Notice 83rd Annual General Meeting

NOTICE
83rd ANNUAL GENERAL MEETING

NOTICE IS HEREBY GIVEN THAT THE EIGHTY THIRD ANNUAL GENERAL MEETING OF THE MEMBERS OF RAYMOND LIMITED WILL BE
HELD ON WEDNESDAY, JUNE 18, 2008 AT 11.00 A.M. AT THE REGISTERED OFFICE OF THE COMPANY AT PLOT NO. 156/H. NO.2, VILLAGE
ZADGAON, RATNAGIRI 415 612 (MAHARASHTRA) TO TRANSACT THE FOLLOWING BUSINESS :
ORDINARY BUSINESS :
1. To receive, consider and adopt the Audited Statement of Accounts together with Directors’ Report as also the Auditors’ Report
thereon for the year ended March 31, 2008.
2. To declare dividend on Equity Shares.
3. To appoint a Director in place of Shri P.K. Bhandari, who retires by rotation and, being eligible, offers himself for reappointment.
4. To appoint a Director in place of Shri U.V. Rao, who retires by rotation and, being eligible, offers himself for reappointment.
5. To appoint a Director in place of Shri Nabankur Gupta, who retires by rotation and, being eligible, offers himself for reappointment.
6. To pass with or without modifications, the following Resolution as an Ordinary Resolution but in the event of the provisions of Section 224A of the
Companies Act, 1956 becoming applicable to the Company on the date of holding of this meeting, the same will be proposed as a Special Resolution:
“RESOLVED THAT Messrs. Dalal & Shah, Chartered Accountants, be and are hereby reappointed Auditors of the Company to hold office from the conclusion
of this meeting until the conclusion of the next Annual General Meeting on a remuneration of Rs.27.50 lakhs plus service tax as applicable and
reimbursement of actual travel and other out-of-pocket expenses.”
SPECIAL BUSINESS:
To pass with or without modifications, the following resolutions:
As a Special Resolution :
7. “RESOLVED THAT pursuant to the provisions of Sections 198, 309 (4) and all other applicable provisions, if any, of the Companies Act, 1956 or any
statutory modification(s) or re-enactment thereof, the consent of the Company be and is hereby accorded to the payment of commission of a sum not
exceeding 1% of the annual net profit of the Company computed in accordance with the provisions of Sections 198, 349 and 350 of the said Act, subject to
an overall ceiling of Rs.25 lakhs (Rupees Twenty Five Lakhs only) to such Directors of the Company (other than the Chairman and Managing Director and
Wholetime Director) in such proportion and manner as may be directed by the Board of Directors, for a period of three (3) years and such payment shall be
made in respect of the profits of the Company for the financial years commencing from April 1, 2008 to March 31, 2011.”
By Order of the Board

For Raymond Limited
Registered Office : R. Narayanan

Plot No. 156/H. No.2 Director – Legal
Village Zadgaon & Company Secretary
Ratnagiri 415 612 (Maharashtra)
Dated : April 29, 2008
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Notes :
1. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING IS ENTITLED TO APPOINT A PROXY TO ATTEND AND VOTE INSTEAD OF
HIMSELF AND THE PROXY NEED NOT BE A MEMBER OF THE COMPANY.
2. Proxies, in order to be effective, must be received at the Registered Office of the Company not less than 48 hours before the commencement
of the Meeting.
3. The Explanatory Statement setting out the material facts concerning Special Business in respect of Item No. 7 of the accompanying Notice
as required by Section 173 of the Companies Act, 1956, is annexed hereto.
4. The Register of Members and Share Transfer Books of the Company will remain closed from June 3, 2008 to June 18, 2008 (both days inclusive)
in connection with the Annual General Meeting.
5. The dividend as recommended by the Board, if declared at the meeting, will be paid on or after June 19, 2008 to those members whose names appear
on the Company’s Register of Members on June 18, 2008. In respect of the shares in electronic form, the dividend will be payable on the basis of
beneficial ownership as per details furnished by National Securities Depository Limited and Central Depository Services (India) Limited as on June 2, 2008
for this purpose.
6. Members are requested to notify immediately any change in their address/bank mandate to their respective Depository Participants (DPs)
in respect of their electronic share accounts and to the Registrar and Share Transfer Agent of the Company at Intime Spectrum Registry Limited,
C-13, Pannalal Silk Mills Compound, L.B.S. Marg, Bhandup (West), Mumbai - 400 078, Maharashtra, in respect of their physical share folios, if any.
7. Dividend for the Financial Year ended March 31, 2001, which remains unpaid or unclaimed, will be due for transfer to the Investor Education and Protection
Fund of the Central Government later this year, pursuant to the provisions of Section 205C of the Companies Act, 1956.
Members, who have not yet encashed their dividend warrants for the Financial Year ended March 31, 2001 or any subsequent Financial Years are requested
to lodge their claims with the Company/Intime Spectrum Registry Limited, without delay. Members are advised that no claims shall lie against the said Fund
or the Company for the amounts of dividend so transferred to the said Fund.
8. Members holding shares in electronic form may please note that their bank details as furnished by the respective Depositories to Intime Spectrum Registry
Limited will be printed on their dividend warrants as per the applicable regulations of the Depositories and the Company/Intime Spectrum Registry Limited
will not entertain any direct request from such members for deletion of change in such bank details. Further, instructions if any, already given by them in
respect of shares held in physical form will not be automatically applicable to the dividend paid on shares in electronic form. Members may, therefore, give
instructions regarding bank accounts in which they wish to receive dividend, directly to their Depository Participants.
9. Reappointment of Directors :
At the ensuing Annual General Meeting Shri P.K. Bhandari, Shri U.V. Rao and Shri Nabankur Gupta, retire by rotation and being eligible, offer
themselves for reappointment. Pursuant to Clause 49 (VI) (A) of the Listing Agreement relating to the Code of Corporate Governance, the particulars of the
aforesaid Directors to be reappointed are given below :
Profile of Directors retiring by rotation :
a) Shri P. K. Bhandari, aged 50 years is a commerce and law graduate from the University of Kolkata and a Fellow Member of the Institute of Chartered
Accountants of India and an Associate Member of the Institute of Company Secretaries of India and has over 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 strategising and implementing the Company’s restructuring program,
which included hiving off its non-core businesses in steel, cement and synthetics and consolidating its core - textile, garment and files businesses
through merger and acquisitions.
Shri Bhandari joined the Board of Directors of the Company as Wholetime Director on April 24, 2003. Shri P. K. Bhandari was Group President of the
Company from April 1, 2005 to January 30, 2008. Shri P. K. Bhandari is a member of the Shareholders’/Investors’ Grievances Committee of the
Board of Directors of the Company. Shri Bhandari was honoured with a ‘Special Commendation’ for his outstanding performance in the mergers
and acquisitions category of the “CFO of the Year” award instituted by The Economist in association with American Express.
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The other Directorships/Committee memberships of Shri P. K. Bhandari are as follows :
Name of the Company Board Position held Committee Memberships

Colorplus Fashions Limited Director Chairman – Audit Committee
J. K. Ansell Limited Director –
J. K. Investors (Bombay) Limited Director –
Pashmina Holdings Limited Director –
Peoples Investments Limited Director –
Polar Investments Limited Director –
Radha Krshna Films Limited Director Chairman – Audit Committee
Raymond Apparel Limited Director Member – Audit Committee
Raymond Zambaiti Private Limited Director –
Silver Spark Apparel Limited Director Member – Audit Committee
Smart Investments Private Limited Director –
Tiger Travels and Tours Limited Director –
J. K. (England) Limited Director –
Regency Texteis Portuguesa, Limitada Director –
P. T. Jaykay Files Indonesia Member Board of Commissioners
Raymond UCO Denim Private Limited Director –
Blueocean Capital and Advisory Services Pvt. Ltd. Director –
b) Shri U. V. Rao, aged 78 years, an electrical engineer joined the Board of Directors of the Company on
September 29, 1994. Shri Rao has also participated in Advanced Management programme from Harvard
University. Shri Rao has had over 43 years of experience in business and industry besides project experience.
He was the Chief Executive & Managing Director of Larsen & Toubro Limited.
The other Directorships/Committee memberships of Shri U. V. Rao are as follows :
Ring Plus Aqua Limited Chairman –

TIL Limited Director Chairman – Audit Committee
Member – Remuneration
Committee
Usha Martin Limited Director Member – Audit Committee
Chairman – Remuneration
Committee
Kirloskar Oil Engines Limited Director Chairman – Audit Committee
Kirloskar Brothers Limited Director Member – Audit Committee
Dickinson Fowler Private Limited Alternate Director –
John Fowler (India) Private Limited Director Member – Audit Committee
c) Shri Nabankur Gupta aged 59 years is a graduate from IIT, Delhi in Electrical & 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 Wholetime 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.
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Shri Gupta possesses vast, rich and varied experience of over three decades in project management and marketing of
consumer durable. Shri Gupta pioneered the concept of sub-branding and subsequently, multi-branding in the area of
consumer durable for the first time in India.
Shri Gupta was the first Indian to receive recognition by the Advertising Age International, New York, in 1995 with the
title of ‘Marketing Superstar’.
The other Directorships/Committee memberships of Shri Nabankur Gupta are as follows :
Colorplus Fashions Limited Director –
J.K. Investo Trade (India) Limited Director Chairman Audit Committee
Member Remuneration Committee
Member Shareholders’/Investors
Grievance Committee
J.K. Helene Curtis Limited Director –
Cravatex Limited Director –
e, Lexicon Public Relations & Corporate
Consultants Limited Director –
Pritish Nandy Communications Limited Director Member – Audit Committee
B.P. Ergo Limited Director –
P.T. Jaykay Files, Indonesia Board of
Commissioner –
Quantum Advisors Private Limited Director –
PNC Wellness Private Limited Director –
Blueocean Capital and Advisory
Services Private Limited Director –
ANNEXURE TO THE NOTICE

Explanatory Statement as required by Section 173 of the Companies Act, 1956 (‘the Act’)
The following Explanatory Statement relating to Special Business at Item No.7 of the accompanying Notice sets out all material facts as required under Section
173 of the Act.
Item No.7
At the Annual General Meeting of the Company held on June 18, 2007, the shareholders had accorded their consent to the Board of Directors of the Company to
pay commission not exceeding 1% of the Annual Net Profit of the Company subject to an overall ceiling of Rs.25 lakhs to be distributed amongst
Non-Wholetime Directors of the Company for the Financial Years 2006-07 & 2007-08.
It is now proposed that the Non-Wholetime Directors be paid the same level of commission not exceeding 1% of the Annual Net Profit of the Company computed in
accordance with the provisions of Sections 198, 349 and 350 of the said Act, subject to an overall ceiling of Rs.25 lakhs for further period of three (3)
Financial Years commencing from April 1, 2008 to March 31, 2011.
The Board commends the Special Resolution set out at Item No.7 of the accompanying Notice.
Shri Gautam Hari Singhania being relative of Dr. Vijaypat Singhania, and all the Non-Wholetime Directors of the Company, may be deemed to be concerned or
interested in the aforesaid resolution to the extent of the commission that may be received by them.
By Order of the Board
For Raymond Limited
Registered Office : R. Narayanan

Plot No. 156/H. No.2 Director - Legal
Village Zadgaon & Company Secretary
Ratnagiri 415 612 (Maharashtra)
Dated : April 29, 2008
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BOARD OF DIRECTORS
DR. VIJAYPAT SINGHANIA, Chairman Emeritus
GAUTAM HARI SINGHANIA, Chairman & Managing Director
B. K. KEDIA
NANA CHUDASAMA
ANANT SINGHANIA (upto 29.03.2008)
B. V. BHARGAVA
U. V. RAO
I. D. AGARWAL
NABANKUR GUPTA
P. K. BHANDARI (Wholetime Director - upto 23.04.2008)
MANAGEMENT EXECUTIVES
GAUTAM HARI SINGHANIA, Chairman & Managing Director
DEEPAK KHETRAPAL, Chief Operating Officer
ANIRUDDHA DESHMUKH, President – FMCG & Retail
HARSHAL JAYAVANT, President – Engineering Business
K. A. NARAYAN, President – HR
ROBERT LOBO, President – Shirting Fabric Business
SHREYAS JOSHI, President – Group Apparel
S. K. SINGHAL, President – Textiles
H. SUNDER, President – Finance, Chief Financial Officer
DIRECTOR - LEGAL & COMPANY SECRETARY
R. NARAYANAN
BANKERS
BANK OF INDIA
CONTENTS Pages
BANK OF MAHARASHTRA
Directors’ Report & 2-10 BANK OF AMERICA
Management Discussion
CENTRAL BANK OF INDIA
and Analysis
CITIBANK N.A.
Corporate Governance Report 11-18
HDFC BANK LIMITED
Shareholder Information 19-23
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED
Ten-Year Highlights 24
STATE BANK OF INDIA
Auditors’ Report 25-27 STANDARD CHARTERED BANK LIMITED
Balance Sheet 28
AUDITORS
Profit and Loss Account 29
DALAL & SHAH
Cash Flow Statement 30
Chartered Accountants
Schedules ‘1’ to ‘15’ 31-45
INTERNAL & OPERATIONAL AUDITORS
Schedule ‘16’ – Notes Forming 46-59
Part of the Accounts MAHAJAN & AIBARA
Annexure I – Statement of Significant 60-61 Chartered Accountants
Accounting Policies and Practices
REGISTERED OFFICE
Research and Development 61 PLOT NO. 156/H. NO. 2, VILLAGE ZADGAON
Expenditure Account
RATNAGIRI, 415 612 (MAHARASHTRA)
Consolidated Account 62-77
Details of Balance Sheet and 77 REGISTRAR & SHARE TRANSFER AGENT
Income and Expenditure of INTIME SPECTRUM REGISTRY LIMITED
Subsidiary Companies C-13, PANNALAL SILK MILLS COMPOUND, L. B. S MARG.
Balance Sheet Abstract and 78 BHANDUP (WEST) MUMBAI - 400 078
Company’s General Business Profile
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DIRECTORS’ REPORT & MANAGEMENT DISCUSSION AND ANALYSIS
TO
THE MEMBERS
Your Directors have pleasure in placing before you their 83rd Annual Report and Accounts for the year ended March 31, 2008.
1. FINANCIAL HIGHLIGHTS
During the year, the gross turnover, net of returns and discounts was higher by 3% at Rs.1322.51 crores as compared to Rs.1284.19 crores
in the previous year.
Profit before tax, prior period adjustments and exceptional items was Rs.86.15 crores as against Rs.156.99 crores in the previous year.
Net profit, after exceptional items, prior year adjustments, provision for taxes was Rs.72.42 crores as against Rs.202.12 crores last year
(including surplus on divestment of the denim division – Rs.88.09 crores).
2. APPROPRIATIONS
An amount of Rs. 6.61 crores (Previous Year: Rs.40.00 crores) is credited to the General Reserves. Out of the amount available for
appropriation, your Directors recommend a dividend of 25% (50%) on Equity Shares. The dividend tax on the proposed dividend will be
Rs.2.61 crores (Previous Year: Rs.5.22 crores).
3. ECONOMY OVERVIEW
India has been on a high growth path for some years now. However, during the past few months, worrying developments like the housing
crisis in USA, high inflation – especially in food, fuel and commodities – have emerged. This could increase costs of operations, dampen
consumer sentiment and moderate growth going forward.
4. SEGMENT ANALYSIS AND REVIEW

The key business segments of the Company are Textile and Files & Tools Divisions. The erstwhile denim division of the Company was
combined with the denim business of UCO NV, Belgium, to form a 50:50 joint venture from August 1, 2006. Consequently the current year
ending March 31, 2008 financials are not strictly comparable with the previous year ending March 31, 2007.
A. TEXTILE DIVISION
Industry Conditions
The textiles and apparels sector is a major contributor to the Indian economy in terms of foreign exchange earnings and employment.
Moreover certain natural advantages including domestic cotton availability and external factors including progress on WTO, have fueled the
growth of this industry in India with a clear competitive edge. The domestic textiles and apparels market in India is witnessing strong growth
owing to a young spending population and a rapid increase in organised retail. Consumer preferences are also undergoing a metamorphosis
as never seen before. The change being witnessed can be attributed to several factors including increasing purchasing power of the masses,
shifts in the buying behavior, demography dynamics, and growing urbanisation, opening up of the retail segment to private and foreign players
and changing trends/lifestyle. Investments in the textile sector have increased significantly over the last three to four years. Going forward, by
2012, investment in the textiles and clothing industry is estimated to touch US $ 38.14 billion.
Continuing the robust growth of the organised retail in India, according to the Credit Rating and Information Services of India Ltd., the industry
raked in US $ 25.44 billion turnover in 2007-08 as against US $ 16.99 billion in 2006-07, a whopping growth rate of 50 per cent.
Consequently prospects for this sector in India continues to be buoyant.
Opportunities and Challenges
The opportunities thrown open by the buoyant market for textiles in India is good for those companies, such as yours that are geared with strong
brand positioning, fully integrated production facilities, and the technical and innovation capabilities to deliver the kind of patterns, weaves and
designs that are demanded by the growing consumer class.
On the exports side, the soaring value of the rupee, took textile exporters in India by surprise in 2007. The rupee rose more than 10% against the
US dollar on an average during the year, resulting in many smaller units facing difficulties.
Apart from the escalating rupee, textile firms also had to cope with higher interest rates, high raw material prices especially wool, and continued
lack of infrastructure.
Delay in processing and disbursements of TUF loan subsidies also hamper investment in the sector and drives up the cost of funds.
Overview
The Company is a market leader in the textiles sector in India, has a powerful brand ‘Raymond’ and strong retail presence in the form of
‘The Raymond Shop’ (‘TRS’) domestically. While focusing on its vision of being the leader in fashion and lifestyle segment your Company is now
also establishing itself as a preferred supplier of value-added premium fabric in the international markets.
The Company continues to focus on the booming retail sector and is now concentrating on penetrating into the Tier 3 and 4 towns of the
country. The Company has also forayed into the women’s wear segment with offerings in the corporate and smart clothing category. The
Company is on its way to become a lifestyle solution for discerning customers with an offering of a range of fabrics, garment and accessories
in a premium shopping environment.
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The Company plans to invest significantly in the coming years in expanding its state of the art manufacturing capacities, strengthening and
extending the product offerings under its brand and expanding its marketing and distribution network.
To cater to the growing domestic and export markets, the Company has undertaken the following initiatives:
• Implementation of ERP in textile division;
• Addition of a manufacturing facility at Vapi with latest machinery which became fully operational, and providing efficient and cost
effective production lines.
• Setting up a suit plant at Bangalore to cater to the growing demand.
Performance Highlights
Despite fierce competition in domestic and international markets and inspite of the challenges faced including teething issues in the ERP
implementation, the Company witnessed an increase in net revenues. The net sales of the textile division grew from Rs.992.22 crores to
Rs.1133.85 crores, an increase of 14%. The growth in revenues was largely due to an increase in volumes. High wool prices, employment cost
increases and issues in the ERP implementation however resulted in a decline in profit before interest and tax of the division from Rs.228.44
crores to Rs.166.37 crores.
Market Share and Retail Network
The Company is the acknowledged market leader in India. The ambition to retain market leadership through the Retail Shop network continues
unabated. The Company has retail presence by way of its Exclusive Brand Shops (The Raymond Shop) and is further exploring new retail formats
by establishing presence in Malls. In this scenario of an unprecedented boom in the retail industry, your Company holds a respectable 1 million
sq. ft. of retail space including the 50 shops that were added during the course of the year. However cost of retailing, especially cost of
space, continue to spiral in India resulting in pressure on retailing margins.
Export
Textile exports for the year under review were Rs.114 crores, a growth of 4% over previous year, inspite of rupee appreciation.
Raw Material
Wool prices have remained at a high level throughout the year due to a severe drought in Australia. Alternate vendors have been
developed in other countries like South Africa to mitigate the risk of higher price. Polyester fibre prices are presently stable.
Production
The Company has a total production capacity of 31 million metres of worsted fabric distributed at Thane, Chhindwara, Jalgaon and Vapi.
Your Company’s third phase of expansion at Vapi is now in progress which will add another 7 million metres capacity of worsted fabric.
B. FILES & TOOLS DIVISION

The division is engaged in manufacture and marketing of Steel Files, HSS Cutting Tools (mainly drills) & Merchanting activities mainly in Hand
Tools. During the year under review, the division further consolidated its position in Cutting Tools and Hand Tools segments.
Industry Outlook
The demand for files is moving towards the Eastern part of Europe, Asia and other developing countries in Africa and Latin America. The
division has been able to make significant inroads in these regions during the course of the year. The HSS Cutting Tools business is
internationally a growing business.
Opportunities and Challenges
The economy has been witnessing a high inflationary situation together with steep rises in prices of steel in the last quarter of the year due
to increased inputs costs like coke, iron ore. Consequent input price increases for the division during the year is a likely scenario.
With constraints on passing on especially the full burden of rising input costs, due to stiff competition from unorganised sector players, there
is big challenge for the Division going forward.
Division Overview
The division endeavors to counter the National/International competition through cost reduction and up-gradation of the manufacturing
process/practices by value engineering.
The division’s endeavor to expand and consolidate its presence in International market continues. It has made an entry into some new markets,
notable ones being Russia, Czech Republic and Poland. The business presence has been further strengthened in USA as well.
Performance and Review of Operations
The division continues to remain a market leader in the files segment and the largest producer of files in the world. The overall performance of
the division was good. The division recorded an all time high sales volume of files in international market during the year under review. The rupee
appreciation against US Dollar has impacted the realisation and has resulted in overall Export sales lower by around 10% compared to the
previous year. The division reported net sales of Rs.177 crores (Previous Year: Rs.168 crores) and PBT of Rs.1.61 crores versus Rs.3.28 crores during
the previous year.
5. FINANCE AND ACCOUNTS
The observations made by the Auditors in their Report have been clarified in the relevant notes forming part of the Accounts, which are self
explanatory.
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6. PERFORMANCE OF SUBSIDIARY COMPANIES
Domestic
Raymond Apparel Limited
The gross turnover, net of discounts of the Company was higher by 47.60% at Rs.349.95 crores (Previous Year: Rs.237.09 crores). Profit after
tax was lower at Rs. 7.84 crores (Previous Year: Rs. 10.54 crores).
During the year under review, the Company continued to focus on expansion of retail space through its exclusive branded stores. These
stores have enhanced the brand image and uplifted the Brand positioning. The Company continued to lay emphasis on product
innovation. ‘Park Avenue’ and ‘PARX’ brands of the Company continue to attain the leadership positions in their respective segments.
During the year, Company launched “Raymond” Brand under ready to wear premium segment and also launched Brand Extension of
‘Park Avenue’ in women’s wear. ‘ZAPP’ a premium range brand in kids wear has got positive response in the market and increased the distribution
width. The popular price brand ‘Notting Hill’ is getting good size and being widely distributed.
With all these developments, this year has seen a spectacular growth in the branded apparel business of the Company with high growth rates
being sustained quarter after quarter. In the coming years, the Company plans to increase its distribution reach further.
Colorplus Fashions Limited
The gross turnover of the Company was higher at Rs.147.89 crores (Previous Year: Rs.120.94 crores). Profit before tax and exceptional items was
lower at Rs.10.76 crores (Previous Year: Rs.19.63 crores). Net profit, after provision for taxes, was lower at Rs. 6.71 crores (Previous Year:
Rs.13.15 crores).
Colorplus in its endeavor to maintain its prime position in the premium casual wear is constantly innovating in terms of style as well as through
improved fabric construction in order to set higher benchmark levels. The Company extended the brand to women’s wear space during the
course of the year.
Silver Spark Apparel Limited
The gross turnover of the Company was Rs.88.07 crores (Previous Year: Rs.72.59 crores). The Company had a Profit after tax of Rs.7.39 crores
(Previous Year: Rs.2.65 crores) during the year under review.
The Company has shown excellent performance during the year despite the unfavorable exchange rate through improved efficiencies and
premium segment targeting. During the year, the Company installed another jacket line. The Made-to-measure facility has been fully
commissioned.
Everblue Apparel Limited
The Company earned a profit of Rs.1.49 crores (Previous Year: Loss of Rs.5.49 crores) during the year under review.
Celebrations Apparel Limited
The gross turnover of the Company was Rs.8.97 crores (Previous Year: Rs.5.27 crores). The Company incurred a loss of Rs.0.10 crores
(Previous Year: Loss of Rs.0.91 crores).
During the year the Company has increased its shirts manufacturing capacity from 3000 shirts to 4000 Shirts per day.
Hindustan Files Limited
The gross turnover of the Company (including sales & services) was higher at Rs.37.98 crores (Previous Year: Rs.31.32 crores). Profit before Tax
was at Rs.1.95 crores (Previous Year: Rs.2.76 crores). Profit after Tax was at Rs.2.15 crores (Previous Year: Rs.2.44 crores). The internal control
measures, monitoring and process improvement strategy significantly contributed to the profitability.
JK Talabot Limited
The Company manufactures files and rasps at its plant located at Chiplun in Ratnagiri District, in the State of Maharashtra. Although the
operations stabilised earlier, the year under review was the first full year of operations for the Company. During the year under review, Company
recorded production of Rs.42.60 lakhs files, including semi finished files of Rs.32.77 lakhs, reaching around 60% of capacity utilisation. The gross
turnover of the Company was at Rs.13.94 crores (Previous Year: Rs.2.18 crores). The Company recorded profit before tax of Rs.0.09 crores
(Previous Year: Loss of Rs.2.72 crores) during the period under review.
Scissors Engineering Products Limited
The Company incurred a loss of Rs.0.36 lakhs (Previous Year: Loss of Rs.0.45 lakhs) during the year under review.
Ring Plus Aqua Limited
The gross turnover of the Company was higher by 5% at Rs.76.51 crores (Previous Year: Rs.72.69 crores). Profit before tax was at Rs.11.22 crores
(Previous Year: Rs.12.62 crores). Net profit, after prior year adjustments and provision for tax was marginally higher at Rs.7.27 crores as against
Rs.7.22 crores for the previous year.
The performance of Starter Gear Division showed an impressive growth of 24% during the year under review. The sales volume of gears
increased from 13.92 lakhs nos. to 17.29 lakhs nos.
The performance of Shaft Bearings Division was lower during the year under review. The sales of the division reduced from 21.80 lakhs nos. to
19.56 lakhs nos., valued at Rs.20.53 crores as against Rs.23.96 crores in the previous year.
Export constituted 59% (Previous Year: 59%) of the total sales for both the divisions.
Pashmina Holdings Limited
The Company incurred a Loss of Rs.8.72 lakhs (Previous Year: Loss of Rs.2.09 lakhs) during the year under review.
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Overseas
Jaykayorg AG incurred a loss of CHF 394,277 (Previous Year: Loss of CHF 714,450) for the year ended December 31, 2007.
J. K. (England) Limited recorded a profit of Pound Sterling 21,648 (Previous Year: Profit of Pound Sterling 13,374) for the year ended
December 31, 2007.
Regency Texteis Portuguesa Limitada, Portugal earned a profit of Euros 44,897.98 (Previous Year: Profit of Euros 11,444.17) for the year ended
December 31, 2007.
Raymond Europe S.R.L., recorded a profit of Euro 4,258 (Previous Year: Profit of Euro 2,170) for the year ended December 31, 2007.
R & A Logistics INC, USA, a subsidiary of Ring Plus Aqua Limited set up in the USA to provide better service to US based customers, earned a profit
of US $ 10,787 (Previous Year: Profit of US $ 2,101) for the year ended March 31, 2008.
7. PERFORMANCE OF JOINT VENTURES
Raymond UCO Denim Private Limited – Consolidated operations
The consolidated operations of the Company for the year ended March 31, 2008 had sales (including export incentives) of Rs.784.70 crores
and incurred a loss after tax of Rs.120.93 crores.
The over-supply situation in India and the poor demand situation in Europe and USA continue unabated and in fact worsened during the course
of the year. Despite this the Indian fabric division maintained higher production and sales registering over 90% capacity utilisation. Focused
efforts on new innovative washes helped the garmenting unit to position itself at the medium and top end of the market. The joint venture
partners are keenly focused on efforts to bring improvements in costs and manufacturing efficiencies especially in the European and US
operations.
The Joint Venture Company has established a very good reputation for product development and innovation.
Raymond Zambaiti Private Limited
The gross turnover of the Company was Rs.100.70 crores (Previous Year: Rs.31.69 crores). The Company had a profit after tax of Rs.5.97 crores
(Previous Year: Loss after tax was Rs.9.96 crores) during the year under review.
The Company has shown excellent performance during the year. It has grown from strength to strength with its top of the line product quality
and has become the preferred supplier of high value cotton shirting fabric to many of the leading domestic apparel brands and internationally
too its products are well appreciated for quality and innovation.
Raymond Fedora Private Limited
The gross turnover of the Company was Rs.35.33 crores (Previous Year: Rs.22.89 crores). The Company had a loss after tax of Rs.11.85 crores
(Previous Year: Loss Rs.14.05 crores) during the year under review.
Gas Apparel Private Limited
The gross turnover of the Company for the year was Rs.15.67 crores and the loss was at Rs.19.32 crores. ‘GAS’ Brand is being established in the
domestic Indian Markets.
8. AWARDS
The Company received ‘Global HR Excellence Awards 2007-08’ for the outstanding contribution to the cause of education from ACCOR
Services – International Leaders and India’s foremost in Employees Benefits, Motivation and Loyalty Solutions.
Textiles Division of the Company received the following awards during the year:
a) Chhindwara unit received State Environment Award for the year 2004-05 on February 23, 2008.
b) Jalgaon unit received State Level Award for excellence in Energy Conservation and Management from Maharashtra Energy Development
Agency, for the year 2006.
c) ‘Most admired Textile brand of the year’ from Lycra Images Fashion Award 2008.
d) ‘Most admired Suiting brand of the year’ from Lycra Images Fashion Award 2008.
e) ‘The Best Branded Readymade Garment and Textile’ from CNBC Awaaz Consumer Awards.
The ‘Park Avenue’ brand of Raymond Apparel Limited was adjudged the ‘Most Innovative Brand’ of the year at the Lycra Images Fashion Awards
2007 in succession.
Files and Tools Division of the Company received the following awards during the year:
a) ‘Outstanding Exporter Award’ in the engineering category in International Trade Awards 2006-07 sponsored by DHL & CNBC TV18.
b) All India Export Award by Engineering Export Promotion Council (EEPC) of India for being the Star Performer of 2005-06 in the Hand Tools
Category.
9. CONSOLIDATED ACCOUNTS
In accordance with the requirements of Accounting Standards, the Consolidated Accounts of the Company is annexed to this Report.
10. CORPORATE GOVERNANCE
Your Company attaches considerable significance to good Corporate Governance as an important step towards building investor confidence,
improve investors’ protection and maximise long term shareholder value. Pursuant to Clause 49 of the Listing Agreement with the Stock
Exchanges, a compliance report on Corporate Governance has been annexed as part of the Annual Report.
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11. DIRECTORS
Shri P. K. Bhandari, who stepped down as Group President with effect from January 30, 2008, ceased to be a Wholetime Director of the
Company on April 23, 2008 on expiry of his term of office as Wholetime Director. The Board places on record its deep appreciation to Shri P. K.
Bhandari for the services rendered by him during his tenure.
Shri Anant Singhania, resigned from the Board of Directors of the Company with effect from March 29, 2008. The Board places on record its
appreciation of the valuable advice and contribution by him, during his tenure.
Shri P. K. Bhandari, Shri U. V. Rao and Shri Nabankur Gupta, Directors, retire by rotation and, being eligible, offer themselves for reappointment.
Appropriate resolutions for the reappointment of the aforesaid Directors are being moved at the ensuing Annual General Meeting, which the
Board commends for your approval.
12. DIRECTORS’ RESPONSIBILITY STATEMENT
Pursuant to sub-section (2AA) of Section 217 of the Companies Act, 1956, the Board of Directors of the Company hereby state and
confirm that :
(i) in the preparation of the Annual Accounts, the applicable accounting standards have been followed;
(ii) the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of
the profit of the Company for that period;
(iii) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other
irregularities;
(iv) the Directors have prepared the annual accounts on a going concern basis.
13. AUDIT
Messrs. Dalal & Shah, Chartered Accountants, who are Statutory Auditors of the Company hold office up to the forthcoming Annual General
Meeting and are recommended for reappointment to audit the accounts of the Company for the Financial Year 2008-09. As required under
the provisions of the Section 224(1B) of the Companies Act, 1956, the Company has obtained written confirmation from Messrs. Dalal & Shah
that their appointment if made would be in conformity with the limits specified in the Section.
As per the requirement of Central Government and pursuant to Section 233B of the Companies Act, 1956 your Company carries out an audit
of cost records relating to textile division every year. Subject to the approval of the Central Government, the Company has appointed
M/s. Nanabhoy & Co., to audit the cost accounts for the financial year 2008-09.
14. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
Internal control systems are implemented:
• to safeguard the Company’s assets from loss or damage
• to keep constant check on the cost structure
• to prevent revenue leakages
• to provide adequate financial and accounting controls and implement accounting standards.
The system is improved and modified continuously to meet the changes in business conditions, statutory and accounting requirements.
The Audit Committee of the Board of Directors actively review the adequacy and effectiveness of internal control systems and suggests
improvements for strengthening them. The Company has a strong Management Information System which is an integral part of the control
mechanism.
The Company has successfully implemented an enterprise wide solution (ERP) in its textile plants and is in the process of covering all its
businesses, planning and accounting processes.
15. RISK MANAGEMENT
The Company is exposed to risks from market fluctuations of foreign exchange, interest rates and commodity prices and business risk.
Foreign Exchange Risk
The Company’s policy is to systematically hedge its long term foreign exchange risks as well as short term exposures in line with its hedging
policies.
Interest Rate Risk
The Company is proactively using derivatives for foreign currency borrowings to hedge interest rate risk and minimise interest cost.
Given the interest rate fluctuations, the Company has adopted a prudent and conservative risk mitigating strategy, as a result of which interest
rate fluctuations are not expected to pose a significant risk nor are they likely to have any material impact on the Company’s profitability.
Commodity Price Risk
The Company is exposed to the risk of price fluctuation on raw materials as well as finished goods in all its products. The Company proactively
manages these risks in inputs through forward booking, inventory management, proactive management of vendor development and relationships.
The Company’s strong reputation for quality, product differentiation and service and the existence of a strong brand image and a strong
marketing network mitigates the impact of price risks on finished goods.
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Risk Element in Individual Businesses
Apart from the risks on account of interest rate, foreign exchange and regulatory changes, various businesses of the Company are
exposed to certain operating business risks, which are managed by regular monitoring and corrective actions.
16. ENVIRONMENT AND SAFETY
The Company is conscious of the importance of environmentally clean and safe operations. The Company’s policy requires the conduct
of all operations in such manner so as to ensure safety of all concerned, compliance of statutory and industrial requirements for
environment protection and conservation of natural resources to the extent possible.
17. HUMAN RESOURCES AND INDUSTRIAL RELATIONS
The Company takes pride in the commitment, competence and dedication shown by its employees in all areas of business. Various HR
initiatives are taken to align the HR Policies to the growing requirements of the business.
The Company has a structured induction process at all locations and management development programmes to upgrade skills of managers.
Objective appraisal systems based on KRAs are in place for senior management staff.
Technical and safety training programmes are given periodically to workers.
Industrial relations remained generally cordial in all the plants.
18. STATUTORY INFORMATION
Information pursuant to sub-section 1 (e) of Section 217 of the Companies Act, 1956, read with the Companies (Disclosure of Particulars in the
Report of the Board of Directors) Rules, 1988 is given in Annexure 1 to this Report.
The particulars of employees, as required under Section 217 (2A) of the Companies Act, 1956, are given in a separate Annexure to this Report.
This Annexure is not being sent along with this Report to the members of the Company in line with the provisions of Section 219 (1) (b) (iv) of the
said Act. Members who are interested in obtaining these particulars may write to the Company Secretary at the Registered Office of the
Company. None of the employees listed in the said Annexure is a relative of any Director of the Company except for Shri Gautam Hari
Singhania who is related to Dr. Vijaypat Singhania and Shri Anant Singhania. None of the employees hold (by himself or along with his spouse
and dependent children) more than two per cent of the equity shares of the Company.
The Company has been exempted by the Central Government vide their letter no. 47/80/2008 –CL-III dated March 12, 2008 under Section 212
(8) of the Companies Act, 1956 from attaching a copy of the Balance Sheet, Profit and Loss Account, Report of the Board of Directors and the
Report of the Auditors of the subsidiary companies. However, pursuant to Accounting Standard AS 21 issued by The Institute of Chartered
Accountants of India, Consolidated Financial Statements presented by the Company includes the financial information of the subsidiaries.
The Company will make available these documents/details upon request by any member of the Company and its subsidiaries interested in
obtaining the same. The annual accounts of the subsidiary companies will also be kept for inspection by any member at the respective
registered offices of the Company and its subsidiary companies.
Deposits of Rs.4.94 Lakhs from 55 depositors which fell due for repayment before the close of the financial year remained unclaimed by the
depositors as on March 31, 2008 and have remained unclaimed upto the date of this Report.
19. CAUTIONARY STATEMENT
Statement in this Directors’ Report & Management Discussion and Analysis describing the Company’s objectives, projections, estimates,
expectations or predictions may be “forward-looking statements” within the meaning of applicable securities laws and regulations. Actual
results could differ materially from those expressed or implied. Important factors that could make a difference to the Company’s operations
include raw material availability and prices, cyclical demand and pricing in the Company’s principal markets, changes in Government
regulations, tax regimes, economic developments within India and the countries in which the Company conducts business and other incidental
factors.
20. APPRECIATION
Your Directors express their warm appreciation to all the employees at various Units for their diligence and contribution. Your Directors also wish
to record their appreciation for the support and co-operation received from the joint venture partners, dealers, agents, suppliers and the banks.
For and on behalf of the Board
Gautam Hari Singhania

Chairman and Managing Director
Mumbai, April 29, 2008
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Annexure (1) to the Directors’ Report
Information pursuant to Section 217(1)(e) of the Companies Act, 1956 read with Companies (Disclosure of Particulars in the Report of Board
of Directors) Rules, 1988.
A. Conservation of Energy :
Energy conservation continued to have high prominence as in previous years.
Some of the initiatives taken in the year 2007-08 were as follows :
1) Installation of Electronic chokes and Energy efficient light fittings.
2) Voltage reduction at Lighting Transformers.
3) Improvement in condensate recovery of Boiler.
4) Establishment of new Fuel additives for Furnace Oil.
5) Rationalisation in running of pumps.
In Chhindwara unit, some of the measures, which have contributed towards energy savings are :
1) Automation of Compressor System at Compressor House.
2) Installation of Inverters for Turbo Pump in Top Dyeing Machines at Dyeing Section.
3) Installation of Energy Efficient Control System with variable frequency drive on suction Fan Motors in Textool WS-60 Ring Frame at
Worsted Spinning Department.
4) Power and cost (imported spares) saving by converting DC drive system to AC system in Corino Weft Straightner Machine in
Stenter at Finishing Department.
5) Energy Saving in Rope Scouring Machine No.6 by replacing 30 HP Main Motor with 20 HP motor at Finishing Department.
6) Energy saving in Nikki Press No.1 by replacing 40 HP Hydraulic Pump Motor with 20 HP Hydraulic Pump Motor at Finishing Department
In Vapi unit change from furnace oil to natural gas in boiler and thermopac.
In Files and Tools Division VFC (Variable feed control) introduced for compressors at Ratnagiri for conservation of power.
B. Technology Absorption :
(a) Research and Development ( R & D) :
The R&D Department of Textile Division strives to develop and provide exclusive and innovative products under its brand. Some of
the products developed and introduced during the year under review were:
1 . Jacketing fabric based on 100 percent exotic and luxurious Vicuuna fibers.
2 . Range of fabrics based on latest type of elastomeric polymeric yarn (Dow XLA) imparting unique stretch properties to poly
wool and wool fabrics.
3 . New range of extra black (deep black) polyester-wool fabrics with anti-lint finish.
4 . Range of polyester-wool and wool fabrics with silver based antimicrobial finish.
5 . A range of sparkling fabrics with fine metallic effect for ceremonial wear.
6. Range of fine soft fabrics, with special wool enzyme finish.
In order to maintain the leadership of JKFT in files business, 13 new SKU’s have been developed for the Export market for customer
specific engineering and agro applications.
(b) Technology Absorption, Adaptation and innovation :

The Files and Tools division introduced automatic VCI pouch packing and commissioned slim taper files for enhancing brand
image to the end customer.
Value stream for flat files introduced at Pithampur for productivity improvement.
C. Foreign Exchange Earnings and Outgo :

Textile exports have shown a growth of 4% over the previous year. The Company has achieved an increased growth in the last financial
year inspite of stiff competition from other exporters of our country and rupee appreciation. This has been achieved only with the sole
endeavor of constantly servicing the customer with value added products and with the emphasis on enhancing customer base.
The Files and Tools division’s endeavor to expand and consolidate its presence in International market continues. During the year under
review the division recorded an all time high sales volume of files in international market. The rupee appreciation against US Dollar has
impacted the overall export realisation and overall export sales. During the year under review the division has made entr y
into some new markets, notable ones being Russia, Czech Republic and Poland. The business presence has been improved
significantly in Eastern Europe, Canada, Asian countries like Myanmar, UAE, African countries like Uganda, Tanzania and Kenya.
The division has strengthened its presence in USA by appointing a new agent, and a new sales representative for Brazil specifically to
tackle demand from currently booming Sugarcane Industry.
The particulars regarding foreign exchange earnings and outgo are given in Schedule 16 – Notes forming part of the Accounts.
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Form ‘A’
[Forming part of Annexure (1)]
DISCLOSURE OF PARTICULARS WITH RESPECT TO CONSERVATION OF ENERGY
A. POWER AND FUEL CONSUMPTION

Purchased Own generation
(through Diesel Generator/
Steam Turbine)
Current Year Previous Year Current Year Previous Year
1. Electricity
a) Total units (KWH in thousands)
Textiles * 68049 57211 64449 66033
Files & Tools 14621 13272 37 126
Denim — 5254 — 17913
b) Total Amount (Rupees in lacs)
Textiles 3015 2623 1808 1775
Files & Tools 697 637 5 17
Denim — 206.86 — 514.70
c) Units/per Litre of Diesel Oil
Textiles — — 3.14 3.05
Files & Tools — — 4.77 4.80
Denim — — — 2.41
d) Units/per Kg. of Coal
Textiles — — 0.90 0.93
Denim — — — 0.58
e) Cost per unit (Rs.)
Textiles 4.43 4.58 2.81 2.69
Files & Tools 4.77 4.80 13.82 13.46
Denim — — — —
Total Total Cost Average Rate

Quantity (Rs. Lacs) per Unit (Rs.)
2. Coal (M.T.)
a) Textile Division
Current Year 76457 1407 1840
Previous Year 79904 1607 2011
b) Denim Division
Current Year — — —
Previous Year 22720 487.72 2146.65
3. Furnace Oil (Lac Litres)
a) Textile Division
Current Year 60.84 1349.35 22.18
Previous Year 71.27 1393.87 19.56
b) Files Division
Current Year 4.79 105.18 21.96
Previous Year 3.69 70.42 19.08
c) Denim Division
Previous Year 11.65 239.21 20.53
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Total Total Cost Average Rate
Quantity (Rs. Lacs) per Unit (Rs.)
4. Diesel Oil (Lac Litres)

a) Textile Division
Current Year 5.61 201 36
Previous Year 4.06 158 39
b) Files & Tools Division
Current Year 0.54 16 30
Previous Year 1.09 30 28
c) Denim Division
Previous Year — 17 40
5. LPG (Kgs.)
a) Textile Division
Current Year 95909 46 48
b) Files & Tools Division
c) Denim Division
6. Natural Gas (Lacs Cubic Mtr.)
Textile Division
Previous Year — — —
* 67376 MT used for CPP (Previous Year: 27679 M.T.)
B. CONSUMPTION PER UNIT OF PRODUCTION
Unit Standard (if any) Current Year Previous Year

Electricity
a) Fabrics KWH/Metre — 4.87 4.13
b) Engineers’ Steel Files KWH/Piece — 0.23 0.23
c) Denim KWH/Metre — — 2.17
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CORPORATE GOVERNANCE REPORT
INTRODUCTION
The Principles of Corporate Governance are based essentially on the existing legal and regulatory arrangements as well as the best prevailing
practices followed by Corporate Sector. The framework of Corporate Governance was imbibed into the business since it emphasised on two
important components namely long term prosperity of the Company and Governance of National, Human, Societal, Economic and Political genus.
Since the Corporate governance principles alongwith the global standards has become an important constituent to Corporate success, the practice
of good Corporate Governance has become a necessary pre-requisite for any corporation to manage effectively in the globalised market scenario.
The detailed report on implementation by the Company, of the Corporate Governance Code as incorporated in Clause 49 of the Listing Agreement
with the Stock Exchanges, is set out below :
A. MANDATORY REQUIREMENTS
1. COMPANY’S PHILOSOPHY ON CODE OF GOVERNANCE :
Your Company has always believed in adopting the best practices of Corporate Governance with an aim to maximise the interest of the
shareholders with those of other stakeholders – customers, employees, investors, vendors, dealers, financiers, state and central governments
and society at large in order to achieve long-term sustained value while ensuring accountability in the exercise of corporates’ financial, legal
and contractual obligations.
The key to good Corporate Governance is in ensuring that the Company takes into account the interests of a wide range of constituencies, as
well as of the communities within which Company operate.
Today even in the fiercely competitive business environment, the Management and Employees of your Company are committed to uphold
the core values of transparency, integrity, honesty and accountability which are fundamentals of Corporate Governance.
Your Company is fully committed to and continues to follow procedures and practices in conformity with the Code of Corporate Governance
contained in the Listing Agreement.
2. BOARD OF DIRECTORS :
COMPOSITION AND CATEGORY
The Board of Directors of the Company consists of eminent persons with considerable professional expertise and experience in business and
industry, finance, management, legal and marketing. The Executive Directors are involved in the day-to-day management of the Company
and non-executive including the independent Directors bring external and wider perspective and independence to the decision making. The
composition of the Board of Directors with reference to number of Executive and Non-Executive Directors, meets with the requirements of
Clause 49 (I) (A) of the Listing Agreement.
The present strength of the Board of Directors is nine, whose composition is given below :
— one Promoter, Executive Director
— one Promoter, Non-Executive Director
— one Non-Promoter, Non-Executive Director
— six Independent, Non-Executive Directors
None of the Directors on the Board is a member of more than ten Committees and Chairman of more than five Committees across all
companies in which they are Directors.
The composition of the Board of Directors, the number of other Directorship and Committee positions held by the Director, of which the Director
is a Member/Chairman as on March 31, 2008 are as under :
Name of Director Category of Directorship No. of Board Committees Relationship interse

Directorship in other (other than Raymond Limited) Directors
companies in which Chairman/Member
Chairman Member
Dr. Vijaypat Singhania Promoter, Non-Executive 6 Nil Nil Related to Shri Gautam Hari Singhania
Chairman Emeritus and Shri Anant Singhania
Shri Gautam Hari Singhania Promoter, Executive 7 Nil 2 Related to Dr. Vijaypat Singhania
Chairman & Managing Director and Shri Anant Singhania
Shri B. K. Kedia Independent, Non-Executive 8 Nil 1
Shri Nana Chudasama Independent, Non-Executive 4 Nil Nil
Shri Anant Singhania Promoter, Non-Executive 2 Nil Nil Related to Dr. Vijaypat Singhania
(upto March 29, 2008) and Shri Gautam Hari Singhania
Shri B. V. Bhargava Independent, Non-Executive 10 4 5
Shri U. V. Rao Independent, Non-Executive 5 2 3
Shri I. D. Agarwal Independent, Non-Executive 2 Nil 1
Shri Nabankur Gupta@ Non-Independent, Non-Executive 7 1 2
Shri P. K. Bhandari # Non-Promoter, Executive 10 2 3
Wholetime Director
(*) – excludes Alternate Directorships, Directorships in Indian Private Limited Companies and Foreign Companies and Membership of Managing Committees of various bodies.
( @) – Shri Nabankur Gupta is Independent Director with effect from April 1, 2008.
( #) – Shri P. K. Bhandari ceased to be Wholetime Director with effect from April 23, 2008 and shall continue on the Board as Non-Executive and Non-Independent Director.
Only memberships of Audit Committee and Shareholders’/Investors‘ Grievances Committee are considered.
Member includes only membership of Audit Committee and Shareholders’/Investors‘ Grievances Committee and not the Chairmanship.
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BOARD PROCEDURE
The Board meets atleast once a quarter to review the quarterly performance and the financial results. The Board Meetings are generally
scheduled well in advance and the notice of each Board Meeting is given in writing to each Director. All the items on the Agenda are
accompanied by notes giving comprehensive information on the related subject and in certain matters such as financial/business plans,
financial results, detailed presentations are made. The Agenda and the relevant notes are sent in advance separately to each Director and
only in exceptional cases, the same is tabled at the meeting. The Board is also free to recommend the inclusion of any matter for discussion in
consultation with the Chairman.
The information as specified in Annexure I A to Clause 49 of the Listing Agreement is regularly made available to the Board.
To enable the Board to discharge its responsibilities effectively, the members of the Board are briefed at every Board Meeting, on the overall
performance of the Company, with presentations by functional heads. Senior Management is invited to attend the Board Meetings so as to
provide additional inputs to the items being discussed by the Board.
The Board’s role, functions, responsibility and accountability are clearly defined. In addition to matters statutorily requiring Board’s approval, all
major decisions involving policy formulation, strategy and business plans, annual operating and capital expenditure budgets, new investments,
details of joint ventures, sale of business unit/division, compliance with statutory/regulatory requirements, major accounting provisions and write-
offs are considered by the Board.
The Minutes of the Board Meetings are circulated in advance to all Directors and confirmed at subsequent Meeting. The Minutes of Audit
Committee and other Committees of the Board are circulated in advance to all Directors, regularly placed before the Board and noted by the
Board.
ATTENDANCE OF EACH DIRECTOR AT THE BOARD MEETINGS AND THE LAST ANNUAL GENERAL MEETING
During the financial year ended March 31, 2008, five Board Meetings were held i.e. on April 27, 2007, July 20, 2007, October 26, 2007,
November 6, 2007 and January 30, 2008. The gap between two Board Meetings did not exceed four months.
The attendance of each Director at Board Meetings and the last Annual General Meeting (AGM) is as under:
Name of the Director No. of Board Attendance at last AGM

Meetings attended held on June 18, 2007
Dr. Vijaypat Singhania 3 Yes
Shri Gautam Hari Singhania 5 Yes
Shri B. K. Kedia 5 Yes
Shri Nana Chudasama 4 No
Shri Anant Singhania 4 Yes
Shri B. V. Bhargava 4 No
Shri U. V. Rao 3 Yes
Shri I. D. Agarwal 5 Yes
Shri Nabankur Gupta 5 No
Shri P. K. Bhandari 5 Yes
3. AUDIT COMMITTEE :
BROAD TERMS OF REFERENCE
The Audit Committee of the Board of Directors of the Company, inter-alia, provides assurance to the Board on the adequacy of the internal
control systems and financial disclosures.
The Terms of Reference of the Audit Committee are wide enough to cover the matters specified for Audit Committees under Clause 49 of the
Listing Agreements as well as in Section 292A of the Companies Act, 1956 and inter- alia includes :
a. oversight of the Company’s financial reporting process and the disclosure of its financial information to ensure that the financial statement
is correct, sufficient and credible;
b. recommending to the Board, the appointment, reappointment and, if required, the replacement or removal of the Statutory Auditor and
the fixation of audit fees;
c. approval of payment to Statutory Auditors for any other services rendered by the Statutory Auditors;
d. reviewing, with the management, the annual financial statement before submission to the Board for approval, with particular reference to
:
i. matters required to be included in the Director’s responsibility Statement which forms part of the Directors’ Report pursuant to Clause
2AA of Section 217 of the Companies Act, 1956;
ii. changes, if any, in accounting policies and practices and reasons for the same;
iii. major accounting entries involving estimates based on the exercise of judgment by management;
iv. significant adjustments made in the financial statements arising out of audit findings;
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v. compliance with listing and other legal requirements relating to financial statements;
vi. disclosure of any related party transactions;
vii. qualifications in the draft audit report.
e. reviewing with the management, the quarterly financial statements before submission to the Board for approval;
f. reviewing, with the management, performance of statutory and internal auditors, adequacy of the internal control systems;
g. reviewing the adequacy of internal audit function, if any, including the structure of the internal audit department, staffing and seniority of
the official heading the department, reporting structure coverage and frequency of internal audit;
h. discussion with internal auditors any significant findings and follow up thereon;
i. reviewing the findings of any internal investigations by the internal auditors into matters where there is suspected fraud or irregularity or a
failure of internal control systems of material nature and reporting the matter to the Board;
j. discussion with statutory auditors before audit commences, about the nature and scope of audit as well as post-audit discussion to
ascertain any area of concern;
k. carrying out any other function as mentioned in the terms of reference of the Audit Committee.
In fulfilling the above role, the Audit Committee has powers to investigate any activity within its terms of reference, to seek information from
employees and to obtain outside legal and professional advice.
The Audit Committee while reviewing the Annual Financial Statements also reviewes the applicability of various Accounting Standards (AS)
issued by The Institute of Chartered Accountants of India. Compliance of the AS as applicable to the Company has been ensured in the
Financial Statements for the year ended March 31, 2008.
COMPOSITION
The Audit Committee comprises of four Directors, all of whom are Non-Executive, Independent Directors except one Director who is Promoter,
Non-Executive. The Audit Committee is constituted in accordance with the provisions of Clause 49 (II) (A) of the Listing Agreement and Section
292A of the Companies Act, 1956. All these Directors possess knowledge of corporate finance, accounts and company law. One of the
member acts as Chairman of the Committee Meetings. The Statutory Auditors, the Cost Auditors and the Internal Auditors are also invited to the
Meetings whenever required. The quorum for the Audit Committee Meetings is two members. The Company Secretary acts as Secretary to the
Committee.
The Minutes of the Audit Committee Meetings are noted by the Board of Directors at the subsequent Board Meeting.
The composition of the Audit Committee is as follows :
Name of the Director Position Category
Dr. Vijaypat Singhania Member Promoter, Non-Executive
Shri. B. K. Kedia Chairman Independent, Non-Executive
Shri B. V. Bhargava Member Independent, Non-Executive
Shri U. V. Rao Member Independent, Non-Executive
MEETINGS AND ATTENDANCE

During the financial year ended March 31, 2008, four Audit Committee Meetings were held on April 27, 2007; July 20, 2007;
October 26, 2007 and January 30, 2008. The gap between two meetings did not exceed four months. The Audit Committee also met prior to
the finalisation of accounts for the year ended March 31, 2008.
The attendance at the Audit Committee Meetings is as under :
Name of the Director No. of meetings attended
Dr. Vijaypat Singhania 3
Shri B. K. Kedia 4
Shri B. V. Bhargava 3
Shri. U.V. Rao 3
The Company Secretary was present at all the above meetings.
Shri B. K. Kedia, who acts as Chairman of the Audit Committee Meetings was present at the Eighty Second Annual General Meeting of the
Company held on June 18, 2007 to answer the shareholders’ queries.
INTERNAL AUDITORS
The Company has appointed a firm of Chartered Accountants as Internal Auditors to review the internal control systems of the Company and
to report thereon. The report of the Internal Auditors is reviewed by the Audit Committee.
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4. REMUNERATION COMMITTEE :
TERMS OF REFERENCE
- reviewing the overall compensation policy, service agreements and other employment conditions of Managing/Wholetime Directors.
- reviewing the performance of the Managing/Wholetime Directors and recommending to the Board, the quantum of annual increments
and annual commission.
COMPOSITION
The Remuneration Committee comprises of four Directors, all of whom are Independent, Non-Executive Directors except one Director who is
Promoter, Non-Executive. The Chairman of the Committee is an Independent, Non-Executive Director nominated by the Board.
The composition of the Remuneration Committee is as follows :

Dr. Vijaypat Singhania Member Promoter, Non-Executive
Shri. B. V. Bhargava Chairman Independent, Non-Executive
Shri B. K. Kedia Member Independent, Non-Executive
Shri Nana Chudasama Member Independent, Non-Executive
MEETING AND ATTENDANCE

The Committee met twice on April 27, 2007 and July 5, 2007.
The attendance at the Remuneration Committee Meetings is as under :

Dr. Vijaypat Singhania 2
Shri. B. V. Bhargava 1
Shri B. K. Kedia 2
Shri Nana Chudasama 2
REMUNERATION POLICY
A. Remuneration to Non-Executive Directors
The Non-Executive Directors are paid remuneration by way of Commission and Sitting Fees. The shareholders’ approval has been sought at the
ensuing 83rd Annual General Meeting for payment of commission of Rs.25 lakhs to the Non-Executive Directors of the Company for a period of
three years for financial year commencing from April 1, 2008 to March 31, 2011. Non-Executive Directors are paid sitting fees @ Rs.10,000 for
each meeting of the Board or any Committee thereof attended by them.
The compensation of Non-Executive Directors is approved unanimously by the Board.
None of the Non-Executive Directors has any material pecuniary relationship or transactions with the Company.
B. Remuneration to Chairman and Managing Director and Wholetime Director(s)
The appointment of Chairman and Managing Director and Wholetime Director(s) is governed by resolutions passed by the Board of Directors
and shareholders of the Company, which covers the terms of such appointment and remuneration read with the service rules of the Company.
Payment of remuneration to Chairman and Managing Director and Wholetime Director(s) is governed by the respective Agreements executed
between them and the Company. Remuneration paid to Chairman and Managing Director and Wholetime Director(s) is recommended by the
Remuneration Committee, approved by the Board and is within the limits set by the shareholders at the Annual General Meetings. The remuneration
package of Chairman and Managing Director and Wholetime Director(s) comprises of salary, perquisites and allowances, commission and
contributions to Provident and other Retiral Benefit Funds as approved by the shareholders at the Annual General Meetings. Annual increments
are linked to performance and are decided by the Remuneration Committee and recommended to the Board for approval thereof.
The remuneration policy is directed towards rewarding performance, based on review of achievements. It is aimed at attracting and retaining
high caliber talent.
There is no separate provision for payment of severance fees under the resolutions governing the appointment of Chairman and Managing
Director and Wholetime Director(s).
Presently, the Company does not have a scheme for grant of stock options or performance linked incentives for its Directors.
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DETAILS OF REMUNERATION TO ALL THE DIRECTORS FOR THE YEAR ENDED MARCH 31, 2008
NON-WHOLETIME DIRECTORS
Name of the Director Commission *(Rs.) Sitting Fees (Rs.) No. of Shares held
Dr. Vijaypat Singhania 3,12,500 1,10,000 56247
Shri B. K. Kedia 3,12,500 1,10,000 100
Shri Nana Chudasama 3,12,500 1,80,000 663
Shri Anant Singhania 3,12,500 40,000 238374
Shri B. V. Bhargava 3,12,500 1,20,000 NIL
Shri U. V. Rao 3,12,500 90,000 NIL
Shri. I. D. Agarwal 3,12,500 50,000 NIL
Shri Nabankur Gupta 3,12,500 60,000 NIL
* payable in 2008-09.
MANAGING AND WHOLETIME DIRECTORS
Name of the Director Salary (Rs.) Benefits (Rs.) Commission (Rs.) Service Contract
Shri Gautam Hari Singhania,
Chairman and Managing Director 1,80,00,000 1,83,93,242 1,48,000 5 years
Shri P. K. Bhandari*,
Wholetime Director 93,60,000 52,21,466 1,48,000 5 years
* Shri P. K. Bhandari completed his term as Wholetime Director on April 23, 2008.
5. SHAREHOLDERS’/INVESTORS’ GRIEVANCES COMMITTEE :

FUNCTIONS
The Board of Raymond Limited has constituted a Committee of Directors, which inter-alia also functions as ‘Shareholders’/Investors’ Grievances
Committee’, consisting of three members, chaired by a Non-Executive, Independent Director.
The Committee meets once a month and inter-alia, deals with various matters relating to:
- transfer/ transmission/transposition of shares;
- consolidation/splitting of shares/folios;
- issue of share certificates for lost, sub-divided, consolidated, rematerialised, defaced, etc;
- review of shares dematerialised and all other related matters; and
- investors’ grievances and redressal mechanism and recommend measures to improve the level of investor services.
The Share Department of the Company and the Registrar and Share Transfer Agent, Intime Spectrum Registry Limited [ISRL] attend to all
grievances of the shareholders and investors received directly or through SEBI, Stock Exchanges, Ministry of Corporate Affairs, Registrar of
Companies, etc.
The Minutes of the Shareholders’/Investors’ Grievances Committee are noted by the Board of Directors at the Board Meetings.
Continuous efforts are made to ensure that grievances are more expeditiously redressed to the complete satisfaction of the investors. Shareholders
are requested to furnish their telephone numbers and e-mail addresses to facilitate prompt action.
COMPOSITION
The composition of the Committee of Directors is as under :
Shri Nana Chudasama Chairman Independent, Non-Executive
Shri Gautam Hari Singhania Member Promoter, Executive
Shri P. K. Bhandari Member Non-Promoter, Executive
Shri Nana Chudasama acts as Chairman of Shareholders’/Investors’ Grievances Committee.

COMPLIANCE OFFICER
The Board has designated Shri R. Narayanan, Director – Legal & Company Secretary as the Compliance Officer.
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MEETINGS AND ATTENDANCE
Twelve meetings of the Committee were held during the year between April 1, 2007 and March 31, 2008. The meetings were held
on April 2, 2007, May 2, 2007, June 1, 2007, July 2, 2007, August 1, 2007, September 1, 2007, October 1, 2007, November 1, 2007,
December 3, 2007, January 2, 2008, February 1, 2008 and March 1, 2008.
The number of meetings attended by each of the members is as under :
Shri Nana Chudasama 12
Shri Gautam Hari Singhania 12
Shri P. K. Bhandari 12
DETAILS OF SHAREHOLDERS’ COMPLAINTS RECEIVED, NOT SOLVED AND PENDING SHARE TRANSFERS
The total number of complaints received and replied to the satisfaction of the shareholders during the year ended
March 31, 2008 were 237. There were no complaints outstanding as on March 31, 2008. The number of pending share transfers and pending
requests for dematerialisation as on March 31, 2008 were Nil.
Shareholders’/Investors’ complaints and other correspondence are normally attended to within seven working days except where constrained
by disputes or legal impediments. No investor grievances remained unattended/pending for more than thirty days as on March 31, 2008.
6. GENERAL BODY MEETINGS:
a. Location and time, where last three Annual General Meetings were held is given below :
Financial Year Date Location of the Meeting Time
2004-2005 June 16, 2005 Registered Office of the Company at Ratnagiri 11.00 A.M.
b. Special Resolutions passed at last three Annual General Meetings :
(i) Special resolutions for reappointment of Messrs. Dalal & Shah, Chartered Accountants as Statutory Auditors of the Company were
passed at the Eighty-first and Eighty-second Annual General Meetings of the Company held on June 23, 2006 and June 18, 2007
respectively, which were put to vote by show of hands and were passed unanimously.
(ii) Special resolution approving payment of commission to Non-Executive Directors for the financial year 2005-2006 was passed at the
Eighty-first Annual General Meeting of the Company held on June 23, 2006, which was put to vote by show of hands and was
passed unanimously. The payment of commission to Non-Executive Directors for the financial year 2006-2007 and 2007-2008 were
passed at the Eighty-second Annual General Meeting of the Company held on June 18, 2007, which was put to vote by show of
hands and was passed unanimously.
c. Passing of resolutions by Postal Ballot :
No items were passed by resolutions through Postal Ballot during the Financial Year 2007-2008. At the forthcoming Annual General
Meeting also, there is no item on the agenda that needs approval by Postal Ballot.
d. Extraordinary General Meeting :
An Extraordinary General Meeting was held on December 4, 2007 at the Registered Office of the Company to issue 61,38,085 warrants
on a preferential basis to the promoters as per the SEBI (Disclosure and Investor Protection) Guidelines, 2000 entitling the warrant holders to
apply for equivalent number of fully paid equity shares of Rs.10/- each at a price of Rs. 340/- per share. In terms of the special resolution,
the said warrants have been issued upon payment of 10% of the amount. The balance 90% of the amount is payable within 18 months
from the date of issue of said warrants.
7. SUBSIDIARIES :
The Company does not have any material non-listed Indian subsidiary whose turnover or net worth (i.e. paid-up capital and free reserves)
exceeds 20% of the consolidated turnover or net worth respectively, of the listed holding company and its subsidiaries in the immediately
preceding accounting year.
8. CODE OF CONDUCT :
The Board of Directors has adopted the Code of Business Conduct and Ethics for Directors and Senior Management. The said Code has been
communicated to the Directors and members of the Senior Management. The Code has also been displayed on the Company’s website –
www.raymond.in.
9. INSIDER TRADING :
Code of Conduct for Prevention of Insider Trading
The Securities and Exchange Board of India (SEBI) has, effective February 20, 2002 introduced amendments to the existing Insider Trading
Regulations of 1992 which ordain new action steps by corporates and other market intermediaries for the purposes of prevention of Insider
Trading.
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Pursuant to the above requirements of SEBI (Prohibition of Insider Trading) Regulations, 1992 as amended, the Company has adopted a
‘Code of Conduct for Prevention of Insider Trading’ (The Code) with effect from October 1, 2002. The Code is applicable to all Directors
and such Designated Employees who are expected to have access to unpublished price sensitive information relating to the Company.
Shri R. Narayanan, Director - Legal & Company Secretary has been appointed as the Compliance Officer for monitoring adherence to
the Regulations.
10. DISCLOSURES :
a. Disclosure on materially significant related party transactions that may have potential conflict with the interests of the Company
at large.
There are no materially significant related party transactions made by the Company with its Promoters, Directors or Management,
their subsidiaries or relatives, etc. that may have potential conflict with the interests of the Company at large.
Transactions with related parties as per requirements of Accounting Standard (AS-18) – ‘Related Party Disclosures’ are disclosed in
Note No. 19 of Schedule 16 to the Accounts in the Annual Report.
b. Disclosure of Accounting Treatment
In the preparation of the financial statements, the Company has followed the Accounting Standards referred to in Section 211 (3)(c)
of the Companies Act, 1956. The significant accounting policies which are consistently applied are set out in the Annexure to Notes
to the Accounts.
c. Risk Management
Business risk evaluation and management is an ongoing process within the Company. During the year under review, a detailed
exercise on ‘Risk Assessment and Management’ was carried out covering the entire gamut of business operations and the Board was
informed of the same.
d. Details of non-compliance by the Company, penalties, strictures imposed on the Company by Stock Exchanges or SEBI or any
statutory authority, on any matter related to capital markets, during the last three years.
The Company has complied with all requirements of the Listing Agreements entered into with the Stock Exchanges as well as the
regulations and guidelines of SEBI. Consequently, there were no strictures or penalties imposed by either SEBI or the Stock Exchanges
or any statutory authority for non-compliance of any matter related to the capital markets during the last three years.
e. Non-mandatory requirements
Adoption of non-mandatory requirements of Clause 49 of the Listing Agreement are being reviewed by the Board from time to time.
11. MEANS OF COMMUNICATION:
(i) The Board of Directors of the Company approves and takes on record the quarterly, half yearly and yearly financial results in the
proforma prescribed by Clause 41 of the Listing Agreement within one month of the close of the respective period.
(ii) The approved financial results are forthwith sent to the Listed Stock Exchanges and are published in the leading national English
newspapers namely The Economic Times and Financial Express (all editions). In addition, the same are published in local language
(Marathi) newspapers namely Maharashtra Times (Mumbai) and Lokmat (Mumbai), within forty-eight hours of approval thereof. The
same are not sent to the shareholders separately.
(iii) Pursuant to Clause 51 of the Listing Agreement, all data related to quarterly financial results, shareholding pattern, etc. are hosted on
the Electronic Data Information Filing and Retrieval (EDIFAR) website www.sebiedifar.nic.in maintained by SEBI in association with the
National Informatics Centre, within the time frame prescribed in this regard.
(iv) The Company’s financial results and official news releases are displayed on the Company’s Website www.raymond.in
(v) No formal presentations were made to the institutional investors and analysts during the year under review.
(vi) Management Discussion and Analysis forms part of the Annual Report, which is posted to the shareholders of the Company.
12. GENERAL SHAREHOLDER INFORMATION:
Detailed information in this regard is provided in the section ‘Shareholder Information’ which forms part of this Annual Report.
13. COMPLIANCE CERTIFICATE OF THE AUDITORS:
The Statutory Auditors have certified that the Company has complied with the conditions of Corporate Governance as stipulated in
Clause 49 of the Listing Agreement with the Stock Exchanges and the same is annexed to the Directors’ Report and Management Discussion
and Analysis.
The Certificate from the Statutory Auditors will be sent to the Listed Stock Exchanges alongwith the Annual Reports of the Company.
D E C L A R A T I O N
As provided under Clause 49 of the Listing Agreement with the Stock Exchanges, all Board members and Senior Management Personnel have
affirmed compliance with Raymond Limited Code of Business Conduct and Ethics for the year ended March 31, 2008.
For Raymond Limited
Gautam Hari Singhania
Chairman & Managing Director
Mumbai: April 29, 2008
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AUDITORS’ CERTIFICATE ON CLAUSE 49 COMPLIANCE
The Members of
Raymond Limited
We have reviewed the records concerning the Company’s compliance of conditions of Corporate Governance as stipulated in Clause 49 of the
Listing Agreement entered into, by the Company, with Stock Exchanges of India, for the financial year ended 31st March, 2008.
The Compliance of the conditions of corporate governance is the responsibility of the management. Our examination was limited to procedures and
implemention thereof, adopted by the Company for ensuring the compliance of the conditions of the Corporate Governance. It is neither an audit
nor an expression of opinion on the financial statements of the Company.
We have conducted our review on the basis of the relevant records and documents maintained by the Company and furnished to us for the review,
and the information and explanations given to us by the Company.
Based on such a review and to the best of our information and according to the explanations given to us, in our opinion, the Company has complied
with the conditions of Corporate Governance, as stipulated in Clause 49 of the said Listing Agreement.
We further state that, such compliance is neither an assurance as to the future viability of the Company, nor as to the efficiency or effectiveness with
the management has conducted the affairs of the Company.
For and on behalf of

DALAL & SHAH
Ashish Dalal
Partner
Membership No. 33596
Mumbai: April 29, 2008
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SHAREHOLDER INFORMATION
Registered Office: Plot No. 156/H. No.2, Village Zadgaon,
Ratnagiri 415 612, Maharashtra
Phone : 95-2352-232514; Fax : 95-2352-232513
Website : www.raymond.in
Annual General Meeting: Day, Date and Time : Wednesday, June 18, 2008 at 11.00 A.M.
Venue : Registered Office of the Company at:
Plot No. 156/H. No.2, Village Zadgaon,
Ratnagiri 415 612, Maharashtra.
Financial Calendar:
• Financial reporting for the quarter ending June 30, 2008 : End July 2008
• Financial reporting for the half year ending September 30, 2008 : End October 2008
• Financial reporting for the quarter ending December 31, 2008 : End January 2009
• Financial reporting for the year ending March 31, 2009 : End April 2009
Date of Book Closure: June 3, 2008 to June 18, 2008 (both days inclusive).
Dividend:
The dividend as recommended by the Board of Directors, if declared at the ensuing Annual General Meeting, will be paid at par on or after
June 19, 2008 to those members whose names appear on the Company’s Register of Members as holders of equity shares in physical form on
June 18, 2008. In respect of shares held in dematerialised form, the dividend will be paid on the basis of beneficial ownership details to be
furnished by National Securities Depository Limited and Central Depository Services (India) Limited for this purpose, as of June 2, 2008.
Listing on Stock Exchanges:

The Equity Shares of the Company are listed on Bombay Stock Exchange Limited (BSE) and National Stock Exchange of India Limited (NSE). Annual
Listing Fees as prescribed have been paid to both the Stock Exchanges for the year 2008 - 2009.
Global Depository Receipts are listed on Luxembourg Stock Exchange and Annual Listing Fees as prescribed has been paid to the said Stock
Exchange for the calendar year 2008.
Stock Code: Bombay Stock Exchange Limited – 500330

National Stock Exchange of India Limited – Raymond EQ
Demat ISIN No. for NSDL and CDSL – INE301A01014
Stock Market Data:

The monthly high and low quotations and volume of shares traded on BSE and NSE during the year were as follows :
MONTH BSE NSE

HIGH (Rs.) LOW (Rs.) VOLUME (Nos.) HIGH (Rs.) LOW (Rs.) VOLUME (Nos.)
APRIL 2007 379.90 325.00 1202090 379.35 305.10 1648829
MAY 2007 357.00 323.40 237751 367.00 324.00 319403
JUNE 2007 330.00 301.10 637944 329.80 301.50 627939
JULY 2007 312.00 273.10 769104 314.90 270.00 1611996
AUGUST 2007 283.00 251.00 614667 298.85 253.50 463337
SEPTEMBER 2007 350.00 256.80 3248996 350.00 256.10 2960735
OCTOBER 2007 374.90 300.00 3054647 375.00 287.00 3881960
NOVEMBER 2007 444.00 338.00 3220782 442.00 335.00 3508446
DECEMBER 2007 450.00 345.00 2386039 450.00 377.20 2379253
JANUARY 2008 474.00 278.10 2017035 474.00 280.00 2776259
FEBRUARY 2008 359.80 297.00 925340 369.80 295.00 1262763
MARCH 2008 341.00 228.05 1944594 341.05 228.00 1597094
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BSE NSE
No. of Shares traded 20258989 23038014
Highest Share Price (Rs.) 474.00 474.00
Lowest Share Price (Rs.) 228.05 228.00
Closing share price as on March 31, 2008 (Rs.) 297.65 302.95
Market Capitalisation as on March 31, 2008 (Rs.) 182700 lakhs 185953 lakhs
Stock Performance (Indexed) :

The performance of the Company’s shares relative to BSE Sensex is given in the chart below
Registrar and Share Transfer Agent :
INTIME SPECTRUM REGISTRY LIMITED

C-13, Pannalal Silk Mills Compound,
L.B.S Marg, Bhandup (West),
Mumbai – 400 078.
Tel : 022-25963838
Fax : 022-25946969
e-mail : mahadevan.iyer@intimespectrum.com ; raghunath.poojary@intimespectrum.com
e-mail : Exclusive for redressal of Investor Complaints is isrl@intimespectrum.com
Time : 10.00 a. m. to 1.00 p. m. and 2.00 p. m. to 4.00 p. m. (Monday to Friday)
Share Transfer System:

The transfer of shares in physical form is processed and completed by Registrar & Transfer Agent within a period of seven days from the date of
receipt thereof provided all the documents are in order. In case of shares in electronic form, the transfers are processed by NSDL/CDSL through
respective Depository Participants. In compliance with the Listing Agreement with the Stock Exchanges, a Practising Company Secretary carries
out audit of the System of Transfer and a certificate to that effect is issued.
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Distribution of shareholding as on March 31, 2008:
No. of equity shares No. of % of No. of % of
shareholders shareholders shares held shareholding
Upto 500 119651 96.89 8571775 13.97
501 to 1000 2335 1.89 1708770 2.78
1001 to 2000 882 0.71 1250820 2.04
2001 to 3000 218 0.18 552737 0.90
3001 to 4000 99 0.08 352074 0.57
4001 to 5000 67 0.05 304770 0.50
5001 to 10000 106 0.09 769771 1.25
10001 and above 132 0.11 47870136 77.99
GRAND TOTAL 123490 100 61380853 100
Shareholding Pattern as on March 31, 2008:

CATEGORY NO. OF PERCENTAGE OF
SHARE HELD SHAREHOLDING
(A) Shareholding of Promoter and Promoter Group
1 Indian
(a) Individuals/Hindu Undivided Family 879162 1.43
(b) Bodies Corporate 21650602 35.27
Sub-Total (A)(1) 22529764 36.70
2 Foreign
Sub-Total (A)(2) – –
Total Shareholding of Promoter and Promoter Group (A)= (A)(1)+(A)(2) 22529764 36.70
(B) Public shareholding
1 Institutions
(a) Mutual Funds/UTI 5323314 8.67
(b) Financial Institutions/Banks 51583 0.08
(c) Venture Capital Funds – –
(d) Insurance Companies 12805183 20.86
(e) Foreign Institutional Investors 2774645 4.52
(f) Trusts 253 0.00
Sub-Total (B)(1) 20954978 34.14
2 Non-institutions
(a) Bodies Corporate 3495583 5.69
(b) Individuals
i. Individual shareholders holding nominal share capital up to Rs.1 lakh 12579070 20.49
ii. Individual shareholders holding nominal share capital in excess of Rs.1 lakh 920096 1.50
(c) Any Other (specify) – –
Sub-Total (B)(2) 16994749 27.69
Total Public Shareholding (B)= (B)(1)+(B)(2) 37949727 61.83
TOTAL (A)+(B) 60479491 98.53
(C) Shares held by Custodians and against which Depository Receipts have been issued 901362 1.47
GRAND TOTAL (A)+(B)+(C) 61380853 100
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Dematerialisation of shares and liquidity:
94.05 % of the equity shares of the Company have been dematerialised as on March 31, 2008. The Company has entered into agreements with
both National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) whereby shareholders have an option to
dematerialise their shares with either of the depositories.
Status of Dematerialisation as on March 31, 2008 :
PARTICULARS NO. OF SHARES % TO TOTAL CAPITAL NO. OF ACCOUNTS

National Securities Depository Limited 56126102 91.44 59754
Central Depository Services (India) Limited 1604538 2.61 11429
TOTAL DEMATERIALISED 57730640 94.05 71183
PHYSICAL 3650213 5.95 52307
GRAND TOTAL 61380853 100.00 123490
Outstanding GDRs/ Warrants and Convertible Bonds, conversion date and likely impact on equity :
Outstanding number of GDRs represent 901362 equity shares (1.47% of the total share capital) as on March 31, 2008. Each GDR represents 2
underlying equity shares. Since the underlying equity shares represented by GDRs have been allotted in full, the outstanding GDRs have no impact
on the equity of the Company.
The Company during the financial year has issued 61,38,085 warrants on a preferential basis to one of the promoters as per the SEBI (Disclosure
and Investor Protection) Guidelines, 2000 entitling the warrant holders to apply for equivalent number of fully paid equity shares of Rs.10/- each at
a price of Rs. 340/- per share. In terms of the special resolution, the said warrants have been issued upon payment of 10% of the amount. The
balance 90% of the amount is payable within 18 months from the date of issue of said warrants.
Unclaimed Dividends :
Pursuant to Section 205C of the Companies Act, 1956, dividends that are unpaid/unclaimed for a period of seven years from the date they
became due for payment are required to be transferred by the Company to the Investor Education and Protection Fund (IEPF) administered by
the Central Government. Given below are the dates of declaration of dividend and corresponding dates when unpaid/unclaimed dividends are
due for transfer to IEPF:
Financial Year Date of declaration of Dividend Due Date for transfer to IEPF
2000-2001 June 22, 2001 July 28, 2008
2001-2002 June 24, 2002 July 30, 2009
2002-2003 June 11, 2003 July 17, 2010
2003-2004 June 30, 2004 August 6, 2011
2004-2005 June 16, 2005 July 22, 2012
2005-2006 June 23, 2006 July 29, 2013
2006-2007 June 18, 2007 July 24, 2014
Members who have so far not encashed their dividend warrants are requested to write to the Company/Registrar to claim the same, to avoid
transfer to IEPF. Members are advised that no claims shall lie against the said Fund or the Company for the amounts of dividend so transferred to
the said Fund.
Nomination:
Individual shareholders holding shares singly or jointly in physical form can nominate a person in whose name the shares shall be transferable in
case of death of the registered shareholder(s). Nomination facility in respect of shares held in electronic form is also available with the depository
participants as per the bye-laws and business rules applicable to NSDL and CDSL. Nomination forms can be obtained from the Company’s
Registrar and Share Transfer Agent.
Electronic Clearing Service:

The Securities and Exchange Board of India has made it mandatory for all companies to use the bank account details furnished by the
depositories for crediting dividends through Electronic Clearing Services (ECS) to the investors wherever ECS and bank details are available. In the
absence of ECS facility, the Company is required to print the bank account details on the dividend warrants. This ensures that the dividend
warrants, even if lost or stolen, cannot be used for any purpose other than for depositing the money in the accounts specified on the dividend
warrants and ensures safety for the investors. However, members who wish to receive dividend in an account other than the one specified
while opening the Depository Account, may notify their DPs about any change in the Bank Account details.
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Plant Locations:
The Company has the following manufacturing and operating Divisions :
Textile Division :
Thane Jekegram, Thane 400 606, Maharashtra;
Jalgaon No. E/1, MIDC Area, Phase II, Ajanta Road, Jalgaon 425 003, Maharashtra;
Chhindwara B 1, A.K.V.N., Boregaon Industrial Growth Centre, Kailash Nagar, Tehsil Sauser, Dist. Chhindwara,
Madhya Pradesh – 480 001; and
Vapi N. H. No. 8, Khadki - Udwada, Taluka Pardi, District Valsad, 396 185, Gujarat.
J. K. Files and Tools Division:

Ratnagiri A-1 Mirjole Industrial Estate, MIDC, Kolhapur Road, Ratnagiri 415 639, Maharashtra;
Chiplun Plot No. C 1/1, MIDC Area, Gane – Khadpoli, Chiplun, 415 605, Maharashtra;
Pithampur Shed No. S/1 & S/2, Sector 1, Road No. 10, Pithampur 454 775, Dist. Indore, Madhya Pradesh; and
Kolkata 22 New Tangra Road, Kolkata 700 046, West Bengal.
Aviation Division : Mahindra Towers, B Wing, 2nd Floor, P. B. Marg, Worli, Mumbai 400 018.
Address for Correspondence:

PHYSICAL SHARES DEMAT SHARES DEBENTURES AND FIXED DEPOSITS
INTIME SPECTRUM REGISTRY LIMITED Respective Depository Raymond Limited
C-13, Pannalal Silk Mills Compound, Participants of the shareholders Share Department
L.B.S Marg, Bhandup (West), Pokhran Road No.1
Mumbai – 400 078 Jekegram
Tel : 022-25963838 Thane 400 606
Fax : 022-25946969 Maharashtra
e-mail: Phone : 022-4036 8619/8620
mahadevan.iyer@intimespectrum.com Fax : 022-2538 2912
raghunath.poojary@intimespectrum.com
SECRETARIAL AUDIT FOR RECONCILIATION OF CAPITAL:

As stipulated by SEBI, a qualified Practising Company Secretary carries out Secretarial Audit to reconcile the total admitted capital with National
Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) and the total issued and listed capital. This audit is
carried out every quarter and the report thereon is submitted to the Listed Stock Exchanges. The audit confirms that the total listed and paid-up
capital is in agreement with the aggregate of the total number of shares in dematerialised form (held with NSDL and CDSL) and total number of
shares in physical form.
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TEN YEAR HIGHLIGHTS
(Rupees in Lacs)
2007-08 * 2006-07 2005-06 2004-05 2003-04 2002-03 2001-02 2000-01 1999-2000 1998-99
INCOME
Sales and Other Income 146015 137497 140637 122639 116853 109588 103208 147279 167630 160084
% Increase / (Decrease) 6.2 (2.2) 14.7 4.9 6.6 6.2 (29.9) (12.1) 4.7 3.5
Gross Profit before interest
and depreciation 22287 34840 27170 18442 27305 21820 18844 52570 23115 30292
As % of Sales and
Other Income 15.3 25.3 19.3 15.0 23.4 19.9 18.3 35.7 13.8 18.9
Net Profit after Tax 6612 20125 12229 7682 13184 9143 8364 33341 3262 8659
ASSETS EMPLOYED
Net Fixed Assets 73311 76174 84512 57563 42122 40602 37857 37079 85373 93504
Investments 104730 98448 73660 73428 71587 61231 58766 60744 18583 9683
Net Current Assets 58543 45343 44013 42083 44381 46623 50263 42009 53072 65691
Total 236584 219965 202185 173074 158090 148456 146886 139832 157028 168878
% Increase/(Decrease) 8 9 17 9 6 1 5 (11) (7) 1
EQUITY FUNDS AND

EARNINGS
Shareholders’ Funds:
Shareholders’ Investments 1885 1885 1885 1885 1885 1885 1885 1885 3256 3256
Bonus Shares 4253 4253 4253 4253 4253 4253 4253 4253 4253 4253
Reserves 133690 129478 112857 104256 98717 89297 83388 81252 73307 71386
Total 139828 135616 118995 110394 104855 95435 89526 87390 80816 78895
Contribution to
Country’s Exchequer 7998 10306 11011 10031 17672 17096 17410 27062 31204 30619
Per Equity Share of Rs.10: (Rupees)
Book Value 231.2 220.9 193.9 179.9 170.8 155.5 145.9 142.4 107.6 105.1
Earnings 11.8 32.9 19.7 13.6 21.6 14.7 14.4 35.6 4.3 11.5
Dividend 2.5 5.0 5.0 4.0 5.5 4.5 4.5 3.0 1.5 2.0
* Figures are stated as per the Annual Report of 2006-07
24
PG 24-27.pmd 24 5/26/2008, 10:27 AM

REPORT OF THE AUDITOR TO THE MEMBERS
We have audited the attached Balance Sheet of RAYMOND LIMITED as at 31st March, 2008 and the annexed Profit and Loss Account for the year
ended on that date, and also the Cash Flow Statement for the year ended on that date. These financial statements are the responsibility of the
Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit.
1. We conducted our audit in accordance with the auditing standards generally accepted in India. These Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free from any material misstatement. An audit
includes, examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes,
assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the
financial statements. We believe that our audit provides a reasonable basis for our opinion.
2. As required by the Companies (Auditor’s Report) Order, 2003 and the Companies (Auditor’s Report) (Amendment) Order, 2004 issued by the
Central Government in terms of Section 227(4A) of the Companies Act, 1956, we annex hereto a statement on the matters specified in
paragraphs 4 and 5 of the said Order.
3. Further to our comments in the Annexure referred to above, we report that:
(i) We have obtained all the information and explanations, which, to the best of our knowledge and belief, were necessary for the purposes
of our audit;
(ii) In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of
the books of the Company;
(iii) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account
of the Company;
(iv) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C) of Section 211 of the Companies Act,1956;
(v) Based on the representations made by the Directors as on 31st March, 2008 and taken on record by the Board of Directors of the Company
and the information and explanations given to us, none of the Directors is, as at 31st March, 2008, prima-facie disqualified from being
appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956;
(vi) In our opinion and to the best of our information and according to the explanations given to us, the said financial statements, read with
Note No.3 in Schedule 16 – relating to investments in, loans and other receivables from subsidiaries / joint ventures, whose networths have
eroded / substantially eroded and read together with the other notes thereon, give the information required by the Companies Act, 1956,
in the manner so required and present a true and fair view in conformity with the accounting principles generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2008;
(b) in the case of the Profit and Loss Account, of the Profit for the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

DALAL & SHAH
Ashish Dalal
Partner
Mumbai: 29th April, 2008 Membership No.33596
25
PG 24-27.pmd 25 5/26/2008, 10:27 AM

ANNEXURE REFERRED TO IN PARAGRAPH 2 OF OUR AUDITOR’S REPORT OF EVEN DATE ON THE FINANCIAL
STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2008 OF RAYMOND LIMITED
On the basis of such checks as we considered appropriate and in terms of the information and explanations given to us, we state that:-
i. (a) The Company has generally maintained proper records showing particulars, including quantitative details and situation of fixed assets;
(b) As explained to us, the fixed assets have been physically verified by the management at reasonable intervals, in a phased verification
programme, which, in our opinion, is reasonable, looking to the size of the Company and the nature of its business. According to the
information and explanations given to us, discrepancies noticed on physical verification have been properly dealt with in the books of
account;
(c) During the year, the Company has not disposed off any substantial part of its fixed assets so as to affect its going concern;
ii. (a) As explained to us, inventories have been physically verified during the year by the management. Inventories lying with outside parties have
been confirmed by them at the close of the year;
(b) The procedures explained to us, which are followed by the management for physical verification of inventories, are, in our opinion,
reasonable and adequate in relation to the size of the Company and the nature of its business;
(c) On the basis of our examination of the inventory records of the Company, we are of the opinion that, the Company is maintaining proper
records of its inventory. Discrepancies which were noticed on physical verification of inventory as compared to book records, have been
properly dealt with in the books of account;
iii. According to the information and explanations given to us, the Company has not granted/taken any loan, secured or unsecured, to/from
companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956;
iv. In our opinion and according to the information and explanations given to us, there are generally adequate internal control procedures
commensurate with the size of the Company and the nature of its business with regard to purchase of inventory and fixed assets and for sale
of goods and services. The implementation of ERP Solution over various businesses/locations is still under progress in phases and the controls
under the said solution are being deployed. During the course of our audit, we have not observed any continuing failure to correct major
weaknesses in internal control;
v. (a) On the basis of the audit procedures performed by us, and according to the information, explanations and representations given to us, the
particulars of all transactions in which directors were interested, as contemplated under Section 297 and Section 299 of the Companies
Act, 1956, and which were required to be entered in the register maintained under Section 301 of the said Act, have been so entered;
(b) In our opinion, and according to the information and explanations given to us, there were no transactions exceeding the value of Rupees
Five lacs in respect of any party during the year;
vi. The Company has not accepted any deposits from the public;
vii. On the basis of internal audit reports broadly reviewed by us, we are of the opinion that, the coverage of internal audit functions carried out by
a firm of Chartered Accountants appointed by the management, is commensurate with the size of the Company and nature of its business.
viii. We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Central Government for the
maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956 in respect of the Company’s products to which the said rules
are made applicable, and are of the opinion that, prima-facie, the prescribed accounts and records have been made and maintained. We
have, however not made a detailed examination of the records with a view to determine whether they are accurate;
ix. (a) According to the records of the Company, it has generally been regular in depositing undisputed statutory dues including Provident Fund,
Investor Education and Protection Fund, Employees’ State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise
Duty, Cess and other statutory dues with the appropriate authorities;
(b) On the basis of our examination of the documents and records, and explanations and information given to us, the following disputed
statutory dues on account of Sales Tax, Excise Duty, Entry Tax and Cess on Royalty which have not been deposited with the appropriate
authorities are as under:
Nature of Dues Amount (Rs. in lacs) Forum where dispute is pending

Sales Tax / VAT and Entry Tax 41.43 High Courts
18.76 Sales Tax Appellate Tribunal
89.24 Sales Tax Departmental Authorities
Excise Duty 829.06 Central Excise and Service Tax Appellate Tribunal
8.28 Excise Departmental Authorities
Cess on Royalty Amount not determinable
26
PG 24-27.pmd 26 5/26/2008, 10:27 AM

x. The Company has neither accumulated losses at the end of the financial year nor has it incurred cash losses, both, in the financial year under
report and the immediately preceding financial year;
xi. On the basis of the records examined by us and the information and explanations given to us, the Company has not defaulted in repayment
of dues to Banks and Debenture holders. There were no dues to any Financial Institution during the year;
xii. As explained to us, the Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or any
other securities;
xiii. In respect of shares, securities, debentures and other investments dealt or traded by the Company, proper records have been maintained in
respect of the transactions and contracts and timely entries have been made therein. All the investments are held by the Company in its own
name;
xiv. According to the information and explanations given to us, and the representations made by the management, the Company has given
guarantee for loans taken by its subsidiaries from Banks aggregating Rs.7597 lacs. However, the terms and conditions of such guarantees are,
prima-facie, not prejudicial to the interests of the Company;
xv. On the basis of the records examined by us, we have to state that, the Company, has prima facie, applied the term loans for the purposes for
which they were obtained.
xvi. According to the information and explanations given to us and on an overall examination of the Financial Statements of the Company, we are
of the opinion that, prima facie short term funds have not been used for long term purposes;
xvii. The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section
30 of the Companies Act, 956;
xviii. On the basis of the records and documents examined by us, the Company has, during the year, issued short term privately placed secured
debentures with daily put/call option, aggregating Rs.247900 lacs, which have been repaid prior to the creation of any security in favour of the
debenture holders;
xix. The Company has not raised any money by public issue, during the year;
xx. According to the information and explanations given to us, and to the best of our knowledge and belief, no significant fraud on or by the
Company, has been noticed or reported by the Company during the year;
Looking to the nature of activities being carried on, at present, by the Company and also considering the nature of the matters referred to in the
various clauses of the Companies (Auditors’ Report) Order, 2003, and the Companies (Auditor’s Report) (Amendment) Order, 2004, Clauses
(iii)(b), (iii)(c), (iii)(d), (iii)(f), (iii)(g) and (xiii) of paragraph 4 of the aforesaid Order, are, in our opinion, not applicable to the Company.

DALAL & SHAH
Ashish Dalal
Partner
th
Mumbai: 29 April, 2008 Membership No.33596
27
PG 24-27.pmd 27 5/26/2008, 10:27 AM

BALANCE SHEET AS AT 31ST MARCH, 2008
Schedule 31st March, 2008 31st March, 2007
No. (Rs. in lacs) (Rs. in lacs)
SOURCES OF FUNDS:
Share Capital 1 6138.08 6138.08
Share Warrants 1A 2086.95 –
Reserves and Surplus 2 133690.42 129477.86
141915.45 135615.94
Loan Funds: 3
Secured Loans 50498.04 56686.05
Unsecured Loans 38203.04 22074.96
88701.08 78761.01
Deferred Tax Liability (Net)
(Refer Note 18) 5967.58 5587.73
TOTAL 236584.11 219964.68
APPLICATION OF FUNDS:
Fixed Assets: 4
Gross Block 134540.27 123003.48
Less: Depreciation and Amortisation 62587.76 55397.84
Net Block 71952.51 67605.64
Capital work-in-progress 1358.36 8568.51
73310.87 76174.15
Investments 5 104730.20 98447.50
Current Assets, Loans and Advances: 6
Inventories 32974.18 28366.36
Sundry Debtors 28988.56 26877.07
Cash and Bank Balances 2182.48 2561.40
Other Current Assets 5775.49 2969.90
Loans and Advances 24421.59 21715.86
94342.30 82490.59
Less:
Current Liabilities and Provisions: 7
Current Liabilities 28245.53 29083.90
Provisions 7553.73 8063.66
35799.26 37147.56
Net Current Assets 58543.04 45343.03
TOTAL 236584.11 219964.68
Notes forming part of the Accounts 16
As per our Report of even date

DALAL & SHAH H. SUNDER GAUTAM HARI SINGHANIA
Chartered Accountants President – Finance Chairman and Managing Director
ASHISH DALAL R. NARAYANAN P. K. BHANDARI

Partner Director – Legal & Director
Company Secretary
Mumbai, 29th April, 2008 Mumbai, 29th April, 2008
28
PGS 28 TO 45.pmd 28 5/26/2008, 3:15 PM

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2008
Year ended Year ended
Schedule 31st March, 2008 31st March, 2007
No. (Rs. in lacs) (Rs. in lacs)
INCOME
Sales, Services and Export Incentives 8 133756.33 129962.75
Less: Excise Duties (1505.18) (1543.40)
132251.15 128419.35
Other Income 9 13764.55 9077.82
146015.70 137497.17
EXPENDITURE
Material Costs 10 46855.29 37737.82
Manufacturing and Operating Costs 11 26467.16 27099.12
(Increase)/Decrease in finished and process stock 12 (3792.31) 791.45
Employment Costs 13 23315.98 22558.39
Administrative, Selling and General expenses 14 30437.68 26113.63
Finance Charges 15 6010.34 4711.91
Depreciation and Amortisation 8106.71 6305.51
137400.85 125317.83
Less : Trial Run Expenditure capitalised — (51.04)
Finished and process stock transferred on divestment of Business — (3468.26)
137400.85 121798.53
PROFIT FOR THE YEAR BEFORE EXCEPTIONAL ITEMS:
- Continuing operations 8614.85 15172.47
- Divested Denim business — 526.17
8614.85 15698.64
Add/(Less): EXCEPTIONAL ITEMS (Refer Note 17)
- Surplus on divestment of Denim business — 8809.32
- Others (445.19) (684.68)
PROFIT FOR THE YEAR BEFORE TAX 8169.66 23823.28
Provision for Income Tax :
- Current Tax 780.08 4210.00*
Less: MAT Credit (642.08) —
- Deferred Tax 1015.49 (815.00)
- Fringe Benefit Tax 342.00 275.00
Provision for Wealth Tax 62.00 28.00
*Includes Tax Rs.188.65 lacs on ordinary activities of Denim Business
PROFIT FOR THE YEAR AFTER TAX 6612.17 20125.28
Add/(Less): Prior period adjustments (net) (Refer Note 16) 1.03 88.05
Tax in respect of ealier years (Net) 629.10 (1.30)
Balance brought forward 27888.77 16717.36
BALANCE AVAILABLE FOR APPROPRIATION 35131.07 36929.39
Debenture Redemption Reserve — 1450.00
General Reserve 661.22 4000.00
Proposed Dividend 1534.52 3069.04
Tax on proposed dividend 260.79 521.58
2456.53 9040.62
Balance carried to Balance Sheet 32674.54 27888.77
Weighted average number of Equity Shares outstanding
during the year 61380853 61380853
Basic and diluted earnings per share, including exceptional
items (in Rs.) 11.80 32.93
Basic and diluted earnings per share, excluding exceptional
items (net of tax) (in Rs.) 12.28 17.51


Company Secretary
29
PGS 28 TO 45.pmd 29 5/26/2008, 3:15 PM

CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2008
Year Ended Year Ended
31st March, 2008 31st March, 2007
(Rs. in lacs) (Rs. in lacs)
A. Cash Flow arising from Operating Activities:
Net Profit before Tax and Exceptional Items as per Profit and Loss Account 8614.85 15698.64
Add/(Deduct):
a) Provision for Doubtful Debts/Bad Debts, Advances and claims written off 27.15 46.20
b) Provision no longer required (186.52) (652.94)
c) Provision for Diminution in value of Investments 43.72 140.28
d) Depreciation and Amortisation Charge 8106.71 6305.51
e) Finance Charges and Gain/Loss on variation in Foreign Exchange rates 7387.76 3757.36
f) Loss on sale of Assets ( Net) 120.72 409.04
g) Interest Income (3456.88) (1717.91)
h) Dividend Income (1279.80) (1199.02)
i) Surplus on sale of Investments (4692.16) (3645.91)
6070.70 3442.61
Operating Cash Profit before Working Capital Changes 14685.55 19141.25
Add/(Deduct):
a) Increase/(Decrease) in Trade Payable (1135.02) (3672.00)
b) Decrease/ (Increase) in Trade and Other Receivables (5112.23) (11897.16)
c) Decrease/(Increase) in Inventories (4607.82) 6463.06
(10855.07) (9106.10)
Cash (Outflow) from Operations 3830.48 10035.15
Add : Direct Taxes refunds (Net) (1826.26) (3720.82)
Cash (Outflow) before Prior Period Adjustments 2004.22 6314.33
Add/(Deduct) : Prior Period adjustments (7.37) 78.12
Net Cash Inflow in the course of Operating Activities 1996.85 6392.45
Deduct: Voluntary Retirement Compensation 445.19 684.68
Net Cash Inflow in the course of Operating Activities after Exceptional Items 1551.66 5707.77
B. Cash Flow arising from Investing Activities:
Inflow:
a) Sale of Fixed Assets 153.43 54.01
b) Proceeds from divestment of business (Net) — 31311.13
c) Interest Received 3309.84 2212.93
d) Dividend Received 1279.80 1195.02
e) Sale of Long Term Investments 7664.82 —
f) Sale of Current Investments (Net) — 23118.75
12407.89 57891.84
Outflow:
a) Acquisition of Fixed Assets 5509.17 28257.20
b) Investment in Subsidiaries/Joint Ventures 2892.65 27428.85
c) Purchase of other Long Term Investments 450.00 16971.49
d) Purchase of Current Investments (Net) 5956.43 —
e) Increase in Loans to Companies (Net) (1089.79) 4646.10
13718.46 77303.64
Net Cash (Outflow) in the course of Investing Activities (1310.57) (19411.80)
C. Cash Flow arising from Financing Activities:
Inflow:
a) Proceeds from Term Loans 1279.21 14185.44
b) Proceeds from other Borrowings (Net) 14508.96 10808.69
c) Proceeds from Issue of Share Warrants 2086.95 —
d) Proceeds from Debentures (Net) — 17875.12 700.00 25694.13
Outflow:
a) Repayment of Term Loans — 2182.96
b) Finance Charges (Net) 9121.18 6262.59
c) Dividend Paid 3052.37 3055.89
d) Tax on dividend 521.58 430.43
e) Repayment of Debentures 5800.00 18495.13 — 11931.87
Net Cash Inflow in the course of Financing Activities (620.01) 13762.26
Net Increase/(Decrease) in Cash/Cash Equivalents (A+B+C) (378.92) 58.23
Add: Balance at the beginning of the year 2561.40 2503.17
Cash and Cash Equivalents at the close of the year 2182.48 2561.40

Company Secretary
30
PGS 28 TO 45.pmd 30 5/26/2008, 3:15 PM

SCHEDULES ‘1’ TO ‘16’ ANNEXED TO AND FORMING PART OF THE BALANCE SHEET AS AT AND THE PROFIT AND LOSS
ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2008.

SCHEDULE 1 - SHARE CAPITAL
Authorised :
10,00,00,000 Equity Shares of Rs.10 each 10000.00 10000.00
10000.00 10000.00
Issued and Subscribed :
* 6,13,80,853 Equity Shares of Rs.10 each, fully paid-up 6138.08 6138.08
Per Balance Sheet 6138.08 6138.08
3,50,000 Equity Shares were allotted as fully paid-up pursuant

to contracts without payments being received in cash and
4,25,28,312 Equity Shares were allotted as fully paid-up Bonus
Shares by way of capitalisation of Securities Premium
Account and Reserves.
* includes 9,01,362 Equity Shares represented by Global
Depository Receipts.
SCHEDULE 1A - SHARE WARRANTS
61,38,085 warrants of Rs. 34/- each (Refer Note 7) 2086.95 —

Per Balance Sheet 2086.95 —
SCHEDULE 2 - RESERVES AND SURPLUS
(a) Securities Premium Account:

Balance as per last account 14778.55 14778.55
(b) Capital Redemption Reserve:

(c) Debenture Redemption Reserve:

Add: Transfer from Profit and Loss Account — 1450.00
1450.00 2725.00
Less: Transfer to General Reserve 1450.00 1275.00
— 1450.00
(d) General Reserve:
Add: 1) Transfer from Debenture Redemption
Reserve 1450.00 1275.00
2) Transfer from Profit and Loss Account 661.22 4000.00

Less: Adjustment on account of transitional
provisions of Accounting Standard - 15
on Employee Benefits (Refer Note 23) (1234.43) —
84866.32 83989.53
(e) Profit and Loss Account 32674.54 27888.77
Total Reserves and Surplus – Per Balance Sheet 133690.42 129477.86
31
PGS 28 TO 45.pmd 31 5/26/2008, 3:15 PM

SCHEDULE 3 - LOAN FUNDS 31st March, 2008 31st March, 2007
(a) Secured Loans:
Debentures:
Previous Year [58 Privately Placed Non-Convertible
Debentures of Rs.1,00,00,000 each with daily
put/call option (interest linked with MIBOR)] — 5800.00
Term Loans from Banks (including foreign currency
loan from banks Rs.3397.45 lacs; Previous year
Rs. Nil) [Refer Note 1(a)] 36629.67 31914.80
Interest accrued thereon — 36629.67 38.20 31953.00
Short Term Borrowings from Bank:
Under Buyer’s Credit Arrangements 3139.06 —
[Refer Note 1(b)]
Working Capital Loans from Banks (including foreign

currency loan from banks Rs. 1998.50 lacs; Previous year
Rs. 1.05 lacs) [Refer Note 1(b)] 10729.31 18923.15
Interest accrued thereon — 9.90
10729.31 18933.05
Total - Secured Loans 50498.04 56686.05
(b) Unsecured Loans:
Foreign Currency Loans from Banks 31324.17 21566.44
Short Term Borrowings from Banks:
Foreign Currency Loans 3997.00 —
Others 2500.00 —
6497.00 —
Sales Tax Deferment Loans 381.87 508.52
Total - Unsecured Loans 38203.04 22074.96
Total Loan Funds - Per Balance Sheet 88701.08 78761.01
SCHEDULE 4 - FIXED ASSETS

(Refer Note 2) (Rs. in lacs)
GROSS BLOCK - AT COST DEPRECIATION / AMORTISATION NET BLOCK
(unless otherwise specified)
Balance Additions/ Deduct- Balance Upto For the Deduct- Upto As at As at
as at Adjust- tions/Ad- as at 31-3-07 year tions/Ad- 31-3-08 31-3-08 31-3-07
1-4-07 ments justments 31-3-08 justments
A. Assets
Land -
Freehold 2520.14 79.41 — 2599.55 — — — — 2599.55 2520.14
Leasehold 246.25 — — 246.25 17.82 3.00 — 20.82 225.43 228.43
Buildings 15978.81 975.78 77.22 16877.37 4436.15 585.16 52.36 4968.95 11908.42 11542.66
Plant and Machinery,
Electrical Installations
and Equipments 86902.25 3227.92 716.37 89413.80 45789.07 4997.06 563.32 50222.81 39190.99 41113.18
Furniture, Fixtures and
Office Equipment 3711.15 944.91 210.45 4445.61 2499.51 382.67 155.72 2726.46 1719.15 1211.64
Livestock (at book value) 15.78 — 3.07 12.71 — — — — 12.71 15.78
Vehicles 1985.47 383.55 160.30 2208.72 1175.60 314.71 135.14 1355.17 853.55 809.87
Aircraft 9853.00 — — 9853.00 784.13 552.60 — 1336.73 8516.27 9068.87
Boats and Water Equipments 537.04 6717.97 15.12 7239.89 320.30 877.99 10.25 1188.04 6051.85 216.74
Software 1253.59 389.78 — 1643.37 375.26 393.52 — 768.78 874.59 878.33
Per Balance Sheet 123003.48 12719.32 1182.53 134540.27 55397.84 8106.71 @ 916.79 62587.76 71952.51 67605.64
Previous year ’s Total 136672.80 36430.20 50099.52 123003.48 67765.80 6305.51 @18673.47 55397.84 67605.64
@ Net after adjustments on account of Excess provision for depreciation/amortisation Rs. 8.40 lacs
relating to earlier years (Previous year Rs.9.93 lacs).
B. Capital work-in-progress 1358.36 8568.51
32
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Nos. (Rs. in lacs) Nos. (Rs. in lacs)
SCHEDULE 5 - INVESTMENTS (AT COST/BOOK VALUE)
(fully paid up unless otherwise specified)
I. LONG TERM INVESTMENTS
A. Investments in Government Securities : 0.06 0.06
National Saving Certificates (deposited with
Government Department as Security )
0.06 0.06
B. Investments in Shares of Subsidiary Companies
(Unquoted):
1. Raymond Apparel Limited
- Equity Shares of Rs.10 each 2000000 191.51 2000000 191.51
-6% Cumulative Redeemable Preference Shares of Rs.100 each 3430000 3430.00 3430000 3430.00
2. J.K. (England) Limited (Equity Shares of £.1 each) 1000 0.03 1000 0.03
3. Jaykayorg AG (Equity Shares of Swiss Francs 100 each) 500 0.98 500 0.98
4. Pashmina Holdings Limited (Equity Shares of Rs.10 each) 740000 724.00 740000 724.00
5. Everblue Apparel Limited [ Refer Note 3(b)]
- 6% Optionally Convertible Preference Shares of Rs.100 each 1000000 1000.00 1000000 1000.00
6. Regency Texteis Portuguesa, Limitada
- Equity Shares 1148.91 1148.91
- Preference Shares 355.24 355.24
7. Hindustan Files Limited (Equity Shares of Rs.10 each) 3770070 377.01 3770070 377.01
8. Colorplus Fashions Limited
- 0.01% Non Cumulative Preference Shares of Rs.100 each 398000 398.00 398000 398.00
9. Silver Spark Apparel Limited
-7% Non Cumulative Preference Shares of Rs.100 each 10,00,000 1000.00 1000000 1000.00
10. Celebrations Apparel Limited (Equity Shares of Rs.10 each) 2710000 271.00 2710000 271.00
[Refer Note 3(a)]
11. Scissors Engineering Products Limited
- 6% Cumulative Optionally Convertible Preference Shares
of Rs.100 each 2048805 2048.81 2018950 2018.95
12. JK Talabot Limited (Equity Shares of Rs.10 each) 7248936 724.89 7248936 724.89
13. Raymond Europe SRL 41.58 41.58
13601.21 13558.55
C. Investments in Joint Ventures *
1. Raymond Zambaiti Private Limited ( Equity Shares of 41000000 4100.00 41000000 4100.00
Rs.10 each )
2. Raymond Fedora Private Limited
( Equity Shares of Rs.10 each ) [Refer Note 3(c)] 9690000 969.00 9690000 969.00
3. Raymond UCO Denim Private Limited (Refer Note 3(d))
- 0.1% Preference Shares of Rs.10 each 10000000 8700.00 10000000 8700.00
28569.19 28569.19
* The Company has agreed with the lenders (Banks) of some of these Companies for not disposing off these investments without their prior consent.
33
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. 31st March, 2008 31st March, 2007
SCHEDULE 5 - INVESTMENTS (AT COST/BOOK VALUE) Contd...
D. Non-Trade Investments:
Shares (Unquoted):
1. Gujarat Sheep & Wool Development Corporation Limited
(Equity Shares of Rs.100 each) 102 0.10 102 0.10
Less: Provision for diminution in value of Investments (0.10) (0.10)
2. P.T. Jaykay Files Indonesia - Associate Company
(Equity Shares of Indon.Rp.4,150 = US$ 10 each) 24000 23.99 24000 23.99
3. Bengal & Assam Company Limited (Equity Shares of Rs.100 each) 1150 1.00 1150 1.00
4. Impex (India) Limited (Equity Shares of Rs.10 each) 8000 0.80 8000 0.80
5. R.R. Investments & Estates Private Limited (Equity Shares of Rs.100 each) 225 5.19 225 5.19
6. Seven Seas Transportation Limited (Equity Shares of Rs.10 each) 205000 27.94 205000 27.94
7. J.K. Cotton Spg. & Wvg. Mills Company Limited
8. Radha Krshna Films Limited - Associate Company
29.98 29.98
E. Non-Trade Investments:
Shares (Quoted):
1. J.K. Investo Trade (India) Limited - Associate Company
Bonds (Quoted)
1. 6.75% Tax Free US 64 Bonds of Rs.100 each 974956 974.96 974956 974.96
2. 6.60% UTI Units Tax Free Bonds of Rs.100 each 2000000 2000.00 2000000 2000.00
3301.08 3301.08
F. Non-Trade Investments:
Unquoted Debentures:
1. R.R. Investments & Estates Private Limited (Unsecured Debentures
of Rs.10,000 each) [Residual value after redemption Rs.7,800
each (Net of redemption Rs.0.06 lac and proportionate acquisition
cost written off Rs.1.56 lacs)] 19 42.19 19 42.19
2. Raymond Apparel Limited (a subsidiary) ( Fully Convertible
Unsecured Debentures of Rs.100 each ) 2850000 2850.00 2850000 2850.00
3. Raymond UCO Denim Private Limited (a Joint Venture) ( Non-
Convertible Unsecured Debentures of Rs.100 each bearing
interest linked to one year Government Security with annual reset) 2850000 2850.00 — —
5742.19 2892.19
G. Others:
1. 5.50% SIDBI Capital Gains Bonds Issue - 2005 of Rs.10000 each 8200 820.00 8200 820.00
2. 5.50% NHAI Capital Gains Bonds Issue - of Rs.10000 each 75000 7500.00 75000 7500.00
8320.00 8320.00
H. Investments in Mutual Fund - FMP ( Growth ) (Units of Rs.10 each)
1. Tata Fixed Horizon Fund Series 2 B Option (18 Months) Growth (NAV)
Previous year Rs.541.64 lacs) — — 5000000 500.00
2. Tata Fixed Horizon Fund Series 2 Plan C (18 Months)
Growth (NAV Previous year Rs.540.31 lacs) — — 5000000 500.00
C/F — 1000.00
34
PGS 28 TO 45.pmd 34 5/26/2008, 3:15 PM

B/F — — — 1000.00
3. ABN AMRO Fixed Term Plan - Series 1 -( Growth ) 14 Months
(NAV Previous year Rs.542.94 lacs) — — 5000000 500.00
4. Tata Fixed Horizon Fund Series 3 Scheme D (13 Months )
5. ABN AMRO FTP- Series 2 - 13 Months Plan Growth
6. Franklin Templeton Fixed Tenure Fund Series V 13 Months Plan -
7. Standard Chartered Fixed Maturity 2nd Plan - 13 Months - Growth
8. Kotak FMP Series 13 - 13 Months Growth Option
9. Tata Fixed Horizon Fund Series 3 Scheme G (13 Months ) Growth
10. Prudential ICICI FMP Series 34 Scheme-18 Months Plans
(NAV Rs 1112.57 lacs, Previous year Rs.1005.70 lacs) 10000000 1000.00 10000000 1000.00
12. Kotak FMP 16M Series 1 Growth(NAV Rs 1110.93 lacs,
Previous year Rs.1011.11 lacs) 10000000 1000.00 10000000 1000.00
13. HDFC FMP 16M Dec2006(2) Wholesale Plan Growth
15. HSBC Fixed Term Series 22 Inst. Growth (15 Months Plan)
16. HDFC FMP 16M January 2007 (2) Wholesale Plan growth
17. Templeton Fixed Horizon Fund Series I -15 Months Plans-
Institutional Growth (NAV Rs 554.38 lacs, Previous year
Rs.501.89 lacs) 5000000 500.00 5000000 500.00
18. Birla FTP Series-P-Growth (NAV Rs 556.19 lacs,
19. Prudential ICICI FMP Series 34 Scheme-15 Months Plans Institutional
Growth (NAV Rs. 561.68 lacs, Previous year Rs. 503.78 lacs) 5000000 500.00 5000000 500.00
20. UTI FIXED Term Income Fund-Series II Plan 16- Institutional
Growth Plan(NAV Rs. 1064.09 lacs, Previous year Rs.1009.02 lacs) 10000000 1000.00 10000000 1000.00
21. Kotak FMP 13M Series 2 Institutional Growth(NAV Rs 730.22 lacs,
9158.00 16158.00
I. Investments in Venture Capital Funds
1. India Growth Fund (Units of Rs.1000 each, Paid up value
per Unit of Rs.900 each, Previous year Rs.500 each) 50000 450.00 50000 250.00
2. HDFC India Real Estate Fund (Units of Rs.1000 each) 248294 2482.94 223294 2232.94
2932.94 2482.94
Total - Long Term Investments 71654.65 75311.99
35
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II. CURRENT INVESTMENTS
A. Dividend Option (Units of Rs.10 each, unless otherwise specified) :
1. Kotak Lifestyle -Dividend (NAV Previous year Rs.564.44 lacs) — — 4850000.00 485.00
2. Birla Cash Plus -Instl. Prem. Daily Dividend Reinvestment Option
(NAV Rs.500.10 lacs, Previous year Rs.42.43 lacs) 4991227.73 500.10 423451.68 42.43
3. TATA Liquid Super High Investment Fund Daily Dividend
(NAV Previous year Rs.2568.32 lacs) — — 230441.45 2568.32
4. Kotak Liquid (Institutional Premium)-Daily Dividend
5. JM Money Manager Fund Super Plus Plan-Daily Dividend
(171)( NAV Previous year Rs.2551.71 lacs) — — 25517075.95 2551.71
6. HDFC Cash Management Fund-Saving Plan-Daily
Dividend Reinvestment (NAV Previous year Rs.7.42 lacs) — — 69730.09 7.42
7. HDFC Cash Management Fund-Call Plan-Daily Dividend
Reinvestment -Option (NAV Previous year Rs.2002.01 lacs) — — 19201029.93 2002.01
8. DBS Chola Treasury Management Fund-Daily Dividend
9. Kotak FMP 3M Series 13- Dividend (Weekly) (NAV Previous
year Rs.400.28 lacs) — — 4000000.00 400.00
10. UTI Balanced Fund (Income - Reinvestment)
(NAV Rs.49.36 lacs, Previous year Rs.41.39 lacs ) 247540.93 27.98 221671.58 22.99
11. Tata Floater Fund - Daily Dividend (NAV Rs.2253.71 lacs,) 22457171.20 2253.71 — —
12. Birla Sun Life Liquid Plus - Institutional - Daily Dividend -
Reinvestment (NAV Rs.3814.86 lacs) 38122716.45 3814.86 — —
13. ICICI Prudential - Flexible Income Plan Dividend - Daily
(NAV Rs.499.47 lacs) 4723803.84 499.47 — —
14. HDFC Floating Rate Income Fund Short Term Plan -
Wholesale Option Dividend Reinvestment - Daily
(NAV Rs.3625.62 lacs) 35965281.00 3625.62 — —
15. TATA Treasury Manager SHIP Daily Dividend
(NAV Rs.1612.06 lacs) (Units of Rs.1000 each) 160723.85 1612.06 — —
16. SBI - SHF - Liquid Plus - Institutional Plan -
Daily Dividend (NAV Rs.3695.22 lacs) 36933691.28 3695.22 — —
17. SBI Premier Liquid Fund - Super Institutional -
Daily Dividend (NAV Rs.1510.49 lacs) 15055959.73 1510.49 — —
18. BSL Quarterly Interval - Series 3 - Dividend Reinvestment
(NAV Rs. 502.49 lacs) 5000000.00 500.00 — —
19. ABN AMRO Flexible Short Term Plan Ser. C Quarterly Dividend
(NAV Rs.1005.17 lacs) 10000000.00 1000.00 — —
20. TATA Floating Rate Fund Long Term - Income/Bonus
(NAV Rs. 501.99 lacs) 4954584.83 501.05 — —
21. Kotak FMP 3 M Series 27 - Dividend ( NAV Rs. 502.55 lacs) 5000000.00 500.00 — —
22. Templeton Quarterly Interval Plan - Plan B - Institutional -
Dividend Reinvestment ( NAV Rs.1005.78 lacs) 9989710.60 1000.00 — —
23. UTI Fixed Maturity Plan HFMP 03/08 - I - Institutional Dividend Plan
(NAV Rs.501.63 lacs) 5000000.00 500.00 — —
24. Standard Chartered Arbitrage Fund - Plan A - Dividend
(NAV Rs.205.55 lacs) 1959593.19 200.00 — —
25. HDFC Cash Management Saving Plus - Weekly Dividend
(NAV Rs.131.83 lacs) 1314148.06 131.67 — —
21872.22 9083.27
36
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B. Growth Option (Units of Rs.10 each, unless otherwise specified) :
1. Kotak Liquid (Institutional) (NAV Rs.993.86 lacs,
Previous year Rs.906.70 lacs) 6144360.61 970.28 6032670.08 886.52
2. Kotak Liquid (Institutional) - Growth (NAV Rs.72.87 lacs,
3. DSP Merrill Lynch Liquid Plus - Growth (NAV Rs.507.28 lacs,
Previous year Rs.343.57 lacs) (Units of Rs.1000 each) 45415.10 501.76 32801.77 337.22
4. Benchmark Mutual Fund - Gold Bees (NAV Rs.48.50 lacs)
(Units of Rs.1000 each) 4000.00 51.94 — —
1595.79 1235.67
C. Fixed Maturity Plan (Units of Rs.10 each, unless otherwise specified) :
1. JM Fixed Maturity Fund - Series II - Yearly Plan - YSA - Growth Option
2. HSBC Fixed Term Series IV - FMP (370 days)
Growth Option (NAV Previous year Rs.1087.40 lacs) — — 10000000.00 1000.00
3. Reliance Fixed Horizon Fund II-Annual Plan - Series V-Institutional
Growth Plan (NAV Rs.1112.24 lacs, Previous year Rs.1005.03 lacs) 10000000.00 1000.00 10000000.00 1000.00
4. Principal PNB Fixed Maturity Plan- Series IV (FMP-37)385
Days Institutional Growth Plan (NAV Rs.1106.45 lacs,
5. Reliance Fixed Horizon Fund III-Annual Plan - Series I -
Institutional Growth Plan (NAV Rs.2225.06 lacs, Previous year
Rs.2004.48 lacs) 20000000.00 2000.00 20000000.00 2000.00
6. DBS Chola FMP - Series 6 (371 Days Plan)-Cumulative -
(NAV Rs.1093.77 lacs, Previous year Rs.1000.00 lacs) 10000000.00 1000.00 10000000.00 1000.00
5000.00 7000.00
D. Equity Shares (Quoted)(Shares of Rs.10 each, unless otherwise specified):
1. Dr. Reddy's Laboratories Limited (Equity Shares of Rs.5 each) — — 13000 90.08
2. Oil & Natural Gas Corporation Limited 22500 241.90 21000 105.92
3. ITC Limited (Equity Shares of Re.1 each) 80000 140.48 50000 55.48
4. Tata Motors Limited 8000 51.39 17000 94.43
5. GAIL India Limited 19300 74.51 — —
6. Satyam Computer Services Limited (Equity Shares of Rs.2 each) 12500 45.74 39000 142.71
7. ICICI Bank Limited 23000 220.53 24500 135.76
8. Bharat Earth Movers Limited 5000 48.47 21914 212.42
9. State Bank of India 7500 64.98 14000 62.67
10. Associated Cement Company Limited — — 17000 44.27
11. Gujarat Ambuja Cement Limited (Equity Shares of Rs. 2 each) — — 27480 20.42
12. Grasim Industries Limited 4200 70.92 8200 121.12
13. Bharat Heavy Electricals Limited 6800 138.68 — —
14. Glaxo Smithkline Pharmaceuticals Limited — — 3000 19.86
15. Larsen & Toubro Limited (Equity Shares of Rs.2 each) 11000 330.71 3000 22.56
16. BGR Energy Systems Limited 15000 76.30 — —
17. Cipla Limited (Equity Shares of Rs.2 each) — — 48000 52.29
18. Biocon Limited (Equity Shares of Rs.5 each) 19373 81.21 10000 47.01
19. Bosch Chassis Systems India Limited — — 10000 96.64
20. Britannia Industries Limited — — 2310 29.99
21. Indian Hotels Company Limited (Equity Shares of Re.1 each) 45000 34.42 120000 91.80
22. Onmobile Global Limited 5000 22.00 — —
23. Mahindra & Mahindra Limited 15700 73.47 20000 77.72
24. Maruti Suzuki India Limited (Equity Shares of Rs.5 each) 14000 84.81 21000 107.03
25. Pfizer Limited — — 8000 58.53
26. S K F India Limited — — 40000 114.40
27. Tata Power Company Limited 7000 76.73 — —
28. Videsh Sanchar Nigam Limited — — 8000 17.97
29. HDFC Limited 7600 159.50 1600 12.00
30. HDFC Bank Limited 7000 100.44 — —
31. Century Textiles & Industries Limited 10000 63.95 8000 14.08
32. E-Merck (India) Limited — — 11707 59.65
33. Hindustan Petroleum Corporation Limited 28000 73.66 — —
34. Housing Development & Infrastructure Limited 15000 75.00 — —
35. Cholamandalam DBS Finance Limited 49980 83.01 100000 185.65
36. Cadila Healthcare Limited (Equity Shares of Rs.5 each) 20000 66.11 43000 142.13
37. Chennai Petroleum Corporation Limited 11140 27.38 — —
38. Dabur India Limited (Equity Shares of Re.1 each) — — 10000 9.14
39. Praj Industries Limited (Equity Shares of Rs. 2 each) — — 200000 516.55
C/F 2526.30 2760.28
37
PGS 28 TO 45.pmd 37 5/26/2008, 3:15 PM

B/F 2526.30 2760.28
40. Tata Consultancy Services Limited (Equity Shares of Re.1 each) 6000 45.45 16500 124.99
41. Texmaco Limited 8698 50.91 13920 81.48
42. Transformers & Rectifiers India Limited 14000 71.59 — —
43. Bharti Airtel Limited 10000 32.33 27000 57.28
44. Bilcare India Ltd. 4000 47.48 — —
45. Financial Technologies Limited (Equity Shares of Rs.2 each) 4000 47.35 19593 231.94
46. Asian Paints Limited 9999 65.19 25000 162.99
47. Alfa Laval (India) Limited — — 20000 194.61
48. Bharat Petroleum Corporation Limited 10000 41.70 — —
49. Clariant Chemicals Limited — — 10248 36.02
50. Finolex Industries Limited 33600 40.31 — —
51. Gokaldas Exports Limited (Equity Shares of Re.5 each) — — 12864 42.28
52. Godrej Industries Limited (Equity Shares of Re.1 each) 30000 18.85 100000 62.82
53. Gammon India Limited (Equity Shares of Rs.2 each) 10000 43.74 — —
54. Hindustan Unilever Limited (Equity Shares of Re. 1 each) — — 10000 16.83
55. Infrastructure Development Finance Company Limited 105000 166.15 — —
56. Infosys Technologies Limited (Equity Shares of Rs. 5 each) 6000 90.16 5000 71.02
57. Jindal Saw Limited 3000 26.04 25000 113.40
58. National Thermal Power Corporation Limited 25000 25.14 50000 50.27
59. Punjab National Bank 13000 73.96 26000 124.76
60. Reliance Industries Limited 14500 267.21 24000 225.87
61. Reliance Energy Limited 5000 38.73 — —
62. Reliance Communication Limited (Equity Shares of Rs.5 each) 10000 31.93 35000 111.76
63. Suzlon Energy Limited (Equity Shares of Rs. 2 each) # 30000 121.80 — —
64. Shringar Cinemas Limited — — 145914 92.29
65. Tata Tea Limited 15000 104.86 - —
66. Sundaram Finance Limited (Equity Shares of Rs.5 each) 9820 38.92 30000 118.89
67. DLF Limited (Equity Shares of Rs. 2 each) 8000 61.57 — —
68. Divis Laboratories Limited (Equity Shares of Rs. 2 each) 2100 39.70 1750 53.20
69. Power Grid Corporation of India Limited 50000 46.21 — —
70. Sun Pharma Advanced Research Company Limited 30000 20.00 — —
71. Steel Authority of India Limited 45000 77.19 25000 25.14
72. Great Eastern Shipping Company Limited 30000 104.75 8000 14.03
73. Galaxy Entertainment Corporation Limited 25000 42.73 25000 42.73
74. Gemini Communications Limited — - 5000.00 22.14
75. Great Offshore Limited 9000 66.00 2000 13.36
76. GMR Infrastructure Limited (Equity Shares of Rs.2 each) # 97500 146.53 15000 55.93
77. Info Edge (India) Limited — — 3000 21.14
78. IOL Broadband Limited — — 6000 22.76
79. India Cements Limited — — 5000 10.08
80. Lupin Limited 7500 36.21 20000 96.56
81. Mahindra Forgings Limited 20000.00 9.44 35000 16.52
82. New Delhi Television Limited (Equity Shares of Rs.4 each) — — 15000 37.68
83. Punj Lloyd Limited (Equity Shares of Rs.2 each ) 30000 91.90 139875 267.17
84. Panacea Biotec Limited (Equity Shares of Re.1 each) — — 15000 48.87
85. Sun Pharmaceuticals Industries Limited (Equity Shares of Rs.5 each) 8063 69.81 16063 142.15
86. Tech Mahindra Limited — — 2000 28.09
87. U T V Software Communications Limited — — 24908 56.61
88. Power Finance Corporation Limited — — 5189 4.41
89. Asahi India Glass Limited (Equity shares of Re.1 each) — — 35189 36.15
90. Bharat Earth Movers Limited — — 3738 46.21
91. Bombay Dyeing & Manufacturing Company Limited — — 4846 31.84
92. BPL Limited — — 45285 24.81
93. Garware Offshore Services Limited — — 20911 22.96
94. Gujarat State Petronet Limited — — 96238 38.71
95. International Travel House Limited — — 10596 24.41
96. JM Financial Limited — — 4470 33.59
97. Jindal Drilling and Industries Limited — — 6970 37.76
98. Haryana Capfin Limited — — 7945 13.61
99. NIIT Limited — — 11100 35.73
100. Saregama India Limited — — 11002 25.55
101. Stone India Limited — — 14770 35.46
102. Timex Watches Limited (Equity shares of Re.1 each) — — 75846 28.35
4828.14 6093.49
38
PGS 28 TO 45.pmd 38 5/26/2008, 3:15 PM

E. Mutual Fund (Quoted):
Morgan Stanley Growth Fund 100000 63.47 — —
F. Warrants (Quoted):
Cholamandalam DBS Finance Limited 31955 — — —
33359.62 23412.43
Less: Provision for diminution in value of Current Investments (320.64) (276.92)
Total - Current Investments 33038.98 23135.51
Total - Investments 104693.63 98447.50
Notes : Split Shares
# The Shares have been split in FV Rs.10 to Rs.2
III. APPLICATION MONEY PENDING ALLOTMENT
Equity Application Money - State Bank of India (Rights Issue) 36.57 —
Acquired and Sold during the year
Nos. Acquisition
Cost
(Rs. in lacs)
A. Dividend Option (Units of Rs.10 each, unless otherwise specified):
1. Birla Cash Plus - Instl.Prem. Daily Dividend Reinvestment 140556054.80 14083.01
2. TATA Liquid Super High Investment Fund - Daily Dividend 719325.61 8017.03
(Units of Rs.1000 each)
3. Kotak Liquid (Institutional Premium ) - Daily Dividend 69745435.56 8528.54
4. JM Money Manager Fund Super Plus Plan - Daily Dividend (171) 74349641.98 7436.34
5. HDFC Cash Management Fund - Saving Plan -
Daily Dividend Reinvestment 126179279.66 13420.93
6. HDFC Cash Management Fund - Call Plan -
Daily Dividend Reinvestment - option 108596862.88 11322.96
7. DBS Chola Treasury Management Fund - Daily Dividend 10029067.38 1003.47
8. Kotak FMP 3M Series 13 - Dividend (Weekly) 73201.74 7.32
9. Reliance Liquid Fund Cash Plan - Daily Dividend Reinvestment 21330367.02 2376.45
10. TATA Liquidity Management Fund - Daily Dividend
Reinvestment Option ( Units of Rs.1000 each) 49897.07 500.10
11. DWS Insta Cash Plus Fund - Institutional Plan -
Daily Dividend Option 15044297.13 1507.36
12. HSBC Cash Fund Institutional Plus -
Daily Dividend Reinvestment Option 39992661.20 4001.51
13. ICICI Prudential Institutional Liquid Plan - Super Institutional -
Daily Dividend Reinvestment Option 243660766.25 24366.11
14. Reliance Liquidity Fund - Daily Dividend Reinvestment Option 97599729.43 9763.00
15. ICICI Prudential Sweep Cash Option - Daily Dividend 95727753.94 9572.78
16. Templeton India TMA Super - Institutional Plan - 803122.38 8033.23
Daily Dividend Reinvestment Option (Units of Rs.1000 each)
17. UTI Money Market Fund - Daily Dividend Reinvestment 6250051.09 1101.45
18. HSBC Liquid Plus - Inst.Plus - Daily Dividend 73663876.14 7375.67
19. Grindlays Floating Rate Fund - LT - Inst Plan B - Daily Dividend 66189133.21 6621.20
20. TATA Floater Fund - Daily Dividend 69745866.54 6999.42
21. Birla Sun Life Cash Manager - IP - Daily Dividend - Reinvestment 39998427.03 4000.64
22. UTI - Liquid Plus Fund Institutional Plan - Daily Dividend Option 813839.73 8139.53
23. HDFC Liquid Fund Premium Plan - Dividend - Daily Reinvest 53110771.87 6511.27
24. Principal Floating Rate Fund FMP Instl.Option -
Dividend Reinvestment Daily 44627005.82 4468.19
25. Lotus India FMP 3 Months Ser - IX Div. Reinvestment Option 5095009.13 509.50
26. Templeton India Treasury Management Account Super
Institutional Plan - Daily Dividend Reinvestment 668326.02 6684.93
27. ICICI Prudential Floating Rate Plan D - Daily Dividend 24899199.22 2490.34
28. DBS Chola Freedom Income STP Inst. - Daily Dividend
Reinvestment Plan 95125119.06 9512.68
39
PGS 28 TO 45.pmd 39 5/26/2008, 3:15 PM

Nos. Acquisition
Cost
(Rs. in lacs)
29. Birla Sun Life Liquid Plus - Instl.- Daily Dividend - Reinvestment 72201887.27 7224.59
30. Kotak Flexi Debt Scheme - Daily Dividend 32872116.92 3297.43
31. HDFC Cash Management Fund - Saving Plus Plan -
Wholesale - Daily Dividend 12835625.33 1287.61
32. HDFC Floating Rate Income Fund - Short Term Plan -
Retail Option - Dividend Reinvestment Daily 55342092.02 5578.98
33. ICICI Prudential - Flexible Income Plan Dividend - Daily 18573298.11 1963.85
34. Lotus India FMP 3 Months Series - XV Dividend 5182108.22 518.21
35. ING Liquid Plus Fund - Institutional Daily Dividend 10708569.23 1071.21
36. ABN AMRO Flexible Short Term Plan Ser B Qly.Div.Red. 5178462.11 517.85
37. Kotak FMP 3 Months Ser.25 Dividend Reinvestment 5089129.15 508.91
38. ABN AMRO Money Plus Institutional Plan Daily Dividend 45363566.97 4536.40
39. JPMORGAN India Liquid Plus Fund - Dividend Plan - Reinvest 56822088.66 5686.82
40. AIG India Treasury Plus Fund Institutional Daily Dividend 10089733.03 1008.98
41. DWS Money Plus Fund - Institutional Plan - Daily 16087260.58 1610.05
42. HDFC Floating Rate Income Fund Short Term Plan -
Wholesale Option Dividend Reinvestment-Daily 76787152.40 7740.84
43. UTI Liquid Cash Plan Institutional - Daily Income Option -
Reinvestment (Units of Rs.1000 each) 537590.56 5480.44
44. Fidelity Liquid Plus Super Institutional - Daily Dividend 15023843.08 1502.38
45. ICICI Prudential Interval Fund II Quarterly Interval Plan C -
Retail Dividend - Reinvest 5094325.72 509.43
46. UTI Fixed Income Interval Fund - Quarterly Plan Series - III -
Institutional Dividend 5091421.92 509.21
47. Reliance Liquidity Fund - Daily Dividend Reinvestment Option 18225817.45 1823.15
48. Templeton Floating Rate Income Fund Long Term Plan Super
Institutional Option - Daily Dividend Reinvestment 65901781.10 6597.27
49. Reliance Liquid Plus Fund - Institutional Option -
Daily Dividend Plan (Units of Rs.1000 each) 257172.51 2574.53
50. Principal Cash Management Fund Liquid Option Instl.Prem.
Plan - Dividend Reinvestment Daily 19132008.66 1913.33
51. Lotus India Liquid Fund - Super Institutional Plus Daily Dividend 20872186.90 2087.34
52. Lotus India Liquid Plus Fund - Institutional Daily Dividend 20995910.29 2102.89
53. Birla Income Plus - Quarterly Dividend - Reinvestment 23692461.56 2531.21
54. DSP Merrill Lynch Cash Plus - Institutional -
Daily Dividend ( Units of Rs.1000 each) 1009996.76 10100.98
55. ICICI Prudential Interval Fund Monthly Plan II -
Retail Dividend - Reinvest Dividend 14945525.85 1505.27
56. ICICI Prudential Institutional Income
Plan Dividend Quarterly - Reinvest Dividend 4643522.45 500.08
57. JPMORGAN India Liquid Fund - Dividend Plan - Reinvestment 279828.02 28.00
58. Birla Dynamic Bond Fund - Retail - Quarterly Dividend 24161904.73 2509.39
59. DBS Chola Liquid Inst. Daily Dividend Reinvestment Plan 4227468.73 424.09
60. JM High Liquidity Fund - Super Institutional Plan - Daily Dividend 8307705.11 832.14
61. TATA Treasury Manager SHIP Daily Dividend (Units of Rs.1000 each) 149628.34 1500.77
62. SBI - SHF - Liquid Plus - Institutional Plan - Daily Dividend 16991504.25 1700.00
63. DSP Merrill Lynch Liquid Plus Institutional Plan -
Daily Dividend ( Units of Rs.1000 each) 360297.94 3604.49
64. SBI Premier Liquid Fund - Super Institutional - Daily Dividend 20005849.67 2007.09
65. LICMF Liquid Fund - Dividend Plan 44697682.49 4907.85
B. Growth Option (Units of Rs.10 each, unless otherwise specified):

1. Kotak Liquid (Institutional ) - Growth 59263215.25 9176.16
2. DSP Merrill Lynch Liquid Plus Growth (Units of Rs. 1000 each) 208578.59 2256.33
3. HDFC Short Term Plan - Growth 6890041.82 1000.00
4. HDFC Income Fund - Growth 5457532.21 1000.00
5. Kotak Bond ( Short Term ) - Growth 6825006.83 1000.00
40
PGS 28 TO 45.pmd 40 5/26/2008, 3:15 PM

Nos. Acquisition
Cost
(Rs. in lacs)
C. Equity Shares (Quoted) (Shares of Rs.10 each, unless otherwise specified):
1. Aban Offshore Limited (Equity Share of Rs. 2 each) 1500 46.58
2. Aditya Birla Nuvo Limited. 3500 68.48
3. Bata India Limited 20000 27.27
4. Bilcare India Limited 5000 47.01
5. Bharat Heavy Electricals Limited. 5700 109.45
6. Biocon Limited (Equity Share of Rs. 5 each) 6222 27.02
7. Century Textile & Industries Limited 5000 36.16
8. Colgate Palmolive India Limited (Equity Share of Re.1 each) 19500 64.47
9. CESC Limited 29200 123.23
10. Dish TV India Limited (Equity Share of Re.1 each) 4025 1.69
11. Deepak Fertilizer & Petrochemicals Corporation Limited 45000 50.85
12. DLF Limited (Equity Share of Rs. 2 each) 5500 45.52
13. Educomp Solutions Limited 4000 93.06
14. Edelweiss Capital Limited (Equity Share of Rs. 5 each) 5500 46.93
15. Glaxo Smithkline Pharma Limited 2000 26.07
16. Gokaldas Exports Limited (Equity Share of Rs. 5 each) 2136 4.86
17. Great Eastern Shipping Company Limited 204000 703.51
18. Great Offshore Limited 6000 42.32
19. HDFC Bank Limited 1600 22.96
20. HCL Technologies Limited 10000 28.42
21. Housing Development & Infrastructure Limited 135461 677.31
22. I - Flex Solutions Limited 1000 24.69
23. ICSA India Limited 10000 33.32
24. Indian Petrochemicals Corporation Limited 12000 47.99
25. ITC Limited (Equity Share of Re. 1 each) 10000 18.87
26. India Cements Limited 10000 19.56
27. IVRCL Infrastructures & Projects Limited (Equity Share of Rs. 2 each) 10000 38.19
28. Infomedia India Limited 9500 25.67
29. Jaiprakash Associates Limited (Equity Share of Rs. 2 each) 13000 99.35
30. Jet Airways (India) Limited 3000 24.84
31. Mahindra Lifespace Developers Limited 10000 55.53
32. Mundra Port and Special Economic Zone Limited 324 1.43
33. Oil & Natural Gas Co. Limited 500 5.95
34. Onmobile Global Limited 5111 22.49
35. Punj Lloyd Limited (Equity Share of Rs. 2 each) 1000 3.59
36. Ranbaxy Laboratories Limited (Equity Share of Rs. 5 each) 13000 51.04
37. Reliance Energy Ltd 9000 65.71
38. Reliance Industries Limited 3000 60.93
39. Reliance Petroleum Limited 50000 48.70
40. Remi Metals Gujarat Limited (Equity Share of Rs. 6 each) 200000 51.60
41. Sun Pharma Advanced Research Company Limited (Equity Share of Re.1 each) 50000 33.33
42. Suzlon Energy Limited (Equity Share of Rs. 2 each) 7000 39.69
43. Triveni Engg. & Industries Limited (Equity Share of Rs.1 each) 18000 25.58
44. Tata Steel Limited 3000 27.54
45. Tata Power Company Limited 15000 123.83
46. Ultratech Cement Limited 2500 23.95
47. Zee Entertainment Enterprises Limited (Equity Share of Re.1 each) 14000 32.16
Book Value Market Value

31st March,2008 31st March,2007 31st March,2008 31st March,2007
(Rs. in lacs) (Rs. in lacs) (Rs. in lacs) (Rs. in lacs)
Aggregate of Quoted Investments 7875.49 9117.64 14984.52 14973.19
Aggregate of Unquoted Investments 96818.14 89329.86
104693.63 98447.50
41
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SCHEDULE 6 - CURRENT ASSETS, LOANS AND ADVANCES
(a) Inventories:
(As verified, valued and certified by the Management) :
(i) Loose Tools 85.70 84.75
(ii) Stores and Spare Parts 1769.40 1561.50
(iii) Stock-in-Trade:
Raw Materials 3150.22 4475.97
Goods-in-Process 11896.62 8673.34
Finished Goods 9549.89 9007.19
(iv) Merchanting Goods 4038.42 2714.92
(v) Goods-in-Transit 2483.93 1848.69
32974.18 28366.36
(b) Sundry Debtors :
(Refer Note 3 and 4 )
(i) Debts outstanding for a period exceeding six months
Secured (considered good) 192.99 144.80
Unsecured :
Considered good (including Rs. 5.52 lacs
due from subsidiaries; Previous year Rs 6.46 lacs) 1761.81 1754.96
1954.80 1899.76
Considered doubtful 390.70 386.68
Less: Provision (390.70) (386.68)
— —
(ii) Other Debts :
Secured (considered good) 2785.97 2684.76
Unsecured :
Considered good (including Rs.1210.42 lacs
due from subsidiaries; Previous year Rs.1499.20 lacs) 24247.79 22292.55
27033.76 24977.31
28988.56 26877.07
(c) Cash and Bank Balances:
(i) Cash on hand (including cheques on hand
Rs. 241.73 lacs; Previous year Rs. 658.97 lacs) 289.02 709.22
(ii) Balances with Scheduled Banks:
In Current Accounts (including remittances-in-transit
Rs. 0.16 lac; Previous year Rs.0.16 lac) 1798.15 1745.14
In Deposit Account [includes Rs. 0.63 lac deposit
receipt endorsed in favour of Government authorities
as security (Previous year Rs.0.61 lac)] 92.92 92.20
(iii) Balances with Non-Scheduled Banks:
In Current Accounts:
The Municipal Co-operative Bank Limited
[Maximum balance during the year Rs.16.34 lacs
(Previous year Rs.8.82 lacs)] 0.85 3.47
C/F. 2180.94 61962.74 2550.03 55243.43
42
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SCHEDULE 6 - CURRENT ASSETS, LOANS AND ADVANCES (Contd.)
B/F. 2180.94 61962.74 2550.03 55243.43
The Hongkong & Shanghai Banking Corporation, Shanghai
[Maximum balance during the year Rs. 6.03 lacs
(Previous year Rs. 14.79 lacs)] 1.04 10.87
In Deposit Accounts:
The Municipal Co-operative Bank Limited [Maximum balance
during the year Rs. 0.50 lac (Previous year Rs. 0.50 lac)] 0.50 0.50
2182.48 2561.40
(d) Other Current Assets:
(i) Export Incentives receivable 516.82 412.75
(ii) Dividend, Interest Subsidy and Interest receivable
(Interest accrued on Investments Rs.538.12 lacs; 3968.52 1798.92
Previous year Rs.391.08 lacs)
(iii) MAT Credit Receivable 642.08 —
(iv) Claims and Other receivables 648.07 758.23
5775.49 2969.90
(e) Loans and Advances (Unsecured, considered
good, unless otherwise specified): [Refer Notes 3 and 5]
Subsidiary Companies :
Loans and other dues 5624.44 5362.81
Loans and Advances to companies and others:
Considered good [includes Rs.30.00 lacs secured] 4544.32 3716.16
Less: Provision (32.00) (32.00)
— —
Advance Tax (Net of provision for tax) 815.84 —
Advances recoverable in cash or in kind or for
value to be received :
Considered good 6577.59 6621.60
Less: Provision (28.82) (11.34)
— —
Balances with -
Customs, Excise, etc. 91.72 24.52
Others (including with subsidiaries Rs.160.33 lacs;
Previous year Rs.160.33 lacs) 6767.68 5990.77
24421.59 21715.86
SCHEDULE 7 - CURRENT LIABILITIES AND PROVISIONS
(a) Current Liabilities :
Sundry Creditors [including Rs.27.96 lacs due
as remuneration to the Directors (Previous year Rs. 241.32 lacs)]
[Refer Note 15] 17043.24 17722.89
Advances against Sales 623.78 771.64
Due to Subsidiary Companies 874.22 1007.15
Deposits from Dealers and Agents 5805.78 5600.62
Overdrawn Bank Balances 1525.21 1815.07
Other Liabilities 1886.78 2017.25
Interest accrued but not due 486.52 149.28
28245.53 29083.90
(b) Provisions :
For Proposed Dividend 1534.52 3069.04
For Tax on Proposed Dividend 260.79 521.58
For Taxation (Net of Advance Tax) — 468.44
For Fringe Benefit Tax (Net of Advance Tax) 15.58 2.58
For Employee Benefits 5546.15 3779.00
For Excise Duties 196.69 223.02
7553.73 8063.66
43
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SCHEDULE 8- SALES, SERVICES AND EXPORT INCENTIVES
(1) Gross Turnover (net of usual trade discounts, allowances, etc.)
(a) Manufactured Goods (inclusive of sale of
semi-finished goods) 118769.13 122905.41
(b) Merchanting Goods 14353.18 7324.08
133122.31 130229.49
Less:
Sales Returns 406.32 690.13
Other discounts and allowances 1476.20 1632.27
1882.52 2322.40
131239.79 127907.09
(2) Income from Air Taxi Operations 1169.37 894.33
(3) Gross Income from Services :
(a) Income from Job Work 0.68 2.89
(b) Income from other services 361.84 247.50
(4) Export Incentives, etc. 984.65 910.94
Per Profit and Loss Account 133756.33 129962.75
SCHEDULE 9 - OTHER INCOME

Dividends:
From Non-Trade Investments
- Current Investments 1262.31 1073.01
- Long Term Investments 17.45 20.86
1279.76 1093.87
From Subsidiary companies 0.04 105.15
Interest Income (Tax deducted Rs. 357.01 lacs;
Previous Year Rs.151.66 lacs):
- On Long Term Investments 621.04 473.70
- Others (Including from subsidiaries Rs. 90.50 lacs;
Previous Year Rs. 47.04 lacs) 2835.84 1244.21
3456.88 1717.91
Gain on variation in foreign exchange rates (Net) :
- On Loans (1377.42) 954.55
- Others 3061.08 (596.93)
1683.66 357.62
Profit on sale of Current Investments (Net) 4027.34 3529.05
Profit on sale of Long-term Investments (Net) 664.82 116.86
Rent and Compensation 150.20 150.60
Credit Balances appropriated (Net) 13.91 19.04
Excess provisions written back (Net) 172.61 633.90
Sales Tax and Excise Duty Refunds 747.49 456.10
Miscellaneous Income 1567.84 897.72
SCHEDULE 10 - MATERIAL COSTS

(1) Raw Materials consumed :
Opening Stock 4475.97 7001.74
Purchases 34100.83 33027.79
38576.80 40029.53
Less: - Sales 1041.19 1022.91
- Transfer on divestment of Business — 2949.17
37535.61 36057.45
Less: Closing Stock 3150.22 4475.97
34385.39 31581.48
(2) Merchanting Goods (Cost of goods sold):
Opening Stock 2714.92 1311.36
Add: Purchases 13793.40 7559.90
16508.32 8871.26
Less: Closing Stock 4038.42 2714.92
12469.90 6156.34
44
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SCHEDULE 11 - MANUFACTURING AND OPERATING COSTS

Stores and Spare Parts 9116.30 9984.79
Power and Fuel 8215.50 8532.86
Repairs to Buildings 742.51 664.81
Repairs to Machinery 1253.29 1293.01
Other Manufacturing and Operating Expenses 7139.56 6623.65
SCHEDULE 12 - (INCREASE)/DECREASE IN FINISHED AND
PROCESS STOCK
Opening Stock:
17680.53 18456.11
Closing Stock:
21446.51 17680.53
(3765.98) 775.58
Add/(Less): Variation in excise duty on opening and
closing stock of finished goods (26.33) 15.87
Per Profit and Loss Account (3792.31) 791.45
SCHEDULE 13 - EMPLOYMENT COSTS
Salaries, Wages, Bonus, etc, [including rent Rs.110.11 lacs
(Previous year Rs.59.63 lacs)] 20746.66 20060.27
Contribution to Provident and Other Funds 1394.04 1317.63
Workmen and Staff Welfare Expenses 1175.28 1180.49
SCHEDULE 14 - ADMINISTRATIVE, SELLING AND GENERAL EXPENSES
Insurance (Net) 333.22 435.52
Rent 3843.83 2040.95
Lease Rentals 20.09 19.55
Rates and Taxes 80.38 67.89
Advertisement 7383.55 6641.50
Commission to Selling Agents 3268.43 3623.63
Freight, Octroi, etc. 1289.27 1130.36
Bad Debts, Advances and Claims written off 5.67 31.20
Provision for Doubtful Debts, Advances and Claims 21.48 15.00
Legal and Professional charges 3366.88 2647.84
Miscellaneous Expenses 10379.85 8846.84
Loss on sale/discardment of Fixed Assets (Net) 120.72 409.04
Provision for diminution in value of Current Investments 43.72 140.28
Contribution to Charitable Funds, etc. 272.99 56.98
Directors’ Fees 7.60 7.05
SCHEDULE 15 - FINANCE CHARGES
Interest on Debentures and Fixed Loans
(Net of Subsidy Rs.1617.68 Lacs, Previous Year Rs.1515.12 Lacs) 3746.63 3446.42
Interest - Others 2233.47 1187.78
5980.10 4634.20
Commitment and other charges on Loans 30.24 205.49
6010.34 4839.69
Less : Borrowing Costs Capitalised – (127.78)
45
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SCHEDULE 16 - NOTES FORMING PART OF THE ACCOUNTS
1. Loan Funds :
(a) Term Loans from Banks:
Amount Outstanding (Rs. In Lacs) From Banks:
(i) 31016.57(Previous Year - 31953.00) Secured by hypothecation of specified machineries situated at the Company ’s Textile
Divisions at Thane and Jalgaon in the State of Maharashtra, Chhindwara in the State of Madhya Pradesh and Vapi in the State of
Gujarat.
(ii) 5613.10 (Previous Year - NIL) To be secured by hypothecation of specified machineries situated at the Company’s Textile Divisions at
Thane and Jalgaon in the State of Maharashtra, Chhindwara in the State of Madhya Pradesh and Vapi in the State of Gujarat.
(b) Working Capital Loans (including Buyer’s Credit arrangement):
Secured by hypothecation of stocks, book debts and other current assets of the Company’s Textile and Files & Tools Divisions.
2. Fixed Assets :
(a) In terms of the acquisition proceedings initiated by Thane Municipal Corporation, about 4,222 sq. metres of the Company’s land at Thane
is acquired for the purpose of widening of municipal road. Necessary accounting effect for the same will be given in the year in which
the matter is finally settled.
(b) Buildings include Rs. 10.48 lacs in respect of ownership flats/portions of buildings or Co-operative Housing Societies and Rs. 0.02 lac in
respect of shares held in Co-operative Housing Societies.
(c) Capital work-in-progress includes expenditure during construction period on substantial expansion/new industrial units of the Company as
under:
Opening balance 3.57 177.78
Add: Incurred during the year:
Employment Costs – 29.39
Power and Fuel 0.27 8.91
Stores consumption – 8.73
Legal and professional charges 30.30 4.03
Travelling Expenses – 10.55
Miscellaneous Expenses 2.04 47.20
Insurance – 37.50
32.61 146.31
36.18 324.09
Less: Capitalised during the year (3.57) (320.52)
32.61 3.57
(d) Expenditure incurred by the Company in previous year during trial runs in respect of expansion at the Company’s Textile Division. The
amounts so capitalised are as under:
Raw material consumption – 200.14
Employment Cost – 25.54
Stores and Spares consumption – 17.19
Power and Fuel – 74.37
Processing Charges – 2.58
– 319.82
Less:Inter-Unit sale during trial runs – (202.08)
Stock of trial run product – (66.70)
Trial Run Expenditure capitalised – 51.04
(e) Capital work-in-progress includes:
(i) Advances for capital expenditure Rs. 575.02 lacs (Previous Year Rs.1015.20 lacs);
(ii) Machineries in transit Rs. 64.12 lacs (Previous Year Rs.161.57 lacs).
3. (a) The Company has an investment of Rs. 271.00 lacs in the shares of Celebrations Apparel Limited (CAL) a wholly owned subsidiary of
the Company. Further, the Company has loans, advances and other receivables amounting to Rs. 1029.21 lacs recoverable from
CAL. The networth of CAL has substantially eroded due to operational losses. Considering the fact that the investment is of a strategic
46
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nature and the steps taken by the Company to improve CAL’s performance has resulted in CAL making a cash profit for the year
ended 31st March, 2008, no provision is considered necessary by the Management at present, for possible diminution in the value of
investments and also in respect of losses that may arise in respect of loans to and other receivables from CAL.
(b) The Company has an investment of Rs. 1500.00 lacs in the shares of Everblue Apparel Limited (EBAL), a wholly owned subsidiary of
the Company. Further, the Company has interest free loans, advances and other receivables amounting to Rs.1879.89 lacs recoverable
from EBAL. The net worth of EBAL has eroded due to operational losses. EBAL has entered into a conducting Agreement with
Raymond UCO Denim Private Limited (RUDPL) to manufacture Denim Jeans, label, package and store as directed by RUDPL for a
yearly conducting fee in addition to reimbursement of certain costs and expenses incurred by EBAL in the manufacturing process.
This arrangement has improved the performance of EBAL and EBAL has made profit during the year. Under the circumstances, the
Company has not provided for any diminution in the value of investments and also in respect of losses that may arise in respect of
loans to and other receivables from EBAL.
(c) The Company has an investment of Rs. 969.00 lacs in the equity shares of Raymond Fedora Private Limited (RFPL), a Joint Venture
Company. Further, the Company has loans, advances and receivables amounting to Rs.1894.05 lacs recoverable from RFPL. The
accumulated losses as on 31st March 2008 have substantially exceeded the net worth of the Company due to operational losses.
Considering the fact that the investment is of strategic nature and the various initiatives taken by RFPL for improvement of operational
performance viz. optimisation of capacity and utilisation, increase in customer base, improvement in product profile and cost
control measures, no provision is considered necessary by the management at present, for any diminution in the value of investments
and also in respect of the losses that may arise in respect of loans to and receivables from RFPL.
(d) The Company has an aggregate investment of Rs.26350.19 lacs in the Equity and Preference Capital and also in Debentures of
Raymond UCO Denim Private Limited (RUDPL), a Joint Venture Company. Further, the Company has advanced a loan of
Rs.2942.50 lacs on which interest of Rs.188.60 lacs is also over due. The Company along with the Joint Venture Partner has undertaken to
additionally fund RUDPL in case it fails to meet certain covenants of the Facility cum Hypothecation Agreement entered into with a Bank.
During the year, the net worth of three of the overseas subsidiaries of RUDPL has eroded/substantially eroded due to operational losses. The
Company along with the Joint Venture partner is in the process of preparing an action plan for revival of these subsidiaries. Considering
the steps being taken and the fact that the holding in RUDPL is part of the Company’s long term strategy to be present in the global Denim
Business, no provision is considered necessary at present by the management for diminution in the value of its investment in RUDPL and
also in respect of losses that may arise in respect of loan and interest.
4. Sundry Debtors, considered good, include Rs. 8.51 lacs for the recovery of which the Company has initiated legal actions (Previous Year
Rs.36.70 lacs).
5. (a) Loans and Advances in the nature of loans: (Rs. in Lacs)
Amount Maximum Shares held by
outstanding balance Loanee in the Company
during the No. of Maximum
year Shares No. of
outstanding Shares held
at the year-end during the year
(i) Subsidiaries:
Raymond Apparel Limited – – – –
(–) (2850.00) (–) (–)
Colorplus Fashions Limited 300.00 300.00 – –
(–) (–) (–) (–)
Pashmina Holdings Limited 300.00 300.00 – –
(300.00) (300.00) (–) (–)
Hindustan Files Limited – – – –
(–) (278.33) (–) (–)
Everblue Apparel Limited 1870.75 2173.17 – –
(1802.17) (1802.17) (–) (–)
Silver Spark Apparel Limited 1556.96 2331.96 – –
(2016.96) (2652.96) (–) (–)
Celebrations Apparel Limited 1006.08 1006.08 – –
(606.08) (606.08) (–) (–)
JK Talabot Limited 575.62 726.62 – –
(637.60) (637.60) (–) (–)
Ring Plus Aqua Limited 15.03 15.03 – –
(–) (–) (–) (–)
(ii) Associate Companies:
J.K. Investo Trade (India) Limited [Refer Note 5b] 30.00 30.00 16,58,923 16,58,923
(30.00) (30.00) (13,92,662) (13,92,662)
P T Jaykay Files Indonesia 56.38 56.38 – –
(–) (20.59) (–) (–)
(iii) Joint Ventures:
Raymond Fedora Private Limited 1123.64 1123.64 – –
(653.64) (800.00) (–) (–)
Raymond UCO Denim Private Limited 2942.50 2942.50 – –
(Repayable on or before 6th August, 2013) (2942.50) (2942.50) (–) (–)
(Figures in bracket relate to previous year)
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(b) The Company has given loans to J.K. Investo Trade (India) Limited (JKI) aggregating Rs.30.00 lacs being the balance outstanding
against the amount which the Company had, as a guarantor, paid on behalf of JKI to a bank and pursuant to which the Company
stands subrogated, in terms of a Memorandum of Subrogation, to the rights of the bank as a mortgagee on the specified immovable
properties of JKI.
(c) Advances recoverable in cash or in kind or for value to be received, considered good, includes:
(i) Due from Officers of the Company Rs. 69.18 lacs (Previous year Rs.19.93 lacs); Maximum balance during the year
Rs. 123.38 lacs (Previous year Rs.21.71 lacs).
(ii) Due from Subsidiary Companies Rs. 99.23 lacs (Previous year Rs.70.88 lacs).
6. A. Contingent Liabilities not provided for :
(a) Claims against the Company not acknowledged as debts in
respect of past disputed liabilities of the Cement and Steel
Divisions divested during the year 2000-2001, Carded Woollen
business divested during the year 2005-06 and Denim Division
divested during 2006-07 (interest thereon not ascertainable
at present).
- Excise Matters 59.84 1537.37
- Sales Tax 181.85 181.85
- Royalty on Limestone 2201.94 2201.94
- Other matters 152.09 63.16
2595.72 3984.32
(b) Claims against the Company not acknowledged as debts in
respect of other divisions.
- Sales Tax 141.45 218.04
- Compensation for Premises 1298.89 1214.78
- Stamp Duty 174.16 174.16
- Water Charges 87.17 84.66
- Other Matters 153.41 137.53
1855.08 1829.17
(c) Bills Discounted with the Company’s bankers. 8662.09 5235.87
(d) On account of guarantees given and also on account of the
indemnity issued by the Company to the Acquirer of shares of
Recron Synthetics Limited pursuant to an Agreement. 342.70 342.70
(e) On account of corporate guarantee to the bankers/vendors
on behalf of subsidiaries for facilities availed by them.
(amount outstanding at close of the year). 8565.00 7733.00
(f) Disputed demands in respect of Income-tax, etc. (Interest
thereon not ascertainable at present). 7281.12 6344.63
(g) Bonds/Undertakings given by the Company under concessional
duty/exemption scheme to Government authorities.
(Net of obligations fulfilled). 4083.88 3230.46
(h) On account of Excise Duty liability on post removal of goods
from the place of manufacture. 2118.90 2118.90
(i) Disputed Excise Duty liability in respect of other matters. 3536.50 2241.54
(j) Liability on account of jute packaging obligation upto 30th
June, 1997, in respect of the Company’s erstwhile Cement
Division, under the Jute Packaging Materials (Compulsory
use in Packing Commodities) Act, 1987. Amount not determinable
(k) Liability in respect of additional stamp duty on the transfer of
immovable properties of the Company’s erstwhile Cement
Division and Denim Division. Amount not determinable
(l) Company’s liabilities/obligations pertaining to the period upto
the date of transfer of the Company’s erstwhile Steel, Cement,
Carded Woollen Division and Denim Division in respect of which
the Company has given to the acquirers:
- Bank Guarantees — 210.00
- Undertakings Amount not determinable
48
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(m) The Wage Agreement in respect of the unionised employees of Company’s

Textile Division situated at Chhindwara and Files Division at Chiplun has
expired during the financial year 2007-08. The net liability on account of
revision will be accounted in the year of finalisation of the wage agreement.
Note : Item 6A(a), (b), (f), (h) to (k)
The Company has taken legal and other steps necessary to protect its
position in respect of these claims, which, in its opinion, based on legal
advice, are not expected to devolve. It is not possible to make any further
determination of the liabilities which may arise or the amounts which may
be refundable in respect of these claims.
B. Estimated amount of contracts remaining to be executed on capital
account and not provided for (net of advances). 7866.01 1996.33
C. Disclosure in respect of derivative instruments :
(a) Derivative instruments outstanding : Millions
Forward Option Swap
(i) Against Exports USD/INR 11.44 (9.21) USD/INR 1.20 (—) —
EUR/USD 2.00 (—)
(ii) Against Imports AUD/USD 4.50 (—) AUD/USD 19.00 (11.00) —
USD/JPY 4.75 (—) —
(iii) Loans taken :
- Principal USD/INR 10.00 (10.00) — JPY/INR 3476.10 (3476.10)
— — JPY/USD 2344.80 (2344.80)
— — INR/USD 30.00 (10.00)
- Interest rate JPY/USD 59.61 (—) — JPY/JPY 2344.80 (2344.80)
— — JPY/INR 3476.10 (3476.10)
— — USD/USD 20.00 (—)
(iv) Other Receivables — — —
(v) Other Payables — — —
Note : ( ) Denotes previous year’s figures.
(b) All the derivative instruments have been acquired for hedging purposes.
(c) Foreign currency exposures that are not hedged by derivative instruments : Millions
USD EURO GBP CHF AUD JPY RMB

07–08 06-07 07-08 06-07 07-08 06-07 07-08 06-07 07-08 06-07 07-08 06-07 07-08 06-07
i) Debtors — 2.71 0.61 0.47 0.12 0.046 0.04 — — — — — — —
ii) Creditors 0.14 0.05 0.18 0.18 — — 0.02 — — — 6.64 9.30 — —
iii) Loans taken 61.18 10.00 — — — — — — — — — — — —
iv) Cash & Bank bal. — — — — — — — — — — — — 0.02 0.09
v) Other Receivables 0.08 — 0.11 — — — 0.01 — 0.05 — 33.89 — — —
& Advances
vi) Other Payables 2.29 — 0.11 — — — — — — — — — — —
7. Pursuant to the approval of members by way of special resolution passed at the Extraordinary General Meeting of the Company held on
4th December, 2007, the Company has allotted 61,38,085 warrants to one of the promoters of the Company, namely, J.K. Investors (Bombay) Limited
on 12th December, 2007. Each warrant carries option/entitlement to subscribe to 1 equity share of Rs.10 each at a premium of Rs.330. In terms of the
special resolution, the said warrants have been issued upon payment of 10% of the amount. The balance 90% of the amount is payable within
18 months. The amounts so received, pending utilisation, have been invested in Mutual Funds.
8. A. Managerial remuneration under Section 198 of the Companies Act, 1956, paid or payable during the financial year, to the Directors, as under:
2007-2008 2006-2007
Salary, allowances and Gratuity paid 404.60 381.60

Contribution to Provident and Other Funds 68.40 66.60
Commission 27.96 251.32 *
500.96 699.52
Approximate money value of perquisites and benefits 36.75 39.77
537.71 739.29
* Includes Rs.10.00 lacs paid to the non-executive directors for the accounting year 2005-06.
The employee-wise break-up of liability on account of Retirement Schemes based on actuarial valuation is not ascertainable. The amounts relatable
to the Directors is, therefore, disclosed in the year of payment.
49
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B. Statement showing the computation of Net Profit

in accordance with Section 198(1) of the
Companies Act, 1956:
Profit before Tax - per Profit and Loss Account 8169.66 23823.28
Add: Managerial remuneration paid/provided 537.71 739.29
Provision for diminution in value of investments 43.72 140.28
Exceptional Items (net) 445.19 —
Prior period adjustments (net) 1.03 88.05
1027.65 967.62
9197.31 24790.90
Less: Profit on sale of Investments (net) 4692.16 3645.91
Exceptional Items (net) — 8124.64
Provision for Wealth Tax 62.00 28.00
4754.16 11798.55
Net Profit in accordance with Section 198(1)/349 4443.15 12992.35

Commission payable:
(i) to the Chairman and Managing Director 1.48 129.92
@ 1% of said Net Profit*
(ii) to the Wholetime Director @ 1% of said Net Profit 1.48 86.40
subject to a ceiling of annual salary*
(iii) to other Directors 25.00 35.00
* Restricted upto overall limits of 10% of profits computed

under Section 349 of the Companies Act, 1956.
9. Auditor’s Remuneration:
(i) Fees as Auditor 30.93 30.87
(ii) For management services 22.47 10.10
(iii) For other services 11.24 12.18
(iv) Out-of-pocket expenses 3.46 2.07
10. Imports:
Value of imports (including in-transit) calculated on C.I.F. basis
in respect of -
(i) Raw Materials, Merchanting Goods, etc. 16017.67 13031.40
(ii) Stores and Spare Parts 1450.70 1708.66
(iii) Capital Goods 917.72 18790.81
(iv) Repairs 302.00 180.55
11. Expenditure in Foreign Currency on account of:
(i) Interest and Finance Charges 1639.17 1658.49
(ii) Export Sales Commission 259.29 821.34
(iii) Advertisement expenses 168.20 210.04
(iv) Foreign travel, subscription, etc. 418.66 483.11
(v) Conference expenses 5.26 67.66
(vi) Consultancy charges 683.30 664.99
(vii) Repairs and Maintenance — 16.06
(viii) Employment Costs — 40.52
(ix) Others 884.56 270.65
50
PGS 46 TO 61.pmd 50 5/26/2008, 3:20 PM

12. Remittance in Foreign Currency on account of dividends:
Paid in 2007-2008 Paid in 2006-2007
(a) Year to which the dividend relates 2006-2007 2005-2006

(b) Number of non-resident shareholders to whom remittances were made 66 40
(c) Number of shares on which remittances were made 54106 42489
(d) Amount remitted (Rs. in lacs) 2.71 2.12
13. Earnings in Foreign Currency:
(i) Export of goods calculated on FOB basis 15107.70 20807.02
(ii) Earnings from Air Taxi Operations 26.81 47.04
(iii) Interest and Dividend (net of taxes) — 2.69
(iv) Sale of assets — 1744.22
(v) Others 15.55 10.46
14. Revenue expenditure, including overheads on research and development incurred and charged out during the year through the natural
heads of account, aggregate Rs. 45.96 lacs. The capital expenditure incurred for research and development purposes, aggregate Rs.Nil.
15. There are no dues to Micro and Small Enterprises as at 31st March, 2008. This information as required to be disclosed under the Micro, Small and
Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information
available with the Company.
16. Prior period adjustments represent :
Debits relating to earlier years 30.32 69.55
Credits relating to earlier years (22.95) (147.67)
Depreciation/Amortisation adjustments (net) (8.40) (9.93)
(1.03) (88.05)
17. Exceptional Items:
(a) Net surplus on divestment of denim business as a going concern — 8809.32
(b) VRS payments (445.19) (684.68)
(445.19) 8124.64
(Rs. in lacs)
As at 31-3-2008 As at 31-3-2007 As at 31-3-2006
18. Deferred Tax :
Deferred Tax Liability on account of :
Depreciation 8177.38 7479.17 8364.14
Deferred Tax Asset on account of :

(i) VRS Payments 545.36 706.61 749.98
(ii) Other Employee benefits 1277.40 789.27 520.59
(iii) Taxes, Duties, Cess, etc. 215.23 206.57 202.69
(iv) Provision for doubtful debts, etc. 135.60 158.49 242.64
(v) Provision for diminution in value of Investments 0.78 2.91 225.93
(vi) Others 35.43 27.59 19.58
2209.80 1891.44 1961.41
Deferred Tax (Net) 5967.58 5587.73 6402.73
51
PGS 46 TO 61.pmd 51 5/26/2008, 3:20 PM

19. Related parties disclosures :
1. Relationships :
(a) Subsidiary Companies :
Raymond Apparel Limited
Pashmina Holdings Limited
Everblue Apparel Limited
Jaykayorg AG
J.K. (England) Limited
Regency Texteis Portuguesa, Limitada
Hindustan Files Limited
Colorplus Fashions Limited
Silver Spark Apparel Limited
Celebrations Apparel Limited
Ring Plus Aqua Limited
R&A Logistics Inc.
Scissors Engineering Products Limited
JK Talabot Limited
Raymond Europe S.r.l.
(b) Joint Ventures :
Raymond Zambaiti Private Limited
Raymond Fedora Private Limited
Raymond UCO Denim Private Limited and its subsidiaries;
UCO General Holding LLC,
UCO Spinning Ltd. Partnership,
UCO Fabrics Inc.,
UCO Sportswear International NV,
UCO Tesatura SRL,
UCO Raymond Denim Holding NV,
UCO Ltd. LLC
GAS Apparel Private Limited
Rayves Automotive Textile Company Private Limited
Rose Engineered Products India Private Limited
(c) Other related parties where control exists :
J.K. Investo Trade (India) Limited
P.T. Jaykay Files Indonesia
J.K. Helene Curtis Limited
J.K. Ansell Limited
J.K. Investors (Bombay) Limited
Radha Krshna Films Limited
(d) Key Management Personnel :
Mr. Gautam Hari Singhania
Mr. Pradeep Kumar Bhandari
(e) Relatives of key management personnel and their enterprises where transactions have taken place :
Dr. Vijaypat Singhania
Silver Soaps Private Limited
Note : Related party relationship is as identified by the Company and relied upon by the Auditors.
52
PGS 46 TO 61.pmd 52 5/26/2008, 3:20 PM

2. Transactions carried out with related parties referred in 1 above, in ordinary course of business:
(Rs. in lacs)
Nature of transactions Related Parties
Referred in Referred in Referred in Referred in Referred in
1(a) above 1(b) above 1(c) above 1(d) above 1(e) above
Purchases
Goods and Materials 8907.96 1453.51 1188.50 – –
(5426.14) (554.80) (688.74) (–) (–)
Fixed Assets – 2.47 – – –
(1.76) (–) (7.91) (–) (–)
DEPB Certificate 28.52 22.48 – – –
(–) (–) (–) (–) (–)
Sales
Goods and Materials 6014.24 3437.14 403.69 – –
(6147.83) (359.91) (95.20) (–) (–)
Fixed Assets 13.73 12.11 4.38 – –
(8.12) (24.79) (0.90) (–) (–)
Sale of Business – – – – –
(–) (33075.25) (–) (–) (–)
Expenses
Rent and other service charges 22.65 9.75 888.49 – 3.00
(22.65) (13.90) (759.70) (–) (3.00)
Job work charges 8.35 545.88 – – –
(338.81) (–) (–) (–) (–)
Agency Commission 575.33 — 501.23 – –
(536.48) (–) (312.68) (–) (–)
Remuneration – – – 512.70 –
(–) (–) (–) (704.28) (3.22)
Interest paid – – 20.83 – –
(–) (–) (20.74) (–) (–)
Professional Fees 88.39 – – – 112.36
(–) (–) (–) (–) (58.90)
Directors’ Fees – – – – 1.10
(–) (–) (–) (–) (1.15)
Other Reimbursements 191.69 4.90 47.35 – –
(115.55) (–) (20.58) (–) (–)
Income
Rent and other service charges 204.04 29.93 36.39 – –
(265.42) (120.28) (68.15) (–) (–)
Interest received 90.50 427.02 2.70 - –
(47.04) (198.12) (2.70) (–) (–)
Other Receipts
Deputation of staff 96.28 192.56 159.63 – –
(14.40) (64.58) (188.57) (–) (–)
Advertisement Reimbursements 122.05 11.51 5.67 – –
(65.99) (–) (–) (–) (–)
Other reimbursements 130.97 133.90 65.89 – –
(77.48) (193.31) (53.30) (–) (–)
Finance
Loans and Advances given # 384.26 470.00 – – –
# (5368.59) (5531.62) (–) (–) (–)
Investments made 42.65 2850.00 – – –
(3686.66) (23741.19) (–) (–) (–)
Outstandings
Commitments given on behalf of 11886.00 Refer Note 3(d) – – –
(11102.28) (–) (–) (–) (–)
Payable 874.22 374.15 136.05 2.96 –
(1007.15) (385.83) (37.19) (–) (–)
Receivable 1315.17 1591.70 152.38 – –
(1576.54) (904.03) (40.04) (–) (–)
Agency/Property Deposits received – 1.00 211.02 – –
(–) (1.00) (207.40) (–) (–)
Security Deposit paid 150.00 – – – –
(150.00) (–) (–) (–) (–)
Loans and Advances ** 5624.44 4066.14 33.23 – –
** (5362.81) (3596.14) (30.00) (–) (–)
Property Deposit paid 10.33 1.00 2935.85 – –
(10.33) (1.00) (2935.85) (–) (–)
* * includes Rs. 4308.79 lacs, interest free (Previous Year Rs. 4425.21 lacs)
# includes Rs. 300 lacs, interest free (Previous Year Rs. 1888.50 lacs)
(Previous Year figures are in brackets)
53
PGS 46 TO 61.pmd 53 5/26/2008, 3:20 PM

As at 31.03.2008 As at 31.03.2007
(Rs.in lacs) (Rs. in lacs)
20. (a) Premises taken on operating lease:

The total future minimum lease rentals payable at the Balance Sheet
date is as under:
For a period not later than one year 2758.67 1722.67

For a period later than one year and not later than five years 8867.91 2926.80
For a period later than five years 3404.21 328.40
(b) Machinery taken on operating lease:
The total future minimum lease rentals payable at the Balance Sheet
date is as under:
For a period not later than one year 140.41 —

For a period later than one year and not later than five years 245.71 —
For a period later than five years — —
(c) Premises given on operating lease:
(i) Buildings:
Gross carrying amount 244.74 244.74
Depreciation for the year 8.55 8.53
Accumulated Depreciation 37.29 28.74
The value of portions of premises given on operating lease is not disclosed
above since identification of value relatable to the portion is not possible.
(ii) The total future minimum lease rentals receivable at the
Balance Sheet date is as under:
For a period not later than one year 47.11 79.10

For a period later than one year and not later than five years 95.68 138.01
For a period later than five years — 2.88

21. Computation of Profit for Earnings per Share:

Profit for the year after tax 6612.17 20125.28
Add/(Less): Prior period adjustments (Net) 1.03 88.05
Add/(Less): Excess/(Short) Provision for tax in respect of earlier years 629.10 (1.30)
Profit including exceptional items 7242.30 20212.03
Add/(Less): Exceptional items (net of taxes) 293.87 (9461.84)
Profit excluding exceptional items 7536.17 10750.19
Nominal value per share in Rupees 10.00 10.00
54
PGS 46 TO 61.pmd 54 5/26/2008, 3:20 PM

As at 31st March, 2008 As at 31st March, 2007
Licensed/ * Installed Licensed/ * Installed

Registered Registered
22 Capacity and Production

(Annual Capacity)
(A) Licensed and Installed Capacities:
Wool Combing - Lac Kgs. 13.60 13.60 13.60 13.60
Wool Combing - Lac Kgs. 22.58 (b) 22.58 22.58 (b) 22.58
Wool Spinning - Spindles 1440 1440 1440 1440
Worsted Spinning - Spindles 22700 22700 22700 22700
Worsted Spinning - Spindles 37704 (b) 37704 36888 (b) 36888
Synthetic Spinning - Spindles 13728 (a) 13728 13728 (a) 13728
Synthetic Spinning - Spindles 3840 3840 3840 3840
Weaving - No. of Looms 246 246 246 246
Weaving - No. of Looms 149 (b) 149 149 (b) 149
Weaving - No. of Looms 32 32 32 32
Hosiery - No. of Machines Not specified 37 Not specified 37
Looms for Plush Fabrics 19 (b) 19 19 (b) 19
Files & Rasps - Lac Nos. NA # 444 NA # 420
H.S.S. Twist Drills - Lac Nos. NA # 144 NA # 136
Tool bits - Lac Nos. NA # 150 NA # 1.00
Bars & Rods - M.T. NA # 7200 NA # 7200
* As certified by the Management and being a technical matter, accepted by the Auditors as correct.
# Delicensed & therefore Not Applicable.
(a) Per Memorandum of Information filed with Secretariat for Industrial Approvals, Government of India.
(b) Installed against Industrial Entrepreneurs Memorandum.

Unit 31st March, 2008 31st March, 2007
(B) Actual Production

Fabrics Lac Mtrs. 318.71 301.47
Rugs, Blankets and Shawls Lac Pcs. 2.17 0.13
Furnishing Fabrics Lac Mtrs. 8.14 7.22
Denim Fabrics Lac Mtrs. — 106.84
Cotton Yarn Lac Kgs. — 51.05
Files and Rasps Lac Nos. 508.66 479.60
H.S.S.Twist Drills Lac Nos. 118.78 111.41
Bars and Rods (HRS) $ M.T. 6456.50 5714.90
$ 5686.40 M.T. used for captive consumption; Previous year 5096.10 M.T.
55
PGS 46 TO 61.pmd 55 5/26/2008, 3:20 PM

C) Stocks and Turnover:
(Value Rs. in lacs)
Class of Goods Unit Production/Purchase Opening Stock Closing Stock Turnover (net of sales returns) Sundries
PGS 46 TO 61.pmd
2007-2008 2006-2007 As at 1-4-2007 As at 1-4-2006 As at 31-3-2008 As at 31-3-2007 2007-2008 2006-2007 2007-2008 2006-2007
Quantity Quantity Quantity Value Quantity Value Quantity Value Quantity Value Quantity Value Quantity Value Quantity Quantity
Fabrics Lac Mtrs. 318.71 301.47 38.22 7448.56 26.32 5133.99 36.10 7499.13 38.22 7448.56 319.45 96650.01 287.97 90784.22 1.38 1.60
Rugs, Blankets & Shawls Lac Pcs./Mtrs. 2.17 0.20 0.15 81.85 0.15 105.92 1.06 653.47 0.15 81.85 1.87 1331.99 0.30 288.47 (0.61) (0.10)
Furnishing Fabric Lac Mtrs. 8.14 7.22 0.28 51.71 0.26 42.66 0.66 125.85 0.28 51.71 8.24 1737.85 7.10 1514.12 (0.48) 0.10
Denim Fabric Lac Mtrs. — 106.84 — — 18.64 1730.49 — — — — — — 102.13 11184.60 — 23.35*
56
Garments Lac Pcs. 3.79 3.24 1.45 1407.57 0.98 990.19 1.66 1834.86 1.45 1407.57 4.13 5078.55 3.17 3905.96 (0.55) (0.40)
Shirtings Lac Mtrs. 7.56 5.33 1.17 136.94 0.97 89.34 2.61 436.63 1.17 136.94 5.87 1322.34 5.03 729.78 0.25 0.10
Merchanting Fabrics Lac Mtrs. 4.71 1.69 0.78 305.98 0.16 37.73 1.74 1301.42 0.78 305.98 3.26 2050.34 1.29 539.85 0.49 (0.22)
Files and Rasps Lac Nos. 508.66 479.60 37.90 922.98 46.56 1205.24 51.43 1104.25 37.90 922.98 494.55 11946.39 488.25 12109.13 0.58 0.01
H.S.S. Twist Drills Lac Nos. 118.78 111.41 15.27 422.29 8.59 172.17 13.09 336.66 15.27 422.29 120.68 2389.33 104.94 2023.11 0.28 (0.21)
Bars & Rods $ M.T. 6456.50 5714.90 150.22 66.98 159.14 73.37 127.16 57.02 150.22 66.98 793.16 347.01 611.19 266.37 — 16.53
File Steel M.T. 3158.57 2504.75 — — — — — — — — 3158.57 1945.10 2504.75 1384.92 — —
Others — — — 877.25 — 182.02 — 239.02 — 877.25 — 4935.70 — 1633.16 — —
Total 11722.11 9763.12 13588.31 11722.11 129734.61 126363.69
Notes : Sundries include -

a) Samples, damages, losses, excess/shortage in inventories etc.
$ 5686.40 MT used for Captive Consumption; Previous year 5096.10 MT
56
* Sundries include 19.49 lac mtrs. of denim fabric transferred on divestment of denim business.
Details of Goods Traded in - Purchases during the year
2007-2008 2006-07
Items Unit Quantity Value Quantity Value
Garments Lac Pcs. 3.79 4372.97 3.24 3272.00

Shawls Lac Pcs. 0.83 518.97 0.07 19.90
Shirtings Lac Mtrs. 7.56 1363.50 5.33 625.95
Fabrics Lac Mtrs. 4.71 2486.76 1.69 973.33
Steel M.T. 2277 1025.30 1983 954.76
Others 4025.90 1713.96
Total 13793.40 7559.90
5/26/2008, 3:20 PM
23 Disclosures pursuant to Accounting Standard-15 “Employee Benefits”
a. Effective 1st April 2007 the Company has adopted Accounting Standard 15 for Employee Benefits. Consequent to the adoption an
amount of Rs. 1234.43 lacs (Net of deferred tax Rs.635.64 lacs) has been adjusted against General Reserve as at 1st April 2007, in
accordance with the transitional provisions in the standard.
(Rs. in lacs)
Benefit Deferred Tax Adjusted against Reserve
Leave Entitlement 1136.88 386.43 750.45
Pension 733.19 249.21 483.98
Total 1870.07 635.64 1234.43
b. The Company has recognised Rs.1394.04 Lacs in the Profit and Loss Account for the year ended 31st March 2008 under Defined
Contribution Plans.
c. Details of Defined Benefit Plan
(Rs. In Lacs)
Gratuity Pension
1 Components of Employer Expense
(a) Current Service Cost 284.44 33.16
(b) Interest Cost 467.86 62.25
(c) Expected Return on Plan Assets (426.66) –
(d) Actuarial (Gain)/Loss 9.09 (30.51)
(e) Total expense/(gain) recognised in the Profit & Loss Account 334.73 64.90
2 Net Asset/(Liability) recognised in Balance Sheet as at 31st March, 2008
(a) Present Value of Obligation as at 31st March, 2008 6005.31 792.43
(b) Fair Value of Plan Assets as at 31st March, 2008 (6005.31) N.A.
(c) (Asset)/Liability recognised in the Balance Sheet – 792.43
3 Change in Defined Benefit Obligation (DBO) during the year ended as on 31st March, 2008
(a) Present Value of Obligation as at 31st March, 2007 5695.12 767.59
(b) Current Service Cost 284.44 33.16
(c) Interest Cost 467.86 62.25
(d) Actuarial (Gain)/Loss (78.99) (24.17)
(e) Benefits Paid (363.12) (46.40)
(f) Present Value of Obligation as at 31st March, 2008 6005.31 792.43
4 Changes in the Fair Value of Plan Assets
(a) Present Value of Plan Assets as at 31st March, 2007 5695.12
(b) Expected Return on Plan Assets 426.66
(c) Actuarial Gain/(Loss) (88.08)
N.A.
(d) Actual Company Contribution 334.73
(e) Benefits Paid (363.12)
(f) Fair Value of Plan Assets as at 31st March, 2008 6005.31
5 Actuarial Assumptions
(a) Discount Rate (per annum) 8.0% 8.0%
(b) Expected Rate of Return on Assets (per annum) 7.5% N.A.
(c) Salary Escalation Rate* 8.0% 8.0%
* takes into account the inflation, seniority, promotions and other relevant factors
6 Percentage of each Category of Plan Assets to total Fair Value of:
(a) Government Securities 54%
(b) Corporate Bonds 39% N.A.
(c) Others 7%
57
PGS 46 TO 61.pmd 57 5/26/2008, 3:20 PM

(Rs. in lacs) % (Rs. in lacs) %
24. Material Consumption
Imported and Indigenous materials consumed:
(i) Raw Materials:
Imported 18644.50 54.22 12050.21 38.16
Indigenous 15740.89 45.78 19531.27 61.84
34385.39 100.00 31581.48 100.00

(ii) Stores and Spare Parts:
Imported 1791.43 19.65 2450.25 24.54
Indigenous 7324.87 80.35 7534.54
75.46
9116.30 100.00 9984.79 100.00
25. Information on Joint Ventures:

i) Jointly controlled entities.
Sr. Name of the Joint Venture Country of Percentage of
No. Incorporation Ownership interest
1) Raymond Zambaiti Private Limited India 50%
2) Raymond Fedora Private Limited India 50%
3) Raymond UCO Denim Private Limited India 50%
4) GAS Apparel Private Limited* India 50%
5) Rose Engineered Products India Private Limited* India 50%
6) Rayves Automotive Textile Company Private Limited* India 50%
* Held through subsidiaries

(Rs.in lacs)
2007-08 2006-07
ii) Contingent Liabilities in respect of Joint Ventures.

a) Directly incurred by the Company — —
b) Share of the Company in contingent liabilities — —
which have been incurred jointly with other ventures
c) Share of the Company in contingent liabilities incurred by 2959.87 4602.16
jointly controlled entity (to the extent ascertainable)
d) Share of other ventures in contingent liabilities incurred by jointly controlled entity. — —
iii) Capital commitments in respect of Joint Ventures
a) Direct Capital commitments by the Company — —
b) Share of the Company in capital commitments which have
been incurred jointly with other ventures Refer Note 3(d)
c) Share of the Company in capital commitments of the jointly controlled entity. 448.31 412.46
58
PGS 46 TO 61.pmd 58 5/26/2008, 3:20 PM

[Rs.in lacs)
2007-08 2006-07
iv) Interest in the assets, liabilities, income and expenses with respect to jointly controlled entities.
A) Assets:
a) Fixed Assets (Net Block): 49304.48 51988.26
Capital Work-in Progress 594.43 738.92
b) Investments 13.59 1373.22
c) Current Assets, Loans and Advances:
Inventories 13143.17 12966.71
Sundry Debtors 8591.88 7717.67
Cash and Bank Balances 1723.29 934.61
Loans and Advances 2357.46 2178.51
Other Current Assets 1743.35 1587.63
B) Liabilities:
1) Loan Funds:
Secured Loans 35420.58 33419.07
Unsecured Loans 6728.22 4451.96
2) Current Liabilities and Provisions:
Liabilities 9036.49 8044.36
Provisions 1336.17 1578.15
3) Deferred Tax Liability (Net) 318.27 481.08
C) Income:
a) Sales and Export Incentives 46350.76 27945.50
b) Other Income 666.95 867.36
D) Expenditure:
a) Material Costs 19184.26 12203.58
b) Manufacturing Expenses and Inventory Variation 13749.06 8603.94
c) Employment Costs 8576.78 6161.91
d) Administrative, Selling and Other Expenses 6348.48 3390.40
e) Finance Charges 2490.12 1560.91
f) Depreciation 5365.33 3349.16
g) Provision for Taxation (176.51) (96.83)
26. Previous year’s figures have been regrouped/recast wherever necessary. In view of the divestment of Denim business during the previous
year, the figures of current year are not comparable with corresponding figures of previous year.
27. Significant accounting policies and practices adopted by the Company are disclosed in the statement annexed to these Accounts as
Annexure I.
Signatures to Schedules 1 to 16


Company Secretary
59
PGS 46 TO 61.pmd 59 5/26/2008, 3:20 PM

ANNEXURE I
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES
(annexed to and forming part of the Accounts for the year ended 31st March, 2008)
I. RECOGNITION OF INCOME AND EXPENDITURE :
(i) Revenues/Incomes and Costs/Expenditure are generally accounted on accrual, as they are earned or incurred.
(ii) Sale of Goods is recognised on transfer of significant risks and rewards of ownership which is generally on the dispatch of goods.
(iii) Export Incentives under the “Duty Entitlement Pass Book Scheme” and “Duty Draw Back Scheme” are accounted in the year of export.
(iv) Compensation to employees under Voluntary Retirement Scheme (VRS) is written off in the year of payment.
II. USE OF ESTIMATES :
The preparation of financial statements in conformity with generally accepted accounting principles requires estimates and assumptions to be
made that affect the reported amounts of assets and liabilities on the date of the financial statements and the reported amounts of revenues
and expenses during the reporting period. Differences between actual results and estimates are recognised in the period in which the results
are known/materialised.
III. FIXED ASSETS :
Fixed Assets (other than livestock) are stated at cost, less accumulated depreciation (other than ‘Freehold Land’ where no depreciation is
charged). Livestock are stated at Book Value.
IV. METHOD OF DEPRECIATION AND AMORTISATION :
(i) Depreciation on Factory Buildings, Plant and Machinery, Electrical Installations and Equipment and Aircraft is provided on the Straight Line
Method (S.L.M.) by writing off 95% of the cost of the assets over the ‘Specified Period’ of the assets in accordance with the provisions of
Section 205(2)(b) of the Companies Act, 1956;
(ii) Depreciation on other Fixed Assets (other than ‘Land’ and ‘Livestock’ where no depreciation is provided), is provided on the “Written Down
Value Method” (W.D.V.) at the rates specified in Schedule XIV to the Companies Act, 1956 from time to time;
(iii) Depreciation on all assets referred to in (i) above, acquired upto 31st March, 1987, is provided at the rates of depreciation prevalent at
the time of acquisition of the assets, in pursuance of Circular No. 1 of 1986, (1.1/86-CL-V) dated 21st May, 1986, issued by the Company
Law Board;
(iv) Depreciation on additions to Fixed Assets after 1st April, 1987 is provided at the relevant rates of depreciation in respect of S.L.M. and
W.D.V., as specified in Schedule XIV to the Companies Act, 1956 from time to time;
(v) Depreciation on additions to assets or on sale/discardment of assets, is calculated pro rata from the month of such addition or upto the
month of such sale/discardment, as the case may be;
(vi) Cost of Technical Know-how capitalised is amortised over a period of six years thereof.
(vii) Cost of Customised Software capitalised is amortised over a period of three years.
(viii) Cost of Leasehold Land is amortised over the period of lease.
V. INVESTMENTS :
Investments are classified into Current and Long-term Investments. Current Investments are stated at lower of cost and fair value. Long-term
Investments are stated at cost. A provision for diminution is made to recognise a decline, other than temporary, in the value of Long-term
Investments.
VI. VALUATION OF INVENTORIES :
Inventories of Raw Materials, Goods-in-Process, Stores and spares, Finished Goods and Merchanting Goods are stated ‘at cost or net realisable
value, whichever is lower’. Goods-in-Transit are stated ‘at cost’. Cost comprise all cost of purchase, cost of conversion and other costs incurred
in bringing the inventories to their present location and condition. The excise duty in respect of closing inventory of finished goods is included as
part of finished goods. Cost formulae used are ‘First-in-First-out’, ‘Average cost’ or ‘Specific identification’, as applicable. Due allowance is
estimated and made for defective and obsolete items, wherever necessary, based on the past experience of the Company.
VII. FOREIGN CURRENCY TRANSLATIONS :
(i) All transactions in foreign currency, are recorded at the rates of exchange prevailing on the dates when the relevant transactions take
place;
(ii) Monetary items in the form of Loans, Current Assets and Current Liabilities in foreign currency, outstanding at the close of the year, are
converted in Indian Currency at the appropriate rates of exchange prevailing on the date of the Balance Sheet. Resultant gain or loss is
accounted during the year;
(iii) In respect of Forward Exchange contracts entered into to hedge foreign currency risks, the difference between the forward rate and
exchange rate at the inception of the contract is recognized as income or expense over the life of the contract. Further, the exchange
differences arising on such contracts are recognised as income or expense along with the exchange differences on the underlying assets
/ liabilities. Further, in case of other contracts with committed exchange rates, the underlying is accounted at the rate so committed. Profit
or loss on cancellations / renewals of forward contracts is recognised during the year. In case of option contracts, the losses are accounted
on mark to market basis.
VIII. RESEARCH AND DEVELOPMENT :
Revenue expenditure, including overheads on Research and Development, is charged out as an expense through the natural heads of
account in the year in which incurred. Expenditure which results in the creation of capital assets is taken as Fixed Assets and depreciation is
provided on such assets as are depreciable.
60
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IX. EMPLOYEE BENEFITS
Defined Contribution Plans such as Provident Fund etc., are charged to the Profit & Loss Account as incurred.
Defined Benefit Plans - The present value of the obligation under such plan, is determined based on an actuarial valuation using the
Projected Unit Credit Method. Actuarial gains and losses arising on such valuation are recognised immediately in the Profit & Loss Account.
In case of funded defined benefit plans, the fair value of the plan assets is reduced from the gross obligation under the defined benefit
plans, to recognise the obligation on net basis. Further for certain employees, the monthly contribution for Provident Fund is made to a Trust
administered by the Company. The interest payable by the Trust is notified by The Government. The Company has an obligation to make
good the shortfall, if any.
Other Long term Employee Benefits are recognised in the same manner as Defined Benefit Plans.
Termination benefits are recognised as and when incurred.
X. PROJECT DEVELOPMENT EXPENSES PENDING ADJUSTMENT :
Expenditure incurred during developmental and preliminary stages of the Company’s new projects, are carried forward. However, if any
project is abandoned, the expenditure relevant to such project is written off through the natural heads of expenses in the year in which it is so
abandoned.
XI. BORROWING COSTS :
Interest and other borrowing costs attributable to qualifying assets are capitalised. Other interest and borrowing costs are charged to revenue.
XII. GOVERNMENT GRANTS:
Grants received against specific fixed assets are adjusted to the cost of the assets. Revenue Grants are recognised in the Profit and Loss
Account in accordance with the related scheme and in the period in which these are accrued.
XIII. EXPENDITURE DURING CONSTRUCTION AND ON NEW PROJECTS :
In the case of new industrial units and substantial expansion of existing units, all pre-operating expenditure specifically for the project, incurred
upto the date of installation, is capitalised and added pro rata to the cost of fixed assets.
XIV. APPLICATION OF SECURITIES PREMIUM ACCOUNT :
Share and Debenture Issue expenses and Premium payable on redemption of Debentures, are charged, first against available balance in
Securities Premium Account.
XV. TAXATION :
Income-tax expense comprises current tax, fringe benefit tax (FBT) and deferred tax charge or credit. Provision for current tax is made on the
basis of the assessable income at the tax rate applicable to the relevant assessment year. Provision for FBT is made on the basis of the fringe
benefits provided / deemed to have been provided during the year at the rates and values applicable to the relevant assessment year. The
deferred tax asset and deferred tax liability is calculated by applying tax rate and tax laws that have been enacted or substantively enacted
by the Balance Sheet date. Deferred tax assets arising mainly on account of brought forward losses and unabsorbed depreciation under tax
laws, are recognised, only if there is a virtual certainty of its realisation, supported by convincing evidence. Deferred tax assets on account of
other timing differences are recognised only to the extent there is a reasonable certainty of its realisation. At each Balance Sheet date, the
carrying amount of deferred tax assets are reviewed to reassure realisation.
XVI. IMPAIRMENT OF ASSETS:
The carrying amounts of assets are reviewed at each Balance Sheet date if there is any indication of impairment based on internal/external
factors. An asset is impaired when the carrying amount of the asset exceeds the recoverable amount. An impairment loss is charged to the
Profit and Loss Account in the year in which an asset is identified as impaired. An impairment loss recognised in prior accounting periods is
reversed if there has been change in the estimate of the recoverable amount.
RESEARCH AND DEVELOPMENT EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2008 (Rs. in lacs)
Materials
Stores, spares and chemicals consumed 29.09
Personnel
Wages, salaries, bonus, etc. 9.42
Workmen and staff welfare expenses 1.42
Contribution to Provident and other Funds 1.59
12.43
Other Expenditure
Repairs and maintenance, conveyance, travelling, car expenses, etc. 1.65
Miscellaneous expenses 0.56
2.21
Depreciation 2.23
Total 45.96
This information is given pursuant to the recognition granted to the Company’s Research & Development Laboratory at Jekegram, Thane by the
Department of Scientific & Industrial Research, Ministry of Science & Technology, Government of India, vide their letter No. TU/IV-RD/2505/2005
dated 24th May, 2005, which is valid upto 31st March, 2008.
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CONSOLIDATED ACCOUNTS
62
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AUDITORS’ REPORT TO THE BOARD OF DIRECTORS OF RAYMOND LIMITED ON THE CONSOLIDATED
FINANCIAL STATEMENTS OF RAYMOND LIMITED
1. We have examined the attached Consolidated Balance Sheet of Raymond Limited, its subsidiaries and its joint ventures as at 31st March, 2008, the Consolidated Profit
and Loss Account and the Consolidated Cash Flow Statement for the year then ended.
2. These consolidated financial statements are the responsibility of the management of Raymond Limited. Our responsibility is to express an opinion on these
consolidated financial statements based on our audit. We conducted our audit in accordance with the generally accepted auditing standards in India. These
Standards require that we plan and perform the audit to obtain reasonable assurance whether the financial statements are prepared, in all material respects, in
accordance with an identified financial reporting frame work and are free of material misstatement. An audit includes, examining on a test basis, evidence supporting
the amounts and disclosures in financial statements. An audit also includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statements. We believe that our audit provides a reasonable basis for our opinion.
3. We have audited the financial statements/consolidated financial statements of following Indian subsidiaries and Joint Ventures, whose total assets as at 31st March, 2008
and total revenues for the year then ended are as under:
Rs. in lacs
Name of the Companies Total Assets Total Revenues
a . Indian Subsidiaries
Everblue Apparel Limited 4759.11 574.21
Silver Spark Apparel Limited 8457.19 8807.49
Celebrations Apparel Limited 2580.98 896.90
JK Talabot Limited 2210.19 1246.16
Scissors Engineering Products Limited (consolidated financial statements) 7999.81 8779.59
b . Joint Ventures
Raymond Fedora Private Limited 4494.68 3533.34
Raymond Zambaiti Private Limited 21539.62 10070.30
Raymond UCO Denim Private Limited (consolidated financial statements) 123700.19 77424.37
Rayves Automotive Textile Company Private Limited 80.91 —
4. We did not audit the financial statements/consolidated financial statements of following Indian subsidiaries and Indian associates. These financial statements have
been audited by other auditors whose reports have been furnished to us, and our opinion, insofar as it relates to the amounts included in respect of these subsidiaries
and associates, is based solely on the reports of the other auditors. The total assets as at 31st March, 2008 and total revenue for the year then ended, in respect of
these subsidiaries and associates are as under:
Rs. in lacs
a . Indian Subsidiaries
Raymond Apparel Limited (consolidated financial statements) 38754.28 50592.39
Pashmina Holdings Limited 1184.64 27.87
Hindustan Files Limited 1234.70 3274.35
b. Indian Associates
J.K. Investo Trade (India) Limited (consolidated financial statements) 7907.96 12963.28
Radha Krshna Films Limited 110.88 —
The Consolidated financial statements of Raymond Apparel Limited include the financial statements of Gas Apparel Private Limited, a Joint Venture, which are
unaudited.
5. We also did not audit the financial statements of Raymond Europe S.r.L., a subsidiary of Raymond Limited. The financial statements of the said subsidiary for the
period ended 31st March, 2008, were compiled by the management and were not audited. The total assets as at 31st March, 2008 are Rs.228.52 lacs and total
revenue for the period ended 31st March, 2008 are Rs.360.20 lacs. The size of the said subsidiary, in the consolidated position, is not significant in relative terms.
6. We also did not audit the financial statements of other Foreign subsidiaries and the Foreign associate. These financial statements have been audited as at
31st December, 2007 by other auditors, whose reports have been furnished to us. However, since these financial statements, which were compiled by the management
of these companies, for the financial year ended 31st March, 2008, were not audited, any adjustments to their balances, could have consequential effect on the
attached consolidated financial statements. However, the size of these subsidiaries and the associate, in the consolidated position, is not significant in relative terms.
The total assets as at 31st March, 2008 and total revenue for the year then ended, in respect of these Foreign subsidiaries and the Foreign associate are as under:
Rs. in lacs
a . Foreign Subsidiaries
Jaykayorg AG 2688.77 537.22
J.K. (England) Limited 267.70 302.15
Regency Texteis Portuguesa, Limitada 2988.03 4400.14
b. Foreign Associate
P.T. Jaykay Files Indonesia 1933.93 2856.51
7. We report that the consolidated financial statements have been prepared by the Company in accordance with the requirements of Accounting Standard (AS) 21 –
‘Consolidated Financial Statements’, Accounting Standard (AS) 23 – ‘Accounting for Investments in Associates in Consolidated Financial Statements’ and Accounting Standard
(AS) 27 – ‘Financial Reporting of Interests in Joint Ventures’, and on the basis of the separate audited/certified financial statements of Raymond Limited, its subsidiaries, its joint
ventures and its associates.
8. On the basis of the information and explanations given to us, we are of the opinion that, except for the consequential effect, if any, on account of possible adjustments stated
in Para 4, 5 and 6 above relating to unaudited financial statements and read with Note No. 10 and 11 in Schedule 16 relating to goodwill arising on consolidation, loans and
other receivables from joint ventures, whose networths have eroded / substantially eroded and read together with the other notes thereon:
(a) the Consolidated Balance Sheet gives a true and fair view of the consolidated state of affairs of Raymond Limited, its subsidiaries and its joint ventures as at
31st March, 2008;
(b) the Consolidated Profit and Loss Account gives a true and fair view of the consolidated results of operations of Raymond Limited, its subsidiaries and its joint
ventures for the year then ended, and
(c) the Consolidated Cash Flow Statement gives a true and fair view of the consolidated cash flows of Raymond Limited, its subsidiaries and its joint ventures for the
year ended on that date.

DALAL & SHAH
Ashish Dalal
Partner
th
Mumbai: 29 April, 2008 Membership No. 33596
63
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CONSOLIDATED BALANCE SHEET AS AT 31ST MARCH, 2008
Consoli- Share in Total as at Consoli- Share in Total as at
Schedule dated with Joint 31.03.2008 dated with Joint 31.03.2007
No. subsidiaries Ventures subsidiaries Ventures
SOURCES OF FUNDS:
Share Capital 1 6138.08 — 6138.08 6138.08 — 6138.08
Share Warrrants 1A 2086.95 — 2086.95 — — —
Reserves and Surplus 2 144043.50 (7525.14) 136518.36 136846.67 517.14 137363.81
Joint Ventures Control Account (25980.09) 25980.09 — (25402.47) 25402.47 —
126288.44 18454.95 144743.39 117582.28 25919.61 143501.89
Loan Funds: 3
Secured Loans 72387.67 35420.58 107808.25 71290.84 33425.49 104716.33
Unsecured Loans 38951.93 6728.22 45680.15 22850.57 4451.97 27302.54
111339.60 42148.80 153488.40 94141.41 37877.46 132018.87
Deferred Tax Liability (Net) 6118.18 318.27 6436.45 6189.01 481.08 6670.09
(Refer Note No. 7)
Minority Interest 651.18 — 651.18 604.60 — 604.60
TOTAL 244397.40 60922.02 305319.42 218517.30 64278.15 282795.45
APPLICATION OF FUNDS:
Fixed Assets: 4
Gross Block 171603.04 76119.05 247722.09 155687.07 72602.14 228289.21
Less: Depreciation 74855.03 28908.15 103763.18 64930.58 21629.73 86560.31
Net Block 96748.01 47210.90 143958.91 90756.49 50972.41 141728.90
Less: Unrealised Profit — 4083.39 4083.39 — 4575.43 4575.43
Capital work-in-progress 3085.73 594.43 3680.16 10370.61 738.92 11109.53
99833.74 43721.94 143555.68 101127.10 47135.90 148263.00
Investments 5 63690.14 13.59 63703.73 56707.08 1373.22 58080.30
Current Assets, Loans and Advances: 6
Inventories 53505.53 13143.19 66648.72 44154.26 12966.73 57120.99
Sundry Debtors 37821.63 8591.89 46413.52 33530.63 7717.66 41248.29
Cash and Bank Balances 4069.67 1723.29 5792.96 4741.14 934.60 5675.74
Other Current Assets 6592.50 1743.35 8335.85 3617.35 1587.62 5204.97
Loans and Advances 26215.44 2273.21 28488.65 20504.17 2126.77 22630.94
128204.77 27474.93 155679.70 106547.55 25333.38 131880.93
Less:
Current Liabilities and Provisions: 7
Current Liabilities 39044.60 9036.50 48081.10 37228.92 8040.36 45269.28
Provisions 8286.65 1251.94 9538.59 8635.51 1523.99 10159.50
47331.25 10288.44 57619.69 45864.43 9564.35 55428.78
Net Current Assets 80873.52 17186.49 98060.01 60683.12 15769.03 76452.15
TOTAL 244397.40 60922.02 305319.42 218517.30 64278.15 282795.45



Company Secretary
64
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CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2008
Consoli- Share in Total Consoli- Share in Total
Schedule dated with Joint Year dated with Joint Year
No. subsidiaries Ventures ended subsidiaries Ventures ended
(Rs. in lacs) 31.03.2008 (Rs. in lacs) 31.03.2007
INCOME
Sales, Services and Export Incentives 8 193264.49 46350.76 239615.25 176122.16 27945.50 204067.66
Other Income 9 14499.40 (14.54) 14484.86 9643.21 697.22 10340.43
207763.89 46336.22 254100.11 185765.37 28642.72 214408.09
EXPENDITURE
Material Costs 10 67538.19 19748.87 87287.06 54274.52 12203.58 66478.10
Manufacturing and Operating Costs 11 35840.62 13775.64 49616.26 34570.71 8603.94 43174.65
(Increase)/Decrease in finished and process stock 12 (8737.80) (591.19) (9328.99) (2784.64) (3539.42) (6324.06)
Employment Costs 13 33081.17 8574.02 41655.19 30532.99 6161.91 36694.90
Administrative, Selling and General expenses 14 49413.57 5675.80 55089.37 38258.13 3220.26 41478.39
Finance Charges 15 7199.99 2490.12 9690.11 5353.64 1560.92 6914.56
Depreciation and Amortisation 10935.08 5951.02 16886.10 8554.20 4019.77 12573.97
195270.82 55624.28 250895.10 168759.55 32230.96 200990.51
Less: Stock transfer on divestment of business — — — (3468.26) 1734.13 (1734.13)
Less: Trial Run Expenditure capitalised — — — (116.29) (226.46) (342.75)
195270.82 55624.28 250895.10 165175.00 33738.63 198913.63
PROFIT FOR THE YEAR BEFORE EXCEPTIONAL ITEMS 12493.07 (9288.06) 3205.01 20590.37 (5095.91) 15494.46
Add/(Less): EXCEPTIONAL ITEMS (Refer Note 6) (447.96) 1179.96 732.00 3871.93 — 3871.93
PROFIT FOR THE YEAR BEFORE TAX 12045.11 (8108.10) 3937.01 24462.30 (5095.91) 19366.39
Provision for Income Tax :
— Current Tax 1937.43 20.72 1958.15 6040.21 14.20 6054.41
— Deferred Tax 564.80 (221.66) 343.14 (831.56) (127.63) (959.19)
— Fringe Benefits Tax 484.99 22.02 507.01 349.12 14.20 363.32
Provision for Wealth Tax 63.36 2.41 65.77 29.16 2.40 31.56
PROFIT FOR THE YEAR AFTER TAX 8994.53 (7931.59) 1062.94 18875.37 (4999.08) 13876.29
Add/(Less): Share of profit in Associate Companies 461.79 — 461.79 280.72 — 280.72
Minority Interest (81.92) — (81.92) (84.73) — (84.73)
Pre-acquisition Loss/(Profit) — — — (173.24) — (173.24)
9374.40 (7931.59) 1442.81 18898.12 (4999.08) 13899.04
Add/(Less): Prior period adjustments (net)(Refer Note 5) (15.47) (7.73) (23.20) 83.72 0.12 83.84
Excess/(Short) provision for tax 620.62 115.13 735.75 15.90 (0.07) 15.83
Balance brought forward 27512.96 (5121.61) 22391.35 17836.56 (122.00) 17714.56
BALANCE AVAILABLE FOR APPROPRIATION 37492.51 (12945.80) 24546.71 36834.30 (5121.03) 31713.27
APPROPRIATION:
Debenture Redemption Reserve — — — 1450.00 — 1450.00
Legal Reserve 0.18 1.71 1.89 – 0.58 0.58
General Reserve 661.22 — 661.22 4000.00 — 4000.00
Share of Retained Earnings in Associate Companies 410.80 — 410.80 268.25 — 268.25
Proposed dividend 1534.52 — 1534.52 3069.04 — 3069.04
Tax on proposed dividend 260.79 — 260.79 521.58 — 521.58
Share of tax on dividend of Associates 50.99 — 50.99 12.47 — 12.47
2918.50 1.71 2920.21 9321.34 0.58 9321.92
Balance carried to Balance Sheet 34574.01 (12947.51) 21626.50 27512.96 (5121.61) 22391.35
Weighted average number of Equity Shares
outstanding during the year 6,13,80,853 6,13,80,853
Basic and diluted earnings per share including
exceptional items (in Rs.) 3.43 22.78
Basic and diluted earnings per share excluding
exceptional items (net of tax) (in Rs.) 1.99 14.38


Company Secretary
65
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CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2008
A. Cash Flow arising from Operating Activities:
Net Profit before Tax and Exceptional Items as per Profit and Loss Account 3205.01 15494.46
Add/(Deduct):
a) Bad debts and Provision for Doubtful Debts, Advances and claims 202.42 93.65
b) Investment Grant (4.73) (3.45)
c) Provision for Diminution in value of Investments 43.72 140.28
d) Depreciation and Amortisation Charge 16886.10 12573.97
e) Finance Charges and (Gain)/Loss on variation in Foreign Exchange rates 11918.17 5680.29
f) Loss on Sale of Assets 543.50 246.45
g) Interest Income (3672.28) (1897.54)
h) Dividend Income (1323.52) (1242.17)
i) Provision no longer required (239.41) (658.00)
j) Surplus on sale of Investments (4586.68) (3725.58)
19767.29 11207.91
Operating Cash Profit before Working Capital Changes 22972.30 26702.37
Add/(Deduct):
a) Increase/(Decrease) in Trade Payable 1023.68 13762.28
b) (Increase)/Decrease in Trade and Other Receivables (10560.68) (17476.34)
c) (Increase)/Decrease in Inventories (9527.73) (12643.92)
(19064.73) (16357.98)
Cash Inflow from Operations 3907.57 10344.39
Deduct:
Direct Taxes paid ( Net ) 3976.03 5727.93
Cash Inflow before Prior Period Adjustments (68.46) 4616.46
Deduct: Prior Period adjustments (23.20) 74.56
Net Cash Inflow in the course of Operating Activities (91.66) 4691.02
Deduct: Voluntary Retirement Compensation ( Exceptional Item ) 456.36 693.96
Net Cash Inflow in the course of Operating Activities after Exceptional Items (548.02) 3997.06
B. Cash Flow arising from Investing Activities:
Inflow:
a) Sale of Fixed Assets 1602.77 31585.68
b) Dividend & Interest Received 4848.76 3851.75
c) (Increase)/Decrease in loan to Companies 549.93 (3664.39)
d) Sale of Investments 2179.54 8302.62
9181.00 40075.66
Outflow:
a) Acquisition of Fixed Assets 14297.51 69053.54
b) Acquisition of Minority Interest 35.34 2885.08
c) Investment in Debentures of a Joint Venture 2850.00 —
17182.85 71938.62
Net Cash (Outflow) in the course of Investing Activities (8001.84) (31861.96)
C. Cash Flow arising from Financing Activities:
Inflow:
a) Proceeds from Term Loans (Net) 11217.23 15289.21
b) Proceeds from other borrowings (Net) 15853.95 24363.34
c) Issue of Share Warrants 2086.95 —
d) Proceeds from Debentures (Net) 1425.00 30583.13 700.00 40352.55
Outflow:
a) Repayment of other Borrowings (Net) — —
b) Finance Charges (Net) 13625.84 9120.41
c) Dividend paid 3069.04 3055.89
d) Redemption of Debentures 5800.00 —
e) Tax on dividend 521.58 445.14
21973.30 12621.44
Net Cash Inflow in the course of Financing Activities 8609.83 27731.11
D. Change in Currency Fluctuation Reserve arising on consolidation 57.26 62.38
Net Increase/(Decrease) in Cash/Cash Equivalents (A+B+C+D) 117.22 (71.41)
Add: Balance at the beginning of the year 5675.74 5747.15
Cash/Cash Equivalents at the close of the year 5792.96 5675.74


Company Secretary
66
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SCHEDULES ‘1’ TO ‘16’ FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE
YEAR ENDED 31ST MARCH, 2008
Total as at Total as at
31.03.2008 31.03.2007
SCHEDULE 1 – SHARE CAPITAL
Authorised:
10,00,00,000 Equity Shares of Rs. 10 each 10000.00 10000.00
10000.00 10000.00

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

61,38,085 Warrants of Rs. 34/- each (Refer Note 17) 2086.95 —
Per Balance Sheet 2086.95 —
Consolidated Share in Total as at Consolidated Share in Total as at

with Joint 31.03.2008 with Joint 31.03.2007
subsidiaries Ventures subsidiaries Ventures
SCHEDULE 2 – RESERVES AND SURPLUS
(a) Capital Reserve: — 25.77 25.77 — 25.77 25.77
(b) Legal Reserve:
Balance as per last account 8.04 0.58 8.62 8.04 — 8.04
Add: Transfer from Profit and Loss Account 0.18 1.71 1.89 — 0.58 0.58
8.22 2.29 10.51 8.04 0.58 8.62
(c) Securities Premium Account:
Balance as per last account 14778.55 4358.53 19137.08 14778.55 — 14778.55
Addition during the Year — — — — 4358.53 4358.53
14778.55 4358.53 19137.08 14778.55 4358.53 19137.08
(d) Capital Redemption Reserve:
Balance as per last account 1521.51 — 1521.51 1521.51 — 1521.51
1521.51 — 1521.51 1521.51 — 1521.51
(e) Debenture Redemption Reserve:
Add: Transfer from Profit and Loss Account — — — 1450.00 — 1450.00
1450.00 — 1450.00 2725.00 — 2725.00
Less: Transfer to General Reserve (1450.00) — (1450.00) (1275.00) — (1275.00)
— — — 1450.00 — 1450.00
(f) General Reserve:
Add: 1) Transfer from Debenture Redemption Reserve 1450.00 — 1450.00 1275.00 — 1275.00
2) Transitonal liability as per AS 15 (Refer Note 9) (1225.38) — (1225.38) (32.20) — (32.20)
3) Transfer from Profit and Loss Account 661.22 — 661.22 4000.00 — 4000.00
89518.50 — 89518.50 88632.66 — 88632.66
(g) Revaluation Reserve:
Balance as per last account — 1335.27 1335.27 — — —
Additions During the year — 45.60 45.60 — 1374.63 1374.63
Less: Transfer to Profit & Loss Account — (26.47) (26.47) — (39.36) (39.36)
— 1354.40 1354.40 — 1335.27 1335.27
(h) Investments Grants:
Balance as per last account — 18.51 18.51 — — —
Additions During the year — — — — 21.96 21.96
Less: Transfer to Profit & Loss Account — (4.73) (4.73) — (3.45) (3.45)
— 13.78 13.78 — 18.51 18.51
(i) Currency Fluctuation Reserve – on Consolidation:
Opening balance 557.58 (99.91) 457.67 573.96 — 573.96
Add/(Less): During the year 289.75 (232.49) 57.26 (16.38) — (16.38)
847.33 (332.40) 514.93 557.58 (99.91) 457.67
(j) Share of Retained Earnings in Associates 2795.38 — 2795.38 2385.37 — 2385.37
(Movement During the year refer Note 14)
(k) Profit and Loss Account: 34574.01 (12947.51) 21626.50 27512.96 (5121.61) 22391.35
Total Reserves and Surplus – Per Balance Sheet 144043.50 (7525.14) 136518.36 136846.67 517.14 137363.81
67
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SCHEDULE 3 – LOAN FUNDS
(a) Secured Loans:
Debentures:
58 Privately Placed Non-Convertible Debentures of Rs. 1,00,00,000 each with daily put/call
option (interest linked with MIBOR) which have been since redeemed — — — 5800.00 — 5800.00
Term Loans:
Term Loans from Banks 50259.10 26116.92 76376.02 41012.15 26505.95 67518.10
Interest accrued thereon 36.71 – 36.71 79.21 6.42 85.63
50295.81 26116.92 76412.73 41091.36 26512.37 67603.73
Working capital loans from banks 18488.21 9303.66 27791.87 23589.74 6913.12 30502.86
Interest accrued thereon 29.86 – 29.86 27.63 — 27.63
18518.07 9303.66 27821.73 23617.37 6913.12 30530.49

Buyer’s Credit Loan 3573.79 — 3573.79 780.13 — 780.13
Hire purchase loans — — — 1.98 — 1.98
Total – Secured Loans 72387.67 35420.58 107808.25 71290.84 33425.49 104716.33
(b) Unsecured Loans:

Debentures — 1425.00 1425.00 — — —
Foreign Currency Loans from Banks 31324.17 — 31324.17 21566.44 — 21566.44
From Joint Venture Partners (Long Term) — 5303.22 5303.22 — 4123.87 4123.87
Short Term Borrowings from Banks 6499.64 — 6499.64 4.03 — 4.03
6499.64 — 6499.64 4.03 — 4.03
Other Borrowings:
Sales Tax Deferment Loan 1128.12 — 1128.12 1280.10 — 1280.10
Others — — — — 328.10 328.10
1128.12 — 1128.12 1280.10 328.10 1608.20

Total – Unsecured Loans 38951.93 6728.22 45680.15 22850.57 4451.97 27302.54
Total Loan Funds – Per Balance Sheet 111339.60 42148.80 153488.40 94141.41 37877.46 132018.87
SCHEDULE 4 – FIXED ASSETS (NET BLOCK)

A. Assets:
Goodwill on Consolidation 797.85 8622.08 9419.93 897.58 9142.65 10040.23
Land -
Freehold 3994.69 844.08 4838.77 3839.92 735.43 4575.35
Leasehold 611.23 1743.35 2354.58 554.83 1731.15 2285.98
Buildings 15882.46 9760.92 25643.38 15729.02 10210.59 25939.61
Improvements to Leasehold Premises 2155.64 343.65 2499.29 1439.85 66.30 1506.15
Plant and Machinery, Electrical Installations and Equipments 53238.18 25135.00 78373.18 54636.52 28313.80 82950.32
Furniture, Fixtures and Office Equipments 3568.82 436.84 4005.66 2494.29 338.87 2833.16
Livestock (at book value) 12.71 — 12.71 15.78 — 15.78
Vehicles 1042.25 118.70 1160.95 977.44 125.02 1102.46
Boats and Water Equipments 6051.85 — 6051.85 216.74 — 216.74
Aircraft 8516.27 — 8516.27 9068.87 — 9068.87
Intangible Assets :
Software 874.60 4.83 879.43 863.67 8.28 871.95
Leasing and other similar rights — 201.45 201.45 — 300.32 300.32
Technical Knowhow 1.46 — 1.46 21.98 — 21.98
Per Balance Sheet 96748.01 47210.90 143958.91 90756.49 50972.41 141728.90
Less : Unrealised Profit — 4083.39 4083.39 — 4575.43 4575.43
96748.01 43127.51 139875.52 90756.49 46396.98 137153.47
B. Capital work-in-progress: 3085.73 594.43 3680.16 10370.61 738.92 11109.53
68
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SCHEDULE 5 – INVESTMENTS (AT COST/BOOK VALUE)
I. LONG TERM INVESTMENTS:

A. Investments in Government Securities 0.07 0.10 0.17 0.10 0.10 0.20
B. Non-Trade Investments
Shares (Unquoted) 889.24 — 889.24 829.76 — 829.76
Less: Provision for diminution in value of Investments (337.80) — (337.80) (302.79) — (302.79)
551.44 — 551.44 526.97 — 526.97
C. Non-Trade Investments
Shares (Quoted) 2740.82 — 2740.82 2343.27 — 2343.27
Bonds (Quoted) 2974.96 — 2974.96 2974.96 — 2974.96
5715.78 — 5715.78 5318.23 — 5318.23
D. Non-Trade Investments
Unquoted Debentures 2892.19 — 2892.19 42.19 — 42.19
Less: Provision for diminution in vale of Investments — — — — — —
2892.19 — 2892.19 42.19 — 42.19

E. Mutual Fund (Unquoted)
Investment in mutual fund-FMP (Growth) 9707.52 — 9707.52 16158.00 366.38 16524.38
F. Venture Capital Funds
Investments in ventures Capital Fund 2932.94 — 2932.94 2482.94 — 2482.94
(Includes units of Rs. 500 lacs, Rs. 450 lacs paid up)
G. Others 8814.64 — 8814.64 9043.14 — 9043.14
Total – Long Term Investments 30614.58 0.10 30614.68 33571.57 366.48 33938.05
II. CURRENT INVESTMENTS:

A. Dividend Option Units 21872.23 13.49 21885.72 9083.27 927.75 10011.02
B. Growth Option Units 1595.79 — 1595.79 1235.68 78.99 1314.67
C. Fixed Maturity Plan Units 5000.00 — 5000.00 7000.00 — 7000.00
D. Equity Shares (Quoted) 4828.15 — 4828.15 6093.49 — 6093.49
E. Mutual Funds (Quoted) 63.47 — 63.47 — — —
33359.64 13.49 33373.13 23412.44 1006.74 24419.18

Less: Provision for diminution in value of Current Investments (320.65) — (320.65) (276.93) — (276.93)
Total – Current Investments 33038.99 13.49 33052.48 23135.51 1006.74 24142.25
Total – Investments 63653.57 13.59 63667.16 56707.08 1373.22 58080.30
III. APPLICATION MONEY PENDING ALLOTMENT:

Equity Application Money 36.57 — 36.57 — — —
36.57 — 36.57 — — —
Book Value
Aggregate of Quoted Investments 10290.19 — 10290.19 11134.79 — 11134.79
Aggregate of Unquoted Investments 53363.38 13.59 53376.97 45572.29 1373.22 46945.51
63653.57 13.59 63667.16 56707.08 1373.22 58080.30
Market Value
Aggregate of Quoted Investments 15025.36 — 15025.36 15011.88 — 15011.88
69
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SCHEDULE 6 – CURRENT ASSETS, LOANS AND ADVANCES
(a) Inventories:
(As verified, valued and certified by the Management)
(i) Loose Tools 85.70 — 85.70 84.75 — 84.75
(ii) Stores and Spare Parts 2320.78 1289.19 3609.97 2024.18 1244.26 3268.44
(iii) Stock-in-Trade:
Raw Materials 9675.36 2987.35 12662.71 10123.94 3364.04 13487.98
Goods-in-Process 14231.90 2318.95 16550.85 10605.47 2133.68 12739.15
Finished Goods (including Merchanting Goods) 24286.49 6435.11 30721.60 19227.93 6059.11 25287.04
(iv) Accumulated cost on conversion contracts 79.07 42.58 121.65 60.10 — 60.10
(v) Goods-in-Transit 2826.23 70.01 2896.24 2027.89 165.64 2193.53
53505.53 13143.19 66648.72 44154.26 12966.73 57120.99

(b) Sundry Debtors:
(i) Debts outstanding for a period exceeding six months (Refer Note 3)
Secured (considered good) 231.09 — 231.09 158.31 2.10 160.41
Unsecured –
Considered good 1853.15 124.13 1977.28 1906.00 78.76 1984.76
2084.24 124.13 2208.37 2064.31 80.86 2145.17

Considered doubtful 391.92 382.38 774.30 387.90 196.49 584.39
Less: Provision (391.92) (306.54) (698.46) (387.90) (180.64) (568.54)
— 75.84 75.84 — 15.85 15.85
(ii) Other Debts:
Secured (considered good) 3350.85 1280.96 4631.81 2737.99 3.47 2741.46
Unsecured –
Considered good 32386.54 7110.96 39497.50 28728.33 7617.48 36345.81
35737.39 8391.92 44129.31 31466.32 7620.95 39087.27

37821.63 8591.89 46413.52 33530.63 7717.66 41248.29
(c) Cash and Bank Balances:
(i) Cash on hand (including cheques on hand) 392.14 207.10 599.24 1290.81 334.54 1625.35
(ii) Balances with Banks
In Current Accounts (including remittances-in-transit) 2886.19 482.48 3368.67 2237.38 300.34 2537.72
In Deposit Accounts 791.34 1033.71 1825.05 1212.95 299.72 1512.67
4069.67 1723.29 5792.96 4741.14 934.60 5675.74
(d) Other Current Assets:
(i) Export Incentives, etc. receivable 656.74 391.95 1048.69 542.38 261.91 804.29
(ii) Dividend, Interest Subsidy and Interest receivable [including interest accrued on
Investments Rs. 538.12 lacs (Previous year Rs. 391.08 lacs)] 4432.60 873.82 5306.42 2094.97 689.51 2784.48
(iii) MAT Credit Receivable 642.08 — 642.08 — — —
(iv) Claims and Other receivables 861.08 477.58 1338.66 980.00 636.20 1616.20
6592.50 1743.35 8335.85 3617.35 1587.62 5204.97
(e) Loans and Advances (Unsecured, considered good, unless otherwise specified):
Loans and Advances to companies and others:
Considered good 4544.32 — 4544.32 3716.16 278.23 3994.39
Considered doubtful 32.00 — 32.00 32.00 — 32.00
Less: Provision (32.00) — (32.00) (32.00) — (32.00)
4544.32 — 4544.32 3716.16 278.23 3994.39
Advance Tax (Net of provision for tax) 1149.04 32.44 1181.48 — — —
Advances recoverable in cash or in kind or for value to be received:
Considered good 8869.16 1652.07 10521.23 8190.01 1510.99 9701.00
Considered doubtful 30.63 — 30.63 13.15 — 13.15
Less: Provision (30.63) — (30.63) (13.15) — (13.15)
8869.16 1652.07 10521.23 8190.01 1510.99 9701.00
Balances with –
Customs, Excise, etc. 492.90 161.38 654.28 479.91 1.25 481.16
Others 11160.02 427.32 11587.34 8118.09 336.30 8454.39
11652.92 588.70 12241.62 8598.00 337.55 8935.55
26215.44 2273.21 28488.65 20504.17 2126.77 22630.94
70
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SCHEDULE 7 – CURRENT LIABILITIES AND PROVISIONS
(a) Current Liabilities:
Acceptances 506.54 — 506.54 338.97 — 338.97
Sundry Creditors 26251.91 6807.90 33059.81 24477.30 7143.83 31621.13
Advances against Sales 678.86 290.66 969.52 898.65 47.52 946.17
Deposits from Dealers and Agents 6350.61 1.15 6351.76 5863.64 20.32 5883.96
Overdrawn Bank Balances 1641.49 17.07 1658.56 2327.61 121.82 2449.43
Other Liabilities 3007.61 1424.55 4432.16 3135.74 505.05 3640.79
Interest accrued but not due 607.58 495.17 1102.75 187.01 201.82 388.83
39044.60 9036.50 48081.10 37228.92 8040.36 45269.28
(b) Provisions:
For Proposed Dividend 1534.52 — 1534.52 3069.04 — 3069.04
For Tax on Proposed Dividend 260.79 — 260.79 521.58 — 521.58
For Taxation (Net of Advance Tax) — — — 268.70 88.59 357.29
For Employee Benefits 6290.46 896.18 7186.64 3680.67 803.28 4483.95
For Excise Duties 197.29 55.91 253.20 223.02 51.09 274.11
Others 3.59 299.85 303.44 872.50 581.03 1453.53
8286.65 1251.94 9538.59 8635.51 1523.99 10159.50
SCHEDULE 8 – SALES, SERVICES AND EXPORT INCENTIVES

(1) Gross Turnover (Net of usual trade discounts, allowances, etc.):
(a) Manufactured Goods (inclusive of sale of semi-finished goods) 176121.36 44605.65 220727.01 167859.26 27357.44 195216.70
(b) Merchanting Goods 19303.96 830.32 20134.28 11096.00 65.21 11161.21
195425.32 45435.97 240861.29 178955.26 27422.65 206377.91
Less:
Excise Duties 2601.60 674.83 3276.43 2316.24 362.16 2678.40
Sales Returns 406.32 232.73 639.05 690.13 188.73 878.86
Other discounts and allowances 3675.20 142.77 3817.97 3638.61 117.51 3756.12
6683.12 1050.33 7733.45 6644.98 668.40 7313.38
Net Turnover 188742.20 44385.64 233127.84 172310.28 26754.25 199064.53
(2) Commission 120.04 — 120.04 75.52 — 75.52
(3) Income from Air Taxi Operations 1169.37 — 1169.37 894.33 — 894.33
(4) Gross Income from Services 330.41 — 330.41 298.72 827.25 1125.97
(5) Income from Job work 1034.18 1016.40 2050.58 1092.12 — 1092.12
(6) Conducting Fees 547.63 – 547.63 291.94 — 291.94
(7) Export Incentives, etc. 1320.66 948.72 2269.38 1159.25 364.00 1523.25
Per Profit and Loss Account 193264.49 46350.76 239615.25 176122.16 27945.50 204067.66
SCHEDULE 9 – OTHER INCOME

Dividends:
From Non-Trade Investments:
— Current Investments 1262.36 28.65 1291.01 1198.06 5.41 1203.47
— Long Term Investments 32.51 — 32.51 38.70 — 38.70
1294.87 28.65 1323.52 1236.76 5.41 1242.17
Interest Income:
— On Investments 624.86 0.01 624.87 473.70 21.86 495.56
— Others 2902.82 144.59 3047.41 1399.67 2.31 1401.98
3527.68 144.60 3672.28 1873.37 24.17 1897.54
Gain on variation in Foreign Exchange rates (Net):
— On Loans (1348.18) (879.88) (2228.06) 953.37 280.90 1234.27
— On Others 3570.84 363.88 3934.72 (643.87) 46.86 (597.01)
2222.66 (516.00) 1706.66 309.50 327.76 637.26
Profit on sale of Current Investments (Net) 4027.34 5.94 4033.28 3529.05 75.52 3604.57
Profit on sale of Long-term Investments (Net) 553.40 — 553.40 121.01 — 121.01
Rent and Compensation 118.37 — 118.37 101.92 — 101.92
Credit Balances appropriated (Net) 14.78 — 14.78 19.13 — 19.13
Excess provisions written back (Net) 224.63 — 224.63 638.87 — 638.87
Sales Tax and Excise duty Refunds 747.49 — 747.49 456.10 — 456.10
Miscellaneous Income 1768.18 322.27 2090.45 1357.50 264.36 1621.86
Per Profit and Loss Account 14499.40 (14.54) 14484.86 9643.21 697.22 10340.43
SCHEDULE 10 – MATERIAL COSTS

(1) Raw Materials consumed :
Opening Stock 10123.94 3364.04 13487.98 11276.23 143.31 11419.54
Add: Arising on acquisition of business — — — — 3392.83 3392.83
Add: Purchases 51789.96 18667.42 70457.38 47712.04 11740.55 59452.59
(Includes Purchase of Semi Finished Goods) 61913.90 22031.46 83945.36 58988.27 15276.69 74264.96
Less: Transfer on divestment of business — — — 2949.17 — 2949.17
Less: Sales 1115.34 273.68 1389.02 1557.46 12.21 1569.67
60798.56 21757.78 82556.34 54481.64 15264.48 69746.12
Less: Closing Stock 9675.36 2987.35 12662.71 10123.94 3364.04 13487.98
51123.20 18770.43 69893.63 44357.70 11900.44 56258.14
(2) Purchases of Merchanting Goods 16414.99 978.44 17393.43 9916.82 303.14 10219.96
71
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SCHEDULE 11 – MANUFACTURING AND OPERATING COSTS
Stores and Spare Parts 12006.32 6613.73 18620.05 12241.70 4210.57 16452.27
Power and Fuel 9805.16 4848.61 14653.77 10047.10 3016.19 13063.29
Repairs to Buildings 806.55 78.24 884.79 778.25 106.96 885.21
Repairs to Machinery 1749.53 832.77 2582.30 1738.06 452.20 2190.26
Other Manufacturing and Operating Expenses 11473.06 1402.29 12875.35 9765.60 818.02 10583.62
SCHEDULE 12 – (INCREASE)/DECREASE IN FINISHED AND PROCESS STOCK

Opening Stock:
Goods-in-Process 10605.47 2133.68 12739.15 11246.20 537.30 11783.50
Accumulated cost on conversion contracts 60.10 — 60.10 49.49 — 49.49
29893.50 8192.79 38086.29 27097.29 4651.60 31748.89

Closing Stock:
Goods-in-Process 14231.90 2318.95 16550.85 10605.47 2133.68 12739.15
Accumulated cost on conversion contracts 79.07 42.58 121.65 60.10 — 60.10
38597.46 8796.64 47394.10 29893.50 8192.79 38086.29

(Increase)/Decrease in Stocks (8703.96) (603.85) (9307.81) (2796.21) (3541.19) (6337.40)
Add/(Less): Variation in excise duty on opening and closing stock of finished goods (33.84) 12.66 (21.18) 11.57 1.77 13.34
Per Profit and Loss Account (8737.80) (591.19) (9328.99) (2784.64) (3539.42) (6324.06)
SCHEDULE 13 – EMPLOYMENT COSTS

Salaries, Wages, Bonus, etc. 29364.15 6262.98 35627.13 27032.60 4435.25 31467.85
Contribution to Provident and Other Funds 2112.22 1606.21 3718.43 1991.19 1346.55 3337.74
Workmen and Staff Welfare Expenses 1604.80 704.83 2309.63 1509.20 380.11 1889.31
SCHEDULE 14 – ADMINISTRATIVE, SELLING AND GENERAL EXPENSES

Insurance (Net) 504.49 198.15 702.64 631.87 180.09 811.96
Rent 8170.72 369.13 8539.85 4069.75 52.16 4121.91
Lease Rentals 20.09 — 20.09 19.55 — 19.55
Rates and Taxes 227.69 96.57 324.26 183.95 58.76 242.71
Advertisement 12553.46 218.52 12771.98 9921.47 4.36 9925.83
Commission to Selling Agents 4867.07 596.96 5464.03 4881.38 472.87 5354.25
Freight, Octroi, etc. 2774.05 1516.97 4291.02 2448.11 738.89 3187.00
Bad Debts, Advances and Claims written off 6.03 10.50 16.53 36.49 — 36.49
Provision for Doubtful Debts, Advances and Claims 39.42 146.47 185.89 15.00 42.16 57.16
Miscellaneous Expenses 19353.55 2545.70 21899.25 15451.19 1817.70 17268.89
Loss /(Gain) on sale of fixed assets(Net) 566.67 (23.17) 543.50 393.18 (146.73) 246.45
Provision for diminution in value of Investments 43.72 — 43.72 140.28 — 140.28
Contribution to Charitable Funds, etc. 278.03 — 278.03 57.01 — 57.01
Directors’ fees 8.58 — 8.58 8.90 — 8.90
SCHEDULE 15 – FINANCE CHARGES

Interest on Debentures and Fixed Loans(Net) 3936.39 1740.08 5676.47 3601.65 1007.24 4608.89
Interest – Others 3159.60 644.59 3804.19 1658.91 522.04 2180.95
7095.99 2384.67 9480.66 5260.56 1529.28 6789.84

Discount on issue of “Commercial Papers” 69.87 — 69.87 — — —
Commitment and other charges on Loans 34.13 105.45 139.58 220.86 158.71 379.57
7199.99 2490.12 9690.11 5481.42 1687.99 7169.41

Less: Borrowing Costs Capitalised — — — 127.78 127.07 254.85
72
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SCHEDULE 16 – NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS 31st March, 31st March,
1. The consolidated Financial Statements present the consolidated Accounts of Raymond 2008 2007
Limited with its following Subsidiaries, Joint Ventures (and its subsidiaries), Associates, (Rs. in lacs) (Rs. in lacs)
Subsidiary and Joint Venture of an Associate:
4. A. Contingent Liabilities not provided for:
Name Country of Proportion of (a) Claims against the Company not acknowledged as
Incorporation Ownership debts in respect of past disputed liabilities of the
Interest Cement and Steel Divisions divested during the year
A. Subsidiaries 2000-2001, Carded Woollen business divested
during the year 2005-2006 and Denim Division
Indian Subsidiaries:
divested during the year 2006-2007. (interest
(a) Raymond Apparel Limited India 100% thereon not ascertainable at present). 2595.72 3984.32
(b) Pashmina Holdings Limited India 100%
(b) Claims against the Companies not acknowledged
(c) Everblue Apparel Limited India 100% as debts (including share of Joint Ventures
(d) Hindustan Files Limited India 100% Rs.30.02 lacs; Previous Year Rs. 21.77 lacs). 2185.00 2273.09
(e) Colorplus Fashions Limited India * 100%
(c) Bills Discounted with the Company’s bankers.
(f) Silver Spark Apparel Limited India 100% (including share of Joint Ventures Rs. 1478.72
(g) Celebrations Apparel Limited India 100% lacs; Previous Year Rs. 2147.82 lacs). 10140.81 7398.64
(h) Scissors Engineering Products Limited India 100% (d) On account of guarantees given and also on
(i) Ring Plus Aqua Limited India $ 88.34% account of the indemnities issued by the
(j) JK Talabot Limited India 90% Company to the Acquirer of shares of Recron
Synthetics Limited pursuant to an agreement. 342.70 342.70
* Held by Raymond Apparel Limited
$ Held by Scissors Engineering Products Limited (e) Disputed demand in respect of Income-tax etc.
Foreign Subsidiaries: (interest thereon not ascertainable at present). 7329.26 6549.32
(a) Jaykayorg AG Switzerland 100% (f) Bonds/Undertakings given by the Company
under concessional duty/exemption scheme
(b) J.K. (England) Limited United Kingdom 100%
to Customs authorities (including share of Joint
(c) Regency Texteis Portuguesa, Limitada Portugal 100% Ventures Rs. 1437.08 lacs; Previous Year
(d) R&A Logistics Inc. United States 100% owned by Rs. 2432.58 lacs). 7165.98 14999.95
of America Ring Plus Aqua
Limited (g) Disputed liability towards Excise Duty on Post
Removal of Goods from the place of
(e) Raymond Europe, S.r.l. Italy 60% manufacture. 2118.90 2118.90
B. Joint Ventures:
(h) Disputed Excise Duty Liability in respect of
(a) Raymond Fedora Private Limited India 50% other matters. 3574.93 2274.02
(b) Raymond Zambaiti Private Limited India 50%
(i) Liability on account of jute packaging obligation
(c) Raymond UCO Denim Private Limited (RUDPL) India 50% upto 30th June, 1997, in respect of the
(and its subsidiaries) Company’s erstwhile Cement Division, under the
(d) GAS Apparel Private Limited India @ 50% Jute Packaging Materials (Compulsory use in
(e) Rose Engineered Products India Private Limited India & 50% Packing Commodities) Act, 1987. Amount not determinable
(f) Rayves Automotive Textile Company India # 50% (j) Liability in respect of additional stamp duty on the
Private Limited transfer of immovable properties of the
@ Held by Colorplus Fashions Limited Company’s erstwhile Cement and Denim
(Wholly owned subsidiary of Divisions. Amount not determinable
Raymond Apparel Limited) (k) Guarantees issued by the Bankers 18.03 59.08
& Held by Ring Plus Aqua Limited
(Subsidiary of Scissors Engineering (l) Company’s liabilities/obligations pertaining to the
Products Limited) period upto the date of transfer of the
Company’s erstwhile Steel, Cement, Carded
# Held by Silver Spark Apparel Limited Woollen and Denim Divisions in respect of which
C. Associates, Subsidiary and Joint Venture of the Company has given to the acquirers:
an Associate: — Bank Guarantee — 210.00
(a) P.T. Jaykay Files Indonesia Indonesia $ 39.20% — Undertakings Amount not determinable
(b) J.K. Investo Trade (India) Limited India 47.66% (m) Share in the Contingent Liabilities of an
(c) J.K. Helene Curtis Limited India 100% owned by Associate 764.25 724.17
J.K. Investo (n) Liability on account of sales tax matter of
Trade (India) an Ex-Franchisee. Amount not determinable
Limited
(d) J.K. Ansell Limited India Joint Venture B. The Wage Agreement in respect of the unionised
with 50% employees of Company’s Textile Division situated at
ownership Chhindwara and Files Division at Chiplun has expired
by J.K. Investo during the Financial Year 2007-08. The net liability on
Trade (India) account of revision will be accounted in the year of
Limited finalisation of the wage agreement.
(e) Radha Krshna Films Limited India 29.41%
$ Includes 15.20% equity shares held by Jaykayorg AG. C. Estimated amount of contracts remaining to be
executed on capital account and not provided for (net
2. Significant Accounting Policies and Notes to these Consolidated Financial Statements are of advances) [including Rs. 0.07 lacs (Previous Year
intended to serve as a means of informative disclosure and a guide to better Rs. 1.03 lacs) being share in an Associate Company]
understanding the consolidated position of the Companies. Recognising this purpose, [including share of Joint Ventures Rs. 448.31
the Company has disclosed only such Policies and Notes from the individual financial lacs (Previous Year Rs. 138.95 lacs)] 10860.42 3445.96
statements, which fairly present the needed disclosures.
3. Sundry Debtors, considered good includes Rs. 8.51 lacs for which the Company has D. The Company along with the Joint Venture Partner has
initiated legal action (Previous year Rs. 36.70 lacs). undertaken to additionally fund RUDPL in case it fails to
meet certain covenants of the Facility cum
Hypothecation Agreement entered into with a Bank.
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Year ended Year ended impairment of goodwill arising on consolidation of RUDPL is considered necessary at present
31st March, 31st March, by the management and also in respect of losses that may arise in respect of loan and
2008 2007 interest.
11. The Company has loans, advances and receivables amounting to Rs.1894.05 lacs due
5. Prior period adjustments represent: from Raymond Fedora Private Limited (RFPL), a Joint Venture. The accumulated losses of
RFPL, as at 31st March 2008, have substantially exceeded its net worth due to operational
Debits relating to earlier years (64.30) (74.49) losses. Considering the fact that the investment is of strategic nature and the various
Credits relating to earlier years 32.70 149.05 initiatives taken by RFPL for improvement of operational performance viz. optimisation of
Depreciation/Amortisation adjustments (net) 8.40 9.28 capacity and utilisation, increase in customer base, improvement in product profile and
cost control measures, no provision is considered necessary by the management at
(23.20) 83.84 present for any losses that may arise in respect of loans, advances and receivables from
6. Exceptional Items: RFPL.
(a) VRS payments written off (447.96) (684.68) 12. Related parties disclosures:
(b) Waiver of unsecured Loan by the Joint Venture Partner in 1. Relationships:
Raymond UCO Denim Private Limited which is not (a) Joint Ventures:
repayable in terms of the agreement. 1179.96 — Raymond Zambaiti Private Limited
(c) Net surplus on divestment of Denim business as a going Raymond Fedora Private Limited
concern (net of Unrealised Profit of Joint Venture) — 4404.66
GAS Apparel Private Limited
(d) Reversal of Impairment — 151.95
Rose Engineered Products India Private Limited
732.00 3871.93 Raymond UCO Denim Private Limited
Rayves Automotive Textiles Company Private Limited
As at As at As at
(b) Related parties where relationship of control exists:
31-3-2008 31-3-2007 31-3-2006
(Rs. in lacs) (Rs. in lacs) (Rs. in lacs) J.K. Investo Trade (India) Limited
P. T. Jaykay Files Indonesia
7. Deferred Tax: J.K. Helene Curtis Limited
(a) Deferred Tax Liability on account of: J.K. Ansell Limited
Depreciation 11506.21 11056.10 10340.61 J.K. Investors (Bombay) Limited
Others 318.26 478.70 — Radha Krshna Films Limited
11824.47 11534.80 10340.61 (c) Key Management Personnel, their relatives and their enterprises where
transactions have taken place:
(b) Deferred Tax Asset on account of:
Dr. Vijaypat Singhania
(i) VRS payments 561.76 706.61 749.98
Mrs. Asha Devi Singhania
(ii) Employee benefits 1519.88 870.50 590.43
Mr. Gautam Hari Singhania
(iii) Taxes, Duties, Cess, etc. 215.23 206.57 202.69
Mr. Pradeep Kumar Bhandari
(iv) Provision for doubtful debts, etc. 135.60 158.49 242.64 Silver Soaps Private Limited
(v) Provision for diminution in value of Note: Related party relationship is as identified by the Company and relied upon
investments 0.78 2.91 225.93 by the Auditors.
(vi) Unabsorbed depreciation and 2. Transactions carried out with related parties referred in 1 above, in ordinary course of
losses* 2908.20 2892.04 1177.74 business:
(vii) Others 46.57 27.59 130.67 (Rs. in lacs)
5388.02 4864.71 3320.08 Related Parties
Deferred Tax (Net) 6436.45 6670.09 7020.53 Nature of transactions Referred in Referred in Referred in
1(a) above 1(b) above 1(c) above
* As a matter of prudence, unabsorbed depreciation and losses have been Current Previous Current Previous Current Previous
recognised only to the extent there is Deferred Tax Liability. year year year year year year
8. Variation between the Accounting Policies followed by various entities within the group: Purchases:
Goods and Materials 1582.38 544.80 1188.50 690.84 — —
(a) The foreign subsidiaries, listed in Note 1 above, have not accounted for deferred Fixed Assets 2.47 — — 7.91 — —
taxation. Sales:
(b) Colorplus Fashions Limited (CFL) was hitherto providing depreciation on all assets on the Goods and Materials 6039.42 359.91 405.06 95.20 — —
written down value method, which was in variation to the methods adopted by the Fixed Assets 12.11 24.79 4.38 0.90 — —
Sale of Business — 33075.25 — — — —
Group. During the year, CFL has re-aligned it’s policy in line with the Group and
Expenses:
difference has been charged to current year’s depreciation.
Rent and other service charges 557.38 305.84 888.49 761.84 3.00 3.00
(c) Accounting for improvements to Leasehold Premises by Raymond Limited is in variation Job Work Charges 545.88 — — — — —
to the methods adopted by other entities in the Group. Agency Commission — — 501.23 534.27 — —
Remuneration 4.90 — 43.88 — 517.70 707.50
The impact of the above, in the opinion of the management, would not be significant. Interest paid — — 20.83 20.74 — —
9. Effective 1st April 2007 the Company has adopted Accounting Standard 15 - ‘Employee Professional Fees — — — — 114.76 58.90
Directors’ Fees — –- — — 1.10 1.15
Benefits. Consequent to the adoption an amount of Rs. 1225.38 lacs (net of taxes) has
Other reimbursement 1740.15 1011.47 10.06 20.58 — —
been adjusted against the General Reserves as at 1st April 2007, in accordance with the
Income:
transitional provisions in the Standard. Rent and other service charges 29.93 352.85 293.68 188.46 — 1.80
10. The Company has an aggregate investment of Rs.26350.19 lacs in the Equity and Interest received 427.02 198.12 2.70 2.70 — —
Preference Capital (represented by written down value of goodwill on consolidation Other Receipts:
Deputation of staff 192.56 25.32 159.63 90.00 — —
Rs.8622.08 lacs) and also in Debentures of Raymond UCO Denim Private Limited (RUDPL),
Other reimbursement 145.42 — 65.91 39.60 — —
a Joint Venture Company. Further, the Company has advanced a loan of Rs.2942.50 lacs Finance:
on which interest of Rs.188.60 lacs is also over due. The Company along with the Joint Loans and Advances given 470.00 5531.62 — — — —
Venture Partner has undertaken to additionally fund RUDPL in case it fails to meet certain Investments 2903.00 23741.19 — — — —
covenants of the Facility cum Hypothecation Agreement entered into with a Bank. During Outstandings:
the year, the net worth of three of the overseas subsidiaries of RUDPL has eroded/ Payable 1074.55 385.83 136.05 48.17 7.96 —
substantially eroded due to operational losses. The Company along with the Joint Venture Receivable 1973.85 904.03 260.80 40.15 — —
partner is in the process of preparing an action plan for revival of these subsidiaries. Agency Deposits received 1.00 1.00 211.02 207.40 — —
Loans and Advances given 4516.47 3596.14 30.00 30.00 — —
Considering the steps being taken and the fact that the holding in RUDPL is part of the
Property Deposits paid 1.00 1.00 2935.85 2935.85 — —
Company’s long term strategy to be present in the global Denim Business, no provision for
74
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13. SEGMENT INFORMATION
A. BUSINESS SEGMENT
(Rs. in lacs)
Textiles Garment Files Denim Auto Components Others Elimination Total

Particulars Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous
year year year year year year year year year year year year year year year year
Segment Revenue
External Revenue 103426.89 90586.44 71310.34 52291.01 16224.45 16060.11 38712.19 36440.26 8772.01 7723.50 1169.37 966.34 — — 239615.25 204067.66
Inter-Segment Revenue 4341.71 5968.40 14.71 — — — — 256.70 7.58 5.15 360.20 181.84 (4724.20) (6412.09) — —
Total Revenue 107768.60 96554.84 71325.05 52291.01 16224.45 16060.11 38712.19 36696.96 8779.59 7728.65 1529.57 1148.18 (4724.20) (6412.09) 239615.25 204067.66
Segment Result 15394.24 17720.73 4272.92 3586.56 1558.28 1668.30 (6068.09) (1210.02) 794.55 1241.73 (1820.64) (2547.41) (785.23) 355.83 13346.03 20815.72
Add/(Less):
Pre-acquisition (Loss) — — — (173.24) — — — — — — — — — — — (173.24)
Minority Interest — — — — (0.89) 27.26 — — (81.73) (110.25) 0.70 (1.74) — — (81.92) (84.73)
15394.24 17720.73 4272.92 3413.32 1557.39 1695.56 (6068.09) (1210.02) 712.82 1131.48 (1819.94) (2549.15) (785.23) 355.83 13264.11 20557.75
Unallocated income/(expenses) (Net) (4146.39) (220.40)
Finance charges (9690.11) (6914.56)
Interest Income 3672.28 1897.54
Exceptional Items 732.00 3871.93
Excess/(Short) provision for tax
in respect of earlier years 735.75 15.83
Provision for Taxes (2874.07) (5490.10)
Share of Profit in Associate
Companies 461.79 280.72
Net Profit 2155.36 13998.71
Other Information:
Segment Assets 129685.01 118642.37 63904.57 51037.91 11026.19 11211.65 54586.06 62787.59 7687.06 6965.79 11269.13 11329.91 (6149.08) (1517.82) 272008.94 260457.40
Unallocated assets 90930.17 77766.83
Total Assets 362939.11 338224.23
Segment Liabilities 25728.23 24254.25 11273.46 7951.79 3868.33 3679.88 7039.20 7576.77 1740.14 1556.13 405.31 318.16 (1561.63) (1528.15) 48493.04 43808.83
Minority Interest — — — — 53.19 52.34 — — 566.23 522.82 31.76 29.44 — — 651.18 604.60
Unallocated Liabilities 169051.50 150308.91
Total Liabilities 218195.72 194722.34
Capital Expenditure
Segment capital expenditure 4798.29 31148.45 5437.29 5493.35 174.30 526.01 2833.73 13218.32 696.88 824.51 334.88 9680.85 — — 14275.37 60891.49
Unallocated capital expenditure 735.32 822.09
Total capital expenditure 15010.69 61713.58
Depreciation and Amortisation:
Segment depreciation and
amortisation 6984.09 4735.01 2299.44 1684.92 381.15 389.09 4954.90 4565.48 425.47 406.46 659.16 509.71 — — 15704.21 12290.67
Unallocated depreciation
and amortisation 1181.89 283.30
Total depreciation and amortisation 16886.10 12573.97
Significant Non Cash Expenditure:
Segment Significant Non Cash
Expenditure 7.81 — 12.58 — 17.47 15.00 142.67 — 5.36 — — — — — 185.89 15.00
Unallocated non cash expenditure 43.72 140.28
Total Significant Non Cash 229.61 155.28
Expenditure
B. GEOGRAPHICAL SEGMENT
(Rs. in lacs)
India Rest of the world Total

Particulars Current year Previous Year Current year Previous Year Current year Previous Year
Segment Revenue 172782.62 128894.96 66832.63 75172.70 239615.25 204067.66
Carrying cost of segment assets 223612.80 201076.88 48396.14 59380.52 272008.94 260457.40
Additions to Fixed Assets and Intangible Assets 11492.28 50443.14 2783.09 10448.35 14275.37 60891.49
C. OTHER DISCLOSURES
1. Segments have been identified in line with the Accounting Standard on Segment Reporting (AS-17) taking into account the organisation structure as well as the differential risks and returns
of these segments.
2. The Company has disclosed Business Segment as the primary segment.
3. Types of products and services in each business segment:
Business Segment Types of Products and services
a) Textiles - Fabric, rugs, blankets, shawls and furnishing fabric
b) Denim - Denim fabric and cotton yarn
c) Garments - Readymade garments and designerwear
d) Files and Tools - Engineers’ files and rasps, H.S.S. twist drills and bars and rods (HRS)
e) Auto Components - Starter Gear, Shaft Bearings and Sheet metal components
f) Others - Aviation etc.
4. Inter Segment revenues are recognised at sales price.
5. The Segment Revenues, Results, Assets and Liabilities include the respective amounts identifiable to each of the segment and amounts allocated on a reasonable basis.
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As at As at CONSOLIDATED FINANCIAL STATEMENTS
31st March, 31st March, ANNEXURE I
2008 2007 STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES
(Rs. in lacs) (Rs. in lacs) (annexed to and forming part of the Accounts for the year ended 31st March, 2008)
I. BASIS OF PREPARATION OF FINANCIAL STATEMENTS :
14. Investments in equity shares of Associates: (i) The financial statements of the subsidiaries used in the consolidation are drawn upto the
(a) P.T. Jaykay Files Indonesia 134.71 122.70 same reporting date as that of the Parent Company, i.e. year ended 31st March. The
foreign subsidiaries follow January to December as their financial year. In the case of
Add: Share of accumulated reserves/profits 373.56 447.12 these foreign subsidiaries the Company has redrawn their financial statements for the
Add: Share of current profits 13.25 3.95 year ended 31st March.
521.52 573.77 (ii) The financial statements have been prepared under the historical cost convention (with
the exception of all the fixed assets belonging to Regency Texteis Portuguesa, Limitada
Less/(Add): Exchange fluctuation on opening
and certain assets of subsidiaries of the Joint Venture – Raymond UCO Denim Private
retained earnings (11.22) 65.50
Limited, which have been revalued in accordance with the applicable local laws) and
532.74 508.27 on the accrual basis of accounting. The accounts of the Parent Company, Indian
Subsidiaries and Joint Venture Companies have been prepared in accordance with
(b) J.K. Investo Trade (India) Limited 326.12 326.12 the Accounting Standards and those of the foreign subsidiaries have been prepared
Add: Share of accumulated reserves/profits 1999.80 1735.50 in accordance with the local laws and the applicable Accounting Standards/generally
accepted accounting principles.
Less: Dividend received (including tax) 17.44 17.44
II. PRINCIPLES OF CONSOLIDATION :
Add: Share of current profits 414.99 281.74
(i) The financial statements of the Parent Company and its subsidiaries have been
2723.47 2325.92 consolidated on a line-by-line basis by adding together the book values of like items
of assets, liabilities, income and expenses, after eliminating intra-group balances, intra-
(c) Radha Krshna Films Limited (including goodwill group transactions and the unrealised profits.
Rs. 18.22 lacs). * * (ii) The financial statements of the Parent Company and its subsidiaries have been
* Being provision made for diminution in the consolidated using uniform accounting policies excepting the revaluation of assets by
value of investments companies referred above. Further, accounting for improvements to Leasehold
Premises by Raymond Limited is in variation to the methods adopted by other entities
15. Proportionate interest in retained earnings of in the Group.
Associates includes share in revaluation reserve (iii) The excess of the cost to the Parent Company of its investments in each of the
amounting to Rs. 10.27 lacs (Previous Year subsidiaries over its share of equity in the respective subsidiary, on the acquisition date,
Rs. 10.05 lacs). is recognised in the financial statements as goodwill and amortised over a period of
Year ended Year ended ten years. However, such excess or deficit arising after the acquisition date on account
31st March, 31st March, of currency fluctuation in respect of foreign subsidiary, is transferred to Currency
Fluctuation Reserve.
2008 2007
(Rs. in lacs) (Rs. in lacs) III. RECOGNITION OF INCOME AND EXPENDITURE :
(i) Revenues/Incomes and Costs/Expenditure are generally accounted on accrual, as
16. Computation of Profit for Earnings per Share: they are earned or incurred.
Profit for the year after tax 1062.94 13876.29 (ii) Compensation to employees under Voluntary Retirement Scheme (VRS) is written off in
the year of payment.
Add/(Less): Prior period adjustments (23.20) 83.84
Minority Interest (81.92) (84.73) IV. FIXED ASSETS :
(i) All the fixed assets belonging to Regency Texteis Portuguesa Limitada and certain
Pre-acquisition profit — (173.24) assets belonging to the subsidiaries of the Joint Venture - Raymond UCO Denim Private
Share of tax on dividends (50.99) (12.47) Limited have been revalued and have been depreciated as per the applicable local
(Short)/Excess provision for tax 735.75 15.83 laws.
(ii) The fixed assets of the Parent Company (other than livestock) and other subsidiaries
Share of Profit in Associate Companies 461.79 280.72 (with the exception of assets stated under (i) above) are stated at cost, less
Profit including Exceptional Items 2104.37 13986.24 accumulated depreciation (other than freehold land where no depreciation is
charged). Livestock are stated at book value.
Add /(Less): Exceptional Items (net of tax) (884.26) (5158.01)
V. METHOD OF DEPRECIATION AND AMORTISATION :
Profit excluding Exceptional Items 1220.11 8828.23 (i) Depreciation on Fixed Assets is provided :
Nominal value per Share in Rupees 10.00 10.00 (a) By Indian Companies – on WDV/SLM method and at rates under the Companies
Act, 1956.
17. Pursuant to the approval of members by way of special resolution passed at the (b) By foreign subsidiaries - on methods and at rates permissible under applicable
local laws or at such rates so as to write off the value of assets over its useful life.
Extraordinary General Meeting of the Company held on 4th December, 2007, the
Company has allotted 61,38,085 warrants to one of the promoters of the Company, (ii) Cost of technical know-how capitalised is amortised over the period of agreement.
namely, J.K. Investors (Bombay) Limited on 12th December, 2007. Each warrant carries (iii) Cost of Customised Software is amortised over a period of three to six years thereof.
option/entitlement to subscribe to 1 equity share of Rs. 10 each at a premium of (iv) Cost of Trademarks acquired is amortised over a period of five years thereof.
Rs.330. In terms of the special resolution, the said warrants have been issued upon (v) Goodwill arising on consolidation is amortised over a period of ten years.
payment of 10% of the amount. The balance 90% of the amount is payable within 18 VI. INVESTMENTS :
months. The amounts so received, pending utiliSation, have been invested in Mutual Funds.
Investments are classified into Current and Long-term Investments. Current investments are
18. Previous year’s figures have been regrouped/recast wherever necessary. stated at the lower of cost and fair value. Long-term Investments are stated at cost. A
provision for diminution is made to recognise a decline, other than temporary, in the value
19. Significant Accounting Policies and Practices - Annexure I. of Long-term Investments.
VII. VALUATION OF INVENTORIES :
(i) The inventories resulting from intra-group transactions have been stated at cost after
As per our Report of even date deducting unrealised profit on such transactions.
(ii) Goods in transit are stated ‘at cost’.
For and on behalf of (iii) Other inventories are stated ‘at cost or net realisable value’, whichever is lower.
DALAL & SHAH H. SUNDER (iv) Cost comprise of all costs incurred in bringing the inventories to their present location
Chartered Accountants President – Finance GAUTAM HARI SINGHANIA and condition. Cost formulae used are either ‘average cost’ or ‘specific identification’,
Chairman and Managing Director as applicable. Due allowance is estimated and made for defective and obsolete
items, wherever necessary, based on the past experience.
ASHISH DALAL R. NARAYANAN (v) All the costs incurred on un-invoiced conversion contracts are carried forward as
Partner Director – Legal & P. K. BHANDARI “Accumulated Costs on Conversion Contracts”.
Company Secretary Director
VIII. FOREIGN CURRENCY TRANSLATIONS :
For the purpose of consolidation, the amounts appearing in foreign currencies in the Financial
Mumbai, 29th April, 2008 Mumbai, 29th April, 2008 Statements of the foreign subsidiaries are translated at the following rates of exchange:
(a) Average rates for the incomes and expenditure.
(b) The year-end rates for the assets and liabilities.
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IX. FOREIGN CURRENCY TRANSACTIONS BY INDIAN COMPANIES : XI BORROWING COSTS
(i) All transactions in foreign currency, are recorded at the rates of exchange prevailing Interest and other borrowing costs attributable to qualifying assets are capitalised. Other
on the dates when the relevant transactions take place; interest and borrowing costs are charged to revenue.
(ii) Monetary items in the form of Loans, Current Assets and Current Liabilities in foreign
currency, outstanding at the close of the year, are converted in Indian Currency at the XII TAXATION :
appropriate rates of exchange prevailing on the date of the Balance Sheet. Resultant (i) Indian Companies -Income-tax expense comprises current tax, fringe benefit tax (FBT)
gain or loss is accounted during the year; and deferred tax charge or credit. Provision for current tax is made on the basis of the
(iii) In respect of Forward Exchange contracts entered into to hedge foreign currency assessable income at the tax rate applicable to the relevant assessment year.
risks, the difference between the forward rate and exchange rate at the inception of Provision for FBT is made on the basis of the fringe benfits provided/deemed to have
the contract is recognised as income or expense over the life of the contract. Further, been provided during the year at the rates and values applicable to the relevant
the exchange differences arising on such contracts are recognised as income or assessment year. The deferred tax asset and deferred tax liability is calculated by
expense along with the exchange differences on the underlying assets/liabilities. Further, applying tax rate and tax laws that have been enacted or substantively enacted by
in case of other contracts with committed exchange rates, the underlying is the Balance Sheet date. Deferred tax assets arising mainly on account of brought
accounted at the rate so committed. Profit or loss on cancellations/renewals of forward losses and unabsorbed depreciation under tax laws, are recognised, only if
forward contracts is recognised during the year. In case of option contracts, the losses there is a virtual certainty of its realisation, supported by convincing evidence. Deferred
are accounted on mark to market basis. tax assets on account of other timing differences are recognised only to the extent
there is a reasonable certainty of its realisation. At each Balance Sheet date, the
X. EMPLOYEE BENEFITS : carrying amount of deferred tax assets are reviewed to reassure realisation.
Defined Contribution Plans such as Provident Fund etc., are charged to the Profit & Loss (ii) J.K. (England) Limited - Provision is made for taxation deferred as a result of material
Account as incurred. timing differences between the incidence of income and expenditure for taxation and
accounts purposes, using the liability method, only to the extent that, in the opinion of
Defined Benefit Plans - The present value of the obligation under such plan, is determined
based on an actuarial valuation using the Projected Unit Credit Method, Actuarial gains and the Directors, there is a reasonable probability that a liability or asset will crystallise in the
near future.
losses arising on such valuation are recognised immediately in the Profit & Loss Account.
In case of funded defined benefit plans the fair value of the plan assets is reduced from (iii) Other foreign subsidiaries do not recognise the deferred tax assets/liabilities.
the gross obligation under the defined benefit plans, to recognise the obligation on net
basis. XIII IMPAIRMENT OF ASSETS:
Further for certain employees the monthly contribution for Providend Fund is made to a Trust The carrying amounts of assets are reviewed at each Balance Sheet date if there is any
administered by the Company. The interest payable by the Trust is notified by the indication of impairment based on internal/external factors. An asset is impaired when the
Government. The Company has an obligation to make good the shortfall, if any. carrying amount of the asset exceeds the recoverable amount. An impairment loss is
Other Long term Employee Benefits are recognised in the same manner as Defined Benefit charged to the Profit & Loss Account in the year in which an asset is identified as impaired.
Plans. Termination benefits are recognised as and when incurred. An impairment loss recognised in prior accounting periods is reversed if there has been
change in the estimate of the recoverable amount.
DETAILS OF BALANCE SHEET AS AT 31ST MARCH, 2008 AND INCOME AND EXPENDITURE FOR THE YEAR
ENDED 31ST MARCH, 2008 OF SUBSIDIARY COMPANIES
Indian Subsidiaries (Rs. in lacs) Foreign Subsidiaries (Rs. in lacs)
Raymond Pashmina Everblue Hindustan Colorplus Silver Celebrations Scissors Ring Plus JK Talabot J.K. (England) Jaykayorg Regency Raymond R&A
Particulars Apparel Holdings Apparel Files Fashions Spark Apparel Engineering Aqua Limited Limited AG Texteis Europe Logistics
Limited Limited Limited Limited Limited Apparel Limited Products Limited (United (Switzerland) Portuguesa, S.R.L. Inc. (United
Limited Limited Kingdom) Limitada States of
(Portugal) America)
1. Share Capital 3630.00 74.00 1500.00 377.01 498.00 1700.00 271.00 2738.05 760.66 805.44 0.80 20.10 768.59 75.08 0.12
2. Reserves and
Surplus 8113.67 788.27 (1622.29) 99.91 8787.99 (390.24) (254.30) (26.91) 4063.98 (273.44) 260.17 2601.46 672.83 4.36 31.45
3. Miscellaneous
Expenditure to
the extent
not written off — — — — — — — — — — — — — — —
4. Total Assets 32579.09 1184.64 4759.11 1234.71 14639.59 8457.19 2580.98 2711.42 7609.43 2210.19 267.69 2688.76 3766.63 228.52 251.01
5. Total Liabilities @ 20835.42 322.36 4881.40 757.78 5353.60 7147.42 2564.27 2.81 2315.44 1678.18 6.73 67.21 2325.21 149.09 219.44
6. Details of Investments :
- Government
Securities 0.01 — — — — — — — — — — — — — —
- Shares (excluding
subsidiaries) 8.05 13.81 — — — — — — 8.20 — — 487.70 — — —
- Mutual Funds — 6.94 — — — — — — 549.52 — — — -— — —
7. Turnover and
Other Income 35067.15 27.87 577.40 3407.05 14888.42 9205.62 901.06 — 8228.90 1260.00 302.15 569.58 6267.29 360.24 864.32
8. Profit Before
Taxation 1310.38 (0.30) 153.03 195.27 1243.80 815.12 (8.87) (0.36) 1119.04 9.58 28.16 (105.38) (163.53) 16.31 5.48
9. Provision for
Taxation * 526.05 16.15 4.44 (20.03) 467.67 86.31 1.03 — 392.48 0.89 5.23 (0.32) 13.06 16.62 1.14
10. Profit After
Taxation 784.33 (16.45) 148.59 215.30 776.13 728.81 (9.90) (0.36) 726.56 8.69 22.93 (105.06) (176.59) (0.31) 4.34
11. Proposed
Dividend — — — — 0.04 — — — — — — — — — —
@ Includes deferred tax liability (net); * Net of excess/short provision for tax in respect of earlier years.
Note - In respect of foreign subsidiaries:
a) Item Nos. 1 to 6 and 11 are translated at exchange rates as on 31st March, 2008 as follows: Pound Sterling = Rs.79.53, Swiss Francs = Rs.40.19, Euro = Rs.63.09 and US Dollars = Rs. 39.97;
b) Item Nos. 7 to 10 are translated at annual average exchange rates as follows: Pound Sterling = Rs.80.76, Swiss Francs = Rs.34.89, Euro = Rs.57.21 and US Dollars = Rs. 40.21.
The above details have been annexed in terms of Letter No.47/80/2008-CL-III dated March 12, 2008 issued by Government of India, Ministry of Corporate Affairs under Section 212(8) of the Companies Act, 1956.
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ADDITIONAL INFORMATION AS REQUIRED UNDER PART IV OF SCHEDULE VI TO THE COMPANIES ACT, 1956
BALANCE SHEET ABSTRACT AND COMPANY’S GENERAL BUSINESS PROFILE
I. REGISTRATION DETAILS
Registration No. 1 2 0 8 State Code 1 1
Balance Sheet Date 3 1 . 0 3 . 0 8
II. CAPITAL RAISED DURING THE YEAR (AMOUNT IN RS. THOUSANDS)
Public Issue N I L Rights Issue N I L
Bonus Issue N I L Private Placement N I L
III. POSITION OF MOBILISATION AND DEPLOYMENT OF FUNDS (AMOUNTS IN RS. THOUSANDS)
Total Liabilities 2 3 6 5 8 4 1 1 Total Assets 2 3 6 5 8 4 1 1
SOURCES OF FUNDS APPLICATION OF FUNDS
Paid-up Capital 6 1 3 8 0 8 Net Fixed Assets 7 3 3 1 0 8 7
Reserves & Surplus 1 3 5 7 7 7 3 7 Investments 1 0 4 7 3 0 2 0
Secured Loans 5 0 4 9 8 0 4 Net Current Assets 5 8 5 4 3 0 4
Unsecured Loans 3 8 2 0 3 0 4 Misc. Expenditure N I L
Deferred Tax Liability 5 9 6 7 5 8 Accumulated Losses N I L
IV. PERFORMANCE OF COMPANY (AMOUNT IN RS. THOUSANDS)
Turnover 1 4 6 0 1 5 7 0 Total Expenditure 1 3 7 8 4 6 0 4
Profit Before Tax 8 7 9 9 7 9 Profit After Tax 7 2 4 2 3 0
Earning per Share in Rs. 1 1 . 8 0 Dividend % 2 5
V. GENERIC NAMES OF PRINCIPAL PRODUCTS/SERVICES OF THE COMPANY (AS PER MONETARY TERMS)
ITEM CODE NO. (ITC CODE) PRODUCT DESCRIPTION
51121900, 51123000, 55151300 & 55151100 Woollen, Polyester/Wool Blended and Polyester Viscose Blended Fabrics
82031000 & 82075000 Files, Rasps, similar tools and H.S.S. Drills
N.A. Air Taxi Operations
78
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ATTENDANCE SLIP
(To be presented at the entrance of the Meeting venue)
rd
83 ANNUAL GENERAL MEETING ON WEDNESDAY, JUNE 18, 2008 AT 11.00 A.M.
at Plot No. 156/H. No. 2, Village Zadgaon, Ratnagiri-415 612 (Maharashtra)
Folio No: .................................... DP ID NO: ........................................ Client A/c. No. ......................................................
Name of the Shareholder: .................................................................................................................................................
Signature of the shareholder: ............................................................................................................................................
(only shareholders/proxies are allowed to attend the meeting)
PROXY FORM
rd
83 ANNUAL GENERAL MEETING ON WEDNESDAY, JUNE 18, 2008 AT 11.00 A.M.
at Plot No. 156/H. No. 2, Village Zadgaon, Ratnagiri-415 612 (Maharashtra)
I/We ...................................................................................... of .................................................................................................................

being a member(s) of Raymond Limited hereby appoint .............................................................................................................
of ................................................................................... or failing him ...................................................................................................
of ................................................................................... or failing him ...................................................................................................
of .............................................................................................. as my/our proxy to attend and vote for me/us and on my/our
behalf at the 83rd Annual General Meeting of Raymond Limited to be held on Wednesday, June 18, 2008 or at any
adjournment thereof.
Folio No: .......................................................................
DP ID NO: .................................................................... Client A/c. No. .................................................................................................
Affix
Revenue
Stamp
Re. 1/-
Signed this ..................... day of ........................... 2008 Signature across Revenue Stamp
Note: The proxy, in order to be effective, should be duly stamped, completed and signed must be deposited at the Registered office of the Company
at 156/H.No.2, Village Zadgaon, Ratnagiri - 415612 (Maharashtra), not less than 48 hours before the time of the meeting. The proxy need not
be a member of the Company.
proxy 79-80.pmd 79 5/26/2008, 10:29 AM

Notice 83rd Annual General Meeting

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Notice 83rd Annual General Meeting

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NOTICE

83rd ANNUAL GENERAL MEETING

2. To declare dividend on Equity Shares.

To pass with or without modifications, the following resolutions:

By Order of the Board

Registered Office : R. Narayanan

Dated : April 29, 2008

Profile of Directors retiring by rotation :

Name of the Company Board Position held Committee Memberships

The other Directorships/Committee memberships of Shri U. V. Rao are as follows :

Name of the Company Board Position held Committee Memberships

Ring Plus Aqua Limited Chairman –

ANNEXURE TO THE NOTICE

Registered Office : R. Narayanan

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4. SEGMENT ANALYSIS AND REVIEW

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B. FILES & TOOLS DIVISION

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For and on behalf of the Board

Gautam Hari Singhania

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(b) Technology Absorption, Adaptation and innovation :

C. Foreign Exchange Earnings and Outgo :

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A. POWER AND FUEL CONSUMPTION

Total Total Cost Average Rate

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4. Diesel Oil (Lac Litres)

* 67376 MT used for CPP (Previous Year: 27679 M.T.)

B. CONSUMPTION PER UNIT OF PRODUCTION

Unit Standard (if any) Current Year Previous Year

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Name of Director Category of Directorship No. of Board Committees Relationship interse

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Name of the Director No. of Board Attendance at last AGM

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MEETINGS AND ATTENDANCE

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Name of the Director Position Category

MEETING AND ATTENDANCE

Name of the Director No. of meetings attended

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MANAGING AND WHOLETIME DIRECTORS

5. SHAREHOLDERS’/INVESTORS’ GRIEVANCES COMMITTEE :

Shri Nana Chudasama acts as Chairman of Shareholders’/Investors’ Grievances Committee.

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For and on behalf of

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Listing on Stock Exchanges:

Stock Code: Bombay Stock Exchange Limited – 500330

Stock Market Data:

MONTH BSE NSE

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Stock Performance (Indexed) :

Registrar and Share Transfer Agent :

INTIME SPECTRUM REGISTRY LIMITED

Share Transfer System: