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Notes to Accounts of Raymond Ltd.

Mar 31, 2014

1. Related party disclosures

1. Relationships:

(a) Subsidiary Companies:

Pashmina Holdings Limited

Everblue Apparel Limited

Jaykayorg AG

Raymond (Europe) Limited

JK Files (India) Limited

Colorplus Fashions Limited

Silver Spark Apparel Limited

Celebrations Apparel Limited

Ring Plus Aqua Limited

Trinity India Limited

Raymond Woollen Outerwear Limited

R & A Logistics Inc.,

Scissors Engineering Products Limited

JKTalabot Limited

Raymond Apparel Limited

Raymond Zambaiti Limited (w.e.f.18.09.2013)

(b) Joint Ventures and Jointly controlled entities :

Raymond Zambaiti Limited (till 17.09.2013)

Rose Engineered Products India Private Limited

Raymond UCO Denim Private Limited and its subsidiaries/Joint Venture

UCO Fabrics Inc.and its Subsidiaries

UCO Testatura S.R.L.

UCO Raymond Denim Holding NV

(c) Associates:

J.K. Investo Trade (India) Limited

P. T. Jaykay Files Indonesia

J.K. Helene Curtis Limited

J.K. Ansell Limited

Radha Krshna Films Limited

(d) Other related Party:

J.K. Investors (Bombay) Limited

(e) Key Management Personnel:

Shri Gautam Hari Singhania

Shri hi. Sunder

(t) Relatives of key management personnel and their enterprises where transactions have taken place:

Dr. Vijaypat Singhania (Father of Shri Gautam Hari Singhania)

Silver Soaps Private Limited

Avani Agricultural Farms Private Limited.

Smt. Meenakshi Sunder (Wife of Shri H. Sunder)

Note : Related party relationship is as identified by the Company and relied upon by the Auditors.

2. 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.

3. Demerger

During the previous year, the Scheme of Arrangement ("the Scheme") between Raymond Woollen Outerwear Limited (RWOL) and the Company as approved by the Hon''ble High Court of Bombay, which became effective on 12th March 2013 was given effect to as under:

a) All Assets and Liabilities of Jalgaon Unit of RWOL (Textile Undertaking) as at 1st April 2012 were transferred to the Company at their respective book values as under:

b) Loans and Advances and other dues amounting to Rs. 1128.64 lacs between the Company and RWOL were cancelled.

c) 40,000,000, 8%-Redeemable Preference Shares of Rs. 10/- each held by the Company in RWOL were cancelled.

d) The Company had been allotted 19,31,000 Equity Shares ofRs. 10/-each of RWOL, in lieu of 96,55,000 Equity Shares of Rs.10/- each held by the Company in RWOL, on account of reorganisation of capital of RWOL under the scheme.

e) The Company had issued one Equity Share of Rs. 10/-to the shareholder of RWOL in consideration for demerger and consequently the Equity Share Capital of the Company had increased by Rs. 10/-.

f) The cost of shares continued to be held by the Company in RWOL, has been determined in the same proportion as the net book value of assets remaining in RWOL to the networth of RWOL before demerger.

g) After giving effect to the Scheme as above, the deficit amount of Rs. 1656.93 lacs was adjusted against the General Reserve of the Company.

h) Subsequent to the demerger, the Company had assessed the carrying value of investment in RWOL and accordingly written back the entire provision made against the equity shares of RWOL, aggregating Rs. 162.68 lacs. (Refer Note 28)

4. Remuneration to the Chairman and Managing Director (CMD)

(a) Year 2011-12

Central Government vide approval letter dated 18th March, 2014 has approved remuneration of Rs. 523.44 lacs for the year 2011-12. Accordingly an amount of Rs. 27.85 lacs has been refunded by the CMD during the year.

(b) Year 2012-13

In view of inadequacy of profit for the year 2012-13, remuneration paid by the Company to the CMD was in excess of the limit prescribed under Section 198 read with Schedule XIII to the Companies Act, 1956. Pending approval of the Central Government an amount of Rs. 397.19 lacs is being held in trust by the CMD.

(c) Year 2013-14

Excess Remuneration paid to the CMD for the year 2013-14 over the amount approved by the Central Government vide letter dated 7th March, 2014, amounting to Rs. 197.64 lacs has since been refunded by the CMD.

5. Divestment of Suit Plant

As per the terms of agreement dated 7th October, 2013, the Company''s Suit manufacturing unit at Gauribidanur has been transferred on a slump sale basis to Silver Spark Apparel Limited (SSAL), a wholly owned subsidiary, w.e.f. 1st October, 2013, for a total consideration of Rs. 2205 lacs. Out of the total consideration, a sum of Rs. 1700 lacs shall remain with the Company as an interest bearing loan to SSAL.

6. Previous year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classification/ disclosure.

7. Significant accounting policies and practices adopted by the Company are disclosed in the statement annexed to these financial statements as Annexure I.


Mar 31, 2013

Note 1 (a) Right, Preferences and restrictions attached to Shares

The Company has only one class of equity shares having a par value of Rs. 10 per share. Each Shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

Note 2 (a) Debenture Redemption Reserve

In view of the loss for the year, the Company has not created Debenture Redemption Reserve in respect of Unsecured Debentures amounting to Rs.17500 lacs issued during the year.

i. Term loan amounting to Rs. Nil (March 31,2012: Rs. 1560 lacs) is secured by Exclusive and specific charge on the assets acquired under the loan for plant at Thane, Jalgaon & Chhindwara.

ii. Term loan amounting to Rs. 2566.06 lacs (March 31,2012: Rs. 2793.55 lacs) is secured by a first charge on the entire immovable assets at Gauribidnur Plant and exclusive first charge on the entire movable assets located at Gauribidanur Plant.

iii. Term loan amounting to Rs. 13950 lacs (March 31,2012 : Rs. 14550 lacs) is secured by pari passu charge on the entire immovable assets at Vapi Plant and exclusive first charge on the entire movable assets acquired out of the loans from the bank, located at Vapi Plant.

iv. Term loan amounting to Rs. 2795.21 lacs (March 31,2012: Rs. 2935.21 lacs) is secured by a first and exclusive charge on movable assets acquired out of the loan.

v. Term loan amounting to Rs. 7832 lacs (March 31,2012: Rs. 8212 lacs) is secured by pari passu charge on the entire immovable assets at Vapi Plant and exclusive first charge on the entire movable assets acquired out of the loans, located at the Vapi Plant.

Terms of Repayment

Repayable in 28 quarterly installments commencing from October 2006. Last installment due in January 2013. Rate of interest 11.00% p.a. as at year end. (Previous year 11.25% p.a.)*

Repayable in 32 quarterly installments starting from October 2009. Last installment due in July 2017. Rate of interest 12.75% p.a. as at year end. (Previous year 12.50% p.a).*

Repayable in 32 quarterly installments starting from September 2011. Last installment due in June 2019. Rate of interest 12.75% p.a. as at year end. (Previous year 12.50% p.a.)*

Repayable in 32 quarterly installments starting from June 2011. Last installment due in March 2019. Rate of interest 12.25% p.a. as at year end. (Previous year 12.50% p.a.)*

Repayable in 32 quarterly installments starting from September 2011. Last installment due in June 2019. Rate of interest 12.50% p.a. as at year end. (Previous year 13.00% p.a.)*

vi. Term loan amounting to Rs. 731.97 lacs (March 31,2012: Rs. 1219.94 lacs) is secured by Specific and exclusive charge on all assets acquired under the loan at Thane, Jalgaon and Chhindwara Plants.

vii. Term loan amounting to Rs. 6772.53 lacs (March 31,2012: Rs.8672.53 lacs) is secured by pari passu charge on the immovable assets at Vapi Plant and exclusive charge on movable assets acquired under the loan, at Vapi Plant.

viii. Term loan amounting to Rs. 1268.75 lacs (March 31,2012: Rs. 2206.25 lacs) is secured by exclusive charge on the specific assets and pari passu charge over the immovable assets at Vapi Plant.

ix. Term loan amounting to Rs. 2062.50 lacs (March 31,2012: Rs. 2578.13 lacs) is secured by exclusive charge on the specific assets and pari passu charge over the immovable assets at Vapi Plant.

x. Term loan from bank amounting to Rs. 2649.02 lacs (March 31,2012: Rs. 2649.02 lacs partial disbursement) is secured by first charge on movable assets including plant and machinery, furniture and fixture and other assets of Captive Power Plant at Vapi and pari passu charge on the immovable assets at Vapi Plant.

xi. Term loan amounting to Rs. 5000 lacs (March 31,2012: Rs.10000 lacs) is partly secured (to the extent of 15%) by first charge on unencumbered plant and machinery and other miscellaneous Fixed Assets located at various plant locations.

xii. Term loan amounting to Rs. 4833.89 lacs (March 31,2012: Rs. 2454.63 lacs) is secured by exclusive charge on assets created out of Term Loan and second charge on immovable assets at Vapi Plant.

xiii. Term loan amounting to Rs.1350 lacs (March 31,2012: Rs.1267.72 lacs) is secured by exclusive first mortgage and charge on all the movable and immovable assets in respect of the Gauribidnur Plant.

Terms of repayment for Long Term unsecured borrowings: Borrowings

Term loans from banks Rs. 15000 lacs (Previous year Rs.30000 lacs) Rs. 10000 lacs (Previous year Rs. 10000 lacs)

Privately Placed Non-Convertible Debentures

Rs. 10000 lacs (Previous year Nil)

Rs. 7500 lacs (Previous year Nil)

Foreign Currency loan

Rs. 8158.40 lacs (Previous year Nil)

Rs. Nil (Previous year Rs. 2784.60 lacs)

Repayable in 14 half yearly installments starting from October 2007. Last installment due in April 2014. Rate of interest 8.31% p.a. as at year end.(Previous Year- 8.31% p.a.)*

Repayable in 32 equal quarterly installments commencing from June 2009. Last installment due in December 2016. Rate of interest 10.25% p.a. as at year end.(Previous Year- 9.50% p.a.)*

Repayable in 16 equal half yearly installments starting from October 2007. Last installment due in April 2014. Rate of interest 11.20% p.a. as at year end. (Previous year of 11.50% p.a.)*

Repayable in 16 equal half yearly installments starting from August 2009. Last installment due in February 2017. Rate of interest 11.20% p.a. as at year end. (Previous year 11.50% p.a.)*

Repayable in 32 equal quarterly installments commencing from June 2013. Last installment due in March 2020. Rate of interest 12.25% p.a. as at year end. (Previous year 12.75% p.a.)

Repayable in 3 equal yearly installments starting from March 2012. Last installment due in March 2014. Rate of interest 11.50% p.a. as at year end. (Previous year 12.00% p.a.)

Repayable in 20 quarterly installments starting from November 2013. Last installment due in September 2018. Rate of interest 11.25% p.a. as at year end. (Previous year 11.25% p.a.)*

Repayable in 20 quarterly installments starting from March 2014 and last installment due in December 2017. Rate of interest 12.25% p.a. as at year end. (Previous year:12.75% p.a)*

Terms of Repayment

Repayable in November 2013. Rate of interest 9.25% p.a. as at year end.

Repayable in 2 installments due in February 2015 and August 2015. Rate of interest 11.25% p.a. as at year end.

Repayable in October 2015. Rate of interest 11.10% p.a. as at year end.

Repayable in December 2014. Rate of interest 11.00% p.a. as at year end.

Repayable in November 2013. Rate of interest 10.82% p.a. as at year end.

Repayable in five half yearly installment starting from July 2010 and last installment due in July 2012. Rate of interest 7.74% p.a. as at year end.

Filing of memorandum of complete satisfaction of charge with the Registrar of Companies is in process for a Term Loan of Rs. 3000 lacs, which has been fully repaid.

Installments falling due in respect of all the above Loans upto 31.03.2014 have been grouped under "Current maturities of long- term debt" (Refer Note 6)

* Rate of Interest is without considering interest subsidy under TUF scheme.

(i) In view of defaults committed by M/s Cotonificio Honegger S.PA. (CH), the joint Venture Partner of the 50 : 50 Joint Venture Company Raymond Zambaiti Limited (RZL), the Company has served notices terminating the JV Agreement (JVA) and exercising its option to purchase all the shares held by CH in RZL as provided in the JVA.

Pending completion of further steps to finally terminate the contractual arrangement between the parties, RZL is continued to be treated as Jointly Controlled Entity in accordance with Accounting Standard 27 "Financial Reporting of Interests in Joint Ventures."

(ii) The Company has an aggregate exposure, net of provision Rs. 11141.65 lacs (gross Rs. 33432.75 lacs less provision of Rs. 22291.10 lacs) in Raymond UCO Denim Private Limited (RUDPL) a joint venture company.

The Company has, along with its JV partner, pledged entire shareholding in RUDPL as security for a loan taken by a subsidiary of RUDPL to fund the employee separation costs.

Considering the financial position of RUDPL, and its obligation towards repayment of loan taken by its overseas Subsidiary, the Company has agreed to waive the interest due on loans and debentures for the year, amounting to Rs. 587.91 lacs (aggregate waiver of interest till 31st March 2013 Rs. 2657.28 lacs).

For basis of valuation refer '' V '' in Annexure I.

1 A. Trade Payables includes (i) Rs. 19.02 lacs (Previous Year Rs. 21.08 lacs) due to micro and small enterprises registered under the Micro, Small and Medium Enterprises Development Act, 2006 (MSME); and (ii) Rs. 27052.58 lacs (Previous Year Rs. 19881.70 lacs) due to other parties.

B. Interest payable to the enterprises registered under MSME Nil (Previous Year Rs. Nil) .

C. 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.

2 Related party disclosures

1. Relationships :

(a) Subsidiary Companies :

Pashmina Holdings Limited

Everblue Apparel Limited

Jaykayorg AG

Raymond (Europe) Limited

JK Files (India) Limited

Colorplus Fashions Limited

Silver Spark Apparel Limited

Celebrations Apparel Limited

Ring Plus Aqua Limited

Trinity India Limited

Raymond Woollen Outerwear Limited

R & A Logistics Inc.,

Scissors Engineering Products Limited

JK Talabot Limited

Raymond Apparel Limited

(b) Joint Ventures and Jointly controlled entities :

Raymond Zambaiti Limited [Refer Note 9 (i)]

Rose Engineered Products India Private Limited.

Raymond UCO Denim Private Limited and its subsidiaries/Joint Venture

UCO Fabrics Inc. and its Subsidiaries.

UCO Testatura S.R.L.

UCO Raymond Denim Holding NV

Rayves Automotive Textiles Company Private Limited. (Upto 7th December,2011)

(c) Associates

J.K. Investo Trade (India) Limited

P. T. Jaykay Files Indonesia

J.K. Helene Curtis Limited

J.K. Ansell Limited

Radha Krshna Films Limited

(d) Other related Party

J.K. Investors (Bombay) Limited

(e) Key Management Personnel :

Shri Gautam Hari Singhania

Shri H. Sunder

(f) 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.

Notes:

The above excludes: Provision/write back against the exposure in Raymond Woollen Outerwear Ltd. (RWOL) [Refer Note 28] and also the scheme of arrangement with RWOL [Refer note 43].

The Company has agreed with the lenders (Banks) of some of subsidiaries/joint ventures companies for not disposing off these investments without their prior consent.

$ Raymond UCO Denim Private Limited - Interest of Rs. 587.91 lacs waived on this Loan (Previous year Rs. 570.04 lacs.)

Raymond Woollen Outerwear Limited- Interest of Rs. Nil waived on the loan (previous year Rs. 165.37 lacs)

* Includes Rs. Nil interest free loan (Previous year Rs. 1507.96 lacs)

* Refer Note 9(ii) Figures are gross of provision.

Previous years figures are in ( )

3 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.

4 Remuneration

In view of inadequacy of profits for the year 2012-13, remuneration paid / provided to the Chairman & Managing Director (CMD), which is in excess by Rs. 480.43 lacs of the limits prescribed under Section 198 read with Schedule XIII of the Companies Act, 1956 which is subject to approval of the Central Government.

The Board has approved such excess remuneration of CMD, which is also approved by the Shareholders through Postal Ballot.

Pending approval of the Central Government, an amount of Rs. 397.19 lacs being excess remuneration paid in the year, is being held in trust by CMD.

b) Loans and Advances and other dues amounting to Rs. 1128.64 lacs between the Company and RWOL has been cancelled.

c) 40,000,000, 8%-Redeemable Preference Shares of Rs. 10/- each held by the Company in RWOL has been cancelled.

d) The Company has been allotted 19,31,000 Equity Shares of Rs. 10/- each of RWOL, in lieu of 96,55,000 Equity Shares of Rs. 10/- each held by the Company in RWOL, on account of reorganisation of capital of RWOL under the scheme.

e) The Company has issued one Equity Share of Rs. 10/- to the shareholder of RWOL in consideration for demerger and consequently the Equity Share Capital of the Company has increased by Rs. 10/-.

f) The cost of shares continued to be held by the Company in RWOL, has been determined in the same proportion as the net book value of assets remaining in RWOL to the networth of RWOL before demerger.

g) After giving effect to the Scheme as above, the deficit amount of Rs. 1656.93 lacs has been adjusted against the General Reserve of the Company.

h) Subsequent to the demerger, the Company has assessed the carrying value of investment in RWOL and accordingly written back the entire provision made against the equity shares of RWOL, aggregating Rs. 162.68 lacs. [Refer Note 28]

5 Previous year figures have been reclassified to conform to this year''s classification.

9 Significant accounting policies and practices adopted by the Company are disclosed in the statement annexed to these financial statements as Annexure I.

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 other relevant provisions of the Companies Act, 1956.

All the assets and liabilities have been classified as current or non current as per the Company''s normal operating cycle and other criteria set out in Schedule VI to the Companies Act, 1956. Based on the nature of products and the time between the acquisition of assets for processing and their realization in cash and cash equivalent, the Company has ascertained its operating cycle to be 12 months for the purpose of current- non current classification of assets and liabilities.


Mar 31, 2012

I. Term loan amounting to Rs. Nil (March 31, 2011: Rs. 1560 lacs) is secured by Exclusive and specific charge on the assets acquired under the loan for plant at Thane, Jalgaon & Chhindwara.

ii. Term loan amounting to Rs. 2566.05 lacs (March 31, 2011: Rs. 2793.55 lacs) is secured by a first charge on the entire immovable assets at Gauribidnur Plant and exclusive first charge on the entire movable assets located at Gauribidnur Plant.

iii. Term loan amounting to Rs.13950 lacs (March 31, 2011 : Rs.14550 lacs) is secured by pari passu charge on the entire immovable assets at Vapi Plant and exclusive first charge on the entire movable assets acquired out of the loans from this bank located at Vapi Plant.

iv. Term loan amounting to Rs. 2795.21 lacs (March 31, 2011: Rs. 2935.21 lacs) is secured by a first and exclusive charge on movable assets acquired out of the loan.

v. Term loan amounting to Rs.7832 lacs (March 31, 2011: Rs.8212 lacs) is secured by pari passu charge on the entire immovable assets at Vapi Plant and exclusive first charge on the entire movable assets acquired out of the loans located at the Vapi Plant.

vi. Term loan amounting to Rs. 731.97 lacs (March 31, 2011: Rs 1219.94 lacs) is secured by specific and exclusive charge on all assets acquired under the loan at Thane, Jalgaon and Chhindwara Plants.

vii. Term loan amounting to Rs.6772.53 lacs (March 31, 2011: Rs.8672.53 lacs) is secured by pari passu charge on the immovable assets at Vapi Plant and exclusive charge on movable assets acquired under the loan at Vapi Plant.

viii. Term loan amounting to Rs.1268.75 lacs (March 31, 2011: Rs. 2206.25 lacs) is secured by exclusive charge on the specific assets and pari passu charge over the immovable assets at Vapi Plant.

ix. Term loan amounting to Rs.2062.50 lacs (March 31, 2011: Rs. 2578.13 lacs) is secured by exclusive charge on the specific assets and pari passu charge over the immovable assets at Vapi Plant.

x. Term loan from bank amounting to Rs. 2649.02 lacs (March 31, 2011: Rs. 1654 lacs partial disbursement) is secured by first charge on movable assets including plant and machinery, furniture and fixture and other assets of Captive Power Plant at Vapi and pari passu charge on the immovable assets at Vapi Plant.

Terms of Repayment

Repayable in 28 quarterly installments commencing from October, 2006. Last installment due in January, 2013. Rate of interest 11.25% p.a. as at year end. (Previous year 8.00% p.a.)*

Repayable in 32 quarterly installments starting from October, 2009. Last installment due in July, 2017. Rate of interest 12.50% p.a. as at year end. (Previous year 10.75% p.a).*

Repayable in 32 quarterly installments starting from September, 2011. Last installment due in June, 2019. Rate of interest 12.50% p.a. as at year end. (Previous year 10.75% p.a.)*

Repayable in 32 quarterly installments starting from June, 2011. Last installment due in March, 2019. Rate of interest 12.50% p.a. as at year end. (Previous year 11.00% p.a.)*

Repayable in 32 quarterly installments starting from September, 2011. Last installment due in June, 2019. Rate of interest 13.00% p.a. as at year end. (Previous year 11.25%p.a.)*

Repayable in 14 half yearly installments starting from October, 2007. Last installment due in April, 2014. Rate of interest 8.31% p.a. as at year end.(Previous Year- 8.31% p.a.)*

Repayable in 32 equal quarterly installments commencing from June, 2009. Last installment due in December, 2016. Rate of interest 9.50% p.a. as at year end.(Previous Year- 9.50% p.a.)*

Repayable in 16 equal half yearly installments starting from October, 2007. Last installment due in April, 2014. Rate of interest 11.50% p.a. as at year end. (Previous year of 9.50% p.a.)*

Repayable in 16 equal half yearly installments starting from August, 2009. Last installment due in February, 2017. Rate of interest 11.50% p.a. as at year end. (Previous year 9.50% p.a.)*

Repayable in 32 equal quarterly installments commencing June, 2013. Last installment due in March, 2020. Rate of interest 12.75% p.a. as at year end. (Previous year 11.50% p.a.)

xi. Term loan amounting to Rs. 5000 lacs (March 31, 2011: Rs.10000 lacs) is partly secured (to the extent of 15%) by first charge on unencumbered plant and machinery and other miscellaneous Fixed Assets located at various plant locations.

xii. Term loan amounting to Rs. 2454.63 lacs (March 31, 2011: Rs.Nil) is secured by exclusive charge on assets created out of Term Loan and second charge on immovable assets at Vapi Plant.

xiii. Term loan amounting to Rs.1267.72 lacs (March 31, 2011: Rs.Nil) is secured by exclusive first mortage and charge on all the movable and immovable assets in respect of the Gauribidnur Plant.

Terms of repayment for Long Term unsecured borrowings:

Borrowings

Term loans from banks

Rs. Nil (Previous year Rs. 15000 lacs)

Rs. 15000 lacs (Previous year Rs.15000 lacs)

Rs.10000 lacs (Previous year Rs. Nil)

Foreign Currency loan

Rs.Nil (Previous year Rs. 2784.60 lacs)

Repayable in 3 equal yearly installments starting from March, 2012. Last installment due in March, 2014. Rate of interest 12.00% p.a. as at year end. (Previous year 12.25% p.a.)

Repayable in 20 quarterly installments starting from December, 2013. Last installment due in September, 2018. Rate of interest 11.25% p.a. as at year end. (Previous year:Nil)*

Repayable in 20 quarterly installments starting from March, 2014 and last installment due in December, 2017. Rate of interest 12.75% p.a. as at year end. (Previous year:Nil)

Terms of Repayment

Repayable in February, 2013. Rate of interest 9.00% p.a. as at year end.

Repayable in November, 2013. Rate of interest 9.25% p.a. as at year end.

Repayable in 2 installments due in February, 2015 and August,2015. Rate of interest 11.25% p.a. as at year end.

Repayable in five half yearly installment starting from July,2010 and last installment due in July, 2012. Rate of interest 7.74% p.a. as at year end.

(i) The Company has an aggregate exposure of Rs. 6094.14 lacs in Raymond Woollen Outerwear Limited (RWOL), a subsidiary of the Company. The net worth of RWOL has substantially eroded due to operational losses. The Board of Directors, after review, has approved subject to approval of shareholders and other statutory approval, a proposal to demerge the Jalgaon unit of RWOL into the Company with appointed date of 1st April, 2012. Under the circumstances, the Company has, at the close of the year, assessed the carrying value of its exposure and based on such assessment, made a provision of Rs.670 lacs during the year (total accumulated provision of Rs.2166.50 lacs) for permanent diminution in the value of its exposure in RWOL.

Considering the present financial position of RWOL, the Board has further agreed to waive the interest due on loans amounting to Rs. 165.37 lacs.

(ii) The Company has an aggregate exposure, net of provision Rs.11,141.65 lacs (gross Rs.33432.75 lacs less provision of 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 an expert, no further provision is considered necessary at present.

Considering the present financial position of RUDPL, the Company has agreed to waive the interest due on loans and debentures for the year, amounting to Rs. 570.04 lacs (aggregate waiver of interest till 31st March, 2012 Rs.2069.37 lacs).

The Company has, along with its JV partner, pledged entire shareholding in RUDPL as security for a loan taken by a subsidiary of RUDPL to fund the employee separation costs.

a. Provident Fund Liability

In case of certain employees, the Provident Fund contribution is made to a trust administered by the Company. In terms of the guidance note issued by the institute of Actuaries of India, the actuary has provided a valuation of Provident Fund liability based on the assumptions listed below and determined that there is no shortfall as at 31st March, 2012.

The assumptions used in determining the present value of obligation of the interest rate guarantee under deterministic approach are:- Remaining term of maturity - 7 years Expected guaranteed interest rate - 8.25 % Discount rate for the remaining term to maturity of interest portfolio - 8.60 % * takes into account the inflation, seniority, promotions and other relevant factors.

1 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.

2 The Income tax authorities carried out search and seizure operations on 3rd and 4th November, 2011 on the premises of the Company. The Company co-operated with the authorities and has provided necessary details/information as and when asked for by the Tax authorities. No notice has been received by the Company for filing of tax returns under Section 153A of the Income Tax Act,1961.

(Rs.In lacs)

As at As at

31st March, 2012 31st March, 2011 Contingent liabilities and commitments (to the extent not provided for)

(i) Contingent Liabilities

(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 the year 2006-07 (interest thereon not ascertainable at present).

Sales Tax 98.54 98.54

Royalty 2201.94 2201.94

Other Matters 152.09 152.09

2452.57 2452.57

3 The financial statements for the year ended 31st March, 2011 had been prepared as per the then applicable, pre- revised Schedule VI to the Companies Act,1956. Consequent to the notification under the Companies Act,1956, the financial statements for the year ended 31st March, 2012 are prepared under revised Schedule VI. Accordingly, the previous year figures have also been reclassified to conform to this year's classification.

4 Significant accounting policies and practices adopted by the Company are disclosed in the statement annexed to these financial statements as Annexure I.


Mar 31, 2011

1. Fixed Assets :

(a) In terms of the acquisition proceedings initiated by Thane Municipal Corporation, about 4,222 sq. meters of the Companys 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. 6197.54 lacs (Previous Year Rs.2024.08 lacs);

(ii) Machineries in transit Rs. 2253.91 lacs (Previous year Rs. 93.03 lacs).

2A. (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.1748.40 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 been making profits for last four 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 aggregate exposure of Rs.5196.31 lacs (including loans granted during the year Rs. 544.42 lacs ) in Raymond Woollen Outerwear Limited (RWOL), a subsidiary of the Company. The accumulated losses as at 31st March 2011 have substantially exceeded the net worth of the company due to operational losses. The Company has, at the close of the year, assessed the carrying value of its exposure and based on such assessment, the Company has made a provision of Rs. 1500 lacs for permanent diminution in the value of its exposure in RWOL.

The Board of Directors of the Company has approved, subject to shareholders and statutory approval, merger of RWOL with the Company, the appointed date being 1st April 2011.

3B. (a) The Company has an aggregate exposure net of provision of Rs. 11141.65 lacs, including investment during the year Rs. 2132.10 lacs (gross Rs. 33432.75 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 an expert, no further provision is considered necessary at present.

Considering the present financial position of RUDPL, the Company has agreed to waive the interest due on loans and debentures for the year, amounting to Rs. 432.01 lacs (aggregate waiver of interest till 31st March 2011 Rs.1499.33 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, which undertaking has been released by the banks during the year.

(b) The Company has entered in to agreements for a voluntary separation scheme with the Registered Workmen Union covering the workmen of its Thane Textile plant. All the workmen of the plant availed the scheme. Compensation and other cost relating to the separation amounting to Rs. 23767.61 lacs (Including amounts payable on 22nd October 2013 at present value Rs.8749.60 lacs) has been shown under exceptional item.

5. A. Contingent Liabilities not provided for :

31st March, 2011 31st March, 2010 (Rs. in lacs) (Rs. in lacs)

(a) Claims against the Company not acknowledged as debts in respect of past disputed liabilities of the Cement and Steel Divisions divested during the year 2000-01, Carded Woollen business divested during the year 2005-06, Denim Division divested during 2006-07 (interest thereon not ascertainable at present).

— Sales Tax 98.54 181.85

— Royalty on Limestone 2201.94 2201.94

— Other matters 152.09 152.09

2452.57 2535.88

(b) Claims against the Company not acknowledged as debts in respect of other divisions.

— Sales Tax 416.64 36.05

— Compensation for Premises 1,611.50 1,518.98

— Stamp Duty 174.16 174.16

— Water Charges 82.25 105.11

— Other Matters 132.30 111.32

2,416.85 1,945.62

(c) Bills Discounted with the Companys bankers 718.75 1853.67

(d) 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) 6421.93 7371.85

(e) Disputed demands in respect of Income-tax, etc. (Interest thereon not ascertainable at present) 2189.28 1991.46

(f) Bonds/Undertakings given by the Company under concessional duty/exemption scheme to Government authorities

(Net of obligations fulfilled) 9456.50 8831.75

(g) Disputed liability towards Excise duty on Post Removal of Goods from place of manufacture 2118.90 2118.90

(h) Disputed Excise Duty Liability in respect of other matters (includes Rs 645.10 lacs, Previous Year Rs. 645.10 lacs, on account of denial of excise exemption benefit) 1537.84 1943.23

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

(j) Companys liabilities/ obligations pertaining to the period upto the date of transfer of the Companys 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 5A(a), (b), (e), (g) to (j)

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.

6. A. Managerial remuneration under Section 198 of the Companies Act, 1956, paid or payable during the financial year, to the Directors, as under :

(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) Remuneration to the Chairman and Managing Director and Whole Time Director have been paid in terms of the Central Government approvals received.

(ii) In respect of remuneration paid to the Chairman and Managing Director for the period April 2009 to June 2009, the Company has received approval from Central Government during the year.

(iii) In respect of remuneration paid to the Whole Time Director for the period 20th June 2009 to 31st March 2010, the Company has received requisite approval from the Central Government during the year.

12. Revenue expenditure, including overheads on research and development incurred and charged out during the year through the natural heads of account, aggregate Rs. 24.29 lacs (Previous year Rs. 12.09 lacs). The capital expenditure incurred for research and development purposes, aggregate Rs. Nil (previous year Nil).

13 A Sundry Creditors in Schedule 7 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. 24279.13 lacs (Previous Year Rs. 19295.30 lacs) due to other creditors.

B No interest is paid / payable during the year to any enterprise registered under the MSME.

C 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.

17. Related parties disclosures :

1. Relationships :

(a) Subsidiary Companies :

Pashmina Holdings Limited Everblue Apparel Limited Jaykayorg AG Raymond (Europe) Limited JK Files (India) 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

Raymond Apparel Limited (Formerly Solitaire Fashions Limited)

(b) Joint Ventures Raymond Zambaiti Limited

Rose Engineered Products India Private. Limited.

Raymond UCO Denim Private Limited and its subsidiaries and Joint Ventures

UCO Fabrics Inc.and its Subsidiaries.

UCO Testatura S.r.l. (Joint Venture w.e.f. 1st October, 2010)

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 (upto 6th May, 2010)

(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.

21 Disclosures pursuant to Accounting Standard-15 "Employee Benefits"

a. The Company has recognised Rs.1225.02 Lacs (Previous Year Rs.1354.02 Lacs) in the Profit & Loss Account for the year ended 31st March 2011 under Defined Contribution Plans.

24. 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.

25. Previous years 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 corresponding figures of previous years.

26. Significant accounting policies and practices adopted by the Company are disclosed in the statement annexed to these Accounts as Annexure I.


Mar 31, 2010

1. Loan Funds :

(a) 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.

(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.

(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).

6. A. Contingent Liabilities not provided for :

31st March, 2010 31st March, 2009 (Rs. in lacs) (Rs. in lacs)

(a) Claims against the Company not acknowledged as debts in respect of past disputed liabilities of the Cement and Steel Divisions divested during the year 2000-2001, Carded Woollen business divested during the year 2005-06, 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.

8. A. Managerial remuneration under Section 198 of the Companies Act, 1956, paid or payable during the financial year, to the Directors, as under :

(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.

9. 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).

10A 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.

10B No interest is paid / payable during the year to any enterprise registered under the MSME.

10C 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.

11. 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.

12 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.

13. 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.

14. 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.

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