 2 to tho Statement which states that the Company has for the fust limo
adopted lnd AS for thefinancialyear commencing from 1" April, 2016. and
accordingly, tho Statement has been prepared by the Company's Management in
compliance with lnd AS and relied upon by us.

c. The financial statements of the Company for the year ended 31' March, 2016
prepared in accordance with Companies (Accounting Standards) Rules. 2006.
were audited by other firms of chartered accountants under the Companies Act,
2013 who, vide their report dated 8*September, 2016. expressed s qualified
opinion on thosofinancialstatements. Further, thofinancialresult! for the quarter
end nine months ended 31" December, 2013 and prepared in accordance with
companies (Accounting Standards) Rules. 2006, wore roviewod by otherfirmsof
chartered accountants. Thefinancialresults for tho preceding nino months endod
31" Decombor, 201B roprosoni the diCoronco between tho audited results for tho
year ended 31" Match, 2016 and reviewed results for tho three months period
endod 31" March, 2010 Accordingly, the not profit/ loss includod in the
reconciliation to the Company's Total Comprehensive Income for tho quarter
ended 31" December, 2013 and year ended 31" March, 2016 are based on the
aforesaid financial statements/ results.

Our conclusion is not qualified in respect of matters described under paragraph 7 above.
Other matter

5. bi terms of the Joint Responsibility Statement (as per Standards on Audit:ng-299) forming
part oi the Engagement better

Audit of Retail Segment, Cinema segment and part of un-ailocable segment whose
financial statements reflect total revenues of Rs. 8002.98 lacs and Rs. 24493.50 lacs,
rospectively for the quarter and nine months ended 31" December, 2016 has been carried
out by M/s. SVP & Associates.

Audit of Corporato & others segment. Cold & Jewellery segment and part of un-allocable
segment whose financial statements reflect total revenues of Rs. 4282.97 and Rs. 63093.01
lacs, respectively for the quarter and nine months ended 31" December, 2016 has been
carried out by M/s- Oswal Sunil 4 C o

Refer segment information in the statement of unaudited results for tho quarter and nine
months ended 31" December, 2018.

For SVP & Associates For Oswal Snail A Company

Chattered Accoun tants Chartered Account an ts
Firm Registration No. 003838N Firm Registration No. OK

(CAPankaj Kumar) (CA Naresh Kumar)

Partner Partner
Membership No. 091822 Membership No. 085238

Place: Faridabad
Date:14*Fobraary. 2017
 SRS Limited
Regd. & C o r p o r a t e O f f : S R S T o w e r , 3 r d F l o o r , N e a r M e t r o Station M e w l a M a h a r a j p u r , G . T . R o a d , F a r i d a b a d , N C R - D e l h i -121003

Ph.#0129-4323100, Fax.#0129-4323195

E-mail:inf(y2)srsparivar.com, Website- w w w . s r s p a r i v a r . c o m , C I N - L 7 4 9 9 9 H R 2 0 0 0 P L C 0 4 0 1 8 3

S T A T E M E N T O F S T A N D A L O N E U N A U D I T E D R E S U L T S F O R T H E Q U A R T E R / N I N E M O N T H S E N D E D 3 1 S T D E C E M B E R 2016

PART 1 K in Lacs
Q u a r t e r Ended Nine Months Ended Year Ended ,
S. No Particulars 31-Dec-16 30-Sep-16 31-Dec-15 31-Dec-16 31- Dec-15 31-Mar-16
Unaudited Unaudited Unaudited
l INCOME FROM OPERATIONS

Net Sales/Income from Operation* 12,285 .96 15,577.14 141 381.00 87 586 57 j 59,749.03 373,284.16

Total income from operations (net) 12,285 .96 15,577.14 141,381.00 87,586.53 59,749.03 373,284.16
2 EXPENSES
(a) Cost of materials consumed 170 .25 219.08 20.727 89 653.83 81.147.26 81,909.73
(b) Purchase o f stock-in-trade 13,27) .06 6.812.03 111.529 39 42,952.18 2 55,852.52 276,187.99
(c) Changes in inventories of finished goods, (4.86*1 .67) 4,327.46 (336.13) 30,862.74 (4,182.51) (14,245.86)
work in-progress and stock-in-trade
(d) Employee benefits expense 81 .43 834.27 1,056.71 2,536.57 2,852.96 3.730.34
(e) Depreciation and amortisation expense 436 .85 443.62 483.63 1,332.20 1,432.37 1,890.30
(0 Other expenses 2.426 .08 2.831.67 3,211.45 8,372.73 10,266.00 14,048.49
Total expenses 12,25) .00 15,468.13 136,672.94 86,710.25 - 47^68.60 363320.99
3 Profit / (Loss) from Operations before Other 21 .96 109.01 4,708.06 876.28 12380.43 ,763.17
Income, Finance Costs and Exceptions 1 Items
(1-2)
4 Other Income 423 .54 (163.66) 281.53 617.53 168.91
5 Profit / (Loss) from ordinary activities before 452.50 (54.65) 4,989.59 1,493.81 12,735.25 ,932.08
finance costs and exceptional Items 13 -4,

6 Finance Costs (Net of interest income) 3,354.57 2,867.77 2,008.15 8,713.54 5,990.25 t ,095.07
7
Profit / (Loss) fr om ordinary activities after finance (2,901 .07) (2,922.42) 2,981.44 (7,219.73) 6,745.00 ,837.01
costs but before exceptional Items (5-6 1

8 Exceptional Item s
9 Profit / (Loss) fr om ordinary activities before tax (2,90 .07) (2,922.42) 2,981.44 (7,219.73) 6,745.00 ,837.01
(7-8)
in Tax Expense (71 .04) (900.36) 64.57 (2,198.21) 1,019.30 292.86

II Net Profit/(Los s) from ordinary activities after tax (2,189.03) (2,022.06) 2.')1(..87 (5,021.52) 5,725.70 .544.15
(9-10)
12 Extraordinary Item (net o f tax expenses)
13 Net Profit / (Loss) for the period after taxes (2,189.03) (2,022.06) 2,916.87 (5,021.52) 5,725.70 ,544.15
(11-12)
14 Other Comprehensive lncome/(Expense) 13.20 22.63 2.71 39 60 6.61 0.07
15 Total Comprehensive Income for the period (2.175.83) (1.999 44) 2.91958 (4.981.92) 5.732.31 .564.22
(Comprising Profit / 1 Low; for the period (after tax)
and Other Comprehensive Income (after tax)|

16 Paid-up Equity Share Capital (Face Valu t of Rs 10/- 27.851 .20 27.858.20 27.858.20 27,858.20 27.858.20 2 Z.858.20
each)

17 Reserve excluding Revaluation Reserves as per Balance 3 >,528.53

Sheet of Previous Accounting Year

18 Earnings Per Share (EPS) (not annua Iked)

(a) Before Extraordinary Items

-Basic (in Rs.) ( )79) (0.73) 1.05 (1.80) 2.06 0.55

-Diluted (in Rs.) ( ).79) (0.73) 1.05 (1.80) 2.06 0.55
(b) After Extraordinary Items

-Basic (in Rs.) ( )79) (0.73) 1 05 (180) 2.06 0.55

-Diluted (in Rs.) 13.79) (0.73) 1.05 (180) 2.06 0.55
 S E G M E N T - W I S E R E V E N U E , R E S U L T S A N D C A P I T A L E M P L O Y E D F O R T H E Q U A R T E R / N I N E M O N T H E N D E D 3 1 S T D E C E M B E R 2016

A. Primary Segment Information

n Lacs
Quarter Ended Nine Months Ended Year Ended
S.N. Particulars 31-Dec-16 30-Sep-16 31-Dec-15 31-Dec-16 31- D i e - 1 5 3 1 - M a r-16
Unaudited Unaudited Unaudited
1 Segment Revenue:
Net Sales/Income from each Segma
(a) Cinemas 2,40" .48 3,189.12 2,556.53 8,383.61 8,615.31 10.774.13
(b) Retail 5.55S .49 5,314.76 43,622.64 16.010.22 54.36698 22.263 08
(c) Gold & Jewellery 4,11 .53 6,938.22 94,760.01 62,710.05 2 95,714.41 338.984 57
(d) Corporate & Others (Unallocable 132 .46 135.04 H 1 . ox 482.65 1,052.33 1,262.38

Total 12,285 .)(, 15,577.14 141.381. mi 87,586.53 59.749.03 373," 84.16

Less : Inter Segment Revenue

Net Sales/Income from Operations: 12,285 .96 15,577.14 141,381.00 87,586.53 59,749.03 373,284.16
2 Segment Result:

Profit / (Loss) before interest and tax from each

Segment
(a) Cinemas 12 .29 685.33 214.26 1,126 II 1,228.02 1. 267.73
(b) Retail (107.83) (300.65) 2,286.79 (701.46) 1,933.42 ( J39.54)
(c) Gold & Jewellery 538.92 (179.57) 3,124.13 1,794.04 11,691.89 12,511.72
(d) Corporate & Others (Unallocable (99.88) (259.76) (635 59) (724.88) (2,118.08) (2,907 83)

Total 452.50 (54.65) 4,989.59 1,493.81 12,735.25 9,932.08

j Less : Interest (Net o f interest income) 3,354.57 2,867.77 2,008.15 8,713.54 5,990.25 8, )95 07
Total Profit / (Loss) Before Tax (2,902.07) (2,922.42) 2.781.44 (7,219.73) 6,745.00 1,837.01
4 Capital Employed
(Segment Assets - Segment Liabilities)
(a) Cinemas 7,62< .76 7,559.78 8,669 21 7,626.76 8,669.21 8. 1431
(b) Retail 2,601 .45 3,252.53 6,976.50 2,60045 6,976.50 3.440.65
(c) Gold & Jewelleiy 75,27 .80 76,492.41 77,23942 75,273.80 77,239.42 75,843.75
(d) Corporate & Others (Unallocable (26,091 18) (25,724.06) (24,053 21) (26,096.18) 24,053.21) (23, ) 11.98)

Total Capital Employed 59,40 .83 61,580.66 68,831.92 59,404.83 68,831.92 64,386.73

1$. Secondary Segment Information

f n Lacs
Quarter Ended Nine Months Ended Year Ended
Particulars 3I-Dec-16 30-Sep-16 31-Dec-15 31-Dec-16 31 Dec-15 31-Mar-16

Unaudited Unaudited Unaudited

Segment Reve tue
Net Sales/Income
- Within I jdia 12,285.96 15,250.93 97,667.88 87,260.32 86,739.30 322,027.29
- Outside India 326 21 43,713 12 326 21 73,009 73 51,256 87
Total Revenue 12,285.96 15,577.14 141,381.00 87,586.53 59,749.03 373,284.16
Segment Asset 1
- Within India 146,527.29 146,353.49 152,570.69 146,527.29 52,570.69 150,185.69
- Outside ndia 33,419.25 33,077.92 27,502.98 33,41925 27,502.98 34,38605
Total Assets 179,946.54 179,431.41 180,073.67 179,946.54 80,073.67 184,571.74
Segment L i a b i l i t y
- Within India 101,98 4.99 99,347.17 101,313.20 101,984.99 01,313.20 100, 467.12
- Outside ndia 18,55 6.72 18,503.58 9,928.55 18,556 72 9,928.55 19, 717 89
Total Liability 120,54 1.71 117,850.75 111,241.75 120,541.71 11.241.75 120, 185.01
Notes :
1 The above results for the quarter / nine months ended 31st December 2016 were reviewed and recommended by the Audit Committee and approved by
the Board o f Directors at their respective meetings held on 13th February, 2017 & 14th February 2017. These results have been subjected to limited
review by auditors.

2 The Company adopted Indian Accounting Standards ("lnd A S " ) effective A p r i l 1,2016 (transition date being April 1, 2015) and accordingly, the financial
results for the quarter/nine months ended December 31, 2016 have been prepared in accordance with the recognition and measurement principles laid
down in the lnd A S 34 "Interim Financial Reporting" prescribed under section 133 o f the Companies A c t , 2013 read with the relevant rules issued
thereunder and the other accounting principles generally accepted in India. The IndAS financial results and financial information for the quarter/nine
months ended 31st December 2015 and for the year ended 31st March 2016 have been compiled by the management after making necessary adjustments
to give a true and fair view o f the results in accordance with lnd A S which has not been subject to any limited review or audit.

3 Reconciliation between financial results as previously reported (referred to as 'Previous G A A P ' ) and lnd A S for quarter/nine months ended December 3 1 ,
2015 and year ended March 31, 2016 is as below :

Reserve
Profit Reconciliation
Reconciliation
Particulars Q u a r t e r Ended Nine M o n t h Y e a r Ended Y e a r Ended
Ended

31-Dec-15 31- Dec-15 31-Mar-16 31-Mar-16

N< profit (Loss) / Reserves as per previous G A A P 2,924.21 5,765.01 1,597.77 36,579.55

Impact of measuring investment at Fair Value through (6.76) (48.42) (48.04) 0.09
profit or loss (FVTPL)

Incremental borrowings cost 0.21 (0.94) (2.10) 1.39

Reclassification o f actuarial (Gam) / Loss arising i n (4.11) (10.02) (30.70)
respect of defined benefit plan to "Other
Comprehensive Income"

Impact of other lnd A S adjustments (0.46) (0.18) (1.16) (79.25)

la K impact o f above adjustments 3 78 20.25 28.38 26.75

N<t profit (loss) / Reserves as per lnd AS 2,916.87 5,725.70 1,544.15 36,528.53

Other Comprehensive Income (net o f taxes) 2.71 6.61 20.07

Total Comprehensive Income (Loss) / Reserves under 2,919.58 5,732.31 1,564.22

lnd AS as reported

4 Foreign Trade Receivables aggregating Rs 33310 lacs were outstanding as at 31st December, 2016 on account o f sale during the F Y 2015-16 and F Y
2016-17 in U A E (including Rs. 14637 lacs out o f sale to parties from inventories sent through N S E Z unit o f the Company located in India to U A E Branch
through Branch Transfer), which are unsecured, i.e., not backed by any security. Out o f aforesaid Trade receivables, company has received Rs. 161 lacs
subsequent to 31st December 2016

Company has filed for the extension o f time limit for recovery o f Trade Receivable amounting to Rs. 394 lacs which has exceeded the time limit as
prescribed by the Reserve Bank o f India ( R B I ) in terms o f its Master Circular No. 14/2015-16 dated July 0 1 , 2015.

5 National Company L a w Tribunal ( N C L T ) has allowed for repayment o f deposits as per its order dated 20th October, 2016 granting extension o f time to
the Company for repayment o f Deposits. The Order is available at the website o f N C L T i.e.www.nclt.gov.in and at the website o f Company
www.srsparivar.com. On account o f demonetization, adherence to the Order could not be complied fully and the Company has applied for further
extension o f time for regularization o f payments.

6 Cash Credit facilities from consortium o f banks, the aggregate outstanding o f which amounts to Rs. 801 crore as on 31st December, 2016, is irregular and
classified as N P A in the past mainly due to non servicing o f interest and charges

7 Tne Board has decided to sell its entire investment in its Wholly Owned Subsidiary-SRS Worldwide ( F Z C ) at Sharjah, U A E . T h e Company is yet to find
any appropriate buyer.

8 The Board has decided to find appropriate buyer for "Cinemas" and " R e t a i l " divisions o f the Company. The Expression o f Interest (EOI) has been
received from few companies, however, financial bids are yet to be received.

9 B T L Holding Company Limited has ceased to be holding company.

10 Figures for the previous periods have been regrouped and reclassified to conform to the classification o f the current period, wherever considered
necessary.

Place: Faridabad For a

Date: 14th February, 2017
 SRS L I M I T E D
Regd. & Corporate O f f : SRS Tower. 3rd Floor. Near Metro Station Mewla Maharajpur, G.T. Road, Faridabad, N C R Delhi -121003
Ph.#0129-4323100, Fax.#0129-4323195
E-mailinfcKgsrspanvar.com, Website- www srspanvar.com, C I N - L74999HR2000PLC040183

Extract of Unaudited Standalone Financial Results for the Quarter / Nine Months Ended 31st December 2016

I! in Lacs

Quarter Ended Nine Months Ended Y e a r Ended

S. No. Particualars
31-Dec-16 30-Sep-I6 31-Dec-15 31-Dec-16 31-Dec-15 31-Mar-16
fotal Income From Operations (net) 12,285.96 15,577.14 141,381.00 87,586.53 359,749.03 373,284.16

Net Profit / (Loss) from Ordinary Activities after Tax (2,189.03) (2,022.06) 2,916.87 (5,021.52) 5,725.70 1,544 15
Net Profit / (Loss) for the period after tax (after (2,189.03) (2,022.06) 2,916.87 (5,021.52) 5,725.70 1,544.15
extraordinary items)
Equity Share Capital 27,858.20 27,858.20 27,858.20 27,858.20 27,858.20 27,858.20
Reserves (excluding Revaluation Reserves as shown 36,528.53
in Balance Sheet of Previous Year) *
Earning Per Share (before extraordinary items) (of
Re 10/- each)
Basic : (0.79) (0.73) 1 03 (1.80) 2 M 0 55
Diluted : (0.79) (0. 1.05 (1.80) 2.06 0.55
Earning Per Share (after extraordinary items) (of Re
10/-each)
Basic: (0.79) (0.73) 1.05 (1.80) 2.06 0 55
Diluted : (0.79) (0 73) 1.05 (1.80) 2.06 o 55

* Reserves excluding revaluation reserves for the year ended 31st March 2016 was Rs. 36,528.53 Lacs.

Notes :

The above is an extract of the detailed format of Unaudited Standalone Financial Results for the Quarter / Nine Months ended 31st December 2016
filed with the Stock Exchange(s) under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirmcnts) Regulations, 2015. The full
format o f the Unaudited Standalone Financial results for the Quarter / Nine Month ended 31st December 2016 is available on the Stock Exchange
websites (www.bseindia com / www .nseindia.com) and Company's website www.srspanvar.com.

Place: Faridabad
Date: 14th February 2017