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Infomedia 18 Limited
CMYK
CMYK
BOARD OF DIRECTORS
DR. VIJAYPAT SINGHANIA, Chairman Emeritus
GAUTAM HARI SINGHANIA, Chairman and Managing Director
I. D. AGARWAL
NABANKUR GUPTA
P. K. BHANDARI
SHAILESH V. HARIBHAKTI (w.e.f. 15.06.2009)
PRADEEP GUHA (w.e.f. 15.06.2009)
MANAGEMENT EXECUTIVES
GAUTAM HARI SINGHANIA, Chairman and Managing Director
ANIRUDDHA DESHMUKH, President – FMCG & Textiles (Sales & Marketing)
HARSHAL JAYAVANT, President – Engineering Business
H. SUNDER, President – Finance & Chief Financial Officer
K.A. NARAYAN, President – HR
RAKESH PANDEY, President – Retail & Business Development
ROBERT LOBO, President (Operations) – Group Apparel
SHREYAS JOSHI, President – Group Apparel
S.K. SINGHAL, President – Textiles
S.L. POKHARNA, President – Commercial
DIRECTOR – SECRETARIAL & COMPANY SECRETARY

THOMAS FERNANDES
BANKERS
BANK OF INDIA
BANK OF MAHARASHTRA
BANK OF AMERICA
CENTRAL BANK OF INDIA
CITIBANK N.A.
CONTENTS Pages
HDFC BANK LIMITED
Directors’ Report &
Management Discussion IDBI BANK LIMITED
and Analysis 2-10 STATE BANK OF INDIA
Corporate Governance Report 11-20 STANDARD CHARTERED BANK
Shareholder Information 21-24 THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED
Auditors’ Report 25-27
AUDITORS
Balance Sheet 28
DALAL & SHAH
Profit and Loss Account 29
Chartered Accountants
Cash Flow Statement 30
Schedules ‘1’ to ‘15’ 31-45 INTERNAL & OPERATIONAL AUDITORS
Schedule ‘16’ – Notes Forming 46-61 MAHAJAN & AIBARA
Part of the Accounts
Annexure I - Statement of Significant 62-63
Accounting Policies and Practices
REGISTERED OFFICE
Research and Development 63
PLOT NO.156/H.NO. 2, VILLAGE ZADGAON
Expenditure Account
RATNAGIRI - 415 612, MAHARASHTRA
Ten-Year Highlights 64
Consolidated Account 65-79
REGISTRAR & SHARE TRANSFER AGENT
Details of Balance Sheet and 79
LINK INTIME INDIA PRIVATE LIMITED
Income and Expenditure of
Subsidiary Companies C-13, PANNALAL SILK MILLS COMPOUND, L.B.S MARG,
Balance Sheet Abstract and 80 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 85th report on the business and operations of your Company together with the Audited
Statement of Accounts for the year ended March 31, 2010.
1. CORPORATE OVERVIEW
Raymond Limited is India’s leading multi-product conglomerate with interests in textiles, garmenting, apparel, retail, lifestyle
brands and engineering (files, tools and auto components) 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
In the backdrop of the financial crisis witnessed in the previous financial year and the subsequent fallout, FY 2010 was an
extremely challenging year for your Company. However, the resilience and inherent strengths of your Company’s brands, quality
manufacturing and deep network relationships enabled your Company to weather the downturn and achieve better performance
in FY 2010. Your Company continues to be the market leader in its core business. A number of rationalisation and restructuring
initiatives were taken during the year under review to further consolidate its strengths and position itself to take advantage of
the upturn.
During FY 2010, your Company completed the restructuring exercise of the Files & Tools business by transferring it as a going-
concern on a slump sale basis to its wholly owned subsidiary JK Files (India) Limited (formerly known as Hindustan Files Limited)
effective October 1, 2009. This restructuring brings together different entities of your Company’s Files & Tools businesses into a
single legal structure and leverage synergies. In view of this restructuring, the standalone performance of the Company is strictly
not comparable with that of the previous year.
The Company closed down the operations at its high cost Thane unit in December 2009. A section of the workers accepted the
voluntary retirement scheme and negotiations are on with the balance workers for an amicable settlement. During the year
under review, the adverse changes in European market conditions coupled with the bankruptcy of a major customer rendered
the operations of the Company’s wholly-owned subsidiary-Regency Texteis Portuguesa Limitada (Regency), Portugal, unviable
and as a consequence, Regency filed for insolvency. The Company has made a provision of Rs.12.14 crores for diminution in the
value of its exposures in Regency.
For the Financial Year ended March 31, 2010, the gross turnover of your Company was Rs.1339.37 crores as compared to
Rs.1393.26 crores in the previous year. Profit before tax and exceptional items was Rs.18.88 crores as against a loss of
Rs.58.75 crores in the previous year. The net profit, after exceptional items, prior year adjustments and provision for taxes was
Rs.25.06 crores as against a net loss of Rs.271.54 crores last year.
In order to conserve the resources of the Company and taking into account the prevailing economic situation, the need of
resources for growth, the Board of Directors of the Company have decided not to recommend dividend for the financial year
ended March 31, 2010.
Your Company continues with its task to build businesses with long-term goals based on its intrinsic strengths in terms of its
powerful brands, quality manufacturing prowess, distribution strengths and customer relationships. To accelerate further value
creation, your Company continues to evaluate new areas of growth. The initiatives aimed at rationalising and streamlining
operations, to bring about efficiencies and reducing costs, remain top priority.
3. OVERVIEW OF THE ECONOMY
The global economy is showing signs of a turnaround with Asian economies experiencing a relatively stronger rebound. The
global economic performance improved during the latter half of the calendar year 2009, prompting the IMF to reduce the
projected rate of economic contraction in 2009 from 1.1 per cent to 0.8 per cent in January 2010. Consequently, the IMF also
revised the projection of global growth for 2010 from 3.1 per cent to 3.9 per cent. However, significant risks remain: (1) in many
economies, the recovery is largely driven by government spending whilst consumer sentiments remain fragile; (2) high levels of
global liquidity have led to steep increases in commodity prices; (3) emerging markets are likely to face increased inflationary
pressures and (4) developed economies are facing large budget deficits.
There are concerns that the global recovery phase may be fragile, as economies of developed countries, particularly USA and
Europe, continue to be beset with the problems of high unemployment, low consumer spending and depressed housing
markets. Besides, the recent crisis in Portugal, Ireland, Spain and Greece indicate that there would be many pitfalls along the
road to recovery and that normalcy is still some time away.
India’s growth–inflation dynamics are in contrast to the overall global scenario. The Indian Economy is recovering steadily from
the growth slowdown, but inflationary pressures, triggered by the supply side factors, have developed into a wider inflationary
cycle.
Although the growth momentum of the Indian economy was substantially impacted with the onset of the global economic
slowdown, the severity of the impact was considerably less when compared to most developed economies. The fiscal and
monetary policies implemented by the Government of India helped the economy to weather the downturn phase. The outlook
of the Indian economy turned positive towards the end of 2009, driven by the uptrend in industrial production and recuperating
consumption and investment demand. The Reserve Bank of India has projected the final real GDP growth for 2009-10 in the
range of 7.2 per cent to 7.5 per cent with a forecast of 8.0 per cent for 2010-11.
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4. SEGMENT ANALYSIS AND REVIEW

A. TEXTILE DIVISION
Industry Conditions
The Indian Textile Industry is one of the leading textile industries in the world. The 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. India earns about 27 per cent of its total foreign exchange through textile exports. Besides, the Indian Textile
industry contributes 14 per cent of the total industrial production of the Country. This sector provides employment to over 35
million people and it is expected that the textile industry will generate new jobs during the ensuing years.
The industry went through a challenging FY 2010, with the global meltdown ravaging economies. The collapse in consumer
sentiments, weak exports, noteworthy drop in discretionary spending in textiles/apparels and down trading by the consumers
put immense pressure on both the top-line and the bottom-line of textile companies.
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 and 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, growth potential of the Tier 3, 4 and 5 towns; provide a highly potent
platform to seize opportunities in the form of newer markets, new segments of customers, new channels of distribution, etc.
On the other hand, value buying by consumers, sharp increase in raw material prices, continued weakness in developed
geographies, prospect of higher domestic inflation and interest rates are some of the challenges facing the textile industry at
large.
Overview
The Company is the market leader in high quality suiting fabrics and is a preferred supplier to leading international and Indian
brands. The Company has a powerful brand ‘Raymond’, state-of-the-art manufacturing facilities and a strong Pan-India retail
presence in the form of ‘The Raymond Shop’ (‘TRS’). 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. The Company
continues its growth of its retail network of ‘TRS’ in tier 3, 4 and 5 towns.
Performance Highlights
The performance of the Company improved during the second-half of FY 2010 as demand picked up significantly vis-à-vis the
first-half of FY 2010. In spite of the challenging business environment the Company’s net sales from the textile division was
Rs.1222.93 crores compared to Rs.1137.85 crores in the previous year.
Market Share and Retail Network
The Company is the market leader in India and is considered as one of the most formidable players in the global markets for
high-quality suitings.
In FY 2010 the Textile Division domestic sales were Rs.1089.29 crores as against Rs.1027.32 crores in FY 2009. During FY 2010 the
Company opened 89 new retails stotes. The Company continues to be judicious in its selection of store locations.
Export
Export to the USA improved during FY 2010 vis-à-vis FY 2009. The Textile exports for the FY 2010 were Rs.133.64 crores, as against
Rs.110.65 crores in the previous year. Quality, design, new products, higher levels of service to mid-premium and premium
customers have resulted in stability of customers internationally and new customers being attracted for an integrated offering.
Raw Material
Wool prices were stable during the year under review as compared to the previous year. However, the Australian Dollar
appreciated against the Indian Rupee. Your Company in its pursuit to de-risk dependence on traditional wool sources has
developed alternate vendors in other countries. The Polyester fibre prices were generally stable.
B. FILES & TOOLS DIVISION
The Division manufactures and markets 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 registered marginal organic growth in demand. The domestic market for the Company’s
products improved over the previous year with the Company registering good growth. Although the Company witnessed signs
of revival in the world economies for Files and Tools, the markets in Europe and USA, continued to be sluggish.
Performance and Review of Operations (for 6 months ended September 2009)
The Division continues to remain the market leader in the files segment in the domestic market and is amongst the largest
producers of Steel Files in the world.
The Export Sales of the Division was Rs.39.26 crores, lower by 27 per cent over the corresponding period in the previous year due
to sluggish markets in Europe and USA. The Division reported net sales of Rs.96.52 crores for the six months ended
September 2009 (Previous Year: Rs.111.51 crores for the six months ended September 2008).
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.
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6. PERFORMANCE OF SUBSIDIARY COMPANIES

Domestic
Raymond Apparel Limited
Although the gross turnover of the Company was lower by 5 per cent at Rs.401.56 crores (Previous Year: Rs.421.02 crores), the
Profit after tax for the FY 2010 was Rs.5.57 crores (Previous Year: Rs.4.67 crores), registering a year-on-year growth of 19 per cent
over the previous year.
The adverse consumer sentiments made the FY 2010 very challenging due to poor retail off take and extended end-of-season
sales. Though the Company’s top-line performance was impacted, the strength of its brands and several initiatives taken to
rationalise stores, reduce operating costs, enhance efficiencies in raw material and packing material usage helped to improve
profitability. The Company also successfully implemented Enterprise Resource Planning (ERP) to streamline operations.
Going forward this Company is geared to consolidate and retain the leadership position of its power brands and improve
profitability, through continued focus on product innovation, appropriate product-price matrix and operating efficiencies,
especially in retail.
In order to optimise operational efficiencies, rationalise cost, etc., this Company and another subsidiary of your Company
namely Solitaire Fashions Limited (formerly known as Gas Apparel Limited) is seeking the approvals of the High Court, Bombay
and High Court, Madras, respectively under Section 391 – 394 of the Companies Act, 1956 for amalgamation of this Company
with Solitaire Fashions Limited. The appointed date of this amalgamation is April 1, 2009. The legal process for the said amalgamation
is expected to be completed shortly. This Company shall stand dissolved without winding up, upon completion of the
amalgamation. In view of the Petitions pending before the respective High Courts the financial statements of this Company
have been prepared and audited for the purpose of enabling your Company to prepare its consolidated financial statements
for the FY 2010.
Colorplus Fashions Limited
The Company’s turnover for the year ended March 2010 was marginally higher at Rs.154.28 crores (Previous Year:
Rs.148.32 crores). The net loss for the year after taxes, was at Rs.3.40 crores (Previous Year; Net loss after taxes and exceptional
items Rs.15.05 crores).
The performance of the Company was affected by the adverse consumer sentiments resulting in consumer down trading. In
spite of this, the Company continues to be the market leader in the premium casual wear segment. During the year this
Company exited from the women’s wear and the kids wear segments, as a part of its rationalising initiatives.
With a view to consolidate this subsidiary’s market leadership in the premium casual segment, various structural and strategic
initiatives are under implementation. The Company is confident that these strategic measures will enable this subsidiary to
report improved performance going forward.
Silver Spark Apparel Limited
The gross turnover of the Company was marginally lower at Rs.83.82 crores as compared to the previous year Rs.86.83 crores.
The Company had a Profit after tax of Rs.3.06 crores (Previous Year: Rs.1.81 crores).
The Company was successful in retaining its customers in the domestic and export markets and continues its endeavour to
attract new customers. The Company continues to meet the ever increasing quality standards set by reputed national and
international brands.
Celebrations Apparel Limited
The gross turnover of the Company was Rs.17.42 crores (Previous Year: Rs.14.29 crores). The Company earned a Profit after tax of
Rs.2.09 crores (Previous Year: loss after tax Rs.0.05 crores).
Everblue Apparel Limited
The Company earned a Profit after tax of Rs 2.15 crores (Previous Year: Rs 1.32 crores).
Raymond Woollen Outerwear Limited
The gross turnover of the Company, net of returns and discounts was Rs.46.17 crores (Previous Year: Rs.45.72 crores). The Company
recorded a loss after tax of Rs.1.71 crores (Previous Year: loss after tax Rs.1.59 crores).
With focus on product and design development and exploring opportunities in new markets and customers, the Company
expects to improve performance.
Solitaire Fashions Limited [formerly known as Gas Apparel Limited]
During the year under review this Company became a subsidiary of your Company with the erstwhile Joint Venture partner
Grotto S. p. A., divesting its 50 per cent stake. The gross income of the Company for the current Financial Year March 31, 2010 is
Rs.27.90 crores, as against the income of the previous year ended March 31, 2009 which was at Rs.11.99 crores. The Profit after
taxation was Rs.16.67 crores as against Loss Rs.50.44 crores in the previous year ended March 31, 2009.
This Company and Raymond Apparel Limited as stated above is seeking the Approvals of the High Court, Madras and High
Court, Bombay, respectively under Section 391 – 394 of the Companies Act, 1956. The appointed date of this amalgamation is
April 1, 2009. The legal process for the said amalgamation is expected to be completed shortly. Raymond Apparel Limited shall
be merged into this Company upon completion of the amalgamation. In view of the petitions pending before the aforesaid
Courts the financial statements of this Company have been prepared and audited for the purpose of enabling your Company
to prepare its consolidated financial statements for the FY 2010.
JK Files (India) Limited [formerly known as Hindustan Files Limited]
This Company is now the market leader in the files segment in the domestic market and is amongst the largest producer of Steel
Files in the world.
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The Export Sales of the Company is at Rs.45.72 crores compared to Rs.4.50 crores in the corresponding previous year. The
Company reported gross turnover of Rs.138.66 crores for the year under review (Previous Year: Rs.45.79 crores). The Company
recorded a Profit after tax of Rs.4.58 crores (Previous Year: Rs.1.31 crores). In spite of global recession and general inflationary
trend, the Company registered good performance during FY 2010. Improvements in processes and yields, control over rejections,
improvements in through put, control on costs; tight working capital management and focused marketing are the factors, which
enabled the Company to boost performance for the year under review.
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.17.44 crores (Previous Year: Rs.18.85 crores). The Company recorded
Profit after tax of Rs.0.83 crores (Previous Year: Rs.2.74 crores) during the FY 2010. The weak export markets affected the
performance of the Company.
Scissors Engineering Products Limited
The Company incurred a loss of Rs.34,631 (Previous Year: loss of Rs.25,735) during the year under review.
Ring Plus Aqua Limited
The gross turnover of the Company was at Rs.81.48 crores (Previous Year: Rs.84.56 crores). Profit after tax was at Rs.5.08 crores
(Previous Year: Rs.2.94 crores).
Gear sales during the year were Rs.46.30 crores as compared to Rs.54.74 crores in the previous year. The gear sales were lower
mainly due to fall in export sale. The Company continued its efforts in developing new markets, making major in-roads into Asian
and Latin American markets during the year. In the domestic market the Company was successful in securing orders from new
customers.
The performance of the Shaft Bearings Divison showed significant growth during the year under review. The Bearings sales were
higher by 39 per cent at Rs.25.73 crores as against Rs.18.56 crores in the previous year. USA continues to be the major market for
bearing exports.
During the year the Company received quality certification from a top international quality car maker.
Pashmina Holdings Limited
The Company made a loss of Rs 0.05 crores in the FY 2010 as compared to a loss of Rs.0.08 crores in the previous year.
Overseas Companies
Jaykayorg AG incurred a loss of CHF 743,667 (equivalent to Rs.3.34 crores) [Previous Year: loss CHF 883,975 (equivalent to
Rs.3.70 crores)] for the year ended December 31, 2009.
Raymond (Europe) Limited [formerly known as J. K. (England) Limited] recorded a loss of Pound Sterling 111,804 (equivalent to
Rs.0.84 crores) [Previous Year: profit Pound Sterling 4,084 (equivalent to Rs.0.03 crores)] for the year ended December 31, 2009.
R & A Logistics INC, USA, a subsidiary of Ring Plus Aqua Limited set up in USA to provide better service to US based customers,
earned a profit of US $ 7,239 (equivalent to Rs.0.03 crores) [Previous Year: profit US $ 1,430 (equivalent to Rs.0.01crores)] for the
year ended March 31, 2010.
7. PERFORMANCE OF JOINT VENTURES

Raymond UCO Denim Private Limited
The Indian operations of the Company continued to be robust and has established its place as a leading denim manufacturer
catering to both the domestic overses markets. The Company recorded a loss after tax of Rs.3.03 crores (Previous Year: loss after
tax: Rs.410.54 crores).
The manufacturing facilities at Romania operated below its full capacity due to the recessionary pressures in Europe and
working capital constraints. As you are aware the Company has closed its operations in USA and Belgium and the legal process
is still on. As a result of the above restructuring, the pressures on the bottom line eased during the year under review.
During the year, the consolidated sales (including services and export incentives) were Rs.522.05 crores, as compared to
Rs.713.07 crores for the previous year. The loss for the year after tax and exceptional items was Rs.114.26 crores as compared to
Rs.331.29 crores for the previous year ended March 31, 2009.
The financial statements have been prepared by this joint venture company for the purpose of enabling your Company in
preparing its consolidated financial statements for the FY 2010.
Raymond Zambaiti Limited
The gross turnover of the Company was Rs.163.20 crores (Previous Year: Rs.131.15 crores). The Company had a Profit after tax of
Rs.11.12 crores (Previous Year: Rs.8.61 crores) during the year ended March 2010.
The Company has established itself as a preferred premium high value shirting supplier to top domestic brands through its
continuous design and product innovation and strong emphasis on consumer service. The weak European economy affected its
exports.
8. QUALITY & ACCOLADES
Your Company continues to win awards year-on-year, some notable awards during the year are:
• Raymond emerged as the top franchise brand in India (amongst 100 brands) – announced at the Inaugural Annual India
Franchise Rankings-2010 (awarded by MFV, India);
• The Chhindwara Textile Unit was awarded ‘The National Safety Award -2009’;
• The Chhindwara Textile Unit was also awarded ‘The Certificate of Excellence for National Energy Conservation Award-2009’;
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• The Thane Textile Unit has been certified OHSAS 18001 and declared as ISO-14001 & ISO-9001;
• JK Files & Tools was awarded All India Export Excellence in the category of ‘Star Performer Award Trophy in Hand Tools in the
large enterprise category’ at the prestigious All India Export Excellence Award (2007-2008);
• Raymond Woollen Outerwear Limited was awarded the First Prize for Energy Conservation in the Textile Sector for the year
2009 by the Union Ministry of Power;
• Raymond Zambaiti Limited, Kolhapur Plant has been declared as an ISO-14001 and certified OHSAS 18001:2007;
• Silver Spark Apparel Limited was selected as one of ‘India’s Best Companies to Work for Women Employees-2009’ by a study
conducted by Great Place to Work Institute in partnership with The Economic Times.
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 good practices. Your Company is
in compliance 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 set out in this Annual Report and forms part of this Report.
11. DIRECTORS
Shri U. V. Rao resigned from the Board of Directors of the Company with effect from May 15, 2009. The Board places on record the
great zeal and dedication with which Shri Rao served the Company during his long association since September 1994. The
Board is deeply grateful for the mature and professional advice and guidance of Shri Rao, from which the Company had
immensely benefited and gratefully acknowledges the role of Shri U. V. Rao in building up the Raymond Group to its present
enviable stature.
The Shareholders have approved on August 17, 2009 by Postal Ballot the appointment of Shri Gautam Hari Singhania as
Chairman and Managing Director and his remuneration, for period of 5 years and 3 years respectively with effect from
July 1, 2009.
Shri Shailesh V. Haribhakti and Shri Pradeep Guha, Independent Directors were appointed as Additional Directors of the Company
with effect from June 15, 2009.
Shri Desh Deepak Khetrapal was appointed as Wholetime Director of the Company with effect from June 20, 2009. Shri Khetrapal
tendered his resignation as Wholetime Director of the Company and the Board accepted the resignation of Shri Khetrapal at its
meeting held on April 27, 2010. The Board wishes to place on record its appreciation for the contributions made by
Shri Khetrapal during his association with the Company.
In accordance with the provisions of the Companies Act, 1956 and the Company’s Articles of Association, Shri P. K. Bhandari and
Shri I. D. Agarwal, Directors, retire by rotation at the forthcoming Annual General Meeting and being eligible offer themselves for
re-appointment.
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 profit 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
M/s. 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 2010-11. As required under the provisions of the Section 224(1B) of the Companies Act, 1956, the Company has obtained
written confirmation from M/s. 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 M/s. Nanabhoy & Co., Cost Accountants, as Cost Auditors to audit the cost accounts of the Company
for the Financial Year 2010-11.
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 interests of the Company are safeguarded and reliability of accounting data and accuracy are ensured
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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 Audit Committee of the Board of Directors, Statutory Auditors and the Business Heads are periodically apprised of the
internal audit findings and 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 robust 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, commodity prices, business risk,
compliance risks and people risks.
Foreign Exchange Risk
The Company’s policy is to actively manage its long term foreign exchange risk within the framework laid down by the
Company’s forex policy.
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
of vendor development and relationships. The Company’s strong reputation for quality, product differentiation and service, the
existence of a powerful brand image and a robust 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.
Compliance Risks
The Company is exposed to risks attached to various statutes and regulations including the Competition Act. The Company is
mitigating these risks through regular reviews of legal compliances, through internal as well as external compliance audits.
People Risks
Retaining the existing talent pool and attracting new manpower are major risks. The Company has initiated various measures
such as rollout of strategic talent management system; training and integration of learning activities. The Company has also
established ‘Raymond Leadership Academy’, which helps identify, nurture and groom managerial talent within the Raymond
Group to prepare them as future business leaders.
16. CORPORATE SOCIAL RESPONSIBILITY (CSR)
The Company has an innate desire and zeal to contribute towards the welfare and social upliftment of the community. The
Company continues to support the following CSR initiatives:
• Smt. Sulochanadevi Singhania School at Thane, Maharashtra and the Kailashpat Singhania High School in Chhindwara, M.P.,
having overall strength of around 6000 students, provide quality education not only to the Raymond employees’ children,
but also to the children of the local populace;
• Raymond Embryo Research Centre for cattle is a centre set up at Gopalnagar, Bilaspur, Chhattisgarh and its ceaseless
efforts and endeavours have made several significant achievements in Embryo transfer. Raymond was the first organisation
in India to introduce Embryo Transfer in Sheep;
• J. K. Trust Gram Vikas Yojana (JKTGVY) launched in 1997 helps transfer of the technical expertise gained over three decades
to the grass-root level. The mission of this initiative is to significantly improve the quality of life in India’s rural areas through a
“Cattle Breed Improvement Programme”. This initiative operates in a network of over 700 Integrated Livestock Development
Centre in Chhattisgarh, Madhya Pradesh, Uttarakhand and Andhra Pradesh; and
• Raymond Rehabilitation Centre has been set-up for the welfare of under-privileged children at Jekegram, Thane. This
initiative enables less fortunate children to be self-sufficient in life. The centre provides free vocational training workshops to
young boys over the age of 16. The three-month vocational courses comprise of basic training in electrical, air-conditioning
& refrigeration, plumbing, etc.
17. 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.
18. 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.
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CMYK
The Company has a structured induction process at all locations and management development programmes to upgrade skills
of managers. Objective appraisal systems based on Key Results Areas (KRAs) are in place for senior management staff.
Technical and safety training programmes are given periodically to workers. Industrial relations remained generally cordial.
19. 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 FY 2010, 38 employees employed throughout the year, were in receipt of remuneration of Rs.24 lakhs per annum or
more amounting to Rs.2316.08 lakhs and 130 employees employed for part of the FY 2010, were in receipt of remuneration of
Rs.2 lakhs per month or more amounting to Rs.1873.83 lakhs. 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. The aforesaid
Annexure is also available at the Registered Office of the Company for inspection of members 21 days before the 85th Annual
General Meeting.
None of the employees listed in the said Annexure is a relative of any Director of the Company. 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.
As per Section 212 of the Companies Act, 1956, the Company is required to attach the Directors’ Report, Balance Sheet, and
Profit and Loss account of our subsidiaries. The Company had applied to the Central Government of India for an exemption
from such attachment as the Company presents the audited consolidated financial statements in the Annual Report. The
Central Government has granted the Company exemption from complying with Section 212 of the Companies Act, 1956.
Accordingly, this Annual Report does not contain the financial statements of these subsidiaries. The Company will make
available the audited annual accounts and related information of our subsidiaries, where applicable, upon request by any of
its shareholders. The annual accounts of the subsidiary companies will also be kept for inspection by any member at the
Registered Offices of the Company and its subsidiary companies.
Fixed Deposits amounting to Rs.95,000 (Rupees Ninety Five Thousand only) from 9 depositors, which remained unclaimed by the
depositors as on March 31, 2010 and have remained unclaimed upto the date of this Report.
20. 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.
21. APPRECIATION
Your Directors wish to place on record their appreciation for the contribution made by employees at all levels but for whose
hard work, solidarity, and support your Company’s achievements would not have been possible. Your Directors also wish to thank
our customers, dealers, agents, suppliers, joint venture partners, investors and bankers for their continued support and faith in the
Company. We also thank the Central Government, the concerned State Governments and other Government authorities for
their support and cooperation.
for and on behalf of the Board
Gautam Hari Singhania

Mumbai, April 27, 2010 Chairman and Managing Director
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Annexure (1) to the Directors’ Report

Information pursuant to Section 217(1)(e) of the Companies Act, 1956 read with Companies ( Disclosures 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 FY 2010 were as follows:
In Textile Division
At Thane Unit:
1) Installation of geared motor for plaiter of Osthoff Singeing machine in place of existing hydraulic system for energy saving.
2) Installation of inverter for 10T boiler FD fan for speed regulation.
3) Installation of energy efficient light fittings.
4) Rain water harvesting.
At Chhindwara Unit:
1) Conversion from DC to AC drive in Zonco (EOLO) machine in Finishing.
2) Installation of new energy saving machines e.g. Thermopac, Ugolini Dyeing Machine.
At Jalgaon Unit:
2) Automation of Air-conditioning plant compressors by installation of microprocessor based PLC units.
3) Use of renewable energy resources by installation of turbo ventilators & solar water heaters.
At Vapi Unit:
1) Installation of Inverter at Air washer Tower to take advantage of the outside weather conditions.
2) Installation of Timer Switches for Warehouse racks lighting.
In Files & Tools Division
• Wind Ventilators installed at Ratnagiri , Chiplun & Pithampur for conservation of power.
• Halide lamps installed at Ratnagiri for conservation of power.
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) Adoration – Finest wool rich fabric in the world, made from super 200s wool.
2) La Futuro – An innovative fabric in Viscose rich blend with special features like sustainability and comfort. A patented
technology will also provide exclusivity for this product in the market.
3) Benito – Range of fabrics developed using Ceramica polyester with properties like superior comfort and good crease
recovery.
4) Credence – Fine fabric especially developed from extra fine cotton, fine wool and polyester blended fabric for Generation
Next.
5) Emplaza - Special product with soft and pliable handle in polyester, wool and cellulose blend.
New Product Development :
In order to maintain the leadership of JKFT in files business, 5 new SKU’s have been developed for the Export market for customer
specific engineering and agro applications.
The details of expenditure on Research and Development is given in Page No. 63 of this Report. The Company has incurred an
expenditure of Rs.12.09 lacs towards Research and Development which is 0.01 per cent of the total turnover of the Company for
the FY 2010.
(b) Technology Absorption, Adaptation and Innovation
Textile Division
The Textile Division undertook the following measures towards Technology absorption, Adaptation and Innovation:
1) Implementation of BARCO Optispin system in spinning department for online monitoring of Production parameters and
report generation.
2) Implementation of Automatic Humidification system for on line monitoring, control and report generation.
3) Installation of Condensate Heat recovery pumps at various locations.
4) Implementation of Nature Switch in Street lights for switching on the lights automatically when it is dark.
5) Quick style change in weaving department to reduce the Beam gaiting time.
Process Improvement:
• Slurry pump on scouring machines for quality improvement
• Elimination of wooden packaging for domestic dispatches by corrugated box packing.
• Automatic Taping & Strapping machines in warehouses for better productivity.
• Tang Tempering by Induction heating to eliminate the use of Lead.
• Introduction of File finishing Lines for single piece flow.
• Introduction of DWX-32 antirust oil for better shelf life of files
C. Foreign Exchange Earnings and Outgo:
Despite adverse conditions in the global markets and stiff competition impacting average realization, Textile Division recorded a
substantial increase of 21 per cent in exports, in comparison with the previous year, to Rs.133.64 Crores. This has been achieved
through focused effort on enhancing customer base and providing value added products.
9
CMYK
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 * 68512 63736 67145 69124
Files & Tools 5882 14665 18.91 41.72
b) Total Amount (Rupees in lacs)
Textiles 3762 3198 2462 2123
Files & Tools 335.91 708.37 2.60 5.65
c) Units/per Liter of Diesel Oil
Textiles - - 3.44 2.79
Files & Tools - - 5.71 4.83
d) Units/per Kg. of Coal
Textile - - 0.78 0.90
e) Units/per Cubic mtr of Gas
Textile - - 3.46 3.78
f) Cost per unit (Rs.)
Textiles 5.49 5.02 3.67 3.07
Files & Tools 5.71 4.83 13.75 13.55
* 605.71 lac KWH units generated through steam turbine (Previous year 595.46 lac KWH units)
Total Total Cost Average Rate
Quantity Rs. Lacs per Unit (Rs.)
2. Coal (M.T.)
a) Textile Division**
Current Year 85126 1804 2119
Previous Year 74998 1473 1964
3. Furnace Oil (Lac Liters)
a) Textile Division
Current Year 26.24 686 26.14
Previous Year 52.65 1557 29.57
b) Files & Tools Division
Current Year 1.74 38.86 22.33
Previous Year 3.83 105.92 27.65
4. Diesel Oil (Lac Liters)
a) Textile Division
Current Year 5 184 36.55
Previous Year 3 124 40.13
Current Year 0.10 3.47 36.02
Previous Year 0.50 17.78 35.75
5. LPG (Kgs.)
a) Textile Division
Current Year 41186 15.58 37.84
Previous Year 79160 37.58 47.48
6. Natural Gas (Lacs Cubic Mtr.)
a) Textile Division
** 77481 MT used for CPP (Previous year 66153 MT)
B. CONSUMPTION PER UNIT OF PRODUCTION
Unit Standard (if any) Current Year Previous Year
Electricity
a) Fabrics KWH/Metre - 4.88 4.67
b) Files & Tools Division KWH/Piece 0.22 0.22
Note: Effective October 1, 2009, Files & Tools Division has been transferred on a slump-sale basis to the Company’s wholly-owned
subsidiary. Therefore, the figures of previous year are not comparable.
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CORPORATE GOVERNANCE REPORT

At Raymond, the Corporate Governance philosophy stems from our belief that good corporate governance practices are sine qua
non for sustainable business that aims at generating long-term value to its stakeholders. Raymond, being a value-driven organisation
realizes the pivotal role of sound governance. A transparent, ethical, and robust governance framework helps enhance efficiency,
which is an important catalyst in driving business growth across parameters and boosts Investors confidence in the Business entity.
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:
Raymond’s Corporate Governance principles have a strong pedigree of fairness, transparency, ethical processes and good
practices. The Core values of the organisation include Quality, Trust, Leadership and Excellence.
At Raymond, Governance has been a journey and we are continuously benchmarking our governance standards to global
practices. These efforts gives us the confidence of having put in place the right building blocks for future growth in a prudent and
sustained manner. This emanates from our strong belief that sound governance is integral to creating value on a sustainable basis.
Raymond complies with the requirements as laid down in Clause 49 of the Listing Agreement with the Stock Exchanges.
1.1 GOVERNANCE STRUCTURE:
Raymond’s Corporate Governance Structure is as under:
i. The Board of Directors - The Members of the Raymond Board are free to bring up any matter for discussions at the Board
Meetings and the functioning is democratic. The Board plays a key role in framing policies for ensuring and enhancing
good governance. Besides its primary role of setting corporate strategies and goals and monitoring corporate performance,
the Board directs and guides the activities of the Management towards achieving corporate goals, seeks accountability
with a view to achieve sustained and consistent growth aimed at adding value for its stakeholders.
ii. The Committee of Directors – The Board has constituted the following committees viz; Audit Committee, Remuneration and
Nomination Committee, Committee of Directors (which also acts as the Shareholder’s/Investors’ Grievance Committee).
Each of the Committee has been mandated to operate within a given framework.
2. BOARD OF DIRECTORS:
COMPOSITION AND CATEGORY
The Board of Directors consists of professionals drawn from diverse fields, who bring in a wide range of skills and experience to
the Board. The Board is broad-based and consists of eminent individuals drawn from management, technical, financial and
marketing fields. The Company is managed by the Board of Directors in coordination with the senior management team.
The day-to-day operations of the Company are conducted by the Chairman and Managing Director, subject to the supervision
and control of the Board of Directors. The Non-Executives including the Independent Directors bring external and wider perception
and independence in the decision making.
The composition of the Board of Directors, meets with the requirements of Clause 49 (I) (A) of the Listing Agreement.
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.
BRIEF PROFILE :
1. DR. VIJAYPAT SINGHANIA – CHAIRMAN EMERITUS
Dr. Vijaypat Singhania is a reputed industrialist who started his business career at an early age of 20. He ran the JK Group’s
cotton mill in Bombay as his first venture into business, and later on managed its fertiliser & chemicals factories.
On the untimely demise of Raymond’s Chairman Shri G.K. Singhania on 3rd January 1980, Dr. V.P. Singhania took over as CMD of
Raymond and its affiliate Companies. During his tenure the Company diversified/expanded its activities into men’s suits, ready-made
garments, cement, steel, polyester filament yarn, denims, cosmetics and prophylactics. He expanded the files plant in Indonesia and
the woollen plant in Kenya & made them into very respected and profitable ventures in those countries.
During the 20 years of his management:
Raymond’s sales grew by 30 times (from Rs. 49.82 cr in 1979-80 to Rs. 1472.79 cr in 2000-01),
PAT grew by 137 times (from Rs. 2.42 cr in 1979-80 to Rs. 333.41 cr in 2000-01 – including net capital gain), &
Net Worth increased by 61 times (from Rs. 14.40 cr in 1979-80 to Rs. 873.90 cr in 2000-01).
On retiring from active management in September 2000, he handed over his responsibility of Raymond’s management to his son
Shri Gautam Hari. In token of his meritorious services to the Company, the Board of Directors appointed him Chairman Emeritus
& Advisor of the Company effective September 6, 2000.
After 15 years of business experience, he went through the Advanced Management Programme (AMP) at the Harvard Business
School, Boston in 1974. He was a member of the FICCI trade delegation to Russia & Australia, and the delegation of the
Government of India to France. Dr. Singhania was conferred an Hony. Ph.D. by The London Institute of Technology and Research
in October 2003. The Ministry of HRD appointed him a member of the prestigious Board of Governors of the Indian Institute of
Management, Ahmedabad from 1994-99, and in 2007, as Chairman of the IIM-A Board for the period 2007 to 2012. He was the
Sherriff of Mumbai in 2005-06.
Dr. Singhania has a great passion for flying having trained as a Pilot in the October of 1959. He got his first entry into the Guinness
Book of World Records for his solo flight in the fastest time between UK and India in 1988, in recognition of which President of India
Hon’ble R. Venkatraman bestowed on him the rank of an (Hon) Air Commodore of the Indian Air Force. He won the first ‘Round the
World Air Race’ in 1994 and earned with it the most coveted trophy in aviation – an FAI Gold medal (Federation Aeronautique
Internationale, Paris), so far the only one ever won by an Indian. Dr. Singhania also accomplished a New High Altitude Indian
Record in a Hot Air Balloon by climbing to 29,044 ft. above sea level on 13 th June 2005. On
November 26, 2005, he established a New High Altitude World Record by climbing in a Hot Air Balloon to an altitude of
69,852 ft. above sea level. Dr. Singhania broke the previously held record since 1988 by world renowned balloonist Per Lindstrand.
Apex body for aviation sports, the FAI, formally recognised the new record. This feat has earned Dr. Singhania yet another entry into
the Guinness Book of World Records and a Gold Medal form the Royal Aero Club of U.K., yet another first for an Indian. The Limca
Book of Records has bestowed on him “People of the Year Award 2006”. Dr. Singhania was conferred the Padma Bhushan Award
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CMYK
by the President of India Hon’ble Dr. APJ Abdul Kalam on 26th January 2006. Prime Minister Atal Behari Vajpayee conferred on him
the “Tenzing Norgay National Adventure Award” for 2001 and the Chhatrapati Shivaji Maharaj Smarak Samiti Mumbai presented
him the “Chhatrapati Shivaji Maharaj Smarak Award” for his achievements in the field of Aviation. The 7th Air Squadron of the IAF
comprising of the Mirage 2000 aircraft based at Gwalior, honoured him by naming him as the first and only civilian member of the
Squadron of “The Battle Axes”. Dr. Singhania has recently taken up Deep Sea “Scuba Diving”. PADI has certified him qualified to
meet EN 14153-2: Autonomous Diver standards on 16th February 2010.
He is a keen photographer, ballroom dancer and snooker player, having won national awards in all of them. He still cherishes his
days teaching final year MMS students at the Jamnalal Bajaj Institute of Management Studies.
VPS, as he is fondly called, now leads a retired life generally overseeing Raymond’s operations and guiding its policies, philosophies
and values.
2. SHRI GAUTAM HARI SINGHANIA - CHAIRMAN AND MANAGING DIRECTOR
Shri Gautam Hari Singhania took over the reins of the Company as Chairman and Managing Director in September 2000. Since
then, he has steered the destiny of Raymond Limited with a single-minded focus of being the best brand in India. He has been
responsible for the strategic decision of the restructuring of the Group, initiating the divestment of the Synthetics, Steel and Cement
Divisions. Post divestment, the Group has consolidated its position with a better bottom line and more focussed and market
oriented approach. Shri Gautam Singhania joined the J. K. Group of Companies (Western Zone) in the year 1986. He was appointed
as the Wholetime Director on the Board of Raymond Ltd. in 1990 and was elevated to the position of Managing Director in mid-
1999, in charge of all companies and subsidiaries of the Raymond Group in India and abroad.
With a drive for creating new Brands, Shri Singhania has taken active interest in the launch of new services and products. He was
instrumental in the successful launch of the brand ‘KamaSutra’ in 1991. In the year 1996, he launched a new division called
‘Million Air’, providing quality air-taxi charter services. It was under his leadership that the fashion casual wear brand ‘Parx’ and
premium men’s wear brand ‘Manzoni’ were launched in the year 1999 and 2000 respectively. In the year 2001, Shri Gautam Hari
Singhania introduced the concept of corporatisation of designer wear in India. He was also instrumental in Raymond’s acquisition
of ColorPlus, a leading menswear brand. Under his leadership, the Raymond Group has become an internationally reputed
premium fibre to fashion player with immense strength in worsted suitings, high value cotton shirting, denim, garmenting, owning
market leading brands with a deep distribution network across the country and a premium international client base. His
personal vision for the group is to take the Raymond Brand from being amongst the most respected Indian brands to be
amongst the best in the global market.
Shri Gautam Hari Singhania aged 44 years, is a commerce graduate from the University of Mumbai and has nearly 25 years of
experience in the field of industry, business and corporate management.
3. SHRI SHAILESH V. HARIBHAKTI – INDEPENDENT DIRECTOR
Shri Shailesh V. Haribhakti, aged 54, who joined the Board as an Additional Director on June 15, 2009, is the Managing Partner of
M/s. Haribhakti & Co., Chartered Accountants and Chairman of BDO Consulting Pvt. Ltd. He is a Committee member of Futures
& Options segment of National Stock Exchange of India and is a member of the SEBI Committee on Disclosures and Accounting
Standards. He serves as member of managing committees of ASSOCHAM and IMC and Corporate Governance Committees of
ASSOCHAM and CII and is Chairman of the ‘Combating Global Warming Committee’ of IMC. He is on the Board of several listed
companies.
4. SHRI I.D.AGARWAL – INDEPENDENT DIRECTOR
Shri I.D. Agarwal, aged 69 years, is an Independent Director. Shri Agarwal was earlier a Nominee Director of Unit Trust of India on
the Board of the Company from October, 2001 to February, 2006. Shri Agarwal, M.Com., D.S.M., C.A.I.I.B., who has over 40 years of
rich experience in Banking, Finance & Currency, has undergone professional training with Bank of England (U.K.), Midland Bank
(U.K.), Bundesbank, (Germany) and Dresdnerbank (Germany).
Shri Agarwal, is the former Executive Director, Reserve Bank of India and was an Advisor to the United Nations. He also served as
Director of Union Bank of India, Unit Trust of India, Small Industries Development Bank of India (SIDBI) and a few other reputed
Financial Institutions and Corporates.
5. SHRI NABANKUR GUPTA – INDEPENDENT DIRECTOR
Shri Nabankur Gupta, aged 61 years, a graduate from IIT, Delhi in Electrical & Electronics Engineering, joined the Company as
Group President on August 1, 2000 and was co-opted on the Board of Directors of the Company as Wholetime Director and
Group President effective January 15, 2001. Shri Gupta relinquished his position as Wholetime Director and Group President of
the Company with effect from April 1, 2005, from which date he continues to be on the Board of the Company in his capacity
as Non-Executive Director. Shri Gupta possesses vast, rich and varied experience of over three decades in project management,
marketing and Sales, General Management and Business Stratagy. Shri Gupta pioneered the concept of sub-branding and
subsequently, multi-branding in the area of consumer durable for the first time in India. Shri Gupta was the first Indian to receive
recognition by the Advertising Age International, New York, in 1995 with the title of ‘Marketing Superstar’. Prior to his tenure with
Raymond, he was an Executive Director with Videocon. Presently he is the Co-Founder and Chairman of Blue Ocean Capital &
Advisory Services and the Founder CEO of Nobby Brand Architects. He is on several boards as an independent director.
6. SHRI PRADEEP GUHA – INDEPENDENT DIRECTOR
Shri Pradeep Guha, aged 57 years, was the CEO of India’s largest satellite broadcasting network, Zee Entertainment Enterprises
Ltd. , for over three years. Shri Guha joined the Board as an Additional Director on June 15, 2009. Shri Guha had been associated
with the print media for 29 years and was President of The Times of India Group, as well as on its Board of Directors. Shri Pradeep
Guha is associated with many bodies in the field of advertising, marketing and media. Shri Guha is fascinated by cinema and
has a production house of his own by the name of Culture Company.
7. SHRI P.K.BHANDARI - NON EXECUTIVE DIRECTOR
Shri P. K. Bhandari, aged 52 years is a commerce and law graduate from the University of Kolkata and a Fellow Member of the
Institute of Chartered Accountants of India and an Associate Member of the Institute of Company Secretaries of India and has
over 28 years of experience in the field of project finance, industry, business and corporate management.
Shri P. K. Bhandari, who joined the Group in the year 1989 played a key role in strategising and implementing the Company’s
restructuring program, which included hiving off its non-core businesses in steel, cement and synthetics and consolidating its
core - textile, garment and files businesses through merger and acquisitions.
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CMYK
Shri Bhandari joined the Board of Directors of the Company as Wholetime Director on April 24, 2003. Shri P. K. Bhandari was Group
President of the Company from April 1, 2005 to January 30, 2008.
Shri Bhandari was honoured with a ‘Special Commendation’ for his outstanding performance in the mergers and acquisitions
category of the “CFO of the Year” award instituted by ‘The Economist’ in association with American Express.
8. SHRI DESH DEEPAK KHETRAPAL – WHOLETIME DIRECTOR (Resignation accepted by the Board of Directors on April 27, 2010).
Shri Desh Deepak Khetrapal, aged 54 years, is a Honors Graduate in Business and Economics from Shri Ram College of
Commerce, Delhi (University of Delhi) and also holds Honors in Masters of Business Administration, (FMS, University of Delhi).
Shri Khetrapal has over 33 years of experience in managing businesses in diverse industries. Shri Khetrapal started his career with
State Bank Group as a Probationary Officer in 1976.
Shri Khetrapal was associated with reputed companies like Turner Morrison, Steelage Industries Ltd., Gunnebo AB in leadership
positions.
ATTENDANCE OF EACH DIRECTOR AT THE BOARD MEETINGS AND THE LAST ANNUAL GENERAL MEETING
Seven Board Meetings were held during the financial year 2009-10 on the following dates: April 24, 2009; June 15, 2009;
June 20, 2009; July 30, 2009; September 17, 2009; October 22, 2009 and January 20, 2010. The gap between two Board Meetings
did not exceed four months. During the Financial year 2009-10 one Circular Resolution was passed on May 11, 2009.
The details in regard to attendance of Directors at Board Meetings/Shareholders Meetings, the number of Directorship(s) held in
Indian public limited companies and the position of Membership/Chairmanship of Audit Committee and Shareholders/Investors’
Grievance Committee in such Indian public limited companies are given below:
Name of the Director Category of No. of Attendance Directorship No. of Board Relationship
Directorship Board at the held in Committees interse
Meetings AGM held on other Indian (other than Directors
attended June 10, 2009 public limited Raymond
out of 7 companies Limited)
Meetings (excluding in which
held Raymond Chairman/
Limited) Member
Chairman Member
Dr. Vijaypat Singhania, Promoter, 6 Yes 6 Nil 1 Related to
Chairman Emeritus Non-Executive Shri Gautam
DIN : 00020063 Hari Singhania
Shri Gautam Hari Promoter, 7 Yes 8 Nil 2 Related to
Singhania, Executive Dr. Vijaypat
Chairman and Singhania
Managing Director
DIN :00020088
Shri U.V. Rao Independent, Nil out Not 5 2 2 —
(upto May 15, 2009) Non-Executive of 1 Applicable
DIN:00012490
Shri Nana Chudasama Independent, Nil out No 4 Nil Nil —
(upto June 10, 2009) Non-Executive of 1
DIN :00019768
Shri B. V. Bhargava Independent, 1 out No 10 5 4 —
(upto June 10, 2009) Non-Executive of 1
DIN:00001823
Shri I. D. Agarwal Independent, 7 Yes 1 1 1 —
DIN :00293784 Non-Executive
Shri Nabankur Gupta Independent, 7 Yes 9 1 3 —
DIN: 00020125 Non-Executive
Shri P. K. Bhandari Non-Independent, 7 Yes 11 2 3 —
DIN:00021923 Non-Executive
Shri Shailesh V. Independent, 6 out Not 14 4 5 —
Haribhakti Non-Executive of 6 Applicable
(w.e.f June 15, 2009)
DIN:00007347
Shri Pradeep Guha Independent, 5 out Not 6 Nil Nil —
(w.e.f June 15, 2009) Non-Executive of 6 Applicable
DIN 00180427
Shri Desh Deepak Executive, 5 out Not 4 Nil 1 —
Khetrapal, Non-Promoter of 5 applicable
Wholetime Director
(w.e.f June 20, 2009)
(Resignation accepted
on April 27, 2010).
DIN :02362633
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BOARD PROCEDURE
The Board generally meets once in a quarter to review the quarterly business and financial performance of the Company and
its subsidiaries. These Meetings are 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 and the same are tabled at the meeting.
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 Minutes of the Board Meetings are also circulated in advance to all Directors and confirmed at
subsequent Meeting. The Board reviews the performance of the Company every quarter vis-à-vis the targets set by them and
helps in the major strategic decisions and policy formulations. The Members of the Board are also free to recommend the
inclusion of any matter for discussion in consultation with the Chairman.
The Board members are briefed at every Board Meeting, on the overall performance of the Company, with presentations by
Business Heads and Senior Management. The performance vis-à-vis budgets are also presented to the Members of the Board.
The information as specified in Annexure (I) (A) to Clause 49 of the Listing Agreement is regularly made available to the Board.
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.
3. AUDIT COMMITTEE:
BROAD TERMS OF REFERENCE
The composition, quorum, powers, role, review of information, scope, etc., of the audit committee is in accordance with the
Section 292A of the Companies Act, 1956 and the provisions of Clause 49 II. (A), (B), (C), (D) and (E) of the Listing Agreement. The
Audit Committee acts as a link between the Statutory and Internal Auditors and the Board of Directors. The Audit Committee
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 as per the provisions and requirements of the Listing Agreement with the
Stock Exchanges and in accordance with Section 292A of the Companies Act, 1956. These broadly include approval of Annual
Internal Audit Plan, review of financial reporting system, internal controls system, discussion on quarterly, half-yearly annual
financial results, interaction with Statutory and Internal Auditors, In-camera meeting with Statutory and Internal Auditors,
recommendation for the appointment of Statutory and Cost Auditors and fixing their remuneration, appointment and remuneration
of Internal Auditors, Review of Business Risk Management Plan, Management Discussions & Analysis, Review of Internal Audit
Reports, significant related party transactions. The Company has framed the Audit Committee Charter for the purpose of
effective compliance of Clause 49 of the Listing Agreement.
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.
Additionally, the following terms of reference were issued to the Audit Committee by the Board of Directors:
a) to consider and recommend to the Board the following:
(i) investment guidelines for treasury operations;
(ii) capital expenditure for enhancement of production capacity (excluding capital expenditure for normal maintenance/
repairs/replacements);
b) to review the Annual Budget;
c) to take note of the significant decisions taken, or important developments; considered at the Management Committee/
Working Board Meetings; and
d) to carry out any other duties that may be delegated to the Audit Committee by the Board of Directors from time-to-time.
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 preparation of the Financial Statements for the year ended
March 31, 2010. 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.
The Members of the Audit Committee comprised of the following:
Name of the Director Category Qualifications required to be a member
Shri Shailesh V. Haribhakti, Chairman Independent, Non-Executive Has the requisite accounting and financial
(w.e.f June 15, 2009) management expertise
Shri Nabankur Gupta Independent, Non-Executive Has the requisite accounting and financial
(Chairman upto June 15, 2009 - management expertise
Member thereafter)
Dr. Vijaypat Singhania Promoter, Non-Executive Has the requisite accounting and financial
management expertise
Shri I.D. Agarwal Independent, Non-Executive Has the requisite accounting and financial
(w.e.f June 15, 2009) management expertise
Shri B. V. Bhargava Independent, Non-Executive Had the requisite accounting and financial
(Upto June 10, 2009) management expertise
Shri U. V. Rao Independent, Non-Executive Had the requisite accounting and financial
(Upto May 15, 2009) management expertise
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CMYK
The Chairman and Managing Director, Wholetime Director & Chief Operating Officer, President-Finance and Chief Financial
Officer, Business Heads of the Company’s Divisions, the representatives of the Statutory Auditors and the Internal Auditors are
permanent invitees to the Audit Committee Meetings. The representatives of the Cost Auditor attend such meetings of the Audit
Committee where matters relating to the Cost Audit Report are discussed. Shri Nabankur Gupta (Chairman of the Audit
Committee on the date of the 84th Annual General Meeting) was present at the last Annual General Meeting. The Company
Secretary acts as Secretary to the Audit Committee.
The Minutes of the Audit Committee Meetings are noted by the Board of Directors at the subsequent Board Meeting.
MEETINGS AND ATTENDANCE:
The Audit Committee held five meetings during the financial year ended March 31, 2010 and the gap between two meetings
did not exceed four months. The Audit Committee Meetings were held on April 23, 2009; July 30, 2009; October 22, 2009;
December 23, 2009 and January 20, 2010.
The attendance of the Members at the Audit Committee Meetings are as under:
Name of the Director No. of meetings No. of meetings Leave of
held during tenure attended during tenure absence sought
Shri Shailesh V. Haribhakti
(w.e.f June 15, 2009) 4 4 Nil
Shri Nabankur Gupta 5 5 Nil
Dr. Vijaypat Singhania 5 5 Nil
Shri I.D. Agarwal
(w.e.f June 15, 2009) 4 4 Nil
Shri B. V. Bhargava
(Upto June 10, 2009) 1 1 Nil
Shri U. V. Rao
(Upto May 15, 2009) 1 Nil 1
4. REMUNERATION AND NOMINATION COMMITTEE:
TERMS OF REFERENCE
• Reviewing the overall compensation policy, service agreements, ESOP Schemes and other employment conditions of
Managing/Wholetime Directors and Senior Management (one level below the Board of Directors);
• Reviewing the performance of the Managing/Wholetime Directors/Senior Management and recommending to the Board,
the quantum of annual increments and annual commission;
• The Committee has the mandate to recommend the size and composition (including functional specialist) of the Board,
establish procedures for the nomination process, and recommend candidates for selection to the Board/nominate Wholetime
Directors; and
• Structure and design a suitable succession planning policy for Board and Senior Management team of the Company.
The Remuneration and Nomination Committee presently comprises of the following:
Name of the Director Position Category
Shri I.D. Agarwal Chairman Independent, Non-Executive
(w.e.f June 15, 2009)
Dr. Vijaypat Singhania Member Promoter, Non-Executive
Shri Nabankur Gupta Member Independent, Non-Executive
Shri Pradeep Guha Member Independent, Non-Executive
(w.e.f June 15, 2009)
Shri Gautam Hari Singhania Member Promoter, Executive
(w.e.f. October 22, 2009)
Shri Shailesh V. Haribhakti Member Independent, Non Executive
(w.e.f. October 22, 2009)
Shri. B. V. Bhargava Chairman Independent, Non-Executive
(Upto June 10, 2009)
Shri Nana Chudasama Member Independent, Non-Executive
(Upto June 10, 2009)
MEETING AND ATTENDANCE
The Remuneration Committee held three meetings during the financial year ended March 31, 2010. The Meetings were held on
April 23, 2009, June 20, 2009 and January 13, 2010.
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CMYK
The attendance of the Members at the Remuneration and Nomination Committee Meetings are as under:
Name of the Director No. of meetings No. of meetings Leave of
held during attended during absence sought
tenure tenure
Shri I.D. Agarwal 2 2 Nil
Dr. Vijaypat Singhania 3 2 1
Shri Nabankur Gupta 3 3 Nil
Shri Pradeep Guha 2 2 Nil
Shri Gautam Hari Singhania 1 1 Nil
Shri Shailesh V. Haribhakti 1 1 Nil
Shri B. V. Bhargava 1 1 Nil
Shri Nana Chudasama 1 Nil 1
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 a sum not exceeding 1% of the annual net profit of the Company
subject to the overall ceiling limit of Rs.25 lakhs to the Non-Executive Directors of the Company. The Non-Executive Directors are
paid sitting fees for each meeting of the Board or Committee of Directors attended by them. During the financial year 2009-10
(with effect from August 1, 2009), the sitting fees paid to Non-Executive Directors has been revised from Rs. 10,000/- to
Rs. 20,000/- for each meeting of the Board or Committee of Directors attended by them. The total amount of sitting fees paid
during the financial year 2009-10 was Rs.14.70 Lakhs.
None of the Non-Executive Directors have any material pecuniary relationship or transactions with the Company.
Dr. Vijaypat 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. 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. 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.
At the 84th Annual General Meeting of the Company, the shareholders of the Company had subject to the approval of the
Central Government approved by special resolution, the payment of excess remuneration to Shri Gautam Hari Singhania,
Chairman and Managing Director, for the period from April 1, 2008 to March 31, 2009, and Shri P.K. Bhandari, Wholetime Director
for the period from April 1, 2008 to April 23, 2008 in view of loss suffered by the Company.
The Company has received the approval from the Central Government under Section 309(5B) for the payment of
Rs.3,20,41,242/- as managerial remuneration to Shri Gautam Hari Singhania, Chairman and Managing Director for the period
from April 1, 2008 to March 31, 2009.
The Central Government also approved the waiver of recovery of excess managerial remuneration of Rs.6,26,512/- from
Shri P. K. Bhandari for the period from April 1, 2008 to April 23, 2008.
By Postal Ballot dated June 20, 2009 the shareholders approved the re-appointment of Shri Gautam Hari Singhania, as Chairman
and Managing Director for a period of five years w.e.f July 1, 2009 and subject to the approval of the Central Government the
payment of managerial remuneration to Shri Gautam Hari Singhania, as Chairman and Managing Director as minimum
remuneration for a period of three years. The Company has accordingly received the approval of the Central Government for
the appointment of Shri Gautam Hari Singhania as Chairman and Managing Director for a period of two years w.e.f. July 1, 2009
to June 30, 2011 and the payment of remuneration of Rs. 3,20,41,242/- per annum for the period July 1, 2009 to June 30, 2011. The
Company is awaiting the approval of the Central Government for the period April 1, 2009 to June 30, 2009.
Similarly by Postal Ballot dated June 20, 2009 the shareholders approved the appointment of Shri Desh Deepak Khetrapal, as
Wholetime Director for a period of five years w.e.f June 20, 2009 and subject to the approval of the Central Government the
payment of managerial remuneration to Shri Khetrapal, as minimum remuneration for a period of three years. The Company has
accordingly applied to the Central Government for the payment of remuneration of Rs. 1,43,00,000/- to the Wholetime Director
for the period from June 20, 2009 to March 31, 2010. The Company has received the approval of the Central Government
against which certain clarification has been sought.
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CMYK
DETAILS OF REMUNERATION PAID TO ALL THE DIRECTORS FOR THE YEAR ENDED MARCH 31, 2010
(a) NON-WHOLETIME DIRECTORS
Name of the Director Sitting Fees (Rs.) No. of Shares held
Dr. Vijaypat Singhania,

Chairman Emeritus 2,00,000 56,247
Shri U.V.Rao
(upto June 15, 2009) 10,000 Nil
Shri Nana Chudasama

(upto June 10, 2009) 40,000 663
Shri B. V. Bhargava
(upto June 10, 2009) 40,000 Nil
Shri I. D. Agarwal 2,00,000 Nil
Shri Nabankur Gupta 3,90,000 Nil
Shri P. K. Bhandari 3,30,000 303
Shri Shailesh V. Haribhakti

(w.e.f June 15, 2009) 1,70,000 Nil
Shri Pradeep Guha

(w.e.f June 15, 2009) 90,000 Nil
No commission is payable to Non-Executive Directors for the financial year 2009-10 due to absence/inadequate profits.
(b) MANAGING AND WHOLETIME DIRECTOR
Name of the Director Salary (Rs.) Benefits (Rs.) Remarks
Shri Gautam Hari Singhania, 1,80,00,000 1,63,01,242 Appointment for a period 5 years
Chairman and Managing from July 1, 2009 to June 30, 2014
Director and remuneration for a period of
3 years.
Shri Desh Deepak Khetrapal, 58,83,672 80,95,193 Resignation accepted by the Board of
Wholetime Director Directors on April 27, 2010.
(w.e.f June 20, 2009)
5. SHAREHOLDERS’ / INVESTORS’ GRIEVANCE COMMITTEE:

The Board of Raymond Limited has constituted a Committee of Directors, which inter-alia also functions as “Shareholders’/
Investors’ Grievance 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:
• approval of transfer of shares/debentures and issue of duplicate/split/consolidation/sub-division of share/debenture
certificates;
• opening/modification of operation and closing of bank accounts;
• grant of special/general Power of Attorney in favour of employees of the Company from time to time in connection with
the conduct of the business of the Company particularly with Government and Quasi-Government Institutions;
• to fix record date/book closure of share/debenture transfer book of the Company from time to time;
• to appoint representatives to attend the General Meeting of other companies in which the Company is holding shares;
• to change the signatories for availment of various facility from Banks/Financial Institution;
• to grant authority to execute and sign foreign exchange contracts and derivative transactions;
• to carry out any other duties that may be delegated to the Committee by the Board of Directors from time-to-time.
The Secretarial 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 circulated to the Board and 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.
During the financial year 2009-10, the Company also sent reminder letters to the shareholders whose names appeared in the
unclaimed dividend list of 2002-03 and subsequent years, to enable them to claim such unclaimed dividend.
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CMYK
The composition of the Committee of Directors and the attendance during 2009-10 are as under:
Name of the Director Category No of meeting No of meetings
held during attended during
tenure tenure
Shri Nabankur Gupta
Chairman (w.e.f. June 20, 2009) Independent, Non-Executive 9 9
Shri Gautam Hari Singhania Promoter, Executive 13 13
Shri P. K. Bhandari Non-promoter, Non-Executive 13 13
Shri Nana Chudasama
(Acted as Chairman
upto June 10, 2009) Independent, Non-Executive 4 4
COMPLIANCE OFFICER
The Board has designated Shri Thomas Fernandes, Director – Secretarial & Company Secretary as the Compliance Officer.
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, 2010 was 87.
There were no complaints outstanding as on March 31, 2010. The number of pending share transfers and pending requests for
dematerialization as on March 31, 2010 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, 2010.
6. GENERAL BODY MEETINGS:
a. Location and time, where last three Annual General Meetings were held are given below :
Financial Year Date Location of the Meeting Time
2006-2007 June 18, 2007 Registered Office of the Company at Ratnagiri 11.00 A.M.
b. Special Resolutions passed at last three Annual General Meetings :
(i) The payment of commission to Non-Executive Directors for the financial year 2006-2007 and 2007-2008 was 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.
(ii) In the 83rd Annual General Meeting held on June 18, 2008, the shareholders’ have approved payment of commission of
a sum not exceeding 1% of the annual net profit of the Company subject to the overall ceiling limit of Rs.25 lakhs to the
Non-Executive Directors of the Company, by passing a special resolution for a period of three financial years commencing
from April 1, 2008 to March 31, 2011.
(iii) At the 84th Annual General Meeting of the Company, the shareholders of the Company had subject to the approval of
the Central Government passed as special resolutions, the payment of minimum remuneration in the absence or
inadequacy of profits to Shri Gautam Hari Singhania, Chairman and Managing Director, for the period from April 1, 2008
to June 30, 2009, and Shri P.K. Bhandari, Wholetime Director for the period from April 1, 2008 to April 23, 2008 in view of
inadequacy of profit.
c. Passing of resolutions by Postal Ballot:
During the financial year 2009-10, three postal ballots were conducted. The details of which are as follows:
i. Notice dated June 20, 2009 was issued for seeking the approval of the shareholders by a Special Resolution for
re-appointment of Shri Gautam Hari Singhania, as Chairman and Managing Director w.e.f. July 1, 2009 for a period of
five years and fixing remuneration including minimum remuneration for a period of three years and for the appointment
of Shri Desh Deepak Khetrapal as Wholetime Director w.e.f. June 20, 2009 for a period of five years and fixing remuneration
including minimum remuneration for a period of three years, result of this postal ballot was declared on August 17, 2009.
ii. Notice dated July 30, 2009 was issued for seeking the approval of the shareholders for reorganization of the Company’s
files business by transfer of Files & Tools division of the Company to its wholly owned subsidiary, JK Files (India) Limited
(formerly known as Hindustan Files Limited) as a going concern on slump sale basis and for alteration of object Clause
of the Memorandum of Association of the Company by adding Clause for development of realty business, result of this
postal ballot was declared on September 30, 2009.
iii. Notice dated October 1, 2009 was issued for seeking the approval of the shareholders for commencement of Real
Estate business, result of this postal ballot was declared on November 10, 2009.
d. Extraordinary General Meeting:
No Extraordinary general meeting was held by the Company during the financial year ended March 31, 2010.
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.
18
CMYK
8. CODE OF CONDUCT :
The Board of Directors have 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 of
conduct for prevention of Insider Trading is amended from time to time reflecting the changes brought in by SEBI in the Insider
Trading regulations. 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.
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 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. EDIFAR has been discontinued
by SEBI with effect from April 1, 2010.
(iv) The Company’s financial results and official news releases are displayed on the Company’s Website www.raymond.in.
(v) Any presentation made to the institutional investors and analysts are also posted on the Company’s website.
(vi) Management Discussion and Analysis forms part of the Annual Report, which is sent 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.
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CMYK
DECLARATIONS
Compliance with the Code of Business Conduct and Ethics
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, 2010.
For Raymond Limited
Gautam Hari Singhania

Chairman and Managing Director
Mumbai: April 27, 2010
CEO / CFO Certification
As required by sub clause V of Clause 49 of the Listing Agreement with the Stock Exchanges, we have certified to the Board that for
the financial year ended March 31, 2010, the Company has complied with the requirements of the said sub clause.
For Raymond Limited For Raymond Limited
Gautam Hari Singhania H. Sunder

Chairman and Managing Director President-Finance
and Chief Financial Officer
AUDITORS’ CERTIFICATE REGARDING COMPLIANCE OF CONDITIONS OF CORPORATE GOVERNANCE
To the Members of
Raymond Limited
We have examined the compliance of conditions of Corporate Governance by Raymond Limited, for the year ended
31st March 2010, as stipulated in Clause 49 of the Listing Agreement(s) of the said Company with stock exchanges in India.
The compliance of conditions of Corporate Governance is the responsibility of the Company’s management. Our examination was
carried out in accordance with the Guidance Note on Certification of Corporate Governance (as stipulated in Clause 49 of the
Listing Agreement), issued by the Institute of Chartered Accountants of India and was limited to procedures and implementation
thereof, adopted by the Company for ensuring the compliance of the conditions of Corporate Governance. It is neither an audit nor
an expression of opinion on the financial statements of the Company.
We certify that the Company has complied with the conditions of Corporate Governance as stipulated in the above mentioned
Listing Agreements.
We state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness
with which the management has conducted the affairs of the Company.
For Dalal & Shah

Firm Registration Number: 102021W
Shishir Dalal
Partner
Membership Number: 037310
20
CMYK
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 : Tuesday, June 15, 2010 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, 2010 – End July 2010
• Financial reporting for the half year ending September 30, 2010 – End October 2010
• Financial reporting for the quarter ending December 31, 2010 – End January 2011
• Financial reporting for the year ending March 31, 2011 – End April 2011
Date of Book Closure : May 29, 2010 to June 15, 2010 (both days inclusive), for the purpose of 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 2010 - 2011.
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 2010.
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 2009 98.05 75.25 1045742 98.70 75.70 1907346
MAY 2009 152.65 87.50 1130904 153.65 87.15 2074337
JUNE 2009 189.40 142.25 1532188 188.55 142.00 2630473
JULY 2009 194.50 152.60 1807997 194.90 153.50 2367538
AUGUST 2009 189.60 157.60 768217 190.45 156.00 1521876
SEPTEMBER 2009 234.40 172.10 4912591 233.50 168.00 8847258
OCTOBER 2009 212.50 179.15 1934633 217.00 179.10 4260993
NOVEMBER 2009 206.60 175.05 1401231 206.50 170.05 2597893
DECEMBER 2009 203.55 186.30 955538 203.40 182.20 1693429
JANUARY 2010 271.75 194.00 7865518 271.95 193.50 13734673
FEBRUARY 2010 249.70 199.00 4210784 249.40 210.00 6590623
MARCH 2010 259.65 215.50 6844141 259.90 216.00 12702250
BSE NSE
No. of Shares traded 34409484 60928689
Highest Share Price (Rs.) 271.75 271.95
Lowest Share Price (Rs.) 75.25 75.70
Closing share price as on March 31, 2010 (Rs.) 239.60 239.35
Market Capitalisation as on March 31, 2010 (Rs. in lakhs) 147069 146915
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CMYK
Stock Performance (Indexed) :

The performance of the Company’s shares relative to BSE Sensex is given in the chart below :
20000 400
SHARE PRICE ON BSE

17500 350
BSE SENSEX
15000 300
12500 250
10000 200
7500 150
5000 100
2500 50
0 0
Aug-09
Dec-09
Jun-09
Jan-10
Sep-09
Feb-10
Jul-09
May-09
Oct-09
Apr-09
Nov-09
Mar-10
April 2009 to March 2010
BSE Sensex Low BSE Sensex High Share Price High Share PriceLow
Registrar and Share Transfer Agent :

LINK INTIME INDIA PRIVATE LIMITED
C-13, Pannalal Silk Mills Compound,
L.B.S Marg, Bhandup (West),
Mumbai – 400 078. Maharastra, (India)
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, 2010:

No. of equityshares No. of shareholders % of shareholders No. of shares held % of shareholding
Upto 500 122222 96.64 8873383 14.46
501 to 1000 2522 1.99 1868328 3.04
1001 to 2000 959 0.76 1384465 2.26
2001 to 3000 254 0.20 647210 1.05
3001 to 4000 128 0.10 455871 0.74
4001 to 5000 96 0.08 450057 0.73
5001 to 10000 135 0.11 986316 1.61
10001 and above 154 0.12 46715223 76.11
GRAND TOTAL 126470 100 61380853 100
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CMYK
Shareholding Pattern as on March 31, 2010:

Category No. of shares Percentage of
held shareholding
(A) Shareholding of Promoter and Promoter Group
1 Indian
(a) Individuals/Hindu Undivided Family 866428 1.41
(b) Bodies Corporate 23039234 37.53
Sub Total(A)(1) 23905662 38.94
2 Foreign - -
Sub Total(A)(2) - -
Total Shareholding of Promoter and Promoter Group (A)= (A)(1)+(A)(2) 23905662 38.94
(B) Public shareholding
1 Institutions
(a) Mutual Funds/UTI 1779803 2.90
(b) Financial Institutions/Banks 36185 0.06
(c) Venture Capital Funds - -
(d) Insurance Companies 11928352 19.43
(e) Foreign Institutional Investors 4902589 7.99
Sub-Total (B)(1) 18646929 30.38
2 Non-institutions
(a) Bodies Corporate 3416459 5.57
(b) Individuals
i Individual shareholders holding nominal share capital up to Rs.1 lakh 13396807 21.83
ii Individual shareholders holding nominal share capital in excess of Rs.1 lakh 1129391 1.84
(c) Any Other (specify)
Trusts 1093 0.00
Sub-Total (B)(2) 17943750 29.23
Total Public Shareholding (B)= (B)(1)+(B)(2) 36590679 59.61
TOTAL (A)+(B) 60496341 98.56
(C) Shares held by Custodians and against which Depository Receipts have been issued 884512 1.44
GRAND TOTAL (A)+(B)+(C) 61380853 100
Dematerialisation of shares and liquidity:
94.64 % of the equity shares of the Company have been dematerialised as on March 31, 2010. 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, 2010 :
PARTICULARS NO. OF SHARES % TO TOTAL CAPITAL NO. OF ACCOUNTS

National Securities Depository Limited 57912636 94.35 62230
Central Depository Services (India) Limited 178527 0.29 15587
TOTAL DEMATERIALISED 58091163 94.64 77817
PHYSICAL 3289690 5.36 48653
GRAND TOTAL 61380853 100 126470
Outstanding GDRs/ Warrants and Convertible Bonds, conversion date and likely impact on equity :
Outstanding number of GDRs represent 884512 equity shares (1.44%) of the total share capital as on March 31, 2010. 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.
The Company during the financial year 2007 – 2008 had issued 61,38,085 warrants on a preferential basis to one of the promoters,
J.K.Investors (Bombay) Limited, 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 had been issued upon payment of 10% of the amount. The balance 90% of the amount was payable on
or before June 3, 2009. J.K.Investors (Bombay) Limited have not exercised their option and hence the warrants have lapsed.
23
CMYK
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
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
2008-2009 No Dividend declared —
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 under review, the Company has transferred Rs. 28,33,193 to Investors Education and Protection Fund
towards Unclaimed Dividend, Fixed Deposits, Interest on Fixed Deposits, Debentures and Interest on 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 dividends 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 requirement.
Plant Locations:
The Company has the following manufacturing and operating Divisions :
Textile Division :
Thane Jekegram, Thane, Maharashtra - 400 606; (upto December, 2009);
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.
Aviation Division : Old Apperal Building, Jekegram, Pokhran Road No. 1, Thane (West) - 400 606.
Address for Correspondence:
PHYSICAL SHARES DEMAT SHARES DEBENTURES AND FIXED DEPOSITS

LINK INTIME INDIA PRIVATE LIMITED Respective Depository Raymond Limited, Share Department,
C-13, Pannalal Silk Mills Compound, Participants of the shareholders Pokhran Road No.1, Jekegram,
L.B.S Marg, Bhandup (West), Mumbai – 400 078 Thane (W) - 400 606.
Tel : 022-25963838, Fax : 022-25946969 Phone : 022-4036 8687/8619
e-mail : mahadevan.iyer@linkintime.co.in Fax : 022-2538 2912, 022-25412805
sujata.poojary@linkintime.co.in e-mail : bhaskar.acharya@raymond.in
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.
24
CMYK
AUDITORS’ REPORT TO THE MEMBERS OF RAYMOND LIMITED

1. We have audited the attached Balance Sheet of Raymond Limited as at 31st March, 2010, and the related Profit and Loss
Account and Cash Flow Statement for the year ended on that date annexed thereto, which we have signed under reference
to this report. 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.
2. 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 of 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 financial statement presentation. We believe that our audit provides a reasonable basis for our
opinion.
3. As required by the Companies (Auditor’s Report) Order, 2003, as amended by the Companies (Auditor’s Report) (Amendment)
Order, 2004 (together the “Order”), issued by the Central Government of India in terms of sub-section (4A) of Section 227 of ‘The
Companies Act, 1956’ of India (the ‘Act’) and on the basis of such checks of the books and records of the Company as we
considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement
on the matters specified in paragraphs 4 and 5 of the Order.
4. Further to our comments in the Annexure referred to in paragraph 3 above, we report that:
(a) 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;
(b) 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 those books;
(c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the
books of account;
(d) 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 Act;
(e) On the basis of written representations received from the directors, as on 31st March, 2010 and taken on record by the
Board of Directors, none of the directors is disqualified as on 31st March, 2010 from being appointed as a director in terms of
clause (g) of sub-section (1) of Section 274 of the Act;
(f) Without qualifying our opinion, we draw attention to Note 3B(a) in Schedule 16 to the financial statements, regarding the
carrying value of exposures in Raymond UCO Denim Private Limited, which may need adjustment if the outcome of the
Management’s estimates of profits and realisable value of assets, which are subject to inherent uncertainties, is substantially
different.
(g) In our opinion and to the best of our information and according to the explanations given to us, the said financial
statements together with the notes thereon and attached thereto give, in the prescribed manner, the information required
by the Act and give a true and fair view in conformity with the accounting principles generally accepted in India:
(i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2010;
(ii) in the case of the Profit and Loss Account, of the profit for the year ended on that date; and
(iii) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
For Dalal & Shah

Shishir Dalal
Partner
Mumbai
27th April, 2010
25
CMYK
ANNEXURE TO AUDITORS’ REPORT

Referred to in paragraph 3 of the Auditors’ Report of even date to the members of Raymond Limited on the financial statements for
the year ended 31st March, 2010
1. (a) The Company is maintaining proper records showing full particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets are physically verified by the management according to a phased programme designed to cover all the
items over a period of three years, which in our opinion, is reasonable having regard to the size of the Company and the
nature of its assets. Pursuant to the programme, a portion of the fixed assets has been physically verified by the manage-
ment during the year and no material discrepancies between the book records and the physical inventory has been
noticed.
(c) In our opinion and according to the information and explanations given to us, a substantial part of fixed assets has not
been disposed of by the Company during the year.
2. (a) The inventory has been physically verified by the management during the year. In our opinion, the frequency of verification
is reasonable. Inventories lying with outside parties have been confirmed by them at the close of the year.
(b) In our opinion, the procedures of physical verification of inventory followed by the management are 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, in our opinion, the Company is maintaining proper records of
inventory. The discrepancies noticed on physical verification of inventory as compared to book records were not material.
3. The Company has not granted / taken any loans, secured or unsecured, to / from companies, firms or other parties covered in
the register maintained under Section 301 of the Act.
4. In our opinion and according to the information and explanations given to us, there is an adequate internal control system
commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and for the
sale of goods and services. Further, on the basis of our examination of the books and records of the Company, and according
to the information and explanations given to us, we have neither come across nor have been informed of any continuing failure
to correct major weaknesses in the aforesaid internal control system.
5. (a) In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements
referred to in Section 301 of the Act have been entered in the register required to be maintained under that section.
(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such
contracts or arrangements and 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 the prevailing market prices at the relevant time.
6. The Company has not accepted any deposits from the public within the meaning of Sections 58A and 58AA of the Act and the
rules framed there under.
7. In our opinion, the Company has an internal audit system commensurate with its size and nature of its business.
8. We have broadly reviewed the books of account maintained by the Company in respect of products where, pursuant to the
rules made by the Central Government of India, the maintenance of cost records has been prescribed under clause (d) of sub-
section (1) of Section 209 of the Act and are of the opinion that prima facie, the prescribed accounts and records have been
made and maintained. We have not, however, made a detailed examination of the records with a view to determine whether
they are accurate or complete.
9. (a) According to the information and explanations given to us and the records of the Company examined by us, in our
opinion, the Company is generally regular in depositing the undisputed statutory dues including provident fund, investor
education and protection fund, employees’ state insurance, income-tax, sales-tax, wealth tax, service tax, customs duty,
excise duty, cess and other material statutory dues as applicable with the appropriate authorities.
(b) According to the information and explanations given to us and the records of the Company examined by us, the particu-
lars of dues of income-tax, sales-tax, wealth tax, service tax, customs duty, excise duty and cess as at 31st March, 2010 which
have not been deposited on account of disputes are as follows:
Nature of dues Amount Period to which Forum where the

(Rs. in lacs) the amount relates dispute is pending
Central Sales Tax and Local Sales 41.43 1990-91 and 1997 to 2001 High Court
Tax (including Value Added Tax,
Entry Tax, etc)
18.76 1999-2000 Appellate Tribunal
92.13 1986-87, 1994 to 1997, Departmental Authorities
1999-2000, 2004-2007
Excise Duty 840.24 1998 and 2004 to 2009 Appellate Tribunal
70.31 1997 to 2000, 2003 and 2010 Departmental Authorities
Cess on Royalty Amount not 1982 to 2001 High Court
ascertainable
26
CMYK
10. The Company has no accumulated losses as at 31st March 2010 and it has not incurred any cash losses in the financial year
ended on that date or in the immediately preceding financial year.
11. According to the records of the Company examined by us and the information and explanation given to us, the Company has
not defaulted in repayment of dues to any financial institution or bank or debenture holder during the year.
12. The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and
other securities.
13. 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
14. 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.12707.79 lacs. In our opinion, the terms and
conditions of these guarantees given by the Company, for loans taken by others from banks or financial institutions during the
year, are not prejudicial to the interest of the Company.
15. In our opinion, and according to the information and explanations given to us, on an overall basis, the term loans have been
applied for the purposes for which they were obtained.
16. On the basis of an overall examination of the balance sheet of the Company, in our opinion and according to the information
and explanations given to us, there are no funds raised on a short-term basis which have been used for long-term investment.
17. The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained
under Section 301 of the Act during the year.
18. 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.3700 lacs, which have been repaid prior to the creation
of any security in favour of the debentures holders.
19. The Company has not raised any money by public issues during the year.
20. During the course of our examination of the books and records of the Company, carried out in accordance with the generally
accepted auditing practices in India, and according to the information and explanations given to us, we have neither come
across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of such
case by the management.
21. The other clauses, (iii)(b), (iii)(c), (iii)(d), (iii)(f), (iii)(g) and (xiii) of paragraph 4 of the Companies (Auditor’s Report) Order, 2003 as
amended by the Companies (Auditor’s Report) Order, 2004, are not applicable in the case of the Company for the current year,
since in our opinion there is no matter which arises to be reported in the aforesaid order.
For Dalal & Shah

Shishir Dalal
Partner
Mumbai
27th April, 2010
27
CMYK
BALANCE SHEET AS AT 31ST MARCH, 2010

Schedule 31st March, 2010 31st March, 2009
No. (Rs. in lacs) (Rs. in lacs)
SOURCES OF FUNDS:
Shareholders’ Funds:
Share Capital 1 6138.08 6138.08
Share Warrants 1A - 2086.95
Reserves and Surplus 2 111152.99 106560.29
117291.07 114785.32
Loan Funds: 3
Secured Loans 75695.61 86884.81
Unsecured Loans 49575.24 47621.85
125270.85 134506.66
Deferred Tax Liability (Net)
(Refer Note18) 2105.03 2837.20
TOTAL 244666.95 252129.18
APPLICATION OF FUNDS:
Fixed Assets: 4
Gross Block 171339.35 170064.13
Less: Depreciation and Amortisation 77297.50 70159.58
Net Block 94041.85 99904.55
Capital work-in-progress 4164.28 6210.69
98206.13 106115.24
Investments 5 89178.56 88859.46
Current Assets, Loans and Advances: 6

Inventories 28450.38 34040.36
Sundry Debtors 29694.35 30447.61
Cash and Bank Balances 2656.16 4679.94
Other Current Assets 4332.30 5066.34
Loans and Advances 27827.63 23931.08
92960.82 98165.33
Less:
Current Liabilities and Provisions: 7
Current Liabilities 30367.14 35044.23
Provisions 5311.42 5966.62
35678.56 41010.85
Net Current Assets 57282.26 57154.48
TOTAL 244666.95 252129.18
Notes forming part of the Accounts 16
As per our Report of even date
For DALAL & SHAH H. SUNDER GAUTAM HARI SINGHANIA

Firm Registration Number 102021W President-Finance and Chairman and Managing Director
Chartered Accountants Chief Financial Officer
Shishir Dalal THOMAS FERNANDES P. K. BHANDARI

Partner Director-Secretarial & Director
Membership No. 037310 Company Secretary
Mumbai, 27th April, 2010 Mumbai, 27th April, 2010
28
CMYK
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2010
Year ended Year ended
Schedule 31st March, 2010 31st March, 2009
INCOME
Sales, Services and Export Incentives 8 133936.91 139325.37
Less:Excise Duties (439.50) (1405.99)
133497.41 137919.38
Other Income 9 9209.07 9860.40
142706.48 147779.78
EXPENDITURE
Material Costs 10 39125.88 44290.85
Manufacturing and Operating Costs 11 24649.24 27030.47
(Increase)/Decrease in finished and process stock 12 5545.62 (2904.95)
Employment Costs 13 25453.53 26100.26
Administrative, Selling and General expenses 14 27801.07 32845.78
Finance Charges 15 9803.10 8500.86
Loss/(Gain) on Variation In Foreign
Exchange Rates (Net) (897.36) 8910.27
Depreciation and Amortisation 11130.65 8881.35
142611.73 153654.89
Finished and process stock transferred on
divestment of Business (1793.07) -
140818.66 153654.89
PROFIT/(LOSS) FOR THE YEAR BEFORE EXCEPTIONAL ITEMS: 1887.82 (5875.11)
EXCEPTIONAL ITEMS (Refer Note 17)
- Surplus on divestment of Files and Tools business 4450.82 -
- Others (4334.30) (23879.95)
PROFIT/(LOSS) FOR THE YEAR BEFORE TAX 2004.34 (29755.06)
Provision for Income Tax :
- Current Tax 250.00 -
Less: MAT Credit (250.00) -
- Deferred Tax charge/(credit) (732.17) (3130.38)
- Fringe Benefit Tax - 315.00
Provision for Wealth Tax 100.00 100.00
PROFIT/(LOSS) FOR THE YEAR AFTER TAX 2636.51 (27039.68)
Prior period adjustments (Net) (Refer Note 16) (130.76) (65.41)
Tax in respect of earlier years (Net) - (50.04)
Balance brought forward 5519.41 32674.54
Balance carried to Balance Sheet 8025.16 5519.41
Disclosure for discontinued operations
-Pre tax profit from ordinary activity 206.71 1043.55
-Less: Tax thereon 43.54 145.88
163.17 897.67
Weighted average number of Equity Shares outstanding
during the year 61380853 61380853
Basic and diluted earnings per share, including exceptional
items (in Rs.) 4.08 (44.24)
Basic and diluted earnings per share, excluding exceptional
items (net of tax) (in Rs.) 2.74 (5.94)


29
CMYK
CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2010
Year Ended Year Ended
31st March, 2010 31st March, 2009
(Rs. in lacs) (Rs. in lacs)
A. Cash Flow arising from Operating Activities:
Net Profit/(Loss) before Tax and Exceptional Items as per
Profit and Loss Account 1887.82 (5875.11)
Add/(Deduct):
a) Bad Debts, Advances and Claims written off 753.92 117.73
b) Provision no longer required (2443.03) (607.45)
c) Credit balance appropriated (16.58) (146.17)
d) Provision for Diminution in value of Investments — 1313.56
e) Depreciation and Amortisation Charge 11130.65 8881.35
f) Finance Charges and Gain/Loss on variation in
Foreign Exchange rates 6791.70 20806.45
g) Loss on sale of Assets ( Net) 140.92 45.49
h) Interest Income (2836.46) (4136.00)
i) Dividend Income (160.46) (1949.28)
j) Surplus on sale of Investments (1795.36) (1721.52)
11565.30 22604.16
Operating Cash Profit before Working Capital Changes 13453.12 16729.05
Add/(Deduct):
a) Increase/(Decrease) in Trade Payable 119.87 7544.03
b) Decrease/ (Increase) in Trade and Other Receivables (4715.12) (9431.10)
c) Decrease/(Increase) in Inventories 2749.79 (1066.18)
(1845.46) (2953.25)
Cash Flow from Operations 11607.66 13775.80
Add :
Direct Taxes (Net) (865.76) (1343.77)
Cash Flow before Prior Period Adjustments 10741.90 12432.03
Add/(Deduct) : Prior Period adjustments (133.38) (65.62)
Net Cash Inflow in the course of Operating Activities 10608.52 12366.41
Deduct: Voluntary Retirement Compensation and
other termination cost 3094.85 312.54
Net Cash Inflow in the course of Operating Activities
after Exceptional Items 7513.67 12053.87
B. Cash Flow arising from Investing Activities:
Inflow:
a) Sale of Fixed Assets 130.98 194.52
b) Interest Received 2633.41 4195.62
c) Dividend Received 160.46 1949.28
d) Sale of Long Term Investments 10503.98 12729.61
e) Capital Subsidy Received — 25.00
13428.83 19094.03
Outflow:
a) Acquisition of Fixed Assets 4765.82 41925.52
b) Investment in Subsidiaries/Joint Ventures 620.86 1293.58
c) Investment in other Long Term Investments 1008.39 752.10
d) Purchase of Current Investments (Net) 4644.06 14307.41
e) Increase in Loans to Companies (Net) — (3071.45)
11039.13 55207.16
Net Cash Inflow/(Outflow) in the course of Investing Activities 2389.70 (36113.13)
C. Cash Flow arising from Financing Activities:
Inflow:
a) Proceeds from Term Loans 16344.56 46329.33
b) Proceeds from other Borrowings (Net) — 500.95
16344.56 46830.28
Outflow:
a) Repayment of Term Loans 13750.56 —
b) Proceeds from other Borrowings (Net) 7750.37 —
c) Finance Charges (Net) 6770.78 18471.12
d) Dividend Paid — 1541.65
e) Tax on dividend — 260.79
28271.71 20273.56
Net Cash Inflow/(Outflow) in the course of Financing Activities (11927.15) 26556.72
Net Increase/(Decrease) in Cash/Cash Equivalents (A+B+C) (2023.78) 2497.46
Add: Balance at the beginning of the year 4679.94 2182.48
Cash and Cash Equivalents at the close of the year 2656.16 4679.94


30
CMYK
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, 2010.

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 8,84,512 Equity Shares represented by Global
Depository Receipts
SCHEDULE 1A - SHARE WARRANTS

61,38,085 warrants of Rs. 34/- each (Refer Note 4) — 2086.95
Per Balance Sheet — 2086.95
SCHEDULE 2 - RESERVES AND SURPLUS

(a) Securities Premium Account:
Balance as per last account 14778.55 14778.55
(b) Capital Redemption Reserve:
(c) Capital Reserve:
Balance as per last account 25.00 —
Add: Share warrants forfeited (Refer Note 4) 2086.95 —
Add: Capital Subsidy received — 25.00
2111.95 25.00
(d) General Reserve:
(e) Profit and Loss Account 8025.16 5519.41
Total Reserves and Surplus - Per Balance Sheet 111152.99 106560.29
31
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SCHEDULE 3 - LOAN FUNDS 31st March, 2010 31st March, 2009

(a) Secured Loans:

Term Loans from Banks (including foreign
currency loan from banks during the year
Rs. Nil ; Previous year Rs. 4330.75 lacs) [Refer Note 1(a)(i)] 57669.27 67665.12
Term Loan from a Bank (Partly Secured) [Refer Note 1(a)(ii)] 15000.00 15000.00
Short Term Borrowings from Bank:
Under Buyer’s Credit Arrangements [Refer Note 1(b)] 1888.61 650.50
Working Capital Loans from Banks (including foreign
currency loan from banks Rs. 1.16 lacs; Previous year
Rs. 3057.00 lacs) [Refer Note 1(b)] 1137.73 3569.19
Total - Secured Loans 75695.61 86884.81
(b) Unsecured Loans:

Foreign Currency Loans from Banks 22951.00 29208.00
Long Term Borrowings from a Bank 15000.00 —
Short Term Borrowings from Banks:
Foreign Currency Loans — 690.60
Under Buyer’s Credit Arrangements 1624.24 —
Others 2500.00 —
4124.24 690.60
By issue of Commercial Papers (Maximum balance
during the year Rs. 20000 lacs; Previous year Rs.19000 lacs) 7500.00 17500.00
Sales Tax Deferment Loans — 223.25
Total - Unsecured Loans 49575.24 47621.85
Total Loan Funds - Per Balance Sheet 125270.85 134506.66
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-09 year tions/Ad- 31-Mar-10 31-Mar-10 31-Mar-09
01-Apr-09 ments justments 31-Mar-10 justments
A. Assets
Land -
Freehold 2599.55 — 0.06 2599.49 — — — — 2599.49 2599.55
Leasehold 246.25 — 34.15 212.10 22.98 2.41 7.66 17.73 194.37 223.27
Buildings* 22582.28 766.70 866.86 22482.12 5648.95 842.06 443.85 6047.16 16434.96 16933.33
Plant and Machinery,
Electrical Installations and
Equipments* 118430.99 5665.06 3962.89 120133.16 54712.25 7883.77 3038.04 59557.98 60575.18 63718.74
Furniture, Fixtures and
Office Equipment 5000.97 324.01 249.12 5075.86 3046.61 382.07 156.08 3272.60 1803.26 1954.36
Livestock (at book value) 8.29 — 1.69 6.60 — — — — 6.60 8.29
Vehicles 2217.77 59.08 416.86 1859.99 1444.66 198.52 340.32 1302.86 557.13 773.11
Aircraft 9853.00 — — 9853.00 1889.33 552.60 — 2441.93 7411.07 7963.67
Boats and Water Equipments 7336.72 — 8.00 7328.72 2107.56 768.15 6.78 2868.93 4459.79 5229.16
Software 1788.31 — — 1788.31 1287.24 501.07 — 1788.31 — 501.07
Per Balance Sheet 170064.13 6814.85 5539.63 171339.35 70159.58 11130.65 @ 3992.73 77297.50 94041.85 99904.55
Previous year’s Total 134540.27 37073.19 1549.33 170064.13 62587.76 8881.35 @ 1309.53 70159.58 99904.55
* includes assets retired from active use. (Refer Note 3B (c) 11972.67 10714.04 1258.63
@ Net after adjustments on account of Excess provision for depreciation/amortisation
Rs. 2.62 lacs relating to earlier years (Previous year Rs. 0.21 lac).
B. Capital work-in-progress 4164.28 6210.69
32
CMYK
SCHEDULE 5 - INVESTMENTS (AT COST/BOOK VALUE) 31st March, 2010 31st March, 2009
(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. Raymond (Europe) Limited (Formerly J.K. (England) Limited)
(Equity Shares of £.1 each) 1,000 0.03 1,000 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(a)]
- 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
- Preference Shares 355.24 355.24
1504.15 1504.15
Less:Provision for diminution in value of Investments
[Refer Note 3B(b)] (1504.15) (512.00)
— 992.15
7. Colorplus Fashions Limited
- 0.01% Non Cumulative Preference Shares of Rs.100 each 398000 398.00 398000 398.00
8. Silver Spark Apparel Limited:
-7% Non Cumulative Preference Shares of Rs.100 each 1000000 1000.00 1000000 1000.00
9. Celebrations Apparel Limited (Equity Shares of Rs.10 each) 2710000 271.00 2710000 271.00
10. Scissors Engineering Products Limited:
- 6% Cumulative Optionally Convertible Preference Shares of
Rs.100 each 2052305 2052.31 2052305 2052.31
11. JK Talabot Limited (Equity Shares of Rs. 10 each) — 7248936 724.89
12. Raymond Europe SRL 41.58 41.58
Less:Provision for diminution in value of Investments (41.58) (41.58)
13. Raymond Woollen Outerwear Limited (Equity Shares of
Rs.10 each) [Refer Note 3A(b)] 9690000 969.00 9690000 969.00
14. J K Files (India) Limited (Formerly known as Hidustan Files Limited)
- 6% Cumulative Redeemable Preference Shares of Rs.100 each 2200000 2200.00 —
15. Solitaire Fashions Limited [Formerly known as Gas Apparel Limited]
- Equity Shares of Rs.10 each 9250000 Re.1.00 —
Preference Shares of Rs.10 each 9250000 Re.1.00 —
15349.59 14021.63
C. Investments in Joint Ventures *
(unquoted)
1. Raymond Zambaiti Limited [Formely known as
Raymond Zambaiti Private Limited ] (Equity Shares of Rs.10 each) 41000000 4100.00 41000000 4100.00
2. Raymond UCO Denim Private Limited (Refer Note 3B(a))
- 0.1% Preference Shares of Rs.10 each 10000000 8700.00 10000000 8700.00
24788.69 24788.69
8388.69 8388.69
12488.69 12488.69
* The Company has agreed with the lenders (Banks) of some of these Companies for not disposing off these investments without
their prior consent
33
CMYK

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
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
4. Impex (India) Limited (Equity Shares of Rs.10 each) 8000 0.80 8000 0.80
5. R.R. Investments & Estates Private Limited
6. Seven Seas Transportation Limited (Equity Shares of Rs.10 each) 205000 27.94 205000 27.94
7. J.K. Cotton Spg. & Wvg. Mills Company Limited
8. Radha Krshna Films Limited - Associate Company
9. J.K. Investo Trade (India) Limited - Associate Company
356.10 356.10
E. Non-Trade Investments:
Bonds (Quoted):
6.60% UTI Units Tax Free Bonds of Rs.100 each — 2000000 2000.00
— 2000.00
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) 3344450 3344.46 2850000 2850.00
Less:Provision for diminution in value of Investments
[Refer Note 3B (a)] (2948.60) (2850.00)
395.86 —
3288.05 2892.19
G. Others:
5.50% NHAI Capital Gains Bonds Issue - of Rs.100000 each — 75000 7500.00
— 7500.00
H. Investments in Venture Capital Funds

1 India Growth Fund (Units of Rs.1000 each, Paid up value per
Unit of Rs.950 each, Previous year Rs.920 each) 50000 475.00 50000 460.00
2 HDFC India Real Estate Fund (Units of Rs.1000 each) 248169 2481.69 248294 2482.94
2956.69 2942.94
Total - Long Term Investments 34439.17 42201.61
34
CMYK

II. CURRENT INVESTMENTS
A. Dividend Option (Units of Rs.10 each, unless otherwise specified):
1 UTI Balanced Fund (Income - Reinvestment)
(NAV Previous year Rs.35.26 lacs) — 246925.30 27.98
2 Tata Floater Fund - Daily Dividend (NAV Previous year
Rs.3037.18 Lacs) — 30264074.85 3037.18
3. HDFC Cash Management Treasury
Advantage Plan- Weekly Dividend (NAV Rs.266.75 Lacs,
Previous year Rs.262.95 lacs) 2660701.82 267.10 2624753.16 262.96
4. UTI Liquid Cash Plan Institutional - Daily Income Option -
Re-Investment (NAV Previous year Rs. 4860.85 Lacs)
(Units of Rs.1000 each) — 476813.47 4860.85
5. SBI Magnum Insta Cash Fund - Daily Dividend Option
(NAV Previous year Rs. 5929.60 Lacs) — 35399964.91 5929.60
6. Kotak Liquid (Institutional Premium) Daily Dividend
(NAV Previous year Rs.5546.82 Lacs) — 45361269.08 5546.82
7. ICICI Prudential Floating Rate Plan D - Daily Dividend
Reinvest Dividend (NAV Previous year Rs. 5137.20 Lacs) — 51361246.74 5137.20
8. Birla Sun Life Short Term Fund - Institutional Daily Dividend
9. DSP BlackRock Strategic Bond Fund - Regular Plan -
Weekly Dividend (NAV Previous year Rs. 717.56 Lacs)
(Units of Rs.1000 each) — 71534.55 718.35
10. Tata Liquid Super High Investment Fund - Daily Dividend
(NAV Previous year Rs. 3024.85 Lacs) (Units of Rs.1000 each) — 271403.67 3024.85
11. HDFC Cash Management Fund - Treasury Advantage Plan -
Retail-Weekly Dividend Option (NAV Rs. 282.21 Lacs) 2814859.34 282.15 —
549.25 34290.08
B. Growth Option (Units of Rs.10 each, unless otherwise specified):
1. Morgan Stanley Growth Fund (NAV Rs.59.02 lacs,
Previous year Rs. 31.01 lacs) 100000.00 63.47 100000.00 63.47
2. Kotak Floater Long Term - Growth (NAV Rs. 674.61 Lacs,
Previous year Rs.1724.78 Lacs) 4616668.99 642.38 12412399.92 1700.55
3. UTI Liquid Cash Plan Institutional - Growth Option
(NAV Previous year Rs. 1509.96 Lacs) (Units of Rs. 1000 each) — 104416.49 1499.93
4. Tata Floater Fund - Growth (NAV Previous year Rs. 30.79 lacs) — 235528.19 30.64
5. HDFC Cash Management - Growth
(NAV Previous year Rs.4.93 Lacs) — 26791.85 4.93
6. HDFC Liquid Fund - Premium Plus Plan - Growth
7. Reliance Medium Term Fund - Retail Plan -
Growth Plan - Growth Option (NAV Rs. 3982.24 Lacs) 20868977.22 3980.82 —
8. Birla Sun Life Savings Fund Institutional - Growth
(NAV Rs. 4034.06 Lacs) 23077221.07 4030.58 —
9. Fortis Money Plus Institutional - Growth
(NAV Rs. 4003.51 Lacs) 28817333.25 4000.48 —
10. Kotak Floater Long Term - Growth (NAV Rs. 4003.29 Lacs) 27396551.87 4000.47 —
11. Templeton India Ultra Short Bond Fund Super Institutional
Plan - Growth (NAV Rs. 4004.18 Lacs) 33797424.77 4000.43 —
12. UTI Treasury Advantage Fund - Institutional Plan -
Growth Option (NAV Rs. 425.13 Lacs)
(Units of Rs. 1000 each) 34370.76 425.05 —
13. JM Money Manager Fund Super Plus Plan - Growth
(172) (NAV of Rs. 4003.33 Lacs) 30831874.55 4000.53 —
14. UTI Floating Rate Fund - Short Term Plan -
Institutional Growth Option (NAV Rs. 2336.86 Lacs)
(Units of Rs. 1000 each) 225849.58 2335.31 —
15. IDFC Money Manager Fund - Treasury Plan -
Super Institutional Planc C - Growth
(NAV Rs. 4003.54 Lacs) 36667856.33 4000.54 —
C/F 31480.06 9699.52
35
CMYK

B/F 31480.06 9699.52
16. LICMF Income Plus Fund - Growth Plan
(NAV Rs. 4004.14 Lacs) 32385463.56 4000.28 —
17. UTI Fixed Income Interval Fund -
Monthly Interval Plan Series-I Institutional Growth Plan
(NAV Rs. 1501.37 Lacs) 12475257.41 1500.00 —
18. Kotak Quarterly Interval Plan Series 1 - Growth
(NAV Rs.1001.83 Lacs) 8316838.27 1000.00 —
19. ICICI Prudential Ultra Short Term Plan
Super Premium - Growth (NAV Rs.4003.89 Lacs) 38747469.12 4000.48 —
20. SBI-SHF Ultra Short Term Fund - Institutional Plan - Growth
(NAV Rs. 1000.45 Lacs) 8340590.50 1000.15 —
21. Reliance Monthly Interval Fund - Series II - Institutional
Growth Plan (NAV Rs. 2000.68 Lacs) 16105004.63 2000.00 —
22. BSL Interval Income Fund - Institutional -
Quarterly - Series 1 - Growth (NAV Rs. 502.86 Lacs) 5000000.00 500.00 —
23. HDFC Floating Rate Income Fund - Short Term Plan -
Wholesale Option - Growth (NAV Rs.2728.72 Lacs) 17397140.07 2725.29 —
24. UTI Money Market Mutual Fund - Institutional Growth Plan
(NAV Rs. 1665.24 Lacs) (Units of Rs.1000 each) 161454.64 1665.00 —
25. HDFC Cash Management Savings Plan - Growth
(NAV Rs.535.07 Lacs) 2779957.29 535.00 —
50406.26 9699.52
C. Equity Shares (Quoted)(Shares of Rs.10 each,
unless otherwise specified):
1. Oil & Natural Gas Corporation Limited 17000 182.77 18000 193.52
2. ITC Limited(Equity Shares of Re.1 each) 70000 122.92 80000 140.48
3. Tata Motors Limited 8000 50.05 8000 51.39
4. GAIL India Limited 10000 41.28 — —
5. ICICI Bank Limited 14000 114.62 16000 131.48
6. Bharat Earth Movers Limited — 5000 48.47
7. State Bank of India 7800 80.58 9800 101.24
8. Grasim Industries Limited 1500 25.33 3000 50.66
9. Bharat Heavy Electricals Limited 5000 89.30 8000 142.88
10. Larsen & Toubro Limited (Equity Shares of Rs.2 each) 8480 117.86 22746 307.70
11. BGR Energy Systems Limited 15000 76.30 15000 76.30
12. Biocon Limited (Equity Shares of Rs.5 each) 38746 81.21 38746 81.21
13. Indian Hotels Company Limited (Equity Shares of Re.1 each) 54000 40.72 54000 40.72
14. Mahindra & Mahindra Limited
(Equity Shares of Rs.5 each) # 18600 56.29 15700 73.47
15. Maruti Suzuki India Limited (Equity Shares of Rs.5 each) — 14000 84.81
16. Tata Power Company Limited 7000 76.73 7000 76.73
17. HDFC Limited 5550 116.54 7730 162.32
18. HDFC Bank Limited 8000 101.09 8000 101.09
19. Century Textiles & Industries Limited — 10000 63.95
20. Hindustan Petroleum Corporation Limited 10000 38.99 — —
21. Housing Development & Infrastructure Limited — 19285 75.00
22. Cholamandalam DBS Finance Limited 81935 113.36 81935 113.36
23. Cadila Healthcare Limited (Equity Shares of Rs.5 each) 10000 32.82 20000 65.63
24. Tata Consultancy Services Limited
(Equity Shares of Re.1 each) 10000 53.51 — —
25. Texmaco Limited (Equity Shares of Re.1 each) 86980 50.91 86980 50.91
26. Transformers & Rectifiers India Limited 14000 71.59 14000 71.59
27. Bharti Airtel Limited (Equity Shares of Rs. 5 each) # 32800 92.24 13,000 54.01
28. Financial Technologies Limited (Equity Shares of Rs.2 each) 1800 25.19 5000 65.02
29. Godrej Industries Limited(Equity Shares of Re.1 each) 30000 18.85 30000 18.85
30. Gammon India Limited (Equity Shares of Rs.2 each) — 10000 43.74
31. Infrastructure Development Finance Company Limited 60000 83.52 110000 153.12
32. Infosys Technologies Limited (Equity Shares of Rs. 5 each) 7500 118.58 9500 150.20
33. National Thermal Power Corporation Limited 20000 41.09 — —
C/F 2114.24 2789.85
36
CMYK

B/F 2114.24 2789.85
34. Punjab National Bank Limited 5000 28.45 13000 73.96
35. Reliance Industries Limited 10000 91.91 7500 137.86
36. Reliance Communication Limited (Equity Shares of Rs.5 each) 15000 43.66 — —
37. Suzlon Energy Limited (Equity Shares of Rs. 2 each) 70000 80.56 30000 45.20
38. Tata Tea Limited — 12493 87.34
39. DLF Limited (Equity Shares of Rs. 2 each) — 8000 61.57
40. Divis Laboratories Limited (Equity Shares of Rs. 2 each) 7400 55.96 3700 55.96
41. Power Grid Corporation of India Limited 20000 18.49 50000 46.21
42. Sun Pharma Advanced Research Company Limited 30000 20.00 30000 20.00
43. Great Eastern Shipping Company Limited — 30000 104.75
44. Galaxy Entertainment Corporation limited — 25000 42.73
45. Great Offshore Limited 2142 15.71 9000 66.00
46. GMR Infrastructure Limited (Equity Shares of Re1 each) * 100000 75.14 77500 116.47
47. Lupin Limited 7500 46.26 7500 46.26
48. Mahindra Forgings Limited — 20000 9.44
49. Punj Lloyd Limited (Equity Shares of Rs.2 each) 20000 49.00 35000 85.76
50. Sun Pharmaceuticals Industries Limited
(Equity Shares of Rs.5 each) — 9863 95.05
51. Aptech Limited — 30000 59.25
52. Glenmark Pharmaceuticals Ltd. (Equity Shares of Re. 1 each) 14000 63.78 8000 48.56
53. Idea Cellular Limited 20000 22.03 30000 33.05
54. Monsanto India Limited 1300 24.82 1300 24.82
55. Piramal Healthcare Ltd. (Equity Shares of Rs.2 each) — 7500 28.13
56. Ranbaxy Laboratories Limited (Equity Shares of Rs. 5 each) — 5389 27.83
57. Shree Renuka Sugars Limited (Equity Shares of Re.1 each) 68000 44.58 54390 71.31
58. Zydus Wellness Limited — 5333 0.48
59. Aurobindo Pharma Limited (Equity Shares of Rs. 5 each) 5000 45.32 —
60. Axis Bank Limited 2000 20.38 —
61. Bajaj Auto Limited 3000 49.98 —
62. Dr. Reddy’s Laboratories Limited (Equity Shares of Rs.5 each) 5000 49.43 —
63. Essar Oil Limited 25000 37.63 —
64. Hindustan Unilever Limited (Equity Shares of Re.1 each) 20000 55.02 —
65. Jaiprakash Associates Limited (Equity Shares of Rs.2 each) 45125 60.11 —
66. Mcleod Russel India Limited (Equity Shares of Rs.5 each) 25000 36.72 —
67. Mundra Port and Special Economic Zone Limited 8950 52.21 —
68. Mid-Day Multimedia Limited 190173 42.88 —
69. NHPC Limited 54000 19.99 —
70. Patni Computer Systems Limited (Equity Shares of Rs. 2 each) 10000 46.98 —
71. Sterlite Industries (India) Limited (Equity Shares of Rs. 2 each) 3000 21.92 —
72. Union Bank of India 10000 25.34 —
3358.50 4177.84
D. Equity Shares (Unquoted) (Shares of Rs.10 each,
1 Ansal Hi-Tech Townships Limited 21187 18.70 21187 18.70
2 Ananta Landmarks Private Limited 10109 1.01 10109 1.01
3 Nitesh Estate Private Limiteed 1438 5.13 —
4 Total Envirnment Project I Private Limited 769 0.08 —
5 VBHDC Bangalore Value Homes Private Limited 307 0.03 —
6 BCC Infrastructure Private Limited 290 0.03 —
24.98 19.71
E. Preference Shares (Unquoted) (Shares of Rs. 1000 each,
1 Ananta Landmarks Private Limited 2400 24.00 2400 24.00
2 Neo Pharma Private Limited 395 3.95 395 3.95
3 BCC Infrastructure Private Limited (Shares of Rs.10 each) 871 0.09 —
4 Godrej Estate Developers Private Limited 70 12.85 —
5 Godrej Sea View Properties Private Limited 318 7.14 —
6 Runwal Homes Private Limited 1118 16.07 —
64.10 27.95
37
CMYK

F Unquoted Debentures: (of Rs. 100 each, unless otherwise specified):
1. Ansal Hi-Tech Townships Limited 37399 37.40 37399 37.40
2. Nilkanth Tech Park Private Limited 39545 39.55 39545 39.55
3. Atithi Building Commodities Private Limited
(Debentures of Rs.1000 each) 3321 33.21 —
4. Ariisto Realtors Private Limited (Debentures of Rs.1000 each) 2888 28.88 —
5. Total Environment Projects Private Limited 17775 17.77 —
6. Total Environment Building Private Limited 28882 28.88 —
7. R.Mall Developers Private Limited 13832 13.83 —
8. Nitesh Housing Developers Private Limited 14239 14.24 —
9. ATS Apartments Private Limited 7002 7.00 —
10. Nitesh Housing Developers Private Limited. Deb.IV 3420 3.42 —
11. Kanakia Builders Private Limited 12042 12.04 —
12. Nitesh Land Holding Private Limited 5696 5.70 —
13. Runwal Homes Private Limited - Class A Debentures 38919 38.92 —
14. Runwal Homes Private Limited - Class B Debentures 3807 3.81 —
15. Aristo Realtors Private Limited - III (Debentures of Rs.1000 each) 617 6.17 —
16. Atithi Building Commodities Private Limited - II
(Debentures of Rs.1000 each) 467 4.67 —
17. VBHDC Bangalore Value Homes Private Limited - Debentures. I 6880 6.88 —
18. Total Environment Projects Private Limited - Debentures. II 587 0.59 —
19. BCC Infrastructure Private Limited 8646 8.64 —
20. ATS Apartments Private Limited 7452 7.45 —
319.05 76.95
54722.14 48292.05
Less:Provision for diminution in value of Current Investments (207.74) (1634.21)
Total - Current Investments 54514.40 46657.84
Total - Investments 88953.56 88859.46
Notes: Split Shares
# The Shares have been split (FV from Rs.10 to Rs.5)
* The Shares have been split (FV from Rs.2 to Re.1)
III. APPLICATION MONEY PENDING ALLOTMENT
Debenture Application Money
Raymond UCO Denim Private Limited 225.00 98.60
Less : Provision for Diminution [ Refer Note 3B(a)] — (98.60)
Acquired and Sold during the year
Nos. Acquisition
Cost
(Rs. in lacs)
A. Dividend Option (Units of Rs.10 each, unless otherwise specified):

1. TATA Floater Fund - Daily Dividend 105419.31 10.58
2. TATA Liquid Super High Investment Fund -
Daily Dividend (Units of Rs.1000 each) 644.61 7.18
3. UTI Liquid Cash Plan Institutional -
Daily Income Option - Re-Investment (Units of Rs.1000 each) 1177.31 12.00
4. SBI - Magnum Insta Cash Fund - Daily Dividend Option 80649.57 13.51
5. Kotak Liquid (Institutional Premium) Daily Dividend 108944.01 13.32
6. ICICI Prudential Floating Rate Plan D -
Daily Dividend - Reinvest Dividend 132598.13 13.26
7. Birla Sun Life Short Term Fund - Institutional Daily Dividend 158813.46 15.89
8. UTI Liquid Cash Plan Institutional -
Daily Income Option - Re-Investment (Units of Rs.1000 each) 203335.53 2072.90
38
CMYK

Nos. Acquisition
Cost
(Rs. in lacs)
9. HDFC Cash Management Fund -

Treasury Advantage Plan - Wholesale - Daily Dividend 6714862.09 673.60
Saving Plus Plan - Retail - Weekly Dividend 6595174.57 661.01
Weekly Dividend 1443517.47 144.98
12. DSP BlackRock Strategic Bond Fund - Regular Plan -
Weekly Dividend (Units of Rs.1000 each) 1233.31 12.37
13. HDFC CM Treasury Advantage Plan - Weekly Dividend 895256.14 90.31
14. UTI Balance Fund - (Income - Re-investment) 11728.06 1.71
B. Growth Option (Units of Rs.10 each, unless otherwise specified):
1. Birla Sun Life Short Term Fund - Institutional Growth 55008084.56 5760.17
(Units of Rs.1000 each) 287458.72 4236.90
3. TATA Floater Fund - Growth 72486950.35 9663.77
4. TATA Liquid Super High Inv. Fund - Appreciation
(Units of Rs.1000 each) 583080.09 9647.03
5. SBI - Magnum Insta Cash Fund - Cash Option 30161178.24 5943.11
6. Kotak Liquid (Institutional Premium) - Growth 117373118.02 21430.70
7. ICICI Prudential Institutional Liquid Plan -
Super Institutional Growth 38705658.50 5116.00
8. ICICI Prudential Floating Rate Plan D - Growth 42668721.27 5566.84
(Units of Rs.1000 each) 1133832.62 16739.86
10. Reliance Medium Term Fund-Retail Plan -
Growth Plan - Growth Option 38525318.09 7231.50
11. Reliance Liquid Fund - Treasury Plan Institutional Option -
Growth Option - Growth Plan 22221140.47 4897.91
12. Reliance Liquidity Fund - Growth Option 144203422.52 19680.00
13. Fidelity Cash Fund (Super Institutional) - Growth 43245634.43 5300.00
14. Fidelity Ultra Short Debt Fund Super Institutional - Growth 45825760.44 5301.02
15. Reliance Money Manager Fund - Institutional Option -
Growth Plan (Units of Rs.1000 each) 1122599.01 13803.89
16. Birla Sun Life Savings Fund Instl. - Growth 52566104.60 9054.95
17. Birla Sun Life Cash Plus - Instl.Prem. - Growth 67208390.66 9770.50
18. Fortis Overnight Institutional Plus - Growth 168430037.67 18500.00
19. Fortis Money Plus Institutional Growth 106219290.35 14553.46
Wholesale Option - Growth 82653870.34 12721.85
21. HDFC Liquid Fund - Premium Plus Plan - Growth 101517418.04 18464.30
22. Kotak Floater Long Term - Growth 79400406.79 11429.55
23. Templeton India Treasury Management Account
Super Institutional Plan - Growth (Units of Rs.1000 each) 1850282.86 24913.53
24. Templeton India Ultra Short Bond Fund
Super Institutional Plan - Growth 98419927.83 11460.23
25. ICICI Prudential Flexible Income Plan Premium - Growth 28275322.36 4700.60
26. UTI Treasury Advantage Fund - Institutional Plan -
Growth Option (Units of Rs.1000 each) 1199754.70 14609.46
39
CMYK

Nos. Acquisition
Cost
(Rs. in lacs)
27. JM High Liquidity Fund - Super Institutional Plan -

Growth(94) 83772720.63 11955.00
28. JM Money Manager Fund Super Plus Plan - Growth(172) 62229298.43 7995.13
29. LICMF Liquid Fund - Growth Paln 164829181.70 27445.49
30. LICMF Savings Plus Fund - Growth Paln 96885440.31 13899.57
31. Reliance Floating Rate Fund - Growth Plan -
Growth Option 37330614.75 5276.00
Regular Plan - Growth (Units of Rs.2000 each) 541.37 12.00
33. Templeton India Ultra Short Bond Fund Retail Plan - Growth 105046.30 12.01
34. UTI Floating Rate Fund - Short Term Plan -
Institutional Growth Option (Units of Rs.1000 each) 796473.87 8128.35
35. Religare Liquid Fund - Super Institutional Growth 62902801.05 7800.00
Treasury Advantage Plan - Wholesale - Growth 53348302.84 10590.86
37. Religare Ultra Short Term Fund - Institutional Growth 62944316.56 7801.23
38. IDFC Cash Fund - Super Inst Plan C - Growth 93322443.52 10320.00
Super Inst Plan C - Growth 59161502.24 6371.96
40. Birla Sun Life Cash Manager - Institutional Plan - Growth 32740171.54 4962.00
41. Sundaram BNPP Money Fund Super Inst. Growth 16816261.33 3200.00
42. Sundaram BNPP Ultra ST Fund Super Inst. Growth 26335134.79 3200.40
43. LICMF Income Plus Fund - Growth Plan 62355043.96 7636.10
44. ICICI Prudential Flexible Income Plan Premium -
Growth (Units of Rs.100 each) 7392970.72 12525.35
45. UTI - Floating Rate Fund - Short Term Plan -
Growth Option (Units of Rs.1000 each) 1830.14 27.00
46. DWS Insta Cash Plus Fund - Super Institutional Plan Growth 34504449.66 4070.00
47. DWS Cash Opprtunities Fund - Institutional Plan Growth 35029746.35 4070.39
48. JPMORGAN India Liquid Fund - Super Inst.Growth Plan 25988190.28 3050.00
49. Templeton Floating Rate Income Fund Long Term Plan
Super Institutional Option - Growth 58781794.86 7299.16
50. JPMORGAN India Treasury Fund - Super Inst.Growth Plan 25835011.75 3050.68
51. ICICI Prudential Liquid - Super Institutional Plan -
52. DSP BlackRock Liquidity Fund - Institutional Plan -
53. DSP BlackRock Floating Rate Fund - Institutional Plan -
54. UTI Money Market Mutual Fund -
Institutional Growth Plan (Units of Rs.1000 each) 226553.89 2335.00
55. SBI Premier Liquid Fund - Super Institutional - Growth 6915629.32 1000.00
56. HDFC Liquid Fund - Premium Plus Plan - Growth 33470896.83 6145.00
57. TATA Liquid Super High Fund - Appreciation
(Units of Rs.1000 each) 66803.18 1100.00
58. Kotak Liquid (Institutional Premium) - Growth 3364265.89 600.00
Super Institutional Plan - Growth (Units of Rs. 1000 each) 456147.38 6060.00
40
CMYK

Nos. Acquisition
Cost
(Rs. in lacs)
60. Reliance Floating Rate Fund - Growth Plan -

Growth Option 4248990.87 600.00
61. Birla Sun Life Cash Manager - Institutional Plan - Growth 245138885.04 37280.23
62. HDFC Liquid Fund - Growth 1668344.28 300.00
63. ICICI Prudential Institutional Liquid - Super Institutional Plan -
64. Birla Sun Life Savings Fund Instl. - Growth 45539547.75 7908.07
65. Birla Sun Life Cash Plus- Instl.Prem. - Growth 99584933.74 14609.99
66. ICICI Prudential Flexible Income Plan - Premium - Growth
(Units of Rs.100 each) 2122842.83 3625.57
67. LICMF Liquid Fund - Growth Plan 1995510.49 335.00
68. Religare Liquid Fund - Super Institutional Growth 65061965.03 8207.70
69. Religare Ultra Short Term Fund - Institutional Growth 32477567.48 4100.39
70. Reliance Liquidity Fund - Growth Option 59324090.20 8206.67
71. Reliance Medium Term Fund Retail Plan -
Growth Plan - Growth Option 21553496.24 4100.44
72. UTI Money Market Mutual Fund - Institutional Growth Plan
(Units of Rs.1000 each) 194091.19 2000.71
73. UTI Treasury Advantage Fund Institutional Plan -
Growth Plan (Units of Rs.1000 each) 161868.08 2000.23
Wholesale Option - Growth 19642871.47 3076.21
75. HDFC Cash Management Fund - Savings Plan - Growth 14039101.50 2700.30
76. Kotak Floater Long Term - Growth 5324656.11 748.87
77. HDFC Cash Management Fund - Growth 1636284.13 312.82
C. Equity Shares (Quoted)(Shares of Rs.10 each, unless otherwise specified):
1. Balrampur Chini Mills Limited 20000 24.56
2. Bajaj Hindusthan Limited 14000 30.08
3. Mcleod Russel India Limited (Equity Shares of Rs.5 each) 27000 32.40
4. Mundra Port and Special Economic Zone Limited 1950 11.28
5. Orchid Chemicals & Pharmacuticals Limited 20000 24.82
6. Ranbaxy Laboratories Limited (Equity Shares of Rs. 5 each) 7611 14.51
Book Value Market Value
31st March,2010 31st March,2009 31st March,2010 31st March,2009
(Rs. in lacs) (Rs. in lacs) (Rs. in lacs) (Rs. in lacs)
Aggregate of Quoted Investments 3155.20 4576.35 4115.08 4662.43
Aggregate of Unquoted Investments 85798.36 84283.11
88953.56 88859.46
41
CMYK

SCHEDULE 6 - CURRENT ASSETS, LOANS AND ADVANCES
(a) Inventories:
(i) Loose Tools 103.58 103.58
(ii) Stores and Spare Parts 1745.59 1710.30
(iii) Stock-in-Trade:
Raw Materials 2947.72 2864.80
Goods-in-Process 10348.23 9073.06
Finished Goods 8427.64 15272.34
(iv) Merchanting Goods 2740.36 3750.00
(v) Goods-in-Transit 2137.26 1266.28
28450.38 34040.36
(b) Sundry Debtors :

(Refer Note 3)
(i) Debts outstanding for a period exceeding six months
Secured (considered good) 169.66 171.91
Unsecured -
Considered good (including Rs. 245.21 lacs
outstanding from subsidiaries;
Previous year Rs 1252.81 lacs) 2722.21 3438.51
2891.87 3610.42
Considered doubtful 447.43 360.28
Less: Provision (447.43) (360.28)
— —
(ii) Other Debts :
Secured (considered good) 3036.04 2584.58
Unsecured -
Considered good (including Rs. 570.64 lacs
outstanding from subsidiaries;
Previous year Rs.583.46 lacs) 23766.44 24252.61
26802.48 26837.19
29694.35 30447.61
(c) Cash and Bank Balances:

(i) Cash on hand (including cheques on hand
Rs. 35.47 lacs; Previous year Rs. 128.49 lacs) 79.46 197.53
(ii) Balances with Scheduled Banks:
In Current Accounts 1680.31 3381.27
In Deposit Account [includes Rs. 0.53 lac
deposit receipt endorsed in favour of
Government authorities as security
(Previous year Rs.0.53 lac)] 888.96 1100.47
(iii) Balances with Non-Scheduled Banks:
In Current Accounts:
The Municipal Co-operative Bank Limited
[Maximum balance during the year Rs. 6.79 lacs
(Previous year Rs.8.48 lacs)] 3.03 —
The Hongkong & Shanghai Banking Corporation,
Shanghai [Maximum balance during the year
Rs. 23.05 lacs (Previous year Rs.17.44 lacs)] 3.90 0.17
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
2656.16 4679.94
42
CMYK

SCHEDULE 6 - CURRENT ASSETS, LOANS AND ADVANCES (Contd)...
(d) Other Current Assets:
(i) Export Incentives receivable 572.43 695.43
(ii) Dividend, Interest Subsidy and Interest receivable
(Interest accrued on Investments Rs. 8.57 lacs;
Interest Receivable from a Joint Venture Company — 722.73
Less: Provision — (722.73)
— —
(iii) MAT Credit Receivable 892.08 642.08
(iv) Claims and Other receivables 783.72 1847.81
4332.30 5066.34
(e) Loans and Advances
(Unsecured, considered good,
unless otherwise specified): [Refer Notes 3 and 5]
Subsidiary Companies:
Loans and other dues 13729.68 7077.31
Loans and Advances to companies and others:
Considered good 20.00 20.00
Considered doubtful:
To a Joint Venture Company 2942.50 2942.50
Others — 32.00
Less: Provision (2942.50) (2974.50)
— —
Advance Tax (Net of provision for tax) 2209.41 1688.27
Advances recoverable in cash or
in kind or for value to be received :
Considered good 4710.23 8139.33
Considered doubtful — 13.84
Less: Provision — (13.84)
— —
Balances with -
Customs, Excise, etc. 303.03 292.06
Others (including with subsidiaries Rs. 160.33 lacs;
27827.63 23931.08
SCHEDULE 7 - CURRENT LIABILITIES AND PROVISIONS

(a) Current Liabilities :
Sundry Creditors [including Rs. 11.93 lacs
remuneration to the Directors
(Previous year Rs.75.00 lacs)] [Refer Note 15] 19295.30 22005.18
Advances against Sales 418.45 581.75
Due to Subsidiary Companies 1440.79 558.62
Deposits from Dealers and Agents 6115.76 5854.34
Overdrawn Bank Balances 640.94 1363.69
Other Liabilities 1641.01 3886.68
Interest accrued but not due 814.89 793.97
30367.14 35044.23
(b) Provisions :
For Fringe Benefit Tax (Net of Advance Tax) 14.67 9.28
For Employee Benefits 5296.75 5766.71
For Excise Duties — 190.63
5311.42 5966.62
43
CMYK

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) 122392.76 125691.75
(b) Merchanting Goods 11199.55 12953.75
133592.31 138645.50
Less:
Sales Returns 174.03 317.18
Other discounts and allowances 2147.11 2095.61
2321.14 2412.79
131271.17 136232.71
(2) Income from Air Taxi Operations 759.38 1246.77
(3) Gross Income from Services:
(a) Income from Job Work 474.32 76.85
(b) Income from other services 436.86 562.99
(4) Export Incentives, etc. 995.18 1206.05
Per Profit and Loss Account 133936.91 139325.37
SCHEDULE 9 - OTHER INCOME

Dividends:
From Non-Trade Investments
— Current Investments 160.42 1949.18
— Long Term Investments — 0.06
160.42 1949.24
From a Subsidiary company 0.04 0.04
Interest Income (Tax deducted Rs. 481.70 lacs;
Previous year Rs.536.44 lacs):
— On Long Term Investments 191.40 569.20
— Others (Including from subsidiaries Rs. 1145.86 lacs;
2836.46 4136.00
Profit on sale of Current Investments (Net) 1786.02 588.48
Profit on sale of Long-term Investments (Net) 9.34 1133.04
Rent and Compensation 236.80 148.72
Credit Balances appropriated (Net) 16.58 146.17
Provision no longer required 2443.03 607.45
Miscellaneous Income 1720.38 1151.26
SCHEDULE 10 - MATERIAL COSTS

(1) Raw Materials consumed:
Opening Stock 2864.80 3150.22
Purchases 32212.21 34707.32
35077.01 37857.54
Less: - Sales 586.80 1353.61
- Transfer on divestment of Files and Tools Business 724.73 —
33765.48 36503.93
Less: Closing Stock 2947.72 2864.80
30817.76 33639.13
(2) Merchanting Goods (Cost of goods sold):
Opening Stock 3750.00 4038.42
Add: Purchases 7462.91 10363.30
11212.91 14401.72
Less:- Transfer on divestment of Files and Tools Business 164.43 —
11048.48 14401.72
Less:Closing Stock 2740.36 3750.00
8308.12 10651.72
44
CMYK

SCHEDULE 11 - MANUFACTURING AND OPERATING COSTS

Stores and Spare Parts 8300.58 9401.92
Power and Fuel 8966.31 8983.36
Repairs to Buildings 243.88 345.55
Repairs to Machinery 1310.42 1269.90
Other Manufacturing and Operating Expenses 5828.05 7029.74
SCHEDULE 12 - (INCREASE)/DECREASE IN FINISHED AND PROCESS STOCK

Opening Stock:
24345.40 21446.51
Closing Stock:
18775.87 24345.40
5569.53 (2898.89)
Add/(Less): Variation in excise duty on opening and
closing stock of finished goods (23.91) (6.06)
Per Profit and Loss Account 5545.62 (2904.95)
SCHEDULE 13 - EMPLOYMENT COSTS

Salaries, Wages, Bonus, etc, [including rent Rs. 127.87 lacs
(Previous year Rs.82.22 lacs)] 22888.12 23552.42
Contribution to Provident and Other Funds 1354.02 1358.83
Workmen and Staff Welfare Expenses 1211.39 1189.01
SCHEDULE 14 - ADMINISTRATIVE, SELLING AND GENERAL EXPENSES

Insurance (Net) 115.94 198.52
Rent 4246.35 4389.83
Lease Rentals 14.14 19.26
Rates and Taxes 149.05 88.09
Advertisement 6478.77 7183.15
Commission to Selling Agents 3975.50 4291.13
Freight, Octroi, etc. 857.44 1043.86
Bad Debts, Advances and Claims written off 753.92 117.73
Legal and Professional charges 2818.11 3372.64
Repair & Maintenance Others 1271.93 1923.65
Miscellaneous Expenses 6811.83 8829.65
Loss on sale/discardment of Fixed Assets (Net) 140.92 45.49
Provision for diminution in value of Current Investments — 1313.56
Contribution to Charitable Funds, etc. 152.47 20.82
Directors’ Fees 14.70 8.40
SCHEDULE 15 - FINANCE CHARGES

Interest on Debentures and Fixed Loans
(Net of Subsidy Rs. 2190.51 lacs; Previous Year Rs.1679.61 lacs) 6843.94 4936.31
Interest - Others 2928.16 3948.70
9772.10 8885.01
Commitment and other charges on Loans 31.00 257.13
9803.10 9142.14
Less : Borrowing Costs Capitalised — (641.28)
45
CMYK
SCHEDULE 16 - NOTES FORMING PART OF THE ACCOUNTS

1. Loan Funds :
(a) Term Loans from Banks:

Amount Outstanding (Rs. in Lacs) From Banks:
(i) 57669.27 Secured by Mortgage of Immovable properties at the Company’s Textile Division at
(P.Y. 67665.12) Vapi (Gujarat) and Suit Plant at Gauribidanur (Karnataka). Also secured by
hypothecation of specified machineries situated at the Company’s Textile Division at
Vapi (Gujarat), Thane and Jalgaon (Maharashtra) and Chindwara (Madhya Pradesh)
and at the Suit Plant at Gauribidanur (Karnataka).
(ii) 15000.00 Secured by first charge on specific Plant & Machinery to the extent of minimum 15% of
(P.Y. 15000.00) 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 Division.
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:
(i) Advances for capital expenditure Rs. 2024.08 lacs (Previous Year Rs.1999.06 lacs);
(ii) Machineries in transit Rs. 93.03 lacs (Previous year Rs. Nil).
3A. (a) 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. 1839.84 lacs recoverable
from EBAL. The net worth of EBAL has substantially eroded due to past 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 past two years. Under the circumstances and on the basis of the estimates, no provision is considered necessary
by the management at present, 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.
(b) The Company has an investment of Rs. 969.00 lacs in the equity shares of Raymond Woollen Outerwear Limited (RWOL), a
subsidiary of the Company. Further, the Company has loans, advances and receivables amounting to Rs. 3793.36 lacs
recoverable from RWOL. The accumulated losses as on 31st March 2010 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 and in the previous year. Under the circumstances and on the basis of the estimates,
no provision is considered necessary by the management at present, 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 exposure net of provision of Rs. 9009.55 lacs, including investment during the year Rs.
620.86 lacs (gross Rs. 31300.65 lacs less provision for diminution Rs. 22291.10) lacs in Raymond UCO Denim Private Limited
(RUDPL) a joint venture company. The Company has, at the close of the year, reassessed the carrying value of the
exposures. Based on the valuation by expert, no further provision is considered necessary at present. The said valuation is
based on the estimates of profits and realisable value of assets, which are subject to uncertainties.Considering the present
financial position of RUDPL, the Company has agreed to waive the interest due on loans and debentures upto 31st March
2010, amounting to Rs. 1067.32 lacs.
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, had also undertaken to
additionally fund RUDPL in case it fails to meet certain covenants of the Facility cum Hypothecation Agreement with Banks.
(b) Regency Texteis Portugesa, Limitada (Regency), a wholly owned Subsidiary of the Company has been declared insolvent in
a court of jurisdiction due to its operations becoming unviable and significant part of receivables turning bad owing to
severe recession in Europe. The Company has made full provision for diminution in value of its investment and receivables in
Regency amounting to Rs. 992.15 lacs and Rs. 222.30 lacs respectively as an exceptional item.
46
CMYK
(c) The Company has, during the year, discontinued manufacturing operations at its textile plant at Thane. The Company has,
at the close of the year, assessed carrying value of fixed assets retired from active use based on valuation by experts. On
the basis of such valuations, there is no impairment on the carrying value of fixed assets. Certain workmen have accepted
the voluntary retirement scheme offered by the Company. The Company is in discussion with balance workmen for an
amicable settlement.
4. The promoters, during the year, did not exercise their right to convert 6138085 warrants into equity shares of the Company.
Accordingly, an amount of Rs 2086.95 lacs, representing the initial amount paid on allotment of such warrants has been forfeited
and credited to Capital Reserve.
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 1,800.00 - -
(300.00) (300.00) (-) (-)
Pashmina Holdings Limited 300.00 300.00 - -
(300.00) (300.00) (-) (-)
Everblue Apparel Limited 1675.00 2012.75 - -
(2012.75) (2012.75) (-) (-)
JK Files (India) Limited 6085.00 6085.00 - -
(formerly Hindustan Files Limited) (-) (-) (-) (-)
Raymond Apparel Limited - 5000.00 - -
(-) (-) (-) (-)
Silver Spark Apparel Limited 1507.96 2507.96 - -
(1507.96) (1556.96) (-) (-)
Celebrations Apparel Limited 1021.08 1021.08 - -
(772.48) (1006.08) (-) (-)
JK Talabot Limited - 696.57 - -
(668.48) (687.61) (-) (-)
Ring Plus Aqua Limited - - - -
- (15.03) (-) (-)
Raymond Woollen Outerwear Limited 2840.64 2840.64 - -
(1515.64) (1515.64) (-) (-)
(ii) Associate Companies:
J.K. Investo Trade (India) Limited - - 20,11,325 20,11,325
- (30.00) (20,11,325) (20,11,325)
P T Jaykay Files Indonesia - - - -
- (56.38) (-) (-)
(iii) Joint Ventures:
Raymond Woollen Outerwear Limited - - - -
(a subsidiary w.e.f. 9th August 2008) - (1123.64) (-) (-)
Raymond UCO Denim Private Limited * 2942.50 2,942.50 - -
(Repayable on or before 6th August, 2013) * (2942.50) (2942.50) (-) (-)
(Figures in bracket relate to previous year)
* Refer Note 3B(a). Gross of provision of Rs. 2942.50 lacs.
(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. 29.40 lacs (Previous year Rs.49.20 lacs); Maximum balance during the year
Rs. 49.20 lacs (Previous year Rs.69.18 lacs).
(ii) Due from Subsidiary Companies Rs. 857.07 lacs (Previous year Rs.986.45 lacs).
47
CMYK
6. A. Contingent Liabilities not provided for :

(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, Denim Division divested during 2006-07 (interest thereon not
ascertainable at present).
— Excise Matters — 4.06

— Sales Tax 181.85 181.85
— Royalty on Limestone 2201.94 2201.94
— Other matters 152.09 152.09

2535.88 2539.94
(b) Claims against the Company not acknowledged as debts in respect of

other divisions.
— Sales Tax 36.05 78.22
— Compensation for Premises 1518.98 1426.46

— Stamp Duty 174.16 174.16
— Water Charges 105.11 95.68

— Other Matters 111.32 67.53
1945.62 1842.05
(c) Bills Discounted with the Company’s bankers 1853.67 5477.13

(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
(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) 7371.85 8724.00
(f) Disputed demands in respect of Income-tax, etc. (Interest thereon not
ascertainable at present) 1991.46 755.16
(g) Bonds/Undertakings given by the Company under concessional duty/
exemption scheme to Government authorities (Net of obligations fulfilled) 8831.75 9155.49
(h) Disputed liability towards Excise duty on Post Removal of Goods from
place of manufacture 2118.90 2118.90
(i) Disputed Excise Duty Liability in respect of other matters (includes
Rs 645.10 lacs, Previous Year Rs. 5750.83 lacs, on account of denial of
excise exemption benefit) 1943.23 7257.12
(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
(k) 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
Note: Item 6A(a), (b), (f), (h) to (k)
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.
48
CMYK

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

and not provided for (net of advances). 4387.98 6432.95
C Disclosure in respect of derivative instruments :
(a) Derivative instruments outstanding :
Millions
Forward Option Swap
(i) Against Exports USD/INR 9.01 (4.50) USD/INR — (8.00) —
GBP/USD 0.22 (—)
(ii) Against Imports USD/INR 6.28 (3.00) AUD/USD — (10.70)
AUD/USD 7.14 (—) USD/INR — (3.00) —
(iii) Loans taken :
- Principal USD/INR 4.00 (5.00) USD/INR 19.00 (32.50) JPY/INR 3476.10 (3476.10)
JPY/USD — (1177.30)
INR/USD 14.00 (25.00)
- Interest rate JPY/USD — ( 21.25 ) JPY/JPY — (1177.30)
JPY/INR 3476.10 (3476.10)
USD/USD 20.00 (28.50)
Note: ( ) Denotes previous year’s figures.
(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 JPY RMB
09-10 08-09 09-10 08-09 09-10 08-09 09-10 08-09 09-10 08-09
i) Debtors — — 0.08 0.26 — 0.15 0.64 — — —
ii) Creditors 0.14 — 0.15 0.57 — — — — — —
iii) Loans taken 18.70 28.63 — — — — — — — —
iv) Cash & Bank balances — — — — — — — — 0.06 0.01
v) Other Receivables & Advance — — — — — — — — — 0.05
7 As per the terms of agreements dated 31st August 2009 and dated November 2009 with JK Files (India) Limited (JKFIL) (formerly
Hindustan Files Limited), a wholly owned subsidiary of the Company, the Company during the year, divested its Files & Tools
business on a going concern basis to JKFIL w.e.f. 1st October 2009, on the terms and conditions mentioned in the agreements.
The financial statements of the year reflect the impact of the transactions. The surplus arising out of the transaction and the tax
expenses thereon are as under.
Rs in lacs
Surplus on divesment of files business 4450.82
Tax expenses:
Current Tax —
Deferred Tax 329.49 329.49
4121.33
The disclosure with respect to discontinued operations are as under:
Rs in lacs
Particulars 2009-10 2008-09
Revenue from ordinary activities 9,652.37 22,156.22
Expenses from ordinary activities 9,445.66 21,112.67
Net Cash Flow:
Operating activity 1,192.36 1,741.26
Investing activity 69.28 (133.07)
Financing Activity (1,310.26) (1,291.39)
49
CMYK
8. A. Managerial remuneration under Section 198 of the Companies Act, 1956, paid or payable during the financial year, to the
Directors, as under :
2009-2010 2008-2009
Salary, Allowances and Gratuity paid 394.83 363.14
Contribution to Provident and Other Funds 37.31 46.53
432.14 409.67
Approximate money value of perquisites and benefits 50.66 18.11
482.80 427.78
(a) The employee-wise break-up of liability on account of Retirement Benefit Schemes based on actuarial valuation is not
ascertainable. The amounts relatable to the Directors is, therefore, disclosed in the year of payment.
(b) (i) In absence of adequate profits during the year, the Company made an application to the Central Government
for approval of remuneration of Chairman and Managing Director in terms of the shareholders’ approval. The
Central Government has approved the remuneration for the period July 2009 to March 2010. For the period April
2009 to June 2009, approval from the Central Government is awaited.
(ii) In respect of Whole Time Director appointed with effect from 20th June 2009, the Company made an application
for approval of appointment and remuneration in terms of the shareholders’ approval. The Company has received
the Central Government approval, against which certain clarification has been sought by the Company.
(iii) Pending such approval in case of (i) above and clarification in case of (ii) above, an amount of Rs.88.21 lacs
being remuneration in excess of the approvals received, is being held in trust by the managerial personnel.
(c) In terms of Central Government approval received by the Company during the year in respect of the managerial
remuneration paid / provided in the year 2008-09, the Company has written back an amount of Rs.3.90 lacs being
excess provision for remuneration. Previous year’s figures have accordingly been restated.

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 2,004.34 (29,755.06)
Add: Managerial remuneration paid/provided 482.80 427.78
Director’s Fees 14.70 8.40
Provision for diminution in value of investments — 1,313.56
Depreciation and amortisation 11130.65 8,881.35
Exceptional Items (net) (116.52) 23,879.95
11511.63 34511.04
13,515.97 4,755.98
Less: Profit on sale of Investments (net) 1795.36 1721.52
Excess of expenditure over income under Section 349
relating to earlier years. 6735.03 —
Depreciation and amortisation 11130.65 8,881.35
Provision for doubtful debts/receivables
(shown as exceptional item) 222.30 722.73
Prior period adjustments (Net) 130.76 65.41
Provision for Wealth Tax 100.00 100.00
20114.10 11491.01
Net Profit/(Loss) in accordance with Section 198(1)/349 (6,598.13) (6,735.03)
50
CMYK

9. Auditor’s Remuneration:
(i) Fees as Auditor 40.26 30.33
(ii) For management services 5.79 10.11
(iii) For other services 23.47 11.81
(iv) Out-of-pocket expenses 2.72 3.29
10. Imports:
Value of imports (including in-transit) calculated on C.I.F. basis
in respect of -
(i) Raw Materials, Merchanting Goods, etc. 12,789.03 14,141.68
(ii) Stores and Spare Parts 1,175.19 1,437.96
(iii) Capital Goods 555.10 23,791.12
(iv) Repairs 237.69 46.01
11. Expenditure in Foreign Currency on account of:

(i) Interest and Finance Charges 1,441.29 1,941.93
(ii) Export Sales Commission 679.65 952.74
(iii) Advertisement expenses 217.01 251.95
(iv) Foreign travel, subscription, etc. 169.36 329.56
(v) Consultancy charges 351.25 467.92
(vi) Others 727.58 524.29
12. Remittance in Foreign Currency on account of dividends:

Paid in 2009-2010 Paid in 2008-2009
(a) Year to which the dividend relates 2008-09 2007-2008

(b) Number of non-resident shareholders to whom remittances were made Nil 62
(c) Number of shares on which remittances were made Nil 51876
(d) Amount remitted (Rs. in lacs) Nil 1.3

13. Earnings in Foreign Currency:
(i) Export of goods calculated on FOB basis 12877.13 18706.62
(ii) Earnings from Air Taxi Operations 26.92 36.96
(iii) Others 26.48 6.37
14. Revenue expenditure, including overheads on research and development incurred and charged out during the year through
the natural heads of account, aggregate Rs. 12.09 lacs (Previous year Rs. 18.67 lacs). The capital expenditure incurred for
research and development purposes, aggregate Rs.Nil (previous year Nil).
15A Sundry Creditors in Schedule ‘5’ to the Accounts include (i) Rs. Nil (Previous Year Rs. Nil) due to micro and small enterprises
registered under the Micro, Small and Medium Enterprises Development Act, 2006 (MSME); and (ii) Rs. 19295.30 lacs (Previous
Year Rs. 22005.18 lacs) due to other creditors.
15B No interest is paid / payable during the year to any enterprise registered under the MSME.
15C The above information has been determined to the extent such parties could be identified on the basis of the information
available with the Company regarding the status of suppliers under the MSME.
51
CMYK

16. Prior period adjustments represent :

Debits relating to earlier years 160.32 115.22
Credits relating to earlier years (26.94) (49.60)
Depreciation/Amortisation adjustments (net) (2.62) (0.21)
130.76 65.41
17. Exceptional Items:

(a) VRS payments and other termination costs (3119.85) (312.54)
(b) Provision for Diminution in exposures in
Raymond UCO Denim Private Limited [Refer Note 3B(a)] — (23013.83)
(c) Net surplus on divestment of Files and Tools business [Refer Note 7] 4450.82 —
(d) Provision for Diminution in exposures in the value of
investments in subsidiaries [Refer Note 3B(b)] (1,214.45) (553.58)
116.52 (23879.95)
(Rs. in lacs)
As at 31-3-2010 As at 31-3-2009 As at 31-3-2008
18. Deferred Tax :

Deferred Tax Liability on account of :
Depreciation 9936.85 9998.40 8177.38
Deferred Tax Asset on account of :

(i) VRS Payments 816.50 329.25 545.36
(ii) Other Employee benefits 1258.02 1474.14 1277.40
(iii) Taxes, Duties, Cess, etc. 208.12 218.65 215.23
(iv) Provision for doubtful debts, etc. 90.73 381.00 135.60
(v) Unabsorbed Depreciaion 5457.47 4750.74 0.00
(vi) Others 0.98 7.42 36.21
7831.82 7161.20 2209.80

Deferred Tax (Net) 2105.03 2837.20 5967.58
52
CMYK
19. Related parties disclosures :

1. Relationships:
(a) Subsidiary Companies :
Raymond Apparel Limited
Pashmina Holdings Limited
Everblue Apparel Limited
Jaykayorg AG
Raymond (Europe) Limited [formerly J.K.( England) Limited]
Regency Texteis Portuguesa, Limitada
JK Files (India) Limited (formerly Hindustan Files Limited)
Colorplus Fashions Limited
Silver Spark Apparel Limited
Celebrations Apparel Limited
Ring Plus Aqua Limited
Raymond Woollen Outerwear Limited
R & A Logistics Inc.
Scissors Engineering Products Limited
JK Talabot Limited
Soltaire Fashions Limited (formerly GAS Apparel Ltd.)(a subsidiary w.e.f. 1st October 2009)
(b) Joint Ventures
Raymond Zambaiti Limited(formerly Raymond Zambaiti Private Limited)
GAS Apparel Limited (upto 30th September 2009)
Rose Engineered Products India Private Limited.
Raymond Uco Denim Private Limited and its subsidiaries
UCO Fabrics Inc.and its Subsidiaries.
UCO Sportswear International NV
UCO Testatura SRL
UCO Raymond Denim Holding NV
Rayves Automotive Textiles Company Private Limited.
(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. Desh Deepak Khetrapal (w.e.f. 20th June 2009).
Mr. Pradeep Kumar Bhandari (upto 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.
53
CMYK
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 5692.34 321.59 1201.97 - -
(8565.34) (28.04) (1047.37) (-) (-)
Fixed Assets 0.62 - - - -
(24.87) (3.78) (-) (-) (-)
DEPB Certificate - 23.82 - - -
(37.10) (-) (-) (-) (-)
Sales
Goods, Materials and Services 3366.92 0.75 195.81 - -
(5069.26) (84.36) (520.75) (-) (-)
Fixed Assets 3.43 - - - -
(1.22) (36.27) - (-) (-)
Expenses
Rent and other service charges 30.05 1.10 819.91 - 40.80
(28.65) (1.20) (962.03) (-) (40.80)
Job work charges 1505.42 - - - -
(692.55) (257.92) (-) (-) (-)
Agency Commission 668.50 - 560.89 - -
(687.56) (-) (479.02) (-) (-)
Remuneration (Refer Note 8) - - - 482.80 -
(-) (-) (-) (427.78) (-)
Interest paid - - 21.10 - -
(-) (-) (21.10) (-) (-)
Professional Fees - - - - 132.36
(74.58) (-) (-) (-) (134.59)
Directors’ Fees - - - - 2.00
(-) (-) (-) (-) (1.40)
Other Reimbursements 372.72 655.36 57.70 - -
(333.65) (57.94) (16.27) (-) (-)
Income
Rent and other service charges 412.62 17.87 67.10 - -
(322.86) (19.66) (30.45) (-) (-)
Interest/Dividend received 1131.79 0.77 - - -
(428.21) (506.58) (2.36) (-) (-)
Other Receipts
Deputation of staff 460.76 67.89 276.58 - -
(164.67) (136.67) (212.46) (-) (-)
Advertisement Reimbursements - - 92.09 - -
(135.81) (2.46) (-) (-) (-)
Other reimbursements 950.17 63.06 37.67 - -
(284.14) (127.23) (50.45) (-) (-)
Finance
Loans and Advances given #7320.85 - - - -
#(251.40) (-) (-) (-) (-)
Investments made 3045.00 620.86 - - -
(5.00) (1387.10) (-) (-) (-)
Outstandings
Commitments given on behalf of 12707.79 Refer note - - -
(14054.00) 3B(a) (-) (-) (-)
Payable 1440.80 656.64 695.53 - 5.67
(1353.22) (771.79) (396.78) (75.00) (-)
Receivable * 1895.22 0.33 29.35 - -
(2822.72) (730.42) (350.67) (-) (-)
Agency/Property Deposits received - 1.00 - - -
(-) (1.00) (211.02) (-) (-)
Security Deposit paid 150.00 - - - -
(150.00) (-) (-) (-) (-)
Loans and Advances **13729.68 * 2942.50 - - -
**(7077.31) * (2942.50) (-) (-) (-)
Property Deposit paid 10.33 1.00 2935.85 - 50.00
(98.77) (1.00) (2935.85) (-) (50.00)
Notes: The above excludes:

1. Transfer of Files & Tools business to JK Files (India) Limited (JKFIL) for an aggregate consideration of Rs. 9155.00 lacs. Refer note 7.
2. Forfeiture of amount paid against Share warrants issued to JK Investors (Bombay) Limited. Refer Note 4.
3. Waiver of interest outstanding of Raymond UCO Denim Private Limited. Refer Note 3B(a).
* Refer Note 3B. Figures are gross of provision.
** includes Rs. 2404.04 lacs, interest free (Previous year Rs.2155.44 lacs)
# includes Rs. 248.60 lacs, interest free (Previous year Rs.Nil)
(Previous year figures are in brackets)
54
CMYK
3 Disclosure in respect of material transactions with related parties during the year. (included in 2 above).
(Rs. in lacs)
2009-10 2008-09
Purchases
Goods and Materials
Raymond Apparel Limited 3294.54 3646.02
JK Files (India) Limited 1219.98 2896.15
JK Talabot Limited 455.20 1383.09
J.K. Investors (Bombay) Limited 1129.10 928.81
Sales
Goods and Materials
Raymond Apparel Limited 943.26 642.30
JK Files (India) Limited 537.83 1457.81
Silver Spark Apparel Limited 1265.70 1984.78
Job work charges
Raymond Woollen Outerwear Limited 877.10 861.95
Rent Paid
J.K. Investo Trade (India) Limited 204.00 225.95
Commission
Jaykayorg AG 650.42 584.02
Property Deposit
Guarantee Given
Raymond Woollen Outerwear Limited 2132.54 2168.00
Everblue Apparel Limited 4300.00 4300.00
55
CMYK
As at 31.03.2010 As at 31.03.2009
(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 2941.46 2866.93

For a period later than one year and not later than five years 8201.24 9594.42
For a period later than five years 1861.52 3748.84
(b) Vehicles 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 31.70 —
For a period later than one year and not later than five years 48.24 —
For a period later than five years — —
Total operating lease expenses debited to Profit and Loss Account is

Rs. 4402.39 lacs (Previous year 4618.18 lacs)
(c) Premises given on operating lease:
(i) Buildings:
Gross carrying amount 244.74 244.74
Depreciation for the year 8.33 8.39

Accumulated Depreciation 54.01 45.68
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 39.42 51.27

For a period later than one year and not later than five years 2.88 42.30
For a period later than five years — —

21. Computation of Profit for Earnings per Share:
Profit/(Loss) for the year after tax 2636.51 (27039.68)
Prior period adjustments (Net) (130.76) (65.41)
Tax in respect of earlier years — (50.04)
Profit/(Loss) including exceptional items 2505.75 (27155.13)
Exceptional items (net of taxes) (823.44) 23511.30
Profit/(Loss) excluding exceptional items (net of taxes) 1682.31 (3643.83)
Nominal value per share in Rupees 10.00 10.00
56
CMYK
22. Capacity and Production

(Annual Capacity)
Refer Note 3B(c)
As at 31st March, 2010 As at 31st March, 2009
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 46.96 (b) 46.96
Wool Spinning - Spindles 1,440 1,440 1,440 1,440

Worsted Spinning - Spindles 22700 22700 22700 22700
Worsted Spinning - Spindles 55656 (b) 55656 55656 (b) 55656
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) 243 243 (b) 243
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 5.44 (b) 1.80

Jackets - Lac Nos. 5.44 (b) 1.80 5.44 (b) 1.80
Files & Rasps - Lac Nos. NA # 444
*
H.S.S. Twist Drills - Lac Nos.
Tool bits - Lac Nos.

Bars & Rods - M.T.
} Refer Note 7
As certified by the Management and being a technical matter, accepted by the Auditors as correct.
NA #
NA #
NA #
144
1.50
7,200
# Delicensed and therefore Not Applicable

(a) Per Memorandum of Information filed with Secretariat for Industrial Approvals, Government of India
(b) Installed against Industrial Entrepreneurs Memorandum

Unit 31st March, 2010 31st March, 2009
(B) Actual Production
Fabrics Lac Mtrs. 326.43 325.00
Rugs, Blankets and Shawls Lac Pcs. 2.86 3.25
Furnishing Fabrics Lac Mtrs. 7.81 8.04
Files and Rasps Lac Nos. 200.95 513.71
H.S.S.Twist Drills Lac Nos. 72.49 146.02
Bars and Rods (HRS) $ M.T. 2979.83 6365.27
$ 2548.71 M.T. used for captive consumption; Previous year 5608.43 M.T.
57
(C) Stocks and Turnover
CMYK
(Value - Rs. in lacs)
Class of Goods Unit Production/Purchase Opening Stock Closing Stock Turnover (net of sales returns) Sundries
2009-10 2008-2009 As at 1-4-2009 As at 1-4-2008 As at 31-3-2010 As at 31-3-2009 2009-2010 2008-2009 2009-2010 2008-2009
Quantity Quantity Quantity Value Quantity Value Quantity Value Quantity Value Quantity Value Quantity Value Quantity Quantity
Fabrics Lac Mtrs. 326.43 325.00 58.02 12733.87 36.10 7499.13 35.22 7415.43 58.02 12733.87 348.30 107384.11 302.96 98606.76 0.93 0.12
Rugs, Blankets & Lac Pcs./ 2.86 3.25 1.27 738.17 1.06 653.47 1.67 954.30 1.27 738.17 2.43 1717.27 3.10 1986.00 0.03 (0.06)
Shawls Mtrs.
Furnishing Lac Mtrs. 7.81 8.04 0.75 148.94 0.66 125.85 0.32 68.09 0.75 148.94 8.27 1764.42 8.07 1744.87 (0.03) (0.12)
Fabric
Garments Lac Pcs. 2.94 2.93 1.10 2021.27 1.66 1834.86 1.21 1576.98 1.10 2021.27 2.87 5228.77 3.45 5434.04 (0.04) 0.04
Shirtings Lac Mtrs. 7.43 6.03 1.79 315.54 2.61 436.63 2.43 399.02 1.79 315.54 6.68 1583.62 6.71 1540.48 0.11 0.14
Merchanting Lac Mtrs. 2.71 3.03 0.85 1029.71 1.74 1301.42 0.74 589.85 0.85 1029.71 2.78 1696.42 3.39 2453.21 0.04 0.53
Fabrics
Files and Rasps Lac Nos. 200.95 513.71 60.41 1425.32 51.43 1104.25 60.41 1425.32 209.76 6102.37 504.63 14559.10 51.60 0.10
H.S.S. Twist Drills Lac Nos. 72.49 146.02 11.95 282.48 13.09 336.66 11.95 282.48 74.47 1659.25 147.11 3339.48 9.97 0.05
Bars & Rods $ M.T. 2979.83 6365.27 73.86 35.74 127.16 57.02 73.86 35.74 323.91 110.46 810.14 542.15 181.57 —
File Steel M.T. 1572.65 3031.76 — — — — — — — — 1572.65 1040.96 3031.76 2405.71 — —
58
Others 291.30 239.02 164.33 291.30 2544.02 2214.92 — —
Total 19022.34 13588.31 11168.00 19022.34 130831.67 134826.72
Notes : Sundries include -

a) Samples, damages, losses, excess/shortage in inventories etc..
b) Quantity transferred on divestment of Files and tools business.
$ 2548.71 M.T. used for captive consumption; Previous year 5608.43 M.T.
Details of Goods Traded in - Purchases during the year

2009-10 2008-2009
Items Unit Quantity Value Quantity Value
Garments Lac Pcs 2.94 3821.83 2.93 4586.45
Shirtings Lac Mtrs. 7.43 1174.79 6.03 945.51
Fabrics Lac Mtrs. 2.71 1059.02 3.03 2177.57
Steel MT 1093 516.43 2175 1267.98
Others 890.84 1385.79
Total 7462.91 10363.30

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

a. The Company has recognised Rs. 1354.02 lacs (Previous Year Rs. 1358.83 lacs) in the Profit and Loss Account for the year
ended 31st March 2010 under Defined Contribution Plans.
b. Details of Defined Benefit Plan
(Rs. In Lacs)
Gratuity Pension Gratuity Pension
1 Components of Employer Expense
(a) Current Service Cost 303.83 32.35 280.70 33.10
(b) Interest Cost 461.66 60.52 491.67 64.30
(c) Expected Return on Plan Assets (452.00) — (451.50) —
(d) Actuarial (Gain)/Loss (59.01) (7.17) 84.87 (48.67)
(e) Total expense/(gain) recognised in the
Profit and Loss Account 254.48 85.70 405.74 48.73
2 Net Asset/(Liability) recognised in Balance Sheet
(a) Present Value of Obligation as at the close of the year 5284.15 830.62 6516.35 803.04
(b) Fair Value of Plan Assets as at the close of the year 5284.15 N.A. 6516.35 N.A.
(c) Asset/(Liability) recognised in the Balance Sheet — (830.62) — (803.04)
3 Change in Defined Benefit Obligation (DBO)
during the year ended as on 31st March, 2010
(a) Present Value of Obligation as at the beginning of the year 6516.35 803.04 6005.31 792.43
(b) Current Service Cost 303.83 32.35 280.70 33.10
(c) Interest Cost 461.66 60.52 491.67 64.30
(d) Actuarial (Gain)/Loss (88.83) (7.17) 65.32 (48.67)
(e) Liabilities assumed on Acquisition / Settled on Divestiture (1,028.17) — — —
(f) Benefits Paid (880.69) (58.12) (326.65) (38.12)
(g) Present Value of Obligation as at the close of the year 5284.15 830.62 6516.35 803.04
4 Changes in the Fair Value of Plan Assets
(a) Present Value of Plan Assets as at the beginning of the year 6516.35 6005.31
} }
(b) Expected Return on Plan Assets 452.00 451.50
(c) Actuarial Gain/(Loss) (29.82) (19.55)
(d) Actual Company Contribution 254.48 N.A. 405.74 N.A.
(e) Liabilities assumed on Acquisition / Settled on Divestiture (1,028.17) —
(f) Benefits Paid (880.69) (326.65)
(g) Fair Value of Plan Assets as at the close of the year 5284.15 6516.35
5 Actuarial Assumptions
(a) Discount Rate (per annum) 8.0% 8.0% 7.5% 7.5%
(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% 7.5% 7.5%
* 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 the close of the year
(a) Government Securities 60% 55%
(b)
(c)
(d)
Corporate Bonds
Insurer Managed Funds
Others
33%
5%
2%
} N.A.
41%
1%
3%
} N.A.
59
CMYK
24. Material Consumption

(Rs. in lacs)
Unit Quantity Value Quantity Value
A. Raw Material Consumed:

Wool and Wool Tops M.T. 3109 12630.00 3003 12795.00
Other Natural Fibres & Tops M.T. 84 480.00 55 550.00
Staple & Synthetic Fibres & Tops M.T. 4946 4911.00 5052 4611.00
Yarn M.T. 5435 9280.00 3892 6578.00
Grey Fabric Lacs Mtrs. 1.00 150.00 1.04 170.44
Rags & Waste M.T. 69 46.00 220 158.00
Files Steel M.T. 2342 1112.94 6055 3168.19
Drill Steel M.T. 172 583.30 374 1393.82
Semi-Finished Files Lac Nos. 79 1418.48 190 4019.63
Others 206.04 195.05
30817.76 33639.13
B. Imported and Indigenous materials consumed:

(Rs. in lacs) % (Rs. in lacs) %
(i) Raw Materials:
Imported 11780.07 38.22 12607.33 37.48
Indigenous 19037.69 61.78 21031.80 62.52
30817.76 100.00 33639.13 100.00
(ii) Stores and Spare Parts:

Imported 6911.02 83.26 1535.74 16.33
Indigenous 1389.56 16.74 7866.18 83.67
8300.58 100.00 9401.92 100.00
25. Information on Joint Ventures:

i) Jointly controlled entities.
Sr. Name of the Joint Venture Country of Percentage of
No. Incorporation Ownership interest
2009-10 2008-09
1) Raymond Zambaiti Limited India 50% 50%
2) Raymond Woollen Outerwear Limited India 99.99% 50%
3) Raymond UCO Denim Pvt. Ltd. India 50% 50%
4) Solitaire Fashions Limited. India 100% 50%
5) Rose Engineered Products India Pvt. Ltd.* India 50% 50%
6) Rayves Automotive Textile Company Pvt. Ltd.* India 33.33% 50%
* Held through subsidiaries
ii) Contingent Liabilities in respect of Joint Ventures.
(Rs.in lacs)
2009-10 2008-09
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) 1499.53 2344.86
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. 215.94 58.96
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CMYK
iv) Interest in the assets, liabilities, income and expenses with respect to jointly controlled entities.
(Rs.in lacs)
2009-10 2008-09
A) Assets:
a) Fixed Assets (Net Block): 24499.48 26135.83
Capital Work-in Progress 166.10 157.39
b) Current Assets, Loans and Advances:
Inventories 6340.92 5899.33
Sundry Debtors 6200.95 6838.23
Cash and Bank Balances 1587.89 1467.79
Loans and Advances 1791.28 1496.75
Other Current Assets 1871.71 2594.60
B) Liabilities:
1) Loan Funds:
Secured Loans 21286.88 23526.18
Unsecured Loans 4836.21 4122.99
2) Current Liabilities and Provisions:
Liabilities 7219.99 8679.66
Provisions 4523.41 2573.17
3) Deferred Tax Liability (Net) 418.12 137.11
C) Income:
a) Sales and Export Incentives 34346.54 43227.99
b) Other Income 873.41 573.14
D) Expenditure:
a) Material Costs 14533.15 17654.61
b) Manufacturing Expenses and Inventory Variation 10686.46 13807.54
c) Employment Costs 3221.17 6573.38
d) Administrative, Selling and Other Expenses 2826.19 8912.28
e) Finance Charges 1775.47 2782.30
f) Depreciation 3189.99 4265.33
g) Provision for Taxation 282.82 (183.24)
26. In accordance with Accounting Standard-17 ‘Segment Reporting’, segment information has been given in the consolidated
financial statements of Raymond Limited, and therefore , no separate disclosure on segment information is given in these
financial statements.
27. Previous year’s figures have been regrouped / recast wherever necessary.In view of the divestment of the Files & Tools business,
the figures of current year are not comparable with corressponding figures of previous years.
28. 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


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ANNEXURE I
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES
(annexed to and forming part of the Accounts for the year ended 31st March, 2010)
These financial statements have been prepared on an accrual basis and under historical cost convention and in compliance, in all
material aspects, with the applicable accounting principles in India, the applicable accounting standards notified under Section
211 (3C) and the relevant provisions of the Companies Act, 1956. The significant accounting policies adopted by the Company are
detailed below.
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). Cost comprises the purchase price, including duties and other non-refundable taxes on levies, any
directly attributable cost of bringing the asset to its working condition and indirect costs specifically attributable to construction
of a project or to the acquisition of a fixed asset. Livestock are stated at Book Value. Assets retired from active use are carried at
lower of book value and estimated net realisable 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’, ‘Weighted
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 recognized 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.
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CMYK
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.
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. PROVISIONS
A provision is recognised when there is a present obligation as a result of a past event, that probably requires an outflow of
resources and a reliable estimate can be made to settle the amount of obligation. Provision is not discounted to its present
value and is determined based on the last estimate required to settle the obligation at the year end. These are reviewed at
each year end and adjusted to reflect the best current estimate.
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 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.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, 2010
(Rs. in lacs)
Materials
Stores, spares and chemicals consumed 1.46
Personnel
Wages, salaries, bonus, etc. 4.19
Workmen and staff welfare expenses 1.16
Contribution to Provident and other Funds 0.68
6.03
Other Expenditure
Repairs and maintenance, conveyance, travelling, car expenses, etc. 1.81
Miscellaneous expenses 1.33
3.14
Depreciation 1.46
Total 12.09
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.
63
CMYK
TEN YEAR HIGHLIGHTS
(Rupees in Lacs)
2009-10 *2008-09 2007-08 2006-07 2005-06 2004-05 2003-04 2002-03 2001-02 2000-01
INCOME
Sales and Other Income 142706 147780 146015 137497 140637 122639 116853 109588 103208 147279
% Increase/(Decrease) (3.43) 1.2 6.2 (2.2) 14.7 4.9 6.6 6.2 (29.9) (12.1)
Gross Profit/(Loss) before

interest and depreciation 22938 (12373) 22287 34840 27170 18442 27305 21820 18844 52570
As % of Sales and
Other Income 16.1 (8.4) 15.3 25.3 19.3 15.0 23.4 19.9 18.3 35.7
Net Profit/(Loss) after Tax 2637 (27040) 6612 20125 12229 7682 13184 9143 8364 33341
ASSETS EMPLOYED
Net Fixed Assets 98206.1 106115 73311 76174 84512 57563 42122 40602 37857 37079
Investments 89178.6 88859 104730 98448 73660 73428 71587 61231 58766 60744
Net Current Assets 57282.3 57155 58543 45343 44013 42083 44381 46623 50263 42009
Total 244667 252129 236584 219965 202185 173074 158090 148456 146886 139832
% Increase/(Decrease) -3 7 8 9 17 9 6 1 5 (11)
EQUITY FUNDS AND EARNINGS
Shareholders’ Investments 1885 1885 1885 1885 1885 1885 1885 1885 1885 1885
Bonus Shares 4253 4253 4253 4253 4253 4253 4253 4253 4253 4253
Reserves 111153 106560 133690 129478 112857 104256 98717 89297 83388 81252
Total 117291 112698 139828 135616 118995 110394 104855 95435 89526 87390
Contribution to Country’s
Exchequer 3798 7144 7998 10306 11011 10031 17672 17096 17410 27062
Per Equity Share of Rs.10: (Rupees)
Book Value 191.1 187.0 231.2 220.9 193.9 179.9 170.8 155.5 145.9 142.4
Earnings 4.1 (44.2) 11.8 32.9 19.7 13.6 21.6 14.7 14.4 35.6
Dividend Nil Nil 2.5 5.0 5.0 4.0 5.5 4.5 4.5 3.0
* Figures are stated as per the Annual Report of 2008-09
64
CMYK
AUDITOR’S REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS OF RAYMOND LIMITED
The Board of Directors of Raymond Limited
1. We have audited the attached consolidated balance sheet of Raymond Limited (the “Company”) and it subsidiaries, its jointly controlled entities and associate
companies; hereinafter referred to as the “Group” (Refer Note 1 in Schedule 16 to the attached consolidated financial statements) as at 31st March, 2010, the
related consolidated Profit and Loss Account and the consolidated Cash Flow Statement for the year ended on that date annexed thereto, which we have signed
under reference to this report. These consolidated 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.
2. 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 of 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 financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
3. (a) We did not audit the financial statements of (i) seven subsidiaries (including three foreign subsidiaries of a Indian Joint Venture of the Company) and one
jointly controlled entity included in the consolidated financial statements, which constitute total assets of Rs.24814.72 lacs and net assets of Rs.21753.53 lacs as
at 31st March, 2010 and total revenue of Rs.25416.10 lacs and net increase in cash flows amounting to Rs.149.92 lacs for the year then ended; and (ii) three
associate companies whose net assets are Rs.6763.57 lacs as at 31st March, 2010. These financial statements and other financial information have been
audited by other auditors whose reports have been furnished to us, and our opinion on the consolidated financial statements to the extent they have been
derived from such financial statements is based solely on the report of such other auditors.
(b) We also did not audit the financial statements of (i) two other foreign subsidiaries included in the consolidated financial statements, which constitute total assets
of Rs.2306.76 lacs and net asset of Rs.2183.76 lacs as at March 31, 2010 and total revenue of Rs.902.51 lacs and net increase in the cash flow of Rs.201.57 lacs for
the year then ended and (ii) an associate whose net asset were Rs.1253.03 lacs as at March 31, 2010. These financial statements have been audited/reviewed (as
the case may be) as at 31st December, 2009 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, 2010, 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.
4. Without qualifying our opinion, we draw your attention to Note 9 (a) in Schedule 16, regarding the carrying value of the assets relating to subsidiaries of Raymond UCO
Denim Private Limited, a joint venture company, which may need adjustment, if the outcome of the management’s estimates of realisable value of assets, which are
subject to inherent uncertainties, is substantially different.
5. We report that the consolidated financial statements have been prepared by the Company’s Management 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 notified under sub-section 3C of Section 211 of the Companies Act, 1956.
6. Based on our audit and on consideration of reports of other auditors on separate financial statements and on the other financial information of the components of
the Group as referred to above, and to the best of our information and according to the explanations given to us, in our opinion, the attached consolidated
financial statements give a true and fair view in conformity with the accounting principles generally accepted in India:
(a) in the case of the consolidated Balance Sheet, of the state of affairs of the Group as at 31st March 2010;
(b) in the case of the consolidated Profit and Loss Account, of the loss of the Group for the year ended on that date: and
(c) in the case of the consolidated Cash Flow Statement, of the cash flows of the Group for the year ended on that date
For DALAL & SHAH

Firm Registration Number 102021W
Shishir Dalal
Mumbai, Partner
27th April, 2010 Membership Number 037310
65
CMYK
CONSOLIDATED BALANCE SHEET AS AT 31ST MARCH, 2010
Consoli- Share in Total as at Consoli- Share in Total as at

Schedule dated with Joint 31.03.2010 dated with Joint 31.03.2009
No. subsidiaries Ventures (Rs. in lacs) subsidiaries Ventures (Rs. in lacs)
SOURCES OF FUNDS:
Share Capital 1 6138.08 — 6138.08 6138.08 — 6138.08
Share Warrrants 1A — — — 2086.95 — 2086.95
Reserves and Surplus 2 143920.26 (32470.90) 111449.36 141797.94 (28361.42) 113436.52
Joint Ventures Control Account (36364.20) 36364.20 — (34533.76) 34533.76 —
113694.14 3893.30 117587.44 115489.21 6172.34 121661.55
Loan Funds: 3
Secured Loans 96282.38 21286.88 117569.26 109211.51 23526.18 132737.69
Unsecured Loans 50172.76 1466.10 51638.86 48463.44 1096.76 49560.20
146455.14 22752.98 169208.12 157674.95 24622.94 182297.89
Deferred Tax Liability (Net) 1700.47 418.12 2118.59 2617.11 137.14 2754.25
(Refer Note No.7)
Minority Interest 734.09 — 734.09 673.56 — 673.56
TOTAL 262583.84 27064.40 289648.24 276454.83 30932.42 307387.25
APPLICATION OF FUNDS:
Fixed Assets: 4
Gross Block 216792.77 35465.09 252257.86 214383.04 35635.70 250018.74
Less: Depreciation, Amortisation and Impairment 94048.54 11826.43 105874.97 86353.68 8593.69 94947.37
Net Block 122744.23 23638.66 146382.89 128029.36 27042.01 155071.37
Less: Unrealised Profit 1984.33 2789.71 4774.04 361.21 3230.15 3591.36
Capital work-in-progress 6124.82 166.10 6290.92 8312.17 157.37 8469.54
126884.72 21015.05 147899.77 135980.32 23969.23 159949.55
Investments 5 62965.89 — 62965.89 63014.73 — 63014.73
Current Assets, Loans and Advances: 6
Inventories 49905.96 6340.92 56246.88 53609.80 5899.33 59509.13
Sundry Debtors 38896.82 6200.95 45097.77 39048.22 6838.23 45886.45
Cash and Bank Balances 5479.51 1587.89 7067.40 6891.39 1467.79 8359.18
Other Current Assets 5741.21 1791.28 7532.49 6312.09 2594.60 8906.69
Loans and Advances 22041.10 1871.71 23912.81 24296.62 1496.75 25793.37
122064.60 17792.75 139857.35 130158.12 18296.70 148454.82
Less:
Current Liabilities and Provisions: 7
Current Liabilities 42944.42 7219.99 50164.41 46029.84 9075.34 55105.18
Provisions 6386.95 4523.41 10910.36 6668.50 2258.17 8926.67
49331.37 11743.40 61074.77 52698.34 11333.51 64031.85
Net Current Assets 72733.23 6049.35 78782.58 77459.78 6963.19 84422.97
TOTAL 262583.84 27064.40 289648.24 276454.83 30932.42 307387.25


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CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2010
Consoli- Share in Total Consoli- Share in Total

dated with Joint year ended dated with Joint year ended
Schedule subsidiaries Ventures 31.03.2010 subsidiaries Ventures 31.03.2009
INCOME
Sales, Services and Export Incentives 8 216436.32 34346.54 250782.86 212720.71 43227.99 255948.70
Other Income 9 10074.99 873.41 10948.40 (749.50) (2026.30) (2775.80)
226511.31 35219.95 261731.26 211971.21 41201.69 253172.90
EXPENDITURE
Material Costs 10 65772.48 14533.15 80305.63 65845.75 17654.61 83500.36
Manufacturing and Operating Costs 11 35016.70 9972.74 44989.44 36520.22 12575.53 49095.75
(Increase)/Decrease in finished and process stock 12 5463.47 713.72 6177.19 (3050.08) 1232.01 (1818.07)
Employment Costs 13 39585.15 3221.17 42806.32 38488.65 6573.38 45062.03
Administrative, Selling and General expenses 14 50650.13 2826.19 53476.32 54752.41 6312.84 61065.25
Finance Charges 15 11154.12 1775.47 12929.59 10495.91 2782.30 13278.21
Depreciation, Amortisation and Impairment 14743.64 2910.19 17653.83 12389.90 4265.33 16655.23
222385.69 35952.63 258338.32 215442.76 51396.00 266838.76
Less: Stock of Subsidiary under Liquidation (925.67) — (925.67) — — —
221460.02 35952.63 257412.65 215442.76 51396.00 266838.76
PROFIT FOR THE YEAR BEFORE EXCEPTIONAL ITEMS 5051.29 (732.68) 4318.61 (3471.55) (10194.31) (13665.86)
EXCEPTIONAL ITEMS (Refer Note 6) (4836.72) (3411.59) (8248.31) (1040.48) (10314.30) (11354.78)
PROFIT/(LOSS) FOR THE YEAR BEFORE TAX 214.57 (4144.27) (3929.70) (4512.03) (20508.61) (25020.64)
Provision for Income Tax :
- Current Tax (Net of MAT credit) 1617.69 0.05 1617.74 1104.75 (20.00) 1084.75
- Deferred Tax charge/ (credit) (916.63) 280.97 (635.66) (3501.08) (181.12) (3682.20)
- Fringe Benefits Tax — — — 434.05 16.44 450.49
Provision for Wealth Tax 101.30 1.80 103.10 101.25 1.44 102.69
PROFIT/(LOSS) FOR THE YEAR AFTER TAX (587.79) (4427.09) (5014.88) (2651.00) (20325.37) (22976.37)
Share of profit in Associate Companies 679.35 — 679.35 402.88 — 402.88
Minority Interest (60.95) — (60.95) (59.37) — (59.37)
30.61 (4427.09) (4396.48) (2307.49) (20325.37) (22632.86)
Prior period adjustments (net)(Refer Note 5) (148.29) (28.79) (177.08) (139.37) (16.44) (155.81)
Excess/(Short) provision for tax (21.09) — (21.09) 1.02 (0.07) 0.95
Balance brought forward 31725.29 (33289.39) (1564.10) 34574.01 (12947.51) 21626.50
BALANCE AVAILABLE FOR APPROPRIATION 31586.52 (37745.27) (6158.75) 32128.17 (33289.39) (1161.22)
APPROPRIATION:
Share of Retained Earnings in Associate Companies 671.25 — 671.25 354.28 — 354.28
Share of tax on dividend of Associates 8.10 — 8.10 48.60 — 48.60
679.35 — 679.35 402.88 — 402.88
Balance carried to Balance Sheet 30907.17 (37745.27) (6838.10) 31725.29 (33289.39) (1564.10)
Disclosure for Discontinuing Operations

Subsidiaries of Raymond UCO Denim Pvt . Ltd.
-Pre tax loss from ordinary activity (3537.69) (3647.43)
Add/Less: Tax thereon — —
(3537.69) (3647.43)
-Pre tax loss on disposal of assets/settelment of liabilities — (10314.30)
Add/(Less): Tax thereon — 318.27
— (9996.03)
Total (3537.69) (13643.46)
Basic and diluted earnings per share including exceptional
items (in Rs.) (Refer Note 14) (7.50) (37.21)
Basic and diluted earnings per share excluding exceptional
items (net of tax) (in Rs.) (Refer Note 14) 3.91 (20.13)


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CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2010
A. Cash Flow arising from Operating Activities:

Net Profit/(Loss) before Tax and Exceptional Items as per Profit and Loss Account 4318.61 (13665.86)
Add/(Deduct):
a) Bad debts and Provision for Doubtful Debts, Advances and claims 1056.30 750.03
b) Investment Grant — (13.78)
c) Provision for Diminution in value of Investments — 1313.56
d) Depreciation and Amortisation Charge 17653.83 16655.23
e) Depreciation and Amortisation Charge ( on dillution of control ) 2750.83 —
f) Finance Charges and (Gain)/Loss on variation in Foreign
Exchange rates - Loans 9536.43 26381.63
g) Loss on Sale of Assets 402.60 600.69
h) Interest Income (1961.06) (4076.93)
i) Dividend Income (165.58) (1977.02)
j) Provision no longer required (2869.94) (680.48)
k) Credit balance appropriated (142.22) (194.20)
l) Surplus on sale of Investments (1881.18) (1613.51)
m) Government Grant Received — 25.00
n) Transfer from Capital Reserve — (25.77)
24380.01 37144.45
Operating Cash Profit before Working Capital Changes 28698.62 23478.59
Add/(Deduct):
a) Increase/(Decrease) in Trade Payable (1854.86) 12891.48
b) (Increase)/Decrease in Trade and Other Receivables 1721.26 (5379.21)
c) (Increase)/Decrease in Inventories 2427.91 2772.73
2294.31 10285.00
Cash Inflow from Operations 30992.93 33763.59
Deduct:
Direct Taxes paid ( Net ) 2595.35 1000.21
Cash Inflow before Prior Period Adjustments 28397.58 32763.38
Deduct: Prior Period adjustments (156.55) (159.11)
Net Cash Inflow in the course of Operating Activities 28241.03 32604.27
Deduct: Exceptional Item 3508.39 348.75
Net Cash Inflow in the course of Operating Activities after Exceptional Items 24732.64 32255.52
B. Cash Flow arising from Investing Activities:

Inflow:
a) Sale of Fixed Assets 3475.84 2758.56
b) Dividend 165.58 1977.02
c) Interest Received 1861.28 6238.69
d) Sale of Investments 1930.04 —
7432.74 10974.27
Outflow:
a) Acquisition of Fixed Assets 11839.06 58251.50
b) Increase in Minority Interest 0.42 36.99
c) Investment in Debentures of Joint Venture — 3417.00
11839.48 61705.49
Net Cash (Outflow) in the course of Investing Activities (4406.74) (50731.22)
C. Cash Flow arising from Financing Activities:

Inflow:
a) Proceeds from Term Loans (Net) — 39073.16
b) Proceeds from other borrowings (Net) — 9190.38
— 48263.54
Outflow:
a) Repayment of other Borrowings (Net) 6225.01 —
b) Repayment of Term Loan (Net) 5997.96 —
c) Finance Charges (Net) 9557.41 26346.30
d) Dividend paid — 1795.31
21780.38 28141.61
Net Cash Inflow in the course of Financing Activities (21780.38) 20121.93
D. Change in Currency Fluctuation Reserve arising on consolidation 280.30 919.99
Net Increase/(Decrease) in Cash/Cash Equivalents (A+B+C+D) (1174.18) 2566.22

Cash & Cash equivalent at the beginning of the year
(Refer: schedule 6 [c] ) 8359.18 5792.96
Cash given up on dilution of Interest (117.60) —
Cash/Cash Equivalents at the close of the year 7067.40 8359.18

68
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SCHEDULES ‘1’ TO ‘16’ FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED
31ST MARCH, 2010
Total as at Total as at
31.03.2010 31.03.2009
SCHEDULE 1 - SHARE CAPITAL

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

6,13,80,853 Equity Shares of Rs.10 each, fully paid-up 6138.08 6138.08
SCHEDULE 1A - SHARE WARRANTS

61,38,085 Warrants of Rs.34/- each — 2086.95
Per Balance Sheet

— 2086.95
SCHEDULE 2 - RESERVES AND SURPLUS Consolidated Share in Total as at Consolidated Share in Total as at
with subsidiaries Joint Ventures 31.03.2010 with subsidiaries Joint Ventures 31.03.2009
(a) Capital Reserve
Balance as per last account 25.00 250.79 275.79 — 25.77 25.77
Add/(Less): Arising from conversion of
joint venture to a subsidiary 500.00 (250.00) 250.00 — — —
Less: Transfer to Profit and Loss Account — — — — (25.77) (25.77)
Add: Share Warrants forefeited 2086.95 — 2086.95 — — —
Add: Capital grant from a joint venture partner — — — — 250.79 250.79
Add: Government grant received — — — 25.00 — 25.00
2611.95 0.79 2612.74 25.00 250.79 275.79

(b) Legal Reserve:
Balance as per last account 8.22 2.29 10.51 8.22 2.29 10.51
Less: Reserves on Liquidation of subsidiary (1.00) — (1.00) — — —
7.22 2.29 9.51 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) General Reserve:

Balance as per last account 89518.50 — 89518.50 89518.50 — 89518.50
(f) Revaluation Reserve

Balance as per last account — — — — 1354.40 1354.40
Less : Transfer to Profit & Loss Account — — — — (1354.40) (1354.40)
— — — — — —
(g) Investments Grants
Balance as per last account — — — — 13.78 13.78
Less : Transfer to Profit & Loss Account — — — — (13.78) (13.78)
— — — — — —
(h) Currency Fluctuation Reserve - on Consolidation
Balance as per last account 1118.56 316.36 1434.92 847.33 (332.40) 514.93
Add/(Less) : During the year (316.10) 596.40 280.30 271.23 648.76 919.99
802.46 912.76 1715.22 1118.56 316.36 1434.92
(i) Share of Retained Earnings in Associates: 3772.90 — 3772.90 3102.31 — 3102.31

(Movement during the year Refer Note 13)
(j) Profit and Loss Account 30907.17 (37745.27) (6838.10) 31725.29 (33289.39) (1564.10)
Per Balance Sheet 143920.26 (32470.90) 111449.36 141797.94 (28361.42) 113436.52
69
CMYK
Consolidated Share in Total as at Consolidated Share in Total as at

SCHEDULE 3 - LOAN FUNDS
(a) Secured Loans:
Term Loans:
Term Loans from Banks 70075.79 15002.01 85077.80 81946.86 17003.34 98950.20
Interest accrued thereon 36.48 — 36.48 45.28 — 45.28
Partly Secured Term Loan 15000.00 — 15000.00 15000.00 — 15000.00
85112.27 15002.01 100114.28 96992.14 17003.34 113995.48
Working capital loans from banks 9231.06 6284.87 15515.93 11528.04 6522.84 18050.88
Interest accrued thereon 50.44 — 50.44 39.79 — 39.79
9281.50 6284.87 15566.37 11567.83 6522.84 18090.67
Buyer’s Credit Loan 1888.61 — 1888.61 650.50 — 650.50

Hire purchase loans — — — 1.04 — 1.04
Total - Secured Loans 96282.38 21286.88 117569.26 109211.51 23526.18 132737.69
(b) Unsecured Loans:

Foreign Currency Loans from Banks 39575.24 — 39575.24 29898.60 — 29898.60
From Joint Venture Partners (Long Term) — 958.26 958.26 — 1096.76 1096.76
Other Borrowings:
Sales Tax Deferment Loan 597.52 — 597.52 953.22 — 953.22
Others 10000.00 507.84 10507.84 17611.62 — 17611.62
10597.52 507.84 11105.36 18564.84 — 18564.84

Total - Unsecured Loans 50172.76 1466.10 51638.86 48463.44 1096.76 49560.20
Per Balance Sheet 146455.14 22752.98 169208.12 157674.95 24622.94 182297.89
SCHEDULE 4 - FIXED ASSETS (NET BLOCK)
A. Assets
Goodwill on Consolidation 598.36 681.38 1279.74 698.10 906.18 1604.28
Land -
Freehold 3891.01 10.96 3901.97 3990.98 12.03 4003.01
Leasehold 1302.66 257.59 1560.25 789.36 260.53 1049.89
Buildings 22833.25 4860.16 27693.41 22439.65 5124.28 27563.93
Improvements to Leasehold Premises 1032.68 — 1032.68 2222.99 0.64 2223.63
Plant and Machinery, Electrical Installations and Equipments 76795.27 17659.14 94454.41 79236.03 20522.30 99758.33
Furniture, Fixtures and Office Equipments 3355.04 128.68 3483.72 3962.54 156.62 4119.16
Livestock (at book value) 6.60 — 6.60 8.29 — 8.29
Vehicles 725.72 40.75 766.47 927.12 59.38 986.50
Boats and Water Equipments 4459.79 — 4459.79 5229.16 — 5229.16
Aircraft 7411.07 — 7411.07 7963.67 — 7963.67
Intangible Assets :
Software 332.78 — 332.78 561.47 0.05 561.52
Less : Unrealised Profit 1984.33 2789.71 4774.04 361.21 3230.15 3591.36
120759.90 20848.95 141608.85 127668.15 23811.86 151480.01
B. Capital work-in-progress 6124.82 166.10 6290.92 8312.17 157.37 8469.54
70
CMYK

SCHEDULE 5 - INVESTMENTS (AT COST/BOOK VALUE)
I. LONG TERM INVESTMENTS
A. Investments in Government Securities 0.27 — 0.27 0.27 — 0.27
B. Non-Trade Investments
Shares (Unquoted) 4252.78 — 4252.78 3919.89 — 3919.89
Less: Provision for diminution in value of Investments — — — (337.70) — (337.70)
4252.78 — 4252.78 3582.19 — 3582.19
C. Non-Trade Investments
Shares (Quoted) 17.00 — 17.00 2017.00 — 2017.00
D. Non-Trade Investments
Unquoted Debentures 536.65 — 536.65 42.19 — 42.19
E. Mutual Fund (Unquoted):

Investment in mutual fund-FMP (Growth) 25.41 — 25.41 15.50 — 15.50
F. Venture Capital Funds
Investments in ventures Capital Fund 2956.69 — 2956.69 2942.94 — 2942.94
G. Others 296.59 — 296.59 7756.79 — 7756.79
Total - Long Term Investments 8085.39 — 8085.39 16356.88 — 16356.88
II. CURRENT INVESTMENTS

A. Dividend Option Units 802.84 — 802.84 34290.07 — 34290.07
B. Growth Option Units 50406.26 — 50406.26 9699.52 — 9699.52
C. Equity Shares (Quoted) 3358.51 — 3358.51 4177.87 — 4177.87
D. Preference Shares 53.01 — 53.01 47.65 — 47.65
E. Bonds 355.12 — 355.12 76.95 — 76.95
Less: Provision for diminution in value of Current
Investments (Unquoted) (4.44) — (4.44) — — —
Less: Provision for diminution in value of Current Investments (Quoted) (203.30) — (203.30) (1634.21) — (1634.21)
Total - Current Investments 54768.00 — 54768.00 46657.85 — 46657.85
Total - Investments 62853.39 — 62853.39 63014.73 — 63014.73
III. APPLICATION MONEY PENDING ALLOTMENT

Equity Application Money 112.50 — 112.50 — — —
112.50 — 112.50 — — —
Per Balance Sheet 62965.89 — 62965.89 63014.73 — 63014.73
Book Value
Aggregate of Quoted Investments (Net) 3172.21 — 3172.21 4560.66 — 4560.66
Aggregate of Unquoted Investments (Net) 59681.18 — 59681.18 58454.07 — 58454.07
Total Investment excluding Application Money Pending Allotment 62853.39 — 62853.39 63014.73 — 63014.73
Market Value
Aggregate of Quoted Investments 4167.19 — 4167.19 4676.30 — 4676.30
71
CMYK

SCHEDULE 6 - CURRENT ASSETS, LOANS AND ADVANCES
(a) Inventories:
(As verified, valued and certified by the Management):
(i) Loose Tools 103.58 - 103.58 103.58 - 103.58
(ii) Stores and Spare Parts 2423.16 692.07 3115.23 2267.80 702.88 2970.68
(iii) Stock-in-Trade:
Raw Materials 8309.21 2234.85 10544.06 7680.35 998.48 8678.83
Goods-in-Process 12461.37 2195.17 14656.54 10659.20 1938.11 12597.31
Finished Goods (including Merchanting Goods) 24285.78 1066.31 25352.09 31332.94 2200.71 33533.65
(iv) Accumulated cost on conversion contracts 169.45 - 169.45 190.55 - 190.55
(v) Goods-in-Transit 2153.41 152.52 2305.93 1375.38 59.15 1434.53
49905.96 6340.92 56246.88 53609.80 5899.33 59509.13
(b) Sundry Debtors :
(i) Debts outstanding for a period exceeding six months
Secured (considered good) 516.94 - 516.94 180.54 38.03 218.57
Unsecured -
Considered good 2985.37 389.54 3374.91 3488.43 62.15 3550.58
3502.31 389.54 3891.85 3668.97 100.18 3769.15

Considered doubtful 598.74 - 598.74 371.23 - 371.23
Less: Provision (598.74) - (598.74) (371.23) - (371.23)
- - - - - -
3502.31 389.54 3891.85 3668.97 100.18 3769.15

(ii) Other Debts :
Secured (considered good) 3314.92 - 3314.92 3117.22 - 3117.22
Unsecured -
Considered good 32079.59 5811.41 37891.00 32262.03 6725.98 38988.01
Considered doubtful - 53.27 53.27 - 134.04 134.04
Less: Provision - (53.27) (53.27) - (121.97) (121.97)
- - - - 12.07 12.07
35394.51 5811.41 41205.92 35379.25 6738.05 42117.30
38896.82 6200.95 45097.77 39048.22 6838.23 45886.45
(c) Cash and Bank Balances:

(i) Cash on hand (including cheques on hand) 233.93 14.29 248.22 256.55 94.68 351.23
(ii) Balances with Banks
In Current Accounts (including remittances-in-transit) 2414.50 422.52 2837.02 4828.07 113.32 4941.39
In Deposit Accounts 2831.08 1151.08 3982.16 1806.77 1259.79 3066.56
5479.51 1587.89 7067.40 6891.39 1467.79 8359.18

(d) Other Current Assets:
(i) Export Incentives, etc. receivable 1067.94 363.04 1430.98 961.81 400.38 1362.19
(ii) Dividend, Interest Subsidy and Interest receivable [including
interest accrued on Investments Rs. 8.57 lacs (Previous year
Rs.478.50 lacs)] 2778.36 466.09 3244.45 2627.38 517.28 3144.66
(iii) MAT Credit Receivable 934.11 - 934.11 664.58 - 664.58
(iv) Claims and Other receivables 960.80 285.05 1245.85 2058.32 397.24 2455.56
(v) Assets held for disposal - 677.10 677.10 - 1279.70 1279.70
5741.21 1791.28 7532.49 6312.09 2594.60 8906.69
(e) Loans and Advances (Unsecured, considered good, unless

otherwise specified):
Loans and Advances to companies and others:
Considered good 58.78 2.36 61.14 20.00 - 20.00
Considered doubtful 2084.54 2192.37 4276.91 1698.61 1268.92 2967.53
Less: Provision (2084.54) (2192.37) (4276.91) (1698.61) (1268.92) (2967.53)
58.78 2.36 61.14 20.00 - 20.00

Advance Tax (Net of provision for tax) 2494.18 271.38 2765.56 2035.34 146.35 2181.69
Advances recoverable in cash or in kind or for value to be received:
Considered good 7583.35 1474.88 9058.23 10349.36 1198.21 11547.57
Considered doubtful 25.70 - 25.70 37.84 - 37.84
Less: Provision (25.70) - (25.70) (37.84) - (37.84)
7583.35 1474.88 9058.23 10349.36 1198.21 11547.57

Balances with -
Customs, Excise, etc. 747.59 62.10 809.69 354.17 62.68 416.85
Others: Considered Good 11157.20 60.99 11218.19 11537.75 89.51 11627.26
Considered Doubtful 100.00 - 100.00 - 128.94 128.94
Less: Provision (100.00) - (100.00) - (128.94) (128.94)
11904.79 123.09 12027.88 11891.92 152.19 12044.11

22041.10 1871.71 23912.81 24296.62 1496.75 25793.37
72
CMYK
Consolidated Share in Total Consolidated Share in Total

with subsidiaries Joint Ventures as at with subsidiaries Joint Ventures as at
(Rs. in lacs) 31.03.2010 (Rs. in lacs) 31.03.2009
SCHEDULE 7 - CURRENT LIABILITIES AND PROVISIONS
(a) Current Liabilities :
Acceptances - - - 507.81 - 507.81
Sundry Creditors 29366.25 6215.77 35582.02 30143.81 6879.22 37023.03
Advances against Sales 1155.14 20.54 1175.68 1303.33 38.87 1342.20
Deposits from Dealers and Agents 6952.23 8.41 6960.64 6439.62 39.83 6479.45
Credit balance in Current Account 811.35 96.16 907.51 1559.34 90.39 1649.73
Other Liabilities 3651.54 771.77 4423.31 5242.35 1722.53 6964.88
Interest accrued but not due 1007.91 107.34 1115.25 833.58 304.50 1138.08
42944.42 7219.99 50164.41 46029.84 9075.34 55105.18

(b) Provisions :
For Employee Benefits 6204.70 798.29 7002.99 6465.90 45.59 6511.49
For Excise Duties 179.53 76.45 255.98 191.91 51.03 242.94
For obligations relating discontinued operation - 3424.77 3424.77 - 1640.67 1640.67
For Others 2.72 223.90 226.62 10.69 520.88 531.57
6386.95 4523.41 10910.36 6668.50 2258.17 8926.67

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) 195221.05 32740.43 227961.48 195899.67 41421.57 237321.24
(b) Merchanting Goods 20574.60 1162.58 21737.18 20452.92 661.31 21114.23
215795.65 33903.01 249698.66 216352.59 42082.88 258435.47
Less:
Excise Duties 1628.06 396.55 2024.61 2476.16 588.48 3064.64
Sales Returns 177.14 24.22 201.36 317.18 130.64 447.82
Other discounts and allowances 2678.68 171.91 2850.59 6642.29 190.12 6832.41
4483.88 592.68 5076.56 9435.63 909.24 10344.87
Net Turnover 211311.77 33310.33 244622.10 206916.96 41173.64 248090.60
(2) Commission 162.44 - 162.44 42.66 - 42.66
(3) Income from Air Taxi Operations 697.48 - 697.48 1111.70 - 1111.70
(4) Gross Income from Services 436.86 178.64 615.50 597.23 751.04 1348.27
(5) Income from Job work 1154.96 5.77 1160.73 1571.13 108.06 1679.19
(6) Conducting Fees 741.55 - 741.55 698.21 - 698.21
(7) Export Incentives, etc. 1931.26 851.80 2783.06 1782.82 1195.25 2978.07
Per Profit and Loss Account 216436.32 34346.54 250782.86 212720.71 43227.99 255948.70
SCHEDULE 9 - OTHER INCOME

Dividends:
From Non-Trade Investments:
— Current Investments 160.42 - 160.42 1949.18 0.18 1949.36
— Long Term Investments 5.16 - 5.16 27.66 - 27.66
165.58 - 165.58 1976.84 0.18 1977.02
Interest Income:
— On Investments 191.40 - 191.40 600.34 0.17 600.51
— Others 1682.80 86.86 1769.66 3284.04 192.38 3476.42
1874.20 86.86 1961.06 3884.38 192.55 4076.93
Gain/(Loss) on variation in Foreign Exchange rates(Net):
— On Loans 3170.95 222.21 3393.16 (12344.12) (759.30) (13103.42)
— On Others (2300.42) 63.78 (2236.64) 1906.54 (1840.14) 66.40
870.53 285.99 1156.52 (10437.58) (2599.44) (13037.02)
Profit on sale of Current Investments (Net) 1786.02 - 1786.02 588.48 - 588.48
Profit on sale of Long-term Investments (Net) 95.16 - 95.16 1025.03 - 1025.03
Rent and Compensation 209.54 - 209.54 148.17 - 148.17
Credit Balances appropriated (Net) 73.60 68.62 142.22 194.20 - 194.20
Provision no longer required 2748.47 121.47 2869.94 680.48 - 680.48
Miscellaneous Income 2251.89 310.47 2562.36 1190.50 380.41 1570.91
Per Profit and Loss Account 10074.99 873.41 10948.40 (749.50) (2026.30) (2775.80)
SCHEDULE 10 - MATERIAL COSTS

(1) Raw Materials consumed :
Opening Stock 7680.35 998.48 8678.83 9675.36 2987.35 12662.71
Add: On Joint Venture becoming Subsidiary - - - 85.39 (91.37) (5.98)
Add: Purchases (Includes Purchase of Semi Finished Goods) 52217.86 15808.10 68025.96 49577.07 15587.39 65164.46
59898.21 16806.58 76704.79 59337.82 18483.37 77821.19

Less: Inventory of business liquidation - - - 303.19 303.19
Less: Sales 1118.31 38.58 1156.89 1701.86 21.25 1723.11
58779.90 16768.00 75547.90 57635.96 18158.93 75794.89

Less: Closing Stock 8309.21 2234.85 10544.06 7680.35 998.48 8678.83
50470.69 14533.15 65003.84 49955.61 17160.45 67116.06

(2) Purchases of Merchanting Goods 15301.79 - 15301.79 15890.14 494.16 16384.30
73
CMYK
Consolidated Share in Total year Consolidated Share in Total year

with subsidiaries Joint Ventures ended with subsidiaries Joint Ventures ended
(Rs. in lacs) 31.03.2010 (Rs. in lacs) 31.03.2009
SCHEDULE 11 - MANUFACTURING AND OPERATING COSTS
Stores and Spare Parts 12273.35 4936.54 17209.89 12648.83 6290.39 18939.22
Power and Fuel 11927.29 3459.86 15387.15 10915.30 4449.53 15364.83
Repairs to Buildings 379.74 14.40 394.14 368.03 42.53 410.56
Repairs to Machinery 1849.89 347.32 2197.21 1750.93 556.58 2307.51
Other Manufacturing and Operating Expenses 8586.43 1214.62 9801.05 10837.13 1236.50 12073.63
SCHEDULE 12 - (INCREASE)/DECREASE IN FINISHED AND PROCESS STOCK

Opening Stock:
Goods-in-Process 10659.20 1938.11 12597.31 14231.90 2318.95 16550.85
On Joint Venture becoming a Subsidiary 208.23 (104.12) 104.11 548.86 (274.43) 274.43
Accumulated cost on conversion contracts 190.55 - 190.55 79.07 42.58 121.65
42390.92 4034.70 46425.62 39146.32 8522.20 47668.52

Add/(Less): Inventory of discontinuing operation written down - (84.97) (84.97) - (2432.93) (2432.93)
Add/(Less): Inventory on liquidation of business - - - - (702.83) (702.83)
Closing Stock:
Goods-in-Process 12461.37 2195.17 14656.54 10659.20 1938.11 12597.31
Accumulated cost on conversion contracts 169.45 - 169.45 190.55 - 190.55
36916.60 3261.48 40178.08 42182.69 4138.82 46321.51
(Increase)/Decrease in Stocks 5474.32 688.25 6162.57 (3036.37) 1247.62 (1788.75)

Add/(Less): Variation in excise duty on opening and
closing stock of finished goods (10.85) 25.47 14.62 (13.71) (15.61) (29.32)
Per Profit and Loss Account 5463.47 713.72 6177.19 (3050.08) 1232.01 (1818.07)
SCHEDULE 13 - EMPLOYMENT COSTS

Salaries, Wages, Bonus, etc. 35488.86 2866.85 38355.71 34548.08 5773.52 40321.60
Contribution to Provident and Other Funds 2317.50 133.28 2450.78 2229.45 361.30 2590.75
Workmen and Staff Welfare Expenses 1778.79 221.04 1999.83 1711.12 438.56 2149.68
SCHEDULE 14 - ADMINISTRATIVE, SELLING AND GENERAL EXPENSES

Insurance (Net) 270.81 86.82 357.63 368.13 126.92 495.05
Rent 10655.32 237.70 10893.02 11091.24 362.33 11453.57
Lease Rentals 14.14 - 14.14 19.26 - 19.26
Rates and Taxes 328.22 36.78 365.00 297.63 55.65 353.28
Advertisement 9767.34 0.03 9767.37 11803.49 120.05 11923.54
Commission to Selling Agents 6889.42 314.75 7204.17 6408.70 538.39 6947.09
Freight, Octroi, etc. 2946.86 666.70 3613.56 2665.34 1214.55 3879.89
Bad Debts, Advances and Claims written off 924.11 12.28 936.39 126.87 143.82 270.69
Provision for Doubtful Debts, Advances and Claims 105.76 14.15 119.91 25.60 453.74 479.34
Miscellaneous Expenses 18160.67 1441.98 19602.65 20378.79 2920.64 23299.43
Loss /(Gain) on sale/discardment of fixed assets(Net) 387.60 15.00 402.60 223.94 376.75 600.69
Provision for diminution in value of Investments - - - 1313.56 - 1313.56
Contribution to Charitable Funds, etc. 152.47 - 152.47 20.82 - 20.82
Directors’ fees 47.41 - 47.41 9.04 - 9.04
SCHEDULE 15 - FINANCE CHARGES

Interest on Debentures and Fixed Loans(Net) 7382.58 1666.09 9048.67 5222.65 2504.55 7727.20
Interest - Others 3737.13 26.90 3764.03 4925.34 138.04 5063.38
11119.71 1692.99 12812.70 10147.99 2642.59 12790.58

Discount on issue of “Commercial Papers” - - - 90.13 - 90.13
Commitment and other charges on Loans 34.41 82.48 116.89 257.79 139.71 397.50
74
CMYK
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
2010 2009
Raymond Limited with its following Subsidiaries, Joint Ventures (and its subsidiaries),
Associates (it’s Subsidiaries and Joint Ventures) :
(a) Claims against the Company not
Name Country of Proportion of acknowledged as debts in respect of
Incorporation Ownership Interest past disputed liabilities of the Cement
and Steel Divisions divested during
As on 31st As on 31st the year 2000-2001, Carded Woollen
March 2010 March 2009 business divested during the year
A. Subsidiaries 2005-2006 and Denim Division
Indian Subsidiaries: divested during the year 2006-07.
(interest thereon not ascertainable at
(a) Raymond Apparel Limited India 100% 100% present) 2535.88 2539.94
(b) Pashmina Holdings Limited India 100% 100% (b) Claims against the Companies not
acknowledged as debts (including
(c) Everblue Apparel Limited India 100% 100% share of Joint Ventures Rs . Nil ;
(d) J K Files (India ) Limited Previous Year Rs. 416.52 lacs) 2332.99 2494.99
(formerly Hindustan Files Limited) India 100% 100% (c) Bills Discounted with the Company’s
(e) Colorplus Fashions Limited India * 100% * 100% bankers. (including share of Joint
Ventures Rs. 1080 Lacs ; Previous Year
(f) Silver Spark Apparel Limited India 100% 100% Rs. 1001.22 lacs) 2933.67 6478.35
(g) Celebrations Apparel Limited India 100% 100% (d) On account of guarantees given and
(h) Scissors Engineering Products Limited India 100% 100% also on account of the indemnities
issued by the Company to the
(i) Ring Plus Aqua Limited India $ 88.47% $ 88.47% Acquirer of shares of Recron
(j) JK Talabot Limited India # 90% 90% Synthetics Limited pursuant to an
agreement. — 342.70
(k) Raymond Woollen Outerwear Limited India 99.90% 99.90%
(e) On account of corporate guarantee
(l) Solitaire Fashions Limited to the bankers, vendors on behalf of
(Formerly GAS Apparel Limited) India ** 100% @ - subsidiaries for facilities availed by
(From October 1, 2009) them. 7371.85 8724.00
* Held by Raymond Apparel Limited (f) Disputed demand in respect of
Income-tax etc. (interest thereon not
$ Held by Scissors Engineering Products Limited
ascertainable at present.) 2220.93 862.73
# Held by J K Files ( India) Ltd. (g) Bonds/Undertakings given by the
** 50% each held by Raymond Apparel Limited and Raymond Limited Company under concessional duty/
exemption scheme to Customs
@ Joint Venture in the previous year
authorities (including share of Joint
Foreign Subsidiaries: Ventures Rs. 418.18 lacs; Previous year
Rs. 914.00 lacs.) 11660.96 11200.98
(a) Jaykayorg AG Switzerland 100% 100%
(h) Disputed liability towards Excise Duty
(b) J.K. (England) Limited United Kingdom 100% 100% on Post Removal of Goods from the
(c) Regency Texteis Portuguesa, Limitada Portugal 100% 100% place of manufacture. 2118.90 2118.90
(d) R&A Logistics Inc. United States * 100% * 100% (i) Disputed Excise Duty Liability in
of America respect of other matters. 2378.16 7330.57
{(Includes Rs. 645.10 Lacs (Previous
* Held by Ring Plus Aqua Limited Year Rs. 5750.83 Lacs) on account of
B. Joint Ventures and its subsidiaries denial of excise exemption benefit)
(including share of joint venture Rs.
(a) Raymond Zambaiti Limited (formerly 1.35 Lacs; Previous year Nil)}
Raymond Zambaiti Private Limited) India 50% 50%
(j) Lia bility on account of jute
(b) Raymond UCO Denim Private Limited packaging obligation upto 30th June,
(and its subsidiaries) India 50% 50% 1997, in respect of the Company’s
(c) Rose Engineered Products India India & 50% & 50% erstwhile Cement Division, under the
Private Limited Jute Packaging Materials
(Compulsor y use in packing
(d) Rayves Automotive Textile Company India # 33.33% # 50% Commodities) Act, 1987. Amount not determinable
Private Limited
(k) Guarantees issued by the Bankers 81.86 17.03
(e) GAS Apparel Limited India @ 50% @ 50%
(upto September 30, 2009) (l) Company’s liabilities/obligations
pertaining to the period upto the
& Held by Ring Plus Aqua Limited (Subsidiary date of transfer of the Company’s
of Scissors Engineering Products Limited) erstwhile Steel, Cement, Carded
# Held by Silver Spark Apparel Limited Woollen and Denim Divisions in
respect of which the Company has
@ Held by Colorplus Fashions Limited given undertaking to the acquirers. Amount not determinable
C. Associates and its Subsidiaries and Joint Ventures : (m) Share in the Contingent Liabilities of
(a) P.T. Jaykay Files Indonesia Indonesia $ 39.20% $ 39.20% an Associate 678.66 669.36
(b) J.K. Investo Trade (India) Limited India 47.66% 47.66% (n) Estimated liability for tax matters of
(c) J.K. Helene Curtis Limited India + 100% + 100% foreign subsidiary 497.42 —
(d) J.K. Ansell Limited India + 50.00% + 50.00% B. Estimated amount of contracts remaining
to be executed on capital account and
(e) Radha Krshna Films Limited India 29.41% 29.41% not provided for (net of advances)
$ Includes 15.20% equity shares held by Jaykayorg AG. [including Rs. 0.09 lacs (Previous year
+ Held by J K Investo Trade ( India) Limited Rs.Nil ) being share in an Associate
Company] [including share of Joint
2. Significant Accounting Policies and Notes to these Consolidated Financial Ventures Rs. 215.94 lacs (Previous year
Statements are intended to serve as a means of informative disclosure and a guide Rs. 58.96 lacs)] 4801.51 7608.63
to better understanding the consolidated position of the Companies. Recognising C. The Company along with the Joint
this purpose, the Company has disclosed only such Policies and Notes from the Venture Partner has under taken to
individual financial statements, which fairly present the needed disclosures. additionally fund RUDPL in case it fails to
3. The Company has, during the year, discontinued manufacturing operations at its meet certain covenants of the Facility
textile plant at Thane. The Company has, at the close of the year, assessed carrying cum Hypothecation Agreement entered
value of fixed assets retired from active use based on valuation by experts. On the into with a Bank. Further the Company
has alongwith its Joint Venture Partner,
basis of such valuations, there is no impairment on the carrying value of fixed assets.
pledged its entire shareholding in RUDPL
Certain workmen have accepted the voluntary retirement schme offered by the
with a bank, as security for loan taken by
Company. The Company is in discussion with balance workmen for an amicable a subsidiary of RUDPL to meet employee
settlement. separation costs.
75
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Year ended Year ended 10. The disclosures with respect to these discontinuing operations are as under:
2010 2009 Subsidaries of Raymond Uco Denim Private Limited
(Rs. in lacs) (Rs. in lacs) 2009-10 2008-09
5. Prior period adjustments represent:
Total Assets at the close of the year 677.10 1805.82
Debits relating to earlier years 223.01 212.73 Total Liabilities at the close of the year 1926.39 4517.19
Credits relating to earlier years (66.46) (53.62) Revenue from ordinary activities — 12039.64
Depreciation/Amortisation adjustments (net) 20.53 (3.30) Expenses from ordinary activities — 15687.07
177.08 155.81 Loss from post closure activity of (USI) (223.29) —
6. Exceptional Items: Net Cash flows:

Operating Activity 215.20 (1456.58)
(a) VRS/Termination payments (3752.68) (348.75) Investing Activity 361.84 1869.62
(b) Provision for social obligation, impairment Financing Activity (587.43) (651.84)
of assets of subsidiaries of Raymond Uco
Denim Company Private Ltd. a Joint 11. Related parties disclosures:
Venture of the Company (3537.69) —
1. Relationships:
(c) Closure of operations by two subsidiaries (a) Joint Ventures:
of Raymond Uco Denim Private Limited,
a Joint Venture Company(Refer Note 9 (a)) — (10314.30) Raymond Zambaiti Limited (formerly Raymond Zambaiti Private Limited)
GAS Apparel Ltd. (upto 30.09.2009)
(d) Gain / (Loss) on Joint Venture becoming
Subsidiaries (Net) 115.09 (670.76) Rose Engineered Products India Pvt. Ltd.
Raymond Uco Denim Private Limited
(e) Loss upon liquidation of a subsidiary
(Raymond Europe Srl). — (20.97) Rayves Automotive Textiles Co. Pvt. Ltd.
(f) Loss upon liquidation of a subsidiary (b) Related parties where company has significant influence:
(Regency) (Refer Note 9 (b)) (1084.04) — J.K. Investo Trade (India) Limited
(g) Profit on sale of investment in Joint Venture 11.01 — P. T. Jaykay Files Indonesia
J.K. Helene Curtis Limited
(8248.31) (11354.78) J.K. Ansell Limited
J.K. Investors (Bombay) Limited
7 Deferred Tax: As at As at As at
31-3-2010 31-3-2009 31-3-2008 Radha Krshna Films Limited
(Rs. in lacs) (Rs. in lacs) (Rs. in lacs) (c) Key Management Personnel, their relatives and their enterprises where
(a) Deferred Tax Liability on account of: transactions have taken place:
Depreciation (net) 12620.22 13726.91 11506.21 Dr. Vijaypat Singhania
Others — — 318.26 Mrs. Asha Devi Singhania
12620.22 13726.91 11824.47 Mr. Gautam Hari Singhania
Mr. Desh Deepak Khetrapal (w.e.f. 20/06/2009).
(b) Deferred Tax Asset on account of: Silver Soaps Private Limited
(i) VRS payments 940.79 346.22 561.76 Avani Agricultural Farms Private Limited
(ii) Employee benefits 1397.26 1664.67 1519.88
Note: Related party relationship is as identified by the Company and relied
(iii) Taxes, Duties, Cess, etc. 208.12 218.65 215.23
upon by the Auditors.
(iv) Provision for doubtful debts, etc. 409.44 405.32 135.60
(v) Provision for diminution in value of 2. Transactions carried out with related parties referred in 1 above, in ordinary
investments 0.98 7.42 0.78 course of business:
(vi) Unabsorbed depreciation and losses* 7455.07 8168.96 2908.20
(Rs. in lacs)
(vii) Others 89.97 161.42 46.57
Related Parties
10501.63 10972.66 5388.02 Nature of transactions Referred in Referred in Referred in
1(a) above 1(b) above 1(c) above
Deferred Tax (Net) 2118.59 2754.25 6436.45
Current Previous Current Previous Current Previous
* As a matter of prudence, unabsorbed depreciation and losses have been year year year year year year
recognised only to the extent there is Deferred Tax Liability. Purchases:
8. Variation between the Accounting Policies followed by various entities within the Goods and Materials 3081.63 2451.04 1204.34 1048.16 — —
group: Fixed Assets — 6.78 — — — —
(a) The foreign subsidiaries, listed in Note 1A above, have not accounted for Sales:
deferred taxation. Goods and Materials 765.72 782.57 196.53 520.75 — —
(b) Accounting for improvements to Leasehold Premises by Raymond Limited is in Fixed Assets — 36.27 — — — —
variation to the methods adopted by other entities in the group. Expenses:
Rent and other service
The impact of the above, in the opinion of the management, would not be
charges 1.10 1.20 204.00 962.58 40.80 40.80
significant.
Job Work Charges — 257.92 615.91 — — —
9. Following subsidiaries which are included in textile segment have discontinued Agency Commission — — 808.37 642.27 — —
their operations for the reasons stated therein: Remuneration — — — — 482.80 427.78
(a) Subsidiaries of Raymond UCO Denim Private Limited have closed their Interest paid — — 21.10 21.10 — —
operations: Professional Fees — — — — 132.36 134.59
(i) UCO Sportswear International NV (Belgium) [USI] had opted for voluntary Directors’ Fees — — — — 2.00 1.40
liquidation under the local Belgian laws and the operations were closed in Other reimbursement 655.36 57.94 150.04 16.27 — —
December 2008. Accordingly, the financial statements of this subsidiary have Income:
not been consolidated after December 2008. The net investment in this Rent and other service
subsidiary has been reduced to Nil. Further, based on the expected realization charges 17.87 19.66 67.10 42.40 — —
of assets (as per the respective valuators reports), which is subject to Interest and dividend
uncertainties of realization, a sum of Rs. 1640.67 lacs was provided in the received 0.77 506.58 — 2.36 — —
previous year. Further during the year Rs. 1784.10 lacs has been provided for Other Receipts:
the estimated amount of the liabilities towards social obligation. Deputation of staff 67.89 136.67 280.90 212.46 — —
(ii) UCO Fabrics Inc (USA) [UFI] based on its decision in September 2008 has Other reimbursement 1558.66 1613.76 136.75 50.45 — —
closed its plants in December 2008. The assets of this subsidiary are being Finance:
liquidated and liabilities are being settled. The assets of the Company have Loans and Advances
been reduced to the lower of estimated realizable value (based on the given — — — — — —
management’s estimate) and book value and the fixed assets have been Investments 620.86 1387.10 — — — —
grouped under ‘Other Current Assets’ in Schedule 6 as “Assets held for
Outstandings:
disposal”. During the year, the company sold one of its plant and the sale
of second plant is expected to be completed by September 2010. Payable 800.26 1241.63 712.65 409.25 5.67 —
Receivable 666.61 825.96 30.09 350.67 — —
(b) Regency Texteis Portugesa, Limitada (Regency) wholly owned subsidiary of Agency Deposits
Raymond Ltd has filed insolvency petition in a court under the local Portugal received — — — 211.02 — —
laws and the operations were closed in September 2009. Accordingly, the
Loans and Advances
financial statements of this subsidiary have not been consolidated after
September 2009. The net investment in this subsidiary has been reduced to Nil. given — 3665.23 — — — —
Property Deposits paid 1.00 1.00 2935.85 2935.85 50.00 50.00
The auditors have, under these circumstances and uncertainties of realisability, Property Deposits
placed reliance on the Management’s judgement and have accepted the received 1.00 — — — — —
same for the purpose of these financial statements.
76
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12. 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 122679.88 110248.74 71356.06 77547.65 20796.95 21604.41 25719.11 35176.57 8740.54 9557.21 1490.32 1814.12 - - 250782.86 255948.70
Inter-Segment Revenue 2349.59 2985.71 513.41 13.92 8.51 59.11 - - - - 61.90 348.87 (2933.41) (3407.61) - -
Total Revenue 125029.47 113234.45 71869.47 77561.57 20805.46 21663.52 25719.11 35176.57 8740.54 9557.21 1552.22 2162.99 (2933.41) (3407.61) 250782.86 255948.70
Segment Result 16322.59 14426.94 4987.69 2459.82 2805.77 3069.29 (123.17) (5809.55) 714.76 285.29 (2067.80) (1866.97) 74.35 381.98 22714.19 12946.80
(Less):
Minority Interest - - - - (1.02) (27.37) - (59.93) (32.00) - (60.95) (59.37)
16322.59 14426.94 4987.69 2459.82 2804.75 3041.92 (123.17) (5809.55) 654.83 253.29 (2067.80) (1866.97) 74.35 381.98 22653.24 12887.43
Unallocated income/
(expenses) (Net) (7604.12) (17567.19)
Finance charges (12929.59) (13278.21)
Interest Income 1961.06 4076.93
Exceptional Items (8248.31) (11354.78)
Excess/(Short) provision for tax
in respect of earlier years (21.09) 0.95
Provision for Taxes (1085.18) 2044.27
Share of Profit in Associate
Companies 679.35 402.88
Net Profit (4594.65) (22787.72)
Other Information:
Segment Assets 148743.47 155259.13 54190.75 61591.42 10737.10 10527.15 26049.61 29563.73 7264.62 6844.20 9942.00 11362.36 (1877.70) (2234.81) 255049.83 272913.18
Unallocated assets 95673.18 98505.92
Total Assets 350723.01 371419.10
Segment Liabilities 30392.10 30590.93 8749.95 13007.21 4688.90 4196.76 10557.99 8865.86 2046.53 1397.39 251.68 401.19 (1904.18) (1259.00) 54782.97 57200.34
Minority Interest - - 81.16 80.56 652.93 593.00 - 734.09 673.56
Unallocated Liabilities 177618.51 191883.65
Total Liabilities 233135.57 249757.55
Capital Expenditure
Segment capital expenditure 2476.34 40207.54 1716.79 4816.52 6175.47 311.44 277.05 4647.90 430.28 629.68 3.06 152.50 - - 11078.98 50765.58
Unallocated capital expenditure 2226.42 4363.08
Total capital expenditure 13305.40 55128.66
Depreciation and Amortisation:
Segment depreciation and
amortisation 9978.82 7560.69 2811.54 3101.76 383.47 360.97 2088.03 3205.67 510.16 441.87 656.76 678.14 - - 16428.78 15349.10
Unallocated depreciation and
amortisation 1225.05 1306.13
Total depreciation and amortisation 17653.83 16655.23
Significant Non Cash Expenditure:
Segment Significant Non Cash
Expenditure - - 126.95 427.00 - - - - 26.48 7.16 - - - - 153.43 434.16
Unallocated non cash expenditure 1313.56
Total Significant Non Cash
Expenditure 153.43 1747.72
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 199137.15 184739.74 51645.71 71208.96 250782.86 255948.70
Carrying cost of segment assets 240309.67 256908.76 14740.16 16004.42 255049.83 272913.18
Additions to Fixed Assets and Intangible Assets 11073.00 45799.33 5.98 4966.25 11078.98 50765.58
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.
77
CMYK
As at As at CONSOLIDATED FINANCIAL STATEMENTS

ANNEXURE I
2010 2009
(Rs. in lacs) (Rs. in lacs) STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES
13. Investments in equity shares of Associates: (annexed to and forming part of the Accounts for the year ended 31st March, 2010)
(a) P.T. Jaykay Files Indonesia 134.71 134.71 I. BASIS OF PREPARATION OF FINANCIAL STATEMENTS :
Add: Share of accumulated reserves/profits 381.19 398.03 (i) The financial statements of the subsidiaries used in the consolidation are drawn
upto the same reporting date as that of the Parent Company, i.e. year ended
Add: Share of current profits (0.33) 30.51 31st March. The foreign subsidiaries follow January to December as their
financial year. In the case of these foreign subsidiaries the Company has
515.57 563.25
redrawn their financial statements for the year ended 31st March.
Less: Exchange fluctuation on opening
retained earnings 0.66 47.35 (ii) The financial statements have been prepared under the historical cost
convention on the accrual basis of accounting. The accounts of the Parent
514.91 515.90 Company, Indian Subsidiaries and Joint Venture Companies have been
prepared in accordance with the Indian Accounting Standards and those of
(b) J.K. Investo Trade (India) Limited 326.12 326.12 the foreign subsidiaries have been prepared in accordance with the local
Add: Share of accumulated reserves/profits 2721.12 2397.35 laws and the applicable Accounting Standards/generally accepted
accounting principles.
Add: Share of current profits 671.58 323.77
II. PRINCIPLES OF CONSOLIDATION :
3718.82 3047.24 (i) The financial statements of the Parent Company and its subsidiaries have been
(c) Radha Krshna Films Limited (including consolidated on a line-by-line basis by adding together the book values of
like items of assets, liabilities, income and expenses, after eliminating intra-group
goodwill Rs.18.22 lacs ).
balances, intra-group transactions and the unrealised profits.
* Being provision made for diminution in the
(ii) The financial statements of the Parent Company and its subsidiaries have been
value of investments * * consolidated using uniform accounting policies excepting the revaluation of
assets by companies referred above. Further, accounting for improvements to
Year ended Year ended Leasehold Premises by Raymond Limited is in variation to the methods adopted
31st March, 31st March, by other entities in the group.
2010 2009
(iii) The excess of the cost to the Parent Company of its investments in each of the
(Rs. in lacs) (Rs. in lacs) subsidiaries over its share of equity in the respective subsidiary, on the acquisition
date, is recognised in the financial statements as goodwill and amortised over
14. Computation of Profit for Earnings per Share: a period of ten years. Fluctuation to goodwill in respect of foreign subsidiary
arising subsequent to acquisition, on translation at the year end rate, is included
Profit/(Loss) for the year after tax (5014.88) (22976.37) in the currency fluctuation reserve
Add/(Less): Prior period adjustments (177.08) (155.81) III. RECOGNITION OF INCOME AND EXPENDITURE :
Minority Interest (60.95) (59.37) (i) Revenues/Incomes and Costs/Expenditure are generally accounted on
Share of tax on dividends (8.10) (48.60) accrual, as they are earned or incurred.
(Short)/Excess provision for tax (21.09) 0.95 (ii) Compensation to employees under Voluntary Retirement Scheme (VRS) is
written off in the year in which incurred.
Share of Profit in Associate Companies 679.35 402.88
IV. FIXED ASSETS :
Profit including Exceptional Items (4602.75) (22836.32) The fixed assets of the Parent Company (other than livestock) and other subsidiaries
Add /(Less): Exceptional Items (net of tax) 7001.67 10482.31 are stated at cost, less accumulated depreciation/amortisation (other than
freehold land where no depreciation is charged). Livestock are stated at book
Profit excluding Exceptional Items 2398.92 (12354.01) value.
Weighted average number of Equity Shares V. METHOD OF DEPRECIATION AND AMORTISATION :
outstanding during the year 61,380,853 61,380,853 (i) Depreciation on Fixed Assets is provided :
Nominal value per Share in Rupees 10.00 10.00 (a) By Indian Companies - on WDV/SLM method and at rates under the
Companies Act, 1956.
Basic and diluted earnings per share including
exceptional items (in Rs.) (7.50) (37.21) (b) By foreign subsidiaries - on methods and at rates permissible under
Basic and diluted earnings per share excluding applicable local laws or at such rates so as to write off the value of assets
over its useful life.
exceptional items (net of tax) (in Rs.) 3.91 (20.13)
(ii) Cost of technical know-how capitalised is amortised over five years.
15. 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
16. 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.
For and on behalf of
DALAL & SHAH H. SUNDER GAUTAM HARI SINGHANIA VI. INVESTMENTS :
Firm Registration President-Finance and Chairman and Managing Director Investments are classified into Current and Long-term Investments. Current
Number 102021W Chief Financial Officer investments are stated at the lower of cost and fair value. Long-term Investments
Chartered Accountants are stated at cost. A provision for diminution is made to recognise a decline, other
than temporary, in the value of Long-term Investments.
SHISHIR DALAL THOMAS FERNANDES P. K. BHANDARI
Partner Director-Secretarial & Director VII. VALUATION OF INVENTORIES :
Membership No. 037310 Company Secretary (i) The inventories resulting from intra-group transactions have been stated at
cost after deducting unrealised profit on such transactions.
(ii) Goods in transit are stated ‘at cost’.
(iii) 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”
78
CMYK
VIII. FOREIGN CURRENCY TRANSLATIONS : XII TAXATION :

For the purpose of consolidation, the amounts appearing in foreign currencies in (i) Indian Companies - Income-tax expense comprises current tax and deferred
the Financial Statements of the foreign subsidiaries are translated at the following tax charge or credit. Provision for current tax is made on the basis of the taxable
rates of exchange: income at the tax rate applicable to the relevant assessment year. The deferred
tax asset and deferred tax liability is calculated by applying tax rate and tax
(a) Average rates for the incomes and expenditure. laws that have been enacted or substantively enacted by the Balance Sheet
(b) The year-end rates for the assets and liabilities. date. Deferred tax assets arising mainly on account of brought forward losses
and unabsorbed depreciation under tax laws, are recognised, only if there is
IX. FOREIGN CURRENCY TRANSACTIONS BY INDIAN COMPANIES : a virtual certainty of its realisation, supported by convincing evidence. Deferred
(i) All transactions in foreign currency, are recorded at the rates of exchange tax assets on account of other timing differences are recognised only to the
prevailing on the dates when the relevant transactions take place; 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
(ii) Monetary items in the form of Loans, Current Assets and Current Liabilities in
realisation.
foreign currency, outstanding at the close of the year, are translated in Indian
Currency at the applicable rates of exchange prevailing on the date of the (ii) J.K. (England) Limited - Provision is made for taxation deferred as a result of
Balance Sheet. Resultant gain or loss is accounted during the year; material timing differences between the incidence of income and expenditure
for taxation and accounts purposes, using the liability method, only to the
(iii) In respect of Forward Exchange contracts entered into to hedge foreign extent that, in the opinion of the Directors, there is a reasonable probability
currency risks, the difference between the forward rate and exchange rate at that a liability or asset will crystallise in the near future.
the inception of the contract is recognized as income or expense over the life
of the contract. Further, the exchange differences arising from translation at (iii) Other foreign subsidiaries do not recognise the deferred tax assets/liabilities.
the year end rate on such contracts are recognised as income or expense XIII IMPAIRMENT OF ASSETS:
along with the exchange differences on the underlying assets / liabilities. Further, The carrying amounts of assets are reviewed at each Balance Sheet date if there
in case of other contracts with committed exchange rates, the assets/liabilities is any indication of impairment based on internal/ external factors. An asset is
are accounted at the rate so committed. Profit or loss on cancellations / impaired when the carrying amount of the asset exceeds the recoverable amount.
renewals of forward contracts is recognised during the year. In case of option An impairement loss is charged to the Profit & Loss Account in the year in which
contracts, the losses are accounted on mark to market basis. an asset is identified as impaired. An impairment loss recognised in prior accounting
X. EMPLOYEE BENEFITS : periods is reversed if there has been change in the estimate of the recoverable
amount.
Defined Contribution Plans such as Provident Fund etc., are charged to the Profit
and Loss Account as incurred.Defined benefit Plans - The present value of the XIV.GOVERNMENT GRANTS:
obligation under such plan, is determined based on an actuarial valuation using Grants received against specific fixed assets are adjusted to the cost of the assets
the Projected Unit Credit Method, Actuarial gains and losses arising on such and those in the nature of promoter’s contribution are credited to capital Reserve.
valuation are recognised immediately in the Profit and Loss Account. In case of Revenue Grants are recognised in the Profit and Loss Account in accordance
funded defined benefit plans the fair value of the plan assets is reduced from the with the related scheme and in the period in which these are accrued.
gross obligation under the defined benefit plans, to recognise the obligation on XV. PROVISIONS:
net basis.Other Long term Employee Benefits are recognised in the same manner
A provision is recognised when there is a present obligation as a result of a past
as Defined Benefit Plans.Termination benefits are recognised as and when incurred.
event, that probably requires an outflow of resources and a reliable estimate can
XI BORROWING COSTS be made to settle the amount of obligation. Provision is not discounted to its present
Interest and other borrowing costs attributable to qualifying assets are value and is determined based on the last estimate required to settle the obligation
capitalised.Other interest and borrowing costs are charged to revanue. at the year end. These are reviewed at each year end and adjusted to reflect the
best current estimate.
DETAILS OF BALANCE SHEET AS AT 31ST MARCH, 2010 AND INCOME AND EXPENDITURE FOR THE YEAR ENDED
31ST MARCH, 2010 OF SUBSIDIARY COMPANIES
Indian Subsidiaries (Rs. in lacs) Foreign Subsidiaries (Rs. in lacs)

Raymond Pashmina Everblue JK Files Colorplus Silver Celebrations Scissors Ring Plus Raymond JK Solitaire Raymond Jaykayorg Regency R&A
Particulars Apparel Holdings Apparel (India) Fashions Spark Apparel Engineering Aqua Woollen Talabot Fashions (Europe) AG Texteis Logistics
Limited Limited Limited Limited Limited Apparel Limited Products Limited Outerwear Limited Limited Limited (Switzerland) Portuguesa, Inc.(United
Limited Limited Limited (United Limitada States of
Kingdom) (Portugal) America)
in (Rs.)
1. Share Capital 3630.00 74.00 1500.00 3074.07 498.00 1700.00 271.00 2743.05 760.66 1696.00 805.44 3700.00 0.03 0.98 - 0.14
2. Reserves and Surplus 9125.69 776.09 (1273.11) 1036.75 6919.35 99.43 (50.77) (27.51) 4866.01 (3072.09) 61.35 (5094.14) 136.39 2190.45 - 39.43
3. Miscellaneous Expenditure - - - - - - - - - - - - - - -
to the extent not written off
4. Total Assets 31773.62 1160.53 4126.89 14832.48 11386.98 8206.28 2655.90 2715.82 8290.81 4429.36 1988.85 129.12 342.12 2289.94 - 318.55
5. Total Liabilities @ 19017.93 310.44 3900.00 10721.66 3969.63 6406.85 2435.67 0.28 2664.14 5805.45 1122.06 1523.26 205.70 98.51 - 278.98
6. Details of Investments
- Government Securities 0.01 - - - - - - - - 0.20 - - - - -
- Shares (excluding 8.05 13.81 - - - - - - 693.20 - - - - - -
subsidiaries)
- Mutual Funds - 25.41 - - - - - - 253.59 - - - - 296.59 - -

7. Turnover and 40188.49 31.12 753.91 13539.07 15553.19 8475.62 1771.39 8015.26 4696.70 1651.11 2790.21 1023.15 713.75 2216.31 795.53
Other Income
8. Profit Before Taxation 870.46 3.47 214.63 765.14 (405.46) 637.93 258.28 (0.34) 782.50 (143.77) 114.89 1836.31 (113.75) (502.58) (554.24) 4.35
9. Provision for Taxation * 325.19 8.26 - 307.32 (65.32) 332.09 49.61 - 274.61 0.17 31.87 168.89 (11.45) 1.28 - 0.91
10. Profit After Taxation 545.27 (4.79) 214.63 457.82 (340.14) 305.84 208.67 (0.34) 507.89 (143.94) 83.02 1667.42 (125.20) (503.86) (554.24) 3.43
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, 2010 as follows: Pound Sterling = Rs.68.03, Swiss Francs = Rs.42.42, Euro = Rs.60.56 and US Dollars = Rs. 45.14;
b) Item Nos. 7 to 10 are translated at annual average exchange rates as follows: Pound Sterling = Rs.75.81, Swiss Francs = Rs.44.62, Euro = Rs.67.06 and US Dollars = Rs. 47.41.
The above details have been annexed in terms of Letter No.47/167/2010-CL-III dated April 23, 2010 issued by Government of India, Ministry of Corporate Affairs under Section 212(8) of the Companies Act, 1956.
79
CMYK
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 . 1 0
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 4 4 6 6 6 9 5 Total Assets 2 4 4 6 6 6 9 5
SOURCES OF FUNDS APPLICATION OF FUNDS
Paid-up Capital 6 1 3 8 0 8 Net Fixed Assets 9 8 2 0 6 1 3
Reserves & Surplus 1 1 1 1 5 2 9 9 Investments 8 9 1 7 8 5 6
Secured Loans 7 5 6 9 5 6 1 Net Current Assets 5 7 2 8 2 2 6
Unsecured Loans 4 9 5 7 5 2 4 Misc. Expenditure N I L
Deferred Tax Liability 2 1 0 5 0 3 Accumulated Losses N I L
IV. PERFORMANCE OF COMPANY (AMOUNT IN RS. THOUSANDS)
Turnover 1 4 2 7 0 6 4 8 Total Expenditure 1 4 0 8 3 2 9 0
Profit Before Tax 2 0 0 4 3 4 Profit After Tax 2 6 3 6 5 1
Earning per Share in Rs. 4 . 0 8 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
80
CMYK
CMYK
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DIRECTOR – SECRETARIAL & COMPANY SECRETARY

DIRECTORS’ REPORT & MANAGEMENT DISCUSSION AND ANALYSIS

4. SEGMENT ANALYSIS AND REVIEW

6. PERFORMANCE OF SUBSIDIARY COMPANIES

7. PERFORMANCE OF JOINT VENTURES

for and on behalf of the Board

Gautam Hari Singhania

Annexure (1) to the Directors’ Report

CORPORATE GOVERNANCE REPORT

Dr. Vijaypat Singhania,

Shri Nana Chudasama

Shri I. D. Agarwal 2,00,000 Nil

Shri Nabankur Gupta 3,90,000 Nil

Shri P. K. Bhandari 3,30,000 303

Shri Shailesh V. Haribhakti

Shri Pradeep Guha

5. SHAREHOLDERS’ / INVESTORS’ GRIEVANCE COMMITTEE:

Compliance with the Code of Business Conduct and Ethics

For Raymond Limited

Gautam Hari Singhania

CEO / CFO Certification

For Raymond Limited For Raymond Limited

Gautam Hari Singhania H. Sunder

AUDITORS’ CERTIFICATE REGARDING COMPLIANCE OF CONDITIONS OF CORPORATE GOVERNANCE

For Dalal & Shah

MONTH BSE NSE

Stock Performance (Indexed) :

SHARE PRICE ON BSE

Registrar and Share Transfer Agent :

Distribution of shareholding as on March 31, 2010:

Shareholding Pattern as on March 31, 2010:

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

PHYSICAL SHARES DEMAT SHARES DEBENTURES AND FIXED DEPOSITS

AUDITORS’ REPORT TO THE MEMBERS OF RAYMOND LIMITED

For Dalal & Shah

ANNEXURE TO AUDITORS’ REPORT

Nature of dues Amount Period to which Forum where the

For Dalal & Shah

BALANCE SHEET AS AT 31ST MARCH, 2010

Current Assets, Loans and Advances: 6

As per our Report of even date

For DALAL & SHAH H. SUNDER GAUTAM HARI SINGHANIA

Shishir Dalal THOMAS FERNANDES P. K. BHANDARI

Mumbai, 27th April, 2010 Mumbai, 27th April, 2010

As per our Report of even date

For DALAL & SHAH H. SUNDER GAUTAM HARI SINGHANIA

Shishir Dalal THOMAS FERNANDES P. K. BHANDARI

Mumbai, 27th April, 2010 Mumbai, 27th April, 2010

As per our Report of even date

Shishir Dalal THOMAS FERNANDES P. K. BHANDARI

Mumbai, 27th April, 2010 Mumbai, 27th April, 2010

31st March, 2010 31st March, 2009

Issued and Subscribed :

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

SCHEDULE 1A - SHARE WARRANTS

SCHEDULE 2 - RESERVES AND SURPLUS

SCHEDULE 3 - LOAN FUNDS 31st March, 2010 31st March, 2009

(a) Secured Loans:

(b) Unsecured Loans:

SCHEDULE 4 - FIXED ASSETS

31st March, 2010 31st March, 2009