Notes to Accounts of Raymond Ltd.

Mar 31, 2025

(xiii) Provisions, contingent liabilities and
contingent assets

Provisions are recognised when the Company
has a present obligation as a result of past
events, for which it is probable that an outflow
of resources embodying economic benefits
will be required to settle the obligation and a
reliable estimate of the amount can be made.
A disclosure for a contingent liability is made
where there is a possible obligation that arises
from past events and the existence of which
will be confirmed only by the occurrence or
non-occurrence of one or more uncertain
future events not wholly within the control
of the Company or a present obligation that
arises from the past events where it is either
not probable that an outflow of resources
will be required to settle the obligation or
a reliable estimate of the amount cannot
be made. Provisions are reviewed regularly
and are adjusted where necessary to reflect
the current best estimates of the obligation.
Where the Company expects a provision

to be reimbursed, the reimbursement is
recognised as a separate asset, only when
such reimbursement is virtually certain.
Contingent asset is not recognised in the
standalone financial statements. However,
it is recognised only when an inflow of
economic benefits is probable.

(xiv) Borrowing costs

Borrowings are initially recognised at net of
transaction costs incurred and measured
at amortised cost. Any difference between
the proceeds (net of transaction costs)
and the redemption amount is recognised
in the standalone statement of profit and
loss over the period of the borrowings
using the effective interest method.
Borrowing costs majorly includes interest
and amortisation of ancillary costs incurred
in connection with the arrangement of
borrowings. Borrowing costs directly
attributable to the acquisition, construction
or production of an asset that necessarily
takes a substantial period of time to get ready
for its intended use or sale are capitalised as
part of the cost of the respective asset. All
other borrowing costs are expensed in the
period in which they occur. The Company
ceases capitalising borrowing costs when
substantially all the activities necessary to
prepare the qualifying asset for its intended
use or sale are complete.

(xv) Inventories

Inventories are valued at cost or net realisable
value, whichever is lower. Goods-in-transit
are stated at cost. The cost is determined
based on FIFO, weighted average, or specific
identification basis, as applicable, and
includes all costs incurred in bringing the
inventories to their present location and
condition including nonrecoverable taxes.
In the case of work-in-progress and finshed
goods, cost also includes costs of conversion.
Net realisable value is the estimated selling
price in the ordinary course of business,
less estimated costs of completion and
estimated costs necessary to make the sale.
The net realisable value is estimated and
inventory is written down for defective
and obsolete items, wherever necessary.
Property under development comprises

cost of land, rates and taxes, construction
costs, overheads and expenses incidental
to the project undertaken by the Company.
Costs towards development of property are
charged to the standalone statement of profit
and loss proportionate to area sold and when
corresponding revenue is recognised.

(xvi) Income recognition
Revenue recognition

When a performance obligation is satisfied,
the Company recognises as revenue the
amount of the transaction price (which
excludes estimates of variable consideration)
that is allocated to that performance
obligation. Transaction price is the amount of
consideration to which the Company expects
to be entitled in exchange for transferring
promised goods or services to a customer,
excluding amounts collected on behalf of
third parties.

Ind AS 115 “Revenue from Contract with
Customers” specifies five step model for
revenue recognition:

1. Identify the contract with a customer;

2. Identify the separate performance
obligations in the contract;

3. Determine the transaction price;

4. Allocate the transaction price to the
separate performance obligations; and

5. Recognize revenue when (or as) each
performance obligation is satisfied.

Company accounts for a contract when
it has approval and commitment from
all parties, the rights of the parties are
identified, payment terms are identified, the
contract has commercial substance and
collectability of consideration is probable.
Revenue is recognised in the standalone
statement of profit and loss with the
contracted price showing separately each
of the adjustments made to the contract
price and specifying the nature and amount
of each such adjustment separately.
The lifestyle business of the Company derives
revenues primarily from sale of manufactured
goods, traded goods and related services.
The Company is also engaged in real estate
property development.

The Company satisfies a performance

obligation and recognises revenue over time,
if one of the following criteria is met:

1. The customer simultaneously receives

and consumes the benefits provided
by the Company’s performance as the
Company performs; or

2. The Company’s performance creates

or enhances an asset that the

customer controls as the asset is
created or enhanced; or

3. The Company’s performance does

not create an asset with an alternative
use to the Company and an entity has
an enforceable right to payment for
performance completed to date.

For performance obligations where one of
the above conditions are not met, revenue is
recognised at the point in time at which the
performance obligation is satisfied.

Sale of products and services (lifestyle
business and civil aviation business)

The performance obligation of Company
is satisfied at a point in time. Revenue
recognition for sale of products and services
is recognised at a point in time and revenue
is recognised upon satisfaction of the
performance obligation.

Revenue is measured based on the
transaction price (which is the consideration,
adjusted to discounts, incentives and
returns, etc., if any) that is allocated to that
performance obligation. These are generally
accounted for as variable consideration
estimated in the same period the related sales
occur. The methodology and assumptions
used to estimate rebates and returns are
monitored and adjusted regularly in the light
of contractual and legal obligations, historical
trends, past experience and projected market
conditions.

The Company operates a loyalty programme
for the customers and franchisees for the sale
of goods. The customers accumulate points
for purchases made which entitles them to
discount on future purchases. A contract
liability for the award points is recognised at
the time of the sale. Revenue is recognised
when the points are redeemed or on expiry.

The expenditure of loyalty programme is
netted-off to revenue.

The Company does not expect to have any
contracts where the period between the
transfer of the promised goods or services to
the customer and payment by the customer
exceeds one year. As a consequence, it does
not adjust any of the transaction prices for
the time value of money.

The Company collects goods and services
tax (‘GST’) and other indirect taxes on behalf
of the government and, therefore, these
are not economic benefits flowing to the
Company and are accordingly excluded from
the revenue.

Sale of products (real estate business)

Revenue from real estate property
development is recognised over the time, from
the financial year in which the entity’s right
to payment for performance completed, is
established. In determining whether an entity
has right to payment, the entity shall consider
whether it would have an enforceable right to
demand or retain payment for performance
completed to date if the contract were to be
terminated before completion for reasons
other than entity’s failure to perform as per
the terms of the contract.

The revenue recognition of real estate
property under development requires
forecasts to be made of total budgeted costs
with the outcomes of underlying construction
contracts, which further require assessments
and judgements to be made on changes
in work scopes and other payments to the
extent they are probable and they are capable
of being reliably measured. However, where
the total project cost is estimated to exceed
total revenues from the project, the loss is
recognized immediately in the standalone
statement of profit and loss.

Cost to fulfil the contracts
Recurring operating costs for contracts
with customers are recognised as
incurred. Revenue recognition excludes
any government taxes but includes
reimbursement of out of pocket expenses.
Provision towards onerous contracts are
recognised when the expected benefits to be

derived by the Company from a contract are
lower than the unavoidable cost of meeting
the future obligations under the contract.
The provision is measured at present value of
the lower of the expected cost of terminating
the contract and the expected net cost of
continuing with the contract.

Incremental costs of obtaining a contract
The incremental costs of obtaining a contract
are those costs that an entity incurs to obtain
a contract with a customer that it would not
have incurred if the contract had not been
obtained. In such cases, Company applies
practical expedient by recognising such cost
as expense, when incurred, in the standalone
statement of profit and loss instead of
creating an asset as the amortisation period
of the asset that the Company otherwise
would have recognised is one year or less.
Significant financing component
Company considers all relevant facts and
circumstances in assessing whether a
contract contains a financing component
and whether that financing component is
significant to the contract, including both the
conditions:

(a) the difference, if any, between the
amount of promised consideration and
the cash selling price of the promised
goods or services; and

(b) the combined effect of both the
following conditions:

(i) the expected length of time
between when the entity
transfers the promised goods
or services to the customer and
when the customer pays for
those goods or services; and

(ii) the prevailing interest rates in
the relevant market.

Other operating revenue
It includes revenue arising from the
Company’s ancillary revenue-generating
activities. Revenue from these activities are
recorded only when Company is reasonably
certain of such income. Export Incentives
under various schemes are accounted in the
year of export.

Other income

Other income majorly comprises interest
income which is recognised using the effective
interest method and on time proportion
basis. Rental income is recognised based
on contractual terms. Dividend income is
recognised only when the right to receive
payment is established.

The ''effective interest rate’ is the rate that
exactly discounts estimated future cash
payments or receipts through the expected
life of the financial instrument to:

- the gross carrying amount of the
financial asset; or

- the amortised cost of the financial
liability.

In calculating interest income and expense,
the effective interest rate is applied to the
gross carrying amount of the asset (when
the asset is not credit impaired) or to the
amortised cost of the liability. However, for
financial assets that have become credit
impaired subsequent to initial recognition,
interest income is calculated by applying
the effective interest rate to the amortised
cost of the financial asset. If the asset is no
longer credit impaired, then the calculation
of interest income reverts to the gross basis.
Trade receivables, contract assets and
contract liabilities

Trade Receivable, net is primarily comprised
of billed receivables for which the Company
has an unconditional right to consideration,
net of loss allowance. A contract asset is a
right to consideration that is conditional upon
factors other than the passage of time, net
of loss allowance. The promised amount of
consideration is not adjusted for the effects
of a significant financing component if the
period between the transfer of the promised
good or service and the payment is one year
or less.

Contract liabilities consist of advance
payments. The difference between opening
and closing balance of the contract liabilities
results from the timing differences between
the performance obligation and customer
payment.

The difference between opening and closing
balance of the contract assets and liabilities
results from the timing differences between
the performances obligation and customer
payment.

(xvii) Income tax

Tax expense for the year comprises of current
tax and deferred tax. Current tax is measured
by the amount of tax expected to be paid
to the taxation authorities on the taxable
profits after considering tax allowances
and exemptions and using applicable tax
rates and laws. Deferred tax is recognised
on temporary differences between the
accounting base and the tax base for the year
and quantified using the tax rates and tax
laws enacted or substantively enacted as on
the balance sheet date.

There are certain transactions and
calculations for which the ultimate tax
determination is uncertain. The Company
recognises liabilities for anticipated tax
issues based on estimates of whether
additional taxes will be due. The uncertain
tax positions are measured at the amount
expected to be paid to taxation authorities
when the Company determines that the
probable outflow of economic resources will
occur. Where the final tax outcome of these
matters is different from the amounts that
were initially recorded, such differences will
impact the current and deferred income tax
assets and liabilities in the period in which
such determination is made.

Deferred tax is recognised using the balance
sheet approach. Deferred tax assets and
liabilities are recognised for deductible
and taxable temporary differences arising
between the tax base of assets and
liabilities and their carrying amount in
standalone financial statements, except
when the deferred tax arises from the initial
recognition of goodwill or an asset or liability
in a transaction that is not a business
combination and affects neither accounting
nor taxable profits or loss at the time of the
transaction.

Deferred tax asset is recognised to the
extent it is probable that taxable profit will
be available against which the deductible

temporary differences, and the carry forward
of unused tax credits and unused tax losses
can be utilised. Deferred tax liabilities
are recognised for all taxable temporary
differences. Deferred tax is measured at
the tax rates that are expected to apply to
the period when the asset is realised or the
liability is settled, based on the laws that have
been enacted or substantively enacted by the
reporting date.

The measurement of deferred tax reflects the
tax consequences that would follow from
the manner in which the Company expects,
at the reporting date, to recover or settle the
carrying amount of its assets and liabilities.
For this purpose, the carrying amount of
investment property is presumed to be
recovered through sale.

Current tax and deferred tax assets and
liabilities are offset when there is a legally
enforceable right to set off the recognised
amount and there is an intention to settle the
asset and liability on a net basis.

(xviii) Government grant

Grant from government are recognised at
their fair value, when there is reasonable
assurance that the grant will be received
and the Company will comply with all the
attached conditions.

Government grant related to income are
deferred and recognised in the standalone
statement of profit and loss over the period
necessary to match them with the costs the
grants are intended to compensate.
Government grant related to PPE are included
in the non current liabilities/ current liabilities
as deferred income, and are credited to the
standalone statement of profit and loss on
straight line basis over the expected lives of
the related assets and presented within other
income.

(xix) Exceptional items

When items of income and expense within
profit or loss from ordinary activities are
of such size, nature or incidence that their
disclosure is relevant to assist users in
understanding the financial performance
achieved and in making projections of
future financial performance, the nature and

amount of such material items are disclosed
separately as exceptional items.

(xx) Manufacturing and operating expenses
and costs towards development of
property

Manufacturing and operating expenses and
costs towards development of property which
are directly linked to respective activities,
are disclosed separately as a part of ''Other
expenses’.

(xxi) Asset held for sale/ distribution

Non-current assets or disposal groups
comprising of assets and liabilities are
classified as ''held for sale/ distribution’
when all the following criteria are met: (i)
decision has been made to sell/ distribute,
(ii) the assets are available for immediate
sale/ distribution in its present condition, (iii)
the assets are being actively marketed and
(iv) sale/ distribution has been agreed or is
expected to be concluded within 12 months
of the balance sheet date.

Subsequently, such non-current assets and
disposal groups classified as ''held for sale/
distribution’ are measured at the lower of its
carrying value and fair value less costs to sell.
Once classified as held for sale/ distribution,
intangible assets, PPE and investment
properties are no longer amortised or
depreciated

Any impairment loss on a disposal group
is allocated first to goodwill, and then to
the remaining assets and liabilities on a pro
rata basis, except that no loss is allocated
to inventories, financial assets, deferred tax
assets, or employee benefit assets, which
continue to be measured in accordance with
the Company’s other accounting policies.
Impairment losses on initial classification as
held for sale/ distribution and subsequent
gains and losses on remeasurement are
recognised in profit or loss.

Non-current assets classified as held for
sale/ distribution and the assets of a disposal
group classified as held for sale/ distribution
are presented separately from the other
assets in the standalone balance sheet.

(xxii) Discontinued operations

A discontinued operation is a component

of the Company’s business, the operations
and cash flows of which can be clearly
distinguished from the rest of the Company
and which may:

- represents a separate major line
of business or geographic area of
operations;

- is part of a single co-ordinated plan
to dispose of a separate major line
of business or geographic area of
operations; or

- is a subsidiary acquired exclusively
with a view to resale.

Classification as a discontinued operation
occurs at the earlier of disposal or when the
operation meets the criteria to be classified
as held for sale/ distribution.

When an operation is classified as a
discontinued operation, the comparative
standalone statement of profit and loss
is re-presented as if the operation had
been discontinued from the start of the
comparative year.

(xxiii) Recent accounting pronouncements

Ministry of Corporate Affairs (''MCA’) notifies
new standards or amendments to the
existing standards under Companies (Indian
Accounting Standards) Rules, 2015 (as
amended). For the year ended 31 March,
2025, MCA has notified amendments to
Ind AS 116 “Leases”, relating to sale and
leaseback transactions, which is applicable
w.e.f. 01 April 2024. The Company has
reviewed the new pronouncements and
based on its evaluation has determined
that it is not likely to have any impact in its
standalone financial statements.

New standards and amendments issued
but not effective - New standards and
amendments issued but not effective - On
7 May 2025, MCA notifies the amendments
to Ind AS 21 “Effects of Changes in Foreign
Exchange Rates”. These amendments aim
to provide clearer guidance on assessing
currency exchangeability and estimating
exchange rates when currencies are not
readily exchangeable. The amendments are
effective for annual periods beginning on or
after 1 April 2025. The Company is currently
assessing the probable impact of these
amendments on its standalone financial
statements.

Notes:

(i) During the earlier years, the Company had invested an amount of '' 2,000 lakhs in the FY 2014-15 and '' 6,168 lakhs in FY 2015-16 by
subscription to the rights issue of equity shares of Raymond Luxury Cottons Limited (‘RLCL'') enhancing the Company''s shareholding from
62.00% to 75.69%.

In the FY 2012-13, Cotonificio Honegger S.p.A (‘CH''), Italy, the erstwhile JV partner with Raymond Limited through one of its joint venture Company in
India, RLCL had submitted request for voluntary winding up including composition of its creditors in the Court of Bergamo, Italy. Consequent to this,
RLCL as at 31 March 2013, had provided for its entire accounts receivable from CH of USD 1,255,058 and Euro 612,831, equivalent to '' 1,122.24
lakhs (aggregated). In the FY 2013-14, RLCL had put up its claim of receivable from CH of '' 1,122.24 lakhs before the Judicial Commissioner of the
Composition (the Commissioner) appointed by the Court of Bergamo, Italy. In protraction of matter with CH, Italy, the Judicial Commissioner of the
Composition (the ‘Commissioner'') appointed by the Court of Bergamo, Italy, has declared RLCL as unsecured creditor for the amount outstanding
from CH. Further, CH also sought permission from the Court of Bergamo, Italy, for initiating proceeding against RLCL in India.

RLCL had received a notice dated 23 November, 2015 notifying that CH had filed a petition against them before the Hon''ble Company Law
Board (‘CLB''), Mumbai Bench under sections 397 and 398 of Companies Act, 1956. RLCL responded to the petition filed by CH. The CLB in
its order dated 26 November, 2015 had recorded the statement made by the counsel for RLCL that CH''s shareholding in RLCL shall not be
reduced further and the fixed assets of RLCL also shall not be alienated till further order. Subsequently, the proceedings were transferred to
the National Company Law Tribunal (‘NCLT''), Mumbai bench. RLCL had filed a Miscellaneous Application on 29 January 2019 seeking part
vacation of the interim order dated 26 November 2015. The NCLT, Mumbai Bench had allowed the application filed by RLCL and had directed
that the main company petition along with the application for vacating the stay be listed for hearing. The NCLT had heard the matter both side
on 19 April 2023 and passed an interim order for settlement and adjourn this matter to 9 June 2023 for reporting settlement.

The interlocutory application was filed jointly by the parties seeking withdrawal of the company [etition along with all pending applications in
the matter. The matter was settled amicably by the parties by way of a settlement agreement dated 17 January 2023, for an amount of Euros
2,100,000 to be paid by Raymond Limited to CH, for buyback of its shares in RLCL. Basis the said Settlement Agreement entered between the
parties, the matter has been withdrawn by consent, as recorded by the NCLT, Mumbai Bench, in its order dated 9 June 2023. Consequently,
RLCL became a wholly-owned subsidiary of the Company.

(ii) The management has considered that the losses suffered by Raymond UCO Denim Private Limited (‘RUCO''), indicate an impairment in the
carrying value of the investment. In addition to the above investment, the Company has also outstanding loans amounting to '' 2,500 lakhs
(31 March 2024: '' 2,500 lakhs), have interest receivable of '' 69.26 lakhs (31 March 2024: '' 65.21 lakhs) and other receivable of '' 855.04 lakhs
(31 March, 2024: '' 912.85 lakhs) as at 31 March 2025.

The RUCO has undertaken cost reduction measures as a mitigatory factor and basis its performance in the recent past, it has shown a
marginal growth in the demand which management believes will further improve in the future quarters/ periods in the coming years. Further,
the Company along with its joint venture partner, vide their letter of support, have committed necessary level of unconditional financial and
other support to ensure that RUCO continues to operate as a going concern and to meet its liabilities as and when they fall due for payment for
the year ending 31 March 2026.

However, the management with the help of a valuation specialist, has carried out an impairment assessment for the entire investment in and
other receivables from RUCO and, on a conservative basis, has recognised an estimated provision of '' 3,250 lakhs (31 March 2024: '' 2,900
lakhs) as loss allowance in the investment value during the year ended 31 March 2025. The carrying value represents recoverable amount,
which is also the value in use. The impairment assessment is carried out based on revenue multiple approach of comparable companies.
Significant Estimates : The recoverable value of exposure in RUCO is determined by an independent registered valuer. The Company uses
judgement to select from variety of methods and make assumptions which are mainly based on market conditions existing at the end of each
reporting period.

(iii) During the year ended 31 March 2020, pursuant to approval from NCLT to RUCO towards reduction of its preference share capital, the investment of the
Company in preference share capital of RUCO having a carrying value of ? 8,700 lakhs was settled at an aggregate consideration of ? 10 lakhs. Accordingly, the
balance amount of ? 8,690 lakhs representing reduction in preference share capital investment, had been treated as deemed equity investments in RUCO.

(iv) The Board of Directors of the Company at its meeting held on 27 September 2021 had approved a Scheme of Arrangement (‘RAL Scheme'') between the
Company and Raymond Apparel Limited (‘RAL'' or ‘Demerged Company'') (earlier, wholly owned subsidiary of the Company) for demerger of the business
undertaking of RAL comprising of B2C business including apparel business (and excluding balances identified as quasi equity) as defined in the RAL Scheme,
into the Company on a going concern basis. RAL Scheme was approved by the NCLT vide its order dated 23 March 2022. The Appointed Date was 1 April 2021.
Accordingly, the Company had accounted for the Scheme under the ‘pooling of interests'' method in accordance with Appendix C of Ind AS 103 “Business
Combinations”. Pursuant to the RAL Scheme, all assets and liabilities pertaining to business undertaking of the Demerged Company were transferred to the
Company without any consideration. Further, on 23 March 2022, the balances recoverable towards ICDs, trade receivables and other financial assets, by
Raymond from RAL, on implementation of the RAL Scheme, were considered as quasi equity and hence re-classified as deemed equity. Since, these balances
would continue to be retained in RAL, on the basis of the business potential of the remaining business in RAL, the aforesaid balances were not expected to be
recoverable from RAL. Accordingly, loss allowance on such investment was recognised.

During the year ended 31 March 2024, the Company has sold its entire investment in wholly owned subsidiaries namely Raymond Apparel Limited and
Ultrashore Realty Limited (erstwhile Colorplus Realty Limited) for a consideration of ? 125 lakhs and ? 1 lakhs, respectively. Accordingly, the Company had
recognised gain on sale of investment in subsidiaries of ''126 lakhs (net of amounts fully provided in earlier year) [refer note 40(a)].

(v) During the FY 2019-20, the NCLT had vide its order dated 7 February 2020 approved the Composite Scheme of Amalgamation and Arrangement between
J. K. Helene Curtis Limited (‘JKHC''), J. K. Investo Trade (India) Limited (‘JKIT''), Raymond Consumer Care Private Limited (‘RCCPL''), Ray Global Consumer
Trading Limited (‘RGCTL'') and Ray Universal Trading Limited (‘RUTL'') and their respective shareholders (the ‘2020 Scheme''). Pursuant to said 2020 Scheme,
RCCPL was amalgamated with JKIT and the FMCG business of JKHC was transferred to JKIT. The combined FMCG business was then transferred to and
vested in RUTL. In consideration for the transfer and vesting of the combined FMCG business undertaking in RUTL, RGCTL had issued and allotted equity
shares to all the shareholders of JKIT during the FY 2020-21.

Pursuant to approval of lifestyle demerger scheme of the Company by the NCLT vide its order dated 21 June 2024 as further explained in note 40(a), RGCTL has
been amalgamated in Raymond Lifestyle Limited w.e.f. 30 June 2024.

(vi) During the year ended 31 March 2024, Ring Plus Aqua Limited (‘RPAL''), a step-down subsidiary of Raymond Limited [direct subsidiary of JK Files & Engineering
Limited (‘JKFEL'')] had acquired 59.25% stake in Maini Precision Products Limited (‘MPPL'') for a total cash consideration of '' 68,209 lakhs in accordance with
the share purchase agreement (‘SPA'') entered between RPAL and shareholders of MPPL.

The Board of Directors of JKFEL in its meeting held on 2 May 2024 had approved Composite Scheme of Arrangement between JKFEL, MPPL, RPAL, JK Maini
Precision Technology Limited (formerly known as JKFEL Tools and Technologies Limited) and JK Maini Global Aerospace Limited (formerly known as Ray Global
Consumer Enterprise Limited) (the ‘Scheme'') under the provisions of sections 230 to 232 read with section 66 and other applicable provisions of the Act and
the rules framed thereunder, subject to the requisite regulatory approvals. The Appointed Date proposed under this scheme was 1 April 2024. Based on the
directions of NCLT to convene the meetings of shareholders'' and creditors'', meetings were held on 20 December 2024 wherein the Scheme was approved by
the members and creditors of the respective companies. The next motion of hearing in the said matter is awaited. Pending receipt of statutory approvals as
required, no adjustments are made in the books of account of respective companies and in these financial statements.

(vii) During the year ended 31 March 2024, the Company had made an investment in 12,500,000 0.01% Non- Convertible Redeemable preference shares (‘NCRPS'')
with face value of ? 10 each of Ten X Realty Limited (‘Ten X'') of ? 12,500 lakhs [refer note 40(b)] and 5,000,000 NCRPS with face value of ? 100 each of JKFEL
of '' 5,000 lakhs for a period of 8 years and 20 years, respectively. The same had been presented as follows:

Dues from directors or other officers of the Company - -

Dues from firms or private companies in which director is a partner or a director or a member - -

Note:

Imported garments were fully exempted from payment of CVD under Notification No. 30/2004- C.E. dated 9 July 2004, subject to the
condition that no CENVAT credit has been availed on the inputs or on capital goods. However, during the relevant period (FY 2011 to 2014),
there was a dispute between the importers and the customs department regarding the applicability of the said benefit and the fulfilment
of the aforesaid conditions. The customs department had taken a view that the condition of “where NO CENVAT credit has been availed
on the inputs by suppliers” was not applicable on the imported goods and accordingly, the importers were not eligible for the benefit of
the aforesaid notification. Based on the above notification, Raymond Apparel Limited (business undertaking of Raymond Apparel Limited
merged with Raymond Limited w.e.f. 23 March 2022) had paid CVD under protest amounting to '' 2,257 lakhs and expensed it out during the
relevant period, as aforesaid.

Also, Raymond Apparel Limited had filed refund applications of CVD paid under protest based on the order passed by the Hon’ble Supreme
Court of India in the case of M/s. SRF Ltd. vs Commissioner of Customs, Chennai reported at 2015 (318) E.L.T. 607 (SC) on 26.03.2015
interpreted condition No. 20 of Notification No. 06/2002-CE (Sl. No. 122). The Hon’ble Supreme Court held that importers of goods could
claim benefit of such notification at the time of import for exemption from payment of CVD.

Based on above, Raymond Apparel Limited had brought the said amount in the books of account as “Claim receivables” and created a loss
allowance for an equivalent amount in financial year ended 31 March 2019, as prudent practice.

During the FY 2013-14, out of total claim the Company had received a refund of '' 1,215 lakhs, which is classified under ''Other income’.
Pursuant to demerger scheme of lifestyle business [Refer note 40(a)], the remaining receivables are transferred to Raymond Lifestyle Limited.

Trade receivables include '' Nil (31 March 2024: '' 2,449.84 lakhs) for which credit risk is retained by the Company under a factoring
arrangement and are net of '' Nil lakhs (31 March 2024: '' 22,048.54 lakhs) de-recognised (along with corresponding liability) on
transfer ''without recourse’ under a factoring arrangement. Company retains interest liability up to an agreed date on the entire
amount, the costs for which are recognised as part of finance costs.

The trade receivables includes '' Nil (31 March 2024: '' 1,137.75 lakhs) receivables against which bills are discounted. Under this
arrangement, Company has transferred the relevant receivables to the banks in exchange for cash. However, the Company has
retained late payment liability and credit risk. The Company therefore continues to recognize the transferred assets in entirety in its
standalone balance sheet. The amount repayable under the bills discounted is presented as current borrowings.

Notes:

1. Trade receivables are non-interest bearing and are generally settled in 60 to 120 days.

2. Refer note 45 for information on credit risk and market risk.

3. Refer note 35 for information on assets provided as collateral or security for borrowings or financing facilities availed by the
Company.

Notes:

Refer note 44 for information on interest risk, market risk and liquidity risk.

The Company had used the borrowing for the specific purpose for which it was availed.

There is no default in repayment of borrowings and payment of interest thereon during the year ended 31 March 2025 and

31 March 2024.

Refer note 35 for information on assets provided as collateral or security for borrowings or financing facilities availed by the Company.

Quarterly statements of current assets filed by the Company with banks are in agreement with the books of account.

Security

(i) These loans, along with commercial papers which were fully redeemed during the year ended 31 March 2024, are secured
as per the consortium agreement by hypothecation of inventories, receivables, book debts and other current assets of the
Company excluding liquid investments and assets pertaining to realty division, both present and future. Also, refer note 40(a).
The applicable rate of interest is 1 month MIBOR, 3 months T-Bill or overnight MIBOR spread of 0.6%. Effective interest rate
ranges from 6.83% to 11.05% p.a. (31 March 2024: 7.00% to 9.45% p.a.).

(ii) Bill discounting facility is secured against book debts, receivables, claims and bills discounted under this facility. Also, refer
note 40(a).

(iii) Effective rate of interest ranges from 9.20% to 10.01% p.a. (31 March 2024: 7.00% to 9.45% p.a.).

* Full or partial liability has been transferred to Raymond Lifestyle Limited, refer note 40(a)

** A demand order has been received by real estate division of the Company amounting to Rs. 900 lakhs during the year ended 31
March 2025 which is contested by the management. Under the scheme of demerger of real estate business undertaking [refer note
40(b)], the contingent liability will be transferred to Raymond Realty Limited and accordingly, it is not forming part of above disclosure.

Notes:

1. The Company is contesting all of the above demands and the management believes that its positions are likely to be upheld.
No expense has been accrued in the standalone financial statements for the aforesaid demands. The management believes
that the ultimate outcome of these proceedings are not expected to have a material adverse effect on the Company’s financial
position and results of operations and hence no provision has been made in this regard.

2. It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the above, pending resolution
of the respective proceedings.

3. The amounts disclosed above represent the best possible estimates arrived at on the basis of available information and do not
include any penalty payable.

4. The Company does not expect any reimbursements in respect of the above contingent liabilities, other than stamp duty matter
mentioned in (a) above.

5. Amount outstanding as at balance sheet date represents gross demand raised by the tax authorities, as amount paid under
protest is not charged to the standalone statement of profit and loss by the Company.

6. Also refer notes 2A(vi) and 5 (i) for other disputes.

7. Raymond Limited, Silver Spark Apparel Limited (‘SSAL’), Sanven Apparel Limited (formerly known as Raymond Apparel Limited)
(‘RAL’), Ring Plus Aqua Limited (‘RPAL’), are in receipt of income tax demand notices in April 2025 related to assessment year
(‘AY’) 2019 to AY 2023. The additions are made to the taxable income as unexplained expenditure in relation to cars which were
procured in the previous years and later sold to JKIB by the respective entities. These additions are in relation to disallowance
of depreciation claim and unexplained expenditure.

Pursuant to scheme of arrangement between Raymond Limited and Raymond Lifestyle Limited [refer note 40(a)], the income
tax demand related to Raymond Limited (lifestyle division), SSAL and RAL, as aforementioned, has been transferred to Raymond
Lifestyle Limited.

As the underlying assets are now in ownership and possession of JKIB, the management/ Board of JKIB has given an undertaking
that the tax demand (past, present and future) will be borne by JKIB. Accordingly, no provision/ contingent liability is recorded/
disclosed in the standalone financial statements of the Company. The demand as shown below is exclusive of penalty that

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(B) DEFINED BENEFIT PLAN

(i) Gratuity

Under the gratuity plan, every employees who have completed at least five years of service gets a gratuity on departure
at 15 days of last drawn salary for each completed year of service. This defined benefit plan is governed by The Payment
of Gratuity Act, 1972. The gratuity plan is a funded plan and the Company makes contributions to Raymond Limited
Employees Gratuity Fund and other recognised funds in India. Each year, the Board of Trustees reviews the [eve! of
funding in the gratuity plan. Such a review includes the asset-liability matching strategy and investment risk management
policy. This includes employing the use of annuities and longevity swaps to manage the risks.

(ii) Pension

The Company operates defined benefit pension plans which provide benefits to certain employees in the form of
a guaranteed level of pension payable for certain years after retirement. The level of benefits provided depends on
members’ length of service and their salary in the final years leading up to retirement. The plan is unfunded.

(iii) Provident fund

In case of certain employees, the 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 above and determined that there is no shortfall as at 31 March 2025.

NOTE 40(A): DEMERGER OF LIFESTYLE BUSINESS UNDERTAKING

During the previous year, the Board of Directors of the Company at its meeting held on 27 April 2023 had approved the Composite
Scheme of Arrangement for the demerger of the lifestyle business undertaking of Raymond Limited (''Demerged Company’) into
Raymond Lifestyle Limited (''Resulting Company’) on a going concern basis. The appointed date proposed under this scheme was 1
April 2023.

During the current year, the Company has received requisite approval from NCLT vide its order dated 21 June 2024. Respective
companies have filed the certified true copy of NCLT order along with the sanctioned scheme with the Registrar of Companies on 30
June 2024 (closing hours). Accordingly, the scheme was effective w.e.f. 30 June 2024. The accounting of this scheme in the books of
Demerged Company was done based on Appendix A to Ind AS 10 “Distribution of Non-cash Assets to Owners” (''Ind AS 10’).

The Demerged Company has accordingly debited the fair value of lifestyle business undertaking amounting to '' 851,600 lakhs to
retained earnings as dividend distribution attributable to each of the shareholders of Demerged Company. The difference between
the aforementioned fair value and the carrying amount of net liability of '' 26,376 lakhs of lifestyle business undertaking as at 30
June 2024 was recognised as gain on demerger in the standalone statement of profit and loss as an exceptional item amounting to
'' 877,976 lakhs. Further, upon the scheme becoming effective, the investment made by the Demerged Company in the Resulting
Company stands cancelled.

As a consideration for the demerger, the Resulting Company has issued its equity shares to each shareholder of the Demerged
Company as on record date in 4:5 swap ratio (i.e., four shares of '' 2 each have been issued by the Resulting Company for every five
shares of '' 10 each held in the Demerged Company). The equity shares of Resulting Company are listed on NSE and BSE w.e.f. 05
September 2024.

The net results of lifestyle business undertaking for the comparative year are disclosed separately as discontinued operations in the
standalone statement of profit and loss, as required by Ind AS 105 “Asset Held for Sale and Discontinued Operations” (''Ind AS 105’)
and Division II of Schedule III to the Act.

The Board of Directors of the Company had recommended final dividend of '' 10 per share the year ended 31 March 2024 (refer note
45), which was approved by the shareholders of the Company in the annual general meeting held on 27 June 2024. Subsequently,
NCLT approved the scheme of arrangement for demerger of lifestyle business undertaking and it was effective w.e.f. 30 June 2024.
In terms of provision contained in the aforesaid scheme whereby certain powers are given to the Board of Directors of the Company,
both the companies agreed and allocated dividend declared/ paid of '' 6,000 lakhs to Raymond Lifestyle Limited. The compliance
with respect to declaration of dividend under the Act and other relevant rules has been ensured by the Company.

Under the aforesaid scheme of arrangement, specific properties related to the lifestyle business at Vapi, Jalgaon, Chhindwara,
DodabaUapur and retail shops were transferred from the Company to Raymond Lifestyle Limited. Transfer under the aforesaid scheme
does not include the properties owned by and in possession of the Company, being the Thane office building and the retail shops at JK
House, Ballard Estate and Thane. These properties are neither explicitly referred to nor form part of or transferred under the aforesaid
scheme and they continue to be owned and possessed by the Company, though temporarily allowed to be used by Raymond Lifestyle
Limited. None of the applications, annexures forming part of the aforesaid scheme or any subsequent applications explicitly refer to
these properties as the same were never intended to be transferred to Raymond Lifestyle Limited. Based on the legal advice sought
by the the Company, it has been interpreted and agreed between both the Boards that aforementioned properties will continue to be
owned and possessed by the Company.

NOTE 40(B): DEMERGER OF REAL ESTATE BUSINESS UNDERTAKING

The Board of Directors of the Company at its meeting held on 4 July 2024, has approved the Scheme of Arrangement of Raymond
Limited (''Demerged Company’) and Raymond Realty Limited (''Resulting Company’) and their respective shareholders (''Real Estate
Scheme’) as per the provisions of sections 230 to 232 read with section 66 of the Act and the rules framed thereunder. The appointed
date proposed under this scheme is 1 April 2025.

FOR THE YEAR ENDED 31^st MARCH, 2025

(Amount in Rupees lakhs, unless otherwise specified)

The Real Estate Scheme, inter alia, provides for demerger of real estate business carried on by the Demerged Company (‘Real Estate
Business Undertaking’), into Resulting Company, a wholly owned subsidiary of Raymond Limited and issue of equity shares by the
Resulting Company to each shareholder of the Demerged Company, along with the consequential reduction and cancellation of the
paid-up share capital of Resulting Company held by Demerged Company.

During the current year, the Company has received requisite approval from NCLT, Mumbai Bench, vide its order dated 27 March
2025. Respective companies have subsequently filed the certified true copy of NCLT order along with the sanctioned scheme with
the Registrar of Companies on 30 April 2025 (closing hours). Accordingly, the Real Estate Scheme is effective w.e.f. 30 April 2025. The
accounting of this Real Estate Scheme in the books of Demerged Company will be done based on Appendix A to Ind AS 10.
Accordingly, the assets and liabilities as at 31 March 2025 related to Real Estate Business Undertaking have been classified as “held
for distribution” and the net results of Real Estate Business Undertaking for the current and previous year are disclosed separately as
“discontinued operations” in the standalone statement of profit and loss, as required by Ind AS 105 and Division II of Schedule III to
the Act.

Cumulative income or expenses included in OCI relating to the disposal group - The remeasurement gain/ loss on defined
benefit obligation is included in the OCI and provision for employee benefits. However, it is not reasonably possible to compute such
cumulative impact related to real estate business undertaking. The impact is not expected to be material to the standalone financial
statements.

The non-recurring fair value measurement for the disposal group has been categorised as a level 3 fair value based on the inputs to
the valuation technique used. The major asset in the disposal group is land in Panchpakhadi, Thane. The fair valuation is based on
current prices in the active market for similar land. The main inputs used are quantum, area, location, demand, restrictive entry to
the complex, age, and trend of fair market rent in village Panchpakhadi area. This fair value is based on best evidence of fair value in
an active market for similar land (ready reckoner rate - 1,825 lakhs per acre). Fair valuation is based on replacement cost method.

41 Segment disclosure

The Company has presented data related to its segments in its consolidated financial statements. No disclosures regarding
segments are therefore presented in these standalone financial statements.

NOTE: 43 FINANCIAL INSTRUMENTS

Financial Instrument by category and hierarchy

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a
current transaction between willing parties, other than in a forced or liquidation sale.

The following methods and assumptions are used to estimate the fair values:

1. Fair value of cash and cash equivalents, bank balances other than cash and cash equivalents, trade receivables, trade payables,
other current financial assets/ liabilities (except derivative financial instruments) and short term borrowings approximate their
carrying amounts largely due to short term maturities of these instruments.

2. Financial instruments are evaluated by the Company based on parameters such as individual credit worthiness of the counter¬
party. Based on this evaluation, allowances are taken to account for expected losses on these receivables. Accordingly, fair
value of such instruments is not materially different from their carrying amounts.

3. The fair values for deposits were calculated based on cash flows discounted using market interest rate on the date of initial
recognition and subsequently on each reporting date. The lease liability is initially recognised at the present value of the
future lease payments and is discounted using the interest rate implicit in the lease or, if not readily determinable, using the
incremental borrowing rates and subsequently measured at amortised cost.

4. The fair value of long term borrowings approximate their carrying amounts due to the fact that no upfront fees is paid as
compensation to secure the borrowing and the interest rate is equal to the market interest rate.

5. The fair value of investment in quoted investment in equity shares and debentures is based on the bid price of respective
investment as at the balance sheet date.

6. The fair value of investments in mutual fund units is based on the net asset value (‘NAV’) as stated by the issuers of these
mutual fund units in the published statements as at balance sheet date. NAV represents the price at which the issuer will issue
further units of mutual fund and the price at which issuers will redeem such units from the investors.

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation
technique:

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices)
or indirectly (i.e. derived from prices).

Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market
data (unobservable inputs).

There have been no transfer amongst the levels of fair value hierarchy during the year.

For assets and liabilities that are recognised in the standalone financial statements on a recurring basis, the Company determines
whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that
is significant to the fair value measurement as a whole) at the end of each reporting period.

The investment in government securities and equity instruments (level 3) are not material to the standalone financial statements.
Thus, the disclosure of valuation techniques and significant unobservable inputs is not presented.

NOTE 44: FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Company’s activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The Company’s primary focus
is to foresee the unpredictability of financial markets and seek to minimise potential adverse effects on its financial performance. The
Company’s management oversees these risks and formulates the policies which are reviewed and approved by the Board of Directors
and Audit Committee. Such risks are summarised below:

a) Market risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of change in market
prices. The primary market risk to the Company is currency risk and interest risk.

Interest risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market interest rates. The Company’s exposure to the risk of changes in market interest rates relates primarily to the Company’s
debt obligations.

The Company’s exposure to risk of change in foreign currency exchange rates arising from foreign currency transactions,
is primarily with respect to the currencies where the exchange rates are not fixed. Foreign exchange risk arises from future
commercial transactions and recognised assets and liabilities denominated in a currency that is not the functional currency
of the Company. The Company uses derivative financial instruments to mitigate foreign exchange related risk exposures. The
counter party of these derivative instruments are primarily banks. These derivative financial instruments are valued based on
inputs that is directly or indirectly observable in the marketplace.

The Company procures/ sell goods in their functional currency and in case of imports/ exports, it primarily deals in United States
Dollars (‘USD’) and Australian Dollar (‘AUD’). Other currencies are Euro, Great Britain Pound (‘GBP’), United Arab Emirates
Dirham (‘AED’), Chinese Yuan (‘RMB’), Bangladeshi Taka (‘BDT’) and Swiss Franc (‘CHF’). The Company evaluates exchange
rate exposure arising from foreign currency transactions and follows established risk management policies. There are earnings
from customers in foreign currency which act as a natural hedge against foreign currency risk.

All derivative activities for risk management purposes are carried out by specialist teams that have the appropriate skills,
experience and supervision. It is the Company’s policy that no trading in derivative for speculative purposes may be undertaken.
These derivative financial instruments are forward contracts which are used to mitigate the foreign exchange exposure of highly
probable future forecasted sales or purchase.

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its
contractual obligations, and arises from cash and cash equivalents, bank balances other than cash and cash equivalents,
other financial assets as well as credit exposures to customers including outstanding receivables and contract assets. The
maximum exposure to credit risk is equal to the carrying value of the financial assets.

Trade receivables and contract assets

The Company’s exposure to credit

---

Mar 31, 2024

(iv) On 6^th November 2007, the Company had entered into four separate tri-partite agreements with Pashmina Holdings Limited and each of the four sub-lessees of residential units in JK House (being Dr. Vijaypat Singhania, Mr. Gautam Hari Singhania, Mr. Akshaypat Singhania and Ms. Veenadevi Singhania along with Mr. Anant Singhania, who are considered to be related parties and said agreements were not acted upon. The said tri-partite agreements have been rejected by the shareholders of the Company at its meeting dated 5^th June 2017. Dr. Vijaypat Singhania, Mr. Akshaypat Singhania and Ms. Veenadevi Singhania along with Mr. Anant Singhania had initiated the arbitration proceedings against the Company to secure the specific performance of the tripartite agreements. In the matter of Mr. Akshaypat Singhania and Ms. Veenadevi Singhania along with Mr. Anant Singhania, Hon Arbitration Tribunal has passed an Award and rejected the claims of specific performance of the tri-partite agreements and also denied any relief / damages / compensation in lieu thereof, except that the Company has been directed to only reimburse the stamp duty on sub-lease agreements, that were paid by these erstwhile sub-lessees, along with interest (refer note 34). Further, Mr. Akshaypat Singhania and Ms. Veenadevi Singhania along with Mr. Anant Singhania have filed petitions for setting aside the Award of the Hon Arbitration Tribunal before the Bombay High Court which is pending. In the matter of Dr. Vijaypat Singhania, the Award is pending till date.

Premises given on operating lease:

The Company has given certain investment properties on operating lease. These lease arrangements range for a period between 2 and 5 years and include both cancellable and non-cancellable leases. Most of the leases are renewable for further period on mutually agreeable terms.

Estimation of fair value

The fair valuation is based on current prices in the active market for similar properties. The main inputs used are quantum, area, location, demand, restrictive entry to the complex, age of building and trend of fair market rent in village Panchpakhadi area.

This fair value is based on valuations performed by an registered independent valuer/ best evidence of fair value in an active market for similar properties. Fair valuation is based on replacement cost method. The fair value measurement is categorised in level 3 fair value hierarchy.

(i) During the earlier years, the Company invested an amount of C 6168 lakhs in the financial year ended 31^st March, 2016 and C 2000 lakhs in the financial year ended 31^st March, 2015 by subscription to the rights issue of equity shares of Raymond Luxury Cottons Limited (RLCL) a Subsidiary of the Company, enhancing the Company’s shareholding from 62% to 75.69%. In the year 2012-13, Cotonificio Honegger S.p.A (‘CH’), Italy, the erstwhile JV partner with Raymond Limited through one of its joint venture Company in India, Raymond Luxury Cottons Limited (RLCL) (Erstwhile known as Raymond Zambaiti Limited), had submitted request for voluntary winding up including composition of its creditors in the Court of Bergamo, Italy. Consequent to this, RLCL as at 31^st March, 2013, had provided for its entire accounts receivable from CH of USD 1255058 and Euro 612831, equivalent Indian Rupee aggregating C 1122.24 lakhs. In the year 2013-14, RLCL had put up its claim of receivable from CH of C 1122.24 lakhs before the Judicial Commissioner of the Composition (the Commissioner) appointed bythe Court ofBergamo, Italy. In protraction ofmatterwith Cotonificio Honegger S.p.A (‘CH’), Italy, the Judicial Commissioner of the Composition (“the Commissioner”) appointed by the Court of Bergamo, Italy, has declared RLCL as unsecured creditor for the amount outstanding from ‘CH’. Further ‘CH’ had also sought permission from the Court of Bergamo, Italy, for initiating proceeding against RLCL in India.

RLCL had received a notice dated 23^rd November, 2015 notifying that CH has filed a Petition against them before the Hon’ble Company Law Board (“CLB”), Mumbai Bench under Section 397 and 398 of Companies Act, 1956. RLCL responded to the petition filed by CH. The CLB in its order dated 26^th November, 2015 has recorded the statement made by the counsel for RLCL that CH’s shareholding in RLCL shall not be reduced further and the fixed assets of RLCL also shall not be alienated till further order. Subsequently, the proceedings were transferred to the National Company Law Tribunal (“NCLT”), Mumbai bench and currently, the matter is pending before the said forum. RLCL has filed a Miscellaneous Application on 29^th January, 2019 seeking part vacation of the interim order dated 26^th November, 2015. The NCLT, Mumbai Bench has allowed the application filed by RLCL and had directed that the main company petition along with the application for vacating the stay be listed for hearing. The NCLT has heard the matter both side on 19^th April, 2023 and passed an interim order for settlement and adjourn this matter to 9^th June, 2023 for reporting settlement.

The interlocutory application was filed jointly by the parties seeking withdrawal of the Company Petition along with all pending applications in the matter. The matter was settled amicably by the parties by way of a Settlement Agreement dated January 17, 2023, for an amount of Euros 2,100,000 to be paid by RL to CH, for buyback of its shares in RLCL. Basis the said Settlement Agreement entered between the parties, the matter has been withdrawn by consent, as recorded by the NCLT, Mumbai Bench, in its Order dated June 9, 2023. Consequently, RLCL became a wholly-owned subsidiary of RL.

(ii) The management has considered that the losses suffered by Raymond UCO Denim Private Limited, a joint venture company (RUCO), indicate an impairmentin the carryingvalue ofthe investment. In addition to the above investment, the Companyalsohas also given loans C 2500 lakhs (31^st March, 2023- C 2500 lakhs), interest receivable of C 65.21 lakhs (31^st March, 2023- C 65.60 lakhs) and other receivable of C 912.85 lakhs (31^st March, 2023- C 866.06 lakhs) as at 31^st March, 2024.

The RUCO has also undertaken cost reduction measures as a mitigatory factor and basis its performance in the last quarter of the current financial year, has shown a marginal growth in the demand which management believes will further improve in the future quarters in the next year. Further, the Company along with its Joint venture Partner vide their letter of support, have committed necessary level of financial and other support to ensure that RUCO continues to operate as a going concern and to meet its liabilities as and when they fall due for payment for the year ending 31 March 2025.

However, the management with the help of a valuation specialist, has carried out an impairment assessment for the entire investment in and other receivables from RUCO and, on a conservative basis, has recognised an estimated provision of C 2900 lakhs (31^st March, 2023- Nil) as diminution in the carrying value of its investment during the year.

Significant Estimates : The recoverable value of exposure in Raymond Uco Denim Private Limited is determined by an Independent Registered valuer. The Company uses judgement to select from variety of methods and make assumptions which are mainly based on market conditions existing at the end of each reporting period.

(iii) During the year ended 31^st March 2020, pursuant to approval from National Company Law Tribunal (NCLT), to the JV company, Raymond UCO Denim Private Limited (RUDPL) towards reduction of its preference share capital, the investment of the Company

in preference share capital of RUDPL having a carrying value of H 8700 lakhs was settled at an aggregate consideration of H 10 Lakhs. Accordingly, the balance amount of H 8690 lakhs representing reduction in preference share capital investment, had been treated as deemed equity investments in RUDPL.

(iv) The Board of Directors of the Company at its meeting held on 27^th September, 2021 had approved a Scheme of Arrangement (‘RAL Scheme’) between the Company and Raymond Apparel Limited (‘RAL’ or ‘Demerged Company’) (earlier, wholly owned subsidiary of the Company) for demerger of the business undertaking of RAL comprising of B2C business including Apparel business (and excluding balances identified as quasi equity) as defined in the RAL Scheme, into the Company on a going concern basis. RAL Scheme was approved by the Hon’ble National Company Law Tribunal vide its order dated 23^rd March, 2022. The Appointed Date was 1^st April, 2021. Accordingly, the Company has accounted for the Scheme of Arrangement under the ‘pooling of interests’ method in accordance with Appendix C of Ind AS 103‘Business Combinations’.Pursuant to the RAL Scheme, all assets and liabilities pertaining to business undertaking of the demerged company as defined in the RAL scheme have been transferred to the Company as defined in the RAL Scheme without any consideration. Further, on 23^rd March, 2022, the balances recoverable towards ICDs, trade receivables and other financial assets, by Raymond from RAL, on implementation of the RAL Scheme, had been considered as quasi equity and hence re-classified under “Investment in subsidiaries” as “Deemed equity investment”. Since, these balances would continue to be retained in RAL, on the basis of the business potential of the remaining business in RAL, the aforesaid balances were not expected to be recoverable from RAL. Accordingly, provision for impairment had been recognised.

During the year ended 31 March 2024, the Company has sold its entire investment in wholly owned subsidiaries namely Raymond Apparel Limited and Ultrashore Realty Limited (erstwhile Colorplus Realty Limited) for a consideration of C 125 lakhs and C 1 Lakhs respectively. Accordingly, the Company has recognised surplus on sale of investment in subsidiaries of C126 lakhs (net of amounts fully provided in earlier year) during the year.

(v) During the Financial year 2019-2020, the Mumbai Bench of National Company Law Tribunal (“NCLT”) has vide its order dated 07^th February, 2020 approved the Composite Scheme of Amalgamation and Arrangement between J. K. Helene Curtis Limited (JKHC), J. K. Investo Trade (India) Limited (JKIT), Raymond Care Private Limited (RCCPL), Ray Global Trading Limited (RGCTL) and Ray Universal Trading Limited (RUTL) and their respective shareholders (''the scheme''). Pursuant to said Scheme, RCCPL has been amalgamated with JKIT and FMCG business of JKHC has been transferred to JKIT. The Combined FMCG business has then been transferred to and vested in RUTL. In consideration for the transfer and vesting of the Combined FMCG Business Undertaking in RUTL, RGCTL has issued and allotted shares to all the shareholders of JKIT during the FY 2020-21.

(vi) The Company has transferred its entire shareholding in Scissors Engineering Products Limited (“SEPL”), a wholly-owned subsidiary of the Company to J K Files & Engineering Limited (“JKFE”) (Erstwhile J K Files (India) Limited), another wholly-owned subsidiary of the Company at Nil consideration. The transfer of shares in SEPS to JKFE has been considered as ‘deemed equity investment in J K Files & Engineering Limited’(“JKFE”) in earlier year.

The Board of Directors of the Company at its meeting held on 27 September 2021 had approved the consolidation of the Tools & Hardware business carried out by JK Files & Engineering Limited (Formerly known as JK Files (India) Limited) (wholly owned subsidiary of the Company, “JKFEL”) and Auto Components business carried out by Ring Plus Aqua Limited (step down subsidiary of the Company), During the year ended 31^st March 2022, the Company had transferred its entire shareholding in Scissors Engineering Products Limited (holding company of Ring Plus Aqua Limited and wholly owned subsidiary of the Company) to JK Files & Engineering Limited (Formerly known as JK Files (India) Limited) by way of delivery under Section 123 of the Transfer of Property Act, 1882. Further, JKFEL had filed the Draft Red Herring Prospectus (DRHP) and Updated DRHP with the Securities and Exchange Board of India (SEBI) on 9 December 2021 and 4 April 2022, respectively, for an Initial Public Offer {‘‘IPO”} comprising of an Offer for Sale (‘OFS’). Based on the prevalent market conditions continuing to be restrained, with the validity of the Updated DRHP filed with SEBI becoming time barred during the previous year ended 31^st March 2023, it was considered more favourable to defer further pursuit of JKFEL IPO, at 31 March 2023. Accordingly, the Company has recognised the expenses incurred towards the IPO process in the statement of Profit and Loss during the previous year.

(vii) The Company has made an investment in 12,500,000 0.01% Non- Convertible Redeemable Preference shares (‘NCRPS’) with face value of Rs. 10 each of Ten X Realty Limited (“Ten X”) of Rs. 12,500 lakhs and 5,000,000 NCRPS with face value of Rs. 100

Imported garments were fully exempted from payment of CVD under Notification No. 30/2004- C.E. dated 09^th July 2004, subject to the condition that no CENVAT Credit has been availed on the inputs or on capital goods. However, during the relevant period (Financial year ended 31 March 2011 to 31 March 2014), there was a dispute between the importers and the Customs Department regarding the applicability of the said benefit and the fulfilment of the aforesaid condition. The Customs Department had taken a view that the condition of “where NO CENVAT credit has been availed on the inputs by suppliers” was not applicable on the imported goods and accordingly, the importers were not eligible for the benefit of the said Notification. Basis the above notification, Raymond Apparel Limited (business undertaking of Raymond apparel limited merged with Raymond Limited w.e.f 23 March 2022) had paid CVD under protest amounting to H 2257.44 Lakhs and expensed out, during the period from 2011 to 2015.

However, Raymond Apparel Limited (business undertaking of Raymond apparel limited merged with Raymond Limited w.e.f 23^rd March 2022) had filed refund applications of CVD paid under protest, amounting to C 2257.44 Lakhs, basis the order passed by the Hon’ble Supreme Court of India in the case of M/s. SRF Ltd. vs Commissioner of Customs, Chennai reported at 2015 (318) E.L.T. 607 (SC) on 26.03.2015 interpreted Condition No. 20 of Notification No. 06/2002-CE (SI. No. 122). The Hon’ble Supreme Court held that importers of goods could claim benefit of such notification at the time of import for exemption from payment of CVD.

Basis as above, Raymond Apparel Limited (business undertaking of Raymond apparel limited merged with Raymond Limited w.e.f 23^rd March 2022) has brought the said amount in the books of account as “Claim Receivables” and created a provision for an equivalent amount in financial year ended 31^st March, 2019, as prudent practice.

Further, the Companyhad re-assessed the claim receivables and the claim application for additional CVD refund of C 712.69 Lakhs has been filed.

During the current year, out of total claim of C 2257.44 Lakhs, the Company has received the amount of C 1214.69 Lakhs and the same has been grouped under ‘Other income’

Inventory write downs are accounted, considering the nature of inventory, ageing, liquidation plan and net realisable value. Writedowns of inventories amounted to H 11894.23 lakhs as at 31 March, 2024 (as at 31 March, 2023 - H 10638.70 lakhs) These writedowns were recognised as an expense and included in ''changes in inventories of finished goods, stock-in-trade, work-in-progress and property under development'' in the Statement of Profit and Loss.

As at 31 March 2023, out of H10638.72 lakhs, H 2164.45 lakhs were recognised as an expenses as exceptional item in statement of profit and loss.

Trade receivables include H2449.84 lakhs (31^st March, 2023 H 2249.45 lakhs) for which credit risk is retained by the Company under a factoring arrangement and are net of H22048.54 lakhs (31^st March, 2023 H 20245.02 lakhs) de-recognised (along with corresponding liability) on transfer ‘without recourse’ under a factoring arrangement. Company retains interest liability upto an agreed date on the entire amount, the costs for which are recognised as part of finance costs.

The trade receivables includes H1137.75 lakhs (31^st March, 2023 H 974.50 lakhs) receivables against which bills are discounted. Under this arrangement Company has transferred the relevant receivables to the banks in exchange for cash.However, Company has retained late payment and credit risk. The Company therefore continues to recognize the transferred assets in entirety in its balance sheet. The amount repayable under the bills discounted is presented as current borrowings. Trade receivables are generally on terms of 60 to 90 days.

Refer Note 45 for information about credit risk and market risk of trade receivables.

b) Rights, preferences and restrictions attached to shares

Equity shares: The Company has one class of equity shares having a par value of H10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, 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 to their shareholding.

Securities premium

Securities premium is created due to premium on issue of shares and is utilised in accordance with the provisions of the Act.

Capital reserve

Capital reserve is utilised in accordance with provision of the Act.

Capital Reserve on merger

Reserve arises on merger of apparel business as a part of the scheme.

Post-merger Incremental Net Assets account

Reserve arises on merger of apparel business as a part of the scheme.

Capital Redemption Reserve

Represent reserve created during buy back of Equity Shares and it is a non-distributable reserve.

General Reserves

Represents transfer portion of the net profit pursuant to the earlier provisions of Companies Act, 1956. Mandatory transfer to general reserve is not required under the Companies Act, 2013.

Share Options Outstanding

The Company has stock options schemes under which options to subscribe for the Company’s shares have been granted to management personal. ESOP reserve is used to recognise the value of equity-settled share based payments provided remunerations.

Retained Earnings

Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve, dividends or other distributions paid to shareholders. Retained earnings includes re-measurement loss / (gain) on defined benefit plans, net of taxes that will not be reclassified to Statement of Profit and Loss. Retained earnings is a free reserve available to the Company.

Equity Instruments through other comprehensive income

The Company has elected to recognise changes in the fair value of certain investment in equity instrument in other comprehensive income. This amount will be reclassified to retained earnings on derecognition of equity instrument.

i. The carrying amounts of financial and non financial assets as security for secured borrowings are disclosed in Note 37.

ii. Security

(a) Loans repayable on demand from banks (includes short term loan and Commercial Papers )

Secured as per the consortium agreement by hypothecation of inventories, receivables , book debts and other current assets of the company excluding liquid investments and assets pertaining to realty division, both present and future

(b) Local Bills discounted with bank

Bill Discounting facility is secured against book debts, receivables, Claims and bills discounted under this facility

iii. Quarterly statements of current assets filed by the Company with banks are in agreement with the books of accounts.

Trade payables other than Micro Enterprise and Small Enterprise includes H22805.35 lakhs (31^st March 2023 H 19943.67 lakhs) based on assignment of the dues as per the guidelines issued by RBI under the Trade Receivables Discounting System for MSMEs.

Disclosure of payable to vendors as defined under the "Micro, Small and Medium Enterprise Development Act, 2006" is based on the information available with the Company regarding the status of registration of such vendors under the said Act, as per the intimation received from them on requests made by the Company. There are no material overdue principal amounts to such vendors at the Balance Sheet date.

Unsatisfied performance obligations on long term real estate contracts

Revenue is recognized upon transfer of control of products or services to customers.

Long term contracts entered into by the Company as on 31 March, 2024 is D 550,599.97 lakhs (31 March, 2023 D 343,153.54 lakhs) pertaining to real estate development projects. The unsatisfied performance obligation relating to these contracts aggregates to D185,527.61 lakhs (31 March, 2023 D 125,522.36 lakhs) as at year end.

The management of Company expects that 40.21% (31 March, 2023 : 35.49%) of the unsatisfied performance obligation amounting to D 74,603.29 lakhs (31 March, 2023 D 44,553.94 lakhs) pertaining to these long term contracts will be recognised as revenue during the next reporting period with balance in future reporting periods thereafter.

Consequent to reconciliation items shown above, the effective tax rate is 25.10 % (2022-23: 26.82%)Note: 1

During the previous year, while filing its return of income for the year ended 31 March 2022, the Company decided to exercise the option of lower tax rate available under Section 115BAA of the Income Tax Act, 1961 (“new tax regime”) as introduced by the Taxation Laws (Amendment) Act, 2019 (‘the Amendment Act”). Consequently, during the previous year , the Company has reversed the provision for current tax recognised based on the tax provisions applicable prior to adoption of the new tax regime, pertaining to the previous year ended 31 March 2022. Similarly, the Company has also remeasured/reversed its deferred tax assets (net) including MAT credits, outstanding as at 01 April 2022.

Note: 2 Refer note 50

Note 38: Contingent liabilities (to the extent not provided for) (H in lakhs)
	As at 31st March, 2024	As at 31st March, 2023
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 2000-01 and Denim Division divested during the year 2006-07 (interest thereon not ascertainable at present)
Sales Tax	98.54	98.54
Royalty	233.88	228.29
Stamp duty *	2957.66	2957.66
Other Matters	27.56	27.56
	3317.64	3312.05
*The Company has a contractual right towards reimbursement of 50% of the amount of demand finally determined.
(b) Claims against the Company not acknowledged as debts in respect of other divisions.
Sales Tax	843.45	1822.77
Goods and services tax	2754.80	1875.71
Compensation for Premises	1865.64	1817.54
Electricity duty	673.31	673.31
Water Charges	248.08	262.55
Other Matters (service tax, labour laws, Civil matters and interest claims)	268.93	333.59
	6654.21	6785.47
(c) Disputed demands in respect of Income-tax, etc. (Interest thereon not ascertainable at present)	4418.69	5328.22
(d) Disputed Excise/Custom Duty	2469.51	2469.51
(e) Company''s liabilities/obligations pertaining to the period upto the date of transfer of the Company''s erstwhile Steel, Cement and Denim Division in respect of which the Company has given undertakings to the acquirers.	Amount not determinable	Amount not determinable
(f) Provident Fund The Honourable Supreme Court, had passed a judgement on 28 February, 2019 in relation to inclusion of certain allowances within the scope of "Basic wages" for the purpose of determining contribution to provident fund under the Employees'' Provident Funds & Miscellaneous Provisions Act, 1952. The management, based on legal advice, is of the view that the applicability of the judgement to the Company, with respect to the period and the nature of allowances to be covered due to interpretation challenges, and resultant impact on the past provident fund liability, cannot be reasonably ascertained.	Amount not determinable	Amount not determinable
(g) Claim in relation to tenancy rights over a portion of the Company’s Land at Thane has been filed in the District Court, Thane, which the Company believes, has no jurisdiction to adjudicate such matters. All the Revenue Courts (Tahsildar, Sub-divisional Officer and Maharashtra revenue tribunal order), that have jurisdiction to adjudicate such matters, have already passed orders in favour of the Company. The Company has been legally advised that they have a good case on law and merits. It is not practicable for the Company to estimate the timing of cash outflows, if any , in respect of the above (a), (b), (c) to (g) pending resolution of the respective proceedings. The Company does not expect any reimbursements in respect of the above contingent liabilities other than stamp duty matter mentioned in (a) above.	Amount not determinable	Amount not determinable
(h) Also refer notes 2A (iv) and 5 (i) for other disputes

Note 39: Commitments i) Capital Commitments Capital expenditure contracted for at the end of the reporting period but not recognised as liabilities is as follows:			(H in lakhs)
	As at		As at
	31st March, 2024	31st	March, 2023
Property, plant and equipment	2697.55		3545.22
Less: Capital advances and CWIP	(335.26)		(674.47)
Net Capital commitments	2362.29		2870.75

ii) EPCG Commitments

Future export obligations / commitments under import of Capital Goods at Concessional rate of customs duty. As at 31 March, 2024 H 10227.90 lakhs (31 March, 2023 H 11462.48 lakhs)

iii) Other commitment

Equity commitment in joint venture, not exceeding amount H Nil as at 31 March 2024 (31 March 2023: H 2500 lakhs ) based upon the fulfilment of conditions mentioned under clause 6 of the sixth addendum dated 7 March 2022 to the shareholders agreements dated 1 June 2006.

Commitment in providing financial support to the joint venture to enable it to operate and settle its liabilites and obligation as they become due and continue as going concern for the next financial year.

Note 40: Ind As 116 Leases

The Company''s lease asset primarily consist of leases for land (reclassified) and for buildings (premises) for retail stores and warehouses having various lease terms.

The maturity analysis of lease liabilities are disclosed in note 45 (iii)

Note 41: Post retirement benefit plans Defined Benefits Plan

(i) Gratuity

The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/termination is the employees last drawn basic salary per month computed proportionately for 15 days salary multiplied for the number of years of service. The gratuity plan is a funded plan and the Company makes contributions to recognised funds in India.

(ii) Pension Benefits

The Company operates defined benefit pension plans which provide benefits to some of its employees in the form of a guaranteed level of pension payable for certain years after retirement. The level of benefits provided depends on members'' length of service and their salary in the final years leading up to retirement.

(iii) Provident fund

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 above and determined that there is no shortfall as at 31 March, 2024.

(iv) As per Actuarial Valuation as on 31 March, 2024 and 31 March, 2023 amounts recognised in the financial statements in respect of Employee Benefit Schemes are as follows:

The sensitivity analyses above have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period and may not be representative of the actual change. It is based on a change in the key assumption while holding all other assumptions constant. When calculating the sensitivity to the assumption, the method (Projected Unit Credit Method) used to calculate the liability recognised in the balance sheet has been applied. The methods and types of assumptions used in preparing the sensitivity analysis did not change compared with the previous period.

Risk Exposure - Asset Volatility

The plan liabilities are calculated using a discount rate set with reference to bond yields; if plan assets underperform this yield, this will create a deficit. Most of the plan asset investments is in fixed income securities with high grades and in government securities. These are subject to interest rate risk and the fund manages interest rate risk derivatives to minimize risk to an acceptable level. A portion of the funds are invested in equity securities and in alternative investments which have low correlation with equity securities. The equity securities are expected to earn a return in excess of the discount rate and contribute to the plan deficit.

(v) Leave obligations

The leave obligations cover the Company’s liability for sick and earned leave.

The amount of the provision of H 4119.37 lakhs (31 March 2023 - H 3501.58lakhs) is presented as current, since the Company does not have an unconditional right to defer settlement for any of these obligations

(vi) Defined contribution plans

The Company also has certain defined contribution plans such as provident fund and super annuation plan for benefits of employees. Contributions are made to provident fund in India for employees at the rate of 12% of basic salary as per regulations. The contributions are made to registered provident fund administered by the Government. The obligation of the Company is limited to the amount contributed and it has no further contractual nor any constructive obligation. The expense recognised during the period towards defined contribution plan is C 1,815.70 lakhs (31 March 2023 - C 1,743.42 lakhs).

42 In accordance with Accounting Standard Ind As 108 ‘Operating Segment ‘, segment information has been disclosed in the consolidated financial statements of Raymond Limited, and therefore , no separate disclosure on segment information is given in these financial statements.

1) The Company has agreed with the lenders (Banks) of some of the subsidiaries/Joint Ventures for not disposing off Company''s investments in such Subsidiaries/Joint Ventures without their prior consent.

2) Equity (or equity like) investments by the Company and equity (or equity like) infusion into the Company are not considered for disclosure under closing balances as these are not considered "outstanding" exposure. Refer note 5 and 17A & 17B for the same.

3) Loans to Subsidiaries and Joint venture:

Loans to the Subsidiaries and joint venture have been given for acquisition of assets and augmenting working capital and have been utilised for the same.

Guarantees given:

Guarantees provided to the lenders of the subsidiaries are for availing term loans and working capital facilities from the lender banks. Commitment given:

Refer Note 39(iii) for commitment given to Joint venture

4) All the material transactions stated above with related parties are on arm’s length basis.

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair values:

1. Fair value of cash and short-term deposits, trade and other short term receivables, trade payables, other current liabilities, short term loans from banks and other financial institutions approximate their carrying amounts largely due to short term maturities of these instruments.

2. Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to account for expected losses of these receivables. Accordingly, fair value of such instruments is not materially different from their carrying amounts.

The fair values for loans, security deposits and investment in preference shares were calculated based on cash flows discounted using a current lending rate. They are classified as level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs including counter party credit risk.

The fair values of non-current borrowings are based on discounted cash flows using a current borrowing rate. They are classified as level 3 fair values in the fair value hierarchy due to the use of unobservable inputs, including own credit risk.

For financial assets and liabilities that are measured at fair value, the carrying amounts are equal to the fair values.

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2: other techniques forwhich all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.

The Company''s financial risk management is an integral part of how to plan and execute its business strategies. The Company''s financial risk management policy is set by the Managing Board.

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates, equity prices and other market changes that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments including investments and deposits , foreign currency receivables, payables and loans and borrowings.

The Company manages market risk through a treasury department, which evaluates and exercises independent control over the entire process of market risk management. The treasury department recommend risk management objectives and policies, which are approved by Senior Management and the Audit Committee. The activities of this department include management of cash resources, implementing hedging strategies for foreign currency exposures like foreign exchange forward contracts, borrowing strategies and ensuring compliance with market risk limits and policies.

Market Risk- Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of the financial instruments will fluctuate because of changes in market interest rates. In order to optimize the Company''s position with regards to interest income and interest expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of fixed rate and floating rate financial instruments in its total portfolio.

According to the Company, interest rate risk exposure is only for floating rate borrowings. For floating rate liabilities, the analysis is prepared assuming the amount of the liability outstanding at the end of the reporting period was outstanding for the whole year. A 50 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management''s assessment of the reasonably possible change in interest rates.

Market Risk- Foreign currency risk.

The Company operates internationally and portion of the business is transacted in several currencies and consequently the Company is exposed to foreign exchange risk through its sales and services in overseas markets and purchases from overseas suppliers in various foreign currencies. Foreign currency exchange rate exposure is partly balanced by purchasing of goods, commodities and services in the respective currencies.

Market Risk- Price Risk (a) Exposure

The Company''s exposure to equity securities price risk arises from investments held by the Company and classified in the balance sheet either at fair value through OCI or at fair value through profit and loss. To manage its price risk arising from investments in equity securities, the Company diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the Company .

(b) Sensitivity

The table below summarizes the impact of increases/decreases of the BSE index on the Company''s equity and Gain/Loss for the period. The analysis is based on the assumption that the index has increased by 5 % or decreased by 5 % with all other variables held constant, and that all the Company''s equity instruments moved in line with the index.

Above referred sensitivity pertains to quoted equity investment (Refer Note 10(A) ). Profit for the year would increase/ (decrease) as a result of gains/losses on equity securities as at fair value through profit or loss.

Credit risk

Credit risk arises from the possibility that the counter party may not be able to settle their obligations as agreed. To manage this, the Company periodically assesses financial reliability of customers and other counter parties, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of financial assets. Individual risk limits are set and periodically reviewed on the basis of such information.

The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis through each reporting period. To assess whether there is a significant increase in credit risk the Company compares the risk of default occurring on asset as at the reporting date with the risk of default as at the date of initial recognition. It considers reasonable and supportive forwarding-looking information such as:

i) Actual or expected significant adverse changes in business,

ii) Actual or expected significant changes in the operating results of the counterparty,

iii) Financial or economic conditions that are expected to cause a significant change to the counterparty''s ability to meet its obligations,

iv) Significant increase in credit risk on other financial instruments of the same counterparty,

v) Significant changes in the value of the collateral supporting the obligation or in the quality of the third-party guarantees or credit enhancements.

Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Company. Where loans or receivables have been written off, the Company continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognized as income in the statement of profit and loss.

The Company measures the expected credit loss of trade receivables and loan from individual customers based on historical trend, industry practices and the business environment in which the entity operates. Loss rates are based on actual credit loss experience and past trends. Based on the historical data, loss on collection of receivable is not material hence no additional provision considered.

Liquidity Risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions. Due to the dynamic nature of the underlying businesses, Company treasury maintains flexibility in funding by maintaining availability under committed credit lines. Management monitors rolling forecasts of the Company''s liquidity position (comprising the undrawn borrowing facilities below) and cash and cash equivalents on the basis of expected cash flows.

Note 46: Capital risk management (a) Risk Management

The Company aims to manage its capital efficiently so as to safeguard its ability to continue as a going concern and to optimise returns to its shareholders.

The capital structure of the Company is based on management’s judgement of the appropriate balance of key elements in order to meet its strategic and day-to-day needs. Management considers the amount of capital in proportion to risk and manage the capital structure in light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders or issue new shares.

The Company''s policy is to maintain a stable and strong capital structure with a focus on total equity so as to maintain investor, creditors and market confidence and to sustain future development and growth of its business. The Company will take appropriate steps in order to maintain, or if necessary adjust, its capital structure.

48 Export Promotion Capital Goods (EPCG) scheme allows import of certain capital goods including spares at concessional duty subject to an export obligation for the duty saved on capital goods imported under EPCG scheme. The duty saved on capital goods imported under EPCG scheme being Government Grant, is accounted as stated in the Accounting policy on Government Grant.

49 Employee Stock Option Plan

The Company has implemented employee share-based payment plans for the employees of the Company and its group companies. All the options issued by the Company are equity share based options which have to be settled in equity shares only. The shares to be allotted to employees under the Employee Stock Option Plan (ESOP Plan) will be acquired by the Raymond Limited ESOP Trust (the ‘Trust’) formed for the purpose. The shares would be acquired through fresh issue made by the Company or through secondary acquisition through recognized stock exchange. The shareholders through postal ballet have approved grant of 1680588 options on 27 March 2023.

The Nomination and Remuneration Committee and Board of Directors have approved the ESOP plan at its respective meeting held on 17 February 2023.

(i) Fair value of options granted

The fair value at grant date is determined using the ''Black Scholes Merton model'' and ''Monte Carlo Simulation Model''.

50 During the year, the Board of Directors of the Company at its meeting held on 27 April 2023 has approved the Composite Scheme of Arrangement which comprises of Demerger of the lifestyle business undertaking of Raymond Limited (the ‘Demerged Company’ or ‘RL’) into Raymond Consumer Care Limited (the ‘Resulting Company’ or ‘RCCL’) on a going concern basis. The Appointed Date proposed under this scheme is 1 April 2023. Pending receipt of statutory approvals as required, no adjustments are made in the books of account.

Considering the status of statutory approvals on scheme, the management believes that the said scheme will be effective before the date of filing of income tax return for the assessment year 2024-25. Accordingly, taking into consideration the expected statutory approvals on the scheme, the Company has calculated the advance tax and deposited the installments within due dates for both the parties to scheme i.e Raymond Limited and RCCL . Further, the Company will be filing its return of income for AY 2024-25 based on the tax calculations as per the demerger scheme filed with NCLT.

52 The Board of Directors of the Company at its meeting held on 25 February 2022 had approved a Scheme of Arrangement (''Real Estate Scheme'') between the Company and Raymond Lifestyle Limited (wholly owned subsidiary of the Company) for demerger of the real estate business undertaking of the Company (as defined in the Real Estate Scheme) into Raymond Lifestyle Limited on a going concern basis. The Appointed Date was proposed as 1 April 2022. Pending receipt of statutory approvals as required including that of Mumbai Bench of the National Company Law Tribunal (''NCLT''), no adjustments have been made in the books of account and in the standalone financial statements upto all periods ended with 31 March 2023.

During the year, the Board of Directors of the Company at its meeting held on 27 April 2023 have approved the withdrawal of the Real Estate Scheme.

53 The Ministry of Corporate Affairs (MCA) has prescribed a new requirement for companies under the proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 inserted by the Companies (Accounts) Amendment Rules 2021 requiring companies, which uses accounting software for maintaining its books of accounts, shall use only such accounting software which has a feature of recording audit trail of each and every transaction, creating an edit log of each change made in the books of accounts along with the date when such changes were made and ensuring that the audit trail cannot be disabled.

The Company uses the accounting software SAP for maintaining books of account. During the year ended 31 March 2024, the Company had not enabled the feature of recording audit trail (edit log) at the database level for the said accounting software SAP to log any direct data changes on account of recommendation in the accounting software administration guide which states that enabling the same all the time consume storage space on the disk and can impact database performance significantly. Audit trail (edit log) is enabled at the application level.

i) Current Ratio (%): Increase in current ration due to increase in investment , Trade receivable and bank balance other than cash.

ii) Net Capital Turnover (%): Increase in ratio due to increase in other income.

iii) Return on Investment (%): Increase on account of better returns on investments in current year, as compared to previous year

55 The Board of Directors has recommended Equity dividend of H 10 per equity share of face value H 10.00 each (Previous year H 3 ) for the financial year 2023-24. The same is subject to the approval of the shareholders at their ensuing Annual General Meeting.

56 Figures of the previous year has been re-grouped/re-arranged wherever necessary. The impact of the same is not material to the users of financial statements.

57 The Financial Statements were authorised for issue by the directors on 3^rd May, 2024

This is the summary of the significant accounting policies and other explanatory information referred to in our report of even date

---

Mar 31, 2023

(i) During the earlier years, the Company invested an amount of '' 6168 lakhs in the financial year ended 31st March, 2016 and '' 2000 lakhs in the financial year ended 31st March, 2015 by subscription to the rights issue of equity shares of Raymond Luxury Cottons Limited (RLCL) a Subsidiary of the Company, enhancing the Company''s shareholding from 62% to 75.69%.

In the year 2012-13, Cotonificio Honegger S.p.A (''CH''), Italy, the erstwhile JV partner with Raymond Limited through one of its joint venture Company in India, Raymond Luxury Cottons Limited (RLCL) (Erstwhile known as Raymond Zambaiti Limited), had submitted request for voluntary winding up including composition of its creditors in the Court of Bergamo, Italy. Consequent to this, RLCL as at 31st March, 2013, had provided for its entire accounts receivable from CH of USD 1255058 and Euro 612831, equivalent Indian Rupee aggregating '' 1122.24 lakhs. In the year 2013-14, RLCL had put up its claim of receivable from CH of '' 1122.24 lakhs before the Judicial Commissioner of the Composition (the Commissioner) appointed by the Court of Bergamo, Italy. In protraction of matter with Cotonificio Honegger S.p.A (''CH''), Italy, the Judicial Commissioner of the Composition ("the Commissioner") appointed by the Court of Bergamo,

Italy, has declared RLCL as unsecured creditor for the amount outstanding from ''CH''. Further ''CH'' had also sought permission from the Court of Bergamo, Italy, for initiating proceeding against RLCL in India.

RLCL had received a notice dated 23 rd November, 2015 notifying that CH has filed a Petition against them before the Hon''ble Company Law Board ("CLB"), Mumbai Bench under Section 397 and 398 of Companies Act, 1956. RLCL responded to the petition filed by CH. The

CLB in its order dated 26th November, 2015 has recorded the statement made by the counsel for RLCL that CH''s shareholding in RLCL shall not be reduced further and the fixed assets of RLCL also shall not be alienated till further order. Subsequently, the proceedings were transferred to the National Company Law Tribunal ("NCLT"), Mumbai bench and currently, the matter is pending before the said forum. RLCL has filed a Miscellaneous Application on 29th January, 2019 seeking part vacation of the interim order dated 26th November, 2015. The NCLT, Mumbai Bench has allowed the application filed by RLCL and had directed that the main company petition along with the application for vacating the stay be listed for hearing. The NCLT has heard the matter both side on 19th April, 2023 and passed an interim order for settlement and adjourn this matter to 9th June, 2023 for reporting settlement.

(ii) The management has considered that the losses suffered by Raymond UCO Denim Private Limited, a joint venture company (RUCO), indicate an impairment in the carrying value of the investment. In addition to the above investment, the Company also has given loans of '' 2500 lakhs (31st March, 2022- '' 2500 lakhs), interest receivable of '' 65.60 lakhs (31st March, 2022- '' 61.87 lakhs) and other receivable of '' 866.06 lakhs (31st March, 2022- '' 950.97 lakhs) as at 31st March, 2023. Accordingly, the management with the help of a valuation specialist,

has carried out an impairment assessment for the entire investment in and other receivables from RUCO, and accordingly has estimated a provision of '' Nil (31st March, 2022- '' 1000 lakhs) as diminution in the carrying value of its investment during the year.

Significant Estimates : The recoverable value of exposure in Raymond Uco Denim Private Limited is determined by an Independent Registered valuer. The Company uses judgement to select from variety of methods and make assumptions which are mainly based on market conditions existing at the end of each reporting period.

(iii) During the year ended 31st March 2020, pursuant to approval from National Company Law Tribunal (NCLT), to the JV company, Raymond UCO Denim Private Limited (RUDPL) towards reduction of its preference share capital, the investment of the Company in preference share capital of RUDPL having a carrying value of '' 8700 lakhs was settled at an aggregate consideration of '' 10 Lakhs. Accordingly,

the balance amount of '' 8690 lakhs representing reduction in preference share capital investment, had been treated as deemed equity investments in RUDPL.

(iv) The Board of Directors of the Company at its meeting held on 27th September, 2021 had approved a Scheme of Arrangement (''RAL Scheme'') between the Company and Raymond Apparel Limited (''RAL'' or ''Demerged Company'') (earlier, wholly owned subsidiary of the Company) for demerger of the business undertaking of RAL comprising of B2C business including Apparel business (and excluding balances identified as quasi equity) as defined in the RAL Scheme, into the Company on a going concern basis. RAL Scheme was approved by the Hon''ble National Company Law Tribunal vide its order dated 23rd March, 2022. The Appointed Date was 1st April,

2021. Accordingly, the Company has accounted for the Scheme of Arrangement under the ''pooling of interests'' method in accordance with Appendix C of Ind AS 103 ''Business Combinations''.Pursuant to the RAL Scheme, all assets and liabilities pertaining to business undertaking of the demerged company as defined in the RAL scheme have been transferred to the Company as defined in the RAL Scheme without any consideration. Further, on 23 rd March, 2022, the balances recoverable towards ICDs, trade receivables and other financial assets, by Raymond from RAL, on implementation of the RAL Scheme, have been considered as quasi equity and hence re-classified under "Investment in subsidiaries" as "Deemed equity investment". Since, these balances will continue to be retained in RAL, on the basis of the business potential of the remaining business in RAL, the aforesaid balances are not expected to be recoverable from RAL. Accordingly, provision for impairment has been recognised. During the year, RAL has allotted 598,545,715 equity shares of face value '' 10 each, at par, against the entire amount considered as deemed equity investment (quasi equity).

(v) During the FY 2019-2020, the Mumbai Bench of National Company Law Tribunal ("NCLT") has vide its order dated 07th February, 2020 approved the Composite Scheme of Amalgamation and Arrangement between J. K. Helene Curtis Limited (JKHC), J. K. Investo Trade (India) Limited (JKIT), Raymond Consumer Care Private Limited (RCCPL), Ray Global Consumer Trading Limited (RGCTL) and Ray Universal Trading Limited (RUTL) and their respective shareholders (''the scheme''). Pursuant to said Scheme, RCCPL has been amalgamated with JKIT and FMCG business of JKHC has been transferred to JKIT. The Combined FMCG business has then been transferred to and vested in RUTL. In consideration for the transfer and vesting of the Combined FMCG Business Undertaking in RUTL, RGCTL has issued and allotted shares to all the shareholders of JKIT during the FY 2020-21.

(vi) The Company has transferred its entire shareholding in Scissors Engineering Products Limited (""SEPL""), a wholly-owned subsidiary of the Company to J K Files & Engineering Limited (""JKFE"") (Erstwhile J K Files (India) Limited), another wholly-owned subsidiary of the Company at Nil consideration. The transfer of shares in SEPS to JKFE has been considered as ''deemed equity investment in J K Files & Engineering Limited''(""JKFE"") in earlier year.

The Board of Directors of the Company at its meeting held on 27 September 2021 had approved the consolidation of the Tools &

Hardware business carried out by JK Files & Engineering Limited (Formerly known as JK Files (India) Limited) (wholly owned subsidiary of the Company, ""JKFEL"") and Auto Components business carried out by Ring Plus Aqua Limited (step down subsidiary of the Company), During the year ended 31 March 2022, the Company had transferred its entire shareholding in Scissors Engineering Products Limited (holding company of Ring Plus Aqua Limited and wholly owned subsidiary of the Company) to JK Files & Engineering Limited (Formerly known as JK Files (India) Limited) by way of delivery under Section 123 of the Transfer of Property Act, 1882. Further, JKFEL had filed the Draft Red Herring Prospectus (DRHP) and Updated DRHP with the Securities and Exchange Board of India (SEBI) on 9 December 2021 and 4 April 2022, respectively, for an Initial Public Offer {''''IPO""} comprising of an Offer for Sale (''OFS'').

Based on the prevalent market conditions continuing to be restrained, with the validity of the Updated DRHP filed with SEBI becoming time barred during the year ended 31 March 2023, it was considered more favourable to defer further pursuit of JKFEL IPO, at present. Accordingly, the Company has recognised the expenses incurred towards the IPO process in the statement of Profit and Loss during the current year.

(vii) During the previous year, JK Files & Engineering Limited has sub-divided its equity share capital having face value of ''10 to face value of

'' 2 per share and also issued bonus shares to the existing shareholders of the Company in the ratio of 1:5 i.e., 1 equity share of face value of '' 2/- each for every 5 equity shares of face value of '' 2/-.

Imported garments were fully exempted from payment of CVD under Notification No. 30/2004- C.E. dated 09th July 2004, subject to the condition that no CENVAT Credit has been availed on the inputs or on capital goods. However, during the relevant period (Financial year ended 31 March 2011 to 31 March 2014), there was a dispute between the importers and the Customs Department regarding the applicability of the said benefit and the fulfillment of the aforesaid condition. The Customs Department had taken a view that the condition of "where NO CENVAT credit has been availed on the inputs by suppliers" was not applicable on the imported goods and accordingly, the importers were not eligible for the benefit of the said Notification. Basis the above notification, Raymond Apparel Limited had paid CVD under protest amounting to '' 2257.44 Lakhs and expensed out, during the period from 2011 to 2015.

However, Raymond Apparel Limited (business undertaking of Raymond Apparel Limited merged with Raymond Limited w.e.f. 23 March, 2022) had filed refund applications of CVD paid under protest, amounting to Rs. 2257.44 Lakhs, basis the order passed by the Hon''ble Supreme Court of India in the case of M/s. SRF Ltd. vs Commissioner of Customs, Chennai reported at 2015 (318) E.L.T. 607 (SC) on 26.03.2015 interpreted Condition No. 20 of Notification No. 06/2002-CE (Sl. No. 122). The Hon''ble Supreme Court held that importers of goods could claim benefit of such notification at the time of import for exemption from payment of CVD.

Basis as above, Raymond Apparel Limited (business undertaking of Raymond Apparel Limited merged with Raymond Limited w.e.f 23 March, 2022) has brought the said amount in the books of account as "Claim Receivables" and created a provision for an equivalent amount in financial year ended 31st March, 2019, as prudent practice.

Inventory write downs are accounted, considering the nature of inventory, ageing, liquidation plan and net realisable value. Write-downs of inventories amounted to '' 10638.70 lakhs as at 31st March, 2023 (as at 31st March, 2022 - '' 12564.89 lakhs) These write-downs were recognised as an expense and included in ''changes in inventories of finished goods, stock-in-trade, work-in-progress and property under development'' in the Statement of Profit and Loss.

Out of '' 10638.72 lakhs (31 March 2022 - '' 12564.89 lakhs), '' 2164.45 lakhs (31 March 2022 - '' 2877 lakhs) were recognised as an expenses as exceptional item in statement of profit and loss.

*The balances of '' 943.82 lakhs recoverable towards trade receivables, by Raymond from RAL, on implementation of the RAL Scheme, have been considered as quasi equity and hence re-classified under "Investment in subsidiaries" as "Deemed equity investment" in previous year (refer note 5(iv) and 54).

Trade receivables include '' 2249.45 lakhs (31st March, 2022''1499.87 lakhs) for which credit risk is retained by the Company under a factoring arrangement and are net of '' 20245.02 lakhs (31st March, 2022''13498.87 lakhs) de-recognised (along with corresponding liability) on transfer ''without recourse'' under a factoring arrangement. Company retains interest liability upto an agreed date on the entire amount, the costs for which are recognised as part of finance costs.

The trade receivables includes '' 974.50 lakhs (31st March, 2022''1559.03 lakhs) receivables against which bills are discounted. Under this arrangement Company has transferred the relevant receivables to the banks in exchange for cash and is prevented from selling or pledging the receivables. However, Company has retained late payment and credit risk. The Company therefore continues to recognize the transferred assets in entirety in its balance sheet. The amount repayable under the bills discounted is presented as current borrowings.

Trade receivables are generally on terms of 60 to 90 days.

Refer Note 45 for information about credit risk and market risk of trade receivables.

b) Rights, preferences and restrictions attached to shares

Equity shares: The Company has one class of equity shares having a par value of ''10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, 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 to their shareholding.

Retained Earnings

Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve, dividends or other distributions paid to shareholders. Retained earnings includes re-measurement loss / (gain) on defined benefit plans, net of taxes that will not be reclassified to Statement of Profit and Loss. Retained earnings is a free reserve available to the Company.

Equity Instruments through other comprehensive income

The Company has elected to recognise changes in the fair value of certain investment in equity instrument in other comprehensive income. This amount will be reclassified to retained earnings on derecognition of equity instrument.

i. The carrying amounts of financial and non financial assets as security for secured borrowings are disclosed in Note 37.

ii. Security

(a) Loans repayable on demand from banks

(includes export packing Credit and short term loan and Commercial Papers )

Secured as per the consortium agreement by hypothecation of inventories, receivables, bookdebts and other current assets of the Company excluding liquid investments and assets pertaining to realty division, both present and future.

(b) Local Bills discounted with bank

Bill Discounting facility is secured against book debts, receivables, Claims and bills discounted under this facility.

iii. Quarterly statements of current assets filed by the Company with banks are in agreement with the books of accounts.

Unsatisfied performance obligations on long term real estate contracts

Revenue is recognized upon transfer of control of products or services to customers.

Long Term contracts entered into by the Company as on 31st March, 2023 is '' 343153.54 lakhs (31st March, 2022 :

'' 206568.78 lakhs) pertaining to real estate development projects. The unsatisfied performance obligation relating to these contracts aggregates to '' 125522.36 lakhs (31st March 2022''100548.33 lakhs) as at the year end.

The management of Company expects that 35.49% (31st March, 2022 : 42.61%) of the unsatisfied performance obligation amounting to '' 44553.94 lakhs (31st March, 2022 : '' 42847.26 lakhs) pertaining to these long term contracts will be recognised as revenue during the next reporting period with balance in future reporting periods thereafter.

During the year, while filing its return of income for the year ended 31 March 2022, the Company decided to exercise the option of lower tax rate available under Section 115BAA of the Income Tax Act, 1961 ("new tax regime") as introduced by the Taxation Laws (Amendment) Act, 2019 (''the Amendment Act"). Consequently, during the year, the Company has reversed the provision for current tax recognised based on the tax provisions applicable prior to adoption of the new tax regime, pertaining to the previous year ended 31 March 2022. Similarly, the Company has also remeasured/reversed its deferred tax assets (net) including MAT credits, outstanding as at 01 April 2022.

Significant Estimates : The Company has recognised deferred tax assets on capital losses/Business asset & unabsorbed depreciation. Based on future projections, the Company is reasonably certain that it would be able to generate adequate taxable capital gains/income to ensure utilisation of capital losses/Business losses & unabsorbed depreciation. Further, in calculating the tax expense for the current year and earlier years, the Company had disallowed certain expenditure pertaining to exempt income based on historical tax assessments. These matters are pending with tax authorities.

Note 38: Contingent liabilities (to the extent not provided for) ('' in lakhs)
	As at 31st March, 2023	As at 31st March, 2022
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 2000-01 and Denim Division divested during the year 2006-07 (interest thereon not ascertainable at present)
Sales Tax	98.54	98.54
Roya lty	228.29	222.87
Stamp Duty*	2957.66	2957.66
Other Matters	27.56	27.56
	3312.05	3306.63
*The Company has a contractual right towards reimbursement of 50% of the amount of demand finally determined.		-
(b) Claims against the Company not acknowledged as debts in respect of other divisions.
Sales Tax	1822.77	2107.62
Goods and service tax	1875.71	-
Compensation for Premises	1817.54	1762.16
Electricity duty	673.31	673.31
Water Charges	262.55	239.11
Other Matters (service tax, labour laws, Civil matters and interest claims)	333.59	634.93
	6785.47	5417.13
(c) Disputed demands in respect of Income-tax, etc. (Interest thereon not ascertainable at present)	5328.22	5325.47
(d) Disputed Excise/Custom Duty	2469.51	2469.51
(e) 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	Amount not determinable
(f) Company''s liabilities/obligations pertaining to the period upto the date of transfer of the Company''s erstwhile Steel, Cement and Denim Division in respect of which the Company has given undertakings to the acquirers.	Amount not determinable	Amount not determinable
(g) Provident Fund The Honourable Supreme Court, had passed a judgement on 28th February, 2019 in relation to inclusion of certain allowances within the scope of "Basic wages" for the purpose of determining contribution to provident fund under the Employees'' Provident Funds & Miscellaneous Provisions Act, 1952. The management, based on legal advice, is of the view that the applicability of the judgement to the Company, with respect to the period and the nature of allowances to be covered due to interpretation challenges, and resultant impact on the past provident fund liability, cannot be reasonably ascertained.	Amount not determinable	Amount not determinable
(h) Claim in relation to tenancy rights over a portion of the Company''s Land at Thane has been filed in the District Court, Thane, which the Company believes, has no jurisdiction to adjudicate such matters. All the Revenue Courts (Tahsildar, Sub-divisional Officer and Maharashtra revenue tribunal order), that have jurisdiction to adjudicate such matters, have already passed orders in favour of the Company. The Company has been legally advised that they have a good case on law and merits. It is not practicable for the Company to estimate the timing of cash outflows, if any , in respect of the above (a), (b), (c) to (h) pending resolution of the respective proceedings. The Company does not expect any reimbursements in respect of the above contingent liabilities other than stamp duty matter mentioned in (a) above.	Amount not determinable	Amount not determinable
(j) Also refer notes 2A (iv) and 5 (i) for other disputes

Note 39: Commitments i) Capital Commitments Capital expenditure contracted for at the end of the reporting period but not recognised as liabilities is		as follows: ('' in lakhs)
	As at 31st March, 2023	As at 31st March, 2022
Property, plant and equipment	3545.22	431.24
Less: Capital advances and CWIP	(674.47)	(57.15)
Net Capital commitments	2870.75	374.09

ii) EPCG Commitments

Future export obligations / commitments under import of Capital Goods at Concessional rate of customs duty. As at 31st March, 2023''11462.48 lakhs (31st March, 2022''11089.34 lakhs)

iii) Other commitment

Equity commitment in joint venture, not exceeding amount of '' 2500 lakhs as at 31 March 2023 (31st March, 2022 :

'' 5000 lakhs) based upon the fulfilment of conditions mentioned under clause 6 of the sixth addendum dated 7 March 2022 to the shareholders agreements dated 1 June 2006

(iv) Corporate guarantee
	As at	As at
	31st March, 2023	31st March, 2022
On account of corporate guarantee to the bankers on behalf of subsidiaries for facilities availed by them (amount outstanding at close of the year Includes '' 4769.76 lakhs (31st March, 2022''7435.83 lakhs) given as short fall undertaking)	5029.95	7801.17

Note 40 - Ind As 116 Leases

The Company''s lease asset primarily consist of leases for land (reclassified) and for buildings (premises) for retail stores and warehouses having various lease terms.

The maturity analysis of lease liabilities are disclosed in note 45 (iii)

The Company has recognised '' 1511.42 Lakhs (31st March 2022, '' 1412.70 Lakhs) as rent expenses during the year which pertains to short-term leases / low value assets (Refer Note 33 C)

Note 41: Post retirement benefit plans Defined Benefits Plan (i) Gratuity

The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/termination is the employees last drawn basic salary per month computed proportionately for 15 days salary multiplied for the number of years of service. The gratuity plan is a funded plan and the Company makes contributions to recognised funds in India.

The Ministry of Corporate Affairs vide notification dated 24th July 2020, issued an amendment to Ind AS 116, ''Leases'', by inserting a practical expedient w.r.t "Covid-19-Related Rent Concessions" effective from the period beginning on or after 01st April 2020 till 31st March, 2022. The Company has accounted for the rent concessions of '' 2369.84 lakhs during the year ended 31st March, 2022 in "Other income" in the Standalone Statement of Profit and Loss. The rent concessions have been recognised in the period in which formal consents had been received.

(ii) Pension Benefits

The Company operates defined benefit pension plans which provide benefits to some of its employees in the form of a guaranteed level of pension payable for certain years after retirement. The level of benefits provided depends on members'' length of service and their salary in the final years leading up to retirement.

(iii) Provident fund

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 above and determined that there is no shortfall as at 31st March, 2023.

(iv) As per Actuarial Valuation as on 31st March, 2023 and 31st March, 2022 amounts recognised in the financial statements in respect of Employee Benefit Schemes are as follows:

Risk Exposure - Asset Volatility

The plan liabilities are calculated using a discount rate set with reference to bond yields; if plan assets underperform this yield, this will create a deficit. Most of the plan asset investments is in fixed income securities with high grades and in government securities. These are subject to interest rate risk and the fund manages interest rate risk derivatives to minimize risk to an acceptable level. A portion of the funds are invested in equity securities and in alternative investments which have low correlation with equity securities. The equity securities are expected to earn a return in excess of the discount rate and contribute to the plan deficit.

(v) Leave obligations

The leave obligations cover the Company''s liability for sick and earned leave.

The sensitivity analyses above have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period and may not be representative of the actual change. It is based on a change in the key assumption while holding all other assumptions constant. When calculating the sensitivity to the assumption, the method (Projected Unit Credit Method) used to calculate the liability recognised in the balance sheet has been applied. The methods and types of assumptions used in preparing the sensitivity analysis did not change compared with the previous period.

The amount of the provision of '' 3501.58 lakhs (31st March 2022 - '' 3650.30 lakhs) is presented as current, since the Company does not have an unconditional right to defer settlement for any of these obligations

(vi) Defined contribution plans

The Company also has certain defined contribution plans such as provident fund and super annuation plan for benefits of employees. Contributions are made to provident fund in India for employees at the rate of 12% of basic salary as per regulations. The contributions are made to registered provident fund administered by the government. The obligation of the Company is limited to the amount contributed and it has no further contractual nor any constructive obligation. The expense recognised during the period towards defined contribution plan is '' 1743.42 lakhs (31st March 2022 - '' 1553.66 lakhs).

42 In accordance with Accounting Standard Ind As 108 ''Operating Segment '', segment information has been disclosed in the consolidated financial statements of Raymond Limited, and therefore, no separate disclosure on segment information is given in these financial statements.

1) The Company has agreed with the lenders (Banks) of some of the subsidiaries/Joint Ventures for not disposing off Company''s investments in such Subsidiaries/Joint Ventures without their prior consent.

2) Equity (or equity like) investments by the Company and equity (or equity like) infusion into the Company are not considered for disclosure under closing balances as these are not considered "outstanding" exposure. Refer note 5 and 17A & 17B for the same.

3) Loans to Subsidiaries and Joint venture:

Loans to the Subsidiaries and joint venture have been given for acquisition of assets and augmenting working capital and have been utilised for the same.

Guarantees given:

Guarantees provided to the lenders of the subsidiaries are for availing term loans and working capital facilities from the lender banks. Commitment given:

Refer Note 39(iii) for commitment given to Joint venture

4) All the material transactions stated above with related parties are on arm''s length basis.

Note: 44 Fair Value measurementFinancial Instrument by category and hierarchy

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair values:

1. Fair value of cash and short-term deposits, trade and other short term receivables, trade payables, other current liabilities, short term loans from banks and other financial institutions approximate their carrying amounts largely due to short term maturities of these instruments.

2. Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to account for expected losses of these receivables. Accordingly, fair value of such instruments is not materially different from their carrying amounts.

The fair values for loans, security deposits and investment in preference shares were calculated based on cash flows discounted using a current lending rate. They are classified as level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs including counter party credit risk.

The fair values of non-current borrowings are based on discounted cash flows using a current borrowing rate. They are classified as level 3 fair values in the fair value hierarchy due to the use of unobservable inputs, including own credit risk.

For financial assets and liabilities that are measured at fair value, the carrying amounts are equal to the fair values.

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments bv valuation technique:

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.

Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.

Note: 45 Financial Risk ManagementFinancial risk management objectives and policies

The Company''s financial risk management is an integral part of how to plan and execute its business strategies. The Company''s financial risk management policy is set by the Managing Board.

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates, equity prices and other market changes that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments including investments and deposits , foreign currency receivables, payables and loans and borrowings.

The Company manages market risk through a treasury department, which evaluates and exercises independent control over the entire process of market risk management. The treasury department recommend risk management objectives and policies, which are approved by Senior Management and the Audit Committee. The activities of this department include management of cash resources, implementing hedging strategies for foreign currency exposures like foreign exchange forward contracts, borrowing strategies and ensuring compliance with market risk limits and policies.

Market Risk- Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of the financial instruments will fluctuate because of changes in market interest rates. In order to optimize the Company''s position with regards to interest income and interest expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of fixed rate and floating rate financial instruments in its total portfolio.

According to the Company, interest rate risk exposure is only for floating rate borrowings. For floating rate liabilities, the analysis is prepared assuming the amount of the liability outstanding at the end of the reporting period was outstanding for the whole year. A 50 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management''s assessment of the reasonably possible change in interest rates.

Market Risk- Price Risk

Market Risk- Foreign currency risk.

The Company operates internationally and portion of the business is transacted in several currencies and consequently the Company is exposed to foreign exchange risk through its sales and services in overseas markets and purchases from overseas suppliers in various foreign currencies. Foreign currency exchange rate exposure is partly balanced by purchasing of goods, commodities and services in the respective currencies.

(a) Exposure

The Company''s exposure to equity securities price risk arises from investments held by the Company and classified in the balance sheet either at fair value through OCI or at fair value through profit and loss. To manage its price risk arising from investments in equity securities, the Company diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the Company.

(b) Sensitivity

The table below summarizes the impact of increases/decreases of the BSE index on the Company''s equity and Gain/Loss for the period. The analysis is based on the assumption that the index has increased by 5 % or decreased by 5 % with all other variables held constant, and that all the Company''s equity instruments moved in line with the index.

Above referred sensitivity pertains to quoted equity investment (Refer Note 10(A)). Profit for the year would increase/ (decrease) as a result of gains/losses on equity securities as at fair value through profit or loss.

Credit risk

Credit risk arises from the possibility that the counter party may not be able to settle their obligations as agreed. To manage this the Company periodically assesses financial reliability of customers and other counter parties, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of financial assets. Individual risk limits are set and periodically reviewed on the basis of such information.

The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis through each reporting period. To assess whether there is a significant increase in credit risk the Company compares the risk of default occurring on asset as at the reporting date with the risk of default as at the date of initial recognition. It considers reasonable and supportive forwarding-looking information such as:

i) Actual or expected significant adverse changes in business,

ii) Actual or expected significant changes in the operating results of the counterparty,

iii) Financial or economic conditions that are expected to cause a significant change to the counterparty''s ability to meet its obligations,

iv) Significant increase in credit risk on other financial instruments of the same counterparty,

v) Significant changes in the value of the collateral supporting the obligation or in the quality of the third-party guarantees or credit enhancements.

Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Company. Where loans or receivables have been written off, the Company continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognized as income in the statement of profit and loss.

The Company measures the expected credit loss of trade receivables and loan from individual customers based on historical trend, industry practices and the business environment in which the entity operates. Loss rates are based on actual credit loss experience and past trends. Based on the historical data, loss on collection of receivable is not material hence no additional provision considered.

Liquidity Risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions. Due to the dynamic nature of the underlying businesses, Company treasury maintains flexibility in funding by maintaining availability under committed credit lines. Management monitors rolling forecasts of the Company''s liquidity position (comprising the undrawn borrowing facilities below) and cash and cash equivalents on the basis of expected cash flows.

46 Capital risk management (a) Risk Management

The Company aims to manage its capital efficiently so as to safeguard its ability to continue as a going concern and to optimise returns to its shareholders.

The capital structure of the Company is based on management''s judgement of the appropriate balance of key elements in order to meet its strategic and day-to-day needs. Management considers the amount of capital in proportion to risk and manage the capital structure in light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders or issue new shares.

The Company''s policy is to maintain a stable and strong capital structure with a focus on total equity so as to maintain investor, creditors and market confidence and to sustain future development and growth of its business. The Company will take appropriate steps in order to maintain, or if necessary adjust, its capital structure.

48 Export Promotion Capital Goods (EPCG) scheme allows import of certain capital goods including spares at concessional duty subject to an export obligation for the duty saved on capital goods imported under EPCG scheme. The duty saved on capital goods imported under EPCG scheme being Government Grant, is accounted as stated in the Accounting policy on Government Grant.

49 In March 2020, the World Health Organisation declared COVID-19 a global pandemic. Consequent to this, Government of India declared a nation-wide lockdown from 24 March 2020. Subsequently, the nation-wide lockdown was lifted by the Government of India, but regional lockdowns continue to be implemented in areas with significant number of COVID-19 cases. The Company remains watchful of the potential impact of COVID-19 pandemic, on resuming normal business operations on a continuing basis. The Company continues its business activities, in line with the guidelines issued by the Government authorities, take steps to strengthen its liquidity position and further explore cost restructuring exercise.

Accordingly, the Company has assessed the impact of this pandemic on its business operations and has considered all relevant internal and external information available up to the date of approval of these standalone financial statement, to determine the impact on the Company''s revenue from operations and estimation of sales related expenses over the foreseeable future and the recoverability and carrying value of certain assets such as property, plant and equipment, investments (including investment in a joint venture), inventories, trade receivables, deferred tax assets and input tax credit receivables.

The impact of COVID-19 pandemic has further impacted the apparel fashion business carried out by apparel division that has merged into the Company (refer note 34 & 54) due to which sales had dropped drastically which had resulted into inventory build-up and slow down in the collections of trade receivables due to which the Company had recognised allowances/adjustments in its trade receivables and inventory in previous year. Further, during the year ended 31 March 2023, the Company has provided support and has recognised allowance/adjustments in trade receivables.

The Company does not anticipate any challenges in its ability to continue as going concern or meeting its financial obligations as and when they fall due.

50 The Board of Directors of the Company at its meeting held on 7th November, 2019 had approved the Composite Scheme of Arrangement (''Composite Scheme'') which comprised of amalgamation of Raymond Apparel Limited (wholly owned subsidiary of Company) and Scissors Engineering Products Limited (wholly owned subsidiary of Company) with the Company and then Demerger of the lifestyle business undertaking into Raymond Lifestyle Limited on a going concern basis. Pending receipt of statutory approvals as required including that of Mumbai Bench of the National Company Law Tribunal (''NCLT''), no adjustments had been made in the books of account and in the standalone financial statements for the year ended 31st March, 2021. The Board of Directors of the Company at its meeting held on 27th September, 2021 have approved the withdrawal of the Composite Scheme of arrangement.

51 Subsequent to the balance sheet date, the Board of Directors of the Company at its meeting held on 27 April 2023 has approved the Composite Scheme of Arrangement which comprises of Demerger of the lifestyle business undertaking of Raymond Limited (the ''Demerged Company'' or ''RL'') into Raymond Consumer Care Limited (the ''Resulting Company'' or ''RCCL'') on a going concern basis. The Appointed Date proposed under this scheme is 01 April 2023.

53 The Board of Directors of the Company at its meeting held on 25 February 2022 had approved a Scheme of Arrangement (''Real Estate Scheme'') between the Company and Raymond Lifestyle Limited (wholly owned subsidiary of the Company) for demerger of the real estate business undertaking of the Company (as defined in the Real Estate Scheme) into Raymond Lifestyle Limited on a going concern basis. The Appointed Date was proposed as 01 April 2022. Pending receipt of statutory approvals as required including that of Mumbai Bench of the National Company Law Tribunal (''NCLT''), no adjustments are made in the books of account and in the standalone financial statement upto all periods ending with 31 March 2023. Subsequent to the balance sheet date, the Board of Directors of the Company at its meeting held on 27 April 2023 have approved the withdrawal of the Real Estate Scheme.

54 The Board of Directors of the Company at its meeting held on 27 September 2021 had approved a Scheme of Arrangement (''RAL Scheme'') between the Company and Raymond Apparel Limited (''RAL'' or ''Demerged Company'') (wholly owned subsidiary of the Company) for demerger of the business undertaking of RAL comprising of B2C business including Apparel business (and excluding balances identified as quasi equity) as defined in the RAL Scheme, into the Company on

a going concern basis. RAL Scheme was approved by the Hon''ble National Company Law Tribunal vide its order dated 23 March 2022. The Appointed Date was 01 April 2021. Accordingly, during the year ended 31 March 2022, the Company the Company has accounted for the Scheme of Arrangement under the ''pooling of interests'' method in accordance with Appendix C of Ind AS 103 ''Business Combinations'' which requires the Company to restate all previous periods / years figures in the standalone financial statement i.e. from 01 April 2020.

Pursuant to the RAL Scheme, all assets and liabilities pertaining to business undertaking of the demerged company were transferred to the Company without any consideration. As at 01 April 2020, the Company had investments of '' 6471.51 lakhs, inter corporate deposits (ICDs) of '' 7500 lakhs, trade receivables and other financial assets of '' 11794 lakhs

outstanding that were recoverable from RAL. Such inter-corporate deposits, trade receivables and other financial assets are considered as quasi equity by the Company and do not form part of the ''Business Undertaking'' as defined in the RAL Scheme. Since the business has been acquired without any consideration, the excess of the carrying value of assets being transferred over the liabilities (excluding balances classified as quasi equity), as at 01 April 2020, i.e. date of acquisition, amounting to '' 33821.47 lakhs, was credited to a separate Capital Reserve. Further, increase in net assets transferred during the year ended 31 March 2021 and for the period 01 April 2021 to 23 March 2022, amounting to '' 15020.77 lakhs and '' 21630.49 lakhs respectively, has been credited to retained earnings on 23 March 2022.

Further, on 23 March 2022, the balances recoverable towards ICDs, trade receivables and other financial assets, by Raymond from RAL, on implementation of the RAL Scheme, have been considered as quasi equity and hence re-classified under "Investment in subsidiaries" as "Deemed equity investment".

Since, these balances will continue to be retained in RAL, on the basis of the business potential of the remaining business in RAL, the aforesaid balances are not expected to be recoverable from RAL. Accordingly, provision for impairment of '' 66325.92 lakhs has been recognised and disclosed as an exceptional item during the year ended 31 March 2022.

During the current year, RAL has allotted 598545,715 equity shares of face value '' 10 each, at par, against the entire amount considered as deemed equity investment (quasi equity).

55 During the current year, the shareholders and Board of Directors of the Company have approved the Raymond Employees Stock Option Plan 2023 ("ESOP Scheme") on 27 March 2023 and 17 February 2023 respectively for grant of stock options to eligible Directors and Employees of the Company and its Group Company(ies) including its Holding / Subsidiary / Associate Company(ies) (Present and Future, if any). The total number of stock options to be granted under the ESOP Scheme shall not exceed 1680588 equity shares. The Company has formed an irrevocable Trust, Raymond ESOP Trust for the purpose of administration of Raymond Employees Stock Option Plan 2023.

Since options have not yet been granted, other details such as Options vested, Options exercised, Options lapsed, Money realized by exercise of Options, Total number of shares arising as a result of exercise of options, subsequent changes/ cancellation/exercise of such Options, diluted earnings per share pursuant to issue of equity shares on exercise of Options, etc. are not applicable as of now.

* Earnings for Debt Service = Earnings before finance costs, depreciation and amortisation, exceptional items and tax (EBIDTA)/ (Finance cost for

the year Principal repayment of long-term debt liabilities within one year).

**Cost of Good sold = Cost of materials consumed Purchases of stock-in-trade Changes in inventories of finished goods, stock-in-trade,

work-in-progress and property under development Manufacturing and operating expenses Costs towards development of property

$ Working Capital = Current Assets - Current Liabilities

# Earnings before Interest and Tax = Profit after exceptional item and before tax Finance costs (recognised)

@ Capital Employed = Average of equity and total borrowings

i) Return on Equity (%): Profit after tax has increased during the current year FY 22-23 due to increase in revenue and improvement in profitability which in the previous year was affected mainly due to loss recorded on account of merger.

ii) Trade Receivables turnover ratio (times): Increase in debtors turnover ratio is mainly due to improvement in realisation of receivable in current year as compared to previous year.

iii) Net Profit/(Loss) Margin (%): profit Increase by 176% in the current year due to increase in revenue during the current year and improvement in profitability which in the previous year was affected mainly due to loss recorded on account of merger.

iv) Return on Capital employed (%): Increase in the ratio is on account of the improvement in profitability during the current year due to increase in revenue during the current year and which in the previous year was affected mainly due to loss recorded due to merger.

v) Return on Investment (%): Increase by 26% on account of better returns on investments in current year, as compared to previous year

57 The Board of Directors has recommended Equity dividend of '' 3 per equity share of face value '' 10.00 each (Previous year '' 3 ) for the financial year 2022-23. The same is subject to the approval of the shareholders at their ensuing Annual General Meeting.

58 Figures of the previous year has been re-grouped/re-arranged wherever necessary. The impact of the same is not material to the users of financial statement.

59 The Fi nancial Statements were authorised for issue by the directors on 9th May, 2023.

---

Mar 31, 2022

(i) During the earlier years, the Company invested an amount of '' 6168 lakhs in the financial year ended 31st March, 2016 and '' 2000 lakhs in the financial year ended 31st March, 2015 by subscription to the rights issue of equity shares of Raymond Luxury Cottons Limited (RLCL) a Subsidiary of the Company, enhancing the Company''s shareholding from 62% to 75.69% in the financial year 2015-16 and from 55% to 62% in the financial year 2014-15.

In the year 2012-13, Cotonificio Honegger S.p.A (''CH''), Italy, the erstwhile JV partner with Raymond Limited through one of its joint venture Company in India, Raymond Luxury Cottons Limited (RLCL) (Erstwhile known as Raymond Zambaiti Limited), had submitted request for voluntary winding up including composition of its creditors in the Court of Bergamo, Italy. Consequent to this, RLCL as at 31st March, 2013, had provided for its entire accounts receivable from CH of USD 1,255,058 and Euro 612,831, equivalent Indian Rupee aggregating '' 1,122.24 lakhs. In the year 2013 - 14, RLCL had put up its claim of receivable from CH of '' 1,122. 24 lakhs before the Judicial Commissioner of the Composition (the Commissioner) appointed by the Court of Bergamo, Italy. In protraction of matter with Cotonificio Honegger S.p.A (''CH''), Italy, the Judicial Commissioner of the Composition ("the Commissioner") appointed by the Court of Bergamo, Italy, has declared RLCL as unsecured creditor for the amount outstanding from ''CH''. Further ''CH'' had also sought permission from the Court of Bergamo, Italy, for initiating proceeding against RLCL in India.

RLCL had received a notice dated 23rd November, 2015 notifying that CH has filed a Petition against them before the Hon''ble Company Law Board ("CLB"), Mumbai Bench under Section 397 and 398 of Companies Act, 1956. RLCL responded to the petition filed by CH. The CLB in its order dated 26th

November, 2015 has recorded the statement made by the counsel for RLCL that CH''s shareholding in RLCL shall not be reduced further and the fixed assets of RLCL also shall not be alienated till further order. Subsequently, the proceedings were transferred to the National Company Law Tribunal ("NCLT"), Mumbai bench and currently, the matter is pending before the said forum. RLCL has filed a Miscellaneous Application on 29th January, 2019 seeking part vacation of the interim order dated 26th November, 2015. The NCLT, Mumbai Bench has allowed the application filed by RLCL and had directed that the main company petition along with the application for vacating the stay be listed for hearing. The NCLT had directed for the matter to be heard on 20th April, 2022. However, owing to paucity of time, the matter was not taken up on the said date and the matter was adjourned to 21st June, 2022.

(ii) The management has considered that the losses suffered by Raymond UCO Denim Private Limited, a joint venture company (RUCO), indicate an impairment in the carrying value of the investment. In addition to the above investment, the Company also has given loans '' 2,500 lakhs, interest receivable '' 61.87 lakhs and other receivable '' 950.97 lakhs, as at 31st March, 2022. Accordingly, the management with the help of a valuation specialist, has carried out an impairment assessment for the entire investment in and other receivables from RUCO, and accordingly has estimated a provision of '' 1,000 lakhs as diminution in the carrying value of its investment during the year.

Significant Estimates : The recoverable value of exposure in Raymond Uco Denim Private Limited is determined by an Independent Registered valuer. The Company uses judgement to select from variety of methods and make assumptions which are mainly based on market conditions existing at the end of each reporting period.

(iii) During the year ended 31st March 2020, pursuant to approval from National Company Law Tribunal (NCLT), to the JV company, Raymond UCO Denim Private Limited (RUDPL) towards reduction of its preference share capital, the investment of the Company in preference share capital of RUDPL having a carrying value of '' 8,700 lakhs was settled at an aggregate consideration of '' 10 Lakhs. Accordingly, the balance amount of '' 8,690 lakhs representing reduction in preference share capital investment, had been treated as deemed equity investments in RUDPL.

(iv) The Board of Directors of the Company at its meeting held on 27th September, 2021 had approved a Scheme of Arrangement (''RAL Scheme'') between the Company and Raymond Apparel Limited (''RAL'' or ''Demerged Company'') (wholly owned subsidiary of the Company) for demerger of the business undertaking of RAL comprising of B2C business including Apparel business (and excluding balances identified as quasi equity) as defined in the

RAL Scheme, into the Company on a going concern basis. RAL Scheme was approved by the Hon''ble National Company Law Tribunal vide its order dated 23rd March, 2022. The Appointed Date was 1st April, 2021. Accordingly, the Company has accounted for the Scheme of Arrangement under the ''pooling of interests'' method in accordance with Appendix C of Ind AS 103 ''Business Combinations''.Pursuant to the RAL Scheme, all assets and liabilities pertaining to business undertaking of the demerged company as defined in the RAL scheme have been transferred to the Company as defined in the RAL Scheme without any consideration. Further, on 23rd March, 2022, the balances recoverable towards ICDs, trade receivables and other financial assets, by Raymond from RAL, on implementation of the RAL Scheme, have been considered as quasi equity and hence re-classified under "Investment in subsidiaries" as "Deemed equity investment". Since, these balances will continue to be retained in RAL, on the basis of the business potential of the remaining business in RAL, the aforesaid balances are not expected to be recoverable from RAL. Accordingly, provision for impairment has been recognised.

(v) During the FY 2019-2020, the Mumbai Bench of National Company Law Tribunal ("NCLT") has vide its order dated 07th February, 2020 approved the Composite Scheme of Amalgamation and Arrangement between J. K. Helene Curtis Limited (JKHC), J. K. Investo Trade (India) Limited (JKIT), Raymond Consumer Care Private Limited (RCCPL), Ray Global Consumer Trading Limited (RGCTL) and Ray Universal Trading Limited (RUTL) and their respective shareholders (''the scheme''). Pursuant to said Scheme, RCCPL has been amalgamated with JKIT and FMCG business of JKHC has been transferred to JKIT. The Combined FMCG business has then been transferred to and vested in RUTL. In consideration for the transfer and vesting of the Combined FMCG Business Undertaking in RUTL, RGCTL has issued and allotted shares to all the shareholders of JKIT during the FY 2020-21.

(vi) The Company has transferred its entire shareholding in Scissors Engineering Products Limited ("SEPL"), a wholly-owned subsidiary of the Company to J K Files & Engineering Limited ("JKFE") (Erstwhile J K Files (India) Limited), another wholly-owned subsidiary of the Company at Nil consideration.The transfer of shares in SEPS to JKFE has been considered as ''deemed equity investment in J K Files & Engineering Limited''. ("JKFE")

JKFE has filled the Draft Red Herring Prospectus (DRHP) and Updated DRHP with the Securities and Exchange Board of India (SEBI) on 9th December 2021 and 4th April 2022, respectively, for an Initial Public Offer ("IPO") comprising of an Offer for Sale ("OFS"). The IPO shall not have any fresh issuance of shares and will be undertaken subject to requisite regulatory approvals and market conditions.

(vii) During the year, JK Files & Engineering Limited has sub-divided its equity share capital having face value of '' 10 to face value of '' 2 per share and also issued bonus shares to the existing shareholders of the Company in the ratio of 1:5 i.e., 1 equity share of face value of '' 2/- each for every 5 equity shares of face value of '' 2/-

Imported garments were fully exempted from payment of CVD under Notification No. 30/2004- C.E. dated 09th July 2004, subject to the condition that no CENVAT Credit has been availed on the inputs or on capital goods. However, during the relevant period (FY 11 to FY 14), there was a dispute between the importers and the Customs Department regarding the applicability of the said benefit and the fulfillment of the aforesaid condition. The Customs Department had taken a view that the condition of "where NO CENVAT credit has been availed on the inputs by suppliers" was not applicable on the imported goods and accordingly, the importers were not eligible for the benefit of the said Notification. Basis the above notification, Raymond Apparel Limited had paid CVD under protest amounting to '' 2257.44 Lakhs and expensed out, during the period from 2011 to 2015.

However, Raymond Apparel Limited had filed refund applications of CVD paid under protest, amounting to '' 2257.44 Lakhs, basis the order passed by the Hon''ble Supreme Court of India in the case of M/s. SRF Ltd. vs Commissioner of Customs, Chennai reported at 2015 (318) E.L.T. 607 (SC) on 26.03.2015 interpreted Condition No. 20 of Notification No. 06/2002-CE (Sl. No. 122). The Hon''ble Supreme Court held that importers of goods could claim benefit of such notification at the time of import for exemption from payment of CVD.

Basis as above, Raymond Apparel Limited has brought the said amount in the books of account as "Claim Receivables" and created a provision for an equivalent amount, as prudent practice. The above balances are transferred as part of the ''Business Undertaking'' as defined in the RAL Scheme (Refer Note 54)

a) Held as lien by bank against bank guarantees amounting to '' 584.36 lakhs ('' Nil as at 31st March, 2021)

b) Includes deposits held as Debt Service Reserve Account against Term Loan amounting to '' 2,912.50 ('' 3,034.27 as at 31st March 2021)

b) Rights, preferences and restrictions attached to shares

Equity shares: The Company has one class of equity shares having a par value of '' 10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, 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 to their shareholding.

b) Rights, preferences and restrictions attached to preference shares

The Company has one class of preference shares having a par value of '' 10 per share. Each preference share shall:

(i) be paid dividend on a non-cumulative basis;

(ii) have voting rights as prescribed under provisions of Companies Act, 2013. and;

(iii) not be redeemed but shall be compulsorily convertible into 1 equity share of '' 10 each in one or more tranches, at any time on or before the expiry of 18 months from the date of allotment.

Securities premium

Securities premium is created due to premium on issue of shares and is utilised in accordance with the provisions of the Act.

Capital reserve

Capital reserve is utilised in accordance with provision of the Act.

Capital Redemption Reserve

Represent reserve created during buy back of Equity Shares and it is a non-distributable reserve.

i. The carrying amounts of financial and non financial assets as security for secured borrowings are disclosed in Note 37.

ii. Security

(a) Loans repayable on demand from banks

Secured as per the consortium agreement by hypothecation of inventories, receivables , book debts and other current assets of the company excluding the realty division, both present and future.

(b) Local Bills discounted with bank

Bill Discounting facility is secured against book debts, receivables, Claims and bills discounted under this facility

iii. Quarterly statements of current assets filed by the Company with banks are in agreement with the books of accounts.

Unsatisfied performance obligations on long term real estate contracts

Revenue is recognized upon transfer of control of products or services to customers.

Long term contracts entered into by the Company as on 31st March, 2022 is '' 206,568.78 lakhs (31st March, 2021''121,179.71 lakhs) pertaining to real estate development projects. The unsatisfied performance obligation relating to these contracts aggregates to '' 100,548.33 lakhs (31st March, 2021''86,472.32 lakhs) as at year end.

The management of Company expects that 42.61% (31st March, 2021 : 60.23 %) of the unsatisfied performance obligation amounting to '' 42,847.26 lakhs (31st March, 2021''52,082.22 lakhs) pertaining to these long term contracts will be recognised as revenue during the next reporting period with balance in future reporting periods thereafter.

Note 38: Contingent liabilities (to the extent not provided for) ('' in lakhs)
	As at 31st March, 2022	As at 31st March, 2021 Restated (Refer Note 54)
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 2000-01 and Denim Division divested during the year 2006-07 (interest thereon not ascertainable at present)
Sales Tax	98.54	98.54
Royalty	222.87	217.49
Stamp Duty*	2957.66	-
Other Matters	27.56	27.56
	3306.63	343.59
* The Company has a contractual right towards reimbursement of 50% of the amount of demand finally determined.		-
(b) Claims against the Company not acknowledged as debts in respect of other divisions.
Sales Tax	2107.62	1922.49
Compensation for Premises	1762.16	1714.05
Electricity duty	673.31	673.31
Water Charges	239.11	213.93
Other Matters (service tax, labour laws, Civil matters and interest claims)	634.93	591.32
	5417.12	5115.10
(c) On account of corporate guarantee to the bankers on behalf of subsidiaries for facilities availed by them (amount outstanding at close of the year). (Includes '' 7,435.83 lakhs (31st March, 2021''9,818.79 lakhs) given as short fall undertaking)	7801.17	9818.79
(d) Disputed demands in respect of Income-tax, etc. (Interest thereon not ascertainable at present)	5325.47	4311.31

		(? in lakhs)
	As at 31st March, 2022	As at 31st March, 2021 Restated (Refer Note 54)
(e) Disputed Excise/Custom Duty	2469.51	2469.51
(f) 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	Amount not determinable
(g) Company''s liabilities/obligations pertaining to the period upto the date of transfer of the Company''s erstwhile Steel, Cement and Denim Division in respect of which the Company has given undertakings to the acquirers.	Amount not determinable	Amount not determinable
(h) Provident Fund The Honourable Supreme Court, had passed a judgement on 28th February, 2019 in relation to inclusion of certain allowances within the scope of "Basic wages" for the purpose of determining contribution to provident fund under the Employees'' Provident Funds & Miscellaneous Provisions Act, 1952. The management, based on legal advice, is of the view that the applicability of the judgement to the Company, with respect to the period and the nature of allowances to be covered due to interpretation challenges, and resultant impact on the past provident fund liability, cannot be reasonably ascertained.	Amount not determinable	Amount not determinable
(i) Claim in relation to tenancy rights over a portion of the Company''s Land at Thane has been filed in the District Court, Thane, which the Company believes, has no jurisdiction to adjudicate such matters. All the Revenue Courts (Tahsildar, Sub-divisional Officer and Maharashtra revenue tribunal order), that have jurisdiction to adjudicate such matters, have already passed orders in favour of the Company. The Company has been legally advised that they have a good case on law and merits. It is not practicable for the Company to estimate the timing of cash outflows, if any, in respect of the above (a), (b), (d) to (i) pending resolution of the respective proceedings. The Company does not expect any reimbursements in respect of the above contingent liabilities other than stamp duty matter mentioned in (a) above.	Amount not determinable	Amount not determinable
(j) Also refer notes 2A (iii) and 5A (i) for other disputes

Note 39: Commitments i) Capital Commitments Capital expenditure contracted for at the end of the reporting period but not recognised as liabilities is as follows:
		(? in lakhs)
	As at 31st March, 2022	As at 31st March, 2021 Restated (Refer Note 54)
Property, plant and equipment	431.24	252.96
Less: Capital advances and CWIP	(57.15)	(84.76)
Net Capital commitments	374.09	168.20

ii) EPCG Commitments

Future export obligations / commitments under import of Capital Goods at Concessional rate of customs duty. As at 31st March, 2022''11,089.34 lakhs (31st March, 2021''15,088.27 lakhs)

iii) Other commitment

Equity commitment in joint venture, not exceeding amount of '' 5,000 lakhs as at 31 March 2022 based upon the fulfilment of conditions mentioned under clause 6 of the sixth addendum dated 7 March 2022 to the shareholders agreements dated 1 June 2006

Note: -40 - Ind As 116 Leases

The Company''s lease asset primarily consist of leases for land (reclassified) and for buildings (premises) for retail stores and warehouses having various lease terms.

The maturity analysis of lease liabilities are disclosed in note 45 (iii)

The Company has recognised '' 1,412.70 Lakhs (31st March 2021, '' 315.53 Lakhs) as rent expenses during the year which pertains to short-term leases / low value assets (Refer Note 33 C)

The Ministry of Corporate Affairs vide notification dated 24th July 2020, issued an amendment to Ind AS 116, ''Leases'', by inserting a practical expedient w.r.t "Covid-19-Related Rent Concessions" effective from the period beginning on or after 01st April 2020. Pursuant to the amendment, the Company has opted to apply the practical expedient by accounting for the rent concessions of '' 2,369.84 lakhs during the year ended 31st March, 2022 ('' 4,673.33 lakhs during the year ended 31st March, 2021) in "Other income" in the Standalone Statement of Profit and Loss. The rent concessions are recognised in the period in which formal consents have been received.

Note 41: Post retirement benefit plans

Defined Benefits Plan

(i) Gratuity

The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/termination is the employees last drawn basic salary per month computed proportionately for 15 days salary multiplied for the number of years of service. The gratuity plan is a funded plan and the Company makes contributions to recognised funds in India.

(ii) Pension Benefits

The Company operates defined benefit pension plans which provide benefits to some of its employees in the form of a guaranteed level of pension payable for certain years after retirement. The level of benefits provided depends on members'' length of service and their salary in the final years leading up to retirement.

(iii) Provident fund

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 above and determined that there is no shortfall as at 31st March, 2022.

(iv) As per Actuarial Valuation as on 31st March, 2022 and 31st March, 2021 amounts recognised in the financial statements in respect of Employee Benefit Schemes are as follows:

With the objective of presenting the plan assets and plan liabilities of the defined benefits plans and post retirement pension benefits at their fair value on the balance sheet, assumptions under Ind AS 19 are set by reference to market conditions at the valuation date

The sensitivity analyses above have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period and may not be representative of the actual change. It is based on a change in the key assumption while holding all other assumptions constant. When calculating the sensitivity to the assumption, the method (Projected Unit Credit Method) used to calculate the liability recognised in the balance sheet has been applied. The methods and types of assumptions used in preparing the sensitivity analysis did not change compared with the previous period.

Risk Exposure - Asset Volatility

The plan liabilities are calculated using a discount rate set with reference to bond yields; if plan assets underperform this yield, this will create a deficit. Most of the plan asset investments is in fixed income securities with high grades and in government securities. These are subject to interest rate risk and the fund manages interest rate risk derivatives to minimize risk to an acceptable level. A portion of the funds are invested in equity securities and in alternative investments which have low correlation with equity securities. The equity securities are expected to earn a return in excess of the discount rate and contribute to the plan deficit.

(iii) Leave obligations

The leave obligations cover the Company''s liability for sick and earned leave.

The amount of the provision of '' 3,650.30 lakhs (31st March 2021 - '' 3,678.85 lakhs) is presented as current, since the Company does not have an unconditional right to defer settlement for any of these obligations

(iv) Defined contribution plans

The Company also has certain defined contribution plans such as provident fund and super annuation plan for benefits of employees. Contributions are made to provident fund in India for employees at the rate of 12% of basic salary as per regulations. The contributions are made to registered provident fund administered by the government. The obligation of the Company is limited to the amount contributed and it has no further contractual nor any constructive obligation. The expense recognised during the period towards defined contribution plan is '' 1,553.66 lakhs (31st March 2021 - '' 1,542.72 lakhs).

42 In accordance with Accounting Standard Ind As 108 ''Operating Segment segment information has been disclosed in the consolidated financial statements of Raymond Limited, and therefore, no separate disclosure on segment information is given in these financial statements.

1) The Company has agreed with the lenders (Banks) of some of the subsidiaries/Joint Ventures for not disposing off Company''s investments in such Subsidiaries/Joint Ventures without their prior consent.

2) Equity (or equity like) investments by the Company and equity (or equity like) infusion into the Company are not considered for disclosure under closing balances as these are not considered "outstanding" exposure. Refer note 5 and 17A & 17B for the same.

3) Loans to Subsidiaries and Joint venture:

Loans to the Subsidiaries and joint venture have been given for acquisition of assets and augmenting working capital and have been utilised for the same.

Guarantees given:

Guarantees provided to the lenders of the subsidiaries are for availing term loans and working capital facilities from the lender banks.

Commitment given:

Refer Note 39(iii) for commitment given to Joint venture

Note: 44 Fair Value measurement

Financial Instrument by category and hierarchy

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair values:

1. Fair value of cash and short-term deposits, trade and other short term receivables, trade payables, other current liabilities, short term loans from banks and other financial institutions approximate their carrying amounts largely due to short term maturities of these instruments.

2. Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to account for expected losses of these receivables. Accordingly, fair value of such instruments is not materially different from their carrying amounts.

The fair values for loans, security deposits and investment in preference shares were calculated based on cash flows discounted using a current lending rate. They are classified as level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs including counter party credit risk.

The fair values of non-current borrowings are based on discounted cash flows using a current borrowing rate. They are classified as level 3 fair values in the fair value hierarchy due to the use of unobservable inputs, including own credit risk.

For financial assets and liabilities that are measured at fair value, the carrying amounts are equal to the fair values.

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.

Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.

Note: 45 Financial Risk Management

Financial risk management objectives and policies

The Company''s financial risk management is an integral part of how to plan and execute its business strategies. The Company''s financial risk management policy is set by the Managing Board.

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates, equity prices and other market changes that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments including investments and deposits, foreign currency receivables, payables and loans and borrowings.

The Company manages market risk through a treasury department, which evaluates and exercises independent control over the entire process of market risk management. The treasury department recommend risk management objectives and policies, which are approved by Senior Management and the Audit Committee. The activities of this department include management of cash resources, implementing hedging strategies for foreign currency exposures like foreign exchange forward contracts, borrowing strategies and ensuring compliance with market risk limits and policies.

Market Risk- Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of the financial instruments will fluctuate because of changes in market interest rates. In order to optimize the Company''s position with regards to interest income and interest expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of fixed rate and floating rate financial instruments in its total portfolio.

According to the Company, interest rate risk exposure is only for floating rate borrowings. For floating rate liabilities, the analysis is prepared assuming the amount of the liability outstanding at the end of the reporting period was outstanding for the whole year. A 50 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management''s assessment of the reasonably possible change in interest rates.

Market Risk- Foreign currency risk.

The Company operates internationally and portion of the business is transacted in several currencies and consequently the Company is exposed to foreign exchange risk through its sales and services in overseas markets and purchases from overseas suppliers in various foreign currencies. Foreign currency exchange rate exposure is partly balanced by purchasing of goods, commodities and services in the respective currencies.

Market Risk- Price Risk

(a) Exposure

The Company''s exposure to equity securities price risk arises from investments held by the Company and classified in the balance sheet either at fair value through OCI or at fair value through profit and loss. To manage its price risk arising from investments in equity securities, the Company diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the Company.

(b) Sensitivity

The table below summarizes the impact of increases/decreases of the BSE index on the Company''s equity and Gain/ Loss for the period. The analysis is based on the assumption that the index has increased by 5 % or decreased by 5 % with all other variables held constant, and that all the Company''s equity instruments moved in line with the index.

Above referred sensitivity pertains to quoted equity investment (Refer Note 10(A)). Profit for the year would increase/ (decrease) as a result of gains/losses on equity securities as at fair value through profit or loss.

Credit risk

Credit risk arises from the possibility that the counter party may not be able to settle their obligations as agreed. To manage this, the Company periodically assesses financial reliability of customers and other counter parties, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of financial assets. Individual risk limits are set and periodically reviewed on the basis of such information.

The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis through each reporting period. To assess whether there is a significant increase in credit risk the Company compares the risk of default occurring on asset as at the reporting date with the risk of default as at the date of initial recognition. It considers reasonable and supportive forwarding-looking information such as:

i) Actual or expected significant adverse changes in business,

ii) Actual or expected significant changes in the operating results of the counterparty,

iii) Financial or economic conditions that are expected to cause a significant change to the counterparty''s ability to meet its obligations,

iv) Significant increase in credit risk on other financial instruments of the same counterparty,

v) Significant changes in the value of the collateral supporting the obligation or in the quality of the third-party guarantees or credit enhancements.

Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Company. Where loans or receivables have been written off, the Company continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognized as income in the statement of profit and loss.

The Company measures the expected credit loss of trade receivables and loan from individual customers based on historical trend, industry practices and the business environment in which the entity operates. Loss rates are based on actual credit loss experience and past trends. Based on the historical data, loss on collection of receivable is not material hence no additional provision considered.

Liquidity Risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions. Due to the dynamic nature of the underlying businesses, Company treasury maintains flexibility in funding by maintaining availability under committed credit lines. Management monitors rolling forecasts of the Company''s liquidity position (comprising the undrawn borrowing facilities below) and cash and cash equivalents on the basis of expected cash flows.

46 Capital risk management

(a) Risk Management

The Company aims to manage its capital efficiently so as to safeguard its ability to continue as a going concern and to optimise returns to its shareholders.

The capital structure of the Company is based on management''s judgement of the appropriate balance of key elements in order to meet its strategic and day-to-day needs. Management considers the amount of capital in proportion to risk and manage the capital structure in light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders or issue new shares.

The Company''s policy is to maintain a stable and strong capital structure with a focus on total equity so as to maintain investor, creditors and market confidence and to sustain future development and growth of its business.

The Company will take appropriate steps in order to maintain, or if necessary adjust, its capital structure.

48 Raymond Apparel Limited(RAL), the wholly owned subsidiary of the Company, has granted Stock Options to its eligible employees and employees of the Company, in accordance with the Raymond Apparel Limited Employee Stock Options Plan 2018 ("RAL ESOP2018") with the vesting period of 5 years from the date of grant with an exercise period of one year. The holder of each option is eligible for one fully paid equity share of the subsidiary company of the face value of '' 10 each on payment of '' 10 per option. The fair value of option determined on the date of grant is '' 1,570 per option, based on the comparable companies multiple method. During the year FY 2020-21 an amount of '' 118.74 lakhs has been written back on options lapsed due to resignation of eligible employees. Further, pursuant to RAL Board approved on January 19, 2022, termination of the existing Raymond Apparel Limited - Employee Stock Options Plan 2018 ("RAL ESOP2018").

49 Export Promotion Capital Goods (EPCG) scheme allows import of certain capital goods including spares at concessional duty subject to an export obligation for the duty saved on capital goods imported under EPCG scheme. The duty saved on capital goods imported under EPCG scheme being Government Grant, is accounted as stated in the Accounting policy on Government Grant.

50 The Board of Directors of the Company at its meeting held on 7th November, 2019 had approved the Composite Scheme of Arrangement (''Composite Scheme'') which comprised of amalgamation of Raymond Apparel Limited (wholly owned subsidiary of Company) and Scissors Engineering Products Limited (wholly owned subsidiary of Company) with the Company and then Demerger of the lifestyle business undertaking into Raymond Lifestyle Limited on a going concern basis. Pending receipt of statutory approvals as required including that of Mumbai Bench of

the National Company Law Tribunal (''NCLT''), no adjustments had been made in the books of account and in the standalone financial statements for the year ended 31st March, 2021. The Board of Directors of the Company at its meeting held on 27th September, 2021 have approved the withdrawal of the Composite Scheme of arrangement.

51 "In March 2020, the World Health Organisation declared COVID-19 a global pandemic. Consequent to this, Government of India declared a nation-wide lockdown from 24th March 2020. Subsequently, the nation-wide lockdown was lifted by the Government of India, but regional lockdowns continue to be implemented in areas with significant number of COVID-19 cases. The Company remains watchful of the potential impact of COVID-19 pandemic, on resuming normal business operations on a continuing basis. Accordingly, the Company has assessed the impact of this pandemic on its business operations and has considered all relevant internal and external information available up to the date of approval of these standalone financial statements, to determine the impact on the Company''s revenue from operations and estimation of sales related expenses over the foreseeable future and the recoverability and carrying value of certain assets such as property, plant and equipment, investments (including investment in a joint venture), inventories, trade receivables, deferred tax assets and input tax credit receivables.

The impact of Covid-19 pandemic has further impacted the apparel fashion business carried out by apparel division that has mergered into the Company (as explained in note 54) due to which sales have dropped drastically which has resulted into inventory build-up and slow down in the collections of trade receivables due to which the Company has recognised allowances/adjustments in its trade receivables and inventory.

The impact of COVID-19 pandemic on the overall economic environment being uncertain may affect the underlying assumptions and estimates used to prepare Company''s standalone financial statements, which may differ from impact considered as at the date of approval of these standalone financials statements. The Company continues its business activities, in line with the guidelines issued by the Government authorities, take steps to strengthen its liquidity position and further explore cost restructuring exercise. The Company does not anticipate any challenges in its ability to continue as going concern or meeting its financial obligations. As the situation is unprecedented, the Company is closely monitoring the situation as it evolves in the future.

* Earnings for Debt Service = Earnings before finance costs, depreciation and amortisation, exceptional items and tax (EBIDTA)/ (Finance cost for the year Principal repayment of long-term debt liabilities within one year)

** Cost of Good sold = Cost of materials consumed Purchases of stock-in-trade Changes in inventories of finished goods, stock-intrade, work-in-progress and property under development Manufacturing and operating expenses Costs towards development of property

$ Working Capital = Current Assets - Current Liabilities

# Earnings before Interest and Tax = Profit after exceptional item and before tax Finance costs (recognised)

@ Capital Employed = Average of equity and total borrowings

i) Debt Service Coverage Ratio (times): Increase in the ratio by 1784% is mainly on account of increase in EBIDTA margin in current year FY 21-22, as compared to previous year.

ii) Return on Equity (%): Losses after tax has increased during the current year FY 21-22 mainly due to exceptional items, resulting in an increase in variance.

iii) Inventory Turnover ratio (times): Inventory turnover ratio has improved by approximately 92% is mainly due to normal production cycle and sales cycle in the current year which in the previous year was affected due to the COVID-19 pandemic.

iv) Trade Receivables turnover ratio (times): Improvement in debtors turnover ratio is mainly due to, increase in sales in current year as compared to previous year, where sales were affected due to Covid-19 restrictions. Further, average debtors collection period has improved in current year, as compared to previous year.

v) Trade Payables Turnover (times): Improvement in creditors turnover ratio is mainly due to increase in purchases (on account of increased demand and sales) & reduction in average payment period in current year as compared to previous year.

vi) Net Capital Turnover (times): Increase is on account of the significant increase in sales during the current year as compared to last year, where sales were affected on account of Covid-19 pandemic.

vii) Net Profit/(Loss) Margin (%): Decrease by 27% in the current year due to improvement in profitability which in the previous year was affected mainly due to Covid-19 pandemic.

viii) Return on Capital employed (%): Increase in the ratio is on account of the decrease in the capital employed due to change in the other equity on account of merger.

ix) Return on Investment (%): Decrease by 80% on account of the significant increase in investments in current year, as compared to previous year, whereas there is a decrease in gain on sale of investments in current year.

54 The Board of Directors of the Company at its meeting held on 27th September, 2021 had approved a Scheme of

Arrangement (''RAL Scheme'') between the Company and Raymond Apparel Limited (''RAL'' or ''Demerged Company'') (wholly owned subsidiary of the Company) for demerger of the business undertaking of RAL comprising of B2C business including Apparel business (and excluding balances identified as quasi equity) as defined in the RAL Scheme (referred as the ""specified business undertaking""), into the Company on a going concern basis. RAL Scheme was approved by the Hon''ble National Company Law Tribunal vide its order dated 23th March, 2022. The Appointed Date was 1st April, 2021. Considering that RAL is a wholly owned subsidiary of the Company, the Company is required to account for the Scheme of Arrangement under the ''pooling of interests'' method in accordance with Appendix C of Ind AS 103 ''Business Combinations'' which requires that, the financial information in the financial statements in respect of prior periods should be restated as if the business combination had occurred from the beginning of the preceding period in the financial statements (i.e. from 1st April, 2020 or the deemed acquisition date), irrespective of the actual date of the business combination. Accordingly, the Company has restated the previous years figures in these standalone financial statements, as detailed in Tables 1, 2 and 3 below.

Pursuant to the RAL Scheme, all assets and liabilities pertaining to the ''specified business undertaking'' of the demerged company have been transferred to the Company without any consideration. As at 1st April, 2020, the Company had investments of '' 6,472 lakhs, inter corporate deposits (ICDs) of Rs. 7,500 lakhs, trade receivables and other financial assets of '' 11,794 lakhs outstanding that were recoverable from RAL. Such inter-corporate deposits, trade receivables and other financial assets are considered as quasi equity by the Company (as per the RAL Scheme) and do not form part of the ''specified Business Undertaking'' as defined in the RAL Scheme. Since the business has been acquired without any consideration, the excess of the carrying value of assets being transferred over the liabilities (excluding balances classified as quasi equity), as at 1st April, 2020, i.e. date of acquisition as per Appendix C of Ind AS 103, amounting to Rs. 33,821.47 lakhs, has been credited to a separate Capital Reserve (''Capital Reserve on Merger'') (Refer Table 4 below). Capital Reserve ("Capital Reserve on Merger"). The changes in net assets of the specified business undertaking post deemed acquisition date i.e. 1st April, 2020, reflect the effect of the operations of the specified business undertaking on the assets and liabilities transferred to the Company. Such changes are equivalent to the corresponding changes in the balances not merged and classified as quasi equity (since these balances were not cancelled / eliminated) post 1st April 2020, till the date of the NCLT Order.

Accordingly, such increase in net assets, transferred during the year ended 31st March, 2021 and for the period 1st April, 2021 to 23rd March, 2022, amounting to Rs.15,020.77 lakhs and Rs. 21,630.49 lakhs respectively, has been credited to retained earnings under a separate "Post-merger Incremental Net Assets account"."

55 The Board of Directors of the Company at its meeting held on 25th January, 2022 have approved a Scheme of Arrangement (''Real Estate Scheme'') between the Company and Raymond Lifestyle Limited (wholly owned subsidiary of the Company) for demerger of the real estate business undertaking of the Company (as defined in the Real Estate Scheme) into Raymond Lifestyle Limited on a going concern basis. The proposed Appointed Date is 1st April, 2022. The Real Estate Scheme will be effective upon receipt of such approvals as may be statutorily required including that of Mumbai Bench of the National Company Law Tribunal ("NCLT"). Pending receipt of final approval, no adjustments have been made in the books of account and in the accompanying standalone financial statements.

56 Event occurring after balance sheet date

The Board of Directors has recommended Equity dividend of '' 3.00 per equity share (Previous year '' Nil) for the financial year 2021-22.

57 The Financial Statements were authorised for issue by the directors on 16th May, 2022.

This is the summary of the significant accounting policies and other explanatory information referred to in our report of even date.

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Mar 31, 2018

I. Background

Raymond Limited (‘RL’ or ‘the Company’) incorporated in India is a leading Indian Textile, Lifestyle and Branded Apparel Company. The Company has its wide network of operations in local as well foreign market. The Company sells its product through multiple channels including wholesale, franchisee, retail etc. During the year ended 31 March 2018, the Company has decided to develop part of its land for residential / commercial purposes.

Premises given on operating lease:

The Company has given certain investment properties on operating lease. These lease arrangements range for a period between 2 and 5 years and include both cancellable and non-cancellable leases. Most of the leases are renewable for further period on mutually agreeable terms.

Estimation of fair value

The fair valuation is based on current prices in the active market for similar properties. The main inputs used are quantum, area, location, demand, restrictive entry to the complex,age of building and trend of fair market rent in village Panchpakhadi area.

This fair value is based on valuations performed by an accredited independent valuer. Fair valuation is based on replacement cost method. The fair value measurement is categorised in level 2 fair value hierarchy.

Notes:

@ During the earlier years, the Company invested an amount of Rs.6168 lakhs as at 31st March 2016 by subscription to the rights issue of equity shares of Raymond Luxury Cottons Limited (RLCL) a Subsidiary of the Company, enhancing the Company’s shareholding from 62% to 75.69% in 2015-16 and from 55% to 62% in 2014-15. In the year 2012-13, Cottonificio Honegger S.p.A (‘CH’), Italy, the erstwhile JV partner with Raymond Limited through one of its joint venture Company in India, Raymond Luxury Cotton Limited (RLCL) (formerly known as Raymond Zambaiti Limited), had submitted request for voluntary winding up including composition of its creditors in the Court of Bergamo, Italy. Consequent to this, RLCL as at 31st March 2013, had provided for its entire accounts receivable from CH of USD 1,255,058 and Euro 612,831, equivalent Indian Rupee aggregating Rs.1,122.24 Lakh. In the year 2013 - 14, RLCL had put up its claim of receivable from CH of Rs.1,122. 24 Lakh before the Judicial Commissioner of the Composition (the Commissioner) appointed by the Court of Bergamo, Italy. In protraction of matter with Cottonificio Honegger S.p.A (‘CH’), Italy, the Judicial Commissioner of the Composition (“the Commissioner”) appointed by the Court of Bergamo, Italy, has declared RLCL as unsecured creditor for the amount outstanding from ‘CH’. Further ‘CH’ had also sought permission from the Court of Bergamo, Italy, for initiating proceeding against RLCL in India.

RLCL had received a notice dated 23rd November 2015 notifying that CH has filed a Petition against them before the Hon’ble Company Law Board (“CLB”), Mumbai Bench under Section 397 and 398 of Companies Act, 1956. RLCL responded to the petition filed by CH. The CLB in its order dated 26th November, 2015 has recorded the statement made by the counsel for RLCL that CH’s shareholding in RLCL shall not be reduced further and the fixed assets of RLCL also shall not be alienated till further order. Subsequently, the proceedings were transferred to the National Company Law Tribunal (“NCLT”), Mumbai bench and currently, the matter is pending before the said forum. The next date of hearing has been fixed as 15 May 2018.

* These securities issued by Subsidiaries Companies are equity nature investment for Raymond Limited.

Significant Estimates : The carrying value of exposure in Raymond Uco Denim Private Limited is determined by an Independent valuer. The Company uses judgment to select from variety of methods and make assumptions which are mainly based on market conditions existing at the end of each reporting period.

Inventory write downs are accounted, considering the nature of inventory, ageing,liquidation plan and net realisable value. Writedowns of inventories amounted to Rs.4,384.87.lakhs as at 31st March, 2018 ( as at 31st March, 2017 - Rs.3,587.58 lakhs) These writedowns were recognised as an expense and included in ‘changes in inventories of finished goods, stock-in-trade, work-in-progress and property under development’ in the Statement of Profit and Loss.

# The Company had invested in the Preference Shares of UPL Limited (face value of Rs.10 each). During the year UPL Limited converted optionally convertible Preference Shares into Equity shares and in lieu of the preference shares, the Company received Ten Equity Shares (face value of Rs.2 each) for every Four Hundred Seventy One Preference Share of UPL Limited. The number of Preference shares held by Company of UPL Limited as at March 31, 2017 were 438834.

Refer Note 44 for information about fair value measurement, credit risk and market risk of investments.

Trade receivables include Rs.1500 lakhs (Previous year Rs. Nil) for which credit risk is retained by the Group under a factoring arrangement and are net of Rs.11144.76 lakhs de-recognised (along with corresponding liability) on transfer ‘without recourse’. Company retains interest liability upto an agreed date on the entire amount, the costs for which are recognised as part of finance costs.

Refer Note 45 for information about credit risk and market risk of trade receivables.

Notes:

a) Reconciliation of number of shares

b) Rights, preferences and restrictions attached to shares

Equity shares: The Company has one class of equity shares having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, 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 to their shareholding.

c) Details of equity shares held by shareholders holding more than 5% of the aggregate shares in the Company

Securities premium reserve

Securities premium reserve is created due to premium on issue of shares. These reserve is utilised in accordance with the provisions of the Act.

Capital reserve

Capital reserve is utilised in accordance with provision of the Act.

Capital Redemption Reserve

Represent reserve created during buy back of Equity Shares and it is a non-distributable reserve.

Debenture Redemption Reserve

The Company is required to create a debenture redemption reserve out of the profits which is available for purpose of redemption of debentures.

Installments falling due within a year in respect of all the above Loans aggregating Rs.47860.88 lakhs (March 31, 2017 : Rs.31894.40 lakhs) have been grouped under “Current maturities of long-term debt” (Refer Note 22)

Amount of Rs.88.30 lakhs (March 31, 2017: Rs.127.44 lakhs) related to deferred expense towards processing charges is netted of against loan.

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

The carrying amounts of financial and non financial assets as security for secured borrowings are disclosed in Note 37.

Consequent to reconciliation items shown above, the effective tax rate is 30.68% (2016-17: 28.17%)

Significant Estimates : In calculation of tax expense for the current year and earlier years, the group has disallowed certain expenditure pertaining to exempt income based on earlier tax assessments, matter is pending before various tax authorities.

Significant Estimates : Based on the approved plans and budgets, the Company has estimated that the future taxable income will be sufficient to absorb carried forward unabsorbed depreciation, which management believes is probable, accordingly, the Company has recognized deferred tax asset on aforesaid losses.

Note :-2-Commitments

i) Capital Commitments

Capital expenditure contracted for at the end of the reporting period but not recognised as liabilities is as follows:

ii) EPCG Commitments

Future Export Obligations / Commitments under import of Capital Goods at Concessional rate of Customs duty. As at 31st March, 2018 Rs.1782.18 lakhs (Previous year Rs.1593.34 lakhs).

Note :- 3: Post retirement benefit plans

Defined Benefits Plan

(i) Gratuity

The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/termination is the employees last drawn basic salary per month computed proportionately for 15 days salary multiplied for the number of years of service. The gratuity plan is a funded plan and the Company makes contributions to recognised funds in India.

(ii) Pension Benefits

The Company operates defined benefit pension plans which provide benefits to some of its employees in the form of a guaranteed level of pension payable for certain years after retirement. The level of benefits provided depends on members’ length of service and their salary in the final years leading up to retirement.

As per Actuarial Valuation as on 31st March, 2018 and 31st March, 2017 and recognised in the financial statements in respect of Employee Benefit Schemes:

The sensitivity analyses above have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period and may not be representative of the actual change. It is based on a change in the key assumption while holding all other assumptions constant. When calculating the sensitivity to the assumption, the method (Projected Unit Credit Method) used to calculate the liability recognised in the balance sheet has been applied. The methods and types of assumptions used in preparing the sensitivity analysis did not change compared with the previous period.

**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 above and determined that there is no shortfall as at 31st March, 2018.

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

Risk Exposure - Asset Volatility

The plan liabilities are calculated using a discount rate set with reference to bond yields; if plan assets underperform this yield, this will create a deficit. Most of the plan asset investments is in fixed income securities with high grades and in government securities. These are subject to interest rate risk and the fund manages interest rate risk derivatives to minimize risk to an acceptable level. A portion of the funds are invested in equity securities and in alternative investments % which have low correlation with equity securities. The equity securities are expected to earn a return in excess of the discount rate and contribute to the plan deficit.

(iii) Leave obligations

The leave obligations cover the Company’s liability for sick and earned leave.

The amount of the provision of Rs.2948.91 lakhs (31 March 2017 - Rs.2543.7 lakhs) is presented as current, since the Company does not have an unconditional right to defer settlement for any of these obligations

(iv) Defined contribution plans

The Company also has certain defined contribution plans. such as provident fund and super annuation plan for benefits of employees. Contributions are made to provident fund in India for employees at the rate of 12% of basic salary as per regulations. The contributions are made to registered provident fund administered by the government. The obligation of the Company is limited to the amount contributed and it has no further contractual nor any constructive obligation. The expense recognised during the period towards defined contribution plan is Rs.1198.13 lacs (31 March 2017 - Rs.1112.46 lacs).

Note :-4 In accordance with Accounting Standard Ind As 108 ‘Operating Segment ‘, 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.

Notes :

1) The Company has agreed with the lenders (Banks) of some of the subsidiaries/Joint Ventures for not disposing off Company’s investments in such Subsidiries/Joint Ventures without their prior consent.

2) Loans to Subsidiaries:

Loans to the Subsidiaries have been given for acquisition of assets and augmenting working capital and have been utilised for the same.

Guarantees given:

Guarantees provided to the lenders of the subsidiaries are for availing term loans and working capital facilities from the lender banks.

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair values:

1. Fair value of cash and short-term deposits, trade and other short term receivables, trade payables, other current liabilities, short term loans from banks and other financial institutions approximate their carrying amounts largely due to short term maturities of these instruments.

2. Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and individual credit worthiness of the counter-party. Based on this evaluation, allowances are taken to account for expected losses of these receivables. Accordingly, fair value of such instruments is not materially different from their carrying amounts.

The fair values for loans, security deposits and investment in preference shares were calculated based on cash flows discounted using a current lending rate. They are classified as level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs including counter party credit risk.

The fair values of non-current borrowings are based on discounted cash flows using a current borrowing rate. They are classified as level 3 fair values in the fair value hierarchy due to the use of unobservable inputs, including own credit risk.

For financial assets and liabilities that are measured at fair value, the carrying amounts are equal to the fair values.

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.

Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.

The Company’s financial risk management is an integral part of how to plan and execute its business strategies. The Company’s financial risk management policy is set by the Managing Board.

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates, equity prices and other market changes that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments including investments and deposits , foreign currency receivables, payables and loans and borrowings.

The Company manages market risk through a treasury department, which evaluates and exercises independent control over the entire process of market risk management. The treasury department recommend risk management objectives and policies, which are approved by Senior Management and the Audit Committee. The activities of this department include management of cash resources, implementing hedging strategies for foreign currency exposures like foreign exchange forward contracts, borrowing strategies and ensuring compliance with market risk limits and policies.

Market Risk- Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of the financial instruments will fluctuate because of changes in market interest rates. In order to optimize the Company’s position with regards to interest income and interest expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of fixed rate and floating rate financial instruments in its total portfolio.

According to the Company’s interest rate risk exposure is only for floating rate borrowings. For floating rate liabilities, the analysis is prepared assuming the amount of the liability outstanding at the end of the reporting period was outstanding for the whole year. A 50 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management’s assessment of the reasonably possible change in interest rates.

Market Risk- Foreign currency risk.

The Company operates internationally and portion of the business is transacted in several currencies and consequently the Company is exposed to foreign exchange risk through its sales and services in overseas and purchases from overseas suppliers in various foreign currencies. Foreign currency exchange rate exposure is partly balanced by purchasing of goods, commodities and services in the respective currencies.

Derivative instruments and unhedged foreign currency exposure

(a) Derivative contracts outstanding as at 31st March, 2018

Derivative financial instruments such as foreign exchange forward contracts are used for hedging purposes and not as trading or speculative instruments.

(b) Particulars of unhedged foreign currency exposures as at the reporting date

(a) (iii) Market Risk- Price Risk

(a) Exposure

The Company’s exposure to equity securities price risk arises from investments held by the Company and classified in the balance sheet either at fair value through OCI or at fair value through profit and loss. To manage its price risk arising from investments in equity securities, the Company diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the Company.

(b) Sensitivity

The table below summarizes the impact of increases/(decreases) of the BSE index on the Company’s equity and Gain/ (Loss) for the period. The analysis is based on the assumption that the index has increased by 5 % or decreased by 5 % with all other variables held constant, and that all the Company’s equity instruments moved in line with the index.

Above referred sensitivity pertains to quoted equity investment (Refer note 10(a) ). Profit for the year would increase/ (decrease) as a result of gains/ (losses) on equity securities as at fair value through profit or loss.

(c) Foreign Currency Risk Sensitivity

A change of 5% in Foreign currency would have following Impact on profit before tax

Credit risk

Credit risk arises from the possibility that the counter party may not be able to settle their obligations as agreed. To manage this, the Company periodically assesses financial reliability of customers and other counter parties, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of financial assets. Individual risk limits are set and periodically reviewed on the basis of such information.

The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis through each reporting period. To assess whether there is a significant increase in credit risk the Company compares the risk of default occurring on asset as at the reporting date with the risk of default as at the date of initial recognition. It considers reasonable and supportive forwarding-looking information such as:

i) Actual or expected significant adverse changes in business,

ii) Actual or expected significant changes in the operating results of the counter-party,

iii) Financial or economic conditions that are expected to cause a significant change to the counter-party’s ability to meet its obligations,

iv) Significant increase in credit risk on other financial instruments of the same counter-party,

v) Significant changes in the value of the collateral supporting the obligation or in the quality of the third-party guarantees or credit enhancements.

Financial assets are written off when there is no reasonable expectations of recovery, such as a debtor failing to engage in a repayment plan with the Company. Where loans or receivables have been written off, the Company continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognized as income in the statement of profit and loss.

The Company measures the expected credit loss of trade receivables and loan from individual customers based on historical trend, industry practices and the business environment in which the entity operates. Loss rates are based on actual credit loss experience and past trends. Based on the historical data, loss on collection of receivable is not material hence no additional provision considered.

Liquidity Risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions. Due to the dynamic nature of the underlying businesses, Company treasury maintains flexibility in funding by maintaining availability under committed credit lines. Management monitors rolling forecasts of the Company’s liquidity position (comprising the undrawn borrowing facilities below) and cash and cash equivalents on the basis of expected cash flows.

(i) Financing arrangements

The Company had access to the following undrawn borrowing facilities at the end of the reporting period:

The bank overdraft facilities may be drawn at any time and may be terminated by the bank without notice. Subject to the continuance of satisfactory credit ratings, the bank loan facilities may be drawn at any time in INR.

Note :- 5 Capital risk management

(a) Risk Management

The Company aim to manages its capital efficiently so as to safeguard its ability to continue as a going concern and to optimise returns to our shareholders.

The capital structure of the Company is based on management’s judgement of the appropriate balance of key elements in order to meet its strategic and day-to-day needs. We consider the amount of capital in proportion to risk and manage the capital structure in light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders or issue new shares.

The Company’s policy is to maintain a stable and strong capital structure with a focus on total equity so as to maintain investor, creditors and market confidence and to sustain future development and growth of its business. The Company will take appropriate steps in order to maintain, or if necessary adjust, its capital structure.

(b) Dividend

Note :-6 A Raymond Apparel Limited, the wholly owned subsidiary of the Company, during the year has granted 31516 Stock Options to its eligible employees and employees of the Company in accordance with the Raymond Apparel Limited Employee Stock Options Plan 2018 (“RAL ESOP2018”) with the vesting period of 5 years from the date of grant and the exercise period being one year from the date on which the options are eligible for exercise. Holder of each option is eligible for one fully paid equity share of the subsidiary company of the face value of Rs.10 each on payment of Rs.10 per option. The fair value of option determined on the date of grant is Rs.1570 based on the comparable companies multiple method. The impact of above for the year is not significant as the options were granted on 29th March , 2018 , accordingly no provision and disclosure have been considered in the financial statements.

Note 6 B Export Promotion Capital Goods (EPCG)

Export Promotion Capital Goods (EPCG) scheme allows import of certain capital goods including spares at concessional duty subject to an export obligation for the duty saved on capital goods imported under EPCG scheme. The duty saved on capital goods imported under EPCG scheme being Government Grant, is accounted as stated in the Accounting policy on Government Grant.

Note :- 6 C The Scheme of Arrangement between Raymond Apparel Limited (‘RAL’), subsidiary of Raymond Limited and Color Plus Fashions Limited, a subsidiary of RAL, and their respective shareholders has been approved by National Company Law Tribunal, Mumbai Bench (NCLT) on 28th June, 2017. Certified copies of the order of NCLT sanctioning the scheme were received on 27th July, 2017.

Note :- 7 Event occurring after balance sheet date

The Board of Directors has recommended Equity dividend of Rs.3.00 per share (Previous year Rs.1.25) for the financial year 2017-18. (Refer Note 46).

Note :- 8 The Financial Statements were authorised for issue by the directors on 24th April,2018.

---

Mar 31, 2017

Notes:

@ During the previous years, the Company invested an amount of Rs,6168 lakhs as at 31st March, 2016 and Rs,2000 lakhs as at 1st April 2015 by subscription to the rights issue of equity shares of Raymond Luxury Cottons Limited (RLCL) a Subsidiary of the Company, enhancing the Company''s shareholding from 62% to 75.69% in 2015-16 and from 55% to 62% in 2014-15.

In the year 2012-13, Cottonificio Honegger S.p.A (‘CH''), Italy, the erstwhile JV partner with Raymond Limited through one of its joint venture Company in India, Raymond Luxury Cotton Limited (RLCL) (formerly known as Raymond Zambaiti Limited), had submitted request for voluntary winding up including composition of its creditors in the Court of Bergamo, Italy. Consequent to this, RLCL as at 31st March, 2013, had provided for its entire accounts receivable from CH of USD 1,255,058 and Euro 612,831, equivalent Indian Rupee aggregating Rs, 1,122.24 Lakhs. In the year 2013 - 14, RLCL had put up its claim of receivable from CH of Rs, 1,122. 24 Lakhs before the Judicial Commissioner of the Composition (the Commissioner) appointed by the Court of Bergamo, Italy. In protraction of matter with Cottonificio Honegger S.p.A (‘CH''), Italy, the Judicial Commissioner of the Composition (“the Commissioner”) appointed by the Court of Bergamo, Italy, has declared RLCL as unsecured creditor for the amount outstanding from ‘CH''. Further ‘CH'' had also sought permission from the Court of Bergamo, Italy, for initiating proceeding against RLCL in India.

RLCL had received a notice dated 23rd November 2015 notifying that CH has filed a Petition against then before the Hon''ble Company Law Board (“CLB”), Mumbai Bench under Section 397 and 398 of Companies Act, 1956. RLCL responded to the petition filed by CH. The CLB in its order dated 26th November, 2015 has recorded the statement made by the counsel for RLCL that CH''s shareholding in RLCL shall not be reduced further and the fixed assets of RLCL also shall not be alienated till further order. Subsequently, the proceedings were transferred to the National Company Law Tribunal (“NCLT”), Mumbai bench and currently, the matter is pending before the said forum.

* These securities issued by Subsidiaries are equity nature investment for Raymond Limited. (Refer Note 5(a))

Significant Estimates : The carrying value of exposure in Raymond Uco Denim Private Limited is determined by an Independent valuer .The company uses judgment to select from variety of methods and make assumptions which are mainly based on market conditions existing at the end of each reporting period.

Notes:

@ Investment in venture capital funds have been fair valued at closing NAV.

# Company has invested in non trade investments aggregating Rs,30.53 Lakhs which have already been fully provided in the books

* The Company has invested in Preference Shares and Debenture of some of its Subsidiaries, the terms of said instruments were changed effective 1st April, 2015, consequently said instruments became compulsory convertible in to equity shares. After conversion of terms, aforesaid investments has been shown under investments in subsidiaries, associates and joint venture (Refer note 5), gain on aforesaid conversion aggregating to '' 156. 27 is shown under other income, (Refer note 26).

b) Rights, preferences and restrictions attached to shares

Equity shares: The Company has one class of equity shares having a par value of ''10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, 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 to their shareholding.

Refer Note 1. for liquidity risk

Nature of Security and terms of repayment for Long Term secured borrowings:

Nature of Security Terms of Repayment

i. Term loan from bank, balance outstanding amounting to Rs,10350.00 Repayable in 32 quarterly installments starting from September lakhs (March 31, 2016 : Rs,11550.00 lakhs and April 1, 2015 : Rs,12637.50 2011. Last installment due in June 2019. Rate of interest 10.95% lakhs) is secured by pari passu charge on the entire immovable assets .p.a. as at year end. (March 31, 2016 : 11.20% p.a. and April 1, at Vapi Plant acquired out of this loan and exclusive first charge on the 2015 : 12.50% p.a.)* entire movable assets acquired out of the said loans from the bank, located at Vapi Plant.

ii. Term loan from bank, balance outstanding amounting to Rs, 1920.21 Repayable in 32 quarterly installments starting from June 2011. lakhs (March 31, 2016 : Rs, 2200.21 lakhs and April 1, 2015 : Rs, 2480.21 Last installment due in March 2019. Rate of interest 10.95%.p.a. lakhs) is secured by way of first pari passu charge on fixed assets of as at year end. (March 31, 2016 : 11.20% p.a. and april 1, 2015 Chindwara and Jalgaon Plant. : 12.50% p.a.)*

iii. Term loan from bank, balance outstanding amounting to Rs, 5552.00 Repayable in 32 quarterly installments starting from September (March 31, 2016 : Rs,6312.00 lakhs and April 1, 2015: Rs,7000.75 lakhs) 2011. Last installment due in June 2019. Rate of interest 11.05% is secured by pari passu charge on the entire immovable assets at .p.a. as at year end. (March 31, 2016 : 12.00% p.a. and April 1, Vapi Plant acquired out of this loan and exclusive first charge on the 2015 : 12.50% p.a.)* entire movable assets acquired out of the loans, located at the Vapi Plant.

iv. Term loan from bank, balance outstanding amounting to Rs, Nil (March Repaid in December, 2016..Rate of interest 9.65% p.a. as at the 31, 2016 : Rs,1072.52 lakhs and April 1, 2015: Rs,2972.53 lakhs) is date of repayment. (March 31, 2016 : 9.70% p.a. and April 1, secured by pari passu charge on the immovable assets at Vapi Plant 2015 : 10.20% p.a.)* and exclusive charge on movable assets acquired under the loan, at Vapi Plant.

v. Term loan from bank, balance outstanding amounting to Rs, Nil (March Repaid in February 2017. Rate of interest 10.75%.p.a. as at the 31, 2016 : Rs,515.63 lakhs and April 1, 2015: Rs, 1031.25 lakhs) is date of repayment. (March 31, 2016 : 10.80% p.a. and April 1, secured by Lien on Fixed Deposits placed with State Bank of India for 2015 : 11.50% p.a.)*

Rs, Nil. (March 31, 2016 : Rs,1097.49 lakhs and April 1, 2015 Rs, 1645.37 lakhs)

vi. Term loan from bank, balance outstanding amounting to Rs, Nil (March Repaid in April, 2016. Rate of interest 11.70% p.a. as at the date 31, 2016 : Rs, 1653.02 lakhs and April 1, 2015: Rs, 1985.02 lakhs partial of prepayment. (March 31, 2016 : 11.70% p.a. and April 1, 2015 disbursement) is secured by first charge on movable assets including : 12.20% p.a.)

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.

Nature of Security and terms of repayment for Long Term secured borrowings: Nature of Security Terms of Repayment

vii. Term loan from bank, balance outstanding amounting to Rs,2763.39 Repayable in 20 quarterly installments starting from November lakhs (March 31, 2016 : Rs, 3498.39 lakhs and April 1, 2015: Rs,4110.89 2013. Last installment due in September, 2018. Rate of interest lakhs) is secured by way of first pari passu charge on fixed assets 10.60% p.a. as at year end. (March 31, 2016 : 10.70% p.a. and of Vapi and Jalgaon factories and second pari passu charge on April 1, 2015 : 11.25% p.a.)*

immoveable assets at Vapi Plant acquired out of this loan.

viii. Term loan from bank, balance outstanding amounting to Rs, 6050.00 Repayable in 10 equal quarterly installment starting from January lakhs (March 31, 2016 : Rs,12410 lakhs and April 1, 2015: 14000 lakhs) 2016 and last installment due in July 2018. Rate of interest 9.85% is secured by first pari passu charge on fixed assets of Chindwara and p.a. as at year end. (March 31, 2016 : 10.25% p.a. and April 1, Jalgaon factories, moveable fixed assets of Company owned retail 2015 : 10.90% p.a.)

stores and second pari passu charge on the land at Vapi Plant.

Terms of repayment for Long Term unsecured borrowings: Nature of Security Terms of Repayment

Term loans from banks

Rs, Nil (March 31, 2016 : Rs, Nil and April 1, 2015 : Rs, 5000 lakhs) Repaid in August 2015. Rate of interest 11.20% p.a. as at the date of

repayment.

Rs, Nil (March 31, 2016 : Rs, Nil and April 1, 2015 : Rs,4500 lakhs) Repaid in March 2016. Rate of interest 10.85% p.a. as at the date of

repayment.

Rs,5000.00 lakhs (March 31, 2016 : Rs,5000 lakhs and April 1, 2015 : Nil) Repayable in 12 equal quarterly installment starting from March 2018 and last installment due in December 2020. Rate of interest 9.55% p.a. as at year end. (March 31, 2016 : 9.75% p.a.)

Rs,6570.00 lakhs (USD 10.00 milion) C6625 lakhs, March 31, 2016 : Repayable in October 2017. Rate of interest USD Overnight Libor 107. (USD 10.00 million) and April 1, 2015 : Nil) bps as at year end. (March 31, 2016 : USD Overnight Libor 107 bps)

Privately Placed Non-Convertible Debentures (face value Rs,10 lakhs each)

Rs, Nil (March 31, 2016 : Rs, Nil and April 1, 2015 : Rs,10000 lakhs) Repaid in October 2015. Rate of interest 11.10% p.a.

Rs, Nil (March 31, 2016 : Rs,10000 lakhs and April 1, 2015 : Rs,10000 lakhs) Repaid in June 2016. Rate of interest 10.55% p.a. (March 31,2016 :10.55% p.a. and April 1, 2015 : 10.55% p.a)

Rs, Nil (March 31, 2016 : Rs, Nil and April 1, 2015 : Rs,3000 lakhs) Repaid in November 2015. Rate of interest 11.25% p.a.

Rs, Nil (March 31, 2016 : Rs,4465.59 lakhs and April 1, 2015 : Rs,4067.48 Repaid in November 2016. Redemption premium at a Yield to maturity of lakhs) 11.01% p.a. (March 31, 2016 : 11.01% p.a. April 1, 2015 : 11.01% p.a.)

Rs,13712.74 lakhs (March 31, 2016 : Rs,12473.47 lakhs and April 1, Repayable in April 2017. Redemption premium at a Yield to maturity of 2015 : Rs,11253.95 lakhs) 10.71% p.a. (March 31, 2016 : 10.71% p.a. April 1, 2015 : 10.71% p.a.)

Rs,7500 lakhs. (March 31, 2016 : Rs,7500 lakhs and April 1, 2015 : Rs,7500 Repayable in April 2018. Rate of interest 10.20% p.a. (March 31, 2016 : lakhs) 10.20% p.a. April 1, 2015 : 10.20% p.a.)

Rs,10000 (March 31, 2016 : Rs,10000 lakhs and April 1, 2015 : Nil) Repayable in June 2018. Rate of interest 9.75% p.a.(March 31, 2016 :

9.75% p.a.)

Rs,10000 (March 31, 2016 : Rs,10000 lakhs and April 1, 2015 : Nil) Repayable in April 2019. Rate of interest 9.52% p.a. (March 31,2016 :

9.52% p.a.)

Installments falling due within a year in respect of all the above Loans aggregating Rs,31894.40 lakhs (March 31, 2016 : Rs, 25707.18 lakhs and April 1, 2015 : Rs, 25473.25 lakhs) have been grouped under “Current maturities of long-term debt” (Refer Note 22)

Amount of Rs, 127.44 lakhs (March 31, 2016: Rs, 394.94 lakhs and 1st April, 2015: Rs, 573.08 lakhs) related to deferred expense towards processing charges is netted of against loan.

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

The carrying amounts of financial and non financial assets as security for secured borrowings are disclosed in Note 37.

Total operating lease expenses (including Contingent Rent Rs, 160.14 lakhs, Previous Year Rs, 202.23 lakhs) debited to Statement of Profit and Loss is Rs, 8179.43 lakhs (Previous year Rs, 7564.16 lakhs)

Note :- 41 - POST RETIREMENT BENEFIT PLANS Defined Benefits Plan (i) Gratuity

The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/termination is the employees last drawn basic salary per month computed proportionately for 15 days salary multiplied for the number of years of service. The gratuity plan is a funded plan and the Company makes contributions to recognized funds in India.

(ii) Pension Benefits

The Company operates defined benefit pension plans which provide benefits to some of its employees in the form of a guaranteed level of pension payable for certain year after retirement. The level of benefits provided depends on members, length of service and their salary in the final years leading up to retirement.

The sensitivity analyses above have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period and may not be representative of the actual change. It is based on a change in the key assumption while holding all other assumptions constant. When calculating the sensitivity to the assumption, the method (Projected Unit Credit Method) used to calculate the liability recognized in the balance sheet has been applied. The methods and types of assumptions used in preparing the sensitivity analysis did not change compared with the previous period.

**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 above and determined that there is no shortfall as at 31st March, 2017.

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

Risk Exposure - Asset Volatility

The plan liabilities are calculated using a discount rate set with reference to bond yields; if plan assets underperform this yield, this will create a deficit. Most of the plan asset investments is in fixed income securities with high grades and in government securities. These are subject to interest rate risk and the fund manages interest rate risk derivatives to minimize risk to an acceptable level. A portion of the funds are invested in equity securities and in alternative investments % which have low correlation with equity securities. The equity securities are expected to earn a return in excess of the discount rate and contribute to the plan deficit.

(iii) Leave obligations

The lease obligations cover the Company''s liability for sick and earned leave.

The amount of the provision of Rs, 2543.17 lakhs (31st March, 2016 - Rs,2423.99 lakhs, 1 April 2015 - Rs, 2535.52 lakhs) is presented as current, since the Company does not have an unconditional right to defer settlement for any of these obligations

(iv) Defined contribution plans

The Company also has certain defined contribution plans. Contributions are made to provident fund in India for employees at the rate of 12% of basic salary as per regulations. The contributions are made to registered provident fund administered by the government. The obligation of the Company is limited to the amount contributed and it has no further contractual nor any constructive obligation. The expense recognized during the period towards defined contribution plan is Rs, 1,112.46 lakhs (31st March, 2016 - Rs, 1,043.22 lakhs).

Note :- 2

In accordance with Accounting Standard Ind As 108 ‘Operating Segment ‘, 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.

Note :- 3 - FAIR VALUE MEASUREMENT Financial Instrument by category and hierarchy

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair values:

1. Fair value of cash and short-term deposits, trade and other short term receivables, trade payables, other current liabilities, short term loans from banks and other financial institutions approximate their carrying amounts largely due to short term maturities of these instruments.

2. Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to account for expected losses of these receivables. Accordingly, fair value of such instruments is not materially different from their carrying amounts.

The fair values for loans, security deposits and investment in preference shares were calculated based on cash flows discounted using a current lending rate. They are classified as level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs including counter party credit risk.

The fair values of non-current borrowings are based on discounted cash flows using a current borrowing rate. They are classified as level 3 fair values in the fair value hierarchy due to the use of unobservable inputs, including own credit risk.

For financial assets and liabilities that are measured at fair value, the carriying amounts are equal to the fair values.

*Company has invested in HDFC India Real Estate Fund and Kotak India Growth Fund and these funds have been further invested into various companies. Company has considered the fair value on the basis of the valuation report provided by venture capital fund.

Note :- 4 - FINANCIAL RISK MANAGEMENT Financial risk management objectives and policies

The Company''s financial risk management is an integral part of how to plan and execute its business strategies. The Company''s financial risk management policy is set by the Managing Board.

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates, equity prices and other market changes that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments including investments and deposits, foreign currency receivables, payables and loans and borrowings.

The Company manages market risk through a treasury department, which evaluates and exercises independent control over the entire process of market risk management. The treasury department recommend risk management objectives and policies, which are approved by Senior Management and the Audit Committee. The activities of this department include management of cash resources, implementing hedging strategies for foreign currency exposures like foreign exchange forward contracts, borrowing strategies and ensuring compliance with market risk limits and policies.

Market Risk- Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of the financial instruments will fluctuate because of changes in market interest rates. In order to optimize the Company''s position with regards to interest income and interest expenses and to manage the interest rate risk,

Market Risk- Foreign currency risk.

The Company operates internationally and portion of the business is transacted in several currencies and consequently the Company is exposed to foreign exchange risk through its sales and services in overseas and purchases from overseas suppliers in various foreign currencies. Foreign currency exchange rate exposure is partly balanced by purchasing of goods, commodities and services in the respective currencies.

(a) (iii) Market Risk- Price Risk

(a) Exposure

The Company''s exposure to equity securities price risk arises from investments held by the Company and classified in the balance sheet either at fair value through OCI or at fair value through profit and loss. To manage its price risk arising from investments in equity securities, the Company diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the Company.

(b) Sensitivity

The table below summarizes the impact of increases/decreases of the BSE index on the Company''s equity and Gain/Loss for the period. The analysis is based on the assumption that the index has increased by 5 % or decreased by 5 % with all other variables held constant, and that all the Company''s equity instruments moved in line with the index.

Note :- 5 - FINANCIAL RISK MANAGEMENT (Contd...)

Credit risk

Credit risk arises from the possibility that the counter party may not be able to settle their obligations as agreed. To manage this, the Company periodically assesses financial reliability of customers and other counter parties, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of financial assets. Individual risk limits are set and periodically reviewed on the basis of such information.

The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis through each reporting period. To assess whether there is a significant increase in credit risk the Company compares the risk of default occurring on asset as at the reporting date with the risk of default as at the date of initial recognition. It considers reasonable and supportive forwarding-looking information such as:

i) Actual or expected significant adverse changes in business,

ii) Actual or expected significant changes in the operating results of the counterparty,

iii) Financial or economic conditions that are expected to cause a significant change to the counterparty''s ability to meet its obligations,

iv) Significant increase in credit risk on other financial instruments of the same counterparty,

v) Significant changes in the value of the collateral supporting the obligation or in the quality of the third-party guarantees or credit enhancements.

Financial assists are written off when there is no reasonable expectations of recovery, such as a debtor failing to engage in a repayment plan with the Company. Where loans or receivables have been written off, the Company continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognized as income in the statement of profit and loss.

The Company measures the expected credit loss of trade receivables and loan from individual customers based on historical trend, industry practices and the business environment in which the entity operates. Loss rates are based on actual credit loss experience and past trends. Based on the historical data, loss on collection of receivable is not material hence no additional provision considered.

Note :- 6 - FINANCIAL RISK MANAGEMENT (Contd...)

Liquidity Risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions. Due to the dynamic nature of the underlying businesses, Company treasury maintains flexibility in funding by maintaining availability under committed credit lines. Management monitors rolling forecasts of the Company''s liquidity position (comprising the undrawn borrowing facilities below) and cash and cash equivalents on the basis of expected cash flows.

Note :- 7 - CAPITAL RISK MANAGEMENT

(a) Risk Management

The Company aim to manages its capital efficiently so as to safeguard its ability to continue as a going concern and to optimize returns to our shareholders.

The capital structure of the Company is based on management''s judgment of the appropriate balance of key elements in order to meet its strategic and day-to-day needs. We consider the amount of capital in proportion to risk and manage the capital structure in light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders or issue new shares.

The Company''s policy is to maintain a stable and strong capital structure with a focus on total equity so as to maintain investor, creditors and market confidence and to sustain future development and growth of its business. The Company will take appropriate steps in order to maintain, or if necessary adjust, its capital structure.

Note :- 8 - EXPORT PROMOTION CAPITAL GOODS (EPCG)

Export Promotion Capital Goods (EPCG) scheme allows import of certain capital goods including spares at concessional duty subject to an export obligation for the duty saved on capital goods imported under EPCG scheme. The duty saved on capital goods imported under EPCG scheme being Government Grant, is accounted as stated in the Accounting policy on Government Grant.

Specified Bank Notes is defined as Bank Notes of denominations of the existing series of the value of five hundred rupees and one thousand rupees.

The disclosures with respects to ‘Permitted Receipts'', ‘Permitted Payments'', ‘Amount Deposited in Banks'' and ‘Closing Cash in Hand as on 30.12.2016'' is understood to be applicable in case of SBNs only.

Note :- 9 - EVENT OCCURING AFTER BALANCE SHEET DATE

The Board of Directors has recommended Equity dividend of '' 1.25 per share (Previous year ''3) for the financial year 2016-17. (Refer Note 46). Note :- 53 - The Financial Statements were authorized for issue by the directors on 28th April, 2017.

Note :- 10 - FIRST-TIME ADOPTION OF Ind AS

These are the Company''s first financial statements prepared in accordance with Ind AS.

The Company has adopted Indian Accounting Standards (Ind AS) notified by the Ministry of Corporate Affairs with effect from 1st April, 2016, with a transition date of 1st April, 2015. Ind AS 101-First-time Adoption of Indian Accounting Standards requires that all Ind AS standards and interpretations that are issued and effective for the first Ind AS financial statements which is for the year ended 31st March, 2017 for the company, be applied retrospectively and consistently for all financial years presented. Consequently, in preparing these Ind AS financial statements, the Company has availed certain exemptions and complied with the mandatory exceptions provided in Ind AS 101, as explained below. The resulting difference in the carrying values of the assets and liabilities as at the transition date between the Ind AS and Previous GAAP have been recognized directly in equity (retained earnings or another appropriate category of equity).

Set out below are the Ind AS 101 optional exemptions availed as applicable and mandatory exceptions applied in the transition from previous GAAP to Ind AS.

A. Optional Exemptions availed

(a) Deemed Cost

The Company has opted paragraph D7 AA and accordingly considered the carrying value of property, plant and equipments and Intangible assets as deemed cost as at the transition date.

(b) Investments in subsidiaries, joint ventures and associates

The Company has opted para D14 and D15 and accordingly considered the Previous GAAP carrying amount of Investments as deemed cost as at the transition date.

(c) Designation of previously recognized financial instruments

Paragraph D19B of Ind AS 101 gives an option to an entity to designate investments in equity instruments at FVOCI on the basis of the facts and circumstances at the date of transition to Ind AS.The company has opted to apply this exemption for its investment in equity Investments.

B. Applicable Mandatory Exceptions

(a) Estimates

An entity''s estimates in accordance with Ind AS at the date of transition to Ind AS shall be consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies).

Ind AS estimates as at 1 April 2015 are consistent with the estimates as at the same date made in conformity with previous GAAP. The company made estimates for following items in accordance with Ind AS at the date of transition as these were not required under previous GAAP:

- Investment in equity instruments carried at FVPL or FVOCI;

- Investment in debt instruments carried at FVPL; and

- Impairment of financial assets based on expected credit loss model.

(b) Classification and measurement of financial assets

As required under Ind AS 101 the company has assessed the classification and measurement of financial assets (investment in debt instruments) on the basis of the facts and circumstances that exist at the date of transition to Ind AS.

C. Transition to Ind AS - Reconciliations

The following reconciliations provide a quantification of the effect of significant differences arising from the transition from previous GAAP to Ind AS as required under Ind AS 101:

I. Reconciliation of Balance sheet as at April 1, 2015 (Transition Date)

II. A. Reconciliation of Balance sheet as at March 31, 2016

B. Reconciliation of Total Comprehensive Income for the year ended March 31, 2016

III. Reconciliation of Equity as at April 1, 2015 and as at March 31, 2016

IV. Adjustments to Statement of Cash Flows

A Borrowings

As required under the IND AS 109 transactions costs incurred towards origination of borrowings have been deducted from the carrying amount of borrowings on initial recognition. These costs are recognized in the profit and loss over the tenure of the borrowing as interest expense, computed using the effective interest rate method corresponding effect being in Long term borrowings and to the extent attributable to Current maturity of long term debts.

Under the previous GAAP, these transaction costs were charged to the profit and loss as and when incurred. Consequently, borrowings as at 31st March, 2016 have been reduced by Rs,458,69 Lakhs (April 1, 2015- Rs,573.08 Lakhs) with a corresponding adjustment to retained earnings resulting in increase in total equity. The profit under the previous GAAP for the year ended 31st March, 2016 has been reduced by Rs,1859.51 Lakhs C1681.37 lakhs premium on zero copoun debentures and Rs, 178.14 lakhs) additional interest expense.

B Other Liabilities

As required under Paragraph 17 of IND AS 18 - Revenue recognition, provision has been made for the estimated sales returns of Rs,252 lakhs as at 31st March, 2016 (As at April 1, 2015 - Rs, 251 Lakhs) and consequently reserves and surplus as at transition date and profit and loss for the year ended 31st March, 2016 have been adjusted accordingly.

C Proposed dividend

Under the previous GAAP, dividends proposed by the board of directors after the balance sheet date but before the approval of the financial statements were considered as adjusting events and accordingly, provision for proposed dividend was recognized as a liability. Under Ind AS, such dividends are recognized when the same is approved by the shareholders in the general meeting. Accordingly, the liability for proposed dividend of Rs,1841.43 Lakhs as at 1st April, 2015 included under provisions has been reversed with corresponding adjustment to retained earnings. Consequently, the total equity has been increased by an equivalent amount.

D Fair Valuation of Investments

Under the previous GAAP, investments in equity instruments and mutual funds were classified as long-term investments or current investments based on the intended holding period and reliability. Long-term investments were carried at cost less provision for other than temporary decline in the value of such investments. Current investments were carried at lower of cost and fair value. Under IND AS, these investments are required to be measured at fair value. The resulting fair value changes of these investments have been recognized in retained earnings Rs, 795.76 Lakhs as at 31st March, 2016 C791.59 Lakhs As at 1 April, 2015).

Fair value changes with respect to investments in equity instruments designated as FVTPL have been recognized in FVTPL - Equity investments reserve as at the date of transition and subsequently in the Profit and Loss for the year ended 31st March 2016. This increased other reserves by Rs, 2577.76 Lakhs as at 31st March, 2016 (1st April 2015 - Rs, 3135.86 Lakhs).

E Security deposits

Under the previous GAAP, interest free security deposits are recorded at their transaction value. Under IND AS, all financial assets are required to be recognized at fair value. Accordingly, the Company has fair valued the security deposits under IND AS. Difference between fair value of security deposits and the carrying value (transaction value) as per Previous GAAP has been recognized as prepaid rent. Consequently, the amount of security deposits has been decreased by Rs, 1577.14 lakhs as at 31st March, 2016 C 1651.95 lakhs as at 1st April, 2015). The prepaid rent increased by Rs, 1445.37 lakhs as at 31st March,2016 (Rs, 1530.38 lakhs as at 1st April, 2015).Total equity decreased by Rs, 120.67 lakhs as at 1st April, 2015. The profit for the year and total equity as at 31st March, 2016 decreased by Rs, 11.10 (net) lakhs due to amortization of the prepaid rent of Rs, 193.80 lakhs is partially off-set by the notional interest income of Rs, 182.70 lakhs recognized on these security deposits.

F Fair Valuation of Forward Contracts

Under the previous GAAP the premium or discount arising at the inception of forward exchange contracts entered into to hedge an existing asset/liability, was amortised as expense or income over the life of the contract. Under the Ind AS 109, Forward Contracts are carried at fair value and the resultant gains and losses are recorded in the statement of Profit and Loss. Accordingly, the same has been fair valued resulting in decrease of in equity by Rs, 7.82 lakhs as at 31st March, 2016 (increase Rs, 7.27 lakhs as at 1st April, 2015).

G Fair Valuation of debt Instruments

As per IND AS 32 and IND AS 109, a debt instruments are required to fair valued. Accordingly, debt instruments were fair valued and resulted to increase in Interest Income of Rs, 607.64 lakhs and resulted to increase in profit before tax and equity as at 31st March,2016.

H Premium on redemption of debentures

Under the Previous GAAP, premium payable on redemption of debentures was debited to security premium account. As required under the Ind AS, the Company has debited the same to the Profit and Loss. Consequently, profit for the year ended March 31, 2016 has been reduced by Rs, 1681.37 lakhs.

I Remeasurements of post employment benefit obligation

Under Ind AS, remeasurements i.e. actuarial gains and losses and the return on plan assets, excluding amounts included in the net interest expense on the net defined benefit liability are recognized in other comprehensive income instead of profit and loss. Under the previous GAAP, these remeasurements were forming part of the profit and loss for the year. As a result of this change, the profit for the year ended March 31, 2016 increase by by Rs, 327.69 lakhs There is no impact on the total equity as at 31st March, 2016.

J Bank Overdrafts

Under Ind AS, bank overdrafts repayable on demand and which form an integral part of the cash management process are included in cash and cash equivalents for the purpose of presentation of statement of cash flows. Under previous GAAP, bank overdrafts were considered as part of borrowings and movements in bank overdrafts were shown as part of financing activities. Consequently, cash and cash equivalents have reduced by Rs, 174.07 lakhs as at 31st March, 2016 (1st April 2015 - Rs, 103.65 lakhs) and cash flows from financing activities for the year ended 31st March, 2016 have also reduced by Rs, 131.49 lakhs to the effect of the movements in bank overdrafts.

K Government Grant

Apportionment of Government Grant recognized under Export Promotion Capital Goods (EPCG) scheme and corresponding charge of depreciation on account of grossing-up of Property, Plant & Equipment (Refer Note 48).

L Retained earnings

Retained earnings as at April 1, 2015 has been adjusted consequent to the above Ind AS transition adjustments.

M Other comprehensive income

Under Ind AS, all items of income and expense recognized in a period should be included in profit or loss for the period, unless a standard requires or permits otherwise. Items of income and expense that are not recognized in profit or loss but are shown in the statement of profit and loss as other comprehensive income'' includes remeasurements of defined benefit plans. The concept of other comprehensive income did not exist under previous GAAP.

N Deferred Tax

Deferred Tax on aforesaid IND AS adjustments

O Current Tax

Tax component on Actuarial Gains and losses which is transferred to Other Comprehensive Income under IND AS and Tax Component on premium payable on redemption of debentures which was debited to security premium account under previous GAAP.As required under the Ind AS, the same has been debited to Profit and Loss.

P The Ind AS adjustments are either non cash adjustments or are regrouping among the cash flows from operating, investing and financing activities. Consequently, Ind AS adoption has no impact on the net cash flow for the year ended 31st March, 2016 as compared with the previous GAAP.

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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.

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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.