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BOARD OF DIRECTORS

DR. VIJAYPAT SINGHANIA, Chairman Emeritus


GAUTAM HARI SINGHANIA, Chairman and Managing Director
B. K. KEDIA (upto 22-05-2008)
NANA CHUDASAMA
B. V. BHARGAVA
U. V. RAO
I. D. AGARWAL
NABANKUR GUPTA
P. K. BHANDARI

MANAGEMENT EXECUTIVES
GAUTAM HARI SINGHANIA, Chairman and Managing Director
DEEPAK KHETRAPAL, Chief Operating Officer
ANIRUDDHA DESHMUKH, President - FMCG & Retail
HARSHAL JAYAVANT, President - Engineering Business
H. SUNDER, President - Corporate Affairs (w.e.f. 04-05-2009)
K. A. NARAYAN, President - HR
NITIN JAIN, President - Strategic Initiatives
ROBERT LOBO, President - Shirting Fabric Business
SHREYAS JOSHI, President - Group Apparel
S. K. SINGHAL, President - Textiles
S. RAGHUNATHAN, President - Finance, Chief Financial Officer (w.e.f. 04-05-2009)

DIRECTOR – SECRETARIAL & COMPANY SECRETARY


THOMAS FERNANDES

BANKERS
BANK OF INDIA
BANK OF MAHARASHTRA
BANK OF AMERICA
CONTENTS Pages CENTRAL BANK OF INDIA
Directors’ Report & 2-10 CITIBANK N.A.
Management Discussion HDFC BANK LIMITED
and Analysis
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED
Corporate Governance Report 11-17
STATE BANK OF INDIA
Shareholder Information 18-22 STANDARD CHARTERED BANK
Auditors’ Report 23-25
Balance Sheet 26 AUDITORS
Profit and Loss Account 27 DALAL & SHAH

Cash Flow Statement 28 Chartered Accountants

Schedules ‘1’ to ‘15’ 29-43


INTERNAL & OPERATIONAL AUDITORS
Schedule ‘16’ – Notes Forming 44-59
Part of the Accounts MAHAJAN & AIBARA
Chartered Accountants
Annexure I - Statement of Significant 60-61
Accounting Policies and Practices
REGISTERED OFFICE
Research and Development 61
Expenditure Account PLOT NO. 156/H. NO. 2, VILLAGE ZADGAON
Ten-Year Highlights 62 RATNAGIRI 415 612 (MAHARASHTRA)

Consolidated Account 63-77


Details of Balance Sheet and 77 REGISTRAR & SHARE TRANSFER AGENT
Income and Expenditure of LINK INTIME INDIA PRIVATE LIMITED
Subsidiary Companies C-13, PANNALAL SILK MILLS COMPOUND,
Balance Sheet Abstract and 78 L. B. S. MARG, BHANDUP (WEST)
Company’s General Business Profile
MUMBAI - 400 078.

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DIRECTORS’ REPORT & MANAGEMENT DISCUSSION AND ANALYSIS
DEAR MEMBERS,
Your Directors are pleased to present their 84th report on the business and operations of your Company together with the Audited
Statement of Accounts for the year ended March 31, 2009.
1. CORPORATE OVERVIEW
Raymond Limited (hereinafter referred to as your Company/the Company) is India’s leading multi-product conglomerate with
interests in textiles, apparels, retail, brands and engineering (files & tools) having its corporate headquarters in Mumbai.
The Company prepares its financial statements in compliance with the requirements of the Companies Act, 1956, and the
Generally Accepted Accounting Principles (GAAP) in India. Overall the financial statements have been prepared on the
historical cost basis.
2. FINANCIAL HIGHLIGHTS
While the first half operating performance of your Company was generally in line with expectations, the mainstay textile
business was adversely impacted by the drop in consumer sentiment as fallout of the economic downturn. The second half of
the year generally is the main season for textiles. In addition, due to the restricted credit availability to the trade, the Company
had to carefully monitor despatches.
Consequently your Company has registered only nominal growth in turnover. During the year, the gross turnover of the Company
was Rs.1393.25 crores as compared to Rs.1337.56 crores in the previous year.
Profit before tax, prior period adjustments, exceptional items and foreign exchange loss/gain was Rs.30.35 crores as against
Rs.69.31 crores in the previous year. The performance was affected by foreign exchange loss of Rs 89.10 crores.
After factoring in the foreign exchange loss, the loss before tax, prior period adjustments and exceptional items was Rs.58.75
crores as against the profit of Rs.86.15 crores in the previous year.
The operations of your Company’s denim joint venture - Raymond UCO Denim Private Limited were restructured by closing
down two of its heavily loss making subsidiaries in Belgium and USA. The Company has assessed the situation considering the
prevailing economic uncertainties and based on a valuation report of an independent valuer, provided for diminution of
Rs.230.13 crores, in the value of the Company’s investments in the joint venture, as an exceptional item. Your Company has also
impaired its investment in its overseas subsidiary - Regency Texteis Portuguesa Limitada by Rs. 5.12 crores, as an exceptional
item.
Thus, the net loss, after exceptional items, prior year adjustments and provision for taxes was Rs. 271.55 crores as against a net
profit of Rs.72.42 crores last year.
In order to conserve the resources of the Company and taking into account the prevailing uncertain economic situation the
Board of Directors of the Company have decided not to recommend dividend for the financial year ended March 31, 2009.
However, your Company looks beyond immediate challenges to build business with long-term goals based on your Company’s
intrinsic strength both in terms of product quality and also brands and distribution strength, thereby sustaining growth despite
the current turbulent business environment. Your Company is also focused on bringing down costs and streamlining operations
to improve future profitability.
3. OVERVIEW OF THE ECONOMY
In the past year, markedly during the second half, the Indian as well as the global economy witnessed a high degree of
uncertainty and rapid slowdown. The global recession impacted the fortunes of corporates across geographies. The IMF has
estimated that world economic growth will fall its lowest since World War II. Although the jury is still out on whether the global
recession could potentially turn out to be another great depression like in the 1930s, there is a strong school of thought which is
expecting a slow and gradual recovery in the year 2010, once there is some stability achieved during the year 2009.
The Indian economy too has not been isolated from what has been happening in the global economy; in fact, it only became
abundantly clear that the fortunes of the Indian economy are not decoupled from the rest of the world. As export demand
continued to shrink during the year and external financing became progressively constrained, the pace of growth in the Indian
economy slowed down.
The good thing though is that the Indian economy is not entirely export dependent, which has worked to its advantage and its
large domestic consumption demand has helped prop up the GDP growth rates and has prevented it from slipping into
negative territory.
It is expected by many that once the global economy stabilises and shows some signs of recovery, the Indian economy will be
amongst the first few economies that would lead the world on the path of an economic turnaround.
4. SEGMENT ANALYSIS AND REVIEW
The key business segments of the Company are Textile and Files & Tools Divisions.
A. TEXTILE DIVISION
Industry Conditions
The Indian textiles and apparels sector is a major contributor to the Indian economy in terms of gross domestic product (GDP),
industrial production and the country’s total export earnings. This sector provides employment to over 35 million people and has
direct linkages to the rural economy and the agricultural sector.

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The Indian textile industry is currently passing through a turbulent phase. With the global downturn ravaging economies, the
textile sector is one of the worst hit. The effect of demand contraction and credit squeeze resulted in over 7 lac textile workers
losing their jobs (by November 2008).
The drop in the levels of discretionary spending along with the credit squeeze spreading to the trade also contributed in no
small measure.
However there is a slight thaw in the negative trend and it is expected that the economy may improve from the second half of
the Financial Year 2009-10, when the pent up demand of the Indian consumers would come to the fore and provide further
traction to facilitate investment demand.
Opportunities and Challenges
The present global economic scenario throws up opportunities for fundamentally strong companies such as your Company. The
inherent strengths, in the form of strong domain expertise, powerful brand positioning, strength and resilience of the brands, fully
integrated state of the art production facilities, cutting-edge technology and unparalleled product innovation capabilities
combined with the deep retail market penetration, provide a highly potent platform to seize the opportunities that are bound
to arise during cyclical downturns in the form of newer markets, new segments of customers, new channels of distribution, etc.
On the other hand, during the Financial Year 2008-09, the volatility witnessed in the forex markets, credit squeeze, high costs of
borrowings, drop in discretionary spending especially in export markets, disbursements of Technology Upgradation Fund (TUF)
loan subsidies are some of the challenges facing the textile industry at large.
Overview
The Company is the market leader in the textiles sector in India, has a powerful brand ‘Raymond’, state of the art manufacturing
facilities and a strong all India retail presence in the form of ‘The Raymond Shop’ (‘TRS’). While focusing on its vision of being the
global leader in fashion and lifestyle segment, your Company is now also establishing itself as a preferred supplier of
value-added premium fabric in the international markets. The Company is on the path to becoming a lifestyle solution for
discerning customers with an offering of a range of fabrics, garments and accessories in a premium shopping environment.
During the year 2008-09, the phase III of the Company’s textile Division at Vapi commenced commercial production.
Performance Highlights
Despite the severe downturn faced in the year 2008-09, poor consumer sentiments and the credit squeeze, the Company’s net
sales from the textile division registered a nominal growth. Net sales for the year was Rs.1137.85 crores as compared to Rs.1133.85
crores in the previous year.
Market Share and Retail Network
The Company is the undisputable market leader in India and is considered as one of the more formidable players in the global
market for worsted suitings.
The Company continues to focus on the retail sector in a big way and is now concentrating on penetrating further into the Tier
3, 4 and 5 towns of the country. Even in existing malls and other locations, the rent renegotiations are being aggressively pursued
by the Company which is resulting in rental cost savings. The Company’s like-to-like own store sales growth was to the order of
4% which augurs well for the future. The Company continues to be judicious in its selection of store locations with profitability as
the key criterion.
Export
Textile exports for the Financial Year 2008-09 were Rs.110 crores, as against Rs.114 crores in the previous year. Quality, design,
service to mid premium and premium customers has resulted in stability of customers internationally and new customers being
attracted to provide an integrated offering.
Raw Material
Wool prices were lower during the Financial Year 2008-09. Further, alternate vendors have been developed in other countries
like South Africa to reduce the Company’s dependence on traditional sources from Australia. Polyester fibre prices are presently
stable.
B. FILES & TOOLS DIVISION
The Division is engaged in manufacture and marketing of Steel Files, HSS Cutting Tools (mainly drills) and Merchandising activities
mainly in Hand Tools. During the year, the Division further consolidated its position in Cutting Tools and Hand Tools segments.
Industry Outlook
Globally, the Steel Files business has stagnated and has not registered growth in demand. However, your Company’s Division has
been in a position to improve its market share in the international market with sustained marketing and business development
efforts. Timely action on market segmentation, price hikes, tight control on liquidity, cost-control, etc. also contributed. The Cutting
Tools business recorded growth in the year despite stiff competition in the domestic as well as in export market.
Opportunities and Threats
The challenge before this Division is to sustain growth and profitability in the background of the recessionary climate. The
weakening of currencies in some of the major markets like Latin America, Africa etc., is leading to price pressure by buyers. All
these factors are going to make the current financial year very challenging for this Division.

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Overview
This Division is planning to counter its challenges through focused marketing, tight control on liquidity and margins, cost
effective sourcing of materials and services, improved productivity through process automation & up-gradation, shorter lead-
time with focus on time in full delivery.
The Division continues to expand and consolidate its presence in International market continues. The Division has also strengthened
its presence in USA and Latin America.
Performance and Review of Operations
The Division continues to remain the market leader in the files segment in the domestic market and is amongst the largest
producer of Steel Files in the world. For the first time, the Export Sales of the Division have crossed the milestone of Rs.100 crores
and recorded all time high export sales of Rs.108 crores. The Division reported net sales of Rs. 222 crores (Previous Year:
Rs. 177 crores).
5. FINANCE AND ACCOUNTS
The observations made by the Auditors in their Report have been clarified in the relevant notes forming part of the Accounts,
which are self explanatory.
6. PERFORMANCE OF SUBSIDIARY COMPANIES
Domestic
Raymond Apparel Limited
The gross turnover of the Company was higher by 20.31% at Rs. 421.02 crores (Previous Year: Rs. 349.96 crores). Profit after tax was
lower at Rs. 4.67 crores (Previous Year: Rs. 7.84 crores).
The second half of the Financial Year 2008-09 was challenging due to fall in consumer sentiments. Though the Company’s
performance was impacted, the strength of its brands enabled it to maintain a leading position in the apparel industry. The “Park
Avenue” brand of the Company was adjudged the “Most Admired Menswear Brand” of the year in Images Fashion Forum.
In the coming years, the Company is gearing to consolidate and retain the leadership position of its various brands and improve
profitability, through continued focus on product innovation, appropriate product-price matrix and operating efficiencies, especially
in retail.
The Company is in the process of implementing an ERP system which will help it to improve its service levels further.
Colorplus Fashions Limited
The gross turnover of the Company for the year ended March 31, 2009 was marginally higher at Rs.148.32 crores (Previous Year:
Rs.147.89 crores). Profit before tax and exceptional items was lower at Rs.5.72 crores (Previous Year: Rs.14.68 crores). During the
year, the Company has provided for diminution in respect of its long term investments in Gas Apparel Ltd. The net loss for the
year, after providing for diminution and after taxes, was Rs. 15.05 crores (Previous Year: net profit Rs. 6.71 crores)
The performance of the Company was affected by adverse consumer sentiments. The Company is focusing its efforts on quality
collections, operational efficiencies and market serviceability and will continue its focus on offering more innovative products
and styles to retain its market leadership in the premium casual segment.
Silver Spark Apparel Limited
The gross turnover of the Company was Rs. 86.83 crores (Previous Year: Rs. 88.07 crores).
The Company had a profit after tax of Rs.1.81 crores (Previous Year: Rs. 7.39 crores) during the Financial Year 2008-09, after
foreign exchange loss of Rs 9.07 crores.
The Company continues to export its products to reputed international brands, who have shown their acceptance of quality
and service levels by placing repeat orders. The Company has been imparting continuous training to the operators to improve
the efficiencies as well as standards of quality.
Celebrations Apparel Limited
The gross turnover of the Company was Rs.14.29 crores (Previous Year: Rs. 8.97 crores). The Company incurred a loss of Rs. 0.04
crores (Previous Year: loss of Rs. 0.10 crores).
During the year, the Company focused on imparting training to operators, obtaining manufacturing consistency and operational
efficiencies. The Company has met the quality standards set by reputed national brands. During the year, the Company has
increased its shirts manufacturing capacity from 4000 shirts to 5000 shirts per day. The Company is receiving encouraging
inquiries for export of high quality shirts.
Everblue Apparel Limited
The Company earned a profit after tax of Rs 1.32 crores (Previous Year: Rs 1.50 crores).
Raymond Woollen Outerwear Limited (formerly known as Raymond Fedora Private Limited)
The gross turnover of the Company, net of returns and discounts was Rs 45.72 crores (Previous Year: Rs. 35.33 crores). The
Company incurred a loss before prior period adjustments of Rs.1.45 crores (Previous Year: loss of Rs. 11.85 crores).
During the year, the shares of Lanificio Fedora S.p.A., were forfeited by the Company due to non payment of call money and
the Joint Venture agreement between Raymond Limited and Lanificio Fedora S.p.A., was terminated. Hence, the Company
subsequently became a subsidiary of Raymond Limited and a Public Company pursuant to Section 3(1)(iv)(c) of the Companies
Act, 1956. The Company’s name has since been changed as above.

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Inspite of the global economic downturn severely impacting apparel business worldwide, the Company managed to increase
its fabric exports during the year by 75% to Rs. 33.40 crores through sustained efforts of its Marketing and Operations team.
With continued focus on product and design development and exploring opportunities in new markets and customers, the
Company expects to sustain its performance in the face of continuing challenging conditions in the global market place.
Hindustan Files Limited
The gross turnover of the Company (including sales & services) was higher at Rs.45.01 crores (Previous Year: Rs. 37.98 crores).
Profit after Tax was at Rs.1.31 crores (Previous Year: Rs. 2.15 crores). The control measures, monitoring and process improvement
strategy applied has helped the Company to remain profitable during the Financial Year 2008-09.
JK Talabot Limited
The Company manufactures files and rasps at its plant located at Chiplun in Ratnagiri District, in the State of Maharashtra.
During the year gross turnover of the Company was at Rs.18.85 crores (Previous Year: Rs. 13.94 crores). The Company recorded
profit after tax of Rs.2.74 crores (Previous Year: Rs.0.09 crores) during the Financial Year 2008-09.
The performance of the Company during the year was good, due to improved capacity utilisation, initiatives on improvement
in productivity and quality in addition to effective management of working capital.
Scissors Engineering Products Limited
The Company incurred a loss of Rs.26,000/- (Previous Year: loss of Rs. 36,000/-) during the Financial Year 2008-09.
Ring Plus Aqua Limited
The gross turnover of the Company was at Rs.84.56 crores (Previous Year: Rs. 83.39 crores). Profit after tax was at Rs. 2.94 crores
(Previous Year: Rs. 7.27 crores).
Gear sales during the year were Rs. 54.74 crores as compared to Rs.49.30 crores in the previous year. Despite recessionary trend
in the market, export sale of gears grew by more than 17% and was at Rs. 32.24 crores as against Rs.27.51 crores in the previous
year. The Company continued making major in-roads into European market during the year. The sales of gears in Domestic OEM
market is increasing steadily. The Gear capacity expansion is in process and enhancement in capacity and capability will help
the Company to extend its OEM customer base, particularly in Western Europe.
Shaft Bearings sales were lower during the year at Rs.18.56 crores as against Rs.20.53 crores in the previous year. USA continued
to be the major market for Bearing exports.
Pashmina Holdings Limited
The Company made a loss of Rs 0.08 crores in the Financial Year ended March 31, 2009 as compared to a loss of Rs.0.09 crores
in the previous year.
Overseas Companies
Jaykayorg AG incurred a loss of CHF 883,975 (equivalent to Rs.3.70 crores) [Previous Year: loss CHF 394,277 (equivalent to Rs.1.65
crores)] for the year ended December 31, 2008.
J. K. (England) Limited recorded a profit of Pound Sterling 4,084 (equivalent to Rs.0.03 crores) [Previous Year: profit Pound Sterling
21,648 (equivalent to Rs.0.17 crores)] for the year ended December 31, 2008.
Regency Texteis Portuguesa Limitada, Portugal incurred a loss of Euros 366,953.95 (equivalent to Rs.2.40 crores) [Previous Year:
profit Euros 44,897.98 (equivalent to Rs.0.29 crores)] for the year ended December 31, 2008.
Raymond Europe S.R.L., incurred a loss of Euro 28,486 (equivalent to Rs.0.19 crores) [Previous Year: profit Euro 4,258 (equivalent to
Rs.0.03 crores)] for the year ended December 31, 2008. The operations of the Company, which ran a design studio in Italy, has
been closed down.
R & A Logistics INC., USA, a subsidiary of Ring Plus Aqua Limited set up in the USA to provide better service to US based
customers, earned a profit US $ 1,430 (equivalent to Rs.0.01 crores) (Previous Year: profit US $ 10,787 (equivalent to Rs.0.05
crores)] for the year ended March 31, 2009.
7. PERFORMANCE OF JOINT VENTURES
Raymond UCO Denim Private Limited
During the year, the consolidated sales (including services and export incentives) is Rs.713.13 crores (unaudited) as compared
to Rs.784.71 crores for the previous year ended March 31, 2008. The loss for the year after tax and exceptional items is
Rs. 330.74 crores (unaudited) as compared to Rs.120.93 crores for the previous year ended March 31, 2008.
Foreign exchange loss during the year is Rs.45.72 crores as against the gain of Rs.11.54 crores in the previous year ended
March 31, 2008.
In view of the restructuring exercise including closure of unviable operations carried out in the Company’s overseas subsidiaries
(in Belgium and USA), the Company based on its assessment and independent valuation report, has provided for diminution in
the value of its investments and outstanding from its overseas subsidiaries, resulting in an exceptional charge of Rs.349.16 crores.
The figures for the year are subject to audit.
In the domestic market, with continuous focus on differentiated products, wider and better product range, the Company
continues to maintain significant share of the premium brands operating in India.
The Company has been constantly developing new and innovative products catering to the higher end of the European and
US markets.

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The Romanian operation which was operating as a manufacturing support to the operations in Belgium for most of the year, has
now been ramped up to cater to the European market directly and take advantage of being present in a low cost environment
while catering to the European market.
As a result of the above restructuring, the pressures on the bottom line are expected to ease with low cost operations (India
and Romania) and strong equity on product differentiation, value addition and customer service.
Raymond Zambaiti Private Limited
The gross turnover of the Company was Rs.131.45 crores (Previous Year: Rs. 103.58 crores). The Company had a profit after tax of
Rs. 8.58 crores (Previous Year: Rs. 6.04 crore) during the year.
The Company during the year has reached benchmark levels in weaving efficiency and warping productivity; grade realisation
has also increased during the year.
Gas Apparel Limited
The turnover of the Company for the current financial year March 31, 2009 is Rs. 11.98 crores (unaudited) as against the turnover
of the previous year ended March 31, 2008 which was at Rs. 15.67 crores.
The Company launched the ‘GAS’ fashion brand of premium apparel in April 2007. Though the brand was well received among
its target youth audience the Company has been incurring steep loss due to brand building expenses, high cost of imported
merchandise and very high rentals and other operating costs for its stores. During the year, with a view to stop the continuing
cash drain, a number of actions were taken to close down stores, clear off inventory and reduce overheads. As a consequence
of the costs incurred to restructure as above, the Company’s loss is Rs. 50.46 crores (unaudited) as compared to previous year’s
loss of Rs.19.33 crores and its networth is fully eroded.
The figures for the year are subject to audit.
Discussions are ongoing with Grotto S.p.A., Italy, the joint venture partner regarding the way forward. In the meantime the
Company was converted into ‘Public Company’ with effect from March 27, 2009, and Company will be henceforth known as
‘Gas Apparel Limited’. Further, your Company has acquired the entire share holding held by Colorplus Fashions Limited in Gas
Apparel Limited on April 1, 2009.
8. QUALITY & ACCOLADES
At Raymond there is an on-going quest for Excellence, Quality, Leadership and Trust in the products and services provided to its
customers and is a continuous journey that is undertaken with a commitment to improve processes, and deliver superior
products. Every effort is made to provide products and services that consistently meet or exceed customers’ expectations. Your
Company continues to win awards year-on-year, some notable awards during the Financial Year 2008-09 are;
• The Readers Digest Platinum Award for the most Trusted Brand;
• The Ninth Annual Images Fashion Awards 2009 for “The Most Admired Menswear Brand of the Year”;
• JK Files & Tools has for 28 consecutive years been awarded the All India Export Award by Engineering Export Promotion
Council (EEPC) of India for being the ‘Star Performer Award as Large Enterprise’ of 2006-07 in the Hand Tools Category;
• Your Company’s Jalgaon Plant has been certified OHSAS 18001:2007 for the conformance of Occupational Health & Safety
Management System.
9. CONSOLIDATED ACCOUNTS
In accordance with the requirements of Accounting Standard AS-21 prescribed by The Institute of Chartered Accountants of
India, the Consolidated Accounts of the Company and its subsidiaries (including the Joint Ventures) is annexed to this Report.
10. CORPORATE GOVERNANCE
Your Company continues to be committed to good Corporate Governance aligned with the best-of-breed practices. Your
Company complies with the standards set out by Clause 49 of the Listing Agreement with the Stock Exchanges.
A separate Report on Corporate Governance along with the Auditors’ certificate on compliance with the Corporate Governance
as stipulated in Clause 49 is provided in this Annual Report.
11. DIRECTORS
Shri B.K. Kedia, resigned from the Board of Directors of the Company with effect from May 22, 2008. The Board places on record
the great zeal and dedication with which Shri Kedia served the Company during his long association of over five decades. The
Board is deeply grateful for the mature and professional advise and guidance of Shri Kedia, from which the Company had
immensely benefited. The Board gratefully acknowledges the stellar role of Shri B.K. Kedia in building up Raymond Group to its
present enviable stature.
Shri B.V. Bhargava and Shri Nana Chudasama retire by rotation at this Annual General Meeting and are eligible for re-
appointment. However, they have informed the Board that they do not seek re-appointment. The Board does not propose to fill
the vacancies at this meeting or any adjournment thereof. Hence, as required under Section 256 of the Companies Act, 1956,
resolution at item Nos. 2 and 3 are proposed not to fill up the vacancies caused by the retirement of Shri B.V. Bhargava and Shri
Nana Chudasama.
Shri Bhargava is a Director of the Company since August 16, 1996, and is also Member of the Audit Committee, Member of the
Finance Committee and the Chairman of the Remuneration Committee of the Board of Directors. The Board places on record
its deep gratitude and appreciation for the precious time and very valuable guidance provided to the Raymond Group by Shri
B. V. Bhargava during his tenure.

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Shri Nana Chudasama is a Director of the Company since August 1, 1986, and is also the Chairman of the Committee of
Directors and a Member of the Remuneration Committee of the Board of Directors. The Board places on record its deep
gratitude and appreciation for the precious time and very valuable guidance provided to the Raymond Group by Shri Nana
Chudasama during his tenure.
At the 84th Annual General Meeting two special resolutions are commended for your approval. The resolution at item No. 5 is for
the payment of the remuneration to the Chairman and Managing Director of the Company for the period April 1, 2008 to
June 30, 2009 as earlier approved by the remuneration committee and the shareholders at the Annual General Meeting of the
Company held on June 23, 2006 and the resolution at item No. 6 is for the payment of the remuneration to Shri P. K.Bhandari for
the period April 1, 2008 to April 23, 2008, as earlier approved by the remuneration committee and the shareholders of the
Company at the Annual General Meeting of the Company held on June 23, 2006.
12. DIRECTORS’ RESPONSIBILITY STATEMENT
Pursuant to sub-section (2AA) of Section 217 of the Companies Act, 1956, the Board of Directors of the Company hereby state
and confirm that:
(i) in the preparation of the Annual Accounts, the applicable accounting standards have been followed along with proper
explanation relating to material departures;
(ii) the Directors have selected such accounting policies and applied them consistently and made judgments and estimates
that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the
financial year and of the loss of the Company for that period;
(iii) the Directors 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 fraud and other irregularities;
(iv) the Directors have prepared the annual accounts on a going concern basis.
13. AUDIT
Messrs. Dalal & Shah, Chartered Accountants, who are Statutory Auditors of the Company hold office up to the forthcoming
Annual General Meeting and are recommended for re-appointment to audit the accounts of the Company for the Financial
Year 2009-10. As required under the provisions of the Section 224(1B) of the Companies Act, 1956, the Company has obtained
written confirmation from Messrs. Dalal & Shah that their appointment, if made, would be in conformity with the limits specified
in the Section.
As per the requirement of Central Government and pursuant to Section 233B of the Companies Act, 1956 your Company carries
out an audit of cost records relating to textile division every year. Subject to the approval of the Central Government, the
Company has appointed Messrs. Nanabhoy & Co., cost accountants, as auditors to audit the cost accounts of the Company
for the Financial Year 2009-10.
14. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
Your Company believes in formulating adequate and effective internal control systems and implementing the same strictly to
ensure that assets and interest of the Company are safeguarded and reliability of accounting data and accuracy are ensured
with proper checks and balances. The Internal control system is improved and modified continuously to meet the changes in
business conditions, statutory and accounting requirements.
The Company has engaged a competent firm of Chartered Accountants to conduct internal audit, examine and evaluate the
adequacy and effectiveness of the Internal Control System. The internal audit ensures that the systems designed and
implemented, provides adequate internal control commensurate with the size and operations of the Company.
The Audit Committee of the Board of Directors, Statutory Auditors and the Business Heads are periodically apprised of the
internal audit findings and the corrective actions taken.
The Audit Committee of the Board of Directors actively reviews the adequacy and effectiveness of internal controls systems
and suggests improvements for strengthening them. The Company has a strong Management Information System which is an
integral part of the control mechanism.
15. RISK MANAGEMENT
The Company is exposed to risks from market fluctuations of foreign exchange, interest rates and commodity prices and
business risk.
Foreign Exchange Risk
The Company’s policy is to systematically hedge its long term foreign exchange risk as well as short term exposures risk
considering prevalent conditions. Your Company has opted not to follow notification number GSR 225(E) dated March 31, 2009
issued by Government of India in relation to accounting of exchange differences arising on reporting of long term foreign
currency items due to currency rate fluctuations, in order to be consistent in application of accounting policies both current
and in future.
Interest rate risk
Given the interest rate fluctuations, the Company has adopted a prudent and conservative risk mitigating strategy to minimise
the interest costs.
Commodity Price Risk
The Company is exposed to the risk of price fluctuation on raw materials as well as finished goods in all its products. The
Company proactively manages these risks in inputs through forward booking, inventory management, proactive management

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of vendor development and relationships. The Company’s strong reputation for quality, product differentiation and service the
existence of a strong brand image and a strong marketing network mitigates the impact of price risk on finished goods.
Risk Element in Individual Businesses
Apart from the risks on account of interest rate, foreign exchange and regulatory changes, various businesses of the Company
are exposed to certain operating business risks, which are managed by regular monitoring and corrective actions.
16. ENVIRONMENT AND SAFETY
The Company is conscious of the importance of environmentally clean and safe operations. The Company’s policy requires the
conduct of all operations in such manner so as to ensure safety of all concerned, compliance of statutory and industrial
requirements for environment protection and conservation of natural resources to the extent possible.
17. HUMAN RESOURCES AND INDUSTRIAL RELATIONS
The Company takes pride in the commitment, competence and dedication shown by its employees in all areas of business.
Various HR initiatives are taken to align the HR Policies to the growing requirements of the business.
The Company has a structured induction process at all locations and management development programmes to upgrade skills
of managers. Objective appraisal systems based on KRAs are in place for senior management staff.
Technical and safety training programmes are given periodically to workers. Industrial relations remained generally cordial.
18. STATUTORY INFORMATION
Information pursuant to sub-section 1 (e) of Section 217 of the Companies Act, 1956, read with the Companies (Disclosure of
Particulars in the Report of the Board of Directors) Rules, 1988 is given in Annexure 1 to this Report.
During the Financial Year 2008-09, 38 employees employed throughout the year, were in receipt of remuneration of Rs.24 lakhs
per annum or more and 56 employees employed for part of the Financial Year 2008-09 were in receipt of remuneration of
Rs. 2 lakhs per month or more. The particulars of employees, as required under Section 217 (2A) of the Companies Act, 1956, are
given in a separate Annexure to this Report. This Annexure is not being sent along with this Report to the members of the
Company in line with the provisions of Section 219 (1) (b) (iv) of the said Act. Members who are interested in obtaining these
particulars may write to the Company Secretary at the Registered Office of the Company. None of the employees listed in the
said Annexure is a relative of any Director of the Company except for Shri Gautam Hari Singhania who is related to Dr. Vijaypat
Singhania. None of the employees hold (by himself or along with his spouse and dependent children) more than two percent of
the equity shares of the Company.
The Company has been exempted by the Central Government vide their letter No. 47/68/2009-CL-III dated March 20, 2009
under Section 212 (8) of the Companies Act, 1956 from attaching a copy of the Balance Sheet, Profit and Loss Account, Report
of the Board of Directors and the Report of the Auditors of the subsidiary companies. However, pursuant to Accounting
Standard AS-21 issued by The Institute of Chartered Accountants of India, Consolidated Financial Statements presented by the
Company includes the financial information of the subsidiaries. A statement containing brief details of the subsidiaries is
included in this Annual Report.
The Company will make available these documents/details upon request by any member of the Company and members of its
subsidiaries interested in obtaining the same. The annual accounts of the subsidiary companies will also be kept for inspection
by any member at the registered offices of the Company.
The Company has also been exempted by the Central Government vide their letter No.46/11/2009-CL-III dated April 9, 2009
under sub-section (4) of Section 211 of the Companies Act, 1956, from disclosing quantitative details in compliance of para 3(i)
(a) of Part II of Schedule VI of the Companies Act, 1956. However, the Company is disclosing these details in the enclosed
Annual Report.
Fixed Deposits amounting to Rs. 3,46,000/- (Rupees Three Lakhs Forty Six Thousand only) from 35 depositors, which remained
unclaimed by the depositors as on March 31, 2009 have remained unclaimed upto the date of this Report.
19. CAUTIONARY STATEMENT
Statement in this Directors Report & Management Discussion and Analysis describing the Company’s objectives, projections, estimates,
expectations or predictions may be “forward-looking statements” within the meaning of applicable securities laws and regulations.
Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the Company’s
operations include raw material availability and prices, cyclical demand and pricing in the Company’s principal markets, changes in
Government regulations, tax regimes, economic developments within India and the countries in which the Company conducts business
and other incidental factors.
20. APPRECIATION
Your Directors express their warm appreciation to all the employees at various Units for their diligence and contribution. Your
Directors also wish to record their appreciation for the support and co-operation received from the joint venture partners,
dealers, agents, suppliers, bankers and all other stakeholders.
for and on behalf of the Board

Gautam Hari Singhania


Chairman and Managing Director
Mumbai, April 24, 2009

8
Annexure (1) to the Directors’ Report
Information pursuant to Section 217(1)(e) of the Companies Act, 1956 read with Companies (Disclosure of Particulars in the Report of
Board of Directors) Rules, 1988.
A. Conservation of Energy
Energy conservation continued to have high prominence as in previous years.
Some of the initiatives taken in the year 2008-09 were as follows:
In Textile Division
At Thane Unit:
1) Utilizing Backwash exit heat for drying of Polyester tops.
2) Installation of electronic chokes and energy efficient light fittings.
3) Rain water harvesting.
At Chhindwara Unit:
1) Conversion from DC to AC system in various machines in Dyeing, Warping and Finishing.
2) Installation of time lag switch in industrial fans in Dyeing and ETP.
3) Installation of electronic chokes and energy efficient light fittings
At Jalgaon Unit:
1) Installation of electronic chokes and energy efficient light fittings.
2) Use of renewable energy resources by installation of turbo ventilators & solar water heaters.
At Vapi Unit:
1) Installation of Solenoid Valves in looms for arresting Compressed air when machine is not running.
In Files & Tools Division
At Chiplun Unit:
1) Introduction of Thyristorised PID Controllers for Annealing Furnaces.
2) Conversion of LDO Annealing furnace to Electrical furnace.
B. Technology Absorption
(a) Research and Development (R&D)
Textile Division
The R&D Department of Textile Division strives to develop and provide exclusive and innovative products under its brand.
Some of the products developed and introduced during the year under review were:
1) Super 240s - Finest fabric in the world, made from 11.6 micron wool
2) Saxxon Wool – Jacketing fabrics and Suiting fabrics with properties like superior comfort and good crease recovery
3) Lamere – Range of fabrics with Luster and softness using Lamere fibres
4) World class jacketing fabric using coarser wool
5) A Range of wool rich fabrics using Chintz finish
Files & Tools Division
In order to maintain its leadership in files business, the Files & Tools Division developed 10 new SKU’s for the Export market for
customer specific engineering and agro applications.
The details of expenditure on Research and Development is given in Schedule - 16 notes forming part of the Accounts.
The Company has incurred an expenditure of Rs. 18.67 lacs towards Research and Development which is 0.01% of the total
turnover of the Company for the year 2008-09.
(b) Technology Absorption, Adaptation and Innovation
Textile Division
The Textile Division undertook the following measures towards Technology absorption, Adaptation and Innovation:
1) As part of its modernization project, installation of new energy efficient machines in Spinning and Finishing processes at
Chhindwara and Jalgaon plants.
2) Indigenous development of Energy Monitoring System (SCADA) at Vapi plant by which the power consumption of
each department can be monitored, analysed and report generated.
3) Automatic dispensing of chemicals in Rope Scouring machines at Vapi plant’s Finishing Dept.
4) Implementation of the Weavemaster and Qualimaster for on line monitoring of various parameters of looms and report
generation at Vapi Plant.
5) Indigenous development of cloth roller in Designing Picanol Looms at Vapi Plant.
6) Regeneration of Steam from Gas Generator at Vapi Plant
7) Circulation of hot water received from Jacket cooling of Gas Generator in Dyeing Machines at Vapi Plant
Files & Tools Division
The Files & Tools Division undertook the following Process Improvement measures:
1) Introduction of rust preventive oil (Castrol Rustilo DWX 32) for final packaging of files for enhanced corrosion resistance
2) Introduction of File finishing lines for online washing of files at its Ratnagiri plant
3) Introduction of Single piece flow packing and cartoning of files at its Ratnagiri plant
4) Introduction of Stand-alone Brine Chillers for the hardening systems at its Ratnagiri plant to maintain optimum brine
temperature in hardening process
5) Process stage elimination in Tang punching of Flat files for productivity improvement
C. Foreign Exchange Earnings and Outgo
Global recession has severely impacted business in major export markets, particularly in the apparel sector. Textile Division’s
exports declined by 3%, in comparison with the previous year, to Rs. 110.77 crores. In adverse market conditions and facing stiff
competition from Indian and overseas competitors, the Division was able to deliver a sustained performance. This has been
achieved through focused effort on enhancing customer base and providing value added products.
In spite of unprecedented Global recession particularly in second half of the financial year, the Files & Tools Division’s endeavor
to expand and consolidate its presence in International market continues. During the year under review the division recorded
an all time high sales volume of files in international market and also crossed a milestone of Rs. 100 crores export for the first time.
The appreciation of USD against major global currencies including Indian Rupee caused lot of imbalance in the flow of orders
as well as pressure on prices. However, the division has strengthened its presence in USA and Latin America besides further
consolidating its position in Asia and Africa.
The particulars regarding foreign exchange earnings and outgo are given in Schedule 16 - notes forming part of the Accounts.

9
Form ‘A’
[Forming part of Annexure (1)]
DISCLOSURE OF PARTICULARS WITH RESPECT TO CONSERVATION OF ENERGY
A. POWER AND FUEL CONSUMPTION
Purchased Own generation (through Diesel
Generator/Steam Turbine)
Current Year Previous Year Current Year Previous Year
1. Electricity
a) Total units (KWH in thousands)
Textiles * 63736 68049 69124 64449
Files & Tools 14665 14621 42 37
b) Total Amount (Rupees in lacs)
Textiles 3198 3015 2123 1808
Files & Tools 708 697 6 5
c) Units/per Liter of Diesel Oil
Textiles — — 2.79 3.14
Files & Tools — — 4.83 4.77
d) Units/per Kg. of Coal
Textile — — 0.90 0.90
e) Units/per Cubic mtr of Gas
Textile — — 3.78 —
f) Cost per unit (Rs.)
Textiles 5.02 4.43 3.07 2.81
Files & Tools 4.83 4.77 13.55 13.82
* 595.46 lac KWH units generated through steam turbine (Previous year 607.23 lac KWH units)
Total Total Cost Average Rate
Quantity Rs. Lacs per Unit (Rs.)
2. Coal (M.T.)
a) Textile Division**
Current Year 74998 1473 1964
Previous Year 76457 1407 1840
3. Furnace Oil (Lac Liters)
a) Textile Division
Current Year 53.72 1557 28.97
Previous Year 60.84 1349 22.18
b) Files & Tools Division
Current Year 3.83 106 27.65
Previous Year 4.79 105 21.94
4. Diesel Oil (Lac Liters)
a) Textile Division
Current Year 3.09 124 40.04
Previous Year 5.61 201 35.87
b) Files & Tools Division
Current Year 0.50 18 35.75
Previous Year 0.54 16 30.31
5. LPG (Kgs.)
a) Textile Division
Current Year 91412 49 53
Previous Year 95909 46 48
b) Files & Tools Division
Current Year 79160 38 47
Previous Year 85543 43 50
6. Natural Gas (Lacs Cubic Mtr.)
a) Textile Division
Current Year 55 695 13
Previous Year 29 289 10
** 66136 MT used for CPP (Previous year 67376 MT)
B. CONSUMPTION PER UNIT OF PRODUCTION
Unit Standard (if any) Current Year Previous Year
Electricity
a) Fabrics KWH/Metre — 4.67 4.87
b) Engineers’ Steel Files KWH/Piece — 0.22 0.23

10
CORPORATE GOVERNANCE REPORT
As the global economic crisis continues to ravage the world, corporate governance is even more relevant and has a larger role.
With recent developments in India, Corporates have to be more resilient in adopting best practices of Corporate Governance with
an aim to revive stakeholders’ faith in the Corporate Sector. The Principles of Corporate Governance are based essentially on the
existing legal and regulatory arrangements as well as the best prevailing practices followed by Corporates globally. Good Corporate
Governance has become a necessary pre-requisite for any corporation to manage effectively in the globalised market scenario.
The detailed report on implementation by the Company, of the Corporate Governance Code as incorporated in Clause 49 of the
Listing Agreement with the Stock Exchanges, is set out below:
1. COMPANY’S PHILOSOPHY ON CODE OF GOVERNANCE :
We, at Raymond, believe in ethical business conduct, integrity and commitment to values. This helps us to enhance and retain
the trust of our stakeholders which is the cornerstone of Corporate Governance. At Raymond we continue to focus our energies
and resources in creating and safeguarding the interest of all our stakeholders.
At Raymond we adopt best global practices as part of the Company’s future growth strategy, which aims at maximising the
interest of the shareholders with those of other stakeholders – customers, employees, investors, vendors, dealers, financiers, State
and Central Governments and society at large, in order to achieve long-term sustained value while ensuring accountability in
the exercise of corporates’ financial, legal and contractual obligations.
Your Company is fully committed to and continues to follow procedures and practices in conformity with the Code of Corporate
Governance contained in the Listing Agreement.
2. BOARD OF DIRECTORS:
COMPOSITION AND CATEGORY
The Board of Directors of the Company consists of eminent persons with considerable professional proficiency and experience
in business, industry, finance, management, legal and marketing. The Board of your Company provides leadership and strategic
guidance that exercises control over the Company.
The Chairman and Managing Director is involved in the day-to-day management of the Company while the Non-Executive
including the Independent Directors bring external and wider perspective and independence to the decision making. The
composition of the Board of Directors, meets with the requirements of Clause 49 (I) (A) of the Listing Agreement.
The present strength of the Board of Directors is eight. The composition is as follows:
• one Promoter, Executive Director
• one Promoter, Non-Executive Director
• one Non-Independent, Non-Executive Director
• Five Independent, Non-Executive Directors
None of the Directors on the Board is a member of more than ten Committees and Chairman of more than five Committees (as
specified in Clause 49), across all companies in which they are Directors.
The composition of the Board of Directors, the number of other Directorship and Committee positions held by each Director as
on March 31, 2009 are as under:
Name of Director Category of Directorship No. of Board Relationship interse
Directorship in other Committees Directors
companies (*) (other than Raymond
Limited) in which
Chairman/Member
Chairman Member
Dr. Vijaypat Singhania, Promoter, 6 Nil 1 Related to Shri Gautam
Chairman Emeritus Non-Executive Hari Singhania
Shri Gautam Hari Singhania, Promoter, 7 Nil 2 Related to Dr. Vijaypat
Chairman and Managing Director Executive Singhania
Shri B. K. Kedia (upto May 22, 2008) Independent,Non-Executive 8 Nil 1
Shri Nana Chudasama Independent,Non-Executive 4 Nil Nil
Shri B. V. Bhargava Independent,Non-Executive 10 5 4
Shri U. V. Rao Independent,Non-Executive 5 2 2
Shri I. D. Agarwal Independent,Non-Executive 2 Nil 1
Shri Nabankur Gupta Independent, Non-Executive 9 1 2
Shri P. K. Bhandari Non-Independent, Non- Executive 10 2 2
(Wholetime Director – upto (w.e.f. April 24, 2008)
April 23, 2008)

(*) – excludes Alternate Directorships, Directorships in Indian Private Limited Companies and Foreign Companies and Membership of Managing
Committees of various bodies.
Only memberships of Audit Committee and Shareholders’/Investors‘ Grievances Committee are considered.
The column ‘Member’ includes only membership of Audit committee and Shareholders’/Investors‘ Grievances Committee and not the Chairmanship.

11
BOARD PROCEDURE
The Board meets at least once a quarter to review the quarterly performance and the financial results. The Board Meetings are
generally scheduled well in advance and the notice of each Board Meeting is given in writing to each Director. All the items on
the Agenda are accompanied by notes giving comprehensive information on the related subject and in certain matters such
as financial/business plans, financial results, detailed presentations are made. The Agenda and the relevant notes are sent in
advance separately to each Director and only in exceptional cases; the same is tabled at the meeting. The Board is also free to
recommend the inclusion of any matter for discussion in consultation with the Chairman.
The information as specified in Annexure (I) (A) to Clause 49 of the Listing Agreement is regularly made available to the Board.
To enable the Board to discharge its responsibilities effectively, the members of the Board are briefed at every Board Meeting,
on the overall performance of the Company, with presentations by Business Heads. Senior Management is invited to attend the
Board Meetings so as to provide additional inputs to the items being discussed by the Board.
The Board’s role, functions, responsibility and accountability are clearly defined. In addition to matters statutorily requiring
Board’s approval, all major decisions involving policy formulation, strategy and business plans, annual operating and capital
expenditure budgets, new investments, details of joint ventures, sale of business unit/division, compliance with statutory/regulatory
requirements, major accounting provisions and write-offs are considered by the Board.
The Minutes of the Board Meetings are circulated in advance to all Directors and confirmed at subsequent Meeting. The
Minutes of Audit Committee and other Committees of the Board are circulated in advance to all Directors, regularly placed
before the Board and noted by the Board.
ATTENDANCE OF EACH DIRECTOR AT THE BOARD MEETINGS AND THE LAST ANNUAL GENERAL MEETING
Five Board Meetings were held during the Financial Year 2008-09 on the following dates: April 29, 2008, July 31, 2008, October 31,
2008, November 30, 2008 and January 31, 2009. The gap between two Board Meetings did not exceed four months. During the
Financial year 2008-09 two Circular Resolutions were passed on August 13, 2008 and March 30, 2009 respectively.
The attendance of each Director at Board Meetings and the last Annual General Meeting (AGM) is as under:
Name of the Director No. of Board Attendance at last AGM
Meetings attended held on June 18, 2008
Dr. Vijaypat Singhania 5 No
Shri Gautam Hari Singhania 4 Yes
Shri B. K. Kedia (up to May 22, 2008) 1 No
Shri Nana Chudasama 5 No
Shri B. V. Bhargava 3 No
Shri U. V. Rao 4 No
Shri I. D. Agarwal 5 Yes
Shri Nabankur Gupta 3 Yes
Shri P. K. Bhandari 5 Yes

3. AUDIT COMMITTEE:
BROAD TERMS OF REFERENCE
The Audit Committee of the Board of Directors of the Company, inter-alia, provides assurance to the Board on the adequacy of
the internal control systems and financial disclosures.
The Terms of Reference of the Audit Committee are wide enough to cover the matters specified for Audit Committees under
Clause 49 of the Listing Agreement as well as in Section 292A of the Companies Act, 1956 and inter-alia includes:
a. oversight of the Company’s financial reporting process and the disclosure of its financial information to ensure that the
financial statement is correct, sufficient and credible;
b. recommending to the Board, the appointment, re-appointment and, if required, the replacement or removal of the Statutory
Auditors and the fixation of audit fees;
c. approval of payment to Statutory Auditors for any other services rendered by the Statutory Auditors;
d. reviewing, with the management, the annual financial statement before submission to the Board for approval, with particular
reference to :
i. matters required to be included in the Director’s Responsibility Statement which forms part of the Directors’ Report
pursuant to Clause 2AA of Section 217 of the Companies Act, 1956;
ii. changes, if any, in accounting policies and practices and reasons for the same;
iii. major accounting entries involving estimates based on the exercise of judgment by management;
iv. significant adjustments made in the financial statements arising out of audit findings;
v. compliance with listing and other legal requirements relating to financial statements;

12
vi. disclosure of any related party transactions;
vii. qualifications in the draft audit report.
e. reviewing with the management, the quarterly financial statements before submission to the Board for approval;
f. reviewing, with the management, the statement of uses/application of funds raised through an issue (public issue, rights
issue, preferential issue, etc.), the statement of funds utilised for purposes other than those stated in the offer document/
prospectus/notice and the report submitted by the monitoring agency monitoring the utilisation of proceeds of a public or
rights issue and making appropriate recommendations to the Board to take up steps in this matter;
g. reviewing, with the management, performance of statutory and internal auditors, adequacy of the internal control systems;
h. reviewing the adequacy of internal audit function, if any, including the structure of the internal audit department, staffing
and seniority of the official heading the department, reporting structure coverage and frequency of internal audit;
i. discussion with internal auditors any significant findings and follow up thereon;
j. reviewing the findings of any internal investigations by the internal auditors into matters where there is suspected fraud or
irregularity or a failure of internal control systems of material nature and reporting the matter to the Board;
k. discussion with statutory auditors before audit commences, about the nature and scope of audit as well as post-audit
discussion to ascertain any area of concern;
l. to look into the reasons for substantial defaults in the payment to the depositors, debenture holders, shareholders (in case
of non-payment of declared dividends) and creditors;
m. to review the functioning of the Whistle Blower Mechanism, in case the same is existing;
n. carrying out any other function as mentioned in the terms of reference of the Audit Committee.
In fulfilling the above role, the Audit Committee has powers to investigate any activity within its terms of reference, to seek
information from employees and to obtain outside legal and professional advice.
The Audit Committee, while reviewing the Annual Financial Statements also reviewed the applicability of various Accounting
Standards (AS) referred to in sub-section (3C) of Section 211 of the Companies Act, 1956. Compliance of the Accounting
Standards as applicable to the Company has been ensured in the Financial Statements for the year ended March 31, 2009.
COMPOSITION
The Audit Committee comprises of four Directors, all of whom are Non-Executive. Three Members of the Audit Committee are
Non-Executive Independent Directors while one member is Promoter, Non-Executive. The Audit Committee is constituted in
accordance with the provisions of Clause 49 (II) (A) of the Listing Agreement and Section 292A of the Companies Act, 1956. All
these Directors possess knowledge of corporate finance, accounts and company law. The Meetings of the Audit Committee are
attended by the Chief Operating Officer, the President-Finance, the Director-Finance, the Statutory Auditors, the Internal Auditors
and the Company Secretary. The Chairman of the Audit Committee, Shri Nabankur Gupta was present at the 83rd Annual
General Meeting of the Company held on June 18, 2008. The quorum for the Audit Committee Meetings is two non-executive
Independent members. The Company Secretary acts as Secretary to the Committee.
The Minutes of the Audit Committee Meetings are noted by the Board of Directors at the subsequent Board Meeting.
The composition of the Audit Committee is as follows :
Name of the Director Position Category
Dr. Vijaypat Singhania Member Promoter, Non-Executive
Shri. B. K. Kedia (upto May 22, 2008) Chairman Independent, Non-Executive
Shri B. V. Bhargava Member Independent, Non-Executive
Shri U. V. Rao Member Independent, Non-Executive
(Chaired the Audit Committee
meetings held between May 22, 2008
to October 31, 2008)
Shri Nabankur Gupta
(with effect from October 31, 2008) Chairman Independent, Non-Executive
MEETINGS AND ATTENDANCE
The Audit Committee held four meetings during the financial year ended March 31, 2009 and the gap between two meetings
did not exceed four months. The Audit Committee Meetings were held on April 29, 2008, July 31, 2008, October 31, 2008 and
January 30, 2009.
The attendance at the Audit Committee Meetings is as under:
Name of the Director No. of meetings attended
Dr. Vijaypat Singhania 4
Shri. B. K. Kedia (upto May 22, 2008) 1
Shri B. V. Bhargava 2
Shri U. V. Rao 4
Shri Nabankur Gupta 1
(with effect from October 31, 2008)

13
INTERNAL AUDITORS
The Company has appointed a firm of Chartered Accountants as Internal Auditors to review the internal control systems of the
Company and to report thereon. The report of the Internal Auditors is reviewed by the Audit Committee.
4. REMUNERATION COMMITTEE:
TERMS OF REFERENCE
- Reviewing the overall compensation policy, service agreements and other employment conditions of Managing/Wholetime
Directors.
- Reviewing the performance of the Managing/Wholetime Directors and recommending to the Board, the quantum of
annual increments and annual commission.
COMPOSITION
The Remuneration Committee presently comprises of four Directors, all of whom are Non-Executive Directors. The Chairman of
the Committee is an Independent and Non-Executive Director nominated by the Board.
The composition of the Remuneration Committee is as follows:
Name of the Director Position Category
Dr. Vijaypat Singhania Member Promoter, Non-Executive
Shri. B. V. Bhargava Chairman Independent, Non-Executive
Shri B. K. Kedia
(upto May 22, 2008) Member Independent Non-Executive
Shri Nana Chudasama Member Independent, Non-Executive
Shri Nabankur Gupta
(with effect from March 30, 2009) Member Independent, Non-Executive

MEETING AND ATTENDANCE


The Committee did not hold any meeting during the financial year ended March 31, 2009.
REMUNERATION POLICY
A. Remuneration to Non-Executive Directors
The Non-Executive Directors are paid remuneration by way of Commission and Sitting Fees. In the 83rd Annual General Meeting
the shareholders’ have approved payment of commission of Rs.25 lakhs to the Non-Executive Directors of the Company for a
period of three years for financial years commencing from April 1, 2008 to March 31, 2011. Non-Executive Directors are paid
sitting fees @ Rs.10,000 for each meeting of the Board or any Committee thereof attended by them.
The compensation of Non-Executive Directors was approved unanimously by the Board.
None of the Non-Executive Directors has any material pecuniary relationship or transactions with the Company. Shri P. K.Bhandari
was Wholetime Director for a period from April 1, 2008 to April 23, 2008. Dr. Vijaypath Singhania, Chairman Emeritus belongs to the
Promoter Group.
B. Remuneration to Chairman and Managing Director and Wholetime Director
The appointment of Chairman and Managing Director and Wholetime Director is governed by resolutions passed by the Board
of Directors and shareholders of the Company, which covers the terms of such appointment and remuneration, read with the
service rules of the Company. Payment of remuneration to Chairman and Managing Director and Wholetime Director is
governed by the respective Agreements executed between them and the Company. Remuneration paid to Chairman and
Managing Director and Wholetime Director is recommended by the Remuneration Committee, approved by the Board and is
within the limits set by the shareholders at the Annual General Meetings. The remuneration package of Chairman and Managing
Director and Wholetime Director comprises of salary, perquisites and allowances, commission and contributions to Provident and
other Retirement Benefit Funds as approved by the shareholders at the Annual General Meetings. Annual increments are linked
to performance and are decided by the Remuneration Committee and recommended to the Board for approval thereof.
The remuneration policy is directed towards rewarding performance, based on review of achievements. It is aimed at attracting
and retaining high caliber talent.
There is no separate provision for payment of severance fees under the resolutions governing the appointment of Chairman and
Managing Director and Wholetime Director.
Presently, the Company does not have a scheme for grant of stock options or performance linked incentives for its Directors.

14
DETAILS OF REMUNERATION TO ALL THE DIRECTORS FOR THE YEAR ENDED MARCH 31, 2009
NON-WHOLETIME DIRECTORS
Name of the Director Sitting Fees(Rs.) No. of Shares held
Dr. Vijaypat Singhania 1,40,000 56247
Shri B. K. Kedia (upto May 22, 2008) 20,000 100
Shri Nana Chudasama 1,70,000 663
Shri B. V. Bhargava 80,000 NIL
Shri U. V. Rao 1,30,000 NIL
Shri I. D. Agarwal 50,000 NIL
Shri Nabankur Gupta 40,000 NIL
Shri P. K.Bhandari # 2,10,000 303
#
Shri. P. K.Bhandari after completion of his term as Wholetime Director on April 23, 2008 became Non-executive Director on the
Board of the Company.
No commission is payable to Non-Wholetime Directors for the Financial Year 2008-09 due to abscence of profits.
MANAGING AND WHOLETIME DIRECTOR
Name of the Director Salary (Rs.) Benefits (Rs.) Service Contract
Shri Gautam Hari Singhania, *1,80,00,000 *1,89,31,062 5 years
Chairman and Managing Director (July 1, 2004 to June 30, 2009)
Shri P. K.Bhandari, 6,13,333 56,23,179@ 5 years
Wholetime Director (upto April 23, 2008) (April 24, 2003 to April 23, 2008)
* Salary and benefits for February 2009 and March 2009 was provided in the books of accounts.
@The amount paid/payable to Shri P. K. Bhandari as shown in the benefits column above includes Rs.3,50,000/- towards gratuity
and Rs.48,00,000/- towards leave encashment on ceasing to be the Wholetime Director of the Company with effect from
April 24, 2008.
In accordance with the resolutions passed by the Board of Directors and the shareholders of the Company at their respective
meetings, appointing/revising the remuneration payable to the Chairman and Managing Director and to the Wholetime
Director of the Company an application u/s 198, 309 and other applicable provisions of the Companies Act, 1956, has been
made by the Company seeking approval of the Central Government for the payment of remuneration on the terms, as
approved by the shareholders at the Annual General Meeting of the Company held on June 23, 2006, due to inadequacy/
absence of profits for the Financial Year 2008-09. Two special resolutions in this respect are placed before the shareholders for
their approval at the 84th Annual General Meeting.
5. SHAREHOLDERS’/INVESTORS’ GRIEVANCES COMMITTEE:
FUNCTIONS
The Board of Raymond Limited has constituted a Committee of Directors, which inter-alia also functions as “Shareholders’/Investors’
Grievances Committee”, consisting of three members, chaired by a Non-Executive, Independent Director.
The Committee meets once a month and inter-alia, deals with various matters relating to:
- transfer/transmission/transposition of shares;
- consolidation/splitting of shares/folios;
- issue of share certificates for lost, sub-divided, consolidated, rematerialised, defaced, etc;
- review of shares dematerialised and all other related matters; and
- investors’ grievances and redressal mechanism and recommend measures to improve the level of investor services.
The Share Department of the Company and the Registrar and Share Transfer Agent, Link Intime India Private Limited attend to
all grievances of the shareholders and investors received directly or through SEBI, Stock Exchanges, Ministry of Corporate Affairs,
Registrar of Companies etc.
The Minutes of the Shareholders’/Investors’ Grievances Committee are noted by the Board of Directors at the Board Meetings.
Continuous efforts are made to ensure that grievances are more expeditiously redressed to the complete satisfaction of the
investors. Shareholders are requested to furnish their telephone numbers and e-mail addresses to facilitate prompt action.
COMPOSITION
The composition of the Committee of Directors is as under :
Name of the Director Position Category
Shri Nana Chudasama Chairman Independent, Non-Executive
Shri Gautam Hari Singhania Member Promoter, Executive
Shri P. K. Bhandari Member Non-Independent, Non-Executive
Shri Nana Chudasama acts as Chairman of Shareholders’/Investors’ Grievances Committee.
COMPLIANCE OFFICER
The Board has designated Shri Thomas Fernandes, Director – Secretarial & Company Secretary as the Compliance Officer.

15
MEETINGS AND ATTENDANCE
During the year, twelve meetings of the Committee of Directors were held on April 1, 2008, May 2, 2008, June 2, 2008, July 1,
2008, August 1, 2008, September 1, 2008, October 1, 2008, November 1, 2008, December 1, 2008, January 6, 2009, February 2,
2009 and March 2, 2009.
The number of meetings attended by each of the members is as under :
Name of the Director No. of meetings attended
Shri Nana Chudasama 12
Shri Gautam Hari Singhania 12
Shri P. K. Bhandari 12
DETAILS OF SHAREHOLDERS’ COMPLAINTS RECEIVED, NOT SOLVED AND PENDING SHARE TRANSFERS
The total number of complaints received and replied to the satisfaction of the shareholders during the year ended
March 31, 2009 was 143. There were no complaints outstanding as on March 31, 2009. The number of pending share transfers
and pending requests for dematerialisation as on March 31, 2009 were Nil.
Shareholders’/Investors’ complaints and other correspondence are normally attended to within seven working days except
where constrained by disputes or legal impediments. No investor grievances remained unattended/pending for more than thirty
days as on March 31, 2009.
6. GENERAL BODY MEETINGS:
a. Location and time, where last three Annual General Meetings were held is given below :
Financial Year Date Location of the Meeting Time
2005-2006 June 23, 2006 Registered Office of the Company at Ratnagiri 11.00 A.M.
2006-2007 June 18, 2007 Registered Office of the Company at Ratnagiri 11.00 A.M.
2007-2008 June 18, 2008 Registered Office of the Company at Ratnagiri 11.00 A.M.
b. Special Resolutions passed at last three Annual General Meetings :
(i) Special resolution for reappointment of Messrs. Dalal & Shah, Chartered Accountants as Statutory Auditors of the
Company were passed at the 81st Annual General Meeting of the Company held on June 23, 2006 which was put to
vote by show of hands and was passed unanimously.
(ii) The payment of commission to Non-Executive Directors for the financial year 2006-2007 and 2007-2008 were passed at
the 82nd Annual General Meeting of the Company held on June 18, 2007, which was put to vote by show of hands and
was passed unanimously. In the 83rd Annual General Meeting held on June 18, 2008, the shareholders’ have approved
payment of commission of Rs.25 lakhs to the Non-Executive Directors of the Company, by passing a special resolution
for a period of three years for financial years commencing from April 1, 2008 to March 31, 2011.
c. Passing of resolutions by Postal Ballot :
No items were passed by resolutions through Postal Ballot during the Financial Year 2008 - 2009. At the forthcoming Annual
General Meeting also, there is no item on the agenda that needs approval by Postal Ballot.
d. Extra-ordinary General Meeting :
No Extra-ordinary general meeting was held by the Company during the financial year ended March 31, 2009.
7. SUBSIDIARIES :
The Company does not have any material non-listed Indian subsidiary whose turnover or net worth (i.e. paid-up capital and free
reserves) exceeds 20% of the consolidated turnover or net worth respectively, of the listed holding company and its subsidiaries
in the immediately preceding accounting year.
8. CODE OF CONDUCT :
The Board of Directors has adopted the Code of Business Conduct and Ethics for Directors and Senior Management. The said
Code has been communicated to the Directors and members of the Senior Management. The Code has also been displayed
on the Company’s website – www.raymond.in.
9. INSIDER TRADING :
Code of Conduct for Prevention of Insider Trading
The Securities and Exchange Board of India (SEBI) has over the years introduced various amendments to the Insider Trading
Regulations of 1992 which ordain new action steps by corporates and other market intermediaries for the purposes of prevention
of Insider Trading.
Pursuant to the above requirements of SEBI (Prohibition of Insider Trading) Regulations, 1992 as amended, the Company has
adopted a ‘Code of Conduct for Prevention of Insider Trading’ (The Code) with effect from October 1, 2002. The Code is
applicable to all Directors and such Designated Employees who are expected to have access to unpublished price sensitive
information relating to the Company. The Company Secretary has been appointed as the Compliance Officer for monitoring
adherence to the said Regulations.

16
10. DISCLOSURES :
a. Disclosure on materially significant related party transactions that may have potential conflict with the interests of the
Company at large.
There are no materially significant related party transactions made by the Company with its Promoters, Directors or
Management, their subsidiaries or relatives, etc. that may have potential conflict with the interests of the Company at large.
Transactions with related parties as per requirements of Accounting Standard (AS-18) – ‘Related Party Disclosures’ are
disclosed in Note No. 19 of Schedule 16 to the Accounts in the Annual Report.
b. Disclosure of Accounting Treatment
In the preparation of the financial statements, the Company has followed the Accounting Standards referred to in Section
211 (3)(c) of the Companies Act, 1956. The significant accounting policies which are consistently applied are set out in the
Annexure to Notes to the Accounts.
c. Risk Management
Business risk evaluation and management is an ongoing process within the Company. During the year under review, a
detailed exercise on ‘Risk Assessment and Management’ was carried out covering the entire gamut of business operations
and the Board was informed of the same.
d. Details of non-compliance by the Company, penalties, strictures imposed on the Company by Stock Exchanges or SEBI or
any statutory authority, on any matter related to capital markets, during the last three years.
The Company has complied with all requirements of the Listing Agreements entered into with the Stock Exchanges as well
as the regulations and guidelines of SEBI. Consequently, there were no strictures or penalties imposed by either SEBI or the
Stock Exchanges or any statutory authority for non-compliance of any matter related to the capital markets during the last
three years.
e. Non-mandatory requirements
Adoption of non-mandatory requirements of Clause 49 of the Listing Agreement are being reviewed by the Board from
time to time.
11. MEANS OF COMMUNICATION:
(i) The Board of Directors of the Company approves and takes on record the quarterly, half yearly and yearly financial results
in the Proforma prescribed by Clause 41 of the Listing Agreement within one month of the close of the respective period.
(ii) The approved financial results are forthwith sent to the Listed Stock Exchanges and are published in a national English
newspaper. In addition, the same are published in local language (Marathi) newspaper, within forty-eight hours of approval
thereof. Presently the same are not sent to the shareholders separately.
(iii) Pursuant to Clause 51 of the Listing Agreement, all data related to quarterly financial results, shareholding pattern, etc. are
hosted on the Electronic Data Information Filing and Retrieval (EDIFAR) website www.sebiedifar.nic.in maintained by SEBI in
association with the National Informatics Centre, within the time frame prescribed in this regard.
(iv) The Company’s financial results and official news releases are displayed on the Company’s website www.raymond.in
(v) No formal presentations were made to the institutional investors and analysts during the year under review.
(vi) Management Discussion and Analysis forms part of the Annual Report, which is posted to the shareholders of the Company.
12. GENERAL SHAREHOLDER INFORMATION:
Detailed information in this regard is provided in the section ‘Shareholder Information’ which forms part of this Annual Report.
13. COMPLIANCE CERTIFICATE OF THE AUDITORS:
The Statutory Auditors have certified that the Company has complied with the conditions of Corporate Governance as stipulated
in Clause 49 of the Listing Agreement with the Stock Exchanges and the same is annexed to the Directors’ Report and
Management Discussion and Analysis.
The Certificate from the Statutory Auditors will be sent to the Listed Stock Exchanges along with the Annual Reports of the
Company.

D E C L A R A T I O N
As provided under Clause 49 of the Listing Agreement with the Stock Exchanges, all Board members and Senior Management
Personnel have affirmed compliance with Raymond Limited Code of Business Conduct and Ethics for the year ended
March 31, 2009.
for Raymond Limited

Gautam Hari Singhania


Chairman and Managing Director
Mumbai, April 24, 2009

17
SHAREHOLDER INFORMATION
Registered Office : Plot No. 156/H. No.2, Village Zadgaon, Ratnagiri 415 612,Maharashtra
Phone : 95-2352-232514; Fax : 95-2352- 232513 Website : www.raymond.in
Annual General Meeting : Day, Date and Time : Wednesday, June 10, 2009 at 11.00 A.M.
Venue : Registered Office of the Company : Plot No. 156/H. No. 2, Village Zadgaon,
Ratnagiri 415 612, Maharashtra.
Financial Calendar :
• Financial reporting for the quarter ending June 30, 2009 : End July 2009
• Financial reporting for the half year ending September 30, 2009 : End October 2009
• Financial reporting for the quarter ending December 31, 2009 : End January 2010
• Financial reporting for the year ending March 31, 2010 : End April 2010

Date of Book Closure : May 27, 2009 to June 10, 2009 (both days inclusive) in connection with Annual General Meeting.

Listing on Stock Exchanges:

The Equity Shares of the Company are listed on Bombay Stock Exchange Limited (BSE) and National Stock Exchange of India Limited
(NSE). Annual Listing Fees as prescribed have been paid to both the Stock Exchanges for the year 2009 – 2010.

Global Depository Receipts are listed on Luxembourg Stock Exchange and Annual Listing Fees as prescribed has been paid to the
said Stock Exchange for the calendar year 2009.

Stock Code : Bombay Stock Exchange Limited – 500330


National Stock Exchange of India Limited – Raymond EQ
Demat ISIN No. for NSDL and CDSL – INE301A01014
Stock Market Data : The monthly high and low quotations and volume of shares traded on BSE and NSE during the year were
as follows :

MONTH BSE NSE


HIGH (Rs.) LOW (Rs.) VOLUME (Nos.) HIGH (Rs.) LOW (Rs.) VOLUME (Nos.)
APRIL 2008 303.95 262.00 615144 302.00 262.10 1132349
MAY 2008 282.60 234.70 893008 292.00 235.00 1098442
JUNE 2008 258.00 205.00 716420 259.70 182.30 706018
JULY 2008 223.00 200.00 647677 223.00 190.80 655564
AUGUST 2008 209.70 193.05 581482 208.00 192.40 502917
SEPTEMBER 2008 199.95 128.00 510797 199.65 125.05 912876
OCTOBER 2008 137.00 75.00 844434 119.40 76.05 840298
NOVEMBER 2008 100.00 78.50 885738 101.50 76.00 493057
DECEMBER 2008 116.00 80.15 730527 117.60 84.30 1326057
JANUARY 2009 119.30 88.25 947078 119.50 89.10 945906
FEBRUARY 2009 91.00 76.15 702177 91.20 76.40 547198
MARCH 2009 81.60 68.10 1038012 81.30 67.95 1435611

BSE NSE

No. of Shares traded 9112494 10596293

Highest Share Price (Rs.) 303.95 302.00

Lowest Share Price (Rs.) 68.10 67.95

Closing share price as on March 31, 2009 (Rs.) 76.45 76.15

Market Capitalisation as on March 31, 2009 (Rs.) 46926 Lakhs 46742 Lakhs

18
Stock Performance (Indexed) :
The performance of the Company’s shares relative to BSE Sensex is given in the chart below:

20000 500

450
17500
400

SHARE PRICE ON BSE


15000
350
12500
BSE SENSEX

300

10000 250

200
7500
150
5000
100
2500
50

0 0
Apr-08

Aug-08
Jun-08

Jan-09
May-08

Mar-09
Feb-09
Sep-08

Nov-08

Dec-08
Oct-08
Jul-08

April 2008 to March 2009


BSE Sensex High BSE Sensex Low Share Price High Share Price Low

Registrar and Share Transfer Agent :


LINK INTIME INDIA PRIVATE LIMITED
(Formerly known as Intime Spectrum Registry Limited)
C-13, Pannalal Silk Mills Compound,
L.B.S Marg, Bhandup (West), Mumbai – 400 078.
Tel : 022-25963838; Fax : 022-25946969
e-mail : mahadevan.iyer@linkintime.co.in ; sujata.poojary@linkintime.co.in
e-mail : Exclusive for redressal of Investor Complaints is mumbai@linkintime.co.in
Time : 10.00 a. m. to 1.00 p. m. and 2.00 p. m. to 4.00 p. m. (Monday to Friday)
Share Transfer System:
The transfer of shares in physical form is processed and completed by Registrar & Transfer Agent within a period of seven days from
the date of receipt thereof provided all the documents are in order. In case of shares in electronic form, the transfers are processed
by NSDL/CDSL through respective Depository Participants. In compliance with the Listing Agreement with the Stock Exchanges, a
Practising Company Secretary carries out audit of the System of Transfer and a certificate to that effect is issued.
Distribution of shareholding as on March 31, 2009:
No. of equity shares No. of shareholders % of shareholders No. of shares held % of shareholding
Upto 500 125539 96.84 9130058 14.87
501 to 1000 2503 1.93 1829656 2.98
1001 to 2000 931 0.72 1328760 2.16
2001 to 3000 241 0.19 603477 0.98
3001 to 4000 120 0.09 428496 0.70
4001 to 5000 80 0.06 368475 0.60
5001 to 10000 109 0.08 772222 1.26
10001 and above 117 0.09 46919709 76.45
GRAND TOTAL 129640 100 61380853 100

19
Shareholding Pattern as on March 31, 2009:
Category No. of shares Percentage of
held shareholding
(A) Shareholding of Promoter and Promoter Group
1 Indian
(a) Individuals/Hindu Undivided Family 861403 1.40
(b) Bodies Corporate 22693022 36.97
Sub-Total (A)(1) 23554425 38.37
2 Foreign — —
Sub-Total (A)(2) — —
Total Shareholding of Promoter and Promoter Group (A)= (A)(1)+(A)(2) 23554425 38.37
(B) Public shareholding
1 Institutions
(a) Mutual Funds/UTI 3546267 5.78
(b) Financial Institutions/Banks 31944 0.05
(c) Venture Capital Funds — —
(d) Insurance Companies 12653205 20.61
(e) Foreign Institutional Investors 2740225 4.47
Sub-Total (B)(1) 18971641 30.91
2 Non-Institutions
(a) Bodies Corporate 3642096 5.93
(b) Individuals
i Individual shareholders holding nominal share capital up to Rs. 1 lakh 13351761 21.75
ii Individual shareholders holding nominal share capital in excess of Rs. 1 lakh. 964315 1.57
(c) Any Other (specify)
Trusts 1303 0.01
Sub-Total (B)(2) 17959475 29.26
Total Public Shareholding (B)= (B)(1)+(B)(2) 36931116 60.17
TOTAL (A)+(B) 60485541 98.54
(C) Shares held by Custodians and against which Depository Receipts have been issued 895312 1.46
GRAND TOTAL (A)+(B)+(C) 61380853 100

Dematerialisation of shares and liquidity:


94.37% of the equity shares of the Company have been dematerialised as on March 31, 2009. The Company has entered into
agreements with both National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) whereby
shareholders have an option to dematerialise their shares with either of the depositories.
Status of Dematerialisation as on March 31, 2009 :

PARTICULARS NO. OF SHARES % TO TOTAL CAPITAL NO. OF ACCOUNTS


National Securities Depository Limited 55797563 90.90 64286
Central Depository Services (India) Limited 2126659 3.47 14856
TOTAL DEMATERIALISED 57924222 94.37 79142
PHYSICAL 3456631 5.63 50498
GRAND TOTAL 61380853 100.00 129640

Outstanding GDRs/Warrants and Convertible Bonds, conversion date and likely impact on equity :
Outstanding number of GDRs represent 895312 equity shares (1.46%) of the total share capital as on March 31, 2009. Each GDR
represents 2 underlying equity shares. Since the underlying equity shares represented by GDRs have been allotted in full, the
outstanding GDRs have no impact on the equity of the Company.

20
The Company during the previous financial year had issued 61,38,085 warrants on a preferential basis to one of the promoters as per
the SEBI (Disclosure and Investor Protection) Guidelines, 2000 entitling the warrant holders to apply for equivalent number of fully paid
equity shares of Rs.10/- each at a price of Rs. 340/- per share. In terms of the special resolution, the said warrants have been issued
upon payment of 10% of the amount. The balance 90% of the amount is payable on or before June 3, 2009.

Unclaimed Dividends :
Pursuant to Section 205C of the Companies Act, 1956, dividends that are unpaid/unclaimed for a period of seven years from the
date they became due for payment are required to be transferred by the Company to the Investor Education and Protection Fund
(IEPF) administered by the Central Government. Given below are the dates of declaration of dividend and corresponding dates
when unpaid/unclaimed dividends are due for transfer to IEPF:

Financial Year Date of declaration of Dividend Due Date for transfer to IEPF
2001-2002 June 24, 2002 July 30, 2009
2002-2003 June 11, 2003 July 17, 2010
2003-2004 June 30, 2004 August 6, 2011
2004-2005 June 16, 2005 July 22, 2012
2005-2006 June 23, 2006 July 29, 2013
2006-2007 June 18, 2007 July 24, 2014
2007-2008 June 18, 2008 July 24, 2015

Members who have so far not encashed their dividend warrants are requested to write to the Company/Registrar to claim the same,
to avoid transfer to IEPF. Members are advised that no claims shall lie against the said Fund or the Company for the amounts of
dividend so transferred to the said Fund.
During the Financial Year 2008-09, the Company has transferred Rs. 36,64,515.00 to Investor Education and Protection Fund towards
Unclaimed Dividend, Fixed Deposits and Debentures, Interest on Fixed Deposits and Debentures.
Nomination:
Individual shareholders holding shares singly or jointly in physical form can nominate a person in whose name the shares shall be
transferable in case of death of the registered shareholder(s). Nomination facility in respect of shares held in electronic form is also
available with the depository participants as per the bye-laws and business rules applicable to NSDL and CDSL. Nomination forms
can be obtained from the Company’s Registrar and Share Transfer Agent.
Electronic Clearing Service:
The Securities and Exchange Board of India has made it mandatory for all companies to use the bank account details furnished by
the depositories and shareholders for crediting dividend through Electronic Clearing Services (ECS) to the investors wherever ECS
and bank details are available. In the absence of ECS facility, the Company is required to print the bank account details on the
dividend warrants. This ensures that the dividend warrants, even if lost or stolen, cannot be used for any purpose other than for
depositing the money in the accounts specified on the dividend warrants and ensures safety for the investors. The Company
complies with the SEBI requirements.
Plant Locations:
The Company has the following manufacturing and operating Divisions :
Textile Division :
Thane Jekegram, Thane, Maharashtra - 400 606;
Jalgaon No. E/1, MIDC Area, Phase II, Ajanta Road, Jalgaon, Maharashtra - 425 003;
Chhindwara B 1, A.K.V.N., Boregaon Industrial Growth Centre, Kailash Nagar, Tehsil Sauser,
Dist. Chhindwara, Madhya Pradesh - 480 001;
Vapi N. H. No.8, Khadki - Udwada, Taluka Pardi, District Valsad, Gujarat - 396 185;
Bangalore No.4/2A, 2B, 5/3A, 3B, Gundapura, Gowribidanur, Taluk Chikkaballapura,
Bangalore, Karnataka – 561208.

21
J. K. Files and Tools Division:
Ratnagiri A-1 Mirjole Industrial Estate, MIDC, Kolhapur Road, Ratnagiri, Maharashtra - 415 639;
Chiplun Plot No. C 1/1, MIDC Area, Gane – Khadpoli, Chiplun, Maharashtra - 415 605.
Pithampur Shed No. S/1 & S/2, Sector 1, Road No. 10, Pithampur, Dist. Indore,
Madhya Pradesh - 454 775.
Kolkata 22 New Tangra Road, Kolkata, West Bengal - 700 046.

Aviation Division : Mahindra Towers, B Wing, 2nd Floor, P. B. Marg, Worli, Mumbai - 400 018.
Address for Correspondence:
PHYSICAL SHARES DEMAT SHARES DEBENTURES AND FIXED DEPOSITS
LINK INTIME INDIA PRIVATE LIMITED Respective Depository Raymond Limited
C-13, Pannalal Silk Mills Compound, Participants of the shareholders Share Department
L.B.S Marg, Bhandup (West), Pokhran Road No.1
Mumbai – 400 078 Jekegram
Tel : 022-25963838 Thane 400 606
Fax : 022-25946969 Maharashtra
e-mail: mahadevan.iyer@linkintime.co.in Phone : 022-4036 8619/20
sujata.poojary@linkintime.co.in Fax : 022-2538 2912

SECRETARIAL AUDIT FOR RECONCILIATION OF CAPITAL:


As stipulated by SEBI, a qualified Practising Company Secretary carries out Secretarial Audit to reconcile the total admitted capital
with National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) and the total issued and
listed capital. This audit is carried out every quarter and the report thereon is submitted to the Listed Stock Exchanges. The audit
confirms that the total Listed and Paid-up Capital is in agreement with the aggregate of the total number of shares in dematerialised
form (held with NSDL and CDSL) and total number of shares in physical form.

AUDITORS’ CERTIFICATE ON CLAUSE 49 COMPLIANCE

The Members of
Raymond Limited

We have reviewed the records concerning the Company’s compliance of the conditions of Corporate Governance as stipulated in
Clause 49 of the Listing Agreement entered into, by the Company, with Stock Exchanges of India, for the financial year ended
31st March, 2009.

The Compliance of conditions of corporate governance is the responsibility of the management. Our examination was limited to
procedures and implemention thereof, adopted by the Company for ensuring the compliance of the conditions of the Corporate
Governance. It is neither an audit nor an expression of opinion on the financial statements of the Company.

We have conducted our review on the basis of the relevant records and documents maintained by the Company and furnished to
us for the review, and the information and explanations given to us by the Company.

Based on such a review and to the best of our information and according to the explanations given to us, in our opinion, the
Company has complied with the conditions of Corporate Governance, as stipulated in Clause 49 of the said Listing Agreements.

We further state that, such compliance is neither an assurance as to the future viability of the Company, nor as to the efficiency or
effectiveness with which the management has conducted the affairs of the Company.

For and on behalf of


DALAL & SHAH
Chartered Accountants

Ashish Dalal
Partner
Mumbai, April 24, 2009 Membership No. 33596

22
REPORT OF THE AUDITOR TO THE MEMBERS
We have audited the attached Balance Sheet of Raymond Limited as at 31st March, 2009, the annexed Profit and Loss Account for
the year ended on that date, and also the Cash Flow Statement for the year ended on that date. These financial statements are the
responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our
audit.

1. We conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that
we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from any
material misstatement. An audit includes, examining on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes, assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a
reasonable basis for our opinion.

2. As required by the Companies (Auditor’s Report) Order, 2003 and the Companies (Auditor’s Report) (Amendment) Order, 2004
issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956, we annex hereto a statement on the
matters specified in paragraphs 4 and 5 of the said Order.

3. Further to our comments in the Annexure referred to above, we report that:


(i) We have obtained all the information and explanations, which, to the best of our knowledge and belief, were necessary for
the purposes of our audit;

(ii) In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our
examination of the books of the Company;

(iii) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the
books of account of the Company;
(iv) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with
the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act,1956;
(v) Based on the representations made by the Directors as on 31st March, 2009 and taken on record by the Board of Directors
of the Company and the information and explanations given to us, none of the Directors is, as at 31st March, 2009, prima-
facie disqualified from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the
Companies Act, 1956;
(vi) Without qualifying our opinion, we draw attention to Note No.3A in Schedule 16 relating to investments in, loans and other
receivables from subsidiaries, whose networths have eroded/substantially eroded; Note No.3B(a) in Schedule 16, relating to
provision for diminution in the value of Company’s exposures in Raymond UCO Denim Private Limited, based on a valuer’s
report and management’s judgement, upon which we have placed our reliance; and Note No.8A relating to managerial
remuneration which is subject to the approval of the Central Government and the Shareholders.

(vii) In our opinion and to the best of our information and according to the explanations given to us, the said financial
statements, read with the notes thereon, give the information required by the Companies Act, 1956, in the manner so
required and present a true and fair view in conformity with the accounting principles generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2009;

(b) in the case of the Profit and Loss Account, of the Loss for the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

For and on behalf of


DALAL & SHAH
Chartered Accountants

Ashish Dalal
Partner
Mumbai: 24th April, 2009 Membership No.33596

23
ANNEXURE REFERRED TO IN PARAGRAPH 2 OF OUR AUDITOR’S REPORT OF EVEN DATE ON THE FINANCIAL
STATEMENTS FOR THE YEAR ENDED 31st MARCH, 2009 OF RAYMOND LIMITED
On the basis of such checks as we considered appropriate and in terms of the information and explanations given to us, we state that:-
i. (a) The Company has generally maintained proper records showing particulars, including quantitative details and situation of
fixed assets;
(b) As explained to us, the fixed assets have been physically verified by the management at reasonable intervals, according to
a phased verification programme, which, in our opinion, is reasonable, looking to the size of the Company and the nature
of its assets. According to the information and explanations given to us, discrepancies noticed on physical verification have
been properly dealt with in the books of account;
(c) During the year, the Company has not disposed off any substantial part of its fixed assets so as to affect its going concern;
ii. (a) As explained to us, inventories have been physically verified during the year by the management. Inventories lying with
outside parties have been confirmed by them at the close of the year;
(b) The procedures explained to us, which are followed by the management for physical verification of inventories, are, in our
opinion, reasonable and adequate in relation to the size of the Company and the nature of its business;
(c) On the basis of our examination of the inventory records of the Company, we are of the opinion that, the Company is
maintaining proper records of its inventory. Discrepancies which were noticed on physical verification of inventory as
compared to book records, have been properly dealt with in the books of account;
iii. According to the information and explanations given to us, the Company has not granted/taken any loan, secured or
unsecured, to/from companies, firms or other parties covered in the register maintained under Section 301 of the Companies
Act 1956;
iv. In our opinion and according to the information and explanations given to us, there are generally adequate internal control
procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventory
and fixed assets and for sale of goods and services. During the course of our audit, we have not observed any continuing failure
to correct major weaknesses in internal control;
v. (a) On the basis of the audit procedures performed by us, and according to the information, explanations and representations
given to us, the particulars of all transactions in which directors were interested, as contemplated under Section 297 and
Section 299 of the Companies Act, 1956, and which were required to be entered in the register maintained under Section
301 of the said Act, have been so entered;
(b) In our opinion, and according to the information and explanations given to us, the transactions made in pursuance of
contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 exceeding the
value of rupees five lacs in respect of any party during the year have been made at prices which are reasonable having
regard to prevailing market prices at that time;
vi. The Company has not accepted any deposits from the public;
vii. On the basis of the internal audit reports broadly reviewed by us, we are of the opinion that, the coverage of internal audit
functions carried out by a firm of Chartered Accountants appointed by the management, is commensurate with the size of the
Company and the nature of its business;
viii. We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Central
Government for the maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956 in respect of the
Company’s products to which the said rules are made applicable, and are of the opinion that, prima-facie, the prescribed
accounts and records have been made and maintained. We have, however not made a detailed examination of the records
with a view to determine whether they are accurate or complete;
ix. (a) According to the records of the Company, it has generally been regular in depositing undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees’ State Insurance, Income Tax, Sales Tax, Wealth Tax,
Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues with the appropriate authorities;
(b) On the basis of our examination of the documents and records, and explanations and information given to us, there were
no disputed dues in respect of Service Tax, Wealth Tax and Custom Duty. The following disputed dues on account of
Income Tax, Sales Tax, Excise Duty, Entry Tax and Cess on Royalty have not been deposited with the appropriate authorities:
Nature of Dues Amount (Rs. in lacs) Forum where dispute is pending
Income Tax 489.07 Commissioner of Income Tax (Appeals)
Sales Tax / VAT and Entry Tax 41.43 High Courts
18.76 Sales Tax Appellate Tribunal
108.60 Sales Tax Departmental Authorities
Excise Duty 5849.68 Central Excise and Service Tax Appellate Tribunal
221.27 Excise Departmental Authorities
Cess on Royalty Amount not determinable High Court

24
x. The Company has neither accumulated losses at the end of the financial year nor has it incurred cash losses, both, in the
financial year under report and the immediately preceding financial year;
xi. On the basis of the records examined by us and the information and explanations given to us, the Company has not defaulted
in repayment of dues to Banks and Debenture holders. There were no dues to any Financial Institution during the year;
xii. As explained to us, the Company has not granted any loans or advances on the basis of security by way of pledge of shares,
debentures or any other securities;

xiii. In respect of shares, securities, debentures and other investments dealt or traded by the Company, proper records have been
maintained in respect of the transactions and contracts and timely entries have been made therein. All the investments are
held by the Company in its own name;
xiv. According to the information and explanations given to us, and the representations made by the management, the Company
has given guarantee for loans taken by its subsidiaries from Banks aggregating Rs.8307.33 lacs. The terms and conditions of such
guarantees are, prima-facie, not prejudicial to the interests of the Company;
xv. On the basis of the records examined by us, we have to state that, the Company has, prima facie, applied the term loans for the
purposes for which they were obtained;

xvi. According to the information and explanations given to us and on an overall examination of the Financial Statements of the
Company, we are of the opinion that, prima facie, short term funds have not been used for long term investment;

xvii. The Company has, during the year, not made any preferential allotment of shares to parties and companies covered in the
register maintained under Section 301 of the Companies Act, 1956;
xviii. On the basis of the records and documents examined by us, the Company has, during the year, issued short term privately
placed secured debentures with daily put/call option, aggregating Rs.114100 lacs, which have been repaid prior to the
creation of any security in favour of the debenture holders;
xix. The Company has not raised any money by way of public issue during the year;

xx. According to the information and explanations given to us, and to the best of our knowledge and belief, no significant fraud on
or by the Company, has been noticed or reported by the Company during the year ;

Looking to the nature of activities being carried on, at present, by the Company and also considering the nature of the matters
referred to in the various clauses of the Companies (Auditors’ Report) Order, 2003, and the Companies (Auditor’s Report) (Amend-
ment) Order, 2004, Clauses (iii)(b), (iii)(c), (iii)(d), (iii)(f), (iii)(g) and (xiii) of paragraph 4 of the aforesaid Order, are, in our opinion, not
applicable to the Company.

For and on behalf of


DALAL & SHAH
Chartered Accountants

Ashish Dalal
Partner
Mumbai: 24th April, 2009 Membership No.33596

25
BALANCE SHEET AS AT 31ST MARCH, 2009
Schedule 31st March, 2009 31st March, 2008
No. (Rs. in lacs) (Rs. in lacs)
SOURCES OF FUNDS:
Shareholders’ Funds:
Share Capital 1 6138.08 6138.08
Share Warrants 1A 2086.95 2086.95
Reserves and Surplus 2 106560.29 133690.42
114785.32 141915.45
Loan Funds: 3
Secured Loans 86884.81 50204.16
Unsecured Loans 47621.85 37472.21
134506.66 87676.37
Deferred Tax Liability (Net)
(Refer Note18) 2837.20 5967.58
TOTAL 252129.18 235559.40

APPLICATION OF FUNDS:
Fixed Assets: 4
Gross Block 170064.13 134540.27
Less: Depreciation and Amortisation 70159.58 62587.76
Net Block 99904.55 71952.51
Capital work-in-progress 6210.69 1358.36
106115.24 73310.87
Investments 5 88859.46 104730.20

Current Assets, Loans and Advances: 6


Inventories 34040.36 32974.18
Sundry Debtors 30447.61 28988.56
Cash and Bank Balances 4679.94 2182.48
Other Current Assets 5066.34 5775.49
Loans and Advances 23931.08 23361.38
98165.33 93282.09
Less:
Current Liabilities and Provisions: 7
Current Liabilities 35044.23 28210.03
Provisions 5966.62 7553.73
41010.85 35763.76
Net Current Assets 57154.48 57518.33
TOTAL 252129.18 235559.40
Notes forming part of the Accounts 16

As per our Report of even date


For and on behalf of
DALAL & SHAH H. SUNDER GAUTAM HARI SINGHANIA
Chartered Accountants President - Finance Chairman and Managing Director

ASHISH DALAL THOMAS FERNANDES P. K. BHANDARI


Partner Director-Secretarial & Director
Company Secretary

Mumbai, 24th April, 2009 Mumbai, 24th April, 2009

26
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2009
Year ended Year ended
Schedule 31st March, 2009 31st March, 2008
No. (Rs. in lacs) (Rs. in lacs)
INCOME
Sales, Services and Export Incentives 8 139325.37 133756.33
Less:Excise Duties (1405.99) (1505.18)
137919.38 132251.15
Other Income 9 9860.40 12080.89
147779.78 144332.04
EXPENDITURE
Material Costs 10 44290.85 46855.29
Manufacturing and Operating Costs 11 27030.47 26467.16
(Increase)/Decrease in finished and process stock 12 (2904.95) (3792.31)
Employment Costs 13 26100.26 23315.98
Administrative, Selling and
General expenses 14 32845.78 30437.68
Finance Charges 15 8500.86 6010.34
Loss/(Gain) on Variation In Foreign
Exchange Rates (Net) 8910.27 (1683.66)
Depreciation and Amortisation 8881.35 8106.71
153654.89 135717.19
PROFIT/(LOSS) FOR THE YEAR BEFORE EXCEPTIONAL ITEMS: (5875.11) 8614.85
EXCEPTIONAL ITEMS (Refer Note 17) (23879.95) (445.19)
PROFIT/(LOSS) FOR THE YEAR BEFORE TAX (29755.06) 8169.66
Provision for Income Tax :
- Current Tax — 780.08
Less: MAT Credit — (642.08)
- Deferred Tax charge/(credit) (3130.38) 1015.49
- Fringe Benefit Tax 315.00 342.00
Provision for Wealth Tax 100.00 62.00
PROFIT/(LOSS) FOR THE YEAR AFTER TAX (27039.68) 6612.17
Prior period adjustments (net) (Refer Note 16) (65.41) 1.03
Tax in respect of ealier years (Net) (50.04) 629.10
Balance brought forward 32674.54 27888.77
BALANCE AVAILABLE FOR APPROPRIATION 5519.41 35131.07
General Reserve — 661.22
Proposed Dividend — 1534.52
Tax on proposed dividend — 260.79
— 2456.53
Balance carried to Balance Sheet 5519.41 32674.54
Weighted average number of Equity Shares outstanding
during the year 61380853 61380853
Basic and diluted earnings per share, including exceptional
items (in Rs.) (44.24) 11.80
Basic and diluted earnings per share, excluding exceptional
items (net of tax) (in Rs.) (5.94) 12.28
Notes forming part of the Accounts 16

As per our Report of even date


For and on behalf of
DALAL & SHAH H. SUNDER GAUTAM HARI SINGHANIA
Chartered Accountants President - Finance Chairman and Managing Director

ASHISH DALAL THOMAS FERNANDES P. K. BHANDARI


Partner Director-Secretarial & Director
Company Secretary

Mumbai, 24th April, 2009 Mumbai, 24th April, 2009

27
CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2009
Year Ended Year Ended
31st March, 2009 31st March, 2008
(Rs. in lacs) (Rs. in lacs)
A. Cash Flow arising from Operating Activities:
Net Profit before Tax and Exceptional Items as per
Profit and Loss Account (5875.11) 8614.85
Add/(Deduct):
a) Provision for Doubtful Debts / Bad Debts, Advances and
claims written off 117.73 27.15
b) Provision no longer required (753.62) (186.52)
c) Provision for Diminution in value of Investments 1313.56 43.72
d) Depreciation and Amortisation Charge 8881.35 8106.71
e) Finance Charges and Gain/Loss on variation in
Foreign Exchange rates 20806.45 7387.76
f) Loss on sale of Assets ( Net) 45.49 120.72
g) Interest Income (4136.00) (3456.88)
h) Dividend Income (1949.28) (1279.80)
i) Surplus on sale of Investments (1721.52) (4692.16)
22604.16 6070.70
Operating Cash Profit before Working Capital Changes 16729.05 14685.55
Add/(Deduct):
a) Increase/(Decrease) in Trade Payable 7544.03 (1135.02)
b) Decrease/ (Increase) in Trade and Other Receivables (9431.10) (5112.23)
c) Decrease/(Increase) in Inventories (1066.18) (4607.82)
(2953.25) (10855.07)
Cash Flow from Operations 13775.80 3830.48
Add : Direct Taxes refunds (Net) (1343.77) (1826.26)
Cash Flow before Prior Period Adjustments 12432.03 2004.22
Add/(Deduct) : Prior Period adjustments (65.62) (7.37)
Net Cash Inflow in the course of Operating Activities 12366.41 1996.85
Deduct: Voluntary Retirement Compensation 312.54 445.19
Net Cash Inflow in the course of Operating
Activities after Exceptional Items 12053.87 1551.66
B. Cash Flow arising from Investing Activities:
Inflow:
a) Sale of Fixed Assets 194.52 153.43
b) Interest Received 4195.62 3309.84
c) Dividend Received 1949.28 1279.80
d) Sale of Long Term Investments 12729.61 7664.82
e) Capital Subsidy Received 25.00 —
19094.03 12407.89
Outflow:
a) Acquisition of Fixed Assets 41925.52 5509.17
b) Investment in Subsidiaries/Joint Ventures 1293.58 2892.65
c) Purchase of other Long Term Investments 752.10 450.00
d) Purchase of Current Investments (Net) 14307.41 5956.43
e) Increase in Loans to Companies (Net) (3071.45) (1089.79)
55207.16 13718.46
Net Cash (Outflow) in the course of Investing Activities (36113.13) (1310.57)

C. Cash Flow arising from Financing Activities:


Inflow:
a) Proceeds from Term Loans 46329.33 1279.21
b) Proceeds from other Borrowings (Net) 500.95 14508.96
c) Proceeds from Issue of Share Warrants — 2086.95

46830.28 17875.12
Outflow:
a) Finance Charges (Net) 18471.12 9121.18
b) Dividend Paid 1541.65 3052.37
c) Tax on dividend 260.79 521.58
d) Repayment of Debentures (Net) — 5800.00

20273.56 18495.13
Net Cash Inflow in the course of Financing Activities 26556.72 (620.01)
Net Increase/(Decrease) in Cash/Cash Equivalents (A+B+C) 2497.46 (378.92)
Add: Balance at the beginning of the year 2182.48 2561.40
Cash and Cash Equivalents at the close of the year 4679.94 2182.48

As per our Report of even date


For and on behalf of
DALAL & SHAH H. SUNDER GAUTAM HARI SINGHANIA
Chartered Accountants President - Finance Chairman and Managing Director

ASHISH DALAL THOMAS FERNANDES P. K. BHANDARI


Partner Director-Secretarial & Director
Company Secretary

Mumbai, 24th April, 2009 Mumbai, 24th April, 2009

28
SCHEDULES ‘1’ TO ‘16’ ANNEXED TO AND FORMING PART OF THE BALANCE SHEET
AS AT AND THE PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2009.

31st March, 2009 31st March, 2008


(Rs. in lacs) (Rs. in lacs)

SCHEDULE 1 - SHARE CAPITAL


Authorised:
10,00,00,000 Equity Shares of Rs.10 each 10000.00 10000.00
10000.00 10000.00

Issued and Subscribed :


* 6,13,80,853 Equity Shares of Rs.10 each, fully paid-up 6138.08 6138.08
Per Balance Sheet 6138.08 6138.08

3,50,000 Equity Shares were allotted as fully paid-up pursuant to


contracts without payments being received in cash and 4,25,28,312
Equity Shares were allotted as fully paid-up Bonus Shares by way of
capitalisation of Securities Premium Account and Reserves.
* includes 8,95,312 Equity Shares represented by Global
Depository Receipts

SCHEDULE 1A - SHARE WARRANTS


61,38,085 warrants of Rs. 34/- each (Refer Note 7) 2086.95 2086.95
Per Balance Sheet 2086.95 2086.95

SCHEDULE 2 - RESERVES AND SURPLUS


(a) Securities Premium Account:
Balance as per last account 14778.55 14778.55
(b) Capital Redemption Reserve:
Balance as per last account 1371.01 1371.01
(c) Capital Reserve:
Balance as per last account — —
Add: Capital Subsidy received during the year 25.00 —

(Refer Note below) 25.00 —


(d) Debenture Redemption Reserve:
Balance as per last account — 1450.00
Less:Transfer to General Reserve — 1450.00
— —
(e) General Reserve:
Balance as per last account 84866.32 83989.53
Add: 1) Transfer from Debenture Redemption Reserve — 1450.00
2) Transfer from Profit and Loss Account — 661.22
Less: Adjustment on account of transitional
provisions of Accounting Standard - 15 on
Employee Benefits — (1234.43)
84866.32 84866.32
(f) Profit and Loss Account 5519.41 32674.54
Total Reserves and Surplus - Per Balance Sheet 106560.29 133690.42

Note: Received under the Special Capital Incentive Scheme for the Company’s investment in its manufacturing facility at Chiplun.

29
SCHEDULE 3 - LOAN FUNDS 31st March, 2009 31st March, 2008
(Rs. in lacs) (Rs. in lacs)

(a) Secured Loans:


Term Loans from Banks (including foreign
currency loan from banks Rs.4330.75 lacs;
Previous year Rs. 3397.45 lacs)
[Refer Note 1(a)(i) and (ii)] 67665.12 36335.79
Term Loan from a Bank (Partly Secured) [Refer Note 1(a) (iii)] 15000.00 —
Short Term Borrowings from Bank:
Under Buyer’s Credit Arrangements 650.50 3139.06
[Refer Note 1(b)]
Working Capital Loans from Banks (including foreign
currency loan from banks Rs. 3057.00 lacs;
Previous year Rs. 1998.50 lacs) [Refer Note 1(b)] 3569.19 10729.31
Total - Secured Loans 86884.81 50204.16

(b) Unsecured Loans:


Foreign Currency Loans from Banks 29208.00 30593.34
Short Term Borrowings from Banks:
Foreign Currency Loans 690.60 3997.00
Others — 2500.00
690.60 6497.00
By issue of Commercial Papers (Maximum balance
during the year Rs 19000 Lacs; Previous year Rs. Nil) 17500.00 —
Sales Tax Deferment Loans 223.25 381.87
Total - Unsecured Loans 47621.85 37472.21
Total Loan Funds - Per Balance Sheet 134506.66 87676.37
SCHEDULE 4 - FIXED ASSETS
(Refer Note 2) (Rs. in lacs)
GROSS BLOCK - AT COST DEPRECIATION / AMORTISATION NET BLOCK
(unless otherwise specified)
Balance Additions/ Deduct- Balance Upto For the Deduct- Upto As at As at
as at Adjust- tions/Ad- as at 31-Mar-08 year tions/Ad- 31-Mar-09 31-Mar-09 31-Mar-08
01-Apr-08 ments justments 31-Mar-09 justments
A. Assets
Land -
Freehold 2599.55 — — 2599.55 — — — — 2599.55 2599.55
Leasehold 246.25 — — 246.25 20.82 2.16 — 22.98 223.27 225.43
Buildings 16877.37 5704.91 — 22582.28 4968.95 680.00 — 5648.95 16933.33 11908.42
Plant and Machinery,
Electrical Installations and
Equipments 89413.80 30274.11 1256.92 118430.99 50222.81 5562.44 1073.00 54712.25 63718.74 39190.99
Furniture, Fixtures and
Office Equipment 4445.61 664.68 109.32 5000.97 2726.46 402.35 82.20 3046.61 1954.36 1719.15
Livestock (at book value) 12.71 — 4.42 8.29 — — — — 8.29 12.71
Vehicles 2208.72 187.72 178.67 2217.77 1355.17 243.82 154.33 1444.66 773.11 853.55
Aircraft 9853.00 — — 9853.00 1336.73 552.60 — 1889.33 7963.67 8516.27
Boats and Water Equipments 7239.89 96.83 — 7336.72 1188.04 919.52 — 2107.56 5229.16 6051.85
Software 1643.37 144.94 — 1788.31 768.78 518.46 — 1287.24 501.07 874.59
Per Balance Sheet 134540.27 37073.19 1549.33 170064.13 62587.76 8881.35 @1309.53 70159.58 99904.55 71952.51
Previous year’s Total 123003.48 12719.32 1182.53 134540.27 55397.84 8106.71 @916.79 62587.76 71952.51
@ Net after adjustments on account of Excess provision for depreciation/amortisation Rs. 0.21 lacs
relating to earlier years (Previous year Rs.8.40 lacs).
B. Capital work-in-progress 6210.69 1358.36

30
SCHEDULE 5 - INVESTMENTS (AT COST/BOOK VALUE) 31st March, 2009 31st March, 2008
(fully paid up unless otherwise specified) Nos. (Rs. in lacs) Nos. (Rs. in lacs)
I. LONG TERM INVESTMENTS
A Investments in Government Securities : 0.06 0.06
National Saving Certificates (deposited with
Government Department as Security)
0.06 0.06
B Investments in Shares of Subsidiary Companies
(Unquoted):
1. Raymond Apparel Limited
- Equity Shares of Rs.10 each 2000000 191.51 2000000 191.51
- 6% Cumulative Redeemable Preference Shares of Rs.100 each 3430000 3430.00 3430000 3430.00
2. J.K. (England) Limited (Equity Shares of £.1 each) 1000 0.03 1000 0.03
3. Jaykayorg AG (Equity Shares of Swiss Francs 100 each) 500 0.98 500 0.98
4. Pashmina Holdings Limited (Equity Shares of Rs.10 each) 740000 724.00 740000 724.00
5. Everblue Apparel Limited [ Refer Note 3A(b)]
- Equity Shares of Rs.10 each 5000000 500.00 5000000 500.00
- 6% Optionally Convertible Preference Shares of Rs.100 each 1000000 1000.00 1000000 1000.00
6. Regency Texteis Portuguesa, Limitada:
- Equity Shares 1148.91 1148.91
Less:Provision for diminution in value of Investments
[Refer Note 3B(b)] (512.00) —
636.91 1148.91
- Preference Shares 355.24 355.24
7. Hindustan Files Limited (Equity Shares of Rs.10 each) 3770070 377.01 3770070 377.01
8. Colorplus Fashions Limited
- 0.01% Non Cumulative Preference Shares of Rs.100 each 398000 398.00 398000 398.00
9. Silver Spark Apparel Limited:
- Equity Shares of Rs.10 each 7000000 700.00 7000000 700.00
-7% Non Cumulative Preference Shares of Rs.100 each 1000000 1000.00 1000000 1000.00
10. Celebrations Apparel Limited (Equity Shares of Rs.10 each)
[Refer Note 3A(a)] 2710000 271.00 2710000 271.00
11. Scissors Engineering Products Limited
- Equity Shares of Rs.10 each 6907450 690.75 6892450 689.25
- 6% Cumulative Optionally Convertible Preference Shares of
Rs.100 each 2052305 2052.31 2048805 2048.81
12. JK Talabot Limited ( Equity Shares of Rs.10 each ) 7248936 724.89 7248936 724.89
13. Raymond Europe SRL 41.58 41.58
Less:Provision for diminution in value of Investments
[Refer Note 3B (c)] (41.58) — —
14. Raymond Woollen Outerwear Ltd.
[Formerly known as Raymond Fedora Private Limited]
(Equity Shares of Rs.10 each) [Refer Note 3A(c)] 9690000 969.00 — —
14021.63 13601.21
C. Investments in Joint Ventures *
1. Raymond Zambaiti Private Limited (Equity Shares of Rs.10 each) 41000000 4100.00 41000000 4100.00
2. Raymond Fedora Private Limited
(Equity Shares of Rs.10 each ) [Refer Note 3A(c)] — — 9690000 969.00
3. Raymond UCO Denim Private Limited [Refer Note 3B(a)]
- Equity Shares of Rs.10 each 10644250 16088.69 10000000 14800.19
- 0.1% Preference Shares of Rs.10 each 10000000 8700.00 10000000 8700.00
24788.69 23500.19
Less:Provision for diminution in value of Investments
[Refer Note 3B(a)] (16400.00) —
8388.69 23500.19
12488.69 28569.19
* The Company has agreed with the lenders (Banks) of some of these Companies for not disposing off these investments without
their prior consent

31
31st March, 2009 31st March, 2008
Nos. (Rs. in lacs) Nos. (Rs. in lacs)
SCHEDULE 5 - INVESTMENTS (AT COST/BOOK VALUE) Contd...
(fully paid up unless otherwise specified)
D. Non-Trade Investments:
Shares (Unquoted):
1. Gujarat Sheep & Wool Development Corporation Limited
(Equity Shares of Rs.100 each) 102 0.10 102 0.10
Less:Provision for diminution in value of Investments (0.10) (0.10)
2. P. T. Jaykay Files Indonesia - Associate Company
(Equity Shares of Indon.Rp.4,150 = US$ 10 each) 24000 23.99 24000 23.99
3. Bengal & Assam Company Limited (Equity Shares of Rs.100 each) 1150 1.00 1150 1.00
Less:Provision for diminution in value of Investments (1.00) (1.00)
4. Impex (India) Limited (Equity Shares of Rs.10 each) 8000 0.80 8000 0.80
5. R.R. Investments & Estates Private Limited
(Equity Shares of Rs.100 each) 225 5.19 225 5.19
6. Seven Seas Transportation Limited (Equity Shares of Rs.10 each) 205000 27.94 205000 27.94
Less:Provision for diminution in value of Investments (27.94) (27.94)
7. J.K. Cotton Spg. & Wvg. Mills Company Limited
(Equity Shares of Rs.10 each) 10510 2.49 10510 2.49
Less:Provision for diminution in value of Investments (2.49) (2.49)
8. Radha Krshna Films Limited - Associate Company
(Equity Shares of Rs.10 each) 2500000 250.00 2500000 250.00
Less:Provision for diminution in value of Investments (250.00) (250.00)
29.98 29.98
E. Non-Trade Investments:
Shares (Unquoted):
1. J.K. Investo Trade (India) Limited - Associate Company
(Equity Shares of Rs.10 each) 3489878 326.12 3489878 326.12
Bonds (Quoted):
1. 6.75% Tax Free US 64 Bonds of Rs.100 each — — 974956 974.96
2. 6.60% UTI Units Tax Free Bonds of Rs.100 each 2000000 2000.00 2000000 2000.00
2326.12 3301.08
F. Non-Trade Investments:
Unquoted Debentures:
1. R.R. Investments & Estates Private Limited (Unsecured Debentures
of Rs.10,000 each) [Residual value after redemption Rs.7,800 each
(Net of redemption Rs.0.06 lac and proportionate acquisition
cost written off Rs.1.56 lacs)] 19 42.19 19 42.19
2. Raymond Apparel Limited (a subsidiary) (Fully Convertible
Unsecured Debentures of Rs.100 each) 2850000 2850.00 2850000 2850.00
3 Raymond UCO Denim Private Limited (a Joint Venture)
(Non- Convertible Unsecured Debentures of Rs.100 each
bearing interest linked to one year Government Security
with annual reset) 2850000 2850.00 2850000 2850.00
Less:Provision for diminution in value of Investments
[Refer Note 3 (d)] (2850.00) —
2892.19 5742.19
G. Others:
1 5.50% SIDBI Capital Gains Bonds Issue - 2005 of Rs.10000 each — — 8200 820.00
2 5.50% NHAI Capital Gains Bonds Issue - of Rs.100000 each 75000 7500.00 75000 7500.00
7500.00 8320.00
H. Investments in Mutual Fund - FMP ( Growth )(Units of Rs.10 each)
1 Prudential ICICI FMP Series 34 Scheme-18 Months Plans
(NAV Previous year Rs.1112.57 lacs) — — 10000000 1000.00
2 Prudential ICICI FMP Series 34 Scheme-17 Months Plans
(NAV Previous year Rs.554.54 lacs) — — 5000000 500.00
C/F — 1500.00

32
31st March, 2009 31st March, 2008
Nos. (Rs. in lacs) Nos. (Rs. in lacs)
SCHEDULE 5 - INVESTMENTS (AT COST/BOOK VALUE) Contd...
(fully paid up unless otherwise specified)
B/F — 1500.00
3 Kotak FMP 16M Series 1 Growth(NAV Previous year Rs.1110.93 lacs) — — 10000000 1000.00
4 HDFC FMP 16M Dec2006(2) Wholesale Plan Growth
(NAV Previous year Rs.555.98 lacs) — — 5000000 500.00
5 Prudential ICICI FMP Series 34 Scheme-16 Months Plans
(NAV Previous year Rs.1107.42 lacs) — — 10000000 1000.00
6 HSBC Fixed Term Series 22 Inst. Growth (15 Months Plan)
(NAV Previous year Rs.1111.44 lacs) — — 10000000 1000.00
7 HDFC FMP 16M January2007(2) Wholesale Plan growth
(NAV Previous year Rs.1109.84 lacs) — — 10000000 1000.00
8 Templeton Fixed Horizon Fund Series I -15 Months
Plans-Institutional Growth (NAV Previous year Rs.554.38 lacs) — — 5000000 500.00
9 Birla FTP Series-P-Growth (NAV Previous year Rs.556.19 lacs) — — 5000000 500.00
10 Prudential ICICI FMP Series 34 Scheme-15 Months
Plans Institutional Growth (NAV Previous year Rs.561.68 lacs) — — 5000000 500.00
11 UTI FIXED Term Income Fund-Series II Plan 16- Institutional Growth
Plan (NAV Previous year Rs.1064.09 lacs) — — 10000000 1000.00
12 Kotak FMP 13M Series 2 Institutional Growth
(NAV Previous year Rs.730.22 lacs) — — 6580000 658.00
— 9158.00
I. Investments in Venture Capital Funds
1 India Growth Fund (Units of Rs.1000 each, Paid up value
per Unit of Rs.920 each, Previous year Rs.900 each) 50000 460.00 50000 450.00
2 HDFC India Real Estate Fund (Units of Rs.1000 each) 248294 2482.94 248294 2482.94
2942.94 2932.94
Total - Long Term Investments 42201.61 71654.65

II. CURRENT INVESTMENTS


A. Dividend Option (Units of Rs.10 each, unless otherwise specified):
1 UTI Balanced Fund ( Income - Reinvestment )
(NAV Rs.35.26 Lacs, Previous year Rs.49.36 lacs ) 246925.30 27.98 246925.30 27.98
2 Tata Floater Fund - Daily Dividend (NAV Rs. 3037.18 Lacs,
Previous year Rs.2253.71 Lacs,) 30264074.85 3037.18 22457171.20 2253.71
3 Birla Sun Life Liquid Plus - Institutional - Daily Dividend -
Reinvestment ( NAV Previous year Rs.3814.86 Lacs) — — 38122716.45 3814.86
4 ICICI Prudential - Flexible Income Plan Dividend - Daily
(NAV Previous year Rs.499.47 Lacs) — — 4723803.84 499.47
5 HDFC Floating Rate Income Fund Short Term Plan -
Wholesale Option Dividend Reinvestment - Daily
(NAV Previous year Rs.3625.62 Lacs) — — 35965281.00 3625.62
6 TATA Treasury Manager SHIP Daily Dividend
(NAV Previous Rs. 1612.06 lacs) ( Units of Rs. 1000 each ) — — 160723.85 1612.06
7 SBI - SHF - Liquid Plus - Institutional Plan - Daily Dividend
(NAV Previous year Rs. 3695.22 lacs ) — — 36933691.28 3695.22
8 SBI Premier Liquid Fund - Super Institutional - Daily Dividend
(NAV Previous year Rs. 1510.49 lacs ) — — 15055959.73 1510.49
9 BSL Quarterly Interval - Series 3 - Dividend Reinvestment
(NAV Previous year Rs. 502.49 lacs ) — — 5000000.00 500.00
10 ABN AMRO Flexible Short Term Plan Ser. C Quarterly Dividend
(NAV Previous year Rs. 1005.17 lacs ) — — 10000000.00 1000.00

C/F 3065.16 18539.41

33
31st March, 2009 31st March, 2008
Nos. (Rs. in lacs) Nos. (Rs. in lacs)
SCHEDULE 5 - INVESTMENTS (AT COST/BOOK VALUE) Contd...
(fully paid up unless otherwise specified)
B/F 3065.16 18539.41

11 TATA Floating Rate Fund Long Term - Income / Bonus


(NAV Previous year Rs. 501.99 lacs ) — — 4954584.83 501.05
12 Kotak FMP 3 M Series 27 - Dividend
(NAV Previous year Rs. 502.55 lacs ) — — 5000000.00 500.00
13 Templeton Quarterly Interval Plan - Plan B - Institutional -
Dividend Reinvestment ( NAV Previous year Rs.1005.78 lacs ) — — 9989710.60 1000.00
14 UTI Fixed Maturity Plan HFMP 03/08 - I - Institutional Dividend
Plan (NAV Previous year Rs. 501.63 lacs ) — — 5000000.00 500.00
15 Standard Chartered Arbitrage Fund - Plan A - Dividend
( NAV Previous year Rs. 205.55 lacs ) — — 1959593.19 200.00
16 Birla Cash Plus- Instl.Prem. Daily Dividend Reinvestment Option
(NAV Previous year Rs. 500.10 lacs) — — 4991227.73 500.10
17 HDFC Cash Management Treasury Advantage Plan-
Weekly Dividend (NAV Rs.262.95 Lacs,
Previous year Rs.131.83 lacs) 2624753.16 262.96 1314148.06 131.67
18 UTI Liquid Cash Plan Institutional - Daily Income Option -
Re-Investment ( NAV Rs. 4860.85 Lacs )
(Units of Rs.1000 each) 476813.47 4860.85 — —
19 SBI Magnum Insta Cash Fund - Daily Dividend Option
( NAV Rs. 5929.60 Lacs ) 35399964.91 5929.60 — —
20 Kotak Liquid ( Institutional Premium ) Daily Dividend
(NAV Rs. 5546.82 Lacs ) 45361269.08 5546.82 — —
21 ICICI Prudential Floating Rate Plan D - Daily Dividend
Reinvest Dividend ( NAV Rs. 5137.20 Lacs ) 51361246.74 5137.20 — —
22 Birla Sun Life Short Term Fund - Institutional Daily Dividend
(NAV Rs. 5744.28 Lacs ) 57411238.76 5744.29 — —
23 DSP BlackRock Strategic Bond Fund - Regular Plan -
Weekly Dividend (NAV Rs. 717.56 Lacs) (Units of Rs.1000 each) 71534.55 718.35 — —
24 Tata Liquid Super High Investment Fund - Daily Dividend
(NAV Rs. 3024.85 Lacs) ( Units of Rs.1000 each ) 271403.67 3024.85 — —
34290.08 21872.23
B. Growth Option (Units of Rs.10 each, unless otherwise specified):
1. Kotak Liquid (Institutional), Growth (NAV Previous year Rs.993.86 lacs) — — 6144360.61 970.28
2. Kotak Liquid (Institutional) - Growth
(NAV Previous year Rs.72.87 lacs) — — 450527.32 71.81
3. DSP Merrill Lynch Liquid Plus - Growth
(NAV Previous year Rs.507.28 lacs) ( Units of Rs.1000 each ) — — 45415.10 501.76
4. Benchmark Mutual Fund - Gold Bees
(NAV Previous year Rs 48.50 lacs) (Units of Rs.1000 each ) — — 4000.00 51.94
5. Morgan Stanley Growth Fund ( NAV Rs.31.01 lacs ) 100000.00 63.47 — —
6. Kotak Floater Long Term - Growth ( NAV Rs. 1724.78 Lacs ) 12412399.92 1700.55 — —
7. UTI Liquid Cash Plan Institutional - Growth Option
(NAV Rs. 1509.96 Lacs ) ( Units of Rs. 1000 each ) 104416.49 1499.93 — —
8. Tata Floater Fund - Growth ( NAV Rs. 30.79 lacs ) 235528.19 30.64 — —
9. HDFC Cash Management - Fund Saving Plan -
Growth (NAV Rs.4.93 Lacs) 26791.85 4.93 — —
10. HDFC Liquid Fund - Premium Plus Plan - Growth
(NAV Rs. 6401.38 Lacs ) 36239269.78 6400.00 — —
9699.52 1595.79

34
31st March, 2009 31st March, 2008
Nos. (Rs. in lacs) Nos. (Rs. in lacs)
SCHEDULE 5 - INVESTMENTS (AT COST/BOOK VALUE) Contd...
(fully paid up unless otherwise specified)
C. Fixed Maturity Plan (Units of Rs.10 each, unless otherwise specified):
1. Reliance Fixed Horizon Fund II-Annual Plan - Series V-
Institutional Growth Plan (NAV Previous year Rs 1112.24 lacs) — — 10000000.00 1000.00
2. Principal PNB Fixed Maturity Plan- Series IV (FMP-37)
385 Days Institutional Growth Plan.
(NAV Previous year Rs.1106.45 lacs) — — 10000000.00 1000.00
3. Reliance Fixed Horizon Fund III-Annual Plan - Series I -
Institutional Growth Plan (NAV Previous year Rs.2225.06 lacs) — — 20000000.00 2000.00
4. DBS Chola FMP - Series 6 (371 Days Plan)-Cumulative -
(NAV Previous year Rs.1093.77 lacs) — — 10000000.00 1000.00
— 5000.00

D. Equity Shares (Quoted)(Shares of Rs.10 each, unless otherwise specified):


1. Oil & Natural Gas Corporation Limited 18000 193.52 22500 241.90
2. ITC Limited (Equity Shares of Re.1 each ) 80000 140.48 80000 140.48
3. Tata Motors Limited 8000 51.39 8000 51.39
4. GAIL India Limited — — 19300 74.51
5. Satyam Computer Services Limited (Equity Shares of Rs.2 each) — — 12500 45.74
6. ICICI Bank Limited 16000 131.48 23000 220.53
7. Bharat Earth Movers Limited 5000 48.47 5000 48.47
8. State Bank of India 9800 101.24 7500 64.98
9. Grasim Industries Limited 3000 50.66 4200 70.92
10. Bharat Heavy Electricals Limited 8000 142.88 6800 138.68
11. Larsen & Toubro Limited (Equity Shares of Rs.2 each) 22746 307.70 11000 330.71
12. BGR Energy Systems Limited 15000 76.30 15000 76.30
13. Biocon Limited (Equity Shares of Rs.5 each) 38746 81.21 19373 81.21
14. Indian Hotels Company Limited (Equity Shares of Re.1 each ) 54000 40.72 45000 34.42
15. Onmobile Global Limited — — 5000 22.00
16. Mahindra & Mahindra Limited 15700 73.47 15700 73.47
17. Maruti Suzuki India Limited (Equity Shares of Rs.5 each) 14000 84.81 14000 84.81
18. Tata Power Company Limited 7000 76.73 7000 76.73
19. HDFC Limited 7730 162.32 7600 159.50
20. HDFC Bank Limited 8000 101.09 7000 100.44
21. Century Textiles & Industries Limited 10000 63.95 10000 63.95
22. Hindustan Petroleum Corporation Limited — — 28000 73.66
23. Housing Development & Infrastructure Limited 19285 75.00 15000 75.00
24. Cholamandalam DBS Finance Limited 81935 113.36 49980 83.01
25. Cadila Healthcare Limited (Equity Shares of Rs.5 each) 20000 65.63 20000 66.11
26. Chennai Petroleum Corporation Limited — — 11140 27.38
27. Tata Consultancy Services Limited (Equity Shares of Re.1 each) — — 6000 45.45
28. Texmaco Limited ( Equity Shares of Re.1 each )# 86980 50.91 8698 50.91
29. Transformers & Rectifiers India Limited 14000 71.59 14000 71.59
30. Bharti Airtel Limited 13,000 54.01 10000 32.33
31. Bilcare India Ltd. — — 4000 47.48
32. Financial Technologies Limited (Equity Shares of Rs.2 each) 5000 65.02 4000 47.35
33. Asian Paints Limited — — 9999 65.19
34. Bharat Petroleum Corporation Limited — — 10000 41.70
35. Finolex Industries Limited — — 33600 40.31

C/F 2423.94 2968.61

35
31st March, 2009 31st March, 2008
Nos. (Rs. in lacs) Nos. (Rs. in lacs)
SCHEDULE 5 - INVESTMENTS (AT COST/BOOK VALUE) Contd...
(fully paid up unless otherwise specified)
B/F 2423.94 2968.61
36. Godrej Industries Limited (Equity Shares of Re.1 each ) 30000 18.85 30000 18.85
37. Gammon India Limited (Equity Shares of Rs.2 each ) 10000 43.74 10000 43.74
38. Infrastructure Development Finance Company Limited 110000 153.12 105000 166.15
39. Infosys Technologies Limited ( Equity Shares of Rs. 5 each ) 9500 150.20 6000 90.16
40. Jindal Saw Limited — — 3000 26.04
41. National Thermal Power Corporation Limited — — 25000 25.14
42. Punjab National Bank 13000 73.96 13000 73.96
43. Reliance Industries Limited 7500 137.86 14500 267.21
44. Reliance Infrastructure Limited — — 5000 38.73
45. Reliance Communication Limited (Equity Shares of Rs.5 each) — — 10000 31.93
46. Suzlon Energy Limited( Equity Shares of Rs. 2 each ) 30000 45.20 30000 121.80
47. Tata Tea Limited 12493 87.34 15000 104.86
48. Sundaram Finance Limited ( Equity Shares of Rs.5 each) — — 9820 38.92
49. DLF Limited ( Equity Shares of Rs. 2 each ) 8000 61.57 8000 61.57
50. Divis Laboratories Limited ( Equity Shares of Rs. 2 each ) 3700 55.96 2100 39.70
51. Power Grid Corporation of India Limited 50000 46.21 50000 46.21
52. Sun Pharma Advanced Research Company Limited 30000 20.00 30000 20.00
53. Steel Authority of India Limited — — 45000 77.19
54. Great Eastern Shipping Company Limited 30000 104.75 30000 104.75
55. Galaxy Entertainment Corporation limited 25000 42.73 25000 42.73
56. Great Offshore Limited 9000 66.00 9000 66.00
57. GMR Infrastructure Limited (Equity Shares of Rs.2 each) 77500 116.47 97500 146.53
58. Lupin Limited 7500 46.26 7500 36.21
59. Mahindra Forgings Limited 20000 9.44 20000 9.44
60. Punj Lloyd Limited (Equity Shares of Rs.2 each) 35000 85.76 30000 91.90
61. Sun Pharmaceuticals Industries Limited (Equity Shares of Rs.5 each) 9863 95.05 8063 69.80
62. Aptech Limited 30000 59.25 — —
63. Glenmark Pharmaceuticals Ltd. (Equity Shares of Re. 1 each) 8000 48.56 — —
64. Idea Cellular Limited 30000 33.05 — —
65. Monsanto India Limited 1300 24.82 — —
66. Piramal Healthcare Ltd. (Equity Shares of Rs.2 each) 7500 28.13 — —
67. Ranbaxy Laboratories Limited (Equity Shares of Rs. 5 each) 5389 27.83 — —
68. Shree Renuka Sugars Limited (Equity Shares of Re.1 each) 54390 71.31 — —
69. Zydus Wellness Limited 5333 0.48 — —
4177.84 4828.13

E. Equity Shares (Unquoted)(Shares of Rs.10 each, unless otherwise specified):


1 Ansal Hi-Tech Townships Limited 21187 18.70 — —
2 Ananta Landmarks Private Limited 10109 1.01 — —
19.71 —
F. Preference Shares (Shares of Rs. 1000 each)
1 Ananta Landmarks Private Limited 2400 24.00 — —
2 Neo Pharma Private Limited 395 3.95 — —
27.95 —
G. Unquoted Debentures: (of Rs. 100 each)
1. Ansal Hi-Tech Townships Limited 37399 37.40 — —
2. Nilkanth Tech Park Pvt.Ltd. 39545 39.55 — —
76.95 —

36
31st March, 2009 31st March, 2008
Nos. (Rs. in lacs) Nos. (Rs. in lacs)
SCHEDULE 5 - INVESTMENTS (AT COST/BOOK VALUE) Contd...
(fully paid up unless otherwise specified)
H. Mutual Fund (Quoted)
Morgan Stanley Growth Fund — — 100000 63.47
I. Warrants (Quoted)
Cholamandalam DBS Finance Limited — — 31955 —
48292.05 33359.62
Less:Provision for diminution in value of Current Investments (1634.21) (320.64)
Total - Current Investments 46657.84 33038.98
Total - Investments 88859.46 104693.63
Notes: Split Shares
# The Shares have been split in FV Rs.10 to Re.1
III. APPLICATION MONEY PENDING ALLOTMENT
(a) Equity Application Money
State Bank of India (Rights Issue) — 36.57
(b) Debenture Application Money
Raymond UCO Denim Private Limited 98.60 —
Less : Provision for Diminution [Refer Note 3B(a)] (98.60) —
Per Balance Sheet 88859.46 104730.20

Acquired and Sold during the year


Nos. Acquisition
Cost
(Rs. in lacs)
A. Dividend Option (Units of Rs.10 each, unless otherwise specified):
1. Birla Sun Life Cash Plus - Institutional Premium -
Daily Dividend Reinvestment 95047776.02 9523.31
2. Tata Floater Fund - Daily Dividend 18429328.93 1849.49
3. Birla Sun Life Liquid Plus - Institutional Dily Dividend -
Reinvestment 41720697.29 4174.91
4. ICICI Prudential - Flexible Income Plan Dividend - Daily 70007736.63 7402.27
5. HDFC Floating Rate Income Fund Short Term Plan -
Wholesale Option Dividend Reinvestment - Daily 49241520.50 4963.99
6. Tata Treasury Manager SHIP Daily Dividedn
(Units of Rs.1000 each ) 2562.55 25.70
7. SBI - SHF - Liquid Plus - Institutional - Daily Dividend 33152412.12 3316.90
8. SBI Premier Liquid Fund - Super Institutional - Daily Dividend 15198068.84 1524.75
9. BSL Quaeterly Interval - Series 3 - Dividend Reinvestment 104400.00 10.44
10. ABN AMRO Flexible Short Term Plan Ser. C
Quarterly Dividend Red. 207387.05 20.74
11. Tata Floating Rate Fund Long Term - Income / Bonus 94005.33 9.52
12. Kotak FMP 3M Series 27 - Dividend 103727.05 10.37
13. Templeton Quarterly Interval Plan - Plan B - Institutional -
Dividend Reinvestment 209388.19 20.94
14. UTI Fixed Maturity Plan HFMP 03/08 - I -
Institutional Dividend Plan 111201.70 11.12
15. Tata Liquid Super High Investment Fund - Dividend Plan
(Units of Rs.1000 each ) 636390.78 7092.70
16. Kotak Flexi Debt Scheme - Daily Dividend 35047774.19 3515.68
C/F

37
SCHEDULE 5 - INVESTMENTS (AT COST/BOOK VALUE) Contd...
(fully paid up unless otherwise specified)
Nos. Acquisition
Cost
(Rs. in lacs)

17. Templeton India Treasury Management Account Super


Institutional Plan - Daily Dividend Reinvestment
(Units of Rs.1000 each ) 113793.88 1138.52
18. Templeton Floating Rate Income Fund Long Term Plan
Super Institutional Option - Daily Dividend Reinvestment 14970038.49 1498.62
19. Birla Sun Life Liquid Plus - Institutional Dily Dividend -
Reinvestment 5771541.72 577.55
20. Reliance Liquid Plus Fund Institutional Option -
Daily Dividend Plan ( Units of Rs.1000 each) 451045.54 4515.58
21. UTI Liquid Cash Plan Institutional - Daily Income Option -
Re-Investment ( Units of Rs.1000 each ) 98931.68 1008.55
22. Kotak Flexi Debt Scheme - Daily Dividend 10239139.72 1027.10
23. Kotak Liquid ( Institutional Premium ) - Daily Dividend 8367521.56 1023.19
24. BSL Interval Income INSTL - Monthly - Series 1 -
Dividend Reinvestment 10060350.00 1006.04
25. JPMORGAN India Liquid Plus Fund - Dividend Plan - Reinvest 10176483.37 1018.55
26. UTI Liquid Plus Fund Institutional Plan - Daily Dividend Option -
Re-investment ( Units of Rs.1000 each ) 114821.37 1148.46
27. Kotak Flexi Debt Scheme Institutional - Daily Dividend 46010128.96 4622.87
28. UTI Liquid Plus Fund Institutional Plan - Daily Dividend Option -
Re-investment ( Units of Rs.1000 each ) 51329.74 513.41
29. ABN AMRO Money Plus Institutional Plan Daily Dividend 10485224.97 1048.54
30. HDFC Liquid Fund Premium Plan - Dividend -
Daily Reinvest Option 50343794.46 6172.05
31. DBS Chola Interval Income Fund - MPI-A- Dividend -
Auto Redemption 10018627.16 1006.10
32. ICICI Prudential Institutional Liquid Plan Super Institutional
Daily Dividend Reinvest Dividend 96430188.92 9643.50
33. JPMORGAN India Liquid Fund - Super Institutional
Daily Dividend Plan - Reinvest 10201392.17 1020.95
34. SBI Magnum Insta Cash Fund - Daily Dividend Option 3589388.58 601.23
35. Kotak Liquid (Institutional Premium) - Daily Dividend 12275113.06 1501.01
36. Reliance Liquidity Fund Daily Dividend Reinvestment Option 15004698.84 1500.94
37. ICICI Prudential Floating Rate Plan D - Daily Dividend -
Reinvest Dividend 29993701.32 3000.00
38. HDFC Cash Management Fund - Saving Plus Plan -
Retail - Weekly Dividend 7708727.89 772.47
39. DSP BlackRock Strategic Bond Fund - Regular Plan -
Weekly Dividend ( Units of Rs.1000 each ) 3150.03 31.63
40. HDFC Cash Management Treasury Advantage Plan -
Weekly Dividend 537457.25 53.85
B. Growth Option ( Units of Rs.10 each, unless otherwise specified):
1. Kotak Liquid (Institutional ) - Growth 4729230.40 781.36
2. DSP Merrill Lynch Liquid Plus Growth
(Units of Rs. 1000 each ) 30302.14 347.72
3. SBI Premier Liquid Fund - Institutional Growth 4613503.73 600.00
4. UTI Money Market Fund - Growth Plan 195825602.22 46450.00
5. Kotak Liquid (Institutional Premium) - Growth 36358759.70 6230.00
6. UTI Liquid Cash Plan Institutional - Growth Option
(Units of Rs.1000 each) 567765.14 8024.22

38
SCHEDULE 5 - INVESTMENTS (AT COST/BOOK VALUE) Contd...
(fully paid up unless otherwise specified)
Nos. Acquisition
Cost
(Rs. in lacs)

7. Tata Liquid Super High Inv. Fund - Appreciation


(Units of Rs.1000 each) 244320.25 3874.63
8. HDFC Cash Management Fund - Saving Plan - Growth 19539537.08 3500.00
9. Kotak Gilt (Savings) - Growth 11958797.82 2421.60
10. Kotak Floater Long Term - Growth 374162.20 51.26
11. HDFC Cash Management Fund - Saving Plan - Growth 161545.49 29.38

C. Equity Shares (Quoted)(Shares of Rs.10 each,


unless otherwise specified):
1. Aban Offshore Limited ( Equity Share of Rs. 2 each ) 600 24.36
2. Cairn India Limited 18000 50.39
3. Colgate Palmolive India Limited ( Equity Share of Re. 1 each ) 11000 48.84
4. Ranbaxy Laboratories Limited ( Equity Share of Rs. 5 each ) 4611 23.81
5. Suzlon Energy Limited ( Equity Share of Rs. 2 each ) 28000 14.10
6. Satyam Computer Service Limited ( Equity Share of Rs. 2 each ) 10000 52.15
7. Shree Renuka Sugers Limited ( Equity Shares of Re. 1 each ) 40000 50.45
8. Tata Consultancy Services Limited ( Equity Share of Re.1 each ) 3000 29.92
9. Wipro Limited 5500 29.22

Book Value Market Value


31st March,2009 31st March,2008 31st March,2009 31st March,2008
(Rs. in lacs) (Rs. in lacs) (Rs. in lacs) (Rs. in lacs)
Aggregate of Quoted Investments 4576.35 7482.45 4662.43 8352.01
Aggregate of Unquoted Investments 84283.11 97211.18
88859.46 104693.63

39
31st March, 2009 31st March, 2008
(Rs. in lacs) (Rs. in lacs)
SCHEDULE 6 - CURRENT ASSETS, LOANS AND ADVANCES
(a) Inventories:
(As verified, valued and certified by the Management):
(i) Loose Tools 103.58 85.70
(ii) Stores and Spare Parts 1710.30 1769.40
(iii) Stock-in-Trade:
Raw Materials 2864.80 3150.22
Goods-in-Process 9073.06 11896.62
Finished Goods 15272.34 9549.89
(iv) Merchanting Goods 3750.00 4038.42
(v) Goods-in-Transit 1266.28 2483.93
34040.36 32974.18
(b) Sundry Debtors :
(Refer Note 3 and 4 )
(i) Debts outstanding for a period exceeding six months
Secured (considered good) 171.91 192.99
Unsecured -
Considered good (including Rs. 1252.81 lacs due
from subsidiaries; Previous year Rs 5.52 lacs) 3438.51 1761.81
3610.42 1954.80
Considered doubtful 360.28 390.70
Less: Provision (360.28) (390.70)
— —
(ii) Other Debts :
Secured (considered good) 2584.58 2785.97
Unsecured -
Considered good (including Rs. 583.46 lacs due from
subsidiaries; Previous year Rs.1210.42 lacs) 24252.61 24247.79
26837.19 27033.76
30447.61 28988.56
(c) Cash and Bank Balances:
(i) Cash on hand (including cheques on hand Rs. 128.49 lacs;
Previous year Rs. 241.73 lacs) 197.53 289.02
(ii) Balances with Scheduled Banks:
In Current Accounts (including remittance-in-transit Rs. Nil;
Previous year Rs. 0.16 lac) 3381.27 1798.15
In Deposit Account [includes Rs. 0.53 lac deposit receipt
endorsed in favour of Government authorities as security
(Previous year Rs.0.63 lac)] 1100.47 92.92
(iii) Balances with Non-Scheduled Banks:
In Current Accounts:
The Municipal Co-operative Bank Limited
[Maximum balance during the year Rs. 8.48 lacs
(Previous year Rs.16.34 lacs)] — 0.85
The Hongkong & Shanghai Banking Corporation, Shanghai
[Maximum balance during the year Rs. 17.44 lacs
(Previous year Rs.6.03 lacs)] 0.17 1.04
In Deposit Accounts:
The Municipal Co-operative Bank Limited
[Maximum balance during the year Rs.0.50 lac
(Previous year Rs.0.50 lac)] 0.50 0.50
4679.94 2182.48

C/F 69167.91 64145.22

40
31st March, 2009 31st March, 2008
(Rs. in lacs) (Rs. in lacs)

SCHEDULE 6 - CURRENT ASSETS, LOANS AND ADVANCES (Contd.)


B/F 69167.91 64145.22
(d) Other Current Assets:
(i) Export Incentives receivable 695.43 516.82
(ii) Dividend, Interest Subsidy and Interest receivable
(Interest accrued on Investments Rs.478.50 lacs;
Previous year Rs.538.12 lacs) 1881.02 3594.13
Interest Receivable from a Joint Venture Company
(Refer Note 3B(a)) 722.73 374.39
Less: Provision (722.73) —
— 374.39
(iii) MAT Credit Receivable 642.08 642.08
(iv) Claims and Other receivables 1847.81 648.07
5066.34 5775.49
(e) Loans and Advances (Unsecured, considered good,
unless otherwise specified): [Refer Notes 3 and 5]
Subsidiary Companies:
Loans and other dues 7077.31 5624.44
Loans and Advances to companies and others:
Considered good (includes Rs. Nil;
Previous year Rs. 30.00 lacs secured) 20.00 4544.32
Considered doubtful:
To a Joint Venture Company[Refer Note 3B(a)] 2942.50 —
Others 32.00 32.00
Less: Provision (2974.50) (32.00)
— —
Advance Tax (Net of provision for tax) 1688.27 815.84
Advances recoverable in cash or in kind or for value
to be received :
Considered good 8139.33 5517.38
Considered doubtful 13.84 28.82
Less: Provision (13.84) (28.82)
— —
Balances with -
Customs, Excise, etc. 292.06 91.72
Others (including with subsidiaries Rs.248.77 lacs;
Previous year Rs.160.33 lacs) 6714.11 6767.68
23931.08 23361.38
Per Balance Sheet 98165.33 93282.09
SCHEDULE 7 - CURRENT LIABILITIES AND PROVISIONS
(a) Current Liabilities :
Sundry Creditors [including Rs.75.00 lacs remuneration
to the Directors (Previous year Rs.27.96 lacs)]
[Refer Note 8 and 15] 22005.18 17007.74
Advances against Sales 581.75 623.78
Due to Subsidiary Companies 558.62 874.22
Deposits from Dealers and Agents 5854.34 5805.78
Overdrawn Bank Balances 1363.69 1525.21
Other Liabilities 3886.68 1886.78
Interest accrued but not due 793.97 486.52
35044.23 28210.03
(b) Provisions :
For Proposed Dividend — 1534.52
For Tax on Proposed Dividend — 260.79
For Fringe Benefit Tax (Net of Advance Tax) 9.28 15.58
For Employee Benefits 5766.71 5546.15
For Excise Duties 190.63 196.69
5966.62 7553.73
Per Balance Sheet 41010.85 35763.76

41
Year ended Year ended
31st March, 2009 31st March, 2008
(Rs. in lacs) (Rs. in lacs)
SCHEDULE 8 - SALES, SERVICES AND EXPORT INCENTIVES
(1) Gross Turnover (net of usual trade discounts, allowances, etc.)
(a) Manufactured Goods (inclusive of sale of
semi-finished goods) 125691.75 118769.13
(b) Merchanting Goods 12953.75 14353.18
138645.50 133122.31
Less:
Sales Returns 317.18 406.32
Other discounts and allowances 2095.61 1476.20
2412.79 1882.52
136232.71 131239.79
(2) Income from Air Taxi Operations 1246.77 1169.37
(3) Gross Income from Services:
(a) Income from Job Work 76.85 0.68
(b) Income from other services 562.99 361.84
(4) Export Incentives, etc. 1206.05 984.65
Per Profit and Loss Account 139325.37 133756.33

SCHEDULE 9 - OTHER INCOME


Dividends:
From Non-Trade Investments
- Current Investments 1949.18 1262.31
- Long Term Investments 0.06 17.45
1949.24 1279.76
From a Subsidiary company 0.04 0.04
Interest Income (Tax deducted Rs. 536.44 lacs;
Previous year Rs.357.01 lacs):
- On Long Term Investments 569.20 621.04
- Others (Including from subsidiaries Rs. 373.03 lacs;
Previous Year Rs.90.50 lacs) 3566.80 2835.84
4136.00 3456.88
Profit on sale of Current Investments (Net) 588.48 4027.34
Profit on sale of Long-term Investments (Net) 1133.04 664.82
Rent and Compensation 148.72 150.20
Credit Balances appropriated (Net) 146.17 13.91
Excess provisions written back (Net) 607.45 172.61
Sales Tax and Excise Duty Refunds — 747.49
Miscellaneous Income 1151.26 1567.84
Per Profit and Loss Account 9860.40 12080.89

SCHEDULE 10 - MATERIAL COSTS


(1) Raw Materials consumed:
Opening Stock 3150.22 4475.97
Purchases 34707.32 34100.83
37857.54 38576.80
Less: Sales 1353.61 1041.19
36503.93 37535.61
Less: Closing Stock 2864.80 3150.22
33639.13 34385.39
(2) Merchanting Goods (Cost of goods sold):
Opening Stock 4038.42 2714.92
Add: Purchases 10363.30 13793.40
14401.72 16508.32
Less:Closing Stock 3750.00 4038.42
10651.72 12469.90
Per Profit and Loss Account 44290.85 46855.29

42
Year ended Year ended
31st March, 2009 31st March, 2008
(Rs. in lacs) (Rs. in lacs)
SCHEDULE 11 - MANUFACTURING AND OPERATING COSTS
Stores and Spare Parts 9401.92 9116.30
Power and Fuel 8983.36 8215.50
Repairs to Buildings 345.55 742.51
Repairs to Machinery 1269.90 1253.29
Other Manufacturing and Operating Expenses 7029.74 7139.56
Per Profit and Loss Account 27030.47 26467.16

SCHEDULE 12 - (INCREASE)/DECREASE IN FINISHED AND PROCESS STOCK


Opening Stock:
Goods-in-Process 11896.62 8673.34
Finished Goods 9549.89 9007.19
21446.51 17680.53
Closing Stock:
Goods-in-Process 9073.06 11896.62
Finished Goods 15272.34 9549.89
24345.40 21446.51
(2898.89) (3765.98)
Add/(Less): Variation in excise duty on opening and
closing stock of finished goods (6.06) (26.33)
Per Profit and Loss Account (2904.95) (3792.31)

SCHEDULE 13 - EMPLOYMENT COSTS


Salaries, Wages, Bonus, etc, [including rent Rs. 82.22 lacs
(Previous year Rs.110.11 lacs)] 23552.42 20746.66
Contribution to Provident and Other Funds 1358.83 1394.04
Workmen and Staff Welfare Expenses 1189.01 1175.28
Per Profit and Loss Account 26100.26 23315.98

SCHEDULE 14 - ADMINISTRATIVE, SELLING AND GENERAL EXPENSES


Insurance (Net) 198.52 333.22
Rent 4389.83 3843.83
Lease Rentals 19.26 20.09
Rates and Taxes 88.09 80.38
Advertisement 7183.15 7383.55
Commission to Selling Agents 4291.13 3268.43
Freight, Octroi, etc. 1043.86 1289.27
Bad Debts, Advances and Claims written off 117.73 5.67
Provision for Doubtful Debts, Advances and Claims — 21.48
Legal and Professional charges 3372.64 3366.88
Repair & Maintenance Others 1923.65 2312.57
Miscellaneous Expenses 8829.65 8067.28
Loss on sale/discardment of Fixed Assets (Net) 45.49 120.72
Provision for diminution in value of Current Investments 1313.56 43.72
Contribution to Charitable Funds, etc. 20.82 272.99
Directors’ Fees 8.40 7.60
Per Profit and Loss Account 32845.78 30437.68

SCHEDULE 15 - FINANCE CHARGES


Interest on Debentures and Fixed Loans
(Net of Subsidy Rs. 1679.61 lacs; Previous Year Rs.1617.68 lacs) 4936.31 3746.63
Interest - Others 3948.70 2233.47
8885.01 5980.10
Commitment and other charges on Loans 257.13 30.24
9142.14 6010.34
Less : Borrowing Costs Capitalised (641.28) —
Per Profit and Loss Account 8500.86 6010.34

43
SCHEDULE 16 - NOTES FORMING PART OF THE ACCOUNTS

1. Loan Funds :

(a) Term Loans from Banks:


Amount Outstanding (Rs. in Lacs) From Banks:
(i) 56964.91 Secured by Mortgage of Immovable properties at the Company’s Textile Division at
(P.Y. 30722.69) Vapi (Gujarat) and Suit Plant at Gauribidnur (Karnataka). Also secured by hypothecation
of specified machineries situated at the Company’s Textile unit at Vapi (Gujarat), Thane
and Jalgaon (Maharashtra) and Chindwara (Madhya Pradesh) and at Suit Plant at
Gauribidnur (Karnataka).
(ii) 10700.21 To be secured / since secured by Mortgage of Immovable properties at the Company’s
(P.Y. 5613.10) Textile Division at Vapi (Gujarat) and by hypothecation of specified machineries, situated
at the Company’s Textile Division at Vapi (Gujarat), Thane and Jalgaon (Maharashtra)
and Chindwara (Madhya Pradesh)
(iii) 15000.00 To be secured by first charge on specific Plant & Machinery to the extent of minimum
(P.Y. Nil) 15% of the loan.

(b) Working Capital Loans (including Buyer’s Credit arrangement):


Secured by hypothecation of stocks, book debts and other current assets of the Company’s Textile and Files & Tools
Divisions.

2. Fixed Assets :

(a) In terms of the acquisition proceedings initiated by Thane Municipal Corporation, about 4,222 sq. metres of the Company’s
land at Thane is acquired for the purpose of widening of municipal road. Necessary accounting effect for the same will be
given in the year in which the matter is finally settled.
(b) Buildings include Rs. 10.48 lacs in respect of ownership flats/portions of buildings or Co-operative Housing Societies and
Rs. 0.02 lac in respect of shares held in Co-operative Housing Societies.
(c) Capital work-in-progress includes expenditure during construction period on substantial expansion/new industrial units of
the Company as under:
Year ended Year ended
31st March, 2009 31st March, 2008
(Rs. in lacs) (Rs. in lacs)
Opening balance 32.61 3.57
Add: Incurred during the year:
Employment Costs 66.56 —
Power and Fuel 7.60 0.27
Legal and professional charges 49.41 30.30
Travelling Expenses 10.69 —
Miscellaneous Expenses 55.30 2.04
Insurance 18.52 —

208.08 32.61
240.69 36.18
Less: Capitalised during the year (240.69) (3.57)
— 32.61

44
(d) Capital work-in-progress includes:
(i) Advances for capital expenditure Rs. 1999.06 lacs (Previous Year Rs.575.02 lacs);
(ii) Machineries in transit Rs. Nil (Previous year Rs.64.12 lacs).

3A. (a) The Company has an investment of Rs. 271.00 lacs in the shares of Celebrations Apparel Limited (CAL) a wholly owned
subsidiary of the Company. Further, the Company has loans, advances and other receivables amounting to Rs. 800.27 lacs
recoverable from CAL. The networth of CAL has eroded due to operational losses. Considering the fact that the investment
is of a strategic nature and the steps taken by the Company to improve CAL’s performance has resulted in CAL making
cash profits in the current and the previous year, no provision is considered necessary by the Management at present, for
possible diminution in the value of investments and also in respect of losses that may arise in respect of loans to and other
receivables from CAL.

(b) The Company has an investment of Rs. 1500 lacs in the shares of Everblue Apparel Limited (EBAL), a wholly owned subsidiary
of the Company. Further, the Company has loans, advances and other receivables amounting to Rs. 2174.61 lacs recoverable
from EBAL. The net worth of EBAL has substantially eroded due to operational losses. EBAL has entered into a conducting
Agreement with Raymond UCO Denim Private Limited (RUDPL) to manufacture Denim Jeans, label, package and store as
directed by RUDPL for a conducting fee in addition to reimbursement of certain costs and expenses incurred by EBAL in the
manufacturing process. This arrangement has improved the performance of EBAL and EBAL has made profit during the
current and previous year. Under the circumstances, the Company has not provided for any diminution in the value of
investments and also in respect of losses that may arise in respect of loans to and other receivables from EBAL.

(c) During the year, Raymond Woollen Outerwear Limited (formerly Raymond Fedora Private Limited) has become a subsidiary
of the Company. The Company has an investment of Rs. 969.00 lacs in the equity shares of RWOL. Further, the Company has
loans, advances and receivables amounting to Rs. 3288.68 lacs recoverable from RWOL. The accumulated losses as on 31st
March 2009 have substantially exceeded the net worth of the company due to operational losses. Various initiatives taken
by RWOL has improved the performance and RWOL has made operational cash profit during the year. Under the
circumstances, the Company has not provided for any diminution in the value of investments and also in respect of losses
that may arise in respect of loans to and other receivables from RWOL.

3B. (a) The Company has an aggregate investment of Rs.27638.69 lacs in the Equity and Preference Capital and also in Debentures
of Raymond UCO Denim Private Limited (RUDPL), a Joint Venture Company. Further, the Company has advanced a loan of
Rs.2942.50 lacs and has other receivable of Rs. 722.73 lacs due from RUDPL. In view of continuous cash losses incurred and
consequent closure of operations of two of the overseas subsidiaries of RUDPL, the Company had a valuation carried out
by an expert to assess permanent diminution in the value of its exposures. Based on such valuation, the Company has
made a provision of Rs. 23013.83 lacs for diminution in the value of its investment, in loans to and other receivable from
RUDPL.The valuer for the purpose of carrying out the valuation, considered realisable value of assets of these subsidiaries as
estimated by the management of these subsidiaries. However, these values carried uncertainty of realisation and the
auditors of one of the subsidiaries has expressed his reservation in this regard.

The Company has, along with its JV partner, pledged shareholding in RUDPL as security for a loan taken by a subsidiary of
RUDPL to fund the employee separation cost. The Company, along with the Joint Venture Partner, has undertaken to
additionally fund RUDPL in case it fails to meet certain covenants of the Facility cum Hypothecation Agreement with Banks.
The auditors of the Company have, under the circumstances, placed reliance on the management’s judgment, and
valuer’s valuation, and have accepted the same for the purpose of arriving at the permanent diminution in its exposure to
RUDPL.

(b) Considering the business prospects of wholly owned subsidiary, Regency Texteis Portugesa, Limitada (Regency), the Company
has made a provision of Rs. 512 lacs for diminution in the value of its investments in Regency and brought the carrying cost
of investment in the books in line with the networth as per the audited accounts of Regency.

(c) During the year the operations of Raymond Europe Srl, a subsidiary, were closed and the Company is under liquidation.
Accordingly the Company has provided for the entire value of its investment in Raymond Europe Srl.

4. Sundry Debtors, considered good, include Rs. 8.51 lacs for the recovery of which the Company has initiated legal actions
(Previous year Rs.8.51 lacs).

45
5. (a) Loans and Advances in the nature of loans: (Rs. in lacs)
Amount Maximum Shares held by
outstanding balance Loanee in the Company
during the No. of Maximum
year Shares No.of
outstanding Shares held
at the year-end during the year

(i) Subsidiaries:

Colorplus Fashions Limited 300.00 300.00 — —


(300.00) (300.00) (—) (—)
Pashmina Holdings Limited 300.00 300.00 — —
(300.00) (300.00) (—) (—)
Everblue Apparel Limited 2012.75 2012.75 — —
(1870.75) (2173.17) (—) (—)
Silver Spark Apparel Limited 1507.96 1556.96 — —
(1556.96) (2331.96) (—) (—)
Celebrations Apparel Limited 772.48 1006.08 — —
(1006.08) (1006.08) (—) (—)
JK Talabot Limited 668.48 687.61 — —
(575.62) (726.62) (—) (—)
Ring Plus Aqua Limited — 15.03 — —
(15.03) (15.03) (—) (—)
Raymond Woollen Outerwear Limited 1515.64 1515.64 — —
(formerly Raymond Fedora Private Limited) (—) (—) (—) (—)
(ii) Associate Companies:
J.K. Investo Trade (India) Limited — 30.00 20,11,325 20,11,325
(30.00) (30.00) (16,58,923) (16,58,923)
P T Jaykay Files Indonesia — 56.38 — —
(56.38) (56.38) (—) (—)
(iii) Joint Ventures:

Raymond Fedora Private Limited — 1123.64 — —


(a subsidiary w.e.f. 9th August 2008) (1123.64) (1123.64) (—) (—)
Raymond UCO Denim Private Limited 2942.50 2942.50 — —
(Repayable on or before 6th August, 2013) (2942.50) (2942.50) (—) (—)
(Figures in bracket relate to previous year)

(b) Advances recoverable in cash or in kind or for value to be received, considered good, includes:

(i) Due from Officers of the Company Rs.49.20 lacs (Previous year Rs.69.18 lacs); Maximum balance during the year
Rs. 69.18 lacs (Previous year Rs.123.38 lacs).

(ii) Due from Subsidiary Companies Rs. 986.45 lacs (Previous year Rs.99.23 lacs).

46
6. A. Contingent Liabilities not provided for :

31st March, 2009 31st March, 2008


(Rs. in lacs) (Rs. in lacs)

(a) Claims against the Company not acknowledged as debts in respect of past
disputed liabilities of the Cement and Steel Divisions divested during the
year 2000—2001,Carded Woollen business divested during the
year 2005—06 and Denim Division divested during 2006—07 (interest thereon
not ascertainable at present).
— Excise Matters 4.06 51.03
— Sales Tax 181.85 181.85
— Royalty on Limestone 2201.94 2201.94
— Other matters 152.09 152.09
2539.94 2586.91

(b) Claims against the Company not acknowledged as debts in


respect of other divisions.
— Sales Tax 78.22 141.45
— Compensation for Premises 1426.46 1298.89
— Stamp Duty 174.16 174.16
— Water Charges 95.68 87.17
— Other Matters 67.53 153.41
1842.05 1855.08

(c) Bills Discounted with the Company’s bankers 5477.13 8662.09

(d) On account of guarantees given and also on account of the indemnity


issued by the Company to the Acquirer of shares of Recron Synthetics Limited
pursuant to an Agreement. 342.70 342.70

(e) On account of corporate guarantee to the bankers/vendors on behalf


of subsidiaries for facilities availed by them (amount outstanding at close of
the year) 8724.00 8565.00

(f) Disputed demands in respect of Income-tax, etc. (Interest thereon not


ascertainable at present) 755.16 47.26

(g) Bonds/Undertakings given by the Company under concessional


duty/exemption scheme to Government authorities (Net of obligations fulfilled) 9155.49 4083.88

(h) On account of Excise Duty liability on post removal of goods from the
place of manufacture. 2118.90 2118.90

(i) Disputed Excise Duty liability in respect of other matters. 7257.12 915.78
(includes Rs. 5750.83 lacs; P.Y. Nil on account of denial of excise
exemption benefit.)

(j) Liability on account of jute packaging obligation upto 30th June, 1997,
in respect of the Company’s erstwhile Cement Division, under the Jute
Packaging Materials (Compulsory use in Packing Commodities) Act, 1987. Amount not determinable

47
31st March, 2009 31st March, 2008
(Rs. in lacs) (Rs. in lacs)

(k) Liability in respect of additional stamp duty on the transfer


of immovable properties of the Company’s erstwhile
Cement Division and Denim Division. Amount not determinable
(l) Company’s liabilities/ obligations pertaining to the period upto the date
of transfer of the Company’s erstwhile Steel, Cement, Carded Woollen
Division and Denim Division in respect of which the Company has given
undertakings to the acquirers Amount not determinable
(m) The Wage Agreement in respect of the certain unionised staff of the Company’s Textile Division situated at Chindwara
has expired during the financial year 2007-08. The staff union has referred the dispute to the industrial court for an
award. The net liability on account of revision will be accounted on receipt of the award from the Industrial Court.
The wage agreement in respect of the unionised employees of Company’s Textile plant situated at Thane has expired
during the financial year 2008-09. The liability on account of revision will be accounted in the year of finalisation of the
wage agreement.
Note: Item 6A(a), (b), (h), (i) to (l)
The Company has taken legal and other steps necessary to protect its position in respect of these claims, which, in its
opinion, based on legal advice, are not expected to devolve. It is not possible to make any further determination of
the liabilities which may arise or the amounts which may be refundable in respect of these claims.

31st March, 2009 31st March, 2008


(Rs. in lacs) (Rs. in lacs)

B Estimated amount of contracts remaining to be executed on capital account


and not provided for (net of advances). 6432.95 7866.01

C Disclosure in respect of derivative instruments :

(a) Derivative instruments outstanding :


Millions
Forward Option Swap

(i) Against Exports USD/INR 4.50 (11.44) USD/INR 8.00 (1.20)


EUR/USD — (2.00)
(ii) Against Imports USD/INR 3.00 (—) AUD/USD 10.70 (19.00)
AUD/USD — (4.50) USD/INR 3.00 (—)
USD/JPY — (4.75)
(iii) Loans taken :
- Principal USD/INR 5.00 (10.00) USD/INR 32.50 (—) JPY/INR 3476.10 (3476.10)
JPY/USD 1177.30 (2344.80)
INR/USD 25.00 (30.00)

- Interest rate JPY/USD 21.25 ( 59.61 ) JPY/JPY 1177.30 (2344.80)


JPY/INR 3476.10 (3476.10)
USD/USD 28.50 (20.00)

Note: ( ) Denotes previous year’s figures.

48
(b) All the derivative instruments have been acquired for hedging purposes.
(c) Foreign currency exposures that are not hedged by derivative instruments :
Millions
USD EURO GBP CHF AUD JPY RMB
08-09 07-08 08-09 07-08 08-09 07-08 08-09 07-08 08-09 07-08 08-09 07-08 08-09 07-08
i) Debtors — — 0.26 0.61 0.15 0.12 — 0.04 — — — — — —
ii) Creditors — 0.14 0.57 0.18 — — — 0.02 — — — 6.64 — —
iii) Loans taken 28.63 61.18 — — — — — — — — — — — —
iv) Cash & Bank bal. — — — — — — — — — — — — 0.01 0.02
v) Other Receivables &
Advances — 0.08 — 0.11 — — — 0.01 — 0.05 — 33.89 0.05 —
vi) Other Payables — 2.29 — 0.11 — — — — — — — — — —

7. During the previous year, the Company received Rs 2086.95 Lacs, being 10% of the amount on issue of 61,38,085 warrants on
preferential basis to the promoters. The Company has utilised the funds for capital expenditure.
8. A. Managerial remuneration under Section 198 of the Companies Act, 1956, paid or payable during the financial year, to the
Directors, as under :
2008-2009 2007-2008
(Rs. in lacs) (Rs. in lacs)
Salary, Allowances and Gratuity paid 363.15 404.60
Contribution to Provident and Other Funds 46.53 68.40
Commission — 27.96
409.68 500.96
Approximate money value of perquisites and benefits 22.00 36.75
431.68 537.71

The employee-wise break-up of liability on account of Retirement Schemes based on actuarial valuation is not ascertainable.
The amounts relatable to the Directors is, therefore, disclosed in the year of payment.
In view of inadequacy of profits for the year 2008-09, the Company has made an application to the Central Government for
approval of remuneration to managerial personnel. Pending such approval of the Central Government and the approval of
the Shareholders at the ensuing annual general meeting, the remuneration paid during the year, in excess of the limits
prescribed under Schedule XIII of the Companies Act 1956, amounting to Rs.242.34 lacs is being held in trust by such
directors for the Company.
Year ended Year ended
31st March, 2009 31st March, 2008
(Rs. in lacs) (Rs. in lacs)
B. Statement showing the computation of Net Profit
in accordance with Section 198(1) of the Companies Act, 1956:
Profit/(Loss) before Tax - per Profit and Loss Account (29755.06) 8169.66
Add: Managerial remuneration paid/provided 431.68 537.71
Provision for diminution in value of investments 1313.56 43.72
Exceptional Items (net) 23879.95 445.19
Prior period adjustments (net) — 1.03
25625.19 1027.65
(4,129.87) 9197.31
Less: Profit on sale of Investments (net) 1721.52 4692.16
Prior period adjustments (net) 65.41 —
Provision for Wealth Tax 100.00 62.00
1886.93 4754.16
Net Profit/(Loss) in accordance with Section 198(1)/349 (6016.80) 4443.15
Commission payable:
(i) to the Chairman and Managing Director @ 1% of
said Net Profit* — 1.48
(ii) to the Wholetime Director @ 1% of said Net Profit subject
to a ceiling of annual salary* — 1.48
(iii) to other Directors — 25.00
* Restricted upto overall limits of 10% of profits computed
under Section 349 of the Companies Act, 1956

49
Year ended Year ended
31st March, 2009 31st March, 2008
(Rs. in lacs) (Rs. in lacs)
9. Auditor’s Remuneration:
(i) Fees as Auditor 30.33 30.93
(ii) For management services 10.11 22.47
(iii) For other services 11.81 11.24
(iv) Out-of-pocket expenses 3.29 3.46

10. Imports:
Value of imports (including in-transit) calculated on C.I.F. basis
in respect of -
(i) Raw Materials, Merchanting Goods, etc. 14141.68 16017.67
(ii) Stores and Spare Parts 1437.96 1450.70
(iii) Capital Goods 23791.12 917.72
(iv) Repairs 46.01 302.00

11. Expenditure in Foreign Currency on account of:


(i) Interest and Finance Charges 1941.93 1639.17
(ii) Export Sales Commission 952.74 835.51
(iii) Advertisement expenses 251.95 168.20
(iv) Foreign travel, subscription, etc. 329.56 418.66
(v) Consultancy charges 467.92 683.30
(vi) Others 524.29 889.82
12. Remittance in Foreign Currency on account of dividends:
Paid in 2008-2009 Paid in 2007-2008
(a) Year to which the dividend relates 2007-2008 2006-2007
(b) Number of non-resident shareholders to whom remittances were made 62 66
(c) Number of shares on which remittances were made 51876 54106
(d) Amount remitted (Rs. in lacs) 1.30 2.71
Year ended Year ended
31st March, 2009 31st March, 2008
(Rs. in lacs) (Rs. in lacs)
13. Earnings in Foreign Currency:
(i) Export of goods calculated on FOB basis 18706.62 15107.70
(ii) Earnings from Air Taxi Operations 36.96 26.81
(iii) Others 6.37 15.55
14. Revenue expenditure, including overheads on research and development incurred and charged out during the year through
the natural heads of account, aggregate Rs. 18.67 lacs. The capital expenditure incurred for research and development
purposes, aggregate Rs.Nil.

15. There are no dues to Micro and Small Enterprises as at 31st March, 2009. This information as required to be disclosed under the
Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been
identified on the basis of information available with the Company.
Year ended Year ended
31st March, 2009 31st March, 2008
(Rs. in lacs) (Rs. in lacs)
16. Prior period adjustments represent :
Debits relating to earlier years 115.22 30.32
Credits relating to earlier years (49.60) (22.95)
Depreciation/Amortisation adjustments (net) (0.21) (8.40)
65.41 (1.03)

50
17. Exceptional Items:

Year ended Year ended


31st March, 2009 31st March, 2008
(Rs. in lacs) (Rs. in lacs)
(a) VRS payments (312.54) (445.19)
(b) Provision for Diminution in exposures in Raymond UCO
Denim Private Limited [Refer Note 3B(a)] (23013.83) —
(c) Provision for diminution in the value of investments in
subsidiaries [Refer Note 3B(b) and (c)] (553.58) —

(23879.95) (445.19)

(Rs. in lacs)
As at 31-3-2009 As at 31-3-2008 As at 31-3-2007

18. Deferred Tax :

Deferred Tax Liability on account of :


Depreciation 9998.40 8177.38 7479.17

Deferred Tax Asset on account of :


(i) VRS Payments 329.25 545.36 706.61
(ii) Other Employee benefits 1474.14 1277.40 789.27
(iii) Taxes, Duties, Cess, etc. 218.65 215.23 206.57
(iv) Provision for doubtful debts, etc. 381.00 135.60 158.49
(v) Provision for diminution in value of Investments 7.42 0.78 2.91
(vi) Unabsorbed Depreciaion 4750.74 — —
(vii) Others — 35.43 27.59

7161.20 2209.80 1891.44


Deferred Tax (Net) 2837.20 5967.58 5587.73

51
19. Related parties disclosures :
1. Relationships :
(a) Subsidiary Companies :
Raymond Apparel Limited
Pashmina Holdings Limited
Everblue Apparel Limited
Jaykayorg AG
J.K. (England) Limited
Regency Texteis Portuguesa, Limitada
Hindustan Files Limited
Colorplus Fashions Limited
Silver Spark Apparel Limited
Celebrations Apparel Limited
Ring Plus Aqua Limited
R&A Logistics Inc.
Scissors Engineering Products Limited
JK Talabot Limited
Raymond Woollen Outerwear Limited (a subsidiary w.e.f. 9th August 2008) (formerly Raymond Fedora Private Limited)
Raymond Europe S.r.l.
(b) Joint Ventures :
Raymond Zambaiti Private Limited
Raymond UCO Denim Private Limited and its subsidiaries;
UCO General Holding LLC,
UCO Spinning Ltd. Partnership, UCO Fabrics Inc.,
UCO Sportswear International NV, UCO Tesatura SRL,
UCO Raymond Denim Holding NV,
UCO Ltd. LLC
GAS Apparel Limited
Raymond Fedora Private Limited (a subsidiary w.e.f. 9th August 2008)
Rayves Automotive Textile Company Private Limited
Rose Engineered Products India Pvt. Ltd.
(c) Other related parties where control exists :
J.K. Investo Trade (India) Limited
P.T. Jaykay Files Indonesia
J.K. Helene Curtis Limited
J.K. Ansell Limited
J.K. Investors (Bombay) Limited
Radha Krshna Films Limited
(d) Key Management Personnel :
Mr. Gautam Hari Singhania
Mr. Pradeep Kumar Bhandari (up to 23rd April 2008)

(e) Relatives of key management personnel and their enterprises where transactions have taken place :
Dr. Vijaypat Singhania
Silver Soaps Private Limited
Avani Agricultural Farms Private Limited
Note : Related party relationship is as identified by the Company and relied upon by the Auditors.

52
2. Transactions carried out with related parties referred in 1 above, in ordinary course of business:
(Rs. in lacs)
Related Parties
Nature of transactions Referred in Referred in Referred in Referred in Referred in
1(a) above 1(b) above 1(c) above 1(d) above 1(e) above
Purchases
Goods and Materials 8565.34 28.04 1047.37 — —
(8907.96) (1453.51) (1188.50) (—) (—)
Fixed Assets 24.87 3.78 — — —
(—) (2.47) (—) (—) (—)
DEPB Certificate 37.10 — — — —
(28.52) (22.48) (—) (—) (—)
Sales
Goods, Materials and Services 5069.26 84.36 520.75 — —
(6014.24) (3437.14) (403.69) (—) (—)
Fixed Assets 1.22 36.27 — — —
(13.73) (12.11) (4.38) (—) (—)
Expenses
Rent and other service charges 28.65 1.20 962.03 — 40.80
(22.65) (9.75) (888.49) (—) (40.80)
Job work charges 692.55 257.92 — — —
(8.35) (545.88) (—) (—) (—)
Agency Commission 687.56 — 479.02 — —
(575.33) (—) (501.23) (—) (—)
Remuneration (Refer Note 8) — — — 431.68 —
(—) (—) (—) (512.71) (—)
Interest paid — — 21.10 — —
(—) (—) (20.83) (—) (—)
Professional Fees 74.58 — — — 134.59
(88.39) (—) (—) (—) (112.36)
Directors’ Fees — — — — 1.40
(—) (—) (—) (—) (1.10)
Other Reimbursements 333.65 57.94 16.27 — —
(191.69) (4.90) (47.35) (—) (—)
Income
Rent and other service charges 322.86 19.66 30.45 — —
(204.04) (29.93) (36.39) (—) (—)
Interest received 428.21 506.58 2.36 — —
(90.50) (427.02) (2.70) (—) (—)
Other Receipts
Deputation of staff 164.67 136.67 212.46 — —
(96.28) (192.56) (159.63) (—) (—)
Advertisement Reimbursements 135.81 2.46 — — —
(122.05) (11.51) (5.67) (—) (—)
Other reimbursements 284.14 127.23 50.45 — —
(130.97) (133.90) (65.89) (—) (—)
Finance
Loans and Advances given # 251.40 — — — —
# (384.26) (470.00) (—) (—) (—)
Investments made 5.00 1387.10 — — —
(42.65) (2850.00) (—) (—) (—)
Outstandings
Commitments given on behalf of 14054.00 Refer Note 3B(a) — — —
(11886.00) (—) (—) (—) (—)
Payable 1353.22 771.79 396.78 75.00 —
(874.22) (374.15) (136.05) (2.96) (—)
Receivable 2822.72 * 730.42 350.67 — —
(1315.17) (1591.70) (152.38) (—) (—)
Agency/Property Deposits received — 1.00 211.02 — —
(—) (1.00) (211.02) (—) (—)
Security Deposit paid 150.00 — — — —
(150.00) (—) (—) (—) (—)
Loans and Advances ** 7077.31 * 2942.50 — — —
** (5624.44) (4066.14) (33.23) (—) (—)
Property Deposit paid 98.77 1.00 2935.85 —
50.00
(10.33) (1.00) (2935.85) (—) (50.00)

* Refer Note 3B(a)


** includes Rs.2155.44 lacs, interest free (Previous year Rs.4308.79 lacs)
# includes Rs.Nil, interest free (Previous year Rs.300.00 lacs)
(Previous year figures are in brackets)

53
Year ended Year ended
31st March, 2009 31st March, 2008
(Rs. in lacs) (Rs. in lacs)
20 (a) Premises taken on operating lease:

The total future minimum lease rentals payable at the


Balance Sheet date is as under:

For a period not later than one year 2866.93 2758.67


For a period later than one year and not later than five years 9594.42 8867.91
For a period later than five years 3748.84 3404.21

(b) Machinery taken on operating lease:

The total future minimum lease rentals payable at the


Balance Sheet date is as under:

For a period not later than one year 93.86 140.41


For a period later than one year and not later than five years 70.72 245.71
For a period later than five years — —

Total operating lease expenses debited to profit and loss account


is Rs. 4618.18 lacs (Previous year Rs. 3953.94 lacs)

(c) Premises given on operating lease:

(i) Buildings:
Gross carrying amount 244.74 244.74
Depreciation for the year 8.39 8.55
Accumulated Depreciation 45.68 37.29
The value of portions of premises given on operating lease is not
disclosed above since identification of value relatable to the
portion is not possible.

(ii) The total future minimum lease rentals receivable at the


Balance Sheet date is as under:
For a period not later than one year 51.27 47.11
For a period later than one year and not later than five years 42.30 95.68
For a period later than five years — —

Year ended Year ended


31st March, 2009 31st March, 2008
(Rs. in lacs) (Rs. in lacs)
21. Computation of Profit for Earnings per Share:

Profit/(Loss) for the year after tax (27039.68) 6612.17


Prior period adjustments (net) (65.41) 1.03
Excess/(Short) Provision for tax in respect of earlier years (50.04) 629.10

Profit/(Loss) including exceptional items (27155.13) 7242.30


Exceptional items (net of taxes) 23511.30 293.87

Profit/(Loss) excluding exceptional items (net of taxes) (3643.83) 7536.17

Nominal value per share in Rupees 10.00 10.00

54
22. Capacity and Production
(Annual Capacity)
As at 31st March, 2009 As at 31st March, 2008
Licensed/ * Installed Licensed/ * Installed
Registered Registered
(A) Licensed and Installed Capacities:
Wool Combing - Lac Kgs. 13.60 13.60 13.60 13.60
Wool Combing - Lac Kgs. 46.96 (b) 46.96 22.58 (b) 22.58
Wool Spinning - Spindles 1440 1440 1440 1440
Worsted Spinning - Spindles 22700 22700 22700 22700
Worsted Spinning - Spindles 55656 (b) 55656 37704 (b) 37704
Synthetic Spinning - Spindles 13728 (a) 13728 13728 (a) 13728
Synthetic Spinning - Spindles 3840 3840 3840 3840
Weaving - No. of Looms 246 246 246 246
Weaving - No. of Looms 243 (b) 243 149 (b) 149
Weaving - No. of Looms 32 32 32 32
Hosiery - No. of Machines Not specified 37 Not specified 37
Looms for Plush Fabrics 19 (b) 19 19 (b) 19
Trousers - Lac Nos. 5.44 (b) 1.80 - -
Jackets - Lac Nos. 5.44 (b) 1.80 - -
Files & Rasps - Lac Nos. NA# 444 NA# 444
H.S.S. Twist Drills - Lac Nos. NA# 144 NA# 144
Tool bits - Lac Nos. NA# 1.50 NA# 1.50
Bars & Rods - M.T. NA# 7200 NA# 7200

* As certified by the Management and being a technical matter, accepted by the Auditors as correct.
# Delicensed & therefore Not Applicable
(a) Per Memorandum of Information filed with Secretariat for Industrial Approvals, Government of India
(b) Installed against Industrial Entrepreneurs Memorandum

Year Ended Year Ended


Unit 31st March, 2009 31st March, 2008
(B) Actual Production
Fabrics Lac Mtrs. 325.00 318.71

Rugs, Blankets and Shawls Lac Pcs. 3.25 2.17

Furnishing Fabrics Lac Mtrs. 8.04 8.14

Files and Rasps Lac Nos. 513.71 508.66

H.S.S.Twist Drills Lac Nos. 146.02 118.78

Bars and Rods (HRS) $ M.T. 6365.27 6456.50

$ 5608.43 M.T. used for captive consumption; Previous year 5686.40 M.T.

55
(C) Stocks and Turnover
(Value - Rs. in lacs)

Class of Goods Unit Production/Purchase Opening Stock Closing Stock Turnover (net of sales returns) Sundries

2008-09 2007-2008 As at 1-4-2008 As at 1-4-2007 As at 31-3-2009 As at 31-3-2008 2008-2009 2007-2008 2008-2009 2007-2008

Quantity Quantity Quantity Value Quantity Value Quantity Value Quantity Value Quantity Value Quantity Value Quantity Quantity

Fabrics Lac Mtrs. 325.00 318.71 36.10 7499.13 38.22 7448.56 58.02 12733.87 36.10 7499.13 302.96 98606.76 319.45 96650.01 0.12 1.38
Rugs, Blankets & Lac Pcs./
Shawls Mtrs. 3.25 2.17 1.06 653.47 0.15 81.85 1.27 738.17 1.06 653.47 3.10 1986.00 1.87 1331.99 (0.06) (0.61)
Furnishing
Fabric Lac Mtrs. 8.04 8.14 0.66 125.85 0.28 51.71 0.75 148.94 0.66 125.85 8.07 1744.87 8.24 1737.85 (0.12) (0.48)
Garments Lac Pcs. 2.93 3.79 1.66 1834.86 145 1407.57 1.10 2021.27 1.66 1834.86 3.45 5434.04 4.13 5078.55 0.04 (0.55)
Shirtings Lac Mtrs. 6.03 7.56 2.61 436.63 1.17 136.94 1.79 315.54 2.61 436.63 6.71 1540.48 5.87 1322.34 0.14 0.25
Merchanting
Fabrics Lac Mtrs. 3.03 4.71 1.74 1301.42 0.78 305.98 0.85 1029.71 1.74 1301.42 3.39 2453.21 3.26 2050.34 0.53 0.49
Files and Rasps Lac Nos. 513.71 508.66 51.43 1104.25 37.90 922.98 60.41 1425.32 51.43 1104.25 504.63 14559.10 494.55 11946.39 0.10 0.58
H.S.S. Twist Drills Lac Nos. 146.02 118.78 13.09 336.66 15.27 422.29 11.95 282.48 13.09 336.66 147.11 3339.48 120.68 2389.33 0.05 0.28
Bars & Rods $ M.T. 6365.27 6456.50 127.16 57.02 150.22 66.98 73.86 35.74 127.16 57.02 810.14 542.15 793.16 347.01 — —
File Steel M.T. 3031.76 3158.57 — — — 877.25 — — — — 3031.76 2405.71 3158.57 1945.10 — —
Others — — — 239.02 — — — 291.30 — 239.02 — 2214.92 — 4935.70 — —

Total 13588.31 11722.11 19022.34 13588.31 134826.72 129734.61

56
Notes : Sundries include -

a) Samples, damages, losses, excess/shortage in inventories etc..

$ 5608.43 M.T. used for captive consumption; Previous year 5686.40 M.T.

Details of Goods Traded in - Purchases during the year

2008-09 2007-2008

Items Unit Quantity Value Quantity Value

Garments Lac Pcs 2.93 4586.45 3.79 4372.97

Shawls Lac Pcs — — 0.83 518.97

Shirtings Lac Mtrs. 6.03 945.51 7.56 1363.50

Fabrics Lac Mtrs. 3.03 2177.57 4.71 2486.76

Steel MT 2175 1267.98 2277 1025.30

Others — 1385.79 — 4025.90

Total 10363.30 13793.40


23. Disclosures pursuant to Accounting Standard-15 “Employee Benefits”

a. The Company has recognised Rs. 1358.83 lacs (Previous year 1394.04 lacs) in the Profit and Loss Account for the year ended
31st March 2009 under Defined Contribution Plans.

b. Details of Defined Benefit Plan


(Rs. In Lacs)
31st March, 2009 31st March, 2008
Gratuity Pension Gratuity Pension

1. Components of Employer Expense


(a) Current Service Cost 280.70 33.10 284.44 33.16
(b) Interest Cost 491.67 64.30 467.86 62.25
(c) Expected Return on Plan Assets (451.50) — (426.66) —
(d) Actuarial (Gain)/Loss 84.87 (48.67) 9.09 (24.17)
(e) Total expense/(gain) recognised in the Profit & Loss Account 405.74 48.73 334.73 71.24

2. Net Asset/(Liability) recognised in Balance Sheet


(a) Present Value of Obligation as at 31st March, 2009 6516.35 803.04 6005.31 792.43
(b) Fair Value of Plan Assets as at 31st March, 2009 6516.35 N.A. 6005.31 N.A.
(c) Asset/(Liability) recognised in the Balance Sheet — (803.04) — (792.43)

3. Change in Defined Benefit Obligation (DBO) during the


year ended as on 31st March, 2009
(a) Present Value of Obligation as at 31st March, 2008 6005.31 792.43 5695.12 767.59
(b) Current Service Cost 280.70 33.10 284.44 33.16
(c) Interest Cost 491.67 64.30 467.86 62.25
(d) Actuarial (Gain)/Loss 65.32 (48.67) (78.99) (24.17)
(e) Benefits Paid (326.65) (38.12) (363.12) (46.40)
(f) Present Value of Obligation as at 31st March, 2009 6516.35 803.04 6005.31 792.43

4. Changes in the Fair Value of Plan Assets

} }
(a) Present Value of Plan Assets as at 31st March, 2008 6005.31 5695.12
(b) Expected Return on Plan Assets 451.50 426.66
(c) Actuarial Gain/(Loss) (19.55) N.A. (88.08) N.A
(d) Actual Company Contribution 405.74 334.72
(e) Benefits Paid (326.65) (363.12)
(f) Fair Value of Plan Assets as at 31st March, 2009 6516.35 6005.31

5. Actuarial Assumptions
(a) Discount Rate (per annum) 7.5% 7.5% 8.0% 8.0%
(b) Expected Rate of Return on Assets (per annum) 7.5% N.A. 7.5% N.A.
(c) Salary Escalation Rate* 7.5% 7.5% 8.0% 8.0%

* takes into account the inflation, seniority, promotions and other relevant factors

6. Percentage of each Category of Plan Assets to total Fair


Value of Plan Assets as at 31st March, 2009

} }
(a) Government Securities 55% 54%
(b) Corporate Bonds 41% 39%
N.A. N.A.
(c) Insurer Managed Funds 1% 7%
(d) Others 3% 0%

57
24. Material Consumption
(Rs. in lacs)
Year Ended Year Ended
31st March, 2009 31st March, 2008
Unit Quantity Value Quantity Value

A. Raw Material Consumed:


Wool and Wool Tops M.T. 4487 12795.00 5216 13991.00
Other Natural Fibres & Tops M.T. 55 550.00 22 172.00
Staple & Synthetic Fibres & Tops M.T. 5052 4611.00 5652 4947.00
Yarn M.T. 3892 6578.00 4707 7773.00
Grey Fabric Lac Mtrs. 1.04 170.44 1.44 192.68
Rags & Waste M.T. 220 158.00 352 229.00
Files Steel M.T. 6055 3168.19 6031 2425.27
Drill Steel M.T. 374 1393.82 326 1095.63
Semi-Finished Files Lac Nos. 190.46 4019.63 178.85 3362.69
Others 195.05 197.12
33639.13 34385.39
B. Imported and Indigenous materials consumed:
Year Ended Year Ended
31st March, 2009 31st March, 2008
(Rs. in lacs) % (Rs. in lacs) %
(i) Raw Materials:
Imported 12607.33 37.48 18644.50 54.22
Indigenous 21031.80 62.52 15740.89 45.78
33639.13 100.00 34385.39 100.00
(ii) Stores and Spare Parts:
Imported 1535.74 16.33 1791.43 19.65
Indigenous 7866.18 83.67 7324.87 80.35
9401.92 100.00 9116.30 100.00
25. Information on Joint Ventures:
i) Jointly controlled entities.

Sr. Name of the Joint Venture Country of Percentage of


No. Incorporation Ownership interest

1) Raymond Zambaiti Private Limited India 50%

2) Raymond Fedora Private Limited # India 50%

3) Raymond UCO Denim Pvt. Ltd.@ India 50%

4) GAS Apparel Limited @* India 50%

5) Rose Engineered Product India Pvt. Ltd.* India 50%

6) Rayves Automotive Textile Company Pvt. Ltd.* India 50%

* Held through subsidiaries @ Information based on unaudited financial statements


# Refer Note 3A(c)

(Rs. in lacs)
ii) Contingent Liabilities in respect of Joint Ventures. 2008-09 2007-08
a) Directly incurred by the Company — —
b) Share of the Company in contingent liabilities which have been incurred jointly
with other ventures — —
c) Share of the Company in contingent liabilities incurred by jointly controlled
entity (to the extent ascertainable) 2344.86 2959.87
d) Share of other ventures in contingent liabilities incurred by jointly controlled entity. — —
iii) Capital commitments in respect of Joint Ventures
a) Direct Capital commitments by the Company — —
b) Share of the Company in capital commitments which have been incurred jointly
with other ventures Refer Note 3B(a)
c) Share of the Company in capital commitments of the jointly controlled entity. 58.96 448.31

58
iv) Interest in the assets, liabilities, income and expenses with respect to jointly controlled entities.
(Rs.in lacs)
2008-09 2007-08
A) Assets:
a) Fixed Assets (Net Block): 26135.83 47210.90
Capital Work-in-Progress 157.39 594.43
b) Investments — 13.59
c) Current Assets, Loans and Advances:
Inventories 5899.33 13143.17
Sundry Debtors 6838.23 8591.88
Cash and Bank Balances 1467.79 1723.29
Loans and Advances 1496.75 2273.21
Other Current Assets 2594.60 1743.35
B) Liabilities:
1) Loan Funds:
Secured Loans 23526.18 35420.58
Unsecured Loans 4122.99 6728.22
2) Current Liabilities and Provisions:
Liabilities 8679.66 9036.49
Provisions 2573.17 1251.94
3) Deferred Tax Liability (Net) 137.11 318.27
C) Income:
a) Sales and Export Incentives 43227.99 46350.76
b) Other Income 573.14 (14.54)
D) Expenditure:
a) Material Costs 17654.61 19748.87
b) Manufacturing Expenses and Inventory Variation 13807.54 13184.45
c) Employment Costs 6573.38 8574.02
d) Administrative, Selling and Other Expenses 8912.28 5675.80
e) Finance Charges 2782.30 2490.12
f) Depreciation 4265.33 5951.02
g) Provision for Taxation (183.24) (176.51)

26. Previous year’s figures have been regrouped/recast wherever necessary.


27. Significant accounting policies and practices adopted by the Company are disclosed in the statement annexed to these Accounts
as Annexure I.
Signatures to Schedules 1 to 16
As per our Report of even date
For and on behalf of
DALAL & SHAH H. SUNDER GAUTAM HARI SINGHANIA
Chartered Accountants President - Finance Chairman and Managing Director

ASHISH DALAL THOMAS FERNANDES P. K. BHANDARI


Partner Director-Secretarial & Director
Company Secretary

Mumbai, 24th April, 2009 Mumbai, 24th April, 2009

59
ANNEXURE I
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES
(annexed to and forming part of the Accounts for the year ended 31st March, 2009)
I. RECOGNITION OF INCOME AND EXPENDITURE :
(i) Revenues/Incomes and Costs/Expenditure are generally accounted on accrual, as they are earned or incurred.
(ii) Sale of Goods is recognised on transfer of significant risks and rewards of ownership which is generally on the dispatch of goods.
(iii) Export Incentives under the “Duty Entitlement Pass Book Scheme” and “Duty Draw Back Scheme” are accounted in the
year of export.
(iv) Compensation to employees under Voluntary Retirement Scheme (VRS) is written off in the year of payment.
II. USE OF ESTIMATES :
The preparation of financial statements in conformity with generally accepted accounting principles requires estimates and
assumptions to be made that affect the reported amounts of assets and liabilities on the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period. Differences between actual results and estimates
are recognised in the period in which the results are known/materialised.
III. FIXED ASSETS :
Fixed Assets (other than livestock) are stated at cost, less accumulated depreciation (other than ‘Freehold Land’ where no
depreciation is charged). Livestock are stated at Book Value.
IV. METHOD OF DEPRECIATION AND AMORTISATION :
(i) Depreciation on Factory Buildings, Plant and Machinery, Electrical Installations and Equipment and Aircraft is provided on
the “Straight Line Method” (S.L.M.) by writing off 95% of the cost of the assets over the ‘Specified Period’ of the assets in
accordance with the provisions of Section 205(2)(b) of the Companies Act, 1956;
(ii) Depreciation on other Fixed Assets (other than ‘Land’ and ‘Livestock’ where no depreciation is provided), is provided on the
“Written Down Value Method” (W.D.V.) at the rates specified in Schedule XIV to the Companies Act, 1956 from time to time;
(iii) Depreciation on all assets referred to in (i) above, acquired upto 31st March, 1987, is provided at the rates of depreciation
prevalent at the time of acquisition of the assets, in pursuance of Circular No. 1 of 1986, (1.1/86-CL-V) dated 21st May, 1986,
issued by the Company Law Board;
(iv) Depreciation on additions to Fixed Assets after 1st April, 1987 is provided at the relevant rates of depreciation in respect of
S.L.M. and W.D.V., as specified in Schedule XIV to the Companies Act, 1956 from time to time;
(v) Depreciation on additions to assets or on sale/discardment of assets, is calculated pro rata from the month of such addition
or upto the month of such sale/discardment, as the case may be;
(vi) Cost of Technical Know-how capitalised is amortised over a period of six years thereof.
(vii) Cost of Customised Software capitalised is amortised over a period of three years
(viii) Cost of Leasehold Land is amortised over the period of lease.
V. INVESTMENTS :
Investments are classified into Current and Long-term Investments. Current Investments are stated at lower of cost and fair value.
Long-term Investments are stated at cost. A provision for diminution is made to recognise a decline, other than temporary, in the
value of Long-term Investments.
VI. VALUATION OF INVENTORIES :
Inventories of Raw Materials, Goods-in-Process, Stores and spares, Finished Goods and Merchanting Goods are stated ‘at cost or
net realisable value, whichever is lower’. Goods-in-Transit are stated ‘at cost’. Cost comprise all cost of purchase, cost of
conversion and other costs incurred in bringing the inventories to their present location and condition. The excise duty in respect
of closing inventory of finished goods is included as part of finished goods. Cost formulae used are ‘First-in-First-out’, ‘Average
cost’ or ‘Specific identification’, as applicable. Due allowance is estimated and made for defective and obsolete items,
wherever necessary, based on the past experience of the Company.
VII. FOREIGN CURRENCY TRANSLATIONS :
(i) All transactions in foreign currency, are recorded at the rates of exchange prevailing on the dates when the relevant
transactions take place;
(ii) Monetary items in the form of Loans, Current Assets and Current Liabilities in foreign currency, outstanding at the close of
the year, are converted in Indian Currency at the appropriate rates of exchange prevailing on the date of the Balance
Sheet.Resultant gain or loss is accounted during the year;
(iii) In respect of Forward Exchange contracts entered into to hedge foreign currency risks, the difference between the
forward rate and exchange rate at the inception of the contract is recognised as income or expense over the life of the
contract. Further, the exchange differences arising on such contracts are recognised as income or expense along with the
exchange differences on the underlying assets / liabilities. Further, in case of other contracts with committed exchange
rates, the underlying is accounted at the rate so committed. Profit or loss on cancellations / renewals of forward contracts
is recognised during the year. In case of option contracts, the losses are accounted on mark to market basis.
VIII. RESEARCH AND DEVELOPMENT :
Revenue expenditure, including overheads on Research and Development, is charged out as an expense through the natural
heads of account in the year in which incurred. Expenditure which results in the creation of capital assets is taken as Fixed
Assets and depreciation is provided on such assets as are depreciable.

60
IX. EMPLOYEE BENEFITS :
Defined Contribution Plans such as Provident Fund etc., are charged to the Profit & Loss Account as incurred. Defined Benefit Plans
- The present value of the obligation under such plan, is determined based on an actuarial valuation using the Projected Unit
Credit Method. Actuarial gains and losses arising on such valuation are recognised immediately in the Profit & Loss Account. In
case of funded defined benefit plans, the fair value of the plan assets is reduced from the gross obligation under the defined
benefit plans, to recognise the obligation on net basis. Further for certain employees, the monthly contribution for Provident Fund
is made to a Trust administered by the Company. The interest payable by the Trust is notified by the Government. The Company
has an obligation to make good the shortfall, if any.
Other Long term Employee Benefits are recognised in the same manner as Defined Benefit Plans. Termination benefits are recognised
as and when incurred.
X. PROJECT DEVELOPMENT EXPENSES PENDING ADJUSTMENT :
Expenditure incurred during developmental and preliminary stages of the Company’s new projects, are carried forward. However,
if any project is abandoned, the expenditure relevant to such project is written off through the natural heads of expenses in the
year in which it is so abandoned.
XI. BORROWING COSTS :
Interest and other borrowing costs attributable to qualifying assets are capitalised. Other interest and borrowing costs are
charged to revenue.
XII. GOVERNMENT GRANTS:
Grants received against specific fixed assets are adjusted to the cost of the assets and those in the nature of promoter’s
contribution are credited to Capital Reserve. Revenue Grants are recognised in the Profit and Loss Account in accordance with
the related scheme and in the period in which these are accrued.
XIII. EXPENDITURE DURING CONSTRUCTION AND ON NEW PROJECTS :
In the case of new industrial units and substantial expansion of existing units, all pre-operating expenditure specifically for the
project, incurred upto the date of installation, is capitalised and added pro rata to the cost of fixed assets.
XIV. APPLICATION OF SECURITIES PREMIUM ACCOUNT :
Share and Debenture Issue expenses and Premium payable on redemption of Debentures, are charged, first against available
balance in Securities Premium Account.
XV. TAXATION :
Income-tax expense comprises current tax, fringe benefit tax (FBT) and deferred tax charge or credit. Provision for current tax is
made on the basis of the assessable income at the tax rate applicable to the relevant assessment year. Provision for FBT is made
on the basis of the fringe benefits provided / deemed to have been provided during the year at the rates and values
applicable to the relevant assessment year. The deferred tax asset and deferred tax liability is calculated by applying tax rate
and tax laws that have been enacted or substantively enacted by the Balance Sheet date. Deferred tax assets arising mainly
on account of brought forward losses and unabsorbed depreciation under tax laws, are recognised, only if there is a virtual
certainty of its realisation, supported by convincing evidence. Deferred tax assets on account of other timing differences are
recognised only to the extent there is a reasonable certainty of its realisation. At each Balance Sheet date, the carrying amount
of deferred tax assets are reviewed to reassure realisation.
XVI. IMPAIRMENT OF ASSETS:
The carrying amounts of assets are reviewed at each Balance Sheet date if there is any indication of impairment based on
internal/external factors. An asset is impaired when the carrying amount of the asset exceeds the recoverable amount. An
impairment loss is charged to the Profit and Loss Account in the year in which an asset is identified as impaired. An impairment
loss recognised in prior accounting periods is reversed if there has been change in the estimate of the recoverable amount.

RESEARCH AND DEVELOPMENT EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2009
(Rs. in lacs)
Materials
Stores, spares and chemicals consumed 2.14
Personnel
Wages, salaries, bonus, etc. 8.22
Workmen and staff welfare expenses 1.59
Contribution to Provident and other Funds 1.36
11.17
Other Expenditure
Repairs and maintenance, conveyance, travelling, car expenses, etc. 1.90
Miscellaneous expenses 1.36
3.26
Depreciation 2.10
Total 18.67
This information is given pursuant to the recognition granted to the Company’s Research & Development Laboratory at Jekegram,
Thane by the Department of Scientific & Industrial Research, Ministry of Science & Technology, Government of India, vide their letter
No. 2(109)/2008/RDI/2005 dated 6th June, 2008, which is valid upto 31st March, 2011.

61
TEN YEAR HIGHLIGHTS

(Rupees in Lacs)

2008-09 *2007-08 2006-07 2005-06 2004-05 2003-04 2002-03 2001-02 2000-01 1999-2000

INCOME

Sales and Other Income 147780 146015 137497 140637 122639 116853 109588 103208 147279 167630

% Increase/(Decrease) 1.2 6.2 (2.2) 14.7 4.9 6.6 6.2 (29.9) (12.1) 4.7

Gross Profit/(Loss) before


interest and depreciation -12373 22287 34840 27170 18442 27305 21820 18844 52570 23115

As % of Sales and
Other Income -8.4 15.3 25.3 19.3 15.0 23.4 19.9 18.3 35.7 13.8

Net Profit/(Loss) after Tax -27040 6612 20125 12229 7682 13184 9143 8364 33341 3262

ASSETS EMPLOYED

Net Fixed Assets 106115 73311 76174 84512 57563 42122 40602 37857 37079 85373

Investments 88859 104730 98448 73660 73428 71587 61231 58766 60744 18583

Net Current Assets 57155 58543 45343 44013 42083 44381 46623 50263 42009 53072

Total 252129 236584 219965 202185 173074 158090 148456 146886 139832 157028

% Increase/(Decrease) 7 8 9 17 9 6 1 5 (11) (7)

EQUITY FUNDS AND


EARNINGS

Shareholders’ Funds:

Shareholders’ Investments 1885 1885 1885 1885 1885 1885 1885 1885 1885 3256

Bonus Shares 4253 4253 4253 4253 4253 4253 4253 4253 4253 4253

Reserves 106560 133690 129478 112857 104256 98717 89297 83388 81252 73307

Total 112698 139828 135616 118995 110394 104855 95435 89526 87390 80816

Contribution to
Country’s Exchequer 7144 7998 10306 11011 10031 17672 17096 17410 27062 31204

Per Equity Share of Rs.10: (Rupees)

Book Value 187.0 231.2 220.9 193.9 179.9 170.8 155.5 145.9 142.4 107.6

Earnings -44.2 11.8 32.9 19.7 13.6 21.6 14.7 14.4 35.6 4.3

Dividend Nil 2.5 5.0 5.0 4.0 5.5 4.5 4.5 3.0 1.5

* Figures are stated as per the Annual Report of 2007-08

62
AUDITORS’ REPORT TO THE BOARD OF DIRECTORS OF RAYMOND LIMITED ON THE CONSOLIDATED FINANCIAL
STATEMENTS OF RAYMOND LIMITED
1. We have examined the attached Consolidated Balance Sheet of Raymond Limited, its subsidiaries and its joint ventures as at 31st March, 2009, the Consolidated Profit
and Loss Account and the Consolidated Cash Flow Statement for the year then ended.
2. These consolidated financial statements are the responsibility of the management of Raymond Limited. Our responsibility is to express an opinion on these consolidated
financial statements based on our audit. We conducted our audit in accordance with the generally accepted auditing standards in India. Those Standards require that
we plan and perform the audit to obtain reasonable assurance about whether the financial statements are prepared, in all material respects, in accordance with an
identified financial reporting frame work and are free of material misstatement. An audit includes, examining on a test basis, evidence supporting the amounts and
disclosures in financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as
evaluating the overall financial statements. We believe that our audit provides a reasonable basis for our opinion.
3. We have audited the financial statements of following subsidiaries and Joint Ventures, whose total assets as at 31st March, 2009 and total revenues for the year then
ended are as under:
Rs. in lacs
Name of the Companies Total Assets Total Revenues
a. Subsidiaries
Everblue Apparel Limited 4,696.22 700.58
Silver Spark Apparel Limited 7,421.15 8,683.04
Celebrations Apparel Limited 2,440.19 1428.78
Colorplus Fashions Limited 13,450.93 14,909.11
Raymond Woolen Outerwear Limited 4,269.58 4,572.15
JK Talabot Limited 2,164.85 1,730.34
Scissors Engineering Products Limited 2,716.11 —
b. Joint Ventures
Raymond Zambaiti Private Limited 20,760.21 12,950.25
Rayves Automotive Textile Company Private Limited 42.03 —
4. We did not audit the financial statements of following subsidiaries, joint venture and associates. These financial statements have been audited by other auditors whose reports
have been furnished to us, and our opinion, in so far as it relates to the amounts included in respect of these subsidiaries and associates, is based solely on the reports of the
other auditors. The total assets as at 31st March, 2009 and total revenue for the year then ended, in respect of these subsidiaries, Joint Venture and associates are as under:
Rs. in lacs
Name of the Companies Total Assets Total Revenues
a. Subsidiaries
Raymond Apparel Limited 32,304.36 42,102.20
Pashmina Holdings Limited 1,173.67 —
Hindustan Files Limited 1,253.89 4,022.77
Ring Plus Aqua Limited 7,395.35 8,065.11
R&A Logistics Inc. 285.91 1,339.96
b. Joint Venture
Rose Engineered Products India Private Limited 1,591.32 327.66
c. Associates
J.K. Investo Trade (India) Limited (including its subsidiary J.K. Helene Curtis Limited and a joint venture J.K. Ansell Limited) 8,384.96 13,781.02
Radha Krshna Films Limited 110.02 —
5. In respect of Raymond Europe S.r.L., a Foreign Subsidiary, which is under liquidation, the relevant financial information compiled by the management, which has not
been audited, reflects total revenue of Rs.184.41 lacs. Any adjustments to the said financial information, could have consequential effect on the attached consolidated
financial statements. However, the size of this subsidiary, in a consolidated position, is not significant in relative terms.
6. We also did not audit the financial statements of other Foreign subsidiaries and the Foreign associate. These financial statements have been audited/reviewed (as the
case may be) as at 31st December, 2008 by other auditors, whose reports have been furnished to us. However, since these financial statements, which were compiled by
the management of these companies, for the financial year ended 31st March, 2009, were not audited, any adjustments to their balances, could have consequential
effect on the attached consolidated financial statements. However, the size of these subsidiaries and the associate, in the consolidated position, is not significant in
relative terms. The total assets as at 31st March, 2009 and total revenue for the year then ended, in respect of these Foreign subsidiaries and the Foreign associate are as
under:
Rs. in lacs
Name of the Companies Total Assets Total Revenues
a. Foreign Subsidiaries
Jaykayorg AG 2,817.93 608.88
J.K. (England) Limited 273.78 336.29
Regency Texteis Portuguesa, Limitada 3,507.48 4,757.75
b. Foreign Associate
P.T. Jaykay Files Indonesia 2,083.85 3095.86
7. The Consolidated financial statements include the unaudited financial statements of the following Joint Ventures, which have been certified by the management and
any adjustments to their balances, could have consequential effect on the attached consolidated financial statements. The total assets as at 31st March, 2009 and total
revenue for the year then ended, in respect of these subsidiaries and associates are as under:
Rs. in lacs
Name of the Companies Total Assets Total Revenues
Raymond UCO Denim Private Limited (Consolidated financial statements) 69,624.76 70,353.14
Gas Apparel Limited 632.75 1,198.39
The Consolidated Profit and Loss Account includes aggregate loss of Rs.20,582.58 Lacs incurred by these two Joint Ventures, during the year.
8. We report that the consolidated financial statements have been prepared by the Company in accordance with the requirements of Accounting Standard (AS) 21 –
‘Consolidated Financial Statements’, Accounting Standard (AS) 23 – ‘Accounting for Investments in Associates in Consolidated Financial Statements’ and Accounting
Standard (AS) 27 – ‘Financial Reporting of Interests in Joint Ventures’, and on the basis of the separate audited/certified financial statements of Raymond Limited, its
subsidiaries, its joint ventures and its associates.
9. Without qualifying our opinion, we draw attention to Note No 9 in Schedule 16, relating to the realizable value of assets of subsidiaries of Raymond UCO Denim Private
Limited, a joint venture company, on which we have placed our reliance.
10. On the basis of the information and explanations given to us, we are of the opinion that, subject to the consequential effect, if any, arising out of the audit of
subsidiaries, associate and joint ventures referred in Para 5, 6 and 7 above, and read with the notes thereon:
(a) the Consolidated Balance Sheet gives a true and fair view of the consolidated state of affairs of Raymond Limited, its subsidiaries and its joint ventures as at
31st March, 2009;
(b) the Consolidated Profit and Loss Account gives a true and fair view of the consolidated results of operations of Raymond Limited, its subsidiaries and its joint
ventures for the year then ended, and
(c) the Consolidated Cash Flow Statement gives a true and fair view of the consolidated cash flows of Raymond Limited, its subsidiaries and its joint ventures for the
year ended on that date.
For and on behalf of
DALAL & SHAH
Chartered Accountants

Ashish Dalal
Partner
th
Mumbai: 24 April, 2009 Membership No.33596

63
CONSOLIDATED BALANCE SHEET AS AT 31ST MARCH, 2009

Consoli- Share in Total as at Consoli- Share in Total as at


Schedule dated with Joint 31.03.2009 dated with Joint 31.03.2008
No. subsidiaries Ventures (Rs. in lacs) subsidiaries Ventures (Rs. in lacs)

SOURCES OF FUNDS:
Shareholders’ Funds:
Share Capital 1 6138.08 — 6138.08 6138.08 — 6138.08
Share Warrrants 1A 2086.95 — 2086.95 2086.95 — 2086.95
Reserves and Surplus 2 141797.94 (28361.42) 113436.52 144043.50 (7525.14) 136518.36
Joint Ventures Control Account (34533.76) 34533.76 — (27405.09) 27405.09 —
115489.21 6172.34 121661.55 124863.44 19879.95 144743.39
Loan Funds: 3
Secured Loans 109211.51 23526.18 132737.69 72093.79 35420.58 107514.37
Unsecured Loans 48463.44 1096.76 49560.20 38221.10 5303.22 43524.32
157674.95 24622.94 182297.89 110314.89 40723.80 151038.69
Deferred Tax Liability (Net) 2617.11 137.14 2754.25 6118.18 318.27 6436.45
(Refer Note No.7)
Minority Interest 673.56 — 673.56 651.18 — 651.18
TOTAL 276454.83 30932.42 307387.25 241947.69 60922.02 302869.71

APPLICATION OF FUNDS:
Fixed Assets: 4
Gross Block 214383.04 35635.70 250018.74 171603.04 76119.05 247722.09
Less: Depreciation, Amortisation and Impairment 86353.68 8593.69 94947.37 74855.03 28908.15 103763.18

Net Block 128029.36 27042.01 155071.37 96748.01 47210.90 143958.91


Less: Unrealised Profit 361.21 3230.15 3591.36 — 4083.39 4083.39
Capital work-in-progress 8312.17 157.37 8469.54 3085.73 594.43 3680.16

135980.32 23969.23 159949.55 99833.74 43721.94 143555.68


Investments 5 63014.73 — 63014.73 62265.14 13.59 62278.73
Current Assets, Loans and Advances: 6
Inventories 53609.80 5899.33 59509.13 53505.53 13143.19 66648.72
Sundry Debtors 39048.22 6838.23 45886.45 37821.63 8591.89 46413.52
Cash and Bank Balances 6891.39 1467.79 8359.18 4069.67 1723.29 5792.96
Other Current Assets 6312.09 2594.60 8906.69 6592.50 1743.35 8335.85
Loans and Advances 24296.62 1496.75 25793.37 25155.23 2273.21 27428.44
130158.12 18296.70 148454.82 127144.56 27474.93 154619.49

Less:
Current Liabilities and Provisions: 7
Current Liabilities 46029.84 9075.34 55105.18 39009.10 9036.50 48045.60
Provisions 6668.50 2258.17 8926.67 8286.65 1251.94 9538.59
52698.34 11333.51 64031.85 47295.75 10288.44 57584.19
Net Current Assets 77459.78 6963.19 84422.97 79848.81 17186.49 97035.30
TOTAL 276454.83 30932.42 307387.25 241947.69 60922.02 302869.71

Notes forming part of the Accounts 16


As per our Report of even date
For and on behalf of
DALAL & SHAH H. SUNDER GAUTAM HARI SINGHANIA
Chartered Accountants President - Finance Chairman and Managing Director

ASHISH DALAL THOMAS FERNANDES P. K. BHANDARI


Partner Director-Secretarial & Director
Company Secretary

Mumbai, 24th April, 2009 Mumbai, 24th April, 2009

64
CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2009

Consoli- Share in Total Consoli- Share in Total


dated with Joint year ended dated with Joint year ended
Schedule subsidiaries Ventures 31.03.2009 subsidiaries Ventures 31.03.2008
No. (Rs. in lacs) (Rs. in lacs)
INCOME
Sales, Services and Export Incentives 8 212720.71 43227.99 255948.70 193264.49 46350.76 239615.25
Other Income 9 9688.08 573.14 10261.22 12276.74 501.46 12778.20
222408.79 43801.13 266209.92 205541.23 46852.22 252393.45
EXPENDITURE
Material Costs 10 65845.75 17654.61 83500.36 67538.19 19748.87 87287.06
Manufacturing and Operating Costs 11 36520.22 12575.53 49095.75 35840.62 13775.64 49616.26
(Increase)/Decrease in finished and process stock 12 (3050.08) 1232.01 (1818.07) (8737.80) (591.19) (9328.99)
Employment Costs 13 38488.65 6573.38 45062.03 33081.17 8574.02 41655.19
Administrative, Selling and General expenses 14 65189.99 8912.28 74102.27 47190.91 6191.80 53382.71
Finance Charges 15 10495.91 2782.30 13278.21 7199.99 2490.12 9690.11
Depreciation, Amortisation and Impairment 12389.90 4265.33 16655.23 10935.08 5951.02 16886.10
225880.34 53995.44 279875.78 193048.16 56140.28 249188.44
(LOSS)/PROFIT FOR THE YEAR BEFORE EXCEPTIONAL ITEMS (3471.55) (10194.31) (13665.86) 12493.07 (9288.06) 3205.01
EXCEPTIONAL ITEMS (Refer Note 6) (1040.48) (10314.30) (11354.78) (447.96) 1179.96 732.00
(LOSS)/PROFIT FOR THE YEAR BEFORE TAX (4512.03) (20508.61) (25020.64) 12045.11 (8108.10) 3937.01
Provision for Income Tax :
- Current Tax (Net of MAT credit) 1104.75 (20.00) 1084.75 1937.43 20.72 1958.15
- Deferred Tax (charge/ credit) (3501.08) (181.12) (3682.20) 564.80 (221.66) 343.14
- Fringe Benefits Tax 434.05 16.44 450.49 484.99 22.02 507.01
Provision for Wealth Tax 101.25 1.44 102.69 63.36 2.41 65.77
(LOSS)/PROFIT FOR THE YEAR AFTER TAX (2651.00) (20325.37) (22976.37) 8994.53 (7931.59) 1062.94
Share of profit in Associate Companies 402.88 — 402.88 461.79 — 461.79
Minority Interest (59.37) — (59.37) (81.92) — (81.92)
(2307.49) (20325.37) (22632.86) 9374.40 (7931.59) 1442.81
Prior period adjustments (net)(Refer Note 5) (139.37) (16.44) (155.81) (15.47) (7.73) (23.20)
Excess/(Short) provision for tax 1.02 (0.07) 0.95 620.62 115.13 735.75
Balance brought forward 34574.01 (12947.51) 21626.50 27512.96 (5121.61) 22391.35
BALANCE AVAILABLE FOR APPROPRIATION 32128.17 (33289.39) (1161.22) 37492.51 (12945.80) 24546.71
APPROPRIATION:
Legal Reserve — — — 0.18 1.71 1.89
General Reserve — — — 661.22 — 661.22
Share of Retained Earnings in Associate Companies 354.28 — 354.28 410.80 — 410.80
Proposed dividend — — — 1534.52 — 1534.52
Tax on proposed dividend — — — 260.79 — 260.79
Share of tax on dividend of Associates 48.60 — 48.60 50.99 — 50.99
402.88 — 402.88 2918.50 1.71 2920.21
Balance carried to Balance Sheet 31725.29 (33289.39) (1564.10) 34574.01 (12947.51) 21626.50
Disclosure for Discontinuing Operations
Subsidiaries of Raymond UCO Denim Pvt . Ltd.
-Pre tax loss from ordinary activity (3647.43) (3251.54)
Add/Less: Tax thereon — 26.47
(3647.43) (3225.07)
-Pre tax loss on disposal of assets/settelment of liabilities (10314.30) —
Add/Less: Tax thereon 318.27 —
(9996.03) —
Total (13643.46) (3225.07)
Weighted average number of Equity Shares outstanding during the year 6,13,80,853 6,13,80,853
Basic and diluted earnings per share including exceptional items (in Rs.) (37.21) 3.43
Basic and diluted earnings per share excluding exceptional items (20.13) 1.99
(net of tax) (in Rs.)
Notes forming part of the Accounts 16

As per our Report of even date


For and on behalf of
DALAL & SHAH H. SUNDER GAUTAM HARI SINGHANIA
Chartered Accountants President - Finance Chairman and Managing Director

ASHISH DALAL THOMAS FERNANDES P. K. BHANDARI


Partner Director-Secretarial & Director
Company Secretary

Mumbai, 24th April, 2009 Mumbai, 24th April, 2009

65
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2009
Year Ended Year Ended
31st March, 2009 31st March, 2008
(Rs. in lacs) (Rs. in lacs)
A. Cash Flow arising from Operating Activities:
Net Profit before Tax and Exceptional Items as per Profit and
Loss Account (13665.86) 3205.01
Add/(Deduct):
a) Bad debts and Provision for Doubtful Debts, Advances
and claims 750.03 202.42
b) Investment Grant (13.78) (4.73)
c) Provision for Diminution in value of Investments 1313.56 43.72
d) Depreciation and Amortisation Charge 16655.23 16886.10
e) Finance Charges and (Gain)/Loss on variation in
Foreign Exchange rates 26381.63 11918.17
f) Loss on Sale of Assets 600.69 543.50
g) Interest Income (4076.93) (3672.28)
h) Dividend Income (1977.02) (1323.52)
i) Provision no longer required (874.68) (239.41)
j) Surplus on sale of Investments (1613.51) (4586.68)
k) Government Grant Received 25.00 —
l) Trf From Capital Reserve (25.77) —
37144.45 19767.29
Operating Cash Profit before Working Capital Changes 23478.59 22972.30
Add/(Deduct):
a) Increase/(Decrease) in Trade Payable 12891.48 2066.84
b) (Increase)/Decrease in Trade and Other Receivables (5379.21) (10569.08)
c) (Increase)/Decrease in Inventories 2772.73 (9527.73)

10285.00 (18029.97)
Cash Inflow from Operations 33763.59 4942.33
Deduct:
Direct Taxes paid ( Net ) 1000.21 3976.03
Cash Inflow before Prior Period Adjustments 32763.38 966.30
Deduct:
Prior Period adjustments (155.81) (23.20)
Net Cash Inflow in the course of Operating Activities 32607.57 943.10
Deduct:
Voluntary Retirement Compensation (Exceptional Item ) 348.75 447.96
Net Cash Inflow in the course of Operating Activities after
Exceptional Items 32258.82 495.14
B. Cash Flow arising from Investing Activities:
Inflow:
a) Sale of Fixed Assets 2758.56 1602.77
b) Dividend & Interest Received 8215.71 4848.76
c) (Increase) / Decrease in loan to Companies — 549.93
d) Sale of Investments — 2179.54
10974.27 9181.00
Outflow:
a) Acquisition of Fixed Assets 58254.80 14297.51
b) Acquisition of Minority Interest 36.99 35.34
c) Investment 3417.00 —
d) Investment in Debentures of a Joint Venture — 2,850.00
61708.79 17182.85
Net Cash (Outflow) in the course of Investing Activities (50734.52) (8001.85)
C. Cash Flow arising from Financing Activities:
Inflow:
a) Proceeds from Term Loans (Net) 39073.16 11217.23
b) Proceeds from other borrowings (Net) 9190.38 1 5853.95
c) Issue of Share Warrants — 2086.95
d) Proceeds from Debentures (Net) — 1425.00

48263.54 30583.13
Outflow:
a) Finance Charges (Net) 26346.30 13625.84
b) Dividend paid 1795.31 3069.04
c) Redemption of Debentures — 5,800.00
d) Tax on dividend — 521.58
28141.61 23016.46
Net Cash Inflow in the course of Financing Activities 20121.93 7566.67
D. Change in Currency Fluctuation Reserve arising on
consolidation 919.99 57.26

Net Increase/(Decrease) in Cash/Cash Equivalents (A+B+C+D) 2566.22 117.22


Add:Balance at the beginning of the year 5792.96 5675.74
Cash/Cash Equivalents at the close of the year 8359.18 5792.96
As per our Report of even date
For and on behalf of
DALAL & SHAH H. SUNDER GAUTAM HARI SINGHANIA
Chartered Accountants President - Finance Chairman and Managing Director
ASHISH DALAL THOMAS FERNANDES P. K. BHANDARI
Partner Director-Secretarial & Director
Company Secretary
Mumbai, 24th April, 2009 Mumbai, 24th April, 2009

66
SCHEDULES ‘1’ TO ‘16’ FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED
31ST MARCH, 2009
Total as at Total as at
31.03.2009 31.03.2008
(Rs. in lacs) (Rs. in lacs)
SCHEDULE 1 - SHARE CAPITAL
Authorised:
10,00,00,000 Equity Shares of Rs.10 each 10000.00 10000.00

10000.00 10000.00
Issued and Subscribed :
6,13,80,853 Equity Shares of Rs.10 each, fully paid-up 6138.08 6138.08

Per Balance Sheet 6138.08 6138.08


SCHEDULE 1A - SHARE WARRANTS
Issued and Subscribed :
61,38,085 Warrants of Rs.34/- each 2086.95 2086.95

Per Balance Sheet 2086.95 2086.95

SCHEDULE 2 - RESERVES AND SURPLUS Consolidated Share in Total as at Consolidated Share in Total as at
with subsidiaries Joint Ventures 31.03.2009 with subsidiaries Joint Ventures 31.03.2008
(Rs. in lacs) (Rs. in lacs)
(a) Capital Reserve
Balance as per last account — 25.77 25.77 — 25.77 25.77
Less: Transfer to Profit and Loss Account — (25.77) (25.77) — — —
Add: Capital grant from a joint venture partner — 250.79 250.79 — — —
Add: Govternment grant received 25.00 — 25.00 — — —

25.00 250.79 275.79 — 25.77 25.77


(b) Legal Reserve:
Balance as per last account 8.22 2.29 10.51 8.04 0.58 8.62
Add: Transfer from Profit and Loss Account — — — 0.18 1.71 1.89

8.22 2.29 10.51 8.22 2.29 10.51


(c) Securities Premium Account
Balance as per last account 14778.55 4358.53 19137.08 14778.55 4358.53 19137.08
(d) Capital Redemption Reserve
Balance as per last account 1521.51 — 1521.51 1521.51 — 1521.51
(e) Debenture Redemption Reserve:
Balance as per last account — — — 1450.00 — 1450.00
Less: Transfer to General Reserve — — — (1450.00) — (1450.00)

— — — — — —
(f) General Reserve:
Balance as per last account 89518.50 — 89518.50 88632.66 — 88632.66
Add: 1) Transfer from Debenture Redemption Reserve — — — 1450.00 — 1450.00
2) Transitonal liability as per AS 15 — — — (1225.38) — (1225.38)
For Employee Benefits
3) Transfer from Profit and Loss Account — — — 661.22 — 661.22

89518.50 — 89518.50 89518.50 — 89518.50


(g) Revaluation Reserve
Balance as per last account — 1354.40 1354.40 — 1335.27 1335.27
Additions During the year — — — — 45.60 45.60
Less : Transfer to Profit & Loss Account — (1354.40) (1354.40) — (26.47) (26.47)

— — — — 1354.40 1354.40
(h) Investments Grants
Balance as per last account — 13.78 13.78 — 18.51 18.51
Additions During the year — — — — — —
Less : Transfer to Profit & Loss Account — (13.78) (13.78) — (4.73) (4.73)

— — — — 13.78 13.78
(i) Currency Fluctuation Reserve - on Consolidation
Opening balance 847.33 (332.40) 514.93 557.58 (99.91) 457.67
Add/(Less) : During the year 271.23 648.76 919.99 289.75 (232.49) 57.26

1118.56 316.36 1434.92 847.33 (332.40) 514.93


(j) Share of Retained Earnings in Associates: 3102.31 — 3102.31 2795.38 — 2795.38
(Movement During the year refer Note 15)
(k) Profit and Loss Account 31725.29 (33289.39) (1564.10) 34574.01 (12947.51) 21626.50

Total Reserves and Surplus - Per Balance Sheet 141797.94 (28361.42) 113436.52 144043.50 (7525.14) 136518.36

67
Consolidated Share in Total as at Consolidated Share in Total as at
with subsidiaries Joint Ventures 31.03.2009 with subsidiaries Joint Ventures 31.03.2008
(Rs. in lacs) (Rs. in lacs)
SCHEDULE 3 - LOAN FUNDS

(a) Secured Loans:

Term Loans:

Term Loans from Banks 81946.86 17003.34 98950.20 49965.22 26116.92 76082.14

Interest accrued thereon 45.28 — 45.28 36.71 — 36.71

Partly Secured Term Loan 15000.00 — 15000.00 — — —

96992.14 17003.34 113995.48 50001.93 26116.92 76118.85

Working capital loans from banks 11528.04 6522.84 18050.88 18488.21 9303.66 27791.87

Interest accrued thereon 39.79 — 39.79 29.86 — 29.86

11567.83 6522.84 18090.67 18518.07 9303.66 27821.73

Buyer’s Credit Loan 650.50 — 650.50 3573.79 — 3573.79

Hire purchase loans 1.04 — 1.04 — — —

Total - Secured Loans 109211.51 23526.18 132737.69 72093.79 35420.58 107514.37

(b) Unsecured Loans:

Foreign Currency Loans from Banks 29898.60 — 29898.60 30593.34 — 30593.34

From Joint Venture Partners (Long Term) — 1096.76 1096.76 — 5303.22 5303.22

Short Term Borrowings from Banks — — — 6499.64 — 6499.64

Other Borrowings:

Sales Tax Deferment Loan 953.22 — 953.22 1128.12 — 1128.12

Others 17611.62 — 17611.62 — — —

18564.84 — 18564.84 1128.12 — 1128.12

Total - Unsecured Loans 48463.44 1096.76 49560.20 38221.10 5303.22 43524.32

Total Loan Funds - Per Balance Sheet 157674.95 24622.94 182297.89 110314.89 40723.80 151038.69

SCHEDULE 4 - FIXED ASSETS (NET BLOCK)


A. Assets
Goodwill on Consolidation 698.10 906.18 1604.28 797.85 8622.08 9419.93
Land -
Freehold 3990.98 12.03 4003.01 3994.69 844.08 4838.77
Leasehold 789.36 260.53 1049.89 611.23 1743.35 2354.58
Buildings 22439.65 5124.28 27563.93 15882.46 9760.92 25643.38
Improvements to Leasehold Premises 2222.99 0.64 2223.63 2155.64 343.65 2499.29
Plant and Machinery, Electrical Installations and Equipments 79236.03 20522.30 99758.33 53238.18 25135.00 78373.18
Furniture, Fixtures and Office Equipments 3962.54 156.62 4119.16 3568.82 436.84 4005.66
Livestock (at book value) 8.29 — 8.29 12.71 — 12.71
Vehicles 927.12 59.38 986.50 1042.25 118.70 1160.95
Boats and Water Equipments 5229.16 — 5229.16 6051.85 — 6051.85
Aircraft 7963.67 — 7963.67 8516.27 — 8516.27
Intangible Assets :

Software 561.47 0.05 561.52 874.60 4.83 879.43


Leasing and other similar rights — — — — 201.45 201.45
Technical Knowhow — — — 1.46 — 1.46

Per Balance Sheet 128029.36 27042.01 155071.37 96748.01 47210.90 143958.91

Less : Unrealised Profit 361.21 3230.15 3591.36 — 4083.39 4083.39

127668.15 23811.86 151480.01 96748.01 43127.51 139875.52

B. Capital work-in-progress 8312.17 157.37 8469.54 3085.73 594.43 3680.16

68
Consolidated Share in Total as at Consolidated Share in Total as at
with subsidiaries Joint Ventures 31.03.2009 with subsidiaries Joint Ventures 31.03.2008
(Rs. in lacs) (Rs. in lacs)
SCHEDULE 5 - INVESTMENTS (AT COST/BOOK VALUE)
(fully paid up unless otherwise specified)

I. LONG TERM INVESTMENTS

A. Investments in Government Securities 0.27 — 0.27 0.07 0.10 0.17

B. Non-Trade Investments

Shares (Unquoted) 872.65 — 872.65 889.24 — 889.24

Less: Provision for diminution in value of Investments (337.70) — (337.70) (337.80) — (337.80)

534.95 — 534.95 551.44 — 551.44

C. Non-Trade Investments

Shares (Quoted) 5064.24 — 5064.24 2740.82 — 2740.82

Bonds (Quoted) — — — 2974.96 — 2974.96

5064.24 — 5064.24 5715.78 — 5715.78

D. Non-Trade Investments

Unquoted Debentures 42.19 — 42.19 1467.19 — 1467.19

Less: Provision for diminution in vale of Investments — — — — — —

42.19 — 42.19 1467.19 — 1467.19

E. Mutual Fund (Unquoted):

Investment in mutual fund-FMP (Growth) 15.50 — 15.50 9707.52 — 9707.52

F. Venture Capital Funds

Investments in ventures Capital Fund 2942.94 — 2942.94 2932.94 — 2932.94


(Includes units of Rs.500 lacs,Rs.450 lacs paid up)
G. Others 7756.79 — 7756.79 8814.64 — 8814.64

Total - Long Term Investments 16356.88 — 16356.88 29189.58 0.10 29189.68

II. CURRENT INVESTMENTS

A. Dividend Option Units 34290.07 — 34290.07 21872.23 13.49 21885.72

B. Growth Option Units 9699.52 — 9699.52 1595.79 — 1595.79

C. Fixed Maturity Plan Units — — — 5000.00 — 5000.00

D. Equity Shares (Quoted) 4197.57 — 4197.57 4828.15 — 4828.15

E. Preference Shares 27.95 — 27.95 — — —

F. Bonds (Quoted) 76.95 — 76.95 — — —

G. Mutual Funds (Quoted) — — — 63.47 — 63.47

48292.06 — 48292.06 33359.64 13.49 33373.13


Less: Provision for diminution in value of Current Investments (1634.21) — (1634.21) (320.65) — (320.65)

Total - Current Investments 46657.85 — 46657.85 33038.99 13.49 33052.48

Total - Investments 63014.73 — 63014.73 62228.57 13.59 62242.16

III. APPLICATION MONEY PENDING ALLOTMENT

Equity Application Money — — — 36.57 — 36.57

— — — 36.57 — 36.57

Per Balance Sheet 63014.73 — 63014.73 62265.14 13.59 62278.73

Book Value

Aggregate of Quoted Investments 7638.21 — 7638.21 10290.19 — 10290.19

Aggregate of Unquoted Investments 55376.52 — 55376.52 51938.38 13.59 51951.97

63014.73 — 63014.73 62228.57 13.59 62242.16

Market Value

Aggregate of Quoted Investments 4676.30 — 4676.30 15025.36 — 15025.36

69
Consolidated Share in Total as at Consolidated Share in Total as at
with subsidiaries Joint Ventures 31.03.2009 with subsidiaries Joint Ventures 31.03.2008
(Rs. in lacs) (Rs. in lacs)
SCHEDULE 6 - CURRENT ASSETS, LOANS AND ADVANCES
(a) Inventories:
(As verified, valued and certified by the Management):
(i) Loose Tools 103.58 — 103.58 85.70 — 85.70
(ii) Stores and Spare Parts 2267.80 702.88 2970.68 2320.78 1289.19 3609.97
(iii) Stock-in-Trade:
Raw Materials 7680.35 998.48 8678.83 9675.36 2987.35 12662.71
Goods-in-Process 10659.20 1938.11 12597.31 14231.90 2318.95 16550.85
Finished Goods (including Merchanting Goods) 31332.94 2200.71 33533.65 24286.49 6435.11 30721.60
(iv) Accumulated cost on conversion contracts 190.55 — 190.55 79.07 42.58 121.65
(v) Goods-in-Transit 1375.38 59.15 1434.53 2826.23 70.01 2896.24

53609.80 5899.33 59509.13 53505.53 13143.19 66648.72


(b) Sundry Debtors :
(i) Debts outstanding for a period exceeding
six months (Refer Note 3)
Secured (considered good) 180.54 38.03 218.57 231.09 — 231.09
Unsecured -
Considered good 3488.43 62.15 3550.58 1853.15 124.13 1977.28

3668.97 100.18 3769.15 2084.24 124.13 2208.37


Considered doubtful 371.23 — 371.23 391.92 382.38 774.30
Less: Provision (371.23) — (371.23) (391.92) (306.54) (698.46)

— — — — 75.84 75.84
(ii) Other Debts :
Secured (considered good) 3117.22 — 3117.22 3350.85 1280.96 4631.81
Unsecured -
Considered good 32262.03 6725.98 38988.01 32386.54 7110.96 39497.50
Considered doubtful — 134.04 134.04 — — —
Less: Provision — (121.97) (121.97) — — —

— 12.07 12.07 — — —
35379.25 6738.05 42117.30 35737.39 8391.92 44129.31

39048.22 6838.23 45886.45 37821.63 8591.89 46413.52

(c) Cash and Bank Balances:


(i) Cash on hand (including cheques on hand) 256.55 94.68 351.23 392.14 207.10 599.24
(ii) Balances with Banks
In Current Accounts (including remittances-in-transit) 4828.07 113.32 4941.39 2886.19 482.48 3368.67
In Deposit Accounts 1806.77 1259.79 3066.56 791.34 1033.71 1825.05

6891.39 1467.79 8359.18 4069.67 1723.29 5792.96


(d) Other Current Assets:
(i) Export Incentives, etc. receivable 961.81 400.38 1362.19 656.74 391.95 1048.69
(ii) Dividend, Interest Subsidy and Interest receivable
[including interest accrued on Investments Rs. 478.50 lacs
(Previous year Rs.538.12 lacs)] 2627.38 517.28 3144.66 4432.60 873.82 5306.42
(iii) MAT Credit Receivable 664.58 — 664.58 642.08 — 642.08
(iv) Claims and Other receivables 2058.32 397.24 2455.56 861.08 477.58 1338.66
(v) Assets held for disposal — 1279.70 1279.70 — — —

6312.09 2594.60 8906.69 6592.50 1743.35 8335.85

(e) Loans and Advances (Unsecured, considered good,


unless otherwise specified):
Loans and Advances to companies and others:
Considered good 20.00 — 20.00 4544.32 — 4544.32
Considered doubtful 1698.61 1268.92 2967.53 32.00 — 32.00
Less: Provision (1698.61) (1268.92) (2967.53) (32.00) — (32.00)

20.00 — 20.00 4544.32 — 4544.32


Advance Tax (Net of provision for tax) 2035.34 146.35 2181.69 1149.04 32.44 1181.48
Advances recoverable in cash or in kind or for value to be received:
Considered good 10349.36 1198.21 11547.57 7808.95 1652.07 9461.02
Considered doubtful 37.84 — 37.84 30.63 — 30.63
Less: Provision (37.84) — (37.84) (30.63) — (30.63)

10349.36 1198.21 11547.57 7808.95 1652.07 9461.02


Balances with -
Customs, Excise, etc. 354.17 62.68 416.85 492.90 161.38 654.28
Others 11537.75 218.45 11756.20 11160.02 427.32 11587.34
Less: Provision for doubtful deposits — (128.94) (128.94) — — —

11891.92 152.19 12044.11 11652.92 588.70 12241.62


24296.62 1496.75 25793.37 25155.23 2273.21 27428.44

Per Balance Sheet 130158.12 18296.70 148454.82 127144.56 27474.93 154619.49

70
Consolidated Share in Total as at Consolidated Share in Total as at
with subsidiaries Joint Ventures 31.03.2009 with subsidiaries Joint Ventures 31.03.2008
(Rs. in lacs) (Rs. in lacs)
SCHEDULE 7 - CURRENT LIABILITIES AND PROVISIONS
(a) Current Liabilities :
Acceptances 507.81 — 507.81 506.54 — 506.54
Sundry Creditors 30143.81 6879.22 37023.03 26216.41 6807.90 33024.31
Advances against Sales 1303.33 38.87 1342.20 678.86 290.66 969.52
Deposits from Dealers and Agents 6439.62 39.83 6479.45 6350.61 1.15 6351.76
Overdrawn Bank Balances 1559.34 90.39 1649.73 1641.49 17.07 1658.56
Other Liabilities 5242.35 1722.53 6964.88 3007.61 1424.55 4432.16
Interest accrued but not due 833.58 304.50 1138.08 607.58 495.17 1102.75
46029.84 9075.34 55105.18 39009.10 9036.50 48045.60
(b) Provisions :
For Proposed Dividend — — — 1534.52 — 1534.52
For Tax on Proposed Dividend — — — 260.79 — 260.79
For Employee Benefits 6465.90 45.59 6511.49 6290.46 896.18 7186.64
For Excise Duties 191.91 51.03 242.94 197.29 55.91 253.20
For obligations relating discontinued operation — 1640.67 1640.67 — — —
For Others 10.69 520.88 531.57 3.59 299.85 303.44
6668.50 2258.17 8926.67 8286.65 1251.94 9538.59
Per Balance Sheet 52698.34 11333.51 64031.85 47295.75 10288.44 57584.19

SCHEDULE 8 - SALES, SERVICES AND EXPORT INCENTIVES


(1) Gross Turnover (Net of usual trade discounts, allowances, etc.):
(a) Manufactured Goods (inclusive of sale of semi-finished goods) 195899.67 41421.57 237321.24 176121.36 44605.65 220727.01
(b) Merchanting Goods 20452.92 661.31 21114.23 19303.96 830.32 20134.28
216352.59 42082.88 258435.47 195425.32 45435.97 240861.29
Less:
Excise Duties 2476.16 588.48 3064.64 2601.60 674.83 3276.43
Sales Returns 317.18 130.64 447.82 406.32 232.73 639.05
Other discounts and allowances 6642.29 190.12 6832.41 3675.20 142.77 3817.97
9435.63 909.24 10344.87 6683.12 1050.33 7733.45
Net Turnover 206916.96 41173.64 248090.60 188742.20 44385.64 233127.84
(2) Commission 42.66 — 42.66 120.04 — 120.04
(3) Income from Air Taxi Operations 1111.70 — 1111.70 1169.37 — 1169.37
(4) Gross Income from Services 597.23 751.04 1348.27 330.41 — 330.41
(5) Income from Job work 1571.13 108.06 1679.19 1034.18 1016.40 2050.58
(6) Conducting Fees 698.21 — 698.21 547.63 — 547.63
(7) Export Incentives, etc. 1782.82 1195.25 2978.07 1320.66 948.72 2269.38
Per Profit and Loss Account 212720.71 43227.99 255948.70 193264.49 46350.76 239615.25

SCHEDULE 9 - OTHER INCOME


Dividends:
From Non-Trade Investments:
— Current Investments 1949.18 0.18 1949.36 1262.36 28.65 1291.01
— Long Term Investments 27.66 — 27.66 32.51 — 32.51
1976.84 0.18 1977.02 1294.87 28.65 1323.52
Interest Income:
— On Investments 600.34 0.17 600.51 624.86 0.01 624.87
— Others 3284.04 192.38 3476.42 2902.82 144.59 3047.41
3884.38 192.55 4076.93 3527.68 144.60 3672.28
Profit on sale of Current Investments (Net) 588.48 — 588.48 4027.34 5.94 4033.28
Profit on sale of Long-term Investments (Net) 1025.03 — 1025.03 553.40 — 553.40
Rent and Compensation 148.17 — 148.17 118.37 — 118.37
Credit Balances appropriated (Net) 194.20 — 194.20 14.78 — 14.78
Excess provisions written back (Net) 680.48 — 680.48 224.63 — 224.63
Sales Tax and Excise duty Refunds — — — 747.49 — 747.49
Miscellaneous Income 1190.50 380.41 1570.91 1768.18 322.27 2090.45
Per Profit and Loss Account 9688.08 573.14 10261.22 12276.74 501.46 12778.20

SCHEDULE 10 - MATERIAL COSTS


(1) Raw Materials consumed :
Opening Stock 9675.36 2987.35 12662.71 10123.94 3364.04 13487.98
Add: On Joint Venture becoming a subsidiary 85.39 (91.37) (5.98) — — —
Add: Purchases 49577.07 15587.39 65164.46 51789.96 18667.42 70457.38
(Includes Purchase of Semi Finished Goods) 59337.82 18483.37 77821.19 61913.90 22031.46 83945.36
Less: Inventory of business liquidation — 303.19 303.19 — — —
Less: Sales 1701.86 21.25 1723.11 1115.34 273.68 1389.02
57635.96 18158.93 75794.89 60798.56 21757.78 82556.34

Less: Closing Stock 7680.35 998.48 8678.83 9675.36 2987.35 12662.71


49955.61 17160.45 67116.06 51123.20 18770.43 69893.63
(2) Purchases of Merchanting Goods 15890.14 494.16 16384.30 16414.99 978.44 17393.43
Per Profit and Loss Account 65845.75 17654.61 83500.36 67538.19 19748.87 87287.06

71
Consolidated Share in Total as at Consolidated Share in Total as at
with subsidiaries Joint Ventures 31.03.2009 with subsidiaries Joint Ventures 31.03.2008
(Rs. in lacs) (Rs. in lacs)

SCHEDULE 11 - MANUFACTURING AND OPERATING COSTS


Stores and Spare Parts 12648.83 6290.39 18939.22 12006.32 6613.73 18620.05
Power and Fuel 10915.30 4449.53 15364.83 9805.16 4848.61 14653.77
Repairs to Buildings 368.03 42.53 410.56 806.55 78.24 884.79
Repairs to Machinery 1750.93 556.58 2307.51 1749.53 832.77 2582.30
Other Manufacturing and Operating Expenses 10837.13 1236.50 12073.63 11473.06 1402.29 12875.35

Per Profit and Loss Account 36520.22 12575.53 49095.75 35840.62 13775.64 49616.26

SCHEDULE 12 - (INCREASE)/DECREASE IN FINISHED AND PROCESS STOCK


Opening Stock:
Goods-in-Process 14231.90 2318.95 16550.85 10605.47 2133.68 12739.15
On Joint Venture becoming a subsidiary 548.86 (274.43) 274.43 — — —
Accumulated cost on conversion contracts 79.07 42.58 121.65 60.10 — 60.10
Finished Goods (including Merchanting Goods) 24286.49 6435.11 30721.60 19227.93 6059.11 25287.04

39146.32 8522.11 47668.53 29893.50 8192.79 38086.29


Add/(Less): Inventory of disconinuing operation written down — (2432.94) (2432.94) — — —
Add/(Less): Inventory on liquidation of business — (702.83) (702.83) — — —
Closing Stock:
Goods-in-Process 10659.20 1938.11 12597.31 14231.90 2318.95 16550.85
Finished Goods (including Merchanting Goods) 31332.94 2200.71 33533.65 24286.49 6435.11 30721.60
Accumulated cost on conversion contracts 190.55 — 190.55 79.07 42.58 121.65

42182.69 4138.82 46321.51 38597.46 8796.64 47394.10


(Increase)/Decrease in Stocks (3036.37) 1247.62 (1788.75) (8703.96) (603.85) (9307.81)
Add/(Less): Variation in excise duty on opening and
closing stock of finished goods (13.71) (15.61) (29.32) (33.84) 12.66 (21.18)

Per Profit and Loss Account (3050.08) 1232.01 (1818.07) (8737.80) (591.19) (9328.99)

SCHEDULE 13 - EMPLOYMENT COSTS


Salaries, Wages, Bonus, etc. 34548.08 5773.52 40321.60 29364.15 6262.98 35627.13
Contribution to Provident and Other Funds 2229.45 361.30 2590.75 2112.22 1606.21 3718.43
Workmen and Staff Welfare Expenses 1711.12 438.56 2149.68 1604.80 704.83 2309.63

Per Profit and Loss Account 38488.65 6573.38 45062.03 33081.17 8574.02 41655.19

SCHEDULE 14 - ADMINISTRATIVE, SELLING AND GENERAL EXPENSES


Insurance (Net) 368.13 126.92 495.05 504.49 198.15 702.64
Rent 11091.24 362.33 11453.57 8170.72 369.13 8539.85
Lease Rentals 19.26 — 19.26 20.09 — 20.09
Rates and Taxes 297.63 55.65 353.28 227.69 96.57 324.26
Advertisement 11803.49 120.05 11923.54 12553.46 218.52 12771.98
Commission to Selling Agents 6408.70 538.39 6947.09 4867.07 596.96 5464.03
Freight, Octroi, etc. 2665.34 1214.55 3879.89 2774.05 1516.97 4291.02
Bad Debts, Advances and Claims written off 126.87 143.82 270.69 6.03 10.50 16.53
Provision for Doubtful Debts, Advances and Claims 25.60 453.74 479.34 39.42 146.47 185.89
Miscellaneous Expenses 20378.79 2920.64 23299.43 19353.55 2545.70 21899.25
Loss /(Gain) on sale/discardment of fixed assets(Net) 223.94 376.75 600.69 566.67 (23.17) 543.50
Provision for diminution in value of Investments 1313.56 — 1313.56 43.72 — 43.72
Loss on variation in foreign exchange rates (net):
— On loans 12344.12 759.30 13103.42 1348.18 879.88 2228.06
— On others (1906.54) 1840.14 (66.40) (3570.84) (363.88) (3934.72)

10437.58 2599.44 13037.02 (2222.66) 516.00 (1706.66)


Contribution to Charitable Funds, etc. 20.82 — 20.82 278.03 — 278.03
Directors’ fees 9.04 — 9.04 8.58 — 8.58

Per Profit and Loss Account 65189.99 8912.28 74102.27 47190.91 6191.80 53382.71

SCHEDULE 15 - FINANCE CHARGES


Interest on Debentures and Fixed Loans(Net) 5222.65 2504.55 7727.20 3936.39 1740.08 5676.47
Interest - Others 4925.34 138.04 5063.38 3159.60 644.59 3804.19

10147.99 2642.59 12790.58 7095.99 2384.67 9480.66


Discount on issue of “Commercial Papers” 90.13 — 90.13 69.87 — 69.87
Commitment and other charges on Loans 257.79 139.71 397.50 34.13 105.45 139.58

10495.91 2782.30 13278.21 7199.99 2490.12 9690.11

Per Profit and Loss Account 10495.91 2782.30 13278.21 7199.99 2490.12 9690.11

72
SCHEDULE 16 - NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS 4. A. Contingent Liabilities not provided for:
31st March, 31st March,
1. The consolidated Financial Statements present the consolidated Accounts of 2009 2008
Raymond Limited with its following Subsidiaries, Joint Ventures (and its subsidiaries), (Rs. in lacs) (Rs. in lacs)
Associates, Subsidiary and Joint Venture of an Associate: (a) Claims against the Company not
acknowledged as debts in respect
Name Country of Proportion of of past disputed liabilities of the
Incorporation Ownership Cement and Steel Divisions divested
Interest during the year 2000-2001, Carded
Woollen business divested during the
A. Subsidiaries year 2005-2006 and Denim Division
divested during the year 2006-07.
Indian Subsidiaries: (interest thereon not ascertainable
(a) Raymond Apparel Limited India 100% at present). 2539.94 2595.72
(b) Claims against the Companies not
(b) Pashmina Holdings Limited India 100% acknowledged as debts (including
(c) Everblue Apparel Limited India 100% share of Joint Ventures Rs.416.52
lacs; Previous Year Rs.30.02 lacs) 2494.99 2185.00
(d) Hindustan Files Limited India 100% (c) Bills Discounted with the Company’s
(e) Colorplus Fashions Limited India *100% bankers. (including share of Joint
Ventures Rs. 1001.22 Lacs ; Previous
(f) Silver Spark Apparel Limited India 100% Year Rs. 1478.72 lacs) 6478.35 10140.81
(g) Celebrations Apparel Limited India 100% (d) On account of guarantees given
and also on account of the
(h) Scissors Engineering Products Limited India 100% indemnities issued by the Company
to the Acquirer of shares of Recron
(i) Ring Plus Aqua Limited India $88.47% Synthetics Limited pursuant to an
(j) JK Talabot Limited India 90% agreement. 342.70 342.70
(e) On account of corporate gurantee
(k) Raymond Wollen Outerwear Limited India 99.90% to the bankers, vendors on behalf of
(Formerly Raymond Fedora Private Limited) subsidiaries for facilities availed by
* Held by Raymond Apparel Limited them. 8724.00 8565.00
(f) Disputed demand in respect of
$ Held by Scissors Engineering Products Limited Income-tax etc. (interest thereon not
Foreign Subsidiaries: ascertainable at present.) 862.73 95.40
(a) Jaykayorg AG Switzerland 100% (g) Bonds/Undertakings given by the
(b) J.K. (England) Limited United Kingdom 100% Company under concessional duty/
exemption scheme to Customs
(c) Regency Texteis Portuguesa, Limitada Portugal 100% authorities (including share of Joint
(d) R&A Logistics Inc. United States 100% owned by Ventures Rs. 914.00 lacs; Previous
of America Ring Plus Aqua year Rs. 1437.08 lacs.) 11200.98 7165.98
Limited (h) Disputed liability towards Excise Duty
on Post Removal of Goods from the
(e) Raymond Europe, S.r.l (Under liquidation) Italy 60% place of manufacture. 2118.90 2118.90
B. Joint Ventures: (i) Disputed Excise Duty Liability in
(a) Raymond Fedora Private Limited respect of other matters. 7330.57 954.21
(includes Rs. 5750.83 lacs (Previous
(a subsidiary w.e.f. 09/08/2008) India 50% Year: Nil) on account of denial of
(b) Raymond Zambaiti Private Limited India 50% excise exemption benefit).
(c) Raymond UCO Denim Private Limited (j) Liability on account of jute
packaging obligation upto 30th
(and its subsidiaries ) India 50% June, 1997, in respect of the
(d) GAS Apparel Limited India @ 50% Company’s erstwhile Cement
Division, under the Jute Packaging
(e) Rose Engineered Products India Private Limited India & 50%
Materials (Compulsory use in
(f) Rayves Automotive Textile Company packing Commodities) Act, 1987. Amount not determinable
Private Limited India # 50% (k) Liability in respect of additional
@ Held by Color Plus Fashions Limited stamp duty on the transfer of
immovable properties of the
(Wholly owned subsidiary of Raymond Company’s erstwhile Cement and
Apparel Limited ) Denim Divisions. Amount not determinable
& Held by Ring Plus Aqua Limited (l) Guarantees issued by the Bankers 17.03 18.03
( Subsidiary of Scissors Engineering (m) Company’s liabilities/obligations
Products Limited ) pertaining to the period upto the
date of transfer of the Company’s
# Held by Silver Spark Apparel Limited erstwhile Steel, Cement, Carded
C. Associates, Subsidiary and Joint Venture of an Associate: Woollen and Denim Divisions in
respect of which the Company has
(a) P.T. Jaykay Files Indonesia Indonesia $ 39.20% given undertaking to the acquirers. Amount not determinable
(b) J.K. Investo Trade (India) Limited India 47.66% (n) Share in the Contingent Liabilities of
an Associate 669.36 764.25
(c) J.K. Helene Curtis Limited India 100% owned by (o) Liability on account of sales tax
J.K. Investo matter of an Ex-Franchisee. Amount not determinable
Trade (India) B. The Wage Agreement in respect of the
Limited certain unionised staff of the Company’s
Textile Division situated at Chindwara has
(d) J.K. Ansell Limited India Joint Venture expired during the financial year 2007-
with 50% 08. The staff union has referred the
ownership dispute to the Industrial Court for an
by J.K. Investo award. The net liability on account of
revision will be accounted on receipt of
Trade (India) the award from the Industrial Court.The
Limited wage agreement in respect of the
unionised employees of Company’s
(e) Radha Krshna Films Limited India 29.41% Textile plant situated at Thane has
$ Includes 15.20% equity shares held by Jaykayorg AG. expired during the financial year 2008-
09. The liability on account of revision
2. Significant Accounting Policies and Notes to these Consolidated Financial will be accounted in the year of
Statements are intended to serve as a means of informative disclosure and a finalisation of the wage agreement.
guide to better understanding the consolidated position of the Companies. C. Estimated amount of contracts
remaining to be executed on capital
Recognising this purpose, the Company has disclosed only such Policies and account and not provided for (net of
Notes from the individual financial statements, which fairly present the needed advances) [including Rs. Nil (Previous
disclosures. year Rs.0.07 lacs) being share in an
Associate Company] [including share of
3. Sundry Debtors, considered good includes Rs.8.51 lacs for which the Company Joint Ventures Rs 58.96 lacs (Previous
has initiated legal action (Previous year Rs.8.51 lacs). Year Rs. 448.31 lacs)] 7608.63 10860.42

73
D. The Company along with the Joint 10 During the year Raymond Woollen Outer wear Limited (Formerly Raymond fedora
Venture Partner has undertaken to Private Limited) has become a subsidiary of the company. The share of losses
additionally fund RUDPL in case it fails to over the net worth upon subsidiarisation has been charged to Profit and Loss
meet certain covenants of the Facility account.
cum Hypothecation Agreement entered
into with a Bank.Further the company 11 During the year, the operation of Raymond Europe Srl, a subsidiary, were closed
has alongwith its Joint Venture partner, and the company is under liquidation from December 2008. Accordingly with
pledged its entire shareholding in RUDPL effect from this date, the financial statements of the subsidiary have not been
with bank ,as security for loan taken by consolidated.
a subsidiary of RUDPL to meet employee
seperation costs. 12 The disclosures with respect to the discontinuing operations are as under:
Year ended Year ended Subsidaries of Raymond Uco Denim Private Limited
31st March, 31st March,
2009 2008 2008-09 2007-08
(Rs. in lacs) (Rs. in lacs) Total Assets at the close of the year 1805.82 24193.98
5. Prior period adjustments represent: Total Liabilities at the close of the year 4517.19 22484.95
Debits relating to earlier years (212.73) (64.30) Revenue from ordinary activities 12039.64 19227.85
Credits relating to earlier years 53.62 32.70 Expenses from ordinary activities 15687.07 24457.92
Depreciation/Amortisation adjustments (net) 3.30 8.40 Net Cash flows:
Operating Activity (1456.58) (213.70)
(155.81) (23.20) Investing Activity 1869.62 (1221.14)
Financing Activity (651.84) 2062.08
6. Exceptional Items:
13 Related parties disclosures:
(a) VRS payments written off (348.75) (447.96)
(b) Waiver of unsecured Loan by the Joint 1. Relationships:
Venture Partner in Raymond UC Denim (a) Joint Ventures:
Pvt Ltd which is not repayable in terms Raymond Zambaiti Private Limited
of the agreement. — 1179.96 Raymond Fedora Private Limited (a subsidiary w.e.f.09/08/2008)
GAS Apparel Ltd.
(c) Closure of operations by two subsidiaries Rose Engineered Products India Pvt.Ltd.
of Raymond Uco Denim Private Raymond Uco Denim Private Limited
Limited, a Joint Venture company(refer Rayves Automotive Textiles Company Private Limited
note 9). (10,314.30) —
(b) Related parties where relationship of control exists:
(d) Loss on Joint venture becoming
J.K. Investo Trade (India) Limited
a subsidiary. (670.76) — P. T. Jaykay Files Indonesia
(e) Loss upon liquidation of a subsidiary J.K. Helene Curtis Limited
( Raymond Europe Srl)(refer note 11). (20.97) — J.K. Ansell Limited
J.K. Investors (Bombay) Limited
(11354.78) 732.00 Radha Krshna Films Limited
(c) Key Management Personnel, their relatives and their enterprises where
7 Deferred Tax: As at As at As at transactions have taken place:
31-3-2009 31-3-2008 31-3-2007 Dr. Vijaypat Singhania
(Rs. in lacs) (Rs. in lacs) (Rs. in lacs) Mrs. Asha Devi Singhania
(a) Deferred Tax Liability on account of: Mr. Gautam Hari Singhania
Depreciation 13726.91 11506.21 11056.10 Mr. Pradeep Kumar Bhandari ( upto April 23,2008)
Others — 318.26 478.70 Silver Soaps Private Limited
Avani Agricultural Farms Private Limited
13726.91 11824.47 11534.80
Note: Related party relationship is as identified by the Company and
(b) Deferred Tax Asset on account of: relied upon by the Auditors.
(i) VRS payments 346.22 561.76 706.61 2. Transactions carried out with related parties referred in 1 above, in ordinary
course of business:
(ii) Employee benefits 1664.67 1519.88 870.50
(iii) Taxes, Duties, Cess, etc. 218.65 215.23 206.57 (Rs. in lacs)
(iv) Provision for doubtful debts, etc. 405.32 135.60 158.49 Related Parties
(v) Provision for diminution in value Nature of transactions Referred in Referred in Referred in
of investments 7.42 0.78 2.91 1(a) above 1(b) above 1(c) above
(vi) Unabsorbed depreciation and losses* 8168.96 2908.20 2,892.04 Current Previous Current Previous Current Previous
(vii) Others 161.42 46.57 27.59 year year year year year year
Purchases:
10972.66 5,388.02 4,864.71 Goods and Materials 2451.04 1582.38 1048.16 1188.50 - -
Fixed Assets 6.78 2.47 - - - -
Deferred Tax (Net) 2754.25 6,436.45 6,670.09
Sales:
* As a matter of prudence, unabsorbed depreciation and losses have been Goods and Materials 782.57 6039.42 520.75 405.06 - -
recognised only to the extent there is Deferred Tax Liability. Fixed Assets 36.27 12.11 - 4.38 - -
8 Variation between the Accounting Policies followed by various entities within the Expenses:
group: Rent and other service
charges 1.20 557.38 962.58 888.49 40.80 40.80
(a) The foreign subsidiaries, listed in Note 1 above, have not accounted for
deferred taxation. Job Work Charges 257.92 545.88 642.27 - - -
Agency Commission - - - 501.23 - -
(b) Accounting for improvements to Leasehold Premises by Raymond Limited is Remuneration - 4.90 - 43.88 431.68 517.70
in variation to the methods adopted by other entities in the group.
Interest paid - - 21.10 20.83 - -
The impact of the above, in the opinion of the management, would not be Professional Fees - - - - 134.59 114.76
significant. Directors’ Fees - - - - 1.40 1.10
9 During the year, following subsidiaries of Raymond UCO Denim Private Limited Other reimbursement 57.94 1740.15 16.27 10.06 - -
have closed their operations: Income:
UCO Sportswear International NV (Belgium) [USI] has opted for voluntary Rent and other service
liquidation under the local Belgian laws and the operations were closed in charges 19.66 29.93 42.40 293.68 - -
December 2008. Accordingly, the financial statements of this subsidiary have not Interest received 506.58 427.02 2.36 2.70 - -
been consolidated after December 2008. The net investment in this subsidiary Other Receipts:
has been reduced to Nil. Further, based on the expected realization of assets (as Deputation of staff 136.67 192.56 212.46 159.63 - -
per the respective valuators reports), which is subject to uncertainties of realization, Other reimbursement 1613.76 145.42 50.45 65.91 - -
a sum of Rs.1,640.67 lacs has been provided for estimated devolvement of Finance:
obligations (including social costs). Loans and Advances given - 470.00 - - - -
UCO Fabrics Inc (USA) [UFI] based on its decision in September 2008 has closed Investments 1387.10 2903.00 - - - -
its plant in December 2008. The assets of this subsidiary are being liquidated and Outstandings:
liabilities are being settled. The assets of the Company have been reduced to Payable 1241.63 1074.55 409.25 136.05 - 7.96
the lower of estimated realizable value (based on the management’s estimate) Receivable 825.96 1973.85 350.67 260.80 - -
and book value and the fixed assets have been grouped under ‘Other Current Agency Deposits received - 1.00 211.02 211.02 - -
Assets’ in Schedule 6 as “Assets held for disposal”.
Loans and Advances
The auditors have, under these circumstances and uncertainties of realisability, given 3665.23 4516.47 - 30.00 - -
placed reliance on the Management’s judgement and have accepted the
same for the purpose of these financial statements. Property Deposits paid 1.00 1.00 2935.85 2935.85 50.00 50.00

74
14. SEGMENT INFORMATION
A. BUSINESS SEGMENT
(Rs. in lacs)

Particulars Textiles Garment Files Denim Auto Components Others Elimination Total
Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous
year year year year year year year year year year year year year year year year
Segment Revenue
External Revenue 110248.74 103426.89 77547.65 71310.34 21604.41 16224.45 35176.57 38712.19 9557.21 8772.01 1814.12 1169.37 – – 255948.70 239615.25
Inter-Segment Revenue 2985.71 4341.71 13.92 14.71 59.11 – – – – 7.58 348.87 360.20 (3407.61) (4724.20) – –
Total Revenue 113234.45 107768.60 77561.57 71325.05 21663.52 16224.45 35176.57 38712.19 9557.21 8779.59 2162.99 1529.57 (3407.61) (4724.20) 255948.70 239615.25
Segment Result 14426.94 15394.24 2459.82 4272.92 3069.29 1558.28 (5809.55) (6068.09) 285.29 794.55 (1866.97) (1820.64) 381.98 (785.23) 12946.80 13346.03
Add/(Less):
Pre-acquisition (Loss) – – – – – – – – – – – – – – – –
Minority Interest – – – – (27.37) (0.89) – – (32.00) (81.73) – 0.70 – – (59.37) (81.92)
14426.94 15394.24 2459.82 4272.92 3041.92 1557.39 (5809.55) (6068.09) 253.29 712.82 (1866.97) (1819.94) 381.98 (785.23) 12887.43 13264.11
Unallocated income/
(expenses) (Net) (17567.19) (4146.39)
Finance charges (13278.21) (9690.11)
Interest Income 4076.93 3672.28
Exceptional Items (11354.78) 732.00
Excess/(Short) provision for
tax in respect of earlier years 0.95 735.75
Provision for Taxes 2044.27 (2874.07)
Share of Profit in Associate
Companies 402.88 461.79
Net Profit (22787.72) 2155.36
Other Information:
Segment Assets 155259.13 129685.01 61591.42 63904.57 10527.15 11026.19 29563.73 54586.06 6844.20 7687.06 11362.36 11269.13 (2234.81) (6149.08) 272913.18 272008.94
Unallocated assets 98505.94 88444.96
Total Assets 371419.12 360453.90
Segment Liabilities 30590.93 25728.23 13007.21 11273.46 4196.76 3868.33 8865.86 7039.20 1397.39 1740.14 401.19 405.31 (1259.00) (1561.63) 57200.34 48493.04
Minority Interest – – – 80.56 53.19 – – 593.00 566.23 – 31.76 – – 673.56 651.18
Unallocated Liabilities 191883.65 166566.29
Total Liabilities 249757.55 215710.51
Capital Expenditure
Segment capital expenditure 40207.54 4798.29 4816.52 5437.29 311.44 174.30 4647.90 2833.73 629.68 696.88 152.50 334.88 – – 50765.58 14275.37
Unallocated capital expenditure 4363.08 735.32
Total capital expenditure 55128.66 15010.69
Depreciation and Amortisation:
Segment depreciation and
amortisation 7560.69 6984.09 3101.76 2299.44 360.97 381.15 3205.67 4954.90 441.87 425.47 678.14 659.16 – – 15349.10 15704.21
Unallocated depreciation
and amortisation 1306.13 1181.89
Total depreciation and
amortisation 16655.23 16886.10
Significant Non Cash Expenditure:
Segment Significant Non Cash
Expenditure – 7.81 427.00 12.58 – 17.47 – 142.67 7.16 5.36 – – – – 434.16 185.89
Unallocated non cash expenditure 1313.56 43.72
Total Significant Non Cash
Expenditure 1747.72 229.61

B. GEOGRAPHICAL SEGMENT
(Rs. in lacs)

Particulars India Rest of the world Total


Current year Previous Year Current year Previous Year Current year Previous Year
Segment Revenue 184739.74 172782.62 71208.96 66832.63 255948.70 239615.25
Carrying cost of segment assets 256908.76 223612.80 16004.42 48396.14 272913.18 272008.94
Additions to Fixed Assets and Intangible Assets 45799.33 11492.28 4966.25 2783.09 50765.58 14275.37

C. OTHER DISCLOSURES
1. Segments have been identified in line with the Accounting Standard on Segment Reporting (AS-17) taking into account the organisation structure as well as the
differential risks and returns of these segments.
2. The Company has disclosed Business Segment as the primary segment.
3. Types of products and services in each business segment:
Business Segment Types of Products and services
a) Textiles - Fabric, rugs, blankets, shawls and furnishing fabric
b) Denim - Denim fabric and cotton yarn
c) Garments - Readymade garments and designerwear
d) Files and Tools - Engineers’ files and rasps, H.S.S. twist drills and bars and rods (HRS)
e) Auto Components - Starter Gear, Shaft Bearings and Sheet metal components
f) Others - Aviation, Home Living etc.
4. Inter Segment revenues are recognised at sales price.
5. The Segment Revenues, Results, Assets and Liabilities include the respective amounts identifiable to each of the segment and amounts allocated on a reasonable
basis.

75
As at As at CONSOLIDATED FINANCIAL STATEMENTS
31st March, 31st March, ANNEXURE I
2009 2008
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES
(Rs. in lacs) (Rs. in lacs) (annexed to and forming part of the Accounts for the year ended 31st March, 2009)

15. Investments in equity shares of Associates: I. BASIS OF PREPARATION OF FINANCIAL STATEMENTS :


(i) The financial statements of the subsidiaries used in the consolidation are
(a) P.T. Jaykay Files Indonesia 134.71 134.71 drawn upto the same reporting date as that of the Parent Company, i.e.
Add: Share of accumulated reserves/profits 398.03 373.56 year ended 31st March. The foreign subsidiaries follow January to December
as their financial year. In the case of these foreign subsidiaries the Company
Add: Share of current profits 30.51 13.25 has redrawn their financial statements for the year ended 31st March.
(ii) The financial statements have been prepared under the historical cost
563.25 521.52 convention (with the exception of all the fixed assets belonging to Regency
Less/(Add): Exchange fluctuation on opening Texteis Portuguesa, Limitada , which have been revalued in accordance
retained earnings 47.35 (11.22) with the applicable local laws) and on the accrual basis of accounting. The
accounts of the Parent Company, Indian Subsidiaries and Joint Venture
Companies have been prepared in accordance with the Accounting
515.90 532.74
Standards and those of the foreign subsidiaries have been prepared in
(b) J.K. Investo Trade (India) Limited 326.12 326.12 accordance with the local laws and the applicable Accounting Standards/
generally accepted accounting principles.
Add: Share of accumulated reserves/profits 2397.35 1999.80 II. PRINCIPLES OF CONSOLIDATION :
Less: Dividend received (including tax) - 17.44 (i) The financial statements of the Parent Company and its subsidiaries have
Add: Share of current profits 323.77 414.99 been consolidated on a line-by-line basis by adding together the book
values of like items of assets, liabilities, income and expenses, after eliminating
3047.24 2723.47 intra-group balances, intra-group transactions and the unrealised profits.
(ii) The financial statements of the Parent Company and its subsidiaries have
(c) Radha Krshna Films Limited (including been consolidated using uniform accounting policies excepting the
goodwill Rs.18.22 lacs ). * * revaluation of assets by companies referred above. Further, accounting for
* Being provision made for diminution in improvements to Leasehold Premises by Raymond Limited is in variation to
the methods adopted by other entities in the group.
the value of investments
(iii) The excess of the cost to the Parent Company of its investments in each of
16. Proportionate interest in retained earnings the subsidiaries over its share of equity in the respective subsidiary, on the
of Associates includes share in revaluation acquisition date, is recognised in the financial statements as goodwill and
reserve amounting to Rs. Nil (Previous year amortised over a period of ten years. However, such excess or deficit arising
Rs10.27 lacs). after the acquisition date on account of currency fluctuation in respect of
foreign subsidiary, is transferred to Currency Fluctuation Reserve.
Year ended Year ended III. RECOGNITION OF INCOME AND EXPENDITURE :
31st March, 31st March,
(i) Revenues/Incomes and Costs/Expenditure are generally accounted on
2009 2008 accrual, as they are earned or incurred.
(Rs. in lacs) (Rs. in lacs)
(ii) Compensation to employees under Voluntary Retirement Scheme (VRS) is
written off in the year of payment.
17. Computation of Profit for Earnings per Share:
IV. FIXED ASSETS :
(Loss)/Profit for the year after tax (22976.37) 1062.94 (i) All the fixed assets belonging to Regency Texteis Portuguesa Limitada and
certain assets belonging to the subsidiaries of the Joint Venture - Raymond
Add/(Less): Prior period adjustments (155.81) (23.20) UCO Denim Private Limited have been revalued and have been depreciated
Minority Interest (59.37) (81.92) as per the applicable local laws.
(ii) The fixed assets of the Parent Company (other than livestock) and other
Share of tax on dividends (48.60) (50.99) subsidiaries (with the exception of assets stated under (i) above) are stated
(Short)/Excess provision for tax 0.95 735.75 at cost, less accumulated depreciation (other than freehold land where no
depreciation is charged). Livestock are stated at book value.
Share of Profit in Associate V. METHOD OF DEPRECIATION AND AMORTISATION :
Companies 402.88 461.79 (i) Depreciation on Fixed Assets is provided :
(a) By Indian Companies - on WDV/SLM method and at rates under the
(Loss)/Profit including Exceptional Items (22,836.32) 2104.37
Companies Act, 1956.
Add /(Less):Exceptional Items (net of tax) 10482.31 (884.26)
(b) By foreign subsidiaries - on methods and at rates permissible under
(Loss)/Profit excluding Exceptional Items (12,354.01) 1220.11 applicable local laws or at such rates so as to write off the value of
assets over its useful life.
Nominal value per Share in Rupees 10.00 10.00 (ii) Cost of technical know-how capitalised is amortised over the period of
agreement.
18. Previous year’s figures have been regrouped / recast wherever necessary.
(iii) Cost of Customised Software is amortised over a period of three to six years
19. Significant Accounting Policies and Practices - Annexure I. thereof.
(iv) Cost of Trademarks acquired is amortised over a period of five years thereof.
(v) Goodwill arising on consolidation is amortized over a period of ten years.
As per our Report of even date
VI. INVESTMENTS :
For and on behalf of
Investments are classified into Current and Long-term Investments. Current
DALAL & SHAH H. SUNDER GAUTAM HARI SINGHANIA investments are stated at the lower of cost and fair value. Long-term Investments
Chartered Accountants President - Finance Chairman and Managing Director are stated at cost. A provision for diminution is made to recognise a decline,
other than temporary, in the value of Long-term Investments.
ASHISH DALAL THOMAS FERNANDES P. K. BHANDARI
Partner Director-Secretarial & Director VII. VALUATION OF INVENTORIES :
Company Secretary (i) The inventories resulting from intra-group transactions have been stated at
cost after deducting unrealised profit on such transactions.
Mumbai, 24th April, 2009 Mumbai, 24th April, 2009
(ii) Goods in transit are stated ‘at cost’.
(iii) Other inventories are stated ‘at cost or net realisable value’, whichever is
lower.
(iv) Cost comprise of all costs incurred in bringing the inventories to their present
location and condition. Cost formulae used are either ‘average cost’ or
‘specific identification’, as applicable. Due allowance is estimated and made
for defective and obsolete items, wherever necessary, based on the past
experience.
(v) All the costs incurred on un-invoiced conversion contracts are carried forward
as “Accumulated Costs on Conversion Contracts”.

76
VIII. FOREIGN CURRENCY TRANSLATIONS : XII TAXATION :
For the purpose of consolidation, the amounts appearing in foreign currencies (i) Indian Companies -Income-tax expense comprises current tax, fringe benefit
in the Financial Statements of the foreign subsidiaries are translated at the tax (FBT) and deferred tax charge or credit. Provision for current tax is
following rates of exchange:
made on the basis of the assessable income at the tax rate applicable to
(a) Average rates for the incomes and expenditure. the relevant assessment year. Provision for FBT is made on the basis of the
(b) The year-end rates for the assets and liabilities. fringe benfits provided / deemed to have been provided during the year
IX. FOREIGN CURRENCY TRANSACTIONS BY INDIAN COMPANIES : at the rates and values applicable to the relevant assessment year. The
deferred tax asset and deferred tax liability is calculated by applying tax
(i) All transactions in foreign currency, are recorded at the rates of exchange rate and tax laws that have been enacted or substantively enacted by
prevailing on the dates when the relevant transactions take place;
the Balance Sheet date. Deferred tax assets arising mainly on account of
(ii) Monetary items in the form of Loans, Current Assets and Current Liabilities in brought forward losses and unabsorbed depreciation under tax laws, are
foreign currency, outstanding at the close of the year, are converted in recognised, only if there is a virtual certainty of its realisation, supported by
Indian Currency at the appropriate rates of exchange prevailing on the
date of the Balance Sheet. Resultant gain or loss is accounted during the convincing evidence. Deferred tax assets on account of other timing
year; differences are recognised only to the extent there is a reasonable certainty
of its realisation. At each Balance Sheet date, the carrying amount of
(iii) In respect of Forward Exchange contracts entered into to hedge foreign
currency risks, the difference between the forward rate and exchange rate deferred tax assets are reviewed to reassure realisation.
at the inception of the contract is recognized as income or expense over (ii) J.K. (England) Limited - Provision is made for taxation deferred as a result of
the life of the contract. Further, the exchange differences arising on such material timing differences between the incidence of income and
contracts are recognised as income or expense along with the exchange
differences on the underlying assets / liabilities. Further, in case of other expenditure for taxation and accounts purposes, using the liability method,
contracts with committed exchange rates, the underlying is accounted at only to the extent that, in the opinion of the Directors, there is a reasonable
the rate so committed. Profit or loss on cancellations / renewals of forward probability that a liability or asset will crystallise in the near future.
contracts is recognised during the year. In case of option contracts, the
losses are accounted on mark to market basis. (iii) Other foreign subsidiaries do not recognise the deferred tax assets/liabilities.
X. EMPLOYEE BENEFITS : XIII IMPAIRMENT OF ASSETS:
Defined Contribution Plans such as Provident Fund etc., are charged to the The carrying amounts of assets are reviewed at each Balance Sheet date if
Profit & Loss Account as incurred.Defined benefit Plans - The present value of there is any indication of impairment based on internal/ external factors. An
the obligation under such plan, is determined based on an actuarial valuation asset is impaired when the carrying amount of the asset exceeds the
using the Projected Unit Credit Method, Actuarial gains and losses arising on recoverable amount. An impairement loss is charged to the Profit & Loss Account
such valuation are recognised immediately in the Profit & Loss Account. In case
of funded defined benefit plans the fair value of the plan assets is reduced in the year in which an asset is identified as impaired. An impairment loss
from the gross obligation under the defined benefit plans, to recognise the recognised in prior accounting periods is reversed if there has been change in
obligation on net basis.Other Long term Employee Benefits are recognised in the estimate of the recoverable amount.
the same manner as Defined Benefit Plans.Termination benefits are recognised
as and when incurred. XIV. GOVERNMENT GRANTS:
XI BORROWING COSTS Grants received against specific fixed assets are adjusted to the cost of the
assets and those in the nature of promoter’s contribution are credited to Capital
Interest and other borrowing costs attributable to qualifying assets are Reserve. Revenue Grants are recognised in the Profit and Loss Account in
capitalised.Other interest and borrowing costs are charged to revenue. accordance with the related scheme and in the period in which these are
accrued.

DETAILS OF BALANCE SHEET AS AT 31ST MARCH, 2009 AND INCOME AND EXPENDITURE FOR THE YEAR ENDED
31ST MARCH, 2009 OF SUBSIDIARY COMPANIES

Indian Subsidiaries (Rs. in lacs) Foreign Subsidiaries (Rs. in lacs)


Raymond Pashmina Everblue Hindustan Colorplus Silver Celebrations Scissors Ring Plus Raymond JK J.K. Jaykayorg Regency R&A
Particulars Apparel Holdings Apparel Files Fashions Spark Apparel Engineering Aqua Woollen Talabot (England) AG Texteis Logistics
Limited Limited Limited Limited Limited Apparel Limited Products Limited Outerwear Limited Limited (Switzerland) Portuguesa, Inc.(United
Limited Limited Limited (United Limitada States of
Kingdom) (Portugal) America)

1. Share Capital 3630.00 74.00 1500.00 377.01 498.00 1700.00 271.00 2743.05 760.66 1696.00 805.44 0.73 22.18 652.14 0.15

2. Reserves and Surplus 8580.42 780.88 (1491.27) 230.99 7268.50 (206.41) (259.44) (27.16) 4358.13 49.97 1.43 263.94 2773.87 387.67 40.82

3. Miscellaneous Expenditure
to the extent not written off - - - - - - - - - - - - - -

4. Total Assets 32304.36 1173.66 4696.21 1253.89 13450.93 7421.15 2440.18 2716.11 7395.35 4269.56 2164.85 273.77 2824.58 3507.49 285.91

5. Total Liabilities @ 20093.94 318.79 4687.48 645.89 5684.43 5927.56 2428.62 0.22 1855.47 5474.33 1357.99 9.10 28.53 2467.68 244.94

6. Details of Investments

- Government Securities 0.01 - - - - - - - - 0.20 - - - - -


- Shares (excluding
subsidiaries) 8.05 13.81 - - - - - - 8.20 - - - 256.79 - -
- Mutual Funds - 14.61 - - - - - - 0.89 - - - - - -

7. Turnover and Other Income 42156.78 28.28 708.39 4158.59 14969.15 8757.84 1478.96 - 8193.78 4658.81 1735.29 336.29 631.20 4811.77 1339.96

8. Profit Before Taxation 812.93 0.66 134.94 198.48 (1277.55) 214.81 (2.97) (0.26) 449.81 (143.97) 274.47 32.81 (90.26) (177.26) 0.84

9. Provision for Taxation * 346.18 8.05 3.47 67.40 240.03 33.88 1.25 - 155.67 1.07 0.34 5.32 1.81 - 0.18

10. Profit After Taxation 466.75 (7.39) 131.47 131.08 (1517.58) 180.93 (4.22) (0.26) 294.14 (145.04) 274.13 27.50 (92.08) (177.26) 0.66

11. Proposed Dividend - - - - 0.04 - - - - - - - - - -

@ Includes deferred tax liability (net); * Net of excess/short provision for tax in respect of earlier years.
Note - In respect of foreign subsidiaries:
a) Item Nos. 1 to 6 and 11 are translated at exchange rates as on 31st March, 2009 as follows: Pound Sterling = Rs.72.86, Swiss Francs = Rs.44.36, Euro = Rs.67.48 and US Dollars
= Rs. 50.95; b) Item Nos. 7 to 10 are translated at annual average exchange rates as follows: Pound Sterling = Rs.78.28, Swiss Francs = Rs.41.89, Euro = Rs.65.29 and US Dollars
= Rs. 46.24.
The above details have been annexed in terms of Letter No.47/68/2009-CL-III dated March 20, 2009 issued by Government of India, Ministry of Company Affairs under Section
212(8) of the Companies Act, 1956.

77
ADDITIONAL INFORMATION AS REQUIRED UNDER PART IV OF SCHEDULE VI TO THE COMPANIES ACT, 1956

BALANCE SHEET ABSTRACT AND COMPANY’S GENERAL BUSINESS PROFILE

I. REGISTRATION DETAILS

Registration No. 1 2 0 8 State Code 1 1

Balance Sheet Date 3 1 . 0 3 . 0 9

II. CAPITAL RAISED DURING THE YEAR (AMOUNT IN RS. THOUSANDS)

Public Issue N I L Rights Issue N I L


Bonus Issue N I L Private Placement N I L

III. POSITION OF MOBILISATION AND DEPLOYMENT OF FUNDS (AMOUNT IN RS. THOUSANDS)


Total Liabilities 2 5 2 1 2 9 1 8 Total Assets 2 5 2 1 2 9 1 8

SOURCES OF FUNDS APPLICATION OF FUNDS

Paid-up Capital 6 1 3 8 0 8 Net Fixed Assets 1 0 6 1 1 5 2 4

Reserves & Surplus 1 0 8 6 4 7 2 4 Investments 8 8 8 5 9 4 6

Secured Loans 8 6 8 8 4 8 1 Net Current Assets 5 7 1 5 4 4 8

Unsecured Loans 4 7 6 2 1 8 5 Misc. Expenditure N I L

Deferred Tax Liability 2 8 3 7 2 0 Accumulated Losses N I L

IV. PERFORMANCE OF COMPANY (AMOUNT IN RS. THOUSANDS)

Turnover 1 4 7 7 7 9 7 8 Total Expenditure 1 7 7 5 3 4 8 4

Profit Before Tax - 2 9 8 7 0 5 1 Profit After Tax - 2 7 1 5 5 1 3

Earning per Share in Rs. - 4 4 . 2 4 Dividend % N I L

V. GENERIC NAMES OF PRINCIPAL PRODUCTS/SERVICES OF THE COMPANY (AS PER MONETARY TERMS)
ITEM CODE NO. (ITC CODE) PRODUCT DESCRIPTION

51121900, 51123000, 55151300 & 55151100 Woollen, Polyester/Wool Blended and Polyester/

Viscose Blended Fabrics

82031000 & 82075000 Files, Rasps, similar tools and H.S.S. Drills

N.A. Air Taxi Operations

78


ATTENDANCE SLIP
(To be presented at the entrance of the Meeting venue)

84TH ANNUAL GENERAL MEETING ON WEDNESDAY, JUNE 10, 2009 AT 11.00 A.M
at Plot No. 156/H.No.2, Village Zadgaon, Ratnagiri – 415 612 (Maharashtra)

Folio No:………………………………… DP ID No:…………………….……………… Client A/c. No………………….……………

Name of the Shareholder:…………………………………………………... …………………………………………………………….

Signature of the Shareholder:…………………………………………………………………………………………………………….

(only shareholders/proxies are allowed to attend the meeting)

PROXY FORM
84TH ANNUAL GENERAL MEETING ON WEDNESDAY, JUNE 10, 2009 AT 11.00 A.M
at Plot No. 156/H.No.2, Village Zadgaon, Ratnagiri – 415 612 (Maharashtra)

I/We ....................................................................................... of …………..............................................................................……

being a member(s) of Raymond Limited hereby appoint .................................................................................................

of .......................................................................................... or failing him .............................................................................

of ............................................................................................ or failing him ............................................................................

of .................................................................................................... as my/our proxy to attend and vote for me/us and


on my/our behalf at the 84th Annual General Meeting of Raymond Limited to be held on Wednesday, June 10,
2009 or at any adjournment thereof.

Folio No: ........................................................

DP ID No: ............................................................................ Client A/c. No. ..........................................................................

Affix
Revenue
Stamp
Re.1/-

Signed this ..................... day of ..............................., 2009 Signature across Revenue Stamp


Note: The proxy, in order to be effective, should be duly stamped, completed and signed must be deposited at the Registered Office of the
Company at Plot No. 156/H.No.2, Village Zadgaon, Ratnagiri – 415 612 Maharashtra), not less than 48 hours before the time of the meeting,
The proxy need not be a member of the Company.
Infomedia 18 Limited

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