MIRA INFORM REPORT

Report Date :

09.12.2011

IDENTIFICATION DETAILS

Name :	RAYMOND LIMITED (w.e.f. 1994)
Formerly Known As :	RAYMOND WOOLLEN MILLS LIMITED
Registered Office :	Plot No.156/ H. No.2, Village Zadgaon, Ratnagiri – 415 612, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.09.1925
Com. Reg. No.:	11-001208
Capital Investment / Paid-up Capital :	Rs.613.808 Millions
CIN No.: [Company Identification No.]	L17117MH1925PLC001208
TAN No.: [Tax Deduction & Collection Account No.]	PNER07782F
PAN No.: [Permanent Account No.]	AAACR4896A
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.
Line of Business :	Manufacturing of Fabrics, Rugs, Blankets, Shawls, Furnishing Fabrics, Garments and Hosiery Goods.
No. of Employees :	12000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (65)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 42623000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and reputed company having fine track. There appears some losses being incurred by the company in the current year i.e. 2010-11 due to one-time workers settlement at the company’s Thane Textile Unit. However, trade relations are reported as fair. Directors are reported to be experienced and respectable businessmen. Payments are reported to be correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES : Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	Plot No.156/ H. No.2, Village Zadgaon, Ratnagiri – 415 612, Maharashtra, India
Tel. No.:	91-2352-232514 / 24939030
Fax No.:	91-2352-232513
E-Mail :	info@raymondindia.com thomas.fernandes@raymond.in
Website :	http://www.raymondindia.com http://www.raymond.in
Head Office :	New Hind House, N. M. Marg, Mumbai – 400 001, Maharashtra, India
Tel. No.:	91-22-22618321 / 22642025 / 22694215 / 22694217
Corporate Office :	Mahindra Towers, 2^nd Floor, B Wing P. B. Marg, Worli, Mumbai – 400 018, Maharashtra
Tel. No.:	91-22-24939090/24939034/24939044/24939047/24939049 / 40349999
Fax No.:	91-22-24952232
E-Mail :	webmaster@raymond.in
Factories	Textile Division Ø Jekegram, Thane-400606, Maharashtra, India Ø Plot No. E/1, MIDC Area, Phase II, Ajanta Road, Jalgaon-425003, Maharashtra, India Ø B-1, A.K.V.N., Boregaon Industrial Growth Centre, Kailash Nagar, District Chhindwara-480001, Madhya Pradesh, India Ø N.H. No.8, Khaki-Udwada, Taluka Pardi, District Valsad-396185, Gujarat, India Suit Plant Ø No.4/2A, 2B, 5/3A, 3B, Gundapura, Gowribidanur, Taluk Chikkaballapura, Bangalore – 561 208, Karnataka, India Denim Division Ø Plot C-1, MIDC Yavatmal, Lohara Village, Yavatmal – 445 001, Maharashtra, India J. K. Files and Tools Division Ø Jekegram, Thane-400606, Maharashtra, India Ø A-1, Mirjole Industrial Estate, MIDC, Kolhapur Road, Ratnagiri – 415 639, Maharashtra, India Ø Plot No. C 1/1 MIDC Area, Gane-Khadpoli, Chiplun – 415 605, District Ratnagiri, Maharashtra, India Ø Shed No. S/1 and S/2, Sector 1, Road No. 10, Pithampur – 454 775, District Indore, Madhya Pradesh, India Ø 22, New Tangra Road, Kolkata 700046, West Bengal Cement Division Ø Gopalnagar, Arasmeta, District Bilaspur, Madhya Pradesh, India Steel Division Ø Wadivarhe, District Nasik, Maharashtra, India Aviation Division Ø Mahindra Towers, B. Wing, P. B. Marg, Worli, Mumbai – 400 018, Maharashtra, India Ø Old Apparel Building, First Floor, Jekegram, Pokhran Road No. 1, Thane (West) - 400 606, Maharashtra, India

DIRECTORS

As on 31.03.2011

Name :

Dr. Vijaypat Singhania

Designation :

Chairman Emeritus

Date of Birth/Age :

63 Years

Qualification :

A. M. P. (Harvard)

Experience :

42 Years

Date of Appointment :

29.06.1971

DIN No.:

00020063

Previous Employment :

J. K. Chemicals Limited – Chairman and Managing Director

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U67120MH1945PLC004603	J K INVESTORS(BOMBAY) LIMITED	Director	4/1/1964	4/1/1964	-	Active	NO
2	U99999MH1947PLC005735	J.K. INVESTO TRADE (INDIA) LIMITED	Director	31/03/1964	31/03/1964	-	Active	NO
3	L17117MH1925PLC001208	RAYMOND LIMITED	Director	29/06/1971	29/06/1971	-	Active	NO
4	U51109MH1948PLC006460	RAYMOND APPAREL LIMITED	Director	25/03/1980	25/03/1980	-	Amalgamated	NO
5	U99999MH1964PLC012865	J.K.HELENE CURTIS LIMITED	Director	26/09/1984	26/09/1984	-	Active	NO
6	U24241MH1990PTC055034	SILVER SOAPS PRIVATE LIMITED	Director	13/08/1991	13/08/1991	-	Active	NO
7	U67120MH1990PTC133784	SMART INVESTMENTS PRIVATE LIMITED	Director	21/03/1994	21/03/1994	-	Active	NO
8	U25199MH1996PLC100697	J K ANSELL LIMITED	Director	8/10/1997	8/10/1997	-	Active	NO
9	U92110MH2002PLC136949	RADHA KRSHNA FILMS LIMITED	Director	23/08/2002	23/08/2002	-	Active	NO
10	U17115MH2006PTC162450	RAYMOND UCO DENIM PRIVATE LIMITED	Director	12/6/2007	8/8/2006	-	Active	NO
11	U17120MH2004PTC149277	PLATINUM FASHION APPAREL PRIVATE LIMITED	Director	24/06/2009	14/05/2008	21/01/2010	Active	NO
12	U52320MH2004PTC149312	TRIDENT RETAIL VENTURES PRIVATE LIMITED	Director	22/07/2009	27/10/2008	21/01/2010	Active	NO
13	U18109TN2006PLC061384	RAYMOND APPAREL LIMITED	Director	28/07/2011	27/07/2011	-	Active	NO

Name :

Mr. Gautam Hari Singhania

Designation :

Chairman and Managing Director

Date of Birth/Age :

37 Years

Qualification :

B. Com.

Experience :

12 Years

Date of Appointment :

01.07.2009

DIN No.:

00020088

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U99999MH1964PLC012865	J.K.HELENE CURTIS LIMITED	Director	26/12/1989	26/12/1989	-	Active	NO
2	L17117MH1925PLC001208	RAYMOND LIMITED	Managing director	1/7/2009	1/4/1990	-	Active	NO
3	U99999MH1947PLC005735	J.K. INVESTO TRADE (INDIA) LIMITED	Director	20/06/1990	20/06/1990	-	Active	NO
4	U92411MH1991GAP062033	COLOSSEUM SPORTS AND RECREATION INTERNATIONAL	Director	5/9/1991	5/9/1991	-	Strike off	NO
5	U67120MH1945PLC004603	J K INVESTORS(BOMBAY) LIMITED	Director	11/8/1992	11/8/1992	-	Active	NO
6	U24241MH1990PTC055034	SILVER SOAPS PRIVATE LIMITED	Director	16/10/1992	16/10/1992	-	Active	NO
7	U51109MH1948PLC006460	RAYMOND APPAREL LIMITED	Director	30/03/1993	30/03/1993	-	Amalgamated	NO
8	U40100MH1997PLC106133	AQUALINE MARINE INDIA LIMITED	Director	25/02/1997	25/02/1997	-	Strike off	NO
9	U25199MH1996PLC100697	J K ANSELL LIMITED	Director	8/10/1997	8/10/1997	-	Active	NO
10	U72900MH2000PLC127831	SILVER SPARK APPAREL LIMITED	Director	20/07/2000	20/07/2000	-	Active	NO
11	U51102TN1987PLC014467	COLOR PLUS FASHIONS LIMITED	Director	21/02/2003	21/02/2003	-	Active	NO
12	U01100MH2004PTC150094	AVANI AGRICULTURAL FARMS PRIVATE LIMITED	Director	28/04/2005	24/12/2004	-	Active	NO
13	U17120MH2004PLC149276	RAYMOND ZAMBAITI LIMITED	Director	30/03/2005	30/03/2005	-	Active	NO
14	U17115MH2006PTC162450	RAYMOND UCO DENIM PRIVATE LIMITED	Director	12/6/2007	8/8/2006	-	Active	NO
15	U85110MH2007PTC171500	BODY BASIC HEALTH CARE PRIVATE LIMITED	Director	9/6/2007	9/6/2007	-	Active	NO
16	U74990MH2009PTC196992	TILOTTAMA HOSPITALITY AND ENTERTAINMENT PRIVATE LIMITED	Director	10/11/2009	10/11/2009	31/03/2010	Active	NO
17	U27104MH1997PLC105955	JK FILES (INDIA) LIMITED	Director	8/6/2010	22/04/2010	-	Active	NO
18	U92412MH2010PTC202465	SUPER CAR CLUB OF INDIA PRIVATE LIMITED	Director	27/04/2010	27/04/2010	-	Active	NO
19	U99999MH1986PLC040885	RING PLUS AQUA LIMITED	Director	3/6/2011	11/8/2010	-	Active	NO
20	U24999MH1948NPL006309	AUDIT BUREAU OF CIRCULATIONS	Director	14/12/2010	14/12/2010	26/09/2011	Active	NO
21	U18100PN2004PLC140524	CELEBRATIONS APPAREL LIMITED	Director	31/05/2011	20/04/2011	-	Active	NO
22	U18109TN2006PLC061384	RAYMOND APPAREL LIMITED	Director	28/07/2011	27/07/2011	-	Active	NO

Name :

Mr. Ishwar Das Agarwal

Designation :

Independent Non-Executive Director

Date of Appointment :

18.03.2007

DIN No.:

00293784

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L35111GA1992PLC002464	WESTERN INDIA SHIPYARD LIMITED	Nominee director	20/01/2003	20/01/2003	30/01/2010	Active	NO
2	L17117MH1925PLC001208	RAYMOND LIMITED	Director	18/06/2007	23/06/2006	-	Active	NO
3	L74140MH1987PLC172412	RESURGERE MINES AND MINERALS INDIA LIMITED	Director	27/09/2007	14/08/2007	10/8/2010	Active	NO
4	U18109TN2006PLC061384	RAYMOND APPAREL LIMITED	Director	28/07/2011	27/07/2011	-	Active	NO

Name :

Mr. Nabankur Gupta

Designation :

Independent Non-Executive Director

Date of Birth/Age :

59 Years

Qualification :

Graduate

Date of Appointment :

15.01.2001

DIN No.:

00020125

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L17117MH1925PLC001208	RAYMOND LIMITED	Director	15/01/2001	15/01/2001	-	Active	NO
2	U51102TN1987PLC014467	COLOR PLUS FASHIONS LIMITED	Director	21/02/2003	21/02/2003	-	Active	NO
3	U99999MH1947PLC005735	J.K. INVESTO TRADE (INDIA) LIMITED	Director	18/07/2003	18/07/2003	-	Active	NO
4	U99999MH1994NPL076530	MEDIA RESEARCH USERS COUNCIL	Director	14/09/2004	14/09/2004	-	Active	NO
5	U99999MH1964PLC012865	J.K.HELENE CURTIS LIMITED	Director	9/6/2006	26/02/2005	-	Active	NO
6	L93010MH1951PLC008546	CRAVATEX LIMITED	Director	17/06/2005	17/06/2005	-	Active	NO
7	U24233PY1994PTC000984	CHOLAYIL PRIVATE LIMITED	Director	29/09/2005	29/09/2005	27/07/2007	Active	NO
8	U65990MH1990PTC055279	QUANTUM ADVISORS PRIVATE LIMITED	Director	6/12/2006	2/12/2005	-	Active	NO
9	U74140DL1996PLC082224	LEXICON PUBLIC RELATIONS AND CORPORATE CONSULTANTS LIMITED	Director	17/01/2006	17/01/2006	-	Active	NO
10	L22120MH1993PLC074214	PRITISH NANDY COMMUNICATIONS LIMITED	Director	18/03/2006	18/03/2006	-	Active	NO
11	U55100MH1999PLC120196	PNC WELLNESS LIMITED	Director	15/05/2006	15/05/2006	-	Active	NO
12	U36101MH2000PLC129024	BP ERGO LIMITED	Director	23/03/2007	23/03/2007	-	Active	NO
13	U74140MH2008PTC179973	BLUEOCEAN CAPITAL AND ADVISORY SERVICES PRIVATE LIMITED	Director	11/3/2008	11/3/2008	-	Active	NO
14	L51504WB1978PLC031813	MAGMA FINCORP LIMITED	Director	11/9/2009	22/10/2008	-	Active	NO
15	U65999MH2009PTC197427	GOMUKHI INDUS CAPITAL ADVISORY PRIVATE LIMITED	Director	9/6/2010	9/6/2010	-	Active	NO
16	L25200MH1968PLC013914	V I P INDUSTRIES LIMITED	Director	29/09/2011	13/05/2011	-	Active	NO

Name :

Mr. Pradeep Kumar Bhandari

Designation :

Non-Independent Non-Executive Director

Date of Appointment :

23.04.2008

DIN No.:

00021923

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U67120MH1990PTC133784	SMART INVESTMENTS PRIVATE LIMITED	Director	14/08/1997	14/08/1997	Active	NO
2	U67120MH1945PLC004603	J K INVESTORS(BOMBAY) LIMITED	Director	22/08/1997	22/08/1997	Active	NO
3	U67120MH1984PLC032565	TIGER TRAVELS AND TOURS LIMITED	Director	29/08/1997	29/08/1997	Active	NO
4	U17110MH1995PLC085884	RAYMOND CALITRI DENIM LIMITED	Director	23/10/1997	23/10/1997	Dormant	NO
5	U25199MH1996PLC100697	J K ANSELL LIMITED	Director	4/6/1998	4/6/1998	Active	NO
6	U51109MH1948PLC006460	RAYMOND APPAREL LIMITED	Director	19/06/1998	19/06/1998	Amalgamated	NO
7	U72900MH2000PLC127831	SILVER SPARK APPAREL LIMITED	Director	20/07/2000	20/07/2000	Active	NO
8	U67120MH1983PLC031734	PASHMINA HOLDINGS LIMITED	Director	15/06/2001	15/06/2001	Active	NO
9	L67120MH1976PLC018836	PEOPLE'S INVESTMENT LIMITED	Director	27/07/2001	27/07/2001	Active	NO
10	L65990MH1974PLC017304	POLAR INVESTMENTS LIMITED	Director	27/07/2001	27/07/2001	Active	NO
11	U92110MH2002PLC136949	RADHA KRSHNA FILMS LIMITED	Director	23/08/2002	23/08/2002	Active	NO
12	U51102TN1987PLC014467	COLOR PLUS FASHIONS LIMITED	Director	21/02/2003	21/02/2003	Active	NO
13	L17117MH1925PLC001208	RAYMOND LIMITED	Director	23/04/2008	24/04/2003	Active	NO
14	U17120MH2004PLC149276	RAYMOND ZAMBAITI LIMITED	Director	30/03/2005	30/03/2005	Active	NO
15	U17115MH2006PTC162450	RAYMOND UCO DENIM PRIVATE LIMITED	Director	12/6/2007	8/8/2006	Active	NO
16	U74140MH2008PTC179973	BLUEOCEAN CAPITAL AND ADVISORY SERVICES PRIVATE LIMITED	Director	11/3/2008	11/3/2008	Active	NO
17	U24241MH1990PTC055034	SILVER SOAPS PRIVATE LIMITED	Director	9/6/2009	22/04/2009	Active	NO
18	U65999MH2009PTC197427	GOMUKHI INDUS CAPITAL ADVISORY PRIVATE LIMITED	Managing director	1/4/2010	30/11/2009	Active	NO
19	U65923MH2009PTC198198	UNION KBC TRUSTEE COMPANY PRIVATE LIMITED	Director	25/05/2011	3/9/2010	Active	NO
20	L24302RJ1976PLC001684	BANSWARA SYNTEX LIMITED	Director	5/8/2011	6/2/2011	Active	NO

Name :

Mr. Shailesh Vishnubhai Haribhakti

Designation :

Director

Date of Appointment :

15.06.2010

DIN No.:

00007347

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74140MH1990PTC059018	MOORES ROWLAND CONSULTING PRIVATE LIMITED	Director	16/11/1990	16/11/1990	-	Dormant	NO
2	L52399MH1987PLC044954	PANTALOON RETAIL (INDIA) LIMITED	Director	1/6/1999	1/6/1999	-	Active	NO
3	U65191MH2000PTC124386	ADVANTAGE MOTI (INDIA) PRIVATE LIMITED	Director	21/02/2000	21/02/2000	-	Active	NO
4	U74999MH2000PTC124842	BDO CONSULTING PRIVATE LIMITED	Director	13/03/2000	13/03/2000	-	Active	NO
5	U24231GJ1985PTC007714	MAVENVISTA TECHNOLOGIES PRIVATE LIMITED	Director	6/6/2000	6/6/2000	13/01/2009	Active	NO
6	U65991MH2000PLC125008	KOTAK MAHINDRA TRUSTEESHIP SERVICES LIMITED	Director	30/06/2000	30/06/2000	20/03/2010	Active	NO
7	L23200GJ1969PLC001569	INDIAN PETROCHEMICALS CORPORATION LIMITED	Director	4/6/2002	4/6/2002	20/08/2007	Amalgamated	NO
8	L45200MH1999PLC118949	MAHINDRA LIFESPACE DEVELOPERS LIMITED	Director	30/07/2004	30/07/2004	-	Active	NO
9	L52322MH1995PLC090643	MORARJEE TEXTILES LIMITED	Alternate director	30/04/2008	18/02/2005	25/12/2009	Active	NO
10	L29200MH1978PLC020434	EVEREST KANTO CYLINDER LIMITED	Director	5/7/2005	5/7/2005	-	Active	NO
11	L24100JH1976PLC001255	ADITYA BIRLA CHEMICALS (INDIA) LIMITED	Director	26/07/2005	26/07/2005	20/09/2007	Active	NO
12	L65910MH1991PLC062067	FORTUNE FINANCIAL SERVICES (INDIA) LIMITED	Alternate director	31/03/2009	2/8/2005	-	Active	NO
13	U65920MH1989PTC052900	OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED	Director	29/08/2005	29/08/2005	1/8/2009	Active	NO
14	L28920MH1949PLC006870	BLUE STAR LIMITED	Director	31/10/2005	31/10/2005	-	Active	NO
15	L45400MH1962PLC012385	HERCULES HOISTS LIMITED	Alternate director	8/2/2011	30/01/2006	-	Active	NO
16	L26940MH1936PLC002515	ACC LIMITED	Director	17/02/2006	17/02/2006	-	Active	NO
17	U75123MH2006PTC161104	NEUE ALLIANZ CORPORATE SERVICES PRIVATE LIMITED	Director	13/04/2006	13/04/2006	4/2/2009	Active	NO
18	U74140PN2002PTC017425	FIRST POLICY INSURANCE BROKERS PRIVATE LIMITED	Director	29/04/2006	29/04/2006	30/04/2009	Active	NO
19	L26942GJ1981PLC004717	AMBUJA CEMENTS LIMITED	Director	26/03/2007	3/5/2006	-	Active	NO
20	L45200MH1989PLC050688	HUBTOWN LIMITED	Director	6/9/2007	12/5/2006	11/3/2011	Active	NO
21	L72900MH1992PLC069662	HEXAWARE TECHNOLOGIES LIMITED	Director	29/06/2006	25/05/2006	-	Active	NO
22	U74140MH2006PTC162513	PLANET PEOPLE AND PROFIT CONSULTING PRIVATE LIMITED	Director	2/6/2006	2/6/2006	-	Active	NO
23	U67190MH2005PLC153471	RELIGARE ASSET MANAGEMENT COMPANY LIMITED	Director	29/09/2006	23/08/2006	29/10/2008	Active	NO
24	L11200MH2005PLC154793	GREAT OFFSHORE LIMITED	Director	19/12/2006	16/10/2006	4/5/2009	Active	NO
25	U72900MH2007PTC170259	QUADRUM SOLUTIONS PRIVATE LIMITED	Director	24/04/2007	24/04/2007	-	Active	NO
26	U74140MH2007PTC173853	LANDMARKS FINANCIAL ADVISORY SERVICES PRIVATE LIMITED	Director	6/9/2007	6/9/2007	29/08/2008	Active	NO
27	U91990MH2005NPL150661	FINANCIAL PLANNING STANDARDS BOARD INDIA	Director	10/9/2007	10/9/2007	10/9/2009	Active	NO
28	L29120MH2005PLC156795	FUTURE CAPITAL HOLDINGS LIMITED	Director	14/08/2008	27/09/2007	-	Active	NO
29	U66020MH2007PLC176066	LIC PENSION FUND LIMITED	Director	15/10/2008	21/11/2007	20/06/2009	Active	NO
30	U74140MH2006PTC164496	FINTOTAL INSIGHTS AND RESOURCES PRIVATE LIMITED	Director	4/1/2008	4/1/2008	28/02/2009	Active	NO
31	L65191KL1927PLC000307	DHANLAXMI BANK LIMITED	Director	27/09/2008	30/04/2008	-	Active	NO
32	L21010GJ1960PLC018099	JK PAPER LIMITED	Director	29/08/2008	21/07/2008	-	Active	NO
33	U67100MH2007PTC173664	FINANCIAL PLANNING CORPORATION INDIA PRIVATE LIMITED.	Director	26/12/2008	8/8/2008	1/2/2010	Active	NO
34	U67190MH2007PTC174287	JM FINANCIAL ASSET RECONSTRUCTION COMPANY PRIVATE LIMITED	Director	14/07/2009	15/09/2008	-	Active	NO
35	L17117MH1925PLC001208	RAYMOND LIMITED	Director	15/06/2010	15/06/2009	-	Active	NO
36	U29300MH2005PTC150533	AAA INDUSTRIES PRIVATE LIMITED	Director	27/06/2009	27/06/2009	-	Active	NO
37	U51395MH2004PTC150310	AAA INTERNATIONAL CAPITAL PRIVATE LIMITED	Director	27/06/2009	27/06/2009	-	Active	NO
38	U51900MH2005PTC157592	ADA ENTERPRISES AND VENTURES PRIVATE LIMITED	Director	27/06/2009	27/06/2009	-	Active	NO
39	U67120MH2005PTC157923	RELIANCE ENTERPRISES AND VENTURES PRIVATE LIMITED	Director	27/06/2009	27/06/2009	-	Active	NO
40	U74210MH2006PTC160533	AAA INFRASTRUCTURE CONSULTING AND ENGINEERS PRIVATE LIMITED	Director	27/06/2009	27/06/2009	-	Active	NO
41	U74900MH2008PTC182240	ECOFIRST SERVICES PRIVATE LIMITED	Director	9/9/2009	9/9/2009	-	Active	NO
42	U52599MH2007PLC167292	FUTURE CAPITAL FINANCIAL SERVICES LIMITED	Additional director	1/2/2010	1/2/2010	27/09/2010	Amalgamated	NO
43	U74999MH2010PTC203778	HARIBHAKTI SME TRANSFORMATION AND SUPPORT SOLUTIONS PRIVATE LIMITED	Director	7/6/2010	7/6/2010	-	Active	NO
44	U65990MH1994PLC083147	L AND T FINANCE LIMITED	Additional director	28/06/2010	28/06/2010	24/09/2010	Active	NO
45	U52100MH2007PLC171524	FUTURE VALUE RETAIL LIMITED	Director	28/08/2010	27/08/2010	-	Active	NO
46	U67120MH2008PLC181833	L AND T FINANCE HOLDINGS LIMITED	Director	25/09/2010	25/09/2010	-	Active	NO
47	L24230GJ1972PLC002126	TORRENT PHARMACEUTICALS LTD	Director	30/07/2011	23/10/2010	-	Active	NO

Name :

Mr. Pradeep Guha

Designation :

Director

Date of Appointment :

15.06.2010

DIN No.:

00180427

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U99999DL1951PLC002023	THE INDIAN NEWSPAPER SOCIETY.	Director	30/09/1991	30/09/1991	24/10/2008	Active	NO
2	U92100MH1999PTC120870	CULTURE COMPANY (INDIA) PRIVATE LIMITED	Director	19/07/1999	19/07/1999	-	Active	NO
3	U92141MH2001PLC130394	WHISTLING WOODS INTERNATIONAL LIMITED	Director	4/10/2001	4/10/2001	-	Active	NO
4	U22120MH2005PLC151377	DILIGENT MEDIA CORPORATION LIMITED	Director	14/08/2006	2/5/2005	9/7/2008	Active	NO
5	U74300MH1991GAP062428	INDIA CHAPTER OF INTERNATIONAL ADVERTISING ASSOCIATION.	Director	14/10/2005	14/10/2005	27/08/2010	Active	NO
6	L92110MH1982PLC028180	MUKTA ARTS LIMITED	Director	17/12/2005	17/12/2005	-	Active	NO
7	U74899DL2001PLC113501	ZEE-TURNER LIMITED	Nominee director	21/12/2006	21/12/2006	9/7/2008	Active	NO
8	L45200KA1986PLC051571	PURAVANKARA PROJECTS LIMITED	Director	2/7/2007	26/12/2006	-	Active	NO
9	U92412MH2007PTC171016	ESSEL SPORTS PRIVATE LIMITED	Director	30/05/2008	31/07/2007	-	Active	NO
10	U74300MH2006PLC160375	FUTURE MEDIA (INDIA) LIMITED	Director	7/12/2007	23/11/2007	-	Active	NO
11	U74900MH2008PTC184312	CULTURE BRANDZ PRIVATE LIMITED	Director	4/7/2008	4/7/2008	-	Active	NO
12	U22130MH2008PTC185937	STREET CULTURE MEDIA PRIVATE LIMITED	Director	19/08/2008	19/08/2008	-	Active	YES
13	U74140MH2008PTC188996	CELEBUTANTE TALENT MANAGEMENT COMPANY PRIVATE LIMITED	Director	17/12/2008	17/12/2008	-	Active	YES
14	L17117MH1925PLC001208	RAYMOND LIMITED	Director	15/06/2010	15/06/2009	-	Active	NO
15	U74999MH2007PTC168801	INX MUSIC PRIVATE LIMITED	Director	16/09/2010	16/09/2010	-	Active	NO
16	U92140MH2011PTC218415	FOUNTAINHEAD EXPERIENCE PRIVATE LIMITED	Director	7/6/2011	7/6/2011	-	Active	NO
17	U74300MH2006PTC163657	9X MEDIA PRIVATE LIMITED	Director	7/9/2011	7/9/2011	-	Active	NO

Name :

Mr. Akshay Chudasama (w.e.f. 21.04.2011)

Designation :

Independent Director

Name :

Mr. Boman R. Irani (w.e.f. 21.04.2011)

Designation :

Independent Director

KEY EXECUTIVES

Name :	Mr. Thomas Fernandes
Designation :	Director – Secretarial and Company Secretary
	MANAGEMENT EXECUTIVES :
Name :	Mr. Gautam Hari Singhania
Designation :	Chairman and Managing Director
Name :	Mr. Aniruddha Deshmukh
Designation :	President – Textiles and FMCG
Name :	Mr. Harshal Jayavant
Designation :	President – Engineering Business
Name :	Mr. H. Sunder
Designation :	President – Finance and Chief Financial Officer
Name :	Mr. K.A. Narayan
Designation :	President – HR
Name :	Mr. Rakesh Pandey
Designation :	President – Retail and Business Development
Name :	Mr. Robert Lobo
Designation :	President (Operations) – Group Apparel
Name :	Mr. Shreyas Joshi
Designation :	President – Group Apparel
Name :	S.L. Pokharna
Designation :	President – Commercial

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2740657	4.48
Bodies Corporate	21258461	34.74
Sub Total	23999118	39.22
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	23999118	39.22
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	8611892	14.07
Financial Institutions / Banks	21441	0.04
Insurance Companies	8294875	13.56
Foreign Institutional Investors	4869584	7.96
Sub Total	21797792	35.62
(2) Non-Institutions
Bodies Corporate	2508645	4.10
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	11892189	19.44
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	990410	1.62
Any Others (Specify)	1223	-
Trusts	1223	-
Sub Total	15392467	25.16
Total Public shareholding (B)	37190259	60.78
Total (A)+(B)	61189377	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued		-
(1) Promoter and Promoter Group		-
(2) Public	191476	-
Sub Total	191476	-
Total (A)+(B)+(C)	61380853	-

BUSINESS DETAILS

Line of Business :

Manufacturing of Fabrics, Rugs, Blankets, Shawls, Furnishing Fabrics, Garments and Hosiery Goods.

Products:

Item Code No. (ITC Code)	51121900, 51123000, 55151300 and 55151100
Product Description	Woollen, Polyester/Wool Blended and Polyester/ Viscose Blended Fabrics
Item Code No. (ITC Code)	N.A.
Product Description	Air Taxi Operations

PRODUCTION STATUS (31.03.2011)

Particulars	Licensed/ Registered Capacity		* Installed Capacity
Wool Combing - Lac Kgs.	13.60		13.60
Wool Combing - Lac Kgs.	46.96	(b)	46.96
Wool Spinning - Spindles	1440		1440
Worsted Spinning - Spindles	22700		22700
Worsted Spinning - Spindles	55656	(b)	55656
Synthetic Spinning - Spindles	13728	(a)	13728
Synthetic Spinning - Spindles	3840		3840
Weaving - No. of Looms	246		246
Weaving - No. of Looms	243	(b)	243
Weaving - No. of Looms	32		32
Hosiery - No. of Machines	Not specified		37
Looms for Plush Fabrics	19	(b)	19
Trousers - Lac Nos.	5.44	(b)	5.44
Jackets - Lac Nos.	5.44	(b)	5.44

* As certified by the Management and being a technical matter, accepted by the Auditors as correct.

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

(b) Installed against Industrial Entrepreneurs Memorandum

(c) The above installed capacities include capacities at Thane Textile Plant, which are being relocated at other plant locations

Particulars	Unit	Production/ Purchase Quantity
Fabrics	Lac Mtrs	387.00
Rugs, Blankets and Shawls	Lac Pcs./ Mtrs.	2.85
Furnishing Fabric	Lac Mtrs	11.95
Garments	Lac Pcs.	2.94
Shirtings	Lac Mtrs.	9.46
Merchanting Fabrics	Lac Mtrs.	6.56
Files and Rasps	Lac Nos.	--
H.S.S. Twist Drills	Lac Nos.	--
Bars and Rods $	M.T.	--
File Steel	M.T.	--
Others		2.03

Notes: Sundries include -

a) Samples, damages, losses,Excess/Shortage in inventories, and transfer to other products etc.

b) Quantity transferred on divestment of Files and tools business.

$ Current Year NIL used for captive consumption; Previous year 2548.71 M.T.

GENERAL INFORMATION

No. of Employees :

12000 (Approximately)

Bankers :

v Bank of India

v Central Bank of India

v Standard Chartered Grindlays Bank Limited

v State Bank of India

v Bank of Maharashtra

v The Hongkong and Shanghai Banking Corporation Limited

v Bank of America

v Citibank N.A.

v HDFC Bank Limited

v Standard Chartered Bank

v IDBI Bank Limited

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Term Loans from Banks [Note 1(a)(i) and 1(a)(ii)]	5294.643	5766.927
Term Loan from a Bank (Partly Secured) [Note 1(a)(iii)]	1500.000	1500.000
Short Term Borrowings from Bank: Under Buyer’s Credit Arrangements [Note 1(b)]	110.611	188.861
Working Capital Loans from Banks (including foreign currency loan from banks Rs.200.925 millions; Previous year Rs.0.116 million) [Note 1(b)]	1581.892	113.773
Total	8487.146	7569.561

Note:

1. Loan Funds :

a) Term Loans from Banks:
Amount Outstanding (Rs. in millions)	From Banks: Secured by :
(i) 5129.243 (P.Y. 5766.927)	1) Mortgage of Immovable properties at the Company’s Textile Division at Vapi (Gujarat) and Suit Plant at Gauribidnur (Karnataka). 2) Hypothecation of specified machineries situated at the Company’s Textile Division at Vapi (Gujarat), Jalgaon (Maharashtra), Chindwara (Madhya Pradesh) and at the Suit Plant at Gauribidnur (Karnataka).
(ii) 165.400 (P.Y. NIL)	Secured by hypothecation of specified machineries pertaining to the Captive Power Plant situated at the Company’s Textile Division at Vapi (Gujarat). Further security in terms of Pari Passu charge by way of Mortgage for immovable property at Vapi (Gujarat) to be created.
(iii) 1500.000 (P.Y. 1500.000)	Secured by first charge on specific Plant and Machinery to the extent of minimum 15% of the loan.

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

Secured by hypothecation of stocks, book debts and other current assets of the Company’s Textile Division.

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Foreign Currency Loans from Banks	835.380	2295.100
Long Term Borrowings from a Bank	3000.000	1500.000
Short Term Borrowings from Banks:
- Under Buyer’s Credit Arrangements	0.000	162.424
- Others	0.000	250.000
By issue of Commercial Papers (Maximum balance during the year Rs.3200.000 millions; Previous year Rs.2000.000 millions)	250.000	750.000
Total	4085.380	4957.524

Banking Relations :	--
Auditors :	Dalal and Shah Chartered Accountants
Internal and Operational Auditors:	Mahajan and Aibara Chartered Accountants
Subsidiaries :	v Pashmina Holdings Limited v Everblue Apparel Limited v Jaykayorg AG v Raymond (Europe) Limited v JK Files (India) Limited v Colorplus Fashions Limited v Silver Spark Apparel Limited v Celebrations Apparel Limited v Ring Plus Aqua Limited v Raymond Woollen Outerwear Limited v R and A Logistics Inc., v Scissors Engineering Products Limited v JK Talabot Limited v Raymond Apparel Limited (Formerly Solitaire Fashions Limited)
Joint Ventures :	v Raymond Zambaiti Limited v Rose Engineered Products India Private. Limited. v Raymond UCO Denim Private Limited and its subsidiaries and Joint Ventures v UCO Fabrics Inc.and its Subsidiaries. v UCO Testatura S.r.l. (Joint Venture w.e.f. 1^st October, 2010) v UCO Raymond Denim Holding NV v Rayves Automotive Textiles Company Private Limited
Other related parties where control exists :	v J.K. Investo Trade (India) Limited v P. T. Jaykay Files Indonesia v J.K. Helene Curtis Limited v J.K. Ansell Limited v J.K. Investors (Bombay) Limited v Radha Krshna Films Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.10/- each	Rs.1000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
* 61380853	Equity Shares	Rs.10/- each	Rs.613.808 Millions

Note:

350000 Equity Shares were allotted as fully paid-up pursuant to contracts without payments being received in cash and 42528312 Equity Shares were allotted as fully paid-up Bonus Shares by way of capitalisation of Securities Premium Account and Reserves.

* includes 844512 Equity Shares represented by Global Depository Receipts

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		613.808	613.808	613.808
2] Share Warrants		0.000	0.000	208.695
3] Reserves & Surplus		10042.041	11115.299	10656.029
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		10655.849	11729.107	11478.532
LOAN FUNDS
1] Secured Loans		8487.146	7569.561	8688.481
2] Unsecured Loans		4085.380	4957.524	4762.185
TOTAL BORROWING		12572.526	12527.085	13450.666
DEFERRED TAX LIABILITIES		0.000	210.503	283.720
TOTAL		23228.375	24466.695	25212.918
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8577.378	9404.185	9990.455
Capital work-in-progress		1019.803	416.428	621.069
INVESTMENT		7401.257	8917.856	8885.946
DEFERRED TAX ASSETS		278.327	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4130.910	2845.038	3404.036
	Sundry Debtors	3204.585	2969.435	3044.761
	Cash & Bank Balances	317.501	265.616	467.994
	Other Current Assets	417.092	433.230	506.634
	Loans & Advances	2735.070	2787.763	2393.108
Total Current Assets		10805.158	9301.082	9816.533
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2427.913	1934.560	2200.518
	Other Current Liabilities	1992.198	1107.154	1303.905
	Provisions	433.437	531.142	596.662
Total Current Liabilities		4853.548	3572.856	4101.085
Net Current Assets		5951.610	5728.226	5715.448
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		23228.375	24466.695	25212.918

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales, Services and Export Incentives (Net)	14964.666	13349.741	13791.938
		Other Income	762.331	848.634	986.040
		TOTAL (A)	15726.997	14198.375	14777.978
Less	EXPENSES
		Material Costs	4819.041	3912.588	4429.085
		Manufacturing and Operating Costs	2857.997	2464.924	2703.047
		(Increase)/ Decrease in Finished and process Stock	(813.739)	554.562	(290.495)
		Employment Costs	2512.782	2545.353	2610.026
		Administrative, Selling and General Expenses	3276.112	2707.834	3284.578
		Loss/(Gain) on Variation in Foreign Exchange Rates (Net)	20.351	(89.736)	891.027
		Finished and process stock transferred on divestment of Business	0.000	(179.307)	0.000
		Exceptional Items - Surplus on divestment of Files and Tools business	0.000	(445.082)	0.000
		- Others	2526.761	433.430	2387.995
		TOTAL (B)	15199.305	11904.566	16015.263
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		527.692	2293.809	(1237.285)
Less	FINANCIAL EXPENSES (D)		1016.993	980.310	850.086
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(489.301)	1313.499	(2087.371)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1037.236	1113.065	888.135
	PROFIT BEFORE TAX (E-F) (G)		(1526.537)	200.434	(2975.506)
Less	TAX (H)		(477.830)	(63.217)	(271.538)
	PROFIT AFTER TAX (G-H) (I)		(1048.707)	263.651	(2703.968)
	Prior period adjustments		(3.830)	(13.076)	(6.541)
	Tax in respect of earlier years (Net)		50.618	0.000	(5.004)
	Add : Withdrawn from General Reserve		270.742	0.000	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		802.516	551.941	3267.454
Less	APPROPRIATIONS
		Proposed Dividend	61.381	0.000	0.000
		Tax on Proposed dividend	9.958	0.000	0.000
	BALANCE CARRIED TO THE B/S		0.000	802.516	551.941
	EARNINGS IN FOREIGN CURRENCY
		Export of goods calculated on FOB basis	949.044	1287.713	1870.662
		Earnings from Air Taxi Operations	8.295	2.692	3.696
		Others	2.045	2.648	0.637
	TOTAL EARNINGS		959.384	1293.053	1874.995
	IMPORTS
		Raw Materials, Merchanting Goods, etc.	1835.425	1278.903	1414.168
		Stores and Spare Parts	127.703	117.519	143.796
		Capital Goods	261.623	55.510	2379.112
		Repairs	1.385	23.769	4.601
	TOTAL IMPORTS		2226.136	1475.701	3941.677
	Earnings Per Share (Rs.)
	Basic and diluted earnings per share, including exceptional items		(16.32)	4.08	(44.24)
	Basic and diluted earnings per share, excluding exceptional items (net of tax)		12.24	2.74	(5.94)

QUARTERLY RESULTS

PARTICULARS	30.06.2011	30.09.2011
Type	1^st Quarter	2^nd Quarter
Sales Turnover	3511.700	5037.800
Total Expenditure	3275.400	4181.500
PBIDT (Excl OI)	236.300	856.300
Other Income	135.600	207.400
Operating Profit	371.900	1063.700
Interest	287.200	321.100
Exceptional Items	0.000	0.000
PBDT	84.700	742.600
Depreciation	259.900	254.700
Profit Before Tax	[175.200]	487.900
Tax	[74.500]	125.700
Reported PAT	[100.700]	362.200
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	[100.700]	362.200

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(6.67)	1.86	(18.30)
Net Profit Margin (PBT/Sales)	(%)	(10.20)	1.50	(21.57)
Return on Total Assets (PBT/Total Assets}	(%)	(7.88)	1.07	(15.02)
Return on Investment (ROI) (PBT/Networth)		(0.14)	0.02	(0.26)
Debt Equity Ratio (Total Liability/Networth)		1.64	1.37	1.53
Current Ratio (Current Asset/Current Liability)		2.23	2.60	2.39

LOCAL AGENCY FURTHER INFORMATION

HISTORY

Subject (formerly known as Raymond Woollen Mills) was incorporated in 1925. The company has five divisions comprising of Textiles, Denim, Engineering Files and Tools, Aviation and Designer wear 

Raymond Textile is India's producer of worsted suiting fabric with over 60% market share. With a capacity of 25 million meters of wool and wool-blended fabrics, Raymond Textiles is the world's third largest integrated manufacturer. The company exports its suitings to more than 50 countries including USA, Canada, Europe, Japan and the Middle East. Over the years, Raymond Textile has developed strong in-house skills for research and development, which has resulted in path-breaking new products. Perceived as pioneer and innovator, Raymond Textile has been responsible for raising the standard of the Indian textiles industry. 

The Denim division has an installed capacity of 20 million meters and produces high quality ring denims. The company currently ranks among the top 3 producers in India. The products are exported to over 30 countries in the world. The Engineering Files and Tools division, J K Files and Tools, is the world's largest producer of steel files with 90% market share in India and about 30% market share in the world. The Designer Wear division, Be: is an exclusive pret-a-porter range that houses designs by some of the finest Indian designers. Be: offers an eclectic mix of formal, office and evening wear for men and women, in western, ethnic and fusion styles with accessories. The Aviation division, Million Air was launched in 1996 to provide air charter services. Known for high quality and reliable services, Million Air has a fleet of three helicopters and one executive jet. 

The Company has its Textile Division located at Thane, Jalgaon, Chhindwara, Vapi. Denim Division located at Yavatmal, with J K Files and Tools Division located at Ratnagiri, Chiplun, Pithampur, Kolkata and Aviation Division located at Mumbai. 

The company has subsidiaries namely Raymond Apparel Limited, J K (England) Limited, Jaykayorg AG, Pashmina Holdings Limited, Everblue Apparel Limited, Regency Texteis Portuguesa Limited, Hindustan Files Limited, Colorplus Fashions Limited, Plugin Sales Limited, Silver Spark Apparel Limited, Celebrations Apparel Limited, Scissors Engineering Products Limited (with effect from 12th July 2005) and JK Talabot Limited (with effect from 6th July 2005) respectively.

During 1999-2000, the company divested its entire shareholding in Raymond Synthetics Limited (now known as Recron Synthetics Limited) to Silvassa Yarn and Investments Limited at a consideration of Rs.173.400 Millions. 

During 2000-2001, Raymond Calitri Denim Limited, a wholly owned subsidiary was amalgamated with the company with effect from April 1, 2000 with the orders of the High court of Bombay. The company also divested its core business viz textile and engineering files and tools, the Steel and Cement Divisions during the year. The sale of Steel Division to EBG India Private Limited was concluded for a total sum of Rs.4124 Millions and the sale of Cement Division to Lafarge India Limited was concluded for a sum of Rs.7750 Millions.  

During 2001-2002, the company acquired the entire equity and preference shareholding of Regency Texteis Portuguesa Limited, making it a wholly owned subsidiary of the company from 16th January 2002. Hindustan Files Limited also became a subsidiary w.e.f 1st April 2002. 

During 2002-2003, the company acquired 74.1% of the equity shareholding of ColorPlus Fashions Limited making it a subsidiary of the company w.e.f February 21, 2003. The Denim Division of the company expanded its production capacity from 10 million metres to 20 million metres in two phases during this period. The First phase of expansion of 5 million metres was available for part of the year, whereas the second phase of expansion of 5 million metres was completed in March 2003.  

During 2003-2004, the company planned to set up a new plant to manufacture suits and trousers through its subsidiary to provide conversion facilities for the companies fabrics in to garments. The enhanced production capacity of Denim Division with 20 million metres became operational during the last quarter of the year. Capital Expenditure of Rs.139.100 Millions was incurred during the year towards on-going modernization and upgradation of technical facilities in all the three parts of the Textile Division at Thane, Chhindwara and Jalgaon. Thane Plant was awarded a certificate jointly by Directorate of Industrial Safety and Health and Thane Manufacturers Association for 'Excellent Industrial Safety Performance' for the year 2002. Chhindwara and Jalgaon Plants also obtained ISO 9001-2000 certification from Det Norske Veritas of Netherlands during the year.  
During 2004-2005, the company entered into a MOU with MOB Outillage SA, a well known hand-tool manufacturer of France for setting up a Joint Venture Company for manufacture of steel files and rasps at Chiplun, Maharashtra, by relocating the files manufacturing facility of MOB in France at a total project cost of Rs.206.700 Millions. The company opened 3 more overseas outlets one each in U.A.E, Saudi Arabia and Bangladesh during the year 

During 2005-2006, the company entered into 50:50 joint venture with Lanificio Fedora SpA , Italy for setting up a project for manufacture, selling and distribution of woolen fabrics including blankets and shawls. The company also entered into MOU which is a joint venture between the company and Uco to combine the denim business of both the companies in a proposed 50:50 Joint Venture company. There was also another 50:50 Joint Venture which was set up by Raymond Zambaiti Private Limited promoted by the Company and Cotonoficio Honegger for the supply of top quality shirting fabric to premium customers. The company also diversified its product base in Files and Tools Division through introduction of hand tools, agri tools etc. The companies Production capacity of Denim Fabrics increased from 40 Million Sq Mtrs to 67.20 Million Sq Mtrs., Worsted Spinning Spindles capacity increased from 24920 Nos to 26520 Nos, No of Looms Weaving increased from 85 nos to 91 Nos, No of Looms for Plush Fabrics increased from 14 nos to 20 Nos, Cotton Yarn capacity increased from 17 Million Kgs to 18.80 Million Kgs. The companies capacity of Synthetic Spinning spindles was 3840 Nos. 

CORPORATE OVERVIEW

Subject is India’s Textile and Branded clothing Company with interests in engineering (files, tools and auto components) having its corporate headquarters in Mumbai.

The Company prepares its financial statements in compliance with the requirements of the Companies Act, 1956, and the Generally Accepted Accounting Principles (GAAP) in India. Overall the financial statements have been prepared on the historical cost basis.

FINANCIAL HIGHLIGHTS

With the economic revival gathering momentum, a clutch of growth trajectory initiatives enabled the Company to deliver positive growth and further consolidate its leadership in its core businesses. FY 2011 has been both challenging and momentous for the Company. The resilience and inherent strength of the Company’s superior technology-based manufacturing, deep pan-India retail network accompanied by strong and successful brands were the key-drivers that enabled the Company to deliver better performance with improvements across key parameters in FY 2011.

A significant development during the year has been the amicable solution arrived by the Company with the Workmen Union at the high-cost Thane Textile factory. The Voluntary Separation Scheme package of Rs.2380.000 millions was signed in October 2010 covering over 1850 workers. The Directors wish to compliment workers of the Thane Unit for the peaceful settlement and wish them and their families all the very best for the future.

The amalgamation of erstwhile Raymond Apparel Limited with Solitaire Fashions Limited during FY 2011 has enabled to optimize operational efficiencies and rationalise costs. As per the approvals granted by the Hon’ble High Courts, Bombay and Madras respectively under Section 391-394 of the Companies Act, 1956 the Assets and Liabilities of erstwhile Raymond Apparel Limited have been transferred to Solitaire Fashions Limited with effect from April 1, 2009. Subsequently, as per the aforesaid High Courts’ Orders, the name of Solitaire Fashions Limited has been changed to Raymond Apparel Limited.

For the Financial Year ended March 31, 2011, the gross turnover of the Company was Rs.14965.300 millions as compared to Rs.13393.700 millions in the previous year. Profit before tax and exceptional items was Rs.1000.200 millions as against Rs.188.800 millions in the previous year. The net loss after exceptional items, prior year adjustments and provision for taxes was of Rs.1001.900 millions as against a net profit of Rs.250.600 millions last year. The loss is on account of the exceptional item of the one-time workers settlement at the Company’s Thane Textile Unit amounting to Rs.2380.000 millions. In view of the divestment of Files business effective October 1, 2009, figures of the current periods are not comparable with corresponding figures of previous year.

The Directors are optimistic that the Company’s performance will improve and also observe that the exceptional charge of Rs.2380.000 millions in the Financial Statements for FY 2011 consequent to the Workers Settlement in Thane has resulted in a Net Loss of Rs.1001.900 millions. In view of the good operating profits, the Directors propose to declare dividend out of Reserves by following the Companies (Declaration of Dividend out of Reserves) Rules 1975. Accordingly, an amount of Rs.270.700 millions has been withdrawn from General Reserves. Out of the amount available for appropriation, the Directors recommend a dividend of 10% aggregating to Rs.61.400 millions (Previous Year: Nil) on Equity Shares. The dividend tax on the dividend recommended will be Rs.10.000 millions (Previous Year: Nil).

The Company continues with its task to build business with long-term goals based on its intrinsic strength in terms of its powerful brands, quality manufacturing prowess, distribution strength and customer relationships. Rationalising and streamlining operations to bring about efficiencies and reducing costs will remain top priority.

OVERVIEW OF THE ECONOMY

Despite new risks, the global economic recovery is gaining strength and the IMF has projected a 4.5% world growth in 2011 and 2012. While growth in emerging economies remain strong, that in the US and European region is slowly gaining momentum. Some of economies of the developed nations are still a concern with the Euro zone being the most vulnerable as rating agencies continue to downgrade the sovereign rating of many of economies in this region. The natural disaster in Japan, sharp increase in oil prices consequent to the turmoil in the Middle East and North Africa is fuelling uncertainty to the pace of global recovery. Globally, elevated food and commodity prices accompanied by the spike in oil prices have engendered inflation concerns.

The Indian Economy registered improved growth and was amongst the better performers amid emerging market economies. Central Statistical Organization’s recent estimated Indian GDP growth rate of 8.6% for 2010-11 is consistent with the RBI’s projections for the same period. While the area sown under the Rabi crop is higher than last year which augurs well for agricultural production, the index of industrial production continues to be volatile. The other indicators such as latest Purchasing Managers’ Index, direct and indirect tax collections, merchandise exports and bank credit suggest that the growth momentum persists. However, continuing uncertainty about energy and commodity prices may vitiate the investment climate, posing a threat to the current growth trajectory. Inflation remains a challenge for the Indian Economy and the key risks are tighter monetary conditions and rising prices eating into the consumer’s disposable income.

ANALYSIS AND REVIEW:

Textile Industry Conditions

The Textile industry is one of the largest and most important sectors in the Indian economy in terms of output, foreign exchange earnings and employment. India’s Textile industry is one of the textile industries in the world. It contributes approximately 14% to India’s industrial production, 4% to the GDP and 17% to the country’s export earnings. It provides direct employment to over 35 million people and is the second largest provider of employment after the agricultural sector. The industry is expected to grow steadily from its present US$ 70 billion to US$ 110 billion by 2015. Textile products including wearing apparel have registered a growth of 4.3% during April-January 2010-11, as per the Index of Industrial Production (IIP) data released by the Central Statistical Organisation.

Notwithstanding signs of recovery from the previous financial crisis, the textile and apparel industry went through a tough year struggling with the surging and fluctuating prices of raw materials. However, the Government is making efforts in boosting the textile industry through various initiatives and investments are increasing steadily. The Ministry of Textiles has sanctioned a total of US$ 133 million under Technology Upgradation Fund Schemes (TUFS) during September 2010. The industry is expected to continue to grow at a significant rate in the future, as it is fuelled by a strong domestic consumption.

Opportunities and Challenges

The present global economic scenario throws up opportunities for fundamentally strong companies such as the Company. The inherent strength, in the form of strong domain expertise, powerful brand positioning and strength and resilience of the brands, fully integrated state-of-the-art production facilities, cutting-edge technology and unparalleled product innovation capabilities combined with the deep retail market penetration, growth potential of the Tier 3, 4 and 5 towns; provide a highly potent platform to seize opportunities in the form of newer markets, new segments of customers, new channels of distribution, etc.

On the other hand, value buying by consumers, sharp increase in raw material prices, continued weakness in developed geographies, prospect of higher domestic inflation, fiscal tightening, proposed imposition of mandatory levy on branded garments and interest rates are some of the challenges facing the Textile Industry at large.

Overview

The Company is the market leader in the textiles sector in India, has a powerful brand ‘Raymond’, state-of-the-art manufacturing facilities and a strong all India retail presence in the form of ‘The Raymond Shop’ (‘TRS’). The Company is considered as the most respected company in the Apparel and Textile sector of India. The Company is on the path to becoming a lifestyle solution for discerning customers with an offering of a range of fabrics, garments and accessories in a premium shopping environment. The Company continues its growth of its retail network of ‘TRS’ in tier 3, 4 and 5 towns.

Performance Highlights

Robust demand conditions in the domestic market facilitated the Company to improve its realisation by passing on the cost increase and improving the product mix. The net sales for Textiles Division were Rs.14854.300 millions compared to Rs.12229.300 millions in the previous year.

Market Share and Retail Network

The Company is the market leader in India and is considered as one of the most formidable players in the global markets for high-quality suiting. The Company continued its focus on retail segment expansion during this financial year.

In FY 2011 the Textiles Division’s domestic sales were Rs.13490.300 millions as against Rs.10892.900 millions in FY 2010. During FY 2011 the Company opened 56 new retail stores. The Company continues to be judicious in its selection of store locations.

Export

The Exports market condition were tough during the financial year because of severe competition and continuous increase in the raw material prices resulting in increase in the input costs. The Textile exports for the financial year 2010- 2011 remained flat and were Rs.1364.000 millions as against Rs.1336.400 millions in the previous year.

Raw Material

Wool prices have shown an upward trend in most of the months in the year. The Australian Dollar has appreciated against the Indian Rupee and has shown a rising trend over the last 6 months. The Polyester Fibre prices also had an increasing trend during the year.

PERFORMANCE OF SUBSIDIARY COMPANIES

Domestic

Raymond Apparel Limited

Members will recall that in order to optimize operational efficiencies, rationalize cost, enhance synergies of Branded Apparel Business, etc., the erstwhile Raymond Apparel Limited was amalgamated with another subsidiary company namely; Solitaire Fashions Limited and the Scheme of Amalgamation and Arrangement was sanctioned by the Hon’ble High Court of Judicature at Madras and by the Hon’ble High Court of Judicature at Bombay. As part of the Scheme approved by the Hon’ble High Courts and after following the legal process stipulated under Section 21 of the Companies Act, 1956 the name of Solitaire Fashions Limited was changed to Raymond Apparel Limited.

FY 2011 witnessed improvement in customer sentiments with marginal increase in foot-falls. Consequently, the performance of this company was better than the previous year. The gross turnover for the FY 2011 was Rs.4687.900 millions (Previous Year: Rs.4062.900 millions) while the Net Profit after tax was Rs.226.400 millions (Previous Year: 344.900 millions).

This company has taken many initiatives to consolidate its market leadership, improve profitability, product innovation, appropriate product-price mix and operating efficiencies with a special focus in retail.

Colorplus Fashions Limited

The Company’s gross turnover for the year ended March 2011 was Rs.1720.000 millions (Previous Year: Rs.1542.800 millions). The Company had a profit after tax of Rs.103.800 millions (previous year loss: Rs.34.000 millions). This Company continues its initiatives at innovation and is a player in the premium casual wear segment.

Silver Spark Apparel Limited

The gross turnover of the Company was Rs.1093.600 millions as compared to the previous year Rs.834.900 millions. The Company had a Profit after Tax of Rs.56.200 millions (Previous Year: Rs.30.600 millions).

Celebrations Apparel Limited

The gross turnover of the Company was Rs.171.700 millions (Previous Year: Rs.174.200 millions). The Company earned a profit after tax of Rs.8.500 millions (Previous Year Rs.20.900 millions).

Everblue Apparel Limited

The Company earned a Profit after Tax of Rs.8.200 millions (Previous Year: Rs.21.500 millions).

Raymond Woollen Outerwear Limited

The gross turnover of the Company, net of returns and discounts was Rs.505.800 millions (Previous Year: Rs.461.700 millions). The Company incurred a loss before prior period adjustment of Rs.43.200 millions (Previous Year: loss Rs.14.400 millions).

The Company is in the process of seeking necessary legal approvals from members / others for the amalgamation of this company. This legal process is expected to help improve the capacity of the Company and enhance operational efficiencies.

JK Files (India) Limited

The Company is engaged in manufacturing and marketing of Steel Files. With acquisition of Files and Tools Division of Subject, in the previous financial year, this Company added to its portfolio of products to the established business of High Precision Files, HSS Cutting Tools, Power Tools and Hand Tools.

The Company continues to be the market leader in the files segment in the domestic market and the largest producer of Steel Files in the world.

The Export sales of the Company was Rs.1001.000 millions compared to Rs.457.200 millions in the corresponding previous year. The Company reported gross turnover of Rs.2721.200 millions for the year (Previous Year: Rs.1386.600 millions). The profit after tax was Rs.109.100 millions (Previous Year: Rs.45.800 millions). The significant growth during the year is also seen on account of acquisition of Files and Tools business of Subject, during second half of previous year. In spite of spiraling inflationary trends and volatile foreign currency, the Company was able to put up a significantly good performance during the year. The initiatives taken to improve on time in full (OTIF), customer service, control on cost, productivity, process and control over rejections, effective implementation of Theory of Constraints model, optimizing working capital and aggressive marketing are the factors which have helped the Company to register good performance for the year.

The Company has taken conscious efforts towards better environment and safety at all its manufacturing facilities. This company’s all manufacturing units now have BS OHSAS 18001:2007 and ISO 14001: 2004 certification.

JK Talabot Limited

The Company manufactures Files and Rasps at its plant located in Chiplun, Ratnagiri District, in the state of Maharashtra. During the year, gross turnover of the Company was at Rs.216.200 millions (Previous Year: Rs.174.400 millions). The Company recorded Profit after Tax of Rs.14.300 millions (Previous Year: Rs.8.300 millions) during the FY 2011.

The performance of the Company during the year was good, as it continued its initiative on improvement in productivity, quality, and control on costs, working capital, and better capacity utilization through effective implementation of Theory of Constraints model.

Scissors Engineering Products Limited

The Company incurred a loss of Rs.0.044 million (Previous Year: loss of Rs.0.035 million) during the year.

Ring Plus Aqua Limited

The gross turnover of the Company was at Rs.1165.500 millions (Previous Year: Rs.817.400 millions). Profit after Tax was at Rs.112.900 millions (Previous Year: Rs.50.800 millions). With significant growth trend in the Auto Industry, the Company crossed the milestone of gross sales turnover of Rs.1000.000 millions during the year.

The Gear sales showed significant growth during the year and were higher by 58% at Rs.732.100 millions as compared to Rs.463.000 millions in the previous year. The export sales have doubled and domestic sales have recorded good growth of around 22% compared to previous year. With growing demand, the Company has decided to augment its capacity by 1.5 million gears during the year, to take total Ring Gear capacity to 4.5 million per annum. The capacity expansion is progressing as per schedule and is expected to be complete by September 2011.

The sales for Bearing Division were marginally higher at Rs.265.500 millions as compared to the previous year when it was Rs.257.300 millions. USA continued to be the major market for Bearing exports.

Pashmina Holdings Limited

The Company made a profit after tax of Rs.19.900 millions in the FY 2011 as compared to a loss of Rs.0.500 million in the previous year.

Overseas Companies

Jaykayorg AG recorded a profit of CHF 240,318 (equivalent to Rs.11.500 millions) [Previous Year: loss CHF 743,667 (equivalent to Rs.33.400 millions)] for the year ended December 31, 2010.

Raymond (Europe) Limited recorded a profit of Pound Sterling 19,474 (equivalent to Rs.1.400 millions) [Previous Year: loss Pound Sterling 111,804 (equivalent to Rs.8.400 millions)] for the year ended December 31, 2010.

R and A Logistics INC, USA, a subsidiary of Ring Plus Aqua Limited set up in USA to provide better service to US based customers, earned a profit of US$ 11,111 (equivalent to Rs.0.400 millions) [Previous Year: profit US$ 7,239 (equivalent to Rs.0.300 million)] for the year ended March 31, 2011.

PERFORMANCE OF JOINT VENTURES

Raymond UCO Denim Private Limited

During the year, the sales turnover of Indian operations, net of returns and discounts recorded a 28% growth to Rs.5960.600 millions including exports of Rs.2634.400 millions, as compared to Rs.4663.000 millions including exports of Rs.2269.200 millions for the previous year ended March 31, 2010.

The Company recorded a profit before tax and exceptional items of Rs.61.800 millions as against a loss of Rs.42.700 millions in the previous year ended March 31, 2010.

During the year, Rs.485.400 millions was invested in its subsidiary from the proceeds of the equity capital subscribed by both the shareholders. The subsidiary has used these funds for repaying its obligations to the European Banks and consequently the corporate guarantee stands discharged. A provision of Rs.200.000 millions has been made towards diminution in the value of investment in the books of this Company made in its subsidiary. The previous year had an exceptional gain of Rs.72.300 millions arising from write back of interest provided on loans and debentures subscribed by one of the shareholders of the Company.

Raymond Zambaiti Limited

The gross turnover of the Company was Rs.2117.600 millions (Previous Year: Rs.1632.000 millions). The Company had a Profit after Tax of Rs.75.100 millions (Previous Year: Rs.111.200 millions) during the year ended March 2011. During the year, steep increase in cotton prices has impacted the profitability of the Company. This Company is the preferred premium high value shirting supplier to domestic brands and has a strong emphasis on quality and innovation.

QUALITY AND ACCOLADES

The Company continues to win awards year-on-year. Some notable awards during the year are:

• The Chhindwara unit of the Company won The National Safety Award under Scheme-II and runner up in Scheme-I for the performance year 2008.

• The Vapi Textile Unit has been certified OHSAS 18001:2007 and declared as ISO 14001:2004.

• The Vapi Textile Unit won the 2nd Prize and Jalgaon Textile Unit was awarded Certificate of Merit in Energy Conservation at The National Energy Conservation Awards in the Textile sector on December 14, 2010.

• The Company has recently been adjudged as India’s Most Respected Company in the Textile and Apparel sector by Business World.

• The Company bagged the most prestigious award as ‘The Franchisor of the Year’ at the ‘Franchise and Star Retailer Awards’ organized by Franchise India.

• The Company has been awarded the SAP Customer Centre of Expertise (CCOE) certification for its SAP operations on November 3, 2010.

• J.K. Files (India) Limited has won for the 4th consecutive year EEPC India Star Performer Award year 2008-09, for the highest engineering exports in Hand Tools (Large Enterprise).

CONTINGENT LIABILITIES NOT PROVIDED FOR:

Particulars	31.03.2011 (Rs. in millions)
(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	9.854
— Royalty on Limestone	220.194
— Other matters	15.209
	245.257
(b) Claims against the Company not acknowledged as debts in respect of other divisions.
— Sales Tax	41.664
— Compensation for Premises	161.150
— Stamp Duty	17.416
— Water Charges	8.225
— Other Matters	132.30
	241.685
(c) Bills Discounted with the Company’s bankers	71.875
(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)	642.193
(e) Disputed demands in respect of Income-tax, etc. (Interest thereon not ascertainable at present)	218.928
(f) Bonds/Undertakings given by the Company under concessional duty/exemption scheme to Government authorities (Net of obligations fulfilled)	945.650
(g) Disputed liability towards Excise duty on Post Removal of Goods from place of manufacture	211.890
(h) Disputed Excise Duty Liability in respect of other matters (includes Rs 64.510 millions, Previous Year Rs.64.510 millions, on account of denial of excise exemption benefit)	153.784
(i) 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
(j) 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 (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.

UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER / HALF YEAR ENDED SEPTEMBER 30, 2011

Rs. in millions

Particulars	Three months ended 30.09.2011 Unaudited	Six months ended 30.09.2011 Unaudited
Operating Income
Gross sales / Income from Operations	4993.100	8458.100
Less: Excise Duty / Sale Tax recovered	8.500	11.200
a) Net Sales / Income from Operations	4984.600	8446.900
b) Other Operating Income	53.200	102.600
Total Operating Income	5037.800	8549.500
Expenditure
(a) (Increase)/decrease in Stock in Trade	[111.400]	[874.600]
(b) Consumption of Raw Materials	1401.000	2822.000
(c) Purchase of Materials	299.600	629.300
(d) Staff Cost	650.900	1209.900
(e) Depreciation	254.700	514.600
(f) Other manufacturing and operating Expenditure	992.900	1854.200
(g) Loss/[gain] on variation in foreign exchange rates [net]	31.500	14.700
(h) Other expenditure	917.000	1784.600
Total Expenditure	4436.200	7954.700
Profit / (Loss) From Operations before other Income Interest & Exceptional Items	601.600	594.800
Other Income	207.400	326.200
Profit/(Loss) before Interest and Exceptional items	809.000	921.000
Interest	321.100	608.300
Profit / (Loss) after interest before Exceptional items	487.900	312.700
Exceptional Item	-	-
Net Profit/(Loss) after exceptional item	487.900	312.700
Tax Expenses	125.700	51.200
Net Profit/(Loss) after tax	362.200	261.500
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each )	613.800	613.800
Reserves (Excluding Revaluation Reserves)	-	-
Basic and Diluted EPS	5.90	4.26
Public Share Holding
Number of Shares	37190259	37190259
Percentage of Shareholding	60.59%	60.59%
Promoters and Promoter group share holding
a) Pledged / Encumbered
- Number of Shares	-	-
- Percentage of share (as a % of the total shareholding of promoter and promoter group)	-	-
- Percentage of shares(as a % of the total share capital of the company)	-	-
b) Non-encumbered
- Number of Shares	23999118	23999118
- Percentage of Share (as a % of the total shareholding of promoter and promoter group)	100%	100%
- Percentage of Share (as a % of the total share capital of the company)	39.10%	39.10%

Notes:

• The above results were reviewed and recommended by the Audit Committee and approved by the Board of Directors at ' their respective meeting held on October 19, 2011.

• The Auditors of the Company have carried out the Limited Review of the above financial results.

• Exceptional item in previous periods represent VRS payments and other termination cost.

• The Board of Directors of the Company had approved ai their meeting held on April 21. 2011. subject to shareholders and other statutory approvals, merger of Its subsidiary Raymond Woolen Outerwear Limited (RWOL) with effect from April 1, 2011. Pending such approvals, the above result have been prepared excluding the results of RWOL. The Company has, during the quarter, converted its loan amounting to Rs. 200.000 millions by way of subscription towards 8% Redeemable Preference Shares in its subsidiary RWOL.

• Provision for Taxation includes Income Tax and Deferred Tax.

• Previous period figures have been regrouped / recast, wherever necessary.

• Information on investor complaints for the quarter ended September 2011 : Opening balance - Nil, New - 33, Disposals - 33, Closing Balance -Nil

Segment wise Revenue, Results and Capital Employed (Standalone)

Rs. in millions

Particulars	Three Months Ended	Six Months Ended
	30.09.11	30.09.11
	Unaudited	Unaudited
Segment Revenue (Sales and income from Services )
- Textile	4972.200	8410.700
- Others	12.400	36.200
Total Segment Revenue	4984.600	8446.900
Segment Results Profit / (Loss) before interest and tax
- Textile	974.800	1274.900
- Others	(37.800)	(65.600)
Total Segment Results	937.000	1209.300
Less: Interest (Expense) - Net	(321.100)	(608.300)
Less : Unallocable (Expense) - Net	(128.000)	(288.300)
Add / (Less): Exceptional items - Net	-	-
Total Profii/(Loss) before tax	487.900	312.700
Capital Employed (Segment assets less Segment liabilities)
- Textile	-	12526.300
- Others	-	728.400
Total Capital Employed in segments	-	13254.700
Add : Unallocable assets less liabilities	-	(2337.300)
Total Capital Employed in the Company	-	10917.400

Notes

1 Segment Others include aviation and real estate development Unallocable expenses is net of income from investments. Unallocable assets mainly relate to Investments.

Figures for the previous periods have been regrouped/recast wherever necessary.

Statement of Assets and Liabilities (Standalone)

Rs. in millions

Particulars	As at 30.09.11
	Unaudited
SOURCES OF FUNDS:
Shareholders' Funds:
Share Capital	613.800
Reserves and Surplus	10303..500
	10917.300
Loan Funds	13957.500
Deferred Tax Liability (Net)	-
Total	24874.800
APPLICATION OF FUNDS:
Fixed Assets	9608.000
Investments	7562.200
Deferred Tax Assets (Net)	234.600
Current Assets, Loans and Advances:
Inventories	4875.000
Sundry Debtors	3699.200
Cash and Bank Balances	385.000
Other Current Assets	436.800
Loans and Advances	2840.000
	12236.000
Less:
Current Liabilities and Provisions:
Current Liabilities	4349.600
Provisions	416.400
	4766.000
Net Current Assets	7470.000
Total	24874.800

FIXED ASSETS:

v Land – Freehold

v Land – Leasehold

v Buildings

v Plant and Machinery

v Electrical Installations and Equipments

v Furniture, Fixtures and Office Equipment

v Livestock

v Vehicles

v Aircraft

v Boats and Water Equipments

v Software

WEBSITE DETAILS:

BUSINESS DESCRIPTION:

Subject is a multi-product conglomerate with interests in textiles, garmenting, apparel, retail, lifestyle brands and engineering (files, tools and auto components). The Company operates in Textile Division and Files and Tools Division. The Company is a supplier of suiting fabrics and international and Indian brands. The Company has a Raymond manufacturing facilities and a Pan-India retail presence in the form of The Raymond Shop (TRS). The Company also offers a range of fabrics, garments and accessories in a shopping environment. The Files and Tools Division manufactures and markets Steel Files, HSS Cutting Tools (mainly drills) and merchandising activities mainly in Hand Tools. During the fiscal year ended March 31, 2010 (fiscal 2010), the Division further consolidated its position in Cutting Tools and Hand Tools segments. In October 2009, Grotto S.p.A. transferred it's 50% holding in GAS Apparel Limited to Raymond Apparel Limited, the Company's wholly owned subsidiary. For the fiscal year ended 31 March 2010, Subject's revenues increased 3% to RS26.17B. Net loss decreased 80% to RS460.3M. Revenues reflect increased profit on sale of current investments and higher miscellaneous income. Lower loss also reflects a decrease in material costs, decreased manufacturing and operating costs, lower employment costs, decreased administrative, selling and general expenses and lower finance charges.

MILESTONES

v 1925 - Setup of The Raymond Woolen mill in the area around Thane creek.

v 1944: Lala Kailashpat Singhania took over The Raymond Woolen Mill. The mill was primarily making cheap and coarse woolen blankets, and modest quantities of low priced woolen fabrics.

v 1950 - Setup of a new manufacturing activity for making indigenous engineering files known as JK Files and Tools. This has now become the largest facility of its kind in the world.

v 1958 - The first exclusive Raymond Retail showroom, King's Corner, was opened in 1958 at Ballard Estate in Bombay.

v 1964 - Setup of a new Combing Division. This was followed by a phase of vertical integration, facilitating in the processing of multi-fibres and technology improvements to make blended fabrics.

v 1968 - Raymond setup a readymade garments plant at Thane. The readymade garments division of Raymond has since then grown rapidly. Raymond has now become the leader among ready-mades, in India, achieving a business turnover of over Rs. 2000 million.

v 1979 - A new manufacturing facility was set up at Jalgaon, to meet the increasing demand for worsted woolen fabrics.

v 1980: Dr. Vijaypat Singhania took over the reins of the company. He injected fresh vigour into Raymond, transforming it into a modern, industrial conglomerate.

v 1986 - Launch of "Park Avenue", the premium lifestyle brand providing a complete wardrobe solution to the men who like to dress well & be current on styles and fashion.

v 1990 - The first showroom abroad for Raymond in Oman.

v 1991 - A new manufacturing facility was set up at Chhindwara, near Nagpur.

v 1995: Superfine pure wool collection under the Lineage Line (Super 100S to Super 140S).

v 1996: The Renaissance Collection made of Merino wool blended with polyester and specialty fibres (Super 100S to Super 140S).

v 1996: Raymond's denim; focusing on quality, innovation and the creation of exclusive products that have always caught the eye of some of the world's denim wear brands. Its designs have always kept pace with the changing styles and cuts found in every youngster's closet. With a 40 million meters capacity, Raymond today ranks amongst the top 2 producers of ring denim in India

v 1999: The Chairman's Collection of Super 150S made from Merino Wool and Cashmere followed by Super 160S to Super 190S.

v 1999: Launch of "Parx", a premium casual wear brand bringing customers a range of semi-formal and casual clothes.

v 2000: Mr. Gautam Hari Singhania is appointed Chairman and Managing Director of subject.

v 2000: Launch of "Be:", exclusive prêt line of ready-to-wear designer clothing for men and women.

v 2002: Acquisition of Color Plus.

v 2003: Setup of 'Silver Spark Apparel Limited' for manufacturing suits and formal trousers catering largely to export markets.

v 2004: Super 220S fabrics under the Chairman's Collection.

v 2005: Setup of state-of-the art jeans wear facility 'Ever blue Apparel Limited' near Bangalore.

v 2005: Setup of state-of-the art facility 'Celebrations Apparel Limited' for the manufacturing of formal shirts.

v 2005: Raymond achieved a rare feat and a historical milestone with the creation of the world's finest worsted-suiting fabrics from the finest wool ever produced in the world- The Super 230s made up of 11.8 micron of wool.

v 2005: Launch of 'Expressions' an exquisite collection of all wool and poly wool suiting specially crafted using exotic fibres like Cashmere, Angora, Mohair, Bamboo, Casein.

v 2006 Set of Raymond's third worsted unit at Vapi in Gujarat. Raymond now has 3 state of the art units with a combined capacity of 31 million meters of worsted fabric.

v 2006 Launch of design studio in Italy for cutting edge design capabilities for exports and domestic brands.

v 2006: Set up of world class carded woollen unit, Raymond Fedora Limited, in Jalgaon.

v 2006 Set up of green field shirting unit at Kolhapur producing high value cotton shirting. This facility is set up as part of the company's JV with Gruppo Zambaiti.

v 2006 Set up of J.K. Talabot Limited - JV with MOB, France for the manufacturing of files and rasps.

v 2006 Launch of Zapp their kids wear brand with first store in Ahmedabad.

v 2007 Entered into Joint Venture to retail premium brand ‘GAS’ in India.

v 2007 Launch of new brands for women’s wear.

v 2008 Launch of 'Raymond Finely Crafted Garments' – readymade apparel under Raymond brand.

v 2008 Launch of 'Neckties & More' - New format store for accessories.

BOARD OF DIRECTORS:

Gautam Hari Singhania (Executive Chairman of the Board, Managing Director)

Shri. Gautam Hari Singhania is Chairman of the Board, Managing Director of Subject since September 2000. Since then he has steered the destiny of Subject with a single-minded focus of being the brand in India. He has been responsible for the strategic decision of the restructuring of the Group, initiating the divestment of the Synthetics, Steel and Cement division. Post divestment, the Group has consolidated its position with a better bottom line and more focused and market oriented approach. Mr. Gautam Singhania joined the J. K. Group of Companies (Western Zone) in the year 1986. He was appointed the Whole time Director on the Board of Subject in 1990 and was elevated to the position of Managing Director in mid-1999, in charge of all companies and subsidiaries of the Raymond Group in India and abroad. With a drive for creating new brands, Mr. Singhania has taken active interest in the launch of new services and products. He was instrumental in the launch of the brand Kama Sutra in 1991. In the year 1996, he launched a new division called Million Air, providing quality charter services. It was under his leadership that the hi-fashion casual wear brand Parx and premium men’s wear brand Manzoni were launched in the year 1999 and 2000 respectively. In the year 2001, Mr. Gautam Singhania, introduced the concept of corporatisation of designer wear for the very first time in India with the brand Be:. He also was instrumental in Raymond’s recent acquisition of Color Plus, a menswear brand. Mr. Gautam Singhania’s keen foresight and innate business acumen has enabled the Raymond Group to achieve soaring heights in the Indian and international markets. His personal vision for the group is to take the Raymond brand from being the most respected Indian brand to be amongst the in the global market.

Vijaypat Singhania (Chairman Emeritus)

Dr. Vijaypat Singhania is Chairman Emeritus of Subject He was Chairman of the Board and Managing Director of Subject in January 1980, which position he held till June 1999 and was appointed as Executive Chairman of the Company from July 1999. Currently he is the Chairman-Emeritus of the Company from September 6, 2000, in a non-executive capacity. Dr. Singhania has nearly four decades of experience in the management of several industrial units as the Chief Executive and has been instrumental for the growth and diversification plans of the Company. Dr. Singhania also serves as Chairman of the group companies. Dr. Singhania is actively associated with Indian Merchant’s Chamber, Indian Woolen Mills Federation, and Founder patron of Federation of Indian Pilots. Dr. Singhania has undergone the Advanced Management Programme (AMP) in Harvard. Dr. Singhania was a member of the FICCI trade delegation to Russia and Australia and the delegation of the Government of India to France.

I. D. Agarwal (Independent Non-Executive Director)

Shri. I.D. Agarwal is Independent Non-Executive Director of Subject since June 23, 2006. He was earlier a Nominee Director of Unit Trust of India on the Board of the Company during October, 2001 to February, 2006. Shri Agarwal, M.Com. D.S.M., C.A.I.I.B., has 37 years of experience in Banking, Finance and Currency, has undergone professional training with Bank of England (U.K.), Midland Bank (U.K.), Bundes Bank (Germany), and Dresdnerbank (Germany). Shri Agarwal, former Executive Director, Reserve Bank of India, was an Advisor to the United Nations and has been the Director of Small Industries Development Bank of India (SIDBI).

Pradeep Kumar Bhandari (Non-Independent Non-Executive Director)

Shri. Pradeep Kumar Bhandari is Non-Executive Independent Director of Subject He is a commerce and law graduate from the University of Kolkata and a Fellow Member of the Institute of Chartered Accountants of India and an Associate Member of the Institute of Company Secretaries of India and has over 24 years of experience in the field of project finance, industry, business and corporate management. Shri P. K. Bhandari, who joined the Company on August 27, 1989 played a key role in strategizing and implementing the Company’s restructuring program, which included hiving off its non-core businesses in steel, cement and synthetics and consolidating its core - textile, garment and files businesses through merger and acquisitions. Shri Bhandari joined the Board of Directors of the Company as Whole time Director on April 24, 2003. Shri P. K. Bhandari was Group President of the Company from April 1, 2005 to January 30, 2008. Shri P. K. Bhandari is a member of the Shareholders/Investor’s Grievances Committee of the Board of Directors of the Company. Shri Bhandari was honoured with a ‘Special Commendation’ for his performance in the mergers and acquisitions category of the ‘CFO of the Year’ award instituted by The Economist in association with American Express.

Akshay Chudasama (Independent Director)

Shri. Akshay Chudasama has been appointed as the Independent Director of Subject He is the Senior Partner, Member - Executive Committee and Co-Chairman - Corporate Commercial Practice of a Law Firm, viz. Jyoti Sagar Associates, Advocates and Solicitors (Mumbai, New Delhi and Bangalore). Shri Chudasama was a Partner of AZB and Partners, Advocates and Solicitors (Mumbai, New Delhi and Bangalore), Managing Partner, LexInde, Advocate and Solicitors, and an Advocate and Junior Counsel, the Chambers of Shri G.E. Vahanvati (currently the Attorney General of India) and Senior Counsel, Bombay High Court. Shri Akshay Chudasama is an Arts (Economics) Graduate from the University of Mumbai and holds Bachelor of Laws Degree from the London School of Economics, University of London, UK. He was enrolled as a Solicitor with the Law Society of England and Wales in 2000 and Advocate with the Bar Council of Maharashtra and Goa in 1994. Shri Chudasama had undergone the Harvard Leadership Program for Professional Services Organization in November, 2008. He is the member of various Bar Council/Bar Associations in India and abroad and on the Board of several companies

Nabankur Gupta (Independent Non-Executive Director)

Shri. Nabankur Gupta is Independent Non-Executive Director of Subject He is a graduate from lIT, Delhi in Electrical and Electronics Engineering. Shri Gupta joined the Company as Group President on August 1, 2000 and was co-opted on the Board of Directors of the Company as Whole time Director effective January 15, 2001. Shri Gupta relinquished his position as Wholetime Director and Group President of the Company with effect from April 1, 2005.

Boman R. Irani (Independent Director)

Shri. Boman R. Irani has been appointed as the Independent Director of Subject He is the Chairman and Managing Director of the Keystone Group. Shri Irani is a Bachelor of Engineering and has undergone the Owner President Management Program from the Harvard Business School. Shri Irani is a first generation real estate developer and an entrepreneur with over 15 years of experience and profound knowledge about the Realty Industry. Having founded the Rustomjee Group in 1996, Boman has used his sense of acumen to evolve the Company as one of the foremost and respected premier real estate companies in Mumbai. Shri Irani is also the founder and chief benefactor of the ‘Rustom Irani Foundation’ which manages and runs Institutes in all spheres of education from pre-school to post-graduation. His vision aligned with his mission to ‘Make Education a Priority’ has led the Rustomjee Institutes to achieve an enviable reputation in a short span of time.

PRESS RELEASES:

PENINSULA LAND PLANS SECOND REALTY FUND

Mint: 06 June 2011

Bangalore, June 6 -- Peninsula Land Limited, an Ashok Piramal group company, has acquired a number of land assets in recent months and plans to raise a second fund.

The Mumbai-focused realty firm has bought land in its core operational market Mumbai as well as in new markets such as Bangalore, Lonavala and Pune to establish a pan-India footprint, said executive vice-chairman Rajeev Piramal.

For its second real estate fund, the company will secure money from domestic investors along with a Canadian firm that "deals in real estate construction, financial advisory and asset management", Piramal said.

He didn't disclose the planned size of the fund.

In fiscal 2011, Peninsula Land acquired 10 new projects, investing around Rs.6000.000 millions, according to a May report by brokerage Prabhudas Lilladher Private Limited

The company has to pay another Rs.3000.000 millions for the projects, it added.

The developer has invested in five projects with the Rs.1800.000 millions Peninsula Realty Fund, Piramal said.

The new projects will open up development potential of nearly 30 million sq. ft for the company. A central Mumbai property in Sewri alone will generate about 2 million sq. ft of saleable area.

"The quality of assets that the company has acquired is good. These are projects that should materialize quickly," said Kejal Mehta, research analyst, institutional equities, Prabhudas Lilladher.

On raising a second fund, Mehta said fund-raising in the current environment will not be easy because there isn't much capital available to the real estate sector.

Land purchases have slowed considerably this year as developers are battling dipping home sales and delays in securing project approvals in markets such as Mumbai.

Peninsula Land will invest about Rs.2500.000 millions in total in the 18-acre property in Sewri, in which it has acquired a 10% stake after paying an initial Rs.1000.000 millions, said Piramal.

As project manager, it will get another 8% stake in the special purpose vehicle (SPV) created for developing the property. The other stakeholders are IL and FS Investment Managers Limited and HEM Bhattad Developers.

Peninsula Land has built a substantial project pipeline in recent months and is negotiating another eight-nine transactions, including high-value city-centric properties.

"We are still one-two big transactions away before we reach saturation for now," said Piramal.

Peninsula Land had paid an advance of Rs.100.000 millions for acquiring a 300-acre township near Thane, said a property analyst who didn't want to be identified.

Besides this, the company is a serious contender for the development-cum-sale plan of Raymond Limited's 125-acre factory land in Thane, he added.

The company will also mark its entry into Bangalore with a residential project.

In the January-March quarter, Peninsula Land's revenue declined 60% over the year-ago period to Rs.900.000 millions, and by 23.7% over the preceding three months. Published by HT Syndication with permission from MINT.

FRO 2011 ORGANIZED BY FRANCHISE INDIA IN MUMBAI GETS A TREMENDOUS RESPONSE

India PRwire: 25 May 2011

New Delhi, Delhi, May 25 -- FRO Expo 2011, India's national Franchise and Retail show embarked in Mumbai on May 21st-22nd, 2011 at the Nehru Centre, Worli and brought with it over 150 brands offering franchising opportunities. Over 50 brands were offered with franchise covenants for the first time.

The show was presented by Franchise India, Asia's largest integrated franchise Solution Company and Indian Franchise Association (IFA) in association with Brainworks Learning Systems Private Limited, Jumboking and Club City with the support of Ministry of Micro Small and Medium Enterprises, Government of India (MSME) and the event was inaugurated by Dr. Nitin Kashinath Raut, Cabinet Minister for Employment Guarantee Scheme, Government of Maharashtra along with Mr. Gaurav Marya, President, Franchise India Holdings Limited and Ms. Ashna G. Sharan, CEO, Franchise India Exhibitions. The Guest of the Honor at the show was Mr. Kiran Kulkarni, Executive Director, Maharashtra Centre of Entrepreneurship Development and Mr. R Sriram, Co-Founder, President, TIE, Mumbai.

The occasion also witnessed an enlightening 'Start Up Summit 2011' addressing core entrepreneurial issues and an insightful workshop on 'how to franchise your business' with prominent international and national speakers to impart knowledge. The key speakers comprised of Dr. Nitin Kashinath Raut (Cabinet Minister for Employment Guarantee Scheme, Government of Maharashtra), Mr. R. Sriram (Co-founder and President, TIE, Mumbai), Mr. Tony White (Regional GM, Gloria Jeans Coffee, Australia), Mr. Rod Young (ED, DC Strategy, Australia), Mr. Himanshu Chakrawarti (CEO, The Mobile Store Limited), Mr. NP Singh (Director, Samsonites Sales Private Limited), Mr. Naresh Mehta (Director, Retail Operations, Raymond Limited), Mr. Dheeraj Gupta (MD, Jumboking), Ms. Nanette D'Sa (CEO, Brainworks) to name a few. The summit was attended by over 150 business delegates and near about 8000 people attended the franchise biz.

The show encompassed a comprehensive exhibition and a thought-provoking conference on franchising, retailing and licensing, covering the broad dynamics of SME sector. FRO Mumbai displayed various Indian and global brands, under one roof, to impart an all-round perspective on franchising within the prominent SME sector, thereby highlighting the principal concepts and prevailing trends in franchising fraternity.

Commenting further, Mr. Gaurav Marya, President, Franchise India said, "Franchising is one of the world's fastest growing and most lucrative industries. Franchising offers an opportunity to build its commercial infrastructure and develop its domestically oriented businesses in an efficient and profitable manner. With this platform, we want to expand the horizons of the brands that are aspiring of reaching to the national and international market. Franchise India aims to give them an opportunity in a relatively short period, with capital outlay and minimal risk. Since 1999, we have benefited over a lakh business investors through its 75 plus shows held both in India and overseas."

The Exhibition put forth a wide spectrum of enticing opportunities in franchising, retailing, licensing, real estate and retail supply chain for the very first time in Mumbai, from diverse industry verticals such as Fashion and Lifestyle, Food and Beverage, Education, Financial services, Health, Beauty and Wellness, Travel, Entertainment and many more. Some of the brands which got launched at the show were Focus Softnet, Kids Camp, Lisa Home Solutions, Pop Languages, Blossom Snacks and Juice Centre, Blue Mango, Phone care Services Private Limited, La Feasta, Zinc Square Hospitalities, High Profile, Camex Wellness Limited, Rising Star, Richmond Global School, Naushijaan Restaurant, ZoomIn Online India Private Limited, etc. and others participating included Sir Speedy, Mexus, Reebok, Satya Paul, Florista, Picasso, Erudite, Swirls, Guardian Pharmacy, Siyaram's, Barista, Aura Thai spa, Colonel's Kebabz, Tie Rack, Gitanjali, Jawed Habib, Elixir, Samsonite, Bwitch, Rising Stars, Beyond Petals, Kodak, Cocoberry, Brainsmiths, Derby, Geetanjali Jewels, Kwality Walls, Ferns and Petals, Barista, Sign A Rama, IFB, Style Spa, Perfume Station, Snap Fitness, Virtual Edutechnica, Pizza corner, The Cream and Fudge Corner, The Donut Baker, Luxus, Chocolate Room, Moti Mahal and many more.

About Organizer, Franchise India

Franchise India is Asia's largest integrated franchise solution company since 1999, with an absolute authority on Franchising, Licensing, Retailing, Real estate and Marketing. The company has consulted several major brands over these years like Cafe Jubilee, SportyBeans, AgriMart, Peter England, Barista, Booster Juice, Videocon, Perfect Wellness, Satya Paul, Bwitch, HCL, MGF, Quality Walls, Tata, Gitanjali, HSBC, Levis, JK Tyres, Lakme, D'damas, Adidas, Euro Kidz, The Apollo Clinic, Chhabra 555, Kidzee, Motilal Oswal, Rosebys, Next, Welhome and more, through media, advisory and exhibitions. With its strategically formed divisions, Franchise India has created its own niche as the pioneers of franchise industry and a small business authority.

About Franchise India Exhibition:

Franchise India Exhibition is one of the key initiates by FIHL. Since its inception in 2003 FIE has benefited over 0.350 million business investors with over 75 shows held both in India and overseas. In 2010 alone FIE has touched over 150,000 business buyers and assisted over 500 companies in their franchise journey with the help of our franchise and retail opportunity expo which is the ultimate opportunity for thousand of business oriented people to discover a plethora of opportunities from all across the country. If you are interested in franchising, whether that is from franchiser or franchise capacity, then one thing that you need to do before making any business decision is to visit a franchise expo. Published by HT Syndication with permission from India PR wire.

FRANCHISE INDIA BRANDS WRAPS UP SUCCESSFULLY!

India PR wire: 25 May 2011

Mumbai, Maharashtra, May 25 -- Franchise Expo is an ideal opportunity for business visitors to discover a variety of business opportunity concepts showcasing Indian and International Franchising and Retail Ideas. Franchise India Brands Limited, a vertical of Franchise India Holdings Limited achieved incredible response at this platform via the FRO 2011, held in Mumbai on May 21st and 22nd 2011 at Nehru Centre, Worli.

Franchise India Brands Limited had more than 100 brands under its cubicle. The key brands participated at the show were: Club City, Booster Juice ,Satya Paul, Bwitch, Tie Rack London, Peter England, Sir Speedy, Cafe Jubilee, Sporty Beans, Barista, Agrimart, Reebok, Sbarro, DHI, Chhabra 555, Guardian Life Care, Enamor, Siyaram, Next, Planet M, Gitanjali, Coffee n U, Keen to Clean, Edify, Edify Pre School, Samsonite, Rock Port, Sign A Rama, Cocoberry, IFB, The Strategy Academy, Funland, Focus Educare, i360, Style Spa, NIPS, Leapbridge, Perfume Station, Colonel Kababz, Derby, Yogurberry, Snap Fitness, Virtual Edutechnica, Vcare, La Feasta, Khyber, Coffee World, Pizza corner, The Cream and Fudge Corner, The Donut Baker, Turquoise Cottage, Ice Cube, Luxus India Private Limited, Chocolate Room, Brand U, Indus League, Ritu Kumar.

The 2011 Mumbai Startup Summit was attended by over 150 business delegates and mass of 8000 people approximately attended the franchise biz. The conference was scheduled for new business owner and start-ups. The sessions took place to notify on writing business plans; finding funding; marketing the company and a panel of experienced startup founders and business leaders offered their advice and visions.

FRO 2011, Mumbai was an ideal platform for companies to present and expand their franchising concepts by networking with an average of 2500-300 serious and potential entrepreneurs in each region. Over 150 brands from more than 50 sectors exhibited at the show and moreover 8000 people approx. attended the franchise biz. The show was presented by Franchise India, Asia's largest integrated franchise Solution Company and Indian Franchise Association (IFA) in association with Brain works Learning Systems Private Limited, Jumbo king and Club City with the support of Ministry of Micro Small and Medium Enterprises, Government of India (MSME).

On this remarkable show, Ms Sonya Chowdhry, Director of Franchise India Brands Limited stated "Franchise India Brands conducted a business match-making programme at the show to understand the business of the client and the targeted opportunity match. We facilitated a qualified match making programme to all the exhibitors, delegates and pre-registered visitors to FRO 2011. Our participation in FRO 2011 was an initiative to encapsulate the vital tools of franchising the business and to provide an in-depth understanding, complete step-by-step procedure of starting and growing a franchise business. It was a great platform to embark our presence at the show wherein there were more than 150 brands integrated."

The key speakers comprised of Dr. Nitin Kashinath Raut (Cabinet Minister for Employment Guarantee Scheme, Government of Maharashtra), Mr. R. Sriram (Co-founder and President, TIE, Mumbai), Mr. Tony White (Regional GM, Gloria Jeans Coffee, Australia), Mr. Rod Young (ED, DC Strategy, Australia), Mr. Himanshu Chakrawarti (CEO, The Mobile Store Limited), Mr. NP Singh (Director, Samsonites Sales Private Limited), Mr. Naresh Mehta (Director, Retail Operations, Raymond Limited), Mr. Dheeraj Gupta (MD, Jumboking), Ms. Nanette D'Sa (CEO, Brainworks) to name a few.

RAYMOND GOES MASS MARKET; LAUNCHES CHEAPER POLYESTER VISCOSE FABRIC BRAND TO GRAB LOW END OF THE MARKET

29 April 2011

Raymond Limited, known for making finest suiting in the world, has gone mass market with its fabrics.

The textile major that commands over 60% share of the worsted suiting market in India is now selectively launching Makers, a brand of cheaper polyester viscose fabric that comes in the range of `250-`400 a metre, price points so far being addressed by mostly unorganised players.

Raymond, known more for its high-value pure-wool and wool-blended suiting, also makes polyester viscose suiting catering mostly to the premium end of the market while the new brand, Makers, would address the lower end, Aniruddha Deshmukh, president of textiles division, said.

"We already control 15% share of the polyester viscose segment and the idea behind launching this brand is to get a share of the low end of the market as well," he said.

The need for such a brand was felt when Raymond, after establishing its range of exclusive stores in smaller cities, hit upon the segment of customers who aspire to have quality fabric but cannot afford its flagship brand, Deshmukh said. "We are taking the Raymond brand in a big way to the tier 4 and 5 towns where we got phenomenal response. That also made us realise that there is a whole segment of customers who, though aspire for Raymond as a brand, can't afford it." The Indian suiting market is valued at `60000-80000 millions, growing at an annual rate of 10-15%.

In a bid to protect Raymond's premium appeal, the name is not being associated with the new brand, which wouldn't be stocked in exclusive Raymond shops also, and the fabric would be marketed through multi-brand outlets only. "We aim to take the new brand to most of the eastern states like West Bengal, Bihar, Jharkhand, Orissa, and also the southern states by the end of the year, mostly in the tier 4 and 5 towns," Deshmukh said.

PRESS RELEASE

RAYMOND LIMITED - FINANCIAL RESULTS SEPTEMBER QUARTER FY 2011-12

Raymond consolidated net profit surges 24% to Rs 810 millions for quarter ended September 2011, backed by strong performance across businesses

Highlights for the quarter ended September 2011:

Consolidated Net Sales grew by 25% to Rs 9780 millions

Consolidated EBITDA grew by 31% to Rs 1850 millions

Margin expansion at consolidated level - EBITDA margin improves by close to 100 bps

Mumbai, October 19, 2011: Raymond Limited today announced its unaudited financial results for the quarter ended September 30,2011.

The snapshot of the results is given below

Raymond Limited

	Q2FY12	Q2FY11	Y-o-Y	H1FY12	H1FY11	Y-o-Y
Net Sales	978	783	25%	1737	1352	28%
EBITDA	185	142	31%	270	186	45%
% of sales	19%	18%		16%	14%

The Textile segment (standalone) sales for the quarter ended 30 September 2011 registered an increase of 26% to Rs 4970 millions on the back of both higher realizations and volume growth. The segment reported Earnings Before Interest and Tax (EBIT) of Rs 970 millions which is up by 8% as compared to the corresponding quarter of previous year.

The Branded Apparel business witnessed a 29% increase in the quarterly sales to Rs 2200 millions and EBITDA of Rs 410 millions for the quarter, which was higher by 112% compared to the corresponding quarter in the previous year. The business has witnessed strong growth across all its core brands.

Raymond continues to operate one of the largest specialty retail networks in India in the textile and apparel space with 762 retail stores covering over 1.54 million square feet of retail space including 41 stores in Middle East and SAARC region. Like-to-like store sales growth for the quarter has been 6%.

The Indian operations of Denim business have witnessed a 31% sales growth during the quarter backed by 33% realization growth to Rs 1910 millions, while EBITDA stood at Rs 200 millions during the quarter, which is higher by 5% compared to the corresponding quarter of the previous year.

Announcing the results, Mr. Gautam Hari Singhania, Chairman and Managing Director, Raymond Limited said, "We've completed half year of the 2011-12 financial year on a very positive note. This has been possible due to the strong portfolio of our own core brands, our product quality and deep distribution network that spreads across the length and breadth of the country. We are extremely encouraged by the response of our consumers and we will take this momentum going forward into the future as well."

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.77
UK Pound	1	Rs.81.32
Euro	1	Rs.69.42

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		65

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.